国金证券发布2026年度日常关联交易预计，涉及多项重要合作与资金安排
要点概述
- 国金证券股份有限公司（证券代码：600109）于2026年4月24日发布公告，详细披露了2025年度日常关联交易统计及2026年度日常关联交易预计，涵盖收入与支出、重要合作方、投资计划等多项内容，内容详实、对投资者具有高度参考价值。
- 公司与实际控制人、重要股东及其关联企业之间的经常性交易涉及证券经纪、投资银行、资产管理、咨询服务、房屋租赁、金融产品认购、共同投资、衍生品交易等，预计部分交易规模达数亿元人民币。
- 所有关联交易均依照市场化原则定价，未发现有损害公司及中小股东利益的情形，并经过董事会及独立董事专门会议审议通过，尚需股东大会审议。
2025年度日常关联交易统计
- 收入端：
公司2025年度与关联方的交易收入主要来源于证券经纪业务、投资银行业务、咨询业务、资产管理业务及银行存款利息等。
主要关联方及交易金额包括：
- 云南国际信托有限公司（证券经纪业务收入236万元，咨询业务收入32万元）
- 成都产业投资集团有限公司（投资银行业务收入约679万元，资产管理业务收入若干）
- 涌金投资控股有限公司（投资银行业务收入约472万元）
- 成都交子新兴金融投资集团股份有限公司（投资银行业务收入约602万元）
- 山东通汇资本投资集团有限公司（投资银行业务收入约1708万元）
- 成都银行股份有限公司（银行存款利息收入约141万元）
- 上海聚澄创业投资合伙企业等关联方（资产管理业务收入约559万元）
- 支出端：
主要为支付成都金控金融发展股权投资基金有限公司的咨询服务费（约50万元）。
- 其他重大投资与金融产品认购：
- 认购云南国际信托发行的信托产品，报告期末账面价值为5109万元。
- 认购上海涌铧投资管理有限公司发行的基金产品，报告期末账面价值为2.59亿元。
2026年度日常关联交易预计及其潜在影响
- 与实际控制人及其控制的关联方：
- 证券经纪业务收入预计不超过400万元，咨询服务收入不超过100万元，资产管理业务收入不超过600万元，主经纪商服务收入难以预计。
- 认购金融产品金额最高不超过10亿元，共同投资行为金额难以预计。
- 支出方面，咨询服务费用不超过100万元，房屋租赁费用不超过30万元。
- 将开展场外衍生品业务，投资损益难以预计。
- 与成都产业资本控股集团及其一致行动人：
- 证券经纪业务收入不超过100万元，投资银行业务收入不超过600万元，咨询服务收入不超过600万元，资产管理业务收入不超过500万元。
- 主经纪商服务收入难以预计。
- 咨询服务费用不超过100万元，房屋租赁费用不超过30万元。
- 将参与场外衍生品业务及其他投资损益，金额难以预计。
- 与成都交子金融控股集团及其一致行动人：
- 证券经纪业务收入不超过50万元，投资银行业务收入不超过300万元，咨询服务收入不超过200万元，资产管理业务收入不超过500万元，银行存款利息收入难以预计。
- 咨询服务费用不超过100万元，房屋租赁费用不超过30万元。
- 将参与场外衍生品业务及其他投资损益，金额难以预计。
- 与国金涌富资产管理有限公司等联营企业：
- 证券经纪业务收入不超过50万元。
- 咨询服务费用不超过400万元，系统维护费用不超过600万元。
- 共同投资金额不超过1亿元，具体项目及投资损益以实际发生为准。
- 与关联自然人担任董事、高管企业等其他关联方：
- 证券经纪业务收入不超过50万元，投资银行业务收入不超过600万元，咨询收入不超过200万元，资产管理收入不超过300万元。
- 将开展场外衍生品业务及其他投资损益，金额难以预计。
价格敏感与影响公司价值的因素
- 大额关联金融投资：认购金融产品金额高达10亿元，对公司资金流动性、收益稳定性及风险分散有显著影响，是重要的价格敏感信息。
- 多方位业务拓展：与多家实际控制人企业、产业资本集团、金融控股集团、联营企业的持续合作，有助于业务扩展、收入增长，或将带来公司业绩弹性。
- 风险提示：部分投资及衍生品业务的收益及损失难以预计，存在一定不确定性，可能影响公司年度业绩波动。
- 决策透明与市场化：所有关联交易均参照市场价格与行业标准协商定价，经过董事会、独立董事会议审议，需提交股东大会表决，保障公司及中小股东权益。
投资者需关注的重要事项
- 本次2026年度日常关联交易预计涉及金额较大、关联方众多，涵盖投行、资管、经纪、咨询、金融产品认购等多领域，业务持续拓展，未来收入增长可期。
- 公司持续与实际控制人及有关企业保持紧密合作，有利于资源整合和业务协同，但需关注关联交易规模增长带来的潜在风险。
- 关联交易事项尚需2025年度股东大会审议通过，投资者应密切关注后续相关决议及实施进展。
- 部分投资项目及衍生品业务的收益、损失均存在不确定性，需警惕由此带来的业绩波动风险。
定价政策与公司独立性声明
- 所有关联交易均参照市场价格与行业标准协商定价，确保公平合理，保障公司及中小股东利益。
- 公司经营决策独立，日常关联交易不会影响公司独立性。
董事会及独立董事审议情况
- 本次关联交易已获第十三届董事会第五次会议审议通过，涉及的关联董事均已回避表决。
- 独立董事专门会议亦已审查通过相关议案，确保决策程序规范合规。
- 正式实施需经股东大会审议通过。
结语
