Core Viewpoint - Dongfang Securities achieved double-digit growth in both revenue and net profit for 2024, driven by strong performance in proprietary investment business [1][6] Financial Performance - The company reported total revenue of 19.19 billion yuan, a year-on-year increase of 12.29%, and a net profit attributable to shareholders of 3.35 billion yuan, up 21.66% [1] - By the end of 2024, total assets reached 417.74 billion yuan, an increase of 8.87% from the previous year [1] Business Segment Analysis - Wealth and asset management generated revenue of 12.34 billion yuan, accounting for 60.60% of total revenue, with a year-on-year growth of 7.84% [2][4] - Investment banking and alternative investment revenue was 1.36 billion yuan, representing 6.68% of total revenue, but saw a decline of 33.66% [2][4] - Institutional and sales trading revenue reached 3.61 billion yuan, accounting for 17.74% of total revenue, with a significant increase of 93.37% [2][4] - International and other business revenue was 3.05 billion yuan, making up 14.98% of total revenue, with a slight growth of 2.09% [2][4] Investment Performance - Proprietary investment income doubled to 5.83 billion yuan, a year-on-year increase of 129.36%, contributing 30.4% to total revenue [6] - The company capitalized on the bond market bull run and A-share market opportunities, leading to substantial gains in investment income [6] Wealth and Asset Management - The wealth and asset management business remained stable despite challenges, with revenue of 12.34 billion yuan, a growth of 7.84% [8] - The brokerage business saw net income from fees decline by approximately 9.71% to 2.51 billion yuan [8] - The asset management segment faced a decline, with Dongzheng Asset Management's revenue dropping over 30% [8][9] Future Outlook - The company plans to continue optimizing its proprietary investment strategies, focusing on absolute returns and diversifying income sources [7] - Dongfang Securities aims to enhance its wealth management capabilities and adapt to market changes, particularly in the context of tightening IPO policies [12]