数据显示，2025年一季度公司手续费及佣金净收入1.07亿元，同比降低22.7%；利息净收入为1.43亿元，同比下降20.5%。东吴证券研报分析， 预计主要系客户保证金存款规模下降所致（一季度公司期货保证金存款197亿元，同比下降37%）。此外，公司其他业务收入为2.7亿元，较上 年同期减少4.2亿元，降幅高达60.9%。 4月17日，公司正式向港交所递交上市申请，若成功将成为继弘业期货后第二家"A+H"期货公司。根据招股书，本次募资将全部用于补充境外 子公司资本金，以优化境外业务结构，提升境外业务的市场竞争力和抗风险能力，强化业务网络。 在财富管理业务方面，截至一季度末，南华基金管理规模降至118.06亿元，同比降低45.2%。兴业证券研报指出，南华基金管理规模集中于债 基，今年一季度受债市震荡影响，因而管理规模收缩明显。 值得关注的是，净利润微增的背后，亦有成本管控的功劳，南华期货一季度管理费用由去年同期的1.72亿元降至1.56亿元，费用管控下净利润 率（净额法）同比提升3.52%至32%。 记者关注到，一季度，其经营活动产生的现金流量净额骤降354%至-117.58亿元，公司支付其他与经营活动有关的现 ...

瑞财经 王敏 4月21日，南华期货股份有限公司（以下简称"南华期货"）发布2025年第一季度报告。 | | | | 单位: 元 巾神:人民币 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期 | | | | | 增减变动幅度(%) | | 营业收入 | 533, 712, 383. 94 | 992, 083, 545. 23 | -46. 20 | | 归属于上市公司股东的净 利润 | 85, 738, 272. 20 | 85, 623, 759, 78 | 0. 13 | | 归属于上市公司股东的扣 | 85, 649, 688. 65 | 85. 018. 198. 61 | 0. 74 | | 除非经常性损益的净利润 | | | | | 经营活动产生的现金流量 | -11.758.175.827.18 | -2,588, 971, 322. 30 | -354. 16 | | 净额 | | | | | 基本每股收益(元/股) | 0.14 | 0. 14 | | 2025年一季度，南华期货实现营业收入为5.34亿元，同比下降46.2 ...

Investment Rating - The report maintains a "Recommendation" rating for Nanhua Futures, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [5][21]. Core Views - Nanhua Futures reported a total operating revenue of 530 million yuan for Q1 2025, a decrease of 46.2% year-on-year, while the net profit attributable to shareholders was 90 million yuan, showing a slight increase of 0.1% year-on-year [2][3]. - The company is expected to benefit from its upcoming listing in Hong Kong, which could strengthen its competitive edge in overseas markets [9][10]. - The report highlights a significant decline in net interest income and commission income, with respective year-on-year decreases of 20.5% and 22.1% [9]. Financial Performance Summary - For 2024A, the main revenue is projected at 5,711.61 million yuan, with a year-on-year growth rate of -8.6%. The net profit is expected to be 457.97 million yuan, reflecting a growth rate of 14.0% [4]. - The earnings per share (EPS) for 2025, 2026, and 2027 are forecasted to be 0.88 yuan, 0.94 yuan, and 1.06 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 14.52, 13.48, and 12.05 [4][10]. - The total market capitalization of Nanhua Futures is reported at 7.778 billion yuan, with a debt-to-asset ratio of 89.41% [6]. Market Outlook - The report anticipates that the high interest rate environment will continue to support the company's overseas net interest income growth [9]. - The company has submitted an application for a stock listing on the Hong Kong Stock Exchange, which is expected to enhance its international presence and solidify its competitive advantages in overseas markets [9][10].

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [1][5][10] Financial Data - The first quarter financial statements are not audited [2] - The report includes major accounting data and financial indicators, but specific figures are not provided in the text [2][3] Shareholder Information - Information regarding the total number of common shareholders and the top ten shareholders is mentioned, but specific details are not provided [3] Board Meeting - The fourth board meeting was held on April 18, 2025, with all seven directors present, and the meeting procedures complied with legal regulations [6][8] - The board approved the proposal regarding the 2025 first quarter report [6][7] Supervisory Meeting - The fourth supervisory meeting was also held on April 18, 2025, with all three supervisors present, and the meeting procedures complied with legal regulations [11][12] - The supervisory board approved the proposal regarding the 2025 first quarter report, confirming that the report's preparation and review processes met all regulatory requirements [12]

