中 泰 期 貨 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）舉 行，藉 以 審 議 及 批 准（其 中 包 括）本 公 司 及 其 附 屬 公司截至二零二五年六月三十日止六個月之中期業績及其發佈。 承董事會命 中泰期貨股份有限公司 董事長 呂祥友 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任 何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：01461） 董事會會議通知 ZHONGTAI FUTURES Company Limited 中泰期貨股份有限公司 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條之規定而發佈。 中 國，濟南 二 零二五年八月十九日 於本公告日期，董事會成員包括執行董事呂祥友先生、周順遠先生及梁中偉先生；非執行董事鄭韓胤先生、 明鋼先生及王惠女士；及獨立非執行董事鄭堅平先生、陳華先生及羅新華先 ...

Group 1: Market Overview - The silver market is expected to maintain a strong trend after a short-term adjustment, despite increasing uncertainties and volatility [1][3] - In late July 2025, silver prices surged, breaking through historical resistance levels, reaching a high of $39.52 per ounce in London and $39.91 per ounce on COMEX [1][2] - Following the peak, silver prices experienced a correction, dropping to $36.19 per ounce before rebounding to around $37.6 per ounce [1] Group 2: Economic Factors - Fluctuating global trade relations have impacted silver prices, with initial concerns over economic recession leading to a significant drop, followed by a recovery as trade negotiations progressed [2] - The expectation of interest rate cuts by the Federal Reserve has created a favorable environment for silver, with market predictions suggesting multiple rate cuts in the latter half of 2025 [2][3] Group 3: Technical Analysis - Silver and copper prices often move in tandem, with strong copper performance providing upward momentum for silver [3] - Technical indicators suggest that silver's price trajectory remains robust, supporting the likelihood of continued strength in the market [3] Group 4: Risk Management Strategies - In a high-volatility environment, futures protection and risk management are critical, with options strategies gaining prominence due to their flexibility and hedging capabilities [4] - Options strategies allow investors to achieve asymmetric returns, with limited losses and potential for significant gains, making them suitable for current market conditions [4]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中泰期貨股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01461 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 277,090,000 | RMB | | | 1 RMB | | 277,090,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 277,090,000 | RMB | | | 1 RMB | | 277,090,000 | | 2. 股份分類 ...

Group 1: Market Developments - Hong Kong Stock Exchange will lower the minimum price fluctuation for stocks starting August 4, 2025, following successful market rehearsals and regulatory approvals [1] - The Hang Seng Index's ADR closed at 24,987.99 points, down 6.15 points or 0.02% [3] Group 2: Index Adjustments - The Hang Seng Index announced changes to the calculation method of the Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index, effective from the index review on June 30, 2025 [2] Group 3: Company Earnings - Cathay Pacific reported a 23.3% year-on-year increase in passenger numbers, carrying approximately 2.9 million passengers in June 2025 [8] - China Longgong expects a significant increase in net profit for the first half of 2025, estimated between RMB 590 million and RMB 665 million, representing a year-on-year increase of 29% to 45% [11] - Meitu Company anticipates a 65% to 72% year-on-year growth in adjusted net profit for the first half of 2025 [10] - Hengtou Securities expects a net profit of approximately RMB 239 million for the first half of 2025, a significant increase from RMB 53.87 million in the same period last year [14] - Huiri Group forecasts a consolidated profit of approximately HKD 250 million for the first half of 2025, up from HKD 37 million in the previous year [15] - Harbin Electric anticipates a net profit of approximately RMB 1.02 billion for the first half of 2025, a substantial increase from RMB 523 million in the same period last year [21] Group 4: Strategic Initiatives - Multiple departments released implementation details for cross-border asset management pilot business in Hainan Free Trade Port, allowing foreign investors to invest in various financial products [6] - Dongyangguang Jiangsu Pharmaceutical and Dongyangguang Pharmaceutical's merger agreement was approved by shareholders, with the new entity expected to be listed on August 7, 2025 [13] - Global New Materials International's acquisition of Merck's surface solutions business was approved by a special shareholder meeting, with a transaction value of EUR 665 million [17] Group 5: Industry Trends - GGII reported that China's power battery installation capacity reached approximately 288.1 GWh in the first half of 2025, a year-on-year increase of 44% [5] - The key product DB-1310 from InnoCare Pharma has received fast track designation from the FDA for treating advanced non-small cell lung cancer [20]

Group 1 - Chinese brokerage stocks in Hong Kong showed strong performance in early trading, with 弘业期货 (03678.HK) rising over 5% [1] - 中泰期货 (01461.HK) increased by more than 4% [1] - Other firms such as 华泰证券 (06886.HK) and 国联民生 (01456.HK) also experienced gains [1]

