Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (a joint stock limited company established in the People’s Republic of China with limited liability) (Stock Code: 01456) FIRST QUARTERLY REPORT OF 2025 This announcement is made by Guolian Minsheng Securities Company Limited (the “Company ”) pursuant to Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules ”) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIV A of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). This announcement contains the First Quarterly Report of 2025 of Guolian Minsheng Securities Company Limited as published on the website of the Shanghai Stock Exchange by the Company. This report has been prepared in both Chinese and English. Should there be any discrepancies between the two versions, the Chinese version shall prevail. IMPORTANT NOTICE The board of directors, the supervisory committee, directors, supervisors and senior management of the Company undertake that the information in this quarterly report is true, accurate and complete and contains no false record, misleading statement or material omission, and assume several and joint liabilities to the information in this report. Ge Xiaobo, the person in charge of the Company, Yin Lei, the person in charge of accounting affairs, and Chen Xingjun, the person in charge of the accounting office (head of accounting department), hereby undertake that the information of financial statements contained in this quarterly report is true, accurate and complete.
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2 WHETHER THE FIRST QUARTERLY FINANCIAL STATEMENTS ARE AUDITED □ Yes ✓ No I. KEY FINANCIAL DATA (I) Major accounting information and financial indicators Unit: Yuan Currency: RMB Items The Reporting Period The corresponding period of the previous year Increase/ decrease for the Reporting Period as compared with the corresponding period of the previous year (%) Operating income 1,562,489,599.05 173,420,445.95 800.98 Net profit attributable to shareholders of listed companies 376,144,390.86 -218,754,276.47 N/A Net profit attributable to shareholders of listed companies, excluding non-recurring profit or loss 377,499,791.44 -226,728,574.83 N/A Net cash flows generated from operating activities 729,755,962.41 -1,018,886,181.06 N/A Basic earnings per share (in RMB per share) 0.08 -0.08 N/A Diluted earnings per share (in RMB per share) 0.08 -0.08 N/A Weighted average return on net assets (%) 0.96 -1.23 Increased by 2.19 percentage points The end of the Reporting Period The end of the previous year Increase/decrease at the end of the Reporting Period as compared with the end of the previous year (%) Total assets 174,517,507,696.98 97,208,143,600.76 79.53 Owners ’ equity attributable to shareholders of listed companies 50,490,133,266.27 18,584,332,873.18 171.68
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3 (II) Net capital and risk control index of the parent company Unit: Yuan Currency: RMB Items The end of the Reporting Period The end of the previous year Net capital 17,938,915,523.01 16,342,765,035.57 Net assets 49,755,442,297.68 18,090,201,219.93 Sum of various risk capital provisions 5,987,702,773.60 6,992,951,422.28 Total on-and off-balance-sheet assets 108,957,422,027.29 91,423,221,446.26 Risk coverage ratio (%) 299.60 233.70 Capital leverage ratio (%) 13.89 14.49 Liquidity coverage ratio (%) 237.79 161.85 Net steady fund rate (%) 136.85 165.88 Net capital/net assets (%) 36.05 90.34 Net capital/liabilities (%) 27.97 26.06 Net assets/liabilities (%) 77.58 28.85 Proprietary equity securities and their derivatives/net capital (%) 38.17 44.82 Proprietary non-equity securities and their derivatives/net capital (%) 235.45 244.41 Note: During the Reporting Period, all risk control indexes, including net capital of the parent company, were in compliance with the relevant provisions of the Administrative Measures for the Risk Control Indexes of Securities Companies issued by the CSRC.
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4 (III) Non-recurring profit or loss items and amounts ✓ Applicable □ Not applicable Unit: Yuan Currency: RMB Non-recurring profit or loss items Amount for the Period Explanation Profit or loss on disposal of non- current assets (including write-off of provision for assets impairment) -299,093.07 Government grants included in current profit or loss, except for those closely relevant to normal business of the Company, granted in accordance with the State ’s policy and based on certain standards, and with a continuing effect on profit or loss of the Company 12,272,005.10 Other non-operating income and expenses apart from the aforesaid items -9,861,106.61 Less: Effect on income tax 3,467,093.03 Effect of interests of minority shareholders (after tax) 112.97 Total -1,355,400.58 For items not stated in the “Explanatory Announcement No. 1 for Information Disclosure by Public Issuers of Securities – Non-recurring Profit or Loss Items ” that are defined as items of non-recurring profit or loss and the amount of which is material, and for items of non-recurring profit or loss stated in the “Explanatory Announcement No. 1 for Information Disclosure by Public Issuers of Securities – Non-recurring Profit or Loss Items ” that are defined as items of recurring profit or loss, the Company shall provide the reasons. □ Applicable ✓ Not applicable
