Guotai Haitong Securities (601211) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 28.51% YoY to RMB 58,976,211,192; parent-attributable net income increased 12.73% to RMB 24,884,932,088, while Q3 revenue fell 46.35% YoY.

• 9M adjusted for non-recurring items, parent-attributable net income grew 46.87% to RMB 23,946,898,337; Q3 adjusted net income declined 50.84% YoY.

Financial highlights

• Q3 revenue was RMB 11,813,133,439, down 46.35% YoY; total profit was RMB 5,391,084,899, down 54.21%; parent-attributable net income was RMB 4,625,405,846, down 27.01%.

• 9M total profit rose 6.00% YoY to RMB 32,287,814,704; operating cash flow increased 237.07% to RMB 109,440,823,029.

• At Sep. 30, total assets were RMB 2,419,396,233,002, up 14.43% from year-end; parent-attributable equity was RMB 373,217,550,562, up 12.95%.

Segment performance

• 9M brokerage fee revenue rose 34.25% YoY to RMB 14,517,758,507, attributed to higher stock trading volume and expanded brokerage activity.

• 9M investment banking fees increased 42.20% to RMB 3,738,629,139, driven mainly by an IPO market recovery and higher stock underwriting revenue.

• 9M asset management fees grew 36.43% to RMB 5,829,713,297, supported by growth in asset and fund management scale.