Zhong Guo Zheng Quan Bao·2025-10-31 15:09Core Viewpoint - Guolian Minsheng has reported impressive financial results for the third quarter, indicating strong growth momentum following the merger of Guolian Securities and Minsheng Securities, with significant improvements in revenue and profit margins [1][2][3]. Financial Performance - For the first three quarters, the company achieved a revenue of 6.038 billion yuan, representing a year-on-year increase of 201.17%, and a net profit of 1.763 billion yuan, with a remarkable growth rate of 345.30% [1][2]. - In the third quarter alone, revenue reached 2.027 billion yuan, up 120.55% year-on-year, while net profit was 636 million yuan, reflecting a growth of 106.24% [2][3]. - By the end of the third quarter of 2025, total assets reached 189.325 billion yuan, a 94.76% increase from the end of 2024, and equity attributable to shareholders was 52.020 billion yuan, up 179.91% [2]. Profitability and Core Business Growth - Basic earnings per share for the first three quarters stood at 0.31 yuan, a year-on-year increase of 121.43% [3]. - The growth in performance is attributed to the robust performance of core businesses, with net commission income reaching 2.915 billion yuan, a 145.34% increase [3]. - Brokerage business net income surged to 1.565 billion yuan, up 293.05%, indicating heightened trading activity among clients [3]. - Investment banking fees amounted to 688 million yuan, reflecting a 160.77% increase, supported by an expanding underwriting scale [3]. - Investment income turned positive at 2.804 billion yuan, a significant recovery from a loss of 1.134 billion yuan in the previous year, driven by increased gains from financial instrument disposals [3]. Management and Integration - The effective integration of management teams has been a key factor in the success of the merger, with strategic personnel adjustments made in August [4]. - The new leadership structure combines state-owned enterprise oversight with business-oriented management, enhancing decision-making capabilities [4]. Business Integration and Synergies - The integration of business operations has made significant strides, particularly in investment banking, where existing projects from Minsheng Securities have been transferred to Guolian Minsheng [6]. - The company has successfully completed the merger of trading systems, allowing seamless access for 1.92 million clients to the new trading platform [6]. - Asset management operations have also progressed, with the transition of management responsibilities from Minsheng Securities to Guolian Minsheng's asset management subsidiary [6]. Strategic Direction - Guolian Minsheng is focusing on a differentiated strategy centered around five major business areas: large investment banking, large investments, large research, large wealth management, and large asset management [7]. - The company aims to establish itself as a leading investment bank through continuous integration and market-driven growth strategies [7].