以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 上海滩大佬，财富飙升。 来源：雷达财经 文：孟帅 编：深海 在胡润研究院最新揭晓的《2025胡润全球富豪榜》中，其实家族以870亿元的雄厚财富强势跻 身总榜第195名，成为榜单上备受瞩目的焦点。与上一年度相比，其实家族的财富犹如坐上火 箭般激增390亿元，财富增长之势锐不可当。 然而，资本市场风云变幻莫测。自《2025胡润全球富豪榜》统计截止日1月15日至4月29日收 盘，撑起其实家族绝大部分财富的东方财富，市值已蒸发520多亿元。 回看其实的创业征程，他从股评家一步步成长为执掌数千亿市值企业的商业巨擘。除了纵横商 海，去年一月，其实还成功当选上海市掼蛋运动协会第一届理事会会长。 此番其实家族在富豪榜上大出风头的背后，东方财富2024年业绩亮眼：全年营业总收入 116.04亿元，同比增长4.72%，归母净利润96.1亿元，同比增长17.29%，均扭转前两年下 滑态势。 不过，繁荣背后也暗藏隐忧，公司去年的金融电子商务服务、金融数据服务业务收入均出现同 比下滑，毛利率更是连续走低，而基金代销业务也受降费影响。 01 身 ...

文 |孟帅 编 |深海 在胡润研究院最新揭晓的《 2025胡润全球富豪榜》中，其实家族以870亿元的雄厚财富强势跻身总榜第195名，成为榜单上备受瞩目的焦点。与上 一年度相比，其实家族的财富犹如坐上火箭般激增390亿元，财富增长之势锐不可当。 然而，资本市场风云变幻莫测。自《 2025胡润全球富豪榜》统计截止日1月15日至4月29日收盘，撑起其实家族绝大部分财富的东方财富，市值已 蒸发520多亿元。 回看其实的创业征程，他从股评家一步步成长为执掌数千亿市值企业的商业巨擘。除了纵横商海，去年一月，其实还成功当选上海市掼蛋运动协会第 一届理事会会长。 此番其实家族在富豪榜上大出风头的背后，东方财富2024年业绩亮眼：全年营业总收入116.04亿元，同比增长4.72%，归母净利润96.1亿元，同比 增长17.29%，均扭转前两年下滑态势。 以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 来源|雷达财经 不过，繁荣背后也暗藏隐忧，公司去年的金融电子商务服务、金融数据服务业务收入均出现同比下滑，毛利率更是连续走低，而基金代销业务也受降 费影响。 01 身家870亿！其实家族 ...

Core Viewpoint - The company, Dongfang Caifu, has shown a significant recovery in its performance in 2024 and continues to grow in 2025, driven by increased trading volumes and net income from agency transactions [1][3][4]. Financial Performance - In Q1 2025, the company achieved total revenue of 3.486 billion yuan, a year-on-year increase of 41.93%, and a net profit attributable to shareholders of 2.715 billion yuan, up 38.96% [1][3]. - For the full year 2024, the company reported total revenue of 11.604 billion yuan, a 4.72% increase year-on-year, and a net profit of 9.61 billion yuan, growing by 17.29% [2][3]. - The net income from fees and commissions in 2024 reached 6.113 billion yuan, reflecting a year-on-year growth of 23.07% [2]. Business Segments - The company's net income from fees and commissions accounted for 56.17% of total revenue in Q1 2025, with a significant year-on-year increase of 65.57% [1]. - All three major business segments, including financial e-commerce services, financial data services, and internet advertising services, reported growth in Q1 2025 [4]. Debt Issuance and Financing - The company has completed the issuance of 3 billion yuan in bonds as part of a larger plan to issue up to 20 billion yuan in bonds to supplement its working capital [1][7]. - The company has also seen a significant increase in its financial asset sales and short-term borrowings, indicating an active expansion of its funding base [7]. Market Position and Future Prospects - The approval for Dongfang Caifu to engage in market-making trading activities is expected to enhance its market share and competitiveness in the brokerage industry [6]. - The company has experienced substantial growth over the past decade, with total revenue increasing approximately 18 times and net profit growing about 57 times from 2015 to 2024 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a robust overall performance in Q1 2025, with total revenue increasing by 42% year-on-year to 3.5 billion yuan and net profit attributable to shareholders rising by 39% to 2.7 billion yuan [1] - The company continues to enhance its market share in brokerage and margin trading, benefiting from an active A-share market [1][7] - The company is expected to maintain its leading position in the retail brokerage sector and leverage its AI capabilities to restructure traditional securities business [1][7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 11,081 million yuan, with a year-on-year decrease of 11.25%. Revenue is expected to grow to 13,383 million yuan in 2025, reflecting a growth rate of 15.32% [1] - Net profit attributable to shareholders is forecasted to be 8,193 million yuan in 2023, with a slight decline of 3.71%. It is