5月27日晚间，指南针公告称，公司近日收到董事长顿衡的书面辞职报告，顿衡因个人原因辞去公司董事 长、董事、董事会战略与ESG委员会主任及委员、董事会提名与薪酬委员会委员职务。顿衡未持有指南针 股份。顿衡原定任期至2028年4月，其在今年4月26日刚连任为董事长。 2022年，指南针收购网信证券，后又改名为麦高证券。指南针目前拟定增募资约30亿元，全部增资麦高证券。 据悉，麦高证券将依托指南针深厚的技术背景和强大的软件技术优势进一步拓展互联网券商业务、资产管理业 务、综合财富管理业务等，充分发挥业务协同效应并持续提升经营能力。 今年3月18日晚间，指南针公告称，公司与大连亚联签署股权转让协议，拟以1.61亿元收购其持有的先锋基金 33.3074%股权。随后几天，指南针再发公告称，上述交易已完成，公司持有先锋基金95.0100%股权。 打造小东财 指南针在拿到麦高证券的牌照，以及控股先锋基金后，一度被市场解读为希望成为小东财。由此，指南针也从 单一的金融信息服务商转变为了"金融信息服务商+互联网券商"，既提供炒股软件也从事券商经纪等投资业 务。 2025年5月14日，指南针披露定增募集说明书修订稿。公告显示，公司 ...

广州展新通讯科技有限公司的实际控制人为黄少雄、徐兵，因此二人也是指南针的实际控制人，但此二 人均未在指南针的董事会中任职。和北京掌上网有关联的顿衡则被委派担任董事长。 北京掌上网的控 股股东为自然人陈锋，陈锋持有广州展新15%的股权，并通过广州展新间接持有指南针IPO前7.14%的 股份，为指南针IPO前间接持股5%以上的主要股东。 去年顿衡的年薪从79.2万元微调至79.88万元。 公告显示，顿衡辞去上述职务后，将不再担任公司任何职务。根据相关规定，在新任董事长、董事会战 略与ESG委员会主任选举产生之前，将由公司副董事长冷晓翔代为履行公司董事长及董事会战略与ESG 委员会主任等相关职责。 东方财富（300059）、同花顺（300033）和指南针一样，都从事证券信息服务业务，东方财富通过收购 券商进入券商经纪业务，将流量转化为收益，成为指南针学习的榜样。这一系列操作使指南针从单一的 金融信息服务商转变为"金融信息服务商+互联网券商"，既提供炒股软件也从事券商经纪等投资业务。 顿衡未持有指南针股权，指南针有股权激励，董事会不少高管有股权，但顿衡名下迄今没有股权。 顿衡成为董事长，有一定偶然性。指南针是老三板的 ...

出品 | 妙投APP 作者 | 董必政 头图 | AI制图 9.24行情回暖，牛市旗手券商率先发力。 作为互联网券商，自2024年9月24日以来，东方财富的股价已经上涨了98.35%，市值重新突破了3000亿大关。 正因为，这波行情吸引不少投资者进场，东方财富2024年Q4的营收达到了43.01亿，环比增长82.34%，使得公司的业绩开始回升。 2024年公司全年实现营业收入 116.04 亿元，同比增长 4.72%；归母净利润达 96.10 亿元，同比增幅 17.29%。 除了IT研发、员工薪酬、办公设备等，公司的营业成本、费用基本不大。 正因如此，我们可以看到东方财富的净利率高达82.81%，远超贵州茅台的净利率52.27%以及传统券商平均净利率30%。 这么好的一门生意。在2015年公司通过定向增发收购牌照之后，开始爆发式增长，但也在2022年之后碰到了天花板。 2014年至2021年，东方财富营业总收入从6.1亿元增至130.9亿元，年化复合增速为54.9%，高于行业年化复合增速的24.8%。同期，东方财富归母净利润从1.7 亿元增至85.5亿元，年化复合增速为75.7%，显著高于行业整体增速21%。 ...

