Reorganización del "descanso a mitad de camino", ambas partes muestran resultados: Ganancias netas de Xiangcai se triplican con fuerte crecimiento, Dazhihui reduce significativamente pérdidas

Financial Associated Press, March 21 (Reporter Gao Yanyun) — With the official release of the 2025 annual report, the previously halted review of the “Xiangcai + Dazhihui” merger due to timing issues has reached a critical restart point.

On March 20, the two listed companies simultaneously published their 2025 annual reports: Xiangcai Co., Ltd. achieved revenue of 2.42 billion yuan, an increase of 10.37% year-on-year, with net profit attributable to shareholders of 464 million yuan, up 325.15%. Dazhihui achieved revenue of 827 million yuan, up 7.23% year-on-year; net profit attributable to shareholders was a loss of 44.02 million yuan, significantly narrowed compared to the previous year.

These two “performance reports” not only demonstrate a strong recovery momentum but are also seen as a powerful engine driving the merger process from “suspended” to “resumed.” Market expectations are that, with the resolution of the timing issues of the financial reports, this long-anticipated “traffic + license” alliance is likely to quickly return to normal review procedures.

Xiangcai Securities doubles net profit

In 2025, Xiangcai Co., Ltd. showed explosive growth, driven by both a low base effect and a strong rebound in core businesses.

Xiangcai’s non-recurring attributable net profit was 411 million yuan, an increase of 80.81%. Notably, last year’s comparable period was affected by a provision of 233 million yuan for litigation expected liabilities from its wholly owned subsidiary, Xiangcai Securities, resulting in a low base. However, this did not obscure the true strength of its main business this year.

Xiangcai Securities, as the company’s main revenue contributor, reported total operating revenue of 2.124 billion yuan (according to general corporate reporting standards), accounting for 87.77% of Xiangcai’s total operating revenue.

Under financial reporting standards for financial enterprises, Xiangcai Securities’ total revenue in 2025 was 2.012 billion yuan, up 21.94% year-on-year; net profit was 530 million yuan, an increase of 118.08% compared to the previous year.

Breaking down its business map, it is evident that “multiple points of growth” are flourishing.

Brokerage business led the growth, with revenue of 1.057 billion yuan, up 37.33%.

Credit business and proprietary investments followed closely, with credit business revenue of 494 million yuan, up 20.91%; proprietary investment revenue of 527 million yuan, up 17.4%.

Public fund management performed well, with business income of 38 million yuan, an increase of 89.22%, mainly due to increased fee and commission income from Xiangcai Securities’ subsidiary Xiangcai Fund and other gains.

Additionally, asset management revenue reached 40 million yuan, up 22.59%.

Only investment banking and alternative investments declined due to market conditions, with investment banking revenue of 60 million yuan, down 29.47%; alternative investment income was 18 million yuan, down 84.02%, mainly due to the decrease in fair value gains of Xiangcai Securities’ subsidiary Jintai Fu Capital.

Dazhihui reduces losses by 150 million yuan

Xiangcai holds a 9.66% stake in Dazhihui, making it its second-largest shareholder. Dazhihui significantly narrowed its losses in 2025, reducing losses by 157 million yuan compared to the previous year, demonstrating effectiveness in cost reduction and efficiency improvement.

Moreover, it is noteworthy that Dazhihui announced plans to use up to 1 billion yuan of idle proprietary funds to purchase wealth management products.

This move not only reflects Dazhihui’s ample cash flow but also signals management’s proactive approach to “improving capital efficiency and reserving resources for future strategies.” Market observers see this as financial preparation for the deeper integration of “Xiangcai + Dazhihui.”

Brief “mid-term break” in the restructuring process

Currently, the merger of Xiangcai and Dazhihui is in a “suspended review” status by the Shanghai Stock Exchange.

On March 14, Xiangcai received a notice from the SSE that the review was suspended because the valuation data submitted in the application had expired and needed updating. The restructuring report, audited financial data, and other relevant documents also expired.

Xiangcai stated that the company and relevant intermediaries are actively working on updating valuation data, financial data, and application documents. Once completed, they will promptly submit the updated materials to the SSE and apply for the resumption of review.

The timely release of the annual report has just filled in the last piece of the puzzle. With the latest financial data injected, the “timeliness” obstacle for the restructuring has been cleared, and the review is expected to restart soon.

Xiangcai attaches great importance to the merger with Dazhihui. The company’s operational plan states that it will steadily promote the merger, and after completion, Xiangcai will serve as the surviving entity, fully integrating both parties’ high-quality resources, leveraging their respective business strengths and comparative advantages, promoting client resource sharing, business channel sharing, and technological complementarity, achieving comprehensive business and market synergy.

Looking back, the Xiangcai-Dazhihui merger has been over a year in progress, with many minor setbacks—more “growing pains” than major obstacles.

The announcement of the major asset restructuring plan was made on March 16, 2025. On March 17, Xiangcai announced the termination of its previous share reduction plan. On March 28, Xiangcai announced plans to merge with Dazhihui through share exchange and raise supporting funds not exceeding 8 billion yuan, with a share swap ratio of 1:1.27. Both stocks hit the daily limit on March 31, and their prices were repeatedly speculated upon afterward. On November 11, 2025, individual Wang Gongwei sued Dazhihui, requesting the annulment of the merger approval, but he withdrew the lawsuit on the 14th of that month.

Optimistic seller outlook: creating a new paradigm of “traffic + license”

Market institutions generally hold an optimistic view of this highly anticipated alliance.

Dongwu Securities’ research report states that this merger mainly aims to complement Xiangcai Securities’ shortcomings in client outreach and big data, further enhancing the competitiveness of its wealth management sector.

Western Securities’ report outlines a more specific synergy path, noting that Xiangcai Securities, as a well-established internet-style brokerage, is expected to deepen the “traffic + license” business model through the merger with Dazhihui, enhancing overall competitiveness. Regarding cooperation, the company may start with “advisory first, then trading, followed by credit” approaches.

With the release of the 2025 annual report, the “double sword” of Xiangcai and Dazhihui has cleared the final financial hurdles. Against the backdrop of a warming capital market, this restructuring aimed at reshaping the internet finance landscape may soon unfold its next exciting chapter.