Zhongtai Securities (600918) investor relations material

Executive summary

• 9M 2026 revenue rose 12.90% YoY to RMB 10.007bn; attributable net income increased 61.34% to RMB 2.097bn.

• Q3 revenue fell 33.45% YoY to RMB 2.470bn and attributable net income declined 41.41% to RMB 344.9m, mainly as investment business income decreased.

• Q3 financial statements were unaudited.

Financial highlights

• 9M total revenue was RMB 10.007bn versus RMB 8.864bn; total profit reached RMB 2.987bn, up 55.88% YoY.

• 9M attributable net income was RMB 2.097bn, up 61.34%; adjusted for non-recurring items, it was RMB 2.012bn, up 56.16%.

• 9M basic and diluted EPS were RMB 0.25, up 47.06%; Q3 EPS was RMB 0.04, down 50.00% YoY.

• 9M operating cash flow was negative RMB 5.877bn versus positive RMB 4.812bn; higher other operating cash payments were cited as the main reason.

• 9M other comprehensive income was negative RMB 674.4m versus negative RMB 153.3m, including a negative RMB 652.4m fair-value change in other equity investments.

Segment performance

• 9M net fee and commission income rose to RMB 6.662bn from RMB 5.579bn; brokerage, investment banking and asset management income all increased YoY.

• Brokerage net fee income was RMB 3.958bn, investment banking RMB 561.4m and asset management RMB 406.3m for 9M.

• 9M net interest income increased to RMB 1.507bn from RMB 1.300bn; investment income declined to RMB 1.768bn from RMB 2.299bn.