重要内容提示： 公司股票将自 2025 年 2 月 6 日（即异议股东现金选择权申报日）开市起连续 停牌，不再交易。2025 年 2 月 5 日为公司股票最后一个交易日。敬请广大投资者 注意。 国泰君安证券股份有限公司（以下简称国泰君安）拟通过向海通证券股份有 限公司（以下简称海通证券或公司）的全体 A 股换股股东发行 A 股股票、向海通 证券的全体 H 股换股股东发行 H 股股票的方式换股吸收合并海通证券（以下简称 本次换股吸收合并）并发行 A 股股票募集配套资金。 公司已于 2025 年 1 月 22 日发布《海通证券股份有限公司关于国泰君安证券 股份有限公司换股吸收合并海通证券股份有限公司并募集配套资金暨关联交易之 A 股异议股东现金选择权实施公告》（公告编号：临 2025-012），公司将通过网 下申报的方式向全体 A 股异议股东实施其所持 A 股异议股份的现金选择权。有关 公司 H 股现金选择权的实施及指示性时间安排，请参阅公司于香港联合交易所有 限公司网站发布的公告。 证券代码：600837 证券简称：海通证券 公告编号：临 2025-017 海通证券股份有限公司关于公司 股票连续停牌直至终止上市 ...

Group 1 - The company Haitong Securities (600837) announced that its stock will be suspended from trading starting February 6, 2025, which is the date for dissenting shareholders to declare their cash option [1] - The last trading day for the company's stock will be February 5, 2025 [1] - Upon completion of the cash option implementation and the company's delisting, shareholders will have their A-shares and H-shares converted into A-shares and H-shares issued by Guotai Junan as part of the share exchange merger [1]

证券代码：600837 证券简称：海通证券 公告编号：临2025-015 海通证券股份有限公司 关于计提资产减值准备及核销资产的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《企业会计准则》和海通证券股份有限公司（以下简称公司）会计政 策的相关规定，公司及下属子公司对截至 2024 年 12 月 31 日的各项需要计提 减值的资产进行了初步评估,并对截至 2024 年 12 月 31 日部分预计无法收回的 资产进行了核销，具体如下： 一、计提资产减值准备情况 1 2024 年 10-12 月计提长期应收款减值准备人民币 3.39 亿元。 对于售后回租业务，根据长期应收款的信用风险变化评估预期信用损失并 确定相应的信用损失准备，采用违约概率/违约损失率法或单项测试计算预期信 用损失，计提减值准备。 2．其他贷款和应收款 2024 年 10-12 月计提其他贷款和应收款减值准备人民币 3.21 亿元。 经初步评估，公司 2024 年 10-12 月计提信用减值损失人民币 103,325.15 万 元，计提其他资产减值损 ...

Core Viewpoint - The performance of Guotai Junan and Haitong Securities has diverged significantly in 2024, with Guotai Junan reporting strong growth while Haitong Securities anticipates a substantial loss [1][2][3]. Performance Summary - Guotai Junan achieved an operating income of 43.406 billion yuan, a year-on-year increase of 20.1%, and a net profit attributable to shareholders of 12.433 billion yuan, up 42.62% [1][3]. - The company reported an operating profit of 16.654 billion yuan, a 36.76% increase year-on-year, and a basic earnings per share of 1.39 yuan, reflecting a 41.84% growth [3]. - Guotai Junan's total assets surpassed 1 trillion yuan for the first time, reaching 1,047.319 billion yuan, a 13.17% increase [3]. - In contrast, Haitong Securities expects a net profit attributable to shareholders of approximately -3.4 billion yuan, indicating a loss compared to the previous year [2][3]. Reasons for Performance Divergence - Haitong Securities attributes its expected loss to a significant decline in the valuation of overseas financial assets, reduced investment income, and a decrease in revenue from its investment banking business due to a drop in domestic equity financing [2][3][4]. - The company maintains that its business and operational conditions are stable, with a sound asset-liability structure and ample liquidity [2]. Merger and Integration - Both companies announced the completion of all administrative approval processes for their merger, which was approved by the Hong Kong Stock Exchange [5]. - The merger process has progressed rapidly, with all corporate governance procedures completed in 100 days and all administrative approvals in 137 days [5]. - Post-merger, the companies plan to accelerate business integration, enhance service capabilities, and improve operational efficiency to strengthen their competitive position in the investment banking sector [5]. Stock Suspension - Both Guotai Junan and Haitong Securities announced that their A-shares will be suspended from trading starting February 6, with Guotai Junan expected to resume trading on February 13 [6]. - Haitong Securities will remain suspended until its delisting, with February 5, 2025, being its last trading day [6].

