Zheshang Securities (601878) Q3 2025 earnings summary

Executive summary

• Achieved significant year-over-year growth in revenue and net profit for the third quarter and first nine months of 2025, driven by increases in brokerage and proprietary trading income.

• Consolidated financials now include Guodu Securities, expanding business scale and minority interests.

Financial highlights

• Q3 revenue: ¥2.97 billion, up 105.06% year-over-year; nine-month revenue: ¥6.79 billion, up 66.73%.

• Q3 net profit attributable to shareholders: ¥743 million, up 54.61% year-over-year; nine-month net profit: ¥1.89 billion, up 49.57%.

• Q3 basic EPS: ¥0.17, up 30.77% year-over-year; nine-month basic EPS: ¥0.42, up 27.27%.

• Total assets at quarter-end: ¥219.05 billion, up 42.16% from year-end 2024.

Outlook and guidance

• Revenue and profit growth attributed to expansion in brokerage and proprietary trading, as well as the consolidation of Guodu Securities.