Nanhua Futures(603093) 华夏时报· Hua Xia Shi Bao·2025-05-28 08:11Core Viewpoint - The overall pressure on the futures industry has increased due to regulatory adjustments, intensified competition, and a low-interest-rate environment, impacting revenue and operational strategies of listed futures companies [1][2]. Group 1: Industry Overview - The adjustment of the trading rules by the China Futures Association will significantly affect the revenue recognition of futures companies starting in 2025, despite not altering the actual profit and loss situation [1]. - The first quarter of 2025 saw a significant revenue decline for South China Futures, with a 46.20% year-on-year drop to 534 million yuan, primarily due to the impact of new regulations on its risk management business [2]. - Despite revenue fluctuations, South China Futures reported a slight increase in net profit, reaching 85.74 million yuan in the first quarter of 2025, a 0.13% year-on-year growth, leading among its peers [2]. Group 2: Business Strategy and Innovation - In response to the competitive landscape and declining fees, South China Futures has shifted its business focus towards institutional and industrial clients, enhancing communication and collaboration through various initiatives [3]. - The company has launched multiple market cultivation activities in collaboration with exchanges to address challenges faced by enterprises, injecting new vitality into its brokerage business [3][4]. Group 3: Regional Expansion and Service to the Real Economy - The opening of a new branch in Wuhan in 2024 enhances South China Futures' coverage in the central and western regions, providing new growth opportunities [4]. - The company has effectively utilized its expertise in risk management to support agricultural enterprises through innovative models like "insurance + futures," providing 3.46 billion yuan in risk protection across over 160 projects [4]. Group 4: International Business Development - South China Futures has established a presence in major international cities, including Hong Kong, Chicago, Singapore, and London, covering key global time zones [5]. - As of the end of 2024, the total scale of its overseas brokerage business reached 13.8 billion HKD, with asset management totaling 2.5 billion HKD, indicating a robust international business strategy [5]. - The company aims to further expand its clearing business and localize its brokerage operations, enhancing its revenue structure and demonstrating resilience amid regulatory changes [5].