Group 1 - The core viewpoint of the article is that Hongye Futures held its fifth board meeting on August 28, 2025, to discuss various proposals, including the authorization of the management team [1] - For the fiscal year 2024, the revenue composition of Hongye Futures is as follows: futures and options brokerage business accounted for 6.43%, client fund deposits accounted for 4.1%, asset management business revenue accounted for 0.22%, and repurchase agreements accounted for 0.05% [1] - As of the report date, the market capitalization of Hongye Futures is 12.6 billion yuan [1] Group 2 - The article mentions that over 20,000 applications have been submitted for joining Haidilao, with 41 franchises already opened, indicating a significant interest in the brand [1] - The estimated investment required to join Haidilao is around 10 million yuan, which is considered a reasonable amount for potential franchisees [1]

苏豪弘业期货股份有限公司 证券代码：001236 证券简称： 公告编号：2025-042 苏豪弘业期货股份有限公司（以下简称"本公司"、"公司"）于2025年8月28日以 通讯方式召开了第五届监事会第四次会议，本次会议通知已于2025年8月14日以电子邮件 等通讯方式发出。本次会议应出席监事3人，实际出席3人，部分高管列席会议。会议由监 事会主席黄东彦主持，会议的召开符合《中华人民共和国公司法》《深圳证券交易所股票 上市规则》等有关法律法规和《苏豪弘业期货股份有限公司章程》的规定。 第五届监事会第四次会议决议公告 一、会议召开情况 二、会议表决情况 （一）会议审议通过了《关于公司2025年半年度报告（A股）及摘要的议案》。 监事会认为董事会编制和审议《2025年半年度报告》全文及摘要的程序符合法律、行 政法规和中国证监会、深圳证券交易所的有关规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在虚假记载、误导性陈述或者重大遗漏。 具体内容详见本公司同日披露在巨潮资讯网（http://www.cninfo.com.cn）的《2025 年半年度报告》《2025年半年度报告摘要》（公告编号：2025-044 ...

证券代码：001236 证券简称： 公告编号：2025-041 苏豪弘业期货股份有限公司 第五届董事会第五次会议决议公告 一、董事会会议召开情况 苏豪弘业期货股份有限公司（以下简称"本公司"或"公司"）于2025年8月28日在 公司会议室以现场结合通讯会议方式召开了第五届董事会第五次会议。提议召开本次会议 的通知已于2025年8月14日以电子邮件方式发出。会议由董事长储开荣先生主持，本次会 议应出席董事7人，实际出席7人，监事及部分高管列席会议。会议召开符合《中华人民共 和国公司法》《深圳证券交易所股票上市规则》等有关法律法规和《苏豪弘业期货股份有 限公司章程》（以下简称"《公司章程》"）的规定。 二、董事会会议审议情况 经审议，本次会议表决形成如下决议： （一）会议审议通过了《关于公司变更会计政策的议案》。 （三）会议审议通过了《关于公司2025年中期业绩公告与中期报告（H股）的议案》。 为确保公司财务规范性并符合监管要求，本公司需变更会计政策，并对2025年一季报 进行追溯调整。 具体内容详见本公司同日披露在巨潮资讯网（http://www.cninfo.com.cn）的《关于 会计政策变更的公告》（公告 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) Management guarantees the authenticity, accuracy, and completeness of the report and plans no dividend distribution for the period - The company's Board of Directors, Supervisory Committee, and senior management guarantee the **truthfulness, accuracy, and completeness** of the report's content[4](index=4&type=chunk) - The company's legal representative, chief accounting officer, and head of the accounting department declare the financial reports to be **true, accurate, and complete**[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's structured table of contents, covering key chapters such as company profile and management discussion - The report includes key sections such as Company Profile, Management Discussion and Analysis, Corporate Governance, and Financial Reports[7](index=7&type=chunk) [Directory of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section provides a list of reference documents available for inspection, including signed financial statements and audit reports - Available documents include financial statements signed and sealed by the legal representative, chief accounting officer, and head of the accounting department[9](index=9&type=chunk) - Available documents include the original review report sealed by the accounting firm and signed by certified public accountants[10](index=10&type=chunk) - Available documents include originals of all company documents and announcements publicly disclosed on CSRC-designated websites during the reporting period[11](index=11&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, covering exchanges, corporate entities, regulations, and related parties - Key terms such as SZSE, A-shares, H-shares, Shareholders' Meeting, Board of Directors, and Supervisory Committee are defined[15](index=15&type=chunk) - Related corporate entities such as Holly Capital, Holly International Asset Management, and SOHO Holly are defined[15](index=15&type=chunk)[17](index=17&type=chunk) - The reporting period is defined as **January 1, 2025, to June 30, 2025**, with the period-end date being June 30, 2025[15](index=15&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) SOHO Holly Futures Co, Ltd is listed on the Shenzhen and Hong Kong stock exchanges under the stock name "Holly Futures" - Company stock tickers are **Holly Futures (A-share: 001236, H-share: 03678)**[19](index=19&type=chunk) - The company is listed on the Shenzhen Stock Exchange and The Stock Exchange of Hong Kong Limited[19](index=19&type=chunk) - The company's legal representative is Chu Kairong[19](index=19&type=chunk) [Contacts and Contact Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The Board Secretary is Huang Haiqing and the Securities Affairs Representative is Zheng Chen, with contact details provided - Board Secretary: Huang Haiqing; Securities Affairs Representative: Zheng Chen[20](index=20&type=chunk) - Contact Address: Building 3, 399 Jiangdong Middle Road, Jianye District, Nanjing[20](index=20&type=chunk) [Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address and contact information remained unchanged, while its legal name was updated to "SOHO Holly Futures Co, Ltd" - The company's registered address, office address, website, and email address remained unchanged during the reporting period[21](index=21&type=chunk) - The company completed the business registration for its name change to **"SOHO Holly Futures Co., Ltd."**[24](index=24&type=chunk) - The company terminated the change of its securities abbreviation, which remains **"Holly Futures"**[24](index=24&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, consolidated revenue and net profit declined significantly, with operating cash flow turning negative Consolidated Key Accounting Data and Financial Indicators (H1 2025 vs H1 2024) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 322,533,183.99 | 1,028,472,688.28 | -68.64% | | Net Profit Attributable to Shareholders | -3,605,648.27 | 12,800,679.99 | -128.17% | | Net Cash Flow from Operating Activities | -869,887,774.18 | 2,327,794,770.86 | -137.37% | | Basic Earnings Per Share | -0.0036 | 0.0127 | -128.35% | | Total Assets (Period-end) | 10,761,175,753.04 | 11,699,369,620.88 | -8.02% | | Net Assets Attributable to Shareholders (Period-end) | 1,863,529,652.47 | 1,876,778,653.33 | -0.71% | Parent Company Key Accounting Data and Financial Indicators (H1 2025 vs H1 2024) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 97,836,282.29 | 159,066,325.80 | -38.49% | | Net Profit | -14,323,940.68 | 18,702,369.86 | -176.59% | | Net Cash Flow from Operating Activities | -1,137,036,623.30 | 2,399,217,059.62 | -147.39% | | Basic Earnings Per Share | -0.0142 | 0.0185 | -176.76% | | Total Assets (Period-end) | 10,059,805,178.75 | 10,918,590,380.43 | -7.87% | | Total Equity (Period-end) | 1,873,009,499.07 | 1,894,293,435.90 | -1.12% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=9&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) No discrepancies exist in net profit or net assets between financial reports prepared under IFRS, foreign, and Chinese accounting standards - The company had no discrepancies in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[27](index=27&type=chunk) - The company had no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[28](index=28&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=9&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss for the period totaled -58,602.64 Yuan, mainly from asset disposals and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets | -397,831.82 | | Government grants recognized in current profit or loss | 18,795.27 | | Other non-operating income and expenses | 300,899.70 | | Less: Income tax effect | -19,534.21 | | Total | -58,602.64 | - The company has no other profit or loss items that meet the definition of non-recurring profit and