Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leading provider of internet financial information services in China, with a strong correlation between its revenue growth and the activity level of the capital market. The report anticipates that the increasing demand for financial information services will drive revenue growth [6][8]. - The company has a robust C-end user base and a wide channel network, with four main business segments showing promising growth prospects: value-added telecommunications, advertising promotion, fund sales, and software sales [6][8]. Summary by Sections Company Overview - The company has nearly 30 years of experience in the financial information services industry and has maintained a strong focus on technological innovation [15][16]. - The ownership structure is stable, with the founder holding a significant share of 36.13% [18]. Financial Analysis - Revenue growth is closely tied to the activity level of the capital market, with significant growth observed during bullish market conditions, such as 443% in 2015 and 63% in 2020 [20]. - The company achieved a compound annual growth rate (CAGR) of 20.77% in revenue and 17.20% in net profit from 2018 to 2023 [22]. Business Segments - **Value-Added Telecommunications**: This segment is the backbone of the company's revenue, averaging 46% of total revenue from 2019 to 2023, supported by a large user base of approximately 625 million registered users [37]. - **Advertising Promotion**: The company leads in advertising revenue due to its extensive C-end user base and partnerships with 88 brokerage firms, achieving an average gross margin of 95.25% from 2019 to 2023 [47]. - **Fund Sales**: The company ranks among the top independent sales organizations for fund management, benefiting from the accelerated expansion of ETFs [6]. - **Software Sales**: Revenue from this segment is expected to grow with increased trading activity and IT investments in the securities industry [6]. Technological Innovation - The company has adopted an "ALL in AI" strategy since 2019, launching the financial dialogue model HithinkGPT in early 2024, which integrates multi-modal capabilities for financial advisory services [8][7]. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 40.02 billion, 45.11 billion, and 51.06 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 12.3%, 12.7%, and 13.2% [8].

证券代码：300033 证券简称：同花顺 公告编号：2025-001 浙江核新同花顺网络信息股份有限公司 关于有限售条件的流通股上市流通提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1.浙江核新同花顺网络信息股份有限公司（以下简称"公司"或"同花顺"） 股东杭州凯士顺信息咨询有限公司（以下简称"凯士顺"）本次新增解除限售的 数量为 2,016,000 股，占公司总股本 0.375%；解除限售后凯士顺所持无限售股 份总数为 12,048,457 股，占公司总股本 2.24%。 2.本次限售股份上市流通日为2025年1月14日（星期二）。 3.本次解除限售不构成减持，仅增加该股东无限售股份数量；后续如该股东 有减持需求，需履行相关股份减持计划预披露后方可实施。 一、公司已发行股份的基本情况 浙江核新同花顺网络信息股份有限公司经中国证券监督管理委员会证监许 可【2009】1310号文核准，向社会公众公开发行不超过1,680万股人民币普通股 股票；经深圳证券交易所《关于浙江核新同花顺网络信息股份有限公司人民币普 通股股票创业板上市的通知》（深 ...

Market Performance - The Tonghuashun Fruit Index concept rose by 0.85%, ranking second among concept sectors in terms of gains [2] - Within the sector, 13 stocks advanced, with JCET Group, Crystal Optech, and Universal Scientific Industrial leading the gains at 6.23%, 3.77%, and 2.98% respectively [2] - Stocks that declined included Sinosteel New Materials, Lingyi Intelligent Manufacturing, and Wingtech Technology, with drops of 3.70%, 2.58%, and 1.40% respectively [2] Capital Inflows - The Tonghuashun Fruit Index concept sector saw a net capital inflow of 623 million yuan today [1] - Among the stocks, 10 received net capital inflows, with 7 stocks having inflows exceeding 10 million yuan [1] - JCET Group led with a net capital inflow of 727 million yuan, followed by BOE Technology, Crystal Optech, and Dongshan Precision with inflows of 174 million yuan, 159 million yuan, and 28.72 million yuan respectively [1] Capital Inflow Ratios - JCET Group, Crystal Optech, and BOE Technology had the highest capital inflow ratios at 11.43%, 7.37%, and 4.91% respectively [1]

Core Viewpoint - The Tonghuashun Special Valuation 100 concept index experienced a decline of 0.73% as of the market close on December 26, with notable stocks such as Tibet Tianlu hitting the daily limit down, while others like Dongfang Yuhong and Conch Cement also saw significant declines [1] Market Performance - The Tonghuashun Special Valuation 100 concept index ranked among the top decliners in the market, with 19 stocks rising, including AVIC Shenyang Aircraft and CITIC Heavy Industries, which increased by 2.97%, 2.58%, and 1.20% respectively [1] - The net outflow of main funds from the Tonghuashun Special Valuation 100 concept sector reached 1.199 billion yuan, with 61 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 100 million yuan [1] - The stock with the highest net outflow was Zhongke Shuguang, with a net outflow of 239 million yuan, followed by China Unicom, Tibet Tianlu, and China Ping An, with net outflows of 206 million yuan and 201 million yuan respectively [1] - The stocks with the highest net inflows included China Merchants Bank, AVIC Shenyang Aircraft, and Zijin Mining, with net inflows of 246 million yuan, 106 million yuan, and 104 million yuan respectively [1]

