公告显示，此前披露称公司对数字资产业务的潜力和广阔前景具有深刻洞察，将推进数字资产业务的海 外战略发展。配售所得款项可战略投资于数字资产交易所，培育发展链上金融生态，以布局数字资产业 务，构建公司海外战略的核心组成部分。董事会认为，该认购事项符合公司整体战略规划及配售资金用 途安排。通过投资EX.IO，公司可借助其交易所资源与Web3生态技术优势，加快推进海外数字资产业务 布局与市场拓展，进一步增强链上金融服务能力，助力公司业务多元化及可持续发展，为全球化市场布 局奠定坚实基础。 格隆汇9月23日丨九方智投控股(09636.HK)宣布，于2025年9月23日，公司全资子公司JF SmartTrade与目 标公司EX.IO订立股份认购协议，据此，JF SmartTrade同意认购EX.IO股份。 据悉，EX.IO为一家于2023年在开曼群岛注册成立的公司，主要营业地点位于香港，其附属公司EXIO Limited为一家香港持牌虚拟资产交易平台，已于2024年12月获证监会颁发虚拟资产交易平台营运牌 照，主要业务为虚拟资产交易所和虚拟资产托管。 ...

Group 1 - The company, JF SmartTrade, has entered into a share subscription agreement with EXIO Group Limited to acquire shares, aiming to enhance its digital asset business and overseas strategic development [1] - The investment in EX.IO is aligned with the company's overall strategic planning and funding purposes, focusing on building a core component of its overseas digital asset business [1] - The partnership with EX.IO is expected to leverage its exchange resources and Web3 technology advantages, accelerating the company's overseas digital asset market expansion and enhancing on-chain financial service capabilities [1] Group 2 - The global digital asset industry is accelerating its globalization process, with Hong Kong serving as an international financial center that offers a high-standard compliance regulatory framework for digital assets [2] - EXIO Limited, a subsidiary of EX.IO, holds a virtual asset trading platform operating license issued by the Hong Kong Securities and Futures Commission, providing a rare compliance guarantee [2] - The investment in a licensed digital asset exchange is anticipated to enhance the company's service capabilities in digital asset trading, asset management, and custody, facilitating compliant operations and a service closed loop [2] Group 3 - EX.IO possesses technical and service capabilities in blockchain and Web3 infrastructure, while the company has experience in developing smart investment advisory products for individual investors [3] - The collaboration aims to explore the deep integration of digital asset trading, asset management, and smart investment advisory services, promoting the innovative application of the "AI + research" strategy in digital asset scenarios [3] - The partnership is expected to assist in the development of digital asset advisory systems and algorithms, further enhancing the company's competitive advantage and service capabilities in the digital finance sector [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 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） 自願性公告 認購EXIO Group Limited股份 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」） 自願作出。本公告旨在知會本公司股東（「股東」）及潛在投資者有關本集團之股份 認購事項。 認購事項 本公司董事（「董事」）會（「董事會」）欣然宣布，於2025年9月23日，本公司全資 子公司JF SmartTrade (BVI) Limited（「JF SmartTrade」）與EXIO Group Limited （「EX.IO」或「目標公司」）訂立股份認購協議（「股份認購協議」），據此，JF SmartTrade同意認購EX.IO股份（「認購事項」）。 (2) 發揮業務協同效應，打造數字資產生態 雙方將共同把握香港數字資產市場的政策機 ...

2025年9月23日，"九方智投控股战略投资EX.IO暨方德证券与EX.IO战略合作签约仪式"于香港举办，金融科技企业九方智投控股(09636)携手全球Web3创新 集团EXIO Group Limited(以下简称"EX.IO")、知名互联网券商方德证券有限公司(以下简称"方德证券")共同达成一系列重要合作，标志着三方在数字金融领 域的协同创新与生态共建迈出关键一步。 九方智投控股战略投资EX.IO，加码全球数字金融战略 据悉，方德证券是一家专注于为全球华人提供港美股交易服务的互联网券商，公司立足香港多年，持有香港证监会颁发的1、2、4、5类牌照。在香港稳定 币、RWA等数字资产业务的新机遇下，方德证券将通过升级1、4类牌照，向客户提供数字资产交易服务和数字资产投资咨询服务，积极推进方德证券从互 联网券商向代币化投行和投资机构的升级迭代。 值得一提的是，此前，九方智投控股已公告宣布，拟收购Yintech Financial及其附属公司方德证券。 作为深耕香港市场的互联网券商，方德证券拥有卓越的本地市场经验与客户基础，未来结合EX.IO的合规交易平台与技术能力与九方智投控股的智能投顾服 务体系，三方将形成强大 ...

智通财经APP获悉，2025年9月23日，"九方智投控股战略投资EX.IO暨方德证券与EX.IO战略合作签约仪式"于香港举办，金融科技企业九方智投控股 （09636）携手全球Web3创新集团EXIO Group Limited（以下简称"EX.IO"）、知名互联网券商方德证券有限公司（以下简称"方德证券"）共同达成一系列重 要合作，标志着三方在数字金融领域的协同创新与生态共建迈出关键一步。 九方智投控股战略投资EX.IO，加码全球数字金融战略 仪式上，九方智投控股旗下全资子公司JF SmartTrade完成对全球Web3创新集团EX.IO的战略投资。此次战略投资，将成为九方智投控股深化海外数字资产业 务、完善链上金融服务体系的重要部署。 据悉，EX.IO是连接传统金融 (Web2) 与 Web3 生态系统的全球领先企业，提供创新、合规且安全的金融解决方案，旗下附属公司EXIO Limited已于2024年12 月获香港证券及期货事务监察委员会（SFC）颁发营运牌照的合规数字资产交易平台，主要业务为提供数字资产交易、托管、分销等服务。 继7月完成约1亿美元战略配售后，九方智投控股再度加码布局海外数字资产业务，推 ...

JF SmartInvest Holdings Ltd 九 方 智 投 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 9636) 19 September 2025 Dear non-registered shareholder(s), Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications With reference to the notification letter dated 28 February 2024 titled "Arrangement of Electronic Dissemination of Corporate Communications", JF SmartInvest Holdings Ltd(the "Company") is writing to remind you ...

JF SmartInvest Holdings Ltd 九 方 智 投 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 9636) 19 September 2025 Dear registered shareholder(s), 根據日期為 2024 年 2 月 28 日有關「以電子方式發佈公司通訊之安排」之通知信函所述，九方智投控股有限公司（「公司」）謹此提 醒 閣下，公司已採用以電子方式發佈公司通訊（「公司通訊」）之安排，該公司通訊是指公司為向其任何證券持有人提供資訊或提 醒其採取行動而發佈或將要發佈的任何文件，包括但不限於(a) 董事報告、年度帳目以及審計報告副本以及（如適用）財務摘要報告； (b) 中期報告及（如適用）其中期報告摘要； (c) 會議通知； (d) 上市文件； (e) 通函和 (f) 委任表格。 Reminder letter regarding the Arrangement of Electronic Dissemin ...

