Nanjing Securities (601990) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 684.50 million, up 23.24% year-over-year; YTD revenue was RMB 2.26 billion, up 12.72% year-over-year.

• Net profit attributable to shareholders for Q3 2025 was RMB 292.38 million, a 95.07% increase year-over-year; YTD net profit was RMB 913.10 million, up 31.18% year-over-year.

• Profit growth was mainly driven by higher brokerage income and proprietary investment returns.

Financial highlights

• Total assets at Q3-end were RMB 83.54 billion, up from RMB 69.77 billion at 2024 year-end.

• Basic and diluted EPS for Q3 2025 were RMB 0.08, doubling year-over-year; YTD EPS was RMB 0.25, up 31.58%.

• Operating cash flow for the first nine months was negative RMB 3.33 billion, compared to positive RMB 6.01 billion in the prior year period, mainly due to net outflows from trading financial instruments.

• Net assets attributable to shareholders stood at RMB 17.92 billion at Q3-end.

Outlook and guidance

• Management highlighted compliance with regulatory capital and risk control requirements, with all key risk indicators well above regulatory minimums.