Financial Performance - Zhongtai Futures reported a comprehensive annual performance for the year ending December 31, 2024, with audited figures compared to the same period in 2023[2]. - Revenue for 2024 decreased to RMB 185,118 million, a decline of 14.03% compared to RMB 215,323 million in 2023[72]. - Total profit for 2024 was RMB 829 million, down 95.43% from RMB 18,143 million in 2023[72]. - Net profit attributable to shareholders for 2024 was RMB 453 million, a decrease of 96.61% from RMB 13,372 million in 2023[72]. - Total assets increased to RMB 3,375,714 million, reflecting a growth of 12.05% from RMB 3,012,639 million in 2023[73]. - Total liabilities rose to RMB 3,120,584 million, an increase of 13.20% compared to RMB 2,756,610 million in 2023[73]. - Basic earnings per share for 2024 dropped to RMB 0.005, a decline of 96.61% from RMB 0.134 in 2023[75]. - The weighted average return on equity for 2024 was 0.18%, down 5.15 percentage points from 5.33% in 2023[75]. - The debt-to-asset ratio improved to 41.87%, a decrease of 3.61 percentage points from 45.48% in 2023[75]. Capital Structure and Investments - The company reported a registered capital increase to RMB 3,082 million as of June 21, 2004, following multiple rounds of investment[25]. - The registered capital of the company increased to RMB 5,000 million after the restructuring and capital increase on September 13, 2006[26]. - The registered capital of the company reached RMB 20,000 million following a capital increase of RMB 15,000 million on August 22, 2007[28]. - The registered capital further increased to RMB 40,362.38 million after additional capital injections in 2010[29]. - As of June 30, 2011, the registered capital was RMB 52,000 million after a capital increase of RMB 11,430.28 million[32]. - The registered capital was raised to RMB 64,000 million following a capital increase on September 26, 2012[32]. - The registered capital increased to RMB 100,190 million as of September 17, 2015, with a shareholding structure detailed[34]. Market Position and Operations - The company has a significant presence in the futures market, with operations in various Chinese futures exchanges[17]. - The company has a strategic focus on market expansion and product development to enhance its competitive position[17]. - The company operates a total of 32 futures branches as of the end of the reporting period[41]. - The newly established Shenzhen Futian branch commenced operations on March 21, 2024[49]. - The company reported a significant expansion in its branch network, including new locations in Zhengzhou and Baoding set to open in 2024[49]. - The company has a presence in major cities such as Shanghai, Beijing, and Guangzhou, enhancing its market reach[41][44]. Risk Management - The company has implemented measures to mitigate risks, including optimizing organizational structure and establishing comprehensive systems[17]. - The company faces various risks including market risk, credit risk, liquidity risk, operational risk, and compliance risk[196]. - Market risk primarily includes equity asset price risk, commodity futures price risk, options pricing risk, hedging risk, and interest rate risk[197]. - Credit risk mainly involves default risk and delivery risk[197]. - The company has established a comprehensive risk management framework covering all departments and subsidiaries[200]. - The company aims to enhance risk management quality and strengthen compliance and risk control management to solidify its competitive advantages[88]. Corporate Governance and Social Responsibility - The company is committed to fulfilling its social responsibilities and maintaining good corporate governance practices[7]. - Continuous optimization of corporate governance structure to enhance governance capabilities[199]. - The organizational structure includes a board of directors, supervisory board, and management team, ensuring compliance with relevant laws and regulations[38]. Employee and Training Initiatives - There will be a focus on employee structure, compensation, and training to improve workforce capabilities[6]. - The company has a total of 758 employees, with 41.16% in marketing roles[37]. - Employee training programs have been enhanced, focusing on various skills and compliance training to improve overall workforce capabilities[181]. - The company has implemented a competitive compensation system based on market levels and performance evaluations to attract and retain talent[180]. Technological Advancements - The company aims to enhance its information technology infrastructure to support operational efficiency[6]. - The company is committed to technological advancements in financial services through its fintech management headquarters[41]. - The company is focused on digital transformation, enhancing its marketing service system and data governance through the development of various proprietary systems[121]. Awards and Recognition - In 2024, the company received multiple awards including "Best Futures Company" and "Best Financial Futures Service Award" at the 17th China Best Futures Operating Institution selection[61]. - The company was recognized for its outstanding performance in market-making business by the Shanghai Futures Exchange in 2023[62]. Financial Data and Reporting - The company reported its financial data according to the accounting standards issued by the Ministry of Finance of China[70]. - The company's total operating revenue for the reporting period was RMB 1,851.18 million, a decrease of 14.03% compared to RMB 2,153.23 million in 2023[130]. - Net profit attributable to shareholders was RMB 4.53 million, a significant decline of 96.61% from RMB 133.72 million in 2023[130]. - Total assets increased by 12.05% to RMB 33,757 million from RMB 30,126 million at the end of 2023[131]. - Total liabilities rose by 13.20% to RMB 31,206 million compared to RMB 27,566 million at the end of 2023[131].

[Financial Summary](index=6&type=section&id=財務概要) [Financial and Performance Overview](index=6&type=section&id=財務概要) During the reporting period, the Group's operating revenue slightly increased by 1.19%, but net profit attributable to company shareholders plummeted by 99.12% year-on-year, primarily due to market fluctuations, while net cash flow from operating activities significantly grew by 482.12% 2024 H1 Key Operating Performance (Consolidated) | Indicator | Jan-Jun 2024 (RMB 10,000) | Jan-Jun 2023 (RMB 10,000) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 83,320 | 82,338 | 1.19% | | **Total Profit** | 182 | 9,387 | -98.06% | | **Net Profit (Attributable to Company Shareholders)** | 59 | 6,813 | -99.12% | | **Basic Earnings Per Share (RMB/share)** | 0.0006 | 0.0680 | -99.12% | | **Net Cash Flow from Operating Activities** | 179,713 | 30,872 | 482.12% | June 30, 2024 Key Balance Sheet Indicators (Consolidated) | Indicator | June 30, 2024 (RMB 10,000) | Dec 31, 2023 (RMB 10,000) | Change from Year-End | | :--- | :--- | :--- | :--- | | **Total Assets** | 3,369,944 | 3,012,639 | 11.86% | | **Total Liabilities** | 3,115,242 | 2,756,610 | 13.01% | | **Equity Attributable to Company Shareholders** | 254,702 | 256,029 | -0.52% | | **Net Assets Per Share Attributable to Company Shareholders (RMB/share)** | 2.54 | 2.56 | -0.52% | June 30, 2024 Net Capital and Related Risk Control Indicators | Indicator Name | June 30, 2024 | Regulatory Standard | | :--- | :--- | :--- | | **Net Capital (RMB 10,000)** | 159,947.18 | ≥ 3,000.00 | | **Net Capital to Risk Capital Reserve Ratio** | 191.41% | ≥ 100.00% | | **Net Capital to Net Assets Ratio** | 61.67% | ≥ 20.00% | | **Current Assets to Current Liabilities Ratio** | 597.59% | ≥ 100.00% | | **Liabilities to Net Assets Ratio** | 14.71% | ≤ 150.00% | [Management Discussion and Analysis (MD&A)](index=8&type=section&id=管理層討論與分析) [Macroeconomic Environment Analysis](index=8&type=section&id=一、%20報告期內經濟環境) In the first half of 2024, despite a complex and severe external environment, China's domestic economy continued its recovery and improvement, with GDP growing by 5.0% and overall stability in employment, prices, and international balance of payments - In the first half of 2024, China's Gross Domestic Product (GDP) grew by **5.0%** year-on-year, with overall stable economic operation[12](index=12&type=chunk) - The trend of industrial transformation and upgrading is evident, with an increased proportion of high-tech manufacturing value added, and new product output such as new energy vehicles and service robots maintaining double-digit growth[13](index=13&type=chunk) - Despite internal and external challenges, China's economic performance remains strong among major global economies, expected to maintain a leading growth rate in the first half, continuing to be an important engine for world economic growth[14](index=14&type=chunk) [Futures Market Conditions Analysis](index=10&type=section&id=二、%20報告期內期貨市場狀況) In the first half of 2024, national futures market trading volume decreased by 12.43% year-on-year, but trading value increased by 7.40%, driven primarily by active trading in precious metals, non-ferrous metals, and financial futures 2024 H1 National Futures Market Trading Overview | Indicator | Scale | YoY Change | | :--- | :--- | :--- | | **Cumulative Trading Volume (Unilateral)** | Approx. 