[HK]九方智投控股:二零二六中期报告
關於我們 As a next-generation stock investing assistant, we provide equity 作為新一代股票投資助手，我們面向廣大個 investment tools, securities investment advisory, investor education 人投資提供股票投資工具、證券投資顧 and other services for individual investors with product offerings 問、投資教育等服務，相繼推出股道領 such as Stock Navigator, Super Investor, Decision Master, 航、超級投資家、決策大師、AI股票機、九 Enjoy-Stock Pad, Jiuyao Stocks and Star-tier Services. 爻股及星級服務等產品。 Implementing our “technology + investment research” dual-driver 我們秉持「科技＋投研」雙輪驅動戰略，基於 strategy, and leveraging artificial intelligence and big data 人工智能與大數據技術研發九方靈犀等AI產 technologies, we have developed AI products such as FinSphere 品，實現行業領先的創新實踐與場景應用， Agent, achieved industry-leading innovative practices and scenario 致力於成為客戶投資理財的終身伴侶。 applications, and stayed committed to becoming a lifelong partner in investment and wealth management for our customers. MISSION 使命 To make investment and wealth management simpler and more 讓投資理財更簡單、更專業、提升投資理財 professional, and enhance the sense of happiness in investment 的幸福感 and wealth management VISION 願景 To become the lifelong partner in investment and wealth 成為客戶投資理財的終身伴侶 management for our customers VALUES 價值觀 Customer-centricCustomer-centric 以客戶為中心以客戶為中心公司資料 BOARD OF DIRECTORS 董事會 Executive Directors 執行董事 Mr. CHEN Wenbin (Chairman of the Board) 陳文彬先生（董事會主席） Mr. CHEN Jigeng 陳冀庚先生 Mr. ZHANG Peihong 張培紅先生 Non-executive Directors 非執行董事 Mr. YAN Ming 嚴明先生 Ms. CHEN NINGFENG CHEN NINGFENG女士 Independent Non-executive Directors 獨立非執行董事 Dr. ZHAO Guoqing 趙國慶博士 Mr. FAN Yonghong 范勇宏先生 Mr. TIAN Shu 田舒先生 AUDIT COMMITTEE 審核委員會 Dr. ZHAO Guoqing (Chairman) 趙國慶博士（主席） Mr. FAN Yonghong 范勇宏先生 Mr. TIAN Shu 田舒先生 REMUNERATION COMMITTEE 薪酬委員會 Dr. ZHAO Guoqing (Chairman) 趙國慶博士（主席） Mr. CHEN Wenbin 陳文彬先生 Mr. TIAN Shu 田舒先生 NOMINATION COMMITTEE 提名委員會 Mr. CHEN Wenbin (Chairman) 陳文彬先生（主席） Dr. ZHAO Guoqing 趙國慶博士 Mr. TIAN Shu 田舒先生 Mr. FAN Yonghong 范勇宏先生 Ms. CHEN NINGFENG CHEN NINGFENG女士 COMPANY SECRETARY 公司秘書公司資料 AUDITOR 核數師 KPMG 畢馬威會計師事務所 Certified Public Accountants 執業會計師 ’ 8th Floor, Prince s Building 香中環遮打道10號 10 Chater Road, Central, Hong Kong 太子大廈8樓 REGISTERED OFFICE 註冊辦事處 Cricket Square, Hutchins Drive Cricket Square, Hutchins Drive PO Box 2681 PO Box 2681 Grand Cayman, KY1-1111 Grand Cayman, KY1-1111 Cayman Islands Cayman Islands PRINCIPAL PLACE OF BUSINESS IN HONG 香主要?業地點 KONG 香德輔道中188號 Unit 2001, 20th Floor of Golden Centre 金龍中心20樓2001室 No. 188 Des Voeux Road Central, Hong Kong 中國主要?業地點及總部 PRINCIPAL PLACE OF BUSINESS AND HEAD OFFICE IN THE PRC 中國上海市 16/F, Yintech Finance Center 青浦區 88 Xumin East Road 徐民東路88號 Qingpu District 銀科金融中心16樓 Shanghai, PRC 法律顧問 LEGAL ADVISOR 關於香法律： As to Hong Kong laws: 年利達律師事務所 Linklaters 香中環 11th Floor, Alexandra House 遮打道 Chater Road 歷山大廈11樓 Central, Hong Kong 開曼群島股份過戶登記總處 CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR公司資料 PRINCIPAL BANKS 主要往來銀行 China Merchants Bank, Shanghai Changde Branch 招商銀行上海常德支行 Room 310, Baohua Building 中國上海市 No. 1211, Changde Road 常德路1211號 Shanghai, PRC 寶華大廈310室 Bank of Communications Co., Ltd. Hong Kong Branch 交通銀行股份有限公司香分行 Unit B B/F & G/F, Unit C G/F 香 1-3/F, 16/F Room 01 & 18/F 中環畢打街20號 Wheelock House 會德豐大廈 20 Pedder Street, Central 地庫及地下B號舖、地下C號舖、 Hong Kong 1樓至3樓、16樓01室及18樓 STOCK CODE 股份代號 9636 9636 ’ COMPANY S WEBSITE 公司網站 www.jfztkg.com/IR.html www.jfztkg.com/IR.html 管理層討論與分析 BUSINESS REVIEW AND OUTLOOK 業務回顧與展望 As a next-generation stock investing assistant, we provide equity 作為新一代股票投資助手，我們面向廣大個 investment tools, securities investment advisory, investor education 人投資提供股票投資工具、證券投資顧 and other services for individual investors with product offerings 問、投資教育等服務，相繼推出股道領 such as Stock Navigator, Super Investor, Decision Master, 航、超級投資家、決策大師、AI股票機、九 Enjoy-Stock Pad, Jiuyao Stocks and Star-tier Services. 爻股及星級服務等產品。 “ ” Implementing our technology + investment research dual-driver 我們秉持「科技+投研」雙輪驅動戰略，基於 strategy, and leveraging artificial intelligence and big data 人工智能與大數據技術研發九方靈犀等AI產 technologies, we have developed AI products such as FinSphere 品，實現行業領先的創新實踐與場景應用， Agent, achieved industry-leading innovative practices and scenario 致力於成為客戶投資理財的終身伴侶。 applications, and stayed committed to becoming a lifelong partner in investment and wealth management for our customers. Business Review 業務回顧 We consistently adhere to the concepts of rational investment, 我們始終貫徹理性投資、價值投資和長期投 value investment and long-term investment, and insist on adopting 資理念，堅持以客戶為中心，深入推進「境 a customer-centric approach to further advance the strategy of 內多元產品佈局+海外業務探索」：AI與量化 “ diversifying product layout domestically + exploring business 產品同步實現突破－以「九方AI靈犀」為核心 ” overseas . Simultaneous breakthroughs were achieved in AI and 的多智能體服務體系全面落地，AI原生App quantitative products – the multi-agent service system centered 「九方靈犀claw」正式推出，星投量化平台 “ ” on FinSphere AI Agent (九方AI靈犀) was fully implemented, 攜多款量化指標及AI量化策略組合上線；境 “ ” the AI-native App FinSphere Agent claw (九方靈犀claw) was 內，VIP產品圍繞「AI+量化」穩步迭代，決策 officially launched, and the Xingtou Quantitative Platform (星投量 大師上線至尊版、實現從交付觀點向全流程 化平台) went online alongside multiple quantitative indicators and 決策支持升級，AI股票機邁入規模化發展階 AI quantitative strategy portfolios; domestically, the VIP products 段，九爻股持續豐富小額產品矩陣，星級服 “ ” have undergone steady iterations centered on AI + Quantitative . 務打造「工具－服務－交易」生態閉環，多層 Decision Master Premium Version (決策大師至尊版) has launched, 次產品體系協同共進，以AI與量化技術驅動 achieving an upgrade from delivery of viewpoints to full-process 的產品力提升，正轉化為客戶復購與黏性的 decision-making support. Enjoy-Stock Pad has entered a stage of 持續改善；於海外，公司於2026年1月完成 scaled development. Jiuyao Stocks has continuously enriched its 對方德證券及方德資本等主體戰略收購並有 small-denomination product matrix. Star-tier Services has formed a 序推進整合，確立「專屬投顧」「深度投研」 closed-loop ecosystem of “tools-services-trading”, facilitating the 「AI智投」為核心引擎，打造新一代互聯網券 synergistic advancement across our multi-level product system. The 商，培育第二增長曲線，全球化佈局紮實推 enhancement of product capabilities driven by AI and quantitative 進。管理層討論與分析 Supported by refined traffic operations, we adhere to the dual- 我們以精細化流量運?為支，堅持「科技 driver strategy of “technology + investment research”: In terms of +投研」雙輪驅動：流量運?上，以AI深度賦 traffic operation, deeply empowered by AI, traffic operation has 能運?