A股行情向好之下，同花顺（300033.SZ）三季报交出一份不错的成绩单。 10月23日，同花顺发布三季度报告。2025年前三季度，同花顺实现营业收入32.61亿元，同比增长39.67%；归母净利润12.06亿元，同比增长 85.29%。第三季度，公司实现营业收入14.81亿元，同比增加56.72%；归母净利润7.04亿元，同比增加144.50%，环比增长84.64%。 对于前三季度经营情况，同花顺表示，公司持续聚焦互联网金融信息服务主业，稳步推进年度经营计划，深化人工智能技术与既有业务的融合 应用。 对于业绩变动原因，同花顺解释称，报告期内，资本市场活跃度回升、投资者信心修复，带动金融信息服务需求增强；同时，公司加大人工智 能等领域的研发投入，推进产品与大模型技术融合创新，优化核心产品竞争力与用户体验，带动增值电信业务收入较快增长。 另外，同花顺进一步指出，由于同花顺网站与APP用户活跃度提升，基金、证券、期货等金融机构加大在平台上的宣传投放力度，生活消费、 科技等非金融客户亦增加线上品牌推广投入，带动公司广告及互联网推广服务收入增长。 市场回暖成业绩高增基础 作为国内首家上市的互联网金融信息服务公司，同花 ...

Core Viewpoint - The financial performance of Tonghuashun (300033.SZ) in the third quarter of 2025 shows significant growth, driven by a recovering capital market and increased demand for financial information services [1][6]. Financial Performance Summary - For the first three quarters of 2025, Tonghuashun achieved operating revenue of 3.261 billion yuan, a year-on-year increase of 39.67% [2] - The net profit attributable to shareholders reached 1.206 billion yuan, up 85.29% year-on-year [2] - In the third quarter alone, the company reported operating revenue of 1.481 billion yuan, a 56.72% increase year-on-year [2] - The net profit for the third quarter was 704 million yuan, reflecting a 144.50% year-on-year increase and an 84.64% quarter-on-quarter growth [2] Market Conditions - The overall recovery of the A-share market has provided a solid foundation for Tonghuashun's high growth [6] - Major A-share indices have performed well, with the Shanghai Composite Index up 15.84%, the Shenzhen Component Index up 29.88%, and the ChiNext Index up 51.20% year-to-date [6] - New account openings in the A-share market reached 2.01489 million in the first three quarters, a 49.64% increase compared to the same period last year [6] User Engagement and Advertising Revenue - Tonghuashun has over 600 million users, covering seven core investment areas, with its app leading the industry [5] - Increased user activity on the Tonghuashun website and app has led to higher advertising and internet promotion service revenues [3][7] AI Development and Innovation - The company has intensified its focus on AI, enhancing product offerings and user experience through deep integration with large model technologies [8] - In the first three quarters, Tonghuashun registered 53 new software copyrights and 17 new invention patents, including nine in the United States [8] Strategic Partnerships - Tonghuashun has formed strategic partnerships with several leading securities firms to create an "AI + finance" ecosystem [9] - Collaborations include the development of new AI applications and platforms with major players like Guotai Junan and GF Securities [9] Shareholder Activity - The actual controller of Tonghuashun, Yi Zheng, announced a share reduction plan but later decided to halt it, maintaining a 36.13% ownership stake [10][11] - The employee shareholding platform, Kaishun Technology, executed a reduction plan, realizing approximately 249 million yuan from the sale [11]

软件开发 同花顺 25Q3 点评：业绩释放加速，增长动能充沛 同花顺（300033.SZ） 证券研究报告/公司点评报告 2025 年 10 月 23 日 | 评级： | 买入（维持） | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | | 营业收入（百万元） | 3,564 | 4,187 | 5,442 | 6,658 | 7,805 17% | | 分析师：孙行臻 | | | 增长率 yoy% | 0% | 17% | 30% | 22% | | | 执业证书编号：S0740524030002 | | | 净利润（百万元） | 1,402 | 1,823 | 2,481 | 3,133 | 3,718 | | | | | 增长率 yoy% | -17% | 30% | 36% | 26% | 19% | | Email：sunxz@zts.com.cn | | | 每股收益（元） ...

