China Great Wall Securities (002939) H2 2025 earnings summary

Executive summary

• Achieved record revenue and net profit growth in 2025, with significant improvements across all core business lines and enhanced industry rankings in both revenue and net profit compared to the previous year.

• Maintained a robust capital position, strong risk management, and received a standard unqualified audit opinion.

• Continued strategic focus on “industry securities + top-tier investment bank,” with notable progress in digital transformation and ESG initiatives.

Financial highlights

• Operating revenue reached ¥5.20 billion, up 29.24% year-over-year; net profit attributable to shareholders was ¥2.35 billion, up 48.86% year-over-year.

• Basic and diluted EPS were ¥0.58, up 48.72% year-over-year; ROE increased by 2.20 percentage points to 7.58%.

• Total assets at year-end were ¥134.99 billion, up 9.52% from the previous year; net assets attributable to shareholders rose 6.27% to ¥31.88 billion.

• Operating cash flow was ¥7.54 billion, down 43.15% year-over-year, mainly due to increased net outflows in margin financing.

Outlook and guidance

• 2026 will focus on consolidating core business strengths, expanding digital and AI-driven wealth management, and deepening industry specialization.

• Plans to further enhance risk management, product innovation, and cross-segment collaboration, with continued emphasis on ESG and digital transformation.