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 ...

九方智投控股有限公司 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 投資者關係郵箱 ir@ jfcf.com ir@ jfztkg.com 作為過渡安排，本公司原官方網址、電郵域名、投資者關係郵箱仍將繼續維持 服務至2025年3月9日，並自該日後停止使用。本公司在香港交易及結算所有限 公司網站( www.hkexnews.hk )刊載的所有公告、通告或其他文件將在新公司網址 ( www.jfztkg.com/IR.html )上刊載。 1 除上述變更外，本公司辦公地址、郵編、聯繫電話、傳真等其他聯繫方式均保持 不變，具體可參見本公司2023年度報告。 （於開曼群島註冊成立的有限公司） （股份代號：9636） 變更公司網址、電郵域名和投資者關係郵箱 根據九方智投控股有限公司（「本公司」）日期為2024年5月20日及2024年7月25日 的公告，以及本公司日期為2024年5月20日的通函及日期為2 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HK$48.81 based on a 35x PE for 2025 [6][8]. Core Insights - The company is a leading provider of online investment solutions in China, benefiting from a strong correlation with capital market conditions, with a revenue CAGR of 64% from 2019 to 2023 [1][16]. - The online investment decision-making solutions market in China is expected to reach RMB 87.2 billion by 2026, growing at a CAGR of approximately 20.7% from 2021 to 2026 [2][29]. - The company has significant channel advantages and a rich product matrix, leveraging a comprehensive media flow channel strategy [3][43]. Summary by Sections 1. Leading Company in Online Investment Solutions - The company adheres to a "technology + research" dual-driven strategy, focusing on online investment consulting and educational services [1][16]. - The management team has extensive experience in the financial and investment advisory sectors, providing a solid foundation for the company's growth [17][19]. - The company's performance is closely tied to market conditions, with a revenue CAGR of 64% from 2019 to 2023, and a shift from negative to positive net profit [1][24]. 2. Expanding Online Investment Solutions Market - The online investment decision-making solutions market is projected to grow significantly, driven by rising disposable income and increased awareness of personal wealth management [2][29]. - The company ranks first in market share for online high-end investment education services as of 2021 [2][34]. 3. Significant Channel Advantages and Diverse Product Matrix - The company utilizes a variety of media channels, including traditional and social media, to enhance brand exposure and customer acquisition [3][46]. - The product offerings are designed to meet diverse customer needs, with a focus on high-end investment education and financial information services [4][56]. - The company has initiated a product line integration to enhance service offerings, including the introduction of small-scale products to attract new users [4][59]. 4. Financial Forecast and Valuation - The company is expected to see significant profit growth, with projected net profit increases of 37% and 125% for 2024 and 2025, respectively [6][13]. - The financial performance is closely linked to market activity, with a forecasted EPS of 0.58 and 1.31 for 2024 and 2025 [6][13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Views - The company is expected to achieve a net profit of 260 million to 280 million yuan in 2024, representing a year-on-year growth of 36.1% to 46.6%, with revenues projected at 2.31 billion yuan, a 17.3% increase [1]. - The business model has been validated, with a significant increase in order amounts, projected at approximately 3.51 billion yuan for 2024, marking a 49.4% year-on-year growth [2]. - The integration of AI capabilities is expected to enhance user engagement and operational efficiency, leading to higher profit elasticity [2][3]. Summary by Sections Performance Review - The company launched the "Jiufang Lingxi" financial dialogue intelligent agent, enhancing its decision-making and user interaction capabilities [1]. - Positive profit forecasts for 2024 indicate strong growth potential [1]. Operational Analysis - The company anticipates a high revenue increase in 2025, supported by a robust order backlog and improved market conditions [2]. - AI tools are expected to enhance service delivery without a proportional increase in costs [2]. AI Functionality Upgrade - The "Jiufang Lingxi" intelligent agent will provide advanced investment advisory services, leveraging real-time financial data [3]. - Continuous development of AI models aims to improve various operational areas, including customer service and compliance [3]. Profit Forecast, Valuation, and Rating - Revenue forecasts for 2024-2026 have been adjusted to 2.31 billion, 3.44 billion, and 4.06 billion yuan, with corresponding net profit estimates of 274 million, 927 million, and 1.21 billion yuan [4]. - The projected P/E ratios for the next three years are 46.49, 13.73, and 10.56, reflecting a favorable valuation outlook [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company is expected to achieve a net profit of 260 million to 280 million yuan in 2024, representing a year-on-year growth of 36.1% to 46.6%, with revenues projected at 2.31 billion yuan, a 17.3% increase [1]. - The business model has been validated, with a significant increase in order amounts, reaching approximately 3.51 billion yuan in 2024, a 49.4% year-on-year growth [2]. - The integration of AI technology is enhancing user engagement and operational efficiency, with expectations for increased monthly active users on the "九方智投" app [3]. Summary by Sections Performance Review - The company launched the "九方灵犀" financial dialogue AI platform, enhancing its decision-making and user interaction capabilities [1]. - The positive profit forecast for 2024 indicates strong growth potential [1]. Operational Analysis - The company benefited from a recovering capital market, leading to a substantial increase in order amounts for 2024 [2]. - The use of AI tools is expected to improve service efficiency while keeping personnel costs lower than revenue growth [2]. AI Functionality Upgrade - The "九方灵犀" AI assistant provides intelligent investment advisory services, integrating real-time financial data [3]. - Continuous development of AI capabilities aims to enhance various operational areas, including customer service and compliance [3]. Profit Forecast, Valuation, and Rating - Revenue forecasts for 2024-2026 have been adjusted upwards, with expected revenues of 2.31 billion, 3.44 billion, and 4.06 billion yuan, respectively [4]. - The net profit estimates for the same period have also been increased, projecting significant growth rates [4].

