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].

Financial Performance - In 2023, the company achieved a revenue of RMB 1,965,387,000, representing a year-on-year increase of 6.2% from RMB 1,850,141,000 in 2022[16] - The gross profit for 2023 was RMB 1,643,264,000, which is an increase of 1.8% compared to RMB 1,614,865,000 in 2022[16] - The company reported a profit for the year of RMB 190,719,000, a significant decrease of 58.6% from RMB 460,554,000 in 2022[16] - Total assets increased to RMB 2,458,606,000 in 2023, up from RMB 1,363,164,000 in 2022, marking a growth of 80.4%[17] - Total liabilities rose to RMB 943,809,000 in 2023, compared to RMB 833,741,000 in 2022, reflecting an increase of 13.2%[17] - The equity attributable to equity shareholders of the company reached RMB 1,514,797,000 in 2023, a substantial increase from RMB 529,423,000 in 2022[17] Strategic Initiatives - The company aims to enhance operational capabilities and provide higher-quality, personalized products and services to fulfill its vision of becoming a lifelong partner in investment and wealth management[18] - The company plans to continue expanding its customer services to further enhance client satisfaction and loyalty[18] - The company plans to refine its product matrix to better meet the differentiated and personalized needs of investors in 2024[25] - An exploration of a new operational model leveraging both online and offline channels aims to establish a unique omnichannel ecosystem[25] - Collaboration with securities firms is a strategic focus to enhance investment advisory services and meet diverse customer needs[25] Market Position and Growth - The company experienced market-defying growth despite challenges in the Chinese capital market, with improved operational efficiency and record-high performance[18] - The management team emphasized the importance of strategic direction and employee efforts in achieving growth amidst a declining stock market[18] - In 2023, the company achieved revenue growth despite a challenging Chinese capital market, with a focus on enhancing operational efficiency and customer service quality[20] Technological Innovation - The introduction of "Jiuge," a digital robo-advisor developed with Huawei Cloud and iFlytek, offers clients 24/7 capital market information services, enhancing service delivery[21] - The company is committed to technological innovation and has initiated the establishment of postdoctoral workstations to attract high-level talent[30] - The digital robo-advisor "Jiuge" was launched in August 2023, providing eight core services including market analysis and strategy generation[32] - Strategic cooperation with Huawei Cloud and iFlytek was established to build technology innovation and artificial intelligence laboratories[32] Customer Engagement and Services - The company's MCN saw significant increases in short video production, livestream sessions, and viewer engagement, providing a competitive advantage in a traffic-driven market[19] - The proprietary app SmartInvest Pro offers data services tailored to mass affluent individual investors, including market data processing and online investor education courses[39] - The proprietary app SmartInvest Info provides financial information software services, including timely market-related information and investment decision-making support for experienced investors[39] - The company emphasizes a customer-centric approach, aiming to enhance the investment experience and promote rational investment behavior among customers[38] Employee and Corporate Governance - The company has strengthened its corporate culture focusing on diversity, equity, and inclusion (DEI) to promote employee and corporate growth[30] - The employee count as of December 31, 2023, totaled 2,775, with the largest segments being Sales and Marketing (30.5%) and Content Development and Production (20.8%)[100] - The company has established a Remuneration Committee to assist the Board in formulating remuneration policies[184] - The management team has a diverse background in finance, legal, and corporate services, enhancing strategic decision-making capabilities[134] Regulatory and Compliance - Regulatory policies introduced in 2023 are expected to boost trading volume and liquidity in the secondary market, positioning the company to capitalize on these developments[23] - The company has maintained compliance with the corporate governance code, with a noted deviation regarding the roles of chairman and CEO being held by the same individual since December 20, 2023[109] - The Company has adopted the Model Code for Securities Transactions by Directors, confirming compliance by all Directors from the Listing Date to December 31, 2023[111] Acquisitions and Investments - On December 22, 2023, the Company entered into an agreement to acquire the entire economic interest in the assets or businesses of Shanghai Beixun[157] - The acquisition was finalized on December 22, 2023, through an exclusive option transfer framework agreement[194] - The consideration payable for the acquisition of Shanghai Beixun is RMB 38,420,000, to be paid in installments[197] Community Engagement and Sustainability - Initiatives for investor education and community engagement, such as financial education lectures and charity activities, are part of the company's commitment to sustainable operations[28] - The company emphasizes sustainable development and the integration of ESG concepts into its operations, promoting long-term value investing[28] - The Group is committed to providing an eco-friendly energy environment and has implemented energy conservation and emission reduction policies[169]

