Core Viewpoint - Guangfa Securities (01776) announced the issuance of subordinated bonds aimed at professional investors, with specific details on interest payments and bond maturity dates [1] Group 1: Bond Issuance Details - The first bond type "22 Guangfa C3" has a term of 3 years, with an issuance scale of 2 billion yuan and a coupon rate of 2.86% [1] - The second bond type "22 Guangfa C4" has a term of 5 years, with an issuance scale of 500 million yuan and a coupon rate of 3.20% [1] Group 2: Interest Payments - For the bond type "22 Guangfa C3", the interest payment per hand (face value 1,000 yuan) will be 1,028.60 yuan (including tax) [1] - For the bond type "22 Guangfa C4", the interest payment per hand (face value 1,000 yuan) will be 32.00 yuan (including tax) [1] Group 3: Maturity and Redemption - The bonds will be redeemed on November 14, 2025, with "22 Guangfa C3" being delisted on the same date [1]

Core Points - The company, GF Securities, announced the issuance of its second phase of subordinated bonds aimed at professional investors, which will pay interest and principal on November 14, 2025 [1] - The bond type "22 GF C3" has a coupon rate of 2.86%, with a total interest distribution of RMB 1,028.60 per hand (face value of RMB 1,000), and after tax, the actual interest received by individual and fund bondholders is RMB 1,022.88 [2] - The bond type "22 GF C4" has a coupon rate of 3.20%, with an interest distribution of RMB 32.00 per hand (face value of RMB 1,000), and after tax, the actual interest received by individual and fund bondholders is RMB 25.60 [2]

Core Points - Guangfa Securities (01776) announced the issuance of subordinated bonds aimed at professional investors, with two bond types: "22 Guangfa C3" and "22 Guangfa C4" [1] - The "22 Guangfa C3" bond has a 3-year term with a total issuance scale of 2 billion RMB and a coupon rate of 2.86%, while the "22 Guangfa C4" bond has a 5-year term with a total issuance scale of 500 million RMB and a coupon rate of 3.20% [1] - Interest payments for "22 Guangfa C3" will be 1,028.60 RMB (including tax) per 1,000 RMB face value, and for "22 Guangfa C4," it will be 32.00 RMB (including tax) per 1,000 RMB face value [1] Summary by Category Bond Issuance - Guangfa Securities issued subordinated bonds for professional investors, with "22 Guangfa C3" and "22 Guangfa C4" as the two types [1] - The total issuance scale for "22 Guangfa C3" is 2 billion RMB, while "22 Guangfa C4" is 500 million RMB [1] Terms and Rates - "22 Guangfa C3" has a 3-year term and a coupon rate of 2.86% [1] - "22 Guangfa C4" has a 5-year term and a coupon rate of 3.20% [1] Interest Payments - Interest for "22 Guangfa C3" will be 1,028.60 RMB per 1,000 RMB face value [1] - Interest for "22 Guangfa C4" will be 32.00 RMB per 1,000 RMB face value [1]

Core Viewpoint - Guangfa Securities announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance size of 2.1 billion RMB and a coupon rate of 2.50% [1] Group 1: Bond Issuance Details - The bonds, referred to as "24 Guangfa Y2," will pay interest on November 14, 2025, for the period from November 14, 2024, to November 13, 2025 [1] - Each bond with a face value of 1,000 RMB will distribute an interest payment of 25.00 RMB (including tax) [1]

GF SECURITIES CO., LTD. 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 廣發証券股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1776） 根據中華人民共和國的有關法例規定，廣發証券股份有限公司（「本公司」）在深圳 證券交易所網站( http://www.szse.cn )刊發的《廣發証券股份有限公司關於「22廣發 C3」付息兌付暨摘牌、「22廣發C4」付息的公告》。茲載列如下，僅供參閱。 承董事會命 廣發証券股份有限公司 林傳輝 董事長 中國，廣州 2025年11月12日 於本公告日期，本公司董事會成員包括執行董事林傳輝先生、秦力先生、孫曉燕 女士及肖雪生先生；非執行董事李秀林先生、尚書志先生及郭敬誼先生；獨立非 執行董事梁碩玲女士、黎文靖先生、張闖先生及王大樹先生。 债券代码：148121 债券简称：22 广发 C3 ...

Core Viewpoint - Guangfa Securities announced the issuance of perpetual subordinated bonds aimed at professional investors, with a fixed interest rate of 2.50% for the upcoming period [1] Summary by Categories Bond Issuance Details - The bonds, referred to as "24 Guangfa Y2," will pay interest on November 14, 2025, for the period from November 14, 2024, to November 13, 2025 [1] - Each bond with a face value of 1,000 RMB will distribute an interest of 25.00 RMB (including tax) [1] - After tax deductions, individual and securities investment fund bondholders will receive a net interest of 20.00 RMB per bond, while non-resident enterprises (including QFII and RQFII) will receive the full 25.00 RMB [1]

Group 1 - The core point of the article is that GF Securities (01776) announced the issuance of perpetual subordinated bonds aimed at professional investors, with specific details regarding the bond's interest payment and issuance scale [1] - The bond, referred to as "24 GF Y2," has an issuance scale of 2.1 billion yuan and a coupon rate of 2.50% [1] - Interest payments for the bond will be made on November 14, 2025, covering the period from November 14, 2024, to November 13, 2025, with a distribution of 25.00 yuan (including tax) per hand (face value of 1,000 yuan) [1]

廣發証券股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GF SECURITIES CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：1776） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，廣發証券股份有限公司（「本公司」）在深圳 證券交易所網站( http://www.szse.cn )刊發的《廣發証券股份有限公司2024年面向專 業投資者公開發行永續次級債券（第二期）2025年付息公告》。茲載列如下，僅供 參閱。 承董事會命 廣發証券股份有限公司 林傳輝 董事長 中國，廣州 2025年11月12日 於本公告日期，本公司董事會成員包括執行董事林傳輝先生、秦力先生、孫曉燕 女士及肖雪生先生；非執行董事李秀林先生、尚書志先生及郭敬誼先生；獨立非 執行董事梁碩玲女士、黎文靖先生、張闖先生及王大樹先生。 债券代码：148942 债券简称：24 ...