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5 (IV) Descriptions and reasons for changes in major accounting information and financial indicators ✓ Applicable □ Not applicable Names of items Percentage of changes Major reasons (%) Operating income 800.98 During the Reporting Period, the Company proactively grasped market opportunities and continued to promote the development of various businesses, resulting in a significant increase in operating results. In addition, the financial statements of Minsheng Securities Co., Ltd. were consolidated into those of the Company. The increase in the Company ’s results for the period was mainly due to the year-on-year growth in proprietary trading, brokerage business and investment banking business. Net profit attributable to shareholders of listed companies N/A Net profit attributable to shareholders of listed companies, excluding non-recurring profit or loss N/A Net cash flows generated from operating activities N/A Mainly due to the net decrease in financial instruments held for trading. Basic earnings per share (in RMB per share) N/A Mainly due to the increase in net profit attributable to shareholders of listed companies during the Reporting Period. Diluted earnings per share (in RMB per share) N/A Weighted average return on net assets (%) Increased by 2.19 percentage points Total assets 79.53 Mainly due to the addition of consolidated subsidiaries. Owners ’ equity attributable to shareholders of listed companies 171.68
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6 Accounting data for major items in the consolidated statements Unit: Yuan Currency: RMB Items 31 March 2025 31 December 2024 Percentage of changes Major reasons (%) Monetary capital 32,335,729,340.80 15,412,356,391.80 109.80 Mainly due to the addition of consolidated subsidiaries Margin accounts receivable 18,077,727,499.86 11,551,336,525.54 56.50 Mainly due to the addition of consolidated subsidiaries Refundable deposits 3,524,388,899.48 369,914,499.23 852.76 Mainly due to the addition of consolidated subsidiaries Financial assets held for trading 65,686,593,140.79 37,920,651,400.16 73.22 Mainly due to the addition of consolidated subsidiaries Other equity instruments investment 11,187,893,266.96 5,200,853,012.95 115.12 Mainly due to the addition of consolidated subsidiaries Fixed assets 488,562,669.87 101,125,622.72 383.12 Mainly due to the addition of consolidated subsidiaries Construction in progress 64,340,289.56 14,075,474.04 357.11 Mainly due to the addition of consolidated subsidiaries Right-of-use assets 401,009,472.45 241,152,715.34 66.29 Mainly due to the addition of consolidated subsidiaries Goodwill 14,071,973,920.93 1,142,579,370.00 1,131.60 Mainly due to the addition of consolidated subsidiaries Deferred income tax assets 862,767,284.02 40,014,143.73 2,056.16 Mainly due to the addition of consolidated subsidiaries Short-term financing instruments payables 2,115,921,768.88 15,104,979.50 13,908.11 Mainly due to the addition of consolidated subsidiaries Placements from banks and other financial institutions 15,826,924,102.30 9,972,282,372.28 58.71 Mainly due to the addition of consolidated subsidiaries Financial liabilities held for trading 5,433,474,167.09 834,668,630.62 550.97 Mainly due to the addition of consolidated subsidiaries Financial assets sold under repurchase agreements 29,179,401,154.73 17,349,423,895.94 68.19 Mainly due to the addition of consolidated subsidiaries Amount of agency sales of securities 31,619,890,756.40 14,312,492,762.08 120.93 Mainly due to the addition of consolidated subsidiaries Remuneration payable to employees 1,022,285,023.64 349,868,289.56 192.19 Mainly due to the addition of consolidated subsidiaries Tax payable 317,753,379.28 113,813,268.86 179.19 Mainly due to the addition of consolidated subsidiaries Accounts payable 874,547,862.46 383,117,347.28 128.27 Mainly due to the addition of consolidated subsidiaries Contract liabilities 69,291,647.40 18,122,860.68 282.34 Mainly due to the addition of consolidated subsidiaries Estimated liabilities 36,876,387.41 1,868,504.15 1,873.58 Mainly due to the addition of consolidated subsidiaries Lease liabilities 421,752,238.13 241,061,272.09 74.96 Mainly due to the addition of consolidated subsidiaries Paid up capital (or share capital) 5,680,592,806.00 2,831,773,168.00 100.60 Mainly due to the addition of consolidated subsidiaries and the completion of issuance of new shares by raising supporting funds Capital reserve 36,747,601,580.37 8,174,228,056.61 349.55 Mainly due to the addition of consolidated subsidiaries Interests of minority shareholders 490,593,073.01 363,683,472.81 34.90 Mainly due to the addition of consolidated subsidiaries Derivative financial assets 515,268,500.67 923,190,133.19 -44.19 Mainly due to the changes in the size and fair value of derivative financial instruments
