指南针再砸1亿增资麦高证券，三年资本翻两倍，为何执着“输血”？

Group 1 - The core point of the article is that the company, Zhinan Zhen, plans to increase its investment in its wholly-owned subsidiary, Maigao Securities, by 100 million yuan, raising its registered capital from 1.4 billion yuan to 1.5 billion yuan [1][3][14] - This capital increase aims to better meet the funding needs for Maigao Securities' business development and is aligned with the company's long-term planning and core interests [3][17] - Since Maigao Securities became a wholly-owned subsidiary in July 2022, Zhinan Zhen has injected a total of 1 billion yuan in four rounds of capital increases, doubling the registered capital from 500 million yuan to 1.5 billion yuan over three years [4][18] Group 2 - In May 2022, Zhinan Zhen announced a plan to raise up to 3 billion yuan through a private placement to fund Maigao Securities, but this plan was later terminated in October 2023 [6][20] - Following the failure of the private placement, Zhinan Zhen has relied on self-raised funds to continue injecting capital into Maigao Securities, which is also exploring other financing channels, including a proposed issuance of up to 600 million yuan in subordinated bonds [6][20] - In the first half of 2025, Maigao Securities reported revenues of 324 million yuan, with net profits of approximately 70.36 million yuan, showing a significant increase in brokerage income but a decline in investment banking revenue [9][23] Group 3 - The planned capital increase will be allocated to various business areas, including wealth management (up to 800 million yuan), margin financing (up to 500 million yuan), investment banking (up to 300 million yuan), and technology and compliance [12][26] - The heavy investment in wealth management and margin financing indicates a current over-reliance on traditional brokerage services, which have lower added value and weaker cyclical resilience [12][26] - Despite the continuous capital injections, Maigao Securities faces challenges such as a single business structure, incomplete licenses, and the need for improved internal controls [12][26]