2月5日，指南针大宗交易成交5.2万股，成交额636.9万元，占当日总成交额的0.29%，成交价122.48元， 较市场收盘价122.48元持平。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-02-05 | 300803 | 指南针 | 122.48 | 5.20 | 636.90 | 机构专用 | 中信证券股份有限 公司上海分公司 | ...

Strategy Research - The macroeconomic landscape shows a divergence in performance, with strong demand for technology hardware driven by AI infrastructure investment, while chemical prices remain robust due to supply constraints [2][3] - High-end liquor prices are stabilizing, indicating some recovery in consumer spending, although the sustainability of this trend remains uncertain [3][4] Food and Beverage Research - The company Sobo Protein is expected to maintain rapid profit growth in Q4 2025, with projected net profit for 2025 ranging from 178 to 191 million yuan, reflecting a year-on-year increase of 46.89% to 57.62% [8][36] - The company is focusing on high-end manufacturing and energy optimization, which is expected to enhance profitability [37] Automotive Research - The Robotaxi market in China is projected to reach a value of 50 billion yuan, with hardware cost reductions and software iterations driving demand [11][29] - The commercial viability of Robotaxi is approaching a critical point, with both L2 and L4 participants accelerating market penetration [11][29] Consumer Sector - The price of high-end liquor, such as Moutai, has increased by 3.9% for original and 3.0% for bulk, likely due to pre-holiday gifting demand [4][16] - The real estate market remains weak, with significant declines in transaction volumes across major cities, although policies to stabilize the market are being implemented [4][16] Technology and Manufacturing - The price of DRAM storage has shown signs of stabilization, with a slight decrease in DDR4 prices and a slight increase in DDR5 prices, while overall prices remain high [5][17] - Chemical prices continue to be strong, with PX prices increasing by 5.2% [5][17] Logistics and Transportation - Passenger transport demand remains stable ahead of the holiday season, with a slight increase in logistics demand reflected in highway and rail freight volumes [18] - Shipping rates have shown mixed trends, with domestic port throughput increasing, indicating a potential recovery in export activity [18] Industry Tracking: Machinery - The company Hangzhou Steam Turbine has signed its first commercial contract for a self-developed gas turbine, marking a significant step towards industrial application [19][20] - The company is also advancing its "B to A" strategy to enhance financing channels for high-investment R&D projects [21] Industry Research: Pharmaceuticals - The total market value of publicly held pharmaceutical stocks decreased from 397.7 billion to 316.1 billion yuan, indicating a decline in investor confidence [23][24] - The chemical preparation sector remains the largest segment within pharmaceutical holdings, accounting for 37.5% of total holdings [23] Industry Research: Information Technology - The median profit growth for computer companies is significantly higher than revenue growth, indicating a trend of improving profitability despite stagnant sales [25][26] - A notable number of companies are experiencing significant profit declines, highlighting a polarized performance within the sector [26][28]

