Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a significant net profit growth of over 90% due to active domestic and international markets [1] - The report highlights a strong performance in the first half of 2025, with total revenue reaching 12.83 billion yuan, a year-on-year increase of 44.0%, and a net profit of 4.33 billion yuan, up 94.4% [8] - The brokerage business saw a substantial revenue increase of 49.9% year-on-year, contributing to 20.7% of total revenue [8] - The investment income, including fair value gains, reached 7.25 billion yuan, reflecting a year-on-year growth of 70.7% [8] Financial Performance Summary - Total revenue for 2023 is projected at 35.446 billion yuan, with a decline of 5.22% year-on-year, while 2024 is expected to see a further decline of 6.42% [1] - The company forecasts a rebound in net profit to 10.078 billion yuan in 2025, representing a growth of 76.98% compared to 2024 [1] - The earnings per share (EPS) is expected to rise to 2.09 yuan in 2025, with a price-to-earnings (P/E) ratio of 9.25 [1]