# GF Securities (000776.SHE)

Canonical: https://gigainvestors.com/s/000776.SHE

Analysis as of: 2026-10-16T07:34:37.545Z. Financial observations: FY2009–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 19.47 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.53×

- FY2017: 0.41×

- FY2018: 0.26×

- FY2019: 0.34×

- FY2020: 0.38×

- FY2021: 0.36×

- FY2022: 0.32×

- FY2023: 0.27×

- FY2024: 0.32×

- FY2025: 0.82×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 23.3%

- ROIC, second-lowest year: 6.6%

- Years with nonpositive capital: 1

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 21.6%

- Typical minus recent gross margin: 8.3 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 41.5%

- FY2017: 15.5%

- FY2018: 6.6%

- FY2019: 22.9%

- FY2020: 77.2%

- FY2021: 40.0%

- FY2022: 23.6%

- FY2023: 15.9%

- FY2024: >100%

- FY2025: 5.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 50B

- Net income, five-year total: CNY 49B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -5.8 pp

- Working capital / revenue, change between three-year averages: -44.8 pp

- Working capital / revenue, final three-year average: -81.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.01×

- FY2023: 0.99×

- FY2024: 1.02×

- FY2025: 1.02×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.5% vs 15.9%

- Per-share earnings: 1.12 to 1.15 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: 1.1%

- Market cap gain: CNY 50B

- Cumulative retained earnings: CNY 26B

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.3%

- Per-share value change: CNY 0.03

- Per-share value, starting three-year median: CNY 1.12

- Per-share value, ending three-year median: CNY 1.15

- Average buyback yield: 2.3%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 1.2B

- Cumulative net income, 10 years: CNY 88B

- ROIC, first three-year median: 15.5%

- ROIC, last three-year median: 15.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.04

- FY2017: CNY 1.12

- FY2018: CNY 0.55

- FY2019: CNY 0.97

- FY2020: CNY 1.30

- FY2021: CNY 1.42

- FY2022: CNY 1.02

- FY2023: CNY 0.83

- FY2024: CNY 1.15

- FY2025: CNY 1.68

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- earnings not backed by cash

- Sloan accruals: 4.3%

- Receivables to sales index (DSRI): 1.70×

- Earnings backed by cash: No

- Operating cash / earnings: -2.03×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 8.1%

- FY2017: 13.2%

- FY2018: -7.4%

- FY2019: -8.3%

- FY2020: -2.1%

- FY2021: 7.1%

- FY2022: -6.8%

- FY2023: 1.4%

- FY2024: 5.3%

- FY2025: 4.3%

## Holders

## Price story

Down 21% since Dec 2021 · sales -6.9%

Story as of 2026-10-16T10:00:01.639Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -6.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 20B 

- FY2017: CNY 29B 

- FY2018: CNY 23B 

- FY2019: CNY 30B 

- FY2020: CNY 36B 

- FY2021: CNY 42B 

- FY2022: CNY 33B 

- FY2023: CNY 33B 

- FY2024: CNY 37B 

- FY2025: CNY 34B 

### Gross margin · FY2024

gross margin 72.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 73.7% 

- FY2018: 64.2% 

- FY2019: 74.4% 

- FY2020: 79.1% 

- FY2021: 79.0% 

- FY2022: 73.4% 

- FY2023: 68.4% 

- FY2024: 72.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are CNY 34.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2025: revenue 34093221689.51; operatingIncome 28004667757.34; margin = operatingIncome / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000776.SHE: GF Securities Co., Ltd., together with its subsidiaries, provides capital market services in China. It operates through four segments: Investment Banking, Wealth Management, Trading and Institution, and Investment Management. The company offers equity and debt financing, financial consulting, and mergers and acquisitions; and brokerage services, investment advisory, margin financing, securities lending, and various financial products. It also provides equity sales and trading, derivative and fixed-income products, OTC liquidity services, investment research, and custodian services; and asset and fund management, private equity, and alternative investments, as well as qualified foreign and domestic institutional investors. The company was founded in 1991 and is headquartered in Guangzhou, China.

