机构：开源证券 研究员：高超/卢崑 公司是2C 金融信息服务行业龙头，以投顾牌照为基础，坚持"投研+科技"双轮驱动，以"内容+流量"获 客展业。董事长于投顾行业从业20 余年、经验丰富，公司股权结构稳定，客群定位清晰，市场空间广 阔。公司已建立起多维度产品矩阵、"1+N"投研体系和三位一体的流量运营体系，重视研发投入、探索 全方位AI 赋能。我们认为公司规模效应已初步显现，短期高beta 属性受益于资本市场活跃；中长期"小 单化"、"平台化"战略有望提高用户粘性，学习机销售态势良好，公司收购香港券商扩充国际业务版 图。我们预计公司2025-2027 年归母净利润11.9/11.0/14.8 亿元，同比+338%/-8%/+35%，对应PE 为 17.9/19.4/14.4 倍，低于可比公司。我们认为公司作为行业龙头，盈利能力突出，牛市弹性突出，新战 略有望带来估值提升，首次覆盖给予"买入"评级。 "投研+科技"双轮驱动，MCN 精细化流量运营（1）收入短期受交易量影响，牛市释放业绩弹性。公司 订单收入与市场交易量具有较强相关性，我们认为牛市氛围下，公司获客效率、付费转化率有望提高， 业绩弹性充分释放，增速有望 ...

九方智投控股 （09636.HK） 2025 年 12 月 22 日 投资评级：买入（维持） | 日期 | 2025/12/19 | | --- | --- | | 当前股价(港元) | 50.250 | | 一年最高最低(港元) | 84.050/20.300 | | 总市值(亿港元) | 235.35 | | 流通市值(亿港元) | 235.35 | | 总股本(亿股) | 4.68 | | 流通港股(亿股) | 4.68 | | 近 3 个月换手率(%) | 46.19 | 股价走势图 科技与投研赋能，加速平台化转型 ——港股公司首次覆盖报告 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,965 | 2,306 | 3,771 | 3,960 | 4,625 | | YOY(%) | 6.2 | 17.3 | 63.5 | 5.0 | 16.8 | | 净利润(百万元) | 191 | 272 | 1,193 | 1,101 | ...

目前，九方智投控股已构建九方灵犀、九方AI 股票机、九方智投APP等AI产品矩阵，2025年已相继斩 获"年度 AI 应用场景突破企业""年度 AI 应用""年度竞争力数字金融创新产品"等数十项行业重磅奖项。 （邓侃） 转自：新华财经 12月4日，由新华社品牌工作办公室、新华网联合主办的2025企业家博鳌论坛在海南启幕。本届论坛围 绕新质生产力培育、数智科技创新发展等核心议题展开，为期4天，共30余场平行论坛，凝聚行业高质 量发展共识。 九方智投控股（9636.HK）受邀参会，并在2025品牌信用建设论坛进行主旨分享。大会上，《九方智 投"AI+投顾"双轨实践——智能化服务体系创新案例》与《九方智投AI股票机：AI驱动的智能投顾与投 教一体化解决方案》两项AI成果，成功获评"2025金融新质生产力优秀实践"奖项。本次入选的还有中国 工商银行、中国建设银行、中信建投等金融机构的标杆项目。 编辑：葛佳明 ...

论坛上，九方智投母公司九方智投控股有限公司（股票代码：9636.HK）荣膺2025中国上市公司英华奖 ——港股成长示范案例，成为全场关注的焦点之一。这一奖项不仅是对九方智投控股作为优质成长型港 股上市公司品牌价值与市场影响力的高度肯定，更彰显了市场对其成长价值与创新潜能的充分认可。 2025年，中国资本市场在深化改革中持续焕发活力，这种活力并非短暂躁动，而是价值回归、生态提质 与国家战略协同推动的必然结果。九方智投控股作为资本市场的重要参与者，不仅扎实履行经济责任， 更主动肩负起推动科技自强与创新转型的时代使命，用实际行动回应着市场对其可靠性的关切。 可靠性的根基，源于以客户为中心的经营理念和扎实的服务能力。九方智投控股上市以来，始终秉持理 性投资、价值投资和长期投资理念，精心打造了九方智投APP、九方AI学习机、九爻股、股道领航系列 等核心产品，构建起立体化的证券投顾服务矩阵，全方位满足不同投资者的需求。作为国内证券投教第 一股，公司坚定践行"买方投顾"模式，不断夯实九方智投的投研实力，为投资者提供多元、简洁且专业 的投教内容。值得一提的是，今年上半年，九方智投作为证券投顾行业首家机构加盟中国基金报投教联 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][10]. Core Insights - The company has established a strong position in the online investment education service sector by leveraging integrated media channels to attract new investors and monetize through high-quality advisory products and services [4][10]. - The company's performance is highly correlated with market trading activity, with significant revenue growth observed during periods of increased market transactions [5][10]. - The online investment decision-making solution market is expected to grow substantially, driven by a younger investor demographic and increasing demand for personalized financial services [6][10]. Summary by Sections Company Overview - The company is a leading online high-end investment education service provider, focusing on enhancing investors' financial knowledge and decision-making capabilities through a variety of online tools and content services [18][19]. Market Potential - The online investment decision-making solutions market is projected to reach 87.2 billion yuan by 2026, with significant growth in online investor content services and financial information software services [66][69]. Business Model - The company operates a differentiated business model that utilizes integrated media channels to reach new investors, enhancing customer engagement through tailored advisory services [29][31]. Financial Performance - The company reported a substantial revenue increase of 133% year-on-year in the first half of 2025, with a net profit of 8.7 billion yuan, reflecting strong market activity [5][43][44]. - The revenue growth is supported by a robust order pipeline, with a significant portion of revenue derived from contracts established in previous periods [5][43]. Competitive Advantage - The company has a competitive edge through its early adoption of integrated media channels and a strong research and operations team that produces high-quality content [7][10]. - The company has successfully built a comprehensive product matrix that caters to various investor needs, enhancing customer retention and engagement [7][31].

