Bright Smart Securities & Commodities Group (1428) investor relations material

Executive summary

• Revenue for the six months ended 30 September 2025 rose 10.7% year-over-year to HK$496.9 million, driven by strong securities brokerage performance and active market conditions.

• Net profit attributable to shareholders increased 4.8% to HK$326.9 million, with EPS at 19.26 HK cents.

• The Group expanded its client base to 602,653 accounts (up 2.7%), and client assets grew 34.4% to HK$86.3 billion.

• Strong performance was supported by robust Hong Kong stock market activity, effective promotional strategies, and proprietary trading apps.

• No interim dividend was declared for the period.

Financial highlights

• Securities brokerage commission income surged 77.4% year-over-year to HK$253.5 million, accounting for 51% of total revenue.

• Interest income from margin financing fell 21.5% to HK$128.8 million due to lower HIBOR, despite a 13.1% increase in average daily margin borrowings.

• Futures and commodities brokerage income dropped 33.4% to HK$52.9 million.

• Operating expenses decreased 12.7% to HK$262.2 million, with profit margin slightly down to 65.8%.

• Finance costs declined 44.2% to HK$58.3 million, reflecting lower interest rates.

Outlook and guidance

• Management expects continued strong trading momentum in Hong Kong stocks, supported by robust southbound capital flows and a record-high average daily turnover exceeding HK$260 billion.

• Over 260 companies are in the IPO pipeline, indicating sustained market vitality.

• The group will focus on enhancing trading platforms, expanding product offerings, increasing brand awareness, and maintaining strict compliance and cost control.