Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 2.306 billion yuan in 2024, representing a year-on-year increase of 17%. The total order amount reached a historical high of 3.506 billion yuan, up 49% year-on-year, while the net profit attributable to shareholders increased by 43% to 272 million yuan [1][7] - The report highlights strong cost control with a decrease in various expense ratios, indicating effective management of operational costs [7] - The company is expected to maintain robust growth in the online investment education market, with a significant increase in paid customer numbers and a diversified product matrix [7] Summary by Sections Financial Performance - Total revenue for 2023 was 1.965 billion yuan, with a projected increase to 2.306 billion yuan in 2024, and further growth expected to 3.579 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 55.22% from 2024 to 2025 [1][24] - The net profit attributable to shareholders is forecasted to rise from 272 million yuan in 2024 to 1.293 billion yuan in 2025, indicating a significant growth trajectory [1][24] Market Dynamics - The report notes that the average daily trading volume of A-shares increased by 21% year-on-year in 2024, which positively impacted the company's order amounts and customer engagement [7] - The number of paying customers surged by 149% year-on-year to 180,000, demonstrating strong market demand for the company's services [7] Cost Management - Operating costs increased by 28% to 410 million yuan in 2024, primarily due to investments in content development and team expansion. However, the sales expense ratio decreased by 2.76 percentage points to 46% [7] - Research and development expenses rose by 11% to 320 million yuan, with the R&D expense ratio declining by 0.80 percentage points to 14% [7] Future Outlook - The company has a contract liability of 1.49 billion yuan as of 2024, which is expected to be recognized as revenue in 2025, indicating a strong revenue pipeline [7] - The introduction of new product lines and the transformation of the company's app platform are expected to enhance user engagement and retention [7]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3]. Core Insights - The company reported a total order amount of 3.506 billion yuan in 2024, a year-on-year increase of 49.3%. Revenue reached 2.306 billion yuan, up 17.3% year-on-year, with a net profit attributable to shareholders of 272 million yuan, reflecting a 42.8% increase [1]. - The company has expanded its workforce, with 1,703 securities personnel and 342 investment advisors, marking increases of 1.5% and 18.3% respectively. The number of live broadcasts surged to 26,500, totaling over 49,800 hours, a growth of 110% [2]. - The product matrix has been optimized, leading to a significant increase in paying users. The number of paying users for large products and small products reached 181,500, with a notable decrease in the overall refund rate to 21.8% [2]. - The introduction of AI tools has enhanced operational efficiency, with a reduction in employee numbers by 11.1% while still supporting revenue growth. The company's cost expenses increased by 14.0%, but the expense ratios for sales, management, and R&D decreased [2]. Financial Forecasts - Revenue projections for 2025-2027 are estimated at 3.441 billion, 4.064 billion, and 4.673 billion yuan, with year-on-year growth rates of 49.21%, 18.10%, and 15.00% respectively. Net profit forecasts for the same period are 927 million, 1.206 billion, and 1.440 billion yuan, with growth rates of 240.42%, 30.05%, and 19.43% respectively [3][6]. - The report indicates a projected P/E ratio of 19.44, 14.95, and 12.52 for the years 2025, 2026, and 2027 respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3]. Core Insights - The company reported a total order amount of 3.506 billion yuan for 2024, a year-on-year increase of 49.3%. Revenue reached 2.306 billion yuan, up 17.3% year-on-year, with a net profit attributable to shareholders of 272 million yuan, reflecting a 42.8% increase [1]. - The company has expanded its workforce, with 1,703 securities personnel and 342 investment advisors, showing year-on-year growth of 1.5% and 18.3%, respectively. The number of live broadcasts increased by 110% to 26,500 sessions, totaling over 49,800 hours [2]. - The company has optimized its product matrix, resulting in a significant increase in paid users for its large product offerings, with 181,500 paying users and a reduced refund rate of 21.8% compared to the first half of 2024 [2]. - The introduction of AI tools has enhanced operational efficiency, allowing revenue growth despite a reduction in employee numbers by 11.1%. Cost expenses increased by 14.0%, but the ratios for sales, management, and R&D expenses decreased [2]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.441 billion, 4.064 billion, and 4.673 billion yuan, with year-on-year growth rates of 49.21%, 18.10%, and 15.00%, respectively. Net profit attributable to shareholders is forecasted to be 927 million, 1.206 billion, and 1.440 billion yuan, with growth rates of 240.42%, 30.05%, and 19.43% [3][6]. - The report indicates a projected P/E ratio of 19.44, 14.95, and 12.52 for the years 2025, 2026, and 2027, respectively [3].

