GF SECURITIES(000776)2025-04-02 11:20Group 1: Performance Highlights - In 2024, the "other equity instruments investment" category saw a significant increase from 13 million to 1.3 billion over three years, indicating strong growth in this area [3] - The company increased its allocation in perpetual bonds by 8.3 billion in 2024, reflecting strategic business considerations [3] Group 2: Market Position and Strategy - The company emphasizes a value investment approach, combining top-down macro strategies with industry and stock research to reduce investment yield volatility [5] - The company aims to enhance its core competitiveness and high-quality development by focusing on its main responsibilities and serving the real economy [6][12] Group 3: Shareholder Engagement and Value Management - The company has implemented a market value management system to enhance investment value and increase shareholder returns, as approved in the board meeting on March 28, 2025 [6][10] - The company is committed to providing stable cash dividends to investors, ensuring long-term investment returns [10] Group 4: Challenges and Market Perception - Despite good performance, the company's stock price has remained low over the past three years, influenced by market conditions, company performance, and investor sentiment [5][12] - The company acknowledges the need for effective market value management to address the disparity between its performance and stock price [12] Group 5: Subsidiary Performance - The subsidiary Guangfa Qianhe reported a significant loss of 700 million in 2024, compared to a profit of 340 million in 2023, primarily due to fluctuations in investment income [9] - Guangfa Asset Management's losses increased from 200 million in 2023 to 590 million in 2024, highlighting challenges in its operational performance [9]