China Galaxy Securities (6881) Q2 2025 earnings summary

Executive summary

• Achieved total revenue, gains, and other income of RMB18.80 billion for H1 2025, up 18.92% year-over-year; net profit attributable to owners was RMB6.49 billion, up 47.86% year-over-year.

• Weighted average return on net assets increased to 5.16%, up 1.53 percentage points year-over-year.

• Total assets reached RMB781.74 billion, up 6.00% from end-2024.

• Proposed interim cash dividend of RMB1.25 per 10 shares, totaling RMB1.37 billion, subject to shareholder approval.

Financial highlights

• Basic and diluted EPS were RMB0.54, up 54.29% year-over-year.

• Gearing ratio increased slightly to 75.82% from 75.43% at end-2024.

• Net cash flow from operating activities was negative RMB4.38 billion, compared to positive RMB10.99 billion in H1 2024.

• Net capital of the parent company reached RMB111.09 billion, with a risk coverage ratio of 260.98%.

• Total expenses decreased by 0.78% year-over-year to RMB11.17 billion.

Outlook and guidance

• Expects continued structural momentum in the A-share market and improved stability in securities markets in H2 2025.

• Plans to focus on technology, green, inclusive, pension, and digital finance, and deepen institutional development and reforms.

• Will maintain prudent operations, strengthen risk management, and enhance compliance frameworks.