Core Insights - Dongfang Securities reported a significant increase in revenue and net profit for the first nine months of 2025, with operating income reaching 12.71 billion and net profit attributable to shareholders at 5.11 billion, reflecting year-on-year growth of 39.4% and 54.8% respectively [1] - The company's weighted average ROE (unannualized) improved to 6.35%, up 2.19 percentage points year-on-year [1] Revenue Breakdown - For the first nine months of 2025, the main revenue sources were brokerage, investment banking, asset management, net interest, and net investment income, contributing 2.38 billion, 1.17 billion, 970 million, 780 million, and 6.48 billion respectively, with year-on-year growth rates of 49.1%, 41.1%, -4.3%, -15.1%, and 60.0% [1] - The company's securities main revenue totaled 12.63 billion, marking a year-on-year increase of 39.9% [1] Expense Analysis - In the third quarter of 2025, management expenses rose to 2.45 billion, reflecting a year-on-year increase of 27.5% and a quarter-on-quarter increase of 57.2% [1] - The management expense ratio for the third quarter was 52.4%, down 5.4 percentage points year-on-year but up 14.0 percentage points quarter-on-quarter [1] Investment Performance - As of the end of the third quarter of 2025, the company's operating leverage was 3.86x, an increase of 0.13x from the beginning of the year, while investment leverage was 2.77x, up 0.02x year-to-date [2] - The company's financial investment scale was 227.2 billion, showing a year-to-date increase of 1.5% [2] - The net investment income for the third quarter was 2.23 billion, with a year-on-year increase of 26.6% [2] Asset Management Growth - The asset management business generated revenue of 370 million in the third quarter, reflecting a year-on-year increase of 20.6% [3] - The scale of the company's fund management subsidiary, Huatai Fund, reached 655.6 billion, up 30.4% year-to-date, ranking 9th in the industry [3] Brokerage and Investment Banking - The brokerage business achieved revenue of 1.01 billion in the third quarter, a year-on-year increase of 83.2% [4] - The company’s IPO underwriting scale reached 1.71 billion, with a market share of 2.2%, while refinancing underwriting reached 11.01 billion, with a market share of 1.5% [4] Future Profit Projections - The projected net profit attributable to shareholders for 2025-2027 is expected to be 6.7 billion, 7.63 billion, and 8.14 billion respectively, indicating year-on-year growth of 100.0%, 13.9%, and 6.7% [4]