GF Securities Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Interest and Dividend Income	20,267	20,678	21,126	18,848	17,238	20,476
Total Interest Expense	10,385	10,032	10,226	10,411	8,754	8,728
Net Interest Income	9,881	10,646	10,900	8,437	8,484	11,748
Gain on Sale of Investments (Rev)	9,122	5,347	-31.34	-1,011	-2,183	407.38
Other Revenue	21,008	19,038	14,798	14,901	17,513	20,910
Revenue Before Loan Losses	40,010	35,032	25,667	22,326	23,814	33,066
Provision for Loan Losses	35.68	35.68	-5.2	-18.7	-188.92	356.9
Revenue	39,975	34,996	25,672	22,345	24,003	32,709
Revenue Growth (YoY)	43.39%	36.32%	14.89%	-6.91%	-26.62%	18.48%
Cost of Services Provided	18,291	16,456	14,792	13,885	13,809	15,961
Other Operating Expenses	380.86	345.63	227.24	520.38	1,235	2,280
Total Operating Expenses	18,689	16,809	15,017	14,448	15,095	18,219
Operating Income	21,286	18,187	10,656	7,897	8,908	14,490
Currency Exchange Gains	-477.76	-67.6	68.63	-10.18	-47.04	4.27
Other Non-Operating Income (Expenses)	5.82	-	-	58.32	-12.02	1,114
EBT Excluding Unusual Items	20,814	18,119	10,724	7,945	8,849	15,608
Asset Writedown	-5.96	-4.39	-0.02	-3.63	-	-
Gain (Loss) on Sale of Investments	149.77	149.77	57.13	-71.66	234.22	-645.61
Other Unusual Items	-305.26	-300.33	1,067	873.31	1,305	-
Pretax Income	20,664	17,973	11,852	8,744	10,388	14,964
Income Tax Expense	3,570	3,021	1,307	881.52	1,490	2,909
Earnings From Continuing Ops.	17,094	14,952	10,545	7,863	8,898	12,055
Minority Interest in Earnings	-1,442	-1,251	-907.84	-885.12	-968.72	-1,201
Net Income	15,652	13,702	9,637	6,978	7,929	10,854
Preferred Dividends & Other Adjustments	957.69	957.69	907.78	685.88	198.58	12.66
Net Income to Common	14,694	12,744	8,729	6,292	7,731	10,841
Net Income Growth	44.18%	42.18%	38.11%	-12.00%	-26.95%	8.13%
Shares Outstanding (Basic)	7,546	7,606	7,606	7,606	7,612	7,621
Shares Outstanding (Diluted)	7,546	7,606	7,606	7,606	7,612	7,621
Shares Change (YoY)	1.53%	-	-	-0.08%	-0.12%	-
EPS (Basic)	1.95	1.68	1.15	0.83	1.02	1.42
EPS (Diluted)	1.95	1.68	1.15	0.83	1.02	1.42
EPS Growth	45.48%	45.99%	38.73%	-18.54%	-28.48%	7.81%
Free Cash Flow	4,047	-28,508	9,235	-9,860	49,304	-27,994
Free Cash Flow Per Share	0.54	-3.75	1.21	-1.30	6.48	-3.67
Dividend Per Share	0.600	0.600	0.500	0.300	0.350	0.500
Dividend Growth	20.00%	20.00%	66.67%	-14.29%	-30.00%	11.11%
Operating Margin	53.25%	51.97%	41.51%	35.34%	37.11%	44.30%
Profit Margin	36.76%	36.41%	34.00%	28.16%	32.21%	33.15%
Free Cash Flow Margin	10.12%	-81.46%	35.97%	-44.13%	205.41%	-85.59%
Effective Tax Rate	17.28%	16.81%	11.03%	10.08%	14.34%	19.44%
Revenue as Reported	40,066	35,493	26,422	23,300	25,132	34,250

Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.