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Benefiting from active market trading, the financial information services industry is ushering in a great year of performance. As the annual reports of Flush, Oriental Fortune, Compass, Great Wisdom, and Jiufang Intelligent Investment Holdings were released one after another, a picture of "boosting business but intensified differentiation" emerged: some companies are making a lot of money, while others are still exploring new ways out. In the annual reports of these five companies, AI is an unavoidable keyword: it is no longer the icing on the cake, but a variable that is reshaping the industry structure.
Revenue generally rose, profit differentiation was obvious
The rebound in market trading has become a common catalyst for the industry. All five companies will achieve positive revenue growth in 2025, but their net profit performance and growth quality are all divergent.
Relying on the two-wheel drive of "securities + funds", Oriental Fortune remains firmly at the top of the industry. The company will achieve total operating income of 16.068 billion yuan in 2025, a year-on-year increase of 38.46%; net profit attributable to the parent company is 12.085 billion yuan, a year-on-year increase of 25.75%. In terms of income structure, the securities industry contributed 78.02% of the income. Its subsidiary Oriental Fortune Securities achieved a net profit of 8.878 billion yuan; Tiantian Fund achieved a net profit of 180 million yuan.
Flush will achieve operating income of 6.029 billion yuan in 2025, a year-on-year increase of 44%; net profit attributable to the parent company is 3.205 billion yuan, a year-on-year increase of 75.79%. Among them, advertising and Internet business promotion services are the core engines of its revenue growth. This business revenue was 3.462 billion yuan, a year-on-year increase of 70.98%, and its proportion of revenue increased from 48.36% in 2024 to 57.43%.
Jiufang Intelligent Investment Holdings' total revenue in 2025 will be approximately 3.43 billion yuan, a year-on-year increase of 48.7%; the profit attributable to shareholders will be approximately 922 million yuan, a year-on-year increase of 238.5%. The company's AI terminal product "Jiufang Intelligent Investment AI Stock Machine" contributed 240 million yuan in revenue and became a new growth point.
Compass and Great Wisdom are in the catching up and repair stages respectively. Compass will achieve revenue of 2.146 billion yuan in 2025, a year-on-year increase of 40.39%; net profit attributable to the parent company is 228 million yuan, a year-on-year increase of 118.74%. Among them, securities services achieved revenue of 607 million yuan, a year-on-year increase of 91.19%; Maigao Securities’ net fee income from brokerage business was 487 million yuan, a year-on-year increase of 110.34%. Great Wisdom will achieve operating income of 827 million yuan in 2025, a year-on-year increase of 7.23%; the net profit attributable to the parent company will be a loss of 44.0257 million yuan, but this has narrowed significantly compared with the loss of 201 million yuan in the same period last year.
Different "business experience" behind traffic
As a financial information service provider, App is one of their most intuitive competition venues. Data from Analysys Qianfan shows that the average monthly active apps of the five companies in 2025 are as follows: Flush has 35.4991 million monthly active users, ranking first in the industry; Oriental Fortune has followed closely with 17.4277 million; Great Wisdom has 12.0955 million monthly active users, ranking third in the industry; Compass Stock has 1.8446 million monthly active users; Jiufang Intelligent Investment Holdings has 511,000 monthly active users.
This ranking does not correspond to the revenue volume of the five companies, because behind the monthly active figures are four different "business practices."
The industry generally believes that Oriental Fortune is one of the few companies that has successfully completed the "traffic + license" closed loop. After years of development, the company has built an Internet wealth management ecosystem with "Oriental Wealth Network" as the core, which has gathered a large number of user resources and has strong user stickiness. With the acquisition of securities, fund sales and other licenses, the company's main business has shifted from "selling software" to real financial business, with securities trading commissions, margin financing and securities lending interests and fund agency sales forming the main income.
Flush has embarked on a “technology + traffic” monetization path. The company focuses on diverting traffic to securities companies and selling software to both ends of BC. The former constitutes its core source of income "advertising and Internet business promotion services", and the latter is the second largest source of income "value-added telecommunications services". This asset-light, high-margin model means that although it does not hold a capital-heavy license, its profitability is still strong.
As the leader of early market software, Great Wisdom still has its brand recognition and user base, but due to the lack of a clear path to monetization, its traffic value has declined. Sun Ting, chief of non-bank finance at Soochow Securities, said in a research report that after the merger of Great Wisdom and Xiangcai Securities, whether these traffic resources can be effectively transformed into sustainable income will become a key aspect of its subsequent development.
Compass and Jiufang Intelligent Investment Holdings have taken differentiated paths. Compass takes financial information services as its core basic business and is responsible for customer traffic. The securities business, as a key link in monetizing traffic, has gradually formed a second income curve. The company has also acquired 90.02% of the equity of Vanguard Fund, which is expected to form a third income curve and a closed loop of wealth management in the future. Jiufang Intelligent Investment Holdings adheres to the two-wheel drive of "investment research + technology", covers different levels of customer needs through a three-dimensional product system, and relies on Hong Kong Fangde Securities to accelerate overseas business expansion.
AI racing breaks traffic dilemma
No matter how the business models are differentiated, AI has become a high-frequency word in each company's 2025 annual report, although the investment direction and strategic positioning are different.
Flush is the representative of heavy betting on AI. The company's R&D expenses in 2025 will be 1.145 billion yuan, accounting for 18.99% of revenue. Although both figures have declined from the previous year, they are both higher than peers. Judging from the annual report, Tonghuashun’s R&D investment is concentrated in the fields of large models, intelligent investment research and investment consulting. Its personal investment assistant "Wencai" has covered core scenarios such as stock selection, stock diagnosis, strategy verification, risk management, etc. In the future, it will focus on promoting the comprehensive evolution of the iFinD platform into an "asset management AI assistant".
Oriental Fortune’s AI strategy presents the characteristics of “application-oriented, service ecosystem”. In 2025, the company's R&D expenses will be 1.067 billion yuan, accounting for 6.64% of revenue. Its R&D investment mainly focuses on AI empowerment of the existing financial ecosystem, such as Miaoxiang Financial Model, investment research assistant, etc., with the purpose of consolidating the moat of existing businesses such as trading, information, and fund sales, and improving user service efficiency. The recently released "Oriental Fortune Skills" attempts to push AI capabilities from information services to intelligent investment research.
Other companies are in the stage of trying to differentiate. Jiufang Intelligent Investment Holdings has commercialized C-end AI products; Compass' AI construction is still in its infancy, and it will start building an intelligent customer service system in February 2025, and related projects are still in progress; Great Wisdom fully penetrated the application of AI capabilities into various products last year to achieve intelligent upgrades of basic content, strategy platforms, interactive Q&A and other services.
Although the focus and progress of AI strategies vary, the industry faces a common challenge: traffic costs continue to rise. In 2025, except for Great Wisdom, the sales expenses of the other four companies will increase significantly. The sales expenses of Compass, Jiufang Intelligent Investment Holdings, Flush, and Oriental Fortune will increase by 38.09%, 33.4%, 28.24%, and 19.61% respectively.
Yang Ling, a consulting expert in the securities industry of Analysys Qianfan, analyzed to reporters that in the past, competition among financial information service providers mainly revolved around channels, comparing who could reach more users. Nowadays, in the context of high customer acquisition costs, AI is regarded as a key variable to solve the traffic dilemma and increase the user life cycle value. Whoever can use AI to serve users more accurately and convert traffic more efficiently will be able to take the initiative in the next stage of competition.
