Hualin Securities 2025 Annual Report Released, Revenue Up 18% Year-over-Year, Net Profit Attributable to Parent Surged 43%, AI Brokerage Strategy Accelerating Implementation

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As capital market reforms deepen and the vigorous development of “new quality productivity” gathers momentum, the securities industry is speeding up its shift away from a single model of scale expansion, and is fully moving toward a high-quality growth path centered on “professional capability” and a “compliance-first” foundation. Against this backdrop, Huaxin Securities has become a vivid microcosm of industry transformation trends through its practices of driving endogenous growth via digital and intelligent transformation.

On the evening of March 31, 2026, Huaxin Securities (002945.SZ) officially disclosed its 2025 annual report. During the reporting period, the company achieved operating revenue of 1.698 billion yuan, up 18.34% year over year; net profit attributable to shareholders of the listed company was 506 million yuan, up 43.35% year over year; basic earnings per share were 0.19 yuan, up 46.15% year over year; and the weighted average return on net assets was 7.28%, up 1.85 percentage points year over year.

In 2025, Huaxin Securities continued to advance its technology-finance strategy, with operating performance growing steadily and its profitability improving significantly. While maintaining sound operations, Huaxin Securities plans to distribute a cash dividend of 0.57 yuan for every 10 shares (tax included), with a cash dividend payout ratio of not less than 30% for six consecutive years.

Strong wealth management core business; digital-intelligent transformation releases growth momentum

As the company’s core growth engine for revenue, the wealth management business achieved revenue of 1.15 billion yuan in 2025, up 28.02% year over year, with its revenue contribution accounting for 68%. The operating profit margin increased to 51.69%, and both the company’s online and offline businesses delivered significant growth.

In the brokerage segment, the company’s stock and fund trading volume reached 3.42 trillion yuan, up 60% year over year, and its market share continued to rise. The company continued to increase investment in the construction of its trading service system, building a professional trading system covering tools such as the rapid-investment QMT and non-convex intelligent trading algorithms, to precisely meet diversified trading needs of institutions and high-net-worth clients. The trading volume for institutions and algorithm-based trading grew 128% year over year. Online wealth management revenue was 475 million yuan, up 31%; clients’ assets grew 31% year over year; and new clients increased 26% year over year. The profitability of branch offices reached 93%, and 101 operating branches achieved profits.

Data source: Huaxin Securities 2025 annual report

AI brokerage strategy fully launched; Dolphin App continues to be upgraded

In 2025, Huaxin Securities advanced its technology-finance transformation strategy in an all-round way, with its wholly owned subsidiary, Dolphin Technology, as the core carrier. Dolphin Technology’s share of technology talent exceeded 80%, focusing on frontier technological innovations such as AI and big data. It developed its own Dolphin vertical financial large model, building an intelligent agent matrix including the Dolphin Intelligent Agent, the Ask-for-Stocks Intelligent Agent, the Customer Service Intelligent Agent, and the Wallet Intelligent Agent. It established an “Intelligent Agent+” service system, driving an upgrade of the model from “people looking for services” to “AI proactively accompanying.” After the upgrade, the Dolphin App enables three-step rapid account opening, covering diversified scenarios such as securities trading, wealth management, inclusive finance, and social. It continues to reduce the barrier to financial services.

The company also launched the “Huaxin Smart Investment” intelligent robo-advisor brand. Supported by the Dolphin financial AI large model, the company builds an integrated service system covering “research & investment analysis—allocation—trading,” with AI fully empowering robo-advisors and customer service. With its innovative accomplishments in the field of financial technology, Huaxin Securities received honors such as “Annual Excellent AI Innovation Broker” and “Securities Industry Digitalization Practice Award—Rising Star.”

The annual report shows that in 2025, the company’s electronic equipment operating expenses reached 439 million yuan, up 69.11% year over year. This investment was mainly used for the R&D iteration of the Dolphin vertical financial large model and the construction of a smart computing center. The goal is to drive long-term business growth through high-density technological investment. In 2026, the company will treat artificial intelligence as a core strategic resource, fully build an AI brokerage core capability system, deepen the Dolphin App intelligent service ecosystem, and promote the deep empowerment of all businesses by AI technology.

