Caitong Securities(SH:601108) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-30 12:17Core Viewpoint - The appointment of Ying Chaohui as the new General Manager of Caitong Securities marks a significant organizational change, filling a year-long vacancy in a key management position and indicating a return to a stable governance structure, which is expected to support the company's strategic implementation and operational stability [2][3][7]. Management Appointment - Caitong Securities officially appointed Ying Chaohui as General Manager, effective from the board's approval date, following a year of vacancy in this role [3][6]. - Ying Chaohui has extensive experience in the financial sector, having held various leadership positions in Zhejiang's financial institutions, including the Zhejiang Rural Credit Union and Zhejiang Guarantee Group [6][9]. - The appointment is seen as a critical step in stabilizing the company's management structure, allowing the Chairman to focus on his responsibilities [7][8]. Financial Performance - Caitong Securities reported a significant increase in financial performance for the first three quarters of 2025, achieving operating revenue of 5.063 billion yuan, a year-on-year increase of 13.99%, and a net profit attributable to shareholders of 2.038 billion yuan, up 38.42% [13][15]. - The third quarter alone saw a remarkable growth in revenue and net profit, with increases of 48.58% and 75.10%, respectively [13][14]. - The growth in revenue was primarily driven by increases in net commission income and investment income, with brokerage business being a major contributor [15]. Business Segmentation - The brokerage business generated net income of 1.385 billion yuan, reflecting a substantial year-on-year increase of 66.32%, driven by a market rebound [15]. - Investment income reached 2.317 billion yuan, contributing 45.77% to total revenue, with self-investment income growing by 25% [15]. - In contrast, the investment banking and asset management segments faced challenges, with net income from investment banking down 29.2% and asset management down 18.9% [15].