Core Viewpoint - The "Insurance + Futures" model is an innovative agricultural risk management approach that combines agricultural insurance with the futures market to provide price protection for farmers and agricultural enterprises [1][2] Group 1: Product Overview - The "Insurance + Futures" model aims to transfer market price volatility risks through insurance and hedge the risks on the insurance side via the futures market, thereby reducing income uncertainty for farmers and enhancing the risk resilience of insurance companies [1] - The model has been recognized as a "Typical Inclusive Finance Product" in Shandong, with the cotton target price provincial "Insurance + Futures" model being implemented for five years, covering 489,000 farmers and 2.172 million mu of cotton, with a project amount of 2.756 billion and total compensation of 312 million, resulting in a compensation rate of 129.77% [1] Group 2: Company Initiatives - Since 2016, the company has been a pioneer in the "Insurance + Futures" pilot projects, launching over 650 projects across 22 provinces, covering 13 agricultural products, with a total guaranteed spot scale of 2.21 million tons and project amounts exceeding 12 billion, providing nearly 480 million in compensation to farmers [2] - The company has consistently ranked in the top 10 in the "Insurance + Futures" special evaluation by the China Futures Association, establishing a strong reputation for financial services in agriculture [2] - Future plans include optimizing product pricing and risk hedging for the "Insurance + Futures" model, designing localized price risk product solutions to support farmers' income growth and contribute to rural revitalization [2]

Group 1 - Mr. Zhong Jinlong submitted his resignation to the board on June 13, 2025, due to retirement, resigning from multiple positions including Chairman of the Board and Executive Director [1] - The shareholders' annual meeting approved the appointment of Mr. Lv Xiangyou as a non-employee representative director (Executive Director), effective from June 13, 2025, until the end of the fourth board term [1] - The board appointed Mr. Lv Xiangyou as Chairman of the Board effective from June 13, 2025, until the end of the fourth board term, with the possibility of reappointment [1] Group 2 - Mr. Liang Zhongwei resigned from the position of member of the Board Nomination Committee effective June 13, 2025, while retaining other board and committee positions [2] - The board appointed Ms. Wang Hui as a member of the Board Nomination Committee effective June 13, 2025, until the end of the fourth board term, with the possibility of reappointment [2]

Group 1 - The core viewpoint of the articles highlights the collaboration between Zhongtai Futures and the local government in Lankao County to promote rural revitalization through financial services and party building activities [1][2] - Lankao County, with an area of 1,103 square kilometers and a population of approximately 770,000, has been focusing on developing rural industries, particularly in peanut production, to increase local income [1] - The joint activity included a visit to local特色产业 and discussions on enhancing party organization cohesion and the role of party members in rural development [1] Group 2 - Following the exchange meeting, Zhongtai Futures volunteers conducted a financial knowledge seminar on the "Insurance + Futures" model, explaining its mechanisms and benefits to local farmers and agricultural enterprises [2] - The seminar received positive feedback, with local leaders expressing gratitude for Zhongtai Futures' support and its role in providing effective risk management tools for farmers [2] - The collaboration aims to strengthen the connection between party organizations and inject new momentum into the development of Sanyizhai Township, with a commitment to enhancing financial services for agriculture [2]

Core Viewpoint - Zhongtai Futures reported a significant decline in both revenue and net profit for the fiscal year 2024, indicating challenges in its operational performance [2]. Financial Performance - The company achieved total revenue of 1.851 billion yuan, a year-on-year decrease of 14.03% [2]. - The net profit attributable to shareholders was 4.5298 million yuan, down 96.61% year-on-year [2]. - The net cash flow from operating activities was 1.883 billion yuan, a decline of 34.02% compared to the previous year [2]. - Basic earnings per share were 0.0045 yuan, with a weighted average return on equity of 0.18%, down 5.13 percentage points from the previous year [2][24]. Valuation Metrics - As of April 30, the company's price-to-earnings (P/E) ratio (TTM) was approximately 101.39 times, while the price-to-book (P/B) ratio (TTM) was about 0.18 times, and the price-to-sales (P/S) ratio (TTM) was around 0.25 times [2]. Revenue Composition - In 2024, the revenue composition included 1.5714 billion yuan from brokerage services, 1.1714 billion yuan from risk management services, and 0.005 million yuan from asset management services [18][20]. Cash Flow Analysis - The net cash flow from financing activities was 49.8729 million yuan, an increase of 290 million yuan year-on-year, while the net cash flow from investment activities was -19.5568 million yuan, slightly improved from -21.3083 million yuan in the previous year [26]. Asset and Liability Changes - As of the end of 2024, cash and cash equivalents increased by 10.28%, but their proportion of total assets decreased by 0.99 percentage points [31]. - Short-term borrowings increased by 412.13%, raising their proportion of total assets by 0.25 percentage points, while accounts payable and notes payable decreased by 91.37%, reducing their proportion by 0.25 percentage points [34].