loss[30](index=30&type=chunk) [Parent Company's Net Capital and Related Risk Control Indicators](index=9&type=section&id=%E4%B8%83%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%87%80%E8%B5%84%E6%9C%AC%E5%8F%8A%E6%9C%89%E5%85%B3%E9%A3%8E%E9%99%A9%E6%8E%A7%E5%88%B6%E6%8C%87%E6%A0%87) At the end of the period, the parent company's net capital was 753 million Yuan, a decrease of 17.61% year-over-year Parent Company's Net Capital and Related Risk Control Indicators (End of H1 2025 vs End of 2024) | Item | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change from Prior Year-end | | :--- | :--- | :--- | :--- | | Net Capital | 753,462,363.14 | 914,534,075.20 | -17.61% | | Net Assets | 1,873,009,499.07 | 1,894,293,435.90 | -1.12% | | Net Capital / Sum of Various Risk Capital Reserves | 304.42% | 253.13% | 51.29% | | Net Capital / Net Assets | 40.23% | 48.28% | -8.05% | | Net Capital / Liabilities | 337.05% | 361.71% | -24.66% | | Net Assets / Liabilities | 837.87% | 749.21% | 88.66% | Management Discussion and Analysis [Principal Business Activities During the Reporting Period](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) [Industry Overview During the Reporting Period](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E7%9A%84%E6%83%85%E5%86%B5) In H1 2025, China's futures market remained active amid global economic uncertainties, with trading volume and value growing YoY - In H1 2025, the global economic recovery was uneven and geopolitical conflicts intensified, but China's futures market remained active[34](index=34&type=chunk)[36](index=36&type=chunk) National Futures Market Trading Data for H1 2025 | Indicator | Cumulative Trading Volume | Cumulative Trading Value | YoY Growth | | :--- | :--- | :--- | :--- | | Jan-Jun 2025 | 4.08 billion lots | 339.7 trillion Yuan | 17.8% (Volume), 20.7% (Value) | - The CSRC plans to formulate "Supervisory and Administrative Measures for Derivatives Trading" and amend "Supervisory and Administrative Measures for Futures Companies"[35](index=35&type=chunk) - The "Futures Company Classification and Evaluation Rules (Draft for Comment)" guides compliance, focus on core business, and service enhancement[36](index=36&type=chunk) [Principal Business Activities During the Reporting Period](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main businesses include futures brokerage, asset management, fund sales, risk management, and overseas financial services - The company's main businesses include commodity and financial futures brokerage, investment consulting, asset management, fund sales, risk management, and financial asset investment[37](index=37&type=chunk)[40](index=40&type=chunk) - The company is a full member of SHFE, DCE, ZCE, INE, and GFEX, and a general clearing member of CFFEX, offering agency trading for all domestic futures and options products[37](index=37&type=chunk) - Wholly-owned subsidiary Holly Capital focuses on commodity trading and risk management, while Holly International Financial provides overseas securities, futures, and asset management services[37](index=37&type=chunk)[39](index=39&type=chunk) [Business Performance](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%9A%E7%BB%A9%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In H1 2025, revenue was 323 million Yuan and net profit was -3.61 million Yuan, with significant YoY declines H1 2025 Performance Overview | Indicator | Amount/Data | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 323 million Yuan | -68.64% | | Total Profit | -5.67 million Yuan | -134.12% | | Net Profit | -3.61 million Yuan | -128.17% | | Average Daily Client Equity | 7.31 billion Yuan | -18.71% | | Trading Volume | 36.21 million lots | -24.34% | | Total Assets (Period-end) | 10.76 billion Yuan | -8.02% (vs prior year-end) | | Net Assets (Period-end) | 1.86 billion Yuan | -0.71% (vs prior year-end) | - **Assets under management reached 3.10 billion Yuan**, a decrease of 80.75% from year-end 2024; asset management fee income decreased by 53.86% YoY[42](index=42&type=chunk) - Risk management business spot trading volume reached **1.40 billion Yuan, a YoY increase of 66.43%**; new notional principal for OTC options grew 3.1% YoY to 18.66 billion Yuan[43](index=43&type=chunk) - Added 281 new fund products for distribution, bringing the total to over 2,600, actively expanding into private fund sales[43](index=43&type=chunk) - The financial asset investment business generated **7.86 million Yuan in disposal and dividend income** and 25.26 million Yuan in fair value change gains[45](index=45&type=chunk) [Prospects and Future Plans](index=13&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%89%8D%E6%99%AF%E5%8F%8A%E6%9C%AA%E6%9D%A5%E8%AE%A1%E5%88%92) The company aims to become a leading domestic and internationally renowned derivatives service provider by strengthening its core business and services - The company's strategic goal is to "become a leading domestic and internationally renowned comprehensive derivatives service provider," focusing on strengthening its core business, optimizing services, and refining technology[46](index=46&type=chunk) - It will build a diversified business structure based on futures brokerage, with risk management as the core, asset management and research as wings, and cross-border services as a bridge[46](index=46&type=chunk) - Plans include deepening mechanism reform to create a "small back-office, strong middle-office, large front-office" operating model and advancing market-oriented compensation reform[46](index=46&type=chunk) - Brokerage business will optimize resource allocation and enhance client profiling; asset management will phase out channel business and apply for a public fund management license[47](index=47&type=chunk) - Risk management will expand positive arbitrage and serve the real economy; international business will strengthen overseas teams and expand to Singapore, the UK, and the US[48](index=48&type=chunk) - The company will advance refined management through technology, aiming for comprehensive digitalization, intelligence, and AI integration, and build a three-tiered research framework[49](index=49&type=chunk)[50](index=50&type=chunk) - It will focus on talent acquisition and development through multiple channels, including headhunting, industry invitations, and university partnerships[50](index=50&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Core strengths include a prime geographic location, extensive network, innovation capabilities, stable trading platforms, and comprehensive business qualifications - Headquartered in Nanjing, the company has **16 branches in Jiangsu Province**, benefiting from the province's stable economic growth[51](index=51&type=chunk) - The company has **35 branches** covering major economic regions in China and a wholly-owned subsidiary in Hong Kong for overseas services[52](index=52&type=chunk) - The company actively seizes industry reform opportunities to expand asset management and risk management businesses[53](index=53&type=chunk) - The company provides a highly efficient and stable online trading platform with **3 independent data centers** and multiple high-speed trading systems[54](index=54&type=chunk) - The company possesses strong client service capabilities, including a stable sales team and a national postdoctoral research station[55](index=55&type=chunk) - The company has an experienced and stable senior management team and has been honored as a "National Civilized Unit"[56](index=56&type=chunk) - The company and its subsidiaries hold comprehensive domestic and overseas business qualifications covering futures brokerage, asset management, and risk management[57](index=57&type=chunk)[58](index=58&type=chunk) - The company has established a strong market reputation, earning honors such as "National Civilized Unit" and "2024 Financial System Lei Feng