东方财富：“券茅”不香了？股价涨幅低于行业平均

Core Viewpoint - The stock performance of Dongfang Caifu (东方财富) has not outperformed the industry average despite reporting significant revenue and profit growth in its 2025 semi-annual report, indicating a divergence in business performance and market sentiment [1][2][6]. Financial Performance - Dongfang Caifu achieved total revenue of 6.856 billion yuan, a year-on-year increase of 38.65%, and a net profit of 5.567 billion yuan, up 37.27% [2]. - The company's total assets reached 355.28 billion yuan, reflecting a 15.96% increase from the previous year [2]. - The brokerage business remains the main revenue driver, generating 5.279 billion yuan, a 54.24% increase, while the information technology services segment saw revenue of 1.575 billion yuan, a modest 3.65% increase [2][3]. Business Segment Analysis - The performance of the fund business, particularly Tian Tian Fund, has been under pressure, with its revenue nearly flat at 1.424 billion yuan and a net profit of only 0.64 billion yuan [1][2]. - The non-monetary market public fund scale of Tian Tian Fund grew by 10% to 675.266 billion yuan, but the equity fund scale only increased by 0.4% to 383.81 billion yuan [3]. Research and Development - Dongfang Caifu's R&D investment decreased to 499 million yuan, a decline of 10.27% compared to the first half of 2024, marking a rare drop after years of increasing investment [3]. Shareholder Activity - In the first half of the year, five of the top ten shareholders of Dongfang Caifu adjusted their holdings, with some reducing their stakes while others increased theirs [4]. - Notably, shareholder Shen Yougen transferred 159 million shares, representing 1% of the total share capital, at a price of 21.66 yuan per share [4]. Stock Performance - Despite a strong market for brokerage stocks, Dongfang Caifu's stock price has underperformed, with a year-to-date increase of only 3.95%, significantly lower than the industry average [1][6]. - From July onwards, the stock price increased by over 15%, aligning with the industry average, but overall, it has seen a decline of 10% in the first half of the year [6].