机构：长江证券 研究员：吴一凡/宗建树/戴永飞 九方智投作为国内领先的高端投教服务商，也是最早运用融媒体进行直播获客的互联网金融公司之一， 目前在流量池搭建、客户投教等方面形成较强壁垒。随着市场热度持续回暖，看好公司的流量转化弹性 及渗透率提升的成长性。预计公司2025-2026 年归母净利润分别为15.2、19.4 亿元，对应的PE 分别为 20.0、15.7 倍。 风险提示 1、两市成交额大幅回落； 2、监管政策收紧。 上半年公司订单收入随市高增，Q3 强市中有望延续改善。2025 上半年，公司流量采购成本为4.64 亿 元，同比+17.5%，实现订单收入17.1 亿元，同比+83.3%，对应的ROI（订单收入/流量成本）为3.67， 同比+56.0%。截至2025 上半年末，公司合同负债为8.1 亿元，较年初-45.7%。Q3 以来（截至8 月28 日）市场热度大幅回暖，日均成交额达1.94万亿元，同比+185.6%，市场热度大幅回暖背景下，公司Q3 订单情况有望显著改善。 MCN 流量池加速扩容，付费用户数量大幅提升。1）截至2025 上半年末，公司旗下MCN账号数、粉丝 数分别为994 个、6306 ...

丨证券研究报告丨 报告要点 [Table_Summary] 2025 上半年，公司订单收入随市高增，Q3 强市中有望延续改善。MCN 流量池加速扩容，付费 用户数量大幅提升。成本端控制良好，盈利能力显著改善。 自营资产恢复扩表，投资收益表现 较好。公司作为国内领先的高端投教服务商，也是最早运用融媒体进行直播获客的互联网金融 公司之一，目前在流量池搭建、客户投教等方面形成较强壁垒。随着市场热度持续回暖，看好 公司的流量转化弹性及渗透率提升的成长性。 分析师及联系人 [Table_Author] 吴一凡 宗建树 戴永飞 SAC：S0490519080007 SAC：S0490520030004 SAC：S0490524070001 SFC：BUV596 SFC：BUX668 请阅读最后评级说明和重要声明 联合研究丨港股公司点评丨九方智投控股（9636.HK） [Table_Title] 九方智投 2025 中报点评：流量池加速扩容，自 营顺势加仓 %% %% %% %% research.95579.com 1 九方智投控股（9636.HK） cjzqdt11111 [Table_Title 九方智投 2025 ...

机构：长城证券 研究员：刘文强 事件：近日，九方智投公布2025 年中期业绩，数据显示现金订单金额为17.05亿元，同比+83.3%，总营 收为20.99 亿元，同比+133.8%；归母公司净利润约为8.65 亿元，同比+596.8%，基本符合预期。 公司搭建立体化产品体系，稳固大额基本盘，推进学习机框架建设，丰富九爻股矩阵，实现收入多元。 VIP 产品（即股道领航系列和超级投资家），稳步迭代持续优化，新增灵犀擒龙、8 款盯盘指针等AI 产 品，进一步强化AI 服务能力，同时深耕节目直播。股票学习机构建内容、工具、交易三大矩阵以凸显 产品价值体系，增强用户黏性。九爻股丰富产品矩阵以精准匹配用户多样化需求，已累计推出近50 款 轻量化产品，有效服务了长尾客户。九方智投App 加速平台化发展，构建首席IP 生态并联动K 线与专 家观点，通过用户卷标体系精准分发内容。公司旨在扩大目标客群覆盖，实现产品功能联动协同，实现 收入结构多元化。 受益于市场成交活跃，公司毛利率迎来提升。2025H1、2024、2024H1，毛利率为88.18%、82.14%、 79.93%，提升显著。数据显示，2025H1 销售成本、销售及 ...