Core Viewpoint - The company reported significant growth in revenue and profit for the first half of 2025, driven by a robust capital market and strong demand for its financial software products [1][4]. Financial Performance - Total revenue for H1 2025 reached 2.1 billion, a year-on-year increase of 134% - Total order amount (cash basis) increased by 84% to 1.7 billion - Net profit attributable to shareholders improved from a loss of 170 million in H1 2024 to a profit of 870 million in H1 2025 [1]. Business Growth - Financial software sales and service orders hit a record high, with total orders increasing by 74% to 1.6 billion and revenue rising by 125% to 2 billion - The number of paying users exceeded 100,000, supported by a comprehensive product system and AI integration [1][3]. Cost Management - Operating costs rose by 38% to 250 million, with the cost-to-revenue ratio decreasing by 8.25 percentage points to 11.82% - Sales expenses increased by 20% to 660 million, but the sales expense ratio fell by 30.04 percentage points to 32% - R&D expenses decreased by 5% to 150 million, with the R&D expense ratio down by 10.20 percentage points to 7% - Management expenses rose by 20% to 240 million, with the management expense ratio down by 10.79 percentage points to 11% [2]. Short-term Outlook - Contract liabilities reached 810 million, a year-on-year increase of 32%, indicating some revenue will be recognized in H2 2025 - The company is consolidating its product offerings into the "Gao Dao Ling Hang" series and "Super Investor," enhancing user experience and operational efficiency [3]. Long-term Strategy - The company is exploring AI integration across its services and is positioning itself in the digital finance sector - Strategic investments in underlying assets, digital asset exchanges, and trust banks are aimed at transforming traditional financial services into blockchain-based models - Focus on overseas markets like Hong Kong and the Middle East for digital asset services and innovative financial advisory models combining AI and research [3]. Profit Forecast - The company is expected to maintain its leading position in the rapidly expanding online investment education market - Profit forecasts for 2025-2027 are adjusted to 1.384 billion, 1.928 billion, and 2.656 billion respectively, with corresponding PE ratios of 23, 16, and 12 [4].

Core Viewpoint - The company is experiencing significant profit growth driven by active market trading and the successful capture of short video traffic, with a projected continued high growth in performance [1][2]. Group 1: Financial Performance - In H1 2025, the company's revenue reached 2.324 billion yuan, a year-on-year increase of 167%, while net profit was 865 million yuan, marking a turnaround from losses [1][2]. - The adjusted net profit forecasts for 2025-2027 are 1.278 billion, 1.438 billion, and 1.66 billion yuan, reflecting year-on-year growth of 369%, 13%, and 15% respectively [1]. - The gross profit margin for H1 2025 was 89%, an improvement from 82% in 2024 [2]. Group 2: User Growth and Product Development - The number of paying users increased to 102,000, a year-on-year growth of 152.93%, contributing significantly to revenue growth [2]. - The company has developed four major product lines, with daily unique views for VIP products exceeding one million, a 148% increase year-on-year [2]. - The company has expanded its user engagement through various platforms, achieving a total fan base of 63.06 million, a 38% increase year-on-year [2]. Group 3: Market Trends and Competitive Positioning - The average daily stock trading volume increased to 13.9 trillion yuan in the first half of 2025, rising to 19.354 trillion yuan in July-August, a 39% increase [3]. - The company is enhancing its competitive edge through AI-driven investment advisory services, having submitted its large model assistant for testing, becoming the first in the securities industry to do so [3]. - The company has maintained a strong presence on Douyin while expanding into emerging platforms like Xiaohongshu, Bilibili, and Kuaishou, which has improved its traffic acquisition efficiency [2].

