Guohai Securities: Maintains a "buy" rating on Jinzheng Securities and focuses on financial technology as its main industry while shrinking the scale of its non-financial IT business.

Guohai Securities research report pointed out that Jinzheng Stock 2025H1 net profit attributable to parent company was -0.39 billion yuan, compared with -0.81 billion yuan in the same period last year, and Q2 net profit attributable to parent company was 0.56 billion yuan, compared with -0.01 billion yuan in the same period last year. In 2025H1, the company's financial/non-financial industry revenue was 8.81/3.26 billion yuan, a year-on-year decrease of -5.84%/-76.74%. The company focuses on its core financial technology business, reducing the scale of its non-financial IT business, and maintaining investment in core technologies and products. Based on the KOCA platform, the company continues to promote a new generation of core trading products for all-stack information creation, including the securities business comprehensive service platform FS2.5, and the asset management new generation investment trading system A8 targeted at customer upgrading. In the wealth management field, the company has built multiple smart bodies such as the business Baishitong and the intelligent navigator around the FS2.5 new generation core trading system, greatly improving the speed of business processing through professional knowledge retrieval. The company is a leading domestic financial IT service provider, while also deeply cultivating innovative businesses such as enterprise digital transformation. Maintain a "hold" rating.