| | | | 一、关于融资必要性……………………………………………… 第 1—47 | 页 | | --- | --- | | 二、附件……………………………………………………………第 48—52 | 页 | | （一）本所营业执照复印件………………………………………第 48 | 页 | | （二）本所执业证书复印件………………………………………第 49 | 页 | | （三）本所从事证券服务业务备案完备证明材料………………第 50 | 页 | | （四）本所签字注册会计师执业证书复印件………………第 51—52 | 页 | 关于南华期货股份有限公司 向不特定对象发行可转债审核问询函中 有关财务事项的说明 天健函〔2024〕955 号 上海证券交易所： 我们已对《关于南华期货股份有限公司向不特定对象发行可转债申请文件 的第二轮审核问询函》（上证上审（再融资）〔2023〕526 号，以下简称审核 问询函）所提及的南华期货股份有限公司（以下简称南华期货公司或公司）财 务事项进行了审慎核查，并出具了《关于南华期货股份有限公司向不特定对象 发行可转债审核问询函中有关财务事项的说明》（天健函〔2023〕1158 号） ...

根据最新披露的 2024 年半年度财务数据等相关信息，公司与相关中介机构 对审核问询函回复及募集说明书等向不特定对象发行可转换公司债券申请文件 进行了相应的补充和修订，具体内容详见公司同日披露于上海证券交易所网站 （www.sse.com.cn）的相关文件。 本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获得中 国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可 实施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚 存在不确定性。公司将根据该事项的进展情况，按照有关法律法规和要求及时履 行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 南华期货股份有限公司董事会 2024 年 8 月 31 日 证券代码：603093 证券简称：南华期货 公告编号：2024-040 南华期货股份有限公司关于申请向不特定对象 发行可转换公司债券的审核问询函回复及募集说明书等 申请文件更新内容的提示性公告 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个别及连带责任。 南华期货股份有限公司（以下简称 ...

股票简称：南华期货 股票代码：603093 南华期货股份有限公司 Nanhua Futures Co.,Ltd. （浙江省杭州市上城区横店大厦 301 室、401 室、501 室、701 室、 901 室、1001 室、1101 室、1201 室） 向不特定对象发行可转换公司债券 募集说明书 保荐人（主承销商） 二〇二四年八月 南华期货股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 南华期货股份有限公司 向不特定对象发行可转换公司债券募集说明书 | | | | 声 明 … | | --- | | 目 求…… | | 重大事项提示 . | | ...

目 录 | 一、关于本次募投项目…………………………………………… 第 | 1—26 | 页 | | --- | --- | --- | | 二、关于经营情况…………………………………………………第 | 26—42 | 页 | | 三、关于交易性金融资产…………………………………………第 | 43—54 | 页 | | 四、关于其他——与关联方共同投资建设办公楼………………第 | 54—56 | 页 | | 五、关于其他——存货及结构化主体……………………………第 | 56—62 | 页 | | 六、附件……………………………………………………………第 | 63—67 | 页 | | （一）本所营业执照复印件………………………………………第 | 63 | 页 | | （二）本所执业证书复印件………………………………………第 | 64 | 页 | | （三）本所从事证券服务业务备案完备证明材料………………第 | 65 | 页 | | （四）本所签字注册会计师执业证书复印件………………第 | 66—67 | 页 | 关于南华期货股份有限公司 向不特定对象发行可转债审核问询函中 有关财务事项的说明 天健函〔2024 ...

