According to a report published by UBS, Haitong Securities's net profit after tax fell 84% year-on-year to 1 billion yuan. Among them, the net loss for the fourth quarter of last year was 3.4 billion yuan, far below the bank's and market expectations. The core business of Haitong Securities was all under pressure last year. The market share of the brokerage business fell to 3.3%, the scale of asset management fell 20% year-on-year, IPO revenue fell 18% due to the tightening of listing approval in the Mainland, and continued to lose money on investment in Haitong International, which had already been delisted.

The bank lowered its profit forecast for Haitong Securities by 21% to 28% from this year to 2026, reflecting last year's results and continued losses in overseas business. UBS lowered its target price for H shares of Haitong Securities from HK$5.01 to HK$3.7, 0.3 times the predicted market account ratio for this year, maintaining a “neutral” investment rating.