Spirit Model"[58](index=58&type=chunk)[59](index=59&type=chunk) [Analysis of Main Business Operations](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, total operating revenue fell 68.64% YoY, primarily due to an accounting change in revenue recognition for the risk management business YoY Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 322,533,183.99 | 1,028,472,688.28 | -68.64% | Accounting standard change; trading business revenue recognized on a net basis, standard warehouse receipt transactions not recognized as revenue/cost | | Total Operating Expenses | 328,410,621.31 | 1,013,836,457.25 | -67.61% | Accounting standard change; standard warehouse receipt transactions not recognized as revenue/cost | | Income Tax Expense | -2,064,767.69 | 3,816,023.26 | -154.11% | Decrease in main business revenue and increase in expenses | | Net Cash Flow from Operating Activities | -869,887,774.18 | 2,327,794,770.86 | -137.37% | Decrease in client equity scale | | Net Cash Flow from Investing Activities | -66,720,557.22 | -191,260,183.61 | 65.12% | Decrease in external investment in financial assets | | Net Cash Flow from Financing Activities | -13,540,705.03 | -118,318,230.63 | 88.56% | Higher net loan repayments in the prior year period | | Net Increase in Cash and Cash Equivalents | -949,622,117.40 | 2,019,159,343.72 | -147.03% | Decrease in client equity scale | Breakdown of Total Operating Revenue | Item | Current Period Amount (Yuan) | % of Total Revenue | Prior Year Period Amount (Yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Futures Brokerage & Asset Management | 106,337,880.71 | 32.97% | 150,374,581.95 | 14.62% | -29.28% | | Commodity Trading & Risk Management | 216,195,303.28 | 67.03% | 878,098,106.33 | 85.38% | -75.38% | | Total Operating Revenue | 322,533,183.99 | 100% | 1,028,472,688.28 | 100% | -68.64% | - The significant YoY decrease in total operating revenue was mainly due to adjustments in revenue recognition standards following new regulations for risk management companies[65](index=65&type=chunk)[66](index=66&type=chunk) Main Business by Segment | Business Segment | Total Operating Revenue (Yuan) | Total Operating Expenses (Yuan) | Operating Profit Margin | YoY Change in Revenue | YoY Change in Expenses | YoY Change in Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Futures Brokerage & Asset Management | 106,337,880.71 | 124,454,907.94 | -14.56% | -29.28% | -17.59% | -14.13% | | Commodity Trading & Risk Management | 216,195,303.28 | 203,955,713.37 | 6.00% | -75.38% | -76.36% | 4.26% | Total Operating Revenue by Region | Region | Current Period Revenue (Yuan) | Prior Year Period Revenue (Yuan) | YoY Change in Revenue | | :--- | :--- | :--- | :--- | | Mainland China | 311,621,404.43 | 1,016,058,777.63 | -69.33% | | Hong Kong, China | 10,911,779.56 | 12,413,910.65 | -12.10% | | Total | 322,533,183.99 | 1,028,472,688.28 | -68.64% | Operating Profit by Region | Region | Current Period Operating Profit (Yuan) | Prior Year Period Operating Profit (Yuan) | YoY Change in Operating Profit | | :--- | :--- | :--- | :--- | | Mainland China | -9,109,191.72 | 11,552,848.53 | -178.85% | | Hong Kong, China | 3,231,754.40 | 3,083,382.50 | 4.81% | | Total | -5,877,437.32 | 14,636,231.03 | -140.16% | [Analysis of Non-core Business](index=18&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business significantly impacted total profit, with investment income and fair value changes being major but unsustainable contributors Non-core Business Items and Impact on Total Profit | Item | Amount (Yuan) | % of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 7,858,745.55 | 138.59% | No | | Fair Value Change Gains/Losses | 25,259,666.92 | 445.46% | No | | Asset Impairment | -493,550.41 | -8.70% | No | | Non-operating Income | 253,443.16 | 4.47% | No | | Non-operating Expenses | 46,421.80 | 0.82% | No | | Other Income | 112,673.61 | 1.99% | No | | Exchange Gains/Losses | 809,128.78 | 14.27% | No | | Asset Disposal Gains/Losses | -397,831.82 | -7.02% | No | - Investment income primarily came from the disposal of trading financial assets and derivative financial instruments[74](index=74&type=chunk) - Fair value change gains/losses were mainly from the company's investments in trading financial assets and derivative financial instruments[74](index=74&type=chunk) - Asset impairment was mainly due to the decline in spot commodity prices held by the subsidiary Holly Capital for its basis trading business, though the actual impact was offset by gains on the futures side[74](index=74&type=chunk)[75](index=75&type=chunk) [Analysis of Assets and Liabilities](index=19&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) [Significant Changes in Asset Composition](index=19&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Cash and inventories decreased due to reduced client equity and accounting changes, while trading financial assets and other assets increased Significant Changes in Asset Composition (End of H1 2025 vs End of 2024) | Item | Current Period-end Amount (Yuan) | % of Total Assets | Prior Year-end Amount (Yuan) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 6,251,932,723.93 | 58.10% | 7,208,804,109.21 | 61.62% | -3.52% | Decrease in client equity scale | | Trading Financial Assets | 366,599,545.46 | 3.41% | 280,696,608.62 | 2.40% | 1.01% | Increase in financial asset investment scale | | Inventories | 1,251,884.11 | 0.01% | 409,626,350.92 | 3.50% | -3.49% | Change in accounting for standard warehouse receipts | | Other Assets | 203,833,482.69 | 1.89% | 83,821,463.44 | 0.72% | 1.17% | Change in accounting for standard warehouse receipts | | Margin Deposits Payable | 7,957,988,781.04 | 73.95% | 8,812,672,179.43 | 75.33% | -1.38% | Decrease in client equity scale | | Contract Liabilities | 3,856,245.20 | 0.04% | 0.00 | 0.00% | 0.04% | Increase in advance payments received for basis trading | | Notes Payable | 291,307,748.53 | 2.71% | 237,954,486.22 | 2.03% | 0.68% | New bank acceptance bills issued | [Major Overseas Assets](index=22&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[80](index=80&type=chunk) [Assets and Liabilities Measured at Fair Value](index=22&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) At period-end, financial assets measured at fair value totaled 451 million Yuan, with financial liabilities at 17.92 million Yuan Assets and Liabilities Measured at Fair Value (Period-end) | Item | Opening Balance (Yuan) | Fair Value Change in Current Period (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | | Financial Assets Subtotal | 330,814,249.37 | 71,069,475.34 | 451,390,067.47 | | Investment Properties | 48,467,078.00 | 0.00 | 48,467,078.00 | | Total Above | 379,281,327.37 | 70,004,137.12 | 651,625,269.46 | | Financial Liabilities | 17,772,420.10 | -44,744,470.20 | 17,916,000.85 | - Other changes in other debt investments represent accrued interest at period-end; other changes in other equity instrument investments are due to exchange rate fluctuations on futures membership investments[81](index=81&type=chunk) [Restricted Assets as of the Reporting Period End](index=23&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) Details of restricted assets as of the reporting period end are provided in Note VII, 21 of the financial statements - For details on restricted assets as of the reporting period end, please refer to Note VII, 21 of the financial statements[81](index=81&type=chunk) [Investment Analysis](index=23&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) [Overall Situation](index=23&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) The company's total investment amount during the reporting period was 409 million Yuan, a YoY increase of 24.79% Investment Amount During the Reporting Period | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | | 409,256,935.36 | 327,967,148.63 | 