扣非净利近73亿元！国泰海通首份半年报来了

Core Viewpoint - The article highlights the strong financial performance of Guotai Junan Securities in the first half of 2025, following its merger with Haitong Securities, showcasing significant revenue and profit growth across various business segments [2][4][5]. Financial Performance - In the first half of 2025, Guotai Junan achieved an operating income of 23.872 billion yuan, a year-on-year increase of 78% [2][4]. - The net profit attributable to shareholders reached 15.737 billion yuan, up 214% year-on-year, while the net profit excluding non-recurring items was 7.279 billion yuan, reflecting a 60% increase [2][4][6]. Dividend Distribution - The company proposed a mid-year dividend of 0.15 yuan per share (before tax), totaling approximately 2.627 billion yuan in cash dividends [3][6]. - The dividend distribution represents 16.69% of the net profit attributable to shareholders and 36.09% of the net profit after excluding non-recurring items for the first half of 2025 [6]. Business Segment Growth - Wealth management revenue reached 9.772 billion yuan, a 92.35% increase year-on-year, driven by a rise in market trading volume and customer acquisition [5][7]. - Investment banking revenue was 1.41 billion yuan, up 20% year-on-year, with significant growth in underwriting activities [7]. - Institutional and trading business revenue increased by 56% to 6.861 billion yuan, with notable growth in QFI stock trading volume [7]. - Investment management revenue grew by 44% to 3.078 billion yuan, with substantial increases in asset management scale [8]. Integration and Strategic Development - The company emphasized the importance of integration and synergy following the merger, focusing on new strategies and cultural alignment to enhance operational efficiency [9]. - Key initiatives included the unification of customer management standards, compliance and risk management integration, and the establishment of a new organizational structure [9].