Guolian Minsheng Securities (1456) Q3 2026 earnings summary

Executive summary

• Unaudited Q3 2026 operating income was RMB 2.169bn, up 7.02% YoY; net profit attributable to shareholders was RMB 692.6m, up 8.98%.

• 9M revenue reached RMB 6.739bn, up 11.61%; attributable net profit was RMB 2.108bn, up 19.59%.

• 9M net profit excluding non-recurring items was RMB 2.099bn, up 21.78%; basic and diluted EPS were RMB 0.37, up 19.35%.

Financial highlights

• 9M total revenue was RMB 6.739bn versus RMB 6.038bn; operating profit was RMB 2.491bn versus RMB 2.233bn, and net profit was RMB 2.118bn versus RMB 1.779bn.

• 9M total profit was RMB 2.485bn, up 12.24%; attributable net profit was RMB 2.108bn, up 19.59%.

• Adjusted for non-recurring items, 9M attributable net profit was RMB 2.099bn versus RMB 2.099bn? No. It was RMB 2.099bn, up 21.78%; Q3 adjusted profit was RMB 692.4m, up 14.95%.

• 9M operating cash flow was RMB 21.109bn versus an outflow of RMB 1.930bn in 9M 2025.

Segment performance

• Brokerage net fee income was RMB 2.118bn in 9M 2026 versus RMB 1.565bn in 9M 2025; active securities trading supported brokerage and wealth-management revenue growth.

• Investment banking net fee income was RMB 683.3m versus RMB 688.1m; asset-management net fee income rose to RMB 611.2m from RMB 527.1m.

• Net interest income was RMB 195.2m versus RMB 103.8m, with growth attributed to higher average margin-receivable balances and related financing and securities-lending interest income.