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中国银河换帅后业绩连升2年半 上半年营收被2券商赶超
Zhong Guo Jing Ji Wang·2025-09-14 23:08

Core Viewpoint - China Galaxy Securities reported a significant increase in revenue and net profit for the first half of 2025, despite a drop in its revenue ranking among peers [1][7]. Financial Performance - The company achieved an operating income of 13.747 billion yuan, representing a year-on-year growth of 37.71% [1][3]. - Net profit attributable to shareholders reached 6.488 billion yuan, up 47.86% year-on-year [1][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 6.485 billion yuan, reflecting a growth of 47.09% [1][3]. Revenue Ranking - Despite the revenue growth, China Galaxy's ranking among A-share listed brokerages fell from third to fifth place [7][8]. - Competitors such as Guotai Junan and GF Securities surpassed China Galaxy in revenue, achieving 23.872 billion yuan and 15.398 billion yuan respectively [8][9]. Investment Banking Performance - The company has faced challenges in its investment banking segment, with a decline in underwriting fees over the past few years [10]. - In 2025, China Galaxy completed one IPO project and several refinancing projects, indicating some recovery in its investment banking operations [11]. Regulatory Issues - The company has encountered compliance issues, including a downgrade in its investment banking rating to C, the lowest among major brokerages [10]. - Regulatory actions have been taken against the company for various compliance failures, including inadequate diligence in certain projects [10][12].