China Galaxy Securities Co Ltd CGXYY

FinancialsInvestment Banking & Investment ServicesChina

Last close 24.23 USD on Nov 1, 2026, −26.6% year to date

Quant rating

Quant rating D Rank 216 of 304 in Financials

Growth D 220 of 304
Valuation B 69 of 304
Quality D 215 of 304
Revisions D 217 of 304
Momentum C 202 of 304

Wall Street consensus Buy (1.67)Average target 1.97 USD −91.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 15.2B
Enterprise value: 41.1B
52-week range: 24.23 – 36.11
3-year range: 12.12 – 41.69
Dividend yield: 5.71%
Beta (5 years): –
Shares outstanding: 10,934M
Next earnings: Feb 25, 2027

About the company

China Galaxy Securities Co Ltd is a China-based company engaged in the securities brokerage business. Wealth Management segment provides agency trading of stocks, funds, bonds, derivative financial instruments, investment advisory, portfolio advice, financial product sales and asset allocation. Investment Banking segment provides one-stop investment banking services including equity financing, bond financing, structured financing, financial advisory, asset securitization and financing solutions. Institutional Business segment provides prime brokers, seat leasing, custody outsourcing, investment research, sales and trading. International Business segment provides brokerage and sales, investment banking and asset management. Investment Trading segment provides investment trading of equity securities, fixed-income securities, commodities and derivative financial instruments, and provides integrated financial solutions. Other Business segment provides integrated financial services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,185	3,265	4,883	5,023	5,853	–
Revenue growth	28.2%	−33.1%	−2.8%	−14.2%	54.9%	2.1%
EPS (basic, normalized)	0.15	0.11	0.09	0.10	0.15	–
EPS growth	34.1%	19.9%	−4.7%	−35.3%	–	–
Gross margin	96.7%	95.5%	97.0%	97.1%	96.8%	96.6%
Net margin	38.6%	37.0%	19.7%	20.4%	26.5%	28.4%
ROE	13.9%	14.0%	7.5%	7.7%	12.0%	11.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	37,697
Current ratio	–
Long-term debt (mil)	20,555
Net debt (mil)	25,395
Total equity (mil)	23,848
Net debt / equity	1.06x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	4,185	+28.2%	9.8x	1.56	+8.7%	15.5x	0.15	+34.1%	162.6x
2026	4,775	+14.1%	8.6x	1.74	+11.5%	13.9x	0.19	+24.9%	130.2x
2027	5,058	+5.9%	8.1x	1.89	+8.6%	12.8x	0.20	+7.7%	120.9x
2028	5,170	+2.2%	8.0x	2.04	+8.3%	11.9x	0.22	+7.7%	112.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,775	0.0%	+1.9%	−0.1%	0.19	−0.7%	+0.4%	−0.5%
2027	5,058	0.0%	+0.6%	−1.4%	0.20	−1.1%	−0.9%	−1.2%
2028	5,170	0.0%	−0.8%	−5.0%	0.22	0.0%	−1.8%	−4.4%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	FQ-5	FQ-4	Sep 2025	Dec 2025	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.12	0.23	0.20	0.27	–	–	0.38	0.11	–	–
EPS mean	0.19	0.16	0.14	0.17	–	–	0.22	0.26	–	–
Surprise	−36.8%	+43.8%	+45.8%	+58.8%	–	–	+73.5%	−57.7%	–	–

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CGXYY China Galaxy Securities Co Ltd	15.2B	–	38.6%	0.78x	130.2x	120.9x	–	–
OWL Blue Owl Capital Inc.	16.1B	–	2.7%	8.07x	11.6x	10.6x	14.1x	12.7x
BEN Franklin Templeton, Inc.	16.1B	8.29x	5.4%	1.37x	10.9x	10.0x	13.1x	11.7x
EQH Equitable Holdings, Inc.	14.7B	–	−10.2%	−18.73x	7.5x	6.0x	–	–
CG Carlyle Group Inc	14.3B	6.84x	16.9%	2.71x	11.3x	8.0x	17.2x	12.1x
JPXGY Japan Exchange Group, Inc.	13.9B	−1.64x	39.8%	6.24x	20.4x	19.7x	13.3x	12.5x
Mean		4.50x	15.5%	0.07x	32.0x	29.2x	14.4x	12.3x
Median		6.84x	11.1%	2.04x	11.5x	10.3x	13.7x	12.3x

