GWYD(SH:600517) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-19 12:00Core Viewpoint - The recent leadership change at Yingda Securities, with Ma Xiaoyan appointed as the new chairman, is expected to influence the company's business strategy and performance, particularly in enhancing its core competitiveness in the energy sector [1][3][4]. Company Overview - Yingda Securities, established in 1996 and headquartered in Shenzhen, is a comprehensive securities company under the State Grid Corporation of China, with a registered capital of 4.336 billion yuan [5]. - The company underwent a significant restructuring in 2006 and is fully owned by State Grid Corporation through its listed entity, Guo Wang Yingda [5]. Leadership Change - Ma Xiaoyan, the new chairman, has a background in the State Grid system, having held various senior positions, including roles in financial asset management and as a non-independent director candidate [1][3]. - The previous chairman, Duan Guangming, served for three years and also came from the State Grid system, indicating a trend of leadership continuity from the parent company [4]. Financial Performance - In 2024, Yingda Securities reported total revenue of 860 million yuan, a decrease of 25.64% year-on-year, primarily due to a decline in interest income from debt investments and a pause in futures basis trading [5]. - The net profit for 2024 was 176 million yuan, an increase of 64.43%, driven by improved investment returns from proprietary trading [5]. - For the first half of 2025, the company achieved total revenue of 389 million yuan, down 3.72% year-on-year, while net profit rose by 36.81% to 107 million yuan, with brokerage business revenue increasing by 21.33% [5]. Strategic Focus for 2025 - Yingda Securities aims to enhance its core functions and competitiveness, focusing on several key areas: 1. Developing a specialized investment banking service to support the State Grid's operations and new energy system construction [6]. 2. Strengthening asset management services and exploring optimal collaboration paths with public funds [6]. 3. Improving brokerage services through enhanced marketing strategies and governance [6]. 4. Stabilizing proprietary trading while expanding profitability [6]. 5. Ensuring compliance and enhancing risk management systems [6].