Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (A joint stock company incorporated in the People ’s Republic of China with limited liability) (Stock Code: 6066) 2025 THIRD QUARTERLY RESULTS This announcement is made pursuant to the disclosure obligations under Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules ”) and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). Summary of the unaudited results of the Group for the third quarter ended September 30, 2025: • In the third quarter of 2025, the Group recorded an operating revenue of RMB6,549,392,721.40. The net profit attributable to equity holders of the Company amounted to RMB2,580,103,363.64. • This results report was prepared in accordance with the relevant disclosure requirements applicable to quarterly reports of listed companies issued by the Shanghai Stock Exchange. • The financial information contained in this results report was prepared in accordance with the PRC GAAP. • Unless otherwise indicated, Renminbi is the recording currency in this report. The contents of the results report are consistent with the main contents of the relevant announcement published by CSC Financial Co., Ltd. (the “Company ”) on the Shanghai Stock Exchange. The above announcement is published simultaneously in Hong Kong and Mainland China.
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– 2 – IMPORTANT NOTICE (I) The board of directors and the supervisory committee, together with the directors, supervisors and senior management of the Company warrant the truthfulness, accuracy and completeness of this quarterly report and that there is no false representation, misleading statement contained herein or material omission from this quarterly report, and for which they will assume joint and several legal liabilities. (II) Mr. LIU Cheng, chairman of the Company, Mr. JIN Jianhua, general manager and acting chief financial officer of the Company, and Mr. ZHAO Ming, head of the Company ’s accounting department (accounting officer), warrant that the financial information set out in the quarterly report is true, accurate and complete. (III) The third quarterly financial statements have not been audited. (IV) The “Group” refers to the Company and its subsidiaries.
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– 3 – I. KEY FINANCIAL DATA (I) Principal accounting data and financial indicators In RMB Yuan Items The Reporting Period (July to September 2025) The same period of last year (July to September 2024) Change as compared to the same period of last year (%) From the beginning of the year to the end of the Reporting Period (January to September 2025) The same period of last year (January to September 2024) Change from the beginning of the year to the end of the Reporting Period as compared to the same period of last year (%) Before adjustment After adjustment After adjustment Before adjustment After adjustment After adjustment Operating revenue 6,549,392,721.40 4,786,567,586.49 4,217,653,936.55 55.29 17,289,286,297.97 14,314,838,316.08 13,172,653,118.96 31.25 Profit before income tax 3,190,477,528.94 1,648,512,610.95 1,648,512,610.95 93.54 8,514,486,689.10 4,839,342,173.86 4,839,342,173.86 75.94 Net profit attributable to equity holders of the Company 2,580,103,363.64 1,439,674,338.62 1,439,674,338.62 79.21 7,088,639,471.04 4,297,351,482.78 4,297,351,482.78 64.95 Net profit attributable to equity holders of the Company excluding extraordinary gains and losses 2,575,262,190.18 1,432,088,718.99 1,432,088,718.99 79.83 7,046,700,193.83 4,263,602,853.39 4,263,602,853.39 65.28 Net cash flows from operating activities N/A N/A N/A N/A 57,951,521,124.99 18,169,674,519.47 18,169,674,519.47 218.95 Basic earnings per share (RMB/share) 0.30 0.15 0.15 100.00 0.82 0.45 0.45 82.22 Diluted earnings per share (RMB/share) 0.30 0.15 0.15 100.00 0.82 0.45 0.45 82.22 Return on weighted average equity (%) 2.88 1.59 1.59 Increased by 1.29 percentage points 7.99 4.71 4.71 Increased by 3.28 percentage points As at the end of the Reporting Period (September 30, 2025) As at the end of last year (December 31, 2024) Change as at the end of the Reporting Period as compared to the end of last year (%) Before adjustment After adjustment After adjustment Total assets 662,757,008,402.98 566,418,217,793.53 566,418,217,793.53 17.01 Equity attributable to equity holders of the Company 115,779,303,748.28 106,468,734,430.25 106,468,734,430.25 8.74
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– 4 – Explanation of the reasons for retrospective adjustment or restatement In July 2025, the Ministry of Finance of the People ’s Republic of China issued an implementation Q&A on Accounting Standards for Business Enterprises, clarifying the accounting treatment on business “that when an enterprise frequently enters into contracts in respect of the purchase and sales of standard warehouse receipts in a futures trading venue to earn price differences, without actually taking delivery of the goods corresponding to the standard warehouse receipts. ” The Company has implemented the accounting treatment in accordance with the implementation Q&A and made retroactive adjustments to the financial statement data for the comparable period. This accounting treatment does not have a material impact on the Group ’s consolidated financial statements. (II) Net capital and risk control indicators of the Company In RMB Yuan Items As at the end of the Reporting Period As at the end of last year (September 30, 2025) (December 31, 2024) Net capital 78,858,810,031.89 74,674,773,535.87 Net assets 108,998,942,470.81 100,963,972,636.73 Total risk capital reserves 33,078,648,717.20 35,686,666,715.86 Risk coverage ratio (%) 238.40 209.25 Capital leverage ratio (%) 15.33 15.78 Liquidity coverage ratio (%) 306.52 423.26 Net stable funding ratio (%) 200.82 216.29 Net capital/net assets (%) 72.35 73.96 Net capital/liabilities (%) 23.77 25.50 Net assets/liabilities (%) 32.86 34.47 Proprietary equity securities and securities derivatives/net capital (%) 19.99 24.22 Proprietary non-equity securities and securities derivatives/net capital (%) 326.94 306.33 Note: The China Securities Regulatory Commission (the “CSRC ”) revised the Requirements on Calculation Standards for Risk Control Indicators of Securities Companies (CSRC Announcement 2024 No. 13) in September 2024, and the new calculation standards came into effect on January 1, 2025. According to these requirements, the Company restated net capital and various risk control indicators as at December 31, 2024.
