GF Securities' net profit increased by 42% last year to 13.7 billion, with trading and institutional business revenue growing by over 60%.

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Guangfa Securities Co., Ltd. (abbreviated as “Guangfa Securities,” 000776.SZ, 01776.HK) saw both revenue and net profit in 2025 rise by more than 30%.

On the evening of March 30, Guangfa Securities released its “2025 Annual Report,” which showed that, for the reporting period, the company’s total operating revenue was 35.49B yuan, up 34.33%; net profit attributable to shareholders of listed companies (hereinafter “net profit”) was 13.7B yuan, up 42.18%. Non-recurring profit and loss (excluding non-recurring) net profit was 14.26B yuan, up 59.93%.

In 2025, Guangfa Securities’ basic earnings per share were 1.68 yuan/share, up 46.09%; the weighted average return on net assets was 10.16%, up by 2.72 percentage points from last year.

By the end of 2025, Guangfa Securities’ total assets were 758.75B yuan, an increase of 28.57% compared with total assets of 156.11B yuan at the end of 2024; net assets attributable to shareholders were 7.24B yuan, up 5.77%.

Regarding profit distribution, Guangfa Securities said that the company plans to use the number of shares registered on the dividend record date as the basis to distribute cash dividends of 5.00 yuan (tax included) to all shareholders for every 10 shares held, with no bonus shares and no capitalizing of reserves to increase share capital.

By quarter, Guangfa Securities’ revenue in the third quarter of 2025 was the highest, exceeding 10 billion yuan, reaching 10.7666 billion yuan. Revenue in the first, second, and fourth quarters was 8.16B yuan, 4.47B yuan, and 2.76B yuan, respectively.

In terms of net profit, last year’s best performance for Guangfa Securities was also in the third quarter, at 3.71B yuan, the peak for the year. Net profit in the first, second, and fourth quarters was 2.77B yuan, 14.07B yuan, and 403.8k yuan, respectively.

Looking specifically at each main business, Guangfa Securities’ 2025 annual report shows that, during the reporting period, the company’s revenues from its main business all achieved year-over-year positive growth.

Among them, regarding revenue scale, in 2025 Guangfa Securities’ wealth management business had the highest share of total revenue; during the reporting period, it achieved revenue of 138.98B yuan, up 28.32%.

Regarding the company’s wealth management business in the prior year, Guangfa Securities stated in its 2025 annual report that the company’s wealth management business segment mainly includes wealth management and brokerage business, futures brokerage business, margin financing and securities lending business, repurchase transaction business, and financial leasing business.

Guangfa Securities’ 2025 annual report shows that, during the reporting period, as of the end of December 2025, onshore the company’s distribution and agency of financial products had an outstanding balance exceeding 370 billion yuan, up about 42.65% from the end of the prior year; in 2025, the transaction value of its Shanghai and Shenzhen stock index funds was 4.038 trillion yuan (bilateral statistics), up 68.64% year over year.

“As of the end of December 2025, the company’s balance of margin financing and securities lending was 7.26B yuan, up 34.04% from the end of the prior year, with a market share of 5.47%. For repurchase transaction business, as of the end of December 2025, the company’s on-exchange stock pledge repurchase business balance conducted with its own funds was 11.17B yuan, down 23.19% from the end of the prior year.” Guangfa Securities further pointed out.

In terms of growth, last year Guangfa Securities’ revenue from trading and institutional business had a year-over-year growth rate of more than 60%, increasing 60.19%, with operating revenue reaching 110.1k yuan.

As for the trading and institutional business with the highest revenue growth, Guangfa Securities’ 2025 annual report shows that the company’s trading and institutional business segment mainly includes equity investment and trading business, fixed-income sales and trading business, equity derivatives sales and trading business, alternative investment business, investment research business, and asset custody business.

“During the reporting period, the company issued and traded a total of 110.1k private fund products through the CICC institutional quotation system and the OTC market, with a total scale of 1.06 trillion yuan.” Guangfa Securities further stated, “As of the end of 2025, the company had 3,853 custody products, and it provided products for fund operations outsourcing totaling 4,342 units.”

Meanwhile, during the reporting period, Guangfa Securities’ investment management business revenue was 10.6k yuan, up 21.63%; investment banking business revenue was 0.896 billion yuan, up 14.05%; and other business revenue was 9.24B yuan, up 14.76% year over year.

In addition, the annual reports also revealed the performance of two public fund companies in which Guangfa Securities holds stakes. In 2025, E Fund achieved net profit of 896M yuan, down slightly by 2.42% year over year, but its operating revenue increased 7.33% year over year to 115M yuan. Guangfa Fund achieved net profit of 3.81B yuan in 2025, up 37.70%; operating revenue in 2025 was 13B yuan, up 17.64%.

According to Dazhihui VIP, as of noon close on March 31, Guangfa Securities’ A-shares were quoted at 18.17 yuan/share, down 0.60%; its Hong Kong-listed shares closed at 14.27 HKD/share, down 3.71%.

Pengpai News reporter Tian Zhongfang, intern Yan Yutong

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