国金证券2026年度关联交易预计涵盖范围广、金额大，涉及多家重要关联方，对公司业绩和业务拓展具有重要影响。投资者需关注相关决策进展及关联交易带来的潜在收益与风险。公司治理结构规范，重视中小股东权益保护，未来表现值得持续跟踪。
免责声明：本新闻稿仅供信息参考，不构成任何投资建议。投资者应结合自身实际情况，审慎决策，并关注公司后续公告及相关风险提示。
English Version
GF Securities Discloses 2026 Related-Party Transaction Estimates: Significant Cooperation and Capital Arrangements Detailed
Key Highlights
- GF Securities Co., Ltd. (Stock Code: 600109) announced on April 24, 2026 detailed statistics for its 2025 related-party transactions and projections for 2026, covering revenue, expenditures, key partners, and investment plans in depth. The disclosure is highly relevant for investors.
- Frequent related transactions with controlling shareholders and their affiliates span securities brokerage, investment banking, asset management, consultancy, property leasing, financial product subscription, co-investments, and derivatives trading, with some projected transactions reaching hundreds of millions of RMB.
- All related transactions are priced on a market-oriented basis, with no evidence of harm to the interests of the company or minority shareholders, and have been reviewed and approved by the Board and independent directors. Final implementation requires shareholder meeting approval.
2025 Related-Party Transaction Statistics
- Revenue:
The company’s 2025 related-party transaction revenue is mainly from securities brokerage, investment banking, consulting, asset management, and bank deposit interest.
Key parties and transaction amounts include:
- Yunnan International Trust Co., Ltd. (Brokerage income RMB 2.36 million; consulting income RMB 0.32 million)
- Chengdu Industry Investment Group Co., Ltd. (Investment banking income ~RMB 6.79 million)
- Yongjin Investment Holding Co., Ltd. (Investment banking income ~RMB 4.72 million)
- Chengdu Jiaozi Emerging Financial Investment Group Co., Ltd. (Investment banking income ~RMB 6.02 million)
- Shandong Tonghui Capital Investment Group Co., Ltd. (Investment banking income ~RMB 17.08 million)
- Chengdu Bank Co., Ltd. (Deposit interest income ~RMB 1.41 million)
- Shanghai Jucheng Venture Capital Partnership and other affiliates (Asset management income ~RMB 5.59 million)
- Expenditure:
Main item: Payment of consulting service fees to Chengdu Jinkong Financial Development Equity Investment Fund Co., Ltd. (~RMB 0.5 million).