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7 Items January to March 2025 January to March 2024 Percentage of changes Major reasons (%) Net interest income -4,679,481.20 -26,790,613.64 N/A Mainly due to the increase in interest income from financing business and the decrease in interest expense on bonds of the Company Net fee and commission income 845,787,229.44 338,337,114.53 149.98 Mainly due to the increase in income from brokerage business and investment banking business of the Company Investment income 689,616,725.66 -867,995,651.16 N/A Mainly due to the increase in gains on disposal of financial instruments Gains on changes in fair value 20,576,138.21 718,095,784.67 -97.13 Mainly due to the decrease in fair value changes of financial instruments Business and administrative expenses 1,071,706,877.85 470,004,197.29 128.02 Mainly due to the addition of consolidated subsidiaries Credit impairment losses -23,124,363.39 -94,437.20 N/A Mainly due to the reversal of impairment of margin accounts receivable Non-operating expenses 12,768,026.26 161,970.17 7,782.95 Mainly due to the increase in late payment of tax of subsidiaries Income tax expenses 108,921,200.17 -82,760,104.56 N/A Mainly due to the increase in taxable income Net cash flows generated from operating activities 729,755,962.41 -1,018,886,181.06 N/A Mainly due to the net decrease in financial instruments held for trading Net cash flows generated from investing activities 15,697,421,692.86 2,645,572,124.88 493.35 Mainly due to the addition of consolidated subsidiaries Net cash flows generated from financing activities 725,453,889.13 1,179,492,480.52 -38.49 Mainly due to the increase in cash received from investment, combined with net changes in debt issuance and repayment
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8 II. INFORMATION OF SHAREHOLDERS (I) Statement of the total number of holders of ordinary shares and holders of preference shares with restored voting rights, and the particulars of shareholdings of top 10 shareholders Unit: share Total number of holders of ordinary shares as at the end of the Reporting Period 101,094 Total number of holders of preference shares with restored voting rights as at the end of the Reporting Period (if any) – Particulars of shareholdings of top 10 shareholders (excluding shares lent through margin and securities refinancing) Name of shareholders Nature of shareholders Number of shares held Percentage of shareholding Number of shares held subject to selling restrictions Shares pledged, marked or frozen Status of shares Number of shares (%) Wuxi Guolian Development (Group) Co., Ltd. State-owned legal person 1,355,626,560 23.86 811,725,231 Nil 0 HKSCC (Nominees) Limited Overseas legal person 442,506,070 7.79 0 Unknown 0 Guolian Trust Co., Ltd. State-owned legal person 390,137,552 6.87 0 Nil 0 Shanghai Fengquanyu Enterprise Management Co., Ltd. Domestic non-state- owned legal person 361,431,213 6.36 361,431,213 Nil 0 Wuxi Guolian Municipal Electric Power Co., Ltd. State-owned legal person 266,899,445 4.70 0 Nil 0 Xizang Tengyun Investment Management Co., Ltd. Domestic non-state- owned legal person 130,602,534 2.30 130,602,534 Nil 0 Hangzhou Dongheng Petroleum Co., Ltd. Domestic non-state- owned legal person 120,291,807 2.12 120,291,807 Nil 0 Shandong High-Tech Venture Capital Co., Ltd. State-owned legal person 102,019,670 1.80 102,019,670 Nil 0 Shanghai Zhangjiang (Group) Co., Ltd. State-owned legal person 85,922,719 1.51 85,922,719 Nil 0 Shandong Lucion Investment Holdings Group Co., Ltd. State-owned legal person 79,561,623 1.40 79,561,623 Nil 0
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9 Particulars of shareholdings of top 10 shareholders not subject to selling restrictions (excluding shares lent through margin and securities refinancing) Name of shareholders Number of tradable shares held not subject to selling restrictions Type and number of shares Type of share Number of shares Wuxi Guolian Development (Group) Co., Ltd. 543,901,329 RMB ordinary shares 543,901,329 HKSCC (Nominees) Limited 442,506,070 Overseas listed foreign shares 442,506,070 Guolian Trust Co., Ltd. 390,137,552 RMB ordinary shares 390,137,552 Wuxi Guolian Municipal Electric Power Co., Ltd. 266,899,445 RMB ordinary shares 266,899,445 Wuxi Minsheng Investment Co., Ltd. 73,500,000 RMB ordinary shares 73,500,000 Wuxi Yimian Textile Group Co., Ltd. 72,784,141 RMB ordinary shares 72,784,141 Wuxi Huaguang Environment & Energy Group Co., Ltd. 29,113,656 RMB ordinary shares 29,113,656 Hong Kong Securities Clearing Company Limited 29,040,601 RMB ordinary shares 29,040,601 China Construction Bank Corporation – Guotai CSI All Share Securities Company Trading Index Securities Investment Open-ended Fund 25,672,446 RMB ordinary shares 25,672,446 Jiangsu Xinfang Industrial Co., Ltd. 22,500,000 RMB ordinary shares 22,500,000
