A股行情向好之下，同花顺（300033.SZ）三季报交出一份不错的成绩单。 10月23日，同花顺发布三季度报告。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%；归母净利润12.06亿元，同比增长 85.29%。第三季度，公司实现营业收入14.81亿元，同比增加56.72%；归母净利润7.04亿元，同比增加144.50%，环比增长84.64%。 对于前三季度经营情况，同花顺表示，公司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。 对于业绩变动原因，同花顺解释称，报告期内，资本市场活跃度回升、投资者信心修复，带动金融信息服务需求增强；同时，公司加大人工智 能等领域的研发投入，推进产品与大模型技术融合创新，优化核心产品竞争力与用户体验，带动增值电信业务收入较快增长。 另外，同花顺进一步指出，由于同花顺网站与APP用户活跃度提升，基金、证券、期货等金融机构加大在平台上的宣传投放力度，生活消费、 科技等非金融客户亦增加线上品牌推广投入，带动公司广告及互联网推广服务收入增长。 市场回暖成业绩高增基础 作为国内首家上市的互联网金融信息服务公司，同花 ...

Core Viewpoint - The financial performance of Tonghuashun (300033.SZ) in the third quarter of 2025 shows significant growth, driven by a recovering capital market and increased demand for financial information services [1][6]. Financial Performance Summary - For the first three quarters of 2025, Tonghuashun achieved operating revenue of 3.261 billion yuan, a year-on-year increase of 39.67% [2] - The net profit attributable to shareholders reached 1.206 billion yuan, up 85.29% year-on-year [2] - In the third quarter alone, the company reported operating revenue of 1.481 billion yuan, a 56.72% increase year-on-year [2] - The net profit for the third quarter was 704 million yuan, reflecting a 144.50% year-on-year increase and an 84.64% quarter-on-quarter growth [2] Market Conditions - The overall recovery of the A-share market has provided a solid foundation for Tonghuashun's high growth [6] - Major A-share indices have performed well, with the Shanghai Composite Index up 15.84%, the Shenzhen Component Index up 29.88%, and the ChiNext Index up 51.20% year-to-date [6] - New account openings in the A-share market reached 2.01489 million in the first three quarters, a 49.64% increase compared to the same period last year [6] User Engagement and Advertising Revenue - Tonghuashun has over 600 million users, covering seven core investment areas, with its app leading the industry [5] - Increased user activity on the Tonghuashun website and app has led to higher advertising and internet promotion service revenues [3][7] AI Development and Innovation - The company has intensified its focus on AI, enhancing product offerings and user experience through deep integration with large model technologies [8] - In the first three quarters, Tonghuashun registered 53 new software copyrights and 17 new invention patents, including nine in the United States [8] Strategic Partnerships - Tonghuashun has formed strategic partnerships with several leading securities firms to create an "AI + finance" ecosystem [9] - Collaborations include the development of new AI applications and platforms with major players like Guotai Junan and GF Securities [9] Shareholder Activity - The actual controller of Tonghuashun, Yi Zheng, announced a share reduction plan but later decided to halt it, maintaining a 36.13% ownership stake [10][11] - The employee shareholding platform, Kaishun Technology, executed a reduction plan, realizing approximately 249 million yuan from the sale [11]

Core Insights - The company achieved a total operating revenue of 3.26 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 40%, and a net profit attributable to shareholders of 1.21 billion yuan, up 85% year-on-year [1] - In Q3 2025 alone, the company reported an operating revenue of 1.48 billion yuan, a 57% increase year-on-year, and a net profit of 700 million yuan, reflecting a 144% year-on-year growth [1] Market Activity and Business Performance - The A-share market's average daily trading volume increased by 107% year-on-year to 1.65 trillion yuan in the first three quarters of 2025, with Q3 showing a 211% year-on-year increase to 2.11 trillion yuan, indicating a sustained recovery in investor confidence and heightened demand for financial information services [1] - The company has increased its R&D investment in the AI sector, leading to significant growth in its value-added telecommunications services revenue and enhanced user engagement on its website and app, resulting in increased advertising and internet promotion service revenue [1] Revenue Growth Potential - The company’s contract liabilities rose by 113% year-on-year to 2.519 billion yuan, marking a historical high, while net cash flow from operating activities surged by 235% to 2.2 billion yuan, indicating further revenue growth potential [2] - Total operating costs increased by 16% year-on-year to 1.93 billion yuan, primarily due to increased marketing efforts and sales expenses, suggesting that total revenue is expected to continue rising [2] Cost Management - Operating costs rose by 7% year-on-year to 357 million yuan, while R&D expenses decreased by 2% to 863 million yuan, resulting in a R&D expense ratio decline of 30 percentage points to 26.5% [2] - Sales expenses increased by 33% year-on-year to 530 million yuan, with a sales expense ratio decline of 4 percentage points to 16.3%, attributed to heightened sales promotion efforts [2] - Management expenses rose by 15% year-on-year to 201 million yuan, with a management expense ratio decline of 18 percentage points to 6.2% [2] Strategic Collaborations and AI Integration - The company has formed strategic partnerships with Guotai Junan Securities and Tonghuashun to build an AI-enabled wealth service ecosystem, integrating service experience and data technology [3] - Collaborations with various securities firms aim to create comprehensive financial advisory products and enhance digital and intelligent upgrades in investor services [3] Profit Forecast and Investment Rating - Based on the ongoing positive momentum in the capital market and revenue growth across various business segments, the company maintains its profit forecast, projecting net profits attributable to shareholders of 2.6 billion, 3.4 billion, and 4.3 billion yuan for 2025-2027, representing year-on-year growth rates of 41%, 32%, and 26% respectively [3] - Corresponding price-to-earnings ratios are projected at 73, 56, and 44 times for the respective years, with a "buy" rating maintained [3]