从辛巴手里接管辛选集团后，初瑞雪在近日的直播中宣布了新的调整，将主播合作模式由签约制升级为 合伙制。在新的模式下，辛选收取约5%的服务费，利润与主播四六分成。 网经社电子商务研究中心数字生活分析师陈礼腾向红星资本局表示，该模式可降低公司成本、规避风 险，并激发主播自主性。然而，主播需自负盈亏，面临更大挑战。 23日，红星资本局就此采访辛选集团，截至发稿暂无回应。 主播自负盈亏 辛选收取5%服务费 初瑞雪表示，主播会与集团成立独立的合伙企业，他们每个人都是自己公司的CEO。辛选主要负责供应 链、中台支持和资源赋能，但不再直接管理主播运营。 直播中，辛选头部主播赵梦澈提到，主播们的分成会翻倍，公司仅收取约5%的服务费，其他的利润分 给主播六成，剩下四成利润维持公司运转。 随后，赵梦澈对身后的主播们说道，在新的合伙制模式下，"你们是自己的法人（法定代表人），可以 查自己的账，对自己的流量，但是赔钱公司不管。" 红星资本局注意到，赵梦澈在直播中对主播们说，"只是希望你们活下去，希望你们都好。" 对于这一变化给辛选带来的影响，9月23日，红星资本局采访辛选集团，截至发稿暂无回应。 据辛选官网，其开创了成熟的主播选拔、培 ...

Core Insights - The Chinese futures market is experiencing simultaneous "scale expansion and quality improvement" driven by the implementation of the Futures and Derivatives Law and accelerated internationalization, with a total trading volume increasing by 17.82% year-on-year to 339.73 trillion yuan, and a trading value growth of 20.68% [1] - Ruida Futures reported a total revenue of 1.047 billion yuan, a year-on-year increase of 4.49%, and a net profit attributable to shareholders of 228 million yuan, surging 66.49%, significantly outperforming the industry average growth rate of 32% [1] Business Structure and Performance - Ruida Futures operates a three-dimensional business system, with futures brokerage as the foundation and risk management and asset management as dual wings, creating a balanced growth model [2] - The risk management segment is a strategic core, with its subsidiary Ruida Xinkong serving 173 enterprises and facilitating a nominal principal of 22.299 billion yuan in derivative transactions, earning multiple industry awards [2] - The asset management segment, focusing on CTA strategies, saw revenue soar by 223.83% to 121 million yuan, with assets under management growing by 36.5% [3] - The brokerage business achieved revenue of 24.4 million yuan, with a 11.22% increase in commission income, supported by a strategy of deepening institutional client relationships [3] Competitive Advantages - Ruida Futures has established a competitive edge through four core advantages: brand, technology, network, and risk control, positioning itself as a leader in the industry [4] - The company is recognized as the first futures listed company on the Shenzhen Stock Exchange and one of only two futures institutions with public fund management subsidiaries [4] - The company has invested in a data center meeting domestic and international standards, enhancing its digital transformation and information security capabilities [4] Regional Strategy and Client Engagement - The company has a strategic focus on "rooted in Fujian, radiating nationwide," with 43 branches forming a three-tier service system to cater to regional market needs [5] - Ruida Futures conducted over 30 investor education activities, reaching 13,000 participants, which has improved client engagement [5] Risk Management - The company has established a comprehensive risk control system, with a net capital to risk capital ratio of 205.97%, significantly exceeding regulatory standards [6] - A self-developed risk control system enables dynamic monitoring and stress testing, ensuring no major risk events occurred in the first half of the year [6] Globalization and Social Responsibility - Ruida International (Hong Kong) reported revenue of 17.348 million yuan, a 62.90% increase, and is expanding its global footprint with multiple licenses and QFII products [7] - The company is actively participating in social responsibility initiatives, including "insurance + futures" projects in rural areas, benefiting local farmers and contributing to rural revitalization [7] - Future plans include leveraging AI in trading and risk management, exploring risk management solutions in the green economy, and transitioning to a comprehensive financial service provider [7]