Group 1 - The core point of the announcement is that Guangfa Securities (000776.SZ) reported a borrowing balance of 446.012 billion yuan as of August 31, 2025, with a cumulative new borrowing amount of 52.981 billion yuan, which represents 34.61% of the net assets at the end of the previous year, exceeding the 20% threshold [1] - The new borrowings primarily come from bank loans, corporate credit bonds, loans from non-bank financial institutions, and other borrowings [1] - The new borrowings comply with relevant laws and regulations and fall within the normal scope of the company's business activities, indicating that they will not adversely affect the company's operational status and debt repayment capability [1]