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Core Viewpoint - Dazhihui's performance in 2024 has declined significantly, with a revenue of 771 million yuan, a year-on-year decrease of 0.84%, and a net loss of 201 million yuan, marking a 296.51% decline compared to the previous year [1][2] Financial Performance - Dazhihui's operating revenue for 2024 was 771 million yuan, down 0.84% year-on-year, while the net profit turned into a loss of 201 million yuan, a decline of 296.51% [2][3] - The previous year's profit was inflated by a one-time payment of 335 million yuan from the actual controller, which was recorded as non-operating income, leading to a misleading comparison for 2023 [2][3] - Excluding non-recurring gains and losses, Dazhihui has faced three consecutive years of net losses since 2022 [2] Business Segments - The main business segment, financial information and data PC terminal services, generated 391 million yuan, contributing significantly but only grew by 1.5% year-on-year [3] - Revenue from Hong Kong stock services decreased by 13.51% to 119 million yuan, while advertising and internet business promotion services saw a substantial increase of 91.34% to 106 million yuan, although the overall contribution remains small [3] Competitive Landscape - Competitors such as Tonghuashun and Dongfang Caifu reported strong performance in 2024, with Tonghuashun achieving 4.187 billion yuan in revenue, a 17.47% increase, and Dongfang Caifu reaching 11.604 billion yuan, up 4.72% [4] - The growth of competitors is attributed to the recovery of the securities market and increased demand for financial information services [4] Merger and Acquisition Activity - Dazhihui is pursuing a merger with Xiangcai Co., which holds a brokerage license, to seek new growth opportunities [5][6] - The merger involves a share exchange ratio of 1:1.27, where shareholders of Dazhihui will receive shares of Xiangcai Co. [5] - The merger is seen as a strategic move to align with industry trends of digital transformation and consolidation, potentially allowing for resource sharing and market collaboration [6] Future Prospects - Analysts believe that the merger could enhance Xiangcai Co.'s performance by leveraging Dazhihui's user base of approximately 10 million monthly active users, compared to Dongfang Caifu's 16 million [6] - The integration is expected to create synergies in customer acquisition, service enhancement, and business innovation, potentially leading to a significant increase in performance post-merger [7]