Huatai Securities surpasses one trillion yuan; latest executive compensation revealed

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Source: Yinrui Society

Text / Rui Finance Xu Shumin

As always, the annual report’s address is delivered by CEO Zhou Yi.

Zhou Yi said, every worthwhile new beginning is not marked on old maps.

For Huatai Securities, the past 2025 was a year of a brand-new industry start, with unprecedented technological changes and industry innovations, and also a year when the company embarked on a new journey, successfully reaching a trillion-yuan scale and achieving key breakthroughs.

Everything is new now.

Even the management team has been reshuffled.

In January 2026, Huatai Securities’ Board of Directors completed its re-election.

Wang Huiqing, Zhou Yi, Ding Feng, Yu Lanying, Ke Xiang, Jin Yongfu, Chen Jianwei, Wang Jianwen, Wang Quansheng, Peng Bing, Wang Bing, Lao Jianrong—12 members—along with employee representative director Wang Ying, elected by the staff congress, make up the seventh Board of Directors.

Meanwhile, members of the sixth Board—Zhang Wei, Chen Zhongyang, and Zhang Jinxin—whose terms have expired, will no longer serve as directors.

Huatai Securities’ 2025 financial report disclosed that during the period, there were 13 changes in directors and senior management, including 6 departing directors, among them former Chairman Zhang Wei.

Wang Huiqing has become Huatai Securities’ new Chairman.

Wang Huiqing’s first task is to lead Huatai Securities to restart, continuing the growth trend in profits and scale.

In 2025, Huatai Securities achieved operating revenue of 35.81B yuan, up 6.83% year-over-year, and net profit attributable to the parent of 16.38B yuan, up 6.72%, with both revenue and net profit increasing.

Among them, wealth management revenue reached 15.86B yuan, up 29.85% year-over-year; institutional service revenue was 6.93B yuan, up 42.42%; investment management revenue was 3.96B yuan, up 176.35%.

International business revenue was 5.92B yuan, down 46.75% year-over-year.

Regionally, Shanghai saw the highest revenue growth for Huatai Securities. In 2025, revenue in Shanghai was 3.99B yuan, a 57.31% increase.

As for scale, as of December 31, 2025, based on consolidated reports, Huatai Securities’ total assets were 1.07 trillion yuan, an increase of 32.31% year-over-year.

This high growth in total assets in 2025 was built on the negative growth in 2024.

In 2024, Huatai Securities’ total assets declined, shrinking to about 810 billion yuan, mainly due to proactive deleveraging and shrinking of debt-related businesses.

Larger scale demands more capital.

With assets exceeding a trillion yuan, Huatai Securities’ net cash flow from operating activities was negative.

In 2025, net cash flow from operating activities was -10.7k yuan, a decrease of 12.6B yuan from the previous year, mainly due to a reduction in net holdings of financial instruments held for trading purposes; net cash flow from investing activities was -80.77B yuan, down 42.1B yuan, mainly due to increased cash paid for investments.

Meanwhile, net cash flow from financing activities was 62.6B yuan, an increase of 110.79B yuan, mainly due to increased cash received from bond issuance.

As of the end of 2025, Huatai Securities’ domestic and foreign short-term and long-term loans, bonds payable, short-term financing payable, borrowed funds, and repurchased financial assets totaled 170.46B yuan.

On the other hand, Huatai Securities also faces pressure from receivables. In 2025, accounts receivable were 12.59 billion yuan, an increase of 125.34% year-over-year, mainly due to increases in receivables from brokerage, traders, and clearinghouses.

To ease capital pressure, Huatai Securities implemented cost reduction and efficiency enhancement measures.

In 2025, Huatai Securities’ operating and management expenses were 450.53B yuan, down 7.99% year-over-year, mainly due to a decrease in personnel costs. Employee costs were 9.75 billion yuan, down 3%.

As of the end of 2025, Huatai Securities employed a total of 15,511 staff, a reduction of 1,453 from the end of the previous year, which had 16,964 employees.

This translates to an average employee cost of 628.5k yuan in 2025.

Additionally, Huatai Securities’ directors and senior executives also took pay cuts.

In 2025, the total pre-tax remuneration for directors and senior management was 16.1584 million yuan, down 2.53 million yuan from 18.6896 million yuan the previous year.

Among them, Zhou Yi’s annual salary was 1.44 million yuan, unchanged from the previous year.