瑞达期货(002961) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's board of directors, senior management, and accounting officer guarantee the truthfulness, accuracy, and completeness of the semi-annual report, highlighting investment risks and announcing a profit distribution plan of RMB 1.80 (tax inclusive) cash dividend per 10 shares - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4] - Company head Lin Zhibin, chief accounting officer Ge Chang, and head of accounting department Zeng Yonghong declare the financial report is true, accurate, and complete[4] - The profit distribution plan approved by the board of directors is to distribute a cash dividend of RMB 1.80 (tax inclusive) per 10 shares to all shareholders, with no bonus shares or capital reserve conversions[4] Table of Contents This section lists the report's nine main chapters and their starting page numbers, covering company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data - The report comprises nine main chapters, covering company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, financial report, and other submitted data[7] Definitions This section defines common terms used in the report, including company name, controlling shareholder, actual controllers, major subsidiaries, and related financial institutions and exchanges, specifying the reporting period from January 1 to June 30, 2025 - The company's controlling shareholder is Fujian Ruida Holdings Co., Ltd., and the actual controllers are Lin Zhibin, Lin Hongbin, and Lin Lifang[10] - The reporting period refers to January 1 to June 30, 2025[10] - Major subsidiaries include Ruida Xinkong, Ruida Real Estate, Ruida International, and Ruida Fund, with businesses covering risk management, overseas finance, and fund management[10] Company Profile and Key Financial Indicators Company Profile Ruida Futures Co., Ltd., stock ticker 'Ruida Futures' (002961), is listed on the Shenzhen Stock Exchange, with Lin Zhibin as its legal representative - Company stock ticker: Ruida Futures, stock code: 002961, listed on: Shenzhen Stock Exchange[12] - The company's legal representative is Lin Zhibin[12] Contact Person and Information The company's board secretary is Gan Yajuan, with contact address at 29th Floor, No. 18 Taoyuan Road, Siming District, Xiamen City, Fujian Province, and contact details including phone, fax, and email - The board secretary is Gan Yajuan, with the contact address at 29th Floor, No. 18 Taoyuan Road, Siming District, Xiamen City, Fujian Province[13] - Contact phone: 0592-2681653, fax: 0592-2397059, email: gyj_rabbit@126.com[13] Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, and document storage locations; refer to the 2024 annual report for details - The company's registered address, office address, postal code, website, and email remained unchanged during the reporting period[14] - Information disclosure and document storage locations remained unchanged during the reporting period; refer to the 2024 annual report for details[15] Key Accounting Data and Financial Indicators In H1 2025, consolidated operating revenue grew by 4.49% to RMB 1.047 billion, and net profit attributable to shareholders increased by 66.49% to RMB 228 million. Parent company operating revenue rose by 26.61% to RMB 346 million, with net profit up 64.85% to RMB 150 million. Net cash flow from operating activities significantly increased, with consolidated growth of 156.03% and parent company growth of 177.28% H1 2025 Consolidated Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,046,645,134.43 | 1,001,682,847.85 | 4.49% | | Net Profit Attributable to Listed Company Shareholders | 227,806,819.55 | 136,826,154.23 | 66.49% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 227,688,800.83 | 134,008,879.69 | 69.91% | | Net Cash Flow from Operating Activities | 2,308,684,861.69 | 901,727,124.83 | 156.03% | | Basic Earnings Per Share (RMB/share) | 0.51 | 0.31 | 64.52% | | Diluted Earnings Per Share (RMB/share) | 0.51 | 0.31 | 64.52% | | Weighted Average Return on Net Assets | 7.58% | 5.05% | 2.53% | | Total Assets (Period-End) | 18,406,354,527.16 | 16,036,521,698.25 | 14.78% | | Total Liabilities (Period-End) | 15,338,332,077.86 | 13,104,378,039.99 | 17.05% | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 3,025,742,187.35 | 2,890,843,758.02 | 4.67% | H1 2025 Parent Company Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 345,717,362.27 | 273,054,074.48 | 26.61% | | Net Profit | 150,306,892.69 | 91,177,717.65 | 64.85% | | Net Cash Flow from Operating Activities | 2,906,107,765.37 | 1,048,064,310.86 | 177.28% | | Total Assets (Period-End) | 18,177,048,414.88 | 16,190,319,522.69 | 12.27% | | Total Liabilities (Period-End) | 15,310,801,752.51 | 13,385,537,912.75 | 14.38% | | Total Owners' Equity (Period-End) | 2,866,246,662.37 | 2,804,781,609.94 | 2.19% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[19] - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[20] Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 