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].

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].

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - The company, Jiufang Zhitu Holdings, is a leading service provider in stock investment during the live broadcast era, focusing on intelligent investment advisory and fintech solutions [2]. - The company leverages advanced technologies such as big data, artificial intelligence (AI), and machine learning to create efficient and precise investment decision support systems [2]. - Jiufang Zhitu primarily serves affluent individual investors, providing personalized and professional services that benefit from the current retail investor-driven market [2]. Summary by Relevant Sections Business Model - Jiufang Zhitu Holdings has a mature business model that includes: 1. Intelligent investment advisory services that help individual investors create personalized investment plans, optimize asset allocation, reduce risks, and achieve better returns [4]. 2. Wealth management services for high-net-worth clients and institutions, covering asset allocation, investment portfolio management, and risk control, enhanced by AI technology [4]. 3. Financial data analysis and research, providing accurate market forecasts and investment analysis reports to assist clients in making informed investment decisions [4]. 4. Integration of AI with quantitative trading strategies, offering various automated trading tools and systems for efficient trade execution [4]. Market Conditions - Since late September, the Chinese capital market has shown signs of recovery, leading to a significant increase in trading volume and investor interest in stocks [8]. - The company has capitalized on this business development window, resulting in rapid growth in order numbers [8]. - The company’s performance is expected to improve significantly due to its rigid cost structure primarily consisting of R&D and marketing expenses, which allows it to maintain customer retention even during market fluctuations [8]. Financial Projections - The company’s operating revenue is projected to grow from 1,850.1 million HKD in the fiscal year ending December 31, 2022, to 2,670.5 million HKD by 2026, reflecting a compound annual growth rate (CAGR) of approximately 9.76% [9]. - Net profit is expected to recover from a significant decline in 2023 to 378 million HKD by 2026, indicating a strong rebound [9]. - Earnings per share (EPS) is forecasted to increase from 0.45 HKD in 2023 to 0.88 HKD in 2026, demonstrating a positive growth trajectory [9].

Financial Performance - The company reported a gross billing of approximately RMB 930.5 million, representing a decrease of approximately 26.17% compared to RMB 1,260.4 million in the corresponding period[6]. - Revenue increased by 4.4% from approximately RMB 860.7 million for the half year ended June 30, 2023, to approximately RMB 898.1 million for the half year ended June 30, 2024[38]. - Gross profit for the half year ended June 30, 2024, was RMB 717.9 million, compared to RMB 714.8 million for the same period in 2023[37]. - Loss from operations increased to RMB 215.5 million for the half year ended June 30, 2024, compared to a loss of RMB 56.5 million for the same period in 2023[37]. - The company reported a loss of approximately RMB 174 million for the six months ended June 30, 2024, a significant increase of approximately 361% compared to a loss of approximately RMB 38 million in the previous period[55]. - Basic and diluted loss per share was RMB 0.40, compared to RMB 0.09 in the same period of 2023[129]. - Total comprehensive income for the period was a loss of RMB 169,897,000, compared to a loss of RMB 5,289,000 in the previous year[131]. User Growth and Engagement - The cumulative number of users of small-amount products reached approximately 347,000, with around 300,000 new App registered users added during the reporting period[10]. - The "Jiu Ge" intelligent investment digital advisor served approximately 257,000 customers, with a total of 15.83 million service times during the reporting period[13]. - The live broadcasts during the reporting period totaled 23,466 hours across 12,487 sessions, gaining approximately 14.6 million followers[19]. - The total number of MCN accounts increased to 488, reaching approximately 45.6 million followers across various internet platforms[19]. Product Development and Innovation - The company is focusing on transforming its app from a tool to a platform, integrating investment advisory services and professional content to cover all market trends, information, short videos, and livestreams[7]. - The company launched its first stock learning hardware product, the EnjoyStock – JF SmartInvest stock learning machine, aimed at providing a dedicated learning platform for investors[9]. - The company launched over 20 lightweight products to help customers identify risks and improve decision-making efficiency[10]. - The company is actively expanding its new business line of learning machines, enhancing its product matrix to meet diverse customer needs[9]. Research and Development - Research and development investment amounted to approximately RMB154 million, representing a 6.2% increase over the corresponding period, and accounted for approximately 17.2% of the company's total revenue[14]. - The research and development department had 654 professionals, accounting for 22.7% of the total number of employees, reflecting a 13% increase over the corresponding period[14]. - The company has completed the filing of the deep synthesis service algorithm of the Jiuzhang Securities Sector Large-scale Model, indicating recognition in AI controllability and security[15]. - The company is committed to accelerating digital intelligence transformation and enhancing its intelligent investment advisory system through increased R&D investment and AI technology applications[34]. Financial Position and Capital Management - As of June 30, 2024, the company's cash and liquid financial resources decreased from approximately RMB2,068.4 million to approximately RMB1,618.0 million, primarily due to cash expenditures from share repurchases and operating losses[53][57]. - The gearing ratio as of June 30, 2024, was 45.7%, up from 38.4% as of December 31, 2023, calculated by dividing total liabilities by total assets[58]. - The company held two financial products valued at 5% or more of total assets, accounting for 5.81% and 12.58% of total assets, respectively, as of June 30, 2024[58]. - The company has repurchased a total of 17,730,000 shares, utilizing approximately HK$198 million, with all repurchased shares cancelled by June 21, 2024[9]. Corporate Governance and Compliance - The company has maintained compliance with the Corporate Governance Code, except for the deviation regarding the roles of chairman and CEO being held by the same individual since December 20, 2023[101]. - The company has a high standard of corporate governance practices, ensuring long-term objectives are prioritized over short-term gains[100]. - The Audit Committee, consisting of independent non-executive directors, has reviewed the unaudited interim financial information for the six months ended June 30, 2024[103]. - The company confirmed compliance with the non-competition undertaking by its controlling shareholder, Yintech Holdings, during the relevant period[114]. Strategic Focus and Future Plans - The company aims to become a lifelong partner in investment and wealth management for its customers, enhancing their investment decision-making capabilities[5]. - The company aims to strengthen its competitiveness and consolidate its leading market position by integrating product lines and enhancing user experience[33]. - The State Council's "National Nine Opinions" aims to stabilize the market and promote high-quality development in the capital market, which is expected to create new opportunities for the company[29]. - The company plans to utilize the unutilized net proceeds according to the disclosed plans in the prospectus[111].

