Caitong Securities (601108) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 2.10 billion, up 48.58% year-over-year; YTD revenue was RMB 5.06 billion, up 13.99%.

• Net profit attributable to shareholders for Q3 was RMB 954 million, up 75.10% year-over-year; YTD net profit was RMB 2.04 billion, up 38.42%.

• Basic EPS for Q3 was RMB 0.21, up 75.00% year-over-year; YTD basic EPS was RMB 0.44, up 37.50%.

Financial highlights

• Total assets at Q3-end were RMB 148.35 billion, up 2.63% from year-end 2024.

• Shareholders’ equity attributable to listed company shareholders was RMB 37.42 billion, up 2.78% from year-end 2024.

• Operating cash flow for the first nine months was RMB 7.36 billion, down 59.37% year-over-year.

• Investment income for the first nine months was RMB 2.32 billion, a significant increase from RMB 25 million in the prior year.

• Net interest income rose 30.70% year-over-year to RMB 498 million for the first nine months.

Outlook and guidance

• Revenue and profit growth were mainly driven by increased investment income, fair value gains, and higher net fee and commission income.