China Merchants Securities (600999) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 6.97 billion, up 47.96% year-over-year, with net profit attributable to shareholders at RMB 3.27 billion, a 41.73% increase year-over-year.

• Significant growth in self-operated and brokerage business income drove profit expansion.

• Cash flow from operating activities turned positive at RMB 19.69 billion, compared to a large outflow in the prior year.

Financial highlights

• Total assets at quarter-end were RMB 788.35 billion, up 4.63% from year-end 2025.

• Net capital at quarter-end was RMB 90.10 billion, with all risk control indicators meeting regulatory requirements.

• Basic and diluted EPS were both RMB 0.36, up 44% year-over-year.

• Weighted average ROE was 2.54%, up 0.67 percentage points year-over-year.

Outlook and guidance

• Management highlighted continued compliance with regulatory risk controls and robust capital adequacy.