Balance Sheet Haitong Securities Co., Ltd.

Equities

600837

CNE000000CK1

Investment Banking & Brokerage Services

End-of-day quote Shanghai S.E. Other stock markets 2025-01-17			5-day change	1st Jan Change
10.56 ^CNY	+0.19%		+1.34%	-5.04%

Jan. 17	China's securities regulator approves merger of Guotai Junan, Haitong Securities	RE
Jan. 13	Haitong Securities Chairman Steps Down; Successor Named	MT

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Published financial data: HAITONG SECURITIES CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Interest and Dividend Income, Total	27.41B	28.26B	29.64B	18.78B	20.52B
Interest Expense, Total	14.04B	13.02B	12.34B	13.61B	15.95B
Net Interest Income	13.38B	15.24B	17.3B	5.18B	4.57B
Brokerage Commission	-	-	18.76B	14.67B	12.5B
Gain (Loss) on Sale of Investments, Total (Rev)	2.37B	1.27B	-	-	-
Other Revenues, Total	18.36B	20.89B	7.94B	7.63B	7.59B
Revenues Before Provison For Loan Losses	34.1B	37.4B	44B	27.48B	24.65B
Provision For Loan Losses	1.61B	3.15B	2.07B	1.98B	1.98B
Total Revenues	32.49B	34.25B	41.93B	25.49B	22.67B
Salaries And Other Employee Benefits	-	-	9.03B	5.79B	6.34B
Cost of Services Provided, Total	11.27B	12.16B	3.77B	3.08B	3.14B
Depreciation & Amortization - (IS) - (Collected)	-	-	1.57B	1.58B	1.72B
Provision for Bad Debts	333M	55.07M	316M	503M	943M
Other Operating Expenses	6.94B	5.6B	9.17B	7.66B	8.59B
Total Operating Expenses	18.55B	17.82B	23.85B	18.61B	20.73B
Operating Income	13.95B	16.43B	18.08B	6.88B	1.94B
Income (Loss) on Equity Invest.	-	-	1.65B	787M	544M
Currency Exchange Gains (Loss)	243M	211M	280M	-425M	-344M
Other Non Operating Income (Expenses)	-	-190M	-	-	-
EBT, Excl. Unusual Items	14.19B	16.45B	20.01B	7.24B	2.14B
Impairment of Goodwill	-	-	-415M	-	-280M
Gain (Loss) on Sale of Investments	-901M	-1.15B	-964M	821M	-264M
Gain (Loss) on Sale of Assets	-4.79M	-7.83M	-	-	-
Asset Writedown	7.91M	-10.92M	-84.52M	-65.12M	-27.91M
Legal Settlements	-	-	-	-	-
Other Unusual Items	581M	472M	-	-	-
EBT, Incl. Unusual Items	13.87B	15.76B	18.54B	8B	1.57B
Income Tax Expense	3.33B	3.72B	4.8B	2.8B	1.88B
Earnings From Continuing Operations	10.54B	12.04B	13.75B	5.2B	-311M
Net Income to Company	10.54B	12.04B	13.75B	5.2B	-311M
Minority Interest	-1.02B	-1.16B	-921M	1.35B	1.32B
Net Income - (IS)	9.52B	10.88B	12.83B	6.55B	1.01B
Net Income to Common Incl Extra Items	9.52B	10.88B	12.83B	6.55B	1.01B
Net Income to Common Excl. Extra Items	9.52B	10.88B	12.83B	6.55B	1.01B
Per Share Items
Net EPS - Basic	0.83	0.9	0.98	0.5	0.08
Basic EPS - Continuing Operations	0.83	0.9	0.98	0.5	0.08
Basic Weighted Average Shares Outstanding	11.47B	12.02B	13.06B	13.06B	13.06B
Net EPS - Diluted	0.83	0.9	0.98	0.5	0.08
Diluted EPS - Continuing Operations	0.83	0.9	0.98	0.5	0.08
Diluted Weighted Average Shares Outstanding	11.47B	12.02B	13.06B	13.06B	13.06B
Normalized Basic EPS	0.68	0.76	0.89	0.45	0.2
Normalized Diluted EPS	0.68	0.76	0.89	0.45	0.2
Dividend Per Share	-	0.53	0.3	0.21	0.1
Payout Ratio	143.09	125.04	30.65	63.84	288.93
