SCS(SH:601555) Zhong Guo Ji Jin Bao·2025-10-14 12:21Core Viewpoint - Dongwu Securities (601555) expects a year-on-year net profit growth of 50% to 65% for the first three quarters of 2025, with projected net profit ranging from 2.748 billion to 3.023 billion yuan [1][4]. Financial Performance - For the first half of 2025, Dongwu Securities reported an operating income of 4.428 billion yuan, a year-on-year increase of 33.63%, and a net profit attributable to shareholders of 1.932 billion yuan, up 65.76% [4]. - The company anticipates that its wealth management and investment trading segments will continue to drive revenue growth, with significant increases in client numbers and asset scale [4]. Business Segments - The proprietary trading segment saw a substantial revenue increase of 69.69%, contributing significantly to overall revenue growth [4]. - In wealth management, the total number of clients reached 3.1667 million, with a year-on-year increase of 147.88%, and client assets exceeded 695.847 billion yuan [4]. Shareholder Returns - Dongwu Securities plans to distribute a cash dividend of 1.38 yuan per 10 shares (including tax), totaling 686 million yuan, which represents 35.50% of the net profit for the first half of 2025 [5]. Industry Outlook - The brokerage sector is expected to experience strong growth in Q3 2025, with several firms projecting significant increases in revenue and net profit due to a favorable market environment [6][7]. - Analysts suggest focusing on brokerage firms with strong retail business, advantages in overseas and institutional operations, and competitive capabilities in wealth management [7].