GF Securities Releases 2025 Annual Report: Staying True to Our Functionality and Serving the National Strategy with High-Quality Development

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On March 30, Guangfa Securities Co., Ltd. (“Guangfa Securities” or the “Company”; the Company and its subsidiaries within the scope of consolidation [subsidiaries] are collectively referred to as the “Group”) released its 2025 annual report. The past year was the closing year of the “14th Five-Year Plan” and also a year when China’s capital market moved from “building a stronger foundation” toward high-quality development. Faced with a complex and ever-changing market environment and an industry landscape undergoing reform and transformation, the Company has continued to expand its business layout, placing its functional role at the top priority, and has adhered to the fundamental purpose of financial services serving the real economy. It has earnestly carried out the “Five Major Initiatives” in finance and solidly promoted high-quality development. During the reporting period, the Group achieved total operating revenue of RMB 35.493 billion and net profit attributable to shareholders of RMB 13.702 billion.

As one of the first batch of large comprehensive securities firms in China, Guangfa Securities has always insisted on specialized development. With full business licenses, it has built four major business segments: investment banking, wealth management, trading and institutions, and investment management. It has established subsidiaries such as futures, public funds, private funds, alternative investments, and asset management, forming a well-rounded and strong full-suite business chain. Based in Guangdong, the Company serves the entire country, connects domestic and overseas markets, and its key operating indicators have consistently ranked among the top tier of Chinese securities firms for many consecutive years.

Guangfa Securities Chairman Lin Chuanhui stated that the Company is grounded in its functional positioning and practices the political nature and people-centered focus of financial work, serving the real economy and helping drive transformation and upgrading of economic industries. It strengthens core capabilities by deeply推进重点业务转型升级, and lays a solid foundation for high-quality development of top-tier investment banking. It promotes financial culture with Chinese characteristics, remains steadfast for the long term, and assumes social responsibilities. In 2026, capital market reforms in investment and financing will continue to deepen and basic systems will be further improved. Guangfa Securities will remain committed to its functional positioning, reinforce professional capabilities, and continue to make steady progress, using its own high-quality development to serve national strategies.

Four business segments work together to strengthen the foundation for high-quality development

Guangfa Securities has a complete business system and a balanced business structure. During the reporting period, all four business segments achieved steady growth.

Breakthrough in wealth management transformation. During the reporting period, the Company deepened its customer base, further advanced the transformation of wealth management, and accelerated the building of an “all-asset, multi-strategy, all-weather” asset allocation system to significantly increase the scale of solutions retained. As of end-2025, the Company’s scale of financial product distribution in mainland China exceeded RMB 370 billion, up about 42.65% from the end of the previous year. It ranked 4th in the industry by the distribution scale of non-money public mutual funds. More than 4,800 people obtained investment advisor qualifications, ranking 3rd in the industry (parent-company basis). The balance of margin financing and securities lending was RMB 138.979 billion, up 34.04% from the end of the previous year, with a market share of 5.47%. For the full year, the trading value of Shanghai and Shenzhen stock funds was RMB 4,038 billion (bilateral statistics), up 68.64% year over year. Overseas, the Company further enriched product categories and continued to transition toward wealth management. Revenue scale, custody asset scale, product holding scale, and high-net-worth customer scale all increased year over year; the Guangfa Futures Singapore subsidiary was successfully established.

Early results in the transformation of investment banking for industry focus. During the reporting period, for equity financing in mainland China, the Company completed 8 A-share equity financing projects with a lead-underwriting amount of RMB 18.793 billion, and completed 8 New Third Board listings. For equity financing overseas, the Company completed 23 overseas equity financing projects, with an issuance size of HKD 106.775 billion. Based on the underwriting total issuance size allocation methodology that averages the total issuance size of IPO and refinancing projects among all underwriters, the Company ranked 5th among Chinese securities firms in Hong Kong’s equity financing business (data source: Bloomberg, Company statistics). For debt financing, the Company led the underwriting and issuance of 869 bonds, with a lead-underwriting amount of RMB 318.857 billion. In the business of overseas bonds for Chinese institutions, the Company completed 59 bond issuance deals with underwriting proceeds of HKD 87.097 billion. For mergers and reorganizations, the Company completed 2 major asset restructuring projects of listed companies with industry and regional impact and share-purchase-for-asset acquisition projects, as well as 7 projects involving acquisitions of controlling rights of listed companies, and was awarded “Best M&A Investment Bank” in New Fortune 2025.

