On March 30, Gf Securities Co., Ltd. ("Gf Securities" or the "Company," collectively referred to as the "Group" including its consolidated subsidiaries) released its 2025 Annual Report. The past year marked the conclusion of the "14th Five-Year Plan" and a period where the capital market strengthened its foundation and advanced towards high-quality development. Amid a complex and volatile market environment and an industry landscape undergoing transformation, the Company continued to expand its business layout, prioritizing its functional role and adhering to the fundamental principle of financial services supporting the real economy. It diligently advanced the "Five Key Financial Tasks" and steadily promoted high-quality development. During the reporting period, the Group achieved total operating revenue of RMB 35.493 billion and net profit attributable to the parent company's shareholders of RMB 13.702 billion.
As one of China's first large comprehensive securities firms, Gf Securities has consistently pursued specialized development, possessing full business licenses and establishing four major business segments: Investment Banking, Wealth Management, Trading & Institutional, and Investment Management. It has successively established subsidiaries in futures, public funds, private funds, alternative investments, and asset management, forming a comprehensive and robust full-service chain. Rooted in Guangdong, the Company serves the nation and connects domestic and international markets, with its key operational indicators consistently ranking among the top Chinese securities firms for many years.
Lin Chuanhui, Chairman of Gf Securities, stated that the Company, based on its functional positioning, practices the political and people-oriented nature of financial work, serving the real economy and facilitating 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 of a first-class investment bank. It promotes a financial culture with Chinese characteristics, persistently fulfills its social responsibilities. In 2026, as capital market reforms for investment and financing deepen and fundamental systems further improve, Gf Securities will adhere to its functional positioning, consolidate professional capabilities, maintain a steady and progressive approach, and serve national strategy through its own high-quality development.
The four major business segments synergistically contributed, solidifying the foundation for high-quality development. Gf Securities possesses a comprehensive business system and a balanced business structure. During the reporting period, all four business segments achieved steady growth.
Wealth management transformation achieved breakthroughs. The Company deepened its client base, accelerated the wealth management transition, and sped up the construction of a "multi-asset, multi-strategy, all-weather" asset allocation system, leading to significant growth in solution assets under custody. By the end of 2025, the Company's domestic distribution of financial products under custody exceeded RMB 370 billion, an increase of approximately 42.65% from the end of the previous year. Its custody scale for distributed non-monetary public funds ranked fourth in the industry. Over 4,800 employees obtained investment advisor qualifications, ranking third in the industry (on a parent company basis). Margin financing and securities lending balance reached RMB 138.979 billion, a 34.04% increase year-on-year, with a market share of 5.47%. Total transaction value for Shanghai and Shenzhen stock funds for the year reached RMB 40.38 trillion (double-counted), a 68.64% increase year-on-year. Overseas, the Company further diversified its product offerings, continued its shift towards wealth management, and achieved year-on-year growth in revenue scale, assets under custody, product custody scale, and high-net-worth client base. Gf Futures' Singapore subsidiary was successfully established.
Investment banking industrial transformation showed initial results. Domestically, for equity financing, the Company completed 8 A-share equity financing projects, with a total underwriting amount of RMB 18.793 billion, and facilitated 8 listings on the New Third Board. For overseas equity financing, it completed 23 projects, with an issuance scale of HKD 106.775 billion. Based on the average allocation of total issuance value for IPOs and follow-on offerings among all underwriters, it ranked fifth among Chinese securities firms in Hong Kong market equity financing business (Source: Bloomberg, Company statistics). For debt financing, the Company led the underwriting of 869 bond issuances, with a total amount of RMB 318.857 billion. For offshore bond business for Chinese entities, it completed 59 bond issuances, with an underwriting amount of HKD 87.097 billion. In mergers and acquisitions, it completed 2 major asset restructuring projects and share issuance for asset acquisition projects for listed companies with industry and regional influence, and 7 listed company control rights acquisition projects, being awarded the 2025 New Fortune "Best M&A Investment Bank."
