Guosen Securities(SZ:002736) 券商中国·2025-10-31 11:03Core Viewpoint - Guosen Securities has demonstrated significant growth in its financial performance for the first three quarters of 2025, driven by strong brokerage and proprietary trading revenues following the acquisition of Wanhe Securities [2][6]. Financial Performance - Guosen Securities reported a total operating income of 19.203 billion yuan, marking a year-on-year increase of 56.49%, ranking 8th among listed brokerages [6]. - The net profit attributable to shareholders reached 9.137 billion yuan, reflecting an 87.28% year-on-year growth, placing the company 6th among its peers [6]. - The proprietary trading business was the largest revenue contributor, generating 9.922 billion yuan, with a year-on-year growth rate that ranks 2nd among large brokerages [6]. - Brokerage fee income surged to 6.362 billion yuan, with a remarkable year-on-year increase of 109.30%, ranking 3rd among listed brokerages [6][7]. Capital Structure and Rankings - As of the end of Q3, Guosen Securities' total assets amounted to 561.087 billion yuan, an 11.88% increase from the previous year, maintaining its 10th position among listed brokerages [3]. - The net capital stood at 76.560 billion yuan, a 3.07% increase, also retaining the 9th position in the industry [3]. - The registered capital has been increased to 10.242 billion yuan, ranking 5th among listed brokerages [3][4]. Acquisition of Wanhe Securities - The acquisition of Wanhe Securities was approved by the regulatory authority on August 22, 2025, and the transfer of assets was completed shortly thereafter [4]. - The new report indicates that Shenzhen Capital Operation Group and Shenzhen Kunpeng Equity Investment have entered the top ten shareholders of Guosen Securities [4]. Business Segments Performance - The investment banking and asset management segments experienced declines, with investment banking fees at 608 million yuan (down 6.01%) and asset management fees at 490 million yuan (down 22.69%) [7].