每周股票复盘：中泰证券（600918）2025年Q2净利润同比增388.56%

Core Viewpoint - As of August 29, 2025, Zhongtai Securities (600918) reported a closing price of 7.21 yuan, down 1.5% from the previous week, with a total market capitalization of 49.905 billion yuan, ranking 23rd in the securities sector and 332nd among A-shares [1] Shareholder Changes - As of June 30, 2025, the number of shareholders decreased to 106,200, a reduction of 5.11% from March 31, 2025, with the average shareholding increasing from 62,300 shares to 65,600 shares, and the average shareholding value at 422,100 yuan [3] Performance Disclosure Highlights - Zhongtai Securities' mid-year report for 2025 showed a main revenue of 5.257 billion yuan, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 711 million yuan, up 77.26% year-on-year. The net profit excluding non-recurring items was 695 million yuan, an increase of 78.67% year-on-year. In Q2 2025, the net profit attributable to shareholders was 341 million yuan, a significant increase of 388.56% year-on-year, while the net profit excluding non-recurring items was 334 million yuan, up 308.77% year-on-year. The debt ratio stood at 80.07%, with investment income of 1.234 billion yuan [4][6] Company Announcements Summary - From May 27 to August 26, 2025, the company repurchased 46,962,500 shares, accounting for 0.67% of the total share capital, at a price range of 6.05 to 6.62 yuan per share, with an average price of 6.39 yuan per share, totaling 300 million yuan (excluding transaction fees). The repurchased shares will be canceled on August 27, 2025, reducing the total share capital from 6,968,625,756 shares to 6,921,663,256 shares. A legal opinion confirmed no substantial competition between Shandong Energy Group and Zhongtai Securities in investment business. The company has responded to the Shanghai Stock Exchange regarding the issuance of shares to specific objects, which still requires approval from the exchange and registration with the CSRC, indicating uncertainty. Zhongtai Futures plans to sign a framework agreement for daily related transactions with Shandong Energy Group, effective from January 1, 2026, to December 31, 2028, pending shareholder meeting approval [5][6]