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]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View Market confidence is continuously being restored, and stock index continues to rise. In the future, on one hand, the Sino-US trade war is escalating with tariff hikes up to 125%, and external shocks remain. On the other hand, under the increasing downward pressure on external demand, the expectation of domestic favorable policies strengthens, providing some support for the stock index. Currently, positive and negative factors at home and abroad are intertwined, with pressure above and support below. Today, the trading volume of the two markets shrank significantly. As the stock index continued to rebound and filled the gap, the upward momentum of the index also weakened. It is expected to mainly fluctuate within a range. Continue to pay attention to the progress of tariff negotiations, the fluctuations of US trade policies, and domestic countermeasures [6]. 3. Summary by Relevant Catalogs Market Review Today, the stock index fluctuated strongly. Taking the CSI 300 Index as an example, it closed up 0.41%. In terms of capital flow, the trading volume of the two markets decreased by 260.802 billion yuan. All stock index futures rose with shrinking volume [4]. Important Information - The US CPI in March increased by 2.4% year-on-year, significantly down from 2.8% last month, hitting a six - month low and lower than the market forecast of 2.6%. The CPI in March unexpectedly decreased by 0.1% month - on - month, far lower than the market forecast (increase of 0.1%), with the previous value being an increase of 0.2% [5]. - European Commission President von der Leyen said that the EU agreed to suspend the counter - measures against US tariffs originally scheduled for April 15 for 90 days [5]. - The Tariff Policy Commission of the State Council announced an adjustment to the additional tariffs on imported goods originating from the US, raising it from 84% to 125% [5]. Strategy Recommendation Hold positions and wait and see [7]. Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.37% | 0.52% | 0.85% | 1.69% | | Trading volume | 12.9987 | 5.9083 | 10.7233 | 31.7638 | | Trading volume change compared to previous period | - 2.776 | - 1.9677 | - 2.8014 | - 5.1689 | | Open interest | 275461 | 98562 | 221477 | 354821 | | Open interest change compared to previous period | - 6171 | - 2192 | - 1713 | - 5047 | [7] Spot Market Observation | | Name | Value | | --- | --- | --- | | | Shanghai Composite Index change (%) | 0.45 | | | Shenzhen Component Index change (%) | 0.82 | | | Ratio of rising to falling stocks | 1.72 | | | Trading volume of the two markets (billion yuan) | 1348.665 | | | Trading volume change compared to previous period (billion yuan) | - 260.802 | [8]

证券代码：603093 证券简称：南华期货 公告编号：2025-024 南华期货股份有限公司 关于股份回购进展公告 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、 回购股份的基本情况 南华期货股份有限公司（以下简称"公司"）于 2024 年 7 月 8 日召开第四届 董事会第十五次会议，审议通过《关于回购股份方案的议案》，同意以不低于人民 币 5,000 万元（含本数），不超过人民币 10,000 万元（含本数）的自有资金通过 集中竞价交易方式回购公司股份，拟用于后续实施员工持股计划。回购股份价格 不超过 13.90 元/股（含本数），回购期限自董事会审议通过回购方案之日起 12 个 月内。具体内容详见公司披露的《南华期货股份有限公司关于以集中竞价交易方 式回购股份的方案》（公告编号：2024-024）、《南华期货股份有限公司关于以集中 竞价交易方式回购股份的回购报告书》（公告编号：2024-028）。 二、 回购股份的进展情况 截至 2025 年 3 月 31 日，公司通过上海证券交易所系统以集中竞价交易方式 已累计回 ...

Group 1 - The legal opinion letter was issued by Beijing Jincheng Tongda Law Firm regarding the annual shareholders' meeting of Nanhua Futures Co., Ltd. scheduled for March 31, 2025 [1][2] - The meeting will adopt a combination of on-site and online voting methods, allowing shareholders to vote through the Shanghai Stock Exchange's online voting system [2][4] - The meeting will be held at 2:30 PM on March 31, 2025, at the 9th floor conference room of Hengdian Building, Hangzhou, Zhejiang Province [3] Group 2 - A total of 141 participants attended the meeting, representing 453,977,800 shares, which is 75.1141% of the total shares with voting rights [4][5] - The meeting's attendees included 139 small shareholders, representing 4,376,900 shares, or 0.7242% of the total shares with voting rights [5] - The meeting was convened by the company's board of directors, and all attendees met the qualifications required by relevant laws and regulations [5][6] Group 3 - The agenda included 21 proposals, such as the 2024 annual report, financial budget for 2025, and the issuance of H shares [6][7][8] - The proposals were consistent with the items listed in the meeting notice, and no new proposals were introduced [7][11] - The voting results showed overwhelming support for all proposals, with the majority receiving over 99% approval [10][11] Group 4 - The voting process adhered to the requirements of the Company Law and the rules governing shareholder meetings, ensuring the legality and validity of the results [11] - The final voting results confirmed that all proposals were approved, with significant majorities for each item [10][11]