Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][10]. Core Insights - The company has established a strong position in the online investment education service sector by leveraging integrated media channels to attract new investors and monetize through high-quality advisory products and services [4][10]. - The company's performance is highly correlated with market trading activity, with significant revenue growth observed during periods of increased market transactions [5][10]. - The online investment decision-making solution market is expected to grow substantially, driven by a younger investor demographic and increasing demand for personalized financial services [6][10]. Summary by Sections Company Overview - The company is a leading online high-end investment education service provider, focusing on enhancing investors' financial knowledge and decision-making capabilities through a variety of online tools and content services [18][19]. Market Potential - The online investment decision-making solutions market is projected to reach 87.2 billion yuan by 2026, with significant growth in online investor content services and financial information software services [66][69]. Business Model - The company operates a differentiated business model that utilizes integrated media channels to reach new investors, enhancing customer engagement through tailored advisory services [29][31]. Financial Performance - The company reported a substantial revenue increase of 133% year-on-year in the first half of 2025, with a net profit of 8.7 billion yuan, reflecting strong market activity [5][43][44]. - The revenue growth is supported by a robust order pipeline, with a significant portion of revenue derived from contracts established in previous periods [5][43]. Competitive Advantage - The company has a competitive edge through its early adoption of integrated media channels and a strong research and operations team that produces high-quality content [7][10]. - The company has successfully built a comprehensive product matrix that caters to various investor needs, enhancing customer retention and engagement [7][31].

Core Insights - FTSE Russell updated its FTSE Global Equity Index Series, including several Hong Kong stocks in the FTSE China Small Cap Index, effective after market close on September 19 [1] - The inclusion of stocks like Ninebot Holdings (09636) reflects international capital market recognition of their future growth potential and long-term investment value [1] - This adjustment is expected to attract additional capital inflows, enhance liquidity in the secondary market, and increase global market visibility for the companies involved [1] Company Impact - Ninebot Holdings (09636) and others included in the index are likely to benefit from increased attention and credibility in the global capital markets due to the endorsement by a well-known index [1] - The inclusion in the FTSE Russell indices signifies a positive outlook for these companies, potentially leading to a rise in stock prices and investor interest [1] - The FTSE Russell indices are widely used by global institutional and retail investors, with approximately $20 trillion in assets benchmarked to these indices, indicating significant market influence [1]

Core Viewpoint - The inclusion of stocks such as 九方智投控股 (09636) and others in the FTSE Global Equity Index Series reflects international capital market recognition of their future development potential and long-term investment value [1] Group 1: Index Inclusion - 九方智投控股 (09636), 和誉-B (02256), 第四范式 (06682), 科济药业-B (02171), and 顺丰同城 (09699) have been added to the FTSE China Small Cap Index, effective after market close on September 19 [1] - The FTSE Russell is a leading player in the global index industry, providing benchmarks, analytics, and data solutions widely used by institutional and retail investors [1] Group 2: Market Impact - The inclusion in the FTSE Russell Global Equity Index Series is expected to bring more potential incremental capital inflows to the companies' stocks, enhancing liquidity in the secondary market [1] - The endorsement from a globally recognized index is likely to increase the companies' visibility and recognition in the global capital markets, aiding in the realization of their long-term investment value [1]

Core Viewpoint - Jiufang Zhitu Holdings is positioned as a high-elasticity financial consulting target, benefiting significantly from the bull market and the short video era, similar to the early days of Tonghuashun [1][2] Group 1: Business Model and Market Potential - Jiufang Zhitu Holdings leverages short video traffic on platforms like Douyin for marketing and monetization through educational courses, supported by a robust research team of over 100 people and AI technology to enhance customer service efficiency [1] - The company is in its early business stage with substantial potential, projecting 180,000 paid users in 2024, with a theoretical user base in the hundreds of millions, targeting investors with securities account assets of at least 500,000 yuan [1][2] - The potential user base can be roughly estimated using the number of investors in the Sci-Tech Innovation Board, which is around 10 million as of January 2024 [1] Group 2: Financial Performance and Projections - The company demonstrated significant revenue growth during the bull market, with 2020 revenue reaching 700 million yuan, a 158% year-on-year increase, and a net profit of 86 million yuan, up 250% [2] - Forecasts for the first half of 2025 indicate revenue of 2.1 billion yuan, a 75% increase year-on-year, and a median net profit of 850 million yuan, reflecting a 486% growth [2] - The company is expected to achieve a net profit of 1.4 billion yuan in 2025, indicating continued strong performance in a bull market [2] Group 3: Comparison with Industry Peers - Jiufang Zhitu Holdings is compared to Tonghuashun, which saw a significant stock price increase from 24.62 yuan in December 2012 to 1,141 yuan in June 2015, representing a 45-fold increase, and further to 3,533 yuan by August 2025, a 143-fold increase from its lowest point [2] - The company possesses similar financial consulting and AI attributes as Tonghuashun, with its business still at a low penetration stage, suggesting substantial growth potential in both performance and stock price [2] Group 4: Strategic Initiatives - The company plans to acquire Fangde Securities, which may provide access to stablecoin trading licenses, and aims to expand into the Hong Kong market to establish a second growth curve [2]