证券研究报告 | 公司动态点评 2025 年 09 月 02 日 同时公司加速推进全面数智化，大力发展人工智能+，积极探索证券领域 AI 赋能，向投顾智能体 2.0 迈进，不断探寻 AI 技术在投研、投教、合规、客服 等核心业务场景的研发与应用，致力打造开放型智能引擎。公司专设科技子公 司九方智擎，入驻全国首个大模型创新生态小区模速空间，作为集团 AI 技术 载体，构建 AI领域原生服务技术体系。 公司坚持买方投顾，投研能力全面渗透，深化 1+N投研体系。目前公司研究 所已形成首席经济学家肖立晟等 4 名专家+9 名超级 IP+128 名专业人员的 金字塔式团队结构。公司持续坚持买方投顾体系建设，聚焦投研应用落地。公 司高度重视持证团队和高质量人才建设，截止 2025H1，拥有 462 名具备证券 投资顾问资格，1935 名具备证券从业资格员工。 AI持续赋能，打造优质流量体系，实现流量复用。公司 AI赋能，运营效率不 断升级。公司推进平台多阵地布局，拓展流量运营场景边界。截至 2025H1， 公司在不同互联网平台上运营 994 个账号，较去年同期增加 506 个，吸引约 6306 万名追随者，较同期增加约 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 九方智投控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09636 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.00001 | HKD | | 20,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.00001 | HKD | | 20,000 | 本月底法定/註冊股本總額 ...

Core Insights - The financial industry is increasingly integrating AI into its operations, transitioning from a focus on efficiency to a strategic necessity for core competitiveness and survival [1] - Jiufang Zhitu Holdings has accelerated its AI strategy, with a significant increase in R&D personnel and the launch of multiple AI products [1][2] - The company has established a wholly-owned tech subsidiary, Jiufang Zhiqing, to explore various possibilities of "Artificial Intelligence +" [1][5] Investment Research and Technology - Jiufang Zhitu Holdings has a strong talent pool with 462 licensed investment advisors and a total of 1,935 securities professionals, supporting high-quality research output [2] - The company has conducted nearly 70 company research projects and produced around 560 in-depth analysis articles on macroeconomics, industry trends, and corporate fundamentals [2] - The self-developed AI model, Jiuzhang, has enabled the launch of core AI products like Jiufang Lingxi, which offers intelligent and personalized investment services [2][3] Digital Transformation - The company is actively pursuing a "digital intelligence" transformation, having established a comprehensive product matrix that includes various applications and learning tools [4][5] - Jiufang Zhiqing is focusing on developing financial vertical models and aims to create an open intelligent engine to support the company's digital transformation [5] - The company plans to deepen AI integration across product services, business operations, and management while also exploring overseas expansion and diversification [5][6] Market Response and Future Outlook - Jiufang Zhitu Holdings' recent financial report reflects the results of its digital transformation efforts, showcasing its core advantages in intelligent algorithms, professional research, and ecosystem services [6] - The company has garnered attention from over 10 brokerage firms this year, receiving positive ratings and indicating strong market interest [6]

Core Viewpoint - The company reported significant growth in revenue and profit for the first half of 2025, driven by a robust capital market and strong demand for its financial software products [1][4]. Financial Performance - Total revenue for H1 2025 reached 2.1 billion, a year-on-year increase of 134% - Total order amount (cash basis) increased by 84% to 1.7 billion - Net profit attributable to shareholders improved from a loss of 170 million in H1 2024 to a profit of 870 million in H1 2025 [1]. Business Growth - Financial software sales and service orders hit a record high, with total orders increasing by 74% to 1.6 billion and revenue rising by 125% to 2 billion - The number of paying users exceeded 100,000, supported by a comprehensive product system and AI integration [1][3]. Cost Management - Operating costs rose by 38% to 250 million, with the cost-to-revenue ratio decreasing by 8.25 percentage points to 11.82% - Sales expenses increased by 20% to 660 million, but the sales expense ratio fell by 30.04 percentage points to 32% - R&D expenses decreased by 5% to 150 million, with the R&D expense ratio down by 10.20 percentage points to 7% - Management expenses rose by 20% to 240 million, with the management expense ratio down by 10.79 percentage points to 11% [2]. Short-term Outlook - Contract liabilities reached 810 million, a year-on-year increase of 32%, indicating some revenue will be recognized in H2 2025 - The company is consolidating its product offerings into the "Gao Dao Ling Hang" series and "Super Investor," enhancing user experience and operational efficiency [3]. Long-term Strategy - The company is exploring AI integration across its services and is positioning itself in the digital finance sector - Strategic investments in underlying assets, digital asset exchanges, and trust banks are aimed at transforming traditional financial services into blockchain-based models - Focus on overseas markets like Hong Kong and the Middle East for digital asset services and innovative financial advisory models combining AI and research [3]. Profit Forecast - The company is expected to maintain its leading position in the rapidly expanding online investment education market - Profit forecasts for 2025-2027 are adjusted to 1.384 billion, 1.928 billion, and 2.656 billion respectively, with corresponding PE ratios of 23, 16, and 12 [4].

