Haitong Securities (600837) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 11.77 billion, up 47.48% year-over-year, driven by higher investment income and brokerage fees.

• Net profit attributable to shareholders surged 391.78% to RMB 12.24 billion, mainly due to negative goodwill from the merger with Haitong Securities.

• The merger with Haitong Securities was completed on March 14, 2025, significantly expanding asset scale and equity.

Financial highlights

• Operating income: RMB 11.77 billion, up 47.48% year-over-year.

• Net profit attributable to shareholders: RMB 12.24 billion, up 391.78% year-over-year.

• Basic and diluted EPS: RMB 1.16, up 346.15% year-over-year.

• Net cash flow from operating activities: -RMB 49.79 billion, reflecting increased trading asset holdings.

• Total assets at quarter-end: RMB 1.69 trillion, up 61.58% from year-end 2024.

Outlook and guidance

• The company is confident in its future development and has initiated an A-share buyback to support share value and shareholder interests.