证券代码：603093 证券简称：南华期货 公告编号：2025-026 南华期货股份有限公司 第四届董事会第二十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 南华期货股份有限公司（以下简称"公司"）第四届董事会第二十次会议于 2025 年 4 月 18 日以现场结合通讯表决方式召开，本次会议的通知于 2025 年 4 月 9 日以电话、电子邮件等方式向全体董事发出，由董事长罗旭峰先生主持。本 次会议应出席董事 7 人，实际出席董事 7 人。公司董事会秘书出席本次会议。公 司监事、高级管理人员列席会议。 本次会议的召集、召开及表决程序符合《中华人民共和国公司法》等法律、 行政法规和部门规章以及《公司章程》的规定，会议决议合法有效。 二、董事会会议审议情况 本次会议审议并通过如下议案： （一）审议通过《关于公司 2025 年第一季度报告的议案》 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）上披露的 《南华期货股份有限公司 2025 年第一季度报告》。 本议案已经公司 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 533,712,383.94, a decrease of 46.20% compared to CNY 992,083,545.23 in the same period last year[5] - Net profit attributable to shareholders was CNY 85,738,272.20, showing a slight increase of 0.13% from CNY 85,623,759.78 year-on-year[5] - The company's net profit for Q1 2025 was CNY 85,932,163.26, a slight increase from CNY 85,389,196.78 in Q1 2024, reflecting a growth of approximately 0.64%[21] - Total operating revenue for Q1 2025 was RMB 533,712,383.94, a decrease of 46.5% compared to RMB 992,083,545.23 in Q1 2024[20] - Net commission and fee income for Q1 2025 was RMB 106,600,666.42, down from RMB 136,849,177.22 in Q1 2024, reflecting a decline of 22.1%[20] - Net interest income decreased to RMB 143,051,733.44 in Q1 2025 from RMB 179,954,400.63 in Q1 2024, a drop of 20.5%[20] - Total operating expenses decreased to CNY 436,952,698.76 in Q1 2025 from CNY 894,177,844.20 in Q1 2024, indicating a reduction of about 51.2%[21] - The total operating profit for Q1 2025 was CNY 96,759,685.18, slightly down from CNY 97,905,701.03 in Q1 2024, a decrease of approximately 1.17%[21] Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 11,758,175,827.18, a significant decline of 354.16% compared to negative CNY 2,588,971,322.30 in the previous year[5] - The net cash flow from operating activities for Q1 2025 was -CNY 11,758,175,827.18, compared to -CNY 2,588,971,322.30 in Q1 2024, showing a significant decline[24] - Cash and cash equivalents were RMB 21,945,332,043.47 as of March 31, 2025, compared to RMB 33,825,123,487.11 at the end of 2024, a decline of 35.2%[15] - Cash and cash equivalents at the end of Q1 2025 stood at CNY 8,922,205,023.40, down from CNY 5,906,446,913.27 at the end of Q1 2024[25] - Investment activities resulted in a net cash outflow of -CNY 280,588,799.79 in Q1 2025, compared to -CNY 632,574,418.36 in Q1 2024, indicating an improvement[25] - The company received CNY 59,686,920.00 from financing activities in Q1 2025, compared to CNY 84,681,800.00 in Q1 2024, reflecting a decrease of about 29.5%[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 39,278,848,552.28, down 19.61% from CNY 48,863,396,701.97 at the end of the previous year[6] - Total assets as of March 31, 2025, were RMB 39,278,848,552.28, a decrease from RMB 48,863,396,701.97 as of December 31, 2024[16] - Total liabilities decreased to RMB 35,120,465,313.67 from RMB 44,738,556,613.13, indicating a reduction of 21.5%[17] - Shareholders' equity increased slightly to RMB 4,158,383,238.61 from RMB 4,124,840,088.84, reflecting a growth of 0.8%[17] - The company’s equity attributable to shareholders increased by 0.81% to CNY 4,148,722,843.97 from CNY 4,115,254,867.13 at the end of the previous year[6] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 24,413[10] - The largest shareholder, Hengdian Group Holdings Co., Ltd., held 69.68% of the shares, totaling 425,120,900 shares[12] Other Financial Metrics - The weighted average return on equity was 2.07%, a decrease of 0.21% from 2.28% in the same period last year[6] - The company reported non-recurring gains and losses totaling CNY 88,583.55 for the period[8] - The company reported a total comprehensive income of CNY 79,478,697.11 for Q1 2025, compared to CNY 100,346,498.36 in