东方财富(300059)9M25业绩点评：经纪&两融业务表现亮眼 投资收益承压

Core Viewpoint - On October 24, Dongfang Caifu released its Q3 2025 report, showing profits slightly below expectations, with significant revenue growth across all business lines due to a high market environment [1] Revenue Summary - For the first nine months of 2025, the company achieved total revenue of 11.59 billion yuan, a year-on-year increase of 58.7%, with a net profit of 9.1 billion yuan, up 50.6% year-on-year [1] - In Q3 2025, total revenue reached 4.73 billion yuan, a year-on-year increase of 100.7%, with a net profit of 3.53 billion yuan, up 77.7% year-on-year [1] - Breakdown of revenue for 9M 2025: commission income (mainly from brokerage) was 6.64 billion yuan (+86.8% YoY), interest income (mainly from margin financing) was 2.41 billion yuan (+59.7% YoY), and operating income (from fund distribution and software) was 2.54 billion yuan (+13.4% YoY) [1] Investment Performance - As of Q3 2025, total assets were 380.3 billion yuan, up 24.1% year-to-date and 7.0% quarter-on-quarter, with net assets of 88.9 billion yuan, up 10.1% year-to-date and 3.9% quarter-on-quarter [2] - The company reported investment income of 1.96 billion yuan for 9M 2025, down 18.4% year-on-year, with Q3 2025 investment income at 570 million yuan, down 26.4% year-on-year, primarily due to pressure in the bond market [2] Brokerage Business - The brokerage business showed strong performance, with commission income in Q3 2025 reaching 2.79 billion yuan, a year-on-year increase of 140.9% [3] - The company benefited from high market sentiment and a steady increase in retail investment, with monthly active users of the Dongfang Caifu app reaching 18.23 million in September 2025, up 12.9% year-on-year [3] Fund Distribution Business - The fund distribution business saw revenue growth, with new fund issuance in Q3 2025 reaching 362.2 billion units, a year-on-year increase of 90.3% [4] - Dongfang Caifu maintained a leading market share in fund distribution, with a market share of 4.76% as of mid-2025, despite slight pressure [4] Investment Analysis Opinion - As a leading financial technology firm, Dongfang Caifu is expected to benefit from the ongoing trend of residents moving their savings, with a strong recommendation rating maintained [5] - Projected net profits for 2025-2027 are 13.89 billion, 16.74 billion, and 18.00 billion yuan, representing year-on-year growth of 45%, 21%, and 8% respectively [5]