24.79% | [Significant Equity Investments Acquired During the Reporting Period](index=23&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company did not acquire any significant equity investments during the reporting period - The company had no significant equity investments acquired during the reporting period[83](index=83&type=chunk) [Significant Non-equity Investments in Progress During the Reporting Period](index=23&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no significant ongoing non-equity investments during the reporting period - The company had no significant ongoing non-equity investments during the reporting period[83](index=83&type=chunk) [Financial Asset Investments](index=23&type=section&id=4%E3%80%81%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7%E6%8A%95%E8%B5%84) Financial asset investments mainly consist of securities, with trading financial assets totaling 367 million Yuan at period-end Securities Investment Details (Partial) | Security Code | Security Name | Investment Cost (Yuan) | Period-end Book Value (Yuan) | Amount Recognized in P&L (Yuan) | | :--- | :--- | :--- | :--- | :--- | | N/A | Nord Fund Innovation PIPE No. 31 Collective Asset Management Plan | 28,500,000.00 | 33,231,000.00 | 570,000.00 | | SAFR6 | Xingran Holly Stable No. 1 Private Securities Investment Fund | 25,000,000.00 | 32,138,286.83 | 609,560.76 | | SAZU8 | Binfeng Chris No. 2 Private Securities Investment Fund | 28,000,000.00 | 27,994,400.00 | -5,600.00 | | AGL54 | Xingran Holly Stable No. 2 Private Securities Investment Fund | 21,000,038.89 | 26,391,203.99 | 445,403.69 | | SAZQ9 | Qingyan Xinda No. 5 Private Securities Investment Fund | 25,000,000.00 | 25,000,000.00 | 0.00 | | N/A | Kunwang Vision No. 1 Private Securities Investment Fund | 25,000,000.00 | 24,933,657.67 | -2.33 | | SEF49 | Rongzhi Qianxing Private Securities Investment Fund | 20,973,430.53 | 21,916,281.25 | 860,083.06 | | ACF37 | Ruoshui No. 1 Private Securities Investment Fund | 20,000,000.00 | 21,039,796.79 | 1,039,796.79 | | N/A | Nord Fund Innovation PIPE Investment Fund | 18,500,000.00 | 20,458,078.56 | 469,470.47 | | SLB76 | Luoshu Investment Private Fund Ruize Fund Quantitative Hedging No. 15 Collective Asset Management Plan | 15,000,000.00 | 15,085,624.58 | 85,624.58 | - The company had no derivative investments during the reporting period[87](index=87&type=chunk) [Use of Raised Funds](index=25&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) There were no changes to the projects funded by raised capital during the reporting period - There were no changes to projects funded by raised capital during the reporting period[88](index=88&type=chunk) [Sale of Major Assets and Equity](index=25&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[89](index=89&type=chunk) - The company did not sell any major equity during the reporting period[90](index=90&type=chunk) [Analysis of Major Holding and Investee Companies](index=26&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major subsidiaries include Holly Capital, engaged in risk management with a net profit of 9.17 million Yuan, and Holly International Financial Financials of Major Subsidiaries (H1 2025) | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Total Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Holly Capital Management Co., Ltd. | Subsidiary | Basis trading, cooperative hedging, warehouse receipt services, OTC derivatives, market making | 500,000,000.00 | 1,220,331,977.35 | 550,926,547.15 | 216,195,303.28 | 12,239,589.91 | 9,165,471.64 | | Holly International Financial Holding Co., Ltd. | Subsidiary | Futures trading, securities trading | HKD 240,000,000.00 | 527,164,836.33 | 174,627,193.70 | 10,911,779.56 | 3,231,754.40 | 3,290,501.54 | - The company did not acquire or dispose of any subsidiaries during the reporting period[91](index=91&type=chunk) [Structured Entities Controlled by the Company](index=26&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) Information on structured entities controlled by the company is detailed in Note IX of the financial report - For details on structured entities controlled by the company, please refer to Note IX, Interests in Other Entities, in Section VIII of the financial report[92](index=92&type=chunk) [Risks and Countermeasures](index=26&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) [Risk Factors, Uncertainties, and Countermeasures](index=26&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0%EF%BC%8C%E4%B8%8D%E7%A1%AE%E5%AE%9A%E6%80%A7%E5%8F%8A%E5%AF%B9%E7%AD%96) The company faces policy, operational, market, credit, and ESG risks, which it manages through proactive monitoring and robust internal controls - The company's operations face **policy risk, risk management and internal control risk, moral risk, market risk, credit risk, information technology risk, and ESG risk**[93](index=93&type=chunk) - The company actively studies national policies, industry dynamics, and regulations to mitigate policy risks[94](index=94&type=chunk) - The company controls risk management and internal control risks by establishing internal control systems and updating management rules[96](index=96&type=chunk) - The company prevents moral risk by blocking employee trading ports, establishing accountability mechanisms, and strengthening employee training[97](index=97&type=chunk) - The company addresses market risk by focusing on low-volatility asset allocation, enhancing technology, and closely monitoring market trends[98](index=98&type=chunk)[99](index=99&type=chunk) - The company controls credit risk through strict account opening procedures, investor suitability management, and investor education[101](index=101&type=chunk) - The company continuously increases investment in information technology and improves risk management systems to address IT risks[102](index=102&type=chunk) - The company has established an ESG governance structure to identify and respond to ESG risks and opportunities, exploring green finance and strengthening data security[104](index=104&type=chunk)[105](index=105&type=chunk) [Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=29&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not established a market value management system or disclosed a valuation enhancement plan - The company has not established a market value management system[106](index=106&type=chunk) - The company has not disclosed a valuation enhancement plan[106](index=106&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=29&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[106](index=106&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the period, Jiang Haiying was elected as a non-executive director, and Zhao Dong was dismissed as Deputy General Manager due to a work transfer Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Jiang Haiying | Non-executive Director | Elected | 2025-02-18 | Re-election | | Jiang Lin | Non-executive Director | Term Expired | 2025-02-18 | Re-election | | Gong Qi | Employee Representative Supervisor | Elected | 2025-02-18 | Re-election | | Zhang Lei | Employee Representative Supervisor | Term Expired | 2025-02-18 | Re-election | | Zhao Dong | Deputy General Manager | Dismissed | 2025-05-27 | Work Transfer | [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=30&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the first half of the year - The company plans **not to distribute cash dividends, issue bonus shares, or capitalize capital reserves** for the first half of the year[109](index=109&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[110](index=110&type=chunk) [Environmental Information Disclosure](index=30&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[111](index=111&type=chunk) [Social Responsibility](index=30&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively supports rural revitalization through various "Insurance + Futures" projects and has received national recognition for its contributions - The company actively applies for exchange-led "Insurance + Futures" projects, innovating from "price insurance" to "income insurance" to support agricultural stability[111](index=111&type=chunk) - In H1, the company launched **four DCE pilot projects**, participated in the "Bank-Futures-Insurance" innovative project, and secured approvals for SHFE and ZCE projects[111](index=111&type=chunk) - The company was honored as a **"National Civilized Unit"** and a **"2024 Financial System Lei Feng Spirit Model"**[111](index=111&type=chunk) Important Matters [Commitments Made by the Company and Related Parties and Their Fulfillment Status](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) Commitments regarding share lock-ups, price stability, and related-party transactions made during the IPO are being duly fulfilled - SOHO Holdings committed not to transfer pre-IPO shares for **36 months** from the listing date and to maintain a sale price no lower than the issue price for two years after the lock-up period[113](index=113&type=chunk) - SOHO Holly and Holly Logistics committed not to transfer pre-IPO shares for **36 months** from the listing date[114](index=114&type=chunk) - SOHO Holdings and the company's directors, supervisors, and senior management committed to strictly adhere to the share price stabilization plan[114](index=114&type=chunk) - The company, SOHO Holdings, and its management committed to the **truthfulness, accuracy, and completeness of information disclosure** and will bear corresponding legal responsibilities[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - SOHO Holdings and related parties committed to long-term shareholding intentions and will comply with relevant regulations upon any reduction[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - SOHO Holdings committed to **avoiding horizontal competition** and will yield business opportunities to Holly Futures[122](index=122&type=chunk) - SOHO Holdings committed to **standardizing and reducing related-party transactions**, adhering to principles of fairness and impartiality[122](index=122&type=chunk)[123](index=123&type=chunk) - SOHO Holdings and the company's directors and senior management committed to measures to mitigate the impact of diluted immediate returns[119](index=119&type=chunk)[120](index=120&type=chunk) - The company and its controlling shareholder, related parties, and management have committed to restrictive measures for any failure to fulfill their commitments[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=41&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - There was no non-operating fund occupation of the listed company by its controlling shareholder or other related parties during the reporting period[124](index=124&type=chunk) [Irregular External Guarantees](index=41&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[125](index=125&type=chunk) [Appointment and Dismissal of Accounting Firm](index=42&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[126](index=126&type=chunk) [Explanation from the Board of Directors and Supervisory Committee on the "Non-standard Audit Report" for the Current Period](index=42&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) Not applicable, as the company's semi-annual report has not been audited [Explanation from the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=42&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) Not applicable, as the company's semi-annual report has not been audited [Bankruptcy and Reorganization Matters](index=42&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[127](index=127&type=chunk) [Litigation Matters](index=42&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration during the period but was involved in two other minor legal disputes - The company had **no major litigation or arbitration matters** during this reporting period[128](index=128&type=chunk) Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (10k Yuan) | Provision Formed | Progress | Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other litigation (forced liquidation dispute) | 567.37 | No | First instance | Currently in the first instance trial phase, with no significant impact on operations | | Other litigation (decoration contract dispute) | 572.53 | No | Case closed | The plaintiff withdrew the lawsuit; the case is closed with no significant impact on operations | | Other litigation (trust dispute) | 504.5 | No | First instance | Currently in the first instance trial phase, with no significant impact on operations | [Penalties and Rectifications](index=43&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company received a regulatory order to rectify internal control deficiencies related to employee trading monitoring and has since completed the required changes Penalty Details | Name/Individual | Type | Reason | Penalty Type | Conclusion (if any) | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Holly Futures | Other | Failure to establish rules to include employee computer MAC/IP addresses and work phone numbers in transaction monitoring, indicating internal control deficiencies | Other | CSRC issued an administrative regulatory measure ordering rectification | 2025-01-24 | Relevant decision on the Jiangsu CSRC Bureau website | - The company has since revised its internal control systems to include employee computer MAC addresses, IP addresses, and work phone numbers in its transaction monitoring scope[130](index=130&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=43&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company and its controlling parties have no record of unfulfilled court judgments or significant overdue debts - The company, its controlling shareholder, and actual controller have no unfulfilled effective court judgments or significant overdue debts during the reporting period[131](index=131&type=chunk) [Major Related-party Transactions](index=43&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no major related-party transactions related to daily operations, asset acquisitions, or joint investments during the period - The company had no related-party transactions related to daily operations during the reporting period[131](index=131&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[132](index=132&type=chunk) - The company had no related-party transactions involving joint external investments during the reporting period[133](index=133&type=chunk) - There were no related-party credit or debt transactions during the reporting period[134](index=134&type=chunk) - There were no deposits, loans, credit lines, or other financial business between the company and related financial companies[135](index=135&type=chunk)[136](index=136&type=chunk) - The company had no other major related-party transactions during the reporting period[137](index=137&type=chunk) [Major Contracts and Their Performance](index=44&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company leases office space from a related party and has an overdue principal of 5 million Yuan from a trust investment - The company had no custody arrangements during the reporting period[138](index=138&type=chunk) - The company had no contracting arrangements during the reporting period[139](index=139&type=chunk) - As a lessee, the company leased office space from a related party, Jiangsu SOHO Real Estate Management Co, Ltd, with rent payments of **1.72 million Yuan** for H1 2025[140](index=140&type=chunk) - As a lessor, the company leased property to Zhongtai Securities Co, Ltd, Jiangsu Branch, with rental income of **1.20 million Yuan** for H1 2025[141](index=141&type=chunk) - The company had no leasing projects that contributed to more than 10% of its total profit during the reporting period[142](index=142&type=chunk) - The