Investment Rating - The report assigns a "Hold" rating for the company, indicating that the stock price is expected to fluctuate within ±5% of the benchmark [10]. Core Insights - The company achieved a revenue of 1.965 billion yuan in 2023, representing a year-on-year growth of 6.23%. The gross profit was 1.643 billion yuan, with a slight increase of 1.76% year-on-year. However, the net profit attributable to shareholders decreased by 58.59% to 191 million yuan [1][4]. - The total order amount for 2023 was 2.348 billion yuan, reflecting a year-on-year increase of 17.9%, with the flagship product generating 1.363 billion yuan in orders, up 16.3% [1]. - The company plans to distribute approximately 1.03 billion HKD in dividends and has proposed a share buyback plan of up to 200 million HKD, demonstrating confidence in future growth [1]. Financial Performance - Revenue for 2024 is projected to be 2.196 billion yuan, with an expected growth rate of 12%. The net profit is anticipated to slightly increase to 192 million yuan, marking a 1% growth [4][6]. - The company's gross margin for 2023 was 83.6%, a decrease of 3.7 percentage points year-on-year, primarily due to increased employee costs [1]. - Operating cash flow for 2023 was 444 million yuan, showing a significant year-on-year increase of 86.6% [1]. Product and Market Dynamics - The company has seen a decrease in refund rates for its flagship products, with rates of 18.5% and 22.0% for the flagship and the secondary product respectively, down 4.2 and 2.3 percentage points from the previous year [1]. - The company has enhanced its product competitiveness through AI capabilities, launching a self-developed large model named "Jiu Ge" for market analysis and strategy generation [1]. Future Projections - Earnings per share (EPS) for 2024-2026 are projected to be 0.41, 0.47, and 0.60 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23.64, 20.55, and 16.14 [3][4]. - The company aims to maintain a stable revenue growth trajectory, with expected revenue growth rates of 11.74%, 10.52%, and 13.17% for the years 2024 to 2026 [6].

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%。 ...

Financial Performance - The total order amount for the group was approximately RMB 2,347.7 million, an increase of about 17.9% compared to RMB 1,991.6 million in the same period last year[2]. - The total revenue for the group was approximately RMB 1,965.4 million, up about 6.2% from RMB 1,850.1 million in the previous year[2]. - The net profit attributable to shareholders was approximately RMB 190.7 million, a decrease of 58.6% from RMB 460.6 million in the same period last year[3]. - The adjusted net profit attributable to shareholders under non-HKFRS was approximately RMB 319.6 million, down 30.6% from RMB 460.6 million in the previous year[3]. - The operating profit decreased to RMB 208.4 million, down 56.9% from RMB 483.8 million in the previous year[3]. - Basic earnings per share decreased to RMB 0.45 in 2023 from RMB 1.22 in 2022, a decline of 63.9%[20]. - Diluted earnings per share also fell to RMB 0.44 in 2023 from RMB 1.22 in 2022, reflecting a decrease of 63.9%[22]. - The company reported a pre-tax profit of RMB 190,719 thousand for 2023, down from RMB 460,554 thousand in 2022, a decline of 58.6%[20]. - Net profit decreased by approximately 58.6% from RMB 460.6 million in 2022 to RMB 190.7 million in 2023[77]. Revenue and Expenses - The total operating expenses increased to RMB 1,079,583 thousand in 2023 from RMB 678,111 thousand in 2022, representing a rise of 59.1%[16]. - Sales costs increased by approximately 36.9% from RMB 235.3 million in 2022 to RMB 322.1 million in 2023, mainly due to an increase in employee costs from RMB 223.4 million to RMB 307.6 million[69]. - General and administrative expenses surged from RMB 159.3 million in 2022 to RMB 419.0 million in 2023, largely due to share-based compensation expenses of RMB 128.9 million and increased employee costs[74]. - R&D expenses increased by approximately 25.2% from RMB 229.5 million in 2022 to RMB 287.4 million in 2023, primarily due to an increase in the number of R&D personnel[73]. Cash Flow and Assets - The operating cash flow (net inflow) was approximately RMB 444.0 million, an increase of about 86.6% compared to RMB 237.9 million in the same period last year[2]. - Cash and cash equivalents increased to RMB 745,870,000 in 2023 from RMB 352,987,000 in 2022, representing a substantial growth of 111.12%[35]. - The total financial assets measured at fair value through profit or loss increased to RMB 1,322,532,000 in 2023 from RMB 713,704,000 in 2022, marking an increase of 85.38%[29]. - The total assets less current liabilities amounted to RMB 1,514.831 million, compared to RMB 539.178 million in the previous year[6]. Dividends and Shareholder Returns - The board proposed a final dividend of approximately HKD 102.5 million, which is HKD 0.22 per share, subject to approval at the annual general meeting[2]. - The proposed final dividend is expected to be distributed by July 10, 2024[89]. User Engagement and Growth - As of December 31, 2023, the group operated 374 MCN accounts across various internet platforms, with approximately 38.9 million followers, an increase of 2.9 million followers compared to the previous year[2]. - The company achieved around 191 million video or page views and approximately 359 million interactions in the 30 days leading up to December 31, 2023, showcasing significant user engagement[46]. - The number of paid users increased to 72,805, representing a growth of approximately 6.8%[54]. Research and Development - The company aims to enhance its research and development capabilities, focusing on "technology-driven finance" to accelerate its digital transformation[47]. - As of December 31, 2023, the R&D department had 544 professionals, accounting for 19.6% of total employees, with R&D investment of approximately RMB 287.4 million, a year-on-year increase of 25.2%[48]. - The company conducted 224 research activities and published 2,140 analysis articles through its Jiufang Research Institute, enhancing its investment research capabilities[49]. Strategic Initiatives - The company launched the AI investment advisor "Jiugo" in August 2023, providing eight core services based on its proprietary model[48]. - Strategic partnerships were established with Huawei Cloud and iFlytek to co-build innovation labs, enhancing the company's technological capabilities[48]. - The company aims to integrate self-media and traditional media, enhancing online and offline operations to achieve a comprehensive business model[58]. Acquisitions and Investments - The company acquired 100% ownership of Shanghai Beixun for a total consideration of RMB 38,420,000, with the first payment of RMB 23,052,000 made as of December 31, 2023[81]. - The company entered into a conditional equity transfer agreement to acquire 100% of Guangfa Insurance for a total consideration of RMB 52,000,000[91]. Awards and Recognition - The company received multiple awards, including recognition as a leading fintech company in China, highlighting its strong brand and service quality[50]. - The company received multiple awards in 2023, including "Best Growth Hong Kong Stock Company" from CBN and "Outstanding Strategic Partner" from Hubei Broadcasting and Television[60].

