GUOSHENG SECURITIES(SZ:002670) Xin Lang Zheng Quan·2025-09-05 07:42Core Viewpoint - The resignation of Lu Zhankan as General Manager of Guosheng Jinkong is noted, with the company acknowledging his contributions during his tenure, which saw significant improvements in financial performance despite ongoing structural challenges [1][2]. Financial Performance - In 2022, Guosheng Jinkong faced significant challenges, reporting revenue of 1.894 billion yuan, a year-on-year decline of 19.32%, and a net loss of 437 million yuan, a staggering decrease of 668.02% [2]. - Under Lu Zhankan's leadership, the company's performance improved, with 2023 revenues at 1.874 billion yuan and a reduced net loss of 29.98 million yuan, alongside positive operating cash flow of 559 million yuan [2]. - For 2024, Guosheng Jinkong achieved revenues of 2.007 billion yuan, a year-on-year increase of 7.11%, and a net profit of 167 million yuan, marking a turnaround with a growth of 658.34% [2]. - In the first half of 2025, the company reported revenues of 1.136 billion yuan, a significant year-on-year increase of 32.1%, and a net profit of 209 million yuan, reflecting a dramatic growth of 369.91% [2]. Business Structure - Despite the financial improvements, concerns remain regarding the business structure, as Guosheng Securities contributed the majority of revenue in the first half of 2025, with total revenue of 1.082 billion yuan, a year-on-year increase of 32.52% [2]. - The traditional brokerage business accounted for over half of the revenue at 553 million yuan, representing 53.80% of total income, while investment banking revenue was only 29.87 million yuan, a mere fraction of brokerage income [2][4]. - The self-operated securities business saw a decline in revenue by 24.39%, indicating potential weaknesses in this segment [2][4]. Regional Distribution - Guosheng Securities, as a state-owned broker in Jiangxi Province, has a strong regional presence with 93 branches, leading in the province [3]. - Revenue from Jiangxi Province accounted for nearly 70% of total income, although it experienced a slight decline compared to the previous year [3][4]. - The company is currently working on resource integration through the absorption of Guosheng Securities, which may be crucial for optimizing its business structure and reducing regional dependency for sustainable growth [4].