证券代码：603093 证券简称：南华期货 公告编号：2025-021 南华期货股份有限公司 关于预计2025年日常关联交易的公告（修订版） 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个别及连带责任。 重要内容提示： 本事项尚需提交公司股东大会审议。 日常关联交易属于公司正常经营业务，不会造成公司业务对关联人的依 赖，不影响公司的独立性，不会损害公司和公司全体股东的利益。 公司的主要业务包括期货经纪业务、财富管理业务、风险管理业务、境外金 融服务业务及期货投资咨询业务等,交易对手和服务对象包含公司的关联方。为 做好关联交易管理工作，根据相关法律法规和公司《关联交易管理制度》等规定， 公司对2024年的日常关联交易情况进行确认，并对2025年日常关联交易情况进行 预计，具体情况如下： 一、2024 年关联交易情况 1. 购销商品、提供和接受劳务的关联交易 (1) 部分关联方在本公司开设期货账户从事期货交易。关联交易明细如下： (3) 部分关联方在本公司认购基金及资管产品份额。关联交易如下： 单位：元 | 关联方名称 | 基金名称 | ...

Investment Rating - The report maintains an "Accumulate" rating for Nanhua Futures [1] Core Views - The company's 2024 performance met expectations, with notable growth in overseas business despite a decline in total revenue [8] - The report highlights a significant increase in net interest income due to favorable overseas interest rates, while commission income from futures brokerage has decreased [8] - The company plans to list in Hong Kong to enhance its overseas business capabilities and competitiveness [8] Summary by Sections Financial Performance - In 2024, Nanhua Futures achieved total revenue of 5.712 billion yuan, a year-on-year decrease of 8.56%, while net profit attributable to shareholders was 458 million yuan, an increase of 13.96% [8] - The company's return on equity (ROE) for 2024 is projected at 11.71%, up by 0.25 percentage points year-on-year [8] Revenue Breakdown - Commission income from futures brokerage fell by 11% to 540 million yuan, primarily due to declining brokerage revenues [8] - Net interest income rose by 25% to 680 million yuan, attributed to the sustained high-interest environment overseas [8] - Investment income dropped by 64% to 60 million yuan, mainly due to reduced profits from risk management business [8] Business Segments - The operating profit from futures brokerage, wealth management, risk management, and overseas business was 35 million yuan, -3.35 million yuan, 9.63 million yuan, and 466 million yuan respectively, with overseas business showing a year-on-year increase of 17% [8] - The company’s wealth management business faced challenges, with revenue down 24% to 70 million yuan [8] Future Outlook - The report revises profit forecasts for 2025 and 2026, estimating net profits of 539 million yuan and 588 million yuan respectively, with corresponding year-on-year growth rates of 17.72% and 9.15% [8] - The current market capitalization corresponds to price-to-earnings ratios of 13.74, 12.59, and 11.12 for 2025, 2026, and 2027 respectively [8]

Investment Rating - The report maintains a "Recommendation" rating for Nanhua Futures (603093) [1] Core Views - Interest income supports performance growth, and the competitive advantage of overseas business remains solid [1] - The company achieved total operating revenue of 5.71 billion yuan in 2024, a year-on-year decrease of 8.6%, while net profit attributable to shareholders was 457.97 million yuan, an increase of 14.0% year-on-year [7][8] - The report highlights the significant contribution of its subsidiary, Honghua International, which generated 6.5 billion yuan in revenue and 4.2 billion yuan in net profit, making it the main source of profit for the company [7] - The high interest rate environment has led to steady growth in overseas interest income, with overseas financial services revenue reaching 6.5 billion yuan, a year-on-year increase of 15.3% [7] - The report anticipates continued strong performance in overseas interest income, contributing significantly to profit growth in the coming years [7] Financial Summary - Main operating revenue (million yuan): 2024A: 5,711.61, 2025E: 7,351.52, 2026E: 8,049.95, 2027E: 8,841.05 [2] - Year-on-year growth rate (%): 2024A: -8.6%, 2025E: 28.7%, 2026E: 9.5%, 2027E: 9.8% [2] - Net profit attributable to shareholders (million yuan): 2024A: 457.97, 2025E: 534.93, 2026E: 576.07, 2027E: 644.75 [2] - Earnings per share (yuan): 2024A: 0.75, 2025E: 0.88, 2026E: 0.94, 2027E: 1.06 [2] - Price-to-earnings ratio (PE): 2024A: 16.19, 2025E: 13.85, 2026E: 12.86, 2027E: 11.49 [2] - Price-to-book ratio (PB): 2024A: 1.80, 2025E: 1.59, 2026E: 1.43, 2027E: 1.28 [2] Target Price - The target price for Nanhua Futures is set at 15.78 yuan, with the current price at 12.14 yuan [3]

