After the "snake swallowing elephant," the first quarterly report shows that Guolian Minsheng Sec has a significant "revenue increase" effect

On April 29, Guolian Minsheng released its first quarterly report after the consolidation of Guolian Securities and Minsheng Securities.

This event, which shook the securities industry in 2024, finally delivered its first performance report in April this year.

The quarterly report shows that Guolian Minsheng achieved operating revenue of 1.562 billion yuan and a net profit attributable to shareholders of 376 million yuan. In the same period last year, the original Guolian Securities had an operating revenue of only 173 million yuan and a net profit of -219 million yuan, indicating a loss.

The quarterly report attributed the revenue growth to the "company's proactive grasp of market opportunities," but due to the lack of comparable data after the consolidation, it is impossible to quantify how much contribution the proactive market opportunities brought to the company.

In addition, Guolian Minsheng's earnings per share also significantly turned from loss to profit, with this quarter being 0.08 yuan, compared to -0.08 yuan in the same period last year.

Significant Increase in Various Revenues

The quarterly report shows that several revenues of Guotai Minsheng significantly increased in the first quarter, or the losses significantly decreased.

Among them, net income from fees and commissions was 846 million yuan, compared to only 338 million yuan in the same period last year. The quarterly report stated that the main reason was the "increase in the company's brokerage and investment banking business revenue," with Minsheng Securities making an important contribution.

Specifically, the net income from fees in economic business and investment banking both saw significant increases, reaching 469 million yuan and 174 million yuan, respectively.

Additionally, in terms of investment income, the first quarter achieved revenue of 690 million yuan, while the same period last year saw a huge loss of -868 million yuan.

Reshuffling of the Three Major Business Scales

It is noteworthy that before the merger, asset management and economic business were the top two sources of fee and commission income for the original Guolian Securities.

After merging with Minsheng Securities, the fee income from economic business jumped to first place, followed by investment banking in second place.

On April 22 of this year, Guolian Minsheng announced that its wholly-owned subsidiary Huaying Securities Co., Ltd. completed the name change registration process, changing its name to "Guolian Minsheng Securities Underwriting and Sponsorship Co., Ltd.," and its registered location was also moved from Wuxi, Jiangsu to Shanghai.

According to Guolian Minsheng's previously released 2024 annual report, Huaying Securities' investment banking business showed a growth trend last year.

In 2024, under the external environment of declining IPO and refinancing scale, Huaying Securities completed 1 IPO project and 5 refinancing projects, with a total underwriting amount of 2.65 billion yuan.

In terms of bond underwriting business, it completed 137 projects throughout the year, with a total underwriting amount of 40.268 billion yuan; and for financial advisory business, it completed 156 projects throughout the year.

Asset Scale Nearly Doubled

In terms of asset scale, Guolian Minsheng's total assets nearly doubled after the consolidation.

In the first quarter, Guolian Minsheng's total assets were 174.518 billion yuan, compared to 97.208 billion yuan in the same period last year Among them, the scale of trading financial assets reached 65.687 billion yuan, compared to 37.921 billion yuan in the same period last year.

These are all obvious changes.

Guolian Group remains the largest shareholder

On December 30th last year, Dongxing Securities announced that Minsheng Securities officially issued the "Equity Certificate of Minsheng Securities Co., Ltd." to Dongxing Securities. From the date of the announcement, Dongxing Securities officially became the controlling shareholder of Minsheng Securities, holding 99.26% of the total share capital of Minsheng Securities.

The first quarterly report shows that currently, the largest shareholder of Guolian Minsheng is still Guolian Group, with a shareholding ratio of 23.86%.

Hong Kong Clearing and Guolian Trust are the second and third largest shareholders, with shareholding ratios of 7.79% and 6.87%, respectively.

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