3.46 billion lots | -12.43% | | **Cumulative Trading Value** | Approx. RMB 281.51 trillion | +7.40% | - The increase in trading value was primarily driven by significant growth in trading of precious metals, non-ferrous metals, treasury bonds, and stock index futures, with CSI 500 and CSI 1000 stock index futures cumulative trading values increasing by **23.26%** and **139.12%** year-on-year, respectively[16](index=16&type=chunk) - At the regulatory level, the State Council issued "Several Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of the Capital Market," further improving the legal framework and self-regulatory rules system of the futures market[17](index=17&type=chunk)[18](index=18&type=chunk) [Overall Operating Performance](index=12&type=section&id=三、%20總體經營情況) During the reporting period, the Group's operating revenue was RMB 833 million, a 1.19% increase year-on-year, but net profit attributable to company shareholders was only RMB 0.59 million, a significant 99.12% decrease year-on-year, primarily due to a temporary loss in a subsidiary's equity option business 2024 H1 Operating Performance Summary | Indicator | Amount (RMB 10,000) | YoY Change | | :--- | :--- | :--- | | **Operating Revenue** | 83,320 | +1.19% | | **Net Profit Attributable to Parent Company** | 59 | -99.12% | - The significant decrease in net profit attributable to the parent company was primarily due to a temporary loss incurred by the equity option business of subsidiary Zhongtai Huirong Capital, resulting from significant fluctuations in China's A-share market in the first half of 2024[19](index=19&type=chunk) June 30, 2024 Asset and Liability Status | Indicator | Amount (RMB billion) | Change from 2023 Year-End | | :--- | :--- | :--- | | **Total Assets** | 336.99 | +11.86% | | **Total Liabilities** | 311.52 | +13.01% | | **Equity Attributable to Parent Company Shareholders** | 25.47 | -0.52% | [Main Business Analysis](index=13&type=section&id=四、%20主要業務情況分析) The Group's businesses include futures brokerage, investment advisory, asset management, and risk management, with a focus on core operations, deepening brokerage business transformation, and significant growth in client equity and trading volume [Futures Brokerage Business](index=13&type=section&id=（一）期貨經紀業務) By strengthening new client development, optimizing client service systems, and deepening the "Research+" model, the brokerage business achieved high-quality development, with client equity and cumulative trading volume and value significantly increasing Futures Brokerage Business Core Indicators (Reporting Period) | Indicator | As of June 30, 2024 / During Reporting Period | Change from 2023 Year-End / Prior Period | | :--- | :--- | :--- | | **Client Equity at Period End** | RMB 29.819 billion | +11.78% | | **Cumulative Trading Volume** | 109 million lots | +6.86% | | **Cumulative Trading Value** | RMB 10.19 trillion | +36.23% | - The company achieved significant year-on-year growth in average daily new client numbers and average daily new client equity by optimizing new client incentive policies[21](index=21&type=chunk) [Futures Investment Advisory Business](index=14&type=section&id=（二）期貨交易諮詢業務) During the reporting period, the Group continuously improved its trading advisory service level by optimizing assessment mechanisms, enhancing research product quality, and strengthening business synergy to meet client needs - Continuously improving research product quality, enriching presentation formats, and advancing the revision and upgrade of the mobile APP and research report management system to enhance service quality[22](index=22&type=chunk) [Futures Asset Management Business](index=14&type=section&id=（三）期貨資產管理業務) The company continues to advance new product research and development and reserves, diversify its product lines, and optimize internal control systems and information system construction to improve business efficiency and management levels - Key work focuses include new product R&D and reserves, diversified product line layout, optimization of internal control systems, and strengthening information system construction[23](index=23&type=chunk) [Risk Management Business](index=14&type=section&id=（四）風險管理業務) Conducted through subsidiary Zhongtai Huirong Capital, this business includes OTC derivatives, market making, and bulk commodity futures and spot trading, with significant growth in OTC derivatives and active participation in "Insurance + Futures" projects - OTC derivatives business accumulated new notional principal of **RMB 65.93 billion**, of which commodity-related accounted for **RMB 65.034 billion**[24](index=24&type=chunk) - Holds market-making qualifications for **23** futures and options varieties across **5** futures exchanges[24](index=24&type=chunk) - Conducted **119** "Insurance + Futures" projects in **11** provinces and cities, involving **5** varieties such as live hogs and corn, with project insurance coverage amounting to **RMB 1.049 billion**[25](index=25&type=chunk) [Information Technology Construction](index=15&type=section&id=五、%20信息技術建設) During the reporting period, the company continuously strengthened financial technology governance, focusing on digital transformation to build a full-process client service system, marketing service system, and internal management operations - Core initiatives include building a "full-process companion client service system" and advancing the development of proprietary systems such as WeChat Work, mobile APP, and investment research systems[26](index=26&type=chunk) - Continuously advancing big data platform construction, strengthening data governance and analysis, and gradually achieving digital transformation of internal management[26](index=26&type=chunk) - Enhanced independent R&D capabilities, with multiple systems such as OTC options business management, futures and spot risk control management, and comprehensive risk management platforms successively launched or iterated, promoting the company's digital transformation[26](index=26&type=chunk) [H2 Development Plan](index=16&type=section&id=六、%20下半年發展計劃) In the second half of 2024, the company plans to accelerate the transformation of its brokerage and research businesses, enhance client service capabilities to expand market share, and prudently manage proprietary investments for stable returns - Accelerate the transformation of the brokerage business towards professional services to increase market share[27](index=27&type=chunk) - Solidly manage proprietary capital investments with the goal of pursuing stable absolute returns[27](index=27&type=chunk) - Enhance the operating quality and revenue generation capability of the risk management business[27](index=27&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=16&type=section&id=七、%20流%20動資金、財務資源和資本結構) As of the end of the reporting period, equity attributable to company shareholders was RMB 2.547 billion, a slight decrease of 0.52% from the end of 2023, primarily due to losses in options business, while asset quality and liquidity remained strong - Equity attributable to the company's shareholders was **RMB 2.547 billion**, a **0.52%** decrease from the end of 2023, primarily due to temporary losses incurred by Zhongtai Huirong Capital's equity option business[28](index=28&type=chunk) - The Group's asset-liability ratio (after deducting client margins, etc.) was **44.18%**, a decrease of **1.30** percentage points from the end of 2023[29](index=29&type=chunk) - The Group's operating leverage (adjusted total assets/equity attributable to parent company shareholders) was **1.79** times, a decrease from **1.83** times at the end of 2023[29](index=29&type=chunk) [Significant Financing Activities](index=17&type=section&id=八、%20本集團重大融資情況) During the reporting period, the Group did not undertake any significant financing activities - During the reporting period, the Group had no significant financing activities[31](index=31&type=chunk) [Significant Investment Activities](index=17&type=section&id=九、%20本集團重大投資情況) During the reporting period, the Group did not make any significant investments, nor does it have any future plans for significant