原材料成本压力增大拖累毛利，盈利亟待修复。1、24年毛利率28.8%，同比+2.0pp；25Q1毛利率19.5%， 同比-11.0pp。25Q1毛利率下滑较多主要系原材料成本压力，受内蒙水灾影响葵花籽价格虽然Q1环比有所 下降但是依然高于去年同期，部分坚果原材料如巴旦木、腰果受关税影响价格上涨。2、24年销售费用率 10.0%，同比+0.9pp；25Q1销售费用率10.6%，同比-1.8pp。24年管理费用率4.3%，同比+0.1pp；25Q1管理 费用率4.6%，同比+0.9pp。规模效应虽有减弱，但费用率基本保持平稳。3、24年净利率11.9%，同比 +0.1pp；25Q1净利率4.9%，同比-8.3pp；由于费用管控得当，净利率下滑幅度小于毛利率。 经营节奏稳健，静待龙头穿越周期。渠道方面，公司拓展下沉市场专业经销商、探索核心城市联合业代模 式，瓜子业务与餐饮、零食专营等新兴渠道深度合作，坚果业务加大年节坚果团购及礼盒渠道终端开拓迎 合行业礼赠场景修复。成本方面，公司加码上游原料布局强化原料掌控，国葵种植面积进一步提升，新采 购季葵花籽原材料价格后续有望回落带来成本改善，坚果业务规模效应逐步凸显以及原材 ...

西南证券股份有限公司龚梦泓近期对德尔玛（301332）进行研究并发布了研究报告《水健康增长良好，降 本增效成果明显》，给予德尔玛增持评级。 风险提示：原材料价格反弹、海外需求不及预期、汇率波动等风险。 证券之星数据中心根据近三年发布的研报数据计算，东北证券赵哲研究员团队对该股研究较为深入，近三 年预测准确度均值为56.05%，其预测2025年度归属净利润为盈利2.02亿，根据现价换算的预测PE为 22.75。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂一年山德 | 研报数 覆盖时长 | | 2025 预测 | 2026 页测 | 2027 面测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (70) | | 2025-04-25 | 华泰证券 | 樊俊豪 | - | -- | 1 | 1.65亿 | 1.77亿 | 1.87 Z | 11.16 | | 2025-04-25 | 申万宏源 | 刘正 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-010 （二）陈林监事履职考核事项 西南证券股份有限公司（以下简称公司）第十届监事会第八次会议，于2025 年4月15日以电子邮件方式发出会议通知和相关材料，于2025年4月25日在公司总 部大楼以现场方式召开。本次会议应出席监事3人，实际出席监事3人，陈林监事 因工作原因未能亲自出席本次会议，委托倪月敏监事会主席出席会议并代为行使 表决权及签署相关文件。本次会议由倪月敏监事会主席主持，会议的召集、召开 及表决程序符合《中华人民共和国公司法》《公司章程》等有关规定。 本次会议以记名投票方式审议并通过以下议案： 一、关于确认公司监事2024年度履职考核结果的议案 西南证券股份有限公司 第十届监事会第八次会议决议公告 本议案分3项表决，表决情况如下： 本公司监事会及全体监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。 （一）倪月敏监事会主席履职考核事项 重要内容提示： 陈林监事因工作原因未能亲自出席本次监事会会议。 表决结果：[ 2 ]票同意，[ 0 ]票反对，[ 0 ]票弃权 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-009 西南证券股份有限公司 第十届董事会第十五次会议决议公告 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。 西南证券股份有限公司（以下简称公司）第十届董事会第十五次会议于 2025 年 4 月 15 日以电子邮件方式发出会议通知和相关材料，于 2025 年 4 月 25 日在 公司总部大楼以现场和视频方式召开。本次会议应出席董事 9 人，实际出席董事 9 人，姜栋林董事长、杨雨松董事、李军董事、张敏董事、谭鹏董事、江峡董事、 黄琳独立董事、付宏恩独立董事出席现场会议，徐秉晖独立董事以视频方式出席 会议。公司部分监事和高级管理人员列席本次会议。本次会议由姜栋林董事长主 持，会议的召集、召开及表决程序符合《中华人民共和国公司法》《公司章程》 等有关规定。 本次会议以记名投票方式审议以下议案： 一、关于公司 2024 年度董事会工作报告的议案 表决结果：[ 9 ]票同意，[ 0 ]票反对，[ 0 ]票弃权，审议通过该议案。 本议案尚需提交公司股东大会审议。 二、 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-011 西南证券股份有限公司关于 2024 年年度利润分配方 案和 2025 年中期利润分配授权的公告 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法律责任。 重要内容提示： 每股分配比例：每 10 股派发现金红利人民币 0.65 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总 额不变，相应调整每股分配比例，并将在相关公告中披露。 公司未触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下 简称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他风险 警示的情形。 一、2024年年度利润分配方案和2025年中期利润分配授权内容 （一）2024年年度利润分配方案的具体内容 经天健会计师事务所（特殊普通合伙）审计，截至2024年12月31日，西南证 券股份有限公司（以下简称公司）母公司报表中期末未分配利润为人民币 ...

