Investment Rating - The report assigns a "Buy" rating to the company [3] Core Insights - The company is positioned to benefit from the growing demand for retail investment consulting services as the number of individual investors in the A-share market continues to rise, with over 240 million investors reported by mid-2025 [4][34] - The company has successfully leveraged the short video trend to innovate its business model, achieving high growth rates through effective customer engagement and content distribution [4][11] - Strategic acquisitions and capital raises are expected to diversify the company's business and enhance its international market presence, particularly in the areas of stablecoins and RWA (Real World Assets) [4][13] Summary by Sections Company Overview - The company focuses on high-end investment education and consulting, utilizing AI technology to enhance its service offerings and customer engagement [15][26] - It has developed a range of products, including high-value VIP services and a unique learning machine aimed at educating new investors [11][24] Market Demand and Growth - The demand for investment consulting services is increasing, driven by the growing wealth of individual investors and the need for professional guidance [4][39] - The online investment decision-making solutions market is projected to grow significantly, with estimates reaching RMB 872 billion by 2026 [50] Business Model Innovation - The company has adopted a new business model that integrates content production, multi-channel distribution, and precise customer targeting, resulting in a sustainable growth mechanism [11][59] - The use of AI and big data analytics allows the company to provide personalized investment advice and enhance user experience [12][26] Financial Performance and Projections - Revenue is expected to grow from RMB 3.8 billion in 2025 to RMB 5.1 billion in 2027, with a corresponding increase in net profit from RMB 1.4 billion to RMB 2 billion [5] - The company's P/E ratio is projected to decrease from 15.66 in 2025 to 11.02 in 2027, indicating potential for valuation improvement [5] Strategic Initiatives - The company plans to expand its international footprint through strategic acquisitions and partnerships, particularly in Hong Kong and the Middle East [4][13] - Recent capital raises have been directed towards building a blockchain financial ecosystem and enhancing digital asset services [4][13]

Group 1 - The recent recovery in the securities market and increased trading volume have heightened the requirements for compliance and information security among securities firms [1] - Jiufang Zhitu's core brand is leading the intelligent upgrade of financial services through its capabilities in information security and compliance practices [1][3] - Jiufang Zhitu has successfully passed the review by the Chinese Association for Artificial Intelligence (CAAI), becoming a member unit, which underscores its strength in the AI field [3] Group 2 - The company has been applying AI technology in compliance management since 2020, enhancing its compliance capabilities through semantic recognition and model building [3] - In 2022, Jiufang Zhitu developed an "intelligent compliance risk control platform" that significantly improved compliance management and operational efficiency [3] - The company has achieved dual certifications of ISO/IEC 27001 and ISO/IEC 27701, becoming the first financial institution in Shanghai to do so, reflecting its commitment to data security [3][6] Group 3 - Jiufang Zhitu continuously optimizes its information security and data protection systems, focusing on auditing and monitoring the handling of sensitive personal information [6] - The company has received a "one-star" designation for its personal information protection impact assessment (PIA) and has been included in a collection of typical PIA cases by the CCIA Data Security Working Committee [6] - Looking ahead, Jiufang Zhitu aims to enhance its financial technology capabilities and optimize digital products and services to support the stable and healthy development of the digital economy in the financial sector [6]

Core Viewpoint - Jiufang Zhitu Holdings (09636.HK) has faced significant stock price declines and investor dissatisfaction due to controversial stock recommendation practices, leading to a total market value loss of approximately 2.9 billion HKD over two days [1][2]. Group 1: Stock Performance and Investor Sentiment - Jiufang Zhitu Holdings' stock closed at 45.50 HKD, down 4.25%, with a total decline of 4.18 HKD the previous day [1]. - The company has seen a total market value decrease of 29.04 billion HKD over two days [1]. - A report indicated that nearly 52% of the recommended stocks resulted in losses for investors, with some stocks dropping nearly 17% without any advisory from the investment consultants [1]. Group 2: Company Background and Controversies - Jiufang Zhitu Holdings was founded by Chen Wenbin, who previously faced controversies with Yinke Holdings related to commodity trading irregularities [2]. - The business practices of Jiufang Zhitu have drawn parallels to past controversies involving Yinke Holdings, particularly in terms of high leverage and frequent trading that amplified investor losses [2]. - Despite presenting itself as compliant, Jiufang Zhitu's marketing strategies and high-priced membership services have been criticized for resembling past practices that led to investor exploitation [2]. Group 3: Recent Financial Activities - On July 16, 2023, Jiufang Zhitu announced a share placement agreement to sell 20 million shares at 39.25 HKD each, which represents about 4.46% of the existing share capital [3]. - The estimated net proceeds of approximately 746 million HKD from this placement are intended for developing on-chain financial resources and strategic investments in digital asset services [3]. - The company completed the share placement on July 18, 2023, successfully selling the shares to independent third parties [4]. Group 4: Regulatory Issues - The China Securities Regulatory Commission (CSRC) has imposed corrective measures on Shanghai Jiufang Yun Intelligent Technology Co., Ltd. for providing investment advice without proper registration and for misleading marketing content [6][7]. - The company has been found to have employees offering investment advice without being registered as securities investment advisors, violating regulatory provisions [6].

