300059.SZ · A-shares
300059.SZ East Money: H1'26 market beta
East Money H1'26 revenue ¥9.84B (+22.3%), parent NI ¥7.46B (+18.2%). Daily turnover beta and fund distribution AUM are key trackers.
Cite a section with a deep link, e.g. /en/r/eastmoney-300059-research#thesis
Snapshot
- Price
- CNY 18.5
- Mkt cap
- CNY 290.0B
- Revenue
- CNY 19.7B
- H1 parent NI
- CNY 7.5B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
East Money H1'26 revenue ¥9.84B (+22.3%), parent NI ¥7.46B (+18.2%). Traffic broker + fund distribution; daily turnover beta and AUM are core variables.
Business
Model: internet brokerage + fund distribution + data. Flagships: Eastmoney.com traffic; Tiantian Fund. Edge: retail brokerage share. Strategy: wealth management pivot.
Value chain
Retail finance downstream. Upstream: exchanges/regulators; downstream: retail investors. Risks: turnover drop, fee competition.
Valuation
A-share ~¥18.5; high beta characteristics.
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| P/E（TTM 约） | 约 28x | 行情示意；以最新 EPS 为准 |
| P/B | 约 4.2x | 净资产口径随季报更新 |
| 盈利收益率 | 约 3.6% | 1/PE 近似 |
| 现价读法 | 约 18.5 CNY | 截至 2026-08-26 包内 KPI |
~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return):
Valuation & return · ~3y
Interactive chart available in the reader.
~3y share price (quarterly close, split-adjusted approx.):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ:
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
OCF and leverage per latest filings.
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 见最新披露 | 以 OCF 与负债率为准 |
| 经营现金流 | 见中报 / 季报 | 与净利润匹配度 |
| 资产负债率 | 见最新资产负债表 | 有息负债 vs 现金 |
| 流动性 | 见流动比率 | 货币资金与短债 |
| 审计意见 | 无保留（常规预期） | 半年报未经审计 |
Operations
H1 profit +18.2% with market recovery; track market share.
Key financial points
| Item | Value | YoY | Note |
|---|---|---|---|
| 2026H1 营收 | 98.4 亿 | +22.3% | 成交额 beta |
| 2026H1 归母 | 74.6 亿 | +18.2% | 经纪+代销 |
| 日均成交额 | 见交易所 | 跟踪 | 市占率 |
Competition
Market share vs peers (illustrative):
Peer comparison
| Company | Position | Margin | Strength | Weakness |
|---|---|---|---|---|
| 东方财富 300059 | 互联网流量券商龙头 | 高 | 流量+低成本获客 | 强市场 beta、佣金承压 |
| 华泰证券 601688 | 综合券商前列 | 中 | 机构与财富管理 | 流量获客弱于东财 |
| 国金证券 600109 | 互联网合作券商 | 中 | 线上渠道合作 | 品牌/流量弱于东财 |
| 同花顺 300033 | 金融信息服务 | 高 | 终端与数据 | 牌照与经纪变现弱于东财 |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 | 其实（以年报为准） | 长期任职 | 期间无重大披露变动（以公告为准） |
| 总经理 | 见年报 | 披露任职 | 期间无重大披露变动（以公告为准） |
| 财务负责人 | 见年报 | 披露任职 | 期间无重大披露变动（以公告为准） |
Stability: Controller stable; internet broker model mature.
Outlook
Turnover, fund AUM, margin lending, regulation.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
| Risk | Severity | Note |
|---|---|---|
| 需求/指引不及预期 | 高 | 市场熊市、佣金率下滑、监管、竞争。 |
| 竞争加剧 | 中 | 同业扩产或降价挤压份额与毛利 |
| 供应链约束 | 中 | 关键零部件或产能瓶颈 |
| 估值与流动性 | 中 | 主题退潮或解禁带来回撤 |
| 政策与合规 | 低 | 出口管制、监管或审计关注 |
Tracking list
Verify on next earnings:
- Daily turnover and brokerage share
- Fund distribution AUM and fee competition
- Margin / derivatives revenue beta
- H1'26 net income vs market beta
- Regulation on internet brokers
References
- CNINFO 300059 — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=300059
- Annual / interim reports and IR
- Cross-links in body
Not investment advice; defer to latest company filings.
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