company had no major guarantee situations during the reporting period[143](index=143&type=chunk) Entrusted Wealth Management | Type | Source of Funds | Amount (10k Yuan) | Outstanding Balance (10k Yuan) | Overdue Amount (10k Yuan) | Impairment Provision (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trust Products | Own Funds | 0 | 24.97 | 500 | 350 | | Other | Own Funds | 32,735.43 | 33,726.22 | 0 | 0 | | Total | | 32,735.43 | 33,751.19 | 500 | 350 | - The **5 million Yuan principal** invested in the Zhongrong-Hengxin No. 1 Collective Fund Trust Plan is overdue, and a fair value adjustment of 3.5 million Yuan has been made[145](index=145&type=chunk) - The company had no other major contracts during the reporting period[146](index=146&type=chunk) [Changes in Individual Business Qualifications](index=45&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%90%84%E5%8D%95%E9%A1%B9%E4%B8%9A%E5%8A%A1%E8%B5%84%E6%A0%BC%E7%9A%84%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) There were no changes in the company's individual business qualifications during the reporting period - There were no changes in the company's individual business qualifications during the reporting period[147](index=147&type=chunk) [Explanation of Other Major Matters](index=45&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company updated its legal name to "SOHO Holly Futures Co, Ltd" and completed its 2024 cash dividend distribution in August 2025 - Mr. Jiang Lin ceased to be a non-executive director, and Ms. Jiang Haiying was appointed as a non-executive director[149](index=149&type=chunk) - Ms. Zhang Lei ceased to be a supervisor, and Ms. Gong Qi was appointed as a supervisor[149](index=149&type=chunk) - Mr. Zhao Dong ceased to be the Deputy General Manager of the company[150](index=150&type=chunk) - The company completed the business registration for its name change to **"SOHO Holly Futures Co., Ltd."**, while the securities abbreviation remains "Holly Futures"[151](index=151&type=chunk) - The company's 2024 profit distribution plan was approved, and cash dividends for A-shareholders were distributed on **August 8, 2025**[152](index=152&type=chunk) [Major Matters of Company Subsidiaries](index=46&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Subsidiary Holly Capital underwent changes in its board of directors and completed a change of its registered address - Holly Capital directors Huang Haiqing and Chen Ling stepped down, while Jia Fuhua and Yao Aili were appointed as directors[153](index=153&type=chunk) - Holly Capital Management Co., Ltd. completed the registration of its address change to the Nanjing Area of the China (Jiangsu) Pilot Free Trade Zone[153](index=153&type=chunk) Share Capital Changes and Shareholder Information [Changes in Share Capital](index=47&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total number of shares remained unchanged at 1,007,777,778 during the reporting period Changes in Share Capital | Item | Pre-change Quantity (Shares) | Pre-change Ratio | Change (+, -) | Post-change Quantity (Shares) | Post-change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Shares with Selling Restrictions | 431,642,122 | 42.83% | 0 | 431,642,122 | 42.83% | | II. Shares without Selling Restrictions | 576,135,656 | 57.17% | 0 | 576,135,656 | 57.17% | | III. Total Shares | 1,007,777,778 | 100.00% | 0 | 1,007,777,778 | 100.00% | - The total number of shares of the company did not change during the reporting period[157](index=157&type=chunk) [Securities Issuance and Listing](index=48&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) There were no securities issued or listed during the reporting period - There were no securities issued or listed during the reporting period[157](index=157&type=chunk) [Number of Shareholders and Shareholding Status](index=48&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the period, there were 62,634 common shareholders, with Jiangsu SOHO Holding Group Co, Ltd being the largest shareholder - At the end of the reporting period, the total number of common shareholders was **62,634**[158](index=158&type=chunk) Shareholding of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period-end | Restricted Shares Held | Unrestricted Shares Held | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu SOHO Holding Group Co., Ltd. | State-owned legal person | 27.33% | 275,456,777 | 275,456,777 | 0 | N/A | | HKSCC NOMINEES LIMITED | Foreign legal person | 24.78% | 249,681,239 | 0 | 249,681,239 | N/A | | SOHO Holly Co., Ltd. | State-owned legal person | 14.68% | 147,900,000 | 147,900,000 | 0 | N/A | | Jiangsu High Hope International Group Corporation | State-owned legal person | 6.34% | 63,930,134 | 0 | 63,930,134 | N/A | | Jiangsu Hongsu Industrial Co., Ltd. | Domestic non-state-owned legal person | 3.46% | 34,819,845 | 0 | 34,819,845 | Pledged 34,819,845 shares, Frozen 34,819,845 shares | - SOHO Holly, High Hope Group, and Holly Logistics are all controlled by SOHO Holdings, with the ultimate controller being the Jiangsu Provincial SASAC[159](index=159&type=chunk) - Yang Yunyi holds 2,917,500 shares of the company through a credit securities account[160](index=160&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=50&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[161](index=161&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=50&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[162](index=162&type=chunk) - The company's actual controller did not change during the reporting period[162](index=162&type=chunk) [Information on Preferred Shares](index=51&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[163](index=163&type=chunk) Bond-related Information [Bond-related Information](index=52&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[165](index=165&type=chunk) Financial Report [Audit Report](index=53&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[167](index=167&type=chunk) [Financial Statements](index=54&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the consolidated and parent company financial statements for H1 2025, showing a significant decline in revenue and profit Consolidated Balance Sheet Highlights (June 30, 2025) | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 6,251,932,723.93 | 7,208,804,109.21 | | Margin Deposits Receivable | 3,167,188,043.93 | 2,848,560,087.28 | | Total Assets | 10,761,175,753.04 | 11,699,369,620.88 | | Margin Deposits Payable | 7,957,988,781.04 | 8,812,672,179.43 | | Total Liabilities | 8,897,646,100.57 | 9,822,590,967.55 | | Total Equity Attributable to Parent Company | 1,863,529,652.47 | 1,876,778,653.33 | Consolidated Income Statement Highlights (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 322,533,183.99 | 1,028,472,688.28 | | Investment Income | 7,858,745.55 | 22,861,026.33 | | Fair Value Change Gains | 25,259,666.92 | 8,387,724.36 | | Operating Profit | -5,877,437.32 | 14,636,231.03 | | Total Profit | -5,670,415.96 | 16,616,703.25 | | Net Profit | -3,605,648.27 | 12,800,679.99 | | Basic Earnings Per Share | -0.0036 | 0.0127 | Consolidated Cash Flow Statement Highlights (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -869,887,774.18 | 2,327,794,770.86 | | Net Cash Flow from Investing Activities | -66,720,557.22 | -191,260,183.61 | | Net Cash Flow from Financing Activities | -13,540,705.03 | -118,318,230.63 | | Net Increase in Cash and Cash Equivalents | -949,622,117.40 | 2,019,159,343.72 | [Company Basic Information](index=69&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) SOHO Holly Futures Co, Ltd has a registered capital of 1.01 billion Yuan and operates 3 branches and 32 business departments nationwide - The company's registered capital is **1.01 billion Yuan**, and its legal representative is Chu Kairong[199](index=199&type=chunk) - The company completed its business registration change on May 13, 2025, renaming to "SOHO Holly Futures Co., Ltd."