Guolian Minsheng Securities (1456) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB4.215 billion, down 3.89% year-over-year; net profit attributable to shareholders was RMB397 million, down 40.80% year-over-year; weighted average ROE was 2.19%.

• Total assets reached RMB97.208 billion, up 11.57% from 2023; equity attributable to shareholders was RMB18.584 billion, up 4.59%.

• Major acquisition: 99.26% of Minsheng Securities acquired via share issuance, increasing share capital to 5.68 billion shares.

Financial highlights

• Profit before tax was RMB372.81 million, down 54.83% year-over-year.

• Basic and diluted EPS were RMB0.14, down 41.67% year-over-year.

• Net cash from operating activities surged to RMB8.18 billion, up 948.65% year-over-year.

• Gearing ratio increased to 77.07% from 76.79% in 2023.

• Net asset value per share rose to RMB6.56.

Outlook and guidance

• Focus on integrating Minsheng Securities, expanding digital and wealth management capabilities, and enhancing investment banking and asset management.

• Continued emphasis on risk control, digital transformation, and regional market leadership in 2025.

• Asset management and public fund businesses to focus on long-term value and compliance.