Investment Rating - The investment rating for Nanhua Futures is maintained at "Accumulate" [8] Core Views - The company's 2024 performance met expectations, with notable growth in overseas business despite a decline in total revenue and net profit [8] - The report highlights a significant increase in interest income due to favorable overseas interest rates, while domestic commission income faced challenges [8] - The company plans to list in Hong Kong to enhance its overseas business capabilities and market competitiveness [8] Financial Performance Summary - For 2024, total revenue is projected at 57.12 billion yuan, a year-on-year decrease of 8.56%, while net profit attributable to shareholders is expected to be 4.58 billion yuan, an increase of 13.96% [8] - The breakdown of revenue sources shows a decline in commission income by 11% to 5.4 billion yuan, while interest income rose by 25% to 6.8 billion yuan [8] - The company's return on equity (ROE) for 2024 is estimated at 11.71%, reflecting a slight increase of 0.25 percentage points year-on-year [8] Segment Performance Summary - Futures brokerage revenue decreased by 13% to 4.9 billion yuan, with a gross margin decline of 11.38 percentage points to 7.13% [8] - Wealth management revenue faced pressure, dropping 24% to 0.7 billion yuan, while risk management revenue fell by 10% to 44.9 billion yuan [8] - Overseas business revenue increased by 15% to 6.5 billion yuan, indicating strong performance in this segment [8] Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to 5.39 billion yuan for 2025 and 5.88 billion yuan for 2026, with expected growth rates of 17.72% and 9.15% respectively [8] - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 13.74, 12.59, and 11.12 respectively, indicating a favorable valuation outlook [8]

Investment Rating - The report maintains an "Accumulate" rating for Nanhua Futures [1] Core Views - The company's 2024 performance met expectations, with notable growth in overseas business despite a decline in total revenue [8] - The report highlights a significant increase in net interest income due to favorable overseas interest rates, while commission income from futures brokerage has decreased [8] - The company plans to list in Hong Kong to enhance its overseas business capabilities and competitiveness [8] Summary by Sections Financial Performance - In 2024, Nanhua Futures achieved total revenue of 5.712 billion yuan, a year-on-year decrease of 8.56%, while net profit attributable to shareholders was 458 million yuan, an increase of 13.96% [8] - The company reported a return on equity (ROE) of 11.71%, up by 0.25 percentage points year-on-year [8] Revenue Breakdown - Commission income fell by 11% to 540 million yuan, primarily due to a decline in futures brokerage revenue [8] - Net interest income rose by 25% to 680 million yuan, attributed to the sustained high-interest environment overseas [8] - Investment income dropped by 64% to 60 million yuan, mainly due to reduced profits from risk management business [8] Business Segments - Futures brokerage revenue decreased by 13% to 490 million yuan, with a gross margin decline of 11.38 percentage points to 7.13% [8] - Wealth management revenue faced pressure, down 24% to 70 million yuan, with a significant drop in the management scale of Nanhua Fund [8] - Overseas business revenue increased by 15% to 650 million yuan, indicating strong performance in this segment [8] Future Outlook - The report projects net profit attributable to shareholders for 2025 and 2026 to be 539 million yuan and 588 million yuan, respectively, with year-on-year growth rates of 17.72% and 9.15% [8] - The current market valuation corresponds to price-to-earnings ratios of 13.74, 12.59, and 11.12 for 2025, 2026, and 2027, respectively [8]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 15.23, which corresponds to a 2025 PE of 17.92x and a PB of 2.37x [2][3][16]. Core Insights - The company's performance met expectations, driven by a significant increase in net interest income, which rose by 25.01% year-on-year to 682 million yuan in 2024. This contributed 239.48% to the adjusted revenue growth [3][16]. - The company is planning to list on the Hong Kong Stock Exchange, which is expected to enhance its overall strength and risk resilience [3][16]. - The company has seen a substantial increase in client equity scale, with futures margin deposits growing by 69% compared to the end of 2023, indicating effective client acquisition strategies [16]. Financial Summary - Revenue for 2023 was 6,247 million yuan, with a projected decline to 5,712 million yuan in 2024, reflecting an 8.4% decrease. However, net profit attributable to shareholders is expected to rise from 402 million yuan in 2023 to 458 million yuan in 2024, marking a 63.3% increase [5][16]. - The earnings per share (EPS) is projected to increase from 0.66 yuan in 2023 to 0.75 yuan in 2024, with further growth expected in subsequent years [5][16]. - The return on equity (ROE) is anticipated to improve from 10.8% in 2023 to 11.1% in 2024 [5][16]. Market Data - The company's current stock price is 12.57 yuan, with a 52-week price range of 8.32 to 14.54 yuan [6][16]. - The total market capitalization is 7,669 million yuan, with a total share capital of 610 million shares [6][16]. Future Projections - The report projects a gradual decline in revenue from 5,712 million yuan in 2024 to 5,503 million yuan in 2027, while net profit is expected to grow steadily from 458 million yuan in 2024 to 634 million yuan in 2027 [5][16]. - The company aims to enhance its capital strength through the planned H-share listing, which will support its independent clearing system and global strategic layout [16].

