SINOLINK SECURITIES·2025-10-31 08:57Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted net profit forecast for 2025 increased to 26.5 billion yuan, representing a year-on-year growth of 103% [5]. Core Insights - The company achieved a revenue of 45.892 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 101.6% (adjusted), and a net profit attributable to shareholders of 22.074 billion yuan, up 131.8% year-on-year [2]. - In Q3 2025, the net profit attributable to shareholders was 6.337 billion yuan, marking a year-on-year increase of 40.6% and a quarter-on-quarter increase of 81.31% [2]. - The company’s brokerage, investment banking, asset management, interest income, and investment net income grew by 143%, 46%, 49%, 232%, and 90% year-on-year, respectively, with their revenue contributions being 24%, 6%, 9%, 11%, and 44% [2]. Revenue Breakdown Brokerage Business - The brokerage business generated a net income of 10.814 billion yuan in the first three quarters, a 143% increase year-on-year, driven by increased trading volume and the merger with Haitong Securities [3]. - In Q3, the brokerage income reached 5.081 billion yuan, up 269% year-on-year and 65% quarter-on-quarter [3]. Investment Banking - The investment banking segment reported a net income of 2.629 billion yuan in the first three quarters, a 46% year-on-year increase, with Q3 income at 1.237 billion yuan, reflecting a 96% year-on-year and 81% quarter-on-quarter growth [3]. Asset Management & Credit - Asset management net income for the first three quarters was 4.273 billion yuan, up 49% year-on-year, with Q3 net income at 1.695 billion yuan, an 80% year-on-year and 20% quarter-on-quarter increase [3]. - Interest net income surged to 5.208 billion yuan, a 232% year-on-year increase, with Q3 interest net income at 2.021 billion yuan, up 286% year-on-year but down 19% quarter-on-quarter [3]. Investment Business - The investment segment achieved a net income of 20.370 billion yuan in the first three quarters, a 90% year-on-year increase, with Q3 investment income at 11.017 billion yuan, up 91% year-on-year and 106% quarter-on-quarter [4]. - The financial investment yield for Q3 was calculated at 5.16% (annualized), showing a slight increase compared to previous periods [4].