Réorganisation de la "pause de mi-parcours", les deux parties affichent leurs performances : le bénéfice net de Xiangcai a augmenté 3 fois, Dazhihui a considérablement réduit ses pertes

Finance China News, March 21 (Reporter Gao Yanyun) — As the 2025 annual report is officially released, the previously halted review of the merger and acquisition case between “Xiangcai + Dazhihui” 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 loss attributable to shareholders was 44.02 million yuan, significantly narrower than the previous year’s loss.

These “performance reports” not only demonstrate a strong recovery momentum but are also seen as a powerful engine driving the merger from “suspension” back to “resumption.” Market expectations are that, with the resolution of the reporting timeliness issue, this long-anticipated “traffic + license” alliance is likely to quickly return to normal review procedures.

Xiangcai Securities doubles net profit

In 2025, Xiangcai Co.'s performance showed explosive growth, driven by both a low base effect and a robust rebound in core businesses.

Xiangcai Co. reported a non-recurring attributable net profit of 411 million yuan in 2025, an increase of 80.81%. Notably, the previous year’s figure 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 Co.'s total 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%) and 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%) and alternative investment income of 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 Co. 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, Dazhihui announced that it plans to use up to 1 billion yuan of idle funds to purchase wealth management products.

This move not only reflects Dazhihui’s ample cash flow but also signals management’s positive attitude toward “improving capital efficiency and reserving resources for future strategies.” Market observers believe this may be a financial preparation for the subsequent deep integration of “Xiangcai + Dazhihui.”

Brief “mid-term break” in restructuring process

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

On March 14, Xiangcai Co. received a notice from the SSE that the review of this transaction 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 are also past their validity.

Xiangcai Co. 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 Co. 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 Co. will serve as the surviving entity, fully integrating both parties’ high-quality resources, leveraging their respective business strengths and comparative advantages, promoting customer resource sharing, business channel integration, and technological complementarity, achieving comprehensive business and market synergy.

Looking back, the merger process has been ongoing for over a year, with many minor setbacks—more “growing pains.”

The announcement of the major asset restructuring plan was made on March 16, 2025. On March 17, Xiangcai Co. announced the termination of its previous share reduction plan. On March 28, it 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 thereafter, their prices were repeatedly speculated upon. 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 the same 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 sectors, further enhancing the competitiveness of the company’s wealth management segment.

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, thereby improving overall competitiveness. Regarding cooperation with Dazhihui, the company may start with “advisory first, then trading, followed by credit.”

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.