Investment Rating - The report maintains a rating of "Buy" for the company with a target price of 144.90 CNY, compared to the current price of 121.61 CNY [6][13]. Core Insights - The company has experienced significant revenue growth driven by active trading in the capital market, with a notable increase in marketing efforts and the consolidation of Maigao Securities contributing to higher expenses. The acquisition of Pioneer Fund is expected to enhance wealth management capabilities, providing new growth momentum for the future [2][13]. - The company's adjusted revenue for 2025 (including investment income) is projected to be 2.366 billion CNY, representing a year-on-year increase of 41.01%, while the net profit attributable to the parent company is expected to reach 228 million CNY, up 118.7% year-on-year [13]. Financial Summary - Total revenue is forecasted to grow from 1.529 billion CNY in 2024 to 4.527 billion CNY by 2028, with annual growth rates of 37.4%, 40.4%, 32.2%, 30.2%, and 22.6% respectively [4]. - Net profit attributable to the parent company is expected to increase from 104 million CNY in 2024 to 1.38 billion CNY in 2028, with growth rates of 43.5%, 118.7%, 146.0%, 74.9%, and 40.8% respectively [4]. - Earnings per share (EPS) is projected to rise from 0.17 CNY in 2024 to 2.26 CNY in 2028 [4]. Business Performance - The company's securities business is experiencing rapid growth, with net commission income from brokerage and proprietary trading expected to reach 505 million CNY in 2025, a 110% increase year-on-year. Interest income is projected to be 101 million CNY, up 33% year-on-year, and investment income is expected to be 221 million CNY, reflecting a 47.3% increase [13]. - The financial information services and advertising business is also expected to grow, with revenue projected at 1.539 billion CNY in 2025, a 28% increase year-on-year [13]. Market Position - The company is positioned to benefit from a robust demand for wealth management services amid active capital market conditions. The number of active users on its securities app is expected to reach 175 million by December 2025, marking a 2.26% year-on-year increase [13]. - The report emphasizes the dual-driven strategy of financial information services and securities business, aiming to create a comprehensive wealth management service platform [13].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 144.90 CNY, compared to the current price of 121.61 CNY [6]. Core Insights - The company has experienced significant revenue growth driven by active trading in the capital market, with a notable increase in marketing efforts and the consolidation of Maigao Securities. The financial information services and securities businesses are expected to drive future growth, particularly with the acquisition of Pioneer Fund enhancing wealth management capabilities [2][13]. Financial Summary - Total revenue is projected to grow from 1,529 million CNY in 2024 to 4,527 million CNY by 2028, reflecting a compound annual growth rate (CAGR) of 22.6% [4]. - Net profit attributable to shareholders is expected to increase from 104 million CNY in 2024 to 1,380 million CNY in 2028, with a CAGR of 40.8% [4]. - Earnings per share (EPS) is forecasted to rise from 0.17 CNY in 2024 to 2.26 CNY in 2028 [4]. - The return on equity (ROE) is anticipated to improve from 4.6% in 2024 to 20.1% in 2028 [4]. Business Performance - The company’s securities business, particularly Maigao Securities, has shown rapid growth, with net commission income increasing by 110% year-on-year to 505 million CNY in 2025. Interest income also rose by 33% to 101 million CNY, while investment income reached 221 million CNY, up 47.3% [13]. - The financial information services and advertising business generated 1,539 million CNY in revenue, marking a 28% year-on-year increase [13]. - The total operating costs are projected to rise to 21,580 million CNY in 2025, primarily due to increased sales and management expenses [13]. Market Dynamics - The active trading environment in the capital market is expected to continue, with the average daily trading volume of stock funds reaching 20,003 billion CNY in 2025, a 64.07% increase year-on-year [13]. - The company aims to strengthen its comprehensive wealth management service platform, responding to the growing demand for wealth management among residents [13].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The equity market is expected to perform well, with a projected net profit growth of 50% year-on-year for 2025, and a 16% growth in 2026 from a high base [1][30] - The average daily trading volume of stock funds is anticipated to reach 19.814 trillion yuan in 2025, representing a 67% year-on-year increase [1][9] - The report highlights a significant recovery in IPO and refinancing activities, with IPO fundraising expected to grow by 96% in 2025 [1][14] - The bond issuance scale is expected to increase steadily, with a 13% year-on-year growth in 2025 [1][19] - The report emphasizes the low valuation of brokerage stocks and the potential for valuation recovery, particularly for large brokerages [1][24] Summary by Sections 1. Equity Market Performance - The average daily trading volume of stock funds is projected at 19.814 trillion yuan, a 67% increase year-on-year [1][9] - The number of new accounts opened in the Shanghai market is expected to average 2.5 million per month, an 8% increase from 2024 [1][9] - The financing balance is projected to reach 2.5242 trillion yuan, a 36% increase year-on-year [1][12] - The IPO market is expected to see 116 IPOs raising 131.8 billion yuan, a 96% increase year-on-year [1][14] - The refinancing market is expected to recover significantly, with a total of 950.9 billion yuan raised, a 326% increase [1][18] 2. Profit Forecast for 2025 - The report forecasts a 50% year-on-year increase in net profit for listed brokerages in 2025, with a 16% increase in Q4 [1][30] - The total revenue for the industry is expected to grow by 21% year-on-year [1][30] 3. 2026 Outlook - The report anticipates a 16% year-on-year increase in net profit for the industry in 2026, based on high baseline assumptions [1][37] - The growth in brokerage income from various segments is expected, including a 25% increase in brokerage business revenue [1][37] 4. Valuation and Recommendations - The report notes that the current valuation of brokerages is relatively low, with the CITIC Securities II index at 1.43x PB, indicating potential for valuation recovery [1][24] - Key recommendations include major brokerages such as CITIC Securities, Huatai Securities, and Guotai Junan [1][24]

1月30日晚间，指南针（300803）(300803.SZ)披露2025年年报，为A股披露的第二份年报，也是创业板上市公司披露的首份年报。 2025年，指南针实现营业总收入21.46亿元，同比增长40.39%;实现归母净利润2.28亿元，同比增长118.74%;实现扣非净利润1.72亿元，同比增长78.4%;基本每 股收益为0.38元/股，同比增幅达111.11%。 不过，业绩高增长背后，指南针三费激增、研发增速乏力、经营现金流下滑等问题同步显现，叠加新收购标的整合压力，业绩成色仍存考验。 年报显示，指南针2025年销售费用、管理费用、财务费用、研发费用分别达11.11亿元、6.50亿元、2825.32万元、1.64亿元，分别同比增长38.09%、 43.76%、45.10%、1.17%;同期经营活动产生的现金流量净额为30.53亿元，同比下降31.82%。 此外，指南针2025年3月完成对先锋基金管理有限公司(下称"先锋基金")的控股收购，但先锋基金2025年净利润为-2704.81万元，仍处于亏损状态。 截至1月30日收盘，指南针股价报124元/股，跌2.76%，总市值跌至756亿元左右。 证券服务业务成 ...

