Gf Securities reported a 51.82% year-on-year increase in Q3 operating revenue, with net profit attributable to shareholders soaring 85.86% to 4.46 billion yuan. The strong performance was primarily driven by proprietary investment and brokerage businesses. Gains from fair value changes surged 343.24% year-on-year, while net fee and commission income rose 38.09%, with brokerage net income growing 74.96%, reflecting significantly improved market activity.

On the 31st, Gf Securities released its Q3 2025 financial report:

- The company achieved total operating revenue of 10.77 billion yuan, up 51.82% year-on-year. - Net profit attributable to shareholders reached 4.46 billion yuan, a substantial 85.86% increase compared to the same period last year.

**Investment and Brokerage Drive Growth** For the first three quarters, cumulative net profit stood at 10.93 billion yuan, up 61.64% year-on-year, while total operating revenue reached 26.16 billion yuan, a 41.04% increase. The robust results were mainly fueled by two core businesses: gains from fair value changes (investment income) and net fee and commission income.

In the first nine months, gains from fair value changes surged to 4.29 billion yuan, a 343.24% jump from 968 million yuan in the same period last year. The report attributed this to "changes in the fair value of financial instruments," indicating strong performance in proprietary trading.

Meanwhile, net fee and commission income, a traditional revenue pillar, rose 38.09% to 13.64 billion yuan. The growth was largely driven by brokerage fees, reflecting heightened market activity and the company's competitive edge in this segment.

Total assets expanded by over 25% compared to the end of the previous year, with multiple investment and financing-related balance sheet items posting rapid growth.

**Balance Sheet Expansion** As of September 30, total assets reached 953.44 billion yuan, up 25.66% from 758.75 billion yuan at the end of 2024.

The balance sheet expansion was evident across multiple items. On the asset side, "financial assets at fair value" surged 45.47%, mainly due to increased bond investments. On the liability side, "short-term borrowings" and "funds borrowed" soared 97.65% and 93.58%, respectively, while "financial liabilities at fair value" skyrocketed 216.39%. The company had previously disclosed that cumulative new borrowings as of August 31 accounted for 34.61% of net assets at the end of the previous year, highlighting its aggressive financing and expansion strategy.

By the end of the reporting period, the parent company's risk coverage ratio dropped to 226.88% from 276.22%, while the capital leverage ratio declined to 11.20% from 13.29%.

Additionally, the proportion of proprietary equity securities and derivatives to net capital rose from 31.55% to 48.23%, while non-equity securities and derivatives surged from 296.51% to 374.27%.