Dongxing Securities (601198) H1 2024 earnings summary

Executive summary

• Achieved revenue of RMB 4.88 billion in H1 2024, up 168.28% year-over-year; net profit attributable to shareholders reached RMB 576 million, up 64.67% year-over-year; EPS was RMB 0.178, up 64.81% year-over-year.

• Net capital at period end was RMB 22.74 billion, with a risk coverage ratio of 263.92%, indicating strong risk resilience.

• Major business lines include wealth management, proprietary trading, investment banking, asset management, and other businesses such as futures and overseas operations.

• Proposed interim cash dividend of RMB 0.054 per share, totaling RMB 174.55 million, representing 30.29% of H1 net profit.

Financial highlights

• Revenue: RMB 4.88 billion, up 168.28% year-over-year; net profit: RMB 576 million, up 64.67% year-over-year.

• Operating profit: RMB 767 million, up 55.82% year-over-year; net cash flow from operating activities: -RMB 9.47 billion.

• Total assets: RMB 99.60 billion, up 0.32% from 2023 year-end; net assets: RMB 27.58 billion, up 1.76%.

• Basic and diluted EPS: RMB 0.178, up 64.81% year-over-year; ROE: 2.10%, up 0.77 percentage points.

• Interim dividend payout ratio: 30.29% of H1 net profit.

Outlook and guidance

• Will accelerate transformation to a client-centric wealth management model and enhance product innovation and risk control.

• Plans to expand cross-border business, leverage QDII quota, and strengthen group synergy in asset management and investment banking.

• Continues to focus on compliance, risk management, and high-quality development amid challenging market and regulatory environment.