国泰海通(601211) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of key terms used throughout the report, ensuring clarity and accurate interpretation of the content 1.1 Definitions of Common Terms This chapter defines common terms used in the report, including company names, subsidiaries, regulatory bodies, exchanges, currencies, and business-related terminology, to ensure clear understanding and accurate interpretation - The company name has changed from "Guotai Junan Securities Co., Ltd." to "Guotai Haitong Securities Co., Ltd."[12] - The reporting period refers to January 1, 2025, to June 30, 2025[14] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's profile and key financial performance indicators, including basic information, contact details, and significant financial metrics 2.1 Company Information This section outlines the company's basic information, including its Chinese name, abbreviation, foreign name, legal representative, general manager, authorized representatives, and joint company secretaries, along with its registered capital and net capital at the end of the reporting period - The company's Chinese name is "Guotai Haitong Securities Co., Ltd.", with the abbreviation "Guotai Haitong, Guotai Haitong Securities"[17] Registered Capital and Net Capital (Unit: Yuan, Currency: RMB) | Indicator | End of Current Reporting Period | End of Previous Year | | :--- | :--- | | Registered Capital | 17,629,708,696 | 8,903,730,620 | | Net Capital | 194,128,407,482 | 98,387,241,939 | | Share Capital | 17,629,708,696 | 8,903,730,620 | 2.2 Contact Persons and Information This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor and stakeholder communication - The Board Secretary is Nie Xiaogang, and the Securities Affairs Representative is Liang Jing, both with the contact address at No. 768 Nanjing West Road, Jing'an District, Shanghai[20] 2.3 Brief Introduction to Changes in Basic Information This section introduces changes in the company's basic information, such as registered address, office address, unified social credit code, company website, and email address, along with relevant announcement indexes for these changes - The company's registered address is No. 618 Shangcheng Road, China (Shanghai) Pilot Free Trade Zone, and its office address is No. 768 Nanjing West Road, Jing'an District, Shanghai[21] - During the reporting period, the company completed its name change, registered capital change, amendment of articles of association, and corresponding market entity registration changes[21] 2.4 Brief Introduction to Changes in Information Disclosure and Document Placement Locations This section lists the newspapers selected by the company for information disclosure, the website addresses where the semi-annual report is published, and the locations where the company's semi-annual report is available for inspection - The company's selected newspapers for information disclosure include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[22] - The websites for publishing the semi-annual report include the Shanghai Stock Exchange, Hong Kong Stock Exchange, and the company's official website[22] 2.5 Company Stock Overview This section briefly introduces the company's stock type, listing exchange, stock abbreviation, and stock code, also mentioning the previous stock abbreviation Company Stock Overview | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A Shares | SSE | Guotai Haitong | 601211 | Guotai Junan | | H Shares | HKEX | Guotai Haitong | 02611 | Guotai Junan | 2.6 Other Relevant Information This section discloses information about the accounting firms, legal counsels in mainland China and Hong Kong, and A-share and H-share registrars appointed by the company - The company's domestic accounting firm is KPMG Huazhen LLP, and its overseas accounting firm is KPMG[24] 2.7 Company's Key Accounting Data and Financial Indicators This section details the company's key accounting data and financial indicators for the first half of 2025, comparing them with the same period last year, explaining the impact of accounting policy changes on comparative financial data, and outlining the parent company's net capital and risk control indicators Key Accounting Data (Unit: Yuan, Currency: RMB) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period (Adjusted) | Increase/Decrease from Prior Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 23,872,438,936 | 13,433,306,695 | 77.71 | | Total Profit | 18,688,047,234 | 6,519,156,853 | 186.66 | | Net Profit Attributable to Parent Company Owners | 15,737,205,986 | 5,016,017,486 | 213.74 | | Net Profit Attributable to Parent Company Owners (Excluding Non-Recurring Gains/Losses) | 7,279,479,212 | 4,556,547,297 | 59.76 | | Net Cash Flow from Operating Activities | 13,319,223,794 | -789,299,763 | Not Applicable | | Other Comprehensive Income | 2,289,403,676 | 253,021,108 | 804.83 | Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period (Adjusted) | Increase/Decrease from Prior Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 1.11 | 0.52 | 113.46 | | Diluted Earnings Per Share (Yuan/Share) | 1.11 | 0.52 | 113.46 | | Basic EPS (Excluding Non-Recurring Gains/Losses) (Yuan/Share) | 0.51 | 0.47 | 8.51 | | Weighted Average Return on Net Assets (%) | 6.25 | 3.11 | Increased by 3.14 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 2.84 | 2.80 | Increased by 0.04 percentage points | - The Group completed a non-common control enterprise merger on March 14, 2025, with comparable period data representing the financial data of the original Guotai Junan[27] - In July 2025, the Ministry of Finance issued implementation Q&A on accounting treatment for standard warehouse receipt trading, leading the company to change its accounting policies and retrospectively adjust comparable period figures[28] Parent Company's Net Capital and Risk Control Indicators (Unit: Yuan, Currency: RMB) | Item | End of Current Reporting Period | End of Previous Year | | :--- | :--- | :--- | | Net Capital | 194,128,407,482 | 98,387,241,939 | | Net Assets | 297,619,634,097 | 146,820,230,873 | | Risk Coverage Ratio (%) | 305.43 | 240.16 | | Capital Leverage Ratio (%) | 23.49 | 16.96 | | Liquidity Coverage Ratio (%) | 290.11 | 333.90 | | Net Stable Funding Ratio (%) | 148.54 | 139.51 | | Net Capital / Net Assets (%) | 65.23 | 67.01 | | Net Capital / Liabilities (%) | 26.46 | 21.09 | | Net Assets / Liabilities (%) | 40.57 | 31.47 | | Self-Operated Equity Securities and Derivatives / Net Capital (%) | 24.79 | 40.13 | | Self-Operated Non-Equity Securities and Derivatives / Net Capital (%) | 290.02 | 351.11 | - The parent company's net capital and various risk control indicators comply with the relevant provisions of the China Securities Regulatory Commission's "Measures for the Administration of Risk Control Indicators for Securities Companies"[31] 2.8 Non-Recurring Gains and Losses Items and Amounts This section lists the specific non-recurring gains and losses items and their amounts during the reporting