Original title: The net profit of 149 futures companies broke the 6 billion mark for the first time since the listing of Ge Weidong’s futures company. Source: Commodity Trading Advisors
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Net profit of 149 futures companies broke the 6 billion mark
Risk and wealth management is an important starting point for the futures industry
When the interim report of listed companies was released, the operating conditions of the futures industry in the first half of the year also began to show up simultaneously. The “Securities Daily” reporter learned exclusively that in the first half of this year, 149 futures companies in the industry achieved a total operating income of 22.3 billion yuan and a net profit of 6 billion yuan, representing year-on-year growth of 75.9% and 121.6%, excluding the reduction of futures exchanges. After the commission fee, the situation of “increasing production but not increasing income” of futures companies has improved for many years.
In the disclosed operating data of futures companies, although overall positive growth has been achieved, the core revenue is inconsistent. Some futures companies have relied on a sharp increase in handling fees to achieve improvement, and some futures companies have made significant efforts with innovative business, and other futures companies have Achieve greater growth in stock investment and financial management.
Nanhua Futures’ net profit attributable to the parent increases by 160%
Recently, Nanhua Futures, which has the halo of “the first stock of futures”, released a semi-annual report. Nanhua Futures achieved operating income of 4.243 billion yuan in the first half of the year, a year-on-year decrease of 20.21%, and net profit attributable to the parent was 86.481 million yuan, a significant increase of 160.04% year-on-year. Among them, the risk management business achieved relatively high profits. The net profit in the first half of the year was as high as 20,644,500 yuan. Compared with the loss of 2,849,500 yuan in the same period last year, it turned losses into profits.
Nanhua Futures stated that due to the continuation of the epidemic in the first half of the year, commodity prices fluctuated drastically, and the demand for various entity companies to use the futures and derivatives market for risk management increased significantly. The rights and interests of customers in the futures market have steadily expanded, and the market has exceeded the trillion yuan mark for the first time. . At the same time, the futures market has steadily promoted variety innovation and system innovation, and continued to introduce new varieties to better promote the steady development of the futures market. Peanuts, live pigs,palmFour new futures options, oil options and crude oil options.
Insiders said that Nanhua Futures’ risk management business achieved greater growth due to the support for its subsidiary, Nanhua Capital.
In the first half of this year, Nanhua Futures completed its first fixed increase since its listing, raising 365 million yuan.
Nanhua Futures stated that in the first half of the year, the demand for hedging from various entities and institutions increased, boosting the steady growth of the company’s various risk management businesses. Among them, the company’s over-the-counter derivatives business added 36.474 billion yuan in nominal principal, a year-on-year increase of 173.05%. At the same time, the company continues to promote the innovation of over-the-counter derivatives business, and promotes the business expansion of spread options, snowball options, cumulative put options and other products. While meeting customer needs, it improves the profitability of over-the-counter derivatives business.
Luo Xufeng, chairman of Nanhua Futures, told the “Securities Daily” reporter that the risk management business is currently an important starting point for the company’s revenue. Since the epidemic, commodity prices have fluctuated sharply, and the demand for derivatives from physical companies has shown an explosive growth trend. In order to better meet the individual needs of various physical companies, futures companies and their risk management subsidiaries have also continued to explore service innovations , Further broadening the boundaries of the business. At the same time, in the process of serving customers, it is no longer a single futures hedging and investment model, but a variety of new business models, products and The continuous diversification of business models and the continuous enrichment of market connotation and extension have further promoted the expansion of risk management business.
A relevant person from Zhongyan Futures told the “Securities Daily” reporter that in the first half of the year, the company’s revenue growth was mainly due to three reasons: first, the overall market activity increased; second, the company’s marginal operating costs decreased; third, the continued strength of innovative business. Among them, the risk management subsidiaries performed outstandingly. On the one hand, customers have increased their demand for risk management; on the other hand, the company’s products and service capabilities have further met customer needs. For the second half of the year, we may be even more looking forward to whether indexed products can be implemented, and there will be greater market demand.
