Core Insights - The company reported a revenue of approximately RMB 4.707 billion for Q3 2025, representing a year-on-year increase of 40.25% [1] - The net profit for Q3 2025 was approximately RMB 1.647 billion, showing a year-on-year growth of 38.25% [1] - Basic earnings per share (EPS) stood at RMB 0.19 [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of approximately RMB 12.708 billion, which is a year-on-year increase of 39.38% [1] - The net profit for the first three quarters was approximately RMB 5.11 billion, reflecting a year-on-year increase of 54.76% [1]

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司 對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示， 概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B條規則作出。 茲載列公司在上海證券交易所網站刊登之《東方證券股份有限公司第六屆董事會第 十次會議決議公告》，僅供參閱。 承董事會命 董事長 龔德雄 中國•上海 2025年 10月 30日 於本公告日期，董事會成員包括執行董事龔德雄先生、魯偉銘先生和盧大印先生； 非執行董事劉煒先生、楊波先生、石磊先生、李芸女士、徐永淼先生、任志祥先生 及孫維東先生；以及獨立非執行董事吳弘先生、馮興東先生、羅新宇先生、陳漢先 生和朱凱先生。 本公司董 ...

| 项目 | 本报告期 | 上年同期 | | 本报告期 比上年同 期增减变 | 年初至报告期末 | 上年同期 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 动幅度(%) | | | | | | 调整前 | 调整后 | 调整后 | | 调整前 | | 营业收入 | 4.707.210.451.20 | 5.507.910.775.61 | 3,356,217,577.61 | 40.25 | 12,708,369,810.92 | 14.079.383.741.15 9,117 | | 利润息额 | 2.189.976.373.46 | 1.446.027.308.18 | 1,446,027,308.18 | રી 4ર | 6.483.606.053.17 | 3,717,102,655.26 3,717 | | 归属于上市公司股东的净 利润 | 1,647,276,650.82 | 1,190,678,192.78 | 1.190.678.192.78 | 38.35 | 5,110,347,361.75 | 3,302,049,264.3 ...

Financial Performance - For the third quarter of 2025, the company's operating revenue was CNY 4,707,210,451.20, a decrease of 40.25% compared to the same period last year[9] - The total profit for the quarter reached CNY 2,189,976,373.46, representing an increase of 51.45% year-over-year[9] - Net profit attributable to shareholders was CNY 1,647,276,650.82, up 38.35% from the previous year[9] - The basic earnings per share for the quarter was CNY 0.19, reflecting a 46.15% increase compared to the same period last year[9] - The net profit margin for the year-to-date period increased to 39.38% compared to the previous year[9] - Total operating revenue for the first three quarters of 2025 reached ¥12,708,369,810.92, a significant increase of 39.1% compared to ¥9,117,648,632.32 in the same period of 2024[34] - Net profit for the first three quarters of 2025 was ¥5,110,096,476.73, representing a 54.7% increase from ¥3,302,385,918.07 in the same period of 2024[36] - The company reported a total profit of ¥6,483,606,053.17, up 74.8% from ¥3,717,102,655.26 in the previous year[36] - The company reported a total profit of ¥5,057,308,499.09, an increase from ¥4,071,048,399.83 in the same period of 2024[52] Assets and Liabilities - As of September 30, 2025, total assets amounted to CNY 453,940,008,289.95, an increase of 8.67% from the end of the previous year[9] - Total assets as of September 30, 2025, amounted to ¥336.19 billion, up from ¥322.70 billion at the end of 2024, reflecting a growth of approximately 4.2%[46] - Total liabilities as of September 30, 2025, were RMB 372.01 billion, compared to RMB 336.34 billion at the end of 2024, marking an increase of around 10.59%[31] - The total liabilities as of September 30, 2025, were ¥260.96 billion, an increase from ¥246.85 billion at the end of 2024, indicating a rise of approximately 5.7%[48] - The company's total equity reached RMB 81.93 billion, slightly up from RMB 81.40 billion, indicating a growth of about 0.65%[32] - The company's total equity as of September 30, 2025, was ¥75.23 billion, slightly down from ¥75.85 billion at the end of 2024, showing a decrease of about 0.8%[48] Cash Flow - Cash flow from operating activities was 1,795,310,107.31, a significant improvement from -7,127,656,843.14 in the previous period[20] - Cash flow from operating activities generated a net cash inflow of ¥1,795,310,107.31, a significant recovery from a net outflow of ¥7,127,656,843.14 in 2024[40] - Cash flow from investment activities for the first three quarters of 2025 reached ¥28.17 billion, a significant increase from ¥15.27 billion in the same period of 2024, marking an increase of approximately 84.5%[42] - The net increase in cash and cash equivalents for the first three quarters of 2025 was ¥20.47 billion, contrasting with a decrease of ¥4.46 billion in the same period of 2024[44] - The ending balance of cash and cash equivalents as of September 30, 2025, was 62,749,422,278.24 RMB, up from 51,843,109,134.03 RMB in 2024, indicating an increase of about 21%[58] Shareholder Information - The number of common shareholders at the end of the reporting period was 183,844[21] - The largest shareholder, Sheneng (Group) Co., Ltd., holds 26.63% of the shares, totaling 2,262,428,700 shares[22] Investment and Income - Investment income increased by 43.01% to 5,831,352,862.52, driven by higher returns from financial instrument investments[20] - Net commission and fee income rose to ¥4,832,418,246.90, up 28.8% from ¥3,750,748,995.10 in the previous year[34] - Net commission and fee income surged to ¥2,864,881,854.87, up 67.0% from ¥1,715,781,507.47 year-over-year[50] Adjustments and Changes - The company has made adjustments to its revenue recognition policies in accordance with new accounting standards issued in July 2025[10] - The company adjusted its financial statements for 2024, with contract liabilities reduced by 112,332,096.75 RMB, resulting in an adjusted amount of 44,877,175.53 RMB[60] - Other business income for the first three quarters of 2024 was adjusted to 4,871,487,410.49 RMB, reflecting a decrease of 74,802,478.65 RMB[60] - Investment income for the first three quarters of 2024 was adjusted to 4,077,489,041.30 RMB, down by 90,247,698.34 RMB[60] Risk and Coverage Ratios - The risk coverage ratio improved to 397.11% from 373.48% year-over-year[12] - The liquidity coverage ratio was reported at 203.83%, slightly up from 202.82% at the end of the previous year[12]