Investment management advantages were continuously strengthened. By the end of 2025, the public fund management scale (excluding money market funds) of its controlled subsidiary, Gf Fund Management, and its equity-accounted subsidiary, E Fund Management, were RMB 1,015.160 billion and RMB 1,817.855 billion, ranking third and first in the industry, respectively (Source: Wind, Company statistics). Management fee income of the wholly-owned subsidiary Gf Asset Management increased by 31.57% year-on-year, and the net asset value of specific asset management plans grew by 38.08% from the end of the previous year. The wholly-owned subsidiary Gf Futures managed 71 asset management plans in total, with aggregate assets under management of RMB 5.761 billion. The wholly-owned private fund subsidiary, Gf Xinde, focused on investments in artificial intelligence, robotics, biomedicine, intelligent manufacturing, new energy, and enterprise services, with in-fund paid-in capital under management exceeding RMB 19 billion. Overseas, the wholly-owned subsidiary Gf Financial Holdings (Hong Kong) Limited, one of the first Chinese financial institutions in Hong Kong to obtain RQFII资格, managed 4 equity investment fund products through Gf Investment (Hong Kong) Ltd., focusing on core sectors like advanced manufacturing, TMT, major consumption, and biomedical, with some projects successfully exited via M&A or listed on exchanges in Hong Kong and the US.
Trading and institutional professional capabilities steadily improved. As a primary dealer in OTC derivatives, the Company's market-making business remained in the top tier. It officially commenced market-making for stocks on the STAR Market and Beijing Stock Exchange, providing market-making services for over 1,100 funds and all ETF options on the Shanghai and Shenzhen exchanges, the CSI 300 stock index options and CSI 1000 stock index options on the CFFEX, as well as for 15 STAR Market enterprises, 10 Beijing Stock Exchange enterprises, and 33 New Third Board enterprises. Throughout the year, it conducted issuance and trading of 110,115 private products through the Securities Association of China Inter-institutional Quotation System and over-the-counter markets, with a total scale of RMB 1,059.276 billion. FICC multi-asset, multi-strategy investment scale continued to grow. By the end of 2025, the number of products under custody was 3,853, and the number of products receiving fund operation outsourcing services was 4,342, ranking fourth in the industry for non-monetary public fund custody scale (Source: Wind). The wholly-owned subsidiary Gf Qianhe focused on alternative investments in hard technology, AI+, advanced manufacturing, healthcare, and special situation investments, with a cumulative total of 342 investment projects.
Prioritizing investors, the Company honed its comprehensive financial service capabilities. Gf Securities坚持以投资者为本, continuously enhancing service quality and efficiency for individual investors, institutional clients, and corporate clients by refining its full business chain, full lifecycle comprehensive financial service capabilities, and rewarding investors with sound development results.
The Company consistently practiced "finance for the people," acting as a prudent manager of social wealth, helping to build a market ecology conducive to "long-term money, long-term investment," and assisting residents in preserving and increasing their wealth through professional capabilities and innovative services. By the end of 2025, the Company operated 357 branch offices and sales departments across 31 provinces, autonomous regions, and municipalities directly under the central government. The number and coverage ratio of its outlets in the nine Pearl River Delta cities of the Guangdong-Hong Kong-Macao Greater Bay Area ranked first in the industry, providing crucial support for better reaching and serving clients. The allocation scale for the Cross-boundary Wealth Management Connect Scheme exceeded RMB 970 million. Simultaneously, the Company actively explored online customer acquisition channels, deepened services for institutional and corporate client segments, fully promoted programmed T0 business, proactively embraced AI technological changes, innovated efficient customer service models, and continuously enhanced its comprehensive wealth management service capabilities.
