Founder Securities(SH:601901) Huachuang Securities·2025-09-01 11:11Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 9.65 CNY, compared to the current price of 8.64 CNY [3][9]. Core Insights - The company's net profit attributable to shareholders for H1 increased by 76% year-on-year, benefiting from improved market conditions [6]. - The return on equity (ROE) for the reporting period was 4.8%, up by 1.9 percentage points year-on-year, with a quarterly ROE of 2.4% [6][7]. - Total revenue, excluding other business income, reached 56 billion CNY, a 52% increase year-on-year [6][9]. Financial Performance - The company's self-operated business income totaled 2 billion CNY, with a quarterly income of 920 million CNY, reflecting a decrease of 160 million CNY quarter-on-quarter [2]. - Interest income from credit business was 2.03 billion CNY, with a quarterly income of 1 billion CNY, down by 34 million CNY [2]. - The company's total assets, excluding client funds, amounted to 194.2 billion CNY, an increase of 8.93 billion CNY year-on-year [7]. Business Segments - Brokerage business revenue was 2.33 billion CNY, with a quarterly revenue of 1.1 billion CNY, down by 10.5% quarter-on-quarter but up by 40% year-on-year [8]. - Investment banking revenue improved, totaling 100 million CNY, with a quarterly revenue of 70 million CNY, reflecting a year-on-year increase [8]. - Asset management revenue remained stable at 130 million CNY for the quarter [8]. Market Position - The company's financial leverage ratio was 3.89 times, a slight decrease of 0.07 times year-on-year [6][7]. - The company maintained a market share of 2.24% in margin financing and securities lending, up by 0.21 percentage points year-on-year [2]. - The average return rate for the company's self-operated business was 1.2%, with a year-on-year increase of 0.5 percentage points [2].