"The initial results of '1+1>2' have been achieved, and Guotai Haitong's first annual report has been released."

On the evening of March 27, Guotai Junan released its annual report for 2025. In 2025, Guotai Junan achieved operating revenue of 63.107 billion yuan, an increase of 87.4% year-on-year; net profit attributable to shareholders was 27.809 billion yuan, an increase of 113.52% year-on-year; and net profit attributable to shareholders after deducting non-recurring gains and losses was 21.388 billion yuan, an increase of 71.93% year-on-year. By the end of 2025, the company’s total assets reached 2.114338 trillion yuan, an increase of 101.8% compared to the end of the previous year; net assets attributable to shareholders reached 330.417 billion yuan, an increase of 93.48% from the end of the previous year, both ranking first in the industry. The company is orderly promoting integration and fusion, actively serving national strategies, and effectively implementing the “Five Major Articles” in finance, initially achieving the result of “1+1>2.”

Operating performance creates a historical new height

In 2025, Guotai Junan fully implemented the capital market reform deployment, continuously improving its comprehensive service capacity for global investors, with all major businesses delivering impressive results.

Wealth management business operating revenue was 24.95 billion yuan, an increase of 114.77% year-on-year. The company had 39.33 million domestic clients, 6,072 domestic investment advisors, and the Junhong APP and Tongcai APP had an average monthly active user base of 15.7 million, with a market share of 8.56% in stock-based trading, all ranking first in the industry. The balance of margin financing and securities lending was 246.206 billion yuan, an increase of 43.9% compared to the end of the previous year, reaching a historical high.

Investment banking business operating revenue was 4.747 billion yuan, an increase of 60.21% year-on-year. In 2025, the company served as the lead underwriter for 19 domestic IPOs, with 44 IPOs under review at the end of 2025, both ranking first in the industry; completed 37 stock allocation projects in Hong Kong, maintaining the industry’s first place; the number of onshore bond underwriting deals was 431, with an underwriting amount of 5.333 billion US dollars, ranking first among Chinese securities firms.

Institutional and trading business operating revenue was 19.594 billion yuan, an increase of 43.99% year-on-year. The company’s public offering seat leasing income market share ranked first in the industry, core client research rankings reached a historical high, and the scale of custodial and fund services reached 4.5172 trillion yuan, with public fund custody scale and the number of private equity securities investment fund custody market shares both ranking first in the industry; trading investment business on the Sci-Tech Innovation Board ranked first in the industry, and Guotai Junan International’s trading volume in Hong Kong stock derivatives ranked first among Chinese securities firms.

Investment management business operating revenue was 7.616 billion yuan, an increase of 63.18% year-on-year. The scale of Huaxin Fund’s gold ETF ranked first in the industry; Haitong Fund’s bond ETF scale has ranked first in the industry for five consecutive years; the management scale of Fortune Fund’s assets first broke 2 trillion yuan; Guotai Junan Asset Management’s non-currency public offering scale at the end of the period broke 72 billion yuan, an increase of nearly 50% from the end of the previous year.

Financing leasing business operating revenue was 5.491 billion yuan, accounting for 8.7% of operating revenue. Haitong Hengxin had total assets of 107.756 billion yuan, total revenue of 6.82 billion yuan, average yield on interest-earning assets of 6.4%, and weighted average return on net assets of 7.54%, maintaining a robust profitability.

Practicing functional missions achieves new results

In 2025, Guotai Junan upheld the philosophy of “Finance for the Nation,” continuously enhancing its ability to serve national strategies and the real economy, and improving the quality and effectiveness of its service to economic and social development.

