Nanhua Futures(SH:603093) Zhi Tong Cai Jing·2025-12-02 14:21Core Viewpoint - Nanhua Futures (603093.SH) is undergoing a listing hearing on the Hong Kong Stock Exchange, with Citic Securities as the sole sponsor [1]. Company Overview - Nanhua Futures is a leading futures company in China, ranked eighth among all futures companies in terms of total revenue for 2024, and first among non-financial related futures companies [4]. - Established in 1996 and headquartered in Hangzhou, China, the company has evolved from a domestic futures brokerage to a comprehensive global financial services platform [4]. - The company offers a wide range of services including domestic futures brokerage, risk management, wealth management, and overseas financial services, covering the entire value chain of futures and derivatives [5]. Business Strategy - Since 2006, Nanhua Futures has been one of the first domestic futures companies to actively implement internationalization strategies, establishing a network of overseas branches in major financial centers [4]. - The company has successfully integrated its domestic and overseas platforms, reducing the impact of any single market on its operations [4]. Client Growth - The number of registered corporate clients in Nanhua Futures' domestic futures brokerage business increased from 4,266 as of December 31, 2022, to 4,672 as of December 31, 2023, representing a growth of 9.5% [5][6]. - The number of registered financial institution clients grew from 1,140 to 1,488 during the same period, marking a 30.5% increase [6]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Nanhua Futures reported operating revenues of approximately RMB 954 million, RMB 1.293 billion, and RMB 1.355 billion, respectively [7]. - The net profit for the same years was approximately RMB 246 million, RMB 403 million, and RMB 458 million [7]. - The company's client equity in its domestic futures brokerage business reached RMB 31.6 billion as of December 31, 2024, a 65.4% increase from December 31, 2022 [6].