太平洋半年报：ROE位居行业倒数 连续七年未分红业内少见

Core Insights - The brokerage industry experienced significant growth in the first half of 2025, with total revenue increasing by 23.47% year-on-year to 251.036 billion yuan and net profit rising by 40.37% to 112.280 billion yuan, indicating strong profitability across the sector [1] Group 1: Industry Performance - Among 150 brokerages, 128 reported profits, driven primarily by a robust stock market, with average daily trading volume of stock funds increasing by 63% year-on-year [2] - The net income from securities trading (including trading unit seat leasing) reached 68.842 billion yuan, a year-on-year increase of 48.22%, while securities investment income (including fair value changes) was 100.242 billion yuan, up 21.33% [2] - The underwriting and sponsorship business faced ongoing pressure, with net income from these activities at 14.321 billion yuan, and financial advisory services remaining flat at 2.201 billion yuan [2] Group 2: Company-Specific Insights - Pacific Securities reported a revenue of 615 million yuan, a year-on-year increase of 13.56%, and a net profit of 121 million yuan, up 76.65% [3] - The growth in Pacific's performance was largely attributed to its brokerage and proprietary trading businesses, with brokerage fee income rising by 39.75% to 21.2 million yuan and investment income increasing by 80.72% to 20 million yuan [3] - However, other business segments outside of brokerage and proprietary trading saw declines, with investment banking and asset management fees halving, and net interest income slightly decreasing by 2.18% [3] Group 3: Challenges and Strategic Focus - The brokerage industry has faced significant changes, with IPO activity contracting and public fund fee reductions leading to a concentration of investment banking and financial management services among larger firms [4] - Pacific Securities plans to focus on IPOs in the Beijing Stock Exchange and expand its project reserves in the New Third Board and Fourth Board, while also enhancing its capabilities in bond financing and innovative bond research [4] - The company's return on equity (ROE) has consistently ranked low within the industry, with the latest figures placing it fourth from the bottom among 50 A-share listed brokerages [4][5] Group 4: Dividend and Shareholder Issues - Pacific Securities has not issued cash dividends for seven consecutive years, a situation that is relatively rare in the industry, with only two other firms sharing this status [6] - The company's retained earnings have been negative since 2018, with the latest figures showing a retained loss of 524 million yuan, which does not meet the conditions for dividend distribution [6] - The progress of shareholder changes has been slow, with a proposed acquisition by Huachuang Securities still pending regulatory approval, contrasting with faster mergers seen in other firms [7]