Core Viewpoint - Jiufang Zhituo reported significant growth in its mid-2025 performance, with cash order amounts reaching 1.705 billion yuan, a year-on-year increase of 83.3%, and total revenue of 2.099 billion yuan, up 133.8% [1] Group 1: Financial Performance - The net profit attributable to the parent company was approximately 865 million yuan, reflecting a year-on-year increase of 596.8%, aligning with expectations [1] - The gross profit margin improved significantly, with figures of 88.18% for H1 2025, 82.14% for 2024, and 79.93% for H1 2024 [3] - Financial software sales and services orders reached approximately 1.613 billion yuan in H1 2025, a growth of 74.3% compared to approximately 926 million yuan in the same period last year [3] Group 2: Product and Service Development - The company established a comprehensive product system to solidify its large customer base and enhance its AI service capabilities, introducing new AI products and optimizing existing VIP products [1] - Jiufang Zhituo has launched nearly 50 lightweight products to effectively serve long-tail customers, enhancing user engagement [1] - The company is advancing its digital transformation by exploring AI applications across various core business scenarios, aiming to create an open intelligent engine [2] Group 3: Talent and Team Structure - The research team has developed a pyramid structure with a chief economist and several experts, focusing on enhancing research capabilities and maintaining a strong buy-side advisory system [2] - As of H1 2025, the company has 462 employees with securities investment advisory qualifications and 1,935 with securities industry qualifications [2] Group 4: Market Strategy and Future Outlook - The company is committed to a dual strategy of technology and research, focusing on the application of AI and maintaining a strong buy-side advisory system [4] - The company plans to expand its financial services into overseas markets and diversify its revenue streams through strategic acquisitions and investments [4] - The projected diluted EPS for 2025, 2026, and 2027 are estimated at 2.60, 3.00, and 3.35 yuan, respectively, with corresponding PE ratios of 26.77, 23.16, and 20.76 [4]

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 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].

| 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 ...

Core Viewpoint - The company is positioned as a leading online investment education service provider in China, benefiting from a scarcity of licensed securities investment consulting firms and increasing demand for professional investment advisory services [1][2]. Industry Overview - As of April 2025, there are only 78 licensed securities investment consulting firms in China, with no new approvals in recent years, indicating a stringent regulatory environment [1]. - The demand for investment advisory services is expected to surge due to supportive policies and a shift away from traditional investment channels like real estate and deposits, with the scale of wealth management expanding from 0.37 trillion yuan in 2019 to an estimated 5.16 trillion yuan by 2024, reflecting a CAGR of 68.98% [2]. Company Positioning - The company is one of the first to obtain a securities investment consulting license from the China Securities Regulatory Commission, targeting the affluent public and offering a comprehensive range of products from high-end to low-end [1]. - The company has established a unique traffic system combining public domain MCN, private domain WeChat, and its own app, which has led to a steady increase in revenue and a leading position in 2C financial information software services [2]. Product and Service Strategy - The company’s core products are developed in-house, with a strong foundation in the high-end market, while also strategically creating over 30 lightweight products to penetrate the long-tail user segment [2]. - The integration of technology, including self-developed AI models, enhances user experience and ensures compliance, contributing to the company's sustainable growth [2]. Financial Projections - The company is expected to benefit from the rising demand for investment education and the virtual asset trend, with projected net profits for 2025, 2026, and 2027 at 1.158 billion yuan, 1.565 billion yuan, and 1.773 billion yuan respectively, reflecting year-on-year growth rates of 325%, 35%, and 13% [2].

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2][7]. Core Viewpoints - The company is a leading online investment education service provider in China, benefiting from a unique "public MCN + private enterprise WeChat + self-owned app traffic synergy" model, which positions it well to capitalize on the flow era [7][6]. - The demand for investment advisory services is expected to surge due to supportive policies and a shift in investor preferences towards capital markets, as traditional investment channels narrow [6][49]. - The company has a strong product matrix that covers both high-end and long-tail customers, with a focus on technology and research to enhance user experience [6][29]. Summary by Sections 1. Company Overview - The company is one of the first to obtain a securities investment advisory license from the China Securities Regulatory Commission, establishing a solid foundation in the industry [15]. - The investment advisory license is scarce, with only 78 licensed institutions as of April 2025, and the regulatory environment is stringent [16]. 2. Market Demand - The capital market is experiencing a revival, with policies enhancing liquidity and investor confidence, leading to increased demand for professional asset allocation services [49]. - The scale of wealth management products has grown significantly, from 0.37 trillion yuan in 2019 to 5.16 trillion yuan in 2024, reflecting a CAGR of 68.98% [53]. 3. Business Model - The company employs a multi-channel approach for user acquisition, leveraging MCN accounts, internet terminals, and traditional media to create a diversified "traffic pool" [24]. - The operational focus is on precise user segmentation and targeted content delivery, converting traffic into valuable sales leads [25]. 4. Product System - The company has developed a comprehensive product line that includes high-end VIP services and small, lightweight products to cater to a broader audience [29]. - The introduction of small-scale products has significantly increased user engagement, with 2.2 million uses recorded by the end of 2024 [31]. 5. Performance Metrics - The company's revenue has grown from 282 million yuan in 2019 to 2.306 billion yuan in 2024, with a CAGR of 52.3% [31]. - The order revenue for 2024 reached 3.51 billion yuan, marking a year-on-year increase of 49.3% [31]. 6. Profitability Forecast - The projected net profit for 2025 is 1.158 billion yuan, reflecting a year-on-year growth of 325% [8]. - The company is expected to maintain a high gross margin above 80%, despite slight declines due to increased content production costs [39].