，形成公域、私域與產品矩陣協同聯 formed a synergistic omni-channel traffic ecosystem comprising 動的全域流量體系，充分發揮用戶蓄水池作 public-domain, private-domain and product matrix to fully leverage 用；科技上，大力發展「人工智能+」，圍繞 the role of a user pool. In terms of technology, we vigorously 多智能體、大模型與高質量金融數據三大支 developed “Artificial Intelligence +”. Revolving around the three 柱構建全棧AI產品體系，推動AI能力從「工 major pillars of multi-agents, large models, and high-quality 具化應用」向「智能體生態」範式躍遷；投研 financial data, we established a full-stack AI product system. 上，深化「1+N」投研體系，堅守「買方投顧」 In addition, we drove the paradigm shift in AI capabilities from 定位，調研體系與量化研究建設協同拓展， “tool-based applications” to an “agent ecosystem”. In terms of 共同構築業務持續增長的堅實底座。 investment research, we deepened our “1+N” investment research system, persisted in “buyer-side investment advisory” philosophy, and promoted the coordinated expansion of research system and quantitative research system construction, jointly building a solid foundation for sustainable business growth. During the Reporting Period, the Company’s gross billings 報告期內，公司實現總訂單金額約人民 amounted to approximately RMB1,679.8 million, representing a 幣1,679.8百萬元，較上年同期約人民幣 slight decrease of 1.5% from approximately RMB1,705.4 million 1,705.4百萬元小幅下降約1.5%，錄得收益 for the Corresponding Period of the previous year, and recorded 約人民幣1,290.0百萬元，較上年同期約人民 a revenue of approximately RMB1,290.0 million, representing a 幣2,099.7百萬元下降約38.6%，主要由於報 decrease of approximately 38.6% from approximately RMB2,099.7 告期內大部分為複購訂單，且尚未開始提供 million for the Corresponding Period of the previous year, primarily 服務，預期將自服務開展後於後續報告期陸 because the majority of the orders during the Reporting Period 續確認為收益。截至報告期末，合約負債結 were repeat orders for which the provision of services had not yet 餘約人民幣1,889.4百萬元，較上年同期末增 commenced. It is expected to be gradually recognized as revenue 長約133.6%，將主要於2026年度及2027年 in subsequent reporting periods following the commencement of 度陸續確認為收益，為後續業績提供堅實支 the provision of services. The balance of contract liabilities as of the 。 end of the Reporting Period was approximately RMB1,889.4 million, representing an increase of approximately 133.6% as compared to the end of the Corresponding Period of the previous year, which will be gradually recognized as revenue primarily in 2026 and 2027, providing solid support for subsequent financial performance. The Company places great emphasis on Shareholder returns and 公司高度重視股東回報，堅持現金分紅與股管理層討論與分析 Deepening the diversified product strategy and exploring 深耕多元化產品戰略，探索海外市場佈局 overseas market deployment ? We continued to optimize our VIP products through steady ? VIP產品，圍繞「AI+量化」穩步迭代持 iteration centred on “AI + Quantitative” tools. Leveraging the 續優化，依託IP矩陣與專業投研，打造 IP matrix and professional investment research system, we 內容專業、經驗豐富、服務有溫度、備 aim to build a high-end investment advisory service framework 受客戶認可的高端投顧服務體系。報告 that is professional in content, rich in experience, attentive 期內：1）產品升級，量化團隊及超算系 in service, and widely recognized by customers. During the 統、量化因子庫等基礎設施建成投用， Reporting Period, 1) product upgrading: the quantitative 上線星投量化平台，推出情風向標等 team and infrastructures including supercomputing system 多款量化指標及6個AI量化策略組合， and factor library were established and put into operation. AI與量化能力加速滲透產品體系；2）投 We launched the Xingtou Quantitative Platform (星投量 研賦能，九方金融研究所及時把握A股 化平台), and introduced multiple quantitative indicators, 市場運行節奏，以紮實的一線調研持續 such as the Sentiment Barometer (情風向標), as well as 賦能，調研專題等研究成果直接向客戶 6 AI quantitative strategy portfolios, thereby accelerating 輸出；3）客戶運?，頭部IP專業引領與 the penetration of AI and quantitative capabilities into our 專屬IP精細服務協同發力，針對存量客 product system; 2) investment research empowerment: JF 戶實際需求及關注內容，全方位提供優 Financial Research Institute promptly grasped the rhythm of 質專屬服務，實現複購與留存的持續提 the A-share market and continuously empowered its services 升；4）服務提效，智能客服轉型「智能 through solid frontline research, with research findings 生成+主動服務」，基礎問答、課程資 such as special research topics being directly delivered to 訊推送等標準化場景自動應、專業問 customers; 3) customer operations: the professional guidance 題人機協同，600餘個智能坐席日均處 of top IPs and the refined service of exclusive IPs worked in 理信息超10萬條，應時間縮短至3至 synergy to comprehensively provide high-quality exclusive 5分鐘。 services tailored to the actual needs and concerns of existing customers, thereby achieving continuous improvement in repurchase and retention rates; 4) service efficiency enhancement: the intelligent customer service transformed “ ” towards intelligent generation + proactive service. Standardized scenarios such as basic Q&A and course information delivery were handled with automatic responses, while professional issues were addressed through human- machine collaboration. Over 600 intelligent customer service seats processed a daily average of over 100,000 messages, with response time shortened to 3 to 5 minutes.管理層討論與分析 ? Decision Master, a specialized tool system positioned to ? 決策大師，定位於提升個人投資自主 enhance the independent decision-making capabilities of 決策能力的專業化工具體系，以「工具 individual investors, was centered on the core logic of “tool 賦能、知識陪伴」為核心邏輯，旨在將 empowerment and knowledge companionship”. The product 公司深厚投顧服務經驗、專業研究能力 was designed to consolidate the Company’s extensive experience in investment advisory services, professional 與AI量化技術沉澱為標準化、可持續使 research capabilities, and AI quantitative technologies into 用的產品能力，為客戶自主投資決策提 standardized and sustainable product capabilities, thereby 供專業支持。報告期內：1）產品升級， empowering clients to make independent investment decisions. During the Reporting Period: 1) the product was 上線「至尊版」，與「先鋒版」形成雙產 upgraded with the launch of the “Premium Version (至尊版)”, 品架構——「先鋒版」以題材掘金、價 forming a dual-product structure together with the “Pioneer 投領航、量化智投三大模塊服務投資 Version (先鋒版)”. The Pioneer Version serves investors through three key modules, namely Theme Mining, Value ，「至尊版」專享風口主線、ETF量化 Investing Navigator, and Quantitative Smart Investing. The 策略、持倉AI識別優化等核心功能，貼 Premium Version exclusively offers core functions including 合進階投資投資風格提供全流程策 Market Trend Themes (風口主線), ETF quantitative strategies and AI-powered position identification and optimization, 略決策支持，以「AI量化時代的能力平 providing end-to-end strategic decision-making support 權」為理念，推動專業投資決策能力普 tailored to the investment styles of advanced investors. 