证券研究报告/行业研究 用户积累与 ARPU 提升决定金融信息服务企业盈利能力 ——金融信息服务行业专题研究 投资要点 ➢ 24年金融信息服务公司财务表现分化 2024 年指南针、九方智投、同花顺营收和利润表现亮眼。麟龙股份、古鳌科 技、益盟股份等公司营收，净利润均呈现负增长趋势，原因在于行业增速放 缓，其依赖营销及人力获客，导致销售费用率居高不下。行业马太效应持续， 用户规模优势与变现效率将成为决定企业竞争力的关键因素。 ➢ 金融信息服务公司核心竞争力在于零售客户的累积 金融信息服务公司的业务基础均依赖平台用户和流量，而实现客户增长需构 建自有流量矩阵与提升付费转化率。行业头部公司同花顺和早期的东方财富 积累了大量低成本流量并持续留存，指南针和九方智投用户流量池规模相对 较小，在提升付费转化率方面各具特色。指南针专注于证券分析软件领域； 九方智投则通过搭建覆盖 MCN 频道、互联网终端、传统媒体的融媒体生态， 形成"公域获客-私域沉淀-付费转化"的漏斗模型。 ➢ 寻找多元化流量变现途径，提升ARPU 当 PC 与移动端客户流量触及天花板后，各公司业务发展路径均聚焦于提升 ARPU。提升 ARPU 主要有两条 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9][21] Core Views - The company has shown strong performance in its brokerage and margin financing business, with a significant increase in revenue and net profit in Q1 2025, driven by a rise in stock trading volume [4][5][11] - The company is actively investing in AI and financial technology, enhancing its capabilities and product offerings through the development of its proprietary financial model [7][15][17] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 3.486 billion yuan, a year-on-year increase of 41.93%, and a net profit of 2.715 billion yuan, up 38.96% [4][10] - For the full year 2024, the company achieved revenue of 11.604 billion yuan, a growth of 4.72%, and a net profit of 9.610 billion yuan, increasing by 17.29% [4][10] Business Segments - The brokerage business revenue in Q1 2025 increased by 66% year-on-year, with total revenues from interest and commission fees reaching 0.811 billion, 0.717 billion, and 1.958 billion yuan respectively [5][11] - The company’s market share in brokerage services continues to grow, with a total stock trading volume of 24.24 trillion yuan in 2024 [5][11] Cost Management and R&D - The company has successfully reduced its sales expenses, with a sales expense ratio of 2.01% in Q1 2025, down from 2.77% in 2024 [6][15] - Significant investments are being made in financial technology, with advancements in AI capabilities including natural language processing and image recognition [6][15] AI and Financial Model Development - The company is deepening its "AI + Finance" strategy, with the launch of its proprietary "Miaoxiang" financial model aimed at enhancing financial research capabilities [7][17] - The company has built a comprehensive financial database and an extensive user ecosystem centered around its platform, enhancing its competitive edge in the financial services sector [7][17] Earnings Forecast - The company is expected to achieve revenues of 12.929 billion, 14.544 billion, and 16.404 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 10.547 billion, 11.761 billion, and 13.007 billion yuan [8][21]

探寻 AI 时代全新变量， 探索 AI 领域下一个超级应用。 4 月 18 日， 36 氪 2025 AI Partner 大会于上海模速空间盛大开幕。此次大会紧扣 "Super App 来了 " 主题，规划 "Super App 来了 " 、 " 谁是下一个超级应 用 " 两大核心篇章，全力探寻 AI 时代的全新变量，探索 AI 领域下一个超级应用的无限可能性。 中国人工智能领军科学家、上海交大清源研究院研究员刘志毅， AMD 大中华区市场营销副总裁纪朝晖，百度副总裁阮瑜，高通公司 AI 产品技术中国区负 责人万卫星，闲鱼 CTO 陈举锋，大华股份软件研发部副总裁周淼等来自学界和企业的 AI 产业生态重量级嘉宾汇聚一堂，共探 AI 应用发展的前沿趋势。 "从DeepSeek的爆火，我们能够看到，大众传播逻辑已经发生了深刻的变化。"36 氪 CEO 冯大刚在致辞中强调，世界不再是平的，国家之间的关系以及商业 运行的基础规则都变了，无论中国民众还是美国民众都产生了巨大的不安全感。在这种心理下，任何可能引发"颠覆"的因素都会被无限放大，而科技毫无疑 问是所有因素中我们最可以把握、最应该追求的那个关键变量。这种激烈 ...