Zhongtai Securities (600918) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 11.39 billion, up 17.58% year-over-year; net profit attributable to shareholders was RMB 1.43 billion, up 53.07%.

• Total assets reached RMB 253.53 billion, up 12.83% from the previous year; shareholders’ equity was RMB 49.38 billion, up 15.60%.

• Completed equity refinancing, raising RMB 6 billion via targeted A-share issuance.

• Proposed cash dividend of RMB 0.50 per 10 shares, totaling RMB 395.92 million; total cash return (including buybacks) reached RMB 695.92 million.

Financial highlights

• Operating income: RMB 11.39 billion, up 17.58% year-over-year.

• Net profit attributable to shareholders: RMB 1.43 billion, up 53.07% year-over-year.

• Total assets: RMB 253.53 billion; total liabilities: RMB 200.66 billion.

• Basic and diluted EPS: RMB 0.18, up 63.64% year-over-year.

• Weighted average ROE: 3.32%, up 1.18 percentage points.

Outlook and guidance

• Focus on high-quality development, digital transformation, and expanding core business segments.

• Plans to further enhance wealth management, investment banking, and asset management capabilities.

• Will continue to optimize risk management and compliance, and invest in technology.