FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 九方智投控股有限公司 呈交日期： 2026年2月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09636 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關 ...

机构：东吴证券 研究员：孙婷/武欣姝 个股层面：主动规范，夯实长期发展基础。此次监管指导，为公司提供了一个关键的契机，以全面审视 并升级其"线上流量-专业服务"的商业模型。市场此前对公司高速增长背后的合规稳健性存在关注，此 次主动、公开的整改，正是管理层决心将"合规"与"专业"确立为核心竞争力的明确信号。此次业务规范 调整，虽然可能影响短期扩张节奏，但实质上是在为更可持续、更值得信赖的增长路径扫清障碍、夯实 基础。此外，公司明确在业绩预告与监管措施两大事项落地后，将根据市场情况适时启动股份回购，为 股价提供基本面支撑，也充分体现管理层对公司中长期发展的坚定信心。未来，公司为中长期发展加快 进行主动投入：①为加快股票学习机等新产品推广，加大了流量采购与投放力度；②为布局境内新业务 与方德证券业务，持续引进核心人才。 行业层面：廓清边界，推动行业回归专业本源。这一事件并非个例，而是当前证券投资咨询行业在监管 清晰指引下，整体迈向更高质量发展阶段的缩影。2025 年资本市场持续活跃，推动证券投资咨询行业 增长空间进一步扩大，而常态化的强监管正是适配行业快速、高质量发展的必然要求。行业的竞争终将 回归"专业能力"与" ...

机构：国泰海通证券 研究员：刘欣琦/孙坤 本报告导读： 公司发布业绩预告和监管处罚落地，净利润大增，合同负债创历史新高，为26年业绩莫定基础，公司老 客留存持续向好，市场交投持续活跃，看好后市业绩。 投资要点： 维持"增持"评级，维持目标价为89港元，对应2026年27xP/E2025营收34.3亿元，同比+48.74%，调整 2025-2027年归母净利润预测为9.01/13.77/15.74亿元，同比+231%/+53%/+14%。维持公司目标价89港 元，维持"增持"评级。 事件：2月9日，九方智投控股发布2025年业绩预告及收到《行政监管措施决定书》（下称决定书）。因 宣传存在误导性及虚假不实信息，公司投顾业务暂停新增客户3个月。同时发布2025年业绩预告，经调 整净利润10至10.3亿，同比增长超180%。 市场交投活跃背景下，公司业绩保持稳定。公司报告期内收入343亿元，同比+48.74%，归母净利润9至 9.3亿，同比+230.4至241.4%。 市场总体向好，财富管理需求旺盛，2025年市场交投持续活跃，日均股基成交额20003亿，同比增加 16%，非银行金融机构存款大幅增加6.41万亿元，投 ...