118,018.72, primarily comprising non-current asset disposal gains/losses, government grants, and other non-operating income/expenses, after deducting income tax and minority interest impacts Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -28,303.07 | | Government grants recognized in current profit or loss | 318,660.05 | | Other non-operating income and expenses apart from the above | -30,897.81 | | Less: Income tax impact | 140,548.24 | | Minority interest impact (after tax) | 892.21 | | Total | 118,018.72 | - The company has no other profit and loss items meeting the definition of non-recurring gains and losses, nor does it classify non-recurring items as recurring gains and losses[22] Parent Company Net Capital and Risk Control Indicators At the end of the reporting period, the parent company's net capital was RMB 888 million, a 6.52% YoY decrease; net assets were RMB 2.866 billion, a 2.19% YoY increase. The net capital to sum of risk capital reserves ratio was 205.97%, a 50.43% YoY decrease Parent Company Net Capital and Risk Control Indicators | Item | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Net Capital | 887,904,217.27 | 949,842,615.64 | -6.52% | | Net Assets | 2,866,246,662.37 | 2,804,781,609.94 | 2.19% | | Net Capital / Sum of Risk Capital Reserves | 205.97% | 256.40% | -50.43% | | Net Capital / Net Assets | 30.98% | 33.87% | -2.89% | | Net Capital / Liabilities | 90.07% | 95.18% | -5.11% | | Net Assets / Liabilities | 290.76% | 281.05% | 9.71% | Management Discussion and Analysis Company's Main Businesses During the Reporting Period The company's main businesses include futures brokerage, asset management, and futures trading advisory, with subsidiaries conducting risk management, overseas finance, and securities investment fund businesses, forming a diversified financial service system - The company's main businesses include futures brokerage, asset management, and futures trading advisory, and through wholly-owned subsidiaries, it conducts risk management, overseas finance, and securities investment fund businesses[26] Futures Brokerage Business Futures brokerage is an intermediary business, generating revenue from brokerage fees and margin interest by facilitating client futures trading, settlement, and delivery, serving industrial, institutional, and individual clients primarily through branches and online channels - Futures brokerage is an intermediary business, with revenue primarily from brokerage fees and margin interest[26] - Client groups include industrial clients, institutional clients, and individual investors with risk tolerance[26] - Marketing channels primarily consist of business outlets, with active utilization of the internet to enhance marketing capabilities[27] Asset Management Business Asset management provides investment and management services, generating profits from management fees and performance-based remuneration, primarily serving high-net-worth and institutional clients through branch networks and partnerships with financial institutions - Asset management business revenue primarily comes from management fees and performance-based remuneration, depending on asset scale and profitability[27] - The main client base consists of high-net-worth clients and institutional investors with strong financial capabilities and risk tolerance[27] - Marketing models include branch network marketing and cooperative distribution with other financial institutions[27] Futures Trading Advisory Business Futures trading advisory generates fees by offering risk management consulting, training, research reports, and trading strategies, serving institutional investors and enterprises or individuals needing advice, leveraging industry position and network coverage - Futures trading advisory business earns consulting fees by providing risk management consulting, training, research analysis reports, and futures trading strategies[28] - The main client base consists of institutional investors providing professional investment services and enterprises or individual investors with futures trading advisory needs[28] - Marketing models are diversified, leveraging the company's industry position, brand recognition, and extensive branch network coverage[28] Risk Management Business Risk management, conducted through subsidiary Ruida Xinkong, offers commodity risk management, OTC derivatives, and market-making services across agricultural, chemical, non-ferrous, and ferrous products, generating profits from trade margins, financing fees, and derivative hedging, primarily serving industrial and institutional clients with a 'corporate nanny' one-stop service approach - Risk management business, conducted through subsidiary Ruida Xinkong, provides commodity risk management, OTC derivatives, and market-making services, covering listed futures products such as agricultural products, chemicals, non-ferrous metals, and ferrous metals[29] - Profit models include trade margins from commodity risk