Investment Rating - The report maintains a "Buy" rating and adjusts the target price to HKD 89, corresponding to a 30x P/E for 2025 [11][12]. Core Views - The company is experiencing significant profit growth due to active market trading and the capture of short video traffic dividends, with a total fan base of 63.06 million across platforms [3][11]. - The company's revenue for the first half of 2025 reached RMB 2.324 billion, a year-on-year increase of 167%, while net profit turned positive at RMB 865 million [11][12]. - The report highlights the company's strong product ecosystem and competitive advantages, leading to a substantial increase in paid users, which rose by 152.93% to 102,000 [11][12]. Financial Summary - **Revenue Forecasts**: - 2024A: RMB 2,306 million - 2025E: RMB 3,766 million (+63%) - 2026E: RMB 4,403 million (+17%) - 2027E: RMB 4,978 million (+13%) [5][12] - **Net Profit Forecasts**: - 2024A: RMB 272 million - 2025E: RMB 1,278 million (+369%) - 2026E: RMB 1,438 million (+13%) - 2027E: RMB 1,660 million (+15%) [5][12] - **Profitability Metrics**: - Gross profit margin for H1 2025 was 89%, an improvement from 82% in 2024 [11]. - The company’s marketing, management, and tax expenses increased by 19.7%, 20.1%, and 483.5% respectively [11]. Market Position and Strategy - The company is leveraging active market trading, with an average daily stock turnover of RMB 13.9 trillion in the first half of 2025, increasing to RMB 19.35 trillion in July-August [11]. - The company has launched its AI-driven investment advisory model, enhancing its competitive edge in the market [11]. - The report notes the company's expansion into emerging platforms like Xiaohongshu, Bilibili, and Kuaishou, alongside a robust presence on Douyin [11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a significant increase in total revenue, with a year-on-year growth of 134% to 2.1 billion yuan, and total order amount increased by 84% to 1.7 billion yuan. The net profit attributable to shareholders improved from a loss of 170 million yuan in 2024 to a profit of 870 million yuan [2][8] - The company is leveraging AI and digital finance to drive new growth, with a focus on enhancing its product matrix and user experience [8] - The report highlights strong cost control, with various expense ratios declining, indicating effective management of operational costs [8] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 1,965 million yuan, with a year-on-year growth of 6.23%. By 2025, revenue is expected to reach 3,907 million yuan, reflecting a growth of 69.42% [1] - The net profit attributable to shareholders is forecasted to be 1,384 million yuan in 2025, a substantial increase of 408.07% compared to 2024 [1] - The latest diluted EPS is projected to be 3.21 HKD per share in 2025, with a P/E ratio of 22.84 [1] Business Strategy - The company is focusing on integrating its existing products into a more cohesive offering, enhancing user experience and operational efficiency [8] - The introduction of new products such as "Easy Knowledge Stock Road" learning machine and AI investment advisory services aims to attract a broader user base [8] - The company is exploring opportunities in the digital finance sector, including investments in digital asset services and innovative financial advisory models [8] Market Position - The company is positioned to strengthen its leading role in the rapidly expanding online investment education market, with a growing number of paying customers [8] - The report anticipates continued robust growth in the company's various business segments, supported by increased investment in research and development [8]

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for the sector [5]. Core Insights - The report highlights a significant increase in new A-share account openings, with a year-on-year growth of 70.5% by July 2025, signaling a peak period for the capital market [9][10]. - The total scale of bank wealth management products reached 31.3 trillion yuan by the end of June, reflecting a year-on-year growth of 9.7%, indicating a recovery to pre-redemption levels [10]. - Leading internet financial platforms are expected to benefit from increased user engagement and regulatory support, with major apps like Tonghuashun, Dongfang Caifu, and Dazhihui maintaining high monthly active users [2][19]. Summary by Sections 1. Internet Finance Trends - The trend of residents moving their financial assets is accelerating, with internet finance leaders poised to share in the benefits [9]. - By mid-2025, the wealth management scale of state-owned and joint-stock banks reached 24.19 trillion yuan, accounting for over 80% of the market [10]. 2. Securities App Activity - The activity level of securities apps has become a core driver for attracting users, with Tonghuashun leading with an average of 32.46 million monthly active users in 2024 [2][16]. - Regulatory bodies are actively supporting the market, ensuring that there will not be a large-scale expansion of IPOs, which helps maintain market stability [19]. 3. Business Models of Leading Platforms - Major internet finance platforms are expanding their monetization strategies based on traffic and licensing barriers, with specific models outlined for each platform: - Tonghuashun focuses on AI investment robots and ETF guidance [20]. - Dongfang Caifu generates revenue through brokerage commissions and fund sales, with significant transaction volumes reported [23]. - Dazhihui is enhancing its service offerings with terminal information and quantitative systems [36]. - JiuFang ZhiTou is innovating with a stock learning machine that integrates hardware and AI [40]. 4. Investment Recommendations - The report suggests focusing on securities and IT companies such as Tonghuashun, Dazhihui, and Dongfang Caifu, as well as digital currency infrastructure and cross-border payment firms [4][41].