| 基本数据 | 2025 | 年 | 08 | 月 22 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 74.80 | | | 一年内最高/最低（港 | | | | 76.80/5.66 | | | 元） | | | | | | | 总市值（百万港元） | | | | 35,033.10 | | | 流通市值（百万港元） | | | | 35,033.10 | | | 资产负债率（%） | | | | 57.66 | | | 资料来源：聚源数据 | | | | | | 证券研究报告 非银金融 | 多元金融 港股|首次覆盖报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 市场表现： 九方智投控股(09636.HK) 投资评级： 买入（首次） ——投研、科技和运营能力优秀的在线投资决策解决方 案提供商，业绩对资本市场表现的弹性较大 投资要点： 联系人 九方智投控股是中国领先的在线投资决策解决方案提供商。公司的 ...

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 company announced a dividend plan based on the 2024 annual report, distributing HKD 0.33 per share, totaling approximately HKD 148 million, with a payout ratio of 50.3% [1] - In 2024, the company achieved a net profit attributable to shareholders of approximately RMB 272 million, a year-on-year increase of 42.8%, and revenue of approximately RMB 2.306 billion, a year-on-year increase of 17.3% [1] - The total order amount for 2024 reached approximately RMB 3.506 billion, a year-on-year increase of 49.3%, with the number of paying users reaching 181,500, a year-on-year increase of approximately 149.4% [1] Group 2 - The company continued to deepen its investment in technology research and development, with R&D expenditure of approximately RMB 319 million in 2024, a year-on-year increase of 10.9%, accounting for about 13.8% of total revenue [2] - Under the "technology + R&D" dual-drive strategy, the company launched the industry's first stock learning product "Yizhi Gudao" and several AI investment advisory products [2] - The company aims to deepen the application of AI technology in investment advisory services, promoting a "digital intelligence" transformation and building an intelligent investment advisory ecosystem [2]

Core Viewpoint - Jiufang Zhituo has established itself as a reliable player in the securities investment advisory industry, leveraging its compliance, technological advancements, and industry recognition to provide a unique investment experience for investors [1][8]. Group 1: Qualification Certification - Jiufang Zhituo is one of the earliest professional institutions in China to obtain securities investment consulting qualifications, having been established in 1996 and recognized as a member of the China Securities Association [2]. - The company received its securities investment advisor license in 1998, becoming one of the first licensed institutions in the industry [2]. - As of the end of 2024, Jiufang Zhituo has over 300 qualified investment advisors, placing it among the top in the industry [2]. Group 2: Business Layout - The business model of Jiufang Zhituo is characterized by a "technology + research" dual-drive strategy, focusing on investor education through a comprehensive year-round educational system [4]. - The company has developed an app that offers AI stock diagnosis and intelligent monitoring tools, providing personalized investment decision support [4]. - In 2024, Jiufang Zhituo launched the industry's first stock learning machine, "Yizhi Gudao," featuring nine dimensions of courses and AI interaction capabilities [4]. Group 3: Honor Recognition - Jiufang Zhituo has received multiple awards, including the "Most Improved Securities Data Provider" from the Hong Kong Stock Exchange in 2024, marking it as the first mainland advisory institution to achieve this honor [6]. - The company was recognized as the "Outstanding Financial Technology Company" at the "Golden Ding Award" organized by the Daily Economic News in 2024 [6]. - Jiufang Zhituo's intelligent advisory digital assistant, "Jiugo," served 472,000 users and recorded over 32.4 million service instances in 2024, with its technological achievements receiving multiple national patent certifications [6].

随着 2025 年伯克希尔 · 哈撒韦公司年度股东大会的临近，全球财经界的目光再次投向这场投资界盛 会。 届时，94岁的沃伦·巴菲特将携接班人团队直面股东提问。而今年尤为特殊，是继2023年11月查理·芒 格离世后的第二届大会，伯克希尔的"后芒格时代"战略调方向整成为市场关注的焦点。 2025年5月3日，伯克希尔·哈撒韦股东大会将在奥马哈如期举行。九方智投控股（9636.HK）旗下品 牌九方智投，将作为第一财经2025巴菲特股东大会直播的独家冠名商，带领国内投资者第一时间全 程直击现场。 与此同时，九方智投还将推出《巴菲特与七顿午餐》专题栏目，邀请多位九方智投首席投资顾问连续 7天解析巴菲特价值投资、全球化布局等核心思想。 AI、人形机器人的驱动与投资 第四轮工业革命浪潮下，生成式AI正重塑投资逻辑。Deepseek等企业的技术突破推动科技股估值飙 升。在美股市场，科技股估值持续攀升，英伟达、微软等行业巨头市值更是一路高歌猛进，纷纷突破 万亿美元大关。 但巴菲特在2024年致股东信中仍强调："AI不会改变我们对企业本质价值的判断"。 那么AI是颠覆者还是赋能者？今年巴菲特对AI技术持审慎态度是否会有改变？ 尽 ...

JF SmartInvest Holdings Ltd 最新業務發展之自願性公告 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，概不對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。 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） 承董事會命 九方智投控股有限公司 董事會主席 陳文彬 中國香港，2025年1月9日 本公告乃由九方智投控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 自願作出。本公告旨在知會本公司股東（「股東」）及潛在投資者有關本集團之最新 業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司推出以下數智新品： 董事會認為，數智新品的推出，彰顯公司堅定踐行「科技+投研」雙輪驅動的發展 戰略，加速「數智化」轉型，深入探索AI賦能業務全場景，圍繞用戶需求打造針對 產品，增強公司競爭力，成為客戶投資理財的終身伴侶。展望未來，該等數智產 品將為股東帶來更佳回報，實現公司進一步發展與可持續增長。 1 1. 易知股道－九方智投股票學習機領航版，以 ...