证券代码：300033 证券简称：同花顺 公告编号：2024-034 浙江核新同花顺网络信息股份有限公司 关于持股5%以上股东减持股份预披露的公告 股东叶琼玖保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有浙江核新同花顺网络信息股份有限公司（以下简称"公司"）股份 61,730,614 股（占本公司总股本 11.48%）的股东、董事叶琼玖女士，拟自本公 告发布之日起 15 个交易日后的三个月内（2024 年 12 月 23 日-2025 年 3 月 22 日），以集中竞价交易方式或大宗交易方式合计减持本公司股份不超过 2,000,000 股（占公司总股本的 0.37%）。 公司近日收到股东叶琼玖女士出具的《关于浙江核新同花顺网络信息股份有 限公司股份减持计划的通知函》，现将相关情况公告如下： 一、股东的基本情况 1.股东名称 叶琼玖，为公司持股 5%以上股东、担任公司董事兼副总经理； 2.股东持有股份的总数量、占公司总股本的比例 单位：股 | 股东 | 持股总数 | 限售股份 | 无限售股份 ...

证券代码：300033 证券简称：同花顺 公告编号：2024-034 浙江核新同花顺网络信息股份有限公司 关于持股5%以上股东减持股份预披露的公告 股东叶琼玖保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有浙江核新同花顺网络信息股份有限公司（以下简称"公司"）股份 61,730,614 股（占本公司总股本 11.48%）的股东、董事叶琼玖女士，拟自本公 告发布之日起 15 个交易日后的三个月内（2024 年 12 月 23 日-2025 年 3 月 22 日），以集中竞价交易方式或大宗交易方式合计减持本公司股份不超过 2,000,000 股（占公司总股本的 0.37%）。 公司近日收到股东叶琼玖女士出具的《关于浙江核新同花顺网络信息股份有 限公司股份减持计划的通知函》，现将相关情况公告如下： 一、股东的基本情况 1.股东名称 叶琼玖，为公司持股 5%以上股东、担任公司董事兼副总经理； 2.股东持有股份的总数量、占公司总股本的比例 单位：股 | 股东 | 持股总数 | 限售股份 | 无限售股份 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company has received an administrative supervision decision from the China Securities Regulatory Commission, requiring its subsidiary, Zhejiang Tonghuashun Cloud Software Co., Ltd., to rectify violations and suspend new customer acquisition for three months. This is not expected to significantly impact the overall performance of the company [3][4] - The cloud software company generated revenue of 199 million yuan in 2023, accounting for 5.58% of the consolidated revenue of Tonghuashun. The administrative measures mainly affect new customer acquisition and do not impact services to existing customers [3][4] - The capital market's activity is expected to improve due to a series of supportive policies, which will benefit the company's C-end business revenue growth. The impact of the cloud software violation on the company's performance is considered limited [5] Summary by Sections Financial Forecasts and Valuation - The company’s total revenue for 2022 was 3,559 million yuan, with a slight increase to 3,564 million yuan in 2023. Projections for 2024, 2025, and 2026 are 3,784 million yuan, 4,391 million yuan, and 5,030 million yuan respectively, indicating growth rates of 6.18%, 16.03%, and 14.55% [2][5] - The net profit attributable to the parent company for 2022 was 1,691 million yuan, which decreased to 1,402 million yuan in 2023. Expected profits for 2024, 2025, and 2026 are 1,443 million yuan, 1,657 million yuan, and 1,902 million yuan, reflecting growth rates of 2.90%, 14.82%, and 14.81% respectively [2][5] - The report maintains previous profit forecasts, with projected net profits of 14.4 billion yuan, 16.6 billion yuan, and 19.0 billion yuan for 2024, 2025, and 2026 [5] Market Data - The closing price of the stock is 272.50 yuan, with a market capitalization of 146,496 million yuan and a circulating A-share market value of 74,525.91 million yuan [8] - The stock has a price-to-earnings (P/E) ratio of 104.46 for 2023, projected to decrease to 101.51 in 2024, 88.41 in 2025, and 77.01 in 2026 [2][5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 280.57 CNY based on a 60x PE valuation for 2025 [12][22]. Core Views - The report highlights that the recent administrative measures taken against the company's subsidiary, due to issues in its investment advisory business, are expected to have a minimal impact on the company's overall performance. The subsidiary's revenue from this business was 199 million CNY, accounting for only 5.58% of the consolidated revenue [11][12]. - The company is projected to have an EPS of 3.00 CNY, 4.67 CNY, and 6.59 CNY for the years 2024, 2025, and 2026 respectively, supported by increasing trading volumes in the capital market [12]. Summary by Sections Company Events - The subsidiary, Zhejiang Tonghuashun Cloud Software Co., received an administrative regulatory decision from the Zhejiang Securities Regulatory Bureau due to various compliance issues in its investment advisory services. The measures include a three-month suspension of new client acquisitions, but existing client services will continue [11][12]. Financial Performance - The report anticipates that the administrative measures will have a limited effect on the company's revenue and profit for 2024, as the impacted business segment contributes a small portion to the overall revenue [12]. Market Context - The report notes that the capital market's trading volume is expected to continue increasing, which bodes well for the company's future earnings potential [12].