[199](index=199&type=chunk) - As of June 30, 2025, the company has **3 branches and 32 business departments** across the country[200](index=200&type=chunk) - The company's parent and ultimate holding company is Jiangsu SOHO Holding Group Co., Ltd.[201](index=201&type=chunk) - The company's main businesses include commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, and fund sales[202](index=202&type=chunk) [Basis of Preparation of Financial Statements](index=70&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with Chinese Accounting Standards and relevant regulations on a going concern basis - The Group's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance[204](index=204&type=chunk) - The basis of preparation also includes CSRC regulations and disclosure requirements of the Hong Kong Companies Ordinance and the HKEX Listing Rules[204](index=204&type=chunk) - These financial statements are presented on a **going concern basis**, with no significant doubts identified regarding the company's ability to continue as a going concern[205](index=205&type=chunk) [Significant Accounting Policies and Estimates](index=70&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details accounting policies for key areas, including financial instruments, revenue recognition, and leases, noting a policy change for risk management business revenue - These financial statements comply with the requirements of the Enterprise Accounting Standards, presenting a true, accurate, and complete view of the company's financial position[207](index=207&type=chunk) - The Group's accounting period is the calendar year from January 1 to December 31, with a 12-month operating cycle[208](index=208&type=chunk)[209](index=209&type=chunk) - The company's functional currency is RMB, while some subsidiaries use HKD or USD[210](index=210&type=chunk) - **Materiality standards**: Significant individual bad debt provisions for receivables exceed 10 million Yuan; significant investing cash flows exceed 5% of total assets; significant contingent events or other important matters exceed 10 million Yuan or 10% of net assets[211](index=211&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[231](index=231&type=chunk) - The Group recognizes revenue when it satisfies a performance obligation by transferring control of a promised good or service to a customer[279](index=279&type=chunk) - Effective January 1, 2025, the Group recognizes revenue from certain trading activities on a **net basis** in accordance with new risk management company regulations[286](index=286&type=chunk) - According to Ministry of Finance guidance, the purchase and short-term sale of standard warehouse receipts do not recognize sales revenue, with the difference recorded as investment income[286](index=286&type=chunk) - The change in significant accounting policies this period led to retrospective adjustments in other business income, costs, investment income, inventories, and other related accounts[309](index=309&type=chunk)[310](index=310&type=chunk)[312](index=312&type=chunk) [Taxation](index=93&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The Group is subject to major taxes including VAT, Urban Maintenance and Construction Tax, and Corporate Income Tax at rates of 25% or 16.5% Major Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 25%, 16.5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | - Holly Capital Management Co., Ltd. is subject to a **25%** corporate income tax rate[313](index=313&type=chunk) - Holly International Financial Holding Co., Ltd. and Holly International Asset Management Co., Ltd. are subject to a **16.5%** corporate income tax rate[314](index=314&type=chunk) - The company does not have any tax preferences[315](index=315&type=chunk) [Notes to Consolidated Financial Statement Items](index=94&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on assets, liabilities, and equity items, with cash and equivalents at 6.25 billion Yuan at period-end Book Value of Cash and Bank Balances at Period-end | Item | Closing RMB Amount (Yuan) | | :--- | :--- | | Bank Deposits | 6,094,689,735.91 | | Of which: Own Funds | 531,036,592.33 | | Of which: Futures Margin Deposits | 5,538,654,998.43 | | Accrued Interest on Cash and Bank Balances | 24,998,145.15 | | Other Cash and Bank Balances | 157,242,988.02 | | Total | 6,251,932,723.93 | Margin Deposits Receivable by Exchange/Clearing House (Closing Balance) | Item | Closing Balance (Yuan) | | :--- | :--- | | Shanghai Futures Exchange | 1,243,379,687.61 | | Dalian Commodity Exchange | 530,878,312.62 | | Zhengzhou Commodity Exchange | 434,180,207.07 | | China Financial Futures Exchange | 539,187,971.52 | | Shanghai International Energy Exchange | 128,919,413.89 | | Guangzhou Futures Exchange | 67,519,995.86 | | Overseas Futures Brokerage Companies Subtotal | 148,100,468.10 | | Subtotal | 3,168,009,427.04 | | Less: Impairment Provision | 821,383.11 | | Total | 3,167,188,043.93 | Margin Deposits Payable by Client Type (Closing Balance) | Client Type | Number of Accounts | Amount (Yuan) | | :--- | :--- | :--- | | Individuals | 100,104 | 3,730,812,620.29 | | Corporations | 3,805 | 4,227,176,160.75 | | Total | 103,909 | 7,957,988,781.04 | Breakdown of Total Operating Revenue (H1 2025) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Net Interest Income | 31,302,127.93 | | Net Fee and Commission Income | 75,217,396.91 | | Investment Income | 7,858,745.55 | | Fair Value Change Gains | 25,259,666.92 | | Other Business Income | 182,371,276.11 | | Total Operating Revenue | 322,533,183.99 | Restricted Assets (Period-end) | Item | Book Balance (Yuan) | Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 294,681.02 | 294,681.02 | Regulatory | Product fundraising account | | Cash and Bank Balances | 139,801,179.53 | 139,801,179.53 | Frozen | Notes margin | | Total | 140,095,860.55 | 140,095,860.55 | | | [Changes in the Scope of Consolidation](index=136&type=section&id=%E5%85%AB%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The scope of consolidation remained unchanged during the period, with no new acquisitions, disposals, or establishments of subsidiaries - The Group had no subsidiaries acquired through business combinations not under common control in H1 2025[488](index=488&type=chunk) - The Group had no subsidiaries acquired through business combinations under common control in H1 2025[490](index=490&type=chunk) - The Group had no subsidiaries acquired through reverse acquisitions in H1 2025[491](index=491&type=chunk) - In H1 2025, no new subsidiaries were established and included in the consolidation scope, nor were any subsidiaries deregistered or otherwise removed[492](index=492&type=chunk)[493](index=493&type=chunk) - In H1 2025, the Group did not include any new structured entities in its consolidation scope, and the existing ones had no material impact on the financial statements[494](index=494&type=chunk) [Interests in Other Entities](index=137&type=section&id=%E4%B9%9D%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds 100% equity in its main subsidiaries, including Holly Capital and Holly International Financial, and has interests in two associate companies Composition of the Corporate Group (Major Subsidiaries) | Subsidiary Name | Registered Capital | Principal

证券代码：001236 证券简称：弘业期货 公告编号：2025-043 苏豪弘业期货股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，不存在虚假 记载、误导性陈述或重大遗漏。 苏豪弘业期货股份有限公司（以下简称"公司"）于2025年8月28日召开第 五届董事会第五次会议，审议通过了《关于公司变更会计政策的议案》，确定了 标准仓单交易会计处理和风险管理业务收入成本核算适用的会计政策，具体情况 说明如下： 一、会计政策变更概述 2.风险管理业务收入确认： 对符合《期货风险管理公司大宗商品风险管理业务管理规则》规定情形的风 险管理业务收入按净额法核算。 本次确认的会计政策自2025年1月1日起适用。 本次变更前，公司对于相关业务对应的标准仓单交易，按总额法确认收入成 本；本次变更后，公司按收取的对价与所出售标准仓单的账面价值的差额计入投 资收益。 二、本次会计政策变更对公司的影响 为保持财务报表的连续性和可比性，拟对2025年一季报进行追溯调整，主要 涉及标准仓单交易调整：一季度取得标准仓单后短期出售，不确认收入，将收取 对价与标准仓单账面价值差额计入"投资收益"；重新 ...