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– 5 – (III) Items and amounts of extraordinary gains and losses In RMB Yuan Items of extraordinary gains and losses Amount for the period Amount from the beginning of the year to the end of the Reporting Period Note (July to September 2025) (January to September 2025) Profits and losses from disposal of non-current assets (including the write- off of the asset impairment provision) 53,316.51 884,375.01 – Government subsidies through profit or loss except for government subsidies closely related to the Company ’s ordinary business, which are in line with national policies, calculated according to determined standards, and have a lasting impact on the Company ’s profit or loss 5,983,005.86 65,978,988.48 – Other non-operating income and expenses apart from the aforesaid items 489,743.53 -10,673,298.17 – Less: Effect of income tax 1,684,892.44 14,249,323.23 – Effect of minority interest (after tax) – 1,464.88 – Total 4,841,173.46 41,939,277.21 –
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– 6 – (IV) Changes in Major Accounting Data and Financial Indicators and Reasons Thereof 1. Changes in major accounting data and the reasons thereof Item Change in percentage Main reason (%) Operating revenue (the Reporting Period) 55.29 Mainly attributable to the increase in investment income, net fee and commission income. Operating revenue (from the beginning of the year to the end of the Reporting Period) 31.25 Profit before income tax (the Reporting Period) 93.54 Profit before income tax (from the beginning of the year to the end of the Reporting Period) 75.94 Net profit attributable to equity holders of the Company (the Reporting Period) 79.21 Net profit attributable to equity holders of the Company (from the beginning of the year to the end of the Reporting Period) 64.95 Net profit attributable to equity holders of the Company excluding extraordinary gains and losses (the Reporting Period) 79.83 Net profit attributable to equity holders of the Company excluding extraordinary gains and losses (from the beginning of the year to the end of the Reporting Period) 65.28 Basic earnings per share (the Reporting Period) 100.00 Mainly attributable to the increase in net profit attributable to equity holders of the Company. Basic earnings per share (from the beginning of the year to the end of the Reporting Period) 82.22 Diluted earnings per share (the Reporting Period) 100.00 Diluted earnings per share (from the beginning of the year to the end of the Reporting Period) 82.22 Return on weighted average equity (the Reporting Period) Increased by 1.29 percentage points Return on weighted average equity (from the beginning of the year to the end of the Reporting Period) Increased by 3.28 percentage points Note: The “Reporting Period ” refers to the three-month period from the beginning of the quarter to the end of the quarter, and the “end of the Reporting Period ” refers to September 30, 2025.
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– 7 – 2. Changes in primary statements and the reasons thereof In RMB Yuan Items Amount at the end of the Reporting Period (September 30, 2025) Amount at the end of last year (December 31, 2024) Change in percentage Main reason (%) Financial assets held under resale agreements 6,917,952,848.78 11,103,212,883.64 -37.69 Mainly due to the decrease in financial assets held under resale agreements arising from bond pledged reverse repurchases. Refundable deposits 18,082,283,843.05 12,829,143,431.02 40.95 Mainly due to the increase in performance deposits. Other investments in equity instruments 40,721,879,863.17 14,821,664,946.78 174.75 Mainly due to the increase in the scale of other investments in equity instruments. Deferred tax assets 558,840,229.22 80,410,379.69 594.99 Mainly due to the increase in deductible temporary differences. Short-term borrowings 7,568,434,010.57 3,858,353,406.67 96.16 Mainly due to the increase in credit borrowings. Short-term financing instruments payable 54,462,764,132.22 38,450,586,685.36 41.64 Mainly due to the increase in structured notes in issue. Placements from banks and other financial institutions 6,101,496,461.12 800,037,361.12 662.65 Mainly due to the increase in placements from banks. Derivative financial liabilities 6,776,087,134.48 4,072,192,440.33 66.40 Mainly due to the increase in equity-based derivative financial liabilities. Deferred tax liabilities 108,937,682.79 157,616,225.67 -30.88 Mainly due to the decrease in taxable temporary differences.
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– 8 – In RMB Yuan Items From the beginning of the year to the end of the Reporting Period (January to September 2025) From the beginning of last year to the end of the Reporting Period of last year (January to September 2024) Change in percentage Main reason (%) Net fee and commission income 9,088,499,755.04 6,487,991,617.23 40.08 Mainly due to the increase in net fee and commission income from brokerage business. Net interest income 673,071,222.03 447,768,814.95 50.32 Mainly due to the decrease in interest expenses. Investment income 7,459,438,349.19 3,492,097,782.31 113.61 Mainly due to the increase in the gain on disposal of financial assets held for trading. Gain or loss arising from changes in the fair value -604,876,519.64 1,833,427,270.04 -132.99 Mainly due to the impact of changes in fair value of derivative financial instruments. Gain or loss arising from foreign exchange 6,153,413.28 74,456,055.02 -91.74 Mainly due to the impact of changes in exchange rate. Gain or loss from disposal of assets 884,375.01 296,181.48 198.59 Mainly due to the increase in gains from disposal of non- current assets. Tax and surcharges 102,200,413.72 70,066,772.91 45.86 Mainly due to the increase in value-added tax payment. Credit impairment losses 182,358,863.92 -128,822,307.10 N/A Mainly due to the increase in impairment losses on other debt investments and margin accounts. Impairment losses on other assets 3,730,610.76 13,985,879.02 -73.33 Mainly due to the decrease in provision for impairment losses on inventories. Other operating costs 421,377,826.82 631,831,615.20 -33.31 Mainly due to the decrease in cost of bulk commodity trading.
