Nanhua Futures (603093) Q3 2025 earnings summary

Executive summary

• YTD revenue was RMB 940.6m, down 8.27% YoY; attributable net income was RMB 351.4m, down 1.92% on adjusted comparatives.

• Total assets reached RMB 64.08b at Sep. 30, up 31.14% from year-end, primarily due to increased client equity.

Financial highlights

• Q3 revenue was RMB 347.3m, down 0.98% YoY; attributable net income was RMB 120.2m, down 6.21%.

• YTD net income excluding non-recurring items was RMB 352.0m, down 1.16% YoY; Q3 adjusted net income was RMB 120.2m, down 5.74%.

• YTD basic and diluted EPS were RMB 0.58, versus RMB 0.59 a year earlier, down 1.69%.

• YTD comprehensive income was RMB 325.8m, versus RMB 356.6m; parent-attributable other comprehensive income was negative RMB 26.1m.

Key financial ratios and metrics

• YTD weighted average ROE was 8.27%, down 1.06 percentage points YoY; Q3 ROE was 2.76%, down 0.42 percentage points.

• Parent shareholders’ equity was RMB 4.395b at quarter-end, up 6.79% from year-end.

• Parent net capital was RMB 1.483b, versus RMB 1.510b at year-end; net capital/risk reserves was 133%, down from 166%.

• Current assets/current liabilities was 528%, versus 525%; liabilities/net assets was 28%, unchanged from year-end.