Investment Rating - The report maintains an "Add" rating for Nanhua Futures [1] Core Views - Nanhua Futures reported a stable net profit year-on-year in Q1 2025, despite a significant decline in revenue, primarily due to changes in revenue recognition methods [7][8] - The company has formally submitted its application to list on the Hong Kong Stock Exchange, aiming to enhance its competitiveness in overseas markets [7][8] - The earnings forecast remains unchanged, with expected net profits for 2025-2027 at 5.39 billion, 5.88 billion, and 6.66 billion respectively, indicating growth rates of 17.72%, 9.15%, and 13.16% [7][8] Revenue and Profit Analysis - In Q1 2025, total revenue was 534 million, down 46.2% year-on-year, while net profit was 86 million, up 0.1% year-on-year [7] - The decline in revenue was attributed to a significant drop in net commission income and interest income, with net commission income falling by 22.7% and interest income by 20.5% [7] - Investment income showed a positive turnaround, contributing 18 million in Q1 2025 [7] Cost and Expense Management - Overall expenses decreased in line with revenue, with business and management fees down 9.3% to 156 million [7] - Credit impairment losses significantly decreased by 65% to 7 million [7] - Other business costs also fell by 61.6% to 266 million, reflecting the decline in other business income [7] Market Position and Future Outlook - Nanhua Futures is positioned to become the second "A+H" listed futures company in China, following Hongye Futures, which could enhance its market presence [7] - The company is expected to continue leveraging its strengths in overseas clearing and risk management capabilities [7]