Diversified business synergy; impressive performance in alternative investments

For its proprietary business, the company adheres to a prudent investment style, with outstanding performance in fixed-income investments. Centered on interest rate bonds, and by leveraging quantitative tools to precisely capture the market’s rhythm, the company serves as a market maker for interbank RMB bond trading, with its full-year spot trading volume exceeding 1 trillion. Equity investments focus on high-dividend strategies, accurately judging market conditions and effectively managing yield drawdowns.

As a professional alternative investment platform, the company’s subsidiary Huaxin Innovation focuses on key national strategic areas. It has cumulatively invested in 12 industry-leading enterprises and 1 industrial fund, with a total investment size of 1.002 billion yuan. In 2025, gains from fair value changes in alternative investment businesses increased significantly, driving the company’s “other” business income to grow by more than 11 times year over year.

Firmly comply with the compliance and risk-control bottom line; high proportion of dividends puts “finance for good” into practice

As of the end of the reporting period, the company’s net capital was 5.48 billion yuan, up 12.45%; its risk coverage ratio was 373.25%, up 147.25 percentage points year over year; its liquidity coverage ratio was 392.92%, up 175.55 percentage points year over year; and its net stable funding ratio was 230.89%, up 58.32 percentage points year over year. All key core risk-control indicators were significantly above regulatory requirements, and the company maintained zero major risk events throughout the year.

For 2025, the company plans to distribute a cash dividend of 0.57 yuan for every 10 shares (tax included), with a total cash dividend of 154 million yuan, accounting for 30.40% of net profit attributable to parent company shareholders. The company will maintain a cash dividend payout ratio of not less than 30% for six consecutive years.

In terms of social responsibility, in 2025 the company invested more than 6 million yuan in rural revitalization and implemented 15 poverty-relief and assistance projects. After the earthquake in Xizang Shigatse, the company promptly donated 5 million yuan in cash and urgently needed supplies valued at 462,000 yuan, and coordinated disaster-relief funds for the recovery of collective economies in the disaster areas as well as education and training. The company continues to deepen the “One Company, One County” pairing assistance mechanism, establishing long-term assistance cooperation with five counties including Dingri County and Xin County, exploring diversified models such as “finance + public welfare” and “technology + public welfare.”

Looking ahead to 2026: Anchor AI brokerage and build momentum for a new journey

In its annual report, Huaxin Securities pointed out that 2026 is the foundation year for the company’s new three-year development plan. The company is anchoring its core development strategy of “AI brokerage” and fully launching it, with “AI brokerage strategy initiation · consolidating the growth foundation” as its core course. The company will fully build an AI brokerage core capability system, promote generative AI to comprehensively empower the entire wealth management value chain, iterate and upgrade the core functions of AI robo-advisors and Huaxin Smart Investment, deepen AI applications in scenarios including investment research analysis, asset allocation, and account diagnostics, and build a smarter and more precise wealth management system.

At the same time, the company will focus on improving the quality and efficiency of core businesses, continuously improve its integrated financial services system, strengthen the deep integration of technology and business, adhere to the bottom line of compliant operations, and continuously build core competitiveness through a differentiated and characteristic development path, creating long-term and sustainable value returns for investors. (Information)

【About Huaxin Securities】

Huaxin Securities Co., Ltd. (stock code: 002945.SZ) is a comprehensive securities firm listed on the Shenzhen Stock Exchange. Its registered address is in Lhasa, Tibet, and its office address is at Nanshan District, Shenzhen. The company’s businesses cover wealth management, proprietary trading, investment banking, asset management, and alternative investments, with 34 branches and 75 securities outlets, covering major provinces and cities across the country. The company is firmly advancing its AI brokerage strategy, using the Dolphin App as its core product, and is committed to building an intelligent, digitalized integrated financial services platform.

Editor: Kong Dexuan

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