HHTG(SH:600095) Western Securities·2025-10-30 12:55Investment Rating - The investment rating for Xiangcai Co., Ltd. is "Accumulate" [6] Core Views - The company's Q3 performance exceeded previous expectations, with total revenue and net profit attributable to shareholders reaching 1.799 billion and 442 million yuan respectively for the first three quarters of 2025, representing year-on-year changes of +16.15% and +203.39% [1][6] - In Q3 2025, the company achieved total revenue and net profit of 655 million and 300 million yuan, with year-on-year increases of +43.77% and +315.25% [1][6] - The company's self-operated investment significantly increased, becoming a core source of profit, with investment income and fair value changes totaling 469 million yuan, a year-on-year growth of +27.53% [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 1.799 billion yuan and net profit of 442 million yuan, with year-on-year growth rates of +16.15% and +203.39% respectively [1] - In Q3 2025 alone, total revenue was 655 million yuan, and net profit was 300 million yuan, reflecting year-on-year increases of +43.77% and +315.25% [1][2] - The company's weighted average ROE increased by 2.45 percentage points to 3.68% for the first three quarters of 2025 [1] Revenue Structure - The revenue structure for the first three quarters of 2025 showed that operating income, interest income, and commission income were 234 million, 647 million, and 918 million yuan respectively, with year-on-year changes of -42.96%, +1.86%, and +82.37% [2] - The decline in operating income was primarily due to the company's proactive reduction of trade income [2] - The significant growth in commission income was driven by active market transactions, with the average daily trading volume (ADT) in the A-share market increasing by +107% year-on-year [2] Investment and Future Outlook - The company's self-operated investment income reached 314 million yuan in Q3 2025, marking a year-on-year increase of +95.79% and a quarter-on-quarter increase of +169.95% [3] - The company is in the process of a share swap merger with its associate company, Dazhihui, which has been approved by the shareholders' meeting and is currently under review by the Shanghai Stock Exchange [3] - The expected net profit for 2025, excluding the consolidation of Dazhihui, is projected to be 608 million yuan, representing a year-on-year increase of +456.6% [3]