九方智投控股荣获2025"上证鹰·价值成长企业"奖 12月7日，由中国上市公司协会指导、上海证券报·中国证券网主办的2025上证（巢湖）上市公司高质量 发展大会在安徽合肥召开。本届大会以"资本赋能科创 产业引领未来"为主题，来自地方政府、监管部 门、上市公司、优强企业、金融机构和高校院所等领域逾1200位嘉宾参会，共同谋划上市公司高质量发 展的新蓝图。 九方智投控股（9636.HK）受邀出席本届上市公司高质量发展大会，并在2025"上证鹰·金质量"颁奖环节 凭借资本市场的卓越表现荣膺"价值成长企业"殊荣。 多方聚力，助力建设经济高质量发展生态 在中国经济迈向高质量发展新阶段的关键时期，优秀上市公司作为中国经济发展的增长"压舱石"、产 业"领头羊"，肩负着培育新质生产力、驱动产业升级的时代使命。 作为中国资本市场的年度权威盛会之一，大会伊始，安徽省省长王清宪，新华社副总编辑任卫东，中国 科学技术大学党委常委、副校长傅尧，以及来自上海证券交易所、深圳证券交易所和北京证券交易所三 大交易所的领导分别上台作开幕致辞，传递了来自政府、行业及交易所的权威声音。 随后，上海交通大学上海高级金融学院创院理事长屠光绍、新开发银 ...

智通财经记者 | 贾璐 智通财经编辑 | 崔宇 史国伟 智通财经连续第九年推出超级CEO系列榜单。除「年度超级CEO」主榜单外，今年的系列子榜单将覆盖年度金融行业CEO、年度时尚生活CEO、年度食品行 业CEO、年度新能源行业CEO、年度汽车行业CEO、年度医疗健康行业CEO、年度工业CEO、年度科技行业CEO、年度女性CEO、年度跨国公司中国区 CEO，并紧跟时代，首次新增年度低空经济行业CEO、年度具身智能行业CEO，全面映射中国经济发展多元动能。 智通财经「年度超级CEO」系列榜单，关注各行业中带领企业稳步向强，不断取得财务成长，为长短期股东带来回报，并兼顾个人声誉的优秀管理者。 在智通财经2025年度金融行业CEO榜单上，最终有25位CEO上榜。其中CEO是对CEO、总裁、总经理、行长等同等职位的统称。 金融本意为货币资金的融通，是经济活动中最重要的一种表现形式。智通财经定义的金融行业包括银行、券商、保险、信托、租赁等细分行业。 主要行业方面，银行作为传统金融行业，是我国经济的支柱产业之一，为实现国民经济的稳定起到重要作用。随着经济的逐渐恢复，金融行业在稳健增长。 据中国人民银行数据显示，2024年末 ...

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 ...

Core Insights - Shanghai has made significant progress in building its international financial center, with the financial industry's added value reaching 807.27 billion yuan in 2024, a year-on-year growth of 7.9%, accounting for 15% of the city's GDP [1] - The number of licensed financial institutions in Shanghai reached 1,782 by the end of 2024, including 555 foreign-funded institutions [1] - The "Shanghai Financial Talent" awards ceremony highlighted the importance of a strong financial workforce as a core resource for building a financial powerhouse and an international financial center [1][4] Financial Talent Development - The structure of financial talent in Shanghai is evolving, with an increase in technological content, digital components, green factors, and a more diverse landscape [6] - Future talent development should focus on cultivating compound, international, and leading financial professionals through a combination of training and recruitment, government and market guidance, and collaboration between institutions and talent [6][11] "Shanghai Financial Talent" Awards - The 14th "Shanghai Financial Talent" awards attracted over a hundred leading figures from various financial sectors, including banking, securities, insurance, and fintech [4][6] - Awards were given for "Innovative Financial Figures," "Leading Financial Figures," and "Annual Figures in International Financial Center Construction," showcasing contributions to Shanghai's financial development [6][8] Role of Jiufang Zhitu Holdings - Jiufang Zhitu Holdings has been invited to participate in the "Shanghai Financial Talent" awards for five consecutive years, reflecting its significant position in the fintech sector [4][8] - The company emphasizes a "technology + finance" dual-driven strategy, achieving notable results in securities investment and AI technology innovation [8][11] Financial Technology and Innovation - Financial institutions are key players in the construction of Shanghai's international financial center, acting as market participants, product innovators, and international connectors [8][10] - The roundtable forum discussed how fintech can elevate Shanghai's financial center capabilities, with insights from industry leaders [10] AI and Risk Management - AI technology has advanced significantly this year, offering new possibilities for reform and innovation in the financial sector [10] - Jiufang Zhitu focuses on R&D, with over 15% of its workforce in technology roles, enhancing compliance, risk control, investment research, and customer service through AI [10][11] Product Offerings - Jiufang Zhitu has developed a range of financial products, including intelligent investment advisory tools and educational resources for investors [11][14] - The "AI Stock Machine" combines AI technology with investment research and education, addressing the knowledge and information gaps faced by individual investors [14]

