Recently, Gf Securities Co.,Ltd. (000776.SZ) released its 2025 interim report. Amid a complex market environment, the company's various operations remained stable with upward momentum, demonstrating robust growth resilience. In the first half of the year, the company achieved operating revenue of 15.398 billion yuan, an increase of 34.38% year-on-year, and net profit attributable to shareholders of 6.47 billion yuan, up 48.31% year-on-year, with basic earnings per share of 0.79 yuan.
Notably, Gf Securities Co.,Ltd. proposed an interim profit distribution plan, intending to distribute cash dividends of 1.0 yuan per 10 shares (before tax) to all shareholders. This cash dividend distribution accounts for 11.76% of the consolidated net profit attributable to the parent company's shareholders from January to June 2025. Based on the company's current share capital, a total cash dividend of 760 million yuan will be distributed, with the remaining undistributed profit of 33.291 billion yuan carried forward to the next period. Additionally, in June this year, Gf Securities Co.,Ltd. completed its 2024 profit distribution, distributing a total cash dividend of 3.042 billion yuan.
**Four Business Segments Develop Systematically, Injecting New Momentum for High-Quality Growth**
Gf Securities Co.,Ltd. divides its main business into four segments: investment banking, wealth management, trading and institutional services, and investment management. According to financial data, except for investment banking which declined slightly due to market conditions, the other three business segments all showed significant year-on-year growth.
The trading and institutional services segment performed most prominently. This segment mainly includes equity investment and trading, fixed income sales and trading, equity derivatives sales and trading, alternative investments, investment research, and asset custody services. In the first half of 2025, this segment achieved total operating revenue of 4.969 billion yuan, a substantial increase of 78.46% year-on-year.
In equity investment and trading, Gf Securities Co.,Ltd. specifically stated that the company adheres to a value investing approach, strengthens the combination of top-down macro strategies with industry and individual stock research, continuously builds core investment research capabilities, and uses multi-strategy investment tools to reduce investment return volatility, achieving good investment performance.
In fixed income sales and trading, the company effectively controlled the duration, leverage, and investment scale of bond investment portfolios, effectively captured structural market opportunities, and achieved good investment performance. During the reporting period, the company's FICC investment business multi-strategy scale continued to grow. The company strengthened forward-looking research and deployment in public REITs, convertible bonds, exchangeable bonds, and cross-border investments, continuously enhancing multi-asset multi-strategy investment capabilities.
The wealth management business also maintained good growth momentum, with total operating revenue of 6.172 billion yuan in the first half, an increase of 26.04% year-on-year. Gf Securities Co.,Ltd. stated that in the first half of this year, the company's wealth management transformation continued to deepen. The company possesses excellent product research and sales capabilities, professional asset allocation capabilities, and over 4,600 securities investment advisors ranking second in the industry (parent company basis), committed to providing precise wealth management services for different types of clients and becoming a first-class wealth management institution trusted by clients.
As of the end of June 2025, the company's financial product distribution retention scale exceeded 300 billion yuan, an increase of approximately 14.13% from the end of the previous year; margin trading and securities lending balance was 103.638 billion yuan, with a market share of 5.60%. From January to June 2025, the company's Shanghai and Shenzhen stock and fund trading volume reached 15.14 trillion yuan (bilateral statistics), an increase of 62.12% year-on-year.
Investment management business achieved total operating revenue of 3.845 billion yuan, an increase of 12.22% year-on-year. Data shows that in the first half of 2025, the group's controlling subsidiary GF Fund Management and equity investment subsidiary E Fund Management collectively managed public fund assets exceeding 3.6 trillion yuan, ranking 3rd and 1st respectively in the industry after excluding money market funds.
The wholly-owned subsidiary GF Asset Management's managed special asset management plan net asset scale increased by 39.49% compared to the end of 2024. The wholly-owned subsidiary GF Futures managed a total of 63 asset management plans with total asset management scale of 15.856 billion yuan. The wholly-owned private fund subsidiary GF Shinde focuses on artificial intelligence, robotics, biomedicine, intelligent manufacturing, new energy, and enterprise services sectors. As of the end of June 2025, it managed fund inventory paid-in capital of approximately 19.5 billion yuan.
In investment banking, this segment achieved operating revenue of 329 million yuan, a decrease of 3.80% year-on-year. Although revenue declined slightly due to market conditions, multiple market performance indicators were impressive.
In equity financing, the company completed 5 A-share equity financing projects with lead underwriting amount of 15.622 billion yuan and completed 2 NEEQ listings. Meanwhile, offshore operations completed 11 Hong Kong IPO equity financing projects with issuance scale reaching 42.773 billion Hong Kong dollars. Based on the allocation of total issuance scale of IPO and refinancing projects among all underwriters, it ranked 4th among Chinese securities companies in Hong Kong market equity financing business.
In debt financing, the company lead-underwrote 419 bond issuances with lead underwriting amount of 153.721 billion yuan. In Chinese offshore bond business, it completed 29 bond issuances with underwriting amount of 49.865 billion US dollars.
**Solidly Implementing Financial "Five Major Articles", Enhancing Service Quality and Efficiency for Real Economy**
It is worth mentioning that on February 29, 2024, Gf Securities Co.,Ltd. disclosed the "Announcement on 'Quality and Return Dual Enhancement' Action Plan". Combining the company's development strategy and operational reality, to effectively improve the investment value of listed companies, enhance investor confidence, and promote the company's steady and sustainable development, it formulated the "Quality and Return Dual Enhancement" action plan. In the interim report, the company also disclosed the implementation status of this action plan in the first half of this year.
Gf Securities Co.,Ltd. pointed out that according to this action plan, the company focuses on its main responsibilities and businesses, serves the real economy, standardizes corporate governance, strengthens core competitiveness, and promotes the company's high-quality development to reach new levels. It continuously improves information disclosure quality, strengthens communication with investors, earnestly fulfills the responsibilities and obligations of listed companies, and contributes to market stability and confidence building.
Specifically, in the first half of 2025, the company actively integrated into the national development strategy and deepened high-quality business models. It strengthened professional capability building and enhanced business competitiveness. It deepened customer-needs-driven development and improved comprehensive service capabilities. It embraced technological revolution and accelerated digital and intelligent transformation.
The company adheres to its functional positioning of serving the country and people through finance, helping clients issue innovative bond varieties such as technology innovation bonds, low-carbon transition and green bonds, and rural revitalization bonds, totaling 81 issues with underwriting scale reaching 30.913 billion yuan.
It continuously improves ESG governance levels and actively assumes corporate social responsibility. GF Charity Foundation, focusing on rural revitalization, education support, financial empowerment, and medical assistance, has accumulated charitable expenditure exceeding 300 million yuan.
Additionally, Gf Securities Co.,Ltd. stated that the company adheres to putting investors first and improving investors' sense of gain. In June 2025, the company completed its 2024 profit distribution, distributing a total cash dividend of 3.042 billion yuan. For the 2025 interim period, Gf Securities Co.,Ltd. also proposed an interim profit distribution plan, intending to distribute cash dividends of 1.0 yuan per 10 shares (before tax) to all shareholders. This cash dividend distribution accounts for 11.76% of the consolidated net profit attributable to the parent company's shareholders from January to June 2025. Based on the company's current share capital, a total cash dividend of 760 million yuan will be distributed, with the remaining undistributed profit of 33.291 billion yuan carried forward to the next period.