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。 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。 与此同时，西南证券近期在重庆联合产 ...

Core Viewpoint - Southwest Securities is selling a batch of assets, including parking spaces, properties, and vehicles, to address liquidity pressures stemming from defaulted bonds under its asset management products [2][4][8] Asset Disposal - The asset disposal includes 68 parking spaces located in Zhengyuan Xiangyuan community, with a total base price of approximately 487.82 million yuan [4][8] - The properties for sale include a 666.15 square meter commercial space in Dalian with a base price of 233.15 million yuan and a 122.66 square meter property in Bozhou with a base price of 104.26 million yuan [4][8] - Three Audi vehicles are also listed for sale, with base prices ranging from 2.36 million yuan to 2.65 million yuan [4][8] Background of Asset Disposal - The assets are linked to two defaulted bonds from Zhengyuan Real Estate, which faced a debt crisis in 2019, leading to lawsuits from multiple financial institutions [7][8] - Southwest Securities has been involved in legal proceedings to recover approximately 5.46 billion yuan in principal and interest from Zhengyuan Real Estate [7][8] Industry Context - Other securities firms, such as Hongta Securities and Huaxi Securities, are also engaging in asset disposals to enhance operational efficiency amid a challenging market environment [12][13] - The trend of asset disposal reflects a broader shift in the industry from a "heavy asset model" to a "light asset model," as firms seek to optimize their asset structures and focus on high-value areas [13][14]

（记者 张喜威） 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 每经AI快讯，美利信发布公告称，2025年9月18日10:00-11:00；00-16:30，美利信接受西南证券股份有 限公司等机构调研，公司副总经理、董事会秘书王双松等参与接待，并回答了投资者提出的问题。 ...

2025 年第一次临时股东大会 会议材料 二〇二五年九月 | | | 2025 年第一次临时股东大会会议材料 会议须知 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证股 东大会顺利进行，根据《上市公司股东会规则》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等文件的要求，特制定本须知。 一、西南证券股份有限公司（以下简称公司）根据《中华人民共和国公司法》 《中华人民共和国证券法》《公司章程》等规定，认真做好召开股东大会的各项 工作。 二、公司董事会以维护股东的合法权益、确保股东大会正常秩序和议事效率 为原则，认真履行《公司章程》中规定的职责。 三、公司股东及股东代理人参加股东大会依法享有发言权、质询权、表决权 等权利。 四、本次大会表决事项中，《关于修订公司章程及相关议事规则的议案》为 特别决议事项，由出席股东大会的股东（包括股东代理人）所持有效表决权的 2/3 以上通过；其余为普通决议事项，由出席股东大会的股东（包括股东代理人） 所持有效表决权的 1/2 以上通过。 五、公司股东及股东代理人参加股东大会，应当遵守公司相关规定，认真履 行其法定义务，不得侵犯其他股东的权益，不 ...

Core Viewpoint - Southwest Securities' subsidiary, Xizheng International Securities, will be delisted due to failure to meet resumption guidelines by the deadline, reflecting ongoing challenges faced by Chinese securities firms in international markets [1][4][7]. Group 1: Company Performance and Impact - Xizheng International Securities has a small operational scale, with total assets of only 0.83 million yuan, accounting for just 0.09% of Southwest Securities' total assets as of June 30, 2025 [3][7]. - The revenue for Xizheng International Securities in the first half of 2025 was only 103,000 yuan, representing a mere 0.07% of the parent company's revenue [3][7]. - Southwest Securities reported strong growth in the first half of 2025, achieving revenue of 1.504 billion yuan, a year-on-year increase of 26.23%, and a net profit of 423 million yuan, up 25.76% [7]. Group 2: Challenges and Historical Context - Xizheng International Securities has faced continuous losses, with a total accumulated loss exceeding 1 billion HKD over the past decade, and only achieving profitability in 2015 and 2017 [6]. - The company has been under regulatory scrutiny, with the Hong Kong Stock Exchange previously indicating that it failed to maintain sufficient operational levels, leading to a suspension of trading since March 2024 [4][5]. - Efforts to salvage the company included a failed agreement to transfer shares and perpetual securities, which was ultimately unsuccessful due to the buyer's failure to provide funds [5][6]. Group 3: Industry Trends and Future Directions - The delisting of Xizheng International Securities highlights the broader challenges faced by Chinese securities firms in their internationalization efforts, including significant gaps in asset scale compared to leading global investment banks [7]. - There is a growing interest among Chinese securities firms in virtual asset trading, with firms like Guotai Junan International obtaining licenses to operate in this area, indicating a potential shift in focus for future cross-border business [8]. - Southwest Securities is preparing for a transformation in its cross-border business strategy, aiming to leverage its existing platforms for wealth management and investment banking services [8].

