GF Securities (000776) Q4 2025 earnings summary

Executive summary

• Achieved total revenue of RMB 35.49 billion in 2025, up 34.33% year-over-year, with net profit attributable to shareholders of RMB 13.70 billion, up 42.18%.

• All major business segments—investment banking, wealth management, trading & institutional, and investment management—delivered strong growth.

• Maintained industry-leading positions in key metrics, with robust risk management and compliance.

Financial highlights

• Total assets reached RMB 975.48 billion, up 28.57% from the previous year; net assets attributable to shareholders rose 5.77% to RMB 156.11 billion.

• Operating income increased 34.33% year-over-year; net profit attributable to shareholders up 42.18% year-over-year.

• Basic and diluted EPS were RMB 1.68, with a weighted average ROE of 10.16%.

• Cash flow from operating activities was negative RMB 27.78 billion, mainly due to changes in brokerage client margin and trading activities.

Outlook and guidance

• 2026 is positioned as a year of high-quality growth, with a focus on upgrading professional capabilities, product innovation, and international expansion.

• Plans to further strengthen risk management, compliance, and digital transformation.

• Proposed final cash dividend of RMB 5.00 per 10 shares, totaling RMB 3.91 billion, subject to shareholder approval.