004	Important Notice
006	Definitions
010	Company Profile
020	Summary of the Resu

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Important Notice	004
Definitions	006
Company Profile	010
ummary of the Results	020

IMPORTANT NOTICE

I. The Board of Directors, the Supervisory Committee, Directors, Supervisors and senior management of the Company undertake that the information in this interim report is true, accurate and complete and contains no false record, misleading statement or material omission, and assume individual and joint legal liabilities for the information contained herein.

II. Director(s) absent from the meeting

Position of absent Director	Name of absent Director	Reasons for absence	Name of proxy
Director	Chen Zhongyang	Business engagement	Ke Xiang
Independent Director	Wang Jianwen	Business engagement	Wang Quansheng

III. This interim report has not been audited.

IV. Zhang Wei, head of the Company, Jiao Xiaoning, the Chief Financial Officer, and Zhang Xiaodi, the officer in charge of the accounting office (head of accounting department), hereby warrant that the financial report contained in the interim report is true, accurate and complete.

V. The profit distribution proposal for the Reporting Period which has been considered and approved by the Board is as follows: the Company will distribute cash dividend of RMB0.15 (tax inclusive) per Share. The proposal is subject to approval at the general meeting of the Company.

VI. Risk statement with respect to the forward-looking statements

Forward-looking statements including future plans and development strategies contained in this interim report do not constitute the Company' s substantive commitments to investors. Investors are advised to pay attention to investment risks.

VII. There is no misappropriation of funds of the Company by any controlling Shareholders and other related parties for non-operating purposes.

VIII. The Company has not provided any external guarantees in violation of the prescribed decision-making procedures.

IX. There exists no such circumstance that more than half of the Directors could not guarantee the authenticity, accuracy and integrity of the interim report disclosed by the Company.

X. The interim report is prepared by the Company in both Chinese and English. In the event of any discrepancy, the Chinese version shall prevail.

XI. Warning on major risks

Domestic and external macroeconomy and monetary policies, laws and regulations on financial and securities industries, changing trends in real economy and financial industries and other factors may all have an impact on the Company' s business operations. On the other hand, like other companies in the securities industry, inherent risks in the securities market such as market volatility and market liquidity may also affect the Company' s business.

Main risks in business operation faced by the Company include: policy risks arising from national macrocontrol measures, changes in laws, regulations, relevant regulatory policies and transaction rules in capital market and securities industry, which will adversely influence the business of securities companies; compliance risks arising from business management or professional activities of the Company or its employees violating laws, regulations or codes, which cause the Company bearing legal responsibility, industrial rules and regulations, which may damage the brand value, hinder the normal operation, and even undermine the market and social stability; money laundering risks arising from the utilization of the Company's products or services by criminals to engage in money laundering, terrorist financing and other activities which lead to negative effects on the Company's reputation, compliance, operation and other aspects; model risks that cause adverse consequence or loss to the Company's businesses resulting from incorrect or inappropriate model design, development or use; integrity risks arising from abuse of official power for personal gain by the employees of the Company, which may cause harm or negative impact to the Company. Besides, with the advancement of the Company's internationalization strategy, the Company's business expands into the United States, the United Kingdom, Singapore, Vietnam, Japan, Hong Kong and other countries and regions, and the Company is exposed to more complex market environment and regulatory requirements.

being subject to regulatory measures and disciplinary sanctions, suffering from property or business reputation loss; legal risks arising from the Company's failure to abide by provisions and requirements of laws and regulations, which expose the Company to litigations, compensation and fines and suffer from loss; market risks arising from fluctuations in risk factors, including stock prices, interest rates, exchange rates and commodities, which make the Company suffer from loss in assets; credit risks arising from the default of financiers, issuers or counterparties in financing, investment, trading and other businesses, which make the Company suffer from loss; liquidity risks arising from the Company's inability to obtain sufficient funds at a reasonable cost in time to pay matured debts, fulfil other payment obligations and satisfy the capital needs for normal business; information technology risks caused by the failure of the Company's network and information system to ensure the stable, efficient and safe operation of transaction and business management in terms of business realization, timely response, solving capacity and network and data security, resulting from service capability abnormality or data damage and leakage out of internal or external reasons, which make the Company suffer from loss; operational risks arising from losscausing incomplete or problematic internal procedures, personnel, information technology systems and external incidents; reputational risk of negative comments on the Company by investors, issuers, regulatory authorities, disciplinary organizations, the public and the media arising from the Company's behaviors or external events, and its employees' violation of integrity rules, professional ethics, business norms, and

Financial Report and Documents for Inspection

DEFINITIONS

In this report, unless the context otherwise requires, the following terms and expressions have the meanings set forth below:

DEFINITIONS OF CAPITALIZED TERMS AND EXPRESSIONS

A Share(s)	domestic share(s) in the share capital of the Company with nominal value of RMB1.00 each, which are listed on the Shanghai Stock Exchange and traded in RMB
APP	Application
Articles of Association	the articles of association of the Company, as amended, supplemented or otherwise modified from time to time
Bank of Jiangsu	Bank of Jiangsu Co., Ltd. ( 江蘇銀行股份有限公司 )
Beijing Stock Exchange	the Beijing Stock Exchange ( 北京證券交易所 )
Board or Board of Directors	the board of Directors of the Company
CAGR	compound annual growth rate
CASBE	the China Accounting Standards for Business Enterprises ( 中國企業會計準則 )
China or the PRC	the People' s Republic of China
China Southern Asset Management	China Southern Asset Management Co., Ltd. ( 南方基金管理股份有限公司 )
Communications Holding	Jiangsu Communications Holding Co., Ltd. ( 江蘇交通控股有限公司 )
Company Law	the Company Law of the People' s Republic of China (《中華人民共和國公司法》), as amended from time to time
CSRC	the China Securities Regulatory Commission ( 中國證券監督管理委員會 )
Director(s)	director(s) of the Company
FICC	fixed income, currency and commodity
Futures IB Business	a business activity in which securities firms, as commissioned by futures companies, introduce clients to participate in futures transactions of futures companies and provide other related services
GDR	global depository receipt
Govtor Capital	Govtor Capital Group Co., Ltd. ( 江蘇高科技投資集團有限公司 )
Group, Our Group, we or us	the Company and its subsidiaries, and their respective predecessors
Guoxin Group	Jiangsu Guoxin Investment Group Limited ( 江蘇省國信集團有限公司 , formerly known as Jiangsu Guoxin Asset Management Group Limited ( 江蘇省國信資產管理集團有限公司 ))
H Share(s)	foreign share(s) in the share capital of the Company with nominal value of RMB1.00 each, which are listed on the Hong Kong Stock Exchange and traded in HK dollars
HKEX	Hong Kong Exchanges and Clearing Limited ( 香港交易及結算所有限公司 )
HK\$, HKD or HK dollars	the lawful currency of Hong Kong
Hong Kong	the Hong Kong Special Administrative Region of the PRC
Hong Kong Stock Exchange	The Stock Exchange of Hong Kong Limited ( 香港聯合交易所有限公司 )
HTSC, Huatai Securities, our Company, Company or Parent Company	a joint stock company incorporated in the PRC with limited liability under the corporate name 华泰证券股份有限公司 (Huatai Securities Co., Ltd.), converted from our predecessor 华泰证券有限责任公司 (Huatai Securities Limited Liability Company) on December 7, 2007, carrying on business in Hong Kong as "HTSC", and was registered as a registered non Hong Kong company under Part 16 of the Companies Ordinance under the Chinese approved name of " 華泰六八八六股份有限公司 " and English name of "Huatai Securities Co., Ltd."; the H Shares of which have been listed on the Main Board of the Hong Kong Stock Exchange since June 1, 2015 (Stock Code: 6886); the A Shares of which have been listed on the SSE since February 26, 2010 (Stock Code: 601688); and the global depository receipts of which have been listed on the London Stock Exchange plc since June 2019 (Symbol: HTSC), unless the context otherwise requires, including its predecessor
Huatai Asset Management	Huatai Securities (Shanghai) Asset Management Co., Ltd. ( 華泰證券 ( 上海 ) 資產管理有限公司 ), a wholly-owned subsidiary of Huatai Securities
Huatai Financial Holdings (Hong Kong)	Huatai Financial Holdings (Hong Kong) Limited ( 華泰金融控股 ( 香港 ) 有限公司 ), a wholly owned subsidiary of Huatai International

Huatai Foundation	Jiangsu Huatai Foundation ( 江蘇省華泰公益基金會 )
Huatai Futures	Huatai Futures Co., Ltd. ( 華泰期貨有限公司 ), a wholly-owned subsidiary of Huatai Securities
Huatai Innovative Investment	Huatai Innovative Investment Co., Ltd. ( 華泰創新投資有限公司 ), a wholly-owned subsidiary of Huatai Securities
Huatai International	Huatai International Financial Holdings Company Limited ( 華泰國際金融控股有限公司 ), a wholly-owned subsidiary of Huatai Securities
Huatai-PineBridge	Huatai-PineBridge Fund Management Co., Ltd. ( 華泰柏瑞基金管理有限公司 )
Huatai Purple Gold Investment	Huatai Purple Gold Investment Co., Ltd. ( 華泰紫金投資有限責任公司 ), a wholly-owned subsidiary of Huatai Securities
Huatai Securities (USA)	Huatai Securities (USA), Inc., a wholly-owned subsidiary of Huatai International
Huatai United Securities	Huatai United Securities Co., Ltd. ( 華泰聯合證券有限責任公司 ), a wholly-owned subsidiary of Huatai Securities
IFRS(s)	the International Financial Reporting Standard(s)
IPO(s)	the initial public offering(s)
IT	information technology
Jiangsu Equity Exchange	Jiangsu Equity Exchange Co., Ltd. ( 江蘇股權交易中心有限責任公司 )
Jiangsu SASAC	State-owned Assets Supervision and Administration Commission of Jiangsu Provincial Government ( 江蘇省政府國有資產監督管理委員會 )
Jiangsu Securities Regulatory Bureau	Jiangsu Securities Regulatory Bureau of the CSRC ( 中國證監會江蘇監管局 )
Listing Rules or Hong Kong Listing Rules	the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (as amended, supplemented or otherwise modified from time to time)
London Stock Exchange or LSE	the London Stock Exchange plc ( 倫敦證券交易所 )
Model Code	the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Hong Kong Listing Rules
NEEQ	the National Equities Exchange and Quotations for small and medium-sized enterprises
OTC	over-the-counter
PBOC	the People's Bank of China
QFII	qualified foreign institutional investor
Reporting Period	the period of six months from January 1, 2025 to June 30, 2025
Securities Law	Securities Law of the People's Republic of China (《中華人民共和國證券法》), as amended from time to time
SFO	the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time
Shanghai Stock Exchange or SSE	the Shanghai Stock Exchange ( 上海證券交易所 )
Shenzhen Stock Exchange	the Shenzhen Stock Exchange ( 深圳證券交易所 )
Singapore Subsidiary	Huatai Securities (Singapore) Pte. Limited, a wholly-owned subsidiary of Huatai International
STAR Market	science and technology innovation board of SSE
Supervisor(s)	supervisor(s) of the Company
Supervisory Committee	the supervisory committee of the Company
USD or US dollar	the lawful currency of the United States of America
VAR	value at risk
Wind Information	Wind Information Co., Ltd. ( 萬得信息技術股份有限公司 ), a service provider of financial data, information and software in Mainland China
%	per cent.

In the 2025 interim report, any discrepancies between the total shown and the sum of the amounts listed are due to rounding; and any discrepancies in the change percentages of an item are due to the difference of currency unit of the item.

Company Profile

I. COMPANY INFORMATION

Chinese name of the Company 华泰证券股份有限公司

Abbreviation of Chinese name of the Company 華泰證券

English name of the Company HUATAI SECURITIES CO., LTD.

Abbreviation of English name of the Company HTSC

Legal representative of the Company Zhang Wei

Chief Executive Officer and chairman of the Executive Committee of the Company Zhou Yi

Authorized representatives of the Company Zhou Yi, Zhang Hui

Registered capital and net capital of the Company

	As at the end of the Reporting Period	Unit: Yuan Currency: RMB As at the end of the previous year
Registered capital	9,027,302,281.00	9,027,302,281.00
Net capital	96,642,271,399.97	94,142,061,443.95

Qualifications of each business line of the Company

According to the business license issued by Jiangsu Provincial Market Regulation Administration ( 江蘇省市場監督管理局 ), the business scope of the Company includes: licensed items: securities business; securities investment consultancies; sales of public offering securities investment funds; custody of securities investment fund (Projects that need to be approved by law shall be carried out upon approval by relevant authorities, and the specific business projects are subject to the approval results) general items: providing intermediary referrals by securities company for futures companies (Except for projects that need to be approved by law, business activities can be conducted independently with the business license in accordance with the laws).

II. LIST OF MEMBERS OF THE BOARD OF DIRECTORS AND SPECIAL COMMITTEES

Members of the Board of Directors		Members of Special Committees
Executive Directors	Mr. Zhang Wei (Chairman) Mr. Zhou Yi (CEO and chairman of the Executive Committee) Ms. Wang Ying	Development Strategy Committee	Mr. Zhang Wei (Chairman) Mr. Zhou Yi Mr. Chen Zhongyang Mr. Jin Yongfu Mr. Zhang Jinxin
Non-executive Directors	Mr. Ding Feng Mr. Chen Zhongyang Mr. Ke Xiang Mr. Jin Yongfu Mr. Zhang Jinxin	Compliance and Risk Management Committee	Mr. Zhou Yi (Chairman) Mr. Ke Xiang Mr. Wang Jianwen
		Audit Committee	Mr. Wang Bing (Chairman) Mr. Ding Feng Mr. Lo Kin Wing Terry
Independent Non-executive Directors	Mr. Wang Jianwen Mr. Wang Quansheng Mr. Peng Bing Mr. Wang Bing Mr. Lo Kin Wing Terry	Nomination Committee	Mr. Wang Quansheng (Chairman) Ms. Wang Ying Mr. Peng Bing
		Remuneration and Appraisal Committee	Mr. Wang Quansheng (Chairman) Mr. Peng Bing Mr. Wang Bing

III. CONTACT

Secretary of the Board	Representative for Securities
Zhang Hui	Zhu Youwei ( 朱有為 )
11/F, Building 1, No. 228 Middle Jiangdong Road, Nanjing, Jiangsu Province, the PRC	12/F, Building 1, No. 228 Middle Jiangdong Road, Nanjing, Jiangsu Province, the PRC
025-83387272, 83387780	025-83389157
025-83387784	025-83387784
[email protected]	[email protected]
Joint company secretary	Joint company secretary
Zhang Hui	Kwong Yin Ping Yvonne
11/F, Building 1, No. 228 Middle Jiangdong Road, Nanjing, Jiangsu Province, the PRC	40th Floor, Dah Sing Financial Centre, No. 248 Queen' s Road East, Wanchai, Hong Kong, the PRC

IV. CHANGES IN BASIC INFORMATION

Registered address of the Company	No. 228 Middle Jiangdong Road, Nanjing, Jiangsu Province, the PRC
Historical changes in the registered address of the Company	In July 2015, the Company has completed the change in business registration, and its registered address was changed from "No. 90 East Zhongshan Road, Nanjing, Jiangsu Province, the PRC" to "No. 228 Middle Jiangdong Road, Nanjing, Jiangsu Province, the PRC"
Office address of the Company	No. 228 Middle Jiangdong Road, Nanjing, Jiangsu Province, the PRC
Postal code of office address of the Company	210019
Principal place of business in Hong Kong	62/F, The Center, 99 Queen' s Road Central, Hong Kong, the PRC
Company website	https://www.htsc.com.cn
Email	[email protected]
Main exchange	025-83389999
Customer service hotline	95597 or 4008895597
Company fax	025-83387784
Business License Unified Social Credit Code	91320000704041011J
Index of changes during the Reporting Period	No change during the Reporting Period

V. INFORMATION DISCLOSURE AND CHANGES IN LOCATION FOR INSPECTION OF DOCUMENTS

Name of newspapers selected by the Company for information disclosure	China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily
Website designated by the CSRC for publication of the interim report	https://www.sse.com.cn
Website designated by the Hong Kong Stock Exchange for publication of the interim report	https://www.hkexnews.hk
Website designated by the LSE for publication of the interim report	https://www.londonstockexchange.com
Location for inspection of the interim report of the Company (A Share)	No. 228 Middle Jiangdong Road, Nanjing, Jiangsu Province, the PRC
Location for inspection of the interim report of the Company (H Share)	No. 228 Middle Jiangdong Road, Nanjing, Jiangsu Province, the PRC; 62/F, The Center, 99 Queen' s Road Central, Hong Kong, the PRC
Index of changes during the Reporting Period	No change during the Reporting Period

VI. LANGUAGE AND MEANS OF RECEIPT OF CORPORATE COMMUNICATION

The Company provides corporate communications to H Shareholders based on their respective selected language version and means of receipt. H Shareholders have the following options:

• to read and/or download the corporate communications published on the Company' s website at www. htsc.com.cn and receive printed notice for the publication of the corporate communications; or

to receive printed English version of all corporate communications only; or
to receive printed Chinese version of all corporate communications only; or
to receive both printed English and Chinese versions of all corporate communications.

H Shareholders may choose and/or change the version of language of corporate communications and/or the way to receive corporate communications at any time. H Shareholders may notify the Company by the following ways:

by mail: 17M Floor, Hopewell Center, 183 Queen' s Road East, Wanchai, Hong Kong, the PRC
by email: [email protected]

For enquiry on the arrangement of language version and means of receipt of corporate communications, H Shareholders may call our hotline +852 2862 8688 at any time.

VII. SHARES/DEPOSITORY RECEIPTS OF THE COMPANY

Type of shares/ depository receipts	Stock exchange for listing	Stock name	Stock code
A Share	Shanghai Stock Exchange	華泰證券	601688
H Share	Hong Kong Stock Exchange	HTSC	6886
GDR	London Stock Exchange	Huatai Securities Co., Ltd.	HTSC

The Company did not change the stock name.

VIII. OTHER RELEVANT INFORMATION

(I) Accounting Firms

Accounting firm engaged by the	Name	Deloitte Touche Tohmatsu Certified Public Accountants LLP
Company (domestic)	Office address	30/F, 222 Yan An Road East, Huangpu District, Shanghai, the PRC
Accounting firm engaged by the	Name	Deloitte Touche Tohmatsu Registered PIE Auditor under the Accounting and Financial Reporting Council Ordinance
Company (Hong Kong)	Office address	35/F, One Pacific Place, 88 Queensway, Hong Kong, the PRC
Accounting firm engaged by the	Name	Deloitte Touche Tohmatsu Certified Public Accountants LLP
Company (United Kingdom)	Office address	30/F, 222 Yan An Road East, Huangpu District, Shanghai, the PRC

(II) Legal Advisors

Legal advisor engaged by the Company (domestic)	Name	King & Wood Mallesons
	Office address	18/F, East Tower, World Financial Center 1, Middle East 3rd Ring Road, Chaoyang District, Beijing, the PRC
	Name	Clifford Chance
Legal advisor engaged by the Company (overseas)	Office address	27/F, Jardine House, 1 Connaught Place, Central, Hong Kong, the PRC

(III) Share Registrars

Share registrar for A Share	Name	China Securities Depository and Clearing Corporation Limited, Shanghai Branch
	Office address	No. 188 South Yanggao Road, Pudong New Area, Shanghai, the PRC
	Name	Computershare Hong Kong Investor Services Limited
Share registrar for H Share	Office address	Shops 1712-1716, 17/F, Hopewell Centre, 183 Queen' s Road East, Wanchai, Hong Kong, the PRC

Summary of the Results

I. KEY ACCOUNTING DATA AND FINANCIAL INDICATORS OF THE COMPANY

(The accounting data and financial indicators contained in this report are prepared in accordance with the IFRSs)

(I) Key Accounting Data

		Corresponding period of the previous year		Year
Item	The Reporting Period	After adjustment	Before adjustment	on-year change (%)
Total revenue, other income and gains	20,979,125	19,817,246	24,878,295	5.86
Profit before income tax	8,524,841	5,576,128	5,576,128	52.88
Profit of this period – attributable to shareholders of the Company	7,549,447	5,310,704	5,310,704	42.16
Net cash (used in)/generated from operating activities	(5,436,137)	37,605,298	37,605,298	N/A
Total amount of other comprehensive income after tax this period	265,339	364,122	364,122	(27.13)

Unit: Thousand Yuan Currency: RMB

Item	As of the end of the Reporting Period	As of the end of the previous year After adjustment	Before adjustment	Increase/decrease of the end of the Reporting Period over the end of the previous year (%)
Total assets	900,696,960	814,270,494	814,270,494	10.61
Total liabilities	700,478,365	622,376,573	622,376,573	12.55
Total equity attributable to shareholders of the Company	200,133,722	191,673,902	191,673,902	4.41
Total shareholders' equity	200,218,595	191,893,921	191,893,921	4.34
Total share capital (shares)	9,027,302,281	9,027,302,281	9,027,302,281	–

(II) Key Financial Indicators

		Corresponding period of the previous year
Item	The Reporting Period	After adjustment	Before adjustment	Year-on-year change (%)
Basic earnings per share (RMB/share)	0.80	0.55	0.55	45.45
Diluted earnings per share (RMB/share)	0.80	0.55	0.55	45.45
ROE (%)	4.30	3.18	3.18	Increase of 1.12 percentage points
Debt-to-assets ratio (%) Note 1	71.23	73.16	73.16	Decrease of 1.93 percentage points
Net assets attributable to the Company' s shareholders of ordinary shares per share (RMB/share) Note 2	18.48	17.10	17.10	8.08

Note 1: Debt-to-assets ratio = (total liabilities – accounts payable to brokerage clients – funds payable to securities issuers)/(total assets – accounts payable to brokerage clients – funds payable to securities issuers).

Note 2: Net assets attributable to the shareholders of the Company of ordinary shares per share were net of the effect of perpetual bonds.

Description of key accounting data and financial indicators of the Company:

In accordance with the relevant provisions of the Q&A on the Implementation of Accounting Treatment for Standard Warehouse Receipt Transactions issued by the Accounting Department of the Ministry of Finance, the Company changed its accounting policies from January 1, 2025, and retrospectively adjusted the financial statements for the same period in 2024 using the retrospective adjustment method. For details, please refer to the Announcement on Changes in Accounting Policies of Huatai Securities Co., Ltd. disclosed on August 30, 2025.

(III) Net Capital of the Parent Company and Risk Control Indicators

Unit: Yuan Currency: RMB

Item	As of the end of the Reporting Period	As of the end of the previous year
Net capital	96,642,271,399.97	94,142,061,443.95
Net assets	166,960,770,220.30	160,886,314,922.70
Risk coverage ratio (%)	406.33	431.31
Net capital/net assets (%)	57.88	58.51
Net capital/liabilities (%)	24.36	27.25
Net assets/liabilities (%)	42.08	46.57
Value of proprietary equity securities and derivatives/net capital (%)	32.30	26.98
Value of proprietary non-equity securities and derivatives/net capital (%)	300.38	254.96
Core net capital	71,152,271,399.97	69,102,061,443.95
Supplementary net capital	25,490,000,000.00	25,040,000,000.00
Total risk capital provision	23,784,420,905.17	21,827,122,976.54
Total on-balance and off-balance assets	462,066,338,654.50	423,654,826,307.64
Capital leverage ratio (%)	16.63	18.02
Liquidity coverage ratio (%)	256.33	260.99
Net stable funding ratio (%)	155.67	159.70

Notes: 1. During the Reporting Period, the main risk control indicators of the Company such as net capital were all in line with the regulatory requirements, and there were no such circumstances where risk control indicators violated the pre-warning standards or were not in compliance with the prescribed standards.

The net capital and related ratios as of the end of the previous year have been restated in accordance with the Provisions on the Calculation Standards for Risk Control Indicators of Securities Companies (CSRC Announcement [2024] No. 13) (《證券公司風險控制指標計算標準規定》( 證監會公告 [2024]13 號 )) and other relevant regulations.

II. DIFFERENCES IN ACCOUNTING DATA PREPARED IN ACCORDANCE WITH DOMESTIC AND FOREIGN ACCOUNTING STANDARDS

There is no difference between the net profit attributable to shareholders of the listed company for the periods from January to June of 2025 and 2024, and the net assets attributable to shareholders of the listed company as of June 30, 2025 and December 31, 2024 as set out in the consolidated financial statements prepared in accordance with the CASBE and in the consolidated financial statements prepared in accordance with the IFRSs.

III. AWARDS AND HONORS

Wealth management business
	The selection of the "Wealth Management Huazun Award" ( 財富管理華尊獎 ) held by Cailian Press (《財聯社》):	The selection of the "Third Session of Golden Bull Award for Fund Investment Advisors" ( 第三屆基金投顧金牛獎 ) held by China Securities
	The Company was awarded "Award for Best Wealth Management Institution" ( 最佳財富管理機構獎 ), "Award for Best ETF Ecosystem" ( 最佳 ETF 生態獎 ), "Award for Best Fund Investment Advisory" ( 最佳基金投顧獎 ), etc.	Journal (《中國證券報》): The Company was awarded "Golden Bull Award for Fund Investment Advisory Institutions" ( 基金投顧機構金牛獎 ), "Golden Bull Award for Fund Investment Advisory Smart Technology" ( 基金投顧智能科技金牛獎 ), etc.
	The selection of the "Yinghua Typical Cases	HKEX:
	for Index Ecosystem in 2025" (2025 年指數生態圈英華典型案例 ) held by China Fund News (《中國基金報》):	The Company was awarded "2024 Outstanding Broker Award of Hong Kong Stock Connect" (2024 年港股通卓越券商獎 ), "2024 Outstanding
	The Company was awarded "ETF Liquidity Service Provider" (ETF 流動性服務商 ), etc.	ETF Broker Award of Hong Kong Stock Connect" (2024 年港股通 ETF 卓越券商獎 ), etc.
	The selection of the "Golden Kylin Award" ( 金麒麟獎 ) held by Sina Finance ( 新浪財經 ):
	The Company was awarded "Best Comprehensive Wealth Management Institution" ( 最佳綜合財富管理機構 ), "Most Distinctive ETF Ecological Service Institution" ( 最具特色 ETF 生態服務機構 ), etc.

	Institutional services business
	Shanghai Stock Exchange:		Shenzhen Stock Exchange:
	The Company was awarded "Outstanding Bond Market Maker" ( 優秀債券做市商 ), "Top 100 Institutions on Bond Market" (債券市場百強機構), etc.		The Company was awarded "Top 100 Institution in Bond Trading" ( 債券交易百強機構 ), "Pioneer Institution for Bond Market-making" ( 債券做市先鋒機構 ), etc.
	China Foreign Exchange Trade System: T h e C o m p a n y w a s a w a r d e d " M a r k e t Outstanding Co-construction Institution" ( 市場卓越共建機構 ), "Market Innovative Business Institution" ( 市場創新業務機構 ), etc.		The selection of the "SRP China 2025 Awards" (2025 年度 SRP 中國區獎項 ) held by Structured Retail Products, a provider of structured products market consulting:
			The Company was awarded "Best Derivative Manufacturer Securities House" ( 最佳平盤方證券公司 ), etc.
	The selection of "2025 New Fortune Magazine Best Investment Banks" (2025 新財富雜誌最佳		The selection of "2024 Best Investment Bank" (2024 最佳投行 ) held by Wind:
	投行 ) held by New Fortune (《新財富》): Huatai United Securities was awarded "Best Local Investment Bank" ( 本土最佳投行 ), "Best Investment Bank of Competitiveness in Overseas Markets" ( 海外市場能力最佳投行 ), "Best M&A Investment Bank" ( 最佳併購投行 ), "Best ESG Investment Bank" ( 最佳 ESG 投行 ), "Best Investment Bank in Consumer Industry" ( 大消費產業最佳投行 ), "Best Investment Bank in Healthcare & Medical Industry" ( 大健康產業最佳投行 ), "Best Investment Bank in Science & Intelligent Manufacturing" ( 科技與智能製造產業最佳投行 ), etc.		Huatai United Securities was awarded "Best Investment Bank" ( 最佳投行 ), "Best A-share Equity Underwriter" (最佳 A 股股權承銷商), "Best A-share IPO Underwriter" (最佳 A 股 IPO 承銷商), "Best A-share Refinancing Underwriter" ( 最佳 A 股再融資承銷商 ), "Best M&A Financial Advisor in China" ( 最佳中國併購重組財務顧問 ), etc.
	Investment management business
	Shanghai Stock Exchange: Huatai Asset Management was awarded "Outstanding Participant of Infrastructure Public Offering REITs for 2024" (2024 年度優秀基礎設施公募 REITs 參與人 ), etc.		The selection of the "Yinghua Typical Cases for Asset Management Industry of China in 2025" (2025 年中國資產管理行業英華典型案例 ) held by China Fund News (《中國基金報》):
			China Southern Asset Management was awarded "Asset Management Institution for Fintech" ( 金融科技資產管理機構 ), etc.
	The selection of "Chinese Venture 2024 Chinese Equity Investment Rankings" ( 融中 2024 年度中國股權投資榜單 ) held by Chinese Venture ( 融資中國 ):		The selection of the "Yinghua Typical Cases for Index Ecosystem in 2025" (2025 年指數生態圈英華典型案例 ) held by China Fund News (《中國基金報》):
	Huatai Purple Gold Investment was awarded "Chinese Private Equity Investment Institutions TOP30" ( 中國私募股權投資機構 TOP30), "Best Chinese Private Equity Investment Institution in Returns" ( 中國最佳回報私募股權投資機構 ), "Best Chinese Subsidiaries of Brokers for Private Equity" ( 中國最佳券商私募子公司 ), "Best Chinese State owned Investment Institution" ( 中國最佳國資投資機構 ), etc.		China Southern Asset Management was awarded "Typical Cases of ETF Managers" (ETF 管理人典型案例 ), "Typical Cases of Index Product (Non ETF) Managers" ( 指數產品 ( 非 ETF) 管理人典型案例 ), etc.
			Huatai-PineBridge was awarded "Typical Cases of ETF Managers" (ETF 管理人典型案例 ), etc.

International business

Bloomberg Businessweek (《彭博商業周刊》):

Huatai International was awarded "Outstanding Family Office Service Award" ( 家族辦公室服務卓越大獎), "Outstanding Wealth Management Platform Award" ( 財富管理平台傑出大獎 ), "Outstanding New Capital Investment Entrant Scheme Award" ( 新資本投資者入境計劃傑出大獎 ), "Outstanding Initial Public Offering Project Award" ( 首次公開招股項目卓越大獎 ), "Outstanding Cross-border Securities Service Award" ( 跨境證券服務卓越大獎 ), "Excellence Award for Risk Management" ( 風險管理卓越大獎 ), "Annual Outstanding Financial Derivatives Institution Award" ( 年度金融衍生產品機構卓越大獎 ), "Annual Outstanding Securities Agency Company Award" ( 年度證券代理公司卓越大獎 ), etc.

The Asset (《財資》):

Huatai International was awarded "Best Corporate and Institutional Advisor" ( 最佳企業與機構顧問 ), "Best Private Bond Advisor" ( 最佳私募債顧問 ), "Best Sustainable Bond" ( 最佳可持續發展債券), "Best Green Bond" (最佳綠色債券), "Most Innovative Transaction" ( 最具創新性交易 ), "Best Hybrid Bond" ( 最佳混合債券 ), etc.

Structured Retail Products (《結構零售產品》) (SRP):

Huatai International was awarded "Best Stock Institution in Asia" ( 亞洲股票類最佳機構 ), etc.

HKEX:

etc.

Huatai Financial Holdings (Hong Kong) was awarded "Top Market Maker – RMB Counter" ( 人民幣櫃台最活躍莊家 ), etc.

Asian Private Banker (《亞洲私人銀行家》):

Huatai International was awarded "Best Wealth Manager –HNW" ( 最佳財富管理機構- 高淨值客戶 ), "Best Wealth Manager – Digital Innovation" ( 最佳財富管理機構-數字化創新 ),

HUATAI SECURITIES

026

Corporate Governance

About Us

2025 INTERIM REPORT

Operating Analysis and Strategies

027

Summary of the Company's Business

I. DESCRIPTIONS OF OUR INDUSTRY AND MAIN BUSINESS DURING THE REPORTING PERIOD

Our Group conducts business operations in the securities industry, and the operating results of such industry are closely related to the development trend of the capital market. Principal businesses of the Group have always been focusing on capital market services, and its performance is affected by multiple factors such as the domestic and overseas economic environment, policy environment and market environment.

The Group is a leading technology-driven securities group in the industry, with a highly collaborative business model, a cutting-edge digital platform and an extensive and engaging customer base. Our principal businesses comprise wealth management business, institutional services business, investment management business and international business. The Group constructs a client-oriented organizational structure and mechanism, provides comprehensive securities and financial services for individual, enterprise and institutional clients from home and abroad through a platform-based, integrated and international operation mode, and aims to become a leading investment bank with strong domestic advantages and global influence.

We provide customers with diversified wealth management services, including securities, futures and options

Wealth management business brokerage, financial products sales, fund investment advisory business, and capital-based intermediary business through mobile client APP, professional PC platforms, securities and futures subsidiaries and branch offices, Huatai International and its affiliated overseas subsidiaries, in online and offline modes, domestic and overseas linkage. For securities, futures and options brokerage, we mainly execute trades on behalf of our clients in stocks, funds, bonds, futures and options, etc. to provide trading services. For the financial products sales business, we mainly provide customers with a variety of financial products sales services and asset allocation services, and the related financial products are managed by the Group and other financial institutions. Our fund investment advisory business mainly entails upon acceptance of clients' engagement, selecting specific category, amount and timing of trading of investment funds on behalf of our clients within the scope of clients' authorization in accordance with terms of agreement and submitting trading applications including, among others, subscription, redemption and conversion. In respect of capital based intermediary business, we provide diversified financing services including margin financing and securities lending as well as stock pledged repurchase. Key performance drivers to wealth management business include fee and commission income, interest income, etc. Institutional services business With investment banking serving as the traction and institutional sales serving as a link, we integrate investment banking, institutional investor services and investment trading business resources to provide various types of corporate and institutional clients with all-round comprehensive financial services, which mainly include investment banking business, prime brokerage business, research and institutional sales business and investment and trading business. (1) Investment banking business primarily consists of domestic and overseas equity financing, bond financing, financial advisory, OTC business, etc. For equity financing business, we provide issuance and underwriting domestic and overseas IPO, equity refinancing and depository receipts for our clients. For bond financing business, we provide issuance and underwriting services including various types of domestic and overseas bond financing and asset securitization for our clients. For financial advisory business, we provide professional services including industrial merger and acquisition, share acquisition, financing advisory, corporate restructure and public offering of REITs for our clients. For OTC business, we provide clients with NEEQ listing and follow-on financing services, and relevant OTC businesses engaged in by Jiangsu Equity Exchange. Key performance drivers to investment banking business include underwriting and sponsorship fees, financial advisory fees, etc. for stocks, bonds and merger and acquisition business. Institutional services business (2) Prime brokerage business mainly includes the provision of asset custody and fund services for various types of asset management institutions, such as private and mutual funds, including settlement, liquidation, reporting and valuation. In addition, it also provides transactions, margin trading, sales of financial products, derivatives research and other value-added services for clients of prime brokerage. Key performance drivers to prime brokerage business include fees for the fund custody and service business. (3) Research and institutional sales business mainly consists of research business and institutional sales business. For research business, we provide various professional research and advisory services for clients from home and abroad. For institutional sales business, we promote and sell diversified securities products and services to various institutional clients. Key performance drivers to research and institutional sales business include incomes from services concerning various research and other institutions. (4) Investment and trading business mainly includes equity trading, FICC trading and OTC derivative transactions. The Group conducts equity, FICC and other financial instruments transactions, and reduces investment risks and increases investment returns through various trading strategies and techniques. At the same time, in order to meet customers' needs for investment and financing as well as risk management, we also engage in market making business and OTC derivatives business. In terms of equity trading, we invest and trade stocks, ETFs and derivatives, and engage in market making services for stocks in the STAR Market, financial derivatives and financial products. In terms of FICC trading, we invest and trade all kinds of FICC and derivatives in the interbank and exchange bond markets, and engage in market making services for interbank and exchange markets as well as carbon emissions trading. In terms of OTC derivative transactions, we develop and trade OTC financial products for customers, mainly including equity return swaps, OTC options and structured notes. Key performance drivers to investment and trading business include investment incomes from equity, FICC products and derivatives, etc.

Investment management business	We accept fund entrustments from clients, develop and provide various financial products for our clients and manage their assets through our professional investment and research platform as well as our substantial client base, effectively satisfying their investment and financing needs. Our investment management business mainly consists of securities firm asset management, private equity fund management and asset management for fund companies, etc. For securities firm asset management, we participate in the operation of securities firm asset management business through our wholly-owned subsidiary Huatai Asset Management; such business includes collective asset management business, single asset management business, specialized asset management business and public offering fund management business (which is operated on a differentiated basis from our public offering fund management business for fund companies under the Group). For private equity fund management business, we operate private equity funds business, which includes investment and management of private equity funds, through our wholly-owned subsidiary Huatai Purple Gold Investment. For asset management business for fund companies, the Group holds non controlling interests in two public offering fund management companies, namely China Southern Asset Management and Huatai-PineBridge, through which we participate in the operation of asset management business for fund companies. Key performance drivers to asset management business include management fee income, investment income, etc.
International business	In overseas markets and with Huatai International as its holding platform for international business, the Group operates international business through the wholly-owned subsidiaries of Huatai International including Huatai Financial Holdings (Hong Kong), Huatai Securities (USA) and Singapore Subsidiary. Based on the Hong Kong market, it steadily deploys on the US, Europe, the Southeast Asia and other major markets. (1) The operations of the Group in Hong Kong are mainly conducted by Huatai Financial Holdings (Hong Kong), a wholly-owned subsidiary of Huatai International, which comprehensively connects with full business chain system of the Group and provides one-stop cross-border integrated financial services for domestic and foreign customers. (2) Huatai Securities (USA) owns the US broker-dealer license and the US proprietary trading license. It obtained the business qualification for securities trading with institutional investors in Canada and market access to major stock exchanges in Europe. It became an introducing broker for US futures products, and was qualified as a broker and dealer for US Treasuries and a limited underwriting member of the Nasdaq Stock Market in the United States. It was also qualified as a broker and dealer for non-US sovereign bonds. (3) Singapore Subsidiary owns the licenses on capital market services and the waiver of licensing requirements on wealth management advisory issued by Monetary Authority of Singapore and the license as a main board sponsor granted by the Singapore Exchange, and conducts securities trading and investment banking businesses. Key performance drivers to international business include wealth management income, investment banking income, investment income, asset management income, etc.

Investment
management
business

We accept fund entrustments from clients, develop and provide various financial products for our clients and
manage their assets through our professional investment and research platform as well as our substantial
client base, effectively satisfying their investment and financing needs. Our investment management
business mainly consists of securities firm asset management, private equity fund management and
asset management for fund companies, etc. For securities firm asset management, we participate in the
operation of securities firm asset management business through our wholly-owned subsidiary Huatai Asset
Management; such business includes collective asset management business, single asset management
business, specialized asset management business and public offering fund management business (which is
operated on a differentiated basis from our public offering fund management business for fund companies
under the Group). For private equity fund management business, we operate private equity funds business,
which includes investment and management of private equity funds, through our wholly-owned subsidiary
Huatai Purple Gold Investment. For asset management business for fund companies, the Group holds non
controlling interests in two public offering fund management companies, namely China Southern Asset
Management and Huatai-PineBridge, through which we participate in the operation of asset management
business for fund companies. Key performance drivers to asset management business include management
fee income, investment income, etc.

International
business

In overseas markets and with Huatai International as its holding platform for international business, the Group
operates international business through the wholly-owned subsidiaries of Huatai International including
Huatai Financial Holdings (Hong Kong), Huatai Securities (USA) and Singapore Subsidiary. Based on the Hong
Kong market, it steadily deploys on the US, Europe, the Southeast Asia and other major markets.
(1) The operations of the Group in Hong Kong are mainly conducted by Huatai Financial Holdings (Hong Kong),
a wholly-owned subsidiary of Huatai International, which comprehensively connects with full business chain
system of the Group and provides one-stop cross-border integrated financial services for domestic and
foreign customers.
(2) Huatai Securities (USA) owns the US broker-dealer license and the US proprietary trading license. It
obtained the business qualification for securities trading with institutional investors in Canada and market
access to major stock exchanges in Europe. It became an introducing broker for US futures products, and was
qualified as a broker and dealer for US Treasuries and a limited underwriting member of the Nasdaq Stock
Market in the United States. It was also qualified as a broker and dealer for non-US sovereign bonds.
(3) Singapore Subsidiary owns the licenses on capital market services and the waiver of licensing
requirements on wealth management advisory issued by Monetary Authority of Singapore and the license as
a main board sponsor granted by the Singapore Exchange, and conducts securities trading and investment
banking businesses.
Key performance drivers to international business include wealth management income, investment banking
income, investment income, asset management income, etc.

II. ANALYSIS OF CORE COMPETITIVENESS DURING THE REPORTING PERIOD

(I) A first-class comprehensive securities group firmly committed to the path of high-quality development

This year marks the 34th anniversary of the establishment of Huatai Securities, the 15th anniversary of its A-share listing and the 10th anniversary of its H-share listing. Over the years, the Group firmly resonated with the development of the times and strode forward with national strategies. It focused on its main responsibility and business, strengthened its functions and positioning, adhered to the principle of integrity and innovation, and had the courage to initiate self-innovation. It has achieved historical breakthroughs in market-based, digital and international development, embarked on a differentiated development path, consistently consolidated its industry-leading position in terms of high-quality development, ranked among the leaders in the industry in terms of comprehensive strength, and strove to build a first-class investment bank with both local advantages and global influence. In recent years, the Group maintained sound development momentum in its major businesses, and its asset and liability structure continue to optimize, and has made new breakthroughs in international business expansion and diversified business development. The asset size and profitability of the Group ranked in the forefront of the industry. The Group maintained its leading position in the industry in terms of the development of wealth management, investment banking, investment and trading and other core businesses. The unique and differentiated advantages of asset management business continued to strengthen; and international business has become an important growth engine, ranking it the top place among Chinese-funded securities firms in terms of comprehensive strength. As the first international securities group listed in Shanghai, Hong Kong and London, the Group has developed the first-class brand image with wide influence and recognition in domestic and overseas markets. During the Reporting Period, Standard & Poor's kept the long-term issuer rating of "BBB+" with stable prospect for the Group and its subsidiary Huatai International, which is the highest level among Chinese-funded securities companies. The MSCI ESG rating of the Company has maintained the highest level among domestic securities companies since 2021 and raised from AA to AAA in 2024, achieving two consecutive years of level-up to the highest rating in the global investment banking industry.

(II) Platform-based, integrated and international service systems covering the full business chains

The Group always adheres to the customers' needs-oriented approach, and consistently strives to create value for customers with its first-class professional capabilities. The Group focuses on the financial needs and changes of individual, institutional and corporate customers, and continuously promotes the upgrading of organization with "One Customer" internally, "One Huatai" externally and the "integrated operation" internally and externally. It proactively taps into the frontier areas of business innovation and service innovation, and focuses on building a platform-based, integrated and international system covering the full business chains and a new development model. In addition, the Group proactively establishes a domestic-overseas integrated business system with international competitiveness, and continuously expands new development potential and explores new growth drivers. In the field of personal customer services, the Group has established and improved the operation system and development model driven by the headquarters and linked with the headquarters and branches, optimized and enhanced its customer management capability, and continuously strengthened its classified and tiered service system for customers. It stuck to build its content platform-driven professional service capability, and actively explored and advanced the integration of new artificial intelligence technology with its wealth management business, consolidating and strengthening the leading position and professional brand influence of wealth management services in the industry. In the field of institutional customer services, the Group continued to cement the base of the globally integrated institutional service platform, and made every effort to enhance its professional financial capabilities in asset pricing, research, trading and product creation, so as to better meet the service needs of institutional clients in cross-border investment and trading, and to continue to expand and deepen its customer service. In the field of corporate customer services, it always served corporate growth with perspectives and logics of industry, constantly strengthened industrial insight, asset knowledge and pricing ability, and actively built a globalized asset and industrial network. Through constantly tapping into TMT, general health, energy and environmental protection, high-end manufacturing and other key industrial ecosystems, it fully improved comprehensive services in domestic and overseas markets on various products, facilitated the development and global expansion of various outstanding enterprises and actively served the development of the real economy and the establishment of modern industrial systems, contributing more Huatai power in supporting the development of new productive forces.

(III) Technology development advantages continuously leading digital financial reform of the industry

Technology empowerment has been the core competitiveness primarily developed by the Group and a differentiated development feature leading the industry. Over the years, the Group has consistently pioneered financial technology renovation. In 2009, the Group was the first in the industry in deploying mobile client APP, thus seizing the business development opportunities in the tide of internet. Since 2019, in light of the huge potential presented by technological innovation in the financial industry, the Group has firstly initiated the comprehensive digital transformation from organization structure to platform structure to facilitate the implementation of the digital operation thinking in all levels of pre-, middle-and post ends. Meanwhile, it joined all parties in building an open ecosystem and developing fintech platforms and products at the industry level. Through transformation practice and capability accumulation, technology became the core driver for the Group to improving value creation capability and market competitiveness. In terms of the platform-based business, the Group developed industry-leading retail and institutional customer service systems centered on "Zhang Le" ( 漲樂 ) and "Xing Zhi" ( 行知 ), built a series of business work platforms with industry foresight such as "AORTA" ( 聊 TA), "QingCloud" ( 青雲 ), "Investment Banking Cloud" ( 投行雲 ) and "Capital Management Cloud" ( 資管雲 ), and constructed "CAMS", "FICC Elephant Trading Platform" (FICC 大象交易平台 ), "Securities Lending Path" ( 融券通 ), "RIS" ( 睿思 ) and a series of other important platforms that led industry innovation and development in key areas such as trading and investment research, which effectively facilitated the reshaping of business models. In terms of application intelligence, the Group actively embraced and deployed cutting-edge AI technology, accelerated the construction of large model capabilities and large model platform systems, and continuously explored the creation of value applications in typical scenarios, thereby being equipped with basic capabilities in application building, model management and production deployment, and initially achieving application and implementation in multiple scenarios such as intelligent research reports, intelligent research and development, intelligent investment advisory and intelligent investment banking. Embracing AI has been essential for the Group to integrate technology DNA into its business development over the years, which also serves as an extension of comprehensive digital transformation. In terms of internationalization empowerment, the Group continued to strengthen the platform capability support for the international deployment expansion of key businesses, built up integrated technological powers capable of serving the whole world. In particular, its self-developed Global Trading Platform (GTP) had been launched and put into operation thoroughly, providing customers with fullspectrum financial asset trading services connecting multiple international financial centers; FICC Elephant Trading Platform had preliminarily established a domestic-overseas integrated self-operated investment and risk management system for FICC business.

(IV) International development capability at the leading edge of high-level two-way opening up

Internationalization is the inevitable path for the Group to becoming a world-class investment bank. Over the past decade, the Group has fully capitalized on the strategic opportunities presented by China's economic transformation and upgrading, as well as the two-way opening of its capital market. Adhering to its advantages in local resources and leveraging Hong Kong as a strategic pivot, in the course of accompanying domestic customers in "going global" and overseas customers in "coming to China", the Group actively promoted the integrated operation and management of its main businesses both at home and abroad, expanding its client and service networks to major markets globally and in key regions. This has enabled the Group to establish cross-border, integrated and comprehensive financial services capabilities, firmly placing it at the forefront of Chinese securities firms in Hong Kong, and embarking on a differentiated path of international development. From setting a new record for financing with its H-share listing in 2015, establishing a subsidiary in the United States in 2018, becoming the first Chinese financial institution to issue GDRs and list on the London Stock Exchange in 2019, to establishing Singapore Subsidiary in 2022 and obtaining the underwriting qualification for the TOKYO PRO-BOND Market in 2024, the Group has gradually developed a global value chain system with its presence and interconnected development in both mature and emerging markets, significantly enhancing its execution capability on integrated projects covering different markets, assets and products. Since last year, the Group has lifted internationalization to a new level and further promoted it as a key future-oriented strategy. The Group firmly promoted an integrated layout at home and abroad from talent reserves to infrastructure construction, and thereby deeply integrating into the international market. The Group actively seized the strategic opportunities in the process of restructuring the global industrial chain, and while assisting Chinese companies in their global development layout, it has focused on promoting international development to a higher level.

(V) Comprehensive compliance and risk control systems with professional and digital accumulation

The Group continuously deepens the building of capabilities on digital compliance and risk control and management and strives to implement and improve the integrated and group-level compliance and risk management structure and system. With the target of "three-dimensional compliance management with risk as the orientation and data as the basis" and practicing the concept of "driven by data, unified platform and empowering business", the Group firstly promoted the building of digital compliance in the industry to develop the basis for the professional and efficient digital compliance capability. It continuously strengthens the construction of compliance team, vigorously explores the establishment of cross-border and integrated compliance control systems, comprehensively solidifies the integrated compliance management mechanism of the Group, constantly improves the compliance value creation capability and cements the compliance bottom line in international development. Meanwhile, the Group adheres to the risk management culture targeting stability and long-term development, upholds the risk management concept with "full participation, coverage and penetration", continues to improve the comprehensive risk management system adapting to the integrated and international development of the full business chains, and strives to enhance the Group's risk management capabilities in both domestic and overseas markets. The Group stays closely with market and gets deeply involved in businesses, enhances proactive risk management and control in key areas, iterates and upgrades various specialized risk management tools, and continuously develops a "real-time, dynamic and measurable" risk management platform to enhance the effectiveness of end-to-end risk control processes and ensure highquality and steady business development.

(VI) Development platform empowering overall growth of first-class and professional talents

The Group always adheres to the "people-oriented" concept, and strives to stimulate the vitality of talents and upgrade the value of talents. It constructs an integrated platform for the comprehensive growth and development of talents, to realize the mutual achievement between the Company and its talents. The Group continuously improves the mechanism of market-oriented selection and employment and effectively carries out the tenure system and contractual management of senior management. Senior management members practically conduct exploration with a forward-looking horizon and lead all staff of Huatai to constantly create new chapters in development and vigorously promote the advancement and progress in the development of the Group. The Group persistently implements the strategy of building a strong enterprise with talents, and adheres to the talent selection and appointment mechanism with the orientation of capabilities and contributions. On this basis, it establishes and improves the all-round, multi-layered and three-dimensional talent supply chain systems and talent cultivation mechanisms with the characteristics of Huatai. The Group attaches great importance to the cultivation of outstanding young talents in the market and practice, actively attracts and gathers a number of industry leading talents to build a team of high-quality managers and professionals with international vision and crossborder business experience. Meanwhile, the Group proactively guides employees to constantly enhance awareness on rules, cherish occupational reputation, carry forward professional spirit and abide by business ethics to refresh the fine tradition of the staff the Huatai in continuous iteration and development, which provides solid guarantees of talents to the strategic advancement of the Group.

(VII) Building a "soft power" cultural value system that moves forward with steady progress

Over its development of more than three decades, Huatai Securities has built culture as the internal support throughout its development. Under the new development landscape, the Group insisted on deepening the leadership of Party building, firmly practiced the financial culture of "five musts and five don'ts" with Chinese characteristics, adhered to being honest, trustworthy, earning profit in a righteous manner, being prudent and seeking innovation while maintaining steady operation in accordance with laws and regulations, and integrated such principles into the entire process and all aspects of business development. At the same time, in combination with the cultural concept of "compliance, integrity, professionalism and stability" of the securities industry and taking into account its own development characteristics, the Group developed a characteristic cultural and brand matrix that integrates Party building culture, technology culture, compliance culture and risk culture, continued to deepen the construction of integrity, compliance and risk culture to promote the comprehensive development of talents, and continuously enhanced the internal and external recognition and penetration of culture. The Group insists on improving its "hard strength" through cultural "soft power" and embeds the values of "customer first", "professionalism as the foundation", "diligence and pragmatism" and "mutual improvement with synergy" into employees' daily work. The Group also actively transforms its corporate cultural strengths into value-creating advantages in serving the real economy, fully integrates the practice of financial culture with Chinese characteristics into the operations and development of the Group, and fully leverages the ideological and guiding role of culture to make concrete efforts in the "Five Major Areas of Finance" ( 五篇大文章 ) of financial work. The Group strengthens high-quality financial services for major strategies, key areas and weak links, expands the depth and breadth of financial services, and provides higher-quality and more efficient financial support for the development of the real economy. By consolidating the cultural foundation that aligns with the vision of becoming "a first-class investment bank with both domestic advantages and global influence", the Group builds the "soft power" that moves forward with steady progress and continues to make greater contributions to the high-quality development of the capital market.

Management Discussion and Analysis

I. OPERATION DISCUSSION AND ANALYSIS

Unit: Thousand Yuan Currency: RMB

Segment	Segment revenue and other income and gains	Segment expenses	Segment results	Segment profit margin (%)	Year on-year change of segment revenue and other income and gains (%)	Year on-year change of segment expenses (%)	Year-on-year change of segment profit margin
Wealth management business	10,409,820	(6,109,409)	4,300,411	41.31	20.33	28.37	Decrease of 3.68 percentage points
Institutional services business	4,625,807	(3,289,683)	1,336,124	28.88	42.72	13.49	Increase of 18.33 percentage points
Investment management business	1,917,651	(606,574)	1,509,243	78.70	76.25	(5.83)	Increase of 113.28 percentage points
International business	3,546,990	(2,273,068)	1,273,922	35.92	(36.65)	(50.40)	Increase of 17.77 percentage points
Others (including offset)	478,857	(1,867,653)	105,141	21.96	(61.31)	(5.82)	Decrease of 34.76 percentage points
Segment total	20,979,125	(14,146,387)	8,524,841	40.63	5.86	(4.85)	Increase of 12.50 percentage points

(I) Overall operation conditions

In the first half of 2025, facing an increasingly complex and volatile domestic and international environment, China's economy demonstrated strong resilience, with structural adjustments continuing to deepen and new development momentum being further unleashed. At the same time, under the policy guidance of "enhancing the attractiveness and inclusiveness of domestic capital market", reforms on the capital market have been further deepened, further strengthening the function of supporting the real economy and technological innovation. This has presented new opportunities and challenges for the operations and development of securities companies. The Group proactively responded to the profound changes in the market environment, adhered to its "customer-centric" principle, and made concrete efforts in the "Five Major Areas of Finance" ( 五篇大文章 ) of financial work. Moreover, it firmly deepened the "two-pronged" ( 雙輪驅動 ) development strategy of wealth management and institutional services empowered by science and technology, continued to strengthen the strategic layout of its international business and domestic and overseas integrated links, continuously promoted iteration and innovation of business models and service models to enhance business synergy and value creation capabilities, built its core competitiveness of being future-oriented and cycle-spanning, and maintained a steady, enterprising and good development momentum. Key initiatives included: in terms of personal customer services, the Group took "creating value for customers" as the core, made further progress in constructing an integrated customer management system in a classified and stratified manner, continued to enhance its professional trading and asset allocation service capabilities based on empowerment of financial middle platform and driven by platformbased operations, and actively explored the integration and innovation of artificial intelligence technology and business; in terms of institutional customer services, the Group proactively responded to profound changes in the market ecosystem. By cultivating a global client network, building a global product portfolio, and expanding its global trading platform, the Group focused on enhancing its professional financial capabilities in asset pricing, research, trading and product creation, enhancing multi-product, full-chain and full cycle operation efficiency of comprehensive customer value; in terms of corporate customer services, the Group actively seized the strategic opportunities presented by the global value chain layout of Chinese enterprises, strengthened its profound insights into industries, enterprises and assets, and fully leveraged the traction role of its entire business chain to continuously enhance its full-cycle, integrated, multi-product and cross-market project execution capabilities, focusing on enabling the accelerated development of new quality productive forces; in terms of international development, the Group further expanded its presence in overseas markets and continuously improved its integrated and comprehensive service system for the entire business chain both domestically and internationally, and actively assisted Chinese customers in "going global" and overseas customers in "coming to China", so as to better serve the high-level opening up of finance; in terms of digital finance, the Group continued to strengthen the support and empowerment of science and technology for its international development, focusing on promoting the international capability building of key business platforms. By relying on AI-driven technologies and methodologies, the Group gradually reshaped its front, middle and back platforms, strengthening its leading edges in digital and intelligent innovations. During the Reporting Period, the Group's operation results and its overall strength continued to remain at the forefront of the industry.

(II) Wealth management business

1. Market environment

In recent years, China's wealth management market has shown a development trend of increasingly complex competitive landscape, constant upgrade of business demands and continuous innovation of products and services. Under the new policy, market and technology environment, the underlying logic of asset allocation and service model of the wealth management industry is undergoing a profound evolution. The continuous iteration of cutting-edge technologies represented by AI are accelerating the construction of a new intelligent service ecosystem, which will profoundly affect the development model of the wealth management business. In addition, Buyer side investment consultants are paying more attention to meeting customers' deep-seated wealth management needs and improving customer experience in all aspects with diversified product portfolio and full-cycle service companionship.

In the first half of 2025, the A share market fluctuated with an upward trend, with trading and investment activity remaining overall robust in the market. According to the statistics from Wind Information, the total turnover in the A share market was RMB162.65 trillion, representing a year-on-year increase of 61.14%. The margin financing and securities lending business showed a significant growth trend benefiting from an active market, and the balance of margin financing and securities lending business across the market was RMB1,850.452 billion, representing a year-on-year increase of 24.95% according to the statistics from Wind Information. For fund investment advisory business, service models were continuously innovated during exploration and practice, so as to provide investors with diversified buyer asset allocation services. The business enjoyed considerable development potential. The domestic futures market demonstrated robust trading and investment activity, with

trading amount remaining steady growth. According to the statistics from the China Futures Association, the total turnover of the futures markets across the country was RMB339.73 trillion, representing a yearon-year increase of 20.68%. Against the backdrop of increasingly diversified customer demands and more intense market competition, it is necessary for wealth management institutions to take the initiative to embrace new technologies and integrate into the new ecosystem, steadily promote the innovation of service models and operation modes, and actively develop full-chain, three-dimensional and fullcategory financial product allocation portfolios and one-stop investment solutions, so as to help customers preserve and increase their wealth with scientific asset allocation and professional investment advisory services.

Changes in the scale of market-wide margin financing and securities lending business

Unit: 100 million yuan Currency: RMB

Changes in total turnover of the A share market

Unit: trillion yuan Currency: RMB

Changes in cumulative turnover in the futures market

437.53 619.26 281.51 339.73 CAGR +9.07% 581.20 2024 2024 2024H1 2024H1 2025H1 2025H1 2023 2023 800 700 600 500 400 300 200 100 0 534.94 568.51 +20.68% Business scale Source:China Futures Association The total turnover

Unit: trillion yuan Currency: RMB

2. Operational measures and performance

(1) Securities, futures and options brokerage business and wealth management service

During the Reporting Period, the Group proactively adapted to changes in the market environment and customers' needs, worked on enhancing core capabilities in transaction and asset allocation services, built an integrated customer service system with comprehensive classification and stratification to create professional and brand-based services that target groups such as mass customers, wealth management customers, high-net-worth customers and entrepreneurial customers. It improved the efficiency of differentiated and customized services, thereby expanding the scale of customers and assets, and shaping the distinctive advantages of inclusive financial services. Adhering to the core orientation of "creating value for clients" and focusing on the lifecycle of clients, the Group strengthened the two-way synergy between platform empowerment and professional empowerment to achieve the organic integration of investment transactions, asset allocation, investment research support and client operations, continuously providing customers with professional value, companion value and service value. It fully leveraged its fintech advantages, actively explored and promoted the application of artificial intelligence technology in vertical fields by focusing on the core usage scenarios in customers' investment, trading and wealth management processes, so as to dynamically match differentiated service solutions, improve precise operational efficiency, and continuously optimize customer service experience. It also actively seized the opportunity for integrated domestic and overseas business operations brought by the "Cross-boundary Wealth Management Connect" ( 跨境理財通 ) to strengthen its professional capability building in cross-border investment transactions and asset allocation, and improve the breadth and depth of its wealth management services for customers, with the cross-border business linkage mechanism being further optimized. Moreover, it improved the job division system for investment advisors, refined the intelligent investment advisory tool chain, and empowered investment consultants in terms of investment research, content, operation and marketing, supporting the transformation and upgrading of customer operation model. According to internal statistics, as of the end of the Reporting Period, the number of the Company's staff registered for carrying out securities investment consultancy (investment advisory) with the Securities Association of China was 3,608.

In terms of stock options brokerage business, the Company continued to enhance its trading support capabilities, actively identified institutional customers, continued to cultivate qualified investors and practically strengthened risk prevention, thus maintaining its leading position of this business in the market. For the futures brokerage business, as of the end of the Reporting Period, Huatai Futures had 9 futures branches and 42 futures branches in total covering 4 municipalities directly under the Central Government and 17 provinces in China, being the agent of 150 types of futures. The Group had 245 securities branches permitted to be engaged in Futures IB Business.

