China Merchants Securities (600999) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 7.72 billion, up 64.89% year-over-year; YTD revenue was RMB 18.24 billion, up 27.76%.

• Net profit attributable to shareholders for Q3 was RMB 3.69 billion, up 53.45% year-over-year; YTD net profit was RMB 8.87 billion, up 24.08%.

• Strong growth in brokerage and proprietary trading income drove results.

Financial highlights

• Q3 total profit was RMB 4.29 billion, up 65.60% year-over-year; YTD total profit was RMB 9.98 billion, up 31.95%.

• Basic and diluted EPS for Q3 were RMB 0.41, up 57.69% year-over-year; YTD EPS was RMB 0.97, up 25.97%.

• Operating cash flow for Q3 was RMB -12.11 billion, a decrease of 120.54% year-over-year; YTD operating cash flow was RMB -16.34 billion, down 121.38%.

• Total assets at Q3-end were RMB 745.63 billion, up 3.39% from year-end 2024.

• Shareholders’ equity at Q3-end was RMB 134.64 billion, up 3.42% from year-end 2024.

Outlook and guidance

• All risk control indicators remained compliant with regulatory requirements.

• The company continues to focus on expanding brokerage and proprietary trading businesses.