国泰海通 2026 年一季报出炉：营收和扣非净利润大涨，子公司合并提速

The highly anticipated Q1 2026 report of Guotai Haitong Securities was officially disclosed on the evening of April 24.

The performance report shows that in the first quarter of this year, Guotai Haitong achieved operating revenue of 16.232 billion yuan, a year-on-year increase of 58.91%; net profit attributable to the parent company after deducting non-recurring gains and losses reached 5.711 billion yuan, a year-on-year increase of 73.43%, while total assets steadily climbed to 22.6 trillion yuan. However, the net profit attributable to the parent company showed a year-on-year decline due to the high base effect generated by last year's merger.

Announcements released on the same evening also revealed that the board of directors of Guotai Haitong approved proposals including the merger of its alternative investment subsidiary, Guojun Zhengyu, with Haitong Innovation, and the merger of its private equity investment subsidiary, Haitong Kaiyuan, with Guojun Chuangxin Tou. Previously, two asset management subsidiaries and two futures subsidiaries under Guotai Haitong had already initiated mergers in July last year and April 20 this year, respectively. Since the beginning of this year, there has been an obvious trend of accelerated integration among Guotai Haitong's subsidiaries.

Core Business Profitability on an Upward Trajectory

Financial data shows that in the first quarter of 2026, Guotai Haitong achieved operating revenue of 16.232 billion yuan, a significant 58.91% increase compared to 10.215 billion yuan in the same period last year.

During the reporting period, net profit attributable to owners of the parent company amounted to 6.388 billion yuan, a year-on-year decrease of 47.82%. Regarding this apparent decline, the quarterly report provided a clear explanation: the latter was due to the massive "negative goodwill" generated when the company absorbed and merged with Haitong Securities in the same period last year (Q1 2025), leading to higher non-operating income in that period.

If the impact of such non-recurring gains and losses is excluded, the net profit attributable to the parent company after deducting non-recurring gains and losses, which better reflects the company's core business operations, reached 5.711 billion yuan, a substantial year-on-year increase of 73.43%. The weighted average return on equity (ROE) after deduction also rose by 0.05 percentage points year-on-year to 1.74%. This indicates that after removing the accounting treatment effects during the initial phase of the merger, Guotai Haitong's actual profitability and main businesses remain on an upward trajectory.

Growth Rates Vary Across Segments

Regarding the revenue performance of Guotai Haitong's specific business segments, the result shows overall growth but varying growth rates.

In brokerage services: Net commission income from brokerage activities reached 4.727 billion yuan in the first quarter, a year-on-year increase of 78.23%. The quarterly report stated that this was mainly due to the year-on-year increase in stock and fund trading volume in the first quarter, as well as the expansion of brokerage business scale following the absorption and merger of Haitong Securities.

In asset management services: Net commission income from asset management business reached 176 million yuan, a year-on-year increase of 50.50%. This was primarily because the group's asset management and fund management scales effectively expanded after the merger.

In net interest income: Net interest income for the first quarter reached 1.76 billion yuan, more than doubling year-on-year to a growth rate of 153.74%, mainly due to the increase in scale of financial leasing and margin financing businesses after the merger.

In investment and proprietary trading: Despite a reduction in absolute investment returns due to market conditions, falling from 7.088 billion yuan to 1.696 billion yuan, fair value change income from derivative financial instruments increased from a loss of 2.961 billion yuan in the same period last year to 4.485 billion yuan this year, showing a particularly prominent improvement in derivative investment business.

Two More Subsidiaries Announce Merger Initiatives

Announcements released on the same day show that subsidiaries under Guotai Haitong continue to accelerate integration.

Among them, the company's alternative investment subsidiary, Haitong Innovation will absorb and merge with Guojun Zhengyu. Upon completion of the absorption and merger, Haitong Innovation will succeed and assume all assets, liabilities, businesses, personnel, contracts, qualifications, accounts, and all other rights and obligations of Guojun Zhengyu, with the name proposed to be changed to "Guotai Haitong Zhengyu Investment Co., Ltd.".

Meanwhile, the company's private equity investment subsidiary, Haitong Kaiyuan will conduct a controlling merger with Guojun Chuangxin Tou, proposing that Guotai Haitong transfer all equity of Guojun Chuangxin Tou to Haitong Kaiyuan free of charge. Upon completion of the merger, Haitong Kaiyuan will be renamed "Guotai Haitong Kaiyuan Investment Co., Ltd.", and Guojun Chuangxin Tou will become a wholly-owned subsidiary of Guotai Haitong Kaiyuan.

The two aforementioned companies adopted different merger methods, demonstrating Guotai Haitong's diversified approach to integrating subsidiaries.

A representative of Guotai Haitong stated that the merger between Haitong Innovation and Guojun Zhengyu will not interfere with the independent operation of each invested enterprise, nor will it adversely affect their normal production, operations, or business development. Through the merger, the two alternative investment subsidiaries will achieve integrated allocation of investment research capabilities, project resources, and compliance risk control, lowering costs through scaled operations and enhancing investment returns through professional management, thereby better building differentiated competitive advantages.

The representative further stated that all existing businesses of Haitong Kaiyuan and Guojun Chuangxin Tou will continue to proceed normally, and all signed contracts, agreements, and legal documents remain valid and unaffected by this merger. In the future, Haitong Kaiyuan and Guojun Chuangxin Tou will continue to focus on improving their professional standards, always placing investor interests prominently, and continuously fulfilling their functions of serving national strategies and creating financial returns.

Official Announcement of New Board Secretary

In the series of announcements released on the evening of April 24, Guotai Haitong also officially announced the appointment of a new Board Secretary. The current Board Secretary, Nie Xiaogang, resigned from his position as Board Secretary and other roles due to work arrangements but will continue to serve as Executive Director, Vice President, and Chief Risk Officer of the company. Simultaneously, the company's board of directors appointed Xu Lan as the new Board Secretary.

Resume information shows that Xu Lan currently serves as General Manager of the Strategic Client Department and Deputy Director of the Integration Work Office at Guotai Haitong, as well as Chairman and General Manager of Guotai Junan Zhengyu Investment Co., Ltd. Since joining Guotai Haitong in July 2008, she has successively held positions including Administrative Head of the Financial Industry Department in the Investment Banking Division, Administrative Head of the Finance and Technology Group in the Investment Banking Division, Joint Administrative Head of the Comprehensive Execution Group - Party Committee Office, Administrative Head of the Financial Advisory Business Department, Deputy General Manager of the Strategic Client Department, Joint General Manager of the Investment Banking Division, General Manager of the Strategic Client Department, Vice Chairman and General Manager of Guotai Junan Zhengyu Investment Co., Ltd.