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].

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Insights - The online investment decision-making solution market in China is entering a rapid growth phase, driven by the increase in personal investment assets and the expanding scale of investable financial assets. The demand for investment decision-making solutions continues to rise [2][11] - Despite a declining capital market environment in 2023, the company's revenue has maintained growth, with a significant increase in order growth outpacing revenue growth. The number of paying customers increased by 6.8%, and the average transaction value rose by 10.4% [2][17] - The company's business model is distinct from competitors, utilizing a media flow pool model for customer acquisition, achieving a market share of 13.8% in the securities investment advisory service market [2][17] Summary by Sections Company Overview - 九方财富 is the largest online high-end investment education service provider in China, focusing on providing investment decision support services to individual investors. The company has a market share of 13.8% in the securities investment advisory service sector [6][10] Business Model and Market Position - The flagship online high-end investment education service targets affluent individuals with at least 500,000 yuan in investable securities assets. The service includes online courses, live broadcasts, and personalized advisory services [9][10] - The company has successfully integrated a media flow pool ecosystem, attracting 38.9 million followers and achieving significant engagement metrics [6][17] Financial Analysis - In 2023, the company reported a revenue of 19.65 billion yuan, a year-on-year increase of 6.23%. The flagship service contributed 11.74 billion yuan, while the financial information software service generated 7.91 billion yuan [12][14] - The total order amount reached 23.48 billion yuan, reflecting a year-on-year growth of 17.9% [13][24] Future Outlook - The company is expected to exhibit high revenue elasticity during the market recovery phase, with projected revenues of 19.75 billion yuan and 21.61 billion yuan for 2024 and 2025, respectively [3][22] - The company plans to enhance its product matrix and explore new operational models, including collaborations with brokerage firms to meet diverse customer needs [21][22]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Viewpoints - The company is a leader in the online high-end investment education service market, primarily targeting affluent individuals with high-quality educational content and financial information software services. As of 2021, the company held an 11.2% market share in the online investor content service market, leading significantly in the high-end education segment with a 31.9% share [3][23]. - Despite market fluctuations, the company achieved steady revenue growth in 2023, with a 17.9% year-on-year increase in orders on hand, laying a solid foundation for future revenue growth. The projected net profits for 2024-2026 are estimated at 199 million, 212 million, and 236 million yuan, respectively, with corresponding EPS of 0.43, 0.45, and 0.51 yuan [3][38]. Summary by Sections 1. Company Overview - The company is recognized as a leader in the online high-end investment education service sector, established in 1996, and aims to assist individual investors in understanding financial markets and making informed investment decisions [12]. 2. Market Potential - The online investor content service market is expected to grow significantly, with projections indicating a market size of 346 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 22.7% from 2021 to 2026. The high-end education market is anticipated to grow at an even faster rate of 29.2% during the same period [4][21][22]. 3. Business Model and Strategy - The company focuses on high-quality investment research content, which underpins its product offerings. It has established a dedicated research institute and has produced over 2,000 analysis articles and 100 professional courses [26]. - The company serves affluent individuals with assets between 1 million to 5 million yuan, offering personalized and professional services through its two main product lines: the high-end education service and financial information software [27]. - The company has a robust media presence with 374 MCN accounts and 38.9 million followers across various platforms, enhancing its user engagement and retention [31]. 4. Financial Performance - In 2023, the company reported revenues of 1.97 billion yuan, a 6.2% increase year-on-year, with a total order amount of 2.35 billion yuan, reflecting a 17.9% growth. The adjusted net profit was 319 million yuan, despite a reported decline due to increased share-based compensation [16][19]. 5. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections for 2024-2026 showing increases of 5.4%, 6.2%, and 10.4%, respectively. The gross margin is anticipated to remain stable at around 83.7% [36][38].

[ 九方财富 股票代码: 09636 . H K (Incorporated in the Cayman Islands with Iimited Iiability) 股票代碼 Stock Code: 09636.HK （於開曼群島註冊成立的有限公司） 2023 ANNUAL REPORT 年 報 Contents 目 錄 Corporate Information 公司資料 2 Five-Year Financial Summary 五年財務摘要 5 Chairman's Statement 主席報告 6 Management Analysis and Discussion 管理層分析和討論 10 Directors and Senior Management 董事及高級管理層 37 Report of the Board 董事會報告 48 Corporate Governance Report 企業管治報告 88 Environmental, Social and Governance Report 環境、社會及管治報告 116 Independent Auditor's Report 獨立核數師報告 ...