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 250.59%, and Andeli Juice (02218) at 244.32% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -18.40%, Hengrui Medicine (01276) at 3.92%, and China Merchants Bank (03968) at 7.34% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between H-shares and A-shares [1][2] Group 2 - The top three companies with the highest deviation values are Jinli Permanent Magnet (06680) at 37.37%, Andeli Juice (02218) at 33.98%, and Fudan Zhangjiang (01349) at 22.87% [1] - Conversely, the bottom three companies with the lowest deviation values are BYD Company (01211) at -75.67%, Longpan Technology (02465) at -57.24%, and Changfei Optical Fiber Cable (06869) at -31.37% [1][2] - The article emphasizes the importance of monitoring these premium rates and deviation values as indicators of potential investment opportunities and market inefficiencies [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 is controlled by the Jiangsu Provincial Government's State-owned Assets Supervision and Administration Commission, indicating its status as a state-owned enterprise [3]. - As of April 20, the company had 43,600 shareholders, an increase of 0.69% from the previous period [7]. Financial Performance - For the period from January to March 2025, 弘业期货 reported an operating income of 0.00 yuan, while the net profit attributable to the parent company was 1.2032 million yuan, reflecting a year-on-year growth of 109.07% [7]. - The company has distributed a total of 44.3422 million yuan in dividends since its A-share listing [8]. Market Activity - On August 28, 弘业期货's stock price decreased by 0.24%, with a trading volume of 317 million yuan and a turnover rate of 3.38%, leading to a total market capitalization of 12.597 billion yuan [1]. - The stock has experienced a net outflow of 34.6782 million yuan from main funds, ranking 22 out of 27 in its industry, indicating a trend of reduced investment from major players [4][5]. Shareholder Composition - As of March 31, 2025, the top ten circulating shareholders included 南方金融主题灵活配置混合A, which increased its holdings by 597,100 shares, while 香港中央结算有限公司 reduced its holdings by 348,360 shares [8].

Core Viewpoint - 弘业期货 experienced a decline of 4.79% on August 27, with a trading volume of 402 million yuan and a market capitalization of 12.627 billion yuan [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][7] - The company is the first A+H share listed company in the futures industry [2] - 弘业期货 is a state-owned enterprise, ultimately controlled by the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission [3] Financial Performance - As of April 20, 弘业期货 reported a revenue of 0.00 yuan for the first quarter of 2025, with a net profit attributable to shareholders of 1.2032 million yuan, representing a year-on-year increase of 109.07% [7] - Cumulative cash distribution since A-share listing amounts to 44.3422 million yuan [8] Shareholder Structure - As of March 31, 2025, the top ten circulating shareholders include 南方金融主题灵活配置混合A (004702) with 3.526 million shares, an increase of 597,100 shares from the previous period [8] - 香港中央结算有限公司 holds 2.1274 million shares, a decrease of 348,360 shares from the previous period [8] Market Activity - The main net inflow of funds today was -58.7575 million yuan, with a market ranking of 20 out of 27 in the industry [4] - The average trading cost of the stock is 13.03 yuan, with the current price near a support level of 12.39 yuan [6]

Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 770.97%, Hongye Futures (03678) at 252.57%, and Andeli Juice (02218) at 238.08% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -18.73%, Midea Group (00300) at 6.86%, and Heng Rui Medicine (01276) at 7.43% [1][2] - The companies with the highest deviation values are Beijing Machinery (00187) at 32.43%, Andeli Juice (02218) at 29.55%, and Fudan Zhangjiang (01349) at 29.44% [1][3] - The companies with the lowest deviation values are BYD (01211) at -84.97%, Longpan Technology (02465) at -62.46%, and GAC Group (02238) at -26.17% [1][3] AH Premium Rate Rankings - The top AH stocks by premium rate include: - Northeast Electric (00042): H-share at 0.310 HKD, A-share at 2.25 CNY, premium rate 770.97%, deviation -23.02% [2] - Hongye Futures (03678): H-share at 4.280 HKD, A-share at 12.6 CNY, premium rate 252.57%, deviation 25.11% [2] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [2] - The bottom AH stocks by premium rate include: - CATL (03750): H-share at 410.200 HKD, A-share at 278.3 CNY, premium rate -18.73%, deviation 1.21% [2] - Midea Group (00300): H-share at 81.500 HKD, A-share at 72.71 CNY, premium rate 6.86%, deviation -1.78% [2] - Heng Rui Medicine (01276): H-share at 72.500 HKD, A-share at 65.03 CNY, premium rate 7.43%, deviation 11.64% [2] Deviation Value Rankings - The top AH stocks by deviation value include: - Beijing Machinery (00187): H-share at 4.950 HKD, A-share at 13.24 CNY, premium rate 220.40%, deviation 32.43% [3] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [3] - Fudan Zhangjiang (01349): H-share at 3.590 HKD, A-share at 10.06 CNY, premium rate 235.65%, deviation 29.44% [3] - The bottom AH stocks by deviation value include: - BYD (01211): H-share at 115.100 HKD, A-share at 110.68 CNY, premium rate 15.18%, deviation -84.97% [3] - Longpan Technology (02465): H-share at 10.320 HKD, A-share at 14.37 CNY, premium rate 66.76%, deviation -62.46% [3] - GAC Group (02238): H-share at 3.690 HKD, A-share at 7.88 CNY, premium rate 155.83%, deviation -26.17% [3]

Core Viewpoint - 弘业期货's stock price has shown a significant increase of 33.85% year-to-date, despite a recent decline of 1.00% over the last five trading days [2] Company Overview - 弘业期货, established on July 31, 1995, is located in Nanjing, Jiangsu Province, and was listed on August 5, 2022 [2] - The company primarily engages in commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, fund sales, and financial asset investment [2] - The revenue composition is 89.16% from commodity trading and risk management, and 10.84% from futures brokerage and asset management [2] Stock Performance - As of August 27, 弘业期货's stock price was reported at 12.89 yuan per share, with a market capitalization of 12.99 billion yuan [1] - The stock has experienced a trading volume of 2.49 billion yuan and a turnover rate of 2.53% [1] - The stock has appeared on the龙虎榜 (top trading list) eight times this year, with the latest appearance on July 14, where it recorded a net buy of 24.68 million yuan [2] Financial Performance - For the first quarter of 2025, 弘业期货 reported a net profit of 1.2032 million yuan, reflecting a year-on-year growth of 109.07% [3] - Cumulative cash dividends since the A-share listing amount to 44.3422 million yuan [4] Shareholder Structure - As of April 20, 2025, 弘业期货 had 43,600 shareholders, an increase of 0.69% from the previous period [3] - The top ten circulating shareholders include 南方金融主题灵活配置混合A, which increased its holdings by 597,100 shares [4]