南华期货赴港上市：深耕服务实体经济 积极响应“一带一路”倡议

Group 1 - Nanhua Futures plans to issue H-shares and list on the Hong Kong Stock Exchange in January 2025, marking a significant step in its internationalization strategy [1] - The company has established operational centers in Hong Kong, Chicago, Singapore, and London, holding memberships in 14 global exchanges and 11 clearing seats [1] - By the end of 2024, Nanhua Futures' overseas brokerage client equity reached HKD 13.8 billion, with asset management scale at HKD 2.5 billion [1] Group 2 - In Q1 2025, Nanhua Futures reported a 46.2% year-on-year decline in operating revenue to CNY 534 million, but net profit increased slightly by 0.13% to CNY 85.73 million, maintaining the highest net profit among four listed futures companies [2] - The company demonstrated strong anti-cyclical resilience through high-quality business collaboration, focusing on serving the real economy and overseas financial services [2] Group 3 - Nanhua Futures is leveraging its overseas platform advantages to drive profit growth, with overseas business revenue in 2024 reaching CNY 654 million, a 15.32% increase, and a gross margin of 71.26% [3] - The company's Hong Kong subsidiary, Nanhua International, achieved a net profit of CNY 417 million in 2024, becoming a key profit pillar for the group [3] - Nanhua Futures has obtained clearing qualifications from major international exchanges, enhancing its global commodity clearing capabilities [3] Group 4 - The company has seen steady growth in its domestic brokerage business, with client equity increasing from CNY 19.1 billion in 2022 to CNY 31.6 billion in 2024, reflecting a compound annual growth rate of approximately 28.6% [4] - Nanhua Futures has developed a risk management system that enhances operational efficiency and profitability, conducting over 160 "insurance + futures" projects in 2024, providing risk protection of up to CNY 3.46 billion for agricultural entities [4] - The overseas business has become a significant profit growth highlight, with a compound annual growth rate of 68.26% in overseas business revenue from 2022 to 2024 [4]