China Merchants Securities (600999) Q3 2026 earnings summary

Executive summary

• Q3 revenue was RMB 12.21bn, up 58.10% YoY; net profit attributable to shareholders reached RMB 6.66bn, up 80.65% YoY.

• 9M revenue rose 86.98% YoY to RMB 34.11bn and net profit increased 94.81% to RMB 17.28bn; higher investment and brokerage income were cited as key drivers.

Financial highlights

• Q3 total profit was RMB 8.38bn, up 95.15% YoY; adjusted net profit, excluding non-recurring items, was RMB 6.59bn, up 78.91%.

• 9M adjusted net profit was RMB 17.22bn, up 94.29% YoY; non-recurring gains totaled RMB 64.7m for the period.

• 9M operating cash flow was RMB 48.56bn, versus an outflow of RMB 16.34bn in the prior-year period; net increase in cash and cash equivalents was RMB 33.51bn.

Segment performance

• 9M net brokerage commission income was RMB 7.80bn versus RMB 6.60bn YoY; investment banking fees were RMB 728.9m versus RMB 509.5m.

• 9M net interest income was RMB 2.42bn versus RMB 1.28bn; asset management fees were RMB 615.0m versus RMB 653.1m.

• 9M investment income was RMB 6.87bn versus RMB 9.68bn, while higher investment and brokerage income were cited as drivers of overall revenue growth.