To The Moon

Four A-share listed futures companies have completed the disclosure of their third-quarter reports, with all four delivering positive growth in both revenue and net profit for the first three quarters.

Together, the four companies recorded total operating revenue of approximately 4.11 billion yuan and net profit attributable to shareholders of about 1.73 billion yuan.

On the revenue side, Yongan Futures led the pack with operating revenue of 1.445 billion yuan in the first three quarters, up 6.54% year on year. Nanhua Futures reported operating revenue of 1.376 billion yuan, up 46.27%. Ruida Futures posted operating revenue of 1.059 billion yuan, up 28.05%. Hongye Futures recorded operating revenue of 231 million yuan, up 12.21%.

In terms of net profit, Yongan Futures earned 601 million yuan in the first three quarters, up 23.18% year on year. Nanhua Futures reported net profit of 588 million yuan, up 67.41%. Ruida Futures saw net profit of 507 million yuan, up 31.53%. Hongye Futures posted net profit of 29 million yuan, up 1,265.30%.

It is worth noting that in the third quarter alone, performance among the four listed futures companies diverged, with only Nanhua Futures achieving year-on-year growth in both revenue and net profit, while the other three all saw varying degrees of decline in both metrics.

Industry insiders believe this reflects structural differences in the sector's transition from a channel-driven model to a diversified one.

Wang Jun, deputy general manager of Gelin Dahua Futures, said that Nanhua Futures' overseas business, Yongan Futures' risk management business and Ruida Futures' asset management business are each company's most distinctive growth drivers.

Jing Chuan, a visiting professor at Xi'an Jiaotong University, noted that in the first three quarters, trading volume in China's national futures market grew about 35% year on year, while client equity continued to expand, providing endogenous support for futures companies' earnings growth.

The futures market is showing clear institutionalization. Data recently released by China Futures Market Monitoring Center show that in the first three quarters of 2026, China's futures market added 910,000 new clients, up 41% from a year earlier. As of the end of September, the total number of effective clients across the market stood at 3.15 million, up 0.4% from the end of August, with individual clients up 0.3% and institutional clients up 1.0%. Institutional client growth momentum is stronger, and market participants continue to expand.

New rules will reshape the industry landscape. The new edition of the Measures for the Supervision and Administration of Futures Companies, which will take effect on January 1, 2027, divides futures companies' businesses into basic businesses and trading businesses, sets tiered thresholds based on registered capital and net capital, and requires market-making and derivatives trading businesses to be operated by parent companies under license.

Wang Jun said a "capital increase wave" has already reappeared, and in the next stage the focus of industry competition will be capital strength, depth of institutional clients and risk management product design capability, with registered capital and net capital merely a "ticket to entry."

For the fourth quarter, Jing Chuan believes hedging demand from real-economy enterprises will provide support, client equity in the futures market is expected to remain high, and futures companies' performance may show a pattern of "high at the start and lower later, with structural divergence."

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