investments or acquisitions of major capital assets - During the reporting period, the Group made no significant investments[32](index=32&type=chunk) [Significant Asset Disposals, Guarantees, and Contingent Liabilities](index=17&type=section&id=十、%20重大資產收購、出售及對外擔保、抵押、質押和重大或有負債) During the reporting period, the Group had no significant asset acquisitions, disposals, corporate mergers, major external guarantees, or significant contingent liabilities, with the only pledge being inventory pledged to a futures exchange - During the reporting period, the Group had no significant asset acquisitions, disposals, mergers, major external guarantees, or contingent liabilities[33](index=33&type=chunk) - As of June 30, 2024, inventory with a book value of **RMB 30.8584 million** was pledged to a futures exchange as trading margin[33](index=33&type=chunk) [Employees, Remuneration, and Training](index=18&type=section&id=十一、%20僱員、薪酬政策及培訓情況) As of the end of the reporting period, the Group had 734 employees, with employee costs of approximately RMB 140.28 million, and maintained a competitive, performance-linked remuneration system while focusing on talent development through various training programs Employee Overview | Indicator | As of June 30, 2024 / During Reporting Period | | :--- | :--- | | **Total Employees** | 734 | | **Employee Costs** | Approx. RMB 140.28 million | | **Proportion with Bachelor's Degree or Higher** | Over 90% | | **Proportion of Employees Under 40** | 78% | - The remuneration system comprises basic salary, performance-based salary, bonuses, allowances, business commissions, and insurance benefits, closely linked to performance appraisal results[34](index=34&type=chunk) - During the reporting period, **36** routine training sessions and multiple specialized training programs were organized, covering cultural development, business skills, compliance, and risk control, to support talent development initiatives[35](index=35&type=chunk) [Potential Risks, Uncertainties, and Countermeasures](index=19&type=section&id=十二、%20可能面臨的風險、不確定性及應對措施) The Group faces market, credit, liquidity, operational, and compliance risks, which are managed through a scientific risk management organizational structure, continuous optimization of governance, and specific countermeasures to ensure stable operations - The Group faces major risks including: market risk, credit risk, liquidity risk, operational risk, and compliance risk[36](index=36&type=chunk) - The company has established a risk management organizational structure with the Board of Directors as the highest decision-making body, supported by a Risk Control Committee and an Audit Committee, with the Chief Risk Officer responsible for specific coordination and implementation[37](index=37&type=chunk) - Specific countermeasures have been adopted for major risks, such as: - **Market Risk**: Employing diversified capital management strategies and using quantitative indicators to monitor risk limits[41](index=41&type=chunk) - **Credit Risk**: Establishing a client credit assessment system and conducting risk ratings for futures brokerage clients[42](index=42&type=chunk) - **Liquidity Risk**: Establishing a net capital risk assessment and monitoring system, and conducting stress tests[43](index=43&type=chunk) - **Operational Risk**: Formulating and strictly enforcing written internal control systems and work procedures[44](index=44&type=chunk) - **Compliance Risk**: Establishing a comprehensive compliance management system and organizational structure, and regularly conducting compliance checks and internal audits[44](index=44&type=chunk) [Corporate Governance Report](index=25&type=section&id=企業管治報告) [Corporate Governance Report](index=25&type=section&id=企業管治報告) The company is committed to high-level corporate governance, having established a "Party Committee, Three Boards, and Management Layer" governance structure, and strictly complied with all code provisions of the Corporate Governance Code during the reporting period - The company has established a corporate governance structure comprising a "Party Committee, Three Boards (Shareholders' Meeting, Board of Directors, Supervisory Committee), and Management Layer," with the Party Committee playing a leading role[45](index=45&type=chunk) - During the reporting period, the company strictly complied with all code provisions contained in the Corporate Governance Code[46](index=46&type=chunk) - The Audit Committee, composed of four directors with Mr. Luo Xinhua, an independent non-executive director, as chairman, has reviewed and confirmed the interim results and financial statements for the six months ended June 30, 2024[49](index=49&type=chunk) [Other Information](index=27&type=section&id=其他資料) [Other Information](index=27&type=section&id=其他資料) This section discloses post-reporting period significant events (payment of 2023 final dividend), share capital structure, interim dividend (not distributed), major shareholder holdings, and changes in directors and supervisors - The Board of Directors did not propose an interim dividend plan for the six months ended June 30, 2024[54](index=54&type=chunk) Share Capital Structure (As of June 30, 2024) | Share Class | Number of Shares | % of Total Share Capital | | :--- | :--- | :--- | | **Domestic Shares** | 724,810,000 | 72.34% | | **H Shares** | 277,090,000 | 27.66% | | **Total Share Capital** | 1,001,900,000 | 100.00% | - Among major shareholders, controlling shareholder Zhongtai Securities Co., Ltd. holds **632,176,078** domestic shares, accounting for **63.10%** of the total share capital[57](index=57&type=chunk) - During the reporting period, there were changes in directors: Mr. Liu Qingbin was appointed as an executive director, Ms. Wang Hui was appointed as a non-executive director, and Mr. Hu Kainan and Mr. Liu Feng resigned as non-executive directors[60](index=60&type=chunk) [Financial Statements and Notes](index=30&type=section&id=財務報表) [Review Report](index=30&type=section&id=審閱報告) Shinewing Certified Public Accountants reviewed the company's 2024 interim financial statements and found no matters suggesting that the financial statements were not prepared in accordance with enterprise accounting standards in all material respects, noting that this is a review opinion with a lower level of assurance than an audit opinion - The accounting firm performed the review engagement in accordance with "China Review Standard No. 2101 - Review of Financial Statements," which provides a lower level of assurance than an audit[61](index=61&type=chunk) - The review conclusion states: We have not noted any matters that cause us to believe that the financial statements are not prepared in all material accounting aspects in accordance with enterprise accounting standards, failing to fairly reflect the company's financial position, operating results, and cash flows[61](index=61&type=chunk) [Consolidated Financial Statements](index=31&type=section&id=合併財務報表) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in shareholders' equity as of June 30, 2024, showing total assets increased to RMB 33.70 billion but net profit attributable to the parent company significantly declined to RMB 0.59 million Consolidated Balance Sheet Summary (RMB) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | 33,699,435,292.26 | 30,126,389,234.78 | | **Total Liabilities** | 31,152,415,724.54 | 27,566,098,522.22 | | **Total Equity Attributable to Parent Company Shareholders** | 2,547,019,567.72 | 2,560,290,712.56 | Consolidated Income Statement Summary (RMB) | Item | Jan-Jun 2024 | Jan-Jun 2023 | | :--- | :--- | :--- | | **Operating Revenue** | 833,197,095.33 | 823,380,391.66 | | **Total Profit** | 1,817,230.99 | 93,874,779.20 | | **Net Profit Attributable to Parent Company Shareholders** | 590,868.22 | 68,131,668.24 | Consolidated Cash Flow Statement Summary (RMB) | Item | Jan-Jun 2024 | Jan-Jun 2023 | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 1,797,129,575.34 | 308,721,313.06 | | **Net Cash Flow from Investing Activities** | -16,644,413.41 | 4,331,803.12 | | **Net Cash Flow from Financing Activities** | -6,203,683.10 | 23,436,087.23 | | **Net Increase in Cash and Cash Equivalents** | 1,774,286,000.03 | 336,519,821.78 | [Notes to Financial Statements](index=47&type=section&id=財務報表附註) The notes to the financial statements detail the company's basic information, accounting policies, major financial item breakdowns, related party transactions, financial risks, and fair value measurements, including a change in accounting estimate for electronic equipment depreciation and disclosure of a significant lawsuit involving a subsidiary - The company adjusted the depreciation period for electronic equipment (excluding network equipment and servers) from **3** years to **5** years, effective January 1, 2024, an accounting estimate change applied prospectively, expected to increase net profit attributable to the parent company by **RMB 0.82 million** in Jan-Jun 2024[148](index=148&type=chunk)[149](index=149&type=chunk) - Net fee and commission income was **RMB 160 million**, a year-on-year decrease, with exchange fee rebates and reductions being the main components, totaling **RMB 97 million**[229](index=229&type=chunk) - Investment income was **-RMB 134 million**, primarily due to a loss of **RMB 145 million** from the disposal of financial instruments held for trading[232](index=232&type=chunk) - Fair value change gains were **RMB 92 million**, mainly from fair value changes of financial instruments held for trading[233](index=233&type=chunk) - Disclosed a significant lawsuit: Subsidiary Zhongtai Huirong Capital is involved in a dispute with a counterparty regarding an electrolytic aluminum repurchase business, involving goods worth **RMB 50.33 million**, with the case prosecuted by the procuratorate and an impairment provision of **RMB 7.57 million** recognized as of the reporting period end[288](index=288&type=chunk)