Group 1 - Jiufang Zhitu Holdings (09636) saw a nearly 5% increase in early trading, currently up 4.05% at HKD 74.5, with a transaction volume of HKD 110 million [1] - In August, new account openings reached 2.6503 million, a month-on-month increase of 34.97% from July's 1.9636 million, and a year-on-year increase of 165% from last August's 999,300 [1] - The margin trading balance has risen to a historical high of CNY 2.28 trillion as of September 4, 2025, indicating positive market sentiment [1] Group 2 - Guotai Junan Securities reported that market activity is robust, and the company is capitalizing on the short video traffic dividend, with a total fan base of 63.06 million, leading to significant profit growth [1] - Minsheng Securities noted that the company is focusing on channel expansion, product matrix upgrades, and smart operations, leveraging AI technology in investment research and marketing, which is expected to enhance profitability as the market recovers and trading activity increases [1]

消息面上，根据上交所官网发布的数据，今年8月新开户数达到265.03万户，较7月的196.36万户环比增 长34.97%，与去年8月的99.93万户相比同比大幅增长165%。此外，从风险偏好角度看，市场情绪积 极，两融余额再度攀升。截至2025年9月4日，两市融资融券余额已升至2.28万亿元，创下历史新高。 国泰海通证券发布研报称，市场交投活跃，且公司把握短视频流量红利，全平台粉丝数6306万，两者共 振实现利润大幅增长；市场向好下，业绩有望持续高增。民生证券则指出，公司在渠道拓展、产品矩阵 升级及智能运营等方面持续发力，利用AI技术在投研与营销端的持续赋能，伴随市场回暖及交投活跃 度提升，公司盈利能力有望持续改善。 智通财经APP获悉，九方智投控股(09636)早盘涨近5%，截至发稿，涨4.05%，报74.5港元，成交额1.1亿 港元。 ...

公司业务规模持续扩张，盈利能力在市场环境影响下有所波动，但成本优化和现金流管理成效显著。公 司营业收入快速增长，2019 至2023 年复合增长率达63.7%，2024 年全年收入达23.0 亿元，同比增长 17.4%。受市场活跃度变化影响，公司净利润呈周期性波动，2023 年归母净利润为1.9 亿元，同比下降 58.5%，2024 年回升至2.7 亿元，同比增长42.4%；2025H1 归母净利润进一步回升至8.7 亿元，超过24 全年，业绩实现显著修复。销售及管理费用增速趋缓，2024 年全年销售费用率下降至46.0%，管理费用 率为20.5%。公司持续优化投放结构，流量采购支出占销售费用比例持续下降，2024 年下降至63.7%， 带动获客效率提升。2025 年上半年，公司销售/一般及行政开支/研发费用率分别为31.5%/ 11.4%/ 7.0%，较2024 年均有所下行。经营性现金流表现良好，2024 年全年经营活动现金流净额达16.3 亿元， 显著高于往年水平，为公司稳健增长提供有力支撑。 九方智投通过多元化的流量获取策略、丰富的产品矩阵和精细化的流量运营，实现高效的用户增长与转 化。公司依托抖音、 ...

