一、信息披露义务人及其一致行动人的基本信息 证券代码：603093 证券简称：南华期货 公告编号：2025-077 南华期货股份有限公司 关于控股股东及其一致行动人持股比例被动稀释 触及 1%及 5%整数倍的提示性公告 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。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 76.97% | | | | 权益变动后合计比例 | 65.42% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 注：变动后比例按公司于 2025 年 12 月 22 日发行境外上市股份（H 股）并在香港联 合交易所有限公司主板挂牌上市后的总股本 717,724,893 股计算。 本次发行上市后，公司总股本由 610,065,893 股增加至 717,724,893 股。公 司控股股东横店集团控 ...

南华期货股份有限公司 关于 H 股挂牌并上市交易的公告 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法律责任。 南华期货股份有限公司（以下简称"公司"）正在进行发行境外上市股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上市（以 下简称"本次发行上市"）的相关工作。 公司本次全球发售 H 股发行股数为 107,659,000 股（整体协调人同意不行使 超额配售权，无论全部行使或部分行使），其中，香港公开发售 16,148,500 股； 国际发售 91,510,500 股。根据每股 H 股发售价 12 港元计算，经扣除全球发售相 关承销佣金及其他估计费用后，公司将收取的全球发售所得款项净额估计约为 12.03 亿港元。 经香港联交所批准，公司本次发行的 107,659,000 股 H 股股票于 2025 年 12 月 22 日在香港联交所主板挂牌并上市交易。公司 H 股股票中文简称为"南华期 货股份"，英文简称为"NANHUA FUTURES"，股份代号为"2691"。 | 股份类别 | 本次发行上市前 | | ...

南华期货公告称，公司本次全球发售H股1.08亿股，香港公开发售0.16亿股，国际发售0.92亿股。每股发 售价12港元，所得款项净额估计约12.03亿港元。1.08亿股H股于2025年12月22日在香港联交所主板挂牌 上市，股票中文简称"南华期货股份"，代码"2691"。发行后，公司股份总数增至7.18亿股，A股股东持 股比例降至85%，H股股东占比15%。持股5%以上股东横店集团控股等持股数量不变，但比例均有下 降。 ...

| 發 售 股 份 及 股 本 | | | --- | --- | | 發售股份數目 | 107,659,000 | | 香港公開發 售的最終發 舊 股 份 數 目 | 16,148,500 | | 國際發售的最終發售股份數目 | 91,510,500 | | 於上市時已發行的股份數目腳註 | 717.724.893 | 南华期货股份的独家保荐人、保荐人兼整体协调人、独家全球协调人、联席账簿管理人及联席牵头经办 人是中信证券。 中国经济网北京12月22日讯南华期货（603093）股份有限公司(简称"南华期货股份"，02691.HK)今日在 港交所上市，开盘报9.130港元。截至今日收盘，南华期货股份报9.100港元，跌幅24.167%，南华期货 股份首日已跌破港股发售价12.00港元。 最终发售价及配发公告显示，南华期货股份发售股份数目107,659,000股，其中，香港公开发售的发售股 份数目16,148,500股，国际发售的发售股份数目91,510,500股。 | 所得 款 項 | | | --- | --- | | 所得款項總額(附註) | 1,291.91 百 萬 港元 | | 減:按最終發售價計算之 ...

Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, marking its dual listing and enhancing its international strategy and business innovation [1] Group 1: Listing Process and Fundraising - The listing process for Nanhua Futures was orderly, with the company submitting its application on April 17, 2025, and successfully completing its listing on December 22, 2025 [2] - The global offering consisted of 108 million shares at an issue price of HKD 12 per share, raising a total of HKD 1.203 billion [2] - The net proceeds will be allocated to strengthen the capital base of its overseas subsidiaries in Hong Kong, the UK, the US, and Singapore, enhancing its global competitiveness [2] Group 2: Industry Position and Business Development - Nanhua Futures ranks eighth among all domestic futures companies by total revenue in 2024 and first among non-financial institution-related futures companies, showcasing its core competitiveness [3] - The company has established a diversified business system covering domestic futures brokerage, risk management services, wealth management, and overseas financial services [3] - The domestic futures brokerage business has seen a 65.4% growth in client equity from the end of 2022 to the end of 2024, reaching CNY 31.6 billion [3] Group 3: International Business Growth - Nanhua Futures has become a significant growth engine through its international business, with client equity in overseas futures, securities, and leveraged forex brokerage services reaching HKD 17.8 billion, a 49.6% increase from the end of 2022 [4] - The company's assets under management (AUM) in overseas asset management have grown by 70%, reaching HKD 3.4 billion [4] - The company has built a service bridge connecting domestic and international markets, providing cross-market and multi-variety financial services [4] Group 4: Financial Performance - From 2022 to 2024, Nanhua Futures' operating income increased from CNY 954 million to CNY 1.355 billion, while net profit rose from CNY 246 million to CNY 458 million [4] - In the first half of 2025, the company achieved operating income of CNY 593 million and a net profit of CNY 231 million, with a net profit margin of 39% [4] Group 5: Industry Opportunities and Challenges - The domestic futures industry is at a critical stage of strategic upgrade and high-quality transformation, driven by increasing demand for risk management solutions and supportive policy guidance [5] - The industry faces challenges such as homogenized competition and capital pressure, necessitating a shift towards comprehensive risk management services [6] - Nanhua Futures' dual listing aligns with industry trends and supports its transformation, enhancing its capital strength and international layout [6] Group 6: Future Development - Nanhua Futures aims to deepen its international strategy by expanding its overseas market coverage and optimizing its service network [6] - The company plans to invest in risk management services, OTC derivatives, and wealth management, transitioning from a brokerage model to a professional service model [6] - The dual capital market platform will help attract high-quality talent and drive technological innovation, creating a collaborative ecosystem [6] Group 7: Contribution to Industry Development - Nanhua Futures' listing provides a new space for its development and serves as a beneficial reference for the internationalization of the domestic futures industry [7] - The company is positioned to leverage its dual listing to enhance its role in national strategy, support risk management for the real economy, and promote high-quality industry development [7]

南华期货股份有限公司于12月22日在香港联合交易所主板挂牌上市，成为国内第二家实现"A+H"两地上 市的期货公司。 作者：观察君 近年来，境外金融服务业务已成为南华期货的核心增长引擎。根据公司财报，该业务板块收入占总经营 收入的比例从2024年的48.3%进一步攀升至2025年上半年的55.1%。截至2025年6月30日，公司境外业务 约2077家登记企业客户。2025年以来，其境外子公司陆续获得了包括芝加哥期权交易所清算所、欧洲洲 际交易所在内的多个国际交易所的清算会员资格。 在上市前夕，南华期货的境外全资孙公司NANHUA SINGAPORE PTE. LTD. 于12月21日公告称，已获 批成为ICE Futures Singapore的交易会员及ICE Clear Singapore的清算会员，可以交易和清算该交易所上 市的相关产品。 此前，国内已有一家"A+H"上市的期货公司为弘业期货。（市场有风险，投资需谨慎。本文为AI基于第 三方数据生成，仅供参考，不构成个人投资建议。） 本文源自：市场资讯 根据公司披露的配发结果，此次全球发售H股1.08亿股，发行价格为每股12港元。在扣除相关费用后， 公司预 ...

Core Insights - The overseas clearing capability has become a key indicator of the internationalization level and core competitiveness of Chinese futures companies, especially under the backdrop of global financial integration and China's "going global" strategy [1][2] Group 1: Industry Context - The demand for global derivatives clearing services is increasing as Chinese futures companies expand their cross-border operations [2] - Obtaining and maintaining overseas clearing qualifications face multiple challenges, including capital strength, profitability, and risk management capabilities [2] - Regulatory frameworks in core markets like the US and Europe are complex, requiring Chinese companies to adapt their governance and internal control systems [2] Group 2: Company Performance - Nanhua Futures has established a comprehensive clearing network covering major global derivatives markets, becoming a benchmark in the industry's internationalization process [2] - The company has obtained membership qualifications from 17 major global exchanges and 14 clearing member seats, significantly exceeding most domestic futures companies [2] - Nanhua's overseas revenue is projected to reach RMB 654.2 million in 2024, ranking first among Chinese futures companies [3] Group 3: Growth Dynamics - From 2022 to 2024, the number of clearing transactions in the US and European markets increased from 18.7 million to 55.6 million, with a compound annual growth rate of 61.5% [3] - The company's overseas financial services client base grew by 58.9% to 2,077 corporate clients by June 30, 2025, covering key sectors like manufacturing, energy, and agriculture [3] - The operating profit from overseas financial services increased from RMB 132 million to RMB 466 million from 2022 to 2024, with a compound annual growth rate of 89.7% [3] Group 4: Strategic Expansion - Nanhua Futures is accelerating its expansion into emerging markets in the Middle East and Southeast Asia, leveraging its experience in compliance and qualification applications [4] - The company aims to establish a foothold in key regions like Malaysia, enhancing its global clearing advantages and creating new industry barriers [4] - Nanhua's success is attributed to its long-term commitment, continuous investment, and deep understanding of international regulations, providing a replicable model for the industry's internationalization [4]