period, with notes for significant items Non-Recurring Gains and Losses Items and Amounts (Unit: Yuan, Currency: RMB) | Non-Recurring Gains and Losses Item | Amount | Notes (if applicable) | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets, including the reversal of impairment provisions for assets | 14,437,699 | | | Government subsidies recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 620,007,316 | Primarily special financial support funds | | Gains arising from the cost of non-common control enterprise mergers being less than the fair value of identifiable net assets acquired from the acquiree | 7,964,051,515 | Negative goodwill from the absorption merger of Haitong Securities | | Other non-operating income and expenses apart from the above items | 57,127,805 | | | Less: Income tax impact | 173,021,526 | | | Impact on minority interests (after tax) | 24,876,035 | | | Total | 8,457,726,774 | | Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, industry trends, core competencies, and risk management strategies during the reporting period 3.1 Description of the Company's Industry and Main Business Operations During the Reporting Period This section analyzes the development history, profitability models, and cyclical characteristics of China's securities industry, noting that in the first half of 2025, driven by the "New Nine Articles" and a series of policies, the capital market's resilience strengthened, and the industry's functional positioning and path to building first-class investment banks became clearer; the company, as a leading integrated financial service provider, operates in wealth management, investment banking, institutional and trading, investment management, and financial leasing, generating revenue from fees, interest, and investment income - China's securities industry's profitability model primarily relies on brokerage, proprietary trading, underwriting, credit trading, and asset management businesses, with profit levels exhibiting cyclical fluctuations[36] - In the first half of 2025, the new "Nine Articles" and a series of policy documents were continuously implemented, strengthening the resilience of the capital market and clarifying the industry's functional positioning and path to building first-class investment banks[37] - The Group is a long-term, continuously, and comprehensively leading integrated financial service provider in China's securities industry, with its capital scale, profitability, business strength, and risk management capabilities consistently ranking among the industry's best[38] - The Group's main businesses include wealth management, investment banking, institutional and trading, investment management, and financial leasing, with primary profit models being fee and commission income, interest income, and investment income[39] 2025 H1 Group's Business Composition and Revenue Drivers (Unit: 100 Million Yuan) | Main Business Category | Operating Revenue (100 Million Yuan) | YoY Growth (%) | Contribution to Operating Revenue (%) | | :--- | :--- | :--- | :--- | | Wealth Management | 97.72 | 92.35 | 40.94 | | Investment Banking | 14.10 | 20.47 | 5.91 | | Institutional and Trading | 68.61 | 55.54 | 28.74 | | Investment Management | 30.78 | 44.26 | 12.89 | | Financial Leasing | 21.09 | Not Applicable | 8.83 | | Other | 6.42 | 0.78 | 2.69 | | Total | 238.72 | 77.71 | 100.00 | 3.2 Discussion and Analysis of Operations In the first half of 2025, after completing its merger and reorganization, the Group adhered to a customer-centric approach, actively served national strategies, and achieved substantial growth in operating performance; all major business segments made significant progress, with high-quality customer acquisition in wealth management, leading rankings in investment banking, seizing market opportunities in institutional and trading, continuous growth in assets under management for investment management, and stable interest-bearing asset scale in financial leasing; the company continuously optimized its organizational structure, promoted business integration and unified management, strengthened digital transformation and risk prevention, and maintained excellent external evaluations - In the first half of 2025, the Group coordinated integration and operational management, actively served national and Shanghai's major development strategies, and achieved significant growth in operating performance[43] - The company completed its merger and reorganization, optimized its organizational structure and operating mechanisms, continuously refined its three major customer service systems (retail, institutional, and corporate), and steadily advanced financial innovation and comprehensive digital transformation[44] - The company continued to be included in the securities firm "whitelist", received the highest rating in the industry's cultural construction practice assessment for five consecutive years, and maintained the highest international credit rating among domestic peers[44] 3.2.1 Wealth Management Business In the first half of 2025, the Group's wealth management business comprehensively advanced its customer segmentation operating model, achieving significant growth in both domestic and international operations; domestic business maintained its leading position in traditional brokerage through high-quality customer acquisition, improved online conversion efficiency, and deepened product system construction, with rapid growth in product holdings and buyer-side asset allocation; international business actively explored digital assets, upgraded its APP, and continuously increased assets under custody; in credit business, the market share of margin financing and securities lending significantly increased, ranking first in the industry - In the first half of 2025, the average daily trading volume of stocks and funds in Shanghai and Shenzhen markets was 1.61 trillion yuan, a YoY increase of 63.9%; the average daily trading volume of stocks in the Hong Kong securities market was 240.2 billion Hong Kong dollars, a YoY increase of 117.6%[45] - The number of domestic individual capital accounts reached 38.45 million, a 4.2% increase from the end of last year; the number of affluent and high-net-worth clients grew by 6.8%; the asset scale of private customized services increased by 57.7%[48] - The average monthly active users of Junhong APP and Tongcai APP reached 15.58 million, a 9.6% increase from the previous year; the average monthly holding scale of financial products was 453 billion yuan, a 13.4% increase from the previous year[48] - Guotai Junan Futures' futures trading volume was 84.52 trillion yuan, with a market share of 12.44%, an increase of 1.95 percentage points from the previous year; client equity scale was 147.2 billion yuan, with a market share of 9.37%, an increase of 0.64 percentage points from the end of last year[50] - Margin financing and securities lending balance was 180.996 billion yuan, with a market share of 9.78%, an increase of 0.61 