Core Viewpoint - The 14th "Shanghai Financial Professionals" award ceremony will be held soon in Shanghai, where Jiufang Zhitu Holdings (9636.HK) will showcase its latest intelligent investment advisory products and participate in thematic forums, highlighting its commitment to the annual event [1][4]. Group 1: Company Initiatives - Jiufang Zhitu Holdings has been invited to participate in the event for five consecutive years, demonstrating its established presence in the financial sector [1]. - The company will set up a special exhibition area at the event, showcasing products such as AI stock machines and other financial technology services, aimed at bridging the information, knowledge, and cognitive gaps between individual investors and professional institutions [3]. - Jiufang Zhitu's General Manager Cheng Wei will engage in discussions with academic experts and industry leaders on topics related to financial technology and its role in building an international financial center [3]. Group 2: Industry Impact - The "Shanghai Financial Professionals" event serves as a cultural symbol for the construction of Shanghai as an international financial center, aligning with national financial development strategies [3]. - Jiufang Zhitu Holdings aims to enhance its brand positioning to match the status of Shanghai as an international financial center, focusing on innovation and user-centered service experiences [3]. - The company emphasizes the core spirit of "technology empowering financial inclusivity," striving to translate this concept into practical applications [3].

Core Viewpoint - The company leverages a differentiated media channel to attract new individual investors and enhance user engagement through professional investment advisory services and content delivery [1][4] Group 1: Business Model and Performance - The company's business model focuses on monetizing traffic through licensed investment advisory services, distinguishing itself from traditional brokers by utilizing integrated media channels to reach a younger investor demographic [1][2] - The company's revenue is highly correlated with market trading activity, with a significant increase in revenue of 133% year-on-year in H1 2025, driven by a surge in market trading volume [1][4] - As of H1 2025, the company's net profit attributable to shareholders reached 870 million yuan, indicating strong performance amid active market conditions [1][4] Group 2: Market Opportunities and Product Strategy - The online investment decision-making solution market is expanding, driven by a growing number of individual investors and a shift towards younger demographics seeking personalized financial services [2][3] - The company has simplified its product matrix and introduced new product series to cater to different investor needs, with a total of 181,500 paying users as of 2024 [3][4] - The company has established a strong research and operational team to produce high-quality content, enhancing its competitive edge in the market [3][4] Group 3: Competitive Advantages and Expansion - The company has a first-mover advantage in utilizing integrated media channels for customer acquisition, creating a public traffic pool that combines traditional and emerging media [2][4] - The company is expanding its overseas business and digital asset offerings through acquisitions and strategic partnerships, enhancing its market presence in key regions [4][5] - The company is positioned as a leading provider of high-end online investment education services, with a focus on refined traffic operations and quality service content to increase customer loyalty [4][5]

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].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Viewpoints - The company is expected to see revenue growth driven by AI and digital finance, with projected revenue increasing from 1,965.39 million RMB in 2023 to 4,723.75 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.71% [11] - The net profit attributable to the parent company is forecasted to rise significantly from 190.72 million RMB in 2023 to 1,568.04 million RMB in 2027, indicating a substantial recovery and growth trajectory [11] - The company is focusing on building a comprehensive product system to enhance user engagement and diversify revenue streams, with nearly 50 lightweight products launched to cater to diverse customer needs [2][3] Financial Performance Summary - Revenue for 2023 is reported at 1,965.39 million RMB, with a year-on-year growth rate of 6.23%, expected to increase to 2,305.99 million RMB in 2024, representing a growth rate of 17.33% [11] - The net profit for 2023 is 190.72 million RMB, with a significant decline of 58.59% year-on-year, but is projected to rebound to 1,215.91 million RMB by 2025, reflecting a growth rate of 346.43% [11] - The company's return on equity (ROE) is expected to rise from 12.59% in 2023 to 44.30% by 2027, indicating improved profitability and efficiency [11] Product and Technology Development - The company is advancing its AI capabilities and digital transformation, aiming to enhance its service offerings in the securities sector through AI integration in research, education, compliance, and customer service [2][3] - The establishment of a dedicated technology subsidiary, Jiufang Zhiying, is part of the strategy to develop a native service technology system in the AI field [2] Market Position and Strategy - The company is committed to a buy-side advisory model, with a strong emphasis on research capabilities and a well-structured team of experts to support its investment strategies [3] - The report highlights the company's efforts to enhance its online presence and user engagement, with a significant increase in social media followers and account operations [3] Future Outlook - The company is expected to benefit from ongoing reforms in the capital market, which are anticipated to bolster market confidence and support its growth strategy [9] - The report suggests that the company is well-positioned to leverage advancements in AI and digital finance to diversify its revenue streams and enhance customer retention [9]

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].