On April 2, HTSC held its 2025 annual performance briefing. Zhou Yi, Executive Director, CEO, and Chairman of the Executive Committee; Zhang Hui, Member of the Executive Committee and Secretary of the Board; Jiao Xiaoning, Member of the Executive Committee and CFO; as well as several independent non-executive directors attended the meeting and addressed questions of market concern.
Management responded to topics of high market interest, including stock price, AI strategy, and internationalization strategy.
<h2>Stock Prices Depend on More Than Just Fundamentals</h2>
Regarding stock price adjustments, Zhou Yi stated that the stock prices of listed companies depend not only on the company's operational fundamentals but are also periodically influenced by multiple factors such as the economic environment, market conditions, and supply-demand relationships.
Currently, the company's fundamentals are sound, and its operations are developing steadily. Core segments such as wealth management, institutional services, investment and trading, and international business are synergistically driving improvements in operational quality and overall strength. There is no information that should have been disclosed but was not. The company has always attached importance to market capitalization management, has formulated a market capitalization management system, continuously strengthens tracking and evaluation of market performance, and applies relevant tools and methods in a timely manner to convey the company's long-term investment value, actively promoting the rational reflection of the company's quality in its investment value.
Regarding the company's stock price trading below book value and whether it will conduct buybacks and cancellations, Zhang Hui further added that the company has always attached importance to market capitalization management. It actively promotes the long-term synergistic growth of the company's market value and intrinsic value through various measures such as strengthening communication with domestic and international investors, maintaining a stable profit distribution policy, and improving information disclosure quality and transparency. At the same time, the company will combine its actual situation to scientifically and prudently evaluate other value operation and realization means, focusing on boosting investor confidence and creating sustainable long-term returns for shareholders.
<h2>Initiating Comprehensive Intelligent Transformation</h2>
Regarding the AI strategy, Zhou Yi stated that in 2025, HTSC officially established the &#34;All in AI&#34; strategy and made two important layouts:
First, in October, it took the lead in launching the AI-native financial trading terminal — the &#34;AI Zhangle&#34; APP. This fundamentally reshapes the way investors interact with financial services. The significance behind this lies not only in the innovation of service models but also in driving the comprehensive integration of backend data governance, investment research, trading, and risk control systems.
Second, it will build an AI-driven smart investment research system, taking industrial sectors such as new energy vehicles, intelligent driving, and innovative drugs as breakthroughs. It will integrate industrial data and professional insights accumulated from investment research, investment banking, trading, and risk control to achieve dynamic tracking and in-depth analysis of the entire industry chain. The launch of AI Zhangle and the construction of industrial maps form two important strategic pillars for the company's future, making data-driven industrial insights, intelligent customer services, and integrated business collaboration the company's core competitive capabilities.
2026 is the key year for HTSC to initiate comprehensive intelligent transformation and build future-oriented core capabilities. Based on the above, the company will restart, driving business restructuring and organizational evolution with AI, and focusing on building a new development model driven by AI.
On one hand, it will consolidate the underlying foundation of data, computing power, and models, integrate capabilities and data from various aspects of the entire business chain into the company's financial middle-office platform, build an integrated investment research data base, and create HTSC's characteristic industrial maps to achieve comprehensive coverage of key sectors and their upstream, midstream, and downstream. This will be updated in real-time to provide effective support for different businesses.
On the other hand, relying on the support of the financial middle-office platform, it will drive the restructuring and upgrading of business segments such as wealth management, asset management, institutional services, and investment banking with AI, building a new capability system adapted to the AI era.
The strategic goal of &#34;All in AI&#34; is to make the entire organization a technology-driven entity with professional financial intelligence and super service capabilities, serving customers with stronger professional capabilities and serving the real economy with deeper industrial insights.
<h2>Actively Monitoring and Evaluating Potential Cooperation Opportunities at Home and Abroad</h2>
Regarding expansion plans, Zhou Yi stated that the growth of HTSC is a process of simultaneous internal development and external growth.
In an environment of profound changes in the industry ecosystem and competitive landscape, on one hand, the company will drive business restructuring and organizational evolution with AI, building a new AI-driven development model to further unleash the scale effects of intelligence, integration, and internationalization in domestic and overseas markets, effectively expanding new incremental development space.
On the other hand, it will also focus on strategic plans and adhere to the strategic principle of resource complementarity, actively monitoring and evaluating potential cooperation opportunities both domestically and internationally.
Internationalization is an important strategic step in building a first-class investment bank, and overseas business has become an important engine driving the company's transformation and upgrading. Relying on a deep understanding of Chinese industries and global professional capabilities, HTSC is committed to accompanying Chinese enterprises as they go global and assisting international investors in their layout in China.
HTSC will build an internationally competitive integrated domestic and overseas business system and a unified middle and back-office support system adapted to global operations. It will improve the cross-border comprehensive financial services system, focus on building a global industrial network and investor network, and cultivate world-class product creation capabilities. At the same time, it will steadily expand its international business layout, continuously improving the global value chain layout across multiple locations such as mainland China, Hong Kong, the United States, the United Kingdom, and Singapore, and continuously enhancing its participation in global mainstream markets, business competitiveness, and market influence.
<h2>Global, 24/7 Service Network Has Taken Shape</h2>
Regarding the performance of the wholly-owned subsidiary HTSC International and its plans for international business in 2026, Zhou Yi further explained that HTSC International's 2024 revenue base included one-off gains/losses from the disposal of a subsidiary. Excluding relevant impacts, HTSC International's 2025 revenue increased by 23.8% year-on-year under CAS, and net profit also achieved substantial growth.
International development is a necessary path to building a first-class investment bank. Deepening the international layout has been one of the core strategies HTSC has focused on in recent years, and international business has become an important engine driving the company's development.
In 2025, the company's total overseas assets exceeded HK$200 billion, and international business revenue accounted for nearly 19% of total revenue. The company is committed to improving its integrated cross-border financial services system and has achieved multiple breakthroughs in core businesses and global layout: the number of HK IPO sponsorship projects ranked third in the market, participating in 8 of the top ten HK IPOs and creating multiple benchmark projects; businesses such as equity derivatives and FICC maintained market leadership, with full coverage of HKD-RMB Dual Counter market-making targets; integrated domestic and overseas private banking operations continue to deepen, the product matrix for Cross-boundary Wealth Management Connect continues to enrich, and the integrated service capabilities across markets, assets, and products have been significantly enhanced; key business qualifications have been obtained or subsidiaries established in markets such as Singapore, the United States, India, and Japan, gradually forming a global value chain system with multi-location layout and coordinated development. Participation and influence in international markets continue to increase. Meanwhile, the global trading platform covers major international financial centers, and a service network covering global markets and all time slots has initially taken shape.
In the future, the company will continue to deeply promote its internationalization strategy, actively seize strategic opportunities in the process of global industrial and value chain restructuring, and promote international development to a new level while assisting Chinese enterprises, institutions, and wealth customers in their global layout, creating sustainable long-term returns for shareholders.
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At the HTSC 2025 annual performance briefing, Executive Director Zhou Yi stated that stock prices are influenced by multiple factors and do not solely depend on the company's fundamentals. The company will continue to strengthen market capitalization management to promote synergistic growth between market value and intrinsic value. Meanwhile, HTSC will fully transform into an intelligent enterprise in 2025, launching the AI-native financial trading terminal "AI Zhangle" APP and building an AI-driven smart investment research system

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HTSC's Zhou Yi: Launching Comprehensive Intelligent Transformation This Year; Stock Prices Not Solely Dependent on Fundamentals