Caitong Securities (601108) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue rose 12.44% YoY to RMB 5.693bn; attributable net income increased 13.70% to RMB 2.317bn.

• Q3 revenue fell 36.04% YoY to RMB 1.345bn and attributable net income fell 56.31% to RMB 417.1m, primarily as investment income and fair-value gains declined.

• Q3 financial statements were unaudited.

Financial highlights

• 9M total income was RMB 5.693bn, versus RMB 5.063bn a year earlier; operating profit was RMB 2.816bn and total profit RMB 2.808bn.

• 9M attributable net income was RMB 2.317bn; excluding non-recurring items, net income was RMB 2.291bn, up 14.27% YoY.

• Q3 attributable net income was RMB 417.1m, down 56.31% YoY; excluding non-recurring items, it was RMB 428.1m, down 55.71%.

• 9M net interest income increased to RMB 692.6m from RMB 498.2m; investment income declined to RMB 1.902bn from RMB 2.317bn.

• 9M fair-value changes were a loss of RMB 167.4m, compared with a loss of RMB 470.6m in 2025; other comprehensive income was RMB 114.9m versus a loss of RMB 222.2m.

Segment performance

• 9M net fee and commission income was RMB 3.202bn, versus RMB 2.639bn in 2025.

• Brokerage net fees increased to RMB 1.667bn from RMB 1.385bn; investment banking fees rose to RMB 447.5m from RMB 276.6m.

• Asset management net fees were RMB 1.037bn, versus RMB 956.8m a year earlier.