惠化，實現產品由觀點內容交付向全流 “ Adhering to the philosophy of democratizing capabilities ” 程決策支持升級；2）獲客模式完成戰略 in the AI quantitative era , it promotes the inclusive access to professional investment decision-making capabilities, 切換，形成自有流量、存量客戶與產品 thereby achieving an upgrade of the product from delivery 體系內協同轉化等多元獲客渠道，構建 of viewpoints and contents to full-process decision-making 跨產品業務閉環，延長客戶產品生命週 support; 2) the strategic transition of the customer acquisition model for the product was completed, establishing diversified 期；3）運?質效穩步向好，用戶登錄頻 customer acquisition channels such as proprietary traffic, 次、使用時長均保持較高水平。報告期 existing customers and synergistic conversion within the 內，AI服務客戶數已覆蓋約55%的產 product system, building a closed-loop business model across products and extending the customer and product 品活躍用戶。 life cycle; 3) operational quality and efficiency showed steady improvement, with user login frequency and usage duration both maintained at relatively high levels. During the Reporting Period, the number of customers of AI services covered approximately 55% of active product users.管理層討論與分析 ? Relying on an integrated “AI + content + service + tools” ? AI股票機，依託「AI+內容+服務+工具」 solution and by leveraging AI capabilities deeply integrated 一體化整合方案，以深度結合硬件的AI with hardware, the Enjoy-Stock Pad provided retail investors 能力，為普通投資提供覆蓋投資全 with an intelligent investment assistance system covering the entire investment process. Following the “0 to 1” practical 流程的智能輔助系統；經歷上年從0到 exploration in the previous year, the business entered a 1的落地探索，業務於報告期內邁入規 stage of scaled development during the Reporting Period. 模化發展階段。報告期內：1）產品與內 During the Reporting Period: 1) products and content were continuously upgraded, and hardware was optimized towards 容持續升級，硬件向大屏化、智能化方 larger screens and enhanced intelligence. As of the end of the 向優化；截至報告期末，自研精品課程 Reporting Period, over 360 self-developed quality courses 超360套、總時長超25,000分鐘，資訊 were offered with a total duration of over 25,000 minutes. The information covered the entire trading session, and we 覆蓋完整交易時段，開展直播超1,100 hosted over 1,100 live streaming sessions, attracting more 場、總觀看人數突破320萬；2）渠道佈 than 3.2 million viewers in total; 2) the channel layouts were 局多元拓展，線上深耕抖音、視頻號、 diversely expanded. For online channels, we deeply cultivated live-streaming e-commerce on platforms such as Douyin, 小紅書等直播電商及天貓、京東等貨架 WeChat Channels, and Xiaohongshu, as well as shelf-based 電商，線下實現從無到有突破，初步完 e-commerce on platforms such as Tmall and JD.com. For 成終端展區佈局，實現用戶規模化觸達 offline channels, we achieved a breakthrough from scratch and preliminarily completed the layout of terminal exhibition 與高效轉化；3）淨銷量達3.8萬台，用 areas. This approach allowed us to reach users at scale and 戶使用時長及黏性均保持良好水平。此 drive efficient conversions; 3) the net sales volume reached 外，AI股票機作為重要流量入口，持續 38,000 units, and both user usage duration and stickiness remained at a sound level. In addition, the Enjoy-Stock 發揮轉化支作用，其版已面向海外 Pad, as an important traffic gateway, continued to provide 市場推出，與海外業務形成協同。 conversion support. Its Hong Kong version has been launched for the overseas market, creating synergies with overseas business.管理層討論與分析 In July 2026, the Company launched the new-generation 於2026年7月，公司推出全新一代AI股 of Enjoy-Stock Pad “Intelligent Navigation Edition (智航 票機「智航版」，涵蓋AI診斷、AI篩選、 版)”, covering six core functions, namely AI diagnostics, AI AI盯盤、AI學練、AI問答、AI語音助手 screening, AI stock monitoring, AI learning and practice, AI 六大核心功能，並新增盤前寶、尾盤寶 Q&A and AI voice assistant. The Company also introduced 兩大交易時段工具，由通用大模型與九 two trading-session tools, namely Pre-Market Treasure (盤 章證券領域大模型雙引擎驅動，致力於 前寶) and Late-Session Treasure (尾盤寶). Powered by 幫助普通投資補齊認知差、知識差與 the dual engines of general-purpose large models and the 信息差。 “Jiuzhang” securities-domain large model, the Enjoy-Stock Pad “Intelligent Navigation Edition” was designed to assist retail investors in bridging gaps in cognition, knowledge and information. ? Jiuyao Stocks, taking quantitative technology as its core, ? 九爻股，以量化技術為核心、小額工具 small tools as its carrier, and investor education content as its 為載體、投教內容為特色，將專業投研 feature, converts professional investment research capabilities 能力轉化為標準化產品，降低個人投資 into standardized products, thereby lowering the threshold 參與門檻，解決「分析難、擇時難、 for participation by individual investors, addressing the pain 選股難」痛點，打造低門檻、標準化的 points of “difficulties in analysis, market timing and stock 「工具+投教」產品矩陣，截至報告期 selection”, and creating a low-threshold and standardized 末，累計推出110餘款小額產品。報告 “tool + investor education” matrix. As of the end of the 期內：1）產品矩陣持續豐富，圍繞AI指 Reporting Period, the Company launched a total of more than 標工具、量化交易策略、系統化投教課 110 small-scale products. During the Reporting Period: 1) the 程等多元品類持續上新，AI能力持續增 product matrix was continuously enriched. We continuously 強，小額產品AI升級覆蓋率達43%， rolled-out diverse categories of products, such as AI indicator 精準匹配客戶行情分析、選股、擇時需 tools, quantitative trading strategies, and systematic investor 求，補齊普惠型投顧服務短板；2）渠道 education courses. AI capabilities have been progressively 協同持續深化，以九方智投APP為核 enhanced, with the AI upgrade coverage rate for small-priced 心，聯動PC端及AI股票機，構建多場 ’ products reaching 43%, precisely matching customers 景使用生態；3）運?質量顯著提升，用 needs for market analysis, stock selection, and market timing, 戶複購率較去年同期提升約50個百分 thereby resolving the shortcomings of inclusive investment 點，期末在期用戶超35萬，期內累計 advisory services; 2) channel synergies were continuously 使用人次超1,500萬。 deepened. With our SmartInvest App as the core, and in conjunction with the PC terminal and Enjoy-Stock Pad, we formed an ecosystem for multi-scenario usage; and 3) operational quality was significantly improved, with the user 管理層討論與分析 ? Star-tier Services is a product launched in collaboration with ? 星級服務，依託自身量化工具研發實力 over 10 leading and high-quality securities brokerages, relying 與外部優質量化資源，聯合超10家頭 on our own quantitative tool research and development 部及優質券商，跑通開戶交易鏈路，為 capabilities and high-quality external quantitative resources. 個人投資提供量化策略、指標工具、 Having established a fully operational account opening and 投教服務及在線服務等多維度模塊， trading workflow, it provides individual investors with multi- 合力打造「工具－服務－交易」完整生 dimensional modules encompassing quantitative strategies, 態閉環。