Q1 2024, a decrease of approximately 20.8%[22] - The basic and diluted earnings per share remained stable at CNY 0.14 for both Q1 2025 and Q1 2024[22] - The company reported a net loss from fair value changes of RMB 2,515,747.43 in Q1 2025, contrasting with a gain of RMB 114,175,888.10 in Q1 2024[20] - Investment income for Q1 2025 was RMB 15,486,509.87, a significant recovery from a loss of RMB 144,607,619.21 in Q1 2024[20] - Other business income fell to RMB 271,115,025.64 in Q1 2025, down 60.9% from RMB 693,164,662.69 in Q1 2024[20] - The decline in operating revenue was primarily due to the implementation of net income recognition for certain trading activities as mandated by the China Futures Association[9]

Financial Performance - The company reported a basic earnings per share of 0.1400 yuan for Q1 2025, unchanged from Q1 2024, and an increase from 0.1000 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.86 billion yuan, consistent with Q1 2024, and an increase from 0.62 billion yuan in Q1 2023 [1] - Operating revenue for Q1 2025 was 5.34 billion yuan, a significant decrease of 46.17% compared to 9.92 billion yuan in Q1 2024, and a decrease from 13.84 billion yuan in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 was 2.07%, down 9.21% from 2.28% in Q1 2024, and an increase from 1.87% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 49,544.51 million shares, accounting for 81.22% of the circulating shares, with a change of 511,100 shares from the previous period [1] - The largest shareholder, Hengdian Group Holdings Co., Ltd., holds 42,512.09 million shares, representing 69.68% of the total share capital, with no change [2] - The National Social Security Fund's 413 portfolio increased its holdings by 177.00 million shares, now holding 672.00 million shares, which is 1.10% of the total [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Group 1 - The company Nanhua Futures (603093) reported a revenue of 534 million yuan for the first quarter of 2025, representing a year-on-year decline of 46.20% [1] - The net profit for the same period was 85.7383 million yuan, showing a slight year-on-year increase of 0.13% [1]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - **Pure Benzene**: This week, due to the influence of previously shut - down units, the operating rate of petroleum benzene continued to decline, while the operating capacity of hydrogenated benzene was greater than the shut - down capacity, leading to an increase in supply. The demand of major downstream industries showed mixed trends. The demand is expected to increase next week due to the return of some downstream units and pre - holiday stocking before May Day. However, the short - term de - stocking at East China ports does not represent an improvement in the supply - demand pattern of pure benzene. The current hidden inventory is still at a high level, and tariff contradictions are full of uncertainties. The second - quarter fundamentals of pure benzene will remain weak, and its price is more likely to fluctuate with the macro - economy and crude oil [4]. - **Styrene**: Affected by the shut - down and maintenance units last week, the operating rate of styrene continued to decline. On the demand side, among the three downstream industries (EPS, PS, ABS), the overall load of the EPS industry increased significantly due to the return of previously shut - down and reduced - load units, while the operating rates of ABS and PS fluctuated slightly. The comprehensive demand for styrene from the three industries increased. However, poor terminal demand led to continued inventory accumulation in the three industries. This week, the inventory at styrene ports dropped below 100,000 tons, and it is expected to continue de - stocking next week. The supply of styrene will gradually increase in the future, maintaining the situation of strong current reality and weak future expectations. It is recommended to wait and see [4]. 