Core Viewpoint - The report presents the financial performance of Capital Securities Corporation Limited for the first half of 2025, highlighting an increase in revenue and net profit compared to the same period in the previous year. Group 1: Financial Performance - The total operating income for the first half of 2025 was CNY 1,283,977,917.15, representing a 2.33% increase from CNY 1,254,751,533.16 in the same period of 2024 [4]. - The total profit for the period was CNY 588,662,870.09, up 6.74% from CNY 551,470,871.84 year-on-year [4]. - The net profit attributable to shareholders of the parent company was CNY 483,819,409.80, reflecting a 2.37% increase from CNY 472,608,226.65 in the previous year [4]. - The basic earnings per share increased to CNY 0.18, up 5.88% from CNY 0.17 [4]. Group 2: Financial Position - As of June 30, 2025, the total assets amounted to CNY 54,242,524,668.93, a 15.76% increase from CNY 46,855,780,596.16 at the end of the previous year [4]. - Total liabilities reached CNY 40,498,417,823.63, which is a 20.49% increase from CNY 33,610,675,878.48 [4]. - The total equity attributable to shareholders of the parent company was CNY 13,744,106,845.30, up 3.77% from CNY 13,245,104,717.68 [4]. Group 3: Cash Flow and Investment - The net cash flow from operating activities was negative at CNY -382,919,280.97, compared to CNY -2,297,162,129.64 in the same period last year [4]. - The net cash flow from investing activities was CNY -2,230,247,079.52, indicating a significant decrease compared to CNY 1,054,495,452.11 in the previous year [4]. - The net cash flow from financing activities was CNY 1,498,748,079.82, contrasting with CNY -257,261,207.10 in the same period of 2024 [4]. Group 4: Risk Management - The company has established an effective internal control system and compliance management framework to manage various risks, including market, credit, liquidity, operational, compliance, money laundering, reputational, and information technology risks [4].