Core Viewpoint - The company is experiencing significant profit growth driven by active market trading and the successful capture of short video traffic, with a projected continued high growth in performance [1][2]. Group 1: Financial Performance - In H1 2025, the company's revenue reached 2.324 billion yuan, a year-on-year increase of 167%, while net profit was 865 million yuan, marking a turnaround from losses [1][2]. - The adjusted net profit forecasts for 2025-2027 are 1.278 billion, 1.438 billion, and 1.66 billion yuan, reflecting year-on-year growth of 369%, 13%, and 15% respectively [1]. - The gross profit margin for H1 2025 was 89%, an improvement from 82% in 2024 [2]. Group 2: User Growth and Product Development - The number of paying users increased to 102,000, a year-on-year growth of 152.93%, contributing significantly to revenue growth [2]. - The company has developed four major product lines, with daily unique views for VIP products exceeding one million, a 148% increase year-on-year [2]. - The company has expanded its user engagement through various platforms, achieving a total fan base of 63.06 million, a 38% increase year-on-year [2]. Group 3: Market Trends and Competitive Positioning - The average daily stock trading volume increased to 13.9 trillion yuan in the first half of 2025, rising to 19.354 trillion yuan in July-August, a 39% increase [3]. - The company is enhancing its competitive edge through AI-driven investment advisory services, having submitted its large model assistant for testing, becoming the first in the securities industry to do so [3]. - The company has maintained a strong presence on Douyin while expanding into emerging platforms like Xiaohongshu, Bilibili, and Kuaishou, which has improved its traffic acquisition efficiency [2].

Investment Rating - The report maintains a "Buy" rating and adjusts the target price to HKD 89, corresponding to a 30x P/E for 2025 [11][12]. Core Views - The company is experiencing significant profit growth due to active market trading and the capture of short video traffic dividends, with a total fan base of 63.06 million across platforms [3][11]. - The company's revenue for the first half of 2025 reached RMB 2.324 billion, a year-on-year increase of 167%, while net profit turned positive at RMB 865 million [11][12]. - The report highlights the company's strong product ecosystem and competitive advantages, leading to a substantial increase in paid users, which rose by 152.93% to 102,000 [11][12]. Financial Summary - **Revenue Forecasts**: - 2024A: RMB 2,306 million - 2025E: RMB 3,766 million (+63%) - 2026E: RMB 4,403 million (+17%) - 2027E: RMB 4,978 million (+13%) [5][12] - **Net Profit Forecasts**: - 2024A: RMB 272 million - 2025E: RMB 1,278 million (+369%) - 2026E: RMB 1,438 million (+13%) - 2027E: RMB 1,660 million (+15%) [5][12] - **Profitability Metrics**: - Gross profit margin for H1 2025 was 89%, an improvement from 82% in 2024 [11]. - The company’s marketing, management, and tax expenses increased by 19.7%, 20.1%, and 483.5% respectively [11]. Market Position and Strategy - The company is leveraging active market trading, with an average daily stock turnover of RMB 13.9 trillion in the first half of 2025, increasing to RMB 19.35 trillion in July-August [11]. - The company has launched its AI-driven investment advisory model, enhancing its competitive edge in the market [11]. - The report notes the company's expansion into emerging platforms like Xiaohongshu, Bilibili, and Kuaishou, alongside a robust presence on Douyin [11].

Core Viewpoint - Jiufang Zhitu Holdings (09636.HK) reported significant growth in its interim results for the six months ending June 30, 2025, with substantial increases in total orders, revenue, and profit compared to the same period last year [1]. Financial Performance Summary - Total order amount reached 1,705.4 million RMB, an increase of 83.3% year-on-year [2]. - Total revenue was 2,099.7 million RMB, reflecting a 133.8% increase compared to the previous year [2]. - Gross profit amounted to 1,851.5 million RMB, showing a 157.9% year-on-year growth [2]. - Operating profit was 1,028.0 million RMB, a significant turnaround from a loss of 215.5 million RMB in the same period last year, representing a 577.0% improvement [2]. - Net profit attributable to shareholders was 865.4 million RMB, compared to a net loss of 174.2 million RMB in the prior year, marking a 596.8% increase [2]. - Adjusted net profit under non-Hong Kong Financial Reporting Standards was 912.5 million RMB, a substantial increase from a loss of 153.3 million RMB last year, reflecting a 695.2% improvement [2].