Group 1 - The core announcement is about Guangfa Securities (01776) issuing subordinated bonds aimed at professional investors, with the issuance scheduled from September 11 to September 12, 2025 [1] - The total issuance amount is set at 2.26 billion yuan, with a final issuance price of 99.597 yuan [1] - The subscription multiple for this bond issuance is reported at 1.73 times [1] Group 2 - The funds raised from this bond issuance will be used entirely to repay the "24 Guangfa 07" bond [1]