Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 748 million yuan in Q1 2025, representing a year-on-year increase of 21%, while the net profit attributable to shareholders increased by 16% to 120 million yuan [1] - The report highlights strong cash flow generation, with net cash flow from operating activities increasing by 720% year-on-year to 313 million yuan [1] - The company is expected to benefit from a recovering capital market, with a significant increase in daily trading volume, which is projected to enhance user engagement and advertising revenue [1] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 3,564 million yuan, with a year-on-year growth of 0.14%. For 2024, revenue is expected to reach 4,187 million yuan, growing by 17.47%, and further increasing to 5,112 million yuan in 2025, reflecting a growth of 22.11% [1] - The net profit attributable to shareholders is forecasted to be 1,402 million yuan in 2023, with a decline of 17.07%. However, it is expected to rebound to 1,823 million yuan in 2024, marking a growth of 30%, and further increase to 2,391 million yuan in 2025, with a growth of 31.13% [1] Cost Control - The company demonstrated strong cost control, with total operating costs rising by 22% year-on-year to 635 million yuan in Q1 2025. Notably, sales expenses increased by 47% to 166 million yuan, primarily due to enhanced sales promotion efforts [1] Market Outlook - The report anticipates a positive outlook for the company's C-end business revenue growth, driven by the active capital market and increased user engagement on its platforms [1] - The company is focusing on building an AI+ finance ecosystem, enhancing its competitive edge in financial technology through product upgrades and innovations [1] Profitability Forecast - The company is expected to maintain its profit growth trajectory, with net profits projected at 2,391 million yuan for 2025, 3,070 million yuan for 2026, and 3,866 million yuan for 2027, reflecting year-on-year growth rates of 31%, 28%, and 26% respectively [1]