Group 1 - The core viewpoint of the article highlights the strong performance of 42 listed securities firms in the first half of 2025, with a total operating revenue of 251.9 billion yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 104 billion yuan, up 65% [1][5] - Among the 42 firms, 28 have announced interim cash dividends, while 14 have not made a decision [1][5] - Changcheng Securities reported a nearly doubled net profit in H1 2025, with a total operating revenue of 2.859 billion yuan, a 44.24% increase year-on-year, and a net profit of 1.385 billion yuan, up 91.92% [2][5] Group 2 - Changcheng Securities' revenue growth is primarily attributed to increases in self-investment and brokerage business income, which together accounted for 97% of total revenue [2][4] - The self-investment income for Changcheng Securities in H1 2025 was calculated to be 1.735 billion yuan, combined with brokerage fee income of 481 million yuan, totaling 2.215 billion yuan, which represents 77.48% of total revenue [4][5] - The investment banking revenue for Changcheng Securities was 140 million yuan in H1 2025, showing a year-on-year increase of 17.07%, but still significantly lower than historical highs [6][7] Group 3 - Changcheng Securities has not decided on interim cash dividends despite strong profit growth, reflecting a reliance on market conditions for its business [5][6] - The firm has not had any IPO underwriting projects since 2024, with a 100% withdrawal rate for IPO projects over the last 20 months [6][7] - As of September 18, 2025, Changcheng Securities has zero IPO projects in reserve, indicating a continued lack of income from IPO underwriting [7]