Guolian Minsheng Securities (1456) Q3 2025 earnings summary

Executive summary

• Operating income for Q3 2025 reached RMB 2.03 billion, up 120.55% year-over-year, with YTD income at RMB 6.04 billion, up 201.17%.

• Net profit attributable to shareholders for Q3 was RMB 635.5 million, up 106.24% year-over-year; YTD net profit was RMB 1.76 billion, up 345.30%.

• Significant growth attributed to market opportunities, business expansion, and consolidation of Minsheng Securities.

Financial highlights

• Total assets at period-end were RMB 189.32 billion, up 94.76% from year-end 2024.

• Owners' equity attributable to shareholders rose 179.91% to RMB 52.02 billion.

• Basic and diluted EPS for the first three quarters were RMB 0.31, up 121.43% year-over-year.

• Weighted average return on net assets increased by 1.56 percentage points to 3.74%.

• Net cash flows from operating activities were negative RMB 1.93 billion, a decrease of 114.87% year-over-year.

Outlook and guidance

• Continued focus on leveraging market opportunities and expanding core business lines, including proprietary trading, brokerage, and investment banking.