Financial Performance - The company reported a gross billing of approximately RMB 930.5 million, representing a decrease of approximately 26.17% compared to RMB 1,260.4 million in the corresponding period[6]. - Revenue increased by 4.4% from approximately RMB 860.7 million for the half year ended June 30, 2023, to approximately RMB 898.1 million for the half year ended June 30, 2024[38]. - Gross profit for the half year ended June 30, 2024, was RMB 717.9 million, compared to RMB 714.8 million for the same period in 2023[37]. - Loss from operations increased to RMB 215.5 million for the half year ended June 30, 2024, compared to a loss of RMB 56.5 million for the same period in 2023[37]. - The company reported a loss of approximately RMB 174 million for the six months ended June 30, 2024, a significant increase of approximately 361% compared to a loss of approximately RMB 38 million in the previous period[55]. - Basic and diluted loss per share was RMB 0.40, compared to RMB 0.09 in the same period of 2023[129]. - Total comprehensive income for the period was a loss of RMB 169,897,000, compared to a loss of RMB 5,289,000 in the previous year[131]. User Growth and Engagement - The cumulative number of users of small-amount products reached approximately 347,000, with around 300,000 new App registered users added during the reporting period[10]. - The "Jiu Ge" intelligent investment digital advisor served approximately 257,000 customers, with a total of 15.83 million service times during the reporting period[13]. - The live broadcasts during the reporting period totaled 23,466 hours across 12,487 sessions, gaining approximately 14.6 million followers[19]. - The total number of MCN accounts increased to 488, reaching approximately 45.6 million followers across various internet platforms[19]. Product Development and Innovation - The company is focusing on transforming its app from a tool to a platform, integrating investment advisory services and professional content to cover all market trends, information, short videos, and livestreams[7]. - The company launched its first stock learning hardware product, the EnjoyStock – JF SmartInvest stock learning machine, aimed at providing a dedicated learning platform for investors[9]. - The company launched over 20 lightweight products to help customers identify risks and improve decision-making efficiency[10]. - The company is actively expanding its new business line of learning machines, enhancing its product matrix to meet diverse customer needs[9]. Research and Development - Research and development investment amounted to approximately RMB154 million, representing a 6.2% increase over the corresponding period, and accounted for approximately 17.2% of the company's total revenue[14]. - The research and development department had 654 professionals, accounting for 22.7% of the total number of employees, reflecting a 13% increase over the corresponding period[14]. - The company has completed the filing of the deep synthesis service algorithm of the Jiuzhang Securities Sector Large-scale Model, indicating recognition in AI controllability and security[15]. - The company is committed to accelerating digital intelligence transformation and enhancing its intelligent investment advisory system through increased R&D investment and AI technology applications[34]. Financial Position and Capital Management - As of June 30, 2024, the company's cash and liquid financial resources decreased from approximately RMB2,068.4 million to approximately RMB1,618.0 million, primarily due to cash expenditures from share repurchases and operating losses[53][57]. - The gearing ratio as of June 30, 2024, was 45.7%, up from 38.4% as of December 31, 2023, calculated by dividing total liabilities by total assets[58]. - The company held two financial products valued at 5% or more of total assets, accounting for 5.81% and 12.58% of total assets, respectively, as of June 30, 2024[58]. - The company has repurchased a total of 17,730,000 shares, utilizing approximately HK$198 million, with all repurchased shares cancelled by June 21, 2024[9]. Corporate Governance and Compliance - The company has maintained compliance with the Corporate Governance Code, except for the deviation regarding the roles of chairman and CEO being held by the same individual since December 20, 2023[101]. - The company has a high standard of corporate governance practices, ensuring long-term objectives are prioritized over short-term gains[100]. - The Audit Committee, consisting of independent non-executive directors, has reviewed the unaudited interim financial information for the six months ended June 30, 2024[103]. - The company confirmed compliance with the non-competition undertaking by its controlling shareholder, Yintech Holdings, during the relevant period[114]. Strategic Focus and Future Plans - The company aims to become a lifelong partner in investment and wealth management for its customers, enhancing their investment decision-making capabilities[5]. - The company aims to strengthen its competitiveness and consolidate its leading market position by integrating product lines and enhancing user experience[33]. - The State Council's "National Nine Opinions" aims to stabilize the market and promote high-quality development in the capital market, which is expected to create new opportunities for the company[29]. - The company plans to utilize the unutilized net proceeds according to the disclosed plans in the prospectus[111].
九方财富(09636) - 2024 - 中期财报