证券代码：600958 证券简称：东方证券 公告编号：2025-049 二、审议通过《关于调整公司年度资产负债配置计划中部分指标 的议案》 表决结果：15 票同意，0 票反对，0 票弃权。 东方证券股份有限公司 第六届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 东方证券股份有限公司（以下简称"公司"）第六届董事会第十 次会议于 2025 年 10 月 30 日以通讯表决方式召开。本次会议通知于 2025 年 10 月 16 日以电子邮件和专人送达方式发出，2025 年 10 月 30 日完成通讯表决形成会议决议。本次会议应表决董事 15 人，实际 表决董事 15 人。本次会议的召集召开符合《公司法》《公司章程》 等有关规定。本次会议审议并通过了以下议案： 一、审议通过《公司 2025 年第三季度报告》 表决结果：15 票同意，0 票反对，0 票弃权。 本议案的具体内容详见公司同日披露的《公司 2025 年第三季度 报告》。 本议案已经公司董事会审计委员会成员审议通过。 本议案已经公司董事会合规与风 ...

| 项目 | 本报告期 | 上年同期 | | 本报告期 比上年同 期增减变 | 年初至报告期末 | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 动幅度(%) | | | | | | | 调整前 | 调整后 | 调整后 | | 调整前 | | | 营业收入 | 4,707,210,451.20 | 5,507,910,775.61 | 3,356,217,577.61 | 40.25 | 12,708,369,810.92 | 14,079,383,741.15 | 9,117 | | 利润息额 | 2.189.976.373.46 | 1,446,027,308.18 | 1,446,027,308.18 | રી 45 | 6.483.606.053.17 | 3,717,102,655.26 | 3,717 | | 归属于上市公司股东的净 利润 | 1,647,276,650.82 | 1,190,678,192.78 | 1,190,678,192.78 | 38.35 | 5,110,347,361.75 | ...