Core Viewpoint - The company is positioned as a leading online investment education service provider in China, benefiting from a scarcity of licensed securities investment consulting firms and increasing demand for professional investment advisory services [1][2]. Industry Overview - As of April 2025, there are only 78 licensed securities investment consulting firms in China, with no new approvals in recent years, indicating a stringent regulatory environment [1]. - The demand for investment advisory services is expected to surge due to supportive policies and a shift away from traditional investment channels like real estate and deposits, with the scale of wealth management expanding from 0.37 trillion yuan in 2019 to an estimated 5.16 trillion yuan by 2024, reflecting a CAGR of 68.98% [2]. Company Positioning - The company is one of the first to obtain a securities investment consulting license from the China Securities Regulatory Commission, targeting the affluent public and offering a comprehensive range of products from high-end to low-end [1]. - The company has established a unique traffic system combining public domain MCN, private domain WeChat, and its own app, which has led to a steady increase in revenue and a leading position in 2C financial information software services [2]. Product and Service Strategy - The company’s core products are developed in-house, with a strong foundation in the high-end market, while also strategically creating over 30 lightweight products to penetrate the long-tail user segment [2]. - The integration of technology, including self-developed AI models, enhances user experience and ensures compliance, contributing to the company's sustainable growth [2]. Financial Projections - The company is expected to benefit from the rising demand for investment education and the virtual asset trend, with projected net profits for 2025, 2026, and 2027 at 1.158 billion yuan, 1.565 billion yuan, and 1.773 billion yuan respectively, reflecting year-on-year growth rates of 325%, 35%, and 13% [2].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 九方智投控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09636 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.00001 | HKD | | 20,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.00001 | HKD | | 20,000 | 本月底法定/註冊股本總額 ...

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2][7]. Core Viewpoints - The company is a leading online investment education service provider in China, benefiting from a unique "public MCN + private enterprise WeChat + self-owned app traffic synergy" model, which positions it well to capitalize on the flow era [7][6]. - The demand for investment advisory services is expected to surge due to supportive policies and a shift in investor preferences towards capital markets, as traditional investment channels narrow [6][49]. - The company has a strong product matrix that covers both high-end and long-tail customers, with a focus on technology and research to enhance user experience [6][29]. Summary by Sections 1. Company Overview - The company is one of the first to obtain a securities investment advisory license from the China Securities Regulatory Commission, establishing a solid foundation in the industry [15]. - The investment advisory license is scarce, with only 78 licensed institutions as of April 2025, and the regulatory environment is stringent [16]. 2. Market Demand - The capital market is experiencing a revival, with policies enhancing liquidity and investor confidence, leading to increased demand for professional asset allocation services [49]. - The scale of wealth management products has grown significantly, from 0.37 trillion yuan in 2019 to 5.16 trillion yuan in 2024, reflecting a CAGR of 68.98% [53]. 3. Business Model - The company employs a multi-channel approach for user acquisition, leveraging MCN accounts, internet terminals, and traditional media to create a diversified "traffic pool" [24]. - The operational focus is on precise user segmentation and targeted content delivery, converting traffic into valuable sales leads [25]. 4. Product System - The company has developed a comprehensive product line that includes high-end VIP services and small, lightweight products to cater to a broader audience [29]. - The introduction of small-scale products has significantly increased user engagement, with 2.2 million uses recorded by the end of 2024 [31]. 5. Performance Metrics - The company's revenue has grown from 282 million yuan in 2019 to 2.306 billion yuan in 2024, with a CAGR of 52.3% [31]. - The order revenue for 2024 reached 3.51 billion yuan, marking a year-on-year increase of 49.3% [31]. 6. Profitability Forecast - The projected net profit for 2025 is 1.158 billion yuan, reflecting a year-on-year growth of 325% [8]. - The company is expected to maintain a high gross margin above 80%, despite slight declines due to increased content production costs [39].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 九方智投控股有限公司 呈交日期： 2025年7月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 09636 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件 ...

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，並明確表示概不就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。 本公告僅供參考，並非在美國或任何其他司法權區出售或收購證券的邀請或要約或招攬購買證 券的要約，未根據任何該等司法權區的證券法登記或獲批准而於上述司法權區進行的相關邀 請、要約、收購、招攬或出售均屬違法。 本公告及其內容並非任何合約或承諾的根據。本公告及其任何副本不得帶入美國或在美國傳 閱。本公告所述證券並無亦不會根據1933年美國證券法（經修訂）或向美國任何州或其他司法權 區的任何證券監管機構登記，且不會在美國提呈發售或出售，惟獲得1933年美國證券法（經修 訂）及相關州或地方證券法登記規定的適用豁免，或屬不受1933年美國證券法（經修訂）及相關 州或地方證券法登記規定約束的交易則除外。 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） 有關完成配售現有股份及 根據一般授權先舊後新認購新股份 的補充資料 董事會欣然宣佈， ...