(2) Financial product sales and fund investment advisory business

During the Reporting Period, with the focus on the differentiated and multi-level demands of various customers for asset allocation, the Group enriched and improved the supply system of financial products. It established and refined an allocation supply matrix for buyer side investment advising, continued to enhance the product selection and risk prevention and control capabilities, and provided multidimensional solutions from the selection of single products to the allocation of strategies and tailor-made allocation. It further improved the buyer side investment advisory strategy system, continued to intensify the implementation of assets allocation concept, and constantly optimized the "Worry-free Families" ( 省心家族 ) allocation service, providing open selection service for publicly offered funds through "Worry-free Choice" (省心選 ), multi-strategy allocation service based on publicly offered funds through "Worry-free Investment" ( 省心投 ), and personalized allocation service based on private funds through "Worry-free Enjoyment" ( 省心享 ). It provided advisory strategy services tailored to the customized needs of institutional clients, and offered ETF-based trading allocation strategy systems for trading clients. It continuously optimized the advisory service system of buyer-side investment advising, continued to promote the "Investment-leading Officers" ( 領投官 ) model, provided professional supports such as strategy-driven investment operations and investment research service systems with the asset allocation service platform as the base, and enhanced its ability

in three-dimensional companion services covering the entire business cycle. It enhanced the capability construction of digital platforms, actively explored the application scenarios of AI large model-enabled buyer-side investment advisory, and iterated and upgraded asset allocation tools, so as to enhance the overall business efficiency and capability of strategy support. According to internal statistics, during the Reporting Period, the number of financial products held (except for the cash management product "Tian Tian Fa" ( 天天發 )) was 14,433, and their sales scale (except for the cash management product "Tian Tian Fa" ( 天天發 )) was RMB304.572 billion. The fund investment advisory business grew steadily, with a business scale of RMB21.037 billion as at the end of the Reporting Period.

(3) Capital-based intermediary business

During the Reporting Period, for its capitalbased intermediary business, the Group actively responded to changes in the market landscape and operating environment, leveraging integrated operations and synergistic efficiency as key drivers, and utilizing innovative products as a platform to proactively build up platform service capabilities. These enabled the Group to provide clients with comprehensive financial services combining margin financing and securities lending, thereby driving high-quality business development. For its margin financing business, the Group actively explored new business collaboration opportunities, continuously enhanced research capabilities and strategy development capabilities, and consistently enriched the business ecosystem. It established a

multi-tiered, differentiated customer service system to enhance customer loyalty. For its securities lending business, the Group strictly implemented regulatory policy requirements to ensure compliant operations. Meanwhile, it continued to strengthen key elements such as core customer groups, securities pool sources, and platform capabilities to enhance business competitiveness. According to the regulatory statement data, as of the end of the Reporting Period, the balance of margin financing and securities lending business of the Parent Company was RMB127.321 billion, and the integral maintenance guarantee ratio was 275.42%. The pending repurchase balance of stock pledged repurchase business was RMB15.626 billion in total, with an average fulfillment guarantee ratio of 239.28%, among which, the pending repurchase balance of onbalance-sheet business was RMB6.079 billion, with an average fulfillment guarantee ratio of 257.60%; while the pending repurchase balance of off-balance-sheet business was RMB9.547 billion.

3. Prospect for the second half of 2025

For wealth management business, the Group will fully capitalize on opportunities brought by accelerated market development. Focusing on evolving customer needs, it will advance the iteration and upgrade of core capabilities in trading and asset allocation services. It will also establish a comprehensive operational development model driven by the headquarters and linked with the headquarters and branches, and build a new service system that enhances both client value and service value, platform value and professional value. Focusing on diversified wealth management scenarios, it will deepen the classified and stratified client base operations, continuously enrich a differentiated and distinctive service matrix, and develop a new growth model covering the lifecycle of clients, thereby continuing to enlarge the client base and scale of client assets.

The Group will consolidate and enhance the market advantages of the trading service system. It will deeply analyze market trends and trading demands, expand the deployment of advanced trading tools and specialized trading services, deepen the application of AI in key business scenarios, and continuously optimize clients' trading service experience. Meanwhile, for capital-based intermediary business, it will refine differentiated marketing strategies and diversified marketing tools, drive growth through product innovation and digital transformation, and strengthen business management and control throughout the entire process and in all aspects to provide clients with high-quality comprehensive services.

The Group will further expand its professional service capabilities in broad asset allocation. It will continue to deepen the "Worry-free Families" ( 省心家族 ) allocation service system, consistently improve three-dimensional research ability and strategy service level, and enhance the asset allocation capability that across cycles and product types. It will also fully leverage the opportunities presented by the accelerated interconnection promotion of domestic and international capital markets to strengthen the integrated and coordinated nature of its cross-border services, and expand and improve its deployment of overseas product lines to better meet clients' multi-level and specialized global asset allocation needs. Furthermore, it will continuously improve its investment advisor empowerment training mechanism, optimize and upgrade its buyer side investment advisory business development model, and continuously strengthen its client companion-style services to facilitate efficiency enhancement of wealth management business and conversion of business value.

(III) Institutional services business

1. Market environment

In the first half of 2025, major indexes in the domestic stock market showed picking up. The Wind All China Index rose by 5.83%, the Shanghai Composite Index rose by 2.76% and the Shenzhen Component Index rose by 0.48%; the bond market overall exhibited a trajectory of high volatility, with the CSI Aggregate Bond Index increased by 1.14% and the China Bond Composite Full-price (Aggregate) Index decreased by 0.14%. In recent years, with the effective implementation of the new guideline on strengthening regulation, forestalling risks and promoting the high-quality development of the capital market ( 新 " 國九條 ") and the "1+N" policy system of the capital market, the development and growth of long-term capital and patient capital and the encouraged entering of medium-and long-term capital into the market, the ecosystem of capital market development continued to be reshaped. The increasingly integrated, differentiated and cross-border clients' demand has also put forward higher requirements on the development of the institutional service business, while at the same time, the cooperation and service models between securities companies and various institutions have also been changing profoundly. In-depth exploration of customer value, and continuous improvement of full-chain, full-cycle and multi-layered comprehensive service system, will become important directions for upgrading the service business of institutions to a higher level.

In the first half of 2025, China's equity financing market showed significant structural growth, the IPO market remained stable, and the additional offering market achieved significant growth driven by policies. According to the statistics from Wind Information, funds raised on the full caliber, including IPOs, additional offering and share allotment, totaled RMB714.151 billion, representing a year-on-year increase of 524.44%. The bond financing market maintained a growth momentum with the total amount of bond issuance of RMB44,684.276 billion, representing a year-onyear increase of 16.59%. With the implementation of the "Opinions on Deepening Market Reform through Merger, Acquisition and Restructuring of Listed Companies" ( 併購六條 ), the amended "Measures for the Administration of the Material Asset Restructurings of Listed Companies" (《上市公司重大資產重組管理辦法》) and other policies and measures, M&A and restructuring market activity continued to increase. According to the statistics

Unit: 100 million yuan Currency: RMB

Notes: 1. Source: Wind;

The statistical coverage includes IPO, additional offering (including issuance of shares for purchasing assets), share allotment, preferred shares and convertible bonds;
The statistical caliber of Wind is issuance date.

Changes in scale of stock issuance

from Zero2IPO Research Center private placement department ( 清科研究中心私募通 ), the number of M&A cases in the M&A market in China was 1,242, representing a year-on-year increase of 0.24% and the amount of transactions was RMB464.604 billion, representing a year-on-year increase of 53.53%. As the institutional system and market ecosystem that promote the deep integration of science and technology, capital, and industry in the capital market continue to improve, high-quality resources will continue to gather in the service field of new productive forces. A securities company will have a more significant competitive advantage if it can deeply grasp the direction of national strategy, market development patterns, industry development trends, and cutting-edge technologies, and promote the improvement of both quality and efficiency of the real economy and the development of new productive forces.

Changes in the number and scale of bond issuance

Source: Wind
The statistical scope includes national bonds, local government bonds, central bank bills, interbank deposits, financial bonds, enterprise bonds, corporate bonds, medium-term notes, short-term financing bonds, targeted instruments, international agency bonds, government-backed agency bonds, asset-backed securities, convertible bonds, separable convertible bond deposit, and exchangeable bonds.
The statistical caliber of Wind is the date of issue.

2. Operational measures and performance

(1) Investment banking business

During the Reporting Period, aiming to serve the high-quality development of the real economy, the Group developed its business with providing support for the synergetic development of technological innovation and industrial innovation as the original and ultimate objectives, focused on high quality enterprise customers to provide domestic-overseas integrated comprehensive financial services covering the entire business chain, thus enhancing its overall market competitiveness and actively building a first-class investment banking service system boasting with local strengths and international perspective.

Changes in the number and amount of M&A cases in China's M&A market

Source: statistics from PEDATA of Zero2IPO Research Center

① Equity financing business

During the Reporting Period, the equity financing business adhered to the industry-focusing and region-penetrating approach, serving customers' sustainable development through integrated full business chain strategies, while continuously enhancing cross-border business collaboration capabilities. It continued to focus on technological innovation, and actively facilitated high-tech enterprises' access to capital markets, boosting the development of new quality productive forces. In the A share market, it sponsored 2 of the top 10 IPO projects and participated in 2 of the top 10 refinancing projects. In the H share market, it participated in 4 of the top 5 IPO projects. According to the statistics from Wind Information, the Group's equity lead-underwriting numbers (including IPOs, additional offerings, allotment of shares, preferred shares, convertible bonds and exchangeable bonds) came to 14, with lead-underwriting amount of RMB49.007 billion, representing a significant year-on-year increase; and it ranked the second in the industry in terms of IPO lead underwriting scale.

② Bonds financing business

During the Reporting Period, on the basis of strict risk control, the bonds financing business fully utilized its full license advantage, actively cultivated core customer groups and maintained its leading position in the industry. The Group actively served national strategies, focused on leading quality clients and promoted the issuance of green bonds and technological innovation bonds, underwriting a total of 27 green bonds with RMB6.933 billion and 108 technological innovation bonds with RMB37.094 billion. According to the statistics from Wind Information, the Group's lead-underwriting number of full variety bonds was 1,777, with leadunderwriting amount of RMB666.600 billion. According to the statistics from the Securities Association of China, the actual bidding for local government bonds won by the Company amounted to RMB12.771 billion, ranking first in the industry.

Changes in Equity Underwriting Volume

Unit: 100 million yuan Currency: RMB

amount of equity lead-underwriting

Notes: 1. Source: Wind;

The statistical coverage includes IPO, additional offering (including ancillary financing and placement subscribed with assets), share allotment, preferred shares and convertible bonds;
The statistical caliber of Wind is issuance date, while the statistical caliber of the Company's regulatory reporting is payment date. Therefore, there are differences between the data from Wind and the statistical data from the Company.

Changes in Bond Underwriting Volume

2020 2021 2022 2023 2024 2024H1 2025H1 15,000 12,000 9,000 6,000 3,000 0 CAGR +22.96% 12,960.48 6,666.00 5,360.99 5,669.63 9,311.03 9,804.02 12,558.54 +24.34%

Notes:

Source: Wind;
The statistical coverage includes IPO, additional offering (including ancillary financing and placement subscribed with assets), share allotment, preferred shares and convertible bonds;

amount of bond lead-underwriting

Unit: 100 million yuan Currency: RMB

The statistical caliber of Wind is issuance date, while the statistical caliber of the Company's regulatory reporting is payment date. Therefore, there are differences between the data from Wind and the statistical data from the Company.

③ Financial advisory business

During the Reporting Period, the Group actively implemented the policy requirements of an active M&A and restructuring market, increased its investment in financial advisory business, and fully leveraged its role in facilitating transactions to complete or advance multiple M&A and restructuring projects with market influence, leading innovation in domestic and international M&A with its professional capabilities. It continued to deploy strategic industries supported by the state, actively promoted the reform of stateowned enterprises, and helped private enterprises improve their quality and efficiency. During the Reporting Period, the UNT restructuring project for which the Group served as the independent financial advisor was approved by the exchange. It was the first restructuring project that acquired high-quality unprofitable assets disclosed and approved by the CSRC on the STAR Market since the release of the "Eight Measures on Deepening Reform of the SSE STAR Market to Serve Technological Innovation and Development of New Productive Forces" ( 科八條 ). The Group also acted as the financial advisor to assist CR Sanjiu in acquiring the control over Tasly. This transaction was a major asset restructuring of A-share company acquisition of A-share assets, standing as one of the benchmark cases of industrial integration and M&A among listed companies in the pharmaceutical sector in recent years. According to the statistics of public information disclosed by listed companies, the Group ranked the first in the industry in terms of first disclosure number of auditing restructuring projects for which it acted as the independent financial advisor during the Reporting Period.

④ OTC business

During the Reporting Period, the Group actively leveraged on the connection path between the NEEQ and the Beijing Stock Exchange, fully displayed the integrated advantage as a large investment bank continued to provide technological innovation-based growth enterprises with multi-layered capital market services, and completed several listing projects on the NEEQ, focusing on screening and cultivating more highquality and qualified reserve projects on the Beijing Stock Exchange for consolidating and enhancing the competitive advantage of the sponsorship and underwriting business on the Beijing Stock Exchange. Jiangsu Equity Exchange continued to strengthen compliance and risk management, deepened the construction of the special board for "specialized and sophisticated enterprises that produce new and unique products", optimized the system for registration and custody business, improved the comprehensive stock option service chain, upgraded the transfer platform of shares of private equity and venture capital, and constructed a full-chain service system for fund-raising, investment, management and withdrawal processes. The incubation service ecosystem for listing and board transfer was continuously optimized, and the diversified and comprehensive financial service capabilities were continuously improved. As of the end of the Reporting Period, 13,679 enterprises have been listed and displayed (of which 1,369 were on the special board for "specialized and sophisticated enterprises that produce new and unique products"). It raised RMB6.493 billion for enterprises through financing during the Reporting Period.

(2) Prime brokerage (PB) business

During the Reporting Period, the Group efficiently integrated the resources of the full business chains, carried out in-depth integration of artificial intelligence technologies and financial technologies, gave full play to the data value of underlying assets, and provided the institutional customer base with intelligent and onestop comprehensive financial service solutions, fostering a service ecosystem for institutional customers and striving to promote diversified realization of asset value. As of the end of the Reporting Period, the Group had 14,064 fund products in custody and the total size of funds in custody reached RMB459.703 billion. We provided administration services to 20,521 fund products (including 1,366 products from Huatai Asset Management), of which the service scale reached RMB1,231.912 billion (including the business scale of Huatai Asset Management of RMB461.123 billion). According to the statistics from the Asset Management Association of China ( 中國證券投資基金業協會 ) in the second quarter of 2025, the Group ranked the fourth in the industry in terms of the number of products filed under the private fund custody business.

Changes in the cumulative number of onmarket products and business scale of fund custody business

Changes in the cumulative number of onmarket products and business scale of fund service business

Unit: 100 million yuan Currency: RMB Unit: 100 million yuan Currency: RMB

(3) Research and institutional sales business

During the Reporting Period, in terms of research business, the Group firmly deepened the transformation of business models, continued to improve the research team allocation and the research service system, and continuously strengthened the synergy efficiency of the entire business chain. It focused on leading institutional customers, deeply tapped into the research value, and carried out research service activities through multiple channels, platforms, and methods to promote the high-quality development of business. The Group adhered to the international business strategy, actively expanded its overseas research product lines, continuously improved the matrix of overseas research products and reach carriers, further expanded the coverage of overseas research reports and leading companies, and optimized the layout of crossborder research business in a multi-dimensional manner. It optimized and upgraded the digital platform, actively promoted the development of intelligent research reports and data products, continuously iterated functions such as intelligent writing, numerical review, and one-click translation, effectively expanded the application scope of investment research data, further improved the production and management processes of research reports, continuously enhanced the quality and efficiency of the research business, and strove to strengthen the empowerment of the research business. During the Reporting Period, the Group actively carried out various forms of research service activities, including releasing 5,781 research reports (including those in English), organizing 32,400 research roadshow services and 520 thematic teleconferences, and holding investment strategy summits, themed teleconferences, and organizing a series of overseas research and other activities.

In terms of institutional sales business, the Group deeply aligned it to the diversified needs of institutional investors, and continued to promote the construction and function iteration of institutional investor working platform and service platform, so as to constantly consolidate an integrated and platform-based institutional customer service system in the whole business chain, expand customer coverage in breadth and depth and build up differentiated competitive advantages; it steadily advanced the layout of the international business, took advantage of the comprehensive team synergy and resource endowment, gave full play to the service advantages of integrated management of domestic and international sales and transactions, and continuously enhanced comprehensive business capabilities, with its service ranking for leading strategic customers keeping in the forefront of the market. During the Reporting Period, the volume of sub-position transactions for mutual funds was RMB862.279 billion.

(4) Investment and trading business

① Equity trading business

During the Reporting Period, the Group actively adapted to changes in the market environment, continuously iterated and upgraded its investment and trading system on absolute gains. Centering on three business lines of big data trading business, macro-hedging business and innovative investment business, it constantly enhanced its professional investment and trading capacity and risk control capability. With advanced system platforms, cutting-edge model algorithms, and innovative business models, the Group actively created a sustainable and stable equity trading business model. It optimized business layout and structure, actively built a systematic investment research system, continuously improved the investment framework, and continued to polish core investment research capabilities; it upgraded and iterated the strategy matrix, continued to expand trading models and varieties, and enhanced the market adaptability of strategies and risk control capabilities, so as to fully grasp market opportunities. In terms of market making and trading business, the Group focused on the updating and iteration of market making and trading strategies and systems, continuously explored business coordination models, actively expanded the boundary of market making business, and constantly improved risk control systems, thus maintaining sound business operation. As of the end of the Reporting Period, the Group has filed a total of 126 market-making stocks for the market making and trading business of stocks on the STAR Market, with the market making business of listed funds covering a total of 643 equity ETFs, 36 FICC ETFs and 49 REITs, all ranking among the top in the market.

② FICC trading business

During the Reporting Period, the Group deeply implemented the cross-border linkage strategy, actively built an integrated FICC trading platform, supported the innovation and expansion of key businesses, improved core trading and pricing capabilities, and continuously strengthened its cross-market and cross-variety synergy advantages. In terms of fixed-income proprietary investment business, the Group deepened its core capabilities in strategy research and development and transaction pricing, adjusted strategies, optimized position structure, and improved portfolio liquidity in a timely manner in line with market changes. As a result, the diversification and flexibility of proprietary trading strategies have been continuously improved, and active management has achieved remarkable results. In terms of bond market-making business, the Group fully relied on system empowerment, continuously optimized pricing models and quotation strategies, continued to enrich market-making quotation and inquiry engine functions, actively expanded market-making profit models, and steadily improved automated market-making capabilities, with marketmaking targets continuously enriched, and the market-making transaction volume of major bond varieties continued to grow. In terms of bulk commodity and foreign exchange business, the Group continuously strengthened research on strategies and transactions, actively expanded the clearing model for foreign exchange transactions, and constructed the ability to provide diversified carbon financial products and trading services for both domestic and overseas markets, with the foundation for diversified development continuously solidified. As for the FICC Elephant Trading Platform (FICC 大象交易平台 ), the Group focused on unified trading system, strategy research and development system, customer demand business system and AI construction, comprehensively improved the digital level of strategy research and development, and continued to optimize the FICC trading model.

③ OTC derivatives trading business

During the Reporting Period, the Group adhered to the principle of "aiming at serving the real economy and being guided by customers' risk management needs" in conducting its OTC derivatives trading business, deepened integrated compliance and risk control, emphasized on professional capacity building, and continued to cultivate its core competencies in hedging transactions, product design and innovation, and customer service, so as to continuously consolidate the foundation of its main responsibilities and business. It accelerated the deployment of its international business, continued to promote cross-border interconnected development, and upgraded and optimized domestic and overseas product portfolios. It also effectively expanded the depth and breadth of its customer coverage, actively explored growth points for transactions in offshore markets, constantly optimized the business development model on a systemic and refined basis, and provided customers with a full range of derivatives trading services. Furthermore, the Group improved its digital and platform-based service system, actively built its transaction-driven, customer-demand oriented and platform-enabled core competencies, and facilitated the accumulation, upgrading and transformation of its core business competencies. According to the data calibers in the regulatory statement SAC agreement, as of the end of the Reporting Period, the Group had 8,276 income swap transaction business contracts with an ongoing size of RMB94.225 billion; the Group had 2,136 OTC option trading business contracts with an ongoing size of RMB144.873 billion. During the Reporting Period, the Company issued 459 income receipts through the China Securities Internet System and OTC market, with an issuance scale of RMB23.698 billion.

3. Prospect for the second half of 2025

For investment banking business, the Group will continue to thoroughly implement the new guideline on strengthening regulation, forestalling risks and promoting the high-quality development of the capital market ( 新"國九條") and the "1+N" policies of the capital market, so as to continuously enhance its core competitive advantages in market-based innovation and cross-border integration and synergy, and build up a first-class investment banking service capability with international competitiveness. With further implementation of the "customer-oriented" concept, the Group will accommodate customers' domestic and overseas financial service needs with full-market and full-cycle services covering all products and business chains, and build a globalized industrial network to give effective support to Chinese enterprises in their overseas layout, and provide better services to the real economy and the development of new productive forces. In terms of equity financing business, the Group will continue to strengthen the strategy of industry focus and regional cultivation, actively build quality projects with market influence, and promote the leading market share in key industries and regions. In terms of bond financing business, the Group will continue to improve its value judgement ability to continuously enhance the quality of its projects and improve customer selection criteria, focus on quality customers, and strictly control business risks. The Group will continue to increase the investment in the financial advisory business, actively carry out and diversify the M&A and restructuring financial advisory business, strengthen its business brand by setting up typical innovation cases for the market, and enhance the capability to provide continuous service to industrial quality clients.

For research and institutional sales business, the Group will proactively adapt to profound shifts in the market landscape and ecosystem, focus on the demands from key institutional customers, continuously strengthen the construction of digital and intelligent platforms, and actively build an all-round and onestop financial services ecosystem, striving to enhance its comprehensive service capabilities. In addition, the Group will steadily advance its internationalization strategy by reinforcing cross-border business synergies, actively establishing worldwide business networks and extending global asset allocation reach, so as to forge core competitiveness featured domestic-overseas integration and effective collaboration across business chain.

For investment trading business, the Group will continue to build platform-based and systematic investment and trading capabilities, improve the customer-oriented business structure and service system, practically upgrade and transform toward the orientation of enhancing asset pricing rights and productization of trading capabilities and constantly boost the core competitiveness. In terms of equity trading business, the Group will continue to be based on the three core business lines of macro hedging, big data trading and innovative investment, accelerate the expansion of its overseas operations and enhance the application of AI technologies. It will actively establish a three-dimensional business system that is "driven by multi strategy+ empowered by cutting-edge technology and supported by a top-tier talent team", aiming to build a diversified and stable business model. In terms of FICC trading business, the Group will continue to focus on its cross-border linkage strategy, actively build an integrated FICC trading platform, continuously advance the deployment of cross-border operations and its capability building and constantly enrich product offerings, to serve customers' diversified asset allocation needs and enhance the diversity and resilience of revenue streams. In terms of OTC derivatives trading business, the Group will continue to refine its risk management service solutions, continuously enhance professional trading hedging capabilities and end-to-end customer service proficiency. It will actively promote cross-border linkage development, and further explore customer ecosystem development through technology-led operations and data-driven services, to facilitate high-quality development of businesses.

(IV) Investment management business

1. Market environment

Despite complex market dynamics and evolving regulatory requirements in recent years, China's asset management industry has maintained steady growth momentum. The sector is rapidly expanding into emerging areas such as index investment and cross-border allocation, continuously developing new growth drivers while manifesting substantial market potential and growth resilience. At the same time, the further promotion of the reform of mutual funds, the continuous improvement of the requirements for the standardized operation of private funds and the full implementation of the personal pension system, have imposed comprehensive and more sophisticated demands on asset management institutions' business logic and operations. This marks the industry's entry into a critical phase of high-quality transformation and development. According to the statistics from Asset Management Association of China ( 中國證券投資基金業協會 ), as of the end of the first quarter of 2025, the total amount of asset management products of fund management companies and their subsidiaries, securities companies and their subsidiaries, futures companies and their subsidiaries and private fund management institutions was RMB72.32 trillion, among which, the amount of mutual funds was RMB32.22 trillion and the amount of private asset management products of securities companies and their subsidiaries was RMB5.93 trillion. Under a market environment featured by low interest rate, it is more important for asset management institutions to reconnect with the fundamental purpose of asset management services. By enhancing professional investment research capabilities, risk-pricing expertise and asset allocation efficiency, asset management institutions shall provide customers with high-quality product series with more comprehensive risk-return characteristics and richer categories, to empower customers to achieve prudent wealth accumulation and effective value appreciation.

Changes in the scale of mutual funds

Unit: trillion yuan Currency: RMB Unit: trillion yuan Currency: RMB

In the first half of 2025, China's equity investment market demonstrated robust resilience in fundraising while investment activity rebounded. Policy tailwinds continued to channel capital toward technological innovation, with hard tech sectors attracting sustained attention and support. A new market ecosystem of "long-term capital for long investment" ( 長錢長投 ) is gradually taking shape. According to the statistics from Zero2IPO Research Center private placement department, in the first half of 2025, 2,172 new funds were raised in China's equity investment market, with a total fundraising amount of RMB728.330 billion, representing a year-on-year increase of 11.95%; and there were 5,612 investment cases in China's equity investment market, with a total investment amount of RMB338.924 billion, representing a year-on-year increase of 1.56%. Amidst the industry-wide standardization of fundraising and investment operations, it is more necessary for private equity institutions to uphold value investing and long-term investment philosophies, which requires them to constantly elevate sector-specific insights and knowledge, strengthen post-investment empowerment and withdrawal management, and proactively nurture patient capital to fuel corporate growth and advance new quality productive forces.

Changes in the number and amount of newlyraised funds in China's equity investment market

2. Operational measures and performance

Source: statistics from PEDATA of Zero2IPO Research Center Source: statistics from PEDATA of Zero2IPO Research Center

(1) Asset management business of securities companies

During the Reporting Period, Huatai Asset Management, a wholly-owned subsidiary of the Group, actively adapted to changes in the market landscape and regulatory environment. Always adhering to the "customer-oriented" philosophy and the development mission of providing quality service to the real economy, it gave full play to the distinctive resource advantages of asset management as a securities company, continuously upgraded the service system of the whole business chain, and continued to promote the adjustment of business structure and the cultivation of core competitiveness. It also actively explored new business growth points, and effectively met the asset management needs of customers throughout the full life cycle. It firmly advanced the platform-based and differentiated development strategies on business, focused on investment asset management and investment banking asset management, and continued to polish high-quality product lines with the commitment of pursuing absolute returns. In terms of investment asset management business, it actively built an integrated and large-scale investment research system, continuously strengthened its ability to identify underlying assets, with the scale of mutual funds business continued to increase, and scale of asset management FOF reached a new high. In terms of investment bank asset management business, it continuously improved its collaborative mechanisms, with the service capability of the whole chain of public offering REITs business continued to improve. In terms of ABS business, it collaborated with China Securities Index Co., Ltd. to develop the first manager ABS index in the market. According to the regulatory statement data, as of the end of the Reporting Period, the total asset management scale of Huatai Asset Management was RMB627.032 billion, representing a year-on-year increase of 23.92%. According to statistics from Wind Information, during the Reporting Period, Huatai Asset Management issued 77 enterprises' ABS (asset-backed securities), ranking first in the industry; and the issuance scale was RMB58.946 billion, ranking fourth in the industry.

Changes in Number of issuance of Enterprise

ABS Programs Managed

Changes in scale of issuance of Enterprise ABS Programs Managed

During the Reporting Period, for asset management business of securities companies, the Group strictly controlled risks and continued to enhance its active investment management capability and client service capability by focusing on building core competitiveness on platform-based operation and integration. It actively built scaled and differentiated product systems covering different risk-return characteristics. For the collective asset management business, a total of 368 collective asset management plans were under management and the total management scale was RMB108.451 billion. In respect of the single asset management business, a total of 713 single asset management plans were under management and the total management scale was RMB150.408 billion. In respect of specialized asset management business, a total of 285 specialized asset management plans were under management and the total management scale was RMB202.264 billion. In respect of the mutual fund management business, we managed 44 mutual fund products in total with an aggregated management scale of RMB165.909 billion.

The scale of the securities companies' asset management business is as follows:

	Unit: 100 million Yuan Currency: RMB
Business Category	January – June 2025	January – June 2024
Collective asset management business	1,084.51	591.33
Single asset management business	1,504.08	1,603.36
Specialized asset management business	2,022.64	1,756.93
Mutual fund management business	1,659.09	1,108.21

Note: The above data are from the regulatory statements (unaudited).

(2) Private equity fund management business

During the Reporting Period, for the private equity fund management business, the Group focused on key industry research based on its advantages, deeply deployed on key industries, appropriately adjusted the principle of fund allocation, raised the standards on the selection of projects and actively sought diversified withdrawal paths from invested enterprises. Meanwhile, based on the principles of adopting the market-based approach, promoting the development of regional economy and enhancing the strategic synergy value, it continued to explore cooperation opportunities within the ecosystem, strengthened the partnership with large SOEs, leading enterprises in the industries and listed companies to steadily expand the scale of fund management, increasingly improve the market competitiveness. As of the end of the

Changes in number and amount of private equity fund investment projects

Source: Regular reports of the Company

Reporting Period, Huatai Purple Gold Investment and its secondary subsidiaries as managers have filed a total of 32 private equity investment funds with the Asset Management Association of China ( 中國證券投資基金業協會 ), with a total subscription amount of RMB63.839 billion and a total paid-up capital of RMB47.891 billion. During the Reporting Period, the above-mentioned private equity investment funds implemented a total of 15 investment projects with a total investment amount of RMB586 million.

(3) Asset management business of fund companies

During the Reporting Period, with adherence to equal emphasis on compliance management and business development, fund companies under the Group continuously strengthened its capabilities in terms of product innovation and business innovation, strengthened the forward-looking layout on featured products, actively established an empowerment model with AI technologies reshaping businesses, and improved the whole process service system, to increasingly enhance the comprehensive capabilities on cross-cycle and diversified asset allocation and continue to maintain the increase in the total scale of assets under management. China Southern Asset Management continuously expanded and optimized product layout and business system, proactively established value-creating capabilities supported by intelligent and platform-based operation. As of the end of the Reporting Period, the total assets under its management amounted to RMB2,593.533 billion, among which the asset size of mutual funds business amounted to RMB1,384.279 billion. Huatai-PineBridge kept on optimizing its product design and investment strategy, and enriched its product categories, with significant growth in the size of index funds. As of the end of the Reporting Period, the total assets under its management amounted to RMB730.667 billion, among which the asset size of mutual funds business amounted to RMB707.373 billion. According to the statistics of the Shanghai and Shenzhen Stock Exchanges, as of the end of the Reporting Period, the scale of the broadbased index fund CSI 300ETF under Huatai-PineBridge was RMB374.704 billion, ranking first among all nonmonetary ETFs on the Shanghai and Shenzhen Stock Exchanges. (The profit or loss from equity investments of China Southern Asset Management and Huatai-PineBridge were included under other segments in the segment report)

(4) Asset management business of futures companies

During the Reporting Period, Huatai Futures, a wholly-owned subsidiary of the Group, continued to improve the effectiveness of compliance, risk control and management, accelerated the digital transformation of its operation, and spared no effort in developing a business development model focusing on futures and derivatives. It continuously deepened its specialized asset management expertise in derivatives, actively built a tailored product matrix and professional service system to comprehensively address customers' needs, thereby expanding the breadth and depth of services supporting the real economy. As of the end of the Reporting Period, Huatai Futures managed a total of 31 asset management plans which were in the duration period. The total asset management scale was RMB816,704,500, and the futures equity scale was RMB359,913,900.

(5) Alternative investment business

The Group carried out alternative investment business through its wholly-owned subsidiary Huatai Innovative Investment. During the Reporting Period, Huatai Innovative Investment fully improved business synergy and efficiency, focused on the development of FINTECH equity investment and the co-investment business of the STAR Market, and steadily explored the co-investment business of the ChiNext and the strategic placement business of the Beijing Stock Exchange according to regulatory policies and the Group's business layout. As of the end of the Reporting Period, there were 37 subsisting investment projects with an investment scale of RMB1,611,789,700. The investment attributes mainly include co-investment on the STAR Market and equity investment.

3. Prospect for the second half of 2025

The asset management business of securities companies will continue to rely on the system of the entire business chain of the Group. The Group will give full play to the genetic advantages as an investment bank, open up domestic and overseas channels through the whole chain, and actively promote the cross-border interconnected development of business. Further efforts will be made to strengthen digital application capability and continuously enhance active management capability, so as to cultivate differentiated core competitiveness and enlarge the scale of client assets. With the investment asset management and the asset management services on investment banking as drivers, the Group will provide one-stop and firstclass investment products, asset allocation and overall financial service solutions to empower its customers in their asset management service journey. In respect of the investment asset management business, it will undertake diversified customers' needs in the low-interest-rate environment, remain excellence in the continuous marketing for existing products and the launch of new products, and actively advance international expansion based on its competitiveness in business synergy. In terms of investment bank asset management business, it will focus on high-quality development, continue to strengthen investmentfinancing collaboration, anchor high-quality assets, keep elevating its pricing power, and proactively pursue growth across business chain.

In respect of the private equity fund management business, the Group will continue to adhere to marketoriented principles, fully leverage the guiding role of patient capital, continuously enhance professional investment management capabilities, and steadily expand fund management scale. It will further explore sectors where it has deep understandings and accumulated investment ecosystems, such as healthcare, TMT, advanced manufacturing, and consumer goods. The Group will strengthen cooperation with industry leaders to establish funds and continuously build industry ecosystems. It will improve and optimize the post-investment management system, continuously strengthen the ability to diversify the withdrawal from investment projects and continuously increase the level of post-investment management.

In respect of the asset management business of fund companies, the Group will adhere to an "investorcentric" approach and continue to pursue a development philosophy based on platform, integration and refinement. It will upgrade and iterate the digital and intelligent system platform, comprehensively promote the construction of product-driven business empowerment system and technology-driven core capabilities, continuously improve product layout, consolidate and strengthen advantageous product lines, enhance core investment research capabilities and value creation capabilities, so as to lay a solid foundation for building a first-class investment institution.

In respect of the asset management business of futures companies, the Group will continue to build a business development model centered on futures and derivatives, continuously improve the sales and service system based on customer needs, strengthen the allocation of investment teams across all assets, all strategies and all investment tools based on a large platform. With smarter systems, more professional teams and higher-quality products, the Group will provide customers with diversified and personalized asset management solutions.

In respect of the alternative investment business, we will constantly improve the system, mechanism and operational process, deepen the construction of the FINTECH ecosystem, and prudently promote the development of equity investment, the follow-on investment on the STAR Market, the follow-on investment on the Beijing Stock Exchange, and other new businesses, and improve capital usage efficiency and return on assets.

(V) International business

1. Market environment

In the first half of 2025, amid multifaceted headwinds, global economic growth slowed markedly with divergent regional trajectories, while international financial markets experienced heightened volatility. Concurrently, artificial intelligence is increasingly redefining the global technology landscape and turbocharging industrial transformation worldwide, unlocking new development opportunities while introducing fresh challenges. Benefiting from policy tailwinds and market mechanism improvements, the Hong Kong secondary market demonstrated robust performance with surging trading activity, with the Hang Seng Index up by 20.00% and the Hang Seng Tech Index up by 18.68%. According to the statistics from Wind Information, the turnover in the Hong Kong stock market was HK\$22.14 trillion, representing a year-onyear increase of 114.33%. The Hong Kong equity financing market experienced explosive growth. The funds raised through IPOs in the market were HK\$108.832 billion, representing a year-on-year increase of 704.20%. The funds raised upon listing were HK\$143.689 billion, representing a year-on-year increase of 210.44 %. The US secondary market experienced fluctuations, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq up by 3.64%, 5.50% and 5.48%, respectively. According to the statistics from Wind Information, the turnover in the US stock market was USD67.34 trillion, representing a year-on-year increase of 24.01%. The US equity financing market remained vitality and an increasing trend of the financing scale. The size of funds raised through IPOs in the market was USD26.058 billion, representing a year-on-year increase of 33.97%. The scale of additional offerings was USD69.003 billion, representing a year-on-year increase of 9.48%.

In recent years, China has continued to advance the high-level two-way opening up of its capital market. This has made it increasingly convenient for foreign capital to participate in the domestic market and led to further improvements in the domestic and overseas listing linkage mechanism and the expansion of crossborder connectivity in an orderly manner. At the same time, the internationalization process of securities companies is entering a new phase, with overseas markets becoming an important area for expanding business scope, exploring new development space and enhancing competitive strength. China's economic transformation also necessitates comprehensive and companion financial services from international investment banking institutions. For a securities company aspiring to establish a first-class investment bank, it is essential to build an extensive network of clients, products and services in both mainstream and emerging global markets by enhancing cross-border integration and coordination capabilities and optimizing cross-border comprehensive financial service systems, and to continuously polish international market competitiveness and effectively enhance its ability to provide cross-border investment and financing services to domestic and overseas industrial clients and global investors.

2. Operational measures and performance

During the Reporting Period, the Group proactively seized new development opportunities in the process of profound changes in the policy market, strengthened cross-border integration and synergy, deepened its international deployment, and continued to expand new development space. As the Group's holding platform for international business, Huatai International fully aligned to the Group's whole business chain system, consolidated its position as a capital market intermediary, and further developed its "customercentric" integrated and platform-based cross-border service ecosystem. It relied on the Group's integrated risk management framework and system for both domestic and overseas operations, guaranteeing risk control while promoting business development in tandem. It continuously diversified product offerings, actively explored market channels, and continuously optimized customer experience to effectively meet customer's global asset allocation needs, with its influence in overseas markets continued to grow. As of the end of the Reporting Period, Huatai International's business operations remained stable and orderly, with all financial indicators ranked steadily among the top tier of Chinese-funded securities firms in Hong Kong.

(1) Business in Hong Kong

In terms of business in Hong Kong, the Group adhered to its origins as an investment bank providing services, establishing and all-dimensional, comprehensive and cross-border financial service platform system with cross-border business as the leverage. Despite market volatility, with its advanced platform strength and effective risk control capabilities, it has continued to enhance its business systems including equity business platform, fixed-income business platform, wealth management platform, fund and asset management platform and flagship investment banking business, seeing that business development being steady and enterprising, and differentiated competitive advantages being consolidated and enhanced. For equity derivatives business, the Group actively expanded into overseas markets, continuously enriched its product categories and trading models, and continuously upgraded its global and full-asset trading and sales capabilities, which enabled it to further maintain its leading position in the industry; for stock sales and trading business, the Group focused on one-stop and integrated cross-border financial services on "spot equities + cross-border prime brokerage + QFII", with its long-term fund coverage capability maintained at a high level, its market share of "HKD-RMB dual-currency counter" market making business continued to increase; for FICC business, the Group continued to promote domestic and overseas integration, deepened strategic adjustments, and built a business ecosystem driven by customer-oriented service with market making transaction as the core, product services as the carrier and supported by platform-based systems; for wealth management business, the Group continuously improved online and offline platform-based and integrated operation and continued to optimize the quality of customer acquisition of the "ZhangLe Global" ( 漲樂全球通 ) platform, with "Cross-boundary Wealth Management Connect" ( 跨境理財通 ) business grew significantly, product and service system for high-net-worth clients continuously strengthened, cross-border integrated asset allocation tools continuously enriched, and wealth product sales further increased; for fund business, on one hand, the Group carried out strict risk control over the private equity investment business, actively implemented its international strategies and deeply explored high-quality potential business opportunities, and on the other hand, it continued to push forward business transformation of asset management business and continuously improved its active management capability and product design and supply capacity; for investment banking business, the Group effectively strengthened its cross-market execution and service capabilities, actively seized market opportunities, implemented multiple benchmark projects, maintaining sufficient project reserves and a leading market position. Based on internal and external statistics, during the Reporting Period, Huatai Financial Holdings (Hong Kong) sponsored nine Hong Kong IPO projects, ranking second in the market in terms of the number of projects sponsored.

(2) Huatai Securities (USA)

With the approval of the US Financial Industry Regulatory Authority, Huatai Securities (USA) obtained the broker-dealer license in 2019 and obtained qualification for proprietary trading in 2020. It obtained the business qualification for securities trading with institutional investors in Canada in 2021, obtained market access to major stock exchanges in Europe in 2022 and became an introducing broker for US futures products in 2023. In 2024, it was qualified as a broker and dealer for US Treasuries and a limited underwriting member of the Nasdaq Stock Market in the United States. During the Reporting Period, it was qualified as a broker and dealer for non-US sovereign bonds, including treasury bonds of Europe, the United Kingdom, Canada, Latin America, Japan and Southeast Asia. During the Reporting Period, Huatai Securities (USA) actively promoted the cross-border interconnection business for enterprises and institutional investors, constantly expanded the variety of products and market channels of FICC trading as an agency for customers and continuously optimized the cross-border linkage and coordination mechanism, providing integrated services to global investors.

(3) Singapore Subsidiary

Singapore Subsidiary obtained the licenses on capital market services and the qualification as an exempt financial advisor issued by Monetary Authority of Singapore in 2023 and conducts securities trading and corporate financing businesses in Singapore in compliance with laws and regulations; during the Reporting Period, it obtained the main board sponsor qualification granted by the Singapore Exchange, thereby acquiring the qualification to undertake and manage main board IPO projects. During the Reporting Period, Singapore Subsidiary steadily advanced the development of its various business lines, continuously enhancing its regional undertaking capacity and influence. For derivatives business, it accelerated local implementation with customer expansion actively promoted, the trading system became increasingly mature, and the regional market layout continuously optimized. For investment banking business, it effectively undertook cross-market projects and actively promoted the initial progress of Chinese enterprises financing in Singapore. For wealth management business, it tapped into customers' needs, actively explored opportunities for cooperation, effectively strengthened brand awareness and market influence, and gave support in expanding customer resources.

3. Prospect for the second half of 2025

Huatai International will keep to the Group's international strategy and continue to deepen its global layout. It will constantly tap into customers' needs, and build and improve a cross-border integrated comprehensive financial service system. Moreover, relying on platform-based operation, it will effectively improve the synergy and efficiency in the full business chain, and strictly control risks in order to increasingly improve market competitiveness and the position in the industry.

For the business in Hong Kong, the Group will continue to consolidate its intermediary positioning in the cross-border capital market and provide customers with one-stop financial services. For equity derivatives business, the Group will continue to optimize its business structure, and continuously fortify product creation and market-making capabilities to meet customers' international business needs; for stock sales and trading business, the Group will build and improve an integrated service system on a classified and stratified basis, continuously enrich product category, constantly expand customer coverage in breadth and depth, and strengthen cross-border trading capabilities; for FICC business, the Group will further identify customers' demands, and leverage its platform to upgrade and iterate its integrated business service capabilities for cross-market and cross-asset solutions, to better meet multi-faceted domestic and overseas investment and trading demands of customers; for wealth management business, the Group will adhere to the orientation of improving customers' core experience, constantly strengthen platform operation and system construction for customers, continuously optimize the classified and stratified customer service system, and bolster domestic and overseas linkage service capabilities; for fund and asset management business, the Group will continue to strictly control risks, amplify product creation capacity, expand overseas sales channels and capitalize on full-industry-chain resource advantages to empower customers; for investment banking business, the Group will take advantage of system reforms and market opportunities, and by leveraging its deep industry value exploration and comprehensive full-cycle services, continue to strengthen its project execution capabilities, assisting more outstanding enterprises in accelerating their international deployment, and consolidating and enhancing its dominant position in the Hong Kong market.

Huatai Securities (USA) will actively seize cross-border business opportunities, continuously expand business layout, constantly improve the business collaboration capabilities and expand the depth and breadth of the coverage over global institutional investors. It will continuously improve stocks and the platform and product systems of the FICC trading for customers as an agent, actively broaden service radiation channels and provide all-round services to meet the asset allocation and risk hedging needs of global investors.

Singapore Subsidiary will fully leverage its competitiveness in resource synergy to elevate regional service capabilities, establishing a cross-border trading and capital market service platform for Southeast Asia. For investment banking business, it will capitalize on the opportunities presented by the internationalization of Chinese companies, provide in-depth services to regional customers based on their demands for listing, refinancing and M&A, and strengthen its project undertaking and execution capabilities. For wealth management business, it will improve and optimize its infrastructure and business team to provide customers with comprehensive services, and help realize the appreciation of their investments and the inheritance of their wealth. For derivatives business, it will continue to solidify its customer base of equity and commodity derivatives, and comprehensively expand its business areas and trading coverage.

(VI) Digital development

1. Digital finance development strategy

Focusing on the technology-based strategic orientation of "building technology as the core competency of the Company", the Group practices the important mission of "creating value by profession". Following the two main lines of internationalization and intelligence, it propels global expansion, deepens intelligent application, advances platform iteration and upgrades data engines. With the improvement of technological capabilities, the Group empowers the value creation of its businesses and promotes the continuous improvement of its market share and industry influence.

2. Major measures and performance in digital transformation during the Reporting Period

During the Reporting Period, focusing on the four overall targets of digital transformation, namely, to achieve "client's success, business innovation, operation optimization and employee empowering", the Group comprehensively sped up its international development, accelerated the application of AI to enhance its level of intelligence, and promoted the Company's digital transformation to new heights.

In terms of achieving "client's success", "ZhangLe Fortune Path" ( 漲樂財富通 ) launched a number of valueadded service tools for market transactions, strengthened the construction of financial capabilities middle platform, and realized intelligent script creation and large-model-assisted content review capabilities; "ZhangLe Global" ( 漲樂全球通 ) further enriched global market trading capabilities, and realized automatic mark-to-market liquidation, US dollar corporate bonds, US stock night trading, Hong Kong stock multicurrency counter and other functional support. The one-stop institutional customer service platform "Xing Zhi" ( 行知 ) upgraded products and services from the user's perspective, and built a one-stop investment and wealth management solution that integrates pre-investment, mid-investment and post-investment around institutional investment scenarios, focused on the ETF ecosystem, and launched a super ETF function covering specialized news and strategy portfolios.

In terms of "business innovation", the FICC Elephant Trading Platform (FICC大象交易平台) released version 2.0, which supports asset trading and portfolio risk monitoring in major global markets, and initially established FICC's domestic and overseas integrated proprietary investment and risk management system; the marketmaking and central trading platform continued to increase the speed of market-making transactions, and launched a nanosecond-level ultra-fast transaction core in on-exchange options market-making, further strengthened the construction of cross-variety base position conversion capabilities, completed the coverage of major broad-based indices by market-making AI signals, and continued to use intelligent methods to improve market-making service capabilities.

In terms of "operation optimization", in the field of investment and research, the Group upgraded the ability of intelligent research reports, realized automatic assisted drafting of financial report reviews, one-click translation of the full text of research reports, and intelligent production of long pictures and video report products; in the field of investment banking, the Group upgraded the intelligent review capabilities to achieve intelligent review of the completeness of information disclosure for equity projects, and intelligent verification of the entire process of bank transaction records for fundraising special accounts; in the field of risk control, the Group completed the construction of a full-process platform-based management system for the entire credit risk lifecycle around clients and businesses, and established a market risk monitoring indicator system for overseas investment and trading business.

In terms of "employee empowering", "AORTA" ( 聊 TA), the intelligent investment consulting platform, launched an AI assistant, focused on the completion of building two major business scenarios: business knowledge Q&A and intelligent market trend analysis, and supported the construction of operational capabilities, laying the foundation for further expansion of AI application construction scenarios. "Le Dao" ( 樂道 ), the information service assistant, leveraged large-scale models to provide comprehensive research Q&A and intelligent knowledge summarization services with advanced reasoning and planning capabilities. "Zhi Xiao Bei" ( 智小北 ), the business handling assistant, used large-scale model technology as its foundation to popularize and standardize expert knowledge in business processing, enabling an end-to-end workflow from business consultation to handling, thus empowering frontline employees with professional service and

enhancing the customer service experience.

(VII) Business innovation and its effects on the Company's business performance, future development and risk control

During the Reporting Period, the Company constantly carried out business innovation activities, promoted the innovation of business, products, services and management modes, and constantly improved its innovation ability. The development of innovative business is a supplement to the existing product lines and business scope, which can effectively release business space, expand client resources and revenue sources, enhance profitability, as well as improve customer structure and business model, meet customers' full and diversified business needs, and further enhance brand influence.

During the Reporting Period, the Company continued to optimize the management mechanism for new businesses according to external rules and requirements, improved the evaluation model for cross-border businesses, and advanced the templatized management of evaluation content, so as to improve evaluation quality and continuously elevate the standardization and efficiency of evaluation for new businesses.

(VIII) There were no significant changes in the Company's operation status during the Reporting Period and there were no matters that had or expected to have significant influence in the future on the Company's operation during the Reporting Period

II. MAIN OPERATING PERFORMANCE DURING THE REPORTING PERIOD

(I) Main businesses analysis

Analysis table of the changes in relevant items of the income statement and the cash flow statement

		Unit: Thousand Yuan Currency: RMB
Item	Amount for the current period	Amount for the same period of last year	Change percentage (%)
Total revenue, other income and gains	20,979,125	19,817,246	5.86
Total expenses	(14,146,387)	(14,867,796)	N/A
Profit before income tax	8,524,841	5,576,128	52.88
Profit for the current period attributable to the shareholders of the Company	7,549,447	5,310,704	42.16
Net cash (used in)/generated from operating activities	(5,436,137)	37,605,298	N/A
Net cash (used in)/generated from investing activities	(14,017,695)	6,730,216	N/A
Net cash generated from/(used in) financing activities	11,682,030	(43,095,623)	N/A
Net (decrease)/increase in cash and cash equivalents	(7,771,802)	1,239,891	N/A

2. Revenue, other income and gains

As of June 30, 2025, the Group recorded total revenue, other income and gains of RMB20,979 million, representing a year-on-year increase of 5.86%, in which:

(1) Fee and commission income recorded a year-on-year decrease of 4.15% to RMB8,027 million, accounting for 38.26%, mainly due to the disposal of subsidiaries in the second half of last year.

(2) Interest income recorded a year-on-year decrease of 6.42% to RMB6,418 million, accounting for 30.59%, mainly due to the decrease in interest income from financial institutions.

(3) Net investment gains recorded a year-on-year increase of 57.47% to RMB6,630 million, accounting for 31.60%, mainly due to the increase in gains from disposal of financial instruments.

(4) Other income and gains recorded a year-on-year decrease of 125.59% to RMB(96) million, accounting for (0.46)%, mainly due to the changes in foreign exchange gains and losses.

Item	From January 1 to June 30, 2025		From January 1 to June 30, 2024		Increase/decrease
	Amount	Ratio	Amount	Ratio	Amount	Ratio
Fee and commission income	8,027,182	38.26%	8,374,416	42.26%	(347,234)	(4.15)%
Interest income	6,417,878	30.59%	6,858,494	34.61%	(440,616)	(6.42)%
Net investment gains	6,629,834	31.60%	4,210,163	21.24%	2,419,671	57.47%
Other income and gains	(95,769)	(0.46)%	374,173	1.89%	(469,942)	(125.59)%
Total revenue, other income and gains	20,979,125	100.00%	19,817,246	100.00%	1,161,879	5.86%

Unit: Thousand Yuan Currency: RMB

3. Total expenses

As of June 30, 2025, the Group's total expenses were RMB14,146 million, representing a year-on-year decrease of 4.85%, in which:

(1) Fee and commission expenses amounted to RMB2,064 million, representing a year-on-year increase of 7.88%, mainly due to the increase in expenses of securities brokerage and advisory business.

(2) Interest expenses amounted to RMB4,381 million, representing a year-on-year decrease of 28.74%, mainly due to the decrease in interest expenses on interest-bearing liabilities.

(3) Staff costs amounted to RMB4,570 million, representing a year-on-year increase of 17.77%, mainly due to the increase in accrued staff costs of the Group.

(4) Other expenses mainly include depreciation and amortisation expenses, tax and surcharges as well as impairment losses under expected credit loss model, net of reversal and other operating expenses.

Item	From January 1 to June 30, 2025		From January 1 to June 30, 2024		Increase/decrease
	Amount	Ratio	Amount	Ratio	Amount	Ratio
Fee and commission expenses	(2,063,672)	14.59%	(1,912,923)	12.87%	(150,749)	7.88%
Interest expenses	(4,381,310)	30.97%	(6,147,948)	41.35%	1,766,638	(28.74)%
Staff cost	(4,569,531)	32.30%	(3,880,037)	26.10%	(689,494)	17.77%
Depreciation and amortization expenses	(733,905)	5.19%	(948,614)	6.38%	214,709	(22.63)%
Tax and surcharges	(92,999)	0.66%	(75,930)	0.51%	(17,069)	22.48%
Other operating expenses	(2,304,447)	16.29%	(2,419,054)	16.27%	114,607	(4.74)%
(Provision for)/reversal of impairment losses against financial assets	(523)	–	516,710	(3.48)%	(517,233)	(100.10)%
Total expenses	(14,146,387)	100.00%	(14,867,796)	100.00%	721,409	(4.85)%

4. Analysis of segment revenue, other income and gains and segment expenses

(1) Analysis of segment revenue, other income and gains

Unit: Thousand Yuan Currency: RMB

Business segment	Segment revenue, other income and gains for the current period	Percentage of total segment revenue, other income and gains for the current period(%)	Segment revenue, other income and gains for the same period of last year	Percentage of total segment revenue, other income and gains for the same period of last year (%)	Increase or decrease in percentage of total segment revenue, other income and gains as compared to the same period of last year
Wealth management business	10,409,820	49.62	8,651,331	43.66	Increase of 5.96 percentage points
Institutional services business	4,625,807	22.05	3,241,111	16.36	Increase of 5.69 percentage points
Investment management business	1,917,651	9.14	1,088,046	5.49	Increase of 3.65 percentage points
International business	3,546,990	16.91	5,598,934	28.25	Decrease of 11.34 percentage points
Others (including offset)	478,857	2.28	1,237,824	6.25	Decrease of 3.97 percentage points

During the Reporting Period, on a consolidated basis, the Group recorded revenue, other income and gains of RMB20,979 million in total, representing a year-on-year increase of 5.86%. Among the principal business segments, segment revenue from wealth management business was RMB10,410 million, representing a yearon-year increase of 20.33%. This was mainly due to the Company's in-depth promotion of the construction of a classified, stratified and integrated client service system, and continuous enhancement of its professional trading and asset allocation service capabilities based on empowerment of middle platform of finance and driven by platform-based operations, resulting in a year-on-year increase in revenue. Revenue from institutional services business was RMB4,626 million, representing a year-on-year increase of 42.72%. This was mainly due to the Company's continued iteration of its investment and trading system during the Reporting Period, and continuous enhancement of the market adaptability and risk management and control capabilities in its strategies, resulting in year-on-year growth in investment and trading business. Revenue from investment management business was RMB1,918 million, representing a year-on-year increase of 76.25%, mainly due to the year-on-year increase in the valuation of private equity funds and alternative investment projects. Revenue from international business was RMB3,547 million, representing a year-on-year decrease of 36.65%, mainly due to a higher comparative base as a result of disposal of subsidiaries in the second half of last year.

(2) Analysis on segment expenses

Business segment Segment expenses for the current period Percentage of total segment expenses for the current period (%) Segment expenses for the same period of last year Percentage of total segment expenses for the same period of last year (%) Increase or decrease in percentage of total segment expenses as compared to the same period of last year Wealth management business (6,109,409) 43.19 (4,759,211) 32.01 Increase of 11.18 percentage points Institutional services business (3,289,683) 23.25 (2,898,556) 19.50 Increase of 3.75 percentage points Investment management business (606,574) 4.29 (644,099) 4.33 Decrease of 0.04 percentage points International business (2,273,068) 16.07 (4,582,775) 30.82 Decrease of 14.75 percentage points Others (including offset) (1,867,653) 13.20 (1,983,155) 13.34 Decrease of 0.14 percentage points

Unit: Thousand Yuan Currency: RMB

In terms of expenses of each business segment as a percentage of total expenses of the Group, expenses of wealth management business and institutional services business segments increased by 11.18 percentage points and 3.75 percentage points, respectively, and investment management business and international business segments decreased by 0.04 percentage point and 14.75 percentage points, respectively.

058

5. Analysis on cash flow

			Unit: Thousand Yuan Currency: RMB
Item	Amount for the current period	Amount for the same period of last year	Amount of increase or decrease	Percentage of increase or decrease (%)
Net cash (used in)/generated from operating activities	(5,436,137)	37,605,298	(43,041,435)	N/A
Net cash (used in)/generated from investing activities	(14,017,695)	6,730,216	(20,747,911)	N/A
Net cash generated from/(used in) financing activities	11,682,030	(43,095,623)	54,777,653	N/A
Net (decrease)/increase in cash and cash equivalents	(7,771,802)	1,239,891	(9,011,693)	N/A

During the Reporting Period, the net decrease in cash and cash equivalents of the Group was RMB7,772 million, in which:

(1) Net cash used in operating activities was RMB5,436 million, representing a decrease of RMB43,041 million as compared to the same period of last year, mainly due to the increase in financial instruments at fair value through profit or loss for the current period.

(2) Net cash used in investing activities was RMB14,018 million, representing a decrease of RMB20,748 million as compared to the same period of last year, mainly due to the increase in financial instruments at fair value through other comprehensive income for the current period.

(3) Net cash generated from financing activities was RMB11,682 million, representing an increase of RMB54,778 million as compared to the same period of last year, mainly due to the increase in cash received from short-term financing instruments, long-term bonds and bank loans.

