China Galaxy H1 2026 Revenue Up 22.58%, Net Profit Up 20.18%, Plans Dividend

China Galaxy's 2026 interim report shows revenue of RMB 16.850 billion in the first half, up 22.58% year-on-year, and net profit attributable to parent shareholders of RMB 7.797 billion, up 20.18%. Basic earnings per share were RMB 0.66, up 22.22%. As of the reporting period end, total assets reached RMB 1.06 trillion, up 23.92% from RMB 855.745 billion at end-2025, officially crossing the trillion-yuan threshold. The company proposed a cash dividend of RMB 1.64 billion (including tax), equivalent to RMB 1.50 per 10 shares based on the total share capital at end-June 2026.

By business segment, wealth management revenue rose 35.79% to RMB 8.046 billion, contributing nearly half of the revenue increase. Institutional business revenue grew 82.55% to RMB 1.905 billion, the fastest among all segments. International business revenue increased 53.52% to RMB 1.688 billion. Parent-subsidiary integrated business revenue rose 41.69% to RMB 1.817 billion. Investment banking revenue grew 4.44% to RMB 256 million. Investment trading was the only segment to decline, with revenue down 25.53% to RMB 2.873 billion. Net fee and commission income increased 47.52% to RMB 6.273 billion, and net cash flow from securities brokerage increased by RMB 92.258 billion year-on-year.

Wealth management transformation showed notable progress. Total clients exceeded 20.5 million, and financial product assets under management surpassed RMB 287 billion, up 13.9% from end-2025. The investment advisory team exceeded 4,400 people, serving over 700,000 buy-side advisory clients. The "Jin Yao" asset allocation brand reached over RMB 12 billion in scale, up 88% from end-2025. Personal pension accounts exceeded 230,000, and the "Galaxy Star Annuity" pension product scale surpassed RMB 870 million, with pension fund sales up 455% year-on-year. In institutional business, the company served over 6,500 institutional clients, up more than 16% year-on-year. PB clients reached 9,134 with managed assets of RMB 563.9 billion, up 13.6% and 17.1% respectively from end-2025. Stock and fund trading volume reached RMB 4.00 trillion, up 77.9%. Custody and fund services covered 3,973 products with RMB 355.692 billion in scale, up 61% year-on-year.

International business formed a dual-engine pattern of "Hong Kong plus Southeast Asia." In Southeast Asia, the company ranked 1st, 3rd, 5th, and 6th in brokerage market share in Malaysia, Singapore, Indonesia, and Thailand, respectively. In investment banking, it completed 11 equity deals in the first half with total transaction size of S$1.91 billion, ranking 4th in ASEAN equity capital markets. It also underwrote 23 bond deals totaling THB 1.837 billion. Notable projects included assisting Concord New Energy with a secondary listing on SGX, the third Singapore secondary listing after Helen's and Kangzhe Pharma. The company also executed Southeast Asia's first non-bank offshore RMB interbank lending transaction, and the China-ASEAN Cooperation Fund completed its first close with a target size of US$1 billion, with Galaxy Overseas as general partner. In Hong Kong, Galaxy International completed IPOs for several tech firms including Zhongke Wenge, UISEE, Tianxing Medical, Three-ring Group, and Zhuozheng Medical, completed a M&A project for China Tourism Group Duty Free, and underwrote 60 offshore bonds.

On regulatory penalties, on April 20, 2026, China Galaxy's Changsha Shaoshan North Road securities branch received a warning letter from the Hunan Securities Regulatory Bureau for issues including some client managers conducting off-site business without attendance and excessive incentives for initial public offering fund sales. On April 15, 2026, Galaxy Futures' Guangzhou branch received a warning letter from the Guangdong Securities Regulatory Bureau for unfair competition through commission rebates, transferring improper benefits to clients, and inadequate process control in brokerage and intermediary introduction businesses, as well as deficiencies in compliance management and internal controls. The company stated it has urged and supervised the relevant branches to carry out rectification, requiring them to strengthen internal management and achieve effective results.

Looking at a longer timeframe, H1 2022 revenue was RMB 18.21 billion with net profit of RMB 4.33 billion; H1 2023 revenue was RMB 17.41 billion with net profit of RMB 4.94 billion; H1 2024 revenue fell to RMB 9.98 billion with net profit of RMB 4.39 billion; H1 2025 revenue recovered to RMB 13.75 billion with net profit of RMB 6.49 billion; and H1 2026 revenue further recovered to RMB 16.85 billion with net profit of RMB 7.797 billion. Compared with the H1 2024 trough, revenue and net profit rebounded by approximately 69% and 78% respectively over two years. H1 2026 net profit was roughly on par with the full-year 2022 figure of RMB 7.77 billion, and the net margin improved from about 24% in H1 2022 to about 46% in H1 2026.

On a full-year basis, net profit attributable to shareholders was RMB 7.77 billion in 2022, RMB 7.88 billion in 2023, RMB 10.03 billion in 2024, and RMB 12.52 billion in 2025, up 24.8%. Weighted ROE rose from 8.2% in 2022 to 9.84% in 2025.

In terms of industry landscape, five brokers now have total assets exceeding RMB 1 trillion: China Galaxy, Guotai Haitong, CITIC Securities, Huatai Securities, and GF Securities, with Guotai Haitong and CITIC Securities being the only two above RMB 2 trillion. China Merchants Securities, CICC, CSC Financial, and Shenwan Hongyuan are close to the trillion-yuan mark. If CICC completes a merger, it would directly become the sixth trillion-yuan broker. Since launching its "five-in-one" strategy upgrade in 2022, the company has shifted from a dual-engine model of "wealth management plus investment and financing" to a diversified balanced structure across wealth management, investment banking, institutional business, international business, and investment trading, with the strategic transformation continuing to translate into quantifiable client, scale, and revenue growth.