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10 Explanation on related relationship or acting in concert among the above shareholders As of the end of the Reporting Period, among the above shareholders, Wuxi Guolian Development (Group) Co., Ltd., the controlling shareholder of the Company, directly held 23.86% of the shares in the Company, and indirectly held 14.65% of the shares in the Company through its controlled companies Guolian Trust Co., Ltd., Wuxi Guolian Municipal Electric Power Co., Ltd., Wuxi Minsheng Investment Co., Ltd., Wuxi Yimian Textile Group Co., Ltd. and Wuxi Huaguang Environment & Energy Group Co., Ltd., and thus holding 38.52% of the shares in the Company in total; Shandong High-Tech Venture Capital Co., Ltd. is a controlling subsidiary of Shandong Lucion Investment Holdings Group Co., Ltd. In addition to the above, the Company is not aware of any other related relationships or concerted action arrangement. Description of margin financing and securities lending and margin and securities refinancing business by top 10 shareholders and top 10 shareholders not subject to selling restrictions (if any) N/A Note 1: As of the end of the Reporting Period, the total number of holders of ordinary shares was comprised of 101,006 holders of A shares and 88 registered holders of H shares. Note 2: The shares held by HKSCC (Nominees) Limited are owned by the non-registered shareholders of H shares of the Company. The shares held by Hong Kong Securities Clearing Company Limited are the A shares of the Company held by the investors of Shanghai Stock Connect of the Company. Particulars of shareholders holding more than 5% of shares, top 10 shareholders and top 10 shareholders of tradable shares not subject to selling restrictions participating in shares lent through margin and securities refinancing business □ Applicable ✓ Not applicable Changes in the top 10 shareholders and top 10 shareholders of tradable shares not subject to selling restrictions as compared to the previous period due to lending/returning through margin and securities refinancing □ Applicable ✓ Not applicable
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11 III. OTHER REMINDERS Other important information about the Company ’s operating conditions during the Reporting Period that needs to draw the attention of investors ✓ Applicable □ Not applicable Pursuant to the Reply on Approving the Registration of the Acquisition of Assets by Issuing Shares and Raising Supporting Funds of Guolian Securities Co., Ltd., Ratifying the Change of Substantial Shareholders of Guolian Securities Co., Ltd. and Minsheng Securities Co., Ltd. and the Change of Actual Controller of Minsheng Fund Management Co., Ltd. and Minsheng Futures Co., Ltd. (Zheng Jian Xu Ke [2024] No. 1911) （《 關 於同意國聯證券股份有限公司發行股份購買資產並募集配套資金註冊 、 核准國 聯證券股份有限公司和民生證券股份有限公司變更主要股東 、 民生基金管理有 限公司和民生期貨有限公司變更實際控制人等的批覆》 （證監許可 [2024]1911號 ）） issued by the CSRC on 27 December 2024, the Company acquired the 99.26% shares of Minsheng Securities Co., Ltd. held by 45 Counterparties in aggregate, including Wuxi Guolian Development (Group) Co., Ltd. （無錫市國聯發展 （集團） 有限公 司）, by issuing A shares, and raised supporting funds. The Certificate of Change in Registration of Securities （ 《證券變更登記證明》 ） was issued by the Shanghai Branch of China Securities Depository and Clearing Corporation Limited on 3 January 2025, the registration procedures for the new shares in respect of the Acquisition of Assets by Issuing Shares have been completed, involving 2,640,269,065 new A shares, the total number of A shares of the Company after completion of the registration being 5,029,402,233, and the total number of shares (including H shares) being 5,472,042,233. The Certificate of Change in Registration of Securities （ 《證券變更登記證明》 ） was issued by the Shanghai Branch of China Securities Depository and Clearing Corporation Limited on 10 March 2025, the registration procedures for the new shares in respect of the Raising Supporting Funds have been completed, involving 208,550,573 new A shares, the total number of A shares of the Company after completion of the registration being 5,237,952,806, and the total number of shares (including H shares) being 5,680,592,806.
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12 IV . QUARTERLY FINANCIAL STATEMENTS (I) Type of audit opinions □ Applicable ✓ Not applicable (II) Financial statements Consolidated Balance Sheet 31 March 2025 Prepared by: Guolian Minsheng Securities Company Limited Unit: Yuan Currency: RMB Audit type: Unaudited Items 31 March 2025 31 December 2024 Assets: Monetary capital 32,335,729,340.80 15,412,356,391.80 Including: Cash deposits from customers 24,662,993,842.26 11,096,743,458.94 Clearing settlement funds 6,112,384,726.07 5,220,251,629.83 Including: Settlement funds held on behalf of customers 4,696,428,506.23 3,144,539,664.83 Margin accounts receivable 18,077,727,499.86 11,551,336,525.54 Derivative financial assets 515,268,500.67 923,190,133.19 Refundable deposits 3,524,388,899.48 369,914,499.23 Accounts receivable 297,240,971.16 232,431,812.19 Financial assets held under resale agreements 10,508,646,383.23 10,473,606,761.06
