JF SmartInvest Holdings (9636) H2 2025 earnings summary

Executive summary

• FY25 gross billings rose 12.8% YoY to RMB3,955.0m; revenue increased 48.7% to RMB3,430.1m.

• Profit attributable to shareholders grew 238.5% to RMB921.8m; adjusted profit excluding share-based compensation rose 191.8% to RMB1,022.5m.

• Active market trading, broader product offerings, AI-enabled services and stronger repeat-customer contribution supported performance.

Financial highlights

• Gross profit increased 48.9% YoY to RMB2,821.0m; operating profit rose to RMB1,059.2m from RMB307.4m.

• Other income increased 85.9% to RMB488.8m, including RMB213.9m net FVPL gains and RMB202.0m VAT refunds.

• Sales and marketing expenses rose 33.4% to RMB1,413.4m; R&D expenses increased 11.7% to RMB356.0m, while G&A rose 1.9% to RMB481.9m.

• Basic and diluted EPS were RMB2.05 and RMB2.04, respectively, versus RMB0.61 for both in FY24.

Outlook and guidance

• Priorities include continued high R&D investment, AI-agent upgrades, consumer-side commercialization and integration of AI with investment research.

• Plans include expanding overseas licensed businesses, developing digital finance services and strengthening cooperation with securities firms.

• Contract liabilities of RMB1,529.8m at year-end are expected to be recognized primarily as revenue during 2026.