The “Securities Daily” reporter learned exclusively that in the first half of this year, the futures market transaction situation and the futures company’s operation situation simultaneously achieved substantial growth. During the period, the cumulative trading volume of the national futures market was 3.7 billion, and the cumulative trading volume was 286 trillion yuan, an increase of 47% and 73% year-on-year respectively. From the perspective of the composition of participants in the futures market, the participation of private equity funds, self-operated securities firms, and large industrial enterprises has all increased.
Multiple benefits boost performance
In the first half of the year, the profitability of the risk management subsidiaries of futures companies was significantly enhanced. Up to now, 91 risk management companies have been filed with the China Futures Association, and 89 have filed pilot businesses. The cumulative business revenue was 126.681 billion yuan, an increase of 45.78% year-on-year; the cumulative net profit was 1.043 billion yuan, a year-on-year increase of 66.31%, which was equivalent. 92.38% of the net profit for the whole year last year.
At the same time, the scale and proportion of active management of asset management products have also increased significantly. In the first half of the year, futures operating institutions ran 1,526 asset management plans, with a total scale of 261.155 billion yuan. Among them, the scale of active management was 208.516 billion yuan, accounting for 77.75%; the accumulated income of asset management business was 505 million yuan, and the accumulated net profit was 155 million yuan.
Some insiders told reporters that in addition to the risk management business that supports the rapid growth of futures companies’ performance, the increase in brokerage business revenue in the first half of the year is also an important part.
According to statistics from the Interim Association, the cumulative transaction volume of the national futures market in the first half of the year increased by 47.37% year-on-year, and the cumulative transaction volume increased by 73.05% year-on-year. The total market customer equity reached 1.09 trillion yuan, doubling compared with last year. It broke through the trillion yuan mark for the first time. Take Nanhua Futures as an example. During the reporting period, the company’s futures brokerage business customer equity was 17.628 billion yuan, a year-on-year increase of 62.82%, and the agency trading volume was 143 million lots. Among them, the trading volume of futures was 72,707,400, a year-on-year increase of 5.63%, and the trading volume of stock options was 69,689,900, a year-on-year increase of 152.66%; net fee and commission income was 218 million yuan, a year-on-year increase of 34.24%.
Affected by the continuation of the epidemic, commodity prices have fluctuated greatly in the first half of the year, and the demand for various entity companies to use the futures and derivatives market for risk management has increased significantly, which has contributed to the steady growth of various businesses to a certain extent.
It is worth mentioning that up to now, my country’s futures market has a total of 70 futures products and 24 options products, including 8 international products. Among them, palm oil options became the first option product introduced to overseas traders in my country. Since the listing of this product, the market has been operating rationally and the number of open interest has grown steadily, which has enriched the tools for industrial customer risk management. The domestic futures and derivatives market with increasingly complete product systems provides an important platform for enterprises to carry out risk management.
Net profit growth has its own focus
At present, five futures companies including Nanhua Futures, Dayue Futures, Chuangyuan Futures and Funeng Futures have issued interim reports. On the whole, the profit structure of each futures company is different. In addition to the large growth of brokerage and risk management business, stock investment and wealth management are also important support points.
The interim report recently released by the NEEQ-listed futures company Dayue Futures showed that the company achieved operating income of 47,054,500 yuan in the first half of the year, a year-on-year increase of 11,932,800 yuan. Among them, fee income was 30.102 million yuan, a year-on-year increase of 9.6087 million yuan, an increase of 46.89%; investment income and fair value change income was 7.663 million yuan, a year-on-year increase of 3.944 million yuan, an increase of 106.1%, mainly due to the company’s investment in securities This is due to the increase in the return of stock funds. During the reporting period, the company achieved a net profit of RMB 8.3056 million, a year-on-year increase of 93.25%, mainly due to the increase in investment income and gains from changes in fair value.
