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].

2024年，集团坚持以客户为中心，聚焦"业务竞争力提高、全面数字化提速、管理精细化提效"等重点任 务，扎实做好科技金融、绿色金融、普惠金融、养老金融和数字金融"五篇大文章"，主动服务国家和上 海重大发展战略，加快改革深化提升行动及与海通证券的合并重组，全力推动各项业务经营发展，巩固 提升核心竞争优势，经营业绩快速增长，建设一流投资银行稳步推进。其中，财富管理业务强化客户拓 展，提升买方资产配置能力，证券经纪保持领先、产品销售和基金投顾业务规模大幅增长;投资银行业 务深化协同协作机制，全面延伸业务链条，主要业务排名和市场份额持续提升;机构与交易业务强化客 群经营，优化交易投资策略，客户服务能力和交易定价能力不断增强;投资管理业务加强投研能力建 设，推动产品创新和多元化发展，管理资产规模保持增长;国际业务优化顶层架构，持续推进跨境一体 化和海外布局，业绩表现优异。 报告期内，公司强化顶层设计，制定并落实改革深化提升行动工作方案;全面推进零售、机构、企业三 大客户服务体系建设，推进投顾队伍体系化和分支机构标准化，深化机构客群分类经营策略，明确企业 客户全产品服务清单，客户基础不断夯实;加快推进全面数字化转型，深入推 ...