Southwest Securities (600369) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 41.63% YoY to RMB592.2m; 9M revenue rose 5.71% to RMB2.662bn, while 9M net income increased 31.81% to RMB930.2m.

• 9M earnings growth reflected higher revenue, lower operating costs and expenses, and reduced income tax expense.

• Quarterly financial statements were unaudited.

Financial highlights

• Q3 net income attributable to shareholders rose 15.26% YoY to RMB325.7m; adjusted for non-recurring items, it increased 13.51% to RMB324.3m.

• 9M adjusted net income, excluding non-recurring items, rose 33.07% to RMB910.3m; non-recurring gains totaled RMB19.9m.

• 9M total profit increased 20.29% to RMB1.035bn; basic and diluted EPS were RMB0.14, up 27.27%.

• 9M investment income was RMB907.2m versus RMB1.135bn; fair-value gains increased to RMB373.4m from RMB147.9m.

Key financial ratios and metrics

• Weighted average ROE was 3.51% for 9M, up 0.79 percentage points YoY.

• Parent net capital was RMB17.97bn at quarter-end; net capital to liabilities was 28.50%, versus 32.64% at year-end.

• Liquidity coverage was 231.96%, versus 250.39%; net stable funding ratio was 201.51%, versus 167.45%.

• Total assets rose 7.69% from year-end to RMB112.79bn; shareholder equity increased 1.30% to RMB26.59bn.