九方智投控股（09636.HK）深度报告 To C 流量精准转化与科技赋能下的高成长性 2025 年 09 月 08 日 ➢ 九方智投控股：凭借科技驱动的智能化投顾服务，在中国在线投资决策解决 方案市场中占据领先地位。公司深耕证券投资咨询领域，通过 AI 技术、大数据 分析、智能化投顾体系及 MCN 流量运营，形成了独特的商业模式。近年来，公 司积极推动业务模式升级，深化 To C 端流量精准转化，并通过科技赋能优化投 资者体验。公司股东结构稳定，管理团队经验丰富，为企业长期发展奠定了坚实 基础。同时，公司持续加大在投研、科技、流量运营等关键领域的投入，提升市 场竞争力。 ➢ 公司业务规模持续扩张，盈利能力在市场环境影响下有所波动，但成本优化 和现金流管理成效显著。公司营业收入快速增长，2019 至 2023 年复合增长率 达 63.7%，2024 年全年收入达 23.0 亿元，同比增长 17.4%。受市场活跃度变 化影响，公司净利润呈周期性波动，2023 年归母净利润为 1.9 亿元，同比下降 58.5%，2024 年回升至 2.7 亿元，同比增长 42.4%；2025H1 归母净利润进一 步回升至 8.7 ...

Group 1 - The company reported a total revenue of 2.1 billion yuan for the first half of 2025, representing a year-on-year increase of 133.8%, and achieved a net profit of 865 million yuan, compared to a loss of 174 million yuan in the same period last year [1] - The company's order revenue increased significantly, with a total of 1.71 billion yuan in order revenue for the first half of 2025, up 83.3% year-on-year, and a return on investment (ROI) of 3.67, which is a 56.0% increase year-on-year [1][2] - The average daily transaction volume in the market has rebounded significantly, reaching 1.94 trillion yuan, a year-on-year increase of 185.6%, which is expected to improve the company's order situation in Q3 [1] Group 2 - The company’s MCN accounts and followers reached 994 and 63.06 million respectively by the end of the first half of 2025, marking increases of 89.0% and 26.0% year-on-year [2] - The number of paid users surged by 152.7% to 102,000, with a refund rate of 24.6%, which is a decrease of 5.9 percentage points year-on-year [2] - The company effectively controlled costs, with sales, research and management expenses of 660 million, 150 million, and 240 million yuan respectively, leading to a significant improvement in profitability with a net profit margin of 41.2% compared to -19.4% in the same period last year [2] Group 3 - The company’s trading financial assets reached 1.33 billion yuan by the end of the first half of 2025, a 100.6% increase from the beginning of the year, with significant growth in funds and stocks [3] - The company achieved an investment income of 64 million yuan, with an estimated annualized investment return rate of 12.7% [3] - The company is recognized as a leading high-end investment education service provider in China, with strong barriers in customer acquisition and education, and is expected to benefit from the ongoing market recovery [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a significant increase in total revenue of 2.1 billion, up 133.8% year-on-year, and achieved a net profit of 865 million, compared to a loss of 174 million in the same period last year [6][10] - The company's return on equity (ROE) was 36.5%, a substantial improvement from -15.9% in the previous year [6] - The MCN traffic pool is expanding rapidly, with a significant increase in paid user numbers and a notable improvement in refund rates [10] - Cost control has been effective, leading to a marked improvement in profitability, with a net profit margin rising to 41.2% from -19.4% year-on-year [10] - The company is recognized as a leading high-end investment education service provider in China, leveraging multimedia for customer acquisition, establishing strong barriers in traffic pool construction and customer education [10] Summary by Sections Revenue and Profitability - In the first half of 2025, the company achieved total revenue of 2.1 billion, reflecting a year-on-year increase of 133.8% [6] - The net profit for the same period was 865 million, a turnaround from a loss of 174 million in the previous year [6] - The diluted ROE was reported at 36.5%, compared to -15.9% in the prior year [6] Market Performance - The company’s order revenue increased significantly, with a 83.3% year-on-year growth, and a return on investment (ROI) of 3.67, up 56.0% [10] - The average daily transaction volume in the market surged to 19.4 trillion, a year-on-year increase of 185.6%, indicating a strong market recovery [10] User Growth and Cost Management - The number of paid users increased by 152.7% to 102,000, with a refund rate improvement of 5.9 percentage points [10] - The company effectively managed costs, with sales, research, and management expenses reported at 660 million, 150 million, and 240 million respectively, showing a mixed trend in year-on-year changes [10] Investment and Asset Management - The company’s trading financial assets reached 1.33 billion, a 100.6% increase from the beginning of the year, with significant growth in fund and stock holdings [10] - The company achieved an investment income of 64 million, with an estimated annualized investment return rate of 12.7% [10] Future Outlook - The company is expected to see continued growth in net profit, with projections of 1.52 billion and 1.94 billion for 2025 and 2026 respectively, corresponding to price-to-earnings ratios of 20.0 and 15.7 [11]