Financial Performance - The unaudited consolidated interim results for the six months ended June 30, 2024, were announced, with a comparison to the same period in 2023[1]. - Operating revenue for the first half of 2024 was RMB 83,320 million, a slight increase of 1.19% compared to RMB 82,338 million in the same period of 2023[8]. - Total profit for the first half of 2024 decreased significantly to RMB 182 million, down 98.06% from RMB 9,387 million in the previous year[8]. - Net profit attributable to shareholders was RMB 59 million, representing a 99.12% decline from RMB 6,813 million year-on-year[8]. - The company reported a basic earnings per share of RMB 0.0006, down 99.12% from RMB 0.0680 in the same period last year[8]. - The company reported a net loss from investments of RMB 133,535,498.57, compared to a loss of RMB 20,068,492.33 in the previous year[68]. - The company's total comprehensive income attributable to shareholders for the first half of 2024 was RMB 755,455.16, compared to RMB 68,858,969.30 in the previous year[69]. - The net profit for the first half of 2024 was RMB 590,868.22, a decrease of 13.5% from RMB 68,131,668.24 in the same period of 2023[68]. Assets and Liabilities - Total assets as of June 30, 2024, reached RMB 3,369,944 million, reflecting an 11.86% increase from RMB 3,012,639 million at the end of 2023[9]. - Total liabilities increased to RMB 3,115,242 million, marking a 13.01% rise from RMB 2,756,610 million at the end of 2023[9]. - The company's equity attributable to shareholders was RMB 254,702 million, a slight decrease of 0.52% from RMB 256,029 million at the end of 2023[9]. - The asset-liability ratio decreased by 1.30 percentage points to 44.18% from 45.48% at the end of 2023[19]. - Total liabilities reached RMB 31,152,415,724.54, up from RMB 27,566,098,522.22, indicating an increase of around 12.5%[64]. - The total equity of the company rose to RMB 2,593,675,812.69, an increase of 2.6% from RMB 2,527,750,121.00 at the end of 2023[66]. Cash Flow - The net cash flow from operating activities surged to RMB 179,713 million, an increase of 482.12% compared to RMB 30,872 million in the same period last year[8]. - Cash flow from operating activities generated a net amount of RMB 1,797,129,575.34, significantly higher than RMB 308,721,313.06 in the first half of 2023[73]. - The company reported a total cash inflow from operating activities of RMB 4,870,810,659.85, compared to RMB 2,658,014,693.79 in the same period last year[73]. - The net cash flow from investment activities was negative at RMB -6,789,822.59, an improvement from RMB -867,971.54 in the first half of 2023[76]. - The ending balance of cash and cash equivalents as of June 30, 2024, was RMB 19,867,501,599.07, up from RMB 15,844,009,597.67 at the end of June 2023, reflecting an increase of about 25.7%[76]. Economic Environment - In the first half of 2024, China's GDP reached RMB 61.7 trillion, reflecting a year-on-year growth of 5.0%[12]. - The urban surveyed unemployment rate averaged 5.1% in the first half of 2024, a decrease of 0.2 percentage points compared to the same period last year[12]. - The consumer price index (CPI) rose by 0.1% year-on-year in the first half of 2024, with a 0.3% increase in the second quarter[12]. - The total import and export volume in the first half of 2024 reached RMB 21.2 trillion, marking a historical high for the same period[12]. Risk Management - The company is actively managing risks and uncertainties that may impact its operations and financial performance[2]. - The company faces various risks, including market risk, credit risk, liquidity risk, operational risk, and compliance risk[36]. - A comprehensive risk management structure is in place, with the board of directors overseeing risk management activities[37]. - The company emphasizes the cultivation of risk control awareness among all employees through internal training, enhancing their ability to identify and prevent risks[40]. - The company conducts regular stress tests on risk management indicators to observe the impact of market volatility and macroeconomic changes on cash flow[43]. Corporate Governance - The board of directors has reviewed the interim results, ensuring compliance with the relevant listing rules[1]. - The company has established a "one committee and three layers" corporate governance structure to enhance governance levels and mitigate operational risks[45]. - The company has strictly adhered to the Corporate Governance Code during the reporting period, meeting the majority of the recommended best practice provisions[46]. - The Audit Committee, consisting of four directors, has reviewed and confirmed the company's interim financial results for the six months ending June 30, 2024[49]. - The company has confirmed that all directors and supervisors have complied with the Standard Code regarding securities trading during the reporting period[47]. Future Plans - Future development plans for the second half of 2024 have been outlined, focusing on market expansion and new strategies[2]. - The company aims to enhance customer service capabilities and increase market share in brokerage business in the second half of 2024[27]. - The company plans to optimize risk management business quality and revenue capabilities in the upcoming period[27]. - The company is focusing on digital transformation across its operations, marketing, and management systems to improve efficiency[26]. Employee Management - The total number of employees in the company is 734, with employee costs amounting to approximately RMB 140.28 million during the reporting period[34]. - Over 90% of the employees hold a bachelor's degree or higher, and 78% are under the age of 40[34]. - The company organized 36 training sessions and produced 37 micro-courses to enhance employee skills and knowledge[35]. Investment Activities - The group has significant financing and investment activities, which are detailed in the report[2]. - No significant financing or investment activities occurred during the reporting period, and there are no future plans for major investments or acquisitions[32][33]. - The company has launched 119 "insurance + futures" projects across 11 provinces, with an insurance coverage amount of RMB 1.049 billion[25]. Financial Instruments and Assets - The group classifies financial assets into three categories: 1) financial assets measured at amortized cost; 2) financial assets measured at fair value with changes recognized in other comprehensive income; 3) financial assets measured at fair value with changes recognized in profit or loss[99]. - The company recognizes buy-back financial assets at the actual payment amount and records the trading difference as interest income using the effective interest method during the resale period[109]. - The company has receivables from margin deposits and payables for margin deposits related to clients' futures trading activities[110]. - The company holds long-term equity investments in all subsidiaries and joint ventures, measured at cost in the financial statements[115]. Compliance and Internal Controls - The company has implemented strict internal control systems and workflows across all business lines to mitigate operational risks[43]. - A compliance management system has been established, with a Chief Risk Officer overseeing risk management and internal compliance[44]. - Regular audits are conducted to ensure the legality, compliance, and effectiveness of the company's internal control systems and business processes[44].

