Huatai Securities (601688) H2 2024 earnings summary

Executive summary

• Achieved record net profit attributable to shareholders of RMB 15.35 billion, up 20.40% year-over-year, with revenue of RMB 41.47 billion, up 13.37%.

• Total assets at year-end were RMB 814.27 billion, with shareholders’ equity of RMB 191.67 billion, both maintaining industry-leading positions.

• Proposed total cash dividend of RMB 0.52 per share (including interim), representing a payout ratio of 30.58%.

• Completed the sale of AssetMark Financial Holdings, Inc., resulting in a one-time gain of RMB 6.34 billion.

Financial highlights

• Net profit attributable to shareholders: RMB 15.35 billion, up 20.40% year-over-year.

• Revenue: RMB 41.47 billion, up 13.37% year-over-year.

• Basic and diluted EPS: RMB 1.62, up from RMB 1.35 and RMB 1.33, respectively.

• Net assets per share: RMB 21.23 (including perpetual bonds); RMB 18.10 (excluding perpetual bonds).

• Cash flow from operating activities: RMB 68.17 billion, a significant turnaround from negative RMB 31.46 billion last year.

• Dividend payout: RMB 4.69 billion, 30.58% of net profit.

Outlook and guidance

• Focus on high-quality development, digital transformation, and international expansion.

• Continue to strengthen core businesses in wealth management and institutional services.

• Maintain prudent risk management and compliance, with all regulatory capital and liquidity ratios well above requirements.