GF Securities: Adhere to steady progress and pursue high-quality development to serve the national strategy

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As the construction of a financial powerhouse advances steadily, high-quality development in the capital markets has entered a new stage. The securities industry is actively integrating into the overall development of the economy and society, proactively serving major national strategies, and demonstrating a strong momentum of development.

On March 30, GF Securities (000776.SZ, 01776.HK) released its 2025 annual report. Facing new opportunities and challenges for high-quality development in the capital markets, the company achieved full-year operating revenue of RMB 35.49B and attributable net profit of RMB 13.7B.

GF Securities Chairman Lin Chuanhui said that 2025 is the closing year of the “14th Five-Year Plan” and also a year in which the capital markets’ “strengthening the foundation” effort moves toward high-quality development. The company is grounded in its functional positioning, practices the political nature and people-centeredness of financial work, and serves the real economy to help transform industries. It strengthens core capabilities, deeply advances the transformation and upgrading of key businesses, and lays a solid foundation for high-quality development of a top-tier investment banking firm. It also carries forward financial culture with Chinese characteristics, perseveres for long-term results, and shoulders social responsibility. In 2026, as capital-market investment and financing reforms continue to deepen and basic systems are further improved, GF Securities will stick to its functional positioning, strengthen professional capabilities, and pursue progress while maintaining stability. It will use its own high-quality development to serve national strategies.

Four business segments coordinated to drive momentum

GF Securities has a complete business system and a well-balanced business structure. During the reporting period, all four of the company’s business segments achieved steady growth.

Wealth management transformation achieved breakthroughs. During the reporting period, the company cultivated a stronger customer base, deepened its wealth management transformation, and accelerated the building of an asset allocation system with “multi-assets, multi-strategies, and all-weather” coverage to resolve growth in solution holdings. By the end of 2025, the company’s domestic distribution of financial products had an outstanding balance of over RMB 370 billion, up about 42.65% from the end of the prior year. The distribution of non-money public funds ranks fourth in the industry. More than 4,800 people hold investment advisory qualifications, ranking third in the industry (parent-company basis). The balance of margin financing and securities lending was RMB 138.98B, up 34.04% from the end of the prior year, with a market share of 5.47%. For the full year, the trading amount of Shanghai and Shenzhen stock funds was RMB 4.038 trillion (bilateral statistics), up 68.64% year over year. Overseas, the company further enriched its product categories and continued to shift toward wealth management; its revenue scale, assets under custody, product outstanding balances, and high-net-worth customer scale all grew year over year. GF Futures’ Singapore subsidiary was established smoothly.

Initial results seen in investment banking industry transformation. During the reporting period, for domestic equity financing, the company completed eight A-share equity financing projects, with lead-underwriting amount of RMB 403.8k, and completed eight New Third Board listings. For overseas equity financing, it completed 23 overseas equity financing projects, with an issuance scale of HKD 18.79B. Based on the average allocation of total issuance scale among all lead underwriters for IPO and refinancing projects, it ranked 5th among Chinese securities companies 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 106.78B. In the business of offshore bonds for Chinese institutions, it completed 59 bond issuance deals, with underwriting amount of HKD 318.86B. For mergers and acquisitions restructuring, it completed two major asset restructuring projects and two share-issuance-for-acquisition of assets projects with industry and regional influence, completed seven projects for acquisition of controlling interests of listed companies, and was awarded “Best M&A Investment Banking” by New Wealth 2025.

Investment management advantages continued to strengthen. By the end of 2025, the group’s controlling subsidiary GF Fund and its equity-invested subsidiary E Fund, excluding money-market funds, had public fund asset management scales of RMB 87.1B and RMB 1.02T respectively, ranking 3rd and 1st in the industry (data source: Wind, company statistics). GF Asset Management, a wholly owned subsidiary, saw its asset management fee income grow 31.57% year over year, and the net value scale of special asset management plans grew 38.08% compared with the end of the prior year. GF Futures, a wholly owned subsidiary, managed a total of 71 asset management plans, with total asset management scale of RMB 5.761 billion. GF Shinde, the wholly owned private fund subsidiary, focuses on sectors such as artificial intelligence, robotics, biopharmaceuticals, intelligent manufacturing, new energy, and enterprise services; the accumulated paid-in fund balance under management exceeds RMB 19 billion. Overseas, GF Holdings (Hong Kong), a wholly owned subsidiary, is one of the first batches of Chinese financial institutions in Hong Kong to obtain RQFII qualification. It has four equity investment fund products under GF Investment (Hong Kong), focusing on core areas including advanced manufacturing, TMT, consumer industries, and biomedical healthcare; some projects have successfully exited through M&A or listed on stock exchanges such as those in Hong Kong and the United States.