報告期內：1）核心指標快速增 indicator tools, investor education services and online service, 長，服務用戶規模持續擴大、累計超8 together forming a fully integrated closed-loop ecosystem of 萬，星級客戶次日及7日留存率穩定攀 “tools-services-trading”. During the Reporting Period: 1) core 升；2）產品功能持續迭代，客戶可自主 indicators grew rapidly; the scale of users served continued 構建並驗證投資策略、訂閱AI優化策略 to expand, cumulatively exceeding 80,000; the next-day and 信號等核心功能使用率不斷提升。 7-day retention rates of star-tier clients climbed steadily; 2) product functions were continuously iterated, enabling clients to independently construct and verify investment strategies as well as subscribe to signal push notifications of AI-optimized strategies and other core functions, thus the utilization rate of core functions increased continuously. ? The Company completed the acquisitions of entities including ? 公司完成對方德證券、方德資本等主體 Forthright Securities and Forthright Capital, and established 收購，確立「專屬投顧」「深度投研」「AI “ ” “ dedicated investment advisory , in-depth investment 智投」為核心引擎，結合線上效率與線 ” “ ” research and AI intelligent investment as its core engines. 下信任，雙軌服務大眾及私人財富客 Integrating online efficiency with offline trust, the Company 戶，有序推進各項業務整合和基礎建 adopts a dual-track approach to serve mass and private 設： wealth clients, and advances various business integrations and infrastructure development in an orderly manner: 1) Dedicated investment advisory: focusing on the 1） 專屬投顧，圍繞美股投資真 actual needs of Hong Kong and U.S. stock investors 實需求，結合會員分層權益，構 and incorporating tiered membership benefits, we 建「資訊洞察、工具擇時、直播 established a six-in-one dedicated service system 陪伴、課程進階、顧問服務、策 “ comprising information insights, market-timing tools, 略配置」六位一體的專屬服務體 live-streaming companionship, advanced courses, 系，為不同等級客戶提供持續、 ” advisory services and strategy allocation , providing 專業、及時的服務支持； continuous, professional and timely service support to 管理層討論與分析 2) Technology and investment research: Forthright 2） 技術與投研，方德智投App先後 SmartInvest App successively launched batch trading 上線美股及股批量交易功能， functions for US stocks and Hong Kong stocks to 擴容美股等多元交易品類；AI expand diverse trading products such as Hong Kong 助手、AI診股、智能選股、AI賬 stocks and US stocks, with core functions encompassing 戶分析、AI盯盤及AI量化指標等 AI assistant, AI stock diagnosis, intelligent stock 核心功能深度融入使用場景；接 selection, AI account analysis, AI stock monitoring, and 入專業投研體系，研究覆蓋多元 AI quantitative indicators deeply integrated into usage 市場並聚焦高景氣賽道，通過三 scenarios. By connecting to a professional investment 層篩選機制嚴把產品准入關，組 research system, our research covered diversified 合策略不斷豐富； markets and focused on high-prosperity sectors, and through a three-tier screening mechanism, we strictly controlled product admission, thereby continuously enriching portfolio strategies; The Forthright AI Investment Terminal (方德AI股票機) 於2026年7月，方德AI股票機正 was officially launched in July 2026. As a dedicated 式推出，作為專屬智能投資終 intelligent investment terminal, it integrates AI systems, 端，融合AI系統、智能交易、投 intelligent trading, investment advisory services and 顧服務及專業投研等能力，覆蓋 professional investment research capabilities, covering 全球交易與財富服務，為不同經 global trading and wealth management services and 驗程度的投資提供風險管理、 providing investors of varying levels of experience with 專業高效的全球投資工具； risk management and professional and efficient tools for global investment; 3) Branding and reaching: relying on refined traffic 3） 品牌與觸達，依託精細化流量運 operation experience and taking into account the media ?經驗，結合海外用戶媒介習 consumption habits of overseas users, an IP matrix was 慣，於Facebook、YouTube等 deployed on mainstream social media platforms such 主流社交平台佈局IP矩陣，通過 as Facebook and YouTube, and brand marketing was 戶外及電視廣告等本地渠道開展 conducted through local channels including outdoor and 品牌投放；位於香上環的旗艦 television advertisements. The flagship store located 門店正式投入運?，結合快閃 in Sheung Wan, Hong Kong, was officially put into 店、商場活動等方式觸達更多客 operation to reach a broader customer base through 群； pop-up stores and shopping mall events;管理層討論與分析 Deepening omni-channel traffic operation capabilities to 深化全域流量運?能力，形成公域、私域、 form multi-dimensional synergy among public-domain, 產品多維協同 private-domain, and products Empowered by AI, the Group took refined MCN-based traffic 依託AI賦能，本集團將MCN精細化流量運 operation as the central hub that connects users and business, ?作為連接用戶與業務的核心樞紐，已形成 and has formed a synergistic omni-channel traffic ecosystem 公域MCN（多元平台）、私域（App、企業微 comprising public-domain MCN (multiple-platform), private-domain 信、小程序等）與產品矩陣協同聯動的全域流 (Apps, WeCom, mini-programs, etc.) and product matrix, to 量體系，圍繞「守存量、育增量、探新量」持 continuously unleash traffic value centred on “retaining existing 續釋放流量價值。報告期內，我們進一步深 traffic, cultivating incremental traffic and exploring new traffic”. 化流量運?與產品矩陣的聯動，推動「千人 During the Reporting Period, we further deepened the linkage 千面」精細化運?管理，力求實現客戶付費轉 between traffic operation and product matrix, and promoted the 化效率、複購意願及產品間交叉銷售路徑的 hyper-personalized and refined operation management. We strived 全面拓展，推動收入結構多元化及流量運? to achieve a comprehensive expansion in clients’ paid conversion 的可持續發展。 efficiency, repurchase willingness and cross-selling paths among products, promoting the diversification of our revenue structure and the sustainable development of traffic operation. ? Quality improvement: we established a multi-platform layout ? 提質，平台多陣地佈局，運?韌性持續 and continuously strengthened our operational resilience. 增強。抖音、微信視頻號雙核驅動，小 Driven by the dual cores of Douyin and WeChat Channels, and 紅書、快手、B站、華為應用市場戰略 strategically supplemented by Xiaohongshu, Kuaishou, Bilibili 補位，拓寬流量運?覆蓋面。面對期內 and Huawei App application market, we have broadened 投放政策階段性調整，公司保持內容生 the coverage of our traffic operation. During the period of 產與IP活躍度不間斷，將運?重心轉向 temporary adjustments to advertising placements policies, 視頻號自然流量運?及私域客戶內容養 the Company maintained uninterrupted content production 護，確保流量底盤穩定；持續夯實合規 and IP activity, and shifted its operational focus to the AI能力底座，從內容審查、直播監控、 organic traffic operation of video accounts and the content 風險攔截等維度完善合規運?體系。截 nurturing of private-domain clients to ensure a stable traffic 至報告期末，公司在不同互聯網平台上 base. We continuously consolidated the foundation of our 運?