Core Viewpoint - Southwest Securities experienced a decline in stock price, with a current trading price of 4.83 CNY per share and a market capitalization of 32.096 billion CNY, reflecting a net outflow of funds [1] Group 1: Stock Performance - As of September 18, Southwest Securities' stock price has increased by 4.89% year-to-date, but has decreased by 1.83% over the last five trading days and by 1.02% over the last twenty days [1] - The stock has shown a significant increase of 11.42% over the past sixty days [1] Group 2: Financial Performance - For the first half of 2025, Southwest Securities reported a net profit of 423 million CNY, representing a year-on-year growth of 24.36% [2] - The company achieved zero operating revenue during the same period [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.94% to 121,500, while the average number of circulating shares per person increased by 4.11% to 51,991 shares [2] - Cumulatively, the company has distributed 7.115 billion CNY in dividends since its A-share listing, with 999 million CNY distributed over the past three years [3] Group 4: Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 132 million shares, an increase of 40.73 million shares from the previous period [3] - The Guotai CSI All-Index Securities Company ETF is the tenth largest circulating shareholder, holding 61.57 million shares, a decrease of 6.28 million shares from the previous period [3]

证券代码：600369 证券简称：西南证券 公告编号：临2025－040 西南证券股份有限公司关于参加重庆辖区上市公司 2025 年投资者网上集体接待日暨 半年度业绩说明会活动的公告 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个别及连带责任。 为进一步提高辖区上市公司投资者关系管理水平，促进上市公司完善公司治 理，助力上市公司高质量发展，在重庆证监局指导下，重庆上市公司协会联合深 圳市全景网络有限公司举办辖区上市公司 2025 年投资者网上集体接待日暨半年 度业绩说明会。 本次网上交流定于 2025 年 9 月 25 日（星期四）15:00-17:00 举行，投资者 可以登录"全景路演"（http://rs.p5w.net）参与本次活动。 届时，西南证券股份有限公司相关人员将参加本次活动，并通过上述网站与 投资者进行"一对多"形式的在线交流，回答投资者关心的问题。欢迎广大投资 者踊跃参与。 特此公告。 西南证券股份有限公司董事会 2025 年 9 月 18 日 1 ...

Group 1 - Multiple securities firms have listed their properties and other assets for transfer or lease in order to activate assets and enhance resource allocation efficiency [1][2] - Southwest Securities has listed over 70 assets for transfer at a total base price of 4.8782 million yuan, including properties and vehicles, with many being debt-recovery assets [1] - The move to dispose of non-core assets is aimed at optimizing asset structure and improving capital efficiency, especially in the current economic environment [1][3] Group 2 - Hongta Securities plans to transfer six properties with a book value of 29.1289 million yuan and an assessed value of 263 million yuan, reflecting an increase of 802.17% [2] - The asset disposal by Hongta Securities is expected to generate approximately 187 million yuan in profit if completed at the assessed value [2] - Huaxi Securities has also approved the disposal of a property and has signed a 12-year lease agreement for another asset, expected to generate a total rental income of 359 million yuan [2] Group 3 - In February, Founder Securities sold 101 properties for a total price of 730 million yuan to focus on core business and activate debt-recovery assets [3] - The trend of securities firms selling or leasing non-core assets is seen as a way to increase cash flow, reduce operational costs, and enhance financial stability [3]

Core Viewpoint - Southwest Securities' overseas subsidiary, Xizheng International Securities, will be delisted due to failure to meet resumption guidelines, marking a significant setback in the company's international strategy [2][3]. Group 1: Company Performance - Xizheng International Securities has accumulated losses exceeding 1 billion HKD over the past decade, with a history of financial struggles leading to its eventual delisting [3][4]. - The company only achieved profitability in 2015 and 2017, with net profits of 0.14 million HKD and 0.01 million HKD respectively, while suffering losses in all other years [4]. - Recent losses include 1.38 million HKD in 2020, 0.59 million HKD in 2021, 2.41 million HKD in 2022, and 0.11 million HKD in the first half of 2023 [4][5]. Group 2: Business Strategy and Future Plans - Southwest Securities plans to use Xizheng International Investment as a platform for cross-border capital operations, focusing on enhancing efficiency and collaboration between domestic and international markets [7]. - The company has indicated that the delisting will allow for a more focused and efficient approach to its overseas business, potentially leading to further equity transfer actions [7][8]. - The decision to divest from Xizheng International Securities is viewed as a necessary and pragmatic move to mitigate ongoing risks and losses [8]. Group 3: Industry Context - The challenges faced by Chinese securities firms in overseas markets highlight issues such as mismatched operational models and insufficient competitive strength against established international players [8][9]. - The experience of Xizheng International Securities serves as a cautionary tale for other firms considering international expansion, emphasizing the need for a tailored approach to foreign markets [9].

Group 1 - Southwest Securities' subsidiary, Xizheng International Securities, is set to be delisted on September 29, 2025, due to failure to meet the Hong Kong Stock Exchange's operational and asset requirements [1][2] - Xizheng International Securities has reported continuous losses since 2016, with a net profit loss of 10.47 million HKD in the first half of 2025, while Southwest Securities reported a net profit of 423 million RMB [1][2] - The total assets of Xizheng International Securities were approximately 0.83 billion RMB, accounting for about 0.09% of Southwest Securities' total assets of 92.1 billion RMB as of June 30 [1] Group 2 - The recent trend shows a surge in IPOs in Hong Kong, with several brokerages planning to establish subsidiaries there, contrasting with Xizheng International Securities' stagnant performance [2] - Southwest Securities attempted to divest Xizheng International Securities for 89.66 million HKD, significantly lower than the 694 million HKD paid during its acquisition in 2014, indicating a substantial loss [2][3] - Following the delisting, Southwest Securities aims to refocus its international business through its subsidiary, Xizheng International Investment, to enhance operational efficiency and support cross-border capital operations [3]