Haitong Hengxin 2025 Annual Report: Synergy Effects Accelerate Release, Emerging Sectors Lead Structural Upgrade

In 2025, the financial leasing industry operated stably overall, with regulators continuing the main theme of "staying true to fundamentals and preventing risks," persistently guiding the industry to focus on serving the real economy. As the 14th Five-Year Plan concluded, financing demands from industries such as high-end equipment and new energy continued to be released, bringing new opportunities to the sector.

Recently, Haitong Hengxin (1905.HK), one of the largest financial leasing companies under Shanghai's state-owned assets, released its 2025 annual performance report. In the pivotal year marking the conclusion of the 14th Five-Year Plan and the planning for the 15th Five-Year Plan, the company delivered a report card of stable operations, structural optimization, and synergy enhancement amidst a complex and volatile external environment.

The report shows that in 2025, Haitong Hengxin achieved total revenue of RMB 6.820 billion and an annual profit of RMB 1.425 billion. By year-end, total assets reached RMB 107.756 billion, and total equity amounted to RMB 20.419 billion. Notably, against the backdrop of intensifying industry competition and scarce high-quality assets, the company's non-performing asset ratio decreased against the trend to 1.16%, while the provision coverage ratio remained stable at a high level of 304.71%, continuously strengthening its risk resilience.

Synergy Effects Continue to Unfold, Regional Deepening Drives Differentiated Breakthrough

2025 was the first full year of comprehensive operation following the merger and restructuring of Guotai Junan and Haitong Securities. As a key holding subsidiary of Guotai Haitong Securities, Haitong Hengsin deeply implemented the "One Guotai Haitong" concept, formally incorporating leasing products into the group's unified business catalog. Synergistic leasing project deployments exceeded RMB 9 billion for the year, a surge of over 190% year-on-year.

At the regional level, Haitong Hengxin further optimized its national layout, tilting resources towards economically developed areas. In 2025, the proportion of new business deployments in the company's five key regions—the Yangtze River Delta, Central China, Chengdu-Chongqing-Shaanxi, the Greater Bay Area, and Beijing-Tianjin-Hebei—exceeded 85%, a year-on-year increase of over 16%. Among them, new business deployments in the Yangtze River Delta region grew by over 34% year-on-year, and its share of interest-bearing asset balance at year-end increased by approximately 8 percentage points to over 36%, gradually establishing differentiated competitive advantages with regional industrial characteristics. Branch offices across regions leveraged localized teams to focus precisely on leading industries, industrial parks, and manufacturers, driving multi-point breakthroughs and efficient project implementation. Among them, the Hainan branch seized the opportunity of the Free Trade Port's customs closure operation to actively explore innovations in cross-border business models.

Focusing on New Quality Sectors, Building Structural Competitive AdvantagesIn 2025, Haitong Hengxin closely followed the national strategic direction of the "Five Major Articles," making comprehensive efforts in the fields of technology finance, green finance, inclusive finance, pension finance, and digital finance. The proportion of new business deployments and asset balances in these related areas both exceeded 37%. Emerging industries became the main engine of growth, with new business deployments in sectors like advanced manufacturing, science and innovation leasing, green leasing, and the digital economy accounting for about 46% of the annual total, leading to continuous improvement in the asset structure.

Specifically, new business deployments in advanced manufacturing for the year reached RMB 13.886 billion, a year-on-year increase of 10.6%; new business deployments in science and innovation leasing reached RMB 8.604 billion, a year-on-year increase of 67.7%, with the year-end asset balance breaking the RMB 10 billion mark to reach RMB 10.186 billion, a 71.9% increase from the beginning of the year. In serving specialized, sophisticated, distinctive, and innovative enterprises, the interest-bearing asset balance reached RMB 3.153 billion, a year-on-year increase of 27.6%. The company fully leveraged its unique advantage of "financing + asset provision" to provide comprehensive financial services tailored to the operational characteristics and growth cycles of technology-based enterprises, achieving first-deal breakthroughs in multiple areas such as military industry support, high-end medical equipment, and autonomous driving in closed scenarios.

Significant achievements were also made in the green leasing field. The company implemented business in cutting-edge scenarios like hydrogen-powered heavy trucks, hydrogen-powered buses, and new energy mining trucks. New green leasing deployments for the year amounted to RMB 6.652 billion, and the year-end interest-bearing asset balance for green leasing reached RMB 16.976 billion. Among these, the interest-bearing asset balance for clean energy grew by 22.7% compared to the end of the previous year, and new business deployments increased by 118.3% year-on-year. For its exploration in the green and low-carbon field, the company was awarded the "Green Benefit Exploration Action Institution Award" at the 3rd Shanghai Green and Low-Carbon Technology Innovation Competition, and its hydrogen leasing product was recognized as the "Best Case" in the 2nd National Green Leasing Innovation Case Selection.

Entering the inaugural year of the "15th Five-Year Plan," leasing enterprises that stay true to fundamentals and operate compliantly will embrace a broader space for high-quality development. Haitong Hengxin, a leading financial leasing company, is steadfastly advancing on its new journey to become a first-class financial leasing company in China, guided by the operational strategy of "risk control as the foundation, seeking progress while maintaining stability, empowering with digital intelligence, improving management quality, and enhancing synergy."