长江商报奔腾新闻记者 徐佳 受益于资本市场活跃度提升，金融信息服务行业龙头同花顺（300033.SZ）业绩高速增长。 10月22日晚间，同花顺发布三季报。2025年前三季度，同花顺实现营业收入32.61亿元，同比增长 39.67%；归属于上市公司股东的净利润（以下简称"净利润"）12.06亿元，同比增长85.29%；扣除非经 常性损益的净利润（以下简称"扣非净利润"）11.71亿元，同比增长85.5%。 三季报显示，2025年前三季度，同花顺持续聚焦互联网金融信息服务主业，稳步推进年度经营计划，深 化人工智能技术与既有业务的融合应用，盈利能力显著提升。 长江商报奔腾新闻记者注意到，2025年前三个季度中，同花顺分别实现营业收入7.48亿元、10.31亿元、 14.81亿元，同比增长20.91%、33.82%、56.72%；净利润1.2亿元、3.81亿元、7.04亿元，同比增长 15.91%、47.27%、144.5%；扣非净利润1.13亿元、3.72亿元、6.86亿元，同比增长13.72%、51.5%、 139.4%，业绩增速逐季度提升，且第三季度净利润和扣非净利润均实现翻倍增长。 不仅如此，2025年前三季 ...

Core Insights - In the first half of 2025, 150 brokerage firms achieved operating income of 251 billion yuan, a year-on-year increase of 23%, and net profit of 112.3 billion yuan, a year-on-year increase of 40% [1] - Among 42 listed brokerages, total operating income reached 251.9 billion yuan, a year-on-year increase of 31%, with net profit attributable to shareholders of 104 billion yuan, a year-on-year increase of 65% [1] Group 1: Performance of Securities IT Companies - The performance of major listed companies in the securities IT industry varied, with companies like Tonghuashun showing the highest sales expenses and expense ratio [1][2] - Tonghuashun's operating income for the first half of 2025 was 1.779 billion yuan, a year-on-year increase of 28.07%, and its net profit attributable to shareholders was 502 million yuan, a year-on-year increase of 38.29% [2] - Despite strong performance, Tonghuashun had the highest sales expenses of 335 million yuan and a sales expense ratio of 18.82%, significantly above the average of 10.24% for the other five companies [2][5] Group 2: Financial Metrics and Ratios - Tonghuashun's sales expenses grew by 38.15%, outpacing its revenue growth of 28.07%, indicating a high dependency on marketing for its performance [5] - The asset-liability ratio for Tonghuashun was 33.64%, the highest among the six companies analyzed, while other companies had lower ratios ranging from 4.37% to 31.36% [5] - As of mid-2025, Tonghuashun held 8.618 billion yuan in cash, representing 83.41% of its total assets, with a low cash yield of approximately 0.79% [6][7] Group 3: Investment and Utilization of Cash - The lack of trading financial assets for Tonghuashun raises questions about the utilization of its substantial cash reserves, as it has not invested in financial products to enhance cash yield [6][7] - In contrast, another securities IT service provider, Dingdian Software, achieved a higher cash yield of approximately 1.23% due to its investment strategies [6][7]

Core Viewpoint - The announcement of a planned share reduction by the controlling shareholder of Tonghuashun led to significant market reactions, with investors expressing skepticism about the motives behind the reduction, labeling it as a "high-level cash-out" [1][4]. Group 1: Share Reduction Announcement - On September 5, Tonghuashun announced that its controlling shareholder, Yi Zheng, and another major shareholder, Kaishun Technology, planned to reduce their holdings by up to 1.3831 million shares, representing 0.26% of the total share capital [1][2]. - The announcement sparked controversy, with some investors mocking it as a "high-level cash-out invitation" [1][4]. Group 2: Market Reaction - Following the announcement, Tonghuashun's stock price fell sharply on September 8, dropping over 6% at one point and closing down 4.95%, resulting in a market value loss of approximately 9.623 billion yuan [4][2]. - The very next day, on September 9, Tonghuashun announced that Yi Zheng decided to terminate the planned share reduction, leading to the term "one-day tour" being used to describe the situation [2][4]. Group 3: Financial Implications - Based on the closing price of 361.5 yuan per share on September 5, the planned reduction could have resulted in cashing out approximately 500 million yuan, with Yi Zheng personally set to reduce 684,000 shares for about 247 million yuan [3][4]. - Yi Zheng had not sold any shares since the company's listing in December 2009, although there was a previous attempt to reduce holdings in March 2023 that did not materialize [5]. Group 4: Company Performance - Over the past year, Tonghuashun's stock price has increased by over 250%, reaching a historical high of 426.88 yuan per share on August 18 [6]. - For the first half of 2025, Tonghuashun reported a total revenue of 1.779 billion yuan, a year-on-year increase of 28.07%, and a net profit attributable to shareholders of 502 million yuan, up 38.3% [7]. - The growth in revenue was attributed to increased user activity on its website and app, as well as a rise in demand for financial information services due to a recovering capital market [7].