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– 9 – Items From the beginning of the year to the end of the Reporting Period (January to September 2025) From the beginning of last year to the end of the Reporting Period of last year (January to September 2024) Change in percentage Main reason (%) Non-operating expenses 14,230,349.94 35,817,973.44 -60.27 Mainly due to the decrease in other non-operating expenses. Income tax expense 1,415,285,365.76 533,610,951.20 165.23 Mainly due to the increase in profit before income tax. Net cash flows from operating activities 57,951,521,124.99 18,169,674,519.47 218.95 Mainly due to the increase in cash inflows from operating activities as a result of the change of the repurchase business. Net cash flows from investing activities -40,963,886,551.58 2,063,530,837.31 -2,085.14 Mainly due to the increase in cash outflows paid for investments. Net cash flows from financing activities 16,687,786,246.02 -3,080,730,201.85 N/A Mainly due to the increase in cash inflows received from borrowing activities, issuing bonds and short-term financing instruments. II. TOTAL NUMBER OF SHAREHOLDERS OF ORDINARY SHARES AND PREFERRED SHARES WITH VOTING RIGHTS RESUMED AND INFORMATION ON SHAREHOLDINGS OF THE TOP 10 SHAREHOLDERS Unit: shares Total number of holders of ordinary shares as at the end of the Reporting Period 118,395 Total number of holders of preferred shares with voting rights resumed as at the end of the Reporting Period (if any) –
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– 10 – Shareholdings of Top 10 Shareholders (excluding shares loaned through China Securities Finance Corporation Limited) Name of shareholder Nature of shareholder Number of shares Percentage of shares held Number of shares held subject to trading moratorium Pledged, tagged or frozen Status Number (%) Beijing Financial Holdings Group Limited (ʮ̡ ) (Note 1) State-owned legal person 2,777,389,017 35.81 – Nil – Central Huijin Investment Limited (பʮ̡ ) State 2,386,052,459 30.76 – Nil – Other holding shares of HKSCC Nominees Limited (ಥʕ̯ഐၑ (˾ଣɛ) ΅ ) (Note 2) Foreign legal person 816,037,828 10.52 – Unknown – CITIC Securities Co., Ltd. (ʮ̡ ) State-owned legal person 382,849,268 4.94 – Pledged 146,401,000 CITIC Financial Holdings Co., Ltd. (ʮ̡ ) State-owned legal person 351,647,000 4.53 – Nil – Xizang Tengyun Investment Management Limited (ʮ̡ ) Domestic non-state owned legal person 109,556,553 1.41 – Pledged 91,020,000 Hong Kong Securities Clearing Company Limited (ʮ̡ ) (Note 3) Foreign legal person 81,406,165 1.05 – Nil – Fujian Gui ’an Xintiandi Tourism Culture Investment Co., Ltd. (༷˖ʷҳ༟ ʮ̡ ) Domestic non-state owned legal person 38,861,000 0.50 – Pledged 32,500,000 China Construction Bank Corporation – Guotai CSI All Share Securities Company Trading Index Securities Investment Open-ended Fund (ʮ̡ Ñ इ ό ږOthers 33,565,963 0.43 – Nil – Industrial and Commercial Bank of China Limited – Huatai-PineBridge CSI 300 Exchange Traded Index Securities Investment Fund (ʮ̡ Ñ ശइ လଉ 300 ᅰ ږOthers 22,276,668 0.29 – Nil –
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– 11 – Shareholdings of the top 10 shareholders whose shares are not subject to trading moratorium (excluding shares loaned through China Securities Finance Corporation Limited) Name of shareholder Number of tradable shares not subject to trading moratoriums Class and number of shares Class Number Beijing Financial Holdings Group Limited (ʮ̡ ) 2,777,389,017 RMB denominated ordinary shares 2,684,309,017 Overseas listed foreign shares 93,080,000 Central Huijin Investment Limited (பʮ̡ ) 2,386,052,459 RMB denominated ordinary shares 2,386,052,459 Other holding shares of HKSCC Nominees Limited (ಥʕ̯ഐၑ (˾ଣɛ)΅ ) 816,037,828 Overseas listed foreign shares 816,037,828 CITIC Securities Co., Ltd. (ʮ̡ ) 382,849,268 RMB denominated ordinary shares 382,849,268 CITIC Financial Holdings Co., Ltd. (ʮ̡ ) 351,647,000 Overseas listed foreign shares 351,647,000 Xizang Tengyun Investment Management Limited (ʮ̡ ) 109,556,553 RMB denominated ordinary shares 109,556,553 Hong Kong Securities Clearing Company Limited (ʮ̡ ) 81,406,165 RMB denominated ordinary shares 81,406,165 Fujian Gui ’an Xintiandi Tourism Culture Investment Co., Ltd. (ʮ̡ ) 38,861,000 RMB denominated ordinary shares 38,861,000 China Construction Bank Corporation – Guotai CSI All Share Securities Company Trading Index Securities Investment Open-ended Fund (ᗇՎʮ̡ ږ33,565,963 RMB denominated ordinary shares 33,565,963 Industrial and Commercial Bank of China Limited – Huatai-PineBridge CSI 300 Exchange Traded Index Securities Investment Fund (လଉ 300 ږ22,276,668 RMB denominated ordinary shares 22,276,668 Explanation on related relationship or concerted action among the above shareholders 1. According to the 2025 Interim Report of CITIC Securities Co., Ltd. (ʮ̡ ), CITIC Financial Holdings Co., Ltd. holds over 5% equity interest in CITIC Securities Co., Ltd., and therefore the two are related parties. 2. The Company has been informed by its Shareholders, that Xizang Tengyun Investment Management Limited and Fujian Gui ’an Xintiandi Tourism Culture Investment Co., Ltd. are related parties.
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– 12 – Description of top 10 shareholders and top 10 shareholders not subject to trading moratorium participating in margin financing and securities lending and refinancing business (if any) N/A Note 1: The “number of shares ” involved includes the 2,684,309,017 A Shares and 93,080,000 H Shares held by Beijing Financial Holdings Group Limited ( “Beijing Financial Holdings Group ”). Note 2: HKSCC Nominees Limited is the nominee holder of the H Shares held by non- registered shareholders, and the shares indicated in the above table are other H Shares held by HKSCC Nominees Limited other than Beijing Financial Holdings Group. Note 3: The shares held by Hong Kong Securities Clearing Company Limited are A Shares held by non-registered shareholders under Shanghai Stock Connect. Note 4: The identification of the nature of shareholders is mainly based on the types of holders registered in the China Securities Depository and Clearing Corporation Limited Shanghai Branch, with reference to other publicly disclosed information. III. OTHER IMPORTANT INFORMATION ABOUT THE COMPANY ’S OPERATING CONDITIONS DURING THE REPORTING PERIOD THAT INVESTORS NEED TO BE REMINDED OF AND PAY ATTENTION TO (I) Issuance of bonds In the third quarter of 2025, the Company completed the issuance of two tranches of perpetual subordinated bonds, one tranche of short-term corporate bonds, one tranche of private placement corporate bonds and one tranche of science and technology innovation bonds with a total size of RMB13.0 billion. The issuance is as follows: 1. In July 2025, the Company issued “25 Zhongxinjiantou sci-tech innovation bond 01 ” science and technology innovation bond in the National Inter-bank Bond Market, with a par value of RMB500 million and a term of 5 years at a coupon rate of 1.76%. The bond accrues interest at a fixed interest rate and its simple interest is calculated on an annual basis with interest repayment per annum. The bond is not guaranteed.
