MINMETALS CAPITAL(SH:600390) 市值风云·2025-08-21 10:35Core Viewpoint - Wenkang Capital has experienced a continuous decline in performance over the past five years, despite having a comprehensive range of financial licenses, including trust, financial leasing, securities, and futures [3][9][30]. Group 1: Company Overview - Wenkang Capital is controlled by China Minmetals Corporation, which has total assets exceeding 1.1 trillion yuan and nearly 1 trillion yuan in revenue as of 2023 [3][4]. - The company holds significant stakes in various financial institutions, including a 78.002% stake in Wenkang Trust and a 99.76% stake in Wenkang Securities [9][10]. Group 2: Financial Performance - The net profit of Wenkang Capital has declined from 32.1 billion yuan in 2020 to 5.1 billion yuan in 2024, with a further drop of 58.2% in Q1 2025 [3][12][13]. - Revenue has also decreased significantly, from 163.4 billion yuan in 2020 to 79.8 billion yuan in 2024, with a year-on-year decline of 20.3% to 18.4% from 2021 to 2024 [12][17]. Group 3: Business Segments - The trust and futures segments have been the most affected, with Wenkang Trust reporting a loss of 9.54 billion yuan in 2024 due to overdue payments and market conditions [18][23]. - Wenkang Financial Leasing has remained a relatively stable contributor, with net profits increasing from 8.57 billion yuan in 2020 to 12.62 billion yuan in 2024 [19][20]. Group 4: Market Position and Comparison - Wenkang Securities ranks 69th in the national comprehensive ranking, with revenue of 13.11 billion yuan in 2024, which is only 2% of the leading brokerages like CITIC Securities [32][33]. - The comparison with COFCO Capital indicates that operational management is crucial, as COFCO has maintained growth despite having similar licenses [30][31].