percentage points from the end of last year, ranking 1st in the industry[52] 3.2.2 Investment Banking Business In the first half of 2025, the Group's investment banking business strengthened cross-border integrated management, deeply cultivated key industries, and intensified efforts in M&A, financial advisory, and other business opportunities, continuously enhancing its comprehensive service capabilities; domestic securities underwriting amounted to 708.182 billion yuan, with a market share of 11.95%, ranking 2nd in the industry, with equity underwriting increasing by 1,315.8%; in the Hong Kong market, refinancing ranked 1st, and the underwriting scale of Chinese offshore bonds ranked 1st among Chinese securities firms - In the first half of 2025, the underwriting scale of securities by domestic securities firms was 5.95 trillion yuan, a YoY increase of 26.2%; equity financing scale was 673.444 billion yuan, a YoY increase of 578.1%[53] - The Group's domestic securities underwriting amounted to 708.182 billion yuan, a YoY increase of 18.7%, with a market share of 11.95%, ranking 2nd in the industry[54] - Equity underwriting amounted to 125.316 billion yuan, a YoY increase of 1,315.8%, with a market share of 18.6%, an increase of 9.85 percentage points from the previous year[54] - IPO lead underwriting involved 7 companies, ranking 1st in the industry; bond lead underwriting amounted to 582.866 billion yuan, with a market share of 11.09%, ranking 2nd in the industry[54] - In the Hong Kong market, 14 refinancing projects were completed, ranking 1st; the underwriting scale of Chinese offshore bonds was 2.931 billion US dollars, ranking 1st among Chinese securities firms[54] 2025 H1 Group's Domestic Investment Banking Business Scale | Project | Current Reporting Period Lead Underwriting Amount (100 Million Yuan) | Current Reporting Period Lead Underwriting Number of Cases/Issues | Prior Year Period Lead Underwriting Amount (100 Million Yuan) | Prior Year Period Lead Underwriting Number of Cases/Issues | | :--- | :--- | :--- | :--- | :--- | | IPO | 47.97 | 7 | 47.79 | 9 | | Refinancing | 1,205.19 | 9 | 40.72 | 4 | | Total Stock Underwriting | 1,253.16 | 16 | 88.51 | 13 | | Enterprise Bonds | 18.77 | 6 | 55.63 | 12 | | Corporate Bonds | 2,579.43 | 754 | 2,279.64 | 541 | | Financial Bonds | 1,283.65 | 138 | 1,575.34 | 150 | | Other Bonds | 1,946.81 | 916 | 1,964.80 | 711 | | Total Bond Underwriting | 5,828.66 | 1,814 | 5,875.41 | 1,414 | | Total Securities Underwriting | 7,081.82 | 1,830 | 5,963.92 | 1,427 | 3.2.3 Institutional and Trading Business In the first half of 2025, the Group's institutional and trading business achieved positive progress in research, institutional brokerage, trading investments, and alternative investments; research business enhanced its breadth and depth, with core client research rankings reaching a new high; institutional brokerage business strengthened comprehensive service capabilities, with continuous growth in client asset holdings; trading investment business seized market opportunities, achieving good returns in equity business, and significant results in diversified FICC business layout; alternative investment business actively served national strategies, with substantial improvement in operating performance - The Group's research business core client research ranking reached a historical high[59] - QFI stock and fund trading volume reached 5.07 trillion yuan, a YoY increase of 100.0%[60] - Custody and fund service business scale at the end of the period was 3.99 trillion yuan, an 11.1% increase from the end of last year[60] - ETF market-making trading volume increased by 124.6% YoY; the number of STAR Market market-making stocks ranked 3rd in the industry[63] - Alternative investments added 875 million yuan in new investments, including 420 million yuan in the three leading funds; 10 projects were exited, with an investment cost of 541 million yuan for exited projects[65] 3.2.4 Investment Management Business In the first half of 2025, the Group's investment management business achieved steady growth in fund management, asset management, and private equity fund management; Huaan Fund, Haitong Fund, and Fullgoal Fund reached new highs in assets under management, with significantly enhanced competitiveness of featured products; asset management business deepened investment research capabilities, with steady growth in assets under management; private equity fund management business focused on hard technology, established 5 new funds with a total subscribed capital of 4.13 billion yuan, and achieved full exit or IPO for 15 projects - As of the end of June 2025, the scale of public funds managed by public fund management institutions was 34.39 trillion yuan, a 4.8% increase from the end of last year[66] - Huaan Fund managed assets totaling 822.506 billion yuan, a 6.5% increase from the end of last year; public fund management scale was 748.816 billion yuan, an 8.0% increase from the end of last year[68] - Haitong Fund managed assets totaling 497.656 billion yuan, a 10.0% increase from the end of last year; bond ETF scale was 93.148 billion yuan, an 83.3% increase from the end of last year, ranking 1st in the industry[68] - Fullgoal Fund managed assets exceeding 1.79 trillion yuan, of which non-money market public fund management scale was 765.172 billion yuan, a 12.5% increase from the end of last year[69] - The Group's asset management scale was 705.193 billion yuan, a 1.4% increase from the end of last year[70] 2025 June-End Group's Asset Management Business Scale (Unit: 100 Million Yuan) | Business Category | End of Current Reporting Period (100 Million Yuan) | End of Previous Year (100 Million Yuan) | | :--- | :--- | | Assets Under Management | 7,051.93 | 6,954.12 | | Collective Asset Management Business Scale | 2,826.40 | 3,005.51 | | Single Asset Management Business Scale | 1,564.76 | 1,481.62 | | Special Asset Management Business Scale | 1,837.67 | 1,675.32 | | Public Fund Management Business Scale | 823.10 | 791.67 | - Private equity fund management business established 5 new funds, with a total subscribed capital of 4.13 billion yuan; completed 37 hard technology investment projects, with an investment amount of 2.26 billion yuan; achieved full exit or IPO for 15 projects[74] 3.2.5 Financial Leasing Business In the first half of 2025, Haitong UniTrust focused on the essence of leasing, aligned with industrial policy guidance, expanded into strategic emerging sectors, and strengthened risk control, maintaining a stable scale of interest-bearing assets; at the end of the reporting period, the non-performing asset ratio decreased, and the provision coverage ratio remained high - As of the end of June 2025, the national financial leasing contract balance was 5.424 trillion yuan, a 0.7% decrease from the end of last year[75] - Haitong UniTrust's non-performing asset ratio was 1.16%, a 0.01 percentage point decrease from the end of last year, with a non-performing asset provision