2025-04-08 00:32Financial Performance Forecast - Guotai Junan Securities expects Q1 2025 net profit attributable to shareholders to be between RMB 11.201 billion and RMB 12.445 billion, representing a year-on-year increase of 350% to 400%[1]. - The company anticipates Q1 2025 net profit attributable to shareholders after deducting non-recurring gains and losses to be between RMB 2.973 billion and RMB 3.383 billion, reflecting a year-on-year increase of 45% to 65%[3]. - In Q1 2024, the net profit attributable to shareholders was RMB 2.489 billion[4]. - The net profit after deducting non-recurring gains and losses in Q1 2024 was RMB 2.050 billion[5]. Merger and Business Growth - The significant profit increase is attributed to the absorption merger with Haitong Securities, which generated negative goodwill[6]. - The merger with Haitong Securities is set to be completed on March 14, 2025, after which Haitong will be included in the company's consolidated financial statements[7]. - The company has been actively enhancing its retail, institutional, and corporate client service systems, leading to steady business growth[6]. - Wealth management and trading investment businesses have achieved substantial growth during the reporting period[6]. Market Risks and Uncertainties - There are no major uncertainties affecting the accuracy of the earnings forecast[8]. - Investors are advised to be cautious of market risks that may impact the company's stock price[8].