盈亏线挣扎、大额罚单压顶，东北证券子公司渤海期货告别新三板

Core Viewpoint - Bohai Futures, a subsidiary of Northeast Securities, has decided to voluntarily terminate its listing on the New Third Board, citing "self-development planning" as the reason, although underlying complexities may exist [2] Group 1: Company Actions and Market Trends - Bohai Futures is not alone in this decision; other companies like Jinyuan Futures and Funeng Futures have also delisted from the New Third Board this year, using similar reasoning [2] - The New Third Board was initially seen as a convenient funding channel for small futures companies due to its lower listing thresholds and relaxed disclosure requirements, but liquidity and financing have proven to be limited compared to the main board [2] Group 2: Financial Performance - Bohai Futures has experienced fluctuating revenues over the past five years, with operating income recorded at 2.199 billion, 2.381 billion, 1.973 billion, 2.824 billion, and 2.321 billion from 2020 to 2024, indicating a lack of sustained growth [4] - The net profit trajectory is concerning, with losses of 54 million in 2020, a profit of 48 million in 2021, and a decline to 10 million in 2022, followed by 17 million in 2023, and a projected loss of 29 million in 2024 [7] Group 3: Revenue Composition and Risks - In 2024, net income from fees was approximately 54 million, showing little change year-on-year, while net interest income grew by about 37.7% to 43 million, insufficient to drive overall profit [10] - Investment income showed significant volatility, rising to 277 million in 2024 from just 21 million in 2023, indicating reliance on market fluctuations rather than stable operations [10] - Other business income, primarily from risk management services, fell by about 23% to 2.087 billion in 2024, while costs only decreased by about 19%, leading to a drop in operating profit to -7 million [10] Group 4: Operational Challenges - Bohai Futures has maintained low accounts receivable levels, indicating manageable credit risk, but inventory levels surged to 337 million in 2024, reflecting potential market risk exposure due to slower turnover rates [12] - The company's asset-liability ratio increased from 80% at the end of 2020 to around 88% in 2022 and has remained stable, indicating a high leverage typical of the futures industry but compressing the buffer against risks [10] Group 5: Regulatory and Strategic Implications - In October 2024, the China Securities Regulatory Commission penalized Bohai Futures' subsidiary for manipulating contracts, imposing fines that further strain its already thin profit margins [14] - Northeast Securities, which holds 96% of Bohai Futures, may view the delisting as a way to reduce service and decision-making costs while allowing for future capital operations [14]