Core Insights - The article highlights a significant shift in the global capital market, characterized by the rise of Chinese technology companies leveraging policy advantages, technological equality, and industry chain integration, with AI technology driving industrial upgrades [1] - The traditional investment advisory model in China's fintech sector faces challenges in efficiency, personalization, and professionalism, revealing structural contradictions [1][2] Group 1: User Pain Points - The investment advisory industry in China suffers from two core pain points that hinder decision-making quality and market health [2] - The first pain point is information overload and difficulty in discerning truth from falsehood, leading ordinary investors into a "data fog" [3] - The second pain point is the knowledge gap and lack of a structured research framework, creating cognitive barriers for investors [4] Group 2: Innovative Solutions by Jiufang Zhitu - Jiufang Zhitu has introduced a "soft and hard combination" solution to redefine intelligent investment advisory services, launching the "Yizhi Gudao" stock learning machine with over 230 courses and 17,000 hours of content [4][5] - The company’s AI assistant, "Xiao Jiu," and the digital investment advisor "Jiu Ge" have served over 472,000 clients, demonstrating the integration of technology and personalized service [5] Group 3: Restructuring the Research Value Chain - Jiufang Zhitu's Jiufang Zhiyan platform aims to address the supply-demand disconnect in the investment research ecosystem by utilizing AI for intelligent data cleaning and generating user-friendly reports [6] - The company has invested approximately 319 million RMB in R&D in 2024, maintaining a stable R&D expense ratio above 10% since 2019 [7] Group 4: Technological Ecosystem Barriers - The competition in the investment advisory industry has evolved from a focus on single technological advantages to a systemic battle of "technology foundation × ecological strategy" [8] - Jiufang Zhitu has built a comprehensive traffic matrix across major platforms, supported by a research team that covers over 4,000 companies and 20+ industries [8][9] Group 5: Compliance and Risk Management - The company employs AI technology in its compliance and risk management platform, ensuring that all business activities adhere to regulations and enhancing operational efficiency [10] - Jiufang Zhitu's practices serve as a model for the industry, transitioning from "wild growth" to "refined cultivation" [10] Group 6: Conclusion - The evolution of China's fintech is marked by a shift from "traffic frenzy" to "value excavation," emphasizing the importance of the synergy between technological potential and business ecology [11] - The ultimate value of fintech lies in building a "human-machine collaboration" system, where AI handles information filtering and risk alerts, allowing human advisors to focus on emotional resonance and complex strategies [11]

第 2 頁 共 2 頁 v 1.1.1 EF001 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 截至本公告日期，執行董事為陳文彬先生、陳冀庚先生和張培紅先生，非執行董事為嚴明先生及CHEN NINGFENG女士，以及獨立 非執行董事為趙國慶博士、范勇宏先生及田舒先生。 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 九方智投控股有限公司 | | 股份代號 | 09636 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2024年12月31日止年度之末期股息 | | 公告日期 | 2025年3月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | ...

Financial Performance - Total order amount for the year reached RMB 3,505.9 million, an increase of approximately 49.3% compared to RMB 2,347.7 million in the previous year[4] - Total revenue for the year was RMB 2,306.0 million, up approximately 17.3% from RMB 1,965.4 million in the previous year[4] - Profit attributable to shareholders was RMB 272.4 million, representing a year-on-year increase of approximately 42.8% from RMB 190.7 million[4] - Operating cash flow (net inflow) was RMB 1,627.8 million, a significant increase of approximately 266.6% compared to RMB 444.0 million in the previous year[4] - Cash and cash equivalents as of December 31, 2024, amounted to approximately RMB 3,220.7 million, an increase of about RMB 1,121.4 million year-on-year[39] - The company's debt-to-asset ratio as of December 31, 2024, was 57.7%, up from 38.4% in the previous year[40] - The net profit for the year was approximately RMB 272.4 million, marking a year-on-year growth of about 42.8%[37] - Revenue for the year ended December 31, 2024, was RMB 2,305,986 thousand, representing a 17.3% increase from RMB 1,965,387 thousand in 2023[60] - Operating profit increased to RMB 307,404 thousand in 2024, a 47.6% rise compared to RMB 208,401 thousand in 2023[60] - Basic earnings per share rose to RMB 0.61 in 2024, compared to RMB 0.45 in 2023, marking a 35.6% increase[60] Product Development and Innovation - The company launched several new products, including stock market software and AI-driven investment tools, as