Nanhua Futures (603093) Q4 2025 earnings summary

Executive summary

• FY25 revenue rose 2.45% to RMB1.388bn and attributable net profit increased 6.18% to RMB486.26m; adjusted net profit, excluding non-recurring items, grew 7.67% to RMB489.29m.

• International financial services expanded and remained the largest revenue segment; the December Hong Kong listing added an offshore capital platform, while wealth-management and risk-management revenue declined.

Financial highlights

• Q4 revenue was RMB446.95m and attributable net profit RMB134.81m; adjusted net profit was RMB137.32m.

• Operating costs rose 0.17% to RMB837.66m; reported gross margin was 39.63%, up 1.38 percentage points YoY.

• Operating cash flow was RMB7.00bn, down 40.98% YoY, mainly as higher client trading activity increased funds held at exchanges; investing cash flow was negative RMB4.40bn.

Outlook and guidance

• 2026 priorities include integrating brokerage, wealth and risk-management services; using technology and AI to improve client service, trading, research and risk controls.

• H-share proceeds are intended to strengthen overseas subsidiaries, expand business qualifications, recruit talent and improve operating systems; overseas asset management expansion will proceed cautiously.

• Risk-management plans emphasize selective basis-trade growth, controlling higher-risk OTC derivative exposures and expanding automated market-making coverage.