On August 28, Gf Securities Co., Ltd. (the “Company,” together with its consolidated subsidiaries, the “Group”) released its 2026 interim report. As the inaugural year of the “15th Five-Year Plan,” 2026 underscores the growing significance of capital markets in advancing the vision of a financial powerhouse and Chinese-style modernization. Adhering to its functional positioning, the Company has focused on the core requirements of the “Five Major Financial Articles,” sharpening its primary responsibilities, strengthening professional leadership, deepening transformation initiatives, and solidifying its operational foundation. This strategic focus drove balanced and steady growth across all business lines, with total operating revenue of RMB 26.883 billion and net profit attributable to shareholders of RMB 11.652 billion during the reporting period.

With four major business segments—investment banking, wealth management, trading and institutional services, and investment management—Gf Securities has established subsidiaries spanning futures, public funds, private equity, alternative investments, and asset management. Guided by its distinctive values and pragmatic management approach, the Company has built a comprehensive, industry-leading full-business chain. Over its 35-year history, it has remained committed to deep engagement in the Greater Bay Area, nationwide expansion, and overseas growth, with key operating metrics consistently ranking among the top Chinese brokerages for years. Four Business Segments Achieve Robust Growth Anchored in High-Quality Development

During the reporting period, the Company's four core business segments achieved steady growth, supported by a well-rounded business framework and balanced structure. The investment banking business continued its steady progress. Remaining true to its functional role, the Company concentrated on national strategic priorities and emerging industry clusters. By strengthening industry research, client coverage, and project pipelines, it completed 6 A-share equity financing projects with a lead underwriting amount of RMB 3.578 billion and 6 NEEQ listings during the period. As of the end of June 2026, the Company acted as sponsor-supervisor for 57 NEEQ-listed companies, with “specialized, refined, distinctive, and innovative” enterprises accounting for 77.19%. In debt financing, the Company expanded into key regional markets while enhancing project execution quality, completing 430 major credit bond issuances with a lead underwriting amount of RMB 214.264 billion. In financial advisory, it closed 2 control acquisition projects with industry and regional influence and 1 disclosed listed company share-purchase asset restructuring project during the period.

The wealth management transformation continued to gain momentum. Fulfilling its responsibility as a guardian of social wealth, the Company intensified investment-research-driven initiatives, shifting product distribution from traditional agency sales toward a research-driven, buy-side advisory, asset allocation, and solution-oriented model. As of the end of June 2026, the Company had over 4,900 certified investment advisors; the scale of distributed financial products under custody exceeded RMB 450 billion, representing a roughly 22.07% increase from the end of the prior year; and margin lending and securities lending balances reached RMB 173.475 billion, up 24.82% from the end of 2025, capturing a 5.74% market share. During the first half of 2026, the Company's combined trading volume for Shanghai and Shenzhen stocks and funds hit RMB 31.85 trillion (double-sided), a year-on-year surge of 110.35%.

The trading and institutional business improved in quality. In the reporting period, both equity and fixed-income investments delivered solid returns. As a first-tier dealer in OTC derivatives, the Company continued to provide institutional clients with asset allocation and risk management solutions via OTC derivatives. Its market-making operations remained in the first tier, offering services for over 1,200 funds and all ETF options on the Shanghai and Shenzhen exchanges, as well as CSI 300 stock index options and CSI 1000 index options on the CFFEX. Through the inter-institutional quotation system and OTC markets, it issued and traded 69,281 private products totaling RMB 790.239 billion. As of the end of June 2026, the Company custodied 4,059 products and provided fund operation outsourcing services for 4,708 products, ranking 4th in the industry for non-money-market public fund custody scale (source: Wind). Its wholly-owned subsidiary, GF Qianhe, focused on AI infrastructure construction, AI+ applications, and biomedicine, with 356 cumulative investments.

The investment management business consolidated its advantages. In the first half of 2026, the Group’s controlled subsidiary GF Fund and associate E Fund maintained leading research capabilities, with public fund management scale excluding money-market funds reaching RMB 1,120.942 billion and RMB 1,885.931 billion, ranking 3rd and 1st in the industry, respectively. The net value scale of collective and specific asset management plans managed by wholly-owned subsidiary GF Asset Management increased by 4.99% and 8.23%, respectively, compared with the end of 2025. The wholly-owned futures subsidiary GF Futures managed 85 asset management plans with a total scale of RMB 5.972 billion. The private fund subsidiary GF Shende, focused on AI, robotics, biomedicine, intelligent manufacturing, new energy, and enterprise services, had a cumulative paid-in fund scale of over RMB 19 billion under management as of the end of June 2026. Refining Integrated Financial Services Capabilities, with “AI+” Catalyzing a New Financial Services Ecosystem

Gf Securities prioritizes investor-centricity, continuously enhancing service quality for individual investors, institutional clients, and corporate customers through a comprehensive, full-lifecycle approach to integrated financial services. For individual investors, the Company upholds a “customer-first” philosophy, steadfastly advancing the buy-side advisory transition and strengthening multi-asset allocation capabilities. Concurrently, it is exploring scalable online customer acquisition channels, deepening institutional and corporate client outreach, optimizing trading-client services, and proactively embracing AI technology to boost operational efficiency and pioneer innovative customer service models, thereby supporting the growth of residents’ property income and high-quality economic and social development. As of the end of June 2026, the Company operated 358 branches and sales offices across 31 provinces, autonomous regions, and municipalities nationwide, providing a solid network foundation for effective client reach and service.

