证券代码：600369 证券简称：西南证券 公告编号：临 2025-042 西南证券股份有限公司 2025年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)非累积投票议案 (一)股东会召开的时间：2025 年 9 月 26 日 (二)股东会召开的地点：西南证券总部大楼 402 会议室（重庆市江北区金沙 门路 32 号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 623 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 4,111,938,419 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股 | 61.88 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 等。 本次会议由公司董事会召集，采取现场投票表决与网络投票表决相结合的方 式进行。本次会议由姜栋林董 ...

北京商报讯（记者 郝彦）9月25日，西南证券发布2025年半年度权益分派实施公告表示，将在10月13日进行现金红利发 放，本次利润分配以方案实施前公司总股本66.45亿股为基数，每股派发现金红利0.01元（含税），共计派发现金红利 6645.11万元。 | 股份类别 | 股权登记日 最后交易日 | 除权(息)日 现金红利发放日 | | | --- | --- | --- | --- | | A 股 | 2025/10/10 | 2025/10/13 | 2025/10/13 | ...

Group 1 - The core point of the announcement is that Southwest Securities has declared a cash dividend of 0.01 yuan per share (tax included) for the first half of 2025 [1] - The record date for the dividend is set for October 10, 2025 [1] - The ex-dividend date and the date of cash dividend distribution are both scheduled for October 13, 2025 [1]

证券代码：600369 证券简称：西南证券 公告编号：临 2025-041 西南证券股份有限公司 2025年半年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.01元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/10 | － | 2025/10/13 | 2025/10/13 | 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 西南证券股份有限公司（以下简称公司）2025 年 6 月 20 日的2024年年度股 东大会审议通过《关于公司 2024 年年度利润分配预案和 2025 年中期利润分配授 权的议案》，同意授权公司董事会根据相关监管规定和《公司章程》规定，在符 合中期利润分配的条件下，制定和实施公司 2025 年中期利润分配方案。公司 2025 年半年度利润分配方案已经公司 2025 年 ...

Core Viewpoint - The digital transformation in the securities industry is being actively pursued, with companies establishing dedicated leadership and teams to facilitate this process [1] Group 1: Digital Transformation Initiatives - A digital transformation leadership group has been established within the company, led by the chairman and president [1] - A specialized office for digital transformation is responsible for organizing, coordinating, promoting, and evaluating the digital transformation efforts [1] - Each department and line of business has its own digital transformation working group to implement specific initiatives [1]

Core Insights - The company reported a revenue of 1.34 billion yuan for the first half of 2025, representing a year-on-year increase of 25.8%, and a net profit attributable to shareholders of 160 million yuan, up 35.4% year-on-year [1] - The demand recovery in multiple downstream sectors has improved revenue and profitability [1] Revenue Performance - The company's revenue growth of 25.8% in H1 2025 was driven by the successful rollout of products in key segments such as robotic vacuum cleaners, smart automotive electronics, and intelligent vision [1] - The gross margin improved to 33.0%, a year-on-year increase of 0.1 percentage points, while the net margin rose to 12.1%, up 0.9 percentage points [1] Profitability Analysis - The net profit attributable to shareholders increased by 35.4% due to enhanced sales volume and scale effects, leading to improved profit margins [1] - The company managed to narrow its expense ratios, with selling expenses at 1.7% (down 0.5 percentage points), management expenses at 2.1% (down 0.5 percentage points), and R&D expenses at 20.6% (down 4.3 percentage points) [1] Technological Advancements - The company is developing a high-technology platform algorithm system to promote comprehensive intelligence across multiple fields [2] - Significant progress was made in mass production of various application products on platforms like A527, A537, and A733, with a focus on optimizing system scheduling algorithms [2] - The company has initiated research on next-generation SoC architectures to meet future high-performance computing demands [2] AI and Product Development - In the robotics sector, the company achieved large-scale production of the MR536 for vacuum cleaners and launched the new MR153 control chip [2] - The company completed the sampling and validation of the new V861 smart security chip and initiated trial production of the H723 series chips for smart projection [2] Investment Outlook - The projected net profit attributable to shareholders for 2025-2027 is estimated at 350 million, 490 million, and 670 million yuan respectively [3] - A target price of 63 yuan is set based on a 105 times PE ratio for 2026, with an initial "buy" rating assigned [3]

