证券代码：300059 证券简称：东方财富 公告编号：2025-022 东方财富信息股份有限公司 关于子公司东方财富证券股份有限公司 2025 年度第三期 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 东方财富信息股份有限公司子公司东方财富证券股份有限公司 2025 年度第 三期短期融资券已发行完毕，具体发行结果如下： | 短期融资券名称 | | | | 东方财富证券股份有限公司 | | 2025 | | | | | 年度第三期短期融资券 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 25 | 东财证券 | | | CP003 | 短期融资券代码 | 072510047 | | | | | | 发行价格 | 100.00 | 元 | | | | 币种 | 人民币 | | | | | | 短期融资券期限 | 天 122 | | | | | 息票类型 | 固息 | | | | | | 发行日期 | 2025 | 年 3 | 月 | 2 ...

证券代码：300059 证券简称：东方财富 公告编号：2025-021 东方财富信息股份有限公司 关于举行 2024 年度网上业绩说明会的公告 欢迎广大投资者积极参与本次业绩说明会。 特此公告。 东方财富信息股份有限公司董事会 二〇二五年三月二十二日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 东方财富信息股份有限公司（以下简称"公司"）2024年年度报告已于2025 年3月15日披露，为了让广大投资者进一步了解公司2024年年度报告及经营情况， 公司定于2025年4月3日下午15:00－17:00，举行2024年度网上业绩说明会。 本次业绩说明会采用网络远程的方式举行，出席本次业绩说明会的人员有： 公司董事长其实先生，董事、副总经理、财务总监、董事会秘书黄建海女士，独 立董事李智平先生，独立董事朱振梅女士。 投资者可登录公司投资者互动平台 https://roadshow.eastmoney.com/luyan/466 4614，或扫描以下二维码，参与本次业绩说明会： 为广泛听取投资者的意见和建议，提升沟通交流效果，本次业绩说明会提前 向投资者征集问题。 ...

Core Viewpoint - A document screenshot circulating online claims that the Lhasa trading team was fined 95.93 million yuan for insider trading by Dongfang Caifu Securities, which has been confirmed as false information by the company [1] Group 1 - The screenshot mentioned that the penalty was imposed on "Dongfang Caifu Securities Limited Liability Company," while the correct name is "Dongfang Caifu Securities Co., Ltd." [1]

Group 1 - The non-bank financial industry experienced a net outflow of 2.856 billion yuan in funds on March 18, with 84 stocks in the sector, of which 39 rose and 34 fell [1] - The top three stocks with the highest net outflow were Dongfang Caifu, Hainan Huatie, and China Galaxy, with net outflows of 557 million yuan, 455 million yuan, and 205 million yuan respectively [1][2] - The industry saw a slight increase of 0.18% in its overall performance, while the Shanghai Composite Index rose by 0.11% [1] Group 2 - The stock with the highest net inflow was Guosheng Jinkong, with a net inflow of 50.75 million yuan, followed by Hatou Shares and Northeast Securities with inflows of 10.41 million yuan and 8.59 million yuan respectively [1][2] - The top five stocks with the largest net outflows included Dongfang Caifu, Hainan Huatie, China Galaxy, Tianfeng Securities, and CITIC Securities, all showing significant negative fund flow [1][2] - The non-bank financial sector had 11 stocks with net inflows, indicating some positive interest despite the overall outflow trend [1]

Summary of East Money Information (300059.SZ) Conference Call Company Overview - **Company**: East Money Information - **Ticker**: 300059.SZ - **Industry**: Online financial services, including brokerage, mutual fund distribution, and market data services [18][19] Key Financial Highlights - **4Q24 NPAT**: Increased by 79.8% year-on-year (y-y) to RMB3.57 billion, exceeding consensus by 11% [1] - **2024 NPAT**: Up 17.3% y-y to RMB9.61 billion [1] - **Brokerage Fee Income**: Rose by 120.6% quarter-on-quarter (q-q) and 111.0% y-y to RMB2.56 billion in 4Q24, accounting for 61% of gross income [2][7] - **Net Interest Income**: Increased by 82.7% q-q and 56.6% y-y to RMB875 million in 4Q24 [2] - **Cost-to-Income Ratio**: Improved to 24.8%, down 15.4 percentage points (ppt) q-q [2] - **Return on Assets (ROA)**: Jumped to 4.5%, up 1.82 ppt q-q [1] - **Return on Equity (ROE)**: Increased to 18.1%, up 7.65 ppt q-q [1] Revenue Drivers - **Brokerage Income**: Primarily volume-driven, with East Money gaining market share of 4.23% in 2H24, up 23 basis points (bp) half-on-half (h-h) [2] - **Mutual Fund Distribution**: Despite a surge in new fund sales (+247.5% q-q), non-brokerage fee revenue growth was weaker than expected, up only 21.9% q-q to RMB737 million [7] Challenges and Risks - **Earnings Growth Momentum**: Expected to taper off due to normalization of Average Daily Trading (ADT) and slowdown in mutual fund sales [8] - **Client Asset Outflow**: Customer funds for securities purchase shrank by 0.9% q-q, indicating a net outflow of RMB1 billion in 4Q24 [7] - **Provision Charge**: Increased to RMB43 million in 4Q24, indicating potential risks in the market [7] Valuation and Investment Strategy - **Target Price**: Raised to RMB19 from RMB18, applying a target PE of 25x for 2025E [1][8] - **Investment Rating**: Maintained at Sell/High Risk due to capped near-term upside and potential long-term growth challenges [19][20] Market Outlook - **Market Cap**: Approximately RMB385.64 billion (US$53.23 billion) [3] - **Expected Total Return**: -21.9% with a dividend yield of 0.4% [3] - **Long-term Positioning**: East Money is well-positioned to capture retail demand for mutual funds and gain market share in the brokerage business, despite current challenges [19][20] Conclusion East Money Information has shown strong financial performance in 2024, particularly in brokerage and interest income. However, challenges such as client asset outflows and a potential slowdown in earnings growth present risks. The investment strategy remains cautious, with a Sell rating reflecting the current market conditions and valuation concerns.

