6 years of financing 71.3 billion, net profit increased by 90%, what is the resilience of Guojin Securities?

Ask AI · How can frequent financing help Guojin Securities optimize its debt structure?

Short-term stock price fluctuations and compliance pains do not change the long-term positive development trend of Guojin Securities.

Produced by | Zhongfang Network

Reviewed by | Li Xiaoyan

As a comprehensive securities firm with over 30 years of deep cultivation in the capital markets, Guojin Securities (600109.SH) has experienced both phased challenges and demonstrated strong performance resilience and proactive rectification in the face of market volatility and stricter regulatory environments in recent years. Despite short-term pressures such as stock price adjustments and occasional compliance issues with investment banking projects, the company is steadily consolidating its long-term foundation and releasing high-quality growth potential through solid financial fundamentals, efficient financing management, comprehensive business transformation results, and profound compliance reforms.

Since 2025, Guojin Securities has delivered impressive performance, leading the industry in growth momentum. In the first three quarters, the company achieved operating revenue of 6.15B yuan, a year-on-year increase of 43.36%; net profit attributable to shareholders was 1.7 billion yuan, a surge of 90.27% year-on-year, nearly doubling, with profitability significantly improved. Notably, net income from fees and commissions and investment income reached 3.36B yuan and 1.69B yuan respectively, with growth rates of 46.59% and 90%, becoming the core dual engines driving performance growth. This confirms that the company’s traditional main businesses—brokerage, investment banking, and investment—are working synergistically, with ongoing optimization of the business structure.

In response to liquidity management needs in the industry, Guojin Securities flexibly utilizes diversified financing tools such as short-term financing bonds and corporate bonds, ensuring ample working capital while demonstrating high market creditworthiness. From 2020 to 2025, the company issued a total of 79 tranches of short-term financing bonds, raising 71.3 billion yuan; in early 2026, it issued two more short-term bonds raising 2 billion and 1.5 billion yuan respectively, establishing a normalized, low-cost financing rhythm. Data shows that the coupon rates for the 2026 short-term bonds were as low as 1.69%-1.73%, and the corporate bonds’ rate was only 1.87%, significantly below industry averages, reflecting strong market recognition of its AAA credit rating and debt repayment capacity.

Frequent financing is not reckless expansion but a strategic move to serve business development and optimize debt structure. Short-term financing bonds, with advantages of low cost, high flexibility, and quick turnover, are key tools for supplementing liquidity, rolling over maturing debts, and stabilizing the capital chain. As of the end of Q3 2025, the company’s asset-liability ratio was 75.95%, still at a phased high level but within a reasonable range for securities firms and well below risk warning thresholds. Meanwhile, the company’s outstanding bonds totaled 32 billion yuan, including 10 billion yuan of short-term bonds and 22 billion yuan of corporate bonds, with a reasonable maturity structure and overall controllable liquidity risk. More importantly, the company has maintained a 100% on-time debt repayment record, successfully repaying 1.5 billion yuan of short-term bonds principal and interest in August 2025, demonstrating robust performance and risk control.

On the secondary market, Guojin Securities’ stock price has declined since its peak in 2020, closing at 8.33 yuan per share on April 2, 2026, down over 50% from its historical high, attracting market attention. However, this trend is not unique but reflects common difficulties faced by the brokerage sector in recent years, caused by multiple overlapping factors.

From the industry perspective, since 2021, the A-share market has experienced overall volatility and adjustment, with trading activity temporarily declining. Meanwhile, capital has continued to flow into growth tracks such as AI and advanced manufacturing, leading to a cooling of funds allocated to traditional financial blue chips like brokerages. Additionally, regulatory shifts toward “stabilizing the market and preventing large swings” have weakened the sector’s previous “bull market leader” image, causing valuation levels to drift downward. Data shows that since early 2026, core broad-based ETFs have experienced net redemptions exceeding 1 trillion yuan, with brokerages as index weight stocks facing passive pressure, further dragging down stock prices.