For institutional clients, the Company is driving the digital and intelligent advancement of its research business, closely tracking cutting-edge technological trends and evolving demands, and enriching AI-powered investment research applications to serve diverse internal and external needs. As of the end of June 2026, the Group’s equity research covered 28 industries, 894 A-share listed companies, and 261 overseas listed companies in China. Aligned with the Chinese-style modernization agenda, the Company focuses on new quality productive forces, fostering deeper integration of technological and industrial innovation. It successfully hosted major investment strategy conferences such as “New Growth Opportunities, New Asset Narratives” and “Dialogue with Leaders,” creating platforms for listed companies and institutional investors. At the same time, it continues to deepen its engagement in core tracks like the AI+ industry chain, further elevating its industry and market influence.

For corporate clients, the Company is accelerating digital transformation and intelligent risk control system development, leveraging technology to enhance business efficiency and comprehensive risk management. During the reporting period, the Company expanded into key regional markets, advanced its AI-based bond intelligence system, and continuously improved project execution quality while reinforcing compliance foundations. Simultaneously, it actively promotes innovative bond issuance aligned with national strategies such as technological innovation and green, low-carbon development. In the first half of 2026, the Company lead-underwrote 68 science and technology innovation bonds totaling RMB 20.372 billion, 15 low-carbon transition and green bonds amounting to RMB 6.111 billion, and 4 rural revitalization bonds with a value of RMB 2.421 billion, demonstrating tangible support for national strategy implementation.

In addition, the Group continues to deepen its research-driven development model, strengthening capital market and regional economic research. Its industry research institute is building an integrated ecosystem spanning industry, academia, research, investment, and financing, deepening sector studies across core tracks, engaging science advisors to elevate industry insights, and coordinating multi-party resources to build collaborative platforms. These efforts aim to transform scientific achievements into productive forces through financial empowerment, fueling the sci-tech economy and driving the Company’s high-quality business growth. The institute is also actively participating in the construction of the first batch of comprehensive key research bases under the China Capital Market Society, contributing expertise to deepening comprehensive reforms on both the financing and investment sides, and enhancing institutional inclusiveness and adaptability. Deepening Integrated Domestic and International Strategy, Accelerating Momentum in International Business

Under the new development paradigm, Gf Securities is implementing the “15th Five-Year Plan” initiatives, furthering its integrated domestic and international layout, and advancing the “One GF” operating model. During the reporting period, the Group targeted internationalization goals, broadening overseas research coverage and enhancing research quality. It closed several benchmark Hong Kong-listed projects, comprehensively upgraded cross-border integrated service capabilities, and efficiently supported Chinese enterprises in their global expansion efforts.

In overseas equity financing, the Company completed 11 projects during the reporting period, including 9 Hong Kong IPO projects and 2 Hong Kong refinancing projects, with a total issuance scale of HK$45.814 billion. Based on the average allocation of IPO and refinancing issuance scale among all underwriters, it ranked 5th among Chinese securities firms in Hong Kong equity financing (source: Dealogic, Company statistics). In offshore Chinese bond business, it completed 23 issuance projects with a underwriting amount of HK$32.724 billion. In overseas wealth management, the Company continues to enrich product offerings, optimize client structures, and steadily advance business transformation, with revenue, custodied assets, and product under custody all improving during the reporting period. GF Futures deepened its international expansion, with its overseas subsidiary reporting year-on-year growth in both consolidated revenue and net profit; its subsidiary GF Futures (Hong Kong) was recognized by the Hong Kong Exchange in 2025 as a model Chinese futures dealer, best broker (currency futures), and outstanding participant (Hang Seng Biotech Index).

In overseas investment management, the Group’s wholly-owned subsidiary GF Holdings (Hong Kong) is among the first batch of Chinese financial institutions to obtain RQFII qualification in Hong Kong. Its subsidiary GF Investment (Hong Kong) manages 4 equity fund products focused on high-end manufacturing, TMT, large consumer sectors, and biomedicine, with several projects having successfully exited via M&A or listing on the Hong Kong and U.S. exchanges.

Looking ahead to 2026, as capital market reforms deepen comprehensively, internal stability mechanisms are reinforced, and high-level institutional two-way opening expands steadily, Gf Securities will remain committed to upholding the political and people-centered nature of financial work. It will fully leverage its functional role as a direct financing “service provider” and capital market “gatekeeper,” stay anchored to the core mission of serving high-quality real economy development, fully implement the “15th Five-Year Plan” deployments, diligently execute the “Five Major Financial Articles,” and continuously strengthen core professional capabilities to contribute to Chinese-style modernization and the building of a financial powerhouse.