Core Insights - The "Top Leaders in Listed Securities Firms" ranking by Sina Finance recognizes outstanding contributions and influence of leaders in the securities industry, with Li Junjie of Guotai Haitong ranking 4th among comprehensive securities firms [1] Group 1: Company Performance - Guotai Haitong demonstrated strong growth during the evaluation period, with revenue and net profit growth rates of 20.1% and 38.9%, respectively, ranking first among eight comprehensive listed securities firms [6] - The growth in 2024 is primarily driven by brokerage and proprietary trading businesses, with revenues increasing by 15.5% and 61.8% respectively [6] - The average monthly active users of the Junhong APP reached 8.8471 million, a year-on-year increase of 11.1%, while the assets under management for the "Junxiang Investment" advisory service grew by 107.5% to 26.416 billion yuan [6] Group 2: Mergers and Acquisitions - Under Li Junjie's leadership, Guotai Junan successfully merged with Haitong Securities, marking the largest merger of listed securities firms in China's capital market history [8][9] - The merger was completed in just 191 days and resulted in total assets of 1.73 trillion yuan and net assets of 328.3 billion yuan, positioning the company as the industry leader in capital strength [9] - The combined entity boasts nearly 40 million retail clients and a monthly active user count of 15.1 million, both leading the industry [9] Group 3: Business Development - The investment banking segment faced challenges with a 20.76% decline in net income, yet market share increased, with a 16.9% rise in underwriting volume to 996.714 billion yuan [7] - The asset management business showed steady growth, with the management scale of Huashan Fund reaching 772.405 billion yuan, a 14.4% increase [7]

Core Viewpoint - The company has proposed a profit distribution plan for 2024, which includes a cash dividend of 2.8 yuan per 10 shares, amounting to a total cash dividend of approximately 6.26 billion yuan, representing 48.05% of the net profit attributable to the parent company for the year [1][2]. Company Overview - The company operates in the Chinese securities industry, which has seen significant growth and development over the past three decades, with increasing profitability and risk management capabilities [2]. - The industry has experienced fluctuations in profitability, with a growth trend from 2019 to 2021, followed by a decline in profits in 2022 and 2023 [2]. Economic and Regulatory Environment - In 2024, China's economy is expected to maintain stability and progress, supported by government policies aimed at enhancing market quality and encouraging long-term capital investment [3]. - The China Securities Regulatory Commission aims to develop 2-3 internationally competitive investment banks by 2035, promoting mergers and acquisitions among leading firms [3]. Business Performance - The company reported a total revenue of 43.397 billion yuan in 2024, a year-on-year increase of 20.08%, with a net profit attributable to the parent company of 13.024 billion yuan, up 38.94% [11][12]. - The wealth management business has strengthened its client acquisition capabilities, while the investment banking sector has expanded its service offerings and improved market share [13][16]. Core Competencies - The company has established a comprehensive service platform, leading digital technology initiatives, and a robust compliance culture, which are critical to its long-term development [6][9]. - The digital technology investments have positioned the company as a pioneer in financial technology applications within the securities industry, enhancing customer experience and operational efficiency [8]. Business Segments - Wealth management services include securities and futures brokerage, financial products, and investment consulting, while investment banking services focus on underwriting and advisory for corporate clients [11][12]. - The company has seen significant growth in its institutional and trading business, with a notable increase in trading volumes and market share [30][31]. Financial Metrics - The company’s operating expenses for 2024 were 26.738 billion yuan, reflecting an increase of 11.58% year-on-year, primarily due to rising business and management costs [50]. - The cash flow from operating activities reached 56.105 billion yuan, indicating a substantial increase compared to the previous year, driven by improved cash inflows from securities transactions [49].

Core Insights - The company reported total revenue and other income of 61.757 billion RMB for the year ending December 31, 2024, representing a year-on-year increase of 18.07% [1] - Profit attributable to equity holders was 13.024 billion RMB, up 38.94% year-on-year, with basic earnings per share at 1.39 RMB and a proposed final dividend of 2.8 RMB per 10 shares [1] Business Strategy and Focus - In 2024, the company will focus on enhancing business competitiveness, accelerating digital transformation, and improving management efficiency, while actively serving national and Shanghai's major development strategies [2] - Key areas of focus include technology finance, green finance, inclusive finance, pension finance, and digital finance, with efforts to deepen reforms and promote business development [2] Operational Enhancements - The company has strengthened its top-level design and implemented a comprehensive action plan for reform and enhancement, focusing on retail, institutional, and corporate client service systems [3] - Digital transformation is being accelerated, with significant integration of large model capabilities into customer service systems [3] - The company has improved its green finance service capabilities, achieving an MSCI ESG rating upgrade to AAA [3] Customer and Market Performance - The number of users on the Junhong APP reached 41.6397 million, a 3.0% increase year-on-year, with an average monthly active user count of 8.8471 million, up 11.1% [4] - The number of personal fund accounts grew by 8.3% to 19.3194 million, with affluent and high-net-worth clients increasing by 17.9% [4] - The asset retention scale of the "Junxiang Investment" advisory business reached 26.416 billion RMB, a significant increase of 107.5% [4] - The company achieved a domestic stock fund trading share of 5.17%, up 0.41 percentage points year-on-year, and financial product sales amounted to 950.5 billion RMB, a 27.7% increase [4]