招商证券：2025年第一季度净利润23.08亿元，同比增长6.97%

Group 1 - The core viewpoint of the announcement is that 招商证券 (China Merchants Securities) reported a year-on-year increase in both revenue and net profit for the first quarter of 2025 [1] - The company's operating revenue for Q1 2025 reached 4.713 billion yuan, reflecting a growth of 9.64% compared to the previous year [1] - The net profit for the same period was 2.308 billion yuan, showing a year-on-year increase of 6.97% [1]