American Depositary Receipts Ratio (ADR)	10	10	10	10	10
Supplemental Items
Total Revenues (As Reported)	34.43B	38.22B	57.81B	41.98B	41.77B
Effective Tax Rate - (Ratio)	24.01	23.61	25.86	35.04	119.86
Total Current Taxes	3.4B	4.51B	5B	2.35B	1.48B
Total Deferred Taxes	-68.6M	-791M	-208M	457M	402M
Normalized Net Income	7.85B	9.12B	11.58B	5.88B	2.66B
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
Stock-Based Comp., Other (Total)	30.05M	37.69M	109M	23.91M	5.3M
Total Stock-Based Compensation	30.05M	37.69M	109M	23.91M	5.3M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	40.84B	36.15B	156B	153B	136B
Cash & Securities Segregated	76.18B	91.69B	-	-	-
Securities Purchased Under Agreements To Resell	57.49B	57.97B	62.75B	69.35B	75.71B
Accounts Receivable, Total	115B	129B	101B	110B	101B
Other Receivables	29.18B	25.17B	42.15B	12.33B	13B
Gross Property Plant And Equipment	10.47B	19.29B	21.93B	24.45B	24.98B
Accumulated Depreciation	-2.91B	-3.58B	-5.06B	-5.72B	-6.57B
Net Property Plant And Equipment	7.56B	15.71B	16.87B	18.73B	18.41B
Goodwill	4.13B	3.88B	3.37B	3.68B	3.47B
Other Intangibles, Total	1.31B	1.29B	531M	570M	691M
Investment In Debt and Equity Securities	28.87B	27.44B	74.94B	87.93B	99.68B
Trading Asset Securities, Total	144B	159B	196B	186B	199B
Other Current Assets, Total	99.48B	93.48B	22.65B	27.81B	29.47B
Deferred Tax Assets Long-Term (Collected)	3.14B	4.28B	5.17B	4.71B	4.19B
Deferred Charges Long-Term	158M	231M	-	-	-
Other Long-Term Assets, Total	29.41B	48.47B	62.52B	79.09B	74.07B
Total Assets	637B	694B	745B	754B	755B
Liabilities
Accounts Payable, Total	88.4B	110B	123B	116B	107B
Accrued Expenses, Total	5.6B	6.87B	-	-	-
Short-Term Borrowings	158B	134B	148B	154B	51.1B
Current Portion of Long-Term Debt	2.7B	36.23B	84.06B	85.38B	221B
Current Portion of Leases	372M	353M	308M	280M	320M
Long-Term Debt	190B	175B	145B	159B	143B
Long-Term Leases	618M	700M	739M	736M	777M
Current Income Taxes Payable	1.98B	2.99B	3.48B	1.73B	852M
Unearned Revenue, Current	-	-	157M	25.97M	19.17M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	25.19B	32.69B	42.28B	32.86B	40.78B
Unearned Revenue Non Current	183M	131M	435M	423M	361M
Pension & Other Post Retirement Benefits	473M	421M	-	-	-
Deferred Tax Liability Non-Current	251M	698M	1.32B	909M	835M
Other Non Current Liabilities	22.2B	26.11B	18.4B	25.83B	14.71B
Total Liabilities	496B	526B	567B	576B	580B
Common Stock, Total	11.5B	13.06B	13.06B	13.06B	13.06B
Additional Paid In Capital	56.53B	74.89B	-	-	-
Retained Earnings	58.95B	66.15B	75.82B	78.14B	76.13B
Treasury Stock	-	-	-	-	-414M
Comprehensive Income and Other	-889M	-651M	74.26B	73.39B	74.46B
Total Common Equity	126B	153B	163B	165B	163B
Minority Interest	15.03B	14.68B	14.62B	13.03B	11.56B
Total Equity	141B	168B	178B	178B	175B
Total Liabilities And Equity	637B	694B	745B	754B	755B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	11.5B	13.06B	13.06B	13.06B	13.02B
ECS Total Common Shares Outstanding	11.5B	13.06B	13.06B	13.06B	13.02B