Market Overview - The Shanghai Composite Index rose by 0.19% to close at 3426.13 points, with a daily high of 3436.35 points. The Shenzhen Component Index fell by 0.19% to close at 10957.82 points, reaching a high of 11015.47 points. The ChiNext Index decreased by 0.52% to close at 2215.13 points, with a peak of 2233.33 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets reached 19360.11 billion yuan, with a financing balance of 19238.64 billion yuan and a securities lending balance of 121.48 billion yuan. This represents an increase of 119.76 billion yuan compared to the previous trading day. The Shanghai market's margin balance was 9795.92 billion yuan, up by 36.14 billion yuan, while the Shenzhen market's balance was 9564.19 billion yuan, increasing by 83.62 billion yuan [2] - A total of 3396 stocks had financing funds buying in, with the top three being Dongfang Caifu, Shenghong Technology, and Runhe Software, with buying amounts of 17.42 billion yuan, 13.87 billion yuan, and 11.73 billion yuan respectively [2][3] Fund Issuance - On the previous day, 44 new funds were issued, including various ETFs and mixed funds focused on sectors such as healthcare, technology, and real estate. Notable funds include the Hong Kong Medical ETF and the Southern CSI Science and Technology Innovation Board Comprehensive ETF [4][5][6] Top Net Purchases on the Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list included stocks such as Xiangyang Bearing, with a net purchase amount of 20402.83 million yuan, and Zhongdali De, with 20306.97 million yuan. Other notable stocks include Hailanxin and Quzhou Development [7][8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q4 2024, the company's performance improved significantly alongside the market, driven mainly by proprietary and securities businesses. The market share in securities continues to rise, while fee rates are on a downward trend. The self-operated income remains high due to balance sheet expansion and a bull market in bonds. Fund distribution is still affected by fee reductions, but the market share for actively managed equity funds has rebounded quarter-on-quarter. The company, as a benchmark internet brokerage, shows significant competitive advantages in customer acquisition and cost control, and its securities business growth is promising in the context of market recovery [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 11.6 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 9.61 billion yuan, up 17.3%. The weighted average return on equity increased by 0.7 percentage points to 12.6% [6][12]. Business Segments - The company's revenue from various business lines in 2024 includes e-commerce at 3.11 billion yuan (down 20.0%), net interest income at 2.38 billion yuan (up 6.9%), net commission income at 6.11 billion yuan (up 23.1%), and investment income at 3.37 billion yuan (up 50.8%). The decline in fund distribution revenue is noted, while securities brokerage and bond self-operation maintain high growth [12]. Market Share and Fee Trends - In 2024, the company’s agency trading volume for stock funds reached 24.2 trillion yuan, with a market share of 8.21%, an increase of 0.18 percentage points year-on-year. The estimated net commission rate for securities brokerage is 0.010%, down 4.4% year-on-year. The financing balance at the end of 2024 was 58.86 billion yuan, with a market share of 3.2%, up 0.24 percentage points year-on-year [12][14]. Self-Operated Income - The company’s investment asset scale reached 85.38 billion yuan at the end of 2024, a year-on-year increase of 7.4%. The estimated static investment return rate is 4.75%, up 1.36 percentage points year-on-year, benefiting from balance sheet expansion and a bull market in bonds [12][14]. Cost Control and Profitability - The company effectively controlled costs, with sales, management, and R&D expenses at 320 million yuan, 2.33 billion yuan, and 1.14 billion yuan respectively, showing a decrease in sales expenses by 31.2% year-on-year. The net profit margin improved to 64.2%, up 2.6 percentage points year-on-year, indicating significant enhancement in profitability [12][14]. Growth Outlook - The company is viewed positively for its securities business growth potential, with expected net profits of 9.67 billion yuan and 10.91 billion yuan for 2025 and 2026, corresponding to price-to-earnings ratios of 39.9 and 35.3 times [12][14].