coverage ratio of 310.49%[75] 3.3 Analysis of Core Competitiveness During the Reporting Period Following the merger, Guotai Haitong Securities has become a comprehensively leading integrated financial service provider in China's capital market, forming five core competencies: strong operational foundation, excellent customer service, efficient management system, leading digital technology, and robust compliance culture, laying a solid foundation for long-term stable development and building a first-class investment bank - After the merger, the company's capital strength significantly increased, asset scale led the industry, retail customer numbers surged to first in the industry, business licenses became more comprehensive, and branch network layout was extensive[79] - The company continuously built a differentiated and multi-dimensional service system for its three major client segments, initially forming a comprehensive service system spanning business lines, integrating headquarters and branches, and connecting domestic and international operations[80] - The company continuously enhanced its group-wide, intensive, and refined management capabilities, strengthened asset-liability management, deepened the construction of financial shared service centers and procurement management centers, and improved human resource management efficiency[81] - The company highly values strategic investment in technology, being the first to complete the construction of a full-link, full-stack domestic distributed securities core trading system, and launched the industry's first hundred-billion-parameter multi-modal securities vertical large model, Junhong Lingxi; its APP's combined monthly active users reached 15.58 million, ranking 1st in the industry[82] - Adhering to the belief that "risk management creates value, and compliant operation ensures the future," the company has been rated A-class AA by the China Securities Regulatory Commission for 17 consecutive years and maintains the highest international credit rating among Chinese securities firms[83] 3.4 Main Operating Conditions During the Reporting Period This section analyzes the reasons for changes in key financial statement items during the reporting period and describes the operating conditions by business segment; operating revenue and costs both significantly increased due to the absorption merger of Haitong Securities, and net cash flow from operating activities improved significantly; the asset and liability structure remained reasonable, with good liquidity; the company had no significant equity investments but a large scale of financial assets measured at fair value; during the reporting period, through the absorption merger of Haitong Securities, the company acquired several important subsidiaries and consolidated 184 structured entities; furthermore, this section elaborates on the market, credit, liquidity, operational, and reputational risks faced by the company, and introduces the corresponding risk management framework and response measures Analysis Table of Changes in Financial Statement Items (Unit: Yuan, Currency: RMB) | Item | Current Period Amount | Prior Year Period Amount | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 23,872,438,936 | 13,433,306,695 | 77.71 | | Net Fee and Commission Income from Brokerage Business | 5,733,033,019 | 3,077,835,971 | 86.27 | | Net Fee and Commission Income from Asset Management Business | 2,577,852,140 | 1,920,920,429 | 34.20 | | Net Interest Income | 3,187,004,223 | 1,043,465,406 | 205.43 | | Investment Income | 12,700,914,478 | 3,036,843,938 | 318.23 | | Fair Value Change Gains/Losses | -3,006,028,805 | 2,120,586,900 | -241.75 | | Operating Costs | 13,151,530,378 | 6,933,315,715 | 89.69 | | Business and Management Expenses | 11,544,572,168 | 6,581,568,929 | 75.41 | | Credit Impairment Losses | 1,194,038,846 | 236,578,932 | 404.71 | | Net Cash Flow from Operating Activities | 13,319,223,794 | -789,299,763 | Not Applicable | | Net Cash Flow from Investing Activities | 178,978,847,210 | 4,745,638,719 | 3,671.44 | | Net Cash Flow from Financing Activities | -10,699,307,936 | -5,888,079,352 | Not Applicable | - Operating revenue increased by 77.71% YoY, primarily due to increased net fee and commission income from brokerage business, asset management business, net interest income, investment income, and the absorption merger of Haitong Securities[87] - Operating costs increased by 89.69% YoY, mainly due to increased business and management expenses and credit impairment losses, affected by the absorption merger of Haitong Securities[88] - Net cash flow from operating activities increased by 14.109 billion yuan YoY, primarily due to a shift from a net decrease to a net increase in repurchase business funds[88] - Net cash flow from investing activities increased by 174.233 billion yuan YoY, mainly due to cash and cash equivalents obtained from the non-common control absorption merger of Haitong Securities[88] - Net cash flow from financing activities decreased by 4.811 billion yuan YoY, primarily due to an increase in cash paid for debt repayment[89] Company's Performance by Industry Segment (Unit: 100 Million Yuan) | | Operating Revenue | Operating Costs | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Costs (%) | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wealth Management | 97.72 | 46.75 | 52.16 | 92.35 | 58.36 | Increased by 10.27 percentage points | | Investment Banking | 14.10 | 12.22 | 13.38 | 20.47 | 41.86 | Decreased by 13.07 percentage points | | Institutional and Trading | 68.61 | 25.66 | 62.60 | 55.54 | 143.54 | Decreased by 13.51 percentage points | | Investment Management | 30.78 | 16.99 | 44.81 | 44.26 | 45.73 | Decreased by 0.56 percentage points | | Financial Leasing | 21.09 | 12.09 | 42.66 | Not Applicable | Not Applicable | Not Applicable | | Other | 6.42 | 17.81 | -177.11 | 0.78 | 97.72 | Decreased by 135.86 percentage points | | Total | 238.72 | 131.52 | 44.91 | 77.71 | 89.69 | Decreased by 3.48 percentage points | - The absorption merger of Haitong Securities generated 7.964 billion yuan in negative goodwill, recognized as non-operating income, significantly impacting the Group's consolidated profit[92] Asset and Liability Status (Unit: Yuan, Currency: RMB) | Item Name | Current Period End Amount | % of Total Assets | Prior Year End Amount | % of Total Assets | Change from Prior Year End (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 393,661,962,267 | 21.81 | 211,019,554,181 | 20.14 | 86.55 | Primarily due to the absorption merger of Haitong Securities | | Funds Lent | 187,502,789,768 | 10.39 | 106,268,255,145 | 10.14 | 76.44 | Same as above | | Accounts Receivable | 36,886,190,810 | 2.04 | 17,269,475,847 | 1.65 | 113.59 | Primarily due to the absorption merger of Haitong Securities and increased receivables from brokers and traders | | Margin Deposits | 92,687,912,425 | 5.14 | 65,505,730,486 | 6.25 | 41.50 | Primarily due to the absorption merger of Haitong Securities | | Financial Assets Held for Trading | 622,688,542,187 | 34.51 | 408,473,404,861 | 38.99 | 52.44 | Same as above | | Other Debt Investments | 125,076,772,112 | 6.93 | 86,027,717,556 | 8.21 | 45.39 | Same as above | | Other Equity Instrument Investments | 46,293,387,606 | 2.57 | 22,021,314,908 | 2.10 | 110.22 | Primarily due to the absorption merger of Haitong Securities and increased non-trading equity investments | | Long-Term Receivables | 77,234,806,317 | 4.28 | - | - | Not Applicable | Primarily due to the absorption merger of Haitong Securities | | Short-Term Borrowings | 36,994,974,474 | 2.05 | 9,196,389,529 | 0.88 | 302.28 | Same as above | | Financial Assets Sold Under Repurchase Agreements | 391,678,265,348 | 21.70 | 244,937,517,145 | 23.38 | 59.91 | Same as above | | Client Funds for Securities Trading | 421,367,781,457 | 23.35 | 252,069,517,261 | 24.06 | 67.16 | Same as above | | Long-Term Borrowings | 37,525,260,725 | 2.08 | 539,494,553 | 0.05 | 6,855.63 | Same as above | | Bonds Payable | 274,796,032,228 | 15.23 | 133,998,464,210 | 12.79 | 105.07 | Same as above | - As of June 30, 2025, the Group's total assets were 1.804619 trillion yuan, an increase of 72.24% from the end of last year; total liabilities were 1.468378 trillion yuan, with an asset-liability ratio of 75.68%[96][97] - As of the end of the reporting period, the Group's consolidated overseas subsidiaries had total assets of 369.924 billion yuan, accounting for 20.50% of total assets[98] Financial Assets Measured at Fair Value (Unit: Yuan, Currency: RMB) | Asset Category | Beginning Balance | Fair Value Change Gains/Losses for Current Period | Cumulative Fair Value Changes Recognized in Equity | Impairment Recognized in Current Period | Change in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Instruments Held for Trading | 333,189,433,322 | 528,520,892 | | | 196,885,778,367 | 530,075,211,689 | | Other Debt Investments | 86,027,717,556 | | 814,104,005 | 427,993,758 | 39,049,054,556 | 125,076,772,112 | | Other Equity Instrument Investments | 22,021,314,908 | | 1,182,572,822 | | 24,272,072,698 | 46,293,387,606 | | Derivative Financial Instruments | -374,791,684 | -3,534,549,697 | | | -4,377,377,671 | -4,752,169,355 | | Total | 440,863,674,102 | -3,006,028,805 | 1,996,676,827 | 427,993,758 | 255,829,527,950 | 696,693,202,052 | Major Subsidiaries and Associates (Unit: 100 Million Yuan, Currency: RMB) | Company Name | Company Type | Main Business | Registered Capital | Total Assets at Period End | Net Assets at Period End | Operating Revenue for Period | Operating Profit for Period | Net Profit for Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guotai Junan Financial Holdings | Subsidiary | Investment Holding | HKD 2.61198 billion | HKD 204.815 billion | HKD 18.982 billion | HKD 4.376 billion | HKD 1.145 billion | HKD 0.958 billion | | Guotai Haitong Asset Management | Subsidiary | Public Fund Management, Securities Asset Management | 20 | 85.21 | 65.96 | 9.48 | 3.33 | 2.54 | | Guotai Junan Futures | Subsidiary | Commodity Futures Brokerage, Financial Futures Brokerage, Futures Investment Advisory, Asset Management | 55 | 1,649.13 | 114.07 | 11.63 | 4.97 | 3.84 | | Huaan Fund | Subsidiary | Fund Establishment, Fund Business Management | 1.5 | 80.92 | 61.86 | 15.58 | 6.41 | 5.00 | | Haitong International Holdings | Subsidiary | Investment Holding | HKD 18.95077 billion | HKD 83.280 billion | HKD -12.662 billion | HKD 0.247 billion | HKD -1.714 billion | HKD -1.708 billion | | Haitong Fund | Subsidiary | Fund Raising, Fund Sales, Asset Management | 3 | 41.54 | 29.41 | 3.62 | 1.38 | 1.06 | | UniTrust Financial Group | Subsidiary | Investment Holding | HKD 4.14616 billion | 1,123.67 | 217.91 | 22.88 | 8.02 | 6.02 | | Shanghai Securities | Associate | Securities Business, Securities Investment Advisory, Public Fund Sales | 53.26532 | 883.87 | 193.79 | 27.34 | 9.25 | 7.58 | | Fullgoal Fund | Associate | Public Fund Management, Fund Sales, Specific Client Asset Management | 5.2 | 155.43 | 90.17 | 22.98 | 8.51 | 6.39 | - During the reporting period, the original Guotai Junan absorbed and merged with the original Haitong Securities, inheriting all rights and obligations of Haitong Securities' subsidiaries, which significantly enhanced the company's core competitiveness[112] - As of June 30, 2025, the Group consolidated 184 structured entities, including asset management plans, funds, and partnerships, impacting the Group's consolidated total assets, operating revenue, and net profit[113][114] 3.5 Other Disclosures This section elaborates on the various risks faced by the company and its management measures, including market risk, credit risk, liquidity risk, operational risk, and reputational risk, and introduces the company's robust risk management framework and institutional system; additionally, this section discloses the company's development strategy, operating plan for the next reporting period, progress in major asset reorganization and integration, risk control for business innovation, and ESG risk factors and management, emphasizing the company's commitment to building a first-class investment bank and continuously enhancing risk control capabilities - The company has established a four-level risk management system comprising the Board of Directors, management, risk management departments, other business departments, and branches and subsidiaries[116] - The company's risk management objective is to establish a scientifically decided, standardized, efficient, and sustainably developing management system to maintain financial stability, enhance market position, and improve operating efficiency[118][119] - The company has established comprehensive risk management measures and formulated risk management policies for different risk types, including market risk, credit risk, operational risk, liquidity risk, and reputational risk[123] 2025 H1 Group's Value at Risk (VaR) (Unit: 10,000 Yuan, Currency: RMB) | Category | June 30, 2025 | December 31, 2024 | H1 2025 Average | H1 2025 Minimum | H1 2025 Maximum | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Price Sensitive Financial Instruments | 66,430 | 35,369 | 54,714 | 32,714 | 70,909 | | Interest Rate Sensitive Financial Instruments | 37,598 | 15,679 | 26,051 | 15,550 | 38,881 | | Commodity Price Sensitive Financial Instruments | 392 | 698 | 815 | 345 | 1,313 | | Exchange Rate Sensitive Financial Instruments | 6,424 | 2,357 | 4,939 | 2,111 | 8,752 | | Overall Portfolio VaR | 71,123 | 33,654 | 52,818 | 31,093 | 73,638 | - As of the end of June 2025, the company's market risk was generally controllable, no new significant credit risk events occurred in bond investment business, the average performance guarantee ratio for stock pledge business lending funds was 322.8%, and the average maintenance guarantee ratio for existing margin financing and securities lending clients was 295.4%[130][132] - In the first half of 2025, the company's liquidity coverage ratio and net stable funding ratio both