BofA Securities released a research report indicating that GTHT (02611) posted a net profit of RMB 13.9 billion in the second quarter, marking a 29% year-on-year increase and a 178% surge on a comparable basis, with a sequential rise of 117%, aligning with its earlier profit forecast. The firm has raised its earnings per share estimates for GTHT for 2026 to 2028 by 13% to 21%, lifting the target price from HK$21.4 to HK$21.8 while reiterating a "Buy" rating.

The bank noted that GTHT's second-quarter performance was buoyed by robust activity in the STAR Market and a wave of tech IPOs, estimating related revenue contributions of approximately RMB 7 billion, accounting for about 23% of total revenue. Despite a pullback in the technology sector since the third quarter, the firm expects the impact to be mitigated by investment gains from the CXMT IPO and the 30% to 50% liquidity discounts applied to most tech investments.