Core Viewpoint - Zhongtai Futures reported a significant decline in both revenue and net profit for the fiscal year 2024, indicating challenges in its operational performance [2]. Financial Performance - The company achieved total revenue of 1.851 billion yuan, a year-on-year decrease of 14.03% [2]. - The net profit attributable to shareholders was 4.5298 million yuan, down 96.61% year-on-year [2]. - The net cash flow from operating activities was 1.883 billion yuan, a decline of 34.02% compared to the previous year [2]. - Basic earnings per share were 0.0045 yuan, with a weighted average return on equity of 0.18%, down 5.13 percentage points from the previous year [2][24]. Valuation Metrics - As of April 30, the company's price-to-earnings (P/E) ratio (TTM) was approximately 101.39 times, while the price-to-book (P/B) ratio (TTM) was about 0.18 times, and the price-to-sales (P/S) ratio (TTM) was around 0.25 times [2]. Revenue Composition - In 2024, the revenue composition included 1.5714 billion yuan from brokerage services, 1.1714 billion yuan from risk management services, and 0.005 million yuan from asset management services [18][20]. Cash Flow Analysis - The net cash flow from financing activities was 49.8729 million yuan, an increase of 290 million yuan year-on-year, while the net cash flow from investment activities was -19.5568 million yuan, slightly improved from -21.3083 million yuan in the previous year [26]. Asset and Liability Changes - As of the end of 2024, cash and cash equivalents increased by 10.28%, but their proportion of total assets decreased by 0.99 percentage points [31]. - Short-term borrowings increased by 412.13%, raising their proportion of total assets by 0.25 percentage points, while accounts payable and notes payable decreased by 91.37%, reducing their proportion by 0.25 percentage points [34].