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]

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].

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 ...

Core Viewpoint - Nanhua Futures Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, after being listed on the Shanghai Stock Exchange [1][4]. Company Overview - Nanhua Futures is a financial services provider based in China, focusing on futures and derivatives, offering customized risk management services to industrial clients, financial institutions, and individual investors [4]. - The company aims to provide diversified wealth management services for both domestic and overseas investors [4]. Products and Services - The main products and services include domestic futures brokerage, risk management services, wealth management in China, and overseas financial services [5]. - As of December 31, 2024, the company's domestic futures brokerage client equity reached RMB 31.6 billion, a 65.4% increase from December 31, 2022, while the compound annual growth rate for the Chinese futures industry was 1.9% [5]. Financial Performance - The company's operating income for 2022, 2023, and 2024 was approximately RMB 6.82 billion, RMB 6.25 billion, and RMB 5.71 billion, respectively [6]. - The annual profit for the same years was approximately RMB 246 million, RMB 403 million, and RMB 458 million [6][11]. - Net commission and fee income for 2022, 2023, and 2024 were RMB 498 million, RMB 612 million, and RMB 542 million, respectively [9]. - Interest income for the same years was RMB 366 million, RMB 605 million, and RMB 726 million, while interest expenses were RMB 39 million, RMB 60 million, and RMB 44 million [9]. Market Position - According to a report by Frost & Sullivan, Nanhua Futures ranked 8th among all futures companies in China by total revenue in 2023 and ranked 1st among non-financial institution-related futures companies [5]. - The company also ranked 1st in overseas income among all futures companies in China in 2023 [5]. Technology and Infrastructure - Nanhua Futures has established a robust and innovative IT infrastructure to enhance business operations, corporate governance, and risk management [6]. - The company utilizes advanced systems for high-frequency monitoring and risk management, ensuring secure and efficient trading through a resilient data center architecture [6].

Company Performance - In 2024, the company achieved a revenue of 5.712 billion yuan, showing a slight year-on-year decline [2] - The net profit attributable to shareholders increased by 13.96% year-on-year, reaching 458 million yuan [2] - Basic earnings per share for 2024 were 0.75 yuan, up 13.64% compared to the previous year [2] - The weighted average return on equity was 11.71%, an increase of 0.25 percentage points from 2023 and a significant rise of 3.96 percentage points from 2022, marking the best level in nearly a decade [2] Cost Management - The company demonstrated significant cost reduction, with operating costs decreasing by 9.83% year-on-year [3] Industry Environment - The overall environment for the futures industry in 2024 was challenging, with the cumulative trading volume in the national futures market declining by 9.08% year-on-year [3] - Increased competition in the futures brokerage business and a continuous decline in domestic interest rates have put considerable operational pressure on futures firms [3] - The strong regulatory environment has further deepened its impact on the industry [3] Shareholder Returns - The company announced a cash dividend of 0.076 yuan per share (tax included), totaling 45.9332 million yuan, which is a 14% increase compared to 2023 [3] - This dividend represents the largest cash distribution since the company went public [3] - The company has also been actively repurchasing shares, having bought back 5.68 million shares, accounting for 0.93% of the total share capital, with a total expenditure of 50.0888 million yuan (excluding transaction fees) [3]