Core Viewpoint - 弘业期货 experienced a decline of 3.70% on September 3, with a trading volume of 185 million yuan and a market capitalization of 11.549 billion yuan [1] Group 1: Company Overview - 弘业期货股份有限公司 primarily engages in commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, fund sales, and financial asset investment [2] - The company is the first A+H share listed company in the futures industry [2] - 弘业期货 is a state-owned enterprise controlled by the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission [3] Group 2: Financial Performance - As of June 30, 弘业期货 reported zero operating revenue for the first half of 2025, with a net profit attributable to shareholders of -3.6056 million yuan, a year-on-year decrease of 128.17% [7] - The company has distributed a total of 44.3422 million yuan in dividends since its A-share listing [8] Group 3: Market Activity - The main net inflow of funds today was -10.5405 million yuan, accounting for 0.06%, with the industry ranking 6 out of 27, indicating a reduction in main funds for three consecutive days [4] - The average trading cost of the stock is 12.88 yuan, with recent accumulation activity observed, although the strength of accumulation is weak [6] Group 4: Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 43.72% to 62,600, with an average of 0 circulating shares per person [7] - Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, holding 6.0653 million shares, an increase of 3.938 million shares compared to the previous period [8]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of September 2, with Northeast Electric (00042) leading at a premium rate of 770.97% and CATL (03750) at the bottom with -13.13% [1][2] Summary by Category Top AH Premium Rates - Northeast Electric (00042) has a premium rate of 770.97% with H-share priced at 0.310 HKD and A-share at 2.25 CNY [1] - Andeli Juice (02218) follows with a premium rate of 244.59%, H-share at 16.530 HKD and A-share at 47.55 CNY [1] - Hongye Futures (03678) ranks third with a premium rate of 244.34%, H-share at 4.150 HKD and A-share at 11.93 CNY [1] Bottom AH Premium Rates - CATL (03750) shows a negative premium rate of -13.13%, with H-share at 417.600 HKD and A-share at 302.87 CNY [1] - Heng Rui Medicine (01276) has a premium rate of 2.47%, H-share at 80.500 HKD and A-share at 68.87 CNY [1] - Midea Group (00300) has a premium rate of 5.09%, with H-share at 86.800 HKD and A-share at 76.16 CNY [1] Premium Deviation Values - Jinli Permanent Magnet (06680) has the highest deviation value at 33.67%, with a premium rate of 116.12% [1] - Changfei Optical Fiber (06869) follows with a deviation value of 31.15% and a premium rate of 137.88% [1] - Andeli Juice (02218) also ranks high with a deviation value of 27.61% [1] Bottom Premium Deviation Values - BYD (01211) has the lowest deviation value at -54.46%, with a premium rate of 18.94% [2] - Great Wall Motors (02333) has a deviation value of -23.27% [2] - Longpan Technology (02465) shows a deviation value of -21.31% [2]

Core Viewpoint - The performance of four A-share futures companies in the first half of the year was disappointing compared to the overall industry, with significant revenue and profit declines for most of them [1][2]. Group 1: Company Performance - The four companies, Nanhua Futures, Yong'an Futures, Ruida Futures, and Hongye Futures, reported a total revenue of 80.27 billion yuan and a net profit of 6.25 billion yuan in the first half of the year [1]. - Ruida Futures was the only company to achieve both revenue and net profit growth, with a revenue of 10.47 billion yuan (up 4.49%) and a net profit of 2.28 billion yuan (up 66.49%) [2]. - Yong'an Futures had the highest revenue at 55.56 billion yuan, but it saw a significant decline of 54.12% year-on-year, with a net profit of 1.7 billion yuan, down 44.69% [2]. - Nanhua Futures reported a revenue of 11.01 billion yuan, down 58.27%, but its net profit slightly increased by 0.46% to 2.31 billion yuan [2]. Group 2: Industry Trends - The overall futures industry saw a cumulative net profit of 50.74 billion yuan, a year-on-year increase of 32%, and a total revenue of 186.76 billion yuan, up 3.89% [2]. - The futures market was active, with a total trading volume of 40.76 billion contracts and a trading value of 339.73 trillion yuan, reflecting year-on-year growth of 17.82% and 20.68%, respectively [3]. Group 3: Business Adjustments - Companies are actively responding to challenges in their brokerage businesses, with Yong'an Futures establishing a reform task force and Hongye Futures adjusting its business layout [4]. - The industry is facing a "price war" in brokerage fees, leading to a cycle of profit compression and lack of innovation for smaller firms [4]. - New regulations from the China Futures Association aim to improve competition and service quality in the brokerage sector [4]. Group 4: Business Expansion - Ruida Futures' asset management business saw significant growth, with revenue increasing by 223.83% to 1.21 billion yuan, contributing to its overall performance [5]. - Nanhua Futures is focusing on overseas business, with over 50% of its revenue coming from international operations, and it has made significant progress in clearing qualifications [6]. - Yong'an Futures is also expanding its overseas business through its subsidiary, which contributed 43% to its net profit [6].

