According to the annual report released by Guolian Minsheng Securities, the company has delivered impressive results in its first full year following the completion of its restructuring and integration. The firm achieved annual operating revenue of 7.673 billion yuan, a year-on-year increase of 185.99%, with net profit attributable to shareholders reaching 2.009 billion yuan, surging 405.49% compared to the previous year. Both total assets and net assets attributable to shareholders hit record highs, reaching 203.218 billion yuan and 52.49 billion yuan, respectively.
The company demonstrated comprehensive progress across multiple business areas, achieving a significant leap in overall strength. During the first year of integration, Guolian Minsheng Securities implemented its strategy focusing on industrial investment banking, technology-driven investment banking, and wealth management investment banking. The coordinated development across major business divisions—including large-scale investment banking, major investments, extensive investment research, comprehensive wealth management, and substantial asset management—resulted in widespread successes. The continuous release of synergistic effects from the integration provided strong support for elevating the company's comprehensive capabilities to a new level.
In investment banking, Guolian Minsheng Securities ranked seventh in the industry for both the number of IPO sponsorships and refinancing sponsorships. The firm led all sponsoring brokers in the number of projects listed on the New Third Board. Throughout the year, it completed five IPO projects, three refinancing deals, and three mergers and acquisitions transactions, covering sectors such as semiconductors, new materials, and new energy. In bond business, the company completed 20 innovation bond issuances, including three pioneering national "first-of-their-kind" projects. Within research services, Guolian Minsheng Securities ranked sixth in cumulative market share of public fund trading volume. More than 30 research teams provide comprehensive industry coverage, led by a top-rated New Fortune Platinum analyst. In asset management, the scale of newly issued ABS ranked within the industry's top 10 for three consecutive years. Regarding wealth management, by the end of 2025, both client numbers and client asset scale showed steady growth compared to the previous year. Sales of financial products increased significantly year-on-year, reaching a record high, while the scale of fund investment advisory business also achieved a historic peak.
In terms of key business qualifications, Guolian Minsheng Securities achieved multiple breakthroughs during the year. It successfully obtained critical licenses, including Hong Kong's Type 1 license, market maker qualification for stock options, participation in the account management function optimization pilot, and underwriting qualifications for non-financial enterprise debt financing instruments. These breakthrough developments opened new opportunities in cross-border business, derivatives, and interbank market operations for Guolian Minsheng Securities, further enhancing its comprehensive financial service system and establishing key pivots for sustainable future growth and diversified profit models.
The impressive operational performance is rooted in the efficient, smooth, and thorough integration completed during the year. In 2025, aiming to build a first-class investment bank, Guolian Minsheng Securities advanced integration in a tightly organized and orderly manner, achieving genuine unity in organizational structure, business operations, mechanisms, and corporate culture. This laid a solid foundation for long-term synergistic development.
On February 14, the company's A-share stock abbreviation was changed to "Guolian Minsheng," officially presenting its new image to the capital market. At the end of February, Guolian Minsheng Securities held a project cooperation conference in Wuxi, releasing its strategic plan and clarifying its direction to become a top-tier investment bank. In August, the new core leadership team was formally introduced, providing organizational assurance for subsequent integration efforts.
Regarding business integration, all business lines were implemented step by step according to plan. In April, Huaying Securities was renamed Guolian Minsheng Underwriting and Sponsorship. By September, the full migration of investment banking projects was completed, marking the conclusion of investment banking integration. In October, the centralized trading system for brokerage services was successfully switched over in a single instance, becoming the securities industry's first successful case in recent years of a complete merger and transition of a centralized trading system. That same month, the transition of asset management product management entities was finished, essentially completing the integration of asset management operations. In November, research operations were fully integrated, forming a research force covering more than 30 industries. In December, wealth management business completed organizational adjustments and related personnel changes, with integration work progressing steadily.
In terms of mechanisms and systems, Guolian Minsheng Securities established a management model combining market-oriented incentives with group-level control. The comprehensive integration of front, middle, and back offices provided institutional support for business collaboration. The efficient integration not only reshaped business lines but also fortified a new cornerstone for unified development.
As the first successfully implemented market-driven merger in the securities industry following the Central Financial Work Conference and the new "National Nine Articles," Guolian Minsheng Securities' steady improvement in operational performance stems not only from the complementary advantages in business strengths and resources of the merging entities, along with synergies in scale, quality, and efficiency, but also reflects the internal cohesion within the company. It is reported that to further enhance integration effectiveness, Guolian Minsheng Securities has focused on building developmental "hard support" through cultural "soft power," treating cultural integration as a foundational project equally important as business integration. Since the integration began, the company has vigorously promoted the concept of "One Guolian Minsheng, One Culture." By releasing the new corporate strategy and corporate culture, and creating a unified visual identity system and brand IP, it achieved comprehensive consistency in brand identity, visual standards, and cultural core. To accelerate team integration, Guolian Minsheng Securities also communicated its strategy and core values through official channels such as WeChat accounts and internal publications, transforming abstract cultural concepts into tangible employee belonging, pride, and cohesion. Simultaneously, the company conducted multi-dimensional, multi-channel brand promotion, continuously enhancing brand awareness and reputation.
Recently, Guolian Minsheng Securities announced via its official WeChat account that its research project, "Research on Cultural Integration in the Context of Securities Company Mergers and Acquisitions," won first prize in the National Financial System's outstanding research achievements in ideological and political work and cultural development.
In recent years, the pace of mergers and acquisitions in the securities industry has accelerated. Industry insiders indicate that resource integration through M&A and restructuring helps enhance securities firms' competitive positions within the industry while also promoting supply-side reforms in the sector. Against this backdrop, Guolian Minsheng Securities achieved dual-driven progress through business synergy and cultural integration in its first year post-merger, resulting in a leap in comprehensive strength. Its clear integration path, efficient implementation model, and significant integration outcomes not only provide replicable and referential practical experience for the deep integration of securities companies following M&A but also set a benchmark for the securities industry to strengthen and achieve high-quality development through market-driven mergers and acquisitions.