約1,180個賬號，吸引超過7,300 compliant AI capabilities, enhancing our compliant operation 萬名粉絲。 system across dimensions including content review, live streaming monitoring, and risk interception. As of the end of the Reporting Period, the Company operated approximately 1,180 accounts on different internet platforms, attracting over 73 million followers.管理層討論與分析 In the development of private domain platforms, equal 私域陣地建設，流量沉澱與價值轉化並 emphasis was placed on traffic accumulation and value 重。外部流量趨於存量博弈，跨平台私 conversion. As external traffic trended towards competition 域矩陣與從流量沉澱到轉化的全鏈路閉 for existing traffic, a cross-platform private domain matrix 環，是流量價值深挖的關鍵抓手。九方 and a full-link closed loop from traffic accumulation to 智投APP為核心載體，集私域陣地、 conversion served as key levers for maximizing the value 核心產品交付、用戶運?與價值轉換於 of traffic. Serving as the core carrier, SmartInvest App 一體。報告期內，以「內容+工具」深化 integrated private domain operation, core product delivery, 平台化建設，上線「九方AI靈犀」中心 user operation and value conversion. During the Reporting 化入口，多智能體深度融入使用場景， Period, we deepened the platform development through a 直播、聊天室等互動場景持續豐富， “content + tools” approach, and launched the centralized 陪伴屬性進一步強化；截至2026年6 portal “FinSphere AI Agent”, with multiple agents deeply 月，App月活躍用戶同比增長約15%， integrated into user scenarios. Interactive scenarios such as 30日留存率超60%。企業微信、公眾 live streaming and chat rooms were continuously enriched, 號、小程序與App協同共振，私域全鏈 further strengthening the companionship attributes. As of 路運?能力持續增強。 June 2026, the monthly active users of the App increased by approximately 15% year on year, and the 30-day retention rate exceeded 60%. WeCom, official accounts, mini programs and the App generated strong synergies, leading to the continuous enhancement of full-link private domain operational capabilities. ? Efficiency enhancement: we upgraded our operational ? 增效，AI賦能運?效率提升。以AIGC efficiency with AI empowerment. We leveraged AIGC to 優化素材產能，實現優質內容自動化 optimize material production capacity, achieving automated 生成；迭代AI信息推送模型，推動流 generation of high-quality content, and iterated the AI news 量運?從「粗放覆蓋」向「精準觸達」升 push model, driving the upgrade of traffic operation from 級；以AI助力IP提升服務內容質量、擴 “ ” “ ” extensive coverage to precision targeting . By empowering 大服務覆蓋寬度，構建近百名IP的多元 IP with AI to enhance the quality of service content and 內容生態體系，細分為熱點資訊、首席 expand the breadth of service coverage, we built a diversified 觀點、專業分析、指標教學及陪伴互動 content ecosystem comprising nearly 100 IPs, which are 五大類型，拓展內容破圈能力，與衛 subdivided into five major categories: trending news, chief 視、騰訊等媒體平台聯合打造陪伴互動 perspectives, professional analysis, indicator tutorials, and 節目，增強用戶黏性。同步搭建數據飛 companion interactions. We expanded our capability of 輪，形成數據反哺算法、算法優化運? content reaching broader audiences, and jointly created 的正向閉環，持續提升技術對運?效率 companion interactive programs with media platforms such 的賦能作用。管理層討論與分析 ? Value enhancement: we maintained comprehensive ? 增值，流量運?與投研、產品全方位協 synergy among traffic operation, investment research, and 同。我們堅持以高質量投研內容吸引用 products. We persistently attracted users’ attention with 戶關注，精細化推送提升客戶觸達。通 high-quality investment research content, and enhanced 過對九方智投APP、企業微信、小程序 customer reach through refined push notifications. Through 等私域平台的運?優化，強化客戶畫 operational optimizations on private-domain platforms 像及標籤管理體系，穩步實現「千人千 including SmartInvest App, WeCom, and mini-programs, we 面」精細化運?能力；依託日益多元化 strengthened our client profiling and tagging management 的產品矩陣，精準匹配用戶需求，提升 system, steadily acquiring the hyper-personalized and refined 客戶複購意願與生命週期價值，拓寬產 operational capabilities. Relying on an increasingly diversified 品間交叉銷售路徑。 product matrix, we precisely matched users’ demands, elevated customers’ repurchase willingness and lifetime value, and broadened cross-selling paths among products. ? We actively practiced investor education for greater brand ? 積極踐行投教，提升品牌影力。報告 influence. During the Reporting Period, the Group carried 期內，本集團圍繞投資教育與品牌建 out a series of communication campaigns centering on 設開展系列傳播活動。投教方面，公司 investor education and brand building. In respect of investor 連續7次獨家冠名第一財經巴菲特股東 education, the Company exclusively sponsored YICAI’s live 大會直播，以5場直播課、22小時全程 broadcast of the Berkshire Hathaway Annual Shareholders 直播為投資深度解碼2026年股東大 Meeting for seven consecutive years. Through 5 live 會現場實況；策劃5?15全國投資保 streaming courses and a 22-hour continuous live broadcast, 護宣傳日系列傳播，輸出投教觀點與金 it thoroughly decoded the on-site events of the 2026 Annual 融基礎內容。品牌影力方面，公司舉 Shareholders Meeting for investors. We also organized a 辦2026高端投資峰會，邀請肖立晟、 “ series of communication campaigns for the 5?15 National 賈康、管濤、金燦榮等經濟學家聯袂 ” Investor Protection Awareness Day , disseminating investor 開講；亮相央視《對話》欄目，以AI科 education views and foundational financial content. In respect 技打破專業壁壘、踐行「投資平權」理 of brand influence, the Company hosted the 2026 High-End 念；參展2026世界人工智能大會，分 Investment Summit, inviting prominent economists such as 享公司在金融科技領域的AI應用落地與 XIAO Lisheng (肖立晟), JIA Kang (賈康), GUAN Tao (管濤) 商業閉環；報送的視頻作品《「金」險重 and JIN Canrong (金燦榮) to deliver joint keynote speeches; 重》榮獲2026年度上海市防範打擊非 appeared on the CCTV program Dialogue (《對話》) to advocate 法金融活動宣傳作品優秀獎。 breaking down professional barriers through AI technologies “ ” and practicing the concept of investment democratization ; and participated as an exhibitor in the 2026 World Artificial ’ Intelligence Conference, sharing the Company s practical 管理層討論與分析 Adhering to the “AI + investment advisory” model, and driving 堅持「人工智能+投顧」，以智能體與大模型 a leapfrog upgrade in investment services leveraging the 能力驅動投資服務躍遷 capabilities of agents and large models With “AI+” as our core, we continued to drive the in-depth 我們以「人工智能+」為核心，持續推動AI能 application of AI capabilities. During the Reporting Period, revolving 力的深度應用。報告期內，我們圍繞多智 around the three major pillars of multi-agents, large models, 能體、大模型與高質量金融數據三大支柱， and high-quality financial data, we established a full-stack AI 構建從基礎設施－AI產品服務－用戶終端的 product system spanning from infrastructure to AI products and 全棧AI產品體系。