ROE leads the way, asset management explodes, and net profit hits a record high, Ruidai Futures delivers an "above expectations" performance.

On the evening of March 31, Ruida Futures (002961.SZ) released its 2025 report card: for the full year, it achieved operating revenue of approximately 1.227B yuan, up 23.2% year on year; net profit attributable to shareholders of approximately 547M yuan, setting a record high and jumping sharply by 42.95% year on year. With the industry’s pace of profit growth slowing, Ruida Futures’ double-digit growth performance demonstrates strong earnings resilience.

ROE “two consecutive jumps,” leading in profitability efficiency

Looking back at 2025, Ruida Futures recorded a 92.14% increase in the secondary market, ranking first among A-share listed futures companies. Focusing on the ROE (return on equity) indicator representing shareholders’ returns, Ruida Futures’ weighted average ROE in 2025 reached 17.7%, up from 9.42% in 2023 and 13.72% in 2024, achieving two consecutive years of leaps.

Under the industry pain point that the traditional profit space of brokerage business continues to shrink, Ruida Futures achieved a substantial breakthrough in capital return efficiency through structural optimization of high value-added businesses. In a horizontal comparison with peers, among the futures listed companies with 2025 annual reports already disclosed (3 companies out of 4), Ruida Futures’ ROE ranked first.

At the same time, Ruida Futures does not forget to give back to shareholders. According to the annual report, for fiscal year 2025 the company plans to distribute cash dividends of 2.30 yuan per 10 shares to all shareholders (including tax), with an estimated total payout of about 110M yuan. No bonus shares will be issued and no capital will be converted into shares; the remaining undistributed profits will be carried forward to next year’s distribution.

Asset management business scale approaching doubling, revenue surging by more than 80%

Ruida Futures’ 2025 performance and ROE levels both grew beyond expectations, and among them, the asset management business contributed the biggest growth elasticity. In 2025, Ruida Futures’ asset management business revenue reached 206M yuan, soaring 81.34% year on year.

Asset management revenue mainly comes from management fees and performance sharing: the former benefits from the expansion of management scale, while the latter benefits from the profitability level of the entrusted assets. By the end of 2025, Ruida Futures’ asset management scale reached 4.629B yuan, increasing by 97.40% compared with the end of 2024, approaching a near doubling.

As divergence in the 2025 bulk commodity market intensified, it imposed higher requirements on financial institutions’ asset management capabilities. Ruida Futures accurately grasped industry trends, and proactively made CTA strategy its core approach, successfully building a product system with distinctive features.

Backed by its accumulated derivatives investment research and development, Ruida Futures built a well-rounded line of actively managed products, forming industry IP and research barriers. In 2025, the company’s CTA products’ profitability ratio and return performance ranked among the top in the industry, putting into practice the strategic vision of “being a leader in CTA.”

In addition to the standout performance of its asset management business, Ruida Futures in 2025 continued to strengthen the position of its brokerage business as the “ballast stone.” It also fully activated growth momentum through initiatives such as providing risk management services to real entities, expanding into offshore finance with incremental growth, and driving wealth-management layouts through fund subsidiary companies. Among them, the risk management business generated full-year revenue of 262M yuan, up 14.19% year on year. The options market-making transaction volume of its risk management subsidiary ranked 2nd in the industry, and its capability to serve real entities continued to strengthen. The company proactively upgraded its futures business model, forming a diversified earnings structure of “brokerage + asset management + risk management.” Amid market volatility, it has built a solid earnings defense line and injected strong momentum for long-term, sustainable development.