Net profit hits a record high; "Brokerage Blue Chip" Orient Finance is expected to earn over 12 billion yuan in 2025 and plans a cash dividend of 1.58 billion yuan.

“券茅” Eastmoney (300059.SZ reports its 2025 annual results. On the evening of March 19, Eastmoney released its 2025 annual report. In 2025, the company achieved total operating revenue of 16.068 billion yuan, a year-on-year increase of 38.46%; net profit attributable to shareholders was 12.085 billion yuan, up 25.75% year-on-year.

In the financial report, Eastmoney stated that during the reporting period, the company’s various businesses continued to develop in a compliant and steady manner, with operating income and net profit steadily growing year-on-year, and its capital strength further enhanced. The company actively seized market opportunities, adhered to a user-centric approach, and its brokerage business and stock fund trading volume reached 38.46 trillion yuan.

This results report set a new record for Eastmoney’s highest net profit attributable to shareholders in history, and it was the first time the company’s annual net profit exceeded 100 billion yuan.

Regarding dividends, according to Eastmoney’s 2025 profit distribution plan, the company plans to distribute a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders, with an expected total cash payout of 1.58 billion yuan.

Despite the significant increase in performance, Eastmoney’s stock price experienced a sharp decline. On March 20, Eastmoney closed at 20.21 yuan per share, down 5.25%, with a total market value of 319.4 billion yuan.

Securities business contributes over 70% of revenue

Looking at the business segments, Eastmoney’s main businesses include securities (Eastmoney Securities, Eastmoney Futures, etc.), financial e-commerce services (Tiantian Fund, etc.), and financial data services.

Revenue from brokerage, proprietary trading, and other securities industry activities are directly related to market trading activity. The hot stock market in 2025 significantly boosted Eastmoney’s performance. Data shows that the Shanghai Composite Index returned to the 4,000-point mark after ten years, and the total market capitalization of A-shares exceeded 100 trillion yuan for the first time. The total trading volume for the year reached 420.21 trillion yuan, a 62.64% increase year-on-year.

Under the bull market, securities business has become the primary engine driving Eastmoney’s growth. The financial report shows that in 2025, Eastmoney Securities’ revenue reached 12.535 billion yuan, up 47.59% year-on-year, accounting for 78.02% of total revenue. The stock and fund trading volume in brokerage business reached 38.46 trillion yuan, which also drove net commissions and fees to grow by 48.9% to 9.1 billion yuan.

In fund sales, under the backdrop of fee reductions for public funds in 2025, the financial e-commerce services business centered on Tiantian Fund achieved revenue of 3.182 billion yuan, up 11.99%, a much slower growth rate compared to securities business.

Eastmoney disclosed in its annual report that by the end of 2025, Tiantian Fund had launched 164 public fund managers and 21,930 fund products. The non-money market public fund assets under management totaled 770.133 billion yuan, with equity funds holding 445.617 billion yuan.

Currently, AI is becoming a strategic high ground targeted by internet brokerages. Eastmoney also regards AI as a second growth curve for the future. Its self-developed “Miaoxiang” large model has been integrated into various Eastmoney products. The financial report shows that in 2025, R&D investment was 1.067 billion yuan, down 6.66% year-on-year; the number of R&D personnel was 1,973, an increase of 5.62%.

For the 2026 operating plan, Eastmoney also revealed in the annual report that it will leverage technological empowerment to transform wealth management services toward intelligence. The company will continue exploring the application of big data, artificial intelligence, and other new technologies in products and services.

“Market Bull” Year of Harvest

Although the performance was impressive, the secondary market stock price of Eastmoney in 2025 did not fully reflect its growth rate.

Wind data shows that in 2025, Eastmoney’s stock price generally entered a downward trend, with an annual decline of about 9.96%. Since the start of 2026, the stock has continued to fall, and as of the close on March 20, the decline for the year has exceeded 10%.

At the end of February this year, the actual controller of Eastmoney donated 450 million yuan worth of stock. According to the announcement on February 26, the controlling shareholder and actual controller planned to donate 20 million unrestricted circulating shares of the company to the Shanghai Jiao Tong University Education Development Foundation, accounting for 0.13% of the company’s total share capital. The donation aims to support education development, promote talent cultivation, and technological innovation. Based on the closing price of 22.50 yuan per share on that day, the donated 20 million shares were valued at 450 million yuan.

Looking at the entire securities industry, 2025 was undoubtedly a bumper year for brokerages. According to previous earnings forecasts, listed A-share brokerages generally achieved high growth in net profit.

Among the disclosed earnings forecasts and reports, CITIC Securities (600030.SH) led with a net profit attributable to shareholders of 30.051 billion yuan. Guotai Haitong (601211.SH) and China Merchants Securities (600999.SH) are both expected to have net profits exceeding 10 billion yuan last year. China United Minsheng (601456.SH), due to consolidation and reporting effects, is expected to see a net profit increase of 406%.

Nankai University’s Institute of Financial Development Director Tian Lihui previously told Times Finance that the securities industry’s performance in 2025 is expected to fully recover, driven by two core factors: first, increased market activity benefiting brokerage and proprietary trading; second, policy environment optimization providing incremental opportunities for investment banking and other businesses. Overall, listed brokerages are expected to see considerable growth.

However, Tian Lihui also pointed out that the growth will not be evenly distributed. Resources will accelerate toward leading, well-capitalized firms and those establishing competitive advantages in wealth management and fintech segments, highlighting the industry’s Matthew effect.

Despite strong performance, the valuation of the brokerage sector remains at historically low levels. The A-share market remains active, and as the “bull market flag bearer,” the brokerage sector’s performance was highly anticipated. However, in 2025, despite the overall active A-share market and accelerated M&A activity among brokerages, the sector’s secondary market performance was relatively weak. Wind data shows that from January 1 to December 31, 2025, the brokerage index (886054.WI) increased by only 4.05%, significantly underperforming the CSI 300 index’s 17.66%.