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13 Items 31 March 2025 31 December 2024 Financial investments: Financial assets held for trading 65,686,593,140.79 37,920,651,400.16 Other debt investment 7,001,992,174.17 5,561,036,036.17 Other equity instruments investment 11,187,893,266.96 5,200,853,012.95 Long-term equity investment 82,329,765.62 77,370,156.48 Fixed assets 488,562,669.87 101,125,622.72 Construction in progress 64,340,289.56 14,075,474.04 Right-of-use assets 401,009,472.45 241,152,715.34 Intangible assets 640,844,448.50 513,260,544.76 Including: Data resources – – Goodwill 14,071,973,920.93 1,142,579,370.00 Deferred income tax assets 862,767,284.02 40,014,143.73 Other assets 2,657,814,942.84 2,212,937,371.57 Total assets 174,517,507,696.98 97,208,143,600.76 Liabilities: Short-term financing instruments payables 2,115,921,768.88 15,104,979.50 Placements from banks and other financial institutions 15,826,924,102.30 9,972,282,372.28 Financial liabilities held for trading 5,433,474,167.09 834,668,630.62 Derivative financial liabilities 280,767,661.55 366,264,756.23 Financial assets sold under repurchase agreements 29,179,401,154.73 17,349,423,895.94 Amount of agency sales of securities 31,619,890,756.40 14,312,492,762.08 Amount of agency underwriting of securities – 252,674,500.00 Remuneration payable to employees 1,022,285,023.64 349,868,289.56 Tax payable 317,753,379.28 113,813,268.86 Accounts payable 874,547,862.46 383,117,347.28 Contract liabilities 69,291,647.40 18,122,860.68 Estimated liabilities 36,876,387.41 1,868,504.15 Bonds payable 28,946,364,362.40 24,787,367,815.42 Lease liabilities 421,752,238.13 241,061,272.09 Deferred income tax liabilities 780,675,431.29 717,208,075.86 Other liabilities 6,610,855,414.74 8,544,787,924.22 Total liabilities 123,536,781,357.70 78,260,127,254.77
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14 Items 31 March 2025 31 December 2024 Owners ’ equity (or shareholders ’ equity): Paid up capital (or share capital) 5,680,592,806.00 2,831,773,168.00 Capital reserve 36,747,601,580.37 8,174,228,056.61 Other comprehensive income 1,222,369,954.69 1,142,249,662.63 Surplus reserve 847,079,894.87 847,079,894.87 General risk reserve 2,215,713,772.83 2,201,005,713.51 Undistributed profits 3,776,775,257.51 3,387,996,377.56 Total equity attributable to the owners of the parent company (or shareholders ’ equity) 50,490,133,266.27 18,584,332,873.18 Interests of minority shareholders 490,593,073.01 363,683,472.81 Total owners ’ equity (or shareholders ’ equity) 50,980,726,339.28 18,948,016,345.99 Total liabilities and owners ’ equity (or shareholders ’ equity) 174,517,507,696.98 97,208,143,600.76 Person in Charge of the Company: Person in Charge of Accounting Affairs: Person in Charge of the Accounting Office: Ge Xiaobo Yin Lei Chen Xingjun
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15 Consolidated Income Statement January to March 2025 Prepared by: Guolian Minsheng Securities Company Limited Unit: Yuan Currency: RMB Audit type: Unaudited Items First quarter of 2025 First quarter of 2024 I. Total revenue 1,562,489,599.05 173,420,445.95 Net interest income -4,679,481.20 -26,790,613.64 Including: Interest income 472,782,264.49 310,157,422.01 Interest expenses 477,461,745.69 336,948,035.65 Net fee and commission income 845,787,229.44 338,337,114.53 Including: Net fee income from brokerage business 469,093,091.67 108,164,466.22 Net fee income from investment banking business 174,338,068.36 77,643,862.21 Net fee income from asset management business 162,245,726.90 142,549,700.60 Investment income (Losses are denoted as “－”) 689,616,725.66 -867,995,651.16 Including: Investment income from associates and joint ventures 766,931.66 – Other income 11,272,005.10 5,580,517.79 Gains on changes in fair value (Losses are denoted as “－”) 20,576,138.21 718,095,784.67 Gains on foreign exchange (Losses are denoted as “－”) -2,516,012.01 72,296.00 Other operating income 2,692,041.33 1,558,342.78 Gains on disposal of assets (Losses are denoted as “－”) -259,047.48 4,562,654.98 II. Total operating costs 1,065,835,667.53 473,490,650.96 Taxes and surcharges 16,821,944.05 3,580,890.87 Business and administrative expenses 1,071,706,877.85 470,004,197.29 Credit impairment losses -23,124,363.39 -94,437.20 Other operating costs 431,209.02 – III. Operating profit (Losses are denoted as “－”) 496,653,931.52 -300,070,205.01 Add: Non-operating income 3,866,874.06 824,454.26 Less: Non-operating expenses 12,768,026.26 161,970.17 IV . Total profit (Total losses are denoted as “－”) 487,752,779.32 -299,407,720.92 Less: Income tax expenses 108,921,200.17 -82,760,104.56
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16 Items First quarter of 2025 First quarter of 2024 V . Net profit (Net losses are denoted as “－”) 378,831,579.15 -216,647,616.36 (I) Classified by continuity of operations 1. Net profit from continuing operations (Net losses are denoted as “－”) 378,831,579.15 -216,647,616.36 2. Net profit from discontinued operations (Net losses are denoted as “－”) – – (II) Classified by ownership 1. Net profit attributable to shareholders of parent company (Net losses are denoted as “－”) 376,144,390.86 -218,754,276.47 2. Minority shareholders ’ profit or loss (Net losses are denoted as “－”) 2,687,188.29 2,106,660.11 VI. Other comprehensive income after tax, net 108,156,973.68 360,738,309.64 Other comprehensive income after tax, net, attributable to owners