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– 13 – 2. In July 2025, the Company publicly issued “25 Xintou Y4 ” perpetual subordinated bond to professional investors, with a par value of RMB3.0 billion and every 5 interest-accruing years being a repricing cycle. At the end of each repricing cycle, the Company has the option to extend the term of the bond by a repricing cycle (i.e. five years) or redeem the bond in full. The bond accrues interest at a floating interest rate with an initial fixed annual interest rate of 2.03% in the first 5 interest-accruing years and will be repriced every 5 years from the sixth year. Its simple interest is calculated on an annual basis with interest repayment per annum in case of the Company not exercising the option to defer the interest payment and the perpetual subordinated bond is not guaranteed. 3. In July 2025, the Company publicly issued short-term corporate bonds with a par value of RMB3.5 billion to professional investors, including RMB1.5 billion of “25 Xintou S2 ” with a term of 31 days at a coupon rate of 1.54%; and RMB2.0 billion of “25 Xintou S3 ” with a term of 65 days at a coupon rate of 1.54%. The bonds accrue interest at a fixed interest rate and pay the principal and interest at maturity. The bonds are not guaranteed. 4. In August 2025, the Company publicly issued “25 Xintou Y5 ” perpetual subordinated bond to professional investors, with a par value of RMB1.0 billion and every 5 interest-accruing years being a repricing cycle. At the end of each repricing cycle, the Company has the option to extend the term of the bond by a repricing cycle (i.e. five years) or redeem the bond in full. The bond accrues interest at a floating interest rate with an initial fixed annual interest rate of 2.10% in the first 5 interest-accruing years and will be repriced every 5 years from the sixth year. Its simple interest is calculated on an annual basis with interest repayment per annum in case of the Company not exercising the option to defer the interest payment and the perpetual subordinated bond is not guaranteed.
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– 14 – 5. In September 2025, the Company non-publicly issued corporate bonds with a par value of RMB5.0 billion to professional investors, including RMB3.5 billion of “25 Xintou F1 ” with a term of 2 years at a coupon rate of 2.00%; and RMB1.5 billion of “25 Xintou F2 ” with a term of 3 years at a coupon rate of 2.08%. The bonds accrue interest at a fixed interest rate and their simple interest are calculated on an annual basis with interest repayment per annum. The bonds are not guaranteed. (II) Administrative supervisory measures imposed by regulatory authority on the Company During the Reporting Period, the Company was subject to the following administrative supervisory measures: On September 23, 2025, CSRC Fujian Office imposed the administrative supervisory measure of issuing a warning letter to the Company, pointing out that the Company, as the lead underwriter of Shine Earth (Fujian) New Energy Co., Ltd. ( “Shine Earth ”), failed to urge Shine Earth to fulfill its information disclosure obligations in a standardized manner and failed to perform its duties diligently. In response to the penalty, the Company has actively implemented rectification measures, strengthened special training, refined business requirements, and continuously strengthened its continuous supervision of companies listed on the NEEQ. It continued to pay attention to major changes in business operations, corporate governance and finances of listed companies, guided and urged listed companies to fulfill their information disclosure obligations in a standardized manner, and diligently and conscientiously performed its continuous supervision duties.
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– 15 – (III) Changes in business outlets In the third quarter of 2025, the Company cancelled Shanghai Pudong New Area Chengshan Road Securities Business Department, Shaoyang Minzhou East Road Securities Business Department and Huainan Chaoyang West Road Securities Business Department, and completed the change in the registered address of 1 branch and 5 securities business departments. The details are as follows: No. Name of branch/business department Address before the change Address after the change 1 Henan Branch 2/F, Zhonghua Mansion, 3 Shangwu Outer Ring Road, Zhengzhou District (Zhengdong), Henan Pilot Free Trade Zone Nos. 802, 803, 804, 8/F, Building 1, 88 Jinshui East Road, Zhengzhou District (Zhengdong), Henan Pilot Free Trade Zone 2 Dongying Dongsan Road Securities Business Department Room 110, Huatai Business Building, 176 Dongsan Road, Dongcheng District, Dongying City 101, Building 1, 176 Dongsan Road, Development Zone, Dongying City, Shandong Province 3 Beijing Wangjing Securities Business Department 20606, 5/F, Building 523, Wangjing Dongyuan, Chaoyang District, Beijing City Nos. 14A, 1/F, 7A and 14, 2/ F in 101, Building 119, Zone One, Wangjing Dongyuan, Chaoyang District, Beijing City 4 Chongqing Qijiang Securities Business Department 55 Shuanglong Road, Wenlong Sub-district, Qijiang District, Chongqing City 2/F, Office Building, 1 Bailong Street, Wenlong Sub-district, Qijiang District, Chongqing City 5 Wuhu Zhongshan South Road Securities Business Department A118, 3305, 3306, Office Building, Wuhu Golden Eagle World Centre, Yijiang District, Wuhu City, Anhui Province Rooms 3305, 3306, Block A, Office Building, Wuhu Golden Eagle World Centre, 289 Zhongshan South Road, Zhongnan Sub-district, Yijiang District, Wuhu City, Anhui Province 6 Zhengzhou Jinshui East Road Securities Business Department 1/F, Zhonghua Mansion, 3 Shangwu Outer Ring Road, Zhengzhou District (Zhengdong), Henan Pilot Free Trade Zone No. 302, 3/F, Building 1, 88 Jinshui East Road, Zhengzhou District (Zhengdong), Henan Pilot Free Trade Zone