公 司 研 究 2024 年 08 月 26 日 公司点评 买入/维持 南华期货(603093) 目标价: 昨收盘:9.35 非银金融 多元金融 南华期货 2024 年半年报业绩点评：境外业务驱动增长 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/8/2123/11/224/1/1424/3/2724/6/824/8/20 南华期货 沪深300 ◼ 股票数据 总股本/流通(亿股) 6.1/6.1 总市值/流通(亿元) 54.97/54.97 12 个月内最高/最低价 (元) 14.58/8.24 相关研究报告 <<南华期货 2023 年报点评：依旧受 益全球布局，境外业务驱动持续高 增>>--2024-03-19 <<南华期货：高成长空间的期货国际 业务龙头>>--2023-12-25 <<南华期货 Q3 点评：行业位置逐步 攀升，境外业务稳健增长>>--2023- 11-01 事件：南华期货发布 2024 年半年报。公司 2024H1 实现营业收入 26.38 亿元，同比-16.14%；实现归母净利润 2.30 亿元，同比+36.73%。加权平 均 ROE 为 6.03% ...

证券代码：603093 证券简称：南华期货 公告编号：2024-039 南华期货股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日 9:00-10:00 以网络互动的形式 在上海证券交易所上证路演中 心 （http://roadshow.sseinfo.com/）召开了 2024 年半年度业绩说明会，现将相 关情况公告如下： 一、本次说明会召开情况 关于本次说明会的召开事项，公司已于 2024 年 8 月 27 日在上海证券交易所 网站（www.sse.com.cn）披露《南华期货股份有限公司关于召开 2024 年半年度 业绩说明会的公告》（公告编号：2024-038）。 2024 年 8 月 27 日 9:00-10:00，公司在上海证券交易所上证路演中心召开 2024 年半年度业绩说明会，公司董事长罗旭峰先生、独立董事张红英女士、总 经理贾晓龙先生、董事会秘书钟益强先生、财务负责人李莉女士出席本次说明会， 公司与投资者进行了互动交流和沟通，并就投资者普遍关注的问题进行了回复。 二、本次会议投资者提出的主要问题及公司的回复情况 公司在本次说明会上就投资者关心的问题给予了回答，主要问题及答复整 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 13.6 CNY per share based on a PE valuation of 18x for the estimated EPS of 0.76 CNY in 2024 [4][2]. Core Insights - The company reported a significant increase in net profit, with a 36.7% year-on-year growth in net profit attributable to shareholders, reaching 230 million CNY in H1 2024, despite a 16.14% decrease in operating revenue to 2.638 billion CNY [1][2]. - The company's equity scale has expanded, with domestic equity reaching 25.77 billion CNY as of H1 2024, up from 21.25 billion CNY at the end of 2023, contributing to a total margin of 34.59 billion CNY, a 20% increase year-on-year [1]. - The report highlights the acceleration of futures product updates and growth in financial futures trading volume, indicating a positive industry outlook [1]. Summary by Sections Financial Performance - For H1 2024, the company reported operating revenue of 2.638 billion CNY, a decrease of 16.14% year-on-year, while net profit attributable to shareholders was 230 million CNY, an increase of 36.7% [1]. - The adjusted net profit also saw a 41.9% increase, indicating strong underlying performance despite revenue challenges [1]. Business Expansion - The company has successfully expanded its equity scale, with domestic equity growing to 25.77 billion CNY and total margin reaching 34.59 billion CNY, reflecting a 20% year-on-year increase [1]. - The report notes the stability of overseas financial services, with a presence in major international cities, enhancing the company's global trading capabilities [1]. Market Trends - The report discusses the rapid update of futures products and an increase in trading volume for financial futures, suggesting a favorable market environment for the company's operations [1]. - The company is actively exploring innovative products in the OTC derivatives market, which could provide new risk management tools for the market [1].