核心观点 受益于A 股市场整体向好的行业环境，叠加公司前瞻性的营销布局，公司全年顺利实现2.3 亿元利润， 其中麦高证券贡献利润约1.6 亿元，第二增长曲线已经逐步成型。伴随客户入金规模的持续稳步提升， 公司证券业务的成长弹性正逐步显现，依托清晰的发展路径与扎实的业务积淀，公司有望在竞争激烈的 互联网券商赛道中脱颖而出，成为行业内的新锐力量。 麦高证券利润同比大增，经纪业务贡献弹性、自营投资提供稳健收益。2025 年公司手续费收入和利息 净收入合计6.1 亿元，同比增长91%，其中经纪业务为主的手续费收入增速优于市场交易量整体，增速 达到110%；年末公司代理买卖证券款101.2 亿元，同比增长53%、环比增长12%，反映客户入金规模持 续增长。综合来看，2025 年麦高证券净利润1.65 亿元，同比大增133%，成长弹性凸显。 2025 年公司合并口径投资收益（含公允价值变动损益）2.2亿，同比+49%，剔除先锋基金公允价值重估 的非经常性影响后的投资收益为1.6 亿，同比+5%，期末交易性金融资产规模22 亿元，同比+136%，环 比+25%，由于自营资产结构以债券为主，今年自营弹性相对较小。 盈利预测与 ...

指南针 2025 年净利润 2.28 亿元，但扣除非经常性损益后，实际经营利 润约为 1.7 亿元，主要受先锋基金公允价值重估和股份支付费用影响。 管理费用和销售费用分别因麦高证券业务及广告获客费用增加而增长。 公司软件销售策略稳定，一、四季度主推高端产品，二、三季度侧重终 端产品秦龙版，未因 2025 年第三季度成交额较高而调整既定销售计划， 因销售安排涉及营销团队及课程策划。 指南针积极应对直播获客监管，确保业务团队及主播均持有相关资质， 并严格控制直播内容合规性。公司强调主播需具备投顾资格并在直播中 展示，同时加强对主播话术和对外发言的管控。 两融业务仍在等待监管验收，再融资计划终止是因等待时间较长，公司 计划尝试发行可续期债券，为麦高证券和先锋基金增加资本。先锋基金 已增资至 2.5 亿元，并积极引进人才，完善公司治理，等待监管验收后 恢复展业。 公司计划拓展海外业务，已在香港注册北极星互联网信息服务公司，但 具体发展路径尚未明确。收入规模增长良好，但利润增长受限于对子公 司增资及赋能工作，长期有望提升整体盈利能力。 Q&A 请介绍指南针 2025 年的整体业绩表现及主要业务发展情况。 指南针 202 ...

2025年，指南针实现营业总收入21.46亿元，同比增长40.39%；实现归母净利润2.28亿元，同比增长118.74%；实现扣非净利润1.72亿元，同比增长78.4%； 基本每股收益为0.38元/股，同比增幅达111.11%。 不过，业绩高增长背后，指南针三费激增、研发增速乏力、经营现金流下滑等问题同步显现，叠加新收购标的整合压力，业绩成色仍存考验。 年报显示，指南针2025年销售费用、管理费用、财务费用、研发费用分别达11.11亿元、6.50亿元、2825.32万元、1.64亿元，分别同比增长 38.09%、43.76%、45.10%、1.17%；同期经营活动产生的现金流量净额为30.53亿元，同比下降31.82%。 此外，指南针2025年3月完成对先锋基金管理有限公司（下称"先锋基金"）的控股收购，但先锋基金2025年净利润为-2704.81万元，仍处于亏损状态。 截至2月2日收盘，指南针股价报122.17元/股，跌1.48%，总市值跌至744.98亿元。 证券服务业务成最大"增长极" 天眼查显示，指南针成立于2001年4月，位于北京市，2007年在深交所新三板挂牌，2019年11月于深交所创业板上市， ...

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！ 来源：上市之家 去年下半年，经常会刷到指南针投放的小程序广告，受益于A股的上涨行情，该公司也交出了一份不错 的年报。 1月31日，北京指南针科技发展股份有限公司（以下简称"北京指南针"）披露2025年度审计报告，这也 是创业板的首份年报。报告显示，公司全年实现稳健经营，核心业务金融信息服务持续领跑，并购先锋 基金进一步拓展业务边界，整体财务状况合规健康。 2025年，北京指南针合并报表层面实现营业总收入21.46亿元，同比增长40.4%；归属于母公司股东的净 利润2.28亿元，同比增长118.7%；基本每股收益0.38元，稀释每股收益0.37元，盈利能力显著提升。 | 项目 | 府进 | 本上全家 | | EN 全 1 | | | --- | --- | --- | --- | --- | --- | | | | 合并 | 公司 | 合并 | 公司 | | 一、管生总收入 | | 2,146,176,538 | 1,624,058,562 | 1,528,741,505 | 1,243,197,813 | | 其中:管业收入 | 五. ...