Market expectations also reflect skepticism about the sustainability of brokerage performance growth, with some believing that the high growth in 2025 was driven by short-term market pulses rather than sustainable endogenous growth, leading to a pessimistic “performance has peaked” sentiment. However, Guojin Securities’ performance growth is fundamentally supported: its brokerage business maintains stable market share through its extensive network and service advantages; investment banking focuses on high-quality project reserves; investment business achieves steady returns through professional research and investment capabilities; and innovative businesses such as wealth management and AI finance are accelerating deployment, injecting new momentum for long-term growth. Currently, the company’s valuation is at a historic low, and as performance continues to materialize and market sentiment recovers, valuation repair space is gradually opening.

As a “gatekeeper” of the capital market, compliance in investment banking is vital for securities firms’ development. In recent years, some IPO projects of Guojin Securities faced regulatory warnings and penalties due to lapses in due diligence, exposing internal control weaknesses. In March 2025, the IPO project of Xiangnian Food was publicly reprimanded by the Shanghai Stock Exchange for inadequate due diligence and procedural lapses, with two underwriters suspended from signing for 24 months; in December of the same year, the underwriter of Feichao New Materials received a regulatory warning for oversight lapses.

In response, Guojin Securities has adopted a “zero tolerance” attitude, actively pushing for comprehensive rectification to rebuild its investment banking compliance system. After the incidents, the company promptly launched internal accountability, imposing penalties such as performance deductions and demotions on responsible departments and personnel, reinforcing compliance responsibilities. It also upgraded its investment banking management from four dimensions: establishing a dynamic “project initiation–due diligence–review–supervision” full-process risk control system; involving quality control and compliance departments early in projects; strengthening checks on fund flows, related-party transactions, and internal control effectiveness; optimizing underwriter assessment mechanisms to link compliance and project quality with career development, preventing “performance over compliance” tendencies; and enhancing staff compliance training to improve professional skills and risk awareness, reinforcing the concept that “compliance is the bottom line, quality is life.”

The effectiveness of these reforms is gradually emerging. The company’s project screening standards have become more stringent, focusing on high-quality and compliant projects. Since 2026, the due diligence coverage and depth of new projects have significantly improved, with no recurrence of similar compliance issues. Meanwhile, the company continues to strengthen supervision of listed companies’ information disclosure, corporate governance, and internal control operations, fulfilling its role as a “gatekeeper.” The short-term compliance pains are paving the way for a qualitative improvement in compliance capabilities, laying a solid foundation for steady development of investment banking.

While consolidating its traditional main businesses, Guojin Securities is accelerating digital and intelligent transformation, cultivating new growth points and expanding long-term growth space.

The transformation of wealth management has achieved notable results. Centered on AI financial advisors, the company has built an integrated online-offline service system. After the launch of AI advisory products in 2025, signed assets in equity products reached 31.5 billion yuan, generating incremental income of over 30 million yuan. The intelligent advisor’s daily active users increased tenfold compared to traditional customer service, greatly improving service efficiency and customer experience. The public fund sub-account commission business performed well, with revenue of 290 million yuan in 2025, a year-on-year increase of 37.23%, ranking 16th in the industry, up six places from the previous year, demonstrating the research and sales synergy and institutional service strength.

Digital transformation deepens into core businesses. The company embeds AI technology into proprietary investments, investment banking due diligence, risk monitoring, and other processes, using intelligent algorithms to optimize investment strategies, automatically generate due diligence reports, and provide real-time risk alerts. AI applications in proprietary trading have saved over 40k labor hours, significantly improving operational efficiency and risk control accuracy. Meanwhile, the company continues to increase investment in fintech, improving trading systems, customer management, and risk control systems, empowering business quality and efficiency through technology, and building a differentiated competitive advantage.

Short-term stock price fluctuations and compliance pains do not alter Guojin Securities’ long-term positive development trend. Relying on strong performance growth, solid financial strength, efficient financing capabilities, profound compliance reforms, and accelerated innovation transformation, the company is gradually alleviating phased pressures and entering a new stage of high-quality development.

As a regional leading securities firm headquartered in Chengdu, Guojin Securities has deep roots in Western China and radiates nationwide. It continues to serve the real economy, assist enterprises in direct financing, and promote inclusive wealth management, bearing important market responsibilities. In the future, with the deepening reform of the capital markets, the continued release of registration system dividends, and surging demand for household wealth management, the company will leverage its advantages, operate in compliance, expand its main businesses, refine and optimize innovative businesses, and continuously enhance core competitiveness and market value, creating long-term stable returns for investors.

Personal opinions are for reference only.