证券代码：603093 证券简称：南华期货 公告编号：2025-027 南华期货股份有限公司 第四届监事会第十七次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 南华期货股份有限公司（以下简称"公司"）第四届监事会第十七次会议于 2025 年 4 月 18 日以现场和通讯相结合的方式召开，本次会议的通知于 2025 年 4 月 9 日以电话、电子邮件等方式向全体监事发出，由厉国平先生主持。本次会 议应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开及表决程序符合 《公司法》及《公司章程》的有关规定，会议决议合法有效。 二、监事会会议审议情况 本次会议审议并通过如下议案： 监事会认为，公司 2025 年第一季度报告的编制和审议程序符合法律、法规、 《公司章程》和公司内部管理制度的规定；公司 2025 年第一季度报告的内容和 格式符合中国证监会和上海证券交易所的规定，所包含的信息真实地反映了公司 报告期的经营管理情况和财务状况；未发现参与公司 2025 年第一季度报告编制 和 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-026 南华期货股份有限公司 第四届董事会第二十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 南华期货股份有限公司（以下简称"公司"）第四届董事会第二十次会议于 2025 年 4 月 18 日以现场结合通讯表决方式召开，本次会议的通知于 2025 年 4 月 9 日以电话、电子邮件等方式向全体董事发出，由董事长罗旭峰先生主持。本 次会议应出席董事 7 人，实际出席董事 7 人。公司董事会秘书出席本次会议。公 司监事、高级管理人员列席会议。 本次会议的召集、召开及表决程序符合《中华人民共和国公司法》等法律、 行政法规和部门规章以及《公司章程》的规定，会议决议合法有效。 二、董事会会议审议情况 本次会议审议并通过如下议案： （一）审议通过《关于公司 2025 年第一季度报告的议案》 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）上披露的 《南华期货股份有限公司 2025 年第一季度报告》。 本议案已经公司 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 533,712,383.94, a decrease of 46.20% compared to CNY 992,083,545.23 in the same period last year[5] - Net profit attributable to shareholders was CNY 85,738,272.20, showing a slight increase of 0.13% from CNY 85,623,759.78 year-on-year[5] - The company's net profit for Q1 2025 was CNY 85,932,163.26, a slight increase from CNY 85,389,196.78 in Q1 2024, reflecting a growth of approximately 0.64%[21] - Total operating revenue for Q1 2025 was RMB 533,712,383.94, a decrease of 46.5% compared to RMB 992,083,545.23 in Q1 2024[20] - Net commission and fee income for Q1 2025 was RMB 106,600,666.42, down from RMB 136,849,177.22 in Q1 2024, reflecting a decline of 22.1%[20] - Net interest income decreased to RMB 143,051,733.44 in Q1 2025 from RMB 179,954,400.63 in Q1 2024, a drop of 20.5%[20] - Total operating expenses decreased to CNY 436,952,698.76 in Q1 2025 from CNY 894,177,844.20 in Q1 2024, indicating a reduction of about 51.2%[21] - The total operating profit for Q1 2025 was CNY 96,759,685.18, slightly down from CNY 97,905,701.03 in Q1 2024, a decrease of approximately 1.17%[21] Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 11,758,175,827.18, a significant decline of 354.16% compared to negative CNY 2,588,971,322.30 in the previous year[5] - The net cash flow from operating activities for Q1 2025 was -CNY 11,758,175,827.18, compared to -CNY 2,588,971,322.30 in Q1 2024, showing a significant decline[24] - Cash and cash equivalents were RMB 21,945,332,043.47 as of March 31, 2025, compared to RMB 33,825,123,487.11 at the end of 2024, a decline of 35.2%[15] - Cash and cash equivalents at the end of Q1 2025 stood at CNY 8,922,205,023.40, down from CNY 5,906,446,913.27 at the end of Q1 2024[25] - Investment activities resulted in a net cash outflow of -CNY 280,588,799.79 in Q1 2025, compared to -CNY 632,574,418.36 in Q1 2024, indicating an improvement[25] - The company received CNY 59,686,920.00 from financing activities in Q1 2025, compared to CNY 84,681,800.00 in Q1 2024, reflecting a decrease of about 29.5%[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 39,278,848,552.28, down 19.61% from CNY 48,863,396,701.97 at the end of the previous year[6] - Total assets as of March 31, 2025, were RMB 39,278,848,552.28, a decrease from RMB 48,863,396,701.97 as of December 31, 2024[16] - Total liabilities decreased to RMB 35,120,465,313.67 from RMB 44,738,556,613.13, indicating a reduction of 21.5%[17] - Shareholders' equity increased slightly to RMB 4,158,383,238.61 from RMB 4,124,840,088.84, reflecting a growth of 0.8%[17] - The company’s equity attributable to shareholders increased by 0.81% to CNY 4,148,722,843.97 from CNY 4,115,254,867.13 at the end of the previous year[6] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 24,413[10] - The largest shareholder, Hengdian Group Holdings Co., Ltd., held 69.68% of the shares, totaling 425,120,900 shares[12] Other Financial Metrics - The weighted average return on equity was 2.07%, a decrease of 0.21% from 2.28% in the same period last year[6] - The company reported non-recurring gains and losses totaling CNY 88,583.55 for the period[8] - The company reported a total comprehensive income of CNY 79,478,697.11 for Q1 2025, compared to CNY 100,346,498.36 in Q1 2024, a decrease of approximately 20.8%[22] - The basic and diluted earnings per share remained stable at CNY 0.14 for both Q1 2025 and Q1 2024[22] - The company reported a net loss from fair value changes of RMB 2,515,747.43 in Q1 2025, contrasting with a gain of RMB 114,175,888.10 in Q1 2024[20] - Investment income for Q1 2025 was RMB 15,486,509.87, a significant recovery from a loss of RMB 144,607,619.21 in Q1 2024[20] - Other business income fell to RMB 271,115,025.64 in Q1 2025, down 60.9% from RMB 693,164,662.69 in Q1 2024[20] - The decline in operating revenue was primarily due to the implementation of net income recognition for certain trading activities as mandated by the China Futures Association[9]

Financial Performance - The company reported a basic earnings per share of 0.1400 yuan for Q1 2025, unchanged from Q1 2024, and an increase from 0.1000 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.86 billion yuan, consistent with Q1 2024, and an increase from 0.62 billion yuan in Q1 2023 [1] - Operating revenue for Q1 2025 was 5.34 billion yuan, a significant decrease of 46.17% compared to 9.92 billion yuan in Q1 2024, and a decrease from 13.84 billion yuan in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 was 2.07%, down 9.21% from 2.28% in Q1 2024, and an increase from 1.87% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 49,544.51 million shares, accounting for 81.22% of the circulating shares, with a change of 511,100 shares from the previous period [1] - The largest shareholder, Hengdian Group Holdings Co., Ltd., holds 42,512.09 million shares, representing 69.68% of the total share capital, with no change [2] - The National Social Security Fund's 413 portfolio increased its holdings by 177.00 million shares, now holding 672.00 million shares, which is 1.10% of the total [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Group 1 - The company Nanhua Futures (603093) reported a revenue of 534 million yuan for the first quarter of 2025, representing a year-on-year decline of 46.20% [1] - The net profit for the same period was 85.7383 million yuan, showing a slight year-on-year increase of 0.13% [1]