[Table_Title] 证券研究报告 订单增速快于收入增速形成剪刀差，推进‘科 公司研究 技+投研’双轮驱动战略 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年04月03日 [T九ab方le财_S富toc(k9A6n3d6R.anHkK]) [Table事_S件um：ma九ry方]财富发布2023年度业绩公告，公司实现营收19.65亿元， 同比增长6.23%；实现毛利16.43亿元，同比增长1.76%。实现归母 净利润1.91亿元，同比下降58.59%，若剔除以股份为基础的薪酬开支 的影响后，调整后净利润为3.20亿元；实现经营性现金流净额4.44亿 [T庞ab倩le倩_Au计th算or机]行业首席分析师 元，同比增长86.6%。截至2023年底，公司合约负债6.89亿元，较 执业编号：S1500522110006 2022年底同比增长19.44%。此外，公司拟派发约1.03亿元港币股息， 邮 箱：pangqianqian@cindasc.com 且提出不超过2亿港币的股份回购计划，展示公司对未来发展的坚定信 心。  订单增速快于收入增速，退款率同比下 ...

智通财经APP获悉，中金发布研究报告称，考虑九方财富(09636)成本及费用端增长，2024年盈利预测2 亿元，引入2025年盈利预测2.4亿元。公司当前交易于20x/16x 2024e/25e P/E;考虑订单及现金流稳步增长 和股东回报提升带来的估值提振，目标价14港币，对应29x 2024e P/E;维持跑赢行业评级。 九方财富2023年营收同比+6.2%至19.7亿元，毛利同比+1.8%至16.4亿元，归母净利润1.9亿元，若扣除 以股份为基础的薪酬开支影响后、调整后归母净利润为3.2亿元(vs. 2022年4.6亿元)，主因公司成本及费 用端大幅增长，业绩与此前公司预告基本一致、符合市场预期。 此外，公司公告拟派发每股0.22港元、合计约1.03亿港元股息，同时计划回购不超过2亿港元股票，充分 优化股东回报、彰显对未来发展的信心。 中金指出，公司高端产品推动订单金额及经营现金流同比实现高增。 1)23年公司订单金额同比+18%至23.5亿元，其中智投旗舰版订单金额同比+16%至13.6亿元(主因高端组 合订单金额+53%)、智投擒龙版订单金额同比+20%至9.8亿元(主由豪华版本订单金额+172%) ...

Core Viewpoint - Jiufang Wealth (09636), known as the "first stock in securities investment education," reported its 2023 annual performance, showcasing significant growth in total order amount and net profit [1] Financial Performance - As of December 31, 2023, the company achieved a total order amount of approximately 2.348 billion RMB, representing a year-on-year increase of 17.9% [1] - The operating revenue reached approximately 1.965 billion RMB, reflecting a year-on-year growth of 6.2% [1] - The net profit attributable to shareholders was approximately 191 million RMB [1] - The net cash flow from operating activities was approximately 444 million RMB, showing a substantial increase of 86.6% compared to the beginning of the period [1] Research and Development - In 2023, the company invested approximately 287 million RMB in research and development, accounting for about 15% of total revenue [1] - In August 2023, the company launched the intelligent investment advisory digital human "Jiu Ge" in collaboration with Huawei Cloud and iFlytek, based on its self-developed Jiuzhang securities domain model [1] Dividend Announcement - The company announced a final dividend distribution totaling approximately 103 million HKD, equating to 0.22 HKD per share in cash [1]

智通财经APP讯，九方财富(09636)公布2023年业绩，总收益约为人民币19.654亿元，同比增加约6.2%。 股东应占净利润约为人民币1.91亿元，同比减少58.6%;经调整的年内溢利约3.2亿元，同比减少30.6%。 基本每股盈利0.45元，拟派末期股息每股0.22港元。 报告期内，销售九方智投旗舰版产生的订单金额约为人民币13.644亿元，较同期增加约16.3%;销售九方 智投擒龙版产生的订单金额约为人民币9.83亿元，较同期增加约20.2%。此外，公司付费用户数量达 72,805名，较同期增加约6.8%，上述主要由于公司产品的良性迭代升级，有效提升了产品竞争力，进一 步满足不同客户需求;公司为客户提供专业且有温度的主动服务，以及投研内容的持续加强，不仅增强 客户黏性，也有效推动了客户的再次续费和升级。 报告期内，九方智投旗舰版及九方智投擒龙版按付款金额计的退款率分别为18.5%及22.0%;而同期这两 项产品及服务的退款率分别为22.7%及24.3%。 ...

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 Wealth Holdings Ltd 九方財富控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9636） 截至2023年12月31日止年度 年度業績公告 九方財富控股有限公司董事會特此公佈本公司及其附屬公司截至2023年12月31日 止年度的綜合年度業績，連同截至2022年12月31日止年度的比較數字如下。 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2023 INTERIM REPORT Contents 目 錄 | Corporate Information | | | --- | --- | | 公司資料 | 2 | | Management Discussion and Analysis | | | 管理層討論與分析 | 5 | | Other Information | | | 其他資料 | 22 | | Review Report on Interim Financial Report | | | 中期財務報告審閱報告 | 32 | | Consolidated Statement of Profit or Loss for the six months | | | ended June 30, 2023 – unaudited | | | 截至 2023 年 6 月 30 日止六個月的合併損益表－未經審核 | 34 | | Consolidated Statement of Profit or Loss and Other | | | Comprehensive Income for the six months ended June 30, ...