Core Viewpoint - The Hong Kong stock market is becoming a significant platform for financial institutions to expand globally, with Nanhua Futures set to list on December 22, marking a new phase of development through its "A+H" dual capital platform [1] Group 1: Company Overview - Nanhua Futures, established in 1996, is one of the first companies in China's futures industry and focuses on core businesses in futures and derivatives, becoming a comprehensive global financial service platform [2] - According to Frost & Sullivan, Nanhua Futures ranks eighth among all futures companies in China by total revenue in 2024 and holds the top position among non-financial institution-related futures companies [2] Group 2: Service Offerings - Nanhua Futures has built a comprehensive service system covering the futures and derivatives value chain, including domestic futures brokerage, risk management services, wealth management, and overseas financial services [3] - The product portfolio includes various asset classes such as agricultural products, industrial products, energy, metals, stocks, and fixed income securities, catering to diverse needs of industrial clients, financial institutions, and individual investors [3] Group 3: Global Expansion and Performance - Since 2006, Nanhua Futures has actively pursued internationalization, establishing a business network across major financial centers including Hong Kong, Chicago, Singapore, and London, holding 17 overseas exchange memberships and 14 clearing seats [4] - The number of registered clients in domestic futures brokerage increased from 4,266 in 2022 to 5,279 by mid-2025, while the number of registered financial institution clients rose from 1,140 to 1,872 [4] - Client equity in domestic futures brokerage reached 31.6 billion yuan by the end of 2024, a 65.4% increase from 2022, significantly exceeding the industry’s 1.9% compound annual growth rate [4] Group 4: Financial Performance - Nanhua Futures achieved steady growth in profits, with annual profits increasing from 246 million yuan in 2022 to 458 million yuan in 2024, reflecting a compound annual growth rate of 36.5% [5] - Total assets grew from 34.189 billion yuan at the end of 2022 to 48.863 billion yuan by the end of 2024, with a compound annual growth rate of 19.5% [5] - Return on equity (ROE) improved from 7.75% in 2022 to 11.71% in 2024, with a figure of 5.51% for the first half of 2025 [5] Group 5: Future Outlook - The Chinese futures market is the largest commodity market globally, and with the increasing pace of Chinese enterprises going global, Nanhua Futures is positioned for broader development prospects [6] - The company plans to use the net proceeds from its H-share listing to strengthen its capital base in overseas markets, enhancing its global service network [6] - Nanhua Futures is expected to benefit from market opening incentives and continue leading in the global financial services sector while providing long-term value returns to investors [6]

Core Viewpoint - The Hong Kong stock market is becoming a crucial platform for financial institutions to expand globally, with Nanhua Futures set to list on December 22, marking a new phase of development through its "A+H" dual capital platform [1] Group 1: Company Overview - Nanhua Futures, established in 1996, is one of the first companies in China's futures industry and has become a comprehensive global financial service platform [2] - The company ranks eighth among all futures companies in China by total revenue for 2024 and holds the top position among non-financial institution-related futures companies [2] Group 2: Service Offerings - Nanhua Futures has built a comprehensive service system covering the futures and derivatives value chain, including domestic futures brokerage, risk management, wealth management, and overseas financial services [3] - The product portfolio includes various asset classes such as agricultural products, industrial goods, energy, metals, stocks, and fixed-income securities, catering to diverse client needs [3] Group 3: Global Expansion - Since 2006, Nanhua Futures has actively pursued internationalization, establishing a business network across major financial centers including Hong Kong, Chicago, Singapore, and London [4] - The company holds 17 overseas exchange memberships and 14 clearing seats, enabling it to conduct large commodity spot deliveries internationally [4] Group 4: Financial Performance - From 2022 to 2024, Nanhua Futures' annual profit increased from 246 million RMB to 458 million RMB, with a compound annual growth rate (CAGR) of 36.5% [5] - Total assets grew from 34.189 billion RMB at the end of 2022 to 48.863 billion RMB by the end of 2024, reflecting a CAGR of 19.5% [5] Group 5: Future Outlook - The Chinese futures market is the largest globally, and with the increasing pace of Chinese enterprises going global, Nanhua Futures is positioned for significant growth opportunities [6] - The company plans to use the net proceeds from its H-share listing to strengthen its capital base in overseas markets, enhancing its global service network [6]

导 语：IPO前猛发利好，南华期货是在为估值铺路，还是在冲刺最后的窗口？ 南华期货股份有限公司在港交所递交的招股书显示，公司拟通过此次 IPO 进一步拓展业务版图。此 次发售股份相关细节暂未完全确定，中信证券担任独家保荐人。 南华期货此次 IPO 拟募集资金，计划用于增强境外资本基础及服务能力等战略方向，这一举措有望 为公司在全球市场竞争中提供有力支持。 南华期货是一家专注于期货及衍生品的全球领先金融服务提供商，起源于 1996 年，总部位于杭 州。公司构建了多元化的业务体系，涵盖中国境内期货经纪、风险管理服务、财富管理以及境外金 融服务，业务范围广泛，覆盖了期货及衍生品的全价值链。 例如，利率波动对公司财务状况和经营业绩影响较大，2022 - 2024 年，净利息收入分别为 3.265 亿 元、5.454 亿元及 6.818 亿元，占同年经营收入和经调整经营收入的一定比例，利率的不稳定可能 会给公司盈利带来不确定性。 从投资价值分析，南华期货具备诸多优势。公司作为中国期货及衍生品市场的先行者和领导者，积 累了丰富的行业经验和深厚的客户基础。其多元化的业务模式和强劲的财务增长为投资提供了一定 的保障。 在技术 ...