Founder Securities(SH:601901) Zhongyuan Securities·2025-09-09 11:42Investment Rating - The report maintains an "Accumulate" investment rating for the company [4][5][22]. Core Views - The company achieved a revenue of 5.663 billion yuan in the first half of 2025, representing a year-on-year increase of 52.14%, and a net profit attributable to shareholders of 2.384 billion yuan, up 76.43% year-on-year [4][7]. - The report highlights a significant increase in investment income, which now constitutes a larger share of total revenue, while the contributions from brokerage, investment banking, asset management, and interest income have decreased [4][8]. - The company has successfully expanded its client base and improved customer experience, with brokerage business net income increasing by 46.27% year-on-year [10][11]. - The report notes a concentration of equity financing projects and a stable growth in debt financing, with investment banking fees increasing by 25.32% year-on-year [12]. - The asset management segment has shown stable performance, with net income from asset management fees rising by 4.92% year-on-year [15][18]. - The company has enhanced its investment strategies, particularly in high-dividend equities and alternative investments, leading to a 68.77% increase in investment income [19]. - The report indicates that the margin financing balance and market share have remained stable, with interest income from margin financing increasing by 35.58% year-on-year [20]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a basic earnings per share (EPS) of 0.29 yuan, an increase of 81.25% year-on-year, and a return on equity (ROE) of 4.84%, up 1.91 percentage points year-on-year [4][7][26]. Brokerage Business - The total number of clients reached over 16.73 million, with client assets increasing by 8.07% compared to the end of 2024 [10][11]. - The net income from brokerage services was 2.333 billion yuan, reflecting a year-on-year growth of 46.27% [10][11]. Investment Banking - The company completed equity financing projects totaling 1.017 billion yuan, with investment banking fees reaching 99 million yuan, a 25.32% increase year-on-year [12]. Asset Management - The company’s asset management business achieved a net income of 128 million yuan, up 4.92% year-on-year, with a total entrusted asset scale of 50.012 billion yuan [15][18]. Investment Income - The investment income (including fair value changes) was 1.983 billion yuan, a significant increase of 68.77% year-on-year [19]. Margin Financing - The margin financing balance was 40.097 billion yuan, with a market share of 2.17%, remaining stable compared to the end of 2024 [20].