Western Securities(SZ:002673) 中国基金报·2025-10-30 06:47Core Viewpoint - The appointment of Huang Bin as the chairman of Guorong Securities marks the formal establishment of a new management team following the acquisition by Western Securities, indicating the operational phase of the integration process [2][4]. Management Changes - Huang Bin has been elected as chairman, with Zhang Zhihe transitioning to vice chairman, and Liu Xiang appointed as the company's president. Huang brings over 20 years of experience in the securities industry [6]. - Zhang Zhihe, previously the chairman, will assist in the transition and business collaboration, having held significant roles in other securities firms prior to Guorong [6]. - Liu Xiang, formerly vice president at Guorong Securities, will oversee wealth management, research, human resources, and overall management [6]. Company Background - Guorong Securities, established in April 2002, has 76 branches nationwide and subsidiaries including Guorong Fund and a futures company [7]. - Western Securities announced its acquisition plans for Guorong Securities in June 2024, completing the acquisition of 64.6% of shares for a total consideration of 3.32 yuan per share, amounting to 3.825 billion yuan [7]. Financial Performance - Western Securities reported a significant increase in net profit of over 510% year-on-year for Q3 2025, with total revenue reaching 1.546 billion yuan, a 40.33% increase [9]. - Despite a decline in total revenue for the first three quarters by 2.17% year-on-year, net profit increased by 70.63% to 1.243 billion yuan, indicating a "profit increase without revenue increase" scenario due to adverse fair value changes [9][10]. - The core business showed strong performance, with net commission income rising by 50.62% to 1.698 billion yuan, driven by active trading in the securities market [10].