Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance in the first half of 2025 showed significant growth, with operating revenue reaching 12.83 billion HKD, a year-on-year increase of 44.0%, and net profit attributable to shareholders at 4.33 billion HKD, up 94.4% [6][9]. - The company is expected to continue establishing competitive advantages in brokerage, investment banking, asset management, and trading through its excellent fee-based business and balance sheet management, leading to a steady increase in ROE [2][9]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 12.83 billion HKD and net profit of 4.33 billion HKD, with a weighted average ROE of 4.16%, an increase of 2.03 percentage points year-on-year [6][9]. - Revenue from brokerage, investment banking, asset management, and proprietary trading was 2.65 billion HKD, 1.67 billion HKD, 0.68 billion HKD, and 7.31 billion HKD respectively, reflecting year-on-year growth of 49.9%, 30.2%, 22.3%, and 71.4% [9]. Wealth Management - The company is actively transforming and upgrading its wealth management services, with a total client base of 9.39 million and client account assets of 3.40 trillion HKD, a year-on-year increase of 23.2% [9]. - Revenue and net profit from wealth management reached 3.82 billion HKD and 0.99 billion HKD, respectively, with year-on-year growth of 47% and 89% [9]. International Business - The company is enhancing its international business presence, maintaining a leading market share in cross-border trading and providing market-making services for all 24 RMB dual-counter stocks on the Hong Kong Stock Exchange [9]. - The company is expanding its global sales network with centers in New York, Singapore, and Tokyo, leading to increased cross-border settlement volumes [9]. Underwriting and Asset Management - The company ranked first in the global IPO financing scale for Chinese enterprises, with a total of 11.144 billion USD in the first half of 2025 [9]. - The company's financial asset scale reached 379.516 billion HKD, a year-on-year increase of 16.1%, with an investment return rate of 1.93%, up 0.62 percentage points year-on-year [9].
中金公司（03908）：公司业绩随市高增，国际化业务持续深化