证券代码：603093 证券简称：南华期货 公告编号：2024-038 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 8 月 20 日(星期二) 至 8 月 26 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 nanhua-ir@nawaa.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 南华期货股份有限公司（以下简称"公司"）已于 2024 年 8 月 17 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地 了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 8 月 27 日 上午 9:00-10:00 举行 2024 年半年度业绩说明会，就投资 者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半 会议召开时间：2024 年 8 月 27 日(星期二) 上午 9:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： 南华期货股份有限公司 关于召开 2024 年 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 15.23 CNY, compared to the current price of 9.01 CNY [2]. Core Insights - The company's performance exceeded expectations, driven by high net interest income due to elevated USD interest rates. The company is advancing risk management business innovations and solidifying its competitive advantages in overseas financial services, which is expected to meet the demands of the real economy [3]. Financial Summary - For the first half of 2024, the company reported revenue and net profit attributable to shareholders of 2.638 billion CNY and 230 million CNY, respectively, representing year-on-year changes of -16.14% and 36.73% [5]. - The weighted average ROE increased by 1.1 percentage points year-on-year to 6.03%, indicating a slight improvement in profitability [5]. - The company adjusted its earnings forecast for 2024-2026, projecting EPS of 0.72, 0.81, and 0.89 CNY, respectively, up from previous estimates of 0.70, 0.79, and 0.88 CNY [5]. Revenue Drivers - The company's net interest income for the first half of 2024 increased by 31.24% year-on-year to 351 million CNY, contributing 99.26% to the adjusted revenue growth. This increase is primarily attributed to higher interest rates on USD-denominated assets and improved rates from margin deposits in overseas futures businesses [5]. - The risk management business also showed improvement, with net income turning from a loss of 27 million CNY in 2023H1 to a profit of 3.5 million CNY in 2024H1, contributing 36.36% to the adjusted revenue growth [5]. Business Innovations - The company is focusing on risk management innovations tailored to the needs of real enterprises and rural revitalization efforts. It has launched 59 "insurance + futures" projects with a nominal principal of 1.097 billion CNY [5]. - The overseas financial services segment is enhancing its self-clearing system advantages and has obtained clearing qualifications from the ICE-US exchange, improving its capabilities in the global market [5].

Investment Rating - The report maintains a "Recommendation" rating for Nanhua Futures with a target price of 13.5 CNY, while the current price is 9.01 CNY [1]. Core Views - The high interest rate environment has led to strong performance in overseas business, with a significant increase in net interest income from foreign operations [1]. - The report highlights a decrease in total revenue by 16.1% year-on-year, but a 13.7% increase in net revenue calculated on a net basis [1]. - The company achieved a net profit of 2.3 billion CNY in the first half of 2024, reflecting a year-on-year increase of 36.7% [1]. Financial Performance Summary - Total revenue for H1 2024 was 26.4 billion CNY, with a net profit of 2.3 billion CNY [1]. - Q2 2024 saw total revenue of 16.5 billion CNY, a year-on-year decrease of 6.6% but a quarter-on-quarter increase of 65.9% [1]. - The breakdown of revenue sources for H1 2024 includes net interest income of 3.5 billion CNY, net commission income of 2.7 billion CNY, and other business income of 0.2 billion CNY [1]. Overseas Business Performance - The overseas net interest income reached 2.56 billion CNY in H1 2024, marking a year-on-year increase of 30% [1]. - The company obtained clearing membership from the Intercontinental Exchange (ICE-US), enhancing its overseas clearing license framework [1]. - The high interest rate environment, particularly after the Federal Reserve's rate hike, has positively impacted overseas net interest income [1]. Domestic Business Performance - Domestic commission income decreased by 19.9% year-on-year, with futures brokerage commission income down by 20.7% [1]. - The domestic net interest income increased by 34.8% year-on-year, amounting to 0.95 billion CNY [1]. - Risk management business saw a decline in basis trade volume by 24% year-on-year [1]. Earnings Forecast - The report revises earnings per share (EPS) forecasts for 2024, 2025, and 2026 to 0.90 CNY, 1.10 CNY, and 1.17 CNY respectively [1]. - The report also projects book value per share (BPS) of 6.89 CNY, 7.89 CNY, and 8.95 CNY for the same years [1]. - The return on equity (ROE) is expected to be 13.1%, 13.9%, and 13.0% for 2024, 2025, and 2026 respectively [1].