3. Summary According to Relevant Catalogs 3.1 Upstream (Pure Benzene) 3.1.1 Supply - As of April 17, the operating rate of petroleum benzene was 70.4%, a month - on - month decrease of 2.1%, and the operating rate of hydrogenated benzene was 61.3%, a month - on - month increase of 3.6%. It is estimated that South Korea exported a total of 314,800 tons of pure benzene in March 2025, of which 290,200 tons were exported to China [4]. 3.1.2 Inventory - As of April 14, the port inventory of pure benzene in Jiangsu was 142,000 tons, an increase of 1,500 tons from the previous period, a month - on - month increase of 1.07% [4]. 3.2 Mid - stream (Styrene) 3.2.1 Supply - As of April 17, the operating rate of styrene was 66.8%, a month - on - month decrease of 1.6% [4]. 3.2.2 Inventory - As of April 14, 2025, the port inventory of styrene in Jiangsu was 95,600 tons, a decrease of 23,400 tons from the previous period, a decrease of 19.66%. As of April 17, 2025, the sample inventory of styrene factories in China was 218,400 tons, a decrease of 9,800 tons from the previous period, a month - on - month decrease of 4.30% [4]. 3.2.3 Profit - As of April 17, the integrated profit of styrene was around - 263 yuan/ton, and the non - integrated profit was around - 109 yuan/ton [4]. 3.3 Downstream (EPS, PS, ABS) 3.3.1 Supply - The operating rate of EPS was 59.07%, a month - on - month increase of 11.98%; the operating rate of PS was 60.80%, a month - on - month decrease of 0.30%; the operating rate of ABS was 66.99%, a month - on - month decrease of 0.66% [4]. 3.3.2 Inventory - The inventory of EPS enterprises was about 34,600 tons, a month - on - month increase of 8.46%; the inventory of PS finished products was 123,000 tons, a month - on - month increase of 5.1%; the inventory of ABS finished products was 200,000 tons, a month - on - month increase of 2.6% [4]. 3.3.3 Profit - The comprehensive profit of PS was around 265 yuan/ton, the profit of EPS was around 450 yuan/ton, and the profit of ABS was around 1,265 yuan/ton [4]. 3.4 Price and Spread 3.4.1 Price - The prices of various products in the pure benzene - styrene industry chain showed different degrees of changes. For example, Brent crude oil increased from 63.33 dollars/ton last week to 64.68 dollars/ton this week, and styrene FOB South Korea increased from 903 dollars/ton last week to 912 dollars/ton this week [5]. 3.4.2 Spread - The spreads of pure benzene and styrene paper - goods also changed. For example, the spread of pure benzene paper - goods spot decreased from 6365 yuan/ton on April 11 to 6230 yuan/ton on April 18, a decrease of 135 yuan/ton [6]. 3.5 Production Plan and Maintenance 3.5.1 Production Plan - From 2024 to 2025, there were new device production plans in the pure benzene and styrene industries. For example, in 2025, the new production capacity of pure benzene was 1.66 million tons, and the new production capacity of styrene was 1.57 million tons [96][197]. 3.5.2 Maintenance - There were many domestic and foreign pure benzene and styrene device maintenance situations. For example, Shanghai Petrochemical's small ethylene unit has been under long - term maintenance since September 25, 2023, and Ningbo Keyuan's styrene unit has been under cost - based maintenance since May 7, 2021 [97][198]. 3.6 Terminal Demand - In April, the refrigerator production plan was 8.09 million units, a year - on - year decrease of 6.7%; the production plan of household air - conditioners was 24 million units, a year - on - year increase of 9.1%; the production plan of washing machines was 7.4 million units, a year - on - year increase of 1.4% [251][257][263].

