Huatai Securities Co., Ltd. has released its 2025 annual report, marking a year of significant transformation and milestone achievements. The company's total assets exceeded one trillion yuan, representing a major breakthrough.
In his annual address, CEO Zhou Yi emphasized that new journeys are not found on old maps, signaling a fresh start for the company amid rapid technological changes and industry innovation.
The company underwent leadership changes in January 2026, with Wang Huiqing elected as the new chairman of the seventh board of directors. The board consists of 13 members, including employee representative director Wang Ying. Three directors from the previous board completed their terms and stepped down.
Throughout 2025, Huatai Securities recorded 13 changes in directors and senior management, including the departure of six directors such as former chairman Zhang Wei.
Financially, Huatai Securities reported revenue of 35.809 billion yuan in 2025, a 6.83% year-over-year increase, while net profit attributable to shareholders reached 16.383 billion yuan, up 6.72%. The company achieved double-digit growth across several business segments: wealth management revenue increased 29.85% to 15.863 billion yuan, institutional services grew 42.42% to 6.933 billion yuan, and investment management surged 176.35% to 3.958 billion yuan. However, international business revenue declined 46.75% to 5.918 billion yuan.
Geographically, Shanghai was the fastest-growing region with revenue of 3.985 billion yuan, representing 57.31% growth.
The company's total assets reached 1.07 trillion yuan as of December 31, 2025, a 32.31% increase from the previous year. This growth followed a contraction in 2024 when total assets fell to approximately 810 billion yuan due to active deleveraging and reduced liability operations.
Despite the expanded scale, Huatai Securities faced cash flow challenges. Net cash flow from operating activities was negative 12.602 billion yuan, a decrease of 80.77 billion yuan, primarily due to reduced net decreases in financial instruments held for trading purposes. Net cash flow from investing activities was negative 42.102 billion yuan, down 62.598 billion yuan, mainly from increased investment expenditures. Conversely, net cash flow from financing activities surged to 110.79 billion yuan, an increase of 170.46 billion yuan, driven by higher proceeds from bond issuance.
The company's total borrowings and debt obligations stood at 450.531 billion yuan at year-end. Meanwhile, accounts receivable pressure increased significantly, with receivables reaching 12.59 billion yuan, up 125.34% year-over-year, primarily due to higher amounts receivable from brokers, dealers, and clearing houses.
To address financial pressures, Huatai Securities implemented cost-cutting measures. Business and management expenses decreased 7.99% to 16.041 billion yuan, mainly due to reduced personnel costs. Employee costs specifically fell 3% to 9.75 billion yuan.
The company's workforce decreased by 1,453 employees to 15,511 people by the end of 2025. The average employee cost per person was 628,500 yuan for the year.
Senior executives also saw compensation reductions. Total pre-tax compensation for directors and senior management decreased by 2.53 million yuan to 16.1584 million yuan in 2025. CEO Zhou Yi's annual salary remained unchanged at 1.44 million yuan.
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