Investment Rating - The report assigns a rating of "Hold" for the company, indicating that the stock price is expected to fluctuate within ±5% of the benchmark index [9]. Core Views - The company, Jiufang Zhitu Holdings, reported a revenue of 8.98 billion RMB for the first half of 2024, reflecting a year-on-year increase of 4.11%, but a net profit of -1.74 billion RMB [1]. - The total order amount for the first half of 2024 was approximately 9.31 billion RMB, a decrease of about 26.2% compared to the same period last year [1]. - The company has increased its R&D investment to approximately 1.54 billion RMB, which accounts for about 17.2% of total revenue, showing a year-on-year growth of 6.2% [1]. - The company has expanded its research team, now comprising 654 professionals, which is about 22.7% of the total workforce, an increase of approximately 13% year-on-year [1]. - The company has accelerated its digital transformation, with AI services reaching approximately 257,000 clients and cumulative services totaling 15.83 million times [1]. Financial Summary - The projected revenue for 2024 is estimated at 19.65 billion RMB, with a growth rate of 6% from the previous year [2]. - The forecasted net profit for 2024 is -4 million RMB, indicating a significant decline of 102% compared to the previous year [2]. - The earnings per share (EPS) for 2024 is projected to be -0.01 RMB, with a recovery expected in subsequent years [2]. - The company’s gross margin is expected to be 79.9% in 2024, slightly down from 83.61% in 2023 [5]. - The return on equity (ROE) is projected to be -0.28% in 2024, with a recovery to 6.47% by 2025 [5].