Trading and institutional professional capabilities improved steadily. As a Tier 1 dealer for over-the-counter derivatives business, the company’s market-making business continues to rank among the top tier. It has officially carried out market-making for shares on the STAR Market and on the NEEQ, providing market-making services for more than 1,100 funds and all ETF options on the Shanghai and Shenzhen stock exchanges, as well as CSI 300 index options, CSI 1000 index options on the CFFEX, and for 15 STAR Market enterprises, 10 NEEQ enterprises, and 33 NEEQ enterprises. It provides market-making services. For the full year, the issuance and trading of private products conducted through the CSRC Inter-Dealer Quote System and the OTC market totaled 110,115 contracts, with an aggregate scale of RMB 1,059.276 billion. FICC multi-asset, multi-strategy investment scale continued to grow. By the end of 2025, the company had 3,853 custodial products, providing 4,342 products for fund operations outsourcing services; the outstanding scale of custody for non-money public funds ranked 4th in the industry (data source: Wind). GF Qianhe, a wholly owned subsidiary, focuses on alternative investment businesses in hard technology, AI+, advanced manufacturing, healthcare, and special opportunities; it has accumulated investments in 342 projects.

Put investors first to hone comprehensive financial service capabilities

GF Securities adheres to an investor-first philosophy. By honing comprehensive financial service capabilities across the entire business chain and all life cycles, it continuously improves the service quality and effectiveness for different customer groups such as individual investors, institutional clients, and corporate clients, and gives back to investors with strong development results.

The company always practices “finance for the people,” serves as a “manager of social wealth,” and helps build a market ecosystem of “long-term money making long-term investments.” With professional capabilities and innovative services, it helps residents preserve and grow wealth. By the end of 2025, the company had 357 branches and business outlets nationwide, and it is set up across 31 provinces, autonomous regions, and municipalities directly under the central government. In the Guangdong-Hong Kong-Macao Greater Bay Area, the nine cities in the Pearl River Delta have both the number of business outlets and the coverage ratio that rank first in the industry, providing important support for reaching and serving clients. In addition, the cross-border Wealth Management Connect allocation scale exceeded RMB 970 million. Meanwhile, the company actively explores online, large-scale customer acquisition paths, deepens services for institutional and corporate client segments, comprehensively advances programmatic T0 business, proactively embraces AI technology changes, innovates efficient customer service models, and continuously strengthens its comprehensive wealth management service capabilities.

In terms of institutional client services, the company’s outstanding research capabilities are widely recognized in the industry and have won major awards such as Securities Times’ Best Analysts, New Wealth’s Best Analysts, and the China Securities Analysts Taurus Awards for consecutive years, placing it among the best. By the end of 2025, the group’s equity research covers 28 industries in mainland China, 951 A-share listed companies, and 232 overseas listed companies. Its overseas research coverage and client service capabilities continue to strengthen, and client service volume increased by 257%. During the reporting period, the company successfully hosted large investment strategy events such as “AI+ Industry Forum,” “Dialogue with the Masters,” and “Insight China Assets,” building an exchange platform between listed companies and institutional investors. At the global investment forum “Insight China · Sailing into the Future” held in Hong Kong, leading companies across industry chains such as AI, robotics, new energy, and innovative drugs gathered to fully demonstrate investment opportunities in China’s advantageous assets to international investors.

