鑫闻界｜长跑10年，7次更新招股书，东莞证券IPO迎“变奏”？

Core Viewpoint - Dongguan Securities has disclosed its latest performance in the 7th draft of its prospectus, indicating significant growth in revenue and net profit for the first three quarters of the year, alongside improvements in shareholding stability and management updates, potentially advancing its long-stalled IPO process [2][4][11] Financial Performance - The company forecasts revenue for the first three quarters to be between 2.344 billion and 2.591 billion yuan, representing a year-on-year growth of 44.93% to 60.18% [2][6] - The projected net profit attributable to shareholders is between 862 million and 953 million yuan, showing a year-on-year increase of 77.77% to 96.48% [2][6] - The growth in revenue and net profit is attributed to increased trading volumes in the A-share market and rising investment returns from equity indices [6] Shareholding Stability - Dongguan Securities has resolved its shareholding stability issues, with the state-owned assets supervision and administration commission increasing its stake from 55.4% to 75.4%, making it the absolute majority shareholder [4][11] - The previous largest shareholder, Jinlong Co., has seen its stake reduced to 20% [4] Business Segmentation - The company’s revenue is heavily reliant on its brokerage business, which accounted for 49.43% of total revenue in the first half of the year, showing an upward trend over the past three years [7] - Conversely, the investment banking segment has been declining, with net income of only 54.16 million yuan in the first half of 2025, representing just 3.74% of total revenue [8] Future Business Development - Dongguan Securities plans to establish a public fund subsidiary and expand its business focus on brokerage, investment banking, and asset management, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [9] - The company has appointed new management with experience in asset management, indicating a strategic shift towards enhancing its asset management capabilities [10]