Investment management advantages continue to be strengthened. As of end-2025, the Group’s controlling subsidiary Guangfa Fund and its equity-invested subsidiary E Fund, after excluding money market funds, had public fund management scales of RMB 101.516 billion and RMB 181.7855 billion respectively, ranking 3rd and 1st in the industry (data source: Wind, Company statistics). The fee income from asset management of Guangfa Asset Management (wholly-owned subsidiary) increased 31.57% year over year; the net value scale of special asset management plans increased 38.08% compared with the end of the previous year. Guangfa Futures (wholly-owned subsidiary) managed a total of 71 asset management plans, with total asset management scale of RMB 5.761 billion. Guangfa Xinde (wholly-owned private fund subsidiary) focuses on allocating to industries such as artificial intelligence, robotics, biopharmaceuticals, intelligent manufacturing, new energy, and enterprise services. The cumulative amount of paid-in capital in funds under management exceeds RMB 19.0 billion. Overseas, Guangfa Holdings (Hong Kong) is one of the first batch of Chinese financial institutions in Hong Kong to obtain RQFII qualifications. It has 4 equity investment fund product lines under its Guangfa Investments (Hong Kong), focusing on core areas such as high-end manufacturing, TMT, consumer sectors, and biomedical services, forming an investment layout. Some projects have already successfully exited through M&A or listed on securities exchanges in Hong Kong, the United States, and others.

Trading and institutional capabilities improved steadily. As a first-tier dealer for OTC derivatives business, the Company maintains its leading position in market-making. It has officially launched market-making for ChiNext Board and Northern Exchange stock market-making businesses. It provides market-making services for 1,100+ funds and all ETF options on the Shanghai and Shenzhen Stock Exchanges, as well as for CSI 300 index options, CSI 1000 index options on the China Financial Futures Exchange, and market-making services for 15 ChiNext Board enterprises, 10 Northern Exchange enterprises, and 33 New Third Board enterprises. During the full year, the Company issued and traded 110,115 private product deals via the CSI inter-dealer quotation system and the OTC market, with a total scale of RMB 1,059.276 billion. The scale of FICC multi-asset, multi-strategy investment continues to grow. As of end-2025, the Company had 3,853 custody products, offering 4,342 fund operation outsourcing service products; the scale of non-money public mutual fund custody ranked 4th in the industry (data source: Wind). Guangfa Qianhe, a wholly-owned subsidiary, focuses on alternative investment businesses in areas such as hard technology, AI+, advanced manufacturing, healthcare, and special opportunities. It has accumulated 342 investment projects.

Put investors first and forge comprehensive financial service capabilities

Guangfa Securities adheres to putting investors first. By forging comprehensive financial service capabilities across the full business chain and full life cycle, it continuously improves the service quality and effectiveness for different customer groups including individual investors, institutional clients, and corporate clients, and returns investors with solid development results.

The Company always practices “finance for the people,” acts as a “manager of social wealth,” and helps build a market ecosystem of “long-term capital invested for the long term.” Through professional capabilities and innovative services, it supports residents’ wealth preservation and appreciation. As of end-2025, the Company has 357 branches and business outlets nationwide, covering 31 provinces, autonomous regions, and municipalities directly under the central government. In the Guangdong–Hong Kong–Macao Greater Bay Area’s nine Pearl River Delta cities, the number of branch outlets and coverage ratios are both #1 in the industry, providing important support for better reaching and serving customers. The cross-border Wealth Management Connect allocation scale has exceeded RMB 970 million. At the same time, the Company actively explores online, large-scale customer acquisition paths, deepens services for institutional and corporate customer segments, fully advances programmed T0 business, proactively embraces AI technology-driven changes, innovates efficient customer service models, and continuously enhances its comprehensive wealth management service capabilities.

