China Great Wall Securities (002939) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was RMB1.159bn, down 8.14% YoY; attributable net income was RMB490.1m, down 10.24%.

• 9M revenue was RMB4.003bn, down 2.86% YoY, and attributable net income was RMB1.884bn, down 2.40%.

Financial highlights

• Q3 adjusted net income was RMB493.8m, down 9.84% YoY; 9M adjusted net income was RMB1.888bn, down 2.02%.

• 9M basic and diluted EPS were both RMB0.47, down 2.08% YoY; Q3 basic and diluted EPS were RMB0.12, down 14.29%.

• 9M operating cash flow was RMB3.894bn, down 64.62% YoY, mainly reflecting lower net cash inflows from trading financial instruments and securities brokerage activity.

• Total assets were RMB141.697bn at quarter-end, up 4.97% from year-end; equity attributable to shareholders was RMB33.204bn, up 4.17%.

Key financial ratios and metrics

• Weighted average ROE was 1.50% in Q3, down 0.24 percentage points YoY; 9M ROE was 5.78%, down 0.48 percentage points.

• Quarter-end core net capital was RMB24.646bn and net capital was RMB29.516bn; risk coverage ratio was 376.72% and capital leverage ratio was 27.55%.

• Liquidity coverage ratio was 399.75%, net stable funding ratio was 202.00%, and net capital-to-net-assets ratio was 90.81%; risk indicators remained compliant with regulatory requirements.