### Why customers stay

Margins ranged from 26.5% to 82.1% during 2023–25; it earns 23.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2023: operatingIncome / revenue = 26.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2024: operatingIncome / revenue = 32.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2025: operatingIncome / revenue = 82.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); 10-year return on capital observations [[2016,0.4151377435012319],[2017,0.1554300950937152],[2018,0.06576705248723583],[2019,0.2293657294409097],[2020,0.7722019602072778],[2021,0.3996525262336777],[2022,0.23581311234522623],[2023,0.15905883422983114],[2024,1.5981788321987311],[2025,0.05660328213755148]]; median 0.23258942089306794. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 4.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2016: growth capex 0; upkeep 389460000; owner earnings 7887163000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2017: growth capex 268161000; upkeep 270313000; owner earnings 8595399000. Growth capex / owner earnings = 0.031198202666333465.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2018: growth capex 0; upkeep 646558000; owner earnings 3950839000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2019: growth capex 0; upkeep 391646000; owner earnings 7753504000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2020: growth capex 489308713.9250212; upkeep 2557773286.074979; owner earnings 8222320713.925021. Growth capex / owner earnings = 0.059509806409806645.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2021: growth capex 0; upkeep 670947000; owner earnings 10894756000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2022: growth capex 0; upkeep 717791386.07; owner earnings 7987311613.93. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2023: growth capex 3716189.72043097; upkeep 937762810.279569; owner earnings 6921748189.720431. Growth capex / owner earnings = 0.0005368860031559551.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2024: growth capex 0; upkeep 735801000; owner earnings 9871227000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2025: growth capex 0; upkeep 727265815.73; owner earnings 14005776883.27. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); Dividend observations: [[2016,11131892000],[2017,6980462000],[2018,7666513000],[2019,6151715000],[2020,7277105000],[2021,8160490000],[2022,9784573365.23],[2023,3636218000],[2024,4269116000],[2025,9872410618.63]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); FY2025: cash repurchases 4198678571.01 CNY.

### Are managers owners

Insiders own 54% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000776.SHE SharesStats.PercentInsiders = 54.025 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.545Z); Closing price 19.47 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 4.18030220505395; price multiple 4.657558005366438. FY2025 cash earnings/share 1.7173026510029623. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 17.40 per share