事件描述 东方财富发布2025 年一季报，报告期内实现营业总收入34.9 亿元，同比提升41.9%，实现归母净利润 27.2 亿元，同比提升39.0%，加权平均净资产收益率同比提升0.62pct 至3.3%。 事件评论 一季度业绩同比高增，手续费收入及利息净收入为主要驱动。2025 年一季度，东方财富实现营业总收 入（含投资收益）、归母净利润分别为41.9、27.2 亿元，同比分别+28.1%、+39.0%，加权ROE 为 3.3%，同比+0.62pct。分业务条线来看，电子商务等收入、利息净收入、手续费收入和投资收益分别为 8.1、7.2、19.6、7.0 亿元，同比分别+8.0%、+37.3%、+65.6%、-13.6%。2025 年一季度，公司手续费收 入及利息净收入高增，投资收益有所承压。 基金代销收入企稳回升，预计主要得益于基金市场回暖。2025 年一季度，市场新发股混、债基规模分 别为1101、1191 亿份，同比分别+101.8%、-34.2%，2 月末市场存续股混、债基规模8.02、6.35 万亿 元，同比分别+19.4%、+14.5%。新发及存续基金规模均同比提升，推动公司一季度基金代销收入 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for Q1 2025, driven by improved market conditions and strategic acquisitions [1][2][5]. Financial Performance - In Q1 2025, the company achieved total revenue of 542 million yuan, representing a year-over-year increase of 84.68% but a quarter-over-quarter decrease of 28% [1]. - The net profit attributable to shareholders reached 139 million yuan, marking a year-over-year increase of 725.93% and a quarter-over-quarter decrease of 35% [1][2]. - The non-recurring net profit was 72 million yuan, reflecting a year-over-year increase of 347% [1][2]. Strategic Acquisitions - The company completed the acquisition of 22.5% and 33.3% stakes in Pioneer Fund, increasing its ownership to 95.01%, thus becoming the controlling shareholder [2]. - The acquisition led to the recognition of 65.54 million yuan in non-recurring investment income due to goodwill from the consolidation of Pioneer Fund [2]. Business Segments - The financial information services segment saw significant improvement due to a recovery in trading activity, with cash received from sales and services amounting to 508 million yuan, a 93.09% increase year-over-year [2]. - In the securities business, the brokerage income, net interest income, and net investment income for McGow Securities were 97 million yuan, 21 million yuan, and 100 million yuan respectively, with year-over-year increases of 143%, 67%, and 228% [3]. Cost Structure - The company increased its investment in research and development, leading to a rise in costs. Sales, management, and R&D expenses were 259 million yuan, 122 million yuan, and 51 million yuan respectively, with year-over-year increases of 80%, 49%, and 49% [4]. - The expense ratios for sales, management, and R&D were 47.8%, 22.4%, and 9.4%, showing slight decreases year-over-year [4]. Future Outlook - The company maintains a "buy" rating, projecting revenues of 1.415 billion yuan, 1.547 billion yuan, and 1.751 billion yuan for 2025-2027, with corresponding year-over-year growth rates of 16.78%, 9.38%, and 13.14% [5]. - Expected net profits for the same period are 273 million yuan, 282 million yuan, and 304 million yuan, with growth rates of 161.73%, 3.27%, and 7.99% [5].

港股回温的关键时点，蚂蚁正对券商牌照发起新一轮冲击。 日前，蚂蚁财富向香港"老牌"券商耀才证券发起要约收购，表态"坚定看好香港地区经济长期发展，看好科技与财富管理结合的巨大机遇。" 此次收购涉及耀才证券50.55%股权，总价高达28.14亿港元；收购价为3.28港元/股，较停牌前股价溢价水平为17.6%。 自2015年试图入股德邦证券起，蚂蚁对于券商牌照的追逐，已有10年之久。 如今的蚂蚁已手握第三方支付、银行、保险、基金销售等多块牌照，但受限于监管的审慎态度，始终没有机会控股券商。 若此次收购成功，不仅蚂蚁将实现未竟之憾，香港市场也将迎来又一家互联网券商。 富途背后是腾讯，老虎背后有小米，这回耀才背后又要多了蚂蚁。 无论是内地起步于财经门户的东方财富，或是腾讯投资的富途证券，"互联网平台+券商"的价值已被多次验证；一旦蚂蚁加入，等待市场的或是一场全新变 革。 耀才的成色 被蚂蚁"加入购物车"的耀才证券，已有30年历史。 2003年香港取消最低佣金制的关键时期，创始人叶茂林敏锐地将佣金调低至0.05%，一举打响行业知名度，使耀才证券成为"平佣始祖"。 2010年，耀才证券登陆港交所，并陆续配齐香港证监会1、2 ...

