国泰君安、海通证券，双双发布2024年业绩！

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].