The strengths of Zhongtai Securities' major investment business are becoming increasingly evident.
With the significant rebound in capital market activity expected in 2025, the performance recovery of the brokerage sector continues to be validated. On January 29, Zhongtai Securities announced an earnings forecast increase.
The company expects to achieve a net profit attributable to shareholders of the parent company between 1.312 billion yuan and 1.500 billion yuan for the year, a substantial increase of 40% to 60% compared to 937 million yuan in the same period of 2024.
Looking back at 2024, Zhongtai Securities' net profit attributable to the parent company was less than 1 billion yuan, with earnings per share of 0.11 yuan, which was a significant decline compared to the previous year. However, in 2025, the company successfully achieved a &#34;turnaround&#34; in performance.
<h2>Growth Logic: Seizing Market Opportunities + Performance of Three Major Businesses</h2>
The reasons for Zhongtai Securities' significant growth may also be traced back to the market environment and specific business capabilities.
On one hand, it benefits from the improvement of the external environment. The rebound in capital market activity in 2025 has warmed trading sentiment, providing a good foundation for the development of various brokerage businesses.
On the other hand, the effectiveness of Zhongtai Securities' internal strategic adjustments is becoming apparent. The company explicitly mentioned in the announcement that the growth in performance is mainly attributed to the year-on-year increase in revenue from the three major businesses of &#34;wealth management, asset management, and investment trading.&#34;
This may indicate that Zhongtai Securities has made progress in moving away from a traditional reliance on brokerage business, building a more distinctive revenue structure by enhancing management quality and strengthening core competitiveness.
<h2>Faster Growth in Non-Recurring Profit</h2>
The content of the earnings announcement is limited, but the signals conveyed are significant.
For instance, the &#34;non-recurring net profit&#34; indicator, which reflects the main business capability, is worth noting. The announcement shows that Zhongtai Securities expects the non-recurring net profit attributable to the parent company in 2025 to be between 1.260 billion yuan and 1.452 billion yuan, with a year-on-year growth rate of 44%-66%.
This growth rate is slightly higher than that of the net profit attributable to the parent company, indicating that the profitability quality of the company's main business is steadily improving.
<h2>Business Balance Needs Observation</h2>
Zhongtai Securities stated that the data in this earnings forecast has been preliminarily calculated by the finance department and communicated with the annual audit accountants, and there are no significant uncertainties. However, investors should still note that the final financial data will be based on the company's subsequent formal disclosure in the 2025 annual report.
Additionally, other important businesses of the brokerage, such as derivatives, investment banking, and research, were not mentioned in this earnings announcement, and their subsequent performance is worth monitoring. Perhaps, for a mid-sized brokerage like Zhongtai Securities, in addition to highlighting strengths, the balance of future business is also worth paying attention to.
Analysts believe that Zhongtai Securities' earnings forecast increase not only reflects the improvement in the company's own operating conditions but also reflects the beta returns enjoyed by the entire securities industry in 2025 as the market warms up. With the arrival of the annual report season, the market will further focus on the specific business performance data and future strategic layout

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Wealth, asset management, and trading three major businesses performed excellently

"Investment business" shines again? ZHONGTAI SECURITIES expects a net profit increase of 40% to 60% last year