part of its strategy to enhance customer engagement[6] - The company has focused on a "technology + research" dual-driven strategy, leveraging AI and big data for product development and operational efficiency[6] - The company launched the first stock learning machine, "Yi Zhi Gu Dao - Jiu Fang Zhi Tou Stock Learning Machine," which includes three core systems: hardware, AI, and research systems, covering nine major areas such as stock selection and risk control[10] - The company introduced the "Jiu Fang Ling Xi" AI investment dialogue assistant, which served approximately 472,000 customers and achieved a total of 3,240.7 million service interactions during the reporting period[12] - The company developed a comprehensive AI-enabled compliance management solution, achieving a monitoring coverage rate of 98% with approximately 1.6 billion monitoring instances[12] - The company has filed for 136 software copyrights and patents related to product functionality, big data, and AI, with 52 new filings compared to the previous year[14] - The company launched an innovative product called "Stock Learning Machine," which integrates hardware, AI systems, and research systems to enhance users' financial knowledge and investment capabilities[108] Customer Engagement and Market Presence - The small-scale product series saw over 2.203 million user interactions during the reporting period, indicating strong customer engagement and satisfaction[10] - The number of paying users increased to 181,543, representing a growth of approximately 149.4% compared to the previous year[19] - The company achieved a high customer satisfaction rate of 4.69 out of 5, with 94% of users rating their experience as satisfactory or above[21] - The company reported a substantial increase in user engagement across multiple media platforms, indicating a growing audience base[111] - The "Jiufang Investment App" offers a comprehensive suite of features including stock analysis, trading, and live expert sessions, catering to diverse user needs[110] Research and Development - R&D investment reached approximately RMB 319 million, a year-on-year increase of 10.9%, accounting for about 13.8% of total revenue[14] - Research and development expenses for the year were approximately RMB 318.8 million, reflecting a year-on-year increase of about 10.9%[34] - The company established a professional AI R&D team and collaborated with academic institutions, resulting in multiple research papers accepted at major AI conferences[14] - The company has developed over 218 self-researched premium courses, totaling more than 12,000 minutes of content[16] Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all provisions except for the separation of the roles of Chairman and CEO[49] - The company’s audit committee, consisting of independent non-executive directors, has reviewed the audited annual results for the year ended December 31, 2024[57] - The board of directors emphasized the importance of corporate governance and compliance with the Hong Kong Stock Exchange regulations[109] - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[49] Shareholder Returns and Financial Management - The board proposed a final dividend of approximately HKD 148.0 million, equating to HKD 0.33 per share, subject to shareholder approval[4] - The company repurchased a total of 17,730,000 shares for approximately HKD 198 million, which were subsequently canceled[9] - Proposed final dividend for the year ended December 31, 2024, is approximately HKD 148 million, equating to HKD 0.33 per share, subject to shareholder approval[53] - The company reported a foreign exchange gain of RMB 9,217 thousand in 2024, down from RMB 21,790 thousand in 2023[61] Future Outlook - Future outlook includes continued investment in AI technology and product development to maintain competitive advantage in the financial services sector[110] - The company aims to expand its market presence through the development of standardized products leveraging data analysis and AI technology, targeting lower investment thresholds for clients[109] - The company plans to leverage its extensive experience in investment advisory services to create tailored solutions for investors[110] - The company is committed to ongoing research and development to innovate and improve its product offerings in the financial technology space[110]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 JF SmartInvest Holdings Ltd 九方智投控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9636） 變更所得款項用途 茲提述九方智投控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」或「我 們」）日期為2023年2月28日之招股章程（「招股章程」），內容有關本公司股份於香 港聯合交易所有限公司主板上市，本公司日期為2023年4月2日關於超額配售權的 部分行使的公告及本集團於2024年9月20日發佈的截至2024年6月30日止六個月 之中期報告（「中期報告」）。除另有界定者外，本公告所用詞彙與招股章程所界定 者具有相同涵義。 更改所得款項用途 誠如中期報告所披露，本公司就全球發售及超額配股權的部分行使所籌集的所得 款項總額約為984.2百萬港元，等值於約人民幣873.3百萬元。 截至2024年12月31日，未動用所得款項淨額約為256.7百萬人民幣（「未動用所得 款 ...