Core Viewpoint - 弘业期货 experienced a decline of 3.09% on September 2, with a trading volume of 249 million yuan and a market capitalization of 11.993 billion yuan [1] Group 1: Company Overview - 弘业期货股份有限公司 primarily engages in commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, fund sales, and financial asset investment [2] - The company is the first A+H share listed company in the futures industry [2] - 弘业期货 is a state-owned enterprise controlled by the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission [3] Group 2: Financial Performance - As of June 30, 弘业期货 reported zero operating income for the first half of 2025, with a net profit attributable to shareholders of -3.6056 million yuan, a year-on-year decrease of 128.17% [7] - The company has distributed a total of 44.3422 million yuan in dividends since its A-share listing [8] Group 3: Market Activity - The main net inflow of funds today was -29.3422 million yuan, accounting for 0.12%, with the industry ranking 14 out of 27 [4] - The average trading cost of the stock is 12.91 yuan, with the current stock price near a support level of 11.84 yuan [6] Group 4: Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 43.72% to 62,600 [7] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable increases in their holdings [8]

Core Viewpoint - The company reported significant declines in revenue and net profit for the first half of 2025 compared to the same period last year, indicating financial distress and operational challenges [1]. Financial Performance - Total revenue for the reporting period was approximately 322.53 million yuan, down from 1,028.47 million yuan in the same period last year, representing a decrease of about 68.64% [1]. - The net profit attributable to shareholders was a loss of approximately 3.61 million yuan, compared to a profit of 12.80 million yuan in the previous year [1]. - The net profit after deducting non-recurring gains and losses was also a loss of approximately 3.55 million yuan, down from 10.74 million yuan [1]. - The basic and diluted earnings per share were both -0.0036 yuan, compared to 0.0127 yuan in the previous year [1]. - The weighted average return on equity was -0.19%, a decrease of 0.88 percentage points year-on-year [20]. Cash Flow Analysis - The net cash flow from operating activities was -869.89 million yuan, a decrease of 3.20 billion yuan compared to the previous year [22]. - The net cash flow from financing activities was -1.35 million yuan, an increase of 10.5 million yuan year-on-year [22]. - The net cash flow from investing activities was -66.72 million yuan, compared to -191 million yuan in the same period last year [22]. Asset and Liability Changes - Total assets at the end of the reporting period were approximately 10.76 billion yuan, down from 11.70 billion yuan at the end of the previous year [1]. - Total liabilities were approximately 8.90 billion yuan, down from 9.82 billion yuan [1]. - The company's cash and cash equivalents decreased by 13.27% compared to the end of the previous year, while inventory decreased by 99.69% [28]. Shareholder Structure - The top ten shareholders at the end of the first half of 2025 included new shareholders Qin Xuechen, Yang Yuyi, and Wang Zhisheng, replacing previous shareholders [34]. - The shareholding proportions of several institutional investors, such as Hong Kong Central Clearing Limited and Morgan Stanley & Co. International PLC, saw changes [35]. Valuation Metrics - As of the market close on August 29, the company's price-to-earnings (TTM) ratio was approximately 939.45 times, the price-to-book (LF) ratio was about 6.77 times, and the price-to-sales (TTM) ratio was around 5.81 times [1].

