DFZQ reported a robust first half, with profit attributable to shareholders climbing 30.48 % year-on-year (YoY) to RMB 4.52 billion. Group revenue and other gains rose 24.15 % to RMB 15.30 billion, driven primarily by the Wealth and Asset Management segment, which contributed 50.24 % of total revenue.

Wealth and Asset Management revenue reached RMB 8.26 billion, up 63.40 % YoY, reflecting higher brokerage, fund distribution, investment advisory and futures income. Segment profit margin improved to 23.84 %.

Investment Banking and Alternative Investment income advanced 30.30 % YoY to RMB 1.29 billion, supported by equity and debt underwriting as well as alternative investments. Profit margin for the segment expanded to 77.33 %.

Institutional and Sales Trading posted revenue of RMB 4.73 billion (-6.37 % YoY) as proprietary trading, client-driven OTC derivatives and market-making activities faced softer performance. Margin contracted to 57.85 %.

International and Other Businesses generated RMB 2.15 billion in revenue (-12.25 % YoY), weighed by higher funding costs; the segment recorded a marginal loss.

Group total assets grew 13.34 % from end-2025 to RMB 551.84 billion, while total liabilities increased 15.59 % to RMB 467.22 billion. Equity attributable to shareholders reached RMB 84.62 billion, up 2.34 %. Net capital rose 6.35 % to RMB 56.95 billion; the risk coverage ratio stood at 378.36 %. Weighted average ROE improved 1.23 percentage points YoY to 5.50 %.

DFZQ’s board has not proposed an interim dividend. The broker continues to progress with its plan to acquire 100 % of Shanghai Securities for RMB 25.12 billion via a mix of new A-share issuance (2.29 billion shares) and cash, subject to regulatory approvals. No material regulatory penalties or contingent liabilities were reported for the period.