[About Us](index=3&type=section&id=About%20Us) [Company Profile, Mission, and Vision](index=3&type=section&id=About%20Us) A new-generation stock investment assistant, the company leverages 'technology + investment research' to simplify investing and enhance financial well-being - The company is positioned as a new-generation stock investment assistant, offering stock investment tools, securities investment advisory, and investor education services[5](index=5&type=chunk)[7](index=7&type=chunk) - The core strategy is 'technology + investment research' dual-driven, developing intelligent advisory products based on AI and big data to achieve industry-leading innovation and application scenarios[6](index=6&type=chunk)[7](index=7&type=chunk) - The company's mission is to 'make investment simpler, more professional, and enhance financial well-being,' with a vision to 'become a lifelong partner for clients' financial management'[7](index=7&type=chunk)[8](index=8&type=chunk)[10](index=10&type=chunk) [Corporate Information](index=4&type=section&id=Corporate%20Information) [Board of Directors and Committees](index=4&type=section&id=Board%20of%20Directors) The company's board comprises executive, non-executive, and independent non-executive directors, supported by audit, remuneration, and nomination committees for robust governance - Board members include Executive Directors Chen Wenbin (Chairman), Chen Jigeng, Zhang Peihong; Non-Executive Directors Yan Ming, CHEN NINGFENG; and Independent Non-Executive Directors Zhao Guoqing, Fan Yonghong, Tian Shu[12](index=12&type=chunk)[13](index=13&type=chunk) - Dr. Zhao Guoqing chairs both the Audit and Remuneration Committees, while Mr. Chen Wenbin chairs the Nomination Committee[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Secretary and Authorized Representatives](index=4&type=section&id=Company%20Secretary%20and%20Authorized%20Representatives) The company has Ms. Liang Yingxian and Mr. Tao Qitao as company secretaries, and Mr. Chen Wenbin and Mr. Tao Qitao as authorized representatives, managing legal compliance and external affairs - The company secretaries are Ms. Liang Yingxian and Mr. Tao Qitao[13](index=13&type=chunk) - The authorized representatives are Mr. Chen Wenbin and Mr. Tao Qitao[13](index=13&type=chunk) [Auditor and Legal Advisor](index=5&type=section&id=Auditor%20and%20Legal%20Advisor) KPMG serves as the auditor, and Linklaters is the Hong Kong legal advisor, ensuring independent financial audits and professional legal support - The auditor is KPMG[15](index=15&type=chunk) - The Hong Kong legal advisor is Linklaters[16](index=16&type=chunk) [Registered and Principal Places of Business](index=5&type=section&id=Registered%20and%20Business%20Offices) The company maintains a registered office in the Cayman Islands and principal places of business in Hong Kong and Shanghai, China, supporting global operations - The registered office is located at Cricket Square, Cayman Islands[16](index=16&type=chunk) - The principal place of business in Hong Kong is at Golden Centre, Des Voeux Road Central, Hong Kong[16](index=16&type=chunk) - The principal place of business and headquarters in China are located at Yinke Financial Center, Qingpu District, Shanghai[16](index=16&type=chunk) [Principal Banks and Stock Information](index=6&type=section&id=Principal%20Banks%20and%20Stock%20Information) The company's principal banks include China Merchants Bank and Bank of Communications Hong Kong Branch, with stock code 9636 and a corporate website - Principal banks include China Merchants Bank Shanghai Changde Sub-branch and Bank of Communications Co., Ltd. Hong Kong Branch[18](index=18&type=chunk) - The stock code is **9636**[18](index=18&type=chunk) - The company website is www.jfztkg.com/IR.html[18](index=18&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=7&type=section&id=Business%20Review%20and%20Outlook) The company achieved strong business performance with 133.8% revenue growth and a turnaround to profit, driven by AI empowerment, enhanced research, and refined traffic operations, with future plans for global expansion and new partnerships Key Financial Performance for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-Year Growth/Change | | :--- | :--- | :--- | :--- | | Revenue | 2,099.7 | 898.1 | 133.8% | | Profit attributable to shareholders | 865.4 | (174.2) (Net Loss) | Turnaround to profit, increase of 1,039.5 million RMB | - Since its 2023 listing, the company has consistently paid cash dividends for three consecutive years, with a **50.3% dividend payout ratio in 2024**, demonstrating its commitment to shareholder returns[28](index=28&type=chunk)[30](index=30&type=chunk) [Business Review](index=7&type=section&id=Business%20Review) The company strengthened its large-scale software products, advanced the stock learning machine, diversified small-ticket products, accelerated App platformization, and leveraged AI for enhanced research and refined traffic operations, boosting scale and profitability - The company solidified its base of large-scale software products (e.g., Gudaolinghang series, Super Investor), empowering them with AI technology, adding new AI products like 'Lingxi Qinlong' and **8 real-time monitoring indicators**, enhancing AI service capabilities[31](index=31&type=chunk)[32](index=32&type=chunk) - The Stock Learning Machine completed its framework, undergoing **5 major version iterations** and over **200 functional optimizations**, building three matrices: content, tools, and trading, with live stream and course viewership increasing by nearly **7 times** and **4 times** respectively from the beginning of the period[34](index=34&type=chunk)[35](index=35&type=chunk) - Jiuyao Gu (small-ticket product series) launched nearly **50 lightweight products**, with cumulative user usage exceeding **3.27 million times**, effectively tapping into long-tail customer value through AI technology, algorithm optimization, and content upgrades[36](index=36&type=chunk)[37](index=37&type=chunk) - Jiufang Zhitou App accelerated its platformization, building a chief IP ecosystem, upgrading market data, adding real-time monitoring and multi-product linked viewing, and introducing brokers to expand scenarios, creating a closed loop of 'content cultivating users, trust driving conversion'[39](index=39&type=chunk)[41](index=41&type=chunk) - AI empowered the securities sector, moving towards 'Advisory Intelligent Agent 2.0,' achieving full-cycle coverage, personalized memory, and proactive intelligent services; during the reporting period, 'Jiufang Lingxi' and the intelligent advisory digital human 'Brother Jiu' served approximately **373,000 clients**, with cumulative services reaching **13.515 million times**[42](index=42&type=chunk)[43](index=43&type=chunk) - The '1+N' investment research system was strengthened, with Jiufang Financial Research Institute forming a team of **4 experts + 9 super IPs + 128 professionals**, producing approximately **560 in-depth analysis articles**, and conducting on-site visits to the Berkshire Hathaway Shareholders Meeting[46](index=46&type=chunk)[47](index=47&type=chunk)[49](index=49&type=chunk) - AI empowered MCN for refined traffic operations, upgrading operational efficiency, expanding platform presence to **994 MCN accounts**, with approximately **63.06 million followers**, an increase of **17.47 million year-on-year**[53](index=53&type=chunk)[54](index=54&type=chunk) - Actively engaged in investor education, joining the China Fund News Investor Education Alliance, exclusively sponsoring the First Financial Buffett Shareholders Meeting live broadcast, and participating in CCTV's 'Financial Powerhouses' special program, enhancing brand influence[56](index=56&type=chunk)[59](index=59&type=chunk) Operating Performance of Financial Software Sales and Services Business | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-Year Growth/Change | | :--- | :--- | :--- | :--- | | Order Amount | 1,612.9 | 925.6 | 74.3% | | Number of Paying Users | 101,905 | Not Applicable | Not Applicable | | Refund Rate | 24.6% | 30.5% | Decrease of 5.9 percentage points | [Business Outlook](index=20&type=section&id=Business%20Outlook) The company anticipates future capital market opportunities driven by economic growth, policy support, and tech innovation, planning to deepen AI empowerment, expand overseas, diversify products, and explore new partnerships with licensed institutions - Future economic growth, policy implementation, and technological innovation are expected to resonate, with capital market reforms guiding the securities industry back to its roots, promoting rational, value, and long-term investing[65](index=65&type=chunk)[66](index=66&type=chunk) - Deepen AI empowerment across product services, business operations, and management, increasing R&D investment, upgrading AI product capabilities, and building an AI intelligent engine and full-cycle advisory intelligent agent product matrix[68](index=68&type=chunk)[70](index=70&type=chunk) - Actively expand into overseas markets through entity acquisition strategies to broaden international business scope and license qualifications, focusing on licensed businesses and digital asset services to support global development[69](index=69&type=chunk)[71](index=71&type=chunk) - Continuously build a multi-dimensional product matrix, strengthening the product competitiveness and operational efficiency of the Stock Learning Machine, Jiuyao Gu, and the App, expanding target customer coverage, and achieving diversified revenue structure[73](index=73&type=chunk)[75](index=75&type=chunk) - Explore new business cooperation models with licensed institutions such as securities companies, strengthening business synergy, building a full-scenario service closed-loop, and precisely meeting diverse client financial needs[74](index=74&type=chunk)[76](index=76&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) The company's financial performance significantly improved with substantial revenue and gross profit growth, achieving a turnaround to profit, driven by increased other income from financial assets and VAT refunds, while maintaining strong liquidity and a reduced debt-to-asset ratio Summary of Financial Performance for H1 2025 | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,099,748 | 898,143 | 1,201,605 | 133.8% | | Cost of sales | (248,214) | (180,278) | (67,936) | 37.7% | | Gross profit | 1,851,534 | 717,865 | 1,133,669 | 157.9% | | Other income/(loss), net | 224,175 | (28,101) | 252,276 | 897.7% | | Selling and marketing expenses | (662,094) | (552,956) | (109,138) | 19.7% | | Research and development expenses | (146,949) | (154,498) | 7,549 | -4.9% | | General and administrative expenses | (239,347) | (199,281) | (40,066) | 20.1% | | Operating profit/(loss) | 1,028,027 | (215,517) | 1,243,544 | Turnaround to profit | | Profit/(loss) for the period | 865,350 | (174,182) | 1,039,532 | Turnaround to profit | - Net other income significantly increased by **897.7%**, primarily due to gains from financial assets measured at fair value through profit or loss of approximately **RMB 63.5 million** (an increase of approximately **RMB 158.1 million** from the prior period), and VAT refunds of approximately **RMB 115.7 million**[86](index=86&type=chunk)[92](index=92&type=chunk) Key Financial Position Indicators | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Year-on-Year Change (RMB million) | | :--- | :--- | :--- | :--- | | Cash and other liquid financial resources | 3,182.8 | 3,220.7 (Estimated) | (37.9) | | Net cash from operating activities | 42.1 | (164.0) (Estimated) | 206.1 | | Debt-to-asset ratio | 38.6% | 57.7% | Decrease of 19.1 percentage points | | Capital expenditure | 24.5 | 2.2 (Estimated) | 22.3 | - The company scientifically allocated idle funds, primarily in low-risk fixed-income products, with a moderate increase in quantitative neutral products, optimizing portfolio returns and risks, and establishing a whitelist access mechanism and research database to enhance investment scientificity and foresight[107](index=107&type=chunk) - During the reporting period, the company acquired all equity and core information systems of Yintech Financial for a total consideration of **HKD 126.97 million**, with **RMB 57.973 million** paid as of June 30, 2025; the acquisition is not yet complete[113](index=113&type=chunk)[114](index=114&type=chunk)[432](index=432&type=chunk) - As of June 30, 2025, the company had not pledged any assets as collateral for bank borrowings or other financing activities, nor did it have any significant contingent liabilities[117](index=117&type=chunk)[118](index=118&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) Employee Structure (As of June 30, 2025) | Employee Function | Number of Employees | Percentage of Total Employees (%) | | :--- | :--- | :--- | | Content Development and Production | 714 | 24.87 | | Sales and Marketing | 849 | 29.57 | | Research and Development | 505 | 17.59 | | Service and Operations | 500 | 17.42 | | Administration | 303 | 10.55 | | **Total** | **2,871** | **100.00** | - The company complies with corporate governance codes, but the roles of Chairman and CEO are combined and held by Mr. Chen Wenbin; the Board believes this arrangement provides strong and consistent leadership and will regularly review its effectiveness[130](index=130&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk) - Net proceeds from the global offering were approximately **RMB 873.3 million**; as of June 30, 2025, **RMB 64.4 million** had been utilized, with the remaining **RMB 192.3 million** allocated to enhancing content production, improving technical capabilities, and investing in KOLs or MCNs[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) - The Board recommended an interim dividend of approximately **HKD 238.9 million** for the six months ended June 30, 2025, equivalent to **HKD 0.51 per share** (cash), expected to be distributed before November 30, 2025[141](index=141&type=chunk)[145](index=145&type=chunk) [Other Information](index=37&type=section&id=Other%20Information) This section details changes in director and chief executive information, share interests of directors and major shareholders, and two share incentive schemes (Pre-IPO RSU Scheme and 2024 Share Incentive Scheme), including their purpose, participants, share numbers, and vesting conditions - The annual remuneration for independent non-executive directors was adjusted to **HKD 360,000** effective May 1, 2025[161](index=161&type=chunk)[164](index=164&type=chunk) Interests of Directors and Chief Executive in Shares (As of June 30, 2025) | Director Name | Type/Nature of Interest | Number of Ordinary Shares | Approximate Percentage of Shareholding | Long/Short Position | | :--- | :--- | :--- | :--- | :--- | | Mr. Chen Wenbin | Controlled Corporation Interest, Jointly Held Interest with Other Persons | 293,665,000 | 65.50% | Long Position | | Mr. Yan Ming | Controlled Corporation Interest, Jointly Held Interest with Other Persons | 293,665,000 | 65.50% | Long Position | | Ms. CHEN NINGFENG | Controlled Corporation Interest, Jointly Held Interest with Other Persons | 293,665,000 | 65.50% | Long Position | | Mr. Chen Jigeng | Beneficial Interest | 14,215,000 | 3.17% | Long Position | | Mr. Zhang Peihong | Beneficial Interest | 7,207,500 | 1.61% | Long Position | Interests of Major Shareholders in Shares (As of June 30, 2025) | Shareholder Name/Entity | Type/Nature of Interest | Number of Ordinary Shares | Approximate Percentage of Shareholding | Long/Short Position | | :--- | :--- | :--- | :--- | :--- | | Coreworth Investments Limited | Beneficial Interest | 100,000,000 | 22.30% | Long Position | | Embrace Investments Limited | Beneficial Interest | 40,615,000 | 9.06% | Long Position | | Harmony Creek Investments Limited | Beneficial Interest | 78,050,000 | 17.41% | Long Position | | Rich Horizon Investments Limited | Beneficial Interest | 75,000,000 | 16.73% | Long Position | | The Core Trust Company Limited | Trustee | 28,390,000 | 6.33% | Long Position | | TCT (BVI) Limited | Controlled Corporation Interest | 28,390,000 | 6.33% | Long Position | | RSU Holding Entity | Beneficial Interest | 28,390,000 | 6.33% | Long Position | - The Pre-IPO Restricted Share Unit Scheme aims to recognize and reward grantees' contributions to the Group; as of June 30, 2025, awards involving a total of **28.43 million relevant shares** have been granted, representing **6.34%** of issued shares[178](index=178&type=chunk)[182](index=182&type=chunk)[188](index=188&type=chunk)[192](index=192&type=chunk) - The 2024 Share Incentive Scheme aims to reward and motivate employees' contributions to the Group; as of the interim report date, awards involving a total of **4.714 million relevant shares** have been granted, representing **1.05%** of issued shares[197](index=197&type=chunk)[201](index=201&type=chunk)[207](index=207&type=chunk)[211](index=211&type=chunk) [Review Report on Interim Financial Report](index=57&type=section&id=Review%20Report%20on%20Interim%20Financial%20Report) [Introduction and Scope of Review](index=57&type=section&id=Introduction%20and%20Scope%20of%20Review) KPMG reviewed the interim financial report for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410, without expressing an audit opinion due to the limited scope - KPMG has reviewed this interim financial report, with the scope of review based on Hong Kong Standard on Review Engagements 2410[232](index=232&type=chunk)[234](index=234&type=chunk)[236](index=236&type=chunk) - The scope of review is substantially less than an audit, and therefore no audit opinion is expressed[237](index=237&type=chunk)[239](index=239&type=chunk) [Conclusion](index=58&type=section&id=Conclusion) Based on the review, KPMG found no matters suggesting the interim financial report for June 30, 2025, was not prepared in all material respects according to HKAS 34 - The review concluded that KPMG found no matters that cause it to believe the interim financial report was not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[238](index=238&type=chunk)[240](index=240&type=chunk) [Consolidated Statement of Profit or Loss](index=59&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20%E2%80%93%20unaudited) [Consolidated Statement of Profit or Loss for the six months ended June 30, 2025](index=59&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20%E2%80%93%20unaudited) For the six months ended June 30, 2025, the company achieved revenue of **RMB 2,099.7 million**, a **133.8% year-on-year increase**, and a significant turnaround to profit of **RMB 865.4 million** from a net loss of **RMB 174.2 million** in the prior year, with basic and diluted earnings per share of **RMB 1.96** Key Data from Consolidated Statement of Profit or Loss (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 2,099,748 | 898,143 | | Gross profit | 1,851,534 | 717,865 | | Operating profit/(loss) | 1,028,027 | (215,517) | | Profit/(loss) for the period | 865,350 | (174,182) | | Basic and diluted earnings/(loss) per share (RMB) | 1.96 | (0.40) | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=60&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20%E2%80%93%20unaudited) [Consolidated Statement of Profit or Loss and Other Comprehensive Income for the six months ended June 30, 2025](index=60&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20%E2%80%93%20unaudited) For the six months ended June 30, 2025, the company reported a profit of **RMB 865.4 million**; after accounting for exchange differences from translating foreign operations in Mainland China (a loss of **RMB 7.8 million**), total comprehensive income for the period was **RMB 857.5 million**, a significant improvement from the prior year's loss of **RMB 169.9 million** Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit/(loss) for the period | 865,350 | (174,182) | | Exchange differences on translating financial statements of foreign operations in Mainland China | (7,844) | 4,285 | | Total comprehensive income for the period | 857,506 | (169,897) | [Consolidated Statement of Financial Position](index=61&type=section&id=Consolidated%20Statement%20of%20Financial%20Position%20at%20June%2030%2C%202025%20%E2%80%93%20unaudited) [Consolidated Statement of Financial Position at June 30, 2025](index=61&type=section&id=Consolidated%20Statement%20of%20Financial%20Position%20at%20June%2030%2C%202025%20%E2%80%93%20unaudited) As of June 30, 2025, total assets less current liabilities were **RMB 2,374.7 million**, with net assets of **RMB 2,373.8 million**; net current assets significantly increased to **RMB 2,111.7 million**, influenced by financial assets and cash changes, while contract liabilities substantially decreased due to revenue recognition Key Data from Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current assets | 263,009 | 282,452 | | Current assets | 3,600,849 | 3,506,937 | | Current liabilities | 1,489,174 | 2,183,294 | | Net current assets | 2,111,675 | 1,323,643 | | Total assets less current liabilities | 2,374,684 | 1,606,095 | | Net assets | 2,373,789 | 1,604,334 | | Share capital | 4 | 4 | | Reserves | 2,373,785 | 1,604,330 | | Total equity attributable to equity holders of the Company | 2,373,789 | 1,604,334 | - Financial assets measured at fair value through profit or loss increased from approximately **RMB 665.1 million** as of December 31, 2024, to approximately **RMB 1,333.7 million** as of June 30, 2025[247](index=247&type=chunk) - Cash and cash equivalents decreased from approximately **RMB 2,208.7 million** as of December 31, 2024, to approximately **RMB 1,574.1 million** as of June 30, 2025[247](index=247&type=chunk) - Contract liabilities decreased from approximately **RMB 1,488.9 million** as of December 31, 2024, to approximately **RMB 808.9 million** as of June 30, 2025[247](index=247&type=chunk) [Consolidated Statement of Changes in Equity](index=63&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20%E2%80%93%20unaudited) [Consolidated Statement of Changes in Equity for the six months ended June 30, 2025](index=63&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20%E2%80%93%20unaudited) For the six months ended June 30, 2025, total equity increased from **RMB 1,604.3 million** to **RMB 2,373.8 million**, primarily due to profit and other comprehensive income of **RMB 857.5 million** and share-based payments of **RMB 47.1 million**, offset by prior year dividend payments of **RMB 135.1 million** Key Data from Consolidated Statement of Changes in Equity (For the six months ended June 30, 2025) | Indicator | Balance at January 1, 2025 (RMB thousand) | Balance at June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | | Share capital | 4 | 4 | | Capital reserve | 580,816 | 492,765 | | Exchange reserve | 30,654 | 22,810 | | Retained earnings | 992,860 | 1,858,210 | | Total equity | 1,604,334 | 2,373,789 | | Profit and other comprehensive income for the period | - | 857,506 | | Approved dividend for prior year | - | (135,134) | | Share-based payments | - | 47,083 | [Condensed Consolidated Cash Flow Statement](index=64&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20%E2%80%93%20unaudited) [Condensed Consolidated Cash Flow Statement for the six months ended June 30, 2025](index=64&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20%E2%80%93%20unaudited) For the six months ended June 30, 2025, net cash from operating activities was **RMB 42.1 million**, a significant improvement; net cash outflow from investing activities was **RMB 640.4 million**, mainly for financial investments and subsidiary acquisitions; net cash outflow from financing activities was **RMB 40.3 million**; period-end cash and cash equivalents were **RMB 1,574.1 million**, a decrease of **RMB 638.6 million** from the beginning of the period Key Data from Condensed Consolidated Cash Flow Statement (For the six months ended June 30, 2025) | Activity Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash from operating activities | 42,135 | (164,037) | | Net cash from investing activities | (640,448) | 365,569 | | Net cash used in financing activities | (40,301) | (221,775) | | Net decrease in cash and cash