重點攻堅金融AI結論可靠 services, and ultimately to user terminals. Focusing our efforts 性、推理可復現及行為合規化三大核心技術 on overcoming the three core technical challenges of financial 課題，推動AI能力從「工具化應用」向「智能 AI – namely the reliability of conclusions, the reproducibility of 體生態」範式躍遷，打造可信可控的金融智能 reasoning, and behavioral compliance – we drove the paradigm 體，推動AI能力對用戶、產品和員工的深度 shift in AI capabilities from “tool-based applications” to an “agent 賦能。 ecosystem”. This facilitated the development of trustworthy and controllable financial agents, thereby promoting the in-depth empowerment of users, products, and employees through AI capabilities. ? We have established a multi-agent service system centered ? 我們在九方智投APP及小程序打造以 on FinSphere AI Agent on SmartInvest App and mini-program. 「九方AI靈犀」為核心的多智能體服務體 At the architecture level, driven by the dual engines of “expert 系。在架構層面，通過「專家經驗模型 ” experience modeling and the agent (智能體) operating 化」與Agent（智能體）運行架構雙輪驅 architecture, we deeply integrated the data accumulated 動，將公司深耕證券領域積累的數據與 ’ from the Company s deep engagement in the securities 投資場景深度結合；引入智能路由與標 sector with investment scenarios. We introduced intelligent 準化工具調度，實現需求精準識別及專 routing and standardized tool orchestration to achieve 業工具調用，持續學習優化與長期記憶 precise demand recognition and professional tool invocation, 機制，使智能體持續優化服務能力。產 and leveraged continuous learning and optimization along 品層面形成AI診股、AI選股、AI賬戶診 with long-term memory mechanisms to enable the agents 斷、AI盯盤四大核心智能體，搭載AI小 to continuously optimize their service capabilities. At the 九管家，以智能對話和語音交互應 product level, we formed four core agents: AI stock diagnosis, 用戶需求。構建「基礎－進階－專業」 × AI stock selection, AI account diagnosis, and AI stock 分層產品矩陣，面向投資提供7 24 monitoring. Equipped with AI Xiaojiu Steward (AI小九管家), 小時個性化智能投顧服務。服務模式從 we responded to user needs through intelligent dialogue 「被動應」升級為「主動陪伴」，通過 “ and voice interaction. By building a basic – advanced – 持續學習用戶行為構建動態畫像，在市 ” professional tiered product matrix, we provided investors 場風格切換時主動推送風險預警與機會管理層討論與分析 During the Reporting Period, the number of FinSphere AI 報告期內，九方AI靈犀服務用戶同比增 Agent users increased by approximately 50.9%, with the 長約50.9%，有效交互次數達2,033.5 number of effective interactions reaching 20.335 million, 萬次，同比增長約50.5%；C端AI問答 representing a year-on-year increase of approximately token（AI模型處理文本的計量單位） 50.5%. The C-side AI Q&A token (a unit of measure for text 消耗量約2,543億，約為2025年同期8 processing by AI models) consumption was approximately 倍，智能投顧服務進入規模化應用階 254.3 billion, being approximately 8 times that of the 段。 Corresponding Period in 2025, indicating that the intelligent investment advisory services have entered a stage of large-scale application. In August 2026, FinSphere AI Agent was officially integrated 於2026年8月，九方AI靈犀正式入駐騰 into Tencent WorkBuddy and Alibaba Qwen, becoming 訊WorkBuddy及阿里千問平台，成為 an officially certified securities domain expert on the 平台官方認證的證券領域專家。公司將 platforms. The Company packaged its proprietary toolchain 自研工具鏈封裝為標準Skill，用戶無需 as a standard Skill, enabling users to invoke multi-factor 跳轉即可於前述平台內調用多因子量化 quantitative stock selection tools and the three classic 選股工具及巴菲特、彼得?林奇、格雷 investment strategies of Warren Buffett, Peter Lynch and 厄姆三大經典投資策略。 Benjamin Graham directly within such platforms without the need for redirection. ? We achieved deep empowerment of the Company’s products ? AI能力實現對公司產品的深度賦能。我 through AI capabilities. We drove the deep integration 們推動AI技術與具體業務場景和產品服 of AI technologies with specific business scenarios and 務流程的深度融合，基於在證券領域數 product service workflows. Based on our core proprietary 十年積累的核心自有數據，形成大模型 data accumulated over decades in the securities sector, we 深度訓練的高質量數據飛輪，構建「數 formed a high-quality data flywheel for the deep training of 據」與「模型」雙驅智能基座，系統性賦 large models, established a dual-driven intelligent foundation 能全產品矩陣，實現AI能力從單點產品 “ ” “ ” of data and models to systematically empower the 向全業務矩陣延伸：同步升級「AI小九 entire product matrix, and extended our AI capabilities 管家」，並上線AI診股、AI選股、AI盯 from single-point products to the full business matrix: we 盤和AI複盤功能，助力用戶投資成長； “ ” concurrently upgraded AI Xiaojiu Steward (AI小九管家) 決策大師升級專屬問答智能體「AI小 and launched features including AI stock diagnosis, AI stock 策」，結合投研數據與題材、價投、量 selection, AI stock monitoring, and AI post-investment review 化等特色場景，提供場景化、專業化、 to facilitate the investment growth of our users; Decision 實時化的智能投研陪伴服務；方德智 “ Master upgraded its exclusive Q&A intelligent agent, AI 投App針對美股業務場景，上線專屬管理層討論與分析 ? We utilized AI to construct a company-level digital and ? 以AI建設公司級數智化辦公體系，深 intelligent office system, deeply restructuring our internal 度重構內部經?與服務流程。報告期 operational and service processes. During the Reporting 內，我們持續打造公司級AI原生基礎設 Period, we continued to build company-level AI-native 施與多場景智能工具，實現AI能力向 infrastructure and multi-scenario intelligent tools, facilitating 規模化複用演進：(1)智能客服覆蓋? the evolution of our AI capabilities towards scalable reuse: 銷、客戶互動、信息檢索、專業問題解 (1) our intelligent customer service covered full scenarios 答等全場景，做到「應及時、內容專 including marketing, customer interactions, information 業、主動陪伴」；(2)構建AI內容中心， retrieval, and resolution of professional inquiries, achieving 打通「生產－管理－分發－複盤」全鏈 “prompt responses, professional content, and proactive 路，觸達用戶310.9萬，日均處理客戶 companionship”; (2) we constructed an AI content center 消息約150萬條；(3)推出數字員工助手 connecting the full cycle of “production – management – 「AIX」，涵蓋對話交互、自動化任務、 distribution – review”, which reached 3.109 million users 技能體系、長期記憶等核心模塊，服務 and processed a daily average of approximately 1.5 million 於業務複盤、資訊追蹤、報表分析等高 customer messages; (3) we launched “AIX”, a digital employee 頻業務場景，實現跨場景AI能力的統一 assistant comprising core modules such as conversational 調度；(4)智能合規風控平台覆蓋業務全 interaction, automated tasks, skill systems, and long-term 流程，實現全留痕、可回溯、風險攔截 memory, which serves high-frequency business scenarios 及智能質檢；「AI監測官」與「AI巡查官」 including business reviews, information tracking, and report 持續擴面提效；同步上線三大匹配校驗 analysis, achieving the unified deployment of AI capabilities 工具：「AI基礎信息校準」自動識別直播 across multiple scenarios; (4) our intelligent compliance and 展示信息完整性與準確性，「AI研報匹 risk control platform covered the entire business process, 配」實現研報一致性雙軌校驗，「新聞AI realizing complete activity logging, traceability, risk blocking, 校準」實時核驗直播信源權威性。 “ ” and intelligent quality inspection. Our AI Monitoring Officer “ ” and AI Inspection Officer continued to expand coverage and enhance efficiency. We simultaneously launched three major “ matching and verification tools: the AI Basic Information ” Calibration , which automatically identifies the completeness and accuracy of information displayed in live streaming, the “ ” AI Research Report Matching , which reviews and achieves dual-track verification of research report consistency, and the “ ” News AI Calibration , which verifies the authoritativeness of information sources in live streaming in real time.管理層討論與分析 ? We adhered to the core objectives of “high output”, “high ? 我們堅持研發投入「高產出」「高效率」 efficiency” and “high value” in our R&D investment. During the 「高價值」的核心目標，於報告期內投 Reporting Period, we incurred R&D expenses of approximately 入研發費用約人民幣167.1百萬元（佔 RMB167.1 million (representing approximately 13.0% of our 收入約13.0%），研發人員657人；同 revenue) and had 657 R&D personnel; meanwhile, as of the 時，截至報告期末，擁有產品功能、大 end of the Reporting Period, we had 167 software copyrights 數據、人工智能等方面軟件著作權、 and patents in areas such as product features, big data, and 專利167件（同比新增28件）；並與約 AI, representing an increase of 28 software copyrights and 翰?霍普金斯大學、哥倫比亞大學等高 patents on a year-on-year basis. At the same time, three AI 校合作的三項AI研究成果分別獲ICMR research achievements derived from our collaborations with 2026國際會議、FITEE期刊及ICAIF universities such as Johns Hopkins University and Columbia 2025國際會議收錄，產學研協同創新 University were accepted by the ICMR 2026, the FITEE journal 能力持續獲得國際學術界認可。 and the ICAIF 2025 respectively, indicating that our capacity for collaborative innovation across industry, academia and research continued to gain recognition from the international academic community. Deepening “1+N” investment research system, with continuous 深化「1+N」投研體系，調研與量化建設持續 expansion of the research and quantitative development 拓展 We continuously deepened the “1 research institute and N business 我們持續深化「1個研究所，N條業務線」投研 lines” investment research system. With JF Financial Research 體系，以九方金融研究所為核心，以系統性 Institute as the core, and taking systematic research framework and 研究體系、專業化調研活動為抓手，輸出投 professional research activities as the anchor, the Group outputted 研內容，實現投研能力與產品服務的進一步 investment research content, thereby achieving a further integration 融合。我們堅持「買方投顧」定位，立足對中 of its investment research capabilities with products and services. 國資本市場和個人投資的深入理解，結合 “ ” We adhered to the buyer-side investment advisory philosophy. AI技術提升服務效率，賦能用戶服務場景、 Leveraging our in-depth understanding of the Chinese capital 產品能力優化和員工專業化提升。 markets and individual investors and combining AI technology for service efficiency enhancement, we empowered user service scenarios, product capability optimization, and the enhancement of ’ employees professional standards. 1) JF Financial Research Institute consolidated its investment 1） 九方金融研究所夯實投研實力，調研 research capabilities, with the density and depth of 密度及深度持續提升。秉持「升維做研 its research continuously improved. Adhering to the 究，降維做服務」目標，研究所依託以 “ objective of conducting higher-dimensional research and 首席經濟學家肖立晟為核心，聯動專管理層討論與分析 During the Reporting Period, the institute kept pace with 報告期內，研究所緊扣市場節奏，就AI market developments and conducted in-depth research on 產業鏈、創新藥、太空經濟、人形機器 trending sectors such as the AI industry chain, innovative 人、新能源、週期化工品等熱點板塊開 drugs, the space economy, humanoid robots, new energy, 展深度調研，拆解核心產業鏈運?邏 and cyclical chemical products, breaking down the 輯及發展規劃，累計開展上市公司調 operational logic and development plans of core industry 研336場次，同比增長約270場次，實 chains. It cumulatively conducted 336 research sessions on 地走訪全國二十餘個城市，覆蓋醫藥生 listed companies, representing a year-on-year increase of 物、機械裝備、電子半導體、計算機、 approximately 270 sessions, and undertook on-site visits 國防軍工、電力設備、化工、有色金屬 to more than 20 cities nationwide, covering more than 等十餘個行業。 10 industries including biomedical science, mechanical equipment, electronic semiconductors, computers, national defense and military industry, power equipment, chemicals, and non-ferrous metals. 2) We focused on the practical application of investment 2） 堅持「買方投顧」定位，聚焦投研應用 research while adhering to the “buyer-side investment 落地。報告期內，專業股票解讀複盤節 advisory” philosophy. During the Reporting Period, our 目覆蓋盤前、盤中、盤後全時段，投資 professional stock dissection and review programs covered 互動與答疑保持高頻；AI股票機課程 the entire pre-market, intra-market and post-market 體系持續擴容，錄製AI股票機課程19 periods, maintaining investor interactions and Q&As at a 套、輸出《九方最前研》6期，構建分層 high frequency. The course system of Enjoy-Stock Pad was 知識矩陣。同步探索AI工具在調研紀要 continuously expanded, with 19 sets of Enjoy-Stock Pad 整理、報告生成等投研環節的應用，提 courses recorded and 6 episodes of Jiufang Zuiqianyan 升投研效率。 produced, building a tiered knowledge matrix. Concurrently, we explored the application of AI tools in investment research processes, such as compiling research summaries and generating reports, to enhance investment research efficiency. 3) We strengthened the professional communication of 3） 強化投研專業傳播。報告期內，研究所 investment research. During the Reporting Period, the institute 在公開媒體發表宏觀數據點評、政策解 published articles in public media in respect of commentary 析與行業洞察，輸出輕量化視頻節目及 on macroeconomic data, policy interpretation and industry 時應市場熱點；攜手第一財經舉辦兩 insights and produced lightweight video programs to timely 場《首席策略薈》線下私享會，聚焦宏 give response to market hotspots. We partnered with YICAI 觀經濟與市場策略；依託與第一財經等 and hosted two offline private sharing sessions under the 合作夥伴的長期關係，開展投研觀點分管理層討論與分析 4) We initiated the construction of a quantitative research 4） 啟動量化研究體系建設。報告期內， system. During the Reporting Period, the institute newly 研究所全新搭建量化研究團隊，配套 established a quantitative research team, supported by the 建成超算系統及覆蓋A股及ETF量化因 complementary construction of a supercomputing system 子庫，量化產品已納入VIP業務服務體 and a quantitative factor library covering A-shares and ETFs. 系，推動投研能力向定性定量結合方向 The quantitative products have been incorporated into our 拓展。 VIP business service system, driving the investment research capabilities to expand towards a direction that combines qualitative and quantitative development. The Group placed great importance on building a team of licensed 本集團重視持證團隊建設，截至報告期末， professionals. As of the end of the Reporting Period, according to 根據中國證券業協會官方網站展示資料，擁 the information available on the official website of the Securities 有625名具備證券投資顧問資格、2,745名具 Association of China, we had 625 employees who possessed 備證券從業資格的員工，並以博士後培養為 qualifications for securities investment advisors and 2,745 長期人才戰略，持續提升投研競爭力。 