Zheshang Securities (601878) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 16.77% YoY to RMB7,926,879,253.94 and attributable net income increased 20.82% to RMB2,285,840,253.72; Q3 revenue and net income fell 25.11% and 9.17%, respectively.

• 9M operating cash flow was RMB6,340,075,514.77, up 16.35% YoY.

Financial highlights

• Q3 total profit was RMB935,534,335.84, down 19.03% YoY; 9M total profit was RMB3,202,139,420.99, up 18.21%.

• Q3 adjusted net income, excluding non-recurring items, was RMB699,108,966.40, down 4.70% YoY; 9M adjusted net income was RMB2,300,536,600.99, up 23.25%.

• 9M net income was RMB2,630,975,939.83, compared with RMB2,230,018,516.44 in the prior-year period.

Segment performance

• 9M brokerage net fee income increased to RMB2,934,327,947.62 from RMB2,325,367,208.35 YoY.

• 9M investment banking net fee income rose to RMB673,150,006.23 from RMB505,859,945.71; asset management net fee income was RMB246,886,005.75 versus RMB255,661,834.84.

• 9M net interest income increased 30.75% YoY to RMB1,184,771,337.58, primarily reflecting higher financing-business interest income.