Investment Rating - The report assigns a "Buy" rating for Jiufang Zhitu Holdings (09636.HK) for the first time [8]. Core Views - Jiufang Zhitu Holdings is positioned to leverage the growth of the A-share market and AI technology to expand its business, with a strong focus on online investment advisory services [8]. - The company has a stable shareholding structure and a management team with extensive experience in finance and investment advisory, which enhances operational efficiency [8]. - The company has shown robust revenue growth, with a five-year CAGR of 48% from 2019 to 2023, driven by online investment education and financial software services [8]. - The market for online high-end investment education services is expected to grow significantly, with Jiufang Zhitu holding a leading market share of 13.8% in the securities investment consulting industry [8]. Summary by Sections 1. Strategic Development and Steady Growth - Jiufang Zhitu Holdings has established itself as a leader in online investment advisory services, having obtained its securities investment advisory qualification in 1998 [16]. - The company underwent a strategic transformation and business expansion after being acquired by Silver Lake Holdings in 2017, leading to its listing on the Hong Kong Stock Exchange in 2023 [16]. - The company focuses on providing comprehensive investment advisory services, including investment strategies and risk management [16]. 2. Market Outlook and Growth Potential - The rapid growth of personal financial assets in China has led to an increasing demand for online investment advisory services [36]. - The market for online investment decision-making solutions is projected to grow from 198 billion yuan in 2017 to 872 billion yuan by 2026, with Jiufang Zhitu positioned to capture a larger market share [36]. - The number of personal investors in China has increased significantly, creating a larger customer base for online investment services [36]. 3. Technology-Driven Product Development - Jiufang Zhitu is enhancing its product matrix through technology, including the integration of AI in its services [48]. - The company has established a media flow pool to attract customers through various channels, including traditional media and internet platforms [48]. - The company is focusing on developing lightweight products to penetrate lower-tier markets and expand its customer base [48]. 4. Financial Performance and Valuation - The company's revenue is expected to grow significantly, with projected net profits of 270 million yuan in 2024, 961 million yuan in 2025, and 1.263 billion yuan in 2026 [8]. - The report forecasts a strong recovery in the company's performance starting from the third quarter of 2024, driven by favorable market conditions [8]. - Jiufang Zhitu's P/E ratio is projected to decrease from 41.68 in 2024 to 8.92 in 2026, indicating an attractive valuation for investors [8].

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） 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資 者，基於本公司管理層對本集團截至2024年12月31日止年度（「本報告期」）未經 審核綜合管理賬目之初步評估及董事會現時可得資料，(i)本報告期，本集團預期 股東應佔淨溢利介乎約人民幣260百萬元至人民幣280百萬元，而截至2023年12月 31日止年度的股東應佔淨溢利約人民幣191百萬元；(ii)本報告期預計訂單金額約 人民幣3,509百萬元，較2023年同期增加約1,161百萬元，預期錄得收益約人民幣 2,306百萬元，較2023年同期增長約人民幣341百萬元，經營性現金流預期增加約 人民幣1,184百萬元，較2023年同期增長約267%；及(iii)因本集團銷售主要產品的 訂單金額將在訂閱期內分期確認收益，本報 ...