GF Securities Co., Ltd. ("GF Securities" or the "Company", together with its subsidiaries and consolidated affiliates, the "Group") released its 2025 annual report. The past year marked the conclusion of the “14th Five-Year Plan" and a year in which the capital market focused on "consolidating foundations and strengthening capabilities" to achieve high-quality development. Facing a complex and volatile market environment and an industry landscape undergoing transformation and restructuring, the Company continued to expand its business layout, prioritized its functional role, adhered to the fundamental purpose of serving the real economy through financial services, strived to deliver on the “Five Major Areas” of finance, and solidly advanced high-quality development. During the reporting period, the Group achieved total revenue and other income of RMB 44,513 million and net profit attributable to owners of the Company of RMB 13,702 million.
As one of the first large-scale comprehensive securities firms in China, GF Securities has always adhered to professional development. With a full range of business licenses, the Company has established four major business segments: Investment Banking, Wealth Management, Trading and Institution, and Investment Management. It has also successively established subsidiaries in futures, public funds, private funds, alternative investment, and asset management, forming a comprehensive and robust full-business-chain. Based in Guangdong, serving the nation, and connecting domestic and international markets, the Company's key operating indicators have consistently ranked among the top in the Chinese securities industry for years.
Mr. Lin Chuanhui, the Chairman of GF Securities, stated that the Company adheres to its functional positioning, honours the political and people-centric nature of financial work, serves the real economy, and supports economic and industrial transformation. It strengthens core competencies, deeply advances the transformation and upgrading of key businesses, and solidifies the foundation for high-quality development as a top-tier investment bank. The Company also promotes a financial culture with Chinese characteristics, perseveres in its efforts, and bravely shoulders social responsibilities. In 2026, as reforms of the capital market’s investment and financing mechanisms deepen and foundational systems are further refined, GF Securities will uphold its functional positioning, strengthen its professional expertise, pursue progress while maintaining stability, and serve national strategies through its own high-quality development.
Four Major Business Segments Collaborate to Solidify the Foundation for High-Quality Development
GF Securities boasts a comprehensive business system and a balanced business structure. During the reporting period, all four major business segments achieved steady growth.
Wealth Management Transformation Achieved Breakthroughs. During the reporting period, the Company strengthened its customer base, deepened the wealth management transformation, and accelerated the construction of a "multi-asset, multi-strategy, all-day" asset allocation system, leading to significant growth in the balance of solution-based holdings. As of the end of 2025, the Company's balance of financial products sold on a commission basis exceeded RMB 370 billion, representing a year-on-year increase of approximately 42.65%. The Company ranked fourth in the industry in terms of non-monetary public funds sold on a commission basis. Over 4,800 employees obtained investment advisor qualifications, ranking third in the industry (parent company basis). The balance of margin financing and securities lending reached RMB 138.979 billion, a year-on-year increase of 34.04%, with a market share of 5.47%. The total turnover of Shanghai and Shenzhen stocks and funds for the year was RMB 40.38 trillion (double-counted), a year-on-year increase of 68.64%. Overseas, the Company further diversified its product offerings, continued its transformation towards wealth management, and achieved year-on-year growth in income scale, assets under management, financial products, and high-net-worth client base. GF Futures' Singapore subsidiary was also successfully established.
Investment Banking Industry Transformation Showed Initial Results. During the reporting period, in terms of domestic equity financing, the Company completed 8 A-share equity financing projects, with a lead underwritten amount of RMB 18,793 million, and completed 8 NEEQ listings. In terms of overseas equity financing, the Company completed 23 overseas equity financing projects with a total issuance size of HKD 106,775 million. Based on the total issuance size of IPO and refinancing projects equally distributed among all underwriters, the Company ranked fifth among Chinese securities firms in the Hong Kong equity financing market (Source: Bloomberg, Company statistics). In debt financing, the Company acted as lead underwriter for 869 bond tranches, with a lead underwritten amount of RMB 318,857 million. In the offshore Chinese bond business, the Company completed 59 bond issuances with an underwriting amount of HKD 87,097 million. In M&A business, the Company completed 2 major asset restructuring projects of listed companies and share issuance to purchase assets with industrial and regional influence, 7 projects involving the acquisition of control of listed companies, and was awarded the "Best M&A Investment Bank" by New Fortune 2025.
