Zheng Quan Shi Bao·2025-10-30 22:04Core Viewpoint - Xiangcai Co. (600095) is in the process of merging with Dazhihui, with both companies showing significant performance improvements in their recent financial reports, indicating a potential rise in their market position among internet brokerages [1][4]. Financial Performance - Xiangcai Co. reported a total revenue of 6.55 billion yuan for Q3 2025, a year-on-year increase of 43.77%, and a net profit of 3 billion yuan, reflecting a 315.25% growth [2]. - For the first three quarters, Xiangcai's total revenue reached 17.99 billion yuan, up 16.15% year-on-year, with a net profit of 4.42 billion yuan, marking a 203.39% increase, surpassing the total profit of the previous year [2]. - Dazhihui, while still in a loss position, showed signs of improvement with a Q3 revenue of 5.64 billion yuan, an 8.78% increase, and a net loss of 29.56 million yuan, which is over 80% less than the previous year's loss [2][3]. Merger Progress - The merger process has gained momentum, with key milestones achieved, including the approval of the merger proposal at Xiangcai's shareholder meeting in October and the receipt of an acceptance notice from the Shanghai Stock Exchange [4]. - The merger will involve a stock swap, with Xiangcai absorbing Dazhihui, which will lead to Dazhihui's delisting and Xiangcai inheriting all of Dazhihui's assets and liabilities [4]. Financing and Future Plans - To support the merger and future growth, Xiangcai is planning a financing initiative of up to 8 billion yuan, focusing on financial technology projects, digital securities infrastructure, and working capital [5]. Industry Context - The merger of Xiangcai and Dazhihui is part of a broader trend in the industry, where smaller brokerages are seeking to enhance their competitiveness through mergers and technology integration, similar to previous successful mergers in the market [6][7]. - If the merger is successful, the combined entity will surpass Zhinancai in both revenue and net profit, positioning itself as the second-largest internet brokerage in the market [7].