In terms of institutional client services, the Company’s outstanding research capabilities are widely recognized in the industry. It has won major institutional awards such as Securities Times’ Best Analyst, New Fortune’s Best Analyst, and the China Securities Practitioners’ Golden Bull Award for Analysts for many consecutive years, and it ranks among the top. As of end-2025, the Group’s equity research covers 28 industries in mainland China, 951 A-share listed companies, and 232 overseas listed companies. The overseas research coverage and client service capabilities continue to strengthen, with client service volume up 257%. During the reporting period, the Company successfully held large investment strategy forums such as “AI+ Industrial Forum,” “Dialogue with the Masters,” and “Smart Views China Assets,” building an exchange platform between listed companies and institutional investors. At the global investment forum “Smart Views China · Sailing Toward the Future” held in Hong Kong, it brought together leading companies across industry chains such as AI, robotics, new energy, and innovative drugs, fully showcasing investment opportunities in China’s advantageous assets to international investors.

As a direct financing “service provider,” the Company adheres to the political nature and people-centered focus of financial work. Based on serving the real economy and helping drive transformation and upgrading of economic industries, it provides enterprises with end-to-end “financing + financial intelligence” services. The Company focuses on key tracks and regions, actively builds a “technology-industry-capital” bridge for connecting industry and finance. The transformation of industrial investment banking has shown early results, and its underwriting scale for equity and bonds remains in the top ten in the industry. As of end-2025, the Company has cumulatively provided equity and debt financing services to more than 200 technology innovation enterprises, with total financing scale exceeding RMB 930 billion. During the reporting period, it continued to supervise 52 listed companies, of which “specialized, refined, distinctive and innovative” enterprises accounted for 80.77%. At the same time, the Company continues to deepen an integrated layout across mainland and overseas markets, focuses on implementing the operating model of “one Guangfa,” rolls out multiple Hong Kong equity market benchmark projects, and comprehensively improves cross-border service quality and effectiveness, effectively supporting Chinese enterprises’ overseas expansion plans.

**　　Fulfill social responsibility with担当, and drive development through corporate culture**

Guangfa Securities always maintains a strong sense of patriotism and a sense of responsibility to the nation. It holds the mission of “creating value to achieve the dream of serving the country through finance,” and carries forward the excellent cultural genes of the “Doctor Corps.” It organically integrates the “Five Musts and Five Don’ts” financial culture with the corporate culture of “striving to excel with knowledge and devoting oneself to practical service,” promoting coordinated development between cultural building and the Company’s strategy and main businesses.

The Company actively fulfills corporate social responsibility and improves ESG governance. It services the issuance of green ABS projects and green bonds, carbon-neutral bonds, and bonds linked to low-carbon transition. Total financing through equity and debt exceeded RMB 10 billion. It implements national rural revitalization strategies and the Guangdong province’s “Hundred Million” initiative, focusing on areas such as rural revitalization, education support, and financial empowerment. During the year, the Group’s charitable spending reached RMB 31.5572 million. Guangfa Public Welfare Foundation’s cumulative charitable spending exceeded RMB 330 million, and it has been included in the Hang Seng Corporate Sustainability Index series for many consecutive years.

Guangfa Securities upholds the core concept of prudent operations. It puts investors first, continuously enhances the Company’s long-term investment value, and effectively fulfills its responsibilities to protect investors. During the reporting period, the Company increased the frequency and strength of dividend payments, implemented its first share repurchase and cancellation of shares, was selected as a constituent stock of the MSCI China Index, and the market value increased steadily. By protecting investors’ lawful rights and interests through professional services, it supports the healthy and orderly operation of the capital market.

2026 is the first year of the “15th Five-Year Plan” (2026–2030). Against the backdrop of the comprehensive deepening of capital market reforms, the ongoing strengthening of an internal stabilization mechanism, and the steady expansion of high-level institutional-based opening-up on both sides, Guangfa Securities will continue to adhere to high-quality development as the main line, actively integrate into the overall national development agenda, focus on its primary responsibilities and main businesses, place its functional positioning at the top priority, and write a new chapter for the financial “Five Major Initiatives.” It will continue to move forward with efforts to better serve Chinese-style modernization and the building of a financial powerhouse.

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