Apex(SH:603383) Xin Lang Zheng Quan·2025-09-26 10:21Group 1: Industry Overview - In the first half of 2025, 150 brokerage firms achieved operating income of 251 billion yuan, a year-on-year increase of 23%, and net profit of 112.3 billion yuan, a year-on-year increase of 40% [1] - Among 42 listed brokerages, total operating income reached 251.9 billion yuan, a year-on-year increase of 31%, with net profit attributable to shareholders of 104 billion yuan, a year-on-year increase of 65% [1] Group 2: R&D Expenditure Analysis - Six major securities IT service providers showed varied performance in R&D expenditure, with 恒生电子 having the highest R&D expenses and R&D expense ratio in H1 2025, while 财富趋势 had the lowest R&D expenses [2] - Notably, 大智慧, 顶点软件, and 恒生电子 experienced a decline in R&D expenses exceeding 10%, which contradicts the industry's reliance on technology [2][3] Group 3: Company-Specific Performance - 顶点软件 reported a revenue of 246 million yuan in H1 2025, a decrease of 7.97%, while net profit attributable to shareholders increased by 8.4% to 52.88 million yuan [3][4] - The decline in revenue for 顶点软件 was attributed to fewer project acceptances compared to the previous year [4] - Despite the increase in net profit, 顶点软件's cash flow from operating activities was negative at -127 million yuan, indicating a significant discrepancy between profit and cash flow [7] Group 4: Financial Asset Management - As of the end of H1 2025, 顶点软件's cash and trading financial assets totaled 949 million yuan, accounting for 57.4% of total assets [5] - The company reported a total of 82.57 thousand yuan in investment income from its securities investments, which corresponds to a low return rate of approximately 1.28% [7]