GF Securities reported a sharp improvement in first-quarter performance. Revenue reached RMB 11.68 billion, an increase of 64.33% year-on-year, while net profit attributable to shareholders rose 70.73% to RMB 4.71 billion. Basic earnings per share advanced to RMB 0.58 from RMB 0.33 a year earlier.
Fee momentum drove the top line. Net fee and commission income expanded 48.35% to RMB 6.00 billion, supported by stronger brokerage and fund‐management businesses. Gains from changes in fair value surged to RMB 3.97 billion versus RMB 0.20 billion in the prior-year quarter, offsetting a RMB 0.45 billion foreign-exchange loss. General and administrative expenses grew 51.94% to RMB 5.37 billion.
Balance-sheet growth remained solid. Total assets stood at RMB 1.12 trillion at 31 March 2026, up 15.04% from year-end 2025, while equity attributable to shareholders increased 9.85% to RMB 171.48 billion. Cash and bank balances rose to RMB 216.89 billion, and net cash from operating activities turned positive at RMB 18.92 billion compared with an outflow in the same period last year.
Regulatory capital metrics strengthened. Net capital climbed 14.76% to RMB 113.07 billion, lifting the risk coverage ratio to 244.32% (up 12.71 percentage points). Liquidity coverage and net stable funding ratios improved to 202.34% and 152.70%, respectively.
Capital-raising activities bolstered the firm’s funding base. In January, GF Securities placed 219 million new H-shares at HKD 18.15 each, raising net proceeds of roughly HKD 3.95 billion, and issued HKD 2.15 billion in H-share convertible bonds. The company plans to inject up to HKD 6.10 billion into wholly owned subsidiary GF Holdings (Hong Kong) to support international expansion, subject to regulatory approvals.
Outstanding borrowings rose to RMB 552.40 billion as of end-January 2026, exceeding the prior-year-end level by RMB 76.76 billion and breaching the 40% net-asset increase threshold disclosed earlier. The group operated 358 branches nationwide at quarter-end after relocating three outlets.
Return on weighted average net assets improved to 3.32% from 2.06% a year earlier. Non-recurring items had a negligible impact, with recurring profit reaching RMB 4.71 billion, up 72.40% year-on-year.
The first-quarter financial statements were prepared under China Accounting Standards for Business Enterprises and were unaudited.
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