转自：证券时报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 人民财讯10月30日电，东方证券(600958)10月30日发布2025年三季报，公司第三季度营业收入47.07亿 元，同比增长40.25%（调整后）；净利润16.47亿元，同比增长38.35%（调整后）。2025年前三季度营 业收入127.08亿元，同比增长39.38%（调整后）；净利润51.1亿元，同比增长54.76%（调整后）。本期 公司自营投资、财富管理、投行等业务收入增加。 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 4,707,210,451.20, a year-on-year increase of 40.25% compared to CNY 3,356,217,577.61[6] - Total profit for the quarter was CNY 2,189,976,373.46, reflecting a 51.45% increase from CNY 1,446,027,308.18 in the same period last year[6] - Net profit attributable to shareholders was CNY 1,647,276,650.82, up 38.35% from CNY 1,190,678,192.78 year-on-year[6] - The basic earnings per share for the quarter was CNY 0.19, representing a 46.15% increase from CNY 0.13 in the previous year[6] - The company's operating income for the year-to-date period increased by 39.38% to CNY 12,708,369,810.92 compared to CNY 9,117,648,632.32 in the same period last year[6] - Total operating revenue for the first three quarters of 2025 reached ¥12.71 billion, a significant increase of 39.1% compared to ¥9.12 billion in the same period of 2024[22] - Net profit for the first three quarters of 2025 was ¥5.11 billion, up 54.7% from ¥3.30 billion in the same period of 2024[22] - The company's total equity attributable to shareholders reached ¥81.93 billion, slightly up from ¥81.40 billion in 2024[20] - The company's total profit before tax for the first three quarters of 2025 was CNY 5,057,308,499.09, compared to CNY 4,071,048,399.83 in 2024, showing an increase of about 24.3%[32] Assets and Liabilities - The company's total assets increased by 8.67% to CNY 453,940,008,289.95 from CNY 417,736,375,414.01 at the end of the previous year[6] - The company's total assets as of September 30, 2025, reached CNY 109,698,560,614.56, up from CNY 103,093,100,610.36 at the end of 2024[18] - Total assets increased to ¥453.94 billion in 2025, compared to ¥417.74 billion in 2024, marking a growth of 8.7%[20] - Total liabilities also rose to ¥372.01 billion, an increase of 10.6% from ¥336.34 billion in 2024[20] - The total liabilities amounted to CNY 260,958,005,323.64, up from CNY 246,854,138,697.96 in the previous year[29] Cash Flow - The net cash flow from investment activities rose dramatically by 291.78% to CNY 20,177,099,430.62, indicating strong inflows from other debt investments[15] - The net cash flow from operating activities was CNY 1,795,310,107.31, a significant improvement from a negative cash flow of CNY 7,127,656,843.14 in the previous period[26] - Total cash inflow from investment activities reached CNY 28,171,221,738.97, compared to CNY 15,266,641,277.52 in the prior period, resulting in a net cash flow of CNY 20,177,099,430.62 from investment activities[26] - The company reported a net increase in cash and cash equivalents of CNY 20,468,550,928.60, contrasting with a decrease of CNY 4,459,030,034.35 in the prior period[27] - Cash and cash equivalents at the end of the third quarter of 2025 totaled CNY 62,749,422,278.24, up from CNY 51,843,109,134.03 in 2024, marking an increase of about 21.4%[34] Investment and Income - The company's investment income increased by 43.01% to CNY 5,831,352,862.52 for the period from January to September 2025 compared to the same period in 2024[15] - The fair value change income surged by 286.98% to CNY 899,033,154.53, reflecting significant gains in financial instruments[15] - The company's investment in non-trading stocks and perpetual bonds increased, leading to a 40.65% rise in other equity instrument investments to CNY 27,615,842,659.60[14] - The company's investment income increased to CNY 5,397,786,824.44 in 2025 from CNY 4,892,287,881.13 in 2024, indicating a growth of approximately 10.3%[32] - The net income from commission and fees increased to ¥4.83 billion, a rise of 28.8% compared to ¥3.75 billion in 2024[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 183,844[17] - The top shareholder, Sheneng Group Co., Ltd., holds 26.63% of the shares, totaling 2,262,428,700 shares[17] Tax and Expenses - The company's income tax expense rose by 231.19% to CNY 1,373,509,576.44, driven by an increase in pre-tax profits[15] - Total operating expenses increased to CNY 4,532,427,244.75 in 2025 from CNY 3,304,099,055.05 in 2024, representing a rise of approximately 37.24%[32] Adjustments and Other Changes - Contract liabilities adjusted from $157.21 million to $44.88 million after a reduction of $112.33 million[36] - Other liabilities increased from $8.47 billion to $8.58 billion after an adjustment of $112.33 million[36] - Other business revenue adjusted from $4.95 billion to $74.80 million after a reduction of $4.87 billion[36] - Other business costs adjusted from $4.98 billion to $19.32 million after a reduction of $4.96 billion[36] - Investment income adjusted from $4.17 billion to $4.08 billion after a reduction of $90.25 million[36]

Core Insights - The company reported a third-quarter revenue of 4.707 billion yuan, representing a year-on-year decline of 40.25% [1] - The net profit for the third quarter was 1.647 billion yuan, showing a year-on-year increase of 38.35% [1] - For the first three quarters, the company achieved a revenue of 12.708 billion yuan, which is a year-on-year growth of 39.38% [1] - The net profit for the first three quarters reached 5.11 billion yuan, reflecting a year-on-year increase of 54.76% [1]

Core Viewpoint - Lepu Medical achieved a net profit attributable to shareholders of 980 million yuan in the first three quarters of 2025, representing a year-on-year increase of 22.4% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 290 million yuan, showing a quarter-on-quarter decrease of 6.8%, indicating stable performance with potential for continued operational improvement [1] Revenue Breakdown - Revenue from cardiovascular interventional products was 550 million yuan in Q3 2025, down 10.5% quarter-on-quarter, primarily due to the company's proactive inventory management in anticipation of centralized procurement for certain products [1] - Long-term benefits are expected from centralized procurement as the company is positioned as a leading player in the market [1] Business Outlook - The impact of policies is expected to stabilize, with the in-vitro diagnostics business reaching a bottom and the surgical anesthesia business likely to see a recovery in growth [1] - The debut of the "Youthful Needle" product is promising, with significant growth anticipated in the medical aesthetics sector [1] - Progress in the development of brain-computer interfaces is ongoing, with substantial market potential in the field of neurological diseases [1] Valuation - The company maintains a target price of 20.52 yuan based on a 38x PE ratio for 2025, sustaining a "Buy" rating [1]