Guotai Haitong Securities Co., Ltd. released its 2025 annual report on the evening of March 27. In 2025, the company achieved operating revenue of 63.107 billion yuan, an increase of 87.4% year-on-year. Net profit attributable to the parent company's shareholders reached 27.809 billion yuan, up 113.52% year-on-year, while adjusted net profit stood at 21.388 billion yuan, increasing by 71.93% compared to the previous year. By the end of 2025, the company's total assets amounted to 2,114.338 billion yuan, a growth of 101.8% from the end of the prior year. Shareholders' equity attributable to the parent company reached 330.417 billion yuan, rising 93.48% from the year-end figure, positioning the company at the top of the industry in both metrics. The company has systematically advanced integration efforts, actively supported national strategies, and focused on the five key areas of finance, initially achieving synergistic benefits where the combined outcome exceeds the sum of its parts.
Operating performance reached a historic peak in 2025. Guotai Haitong fully implemented capital market reform measures, continuously enhanced its comprehensive service capabilities for global investors, and delivered strong results across all major business segments.
Wealth management business revenue was 24.95 billion yuan, a surge of 114.77% year-on-year. The number of domestic clients reached 39.33 million, with 6,072 domestic investment advisors. The average monthly active users for the Junhong APP and Tongcai APP totaled 15.7 million. The market share for stock and fund trading was 8.56%, ranking first in the industry. The balance of margin lending reached 246.206 billion yuan, growing 43.9% from the end of the previous year and hitting a record high.
Investment banking business revenue amounted to 4.747 billion yuan, an increase of 60.21% compared to the prior year. In 2025, the company acted as the lead underwriter for 19 domestic IPOs and had 44 IPO applications under review by year-end, both figures ranking first in the sector. It completed 37 Hong Kong share placement projects, maintaining its top position. For offshore bonds issued by Chinese entities, it underwrote 431 deals with a total value of $5.333 billion, ranking first among Chinese securities firms by number of deals.
The institutional and trading business generated revenue of 19.594 billion yuan, up 43.99% year-on-year. The company ranked first in market share for public fund seat leasing income. Its core client research ranking reached a historic high. Assets under custody and fund services reached 4,517.2 billion yuan, with the company leading in market share for both public fund custody scale and the number of private securities investment funds custodied. In trading and investment, it ranked first in market making for the STAR Market. Guotai Junan International led among Chinese brokerages in trading volume for listed derivatives in Hong Kong.
Investment management business revenue was 7.616 billion yuan, rising 63.18% year-on-year. Huaan Fund's gold ETF scale remained firmly in the industry's top position. Haitong Investment Management's bond ETF scale ranked first for five consecutive years. Fullgoal基金管理有限公司's assets under management exceeded 2 trillion yuan for the first time. Guotai Haitong Asset Management's non-monetary public fund scale surpassed 72 billion yuan by period-end, an increase of nearly 50% from the end of the previous year.
The financial leasing business contributed revenue of 5.491 billion yuan, accounting for 8.7% of total operating revenue. Haitong Hengxin's total assets reached 107.756 billion yuan, with total income of 6.82 billion yuan. The average yield on interest-earning assets was 6.4%, and the weighted average return on equity was 7.54%, demonstrating stable profitability.
In 2025, Guotai Haitong adhered to the principle of "serving the country through finance," continuously enhanced its capacity to support national strategies and the real economy, and improved the quality and efficiency of its contributions to economic and social development.
The company diligently focused on the five key areas of finance. In tech finance, it accumulated a Sci-Tech Innovation theme fund matrix of nearly 70 billion yuan, with new investments in hard tech exceeding 6 billion yuan. It assisted 36 sci-tech innovation enterprises in raising 43.5 billion yuan through equity financing, ranking in the top three for both the number and value of underwriting deals for sci-tech innovation bonds. In green finance, cumulative carbon finance transaction volume reached nearly 100 million tons, with the company ranking second for both the number and value of green bond underwriting deals. Its MSCI ESG and WIND ESG ratings maintained the highest global and industry levels, respectively. For inclusive finance, the scale of products held and buyer asset allocation increased by 27% and 148%, respectively, from the end of the prior year. It hosted the first post-merger 818 Wealth Management Festival, creating a benchmark for "AI + inclusive" practices. It ranked in the top three for underwriting scale of small and micro enterprise bonds and rural revitalization bonds. In pension finance, the combined pension business assets under management for Fullgoal基金管理有限公司 and Haitong Investment Management exceeded 800 billion yuan, with 27 products included in the Personal Pension Fund Directory. For digital finance, it initiated the establishment of a joint venture, Shanghai Guozhi Technology Co., Ltd., to develop a top-tier, novel asset management service platform with Chinese characteristics. It deepened the advancement of "online, data-driven, and intelligent" development, achieving positive results in the construction of 14 major platforms and 16 shared capability centers.
The company actively participated in the development of Shanghai's "Five Centers." It served 130 Shanghai-based enterprises in equity and debt financing, with an underwriting scale exceeding 370 billion yuan. It contributed to creating an integrated product system of "equity, debt, loans, guarantees, and investments" for municipal financial enterprises and launched the "Guozhi Kerong" product package 1.0, providing comprehensive financial services across the entire business chain for sci-tech innovation enterprises. In collaboration with Shanghai Pudong Development Bank and China Pacific Insurance, it launched cross-border financial solutions and initiated the establishment of a "M&A Alliance." Together with Bank of China and China Pacific Insurance, it released the G-FIRST 2.0 cross-border financial service solution, facilitating the global layout of industrial and supply chains. Its market share in commodity futures and financial futures remained among the industry leaders, helping to enhance the influence of the "Shanghai Price."
In 2025, Guotai Haitong smoothly achieved business integration, effectively realized unified management, successfully completed system transitions, and steadily advanced the integration of the parent company.
Standing at the new starting point of building a world-class investment bank, the company formulated a new three-year strategic plan outline (2026-2028). The "New Strategy" prioritizes functionality, focusing on the five key areas of finance, actively participating in Shanghai's "Five Centers" construction, and aiming for the long-term vision of "becoming a first-class investment bank with international competitiveness and market leadership." With the strategic goal of "comprehensive domestic leadership and distinctive international excellence," it will deeply implement a customer-centric business philosophy, accelerate the release of integration synergies, drive the transformation of businesses towards "comprehensiveness, specialization, and platformization," steadily expand its international presence, and comprehensively build a leading "benchmark" for high-quality development in the industry. It strives to be at the international forefront in strategic capability, professional standards, corporate governance, compliance and risk control, talent development, and industry culture, becoming a leader in the comprehensive strength of the securities industry, a pioneer in innovation and transformation, and a model in fulfilling its functional role.
The company focuses on enhancing the overall effectiveness of its corporate culture in terms of ideological guidance, spiritual cohesion, value appeal, and international influence. Through cultural integration and renewal, it has systematically built a corporate culture concept system—the "Guotai Haitong Consensus"—that embodies contemporary characteristics, an international perspective, industry traits, and corporate distinctiveness. It continuously promotes culture-led strategic upgrades, culture-driven integration, and culture-shaped brand value, constantly strengthening the cultural foundation for optimizing the organizational atmosphere, building a team of strivers, and inspiring forward momentum.
In the next phase, Guotai Haitong will use the promotion of the new strategy and culture as an opportunity to deepen integration, leverage the optimization of collaborative mechanisms to comprehensively enhance service capabilities, and utilize continuous reform to activate endogenous growth drivers, continually pioneering new prospects in the construction of a first-class investment bank.
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