JF SmartInvest Holdings (9636) investor relations material

Executive summary

• H1 gross billings were RMB1,679.8m, down 1.5% YoY, while revenue fell 38.6% to RMB1,290.0m as repeat-order services had not started and revenue recognition was deferred.

• Net profit was RMB31.9m; non-HKFRS adjusted profit excluding share-based compensation was RMB113.7m, down 87.5% YoY.

• Paid users reached 462,217 as AI, quantitative products and overseas securities services developed.

Financial highlights

• Revenue was RMB1,290.0m, down 38.6% YoY; gross profit was RMB1,052.2m, down 43.2%, and operating profit was RMB55.3m versus RMB1,028.0m.

• Net profit was RMB31.9m versus RMB865.4m; profit attributable to equity holders was RMB32.3m and basic and diluted EPS was RMB0.07 versus RMB1.96.

• Non-HKFRS adjusted profit was RMB113.7m versus RMB912.5m, excluding share-based compensation of RMB81.8m versus RMB47.1m.

• Other income declined to RMB49.1m; FVPL assets recorded a RMB61.2m loss versus a RMB63.5m gain, partly offset by RMB73.7m in other government grants.

• Sales and marketing expense fell 12.4% to RMB580.0m; R&D rose 13.7% to RMB167.1m and G&A rose 24.9% to RMB299.0m.

Outlook and guidance

• Contract liabilities reached RMB1,889.4m, up 133.6% YoY, and are expected to be recognized mainly during 2026 and 2027 as services commence.

• Priorities include developing an AI-agent ecosystem, upgrading AI and quantitative products, and building AI-native employee infrastructure and operating efficiency.

• Overseas plans include securities brokerage, wealth management and digital-asset services in Hong Kong and the U.S., subject to compliance and risk controls.

• Traffic strategy targets paid conversion, repurchase frequency, cross-purchases and retention through public- and private-domain operations.