Investment Management Advantages Continued to Solidify. As of the end of 2025, GF Fund, a holding subsidiary of the Group, and E Fund, an associate company, had public fund AUM (excluding money market funds) of RMB 1,015.16 billion and RMB 1,817.855 billion, ranking 3rd and 1st in the industry respectively (Source: Wind, Company statistics). GF Asset Management, a wholly-owned subsidiary, saw its management fee income increase by 31.57% year-on-year, and the net value of its special asset management plans grew by 38.08% compared to the end of the previous year. GF Futures, a wholly-owned subsidiary, managed a total of 71 asset management plans with total AUM of RMB 5.761 billion. GF Xinde, a wholly-owned private fund subsidiary, focused on industries such as artificial intelligence, robotics, biomedicine, intelligent manufacturing, new energy, and corporate services, with paid-in capital under management exceeding RMB19 billion. Overseas, GF Holdings (Hong Kong), a wholly-owned subsidiary, is one of the first batch of Chinese financial institutions in Hong Kong to be granted RQFII qualification. GF Investments (Hong Kong), under GF Holdings (Hong Kong), manages 4 private equity fund products, focusing its investments on core sectors such as high-end manufacturing, TMT, mass consumption, and biomedicine. Several investment projects have exited by way of mergers and acquisitions or been listed on the stock exchanges in Hong Kong, the United States and other regions
Trading and Institution Professional Capabilities Steadily Enhanced. As a primary dealer in OTC derivatives, the Company's market-making business remains in the top tier. It officially launched market-making services for stocks on the Sci-Tech Innovation Board and the Beijing Stock Exchange. It provides market-making services for over 1,100 funds and all ETF options on the Shanghai and Shenzhen Stock Exchanges, as well as for CSI 300 Index Options and CSI 1000 Index Options on the China Financial Futures Exchange, and provides market-making services for 15 Sci-Tech Innovation Board companies, 10 Beijing Stock Exchange companies, and 33 NEEQ companies. Throughout the year, the Company issued and traded a total of 110,115 private equity products through the China Securities Inter-agency Quotation System and the OTC market, with a total amount of RMB 1,059.276 billion. The scale of FICC multi-asset multi-strategy investments continued to grow. As of the end of 2025, the Company had 3,853 products under custody and provided fund operation outsourcing services for 4,342 products, ranking fourth in the industry in terms of the outstanding size of non-monetary public funds under custody (Source: Wind). GF Qianhe, a wholly-owned subsidiary, focuses on alternative investments in sectors such as hard technology, AI+, advanced manufacturing, healthcare, and special opportunity investments, having invested in a cumulative total of 342 projects.
Putting Investors First, Refining Comprehensive Financial Service Capabilities
GF Securities adheres to an investor-centric approach. By refining its comprehensive, full-business-chain, full-lifecycle financial service capabilities, the Company continuously improves service quality and efficiency for different client groups, including individual investors, institutional clients, and corporate clients, while rewarding investors with strong development results.
The Company consistently practices "finance for the people", acts as a "manager" of social wealth, helps build a market ecosystem conducive to "long-term capital and long-term investment", and leverages its professional expertise and innovative services to support the preservation and appreciation of residents' wealth. As of the end of 2025, the Company had 357 branches and sales offices nationwide, covering 31 provinces, municipalities, and autonomous regions. The number and coverage ratio of its outlets in the nine cities of the Pearl River Delta in the Guangdong-Hong Kong-Macao Greater Bay Area ranked first in the industry, providing crucial support for reaching and serving clients, with the asset allocation scale under the Cross-boundary Wealth Management Connect exceeding RMB 970 million. Simultaneously, the Company actively explores pathways for large-scale online customer acquisition, deepens services for institutional and corporate clients, comprehensively advances programmatic T0 business, proactively embraces AI technological transformation, and innovates efficient customer service models, continuously strengthening its comprehensive wealth management service capabilities.