Book Value / Share	10.96	11.75	12.49	12.6	12.54
Tangible Book Value	121B	148B	159B	160B	159B
Tangible Book Value Per Share	10.49	11.35	12.19	12.27	12.22
Total Debt	351B	346B	378B	399B	416B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-44.72M	-125M	-100M
Net Debt	32.54B	553M	-37.66B	-10.08B	4.81B
Equity Method Investments, Total	4.94B	4.43B	6.45B	7.01B	8.12B
Full Time Employees	10.84K	11.28K	11.63K	12.14K	13.64K
Assets on Operating Lease - Gross	4.69B	5.88B	-	-	-
Assets on Operating Lease - Accumulated Depreciation	-254M	-433M	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	1.42B	1.52B	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	9.52B	10.88B	12.83B	6.55B	1.01B
Depreciation, Depletion & Amortization	843M	1.03B	1.38B	1.39B	1.49B
Amortization of Goodwill and Intangible Assets - (CF)	27.47M	27.81M	6.19M	6.44M	5.07M
Total Depreciation, Depletion & Amortization	871M	1.06B	1.38B	1.4B	1.49B
Amortization of Deferred Charges, Total	257M	267M	185M	183M	225M
(Gain) Loss On Sale of Asset - (CF)	4.79M	3.66M	12.73M	10.72M	-17.28M
(Gain) Loss on Sale of Investments - (CF)	-2.91B	-468M	158M	1.44B	4.93B
Total Asset Writedown	-7.91M	10.92M	499M	65.12M	308M
Provision for Credit Losses	1.61B	3.15B	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-1.65B	-787M	-544M
Stock-Based Compensation (CF)	-	-	109M	23.91M	5.3M
Provision and Write-off of Bad Debts	333M	287M	3.35B	1.67B	3.19B
Change in Trading Asset Securities	-35.29B	6.88B	3.4B	7.82B	-17.26B
Change in Accounts Receivable	-3.88B	-32.22B	-5.82B	-1.32B	-350M
Change in Accounts Payable	40.93B	12.19B	20.87B	-15.62B	-9.87B
Change in Unearned Revenues	-	-	25.71M	-131M	-6.79M
Change In Deferred Taxes	-31.57M	-726M	-	-	-
Change in Other Net Operating Assets (Collected)	-	-	8.78B	13.14B	24.39B
Other Operating Activities	11.25B	10.98B	8.61B	3.37B	7.39B
Cash from Operations	22.66B	12.29B	52.75B	17.79B	14.9B
Capital Expenditure	-2.61B	-8.09B	-1.8B	-4.66B	-802M
Sale of Property, Plant, and Equipment	45.39M	18.56M	455M	3.1M	137M
Cash Acquisitions	-	-1.68B	-	-	-
Divestitures	-	-	-	132M	-
Investment in Marketable and Equity Securities, Total	1.61B	-7.45B	-21.47B	-12.83B	-10.41B
Other Investing Activities, Total	2B	748M	1.88B	2.07B	2.27B
Cash from Investing	1.05B	-16.46B	-20.94B	-15.28B	-8.8B
Long-Term Debt Issued, Total	157B	228B	180B	176B	168B
Total Debt Issued	157B	228B	180B	176B	168B
Long-Term Debt Repaid, Total	-152B	-215B	-178B	-156B	-171B
Total Debt Repaid	-152B	-215B	-178B	-156B	-171B
Issuance of Common Stock	-	20B	-	-	-
Repurchase of Common Stock	-	-	-	-15.23M	-414M
Common Dividends Paid	-13.63B	-13.6B	-3.93B	-4.18B	-2.91B
Common & Preferred Stock Dividends Paid	-13.63B	-13.6B	-3.93B	-4.18B	-2.91B
Other Financing Activities, Total	1.36B	-1.1B	-8.66B	-10.43B	-10.67B
Cash from Financing	-6.85B	18.74B	-11.16B	6.13B	-16.54B
Foreign Exchange Rate Adjustments	426M	-1.1B	-251M	1.18B	453M
Net Change in Cash	17.28B	13.48B	20.4B	9.83B	-9.99B
Supplemental Items
