- Overseas Brokerage Layout Completes Key Milestone
- AI Capabilities Enter the Application Stage
HIGHLIGHTS:
– Gross billings amounted to approximately RMB1,679.8 million, representing a slight decrease of 1.5% from approximately RMB1,705.4 million in the Corresponding Period, with business fundamentals remaining robust.
– Total revenue was approximately RMB1,290.0 million, and profit attributable to Shareholders was approximately RMB32.3 million.
– As of the end of the Reporting Period, the balance of contract liabilities was approximately RMB1,889.4 million, which will primarily be recognized as revenue for 2026 and 2027.
31 August, JF SmartInvest Holdings Ltd (the Company; together with its subsidiaries, the Group or We) announces its unaudited interim results for the six months ended 30 June 2026 (the first half of 2026 or the Reporting Period).
Sound Financial Performance with Contract Liabilities Rise Sharply to Support Future Performance
During the Reporting Period, under the dual-driver strategy of “technology + investment research”, the Group continued to advance product innovation, AI application and investment research capabilities, maintaining a stable development momentum. Gross billings amounted to approximately RMB1,679.8 million, representing a slight decrease of approximately 1.5% from the Corresponding Period in 2025. Total revenue was approximately RMB1,290.0 million, the non-HKFRS adjusted profit for the period (i.e. excluding the share-based compensation expense) amounted to approximately RMB113.7 million, the profit for the period was approximately RMB31.9 million, and the profit attributable to Shareholders was approximately RMB32.3 million. The changes in revenue and profit were primarily because the majority of orders during the Reporting Period were derived from repurchases by existing customers, and the provision of services for most of these orders had not yet commenced. Such order amounts are expected to be gradually recognized as revenue in subsequent reporting periods upon the commencement of services.
As of the end of the Reporting Period, the balance of contract liabilities amounted to approximately RMB1,889.4 million, representing a substantial year-on-year increase of approximately 133.6%. These contract liabilities will primarily be recognized as revenue for 2026 and 2027, providing solid support for subsequent performance.
Leveraging its sound financial position and ample cash reserves, the Group consistently places great emphasis on Shareholder returns. During the Reporting Period, it repurchased a total of 4,440,800 Shares at an aggregate consideration of approximately HK$134 million, fully demonstrating the management’s confidence in the Company’s long-term development prospects.
Overseas Business Breakthrough and Globalizations Advancement
During the Reporting Period, the Group continued to deepen its strategy of “diversifying product layout domestically + exploring business overseas”. In terms of overseas business, the Group completed the strategic acquisitions of entities including Forthright Securities and Forthright Capital (collectively referred to as “Forthright”) in January 2026. The Group established “dedicated investment advisory”, “in-depth investment research” and “AI intelligent investment” as its core engines, and adopted a dual-track approach to serve mass and private wealth clients by integrating online efficiency with offline trust, advancing various business integrations and infrastructure development in an orderly manner.
Since the beginning of 2026, Forthright SmartInvest App successively launched batch trading functions for US stocks and Hong Kong stocks, with core functions such as AI assistant, AI stock diagnosis, intelligent stock selection, and AI account analysis deeply integrated into usage scenarios. The Forthright AI Stock Machine was officially launched in July 2026. The flagship store located in Sheung Wan, Hong Kong, has been put into operation, reaching a broader customer base through pop-up stores and shopping mall events. In terms of licences and qualifications, Forthright have been approved by the SFC for the addition of virtual asset-related service qualifications, and virtual asset dealing services were launched in July 2026, forming a full-chain service capability covering virtual asset dealing, investment advisory, and asset management.
AI Agent Full-Stack AI Technology System Empowers as Intelligent Investment Advisory Services Enter the Application Stage
With “AI+” as its core, the Group focused on the three major pillars of multi-agents, large models, and high-quality financial data to establish a full-stack AI product system, driving the paradigm shift in AI capabilities from “tool-based applications” to an “agent ecosystem”. During the Reporting Period, the number of FinSphere AI Agent users increased by approximately 50.9% year-on-year, with the number of effective interactions reaching 20.335 million, representing a year-on-year increase of approximately 50.5%. The To-C AI Q&A token consumption reached approximately 254.3 billion, roughly 8 times the level in the Corresponding Period, signalling that intelligent investment advisory services have entered the phase of large-scale application. In August 2026, FinSphere AI Agent was officially integrated into Tencent WorkBuddy and Alibaba Qwen Platform, becoming an officially certified securities domain expert on the platforms.
In the first half of the year, the Group continued to drive the deep integration of AI technologies with specific business scenarios and product service workflows, extending AI capabilities from single-point products to the full business matrix. The Group concurrently upgraded “AI Xiaojiu Steward”, launching features including AI stock diagnosis, AI stock selection, AI stock monitoring, and AI post-investment review; Decision Master upgraded its exclusive Q&A intelligent agent “AI Xiaoce”; and Forthright SmartInvest App launched exclusive functions such as AI account diagnosis and AI position analysis. During the Period, the Group also launched the digital employee assistant “AIX” and built an AI content centre reaching 3.109 million users, processing a daily average of approximately 1.5 million customer messages. Research and development expenses for the Reporting Period amounted to approximately RMB167.1 million (representing approximately 13.0% of revenue), with 657 R&D personnel. As of the end of the Reporting Period, the Group had 167 software copyrights and patents, representing a year-on-year increase of 28.