employees who possessed qualifications for securities practitioners. Moreover, we adopted a long-term talent strategy of postdoctoral cultivation for continuously enhancing our competitiveness in investment research. We adhered to the leadership of Party building, integrating the 堅持黨建引領，將貫徹國家政策導向融入投 implementation of national policy guidelines into our investment 研工作。報告期內，本集團組織核心團隊專 research. During the Reporting Period, the Group organized core 題學習全國兩會精神及資本市場政策方向， teams to conduct special thematic studies on the spirit of the 並融入合規管理與投顧服務全鏈條，確保發 National Two Sessions and the policy directions of the capital 展方向與國家戰略、監管導向同頻共振。 market, integrating these into the entire chain of compliance 研究所就國有資本穩市舉措、資本市場改革 management and investment advisory services. This ensured 方向等及時發佈專業研判，引導投資理性 that our development stays aligned with national strategies and 認識市場形勢，傳遞價值投資、長期投資理 regulatory guidance. The institute promptly released professional 念，助力資本市場健康穩定發展。 judgements on initiatives for stabilizing the market with state-owned capital and directions for capital market reforms, guiding investors to develop a rational understanding of market conditions, conveying the concepts of value investment and long-term investment, and assisting in the healthy and stable development of the capital market.管理層討論與分析 Key Businesses 主要業務情況 Using the internet as the medium, we rely on SmartInvest App 我們以互聯網為媒介，依託九方智投APP這 as our core business carrier to provide internet financial software 一核心業務載體，向客戶提供互聯網金融軟 sales and services and AI terminal products to customers, and 件銷售及服務與AI終端產品，並持續拓展產 continuously expand the boundaries of our products and services. 品與服務邊界。目前主要產品括股道領航 Currently, our main products include the Stock Navigator Series, 系列、超級投資家、AI股票機及九爻股等， Super Investor, Enjoy-Stock Pad and Jiuyao Stocks. We have 並先後推出決策大師、星級服務等多元化產 also successively launched diversified products such as Decision 品以滿足用戶多樣化需求。 Master and Star-tier Services to meet the diverse needs of users. Business Operation 業務經?情況 ’ During the Reporting Period, the Company s gross billings 報告期內，公司總訂單金額達約人民幣 amounted to approximately RMB1,679.8 million, representing a 1,679.8百萬元，較同期的約人民幣1,705.4 slight decrease of 1.5% from approximately RMB1,705.4 million 百萬元小幅下降1.5%，付費用戶數量達 for the Corresponding Period. The number of paying users reached 462,217名，受階段性業務調整影，公司 462,217. As affected by phased business adjustments, the 收入主要來源於存量客戶的深度服務與價值 ’ Company s revenue was primarily derived from in-depth services 挖掘，原有業務穩健經?、提質增效，新業 provided to existing customers and the exploration of customer 務線持續優化產品結構及團隊配置。 value. Its existing businesses maintained stable operations with improved quality and efficiency, while its new business lines continued to optimize their product mix and team structure. Overseas, leveraging the synergy between its overseas strategic 於海外，公司依託海外戰略佈局與境內成熟 presence and its mature domestic experience, the Company 經驗的協同，向客戶提供證券及期貨經紀、 provides clients with comprehensive financial services, including 投資諮詢及資產管理等綜合金融服務。報告 securities and futures brokerage, investment advisory and asset 期內各項業務穩步推進，為長期增長奠定基 management. During the Reporting Period, steady progress was 礎。 made across our various businesses, laying a solid foundation for long-term growth.管理層討論與分析 Refund Rate 退款率 ’ During the Reporting Period, the refund rate of the Company s 本報告期內，公司互聯網金融軟件銷售及服 internet financial software sales and services was further optimized. 務退款率得到進一步優化，其中VIP產品退 Among these, the refund rate of VIP products was approximately 款率約19.8%，與同期相比下降4.8個百分點 19.8%, representing a decrease of 4.8 percentage points as （同期：24.6%）。我們堅定「以客戶為中心」 compared to the Corresponding Period (24.6%). We firmly 的企業核心價值觀，以解決客戶需求為出發 “ ” adhered to the core corporate value of customer-centric , took 點，持續優化產品功能與服務品質，推動客 ’ meeting customers needs as our starting point, and continuously 戶滿意度穩步提升；同時強化跨部門協同， optimized product functions and service quality to boost steady 顯著提升服務應效率，並在堅守「買方投 ’ enhancement in customers satisfaction. Meanwhile, thanks to our 顧」理念下，持續改善客戶投資體驗與獲得 increased efforts in interdepartmental coordination, our service 感。此外，公司於本報告期內產生的訂單主 response efficiency was significantly enhanced. Our adherence 要由存量客戶貢獻，而存量客戶對公司產品 “ ” to the buyer-side investment advisory concept enabled us to 及服務體系具備更深的了解及認可，帶動本 ’ continuously improve customers investment experience and 報告期內退款率進一步下降。 sense of gain. Furthermore, the orders generated by the Company during the Reporting Period were mainly contributed by existing customers. With a deeper understanding and higher recognition of ’ the Company s products and service system, existing customers enabled a further decline in the refund rate during the Reporting Period. “ We have designed and continuously optimized the Customer 我們在九方智投APP開設並持續優化「客戶 ” Satisfaction Survey module on our SmartInvest App, regularly 滿意度調查」模塊，定期邀請活躍用戶為公司 ’ invited active users to comment on the Company s services, and 服務作出評價，並廣泛收集用戶寶貴建議及 extensively collected valuable suggestions and opinions from users. 意見。於報告期內，我們共收集超過15.7萬 During the Reporting Period, we collected more than 157,000 real 份真實用戶評價，平均滿意度4.77分（滿分5 user reviews, with an average score of 4.77 out of 5. Users who 分），其中96%用戶給予滿意及以上評價， gave rating of satisfied or above accounted for 96% of the total, 用戶認可度穩步提升。 demonstrating a steady increase in user recognition.管理層討論與分析 Business Outlook 業務展望 In the first half of 2026, driven by the dual resonance of the Middle 2026年上半年，A股市場在中東地緣衝突與 East geopolitical conflicts and the boom in overseas technology 海外科技股熱潮的雙重共振下，走出了一輪 stocks, the A-share market experienced a structural rally. Following 結構性行情。年初科技行情延續後，3月中 the continuation of the technology-driven rally at the beginning 東地緣衝突驟然升級，霍爾木茲海峽受阻推 of the year, geopolitical conflicts in the Middle East suddenly 升油價，全球流動性預期收緊，市場風險偏 escalated in March, and the disruptions in the Strait of Hormuz 好快速下行，拖累滬指一度跌破3,800點 注意：本文为公告节选，部分内容省略，完整内容请查看交易所发布的PDF全文原文。  |