Fortune Trend(SH:688318) Xin Lang Cai Jing·2025-09-26 10:34Group 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: Performance of Securities IT Companies - The performance of major listed companies in the securities IT sector varied, with the highest revenue from Hengsheng Electronics at 2.426 billion yuan and the lowest from Wealth Trend at 133 million yuan, which also experienced a decline [1][2] - Wealth Trend's total revenue decreased by 9.96% to 133 million yuan, while its net profit attributable to shareholders increased by 6.61% to 107 million yuan, and its non-recurring net profit fell by 13.77% to 67 million yuan [2][4] Group 3: Research and Development Insights - Wealth Trend's R&D personnel decreased from 328 to 310, and average R&D salary dropped by 11.66% to 69,700 yuan, indicating a reduction in investment in R&D despite being a R&D-driven company [5][6] - The decline in R&D expenses by 3.17% to 40 million yuan was attributed to the reduction in both the number of R&D personnel and their salary levels [5][6] Group 4: Market Valuation and Shareholder Actions - Wealth Trend's price-to-earnings ratio (P/E) reached 125.08, the highest among six companies, while other companies had significantly lower P/E ratios [8] - The controlling shareholder of Wealth Trend, Huang Shan, planned to reduce holdings of up to 7.6834 million shares, valued at approximately 863 million yuan based on the stock price at the time of the announcement [8]