Guolian Minsheng Securities (1456) Q2 2025 earnings summary

Executive summary

• Achieved total revenue, net investment gains, and other income of RMB5.31 billion for H1 2025, up 188.54% year-over-year; net profit attributable to shareholders was RMB1.13 billion, up 1,185.19% year-over-year.

• Total assets reached RMB185.40 billion, up 90.72% from end-2024; equity attributable to shareholders rose 174.90% to RMB51.09 billion.

• Completed the acquisition of 99.26% of Minsheng Securities via share issuance, significantly expanding business scale and market presence.

Financial highlights

• Basic and diluted EPS were RMB0.20, up from RMB0.03 year-over-year.

• Weighted average return on net assets increased to 2.52% from 0.48% year-over-year.

• Net cash from operating activities was RMB47.78 million, down from RMB5.40 billion in H1 2024.

• Segment revenue: Brokerage and wealth management RMB1.58 billion (+238.07%), investment banking RMB581 million (+223.02%), asset management and investment RMB299 million (-8.58%), credit transaction RMB482 million (+58.69%), proprietary trading RMB2.19 billion (+515.02%).

Outlook and guidance

• Plans to deepen transformation into a leading modern investment bank with technological innovation and international influence.

• Focus on expanding wealth management, investment banking, and asset management, with continued integration of Minsheng Securities.

• Will enhance digital transformation, risk management, and product innovation in H2 2025.