management, fees from financing businesses, and combined investment returns from OTC derivatives and market-making businesses[29][30] - The marketing model centers on 'corporate nanny' comprehensive services, implementing 'one-on-one' specialized and personalized marketing[30] Overseas Financial Business Through its Hong Kong subsidiary Ruida International, the company provides global futures, securities brokerage, clearing, risk management, and advisory services, along with global asset management and cross-border products, generating profits primarily from brokerage fees, management fees, and performance-based remuneration, serving enterprises, financial institutions, and investors with overseas financial market investment and risk management needs - Overseas financial business, through its Hong Kong subsidiary Ruida International, provides global futures, securities brokerage, clearing, risk management, consulting, global asset management, and cross-border product services[31] - The profit model primarily consists of brokerage fees, management fees, and performance-based remuneration[31] - The main client base includes enterprises, licensed financial institutions, individual investors, and professional investors with overseas financial market investment and risk management needs[31] Securities Investment Fund Business The company's wholly-owned subsidiary, Ruida Fund Management Co., Ltd., publicly issues securities investment fund products domestically and provides securities investment management services, generating profits primarily from fund management fees collected according to fund contract rates, serving institutional and individual investors with investment needs in securities investment fund products - Securities investment fund business is conducted by the wholly-owned subsidiary Ruida Fund Management Co., Ltd., providing securities investment management services[32] - The profit model primarily consists of fund management fees, collected according to the rates specified in the fund contracts[32] - The main client base includes institutional investors and individual investors with investment needs in securities investment fund products[32] Industry Development and Company's Industry Position During the Reporting Period In H1 2025, the futures industry saw expansion, quality improvement, technological empowerment, and accelerated internationalization, with significantly increased market activity and YoY growth in both trading volume and value. The company's comprehensive competitiveness continuously strengthened amid fierce market competition, maintaining leading positions in key operating indicators, especially in asset management and options market-making, and consistently achieving A-class A-level or higher regulatory ratings for years Industry Development During the Reporting Period In H1 2025, the futures industry maintained stable growth amidst a complex environment, with trading volume up 17.82% and value up 20.68% YoY, and open interest reaching a record high. Gold futures performed exceptionally, with trading value surging 149% YoY. The futures product system continued to optimize, and opening-up steadily advanced, expanding QFII/RQFII tradable products. Industry legal framework strengthened with the issuance of programmatic trading regulations, and futures companies collectively achieved revenue and net profit growth - In H1 2025, the national futures market's cumulative trading volume was 4.076 billion lots, a 17.82% YoY increase; trading value was RMB 339.73 trillion, a 20.68% YoY increase[34] - Gold futures trading value reached RMB 44.34 trillion, surging 149% YoY, becoming a core hedging tool[34] - China's listed futures and options products reached 148, with QFII/RQFII tradable products expanding to 91, accounting for over 60% of listed products[35][36] - In H1 2025, national futures companies (parent company basis) achieved operating revenue of RMB 18.676 billion, a 3.89% YoY increase; net profit reached RMB 5.074 billion, a 32.00% YoY increase[35] - The China Securities Regulatory Commission issued the 'Trial Administrative Provisions on Programmatic Trading in the Futures Market,' effective October 9, 2025, strengthening full-process supervision[38] Company's Industry Position Ruida Futures demonstrates strong comprehensive competitiveness, maintaining leading positions in key operating indicators, with its futures and derivatives asset management scale and options market-making trading volume ranking among the top, and significant advantages in market-making quoting capabilities. The company is the first futures listed company on the Shenzhen Stock Exchange, one of only two futures companies with a public fund management subsidiary, the largest in futures trading value and most profitable futures company in Fujian Province, and has consistently received A-class A-level or higher regulatory ratings for many years - The company's comprehensive competitiveness continues to strengthen, with all