证券代码：603093 证券简称：南华期货 公告编号：2025-020 四、公司非公开发行公司债券的募集资金应当用于募集说明书约定的用途。 公司应当指定专项账户用于公司债券募集资金的接收、存储、划转。 南华期货股份有限公司 关于非公开发行次级公司债券获得上海证券交易所 挂牌转让无异议函的公告 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个别及连带责任。 近日，南华期货股份有限公司（以下简称公司）收到上海证券交易所（以下 简称"上交所"）出具的《关于对南华期货股份有限公司非公开发行次级公司债 券挂牌转让无异议的函》（上证函〔2025〕747 号）。公司面向专业投资者非公开 发行次级公司债券符合上交所的挂牌转让条件，上交所对公司挂牌转让无异议。 现将有关事项公告如下： 一、公司面向专业投资者非公开发行总额不超过 5 亿元的次级公司债券，由 中信建投证券股份有限公司承销。本次债券采取分期发行方式，公司应在本函出 具之日起 12 个月内，按照报送上交所的相关文件组织发行。本函自出具之日起 12 个月内有效。 二、自本函出具之日起至本次债券挂牌 ...

南华期货股份有限公司董事会审计委员会对 会计师事务所 2024 年度履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》和《公司章程》《审计委员会议事规则》 等规定和要求，公司董事会审计委员会本着勤勉尽责的原则，对天健会计师事务 所（特殊普通合伙）（以下简称"天健所"）2024 年度履行监督职责的情况汇报如 下： 一、2024 年年审会计师事务所基本情况 | 机构名称 | 天健会计师事务所（特殊 统一社会信 913300005793421213 | | | | --- | --- | --- | --- | | | 普通合伙） 用代码 | | | | 成立时间 | 2011 7 月 18 组织形式 特殊普通合伙企业 | 年 | 日 | | 注册资本 | 浙江省杭州市西湖区灵隐街 19,045 万人民币 注册地址 | | | | | 道西溪路 128 号 | | | | 首席合伙人 | 上年末合伙 钟建国 241 人 | | | | | 人数量 | | | | ...

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个别及连带责任。 根据中国证监会《期货公司风险监管指标管理办法》（证监会令〔第 202 号〕） 等相关规定，南华期货股份有限公司母公司作为从事期货经纪业务、资产管理业 务的期货公司，2024 年年度各项监管指标均符合标准，母公司相关指标具体报 告如下： （1）净资本不得低于 3,000 万元，该指标的预警标准为 3,600 万元。 证券代码：603093 证券简称：南华期货 公告编号：2025-015 南华期货股份有限公司 2024 年度风险监管指标专项报告 （3）净资本与净资产的比例不得低于 20%，该指标的预警标准为 24%。 公司 2024 年 12 月 31 日净资本与净资产的比例（净资本/净资产）为 48%， 符合标准。 （4）流动资产与流动负债的比例不得低于 100%，该指标的预警标准为 120%。 公司 2024 年 12 月 31 日流动资产（不含客户权益）与流动负债（不含客户 权益）的比例（流动资产/流动负债）为 525%，符合标准。 （5）负债与净资产的比例不得高于 15 ...

公司代码：603093 公司简称：南华期货 南华期货股份有限公司 2024 年度内部控制评价报告 南华期货股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部 ...