Hongye Futures' net profit in 2025 is less than 4 million yuan, dropping sharply by nearly 90%, with a major decline in asset management business

Image source: Visual China

Blue Whale News April 1st Edition (Reporter Hu Jie) Recently, Hongye Futures (001236.SZ) disclosed its 2025 annual report. During the reporting period, the company achieved operating revenue of 288 million yuan, a year-on-year decrease of 20.53%; net profit attributable to shareholders was 3.9927 million yuan, a significant decline of 86.61% year-on-year. Against the backdrop of an overall industry recovery, Hongye Futures’ “report card” does not look good.

During the reporting period, the company’s futures brokerage and asset management business revenue was 246 million yuan, accounting for over 80% of total operating revenue, making it the main segment; its operating income decreased by 21.28% year-on-year, mainly due to reductions in retained commission income, net interest income, financial asset investment income, and fair value change gains during the period. Operating expenses decreased by 15.57% year-on-year, mainly due to effective cost control during the period. Since total operating income decreased more than operating expenses, the operating profit margin declined.

Among them, customer fund deposit interest income was 47 million yuan, down 44.37% compared to 2024. The company’s agency transaction volume (bilateral statistics, same below) was 5.65596 trillion yuan, down 20.69% from 7.130623 trillion yuan in 2024. The company’s commodity futures agency transaction volume was 4.093836 trillion yuan, down 31.90% from 6.011517 trillion yuan in 2024.

The company’s asset management business experienced a sharp contraction. As of the end of the reporting period, the company’s asset management scale was 5.65T yuan, a 93.43% decrease from 16.112 billion yuan at the end of 2024; the asset management business generated revenue (excluding fee income from structured entities included in the consolidated scope) of 2.9866 million yuan, down 50.24% from 6 million yuan in 2024. A total of 18 managed trading asset accounts were maintained, with 9 new asset management products established during the year, including 8 pooled products and 1 single-type product.

In addition, revenue from risk management business was 42 million yuan, down 15.88% year-on-year, mainly due to profit declines in over-the-counter derivatives caused by market fluctuations. Operating expenses increased by 9.47% year-on-year, mainly due to increased warehousing and discounting costs resulting from the growth of basis trade scale.

In terms of dividends, Hongye Futures plans to distribute a cash dividend of 0.04 yuan (including tax) for every 10 shares to all shareholders. Based on this, the company intends to distribute a total cash dividend of 4.0311 million yuan (including tax), covering the entire year’s profit. The company stated in the annual report that this profit distribution plan takes into account the company’s current operating conditions and future development needs, aiming to ensure normal business operations, enhance risk resistance, and better safeguard the long-term interests of all shareholders.