Macro Strategy - The core viewpoint indicates that January's CPI was lower than expected due to the Spring Festival's timing, but the overall trend of rising prices remains unchanged, with CPI and PPI both showing signs of recovery [1][10][11] - CPI in January increased by 0.2% month-on-month and year-on-year, while PPI rose by 0.4% month-on-month but fell by 1.4% year-on-year, aligning with market expectations [1][10] - Looking ahead, CPI is expected to rise above 1% starting in February, and PPI may turn positive around June to July, indicating a more optimistic outlook for 2026 [1][10][11] Fixed Income Report - The report emphasizes the importance of a diversified financing system for supporting technology companies, particularly those in rapid growth and significant technology investment phases [2][12] - It highlights the potential for private technology companies in China to utilize the bond market for financing, as the current bond market is heavily concentrated on state-owned enterprises [2][12] - The focus is on the AI industry, which is experiencing unprecedented investment and R&D spending, making debt financing a critical tool for leading companies to balance cash flow and support strategic expansion [2][12] Company Analysis Xinzhou Bang (300037) - The company is expected to achieve a revenue of 9.64 billion yuan in 2025, with a year-on-year increase of 22.8%, and a net profit of 1.1 billion yuan, reflecting a 16.6% increase [5][15] - The price increase of hexafluoropropylene and VC is expected to contribute significantly to profit recovery, with a projected net profit of 2.4 billion yuan in 2026 [5][15] - The target price for 2026 is set at 79.8 yuan, maintaining a "buy" rating based on expected profit growth [5][15] Jiufang Zhitu Holdings (09636.HK) - The company anticipates a revenue of approximately 3.43 billion yuan for 2025, with a net profit forecast of 1 billion to 1.03 billion yuan, significantly higher than the previous year [6][17] - Despite regulatory challenges, the company is expected to maintain strong customer retention and growth in overseas business, supporting a "buy" rating [6][17] Huichuan Technology (300124) - The company forecasts a revenue of 42.97 to 46.67 billion yuan for 2025, with a net profit of 4.97 to 5.4 billion yuan, indicating a year-on-year growth of 16% to 26% [7][17] - The demand for industrial control is recovering, and strategic investments in robotics and digital energy are expected to enhance profitability [7][17] - The target price for 2026 is set at 94.1 yuan, maintaining a "buy" rating based on anticipated growth in various sectors [7][17] Yangyuan Beverage (603156) - The company is expected to achieve revenues of 5.281 billion yuan in 2025, with a projected net profit of 1.322 billion yuan, reflecting a year-on-year decrease of 23.3% [9][17] - The company is focusing on technology investments that may lead to an IPO exit, providing a safety margin through high dividends [9][17]

Investment Rating - The investment rating for the company is "Buy" [6][10]. Core Insights - The company has released a performance forecast indicating a significant increase in net profit and a record high in contract liabilities, laying a solid foundation for 2026 performance. The retention of existing customers remains strong, and market trading continues to be active, leading to an optimistic outlook for future performance [2][10]. - The company reported a revenue of 34.3 billion RMB for 2025, representing a year-on-year increase of 48.74%. The adjusted net profit forecast for 2025-2027 is 9.01 billion, 13.77 billion, and 15.74 billion RMB, reflecting year-on-year growth of 231%, 53%, and 14% respectively [10][11]. - The company maintains a target price of 89 HKD, corresponding to a 27x P/E ratio for 2026 [10]. Financial Summary - Total revenue is projected to grow from 2,306 million RMB in 2024 to 3,430 million RMB in 2025, with a growth rate of 48.74%. The net profit is expected to increase from 272 million RMB in 2024 to 901 million RMB in 2025, marking a growth of 230.76% [4][11]. - The company's contract liabilities reached 1.53 billion RMB, the highest in its history, with approximately 80% expected to be recognized as revenue in the following year, which is anticipated to support the company's performance in 2026 [10][11]. - The company has a strong cash position with cash and cash equivalents projected to increase from 2,209 million RMB in 2024 to 2,813 million RMB in 2025 [11].

Investment Rating - The investment rating for the company is "Buy" [6][10]. Core Insights - The company has released a performance forecast indicating a significant increase in net profit and a record high in contract liabilities, laying a solid foundation for 2026 performance. The retention of existing customers remains strong, and market trading continues to be active, leading to an optimistic outlook for future performance [2][10]. - The company reported a revenue of 3.43 billion RMB for 2025, representing a year-on-year increase of 48.74%. The adjusted net profit forecast for 2025-2027 is 901 million, 1.377 billion, and 1.574 billion RMB, reflecting year-on-year growth of 231%, 53%, and 14% respectively [10][11]. - The company has a total order amount of 3.955 billion RMB, a year-on-year increase of 12.8%, and contract liabilities of 1.53 billion RMB, which is the highest in history. Approximately 80% of contract liabilities are expected to be recognized as revenue in the following year, indicating a strong basis for 2026 performance [10][11]. Financial Summary - Total revenue is projected to grow from 2.306 billion RMB in 2024 to 4.705 billion RMB in 2027, with growth rates of 17%, 49%, 21%, and 13% respectively [4][11]. - Net profit is expected to increase from 272 million RMB in 2024 to 1.574 billion RMB in 2027, with growth rates of 43%, 231%, 53%, and 14% respectively [4][11]. - The company maintains a target price of 89 HKD, corresponding to a P/E ratio of 27x for 2026 [10].

