Guolian Minsheng Securities (1456) investor relations material

Executive summary

• Revenue, net investment gains, and other income surged 144.98% year-over-year to RMB10.33 billion, with net profit attributable to shareholders up 405.49% to RMB2.01 billion. Weighted average return on net assets rose to 4.16%.

• Total assets doubled to RMB203.22 billion, and equity attributable to shareholders increased 182.44% to RMB52.49 billion, driven by the acquisition of Minsheng Securities.

• The company completed the integration of Minsheng Securities, expanded its branch network to nearly 180 locations, and enhanced its business portfolio across brokerage, investment banking, asset management, and proprietary trading.

Financial highlights

• Commission and fee income rose 146.42% year-over-year to RMB4.94 billion, with securities brokerage and futures brokerage up 160.73% and 193.72%, respectively.

• Net investment gains increased 254.19% to RMB3.46 billion, and interest income under the effective interest method grew 57.22% to RMB1.92 billion.

• Operating expenses (excluding commission and interest) rose 123.11% to RMB5.18 billion, reflecting business expansion and the Minsheng Securities acquisition.

• Basic and diluted EPS were RMB0.36, up 157.14% year-over-year.

• Gearing ratio improved to 67.54% from 77.07% in 2024.

Outlook and guidance

• Plans to deepen wealth management transformation, enhance product and service systems, and leverage technology for business upgrades in 2026.

• Investment banking will focus on synergy between equity and debt, expanding in high-growth industries, and supporting national strategies.

• Asset management aims to shift from product provider to customer-centric solution provider, emphasizing digital intelligence and risk management.

• Proprietary trading will refine growth industry selection and multi-strategy approaches, while fixed income will expand market-making and AI-driven systems.