In institutional client services, the Company's outstanding research capabilities are widely recognized in the industry. It has consistently won top honors in prestigious institutional awards such as the Securities Times Best Analyst, New Fortune Best Analyst, and China Securities Industry Analyst Golden Bull Award for many consecutive years. As of the end of 2025, the Group's equity research covered 28 industries, 951 A-share listed companies in Mainland China, and 232 overseas listed companies. Overseas research coverage and client service capabilities continued to strengthen, with client service volume growing by 257%. During the reporting period, the Company successfully hosted large-scale investment strategy conferences such as the "AI+ Industry Forum" "Dialogue with Leaders" and "Insight into China Assets" building platforms for communication between listed companies and institutional investors. The "Insight into China • Sailing into the Future" global investment forum held in Hong Kong brought together leading enterprises from industries such as AI, robotics, new energy, and innovative pharmaceuticals, effectively showcasing investment opportunities in China's advantaged assets to international investors.
As a direct financing "service provider," the Company upholds the political and people-centric nature of financial work, bases itself on serving the real economy and facilitating economic and industrial transformation, and provides enterprises with a full-chain "financing + intellectual capital" service. Focusing on key sectors and regions, the Company actively builds a bridge connecting "technology-industry-capital" for production-financing integration. Its transformation into an industrial investment bank has achieved initial results, with equity and bond underwriting scale consistently ranking among the top ten in the industry. As of the end of 2025, it had provided equity and debt financing services to over 200 technology enterprises, with total financing exceeding RMB 930 billion. During the reporting period, it provided ongoing supervision services for 52 listed companies on the NEEQ, of which 80.77% were "specialized, sophisticated, distinctive, and innovative" enterprises. Simultaneously, the Company continues to deepen its integrated domestic and overseas layout, focusing on promoting the "One Guangfa" business model. It has successfully executed several benchmark Hong Kong stock projects, comprehensively improving cross-border service quality and efficiency, effectively supporting Chinese enterprises in their global expansion.
Fulfilling Social Responsibilities with Commitment, Driving Development through Corporate Culture
GF Securities consistently maintains a strong sense of national responsibility. Adhering to its mission of "creating value to realize the dream of serving the country through finance" and promoting the excellent cultural genes of its "army of doctors", the Company organically integrates the "Five Dos and Five Don'ts" financial culture with its corporate culture of "Striving for Excellence Through Knowledge, Seeking Truth, and Dedication", fostering synergistic development between cultural building, corporate strategy, and core business operations.
The Company actively practices corporate social responsibility and enhances its ESG governance level. It has served in the issuance of green ABS projects, green bonds, carbon-neutral bonds, and low-carbon transition-linked bonds, with total equity and debt financing exceeding RMB 10 billion. Implementing the rural revitalization strategy and Guangdong Province's "Hundreds of Counties, Thousands of Towns, and Tens of Thousands Villages Project" and focusing on areas such as rural revitalization, education support through scholarships, and financial empowerment, the Group's public welfare expenditure for the year reached RMB 31,557,200. The cumulative public welfare expenditure of the GF Funds Charity Foundation exceeded RMB 330 million and the company has been included in the Hang Seng Corporate Sustainability Index Series for many consecutive years.
GF Securities adheres to the core philosophy of prudent operation, insists on putting investors first, continuously enhances the Company's long-term investment value, and diligently fulfills its investor protection responsibilities. During the reporting period, the Company increased the frequency and magnitude of dividends, implemented its first share buyback and cancellation, was included in the MSCI China Index constituent stocks, and saw its market capitalization grow steadily. It protects investors' legitimate rights and interests through professional services, contributing to the healthy and orderly operation of the capital market.
The year 2026 marks the start of the "15th Five-Year Plan" period. Against the backdrop of comprehensively deepening capital market reforms, continuously consolidating endogenous stability mechanisms, and steadily expanding high-level institutional two-way opening, GF Securities will continue to focus on high-quality development as its main theme, actively integrate into the national development landscape, concentrate on its main business and responsibilities, prioritize its functional role, and effectively address the "Five Major Areas" of finance, striving continuously to better serve Chinese-style modernization and the construction of a financial powerhouse.