of parent company 107,462,840.47 360,738,309.64 (I) Other comprehensive income not to be reclassified to profit or loss 149,782,275.65 373,708,489.64 1. Changes in fair value of other equity instruments investments 149,782,275.65 373,708,489.64 (II) Other comprehensive income to be reclassified to profit or loss -42,319,435.18 -12,970,180.00 1. Changes in fair value of other debt investments -43,424,459.85 -7,236,259.90 2. Allowance for credit losses on other debt investments 717,001.50 -5,906,973.00 3. Exchange differences from translation of financial statements denominated in foreign currencies 388,023.17 173,052.90 Other comprehensive income after tax, net, attributable to minority shareholders 694,133.21 – VII. Total comprehensive income 486,988,552.83 144,090,693.28 Total comprehensive income attributable to owners of parent company 483,607,231.33 141,984,033.17 Total comprehensive income attributable to minority shareholders 3,381,321.50 2,106,660.11 VIII. Earnings per share: (I) Basic earnings per share (in RMB per share) 0.08 -0.08 (II) Diluted earnings per share (in RMB per share) 0.08 -0.08 Person in Charge of the Company: Person in Charge of Accounting Affairs: Person in Charge of the Accounting Office: Ge Xiaobo Yin Lei Chen Xingjun
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17 Consolidated Statement of Cash Flows January to March 2025 Prepared by: Guolian Minsheng Securities Company Limited Unit: Yuan Currency: RMB Audit type: Unaudited Items First quarter of 2025 First quarter of 2024 I. Cash flows generated from operating activities: Cash received from interests, fees and commissions 1,482,994,244.88 713,497,105.29 Net decrease in financial assets held for trading 838,630,690.74 – Net decrease in margin accounts receivable – 396,082,901.99 Net increase in cash from repurchase business 8,582,571,463.39 8,057,804,602.69 Other cash received relating to operating activities 445,764,218.36 2,211,659,117.29 Sub-total of cash inflows from operating activities 11,349,960,617.37 11,379,043,727.26 Net increase in financial assets held for trading – 6,842,905,431.15 Net decrease in placements from banks and other financial institutions 3,161,299,927.45 3,273,000,000.00 Net increase in margin accounts receivable 917,653,654.75 – Net cash paid for agency sales of securities 1,264,838,008.52 4,636,338.69 Cash for payment of interests, fees and commissions 487,584,855.76 184,300,713.01 Cash paid to and on behalf of employees 1,353,459,694.68 531,676,469.60 Cash paid for all types of taxes 170,280,369.35 48,712,373.32 Other cash paid relating to operating activities 3,265,088,144.45 1,512,698,582.55 Sub-total of cash outflows from operating activities 10,620,204,654.96 12,397,929,908.32 Net cash flows generated from operating activities 729,755,962.41 -1,018,886,181.06 II. Cash flows generated from investing activities: Cash receipts from recover of investments 2,600,843,016.84 3,365,767,323.00 Cash receipts from investment income 92,312,569.18 57,994,515.70 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 841,394.92 5,661,929.97 Other cash received relating to investing activities 18,770,232,289.20 – Sub-total of cash inflows from investing activities 21,464,229,270.14 3,429,423,768.67 Cash paid for investments 5,721,498,555.04 745,718,031.44 Cash paid for purchase of fixed assets, intangible assets and other long-term assets 45,309,022.24 38,133,612.35 Sub-total of cash outflows from investing activities 5,766,807,577.28 783,851,643.79 Net cash flows generated from investing activities 15,697,421,692.86 2,645,572,124.88
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18 Items First quarter of 2025 First quarter of 2024 III. Cash flows generated from financing activities: Cash received from investment 1,984,999,995.11 – Cash receipts from bond issuance 4,571,889,500.00 3,191,350,000.00 Other cash received relating to financing activities 78,085.30 – Sub-total of cash inflows from financing activities 6,556,967,580.41 3,191,350,000.00 Cash paid for repayment of debts 5,348,854,063.82 1,740,430,000.00 Cash paid for distribution of dividends or profits, or interest expenses 438,085,096.02 234,561,148.79 Cash paid for repayment of lease liabilities 44,574,531.44 – Other cash paid relating to financing activities – 36,866,370.69 Sub-total of cash outflows from financing activities 5,831,513,691.28 2,011,857,519.48 Net cash flows from financing activities 725,453,889.13 1,179,492,480.52 IV . Effect of fluctuations in exchange rate on cash and cash equivalents -5,203,166.60 90,686.95 V . Net increase in cash and cash equivalents 17,147,428,377.80 2,806,269,111.29 Add: Opening balance of cash and cash equivalents 28,854,000,645.64 15,686,395,073.46 VI. Closing balance of cash and cash equivalents 46,001,429,023.44 18,492,664,184.75 Person in Charge of the Company: Person in Charge of Accounting Affairs: Person in Charge of the Accounting Office: Ge Xiaobo Yin Lei Chen Xingjun
