同花顺（300033.SZ）2025 年中报点评 受益市场回暖业绩高速增长，持续拥抱 AI 2025 年 08 月 25 日 ➢ 事件：同花顺于 2025 年 8 月 22 日晚发布 2025 年中报，2025H1 公司实 现营收 17.79 亿元，同比增长 28.07%；实现归母净利润 5.02 亿元，同比增长 38.29%；实现扣非净利润 4.84 亿元，同比增长 40.64%。 ➢ 受益于市场交投活跃，25Q2 业绩继续向上。2025Q2 公司实现营收 10.31 亿元，同比增长 33.82%；实现归母净利润 3.81 亿元，同比增长 47.27%；实现 扣非净利润 3.72 亿元，同比增长 51.50%。回顾 2025 年上半年，A 股市场单边 成交额达到 159.22 万亿元，同比增长 58.9%，市场活跃度明显提升。 ➢ 毛利率有所提升，费用投入保持稳健。2025H1 公司毛利率达到 86.9%，同 比提升 2pct；另一方面，2025H1 公司销售/管理/研发费用投入分别为 3.4/1.2/5.8 亿元，同比变动分别为+38%/+9%/-2%。得益于毛利率的提升以及 成本端稳健的投入，公司归母净 ...

计算机/软件开发 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 400.82 | | 一年最高最低(元) | 426.88/93.80 | | 总市值(亿元) | 2,154.81 | | 流通市值(亿元) | 1,104.28 | | 总股本(亿股) | 5.38 | | 流通股本(亿股) | 2.76 | | 近 3 个月换手率(%) | 254.25 | 股价走势图 数据来源：聚源 -100% 0% 100% 200% 300% 400% 2024-08 2024-12 2025-04 同花顺 沪深300 相关研究报告 同花顺（300033.SZ） 2025 年 08 月 25 日 《Q4 业绩高增长，AI+金融打开成长 空间—公司信息更新报告》-2025.2.26 业绩高增长，经营性现金流和合同负债表现亮眼 ——公司信息更新报告 受益资本市场高景气，合同负债和经营性现金流高增长 公司业绩增长主要系资本市场回暖，公司将产品与大模型技术深度融合提升用户 体验，公司网站和 APP 用户活跃度上升，广告及互联网推广服务业务收入同比 增长 83 ...

Core Viewpoint - The A-share market is experiencing a general pullback in thematic sectors, particularly in fintech, while certain segments like stablecoins and cross-border payments show strength [1][3]. Group 1: Market Performance - The fintech sector saw a decline of over 1% in early trading, with most constituent stocks falling [1]. - Despite the overall downturn, stocks like Chutianlong surged over 8%, and companies such as Chuangshijia and Guao Technology rose more than 3% [1]. - The financial technology ETF (159851) initially dropped nearly 2% but narrowed its loss to 0.47%, with a trading volume exceeding 200 million yuan, indicating strong buying interest [1][4]. Group 2: Industry Developments - The RWA registration platform launched in Hong Kong on July 7, coinciding with the establishment of three Web 3.0 standards, which may drive innovation in fintech [3]. - Minsheng Securities highlighted the revolutionary potential of stablecoins, suggesting that the fintech IT sector is poised for investment opportunities [3]. - According to招商证券, the fintech sector is expected to benefit from active market trading and the potential for performance releases, particularly in the internet finance segment [3]. Group 3: AI Integration in Finance - The integration of AI in finance is seen as a promising application area, with companies like Tonghuashun and Dongfang Caifu leveraging large models for various financial services [4]. - Tonghuashun is focusing on internet financial information services and enhancing its model technology for applications in intelligent advisory and financial Q&A [4]. - Dongfang Caifu has developed its own financial model, incorporating AI features into its Choice terminal, creating a comprehensive service loop from information acquisition to trade execution [4]. Group 4: Investment Opportunities - Investors are encouraged to focus on the fintech ETF (159851) and its associated funds, which cover a wide range of themes including internet brokerage, fintech IT, cross-border payments, and AI applications [4]. - As of August 4, the fintech ETF (159851) had a scale exceeding 8.2 billion yuan, with an average daily trading volume of over 600 million yuan, leading in scale and liquidity among similar ETFs [4].

Group 1: Aier Eye Hospital - In 2024, Aier Eye Hospital achieved an outpatient volume of 16.94 million, a year-on-year increase of 12.14% [1] - The company reported a total revenue of 20.98 billion yuan, reflecting a growth of 3.02% compared to the previous year [2] - The net profit attributable to shareholders was 3.56 billion yuan, up by 5.87% year-on-year [2] - The company introduced several advanced medical technologies and products, including the INTENSITY™ intraocular lens and new dry eye treatment technology [1][3] Group 2: Tonghuashun - Tonghuashun reported a revenue of 4.19 billion yuan in 2024, marking a 17.47% increase from the previous year [5] - The net profit attributable to shareholders reached 1.82 billion yuan, a significant growth of 30% year-on-year [4][5] - The increase in revenue and profit was primarily driven by a recovery in the securities market and rising demand for financial information services [4] Group 3: Yiwei Lithium Energy - Yiwei Lithium Energy achieved a revenue of 1.28 billion yuan in Q1 2025, with a net profit of 110.11 million yuan, reflecting a 16.60% increase in net profit [7] - The company reported a significant increase in the shipment of energy storage batteries, with a year-on-year growth of 80.54% [8] - The company is expanding into emerging markets such as eVTOL and drones, with ongoing projects and production facilities being established [9] Group 4: Huadong Medicine - Huadong Medicine reported a revenue of 10.74 billion yuan in Q1 2025, a 3.12% increase year-on-year [10] - The net profit attributable to shareholders was 914.71 million yuan, up by 6.06% compared to the same period last year [11] - The company achieved its highest historical level of net profit excluding non-recurring gains and losses, reaching 897.34 million yuan [10] Group 5: Muyuan Foods - Muyuan Foods reported a revenue of 36.06 billion yuan in Q1 2025, a year-on-year increase of 37.26% [17] - The company turned a profit with a net profit of 44.91 billion yuan, compared to a loss of 23.79 billion yuan in the same period last year [18] - The significant growth was attributed to increased pig prices and sales [17] Group 6: China Aluminum - China Aluminum reported a revenue of 55.78 billion yuan in Q1 2025, with a net profit of 3.54 billion yuan, reflecting a year-on-year increase of 58.78% [21] - The company successfully managed market price fluctuations, resulting in increased product sales and profits [21] Group 7: Hengrui Medicine - Hengrui Medicine achieved a revenue of 72.06 billion yuan in Q1 2025, a 20.14% increase year-on-year [22] - The net profit attributable to shareholders was 18.74 billion yuan, up by 36.9% compared to the previous year [22] - The increase in profit was significantly influenced by a licensing payment received during the reporting period [22] Group 8: Bull Group - Bull Group reported a revenue of 16.83 billion yuan in 2024, reflecting a 7.24% increase year-on-year [13] - The net profit attributable to shareholders was 4.27 billion yuan, a growth of 10.39% compared to the previous year [13] - The company experienced growth in its electrical connection and smart lighting businesses, as well as rapid development in its new energy sector [14]