营收破百亿，净利大增七成！国信证券高质量发展成效显现，收购万和获实质进展

Core Viewpoint - Guosen Securities has reported impressive financial results for the first half of 2025, with significant increases in both revenue and net profit, positioning itself as a leading player among large listed brokerages in China [1][2]. Financial Performance - In the first half of 2025, Guosen Securities achieved a consolidated revenue of 11.075 billion yuan, a year-on-year increase of 51.84%, and a net profit attributable to shareholders of 5.367 billion yuan, up 71% year-on-year [1]. - The company's weighted average return on equity (ROE) reached 5.26%, an increase of 2.22 percentage points year-on-year, marking the highest level since 2022 [1]. Business Development - Guosen Securities has successfully transformed into a comprehensive national brokerage firm, leveraging its "state-owned enterprise system and market-oriented mechanism" to expand its services across mainland China and Hong Kong [1]. - The company has strengthened its wealth management and institutional business, achieving a revenue of 5.215 billion yuan in these sectors, a year-on-year increase of 44.76% [3]. - The investment and trading business generated 5.447 billion yuan in revenue, reflecting a 60.87% year-on-year growth, driven by effective asset allocation strategies [3]. Strategic Initiatives - Guosen Securities is actively involved in supporting the real economy, having completed 673 sponsorship and underwriting projects, raising a total of 624.811 billion yuan by the end of June 2025 [5]. - The company has focused on the Guangdong-Hong Kong-Macao Greater Bay Area, completing 156 sponsorship and underwriting projects, raising 125.599 billion yuan, and providing wealth management services to nearly 6.4 million clients in the region [6]. Mergers and Acquisitions - Guosen Securities has made substantial progress in acquiring Wanhe Securities, having received approval from the China Securities Regulatory Commission and completed the transfer of assets [8][9]. - The acquisition, valued at 5.2 billion yuan, is expected to enhance Guosen Securities' profitability and leverage its market capabilities, particularly in the Hainan Free Trade Port [9].