格隆汇12月15日丨国联民生(601456.SH)公布，2025年12月15日，国联通智基金召开2025年第一次合伙 人会议，审议通过《关于解散无锡国联通智科技产业投资合伙企业（有限合伙）的议案》。国联通智基 金各合伙人就合伙企业后续运营、投资方向调整等事宜进行了充分沟通与审慎研判，经各方协商，一致 决定解散国联通智基金并办理工商注销手续，由国联通智基金执行事务合伙人国联通宝牵头负责国联通 智基金清算及工商注销登记等相关事宜。 ...

国联民生公告称，2025年8月28日，公司同意全资子公司国联通宝出资4.8亿元与关联人国联人寿共同设 立国联通智基金。截至公告日，各合伙人均未实际出资，该基金未正式成立、未备案。12月15日，国联 通智基金召开合伙人会议，决定解散该基金并办理工商注销手续，由国联通宝牵头负责清算及注销登记 等事宜。本次终止不会对公司财务和经营产生不利影响，不存在损害公司及股东权益的情况。 ...

Core Insights - Company reported significant growth in H1 2025, with revenue reaching 4.011 billion yuan, a year-on-year increase of 269.40%, and net profit of 1.127 billion yuan, up 1185% [1] Business Performance Highlights - Securities investment business emerged as the largest growth driver, generating 1.687 billion yuan in revenue, attributed to increased financial instrument disposal gains and accurate market positioning, with a focus on sectors like non-ferrous metals, pharmaceuticals, and military, outperforming the CSI 300 index [2] - Brokerage and wealth management business achieved revenue of 1.195 billion yuan, a 215.76% increase, with a growing client base of 3.4559 million, adding 117,600 new clients, and financial product sales reaching 87.02 billion yuan, with a year-end product holding of 31.436 billion yuan [2] - Investment banking business generated revenue of 544 million yuan, with a 214.94% increase, completing 6 IPO and refinancing projects with an underwriting amount of 2.62 billion yuan, ranking 8th in the industry for the number of equity underwriting projects and 5th for underwriting revenue [3] - Credit trading business reported revenue of 300 million yuan, a 136.10% increase, with a financing and securities lending balance of 17.207 billion yuan, achieving a market share of 9.299‰ [3] - Asset management and investment business earned 294 million yuan, with a steady growth in management scale, managing 198.417 billion yuan in securities asset management funds and a total of 196.916 billion yuan in assets under management for Guolian Fund [3] New Fund Establishment - Company announced the establishment of Guolian Tongzhi Fund, a private equity investment partnership with a total scale of 1.22 billion yuan, co-funded with Guolian Life Insurance, with the company contributing 480 million yuan, representing 39.34% of the fund [4] - The fund will focus on private equity investments in smart technology and new productivity sectors, aimed at expanding the company's private equity management scale and enhancing investment returns and management fee income [4] - This initiative represents a collaboration between the company's private equity subsidiary and insurance funds, aimed at jointly developing project resources in "digital intelligence-enabled technology assets," which is expected to yield long-term investment returns and strengthen the company's asset management capabilities [4]