证券研究报告·海外公司点评·软件服务(HS) 九方智投控股（09636.HK） 事件点评：监管规范促进行业健康发展，公 司转型契机已至 买入（维持） | [盈利预测与估值 Table_EPS] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1,965 | 2,306 | 3,459 | 3,264 | 4,645 | | 同比（%） | 6.23% | 17.33% | 50.01% | -5.65% | 42.33% | | 归母净利润(百万元) | 191 | 272 | 908 | 944 | 1,418 | | 同比（%） | -58.59% | 42.81% | 233.53% | 3.93% | 50.22% | | EPS-最新摊薄(港元/股) | 0.46 | 0.65 | 2.18 | 2.26 | 3.40 | | P/E(现价&最新摊薄) | 83.62 | 58.55 | 17.56 | 16.89 | 11.25 | [Table_Tag] ...

证券研究报告·海外公司点评·软件服务(HS) 九方智投控股（09636.HK） 事件点评：监管规范促进行业健康发展，公 司转型契机已至 买入（维持） | [盈利预测与估值 Table_EPS] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1,965 | 2,306 | 3,459 | 3,264 | 4,645 | | 同比（%） | 6.23% | 17.33% | 50.01% | -5.65% | 42.33% | | 归母净利润(百万元) | 191 | 272 | 908 | 944 | 1,418 | | 同比（%） | -58.59% | 42.81% | 233.53% | 3.93% | 50.22% | | EPS-最新摊薄(港元/股) | 0.46 | 0.65 | 2.18 | 2.26 | 3.40 | | P/E(现价&最新摊薄) | 83.62 | 58.55 | 17.56 | 16.89 | 11.25 | [Table_Tag] ...

Group 1 - The company, Jiufang Zhitu Holdings, announced regulatory measures due to misleading marketing practices by its subsidiary, Jiufang Cloud Intelligent Technology, resulting in a three-month suspension of new client acquisitions [3][4][14] - Following the announcement of the regulatory measures, Jiufang Zhitu's stock price initially dropped but later recovered, closing up 9.38% at HKD 38.26 per share [4][19] - The company has outlined a comprehensive rectification plan to address the regulatory issues, including stricter compliance training, enhanced marketing controls, and improved risk management systems [6][17] Group 2 - Jiufang Zhitu Holdings provided a positive earnings forecast, expecting revenues of approximately CNY 34.3 billion for the year ending December 31, 2025, an increase of about CNY 11.24 billion from the previous year [3][19] - The total order amount is projected to reach CNY 39.55 billion, with an expected adjusted net profit between CNY 10 billion and CNY 10.3 billion [9][19] - The company's financial performance is anticipated to improve due to the confirmation of major product orders, the establishment of a comprehensive product system, and the application of AI technology [9][20] Group 3 - Jiufang Zhitu's revenue for 2023 and 2024 was CNY 19.65 billion and CNY 23.06 billion, reflecting year-on-year growth of 6.23% and 17.33% respectively [20] - In the first half of 2025, the company achieved revenue of CNY 21 billion, marking a significant year-on-year increase of 133.79% [20] - The company has a strong focus on maintaining a healthy cash flow and is confident in its ability to stabilize operations despite the regulatory measures [20]

Group 1 - The core viewpoint of the article highlights that Jiufang Zhitu Holdings (09636.HK) experienced a significant stock price increase of over 15% following a positive earnings announcement, with the stock currently trading at 39.58 HKD, reflecting a 13.72% rise at the time of reporting [2] Group 2 - The trading volume for Jiufang Zhitu Holdings reached 332 million HKD, indicating strong market interest and activity surrounding the stock [2]