As a “service provider” for direct financing, the company adheres to the political nature and people-centeredness of financial work. Grounded in serving the real economy and helping economic and industrial transformation, it provides enterprises with full-chain “financing + insights” services. The company focuses on key tracks and key regions, actively builds a bridge for integration of “technology–industry–capital,” and sees initial results from the transformation of industrial investment banking. Its underwriting scale for equity and bonds has remained in the top ten in the industry. By the end of 2025, it had provided equity and debt financing services to more than 200 science and technology innovation (STAR) enterprises, with total financing scale exceeding RMB 930 billion. During the reporting period, it continued to supervise 52 listed companies, of which “specialized, refined, unique, and innovative” enterprises accounted for 80.77%. At the same time, the company continues to deepen its integrated domestic and overseas layout, focusing on implementing the operating model of “One GF,” landing multiple Hong Kong stock benchmark projects, fully improving the quality and effectiveness of cross-border services, and effectively supporting Chinese companies in their overseas expansion.

Taking responsibility to practice social responsibility, and driving development through corporate culture

GF Securities always maintains a strong sense of patriotism and national responsibility. With the mission of “creating value to realize the dream of financial power serving the country,” it carries forward the excellent cultural genes of the “Doctor Corps.” It organically integrates the financial culture of “Five Musts and Five No’s” with corporate culture of “strength through knowledge and practical dedication,” promoting synergy between cultural development and the company’s strategy and core operating businesses.

The company actively fulfills corporate social responsibility and improves ESG governance. It serves green ABS projects and green bonds, carbon-neutral bonds, and low-carbon transition-linked bonds, with combined financing for bond and ABS exceeding RMB 10 billion. It implements the Rural Revitalization Strategy and the “Hundred Thousand and Ten Thousand” (百千万工程) work deployment in Guangdong Province, focusing on areas such as rural revitalization, education and teaching support, and financial empowerment. During the year, the group’s charitable expenditures reached RMB 31.5572 million, the GF Charity Foundation’s cumulative charitable expenditures exceeded RMB 330 million, and it has been included in the Hang Seng Sustainability Enterprise Index series for consecutive years.

GF Securities upholds the core philosophy of prudent operations. It adheres to the investor-first principle, continuously improves the company’s long-term investment value, and effectively fulfills its duty to protect investors. During the reporting period, the company increased the frequency and strength of dividends, implemented its first share repurchase and cancellation, was selected as a constituent of the MSCI China Index, and its market value grew steadily. It protects investors’ legitimate rights and interests with professional services, helping ensure the healthy and orderly operation of the capital markets.

2026 is the first year of the “15th Five-Year Plan” period. As reform of investment and financing in the capital markets continues to deepen and basic systems are further improved, how will GF Securities achieve “its own high-quality development serving the national strategy”? Lin Chuanhui proposed that in 2026 the company will focus on four areas:

First, upgrade professional capabilities, strengthen product innovation, and serve the preservation and appreciation of residents’ assets, providing professional, diversified allocation channels for long- and medium-term capital entering the market. This will help precisely “water” high-quality assets with long-term capital, and provide financial support for building a strong country. Second, make cross-border integration truly operational by building a global service system, deepening the international business layout, improving cross-border business development efficiency and overseas client service capabilities, and supporting high-level two-way opening of the capital markets. Third, leverage the investment and financing bridge function. With implementation strategies using multiple tools, multiple strategies, and multiple markets, the company will seize opportunities such as reforms to the ChiNext board and optimization of refinancing mechanisms, deepen industry research, and serve the building of scientific and technological self-reliance and strength and a modern industrial system. Fourth, adhere to stability as the top priority, solidify compliance bottom lines, strengthen technology enablement and comprehensive risk management, and firmly grasp the bottom line of “if you can’t see it or can’t control it, you won’t be able to do the business.”

Looking ahead, Lin Chuanhui said that GF Securities will fully implement the new development philosophy, remain true to its original intent of “financial service for the country as its mission,” and implement major arrangements such as the “15th Five-Year Plan” and reforms in the capital markets. It will firmly march toward the goal of becoming a first-class investment bank with global competitiveness, making greater contributions to serving Chinese modernization and the construction of a financial powerhouse.

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