Guolian Minsheng Securities Co., Ltd. (GLMS SEC, 01456) released its audited results for the year ended 31 December 2025.
Financial highlights • Revenue, net investment gains and other income rose 144.98% year-on-year to RMB 10.33 billion, driven by stronger brokerage, proprietary trading and investment banking activities.
• Net profit attributable to shareholders surged 405.49% to RMB 2.01 billion; basic earnings per share increased to RMB 0.36 (2024: RMB 0.14).
• Weighted average ROE improved to 4.16% from 2.19% a year earlier.
• The Board recommends a cash dividend of RMB 0.60 (tax-inclusive) per 10 shares, totalling RMB 340.84 million, subject to shareholder approval.
Business performance – Brokerage & wealth management revenue: RMB 3.69 billion, +206.03% YoY. – Proprietary trading revenue: RMB 3.03 billion, +233.47% YoY. – Credit transaction revenue: RMB 1.04 billion, +75.01% YoY. – Investment banking revenue: RMB 991 million, +182.46% YoY. – Asset management & investment revenue: RMB 747 million, +3.99% YoY.
Balance sheet and capital • Total assets reached RMB 203.22 billion, +109.05%; equity attributable to shareholders rose 182.44% to RMB 52.49 billion.
• Net capital stood at RMB 18.44 billion; risk coverage ratio was 304.82%, well above the 100% regulatory minimum.
• Gearing ratio (net of client payables) dropped to 67.54% (2024: 77.07%).
Operational cash flow • Operating activities used net cash of RMB 10.18 billion (2024: inflow RMB 8.18 billion); net increase in cash and cash equivalents was RMB 7.71 billion after investing and financing inflows.
Major events • Completed acquisition of 99.26% of Minsheng Securities in January 2025 via share issue, lifting registered capital to 5.68 billion shares and adding RMB 12.93 billion goodwill.
• Issued corporate and subordinated bonds totalling RMB 21.40 billion during the year; outstanding bonds at year-end were RMB 38.14 billion.
• Raised RMB 1.97 billion in a private placement of 208.55 million A-shares for business expansion.
Outlook Management will continue focusing on brokerage transformation, investment banking growth and technology-driven wealth management while maintaining prudent risk and liquidity controls.