Financial Performance - Total order amount for the period was approximately RMB 930.5 million, a decrease of about 26.2% compared to RMB 1,260.4 million in the same period last year[1]. - Total revenue for the period was approximately RMB 898.1 million, an increase of about 4.4% compared to RMB 860.7 million in the same period last year[1]. - Loss attributable to shareholders for the period was approximately RMB 174.2 million, compared to a loss of RMB 37.8 million in the same period last year[1]. - The company reported an operating loss of RMB 215.5 million, compared to an operating loss of RMB 56.5 million in the same period last year, reflecting an increase of 281.4%[3]. - Adjusted loss for the period under non-HKFRS was RMB 153.3 million, compared to a profit of RMB 19.5 million in the same period last year, a decrease of 886.2%[3]. - The company reported a pre-tax loss of RMB 216,787 thousand for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 57,483 thousand for the same period in 2023[21]. - The company reported a basic loss per share of RMB (0.40) for the six months ended June 30, 2024, compared to RMB (0.09) for the same period in 2023, reflecting a significant increase in losses[25]. - The company reported a loss of approximately RMB 174 million for the six months ended June 30, 2024, a significant increase of about 361% compared to a loss of RMB 38 million for the same period in 2023[76]. Research and Development - The R&D department had 654 professionals, accounting for approximately 22.7% of total employees, an increase of about 13.0% compared to the same period last year[1]. - R&D expenditure was approximately RMB 154 million, an increase of about 6.2%, representing about 17.2% of total revenue[1]. - R&D expenses rose to RMB 139,825 thousand, a slight increase from RMB 134,449 thousand in the same period last year[17]. - The company invested approximately RMB 154 million in R&D during the reporting period, an increase of 6.2% year-over-year, representing 17.2% of total revenue[55]. - The R&D team comprised 654 professionals, accounting for about 22.7% of total employees, an increase of approximately 13% year-over-year[55]. - The company conducted around 90 research activities on listed companies and produced over 1,000 analysis articles during the reporting period[56]. Employee and Operational Costs - Total employee costs increased to RMB 575,150 thousand, up 14.4% from RMB 502,891 thousand in the previous year[17]. - Employee costs for the six months ended June 30, 2024, amounted to RMB 103,437,000, representing 51.9% of total expenses, compared to RMB 99,179,000 or 50.4% for the same period in 2023[74]. - General and administrative expenses increased by 1.3% to approximately RMB 199 million, driven by higher employee costs and increased depreciation of right-of-use assets[73]. - Sales costs rose by approximately 23.6% to about RMB 180.3 million, primarily due to increased employee costs in content development[68]. Revenue Breakdown - Revenue from the flagship product, Jiufang Zhituo, was RMB 444,211 thousand, down 13.7% from RMB 514,749 thousand in the previous year[13]. - Revenue from the Jiufang Zhituo Qilong version increased significantly to RMB 449,512 thousand, up 30% from RMB 345,909 thousand in the prior year[13]. - Revenue increased by 4.4% from approximately RMB 860.7 million to approximately RMB 898.1 million for the six months ended June 30, 2024[65]. - Revenue from the flagship product series decreased by 13.7% to RMB 444.2 million, while revenue from the Dragon series increased by 30% to RMB 449.5 million, driven by an increase in paying users from approximately 15,000 to 22,000[66][67]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,096.5 million, down from RMB 1,514.8 million as of December 31, 2023[6]. - The company reported a total of RMB 868,683,000 in financial assets measured at fair value through profit or loss as of June 30, 2024, down from RMB 1,322,532,000 as of December 31, 2023[33]. - The total lease liabilities as of June 30, 2024, amounted to RMB 41,853,000, significantly higher than RMB 5,907,000 as of December 31, 2023[32]. - The group’s total liabilities for accrued expenses and other current liabilities increased to RMB 233,706,000 as of June 30, 2024, compared to RMB 168,584,000 as of December 31, 2023[45]. Strategic Initiatives - The company is applying for the "High-tech Enterprise" status for the years ending December 31, 2024, 2025, and 2026, which would allow it to enjoy a preferential income tax rate of 15% if approved[24]. - The company is advancing a "technology + investment research" dual-driven strategy to innovate and upgrade existing products[51]. - The company has engaged in digital cooperation with financial institutions and traditional media, providing customized intelligent solutions[54]. - The company aims to enhance its competitive edge and diversify revenue sources by expanding its product matrix to meet diverse customer needs[53]. - The company has adjusted its product strategy to transition its app from a tool-based approach to a platform model, enhancing user experience and service offerings[51]. Shareholder Actions - The board does not recommend the payment of an interim dividend[1]. - The company repurchased a total of 17,730,000 shares at a total cost of approximately RMB 181.5 million, which were all canceled on June 21, 2024[52]. - The interim dividend approved for the last fiscal year is RMB 89.958 million, translating to HKD 0.22 per share, down from HKD 0.50 per share in the previous year[48]. Market Position and Recognition - The company’s brand, "Jiufang Zhituo," was recognized as one of the "2024 Favorite Chinese Brands" at the China Brand Night event[58]. - The company aims to enhance competitiveness and solidify market leadership by integrating flagship products and expanding the small product line supported by data analysis and AI technology[64]. Capital Raising and Utilization - The company successfully raised approximately HKD 984.2 million (equivalent to approximately RMB 873.3 million) from its global offering and the partial exercise of the over-allotment option, issuing a total of 59,937,000 new shares at an issue price of HKD 17.00 per share[87]. - The allocation of the net proceeds includes 20% (approximately HKD 196.8 million) for enhancing content production capabilities, 30% (approximately HKD 295.3 million) for strengthening the traffic pool, and 30% (approximately HKD 295.3 million) for improving technical capabilities[88].