东方财富（300059.SZ）, often dubbed the "brokerage king," released its first-half financial results on the evening of August 21st. The figures reveal that the company achieved a total operating revenue of 10.505 billion yuan during the period, marking a year-on-year increase of 53.22%, while net profit attributable to shareholders of the listed company reached 8.064 billion yuan, up 44.85% from the previous year.

Despite these impressive earnings, investors in 东方财富 have little to celebrate. According to the interim report, the company has not declared any dividend plan for the first half of the year, a decision that has become a hot topic of market discussion. On August 24th, the first trading day following the report's release, 东方财富's stock opened 0.26% lower at 18.86 yuan per share. As of the time of writing, the shares had declined 0.58% to 18.80 yuan.

Securities Business Leads the Charge, Investment Income Slumps 34.81%

In its report, 东方财富 attributed the robust performance to increased net income from securities fees and commissions, growth in its financial e-commerce services, and an expansion in the scale of lent funds. During the reporting period, the company's net fee and commission income reached 5.955 billion yuan, up 54.78% year-on-year, while net interest income rose 58.65% to 2.271 billion yuan.

By business segment, securities services emerged as the primary growth engine, generating 8.226 billion yuan in revenue during the first half, a year-on-year increase of 55.83%. The financial e-commerce services division contributed 2.085 billion yuan in revenue, a 47.22% jump, maintaining an impressive gross margin of 93.28%.

Geographically, mainland China remains the company's core revenue source, generating 10.384 billion yuan in the reporting period, an increase of 22.57% year-on-year, with a gross margin reaching 96.97%.

On the cost side, the company's primary operating expenses are dominated by network technology and information data fees, which amounted to 158 million yuan in the first half, accounting for 50.40% of total operating costs. Settlement fees ranked second, comprising 28.12% of operating costs, and this expense surged significantly by 95.49% year-on-year.

Notably, 东方财富's selling expenses for the first half totaled 256 million yuan, marking a substantial year-on-year increase of 82.13%—a growth rate far exceeding the 53.22% revenue increase. The company explained that this was primarily due to higher employee compensation and increased market promotion spending. However, according to unnamed market observers, this could signal a turning point. 东方财富's previous competitive advantage lay in its traffic and low customer acquisition costs. With the gradual exhaustion of internet traffic dividends and rising acquisition costs, if marketing investment continues to escalate, the company's profit margins could come under further pressure.

Regarding investment activities, 东方财富 invested a total of 16.14 billion yuan in the first half, while net cash flow from investing activities declined by 175.48% year-on-year, which the company attributed to a reduction in cash received from recovering investments. Affected by the performance of its proprietary trading operations, investment income for the first half stood at 1.032 billion yuan, a year-on-year decrease of 34.81%. Research from the CMB Securities non-bank team indicates that, based on their calculations, 东方财富's proprietary trading yield was 2.27%, down 0.82 percentage points year-on-year.

Fund Business Rebounds Significantly, R&D Investment Hits 540 Million Yuan

Leveraging the sustained momentum of the A-share market in the first half of the year, 东方财富's fund business showed a clear trend of recovery. According to public data, its subsidiary Tiantian Fund achieved a total operating revenue of 2.102 billion yuan and a net profit of 111 million yuan during the period. Compared to the same period in 2025, when revenue was 1.424 billion yuan and net profit was 64 million yuan, both metrics have experienced growth.

Analysis from CMB Securities suggests that 东方财富's fund business revenue increased by 44% year-on-year in the first half. The company's fund sales volume during the reporting period reached 1.89 trillion yuan, a year-on-year increase of 77%, with non-money market funds totaling 1.26 billion yuan, up 101%. As of the end of the reporting period, 东方财富's non-money market fund custody scale reached 1.01 trillion yuan, up 31% from the beginning of the year, with equity and fixed-income products increasing by 18% and 50%, respectively.

Furthermore, 东方财富 is also strengthening the financial backing for its fund operations. On June 17th, the company announced the signing of a maximum guarantee contract, revealing plans to provide an additional 4 billion yuan in guarantees for its subsidiary Tiantian Fund.

As a leading internet broker, technological research and development alongside AI applications remain key strategic focuses for 东方财富. According to the interim report, the company is leveraging its self-developed Miaoxiang AI capabilities as the foundational intelligent base, further refining its large model application ecosystem. It has launched core features such as "Miaoxiang Claw" and "Skill Square," continuously advancing its "Data AI-ification" initiative. The company is also expanding its professional financial AI services and exploring both horizontal and vertical applications for Miaoxiang AI. Data shows that in the first half of 2026, the company's R&D expenses reached 540 million yuan, representing an 8.2% increase compared to the same period last year.