Guosen Securities(SZ:002736) Chang Jiang Shang Bao·2025-09-14 23:19Core Viewpoint - Guosen Securities has successfully acquired Wanhe Securities, with the newly issued shares listed on September 10, 2025, marking a significant expansion for the company in the securities industry [1][2]. Acquisition Details - Guosen Securities completed the acquisition of 96.08% of Wanhe Securities from seven institutions for a total transaction value of 5.192 billion yuan, issuing 629 million shares at a price of 8.25 yuan per share [2][3]. - The acquisition process involved multiple regulatory approvals, including from the Shenzhen State-owned Assets Supervision and Administration Commission and the China Securities Regulatory Commission [2][3]. Financial Performance - In the first half of 2025, Guosen Securities reported operating revenue of 11.075 billion yuan and a net profit attributable to shareholders of 5.367 billion yuan, representing year-on-year growth of 51.84% and 71%, respectively [4][5]. - The company's net profit has shown continuous growth over four consecutive quarters, with significant increases in the second quarter of 2024 and the first half of 2025 [5][6]. Business Segments - The growth in Guosen Securities' revenue is primarily driven by investment income and brokerage services, with investment income accounting for 40.93% of total revenue in 2024 [5][6]. - In the first half of 2025, investment income reached 5.066 billion yuan, up 78.99% year-on-year, while brokerage service income also saw substantial growth [6]. Industry Context - The securities industry has witnessed a surge in mergers and acquisitions, with six completed transactions in the past year, indicating a trend towards consolidation [3]. - The overall bond issuance by securities firms has increased significantly, with a year-on-year growth of 66.18% as of September 11, 2025, driven by the need for business expansion and capital optimization [7].