met regulatory requirements, indicating a good overall liquidity status[134] - The company incorporates innovative businesses into its comprehensive risk management system, ensuring that all innovative businesses are conducted steadily under measurable, controllable, and acceptable risks through risk assessment and decision-making, acceptance and launch, and continuous management[144] - The company integrates ESG risk factors into its comprehensive risk management system, established an ESG and Sustainable Development Committee Risk Management Working Group, and formulated the "Guotai Haitong Securities Co., Ltd. ESG Risk Management Measures"[147] - As of the end of June 2025, the company's main risk control indicators all met the prescribed standards[153] Section IV Corporate Governance, Environment and Society This section details the company's corporate governance structure, changes in board and senior management, profit distribution plans, employee incentive programs, and contributions to environmental and social responsibility initiatives 4.1 Changes in Company Directors and Senior Management This section discloses changes in the company's Board of Directors and senior management during the reporting period, including newly elected and appointed directors, vice chairmen, presidents, and other senior management, as well as departing personnel; the company's Supervisory Board has been abolished, with its functions now exercised by the Audit Committee Changes in Company Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Zhou Jie | Vice Chairman, Director | Election | | Wu Hongwei | Employee Director | Election | | Nie Xiaogang | Director | Election | | Chen Hangbiao | Director | Election | | Lü Chunfang | Director | Election | | Harman | Director | Election | | Mao Fugeng | Independent Director | Election | | Chen Fangruo | Independent Director | Election | | Jiang Xian | Independent Director | Election | | Mao Yuxing | Vice President | Appointment | | Pan Guangtao | Vice President | Appointment | | Zhang Xinjun | Vice President, Chief Financial Officer | Appointment | | Yu Feng | Chief Information Officer | Appointment | | Zhao Huiwen | Chief Compliance Officer, General Counsel | Appointment | | Li Junjie | Former Vice Chairman | Departure | | Liu Xinyi | Former Director | Departure | | Chen Hua | Former Director | Departure | | Zhang Manhua | Former Director | Departure | | Wang Tao | Former Director | Departure | | Ding Wei | Former Independent Director | Departure | | Bai Wei | Former Independent Director | Departure | | Yan Zhixiong | Former Independent Director | Departure | | Nie Xiaogang | Former Chief Financial Officer | Departure | | Zhang Zhihong | Former Chief Compliance Officer, General Counsel | Departure | - The company's Seventh Board of Directors elected Zhu Jian as Chairman, Zhou Jie as Vice Chairman, and Li Junjie as President[158][160] - The company's Supervisory Board has been abolished, with its functions now exercised by the Audit Committee[156] 4.2 Profit Distribution or Capital Reserve Conversion Plan This section discloses the company's 2025 semi-annual profit distribution plan, which proposes to distribute a cash dividend of 1.5 yuan (including tax) per 10 shares to A-share and H-share holders, and explains the total cash dividend amount and its proportion to net profit attributable to the parent company, also considering the share repurchase amount Semi-Annual Proposed Profit Distribution Plan | Whether to Distribute or Convert | Yes | | :--- | :--- | | Number of Bonus Shares per 10 Shares (Shares) | 0 | | Dividend per 10 Shares (Yuan) (Including Tax) | 1.50 | | Number of Shares Converted from Capital Reserve per 10 Shares (Shares) | 0 | - The company proposes to distribute a cash dividend of 1.5 yuan (including tax) per 10 shares to A-share and H-share holders, with a total proposed cash dividend of 2,627,043,424 yuan (including tax)[163] - The total proposed cash dividend accounts for 16.69% of the consolidated net profit attributable to parent company owners for the first half of 2025 (36.09% after deducting non-recurring gains and losses)[163] - The total proposed cash dividend and the amount of shares repurchased already implemented amount to 3,837,777,921 yuan (including tax), accounting for 24.39% of the consolidated net profit attributable to parent company owners for the first half of 2025[164] 4.3 Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact This section discloses the unlocking and repurchase and cancellation of the company's A-share restricted stock incentive plan; the third restricted period of the initial grant and the second restricted period of the reserved grant have been unlocked, with a total of 27,799,107 shares listed for trading; concurrently, the company repurchased and canceled restricted shares held by some incentive recipients due to termination of employment contracts or failure to meet performance targets - The conditions for unlocking the third restricted period of the initial grant and the second restricted period of the reserved grant under the company's A-share restricted stock incentive plan have been met, with a total of 27,799,107 restricted shares listed for trading on May 8, 2025[165] - The company repurchased and canceled a total of 782,867 restricted shares held by 24 incentive recipients, with a total repurchase amount of 4,336,889.72 yuan[165] 4.4 Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law This section states that the company is not included in the list of enterprises required to disclose environmental information by law, and therefore, the relevant disclosure requirements are not applicable 4.5 Specifics of Consolidating Poverty Alleviation Achievements, Rural Revitalization, and Other Work In the first half of 2025, the company actively practiced the "finance for good" philosophy, carrying out 28 public welfare projects through its charitable foundation in areas such as rural revitalization, education support, urban development, and emergency relief, investing over 18.96 million yuan in public welfare funds, and receiving honors such as the "Shanghai Charity Award" - In the first half of 2025, the company carried out 28 public welfare projects, investing a total of over 18.96 million yuan in public welfare funds[167] - The company continued to support the renovation of house facades in Liulangcheng Village, Guangnan County, Yunnan Province, and implemented livelihood and industrial support projects in Malipo County[168] - The company collaborated with Zhejiang University to host the third "Leading Goose Program" training session for rural revitalization, aiming to drive rural revitalization through talent development[168] - The company continued to support 6 Hope Schools, conducted "Lantern Action" teacher training, and collaborated with Shanghai Radio and Television Station on the "Big Eyes See the World" series of public welfare projects[169][170] - The company invested 5 million yuan to support comprehensive