Upgrading Product Matrix with AI and Quantitative Capabilities
In the first half of 2026, the Group continued to deepen its diversified product strategy, and the synergistic effects of its multi-level product system gradually emerged. The VIP products steadily iterated around “AI + Quantitative”, launching the Xingtou Quantitative Platform and introducing multiple quantitative indicators such as the Sentiment Barometer , as well as 6 AI quantitative strategy portfolios. Decision Master launched the “Premium Version”, achieving an upgrade from delivery of viewpoints and content to full-process decision-making support, with AI services covering approximately 55% of active users during the Reporting Period. The Enjoy-Stock Pad launched the new-generation “Intelligent Navigation Edition”, covering six core AI functions. Jiuyao Stocks continuously enriched its small-denomination product matrix, with the AI upgrade coverage rate of its products reaching 43%. Star-tier Services created a closed-loop ecosystem of “tools-services-trading”, continuously enriched premium functional modules. Through its tiered product matrix, the Group precisely addressed the differentiated needs of investors ranging from entry-level to advanced users.
The enhancement of product capabilities directly drove steady growth in user scale and operational performance. During the Reporting Period, the number of paying users reached 462,217. The Group operated approximately 1,180 accounts on different internet platforms, attracting over 73 million followers. Monthly active users of SmartInvest App increased by approximately 15% year-on-year, with a 30-day retention rate exceeding 60%. Service quality improved simultaneously, with the refund rate for VIP products further optimized to approximately 19.8%, representing a decrease of 4.8 percentage points from the Corresponding Period, and user satisfaction steadily increased.
Deepening Investment Research with Breakthroughs in Density and Depth
The Group continuously deepened its “1 research institute and N business lines” investment research system, with JF Financial Research Institute as the core. It adhered to the “buyer-side investment advisory” philosophy and combined AI technology for service efficiency enhancement. This empowered user service scenarios, product capability optimization, and employees” professional standards. During the Reporting Period, the institute cumulatively conducted 336 research sessions on listed companies, representing a year-on-year increase of approximately 270 sessions. It also undertook on-site visits to more than 20 cities nationwide, covering more than 10 trending industries including biomedical science, mechanical equipment, and electronic semiconductors.
Concurrently, the institute newly established a quantitative research team, supported by a supercomputing system and a quantitative factor library covering A-shares and ETFs. The quantitative products have been incorporated into the VIP business service system. As of the end of the Reporting Pemachinriod, the Group had 625 employees who possessed qualifications for securities investment advisors and 2,745 employees who possessed qualifications for securities practitioners. Adopting postdoctoral cultivation as a long-term talent strategy, the Group continuously enhances its competitiveness in investment research.
Future Outlook
The chairman of the Board and chief executive officer of JF SmartInvest Holdings Ltd, Mr. Chen Wenbin said: “In the first half of 2026, we consistently adhered to the dual-driver strategy of “technology + investment research”, and our overall development remained robust. During the Reporting Period, gross billings remained generally stable year-on-year, and contract liabilities grew substantially, accumulating ample momentum for subsequent performance release. We successfully completed the strategic acquisitions of Forthright, achieving a key milestone in our overseas expansion. AI capabilities are accelerating their penetration across the entire product matrix, the “1+N” investment research system continues to deepen with significant improvements in research density and depth, and all strategic deployments have made substantial progress.
Looking ahead, the Group will firmly implement its Group-wide AI technology strategy, driving the continuous evolution of AI capabilities from “tool-based applications” to an “agent ecosystem”. At the same time, we will deepen our globalization strategy, leveraging Forthright as platforms and taking “dedicated investment advisory”, “in-depth investment research” and “AI intelligent investment” as core engines to build a new generation of internet securities brokerage and cultivate a second growth curve. We will continue upgrading product functions, enriching our product matrix, and precisely addressing investors’ diverse needs across all levels and markets. In addition, we will optimize our omni-domain traffic system to drive synergy between public and private channels, further strengthening user stickiness. We are committed to making investment and wealth management simpler and more professional, and enhancing the sense of happiness in investment and wealth management.”
About JF SmartInvest Holdings Ltd (HKG: 9636)
JF SmartInvest Holdings Ltd is a next-generation stock investing assistant, providing individual investors with equity investment tools, securities investment advisory, investor education and other services, with product offerings including Stock Navigator, Super Investor, Decision Master, Enjoy-Stock Pad, Jiuyao Stocks and Star-tier Services. Through the “Technology + Investment Research” model, the Company develops AI products such as FinSphere AI Agent based on artificial intelligence (AI) and big data technology, achieving innovative industry practices and scenario applications. Overseas, the Company conducts securities-related businesses in Hong Kong through licensed entities such as Forthright Securities and Forthright Capital. Taking “dedicated investment advisory”, “in-depth investment research” and “AI intelligent investment” as its core engines, the Company is committed to building a new generation of internet securities brokerage in the AI era.
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