Zheshang Securities (601878) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 2.36 billion, up 40.82% year-over-year, driven by growth in brokerage and investment banking.

• Net profit attributable to shareholders was RMB 751 million, a 35.20% increase year-over-year.

• Operating cash flow turned positive at RMB 6.77 billion, compared to a negative RMB 1.33 billion in Q1 2025.

Financial highlights

• Total assets rose to RMB 248.02 billion, up 10.32% from year-end 2025.

• Basic and diluted EPS were RMB 0.17, up 41.67% year-over-year.

• Net assets attributable to shareholders stood at RMB 36.79 billion.

• Gross margin improved due to higher brokerage and investment banking income.

Outlook and guidance

• Management attributes growth to increased brokerage and investment banking revenues.

• No explicit forward-looking guidance provided, but positive momentum in core business lines noted.