Core Viewpoint - The futures industry in China is experiencing significant revenue declines and profit differentiation among companies, driven by factors such as the implementation of the "net method" for revenue recognition, declining interest rates, and increased market volatility [1][3][4]. Group 1: Company Performance - Yong'an Futures reported a revenue of 55.57 billion yuan, a decrease of 54.1% year-on-year, marking a continuous decline for three consecutive years [4][5]. - Hongye Futures transitioned from profit to loss, with a net profit of -0.036 billion yuan, compared to a profit of 0.13 billion yuan in the same period last year, reflecting a 68.6% drop in revenue [5][6]. - Ruida Futures achieved a net profit increase of 66% year-on-year, with a revenue of 10.47 billion yuan, up 4.49% from the previous year, primarily driven by asset management business growth [6][7]. Group 2: Industry Trends - The overall industry net profit showed a mixed trend with two companies increasing profits while two others saw declines, resulting in a total revenue drop of 17.6 billion yuan [3][4]. - The futures industry is undergoing a transformation from traditional brokerage to diversified profit models, with asset management, overseas clearing, and supply chain services becoming key differentiators for profitability [1][6]. - The futures market's trading volume reached 40.76 billion contracts with a total transaction value of 339.73 trillion yuan in the first half of 2025, reflecting a year-on-year increase of 17.82% and 20.68% respectively [7].

撰稿|张君 来源|贝多财经 关于收入，要求恒坤新材结合业务模式、同行业可比案例和报告期以前年度会计政策，说明报告期对引进业务采用净额法确认收入是否符合企业会计准则规 定，公司报告期以前年度未采用净额法确认的原因。 2025年首个上会被暂缓审议的公司出现了。 近日，上海证券交易所披露的《上海证券交易所上市审核委员会2025年第26次审议会议结果公告》显示，厦门恒坤新材料科技股份有限公司（下称"恒坤新 材"）（首发）被暂缓审议。 2025年初至今，上海证券交易所上市审核委员会已召开26次审议会议，涉及首发申请14个（中策橡胶、汉邦科技、威高血净、海阳科技、华之杰、技源集 团、天富龙、华新精科、道生天合、友升股份、禾元生物、超颖电子、北芯生命、恒坤新材），再融资12个。 其中，中策橡胶、汉邦科技、威高血净、海阳科技、华之杰、技源集团均已实现上市，天富龙于7月28日开启申购。同时，禾元生物的IPO注册申请已经生 效，道生天合、超颖电子、北芯生命的审核状态均已变更为"提交注册"。 在此之前，马可波罗控股股份有限公司（简称"马可波罗"）曾于2024年5月上会，但被暂缓审议。2025年1月，马可波罗再次上会，才顺利通过。7 ...

Core Viewpoint - HNA Technology Co., Ltd. has entered into a strategic cooperation agreement with CWT to engage in metal trading, specifically focusing on cathode copper sourced from regions such as Africa and South America, with a total investment not exceeding 250 million RMB [1][2][9] Group 1: Transaction Details - The agreement involves HNA Technology purchasing cathode copper and related metal products from CWT for sale in China, with a contract duration of three years [2][9] - The transaction will utilize a CIF (Cost, Insurance, and Freight) model, where CWT is responsible for production, logistics, and insurance, while HNA Technology will pay for the goods upon receiving the clean bill of lading [3][7] - The expected cycle for buying and selling goods is approximately 30 days, with a maximum of 45 days depending on shipping schedules [5][7] Group 2: Financial Impact - The total investment for this trading business is projected to be no more than 250 million RMB, with an anticipated annual trading scale not exceeding 1.5 billion RMB [9][17] - The impact on HNA Technology's annual revenue is estimated to be no more than 15 million RMB, accounting for approximately 1.34% of the projected revenue for 2024, and the profit impact is also estimated at 15 million RMB, representing about 12.10% of the projected net profit for 2024 [9][20] Group 3: Risk Management - HNA Technology will not prepay for goods to mitigate financial risks, ensuring payment is made only after the goods are shipped and a clean bill of lading is obtained [11][18] - The company will conduct thorough background checks on downstream buyers to minimize the risk of bad debts and will prioritize payment methods that secure funds before goods are delivered [12][18] - CWT will provide insurance for the goods during transit to further reduce the risk of loss [13][18] Group 4: Strategic Rationale - The transaction is seen as a strategic move to enhance HNA Technology's logistics service capabilities and to create a complete logistics service loop, integrating upstream resources, midstream capacity, and downstream customer engagement [10][21] - The partnership with CWT leverages its extensive customer base and supply chain advantages, which is expected to strengthen HNA Technology's market position and operational efficiency [10][21] - The agreement is aligned with the company's long-term strategic goals and is not expected to adversely affect its financial condition or operational independence [20][21]