Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company achieved a revenue of 3.261 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 39.67%. The net profit attributable to shareholders reached 1.206 billion yuan, up 85.29% year-on-year [1]. - In Q3 2025, the company reported a revenue of 1.481 billion yuan, a significant increase of 56.72% year-on-year, and a net profit of 704 million yuan, which is a remarkable growth of 144.50% year-on-year [1]. - The company is experiencing a recovery in the capital market, with a total trading volume in the A-share market reaching 137.4 trillion yuan, a year-on-year increase of 218.5% [2]. - The company is increasing its investment in AI, enhancing product competitiveness and user experience, which is driving growth in its value-added telecommunications services [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the overall gross margin was 89.0%, an increase of 3.4 percentage points year-on-year. The company maintained good cost control, with sales, management, and R&D expenses increasing by 33.4%, 14.6%, and decreasing by 2.5% respectively [2]. - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 2.773 billion, 3.325 billion, and 3.910 billion yuan respectively, with corresponding PE ratios of 70, 59, and 50 times [3][8]. Market Outlook - The report indicates that the financial information industry is expected to recover in 2025, benefiting from increased market transactions and the integration of AI technologies into existing products [3]. - The company’s active user engagement on its website and app has led to increased advertising revenue from financial institutions and non-financial clients [2].

东吴证券研报指出，同花顺前三季度归母净利润同比+85%至12.1亿元，2025Q3单季度归母净利润同比 +144%至7.0亿元。市场持续活跃，核心业务明显受益。行业层面来看，资本市场活跃度持续，投资者 信心修复，带动金融信息服务需求增强；公司层面来看，公司在AI领域加大研发投入，持续优化产品 与用户体验。公司网站与APP用户活跃度提升，基金、证券、期货等金融机构，以及生活消费、科技等 非金融客户都加大了在平台上的广告投放和品牌推广投入，带动公司广告及互联网推广服务收入增长。 公司构建AI+金融全新生态，巩固金融科技领先地位。基于资本市场活跃度持续向好，各项业务收入增 长，维持此前盈利预测，维持"买入"评级。 ...