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19 Balance Sheet of the Parent Company 31 March 2025 Prepared by: Guolian Minsheng Securities Company Limited Unit: Yuan Currency: RMB Audit type: Unaudited Items 31 March 2025 31 December 2024 Assets: Monetary capital 14,935,317,940.07 13,828,368,941.53 Including: Cash deposits from customers 10,912,528,392.04 10,830,745,752.58 Clearing settlement funds 4,054,461,902.92 5,216,127,541.57 Including: Settlement funds held on behalf of customers 2,894,217,904.59 3,144,091,895.78 Margin accounts receivable 12,294,640,749.54 11,551,336,525.54 Derivative financial assets 514,875,133.90 922,453,867.00 Refundable deposits 676,514,111.04 367,867,399.80 Accounts receivable 77,595,201.90 142,113,431.01 Financial assets held under resale agreements 9,875,975,093.97 10,473,606,761.06 Financial investments: Financial assets held for trading 31,679,357,237.24 31,104,109,674.55 Other debt investment 7,001,992,174.17 5,561,036,036.17 Other equity instruments investment 6,910,364,065.30 5,200,853,012.95 Long-term equity investment 36,775,256,193.83 7,825,998,903.27 Fixed assets 87,761,219.22 90,871,192.51 Construction in progress 29,197,449.80 13,824,530.64 Right-of-use assets 152,629,726.57 160,980,891.82 Intangible assets 58,470,247.29 65,285,262.45 Including: Data resources – – Other assets 2,918,700,419.91 2,613,235,600.97 Total assets 128,043,108,866.67 95,138,069,572.84
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20 Items 31 March 2025 31 December 2024 Liabilities: Short-term financing instruments payables 15,177,102.80 15,104,979.50 Placements from banks and other financial institutions 9,322,034,157.83 9,972,282,372.28 Financial liabilities held for trading 1,484,930,054.05 777,876,606.16 Derivative financial liabilities 275,417,879.96 361,991,609.75 Financial assets sold under repurchase agreements 21,311,676,920.43 17,095,402,310.03 Amount of agency sales of securities 13,893,771,347.37 14,298,745,091.07 Remuneration payable to employees 84,953,587.25 126,944,743.33 Tax payable 143,102,070.90 98,183,603.51 Accounts payable 517,501,884.01 359,683,447.05 Estimated liabilities 1,868,504.15 1,868,504.15 Bonds payable 24,203,685,898.67 24,774,465,635.41 Lease liabilities 148,583,332.38 156,979,604.09 Deferred income tax liabilities 492,702,613.12 480,942,039.23 Other liabilities 6,392,261,216.07 8,527,397,807.35 Total liabilities 78,287,666,568.99 77,047,868,352.91 Owners ’ equity (or shareholders ’ equity): Paid up capital (or share capital) 5,680,592,806.00 2,831,773,168.00 Capital reserve 36,741,943,030.36 8,169,041,204.71 Other comprehensive income 1,155,622,154.63 1,141,654,988.97 Surplus reserve 847,079,894.87 847,079,894.87 General risk reserve 1,967,771,092.76 1,967,771,092.76 Undistributed profits 3,362,433,319.06 3,132,880,870.62 Total owners ’ equity (or shareholders ’ equity) 49,755,442,297.68 18,090,201,219.93 Total liabilities and owners ’ equity (or shareholders ’ equity) 128,043,108,866.67 95,138,069,572.84 Person in Charge of the Company: Person in Charge of Accounting Affairs: Person in Charge of the Accounting Office: Ge Xiaobo Yin Lei Chen Xingjun
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21 Income Statement of the Parent Company January to March 2025 Prepared by: Guolian Minsheng Securities Company Limited Unit: Yuan Currency: RMB Audit type: Unaudited Items First quarter of 2025 First quarter of 2024 I. Total revenue 669,418,942.27 -56,790,177.87 Net interest income -12,391,703.61 -33,345,649.63 Including: Interest income 315,324,796.88 303,717,585.72 Interest expenses 327,716,500.49 337,063,235.35 Net fee and commission income 264,933,065.20 160,941,478.52 Including: Net fee income from brokerage business 245,140,976.68 108,164,466.22 Net fee income from investment banking business – – Net fee income from asset management business – 42,797,926.80 Investment income (Losses are denoted as “－”) 383,859,713.82 -915,815,381.60 Including: Investment income from associates and joint ventures 1,419,808.53 – Other income 487,156.47 4,009,193.87 Gains on changes in fair value (Losses are denoted as “－”) 31,233,538.11 720,852,302.14 Gains on foreign exchange (Losses are denoted as “－”) -47,521.13 39,248.23 Other operating income 1,636,561.78 1,965,975.62 Gains on disposal of assets (Losses are denoted as “－”) -291,868.37 4,562,654.98 II. Total operating costs 366,485,098.58 299,604,125.95 Taxes and surcharges 10,787,366.01 2,527,097.55 Business and administrative expenses 361,065,032.57 297,171,465.60 Credit impairment losses -5,367,300.00 -94,437.20 III. Operating profit (Losses are denoted as “－”) 302,933,843.69 -356,394,303.82 Add: Non-operating income 3,865,062.01 821,799.28 Less: Non-operating expenses 728,974.45 160,043.82 IV . Total profit (Total losses are denoted as “－”) 306,069,931.25 -355,732,548.36 Less: Income tax expenses 76,517,482.81 -92,378,323.00
