徽商期货再因居间业务违规被问责，下调业绩目标折射经营压力

Core Viewpoint - Huishang Futures has faced regulatory scrutiny for violating rules related to intermediary compensation, raising concerns about its compliance and operational stability [1][2][4]. Regulatory Violations - Huishang Futures was found to have linked service fees to client transaction fees, which contravenes the regulations set forth in the "Intermediary Management Measures" [2][4]. - This marks the second instance in 2025 where the company has been penalized for similar violations, indicating a lack of effective corrective measures [1][4]. Internal Control Issues - The company has a history of internal control problems, with previous regulatory actions dating back to 2018 for similar issues, including inadequate management of intermediaries and compliance systems [5]. - The recent penalties have significantly damaged the company's market reputation and investor trust [4][5]. Financial Performance and Projections - In 2024, Huishang Futures reported revenues exceeding 6.7 billion yuan and a profit of 250 million yuan, with a trading volume of 334 million contracts, reflecting a year-on-year growth of 5.15% [6][8]. - The company has lowered its revenue target for 2025 to 5 billion yuan, a significant reduction from the previous year's performance [8]. Industry Context - The futures industry is currently under stringent regulatory oversight, with increased compliance requirements from regulatory bodies [9]. - Companies that repeatedly violate regulations may face severe penalties, including restrictions on business operations and potential revocation of licenses [9][10].