Guangfa Securities: The cumulative new borrowings in 2026 amounted to RMB 76.757 billion, accounting for 47.24% of the net assets at the end of the previous year.

Guangfa Securities announced that as of December 31, 2025, the company's outstanding loans amounted to 4756.43 billion yuan; as of January 31, 2026, the outstanding loans amounted to 5524.00 billion yuan, with a total increase in loans of 767.57 billion yuan, accounting for 47.24% of the net assets at the end of the previous year, exceeding 40%. Among them, bank loan balances decreased by 0.09 billion yuan compared to the end of 2025; bond and certificate of interest balances increased by 147.74 billion yuan; and other loan balances increased by 619.92 billion yuan. The company stated that the increase in borrowing is part of normal business operations and will not have a negative impact on its operating and debt repayment capabilities. The financial data has not been audited.