事件：10 月22 日，同花顺发布2025 年三季报，好于预期。9M25 公司实现营业总收入32.6 亿 元/yoy+39.7%，实现归母净利润12.1 亿元/yoy+85.3%，实现扣非净利润11.7 亿元/yoy+85.5%。 高交投景气度下公司增值电信服务、广告导流业务保持高增，助推三季度业绩好于预期。三季度市场交 投情绪保持活跃，3Q25 市场日均股基成交额达2.06 万亿/yoy+155.4%，带动金融信息服务需求、金融机 构平台宣传投放力度提升，高市场贝塔的增值电信业务、广告导流业务保持较快增长；3Q25 公司营收 14.8 亿元/yoy+56.7%，归母净利润7.0 亿元/yoy+144.5%。 费用端看，25 年以来公司费用管控良好，9M25 公司研发费用、销售费用、管理费用分别为8.6、5.3、 2.0 亿元，分别同比-2.5%、+33.4%、+14.6%，销售费用高增主因公司加大市场宣传推广力度，营销费 用及销售人员薪酬增加所致；9M25 公司研发费用率、销售费用率、管理费用率分别为26.5%、16.3%、 6.2%，分别同比-11.4pct、-0.76pct、-1.35pct。 增值电信 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 462.40 CNY, compared to the current price of 351.01 CNY [7][13]. Core Insights - The company reported a significant increase in performance, with Q3 2025 revenue reaching 32.61 billion CNY, a year-on-year growth of 39.67%, and net profit of 12.06 billion CNY, up 85.3% year-on-year [13]. - The active trading environment in the capital market is expected to sustain high trading volumes, benefiting the company's performance [2][13]. - The company's AI products are enhancing services for end-users, contributing to a positive outlook for continued earnings growth [2][13]. Financial Summary - Revenue projections show a steady increase from 3,564 million CNY in 2023 to an estimated 8,443 million CNY in 2027, with a compound annual growth rate (CAGR) of 20.9% [5]. - Net profit is expected to grow from 1,402 million CNY in 2023 to 4,966 million CNY in 2027, reflecting a CAGR of 24.3% [5]. - The earnings per share (EPS) is projected to rise from 2.61 CNY in 2023 to 9.24 CNY in 2027 [5]. Market Activity - The average daily trading volume for stock funds in Q3 2025 was 25,182 billion CNY, marking a 112% increase year-on-year and a 66% increase quarter-on-quarter [13]. - The number of new accounts opened in Q3 2025 reached 7.5534 million, a year-on-year increase of 89.83% [13]. Future Outlook - The company is expected to benefit from the ongoing transformation in the Chinese capital market, which is anticipated to drive trading activity and enhance revenue from C-end value-added services and advertising [13]. - The company's AI capabilities are expected to expand its market share in niche segments, with a focus on improving user experience and increasing conversion rates [13].

证券研究报告 | 季报点评 gszqdatemark 2025 10 23 年 月 日 同花顺（300033.SZ） 三季报业绩超预期，AI 金融流量变现领军 事件：10 月 22 日，公司发布 2025 年三季报，前三季度实现营业总收入 32.61 亿 元，同比增加 39.67%；实现归属上市公司股东的净利润 12.06 亿元，同比增加 85.29%，业绩超预期。 股票信息 经营性现金流净额良好，合同负债同比+113.41%。1）公司发布 2025 年三季 报，公司持续聚焦互联网金融信息服务主业，稳步推进年度经营计划，深化人工智 能技术与既有业务的融合应用。2025 年单 Q3 实现营业总收入 14.81 亿元，同比 增加 56.72%；实现归属上市公司股东的净利润 7.04 亿元，同比增加 144.50%； 实现扣非后归母净利 6.86 亿元，同比+139.40%。2）2025 年前三季度经营活动 现金流净额 21.96 亿元，同比+235.32%，经营性现金流净额良好。3）2025Q3 末 公司合同负债 25.19 亿元，同比+113.41%，环比+8.86%。资本市场活跃度回升、 投资者信心修复，带动 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1][9][14] Core Views - The company has shown significant growth in revenue and profit, with a 39.67% year-on-year increase in revenue to 3.261 billion yuan and an 85.29% increase in net profit to 1.206 billion yuan for the first three quarters of 2025 [4][8] - The strong performance is attributed to the continued recovery in capital market activity, which has boosted demand for financial information services [8][9] - The company is positioned as a leading provider of internet financial information services and a top online securities trading system supplier in China, benefiting from a large customer base and strong competitive advantages in advertising and internet promotion [9] Financial Performance Summary - For Q3 2025, the company achieved revenue of 1.481 billion yuan, a year-on-year increase of 56.72%, contributing to a total revenue of 3.261 billion yuan for the first three quarters [8] - The net profit for Q3 2025 was 704 million yuan, reflecting a year-on-year increase of 144.50%, with a total net profit of 1.206 billion yuan for the first three quarters [8] - The operating cash flow for the first three quarters reached 2.196 billion yuan, a significant increase of 235.32% year-on-year [8] Financial Projections - The company is projected to achieve net profits of 2.461 billion yuan, 3.122 billion yuan, and 3.860 billion yuan for the years 2025, 2026, and 2027, respectively [9][12] - Corresponding EPS for these years are expected to be 4.58 yuan, 5.81 yuan, and 7.18 yuan [9][12] - The projected P/E ratios for 2025, 2026, and 2027 are 76.7, 60.4, and 48.9, respectively [9][12] Operational Efficiency - The company has improved its expense efficiency, with the expense ratio decreasing by 8.88 percentage points to 46.38% in the first three quarters of 2025 [8] - The gross margin for the first three quarters increased by 3.35 percentage points to 89.04%, with Q3 gross margin reaching 91.55% [8]

