一季报净利润猛增57%，兴业证券祭出“丰盛”分红方案

Core Viewpoint - Xingye Securities reported strong financial performance for 2024 and Q1 2025, with significant growth in net profit and revenue, alongside a substantial cash dividend plan for shareholders [1][5][6]. Financial Performance - In Q1 2025, Xingye Securities achieved a net profit of 516 million yuan, representing a year-on-year increase of 57.32% [1][2]. - The company's operating revenue for Q1 2025 was 2.792 billion yuan, up 17.48% compared to the same period last year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 504 million yuan, reflecting a 69.75% increase year-on-year [2]. Revenue Breakdown - The increase in revenue was driven by two main components: investment income and fair value changes, which collectively grew by 82.18%, and net commission income, which rose by 19.13% [3]. - Investment income for Q1 2025 was reported at 1.336 billion yuan, a significant recovery from a loss of 1.602 billion yuan in the previous year [4]. Cash Dividend Plan - Xingye Securities announced a cash dividend plan, distributing 1 yuan per 10 shares (including tax), amounting to over 860 million yuan based on the total share capital as of December 31, 2024 [5]. - The total cash dividends for 2024, including interim and annual distributions, reached 1.12 billion yuan, accounting for 51.88% of the net profit attributable to shareholders [5]. - The board of directors has proposed to authorize the formulation of a mid-term cash dividend plan for 2025, aiming to enhance shareholder returns [6].