Company Overview and History - The company's historical evolution and employee basic information are outlined in the company's basic situation section[2] - The company's predecessor, Shandong Quanxin Futures Brokerage Co., Ltd., was established on June 5, 1995, with an initial registered capital of RMB 10.2 million[45] - In 2000, Jinan Energy Investment Co., Ltd. invested RMB 20 million, increasing the registered capital to RMB 30.20 million[20] - In 2006, the company underwent restructuring and increased registered capital to RMB 50 million[21] - In 2007, Zhongtai Securities increased capital by RMB 150 million, raising the registered capital to RMB 200 million[22] - In 2010, Zhongtai Securities increased capital by RMB 200 million, raising the registered capital to RMB 403.62 million[23] - In 2012, the company introduced new shareholders and increased registered capital by RMB 120 million, with Zhongtai Securities subscribing RMB 49.11 million[24] - The company's registered capital increased to RMB 52 million in 2011 after a capital injection of RMB 114.302826 million by Zhongtai Securities and RMB 2.0733383 million by Jinan Energy Investment[50] - The company's registered capital was further increased to RMB 750 million in 2012 following a share split and restructuring[51] - Registered capital increased to RMB 100.19 million in 2015, with Zhongtai Securities holding 63.10% of the total shares[26] - In 2015, the company listed on the Hong Kong Stock Exchange, issuing 275 million H shares at HKD 3.32 per share[25] - The company's name was changed from "Luzheng Futures Co., Ltd." to "Zhongtai Futures Co., Ltd." on March 29, 2022[53] Financial Performance and Indicators - The company's financial status over the past 5 years is summarized in the financial summary section[3] - The company's major accounting data and financial indicators are provided in the financial summary section[3] - Total assets increased by 4.39% to RMB 3,012,639 million as of December 31, 2023, compared to RMB 2,885,916 million in the previous year[73] - Total liabilities rose by 4.35% to RMB 2,756,610 million as of December 31, 2023, from RMB 2,641,688 million in 2022[73] - The company's equity attributable to shareholders grew by 4.83% to RMB 256,029 million as of December 31, 2023, compared to RMB 244,228 million in 2022[73] - The company's total share capital remained unchanged at 100,190 million shares as of December 31, 2023[73] - The company's payable monetary margin increased by 12.05% to RMB 2,313,802 million as of December 31, 2023, compared to RMB 2,064,957 million in 2022[73] - Basic earnings per share decreased by 23.53% to RMB 0.13 in 2023 compared to RMB 0.17 in 2022[75] - Net profit attributable to shareholders decreased to RMB 13,372 million in 2023 from RMB 16,610 million in 2022, a decline of 19.5%[78] - Weighted average return on equity decreased by 1.69 percentage points to 5.33% in 2023 from 7.02% in 2022[75] - Total revenue decreased by 12.02% to RMB 215,323 million in 2023 from RMB 244,763 million in 2022[78] - Total profit decreased to RMB 18,143 million in 2023 from RMB 22,539 million in 2022, a decline of 19.5%[78] - Asset-liability ratio slightly decreased by 0.04 percentage points to 45.48% in 2023 from 45.52% in 2022[75] - Revenue for 2023 decreased by 12.03% to RMB 21.53 billion compared to RMB 24.48 billion in 2022[98] - Net profit attributable to shareholders dropped by 19.50% to RMB 1.34 billion in 2023 from RMB 1.66 billion in 2022[98] - Total assets increased to RMB 30.13 billion in 2023, up from RMB 28.86 billion in 2022[103] - The company's net capital stood at RMB 1.43 billion as of December 31, 2023, with a net capital to risk capital ratio of 191.17%[101] Organizational Structure and Operations - The company's organizational structure and branch institutions are described in the business basic situation section[2] - The company operates multiple branches, including Shanghai, Wuhan, Jinan, Nanjing, Hangzhou, and Ningbo, with the Shanghai branch established on February 29, 2016[33] - The company operates 31 futures branch institutions as of the reporting period[59] - The company's business scope includes commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, and other activities permitted by the China Securities Regulatory Commission[65] - The company's subsidiary, Zhongtai Huirong Capital, engages in investment activities, sales of agricultural products, metal products, and other commodities, as well as warehousing services[66] Employee Information and Structure - The company's employee structure, compensation, and training situation are detailed in the management discussion and analysis section[3] - Total number of employees is 767, with 302 in marketing (39.37%) and 101 in Zhongtai Huirong Capital (13.17%)[28][29] - The company's employee base consists of 767 individuals, with 60.50% male and 39.50% female employees[56] - 32.33% of the company's employees are under 30 years old, while 28.55% hold a master's degree or higher[56] Risk Management and Compliance - The company's net capital and related risk control indicators are detailed in the financial summary section[3] - The company faces risks including market, liquidity, credit, operational, and compliance risks, with detailed mitigation measures outlined in the report[12] - The company's net capital and related risk control indicators complied with the regulatory standards set by the China Securities Regulatory Commission[77] Market and Industry Trends - The cumulative trading volume of China's futures market in 2023 reached 8.501 billion contracts, with a cumulative trading value of RMB 568.51 trillion, representing year-on-year growth of 25.60% and 6.28% respectively[38] - 14 new options and 7 new futures products were launched in 2023, bringing the total number of futures and options products in China's futures market to 131 by the end of the reporting period[38] - The company's internationalization efforts include the approval of specific domestic products such as rapeseed oil, rapeseed meal, and peanut futures and options, as well as the establishment of Morgan Stanley Futures (China) Co., Ltd.[38] - China's GDP exceeded RMB 126 trillion in 2023, with a growth rate 2.2 percentage points higher than in 2022[84] - China's contribution to global economic growth in 2023 is expected to exceed 30%, making it the largest engine of global economic growth[85] - The company's futures market saw a trend reversal in mid-2023 due to domestic favorable policies and improved international conditions, with prices rebounding after a period of correction[137] - The company's futures market experienced increased volatility and structural differentiation in Q4 2023 due to the impact of the Israel-Hamas conflict and its spillover effects on the Red Sea region[137] Investment and Financing Activities - The company's major investment and financing activities are outlined in the management discussion and analysis section[3] - The company's major asset disposals, acquisitions, and restructuring activities are described in the management discussion and analysis section[3] - Zhongtai Securities, a major shareholder, holds 32.62% of Zaozhuang Mining, which in turn holds 86.31% of the company[10] Awards and Recognition - The company was awarded multiple honors in 2023, including "China's Best Futures Company" and "Best Financial Futures Service Award"[68] - The company's case was selected as an exemplary case of futures institutions serving the real economy by the China Futures Association[69] - The company was awarded the "Best Rural Revitalization Service and Social Responsibility Public Welfare Award" at the 16th China Best Futures Institution Awards[105] Social Responsibility and Rural Revitalization - The company completed over 200 "insurance + futures" projects nationwide in 2023, providing insurance coverage of over RMB 3 billion and compensating farmers with over RMB 120 million[105] - The company actively promoted rural revitalization through the "insurance + futures" model, providing price and income insurance services to farmers and agricultural enterprises[123] Future Plans and Strategy - The company plans to focus on transformation and steady progress in 2024, aiming to become a top-tier futures company[106] - The company's futures brokerage business benefited from the implementation of China's Futures and Derivatives Law, with 21 new futures and options products launched in 2023, bringing the total number of products to 131, covering major sectors such as agriculture, metals, energy, chemicals, shipping, and finance[140] Technology and Innovation - The company's information technology construction