6. Detailed description of significant changes in the Group's business types, components or sources of profit

Unit: Thousand Yuan Currency: RMB
-----------------------------------	--	--	--

Item	Amount for the current period	Amount for the same period of last year	Year-on-year change (%)	Principal reason
Total revenue, other income and gains	20,979,125	19,817,246	5.86	Increase in net investment gains
Total expenses	(14,146,387)	(14,867,796)	(4.85)	Decrease in interest expenses
Operating profit	6,832,738	4,949,450	38.05	Total revenue, other income and gains
Profit before income tax	8,524,841	5,576,128	Total revenue, 52.88 other income and gains
Profit for the period	7,550,849	5,472,293	Total revenue, 37.98 other income and gains
Among which: profit for the current period attributable to shareholders of the Company	7,549,447	5,310,704	42.16	Total revenue, other income and gains
Item	Balance as at the end of the period	Balance as at the beginning of the period	Year-on-year change (%)	Principal reason
Total assets	900,696,960	814,270,494	10.61	Increase in financial assets
				Increase in financial assets

Item	end of the period	period	change (%)	reason
Total assets	900,696,960	814,270,494	10.61	Increase in financial assets
Total liabilities	700,478,365	622,376,573	12.56	Increase in financial assets sold under repurchase agreements, long-term bonds and bank loans
Total shareholders' equity	200,218,595	191,893,921	4.34	Realization of profit for the year

(II) Analysis of key items of consolidated statement of financial position

1. General description of consolidated statement of financial position

Unit: Thousand Yuan Currency: RMB

	As at June 30, 2025		As at December 31, 2024		Increase/decrease
Item	Amount	Ratio	Amount	Ratio	Amount	Ratio
Non-current assets
Property and equipment	6,381,265	0.71%	6,489,412	0.80%	(108,147)	(1.67)%
Investment properties	178,844	0.02%	182,131	0.02%	(3,287)	(1.80)%
Goodwill	263,974	0.03%	51,342	0.01%	212,632	414.15%
Land use rights and other intangible assets	2,130,777	0.24%	2,035,899	0.25%	94,878	4.66%
Interest in associates	21,241,709	2.36%	21,446,915	2.63%	(205,206)	(0.96)%
Interest in joint ventures	972,793	0.11%	999,113	0.12%	(26,320)	(2.63)%
Debt instruments at amortised cost	40,266,446	4.47%	40,854,764	5.02%	(588,318)	(1.44)%
Financial assets held under resale agreements	421,713	0.05%	199,610	0.02%	222,103	111.27%
Debt instruments at fair value through other comprehensive income	17,663,591	1.96%	5,938,076	0.73%	11,725,515	197.46%
Equity instruments at fair value through other comprehensive income	7,394,041	0.82%	125,860	0.02%	7,268,181	5,774.81%
Financial assets at fair value through profit or loss	6,211,943	0.69%	5,292,149	0.65%	919,794	17.38%
Refundable deposits	38,187,830	4.24%	33,451,298	4.11%	4,736,532	14.16%
Deferred tax assets	1,661,639	0.18%	1,591,926	0.20%	69,713	4.38%
Other non-current assets	205,442	0.02%	240,951	0.03%	(35,509)	(14.74)%
Total non-current assets	143,182,007	15.90%	118,899,446	14.60%	24,282,561	20.42%
Current assets
Accounts receivable	9,406,360	1.04%	5,587,233	0.69%	3,819,127	68.35%
Other receivables, prepayments and other current assets	3,740,629	0.42%	2,880,227	0.35%	860,402	29.87%
Margin accounts receivable	130,984,377	14.54%	132,546,005	16.28%	(1,561,628)	(1.18)%
Debt instruments at amortised cost	5,774,874	0.64%	6,938,958	0.85%	(1,164,084)	(16.78)%

	As at June 30, 2025		As at December 31, 2024		Increase/decrease
Item	Amount	Ratio	Amount	Ratio	Amount	Ratio
Financial assets held under resale agreements	18,490,172	2.05%	15,028,791	1.85%	3,461,381	23.03%
Debt instruments at fair value through other comprehensive income	3,822,510	0.42%	4,197,477	0.52%	(374,967)	(8.93)%
Financial assets at fair value through profit or loss	352,692,411	39.16%	296,245,608	36.38%	56,446,803	19.05%
Derivative financial assets	7,215,462	0.80%	9,991,125	1.23%	(2,775,663)	(27.78)%
Clearing settlement funds	7,873,254	0.87%	11,136,758	1.37%	(3,263,504)	(29.30)%
Cash held on behalf of brokerage clients	183,484,200	20.37%	170,880,569	20.99%	12,603,631	7.38%
Cash and bank balances	34,030,704	3.78%	39,521,458	4.85%	(5,490,754)	(13.89)%
Held-for-sale assets	–	–	416,839	0.05%	(416,839)	(100.00)%
Total current assets	757,514,953	84.10%	695,371,048	85.40%	62,143,905	8.94%
Total assets	900,696,960	100.00%	814,270,494	100.00%	86,426,466	10.61%
Current liabilities
Short-term bank loans	16,886,195	2.41%	3,362,980	0.54%	13,523,215	402.12%
Short-term debt instruments issued	27,577,436	3.94%	28,852,939	4.64%	(1,275,503)	(4.42)%
Placements from other financial institutions	35,415,156	5.06%	30,113,661	4.84%	5,301,495	17.60%
Accounts payable to brokerage clients	204,223,510	29.15%	184,586,976	29.66%	19,636,534	10.64%
Employee benefits payable	4,894,807	0.70%	4,589,013	0.74%	305,794	6.66%
Other payables and accruals	81,673,728	11.66%	75,436,419	12.12%	6,237,309	8.27%
Contract liabilities	126,607	0.02%	104,692	0.02%	21,915	20.93%
Current tax liabilities	334,276	0.05%	179,973	0.03%	154,303	85.74%
Financial assets sold under repurchase agreements	155,558,333	22.21%	121,048,168	19.45%	34,510,165	28.51%
Financial liabilities at fair value through profit or loss	34,606,089	4.94%	33,474,911	5.38%	1,131,178	3.38%
Derivative financial liabilities	11,827,966	1.69%	10,943,785	1.76%	884,181	8.08%

	As at June 30, 2025		As at December 31, 2024		Increase/decrease
Item	Amount	Ratio	Amount	Ratio	Amount	Ratio
Long-term bonds due within one year	57,027,505	8.14%	41,787,436	6.71%	15,240,069	36.47%
Held-for-sale liabilities	–	–	75,402	0.01%	(75,402)	(100.00)%
Total current liabilities	630,151,608	89.96%	534,556,355	85.89%	95,595,253	17.88%
Net current assets	127,363,345	–	160,814,693	–	(33,451,348)	(20.80)%
Total assets less current liabilities	270,545,352	–	279,714,139	–	(9,168,787)	(3.28)%
Non-current liabilities
Long-term bonds	55,332,959	7.90%	73,671,381	11.84%	(18,338,422)	(24.89)%
Long-term bank loans	183,195	0.03%	–	–	183,195	–
Non-current employee benefits payable	7,361,707	1.05%	6,116,922	0.98%	1,244,785	20.35%
Deferred tax liabilities	624,651	0.09%	476,548	0.08%	148,103	31.08%
Financial liabilities at fair value through profit or loss	6,297,567	0.90%	6,973,421	1.12%	(675,854)	(9.69)%
Other payables and accruals	526,678	0.08%	581,946	0.09%	(55,268)	(9.50)%
Total non-current liabilities	70,326,757	10.04%	87,820,218	14.11%	(17,493,461)	(19.92)%
Net assets	200,218,595	–	191,893,921	–	8,324,674	4.34%
Shareholders' equity
Share capital	9,027,302	4.51%	9,027,302	4.70%	–	–
Other equity instruments	33,300,000	16.63%	28,300,000	14.75%	5,000,000	17.67%
Treasury shares	(10,265)	(0.01)%	(100,545)	(0.05)%	90,280	(89.79)%
Reserves	106,070,605	52.98%	105,753,021	55.11%	317,584	0.30%
Retained profits	51,746,080	25.84%	48,694,124	25.38%	3,051,956	6.27%
Total equity attributable to shareholders of the Company	200,133,722	99.96%	191,673,902	99.89%	8,459,820	4.41%
Non-controlling interests	84,873	0.04%	220,019	0.11%	(135,146)	(61.42)%
Total shareholders' equity	200,218,595	100.00%	191,893,921	100.00%	8,324,674	4.34%

As of June 30, 2025, total non-current assets of the Group amounted to RMB143,182 million, representing an increase of RMB24,283 million as compared to the beginning of the year, which was mainly due to the increase in financial instruments at fair value through other comprehensive income of RMB18,994 million. As of June 30, 2025, total non-current liabilities of the Group amounted to RMB70,327 million, representing a decrease of RMB17,493 million as compared to the beginning of the year, which was mainly due to the decrease in long-term bonds of RMB18,338 million.

As of June 30, 2025, total current assets of the Group amounted to RMB757,515 million, representing an increase of RMB62,144 million as compared to the beginning of the year, which was mainly due to the increase in financial assets at fair value through profit or loss of RMB56,447 million. As of June 30, 2025, total current liabilities of the Group amounted to RMB630,152 million, representing an increase of RMB95,595 million as compared to the beginning of the year, which was mainly due to the decrease in financial assets sold under repurchase agreements, accounts payable to brokerage clients, long-term bonds due within one year and short-term bank loans of RMB34,510 million, RMB19,637 million, RMB15,240 million and RMB13,523 million, respectively.

2. Major restricted assets as of the end of the Reporting Period

As of the end of the Reporting Period, major restricted assets of the Group totaled RMB204,918,497 thousand, including cash and bank balances, financial assets at fair value through profit or loss, debt instruments at amortised cost, debt instruments at fair value through other comprehensive income, interest in associates and other current assets. Except for the above assets, no major assets of the Group were seized, detained, frozen, mortgaged or pledged so that they could or could not be realized, or could not be used to pay the debts only under a certain condition. There was no circumstance or arrangement under which the major assets were occupied, used or benefited or the disposal of them was limited.

3. Contingent liabilities

For contingent liabilities during the Reporting Period, please refer to "56. Outstanding litigations" of "Notes to the Condensed Consolidated Financial Statements" in "Interim Financial Report" of this report.

4. Structure and quality of assets

As of June 30, 2025, total shareholders' equity of the Group amounted to RMB200,219 million, representing an increase of RMB8,325 million or 4.34% as compared to that as of the end of 2024, which was mainly due to the realization of profit retention by the Group during the Reporting Period.

The asset structure of the Group continued to be optimized and the assets maintained good quality and liquidity. As of June 30, 2025, total assets of the Group amounted to RMB900,697 million, representing an increase of RMB86,426 million or 10.61% as compared to the beginning of the year. Specifically, cash and bank balances, cash held on behalf of brokerage clients and clearing settlement funds of the Group amounted to RMB225,388 million, accounting for 25.02% of the total assets; margin accounts receivable amounted to RMB130,984 million, accounting for 14.54% of the total assets; financial assets at fair value through profit or loss amounted to RMB358,904 million, accounting for 39.85% of the total assets; debt investment at amortised cost and financial assets at fair value through other comprehensive income amounted to a total of RMB74,921 million, accounting for 8.32% of the total assets; property and equipment, investment properties and other intangible assets accounted for 0.96% of the total assets. Most of the assets have strong cashability. The Group's assets have strong liquidity and the asset structure is reasonable.

During the Reporting Period, the Group's debt-to-assets ratio decreased. As of June 30, 2025, the liabilities of the Group amounted to RMB700,478 million, representing an increase of RMB78,102 million or 12.55% as compared to the beginning of the year. The debt-to-assets ratio was 71.23% (excluding the impact of customer funds), representing an increase of 1.71 percentage points as compared to the end of last year.

As of June 30, 2025, the Group obtained funds through borrowings and debt financing instruments. As of the end of the Reporting Period, total principal of the placements from other financial institutions of the Group amounted to RMB192,422 million. Details are shown as follows:

Unit: Thousand Yuan Currency: RMB

Borrowings and debt financing plans	As of June 30, 2025
Placement from China Securities Finance Corporation Limited	–
Placement from other financial institutions	35,415,156
Short-term borrowings	16,886,195
Short-term financing funds payable	27,577,436
Long-term borrowings	183,195
Bonds payable	112,360,464
Total principal amount	192,422,446

Borrowings and debt financing with a financing maturity of more than one year were RMB112,544 million, accounting for 58.49%. Among them, programs with a financing maturity of one to two years were RMB18,214 million, those with a financing maturity of two to five years were RMB94,300 million, and those with a financing maturity of over five years were RMB30 million. Borrowings and debt financing with a financing maturity of less than one year were RMB79,879 million, accounting for 41.51%.

As of June 30, 2025, the Group' s borrowings and debt financing with fixed interest rate were RMB190,198 million. In particular, the balance of short-term borrowings was RMB16,886 million, the balance of long-term borrowings was RMB183 million, the balance of placements from other financial institutions was RMB35,415 million, the balance of income receipts with fixed interest rate was RMB13,338 million, the balance of corporate bonds was RMB94,052 million, the balance of subordinated debts was RMB15,013 million, and the balance of foreign debts was RMB15,310 million.

As of June 30, 2025, cash and cash equivalents of the Group amounted to RMB47,830 million, of which RMB cash and cash equivalents accounted for 74.32%.

As of June 30, 2025, the Group's short-term bank borrowings included balance of credit borrowings of RMB16,248 million, and that of pledge borrowings of RMB638 million.

As of June 30, 2025, the Group's long-term bank borrowings included balance of credit borrowings of RMB183 million with no pledge borrowings.

5. Analysis of profitability

In the first half of 2025, the Group adhered to its "customer-centric" principle, firmly deepened the "twopronged" ( 雙輪驅動 ) development strategy of wealth management and institutional services empowered by science and technology, built its core competitiveness of being future-oriented and cycle-spanning, and maintained a steady, enterprising and good development momentum with its comprehensive strength firmly ranking among the top in the industry.

6. Explanations on the changes in the scope of consolidation of the statements

For details of the explanations on the changes in the scope of consolidation of the statements during the Reporting Period, please refer to "53. Acquisition of Subsidiaries" and "55. Interest in Structured Entities" to the "Notes to the Condensed Consolidated Financial Statements" under the "Interim Financial Report" of this report.

7. Analysis of income tax policy

During the Reporting Period, the Company's income tax was subject to the Corporate Income Tax Law of the PRC (《中華人民共和國企業所得稅法》) and the Enforcement Regulations of Corporate Income Tax Law of the PRC (《中華人民共和國企業所得稅法實施條例》). The calculation and payment methods of the income tax shall be subject to the Announcement of the State Administration of Taxation on Issuing the Measures for the Consolidated Collection of Corporate Income Tax on Trans-regional Business Operations (Announcement [2012] No. 57 of the State Administration of Taxation) (《國家稅務總局關於印發 < 跨地區經營匯總納稅企業所得稅徵收管理辦法 > 的公告》( 國家稅務總局公告 [2012]57 號 )). The income tax rate applicable to the Company and its domestic subsidiaries is 25%. The Company enjoys the preferential policy of calculating and deducting research and development expenses, and the profit tax rate applicable to the Hong Kong subsidiary of the Company is 16.5%. Other overseas subsidiaries of the Company are subject to income taxes at tax rates applicable in their jurisdictions.

8. Analysis of financing channels and financing capacity

Financing channels	The Company, taking into account the market environment and its own demand, carried out financing in the domestic through stock exchanges, interbank market, counter market and other markets according to relevant policies and regulations, among which the short-term financing channels included credit lending, bond repurchasing, short-term corporate bonds, income credential and margin refinancing, etc. The Company's medium and long-term financing channels include issuing corporate bonds, subordinated bonds and perpetual subordinated bonds, etc. Meanwhile, the Company can also introduce offshore funds through the issuance of overseas bonds and medium-term notes as well as bank loans to support the business development of the Company.
	The Company has always attached great importance to liquidity management. As for funds management, it adhered to the principle of "full amount concentrated, allocated in a unified way, valued by classification and monitored timely". In terms of management and development strategies, it paid attention to matching business scale with liabilities. Based on reasonable asset allocation and diversified debt financing, the Company ensured reasonable matching of duration, scale of assets and liabilities and proper liquidity. The Company followed the general principles of comprehensiveness, prudency, predictiveness for liquidity risk management according to the centralized management and stratified prevention and control management model, established a liquidity risk management system based on comprehensive risk management framework, set up and improved the liquidity risk management system in line with the Company's strategy, and implemented liquidity risk management policy with the preference for "steadiness and safety". The Company ensured there is no liquidity risk that would cause significant impacts on sustainable operation, so as to fully guarantee the steady and safe development of the business of the Company.
Liquidity management policies and measures	To ensure its liquidity safety, the Company has adopted various measures mainly including: 1) constantly improving the capital position management, strengthening the daytime liquidity monitoring system, and enhancing daytime liquidity risk control by keeping abreast of capital usage in business and day-time payment progress in a timely manner, so as to further strengthen liquidity risk prevention and control; 2) strengthening the management for the matching between durations of assets and liabilities and establishing high-quality current asset reserves, ensuring financing to be more diverse and stable; 3) constantly consolidating the construction of the treasury management platform, and strengthening the capabilities of the information system to identify, measure, monitor and control liquidity risks, in order to ensure that the liquidity risks are measurable, controllable and tolerable; 4) analyzing supervisory indicators of cash flow and liquidity risk under certain stress scenarios to evaluate the tolerance level of the Company for liquidity risks and analyzing the stress test results to constantly improve the Company's response capacity to liquidity risks; 5) continuously strengthening the management on the liquidity risk of subsidiaries and the vertical management on the liquidity risk of overseas subsidiaries to improve subsidiaries' response capacity to liquidity risks and the Group's prevention and control of liquidity risks; 6) organizing the formulation, exercise and evaluation of a liquidity risk contingency plan, in order to improve the Company's emergency capacity for liquidity risks; and 7) improving the liquidity risk reporting system, so as to ensure that the management is able to keep abreast of the Group's liquidity risk level and management situation. During the Reporting Period, the Company's liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) continued to meet regulatory requirements and maintained enough safe space.

Financing
channels

The Company, taking into account the market environment and its own demand, carried out financing in
the domestic through stock exchanges, interbank market, counter market and other markets according to
relevant policies and regulations, among which the short-term financing channels included credit lending,
bond repurchasing, short-term corporate bonds, income credential and margin refinancing, etc. The
Company's medium and long-term financing channels include issuing corporate bonds, subordinated
bonds and perpetual subordinated bonds, etc. Meanwhile, the Company can also introduce offshore funds
through the issuance of overseas bonds and medium-term notes as well as bank loans to support the
business development of the Company.

The Company has always attached great importance to liquidity management. As for funds management,
it adhered to the principle of "full amount concentrated, allocated in a unified way, valued by classification
and monitored timely". In terms of management and development strategies, it paid attention to matching
business scale with liabilities. Based on reasonable asset allocation and diversified debt financing, the
Company ensured reasonable matching of duration, scale of assets and liabilities and proper liquidity.
The Company followed the general principles of comprehensiveness, prudency, predictiveness for
liquidity risk management according to the centralized management and stratified prevention and
control management model, established a liquidity risk management system based on comprehensive
risk management framework, set up and improved the liquidity risk management system in line with the
Company's strategy, and implemented liquidity risk management policy with the preference for "steadiness
and safety". The Company ensured there is no liquidity risk that would cause significant impacts on
sustainable operation, so as to fully guarantee the steady and safe development of the business of the
Company.

Liquidity
management
policies and
measures

To ensure its liquidity safety, the Company has adopted various measures mainly including: 1) constantly
improving the capital position management, strengthening the daytime liquidity monitoring system, and
enhancing daytime liquidity risk control by keeping abreast of capital usage in business and day-time
payment progress in a timely manner, so as to further strengthen liquidity risk prevention and control;
2) strengthening the management for the matching between durations of assets and liabilities and
establishing high-quality current asset reserves, ensuring financing to be more diverse and stable; 3)
constantly consolidating the construction of the treasury management platform, and strengthening the
capabilities of the information system to identify, measure, monitor and control liquidity risks, in order to
ensure that the liquidity risks are measurable, controllable and tolerable; 4) analyzing supervisory indicators
of cash flow and liquidity risk under certain stress scenarios to evaluate the tolerance level of the Company
for liquidity risks and analyzing the stress test results to constantly improve the Company's response
capacity to liquidity risks; 5) continuously strengthening the management on the liquidity risk of subsidiaries
and the vertical management on the liquidity risk of overseas subsidiaries to improve subsidiaries'
response capacity to liquidity risks and the Group's prevention and control of liquidity risks; 6) organizing the
formulation, exercise and evaluation of a liquidity risk contingency plan, in order to improve the Company's
emergency capacity for liquidity risks; and 7) improving the liquidity risk reporting system, so as to ensure
that the management is able to keep abreast of the Group's liquidity risk level and management situation.
During the Reporting Period, the Company's liquidity coverage ratio (LCR) and net stable funding ratio (NSFR)
continued to meet regulatory requirements and maintained enough safe space.

Unit: Thousand Yuan Currency: RMB

The Company has operated in compliance with regulations, enjoyed a sound reputation as well as strong capital strength, profitability and debt repayment ability, maintained good cooperation relationships with commercial banks, and had sufficient bank credit. As of the end of the Reporting Period, the total credit line obtained by the Company from commercial banks amounted to approximately RMB740 billion, demonstrating strong short-term and medium-to-long term financing abilities. As of the end of the Reporting Period, after assessment by China Lianhe Credit Rating Co., Ltd., the credit rating of the Company was AAA and the credit rating outlook is stable. After comprehensive assessment by Shanghai Brilliance Credit Rating & Investors Service Co., Ltd., the credit rating of the Company was AAA and the credit rating outlook is stable. After comprehensive assessment by Standard & Poor's, the long-term credit rating of the Company was BBB+ and the credit rating outlook is stable. After comprehensive assessment by Moody's, the long-term credit rating of the Company was Baa1 and the credit rating outlook is stable.

The Company carried out and continuously optimized and adjusted its financing planning by taking into account the market environment and its business demands, to ensure the balance of the Company's assets and liabilities structure and improve the overall efficiency of capital allocation. Meanwhile, the Company maintained tracking and research on the interest rate and exchange rate markets and fully utilized corresponding financial instruments to avoid risks.

(III) Analysis of investments

Analysis of financing capability and financing strategy

1. Overall analysis of external equity investments

As of the end of the Reporting Period, the Group's investment in associates amounted to RMB21,242 million, representing a decrease of RMB205 million or 0.96% as compared to RMB21,447 million at the beginning of the period; and the investment in joint ventures amounted to RMB973 million, representing a decrease of RMB26 million or 2.60% as compared to RMB999 million at the beginning of the period. For the overall situation of the Group's external equity investment, please refer to "20. Interest in associates" and "21. Interest in joint ventures" of "Notes to the Condensed Consolidated Financial Statements" in "Interim Financial Report" of this report.

(1) Significant equity investment of the Company

For significant equity investment of the Company, please refer to "Analysis of key subsidiaries" under "Analysis of investments" under "Major Operations during the Reporting Period" in "Management discussion and analysis" of this report.

(2) The Company had no significant non-equity investment

(3) Financial assets measured at fair value

Item	Balance at the end of last period	Balance at the end of current period	Investment gains during the Reporting Period	The changed amount of fair value during the Reporting Period
Debt instruments at fair value through other comprehensive income	10,135,553	21,486,101	(50,269)	(43,613)
Equity instruments at fair value through other comprehensive income	125,860	7,394,041	148,310	745,932
Financial assets at fair value through profit or loss	301,537,757	358,904,354	11,513,438	4,249,813
Derivative financial instruments	(952,660)	(4,612,504)	(1,607,964)	(4,127,635)

(4) There was no major asset restructuring and integration by the Company during the Reporting Period

2. Sales of significant assets and equities by the Company during the Reporting Period

In 2024, the Resolution on the Transfer of 20% Equity Interest in Jiangsu Equity Exchange Co., Ltd. was considered and approved at the fourteenth meeting of the sixth session of the Board of the Company. The Company proposed to transfer its 20% equity interest in Jiangsu Equity Exchange to Jiangsu Jincai Investment Co., Ltd. ( 江蘇金財投資有限公司 ), and authorized the senior management of the Company to handle relevant matters involved in this transfer in accordance with laws and regulations.

During the Reporting Period, Jiangsu Equity Exchange completed the industrial and commercial registration modification procedures for equity change. Currently, the Company's shareholding in Jiangsu Equity Exchange, which is a participating subsidiary of the Company, is 32%.

3. There was no other major disposal, acquisition, replacement or stripping of assets, or bankruptcy or reorganisation, merger or division, restructuring or other similar situations of the Company during the Reporting Period

4. Analysis of Key Subsidiaries

Net profit	12,310.13		71,314.52		HK\$ 1,145.2453 million million		30,990.78		25,950.47		11,242.91		119,422.39		20,437.96		-588.20 -571.60		2,105,957.10
Operating profit	18,261.57		93,353.41		HK\$ 1,324.0476		39,169.72		33,936.44		13,438.60		155,439.57		27,943.66				2,349,029.60
Operating revenue	78,904.25		120,959.93		HK\$ 3,762.2436 million		43,214.14		39,471.48		82,915.38		379,696.27		95,155.01		806.33		4,486,429.20
Net assets	462,223.10		1,017,517.80		HK\$ 25,639.6894 million		986,430.61		405,676.47		520,641.47		1,085,472.47		207,905.86		34,598.49		34,026,797.60
Total assets	635,096.19		1,121,100.57		HK\$ 161,095.3253 million HK\$		1,203,577.35		452,212.41		6,518,426.05		1,881,754.78		393,382.17		41,262.79		478,848,022.10
Registered capital	99,748.00		260,000.00		10,200,000,002.00		600,000.00		350,000.00		393,900.00		36,172.00		20,000.00		20,000.00		1,835,132.4463
establishment Date of	September 5, 1997		October 16, 2014		April 5, 2017		August 12, 2008		November 21, 2013		July 10, 1995		March 6, 1998		November 18, 2004		July 4, 2013		January 22, 2007
Address Shareholding percentage of the Company	Hong Kong Fund Town, No. 128 Guiwan Fifth Road, Nanshan Street, Qianhai Shenzhen-Hong Kong Cooperation 401, Building B7, Qianhai Shenzhen- Zone, Shenzhen, the PRC 100%	Main businesses: securities underwriting and sponsorship (excluding treasury bonds, non-financial corporate debt financing instruments and financial bond underwriting); financial advisory for securities trading and investment related activities; other businesses approved by the CSRC.	(Shanghai) Pilot Free Trade Zone Room 1222, 6 Jilong Road, China 100%	Main businesses: securities asset management; publicly offered securities investment funds management. (Businesses that need to be approved by law shall be carried out upon the approval of relevant authorities)	62/F, The Center, 99 Queen's Road Central, Hong Kong, the PRC 100%	Main business: holding company.	180 Hanzhong Road, Nanjing, Jiangsu Province, the PRC 100%	Main businesses: equity investment, debt investment, other fund investments associated with equity investment and debt investment; investment consulting and investment management for equity investment and debt investment, and financial consulting. (Businesses that need to be approved by law shall be carried out upon the approval of relevant authorities)	No. 234 Wuyi Road, Changning District, Shanghai, the PRC 100%	operation); food sales (branch operation); high-risk sports (swimming) (branch operation). (Businesses that need to be approved by law shall be carried out upon the approval of relevant laundry services (branch operation); typing and copying service (branch operation); parking lot service (branch operation); conference and exhibition service (branch operation); tourism Main businesses: General items: investment activities with own capital; investment management; hotel management (branch operation); fitness and leisure activities (branch operation); development project planning and consultation (branch operation); ticketing agency service (branch operation). (Except for items subject to approval in accordance with the law, the business activities shall be carried out on their own in accordance with the business license). Permitted items: accommodation service (branch operation); catering service (branch authorities, and specific business items shall be subject to the approval documents or permits of the relevant departments)	10/F (whole floor), No.1 Mingzhu Third Street, Hengli Town, Nansha District, Guangzhou, the PRC 100%	Main businesses: commodities futures brokerage, financial futures brokerage, futures investment consultancy, asset management and fund sales. (Businesses that need to be approved by law shall be carried out upon the approval of relevant authorities)	Road, Lianhua Street, Futian District, 32-42/F, Fund Mansion, 5999 Yitian Shenzhen, the PRC 41.16%	Main businesses: fundraising, fund sales, asset management and other businesses approved by the securities regulatory authority under the State Council.	Wudaokou Square, Lane 1199, Minsheng Road, China (Shanghai) Pilot Free 17/F, Building 1, Shanghai Zendai Trade Zone 49%	Main businesses: fundraising, fund sales, asset management and other businesses approved by the CSRC.	Middle Jiangdong Road, Jianye District, 3/F, Building 10, Financial City, No. 377 Nanjing, Jiangsu Province, the PRC 32%	trading of listed products in the trading market as an agent, and provision of consultation services for market participants. (Businesses that need to be approved by law shall be carried out interests, bonds, assets and related financial products and financial derivatives of unlisted companies, organisation and monitoring of trading activities, issuance of market information, Main businesses: provision of premises, facilities and services for approved listing, registration, custody, trading, financing, settlement, transfer, dividend distribution and pledge of equity upon the approval of relevant authorities)	26 Zhonghua Road, Nanjing, Jiangsu Province, the PRC 5.03%	Main businesses: deposits taking from the general public; granting short-term, medium-term and long-term loans; handling domestic settlements; handing acceptance and discounting of negotiable instruments; issuing financial bonds; acting as an agent for the issue, honoring and underwriting of government bonds and underwriting of short-term financing bills; buying and selling government bonds, financial bonds, corporate bonds; engaging in interbank lending; providing letter of credit services and guaranty; acting as an agent for receipts/payments and deposits and loans; bank card services; foreign currency deposits; foreign currency loans; foreign exchange remittances; currency exchange; settlement and sales of foreign exchange, acting as an agent for forward settlement and sales of foreign exchange; international settlement; proprietary trading and agency for trading of foreign exchange; interbank foreign exchange lending; trading or acting as an agent for trading in foreign currency securities other than stocks; credit investigation, consultation and witness services; online banking, and other insurance business, wealth management, fund sales, precious metal sales, receipts/payments and custody of collective fund trust scheme; provision of safe deposit boxes; handing entrusted services approved by the banking regulatory bodies and relevant authorities. (Businesses that need to be approved by law shall be carried out upon the approval of relevant authorities)
Type	Subsidiary		Subsidiary		Subsidiary		Subsidiary		Subsidiary		Subsidiary		Participating subsidiary		Participating subsidiary		Participating subsidiary		Participating subsidiary
Company name	Huatai United Securities Co., Ltd.		Huatai Securities	Management Co., Ltd. (Shanghai) Asset	Huatai International Financial Holdings	Company Limited	Huatai Purple Gold	Investment Co., Ltd.		Investment Co., Ltd. Huatai Innovative	Huatai Futures Co., Ltd.		China Southern Asset Management Co., Ltd.		Huatai-PineBridge Fund Management Co., Ltd.			Jiangsu Equity Exchange Co., Ltd.		Bank of Jiangsu Co., Ltd.

About Us

Company name	Way of acquisition and disposal of subsidiary during the Reporting Period	Effect on overall production and operation as well as results
Jiangsu Equity Exchange Co., Ltd.	Equity transfer	No material effect

5. Acquisition and disposal of major subsidiary during the Reporting Period

For details of the disposal of equity interest in Jiangsu Equity Exchange Co., Ltd. during the Reporting Period, please refer to "Sales of significant assets and equities by the Company during the Reporting Period" under "Analysis of investments" under "Major Operations during the Reporting Period" in "Management discussion and analysis" in this report.

6. Structured entities controlled by the Company

The structured entities consolidated by the Group mainly refer to the asset management plans with the Group as the manager and/or the investor. The Group carries out a comprehensive assessment of whether the Group will be significantly affected by variable returns due to the return which the Group is entitled to for the shares held by it and its remuneration as the manager of the asset management plan, and according to which, determines whether the Group is the main responsible party for the asset management plan. As at June 30, 2025, the Group had consolidated 59 structured entities with their total assets reaching RMB37,645,994 thousand. The Group's interests held in the above consolidated structured entities and reflected in the amount of trading financial assets in the balance sheet was RMB34,771,459 thousand.

III. POTENTIAL RISKS AND RISK PREVENTION MEASURES

1. Overview of risk management

The Company attached great importance to risk management. According to regulatory requirements and the actual situation of business development, the Company established a relatively comprehensive overall risk management system based on the core concepts of "full staff engagement, full coverage and full penetration". The Company has a solid and effective risk management framework with clearly defined responsibilities and staff at all levels performing their duties effectively; the Company worked out a risk appetite and tolerance system, which is organically integrated with the development strategy, and established a multi-level comprehensive risk management system covering all aspects of business operation and management; in addition, the Company vigorously promoted the construction of groupwide risk-management technology system and established "centralized, time-based, quantitative and penetrable" pillars for risk management technologies, which improved the effectiveness of risk management of the Group and further strengthened the Group's overall risk identification, quantitative evaluation and risk control capabilities. The Company incorporated its subsidiaries into the overall risk management system of the Group and explored the construction of an effective risk management model for subsidiaries. The overall risk management system of the Company ran effectively, which earnestly guaranteed the continuous and healthy development of various businesses of the Company.

During the Reporting Period, the Company consistently placed risk prevention and control at the core of its operations, systematically advancing comprehensive risk management. By precisely targeting major businesses and high-risk sectors, the Company focused on enhancing the effectiveness of critical risk control measures, building risk management capabilities rooted in the nature of its business operations, and strengthening the foresight in risk identification, early warning and resolution. These efforts have provided a solid foundation for the Company's steady and high-quality business development. The Company continuously improved its risk management system and operational mechanisms, optimized management tools, strengthened risk control capabilities across the entire business process, deepened the concept of capital-intensive management, enhanced the guiding role of risk management evaluations, and consistently promoted a risk management culture of "moving forward with steady progress". Leveraging technology empowerment, the Company has comprehensively upgraded its risk management platform, solidified the foundation of risk measurement capabilities, and enhanced the level of proactive monitoring and accurate measurement of risks.

2. Risk management structure

The risk management organizational structure of the Company covers five major parts: the Board and Compliance and Risk Management Committee; Supervisory Committee; the Senior Management; Risk Management Department and other risk management departments; other departments, branches and subsidiaries.

The Board is ultimately responsible for overall risk management and is responsible for reviewing and approving the basic system relating to the overall risk management of the Company, approving the risk appetite, risk tolerance and major risk limits of the Company, and reviewing periodic risk assessment reports of the Company. The Compliance and Risk Management Committee is set up by the Board to undertake risk management responsibilities including reviewing and making recommendations on overall risk management targets and fundamental policies; evaluating and making recommendations on the risks of major decisions which require the Board's review, as well as the solutions to these risks; reviewing and making recommendations on risk assessment reports which require the Board's review. The Supervisory Committee of the Company is responsible for supervising overall risk management, supervising and inspecting the Board and the senior management on the performance of their duties of risk management, and urging them to make rectifications. Based on the authorization and approval of the Board and the operation objectives of the Company, the senior management is specifically responsible for the implementation of risk management and assumes the primary responsibility for overall risk management. The chief risk officer of the Company is responsible for leading the overall risk management of the Company.

The Company appoints the risk management department to perform the overall risk management duties and take the lead in managing the market risk, credit risk and operational risk of the Company; appoints the capital operation department to take the lead in managing the liquidity risk of the Company; appoints the information technology department to take the lead in managing the information technology risk of the Company; and appoints the strategic development department to take the lead in managing the reputation risk of the Company. Other departments, branches and subsidiaries of the Company are responsible for the management of various risks in their respective lines, implementing various policies, procedures and measures formulated by the Company and each risk management department, accepting guidance from each risk management department and assigning the risk management duties and implementation responsibilities. The audit department incorporates overall risk management into the audit scope, makes independent and objective reviews and evaluation on the adequacy and effectiveness of overall risk management, and is responsible for taking the lead or entrusting external professional institutions to evaluate the overall risk management system of the Company regularly.

3. Market Risk

Market risk refers to the risk of asset loss of the Company resulting from fluctuations in risk factors, including stock prices, interest rates, exchange rates and commodities.

During the Reporting Period, the global capital market fluctuated significantly due to the impact of US tariff policies, international geopolitical conflicts and other factors. The Company adhered to the concept of value creation through trading and risk control through hedging, actively controlled its risk exposure and managed the market risk of holding assets through various risks control measures. The Company continuously optimized the unified risk limitation system and controlled business risks from various aspects, such as Market Value at Risk (VAR), stop-loss, stress testing, sensitivity, etc. The Company continued to improve its stress testing system and regularly calculated the impacts of various extreme risks, identified and evaluated tail risk resilience. In respect of investments in equity securities, given market volatility, the Company managed market risks through various manners such as risk exposure control, derivatives hedging and diversification of investment subjects, and actively explored trading opportunities while ensuring the risks of assets controllable. In respect of fixed-income securities investment, the Company effectively hedged market risk with interest rate derivatives and adjusted the position structure to respond to the impacts of interest rate fluctuations on the term and structure of investment portfolios, and actively sought opportunities for pricing deviations to enhance overall income while controlling overall duration, basis point value and VAR value. In respect of derivatives business, the Company adopted market neutral strategy for the OTC derivatives business and controlled the Greeks values (such as Delta, Gamma, Vega, etc.) exposure risks within acceptable limits. It created profit opportunities with risks under control.

Market Value at Risk (VAR) of the Company

Unit: Ten Thousand Yuan Currency: RMB

	The Company		The Group
	As at the end of mid-2025	As at the end of mid-2024	As at the end of mid-2025	As at the end of mid-2024
Equity-sensitive Financial Instruments	15,399	9,145	16,553	15,862
Interest-sensitive Financial Instruments	13,096	5,450	13,042	5,774
Commodity-sensitive Financial Instruments	1,956	988	2,951	995
Overall Portfolio Risk Value	14,485	10,025	16,332	15,431

Forward-looking Period: 1 day; Confidence: 95%; Historical Analogical Method

Source: Internal statistics of the Company.

During the Reporting Period, Sequence Descriptive Statistics of Market Value at Risk (VAR) of the Company

Unit: Ten Thousand Yuan Currency: RMB

Forward-looking Period: 1 day; Confidence: 95%; Historical Analogical Method
	At the beginning of the period	At the end of the period	Maximum value	Minimum value
The Group	12,135	16,332	17,861	8,906
The Company	7,283	14,485	16,006	6,412

Source: Internal statistics of the Company.

4. Credit risk

Credit risk refers to the risk of loss of the Company that may result from the default of a financing party or issuer or counterparty in financing, investment, trading and other businesses.

During the Reporting Period, heightened uncertainties in domestic and overseas macroeconomic policy environments and increased volatility in global financial markets have shocked entities across various industries. The Company kept abreast of changes in regulatory policies, macroeconomy and financial markets, and continued to strengthen the whole process of credit risk management to ensure the smooth development of its business. During the Reporting Period, the Company's exposure to credit risk was generally controllable and no significant credit risk events occurred. With respect to financing business, the Company implemented stringent management measures through continuous monitoring over risky customers and risky assets and timely risk mitigation. It enhanced post-loan follow-up for key customers, optimized the response mechanism for individual stock delisting risks, intensified the management of business counter-cyclical adjustments, flexibly adjusted the risk structure of the business to keep routine business risks under control and prevent bottom-line risks. With respect to investment business, the Company continued to refine the unified management system of credit bond subjects for the Group's various business lines, kept abreast of changes in the regulatory policies of the key industries, and dynamically adjusted the risk management plan. With respect to trading business, the Company constantly improved the unified management system and systematic construction of counterparties at the Group level by optimizing the access criteria and implementing strict counterparty credit management. It continuously monitored the credit qualifications of counterparties and the changes in business-linked assets during the duration, and enhanced the effectiveness of risk management in the whole process of the business. With respect to guaranteed settlement business, the Company continued to improve the front-end control and promote the systematic construction of the design of risk indicators, and strengthened the ability of risk event handling and risk transmission management.

5. Liquidity risk

Liquidity risk refers to the risk that the Company cannot obtain sufficient funds at reasonable costs in time to repay due debts, perform other payment obligations and meet the capital requirements for carrying out businesses as normal.

The Company has always attached importance to liquidity safety, preferred a "sound and safe" liquidity risk preference, followed the general principle of comprehensiveness, importance, applicability, effectiveness, prudence and foresight, and continued to strengthen the identification, measurement, monitoring and control mechanisms of liquidity risks through a management model of centralized management and stratified prevention and control, to improve the Company's liquidity risk management level. The Company has established a liquidity indicator analysis framework including cash flow, and appropriately set risk limits and implemented daily monitoring through the information technology system, to improve monitoring frequency and control level of liquidity risks. The Company regularly and occasionally conducted special stress tests on liquidity risks, and took targeted measures to improve the Company's liquidity risk resilience. In order to ensure that liquidity needs can be met in a timely manner under stress, the Company has established a high-quality liquid asset reserve of an appropriate scale based on risk preferences. At the same time, it has expanded its debt financing channels and quotas from multiple perspectives, and continued to improve the Company's general and emergency financing capabilities. The Company established liquidity risk emergency plans, carried out regular drills and continuously improved its liquidity risk emergency managing mechanism according to the Company's condition. In addition, the Company constantly improved its consolidation management level with the consolidation supervision pilot as an effective means, and strengthened its subsidiary liquidity risk management, to improve the subsidiaries' response capability to liquidity risks and solidify the Group's prevention and control level of overall liquidity risks. During the Reporting Period, the Company's liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) continued to remain at a level that can meet regulatory requirements and far beyond the safety requirements.

6. Operational risks

Operational risk refers to the risk on losses of the Company caused by inadequate or problematic internal procedures, personnel, information technology systems and external events.

During the Reporting Period, the Company continued to optimize its operational risk management system by revising and refining the three instrumental management rules and strengthening collaborative operational risk management and internal information sharing. Specialized reviews and inspections were conducted in key areas to identify weaknesses in mechanism construction and implementation process and promote corrective actions and improvements. Based on the new business risk assessment mechanism for crossborder businesses, the Company improved the standardization and efficiency of new business evaluations. The Company continuously optimized the construction of system platform, and integrated operational risk management capabilities and data, thereby enhancing the Company's closed-loop control over operational risks.

7. Compliance risk

Compliance risk refers to exposure to property loss or business reputation loss as a result of bearing legal responsibility, supervisory measures or disciplinary sanctions imposed on securities companies due to violation of laws, regulations and standards by operational management or professional conduct performed by securities companies or their employees.

During the Reporting Period, the Company thoroughly implemented the new guideline on strengthening regulation, forestalling risks and promoting the high-quality development of the capital market ( 新" 國九條") and the "1+N" policy requirements on the capital market, and continuously optimized the compliance management system from system, concept, method and other dimensions. The Company implemented its international development strategy, reinforced the compliance bottom line for international business, strengthened business collaboration while effectively preventing risks, and supported business innovation. The Company continuously improved the Group's integrated compliance management mechanism, along with long-term control mechanisms for integrity in professional conduct and compliant business operations. The Company deepened the construction of digital compliance and kept enhancing its core competitive advantages in compliance, thereby assisting the high-quality and stable development of business operations of the Company.

8. Money laundering risk

Money laundering risk refers to the risk from the utilization of the Company's products or services by criminals to engage in money laundering activities, terrorist financing and other activities, which lead to negative effects on the Company in terms of operation, reputation, compliance and other aspects.

During the Reporting Period, the Company adhered to the principle of "risk-based approach", constantly improved its customer due diligence management, suspicious transaction monitoring and list monitoring mechanism, and continuously optimized its anti-money laundering workflow, monitoring indicator system and control measures, in order to solidify the effectiveness of anti-money laundering efforts and enhance the digitalization level of anti-money laundering.

9. Information technology risk

Information technology risk refers to exposure to losses caused by the failure of the network and information system to ensure the stable, efficient and safe operation of transaction and business management in terms of business realization, timely response, solving capacity and network and data security, resulting from service capability abnormality or data damage and leakage out of internal or external reasons.

The Company continuously improves its information technology risk management system, and keeps improving the risk management mechanism. During the Reporting Period, the Company strengthened risk prevention and control in key areas, carried out in-depth investigation and remediation of hidden systemic dangers, continuously optimized risk monitoring and early warning, and solidly promoted the publicity of risk culture to further enhance its information technology risk management effectiveness. The Company implemented the network security accountability system, continuously upgraded the technology guarantee system, dynamically optimized emergency response plans and regularly organized emergency drills in response to multiple scenarios. During the Reporting Period, the Company held firm to the bottom line of security, and important information systems operated safely and smoothly, and had no material information technology risk incidents, thus providing solid and reliable technological support for the development of the Company's businesses.

10. Reputational risk

Reputational risk refers to the risk of negative publicity from investors, issuers, regulators, self-regulatory organizations, the public and the media on the Company due to its actions or external events and violations of integrity regulations, professional ethics, business norms and conventions by its staff, thereby damaging its brand value, disadvantaging its normal operation, and even affecting the market stability and social stability.

During the Reporting Period, the Company's reputational risk management mechanism was running steadily without the occurrence of any significant reputational risk events. Focusing on its strategy and key business, the Company continued to intensify its precaution, monitoring and handling reputational risks, which created a good public sentiment for the Company's development. At the same time, the Company continued to strengthen group management, prior management and fast response mechanisms, further enhancing its awareness on preventing and the ability on response to reputational risk.

11. Model risk

Model risk refers to the risk of adverse consequences or loss to the Company's business resulting from incorrect or inappropriate model design, development or use.

During the Reporting Period, the Company continuously enhanced its risk management mechanism covering the entire model lifecycle. By implementing a series of methodologies and measures such as model validation, model assessment and ongoing monitoring, it constantly strengthened controls over model risk. Concurrently, the Company worked to establish and refine a model risk management framework tailored to its business development needs, optimized the model information management platform, improved the model information visualization function, and streamlined the model validation process. During the Reporting Period, the Company had no major model risk events.

Corporate Governance, Environment and Society	078
Major Events	090
Changes in Shares and Shareholders	100
Bonds	108

Corporate Governance, ENVIRONMENT AND SOCIETY

I. AUDIT COMMITTEE OF THE BOARD AND AUDITING

The Audit Committee was established under the Board of the Company in accordance with the requirements of the CSRC and the Shanghai Stock Exchange, and the Listing Rules on the Hong Kong Stock Exchange. The Audit Committee of the sixth session of the Board of the Company is composed of independent Directors and Directors assigned by the Shareholders. As of the end of the Reporting Period, the Audit Committee of the Company is composed of three members, namely Mr. Wang Bing, Mr. Ding Feng and Mr. Lo Kin Wing Terry, most of whom are independent Directors and Mr. Wang Bing is the chairman (convener) of the Audit Committee. The Audit Committee is primarily responsible for the communication, supervision and verification of internal and external audits of the Company and the provision of professional advice to the Board.

During the Reporting Period, the Audit Committee of the Board of the Company convened four meetings, as detailed below:

The first meeting of the Audit Committee of the sixth session of the Board of the Company for 2025 was convened by way of on-site and video meetings on January 16, 2025, at which relevant personnel from Deloitte introduced the annual audit work arrangement of A+H+G Share and pre-audit work for 2024 of the Company.
The second meeting of the Audit Committee of the sixth session of the Board of the Company for 2025 was convened by means of teleconference on February 21, 2025, which considered and approved the Resolution on the Auditing Plan of the Company for 2024.
The third meeting of the Audit Committee of the sixth session of the Board of the Company for 2025 was convened by way of on-site and video meetings on March 24, 2025, at which the 2024 Final Financial Report of the Company, the 2025 Financial Budget Report of the Company, the Proposal on the 2024 Profit Distribution of the Company, the Resolution on the Annual Financial Statements of the Company for 2024, the Proposal on the 2024 Annual Report and Its Summary of the Company, the Resolution on the 2024 Annual Internal Control Evaluation Report of the Company, the Proposal on the Estimated Ordinary Transactions with Related Parties of the Company for 2025, the Proposal on the Re-appointment of the Accounting Firms of the Company, the Report on Performance of Duties by the Audit Committee of the Board of the Company for 2024, the Evaluation Report on Performance of Duties by the Annual Audit Accounting Firm for 2024 of the Company, the Report on Performance of Supervisory Duties by the Annual Audit Accounting Firm for 2024 of the Audit Committee of the Board of the Company, the Special Audit Report on Related Party Transactions of the Company for 2024, the Special Audit Report on the Use of Proceeds, Provision of Guarantees and Related-party Transactions and Other Major Events of the Company in 2024, the Report on Internal Audit of Anti-money Laundering of the Company for 2024 and the Resolution on the Internal Audit Report for 2024 and the Internal Audit Work Plan for 2025 of the Company were considered and approved, and the Audit Committee reviewed the important matters involved in the "Key Audit Matters" and other sections as set out in the Annual Audit Report of the Company for 2024.
The fourth meeting of the Audit Committee of the sixth session of the Board of the Company for 2025 was convened by means of teleconference on April 28, 2025, at which the Resolution on the Financial Statements for January to March 2025 of the Company was considered and approved.

The interim financial report of the Company for 2025 prepared according to the IFRSs has been reviewed by Deloitte Touche Tohmatsu in accordance with the International Standard on Review Engagements. On August 26, 2025, the Audit Committee reviewed and confirmed the Interim Results Announcement of the Group for the six months ended June 30, 2025, the Interim Report for 2025 and unaudited interim financial statements for the six months ended June 30, 2025 prepared according to the requirements of International Accounting Standard (IAS) 34 "Interim Financial Reporting".

II. CHANGES IN DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT OF THE COMPANY

Name	Position	Change
Jin Yongfu	Non-executive Director	Elected
Wang Ying	Executive Director	Elected
Yu Wei	Employee representative Supervisor	Elected
Yin Lihong	Executive Director	Resigned
Liu Changchun	Non-executive Director	Resigned
Wang Ying	Employee representative Supervisor	Resigned

Explanation on Changes in Directors, Supervisors and Senior Management of the Company

On March 14, 2025, due to work adjustment, Ms. Yin Lihong resigned as an executive Director of the sixth session of the Board of the Company and a member of the Nomination Committee of the Board.
On May 7, 2025, due to work arrangement, Ms. Wang Ying resigned as the employee representative Supervisor for the sixth session of the Supervisory Committee of the Company. On the same date, Ms. Yu Wei was elected as the employee representative Supervisor for the sixth session of the Supervisory Committee of the Company at the Employee Representatives' Meeting of the Company.
On June 20, 2025, due to work adjustment, Mr. Liu Changchun resigned as a Non-executive Director of the sixth session of the Board of the Company and a member of the Development Strategy Committee of the Board. On the same date, the Resolution on the Election of Non-independent Directors of the Sixth Session of the Board of the Company was considered and approved at the 2024 Annual General Meeting of the Company, pursuant to which Mr. Jin Yongfu was elected as a Non-executive Director of the Sixth Session of the Board of the Company and Ms. Wang Ying was elected as an Executive Director of the Sixth Session of the Board of the Company.
The biographical details of Mr. Jin Yongfu, Ms. Wang Ying and Ms. Yu Wei are set out below:

Mr. Jin Yongfu, born in October 1968, holds a bachelor's degree in economics and is an accountant and a

political engineer. He successively served as an accountant, assistant manager and deputy manager of finance department of Jiangsu Textile Import and Export Corporation ( 江蘇省紡織品進出口公司 ) from August 1992 to May 2005; general manager of Jietai Company Limited of Jiangsu Textile Import and Export Group ( 江蘇省紡織品進出口集團捷泰有限公司 ) from June 2005 to February 2007; director of the general manager's office of Jiangsu Skyrun Corporation ( 江蘇開元股份有限公司 ) from March 2007 to April 2011; assistant general manager and manager of investment development department of Jiangsu Skyrun Corporation from May 2011 to December 2013; assistant general manager and manager of investment development department of Jiangsu High Hope Corporation ( 江蘇匯鴻股份有限公司 ) and general manager of Jiangsu High Hope Wisdom Co., Ltd. ( 江蘇匯鴻匯升投資管理有限公司 ) from December 2013 to April 2014; office deputy director of Jiangsu High Hope International Group Corporation ( 江蘇匯鴻國際集團股份有限公司 , a company listed on the Shanghai Stock Exchange with stock code of 600981) ("High Hope Group") from May 2014 to November 2015; office deputy director, director of information center of Jiangsu High Hope International Group Corporation from December 2015 to October 2017; office director, director of information center of Jiangsu High Hope International Group Corporation from November 2017 to April 2018; general manager of investment management department of Jiangsu High Hope International Group Corporation, as well as director of financial business department of Jiangsu High Hope International Group Corporation, chairman of Jiangsu High Hope Wisdom Co., Ltd., chairman of Jiangsu High Hope Venture Capital Co., Ltd. ( 江蘇匯鴻創業投資有限公司 ) and chairman of High Hope International Group Jiangsu Asset Management Co., Ltd. ( 江蘇匯鴻國際集團資產管理有限公司 ) from May 2018 to March 2022; non-executive director of Dongjiang Environmental Company Limited (a company listed on the Hong Kong Stock Exchange with stock code of 895) from November 2018 to October 2024; and vice president and member of the Party Committee of Jiangsu High Hope International Group Corporation from March 2022 to August 2023. He has been the vice president and member of the Party Committee of Jiangsu SOHO Holdings Group Co., Ltd. since August 2023.

Ms. Wang Ying, born in April 1979, holds a master's degree in public administration. She joined the Company in January 2016, and served as the head of the party-mass work department of the Company from April 2016 to May 2025, an employee representative Supervisor of the Company from December 2019 to May 2025, the chairman of labor union of the Company since December 2021 and the deputy secretary of the Party Committee of the Company since April 2025.

Ms. Yu Wei, born in October 1978, holds a master's degree and is a senior auditor. Since June 2020, she has successively served as Director of the Case Investigation Office, Director of the General Office, and Deputy Head and concurrently Director of the General Office under the Discipline Inspection and Supervision Team assigned to Huatai Securities by the Jiangsu Provincial Commission for Discipline Inspection and Supervision. She has been serving as Co-Director of the Compliance and Legal Affairs Department of the Company since November 2024.

Save as disclosed above, the Company did not appoint or dismiss any Director, Supervisor or senior management during the Reporting Period. Meanwhile, there is no change of information about the Directors, Supervisors and chief executives during the Reporting Period which shall be disclosed pursuant to Rule 13.51(2) of the Listing Rules.

III. PROPOSAL OF PROFIT DISTRIBUTION OR CAPITALIZATION FROM CAPITAL RESERVE

Proposal of profit distribution or capitalization from capital reserve to share capital for the first half of the year

Whether to make profit distribution or capitalization of capital reserve into share capital
Number of bonus share per 10 shares (share)	–
Amount of cash dividend per 10 shares (Yuan) (including tax)
Number of shares converted per 10 shares (share)	–
Description of proposed profit distribution or capitalization from capital reserves

After comprehensive consideration of factors such as the interests of Shareholders and the development

of the Company, the 2025 interim profit distribution proposal of the Company is as follows:

The Company will distribute cash dividend of RMB0.15 (tax inclusive) per share based on the Company's total share capital of 9,027,302,281 shares as of June 30, 2025 after deducting 438,495 A Shares to be repurchased and cancelled (i.e. on the basis of 9,026,863,786 shares), with the total cash dividend of RMB1,354,029,567.90 (tax inclusive), representing 17.94% of net profit attributable to the shareholders of the listed company in the consolidated statements for the first half of 2025.

If the total share capital of the Company changes as a result of repurchase and cancellation of shares granted in the equity incentive during the period from the disclosure date of this proposal to the record date of the implementation of the dividend distribution, the Company intends to maintain the distribution ratio per share unchanged and adjust the total distribution accordingly. The remaining profits available for distribution to investors will be carried forward to the next accounting period.

Cash dividend is denominated and declared in RMB and paid to holders of A Shares (including the depositary of GDRs) and the investors of Hong Kong Stock Connect in RMB and to holders of H Shares (excluding the investors of Hong Kong Stock Connect) in HKD or RMB. The actual distribution amount in HKD shall be calculated at the average basic exchange rate of RMB against HKD issued by the PBOC five business days prior to the date of the 2025 first extraordinary general meeting of the Company.

The 2025 interim profit distribution proposal of the Company has been considered and approved at the nineteenth meeting of the sixth session of the Board of the Company held on August 29, 2025, and is subject to consideration at a general meeting of the Company. Upon consideration and approval, the Company will distribute the 2025 interim cash dividend before December 31, 2025.

IV. EQUITY INCENTIVE SCHEME, EMPLOYEE STOCK OWNERSHIP PLAN OR OTHER EMPLOYEE INCENTIVES MEASURES AND THEIR IMPLICATION

On February 8, 2021, a series of resolutions including the Resolution on the Restricted Share Incentive Scheme of A Shares of Huatai Securities Co., Ltd. (Draft) and its Summary were considered and approved at the Company's first extraordinary general meeting of 2021. On March 23, 2021, upon consideration and approval at the fourteenth meeting of the fifth session of the Board of Directors of the Company, the Company made adjustment to the Restricted Share Incentive Scheme of A Shares and agreed to grant restricted A Shares to the incentive participants, and the grant date was determined to be March 29, 2021. For details, please refer to the announcements of the Company dated February 8, 2021 and March 23, 2021.

During the Reporting Period, the progress of implementation of the equity incentive schemes of the Company had been disclosed in ad hoc announcements. Details are as follows:

Summary of event	Inspection indexes
1. Release from Selling Restriction of the Third Lock-up Period under the Restricted Share Incentive Scheme of A Shares of the Company and Listing of Relevant Shares	Announcement No.: Lin 2025-012 Announcement No.: Lin 2025-013 Announcement No.: Lin 2025-014 Announcement No.: Lin 2025-018
On April 29, 2025, the sixteenth meeting of the sixth session of the Board and the twelfth meeting of the sixth session of the Supervisory Committee of the Company considered and approved the Resolution on Fulfilment of Conditions for Release from Selling Restriction of the Third Lock-up Period under the Restricted Share Incentive Scheme of A Shares of the Company respectively. The Company has completed the relevant procedures for release from selling restriction of 12,427,384 restricted shares held in aggregate by 718 incentive participants in accordance with relevant regulations, the above-mentioned Shares were released from selling restriction and were listed for trading on May 20, 2025.
2. Proposed Repurchase and Cancellation of Part of the Restricted A Shares	Announcement No.: Lin 2025-012
During the Reporting Period, the sixteenth meeting of the sixth session of the Board, the twelfth meeting of the sixth session of the Supervisory Committee of the Company and the 2024 Annual General Meeting, the 2025 First A Share Class Meeting, and the 2025 First H Share Class Meeting of the Company considered and approved the Resolution	Announcement No.: Lin 2025-013 Announcement No.: Lin 2025-015
on Repurchase and Cancellation of Part of the Restricted A Shares of the Company, respectively. The Company will repurchase and cancel part or all of the restricted shares granted to 143 persons but subject to selling restriction due to non-fully fulfillment of condition of individual performance by incentive participants, release of employment with the Company and other circumstances, 438,495 shares in total.	Announcement No.: Lin 2025-024 Announcement No.: Lin 2025-025

(II) Others

During the Reporting Period, except for the above-mentioned equity incentive schemes of the Company, the Company did not implement any employee stock ownership plan or other employee incentives measures.

V. EMPLOYEES AND REMUNERATION POLICY

(I) Remuneration policy

The Company implements the concept of stable operation, closely integrates compensation management with risk management, pays attention to the bottom-line requirements of compliance and fully considers the impact of market cycle fluctuations, industry characteristics and the Company's business development trends. The Company integrated the industry cultural concept of "compliance, integrity, professionalism and stability" into its compensation management and continued to improve its remuneration management system compatible with its operation performance, business nature, level of contribution, compliance and risk control, and social culture, as well as established and improved a sound remuneration incentive and restraint mechanism to promote high-quality and sustainable development of the Company and the industry.

The Company attached importance to the linkage between remuneration and benefits, took into account both internal fairness and external competitiveness of incentives, and established a remuneration and incentive allocation mechanism that is linked to the Company's overall benefits, guided by the results of the comprehensive appraisal, and matched with compliance and risk management. Staff remuneration of the Company consists of fixed salary, rank-based allowances, performance bonus, medium and longterm incentives and benefit plans, etc. The Company has established and implemented the restricted share incentive scheme of A Shares in accordance with national laws and regulations, which established a sound medium and long-term incentive and restraint mechanism to gather core talents.

Pursuant to relevant laws and regulations, the Company makes full payments to social insurance and housing fund accounts for staff in accordance with laws. Meanwhile, the Company has established the supplementary medical insurance plan and enterprise annuity plan to improve supplementary medical care and retirement treatment of staff.

(II) Training

In the first half of 2025, by closely aligning its focus on the "two-pronged" ( 雙輪驅動 ) development strategy, and with intelligent capability building and global vision development as the dual engines, the Company held various training programs covering employees' entire career and its entire business chain. For employees at different career stages, 4 "Huatai Star" youth employee training programs were held, covering 290 persons, 1 "PIE mature employee core capability improvement training program" was carried out, covering 49 persons, and 2 "BAL leadership improvement programs" were implemented, covering 57 persons. In terms of business empowerment, the HT-AI hierarchical certification system was established, and a total of 11,275 employees had completed their primary certification; a special seminar on digital transformation was held, with 40 senior AI practitioners participating, and a live training on "Huatai Trend Forum – AI Theme Day" was carried out, with participants reaching 1,048. In terms of learning platform construction, by relying on the technical advantages of the cloud academy platform, the system functions were continuously iterated and upgraded to create intelligent and personalized digital learning experiences. During the Reporting Period, the "3.14 π Season" all-staff learning activity was held, engaging a total of 700 participants. 248 live streams were conducted through the cloud academy platform with a total attendance of 110,781. The number of online course learning reached 458,500, with a total learning time of approximately 71,800 hours.

(III) Number of Employees

As of the end of the Reporting Period, there were 15,027 employees in the Group, of which 11,226 were from the Parent Company1 .

1 Number of employees in the Group and from the Parent Company include dispatched workers, brokers and etc.

VI. OTHER DESCRIPTION OF CORPORATE GOVERNANCE

As a public company listed in both domestic and overseas markets, the Company has standardized its operation in strict compliance with the requirements of relevant laws, regulations and normative documents applicable in places where the shares of the Company are listed. The Company is committed to continuously maintaining and improving corporate image in the market. During the Reporting Period, the Company was in strict compliance with the requirements of the Company Law (《公司法》), the Securities Law (《證券法》), the Code of Corporate Governance for Listed Companies (《上市公司治理準則》), the Rules for Governance of Securities Companies (《證券公司治理準則》), and the Regulations on Supervision and Administration of Securities Companies (《證券公司監督管理條例》), together with the Corporate Governance Code (《企業管治守則》) set out in Appendix C1 to the Hong Kong Listing Rules, and other relevant laws and regulations as well as the Articles of Association. In order to establish a modern corporate system, the Company has strengthened and refined its corporate governance structure, compliance and risk control system and internal control management system. A corporate governance structure with checks and balances has been formed, which features the separation among the shareholders' general meeting, the Board, the Supervisory Committee and Senior Management. Under such structure, each of the parties at various levels performs their respective functions and is held accountable for their respective responsibilities and authorization, ensuring the robust and standardized operation of the Company.

(I) Corporate governance policies and the Board's responsibilities for corporate governance

The Company strictly followed the Hong Kong Listing Rules and adopted all the principles in the Corporate Governance Code (《企業管治守則》) as its own corporate governance policies. In respect of the corporate governance function, the terms of reference of the Board shall at least include:

to formulate and review the corporate governance policies and practices of the Company;
to review and monitor the training and continuous professional development of the Directors and the senior management;
to review and monitor the Company's policies and practices on compliance with laws and regulatory requirements;
to formulate, review and monitor the code of conduct and compliance manual (if any) applicable to employees and Directors;
to review the Company's compliance with the Corporate Governance Code (《企業管治守則》) and disclosure in the Corporate Governance Report (《企業管治報告》).

