Guotai Haitong Securities Co., Ltd. (GTHT) released its unaudited first-quarter 2026 report, highlighting strong top-line growth against a high prior-year comparison inflated by merger-related negative goodwill.
Operating performance • Operating income climbed 58.91% year-on-year to RMB 16.23 billion, supported by active equity trading and the enlarged business scale after the March 2025 absorption of Haitong Securities. • Net profit attributable to shareholders declined 47.82% to RMB 6.39 billion. Excluding non-recurring items, underlying net profit jumped 73.43% to RMB 5.71 billion, indicating solid core business momentum. • Basic and diluted EPS both fell to RMB 0.36, versus RMB 1.16 in Q1 2025.
Revenue mix • Brokerage fees rose 78.23% to RMB 4.73 billion on higher stock and fund turnover. • Asset-management fees increased 50.50% to RMB 1.76 billion, while investment-banking fees added 6.56% to RMB 0.75 billion. • Net interest income surged 153.74% to RMB 1.76 billion, driven by margin financing, securities lending and finance-lease activities. • Fair-value gains swung to a positive RMB 4.49 billion from a RMB 2.96 billion loss, offset by a 77.49% drop in investment gains to RMB 1.60 billion amid market fluctuations.
Cost and profitability • General and administrative expenses rose 44.68% to RMB 7.12 billion, reflecting the post-merger cost base. • Credit-loss provisions were broadly stable at RMB 0.43 billion. • Weighted average ROE fell 4.51 percentage points to 1.95%, mirroring the reduced headline profit.
Balance-sheet highlights (vs. end-2025) • Total assets expanded 6.88% to RMB 2.26 trillion, driven by higher cash, trading assets and settlement receivables. • Shareholders’ equity edged up 1.82% to RMB 336.42 billion. • Accounts receivable more than doubled to RMB 88.28 billion owing to settlement inflows, while short-term borrowings increased 35.42% to RMB 36.10 billion.
Liquidity and capital adequacy (parent company) • Net capital reached RMB 191.60 billion, with a risk-coverage ratio of 257.41%, comfortably above regulatory minimums. • Liquidity coverage and net stable funding ratios stood at 282.49% and 148.18% respectively, while the capital leverage ratio was 19.79%.
Cash-flow movements • Operating activities generated RMB 54.32 billion, a sharp turnaround from a RMB 49.79 billion outflow a year earlier, mainly due to a RMB 60.41 billion inflow from brokerage client payables. • Investing activities used RMB 49.08 billion, reflecting higher purchases of financial assets and term deposits. • Financing activities provided RMB 17.66 billion, driven by bond issuance proceeds of RMB 72.85 billion against repayments of borrowings and perpetual bonds.
Shareholder structure At quarter-end, GTHT had 313,875 ordinary shareholders. HKSCC Nominees Limited remained the largest holder with 19.88% of share capital, followed by Shanghai State-owned Assets Management Co., Ltd. at 14.34%.
Management attributed the revenue growth to robust capital-market activity and the enlarged platform, while the profit contraction stemmed from the absence of last year’s RMB 8.55 billion negative goodwill gain. The board provided no further forward-looking statements in the filing.
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