Group 1: Company Overview - Nanhua Futures Co., Ltd. successfully listed on the Hong Kong capital market on December 22, enhancing its international strategy and business innovation [1] - The company aims to allocate all net proceeds from the global offering to strengthen the capital base of its overseas subsidiaries, facilitating the expansion of its international business [1] - Nanhua Futures is ranked eighth among all domestic futures companies by total revenue for 2024 and first among non-financial institution-related futures companies, highlighting its industry leadership [2] Group 2: Business Performance - The company has established a diversified business system including futures brokerage, risk management services, wealth management, and overseas financial services [2] - The domestic futures brokerage business has shown a 65.4% growth in client equity from the end of 2022 to the end of 2024, reaching 31.6 billion yuan, providing stable business support [2] - The overseas business has become a significant growth engine, with client equity in overseas futures, securities, and leveraged forex brokerage services reaching 17.8 billion HKD, a 49.6% increase from the end of 2022 [2] Group 3: Financial Performance - From 2022 to 2024, the company's operating income increased from 954 million yuan to 1.355 billion yuan, while profit rose from 246 million yuan to 458 million yuan, indicating strong profitability [3] - In the first half of 2025, the company achieved an operating income of 593 million yuan and a net profit of 231 million yuan, with a net profit margin of 39% [3] - The dual listing aligns with the strategic upgrade and high-quality transformation of the futures industry, which is experiencing increased demand for comprehensive risk management solutions [3]

Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, marking its dual listing strategy and enhancing its internationalization efforts while providing a quality addition to the Hong Kong stock market [1] Fundraising Focus - The company raised HKD 12.03 billion by issuing 108 million shares at HKD 12 per share, with the proceeds allocated to strengthen its overseas subsidiaries in Hong Kong, the UK, the US, and Singapore [1][2] - The fundraising aims to enhance the company's capital base to support its international business expansion and optimize its business structure [2] Business Development - Nanhua Futures has established a diversified business system covering domestic futures brokerage, risk management services, wealth management, and overseas financial services [3] - The company's domestic futures brokerage business has seen a 65.4% growth in client equity from the end of 2022 to the end of 2024, reaching CNY 31.6 billion [3] - The overseas business has become a significant growth engine, with client equity in overseas futures, securities, and leveraged forex brokerage services reaching HKD 17.8 billion, a 49.6% increase from the end of 2022 [3] Financial Performance - From 2022 to 2024, the company's revenue grew from CNY 954 million to CNY 1.355 billion, while net profit increased from CNY 246 million to CNY 458 million [4] - In the first half of 2025, the company achieved revenue of CNY 593 million and a net profit of CNY 231 million, maintaining a high net profit margin of 39% [4] Future Growth Strategy - The dual listing coincides with a strategic upgrade in the domestic futures industry, driven by increasing demand for risk management solutions and supportive policy frameworks [5] - Nanhua Futures plans to deepen its international strategy by expanding its overseas market coverage and enhancing cross-border financial service capabilities [6] - The company aims to transition from a "brokerage" model to a "professional service" model, focusing on risk management services, OTC derivatives, and wealth management [6]

Core Viewpoint - The domestic futures industry is accelerating its internationalization, with Nanhua Futures set to officially list on the Hong Kong Stock Exchange on December 22, enhancing its capital layout and expanding its overseas business opportunities [1] Industry Opportunities and Growth - The domestic futures market is transitioning towards high-quality development driven by policy support and market demand, with a compound annual growth rate of 9.1% in trading volume expected from 2020 to 2024, reaching 98.68 trillion yuan by 2029 [2] - The increasing demand for risk hedging in the real economy, particularly due to commodity price volatility, is providing significant opportunities for the futures industry [2] Company Development and Competitive Position - Nanhua Futures has established itself as a leading player in the industry since its inception in 1996, ranking eighth among all domestic futures companies by total revenue in 2024 and first among non-financial institutions [4] - The company's overseas business has become a core growth driver, benefiting from favorable changes in the overseas interest rate environment and increased trading activity [4] Fundraising and Global Market Positioning - The IPO proceeds will be allocated to enhance global business layout, with 30% for Hong Kong, 30% for the UK, 20% for the US, 10% for Singapore, and 10% for operational funds, aligning with its existing service network across major financial centers [5] - Nanhua Futures possesses 17 international exchange memberships and 14 clearing seats, enabling comprehensive cross-border trading and settlement services [5] Strategic Alignment and Future Potential - The listing aligns with the dual opportunities of the domestic futures industry's internationalization and growing cross-border demand, positioning Nanhua Futures to further leverage its existing business advantages and market foundation [6] - The company's internationalization journey is seen as a new starting point, potentially serving as a reference model for the global exploration of the domestic futures industry [6]