Path Analysis of ROE Improvement for CNPC Capital After Acquiring Yingda Futures

According to the latest financial data [0], CNPC Capital (000617.SZ) currently has an ROE of

, which is at a medium-to-low level in the industry:

Financial Indicator	2024 Value	Industry Reference
ROE	4.18%	Financial Industry Average:8-12%
Net Profit Margin	11.94%	Medium Level
Total Asset Turnover	0.15	Low
Equity Multiplier	2.10	Moderate

Calculated via DuPont Analysis: ROE = Net Profit Margin × Total Asset Turnover × Equity Multiplier =11.94% ×0.15 ×2.10 =

[0]

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As a futures company, Yingda Futures’ business characteristics are highly aligned with CNPC Capital’s energy finance layout:

1. Industry Chain Extension
   : Expand from traditional credit/investment to futures and derivatives
2. Risk Management Capability
   : Provide energy futures, hedging tools for customers
3. Customer Resource Sharing
   : Connect full-chain financial services for industrial clients

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###1. Improve Net Profit Margin (Sales Net Margin)

Futures business has

:

Business Type	Gross Margin	Contribution to ROE
Futures Brokerage	50-70%	High commission margin
Asset Management	60-80%	Management fees + performance fees
Risk Management	40-60%	Stable high gross margin

:

• No large capital input, low marginal cost
• High gross margin from fees/interest
• Superposition effect lifts overall net margin

###2. Improve Asset Turnover

Futures use

with significant leverage:

• Low Capital Occupation
  : Margin =5-10% of contract value
• High Efficiency
  : 10-20x transaction scale per fund
• Revenue-Intensive
  : Light asset model boosts turnover

: Expected to increase from0.15 to0.25-0.35

###3. Optimize Equity Multiplier

Support high-margin business via

:

• Moderate liability increase for scale expansion
• Low-risk profile allows reasonable financial leverage
• Optimize capital structure and efficiency

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Based on DuPont three-factor model:

Factor	Contribution	Explanation
Net Margin Lift	+2.5%	Futures’ high margin
Asset Turnover Lift	+1.2%	Light asset efficiency
Equity Multiplier Optimization	+0.8%	Reasonable leverage
Total	+4.5%	Expected ROE:8.68%

: ROE rises from 4.18% to , approaching industry average

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1. Integration efficiency (futures team + existing business)
2. Customer conversion (industrial clients to futures)
3. Risk management (futures control system)

1. Market volatility (price swings affect earnings)
2. Regulatory compliance (strict adherence)
3. Integration friction (short-term costs)

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CNPC Capital can improve ROE via three DuPont dimensions:

1. Net margin via futures’ high margin
2. Asset turnover via margin leverage
3. Equity multiplier via reasonable leverage

Expected ROE to reach

in2-3 years (if integration smooth), significantly enhancing shareholder returns.

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[0] Jinling API - CNPC Capital (000617.SZ) Profile & Financial Data

[1] Sina Finance - CNPC Capital & Yingda Futures Equity Change Report (https://finance.sina.com.cn)