瑞达期货(002961)：期货资管高增、做市业务保持领先

Core Viewpoint - The company reported a strong performance in H1 2025, with total revenue and net profit attributable to shareholders reaching 1.047 billion and 228 million yuan, respectively, reflecting year-on-year increases of 4.49% and 66.49% [1][2] Revenue Structure - The revenue breakdown for the company includes futures brokerage at 23.3%, asset management at 11.6%, risk management at 63.8%, and other income at 1.3% [1] - The asset management business saw significant growth, with revenue increasing by 223.83% year-on-year to 121 million yuan, driven by an expansion in product scale and excellent investment returns [1] Asset Management Performance - As of H1 2025, the company's asset management equity scale reached 3.201 billion yuan, a year-on-year increase of 36.50% [1] - The "Ruida Futures - Ruizhi Wuyou No. 99" product ranked first among 104 CTA strategy asset management products on the private equity platform [1] Risk Management Business - The risk management business generated revenue of 668 million yuan in H1 2025, a slight decline of 5% year-on-year, attributed to a decrease in revenue from commodity risk management [1] - However, when calculated on a net basis, the risk management revenue increased by 45% to 125 million yuan [1] - The company achieved a nominal principal of 22.299 billion yuan in derivative trading during H1 2025, with options market-making volume ranking second in the industry [1] Profitability and Market Share - The operating profit from risk management increased by 47% year-on-year to 97 million yuan, with an operating profit margin rising by 5.12 percentage points to 14.5% [2] - The brokerage business remained stable, with revenue of 244 million yuan, a slight decrease of 0.3% year-on-year, while the market share of transaction volume increased by 0.08 percentage points to 0.98% [2] Investment Outlook - The company is expected to benefit from its strong innovation capabilities in the futures industry, with a projected net profit attributable to shareholders of 423 million yuan in 2025, reflecting a year-on-year increase of 10.5% [2]