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China's largest brokerage by assets after the 2025 Guotai Junan–Haitong merger, spanning brokerage, investment banking and trading.
China's largest brokerage by assets after the 2025 Guotai Junan–Haitong merger, spanning brokerage, investment banking and trading.
Earns commissions on share trades, underwriting fees from helping companies raise money, interest on margin loans to clients and gains on its own trading, so revenue follows trading volume and market mood. It was created in 2025 when Guotai Junan absorbed Haitong Securities. This is the Shanghai-listed share.
In one line: A Chinese Morgan Stanley by scale.
Moat: narrow (scale, brand). Combined scale from the Guotai Junan-Haitong merger makes it China's largest brokerage by assets.
Headquarters: Shanghai, China · Founded: 2025 · Employees: 26,228
Size Guotai Haitong Securities (601211.SS) is a China Financials company (Investment Managers) with a market value of $40.4B, the 42nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.46 on 6 Nov 2026.
Performance Over six months the shares gained 2.1%, against +6.1% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 3.4% over the last twelve months (peer median +8.6%); the operating margin is 44.5% (peer median 26.1%).
Valuation It trades at 8.9× forward earnings against a peer median of 11.7× (3rd cheapest of 21).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥79.1B | CN¥98.2B | CN¥50.4B | CN¥43.3B | CN¥37.0B |
| Revenue growth | — | +95% | +16% | +17% | — |
| Gross profit | CN¥53.1B | CN¥81.3B | CN¥41.4B | CN¥36.0B | CN¥30.4B |
| EBITDA | n/a | CN¥52.4B | CN¥28.6B | CN¥23.1B | CN¥21.5B |
| Net income | CN¥30.6B | CN¥27.4B | CN¥12.3B | CN¥8.66B | CN¥11.0B |
| Free cash flow | CN¥162B | CN¥85.0B | CN¥59.5B | CN¥9.44B | CN¥52.8B |
| Capital expenditure | CN¥2.04B | CN¥1.64B | CN¥1.16B | CN¥1.17B | CN¥1.78B |
| Total debt | CN¥1.12T | CN¥1.00T | CN¥463B | CN¥421B | CN¥357B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Guotai Haitong Securities 601211.SS | $40.4B | +2% | +3% | 44% | 8.9× | n/a |
| CITIC Securities 600030.SS | $56.4B | -6% | -16% | 54% | 10.2× | n/a |
| Huatai Securities 601688.SS | $22.7B | -7% | -6% | 38% | 8.3× | n/a |
| GF Securities 000776.SZ | $20.9B | -10% | +37% | 42% | 7.8× | n/a |
| China Merchants Securities 600999.SS | $20.1B | +3% | -8% | 76% | 6.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 601211.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.8% | +3.4% | 5th lowest of 21 |
| 6-month return | +2.1% | +6.1% | 8th lowest of 21 |
| Distance from 52-week high | -26.4% | -14.3% | 6th lowest of 21 |
| Revenue growth (TTM) | +3.4% | +8.6% | 5th lowest of 21 |
| Operating margin | 44.5% | 26.1% | 6th highest of 21 |
| Forward P/E | 8.9× | 11.7× | 3rd cheapest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guotai Haitong Securities 601211.SS | China | $40.4B | +2% | +3% | 44% | 8.9× | n/a | n/a |
| Eqt EQT.ST | Sweden | $39.2B | +1% | -18% | 59% | 22.6× | n/a | n/a |
| Ameriprise Financial AMP | United States | $43.5B | +8% | +9% | 28% | 10.0× | n/a | n/a |
| Northern Trust NTRS | United States | $31.3B | +8% | +7% | 24% | 13.7× | n/a | n/a |
| Raymond James Financial RJF | United States | $31.3B | +6% | +10% | 21% | 11.4× | n/a | n/a |
| Ares Management ARES | United States | $30.0B | +7% | +7% | 27% | 20.5× | n/a | n/a |
| Nomura 8604.T | Japan | $26.5B | +15% | +12% | 12% | 9.0× | n/a | n/a |
| Apollo Global Management APO | United States | $68.9B | -12% | +11% | 11% | 11.5× | n/a | n/a |
| Principal Financial PFG | United States | $23.6B | +10% | +5% | 15% | 11.3× | n/a | n/a |
| CSC Financial 6066.HK | Hong Kong | $23.5B | -15% | +3% | 49% | 5.5× | n/a | n/a |
| T. Rowe Price TROW | United States | $23.1B | +4% | +7% | 36% | 10.8× | n/a | n/a |
| Amundi AMUN.PA | France | $21.7B | +9% | +1% | 23% | 11.9× | n/a | n/a |
| Partners PGHN.SW | Switzerland | $21.3B | -24% | +9% | 56% | 16.7× | n/a | n/a |
| Pershing Square PS | United States | $20.6B | +24% | +67% | 37% | 84.9× | n/a | n/a |
| China Merchants Securities 6099.HK | Hong Kong | $20.2B | -10% | +98% | 34% | 4.5× | n/a | n/a |
| KKR & KKR | United States | $86.6B | -6% | +32% | 23% | 11.4× | n/a | n/a |
| Brookfield Asset Management BAM | United States | $86.7B | +6% | +120% | 62% | 26.6× | n/a | n/a |
| TPG TPG | United States | $17.9B | +4% | +21% | 17% | 13.8× | n/a | n/a |
| Franklin Resources BEN | United States | $17.1B | +10% | +8% | 15% | 10.6× | n/a | n/a |
| CVC Capital Partners CVC.AS | Netherlands | $16.9B | +10% | +14% | 57% | 18.1× | n/a | n/a |
| Brookfield BN.TO | Canada | $102B | -8% | +1% | 25% | 13.5× | n/a | n/a |