(II) Compliance with the provisions under the Corporate Governance Code set out in Appendix C1 to the Hong Kong Listing Rules

During the Reporting Period, the Company convened 3 shareholders' general meetings, 4 meetings of the Board of Directors, 2 meetings of the Supervisory Committee, 2 meetings of the Development Strategy Committee, 1 meeting of the Compliance and Risk Management Committee, 4 meetings of the Audit Committee, 2 meetings of the Nomination Committee, 2 meetings of the Remuneration and Appraisal Committee and 1 special meeting of independent Directors. The total number of meetings convened was 21. The convening, holding and voting procedures of the general meetings, meetings of the Board of Directors and its special committees, Supervisory Committee, and special meeting of independent Directors were legal and valid. During the Reporting Period, the Company continuously strengthened its investor relations management and information disclosure practices. The Company applied standardised and professional investor relationship management, disclosed truthful and accurate information in a complete, timely and fair manner and its transparency continued to improve.

According to provision of C.1.5 of the Corporate Governance Code (《企業管治守則》), independent non-

executive directors and other non-executive directors should attend general meetings. Some of the nonexecutive Directors of the Company were unable to attend the 2024 Annual General Meeting, 2025 First A Share Class Meeting and 2025 First H Share Class Meeting of the Company held on June 20, 2025 due to their business engagements. However, there were sufficient Directors (including executive Directors, independent non-executive Directors and non-executive Directors), present at the above-mentioned meetings to enable the Board to gain and develop a balanced understanding of the views of the shareholders, and any Directors who were absent from the meetings were able to obtain an understanding of views expressed by shareholders (if any) at the meetings from the attending Directors.

The Company has been striving for continuous improvement of corporate governance structure and system establishment. The Company has enhanced the level of its corporate governance with gradual standardization of corporate governance structure. There is no deviation of the actual performance of its corporate governance from the Company Law (《公司法》) and relevant requirements of the CSRC. Meanwhile, save as disclosed above, the Company was in full compliance with all code provisions of the Corporate Governance Code (《企業管治守則》), and has met the requirements of most of the recommended best practice provisions set out in the Corporate Governance Code (《企業管治守則》).

(III) Securities transactions by Directors, Supervisors and relevant employees

During the Reporting Period, the Company adopted the Model Code as the code of conduct for securities transactions by Directors, Supervisors and relevant employees of the Company. According to the domestic regulatory requirements, the Company convened the thirteenth meeting of the third session of the Board on November 25, 2014 to consider and approve the Administrative System Regarding the Shares of the Company Held by Directors, Supervisors and Senior Management (the "Administrative System") in order to strengthen the management of the shares of the Company held by Directors, Supervisors and Senior Management and their changes. On March 6, 2015, the Company made amendments to the Administrative System, which were considered and approved at the sixteenth meeting of the third session of the Board. On October 28, 2022, the Company revised the Administrative System, which was considered and approved at the twenty-seventh meeting of the fifth session of the Board of the Company. On December 20, 2024, the Company revised the Administrative System, which was considered and approved at the fourteenth meeting of the sixth session of the Board of the Company. The compulsory provisions contained in the Administrative System are stricter than those under the Model Code. Having made specific enquiries with Directors, Supervisors and Senior Management, all Directors, Supervisors and Senior Management of the Company confirmed that they had strictly complied with the relevant requirements under the Administrative System and Model Code during the Reporting Period. The Board of the Company will, from time to time, carry out inspection on corporate governance and operation of the Company in order to ensure that the relevant provisions under the Hong Kong Listing Rules are well observed and to protect the interests of the shareholders. There was also no breach of guidelines by relevant employees during the Reporting Period to the knowledge of the Company.

(IV) Independent non-executive Directors

The Company has appointed a sufficient number of independent non-executive Directors with appropriate professional qualifications, or with appropriate accounting or related financial management expertise, in accordance with the Hong Kong Listing Rules. As of the end of the Reporting Period, the Company has appointed five independent non-executive Directors, namely Mr. Wang Jianwen, Mr. Wang Quansheng, Mr. Peng Bing, Mr. Wang Bing and Mr. Lo Kin Wing Terry.

(V) Service contracts of Directors and Supervisors

None of the Directors and Supervisors of the Company has entered into any service contract with the Company or its subsidiaries which shall be compensated (except for statutory compensation) upon termination within one year.

VII. ENVIRONMENTAL INFORMATION ON LISTED COMPANIES AND THEIR MAJOR SUBSIDIARIES INCLUDED IN THE LIST OF ENTERPRISES WHOSE ENVIRONMENTAL INFORMATION SHALL BE DISCLOSED ACCORDING TO THE LAWS

(I) The Company and its major subsidiaries are not included in the list of enterprises whose environmental information shall be disclosed according to the laws.

(II) Other explanations

1. Practice the concept of environmental protection and low-carbon operations

The Company actively practiced the concept of energy-saving and carbon reduction operations, and took a series of measures in many aspects such as frugal office, waste disposal, green travel, environmentally friendly renovation and environmental monitoring to solidly promote low-carbon environmental protection and sustainable development in the Company's operations.

In the first half of 2025, the Company further intensified the promotion of the concept of frugal office, and continuously improved employees' awareness of conservation through all-round publicity with online and offline methods. By displaying frugal office theme posters at prominent locations such as the LINK colleague bar ( 鈴客同事吧 ) and the staff canteen, setting "screen-off when away" reminders on the desktops of employees' office terminals, and posting slogans such as "double-sided printing, reduce color printing" on printers, the Company actively guided employees to develop good habits of saving electricity, water, and resources in office and daily lives, thereby promoting behaviors with consciousness of being frugal, energy saving and consumption reduction.

The Company actively responds to the Nanjing Municipal Domestic Waste Management Regulations and sets waste sorting points in office premises. It publicizes the concepts and practice on waste sorting among staff through pasting posters on waste sorting in striking parts of public places and playing videos on waste sorting repeatedly in elevators to create an atmosphere of "waste sorting with all participation" and form a habit of actively sorting and consciously putting waste. Office waste of the Company is collected and transported by the property management company. Hazardous waste such as electronic wastes, light pipes, toner cartridges and ink cartridges are recovered by qualified entities for further disposal or recycling.

As specified in the vehicle management system by the Company, new energy vehicles shall be given priority when purchasing vehicles for corporate affairs and operation of the Company to practice lowcarbon and environmental operation. The underground garage of Huatai Securities Square is equipped with charging piles for new energy vehicles to encourage employees to practice green commuting and advocate green and environmental concepts.

For the decoration and renovation of business and office buildings of the Company, it takes measures such as setting the shortest decoration intervals (decoration and renovation are not allowed for those not exceeding the shortest decoration intervals except under special circumstances) and improving the quality of decoration and renovation projects to extend the interval period of decoration for business buildings, reduce the frequency of decoration and minimize pollution from decoration and renovation. The Company adopts new construction materials in decoration and renovation to achieve the integration of environmental protection and buildings. For curtain walls, interior furnishings and landscapes, it follows green, environmental and innovative concepts and focuses on the popularization of LED lighting with low energy consumption in office areas to save lighting power in daily office to the maximum extent. It significantly reduces the use of paint and other decoration materials and adopts environmental and paint-free materials instead. Panel furniture is widely used for office, and it generally eliminates the use of paint furniture. Greater efforts are made in aerial detection and governance after

decoration to improve the air quality in the office environment so as to create a safe, comfortable and sound office environment for employees.

The Company entrusts qualified third-party organisations to conduct inspections for the wastewater, exhaust gases and noises of the headquarters office every year. All inspections are in line with the national standards.

During the Reporting Period, the Company was not subject to any administrative penalty arising from environmental issues.

2. Contribute to green and sustainable development

Huatai Securities has long supported the listing and mergers and acquisitions of new energy and energy-saving and environmental protection enterprises, and continued to meet customers' green financial service needs with professional capabilities. At the same time, it actively held various sustainable welfare activities to jointly promote green technology innovation and fully support the green transformation of economic development. In the first half of 2025, the Company had underwritten 27 green bonds with a total scale of RMB6.963 billion.

In March 2025, Huatai United Securities, as a financial advisor, assisted Sichuan Provincial Investment Group Co., Ltd. ( 四川省投資集團有限責任公司 ) and Sichuan Province Energy Investment Group Co., Ltd. ( 四川省能源投資集團有限責任公司 ) in implementing a strategic reorganization and newly established Sichuan Energy Development Group Co., Ltd. ( 四川能源發展集團有限責任公司 ) through merger. By leveraging its expertise to serve the national strategy, Huatai United Securities promoted this strategic reorganization with high quality, gave Sichuan Energy Development Group a leg up in becoming a leading domestic and world-class modern comprehensive energy enterprise with source-grid-load-storage integration complemented by multiple energies such as water, wind, solar, hydrogen and natural gas.

In April 2025, the "Opportunities and Challenges Faced by Domestic Shipping Industry under the New EU Carbon Market Policy" seminar, namely the Third Shanghai Environmental Rights Trading themed salon event jointly organized by the Shanghai Environment and Energy Exchange and Huatai Securities was successfully held. This conference not only contributed wisdom to the deepening development of the Shanghai carbon market, but also provided support to aviation and shipping companies to participate in the international market in a greener and more compliant manner and to expand their international business.

In May 2025, the "Potential OECMs Cases in China" (Other Effective area-based Conservation Measures) exploration event co-organized by Huatai Foundation, China Environmental Protection Foundation, and the Center for Environmental Education and Communications of Ministry of Ecology and Environment was held at the Nanjing Olympic Sports Center. This event vividly demonstrated the practice of urban parks supporting biodiversity conservation through OECMs, and provided a reference model for the public to participate in biodiversity conservation. In the future, Huatai Foundation will continue to work with diverse social forces to promote the mainstreaming of biodiversity.

In June 2025, Huatai Asset Management, as the program manager and lead sales agency, assisted Towngas Smart Energy in successfully issuing the "Smart Zero Carbon Phase 2 Green Assets Support Special Program (Carbon Neutral)" on the Shenzhen Stock Exchange. The funds raised from this project will continue to be invested in renewable energy projects, injecting vitality into the green industry and helping to build a zero-carbon future.

In June 2025, Huatai Foundation supported the International Union for Conservation of Nature (IUCN), NbS Asia Center, the Land Consolidation and Rehabilitation Center of Ministry of Natural Resources and the College of Architecture and Landscape Architecture of Peking University to jointly organize the Nature based Solutions (NbS) Summer School to promote NbS global standard knowledge and Chinese practices for professionals in the field of ecological protection and restoration in various countries. In the hope of promoting cross-departmental and cross-disciplinary exchanges of best practices in naturebased solutions, it encouraged the use of NbS to address global challenges such as climate change, water shortages, urbanization and food security, and gave play to China's leadership in international cooperation in ecological protection.

In July 2025, Huatai United Securities served as a joint sponsor and lead underwriter to help Huadian New Energy Group Corporation Limited successfully list on the main board of the Shanghai Stock Exchange, which has become the largest listed company in the new energy power generation industry in the A-share market. Huatai United Securities has always adhered to the long-term concept, utilising its investment banking advantages to make precise efforts in the fields of technology finance, green finance, etc., to promote the formation of a good ecology with synergy and two-way empowerment between enterprises and the capital market.

VIII. DETAILS ON CONSOLIDATION AND EXPANSION OF THE RESULTS OF POVERTY ALLEVIATION, RURAL REVITALIZATION AND OTHER WORK

The Company insisted on integrating its own development strategies with the concept of social responsibility, and wholeheartedly served the national strategy of rural revitalization. During the Reporting Period, the Company continued to deepen the "One Company Helps One County" pairing-off assistance initiative with Jinzhai County, Anhui Province, and organized voluntary Party members to visit families with difficulties in Jinzhai. The Company carried out projects in relation to community climate change response and disaster risk management capacity building to strengthen community risk management and climate change response capabilities, and explore operational and implementable community risk management mechanisms. Based on capacity building training, the projects provided seed funds to assisted communities to support them in carrying out micro and small projects such as disaster prevention and mitigation. The Company actively participated in the "Five-party Linkage" rural revitalization in Jiangsu Province, providing linked support to Qizhuang Village in Feng County. The Company vigorously carried out industrial revitalization by adopting the model of "leading enterprise + cooperative + wealth-making talents + villagers", and built 4 high-standard intelligent mushroom warehouses to support the development of local mushroom cultivation and other industries with characteristics. The Company actively carried out organisational assistance, re-arranged, optimized and upgraded the Party and Mass Service Center in Qizhuang Village so as to improve the service environment for the people and build strong grassroots fighting fortress. The Company deepened the "One Tomorrow – Dream Program" project, implemented financial quotient free public courses, and donated materials to 5 jointly built schools. The Company joined the Women's Federation of Feng County to launch the "Loving Mummy" activity, providing care and support to 40 vulnerable children in Feng County. The Company continued to support the East-West Pairing-off Cooperation by implementing the two-year action plan for supportive consumption and support for targeted assistance areas from 2024 to 2025, and purchased supportive consumption products from targeted assistance areas in Jiangsu Province.

In seven places of five provinces, including Xuzhou and Suqian in Jiangsu Province, Jinzhai and Yuexi in Anhui Province, Enshi in Hubei Province, Lancang in Yunnan Province and Yushu in Qinghai Province, the Company continued to carry out the "One Tomorrow" rural education program to fund schools with concentrated left-behind children. Taking into account the characteristics and differentiated demands of the schools, the Company introduced psychology, pedagogy, sociology, ecology and other expert resources to offer targeted volunteer services such as psychological guidance, celebrity visits to campus, and literacy education for left-behind children and teachers. The Company built dream classrooms, providing an integrated literacy education welfare service system that integrates hardware learning space, software course content, teacher empowerment, etc., to cultivate children's diverse interests and hobbies and support left-behind children to grow up. At the same time, the Company launched the eighth session of "Funding for Distressed Children Program" to provide living subsidies for distressed children at project schools and improve their learning environment. During the Reporting Period, Huatai Foundation and the labor union of the Company jointly organized the "One Tomorrow – Starry Sky Dreamer" welfare study tours, inviting 15 volunteer families from the Company and students from sponsored schools under the "One Tomorrow" program to explore the mysteries of the universe at the Purple Mountain Observatory of the Chinese Academy of Sciences.

Major Events

I. PERFORMANCE OF UNDERTAKINGS

Undertakings of de facto controllers, shareholders, related parties, purchasers of the Company, the Company and other undertaking-related parties made or remained effective during the Reporting Period

Background of undertaking	Type of undertaking	Undertaking party	Content of undertaking	Date of undertaking	Any deadline for performance or not	Duration of undertaking	Strictly performed in a timely manner or not
Other undertakings made to minority shareholders of the Company	To solve horizontal competition	Guoxin Group	Guoxin Group and its subsidiaries or associated companies shall not engage in or conduct any business which may compete with the primary business of Huatai Securities in any way (including but not limited to self-operated, joint ventured or associated) at any time in the future (except for Jintai Futures Co., Ltd.). For any opportunities to conduct, engage in or invest in any business that may compete with the business of Huatai Securities available to Guoxin Group and its subsidiaries or associated companies, Guoxin Group will give such opportunities to Huatai Securities (except for Jintai Futures Co., Ltd.).	June 27, 2014	No	Long term	Yes

II. THERE WAS NO NON-OPERATING MISAPPROPRIATION OF FUNDS OF THE COMPANY BY ANY CONTROLLING SHAREHOLDERS AND OTHER RELATED PARTIES DURING THE REPORTING PERIOD

III. THE COMPANY HAD NO GUARANTEES IN VIOLATION OF REGULATIONS DURING THE REPORTING PERIOD

IV. THE INTERIM REPORT OF THE COMPANY HAS NOT BEEN AUDITED

V. THERE WAS NO NON-STANDARD AUDIT OPINION ON THE ANNUAL REPORT OF THE COMPANY FOR THE PREVIOUS YEAR

VI. THERE WERE NO BANKRUPTCY AND RESTRUCTURING OF THE COMPANY DURING THE REPORTING PERIOD

VII. MATERIAL LITIGATIONS AND ARBITRATIONS

During the Reporting Period, there were no material litigation and arbitration of the Company with amount involving more than RMB10 million and accounting for more than 10% of the absolute value of the audited net assets of the Company for the latest period, which are required to be disclosed by the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange. As of the end of the Reporting Period, the litigations and arbitrations of the Company that had been disclosed and had progress are as follows:

Property damage dispute among the Company and Jinwei Company, etc.

In March 2024, the Company received a lawsuit document from Shanghai Financial Court. According to the lawsuit, since Jinwei Property Group Limited ( 金威物產集團有限公司 ) ("Jinwei Company") suffered losses from its investment in private equity fund products, Jinwei Company sued to the court and demanded the fund manager, the fund custodian and relevant subjects of the underlying trust plan invested by the fund to jointly compensate for its losses totaling RMB179,774,725. The Company is the fund custodian, and has engaged a lawyer to represent it to respond to the lawsuit. On June 30, 2025, Shanghai Financial Court rejected Jinwei Company's claims in its first-instance judgment.

Performance dispute between Yili Fund, a fund managed by Huatai Purple Gold Investment, and Ru Jiyong and Der Group controlled by him

Yili Su Xin Investment Fund Partnership (Limited Partnership) ( 伊犁蘇新投資基金合夥企業 ( 有限合夥 )) ("Yili Fund"), a fund managed by Huatai Purple Gold Investment, filed an application for arbitration with the Nanjing Arbitration Commission in June 2020, requesting Ru Jiyong to fulfil his obligation to repurchase the equity interest in Henan Yiteng New Energy Technology Co., Ltd. ( 河南義騰新能源科技有限公司 ) ("Henan Yiteng") held by Yili Fund pursuant to the agreement entered into between the parties in relation to the investment in Henan Yiteng. The Nanjing Arbitration Commission made the Ruling of (2024) Ning Cai Zi No. 254 on February 5, 2025, which supported all requests of Yili Fund. Yili Fund submitted an enforcement application to Suzhou Intermediate People's Court on February 24, 2025, which accepted the case for enforcement on March 10, 2025. On June 5, 2025, Yili Fund received a case filing notice (case number: (2025) Su 05 Zhi Yi No. 63) from Suzhou Intermediate People's Court in relation to Ru Jiyong's application for nonenforcement. At present, the case has not been heard.

On November 11, 2022, Yili Fund filed a lawsuit against Der Group Co. Ltd. ( 德爾集團有限公司 ) ("Der Group") with the People's Court of Jianye District, Nanjing, requesting Der Group to be liable for the losses incurred by Yili Fund resulting from the invalid guarantee of pledge of shares of Der Future (with damages of RMB275,966,101, of which, the loss of investment principal amounted to RMB142,372,881 and the loss of interest amounted to RMB133,593,220). On November 28, 2022, the People's Court of Jianye District, Nanjing

froze 54,919,622 shares of Der Future held by Der Group upon the application of Yili Fund. The case was then transferred to Ili Kazakh Autonomous Prefecture Branch of the High People's Court of Xinjiang Uygur Autonomous Region (the "Ili Court"). On July 2, 2025, the Ili Court made the Civil Judgement of (2024) Xin 40 Min Chu No. 38, ruling that Der Group shall be liable to Yili Fund for half of the compensation obligations of the portion of the debt that Ru Jiyong, the debtor, failed to settle as determined in the Ruling of (2024) Ning Cai Zi No. 254.

Bill asset transfer contract dispute of Huafu Xiamen Bank No. 1 Targeted Assets Management Plan of Huatai Securities ( 華泰證券華福廈門銀行 1 號定向資產管理計劃 )

In October 2016 and March 2017, Xiamen Bank Co., Ltd. ( 廈門銀行股份有限公司 ) (hereinafter referred to as "Xiamen Bank"), the client of Huafu Xiamen Bank No. 1 Targeted Assets Management Plan of Huatai Securities (hereinafter referred to as "Huafu Xiamen Bank No. 1 ( 華福廈門銀行 1 號 )"), filed a lawsuit of contract dispute at Fujian Higher People's Court for the bill asset transfer contract dispute of Huafu Xiamen Bank No. 1, with Shenzhen Branch of Bank of Ningbo Co., Ltd. (hereinafter referred to as "Shenzhen Branch of Bank of Ningbo") as the defendant. The total nominal amount of the underlying bill was RMB950 million. Huatai Asset Management participated in the lawsuit as a third party and Fujian Higher People's Court consolidated the cases for joint trial. On June 26, 2018, Fujian Higher People's Court made the first-instance judgment in favor of Xiamen Bank's main litigation claim, and on December 12, 2020, the Supreme People's Court made the second-instance judgment to reject the appeal and upheld the original judgment. In 2023, the applicant, Shenzhen Branch of Bank of Ningbo, filed an application for retrial, which was accepted by the Supreme People's Court on July 11, 2023. On December 9, 2024, the Supreme People's Court issued Civil Rulings, ruling to revoke the first-instance civil judgment issued by Fujian Higher People's Court and the second-instance civil judgment issued by the Supreme People's Court, and remanded the case to Fujian Higher People's Court for a retrial.

During the Reporting Period, Huatai Asset Management received the Notice of Response to Action and other documents related to the dispute between Xiamen Bank, the plaintiff, and Shenzhen Branch of Bank of Ningbo, the defendant, with Huatai Asset Management as a third-party. The case is in the process of retrial.

Stock pledged repurchase contract dispute under No. 3 Targeted Assets Management Plan on Capital Innovation of China Merchants of Huatai Asset Management

As the manager of the No. 3 Targeted Assets Management Plan on Capital Innovation of China Merchants of Huatai Asset Management, Huatai Asset Management entered into relevant financing agreements on stock pledged repurchase business with Liu Hujun and Xiong Jinyu, the financiers, on behalf of the asset management product in May 2017, and conducted transactions on the business. The principal of financing was RMB365 million (of which, the principal of RMB235 million and RMB130 million were financed by Liu Hujun and Xiong Jinyu, respectively) in total and the target of the pledged stock was Liantronics. Liu Hujun and Xiong Jinyu, the financiers, breached the contract as they failed to repurchase on time. Huatai Asset Management filed a lawsuit with the Intermediate People's Court of Nanjing in November 2020 on the contract dispute on stock pledged repurchase, requesting Liu Hujun and Xiong Jinyu, the defendants, to repay the principal of RMB365 million and undertake other responsibilities on the breach of contract and dispose of the pledged stocks according to laws. Nanjing Intermediate People's Court issued the firstinstance judgment in January 2022, supporting the litigation request of Huatai Asset Management. The case is in the process of enforcement. During the Reporting Period, such asset management product received enforcement payment of over RMB13.34 million.

VIII. SUSPECTED VIOLATIONS OF LAWS AND REGULATIONS BY, PUNISHMENT ON AND RECTIFICATION OF THE LISTED COMPANY AND ITS DIRECTORS, SUPERVISORS, SENIOR MANAGEMENT, CONTROLLING SHAREHOLDERS AND DE FACTO CONTROLLERS

In January 2025, Huatai United Securities received the Decision on Taking Measures by Issuing a Warning Letter to Huatai United Securities Co., Ltd. from Zhejiang Securities Regulatory Bureau. It's believed in the warning letter that Huatai United Securities failed to effectively supervise the management and use of the issuer's special account for raised funds when performing the entrusted management for the issuer of corporate bonds, and did not diligently fulfill its ongoing oversight responsibilities regarding the raised funds. Pursuant to the Administrative Measures for the Issuance and Trading of Corporate Bonds, Zhejiang Securities Regulatory Bureau took administrative regulatory measures by issuing a warning letter to Huatai United Securities.
In June 2025, Huatai United Securities received the Supervisory Letter to Huatai United Securities Co., Ltd. from the Shenzhen Stock Exchange. It's believed in the supervisory letter that during its sponsorship work for Jiangsu Changjing Electronics Technology Co., Ltd., Huatai United Securities failed to perform appropriate verification on the adequacy of goodwill impairment provisions of the issuer as at the end of 2022 and the irregularities in internal controls related to revenue from distributors, and failed to issue prudent verification opinions. In accordance with the Review Rules for Stock Issuance and Listing of the Shenzhen Stock Exchange and other relevant regulations, the Shenzhen Stock Exchange imposed a self-regulatory measure of issuing a written warning to Huatai United Securities.

Save for the foregoing, none of the Company and its Directors, Supervisors, senior management, shareholders holding over 5% of equity interest or de facto controllers were investigated by competent authorities, imposed with coercive measures by a judiciary authority or disciplinary department, transferred to a judicial authority or held criminally liable, banned from accessing to the market, identified as unsuitable persons, punished by other administrative departments or publicly condemned by a stock exchange.

IX. INTEGRITY OF THE COMPANY AND ITS CONTROLLING SHAREHOLDERS AND DE FACTO CONTROLLERS DURING THE REPORTING PERIOD

During the Reporting Period, the Company and its de facto controllers maintained good faith with no cases such as non-performance of effective court judgment or overdue of relatively large liability.

X. MAJOR RELATED-PARTY TRANSACTIONS

Details on the related-party transactions under the relevant accounting standards can be found in "58. Related party relationships and transactions" under "Notes to the Condensed Consolidated Financial Statements" of "Interim Financial Report" in this report. The Company confirmed that the related-party transactions were not qualified as the "connected transactions" or the "continuing connected transactions" as defined in Chapter 14A of the Hong Kong Listing Rules (as the case may be), or were in compliance with the disclosure requirements under Chapter 14A of the Hong Kong Listing Rules.

XI. MATERIAL CONTRACTS AND PERFORMANCE THEREOF

(I) During the Reporting Period, the Company had no custody, contracting or leasing matters

(II) Material guarantees completed and not yet completed during the Reporting Period

	Unit: 100 Million Yuan Currency: RMB
External guarantees of the Company (excluding the guarantees for subsidiaries)
Total amount of guarantees during the Reporting Period (excluding the guarantees for subsidiaries)
Total balance of guarantees at the end of the Reporting Period (A) (excluding the guarantees for subsidiaries)	–
Guarantees of the Company for its subsidiaries
Total amount of guarantees for subsidiaries during the Reporting Period	22.25
Total balance of guarantees for subsidiaries at the end of the Reporting Period (B)	272.02
Total guarantee amount of the Company (including the guarantees for subsidiaries)
Total guarantee amount (A+B)	272.02
Percentage of the total guarantee amount to net assets of the Company (%)	13.59
Among which:
Amount of guarantees provided for shareholders, de facto controllers and their related parties (C)	–
Amount of debt guarantees provided directly or indirectly for the guaranteed objects with an asset-liability ratio of more than 70% (D)	222.58
Excess amount of the total guarantee over 50% of the net assets (E)	–
Total amount of the three guarantees mentioned above (C+D+E)	222.58
Description of possible joint and several liability for unexpired guarantees	Bearing the principal, interest and other expenses of the bonds

Guarantees Provided by the Company

(1) In 2017, as considered and approved at the fifth meeting of the fourth session of the Board and the 2016 Annual General Meeting of the Company, the Company provided a net capital guarantee with the maximum amount of RMB1.9 billion to Huatai Asset Management. The net capital guarantee of RMB1.9 billion has not been utilized during the Reporting Period.

(2) In 2018, as considered and approved at the sixteenth meeting of the fourth session of the Board, the Company provided a net capital guarantee with the maximum amount of RMB2.0 billion to Huatai United Securities. The net capital guarantee will be available from July 1, 2019. In 2022, Shenzhen Securities Regulatory Bureau approved the Company to adjust the amount of the net capital guarantee to Huatai United Securities in 2019 from RMB2.0 billion to RMB1.0 billion commencing from June 21, 2022. As at the end of the Reporting Period, the Company provided a net capital guarantee with a total amount of RMB1.0 billion to Huatai United Securities.

(3) In 2020, as considered and approved at the seventh meeting of the fifth session of the Board, the Company provided a liquidity guarantee with a maximum amount of RMB2.0 billion to Huatai United Securities, which had not been utilized during the Reporting Period.

(4) In 2021, as considered and approved at the eleventh meeting of the fifth session of the Board and the 2021 First Extraordinary General Meeting of the Company, the persons authorized by the general mandate to issue onshore and offshore debt financing instruments of the Company signed relevant agreements, and the Company (as the guarantor) has entered into a guarantee agreement with Citicorp International Limited (as the trustee), to provide an unconditional and irrevocable guarantee for USD1,300 million bonds and additional USD100 million bonds issued by Pioneer Reward Limited, a subsidiary of Huatai International. Among that, USD900 million bonds were due for repayment upon maturity in April 2024 and the corresponding guarantee terminated automatically.

Conditions of guarantees

(5) In 2022, the Company (as the guarantor) entered into a guarantee agreement with Citicorp International Limited (as the trustee), to provide an unconditional and irrevocable guarantee for USD1,000 million bonds and RMB5,000 million bonds issued by Pioneer Reward Limited, a subsidiary of Huatai International. Among that, USD1,000 million bonds were due for repayment upon maturity in March 2025 and the corresponding guarantee terminated automatically.

(6) In 2023, the Company (as the guarantor) entered into a guarantee agreement with Hongkong and Shanghai Banking Corporation Limited (as the trustee), to provide an unconditional and irrevocable guarantee for USD1,600 million bonds issued by Pioneer Reward Limited, a subsidiary of Huatai International.

Guarantees Provided by the Subsidiaries

During the Reporting Period, Huatai International and its subsidiaries had provided guarantees for the benefits of their subsidiaries in connection with their business operations, which are mainly guarantees for corporate bonds and guarantees for medium-term notes. The aggregate guaranteed amount was approximately RMB2.269 billion as of the end of the Reporting Period.

In addition, Huatai International and its subsidiaries provided guarantees, some of which were unlimited, for various International Swaps and Derivatives Association Agreements (ISDA), Global Master Repurchase Agreements (GMRA), Global Master Securities Lending Agreements (GMSLA) and Broker-Dealer Agreements. The abovementioned unlimited guarantees were issued in accordance with normal international banking and capital market practices, which allowed the banks and other financial institutions which Huatai International and its subsidiaries deal with to support large market events and meet the fluctuating requirements, therefore ensuring Huatai International and its subsidiaries not constrained in the normal course of business. Since Huatai International and its subsidiaries are limited companies, the absolute maximum exposure of these guarantees in aggregate would be limited to the respective net assets of Huatai International and its subsidiaries.

The aforesaid amount of debt guarantees provided directly or indirectly for the guaranteed objects with an asset-liability ratio of more than 70% was RMB22.258 billion, including: 1) guarantee provided by the Company to Pioneer Reward Limited, a subsidiary of Huatai International, for the issuance of USD2.1 billion bonds and RMB5.0 billion bonds; 2) the guarantee provided by Huatai International and its subsidiaries to meet the needs of the business operation of their subsidiaries.

(III) Other material contracts

According to the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange and the Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 3 – Contents and Formats of Half-year Report (Revised in 2025) (《公開發行證券的公司信息披露內容與格式準則第 3 號-半年度報告的內容與格式 (2025 年修訂 )》), the Company did not enter into material contracts during the Reporting Period.
The progress of relevant significant contracts disclosed during the Reporting Period is as follows:

During the Reporting Period, the General Construction Contract for Huatai Securities Square (《華泰證券廣場施工總承包合同》) was performed normally, and the Company had paid RMB19,510,700 under the general construction contract and sub-contracts thereof. As of the end of the Reporting Period, the Company has paid RMB983,419,900 in total under the general construction contract.

XII. EXPLANATION ON PROGRESS IN USE OF FUNDS RAISED

All funds raised from the issuance of shares by the Company have been used up before the Reporting Period.

XIII. DESCRIPTION OF OTHER MAJOR EVENTS

(I) New establishment, relocation and cancellation of securities branches and branches during the Reporting Period

The Company had no new establishment of branches and securities branches, or cancellation of branches during the Reporting Period.
Cancellation of the Company's securities branch during the Reporting Period is as follows:

No.	Name of the cancelled	Address of the cancelled	Date of cancellation of
	securities branch	securities branch	license
1	Securities Branch in Zhenzhou East Road, Yizheng, Yangzhou	No. 101, Zhenzhou East Road, Zhenzhou Town, Yizheng City	March 31, 2025

Relocation of the Company's branches during the Reporting Period is as follows:

No.	Name before relocation and change of name	Name after relocation and change of name	Address after relocation and change of name	Issue date of license
1	Sichuan Branch	Sichuan Branch	Unit 1801, 18/F, Unit 1, Building 7, No. 1777 North Section of Tianfu Avenue, Chengdu High-Tech Zone, China (Sichuan) Pilot Free Trade Zone	April 15, 2025
2	Liaoning Branch	Liaoning Branch	Units 1, 2, 3, 4, 5 and 6, 15/F, Tower B, Business Plaza, No. 125 Qingnian Street, Shenhe District, Shenyang City, Liaoning Province	May 19, 2025

Relocation and changes in names of the Company's securities branches during the Reporting Period are as follows:

No.	Name before relocation	Name after relocation	Address after relocation	Issue date of license
1	Securities Branch in South Street, Liyang	Securities Branch in South Street, Liyang	103, No. 628 Nanda Street, New Century Plaza, Licheng Street, Liyang City	January 14, 2025
2	Securities Branch in Ronghui Road, Macheng	Securities Branch in Jintong Avenue, Macheng	No. 1-01, 1/F and No. 2-01, 2/F for commercial purposes, Block 4, Yingyuan Health City, West of Jintong Avenue, Macheng Economic Development Zone, Huanggang City, Hubei Province	January 14, 2025
3	Securities Branch in Yonghe Temple, Beijing	Securities Branch in Yonghe Temple, Beijing	501, 502, 512, 515 and 516, 5/F, Building 2, 116, 1/F and 216, 2/F, Building 1, No. 28 Andingmen East Street, Dongcheng District, Beijing City	January 23, 2025
4	Securities Branch in Mudanjiang Road, Shanghai	Securities Branch in Mudanjiang Road, Baoshan District, Shanghai	5/F, No. 1508 Mudanjiang Road, Baoshan District, Shanghai City	April 17, 2025
5	Securities Branch in Xingmin Road, Guangzhou	Securities Branch in Xingmin Road, Guangzhou	Rooms 2703-2706, Building 3, No. 222 Xingmin Road, Tianhe District, Guangzhou City	April 24, 2025

(II) Description of major events of the subsidiaries

During the Reporting Period, Huatai Financial Holdings (Hong Kong) obtained a Type 3 regulated activity (leveraged foreign exchange trading) license issued by the SFC of Hong Kong and can conduct foreign exchange transactions for customers in the form of margin.
During the Reporting Period, Huatai Financial Holdings (Hong Kong) became a registration institution for the RMB interest rate swap business system. The Company has completed the market entry of Huatai Financial Holdings (Hong Kong) through two trading links of the China Interbank Bond Market (CIBM) interest rate swap and Northbound Swap Connect, and can carry out RMB interest rate swap business.
During the Reporting Period, as approved by the Singapore Exchange, Singapore Subsidiary obtained the qualification as a joint sponsor for main board IPOs or reverse takeover projects.
During the Reporting Period, Huatai International completed the capital increase of its subsidiary, Huatai Securities (USA), by USD50 million and fulfilled relevant legal procedures.

(III) For other major events disclosed by the Company on China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily and the website of the Shanghai Stock Exchange (www.sse.com.cn) during the Reporting Period, please refer to Appendix: Information Disclosure Index.

(IV) The Company's communication with its shareholders and the investor relations management during the Reporting Period

The Board of the Company attached great importance to investor relations management and was committed to promoting the creation of an open, transparent, inclusive and sharing atmosphere for

investor interaction, and to effectively safeguarding the legitimate rights and interests of investors. The Company planned, arranged and organised various activities for the management of investor relations with a strong sense of responsibility, including coordinating on-site interviews to the Company, keeping in contact with regulatory authorities, investors, intermediary agencies and news media, etc.

During the Reporting Period, the Company updated in a timely manner information on the "Investor Relations" column on the Company's website, and answered inquiries from investors of the interactive E-platform on the website of the Shanghai Stock Exchange. The Company has received 17 batches of onsite investigations and surveys or telephone interviews conducted by around 98 researchers and investment professionals from a number of domestic and overseas brokers, fund companies and other organisations during the Reporting Period, and also has earnestly provided daily consulting services for investors and answered their questions in detail. Meanwhile, to assist the announcement of periodic reports, the Company held one results presentation and one online briefing on the results, and proactively attended strategy seminars and investment forums held by domestic or overseas financial institutions for nine times in total during the Reporting Period. The Company had full communications with investors and researchers on issues such as the development trend of the industry, and the operating results and business development strategy of the Company, which has effectively promoted the investors and researchers' in-depth understanding of the business condition and performance of the Company, completely marketed the development advantages of the Company, and reasonably guided the market expectations. The Company persisted in inducing and analysing various questions proposed by investors, so as to continuously improve the professionalism, normalization and quality of the investor relations management of the Company.

The Company's reception of investigations and surveys, participation in strategy seminars and investment forums held by domestic or overseas financial institutions in the first half of 2025 are as follows:

No.	Date of reception	Meeting name	Way of reception	Guests	Major topics discussed and information provided
1	January 6, 2025	Investigations and surveys by investors/analysts	Onsite interview	Western Securities (2 persons)
2	January 10, 2025	Investigations and surveys by investors/analysts	Telephone interview	Sinolink Securities, China Post Securities, Changan Fund, Dongguan Securities, Huabao Trust, Xunyuan Asset Management, Boyuan Fund, Guangdong Zhengyuan Private Fund, Bo Guan Private Equity, Shanghai Chaos Investment, China Everwin Asset Management, Cinda Fund, Xiamen Zhonglue Investment, Harvest Fund, CICC Fund, China Universal (17 persons)	Business highlights, operations
3	January 14, 2025	Investigations and surveys by investors/analysts	Onsite interview	Soochow Securities (1 person)	and financial performance, and long-term strategies of the
4	January 15, 2025	2025 UBS Greater China Conference	Onsite interview	UBS Securities, SeaTown Holdings, Point 72, Fidelity, Alliance Bernstein, Amundi, CEB International, Ginkgo Capital, Greenwoods Asset Management, JP Morgan Asset Management, NT Asset, Pleiad Investment (14 persons)	Company.
5	January 21, 2025	Investigations and surveys by investors/analysts	Onsite interview	Bloomberg (1 person)

No.	Date of reception	Meeting name	Way of reception	Guests	Major topics discussed and information provided
6	March 31, 2025	Presentation for 2024 Annual Results	Video and telephone interview	UBS Securities, CITIC Securities, Guotai Haitong, CICC, GF Securities, J.P. Morgan, BofA Securities, Morgan Stanley, Goldman Sachs, DBS Bank, etc. (more than 500 persons)
7	April 7, 2025	Investigations and surveys by investors/analysts	Onsite interview	CITIC Securities, CCB Wealth Management, CCB Fund, Ridou Investment, Shanghai State-owned Assets, E Fund, Baoying Fund, HSBC Jintrust (9 persons)
8	April 8, 2025	Investigations and surveys by investors/analysts	Telephone interview	HSBC Jintrust (2 persons)
9	April 8, 2025	Investigations and surveys by investors/analysts	Onsite interview	Shenwan Hongyuan, Orient Securities Asset Management, Zhida Asset (4 persons)
10	April 9, 2025	Investigations and surveys by investors/analysts	Telephone interview	ICBC Credit Suisse (3 persons)
11	April 9, 2025	Investigations and surveys by investors/analysts	Telephone interview	GF Securities, CITIC Securities, CICC, CICC Fund, Hongta Securities, Nuode Fund, Xiamen Zhonglue Investment, Hangzhou Rongtai Yunzhen Private Equity Fund, Shanghai Wealspring Asset Management, V&F Capital, HSBC Life, Aviva COFCO Life, Kaiyuan Securities, Harvest Forever Capital, China Universal, Shanghai Zhaowan Asset Management (24 persons)	Business highlights, operations and financial performance, and long-term
12	April 10, 2025	Investigations and surveys by investors/analysts	Telephone interview	China Life Pension (4 persons)	strategies of the Company.
13	April 10, 2025	Investigations and surveys by investors/analysts	Telephone interview	E Fund (4 persons)
14	April 10, 2025	Investigations and surveys by investors/analysts	Onsite interview	Fullgoal Fund (6 persons)
15	April 10, 2025	Investigations and surveys by investors/analysts	Telephone interview	Minsheng Securities, Boyuan Fund, Hwabao WP Fund, Shanxi Securities Asset Management, Everbright PGIM Fund, China Dragon Securities (7 persons)
16	April 14, 2025	Investigations and surveys by investors/analysts	Onsite interview	Guotai Haitong, Zking Insurance (3 persons)
17	May 6, 2025	Investigations and surveys by investors/analysts	Telephone interview	Caitong Securities, Changjiang Securities, Fengbo Asset, Ren Bridge Asset, Hangzhou Rongtai Yunzhen Private Equity, Peking University Founder Life Asset Management, Huatai Great Wall Capital (8 persons)

Major topics

No.	Date of reception	Meeting name	Way of reception	Guests	discussed and information provided
18	May 13, 2025	BofA strategy forum	Onsite interview	Bank of America, Citadel International, Hao Capital, Point72 Asset Management, Golden Pine Asset Management (8 persons)
19	May 14, 2025	Citi strategy forum	Onsite interview	Citibank, Marshall Wace Asset Management, Pinpoint Asset Management, FountainCap Research & Investment (Hong Kong), Lazard Asset Management, China Asset Management (6 persons)
20	May 16, 2025	Investigations and surveys by investors/analysts	Onsite interview	Changjiang Securities, Maxwealth Fund (2 persons)
21	May 23, 2025	"Talk to Presidents" – 2025 privileged conference among boutique listed companies of GF Securities	Onsite interview	GF Securities, Aegon-Industrial Fund, Harvest Fund, Caitong Asset Management, Fullgoal Fund, Origin Fund (7 persons)
22	May 29, 2025	CITIC Securities strategy forum	Onsite interview	CITIC Securities, Zhongtai Securities, China Asset Management, Wanjia Asset, Changjiang Pension, Maxwealth Fund, Caitong Securities Asset Management, Tranquility Capital, Ridou Investment, Kaiyuan Securities, Xinbolin Private Equity (12 persons)	Business highlights, operations and financial performance, and long-term strategies of the Company.
23	May 29, 2025	Founder Securities strategy forum	Onsite interview	Founder Securities, Xinyuan Asset Management, Deyuan Investment, Fupei Investment, Maxwealth Fund (5 persons)
24	June 4, 2025	2025 interim strategy forum of Guotai Haitong Securities	Onsite interview	Guotai Haitong, Huashang Fund, Hzbank Wealth Management, Zhongtai Securities, Western Securities, AIA Life, Franklin Templeton Sealand, Shanghai South Land, LyGH Capital (9 persons)
25	June 6, 2025	Investigations and surveys by investors/analysts	Onsite interview	China Asset Management (1 person)
26	June 12, 2025	Interim strategy forum of CICC for 2025	Onsite interview	CICC, Greenwoods Asset Management, Robeco, Shanghai Wealspring Asset Management, Bosera Funds, ICBC-AXA Life Insurance, China Merchants Fund, Dunhe Asset, Zhejiang Zhida Asset, Shenzhen Jizhi Equity (12 persons)
27	June 13, 2025	Shenwan strategy forum	Onsite interview	Shenwan Hongyuan, CSC Financial, CICC, Bosera Funds, ABC Life, Shanghai Yude Capital, ICBC Wealth Management, Beijing Hongma Kangyi Investment, Commando Capital, China Life Asset, Xiangcai Securities, Sunshine Asset, AIMS Business Information Consulting, Beijing Maohua Technology, CIB Wealth Management, Guoxin Times Development Co., Ltd., Yimin Fund (19 persons)

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Changes in Shares and Shareholders

I. CHANGES IN SHARE CAPITAL

(I) Statement of changes in shares

1. Statement of changes in shares

	Before the change				Increase/decrease (+, -) of the change				After the change
		Number Percentage (%)	New shares issued	Bonus shares	Shares converted from reserves	Others	Subtotal		Number Percentage (%)
I. Shares subject to selling restrictions	13,925,879	0.15	–	–	–	-12,427,384	-12,427,384	1,498,495	0.02
1. Shares held by the state	–	–	–	–	–	–	–	–	–
2. Shares held by state-owned legal persons	–	–	–	–	–	–	–	–	–
3. Shares held by other domestic investors	13,925,879	0.15	–	–	–	-12,427,384	-12,427,384	1,498,495	0.02
Including: Shares held by domestic non state-owned legal persons	–	–	–	–	–	–	–	–	–
Shares held by domestic natural persons	13,925,879	0.15	–	–	–	-12,427,384	-12,427,384	1,498,495	0.02
4. Shares held by foreign investors	–	–	–	–	–	–	–	–	–
Including: Shares held by overseas legal persons	–	–	–	–	–	–	–	–	–
Shares held by overseas natural persons	–	–	–	–	–	–	–	–	–

Unit: Shares

Do cu me nts fo	Fin an cia l R
r In sp ec tio n	ep ort a nd

	Before the change			Increase/decrease (+, -) of the change	After the change
		Number Percentage (%)	New shares issued	Bonus shares	Shares converted from reserves	Others	Subtotal		Number Percentage (%)
II. Tradable shares not subject to selling restrictions	9,013,376,402	99.85	–	–	–	12,427,384		12,427,384 9,025,803,786	99.98
1. Ordinary shares in RMB	7,294,330,722	80.80	–	–	–	12,427,384	12,427,384	7,306,758,106	80.94
2. Domestic listed foreign shares	–	–	–	–	–	–	–	–	–
3. Overseas listed foreign shares	1,719,045,680	19.04	–	–	–	–	–	1,719,045,680	19.04
4. Others	–	–	–	–	–	–	–	–	–
III. Total shares	9,027,302,281	100.00	–	–	–	–	–	9,027,302,281	100.00

2. Information on changes in shares

During the Reporting Period, the conditions for lifting the selling restrictions of the third lock-up period under the Restricted Share Incentive Scheme of A Shares of the Company have been fulfilled, and a total of 12,427,384 restricted Shares were released from selling restrictions.

3. There were no changes in shares of the Company within the period from the end of the Reporting Period to the disclosure date of the interim report

(II) Changes in shares subject to selling restrictions

Name of shareholder	Number of shares subject to selling restrictions at the beginning of the period	Number of shares released from selling restrictions during the Reporting Period	Increase in the number of shares subject to selling restrictions during the Reporting Period	Number of shares subject to selling restrictions at the end of the Reporting Period	Reasons for selling restrictions	Date of release from selling restrictions
Incentive participants of restricted A Shares	13,925,879	12,427,384	–	1,498,495	Incentive scheme of restricted A Shares	May 20, 2025
Total	13,925,879	12,427,384	–	1,498,495	/	/

Note:

Pursuant to the requirements under the Restricted Share Incentive Scheme of A Shares of Huatai Securities Co., Ltd., which was disclosed by the Company on February 9, 2021, if the restricted Shares granted under the incentive scheme meet the conditions of unlocking after 24 months from the date of completion of registration of the corresponding granted portion of shares, the incentive participants may release the restriction in three phases in the next 36 months in the proportion of 33%, 33% and 34%.

The registration date of the restricted Shares under the incentive scheme was April 6, 2021, and the third lock-up period expired on April 5, 2025. The number of the unlocked Shares was 12,427,384 Shares, and the listing and trading date of the unlocked Shares was May 20, 2025.

II. INFORMATION ON SHAREHOLDERS

(I) Total number of shareholders:

Total number of shareholders of ordinary shares as of the end of the Reporting Period	210,123
Total number of shareholders of preferred shares whose voting rights have been restored as of the end of the Reporting Period	–

Among the total number of shareholders of ordinary shares as of the end of the Reporting Period, the number of shareholders of A Shares amounted to 203,894 and the number of registered shareholders of H Shares amounted to 6,229.

(II) Shareholdings of the top ten shareholders and the top ten holders of tradable shares (or holders of shares not subject to selling restrictions) as of the end of the Reporting Period

Unit: Shares

Name of shareholders	Increase/ decrease	Number of shares held as	Percentage	Number of shares	Pledged, marked or frozen		Nature of
(in full)	during the Reporting Period	at the end of the Reporting Period	(%)	held subject to selling restrictions	Status of shares	Number	shareholders
Jiangsu Guoxin Investment Group Limited	–	1,373,481,636	15.21	–	Nil	–	State-owned legal person
HKSCC Nominees Limited	133,200	1,266,563,048	14.03	–	Nil	–	Foreign legal person
Hong Kong Securities Clearing Company Limited	9,537,118	549,540,911	6.09	–	Nil	–	Foreign legal person
Jiangsu Communications Holding Co., Ltd.	–	489,065,418	5.42	–	Nil	–	State-owned legal person
Govtor Capital Group Co., Ltd.	–	356,233,206	3.95	–	Nil	–	State-owned legal person
Jiangsu SOHO Holdings Group Co., Ltd.	–	277,873,788	3.08	–	Nil	–	State-owned legal person
China Securities Finance Corporation Limited	–	152,906,738	1.69	–	Nil	–	Unknown
Jiangsu SOHO International Group Corp.	–	135,838,367	1.50	–	Nil	–	State-owned legal person
Jiangsu Hiteker High-tech Co., Ltd.	–	123,169,146	1.36	–	Unknown	123,169,146	Domestic non state owned legal person
Central Huijin Asset Management Ltd.	–	96,145,200	1.07	–	Nil	–	State-owned legal person

2025 INTERIM REPORT

Financial Report and Documents for Inspection

Shareholding of top ten holders of shares not subject to selling restrictions (excluding lent shares by way
	of refinancing)
	Number of	Class and number of shares

	Number of tradable shares	Class and number of shares
Name of shareholder	not subject to selling restrictions	Class	Number
Jiangsu Guoxin Investment Group		Ordinary shares in RMB	1,271,072,836
Limited	1,373,481,636	Overseas listed foreign shares	102,408,800
HKSCC Nominees Limited	1,266,563,048	Overseas listed foreign shares	1,266,563,048
Hong Kong Securities Clearing Company Limited	549,540,911	Ordinary shares in RMB	549,540,911
Jiangsu Communications Holding Co., Ltd.	489,065,418	Ordinary shares in RMB	452,065,418
		Overseas listed foreign shares	37,000,000
		Ordinary shares in RMB	342,028,006
Govtor Capital Group Co., Ltd.	356,233,206	Overseas listed foreign shares	14,205,200
Jiangsu SOHO Holdings Group Co.,		Ordinary shares in RMB	76,460,788
Ltd.	277,873,788	Overseas listed foreign shares	201,413,000
China Securities Finance Corporation Limited	152,906,738	Ordinary shares in RMB	152,906,738
Jiangsu SOHO International Group		Ordinary shares in RMB	41,132,567
Corp.	135,838,367	Overseas listed foreign shares	94,705,800
Jiangsu Hiteker High-tech Co., Ltd.	123,169,146	Ordinary shares in RMB	123,169,146
Central Huijin Asset Management Ltd.	96,145,200	Ordinary shares in RMB	96,145,200
Description of special repurchase accounts for the top ten shareholders	shareholders.	There are no special repurchase accounts for the top ten
Description of the voting rights entrusted by the above shareholders, the voting rights the above shareholders are entrusted with and the voting rights the above shareholders abstain from		There are no voting rights entrusted by the above shareholders, voting rights the above shareholders are entrusted with and voting rights the above shareholders abstain from.
Description of the related party relationships or acting in concert among the above shareholders	Guoxin Group, Communications Holding, Govtor Capital and Jiangsu SOHO Holdings Group Co., Ltd. are wholly owned by Jiangsu SASAC. Jiangsu SOHO Holdings Group Co., Ltd. is the controlling shareholder of Jiangsu SOHO International Group Corp. Apart from the above, the Company is not aware of any related party relationship among other shareholders or whether such shareholders are parties acting in concert as specified in the Regulations on the Takeover of Listed Companies. There are no shareholders of preferred shares of the Company.
Explanation of shareholders of preferred shares with restored voting rights and the number of shares held by them	There are no shareholders of preferred shares of the Company.

Notes:

The class of shareholders of ordinary shares in RMB (A Shares) represents the class of accounts held by them registered with Shanghai Branch of China Securities Depository and Clearing Corporation Limited.
Among the holders of overseas listed foreign shares (H Shares) of the Company, shares of non-registered shareholders are held by HKSCC Nominees Limited on their behalf. As of the end of the Reporting Period, Guoxin Group, Communications Holding, Govtor Capital, Jiangsu SOHO Holdings Group Co., Ltd. and Jiangsu SOHO International Group Corp. acquired, via Hong Kong Stock Connect, 102,408,800, 37,000,000, 14,205,200, 201,413,000 and 94,705,800 H Shares of the Company, respectively, which are also being held by HKSCC Nominees Limited. These shares are specifically and separately listed at the time of disclosure of this report; should such shares be included, the actual number of shares held by HKSCC Nominees Limited on their behalf would have been 1,716,295,848, representing approximately 19.01% of the Company's total share capital. 3. Hong Kong Securities Clearing Company Limited is the nominal holder of the A Shares of the Company held by the investors in Northbound Trading under Shanghai-Hong Kong Stock Connect.

During the Reporting Period, there were no lent shares by way of refinancing by shareholders holding 5% or more of the shares, top ten shareholders and top ten shareholders of tradable shares not subject to selling restrictions.

During the Reporting Period, there was no addition or withdrawal in the Company's top ten shareholders and top ten shareholders of tradable shares not subject to selling restrictions due to shares lent/returned by refinancing.

Number of shares held by top ten shareholders subject to selling restrictions and selling restrictions
--------------------------------------------------------------------------------------------------------	--	--	--	--

Name of		Number of shares	Listing and trading of shares subject to selling restrictions	Unit: Shares
No.	shareholders subject to selling restrictions	held subject to selling restrictions	Permitted time for listing and trading	Number of additional shares permitted to be listed and traded	Selling restrictions
1	Zhou Yi	144,000	See note for details		– See note for details
2	Han Zhencong	120,000	See note for details		– See note for details
3	Sun Hanlin	120,000	See note for details		– See note for details
4	Jiang Jian	120,000	See note for details		– See note for details
5	Zhang Hui	120,000	See note for details		– See note for details
6	Chen Tianxiang	120,000	See note for details		– See note for details
7	Jiao Xiaoning	100,000	See note for details		– See note for details
8	Jiao Kai	100,000	See note for details		– See note for details
9	Wang Chong	100,000	See note for details		– See note for details
10	Incentive participants granted under the Restricted Share Incentive Scheme of A Shares of the Company	35,298	See note for details		– See note for details
	Description of the related party relationships or acting in concert		The Company is not aware of any related party relationship or

among the above shareholders

acting in concert arrangement.

Note: The above shares subject to selling restrictions represent the shares granted by the Company to incentive participants due to the implementation of the incentive scheme of restricted A Shares. Details of listing and trading of shares subject to selling restrictions and selling restrictions are available in the Incentive Scheme of Restricted A Shares disclosed by the Company on the website of the SSE on February 9, 2021.

Financial Report and Documents for Inspection

(III) A strategic investor or common legal person who became one of the top ten shareholders as a result of subscription for new shares allotted to them

During the Reporting Period, the Company did not have any strategic investor or common legal person who became one of the top ten shareholders as a result of subscription for new shares allotted to them.

III. INFORMATION ON DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT

(I) During the Reporting Period, there was no change in shareholdings of current Directors, Supervisors and senior management and those resigned during the Reporting Period

(II) Directors, Supervisors and senior management were not granted share incentives during the Reporting Period

IV. CHANGES IN CONTROLLING SHAREHOLDERS OR DE FACTO CONTROLLER

During the Reporting Period, there was no change in controlling shareholders or de facto controllers of the Company.

V. SUBSTANTIAL SHAREHOLDERS' AND OTHER PERSONS' INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES

As of June 30, 2025, as far as the Company and the Directors were aware after having made all reasonable enquiries, the following persons (other than the Directors, Supervisors or chief executives of the Company) held interests or short positions in shares or underlying shares which shall be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO and were recorded in the register required to be kept by the Company under Section 336 of the SFO:

No.	Name of substantial shareholders	Class of shares	Nature of interests	Number of shares held (share)	Percentage of the total issued shares of the Company (%)	Percentage of the total issued A Shares/H Shares of the Company (%)	Long position/ short position/ shares available for lending
		A Shares	Beneficial owner	1,271,072,836	14.08	17.39	Long position
1	Jiangsu Guoxin Investment Group Limited	H Shares (Hong Kong Stock Connect)	Beneficial owner	102,408,800	1.13	5.96	Long position
		A Shares	Beneficial owner	452,065,418	5.01	6.19	Long position
2	Jiangsu Communications Holding Co., Ltd.	H Shares (Hong Kong Stock Connect)	Beneficial owner	37,000,000	0.41	2.15	Long position
			Beneficial owner	76,460,788	0.85	1.05	Long position
3	Jiangsu SOHO Holdings Group Co., Ltd.	A Shares	Interests of controlled corporations	44,832,567	0.50	0.61	Long position
		H Shares	Beneficial owner	201,413,000	2.23	11.72	Long position
		(Hong Kong Stock Connect)		Interests of controlled corporations	105,835,800	1.17	6.16

Notes:

Under Section 336 of the SFO, forms disclosing interests shall be submitted by shareholders of the Company upon satisfaction of certain conditions. Changes of shareholders' shareholdings in the Company are not required to inform the Company and the Hong Kong Stock Exchange unless certain conditions are satisfied. Therefore, there could be differences between substantial shareholders' latest shareholdings in the Company and the shareholding information reported to the Hong Kong Stock Exchange.

Jiangsu SOHO Holdings Group Co., Ltd. directly held a long position in 76,460,788 A Shares and 201,413,000 H Shares of the Company, and, through its controlled corporation (namely Jiangsu SOHO International Group Corp. ( 江蘇蘇豪國際集團股份有限公司 )), indirectly held a long position in 41,132,567 A Shares and 94,705,800 H Shares of the Company; through its controlled corporation (namely Jiangsu SOHO Xinzhi Group Co., Ltd. ( 江蘇省蘇豪新智集團有限公司 )), indirectly held a long position in 3,700,000 A Shares of the Company; through its controlled corporation (namely Jiangsu Suhui Assets Management Co., Ltd. ( 江蘇蘇匯資產管理有限公司 )), indirectly held a long position in 11,130,000 H Shares of the Company.

A shareholder has a "long position" if such shareholder has interests in shares, including interests through holding, writing or issuing financial instruments (including derivatives), under which such shareholder (1) has a right to purchase the underlying shares; (2) is under an obligation to purchase the underlying shares; (3) has a right to receive payments if the price of the underlying shares increases; or (4) has a right to avoid or reduce a loss if the price of the underlying shares increases.
A shareholder has a "short position" if such shareholder borrows shares under a securities borrowing and lending agreement, or holds, writes or issues financial instruments (including derivatives) under which such shareholder (1) has a right to require another person to purchase the underlying shares; (2) is under an obligation to deliver the underlying shares; (3) has a right to receive payments if the price of the underlying shares declines; or (4) has a right to avoid or reduce a loss if the price of the underlying shares declines.

Save as disclosed above, the Company was not aware of any other person (other than the Directors, Supervisors and chief executives of the Company) having any interests or short positions in the shares or underlying shares of the Company at June 30, 2025, which shall be recorded in the register pursuant to Section 336 of the SFO.

Financial Report and Documents for Inspection

VI. DIRECTORS', SUPERVISORS' AND CHIEF EXECUTIVES' INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES OR DEBENTURES OF THE COMPANY AND ITS ASSOCIATED CORPORATIONS

As of the end of the Reporting Period, details on the shares held by the Director of the Company due to the Company's implementation of the Restricted Share Incentive Scheme of A Shares are as follows:

						Percentage
						of the total
						issued A	Long position/
					Percentage of	Shares/H	short position/
				Number of	the total issued	Shares of the	shares
				shares held	shares of the	Company	available for
	No. Name		Class of shares Nature of interests	(share)	Company (%)	(%)	lending
1	Zhou Yi	A Shares	Beneficial owner	720,000	0.008	0.010	Long position

Save as disclosed above, as at June 30, 2025, the Company was not aware of any other Directors, Supervisors or chief executives of the Company having any interests or short positions in the shares, underlying shares or debentures of the Company or its associated corporations, which shall be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which were taken or deemed to have under such provisions of the SFO) or which would be required, pursuant to section 352 of the SFO, to be recorded in the register of interests, or which shall, pursuant to the Model Code, be notified to the Company and the Hong Kong Stock Exchange.

VII. REPURCHASE, SALE OR REDEMPTION OF THE LISTED SECURITIES OF THE COMPANY AND ITS SUBSIDIARIES

The Company and its subsidiaries have not repurchased, sold or redeemed any listed securities of the Company and its subsidiaries during the Reporting Period (including sales of treasury shares (as defined in the Hong Kong Listing Rules)).

