After experiencing fluctuations at the beginning of 2025, a continuous recovery in the capital market in the middle of the year, and a significant personnel reshuffle at the research institute at the end of the year, Guosheng Securities still delivered an impressive annual &#34;report card.&#34;
On January 30, Guosheng Securities disclosed its performance forecast for 2025, with the highest expected growth in net profit attributable to shareholders of 67.25% and the highest expected growth in net profit after deducting non-recurring gains and losses of 78.99%. They validated the logic of industry recovery and their operational resilience with an impressive profit statement.
<h2>I. Strong Recovery in Core Business</h2>
According to the announcement, Guosheng Securities expects its net profit attributable to shareholders for 2025 to be in the range of 210 million to 280 million yuan, a year-on-year increase of 25.44%-67.25%.
More significantly, the net profit after deducting non-recurring gains and losses is expected to be in the range of 206 million to 276 million yuan, with a growth rate of 33.66%-78.99%.
The higher growth rate of net profit after deducting non-recurring gains and losses compared to net profit attributable to shareholders indicates a substantial enhancement in the company's core business's ability to generate profits, rather than relying on one-time gains to &#34;beautify&#34; the financial statements. For a brokerage firm, this is a solid proof of a strong fundamental.
<h2>II. Performance Driven by Both &#34;Favorable Timing&#34; and &#34;Human Harmony&#34;</h2>
The improvement in Guosheng Securities' performance, from a detailed analysis, is attributed to both &#34;favorable timing&#34; and &#34;human harmony.&#34;
Favorable Timing: The capital market was active in 2025, which is fundamental for brokerages to thrive. Guosheng Securities seized this opportunity, achieving positive growth in both securities brokerage and futures brokerage businesses.
Additionally, the announcement also indicated a significant growth in the company's investment banking business, reflecting the company's efforts in corporate financing services.
Human Harmony: The announcement specifically mentioned &#34;strengthening risk control, with various impairment losses decreasing year-on-year.&#34; In recent years, credit impairment has often been an &#34;invisible killer&#34; dragging down the net profit of brokerages. The reduction in impairment losses for Guosheng Securities indicates an optimization of its asset quality and the effectiveness of its risk control system, laying the groundwork for further improvement in future performance.
<h2>III. &#34;Details&#34; in Equity Investment and Tax Treatment</h2>
The announcement from Guosheng Securities also revealed two key details:
First, Impact of Qudian Equity: The announcement stated that due to changes in accounting methods and market value fluctuations, the company's holdings in Qudian reduced profits.
Second, Deferred Tax Assets: The company plans to recognize relevant deferred tax assets according to accounting standards, which correspondingly increased profits. This is a reasonable adjustment under accounting standards and also enhanced the current performance.
In its 2025 mid-year report, the company mentioned the situation of its deferred tax assets and deferred tax liabilities.
At the beginning of 2026, Guosheng Securities' forecast is still full of signals. On one hand, with the &#34;brokerage, investment banking, and futures&#34; three-pronged approach working in tandem, and effective control of risk impairments, Guosheng Securities has demonstrated strong performance elasticity. Against the backdrop of increasing Matthew effect in the industry, this growth model driven by core brokerage business and investment research capabilities may possess considerable sustainability

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GUOSHENG SECURITIES

GUOSHENG SECURITIES delivers the "2025 report card": main business warms up, brokerage strengthens, non-recurring net profit expected to increase by nearly 80%