Zheshang Securities Co Ltd has delivered a solid set of half-year results for 2026, marking a notable turnaround after previously encountering turbulence.

According to the company's latest financial report, revenue reached RMB 5.703 billion in the first half of 2026, representing a year-on-year increase of 49.33%. Net profit attributable to shareholders of the parent company came in at RMB 1.611 billion, up 40.21% from the same period last year. Both revenue and net profit recorded their fastest growth rates since the first half of 2021.

Looking at core financial metrics, all major business segments grew simultaneously during the reporting period, with operating cash flow turning significantly positive, reflecting a solid financial position. The weighted average return on equity stood at 4.31%, a notable improvement of 1.10 percentage points compared to the year-ago half-year report. These indicators suggest the company may be entering a new phase of rising profitability.

Brokerage division: client assets surpass RMB 1.2 trillion

On the brokerage front, client assets under service exceeded RMB 1.2 trillion (excluding subsidiaries) by the end of the reporting period, up 46% year-on-year. This aligns with the company's stock and fund trading volume of RMB 6.95 trillion in the first half, a 75% increase year-on-year. In the credit business segment, margin financing and securities lending balances reached RMB 40.544 billion by the period-end, up 23.51% from the beginning of the year, with market share rising to 1.342%. Stock pledge financing outstanding stood at RMB 3.356 billion.

In the wealth management segment, the company sold RMB 34.1 billion in new financial products during the reporting period, a 145.32% year-on-year surge. Financial product assets under custody totaled RMB 68 billion, up 79.42% year-on-year, demonstrating substantial client growth potential.

The interim report stated that the company consolidated its leading position in private fund services, broadened the breadth of its Zheshang Wealth FOF strategy, and focused on the "securities settlement plus ecosystem" model and separate account innovations in its public fund business, which effectively strengthened the foundation of its wealth management operations.

Investment banking: RMB 94.72 billion in financing raised

In investment banking, the company completed 239 equity and bond underwriting projects during the reporting period, with total financing scale reaching RMB 94.72 billion and generating investment banking revenue of RMB 441 million. This included three equity underwriting mandates totaling RMB 1.49 billion, performing better than historical averages.

On the bond side, the company completed 236 underwriting mandates with a combined amount of RMB 93.23 billion. According to Wind data, the company ranked 8th nationally in corporate bond underwriting scale, while ranking 1st in both corporate bond underwriting amount and deal count within Zhejiang Province.

Proprietary trading income and asset management grow in tandem

In the securities investment business, both proprietary trading revenue and profit grew year-on-year during the reporting period, with the contribution share of equity asset income rising and trading volume in the sales and trading business steadily increasing.

From the financial statements, investment income reached RMB 1.915 billion, up 67.45% year-on-year; fair value change gains totaled RMB 251 million, down 8.70%; net interest income was RMB 770 million, up 42.40%; and net fee and commission income reached RMB 2.711 billion, up 49.19%.

In asset management, the company operates through its wholly-owned subsidiary Zheshang Asset Management. By the end of the reporting period, assets under management stood at RMB 95.46 billion, up 5.71% from the start of the year. Equity-focused products within this totaled RMB 10.975 billion, a 48.54% increase from the beginning of the year. During the reporting period, total sales of public funds and various collective products reached RMB 77.142 billion.

Overall, Zheshang Securities achieved rapid growth in both revenue and net profit in the first half of 2026, with all major business lines—brokerage, wealth management, investment banking, securities investment, and asset management—recording gains, signaling a clear upward momentum in its operations.