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– 16 – IV. QUARTERLY FINANCIAL STATEMENTS Consolidated Statement of Financial Position September 30, 2025 Prepared by: CSC Financial Co., Ltd. In RMB Yuan (unaudited) Items September 30, 2025 December 31, 2024 ASSETS: Cash and bank balances 166,294,606,395.07 137,812,713,813.69 Including: Cash held on behalf of customers 122,867,026,336.94 101,232,738,013.75 Settlement deposits 35,820,928,269.24 30,937,331,239.80 Including: Deposits held on behalf of customers 25,584,950,097.93 21,044,201,501.38 Margin accounts 78,674,744,258.13 62,948,803,815.64 Derivative financial assets 2,859,877,658.41 3,358,209,263.75 Financial assets held under resale agreements 6,917,952,848.78 11,103,212,883.64 Accounts receivable 9,350,053,642.80 9,139,735,544.70 Refundable deposits 18,082,283,843.05 12,829,143,431.02 FINANCIAL INVESTMENT: Financial assets held for trading 205,294,632,056.04 201,971,415,945.84 Other debt investments 94,806,939,308.14 77,559,632,304.64 Other investments in equity instruments 40,721,879,863.17 14,821,664,946.78 Long-term equity investment 102,721,227.59 122,781,814.97 Investment properties 39,435,025.12 39,760,753.06 Property, plant and equipment 554,042,438.09 701,821,634.96 Intangible assets 775,552,932.22 863,460,665.28 Including: Data resources 1,439,947.37 2,029,016.63 Right-of-use assets 965,422,725.93 1,141,474,468.59 Deferred tax assets 558,840,229.22 80,410,379.69 Other assets 937,095,681.98 986,644,887.48 Total assets 662,757,008,402.98 566,418,217,793.53
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– 17 – Items September 30, 2025 December 31, 2024 LIABILITIES: Short-term borrowings 7,568,434,010.57 3,858,353,406.67 Short-term financing instruments payable 54,462,764,132.22 38,450,586,685.36 Placements from banks and other financial institutions 6,101,496,461.12 800,037,361.12 Financial liabilities held for trading 10,395,268,332.98 9,105,461,713.47 Derivative financial liabilities 6,776,087,134.48 4,072,192,440.33 Financial assets sold under repurchase agreements 144,691,967,999.18 113,712,824,915.41 Accounts payable to brokerage clients 159,796,767,135.86 130,641,940,329.47 Accounts payable to underwriting clients 814,047,491.10 1,136,874,231.15 Salaries, bonuses and allowances payable 4,284,300,889.88 4,308,110,430.92 Taxes payable 934,523,045.09 956,367,997.29 Accounts payable 19,228,469,816.20 20,389,070,960.49 Provision 121,540,218.78 109,942,469.15 Bonds payable 123,883,869,344.55 124,953,101,098.38 Lease liabilities 997,034,609.28 1,242,601,958.04 Deferred tax liabilities 108,937,682.79 157,616,225.67 Other liabilities 6,764,629,103.70 6,004,185,329.44 Total liabilities 546,930,137,407.78 459,899,267,552.36
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– 18 – Items September 30, 2025 December 31, 2024 Owners ’ equity (or shareholders ’ equity): Paid-in capital (or share capital) 7,756,694,797.00 7,756,694,797.00 Other equity instruments 33,945,018,867.93 29,825,830,188.69 Including: Perpetual bonds 33,945,018,867.93 29,825,830,188.69 Capital reserve 12,342,150,476.09 12,370,886,325.13 Other comprehensive income 1,624,855,624.06 1,509,824,713.21 Surplus reserves 7,873,798,777.66 7,873,798,777.66 General risk reserve 16,946,690,729.50 16,892,709,436.48 Retained earnings 35,290,094,476.04 30,238,990,192.08 Total equity attributable to the owners (or shareholders) of the Company 115,779,303,748.28 106,468,734,430.25 Non-controlling interests 47,567,246.92 50,215,810.92 Total equity of the owners (or shareholders) 115,826,870,995.20 106,518,950,241.17 Liabilities and total equity of the owners (or shareholders) 662,757,008,402.98 566,418,217,793.53 Person-in-charge of the Company: Chief Financial Officer: Person-in-charge of accounting department: LIU Cheng JIN Jianhua (acting) ZHAO Ming
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– 19 – Consolidated Income Statement From January to September 2025 Prepared by: CSC Financial Co., Ltd. In RMB Yuan (unaudited) First three quarters of 2025 First three quarters of 2024 Items (From January to September) (From January to September) I. Total operating revenue 17,289,286,297.97 13,172,653,118.96 Net fee and commission income 9,088,499,755.04 6,487,991,617.23 Including: Net fee income from brokerage business 5,757,054,839.75 3,743,408,598.67 Net fee income from investment banking business 1,846,263,553.82 1,496,737,608.13 Net fee income from asset management and fund management businesses 950,872,049.22 924,769,337.87 Net interest income 673,071,222.03 447,768,814.95 Including: Interest income 6,458,751,157.48 6,415,853,301.73 Interest expenses 5,785,679,935.45 5,968,084,486.78 Investment income (loss denoted by “-”) 7,459,438,349.19 3,492,097,782.31 Including: Investment income from associates 3,395,335.77 6,686,652.01 Gains arising from changes in the fair value (loss denoted by “-”) -604,876,519.64 1,833,427,270.04 Foreign exchange gains (loss denoted by “-”) 6,153,413.28 74,456,055.02 Other operating income 573,860,802.93 718,483,224.36 Gains from disposal of assets (loss denoted by “-”) 884,375.01 296,181.48 Other income 92,254,900.13 118,132,173.57 II. Total operating expenses 8,764,126,310.70 8,300,528,041.41 Tax and surcharges 102,200,413.72 70,066,772.91 Operating and administrative expenses 8,054,458,595.48 7,713,466,081.38 Credit impairment losses 182,358,863.92 -128,822,307.10 Impairment losses on other assets 3,730,610.76 13,985,879.02 Other operating costs 421,377,826.82 631,831,615.20
