Xin Lang Zheng Quan·2025-09-12 10:47Core Insights - In the first half of 2025, 42 listed securities firms reported a total operating revenue of 251.9 billion yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 104 billion yuan, up 65% [1][12]. Revenue Breakdown - The asset management business of the 42 listed securities firms generated a total net income of 21.195 billion yuan, a decrease of 3.02% year-on-year [2][6]. - Among these firms, Citic Securities had the highest income at 5.444 billion yuan, while Hongta Securities had the lowest at 0.06 billion yuan [1][3]. - Changcheng Securities experienced the fastest revenue growth at 79.27%, while Huatai Securities faced the largest decline at 59.8% [1][2]. Huatai Securities Specifics - Huatai Securities' asset management business net income was 0.893 billion yuan in the first half of 2025, significantly down from 2.220 billion yuan in the same period of 2024, marking a decline of 59.8% [4][10]. - Despite the drop in asset management income, Huatai's subsidiary, Huatai Asset Management, reported revenue of 1.206 billion yuan, exceeding the parent company's asset management income [8][10]. - The decline in Huatai's asset management income is attributed to a high comparative base from the previous year due to the sale of a subsidiary [5][6]. Market Trends - The average fee rate for asset management decreased from 0.20% in the second half of 2024 to 0.15% in the first half of 2025, indicating pressure on fee income [6][7]. - The public fund management scale of Huatai's subsidiary, Southern Fund, reached 2.59 trillion yuan, a year-on-year increase of 19.38% [7][10]. Employment Changes - Despite a significant increase in net profit, Huatai Securities initiated a large-scale layoff, reducing its workforce by nearly 2,000 employees in the first half of 2025 [12].