According to the Open Source Securities Research Report, the total operating revenue/net profit of Caitong Securities in 2025H1 was 2,96/1.08 billion yuan, or -2%/+17% year-on-year, and net profit from Q2 was 790 million yuan, +174 percent month-on-month. Expanding customer base and active market transactions drove a year-on-year increase in retail brokerage, putting pressure on investment banking and asset management businesses. The company continued to optimize the algorithm business. In the first half of the year, the total volume of algorithm transactions was +53%, and the coverage rate of the algorithm business branch increased to 78%. The holding scale of the company's financial products was +5% compared to the beginning of the period, and the holding scale of Caiying's “Fortune” series FOF products exceeded 1.2 billion. The public offering of non-goods/partial shares of AUM was 1009/11.8 billion yuan, -8%/+18% year-on-year. In the first half of 2025, Caitong Securities was officially granted a QDII license for asset management. The company has an outstanding location advantage, and the wealth management transformation continues to deepen. The current stock price corresponds to PB1.0/1.0/0.9 times, has a margin of safety, and maintains a “buy” rating.

According to the Open Source Securities Research Report, the total operating revenue/net profit of Caitong Securities in 2025H1 was 2,96/1.08 billion yuan, or -2%/+17% year-on-year, and net profit from Q2 was 790 million yuan, +174 percent month-on-month. Expanding customer base and active market transactions drove a year-on-year increase in retail brokerage, putting pressure on investment banking and asset management businesses. The company continued to optimize the algorithm business. In the first half of the year, the total volume of algorithm transactions was +53%, and the coverage rate of the algorithm business branch increased to 78%. The holding scale of the company's financial products was +5% compared to the beginning of the period, and the holding scale of Caiying's “Fortune” series FOF products exceeded 1.2 billion. The public offering of non-goods/partial shares of AUM was 1009/11.8 billion yuan, -8%/+18% year-on-year. In the first half of 2025, Caitong Securities was officially granted a QDII license for asset management. The company has an outstanding location advantage, and the wealth management transformation continues to deepen. The current stock price corresponds to PB1.0/1.0/0.9 times, has a margin of safety, and maintains a “buy” rating.