Soho Holly Futures Co.,Ltd. (SZ 001236) released its 2025 annual report on March 31, revealing a full-year net profit attributable to shareholders of only 3.9927 million yuan, a sharp decrease of 86.61% year-on-year. The weighted average return on equity stood at a mere 0.21%. Following a significant earnings reversal in its first year after its 2022 A-share listing, the company has once again experienced a drastic plunge in net profit. Against the backdrop of a 16% year-on-year increase in net profit for the industry as a whole, the performance report from this pioneering "A+H" listed futures company in China inevitably draws concern.

In 2025, Soho Holly Futures Co.,Ltd.'s total operating revenue was 287 million yuan, down 20.53% year-on-year, significantly deviating from the overall growth trajectory of the industry. Breaking down by business segment: net brokerage commission income was 167 million yuan, a decline of 3.8%; interest income from client fund deposits was 47.4905 million yuan, plummeting 44.37%; average daily client equity decreased by 8.36% year-on-year, with the transaction value market share at only 0.37%. Assets under management saw a cliff-like contraction to 1.059 billion yuan, a reduction of 93.43% year-on-year; asset management business revenue was 2.9866 million yuan, down 50.24%; profit from risk management business was 8.8871 million yuan, more than halved. Multiple core indicators experienced comprehensive declines, indicating a near exhaustion of the company's self-sustaining capability.

Since its A-share listing, Soho Holly Futures Co.,Ltd. and its subsidiaries have been penalized by regulatory authorities at least six times. Faced with multiple challenges including persistently deteriorating performance, a widening gap with peers, frequent internal control risks, and eroding shareholder confidence, Soho Holly Futures Co.,Ltd. urgently needs to find breakthroughs across multiple dimensions. At the brokerage business level, the company must focus on increasing client equity scale and transaction value market share to reverse the 8.36% decline in average daily client equity. It could also learn from the overseas business experience of peers, positioning its international financial services business as a differentiating competitive lever—this segment saw revenue grow 38.82% year-on-year last year, providing a foundation. Additionally, optimizing the efficiency of client fund utilization is needed to mitigate the impact of the 44.37% plunge in interest income.

Regarding the asset management business, the collapse of AUM from 15.8 billion yuan to 1.059 billion yuan, a 93.43% drop, reflects a dual failure in product competitiveness and channel capabilities. The company needs to reassess the positioning of its asset management business, either scaling back to focus on niche strategies or introducing professional teams to rebuild investment research capabilities, thereby avoiding a vicious cycle of "scale-revenue" decline.

In terms of capital utilization, Soho Holly Futures Co.,Ltd. raised nearly 700 million yuan through two IPOs, yet its ROE last year was only 0.21%, placing its capital use efficiency at the bottom of the industry. The company must clarify its capital allocation strategy, potentially by expanding its overseas business presence, scaling up its risk management operations, or enhancing market share through mergers and acquisitions. The goal should be to transform the listed platform into an accelerator for business expansion, rather than merely an exit channel for shareholder divestment. On the compliance and governance front, the fact that penalties have increased following management adjustments indicates that a compliance culture has not yet taken root. There is a pressing need to establish a unified risk control system covering both domestic and international operations, headquarters, and branches, integrating employee behavior monitoring, branch management, and subsidiary coordination under rigorous oversight to avoid further regulatory breaches in an increasingly stringent enforcement environment.