Guotai Haitong's net profit in 2025 reaches 27.8 billion, doubling year-on-year. The contribution from mergers and acquisitions is significant, with brokerage business taking the lead.

Image source: Vision China

Blue Whale News March 28th (Reporter Hu Jie) Last night, Guotai Haitong (601211.SH) disclosed its 2025 annual report, achieving a total revenue of 63.107 billion yuan, a year-on-year increase of 87.40%. The net profit attributable to the parent company was 27.809 billion yuan, a year-on-year increase of 113.52%. By the end of 2025, the company’s total consolidated assets exceeded 2.1 trillion yuan, with net assets attributable to the parent company at 330.4 billion yuan, both ranking first in the industry. The company plans to distribute a cash dividend of 3.5 yuan (including tax) for every 10 shares to A-share and H-share shareholders.

The significant growth in performance is mainly due to the completion of the merger with Haitong Securities in 2025. Guotai Haitong mentioned in the annual report that the company has deeply integrated the resources of the former Guotai Junan and Haitong Securities, forming competitive advantages in capital, customers, licenses, and outlets. The asset scale has surpassed 2 trillion yuan, with continued improvement in active asset allocation capabilities and capital utilization efficiency. The customer base is large, with the number of retail customers rising to first in the industry, and key institutional clients achieving near-complete coverage, while the coverage and reach of corporate clients have significantly improved.

Specifically, the company’s net income from brokerage business fees was 15.138 billion yuan, an increase of 7.295 billion yuan year-on-year, with a growth rate of 93.01%, mainly due to an increase in stock trading volume year-on-year, as well as the merger with Haitong Securities expanding the scale of agency trading; the net income from investment banking business fees was 4.657 billion yuan, an increase of 1.735 billion yuan year-on-year, with a growth rate of 59.39%, mainly due to the merger with Haitong Securities expanding the scale of investment banking business and an increase in stock underwriting income; the net income from asset management business fees was 6.393 billion yuan, an increase of 2.501 billion yuan year-on-year, with a growth rate of 64.25%, mainly due to the merger with Haitong Securities increasing the scale of asset management and fund management.

At the same time, net interest income increased by 5.921 billion yuan year-on-year, with a growth rate of 251.20%, mainly due to the new financing leasing business from the merger with Haitong Securities, as well as an increase in interest income from margin financing; investment income increased by 13.680 billion yuan year-on-year, with a growth rate of 105.07%, mainly due to an increase in investment income from trading financial instruments; fair value changes in profit or loss decreased by 2.175 billion yuan year-on-year, mainly due to changes in the fair value of derivative financial instruments.

During the reporting period, Guotai Haitong plans to distribute a cash dividend of 3.5 yuan (including tax) for every 10 shares to all shareholders, amounting to a total cash dividend distribution of 6.13 billion yuan. Including the 2.627 billion yuan dividend already implemented in the first half of 2025, the total planned dividend for the year is 8.757 billion yuan.

From April to July 2025, the company repurchased shares using its own funds, with a total payment amount reaching 1.211 billion yuan. Adding the annual dividend to the share repurchase, the total amount used by the company for shareholder returns this year reached 9.968 billion yuan, accounting for 35.84% of the net profit attributable to the parent company for the year.

Another significant matter worth noting is the company’s continued advancement in internationalization, having reviewed and approved the proposal regarding the acquisition of an Indonesian securities company by its overseas subsidiary in November 2025. This move not only helps directly serve the dual demand of “China investment” and “investing in China” but also supports “Chinese manufacturing” going overseas through cross-border leasing projects, enhancing its voice in global capital allocation and asset pricing. By the end of the reporting period, the total assets of the company’s consolidated overseas subsidiaries amounted to 412.79 billion yuan, accounting for 19.52% of total assets.