equivalents | (638,614) | (20,243) | | Cash and cash equivalents at June 30 | 1,574,053 | 721,457 | - Net cash outflow from investing activities primarily included **RMB 24.5 million** for purchases of property, plant and equipment, intangible assets, and other non-current assets, **RMB 49.6 million** for acquisition of subsidiaries, and **RMB 536.6 million** net outflow for financial investments[255](index=255&type=chunk) [Notes to the Unaudited Interim Financial Report](index=65&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) [General Information](index=65&type=section&id=General%20Information) The company was incorporated in the Cayman Islands on May 3, 2021, primarily providing online investment decision solution services, and listed on the Main Board of the Hong Kong Stock Exchange on March 10, 2023 - The company was incorporated in the Cayman Islands on **May 3, 2021**, primarily engaging in online investment decision solution services[257](index=257&type=chunk)[258](index=258&type=chunk)[263](index=263&type=chunk) - The company's shares have been listed on The Stock Exchange of Hong Kong Limited since **March 10, 2023**[258](index=258&type=chunk)[263](index=263&type=chunk) [Basis of Preparation](index=65&type=section&id=Basis%20of%20Preparation) This interim financial report is prepared in accordance with applicable disclosure provisions of the HKEX Listing Rules and HKAS 34 'Interim Financial Reporting,' and has been reviewed by KPMG - This interim financial report is prepared in accordance with the HKEX Listing Rules and Hong Kong Accounting Standard 34 'Interim Financial Reporting'[259](index=259&type=chunk)[264](index=264&type=chunk) - The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[265](index=265&type=chunk)[268](index=268&type=chunk) [Changes in Accounting Policies](index=66&type=section&id=Changes%20in%20Accounting%20Policies) The Group applied amendments to HKAS 21 'The Effects of Changes in Foreign Exchange Rates' regarding 'lack of exchangeability,' which had no material impact on this interim report, and no new standards or interpretations not yet effective were applied - The Group has applied the amendments to Hong Kong Accounting Standard 21 'The Effects of Changes in Foreign Exchange Rates' regarding 'lack of exchangeability,' which had no material impact on this interim report[266](index=266&type=chunk)[269](index=269&type=chunk) - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[267](index=267&type=chunk)[269](index=269&type=chunk) [Revenue](index=66&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue was **RMB 2,099.7 million**, with **RMB 2,019.7 million** from financial software sales and services, primarily recognized over time, and no single customer accounting for over 10% of total revenue Revenue from Contracts with Customers by Major Product or Service Line | Product or Service Line | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Financial software sales and services | 2,019,684 | 898,143 | | Others | 80,064 | – | | **Total** | **2,099,748** | **898,143** | Revenue from Contracts with Customers by Timing of Revenue Recognition | Timing of Revenue Recognition | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue recognized over time | 2,019,684 | 898,143 | | Revenue recognized at a point in time | 80,064 | – | | **Total** | **2,099,748** | **898,143** | - The Group's customer base is diversified, with no single customer accounting for more than **10%** of total revenue for the six months ended June 30, 2024, and 2025[273](index=273&type=chunk)[277](index=277&type=chunk) - All of the Group's operating assets, revenue, and operating profit are derived from China, thus no geographical segment analysis is provided[276](index=276&type=chunk)[278](index=278&type=chunk) [Other Income/(Loss), Net](index=68&type=section&id=Other%20Income%2F%28Loss%29%2C%20Net) For the six months ended June 30, 2025, net other income was **RMB 224.2 million**, a significant improvement from the prior year's loss of **RMB 28.1 million**, mainly driven by VAT refunds and gains from financial assets measured at fair value through profit or loss Details of Other Income/(Loss), Net (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government grants – VAT refunds | 115,743 | 54,772 | | Government grants – other government grants | 25,164 | 4,781 | | Net gains/(losses) from financial assets measured at fair value through profit or loss | 63,488 | (94,612) | | Exchange gains/(losses) | 4,005 | (4,170) | | Others | 15,775 | 11,128 | | **Total** | **224,175** | **(28,101)** | [Profit/(Loss) Before Taxation](index=68&type=section&id=Profit%2F%28Loss%29%20Before%20Taxation) For the six months ended June 30, 2025, profit before taxation was **RMB 1,027.0 million**, a significant turnaround from the prior year's loss of **RMB 216.8 million**, with increases in staff costs, internet traffic acquisition expenses, and depreciation Details of Staff Costs (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 584,753 | 522,301 | | Contributions to defined contribution retirement plans | 32,601 | 31,922 | | Equity-settled share-based payment expenses | 47,083 | 20,927 | | **Total** | **664,437** | **575,150** | Details of Other Expense Items (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Internet traffic acquisition expenses | 464,456 | 395,221 | | Depreciation of right-of-use assets | 39,277 | 40,372 | | Cost of inventories sold | 26,246 | – | | Taxes and surcharges | 20,098 | 9,715 | | Cloud server operating fees | 16,969 | 17,537 | | Technical service fees | 14,223 | 7,377 | | Rental and property fees | 11,604 | 10,291 | | Office and travel expenses | 5,140 | 6,131 | | Depreciation expenses | 4,471 | 3,492 | | Audit fees | 800 | 650 | | Amortization of intangible assets | 722 | 1,132 | | Reversal of impairment losses | (708) | (1,454) | [Income Tax in the Consolidated Statements of Profit or Loss](index=70&type=section&id=Income%20Tax%20in%20the%20Consolidated%20Statements%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, income tax expense was **RMB 161.7 million**, a significant increase from the prior year's income tax credit of **RMB 42.6 million**, primarily due to increased operating profit, with certain Mainland China subsidiaries enjoying preferential tax rates Details of Tax in Consolidated Statement of Profit or Loss (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax – provision for PRC corporate income tax for the period | 71,308 | – | | Current tax – over-provision in prior years | (199) | (14,764) | | Deferred tax – origination of temporary differences | 90,572 | (27,841) | | **Total** | **161,681** | **(42,605)** | - Jiufang Cloud was granted the 'Key Software Enterprise' designation in **April 2024**, enjoying a **10% preferential income tax rate** for the 2023 fiscal year[298](index=298&type=chunk)[303](index=303&type=chunk) - Jiufang Cloud was granted 'High-tech Enterprise' qualification in **December 2024**, enjoying a **15% preferential income tax rate** for 2024, 2025, and 2026[299](index=299&type=chunk)[303](index=303&type=chunk) [Earnings/(Loss) Per Share](index=73&type=section&id=Earnings%2F%28Loss%29%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share were **RMB 1.96**, a significant improvement from the prior year's loss per share of **RMB 0.40**, calculated based on profit attributable to ordinary equity holders and the weighted average number of ordinary shares outstanding Earnings/(Loss) Per Share Calculation (For the six months ended June 30, 2025) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(loss) attributable to ordinary equity holders of the Company (RMB thousand) | 837,216 | (174,182) | | Weighted average number of ordinary shares | 426,938,624 | 432,567,014 | | Basic and diluted earnings/(loss) per share (RMB) | 1.96 | (0.40) | - Unvested shares under the share incentive schemes were not included in the calculation of diluted earnings/(loss) per share as their effect would be anti-dilutive[311](index=311&type=chunk) [Property, Plant and Equipment](index=75&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the