Core Viewpoint - Nanhua Futures officially listed on the Hong Kong Stock Exchange, completing its "A+H" dual listing, but its H-shares experienced a weak debut, opening significantly lower than the IPO price [1][9]. Group 1: Stock Performance - The H-shares opened at HKD 9.13, down 23.92% from the IPO price of HKD 12, and fell as much as 27.5% to HKD 8.70 during trading [1][9]. - By the time of reporting, the H-share price slightly recovered to HKD 9.55, while the A-shares showed a positive trend, increasing by 2.18% [1][9]. - The trading volume for H-shares was 6.4315 million, with a total turnover of HKD 64.2482 million [2][10]. Group 2: Financial Highlights - Nanhua Futures reported a steady growth in annual profits, increasing from RMB 246 million in 2022 to RMB 458 million in 2024, reflecting a compound annual growth rate of 36.5% [6][13]. - The company ranked eighth among all futures companies in China by total revenue for 2024 and first among non-financial institution-backed futures companies [5][12]. - The net income from commissions and fees for 2022 was RMB 498 million, projected to rise to RMB 542 million in 2024 [14]. Group 3: IPO Details - The global offering included both Hong Kong public and international offerings, with a total of 16.1485 million shares allocated in the public offering, representing about 15% of the total shares offered [5][12]. - The public offering was oversubscribed by 1.91 times, while the international placement was 0.99 times oversubscribed [5][12]. - The company plans to use the funds raised for capital replenishment, expanding overseas business, and general corporate purposes [5][12].

招股书显示，2024年及2025年上半年，公司中国境内期货经纪业务收入持续下滑，拖累整体收入增长。 2025年上半年总收入同比下降至5.93亿元人民币，期内利润则微增至2.31亿元人民币。 此外，公司内部控制和合规问题近期也浮出水面。2025年11月，南华期货广东分公司因未妥善保存业务 资料、未有效执行内部控制制度等问题，被广东证监局采取责令改正的行政监管措施。 根据Wind数据统计，南华期货香港公开发售认购倍数在2025年以来港股新股中排名倒数第二，仅高于 获得1倍认购的宜宾银行（02596.HK）。 值得注意的是，本次发行未引入任何基石投资者，缺乏中长期资金托底，进一步加剧了市场对其股价表 现的担忧。 南华期货上市即破发，背后与公司核心业务增长承压及治理合规风险等负面因素密切相关。 12月22日，港股新股市场迎来"四箭齐发"，明基医院（02581.HK）、华芢生物-B（02396.HK）、南华 期货股份（603093.SH）（02691.HK）等四股同日在港交所主板挂牌上市。 然而，市场表现令人意外，这四只新股首日均告破发，在近年港股市场中实属罕见。其中，南华期货开 盘后一度跌近30%，截至发稿跌幅达20 ...

期货策略周报 I 2025 年 12 月 22 日 聚酯开枪、全面反内卷还远吗 本周主要观点： 近期市场分化程度有所减弱，主要是受到国家整治内卷式竞 争的政策预期影响，PTA 已经开始反内卷，龙头企业主动减产， 价格明显反弹。在此背景下，其他化工品可能会仿效或跟进。这 也是响应国家政策的号召。另外，农产品整体仍然震荡格局不 变，全球大豆供应过剩的局面暂难缓解，豆粕依然以震荡看待。 从市场整体来看，低估值的化工和黑色板块，可能面临反内卷行 情，不宜过分看空做空，农产品板块仍然维持震荡判断，新能源 基本面改善，强势趋势延续。 风险点：宏观政策变化、产业政策变化、移仓换月； 重要声明：本报告内容及观点仅供参考，不构成任何投资建议 顾双飞 投资咨询证号：Z0013611 王建锋 投资咨询证号：Z0010946 胡乐克 投资咨询证号：Z0013991 陈敏涛 期货从业证号：Z0022731 周行情观点综述 本周商品市场总体呈现出支撑反弹的迹象。但是，结构还不够稳，焦煤和玻 璃、塑料等品种，依然有二次寻底的可能。（1）铜和铝、白银等品种，依然强势 不减，作为中长期基本面的品种，供需矛盾的转换周期略长，短期品种仍然会受制 ...