Core Viewpoint - Dongwu Securities reported strong revenue and profit growth for the first half of 2025, but significant cash flow issues and operational challenges raise concerns about sustainability [1][2]. Financial Performance - The company achieved operating revenue of 4.43 billion yuan, a year-on-year increase of 33.63% [3]. - Net profit attributable to shareholders reached 1.93 billion yuan, up 65.76% compared to the previous year [3]. - Operating cash flow turned negative at -8.23 billion yuan, a decline of over 200 billion yuan from a positive cash flow of 12.16 billion yuan in the same period last year [2][3]. Business Segments - Investment trading business contributed 2.11 billion yuan in revenue, accounting for 47.6% of total revenue, but its sustainability is questioned due to market volatility [4]. - Investment banking revenue was recorded at 419 million yuan, with no new A-share IPOs or additional projects during the period [4]. - Wealth management business generated 1.66 billion yuan in revenue with a gross margin of 49.45% [5]. International and Public Fund Operations - The international strategy is under pressure, with Dongwu Securities (Singapore) reporting a net loss of 523,860 yuan [8]. - The public fund segment has a total fund size of 37.72 billion yuan, but net profit for the first half was only 493,080 yuan, indicating a disconnect between asset scale and profitability [8].