Tiger Brokers

GLMS SEC FY2025 Net Profit Jumps 4-Fold to RMB 2.01 Billion as Revenue Doubles

Bulletin Express
Mar 27

Guolian Minsheng Securities Co., Ltd. (GLMS SEC, 01456) released its audited results for the year ended 31 December 2025.

Financial highlights • Revenue, net investment gains and other income rose 144.98% year-on-year to RMB 10.33 billion, driven by stronger brokerage, proprietary trading and investment banking activities.

• Net profit attributable to shareholders surged 405.49% to RMB 2.01 billion; basic earnings per share increased to RMB 0.36 (2024: RMB 0.14).

• Weighted average ROE improved to 4.16% from 2.19% a year earlier.

• The Board recommends a cash dividend of RMB 0.60 (tax-inclusive) per 10 shares, totalling RMB 340.84 million, subject to shareholder approval.

Business performance – Brokerage & wealth management revenue: RMB 3.69 billion, +206.03% YoY. – Proprietary trading revenue: RMB 3.03 billion, +233.47% YoY. – Credit transaction revenue: RMB 1.04 billion, +75.01% YoY. – Investment banking revenue: RMB 991 million, +182.46% YoY. – Asset management & investment revenue: RMB 747 million, +3.99% YoY.

Balance sheet and capital • Total assets reached RMB 203.22 billion, +109.05%; equity attributable to shareholders rose 182.44% to RMB 52.49 billion.

• Net capital stood at RMB 18.44 billion; risk coverage ratio was 304.82%, well above the 100% regulatory minimum.

• Gearing ratio (net of client payables) dropped to 67.54% (2024: 77.07%).

Operational cash flow • Operating activities used net cash of RMB 10.18 billion (2024: inflow RMB 8.18 billion); net increase in cash and cash equivalents was RMB 7.71 billion after investing and financing inflows.

Major events • Completed acquisition of 99.26% of Minsheng Securities in January 2025 via share issue, lifting registered capital to 5.68 billion shares and adding RMB 12.93 billion goodwill.

• Issued corporate and subordinated bonds totalling RMB 21.40 billion during the year; outstanding bonds at year-end were RMB 38.14 billion.

• Raised RMB 1.97 billion in a private placement of 208.55 million A-shares for business expansion.

Outlook Management will continue focusing on brokerage transformation, investment banking growth and technology-driven wealth management while maintaining prudent risk and liquidity controls.

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