Core Insights - Zhejiang Merchants Securities Co., Ltd. (浙商证券) reported its first annual report after acquiring Guodu Securities, showing a revenue of 15.816 billion yuan, a year-on-year decrease of 10.33%, while net profit increased by 10.17% to 1.932 billion yuan [2][3] Financial Performance - The company's total assets reached 154.086 billion yuan, up 5.88% year-on-year, and equity attributable to shareholders increased by 30.26% to 35.193 billion yuan [2] - The company plans to distribute a cash dividend of 1 yuan per 10 shares (including tax) [2] Business Segments - The main business segments include brokerage, wealth management, credit, investment banking, asset management, investment, futures, and research, with futures and investment banking being the primary revenue sources [2] - Futures business revenue was 10.365 billion yuan, down 17.89% year-on-year, while the total futures agency trading volume reached 83.1 trillion yuan, an increase of 26.58% [3] - Investment banking revenue fell by 20.93% to 677 million yuan, with 292 underwriting projects completed, raising a total of 107.1 billion yuan [3] - Brokerage business revenue increased by 3.53% to 3.636 billion yuan, benefiting from favorable national policies and active market trading in the fourth quarter [3] Investment and Asset Management - Investment business revenue grew by 35.93% to 1.149 billion yuan, driven by strong performance in the bond market and recovery in the equity market [4] - Asset management revenue increased by 9.43% to 530 million yuan, with total asset management scale reaching 95.304 billion yuan, up 4.61% year-on-year [4] Quarterly Performance - In 2024, the second quarter had the highest revenue at 4.118 billion yuan, while the first, third, and fourth quarters showed consistent performance around 3.9 billion yuan [4] - The net profit in the fourth quarter was particularly strong at 667 million yuan, compared to 447 million yuan, 337 million yuan, and 481 million yuan in the first three quarters [4] Executive Compensation - The compensation for the board of directors and supervisors decreased from 17.8041 million yuan in 2023 to 16.657 million yuan in 2024 [5]