Core Viewpoint - The recent administrative regulatory measures disclosed by the Hunan Securities Regulatory Bureau highlight ongoing compliance issues within the brokerage industry, signaling a need for improved regulatory adherence and risk management practices [1][6]. Group 1: Regulatory Actions - Hunan Securities Regulatory Bureau issued three administrative measures involving two brokerages, emphasizing the importance of compliance in the brokerage sector [1]. - Huabao Securities' Changsha branch received a warning letter for irregularities in client account solicitation and failure to cooperate with inspections, leading to accountability for the responsible person [2]. - Dong Zhimei, an investment advisor at Northeast Securities' Hunan branch, was warned for investing in external companies and facilitating individual investors in off-market stock options trading [5]. Group 2: Prevalence of Violations - Numerous violations have been reported in the brokerage industry this year, covering various aspects such as account opening, product sales, margin financing, and off-market options [6]. - Specific cases include Shen Gang Securities' failure to diligently verify investor materials during new three-board account openings and Southwest Securities' improper client solicitation practices [6]. - Violations in product sales are also notable, with instances of misleading statements and promotion of fraudulent financial products leading to significant investor losses [6]. Group 3: Underlying Issues - The low entry barriers for the securities industry contribute to a lack of professional competence and compliance awareness among some practitioners, exacerbated by high performance pressures [7]. - The number of new accounts opened reached approximately 17.21 million in the first eight months of the year, a year-on-year increase of about 48%, indicating a surge in brokerage activities and highlighting gaps in investor suitability management [7]. Group 4: Need for Enhanced Suitability Management - The legal obligation of "suitability" requires brokerage firms to ensure that the risk levels of financial products match the risk tolerance of investors [8]. - Previous cases have shown failures in conducting adequate financial status reviews and verifying professional investor qualifications, leading to potential legal repercussions for brokerages [8]. - Strengthening compliance management through staff training and process control is essential for mitigating risks and protecting both investor rights and the brokerage's reputation [8][9].

西南证券在公告中解释称，西证国际证券经营规模较小，占公司整体比重较低，不会对公司日常经营活 动构成重大影响。公司已提前做好相关预案，积极谋划境外业务转型发展。 21世纪经济报道记者注意到，西证国际证券此次退市，尽管受限于规模对西南证券整体影响有限，但对 其境外业务显然还是造成了不小影响。作为西南证券推进国际战略布局的关键一步，西证国际证券被收 入麾下已有十年，但该公司表现始终未能达到预期，近十年已累计亏损超10亿港元。 "摘牌有利于公司境外业务轻装上阵，更聚焦、更高效。"西南证券有关人士回应记者称，公司已提前做 好相关预案，积极谋划境外业务转型发展，下一步将以现有的西证国际投资有限公司为平台，在政策允 许、风险可控的前提下，通过境内境外协同，实现境外业务良性循环发展。 记者丨孙永乐 编辑丨巫燕玲 连年亏损且停牌逾一年后，西南证券（600369.SH）境外子公司的上市之旅正式画上句号。 9月15日，西南证券公告，公司全资子公司西证国际投资有限公司之控股子公司西证国际证券 （0812.HK）因未能于2025年9月3日复牌截止日前达成复牌指引，根据联交所相关上市规则，将自2025 年9月29日起不再具有上市地位。 ...

Core Insights - The core viewpoint of the articles highlights the financial performance of Southwest Securities in the first half of 2025, indicating significant growth in overall revenue and net profit, but a concerning decline in asset management income and profitability [1][2]. Financial Performance - In the first half of 2025, 42 listed securities firms achieved a total operating revenue of 251.9 billion yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 104 billion yuan, up 65% [1]. - Southwest Securities reported an operating income of 1.504 billion yuan, a year-on-year increase of 26.23%, and a net profit of 423 million yuan, up 25.76% [2]. Business Segment Analysis - The asset management business of Southwest Securities saw a net income decline of 3.02%, with a total of 21.195 billion yuan in fees [1]. - The brokerage and proprietary trading segments are heavily reliant on market conditions, contributing 84.97% of total revenue, with brokerage income at 819 million yuan and proprietary trading income at 459 million yuan [3][4]. - The asset management segment's net income was only 962.36 million yuan, down 34.72% year-on-year, despite a 28% increase in managed assets to 17.659 billion yuan [4]. Investment Banking Performance - The investment banking segment's net income increased by 88.17% to 99 million yuan in the first half of 2025, but remains significantly lower than historical highs [6]. - Southwest Securities has not had any IPO sponsorship projects approved for over three and a half years, which has negatively impacted its underwriting revenue [7]. Regulatory Issues - The decline in investment banking revenue is attributed to quality control issues, with the company facing regulatory scrutiny for past violations in sponsorship practices [7].

Group 1 - The core viewpoint of the report highlights the performance of Blu-ray Technology (002765.SZ) across three main business segments: power transmission, touch display, and robotics [1] Group 2 - In the power transmission business, the company is experiencing pressure on performance, but is driven by high growth in the new energy sector [1] - The touch display business is seeing a recovery in profitability, with the automotive sector emerging as a new highlight [1] - The robotics business is focusing on technology migration to establish a new growth avenue, creating a second growth curve for the company [1]