南华期货H股上市：稀缺性铸就长期价值，全球化开启增长新周期

Core Viewpoint - The globalization of financial integration is accelerating, and the demand for cross-border risk management from Chinese enterprises is rising, creating a golden opportunity for futures companies like Nanhua Futures to expand globally [1] Group 1: Company Overview - Nanhua Futures has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its 20-year internationalization journey, with the "A+H" dual capital platform strategy fully implemented [1] - The company has developed into a comprehensive global financial service platform, offering a range of products including domestic futures brokerage, risk management, wealth management, and overseas financial services [2] - Nanhua Futures has established a global service network with a presence in major financial centers such as Hong Kong, Chicago, Singapore, and London, holding 18 trading memberships and 15 clearing memberships from major global exchanges [2] Group 2: Market Demand and Growth - The demand for cross-border risk management is increasing as Chinese companies expand internationally, with overseas business revenue for A-share listed companies reaching 3.8 trillion yuan in the first half of 2024, a year-on-year increase of 12.8% [3] - Nanhua Futures provides customized cross-border risk management solutions and all-weather trading channels, addressing the complex price fluctuations and exchange rate risks faced by Chinese enterprises in international trade and infrastructure [3] Group 3: Technological Support - The company has developed a customer-centric app and proprietary trading systems that ensure efficient risk management and high-frequency monitoring, supported by a global data center network [4] - The technology systems enable coordinated risk management across domestic and international operations, providing essential support for cross-market business activities [4] Group 4: Financial Performance - Nanhua Futures has shown strong financial resilience, with profits increasing from 246 million yuan in 2022 to 458 million yuan in 2024, representing a compound annual growth rate (CAGR) of 36.5% [5] - The company's return on equity (ROE) improved from 7.75% in 2022 to 11.71% in 2024, indicating effective capital management [5] - The overseas financial services segment has become a key growth driver, with revenues increasing from 231 million yuan in 2022 to 654 million yuan in 2024, achieving a CAGR of 68% [6] Group 5: Strategic Upgrades - The net proceeds from the H-share listing will be primarily allocated to enhance overseas business, with specific investments planned for various regions including Hong Kong, Malaysia, the UK, Europe, and North America [7] - The fundraising strategy aligns with the company's licensing advantages and targets high-potential global markets, creating a positive cycle of qualification, funding, and business expansion [7] Group 6: Long-term Development Advantages - The establishment of the "A+H" dual capital platform provides Nanhua Futures with unique long-term development advantages, allowing access to international capital and enhancing its global presence [8] - The company's strategic focus on cross-border risk management aligns with the growing industry demand, positioning it for sustained growth and value creation for investors [9]