Mirae Asset Securities reported a record consolidated net profit of 1.91 trillion won in the second quarter, becoming the first South Korean brokerage to exceed 1 trillion won in net profit for two consecutive quarters and outpacing the earnings of South Korea's five largest commercial banks. The result was about 600 billion won higher than Shinhan Bank's 1.3 trillion won, the biggest quarterly net profit among the banks. First-half net profit climbed 338% from a year earlier to 2.91 trillion won, placing the firm in the "2 trillion won half-year club." Pre-tax profit reached 2.53 trillion won, including 1.62 trillion won in valuation gains tied to SpaceX shares, meaning roughly 64% of pre-tax profit came from the investment. Excluding SpaceX, consolidated pre-tax profit was 904.4 billion won, which the company said still reflected stronger recurring earnings from wealth management, pensions, trading and overseas operations. Mirae Asset said its average acquisition cost for SpaceX was $34 per share, far below the stock's June-end closing price of $170.86 used for second-quarter marking, though the shares later fell to $133.29 on Aug. 11, below the $135 IPO price, raising the risk that part of the second-quarter gain could reverse in the third quarter. Management said some holdings have been insulated from profit-and-loss swings by classifying about 300 billion won of shares allocated as a cornerstone investor under OCI, while additional hedging will be considered as lock-up restrictions are gradually lifted. The brokerage said the quarter was also supported by a surge in commission income as South Korea's domestic stock market strengthened, while wealth management and global operations posted balanced growth. Overseas subsidiaries, including those in the United States, delivered their best-ever performance.