Core Viewpoint - The performance of 42 listed securities firms in the first half of 2025 showed significant growth, with total operating revenue reaching 251.9 billion yuan, a year-on-year increase of 31%, and net profit attributable to shareholders reaching 104 billion yuan, up 65% [1] Revenue Growth - Among the 42 listed securities firms, 37 reported positive revenue growth in the first half of 2025, while only 5 firms experienced negative growth [1] - The firms with negative revenue growth included: - Zheshang Securities: -23.66% - Zhongyuan Securities: -23.14% - Western Securities: -16.23% - Nanjing Securities: -5.96% - Caitong Securities: -2.19% [2][3] Nanjing Securities Performance - Nanjing Securities reported operating revenue of 1.578 billion yuan, a decrease of 5.96% year-on-year, while net profit attributable to shareholders increased by 13.65% to 621 million yuan [4] - The decline in revenue was attributed to decreases in securities and futures brokerage, securities investment, and investment banking revenues, which fell by 6.93%, 1.84%, and 15.43% respectively [4][5] Business Structure - Nanjing Securities heavily relies on brokerage and proprietary investment businesses, which together accounted for more than total revenue, with brokerage income at 726 million yuan and investment income at 983 million yuan [6][7] - The firm’s investment income growth lagged behind the market, with the overall market indices showing positive trends while Nanjing Securities' investment income slightly declined [8] Investment Banking and Asset Management - Nanjing Securities' investment banking revenue was 81 million yuan, down 15.43%, and the firm has not had any IPO projects approved for three consecutive years, resulting in zero IPO project reserves [9] - Although the asset management and investment management business revenue increased by 61.49% to 32 million yuan, the asset management business fee income dropped by 45.07% [9]

Group 1 - The company, Nanjing Securities Co., Ltd., is planning to issue A-shares to specific investors, including its controlling shareholder, Zijin Group, with a total fundraising amount not exceeding 5 billion yuan [2][4][6] - The issuance has been approved by the company's board and requires further approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [1][11] - The pricing for the shares will be based on the higher of 80% of the average trading price over the 20 trading days prior to the pricing date or the latest audited net asset value per share [2][3] Group 2 - Zijin Group will not participate in the market pricing process but will subscribe at the market price determined through the bidding process [4] - The shares subscribed by Zijin Group will be locked for 60 months, while other major shareholders will have a lock-up period of 36 months [5] - The total amount raised will be used to enhance the company's capital base and support various business areas, including wealth management and asset management [6][8] Group 3 - The company maintains its current control structure, with Zijin Group remaining the controlling shareholder after the issuance [6][8] - The company has established a profit distribution policy to ensure stable returns to shareholders over the next three years [7][8] - The company’s main business includes securities brokerage, investment banking, and asset management, which are closely tied to the performance of the capital markets [10]

Group 1 - The company, Nanjing Securities Co., Ltd., is planning to issue A-shares to specific investors, including its controlling shareholder, Zijin Group, with a total fundraising amount not exceeding 5 billion yuan [2][4][5] - The issuance has been approved by the company's board and requires further approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [1][2] - The pricing for the shares will be based on the higher of 80% of the average trading price over the 20 trading days prior to the pricing date or the latest audited net asset value per share [2][3] Group 2 - The funds raised will be used to enhance the company's capital base, focusing on wealth management services, purchasing government and corporate bonds, and improving asset management capabilities [5][6] - After the issuance, Zijin Group will remain the controlling shareholder, and the company's ownership structure will not change [5][6] - The company has established a profit distribution policy to ensure stable returns to shareholders over the next three years [6] Group 3 - As of March 31, 2025, the total share capital of the company is 3,686,361,034 shares, with 99.28% being tradable A-shares [13] - The largest shareholder, Zijin Group, holds 25.01% of the shares directly, while its subsidiaries hold an additional 3.47% [14][15] - The company operates in various sectors, including securities brokerage, investment banking, asset management, and financial consulting [13]

Core Viewpoint - Nanjing Securities reported a significant increase in revenue and net profit for the year 2024, driven primarily by growth in securities investment and brokerage services [1][4]. Financial Performance - In 2024, Nanjing Securities achieved operating revenue of 3.147 billion yuan, a year-on-year increase of 27.12%, and a net profit attributable to shareholders of 1.002 billion yuan, up 47.95% year-on-year [1][4]. - The fourth quarter of 2024 saw revenue of 779 million yuan, reflecting a year-on-year increase of 10.86% and a quarter-on-quarter increase of 12.87%. Net profit for the same quarter was 306 million yuan, up 180.26% year-on-year and 103.89% quarter-on-quarter [4]. Business Segments - The revenue growth was primarily attributed to the securities investment business, which saw a revenue increase of 34.46% [1][4]. - The securities and futures brokerage business also contributed to revenue growth, with a year-on-year increase of 12.71% [6]. Profit Distribution - Nanjing Securities announced a profit distribution plan, proposing a cash dividend of 0.08 yuan per share (including tax), totaling 295 million yuan. Combined with the mid-year dividend, the total cash dividend for 2024 will be 472 million yuan, representing 47.11% of the net profit [1][7]. Asset and Capital Metrics - As of the end of 2024, total assets reached 69.768 billion yuan, a year-on-year growth of 19.25%. Core net capital was approximately 14.725 billion yuan, up 6.95% [4]. - Key risk indicators included a risk coverage ratio of 459.96%, a capital leverage ratio of 27.49%, a liquidity coverage ratio of 327.31%, and a net stable funding ratio of 229.45% [4]. Revenue Composition - Revenue sources included investment income and fair value changes (35.24%), net interest income (25.61%), net commission income (25.27%), and other business income (13.46%). Investment income and fair value changes saw a year-on-year increase of 143.48% [7].