net book value of property, plant and equipment was **RMB 22.7 million**, an increase from **RMB 18.9 million** as of December 31, 2024, primarily due to additions of **RMB 8.3 million** during the period Net Book Value of Property, Plant and Equipment (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Electronic and other office equipment | 15,714 | 12,255 | | Motor vehicles | 2,064 | 1,812 | | Leasehold improvements | 4,877 | 4,798 | | **Total** | **22,655** | **18,865** | - Additions to property, plant and equipment amounted to **RMB 8.3 million** for the six months ended June 30, 2025[313](index=313&type=chunk) [Leases](index=76&type=section&id=Lease) As of June 30, 2025, the net book value of right-of-use assets was **RMB 43.5 million**, with total lease liabilities of **RMB 45.6 million**; total lease-related expenses for the period amounted to **RMB 40.3 million**, including depreciation and interest expenses Lease-Related Assets and Liabilities (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Right-of-use assets – buildings | 43,483 | 6,070 | | Lease liabilities – current | (44,739) | (6,496) | | Lease liabilities – non-current | (895) | (1,761) | | **Total Lease Liabilities** | **(45,634)** | **(8,257)** | Lease-Related Expenses (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation of right-of-use assets | 39,277 | 40,372 | | Interest expense on lease liabilities | 996 | 1,270 | | Expenses relating to short-term leases | 41 | 188 | | Gains from lease termination and modification | (8) | (64) | | **Total** | **40,306** | **41,766** | [Intangible Assets](index=78&type=section&id=Intangible%20Assets) As of June 30, 2025, the net book value of intangible assets was **RMB 44.2 million**, an increase from **RMB 37.2 million** as of December 31, 2024, primarily due to additions of **RMB 7.8 million** during the period Net Book Value of Intangible Assets (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Software | 7,979 | 931 | | Trademarks and licenses | 76 | 81 | | Licenses | 36,187 | 36,187 | | **Total** | **44,242** | **37,199** | - Additions to intangible assets amounted to **RMB 7.8 million** for the six months ended June 30, 2025[324](index=324&type=chunk) [Investments in Subsidiaries and Structured Entities](index=80&type=section&id=Investments%20in%20Subsidiaries%20and%20Structured%20Entities) The Group invests in subsidiaries and structured entities through direct or indirect equity holdings to provide online investment decision solutions; during the period, the company acquired Shanghai Beixun and its subsidiaries to obtain content licenses, controlling them via contractual arrangements due to foreign ownership restrictions - The Group primarily engages in online investment decision solution services, holding equity interests in structured entities established by third-party institutions through direct or indirect investments[258](index=258&type=chunk)[347](index=347&type=chunk) - On **April 10, 2024**, the Group acquired all shares of Shanghai Beixun and its subsidiaries for a consideration of **RMB 38.42 million** to obtain an Information Network Dissemination Audio-Visual Program License and a Radio and Television Program Production and Operation License[338](index=338&type=chunk)[339](index=339&type=chunk) - Due to restrictions on foreign ownership under Chinese law, the company exercises control over Shanghai Beixun and its subsidiaries through a series of contractual arrangements (VIE agreements) and consolidates their financial results into the Group's financial information[340](index=340&type=chunk)[341](index=341&type=chunk) [Financial Assets Measured at Fair Value Through Profit or Loss](index=85&type=section&id=Financial%20Assets%20Measured%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets measured at fair value through profit or loss totaled **RMB 1,333.7 million**, a significant increase from **RMB 665.1 million** as of December 31, 2024, primarily invested in funds, listed equity securities, and wealth management products Details of Financial Assets Measured at Fair Value Through Profit or Loss (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Wealth management products | 48,022 | 61,410 | | Listed equity securities | 118,151 | 53,129 | | Asset management plans | 48,750 | – | | Funds | 1,109,251 | 549,741 | | Bonds | 8,533 | – | | Structured deposits | 1,000 | 800 | | **Total** | **1,333,707** | **665,080** | - As of June 30, 2025, the Group's interests in consolidated and unconsolidated structured entities were **RMB 911.435 million** and **RMB 1,206.023 million** respectively[348](index=348&type=chunk)[349](index=349&type=chunk) - As of June 30, 2025, the single investment exceeding **5%** of total assets was Panhou Weiran - Smart Selection No. 10 Private Securities Investment Fund, valued at **RMB 219.311 million**, representing **5.68%** of total assets[109](index=109&type=chunk)[111](index=111&type=chunk)[351](index=351&type=chunk)[353](index=353&type=chunk) [Prepayments and Other Receivables](index=87&type=section&id=Prepayments%20and%20Other%20Receivables) As of June 30, 2025, total prepayments and other receivables were **RMB 245.5 million**, an increase from **RMB 164.6 million** as of December 31, 2024, primarily due to increased prepayments for subsidiary and system acquisitions Details of Prepayments and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current – amounts due from related parties | 22,883 | – | | Current – prepayments for acquisition of subsidiaries and systems | 94,373 | 36,400 | | Current – prepayments to suppliers | 32,140 | 28,992 | | Current – amounts due from related parties | 29,122 | 34,809 | | Current – VAT refunds receivable | 23,870 | 24,688 | | Current – deposits | 19,944 | 15,357 | | Current – employee loans | 2,350 | 4,750 | | Current – IT service receivables | – | 683 | | Current – others | 20,790 | 18,920 | | **Total** | **245,472** | **164,599** | - As of June 30, 2025, total amounts due from related parties (trade and non-trade) were **RMB 52.0 million**[358](index=358&type=chunk) - Impairment losses of **RMB 708 thousand** were reversed during the period, and as of June 30, 2025, the loss allowance account balance was zero[358](index=358&type=chunk) [Cash and Cash Equivalents, Time Deposits, and Restricted Cash](index=89&type=section&id=Cash%20and%20Cash%20Equivalents%2C%20Time%20Deposit%20and%20Restricted%20Cash) As of June 30, 2025, cash and cash equivalents totaled **RMB 1,574.1 million**, with restricted cash of **RMB 150.8 million**, primarily contractually restricted due to regulatory requirements Details of Cash and Cash Equivalents (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash at bank | 1,499,218 | 2,161,512 | | Cash equivalents | 74,490 | 46,976 | | Cash on hand | 345 | 174 | | **Total Cash and Cash Equivalents** | **1,574,053** | **2,208,662** | Restricted Cash (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Restricted cash | 150,804 | 121,668 | - Restricted cash comprises funds contractually restricted from use or withdrawal due to regulatory requirements, all denominated in RMB and deposited with financial institutions in Mainland China[362](index=362&type=chunk) [Contract Liabilities](index=90&type=section&id=Contract%20Liabilities) As of June 30, 2025, contract liabilities were **RMB 808.9 million**, a significant decrease from **RMB 1,488.9 million** as of December 31, 2024, reflecting revenue recognition from customer advances and the impact of customer refunds Changes in Contract Liabilities (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Balance at beginning of period/year | 1,488,902 | 689,322 | | Additions | 1,762,830 | 3,625,219 | | Decrease due to revenue recognized | (1,373,693) | (479,847) | | Decrease due to revenue recognized in the same period/year | (645,991) | (1,826,139) | | Decrease due to refunds to customers | (423,151) | (519,653) | | **Balance at end of period/year** | **808,897** | **1,488,902** | - Contract liabilities relate to prepaid subscription fees received from customers, with