中泰证券(600918)：经纪、投资收入高增 资管业务保持稳健

Core Viewpoint - Zhongtai Securities reported its 1H25 results, which met expectations, showing growth in revenue and net profit, while managing costs effectively [1] Group 1: Financial Performance - In 1H25, Zhongtai Securities achieved operating revenue of 5.26 billion, a year-on-year increase of 3.1% [1] - The company reported a net profit attributable to shareholders of 710 million, reflecting a year-on-year growth of 77.3% [1] - The weighted average ROE (not annualized) for 1H25 was 1.67%, up 0.75 percentage points year-on-year [1] Group 2: Revenue Breakdown - The main revenue sources in 1H25 included brokerage, investment banking, asset management, net interest, and net investment income, contributing 1.84 billion, 270 million, 1.08 billion, 820 million, and 980 million respectively [1] - Year-on-year changes in revenue for these segments were +33.1%, -47.8%, +7.8%, +2.7%, and +37.1% respectively [1] Group 3: Cost Management - The company effectively controlled costs, with management expenses in 1H25 amounting to 3.98 billion, a year-on-year increase of 3.1% [1] - The management expense ratio (management expenses/operating revenue) was 78.5%, down 8.1 percentage points year-on-year [1] Group 4: Investment and Financial Leverage - As of the end of 2Q25, the company's financial investment scale reached 82.4 billion, a quarter-on-quarter increase of 10.9% and an increase of 11.7% compared to the beginning of the year [2] - The company reported a net investment income of 660 million in 2Q25, with a year-on-year increase of 67.5% and a quarter-on-quarter increase of 109.9% [2] Group 5: Wealth Management and Client Growth - The company has been advancing its wealth management transformation, with the number of clients reaching 10.32 million by the end of 1H25, an increase of 8.4% since the beginning of the year [3] - The total managed client assets amounted to 14.1 trillion, reflecting a year-on-year increase of 3.7% [3] Group 6: Asset Management Performance - In 1H25, the asset management business generated revenue of 1.08 billion, a year-on-year increase of 7.8% [4] - The public fund scale of Wanjia Fund reached 509.6 billion by the end of 1H25, up 1.9% from the beginning of the year [4]