rural assistance in Fengxian District and Chongming District of Shanghai, and cared for the elderly population[171] - The company rapidly responded to the earthquake relief efforts in Dingri County, Tibet, donating 1 million yuan for emergency rescue and post-disaster reconstruction, and urgently raising over 1,300 sleeping bags for the affected area[173] 4.6 Other Explanations This section details the company's code of conduct for securities trading by directors and relevant employees, discloses significant changes in information related to directors and chief executives, and emphasizes the company's strict adherence to corporate governance codes; additionally, it introduces the company's employee numbers, compensation, training programs, and investor relations management efforts, including communication with investors and the company's emphasis on shareholder returns - The company formulated the "Measures for the Management of Shares Held by Directors and Senior Management and Their Changes" to regulate the holding and trading of company shares by directors and senior management, and strictly adheres to it[174] - Director Guan Wei has served as a director of Shanghai Rural Commercial Bank since August 2025; Director Zhong Maojun has served as the Chief Auditor of Shanghai International Group since March 2025; Director Chen Hangbiao has served as the General Manager of the Financial Institutions Management Department of Shanghai International Group since June 2025[175][176][177] - As of June 30, 2025, the Group had a total of 27,190 employees, of whom 19,034 were parent company employees[181] - In the first half of 2025, the company provided 1.189 million hours of offline and online training to employees, with an average satisfaction rate of 95.63% for centralized training programs[182] - The company highly values investor relations management, enhancing interaction and communication with investors through various channels and methods, thereby increasing the company's transparency[183] - During the reporting period, the company participated in a total of 17 sell-side institutional strategy meetings, conducted 4 domestic and international roadshows, answered 802 investor calls, and responded to 21 questions on "SSE e-interaction"[184] Section V Important Matters This section covers significant corporate events, including commitment fulfillment, related party transactions, major contracts, fundraising utilization, and compliance with regulatory requirements 5.1 Fulfillment of Commitments This section details the fulfillment of various commitments by the company's actual controller, shareholders, related parties, and the company itself during or continuing into the reporting period, including those related to the initial public offering and major asset restructuring; all commitments have been strictly fulfilled, with no instances of failure to perform in a timely manner - The company, its directors, supervisors, senior management, controlling shareholder, and actual controller have all strictly fulfilled various commitments related to the initial public offering, including share repurchase and investor compensation for false disclosures, and avoiding horizontal competition[190] - The company, its directors, supervisors, senior management, controlling shareholder, and actual controller have all strictly fulfilled various commitments related to major asset restructuring, including providing truthful information, share reduction plans, maintaining the independence of the listed company, regulating related party transactions, and avoiding horizontal competition[191][192] - The company issued a non-competition undertaking letter to Guotai Junan International, committing to resolve any competition issues between relevant subsidiaries and Guotai Junan International Group within five years from the closing date[191] 5.2 Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period This section states that there was no non-operating fund occupation by the controlling shareholder and other related parties during the reporting period 5.3 Irregular Guarantees This section states that there were no instances of the company providing external guarantees in violation of prescribed decision-making procedures during the reporting period 5.4 Semi-Annual Report Audit Status This section states that this semi-annual report has not been audited - This semi-annual report has not been audited[4] 5.5 Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Annual Report This section states that there were no changes or handling of matters involving non-standard audit opinions in the company's previous annual report 5.6 Bankruptcy and Reorganization Related Matters This section states that the company had no bankruptcy and reorganization related matters during the reporting period 5.7 Major Litigation and Arbitration Matters This section states that the company had no major litigation or arbitration matters during the reporting period 5.8 Suspected Violations, Penalties, and Rectification by Listed Companies, Their Directors, Senior Management, Controlling Shareholders, and Actual Controllers This section discloses the administrative regulatory measures and disciplinary actions taken against the company during the reporting period due to improper trading behavior and issues in sponsorship practice, and details the rectification measures and optimization plans adopted by the company in response to these issues - In January 2025, the company was issued a warning letter by the Shanghai Securities Regulatory Bureau for improper trading behavior involving short selling shares of a listed company while subscribing to its non-public offering, and for facilitating improper trading behavior by clients[196] - In May 2025, the company received a disciplinary criticism from the Shenzhen Stock Exchange for failing to adequately address internal control deficiencies, insufficient due diligence, and failure to urge the issuer to disclose gambling agreements during the sponsorship of Zhongding Hengsheng's initial public offering and listing on the ChiNext board[196] - The company has implemented rectification measures for the above issues, improving internal review and control mechanisms, enhancing the professional competence and risk awareness of business personnel, and strengthening full-process project management[196][197] 5.9 Statement on the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller During the Reporting Period This section states that during the reporting period, the company, its controlling shareholder State-owned Assets Company, and its actual controller International Group had no adverse integrity records, such as failure to comply with effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder State-owned Assets Company, and its actual controller International Group had no adverse integrity records, such as failure to comply with effective court judgments or large overdue debts[199] 5.10 Major Related Party Transactions This section