Investment Rating - The investment rating for the company is "Buy" [6][10]. Core Insights - The company has released a performance forecast indicating a significant increase in net profit and a record high in contract liabilities, laying a solid foundation for 2026 performance. The retention of existing customers remains strong, and market trading continues to be active, leading to an optimistic outlook for future performance [2][10]. - The company reported a revenue of 3.43 billion RMB for 2025, representing a year-on-year increase of 48.74%. The adjusted net profit forecast for 2025-2027 is 901 million, 1.377 billion, and 1.574 billion RMB, reflecting year-on-year growth of 231%, 53%, and 14% respectively [10][11]. - The company has a total order amount of 3.955 billion RMB, a year-on-year increase of 12.8%, and contract liabilities of 1.53 billion RMB, which is the highest in history. Approximately 80% of contract liabilities are expected to be recognized as revenue in the following year, indicating a strong basis for 2026 performance [10][11]. Financial Summary - Total revenue is projected to grow from 2.306 billion RMB in 2024 to 4.705 billion RMB in 2027, with growth rates of 17%, 49%, 21%, and 13% respectively [4][11]. - Net profit is expected to increase from 272 million RMB in 2024 to 1.574 billion RMB in 2027, with growth rates of 43%, 231%, 53%, and 14% respectively [4][11]. - The company maintains a target price of 89 HKD, corresponding to a P/E ratio of 27x for 2026 [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights that regulatory norms are promoting healthy industry development, presenting a transformation opportunity for the company [1] - The company has issued a positive earnings forecast, expecting revenue of approximately 34.3 billion yuan for 2025, an increase of about 11.24 billion yuan from 2024, and an adjusted net profit between 1 billion to 1.03 billion yuan [1] - The company is undergoing a compliance review and has been ordered to suspend new customer acquisition for three months due to various regulatory violations, but this will not affect existing customer services [1] Financial Performance Summary - Total revenue (in million yuan) is projected to be 1,965 in 2023, 2,306 in 2024, 3,459 in 2025, 3,264 in 2026, and 4,645 in 2027, with a year-on-year growth of 6.23%, 17.33%, 50.01%, -5.65%, and 42.33% respectively [1] - Net profit attributable to shareholders (in million yuan) is expected to be 191 in 2023, 272 in 2024, 908 in 2025, 944 in 2026, and 1,418 in 2027, with year-on-year changes of -58.59%, 42.81%, 233.53%, 3.93%, and 50.22% respectively [1] - The latest diluted EPS (in HKD/share) is forecasted to be 0.46 in 2023, 0.65 in 2024, 2.18 in 2025, 2.26 in 2026, and 3.40 in 2027 [1] Industry Analysis - The report indicates that the current regulatory guidance is a critical opportunity for the company to reassess and upgrade its business model, focusing on compliance and professionalism as core competitive advantages [8] - The investment consulting industry is moving towards higher quality development under clearer regulatory guidance, with a focus on professional capabilities and long-term investor trust [8] - The report suggests that companies that can complete internal governance upgrades and build a customer-centric service system will gain a more stable competitive advantage in the reshaped industry landscape [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights that regulatory norms are promoting healthy industry development, presenting a transformation opportunity for the company [1] - The company has issued a positive earnings forecast, expecting revenue of approximately 34.30 billion yuan for 2025, an increase of about 11.24 billion yuan from 2024, and an adjusted net profit between 1.0 to 1.03 billion yuan [1] - The company is undergoing a compliance review and has been ordered to suspend new customer acquisition for three months due to various regulatory violations, but this will not affect existing customer services [1] Financial Performance Summary - Total revenue (in million yuan) is projected to be 1,965 in 2023, 2,306 in 2024, 3,459 in 2025, 3,264 in 2026, and 4,645 in 2027, with a growth rate of 50.01% in 2025 [1] - The net profit attributable to shareholders (in million yuan) is expected to be 191 in 2023, 272 in 2024, 908 in 2025, 944 in 2026, and 1,418 in 2027, reflecting a significant increase of 233.53% in 2025 [1] - The earnings per share (EPS) is forecasted to be 0.46 in 2023, 0.65 in 2024, 2.18 in 2025, 2.26 in 2026, and 3.40 in 2027 [1] Industry Context - The report indicates that the current regulatory environment is pushing the securities investment consulting industry towards higher quality development, with a focus on professional capabilities and long-term investor trust [8] - The company is seen as taking proactive steps to enhance its business model, which may temporarily affect its expansion pace but is expected to lay a stronger foundation for sustainable growth [8] - The report emphasizes that firms that can complete internal governance upgrades and build a client-centered service system will gain a competitive advantage in the reshaped industry landscape [8]

