Group 1 - The core viewpoint of the article highlights the significant recovery and strategic direction of Guotai Junan, particularly in the context of its international operations and the challenges faced by Haitong International [1][3] - Guotai Junan's Chairman, Zhu Jian, stated that Haitong International has made substantial progress by drastically reducing risk exposure, cutting down liabilities, and enhancing core business competitiveness [1] - The company plans to actively promote the integration of international business, steadily expand its international layout, and strengthen its core capabilities in international operations to better serve both domestic and foreign clients [1] Group 2 - Haitong International faced severe losses due to its investments in high-yield real estate bonds, resulting in a significant decline in performance, with losses of HKD 65.4 billion in 2022 and HKD 81.56 billion in 2023 [1] - The financial performance of Haitong Securities has also deteriorated, with a net profit of HKD 10 billion in 2021 dropping to a loss of HKD 3.4 billion in 2024 [3] - The half-year report for 2025 indicates that Guotai Junan achieved an operating revenue of CNY 23.872 billion, a year-on-year increase of 77.71%, and a net profit attributable to the parent company of CNY 15.737 billion, a year-on-year increase of 213.74% [5]