Analysis Report on the Strategic Layout of Guolian Securities' Beijing Financial Operation Center

Based on the obtained company data and provided strategic background information, I will conduct an in-depth analysis for you.

As an important regional securities firm in Jiangsu Province, Guolian Securities (Stock Code: 601456.SS) currently has a market capitalization of approximately RMB 50.44 billion, holding a certain market position in the financial services industry[0]. However, looking at its stock performance in recent years, the company faces certain market pressures—its share price has fallen 14.09% in the past year, with a cumulative decline of 45.13% over five years[0]. Against this backdrop, the company is actively promoting its national strategic layout, and the establishment of the Beijing Financial Operation Center is a key step in this strategy.

Guolian Securities’ Beijing Financial Operation Center is located in the core area of Financial Street, Xicheng District, Beijing, with a building area of approximately 20,000 square meters, enjoying an extremely favorable geographical location[Context]. As the national financial management center, Financial Street gathers regulatory agencies such as the “People’s Bank of China (PBOC), China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC), and State Administration of Foreign Exchange (SAFE)” as well as the headquarters of many large financial institutions. This move will enable Guolian Securities to:

• Improved Regulatory Communication Efficiency
  : Facilitates close communication with regulatory agencies such as the CSRC and CBIRC, enabling timely grasp of policy trends
• Enhanced Brand Image
  : Establishing an operation center in the core financial district of the capital significantly boosts the company’s brand influence and market credibility
• Access to High-End Clients
  : Facilitates serving large institutional clients and high-net-worth individuals in Beijing

This center is another major layout following the establishment of the Shanghai Financial Operation Center in 2024[Context]. This marks that the company has formed a national framework with dual cores of Shanghai (core of the Yangtze River Delta) and Beijing (hub of North China):

Operation Center	Establishment Date	Strategic Position	Coverage Area
Shanghai Financial Operation Center	2024	Business Hub of the Yangtze River Delta	East China Region
Beijing Financial Operation Center	January 2025	Business Hub of North China	North China, Northeast China

The linkage between the two centers will realize a strategic pattern of

.

According to background information, this centralizes financial subsidiaries such as securities, futures, and venture capital[Context]. This

model will bring significant synergistic effects:

• Cross-selling Opportunities
  : Securities clients can conveniently access services such as futures hedging and venture capital equity investment
• Investment Banking Resource Integration
  : Facilitates serving pre-IPO enterprises, providing full-chain services from IPO to continuous supervision
• Research Capability Radiation
  : As a policy research center, Beijing is conducive to enhancing macro research and industry insight capabilities

From a financial perspective, the establishment of a large-scale operation center involves:

• Cost-side Impact
  : Rent, decoration, and staff expansion will increase operating costs
• Revenue-side Expectation
  : It may be difficult to achieve significant revenue growth in the short term, requiring a certain incubation period

According to financial data, the company’s current ROE is 4.10% and net profit margin is 23.34%[0]. Its profitability is acceptable, but shareholder returns need to be improved. The cost pressure from the new operation center may pose a certain test to short-term performance.

Dimension	Positive Factors	Potential Challenges
Market Expansion	Expected increase in market share in North China	Fierce competition from leading securities firms
Business Innovation	Proximity to regulators helps obtain qualification for innovative business pilots	Compliance costs may increase
Talent Introduction	Abundant high-end financial talent resources in Beijing	High talent costs
Brand Value	Layout in the capital enhances national recognition	Continuous brand investment required

Combined with the company’s

and (latest FCF reaches RMB 8.023 billion)[0], the company has the financial strength to support national expansion. If the Beijing Center can effectively integrate its securities, futures, and venture capital resources, it is expected to form a synergistic effect of “1+1>2”, driving the company’s transformation from a regional securities firm to a national comprehensive financial service provider.

From a valuation perspective, the company’s current P/E ratio is 31.01x and P/B ratio is 1.05x[0]. Taking into account:

1. Positive Factors
   : The national layout opens up growth space, and the potential for diversified business synergy is significant
2. Risk Factors
   : Weak stock performance (14.09% decline in the past year), need to pay attention to the profitability ramp-up progress of the new business center

It is recommended that investors focus on the business synergy effects after the integration of the company’s two operation centers in Beijing and Shanghai, as well as the progress update on the new business layout in the 2026 Q1 report (expected to be released on April 29)[0].

The establishment of Guolian Securities’ Beijing Financial Operation Center is an important milestone in the company’s strategy of “Rooted in the Yangtze River Delta, Oriented to National Development”. Relying on the location advantages of Beijing Financial Street and integrating diversified financial resources such as securities, futures, and venture capital, the company is expected to break through the development bottlenecks of regional securities firms and move towards becoming a national comprehensive financial service provider.

However, national layout is a long-term strategy, and the company faces cost pressures and competitive challenges in the short term. Investors should pay attention to how the company balances resource investment and performance returns, as well as whether the synergistic effects of the new business center can be effectively released. For investors pursuing medium- to long-term growth, this strategic layout is worth continuous tracking and observation.

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[0] Jinling API Market Data - Company Overview and Financial Analysis of Guolian Securities (601456.SS)