机构：长城证券 研究员：刘文强 事件：近日，九方智投公布2025 年中期业绩，数据显示现金订单金额为17.05亿元，同比+83.3%，总营 收为20.99 亿元，同比+133.8%；归母公司净利润约为8.65 亿元，同比+596.8%，基本符合预期。 公司搭建立体化产品体系，稳固大额基本盘，推进学习机框架建设，丰富九爻股矩阵，实现收入多元。 VIP 产品（即股道领航系列和超级投资家），稳步迭代持续优化，新增灵犀擒龙、8 款盯盘指针等AI 产 品，进一步强化AI 服务能力，同时深耕节目直播。股票学习机构建内容、工具、交易三大矩阵以凸显 产品价值体系，增强用户黏性。九爻股丰富产品矩阵以精准匹配用户多样化需求，已累计推出近50 款 轻量化产品，有效服务了长尾客户。九方智投App 加速平台化发展，构建首席IP 生态并联动K 线与专 家观点，通过用户卷标体系精准分发内容。公司旨在扩大目标客群覆盖，实现产品功能联动协同，实现 收入结构多元化。 受益于市场成交活跃，公司毛利率迎来提升。2025H1、2024、2024H1，毛利率为88.18%、82.14%、 79.93%，提升显著。数据显示，2025H1 销售成本、销售及 ...

Core Viewpoint - Aether Holdings, Inc. has initiated an underwritten public offering of units, aiming for gross proceeds of approximately $40 million, which will primarily be used for acquiring bitcoin as part of a new treasury strategy [1][2]. Group 1: Offering Details - The public offering consists of units that include one share of common stock and one publicly traded warrant to purchase one share of common stock [3]. - Aether will also offer Pre-Funded Units, which consist of one pre-funded warrant and one Common Warrant [3]. - The offering is expected to price after market close on July 22, 2025, with a closing date anticipated around July 24, 2025, subject to customary conditions [3]. Group 2: Use of Proceeds - Approximately 85% of the net proceeds from the offering will be allocated to acquiring bitcoin, while about 15% will be used for working capital [2]. Group 3: Stock Information - Aether's common stock is listed on the Nasdaq Capital Market under the symbol "ATHR," and the company has applied to list the Common Warrants under the symbol "ATHRW" [4]. Group 4: Regulatory Information - A registration statement for the securities has been filed with the U.S. Securities and Exchange Commission but is not yet effective, meaning the securities cannot be sold or offered until it becomes effective [5].