On the evening of March 27, Guotai Haitong Securities Co., Ltd. released its 2025 annual report. In 2025, the company achieved a 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% from the previous year. The adjusted net profit was 21.388 billion yuan, marking a 71.93% increase. By the end of 2025, the company's total assets amounted to 2,114.338 billion yuan, a 101.8% rise from the end of the prior year, while the net assets attributable to the parent company's shareholders stood at 330.417 billion yuan, an increase of 93.48%, both ranking first in the industry. The company has systematically advanced its integration process, actively supported national strategies, and focused on the "Five Key Areas of Finance," initially achieving synergistic benefits where the combined effect is greater than the sum of its parts.
The operating performance reached a historic high in 2025. Guotai Haitong fully implemented capital market reforms and continuously enhanced its comprehensive service capabilities for global investors, delivering strong results across all major business segments. The wealth management business generated revenue of 24.95 billion yuan, a 114.77% year-on-year increase. 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, and the market share for stock and fund trading was 8.56%, all ranking first in the industry. The margin financing and securities lending balance reached 246.206 billion yuan, a 43.9% increase from the end of the previous year, setting a new record.
The investment banking business reported revenue of 4.747 billion yuan, up 60.21% year-on-year. In 2025, the company led 19 domestic IPOs and had 44 IPO applications under review by year-end, both ranking first in the industry. It completed 37 Hong Kong share placement projects, maintaining its top position, and handled 431 offshore bond issuances for Chinese companies, with a total issuance value of $5.333 billion, ranking first among Chinese securities firms by number of deals.
The institutional and trading business recorded revenue of 19.594 billion yuan, a 43.99% increase. The company ranked first in market share for public fund seat leasing income, achieved a record high in core client research rankings, and its custody and fund services scale reached 4,517.2 billion yuan. It led in public fund custody scale and the number of private securities investment funds under custody. The market-making business for the STAR Market ranked first, and Guotai Junan International led among Chinese securities firms in Hong Kong listed derivatives trading volume.
The investment management business generated revenue of 7.616 billion yuan, a 63.18% increase. Huaan Fund's gold ETF scale remained the largest in the industry, while Haitong Fortis Fund's bond ETF scale led for the fifth consecutive year. Fullgoal Fund's assets under management exceeded 2 trillion yuan for the first time, and Guotai Haitong Asset Management's non-monetary public fund scale surpassed 72 billion yuan, a nearly 50% increase from the end of the previous year.
The financial leasing business contributed revenue of 5.491 billion yuan, accounting for 8.7% of total 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 nation through finance," continuously enhancing its capacity to support national strategies and the real economy, and improving the quality and efficiency of its services to economic and social development. The company diligently focused on the "Five Key Areas of Finance." In technology finance, it established a nearly 70-billion-yuan matrix of sci-tech innovation theme funds and invested over 6 billion yuan in hard technology. It assisted 36 sci-tech innovation companies in raising 43.5 billion yuan through equity financing, with both the number and value of sci-tech innovation bond underwritings ranking in the top three in the industry.
In green finance, the cumulative trading volume of carbon finance business approached 100 million tons, and the underwriting of green bonds ranked second in the industry by both number and value. The company maintained the highest global and industry ratings for MSCI ESG and Wind ESG, respectively. In inclusive finance, the product custody scale and buyer asset allocation scale increased by 27% and 148%, respectively, from the end of the previous year. The company hosted its first post-merger 818 Wealth Management Festival, setting an industry benchmark for "AI + inclusive finance" practices. Its underwriting scale for small and micro enterprise bonds and rural revitalization bonds ranked in the top three.
In pension finance, the combined pension business assets under management for Fullgoal Fund and Haitong Fortis Fund exceeded 800 billion yuan, with 27 products included in the "Individual Pension Fund Catalogue." In digital finance, the company initiated the establishment of a joint venture, Shanghai Guozhi Technology Co., Ltd., to develop a world-class, distinctive asset management service platform. It advanced its "online, data-driven, and intelligent" transformation, achieving positive results in the development of 14 key platforms and 16 shared capability centers.
The company actively participated in Shanghai's "Five Centers" initiative. 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 financial product system for municipal financial enterprises and launched the "Guozhi Kerong" product package 1.0, providing comprehensive financial services for sci-tech innovation companies across the business chain. In collaboration with Shanghai Pudong Development Bank and China Pacific Insurance, it introduced cross-border financial solutions and established 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, supporting the global layout of industrial and supply chains. The company maintained a leading market share in commodity and financial futures trading, bolstering the influence of "Shanghai Prices."
In 2025, Guotai Haitong smoothly achieved business integration, effective management unification, and successful system transitions, steadily advancing the parent company's integration. Building on the new starting point of becoming a world-class investment bank, the company formulated its latest three-year strategic plan (2026-2028). The "New Strategy" prioritizes functional excellence, focusing on the "Five Key Areas of Finance" and actively contributing to Shanghai's "Five Centers" development. With the long-term vision of "becoming a first-class investment bank with international competitiveness and market leadership," and the strategic goal of "domestic comprehensive leadership and international distinctive excellence," the company is deeply implementing a customer-centric operating philosophy.
It aims to accelerate the release of integration synergies, promote the transformation of businesses towards "comprehensiveness, specialization, and platformization," steadily expand its international presence, and establish itself as a leading "benchmark" for high-quality development in the industry. The company strives to be at the forefront internationally in strategic capabilities, professional standards, corporate governance, compliance and risk control, talent development, and industry culture, becoming a leader in comprehensive strength, a pioneer in innovation and transformation, and a model in functional execution.
The company is committed to enhancing its corporate culture's overall effectiveness in ideological guidance, spiritual cohesion, value appeal, and international influence. Through cultural integration and renewal, it has systematically built a corporate culture philosophy system—the "Guotai Haitong Consensus"—that embodies contemporary characteristics, an international perspective, industry traits, and corporate distinctiveness. It continues to drive strategic upgrades through cultural leadership, promote integration through culture, and shape brand value, thereby strengthening the cultural foundation for optimizing the organizational environment, building a dedicated team, and inspiring progress.
In the next phase, Guotai Haitong will use the promotion of its new strategy and culture as an opportunity to deepen integration, enhance service capabilities by optimizing collaborative mechanisms, and activate endogenous growth momentum through continuous reforms, continually pioneering new prospects in the construction of a first-class investment bank.
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