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8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: 蘇豪弘業期貨股份有限公司 呈交日期: 2025年9月1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) | 03678 | 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 | | | 249,700,000 | RMB | | | 1 RMB | | 249,700,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 249,700,000 | RMB | | | 1 RMB | | 249,700,000 | | 2. 股份分類 | 普 ...

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8月31日 狀態: 新提交 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) | 03678 | 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 | | | 249,700,000 | RMB | | | 1 RMB | | 249,700,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 249,700,000 | RMB | | | 1 RMB | | 249,700,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | ...

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 785.25%, Hongye Futures (03678) at 247.54%, and Andeli Juice (02218) at 235.17% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -13.42%, Hengrui Medicine (01276) at 2.98%, and Midea Group (00300) at 5.69% [1] - The article also lists the companies with the highest deviation values, with Jinli Permanent Magnet (06680) at 38.75%, Beijing Machinery (00187) at 24.13%, and Zhejiang Shibao (01057) at 20.83% [1] Group 2 - The top ten AH stocks by premium rate include Fudan Zhangjiang (01349) at 227.99% and Sinopec Oilfield Service (01033) at 217.95% [1] - The bottom ten AH stocks by premium rate include Zijin Mining (02899) at 5.95% and China Merchants Bank (03968) at 8.52% [1] - The article provides a detailed table of the top and bottom AH stocks, including their H-share prices, A-share prices, premium rates, and deviation values [1][2]

Core Viewpoint - 弘业期货 is a significant player in the futures market, being the first A+H share listed company in the industry, with a focus on various financial services including futures brokerage and asset management [2][7]. Company Overview - 弘业期货主要从事商品期货经纪、金融期货经纪、期货投资咨询、资产管理、基金销售和金融资产投资业务 [7]. - The company was established on July 31, 1995, and was listed on August 5, 2022 [7]. - As of June 30, 2025, 弘业期货 reported a revenue of 0.00 yuan and a net profit of -3.61 million yuan, a year-on-year decrease of 128.17% [7]. Financial Performance - The company had a trading volume of 2.42 billion yuan on August 29, with a market capitalization of 12.607 billion yuan [1]. - The average trading cost of the stock is 12.99 yuan, with the current price near a support level of 12.39 yuan [6]. - The company has distributed a total of 44.3422 million yuan in dividends since its A-share listing [8]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 43.72% to 62,600 [7]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable increases in their holdings [8]. Market Position - 弘业期货 is categorized under the non-bank financial sector, specifically in the futures segment, and is involved in various investment concepts including state-owned enterprise reform and venture capital [2][3][7].

Core Insights - 弘业期货 reported a significant decline in revenue and profit for the first half of 2025, with total operating revenue of 323 million yuan, a decrease of 706 million yuan or 68.64% year-on-year [1] - The company experienced a net profit loss of 3.61 million yuan, down 16.41 million yuan or 128.17% compared to the same period last year [1] - Operating cash flow showed a net outflow of 870 million yuan, a decrease of 3.20 billion yuan or 137.37% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio stands at 82.68%, ranking 18th among peers, with an increase of 3.02 percentage points from the previous quarter but a decrease of 2.83 percentage points year-on-year [3] - Return on equity (ROE) is reported at -0.19%, ranking 22nd among peers, down 0.88 percentage points from the same period last year [3] - The diluted earnings per share is -0.00 yuan, ranking 22nd among peers, a decrease of 0.02 yuan or 128.35% year-on-year [3] Operational Efficiency - The total asset turnover ratio is 0.03 times, ranking 17th among peers, which is a decrease of 0.06 times or 69.11% compared to the same period last year [4]