Holly Futures (03678) reported a sharp earnings rebound for the three months ended 31 March 2026. Operating revenue reached RMB 81.78 million, up 23.53% year on year, while net profit attributable to shareholders surged to RMB 12.51 million (≈ USD 1.7 million), a 939.69% increase from the prior-year quarter. Excluding extraordinary items, net profit rose 861.48% to RMB 12.49 million.
The turnaround was driven mainly by a 39.41% jump in brokerage fee income to RMB 48.23 million, bolstered by higher futures trading activity amid volatile commodity prices. Net interest income advanced 72.95% to RMB 21.37 million on larger client balances and higher time-deposit volumes. Investment gains more than doubled to RMB 12.42 million, underpinned by stronger performance in over-the-counter derivatives at subsidiary Holly Capital.
Partly offsetting these gains, a RMB 3.32 million fair-value loss on other current assets and a RMB 0.98 million credit-impairment provision weighed on results. Operating expenses were broadly stable at RMB 65.50 million (+1.0% YoY), with futures-risk reserve charges increasing 46.62% to RMB 2.26 million in line with higher fee income.
Liquidity outflows narrowed markedly. Operating cash outflow improved to RMB -621.79 million from RMB -3.25 billion a year earlier, reflecting a smaller build-up in currency and pledged deposits. Net cash used in investing activities amounted to RMB 315.69 million, reversing a year-earlier inflow, primarily due to a RMB 300 million payment related to investing activities. Financing cash flow posted a marginal outflow of RMB 54.07 million after debt repayments and lease-related payments.
Total assets stood at RMB 12.85 billion as of 31 March 2026, up 1.45% from end-2025, supported by a 38.52% rise in currency deposits receivable to RMB 4.41 billion. Shareholders’ equity edged up 0.44% to RMB 1.87 billion. Notable balance-sheet movements included a 75.00% reduction in other assets (standard warehouse receipts/spot holdings) and a 5,695.68% jump in pledged deposits payable, reflecting increased warehouse-receipt pledge activity. Taxes payable climbed 588.66% to RMB 14.22 million, linked to higher value-added tax accruals at Holly Capital.
Holly Futures adopted new Ministry of Finance guidance on standard warehouse-receipt trading from July 2025, reclassifying certain transactions as financial instruments. Revenue from short-term warehouse-receipt sales is no longer recognised; instead, gains are booked as investment income. Unsold receipts are now recorded under other current assets, and associated physical commodities are measured at fair value.
The shareholder base totalled 49,249 ordinary holders at quarter-end. Jiangsu SOHO Holdings Group remained the largest shareholder with a 27.33% stake, followed by HKSCC Nominees at 24.78%. The board approved a 2025 cash dividend of RMB 0.04 per 10 shares (total payout: RMB 4.03 million), subject to shareholder approval. Additionally, Mr Wang Yuwei was elected independent non-executive director, succeeding Mr Huang Dechun.
The first-quarter financial statements were unaudited.