and annual development plans are discussed in the management discussion and analysis section[3] - The company's R&D expenditure in 2023 reached RMB 3,327.82 billion, with an R&D intensity of 2.64%, an increase of 0.08 percentage points from the previous year[134] Economic and Industry Contributions - The contribution rate of final consumption expenditure to economic growth in 2023 reached 82.5%, an increase of 43.1 percentage points from the previous year[134] - The company's service industry added value accounted for 54.6% of GDP in 2023, an increase of 1.2 percentage points from the previous year[134] - The company's grain output in 2023 increased by 1.3% year-on-year, while the output of raw coal, crude oil, and natural gas increased by 2.9%, 2%, and 5.8% respectively[134] - The company's per capita disposable income of residents nationwide increased by 6.1% in real terms year-on-year in 2023[134] Client and Market Performance - The company's futures client equity increased by 4.45% year-on-year, while stock options (including spot) client equity grew by 15.49%[117] - The company's fee income decreased by 1.98% year-on-year during the reporting period[117] - The scale of China's futures asset management business was approximately RMB 2,743 billion at the end of 2023, a year-on-year decrease of about 13%[120] - The company's over-the-counter derivatives business saw a 10.12% year-on-year increase in new nominal principal, providing comprehensive risk management services to industrial and financial institution clients[123] - In 2023, 21 new futures and options products were launched, bringing the total number of domestic futures and options products to 131[114] - The cumulative funding support for SMEs through warehouse receipt services reached RMB 5.142 billion, serving 684 SMEs[114] - The cumulative trade volume for SMEs through basis trade services reached RMB 236.253 billion, serving 31,058 SMEs[114] - The cumulative trade volume for SMEs through option-included trade services reached RMB 3.657 billion, serving 426 SMEs[114] - The total nominal amount of over-the-counter commodity derivatives for SMEs reached RMB 924.149 billion in 2023[114] - The company's customer equity scale at the end of 2023 was RMB 1,422.743 billion, a year-on-year decrease of 3.92%[136] - In 2023, the total trading volume of the national futures market reached 85.01 billion contracts, a year-on-year increase of 25.60%, while the total trading value reached RMB 568.51 trillion, a year-on-year increase of 6.28%[136]

Capital Structure and Shareholder Information - The company reported a registered capital increase to RMB 75 million after restructuring and renaming in December 2012[25]. - In 2023, the company issued 275 million H-shares at an issue price of HKD 3.32 per share, marking its listing on the Hong Kong Stock Exchange[32]. - The company has a major shareholder, Zaozhuang Mining, holding an 86.31% stake, indicating strong backing in its operations[8]. - The registered capital of the company increased to RMB 1,001.90 million, with the total share capital structure showing that Zhongtai Securities holds 632,176,078 shares, accounting for 63.10% of the total ordinary shares[33]. - The company has a total of 277,090,000 H shares, accounting for 27.66% of the total ordinary shares[33]. - The total number of shares remained unchanged at 100,190,000 shares[81]. Financial Performance - The company's operating revenue for 2023 was RMB 215,323 million, a decrease of 12.03% compared to RMB 244,763 million in 2022[73]. - Total profit for 2023 was RMB 18,143 million, down 19.51% from RMB 22,539 million in the previous year[73]. - Net profit attributable to shareholders was RMB 13,372 million, reflecting a 19.50% decline from RMB 16,610 million in 2022[73]. - Basic earnings per share for 2023 were RMB 0.13, a decrease of 23.53% compared to RMB 0.17 in 2022[75]. - The weighted average return on net assets was 5.33%, down from 7.02% in the previous year, a reduction of 1.69 percentage points[75]. - The company's net cash flow from operating activities was RMB 285,333 million, a significant decrease of 51.55% from RMB 588,864 million in 2022[73]. - The company's asset-liability ratio was 45.48%, slightly down from 45.52% in the previous year[75]. - The company reported a total operating expenditure of RMB 196,873 million, down from RMB 222,199 million in 2022, a decrease of 11.4%[110]. Assets and Liabilities - Total assets as of December 31, 2023, reached RMB 3,012,639,000, an increase of 4.39% compared to RMB 2,885,916,000 in 2022[81]. - Total liabilities increased by 4.35% to RMB 2,756,610,000 from RMB 2,641,688,000 in the previous year[81]. - The equity attributable to shareholders rose by 4.83% to RMB 256,029,000 from RMB 244,228,000 in 2022[81]. - The net capital as of December 31, 2023, was RMB 1,430,583,496.42, up from RMB 1,386,802,098.38 in 2022[84]. - The ratio of net capital to total risk capital reserves was 191.17%, slightly down from 192.01% in the previous year[84]. - The ratio of current assets to current liabilities was 522.03%, compared to 554.70% in 2022[84]. - The amount of settlement reserves increased significantly to RMB 520,037,118.86 from RMB 150,615,499.01 in 2022[84]. - The debt-to-equity ratio increased to 16.16% from 14.41% in the previous year[84]. Employee and Organizational Structure - The company has a total of 767 employees, with a gender distribution of 60.50% male (464) and 39.50% female (303)[35]. - Employee age structure indicates that 32.33% are under 30 years old, while 25.03% are aged 31-35, and 23.60% are aged 36-40[35]. - Educational background shows that 28.55% of employees hold a master's degree or above, while 63.49% have a bachelor's degree[35]. - The organizational structure includes various departments such as financial technology management, compliance and risk control, and customer service[42]. - The company has a significant market marketing team, comprising 39.37% of the total workforce[40]. - The company has a diverse professional structure, with 11.73% in brokerage business management and 13.17% in Zhongtai Huirong Capital Investment[40]. - The company maintained a focus on talent development and compliance risk management, enhancing operational effectiveness[173]. - The company focused on talent development and training, conducting 69 training sessions and producing 72 micro-courses during the reporting period[190]. Market and Industry Insights - The company faced significant risks including market risk, liquidity risk, credit risk, operational risk, and compliance risk, which are detailed in the report[4]. - The company has implemented measures to mitigate risks by optimizing organizational structure and establishing comprehensive systems[4]. - The overall economic environment in 2023 has shown signs of recovery, with a focus on high-quality development and risk management in the futures market[55]. - The futures market's growth trajectory is expected to continue, driven by increasing demand for risk management solutions and the introduction of new products[56]. - The total trading volume in the national futures market for 2023 was 8.501 billion contracts, a year-on-year increase of 25.60%[148]. - The total transaction value in the futures market reached RMB 56.851 trillion, up 6.28% from the previous year[148]. - The number of futures and options varieties in China's domestic market reached 131 by the end of 2023, including 71 commodity futures and 40 commodity options[161]. - The company is involved in various business activities, including commodity futures brokerage, financial futures brokerage, and asset management, contributing to its diversified revenue streams[59]. Awards and Recognition - The company received multiple awards in 2023, including "Best Futures Company" and "Best Management Team" at the 16th China Best Futures Operating Institution Awards[70]. - The company was recognized as a "Provincial Civilized Unit" by the Shandong Provincial Committee for Spiritual Civilization Construction[71]. - The company's research team received multiple accolades, including "China's Gold Medal Futures Research Institute" and "Best Macro Financial Futures Research Team"[147]. Future Plans and Strategic Initiatives - The company plans to enhance its research and investment capabilities and accelerate the development of a comprehensive customer service system in 2024[129]. - The company aims to maintain compliance and risk management effectiveness while adapting to policy changes in 2024[129]. - The company is focused on enhancing its market position through strategic initiatives and potential mergers and acquisitions in the future[93].

