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].

丨证券研究报告丨 联合研究丨公司点评丨同花顺（300033.SZ） [Table_Title] 同花顺 2025 一季报点评：业绩延续改善趋势， AI 赋能增强产品力 报告要点 [Table_Summary] 2025 年一季度，同花顺业绩延续改善趋势，收入端受益于权益市场热度提升，广告及互联网推 广服务业务销售收款快速增长。成本端销售费用率显著提升，弱化盈利能力。同花顺作为头部 互联网金融平台，平台流量优势稳固。短期内看好公司的业绩弹性，中长期来看，公司前瞻性 布局人工智能赛道，AI 大模型及智能投顾应用顺利落地，有望助同花顺打开新的成长空间。 分析师及联系人 [Table_Author] 吴一凡 宗建树 戴永飞 SAC：S0490519080007 SAC：S0490520030004 SAC：S0490524070001 SFC：BUV596 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 同花顺（300033.SZ） cjzqdt11111 [Table_Title 同花顺 20252]一季报点评：业绩延续改善趋势， AI 赋能增强 ...

"就盼着能有个神器，能帮我理清信息，看穿股市！" 想股民所想！36 氪联合拥有17年深厚大数据技术沉淀的红麦聚信全新升级的"企业全情报"小程序，帮助股民快速获取市场上有价值的信息： 汇聚专业观点 洞察全网股票舆情 文 ｜ 36氪 太难了，中国的2.2亿股民实在是太难了！每天被海量的真假信息追着跑，在好几个APP、论坛、网站之间来回切换，又是看专家观点，又是啃专业研报， 手指快划断了，眼睛也熬费了，关键信息还是说漏就漏，想从这堆信息里理出头绪？简直比登天还难！ 不是我不明白，实在是市场变化快！昨天的热点还没研究明白，今天又冒出一堆新消息，明天会咋样更是难以预测！稍微不留神，第二天开盘就是几个跌停 板砸下来，辛苦攒的钱一下子就打水漂了。 更值得一提的是，36 氪"企业全情报"小程序打破高门槛，让股民们轻松享受到专业级别的舆情数据服务。一直以来，这一类B端舆情服务都是大公司的战略 部门或者是头部咨询机构的专属，一套系统购买下来动不动就是几十万起步，如果是定制版还会涉及到私有化部署、多源数据整合之类的复杂操作，根本不 是普通投资者能够接触到的。 "企业全情报"把原本高不可攀的B端服务，变成散户也能用得起、看得懂的实用 ...

据同花顺（300033）iFinD数据，截至目前，沪深京三市成交额达5000亿元，较上日此时放量551亿元， 其中沪市成交额1997亿元，深市成交额2912亿元，北证50成交额93亿元。 ...

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 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]

Khalid Sadat LSEG 风险情报业务首席研究分析师 AI正在改变风险管理格局，使机构能够分析海量数据集、精准察觉新兴威胁，并能够主动采取应对措施。 这一模式的转变，使得AI成为应对当今复杂风险环境的有力工具。 这正是需要AI填补空缺的地方：借助机器学习（ML）或自然语言处理（NLP）以及高级分析技术，AI赋能 的解决方案可以实时分析大型数据集，为您提供触手可及的宝贵洞察。 但我们也要牢记，金融犯罪分子非常善于利用不断发展的技术和先进的AI工具（如深度伪造技术）来实施 欺诈、操纵数字身份并发动高度复杂的攻击。 AI工具可以帮助识别异常和模式、提供具有前瞻性的见解，还可实现重复性任务的自动化操作。这些功能 释放了人力资源，使其能够专注于战略决策。然而， 我们需要注意一点：AI 的部署必须确保安全。 这意味 着，AI需要人类进行监督和管控。 将AI添加到您的工具箱 将 AI 纳入您的工具箱，您可以更积极主动地管理风险，在与金融犯罪分子的较量中获得优势。借助自动化 数据分析，AI 能够挖掘出人类分析师可能会忽略的模式和异常情况。这不仅有助于加快决策进程，还能降 低人为失误的风险。 主要优势包括： 实时威胁 ...

彭博多资产风险系统（MARS） 市场风险解决方案 近日宣布进一步拓展其监管合规功能，以助力 客户满足全球买方衍生品风险监管要求。 "在规则18f-4实施之前，我们确信公司已做好充分准备，这得益于我们在2022年采用了 MARS。 彭博一直是我们优秀的解决方案合作伙伴，MARS为我们提供了一套全面的风险管理 工具，使我们能够继续践行使命，打造具有可及性和透明度的产品，进一步提升用户体验。" 彭博风险产品全球负责人Dharrini Bala Gadiyaram 表示： "我们致力于持续优化解决方案，以适应不断变化的监管环境。我们为能够支持客户满足SEC规 则18f-4等合规要求而感到自豪。MARS市场风险是一套全面的解决方案，汇集了最新的市场数 据和前沿技术，并提供端到端的风险管理系统，可无缝集成至客户的工作流程中，助力客户在复 杂的监管环境中达成合规目标。" 彭博多资产风险系统（MARS）提供针对现金产品和衍生品证券的风险分析功能，可通过彭博终端 或API访问。 点击 " 阅读原文 " ，进一步了解彭博风险解决方案。 美国证券交易委员会（SEC）规则18f-4自2022年起首次实施，要求基金设立衍生品风险管理计 ...

美国证券交易委员会（SEC）规则18f-4自2022年起首次实施，要求基金设立衍生品风险管理计 划。该规则对基金的杠杆风险设定了严格限制，并通过一套规定的风险价值（VaR）计算方法进行 衡量。MARS市场风险（MARS Market Risk）于2021年首次引入对SEC规则18f-4的支持，此后 不断扩展对类似风险法规的支持，包括欧洲监管的《另类投资基金经理指令》（AIFMD）、可转 让证券集合投资计划（UCITS）及加拿大安大略省证券委员会（OSC）监管的NI 81-102规定，以 助力客户满足合规要求。 MARS市场风险可根据SEC规则18f-4的指引，通过相对和绝对VaR测试计算VaR，帮助客户评估杠 杆风险。此外，客户还可以使用开箱即用的VaR模型回测功能，可按需配置时间范围。 彭博 MARS提供完整的市场风险工作流程，能够识别影响任何金融工具估值的市场变量所蕴含的风 险。 该解决方案支持多种压力测试类型，包括历史压力测试、资产类别层级压力测试、自设压力 测试和基于相关性的预测性压力测试。在SEC规则18f-4的框架下，VaR测试与压力测试相结合， 为基金经理提供符合该规则要求的完整衍生品风险管理体 ...