证券代码：300033 证券简称：同花顺 公告编号：2024-033 浙江核新同花顺网络信息股份有限公司 关于子公司浙江同花顺云软件有限公司收到行政监管措施 决定书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 近日，浙江核新同花顺网络信息股份有限公司（以下简称"公司"）子公司 浙江同花顺云软件有限公司（以下简称"云软件公司"）收到中国证券监督管理 委员会浙江监管局（以下简称"浙江监管局"）《行政监管措施决定书》，现将有 关事项公告如下： 一、《行政监管措施决定书》主要内容 云软件公司存在如下违规行为：营销人员存在运用部分客户成功案例、展示 客户称赞截图、个股过往业绩等进行展示宣传,且缺乏风险提示的情形；部分营 销、服务人员存在夸大、误导性宣传以及变相承诺收益的情形；部分提供投资建 议人员存在未登记为证券投资顾问的情形；直播业务推广过程中合规管控不到位, 且存在暗示推荐个股等情形；云软件公司作为平台运营主体在与证券公司合作开 展投资咨询服务过程中,未尽到合规管理责任；与关联公司合作开展证券投资咨 询业务过程中合规管控不到位。 上述行为违反了《证券、期货 ...

Summary of the Conference Call for Tonghuashun Company Overview - The conference call focuses on Tonghuashun, a leading financial services platform in China, particularly in the stock trading and investment sector [3][4]. Key Points and Arguments Market Position and Performance - Tonghuashun benefits from a strong beta effect due to increased market trading volume during the current bull market, alongside unique alpha attributes [3]. - The company's revenue and profit elasticity are highly correlated with market trading volume, especially during bull markets, where new account openings significantly boost advertising revenue [3][4]. - Tonghuashun holds approximately 30%-40% market share among retail investors, making its traffic highly valuable to brokers and fund companies during active market periods [3][4]. Revenue and Profit Trends - In Q3 2024, Tonghuashun's revenue grew nearly 5% year-over-year, driven by market conditions and increased account openings [4]. - The company's value-added telecom services are significantly correlated with trading volume, showing resilience even in poor market conditions [5]. Advertising and Promotion Business - The advertising and promotion business, primarily sourced from brokers, is highly correlated with trading volume and reflects a strong beta effect [6]. - Tonghuashun collaborates with 88 major brokers, indicating a robust advertising and promotion network that may expand its influence in the future [6]. Future Revenue Growth Expectations - The company anticipates optimistic revenue growth due to an average daily trading volume exceeding 200 million, which will drive overall revenue growth [7]. - Although R&D expenses have slightly increased, they remain controlled, while sales expenses are expected to decrease as market conditions improve [7]. Impact of ETF Growth - The growth of ETFs positively impacts Tonghuashun through increased trading activity, leading to higher commission income and expanded ETF distribution business [8]. - As of October, the ETF market size surpassed actively managed equity funds, with a year-on-year growth rate approaching 100% [8]. - Tonghuashun has access to 30 million high-quality active retail investors, enhancing its monetization capabilities through high-frequency trading [8]. Advantages in ETF Business - Tonghuashun's advantages in the ETF sector include a large user base and diverse monetization channels, effectively converting retail investor traffic into ETF trading volume [9]. - The company partners with the most brokers and offers a seamless trading experience for both stocks and ETFs, enhancing user convenience [9]. - The potential market size for ETF trading could reach the hundred billion level, positioning Tonghuashun to benefit significantly from ETF growth [9]. AI Functionality Development - Tonghuashun's AI product "Wencai" has shown remarkable success, significantly improving user experience and conversion rates, with VIP membership growth exceeding tenfold since October [10]. - The integration of "Wencai" with iPhone enhances data acquisition and processing capabilities, contributing to market share growth [10]. Future Revenue Growth Logic - Future revenue growth for Tonghuashun is driven by its strong correlation with A-share trading volume, enhanced bargaining power during bull markets, and the growth of the ETF market [11]. - The competitive landscape in public funds will provide more advertising opportunities for Tonghuashun, leveraging its traffic attributes [11]. - The development of AI functionalities will create new revenue streams by improving user experience and conversion rates [11]. ETF Market Influence - The ETF market positively influences Tonghuashun, as trading activity in ETFs is generally higher than in stocks, leading to substantial overall revenue despite lower fees [12]. - The competitive environment in public funds increases demand for advertising on third-party platforms, providing additional monetization opportunities for Tonghuashun [12]. App Performance - As of September, Tonghuashun's free app ranked seventh in financial applications, while its paid app ranked first overall and in wealth management categories, indicating strong market performance [13]. - The expected growth in value-added telecom services during bullish market conditions suggests continued leadership and substantial revenue potential for Tonghuashun [13].