Core Viewpoint - Changcheng Securities expects a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 85% to 95%, amounting to between 1.335 billion and 1.407 billion yuan [1] Financial Performance - The anticipated non-recurring net profit for the same period is estimated to be between 1.329 billion and 1.401 billion yuan, also reflecting a year-on-year growth of 85% to 95% [1] - Basic earnings per share are projected to be between 0.33 yuan and 0.35 yuan [1] Business Strategy - The company attributes its performance increase to actively seizing market opportunities and formulating reasonable operational strategies [1] - Wealth management and proprietary investment businesses are showing stable growth, while investment banking and asset management businesses are experiencing rapid recovery year-on-year [1] - Changcheng Securities emphasizes coordinated development across various business lines to drive overall performance improvement [1] Future Outlook - The company plans to continue implementing its strategic principles of "safety, leadership, and service" while striving to build a new ecosystem for industrial finance [1] - There is a commitment to enhancing the ability to serve the real economy and making solid progress towards high-quality development [1]

Group 1: Company Performance and Strategy - In 2025, the company has adhered to the strategic philosophy of "safety, leadership, and service," focusing on building a new ecosystem for industrial finance and enhancing its service capabilities for the real economy, leading to steady performance improvement [1] - The company's wealth management and proprietary investment businesses have shown stable growth, while investment banking and asset management businesses have rebounded rapidly year-on-year, contributing to overall performance [1][2] Group 2: Investment Strategy - The company employs a flexible and balanced strategy for equity investments, covering various investment products such as stocks, ETFs, convertible bonds, and public funds across A-shares, Hong Kong stocks, and other markets [2] - The current market environment has shifted brokerages from traditional directional investments to a focus on stable returns, with differences in capital strength and business structure among brokerages significantly influencing proprietary equity investment strategies [2] Group 3: Shareholder Considerations - Shareholder assessments include comprehensive indicators such as operational performance, safety compliance, and functional services, with market value management being a part of the functional services assessment [2] - The controlling shareholder, Huaneng Capital, increased its stake in the company by 6,370,900 shares (0.16% of total shares) between April 9, 2025, and July 9, 2025, with an investment amount of approximately 50.17 million yuan, reflecting confidence in the long-term value of the domestic capital market and the company's future stability [2] Group 4: Regulatory Environment - Recent years have seen regulatory bodies optimizing the industry development ecosystem, enhancing supervision across various securities activities, and promoting a functional, intensive, professional, and specialized development direction for the industry [2] - Small and medium-sized brokerages are expected to leverage their unique resources and professional capabilities to achieve differentiated and specialized operations [2]