GUOSHENG SECURITIES(SZ:002670) Sou Hu Cai Jing·2025-09-14 23:14Core Viewpoint - The restructuring of the brokerage industry is accelerating, with leading firms leveraging resource advantages while local brokerages like Guosheng Securities seek to break through and transform amidst challenges [2][3]. Company Development - Guosheng Securities, once in a development crisis, is now exploring a path to recovery through policy support and resource restructuring [3]. - The company has undergone significant changes, including being taken over by the China Securities Regulatory Commission (CSRC) in 2020 due to governance issues, and later being acquired by Jiangxi State-owned Assets [4][17]. - In February 2024, the CSRC approved the merger of Guosheng Securities into its parent company, Guosheng Financial Holdings, leading to the establishment of "New Guosheng Securities," which will become Jiangxi's first listed brokerage [20][22]. Management Changes - Recent management changes signal a transformation within "New Guosheng Securities," with the resignation of the general manager and the appointment of a new candidate, Zhao Jingliang, who meets the company's requirements [5][9][10]. Financial Performance - Guosheng Financial Holdings reported a revenue of 2.007 billion yuan in 2024, a year-on-year increase of 7.11%, and a net profit of 167 million yuan, marking a turnaround from previous losses [26]. - In the first half of 2025, the company achieved a revenue of 1.136 billion yuan, a 32.1% increase year-on-year, with a net profit of 209 million yuan, reflecting a significant growth of 369.91% [26]. - Guosheng Securities reported a revenue of 1.082 billion yuan in the first half of 2025, a 32.51% increase year-on-year, and a net profit of 243 million yuan, up 109.92% [27]. Business Structure and Challenges - Despite improved financial performance, Guosheng Securities faces challenges with an imbalanced business structure, where brokerage services account for nearly 60% of total revenue [30]. - The company has a high regional concentration, with approximately 70% of its revenue generated from Jiangxi province, indicating a need for diversification [35]. - The self-operated business segment has underperformed, with a revenue decline of 24.39% in the first half of 2025, highlighting the need for better risk management strategies [32][35].