Market Overview - The Shanghai Composite Index rose by 0.19% to close at 3426.13 points, with a daily high of 3436.35 points. The Shenzhen Component Index fell by 0.19% to close at 10957.82 points, reaching a high of 11015.47 points. The ChiNext Index decreased by 0.52% to close at 2215.13 points, with a peak of 2233.33 points [1]. Financing and Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 19360.11 billion yuan, with a financing balance of 19238.64 billion yuan and a securities lending balance of 121.48 billion yuan. This represents an increase of 119.76 billion yuan compared to the previous trading day. The Shanghai market's margin trading balance was 9795.92 billion yuan, up by 36.14 billion yuan, while the Shenzhen market's balance was 9564.19 billion yuan, increasing by 83.62 billion yuan [2]. - A total of 3396 stocks received financing purchases, with the top three being Dongfang Caifu, Shenghong Technology, and Runhe Software, which attracted financing amounts of 17.42 billion yuan, 13.87 billion yuan, and 11.73 billion yuan, respectively [2][3]. Fund Issuance - On the previous day, 44 new funds were issued, including various ETFs focused on the Hong Kong stock market and the STAR Market, as well as mixed funds targeting innovation-driven sectors [4][5][6]. Top Net Purchases on the Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list included stocks such as Xiangyang Bearing with a net purchase of 204.03 million yuan, Zhongdali De with 203.07 million yuan, and Hailanxin with 185.02 million yuan [9].

Market Overview - The Shanghai Composite Index rose by 0.19% to close at 3426.13 points, with a daily high of 3436.35 points. The Shenzhen Component Index fell by 0.19% to close at 10957.82 points, reaching a high of 11015.47 points. The ChiNext Index decreased by 0.52% to close at 2215.13 points, with a peak of 2233.33 points [1]. Margin Trading and Financing - The total margin trading balance in the Shanghai and Shenzhen markets reached 19360.11 billion yuan, with a financing balance of 19238.64 billion yuan and a securities lending balance of 121.48 billion yuan. This represents an increase of 119.76 billion yuan compared to the previous trading day. The Shanghai market's margin trading balance was 9795.92 billion yuan, up by 36.14 billion yuan, while the Shenzhen market's balance was 9564.19 billion yuan, increasing by 83.62 billion yuan [2]. - The top three stocks with financing buy-ins were Dongfang Caifu (17.42 billion yuan), Shenghong Technology (13.87 billion yuan), and Runhe Software (11.73 billion yuan) [2]. Fund Issuance - A total of 44 new funds were issued yesterday, including various ETFs focused on the Hong Kong stock market and the STAR Market, as well as mixed funds and bond funds. Notable funds include the Southern STAR Market Comprehensive ETF and the Guotai STAR Market Comprehensive ETF [3][4]. Top Net Purchases on the Dragon and Tiger List - The top ten stocks with the highest net purchases on the Dragon and Tiger list included Xiangyang Bearing (20402.83 million yuan), Zhongdali De (20306.97 million yuan), and Hailanxin (18501.82 million yuan). These stocks showed significant price increases, with Xiangyang Bearing rising by 9.99% and Zhongdali De by 10.0% [5].

Investment Rating - The report maintains a "Strong Buy" recommendation for Dongfang Caifu (300059.SZ) [7] Core Views - The company's securities business has fully recovered, while the fund business remains under pressure. In 2024, the company achieved total revenue of 11.6 billion, up 5% year-on-year, and net profit attributable to shareholders of 9.6 billion, up 17% year-on-year. The revenue from Dongcai Securities was 10.8 billion, up 26%, while Tian Tian Fund's revenue was 2.85 billion, down 22% [1][2] - The company is expected to benefit from a favorable market environment, with a projected net profit of 11.2 billion, 12.4 billion, and 13.8 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth of 16%, 11%, and 11% [7][8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 11.6 billion, a 5% increase year-on-year, and a net profit of 9.6 billion, a 17% increase year-on-year. The total asset scale reached 306.4 billion, up 28% year-on-year, and the net asset attributable to shareholders was 80.7 billion, up 12% year-on-year [1][2] - The fourth quarter saw a significant increase in revenue and net profit, with total revenue of 4.3 billion, up 66% year-on-year, and net profit of 3.6 billion, up 80% year-on-year [1] Business Segments - The brokerage business showed strong performance with a net income of 5.1 billion, up 20% year-on-year, and a market share increase to 4.14% [2] - The fund business faced challenges, with total revenue of 3.1 billion, down 20% year-on-year, despite a 22% increase in fund sales volume to 1.88 trillion [3] Market Position - Dongcai Securities' margin financing market share increased to 3.10%, with a financing scale of 57.7 billion, up 27% year-on-year [2] - The company is focusing on "fixed income+" and stock index funds to align with market preferences, with a slight decrease in market share to 3.38% [3] Future Outlook - The company is expected to maintain a stable growth trajectory in its securities business, with a projected net profit margin of 83% in 2024, up 9 percentage points year-on-year [1][7] - The report highlights the potential of the "Miaoxiang" financial model and its collaboration with DeepSeek to enhance business capabilities and drive performance growth [7]