Founder Securities(SH:601901) Xin Lang Cai Jing·2025-08-31 12:31Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with operating income reaching 5.66 billion yuan, a year-on-year increase of 52.1%, and net profit attributable to shareholders at 2.38 billion yuan, up 76.4% [1] Financial Performance - The company achieved a second-quarter revenue of 2.70 billion yuan, reflecting a year-on-year increase of 55.3% but a quarter-on-quarter decrease of 9.0% [1] - The earnings per share (EPS) for the first half of 2025 was 0.29 yuan, with a return on equity (ROE) of 4.8%, an increase of 1.9 percentage points year-on-year [1] Business Segments - The substantial profit increase was primarily driven by high investment returns from proprietary trading in Q2 [2] - Brokerage business revenue for the first half of 2025 was 2.33 billion yuan, up 46.3% year-on-year, accounting for 41.4% of total revenue [2] - The average daily trading volume in the stock market was 15,703 billion yuan, a year-on-year increase of 63.3% [2] - The company's investment banking revenue rose to 100 million yuan, a year-on-year increase of 26.3%, with both equity and debt underwriting scales improving [2] - The asset management business generated 130 million yuan in revenue, a year-on-year increase of 4.6%, while the asset management scale was 50 billion yuan, down 4.6% year-on-year [3] Investment Outlook - The company has revised its net profit forecasts for 2025-2027 to 4.111 billion, 4.036 billion, and 4.281 billion yuan, respectively, reflecting a strong growth outlook [4] - The expected EPS for the same period is projected to be 0.50, 0.49, and 0.52 yuan per share, with corresponding price-to-book (PB) ratios of 1.33x, 1.21x, and 1.10x [4] - The company is expected to leverage its wealth management business advantages in a more active market environment, supported by deeper integration with Ping An Group [4]