revenue recognized over time; for the six months ended June 30, 2025, **RMB 1,763 million** in subscription fees were received, of which **RMB 646 million** was recognized as revenue in the same period[365](index=365&type=chunk) [Accrued Expenses and Other Current Liabilities](index=91&type=section&id=Accrued%20Expenses%20and%20Other%20Current%20Liabilities) As of June 30, 2025, total accrued expenses and other current liabilities were **RMB 512.5 million**, an increase from **RMB 466.0 million** as of December 31, 2024, primarily due to increased dividends payable and accrued internet traffic acquisition expenses Details of Accrued Expenses and Other Current Liabilities (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Dividends payable | 135,134 | – | | Accrued salaries and welfare | 134,162 | 203,177 | | Accrued internet traffic acquisition expenses | 95,087 | 44,859 | | Refund liabilities | 87,671 | – | | VAT and surcharges payable | 40,227 | 53,183 | | Customer advances | 10,165 | 151,214 | | Other accrued expenses and other payables | 10,055 | 11,179 | | Amounts due to employees | – | 2,431 | | **Total** | **512,501** | **466,043** | [Income Tax in the Consolidated Statement of Financial Position](index=91&type=section&id=Income%20Tax%20in%20the%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, income tax payable was **RMB 48.4 million**, with net deferred tax assets of **RMB 129.7 million**; the company did not recognize deferred tax assets for accumulated tax losses or deferred tax liabilities for undistributed profits of Mainland China subsidiaries Current Tax in Consolidated Statement of Financial Position (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC corporate income tax | 48,437 | 165,309 | Changes in Deferred Tax Assets (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net deferred tax assets | 129,746 | 220,318 | - As of June 30, 2025, the company did not recognize deferred tax assets for accumulated tax losses of **RMB 262.683 million**, as future taxable profits are unlikely to be available to offset the losses[377](index=377&type=chunk)[379](index=379&type=chunk) - As of June 30, 2025, no deferred tax liabilities were recognized for undistributed profits of Mainland China subsidiaries amounting to **RMB 1,665.241 million**, as the company controls the dividend policy and these profits are not expected to be distributed in the foreseeable future[378](index=378&type=chunk)[380](index=380&type=chunk) [Capital and Reserves](index=95&type=section&id=Capital%20and%20Reserves) As of June 30, 2025, share capital was **RMB 4 thousand** and reserves were **RMB 2,373.8 million**; during the period, the company distributed prior year dividends of **RMB 135.1 million** and recognized share-based payment expenses of **RMB 47.1 million**, with changes in unvested shares under incentive schemes Changes in Share Capital (As of June 30, 2025) | Item | 2025 (thousand shares) | 2025 (RMB thousand) | 2024 (thousand shares) | 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | At January 1 | 448,357 | 4 | 466,087 | 4 | | Shares repurchased | – | – | (17,730) | (*) | | **At June 30/December 31** | **448,357** | **4** | **448,357** | **4** | - The company repurchased and cancelled **17.73 million ordinary shares** in 2024, totaling approximately **RMB 181.468 million**[388](index=388&type=chunk)[390](index=390&type=chunk) Dividends Payable (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interim dividend proposed after the interim period (HKD 0.51 per share) | 217,830 | – | | Final dividend approved for previous financial year during the interim period (HKD 0.33 per share) | 135,134 | 89,958 | Changes in Number of Equity Instruments Under Share Incentive Schemes (As of June 30, 2025) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Beginning of period/year | 23,073,177 | 28,430,000 | | Vested | (8,568,000) | – | | Granted | 2,961,000 | 1,753,177 | | Forfeited | (103,000) | (7,110,000) | | **End of period/year** | **17,363,177** | **23,073,177** | - For the six months ended June 30, 2025, expenses recognized for restricted share units granted to employees under the share incentive schemes amounted to **RMB 47.083 million**[402](index=402&type=chunk) [Fair Value Measurement of Financial Instruments](index=99&type=section&id=Fair%20Value%20Measurement%20of%20Financial%20Instruments) As of June 30, 2025, the fair value of the company's financial assets and liabilities was primarily measured using Level 1 and Level 2 valuation methods, with Level 1 including listed equity securities and some funds, and Level 2 including wealth management products, asset management plans, some funds, and structured deposits - Fair value measurements are categorized into three levels: Level 1 (quoted prices in active markets), Level 2 (observable inputs other than quoted prices), and Level 3 (significant unobservable inputs)[406](index=406&type=chunk)[407](index=407&type=chunk) Fair Value Hierarchy of Financial Assets and Liabilities (As of June 30, 2025) | Item | Level 1 (RMB thousand) | Level 2 (RMB thousand) | Level 3 (RMB thousand) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Wealth management products | – | 48,022 | – | | Listed equity securities | 118,151 | – | – | | Asset management plans | – | 48,750 | – | | Funds | 491,208 | 618,043 | – | | Bonds | 8,533 | – | – | | Structured deposits | – | 1,000 | – | | **Total Assets** | **617,892** | **715,815** | **–** | | **Liabilities** | | | | | Financial liabilities measured at fair value through profit or loss | – | 74,600 | – | | **Total Liabilities** | **–** | **74,600** | **–** | - During the six months ended June 30, 2025, there were no transfers between Level 1 and Level 2, nor any transfers into or out of Level 3[414](index=414&type=chunk) [Commitments](index=102&type=section&id=Commitments) As of June 30, 2025, the company's commitments for contracted acquisitions of subsidiaries and systems amounted to **RMB 73.4 million**, a significant increase from **RMB 15.6 million** as of December 31, 2024 Unfulfilled Commitments (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contracted acquisitions of subsidiaries and systems | 73,424 | 15,600 | [Material Related Party Transactions](index=102&type=section&id=Material%20Related%20Party%20Transactions) The company engaged in transactions with several related parties controlled by its ultimate owner, including purchases of property, plant and equipment, intangible assets, and office leases, alongside two significant acquisitions involving equity and core information systems of Guangfa Insurance and Founder Financial Holdings - Key related parties include Yinsai, Yinke Investment Holdings, Yinke Chuangzhan, Founder Financial Holdings, Xieyu, Guangfa Insurance, Qijian, Feixiu, etc., all controlled by the ultimate owner[420](index=420&type=chunk)[421](index=421&type=chunk)[422](index=422&type=chunk)[423](index=423&type=chunk)[424](index=424&type=chunk) Key Management Personnel Compensation (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, allowances and benefits in kind | 1,386 | 1,675 | | Discretionary bonuses | 1,683 | 390 | | Retirement scheme contributions | 125 | 158 | | Share-based payments | 19,199 | 20,927 | | **Total** | **22,393** | **23,150** | Overview of Material Related Party Transactions (For the six months ended June 30, 2025) | Transaction Type | Related Party | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | | Purchase of property, plant and equipment | Yinke Chuangzhan | 671 | – | | Purchase of property, plant and equipment | Yinsai | 554 | – | | Purchase of intangible assets | Yinke Chuangzhan | 2,651 | – | | Purchase of intangible assets | Yinsai | 178 | – | | Office lease – depreciation expenses | Xieyu | 38,038 | 39,472 | | Office lease – interest expenses | Xieyu | 902 | 1,213 | - On **March 8, 2024**, the Group entered into an equity transfer agreement with Qijian and Guangfa Insurance to acquire all equity of Guangfa Insurance for a consideration of **RMB 52.0 million**; as of June 30, 2025, **RMB 36.4 million** had been