The First Listed Securities Firm Annual Report is Here! Net Profit Breaks 100 Billion for the First Time, Can Eastmoney Stock Price Break Through?

This article is sourced from Times Weekly, authored by Xie Yiwen and Lan Shuo.

The first annual report of a listed securities firm is out.

On the evening of March 19, East Money Information released its 2025 annual report, showing 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. Both revenue and net profit hit their best records since the company went public in 2010.

Breaking down by segments, its three main business areas—securities, financial e-commerce services, and financial data services—achieved revenues of 12.535 billion yuan, 3.182 billion yuan, and 240 million yuan, respectively, each with double-digit growth.

Meanwhile, East Money announced its 2025 dividend plan, intending to distribute 1 yuan (including tax) in cash dividends for every 10 shares to all shareholders, with a total expected dividend payout of 1.58 billion yuan, a significant increase from 947 million yuan in 2024, setting a new record high.

Yu Fenghui, an invited researcher at China Financial Think Tank, told Times Weekly that East Money’s performance in 2025 was very impressive, with both revenue and net profit reaching new highs, indicating the company effectively increased market share and operational efficiency over the past year. Especially in the securities business, benefiting from increased market trading activity and enhanced competitiveness, the company achieved remarkable growth.

In Yu Fenghui’s view, the high dividend plan also reflects the company’s emphasis on shareholder returns, which helps boost investor confidence in the company’s long-term development.

On March 20, the Shanghai Composite Index closed below 4,000 points, with over 4,700 stocks declining across the market. The Wind Securities Index plummeted, with East Money leading the decline, closing down 5.25% at 20.21 yuan, the largest drop since April 2025, with a trading volume of 9.813 billion yuan. Since the beginning of the year, East Money’s stock has fallen more than 12%.

Source: TuChong Creative

Best performance since listing, net profit first surpassing 100 billion yuan

This is East Money’s best performance since going public. In 2025, the company achieved revenue of 16.068 billion yuan, up 38.46% year-on-year; net profit attributable to shareholders was 12.085 billion yuan. Not only did both revenue and net profit hit new highs, but net profit also surpassed 100 billion yuan for the first time.

Specifically, East Money’s business is divided into three main segments: securities, financial e-commerce services, and financial data services.

In 2025, securities services revenue reached 12.535 billion yuan, a 47.59% increase, accounting for 78.02% of total revenue. This business mainly provides securities and futures brokerage services through subsidiaries East Money Securities and East Money Futures.

In 2025, East Money Securities achieved revenue of 13.672 billion yuan, up 26.3%; net profit was 8.878 billion yuan, up 24.6%. As of the end of 2025, East Money Securities’ total assets were 332.082 billion yuan.

According to the non-consolidated financial statements of East Money Securities for 2025, the net interest income was 3.033 billion yuan, net fee and commission income was 7.98 billion yuan, and proprietary income (investment net gains + fair value change net gains – investment income from associates and joint ventures) was 2.376 billion yuan.

The Times Weekly reporter noted that after 2022, East Money again increased its capital injection into East Money Securities. The annual report shows that during the reporting period, the company invested 3.09 billion yuan in cash into East Money Securities, with 600 million yuan as registered capital and 2.49 billion yuan as capital reserve. After the capital increase, the registered capital of East Money Securities increased from 12.1 billion yuan to 12.7 billion yuan.

In the annual report, East Money stated that East Money Securities focuses on wealth management and asset management businesses, aiming to become a leading innovative internet securities firm, continuously promoting asset management innovation and product line development.

Financial e-commerce services achieved revenue of 3.182 billion yuan, an 11.99% increase, accounting for 19.80% of total revenue. This business mainly provides wealth management services such as fund sales through its subsidiary Tiantian Fund, with a gross profit margin of 93.01%. Data shows that Tiantian Fund achieved revenue of 3.203 billion yuan in 2025, up 12.3%; net profit was 180 million yuan, up 19.2%. As of the end of 2025, Tiantian Fund’s total assets amounted to 29.644 billion yuan.

The financial data services segment generated revenue of 240 million yuan, a 25.18% increase. This segment mainly provides professional financial data services via intelligent financial data terminals on PC and mobile platforms.

A recent research report from Dongwu Securities analyzed that the company, with leading platforms like East Money and Tiantian Fund, has built a high-stickiness, diversified demand C-end customer ecosystem. The company deepens its “AI + Finance” strategic layout, has launched MiaoXiang Skills, integrated professional research brains into OpenClaw, and continues to optimize financial service experiences. Meanwhile, its securities business, based on “traffic advantage + low commission strategy + platform efficiency,” is expanding rapidly, with market share in brokerage and margin trading steadily increasing.

Looking at the stock price, East Money’s stock experienced a rally last year, with a gain of over 40% from June 3 to August 29, 2025. The highest point on August 29 reached 29.36 yuan, then fluctuated downward, ending the year down more than 9%. The total annual trading volume was 2.38 trillion yuan, ranking second among all A-shares. This year, the securities index has generally weakened, and East Money has fallen over 12% since the beginning of the year.

Wind data shows that as of February 28, this year, East Money’s shareholder count was 1.029 million, an increase of 34,000 households from the previous period, with an average holding of 15,400 shares per household.

Fund subsidiary expands, ranking third

In 2025, the overall market trend was positive, and East Money’s Tiantian Fund and East Money Fund both saw significant growth.

Tiantian Fund achieved revenue of 3.203 billion yuan, up 12.3%; net profit was 180 million yuan, up 19.2%.

The annual report shows that as of the end of 2025, Tiantian Fund had 164 public fund managers managing 21,930 funds, with a non-money market public fund scale of 770.133 billion yuan and equity funds totaling 445.617 billion yuan. During the reporting period, the platform completed 257 million fund subscription (including regular investment) transactions, with a sales volume of 2.61 trillion yuan. Non-money market funds accounted for 167 million subscription transactions and 1.58 trillion yuan in sales.

Recently, the China Securities Investment Fund Industry Association disclosed data on the top 100 public fund distribution agencies in the second half of 2025. Tiantian Fund’s non-money market and equity fund scales were 724.2 billion yuan and 400.2 billion yuan, respectively, each growing 13.6% and 14.5% month-on-month, ranking third behind Ant Fund and China Merchants Bank.

Additionally, data as of March 19 shows that East Money Fund’s management scale was approximately 65.261 billion yuan, ranking 82nd among all public funds, with 19 fund managers and 120 fund products. Since the second half of 2024, East Money Fund’s scale has grown rapidly—from 5.257 billion yuan at the end of June 2024 to 23.356 billion yuan at the end of 2024, and then surpassing 30 billion and 60 billion yuan in early 2025 and 2026.

In December 2025, the China Securities Regulatory Commission issued the “Regulations on the Management of Publicly Offered Securities Investment Fund Sales Fees,” which lowered the maximum subscription fee rate, reduced sales service fees, and benefited retail investors. This marked the official implementation of the third phase of public fund fee reform.

Regarding the impact of these policies, Huatai Securities believes that in the short term, there may be some pressure on East Money Fund sales revenue, but in the medium to long term, the reduction in policy uncertainty, combined with the recovery of the equity market and the ongoing trend of fund relocation, will gradually offset the reform effects, and fund sales revenue is expected to stabilize.