Huaan Securities Co., Ltd.
600909.SS · SHH
Company research
Huaan Securities Co., Ltd. (600909.SS) is a China-based comprehensive securities firm founded in 1991 and headquartered in Hefei, Anhui Province, listed on the Shanghai Stock Exchange since December 2016. The company provides a broad range of investment and financing solutions across seven business segments — securities brokerage, investment banking, asset management, securities proprietary trading, futures, securities finance, and headquarters operations — serving retail, institutional, and corporate clients throughout China. Its service offerings span securities and futures brokerage, margin trading, underwriting and sponsorship, mergers and acquisitions advisory, asset securitization, wealth management, and over-the-counter derivatives, with a growing focus on high-net-worth individuals and institutional investors such as public and private funds. Under the leadership of CEO Wanli Zhao, Huaan Securities employs approximately 3,576 staff and reported revenues of approximately CNY 4.53 billion in fiscal year 2024, reflecting steady growth across its diversified business lines.
Research reports
Annual report review noting 2025 revenue growth of over 30% and net profit growth of over 40%, driven by strong brokerage, wealth management transformation (“buy‑side advisor” model), and highly elastic proprietary investment returns with risk‑adjusted performance above market, while also highlighting robust asset management and alternative investment subsidiaries and maintaining an “accumulate”/增持 rating with detailed 2026–2028 EPS and PE forecasts alongside risks from capital market volatility, intensifying competition, and possible tightening of industry policy.
山西证券股份有限公司（Shanxi Securities） · September 2, 2025华安证券（600909.SH） 增持-A(维持)：投行业务突破，自营投资驱动增长Half‑year company flash note emphasizing broad improvement across brokerage, investment banking, and proprietary investment in 2025H1, with investment income and equity allocation increases driving double‑digit revenue and profit growth and higher ROE, and maintaining an “overweight/accumulate” (增持‑A) view based on 2025–2027 net profit and PB projections while flagging key risks from sharp financial market swings, slower‑than‑expected capital‑market reform, and execution or operational setbacks.