[Guojin Non-Bank] Huaan Securities: Distinct 'Sci-Tech' Attribute, Opens Growth Space

English summary

1. Company overview: Huaan Securities is an Anhui provincial securities firm, rooted in Anhui, deeply cultivating Yangtze River Delta, radiating nationwide. After over 30 years of meticulous work, company ranking entered industry top 30 from around 40th in 2016, equity investment and asset management rankings entered industry top 20. 2. Core growth drivers: 1) Equity investment: Company backed by Anhui Province emphasizing modern industrial system, wholly-owned subsidiaries Huaan Jiaye and Hua Fu Ruixing focus on national strategic directions, with distinct sci-tech label, equity investment business is long-term growth driver. Huaan Jiaye's average paid-in scale at end of 25Q3 ranked industry top 10, far above company's overall ranking. In 2025, equity investment subsidiaries contributed 11% to Huaan Securities' profit, sci-tech projects include Changxin Technology (0.39%), Unitree Robotics, Suiyuan Technology, ESWIN Computing, YMTC, etc., expected to benefit from investment income growth from tech company valuation increases. 2) Asset management: Company's asset management income ranking has remained industry top 20 for many years, above overall ranking. ...