As of the end of the Reporting Period, the Company did not hold any treasury shares.

VIII. ARRANGEMENT FOR DIRECTORS AND SUPERVISORS TO PURCHASE SHARES OR DEBENTURES

Save for the incentive plan stated in "Equity Incentive Scheme, Employee Stock Ownership Plan or Other Employee Incentives Measures and Their Implication" under "Corporate Governance, Environment and Society" in this report, at no time during the Reporting Period has the Company, its holding companies or any of its subsidiaries or fellow subsidiaries, entered into any arrangements to enable the Directors and Supervisors to acquire benefits by means of the purchase of shares in, or debentures of, the Company or any other corporate bodies.

IX. INFORMATION ON PREFERRED SHARES

During the Reporting Period, the Company had no preferred shares.

BONDS

I. CORPORATE BONDS (INCLUDING ENTERPRISE BONDS) AND NON-FINANCIAL CORPORATE DEBT FINANCING INSTRUMENTS

(I) During the Reporting Period, the Company had no enterprise bonds

(II) Corporate Bonds

1. Basic information on corporate bonds

Information on corporate bonds of the Company in duration as at the date on which the interim report was approved to publish is as follows:

Unit: 100 million Yuan Currency: RMB

Name of bond	Abbreviation	Code	Issue date	Value date	Expiration date	Balance	Interest Rate (%)	Principal and interest payment method	Lead underwriter	Entrusted manager	Arrangements for investors' appropriateness (if any)	Trading mechanism
2020 Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)	20 Huatai C1 175409.SH		2020-11-11	2020-11-13	2025-11-13	50	4.48	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, Shenwan Hongyuan Securities, CICC	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2021 Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)	21 Huatai C1 175721.SH		2021-01-27	2021-01-29	2026-01-29	90	4.50	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, Shenwan Hongyuan Securities, CICC	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating

Name of bond	Abbreviation	Issue date	Value date	Expiration date	Balance	Interest Rate (%)	Principal and interest payment method	Lead underwriter	Entrusted manager	Arrangements for investors' appropriateness (if any)	Trading mechanism
2021 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Third tranche)	21 Huatai G4 188106.SH	2021-05-13	2021-05-17	2026-05-17	60	3.71	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, Shenwan Hongyuan Securities, CICC	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2021 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fourth tranche) (Type II)	21 Huatai G6 188140.SH	2021-05-20		2021-05-24 2026-05-24	20	3.63	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, Shenwan Hongyuan Securities, CICC	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2021 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Seventh tranche) (Type II)	21 Huatai 12 188325.SH	2021-09-03	2021-09-07	2031-09-07	27	3.78	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, Shenwan Hongyuan Securities, CICC	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2021 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)	21 Huatai Y1 188785.SH	2021-09-15	2021-09-17	N/A	30	3.85	Interest to be paid annually under the condition that the issuer does not exercise the right to defer interest payments	Huatai United Securities, CICC	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2021 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Eighth tranche) (Type II)	21 Huatai 14 188875.SH	2021-10-14	2021-10-18	2031-10-18	34	3.99	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, Shenwan Hongyuan Securities, CICC	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2021 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Ninth tranche) (Type II)	21 Huatai 16 188927.SH	2021-10-21	2021-10-25	2031-10-25	11	3.94	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, Shenwan Hongyuan Securities, CICC	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2021 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Second tranche)	21 Huatai Y2 188942.SH	2021-10-26	2021-10-28	N/A	50	4.00	Interest to be paid annually under the condition that the issuer does not exercise the right to defer interest payments	Huatai United Securities, CICC	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating

Name of bond	Abbreviation	Issue date	Value date	Expiration date	Balance	Interest Rate (%)	Principal and interest payment method	Lead underwriter	Entrusted manager	Arrangements for investors' appropriateness (if any)	Trading mechanism
2021 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Third tranche)	21 Huatai Y3 185019.SH	2021-11-16	2021-11-18	N/A	20	3.80	Interest to be paid annually under the condition that the issuer does not exercise the right to defer interest payments	Huatai United Securities, CICC	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2022 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)	22 Huatai Y1 185337.SH	2022-01-24	2022-01-26	N/A	27	3.49	Interest to be paid annually under the condition that the issuer does not exercise the right to defer interest payments	Huatai United Securities, CICC	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2022 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Second tranche)	22 Huatai Y2 185388.SH 2022-07-07		2022-07-11	N/A	30	3.59	Interest to be paid annually under the condition that the issuer does not exercise the right to defer interest payments	Huatai United Securities, CICC	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2022 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fourth tranche)	22 Huatai G4 137780.SH		2022-09-01 2022-09-05 2025-09-05		20	2.52	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities, Kaiyuan Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2022 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fifth tranche)	22 Huatai G5	137814.SH 2022-09-08	2022-09-13	2025-09-13	30	2.50	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities, Kaiyuan Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2022 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Third tranche)	22 Huatai Y3 137604.SH	2022-10-19	2022-10-21	N/A	35	3.20	Interest to be paid annually under the condition that the issuer does not exercise the right to defer interest payments	Huatai United Securities, CICC	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating

Name of bond	Abbreviation	Code	Issue date	Value date	Expiration date	Balance	Interest Rate (%)	Principal and interest payment method	Lead underwriter	Entrusted manager	Arrangements for investors' appropriateness (if any)	Trading mechanism
2022 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Sixth tranche) (Type II)	22 Huatai G7 138598.SH		2022-11-17	2022-11-21	2027-11-21	14	3.18	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities, Kaiyuan Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2022 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Eighth tranche) (Type I)	22 Huatai 10 138709.SH		2022-12-08	2022-12-12	2025-12-12	20	3.35	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities, Kaiyuan Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2022 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Eighth tranche) (Type II)	22 Huatai 11	138710.SH	2022-12-08	2022-12-12	2027-12-12	5	3.49	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities, Kaiyuan Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Second tranche) (Type II)	23 Huatai G3 138845.SH		2023-01-12	2023-01-16	2028-01-16	20	3.48	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities, Kaiyuan Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Third tranche)			23 Huatai G4 138857.SH 2023-02-02 2023-02-06 2026-02-06			45	3.23	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities, Kaiyuan Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating

Financial Report and Documents for Inspection

Name of bond	Abbreviation	Issue date	Value date	Expiration date	Balance	Interest Rate (%)	Principal and interest payment method	Lead underwriter	Entrusted manager	Arrangements for investors' appropriateness (if any)	Trading mechanism
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fourth tranche)	23 Huatai G5 138886.SH 2023-02-09		2023-02-13	2028-02-13	40	3.39	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fifth tranche) (Type I)		23 Huatai G6 138915.SH 2023-02-23 2023-02-27 2026-02-27			15	3.14	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fifth tranche) (Type II)		23 Huatai G7 138916.SH 2023-02-23 2023-02-27 2028-02-27			22	3.36	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Sixth tranche) (Type II)	23 Huatai G9	115347.SH 2023-05-08	2023-05-10	2028-05-10	7	3.07	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Seventh tranche)	23 Huatai 10	115367.SH 2023-08-22 2023-08-24 2026-08-24			20	2.64	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)	23 Huatai Y1	115931.SH 2023-09-06 2023-09-08		N/A	25	3.46	Interest to be paid annually under the condition that the issuer does not exercise the right to defer interest payments	Huatai United Securities, CICC, Shenwan Hongyuan Securities, CDB Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Eighth tranche) (Type I)	23 Huatai 11 115368.SH	2023-09-19	2023-09-21	2026-09-21	25	2.89	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating

Name of bond	Abbreviation	Code	Issue date	Value date	Expiration date	Balance	Interest Rate (%)	Principal and interest payment method	Lead underwriter	Entrusted manager	Arrangements for investors' appropriateness (if any)	Trading mechanism
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Ninth tranche) (Type I)	23 Huatai 13 240068.SH		2023-10-12	2023-10-16	2025-10-16	10	2.80	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Ninth tranche) (Type II)	23 Huatai 14 240069.SH		2023-10-12	2023-10-16	2033-10-16	16	3.35	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Second tranche)	23 Huatai Y2 240109.SH		2023-10-18	2023-10-20	N/A	40	3.58	Interest to be paid annually under the condition that the issuer does not exercise the right to defer interest payments	Huatai United Securities, CICC, Shenwan Hongyuan Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Tenth tranche) (Type I)	23 Huatai 15 240158.SH		2023-11-02		2023-11-06 2026-08-06	10	2.83	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Tenth tranche) (Type II)	23 Huatai 16 240159.SH		2023-11-02	2023-11-06	2033-11-06	25	3.30	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Industrial Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Non publicly Issued to Professional Investors (First tranche) (Type II)	23 Huatai F2	253163.SH	2023-11-23	2023-11-27	2026-11-27	28	3.07	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, Shenwan Hongyuan Securities, CICC	Shenwan Hongyuan Securities	For professional investors	One-click order, price enquiry, bidding and negotiating
2023 Corporate Bonds of Huatai Securities Co., Ltd. Non publicly Issued to Professional Investors (Second tranche) (Type II)	23 Huatai F4 253350.SH		2023-12-13	2023-12-15	2026-12-15	36	3.08	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, Shenwan Hongyuan Securities, CICC	Shenwan Hongyuan Securities	For professional investors	One-click order, price enquiry, bidding and negotiating

Name of bond	Abbreviation	Code	Issue date	Value date	Expiration date	Balance	Interest Rate (%)	Principal and interest payment method	Lead underwriter	Entrusted manager	Arrangements for investors' appropriateness (if any)	Trading mechanism
2024 Short term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Second tranche) (Type II)	24 Huatai S3 241798.SH		2024-11-11	2024-11-13	2025-11-13	10	1.92	One-off payment of principal and interest upon expiration	Huatai United Securities, Shenwan Hongyuan Securities, CICC, Caitong Securities	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2024 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)	24 Huatai Y1 242041.SH		2024-11-22	2024-11-26	N/A	26	2.39	Interest to be paid annually under the condition that the issuer does not exercise the right to defer interest payments	Huatai United Securities, CICC, Shenwan Hongyuan Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Short term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)	25 Huatai S1 242235.SH		2025-01-06	2025-01-08	2025-10-16	32	1.60	One-off payment of principal and interest upon expiration	Huatai United Securities, Shenwan Hongyuan Securities, CICC, Caitong Securities	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche) (Type I)	25 Huatai G1	242331.SH		2025-01-23 2025-02-05 2026-04-05		18	1.85	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Merchants Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Second tranche) (Type I)		25 Huatai G3 242497.SH	2025-02-25 2025-02-27		2027-02-27	30	2.05	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Merchants Securities	CICC	For professional	Matching, one-click order, price enquiry, bidding and negotiating
			2025-08-26 2025-02-27		2027-02-27	50	2.05	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, GF Securities		investors
2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Second tranche) (Type II)			25 Huatai G4 242498.SH 2025-02-25 2025-02-27 2028-02-27			19	2.05	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Merchants Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating

Name of bond	Abbreviation	Issue date	Value date	Expiration date	Balance	Interest Rate (%)	Principal and interest payment method	Lead underwriter	Entrusted manager	Arrangements for investors' appropriateness (if any)	Trading mechanism
2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Third tranche) (Type I)		25 Huatai G5 242532.SH 2025-03-04 2025-03-06 2026-06-06			20	2.05	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Merchants Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Third tranche) (Type II)		25 Huatai G6 242533.SH 2025-03-04 2025-03-06 2027-09-06			27	2.05	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Merchants Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fourth tranche)	25 Huatai G7 242601.SH	2025-03-13	2025-03-17	2026-04-17	50	2.03	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Merchants Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fifth tranche)		25 Huatai G8 242602.SH 2025-03-20 2025-03-24 2026-08-24			36	2.02	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, CICC, Shenwan Hongyuan Securities, China Merchants Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Short term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Second tranche)	25 Huatai S2 242763.SH	2025-04-11	2025-04-15	2025-10-15	50	1.78	One-off payment of principal and interest upon expiration	Huatai United Securities, Shenwan Hongyuan Securities, CICC, China Merchants Securities, CDB Securities, Caitong Securities, Hua Ying Securities	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating

Name of bond	Abbreviation	Issue date	Value date	Expiration date	Balance	Interest Rate (%)	Principal and interest payment method	Lead underwriter	Entrusted manager	Arrangements for investors' appropriateness (if any)	Trading mechanism
2025 Short term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Third tranche)	25 Huatai S3 242829.SH		2025-04-21 2025-04-23 2026-03-23		30	1.77	One-off payment of principal and interest upon expiration	Huatai United Securities, Shenwan Hongyuan Securities, CICC, China Merchants Securities, CDB Securities, Caitong Securities, Hua Ying Securities	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
			2025-07-10 2025-04-23 2026-03-23		10	1.77	One-off payment of principal and interest upon expiration	Huatai United Securities, Shenwan Hongyuan Securities, Caitong Securities, Guolian Minsheng Investment Banking
2025 Science and Technology Innovation Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)		Huatai KC01 242910.SH 2025-05-09	2025-05-13	2028-05-13	7	1.71	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid together with the principal payment	Huatai United Securities, China Merchants Securities, CICC, Guolian Minsheng Investment Banking, Hua'an Securities, Caitong Securities, CDB Securities	China Merchants Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)		25 Huatai Y1 243005.SH 2025-05-22 2025-05-26		N/A	50	2.12	Interest to be paid annually under the condition that the issuer does not exercise the right to defer interest payments	Huatai United Securities, CICC, Shenwan Hongyuan Securities	CICC	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Short term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fourth tranche)	25 Huatai S4 243404.SH		2025-07-21 2025-07-23 2026-07-23		50	1.64	One-off payment of principal and interest upon expiration	Huatai United Securities, Shenwan Hongyuan Securities, CICC, Caitong Securities, Guolian Minsheng Investment Banking,	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating

Name of bond	Abbreviation	Code	Issue date	Value date	Expiration date	Balance	Interest Rate (%)	Principal and interest payment method	Lead underwriter	Entrusted manager	Arrangements for investors' appropriateness (if any)	Trading mechanism
2025 Short term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fifth tranche)				25 Huatai S5 243436.SH 2025-07-24 2025-07-28 2026-06-28		50	1.72	One-off payment of principal and interest upon expiration	Huatai United Securities, Shenwan Hongyuan Securities, CICC, Caitong Securities, Guolian Minsheng Investment Banking	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Short term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Sixth tranche)	25 Huatai S6 243495.SH			2025-08-01 2025-08-05 2026-03-05		50	1.63	One-off payment of principal and interest upon expiration	Huatai United Securities, Shenwan Hongyuan Securities, CICC, Caitong Securities, Guolian Minsheng Investment Banking	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Short term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Seventh tranche) (Type I)			25 Huatai S7 243515.SH 2025-08-05 2025-08-07		2025-11-07	25	1.56	One-off payment of principal and interest upon expiration	Huatai United Securities, Shenwan Hongyuan Securities, Caitong Securities, Guolian Minsheng Investment Banking	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Short term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Seventh tranche) (Type II)		25 Huatai S8 243516.SH		2025-08-05 2025-08-07 2026-07-07		25	1.65	One-off payment of principal and interest upon expiration	Huatai United Securities, Shenwan Hongyuan Securities, Caitong Securities, Guolian Minsheng Investment Banking	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
				2025-08-22 2025-08-07 2026-07-07		50	1.65	One-off payment of principal and interest upon expiration	Huatai United Securities, Guolian Minsheng Investment Banking
2025 Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional	25 Huatai C1 243565.SH		2025-08-13	2025-08-15	2030-08-15	12	2.13	Interest to be paid annually and one off payment of principal upon expiration with the last instalment of interest to be paid	Huatai United Securities, China Merchants Securities, Guolian Minsheng	China Merchants Securities	For professional investors	Matching, one-click order, price enquiry, bidding and

together with the principal payment Investment Banking, Hua'an Securities

Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)

negotiating

Name of bond	Abbreviation	Code	Issue date	Value date	Expiration date	Balance	Interest Rate (%)	Principal and interest payment method	Lead underwriter	Entrusted manager	Arrangements for investors' appropriateness (if any)	Trading mechanism
2025 Short term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Eighth tranche) (Type I)	25 Huatai S9 243538.SH		2025-08-15	2025-08-19	2026-02-19	35	1.72	One-off payment of principal and interest upon expiration	Huatai United Securities, Guolian Minsheng Investment Banking,	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating
2025 Short term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Eighth tranche) (Type II)	25 Hua S10 243539.SH		2025-08-15	2025-08-19	2026-08-19	12	1.70	One-off payment of principal and interest upon expiration	Huatai United Securities, Guolian Minsheng Investment Banking	Shenwan Hongyuan Securities	For professional investors	Matching, one-click order, price enquiry, bidding and negotiating

Notes:

The trading market of the above-mentioned corporate bonds was the Shanghai Stock Exchange.
The above-mentioned corporate bonds were not exposed to the risk of delisting.
None of the above-mentioned corporate bonds had put option provisions, and there will be no put dates after August 31, 2025.
As at the date on which this report was approved to publish, the Group had no bonds for ordinary investors.

2. Triggers and execution of the Company's or investor's option clauses or investor protection clauses

21 Huatai Y1, 21 Huatai Y2, 21 Huatai Y3, 22 Huatai Y1, 22 Huatai Y2, 22 Huatai Y3, 23 Huatai Y1, 23 Huatai Y2, 24 Huatai Y1 and 25 Huatai Y1 issued by the Company are subject to the issuer's renewal option, issuer's redemption right, issuer' s redemption option when certain conditions are met and the right of deferring interest payment. As of the disclosure date of this report, the aforementioned bonds have not triggered the issuer's renewal option, interest step-up and redemption option when certain conditions are met as the exercise date of the issuer's renewal option and redemption right has not yet reached.

During the Reporting Period, the Company did not execute the right of deferring interest payment. The current interest for 22 Huatai Y1 has been paid on time and in full. During the 12 months prior to the annual interest payment date of the aforesaid bonds, the Company triggered a mandatory interest payment event due to dividend distribution to ordinary shareholders and reduction of registered capital, details of which can be found in the respective announcements of the Company.

3. Adjustments to the credit ratings

During the Reporting Period, the rating agencies did not make any adjustments to the ratings.

Financial Report and Documents for Inspection

4. Implementation and variations of guarantees, debt repayment plan and other debt repayment guarantee measures and their impact during the Reporting Period

Current status	Implementation	Any change
As of the end of the Reporting Period, the existing corporate bonds of the Company are issued without guarantee and are subject to the debt repayment plan in accordance with the covenants in the prospectuses for corporate bonds. According to the covenants in the prospectuses for corporate bonds, the Company has settlement safeguards in place, including but not limited to setting up terms of settlement safeguards undertaking and relief measures for the issuer, formulating the Rules for Meeting of Bondholders, entrusting bond manager, strictly performing the obligations of information disclosure and setting up a special debt repayment account.	During the Reporting Period, the Company strictly performed the covenants in the prospectuses in relation to investor protection mechanism, paid the interest and/or principal for the corporate bonds in full as scheduled, and disclosed relevant information on the Company in a timely manner to protect the legal interest of investors.	No

(III) Funds raised from corporate bonds

The corporate bonds involved in the use of funds raised during the Reporting Period, and the utilization of funds raised is as follows:

1. Basic information					Unit: 100 million Yuan Currency: RMB
Code of bond	Abbreviation of bond	Whether it is a special type of bond	Specific type of special type of bond	Total amount of funds raised	Balance of funds raised as at the end of the Reporting Period	Balance of specific accounts of funds raised as at the end of the Reporting Period
242235.SH	25 Huatai S1	Yes	Short-term corporate bond	32	–	–
242331.SH	25 Huatai G1	No	–	18	–	–
242497.SH	25 Huatai G3	No	–	30	–	–
242498.SH	25 Huatai G4	No	–	19	–	–
242532.SH	25 Huatai G5	No	–	20	–	–
242533.SH	25 Huatai G6	No	–	27	–	–
242601.SH	25 Huatai G7	No	–	50	–	–
242602.SH	25 Huatai G8	No	–	36	–	–
242763.SH	25 Huatai S2	Yes	Short-term corporate bond	50	–	–
242829.SH	25 Huatai S3	Yes	Short-term corporate bond	30	–	–
242910.SH	Huatai KC01	Yes	Science and technology innovation bond	7	3.33	3.34
243005.SH	25 Huatai Y1	Yes	Perpetual subordinated bonds	50	–	–

Note: The balance of specific accounts of funds raised included accrued interest on the funds raised.

2. Change and adjustment of use of funds raised

There were no changes in the use of funds raised during the Reporting Period.

3. Utilization of funds raised

(1) Actual utilization (excluding temporary replenishment of liquidity here)

							Unit: 100 million Yuan Currency: RMB
		Actual	Amount of
		utilized	interest				Amount
		amount	bearing				of equity
		of funds	debts			Amount of	investment,
		raised	(excluding	Amount of		investment	debt
		during the	corporate	corporate	Amount of	in fixed	investment	Amount
Code of	Abbreviation	Reporting	bonds)	bonds	replenishment	asset	or asset	for other
bond	of bond	Period	repaid	repaid	of liquidity	project	acquisition	purposes
242235.SH	25 Huatai S1	32	–	–	32	–	–	–
242331.SH	25 Huatai G1	18	–	18	–	–	–	–
242497.SH	25 Huatai G3	30	–	30	–	–	–	–
242498.SH	25 Huatai G4	19	–	19	–	–	–	–
242532.SH	25 Huatai G5	20	–	20	–	–	–	–
242533.SH	25 Huatai G6	27	–	27	–	–	–	–
242601.SH	25 Huatai G7	50	–	50	–	–	–	–
242602.SH	25 Huatai G8	36	–	36	–	–	–	–
242763.SH	25 Huatai S2	50	–	5	45	–	–	–
242829.SH	25 Huatai S3	30	–	10	20	–	–	–
242910.SH	Huatai KC01	3.67	–	–	2	–	–	1.67
243005.SH	25 Huatai Y1	50	–	50	–	–	–	–

(2) Funds raised used for repayment of corporate bonds and other interest-bearing debts

Code of bond	Abbreviation of bond	Details of repayment of corporate bonds	Details of repayment of other interest-bearing debts (excluding corporate bonds)
242331.SH	25 Huatai G1	Used for replacement of own funds for repayment of the principal of 21 Huatai 13	–
242497.SH	25 Huatai G3	Used for replacement of own funds for	–
242498.SH	25 Huatai G4	repayment of the principal of 22 Huatai G6 and 22 Huatai G8
242532.SH	25 Huatai G5	Used for replacement of own funds for	–
242533.SH	25 Huatai G6	repayment of the principal of 22 Huatai 12 and 23 Huatai G1
242601.SH	25 Huatai G7	Used for replacement of own funds for repayment of the principal of 23 Huatai G1, 23 Huatai G2 and 22 Huatai G1	–

Details of repayment of

2025 INTERIM REPORT

Code of bond	Abbreviation of bond	Details of repayment of corporate bonds	other interest-bearing debts (excluding corporate bonds)
242602.SH	25 Huatai G8	Used for replacement of own funds for repayment of the principal of 22 Huatai G1	–
242763.SH	25 Huatai S2	Partly used for replacement of own funds for repayment of the principal of 22 Huatai G1	–
242829.SH	25 Huatai S3	Partly used for replacement of own funds for repayment of the principal of 24 Huatai S1	–
243005.SH	25 Huatai Y1	Used for replacement of own funds for repayment of the principal of 24 Huatai S1, 20 Huatai G3 and 24 Huatai S2	–

(3) Funds raised used for replenishment of liquidity (excluding temporary replenishment of liquidity here)

Code of bond	Abbreviation of bond	Details of repayment of corporate bonds
242235.SH	25 Huatai S1	Replenishment of working capital
242763.SH	25 Huatai S2	Partial replenishment of liquidity
242829.SH	25 Huatai S3	Partial replenishment of liquidity
242910.SH	Huatai KC01	Partial replenishment of liquidity

(4) Funds raised were not utilized for specific projects.

(5) Funds raised used for other uses

Code of bond	Abbreviation of bond	Details of other uses
242910.SH	Huatai KC01	Partly used for replacement of initial business investments in technological innovation

(6) Funds raised were not used for temporary replenishment of liquidity.

4. Compliance of utilization of funds raised

				Whether the utilization of funds
Code of bond	Abbreviation of bond	Agreed use of funds raised in the prospectus	Actual use of funds raised as at the end of the Reporting Period (including actual utilization and temporary replenishment of liquidity)	raised complied with local government debt management regulations
242235.SH	25 Huatai S1	Replenishment of working capital	Fully used for replenishment of working capital	N/A

Code of bond	Abbreviation of bond	Agreed use of funds raised in the prospectus	Actual use of funds raised as at the end of the Reporting Period (including actual utilization and temporary replenishment of liquidity)	Whether the utilization of funds raised complied with local government debt management regulations
242331.SH	25 Huatai G1	Replacement of own funds for repayment of the principal of corporate bonds due	Fully used for replacement of own funds for repayment of the principal of corporate bonds due	N/A
242497.SH	25 Huatai G3	Replacement of own funds for repayment of the principal of corporate bonds due	Fully used for replacement of own funds for repayment of the principal of corporate bonds due	N/A
242498.SH	25 Huatai G4	Replacement of own funds for repayment of the principal of corporate bonds due	Fully used for replacement of own funds for repayment of the principal of corporate bonds due	N/A
242532.SH	25 Huatai G5	Replacement of own funds for repayment of the principal of corporate bonds due	Fully used for replacement of own funds for repayment of the principal of corporate bonds due	N/A
242533.SH	25 Huatai G6	Replacement of own funds for repayment of the principal of corporate bonds due	Fully used for replacement of own funds for repayment of the principal of corporate bonds due	N/A
242601.SH	25 Huatai G7	Replacement of own funds for repayment of the principal of corporate bonds due	Fully used for replacement of own funds for repayment of the principal of corporate bonds due	N/A
242602.SH	25 Huatai G8	Replacement of own funds for repayment of the principal of corporate bonds due	Fully used for replacement of own funds for repayment of the principal of corporate bonds due	N/A
242763.SH	25 Huatai S2	Replacement of own funds for repayment of the principal of corporate bonds due and replenishment of liquidity	RMB500 million was used for replacement of own funds for repayment of the principal of corporate bonds due, and RMB4,500 million was used for replenishment of liquidity	N/A
242829.SH	25 Huatai S3	Replacement of own funds for repayment of the principal of corporate bonds due and replenishment of liquidity	RMB1,000 million was used for replacement of own funds for repayment of the principal of corporate bonds due, and RMB2,000 million was used for replenishment of liquidity	N/A

Code of bond	Abbreviation of bond	Agreed use of funds raised in the prospectus	Actual use of funds raised as at the end of the Reporting Period (including actual utilization and temporary replenishment of liquidity)	Whether the utilization of funds raised complied with local government debt management regulations
242910.SH	Huatai KC01	No less than 70% of funds raised were used to specially support technological innovation business by ways of equity, bonds, fund investments and so on, and the remaining was used for replenishment of liquidity	RMB167 million was used for replacement of initial business investments in technological innovation, RMB200 million was used for replenishment of liquidity, and the remaining was deposited into specific accounts of funds raised	N/A
243005.SH	25 Huatai Y1	Replacement of own funds for repayment of the principal of corporate bonds due	Fully used for replacement of own funds for repayment of the principal of corporate bonds due	N/A

During the Reporting Period, the actual use of funds raised was consistent with the agreed use (including the agreed use in the prospectus and the use after compliance changes), and the utilization of funds raised and the management of the specific accounts of funds raised were in compliance.

During the Reporting Period, there were no violations in the use of funds raised or the management of accounts of funds raised, and there were no penalties or disciplinary actions imposed for improper use of funds raised.

(IV) Other matters to be disclosed in respect of special types of bonds

1. The Company being an issuer of renewable corporate bonds

Unit: 100 million Yuan Currency: RMB

Code of bond	188785.SH
Abbreviation of bond	21 Huatai Y1
Balance of bond	30
Renewal	The issuer's renewal option has not been exercised
Interest step-up	Not triggered
Interest deferral	Not triggered
Enforcement of interest payment	The issuer distributed dividends to ordinary shareholders and reduced registered capital during the 12 months prior to the interest payment date, and the issuer fully accrued current interests on the bonds. As of the end of the Reporting Period, there was no interest payment date due for the bonds
Whether they are still included in equity or not and corresponding accounting treatment	Yes
Other matters	No

Code of bond	188942.SH
Abbreviation of bond	21 Huatai Y2
Balance of bond	50
Renewal	The issuer's renewal option has not been exercised
Interest step-up	Not triggered
Interest deferral	Not triggered
Enforcement of interest payment	The issuer distributed dividends to ordinary shareholders and reduced registered capital during the 12 months prior to the interest payment date, and the issuer fully accrued current interests on the bonds. As of the end of the Reporting Period, there was no interest payment date due for the bonds
Whether they are still included in equity or not and corresponding accounting treatment	Yes
Other matters	No

Do cu me nts fo	Fin an cia l R
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Code of bond	185019.SH
Abbreviation of bond	21 Huatai Y3
Balance of bond	20
Renewal	The issuer's renewal option has not been exercised
Interest step-up	Not triggered
Interest deferral	Not triggered
Enforcement of interest payment	The issuer distributed dividends to ordinary shareholders and reduced registered capital during the 12 months prior to the interest payment date, and the issuer fully accrued current interests on the bonds. As of the end of the Reporting Period, there was no interest payment date due for the bonds
Whether they are still included in equity or not and corresponding accounting treatment	Yes
Other matters	No

Code of bond	185337.SH
Abbreviation of bond	22 Huatai Y1
Balance of bond	27
Renewal	The issuer's renewal option has not been exercised
Interest step-up	Not triggered
Interest deferral	Not triggered
Enforcement of interest payment	The issuer distributed dividends to ordinary shareholders and reduced registered capital during the 12 months prior to the interest payment date, and the issuer has paid the current interest on the bonds on time and in full
Whether they are still included in equity or not and corresponding accounting treatment	Yes
Other matters	No

Code of bond	185388.SH
Abbreviation of bond	22 Huatai Y2
Balance of bond	30
Renewal	The issuer's renewal option has not been exercised
Interest step-up	Not triggered
Interest deferral	Not triggered
Enforcement of interest payment	The issuer distributed dividends to ordinary shareholders and reduced registered capital during the 12 months prior to the interest payment date, and the issuer fully accrued current interests on the bonds. As of the end of the Reporting Period, there was no interest payment date due for the bonds
Whether they are still included in equity or not and corresponding accounting treatment	Yes
Other matters	No

Code of bond	137604.SH
Abbreviation of bond	22 Huatai Y3
Balance of bond	35
Renewal	The issuer's renewal option has not been exercised
Interest step-up	Not triggered
Interest deferral	Not triggered
Enforcement of interest payment	The issuer distributed dividends to ordinary shareholders and reduced registered capital during the 12 months prior to the interest payment date, and the issuer fully accrued current interests on the bonds. As of the end of the Reporting Period, there was no interest payment date due for the bonds
Whether they are still included in equity or not and corresponding accounting treatment	Yes
Other matters	No

Do	Fin
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Code of bond	115931.SH
Abbreviation of bond	23 Huatai Y1
Balance of bond	25
Renewal	The issuer's renewal option has not been exercised
Interest step-up	Not triggered
Interest deferral	Not triggered
Enforcement of interest payment	The issuer distributed dividends to ordinary shareholders and reduced registered capital during the 12 months prior to the interest payment date, and the issuer fully accrued current interests on the bonds. As of the end of the Reporting Period, there was no interest payment date due for the bonds
Whether they are still included in equity or not and corresponding accounting treatment	Yes
Other matters	No

Code of bond	240109.SH
Abbreviation of bond	23 Huatai Y2
Balance of bond	40
Renewal	The issuer's renewal option has not been exercised
Interest step-up	Not triggered
Interest deferral	Not triggered
Enforcement of interest payment	The issuer distributed dividends to ordinary shareholders and reduced registered capital during the 12 months prior to the interest payment date, and the issuer fully accrued current interests on the bonds. As of the end of the Reporting Period, there was no interest payment date due for the bonds
Whether they are still included in equity or not and corresponding accounting treatment	Yes
Other matters	No

Code of bond	242041.SH
Abbreviation of bond	24 Huatai Y1
Balance of bond	26
Renewal	The issuer's renewal option has not been exercised
Interest step-up	Not triggered
Interest deferral	Not triggered
Enforcement of interest payment	The issuer distributed dividends to ordinary shareholders and reduced registered capital during the 12 months prior to the interest payment date, and the issuer fully accrued current interests on the bonds. As of the end of the Reporting Period, there was no interest payment date due for the bonds
Whether they are still included in equity or not and corresponding accounting treatment	Yes
Other matters	No

Code of bond	243005.SH
Abbreviation of bond	25 Huatai Y1
Balance of bond	50
Renewal	The issuer's renewal option has not been exercised
Interest step-up	Not triggered
Interest deferral	Not triggered
Enforcement of interest payment	The issuer distributed dividends to ordinary shareholders and reduced registered capital during the 12 months prior to the interest payment date, and the issuer fully accrued current interests on the bonds. As of the end of the Reporting Period, there was no interest payment date due for the bonds
Whether they are still included in equity or not and corresponding accounting treatment	Yes
Other matters	No

2. The Company being an issuer of science and technology innovation corporate bonds or innovation and entrepreneurship corporate bonds

Unit: 100 million Yuan Currency: RMB

Category of issuer applicable to this bond	Science and technology innovation enterprise Science and technology innovation and upgrade Science and technology innovation and investment Science and technology innovation and incubation √ Financial institution
Code of bond	242910.SH
Abbreviation of bond	Huatai KC01
Balance of bond	7
Progress of science and technology innovation projects	N/A
Effectiveness in promoting the development of science and technology innovation	N/A
Operations of fund products (if any)	–
Other matters	None

3. The Company had no matters on other special types of corporate bonds.

(V) Major events in relation to corporate bonds during the Reporting Period

1. Non-operating transaction appropriation and capital placements

(1) Balance and breakdown of non-operating transaction appropriation and capital placements

As at the beginning of the Reporting Period, receivable balance of the transaction appropriation to other parties that were not directly attributable to operation and the capital placements (the "non-operating transaction appropriation and capital placements") of the Group was RMB251,100;

During the Reporting Period, there was no non-compliance of non-operating transaction appropriation and capital placements by the Group with relevant agreements or commitments as set out in the prospectuses.

As at the end of the Reporting Period, total outstanding non-operating transaction appropriation and capital placements of the Group amounted to RMB0 million, and its percentage to the net assets on a consolidated basis was 0%, which did not exceed 10% of the net assets on a consolidated basis.

(2) Implementation of payback arrangements disclosed in previous reporting periods

The Group did not involve in any payback arrangements in previous reporting periods.

2. Liabilities

(1) Interest-bearing debts and changes therein

1.1 Debt structure of the Company

As at the beginning and the end of the Reporting Period, the interest-bearing debt balances of the Company were RMB250.918 billion and RMB294.712 billion, respectively. The interest-bearing debt balance as at the end of the Reporting Period increased by 17.45% as compared to the beginning of the Reporting Period.

Unit: 100 million Yuan Currency: RMB

Type of interest bearing debts	Time to maturity				Proportion of amount to
	Overdue	Within 1 year (inclusive)	Over 1 year (exclusive)	Total amount	interest-bearing debts (%)
Corporate credit bonds	–	624.25	466.23	1,090.48	37.00
Bank loans	–	–	–	–	–
Loans from non-bank financial institutions	–	–	–	–	–
Other interest-bearing debts	–	1,856.34	0.30	1,856.64	63.00
Total	–	2,480.59	466.53	2,947.12	100

Notes:

Other interest-bearing debts include placement from other financial institutions, financial assets sold under repurchase agreements, etc.
The above interest-bearing debts exclude perpetual subordinated bonds that were included in other equity instruments with closing principal amount of RMB33.3 billion and opening principal amount of RMB28.3 billion.

Among the corporate credit bonds of the Company in duration as at the end of the Reporting Period, the balance of corporate bonds was RMB109.048 billion.

1.2 Interest-bearing debt structure of the Group

As at the beginning and the end of the Reporting Period, the interest-bearing debt balance of the Group were RMB303.827 billion and RMB352.933 billion, respectively. The interest-bearing debt balance as at the end of the Reporting Period increased by 16.16% as compared to the beginning of the Reporting Period.

		Unit: 100 million Yuan Currency: RMB

	Time to maturity		Proportion of amount to
Overdue	Within 1 year (inclusive)	Over 1 year (exclusive)	Total amount	interest-bearing debts (%)
–	732.91	582.61	1,315.52	37.27
–	168.86	1.83	170.69	4.84
–	–	–	–	–
–	2,031.88	11.24	2,043.12	57.89
–	2,933.65	595.68	3,529.33	100

Notes:

Other interest-bearing debts include placement from other financial institutions, financial assets sold under repurchase agreements, etc.
The above interest-bearing debts exclude perpetual subordinated bonds that were included in other equity instruments with closing principal amount of RMB33.3 billion and opening principal amount of RMB28.3 billion.

Financial Report and Documents for Inspection

Among the corporate credit bonds of the Group in duration as at the end of the Reporting Period, the balance of corporate bonds was RMB109.065 billion.

1.3 Offshore bonds

As of the end of the Reporting Period, the balance of offshore bonds issued by the Group was RMB22.487 billion, among which the principal amounts due within 1 year (inclusive) was RMB10.813 billion.

(2) As at the end of the Reporting Period, the Group had no overdue interest-bearing debts or corporate credit bonds with an overdue amount of more than RMB10 million.

(3) Prioritized repayments of liabilities against any third person

As of the end of the Reporting Period, there were no prioritized repayments of liabilities by the Group against any third person.

(4) Violations of requirements and covenants

During the Reporting Period, the Group did not violate any requirements of laws and regulations, selfregulatory rules, the Articles of Association and the management measures for information disclosure, nor any covenants or undertakings in the prospectuses for bonds.

(VI) During the Reporting Period, the Company did not have any non-financial corporate debt financing instruments in the inter-bank bond market

(VII) During the Reporting Period, the Group did not record a loss in the consolidated statements exceeding 10% of the net assets at the end of the previous year

(VIII) Key accounting data and financial indicators

Primary indicators	As at the end of the Reporting Period	As at the end of the previous year	Increase/ decrease (%)	Reason for the change
Current ratio	1.30	1.46	(10.96)	–
Quick ratio	1.30	1.46	(10.96)	–
Debt-to-assets ratio (%)	71.23	69.52	Increase of 1.71 percentage points	–

Unit: Thousand Yuan Currency: RMB

	The Reporting Period (January June 2025)	Corresponding period of the previous year	Increase/decrease (%)	Reason for the change
Net profit after non-recurring profit or loss	7,455,743	5,258,283	41.79	Increase in net investment gains
EBITDA to total debt ratio (%)	3.44	3.26	Increase of 0.18 percentage point	–
Times interest earned	3.06	1.97	55.33	Increase in total profit
Times cash-interest earned	2.89	13.73	(78.95)	Decrease in net cash flow generated from operating activities
Times interest earned of EBITDA	3.24	2.14	51.40	Increase in total profit
Loan repayment ratio (%)	100.00	100.00	–	–
Interest payment ratio (%)	100.00	100.00	–	–

Note:

Debt-to-assets ratio = (total liabilities – accounts payable to brokerage clients – funds payable to securities issuers)/(total assets – accounts payable to brokerage clients – funds payable to securities issuers)

II. DURING THE REPORTING PERIOD, THE COMPANY HAD NO CONVERTIBLE CORPORATE BONDS

III. STRUCTURED NOTES

(I) Matters on structured notes

In January to June 2025, the Company issued a total of 459 structured notes through the China Securities Institutional Trading & Quotation System and OTC market, with a total issuance amount of RMB23.698 billion. A total of 503 structured notes were paid, with a total payment amount of RMB24.211 billion. During the Reporting Period, all of the due structured notes of the Company were paid as agreed. As of the end of June 2025, 328 structured notes continued to exist with a total scale of RMB19.727 billion.

In January to June 2024, the Company issued a total of 1,707 structured notes through the China Securities Institutional Trading & Quotation System and OTC market, with a total issuance amount of RMB11.470 billion. As of the end of June 2024, 1,001 structured notes continued to exist with a total scale of RMB12.683 billion.

(II) Major events

During the Reporting Period, the Company strictly implemented the requirements under the Guidelines on Information Disclosure of Structured Notes of Securities Companies (《證券公司收益憑證信息披露指引》), and details of disclosures of relevant major events can be found in "Appendix: Information Disclosure Index".

Financial Report and Documents for Inspection

(III) Risks

1. Company credit risks

The Company has a robust organizational structure, a sound decision-making authorization system and a rigorous internal control system. During the Reporting Period, the Company operated in compliance with regulations, enjoyed a good reputation as well as strong capital strength, profitability and debt repayment ability.

2. Liquidity risks

The Company has incorporated structured notes into its overall debt financing management, made uniform arrangements for the financing limit and maturity structure, and established a unified limit authorization and management mechanism at the corporate level to conduct daily monitoring on liquidity gaps to ensure the Company's liquidity safety. During the Reporting Period, the liquidity of the Company was in good condition and due structured notes were paid on time without any liquidity risk.

3. Other risks

The Company has issued floating structured notes, and part of the embedded derivatives has been integrated into the Company's derivatives risk control system for unified management in all aspects of derivatives design, hedging transactions, risk exposure and limit management.

Details of risks of the Company can be found in "Potential risks and risk prevention measures" under "Management Discussion and Analysis".

Report on Review of Condensed Consolidated	136
Financial Statements
Index of Documents for Inspection	230
	230
Information Disclosure as a Securities Company

REPORT ON REVIEW OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

TO THE BOARD OF DIRECTORS OF HUATAI SECURITIES CO., LTD.

(Incorporated in the People's Republic of China with Limited Liability)

Introduction

We have reviewed the condensed consolidated financial statements of Huatai Securities Co., Ltd. (the "Company") and its subsidiaries (collectively referred to as the "Group") set out on pages 137 to 229, which comprise the condensed consolidated statement of financial position as of 30 June 2025 and the related condensed consolidated statement of profit or loss, condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the six-month period then ended, and notes to the condensed consolidated financial statements. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and International Accounting Standard 34 "Interim Financial Reporting" ("IAS 34") issued by the International Accounting Standards Board. The directors of the Company are responsible for the preparation and presentation of these condensed consolidated financial statements in accordance with IAS 34. Our responsibility is to express a conclusion on these condensed consolidated financial statements based on our review, and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the International Auditing and Assurance Standards Board. A review of these condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

Deloitte Touche Tohmatsu Certified Public Accountants LLP Shanghai, People's Republic of China

29 August 2025

Financial Report and Documents for Inspection

(Expressed in thousands of Renminbi, unless otherwise stated)
---------------------------------------------------------------

		Six months ended 30 June
	Notes	2025 (Unaudited)	2024 (Unaudited, restated)
Revenue
Fee and commission income	5	8,027,182	8,374,416
Interest income	6	6,417,878	6,858,494
Net investment gains	7	6,629,834	4,210,163
		21,074,894	19,443,073
Other income and gains/(losses)	8	(95,769)	374,173
Total revenue, gains/(losses) and other income		20,979,125	19,817,246
Fee and commission expenses	9	(2,063,672)	(1,912,923)
Interest expenses	10	(4,381,310)	(6,147,948)
Staff costs	11	(4,569,531)	(3,880,037)
Depreciation and amortisation expenses	12	(733,905)	(948,614)
Tax and surcharges		(92,999)	(75,930)
Other operating expenses	13	(2,304,447)	(2,419,054)
Impairment losses under expected credit loss model, net of reversal	14	(523)	516,710
Total expenses		(14,146,387)	(14,867,796)
Operating profit		6,832,738	4,949,450
Share of profit of associates and joint ventures		1,692,103	626,678
Profit before income tax		8,524,841	5,576,128
Income tax expense	15	(973,992)	(103,835)
Profit for the period		7,550,849	5,472,293
Attributable to:
Shareholders of the Company		7,549,447	5,310,704
Non-controlling interests		1,402	161,589
		7,550,849	5,472,293
Earnings per share (Expressed in Renminbi per share)	16
- Basic		0.80	0.55
- Diluted		0.80	0.55

The notes on pages 148 to 229 form part of these condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2025

(Expressed in thousands of Renminbi, unless otherwise stated)

		Six months ended 30 June
	Notes	2025 (Unaudited)	2024 (Unaudited)
Profit for the period		7,550,849	5,472,293
Other comprehensive income / (expense) for the period:
Items that will not be reclassified to profit or loss:
Equity instruments at fair value through other comprehensive income
- Net change in fair value		745,932	31,984
- Income tax impact		(188,085)	(6,905)
Items that may be reclassified subsequently to profit or loss:
Net (loss) / gain from debt instruments at fair value through other comprehensive income		(44,084)	91,311
Fair value loss on hedging instruments designated in cash flow hedges		(75,662)	(76,968)
Share of other comprehensive (expense) / income of associates and joint ventures		(137,242)	175,464
Exchange differences on translation of financial statements in foreign currencies		(46,881)	168,417
Income tax impact		11,361	(19,181)
Other comprehensive income for the period, net of income tax		265,339	364,122
Total comprehensive income for the period		7,816,188	5,836,415
Attributable to:
Shareholders of the Company		7,814,698	5,656,635
Non-controlling interests		1,490	179,780
Total		7,816,188	5,836,415

The notes on pages 148 to 229 form part of these condensed consolidated financial statements.

AS AT 30 JUNE 2025

(Expressed in thousands of Renminbi, unless otherwise stated)

	Notes	As at 30 June 2025 (Unaudited)	As at 31 December 2024 (Audited)

Non-current assets
Property and equipment	17	6,381,265	6,489,412
Investment properties		178,844	182,131
Goodwill	18	263,974	51,342
Land-use rights and other intangible assets	19	2,130,777	2,035,899
Interests in associates	20	21,241,709	21,446,915
Interests in joint ventures	21	972,793	999,113
Debt instruments at amortised cost	22	40,266,446	40,854,764
Financial assets held under resale agreements	32	421,713	199,610
Debt instruments at fair value through other comprehensive income	23	17,663,591	5,938,076
Equity instruments at fair value through other comprehensive income	24	7,394,041	125,860
Financial assets at fair value through profit or loss	25	6,211,943	5,292,149
Refundable deposits	26	38,187,830	33,451,298
Deferred tax assets	27	1,661,639	1,591,926
Other non-current assets	28	205,442	240,951
Total non-current assets		143,182,007	118,899,446
Current assets
Accounts receivable	29	9,406,360	5,587,233
Other receivables, prepayments and other current assets	30	3,740,629	2,880,227
Margin accounts receivable	31	130,984,377	132,546,005
Debt instruments at amortised cost	22	5,774,874	6,938,958
Financial assets held under resale agreements	32	18,490,172	15,028,791
Debt instruments at fair value through other comprehensive income	23	3,822,510	4,197,477
Financial assets at fair value through profit or loss	25	352,692,411	296,245,608
Derivative financial assets	33	7,215,462	9,991,125
Clearing settlement funds	34	7,873,254	11,136,758
Cash held on behalf of brokerage clients	35	183,484,200	170,880,569
Cash and bank balances	36	34,030,704	39,521,458
		757,514,953	694,954,209
Assets classified as held for sale		-	416,839

Total current assets		757,514,953	695,371,048

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued

AS AT 30 JUNE 2025

	Notes	As at 30 June 2025 (Unaudited)	As at 31 December 2024 (Audited)
Current liabilities
Short-term bank loans	38	16,886,195	3,362,980
Short-term debt instruments issued	39	27,577,436	28,852,939
Placements from other financial institutions	40	35,415,156	30,113,661
Accounts payable to brokerage clients	41	204,223,510	184,586,976
Employee benefits payable		4,894,807	4,589,013
Other payables and accruals	42	81,673,728	75,436,419
Contract liabilities		126,607	104,692
Current tax liabilities		334,276	179,973
Financial assets sold under repurchase agreements	43	155,558,333	121,048,168
Financial liabilities at fair value through profit or loss	44	34,606,089	33,474,911
Derivative financial liabilities	33	11,827,966	10,943,785
Long-term bonds due within one year	45	57,027,505	41,787,436
		630,151,608	534,480,953
Liabilities associated with assets classified as held for sale		-	75,402
Total current liabilities		630,151,608	534,556,355
Net current assets		127,363,345	160,814,693
Total assets less current liabilities		270,545,352	279,714,139
Non-current liabilities
Long-term bonds	46	55,332,959	73,671,381
Long-term bank loans	47	183,195	-
Non-current employee benefits payable		7,361,707	6,116,922
Deferred tax liabilities	27	624,651	476,548
Financial liabilities at fair value through profit or loss	44	6,297,567	6,973,421
Other payables and accruals	42	526,678	581,946
Total non-current liabilities		70,326,757	87,820,218
Net assets		200,218,595	191,893,921

2025 INTERIM REPORT

Financial Report and Documents for Inspection

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued

AS AT 30 JUNE 2025

(Expressed in thousands of Renminbi, unless otherwise stated)

		As at 30 June 2025	As at 31 December 2024
	Notes	(Unaudited)	(Audited)

Equity
Share capital	48	9,027,302	9,027,302
Other equity instruments	49	33,300,000	28,300,000
Treasury shares	50	(10,265)	(100,545)
Reserves	51	106,070,605	105,753,021
Retained profits	52	51,746,080	48,694,124
Total equity attributable to shareholders of the Company		200,133,722	191,673,902
Non-controlling interests		84,873	220,019
Total equity		200,218,595	191,893,921

The notes on pages 148 to 229 form part of these condensed consolidated financial statements.

Approved and authorised for issue by the board of directors on 29 August 2025.

Zhang Wei Wang Bing

Chairman of the Board, Director Director

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FOR THE SIX MONTHS ENDED 30 JUNE 2025

						Attributable to shareholders of the Company
						Reserves
	Share capital	Other equity instruments	Treasury shares	Capital reserve	Surplus reserve	General reserve	Fair value reserve	Cash flow hedges reserve	Translation reserve	Retained profits	Total	controlling Non interests	Total equity
	(Note 48)	(Note 49)	(Note 50)	(Note 51)	(Note 51)	(Note 51)	(Note 51)	(Note 51)	(Note 51)	(Note 52)
As at 1 January 2025 (audited)	9,027,302	28,300,000	(100,545)	68,838,074	9,727,061	25,485,039	556,803	(44,844)	1,190,888	48,694,124	191,673,902	220,019	191,893,921
Changes in equity for the period
Profit for the period	-	-	-	-	-	-	-	-	-	7,549,447	7,549,447	1,402	7,550,849
Other comprehensive income / (expense) for the period	-	-	-	-	-	-	387,882	(75,662)	(46,969)	-	265,251	88	265,339
Total comprehensive income / (expense) for the period	-	-	-	-	-	-	387,882	(75,662)	(46,969)	7,549,447	7,814,698	1,490	7,816,188
subordinated bond Issue of a perpetual	-	5,000,000	-	(5,189)	-	-	-	-	-	-	4,994,811	-	4,994,811
Disposal of a subsidiary (Note 20)	-	-	-	-	-	-	-	-	-	-	-	(168,863)	(168,863)
Equity-settled share-based payments	-	-	90,280	4,190	-	-	-	-	-	-	94,470	-	94,470
Appropriation to general reserve	-	-	-	-	-	39,601	-	-	-	(39,601)	-	-	-
Dividends declared to ordinary shareholders for the period	-	-	-	-	-	-	-	-	-	(3,340,102)	(3,340,102)	-	(3,340,102)
Dividends payable to perpetual subordinated bonds	-	-	-	-	-	-	-	-	-	(1,103,270)	(1,103,270)	-	(1,103,270)
Others	-	-	-	(787)	4,839	9,679	-	-	-	(14,518)	(787)	32,227	31,440
As at 30 June 2025 (unaudited)	9,027,302	33,300,000	(10,265)	68,836,288	9,731,900	25,534,319	944,685	(120,506)	1,143,919	51,746,080	200,133,722	84,873	200,218,595

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - continued

FOR THE SIX MONTHS ENDED 30 JUNE 2025 (Expressed in thousands of Renminbi, unless otherwise stated)

Attributable to shareholders of the Company

						Reserves
	Share capital	Other equity instruments	Treasury shares	Capital reserve	Surplus reserve	General reserve	Fair value reserve	Cash flow hedges reserve	Translation reserve	Retained profits	Total	controlling interests Non	Total equity
	(Note 48)	(Note 49)	(Note 50)	(Note 51)	(Note 51)	(Note 51)	(Note 51)	(Note 51)	(Note 51)	(Note 52)
As at 1 January 2024 (audited)	9,074,663	25,700,000	(1,064,173)	69,602,190	8,838,000	23,458,335	142,633	39,072	886,916	42,430,731	179,108,367	3,109,065	182,217,432
Changes in equity for the period
Profit for the period	-	-	-	-	-	-	-	-	-	5,310,704	5,310,704	161,589	5,472,293
Other comprehensive income / (expense) for the period	-	-	-	-	-	-	272,673	(76,968)	150,226	-	345,931	18,191	364,122
Total comprehensive income / (expense) for the period	-	-	-	-	-	-	272,673	(76,968)	150,226	5,310,704	5,656,635	179,780	5,836,415
Equity-settled share-based payments	-	-	110,389	56,232	-	-	-	-	-	-	166,621	17,187	183,808
Repurchase and cancellation of shares	(45,278)	-	835,802	(790,524)	-	-	-	-	-	-	-	-	-
Appropriation to general reserve	-	-	-	-	-	40,469	-	-	-	(40,469)	-	-	-
Dividends declared to ordinary shareholders for the period	-	-	-	-	-	-	-	-	-	(3,882,635)	(3,882,635)	(147)	(3,882,782)
Dividends payable to perpetual subordinated bonds	-	-	-	-	-	-	-	-	-	(935,130)	(935,130)	-	(935,130)
Others	-	-	-	(26,376)	(14)	(28)	-	-	-	(103)	(26,521)	35,065	8,544
As at 30 June 2024 (unaudited)	9,029,385	25,700,000	(117,982)	68,841,522	8,837,986	23,498,776	415,306	(37,896)	1,037,142	42,883,098	180,087,337	3,340,950	183,428,287

The notes on pages 148 to 229 form part of these condensed consolidated financial statements.

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2025

		Six months ended 30 June
	Note	2025 (Unaudited)	2024 (Unaudited)

Cash flows from operating activities:
Profit before income tax		8,524,841	5,576,128
Adjustments for :
Interest expenses		4,381,310	6,147,948
Share of profit of associates and joint ventures		(1,692,103)	(626,678)
Depreciation and amortisation expenses		733,905	948,614
Impairment losses under expected credit loss model, net of reversal		523	(516,710)
Expenses recognised from equity-settled share-based payment		4,190	73,419
Net gains arising from disposal of a subsidiary		(304)	-
Gains on disposal of property and equipment		(616)	(2,177)
Foreign exchange losses/(gains)		298,393	(61,894)
Dividend income and interest income from financial assets through other comprehensive income and debt instruments at amortised cost		(1,109,498)	(1,036,820)
Net losses/(gains) arising from derecognition of financial assets at fair value through other comprehensive income		50,269	(59,511)
Unrealised fair value changes in financial instruments at fair value through profit or loss		(3,203,919)	(425,900)
Unrealised fair value changes in derivatives		2,963,475	(1,100,143)
Operating cash flows before movements in working capital		10,950,466	8,916,276

Financial Report and Documents for Inspection

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS- continued

FOR THE SIX MONTHS ENDED 30 JUNE 2025

		Six months ended 30 June
	Note	2025 (Unaudited)	2024 (Unaudited)

(Increase) / decrease in refundable deposits		(4,736,532)	4,433,045
Decrease in margin accounts receivable		1,564,276	9,290,764
(Increase) / decrease in accounts receivable, other receivables and prepayments		(4,167,362)	2,360,556
Increase in financial assets held under resale agreements		(3,304,593)	(984,678)
(Increase) / decrease in financial instruments at fair value through profit or loss		(52,864,542)	45,599,522
Decrease in restricted bank deposits		170,347	1,498,651
(Increase) / decrease in cash held on behalf of brokerage clients		(12,557,830)	683,822
Increase in accounts payable to brokerage clients		19,636,534	6,513,939
Increase / (decrease) in other payables and accruals		1,453,716	(23,952,953)
Increase in employee benefits payable		1,550,027	43,690
Increase / (decrease) in financial assets sold under repurchase agreements		34,510,165	(9,637,465)
Increase / (decrease) in placements from other financial institutions		5,293,782	(3,424,464)
Cash (used in) / generated from operations		(2,501,546)	41,340,705
Income taxes paid		(951,312)	(788,822)
Interest paid		(1,983,279)	(2,946,585)
Net cash (used in) / generated from operating activities		(5,436,137)	37,605,298

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - continued

FOR THE SIX MONTHS ENDED 30 JUNE 2025

		Six months ended 30 June
	Note	2025 (Unaudited)	2024 (Unaudited)
Cash flow from investing activities:
Proceeds on disposal of property and equipment		4,466	6,151
Dividends received from associates		1,506,363	663,254
Dividend income and interest income from financial assets through other comprehensive income and debt instruments at amortised cost		1,041,073	1,214,950
Proceeds from disposals of financial instruments at fair value through other comprehensive income		2,986,589	7,538,629
Proceeds from disposals of debt instruments at amortised cost		4,392,246	7,534,008
Purchase of financial assets at fair value through other comprehensive income		(20,843,799)	(2,640,848)
Purchase of debt instruments at amortised cost		(2,682,008)	(6,375,977)
Divestments of associates and joint ventures		219,386	46,046
Disposal of a subsidiary		(10,109)	-
Purchase of property and equipment, investment properties, other intangible assets and other non-current assets		(387,231)	(970,129)
Acquisition of a subsidiary, net of cash acquired		(244,671)	-
Acquisition of interests in associates		-	(285,868)
Net cash (used in) / generated from investing activities		(14,017,695)	6,730,216

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Financial Report and Documents for Inspection

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - continued

FOR THE SIX MONTHS ENDED 30 JUNE 2025

(Expressed in thousands of Renminbi, unless otherwise stated)

	Six months ended 30 June
	Note	2025 (Unaudited)	2024 (Unaudited)

Cash flow from financing activities:
Proceeds from issuance of short-term debt instruments		28,883,492	5,825,920
Proceeds from issuance of long-term bonds		20,700,000	-
Proceeds from issuance of a perpetual bond		4,994,811	-
Proceeds from bank loans		17,035,379	5,973,482
Repayment of bank loans		(3,355,750)	(12,016,688)
Repayment of debt securities issued		(53,670,700)	(39,168,281)
Short-term debt instruments interest paid		(224,413)	(238,314)
Short-term bank loans interest paid		(135,397)	(254,117)
Long-term bank loans interest paid		(159)	(41,652)
Long-term bonds interest paid		(2,193,767)	(2,713,509)
Dividends paid		(81,133)	(145,373)
Cash received from Restricted Share Incentive Scheme		-	8,724
Payment of lease liabilities		(270,333)	(325,815)
Net cash generated from / (used in) financing activitie		11,682,030	(43,095,623)
Net (decrease) / increase in cash and cash equivalents		(7,771,802)	1,239,891
Cash and cash equivalents at the beginning of the period		56,033,209	59,830,329
Effect of foreign exchange rate changes		(431,042)	301,104
Cash and cash equivalents at the end of the period	37	47,830,365	61,371,324

The notes on pages 148 to 229 form part of these condensed consolidated financial statements.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2025 (Expressed in thousands of Renminbi, unless otherwise stated)

1 General information

Huatai Securities Co., Ltd. (the "Company"), formerly known as Jiangsu Securities Company, was approved by the People's Bank of China ("PBOC"), and registered with the Administration for Industry and Commerce of Jiangsu Province on 9 April 1991, with a registered capital of RMB10 million. The Company was renamed as Huatai Securities Limited Liability Company on 21 December 1999 and then renamed as Huatai Securities Co., Ltd. on 7 December 2007 as a result of the conversion into a joint stock limited liability company.

The Company publicly issued RMB784,561,275 ordinary shares (the "A shares") in February 2010, and was listed on the Shanghai Stock Exchange on 26 February 2010.

In June 2015, the Company issued RMB1,562,768,800 H shares, which were listed on the main board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"). Due to the issuance and listing of H Shares, the relevant state-owned shareholders transferred 156,276,880 state owned shares (A Shares) of the Company held by them to the National Council for Social Security Fund of the PRC in the form of H Shares, on the basis of 10% of the number of H Shares issued this time.

In August 2018, the Company completed the non-public issuance of 1,088,731,200 RMB-denominated ordinary shares (A Shares) by way of "Non-Public Issuance to Specific Investors".

In June 2019, the Company issued 82,515,000 Global Deposits Receipts (the "GDRs"), representing 825,150,000 new A shares, and was listed on the London Stock Exchange plc (the "London Stock Exchange").

From September 2022 to June 2025, after a series of repurchases and cancellations of restricted A shares, the Company's registered capital has been reduced by RMB49,347,719.