Summary of Conference Call for Guiding Compass (指南针) Company Overview - Guiding Compass reported a significant revenue increase of 76% year-on-year in Q1 2025, reaching 420 million yuan, primarily driven by the sales growth of its high-end financial information service product "All-Win Series Thinker" targeted at mid-tier users [2][3][9]. Financial Performance - The difference of approximately 66 million yuan between the non-net profit and net profit attributable to shareholders is mainly due to investment income from the acquisition of Pioneer Fund, including over 65 million yuan in fair value re-evaluation gains [2][3]. - The company holds a 95.01% stake in Pioneer Fund, having become its controlling shareholder, with expected synergy effects to manifest within six months to a year [2][6]. Expense Analysis - Sales expenses increased rapidly due to higher advertising expenditures, contributing to a significant rise in customer numbers [5]. - Management expenses fluctuated due to the consolidation of Maigao Securities' operations [5]. - Stock incentive expenses are expected to see a slight increase for the year, following the approval of the 2025 stock incentive plan by the shareholders' meeting [2][5]. User Acquisition and Marketing Strategy - Guiding Compass primarily acquires users through software sales and account openings, with Maigao Securities' user base largely derived from Guiding Compass's traffic [2][11]. - The company has seen a significant increase in new registered and paying users in Q1 2025, although specific numbers were not disclosed [9]. Regulatory and Business Development - The company is awaiting regulatory approval for its margin financing and asset management businesses, with no specific timeline available [8]. - The private placement matter has progressed to a response status from the exchange, and any further developments will be disclosed promptly [7]. Software and Revenue Recognition - The company's software advance payments (contract liabilities and other non-current liabilities) have increased, with approximately 834 million yuan related to remaining performance obligations, of which 325 million yuan is expected to be recognized as revenue in 2025 [4][10]. Strategic Planning and Industry Trends - The company is focusing on industry consolidation trends and plans to enhance competitiveness through strategic planning and synergy effects [4][15]. - Guiding Compass is considering AI-related initiatives, although specific plans have not yet been disclosed [13]. - The company does not currently plan to expand overseas, focusing instead on the domestic capital market [15]. Wealth Management and Future Outlook - Guiding Compass has not yet launched fund sales but is strategically planning to develop its wealth management business alongside its core brokerage operations [14]. - The management remains optimistic about the market's stability and recovery, which would benefit both the company and the industry as a whole [16][17].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Views - In Q1 2025, the company experienced significant year-on-year growth in performance due to a recovery in the equity market, with fund distribution income stabilizing and increasing, driven mainly by the recovery in the fund market [2][7] - The company's securities brokerage and credit business saw substantial growth in line with market trends, maintaining a stable market share [2][7] - The company expanded its proprietary investment despite market challenges, achieving impressive investment returns [2][7] - Cost control measures have improved profitability, with a notable increase in net profit margin [2][7] - As a benchmark in the internet brokerage sector, the company has significant competitive advantages in customer acquisition and cost control, indicating strong growth potential for its securities business in the medium to long term [2][7] Summary by Sections Financial Performance - In Q1 2025, the company achieved total operating revenue of 34.9 billion yuan, a year-on-year increase of 41.9%, and a net profit attributable to shareholders of 27.2 billion yuan, up 39.0% year-on-year [7] - The weighted average return on equity (ROE) increased by 0.62 percentage points to 3.3% [7] Business Segments - Fund distribution income stabilized and increased, benefiting from a recovering fund market, with new issuance of stock and bond funds reaching 110.1 billion and 119.1 billion units, respectively [2][7] - The securities brokerage and credit business grew significantly, with the average daily trading volume in the two markets increasing by 70.3% year-on-year to 15.2 trillion yuan [2][7] - Proprietary investment expanded against market trends, with trading financial assets increasing by 31.6% to 96.76 billion yuan, achieving investment income of 7.0 billion yuan [2][7] Cost Management - The company effectively managed costs, with sales, management, and R&D expenses showing a decrease in certain areas, leading to improved profitability [2][7] - The net profit margin increased by 5.1 percentage points to 64.8% [2][7] Future Outlook - The company is expected to achieve net profits of 113.6 billion yuan and 122.2 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 28.8 and 26.7 times [2][7]