Core Viewpoint - Guosen Securities is expected to achieve a net profit of 4.78 billion to 5.53 billion yuan in the first half of 2025, representing a year-on-year growth of 52% to 76% [1] Group 1: Performance Forecast - The company anticipates significant growth in net profit for the first half of 2025, driven by a focus on core business and proactive adaptation to market changes [1] - The increase in performance is attributed to substantial growth in self-investment income and net income from brokerage fees compared to the same period last year [1] Group 2: Recent Financial Performance - In the 2024 financial report, Guosen Securities reported an operating income of 20.167 billion yuan, a year-on-year increase of 16.46%, and a net profit of 8.217 billion yuan, up 27.84% [2] - For the first quarter of 2025, the company achieved total operating income of 5.282 billion yuan, reflecting a year-on-year growth of 57.1%, and a net profit of 2.329 billion yuan, which is a 89.52% increase [2] Group 3: Market Context and Personnel Changes - The high growth in the brokerage industry is believed to be linked to market recovery and policy support, with increased trading activity and improved IPO growth in the first half of the year [3] - Concurrently, Guosen Securities announced a personnel change, with board member Liu Xiaola resigning from his positions due to work adjustments [3]