Guangfa Securities: The cumulative increase in borrowing as a percentage of net assets at the end of the previous year was 34.61% for the current year.

Guangfa Securities announced that as of August 31, 2025, the company's outstanding loans amounted to 446.012 billion yuan, with a total of 52.981 billion yuan in new loans added, accounting for 34.61% of the net assets at the end of the previous year, exceeding 20%. The new loans mainly come from bank loans, corporate credit bonds, non-bank financial institution loans, and other loans. The new loans comply with relevant laws and regulations, fall within the scope of the company's normal business activities, and will not have a negative impact on the company's operations and debt repayment ability.