GF Securities (000776) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of RMB 35.49 billion, up 34.33% year-over-year, and 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 equity and debt underwriting, asset management, and brokerage.

• Board proposes a cash dividend of RMB 5.00 per 10 shares, totaling RMB 3.91 billion, with a payout ratio of 28.55%.

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; operating profit rose 63.88% to RMB 18.79 billion.

• Net profit attributable to shareholders was RMB 13.70 billion, up 42.18% year-over-year; basic EPS was RMB 1.68.

• Adjusted net profit (excluding non-recurring items) was RMB 14.26 billion, up 59.93% year-over-year.

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

Outlook and guidance

• 2026 is positioned as the first year of the new five-year plan, with a focus on high-quality growth, product innovation, and international expansion.

• Plans to further strengthen professional capabilities, deepen cross-border integration, and enhance risk management.

• No specific quantitative guidance provided, but management expects continued industry leadership and robust performance.