paid, and the acquisition is not yet complete[430](index=430&type=chunk) - On **April 3, 2025**, the company entered into an agreement with Yinke Chuangzhan and Feixiu to acquire all equity and core information systems of Founder Financial Holdings for a total consideration of **HKD 126.97 million**; as of June 30, 2025, **RMB 57.973 million** had been paid, and the acquisition is not yet complete[432](index=432&type=chunk) Balances with Related Parties (As of June 30, 2025) | Item | Related Party | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | | Prepayments for acquisition of subsidiaries and systems | Qijian | 36,400 | 36,400 | | Prepayments for acquisition of subsidiaries and systems | Yinke Chuangzhan | 49,615 | – | | Prepayments for acquisition of subsidiaries and systems | Feixiu | 8,358 | – | | Amounts due from related parties | Xieyu | 22,277 | 21,365 | | Amounts due from related parties | Yinsai | – | 13,444 | | Right-of-use assets | Xieyu | 40,128 | 2,627 | | Lease liabilities | Xieyu | 42,196 | 4,740 | | Non-trade – amounts due from related parties | Founder Financial Holdings | 29,728 | – | [Subsequent Events](index=107&type=section&id=Subsequent%20Events) Subsequent to the reporting period, the company completed a top-up placement of **20 million H shares** on July 28, 2025, raising approximately **HKD 772.80 million** for developing blockchain financial resources, digital asset services, new digital asset advisory models, and working capital; the Board also recommended an interim dividend - On **July 28, 2025**, the company completed a top-up placement of **20 million H shares** at **HKD 39.25 per share**, raising net proceeds of approximately **HKD 772.80 million**[142](index=142&type=chunk)[146](index=146&type=chunk)[440](index=440&type=chunk) - The placement proceeds will be used to cultivate and develop blockchain financial resources, establish digital asset services (focusing on Hong Kong and the Middle East), explore new digital asset advisory models (with 'AI + research' as the core strategy), and supplement working capital and for general corporate purposes[143](index=143&type=chunk)[146](index=146&type=chunk) - On **August 28, 2025**, the Board recommended an interim dividend of approximately **HKD 238.9 million**, or **HKD 0.51 per share** (cash), for the six months ended June 30, 2025, subject to approval at an extraordinary general meeting[141](index=141&type=chunk)[145](index=145&type=chunk)[441](index=441&type=chunk)[443](index=443&type=chunk) [Comparatives](index=107&type=section&id=Comparatives) Certain comparative figures have been reclassified to conform with the current period's presentation - Certain comparative figures have been reclassified to conform with the current period's presentation[442](index=442&type=chunk)[444](index=444&type=chunk) [Definitions](index=108&type=section&id=Definitions) [Glossary of Terms](index=108&type=section&id=Definitions) This section provides definitions for key technical, operational, company, and financial terms used in the report, such as 'AI,' 'App,' 'MCN,' 'KOL,' 'the Company,' 'the Group,' and 'Listing Date,' ensuring clarity and understanding - 'AI' refers to Artificial Intelligence[445](index=445&type=chunk) - 'Stock Learning Machine' is an innovative product launched by the Group, relying on three foundational systems—hardware, AI, and investment research—to build six core modules, helping users enhance their financial knowledge and investment capabilities[445](index=445&type=chunk) - 'Jiuyao Gu' or 'Small-Ticket Product Series' are standardized products developed by the Group, leveraging data analysis and AI technology, using professional strategies and signal analysis to lower investment thresholds and provide intelligent, diversified, and personalized high-quality financial products[446](index=446&type=chunk) - 'MCN' refers to 'Multi-Channel Network,' an organization that assists internet KOLs or influencers with production, content programming, monetization, and audience expansion[447](index=447&type=chunk) - 'Jiufang Zhitou App' is the Group's proprietary application, featuring multiple products that integrate market display and analysis, trading, expert video live streaming, insights, and professional information, providing intelligent services[449](index=449&type=chunk)

Key Points - The top three stocks with net inflow of southbound funds are Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [1] - The top three stocks with net outflow of southbound funds are Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [1] - In terms of net inflow ratio, Yuexiu Transportation Infrastructure (01052) leads with 63.76%, followed by Crystal International (02232) with 56.34%, and China Resources Gas (01193) with 53.63% [1] - The stocks with the highest net outflow ratio include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [1] Net Inflow Rankings - The top ten stocks by net inflow include Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [2] - Other notable stocks in the net inflow list are Meituan-W (03690) with 0.670 billion and Southern Hang Seng Technology (03033) with 0.620 billion [2] Net Outflow Rankings - The top ten stocks by net outflow include Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [2] - Other significant stocks in the net outflow list are Li Auto-W (02015) with -0.298 billion and China Construction Bank (00939) with -0.254 billion [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Yuexiu Transportation Infrastructure (01052) at 63.76%, Crystal International (02232) at 56.34%, and China Resources Gas (01193) at 53.63% [3] - Additional stocks with high net inflow ratios include China Ship Leasing (03877) at 49.13% and Jiangsu Ninghu Expressway at 45.49% [3] Net Outflow Ratio Rankings - The stocks with the highest net outflow ratios include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [3] - Other notable stocks with significant net outflow ratios are Kangji Medical (09997) at -53.77% and QiuTai Technology (01478) at -47.17% [3]

Core Viewpoint - The company leverages a differentiated media channel to attract new individual investors and enhance user engagement through professional investment advisory services and content delivery [1][4] Group 1: Business Model and Performance - The company's business model focuses on monetizing traffic through licensed investment advisory services, distinguishing itself from traditional brokers by utilizing integrated media channels to reach a younger investor demographic [1][2] - The company's revenue is highly correlated with market trading activity, with a significant increase in revenue of 133% year-on-year in H1 2025, driven by a surge in market trading volume [1][4] - As of H1 2025, the company's net profit attributable to shareholders reached 870 million yuan, indicating strong performance amid active market conditions [1][4] Group 2: Market Opportunities and Product Strategy - The online investment decision-making solution market is expanding, driven by a growing number of individual investors and a shift towards younger demographics seeking personalized financial services [2][3] - The company has simplified its product matrix and introduced new product series to cater to different investor needs, with a total of 181,500 paying users as of 2024 [3][4] - The company has established a strong research and operational team to produce high-quality content, enhancing its competitive edge in the market [3][4] Group 3: Competitive Advantages and Expansion - The company has a first-mover advantage in utilizing integrated media channels for customer acquisition, creating a public traffic pool that combines traditional and emerging media [2][4] - The company is expanding its overseas business and digital asset offerings through acquisitions and strategic partnerships, enhancing its market presence in key regions [4][5] - The company is positioned as a leading provider of high-end online investment education services, with a focus on refined traffic operations and quality service content to increase customer loyalty [4][5]