As at 30 June 2025, the Company's registered capital was RMB9,027,302,281 and the Company has a total of 9,027,302,281 issued shares of RMB1 each.

As at 30 June 2025, the Company has 27 branches and 247 securities business offices.

The Company and its subsidiaries (the "Group") are principally engaged in securities business, securities underwriting and sponsorship, securities investment advisory, asset management, agency sale of financial products, intermediary introduction business for the futures companies, agency sale and custody of securities investment fund, mutual fund management, direct investment business, alternative investment business, futures brokerage business and other business activities as approved by the China Securities Regulatory Commission (the "CSRC").

2 Basis of preparation

The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting" issued by the International Accounting Standards Board ("IASB") as well as the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. It was authorised for issue on 29 August 2025.

3 Principal accounting policies

The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values, as appropriate.

Other than additional accounting policies resulting from application of amendments to International Financial Reporting Standards ("IFRS Accounting Standards"), the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 June 2025 are the same as those presented in the Group's annual financial statements for the year ended 31 December 2024.

Financial Report and Documents for Inspection

Application of amendments to IFRS Accounting Standards

In the current interim period, the Group has applied the following amendments to IFRS Accounting Standards issued by the IASB, for the first time, which are mandatorily effective for the Group's annual period beginning on or after 1 January 2025 for the preparation of the Group's condensed consolidated financial statements:

Amendments to IAS 21 Lack of Exchangeability

The application of the amendments to IFRS Accounting Standards in the current interim period has had no material impact on the Group's financial positions and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements.

Change in an accounting policy - Recognition of revenue arising from contracts to sell nonfinancial items

In July 2025, the Ministry of Finance issued an implementation Q&A on China Accounting Standards for Business Enterprises, addressing the accounting treatment of transactions involving standard warehouse receipts.

According to the implementation Q&A above, for enterprises frequently buy and sell standard warehouse receipts in futures trading exchanges in order to make profit from short-term price fluctuations, without physically delivery of the underlying commodities corresponding to the standard warehouse receipts, the contracts of the standard warehouse receipts are within the scope of accounting standard on financial instruments, and the transaction should not be recognised as revenue with the corresponding cost in the statement of profit or loss. The difference between the carrying amount of the standard warehouse receipts derecognised and the gross sales consideration of those contracts should be recognized in net investment gain/loss. As the result of assessing the implementation Q&A, the Group decided to change its relevant accounting policy under IFRS for sales contracts involving warehouse receipts. The management believes this change can results in financial statements that provide reliable and more relevant information about the effects of these transactions on the Group's financial performance.

The impact of the change in the accounting policy on the condensed consolidated statement of profit or loss are set out as below, and the change in the accounting policy has had no impact on the Group's condensed consolidated statement of financial position as of 30 June 2025, consolidated statement of financial position as of 31 December 2024, and condensed other comprehensive income and condensed cash flow statement for the six months ended 2025 and 2024.

	Six months ended 30 June
	2025	2024
Impact on condensed consolidated statement of profit or loss for the period
Decrease in net investment gains - net realised losses from trading of non-financial items	(45,786)	(4,261)
Decrease in other income and gains - income from commodity sales	(3,238,508)	(5,056,788)
Decrease in other operating expenses - cost of commodity sales	3,284,294	5,061,049
Net impact on profits for the period	-	-

The condensed consolidated financial statements do not include all the information required for a full set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's consolidated financial position and performance since the last annual financial report as at and for the year ended 31 December 2024.

4 Use of judgements and estimates

The preparation of the condensed consolidated financial statements requires management to make judgements and estimates that affect the application of policies and disclosed amounts of assets and liabilities, incomes and expenses. Actual results in the future may differ from those disclosed as a result of the use of estimates and assumptions about future conditions.

In the preparation of the condensed consolidated financial statements, the key sources of uncertainty derived from significant judgements and estimation made by the management while applying the Group's accounting policies are the same as these applied in the preparation of the Group's consolidated financial statements for the year ended 31 December, 2024.

5 Fee and commission income

	Six months ended 30 June
	2025	2024

Income from securities brokerage and advisory business	5,150,504	3,529,217
Income from asset management business	901,482	3,134,932
Income from underwriting and sponsorship business	1,077,075	880,114
Income from futures brokerage business	696,453	669,092
Income from financial advisory business	108,751	64,780
Other commission income	92,917	96,281
Total	8,027,182	8,374,416

6 Interest income

		Six months ended 30 June
	2025	2024

Interest income from margin financing and securities lending	3,509,214	3,457,625
Interest income from financial institutions	1,706,585	2,143,863
Interest income from debt instruments at amortised cost	695,537	732,848
Interest income from debt instruments at fair value through other comprehensive income	265,651	303,971
Interest income from securities-backed lendings	64,967	84,977
Interest income from other financial assets held under resale agreements	169,690	128,639
Others	6,234	6,571
Total	6,417,878	6,858,494

Financial Report and Documents for Inspection

7 Net investment gains

		Six months ended 30 June
	2025	2024 (Restated)

Dividend income and interest income from financial instruments at fair value through profit or loss	3,134,455	4,201,443
Dividend income from financial instruments at fair value through other comprehensive income	148,310	-
Net realised gains from disposal of a subsidiary	304	-
Net realised gains / (losses) from disposal of financial instruments at fair value through profit or loss	5,898,838	(12,621,950)
Net realised (losses) / gains from disposal of debt instruments at fair value through other comprehensive income	(50,269)	59,511
Net realised (losses) / gains from disposal of derivative financial instruments	(1,607,964)	11,864,743
Net realised losses from trading of non-financial items	(45,786)	(4,261)
Unrealised fair value changes of derivative financial instruments	(4,051,973)	284,777
Unrealised fair value changes of financial instruments at fair value
through profit or loss	3,203,919	425,900
Total	6,629,834	4,210,163

8 Other income and gains

	Six months ended 30 June
	2025	2024 (Restated)

Income from commodity sales	268,031	-
Government grants(i)	121,579	68,754
Rental income	18,571	21,189
Gains on disposal of property and equipment	1,288	2,008
Foreign exchange (losses) / gains	(636,447)	215,040
Others	131,209	67,182
Total	(95,769)	374,173

(i) The government grants were received unconditionally by the Group from the local government where they reside.

9 Fee and commission expenses

	Six months ended 30 June
	2025	2024

Expenses for securities brokerage and advisory business	1,561,871	991,177
Expenses for asset management business	8,749	442,654
Expenses for futures brokerage business	474,994	464,856
Expenses for underwriting and sponsorship business	17,755	13,654
Expenses for financial advisory business	184	172
Other commission expenses	119	410
Total	2,063,672	1,912,923

10 Interest expenses

	Six months ended 30 June
	2025	2024

Interest expenses on long-term bonds	1,886,453	2,573,535
Interest expenses on financial assets sold under repurchase agreements	1,409,508	1,908,109
Interest expenses on short-term debt instruments issued	325,348	379,478
Interest expenses of accounts payable to brokerage clients	249,039	420,776
Interest expenses on placements from banks and other financial institutions	242,666	492,722
Interest expenses on short-term bank loans	162,179	161,208
Interest expenses on lease liabilities	16,179	28,917
Interest expenses on long-term bank loans	159	32,043
Others	89,779	151,160
Total	4,381,310	6,147,948

11 Staff costs

	Six months ended 30 June
	2025	2024

Salaries, bonuses and allowances	3,620,761	2,747,227
Contribution to pension schemes	430,906	567,451
Share-based payment expense	4,190	77,084
Other social welfare	513,674	488,275
Total	4,569,531	3,880,037

The domestic employees of the Group in the PRC participate in social welfare plans, including pension, medical, housing, and other welfare benefits, organised and administered by the governmental authorities. According to the relevant regulations, the premiums and welfare benefits contributions that should be borne by the Group are calculated on a regular basis and paid to the labour and social welfare authorities. The contributions to the social security plans are expensed as incurred. The Group also operates a Mandatory Provident Fund Scheme for all qualifying employees in Hong Kong under the Mandatory Provident Fund Schemes Ordinance.

Financial Report and Documents for Inspection

12 Depreciation and amortisation expenses

	Six months ended 30 June
	2025	2024

Amortisation of land-use rights and other intangible assets	191,406	319,021
Depreciation of property and equipment
- Right-of-use assets	243,133	284,143
- Other property and equipment	236,684	273,092
Amortisation of leasehold improvements and long-term deferred expenses	58,378	68,804
Depreciation of investment properties	4,304	3,554
Total	733,905	948,614

13 Other operating expenses

	Six months ended 30 June
	2025	2024 (Restated)

Cost of commodity sales	262,325	-
IT expenses	858,250	833,164
Stock exchange fees	229,784	209,270
Postal and communication expenses	131,615	115,912
Travelling expenses	124,079	158,458
Securities investor protection funds	59,966	46,101
Consulting fees	56,887	204,391
Marketing, advertising and promotion expenses	56,442	192,673
Products distribution expenses	46,518	22,311
Property management fees	45,840	54,076
Utilities	28,366	20,442
Rental expenses	24,576	15,856
Others	379,799	546,400
Total	2,304,447	2,419,054

14 Impairment losses under expected credit loss model, net of reversal

	Six months ended 30 June
	2025	2024

Provision for / (reversal of) impairment losses against financial assets held under resale agreements	10,019	(9,407)
(Reversal of) / provision for impairment losses against other receivables and interest receivable	(11,288)	8,484
Provision for / (reversal of) impairment losses against financial assets at fair value through other comprehensive income	2,449	(18,116)
Provision for impairment losses against accounts receivable	3,368	11,193
Reversal of impairment losses against margin accounts receivable	(1,782)	(508,664)
Reversal of impairment losses against cash and bank balances	(129)	(144)
Reversal of impairment losses against debt instruments at amortised cost	(2,114)	(56)
Total	523	(516,710)

15 Income tax expense

(a) Taxation in the condensed consolidated income statements represents:

	Six months ended 30 June
	2025	2024

Current income tax
- Mainland China	942,136	398,872
- Hong Kong	148,282	27,866
- Overseas	291	241,337
	1,090,709	668,075
Adjustment in respect of prior years
- Mainland China	13,152	(36,159)
Deferred tax	(129,869)	(528,081)
Total	973,992	103,835

(1) According to the PRC Corporate Income Tax ("CIT") Law that took effect on 1 January 2008, the Company and the Group's subsidiaries in the Mainland China are subject to CIT at the statutory tax rate of 25%.

(2) Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profits. The federal income tax of subsidiaries in the United States were provided at the rate of 21%, whereas the states' income tax are charged at the applicable local tax rates.

(3) The Group has applied the temporary mandatory exception for recognising and disclosing deferred tax assets and liabilities for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.

Financial Report and Documents for Inspection

(b) Reconciliation between income tax expense and accounting profit at applicable tax rate:

		Six months ended 30 June
	2025	2024

Profit before income tax	8,524,841	5,576,128
Notional tax calculated using the PRC statutory tax rate	2,131,210	1,394,032
Effect of different tax rates of the subsidiaries	(83,102)	(21,701)
Tax effect of non-deductible expenses	17,650	47,938
Tax effect of deductible temporary differences or unused tax losses not recognised	858	7,876
Effect of using the deductible tax losses for which no deferred tax asset was recognised in previous period	(6,694)	(1,645)
Tax effect of non-taxable income	(1,075,956)	(1,271,460)
Adjustment in respect of prior years	13,152	(36,159)
Others	(23,126)	(15,046)
Income tax expense for the period	973,992	103,835

16 Basic and diluted earnings per share

(1) Basic earnings per share

Basic earnings per share is calculated as dividing consolidated net profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding:

		Six months ended 30 June
	Notes	2025	2024

Consolidated net profit attributable to ordinary shareholders of the Company (Recalculated per IAS 33) (in RMB thousands)	(a)	7,170,311	4,955,003
Weighted average number of ordinary shares (in thousands)	(b)	9,017,633	9,005,137
Basic earnings per share attributable to ordinary shareholders (in RMB per share)		0.80	0.55

(a) Consolidated net profit attributable to ordinary shareholders of the Company (Recalculated per IAS 33) (in RMB thousands)

	Six months ended 30 June
	2025	2024

Consolidated net profit attributable to equity shareholders of the Company	7,549,447	5,310,704
Dividends declared under Restricted Share Incentive Scheme of A Shares	(392)	(5,988)
Profit attributable to perpetual subordinated bonds holders of the Company(i)	(378,744)	(349,713)
Consolidated net profit attributable to ordinary shareholders of the Company (Recalculated per IAS 33)	7,170,311	4,955,003

(i) For the purpose of calculating basic earnings per ordinary share in respect of the period ended 30 June 2025, RMB379 million attributable to perpetual subordinated bonds were deducted from profits attributable to shareholders of the Company (30 June 2024: RMB350 million).

(b) Weighted average number of ordinary shares (in thousands)

	Six months ended 30 June
	2025	2024

Number of ordinary shares as at 1 January	9,027,302	9,074,663
Decrease in weighted average number of ordinary shares	(9,669)	(69,526)
Weighted average number of ordinary shares	9,017,633	9,005,137

(2) Diluted earnings per share

Diluted earnings per share is calculated as dividing consolidated net profit attributable to ordinary shareholders of the Company (diluted) by the weighted average number of ordinary shares outstanding (diluted):

		Six months ended 30 June
	Notes	2025	2024

Consolidated net profit attributable to ordinary shareholders of the Company (diluted)	(a)	7,170,703	4,951,854
Weighted average number of ordinary shares outstanding (in thousands)	(b)	9,018,212	9,005,137
Diluted earnings per share attributable to ordinary shareholders (in Renminbi per share)		0.80	0.55

(a) Consolidated net profit attributable to ordinary shareholders of the Company (diluted) is calculated as follows:

		Six months ended 30 June
	2025	2024
Consolidated net profit attributable to ordinary shareholders of the Company (Recalculated per IAS 33)	7,170,311	4,955,003
Diluted adjustments:
Effect of dividends declared under Restricted Stock Incentive Scheme of A Shares(i)	392	-
Assumed vesting of shares granted to employees of a subsidiary(ii)	-	(3,149)
Consolidated net profit attributable to ordinary shareholders of the Company (diluted)	7,170,703	4,951,854

(i) The Group granted Restricted Stock Incentive Scheme of A shares to certain employees in 2021. Diluted earnings per share should take into account both the impact of the cash dividend of the current period distributed to the holders of restricted shares who are expected to reach the unlocking conditions and estimate number of restricted shares which will be unlocked. After considering the abovementioned impacts, the Restricted Stock Incentive Scheme has a dilutive effect and included in the calculation of diluted earnings per share for the period ended 30 June 2025 (30 June 2024: anti-dilutive effect).

(ii) The dilutive effect is due to the share-based payment schemes of AssetMark Financial Holdings, Inc. ("AssetMark").

(b) Weighted average number of ordinary shares outstanding (diluted) is calculated as follows:

	Six months ended 30 June
	2025	2024
Weighted average number of ordinary shares at 30 June	9,017,633	9,005,137
Diluted adjustments:
Effect of Restricted Stock Incentive Scheme of A shares	579	-
Weighted average number of ordinary shares(diluted)	9,018,212	9,005,137

17 Property and equipment

	Buildings	Motor vehicles	Electronic equipment	Furniture and fixtures	Construction in progress	Right-of use assets	Total

Cost
As at 1 January 2025	4,851,019	154,475	2,149,778	428,367	1,275,114	2,350,883	11,209,636
Additions	-	14,702	31,009	10,730	186,712	157,273	400,426
Transfer during the period	2,851	-	-	114	(24,535)	-	(21,570)
Acquisition of a subsidiary	-	1,075	-	11,373	-	128	12,576
Transfer in from investment properties	312	-	-	-	-	-	312
Disposals	(168)	(10,398)	(30,092)	(3,481)	-	(393,683)	(437,822)
Transfer to investment properties	(3,898)	-	-	-	-	-	(3,898)
As at 30 June 2025	4,850,116	159,854	2,150,695	447,103	1,437,291	2,114,601	11,159,660
Accumulated depreciation
As at 1 January 2025	(1,532,929)	(110,600)	(1,404,835)	(318,980)	-	(1,352,880)	(4,720,224)
Charge for the period	(70,633)	(5,273)	(137,009)	(23,769)	-	(243,133)	(479,817)
Transfer in from investment properties	(261)	-	-	-	-	-	(261)
Disposals	-	10,046	27,784	2,139	-	379,107	419,076
Transfer to investment properties	2,831	-	-	-	-	-	2,831
As at 30 June 2025	(1,600,992)	(105,827)	(1,514,060)	(340,610)	-	(1,216,906)	(4,778,395)
Carrying amount
As at 30 June 2025	3,249,124	54,027	636,635	106,493	1,437,291	897,695	6,381,265

	Buildings	Motor vehicles	Electronic equipment	Furniture and fixtures	Construction in progress	Right-of use assets	Total

Cost
As at 1 January 2024	4,848,570	156,796	2,118,972	487,843	565,790	2,618,734	10,796,705
Additions	286	686	182,403	41,811	764,068	358,395	1,347,649
Transfer during the year	-	-	518	4,259	(54,744)	-	(49,967)
Transfer in from investment properties	2,163	-	-	-	-	-	2,163
Disposals	-	(1,790)	(65,211)	(4,524)	-	(289,773)	(361,298)
Disposal of subsidiaries	-	-	(82,966)	(100,278)	-	(328,811)	(512,055)
Reclassified as held for sale	-	(1,217)	(3,938)	(744)	-	(7,662)	(13,561)
As at 31 December 2024	4,851,019	154,475	2,149,778	428,367	1,275,114	2,350,883	11,209,636

Accumulated depreciation
As at 1 January 2024	(1,392,980)	(102,062)	(1,219,878)	(311,593)	-	(1,250,482)	(4,276,995)
Charge for the year	(138,159)	(10,752)	(312,865)	(64,330)	-	(547,296)	(1,073,402)
Transfer in from investment properties	(1,790)	-	-	-	-	-	(1,790)
Disposals	-	1,375	56,517	1,412	-	277,395	336,699
Reclassified as held for sale	-	839	3,188	532	-	2,547	7,106
Disposal of subsidiaries	-	-	68,203	54,999	-	164,956	288,158
As at 31 December 2024	(1,532,929)	(110,600)	(1,404,835)	(318,980)	-	(1,352,880)	(4,720,224)

Carrying amount
As at 31 December 2024	3,318,090	43,875	744,943	109,387	1,275,114	998,003	6,489,412

As at 30 June 2025 included in buildings, there is a carrying amount of RMB33.95million, for which the Group has yet to obtain the relevant land or building certificates (as at 31 December 2024: RMB35.27 million).

Financial Report and Documents for Inspection

18 Goodwill

Cost
As at 1 January 2025	51,342
Acquisition through business combination (Note 53)	201,433
Effect of movements in exchange rates	11,199
As at 30 June 2025	263,974

Impairment losses
As at 1 January 2025	-
Impairment losses	-
As at 30 June 2025	-

Carrying amounts
As at 1 January 2025	51,342
As at 30 June 2025	263,974

Cost
As at 1 January 2024	3,419,332
Disposal of subsidiaries	(3,367,990)
As at 31 December 2024	51,342

Impairment losses
As at 1 January 2024	-
Impairment losses	-
As at 31 December 2024	-

Carrying amounts
As at 1 January 2024	3,419,332
As at 31 December 2024	51,342

19 Land-use rights and other intangible assets

Land with broker customer Trade Software use rights dealers relationships names and others Cost As at 1 January 2025 1,768,330 - - - 2,718,476 4,486,806 Additions - - - - 126,487 126,487 Acquisition of a subsidiary - - 57,659 111,200 - 168,859 Disposals - - - - (13) Exchange differences - - 3,206 6,183 (2,248) As at 30 June 2025 1,768,330 - 60,865 117,383 2,842,702 4,789,280 Accumulated amortisation As at 1 January 2025 (241,860) - - - (2,209,047) Charge for the period (20,886) - (494) - (187,282) Disposals - - - - 13 Exchange differences - - (13) - 1,066 As at 30 June 2025 (262,746) - (507) - (2,395,250) Carrying amount As at 30 June 2025 1,505,584 - 60,358 117,383 447,452 2,130,777 Cost As at 1 January 2024 1,768,330 4,011,405 195,859 355,792 4,696,188 Additions - - - - 601,230 Disposals - - - - (1,228) Disposal of subsidiaries - (4,102,171) (201,988) (364,190) (2,631,825) Reclassified as held for sale - - - - (6,122) Exchange differences - 90,766 6,129 8,398 60,233 As at 31 December 2024 1,768,330 - - - 2,718,476 Accumulated amortisation As at 1 January 2024 (200,089) - - (203,590) (3,108,635) (3,512,314) Charge for the year (41,771) - - (2,950) (546,639) (591,360) Disposals - - - - 1,228 Disposal of subsidiaries - - - 211,481 1,479,708 1,691,189 Reclassified as held for sale - - - - 5,297 Exchange differences - - - (4,941) (40,006) (44,947) As at 31 December 2024 (241,860) - - - (2,209,047)		Existing Relationships	Enterprise distribution channel
					Total





					(13)
					7,141


					(2,450,907)
					(208,662)
					13
					1,053
					(2,658,503)




					11,027,574
					601,230
					(1,228)
					(7,300,174)
					(6,122)
					165,526
					4,486,806



					1,228

					5,297

					(2,450,907)

Carrying amount
As at 31 December 2024 1,526,470 - - - 509,429					2,035,899

During the period ended 30 June 2025, trade names are not amortised while their useful lives are assessed to be indefinite because there is no foreseeable limit to the period over which the asset is expected to generate economic benefits for the Group (during the year of 2024: existing relationships with brokers-dealers and enterprise distribution channel customer relationships are not amortised while their useful lives are assessed to be indefinite because there is no foreseeable limit to the period over which the asset is expected to generate economic benefits for the Group).

About Us

Financial Report and Documents for Inspection

20 Interest in associates

	As at 30 June 2025	As at 31 December 2024

Share of net assets	21,241,709	21,446,915

Following the approval at the 14th meeting of the sixth session of the Board of Directors on December 20, 2024, the Company agreed to transfer its 20% equity interest in Jiangsu Equity Exchange Center Co., Ltd. ("Jiangsu Equity Exchange Center") to Jiangsu Jincai Investment Co., Ltd. The equity transfer was completed in January 2025. Consequently, the Company's shareholding in Jiangsu Equity Exchange Center was reduced to 32%, resulting in the loss of control over the entity. Jiangsu Equity Exchange Center became an associate of the Company. The investment gain generated from the disposal of the subsidiary was RMB304 thousand.

As at 30 June 2025, the Group has pledged the shares of interest in associates with a total book value of RMB3,819million to the People's Bank of China for securities, funds, and insurance company swap facilities (as at 31 December 2024: Nil).

As at 30 June 2025, the Group has pledged the shares of interest in associates with a total book value of RMB1,656 million to China Securities Finance Corporation Limited ("CSF") for refinancing and supporting the Group's securities lending business (as at 31 December 2024: RMB5,214 million).

The following list contains only the particulars of material associates. Bank of Jiangsu has been listed on the Shanghai Stock Exchange, and China Southern Asset Management Co., Ltd. is an unlisted corporate entity whose quoted market price is not available.

	Proportion of owner ship interest
Name of associates	Registered place	Registered capital		Group's effective interest		Held by the Company		Held by a subsidiary		Principal activity
		30/06/2025	31/12/2024	30/06/2025	31/12/2024	30/06/2025	31/12/2024	30/06/2025	31/12/2024

Bank of Jiangsu(i)	Nanjing	18,351,324	18,351,324	5.03%	5.03%	5.03%	5.03%	-	-	Commercial banking
China Southern Asset Management Co., Ltd.	Shenzhen	361,720	361,720	41.16%	41.16%	41.16%	41.16%	-	-	Fund management

Both of the above associates are accounted for using the equity method in the condensed consolidated financial statements.

(i) The Company has appointed one director in the board of directors of Bank of Jiangsu. The Company exercises significant influence over Bank of Jiangsu by participating in the formulation of financial and operational policies through the director it has appointed.

21 Interests in joint ventures

	As at 30 June 2025	As at 31 December 2024

Unlisted investment in a joint venture at fair value through profit or loss(i)	233,006	208,769
Unlisted investment in a joint venture	739,787	790,344
Total	972,793	999,113

(i) As at 30 June 2025, the Group elected to measure its investment Huatai International Greater Bay Area Investment Fund, L.P. of RMB233million held through Huatai Financial Holdings (Hong Kong) Limited, a wholly-owned subsidiary, at fair value through profit or loss as management measured the performance of this joint venture on a fair value basis.

The following list contains only the particulars of joint venture, which is accounted for using the equity method in the condensed consolidated financial statements, and details of the joint venture as at 30 June 2025 and 31 December 2024 are as follows:

	Proportion of ownership interest
Name of joint venture	Registered place	Registered capital	Group's effective interest	Held by the Company	Held by a subsidiary	Principal activity
Huatai Merchants (Jiangsu) Capital Market Investment Fund of Funds (Limited Partnership)	Nanjing	10,001,000	10.00%	-	10.00%	Equity investment

As at 30 June 2025, the Group held 10.00% equity interest of Huatai Merchants (Jiangsu) Capital Market Investment Fund of Funds (Limited Partnership). Pursuant to the partnership agreement, the Group and a third party contractually agree to share control of the fund, and have rights to the net assets of the fund. The directors of the Group consider the fund is jointly controlled by the Group and the third party, and it is therefore accounted for as a joint venture of the Group.

22 Debt instruments at amortised cost

(a) Analysed by nature:

Non-current

	As at 30 June 2025	As at 31 December 2024

Debt securities	40,269,405	40,859,525
Less: impairment losses	(2,959)	(4,761)
Total	40,266,446	40,854,764

Analysed as:
Listed outside Hong Kong	22,073,221	19,315,669
Listed in Hong Kong	119,971	180,622
Unlisted	18,073,254	21,358,473
Total	40,266,446	40,854,764

Current

5,775,185	6,939,588
(311)	(630)
5,774,874	6,938,958


2,794,797	3,867,704
2,980,077	3,071,254
5,774,874	6,938,958

As at 30 June 2025, the Group has pledged debt instruments at amortised cost with a total fair value of RMB41,962 million and carrying amount of RMB38,884 million for the purpose of repurchase agreement business and derivative business (as at 31 December 2024: a total fair value of RMB33,578 million and carrying amount of RMB30,930 million).

(b) Analysis of the movements of provision for impairment losses:

	As at 30 June 2025	As at 31 December 2024

At the beginning of the period/ year	5,391	5,499
Reversal for the period/ year, net	(2,114)	(125)
Other Changes	(7)	17
At the end of the period/ year	3,270	5,391

23 Debt instruments at fair value through other comprehensive income

(a) Analysed by nature:

Non-current

	As at 30 June 2025	As at 31 December 2024
Debt securities	17,663,591	5,938,076
Total	17,663,591	5,938,076
Analysed as:
Listed outside Hong Kong	5,646,710	271,247
Listed in Hong Kong	280,014	360,543
Unlisted	11,736,867	5,306,286
Total	17,663,591	5,938,076

Current

	As at 30 June 2025	As at 31 December 2024
Debt securities	3,822,510	4,197,477
Total	3,822,510	4,197,477
Analysed as:
Listed outside Hong Kong	870,210	845,668
Unlisted	2,952,300	3,351,809
Total	3,822,510	4,197,477

As at 30 June 2025, the Group has pledged debt instruments at fair value through other comprehensive income with a total fair value of RMB3,774 million for the purpose of repurchase agreement business and bond lending business (as at 31 December 2024: RMB1,342 million).

As at 30 June 2025, the fair value of debt instruments at fair value through other comprehensive income purchased with risk reserve deposits were RMB1,027 million (as at 31 December 2024: RMB1,023 million).

24 Equity instruments at fair value through other comprehensive income

(a) Analysed by nature:

Non-current

7,286,530	-
107,511	125,860
7,394,041	125,860

As at 30 June 2025	As at 31 December 2024

	-
4,313,567	-
107,511	125,860
7,394,041	125,860
	2,972,963

Equity instruments at FVOCI include non-traded equity instruments held by the Group. As the equity instruments are not held for trading purpose, the Group has designated these investments as equity instruments at FVOCI.

During the period ended 30 June 2025, the fair value gains from the equity instruments at FVOCI recognised in other comprehensive income amounted to RMB745,932 thousand (During the period ended 30 June 2024: the gains amounted to RMB31,984 thousand). As a result of the change of investment strategies, the Group disposed certain equity instrument at FVOCI and the corresponding losses amounted to RMB27 (During the period ended 30 June 2024: RMB145 thousand).

25 Financial assets at fair value through profit or loss

Non-current

(a) Analysed by type:

	As at 30 June 2025	As at 31 December 2024

Equity securities	4,732,204	4,387,352
Mutual funds	1,100,569	528,732
Other debt instruments	379,170	376,065
Total	6,211,943	5,292,149

(b) Analysed as:

As at 30 June 2025	As at 31 December 2024
537,893	493,753
5,674,050	4,798,396
6,211,943	5,292,149

Current

(a) Analysed by type:

	As at 30 June 2025	As at 31 December 2024

Debt securities	204,588,517	171,564,677
Equity securities	59,867,615	56,974,351
Mutual funds	78,948,744	60,547,525
Private funds	2,773,590	3,548,647
Wealth management products	3,946,765	3,280,955
Other debt instruments	2,567,180	329,453
Total	352,692,411	296,245,608

(b) Analysed as:

	As at 30 June 2025	As at 31 December 2024

Listed outside Hong Kong	113,783,301	119,442,341
Listed in Hong Kong	18,896,911	17,830,773
Unlisted	220,012,199	158,972,494
Total	352,692,411	296,245,608

As at 30 June 2025, the fund investments with lock-up periods in its investment portfolio held by the Group are RMB1,495 million (as at 31 December 2024: RMB880 million).

As at 30 June 2025, the listed equity securities held by the Group included approximately RMB914 million of restricted shares (as at 31 December 2024: RMB710 million). The restricted shares are listed in the PRC with a legally enforceable restriction on these securities that prevents the Group to dispose of within the specified period.

The equity interest in unlisted securities held by the Group are issued by private companies. The value of the securities is determined using valuation techniques, which include comparing with comparable listed companies in the same sector or using other appropriate valuation methods.

Non-current financial assets at fair value through profit or loss investments are expected to be realised or restricted for sale beyond one year from the end of the respective reporting periods. The fair value of the Group's investments in unlisted funds, which mainly invest in publicly traded equities listed in the PRC, are valued based on the net asset values of the funds calculated by the respective fund managers by reference to their underlying assets and liabilities' fair values.

The fair value of the Group's investments in equity securities without restriction, exchange-listed funds and debt securities are determined with reference to their quoted prices as at the reporting date.

As at 30 June 2025, the Group has entered into securities lending arrangement with clients that resulted in the transfer of financial assets at fair value through profit or loss investments with total fair value of RMB1,732 million to external clients, which did not result in derecognition of the financial assets (as at 31 December 2024: RMB1,275 million). The fair value of collateral for the securities lending business is analysed in Note 31(c) together with the fair value of collateral of margin financing business.

As at 30 June 2025, the Group has pledged financial assets at fair value through profit or loss investments with a total fair value of RMB150,276 million for the purpose of repurchase agreement business, bond lending business and derivative business (as at 31 December 2024: RMB136,355 million).

As at 30 June 2025, the wealth management products held by the Group included approximately RMB29 million of products with restricted periods (as at 31 December 2024: RMB70 million). The products are subscribed by the Group as the fund manager with a legally enforceable restriction on these products that prevents the Group to dispose of within the specified period.

26 Refundable deposits

	As at 30 June 2025	As at 31 December 2024

Deposits with stock exchanges
- Hong Kong Securities Clearing Company Limited	14,340	16,684
- China Securities Depository and Clearing Corporation Limited	1,661,283	1,682,104
- Hong Kong Stock Exchange	71,753	71,420
- Hong Kong Exchanges and Clearing Limited	98,203	44,028
	1,845,579	1,814,236
Deposits with futures and commodity exchanges
- China Financial Futures Exchange	11,731,174	10,401,127
- Shanghai Futures Exchange	7,057,026	4,385,920
- Dalian Commodity Exchange	3,379,697	3,098,634
- Zhengzhou Commodity Exchange	2,733,499	2,698,887
- Shanghai International Energy Exchange	999,139	965,577
- Other domestic commodity exchange	532,731	537,815
- Overseas commodity exchange	33,660	52,110
	26,466,926	22,140,070
Deposits with other institutions
- China Securities Finance Corporation Limited	1,420	1,218
- Shanghai Clearing House	1,066,185	814,963
- Shanghai Gold Exchange	200	200
- Other financial institutions	8,807,520	8,680,611
	9,875,325	9,496,992
Total	38,187,830	33,451,298

Deferred taxation







27

(a) The components of deferred tax assets/ (liabilities) recognised in the condensed consolidated statements of financial position and the movements are as follows:

Changes in fair

Deferred tax arising from:	Provision for impairment losses	Employee benefits payable	Changes in fair value of financial instruments measured at fair value through profit and loss	Changes in fair value of derivative financial instruments	value of financial instruments measured at fair value through other comprehensive income	Intangible assets recognised in the acquisition	Others	Total
As at 1 January 2025	765,016	1,785,665	(713,194)	172,836	(48,429)	-	(846,516)	1,115,378
Recognised in profit or loss	(1,702)	253,980	(152,557)	110,913	-	(1,615)	(79,150)	129,869
Acquisition of a subsidiary	-	-	-	-	-	(29,061)	(2,474)	(31,535)
Recognised in reserves	(20)	-	-	-	(176,704)	-	-	(176,724)
As at 30 June 2025	763,294	2,039,645	(865,751)	283,749	(225,133)	(30,676)	(928,140)	1,036,988

As at 1 January 2024	712,946	1,593,378	(735,042)	(206,845)	(30,969)	(1,193,296)	(1,398,113)	(1,257,941)
Recognised in profit or loss	46,919	255,301	20,766	379,681	-	11,359	690,502	1,404,528
Disposal of subsidiaries	(286)	(49,267)	321	-	-	1,181,937	(138,990)	993,715
Reclassified as held for sale	-	(13,747)	761	-	-	-	85	(12,901)
Recognised in reserves	5,437	-	-	-	(17,460)	-	-	(12,023)
As at 31 December 2024	765,016	1,785,665	(713,194)	172,836	(48,429)	-	(846,516)	1,115,378

(b) Reconciliation to the condensed consolidated statements of financial position

	As at 30 June 2025	As at 31 December 2024

Net deferred tax assets recognised in the condensed consolidated statement of financial position	1,661,639	1,591,926
Net deferred tax liabilities recognised in the condensed consolidated statement of financial position	(624,651)	(476,548)
Total	1,036,988	1,115,378

(c) Deferred tax assets not recognised

As at 30 June 2025, the Group has not recognised unused tax losses of RMB87 million, as deferred tax assets, as it is not probable that future taxable profits against which the losses can be utilised will be available in the relevant tax jurisdiction and entity. Most of the tax losses will not expire under the current tax legislation (as at 31 December 2024: RMB123 million).

28 Other non-current assets

(a) Analysed by nature:

	As at 30 June 2025	As at 31 December 2024
Leasehold improvements and long-term deferred expenses	205,442	240,951

(b) The movements of leasehold improvements and long-term deferred expenses are as below:

	As at 30 June 2025	As at 31 December 2024

At the beginning of the period/ year	240,951	311,789
Additions	1,299	17,440
Transfer in from property and equipment	21,570	49,834
Amortisation	(58,378)	(136,768)
Other decrease	-	(1,344)
At the end of the period/ year	205,442	240,951

29 Accounts receivable

(a) Analysed by nature:

	As at 30 June 2025	As at 31 December 2024

Accounts receivable of:
- Fee and commission	2,383,619	1,610,627
- Brokers, dealers and clearing house	4,548,329	1,961,690
- Return swap and OTC options	1,048,106	872,561
- Redemption of open-ended fund	960,123	892,370
- Settlement	619,752	395,144
- Subscription receivable	-	1,540
- Others	2,981	33,525
Less: impairment losses	(156,550)	(180,224)
Total	9,406,360	5,587,233

(b) Analysed by ageing:

As at the end of the reporting period, the ageing analysis of accounts receivable, based on the trade date, is as follows:

	As at 30 June 2025	As at 31 December 2024

Within 1 month	7,998,779	4,036,738
1 to 3 months	122,849	125,483
Over 3 months	1,284,732	1,425,012
Total	9,406,360	5,587,233

(c) Analysis of the movements of provision for impairment losses:

	As at 30 June 2025	As at 31 December 2024

At the beginning of the period/ year	180,224	115,458
Charge for the period/ year, net	3,368	68,230
Derecognition and transfer out	(21,970)	-
Other	(5,072)	(3,464)
At the end of the period/ year	156,550	180,224

(d) Accounts receivable that is not impaired

Receivables that were neither past due nor impaired relate to a wide range of customers for whom there was no recent history of default.

The receivables from securities-backed lending business are not included in accounts receivable.

30 Other receivables, prepayments and other current assets

(a) Analysed by nature:

	As at 30 June 2025	As at 31 December 2024

Inventory	1,020,876	1,147,499
Other receivables(1)	334,027	210,805
Prepayments	468,047	427,547
Interest receivable(2)	12,258	8,390
Dividends receivable	1,534,904	292,700
Deductible VAT	180,073	221,388
Others	190,444	571,898
Total	3,740,629	2,880,227

The balance of others mainly represents prepaid tax and other current assets arising from normal course of business.

(1) Other receivables:

1,048,146	933,170
(714,119)	(722,365)
334,027	210,805

Analysis of the movements of provision for other receivables impairment losses:

	As at 30 June 2025	As at 31 December 2024

At the beginning of the period/ year	722,365	718,194
(Reversal) / charge for the period/ year, net	(11,288)	4,225
Written-off	-	(37)
Other	3,042	(17)
At the end of the period/ year	714,119	722,365

(2) Interest receivable:

As at 30 June 2025	As at 31 December 2024

57,757	53,889
(45,499)	(45,499)
12,258	8,390

Analysis of the movements of provision for impairment losses of interest receivable:

As at 30 June 2025	As at 31 December 2024

45,499	45,271
-	228
45,499	45,499

31 Margin accounts receivable

(a) Analysed by nature:

As at 30 June 2025	As at 31 December 2024

113,265,132	115,911,970
19,482,221	18,399,659
(1,762,976)	(1,765,624)
130,984,377	132,546,005

(b) Analysis of the movements of provision for impairment losses:

	As at 30 June 2025	As at 31 December 2024

At the beginning of the period/ year	1,765,624	1,521,347
(Reversal) / charge for the period/ year, net	(1,782)	242,700
Other	(866)	1,577
At the end of the period/ year	1,762,976	1,765,624

(c) The fair value of collateral for margin financing and securities lending business is analysed as follows:

	As at 30 June 2025	As at 31 December 2024

Fair value of collateral:
Equity securities	349,829,745	329,724,873
Funds	15,227,718	16,087,915
Cash	10,482,753	9,636,977
Debt securities	957,690	1,247,809
Total	376,497,906	356,697,574

The Group evaluates the collectability of receivable from margin clients based on management's assessment on the credit rating, collateral value and the past collection history of margin client.

32 Financial assets held under resale agreements

(a) Analysed by collateral type:

Non-current

	As at 30 June 2025	As at 31 December 2024

Equity securities	422,414	200,110
Less: impairment losses	(701)	(500)
Total	421,713	199,610

Current

	As at 30 June 2025	As at 31 December 2024

Debt securities	13,914,970	12,308,144
Equity securities	5,202,917	3,339,156
Less: impairment losses	(627,715)	(618,509)
Total	18,490,172	15,028,791

(b) Analysed by market:

Non-current

	As at 30 June 2025	As at 31 December 2024

Shanghai stock exchange	200,219	200,110
Others	222,195	-
Less: impairment losses	(701)	(500)
Total	421,713	199,610

Current

	As at 30 June 2025	As at 31 December 2024

Inter-bank market	10,568,383	8,520,557
Shenzhen stock exchange	3,735,338	2,760,201
Shanghai stock exchange	1,699,730	787,717
Others	3,114,436	3,578,825
Less: impairment losses	(627,715)	(618,509)
Total	18,490,172	15,028,791

(c) Analysis of the movements of provision for impairment losses:

As at 30 June 2025	As at 31 December 2024

619,009	653,126
10,019	(36,155)
(612)	2,038
628,416	619,009

(d) Analysed by remaining contractual maturities of securities-backed lendings:

As at 30 June 2025	As at 31 December 2024

643,853	823,232
1,387,459	251,808
3,171,605	2,264,116
422,414	200,110
(495,901)	(487,960)
5,129,430	3,051,306

About Us

Financial Report and Documents for Inspection

(e) Analysed by the stage of ECL of securities-backed lendings:

	As at 30 June 2025
	12-month ECL	Lifetime ECL-not credit impaired	Lifetime ECL credit impaired	Total
Amortised cost	5,146,289	-	479,042	5,625,331
Impairment losses	(16,859)	-	(479,042)	(495,901)
Carrying amount	5,129,430	-	-	5,129,430
Collateral	14,249,116	-	-	14,249,116

	As at 31 December 2024
	12-month ECL	Lifetime ECL-not credit impaired	Lifetime ECL credit impaired	Total

Amortised cost	3,060,224	-	479,042	3,539,266
Impairment losses	(8,918)	-	(479,042)	(487,960)
Carrying amount	3,051,306	-	-	3,051,306
Collateral	8,030,573	-	-	8,030,573

As at 30 June 2025, the fair value of the collateral of the Group's financial assets held under resale agreements was RMB29,115,351 thousand (31 December 2024: RMB21,431,864 thousand).

33 Derivative financial instruments

	As at 30 June 2025
			Fair value
	Notional amount	Assets	Liabilities

Interest rate derivatives	1,657,568,458	514,703	(516,008)
Currency derivatives	165,620,889	549,194	(643,785)
Equity derivatives	178,336,949	4,956,430	(9,647,188)
Credit derivatives	8,852,049	11,861	(19,464)
Commodity derivatives and others	335,409,212	1,332,131	(1,855,151)
Total	2,345,787,557	7,364,319	(12,681,596)
Less: settlement		(148,857)	853,630
Net position		7,215,462	(11,827,966)

	As at 31 December 2024
	Fair value
	Notional amount	Assets	Liabilities

Interest rate derivatives	1,460,855,341	697,426	(814,414)
Currency derivatives	174,069,967	1,851,589	(1,337,738)
Equity derivatives	204,986,804	6,262,677	(5,899,597)
Credit derivatives	4,374,717	13,841	(10,264)
Commodity derivatives and others	368,218,063	1,633,079	(2,965,533)
Total	2,212,504,892	10,458,612	(11,027,546)
Less: settlement		(467,487)	83,761
Net position		9,991,125	(10,943,785)

Under the daily mark-to-market and settlement arrangement, any gains or losses of the Group's position in interest rate swap contracts settled in Shanghai Clearing House, stock index futures and treasury futures settled in China Financial Futures Exchange and certain commodity futures traded through futures companies, were settled daily and the corresponding receipts and payments were included in "clearing settlement funds". Accordingly, the net position of the above contracts was nil as at 30 June 2025 and 31 December 2024.

Cash flow hedges

The Group's cash flow hedges consist of interest swap contracts that are used to protect against exposures to variability of future cash flows.

Among the above derivative financial instruments, those designated hedging instruments in cash flow hedges are set out below:

	As at 30 June 2025
	Notional amount					Fair value
	Within 3 months	Over 3 months but within 1 year	Over 1 year but within 5 years	Over 5 years	Total	Assets	Liabilities
Currency derivatives	3,025,000	-	-	-	3,025,000	-	(112,356)

	As at 31 December 2024
	Notional amount						Fair value
	Within 3 months	Over 3 months but within 1 year	Over 1 year but within 5 years	Over 5 years	Total	Assets	Liabilities
Currency derivatives	-	3,025,000	-	-	3,025,000	-	(169,081)

Details of the Group's hedged risk exposures in cash flow hedges and the corresponding effects on equities are as follows:

			As at 30 June 2025
	Carrying amount of hedged items		Effect of hedging	Accumulated effect of	Line items in the
			instruments on other	hedging instruments on	statement of
			comprehensive income	other comprehensive	financial position
	Assets	Liabilities	during the period	income

Bonds	-	(3,050,312)	(75,662)	(120,506)	Long-term bonds

	As at 31 December 2024
	Carrying amount of hedged items		Effect of hedging	Accumulated effect of
			instruments on other	hedging instruments on	Line items in the
			comprehensive income	other comprehensive	statement of
	Assets	Liabilities	during the year	income	financial position
Bonds	-	(3,048,491)	(83,916)	(44,844)	Long-term bonds

During the six months ended 30 June 2025, the net losses from the hedging instruments recognised in other comprehensive income amounted to RMB75,662 thousand (during the six months ended 30 June 2024: the net losses amounted to RMB76,968 thousand). There was no hedge ineffectiveness for the six months ended 30 June 2025 and the six months ended 30 June 2024.

34 Clearing settlement funds

	As at 30 June 2025	As at 31 December 2024

Deposits with stock exchanges
- China Securities Depository and Clearing Corporation Limited	6,020,860	8,627,103
- Hong Kong Securities Clearing Company Limited	128,587	120,296
Deposits with other institutions	1,723,807	2,389,359
Total	7,873,254	11,136,758

35 Cash held on behalf of brokerage clients

The Group maintains segregated deposit accounts with banks and authorised institutions to hold clients' monies arising from its normal course of business. The Group has classified the brokerage clients' monies as cash held on behalf of brokerage clients under the current assets section of the condensed consolidated statement of financial position, and recognised the corresponding accounts payable to the respective brokerage clients on the grounds that they are liable for any loss or misappropriation of their brokerage clients' monies. In the Mainland China, the use of cash held on behalf of brokerage clients is restricted and governed by the relevant third-party deposit regulations issued by the CSRC. In Hong Kong, the use of cash held on behalf of brokerage clients is restricted and governed by the Securities and Futures (Client Money) Rules under the Securities and Futures Ordinance.

36 Cash and bank balances

(a) Analysed by nature:

As at 30 June 2025	As at 31 December 2024

360	186
34,030,550	39,521,623
(206)	(351)
34,030,704	39,521,458

Bank balances mainly comprise time and demand deposits which bear interest at the prevailing market rates.

(b) Analysis of the movements of provision for impairment losses:

	As at 30 June 2025	As at 31 December 2024

At the beginning of the period/ year	351	512
Reversal of impairment for the period/ year, net	(146)	(190)
Other changes	1	29
At the end of the period/ year	206	351

Financial Report and Documents for Inspection

37 Cash and cash equivalents

	As at 30 June 2025	As at 31 December 2024

Cash on hand	360	186
Bank balances	34,009,922	39,425,490
Clearing settlement funds	7,873,254	11,136,758
Financial assets held under resale agreements within 3 months original maturity	6,937,287	6,538,630
Bond investment within 3 months original maturity	1,525,419	1,279,718
Less: restricted bank deposits and bank deposits with original maturity of more than three months	(2,515,877)	(2,347,573)
Total	47,830,365	56,033,209

As at 30 June 2025, the total amount of bank balances included cash and bank balances classified as held for sale was nil (as at 31 December 2024: RMB10,109 thousand).

The restricted bank deposits mainly include deposits reserved for VAT payable of asset management plans, risk reserve deposits and securities underwriting brokerage deposits.

38 Short-term bank loans

	As at 30 June 2025	As at 31 December 2024

Credit loans	16,247,829	2,983,239
Pledged loans	638,366	379,741
Total	16,886,195	3,362,980

As of 30 June 2025, the interest rates for short-term loans were in the range of 0.57% - 4.77% per annum (31 December 2024: 3.30% - 6.30% per annum).

39 Short-term debt instruments issued

As at 30 June 2025

Name	Par value	Value date	Due date	Issue amount	Nominal interest rate
	Original currency			Original currency

24 HUATAI S1	RMB2,000,000	18/10/2024	18/3/2025	RMB2,000,000	1.96%
24 HUATAI S2	RMB4,800,000	13/11/2024	13/5/2025	RMB4,800,000	1.90%
24 HUATAI S3	RMB1,000,000	13/11/2024	13/11/2025	RMB1,000,000	1.92%
24 HUATAI S4	RMB6,000,000	10/12/2024	10/6/2025	RMB6,000,000	1.75%
24 HUATAI S6	RMB3,000,000	24/12/2024	24/8/2025	RMB3,000,000	1.67%
25 HUATAI S1	RMB3,200,000	8/1/2025	16/10/2025	RMB3,200,000	1.60%
25 HUATAI S2	RMB5,000,000	15/4/2025	15/10/2025	RMB5,000,000	1.78%
25 HUATAI S3	RMB3,000,000	23/4/2025	23/3/2026	RMB3,000,000	1.77%
HUATAI B2508a	USD50,000	20/2/2025	20/8/2025	USD50,000	0.00%
HUATAI B2511a	HKD380,000	8/5/2025	8/11/2025	HKD380,000	0.00%
HUATAI B2511b	USD50,000	16/5/2025	17/11/2025	USD50,000	4.68%
HUATAI B2511c	USD50,000	16/5/2025	18/11/2025	USD50,000	4.68%
HUATAI B2508b	USD50,000	16/5/2025	19/8/2025	USD50,000	0.00%
HUATAI B2508c	USD7,000	16/5/2025	18/8/2025	USD7,000	0.00%
HUATAI B2508d	USD7,000	16/5/2025	19/8/2025	USD7,000	0.00%
HUATAI B2512a	HKD390,000	19/6/2025	19/12/2025	HKD390,000	0.00%
Structured notes (1)	RMB9,959,922	Note (1)	Note (1)	RMB9,959,922	Note (1)

Name	Book value as at 1 January 2025	Increase	Decrease	Book value as at 30 June 2025
	RMB equivalent	RMB equivalent	RMB equivalent	RMB equivalent

24 HUATAI S1	2,008,009	8,324	(2,016,333)	-
24 HUATAI S2	4,812,160	33,342	(4,845,502)	-
24 HUATAI S3	1,002,560	9,600	-	1,012,160
24 HUATAI S4	6,006,210	46,375	(6,052,585)	-
24 HUATAI S6	3,001,077	25,050	-	3,026,127
25 HUATAI S1	-	3,224,637	-	3,224,637
25 HUATAI S2	-	5,018,789	-	5,018,789
25 HUATAI S3	-	3,010,030	-	3,010,030
HUATAI B2508a	-	355,816	-	355,816
HUATAI B2511a	-	341,647	-	341,647
HUATAI B2511b	-	360,025	-	360,025
HUATAI B2511c	-	360,025	-	360,025
HUATAI B2508b	-	355,716	-	355,716
HUATAI B2508c	-	49,807	-	49,807
HUATAI B2508d	-	49,800	-	49,800
HUATAI B2512a	-	351,757	-	351,757
Structured notes (1)	12,022,923	15,561,719	(17,523,542)	10,061,100
Total	28,852,939	29,162,459	(30,437,962)	27,577,436

2025 INTERIM REPORT

As at 31 December 2024
------------------------

Name	Par value	Value date	Due date	Issue amount	Nominal interest rate
	Original currency			Original currency

23 HUATAI S3	RMB3,000,000	13/11/2023	13/9/2024	RMB3,000,000	2.67%
23 HUATAI S4	RMB4,000,000	20/11/2023	20/9/2024	RMB4,000,000	2.65%
23 HUATAI S5	RMB2,000,000	8/12/2023	8/7/2024	RMB2,000,000	2.81%
23 HUATAI S6	RMB5,000,000	19/12/2023	19/3/2024	RMB5,000,000	2.75%
24 HUATAI S1	RMB2,000,000	18/10/2024	18/3/2025	RMB2,000,000	1.96%
24 HUATAI S2	RMB4,800,000	13/11/2024	13/5/2025	RMB4,800,000	1.90%
24 HUATAI S3	RMB1,000,000	13/11/2024	13/11/2025	RMB1,000,000	1.92%
24 HUATAI S4	RMB6,000,000	10/12/2024	10/6/2025	RMB6,000,000	1.75%
24 HUATAI S6	RMB3,000,000	24/12/2024	24/8/2025	RMB3,000,000	1.67%
HUATAI B2401a	USD25,800	13/1/2023	12/1/2024	USD25,800	5.00%
HUATAI B2401b	USD20,000	19/1/2023	19/1/2024	USD20,000	5.75%
HUATAI B2402a	USD15,000	3/2/2023	2/2/2024	USD15,000	0.00%
HUATAI B2402b	USD20,600	6/2/2023	5/2/2024	USD20,600	0.00%
HUATAI B2403a	USD30,000	27/3/2023	27/3/2024	USD30,000	5.60%
HUATAI B2405b	HKD475,000	5/5/2023	3/5/2024	HKD475,000	4.60%
HUATAI B2406c	USD50,000	13/6/2023	13/6/2024	USD50,000	5.95%
HUATAI B2401c	USD27,500	18/7/2023	18/1/2024	USD27,500	6.17%
HUATAI B2407a	USD11,000	19/7/2023	19/7/2024	USD11,000	6.17%
HUATAI B2401d	HKD100,000	19/7/2023	19/1/2024	HKD100,000	5.36%
HUATAI B2401e	USD20,000	24/7/2023	24/1/2024	USD20,000	6.07%
HUATAI B2407b	USD19,000	27/7/2023	26/7/2024	USD19,000	0.00%
HUATAI B2401h	USD15,000	31/7/2023	31/1/2024	USD15,000	6.15%
HUATAI B2401i	HKD100,000	31/7/2023	31/1/2024	HKD100,000	5.55%
HUATAI B2407c	USD10,000	2/8/2023	31/7/2024	USD10,000	SOFR + 0.95%
HUATAI B2408a	USD15,000	3/8/2023	1/8/2024	USD15,000	SOFR + 0.95%
HUATAI B2408b	USD15,000	4/8/2023	2/8/2024	USD15,000	SOFR + 0.95%
HUATAI B2408c	USD10,000	4/8/2023	2/8/2024	USD10,000	SOFR + 0.95%
HUATAI B2408d	USD15,000	10/8/2023	9/8/2024	USD15,000	6.05%
HUATAI B2402j	USD30,000	18/8/2023	21/2/2024	USD30,000	6.14%
HUATAI B2402k	HKD29,000	22/8/2023	22/2/2024	HKD29,000	5.50%
HUATAI B2402l	USD5,800	22/8/2023	22/2/2024	USD5,800	6.10%
HUATAI B2409a	USD65,000	12/9/2023	11/9/2024	USD65,000	6.00%
HUATAI B2403b	USD18,050	22/9/2023	22/3/2024	USD18,050	0.00%
HUATAI B2409b	USD13,150	22/9/2023	20/9/2024	USD13,150	0.00%

As at 31 December 2024

Name	Par value	Value date	Due date	Issue amount	Nominal interest rate
	Original currency			Original currency

HUATAI B2403c	USD60,000	27/9/2023	26/3/2024	USD60,000	6.00%
HUATAI B2409c	RMB400,000	28/9/2023	24/9/2024	RMB400,000	3.78%
HUATAI B2404	USD10,000	17/10/2023	17/4/2024	USD10,000	6.31%
HUATAI B2410a	RMB650,000	20/10/2023	16/10/2024	RMB650,000	3.80%
HUATAI B2401f	USD16,750	25/10/2023	25/1/2024	USD16,750	0.00%
HUATAI B2405c	USD14,500	25/10/2023	2/5/2024	USD14,500	0.00%
HUATAI B2407d	USD15,000	27/10/2023	27/7/2024	USD15,000	6.36%
HUATAI B2401g	USD10,000	27/10/2023	27/1/2024	USD10,000	6.27%
HUATAI B2407e	USD10,000	27/10/2023	27/7/2024	USD10,000	6.36%
HUATAI B2411a	USD30,000	6/11/2023	4/11/2024	USD30,000	0.00%
HUATAI B2402c	USD18,000	7/11/2023	7/2/2024	USD18,000	6.30%
HUATAI B2402g	USD17,000	9/11/2023	15/2/2024	USD17,000	6.30%
HUATAI B2402h	USD15,000	10/11/2023	15/2/2024	USD15,000	6.30%
HUATAI B2402e	USD10,000	10/11/2023	9/2/2024	USD10,000	5.87%
HUATAI B2411b	USD35,000	13/11/2023	8/11/2024	USD35,000	0.00%
HUATAI B2402d	USD18,200	13/11/2023	8/2/2024	USD18,200	0.00%
HUATAI B2402f	USD20,000	14/11/2023	14/2/2024	USD20,000	0.00%
HUATAI B2402i	USD15,460	15/11/2023	15/2/2024	USD15,460	0.00%
HUATAI B2405d	USD10,000	21/11/2023	21/5/2024	USD10,000	6.46%
HUATAI B2405e	HKD200,000	28/11/2023	28/5/2024	HKD200,000	6.04%
HUATAI B2409d	USD95,000	6/12/2023	6/9/2024	USD95,000	6.00%
HUATAI B2406d	USD25,000	7/12/2023	7/6/2024	USD25,000	6.40%
HUATAI B2406e	USD10,000	7/12/2023	7/6/2024	USD10,000	6.36%
HUATAI B2403d	USD40,000	8/12/2023	8/3/2024	USD40,000	0.00%
HUATAI B2406f	USD20,000	8/12/2023	7/6/2024	USD20,000	0.00%
HUATAI B2407f	USD35,000	22/1/2024	22/7/2024	USD35,000	5.85%
HUATAI B2407g	HKD100,000	22/1/2024	22/7/2024	HKD100,000	5.09%
HUATAI B2407h	USD60,000	25/1/2024	25/7/2024	USD60,000	0.00%
HUATAI B2405f	USD35,000	26/1/2024	14/5/2024	USD35,000	0.00%
HUATAI B2405g	RMB100,000	1/2/2024	10/5/2024	RMB100,000	0.00%
HUATAI B2405h	HKD81,000	2/2/2024	16/5/2024	HKD81,000	5.04%
HUATAI B2405i	USD10,000	6/2/2024	21/5/2024	USD10,000	5.99%
HUATAI B2405j	RMB300,000	6/2/2024	21/5/2024	RMB300,000	3.00%
HUATAI B2406g	USD20,000	7/2/2024	7/6/2024	USD20,000	5.97%
HUATAI B2408e	USD10,000	7/2/2024	7/8/2024	USD10,000	5.89%
HUATAI B2408f	RMB200,000	8/2/2024	8/8/2024	RMB200,000	3.10%

HUATAI B2408g	USD34,300	15/2/2024	15/8/2024	USD34,300	5.96%
HUATAI B2408h	USD20,000	15/2/2024	15/8/2024	USD20,000	5.85%
HUATAI B2405k	USD10,000	16/2/2024	30/5/2024	USD10,000	5.97%
HUATAI B2411c	USD50,000	9/5/2024	7/11/2024	USD50,000	6.00%
HUATAI B2411d	USD50,000	10/5/2024	8/11/2024	USD50,000	6.00%
HUATAI B2409e	USD20,000	6/6/2024	6/9/2024	USD20,000	5.00%
HUATAI B2409f	USD30,000	6/6/2024	6/9/2024	USD30,000	5.85%
HUATAI B2412a	USD42,000	11/6/2024	11/12/2024	USD42,000	5.81%
HUATAI B2410b	USD30,000	11/7/2024	11/10/2024	USD30,000	5.72%
HUATAI B2410c	USD30,000	15/7/2024	15/10/2024	USD30,000	5.71%
Structured notes (1)	RMB12,788,986	Note (1)	Note (1)	RMB12,788,986	Note (1)

RMB equivalent RMB equivalent RMB equivalent RMB equivalent 23 HUATAI S3 3,010,680 53,400 (3,064,080) - 23 HUATAI S4 4,012,072 70,667 (4,082,739) - 23 HUATAI S5 2,003,626 28,100 (2,031,726) - 23 HUATAI S6 5,004,805 22,917 (5,027,722) - 24 HUATAI S1 - 2,008,009 - 2,008,009 24 HUATAI S2 - 4,812,160 - 4,812,160 24 HUATAI S3 - 1,002,560 - 1,002,560 24 HUATAI S4 - 6,006,210 - 6,006,210 24 HUATAI S6 - 3,001,077 - 3,001,077 HUATAI B2401a 191,563 3,331 (194,894) - HUATAI B2401b 149,401 2,678 (152,079) - HUATAI B2402a 105,865 1,992 (107,857) - HUATAI B2402b 145,320 2,804 (148,124) - HUATAI B2403a 215,457 6,365 (221,822) - HUATAI B2405b 442,864 14,550 (457,414) - HUATAI B2406c 365,627 15,646 (381,273) - HUATAI B2401c 200,207 3,767 (203,974) - HUATAI B2407a 80,069 3,907 (83,976) - HUATAI B2401d 92,848 2,258 (95,106) - HUATAI B2401e 143,770 2,222 (145,992) - HUATAI B2407b 130,051 6,568 (136,619) - HUATAI B2401h 108,958 2,216 (111,174) - HUATAI B2401i 92,760 2,435 (95,195) - HUATAI B2407c 71,515 3,797 (75,312) - HUATAI B2408a 107,254 5,715 (112,969) - HUATAI B2408b 107,235 5,696 (112,931) - HUATAI B2408c 71,490 3,797 (75,287) - HUATAI B2408d 108,645 5,720 (114,365) - HUATAI B2402j 217,250 5,198 (222,448) - HUATAI B2402k 491 27,109 (27,600) - HUATAI B2402l 851 42,154 (43,005) - HUATAI B2409a 467,832 27,983 (495,815) - HUATAI B2403b 126,129 3,659 (129,788) - HUATAI B2409b 89,161 5,394 (94,555) - HUATAI B2403c 431,221 13,080 (444,301) - HUATAI B2409c 403,780 11,216 (414,996) - HUATAI B2404 71,719 2,455 (74,174) - HUATAI B2410a 654,445 20,052 (674,497) - HUATAI B2401f 118,128 2,313 (120,441) - HUATAI B2405c 100,618 3,644 (104,262) - HUATAI B2407d 107,402 5,600 (113,002) - HUATAI B2401g 71,590 1,442 (73,032) - HUATAI B2407e 71,601 3,734 (75,335) - HUATAI B2411a 201,570 14,145 (215,715) - HUATAI B2402c 128,623 2,844 (131,467) -	Name	Book value as at 1 January 2024	Increase	Decrease	Book value as at 31 December 2024

Name	Book value as at 1 January 2024	Increase	Decrease	Book value as at 31 December 2024
	RMB equivalent	RMB equivalent	RMB equivalent	RMB equivalent

HUATAI B2402g	121,435	2,857	(124,292)	-
HUATAI B2402h	107,130	2,521	(109,651)	-
HUATAI B2402e	71,365	1,583	(72,948)	-
HUATAI B2411b	235,040	16,627	(251,667)	-
HUATAI B2402d	128,016	2,851	(130,867)	-
HUATAI B2402f	140,531	3,279	(143,810)	-
HUATAI B2402i	108,628	2,537	(111,165)	-
HUATAI B2405d	71,297	2,930	(74,227)	-
HUATAI B2405e	182,247	8,538	(190,785)	-
HUATAI B2409d	673,468	40,368	(713,836)	-
HUATAI B2406d	177,726	7,789	(185,515)	-
HUATAI B2406e	71,086	3,144	(74,230)	-
HUATAI B2403d	279,875	7,745	(287,620)	-
HUATAI B2406f	137,712	6,098	(143,810)	-
HUATAI B2407f	-	259,029	(259,029)	-
HUATAI B2407g	-	94,954	(94,954)	-
HUATAI B2407h	-	431,430	(431,430)	-
HUATAI B2405f	-	251,667	(251,667)	-
HUATAI B2405g	-	100,000	(100,000)	-
HUATAI B2405h	-	76,086	(76,086)	-
HUATAI B2405i	-	73,161	(73,161)	-
HUATAI B2405j	-	302,589	(302,589)	-
HUATAI B2406g	-	146,672	(146,672)	-
HUATAI B2408e	-	74,023	(74,023)	-
HUATAI B2408f	-	203,092	(203,092)	-
HUATAI B2408g	-	254,065	(254,065)	-
HUATAI B2408h	-	148,016	(148,016)	-
HUATAI B2405k	-	73,144	(73,144)	-
HUATAI B2411c	-	370,192	(370,192)	-
HUATAI B2411d	-	370,249	(370,249)	-
HUATAI B2409e	-	145,647	(145,647)	-
HUATAI B2409f	-	218,871	(218,871)	-
HUATAI B2412a	-	310,774	(310,774)	-
HUATAI B2410b	-	218,800	(218,800)	-
HUATAI B2410c	-	218,862	(218,862)	-
Structured notes (1)	2,745,458	15,124,024	(5,846,559)	12,022,923
Total	25,475,507	36,866,800	(33,489,368)	28,852,939

(1) During the six months ended 30 June 2025, the Company has issued 57 tranches of structured notes, bearing interest ranging from 1.60% to 2.30% per annum, repayable within 1 year. Structured notes repayable more than 1 year are classified as "Long-term bonds" (Note 46). (During the year ended 31 December 2024, the Company has issued 186 tranches of structured notes, bearing interest ranging from 1.78% to 6.58% per annum).

