HHTG(600095) 上海证券报·2025-04-26 09:03Core Viewpoint - The company has decided not to distribute profits or increase capital reserves for the year 2024, focusing instead on sustainable development and future funding needs [2]. Group 1: Company Overview - The company reported a total revenue of 2.192 billion yuan for 2024, a decrease of 5.56% year-on-year, and a net profit attributable to shareholders of 109 million yuan, down 8.59% year-on-year [29]. - The total assets of the company reached 38.56 billion yuan by the end of 2024, an increase of 16.70% from the beginning of the year, while the net assets attributable to shareholders decreased by 0.45% to 11.823 billion yuan [30]. Group 2: Industry Context - The securities industry is experiencing a structural recovery driven by policy support, with a notable "low first, high later" recovery pattern observed in 2024 [3]. - The overall operating indicators of the securities industry remain stable, with total assets of 12.93 trillion yuan and net assets of 3.13 trillion yuan as of 2024 [5]. - The industry is witnessing a significant shift in business structure, with heavy capital businesses under pressure and a sharp decline of 81.11% in IPO financing, prompting a focus on wealth management and off-exchange derivatives [4]. Group 3: Business Performance - The company's subsidiary, Xiangcai Securities, achieved total revenue of 1.650 billion yuan in 2024, an increase of 11.14% year-on-year, while the net profit attributable to the parent company was 243 million yuan, a slight decrease of 0.26% [7]. - The asset management business of Xiangcai Securities reached a scale of 12.604 billion yuan, a significant increase of 149.44% year-on-year, with 27 new products launched during the year [19]. Group 4: Strategic Initiatives - The company is actively enhancing its wealth management capabilities by implementing a customer-centric service system and improving service quality [9]. - Xiangcai Securities is focusing on regional development and maintaining a boutique investment banking approach, despite challenges in traditional IPO and refinancing businesses [16][17]. - The company is also investing in financial technology, holding 11.68% of the shares in a leading domestic financial information service provider, Dazhihui [25].