本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 艾方资产简介 上海艾方资产管理有限公司 成立于2012年3月，办公地点位于浦东新区。艾方资产拥有优秀的量化投资团队，核心成员具备丰富的海外绝对收 益投资经验及成功的中国市场绝对收益投资实践，公司拥有国内领先的系统平台，是一家科技驱动的资产管理公司。 创办之初，公司便定位于做一家以量化投资为手段、专注于获取绝对收益的机构。艾方资产于2014年6月完成在中国基金业协会的备案工作， 获得私募基金管理人资格，并在2015年3月成为中国基金业协会会员。公司新策略研发能力强，目前已建立起波动率均衡系列、CTA系列、可转 债系列、指数增强系列、中性策略等多个产品线。旨在为投资人创造长期可持续的回报，创立以来荣获包括金牛奖、金长江、金阳光等多个行 业内重量级奖项。 （点此查看 艾方资产旗下产品收益、核心团队及最新路演 ） 1% 数据来源:协会公示信息 发展历程 2012.3 · 艾方资产成立 2012.5 首只资管产品成立。 2014.6 首只顾问管理资管产品成立, 艾方资产在基金业协会完成备案 2015.2 上交所50ETF期权上市首日产品 即参与交易 201 ...

Core Viewpoint - The company achieved significant growth in revenue and net profit in Q1 2025, driven by a recovery in the domestic capital market and effective marketing strategies [1][2]. Financial Performance - Total revenue in Q1 2025 increased by 85% year-on-year to 542 million yuan, while net profit attributable to shareholders surged by 726% to 139 million yuan [1]. - The company's financial information service revenue grew by 76% year-on-year to 424 million yuan, primarily due to concentrated marketing of high-end products [2]. - The net income from brokerage and proprietary trading activities rose significantly, with net commission income increasing by 143% to 97 million yuan and investment income soaring by 259% to 106 million yuan [2]. Cost Structure - Operating costs rose by 45% year-on-year to 42 million yuan, driven by increases in employee compensation and communication expenses [3]. - Research and development expenses increased by 49% to 51 million yuan, with the R&D expense ratio decreasing by 2 percentage points to 9% [3]. - Sales expenses grew by 80% to 260 million yuan, while the sales expense ratio decreased by 1 percentage point to 48% [3]. Strategic Developments - The company is transitioning from a software provider to a comprehensive financial services provider, exploring intelligent stock selection tools and enhancing its investment strategy recommendations [3]. - The "one body, two wings" strategy has been deepened with the acquisition of a 95% stake in Pioneer Fund [3]. - The company’s major shareholder provided loans to support business expansion and enhance liquidity, with commitments to increase returns through dividends and buybacks over the next three years [3]. Profit Forecast and Investment Rating - Based on Q1 2025 performance, profit forecasts for 2025-2027 have been revised upward, with expected net profits of 306 million, 414 million, and 539 million yuan respectively [4]. - The company’s rating has been upgraded to "Buy," reflecting confidence in its long-term growth potential [4].

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company's total revenue for Q1 2025 increased by 85% year-on-year to 542 million yuan, while the net profit attributable to shareholders surged by 726% to 139 million yuan [1] - The company is transitioning from a software vendor to a comprehensive financial service provider, with significant growth in both software sales and brokerage services [7] - The report anticipates a strong growth trajectory for the company, projecting net profits of 306 million yuan, 414 million yuan, and 539 million yuan for 2025, 2026, and 2027 respectively [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 1,113 million yuan, with a year-on-year decrease of 11.33%, followed by a recovery in 2024 with an increase of 37.37% to 1,529 million yuan [1] - The net profit attributable to shareholders is expected to be 73 million yuan in 2023, with a significant recovery to 104 million yuan in 2024, representing a 43.50% increase [1] - The earnings per share (EPS) is forecasted to rise from 0.12 yuan in 2023 to 0.17 yuan in 2024, and further to 0.51 yuan in 2025 [1] Revenue Breakdown - The financial information service revenue for Q1 2025 was 424 million yuan, reflecting a 76% increase year-on-year [7] - The net commission income from brokerage services increased by 143% year-on-year to 97 million yuan in Q1 2025 [7] - Investment income saw a remarkable increase of 259% year-on-year to 106 million yuan in Q1 2025 [7] Cost and Expense Analysis - Operating costs for Q1 2025 rose by 45% year-on-year to 42 million yuan, primarily due to increased employee compensation and communication expenses [7] - Research and development expenses increased by 49% year-on-year to 51 million yuan, with a slight decrease in the R&D expense ratio [7] - Sales expenses surged by 80% year-on-year to 259 million yuan, driven by higher advertising and sales personnel costs [7] Strategic Developments - The company is enhancing its brand promotion and customer acquisition efforts, leading to a significant increase in registered and paying users [7] - The acquisition of a 95% stake in Pioneer Fund is part of the company's strategy to deepen its "one body, two wings" approach [7] - The company is committed to enhancing shareholder returns through dividends and buybacks over the next three years [7]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company's total revenue in Q1 2025 increased by 85% year-on-year to 542 million yuan, while the net profit attributable to shareholders surged by 726% to 139 million yuan [1] - The company is transitioning from a software tool provider to a comprehensive financial service provider, enhancing its product offerings and expanding its market presence [7] - The report anticipates significant growth in net profit for 2025-2027, with projections of 306 million yuan, 414 million yuan, and 539 million yuan respectively, reflecting a strong long-term growth outlook [7] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 542 million yuan, a year-on-year increase of 85%, and a net profit of 139 million yuan, up 726% [1][7] - The company's total revenue for 2023 is projected at 1,113 million yuan, with a forecasted growth to 2,022 million yuan by 2025 [1][22] - The earnings per share (EPS) for 2025 is estimated at 0.51 yuan, with a price-to-earnings (P/E) ratio of 112.72 [1][22] Business Segments - The software segment saw a significant increase in revenue, driven by active capital markets and targeted marketing of high-end products, with a 76% year-on-year growth in financial information service revenue [7] - Brokerage and proprietary trading businesses also experienced rapid growth, with net commission income rising by 143% to 97 million yuan in Q1 2025 [7] Cost and Efficiency - Operating costs increased by 45% year-on-year to 42 million yuan, primarily due to rising employee compensation and communication expenses [7] - The report notes a decrease in expense ratios despite rising costs, indicating improved operational efficiency [7] Strategic Initiatives - The company is deepening its "one body, two wings" strategy, including acquiring a 95% stake in Pioneer Fund to enhance its service offerings [7] - The company is exploring advanced tools for stock selection, leveraging AI and deep learning to optimize investment strategies [7]