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– 20 – First three quarters of 2025 First three quarters of 2024 Items (From January to September) (From January to September) III. Operating profit (loss denoted by “-”) 8,525,159,987.27 4,872,125,077.55 Add: Non-operating income 3,557,051.77 3,035,069.75 Less: Non-operating expenses 14,230,349.94 35,817,973.44 IV. Profit before income tax (gross loss denoted by “-”) 8,514,486,689.10 4,839,342,173.86 Less: Income tax expenses 1,415,285,365.76 533,610,951.20 V. Net profit (net loss denoted by “-”) 7,099,201,323.34 4,305,731,222.66 (1) Classified by business continuity 1. Net profit from continuing operations (net loss denoted by “-”) 7,099,201,323.34 4,305,731,222.66 2. Net profit from discontinued operations (net loss denoted by “-”) – – (2) Classified by ownership 1. Net profit attributable to equity holders of the Company (net loss denoted by “-”) 7,088,639,471.04 4,297,351,482.78 2. Non-controlling interests (net loss denoted by “-”) 10,561,852.30 8,379,739.88 VI. Other comprehensive income, net of tax 148,262,863.77 180,153,647.05 Other comprehensive income attributable to owners of the Company, net of tax 148,262,863.77 180,153,647.05 (1) Other comprehensive income not to be reclassified to profit or loss 472,561,086.01 54,907,632.75 1. Changes in fair value of other investments in equity instruments 472,561,086.01 54,907,632.75 (2) Other comprehensive income to be reclassified to profit or loss -324,298,222.24 125,246,014.30 1. Other comprehensive income that can be transferred to profit or loss under equity method 5,127.82 6,947.38 2. Changes in fair value of other debt investments -348,578,020.70 237,939,980.98
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– 21 – First three quarters of 2025 First three quarters of 2024 Items (From January to September) (From January to September) 3. Credit loss provisions for other debt investments 86,494,673.17 -90,339,902.16 4. Foreign currency translation differences -62,220,002.53 -22,361,011.90 Other comprehensive income attributable to non-controlling interests, net of tax – – VII. Total comprehensive income 7,247,464,187.11 4,485,884,869.71 Total comprehensive income attributable to the owners of the Company 7,236,902,334.81 4,477,505,129.83 Total comprehensive income attributable to non-controlling interests 10,561,852.30 8,379,739.88 VIII. Earnings per share: (1) Basic earnings per share (RMB/share) 0.82 0.45 (2) Diluted earnings per share (RMB/share) 0.82 0.45 Person-in-charge of the Company: Chief Financial Officer: Person-in-charge of accounting department: LIU Cheng JIN Jianhua (acting) ZHAO Ming
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– 22 – Consolidated Cash Flow Statement From January to September 2025 Prepared by: CSC Financial Co., Ltd. In RMB Yuan (unaudited) First three quarters of 2025 First three quarters of 2024 Items (From January to September) (From January to September) I. Cash flows from operating activities: Net decrease in financial instruments held for trading 4,679,334,091.85 – Cash received from interests, fees and commissions 20,458,336,206.25 17,293,022,351.49 Net decrease in margin accounts – 7,707,240,643.83 Net increase in placements from banks and other financial institutions 5,300,000,000.00 – Net increase in funds from repurchase business 35,329,292,626.44 2,708,757,013.34 Net cash received from accounts payable to brokerage clients 28,962,732,982.61 21,929,167,853.70 Cash received from other operating activities 10,495,631,435.62 5,114,454,304.51 Sub-total of cash inflows from operating activities 105,225,327,342.77 54,752,642,166.87 Net increase in financial instruments held for trading – 14,515,395,858.80 Cash payment of interests, fees and commissions 5,241,707,143.72 4,869,068,972.11 Net increase in margin accounts 15,920,991,176.68 – Net decrease in placements from banks and other financial institutions – 1,900,000,000.00 Cash paid to and on behalf of employees 5,173,942,254.57 4,197,245,430.25 Cash payments of taxes and rates 2,763,615,361.96 1,695,268,826.93 Cash paid for other operating activities 18,173,550,280.85 9,405,988,559.31 Sub-total of cash outflows from operating activities 47,273,806,217.78 36,582,967,647.40 Net cash flows from operating activities 57,951,521,124.99 18,169,674,519.47
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– 23 – First three quarters of 2025 First three quarters of 2024 Items (From January to September) (From January to September) II. Cash flows from investing activities: Cash received from investments – 2,298,203,277.34 Cash received from investments income 261,050.97 198,194.73 Cash received from other investing activities 1,874,322.07 366,240.78 Sub-total of cash inflows from investing activities 2,135,373.04 2,298,767,712.85 Cash paid for investments 40,747,601,805.06 – Cash paid for purchase of property, plant and equipment, intangible assets and other long-term assets 218,420,119.56 235,236,875.54 Sub-total of cash outflows from investing activities 40,966,021,924.62 235,236,875.54 Net cash flows from investing activities -40,963,886,551.58 2,063,530,837.31 III. Cash flows from financing activities: Cash received from capital injection 9,100,000,000.00 7,000,000,000.00 Including: Cash received from issuing perpetual bonds 9,100,000,000.00 7,000,000,000.00 Cash received from borrowing activities 43,870,544,743.48 15,780,559,473.94 Cash received from issuing bonds and short-term financing instruments 73,753,519,108.01 45,700,114,462.12 Sub-total of cash inflows from financing activities 126,724,063,851.49 68,480,673,936.06 Payments of debts 99,614,263,127.38 60,595,464,929.06 Cash outflows due to payment of dividends, profit or interests 4,909,355,091.99 5,452,765,295.06 Including: Dividends and profits paid by subsidiaries to minority shareholders 13,210,416.30 9,960,000.00 Cash paid to redeem perpetual bonds 5,000,000,000.00 5,000,000,000.00 Cash paid for other financing activities 512,659,386.10 513,173,913.79 Sub-total of cash outflows from financing activities 110,036,277,605.47 71,561,404,137.91 Net cash flows from financing activities 16,687,786,246.02 -3,080,730,201.85
