The annual performance of online brokerage information service providers has been fully disclosed. Against the backdrop of the Shanghai Composite Index hitting a decade-high, a significant increase in A-share trading volume, and renewed investor confidence in the previous year, four major players—East Money Information Co.,Ltd., Hithink Royalflush Information Network Co.,Ltd., Beijing Compass Technology Development Co.,Ltd., and Shanghai Dzh Limited—presented their annual results amid the wave of "AI + Finance." While operating in the same sector, these companies displayed notable disparities in scale, growth rate, and profitability. East Money Information Co.,Ltd. maintained its leading position with absolute revenue and profit figures, Hithink Royalflush Information Network Co.,Ltd. demonstrated strong profit resilience, Beijing Compass Technology Development Co.,Ltd. emerged as a dark horse through the integration of its securities business, and Shanghai Dzh Limited continued to reduce losses while awaiting a turnaround.
Performance disparities were evident, with East Money Information Co.,Ltd. leading the pack and Beijing Compass Technology Development Co.,Ltd. standing out as a dark horse. As the industry leader, East Money Information Co.,Ltd. continued to dominate by a wide margin. In the previous year, the company achieved total operating revenue of 160.68 billion yuan, a year-on-year increase of 38.46%, and net profit attributable to shareholders of 120.85 billion yuan, up 25.75% from the prior year. Both revenue and net profit figures were the highest among the four firms, equivalent to 2.7 times the revenue and 3.8 times the net profit of the second-ranked Hithink Royalflush Information Network Co.,Ltd., highlighting the scale advantages of its comprehensive online wealth management platform. East Money Information Co.,Ltd. is the only entity among the four with a full securities license, underscoring its strong brokerage characteristics. Its securities business revenue reached 125.35 billion yuan, surging 47.59% year-on-year and accounting for 78.02% of total revenue. Within this segment, net fee and commission income amounted to 91 billion yuan, up 48.87%, while net interest income rose 44.17% to 34.35 billion yuan. Securities brokerage and margin lending services served as dual engines for growth. Simultaneously, fund distribution contributed stable cash flow, with financial e-commerce services generating revenue of 31.82 billion yuan, an increase of 11.99%. The company’s internet wealth management ecosystem, centered around its flagship platform, has established a complete loop from information to trading and wealth management, continuously amplifying its scale effects.
Hithink Royalflush Information Network Co.,Ltd. showcased high growth, reflecting the profit elasticity of a nimble player. The company reported annual revenue of 60.29 billion yuan, up 44% year-on-year, and net profit attributable to shareholders of 32.05 billion yuan, surging 75.79%. Profit growth significantly outpaced revenue expansion. Hithink Royalflush Information Network Co.,Ltd.’s core competitiveness lies in its extensive user base and technological foundation. Advertising and internet promotion services revenue soared 70.98% to 34.62 billion yuan, becoming the primary growth driver, while value-added telecom services revenue increased 20.71% to 19.51 billion yuan. Contract liabilities stood at 17.69 billion yuan by year-end, up 19.06%, mainly due to prepaid software service fees, indicating strong business reserves and customer loyalty.
Beijing Compass Technology Development Co.,Ltd., leveraging its acquisition of a securities firm to achieve a dual-drive strategy combining financial information services and securities operations—coupled with a previously low performance base—emerged as the top performer in terms of growth rate. The company’s revenue reached 21.46 billion yuan, rising 40.39% year-on-year, while net profit attributable to shareholders skyrocketed 118.74% to 2.28 billion yuan, marking the fastest growth among the four. This explosive performance stemmed from the effective implementation of its synergistic strategy. Financial information services revenue grew 27.5% to 15.09 billion yuan, while securities business revenue surged 91.19% to 6.07 billion yuan, increasing its share of total revenue from 20.76% to 28.27%. Its securities subsidiary served as a key growth engine, reporting a net profit of 1.65 billion yuan, up 133.36%, with securities trading volume reaching 101.15 billion yuan, a 52.72% increase, reflecting rapid growth in client numbers and assets under custody. Additionally, the company completed the acquisition of a majority stake in a public fund business, further expanding its wealth management ecosystem in a move reminiscent of East Money Information Co.,Ltd.’s trajectory.
Shanghai Dzh Limited, once part of a trio of leading online brokerages alongside East Money Information Co.,Ltd. and Hithink Royalflush Information Network Co.,Ltd., remains in a transition phase but has significantly narrowed its losses. The company reported revenue of 8.27 billion yuan, up 7.23% year-on-year, and a net loss attributable to shareholders of 440.257 million yuan, a 78.13% reduction from the previous year’s loss of 2.01 billion yuan. This improvement was driven by cost-cutting measures and asset disposals. Administrative expenses fell 16.26% to 2.67 billion yuan, while R&D expenses decreased 16.2% to 1.85 billion yuan, indicating effective cost control. Financially, revenue from financial information and data PC terminal services rose 7.8% to 4.22 billion yuan, and advertising and internet promotion services revenue increased 14.99% to 1.22 billion yuan. Notably, a merger with another financial firm is underway. In mid-March, the acquiring company received a notice from the stock exchange to suspend the review pending updates to application documents and financial data. Once completed, updated materials will be submitted to resume the process. The acquiring firm reported revenue of 24.2 billion yuan, up 10.37%, and net profit attributable to shareholders of 4.64 billion yuan, surging 325.15%. Industry observers believe that as the merger progresses, market attention will shift to the potential synergies in technology, user base, and licensing. Combined net profit for both entities would approximate 4.13 billion yuan, surpassing that of Beijing Compass Technology Development Co.,Ltd.
Artificial intelligence has become a new strategic focus, emerging as a key competitive battleground. While strengthening their core businesses, all four companies are prioritizing AI in their technological roadmaps, from model development to practical applications, signaling a full-scale race in "AI + Finance." East Money Information Co.,Ltd. is integrating its self-developed AI model across its ecosystem, enabling features such as rapid generation of in-depth stock reports and real-time transcription for roadshows. The company plans to increase investment in AI R&D to enhance the model’s capabilities. Hithink Royalflush Information Network Co.,Ltd. is building an integrated "AI + Financial Information Services" platform serving institutional and retail clients, leveraging its data resources and technical expertise to accelerate its transition to an AI-driven fintech platform. With over 60% of its workforce dedicated to R&D, the company is focusing on implementing AI models in financial scenarios. Beijing Compass Technology Development Co.,Ltd. has increased its R&D spending, prioritizing the iteration of AI-driven tools for short-term trading, financial data analysis, and thematic mapping to enhance product intelligence. Shanghai Dzh Limited has made AI empowerment a core strategy, integrating AI capabilities across its product modules and launching innovative tools for interactive queries and strategy generation, while also migrating professional features from PC to mobile platforms.
Industry experts suggest that amid deepening capital market reforms and the rapid adoption of AI technology, competition among online brokerages is evolving from a focus on user acquisition to a battle over technological sophistication and ecosystem integration. The first player to successfully commercialize "AI + Finance" is likely to gain a significant advantage in the next market cycle.
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