In institutional client services, the Company's exceptional research capabilities were widely recognized within the industry, consistently winning top honors for years in awards such as the Securities Times Best Analyst, New Fortune Best Analyst, and China Securities Industry Analyst Golden Bull Award. By the end of 2025, the Group's equity research covered 28 industries and 951 A-share listed companies in mainland China, as well as 232 overseas listed companies. Overseas research coverage and client service capabilities continued to strengthen, with client service volume increasing by 257%. During the reporting period, the Company successfully held large-scale investment strategy conferences like the "AI+ Industry Forum," "Dialogue with Leaders," and "Insight into Chinese Assets," building communication platforms for listed companies and institutional investors. The "Insight into China · Sailing into the Future" Global Investment Forum held in Hong Kong brought together leading companies from AI, robotics, new energy, innovative drugs, and other industrial chains, fully showcasing investment opportunities in China's premium assets to international investors.
As a "service provider" for direct financing, the Company adhered to the political and people-oriented nature of financial work, focusing on serving the real economy and aiding economic and industrial transformation by providing enterprises with full-chain "financing + intellectual support" services. Concentrating on key sectors and regions, it actively built bridges connecting "technology-industry-capital," with its industrial investment banking transformation showing initial results. The scale of its equity and bond underwriting consistently ranked within the top ten in the industry. By the end of 2025, it had cumulatively provided equity and debt financing services to over 200 technology innovation enterprises, with total financing exceeding RMB 930 billion. During the reporting period, it provided continuous supervision for 52 listed companies on the National Equities Exchange and Quotations, of which 80.77% were "Specialized, Refined, Characteristic, and Innovative" SMEs. Furthermore, the Company continuously deepened its integrated domestic and international layout, vigorously promoted the "One GF" operating model, executed several benchmark Hong Kong stock projects, comprehensively enhanced the quality and efficiency of its cross-border services, and effectively supported Chinese companies in their global expansion.
Fulfilling social responsibility through commitment and driving development with corporate culture, Gf Securities maintained a strong sense of national duty, upholding the mission of "achieving the dream of serving the country through finance by creating value." It carried forward the excellent cultural genes of its "Doctor Corps," organically integrating the "Five Dos and Five Don'ts" financial culture with its corporate culture of "advancing through knowledge, being pragmatic and dedicated," promoting the synergistic development of cultural construction with corporate strategy and core operations.
The Company actively practiced corporate social responsibility and enhanced its ESG governance standards. It served the issuance of green ABS projects, green bonds, carbon-neutrality bonds, and low-carbon transition-linked bonds, with total equity and debt financing exceeding tens of billions of RMB. Implementing the rural revitalization strategy and the deployment of Guangdong Province's "Hundreds, Thousands, and Tens of Thousands Project," it focused on areas like rural revitalization, supporting education, and financial empowerment. The Group's annual charitable expenditure reached RMB 31.5572 million, and the cumulative charitable expenditure of the Gf Foundation exceeded RMB 330 million. It was included in the Hang Seng Corporate Sustainability Index Series for consecutive years.
Gf Securities adhered to the core concept of prudent operation,坚持以投资者为本, continuously enhanced the Company's long-term investment value, and earnestly fulfilled its investor protection responsibilities. During the reporting period, the Company increased the frequency and magnitude of dividend distributions, implemented its first share repurchase for cancellation, was selected as a constituent of the MSCI China Index, and saw its market value grow steadily. It protected the legitimate rights and interests of investors through professional services, contributing to the healthy and orderly operation of the capital market.
The year 2026 marks the beginning of the "15th Five-Year Plan." Against the backdrop of comprehensively deepening capital market reforms, continuously strengthening endogenous stability mechanisms, and steadily expanding high-level institutional two-way opening, Gf Securities will continue to prioritize high-quality development as the main theme, actively integrate into the national development landscape, focus on its core responsibilities and businesses, place functionality at the forefront, compose the "Five Key Financial Tasks," and strive unremittingly to better serve Chinese modernization and the construction of a financial powerhouse.
Comments