In 2025, China's capital market advanced steadily amid deepening reforms, with the annual trading volume of A-shares exceeding 4,200 trillion yuan and the total number of investors surpassing 250 million. This year also marked a significant shift in the strategic positioning of the capital market. A meeting of the Political Bureau of the CPC Central Committee held in the first half of the year directly linked "increasing residents' property income" with "sustaining stability and vitality in the capital market," elevating the stock market's role in boosting household asset income to an unprecedented policy level. The policy intent is clear. However, achieving a sustained, steady bull market also relies on third-party advisory institutions that can guide rational investing and provide professional services to hundreds of millions of ordinary investors. JF SMARTINVEST (09636), a leading domestic provider of online investment decision-making solutions, is a key participant in this historical process. By building a multi-dimensional product matrix, the company has effectively met the rapidly growing investment and wealth management demands of households with high-quality offerings. Guided by its long-term "Research + Technology" strategy, JF SMARTINVEST not only provides services such as stock investment tools, securities investment advisory, and investor education to a broad base of individual investors but has also developed AI products like the JF Advisory Digital Assistant and JF Lingxi using the latest AI and big data technologies. These innovations extend professional investment services to more users, enhancing their investment experience. As the financial reporting season arrives, JF SMARTINVEST recently disclosed its 2025 performance announcement. This report offers a clear view of how the company implements its buyer's advisor philosophy through a diverse range of products.

Diverse products meet differentiated needs. Against the backdrop of the era's focus on "sustaining stability and vitality in the capital market," JF SMARTINVEST intensified its internal development efforts in 2025. Under the guidance of its "Research + Technology" strategy, the company continued to deliver high-quality services to the market, catering to varied demands. Products like Gudao Linghang and Super Investor, serving as VIP offerings, attract users through premium intellectual property and in-depth content. In 2025, these two core products underwent steady iterations and continuous optimization. Seven new quantitative products were added, and an all-weather AI smart customer service was launched, further enhancing service efficiency. Jiuyao Gu, positioned as a small-amount, standardized tool, had cumulatively launched over 80 lightweight products by the end of 2025. It aims to lower the investment threshold for long-tail clients using advanced AI technology and professional research analysis. As a key element of JF SMARTINVEST's platform strategy transformation, the JF SMARTINVEST APP integrates these core products while aggregating market data, live streams, insights, and professional information, creating a one-stop securities service ecosystem. Benefiting from platform construction and refined operations, the APP's monthly active users increased by over 40% year-on-year during the period, with a 30-day retention rate exceeding 50%. The AI Stock Machine, the industry's first stock learning device, establishes a core framework of "content + tools + trading," providing users with professional "investment productivity tools." Leveraging first-mover advantage and strong innovation, the product's net sales exceeded 75,000 units in 2025, becoming a significant contributor to incremental revenue within the company's product portfolio.

Building on the success of these established products, JF SMARTINVEST maintained high research and development intensity in 2025, successfully launching two new strategic products within the year. This further enriched the product matrix to meet segmented market needs. "Decision Master," a strategic product filling a specific niche, targets the mid-tier product system. It comprehensively enhances individual investors' independent decision-making capabilities through "AI + three core research modules." "Star Service," leveraging the company's quantitative tool development strength and external high-quality quantitative resources, partnered with several leading securities brokers to successfully establish a complete pathway from account opening to trading. It provides individual investors with multi-dimensional modules including quantitative strategies, indicator tools, and investment education services, forming a complete ecological loop. In 2025, the next-day and 7-day retention rates for "Star Service" users climbed monthly, with the service user base exceeding 50,000. As introduced by Cheng Wei, General Manager of JF SMARTINVEST, during the post-results briefing, the company achieved "breakthroughs in both the breadth and depth of its products" in 2025. Benefiting from the strong product cycle initiated last year, the richness of JF SMARTINVEST's product matrix was further enhanced, accelerating the formation of a closed-loop investment education ecosystem. The fundamental support behind this lies in the company's view of innovation and technological R&D as a core driving force. During the reporting period, the company's R&D expenditure reached approximately 356 million yuan, with R&D personnel numbering 624, a year-on-year increase of about 42.8%. It holds 158 software copyrights and patents in fields like AI and big data. To continuously strengthen its core competitiveness in fintech, the company also established a dedicated technology subsidiary, JF SmartEngine, during the period, focusing on building a native service technology system in the AI domain.

Echoing policy expectations and actively seizing era opportunities. Based on intensive technology investment and product innovation, JF SMARTINVEST has methodically built a multi-level product matrix covering different customer segments and spanning the entire investment chain. Shifting perspective from the supply side to demand, the profound structural changes underway in China's capital market further reinforce the certainty of JF SMARTINVEST's future growth. In 2025, the number of A-share listed companies exceeded 5,300, nearly doubling from a decade ago, presenting individual investors with unprecedented challenges in information filtering and research depth. Concurrently, the institutionalization process continues to deepen, with the proportion of holdings by equity-oriented mutual funds and Stock Connect schemes in free-float market capitalization steadily rising, significantly increasing the difficulty for individual investors. Furthermore, from an investor structure perspective, the proportion of medium-to-high net worth investors (with account values over 100,000 yuan) continues to grow. These investors possess stronger risk tolerance and willingness to pay, laying a solid customer foundation for professional advisory services. Against the backdrop of the secondary market increasingly becoming a key vehicle for residents' property income, the reinforcement of a sustained, steady bull market implies that individual investors' need for professional, rational investment decision support will shift from "optional" to "essential."

As a witness and participant in these trends, JF SMARTINVEST is committed to providing high-quality investment and wealth management services, consistently prioritizing its research professionalism. According to Chen Wenbin, Board Chairman and CEO, by the end of 2025, the number and proportion of securities investment advisors and securities practitioners at the company continued to increase. The content production and creation team reached 792 people. Among them, the number of professionals at the JF Financial Research Institute also rose to 141, further strengthening the research team building. The institute conducted over 300 research activities throughout the year, achieving broad and deep market coverage, and cumulatively produced more than 1,200 reports. Chen Wenbin stated that in 2026, JF SMARTINVEST will "continuously optimize the product system, enrich the product matrix, and effectively solve problems and pain points clients face at various stages of securities investment." The company will also "deeply integrate AI agent applications with the research institute's capabilities to upgrade the smart advisory service experience from general to specialized, branded, and professional." Simultaneously, with the completion of the Fangde acquisition and deeper exploration into digital asset businesses, the company will accelerate the expansion of its overseas financial footprint and deepen its layout in digital finance. As policy direction, market ecology, and investor structure create positive synergies, JF SMARTINVEST will not only benefit from the steady growth in residents' investment and wealth management demand but will also be an indispensable ecosystem builder as the capital market progresses towards a "sustained, steady bull market." With a clear strategic path, a solid research foundation, and continuous, intensive technology investment, it is anticipated that JF SMARTINVEST will embark on a path of certain growth that moves in sync with the times and advances alongside investors.