Financial Report and Documents for Inspection

40 Placements from other financial institutions

	As at 30 June 2025	As at 31 December 2024
Placements from banks	35,415,156	30,113,661
Total	35,415,156	30,113,661

As at 30 June 2025, the placements from banks are unsecured, bearing interest of 1.20% - 4.70% per annum, with maturities within 267 days (As at 31 December 2024, the placements from banks are unsecured, bearing interest of 1.40% - 5.17% per annum, with maturities within 114 days).

41 Accounts payable to brokerage clients

	As at 30 June 2025	As at 31 December 2024

Clients' deposits for brokerage trading	183,083,398	162,456,364
Clients' deposits for margin financing and securities lending	21,140,112	22,130,612
Total	204,223,510	184,586,976

Accounts payable to brokerage clients represent the monies received from and repayable to brokerage clients, which are mainly held at banks and at clearing houses by the Group. Accounts payable to brokerage clients are interest-bearing at the prevailing interest rate.

The majority of the accounts payable balances are repayable on demand except where certain accounts payable to brokerage clients represent monies received from clients for their margin financing activities under normal course of business, such as margin financing and securities lending. Only the excess amounts over the required margin deposits and cash collateral stipulated are repayable on demand.

No ageing analysis is disclosed as in the opinion of the directors of the Company, the ageing analysis does not give additional value in view of the nature of these businesses.

42 Other payables and accruals

Non-current

	As at 30 June 2025	As at 31 December 2024

Lease liabilities
1 to 2 years (inclusive)	280,992	296,568
2 to 5 years (inclusive)	209,034	251,721
After 5 years	36,652	33,657
Total	526,678	581,946

The Group's leases are mainly land and buildings for operations. Most lease contracts are entered into terms from 1 year to 5 years.

(1) During the six months ended 30 June 2025, the expenses related to short-term leases and low-value leases of RMB25million (six months ended 30 June 2024: RMB16 million) were recognised in profit or loss.

(2) As at 30 June 2025, the cash flows of lease contracts signed by the Group but lease not yet commenced are insignificant.

Current

	As at 30 June 2025	As at 31 December 2024

Trade payable	69,087,498	67,027,191
Payable to brokers, dealers and clearing house	1,606,258	3,967,684
Payable to open-ended funds	2,797,448	1,008,569
Other tax payable	413,410	344,952
Restrictive repurchase obligation	10,265	100,545
Lease liabilities	376,621	432,669
Fee and commission payable	58,522	42,640
Futures risk reserve	272,066	261,750
Payable to outsourcing service	120,199	115,275
Payable to the securities investor protection fund	64,793	66,545
Funds payable to securities issuers	454,119	69,650
Payable for office building construction	2,389	20,635
Dividend payable	3,353,199	13,097
Accrued liabilities (1)	746,108	746,108
Interest payable on perpetual bonds	1,103,270	94,230
Others (2)	1,207,563	1,124,879
Total	81,673,728	75,436,419

(1) The balance of accrued liabilities mainly represents the provisions accrued for the outstanding litigation (Note 56).

(2) The balance of others mainly represents payable to brokerage agents and sundry payables arising from normal course of business.

43 Financial assets sold under repurchase agreements

(a) Analysed by collateral type:

	As at 30 June 2025	As at 31 December 2024

Debt securities	149,927,004	113,398,845
Equity securities	5,631,329	7,649,323
Total	155,558,333	121,048,168

As at 30 June 2025, the Group's pledged collateral in connection with financial assets sold under repurchase agreements amounted to RMB180,274 million (as at 31 December 2024: RMB154,418 million).

(b) Analysed by market:

	As at 30 June 2025	As at 31 December 2024

Shanghai stock exchange	29,978,736	33,351,190
Shenzhen stock exchange	14,918,769	13,897,074
Inter-bank market	108,334,118	73,799,904
Other market	2,326,710	-
Total	155,558,333	121,048,168

44 Financial liabilities at fair value through profit or loss

Non-current

	As at 30 June 2025	As at 31 December 2024

Financial liabilities designated at fair value through profit or loss	6,297,567	6,973,421

Current

	As at 30 June 2025	As at 31 December 2024

Financial liabilities held for trading	26,092,843	26,585,600
Financial liabilities designated at fair value through profit or loss	8,513,246	6,889,311
Total	34,606,089	33,474,911

In the condensed consolidated financial statements, the financial liabilities arising from consolidation of structured entities and private funds with the underlying investments related to listed equity investments in active markets and unlisted equity investments are designated at fair value through profit or loss by the Group, as the Group has the obligation to pay other investors or limited partners upon maturity dates of the structured entities based on net book value and related terms of those consolidated asset management schemes or private equity funds.

In the condensed consolidated financial statements, certain structured notes are designated at fair value through profit or loss by the Group, as the host contracts of structured notes contains embedded derivatives.

In the condensed consolidated financial statements, a bond is designated at fair value through profit or loss by the Group, as the designation can significantly reduce the accounting mismatch.

As at 30 June 2025 and 31 December 2024, there were no significant fair value changes related to the changes in the credit risk of the Group.

45 Long-term bonds due within one year

As at 30 June 2025

Name	Par value	Value date	Due date	Issue amount	Nominal interest rate
	Original currency			Original currency

20 HUATAI C1	RMB5,000,000	13/11/2020	13/11/2025	RMB5,000,000	4.48%
20 HUATAI G3	RMB3,500,000	29/4/2020	29/4/2025	RMB3,500,000	2.90%
20 HUATAI G4	RMB3,000,000	21/5/2020	21/5/2025	RMB3,000,000	3.20%
21 HUATAI C1	RMB9,000,000	29/1/2021	29/1/2026	RMB9,000,000	4.50%
21 HUATAI G4	RMB6,000,000	17/5/2021	17/5/2026	RMB6,000,000	3.71%
21 HUATAI G6	RMB2,000,000	24/5/2021	24/5/2026	RMB2,000,000	3.63%
22 HUATAI 10	RMB2,000,000	12/12/2022	12/12/2025	RMB2,000,000	3.35%
22 HUATAI G1	RMB5,000,000	14/2/2022	14/2/2025	RMB5,000,000	2.79%
22 HUATAI G4	RMB2,000,000	5/9/2022	5/9/2025	RMB2,000,000	2.52%
22 HUATAI G5	RMB3,000,000	13/9/2022	13/9/2025	RMB3,000,000	2.50%
23 HUATAI 13	RMB1,000,000	16/10/2023	16/10/2025	RMB1,000,000	2.80%
23 HUATAI G1	RMB4,000,000	10/1/2023	10/1/2025	RMB4,000,000	2.92%
23 HUATAI G2	RMB800,000	16/1/2023	16/1/2025	RMB800,000	3.00%
23 HUATAI G4	RMB4,500,000	6/2/2023	6/2/2026	RMB4,500,000	3.23%
23 HUATAI G6	RMB1,500,000	27/2/2023	27/2/2026	RMB1,500,000	3.14%
23 HUATAI G8	RMB1,700,000	10/5/2023	10/7/2025	RMB1,700,000	2.82%
25 HUATAI G1	RMB1,800,000	5/2/2025	5/4/2026	RMB1,800,000	1.85%
25 HUATAI G5	RMB2,000,000	6/3/2025	6/6/2026	RMB2,000,000	2.05%
25 HUATAI G7	RMB5,000,000	17/3/2025	17/4/2026	RMB5,000,000	2.03%
HUATAI B2503	USD1,000,000	3/3/2022	3/3/2025	USD1,000,000	2.38%
HUATAI B2509	RMB3,025,000	14/9/2022	14/9/2025	RMB3,025,000	2.85%
HUATAI B2604	USD500,000	9/4/2021	9/4/2026	USD500,000	2.00%
Structured notes (1)	RMB3,000,000	Note (1)	Note (1)	RMB3,000,000	Note (1)

Name	Book value as at 1 January 2025	Increase	Decrease	Book value as at 30 June 2025
	RMB equivalent	RMB equivalent	RMB equivalent	RMB equivalent

20 HUATAI C1	5,029,184	112,396	-	5,141,580
20 HUATAI G3	3,568,003	33,497	(3,601,500)	-
20 HUATAI G4	3,058,606	37,394	(3,096,000)	-
21 HUATAI C1	-	9,575,924	(405,000)	9,170,924
21 HUATAI G4	-	6,249,029	(222,600)	6,026,429
21 HUATAI G6	-	2,079,839	(72,600)	2,007,239
22 HUATAI 10	2,003,097	33,757	-	2,036,854
22 HUATAI G1	5,122,256	17,244	(5,139,500)	-
22 HUATAI G4	2,015,855	25,484	-	2,041,339
22 HUATAI G5	3,021,831	37,978	-	3,059,809
23 HUATAI 13	1,005,674	14,132	-	1,019,806
23 HUATAI G1	4,114,609	2,191	(4,116,800)	-
23 HUATAI G2	823,152	848	(824,000)	-
23 HUATAI G4	-	4,703,609	(145,350)	4,558,259
23 HUATAI G6	-	1,563,072	(47,100)	1,515,972
23 HUATAI G8	1,730,847	24,194	(47,940)	1,707,101
25 HUATAI G1	-	1,812,581	-	1,812,581
25 HUATAI G5	-	2,011,989	-	2,011,989
25 HUATAI G7	-	5,026,157	-	5,026,157
HUATAI B2503	7,245,831	28,809	(7,274,640)	-
HUATAI B2509	3,048,491	44,101	(42,280)	3,050,312
HUATAI B2604	-	3,630,059	(35,793)	3,594,266
Structured notes (1)	-	3,246,888	-	3,246,888
Total	41,787,436	40,311,172	(25,071,103)	57,027,505

As at 31 December 2024

Name	Par value	Value date	Due date	Issue amount	Nominal interest rate
	Original currency			Original currency

21 HUATAI G1	RMB4,000,000	2021/01/20	2024/01/20	RMB4,000,000	3.58%
21 HUATAI G3	RMB5,000,000	2021/04/26	2024/04/26	RMB5,000,000	3.42%
21 HUATAI G5	RMB4,000,000	2021/05/24	2024/05/24	RMB4,000,000	3.28%
21 HUATAI G7	RMB2,000,000	2021/06/15	2024/06/15	RMB2,000,000	3.40%
21 HUATAI 09	RMB2,500,000	2021/06/21	2024/06/21	RMB2,500,000	3.45%
21 HUATAI 11	RMB1,500,000	2021/09/07	2024/09/07	RMB1,500,000	3.03%
21 HUATAI 13	RMB2,100,000	2021/10/18	2024/10/18	RMB2,100,000	3.25%
21 HUATAI 15	RMB2,200,000	2021/10/25	2024/10/25	RMB2,200,000	3.22%
22 HUATAI G2	RMB2,000,000	2022/08/15	2024/08/15	RMB2,000,000	2.43%
22 HUATAI G3	RMB3,000,000	2022/08/26	2024/08/26	RMB3,000,000	2.33%
22 HUATAI G6	RMB3,600,000	2022/11/21	2024/11/21	RMB3,600,000	2.87%
22 HUATAI G8	RMB1,500,000	2022/12/05	2024/12/05	RMB1,500,000	2.87%
22 HUATAI 12	RMB4,000,000	2022/12/22	2024/12/22	RMB4,000,000	3.24%
20 HUATAI G3	RMB3,500,000	2020/04/29	2025/04/29	RMB3,500,000	2.90%
20 HUATAI G4	RMB3,000,000	2020/05/21	2025/05/21	RMB3,000,000	3.20%
22 HUATAI G1	RMB5,000,000	2022/02/14	2025/02/14	RMB5,000,000	2.79%
22 HUATAI G4	RMB2,000,000	2022/09/05	2025/09/05	RMB2,000,000	2.52%
22 HUATAI G5	RMB3,000,000	2022/09/13	2025/09/13	RMB3,000,000	2.50%
22 HUATAI 10	RMB2,000,000	2022/12/12	2025/12/12	RMB2,000,000	3.35%
23 HUATAI G1	RMB4,000,000	2023/01/10	2025/01/10	RMB4,000,000	2.92%
23 HUATAI G2	RMB800,000	2023/01/16	2025/01/16	RMB800,000	3.00%
23 HUATAI G8	RMB1,700,000	2023/05/10	2025/07/10	RMB1,700,000	2.82%
23 HUATAI 13	RMB1,000,000	2023/10/16	2025/10/16	RMB1,000,000	2.80%
20 HUATAI C1	RMB5,000,000	2020/11/13	2025/11/13	RMB5,000,000	4.48%
HUATAI B2404	USD900,000	2021/04/09	2024/04/09	USD900,000	1.30%
HUATAI B2503	USD1,000,000	2022/03/03	2025/03/03	USD1,000,000	2.38%
HUATAI B2509	RMB3,025,000	2022/09/14	2025/09/14	RMB3,025,000	2.85%
Structured notes (1)	RMB500,843	Note (1)	Note (1)	RMB500,843	Note (1)

Name	Book value as at 1 January 2024	Increase	Decrease	Book value as at 31 December 2024
	RMB equivalent	RMB equivalent	RMB equivalent	RMB equivalent

21 HUATAI G1	4,135,816	7,384	(4,143,200)	-
21 HUATAI G3	5,115,842	55,158	(5,171,000)	-
21 HUATAI G5	4,078,828	52,372	(4,131,200)	-
21 HUATAI G7	2,036,717	31,283	(2,068,000)	-
21 HUATAI 09	2,545,126	41,124	(2,586,250)	-
21 HUATAI 11	1,514,151	31,299	(1,545,450)	-
21 HUATAI 13	2,113,824	54,426	(2,168,250)	-
21 HUATAI 15	2,213,012	57,828	(2,270,840)	-
22 HUATAI G2	2,017,898	30,702	(2,048,600)	-
22 HUATAI G3	3,023,508	46,392	(3,069,900)	-
22 HUATAI G6	3,611,143	92,177	(3,703,320)	-
22 HUATAI G8	1,502,580	40,470	(1,543,050)	-
22 HUATAI 12	4,001,636	127,964	(4,129,600)	-
20 HUATAI G3	-	3,669,503	(101,500)	3,568,003
20 HUATAI G4	-	3,154,606	(96,000)	3,058,606
22 HUATAI G1	-	5,261,756	(139,500)	5,122,256
22 HUATAI G4	-	2,066,255	(50,400)	2,015,855
22 HUATAI G5	-	3,096,831	(75,000)	3,021,831
22 HUATAI 10	-	2,070,097	(67,000)	2,003,097
23 HUATAI G1	-	4,231,409	(116,800)	4,114,609
23 HUATAI G2	-	847,152	(24,000)	823,152
23 HUATAI G8	-	1,778,787	(47,940)	1,730,847
23 HUATAI 13	-	1,033,674	(28,000)	1,005,674
20 HUATAI C1	-	5,253,184	(224,000)	5,029,184
HUATAI B2404	6,388,692	67,244	(6,455,936)	-
HUATAI B2503	-	7,416,677	(170,846)	7,245,831
HUATAI B2509	-	3,135,411	(86,920)	3,048,491
Structured notes (1)	504,716	-	(504,716)	-
Total	44,803,489	43,751,165	(46,767,218)	41,787,436

(1) As at 30 June 2025, RMB3,246.89 million of structured notes would mature within one year (as at 31 December 2024: nil).

46 Long-term bonds

As at 30 June 2025

Name	Par value	Value date	Due date	Issue amount	Nominal interest rate
	Original currency			Original currency

21 HUATAI G4	RMB6,000,000	17/5/2021	17/5/2026	RMB6,000,000	3.71%
21 HUATAI G6	RMB2,000,000	24/5/2021	24/5/2026	RMB2,000,000	3.63%
21 HUATAI 12	RMB2,700,000	7/9/2021	7/9/2031	RMB2,700,000	3.78%
21 HUATAI 14	RMB3,400,000	18/10/2021	18/10/2031	RMB3,400,000	3.99%
21 HUATAI 16	RMB1,100,000	25/10/2021	25/10/2031	RMB1,100,000	3.94%
22 HUATAI G7	RMB1,400,000	21/11/2022	21/11/2027	RMB1,400,000	3.18%
22 HUATAI 11	RMB500,000	12/12/2022	12/12/2027	RMB500,000	3.49%
23 HUATAI G3	RMB2,000,000	16/1/2023	16/1/2028	RMB2,000,000	3.48%
23 HUATAI G4	RMB4,500,000	6/2/2023	6/2/2026	RMB4,500,000	3.23%
23 HUATAI G5	RMB4,000,000	13/2/2023	13/2/2028	RMB4,000,000	3.39%
23 HUATAI G6	RMB1,500,000	27/2/2023	27/2/2026	RMB1,500,000	3.14%
23 HUATAI G7	RMB2,200,000	27/2/2023	27/2/2028	RMB2,200,000	3.36%
23 HUATAI G9	RMB700,000	10/5/2023	10/5/2028	RMB700,000	3.07%
23 HUATAI 10	RMB2,000,000	24/8/2023	24/8/2026	RMB2,000,000	2.64%
23 HUATAI 11	RMB2,500,000	21/9/2023	21/9/2026	RMB2,500,000	2.89%
23 HUATAI 14	RMB1,600,000	16/10/2023	16/10/2033	RMB1,600,000	3.35%
23 HUATAI 15	RMB1,000,000	6/11/2023	6/8/2026	RMB1,000,000	2.83%
23 HUATAI 16	RMB2,500,000	6/11/2023	6/11/2033	RMB2,500,000	3.30%
23 HUATAI F2	RMB2,800,000	27/11/2023	27/11/2026	RMB2,800,000	3.07%
23 HUATAI F4	RMB3,600,000	15/12/2023	15/12/2026	RMB3,600,000	3.08%
25 HUATAI G3	RMB3,000,000	27/2/2025	27/2/2027	RMB3,000,000	2.05%
25 HUATAI G4	RMB1,900,000	27/2/2025	27/2/2028	RMB1,900,000	2.05%
25 HUATAI G6	RMB2,700,000	6/3/2025	6/9/2027	RMB2,700,000	2.05%
25 HUATAI G8	RMB3,600,000	24/3/2025	24/8/2026	RMB3,600,000	2.02%
21 HUATAI C1	RMB9,000,000	29/1/2021	29/1/2026	RMB9,000,000	4.50%
HUATAI KC01	RMB700,000	13/5/2025	13/5/2028	RMB700,000	1.71%
HUATAI B2604	USD500,000	9/4/2021	9/4/2026	USD500,000	2.00%
HUATAI B2608	USD400,000	9/8/2023	9/8/2026	USD400,000	5.25%
HUATAI B2611	USD800,000	29/11/2023	29/11/2026	USD800,000	SOFR + 0.9%
Structured notes (1)	RMB3,030,000	Note(1)	Note(1)	RMB3,030,000	Note(1)

Name	Book value as at 1 January 2025	Increase	Decrease	Book value as at 30 June 2025
	RMB equivalent	RMB equivalent	RMB equivalent	RMB equivalent

21 HUATAI G4	6,137,126	-	(6,137,126)	-
21 HUATAI G6	2,043,339	-	(2,043,339)	-
21 HUATAI 12	2,731,010	51,116	-	2,782,126
21 HUATAI 14	3,427,207	67,863	-	3,495,070
21 HUATAI 16	1,107,874	21,681	-	1,129,555
22 HUATAI G7	1,404,773	22,289	-	1,427,062
22 HUATAI 11	500,702	8,763	-	509,465
23 HUATAI G3	2,066,135	34,924	(69,600)	2,031,459
23 HUATAI G4	4,630,454	-	(4,630,454)	-
23 HUATAI G5	4,118,397	68,006	(135,600)	4,050,803
23 HUATAI G6	1,539,390	-	(1,539,390)	-
23 HUATAI G7	2,261,440	37,073	(73,920)	2,224,593
23 HUATAI G9	713,590	10,780	(21,490)	702,880
23 HUATAI 10	2,018,026	26,625	-	2,044,651
23 HUATAI 11	2,519,358	36,341	-	2,555,699
23 HUATAI 14	1,610,498	26,837	-	1,637,335
23 HUATAI 15	1,004,212	14,185	-	1,018,397
23 HUATAI 16	2,512,149	41,273	-	2,553,422
23 HUATAI F2	2,808,118	42,980	-	2,851,098
23 HUATAI F4	3,602,869	55,994	-	3,658,863
25 HUATAI G3	-	3,018,793	-	3,018,793
25 HUATAI G4	-	1,911,812	-	1,911,812
25 HUATAI G6	-	2,715,821	-	2,715,821
25 HUATAI G8	-	3,617,568	-	3,617,568
21 HUATAI C1	9,372,484	-	(9,372,484)	-
HUATAI KC01	-	700,915	-	700,915
HUATAI B2604	3,609,339	-	(3,609,339)	-
HUATAI B2608	2,927,397	64,242	(75,166)	2,916,473
HUATAI B2611	5,777,948	123,736	(152,585)	5,749,099
Structured notes (1)	3,227,546	-	(3,197,546)	30,000
Total	73,671,381	12,719,617	(31,058,039)	55,332,959

As at 31 December 2024

Name	Par value	Value date	Due date	Issue amount	Nominal interest rate
	Original currency			Original currency
20 HUATAI G3	RMB3,500,000	29/4/2020	29/4/2025	RMB3,500,000	2.90%
20 HUATAI G4	RMB3,000,000	21/5/2020	21/5/2025	RMB3,000,000	3.20%
21 HUATAI G4	RMB6,000,000	17/5/2021	17/5/2026	RMB6,000,000	3.71%
21 HUATAI G6	RMB2,000,000	24/5/2021	24/5/2026	RMB2,000,000	3.63%
21 HUATAI 12	RMB2,700,000	7/9/2021	7/9/2031	RMB2,700,000	3.78%
21 HUATAI 14	RMB3,400,000	18/10/2021	18/10/2031	RMB3,400,000	3.99%
21 HUATAI 16	RMB1,100,000	25/10/2021	25/10/2031	RMB1,100,000	3.94%
22 HUATAI G1	RMB5,000,000	14/2/2022	14/2/2025	RMB5,000,000	2.79%
22 HUATAI G4	RMB2,000,000	5/9/2022	5/9/2025	RMB2,000,000	2.52%
22 HUATAI G5	RMB3,000,000	13/9/2022	13/9/2025	RMB3,000,000	2.50%
22 HUATAI G7	RMB1,400,000	21/11/2022	21/11/2027	RMB1,400,000	3.18%
22 HUATAI 10	RMB2,000,000	12/12/2022	12/12/2025	RMB2,000,000	3.35%
22 HUATAI 11	RMB500,000	12/12/2022	12/12/2027	RMB500,000	3.49%
23 HUATAI G1	RMB4,000,000	10/1/2023	10/1/2025	RMB4,000,000	2.92%
23 HUATAI G2	RMB800,000	16/1/2023	16/1/2025	RMB800,000	3.00%
23 HUATAI G3	RMB2,000,000	16/1/2023	16/1/2028	RMB2,000,000	3.48%
23 HUATAI G4	RMB4,500,000	6/2/2023	6/2/2026	RMB4,500,000	3.23%
23 HUATAI G5	RMB4,000,000	13/2/2023	13/2/2028	RMB4,000,000	3.39%
23 HUATAI G6	RMB1,500,000	27/2/2023	27/2/2026	RMB1,500,000	3.14%
23 HUATAI G7	RMB2,200,000	27/2/2023	27/2/2028	RMB2,200,000	3.36%
23 HUATAI G8	RMB1,700,000	10/5/2023	10/7/2025	RMB1,700,000	2.82%
23 HUATAI G9	RMB700,000	10/5/2023	10/5/2028	RMB700,000	3.07%
23 HUATAI 10	RMB2,000,000	24/8/2023	24/8/2026	RMB2,000,000	2.64%
23 HUATAI 11	RMB2,500,000	21/9/2023	21/9/2026	RMB2,500,000	2.89%
23 HUATAI 13	RMB1,000,000	16/10/2023	16/10/2025	RMB1,000,000	2.80%
23 HUATAI 14	RMB1,600,000	16/10/2023	16/10/2033	RMB1,600,000	3.35%
23 HUATAI 15	RMB1,000,000	6/11/2023	6/8/2026	RMB1,000,000	2.83%
23 HUATAI 16	RMB2,500,000	6/11/2023	6/11/2033	RMB2,500,000	3.30%
23 HUATAI F2	RMB2,800,000	27/11/2023	27/11/2026	RMB2,800,000	3.07%
23 HUATAI F4	RMB3,600,000	15/12/2023	15/12/2026	RMB3,600,000	3.08%
20 HUATAI C1	RMB5,000,000	13/11/2020	13/11/2025	RMB5,000,000	4.48%
21 HUATAI C1	RMB9,000,000	29/1/2021	29/1/2026	RMB9,000,000	4.50%
HUATAI B2604	USD500,000	9/4/2021	9/4/2026	USD500,000	2.00%
HUATAI B2503	USD1,000,000	3/3/2022	3/3/2025	USD1,000,000	2.38%
HUATAI B2509	RMB3,025,000	14/9/2022	14/9/2025	RMB3,025,000	2.85%
HUATAI B2608	USD400,000	9/8/2023	9/8/2026	USD400,000	5.25%
HUATAI B2611	USD800,000	29/11/2023	29/11/2026	USD800,000	SOFR + 0.9%
Structured notes (1)	RMB3,030,000	Note (1)	Note (1)	RMB3,030,000	Note (1)

Name	Book value as at 1 January 2024	Increase	Decrease	Book value as at 31 December 2024
	RMB equivalent	RMB equivalent	RMB equivalent	RMB equivalent

20 HUATAI G3	3,567,318	-	(3,567,318)	-
20 HUATAI G4	3,058,017	-	(3,058,017)	-
21 HUATAI G4	6,135,944	223,782	(222,600)	6,137,126
21 HUATAI G6	2,042,945	72,994	(72,600)	2,043,339
21 HUATAI 12	2,730,840	102,230	(102,060)	2,731,010
21 HUATAI 14	3,427,143	135,724	(135,660)	3,427,207
21 HUATAI 16	1,107,853	43,361	(43,340)	1,107,874
22 HUATAI G1	5,120,528	-	(5,120,528)	-
22 HUATAI G4	2,015,297	-	(2,015,297)	-
22 HUATAI G5	3,020,889	-	(3,020,889)	-
22 HUATAI G7	1,404,717	44,576	(44,520)	1,404,773
22 HUATAI 10	2,002,581	-	(2,002,581)	-
22 HUATAI 11	500,628	17,524	(17,450)	500,702
23 HUATAI G1	4,113,345	-	(4,113,345)	-
23 HUATAI G2	822,900	-	(822,900)	-
23 HUATAI G3	2,065,894	69,841	(69,600)	2,066,135
23 HUATAI G4	4,629,523	146,281	(145,350)	4,630,454
23 HUATAI G5	4,117,997	136,000	(135,600)	4,118,397
23 HUATAI G6	1,539,132	47,358	(47,100)	1,539,390
23 HUATAI G7	2,261,221	74,139	(73,920)	2,261,440
23 HUATAI G8	1,730,405	-	(1,730,405)	-
23 HUATAI G9	713,520	21,560	(21,490)	713,590
23 HUATAI 10	2,017,583	53,243	(52,800)	2,018,026
23 HUATAI 11	2,518,935	72,673	(72,250)	2,519,358
23 HUATAI 13	1,005,417	-	(1,005,417)	-
23 HUATAI 14	1,610,427	53,671	(53,600)	1,610,498
23 HUATAI 15	1,003,315	29,197	(28,300)	1,004,212
23 HUATAI 16	2,510,029	84,620	(82,500)	2,512,149
23 HUATAI F2	2,808,118	85,960	(85,960)	2,808,118
23 HUATAI F4	3,601,796	111,953	(110,880)	3,602,869
20 HUATAI C1	5,028,420	-	(5,028,420)	-
21 HUATAI C1	9,370,679	406,805	(405,000)	9,372,484
HUATAI B2604	3,550,894	130,349	(71,904)	3,609,339
HUATAI B2503	7,123,519	-	(7,123,519)	-
HUATAI B2509	3,044,890	-	(3,044,890)	-
HUATAI B2608	2,876,402	201,996	(151,001)	2,927,397
HUATAI B2611	5,685,678	452,832	(360,562)	5,777,948
Structured notes (1)	3,127,773	99,773	-	3,227,546
Total	115,012,512	2,918,442	(44,259,573)	73,671,381

(1) The Company has issued 8 tranches of long-term structured notes for the period ended 30 June 2025 (for the year ended 31 December 2024: nil tranches). As at 30 June 2025, 2 tranches of long-term structured notes due within one year is classified as "Long-term bonds due within one year" (as at 31 December 2024: nil tranches) (Note 45).

47 Long-term bank loans

(a) Analysed by nature

	As at 30 June 2025	As at 31 December 2024

Unsecured bank loans	183,195	-
Less: unsecured bank loans due within one year	-	-
Total	183,195	-

(b) Analysed by maturity

	As at 30 June 2025	As at 31 December 2024

Maturity within five years	183,195	-

48 Share capital

All shares issued by the Company are fully paid common shares. The par value per share is RMB1. The Company's number of shares issued and their nominal value are as follows:

		As at 30 June 2025		As at 31 December 2024
	Number of shares	Nominal value	Number of shares	Nominal value
	(Thousands)		(Thousands)

Registered, issued and fully paid:
A shares of RMB1 each	7,308,256	7,308,256	7,308,256	7,308,256
H shares of RMB1 each	1,719,046	1,719,046	1,719,046	1,719,046
Total	9,027,302	9,027,302	9,027,302	9,027,302

On 1 June 2015, the Company completed its initial public offering of 1,400,000,000 H shares on the Main Board of the Hong Kong Stock Exchange. On 19 June 2015, the Company partially exercised the over-allotment option and issued 162,768,800 H shares.

According to the relevant PRC requirements, existing shareholders of the state-owned shares of the Company have transferred an aggregate number of 156,276,880 state-owned shares of the Company to the National Social Security Fund of the PRC, and such shares were then converted into H shares on a one-for-one basis.

In July 2018, the Company completed private placement of issuance of 1,088,731,200 new A shares.

On 20 June 2019, the Company completed its issuance of 75,013,636 GDRs, representing 750,136,360 underlying A shares, and listed on the London Stock Exchange. On 27 June 2019, the Company exercised the over-allotment option and issued additional 7,501,364 GDRs, representing 75,013,640 underlying A shares. In total, the Company has issued 82,515,000 GDRs, representing 825,150,000 new A shares with nominal value of RMB1.00 each. The total paid-up share capital of the Company after the change was RMB9,076,650,000.

In 2022, the Company completed the repurchase and cancellation of 1,060,973 restricted A Shares, after which the Company's registered capital was RMB9,075,589,027 and the total share capital of the Company was 9,075,589,027 shares of RMB1 each.

Financial Report and Documents for Inspection

In 2023, the Company completed the repurchase and cancellation of 925,692 restricted A Share, after which the Company's registered capital was RMB9,074,663,335 and the total share capital of the Company was 9,074,663,335 shares of RMB1 each.

In January 2024, the Company completed the repurchase and cancellation of 45,278,495 A-share shares stored in the Company's special securities account, after which the Company's registered capital was RMB9,029,384,840 and the total share capital of the Company was 9,029,384,840 shares of RMB1 each.

In September 2024, the Company completed the repurchase and cancellation of 2,082,559 restricted A Share, after which the Company's registered capital was RMB9,027,302,281 and the total share capital of the Company was 9,027,302,281 shares of RMB1 each.

The H shares and GDRs representing A shares rank pari passu in all respects with the existing A shares including the right to receive all dividends and distributions declared or made.

49 Other equity instruments

	As at 30 June 2025	As at 31 December 2024
Perpetual subordinated bonds	33,300,000	28,300,000

As approved by the CSRC, the Company issued ten batches of perpetual subordinated bonds ("21 Huatai Y1", "21 Huatai Y2", "21 Huatai Y3", "22 Huatai Y1", "22 Huatai Y2", "22 Huatai Y3","23 Huatai Y1","23 Huatai Y2","24 Huatai Y1" and "25 Huatai Y1") with an initial interest rate of 3.85%, 4.00%, 3.80%, 3.49%, 3.59%, 3.20%, 3.46%, 3.58%, 2.39% and 2.12% on 15 September 2021, 26 October 2021, 16 November 2021, 26 January 2022, 11 July 2022, 21 October 2022, 8 September 2023, 20 October 2023, 26 November 2024 and 26 May 2025, respectively. The perpetual subordinated bonds have no fixed maturity dates and the Company has an option to redeem the bonds at principal amounts plus any accrued interest on the fifth interest payment date or any interest payment date afterwards.

The interest rate for perpetual subordinated bonds is fixed in the first 5 years and will be repriced every 5 years. The repriced interest rate is determined as the sum of the current base rate and the initial spread plus 200bp or 300bp. The current base rate is defined as the average yield of 5 years treasury from the interbank fixed rate bond yield curve published on China Bond webpage 5 working days before the adjustment.

The issuer has the option to defer interest payment, except in the event of mandatory interest payments, so that at each interest payment date, the issuer may choose to defer the interest payment to the next payment date for the current period as well as all interest and accreted interest already deferred, without being subject to any limitation with respect to the number of deferrals. Mandatory interest payment events are limited to dividend distributions to ordinary equity holders and reductions of registered capital.

As the Company declared dividend distribution to ordinary equity holders during the 2024 annual general meeting held on 20 June 2025, the Company has recognised interest payable to the perpetual subordinated bonds amounted to RMB1,103,270 thousand in dividend payable.

The perpetual subordinated bonds issued by the Company are classified as equity instruments and presented under equity in the condensed consolidated statement of financial position.

50 Treasury shares

	As at	Increase for	Decrease for	As at
	1 January 2025	the period	the period	30 June 2025
Restricted Share Incentive Scheme of A Shares Total	100,545 100,545	- -	(90,280.00) (90,280.00)	10,265 10,265

On 29 April 2025, the Board and the Supervisory Committee of the Company respectively considered and approved the proposal on the achievement of the conditions of unlocking third lock-up period of Restricted Share Incentive Scheme of A Shares. Based on the achievement of performance conditions at the company level and individual level, the total number of restricted shares that could be unlocked this time was 12,427,384 shares, and the restricted shares that were unlocked for sale would be listed and circulated on 20 May 2025, and shares subject to selling restrictions was reduced to 1,498,495 Shares in total. According to the Restricted Share Incentive Scheme of A Shares Plan, the share repurchase's obligation was reduced accordingly by RMB 89.73 million.

On 20 June 2025, in accordance with the resolution of the 2024 Annual General Meeting of Shareholders of the Company, the "Proposal on the 2024 Annual Profit Distribution of the Company" was adopted. It was confirmed that the 2024 annual profit distribution of the Company will be in the form of cash dividends, with a cash dividend of RMB0.37 per share (inclusive of tax) to be distributed to shareholders. The 2024 annual cash dividends of the Company would be paid on 15 August 2025. According to the Restricted Share Incentive Scheme of A Shares Plan, dividends were distributed on the remaining 1,498,495 restricted shares that have been issued, and the corresponding share repurchase obligation was reduced by RMB0.55 million.

Financial Report and Documents for Inspection

51 Reserves

(a) Capital reserve

Capital reserve mainly includes share premium arising from the issuance of new shares at prices in excess of face value and the difference between the considerations of acquisition of equity interests from non-controlling shareholders and the carrying amount of the proportionate net assets.

(b) Surplus reserve

Pursuant to the Company Law of the PRC, the Company is required to appropriate 10% of its net profit to the statutory surplus reserve until the balance reaches 50% of its registered capital.

Subject to the approval of the shareholders, the statutory reserve may be used to offset accumulated losses, or converted into capital of the Company provided that the balance of the statutory surplus reserve after such capitalisation is not less than 25% of the registered capital immediately before the capitalisation.

(c) General reserve

General reserve includes general risk reserve and transaction risk reserve.

In accordance with the requirements of the CSRC Circular regarding the Annual Reporting of Securities Companies in 2007 (Zhengjian Jigou Zi [2007] No. 320) issued on 18 December 2007, the Company appropriates 10% of its annual net profit to the general risk reserve.

In accordance with the requirements of the CSRC Circular regarding the Annual Reporting of Securities Companies in 2007 (Zhengjian Jigou Zi [2007] No. 320) issued on 18 December 2007 and in compliance with the Securities Law, for the purpose of covering securities trading losses, the Company appropriates 10% from its annual net profit to the transaction risk reserve.

In accordance with the requirements of the CSRC No. 94 Provisional Measures on Supervision and Administration of Risk Provision of Public Offering of Securities Investment Funds, the Company appropriates 2.5% from its fund custody fee income to the general risk reserve.

The Company's subsidiaries appropriate their profits to the general reserve according to the applicable local regulations.

(d) Fair value reserve

The fair value reserve comprises:

The cumulative net changes in fair value of equity instruments designated at FVOCI; and
The cumulative net changes in fair value of debt instruments at FVOCI until the assets are derecognised or reclassified. This amount is adjusted by the amount of loss allowance.

(e) Cash flow hedges reserve

The cash flow hedges reserve comprises the effective portion of the gain or loss on the hedging instrument.

(f) Translation reserve

The translation reserve mainly comprises foreign currency differences arising from the translation of the financial statements of foreign operations.

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52 Retained profits

Pursuant to the resolution of the general meeting of the shareholders dated 20 June 2025, the Company was approved to distribute cash dividends of RMB3.70 (tax inclusive) per 10 shares to the shareholders based on 9,027,302,281 shares, with total cash dividends amounting to RMB3,340 million. The cash dividends of the Company was paid on 15 August 2025.

53 Acquisition of a subsidiary

The Group holds 90.04% interest of New Zealand Nutrifoods Investment Group Limited through a consolidated structured entity, which acquired 100.00% interest of Egmont Honey Holdings Limited in March 2025. The acquisition has been accounted for as acquisition of business using the acquisition method.

(a) Consideration transferred

	RMB'000

Cash	286,103
Payable to original shareholders of Egmont Honey Holdings Limited	31,554
Total acquisition cost	317,657
Less: share of fair value of identifiable net assets acquired	(116,224)
Goodwill	201,433

None of the goodwill arising on this acquisition is expected to be deductible for tax purposes.

(b) Assets acquired and liabilities recognised at the date of acquisition

	Assets acquired and liabilities recognised at the date of acquisition (provisional amounts) RMB'000

Cash and bank balances	41,432
Property and equipment	12,448
Right-of-use assets	128
Land-use rights and other intangible assets	168,859
Other assets	219,084
Other payables and accruals	(294,192)
Deferred tax liabilities	(31,535)
Total	116,224

If there's adjustment on the provisional value of the assets acquired and liabilities assumed at the date of acquisition since one year from the acquisition date, the amounts of deferred tax liabilities and goodwill may be adjusted accordingly.

54 Commitments

(a) Capital commitments

Capital commitments outstanding as at 30 June 2025 and 31 December 2024 not provided for in the condensed consolidated financial statements were as follows:

	As at 30 June 2025	As at 31 December 2024
Contracted, but not provided for	7,880,508	7,174,588

The aforementioned capital commitments mainly represent securities underwriting commitments, subscribed capital contributions to funds, construction of properties and purchase of equipment of the Group.

55 Interests in structured entities

(a) Interests in structured entities consolidated by the Group

Structured entities consolidated by the Group mainly stand for the asset management schemes where the Group involves as manager and/ or as investor. The Group assesses whether the combination of investments it holds together with its remuneration creates exposure to variability of returns from the activities of the asset management schemes to a level of such significance that it indicates that the Group is a principal.

As at 30 June 2025, the Group consolidates 59 structured entities (as at 31 December 2024: 55 structured entities), which are mainly asset management schemes. As at 30 June 2025, the total assets of the consolidated structured entities are RMB37,646 million (as at 31 December 2024: RMB35,723 million), and the carrying amount of interests held by the Group in the consolidated structured entities are RMB34,771 million (as at 31 December 2024: RMB32,309 million). For the period ended 30 June 2025 and year ended 31 December 2024, the Group did not provide financial support to these structured entities.

(b) Interests in structured entities sponsored by the Group but not consolidated

Structured entities for which the Group served as general partner or manager, therefore has power over them during the reporting periods are asset management schemes. Except for the structured entities that the Group has consolidated as set out in Note 55(a), the Group's exposure to the variable returns in the remaining structured entities in which the Group has interests is not significant. Besides, the Group did not provide financial support to these structured entities. The Group therefore did not consolidate these structured entities.

As at 30 June 2025, the total assets of these unconsolidated structured entities managed by the Group amounted to RMB689,607 million (as at 31 December 2024: RMB621,057 million). As at 30 June 2025, the carrying amount of interests held by the Group in these unconsolidated structured entities are RMB6,240 million (as at 31 December 2024: RMB6,252 million).

During the six months ended 30 June 2025, the Group's profit or loss from these unconsolidated structured entities including asset management fee and commission income, and net investment gains, amounted to a total gain of RMB981million (during the six months ended 30 June 2024: asset management fee and commission income, and net investment losses, amounted to a total loss of RMB167 million).

(c) Interests in structured entities sponsored by third party institutions

The types of structured entities sponsored by third party institutions that the Group does not consolidate but in which it holds interests include funds, asset management schemes, trust schemes, and wealth management products issued by banks or other financial institutions. The nature and purpose of these structured entities are to generate fees from managing assets on behalf of investors. These vehicles are financed through the issue of units to investors.

The carrying amount of the related accounts in the condensed consolidated statements of financial position is equal to the maximum exposure to loss of interests held by the Group in the unconsolidated structured entities sponsored by third party institutions as at 30 June 2025 and 31 December 2024, which are listed as below:

	As at 30 June 2025
	Financial assets at fair value through profit or loss	Total

Funds	79,883,417	79,883,417
Wealth management products	6,706,951	6,706,951
Debt securities	182,261	182,261
Total	86,772,629	86,772,629

	As at 31 December 2024
	Financial assets at fair value through profit or loss	Total

Funds	60,952,406	60,952,406
Wealth management products	6,825,830	6,825,830
Debt securities	383,852	383,852
Total	68,162,088	68,162,088

56 Outstanding litigations

From time to time in the ordinary course of business, the Group is subject to claims and are parties to legal and regulatory proceedings. As at 30 June 2025 and 31 December 2024, based on the court rulings and advices from legal representatives and management judgement, provision had been made to the claim amounts for the major legal action as listed below.

During the year of 2020, the Group's subsidiary Huatai United Securities Co., Ltd. received the Notice of Legal Action and relevant litigation materials sent by Shanghai Financial Court. The plaintiff, Postal Savings Bank of China Co., Ltd., failed to fully cash its investment in "Huatai Magnate Light Asset-backed Securities", sued to the Court to require the manager (the first defendant), the legal adviser (the second defendant), the rating agency (the third defendant), the issuer (the fourth defendant) and Huatai United Securities Co., Ltd., the financial adviser (the fifth defendant), to bear joint and several liability for the compensation for the plaintiff's investment loss of RMB527 million and relevant interest. The Shanghai Financial Court made the judgment of the first instance on 14 April 2023 that Huatai United Securities Co., Ltd. shall bear joint and several liability. Huatai United Securities Co., Ltd. submitted an application for appeal, the second-instance trial officially commenced on 26 December 2024, but no verdict has been rendered as of the approval and issuance date of the financial statements. According to the opinion of the legal representative and the judgment of the management, the Group has accrued provision amounting to RMB675 million for the claim amount.

During the year of 2024, Zhejiang Securities Co., Ltd. and Zhejiang Securities Asset Management Co., Ltd. filed a tort liability dispute lawsuit against Huatai United Securities Co., Ltd. and the manager, alleging that the defendants' improper performance of duties resulted in substantial losses. The plaintiffs claim joint and several liability for compensation of investment principal and interest totaling RMB142 million. The case is currently under trial. According to the opinion of the legal representative and the judgment of the management, the Group has accrued provision amounting to RMB71 million for the claim amount.

As of 30 June 2025, except for the aforementioned cases, the Group is not involved in any other legal proceedings or arbitrations for which an unfavorable judgment, ruling, or decision, if rendered, would reasonably be expected to result in a material adverse effect on the Group's financial position or operating results.

57 Share-based payments

	Note	As at 1 January 2025	Accrued for the period	Decrease for the period	As at 30 June 2025
Restricted Share Incentive Scheme of A Shares	(a)	104,624	4,190	(101,090)	7,724
Total		104,624	4,190	(101,090)	7,724
	Note	As at 1 January 2024	Accrued for the year	Decrease for the year	As at 31 December 2024
Restricted Share Incentive Schemeof A Shares	(a)	180,789	31,852	(108,017)	104,624
Share-based payments of an overseas subsidiary		1,388,553	69,352	(1,457,905)	-
Total		1,569,342	101,204	(1,565,922)	104,624

(a) Share-based payments of the Company

The Company carried out a Restricted Share Incentive Scheme of A Shares whereby the Company grant restricted A shares to the Incentive Participants in return for their services. On 29 March 2021, 45,640,000 restricted A Shares were granted to 813 incentive participants at the grant price of RMB9.10 per Share. As at 30 March 2021, the Company had in aggregate received subscription proceeds of RMB413,940,800 from 810 incentive participants. On 30 March 2023, the Board and the Supervisory Committee of the Company considered and approved that the total number of restricted shares that can be unlocked is 14,222,943 shares at the end of the first locking period. On 12 April 2024, the Board and the Supervisory Committee of the Company considered and approved that the total number of restricted shares that can be unlocked is 13,269,954 shares at the end of the second locking period. On 29 April 2025, the Board and the Supervisory Committee of the Company considered and approved that the total number of restricted shares that can be unlocked is 12,427,384 shares at the end of the third locking period (Note 50).

As at 30 June 2025, there is one remaining unlocking periods under the incentive scheme, the weighted average remaining contractual life of the incentive scheme is 0.5 year.

Details of the scheme as at 30 June 2025 and 30 June 2024 are set out below:

Six months ended 30 June
2025	2024

13,723,650	27,793,201
-	-
-	-
(236,266)	(597,368)
(12,427,384)	(13,269,954)
1,060,000	13,925,879

1,060,000	13,925,879

As at 30 June 2025, cumulative amount of RMB7.72 million was recognised in the capital reserve of the Company (as at 30 June 2024: RMB91.94 million). The total expenses recognised for the six months ended 30 June 2025 was RMB4.19 million (for the six months ended 30 June 2024: RMB19.17 million).

For the period ended 30 June 2025 the Company recognized share-based payment expense amounted to RMB1.28 million, for the restricted shares granted to the Company's key management personnel (for the period ended 30 June 2024: RMB3.04 million).

The fair value of services received in return for restricted share Incentive scheme is measured by reference to the fair value of shares. The estimate of the fair value of restricted shares granted is measured based on the closing price of shares at grant date, which is RMB17.24 per share.

58 Related party relationships and transactions

(a) Relationship of related parties

(i) Major shareholders

Name of the shareholders	Place of registration	Registered share capital	Percentage of equity interest (%)	Voting rights (%)
Jiangsu Guoxin Investment Group Limited	Nanjing	RMB50 billion	15.21	15.21
Jiangsu Communications Holdings Co., Ltd	Nanjing	RMB16.8 billion	5.42	5.42

The detailed information of the transactions and balances with Group's major shareholders is set out in Note 58(b)(i).

(ii) Associates of the Group
The detailed information of the Group's associates is set out in Note 20.
(iii) Joint ventures of the Group
The detailed information of the Group's joint ventures is set out in Note 21.
(iv) Other related parties

Other related parties are individuals which include: members of the Board of Directors, the Board of Supervisors and senior management, and close family members of such individuals.

(b) Related parties transactions and balances

Other than as disclosed elsewhere in these consolidated financial statements, the Group had the following related party transactions and balances:

(i) Transactions and balances between the Group and major shareholders and their subsidiaries:

	As at 30 June 2025	As at 31 December 2024

Balances at the end of the period/ year:


Right-of-use assets	-	142
Other receivables	-	43
Accounts payable to brokerage clients	290,258	327,636
Other payables and accruals	3,211	3,211

	Six months ended 30 June
	2025	2024
Transactions during the period:
Fee and commission income	4,390	4,913
Net investment (losses)/gains	(99)	2,456

For the period ended 30 June 2025, the Group has not redeemed the bonds issued by major shareholders (For the period ended 30 June 2024: RMB57 million).

For the period ended 30 June 2025, the Group has not subscribed the bonds issued by major shareholders (For the period ended 30 June 2024: RMB30 million).

(ii) Transactions and balances between the Group and associates:

	As at 30 June 2025	As at 31 December 2024
Balances at the end of the period/ year:

Cash and bank balances	1,862,251	1,240,337
Right-of-use assets	54,139	66,870
Accounts receivable	130,142	109,501
Other receivables	2,530	3,204
Financial assets at FVTPL	330,016	30,559
Accounts payable to brokerage clients	255,637	77,858
Other payables and accruals	739	378
Short-term bank loans	30,023	-
Lease liabilities	55,493	68,342

	Six months ended 30 June
	2025	2024
Transactions during the period:
Fee and commission income	142,405	132,536
Fee and commission expense	(499)	(304)
Other income and gains	1,305	1,769
Interest income	9,025	16,878
Interest expenses	(3,487)	(2,188)
Net investment (losses) /gains	(954)	1,902

For the period ended 30 June 2025, the Group has redeemed the corporate bond issued by the associates amounting to RMB31 million (For the period ended 30 June 2024: RMB20 million).

For the period ended 30 June 2025, the Group has subscribed the corporate bond issued by the Group amounting to RMB330 million (For the period ended 30 June 2024: Nil).

For the period ended 30 June 2025, the Group has not made capital injection into the associates (For the period ended 30 June 2024: RMB211 million). For the period ended 30 June 2025, the capital reduction made by the Group from the associates are RMB176 million (For the period ended 30 June 2024: RMB20 million).

For the six months ended 30 June 2025, the Group has made repurchase agreements with associates for the total amount of RMB12,802 million (For the period ended 30 June 2024: RMB4,556 million).

For the six months ended 30 June 2025, the Group has taken placements from other financial institutions with associates for the total amount of RMB1,000 million (For the period ended 30 June 2024: RMB19,500 million).

For the six months ended 30 June 2025, the Group has obtained short-term bank loans from associates for the total amount of RMB30 million (For the period ended 30 June 2024: Nil).

For the six months ended 30 June 2025, the Group has subscribed non-public corporate bonds held by the associates amounting to RMB52 million (For the period ended 30 June 2024: RMB40 million).

For the six months ended 30 June 2025, the Group has made bond lending agreement with associates for the total amount of RMB7,770 million (For the period ended 30 June 2024: RMB1,490 million).

For the six months ended 30 June 2025, the Group has made bill rediscounting agreement with associates for the total amount of RMB2,674 million (For the period ended 30 June 2024: Nil).

For the six months ended 30 June 2025, the dividend received from associates are RMB1,704 million (For the period ended 30 June 2024: RMB633 million).

For the six months ended 30 June 2025, the Group has paid rental fee to associates for the total amounts of RMB14 million (For the period ended 30 June 2024: RMB23 million).

(iii) Transactions and balances between the Group and joint ventures:

	As at 30 June 2025	As at 31 December 2024
Balances at the end of the period/ year:
Accounts receivable	12,137	8,168
Accounts payable to brokerage clients	1,085	70,950
	Six months ended 30 June
	2025	2024

Transactions during the period:
Fee and commission income	6,551	4,983

For the six months ended 30 June 2025, the capital injection made by the Group into the joint ventures is nil (For the period ended 30 June 2024: RMB75 million).

For the six months ended 30 June 2025, the capital reduction made by the Group from the joint ventures is RMB43 million (For the period ended 30 June 2024: RMB26 million).

2025 INTERIM REPORT

Financial Report and Documents for Inspection

(iv) Transactions and balances between the Group and other related parties:

	As at 30 June 2025	As at 31 December 2024
Balances at the end of the period/ year:
Accounts payable to brokerage clients	5,322	939

	Six months ended 30 June
	2025	2024
Transactions during the period:
Fee and commission income	55	113

(C) Key management personnel remuneration

For the six months ended 30 June 2025, the Company paid pre-tax remuneration to key management personnel of the Company amounting to RMB9.25 million (For the six months ended 30 June 2024: RMB9.36 million). For the six months ended 30 June 2025, the post-employment benefits of the key management personnel amounted to RMB0.34 million (For the six months ended 30 June 2024: RMB0.34 million).

For the six months ended 30 June 2025, the Company paid pre-tax deferred remuneration which was accrued in previous years to directors, supervisors, and senior management personnel amounted to RMB0.42 million (For the six months ended 30 June 2024: Nil).

Total remuneration is included in "staff costs" (Note 11).

59 Segment reporting

Management manages the business operations by the following segments in accordance with the nature of the operations and the services provided, and the performance measure of business segments utilised by the Group is profit before income tax:

The wealth management segment engages in the trading of stocks, funds, bonds and futures on behalf of clients, to provide customers with a variety of financial products sales services and asset allocation services. Moreover, the activities of providing margin financing, securities lending, securities-backed lending and sell financial products are included in this segment.
The institutional services segment mainly provides investment banking business to clients, research and institutional sales, equity securities investments and transactions, fixed income investments and transactions, OTC financial products and transactions.
The investment management segment mainly consists of asset management, private equity investment, alternative investments and commodities trading and arbitrage.
The international business segment mainly includes the overseas business of overseas subsidiaries.
Other segments include other operations of head office, mainly including interest income, share of profit of associates and joint ventures, interest expenses of working capitals, and costs and expenses of middle offices and back offices.

(a) Business segments

For the six months ended 30 June 2025

	Wealth management	Institutional services	Investment management	International business	Others	Total

Revenue
- External	10,099,911	4,567,149	1,790,367	4,100,375	517,092	21,074,894
- Inter-segment	122	14,914	-	-	366,270	381,306
Other income and gains/ (losses)	309,787	43,744	127,284	(553,385)	(2,227)	(74,797)
Segment revenue and other income	10,409,820	4,625,807	1,917,651	3,546,990	881,135	21,381,403
Segment expenses	(6,109,409)	(3,289,683)	(606,574)	(2,273,068)	(2,248,733)	(14,527,467)
Segment operating profit / (loss)	4,300,411	1,336,124	1,311,077	1,273,922	(1,367,598)	6,853,936
Share of profit of associates and joint ventures	-	-	198,166	-	1,493,937	1,692,103
Profit / (loss) before income tax	4,300,411	1,336,124	1,509,243	1,273,922	126,339	8,546,039

Interest income	4,670,050	581,546	30,087	759,567	516,633	6,557,883
Interest expenses	(1,243,553)	(1,401,426)	(187,414)	(1,191,953)	(509,465)	(4,533,811)
Depreciation and amortisation expenses	(264,868)	(75,668)	(36,187)	(87,181)	(286,818)	(750,722)
Net (provision for) / reversal of impairment loss on financial assets	(4,387)	(210)	(18)	(5,334)	9,426	(523)
Additions to non-current segment assets during the period	57,961	58,883	2,951	46,175	221,735	387,705

As at 30 June 2025
Segment assets	334,290,569	302,516,037	42,800,462	153,018,384	189,316,735	1,021,942,187
Segment liabilities	(323,010,386)	(295,393,630)	(19,065,905)	(129,289,145)	(54,964,526)	(821,723,592)

For the six months ended 30 June 2024 (Restated)

	Wealth management	Institutional services	Investment management	International business	Others	Total

Revenue
- External	8,562,542	3,276,213	1,025,462	5,233,083	1,345,773	19,443,073
- Inter-segment	32,912	10,021	-	-	330,924	373,857
Other income and gains	55,877	(45,123)	62,584	365,851	(37,330)	401,859
Segment revenue and other income	8,651,331	3,241,111	1,088,046	5,598,934	1,639,367	20,218,789
Segment expenses	(4,759,211)	(2,898,556)	(644,099)	(4,582,775)	(2,385,005)	(15,269,646)
Segment operating profit / (loss)	3,892,120	342,555	443,947	1,016,159	(745,638)	4,949,143
Share of (loss) / profit of associates and joint ventures	-	(554)	(820,195)	-	1,447,427	626,678
Profit / (loss) before income tax	3,892,120	342,001	(376,248)	1,016,159	701,789	5,575,821

Interest income	4,642,973	418,909	86,907	870,238	995,530	7,014,557
Interest expenses	(1,597,009)	(1,618,759)	(238,579)	(1,854,731)	(1,004,217)	(6,313,295)
Depreciation and amortisation expenses	(273,804)	(95,371)	(34,784)	(254,807)	(305,769)	(964,535)
Net reversal of/ (provision for) impairment loss on financial assets	565,403	193	122	(39,082)	(9,926)	516,710
Additions to non-current segment assets during the period	46,943	61,660	13,480	276,090	503,238	901,411
As at 31 December 2024
Segment assets	327,720,741	241,651,881	42,330,013	140,070,224	165,201,418	916,974,277
Segment liabilities	(322,892,047)	(237,296,888)	(18,742,412)	(117,355,571)	(28,793,438)	(725,080,356)

Reconciliations of segment revenues, profit or loss, assets and liabilities:

	For the six months ended 30 June
	2025	2024 (Restated)
Revenue
Total revenue, gains and other income for segments	21,381,403	20,218,789
Elimination of inter-segment revenue	(402,278)	(401,543)
Consolidated revenue, gains and other income	20,979,125	19,817,246
Profit
Total profit before income tax for segments	8,546,039	5,575,821
Elimination of inter-segment profit	(21,198)	307
Consolidated profit before income tax	8,524,841	5,576,128
	As at 30 June 2025	As at 31 December 2024
Assets
Total assets for segments	1,021,942,187	916,974,277
Elimination of inter-segment assets	(121,245,227)	(102,703,783)
Consolidated total assets	900,696,960	814,270,494
Liabilities
Total liabilities for segments	(821,723,592)	(725,080,356)
Elimination of inter-segment liabilities	121,245,227	102,703,783
Consolidated total liabilities	(700,478,365)	(622,376,573)

For the six months ended 30 June 2025 and 30 June 2024, the Group's customer base is diversified and no customer had transactions which exceeded 10% of the Group's revenue.