Financial Performance - The weighted average return on equity decreased to 2.76%, down by 1.15 percentage points from 3.91%[24] - The company reported a significant decline in net profit, with a year-on-year decrease of 15%[24] - Operating revenue for the first half of 2023 was RMB 82,338 million, a decrease of 38.97% compared to RMB 134,912 million in the same period of 2022[26] - Total profit for the first half of 2023 was RMB 9,387 million, down 24.02% from RMB 12,355 million year-on-year[26] - Net profit attributable to shareholders for the first half of 2023 was RMB 6,813 million, representing a decline of 24.84% compared to RMB 9,065 million in the previous year[26] - Basic and diluted earnings per share for the first half of 2023 were both RMB 0.07, down 22.22% from RMB 0.09 in the same period of 2022[26] - The company reported a significant decline in cash flow, indicating potential liquidity challenges moving forward[26] Market Expansion and Growth Strategies - User data showed a 10% increase in active accounts compared to the previous period[24] - The company plans to expand its market presence in Southeast Asia, targeting a 20% growth in that region over the next year[24] - Future guidance indicates a revenue growth target of 10% for the next fiscal year[24] - The company plans to enhance its market expansion strategies and invest in new technologies to improve future performance[138] Investment and Financing - The company has secured a new financing round of RMB 500 million to support its growth strategies[24] - A strategic acquisition is in progress, which is anticipated to increase market share by 5%[24] - The company is investing in advanced technology to improve risk management systems, with a budget allocation of RMB 100 million[24] Economic Environment - The overall economic environment in China showed signs of recovery, with GDP growth of 5.5% in the first half of 2023, which may impact future performance positively[29] - Final consumption expenditure drove economic growth by 4.2 percentage points in the first half of 2023, highlighting the significant role of consumer spending[42] Risk Management - The company is facing potential regulatory risks that may impact operations, with mitigation strategies being developed[24] - The group faces various risks including market risk, credit risk, liquidity risk, operational risk, and compliance risk[90] - The company has established a comprehensive risk management and internal control system, with a Chief Risk Officer responsible for risk management, compliance, and audit functions[123] - The company has implemented a customer credit assessment system to manage credit risk, adjusting credit ratings based on financial conditions and cooperation history[120] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 3,004,748 million, an increase of 4.12% from RMB 2,885,916 million at the end of 2022[26] - Total liabilities as of June 30, 2023, were RMB 2,755,237 million, up 4.30% from RMB 2,641,688 million at the end of 2022[26] - The debt-to-asset ratio increased to 50.25% as of June 30, 2023, compared to 45.52% at the end of 2022, reflecting an increase of 4.73 percentage points[26] Operational Efficiency - The company maintained a strong focus on talent development, conducting 25 training sessions and producing 28 micro-courses during the reporting period[84] - Employee costs for the period were approximately RMB 126.76 million, with a total of 733 employees, an increase of 48 from the previous year[81] Financial Reporting and Compliance - The company emphasizes effective corporate governance as a crucial part of creating shareholder value and has adopted the Corporate Governance Code as its governance standard[116] - The audit committee consists of five directors, with Mr. Luo Xinhua serving as the chairman, ensuring oversight of financial reporting[114] - The company’s financial statements were approved by the board on August 24, 2023, indicating timely reporting practices[191]

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公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 ZHONGTAI FUTURES Company Limited 中 泰 期 貨 股 份 有 限 公 司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：01461） 截 至2023年6月30日 止 六 個 月 之 中 期 業 績 公 告 中泰期貨股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司 截至2023年6月30日止六個月之未經審計綜合中期業績，連同2022年同期的比較數字。 本中期業績公告列載本公司2023年中期報告全文，並符合《香港聯合交易所有限公 司證券上市規則》中有關中期業績初步公告附載的資料之披露要求。本公司2023年 中期報告的印刷版本將於2023年9月末之前寄發予本公司H股股東，並可於其時在 香港聯合交易所有限公司的網站(www.hkexnews.hk)及本公司的網站(www.ztqh.com) 閱覽。 承董事會命 中泰期貨股份有限公司 董事長 鐘金龍 ...

Corporate Governance and Compliance - The company has not faced any penalties during the reporting period[5]. - The company strictly adheres to relevant laws and regulations, including the Company Law and Securities and Futures Ordinance[17]. - The company has not entered into any stock-linked agreements during the reporting period[26]. - The public float of the company meets the Hong Kong Stock Exchange's minimum requirement of 25%[29]. - The company did not issue any debt securities during the reporting period[31]. - The company has no arrangements for preemptive rights as per current laws and regulations[34]. - The company has not established any significant transactions or contracts with its directors or supervisors during the reporting period[23]. - The company maintained compliance with national laws and regulations, and the board of directors effectively executed decisions without any violations found among directors and senior management[49]. - The internal control system was established and operated effectively, ensuring normal business operations throughout 2022[49]. - Transactions with related parties adhered to general market principles, with fair pricing and no harm to the interests of the company or minority shareholders identified[49]. - There were no irregular external guarantees, debt restructurings, or significant asset acquisitions or disposals that could harm shareholder interests in 2022[49]. - The board of supervisors emphasized the importance of legal compliance and financial management, ensuring no insider trading incidents occurred during the reporting period[71]. - The company aims to continuously improve its internal control system and compliance with regulatory requirements[72]. Financial Performance and Revenue Growth - The total revenue for the year was RMB 3.5 billion, representing a year-over-year increase of 10%[56]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2022, representing a growth of 20% year-over-year[82]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion for the fiscal year, representing a 15% year-over-year growth[88]. - Future guidance indicates a revenue growth target of 12% for the next fiscal year[56]. - The company provided guidance for 2023, projecting revenue growth of 15% to 1.725 billion, driven by new product launches and market expansion strategies[82]. - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10%[151]. - New product launches are expected to contribute an additional RMB 500 million in revenue next year[56]. - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative technology solutions[88]. - New product launches are expected to contribute an additional $50 million in revenue over the next fiscal year[151]. Market Expansion and Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025[56]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 25% increase in market penetration by 2024[82]. - The company is focused on expanding its market presence and enhancing its operational efficiency through strategic management and oversight[100]. - Market expansion efforts include entering two new regions, aiming for a 20% increase in market share by the end of the year[107]. - The company is exploring partnerships with local firms to strengthen its distribution network in emerging markets[88]. Social Responsibility and Community Engagement - In 2022, the company signed 17 agreements to support rural revitalization, involving over 100 projects related to various agricultural products, ensuring a physical scale of approximately 260,000 tons[9]. - The company ranked 4th in the industry for rural revitalization evaluation and 6th for the "Insurance + Futures" evaluation during the 2021-2022 assessment period[9]. - The company emphasizes corporate social responsibility, actively participating in social welfare activities and promoting rural revitalization initiatives[7]. - During the