Core Viewpoint - Nanhua Futures has submitted an application for an H-share IPO on the Hong Kong Stock Exchange, potentially becoming the second A+H listed futures company in China after Hongyi Futures [1][2]. Group 1: IPO and Market Position - Nanhua Futures submitted its H-share listing application on April 17, 2024, marking a significant step towards its IPO in Hong Kong [2]. - If successful, Nanhua Futures will join Hongyi Futures as the second A+H listed futures company in China [1][2]. - As of April 18, 2024, Nanhua Futures' A-share price was 12.32 CNY, with a total market capitalization of 7.516 billion CNY [1][2]. Group 2: Financial Performance - In 2024, Nanhua Futures reported operating revenue of 5.712 billion CNY, a decrease of 8.56% year-on-year, while net profit increased by 13.96% to 458 million CNY [1][5]. - The company’s total assets reached 48.863 billion CNY by the end of 2024, a growth of 34.52% compared to the previous year [5]. - Nanhua Futures' overseas business generated 654 million CNY in revenue, accounting for 11.45% of total revenue, with a year-on-year growth of 15.32% [5][6]. Group 3: Global Expansion and Business Segments - The primary reason for Nanhua Futures' Hong Kong listing is to deepen its global presence, with its overseas subsidiary achieving a net profit of 417 million CNY, up 16% [4][6]. - Nanhua Futures has established a comprehensive wealth management system, with its fund management products totaling 1.59 billion CNY and public fund scale reaching 14.805 billion CNY by the end of 2024 [6]. - The company has also seen steady growth in its off-exchange derivatives business, providing risk protection for agricultural entities amounting to 3.46 billion CNY [7].

Group 1: Company Developments - Nanhua Futures has submitted an application to the Hong Kong Stock Exchange for an H-share listing, marking a significant step in its internationalization strategy and potentially becoming the second A+H listed futures company in China after Hongye Futures [1] - Zhihui Mining has filed for an IPO on the Hong Kong Stock Exchange, focusing on zinc, lead, and copper mining and production, with revenues of approximately 482 million yuan, 546 million yuan, and 301 million yuan from 2022 to 2024 [3] - Color Life has appointed Sha Feng as a non-executive director, effective April 17, 2025, which is expected to enhance the company's financial management and strategic planning [5] Group 2: Market and Financial News - The Hong Kong Stock Exchange CEO, Charles Li, has been recognized in the "Titans" category of Time magazine's 2025 list of the world's 100 most influential people, highlighting his role in advancing Hong Kong's financial market [2] - The Hang Seng Index rose by 1.61% to 21,395.14 points on April 17, 2025, indicating positive market sentiment [6] - The Hang Seng Tech Index increased by 1.90% to 4,887.37 points, reflecting growth in the technology sector [6] Group 3: Financial Issues - Greater Bay Area Fusion Power has faced a winding-up petition due to unpaid service fees totaling 2.418 million HKD, with a hearing scheduled for April 30, 2025, indicating financial management challenges [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Due to the US-China tariff war, concerns about a global economic slowdown have grown, causing crude oil prices to weaken and stay low, and macroeconomic expectations to deteriorate. In the short term, pessimistic macro expectations may accelerate the implementation of polyester production cuts, and the main point of contention will be whether ethane-based ethylene glycol can reduce supply [3]. - The US tariff hikes have further impacted the export demand for terminal textiles and clothing, with an expected acceleration of the negative feedback effect. The high hidden inventory of ethylene glycol factories makes it difficult to achieve effective inventory reduction in April [4]. - The profit of ethane-based ethylene glycol is expected to be significantly in the red due to domestic counter-tariffs, and there is a possibility of plant shutdowns. The maintenance plans for coal-based ethylene glycol have been implemented, along with some unexpected maintenance, leading to a significant reduction in supply [7]. 3. Summary by Related Catalogs Polyester Price Range Forecast - **Price Ranges**: Ethylene glycol is forecasted to be in the range of 3800 - 4400, PX at 5500 - 6200, PTA at 3900 - 4500, and bottle chips at 5100 - 5700. - **Volatility**: The current 20 - day rolling volatility for ethylene glycol is 30.73% (91.3% historical percentile over 3 years), PX is 44.15% (99.4%), PTA is 39.28% (93.6%), and bottle chips is 31.25% (98.6%) [2]. Polyester Hedging Strategy - **Inventory Management**: For high finished - product inventory and fear of ethylene glycol price drops, short ethylene glycol futures (25% EG2506 and 50% EG2506P4100) or buy put options and sell call options (50% EG2506P4100 and 50% EG2506C4300). - **Procurement Management**: For low procurement inventory, buy ethylene glycol futures (50% EG2506) or sell put options (75% EG2506P4100) [2]. Price and Spread Data - **Prices**: On April 18, 2025, Brent crude was not available, while other products like naphtha CFR Japan, PX contracts, TA contracts, etc., had specific price values and changes compared to previous days and weeks. - **Spreads**: TA, EG, PF, and PX had various basis and month - to - month spreads with corresponding changes [5][7]. - **Processing Fees**: Different products such as gasoline reforming, aromatics reforming, etc., had specific processing fees and their daily and weekly changes [7].