Revenue Generation - The company generated revenue primarily from two proprietary apps: SmartInvest Pro and SmartInvest Info, which cater to different segments of individual investors [11]. - Revenue decreased by 5.4% to RMB860.7 million for the Period, down from RMB909.4 million in the Corresponding period, primarily due to a slight decrease in revenue from SmartInvest Pro [63]. - Revenue from SmartInvest Pro decreased by 8.7% to RMB514.7 million, while revenue from SmartInvest Info increased by 0.7% to RMB345.9 million [64][65]. User Growth and Engagement - SmartInvest Pro saw significant growth in gross billing, contributing to an increase in the average selling price of offerings [15]. - The number of paying users for SmartInvest Pro increased to 22,389, a rise of 3.7% from 21,592 in 2022 [16]. - The number of paying users for SmartInvest Info decreased to 15,199, down 7.8% from 16,489 in 2022 [16]. Product Offerings and Development - The company focuses on providing tailored investment decision-making solutions through a data service model, enhancing user experience and technology [12]. - The offerings include market data processing, indicator analysis tools, and online investor education courses, aimed at the mass affluent class of individual investors [14]. - The company launched the industry's first digital robo-advisor product "Jiuge" in August 2023, offering eight core services [54]. Financial Performance - Gross profit decreased by 12.0% to RMB714.8 million, with gross margin declining from 89.3% to 83.1% [70][75]. - The company reported a loss of RMB 37.8 million for the period, a significant decrease of approximately 117.2% compared to a profit of RMB 220.2 million in the corresponding period [85][90]. - Basic and diluted loss per share was RMB 0.09, compared to earnings of RMB 0.58 per share in the same period of 2022 [196]. Research and Development - The R&D department had 579 professional staff as of June 30, 2023, representing 21.3% of the total workforce [48]. - The company’s research team, Jiufang Research Institute, produced 6,438 analytical articles and conducted 84 surveys of listed companies during the reporting period [35]. - Research and development expenses increased by 34.3% to RMB145.5 million, reflecting a rise in staff costs due to business development needs [73]. Strategic Initiatives - The company plans to strategically acquire a target company to enhance its fund distribution business and expand service offerings [19]. - Strategic partnerships were established with major tech companies like Baidu and Huawei to enhance AI financial solutions [60]. - Future plans include optimizing technology systems and launching advanced industry technology capabilities, such as a digital Robo-Advisor [61]. Corporate Governance and Compliance - The company maintains a high standard of corporate governance and has complied with all provisions of the Corporate Governance Code from the Listing Date to June 30, 2023 [166]. - All directors have confirmed compliance with the Model Code for Securities Transactions from the Listing Date to June 30, 2023 [167]. - The Audit Committee has reviewed the unaudited interim results for the period along with the accounting principles and policies adopted by the Group [174]. Cash and Financial Position - Cash and liquid financial resources increased from approximately RMB 1,066.7 million as of December 31, 2022, to approximately RMB 2,238.5 million as of June 30, 2023, primarily due to cash generated from financing activities [95][99]. - The gearing ratio improved to 54.30% as of June 30, 2023, down from 61.2% as of December 31, 2022, indicating a better balance between debt and equity [96][100]. - The company recognized an income tax benefit of RMB 19.7 million for the period, compared to an income tax expense of RMB 9.4 million in the corresponding period, due to an increase in contract liabilities [84][89]. Shareholder Information - As of June 30, 2023, Mr. CHEN Wenbin holds 299,925,000 ordinary shares, representing approximately 64.35% of the equity [125]. - The company has granted a total of 28,430,000 RSUs, representing 6.10% of the company's shares in issue as of June 30, 2023 [151]. - The vesting schedule for the RSUs includes 40% vesting upon the second anniversary and 20% vesting on the third, fourth, and fifth anniversaries [156].

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6月30日止六個月 中期業績公告 九方財富控股有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其 附屬公司（「本集團」或「我們」）截至2023年6月30日止六個月（「本期」）的未經審 核合併中期業績，連同截至2022年6月30日止六個月（「同期」）的比較數字如下。 | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...