九方智投控股（09636.HK）深度报告 To C 流量精准转化与科技赋能下的高成长性 2025 年 09 月 08 日 ➢ 九方智投控股：凭借科技驱动的智能化投顾服务，在中国在线投资决策解决 方案市场中占据领先地位。公司深耕证券投资咨询领域，通过 AI 技术、大数据 分析、智能化投顾体系及 MCN 流量运营，形成了独特的商业模式。近年来，公 司积极推动业务模式升级，深化 To C 端流量精准转化，并通过科技赋能优化投 资者体验。公司股东结构稳定，管理团队经验丰富，为企业长期发展奠定了坚实 基础。同时，公司持续加大在投研、科技、流量运营等关键领域的投入，提升市 场竞争力。 ➢ 公司业务规模持续扩张，盈利能力在市场环境影响下有所波动，但成本优化 和现金流管理成效显著。公司营业收入快速增长，2019 至 2023 年复合增长率 达 63.7%，2024 年全年收入达 23.0 亿元，同比增长 17.4%。受市场活跃度变 化影响，公司净利润呈周期性波动，2023 年归母净利润为 1.9 亿元，同比下降 58.5%，2024 年回升至 2.7 亿元，同比增长 42.4%；2025H1 归母净利润进一 步回升至 8.7 ...

Group 1 - The company reported a total revenue of 2.1 billion yuan for the first half of 2025, representing a year-on-year increase of 133.8%, and achieved a net profit of 865 million yuan, compared to a loss of 174 million yuan in the same period last year [1] - The company's order revenue increased significantly, with a total of 1.71 billion yuan in order revenue for the first half of 2025, up 83.3% year-on-year, and a return on investment (ROI) of 3.67, which is a 56.0% increase year-on-year [1][2] - The average daily transaction volume in the market has rebounded significantly, reaching 1.94 trillion yuan, a year-on-year increase of 185.6%, which is expected to improve the company's order situation in Q3 [1] Group 2 - The company’s MCN accounts and followers reached 994 and 63.06 million respectively by the end of the first half of 2025, marking increases of 89.0% and 26.0% year-on-year [2] - The number of paid users surged by 152.7% to 102,000, with a refund rate of 24.6%, which is a decrease of 5.9 percentage points year-on-year [2] - The company effectively controlled costs, with sales, research and management expenses of 660 million, 150 million, and 240 million yuan respectively, leading to a significant improvement in profitability with a net profit margin of 41.2% compared to -19.4% in the same period last year [2] Group 3 - The company’s trading financial assets reached 1.33 billion yuan by the end of the first half of 2025, a 100.6% increase from the beginning of the year, with significant growth in funds and stocks [3] - The company achieved an investment income of 64 million yuan, with an estimated annualized investment return rate of 12.7% [3] - The company is recognized as a leading high-end investment education service provider in China, with strong barriers in customer acquisition and education, and is expected to benefit from the ongoing market recovery [3]

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 ...

Core Viewpoint - Jiufang Zhituo reported significant growth in its mid-2025 performance, with cash order amounts reaching 1.705 billion yuan, a year-on-year increase of 83.3%, and total revenue of 2.099 billion yuan, up 133.8% [1] Group 1: Financial Performance - The net profit attributable to the parent company was approximately 865 million yuan, reflecting a year-on-year increase of 596.8%, aligning with expectations [1] - The gross profit margin improved significantly, with figures of 88.18% for H1 2025, 82.14% for 2024, and 79.93% for H1 2024 [3] - Financial software sales and services orders reached approximately 1.613 billion yuan in H1 2025, a growth of 74.3% compared to approximately 926 million yuan in the same period last year [3] Group 2: Product and Service Development - The company established a comprehensive product system to solidify its large customer base and enhance its AI service capabilities, introducing new AI products and optimizing existing VIP products [1] - Jiufang Zhituo has launched nearly 50 lightweight products to effectively serve long-tail customers, enhancing user engagement [1] - The company is advancing its digital transformation by exploring AI applications across various core business scenarios, aiming to create an open intelligent engine [2] Group 3: Talent and Team Structure - The research team has developed a pyramid structure with a chief economist and several experts, focusing on enhancing research capabilities and maintaining a strong buy-side advisory system [2] - As of H1 2025, the company has 462 employees with securities investment advisory qualifications and 1,935 with securities industry qualifications [2] Group 4: Market Strategy and Future Outlook - The company is committed to a dual strategy of technology and research, focusing on the application of AI and maintaining a strong buy-side advisory system [4] - The company plans to expand its financial services into overseas markets and diversify its revenue streams through strategic acquisitions and investments [4] - The projected diluted EPS for 2025, 2026, and 2027 are estimated at 2.60, 3.00, and 3.35 yuan, respectively, with corresponding PE ratios of 26.77, 23.16, and 20.76 [4]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Viewpoints - The company is expected to see revenue growth driven by AI and digital finance, with projected revenue increasing from 1,965.39 million RMB in 2023 to 4,723.75 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.71% [11] - The net profit attributable to the parent company is forecasted to rise significantly from 190.72 million RMB in 2023 to 1,568.04 million RMB in 2027, indicating a substantial recovery and growth trajectory [11] - The company is focusing on building a comprehensive product system to enhance user engagement and diversify revenue streams, with nearly 50 lightweight products launched to cater to diverse customer needs [2][3] Financial Performance Summary - Revenue for 2023 is reported at 1,965.39 million RMB, with a year-on-year growth rate of 6.23%, expected to increase to 2,305.99 million RMB in 2024, representing a growth rate of 17.33% [11] - The net profit for 2023 is 190.72 million RMB, with a significant decline of 58.59% year-on-year, but is projected to rebound to 1,215.91 million RMB by 2025, reflecting a growth rate of 346.43% [11] - The company's return on equity (ROE) is expected to rise from 12.59% in 2023 to 44.30% by 2027, indicating improved profitability and efficiency [11] Product and Technology Development - The company is advancing its AI capabilities and digital transformation, aiming to enhance its service offerings in the securities sector through AI integration in research, education, compliance, and customer service [2][3] - The establishment of a dedicated technology subsidiary, Jiufang Zhiying, is part of the strategy to develop a native service technology system in the AI field [2] Market Position and Strategy - The company is committed to a buy-side advisory model, with a strong emphasis on research capabilities and a well-structured team of experts to support its investment strategies [3] - The report highlights the company's efforts to enhance its online presence and user engagement, with a significant increase in social media followers and account operations [3] Future Outlook - The company is expected to benefit from ongoing reforms in the capital market, which are anticipated to bolster market confidence and support its growth strategy [9] - The report suggests that the company is well-positioned to leverage advancements in AI and digital finance to diversify its revenue streams and enhance customer retention [9]

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].