致力于成为客户投资理财的终身伴侣，坚持人工智能+投顾

致力于成为客户投资理财的终身伴侣，坚持人工智能+投顾Lifelong partner in investment and wealth management&"AI+ investment advisory" 最新动态 ➢2025年归母净利润同比增长238.5%。2025年，集团总订单金额约为39.55亿元，同比增加约12.8%；2025年集团总收入约为34.30亿元，同比增加约48.7%；集团非香港财务报告准则下经调整年内溢利（剔除以股份为基础的薪酬开支）约10.23亿元，同比增加约191.8%；集团归母净利润约为9.22亿元，同比增加约238.5%。集团互联网金融软件销售及服务订单金额将在订阅期内分期确认收益，截至2025年底，公司合约负债结余约为15.30亿元，将主要于2026年确认收益。 动向解读 ➢公司致力于成为客户投资理财的终身伴侣。作为新一代股票投资助手，公司面向广大个人投资者提供股票投资工具、证券投资顾问、投资者教育等服务，相继推出股票行情软件、股道领航、超级投资家、AI股票机、九爻股、决策大师及星级服务等产品。公司秉持“科技＋投研”双轮驱动战略，基于人工智能与大数据技术研发九方智能投顾数字人、九方灵犀、九方智研等AI产品，实现行业领先的创新实践与场景应用，致力于成为客户投资理财的终身伴侣。 ➢产品矩阵持续丰富升级，深化核心优势，建设多元化产品服务体系。1）VIP产品（股道领航、超级投资家）：稳步迭代持续优化，聚焦AI赋能、量化工具升级、全周期投教、专属服务四大核心，依托首席IP团队+投研体系，打造内容专业、经验丰富、服务贴心、备受客户认可的高端投顾服务体系。2）AI股票机：依托“AI+内容+服务+工具”一体化整合方案，公司持续完善产品及销售体系，优化内容供给，夯实智能终端基础，助力陪伴用户覆盖学习、演练、诊断、决策的全生命周期，助力实现认知提升向决策优化的转化，2025年净销量超7.5万台，用户使用时长及黏性均保持良好水平。3）九爻股：截至2025年末，公司已累计推出80余款轻量化产品，将专业投研能力转换为标准化产品，降低个人投资者的专业参与门槛，解决“分析难、择时难、选股难”痛点，打造低门槛、标准化的“工具+投教”矩阵。4）九方智投APP：完成从工具向平台的战略转型，集私域阵地、核心产品承载、用户运营与价值转换于一体，涵盖行情、直播、观点及专业信息，构建一站式证券服务生态。5）决策大师：完善中额产品体系，助力个人投资者自主决策，填补产品断层，以AI +题材、价投、量化三大核心投研模块，全面强化客户投资决策能力。6）星级服务：依托自身量化工具研发实力与外部优质量化资源，联合多家头部及优质券商，跑通开户交易链路，为个人投资者提供量化策略、指针工具、投教服务及在线服务等多维度模块，合力打造“工具－服务－交易”完整生态闭环。 ➢以科技创新为引领，坚持人工智能+投顾。公司视创新和技术研发为核心驱动力，全速推进全面“数智化”，深耕证券领域“人工智能+”应用，全力迈入“投顾智能体2.0”时代，持续探索AI技术在投研、投教、合规、客服等核心业务场景的落地研发，致力打造开放型智能引擎。迈入“投顾智能体2.0”时代，公司聚焦三大突破：一是全周期覆盖，打通风险预警到复盘归因的全流程闭环；二是个性化记忆，透过持续学习用户行为构建动态画像，落地“千人千面”定制化服务；三是主动智能服务，从被动响应用户咨询转为主动预判需求，当市场风格切换时，智能体可提前推送风险预警信息。与此同时，公司AI能力完成范式升级，从单一通用问答模型，迭代为“通用能力底座+核心场景智能”双轮架构，重构技术路径与业务结构，实现核心场景下专业度、准确性、逻辑结构化及用户体验的全方位提升。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为9.65、11.36和13.87亿元，参考同行业公司估值，考虑到A-H股估值差异，给予公司2026年20倍PE，按照港元兑人民币0.88汇率计算，对应目标价46.81港元，首次覆盖给予“买入”评级。 风险提示 ➢合规与监管的风险、业务模式风险、市场竞争风险、财务风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位。该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，覆盖港股AI、半导体、软件和科技行业标的如下：伟仕佳杰、晶门半导体、珩湾科技、中国软件国际、百望股份、百富环球、赛晶科技、有赞、博雅互动、IGG、汇通达、卓越睿新、易点云、九方智投控股、华沿机器人等。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852) 97487114; (86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4) Global Prosperity Financial Company Limited and/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limited and/or its subsidiaries are not making a market in the securities in respectof the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated with Global ProsperityFinancial Company Limited and/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limited group of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups of Global Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, GlobalProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This Research Reportmay contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. Thi