至信股份IPO闯关背后：客户接连“爆雷” 业绩增长藏隐忧

Core Viewpoint - Dongguan Securities is facing challenges in its IPO journey, including a long wait time, business structure issues, and compliance concerns, despite resolving its ownership stability problem through state-owned capital control [3][4][6]. Group 1: Ownership and IPO Progress - Dongguan Securities plans to issue up to 500 million A-shares for its IPO, with proceeds aimed at enhancing capital to support business development and risk management [4]. - The company has been in the IPO process since 2015, with significant delays compared to peers, as it only received "accepted" feedback in March 2023, lagging behind other firms by two and a half years [4][6]. - The ownership issue was resolved when a state-owned consortium acquired a 20% stake from the previous major shareholder, increasing state control from 55.4% to 75.4% [5][6]. Group 2: Financial Performance - In the first half of 2025, Dongguan Securities reported a revenue of 1.447 billion yuan, a year-on-year increase of 40.9%, and a net profit of 488 million yuan, up 66.6% [7]. - The company anticipates a net profit growth of 77.77% to 96.48% for the first three quarters of 2025, driven by a recovery in the A-share market [7]. - However, the revenue structure is heavily reliant on brokerage services, which accounted for 49.43% of total revenue in the first half of 2025, raising concerns about sustainability during market fluctuations [8]. Group 3: Business Structure and Compliance Issues - The investment banking segment has seen a significant decline, with net income from this area dropping nearly 40% year-on-year to 54.16 million yuan in the first half of 2025, and no income from IPO or refinancing underwriting [8]. - Compliance issues have arisen, with the company receiving warnings from exchanges due to internal control deficiencies, which could impact the IPO process amid stricter regulatory scrutiny [9]. Group 4: Management Changes and Future Strategies - A new management team has been appointed, with the new president bringing experience in asset management, which aligns with the company's plans to diversify its business [10]. - Dongguan Securities is actively pursuing the establishment of a public fund management company and plans to expand into cross-border business, aiming to reduce reliance on traditional brokerage income [10]. - The company maintains a strong regional presence, with over 56.83% of its brokerage revenue coming from the Dongguan area, indicating a solid local market share [10]. Group 5: Capital Strength - As of the end of 2024, the company's net capital stood at 9.392 billion yuan, significantly lower than leading competitors, highlighting the need for capital enhancement through the IPO [11].