expected to increase to 11,522 million yuan in 2025, showing a growth of 19.90% [1] - The latest diluted EPS is projected to be 0.52 yuan in 2023, increasing to 0.73 yuan in 2025 [1] Brokerage and Margin Trading - The average daily trading volume in the A-share market increased by 70% year-on-year to 1.52 trillion yuan in Q1 2025, contributing to a 66% increase in net commission income to 2 billion yuan [1][7] - The net interest income from margin trading rose by 37% to 700 million yuan, with the margin financing balance increasing by 3.7% to 61 billion yuan [1][7] Fund Distribution and Self-operated Business - The fund distribution business showed a positive trend, with revenue increasing by 8% year-on-year to 800 million yuan in Q1 2025 [1][7] - The self-operated business reported a stable investment income of 700 million yuan, although it decreased by 14% year-on-year [1][7] Cost Control - Total operating costs increased by only 0.2% year-on-year to 1 billion yuan, with significant reductions in sales and R&D expenses [1][7] - The company effectively controlled various expenses, with sales expenses down by 16% and R&D expenses down by 13% [1][7] Future Outlook - The company is expected to achieve net profits of 115 billion yuan, 135 billion yuan, and 158 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 31, 27, and 23 [1][7] - The company is well-positioned to capitalize on its strong customer base and the ongoing AI transformation in the financial sector [1][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a robust overall performance in Q1 2025, with total revenue increasing by 42% year-on-year to 3.5 billion yuan and net profit attributable to shareholders rising by 39% to 2.7 billion yuan [1] - The company continues to enhance its market share in brokerage and margin trading, benefiting from an active A-share market [1][7] - The company is expected to maintain its leading position in the retail brokerage sector and leverage its AI capabilities to restructure traditional securities business [1][7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 11,081 million yuan, with a year-on-year decrease of 11.25%. Revenue is expected to grow to 13,383 million yuan in 2025, reflecting a growth of 15.32% [1] - Net profit attributable to shareholders is forecasted to be 8,193 million yuan in 2023, with a decrease of 3.71%, and is expected to reach 11,522 million yuan in 2025, indicating a growth of 19.90% [1] - The latest diluted EPS is projected to be 0.52 yuan for 2023, increasing to 0.73 yuan in 2025 [1] Business Segments - Brokerage and margin trading revenues are benefiting from a 70% year-on-year increase in average daily A-share trading volume, leading to a 66% increase in net commission income to 2 billion yuan [1][7] - Fund distribution revenue increased by 8% year-on-year to 800 million yuan, although it saw a decline of 6.6% quarter-on-quarter [1][7] - The self-operated business reported a stable investment income of 700 million yuan, despite a 14% year-on-year decrease [1][7] Cost Management - Total operating costs increased by only 0.2% year-on-year to 1 billion yuan, with sales expenses down by 16% to 70 million yuan [1][7] - Research and development expenses decreased by 13% to 250 million yuan, while management expenses increased by 5.6% to 590 million yuan [1][7] Market Position and Strategy - The company benefits from strong customer loyalty and diversified demand through its leading platforms such as Eastmoney and Tiantian Fund [1][7] - The company is advancing its "AI + Finance" strategy, achieving breakthroughs in areas like multi-modal derivatives and financial intelligence [1][7] - Despite potential pressures from fund fee reforms, the company maintains a solid leading position in fund distribution [1][7]