Investment Rating - The report assigns a "Buy" rating for Jiufang Zhitu Holdings (9636.HK) based on its strong performance and growth potential in the market [9]. Core Views - Jiufang Zhitu's H1 2025 performance exceeded expectations, with projected net profit for shareholders between RMB 830 million and RMB 870 million, and revenue expected to reach approximately RMB 2.1 billion, marking a year-on-year increase of about RMB 1.202 billion [1]. - The company is leveraging its AI capabilities through the integration of its large model with a comprehensive financial knowledge base, which is expected to enhance its service offerings and customer base [1]. - The planned acquisition of Yintech Financial aims to expand into overseas markets and diversify its business portfolio, potentially reducing risks associated with market concentration [1]. Financial Summary - For 2024, the company reported revenue of RMB 2,306 million, with projections of RMB 3,512 million for 2025, representing a growth rate of 52% [3]. - The net profit attributable to shareholders is expected to rise significantly from RMB 272 million in 2024 to RMB 1,211 million in 2025, reflecting a growth rate of 344% [3]. - Earnings per share (EPS) are forecasted to increase from RMB 0.61 in 2024 to RMB 2.70 in 2025 [3]. Financial Projections - The financial outlook for Jiufang Zhitu indicates a steady increase in revenue and profit over the next few years, with expected revenues of RMB 4,056 million in 2026 and RMB 4,681 million in 2027 [4]. - The company is projected to maintain a strong gross margin, with estimates of 89.24% in 2025 and 88.34% in 2026 [4]. - The return on equity (ROE) is expected to be 43.14% in 2025, indicating strong profitability relative to shareholder equity [4].