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

As capital market reforms deepen and “new quality productive forces” rapidly take off, the securities industry is accelerating its departure from a single-track model focused on scale expansion, and is fully shifting to a high-quality growth path centered on “professional capabilities” and a “compliance-first foundation.” Against this backdrop, Hu Lin Securities’ practices of driving internal growth through digital and intelligent transformation are becoming a vivid snapshot of industry change trends.

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

In 2025, Hu Lin Securities continued to advance its technology-finance strategy, with steadily growing operating performance and a clearly improved profitability profile. While maintaining sound operations, Hu Lin Securities plans to distribute cash dividends of 0.57 yuan for every 10 shares (inclusive of tax), with the cash dividend payout ratio of no less than 30% for six consecutive years.

Strong momentum in wealth management core business, digital and intelligent transformation releases growth drivers

As the company’s core growth engine for revenue, its wealth management business achieved operating revenue of 1.150 billion yuan in 2025, up 28.02%. The revenue contribution ratio reached 68%. Operating profit margin increased to 51.69%, and both online and offline businesses of the company recorded significant growth.

In its brokerage business, the company’s stock and fund transaction volume reached 3.42 trillion yuan, up 60%, and its market share continued to rise. The company continuously increased investment in the construction of its trading service system, and built a professional trading system covering tools such as instant investing QMT and non-convex intelligent trading algorithms, enabling accurate fulfillment of the diversified trading needs of institutions and high-net-worth clients. The trading volume from institutional and algorithm-based trading increased 128% year over year. Wealth online business revenue was 475 million yuan, up 31%; customer assets increased 31% year over year; and new customers increased 26% year over year. The profitability of branch institutions reached 93%, and 101 business outlets were profitable.

Data source: Hu Lin Securities

2025 annual report

AI brokerage strategy fully launched; Dolphin App continues to upgrade

In 2025, Hu Lin Securities, with its wholly owned subsidiary Dolphin Technology as the core carrier, fully advanced its technology-finance transformation strategy. Dolphin Technology’s proportion of technology talent exceeds 80%. Focusing on cutting-edge technological innovations such as AI and big data, it independently developed the Dolphin vertical finance large language model, and built an agent matrix including Dolphin intelligent agents, ask-for-stock intelligent agents, customer service intelligent agents, and wallet intelligent agents. It established an “intelligent agents +” service system, driving an upgrade of the model from “people looking for services” to “AI proactively accompanying.” The upgraded Dolphin App achieved a three-step fast account opening process, covering multiple scenarios such as securities trading, wealth management, inclusive finance, and social features, continuously lowering the threshold for financial services.

The company also launched the “Hu Lin Smart Investing” intelligent advisory brand. Supported by Dolphin Finance AI large language model technology, the company built an integrated service system of “research & investment—allocation—trading,” enabling AI to empower both intelligent advisors and customer service comprehensively. Leveraging its innovative achievements in the financial technology field, Hu Lin Securities won honors such as “Annual Outstanding AI Innovation Brokerage Firm” and “New Star in the Digitalization Practice Award in the Securities Industry,” selected by authoritative media.

The annual report shows that in 2025, the company’s electronic equipment operating fees reached 439 million yuan, up 69.11%. This investment was mainly used for the iterative R&D and development of the Dolphin vertical finance large language model and the construction of the intelligent computing center. Its goal is to drive long-cycle business growth through high-density technology investment. In 2026, the company will treat artificial intelligence as a core strategic resource, comprehensively build the core capability system of an AI brokerage firm, further enhance the intelligent service ecosystem of the Dolphin App, and promote deep enablement of AI technology across all lines of business.

Coordinated development of multiple businesses; alternative investment performance stands out

For proprietary businesses, the company adheres to a prudent investment style and delivers strong performance in fixed-income investments. Centering on government bond investments, it uses quantitative tools to accurately capture market timing. As a market maker for bonds in the interbank RMB market, its full-year on-market spot trading volume exceeded 1 trillion yuan. For equity investments, it focuses on high-dividend strategies, accurately judging market conditions and effectively managing the retracement of returns.

As a professional alternative investment platform, its subsidiary Hu Lin Innovation focuses on key national strategic areas, with cumulative investments covering 12 industry-leading enterprises and 1 industrial fund, for a total investment scale of 1.002 billion yuan. In 2025, the fair value change gains from its alternative investment business increased significantly, driving the company’s “other” business revenue to grow by more than 11 times year over year.

Strictly守 compliance and risk-control bottom lines; high dividend payout practicing “finance for good”

As of the end of the reporting period, the company’s net capital was 5.480 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 core risk-control indicators were significantly better than regulatory requirements, and the company maintained zero major risk events throughout the year.

For its 2025 fiscal year, the company plans to distribute cash dividends of 0.57 yuan for every 10 shares (inclusive of tax). The total cash dividend amount will be 154 million yuan, accounting for 30.40% of net profit attributable to the parent company. For six consecutive years, the cash dividend payout ratio has been no less than 30%.

In terms of social responsibility, in 2025 the company invested more than 6 million yuan in rural revitalization, implementing 15 support projects. After the earthquake in Xizang Rikaze occurred, the company promptly donated 50 million yuan in cash and urgently needed materials valued at 4.62 million yuan, and coordinated disaster-relief funds for work such as restoring the collective economy in the disaster areas and education and training. It continued to deepen the “one company, one county” pairing support mechanism, establishing long-term pairing support cooperation with five counties including Dingri County and Xin County, and exploring diversified models of “finance + public welfare” and “technology + public welfare.”

Looking ahead to 2026: Anchoring on AI brokerage to build momentum for a new journey

In its annual report, Hu Lin Securities points out that 2026 is the foundational year for the company’s new round of three-year development plan. The company anchors on its core development strategy of an “AI brokerage firm” and fully launches it, with “AI brokerage strategy launch—solidifying growth fundamentals” as its core direction. The company will comprehensively build the core capability system of an AI brokerage firm, and promote generative AI to fully empower the entire business chain of wealth management. It will iterate and upgrade the core functions of its AI intelligent advisory and Hu Lin Smart Investing. It will deepen the application of artificial intelligence in scenarios such as investment research analysis, asset allocation, and account diagnostics, to build a smarter, more precise wealth management system.

At the same time, the company will focus on improving the quality and efficiency of its core businesses, continuously improve the comprehensive financial service system, strengthen the deep integration of technology and business, and adhere to the compliance-based bottom line for operations. Through differentiated and feature-based development paths, it will continue to build core competitiveness, creating long-term and sustainable value and returns for investors.

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