GF Securities' borrowings surge, exceeding 20% of last year's net assets

As of August 31, 2025, GF Securities' total borrowings reached CNY 446.12 bn, a cumulative increase of CNY 52.981 bn. This represents a 34.61% increase relative to the company's audited net assets of CNY 153.085 bn as of December 31, 2024, exceeding the 20% threshold.

The increase in borrowings is attributed to various factors, including a CNY 3.897 bn rise in bank loans, primarily short-term, and a CNY 22.041 bn increase in company credit bonds and beneficiary certificates, influenced by issuance and maturity. Other borrowings, such as borrowed funds and financial assets sold under repurchase agreements, grew by CNY 27.043 bn.

GF Securities asserts these new borrowings align with legal and regulatory requirements, forming part of its normal operating activities. The company maintains a stable financial position with all debts serviced on time, and the increased borrowings are not expected to adversely affect its operations or solvency. Investors are cautioned that all financial data, except for the 2024 year-end figures, remain unaudited.