Funeng Futures announced that in the first half of the year, it realized operating income of 59.6182 million yuan, an increase of 50.06% year-on-year, and realized a net profit of 12.064.7 million yuan, an increase of 125.70% year-on-year. The company’s substantial increase in net profit is mainly due to the continuous strengthening of the expansion of online and offline marketing channels, strengthening of industrial customer resource docking and serving the real economy, so as to achieve large-scale growth and achieve performance growth.
The interim report issued by Chuangyuan Futures showed that the company achieved operating income of 2.568 billion yuan during the reporting period, a year-on-year increase of 141.96%. The main reason for the substantial increase in operating income year-on-year was the substantial growth of the company’s subsidiaries; net profit was 19,208,800 yuan. A year-on-year increase of 88.63%, because the company attaches great importance to talents, continues to increase investment, strengthen operation and management, the results gradually appear, driving profit growth.
Luo Xufeng said that the violent fluctuations in commodity prices this year have increased the demand for risk management of physical enterprises and institutional investors, which has significantly promoted the expansion of risk management business of futures companies. In the second half of the year, the futures industry will continue to show a steady development trend as a whole, while risk management business and wealth management business will be the main development directions in the future. Among them, futures companies have certain asset allocation functions in the wealth management business. In particular, the CTA strategy has a low correlation with other trading strategies. From the perspective of major asset allocation, the CTA market will also have greater room for growth in the future. (Securities Daily Wang Ning)
Ruida Futures’ net profit of 238 million in the first half of 2021
An increase of 233.36%
Ruida Futures released the 2021 semi-annual report yesterday. During the reporting period, the company achieved operating income of 1,062,565,230.77 yuan, a year-on-year increase of 138.43%; net profit attributable to shareholders of listed companies was 237,943,601.33 yuan, a year-on-year increase of 233.36%.
During the reporting period, the net cash flow from operating activities was -421,615,562.93 yuan, and the net assets attributable to shareholders of the listed company were 2,098,795,713.32 yuan.
During the reporting period, the company achieved operating income of RMB 1,062,565,230.77, a year-on-year increase of 138.43%; it was mainly due to the increase in brokerage business, asset management business fee income and risk management business income.
According to the announcement, among the ten largest tradable shareholders, Guangzhou Xuanyuan Investment Management Co., Ltd.-Xuanyuan Kexin No. 69 Private Securities Investment Fund, and Guangzhou Xuanyuan Investment Management Co., Ltd.-Xuanyuan Kexin No. 77 Private Securities Investment Fund are new Into tradable shareholders.
Ge Weidong Futures Company lost more than 50 million stocks in the first half of the year
Good personal holding returns
On August 25, the futures company Chaos Tiancheng (871102, OC), a subsidiary of futures legend Ge Weidong, disclosed the 2021 semi-annual report. In the first half of the year, Chaos Tiancheng’s operating income and net profit both fell sharply year-on-year, and net profit even suffered a loss. Chaos Tiancheng’s losses were mainly due to the company’s failure to stock speculations. However, compared to the loss of Chaos Tiancheng, Ge Weidong’s personal positions are Zhaoyi Innovation (603986, SH), HKUST iFlytek (002230, SZ), Shengxin Lithium Energy (002240, SZ), China Pet Stock (002891, SZ) Waiting for the stock’s trend in the first half of the year is very good.
The first half-year loss after the listing of Chaos Futures
According to Chaos Tiancheng’s announcement, the company’s operating income in the first half of the year was 713 million yuan, a year-on-year decrease of 48.80%; the net profit loss attributable to shareholders of the listed company was 7,168,300 yuan, a year-on-year decrease of 103.43%; the company’s net profit loss after deducting non-recurring gains and losses 9.5176 million yuan, a year-on-year decrease of 104.53%.
The “Daily Economic News” reporter noted that this is the first half-year loss of Chaotian Tiancheng since its listing in 2017. From 2017 to 2020, the company’s semi-annual profits were 712,700 yuan, 6.8137 million yuan, 108 million yuan, and 209 million yuan respectively.
