GF Securities H1 2026 Revenue RMB 26.88 Billion, Net Profit RMB 11.65 Billion

GF Securities' 2026 interim report shows operating revenue of RMB 26.883 billion in the first half, up 74.59% year on year. Net profit attributable to shareholders of the listed company was RMB 11.652 billion, up 80.10%, ranking fourth in the industry. Non-recurring adjusted net profit was RMB 11.905 billion, up 88.63%, ranking third. As of end-June, total assets stood at RMB 1.19 trillion, up 22.29% from end-2025. Weighted average return on equity was 8.08%, up 3.25 percentage points year on year. First-half revenue ranked third in the industry, net profit fourth, and adjusted net profit third, marking record operating results.

From a business structure perspective, the ranking of the four major business segments changed. In full-year 2025, wealth management revenue was RMB 14.069 billion, accounting for 39.64% of revenue, making it the largest segment; trading and institutional business revenue was RMB 11.169 billion, or 31.47%. In H1 2026, trading and institutional business revenue reached RMB 9.803 billion, or 36.46% of total revenue, overtaking wealth management to become the largest segment. All four main businesses posted revenue growth in the first half, with trading and institutional business and investment management showing the fastest growth. Trading and institutional business generated RMB 9.803 billion in revenue, up 97.27% year on year; investment management revenue was RMB 7.582 billion, up 97.18%; wealth management revenue was RMB 8.937 billion, up 44.80%; and investment banking revenue was RMB 502 million, up 52.37%. Overseas business generated RMB 2.154 billion in revenue in the first half, up 88.93%.

Revenue growth was mainly driven by net fee and commission income, investment income, and gains from changes in fair value. During the reporting period, net fee and commission income was RMB 12.385 billion, up 51.07%; investment income was RMB 8.029 billion, up 64.66%; and fair value gains were RMB 6.101 billion, up 467.64%. Investment income and fair value gains together totaled RMB 14.130 billion, accounting for 52.56% of operating revenue.

Trading and institutional business was the largest revenue segment in the first half, with an operating margin of 85.37%, up 2.46 percentage points from the same period in 2025. The company provided market-making services for more than 1,200 funds on the Shanghai and Shenzhen exchanges and all ETF options, as well as for 41 STAR Market companies, 20 Beijing Stock Exchange companies, and 31 NEEQ companies. Through the inter-institutional quotation system and OTC market, it issued and traded 69,281 private products with a total scale of RMB 790.239 billion. As of end-June, the company custodied 4,059 products and provided fund operation outsourcing services for 4,708 products. Its wholly owned subsidiary GF Qianhe conducted alternative investments with proprietary funds, with 356 cumulative investment projects as of end-June, focusing on AI infrastructure construction, AI+ industries, and biomedicine. GF Qianhe generated RMB 375 million in revenue and RMB 264 million in net profit in the first half.

Wealth management business generated RMB 8.937 billion in revenue, up 44.80% year on year, with an operating margin of 62.83%, down 1.76 percentage points from the same period in 2025. In H1 2026, market-wide stock and fund turnover reached RMB 378.69 trillion, up 96.98%; GF Securities' Shanghai and Shenzhen stock and fund turnover was RMB 31.85 trillion, up 110.35%. As of end-June, the company's distribution scale of financial products under custody exceeded RMB 450 billion, up about 22.07% from end-2025; the number of personnel with investment advisory qualifications exceeded 4,900. Market-wide margin financing and securities lending balance was RMB 3.02 trillion, up 18.88% from end-2025; the company's balance was RMB 173.475 billion, up 24.82%, with a market share of 5.74%. Stock pledge repurchase business balance was RMB 6.102 billion, down 15.98% from end-2025.

Investment management business generated RMB 7.582 billion in revenue, up 97.18% year on year, with an operating margin of 52.95%, up 17.51 percentage points from the same period in 2025. As of end-June, GF Fund's public fund management scale was RMB 1,816.741 billion, up 9.24% from end-2025; excluding money market funds, the scale was RMB 1,120.942 billion, ranking third in the industry. E Fund Management's total public fund scale was RMB 2,644.923 billion, and excluding money market funds, RMB 1,885.931 billion, ranking first. In the first half, GF Fund achieved net profit of RMB 2.459 billion, E Fund achieved net profit of RMB 2.333 billion, GF Asset Management achieved net profit of RMB 77.2846 million, and GF Xinde achieved net profit of RMB 208 million. GF Asset Management's total asset management plan scale was RMB 214.051 billion, up 1.51% from end-2025.

Investment banking revenue was RMB 502 million, up 52.37% year on year, with an operating margin of 10.72%, up 9.28 percentage points from the same period in 2025. In domestic equity financing, the company completed 6 A-share equity financing projects with total lead underwriting amount of RMB 3.578 billion, and completed 6 NEEQ listings. In overseas equity financing, it completed 11 projects, including 9 Hong Kong IPOs and 2 Hong Kong secondary offerings, with issuance scale of HK$45.814 billion. In bond financing, the company underwrote 430 issues of major credit bonds with lead underwriting amount of RMB 214.264 billion, ranking sixth in the industry; among these, 68 issues were technology innovation bonds with underwriting amount of RMB 20.372 billion, and 15 issues were low-carbon transition and green bonds with underwriting amount of RMB 6.111 billion.

In overseas business, overseas subsidiaries generated RMB 2.154 billion in revenue in the first half, up 88.93% year on year, accounting for 8% of total revenue. GF Holdings (Hong Kong) achieved net profit of RMB 910 million. The company completed 23 offshore Chinese bond issuance projects with underwriting amount of HK$32.724 billion; according to Dealogic, the company ranked fifth among Chinese securities firms in Hong Kong equity financing. In overseas wealth management, revenue scale, custody asset scale, and product custody scale all continued to increase.

The interim report shows that the company embedded AI capabilities across three client groups: individual investors, institutional clients, and corporate clients. For individual investors, the company promoted the application of AI technology to improve business development efficiency. For institutional clients, the company advanced digital and intelligent research business construction and continuously enriched AI-powered intelligent investment research functions. For corporate clients, the company promoted the construction of an AI-based intelligent bond system and intelligent risk control. The company's industrial research institute continued to build an integrated ecosystem of industry, academia, research, investment, and financing, deepening industrial research in core tracks, and participated in the construction of the first batch of comprehensive key research bases of the China Capital Markets Society.