Nanhua Futures(SH:603093) 智通财经网·2025-11-02 06:30Core Viewpoint - Nanhua Futures Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [1][4]. Company Overview - Nanhua Futures is a leading futures company in China, ranked second in terms of ROE among all Chinese futures companies for 2024 and first in terms of overseas income [4]. - The company focuses on providing futures and derivatives services in both domestic and international markets [4]. Market Opportunity - The Chinese futures market, after 30 years of development, is experiencing significant opportunities driven by policy and market demand [4]. - According to Frost & Sullivan, the Chinese futures market is the largest commodity market globally, covering over 140 products across 41 industries, including agriculture, energy, and metals [4]. - The correlation between futures and spot prices exceeds 90%, making it an important pricing benchmark [4]. - As of the end of 2024, there are 146 listed products in China, including 125 commodities and 20 financial products [4]. Financial Performance - Nanhua Futures' annual profit increased significantly from RMB 245.9 million in 2022 to RMB 458.0 million in 2024, with a compound annual growth rate of 36.5% [5]. - The profit remained stable, with RMB 230.5 million for the six months ending June 30, 2024, and RMB 231.3 million for the six months ending June 30, 2025 [5]. Revenue Breakdown - The net income from commissions and fees was RMB 498.038 million, while interest income reached RMB 365.952 million [8]. - Net interest income stood at RMB 326.538 million, and total operating income was RMB 954.406 million [8]. - Operating profit was reported at RMB 296.044 million, with a net profit of RMB 245.912 million for the year [8].