details the various transactions between the company and its related parties in ordinary operations, including interest received from related parties, interest paid, business and management fees, and related party balances; the company conducts related party transactions strictly in accordance with listing rules and management systems, adhering to principles of fairness, openness, and impartiality; additionally, this section explains that the absorption merger of Haitong Securities and the raising of supporting funds constitute related party transactions - The company's ordinary related party transactions are strictly executed in accordance with the "Proposal on Estimating the Company's Ordinary Related Party Transactions for 2025" approved by the 2024 Annual General Meeting of Shareholders, adhering to principles of fairness, openness, and impartiality[201] Interest Received from Related Parties (Unit: Yuan, Currency: RMB) | Related Party Name | Related Transaction Content | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | :--- | | Pudong Development Bank | Deposits with financial institutions, reverse repurchase, and bond interest income | 189,602,994 | 120,768,294 | Interest Paid to Related Parties (Unit: Yuan, Currency: RMB) | Related Party Name | Related Transaction Content | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | :--- | | Shanghai Rural Commercial Bank | Bank loans, sell-back repurchases, bonds, and client margin interest expenses | 30,213,728 | 5,881,486 | | Pudong Development Bank | Bank loans, bonds, income certificates, sell-back repurchases, interbank borrowings, and client margin interest expenses | 108,851,982 | 37,800,427 | Business and Management Fees Paid to Related Parties (Unit: Yuan, Currency: RMB) | Related Party Name | Related Transaction Content | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | :--- | | Pudong Development Bank | Third-party fund custody, product sales service fees, custody fees, financing fees | 12,673,879 | 9,623,786 | | Shanghai Rural Commercial Bank | Third-party fund custody, product sales service fees | 316,851 | 4,118,040 | - The company completed the share-for-share absorption merger of Haitong Securities by issuing shares to all Haitong Securities A-share and H-share shareholders, and raising supporting funds by issuing A-shares to State-owned Assets Company; this fundraising constitutes a related party transaction for the company[218] 5.11 Major Contracts and Their Performance This section discloses the major guarantees performed and not yet fully performed by the company during the reporting period, primarily involving guarantees for its subsidiaries; at the end of the reporting period, the total guarantee balance for subsidiaries was 31,269,284,750 yuan, accounting for 9.73% of net assets attributable to the parent company Company's External Guarantees (Excluding Guarantees for Subsidiaries) (Unit: Yuan, Currency: RMB) | Total Guarantee Amount Incurred During Reporting Period (Excluding Guarantees for Subsidiaries) | - | | :--- | :--- | | Total Guarantee Balance at End of Reporting Period (A) (Excluding Guarantees for Subsidiaries) | - | Company's Guarantees for Subsidiaries (Unit: Yuan, Currency: RMB) | Total Guarantee Amount Incurred for Subsidiaries During Reporting Period | 4,646,032,000 | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at End of Reporting Period (B) | 31,269,284,750 | Company's Total Guarantee Status (Including Guarantees for Subsidiaries) (Unit: Yuan, Currency: RMB) | Total Guarantee Amount (A+B) | 31,269,284,750 | | :--- | :--- | | Total Guarantee Amount as % of Net Assets Attributable to Parent Company | 9.73 | | Of which: Amount of Guarantees Provided for Shareholders, Actual Controllers, and Their Related Parties (C) | - | | Amount of Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 31,269,284,750 | | Amount of Guarantees Exceeding 50% of Net Assets (E) | - | | Total of the Above Three Guarantee Amounts (C+D+E) | 31,269,284,750 | - The company, as guarantor, provides unconditional and irrevocable guarantee for the offshore medium-term note program, syndicated loan agreements, and bond issuances established by its wholly-owned offshore subsidiaries[223][224][225] 5.12 Progress Report on the Use of Raised Funds This section discloses the overall and detailed use of the company's raised funds; as of the end of the reporting period, the total raised funds amounted to 9,984,811,320.75 yuan, with cumulative investments of 6,027,028,070.01 yuan; specifically, funds for trading and investment business projects and working capital replenishment projects have been fully utilized, while portions of funds for international business and digital transformation construction projects remain unutilized Overall Use of Raised Funds (Unit: Yuan) | Total Raised Funds | Net Raised Funds (1) | Total Committed Investment in Prospectus or Offering Document (2) | Total Cumulative Raised Funds Invested as of End of Reporting Period (4) | Cumulative Investment Progress of Raised Funds as of End of Reporting Period (%) (6) | | :--- | :--- | :--- | :--- | :--- | | 10,000,000,000.00 | 9,984,811,320.75 | Not exceeding 10 billion yuan | 6,027,028,070.01 | 60.36 | Detailed Use of Raised Funds (Unit: 100 Million Yuan) | Project Name | Planned Investment Amount of Raised Funds (1) | Cumulative Raised Funds Invested as of End of Reporting Period (2) | Cumulative Investment Progress as of End of Reporting Period (%) (2)/(1) | | :--- | :--- | :--- | :--- | | International Business | Not exceeding 30 | 0.00 | 0.00 | | Trading and Investment Business | Not exceeding 30 | 30.1363375001 | 100.45 | | Digital Transformation Construction | Not exceeding 10 | 0.13394320 | 1.34 | | Replenishment of Working Capital | Not exceeding 30 | 30.00 | 100.00 | | Total | Not exceeding 100 | 60.2702807001 | 60.27 | - As of June 30, 2025, the unutilized raised funds for the international business project totaled 2,984,811,320.75 yuan, and for the digital transformation construction project totaled 986,605,680.00 yuan, both expected to be fully utilized no later than March 2030[233] - As of the end of the reporting period, the proceeds from the raised funds for the trading and investment business project and the working capital replenishment project have been fully utilized[233] 5.13 Implementation of the 2025 Semi-Annual "Quality Improvement, Efficiency Enhancement, and High Returns" Action Plan This section elaborates on the implementation of the company's 2025 semi-annual "Quality Improvement, Efficiency Enhancement, and High Returns" action plan; the company achieved positive progress and good results through merger and reorganization, serving national strategies, digital transformation, strengthening management, improving corporate governance, and enhancing communication and shareholder returns, aiming to build a first-class investment bank and continuously enhance investor satisfaction - The company completed the merger and reorganization with Haitong Securiti