东莞证券新招股书：股权变更、新总裁落定，两大业务部门换将

Core Viewpoint - Dongguan Securities has completed its seventh IPO prospectus update, revealing accelerated performance growth and a restructuring of its equity ownership, with state-owned assets now holding a 75.4% stake, establishing absolute control [2][9]. Financial Performance - The company forecasts its revenue for the first three quarters of 2025 to be between 2.344 billion and 2.591 billion yuan, representing a year-on-year growth of 44.93% to 60.18%, while net profit is expected to be between 862 million and 953 million yuan, reflecting a growth of 77.77% to 96.48% [3]. - The growth in performance is attributed to the rising trading volumes in the A-share market and increased investment income from equity indices [3]. Business Structure - The brokerage business remains the primary revenue source, contributing 49.43% of total revenue in the first half of 2025, with net income from brokerage fees reaching 715 million yuan, a 65.2% increase year-on-year [4][5]. - However, the investment banking sector is under pressure, with zero income from underwriting and sponsorship in the first half of 2025, and a 38.4% decline in net income from investment banking activities [6]. Management Changes - The restructuring of the management team includes the appointment of Yang Yang as the new president and Wang Wei as vice president, both bringing extensive experience from previous roles in asset management [10]. - The company has also seen changes in its brokerage and asset management divisions, indicating a strategic shift in leadership [10]. Equity Structure - The completion of the acquisition by a state-owned consortium has strengthened the stability of Dongguan Securities' equity structure, potentially enhancing its strategic capabilities in wealth management and local industry services [9]. - The company plans to use the funds raised from the IPO for various purposes, including enhancing its wealth management and investment banking operations [7].