Investment Rating - The investment rating for the company is "Buy" [9] Core Insights - The report highlights that the current bull market is characterized by a shift in investor habits, with a greater reliance on professional investment advisory content and multimedia channels for information. This change drives industry suppliers to enhance their content professionalism and outreach channels to adapt to new market demands. The company has a clear first-mover advantage in building internet channels and has demonstrated strong Alpha attributes in this bull market due to its comprehensive business model built around an account matrix [2][4][14]. Summary by Sections Company Overview - The company, formerly known as Jiufang Wealth, was established in 1996 and is a leading provider of online high-end investment education services in China. It was one of the first companies to obtain a securities investment advisory license from the China Securities Regulatory Commission in 1998. The company utilizes multimedia to provide financial information and content to individual investors, operating a business model that combines MCN account traffic generation with private domain traffic retention [5][36]. Market Dynamics - The report notes significant changes in the capital market this year, including a substantial increase in the proportion of trading volume attributed to ETFs and the entry of a new group of investors, necessitating a more targeted approach from third-party advisory firms. The new investor group shows a marked increase in dependence on professional investment advisors and internet channels for financial information [4][21][23]. Competitive Advantages - The company possesses several key advantages: 1. A rare investment advisory license that provides compliance advantages 2. A well-structured organization that ensures stable content output 3. A robust cost structure that enhances operational leverage. These advantages enable the company to translate its high-quality operations directly into earnings per share (EPS) [6][7][14]. Business Model - The company's business model is divided into two systems: a traffic system and a product system. The traffic system includes both public and private domains, utilizing an MCN account matrix to attract users through differentiated content on platforms like Douyin and WeChat. The primary services offered include investment advisory services, with recent product launches aimed at enhancing user engagement and retention [40][42]. Financial Performance - The company's revenue is closely tied to trading volume, with order income and cost expenses providing a clearer reflection of current operational conditions. The report indicates that the company's revenue and order income exhibit a semi-annual lag due to the typical six-month service period of its products [42][46]. The revenue structure is balanced between high-end investment education services and financial information software services, each contributing approximately 50% to total revenue [49]. Cost Structure - The company maintains a high gross margin, with a net margin impacted by accounting adjustments and investment volatility. The report details that in the first half of 2024, the company's gross margin was 80.0%, while the net margin was -19.4%. Sales expenses constitute the largest portion of total costs, with a significant focus on employee costs [56][62]. Future Outlook - The report expresses optimism regarding the company's ability to leverage its first-mover advantage in the short video era and its strong research team to provide high-quality content products, thereby capturing market opportunities and increasing market share [34][36].

Investment Rating - The investment rating for the company is "Buy" with an initial recommendation [9]. Core Insights - The report highlights that the current bull market is characterized by a shift in investor behavior, with a greater reliance on professional advisory content and multimedia channels for information. This change drives industry suppliers to enhance their content professionalism and outreach channels to adapt to new market demands. The company has a clear first-mover advantage in building internet channels and has demonstrated strong Alpha attributes in this bull market due to its comprehensive business model built around an account matrix [2][5][6]. Summary by Sections Company Overview - The company, established in 1996, is a leading provider of online high-end investment education services in China. It was one of the first to obtain a securities investment advisory license from the China Securities Regulatory Commission in 1998. The company utilizes multimedia to provide financial information and has developed a business model that combines MCN account traffic with private domain traffic to offer advisory services [6][32]. Market Dynamics - The report notes significant changes in the capital market, including a substantial increase in the proportion of ETF trading volume and the entry of a new group of investors. These changes necessitate a more targeted approach from advisory firms. The new investor group shows a marked increase in reliance on professional advisors and internet channels for financial information [5][22]. Competitive Advantages - The company possesses several competitive advantages: 1. A rare advisory license that provides compliance advantages 2. A stable organizational structure that ensures consistent content output 3. A robust cost structure that enhances operational leverage. These advantages enable the company to translate its quality operations directly into EPS on financial statements [7][8][13]. Business Model - The company's business model is divided into two systems: a traffic system and a product system. The traffic system includes both public and private domains, utilizing a matrix of MCN accounts to attract users through engaging content. The product system focuses on providing advisory services and has recently introduced a stock learning machine product to enhance user engagement and retention [37][39]. Financial Performance - The company's revenue is closely tied to market trading volumes, with order income and cost expenses providing a clearer reflection of current operational performance. The report indicates that the company's revenue and order income exhibit a semi-annual lag due to the typical six-month service period of its products [40][46]. Cost Structure - The company maintains a high gross margin, with a net margin impacted by accounting adjustments and investment fluctuations. The sales expenses constitute the majority of the company's costs, with a significant portion allocated to traffic acquisition [52][58]. Research and Development - The company emphasizes innovation and technology in its strategy, with R&D expenditures exceeding those of its peers. It has built a strong technical team focused on digital transformation and product innovation, with a notable percentage of its workforce dedicated to R&D [63][64].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 JF SmartInvest Holdings Ltd 九方智投控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9636） 九方智投控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年3月27日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准本公司及 其附屬公司截至2024年12月31日止年度的年度業績及其發佈，並考慮派發末期股 息（如有）。 承董事會命 九方智投控股有限公司 董事會主席 陳文彬 中國香港，2025年3月14日 截至本公告日期，執行董事為陳文彬先生、陳冀庚先生和張培紅先生，非執行董 事為嚴明先生及CHEN NINGFENG女士，以及獨立非執行董事為趙國慶博士、范 勇宏先生及田舒先生。 董事會會議通告 ...