China A-share · SZSE · 300059
East Money (300059) stock analysis: valuation and financials
资本市场服务
¥17.98 -0.4% Price as of Oct 14, 2026
Narrow-moat retail brokerage and fund platform: FY2025 revenue +38.5% to CNY16.1B, 96.6% gross margin, CNY180.8B net cash, volatile FCF; 19.5x P/E looks undemanding.
- Market cap
- ¥284.5B
- P/E
- 19.5x
- EV/Sales
- 5.3x
- FCF yield
- 5.3%
- 52-week range
- ¥17.28 – ¥26.36
Research as of Oct 15, 2026
Business quality scorecard
- Growth75
- Profitability100
- Cash flow89
- Balance sheet80
- Capital allocation70
- Innovation14
- Valuation83
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Retail investors, fund buyers and advertisers pay Eastmoney for brokerage and margin services, third-party fund distribution, financial data subscriptions and advertising; securities services are the profit engine, supplying 78.0% of FY2025 revenue of CNY16.07B and driving the 87.4% group operating margin.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥13.1B | ¥12.5B | ¥11.1B | ¥11.6B | ¥16.1B |
| Revenue growth | +58.9% | -4.6% | -11.2% | +4.7% | +38.5% |
| Gross margin | 94.9% | 95.7% | 95.1% | 95.7% | 96.6% |
| Operating margin | 77.0% | 78.6% | 84.3% | 95.4% | 87.4% |
| Net income | ¥8.6B | ¥8.5B | ¥8.2B | ¥9.6B | ¥12.1B |
| Free cash flow | ¥7.6B | ¥659.9M | -¥3.7B | ¥44.4B | -¥10.4B |
| FCF margin | 57.9% | 5.3% | -33.0% | 382.2% | -64.6% |
Amounts in CNY · What is free cash flow?
Margins Gross margin 95.72% FY2024 → 96.59% FY2025 → 96.93% TTM (+87bp); operating margin fell to 86.57% TTM from 95.37% FY2024 (-802bp). Cost of revenue is only 3.1% of TTM revenue, so the squeeze sits below the gross-profit line, not in cost of revenue.
- Cash flow HealthyTTM operating cash flow ¥15.46B covers net income ¥14.58B (1.04x conversion); FCF ¥15.18B equals 77.1% of revenue; capex only ¥279.6M (1.4% of revenue) and DSO improved 2.3 days to 20.9.
- Debt LowNet cash of ¥180.8B: total debt ¥95.57B against cash ¥153.7B plus short-term investments ¥122.7B; net debt/EBITDA -12.5x on EBITDA ¥14.47B; leverage screen reads net cash.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥276.4B
- Total debt
- ¥95.6B
- Net cash
- ¥180.8B
- Interest coverage
- 236.9x
- Current ratio
- 1.3x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management StrongFY2025 revenue CNY16.1B, +38.5% y/y, net margin 75.2%, ROE 14.0%; five-year revenue CAGR 14.3% with FY2025 net income CNY12.1B.
Valuation range
Implied value per share · Price when researched: ¥17.98
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.