Group 1: Consumer Building Materials - The consumer building materials industry is experiencing a recovery in retail demand, driven by high second-hand housing activity and subsidy policies, with leading companies showing strong operational resilience [1] - Long-term demand stability and increasing industry concentration suggest significant growth potential for quality leading companies in the consumer building materials sector [1] - Key companies to watch include Sanhe Tree, Rabbit Baby, Hanhai Group, Oriental Yuhong, China Liansu, Beixin Building Materials, Weixing New Materials, Dongpeng Holdings, Jianlang Hardware, Arrow Home, Mona Lisa, Keshun Shares, Zhit New Materials, and Wangli Security [1] Group 2: Cement Industry - The national average cement price is reported at 351 RMB/ton, reflecting a week-on-week decrease of 0.1% and a year-on-year drop of 74.33 RMB/ton [2] - The national cement shipment rate stands at 45.93%, remaining stable week-on-week but down 7.87 percentage points year-on-year [2] - The cement industry is currently at a historical valuation low, with companies to focus on including Huaxin Cement (A, H), Conch Cement (A, H), Shangfeng Cement, China Resources Cement Technology, and Taipai Group [2] Group 3: Glass Industry - The average price of float glass is 1208 RMB/ton, showing a week-on-week increase of 1.0% but a year-on-year decrease of 15.1% [3] - Inventory days for glass have decreased by 0.67 days, currently at 29.61 days [3] - Key companies in the glass sector with low valuations include Qibin Group, Xinyi Solar, Flat Glass (A), Flat Glass (H), Xinyi Glass, Nanshan Glass A, and Shandong Pharmaceutical Glass [3] Group 4: Glass Fiber and Carbon-Based Composites - The market price for direct yarn remains stable, with mainstream prices for 2400tex yarn ranging from 3250 to 3700 RMB/ton, reflecting a year-on-year increase of 0.95% [4] - Electronic yarn prices are stable, with G75 mainstream quotes between 8800 and 9300 RMB/ton [4] - Leading companies in the glass fiber and carbon-based composite materials sector include China Jushi, China National Materials, Honghe Technology, and Changhai Co. [4]

Core Viewpoint - Jia De Li Electronic Materials Co., Ltd. has received acceptance for its IPO application, showcasing significantly higher profit margins compared to its peers, raising questions about the sustainability of its reported capacity utilization rates and the implications of its increasing construction projects [1][2][3]. Financial Performance - Jia De Li's revenue for 2022, 2023, 2024, and the first half of 2025 were 550 million, 528 million, 734 million, and 367 million respectively, with net profits of 192 million, 141 million, 238 million, and 125 million, indicating a decline in 2023 followed by a projected increase in 2024 [2][5]. - The company's gross profit margins for the same periods were 49.29%, 41.91%, 46.29%, and 48.79%, significantly higher than the industry averages of 41.31%, 33.22%, 32.88%, and 36.85% [2][3]. - Net profit margins were reported at 34.97%, 26.66%, 32.42%, and 33.99%, while the average for comparable companies was much lower at 16.26%, 10.54%, 10.65% [3][4]. Cost Management - Jia De Li's selling expenses were 2.6647 million, 3.0174 million, 4.8748 million, and 1.47 million, representing 0.48%, 0.57%, 0.66%, and 0.40% of revenue, significantly lower than the industry average of 1.37% to 1.44% [4]. - Management expenses were 17.4068 million, 28.2156 million, 27.9604 million, and 15.7799 million, accounting for 3.16%, 5.34%, 3.81%, and 4.29% of revenue, also below the industry averages [4][5]. Research and Development - Research and development expenses were 21.3174 million, 21.7237 million, 23.884 million, and 12.0019 million, with ratios of 3.88%, 4.11%, 3.25%, and 3.27%, showing a decline below industry averages in recent years [5]. - The decrease in R&D spending raises questions about whether Jia De Li's high profit margins are driven by innovation or other factors [5]. Capacity Utilization - Reported capacity utilization rates were 107.74%, 99.52%, 102.89%, and 105.81%, but these figures are based on "standardized output" rather than actual production, leading to concerns about the accuracy of these metrics [6][8]. - If calculated using actual production, the capacity utilization rates would drop to approximately 80%, indicating a significant discrepancy in reported performance [8]. Construction Projects - The company's construction projects have seen a substantial increase, with in-progress projects rising from 78 million to 339 million within six months, primarily due to investments in new production lines [5][9]. IPO Details - Jia De Li plans to issue no less than 45.9075 million shares, aiming to raise 725 million for new production facilities and working capital [9]. - Prior to the IPO application, the company brought in four external investors through a capital increase, with a valuation of approximately 3.65 billion [9].