regulatory indicators consistently met, and key operating indicators remaining among the industry's top performers[39] - In asset management, the scale of futures and derivatives management and options market-making trading volume rank among the top, with significant advantages in market-making quoting and trading capabilities[39] H1 2025 Company Brokerage Trading Value and Market Share | Exchange | Trading Value (RMB 100 million) | Market Share (%) | | :--- | :--- | :--- | | Shanghai Futures Exchange | 20,100.94 | 0.87% | | Zhengzhou Commodity Exchange | 8,630.34 | 1.03% | | Dalian Commodity Exchange | 7,214.65 | 0.77% | | China Financial Futures Exchange | 27,067.94 | 1.20% | | International Energy Exchange | 2,726.92 | 0.80% | | Guangzhou Futures Exchange | 819.54 | 0.70% | - The company is the first futures listed company on the Shenzhen Stock Exchange, one of only two futures companies nationwide with a public fund management subsidiary, and the largest in futures trading value and most profitable futures company in Fujian Province[41] - The company has consistently received A-class A-level or higher regulatory ratings for many years[41] Business Operations and Future Development Strategy In H1 2025, the company achieved operating revenue of RMB 1.047 billion, a 4.49% YoY increase, and net profit attributable to shareholders of RMB 228 million, a 66.49% YoY increase. The company focused on new business, service quality improvement, optimizing market layout, developing institutional clients, enhancing research capabilities, and strengthening channel cooperation to drive steady business development. Future plans include increasing investment in financial technology, providing differentiated services to segmented client groups, and expanding asset management product types and sales channels - In H1 2025, the company achieved operating revenue of RMB 1.047 billion, a 4.49% YoY increase; net profit attributable to shareholders was RMB 228 million, a 66.49% YoY increase[42] - The company enhanced its ability to serve the real economy through measures such as optimizing market layout, developing institutional clients, improving research capabilities, and strengthening channel cooperation[42] - Future development strategies include increasing investment in financial technology R&D, adhering to a 'customer-centric' philosophy, and providing differentiated services to segmented client groups[46] Futures Brokerage Business In H1 2025, the company's futures brokerage business generated operating revenue of RMB 244 million, a 0.3% YoY decrease. Despite a slight revenue decline, the company effectively strengthened its traditional brokerage foundation by focusing on professional investment institutions, promoting financial institution cooperation, leveraging internet for precise client acquisition and marketing, and diversifying trading advisory services. During the reporting period, 5,704 new clients were added, including 338 institutional clients. Client margin deposits (parent company basis) reached RMB 14.325 billion, with institutional clients accounting for 70.43%. Fee income increased by 11.22% YoY. Future plans include strengthening inter-industry cooperation, leveraging OTC derivatives advantages, building a digital marketing platform, and expanding futures asset management scale to support brokerage business - In H1 2025, the company's futures brokerage business achieved operating revenue of RMB 244 million, a 0.3% decrease compared to the prior period[43] - During the reporting period, the company (parent company basis) added 5,704 new clients, including 338 new institutional clients[44] - As of June 2025, client margin deposits (parent company basis) amounted to RMB 14.325 billion, with institutional client margin deposits at RMB 10.09 billion, accounting for 70.43% of the company's total client margin deposits[44] - Futures brokerage fee income (parent company basis) was RMB 192 million, a 11.22% increase compared to the prior period[44] - Future development strategies include strengthening cooperation with peer institutions, leveraging OTC derivatives business advantages, building a digital marketing management platform, and deepening futures asset management business to support brokerage operations[46] Asset Management Business In H1 2025, the company's asset management business achieved operating revenue of RMB 121 million, a 223.83% YoY increase, with excellent performance from asset management products. The company adheres to product-driven and investment research empowerment, forming product series like 'Ruizhi Wuyou,' 'Ruizhi Jinqu,' and 'Dengta,' and actively developing 'fixed income+' and other hybrid products. As of June 2025, the company's asset management equity scale was RMB 3.201 billion, a 36.50% increase from year-end 2024. Future plans include increasing 'Ruida Asset Management' brand promotion, establishing a wealth management sales system, enriching product types, strengthening sales channel development, and