Core Insights - The 42 listed securities firms reported a total operating revenue of 251.9 billion yuan for the first half of 2025, a year-on-year increase of 31% [1] - The net profit attributable to shareholders reached 104 billion yuan, marking a 65% year-on-year growth [1] - All 42 firms reported positive growth in net profit for the first half of 2025, with 28 firms announcing cash dividends [1] Company-Specific Summary - Industrial Securities achieved an operating revenue of 5.404 billion yuan, up 28.8% year-on-year, and a net profit of 1.33 billion yuan, an increase of 41.24% [2] - The revenue growth for Industrial Securities was driven by increases in investment income, net commission income, and net interest income [2] - Despite significant revenue and profit growth, Industrial Securities did not declare a mid-term dividend, ranking 18th in net profit among the 42 firms [2] - The company reduced its workforce by 321 employees in the first half of 2025, continuing a trend of staff reductions that began in 2022 [2][3] Business Segment Performance - Industrial Securities' investment income (including fair value) reached 1.76 billion yuan, a 50.2% increase year-on-year, with proprietary investment business income growing by 53.78% [2] - The brokerage business revenue was 1.673 billion yuan, reflecting a year-on-year increase of 26.35% [2] - The investment banking segment saw a decline in net income from fees, totaling 219 million yuan, down 16.6% year-on-year, attributed to a significant drop in equity underwriting scale [4] - The equity underwriting scale for Industrial Securities was 480 million yuan, a decrease of 67.3% year-on-year, ranking last among the 42 firms [4] Asset Management Performance - As of June 30, 2025, the total assets under management (AUM) for Industrial Securities' asset management reached 1134.89 billion yuan, a 12% increase from the previous year [4] - The public fund scale for Industrial Securities Global exceeded 700 billion yuan for the first time, growing by 8% to 703.377 billion yuan [5] - The net profit from the asset management business was 19 million yuan for the first half of 2025, with a slight decline in the AUM of the equity fund [5]