Cash Interest Paid	5.51B	7.03B	11.86B	13.15B	15.46B
Cash Income Tax Paid (Refund)	4.4B	5.72B	3.64B	6.49B	2.36B
Net Debt Issued / Repaid	5.42B	13.44B	1.43B	20.76B	-2.55B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.74	1.81	1.91	0.69	-0.04
Return On Equity %	7.77	7.78	7.95	2.92	-0.18
Return on Common Equity	7.81	7.78	8.1	3.99	0.62
Margin Analysis
Gross Profit Margin %	65.85	65.12	91.01	87.9	86.13
SG&A Margin	0.54	0.62	21.53	22.69	27.97
Income From Continuing Operations Margin %	32.44	35.15	32.79	20.38	-1.37
Net Income Margin %	29.31	31.75	30.59	25.68	4.45
Net Avail. For Common Margin %	29.31	31.75	30.59	25.68	4.45
Normalized Net Income Margin	24.16	26.63	27.63	23.05	11.71
Asset Turnover
Asset Turnover	0.05	0.05	0.06	0.03	0.03
Short Term Liquidity
Current Ratio	1.99	1.84	1.45	1.44	1.32
Quick Ratio	1.64	1.55	1.39	1.36	1.25
Operating Cash Flow to Current Liabilities	0.08	0.04	0.13	0.05	0.04
Long Term Solvency
Total Debt/Equity	249.01	205.71	212.6	224.46	237.81
Total Debt / Total Capital	71.35	67.29	68.01	69.18	70.4
LT Debt/Equity	135.06	104.53	81.86	89.75	82.22
Long-Term Debt / Total Capital	38.7	34.19	26.19	27.66	24.34
Total Liabilities / Total Assets	77.84	75.78	76.14	76.43	76.84
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	46.14	5.41	13.84	-39.21	-11.07
Gross Profit, 1 Yr. Growth %	66.5	4.23	14.6	-41.28	-12.86
Earnings From Cont. Operations, 1 Yr. Growth %	82.66	14.2	14.21	-62.2	-105.99
Net Income, 1 Yr. Growth %	82.75	14.2	17.94	-48.97	-84.59
Normalized Net Income, 1 Yr. Growth %	91.53	15.38	22.8	-49.3	-54.82
Diluted EPS Before Extra, 1 Yr. Growth %	84.44	8.7	8.58	-49.07	-84.55
Common Equity, 1 Yr. Growth %	6.98	21.7	6.31	0.89	-0.82
Total Assets, 1 Yr. Growth %	10.82	9	7.33	1.17	0.13
Tangible Book Value, 1 Yr. Growth %	7.24	22.9	6.86	0.69	-0.79
Cash From Operations, 1 Yr. Growth %	-551.75	-45.74	-943.78	-66.27	-16.25
Capital Expenditures, 1 Yr. Growth %	-34.16	210.59	-77.77	158.85	-82.79
Dividend Per Share, 1 Yr. Growth %	-	-	-43.4	-30	-52.38
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	8.58	24.11	13.59	-16.8	-26.48
Gross Profit, 2 Yr. CAGR %	8.19	31.74	33.54	-17.96	-28.47
Earnings From Cont. Operations, 2 Yr. CAGR %	3.31	44.43	14.2	-34.3	-84.96
Net Income, 2 Yr. CAGR %	5.12	44.46	16.05	-22.42	-71.96
Normalized Net Income, 2 Yr. CAGR %	7.69	49.18	21.04	-21.07	-52.14
Diluted EPS Before Extra, 2 Yr. CAGR %	5.91	41.42	8.89	-25.64	-71.95
Common Equity, 2 Yr. CAGR %	3.48	14.1	13.75	3.57	0.03
Total Assets, 2 Yr. CAGR %	9.13	9.9	8.16	4.2	0.65
Tangible Book Value, 2 Yr. CAGR %	3.52	14.8	14.89	3.73	-0.05
Cash From Operations, 2 Yr. CAGR %	-37.93	56.56	52.58	68.71	-46.85
Capital Expenditures, 2 Yr. CAGR %	19.48	43	-16.91	-24.14	-33.25
Dividend Per Share, 2 Yr. CAGR %	-	87.97	-	-37.05	-42.26
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.35	7.51	23.54	-7.77	-14.93
Gross Profit, 3 Yr. CAGR %	6.22	6.86	43.73	1.55	-16.3
Earnings From Cont. Operations, 3 Yr. CAGR %	5.68	6.82	33.56	-21	-70.44
Net Income, 3 Yr. CAGR %	5.79