Chang Jiang Shang Bao·2025-09-02 00:04Core Viewpoint - After the completion of the merger, Guotai Haitong's operational strength has significantly improved, leading to substantial growth in revenue and net profit in the first half of 2025 [2][4]. Financial Performance - In the first half of 2025, Guotai Haitong achieved an operating income of 23.872 billion yuan, a year-on-year increase of 77.71% [4]. - The net profit for the same period reached 15.737 billion yuan, reflecting a remarkable year-on-year growth of 213.74% [4]. - The net profit scale has surpassed that of CITIC Securities, positioning Guotai Haitong as the leading listed brokerage in terms of net profit [2][5]. - As of June 30, 2025, the total asset size of Guotai Haitong was 1.8 trillion yuan, with a net asset of 336.241 billion yuan, marking an increase of 89.46% compared to the end of 2024 [5]. Business Segments - In the first half of 2025, the revenue from various business segments was as follows: Wealth Management (9.772 billion yuan, +92.35%), Investment Banking (1.41 billion yuan, +20.47%), Institutional and Trading (6.861 billion yuan, +55.54%), and Investment Management (3.078 billion yuan, +44.26%) [7]. - Wealth Management accounted for 40.94% of total revenue, while Investment Banking contributed 5.91% [7]. Shareholder Returns - Following the merger, Guotai Haitong executed a share buyback costing 1.211 billion yuan and plans to distribute cash dividends totaling 2.627 billion yuan, which together represent 24.39% of the company's net profit for the first half of 2025 [3][6]. Market Position - Guotai Haitong's net profit is the highest among A-share listed brokerages, while its operating income ranks second only to CITIC Securities [5]. - The company has become one of the only two listed brokerages in A-shares with net assets exceeding 300 billion yuan [5]. Investment Banking Achievements - In the first half of 2025, Guotai Haitong's domestic securities underwriting amount reached 708.182 billion yuan, with a market share of 11.95%, ranking second in the industry [8][9]. - The company led the market in IPO underwriting, with 7 IPOs and a total underwriting amount of 4.797 billion yuan [9].