Chaos Tiancheng’s core business is commodity futures brokerage and financial futures brokerage business. Fee income and net interest income are the main sources of the company’s main business income.
In the first half of this year, Chaos Tiancheng did a good job in its brokerage business. During the reporting period, the company realized net fee and commission income of RMB 35,770,800, a year-on-year increase of 95.24%; net interest income of RMB 14.1361 million, a year-on-year increase of 68.25%.
With the growth of its main business, why did the company lose money? This is mainly due to the loss of Chaos Tiancheng stocks. It is reported that the company’s (parent company level) investment stock profit (including fair value change gains) decreased by 345 million yuan year-on-year, and the company’s wholly-owned subsidiary Chaos Tiancheng Capital Management Co., Ltd. risk management business income decreased by 382 million yuan year-on-year. This is the main factor behind the sharp year-on-year decline in operating income of Chaos Tiancheng.
At the same time, due to the stock market fluctuations in the first half of 2021, Chaos Tianchen (at the parent company level) stock investment loss was 50.8206 million yuan (including gains from changes in fair value). In the same period last year, the company’s (parent company level) stock investment profit was 295 million yuan (including gains from changes in fair value).
The overall trend of Ge Weidong’s holdings is good
Which stocks has Chaos Tianchen planted a tumble on? In this regard, the company’s semi-annual report did not mention it. Compared with the loss of Chaos Tianchen stocks, the income of Ge Weidong’s personal position in the first half of the year seems to be much better.
Positions online show that as of March 31, Ge Weidong is in China Pet, UFIDA, Zhaoyi Innovation, Hangfa Control (000738, SZ), Jiyou (603429, SH), Shengxin Lithium Energy, iFlytek, etc. Appeared in the company’s top ten shareholders list or the top ten tradable shareholders list. In addition, it has also invested in Beiterui, a company listed on the New OTC Market.
In review, Ge Weidong holds a lot of good votes. For example, the stock price of China Pet Stock once hit a record high in late June; the stock prices of Zhaoyi Innovation, Shengxin Lithium Energy, and HKUST iFlytek also moved strongly in the first half of the year; and Beiterui was one of the new three-board markets. Super big bull stocks.
Looking at Ge Weidong’s past holdings, he has invested in some stocks for several years, and he is not afraid of floating losses and being able to hold on to it.
For example, Ge Weidong began to build a warehouse in Zhaoyi Innovation in the second quarter of 2018. Due to the poor market conditions at that time, Ge Weidong was caught shortly after buying, but he still insisted. By the second quarter of 2019, Zhaoyi Innovation’s stock price still did not perform well, and Ge Weidong did not break away from the cost range. In the third quarter of 2019, driven by the sci-tech innovation board, technology growth stocks began to exert strength, and Zhaoyi Innovation’s share price began to rise. At this time, Ge Weidong increased his position on a large scale and sold near the high point in the second quarter of 2020, cashing out a portion of the proceeds.
In the middle of 2020, Zhaoyi Innovation’s stock price fluctuated downwards. Ge Weidong chose to increase its position on a large scale. Not only did he subscribe for 7.36 million additional shares for RMB 203.78, he also increased his position on a large scale for two consecutive quarters in the second half of the year. As of March 31 this year, Ge Weidong holds 21.08 million shares of Zhaoyi Innovation and is the company’s fifth largest shareholder. During the period, due to the decline in Zhaoyi Innovation’s share price, some of Ge Weidong’s holdings may even have suffered a floating loss. But as Zhaoyi Innovation’s share price has risen sharply since June this year, Ge Weidong’s earnings have come up again.
It is worth mentioning that although Ge Weidong is the actual controller of Chaos Tianchen, he does not hold a management position in the company. From this point of view, it is not difficult to understand that the securities investment of Chaos Tianchen should not be controlled by Ge Weidong, and the investment returns of the two have diverged. (Daily Economic News Zeng Jian)
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