Zheshang Securities (601878) Q1 2025 earnings summary

Executive summary

• Net profit attributable to shareholders rose 24.17% year-over-year to ¥555.58 million in Q1 2025.

• Operating revenue declined 22.89% year-over-year to ¥2.99 billion.

• Basic and diluted EPS were both ¥0.12, with diluted EPS up 9.09% year-over-year.

Financial highlights

• Net cash flow from operating activities dropped sharply by 140.45% year-over-year, mainly due to changes in futures client deposits.

• Total assets increased 11.25% from year-end 2024 to ¥171.42 billion.

• Shareholders’ equity rose 1.29% to ¥35.65 billion.

• Investment income rebounded to ¥460 million from a loss in the prior year.

• Net interest income grew 63.12% year-over-year to ¥247.18 million.

Outlook and guidance

• No explicit forward-looking guidance provided, but results reflect market volatility and changes in client activity.