2 1 Shi Ji Jing Ji Bao Dao·2025-10-30 15:14Core Insights - Guotai Haitong reported significant growth in Q3 2025, with operating revenue reaching 22.02 billion yuan, a year-on-year increase of 136.00%, and net profit attributable to shareholders at 6.34 billion yuan, up 40.60% [1] - For the first three quarters of 2025, the company achieved operating revenue of 45.89 billion yuan, a 101.60% increase year-on-year, and net profit attributable to shareholders of 22.07 billion yuan, growing by 131.80% [1][2] - The substantial growth in performance is attributed to the merger with Haitong Securities, which expanded the company's business scale and increased net investment income, brokerage fees, and interest income [1] Financial Performance - In Q3 2025, Guotai Haitong's operating revenue was 22.02 billion yuan, with a net profit of 6.34 billion yuan, and a non-recurring net profit of 9.02 billion yuan, reflecting a 102% year-on-year increase [1] - For the first three quarters, the company reported a non-recurring net profit of 16.30 billion yuan, up 80.5% year-on-year, and a return on equity of 5.95%, an increase of 0.31 percentage points [1] - Total assets exceeded 2 trillion yuan by the end of Q3, marking a 91.7% increase from the previous year [2] Asset Impairment and New Business - Guotai Haitong announced a provision for asset impairment totaling 2.38 billion yuan for the first nine months of 2025, primarily due to the regular impairment provisions for the newly added leasing business [3] - The leasing business, developed post-merger, has shown stable growth and profitability, with a focus on risk control and asset quality [3] Business Integration and Strategy - The company is actively pursuing business integration, including the consolidation of qualifications and asset migration to unify customer service [4] - Management integration involves the implementation of a unified compliance and risk management system, updating over 600 regulations to enhance financial management [4] - Guotai Haitong is addressing competition among subsidiaries and is progressing with the integration of asset management subsidiaries, marking a significant move in the domestic securities industry [4][5] Regulatory Compliance - To meet regulatory requirements, Guotai Haitong is consolidating its public fund resources, as it currently holds multiple public fund licenses, which is against the "one participation, one control, one license" policy [5] - The company has successfully completed the legal entity switch in various exchanges, ensuring a single operational entity [5]