Technical analysis

1M0.0%
3M−12.4%
1Y−33.1%
3Y+88.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, China Galaxy Securities Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,185	3,265	4,883	5,023	5,853	3,777
Cost of revenue	139	147	145	145	188	138
Gross profit	4,045	3,118	4,738	4,878	5,665	3,639
Selling, general & administrative expenses	1,687	1,432	1,328	1,375	1,444	1,096
Research & development	–	–	–	–	–	–
Depreciation/amortization	173	159	155	141	130	124
Interest expense (income), operating	5.5	7.7	–	–	–	–
Unusual expense (income)	99.4	42.9	1.9	9.8	−9.8	75.5
Other operating expenses	13.9	32.5	2,095	2,201	2,066	937
Operating income	2,067	1,444	1,158	1,152	2,034	1,407
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−5.7	−3.0	−11.6	3.5	−20.6	−3.3
Net income before taxes	2,061	1,441	1,146	1,156	2,014	1,403
Provision for taxes	271	66.8	35.2	29.3	358	283
Minority interest	0	0	−0.7	−0.1	−13.7	−10.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,790	1,374	1,110	1,126	1,642	1,110
Extraordinary items	–	–	–	–	–	–
Net income	1,790	1,374	1,110	1,126	1,642	1,110
EBIT, normalized	2,172	1,495	1,160	1,162	2,024	1,482
EBITDA, normalized	2,335	1,645	1,307	1,294	2,145	1,596
Basic EPS, normalized	0.15	0.11	0.09	0.10	0.15	–

Balance sheet in millions of USD, fiscal years

Balance sheet, China Galaxy Securities Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	26,304	19,850	16,009	16,818	17,937	14,211
Receivables	1,863	2,158	2,609	2,492	2,715	2,290
Total inventory	–	–	–	–	–	–
Prepaid expenses	18.4	89.4	59.1	123	138	31.5
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	291	286	309	329	317	192
Goodwill	159	146	146	152	159	65.4
Intangibles	119	116	116	109	111	80.5
Long-term investments	80,635	70,318	66,730	62,297	59,356	45,921
Note receivable	–	–	–	–	–	–
Other long-term assets	41,167	30,166	26,138	27,763	28,238	22,053
Total assets	122,370	101,033	93,438	90,649	88,181	68,311
Liabilities
Accounts payable	1,790	974	1,199	1,158	835	1,782
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,351	1,049	987	975	950	652
Short-term debt	35,526	32,349	28,832	31,024	29,385	24,523
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	17,289	13,793	14,405	14,302	14,005	10,204
Minority interest	2.3	2.6	4.0	3.4	3.5	115
Other liabilities	83,946	67,992	60,648	61,468	58,594	45,539
Total liabilities	101,238	81,787	75,057	75,773	72,603	55,858
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,564	1,498	1,541	1,470	1,596	1,554
Additional paid-in capital	4,600	4,415	4,540	3,632	3,944	3,866
Retained earnings (accumulated deficit)	9,994	8,438	7,918	7,480	7,570	6,215
Treasury stock	–	–	–	–	–	–
Other equity	4,975	4,895	4,383	2,294	2,469	818
Total equity	21,132	19,246	18,381	14,875	15,578	12,453
Total liabilities & shareholders' equity	122,370	101,033	93,438	90,649	88,181	68,311

Cash flow statement in millions of USD, fiscal years

Cash flow statement, China Galaxy Securities Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−6,806	−4,652	−2,838	1,809	−1,854	−3,015
Cash from operations	3,566	4,767	−6,236	4,465	8,987	5,778
Investing activities
Capital expenditures	−121	−106	−97.9	−168	−94.3	−64.9
Other investing cash flows	−1,180	−2,183	2,357	−2,988	−4,849	−7,213
Cash from investing	−1,301	−2,289	2,260	−3,155	−4,943	−7,278
Financing activities
Financing cash flow items	−107	−102	−138	−114	1,434	−74.0
Cash dividends paid	−1,094	−1,180	−1,016	−1,123	−1,104	−954
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	5,090	2,423	3,554	1,594	122	6,129
Cash from financing	3,889	1,140	2,399	356	452	5,101
Foreign exchange effects	−10.6	18.7	13.3	98.2	−27.0	−44.2
Net change in cash	6,143	3,637	−1,563	1,765	4,469	3,557
Free cash flow	3,445	4,662	−6,334	4,298	8,892	5,714

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.