TBEA (600089) Q3 2026 earnings summary

Executive summary

• Revenue rose 18.18% YoY in Q3 and 17.38% YoY in 9M 2026; reported attributable net profit fell 56.97% and 35.41%, respectively, as fair-value losses on investments increased.

• Excluding non-recurring items, attributable profit rose 9.44% in Q3 and declined 0.36% in 9M, indicating broadly stable core earnings.

Financial highlights

• Q3 revenue was RMB 29.03bn; 9M revenue was RMB 85.59bn, versus RMB 72.92bn in 9M 2025.

• Q3 profit attributable to shareholders was RMB 989.9m; 9M was RMB 3.542bn, down 56.97% and 35.41% YoY, respectively.

• Q3 profit before tax was RMB 1.242bn, down 57.40%; 9M profit before tax was RMB 5.204bn, down 29.09%.

• 9M operating cash flow reached RMB 7.419bn, up 21.41% YoY.

Key financial ratios and metrics

• 9M basic and diluted EPS were RMB 0.7056, versus RMB 1.0924 in 9M 2025; Q3 basic and diluted EPS were RMB 0.1972, down 56.96% YoY.

• 9M weighted-average return on equity was 4.9731%, down 3.2071 percentage points YoY; Q3 was 1.3872%, down 2.0553 points.

• Total assets were RMB 255.19bn at Sep. 30, 2026, up 12.34% from year-end 2025; equity attributable to shareholders was RMB 76.56bn, up 2.91%.