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Dazhihui 2026 Interim Report: Revenue Grows, Net Loss Attributable to Parent Widens
Dazhihui released its 2026 interim report on August 26. Revenue grew steadily during the reporting period, but the net loss attributable to the parent company widened year on year. The financial report shows the company achieved operating revenue of 405 million yuan, up 6.78 percent year on year. Net loss attributable to the parent was 28.03 million yuan, compared with a loss of 3.47 million yuan in the same period last year. Net loss after deducting non-recurring items was 30.33 million yuan, narrower than the 36.91 million yuan loss in the same period last year. The change in performance was mainly because the company recognized investment income of about 31.64 million yuan from the sale of a subsidiary in the same period last year, while there was no such one-off gain in this reporting period. Excluding that factor, the profitability of the core business improved marginally, with the non-recurring loss narrowing by about 6.58 million yuan year on year. The company's business focuses on three major segments: securities information services, big data and data engineering services, and overseas business. Among them, securities information services deepened AI applications, and big data service revenue grew. Selling expenses rose 23.82 percent year on year, mainly due to increased advertising and promotional spending. Going forward, attention should be paid to the commercialization of AI products, the return on selling expense investment, and the review progress of the share swap and merger involving Xiangcai Securities.
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Xiangcai Securities under CSRC investigation; merger with Great Wisdom may add goodwill of 17.6 billion yuan
Xiangcai Securities, a wholly owned subsidiary of Xiangcai Co., Ltd., has been placed under investigation by the China Securities Regulatory Commission for suspected violations of real-name securities account regulations. This comes at a critical juncture as the Shanghai Stock Exchange resumes its review of Xiangcai Co., Ltd.'s share swap and absorption merger with Great Wisdom, along with a supporting capital raise. Since the beginning of this year, Xiangcai Securities has been warned by regulators four times, with the hardest-hit area being its brokerage business, which accounts for half of its revenue. Based on Great Wisdom's share capital of 198,900 shares, the total value of this related-party transaction reaches 18.957 billion yuan, while Great Wisdom's net assets at the end of 2025 were only 1.336 billion yuan, meaning goodwill after the merger will be as high as 17.621 billion yuan. Xiangcai Securities reported revenue of 2.124 billion yuan in 2025, contributing more than 90 percent of Xiangcai Co., Ltd.'s revenue, but its two largest businesses, brokerage and proprietary investment, together account for about 79 percent, making its performance highly dependent on market conditions.
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Xiangcai Securities and Guosheng Securities Under Investigation by CSRC for Alleged Violations of Real-Name Account Rules
Xiangcai Securities and Guosheng Securities were both placed under investigation by the China Securities Regulatory Commission on the same day for alleged violations of real-name account regulations. Both firms stated they will actively cooperate with the investigation and that their operations remain normal. Xiangcai Securities is currently in the process of a share swap merger with Dazhihui, a transaction that had been suspended for review due to expired valuation data but has now resumed. In addition, Xiangcai Securities is involved in a lawsuit where the first-instance court ruled it bears 56 percent supplementary liability, and it has set aside an estimated liability of approximately 233 million yuan. The case is being retried. Guosheng Securities is the sole securities company owned by the Jiangxi provincial government. After completing its absorption merger in 2025, the listed entity was renamed Guosheng Securities Co., Ltd.
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Behind the unusual stock price movement of Xiangcai Co., Ltd.: controlling shareholder's pledge ratio hits 97.75%
The recent unusual stock price movement of Xiangcai Co., Ltd. has exposed the risk of the controlling shareholder's almost fully pledged equity. From July 16 to 20, the company's closing price deviation over three consecutive trading days exceeded 20%, triggering abnormal fluctuation standards. As of July 24, the range increase since July reached 13.28%, leading the listed brokerage sector. The market was driven by the dual positives of multiple-fold growth in first-half performance and the resumption of the merger and restructuring review of Dazhihui, but the company disclosed that the pledge ratio of controlling shareholder Xinhu Holdings and its concert parties is as high as 97.75%, and there remains great uncertainty in the implementation of the loss-making target's merger and restructuring. Xiangcai Co., Ltd. responded that operations are currently normal and declined relevant interviews.
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20 Listed Brokers Report Positive First-Half Earnings Forecasts, CITIC Securities Leads with Net Profit Exceeding 23.3 Billion Yuan
As of July 15, 21 listed brokers have released their 2026 first-half performance forecasts, with 20 reporting positive results. CITIC Securities expects its net profit attributable to shareholders of the parent company to be at least approximately 23.343 billion yuan, continuing to lead listed brokers. Guotai Haitong follows closely, with an estimated net profit of 20.003 billion to 20.511 billion yuan. Huatai Securities, GF Securities, and China Merchants Securities all anticipate net profit floors exceeding 10 billion yuan, at approximately 11.324 billion, 11 billion, and 10 billion yuan respectively. In terms of growth, Tianfeng Securities expects its net profit to increase by 429.03 percent year-on-year, ranking first among brokers that have disclosed forecasts. Additionally, Xiangcai Co., Ltd., Huachuang Yunxin, Zhongtai Securities, and Huaan Securities expect their net profits to double year-on-year. The industry as a whole is improving, with A-share trading volume in the first half of 2026 rising 95 percent year-on-year, and revenue from brokerage, proprietary trading, and other businesses expected to grow significantly.
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DZH Forecasts First-Half Loss of at Least 23 Million Yuan, Narrower Non-Recurring Loss
DZH expects a net loss attributable to owners of the parent company of 33 million to 23 million yuan for the first half of 2026, with a net loss after deducting non-recurring gains and losses of 35 million to 25 million yuan. In the same period last year, the net loss was 3.4701 million yuan and the non-recurring net loss was 36.9141 million yuan, so the non-recurring net loss has narrowed year-on-year. The company said the main reason for the loss is that revenue in the current period is not yet sufficient to cover all costs, though revenue from some business segments grew year-on-year. The share swap and merger of DZH by Xiangcai Co. is still progressing, with the Shanghai Stock Exchange website showing the status as "inquiry made."
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