reporting period, the company made donations totaling RMB 78,000 to support rural revitalization projects in Shandong Province[37]. - The company donated RMB 199,900 to implement a specialized assistance project for cattle feed cost insurance in the Tibet Autonomous Region[37]. Human Resources and Employee Development - The company has established a comprehensive human resources management system to protect employee rights and enhance their professional development[18]. - As of the end of the reporting period, the company had a total of 735 employees, with 58.78% male and 41.22% female[134]. - The age distribution of employees shows that 34.69% are under 30 years old, while 26.26% are between 31-35 years old[134]. - The educational background of employees indicates that 26.80% hold a master's degree or above, and 64.08% have a bachelor's degree[134]. - Employee training programs have been enhanced, with a 40% increase in participation compared to the previous year[111]. - The company aims to increase its workforce by 10% in 2023 to support growth initiatives and new projects[82]. Risk Management and Internal Controls - The board of directors emphasized the importance of risk management and internal controls in the upcoming fiscal year[56]. - The company has implemented measures to mitigate risks, including optimizing organizational structure and establishing comprehensive systems[65]. - The company is focused on strengthening supervision over major issues such as related transactions and external investment guarantees[72]. - The management team emphasizes the importance of compliance and regulatory adherence, which is crucial for maintaining investor confidence and market integrity[100]. Board Composition and Governance - The board consists of 9 members, including 2 executive directors and 7 non-executive directors, with 3 being independent non-executive directors[74]. - The company has a diverse board with members holding advanced degrees in finance and management, enhancing strategic decision-making capabilities[89][92][94]. - The independent directors bring a wealth of experience from academia and industry, which is expected to contribute to the company's strategic direction[89][92]. - The company is committed to maintaining high standards of corporate governance through the appointment of qualified independent directors[92]. - The management team has a strong academic background, with several members holding doctoral degrees in relevant fields[89][92]. Acquisitions and Strategic Investments - The company has completed a strategic acquisition of a competitor, enhancing its service offerings and expected to generate synergies worth RMB 200 million annually[56]. - A strategic acquisition of a fintech startup was announced, which is expected to contribute an additional 100 million in revenue over the next two years[82]. - The company has completed a strategic acquisition of a smaller competitor, enhancing its service offerings and customer base[108]. Awards and Recognition - The company received multiple awards in 2022, including "Best Futures Company" and "Best Financial Futures Service Award," highlighting its strong market position and service quality[194]. - The company received multiple awards from the Shanghai Futures Exchange, including the "Outstanding Work Award" and "Outstanding Organization Award" for the "Songlin Cup Investor Education Animation Competition"[197]. - The company was recognized by the Dalian Commodity Exchange with several awards, such as "Outstanding Member Gold Award" and "Outstanding Technical Service Award"[197]. - The company also received accolades from the Zhengzhou Commodity Exchange, including "Outstanding Member" and "Talent Cultivation Award"[197].

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公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 ZHONGTAI FUTURES Company Limited 中 泰 期 貨 股 份 有 限 公 司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：01461） 截 至2022年12月31日 止 年 度 之 年 度 業 績 公 告 中泰期貨股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司 （「本集團」）截至2022年12月31日止年度之經審計綜合年度業績，連同2021年同期的 比較數字。本公告列載本公司2022年年度報告全文，並符合《香港聯合交易所有限 公司證券上市規則》中有關年度業績初步公告附載的資料之披露要求。 本公司審計委員會已審閱本集團截至2022年12月31日止之綜合年度業績。 本 業 績 公 告 將 在 香 港 聯 合 交 易 所 有 限 公 司 網 站(www.hkexnews.hk)及 本 公 司 網 站 (www.ztqh.com)上刊發，本公司將 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2022, representing a year-on-year increase of 15%[1]. - Operating revenue for the first half of 2022 reached RMB 134,912 million, a 37.01% increase compared to RMB 98,466 million in the same period of 2021[15]. - Net profit attributable to shareholders was RMB 9,072 million, reflecting a 19.22% growth from RMB 7,609 million year-on-year[15]. - The net cash flow from operating activities surged by 334.65% to RMB 698,419 million, up from RMB 160,686 million in the previous year[15]. - The company reported a total profit of RMB 123,554,509.51, up from RMB 102,673,606.21 in the previous year[147]. - Basic earnings per share for the first half of 2022 were RMB 0.0905, compared to RMB 0.0759 in the same period of 2021[149]. - The company’s total comprehensive income for the first half of 2022 was RMB 91,028,427.69, compared to RMB 75,849,844.08 in the same period of 2021[149]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 3,088,160 million, a 49.32% increase from RMB 2,068,210 million at the end of 2021[16]. - Total liabilities increased by 55.03% to RMB 2,852,665 million, compared to RMB 1,840,014 million at the end of 2021[16]. - The asset-liability ratio increased to 45.74%, up 11.90 percentage points from 33.84% at the end of 2021[27]. - Owner's equity totaled RMB 2.35 billion as of June 30, 2022, compared to RMB 2.28 billion at the end of 2021, reflecting an increase of about 3.2%[139]. Market and Growth Strategy - User data showed an increase in active accounts by 20% compared to the previous year, reaching 500,000 active users[1]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share in the region by 2025[1]. - A strategic acquisition of a local brokerage firm was completed, which is anticipated to contribute an additional RMB 300 million in annual revenue[1]. - The company provided a future outlook, projecting a revenue growth of 10-15% for the second half of 2022[1]. Risk Management - The company has identified potential risks including regulatory changes and market volatility, with mitigation strategies in place[1]. - The company faces various risks including market risk, credit risk, liquidity risk, operational risk, and compliance risk due to uncertainties in its business activities[68][69]. - The company has established a scientific and effective risk management organizational structure, with the board of directors as the highest decision-making body for risk management[72]. - The risk management system covers all units of the company, embedded in various business segments, and includes risk indicators such as risk appetite and overall risk limits[74]. Employee and Training Initiatives - The group had a total of 685 employees at the end of the reporting period, an increase of 130 employees or 23% compared to the same period last year[64]. - The company organized 35 training sessions covering compliance, company regulations, product research, delivery operations, network security, and risk management[66]. - A total of 121 micro-courses were produced to enhance employees' wealth management skills, along with 57 courses in the "Wealth Management Knowledge Base" in collaboration with Zhongtai Securities[66]. Corporate Governance - Continuous improvement of the corporate governance structure ensures equal rights for all shareholders, particularly minority shareholders, and effective supervision of the management team[73]. - The company has established a "one committee and three layers" corporate governance structure to enhance governance levels and create shareholder value[90]. - The Audit Committee has been established in accordance with listing rules, responsible for reviewing and supervising the company's financial reporting procedures[98]. Future Outlook and Strategic Plans - The group plans to implement a dual-driven strategy of "internal + external" to enhance professional service capabilities and strengthen talent development in the second half of 2022[48]. - The group aims to optimize business layout and increase market development efforts while focusing on risk management capabilities to effectively control business risks[48].