Group 1: Hong Kong Stock Market Highlights - New China Life Insurance (01336) rose over 5%, reaching a historical high, while China Life (2628.HK) increased by 4.4%, AIA (1299.HK) by 3.5%, and China Pacific Insurance (2601.HK) by nearly 2% following the release of the 2Q25 predetermined interest rate of 1.99% by the insurance industry association [1] - Heng Rui Pharmaceutical (1276.HK) opened up 10.65% after announcing a global exclusive licensing agreement with GSK for the HRS-9821 project, excluding mainland China and certain regions [1] - Guangshen Railway (00525.HK) saw a peak increase of over 9% after signing a cooperation agreement for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion yuan [1] Group 2: Other Notable Stock Movements - MicroPort Medical (00853.HK) surged over 8% as major shareholders agreed to sell a total of 291 million shares to various buyers, including funds under Shanghai Industrial Capital [2] - China Tobacco Hong Kong (06055.HK) rose over 5% following the release of a draft management regulation for domestic duty-free tobacco products by the National Tobacco Monopoly Administration [2] - Shenghua Land (08106) saw its stock price soar over 200% after a share acquisition agreement was reached [2] - Jiufang Zhitu Holdings (09636) increased over 10% after announcing a profit forecast for the first half of the year, expecting a net profit of 830 to 870 million yuan, a turnaround from a net loss of 174 million yuan in the same period last year [2] - Lianlian Digital (02598) rose over 7% as a report highlighted the significant role of third-party payment institutions in cross-border and multi-currency settlement services [2] Group 3: Macau Gaming Sector Performance - Gaming stocks saw a general increase, with Amax Holdings (00880) up 10.39%, Melco International Development (00200) up 5.64%, and Sands China (01928) up 3.25%. UBS reported that the average daily gaming revenue in Macau for the past week was 657 million patacas, a slight decline due to typhoon impacts, but still showing a year-on-year growth of approximately 14% [3] Group 4: US Stock Market Highlights - AMD (AMD.US) rose 2.68% as it achieved a 50% market share in the server CPU market, matching Intel for the first time [4] - Newmont Corporation (NEM.US) increased by 6.89%, reporting a second-quarter earnings per share of $1.85, up from 73 cents year-on-year [5] - Berkshire Hathaway's holding Verisign (VRSN.US) rose 6.67% despite Q2 revenue falling short of market expectations, as the company raised its full-year revenue guidance [5] - Tesla (TSLA.US) increased by 3.52% with plans to launch Robotaxi services in San Francisco [6]

Group 1: Market Overview - The Hang Seng Index rose by 0.40%, gaining 102 points to close at 25,490 points, while the Hang Seng Tech Index fell by 0.59% [1] - Hong Kong's stock market saw a morning trading volume of HKD 149.7 billion [1] Group 2: Brokerage Performance - The establishment of the China Capital Market Society has led to positive performance reports from listed brokerages, with notable gains in shares such as Guotai Junan (up 3%), Everbright Securities (up 0.54%), and CITIC Securities (up 1%) [1] Group 3: Gaming Sector - UBS reported that Macau's July gaming revenue exceeded market expectations, while Thailand recently withdrew its casino legalization bill, leading to a rise in gaming stocks. Notable increases include Suncity Holdings (up 7.79%), Melco International Development (up 3.89%), and Sands China (up 1.62%) [1] Group 4: Financial Technology and Digital Currency - Yunfeng Financial rose by 5.68% as the company plans to enter the Web 3.0 space and expand investments in stablecoins and other digital currencies [1] - OSL Group announced the completion of a USD 300 million equity financing, which will be used for license application preparations and other core areas, resulting in a 2.68% increase in its stock [1] Group 5: Innovative Products and Earnings - Guichuang Tongqiao saw a nearly 6% increase, with expected net profit growth of nearly 67% year-on-year for the first half, and several innovative products anticipated to receive approval [1] - China Tobacco Hong Kong surged over 13%, indicating that its exclusive cigarette export business is unaffected by related regulatory draft [1] Group 6: Optical Technology - Conant Optical experienced a rise of over 6%, driven by the upward trend in smart glasses and the potential growth of its XR business [2] Group 7: Gold and Coal Sectors - Laopu Gold's stock fell nearly 4% after a profit warning, despite a projected net profit increase of up to 288% year-on-year for the first half [3] - The main contracts for coking coal saw significant declines, with companies like Mongolian Coking Coal and Yancoal Australia dropping by 5% and 3.39% respectively, indicating a need to monitor policy developments [3]