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– 24 – First three quarters of 2025 First three quarters of 2024 Items (From January to September) (From January to September) IV. Effect of exchange rate changes on cash and cash equivalents -182,588,662.58 -677,047,677.12 V. Net increase in cash and cash equivalents 33,492,832,156.85 16,475,427,477.81 Add: Cash and cash equivalents at the beginning of the period 167,975,957,959.17 129,857,464,824.77 VI. Cash and cash equivalents at the end of the period 201,468,790,116.02 146,332,892,302.58 Person-in-charge of the Company: Chief Financial Officer: Person-in-charge of accounting department: LIU Cheng JIN Jianhua (acting) ZHAO Ming
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– 25 – Statement of Financial Position of the Parent Company September 30, 2025 Prepared by: CSC Financial Co., Ltd. In RMB Yuan (unaudited) Items September 30, 2025 December 31, 2024 ASSETS: Cash and bank balances 139,053,440,142.32 117,197,159,933.79 Including: Cash held on behalf of customers 101,655,645,155.32 83,920,354,314.68 Settlement deposits 34,556,551,899.52 29,429,080,852.54 Including: Deposits held on behalf of customers 24,699,895,111.32 20,299,903,192.78 Margin accounts 78,401,727,512.12 62,335,867,990.20 Derivative financial assets 2,952,159,261.02 3,479,935,530.31 Financial assets held under resale agreements 5,793,580,190.93 10,710,807,177.57 Accounts receivable 4,811,285,847.90 7,423,602,593.95 Refundable deposits 7,532,585,482.75 5,306,099,559.73 FINANCIAL INVESTMENT: Financial assets held for trading 162,460,249,048.14 167,917,186,833.28 Other debt investments 76,013,530,279.10 64,600,074,025.10 Other investments in equity instruments 40,658,149,066.44 14,740,805,066.31 Long-term equity investment 11,763,431,342.22 11,760,081,243.17 Investment properties 39,435,025.12 39,760,753.06 Property, plant and equipment 530,301,039.40 668,221,259.28 Intangible assets 736,855,928.74 818,618,847.72 Including: Data resources 1,439,947.37 2,029,016.63 Right-of-use assets 832,100,888.11 1,090,665,613.03 Deferred tax assets 452,040,275.24 – Other assets 1,155,785,316.79 1,556,135,941.00 Total assets 567,743,208,545.86 499,074,103,220.04
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– 26 – Items September 30, 2025 December 31, 2024 LIABILITIES: Short-term financing instruments payable 48,016,790,348.37 34,663,933,444.33 Placements from banks and other financial institutions 6,101,496,461.12 800,037,361.12 Financial liabilities held for trading 9,307,066,537.09 8,558,795,273.37 Derivative financial liabilities 5,621,436,087.58 3,919,650,498.42 Financial assets sold under repurchase agreements 132,025,664,348.53 104,746,754,555.88 Accounts payable to brokerage clients 126,704,031,755.43 104,476,717,898.23 Accounts payable to underwriting clients 314,047,491.10 741,503,991.36 Salaries, bonuses and allowances payable 3,762,656,675.85 3,771,367,232.21 Taxes payable 517,387,967.02 657,203,399.69 Accounts payable 12,485,547,386.76 19,026,327,761.10 Provision 121,540,218.78 109,942,469.15 Bonds payable 107,937,550,430.26 110,925,783,633.67 Lease liabilities 867,626,346.55 1,191,488,449.19 Deferred tax liabilities – 98,830,910.18 Other liabilities 4,961,424,020.61 4,421,793,705.41 Total liabilities 458,744,266,075.05 398,110,130,583.31 Owners ’ equity (or shareholders ’ equity): Paid-in capital (or share capital) 7,756,694,797.00 7,756,694,797.00 Other equity instruments 33,945,018,867.93 29,825,830,188.69 Including: Perpetual bonds 33,945,018,867.93 29,825,830,188.69 Capital reserve 12,353,565,559.06 12,382,301,408.10 Other comprehensive income 1,086,614,482.17 992,962,583.74 Surplus reserves 7,213,335,153.96 7,213,335,153.96 General risk reserve 16,272,945,468.24 16,257,182,707.22 Retained earnings 30,370,768,142.45 26,535,665,798.02 Total equity of the owners (or shareholders) 108,998,942,470.81 100,963,972,636.73 Liabilities and total equity of the owners (or shareholders) 567,743,208,545.86 499,074,103,220.04 Person-in-charge of the Company: Chief Financial Officer: Person-in-charge of accounting department: LIU Cheng JIN Jianhua (acting) ZHAO Ming
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– 27 – Income Statement of the Parent Company From January to September 2025 Prepared by: CSC Financial Co., Ltd. In RMB Yuan (unaudited) First three quarters of 2025 First three quarters of 2024 Items (From January to September) (From January to September) I. Total operating revenue 14,284,442,311.61 10,994,118,621.50 Net fee and commission income 7,667,505,537.21 5,267,522,433.52 Including: Net fee income from brokerage business 4,931,722,756.02 3,034,680,938.44 Net fee income from investment banking business 1,634,615,103.75 1,399,688,816.51 Net fee income from asset management and fund management businesses 554,635,669.81 495,439,670.98 Net interest income 978,379,620.39 504,537,136.68 Including: Interest income 5,600,202,768.00 5,654,907,605.42 Interest expenses 4,621,823,147.61 5,150,370,468.74 Investment income (loss denoted by “-”) 7,674,204,982.96 2,456,896,960.16 Including: Investment income from associates 3,606,022.20 4,135,772.19 Gains arising from changes in the fair value (loss denoted by “-”) -2,208,310,201.75 2,499,503,031.23 Foreign exchange gains (loss denoted by “-”) -28,823,772.50 84,205,130.68 Other operating income 128,793,161.38 64,773,080.03 Gains from disposal of assets (loss denoted by “-”) 758,155.91 419,052.66 Other income 71,934,828.01 116,261,796.54 II. Total operating expenses 7,406,943,405.82 6,776,353,040.94 Tax and surcharges 89,390,475.07 58,705,025.23 Operating and administrative expenses 7,132,292,035.39 6,850,430,392.53 Credit impairment losses 183,682,591.40 -134,348,776.33 Other operating costs 1,578,303.96 1,566,399.51