- Other significant investments and financial product subscriptions:
- Trust products from Yunnan International Trust: Book value at period end RMB 51.09 million.
- Fund products from Shanghai Yonghua Investment Management: Book value at period end RMB 258.69 million.
2026 Related-Party Transaction Estimates & Potential Impact
- With Controlling Shareholders and Affiliates:
- Securities brokerage income: ≤ RMB 4 million; consultancy income: ≤ RMB 1 million; asset management income: ≤ RMB 6 million; prime brokerage income: uncertain.
- Financial product subscription: up to RMB 1 billion; co-investments: amount not estimated.
- Expenditure: consultancy ≤ RMB 1 million; property lease ≤ RMB 0.3 million.
- OTC derivatives activities: investment gains/losses uncertain.
- With Chengdu Industrial Capital Holdings & Affiliates:
- Securities brokerage ≤ RMB 1 million; investment banking ≤ RMB 6 million; consulting ≤ RMB 6 million; asset management ≤ RMB 5 million.
- Prime brokerage and other gains/losses: uncertain amounts.
- Consultancy ≤ RMB 1 million; property lease ≤ RMB 0.3 million.
- With Chengdu Jiaozi Financial Holdings & Affiliates:
- Securities brokerage ≤ RMB 0.5 million; investment banking ≤ RMB 3 million; consulting ≤ RMB 2 million; asset management ≤ RMB 5 million; bank deposit interest: uncertain.
- Consultancy ≤ RMB 1 million; property lease ≤ RMB 0.3 million.
- OTC derivatives and other gains/losses: uncertain amounts.
- With Guojin Yongfu Asset Management Joint Ventures:
- Securities brokerage ≤ RMB 0.5 million.
- Consultancy ≤ RMB 4 million; system maintenance ≤ RMB 6 million.
- Co-investment: up to RMB 100 million; actual returns/losses as incurred.
- With entities where related natural persons serve as directors or executives:
- Securities brokerage ≤ RMB 0.5 million; investment banking ≤ RMB 6 million; consulting ≤ RMB 2 million; asset management ≤ RMB 3 million.
- OTC derivatives and other gains/losses: uncertain amounts.
Price-Sensitive Issues
- Significant Financial Product Subscriptions: Up to RMB 1 billion in product purchases, impacting liquidity, earnings, and risk diversification—highly price-sensitive.
- Business Expansion: Continued partnerships with controlling shareholders and affiliates foster business growth and earnings flexibility.
- Risk Warning: Some investments and derivatives carry uncertain gains/losses, exposing the company to potential annual performance volatility.
- Governance Transparency: All transactions are market-based, subject to Board and independent director review, and require shareholder meeting approval, safeguarding interests of all shareholders.
Investor-Focused Key Points
- The 2026 transaction estimate covers a wide scope and large sums, spanning investment banking, asset management, brokerage, consulting, and product subscriptions, indicating ongoing business expansion and potential for revenue growth.
- Close collaboration with controlling shareholders and affiliates supports resource integration and business synergy, but investors should monitor risks from growing related-party transaction scale.
- Shareholder meeting approval is pending—investors should stay alert for updates.
- Returns and losses on some investments and derivatives remain uncertain—potential for performance swings.
Pricing Policy & Independence
- All transactions are priced per market standards, ensuring fairness and protecting minority shareholders.
- Company’s business decisions remain independent and unaffected by related parties.
Board & Independent Director Review
- The Board approved all related-party transaction estimates, with conflicted directors recusing themselves as required.
- Independent Directors reviewed and approved the proposals, ensuring procedural compliance.
- Shareholder meeting approval is required for implementation.
Conclusion
GF Securities’ 2026 related-party transaction estimates are broad and substantial, involving multiple key affiliates and likely affecting performance and business development. Investors should monitor ensuing resolutions and the impact of these transactions on the company’s risk/return profile. The company’s governance is robust, emphasizing protection for minority shareholders.
Disclaimer: This news article is for informational purposes only and does not constitute investment advice. Investors should make prudent decisions based on their circumstances and monitor the company’s subsequent disclosures and risk warnings.
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