JF SmartInvest Holdings (9636) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 133.8% YoY to RMB2,099.7m; gross billings increased 83.3% to RMB1,705.4m.

• Profit attributable to shareholders was RMB865.4m, versus a RMB174.2m loss; adjusted profit excluding share-based compensation was RMB912.5m.

• Stronger capital-market activity, product expansion and AI-enabled operating efficiencies supported performance.

Financial highlights

• Gross profit rose 157.9% YoY to RMB1,851.5m; operating profit was RMB1,028.0m versus an operating loss of RMB215.5m.

• Other income was RMB224.2m, including RMB115.7m in VAT refunds and RMB63.5m in FVPL gains; the prior period recorded a RMB94.6m FVPL loss.

• Sales and marketing expense rose 19.7% YoY to RMB662.1m; R&D expense was RMB146.9m and G&A expense rose 20.1% to RMB239.3m.

• Income tax expense was RMB161.7m versus a tax credit of RMB42.6m; finance costs were RMB1.0m versus RMB1.3m.

Outlook and guidance

• Plans include increasing AI R&D, expanding full-cycle investment-advisory agents, and upgrading AI-enabled compliance, risk control and customer services.

• Overseas priorities include expanding licensed businesses and digital-asset services, alongside product diversification and cooperation with securities firms and other licensed institutions.

• Product plans include strengthening VIP products, the Stock Learning Machine, Jiuyao Stocks and the App, with expanded AI assistance and linked learning-to-investment workflows.