recruiting talent to enhance investment research capabilities - In H1 2025, the company's asset management business achieved operating revenue of RMB 121 million, a 223.83% increase compared to the prior period[47] - The company's asset management products performed excellently, forming series such as 'Ruizhi Wuyou,' 'Ruizhi Jinqu,' and 'Dengta,' and developing hybrid products like 'fixed income+'[48] - As of June 2025, the company's asset management equity scale was RMB 3.201 billion, a 36.50% increase from year-end 2024[49] - Future development strategies include increasing 'Ruida Asset Management' brand promotion, establishing a wealth management sales management system, enriching product types, strengthening sales channel development, and recruiting talent to enhance investment research capabilities[51] Risk Management Business In H1 2025, risk management business generated operating revenue of RMB 668 million, a 5.00% YoY decrease. Through its subsidiary Ruida Xinkong, the company steadily conducted commodity risk management, OTC derivatives, and market-making services without major risk incidents. Ruida Xinkong provided derivative trading solutions to 173 enterprises, with RMB 22.299 billion in new notional principal, acting as a market maker for 7 exchanges across 76 products. Its on-exchange options market-making business ranked among the top in the industry for both cumulative trading volume and value. Future plans include increasing resource investment and talent acquisition, deepening parent-subsidiary synergy, expanding business scale and product offerings, and actively participating in 'insurance + futures' projects - In H1 2025, risk management business achieved operating revenue of RMB 668 million, a 5.00% decrease compared to the prior period[52] - Ruida Xinkong provided derivative trading solutions to 173 enterprises, achieving RMB 22.299 billion in new notional principal for derivative transactions[54] - Ruida Xinkong is a market maker for 7 exchanges (Shanghai Futures Exchange, Dalian Commodity Exchange, Zhengzhou Commodity Exchange, Guangzhou Futures Exchange, International Energy Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange), participating in market making for a total of 76 products[54] - In H1 2025, Ruida Xinkong's on-exchange options market-making business ranked 2nd in cumulative trading volume and 3rd in cumulative trading value within the industry[54] - Future plans include increasing resource investment, recruiting high-end professional talent, deepening parent-subsidiary synergy, expanding the scale of commodity risk management business, intensifying derivative transaction development and design, actively responding to the national 'Rural Revitalization' strategy by participating in 'insurance + futures' pilot projects, expanding market-making service products, and applying for ETF options lead market maker qualifications[54] Overseas Financial Business During the reporting period, overseas financial business achieved operating revenue of RMB 17.348 million, a 62.90% YoY increase. Through its Hong Kong subsidiary Ruida International and its sub-subsidiaries, the company provides global futures, securities brokerage, and asset management services, actively developing overseas asset management business, successfully launching multiple QFII products and USD funds. Future development will adhere to the positioning of 'relying on domestic, based in Hong Kong, global layout,' establishing overseas branches at appropriate times, strengthening talent cultivation and recruitment, striving to upgrade securities license business scope, deepening cross-border asset management capabilities, and leveraging QFII qualifications to promote 'Chinese element' cross-border products - During the reporting period, overseas financial business achieved operating revenue of RMB 17.348 million, a 62.90% increase compared to the prior period[56] - Hong Kong subsidiary Ruida International Financial Holdings Limited holds Hong Kong SFC Type 2 and Type 5 licenses and is a futures dealer on the Hong Kong Futures Exchange[56] - The Hong Kong subsidiary actively developed overseas asset management business, successfully launching multiple QFII products and USD funds involving equities, bonds, and other areas[57] - Future development is positioned as 'relying on domestic, based in Hong Kong, global layout,' with plans to establish branches in other countries and regions, strengthen cultivation and recruitment of international high-end talent, strive to upgrade securities license business scope, deepen cross-border asset management capabilities, and leverage QFII qualifications to promote 'Chinese element' cross-border products[59] Securities Investment Fund Business In H1 2025, public fund scale continued to grow, with net asset value exceeding RMB 34 trillion for the first time. Ruida Fund manages 3 products with a total scale of RMB 89.19 million, including Ruida Advanced Manufacturing Mixed Initiated Fund (Class A shares) achieving a 13.90% return in H1, ranking among the top 20% of similar products. Future plans for the company and Ruida Fund include strengthening professional talent cultivation and recruitment, strategically developing differentiated products to capture market trends, enhancing new product R&D, and increasing investment in emerging sales channels like e-commerce live streaming - In H1 2025, China's public fund net asset value totaled RMB 34.39 trillion, exceeding RMB 34 trillion for the first time and setting a new historical high[60] - As of the end of the reporting period, Ruida Fund managed a total of 3 fund products, with a total scale of RMB 89.19 million[62] - Ruida Advanced Manufacturing Mixed Initiated Fund (Class A shares) achieved a 13.90% return in H1 2025, ranking 878th among 4,548 similar fund products, placing it in the top 20% of the industry[62] - Future development strategies include strengthening professional talent cultivation and recruitment, strategically developing products to capture market trends, intensifying new product R&D efforts, and increasing investment in emerging sales channels like e-commerce live streaming[63][64] Core Competitiveness Analysis Ruida Futures demonstrates strong comprehensive competitiveness, maintaining leading positions in key operating indicators, with its futures and derivatives asset management scale and options market-making trading volume ranking among the top, and significant advantages in market-making quoting capabilities. The company is the first futures listed company on the Shenzhen Stock Exchange, one of only two futures companies with a public fund management subsidiary, the largest in futures trading value and most profitable futures company in Fujian Province, and has consistently received A-class A-level or higher regulatory ratings for many years - The company possesses a centralized, refined management model and an experienced core management team, whose members are market-savvy, insightful, and maintain a stable structure[65][66] - The 'Ruida Asset Management' brand holds a leading position in the CTA sector, adhering to independent management and focusing on the derivatives market, forming a product system with stable returns and controllable risks, and winning multiple industry asset management awards[66][67] - The company has established a unique talent selection, cultivation, and incentive mechanism, and collaborates with universities to recruit high-end external talent, consolidating its talent advantage[67][68] - The company's branch network layout is rational, covering the eastern coastal and economically strong central and western regions, providing specialized investor education and marketing platforms[69][70] - The company has established a comprehensive internal control and risk management system, strengthening compliance and risk control, enhancing risk early warning and disposal capabilities, and consistently achieving A-class A-level or higher regulatory ratings for many years[70][71] - The company's information technology system development ranks among the industry's best, possessing multiple mainstream futures trading software, having built an independent data center, continuously updating its core trading system hardware platform, and constructing a digital business middle platform[71][72] Main Business Analysis In H1 2025, the company's total operating revenue was RMB 1.047 billion, a 4.49% YoY increase, primarily due to increased investment income. Total operating expenses were RMB 743 million, a 9.21% YoY decrease, mainly due to reduced other business expenses from risk subsidiaries. Asset management business revenue grew by 223.83% to RMB 121 million, driven by expanded asset management product scale and favorable investments. Risk management business revenue decreased by 5.00% to RMB 668 million. Operating revenue in Fujian region increased by 38.78% YoY, and in Hong Kong region by 62.90% YoY Key Financial Data YoY Changes | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,046,645,134.43 | 1,001,682,847.85 | 4.49% | Primarily due to increased investment income | | Total Operating Expenses | 742,530,795.07 | 817,864,607.61 | -9.21% | Primarily due to reduced other business expenses from risk subsidiaries | | Income Tax Expense | 74,950,416.72 | 45,936,579.60 | 63.16% | Primarily due to increased total profit | | Net Cash Flow from Operating Activities | 2,308,684,861.69 | 901,727,124.83 | 156.03% | Primarily due to increased net client margin deposits and net recovery of futures margin deposits with agreed terms exceeding three months | | Net Cash Flow from Investing Activities | 290,699,685.43 | 194,765,322.26 | 49.26% | Primarily due to reduced cash paid for investments | | Net Cash Flow from Financing Activities | 252,994,632.78 | -122,042,697.03 | 307.30% | Primarily due to increased cash received from consolidated structured entities | | Net Increase in Cash and Cash Equivalents | 2,847,848,792.07 | 975,603,980.59 | 191.91% | Primarily due to increased net client margin deposits and net recovery of futures margin deposits with agreed terms exceeding three months | Composition of Total Operating Revenue | Item | Current Period Amount (RMB) | Proportion of Total Operating Revenue | Prior Period Amount (RMB) | Proportion of Total Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Futures Brokerage Business | 243,970,032.11 | 23.31% | 244,715,178.93 | 24.43% | -0.30% | | Asset Management Business | 121,113,649.01 | 11.57% | 37,400,781.88 | 3.73% | 223.83% | | Risk Management Business | 668,232,786.83 | 63.85% | 703,438,865.22 | 70.23% | -5.00% | | Other | 13,328,666.48 | 1.27% | 16,128,021.82 | 1.61% | -17.36% | | Total Operating Revenue | 1,046,645,134.43 | 100% | 1,001,682,847.85 | 100% | 4.49% | - Asset management business operating revenue increased by 223.83% YoY, primarily due to expanded asset management product scale, favorable investments, and improved product returns[76] Main Business Segment Performance | Business Segment | Total Operating Revenue (RMB) | Total Operating Expenses (RMB) | Operating Profit Margin | YoY Change in Total Operating Revenue | YoY Change in Total Operating Expenses | YoY Change in Operating Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Futures Brokerage Business | 243,970,032.11 | 119,754,029.41 | 50.91% | -0.30% | -11.89% | 6.45% | | Asset Management Business | 121,113,649.01 | 25,932,908.19 | 78.59% | 223.83% | 36.43% | 29.41% | | Risk Management Business | 668,232,786.83 | 571,343,377.91 | 14.50% | -5.00% | -10.38% | 5.12% | | Other | 13,328,666.48 | 25,500,479.56 | -91.32% | -17.36% | 0.18% | -33.50% | - Asset management business expenses increased by 36.43% YoY, primarily in line with revenue growth[79] Operating Revenue by Region | Region | Number of Branches | Current Period Total Operating Revenue (RMB) | Prior Period Total Operating Revenue (RMB) | YoY Change in Total Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Fujian | 8 | 293,596,572.19 | 211,556,097.86 | 38.78% | | Hong Kong | 0 | 17,347,953.14 | 10,649,575.74 | 62.90% | | Other Subsidiaries | 0 | 683,579,819.02 | 717,979,197.63 | -4.79% | | Total | 43 | 1,046,645,134.43 | 1,001,682,847.85 | 4.49% | Operating Profit by Region | Region | Number of Branches | Current Period Operating Profit (RMB) | Prior Period Operating Profit (RMB) | YoY Change in Operating Profit | | :--- | :--- | :--- | :--- | :--- | | Fujian | 8 | 208,800,493.30 | 126,326,731.59 | 65.29% | | Hong Kong | 0 | 9,913,358.88 | 7,262,042.53 | 36.51% | | Other Subsidiaries | 0 | 92,927,954.99 | 53,988,475.62 | 72.13% | | Total | 43 | 304,114,339.36 | 183,818,240.24 | 65.44% | Non-Core Business Analysis During the reporting period, the company's non-core business income primarily included non-operating income (such as futures exchange activity service fees and conference subsidies) and government grants, while non-operating expenses mainly consisted of donation expenditures. These non-core business gains and losses were minor and not sustainable Non-Core Business Gains and Losses | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Non-operating income | 15,494.16 | 0.01% | Primarily futures exchange activity service fees and conference subsidies | No | | Non-operating expenses | 392,235.54 | 0.13% | Primarily donation expenditures | No | | Other income | 640,404.37 | 0.21% | Primarily government grants received | No | | Asset disposal gains/losses | -4,203.82 | 0.00% | Primarily losses from disposal of fixed assets | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets were RMB 18.406 billion, a 14.78% YoY increase; total liabilities were RMB 15.338 billion, a 17.05% YoY increase. Cash and bank balances increased by 1.98%, mainly due to increased client margin deposits. Inventories increased by 0.64%, primarily due to increased purchases by subsidiary Ruida Xinkong. Contract liabilities increased by 0.37%, mainly due to increased advance receipts for goods. Financial liabilities at fair value through profit or loss increased by 1.65%, mainly due to increased equity held by other unitholders of consolidated structured entities. Total restricted assets at period-end were RMB 921 million Significant Changes in Asset Composition | Item | Amount at Current Period-End (RMB) | Proportion of Total Assets | Amount at Prior Year-End (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 10,788,883,169.85 | 58.61% | 9,082,008,816.90 | 56.63% | 1.98% | Primarily due to increased client margin deposits | | Inventories | 185,082,079.91 | 1.01% | 59,835,864.35 | 0.37% | 0.64% | Primarily due to increased purchases by subsidiary Ruida Xinkong Capital Management Co., Ltd. | | Contract Liabilities | 75,037,680.30 | 0.41% | 5,651,016.08 | 0.04% | 0.37% | Primarily due to increased advance receipts for goods by subsidiary Ruida Xinkong Capital Management Co., Ltd. | | Financial Liabilities at Fair Value Through Profit or Loss | 1,233,535,678.61 | 6.70% | 809,261,319.04 | 5.0