Group 1: Index Performance Summary - The South China Composite Index (NHCI) closed at 2421.42, down 1.19 points or -0.05% from the previous trading day, with an annualized return of -7.19% and an annualized volatility of 13.87% [4] - Among the sector indices, the South China Energy and Chemical Index (NHECI) had the largest increase, rising 0.38%, while the South China Industrial Products Index (NHII) had the smallest increase, rising 0.09%. The South China Black Index (NHFI) had the largest decline, falling -0.6%, and the South China Metal Index (NHMI) had the smallest decline, falling -0.29% [1][4] - Among the theme indices, the Energy Index (NHEI) had the largest increase, rising 1.12%, and the Coal - Chemical Index (NHCCI) had the smallest increase, rising 0.17%. The Building Materials Index (NHBMI) had the largest decline, falling -0.94%, and the Mini - Composite Index (NHCIMi) had the smallest decline, falling -0.53% [1][5] - Among the single - variety commodity futures indices, the Crude Oil index had the largest increase, rising 1.66%, and the Glass index had the largest decline, falling -3.77% [5] Group 2: Index Contribution Analysis - For the South China Composite Index, positive contributors included Gold (6.60%) and Crude Oil (30.09%), while negative contributors included Iron Ore (-7.19%) and Glass (-10.62%) [10] - For the South China Energy and Chemical Index, positive contributors included Aluminum (1.32%) and Polypropylene (1.15%), while negative contributors included Iron Ore (-11.18%) and Coke (-17.56%) [10] - For the South China Agricultural Products Index, positive contributors included Rapeseed Meal (2.81%) and Live Pigs (4.97%), while negative contributors included Palm Oil (-1.74%) and Natural Rubber (-19.61%) [10] Group 3: Other Information - The calculation method of the rise - fall ratio in the report is (today's closing price - yesterday's closing price) divided by yesterday's closing price, and the contribution rate is the product of the rise - fall ratio and the weight [19] - The South China Commodity Index excludes the price difference when the commodity contract changes months, reflecting the real return of investing in commodity futures [19] - The contribution rate calculation method used in the report is: a variety's daily rise - fall ratio divided by the sum of the absolute values of each variety's daily rise - fall ratio [19]

证券代码：603093 证券简称：南华期货 公告编号：2025-025 南华期货股份有限公司 关于向香港联交所递交 H 股发行上市的申请 并刊发申请资料的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 南华期货股份有限公司（以下简称"公司"）已于 2025 年 4 月 17 日向香 港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股票并在香 港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于同日在香港联交 所网站刊登了本次发行的申请材料。该申请材料为公司按照香港证券及期货事务 监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊发，为草 拟版本，其所载资料可能会适时作出更新及修订，投资者不应根据其中的资料作 出任何投资决定。 鉴于本次发行的发行对象仅限于符合相关条件的境外投资者及依据中国相 关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券交 易所的网站和符合监管机构规定条件的媒体上刊登该申请资料，但为使境内投资 者及时了解该等申请资料披露的本次发行以及公司的其他相 ...