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– 28 – First three quarters of 2025 First three quarters of 2024 Items (From January to September) (From January to September) III. Operating profit (loss denoted by “-”) 6,877,498,905.79 4,217,765,580.56 Add: Non-operating income 3,527,990.82 2,982,325.43 Less: Non-operating expenses 12,782,596.20 18,770,518.03 IV. Profit before income tax (gross loss denoted by “-”) 6,868,244,300.41 4,201,977,387.96 Less: Income tax expenses 1,033,825,300.90 422,068,905.40 V. Net profit (net loss denoted by “-”) 5,834,418,999.51 3,779,908,482.56 (1) Net profit from continuing operations (net loss denoted by “-”) 5,834,418,999.51 3,779,908,482.56 (2) Net profit from discontinued operations (net loss denoted by “-”) – – VI. Other comprehensive income, net of tax 126,883,851.35 83,668,980.45 (1) Other comprehensive income not to be reclassified to profit or loss 488,672,371.37 46,471,725.40 1. Changes in fair value of other investments in equity instruments 488,672,371.37 46,471,725.40 (2) Other comprehensive income to be reclassified to profit or loss -361,788,520.02 37,197,255.05 1. Other comprehensive income that can be transferred to profit or loss under equity method 5,127.82 6,947.38 2. Changes in fair value of other debt investments -448,768,473.06 132,984,767.82 3. Credit loss provisions for other debt investments 86,974,825.22 -95,794,460.15 VII. Total comprehensive income 5,961,302,850.86 3,863,577,463.01 Person-in-charge of the Company: Chief Financial Officer: Person-in-charge of accounting department: LIU Cheng JIN Jianhua (acting) ZHAO Ming
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– 29 – Statement of Cash Flows of the Parent Company From January to September 2025 Prepared by: CSC Financial Co., Ltd. In RMB Yuan (unaudited) First three quarters of 2025 First three quarters of 2024 Items (From January to September) (From January to September) I. Cash flows from operating activities: Net decrease in financial instruments held for trading 10,819,595,866.56 – Cash received from interests, fees and commissions 16,754,160,563.33 14,038,126,953.06 Net decrease in margin accounts – 7,688,231,418.22 Net increase in placements from banks and other financial institutions 5,300,000,000.00 – Net increase in funds from repurchase business 32,239,799,937.50 – Net cash received from accounts payable to brokerage clients 22,227,313,857.20 22,086,407,599.49 Cash received from other operating activities 3,785,792,143.85 2,133,120,802.57 Sub-total of cash inflows from operating activities 91,126,662,368.44 45,945,886,773.34 Net increase in financial instruments held for trading – 6,947,542,639.23 Cash payment of interests, fees and commissions 3,479,693,580.03 3,314,890,483.59 Net increase in margin accounts 16,257,446,536.24 – Net decrease in placements from banks and other financial institutions – 1,900,000,000.00 Net decrease in funds from repurchase business – 1,371,032,711.14 Cash paid to and on behalf of employees 4,606,836,814.03 3,747,754,540.36 Cash payments of taxes and rates 2,417,203,798.10 1,343,975,251.76 Cash paid for other operating activities 11,983,918,194.74 4,237,285,018.22 Sub-total of cash outflows from operating activities 38,745,098,923.14 22,862,480,644.30 Net cash flows from operating activities 52,381,563,445.30 23,083,406,129.04
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– 30 – First three quarters of 2025 First three quarters of 2024 Items (From January to September) (From January to September) II. Cash flows from investing activities: Cash received from investments – 3,695,391,393.90 Cash received from investments income 1,500,261,050.97 198,194.73 Cash received from other investing activities 735,031.81 221,433.00 Sub-total of cash inflows from investing activities 1,500,996,082.78 3,695,811,021.63 Cash paid for investments 35,467,310,087.47 – Cash paid for purchase of property, plant and equipment, intangible assets and other long-term assets 205,811,998.12 215,220,635.72 Sub-total of cash outflows from investing activities 35,673,122,085.59 215,220,635.72 Net cash flows from investing activities -34,172,126,002.81 3,480,590,385.91 III. Cash flows from financing activities: Cash received from capital injection 9,100,000,000.00 7,000,000,000.00 Including: Cash received from issuing perpetual bonds 9,100,000,000.00 7,000,000,000.00 Cash received from issuing bonds and short-term financing instruments 59,764,876,000.00 36,513,603,900.00 Sub-total of cash inflows from financing activities 68,864,876,000.00 43,513,603,900.00 Payments of debts 50,108,147,900.00 40,933,350,000.00 Cash outflows due to payment of dividends, profit or interests 4,307,957,355.05 5,135,086,689.53 Cash paid to redeem perpetual bonds 5,000,000,000.00 5,000,000,000.00 Cash paid for other financing activities 476,088,025.47 472,407,482.20 Sub-total of cash outflows from financing activities 59,892,193,280.52 51,540,844,171.73 Net cash flows from financing activities 8,972,682,719.48 -8,027,240,271.73
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– 31 – First three quarters of 2025 First three quarters of 2024 Items (From January to September) (From January to September) IV. Effect of exchange rate changes on cash and cash equivalents -12,841,881.80 -1,174,981.92 V. Net increase in cash and cash equivalents 27,169,278,280.17 18,535,581,261.30 Add: Cash and cash equivalents at the beginning of the period 146,247,707,189.11 107,540,692,994.23 VI. Cash and cash equivalents at the end of the period 173,416,985,469.28 126,076,274,255.53 Person-in-charge of the Company: Chief Financial Officer: Person-in-charge of accounting department: LIU Cheng JIN Jianhua (acting) ZHAO Ming The announcement is hereby given. By order of the Board CSC Financial Co., Ltd. Liu Cheng Chairman Beijing, the PRC October 30, 2025 As at the date of this announcement, the Executive Directors of the Company are Mr. LIU Cheng and Mr. JIN Jianhua; the Non-executive Directors of the Company are Mr. LI Min, Mr. ZHU Yong, Mr. YAN Xiaolei, Mr. WANG Guanglong, Mr. YANG Dong, Ms. HUA Shurui and Ms. WANG Hua; and the Independent Non-executive Directors of the Company are Mr. PO Wai Kwong, Mr. LAI Guanrong, Mr. ZHANG Zheng, Mr. WU Xi and Mr. ZHENG Wei.