The first annual report from a Chinese A-share brokerage is out: East Money expects double growth in profits by 2025, while subsidiary proprietary trading revenue drops over 30%.

Question to AI: Does the decline in self-operated business income at Eastmoney Securities indicate market risk?

On March 20, China News Service (Zhou Yihang) reported that Eastmoney released its 2025 annual report on the evening of the 19th, becoming the first listed brokerage in A-shares to disclose its annual report.

The annual report data shows that in 2025, Eastmoney achieved total operating income of 16.068 billion yuan, a year-on-year increase of 38.46%; the net profit attributable to shareholders of the listed company was 12.085 billion yuan, a year-on-year increase of 25.75%.

Breaking down the business, Eastmoney’s main operations include securities services (Eastmoney Securities, Eastmoney Futures), financial e-commerce services (TianTian Fund), and financial data services.

Among them, securities services are the company’s largest revenue pillar, achieving revenue of 12.535 billion yuan in 2025, a year-on-year increase of 47.59%, accounting for 78.02% of total revenue; financial e-commerce services achieved revenue of 3.182 billion yuan, a year-on-year increase of 11.99%, with this segment accounting for 19.8% of total revenue; financial data services achieved revenue of 240 million yuan, accounting for 1.5% of total revenue.

Looking at the business of Eastmoney’s two important subsidiaries, Eastmoney Securities achieved revenue of 13.672 billion yuan and net profit of 8.878 billion yuan in 2025, representing year-on-year growth of 26.29% and 24.57%, respectively; TianTian Fund achieved total operating income of 3.203 billion yuan and net profit of 180 million yuan in 2025, representing year-on-year growth of 12.27% and 19.21%, respectively.

Among them, Eastmoney Securities’ 2025 non-consolidated financial statements show that the company’s self-operated business reported investment income and fair value changes of 2.376 billion yuan, a year-on-year decline of 31.03%. In 2025, investment income was 2.557 billion yuan, a year-on-year decrease of approximately 17.09%, with fair value changes resulting in a loss of 182 million yuan.

Regarding TianTian Fund, both the scale of funds held and sales have increased. The annual report shows that by the end of 2025, TianTian Fund had launched 21,930 fund products from 164 public fund managers, with a non-monetary market public fund held scale of 770.133 billion yuan, a year-on-year increase of 25.97%, and an equity fund held scale of 445.617 billion yuan, a year-on-year increase of 16.54%.

In 2025, TianTian Fund’s internet financial e-commerce platform achieved total fund sales of 2.61 trillion yuan, a year-on-year increase of 38.51%; among which non-monetary fund sales reached 1.58 trillion yuan, a year-on-year increase of 45.52%.

(For more reporting tips, please contact the author Zhou Yihang: zhouyihang@chinanews.com.cn) (China News Service APP)

(The views in this article are for reference only and do not constitute investment advice. Investment carries risks, and one should proceed with caution when entering the market.)

Editor: Wei Wei Li Zhongyuan