Financial Performance - The company reported a total revenue of HKD 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[3]. - The company reported a significant increase in revenue, reaching RMB 40.36 million, up from RMB 20 million in the previous period, indicating a growth of 101.8%[20]. - The company's operating revenue for 2024 was RMB 185,118 million, a decrease of 14.03% compared to RMB 215,323 million in 2023[55]. - Total profit for 2024 was RMB 829 million, down 95.43% from RMB 18,143 million in 2023[55]. - Net profit attributable to shareholders for 2024 was RMB 453 million, a decline of 96.61% from RMB 13,372 million in 2023[55]. - Basic earnings per share for 2024 decreased to RMB 0.005, a decline of 96.61% compared to RMB 0.134 in 2023[57]. - The total comprehensive income attributable to the parent company was RMB 504 million, down from RMB 13,404 million in the previous year[104]. - The group reported a financial asset loss of RMB 2,858 million, a significant decrease of 174.19% compared to a profit of RMB 3,853 million in 2023[112]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2026[3]. - A strategic acquisition of a local competitor was completed for HKD 300 million, expected to enhance market capabilities[3]. - The company is focused on expanding its market presence and enhancing its product offerings through strategic investments and partnerships[20]. - The company has established multiple branches across various cities, enhancing its market presence and operational reach[29]. - The company’s operational strategy includes market expansion through new branch openings and service diversification[37]. Risk Management - The company is highly sensitive to domestic and international economic conditions, with potential risks including market risk, liquidity risk, credit risk, operational risk, and compliance risk[11]. - The company has implemented measures to mitigate risks by optimizing organizational structure and establishing comprehensive systems[11]. - The company aims to enhance risk management quality and strengthen compliance and risk control management[68]. - The company has established a systematic investment management mechanism to enhance financial market analysis and requires due diligence before new investment projects[161]. - A comprehensive risk management system is established, covering all departments and subsidiaries, to identify, assess, monitor, and report risks[156]. Employee Development and Training - Employee training programs were expanded, with a 40% increase in participation rates compared to the previous year[3]. - The company emphasized the importance of attracting and retaining talent through competitive compensation and comprehensive training programs[140]. - The company aims to enhance its brokerage business transformation and improve service capabilities through a comprehensive training program[94]. Awards and Recognition - The company received several industry awards, including "Best Futures Company" for the third consecutive year[3]. - The company received multiple awards in 2024, including "Best Futures Company" and "Best Financial Futures Service Award" at the 17th China Best Futures Operating Institution Awards[45]. - The company was recognized for its outstanding performance in anti-money laundering efforts in Shandong Province[49]. Financial Position - Total assets as of December 31, 2024, were RMB 3,375,714 million, an increase of 12.05% from RMB 3,012,639 million in 2023[56]. - Total liabilities as of December 31, 2024, were RMB 3,120,584 million, up 13.20% from RMB 2,756,610 million in 2023[56]. - The company's equity attributable to shareholders was RMB 255,130 million as of December 31, 2024, a slight decrease of 0.35% from RMB 256,029 million in 2023[56]. - The debt-to-asset ratio improved to 41.87% in 2024 from 45.48% in 2023, a reduction of 3.61 percentage points[57]. Social Responsibility - The company has actively engaged in rural revitalization projects, providing over RMB 2 billion in risk protection through 170 projects nationwide[65]. - The company signed "pairing assistance agreements" with 26 rural revitalization areas, launching over 170 "insurance + futures" projects, covering 10 varieties including pigs, corn, and soybean meal, with an insurance coverage amount of approximately RMB 2.135 billion[189]. - The company has been recognized with several awards for its contributions to rural revitalization and financial innovation in 2023[188]. Governance and Compliance - The company has a dedicated investor relations team to facilitate communication and transparency with stakeholders[17]. - The company is committed to adhering to regulatory requirements and maintaining compliance to safeguard its operations[11]. - The company has established a net capital risk assessment and monitoring system to continuously monitor regulatory indicators related to net capital[164]. - The company has a comprehensive compliance management system with a Chief Risk Officer responsible for risk management and internal control compliance[166].