Core Viewpoint - Guolian Minsheng has reported significant growth in its financial performance for the first half of the year, indicating strong operational momentum and strategic initiatives in private equity investment [2][4]. Financial Performance - In the first half of the year, Guolian Minsheng achieved operating revenue of 4.011 billion yuan, a year-on-year increase of 269.40% [2][4]. - The net profit attributable to shareholders reached 1.127 billion yuan, reflecting a remarkable year-on-year growth of 1185.19% [2][4]. - Basic earnings per share stood at 0.2 yuan [4]. - As of June 30, 2025, total assets amounted to 185.397 billion yuan, up 90.72% from the end of 2024 [4]. - Shareholder equity increased to 51.088 billion yuan, a growth of 174.90% compared to the end of 2024 [4]. Business Segments - The securities investment business emerged as the largest revenue contributor, generating 1.687 billion yuan, a staggering year-on-year increase of 14052.11% [4]. - Brokerage and wealth management, as well as investment banking businesses, also saw over 200% growth, with revenues of 1.195 billion yuan and 544 million yuan, respectively, reflecting increases of 215.76% and 214.94% [4]. - Credit trading business revenue reached 300 million yuan, up 136.10% year-on-year [4]. - However, asset management and investment business experienced a decline, with revenues of 294 million yuan, down 8.23% [4]. Customer Growth and Financial Products - The company added 117,600 new clients in the first half of the year, bringing the total client base to 3.4559 million [5]. - The sales scale of financial products (excluding cash management products) reached 87.02 billion yuan, with a year-end holding of 31.436 billion yuan [5]. - The scale of fund advisory business continued to grow, with a holding of 9.708 billion yuan by the end of the reporting period [5]. New Fund Establishment - Guolian Minsheng announced plans to establish the Guolian Tongzhi Fund in partnership with Guolian Life Insurance, with a total fund size of 1.22 billion yuan [6]. - The fund will focus on private equity investments in new productivity and smart technology sectors, aiming to expand the company's private equity business management scale and enhance investment returns [6]. - Guolian Tongbao will contribute 480 million yuan, accounting for 39.34% of the fund, while Guolian Life will contribute 740 million yuan, representing 60.66% [6].

Core Insights - Guolian Minsheng released its first half-year report after the merger, showing significant growth in revenue and net profit [2][3] - The company announced plans to establish a new fund, Guolian Tongzhi Fund, focusing on private equity investments in smart technology [3] Financial Performance - The company achieved operating revenue of 4.011 billion yuan, a year-on-year increase of 269.40% [2] - Net profit attributable to shareholders reached 1.127 billion yuan, reflecting a year-on-year growth of 1185.19% [2] - Securities investment business became the largest revenue contributor, generating 1.687 billion yuan, up 14052.11% year-on-year [2] - Brokerage and wealth management, as well as investment banking businesses, saw over 200% growth, with revenues of 1.195 billion yuan and 544 million yuan, increasing by 215.76% and 214.94% respectively [2] - Credit trading business revenue was 300 million yuan, up 136.1% year-on-year [2] - Asset management and investment business experienced a decline, with revenue of 294 million yuan, down 8.23% [2] Customer Growth - The company added 117,600 new clients in the first half of the year, bringing the total client base to 3.4559 million [3] New Fund Announcement - Guolian Tongbao, a wholly-owned subsidiary, plans to co-establish the Guolian Tongzhi Fund with Guolian Life Insurance, with a fund size of 1.22 billion yuan [3] - The fund will focus on private equity investments in new productivity and smart technology sectors [3]

Group 1 - The core viewpoint of the article highlights the significant growth in Guolian Minsheng's financial performance for the first half of the year, with a notable increase in revenue and net profit [1][2] - Guolian Minsheng reported a revenue of 4.011 billion yuan, representing a year-on-year growth of 269.40% [1] - The net profit attributable to shareholders reached 1.127 billion yuan, showing a remarkable year-on-year increase of 1185.19% [1] Group 2 - The company's securities investment business emerged as the largest revenue contributor, generating 1.687 billion yuan, with a staggering year-on-year growth of 14052.11% [1] - Brokerage and wealth management services, as well as investment banking, also experienced over 200% growth, with revenues of 1.195 billion yuan and 544 million yuan, reflecting year-on-year increases of 215.76% and 214.94% respectively [1] - Credit trading business revenue reached 300 million yuan, marking a year-on-year growth of 136.1% [1] - However, asset management and investment business saw a decline, with revenues of 294 million yuan, down 8.23% year-on-year [1] Group 3 - Guolian Minsheng added 117,600 new clients in the first half of the year, bringing the total client base to 3.4559 million [1] - The company announced plans to establish the "Guolian Tongzhi Fund" in partnership with Guolian Life Insurance, with a fund size of 1.22 billion yuan, focusing on private equity investments in new productivity and smart technology sectors [2]