Huatai Securities surpasses the one-trillion-yuan threshold; what new opportunities does the new leadership bring?

Ask AI · How will Wang Huiqing’s diversified financial experience empower Huatai Securities’ strategy?

After the new leader Wang Huiqing took office, he clearly proposed to continue profit growth, optimize business structure, and strengthen risk management as development directions.

Produced by | Zhongfang.com

Reviewed by | Li Xiaoyan

Recently, Huatai Securities disclosed its 2025 annual report, a report that combines scale breakthroughs, structural optimization, and governance upgrades, opening a new chapter for the company’s development. CEO Zhou Yi stated in the annual report’s message, “Every worthwhile new beginning is not marked on the old map,” this philosophy serves as both a guiding principle for Huatai Securities to navigate industry waves and a clear path from scale expansion to high-quality development.

In January 2026, Huatai Securities successfully completed a board reshuffle, marking a systematic upgrade of the company’s governance system. The seventh board of directors is composed of 12 directors including Wang Huiqing, Zhou Yi, Ding Feng, and employee representative director Wang Ying, forming a 13-member structure with clear responsibilities and complementary expertise, solidifying the governance foundation for the company’s development. Members of the sixth board, such as Zhang Wei and Chen Zhongyang, completed their terms and stepped down, with gratitude for their significant contributions to the company’s scale expansion and business breakthroughs during their tenure.

After the reshuffle, Wang Huiqing was elected chairman of the seventh board of directors. This “expert-type” manager, holding both CPA and lawyer qualifications, has deep experience in trust, insurance, and other diversified financial fields, accumulating rich capital operation and strategic management expertise. Since becoming Party Secretary of Huatai Securities in November 2025, he has quickly integrated into the team and is leading Huatai Securities in a comprehensive iteration of development strategy, business layout, and governance capabilities on the trillion-asset platform. CEO Zhou Yi continues to steer the company, and the senior management team remains stable, providing solid support for strategy implementation.

In 2025, amid accelerated industry transformation and increased market volatility, Huatai Securities achieved double growth in revenue and net profit, demonstrating the resilience of a leading securities firm. The full-year operating income reached 35.81B yuan, up 6.83% year-on-year; net profit attributable to the parent was 16.38B yuan, up 6.72%, with core profitability metrics ranking at the top of the industry. Behind this achievement is the continuous optimization of business structure and the strong rise of light-capital businesses.

Wealth management became the company’s largest revenue source, with full-year income of 15.86B yuan, up 29.85%, increasing its share of total revenue to 44.30%. Relying on the “Zhangle Wealth” platform and AI technology empowerment, the fund advisory business reached 30.6 billion yuan in scale, serving over 1.01 million clients, with FOF products surpassing 50 billion yuan, and the transformation of buy-side advisory showing remarkable results. Institutional service business also gained momentum, with revenue of 6.93B yuan, a 42.42% increase year-on-year, with market share in prime brokerage, derivatives, and other areas continuously rising, providing full-chain services for institutional clients.

Investment management saw explosive growth, with revenue of 3.96B yuan, surging 176.35% year-on-year. Huatai Asset Management’s ABS issuance exceeded one trillion yuan, and Southern Fund’s pension management scale surpassed 100 billion yuan, continuously releasing professional investment capabilities. International business, affected by global market conditions, recorded revenue of 5.92B yuan, down 46.75% year-on-year, but the company continued to optimize its global network layout, with Singapore and Japan subsidiaries successively obtaining licenses, laying a foundation for future recovery. Regionally, Shanghai revenue reached 3.99B yuan, up 57.31%, becoming a core engine for regional growth and demonstrating the radiation effect of the Yangtze River Delta financial hub.

In 2025, Huatai Securities’ total assets exceeded 1.07 trillion yuan, reaching 1,077.348 billion yuan, a 32.31% increase year-on-year, successfully entering the “trillion securities firm” camp. This scale leap was not blind expansion but a proactive layout based on industry trends and company strategy. In 2024, the company actively deleveraged and shrank its debt business, with total assets falling back to 810 billion yuan, laying a solid safety net for the scale growth in 2025.

Behind the trillion-scale, Huatai Securities continued to strengthen capital strength and risk control. As of the end of 2025, the company’s net assets reached 10.7k yuan, and net capital was 207B yuan, both within safe industry ranges. To support the development of capital intermediary, proprietary trading, and other heavy-capital businesses, the company raised funds through bond issuance and other means, with net cash flow from financing activities reaching 110.79 billion yuan, providing ample capital for business expansion. Meanwhile, the company recognizes the short-term pressure on cash flows from operating and investing activities, with net cash flows of -12.6B yuan and -42.1B yuan respectively in 2025, aligning with the pace of business expansion and reflecting prudent management.

Faced with the capital management needs of a trillion-scale firm, Huatai Securities implemented cost reduction and efficiency enhancement precisely. Total business and management fees for the year were 16.04B yuan, down 7.99%, with employee costs of 9.75 billion yuan, down 3%. By optimizing personnel structure, the total number of employees was reduced from 16,964 to 15,511, a decrease of 1,453, with per capita employee cost reaching 628.5k yuan, achieving a virtuous cycle of “reducing staff while improving quality and efficiency.” Senior management took the lead, with pre-tax salaries of directors and senior executives totaling 16.1584 million yuan, a decrease of 2.53 million yuan from the previous year. CEO Zhou Yi’s annual salary remained at 1.44 million yuan, demonstrating a commitment to stable operations through concrete actions.

Standing at the new starting point of over one trillion, Huatai Securities is accelerating its digital and intelligent transformation centered on “All in AI,” injecting new momentum for high-quality development. In October 2025, the company launched the AI-native application “AI Zhangle” APP, integrating trading, research, and risk control across the entire chain, embedding AI technology into core systems like CAMS intelligent research platform and global FICC trading platform, improving service efficiency and customer experience. The self-developed global trading platform (GTP) went live, with multiple projects winning fintech development awards, making technological empowerment a core competitive advantage.

After Wang Huiqing took office, he clearly emphasized continuing profit growth, optimizing business structure, and strengthening risk management. In wealth management, he will deepen the buy-side advisory transformation and expand fund advisory coverage; in institutional services and investment management, focus on the needs of new productive enterprises, aiming to sponsor 10 tech companies going public in 2025, and lead underwriting projects in semiconductors, wind power equipment, and other leading sectors to support the real economy; in international business, optimize regional layout, focus on emerging markets like Southeast Asia, and enhance cross-border service capabilities.

From scale breakthroughs to governance upgrades, from steady performance to accelerated transformation, Huatai Securities is stepping into a new journey of high-quality development with a fresh posture. As Zhou Yi said, “The new journey has no old map to follow; only by staying true to our original aspiration and actively transforming can we continue to lead in the industry wave.” In the future, under the joint leadership of Wang Huiqing and Zhou Yi, the trillion-level Huatai will write a new chapter of high-quality development in China’s capital market with more stable operations, optimized structures, and stronger momentum.

Personal opinions, for reference only.