Dongxing Securities (601198) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached RMB 3.61 billion, up 20.25% year-over-year, driven by growth in wealth management and investment trading businesses.

• Net profit attributable to shareholders for the same period was RMB 1.60 billion, a 69.56% increase year-over-year.

• Adjusted accounting policies for standard warehouse receipt transactions per new regulatory guidance, impacting revenue recognition.

Financial highlights

• Operating income for Q3 2025 was RMB 1.36 billion, up 35.79% compared to Q3 2024.

• Net profit attributable to shareholders in Q3 2025 was RMB 505.60 million, up 112.67% year-over-year.

• Basic and diluted EPS for the first nine months were RMB 0.495, up 69.52% year-over-year.

• Total assets as of September 30, 2025, were RMB 116.39 billion, up 10.61% from year-end 2024.

• Net cash flow from operating activities for the first nine months was RMB 8.39 billion, compared to a net outflow of RMB 7.80 billion in the prior year.

Outlook and guidance

• Growth in wealth management and investment trading is expected to continue supporting revenue and profit expansion.