(b) Geographical information

The following table sets out information about the geographical location of: (i) the Group's revenue from external customers and (ii) the Group's property and equipment, investment properties, goodwill, land-use rights, other intangible assets, interests in associates and joint ventures, and other non-current assets ("specified non-current assets"). The geographical location of customers is based on the location at which the services were provided. The geographical location of the specified non-current assets is based on the physical location of the asset, in the case of property and equipment and other non-current assets, the location of the operation to which they are allocated, in the case of goodwill, land-use rights and other intangible assets, and the location of operations, in the case of interests in associates and joint ventures.

	For the six months ended 30 June 2025				For the six months ended 30 June 2024 (Restated)
	Mainland China	Overseas	Total	Mainland China	Overseas	Total

Revenue from external customers	16,974,519	4,100,375	21,074,894	14,209,990	5,233,083	19,443,073
Other income and gains	457,616	(553,385)	(95,769)	8,322	365,851	374,173
Total	17,432,135	3,546,990	20,979,125	14,218,312	5,598,934	19,817,246

		As at 30 June 2025		As at 31 December 2024
	Mainland China	Overseas	Total	Mainland China	Overseas	Total

Specified non-current assets	30,266,458	1,108,345	31,374,803	30,727,297	718,465	31,445,762

60 Financial instruments and risk management

(a) Risk management policies and structure

(i) Risk management policies

In order to enhance the Group's scientific, standardised and effective management and operation, strengthen the capability of defending against risks and ensure the continuous, stable and rapid development of the Group's businesses, the Group had formulated the Basic System for Risk Management which had been deliberated and approved by the Board of Directors in accordance with the Securities Law of the People's Republic of China, the Rules on Supervision over Securities Companies, the Guidelines on the Internal Control of Securities Companies, the Regulation on Comprehensive Risk Management of Securities Companies and other relevant regulations in combination with the business operation and business management. This has clarified the risk management objectives and principles, the risk appetite and risk tolerance level of the Group as a whole and for different risk types, the risk management procedures, and the relevant resource assurance and appraisal mechanisms. In terms of operation management, the Group had formulated and issued various professional risk management guidelines to clearly establish the management processes and measures, risk indicators and limits for various types of risks; in addition, the Group had also formulated policies such as the Administration Measures for Risk Control Indicators, the Rules on the Risk Management of Subsidiaries, the Implementation Plan for Stress Test and the Detailed Implementation Rules for Stress Test at the operation level. In the specific business level, the Group had established business risk management system or risk management manual based on the risk points of different business areas and business management lines.

The principal types of risk faced by the Group in daily operation mainly include market risk, credit risk, liquidity risk, operational risk, information technology risk, reputational risk, model risk, compliance risk, legal risk, money laundering risk and integrity risk, etc. The Group had formulated corresponding policies and procedures to identify and analyse these risks, and set up risk indicators, risk limits and internal risk control processes in combination with the actual circumstances with a view to continuously manage the above risks through the support of information systems and effective mechanisms.

Risk management is a shared responsibility of all the Group's employees. The Group continuously enhances the risk management awareness and risk sensitivity of all its employees through training and assessment to cultivate the risk management culture.

(ii) Risk governance structure

The risk management structure of the Company covers five major parts: The Board and its Compliance and Risk Management Committee, Board of Supervisors, Business Operation Management and Risk Control Committee, Risk Management Department and various risk management departments as well as other departments, branches and subsidiaries.

The Board of Directors takes ultimate responsibilities for the Company's comprehensive risk management. The Compliance and Risk Management Committee is set up by the Board to review and make recommendations on the overall risk management targets, fundamental policies and risk assessment reports; and evaluate and make recommendations on the risks of major decisions which require the Board's review as well as the solutions to these major risks. The Board of Supervisors is responsible for the supervision of overall risk management, supervising and examining the Board and the management on the performance of their risk management duties and urging them to make rectifications. Based on the authorisation and approval of the Board and in combination with the operational targets of the Company, the management is specifically responsible for the implementation of risk management activities, with the Risk Control Committee established under it. The Chief Risk Officer of the Company is responsible for leading the overall risk management initiatives. The Risk Management Department is charged with comprehensive risk management duties. It reports to the management and is responsible for managing the overall risks of the Company, taking the lead in managing market risk, credit risk and operational risk. Relevant functional departments of the Company are responsible for taking

the lead in managing other types of risks according to their responsibilities and positioning. Other departments, branches and subsidiaries of the Company are responsible for the management of risks in respective lines, implementing policies, procedures and measures formulated by the Company and risk management departments, accepting the guidance from risk management departments and the decomposition of risk management and implementation responsibilities by the risk management departments. The Audit Department is responsible for conducting independent and objective reviews and evaluations of the comprehensiveness and effectiveness of the comprehensive risk management, and is also in charge of leading or entrusting external professional institutions to regularly assess the company's comprehensive risk management system.

(b) Credit risk management

Credit risk refers to the risk of loss of the Company resulting from the default of borrowers or bond issuer or counterparty (customer). The Company has established a credit risk management system covering self-owned capital and entrusted funding business. The system is applied to all subsidiaries domestic or overseas, and also to the sub-subsidiaries managed with reference to the subsidiary's management approach, thereby achieving full credit risk management coverage.

The Group mainly faced three types of credit risks, namely (i) the risks of suffering from loss in respect of the financing bills and interest lent out due to borrower's default in financing business; (ii) the risks caused by default of the issuer in bond investment business; (iii) the risks of assets suffering from loss due to the default by the counterparty in transaction business (including guarantee settlement business).

With respect to credit risk management of financing business, the Group implemented stringent control measures through continuous monitoring for risky customers and risky assets and timely risk mitigation. The Company intensified the dynamic counter-cyclical adjustment mechanism, established a market systemic risk monitoring and handling mechanism and strengthened the post-credit management of related businesses, in order to control routine business risks, prevent bottomline risks and flexibly adjust the business structure.

With respect to credit risk management of issuers, the Company established a unified monitoring management system for issuers to realize the unified monitoring of credit bond targets for the Company's various businesses. In the meantime, the Company deepened the credit bonds' risk management and control in the whole process, established a screening and disposal mechanism of normalization for risky securities, and continuously to strengthen the monitoring and early warning mechanism of bond positions, thereby enhancing the effectiveness of the Company's prevention and control capabilities of credit risk.

With respect to credit risk management of counterparties, the Company constantly promoted the optimization construction of the unified management system for counterparties, and further strengthened counterparties' credit management in accordance with internal and external public sentiment to strictly control tail risks. For guaranteed settlement business, the Company continued to improve the front-end control of risk indicator design and promoted the establishment of systematic measures, as well as strengthened its risk event handling and risk transmission control capabilities.

The Company continued to optimize and improve its unified credit risk management system, in order to enhance its ability to cope with the complex external credit environment and provide strong risk control guarantee for the development of various credit businesses. During the reporting period, the Company did not experience any major credit risk events, and its businesses operated smoothly.

The Group provided credit loss allowances for securities-backed lendings of financial assets sold under repurchase agreements. The Group assessed the continuous repayment, solvency and the collateral to loan ratios of the borrowers to analyse the degree of default risk and identified the three stages of credit loss allowances of the securities-backed lendings assets. The details are as below.

Description	Stage of credit loss allowances
Collateral to loan ratios above the force liquidation thresholds, with no past due days	12-month ECL	Stage 1
Collateral to loan ratios above the force liquidation thresholds, with less than 90 days past due on its contractual payments
Collateral to loan ratios below the force liquidation thresholds but above 100%, with no past due days	Lifetime ECL-not credit impaired	Stage 2
Collateral to loan ratios below the force liquidation thresholds but above 100%, with less than 90 days past due on its contractual payments
Collateral to loan ratios below 100%
Collateral to loan ratios above 100%, with more than 90 days past due on its contractual payments
Borrowers in default or lawsuit	Lifetime ECL-credit impaired	Stage 3
Borrowers in significant financial difficulties or about to bankruptcy or undertaking a financial restructuring

The Group set different force liquidation thresholds, normally no less than 130%, for different borrowers and assets.

For assets classified under Stage 1 and Stage 2, the Group assessed credit loss allowances using the risk parameters modeling approach that incorporated key parameters inclusive of collateral to loan ratios and past due days. As at 30 June 2025, the average credit loss rate was 0.33% for assets classified under Stage 1 and no asset classified under Stage 2 (As at 31 December 2024, the average credit loss rate was 0.29% for assets classified under Stage 1, no assets classified under Stage 2).

For credit impaired assets classified under Stage 3, the Group assessed credit loss allowances taking into account the collateral securities under each contract and the financial situation of the borrower. The factors which the Group considered when assessing the credit loss allowances included but not limited to: the industry sector of the borrower, the stock price of the collateral securities, the average daily trading volume of the stock, the percentage of goodwill of the stock issuer, significant risk parameters of the securities, whether the borrowers are the holding shareholders, the liquidity and restriction on sales, the history of blacklist or defaults of the borrower, the total market pledged ratios of the stock, the collateral situation, and the credit enhancement measures implemented by the borrower. The Group assessed the above factors as well as collateral to loan ratios and past due days to evaluate and provide credit loss allowances, ranging from 10% to 100%.

For margin accounts receivable, the Group classified the exposures into three stages, considering the collateral coverage ratios as the main indicator, the concentration of positions as the supplementary index, and taking into account the borrowers' continuous repayment, the total balance of margin accounts, the liquidity of the collateral and other relevant information. The Group applied corresponding loss rates for assets at different stages, and calculates the expected credit loss accordingly.

As at 30 June 2025, the average credit loss rate was 0.50%, 8.31% and 83.06% for assets classified under Stage 1, 2 and 3, respectively (as at 31 December 2024, the average credit loss rate was 0.52%, 8.33% and 82.99% for assets classified under Stage 1, 2 and 3, respectively).

For credit business, when calculating the expected credit loss, the Group identified a number of indicators from three dimensions: macroeconomic indicators, market environment and asset quality, taking into account forward-looking information that can be obtained without unnecessary additional costs or efforts. By constructing the relationship between these specific indicators and the loss rate, forward-looking adjustments were made to the expected credit loss of credit business.

(i) Maximum exposure to credit risk

The Group's credit risk exposure of financial instruments for which an ECL allowance is recognised as follows according to the stage of ECL:

		As at 30 June 2025
Impairment and loss allowance	12-month ECL	Lifetime ECL- not credit impaired	Lifetime ECL- credit impaired	Total
Bank balances	206	-	-	206
Cash held on behalf of brokerage clients	32	-	-	32
Margin accounts receivable	607,597	987,936	167,443	1,762,976
Financial assets held under resale agreements	19,609	-	608,807	628,416
Accounts receivable	-	131,225	25,325	156,550
Debt instruments at amortised cost	3,270	-	-	3,270
Debt instruments at fair value through other comprehensive income	5,692	-	-	5,692
Other receivables and interest receivable	271	59,971	699,376	759,618
Total	636,677	1,179,132	1,500,951	3,316,760

		As at 31 December 2024
Impairment and loss allowance	12-month ECL	Lifetime ECL- not credit impaired	Lifetime ECL- credit impaired	Total

Bank balances	351	-	-	351
Cash held on behalf of brokerage clients	15	-	-	15
Margin accounts receivable	640,003	964,367	161,254	1,765,624
Financial assets held under resale agreements	8,918	-	610,091	619,009
Accounts receivable	-	131,600	48,624	180,224
Debt instruments at amortised cost	5,391	-	-	5,391
Debt instruments at fair value through other comprehensive income	6,164	-	-	6,164
Other receivables and interest receivable	179	61,171	706,514	767,864
Total	661,021	1,157,138	1,526,483	3,344,642

(c) Liquidity risk management

Liquidity risk refers to the risk of the Group not being able to obtain sufficient funds at a reasonable cost in time to meet due debts, perform payment obligations and meet the capital requirements of normal businesses. The Group established a fully functional liquidity risk management system to identify, measure, monitor, control and report on its overall liquidity risk to improve the information of liquidity risk management, enhance the capabilities in the identification, measurement and monitoring of liquidity risk, and strengthen the Group ability in addressing liquidity risk. In addition, the Group also established a right-sized liquidity assets reserves based on the risk appetite and maintained sufficient liquidity assets with high quality to ensure the satisfaction of liquidity needs under stressful scenarios in a timely manner.

(d) Market risk management

Market risk refers to the risk resulting from the movements in market prices such as exchange rates, interest rates and stock prices, which could have an impact on the income of the Group or the value of financial instruments held by the Group. The objective of market risk management is to manage and control the market risk within the acceptable range and to maximise the risk adjusted return.

(i) Interest rate risk

Interest rate risk refers to the risk that movements in market interest rate will cause fluctuation in the Group's consolidated financial position and cash flow. The Group's interest-bearing assets mainly include bank balances, clearing settlement funds, margin accounts receivable, financial assets purchased under resale agreements, refundable deposits and bond investments; interest-bearing liabilities mainly include short-term bank loans, short-term debt instruments issued, placements from other financial institutions, financial assets sold under repurchase agreements, accounts payable to brokerage clients, long-term bonds and long-term bank loans, amongst others.

For financial instruments held on the reporting date that expose the Group to fair value interest rate risk, the Group adopts sensitivity analysis as the primary instrument for monitoring interest rate risk. Sensitivity analysis measures the effect of any reasonable and potential changes to the interest rate on the net profits and shareholders' equity under the assumption that all the other variables remain constant.

(ii) Currency risk

Currency risk is the risk arising from foreign exchange business of the Group, which is attributable to the fluctuation of foreign exchange rates. Apart from the assets and liabilities held by the Group's overseas subsidiaries which use Hong Kong dollars or U.S. dollars as their functional currency, other assets and liabilities denominated in foreign currencies mainly represent foreign currency cash and bank balances held by domestic enterprises, foreign currency financial assets and liabilities arising from cross-border business, as well as foreign currency financial assets acquired by subsidiaries. In respect of assets and liabilities denominated in foreign currencies such as cash and bank balances, clearing settlement funds, refundable deposits, accounts receivable, cash held on behalf of brokerage clients, accounts payable and longterm bonds that are not accounted for with their functional currency, the Group has ensured that their net risk exposure are maintained at an acceptable level by buying or selling foreign currencies at market exchange rates where necessary to address the short-term imbalances.

(iii) Price risks

The Group is exposed to equity price changes arising from equity investments concluded in financial instruments at fair value through profit or loss and financial assets at fair value through other comprehensive income. Price risk the Group facing is mainly the proportionate fluctuation in the Group's net profits due to the price fluctuation of the financial instruments at fair value through profit or loss and the proportionate fluctuation in the Group's equity due to the price fluctuation of the financial instruments measured at fair value.

(e) Operational risk management

Operational risk refers to the risk on the Company's losses caused by inadequate or problematic internal procedures, staff, system or external events, which lead to inefficient internal procedures, mistakes of staff in operation or failure to strictly enforce the established procedures. The Risk Management Department takes the lead in managing the operational risk of the Group. Each department, business department and subsidiary actively perform the operational risk management in their respective lines and are responsible for the management effect, and bear the first responsibility. The Company adopts technological measures to prevent the emergence of operational risks in different business and management procedures as well as key segments, whilst at the same time strengthens process controls, to ensure effective implementation of operational risk management policies and systems. The Group carries out self-assessment of risk and control, monitoring of key risk indicators and gathering of loss data as additional approaches to strengthen the management of operational risks.

Based on the Basic Standard for Enterprise Internal Control jointly issued by the Ministry of Finance, the CSRC, the National Audit Office and the Former China Banking and Insurance Regulatory Commission as well as its supporting guidelines and the relevant requirements of the regulatory authorities and the Company, the Group has developed the risk-based internal control standards and carried out relevant continuous improvement initiatives. It has combined the self-assessment of operational risk with the self-assessment of internal controls; comprehensively sorted out and evaluated the inherent risks and control activities in various business processes; tested the effectiveness of control design and implementation; rectified the internal control weaknesses; comprehensively sorted out and optimised various business segments, systems and processes of the Group, as well as supplemented and improved the risk control matrix and the internal control manual, in order to ensure that the Group internal control measures are properly in place and the effectiveness of risk management. In addition, the Group has also integrated the management of operational risk and internal controls into daily operation; participated in the design of system, procedures and plan for new business throughout the entire process; fully identified and comprehensively evaluated the operational risks; and performed various pre-, middle- and post management measures such as setting up front-end controls, standardising business processes, creating monitoring indicators and conducting training and inspection in order to implement internal controls at key risk points.

(f) Capital management

The Group's objectives of capital management are:

(i) To safeguard the Group's ability to continue as a going concern so that they can continue to provide returns for shareholders and benefits for other stakeholders;

(ii) To support the Group's stability and growth;
(iii) To maintain a strong capital base to support the development of their business;
(iv) To comply with the capital requirements under the PRC, Hong Kong and the United States regulations.

On 23 January 2020 and 13 September 2024, the revised Administrative Measures for Risk Control Indicators of Securities Companies and the revised Rules on Standards for the Calculation of Risk Control Indicators of Securities Companies were issued by the CSRC ("Revised Administrative Measures"). The Company is required to meet the following standards for risk control indicators on a continual basis from 1 June 2025:

(i) The ratio of net capital divided by the sum of its various risk capital provisions shall be no less than 100%;
(ii) The ratio of net capital divided by net assets shall be no less than 20%;
(iii) The ratio of net capital divided by liabilities shall be no less than 8%;
(iv) The ratio of net assets divided by liabilities shall be no less than 10%;
(v) The ratio of the value of equity securities and derivatives held divided by net capital shall not exceed 100%;
(vi) The ratio of the value of non-equity securities and derivatives held divided by net capital shall not exceed 500%;
(vii) The ratio of core net capital divided by on balance sheet and off balance sheet assets shall be no less than 8%;
(viii) The ratio of high quality liquidity assets divided by net cash outflows for the next 30 days shall be no less than 100%;
(ix) The ratio of available stable funds divided by required stable funds shall be no less than 100%;
(x) The ratio of margin financing (including securities lending) divided by net capital shall not exceed 400%.

Net capital refers to net assets minus risk adjustments on certain types of assets as defined in the Administrative Measures.

During the period, the Company monitored the above ratios closely to maintain these ratios in compliance with the relevant capital requirements.

Similar to the Company, certain subsidiaries of the Group are also subject to capital requirements under the Mainland China, Hong Kong and the United States regulatory requirements, respectively. These subsidiaries comply with the capital requirements during the six-month period ended 30 June 2025 and the year ended 31 December 2024.

(g) Transfer of financial assets

The Group transferred financial assets to certain counterparties through repurchase agreements and securities lending. These securities are not derecognised from the condensed consolidated statement of financial position because the Group retains substantially all the risks and rewards of these securities.

The Group entered into repurchase agreements with certain counterparties to sell debt securities classified as financial assets at fair value through profit or loss and debt instruments at amortised cost. Sales and repurchase agreements are transactions in which the Group sell a security, and agree to repurchase it at the agreed date and price. The repurchase prices are fixed and the Group is still exposed to substantially all the credit risks, market risks and rewards of those securities sold. These securities are not derecognised from the condensed consolidated statement of financial position because the Group retains substantially all the risks and rewards of these financial assets.

The Group entered into securities lending agreements with clients to lend out its equity securities and exchange-traded funds classified as financial assets at fair value through profit or loss. As stipulated in the securities lending agreements, the legal ownership of these equity securities and exchange-traded funds is transferred to the clients. Although the clients are allowed to sell these securities during the covered period, they have obligations to return these securities to the Group at specified future dates. The Group has determined that it retains substantially all the risks and interests of these securities and therefore has not derecognised these securities in the condensed consolidated statement of financial position.

The following tables provide a summary of carrying amounts and fair values of the transferred financial assets that are not derecognised in their entirety and the associated liabilities:

As at 30 June 2025

		Financial assets at fair value through profit or loss
	Sales and repurchase agreements	Securities lending	Total
Carrying amount of transferred assets	10,245,063	1,731,967	11,977,030
Carrying amount of associated liabilities	(9,232,705)	-	(9,232,705)
Net position	1,012,358	1,731,967	2,744,325

The following tables provide a summary of carrying amounts and fair values of the transferred financial assets that are not derecognised in their entirety and the associated liabilities: - continued

As at 31 December 2024

	Financial assets at fair value through profit or loss
	Sales and repurchase agreements	Securities lending	Total
Carrying amount of transferred assets	7,136,485	1,274,563	8,411,048
Carrying amount of associated liabilities	(6,065,887)	-	(6,065,887)
Net position	1,070,598	1,274,563	2,345,161

61 Fair value information

(a) Fair value of financial instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participations at the measurement date.

(i) Financial instruments in Level I

The fair value of financial instruments traded in active markets is based on quoted market prices at the date of the statement of financial position. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Group is the closing price within bid-ask spread. These instruments are included in Level I.

(ii) Financial instruments in Level II

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level II.

(iii) Financial instruments in Level III

If one or more of the significant inputs is not based on observable market data, the instrument is included in Level III.

(b) Fair value of other financial instruments (carried at other than fair value)

The fair value of financial assets and financial liabilities not measured at fair value on a recurring basis is estimated by the active market quotation or determined in accordance with discounted cash flow method.

The main parameters used in discounted cash flow method for financial instruments held by the Group that are not measured at fair value on a recurring basis include bond interest rates, foreign exchange rates and counterparty credit spreads.

The carrying amount and fair value of debt instruments at amortised cost investments, short-term debt instruments issued and long-term bonds which are not presented at fair value are listed as below:

Carrying amount

	As at 30 June 2025	As at 31 December 2024

Financial assets
- Debt instruments at amortised cost	46,041,320	47,793,722

Financial liabilities
- Short-term debt instruments issued	(27,577,436)	(28,852,939)
- Long-term bonds	(112,360,464)	(115,458,817)
Total	(139,937,900)	(144,311,756)

Fair value

	As at 30 June 2025
	Level I	Level II	Level III	Total

Financial assets
- Debt instruments at amortised cost	-	49,574,981	-	49,574,981
Financial liabilities
- Short-term debt instruments issued	-	15,295,246	12,285,694	27,580,940
- Long-term bonds	-	96,158,644	18,587,037	114,745,681
Total	-	111,453,890	30,872,731	142,326,621
		As at 31 December 2024
	Level I	Level II	Level III	Total
Financial assets
- Debt instruments at amortised cost	-	51,458,276	-	51,458,276
Financial liabilities
- Short-term debt instruments issued	-	16,841,267	12,022,923	28,864,190
- Long-term bonds	-	92,483,912	25,836,552	118,320,464
Total	-	109,325,179	37,859,475	147,184,654

The fair value of the financial assets and financial liabilities included in the level II and III categories above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties.

Except for the above, the directors of the Company consider that the carrying amounts of financial assets and financial liabilities recorded in the Group's condensed consolidated statement of financial position approximate their fair value.

(c) Fair value of financial instruments carried at fair value

The table below analyses financial instruments measured at fair value at the end of the reporting period, by the level in the fair value hierarchy into which the fair value measurement is categorised. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

	As at 30 June 2025
	Level I	Level II	Level III	Total

Assets
Financial assets at fair value through profit or loss
- Debt securities	815,305	203,555,278	217,934	204,588,517
- Equity securities	58,907,418	-	5,692,401	64,599,819
- Mutual funds	71,085,696	8,502,874	460,743	80,049,313
- Private funds	-	2,481,278	292,312	2,773,590
- Wealth management products	-	3,946,765	-	3,946,765
- Other debt instruments	-	2,370,853	575,497	2,946,350
Debt instruments at fair value through other comprehensive income	-	21,486,101	-	21,486,101
Equity instruments at fair value through other comprehensive income	7,286,530	1,941	105,570	7,394,041
Other investment
- Unlisted investment in a joint venture	-	-	233,006	233,006
Derivative financial assets	280,724	5,607,055	1,327,683	7,215,462
Total	138,375,673	247,952,145	8,905,146	395,232,964
Liabilities
Financial liabilities at fair value through profit or loss
- Financial liabilities held for trading	(1,726,977)	(24,365,866)	-	(26,092,843)
- Financial liabilities designated at fair value through profit or loss	-	(5,006,590)	(9,804,223)	(14,810,813)
Derivative financial liabilities	(434,177)	(8,890,000)	(2,503,789)	(11,827,966)
Total	(2,161,154)	(38,262,456)	(12,308,012)	(52,731,622)

	As at 31 December 2024
	Level I	Level II	Level III	Total

Assets
Financial assets at fair value through profit or loss
- Debt securities	446,496	170,876,044	242,137	171,564,677
- Equity securities	55,932,255	-	5,429,448	61,361,703
- Mutual funds	56,680,114	4,138,638	257,505	61,076,257
- Private funds	-	3,548,647	-	3,548,647
- Wealth management products	-	3,280,955	-	3,280,955
- Other debt instruments	-	-	705,518	705,518
Debt instruments at fair value through other comprehensive income	-	10,135,553	-	10,135,553
Equity instruments at fair value through other comprehensive income	-	21,109	104,751	125,860
Other investment
- Unlisted investment in a joint venture	-	-	208,769	208,769
Derivative financial assets	350,714	7,349,069	2,291,342	9,991,125
Total	113,409,579	199,350,015	9,239,470	321,999,064
Liabilities
Financial liabilities at fair value through profit or loss
- Financial liabilities held for trading	(1,165,039)	(25,420,561)	-	(26,585,600)
- Financial liabilities designated at fair value through profit or loss	-	(5,062,578)	(8,800,154)	(13,862,732)
Derivative financial liabilities	(376,897)	(8,735,144)	(1,831,744)	(10,943,785)
Total	(1,541,936)	(39,218,283)	(10,631,898)	(51,392,117)

For the six months ended 30 June 2025, there were no financial instruments transfer between Level I and Level II (For the year ended 31 December 2024: Nil).

(i) Valuation methods for financial instruments in Level II

Financial assets and liabilities	Fair value hierarchy	Valuation technique(s) and key input(s)
Debt securities at fair value through profit or loss	Level II	Future cash flows estimated based on contractual amounts discounted at a rate that reflects the credit risk of the bonds.
Equity securities at fair value through profit or loss	Level II	Recent transaction prices.
Funds at fair value through profit or loss	Level II	Net asset value as published by the fund managers.
Wealth management products at fair value through profit or loss	Level II	Net asset value as published by the managers of products.
Debt instruments at fair value through other comprehensive income	Level II	Future cash flows estimated based on contractual amounts discounted at a rate that reflects the credit risk of the bonds.
Equity instruments at fair value through other comprehensive income	Level II	Recent transaction prices.
Derivative financial assets/ derivative financial liabilities	Level II	Future cash flows estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties; or calculated based on the difference between the equity return of underlying equity securities and the fixed income agreed in the swap agreements.
Financial liabilities held for trading	Level II	Future cash flows estimated based on contractual amounts discounted at a rate that reflects the credit risk of the debt instruments.
Financial liabilities designated at fair value through profit or loss	Level II	Calculated based on the fair value of the underlying investments which are debt securities and publicly traded equity investments in each portfolio.

(ii) Valuation methods for financial instruments in Level III

Financial assets and liabilities	Fair value hierarchy	Valuation technique(s)	Significant unobservable input(s)	Relationship of unobservable input(s) to fair value
Other debt instruments and debt securities at fair value through profit or loss	Level III	Discounted cash flow model	Risk adjusted discount rate and expected cash flow.	The higher the risk adjusted discount rate, the lower the fair value; the higher the expected cash flow, the higher the fair value.
Unlisted equity securities at fair value through profit or loss	Level III	Market approach, with an adjustment or discount for lack of marketability	Indicators such as P/E and P/ B multiples of comparable listed companies, and liquidity discount rate.	The higher the discount, the lower the fair value; the higher the valuation multiples, the higher the fair value.
Funds at fair value through profit or loss	Level III	Black-Scholes option pricing model	Indicators such as price volatility of comparable funds, and discount rate.	The higher the price volatility, the higher the discount rate; the higher the discount rate, the lower the fair value.
Debt instruments at fair value through other comprehensive income	Level III	Discounted cash flow model	Risk adjusted discount rate and expected cash flow.	The higher the risk adjusted discount rate, the lower the fair value; the higher the expected cash flow, the higher the fair value.
Equity instruments at fair value through other comprehensive income	Level III	Market approach, with an adjustment or discount for lack of marketability	Indicators such as P/E and P/ B multiples of comparable listed companies, and liquidity discount rate.	The higher the discount, the lower the fair value; the higher the valuation multiples, the higher the fair value.
Unlisted investment in a joint venture	Level III	Discounted cash flow model	Risk adjusted discount rate and expected cash flow.	The higher the risk adjusted discount rate, the lower the fair value; the higher the expected cash flow, the higher the fair value.
Derivative financial assets/ derivative financial liabilities	Level III	Black-Scholes option pricing model/Monte-Carlo option pricing model	Price volatility of underlying assets/ liabilities.	The higher the price volatility, the greater the impact on the fair value.
Financial liabilities designated at fair value through profit or loss	Level III	Market approach, with an adjustment or discount for lack of marketability of the underlying portfolios	Indicators such as P/E and P/ B multiples of comparable listed companies, and liquidity discount rate.	The higher the discount, the lower the fair value; the higher the valuation multiples, the higher the fair value.
Financial liabilities designated at fair value through profit or loss	Level III	Black-Scholes option pricing model/Monte-Carlo option pricing model	Price volatility of underlying liabilities	The higher the price volatility, the greater the impact on the fair value.

(iii) Financial instruments in Level III

The following table shows a reconciliation from the beginning balances to the ending balances for fair value measurement in Level III of the fair value hierarchy:

	Financial assets at fair value through profit or loss	Other investment	Equity instruments assets at fair value through other comprehensive income	Derivative financial assets	Total	Financial liabilities at fair value through profit or loss	Derivative financial liabilities	Total
As at 1 January 2025	6,634,608	208,769	104,751	2,291,342	9,239,470	(8,800,154)	(1,831,744)	(10,631,898)
Transfer in	21	-	-	-	21	-	-	-
Transfer out	(387,330)	-	-	-	(387,330)	-	-	-
Gains or losses for the period	175,244	24,237	-	(814,093)	(614,612)	(52,068)	(446,714)	(498,782)
Changes in fair value recognised in other comprehensive income	-	-	819	-	819	-	(75,662)	(75,662)
Additions	1,292,879	-	-	26,706	1,319,585	(8,034,285)	(190,756)	(8,225,041)
Sales	(443,484)	-	-	(7,741)	(451,225)	-	274,994	274,994
Settlements	(33,051)	-	-	(168,531)	(201,582)	7,082,284	(233,907)	6,848,377
As at 30 June 2025	7,238,887	233,006	105,570	1,327,683	8,905,146	(9,804,223)	(2,503,789)	(12,308,012)
included in profit or loss for assets/ Total gains or losses for the period liabilities held at the end of the reporting period	66,136	24,237	-	(963,659)	(873,286)	(28,590)	(728,770)	(757,360)

About Us

	Financial assets at fair value through	Other	at fair value through other comprehensive	assets at fair value through other comprehensive	Derivative financial		Financial liabilities at fair value through	Derivative financial
	profit or loss	investment	income	income	assets	Total	profit or loss	liabilities	Total
As at 1 January 2024	18,010,586	380,612	180,463	105,657	5,709,048	24,386,366	(10,879,025)	(3,457,111)	(14,336,136)
Transfer in	49,537	-	-	-	-	49,537	-	-	-
Transfer out	(7,307,070)	-	-	-	-	(7,307,070)	-	-	-
Gains or losses for the year	(2,843,033)	(171,843)	(1,524)	-	(3,009,600)	(6,026,000)	325,211	1,968,392	2,293,603
Changes in fair value recognized in other comprehensive income	-	-	10,420	(1,106)	-	9,314	-	(136,318)	(136,318)
Additions	676,939	-	-	400	47,598	724,937	(16,786,700)	317,237	(16,469,463)
Sales	(1,833,936)	-	-	-	(67,722)	(1,901,658)	-	(492,533)	(492,533)
Settlements	(118,415)	-	(189,359)	(200)	(387,982)	(695,956)	18,540,360	(31,411)	18,508,949
As at 31 December 2024	6,634,608	208,769	-	104,751	2,291,342	9,239,470	(8,800,154)	(1,831,744)	(10,631,898)
included in profit or loss for assets/ Total gains or losses for the period liabilities held at the end of the reporting period	(1,604,416)	(171,844)	-	-	(3,418,295)	(5,194,555)	296,442	1,641,673	1,938,115

For the period ended 30 June 2025, the Group's investments in financial assets at fair value through profit or loss of RMB21 thousand were transferred from Level I to Level III, as the fair	values of these securities were determined using valuation techniques instead of quoted prices, due to delisting (For the year ended 31 December 2024: RMB49,537 thousand).

For the period ended 30 June 2025, the Group's investments in financial assets at fair value through profit or loss of RMB387 million were transferred from Level III to Level I, as the fair values of these securities were determined using quoted prices instead of valuation techniques, due to expiration of lock-up period (For the year ended 31 December 2024: RMB7,307 million).

Debt instruments

Equity instruments

62 Events after the reporting date

(a) Issuance of bonds

From 30 June 2025 to the date of this report, Huatai International Finance Limited, the Company has issued 8 corporate bonds and reopened 3 corporate bonds with a cumulative amount of RMB 36,900 million, bearing interest of 1.56% to 2.13% per annum. Huatai International Finance Limited, a subsidiary of Huatai International Financial Holdings Limited, has issued 13 medium-term notes with a cumulative amount of USD480 million and HKD300 million, bearing interest of 0.00% to 4.68% per annum.

(b) Profit distribution plan after accounting periods

In August 2025, based on the total ordinary shares of 9,027,302,281 of the Company deducting 438,495 A shares to be repurchased and cancelled (i.e. on the basis of 9,026,863,786 shares), the Board proposed cash dividends of RMB0.15 (tax inclusive) per ordinary shares, with total cash dividend amounting to RMB1,354 million (tax inclusive), accounting for 17.94% of the consolidated profit attributable to shareholders of the Company for the six months ended 30 June 2025. The proposal is pending for the approval of the general meeting of the shareholders. The cash dividends are not recognised as a liability as at 30 June 2025.

INDEX OF DOCUMENTS FOR INSPECTION

	Financial statements carrying the signature and seal of the Company's legal representative,
	person in charge of accounting and head of accounting department
Index of Documents	Original copies of all documents and announcements of the Company publicly disclosed
for Inspection	during the Reporting Period
	Articles of Association

Chairman: Zhang Wei

Date of Submission as Approved by the Board of Directors: August 29, 2025

INFORMATION DISCLOSURE AS A SECURITIES COMPANY

MAJOR ADMINISTRATIVE APPROVALS OF THE COMPANY

1 Approval for the Registration of Public Issuance of Science and Technology Innovation Corporate Bonds to Professional Investors by Huatai Securities Co., Ltd. (Zheng Jian Xu Ke [2025] No. 1185) dated June 6, 2025.

2 Affirmative Decision of Administration License (Yin Xu Zhun Yu Jue Zi [2025] No. 77) dated June 20, 2025.

3 Approval for the Registration of Public Issuance of Corporate Bonds to Professional Investors by Huatai Securities Co., Ltd. (Zheng Jian Xu Ke [2025] No. 1342) dated June 26, 2025.

APPENDIX: INFORMATION DISCLOSURE INDEX

1 During the Reporting Period, the Company disclosed the following matters on China Securities Journal, Shanghai Securities News, Securities Times and Securities Daily and on the website of the Shanghai Stock Exchange (www.sse.com.cn):

No.	Date	Announcement

1	2025-01-07	H Share Announcement of HTSC – Monthly Return of Equity Issuer on Movements in Securities for the month ended December 31, 2024
2	2025-01-28	Announcement by Huatai Securities Co., Ltd. on Completion of Industrial and Commercial Registration for Equity Change by Jiangsu Equity Exchange Co., Ltd.
3	2025-02-07	H Share Announcement of HTSC – Monthly Return of Equity Issuer on Movements in Securities for the month ended January 31, 2025
4	2025-02-22	Announcement by Huatai Securities Co., Ltd. on Indirectly Wholly-owned Subsidiary Conducting Issuance According to Medium-term Notes Plan and with Wholly-owned Subsidiary Providing Guarantee
5	2025-03-06	H Share Announcement of HTSC – Monthly Return of Equity Issuer on Movements in Securities for the month ended February 28, 2025
6	2025-03-15	Announcement by Huatai Securities Co., Ltd. on the Resignation of Executive Director
7	2025-03-19	H Share Announcement of HTSC (Date of Board Meeting)
8	2025-03-22	Announcement by Huatai Securities Co., Ltd. on the Briefing on the Annual Results of 2024
9	2025-03-29	2024 annual Report of Huatai Securities Co., Ltd., 2024 Annual Report Summary of Huatai Securities Co., Ltd., 2024 Corporate Social Responsibility Report of Huatai Securities Co., Ltd., Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Fifteenth Meeting of the Sixth Session of the Board, Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Eleventh Meeting of the Sixth Session of the Supervisory Committee, Announcement by Huatai Securities Co., Ltd. on Re-appointment of the Accounting Firms, Announcement on Annual Profit Distribution Plan of Huatai Securities Co., Ltd. for 2024, Announcement by Huatai Securities Co., Ltd. on Estimated Ordinary Transactions with Related Parties for 2025, Report on Performance of Duties by Independent Directors of Huatai Securities Co., Ltd. for 2024, Report on Performance of Duties by the Audit Committee of the Board of Huatai Securities Co., Ltd. for 2024, Annual Internal Control Evaluation Report of Huatai Securities Co., Ltd. for 2024, Special Opinions from the Board of Huatai Securities Co., Ltd. on the Independence of Independent Directors, Evaluation Report on Performance of Duties by the Annual Audit Accounting Firm for 2024 of Huatai Securities Co., Ltd., Report on Performance of Supervisory Duties by the Annual Audit Accounting Firm for 2024 of the Audit Committee of the Board of Huatai Securities Co., Ltd., 2024 Financial Statements and Audit Report of Huatai Securities Co., Ltd., Annual Internal Control Audit Report of Huatai Securities Co., Ltd. in 2024, Special Explanation of Huatai Securities Co., Ltd. on Occupation of Non-operating Funds and Transaction of Other Associated Funds for 2024, Semi-Annual Report on Implementation of 2024 Action Plan of "Corporate Value and Return Enhancement" of Huatai Securities Co., Ltd.
10	2025-04-04	H Share Announcement of HTSC – Monthly Return of Equity Issuer on Movements in Securities for the month ended March 31, 2025
11	2025-04-10	Announcement by Huatai Securities Co., Ltd. on the Estimated Growth for the First Quarter of 2025
12	2025-04-16	H Share Announcement of HTSC (Date of Board Meeting)
13	2025-04-30	First Quarterly Report of 2025 of Huatai Securities Co., Ltd., Announcement by Huatai Securities Co., Ltd. on Repurchase and Cancellation of Part of the Restricted A Shares, Announcement by Huatai Securities Co., Ltd. on Fulfilment of Conditions for Release from Selling Restriction of the Third Lock-up Period under the Restricted Share Incentive Scheme of A Shares, Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Sixteenth Meeting of the Sixth Session of the Board, Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Twelfth Meeting of the Sixth Session of the Supervisory Committee, Legal Opinions from King & Wood Mallesons on Fulfilment of Conditions for Release from Selling Restriction of the Third Unlocking Period and Repurchase and Cancellation of Part of the Restricted Shares under the Restricted Share Incentive Scheme of A Shares of Huatai Securities Co., Ltd.
14	2025-05-07	H Share Announcement of HTSC – Monthly Return of Equity Issuer on Movements in Securities for the month ended April 30, 2025, Announcement by Huatai Securities Co., Ltd. on Change of Employee Representative Supervisor
15	2025-05-09	Announcement by Huatai Securities Co., Ltd. on Indirectly Wholly-owned Subsidiary Conducting Issuance According to Medium-term Notes Plan and with Wholly-owned Subsidiary Providing Guarantee
16	2025-05-15	Announcement by Huatai Securities Co., Ltd. on Release from Selling Restriction of the Third Lock-up Period under the Restricted Share Incentive Scheme of A Shares and Listing
17	2025-05-17	Announcement by Huatai Securities Co., Ltd. on Indirectly Wholly-owned Subsidiary Conducting Issuance According to Medium-term Notes Plan and with Wholly-owned Subsidiary Providing Guarantee
18	2025-05-21	Notice of Convening 2024 Annual General Meeting and 2025 First A Share Class Meeting by Huatai Securities Co., Ltd., Documents of 2024 Annual General Meeting, 2025 First A Share Class Meeting, 2025 First H Share Class Meeting of Huatai Securities Co., Ltd., Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Seventeenth Meeting of the Sixth Session of the Board
19	2025-06-06	H Share Announcement of HTSC – Monthly Return of Equity Issuer on Movements in Securities for the month ended May 31, 2025
20	2025-06-17	Announcement by Huatai Securities Co., Ltd. on Obtaining Registration Approval from China Securities Regulatory Commission for Public Issuance of Science and Technology Innovation Corporate Bonds to Professional Investors

No.	Date	Announcement
21	2025-06-20	Announcement by Huatai Securities Co., Ltd. on Indirectly Wholly-owned Subsidiary Conducting Issuance According to Medium-term Notes Plan and with Wholly-owned Subsidiary Providing Guarantee
22	2025-06-21	Announcement by Huatai Securities Co., Ltd. on the Resolutions of 2024 Annual General Meeting, 2025 First A Share Class Meeting and 2025 First H Share Class Meeting, Legal Opinions from King & Wood Mallesons on 2024 Annual General Meeting, 2025 First A Share Class Meeting and 2025 First H Share Class Meeting of Huatai Securities Co., Ltd., Announcement by Huatai Securities Co., Ltd. on Notice to Creditors Regarding the Repurchase and Cancellation of Part of the Restricted A Shares to Reduce Registered Capital, Announcement by Huatai Securities Co., Ltd. on Change of Director, Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Eighteenth Meeting of the Sixth Session of the Board
23	2025-06-25	Announcement by Huatai Securities Co., Ltd. on Obtaining Administrative License from the People's Bank of China for the Issuance of Science and Technology Innovation Bonds

2 During the Reporting Period, the Company disclosed the following matters on the HKEXnews website of HKEX (www. hkexnews.hk):

No.	Date	Announcement

1	2025-01-06	Monthly Return of Equity Issuer on Movements in Securities for the month ended December 31, 2024, Overseas Regulatory Announcements – Announcement on Coupon Rate of 2025 Short-term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)
2	2025-01-07	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Settlement of the Principal and Interest of 2025 and Delisting for 2023 Corporate Bonds Publicly Issued to Professional Investors (Second tranche) (Type 1)
3	2025-01-08	Overseas Regulatory Announcement – Announcement on Issuance Results for 2025 Short-term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)
4	2025-01-09	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on 2025 Interest Payment for 2023 Corporate Bonds Publicly Issued to Professional Investors (Second tranche) (Type 2)
5	2025-01-20	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on 2025 Interest Payment for 2022 Perpetual Subordinated Bonds Publicly Issued to Professional Investors (First tranche)
6	2025-01-22	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on 2025 Interest Payment for 2021 Subordinated Bonds Publicly Issued to Professional Investors (First tranche), Announcement by Huatai Securities Co., Ltd. on 2025 Interest Payment for 2023 Corporate Bonds Publicly Issued to Professional Investors (Third tranche)
7	2025-01-24	Overseas Regulatory Announcement – Announcement on Coupon Rate of 2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)
8	2025-01-27	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Completion of Industrial and Commercial Registration for Equity Change by Jiangsu Equity Exchange Co., Ltd.
9	2025-02-05	Overseas Regulatory Announcements – Announcement by Huatai Securities Co., Ltd. on Settlement of the Principal and Interest of 2025 and Delisting for 2022 Corporate Bonds Publicly Issued to Professional Investors (First tranche), Announcement on Issuance Results for 2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)
10	2025-02-06	Monthly Return of Equity Issuer on Movements in Securities for the month ended January 31, 2025, Overseas Regulatory Announcements – Announcement by Huatai Securities Co., Ltd. on 2025 Interest Payment for 2023 Corporate Bonds Publicly Issued to Professional Investors (Fourth tranche)
11	2025-02-20	Overseas Regulatory Announcements – Announcement by Huatai Securities Co., Ltd. on 2025 Interest Payment for 2023 Corporate Bonds Publicly Issued to Professional Investors (Fifth tranche) (Type 1), Announcement by Huatai Securities Co., Ltd. on 2025 Interest Payment for 2023 Corporate Bonds Publicly Issued to Professional Investors (Fifth tranche) (Type 2)
12	2025-02-21	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Indirectly Wholly-owned Subsidiary Conducting Issuance According to Medium-term Notes Plan and with Wholly-owned Subsidiary Providing Guarantee
13	2025-02-25	Overseas Regulatory Announcement – Announcement on Coupon Rate of 2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Second tranche)
14	2025-02-27	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Issuance Results for 2025 Corporate Bonds Publicly Issued to Professional Investors (Second tranche)
15	2025-03-04	Overseas Regulatory Announcement – Announcement on Coupon Rate of 2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Third tranche)
16	2025-03-05	Monthly Return of Equity Issuer on Movements in Securities for the month ended February 28, 2025
17	2025-03-06	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Issuance Results for 2025 Corporate Bonds Publicly Issued to Professional Investors (Third tranche)
18	2025-03-07	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Settlement of the Principal and Interest of 2025 and Delisting for 2024 Short-term Corporate Bonds Publicly Issued to Professional Investors (First tranche)

2025 INTERIM REPORT

Financial Report and Documents for Inspection

23	2025-03-20	Overseas Regulatory Announcement – Announcement on Coupon Rate of 2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fifth tranche)
24	2025-03-21	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on the Briefing on the Annual Results of 2024
25	2025-03-24	Overseas Regulatory Announcement – Announcement on Issuance Results for 2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Fifth tranche)
26	2025-03-28	Results Announcement for the Year Ended December 31, 2024, Final Dividend for the Year Ended December 31, 2024, 2024 Corporate Social Responsibility Report, Semi-Annual Report on Implementation of 2024 Action Plan of "Corporate Value and Return Enhancement", Proposed Change of Non-Executive Director and Adjustment to the Composition Plan of the Special Committees of the Board, List of Directors and Their Role and Function, Overseas Regulatory Announcements – 2024 Annual Report of Huatai Securities Co., Ltd., 2024 Annual Report Summary of Huatai Securities Co., Ltd., Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Fifteenth Meeting of the Sixth Session of the Board, Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Eleventh Meeting of the Sixth Session of the Supervisory Committee, Announcement by Huatai Securities Co., Ltd. on Re-appointment of the Accounting Firms, Announcement on Annual Profit Distribution Plan of Huatai Securities Co., Ltd. for 2024, Announcement by Huatai Securities Co., Ltd. on Estimated Ordinary Transactions with Related Parties for 2025, Report on Performance of Duties by Independent Directors of Huatai Securities Co., Ltd. for 2024, Report on Performance of Duties by the Audit Committee of the Board of Huatai Securities Co., Ltd. for 2024, Annual Internal Control Evaluation Report of Huatai Securities Co., Ltd. for 2024, Special Opinions from the Board of Huatai Securities Co., Ltd. on the Independence of Independent Directors, Evaluation Report on Performance of Duties by the Annual Audit Accounting Firm for 2024 of Huatai Securities Co., Ltd., Report on Performance of Supervisory Duties by the Annual Audit Accounting Firm for 2024 of the Audit Committee of the Board of Huatai Securities Co., Ltd., 2024 Financial Statements and Audit Report of Huatai Securities Co., Ltd., Annual Internal Control Audit Report of Huatai Securities Co., Ltd. in 2024, Special Explanation of Huatai Securities Co., Ltd. on Occupation of Non-operating Funds and Transaction of Other Associated Funds for 2024
27	2025-04-03	Monthly Return of Equity Issuer on Movements in Securities for the month ended March 31, 2025
28	2025-04-09	Announcement on the Estimated Growth for the First Quarter of 2025
29	2025-04-11	Overseas Regulatory Announcement – Announcement on Coupon Rate of 2025 Short-term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Second tranche)
30	2025-04-15	Date of Board Meeting, Overseas Regulatory Announcement – Announcement on Issuance Results for 2025 Short-term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Second tranche)
31	2025-04-22	Overseas Regulatory Announcements – Announcement by Huatai Securities Co., Ltd. on Settlement of the Principal and Interest of 2025 and Delisting for 2020 Corporate Bonds Publicly Issued to Qualified Investors (Second tranche), Announcement on Coupon Rate of 2025 Short-term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Third tranche)
32	2025-04-23	Overseas Regulatory Announcement – Announcement on Issuance Results for 2025 Short-term Corporate Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (Third tranche)
33	2025-04-28	2024 Annual Report, Notification Letter and Request Form to Registered Shareholders, Notification Letter and Request Form to Non registered Holders
34	2025-04-29	First Quarterly Report of 2025, Announcement in relation to Repurchase and Cancellation of Part of the Restricted A Shares, Overseas Regulatory Announcements – Announcement by Huatai Securities Co., Ltd. on Fulfilment of Conditions for Release from Selling Restriction of the Third Lock-up Period under the Restricted Share Incentive Scheme of A Shares, Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Sixteenth Meeting of the Sixth Session of the Board, Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Twelfth Meeting of the Sixth Session of the Supervisory Committee, Legal Opinions from King & Wood Mallesons on Fulfilment of Conditions for Release from Selling Restriction of the Third Unlocking Period and Repurchase and Cancellation of Part of the Restricted Shares under the Restricted Share Incentive Scheme of A Shares of Huatai Securities Co., Ltd.
35	2025-04-30	Overseas Regulatory Announcements – Announcement by Huatai Securities Co., Ltd. on 2025 Interest Payment for 2023 Corporate Bonds Publicly Issued to Professional Investors (Sixth tranche) (Type 1), Announcement by Huatai Securities Co., Ltd. on 2025 Interest Payment for 2023 Corporate Bonds Publicly Issued to Professional Investors (Sixth tranche) (Type 2), Announcement by Huatai Securities Co., Ltd. on Settlement of the Principal and Interest of 2025 and Delisting for 2024 Short-term Corporate Bonds Publicly Issued to Professional Investors (Second tranche) (Type 1)
36	2025-05-07	Monthly Return of Equity Issuer on Movements in Securities for the month ended April 30, 2025, Change of Employee Representative Supervisor
37	2025-05-08	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Indirectly Wholly-owned Subsidiary Conducting Issuance According to Medium-term Notes Plan and with Wholly-owned Subsidiary Providing Guarantee
38	2025-05-12	Overseas Regulatory Announcements – Announcement on Coupon Rate of 2025 Science and Technology Innovation Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche), Announcement by Huatai Securities Co., Ltd. on Settlement of the Principal and Interest of 2025 and Delisting for 2020 Corporate Bonds Publicly Issued to Qualified Investors (Third tranche), Announcement by Huatai Securities Co., Ltd. on 2025 Interest Payment for 2021 Corporate Bonds Publicly Issued to Professional Investors (Third tranche)

¹⁹ 2025-03-13 Overseas Regulatory Announcement – Announcement on Coupon Rate of 2025 Corporate Bonds of Huatai Securities Co., Ltd. Publicly

²¹ 2025-03-17 Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Issuance Results for 2025 Corporate Bonds

No. Date Announcement

Issued to Professional Investors (Fourth tranche) 20 2025-03-14 Resignation of an Executive Director, List of Directors and Their Role and Function

22 2025-03-18 Date of Board Meeting

Publicly Issued to Professional Investors (Fourth tranche)

233

No.	Date	Announcement

39	2025-05-13	Overseas Regulatory Announcement – Announcement on Issuance Results for 2025 Science and Technology Innovation Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)
40	2025-05-14	Overseas Regulatory Announcements – Announcement by Huatai Securities Co., Ltd. on Release from Selling Restriction of the Third Lock-up Period under the Restricted Share Incentive Scheme of A Shares and Listing
41	2025-05-16	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Indirectly Wholly-owned Subsidiary Conducting Issuance According to Medium-term Notes Plan and with Wholly-owned Subsidiary Providing Guarantee
42	2025-05-19	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on 2025 Interest Payment for 2021 Corporate Bonds Publicly Issued to Professional Investors (Fourth tranche) (Type 2)
43	2025-05-20	Notice of 2024 AGM, Notice of the 2025 First H Share Class Meeting, Circular of 2024 Annual General Meeting, Form of Proxy of Holders of H Shares for Use at the AGM to be Held on June 20, 2025, Form of Proxy of Holders of H Shares for Use at the 2025 First H Share Class Meeting to be Held on June 20, 2025, Notification Letter and Request Form to Registered Shareholders, Notification Letter and Request Form to Non-registered Holders, Final Dividend for the Year Ended December 31, 2024 (Update), Proposed Election of Executive Director, Overseas Regulatory Announcements – Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Seventeenth Meeting of the Sixth Session of the Board
44	2025-05-22	Overseas Regulatory Announcement – Announcement on Coupon Rate of 2025 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)
45	2025-05-26	Overseas Regulatory Announcement – Announcement on Issuance Results for 2025 Perpetual Subordinated Bonds of Huatai Securities Co., Ltd. Publicly Issued to Professional Investors (First tranche)
46	2025-06-03	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Settlement of the Principal and Interest of 2025 and Delisting for 2024 Short-term Corporate Bonds Publicly Issued to Professional Investors (Third tranche) (Type 1)
47	2025-06-05	Monthly Return of Equity Issuer on Movements in Securities for the month ended May 31, 2025
48	2025-06-16	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Obtaining Registration Approval from China Securities Regulatory Commission for Public Issuance of Science and Technology Innovation Corporate Bonds to Professional Investors
49	2025-06-19	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Indirectly Wholly-owned Subsidiary Conducting Issuance According to Medium-term Notes Plan and with Wholly-owned Subsidiary Providing Guarantee
50	2025-06-20	Poll Results of 2024 Annual General Meeting, 2025 First A Share Class Meeting and 2025 First H Share Class Meeting; Distribution of Final Dividend; Change of Non-Executive Director and Election of Executive Director; and Adjustment to the Composition Plan of the Special Committees of the Board, List of Directors and Their Role and Function, Final Dividend for the Year Ended December 31, 2024 (Update), Overseas Regulatory Announcements – Legal Opinions from King & Wood Mallesons on 2024 Annual General Meeting, 2025 First A Share Class Meeting and 2025 First H Share Class Meeting of Huatai Securities Co., Ltd., Announcement by Huatai Securities Co., Ltd. on Notice to Creditors Regarding the Repurchase and Cancellation of Part of the Restricted A Shares to Reduce Registered Capital, Announcement by Huatai Securities Co., Ltd. on the Resolutions of the Eighteenth Meeting of the Sixth Session of the Board, Announcement by Huatai Securities Co., Ltd. on Change of Director
51	2025-06-24	Overseas Regulatory Announcement – Announcement by Huatai Securities Co., Ltd. on Obtaining Administrative License from the People's Bank of China for the Issuance of Science and Technology Innovation Bonds

3 During the Reporting Period, the Company disclosed the following matters on the website of the London Stock Exchange (www.londonstockexchange.com):

No.	Date	Announcement

1	2025-03-17	RESIGNATION OF AN EXECUTIVE DIRECTOR, LIST OF DIRECTORS AND THEIR ROLE AND FUNCTION
2	2025-03-28	2024 ANNUAL FINANCIAL REPORT, 2024 CORPORATE SOCIAL RESPONSIBILITY REPORT, PROPOSED CHANGE OF NON-EXECUTIVE DIRECTOR, LIST OF DIRECTORS AND THEIR ROLE AND FUNCTION
3	2025-04-09	ESTIMATED GROWTH FOR THE FIRST QUARTER OF 2025
4	2025-04-28	2024 ANNUAL REPORT
5	2025-04-29	FIRST QUARTERLY REPORT OF 2025, REPURCHASE AND CANCELLATION OF PART OF A SHARES
6	2025-05-07	CHANGE OF EMPLOYEE REPRESENTATIVE SUPERVISOR
7	2025-05-20	NOTICE OF AGM AND 2025 FIRST A SHARE CLASS MEETING, PROPOSED ELECTION OF EXECUTIVE DIRECTOR
8	2025-06-20	POLL RESULTS OF 2024 ANNUAL GENERAL MEETING, LIST OF DIRECTORS AND THEIR ROLE AND FUNCTION

AI Terminal

Huatai Securities Co., Ltd

10502_ir_2025-09-26_94cb501d-a98f-4fb5-b839-695452c90cb6.pdf

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IMPORTANT NOTICE

II. Director(s) absent from the meeting

III. This interim report has not been audited.

VI. Risk statement with respect to the forward-looking statements

XI. Warning on major risks

DEFINITIONS

DEFINITIONS OF CAPITALIZED TERMS AND EXPRESSIONS

Company Profile

I. COMPANY INFORMATION

Registered capital and net capital of the Company

Qualifications of each business line of the Company

II. LIST OF MEMBERS OF THE BOARD OF DIRECTORS AND SPECIAL COMMITTEES

III. CONTACT

IV. CHANGES IN BASIC INFORMATION

V. INFORMATION DISCLOSURE AND CHANGES IN LOCATION FOR INSPECTION OF DOCUMENTS

VI. LANGUAGE AND MEANS OF RECEIPT OF CORPORATE COMMUNICATION

VII. SHARES/DEPOSITORY RECEIPTS OF THE COMPANY

VIII. OTHER RELEVANT INFORMATION

(I) Accounting Firms

(II) Legal Advisors

(III) Share Registrars

Summary of the Results

I. KEY ACCOUNTING DATA AND FINANCIAL INDICATORS OF THE COMPANY

(I) Key Accounting Data

(II) Key Financial Indicators

(III) Net Capital of the Parent Company and Risk Control Indicators

II. DIFFERENCES IN ACCOUNTING DATA PREPARED IN ACCORDANCE WITH DOMESTIC AND FOREIGN ACCOUNTING STANDARDS

III. AWARDS AND HONORS

International business

Bloomberg Businessweek (《彭博商業周刊》):

The Asset (《財資》):

Structured Retail Products (《結構零售產品》) (SRP):

HKEX:

Summary of the Company's Business

I. DESCRIPTIONS OF OUR INDUSTRY AND MAIN BUSINESS DURING THE REPORTING PERIOD

II. ANALYSIS OF CORE COMPETITIVENESS DURING THE REPORTING PERIOD

(I) A first-class comprehensive securities group firmly committed to the path of high-quality development

(III) Technology development advantages continuously leading digital financial reform of the industry

(IV) International development capability at the leading edge of high-level two-way opening up

(V) Comprehensive compliance and risk control systems with professional and digital accumulation

(VI) Development platform empowering overall growth of first-class and professional talents

(VII) Building a "soft power" cultural value system that moves forward with steady progress

Management Discussion and Analysis

I. OPERATION DISCUSSION AND ANALYSIS

(I) Overall operation conditions

(II) Wealth management business

1. Market environment

Changes in the scale of market-wide margin financing and securities lending business

Changes in total turnover of the A share market

Changes in cumulative turnover in the futures market

2. Operational measures and performance

(1) Securities, futures and options brokerage business and wealth management service

(2) Financial product sales and fund investment advisory business

(3) Capital-based intermediary business

3. Prospect for the second half of 2025

(III) Institutional services business

1. Market environment

Changes in scale of stock issuance

Changes in the number and scale of bond issuance

2. Operational measures and performance

(1) Investment banking business

① Equity financing business

② Bonds financing business

Changes in Equity Underwriting Volume

Changes in Bond Underwriting Volume

③ Financial advisory business

④ OTC business

(2) Prime brokerage (PB) business

Changes in the cumulative number of onmarket products and business scale of fund custody business

Changes in the cumulative number of onmarket products and business scale of fund service business

(3) Research and institutional sales business

(4) Investment and trading business

① Equity trading business