- 2016-11: CNY 19.55 per share

- 2016-12: CNY 16.86 per share

- 2017-01: CNY 17.51 per share

- 2017-02: CNY 17.58 per share

- 2017-03: CNY 17.09 per share

- 2017-04: CNY 16.73 per share

- 2017-05: CNY 16.65 per share

- 2017-06: CNY 17.25 per share

- 2017-07: CNY 17.75 per share

- 2017-08: CNY 19.03 per share

- 2017-09: CNY 18.98 per share

- 2017-10: CNY 17.73 per share

- 2017-11: CNY 17.78 per share

- 2017-12: CNY 16.68 per share

- 2018-01: CNY 18.79 per share

- 2018-02: CNY 16.61 per share

- 2018-03: CNY 16.48 per share

- 2018-04: CNY 15.62 per share

- 2018-05: CNY 14.29 per share

- 2018-06: CNY 13.27 per share

- 2018-07: CNY 13.39 per share

- 2018-08: CNY 13.49 per share

- 2018-09: CNY 13.85 per share

- 2018-10: CNY 12.41 per share

- 2018-11: CNY 13.48 per share

- 2018-12: CNY 12.68 per share

- 2019-01: CNY 12.69 per share

- 2019-02: CNY 16.49 per share

- 2019-03: CNY 16.17 per share

- 2019-04: CNY 15.75 per share

- 2019-05: CNY 12.97 per share

- 2019-06: CNY 13.74 per share

- 2019-07: CNY 13.41 per share

- 2019-08: CNY 13.28 per share

- 2019-09: CNY 13.57 per share

- 2019-10: CNY 13.72 per share

- 2019-11: CNY 13.34 per share

- 2019-12: CNY 15.17 per share

- 2020-01: CNY 14.84 per share

- 2020-02: CNY 14.50 per share

- 2020-03: CNY 13.66 per share

- 2020-04: CNY 13.71 per share

- 2020-05: CNY 13.20 per share

- 2020-06: CNY 14.15 per share

- 2020-07: CNY 15.62 per share

- 2020-08: CNY 16.21 per share

- 2020-09: CNY 15.77 per share

- 2020-10: CNY 15.40 per share

- 2020-11: CNY 16.93 per share

- 2020-12: CNY 16.28 per share

- 2021-01: CNY 15.87 per share

- 2021-02: CNY 16.01 per share

- 2021-03: CNY 15.67 per share

- 2021-04: CNY 14.85 per share

- 2021-05: CNY 16.00 per share

- 2021-06: CNY 15.14 per share

- 2021-07: CNY 15.41 per share

- 2021-08: CNY 18.99 per share

- 2021-09: CNY 20.96 per share

- 2021-10: CNY 20.12 per share

- 2021-11: CNY 23.34 per share

- 2021-12: CNY 24.59 per share

- 2022-01: CNY 20.80 per share

- 2022-02: CNY 18.61 per share

- 2022-03: CNY 17.58 per share

- 2022-04: CNY 16.07 per share

- 2022-05: CNY 17.10 per share

- 2022-06: CNY 18.70 per share

- 2022-07: CNY 15.92 per share

- 2022-08: CNY 16.44 per share

- 2022-09: CNY 14.27 per share

- 2022-10: CNY 13.63 per share

- 2022-11: CNY 16.01 per share

- 2022-12: CNY 15.49 per share

- 2023-01: CNY 17.40 per share

- 2023-02: CNY 16.33 per share

- 2023-03: CNY 15.77 per share

- 2023-04: CNY 15.34 per share

- 2023-05: CNY 14.90 per share

- 2023-06: CNY 14.71 per share

- 2023-07: CNY 16.38 per share

- 2023-08: CNY 15.06 per share

- 2023-09: CNY 14.67 per share

- 2023-10: CNY 14.84 per share

- 2023-11: CNY 14.41 per share

- 2023-12: CNY 14.29 per share

- 2024-01: CNY 13.70 per share

- 2024-02: CNY 14.18 per share

- 2024-03: CNY 13.35 per share

- 2024-04: CNY 13.21 per share

- 2024-05: CNY 12.87 per share

- 2024-06: CNY 12.17 per share

- 2024-07: CNY 12.56 per share

- 2024-08: CNY 11.84 per share

- 2024-09: CNY 16.70 per share

- 2024-10: CNY 16.21 per share

- 2024-11: CNY 16.44 per share

- 2024-12: CNY 16.21 per share

- 2025-01: CNY 15.51 per share

- 2025-02: CNY 15.34 per share

- 2025-03: CNY 16.12 per share

- 2025-04: CNY 15.61 per share

- 2025-05: CNY 16.29 per share

- 2025-06: CNY 16.81 per share

- 2025-07: CNY 19.19 per share

- 2025-08: CNY 21.88 per share

- 2025-09: CNY 22.28 per share

- 2025-10: CNY 22.57 per share

- 2025-11: CNY 21.14 per share

- 2025-12: CNY 22.02 per share

- 2026-01: CNY 22.49 per share

- 2026-02: CNY 20.84 per share

- 2026-03: CNY 17.96 per share

- 2026-04: CNY 21.23 per share

- 2026-05: CNY 18.89 per share

- 2026-06: CNY 23.40 per share

- 2026-07: CNY 21.36 per share

- 2026-08: CNY 21.82 per share

- 2026-09: CNY 19.88 per share

- 2026-10: CNY 19.83 per share

## Annual estimated value (CNY per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:22.603Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.