Core Viewpoint - Haitong Securities expects a net profit attributable to shareholders of approximately -3.4 billion yuan for the year 2024, indicating a loss compared to the previous year [1] Financial Performance - The significant decline in the valuation of overseas financial assets has led to a reduction in investment income and changes in fair value gains and losses [1] - The domestic market's equity financing scale has decreased, resulting in a reduction in the company's investment banking revenue [1] Business Stability - The company reports stable business and operational conditions, with a sound asset-liability structure and ample liquidity [1] Strategic Focus - Haitong Securities aims to strengthen its core functions and enhance its core competitiveness by focusing on its main business and leveraging the merger and restructuring with Guotai Junan [1]

Financial Performance - The company expects a net profit of approximately -3,400 million RMB for the year 2024, indicating a loss compared to the previous year[3] - The estimated net profit attributable to the parent company, excluding non-recurring gains and losses, is approximately -3,700 million RMB for 2024[4] - In the previous year, the total profit was 1,565.88 million RMB, with a net profit attributable to the parent company of 1,008.41 million RMB[5] Investment and Market Conditions - The company experienced a significant decline in the valuation of overseas financial assets, leading to reduced investment income and fair value changes[6] - The domestic market saw a decrease in equity financing scale, resulting in lower investment banking revenue for the company[6] Business Stability and Strategy - The company maintains a stable business and financial condition, with a good asset-liability structure and ample liquidity[7] - The merger with Guotai Junan Securities is seen as an opportunity to enhance core functions and competitiveness[7] Regulatory and Compliance - The performance forecast data has not been audited by an accounting firm, but there are no significant uncertainties affecting its accuracy[8] - The company plans to submit an application for voluntary delisting following the merger process with Guotai Junan[9]

Group 1 - The core viewpoint of the article indicates that Haitong Securities (600837) is expected to report a net profit attributable to shareholders of approximately -3.4 billion yuan for the year 2024, marking a significant loss compared to the previous year [1] - The decline in the valuation of overseas financial assets has led to a substantial decrease in investment income and changes in fair value gains and losses during the reporting period [1] - The domestic market for equity financing has contracted, resulting in a reduction in the company's investment banking revenue [1]

Group 1 - The core viewpoint is that the electrification rate in Europe has significant growth potential, with rapid increases in electric vehicle sales expected from 2025 to 2030 due to carbon emission assessment policies [1] - Emerging markets are experiencing a rapid increase in electrification rates, with strong competitive advantages for domestic high-quality supply, as local brands transition from exporting vehicles to exporting production capacity, indicating broad growth opportunities [1] Group 2 - China's power battery industry chain is globally leading and is expected to benefit from incremental overseas market demand, suggesting a focus on companies such as BYD, CATL, and EVE Energy [1]

证券代码：600837 证券简称：海通证券 公告编号：临 2025-012 海通证券股份有限公司 关于国泰君安证券股份有限公司换股吸收合并 海通证券股份有限公司并募集配套资金暨关联交易之 A 股异议股东现金选择权实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 申报主体：A 股申报主体为截至 A 股异议股东现金选择权实施股权登记日 收市后持有有效 A 股异议股份的 A 股异议股东。非 A 股异议股东的申报无效。 申报期间：2025 年 2 月 6 日 9:00-15:00，期间公司 A 股股票停牌。 重要内容提示： 海通证券股份有限公司（以下简称"公司"、"本公司"、"海通证券"）于 2024 年 12 月 13 日召开的 2024 年第二次临时股东大会、2024 年第一次 A 股类别股东会 及 2024 年第一次 H 股类别股东会审议通过了关于国泰君安证券股份有限公司（以 下简称"国泰君安"）换股吸收合并海通证券股份有限公司（以下简称"本次吸收 合并"）并募集配套资金暨关联交易（以下简称"本次交易"）的相关议案。在公 ...

1 证券代码：600837 证券简称：海通证券 公告编号：临 2025-014 海通证券股份有限公司 关于公司股票可能终止上市的风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 国泰君安证券股份有限公司拟通过向海通证券股份有限公司（以下简称"海 通证券"或"公司"）的全体 A 股换股股东发行 A 股股票、向海通证券的全体 H 股换股股东发行 H 股股票的方式换股吸收合并海通证券（以下简称"本次吸收合 并"）并发行 A 股股票募集配套资金事项已经公司于 2024 年 12 月 13 日召开的 2024 年第二次临时股东大会、2024 年第一次 A 股类别股东会及 2024 年第一次 H 股类别股东会审议通过，并已获得中国证券监督管理委员会出具的《关于同意国 泰君安证券股份有限公司吸收合并海通证券股份有限公司并募集配套资金注册、 核准国泰君安证券股份有限公司吸收合并海通证券股份有限公司、海富通基金管 理有限公司变更主要股东及实际控制人、富国基金管理有限公司变更主要股东、 海通期货股份有限公司变更主要股东及实际控制人的批 ...