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22 Items First quarter of 2025 First quarter of 2024 V . Net profit (Net losses are denoted as “－”) 229,552,448.44 -263,354,225.36 (I) Net profit from continuing operations (Net losses are denoted as “－”) 229,552,448.44 -263,354,225.36 (II) Net profit from discontinued operations (Net losses are denoted as “－”) – – VI. Other comprehensive income after tax, net 13,967,165.66 360,565,256.74 (I) Other comprehensive income not to be reclassified to profit or loss 56,674,624.01 373,708,489.64 1. Changes in fair value of other equity instruments investments 56,674,624.01 373,708,489.64 (II) Other comprehensive income to be reclassified to profit or loss -42,707,458.35 -13,143,232.90 1. Changes in fair value of other debt investments -43,424,459.85 -7,236,259.90 2. Allowance for credit losses on other debt investments 717,001.50 -5,906,973.00 VII. Total comprehensive income 243,519,614.10 97,211,031.38 VIII. Earnings per share: (I) Basic earnings per share (in RMB per share) 0.05 -0.09 (II) Diluted earnings per share (in RMB per share) 0.05 -0.09 Person in Charge of the Company: Person in Charge of Accounting Affairs: Person in Charge of the Accounting Office: Ge Xiaobo Yin Lei Chen Xingjun
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23 Statement of Cash Flows of the Parent Company January to March 2025 Prepared by: Guolian Minsheng Securities Company Limited Unit: Yuan Currency: RMB Audit type: Unaudited Items First quarter of 2025 First quarter of 2024 I. Cash flows generated from operating activities: Cash received from interests, fees and commissions 669,403,419.71 477,185,503.32 Net decrease in financial assets held for trading 1,158,420,330.16 – Net increase in cash from repurchase business 4,104,839,661.97 7,995,450,439.62 Net decrease in margin accounts receivable – 396,102,008.10 Other cash received relating to operating activities 158,157,892.07 1,737,480,446.78 Sub-total of cash inflows from operating activities 6,090,821,303.91 10,606,218,397.82 Net increase in financial assets held for trading – 6,882,833,273.71 Net decrease in placements from banks and other financial institutions 651,000,000.00 3,273,000,000.00 Net increase in margin accounts receivable 710,128,524.57 – Net cash paid for agency sales of securities 404,973,743.70 24,771,988.45 Cash for payment of interests, fees and commissions 268,224,271.41 131,528,385.22 Cash paid to and on behalf of employees 288,233,621.36 350,775,290.54 Cash paid for all types of taxes 56,923,496.50 38,503,181.49 Other cash paid relating to operating activities 2,819,908,104.71 1,135,363,719.60 Sub-total of cash outflows from operating activities 5,199,391,762.25 11,836,775,839.01 Net cash flows generated from operating activities 891,429,541.66 -1,230,557,441.19 II. Cash flows generated from investing activities: Cash receipts from recover of investments 2,786,559,867.01 3,365,767,323.00 Cash receipts from investment income 46,538,229.73 57,994,515.70 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 539,156.68 5,651,780.66 Sub-total of cash inflows from investing activities 2,833,637,253.42 3,429,413,619.36 Cash paid for investments 5,364,960,307.16 757,542,890.11 Cash paid for purchase of fixed assets, intangible assets and other long-term assets 29,433,687.98 37,697,834.21 Sub-total of cash outflows from investing activities 5,394,393,995.14 795,240,724.32 Net cash flows generated from investing activities -2,560,756,741.72 2,634,172,895.04
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24 Items First quarter of 2025 First quarter of 2024 III. Cash flows generated from financing activities: Cash received from investment 1,984,999,995.11 – Cash receipts from bond issuance 1,891,527,500.00 3,191,350,000.00 Sub-total of cash inflows from financing activities 3,876,527,495.11 3,191,350,000.00 Cash paid for repayment of debts 2,702,775,000.00 1,740,430,000.00 Cash paid for distribution of dividends or profits, or interest expenses 244,837,561.63 235,185,159.75 Cash paid for repayment of lease liabilities 23,802,034.00 – Other cash paid relating to financing activities – 21,596,163.84 Sub-total of cash outflows from financing activities 2,971,414,595.63 1,997,211,323.59 Net cash flows from financing activities 905,112,899.48 1,194,138,676.41 IV . Effect of fluctuations in exchange rate on cash and cash equivalents -47,521.13 39,248.23 V . Net increase in cash and cash equivalents -764,261,821.71 2,597,793,378.49 Add: Opening balance of cash and cash equivalents 27,897,365,491.49 15,306,697,820.16 VI. Closing balance of cash and cash equivalents 27,133,103,669.78 17,904,491,198.65 Person in Charge of the Company: Person in Charge of Accounting Affairs: Person in Charge of the Accounting Office: Ge Xiaobo Yin Lei Chen Xingjun
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25 (III) Adjustments made to the financial statements as at the beginning of the year of the initial adoption of new accounting standard or interpretation of standards since 2025 □ Applicable ✓ Not applicable Announcement is hereby given. By order of the Board Guolian Minsheng Securities Company Limited Ge Xiaobo Chairman Wuxi, Jiangsu Province, the PRC 29 April 2025 As of the date of this announcement, the executive director of the Company is Mr. Ge Xiaobo; the non-executive directors of the Company are Mr. Gu Wei, Mr. Zhou Weiping, Mr. Wu Weihua, Mr. Yang Zhenxing and Mr. Liu Hailin; and the independent non-executive directors of the Company are Mr. Chu, Howard Ho Hwa, Mr. Gao Wei and Mr. Guo Chunming.