China Galaxy Securities (6881) Q2 2025 earnings summary

Executive summary

• Achieved total revenue, gains, and other income of RMB18.80 billion for H1 2025, up 18.92% year-over-year; net profit attributable to owners was RMB6.49 billion, up 47.86% year-over-year.

• Weighted average return on net assets increased to 5.16%, up 1.53 percentage points year-over-year.

• Total assets reached RMB781.74 billion, up 6.00% from end-2024; equity attributable to owners rose to RMB144.14 billion.

• Proposed interim cash dividend of RMB1.25 per 10 shares, totaling RMB1.37 billion, subject to shareholder approval.

Financial highlights

• Profit before income tax was RMB7.64 billion, up 68.09% year-over-year.

• Basic and diluted EPS were RMB0.54, up 54.29% year-over-year.

• Gearing ratio increased slightly to 75.82% from 75.43% at end-2024.

• Net cash flow from operating activities was negative RMB4.38 billion, compared to positive RMB10.99 billion in H1 2024.

• No material difference between IFRS and China Accounting Standards results.

Outlook and guidance

• Expects continued structural momentum in A-share market and improved stability in securities markets in H2 2025.

• Plans to focus on technology, green, inclusive, pension, and digital finance, and deepen institutional development and reforms.

• Will maintain prudent operations, strengthen risk management, and support national strategies.