The company solidly carried out the “Five Major Articles” in finance. In terms of technology finance, it has cumulatively built a matrix of science and technology-themed funds of nearly 70 billion yuan, with new investments in hard technology exceeding 6 billion yuan; assisted 36 technology enterprises in equity financing of 43.5 billion yuan, with the number and amount of science and technology bond underwriting both ranking among the top three in the industry. In terms of green finance, the cumulative transaction volume of carbon finance approached 100 million tons, and the number and amount of green bond underwriting both ranked second in the industry; the company maintained the highest MSCI ESG and WIND ESG ratings globally and in the industry. In inclusive finance, the retained scale of products and the retained scale of buyer asset allocation grew by 27% and 148%, respectively, compared to the end of the previous year; hosted the first 818 Wealth Management Festival after the merger, creating an industry benchmark practice of “AI + Inclusive”; the underwriting scale of micro-enterprise bonds and rural revitalization bonds ranked among the top three in the industry. In pension finance, the combined pension business management scale of Fortune Fund and Haitong Fund exceeded 800 billion yuan; 27 products were selected for the “Personal Pension Fund Directory.” In digital finance, initiated the joint establishment of Shanghai Guozhi Technology Co., Ltd., promoting the creation of a first-class asset management service platform with Chinese characteristics; deeply advanced the development of “online, data-driven, and intelligent” services, with positive results achieved in the construction of 14 key platforms and 16 shared capability centers.

The company actively participated in the construction of Shanghai’s “Five Centers.” Served 130 Shanghai enterprises in equity and debt financing, with underwriting scale exceeding 370 billion yuan; participated in building an integrated product system for municipal financial enterprises of “equity, debt, loan, guarantee, and investment,” releasing the “Guozhi Science and Technology Integration” product package 1.0, providing comprehensive financial services across the entire business chain for technology enterprises; jointly launched cross-border financial solutions with SPD Bank and China Pacific Insurance, initiated the establishment of a “M&A Alliance,” and jointly released the cross-border financial service plan G-FIRST 2.0 with Bank of China and China Pacific Insurance, aiding in the global layout of industrial and supply chains; commodity futures and financial futures trading volumes maintained a leading position in the industry, promoting the influence of “Shanghai prices.”

Creating a new situation in building a first-class investment bank

In 2025, Guotai Junan smoothly achieved business integration, effectively realized management unification, successfully completed system switching, and steadily progressed toward the integration and fusion of the parent company.

Based on building a new starting point for an internationally first-class investment bank, the company formulated a new three-year strategic planning outline (2026-2028). The “new strategy” insists on placing functionality first, solidly carrying out the “Five Major Articles” in finance, actively participating in the construction of Shanghai’s “Five Centers,” with the long-term vision of “becoming a first-class investment bank with international competitiveness and market leadership,” and the strategic goal of "domestically leading comprehensively, internationally distinctive and excellent,” deeply practicing a customer-centered business philosophy, accelerating the release of integration and fusion effectiveness, focusing on promoting the transformation of business to be “comprehensive, specialized, and platform-based,” steadily expanding international layout, comprehensively creating an industry-leading “benchmark” for high-quality development, striving to be at the forefront internationally in strategic capabilities, professional levels, corporate governance, compliance and risk control, talent teams, and industry culture, becoming a leader in the comprehensive strength of the securities industry, a pioneer in innovative transformation, and a demonstrator in practicing functionality.

The company is committed to enhancing the overall effectiveness of corporate culture in terms of ideological guidance, spiritual cohesion, value appeal, and international influence through the implementation of cultural integration and renewal, systematically constructing a corporate culture philosophy system of “Guotai Junan Consensus” that combines the characteristics of the era, international vision, industry traits, and corporate features, continuously promoting cultural navigation strategy upgrades, cultural promotion of integration and fusion, and cultural shaping of brand value, continuously solidifying the spiritual foundation of a culture-strong enterprise to optimize the organizational atmosphere, forge a team of fighters, and inspire the power of progress.

In the next phase, Guotai Junan will take the promotion of the new strategy and new culture as an opportunity to deepen integration and fusion, take the optimization of collaborative linkage mechanisms as an opportunity to comprehensively enhance service capabilities, and take the continuous deepening of reforms as an opportunity to activate endogenous growth momentum, continuously creating a new situation in building a first-class investment bank.

*This article is for reference only and does not constitute investment advice.