For a securities firm established thirty-three years ago, the term "middle-aged" might be an apt description. Yet this very institution, in the first half of 2026, has displayed unexpected vigor, posting a year-on-year profit surge of 104.87%.

According to the 2026 interim report of China Merchants Securities Co.,Ltd. (600999), the company generated operating revenue of RMB 21.902 billion in the first half of 2026, up 108.19% year-on-year. Net profit attributable to shareholders of the parent company reached RMB 10.624 billion, a 104.87% increase, with both revenue and profit more than doubling.

Additionally, following approval by the company's board of directors, China Merchants Securities Co.,Ltd. has introduced an interim dividend plan for 2026: a cash distribution of RMB 1.67 per 10 shares (pre-tax). After achieving these impressive results, the firm is generously sharing its gains with shareholders.

Best First-Half Performance in History

From a core financial metrics perspective, the company achieved operating revenue of RMB 21.902 billion, total profit of RMB 13.024 billion, net profit attributable to shareholders of the parent company excluding non-recurring gains and losses of RMB 10.626 billion, and basic earnings per share of RMB 1.19 for the first half of 2026. All these indicators represent the best levels ever recorded for the corresponding period.

Furthermore, the company's weighted average return on equity reached 8.22% in the first half, a year-on-year increase of 4.04 percentage points. As of the end of the reporting period, total assets stood at RMB 871.408 billion, up 15.65% from the end of the previous year, while equity attributable to shareholders of the parent company was RMB 144.785 billion, a 4.91% increase. This reflects the sound operational results achieved by China Merchants Securities Co.,Ltd. during the first half of 2026.

Investment and Trading Business Jumps Over 300%

Among its various business segments, the investment and trading operations have stood out prominently. During the reporting period, this segment generated operating revenue of RMB 10.891 billion, marking a 325.63% year-on-year surge and becoming the company's largest revenue source.

From the detailed performance statements, the company realized investment income of RMB 7.167 billion in the first half, a 9.53% year-on-year increase. Fair value change gains reached RMB 6.494 billion, a significant turnaround from the RMB -1.694 billion recorded in the same period last year. Meanwhile, net interest income amounted to RMB 1.540 billion, up 144.43% year-on-year.

Wealth Management and Institutional Business Up 39.21%

In relative terms, the wealth management and institutional business segment has shown more moderate growth. During the reporting period, this segment of China Merchants Securities Co.,Ltd. generated operating revenue of RMB 8.258 billion, a 39.21% year-on-year increase. Among this, net fee income from brokerage operations was RMB 5.384 billion, up 44.22%.

Nevertheless, this segment continues to serve as the company's "foundation." It encompasses client-facing operations such as brokerage and wealth management, capital intermediation, and comprehensive services for institutional clients, which also provide support to other business lines.

Additionally, the company's investment management business segment achieved operating revenue of RMB 1.281 billion, up 148.65% year-on-year. Through its subsidiaries, China Merchants Securities Co.,Ltd. conducts securities asset management, public fund management, and private equity fund management, while also holding stakes in Bosera Fund and China Merchants Fund.

Investment Banking Business Grows 50.88%

In terms of investment banking, this segment generated operating revenue of RMB 608 million during the reporting period, a 50.88% year-on-year increase. Net fee income from investment banking operations rose 50.10% to RMB 604 million, while net fee income from asset management operations declined 7.88% to RMB 405 million.

Regarding technology and AI, the company places high importance on building financial technology capabilities. Anchored in its digital intelligence development strategy, it is actively striving to create an industry-leading "AI securities firm." The company is building two major systems centered on customers—"AI + Customer Service" and "AI + Business Operations"—to accelerate the transformation of its mobile app toward an "intelligent proactive service" model. It is also providing digital empowerment tools across multiple scenarios, including investment advisory, research, trading, and investment banking.

Overall, leveraging its investment and trading strengths, as well as technology and business operations, China Merchants Securities Co.,Ltd. has achieved substantial growth in both revenue and net profit for the first half of 2026. This "middle-aged" broker is clearly demonstrating the hallmarks of a growth-oriented enterprise.