Xin Lang Cai Jing·2025-08-31 00:33Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with operating income reaching 23.872 billion and net profit attributable to shareholders at 15.737 billion, reflecting year-on-year increases of 77.7% and 213.7% respectively [1][2] - The substantial increase in net profit is primarily driven by the consolidation of Haitong Securities, which contributed 7.964 billion in negative goodwill, enhancing non-operating income [1] - The company’s return on equity (ROE) improved by 3.14 percentage points to 6.3%, indicating better profitability [1] Revenue and Profit Breakdown - For the first half of 2025, the company’s net income from brokerage, investment banking, and asset management reached 5.733 billion, 1.392 billion, and 2.578 billion respectively, with year-on-year growth rates of 86.3%, 19.4%, and 34.2% [1][2] - The average daily trading volume (ADT) in the A-share market increased by 61%, contributing to the rise in brokerage income [1] Market Position and Competitive Advantage - Following the merger with Haitong, the company’s competitiveness in the investment banking sector has improved, achieving a market share of 11.95% in the domestic securities market and 11.09% in the bond market, both ranking second in the industry [2] - The company’s asset management business also showed growth, with public fund assets under management (AUM) for Huashan Fund, Haitong Fund, and Fuguo Fund increasing by 8%, 25.5%, and 9.8% respectively [2] Financial Performance and Future Outlook - The company’s net interest income and investment income for the first half of 2025 were 3.187 billion and 9.436 billion respectively, reflecting year-on-year increases of 205.4% and 81.6% [2] - The company added 26,400 new margin trading clients, with a market share of 9.78% in margin trading balances [2] - The total financial assets reached 802.9 billion by the end of the first half of 2025, indicating continued growth [2] - The merger with Haitong is expected to position the company towards becoming a leading investment bank, with projected net profit for 2025 estimated at 23.405 billion, a year-on-year increase of 79.7% [2]