Beijing (SZ:300803) Soochow Securities·2026-02-01 00:45Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In 2025, the company achieved a total revenue of 2.14 billion yuan, a year-on-year increase of 40%, and a net profit attributable to shareholders of 228 million yuan, up 119% year-on-year [1] - The company's net assets attributable to shareholders reached 2.8 billion yuan, an increase of 24% compared to the end of 2024 [1] - In Q4 2025, the company reported a total revenue of 745 million yuan, a decrease of 1.04% year-on-year, and a net profit attributable to shareholders of 112 million yuan, down 48% year-on-year [1] Revenue and Profit Forecast - The company is expected to generate total revenue of 2.15 billion yuan in 2025, with a projected growth rate of 40.39% for 2026 and 35.02% for 2027 [1] - The net profit attributable to shareholders is forecasted to be 264 million yuan in 2026 and 347 million yuan in 2027, with corresponding growth rates of 15.95% and 31.32% respectively [1] - The earnings per share (EPS) is projected to be 0.43 yuan in 2026 and 0.57 yuan in 2027, with a price-to-earnings (P/E) ratio of 285.39 and 217.32 respectively [1] Business Performance - The software segment saw a revenue increase of 27.5% to 1.5 billion yuan, driven by a significant rise in advertising and user acquisition costs [6] - The brokerage segment, particularly through Mai Gao Securities, reported a net income from brokerage fees of 487 million yuan, a 110% increase year-on-year [6] - The company has terminated its plan to issue A-shares to specific investors and instead opted to issue subordinated bonds to supplement liquidity, raising a total of 480 million yuan [6]