Group 1 - The company, Jiufang Zhitu Holdings, announced regulatory measures due to misleading marketing practices by its subsidiary, Jiufang Cloud Intelligent Technology, resulting in a three-month suspension of new client acquisitions [3][4][14] - Following the announcement of the regulatory measures, Jiufang Zhitu's stock price initially dropped but later recovered, closing up 9.38% at HKD 38.26 per share [4][19] - The company has outlined a comprehensive rectification plan to address the regulatory issues, including stricter compliance training, enhanced marketing controls, and improved risk management systems [6][17] Group 2 - Jiufang Zhitu Holdings provided a positive earnings forecast, expecting revenues of approximately CNY 34.3 billion for the year ending December 31, 2025, an increase of about CNY 11.24 billion from the previous year [3][19] - The total order amount is projected to reach CNY 39.55 billion, with an expected adjusted net profit between CNY 10 billion and CNY 10.3 billion [9][19] - The company's financial performance is anticipated to improve due to the confirmation of major product orders, the establishment of a comprehensive product system, and the application of AI technology [9][20] Group 3 - Jiufang Zhitu's revenue for 2023 and 2024 was CNY 19.65 billion and CNY 23.06 billion, reflecting year-on-year growth of 6.23% and 17.33% respectively [20] - In the first half of 2025, the company achieved revenue of CNY 21 billion, marking a significant year-on-year increase of 133.79% [20] - The company has a strong focus on maintaining a healthy cash flow and is confident in its ability to stabilize operations despite the regulatory measures [20]

Group 1 - The core viewpoint of the article highlights that Jiufang Zhitu Holdings (09636.HK) experienced a significant stock price increase of over 15% following a positive earnings announcement, with the stock currently trading at 39.58 HKD, reflecting a 13.72% rise at the time of reporting [2] Group 2 - The trading volume for Jiufang Zhitu Holdings reached 332 million HKD, indicating strong market interest and activity surrounding the stock [2]

Core Viewpoint - Jiufang Zhitu Holdings (09636) has announced a positive earnings forecast, leading to a stock price increase of over 15%, with a current price of HKD 39.58 and a trading volume of HKD 332 million [1] Financial Performance - The company expects revenue for 2025 to be approximately RMB 3.43 billion, an increase of about RMB 1.12 billion compared to the same period [1] - Adjusted net profit is projected to be between RMB 1 billion and RMB 1.03 billion, compared to RMB 351 million in the same period of 2024 [1] - Shareholders' net profit is estimated to be between RMB 900 million and RMB 930 million, compared to RMB 272 million in the same period of 2024 [1] Business Drivers - The improvement in performance is attributed to the recognition of significant product order amounts from the previous reporting period [1] - The company has established a comprehensive product system that drives steady revenue growth and effectively expands overall business scale [1] - Continuous enhancement of the product, content, and service system for existing customers has led to increased customer satisfaction, higher revenue contribution from existing clients, and improved retention rates [1] - The total order amount for the company's main products has a repurchase rate exceeding 60% for the year [1] - The overall stability and activity in the capital market have contributed to sustained demand for the company's products and services, further driving significant performance improvement [1]

Core Viewpoint - Jiufang Zhitu Holdings (09636) has announced a positive earnings forecast, leading to a stock price increase of over 15%, with a current price of HKD 39.58 and a trading volume of HKD 332 million [1] Financial Performance - The company expects revenue for 2025 to be approximately RMB 3.43 billion, an increase of about RMB 1.12 billion compared to the same period [1] - Adjusted net profit is projected to be between RMB 1 billion and RMB 1.03 billion, compared to RMB 351 million in the same period of 2024 [1] - Shareholders' net profit is estimated to be between RMB 900 million and RMB 930 million, up from RMB 272 million in 2024 [1] Business Drivers - The improvement in performance is attributed to the recognition of significant product order amounts from the previous reporting period [1] - The company has established a comprehensive product system that drives steady revenue growth and effectively expands overall business scale [1] - Continuous enhancement of the product, content, and service system for existing customers has led to increased customer satisfaction, higher revenue contribution from existing clients, and improved retention rates, with a repurchase rate exceeding 60% for major products throughout the year [1] - The overall stability and activity in the capital market have contributed to sustained demand for the company's products and services, further driving significant performance improvements [1]

Core Viewpoint - The company, Jiufang Zhitu (09636.HK), anticipates significant growth in revenue and net profit for the year 2025, indicating a positive outlook for its financial performance [1] Financial Projections - The company expects to record revenue of approximately RMB 3,430 million in 2025, representing an increase of about RMB 1,124 million compared to the previous period [1] - Total order value is projected to be around RMB 3,955 million, which is an increase of approximately RMB 449 million from the same period last year [1] - The anticipated net profit attributable to shareholders is expected to be between RMB 900 million and RMB 930 million, compared to approximately RMB 272 million in the same period last year [1]

来源：滚动播报 九方智投控股公告，公司附属公司上海九方云智能科技有限公司因存在违规行为，收到中国证券监督管 理委员会上海监管局出具的《行政监管措施决定书》，责令附属公司改正及自收到决定书之日起暂停新 增客户三个月，并立即开展全面整改工作。 ...

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） 正面盈利預告 本公告乃由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」） 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條以及香港 法例第571章證券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而 作出。 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2025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，於本報告期內： 1 董事會主席 陳文彬 中國香港，2026年2月9日 (i) 本集團預期錄得收益約人民幣3,430百萬元，較截至2024年12月31日止年度 （「同期」）增長約人民幣1,124百萬元； (i ...