Group 1 - Southbound funds reduced their holdings in Zhongzhou Securities (01375.HK) by 59,000 shares on October 22, 2025, marking a decrease of 0.01% [1][2] - Over the past five trading days, southbound funds have reduced their holdings for four days, with a total net reduction of 2,567,000 shares [1][2] - In the last 20 trading days, there have been 12 days of reductions, totaling a net decrease of 21,190,000 shares [1][2] Group 2 - As of now, southbound funds hold 726 million shares of Zhongzhou Securities, accounting for 60.76% of the company's total issued ordinary shares [1][2] - Zhongzhou Securities Co., Ltd. is engaged in securities brokerage business and operates eight divisions, including securities brokerage, proprietary trading, investment banking, credit business, investment management, and futures business [2]

Financial Performance - The total operating revenue for the current reporting period is approximately 1.83 billion yuan, an increase from 1.52 billion yuan in the same period last year, reflecting a growth rate of about 20.25% [1] - The net profit attributable to shareholders of the listed company is approximately 485.53 million yuan, up from 399.93 million yuan, indicating a year-on-year increase of about 21.43% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is approximately 476.28 million yuan, compared to 393.32 million yuan last year, showing a growth of about 21.09% [1] - The basic and diluted earnings per share are both 0.12 yuan, an increase from 0.10 yuan in the previous year [1] - The weighted average return on equity is 2.89%, up from 2.64% year-on-year, indicating improved profitability [1][21] Cash Flow and Assets - The net cash flow from operating activities is approximately 76.23 million yuan, a significant improvement from a negative cash flow of 491.94 million yuan in the same period last year, representing a positive change of about 568.2 million yuan [1][20] - Total assets at the end of the reporting period amount to approximately 55.15 billion yuan, an increase from 52.74 billion yuan at the end of the previous year [1] - Total liabilities are approximately 37.60 billion yuan, up from 35.93 billion yuan, indicating an increase in leverage [1][28] - The net assets attributable to shareholders of the listed company are approximately 17.00 billion yuan, compared to 16.31 billion yuan at the end of the previous year [1] Shareholder Structure - The top ten circulating shareholders include a new shareholder, Hong Kong Central Clearing Limited, replacing Beijing Taiwei Holdings Group Limited from the previous quarter [1][32] - The shareholding ratio of the CSI 500 ETF has increased, while the holdings of the Guotai CSI All Index Securities Company ETF and Huabao CSI All Index Securities Company ETF have decreased [1][32][33] Valuation Metrics - As of the close on August 27, the company's price-to-earnings ratio (TTM) is approximately 34.54 times, the price-to-book ratio (LF) is about 2.01 times, and the price-to-sales ratio (TTM) is around 8.9 times [1]

Core Insights - China Galaxy Securities reported a significant increase in revenue and net profit for the first half of 2025, achieving operating income of 13.747 billion yuan, a year-on-year growth of 37.71%, and a net profit attributable to shareholders of 6.488 billion yuan, up 47.86% [1][2] - The company has entered the "100 billion club" for net profit in 2024 and has set a new record for half-year net profit in 2025 [1] - As of June 30, 2025, total assets reached 781.740 billion yuan, reflecting a 6% increase from the end of 2024, indicating a strong upward trajectory in financial performance [1] Business Performance - Wealth management business generated revenue of 5.926 billion yuan, marking a year-on-year increase of 35.55% [2] - Investment trading business revenue was 3.858 billion yuan, with a growth of 5.81% [2] - International business revenue reached 1.099 billion yuan, up 4.71% [2] - Institutional business revenue surged to 1.044 billion yuan, showing a remarkable growth of 243.06% [2] - Investment banking business revenue was 245 million yuan, reflecting a growth of 3.13% [2] - Other integrated business segments, including futures, private equity investment management, alternative investments, and asset management, collectively generated revenue of 1.282 billion yuan, with a year-on-year increase of 21.06% [2]