长江商报奔腾新闻记者 徐佳 受益于资本市场活跃度提升，金融信息服务行业龙头同花顺（300033.SZ）业绩高速增长。 10月22日晚间，同花顺发布三季报。2025年前三季度，同花顺实现营业收入32.61亿元，同比增长 39.67%；归属于上市公司股东的净利润（以下简称"净利润"）12.06亿元，同比增长85.29%；扣除非经 常性损益的净利润（以下简称"扣非净利润"）11.71亿元，同比增长85.5%。 三季报显示，2025年前三季度，同花顺持续聚焦互联网金融信息服务主业，稳步推进年度经营计划，深 化人工智能技术与既有业务的融合应用，盈利能力显著提升。 长江商报奔腾新闻记者注意到，2025年前三个季度中，同花顺分别实现营业收入7.48亿元、10.31亿元、 14.81亿元，同比增长20.91%、33.82%、56.72%；净利润1.2亿元、3.81亿元、7.04亿元，同比增长 15.91%、47.27%、144.5%；扣非净利润1.13亿元、3.72亿元、6.86亿元，同比增长13.72%、51.5%、 139.4%，业绩增速逐季度提升，且第三季度净利润和扣非净利润均实现翻倍增长。 不仅如此，2025年前三季 ...

东吴证券研报指出，同花顺前三季度归母净利润同比+85%至12.1亿元，2025Q3单季度归母净利润同比 +144%至7.0亿元。市场持续活跃，核心业务明显受益。行业层面来看，资本市场活跃度持续，投资者 信心修复，带动金融信息服务需求增强；公司层面来看，公司在AI领域加大研发投入，持续优化产品 与用户体验。公司网站与APP用户活跃度提升，基金、证券、期货等金融机构，以及生活消费、科技等 非金融客户都加大了在平台上的广告投放和品牌推广投入，带动公司广告及互联网推广服务收入增长。 公司构建AI+金融全新生态，巩固金融科技领先地位。基于资本市场活跃度持续向好，各项业务收入增 长，维持此前盈利预测，维持"买入"评级。 ...

10月22日晚，同花顺（300033.SZ）发布2025年第三季度报告。根据公告，同花顺第三季度实现营业收 入14.81亿元，同比增长56.72%；归母净利润7.04亿元，同比增长144.50%。 前三季度，同花顺实现营业收入32.61亿元，同比增长39.67%；归母净利润12.06亿元，同比增长 85.29%。 | √ 工安云 双语节网方目价 公司是否需追溯调整成重述以前年度会计数据 日是 团否 | | | | | | --- | --- | --- | --- | --- | | | 本报告期 | 本报告期比上年同男 明减 | 年初全报告期末 | 年初至报告期末比上 年同期增减 | | 管业收入(元) | 1.481.455.636.27 | 56.72% | 3,260,860,919,93 | 39,67% | | 归属于上市公司股东 的净利润(元) | 704,341,323,90 | 144 50% | 1.206.200.411.61 | 85.29% | | 妇属于上市公司服东 的扣除非经常性损益 的净利润(元) | 686,163,143,04 | 139,40% | 1.170,558,2 ...