PAN-CHINA Certified Public Accountants 西南证券股份有限公司 。 审 计 报 告 天健审〔2025〕8-483 号 西南证券股份有限公司全体股东： 一、审计意见 我们审计了西南证券股份有限公司（以下简称西南证券）财务报表，包括2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司所有者权益变动表，以及相关财务报表 附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了西南证券 2024 年 12 月 31 日的合并及母公司财务状况，以及 2024 年 度的合并及母公司经营成果和现金流量。 2024 年度财务审计报告 PAN-CHINA 天健会计师事务所 Pan-China Certified Public Accountants 目 录 | 一、审计报告……………………………………………………… 第 | | 1—5 | 页 | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… 第 | 6—15 | | ...

PAN-CHINA 西南证券股份有限公司 Certified Public Accountants 内部控制审计报告 PAN-CHINA 天健会计师事务所 Pan-China Certified Public Accountants 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 内部控制审计报告 天健审〔2025〕8-484 号 西南证券股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了西南证券股份有限公司（以下简称西南证券）2024 年 12 月 31 日的财 务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是西南 证券董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 614,314,771.72, representing a 5.10% increase compared to CNY 584,509,904.72 in the same period last year[5] - Net profit attributable to shareholders was CNY 245,545,239.72, up 6.98% from CNY 229,529,418.63 year-on-year[5] - Basic earnings per share increased by 33.33% to CNY 0.04 from CNY 0.03 in the previous year[5] - Net profit for Q1 2025 was CNY 245,545,239.72, a 8.0% increase from CNY 227,263,449.55 in Q1 2024[17] - Net profit for Q1 2025 was RMB 201.37 million, down 19.3% from RMB 249.62 million in Q1 2024[22] Cash Flow - The net cash flow from operating activities showed a significant decline, with a net outflow of CNY 4,121,412,360.17, a decrease of 225.54% compared to a net inflow of CNY 3,283,068,805.02 in the previous year[5] - In Q1 2025, the net cash flow from operating activities was -4.12 billion RMB, a significant decrease compared to 3.28 billion RMB in Q1 2024[18] - Cash flow from operating activities showed a net outflow of RMB 3.87 billion, contrasting with a net inflow of RMB 3.26 billion in Q1 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 84,403,357,057.94, reflecting a 1.39% increase from CNY 83,249,447,492.98 at the end of the previous year[5] - Total assets as of March 31, 2025, amounted to CNY 84,403,357,057.94, up from CNY 83,249,447,492.98 at the end of 2024[14] - Total liabilities increased to CNY 58,437,789,055.90 from CNY 57,438,122,819.11, reflecting a growth of 1.8%[14] - The total liabilities as of March 31, 2025, were 55.94 billion RMB, up from 54.81 billion RMB at the end of 2024[20] Investment Income - The company's investment income rose significantly by 118.50% to CNY 374,086,155.15 from CNY 171,203,619.95 in the same period last year[8] - Investment income significantly increased to CNY 374,086,155.15, compared to CNY 171,203,619.95 in Q1 2024, marking a growth of 118.0%[17] - Investment income increased significantly to RMB 357.56 million, compared to RMB 158.19 million in Q1 2024, marking a growth of 126.3%[22] Other Financial Metrics - The weighted average return on equity increased to 0.95%, up from 0.90% in the previous year, reflecting a 0.05 percentage point increase[5] - The company reported a total comprehensive income of CNY 154,243,328.17 for Q1 2025, down from CNY 211,570,261.76 in the previous year[17] - Other comprehensive income decreased by 62.83% to CNY 62,549,764.62, impacted by losses on other debt investments[8] - Other comprehensive income after tax showed a loss of RMB 91.05 million, compared to a loss of RMB 15.74 million in Q1 2024[22] Future Plans - The company plans to continue focusing on expanding its investment banking and asset management services to drive future growth[17]

Profit Distribution - The profit distribution plan for 2024 proposes a cash dividend of 0.65 CNY per 10 shares, totaling 431,932,093.06 CNY, which represents 61.76% of the net profit attributable to shareholders[6]. - The total cash dividends for 2024, including interim distributions, will amount to 564,834,275.54 CNY, accounting for 80.76% of the net profit attributable to shareholders[6]. - The company actively implements multiple dividend distributions throughout the year, aligning with the China Securities Regulatory Commission's recommendations[6]. Financial Performance - The company's operating revenue for 2024 reached CNY 2,565,650,799.60, representing a 10.17% increase compared to CNY 2,328,768,998.97 in 2023[47]. - Net profit attributable to shareholders of the parent company was CNY 699,394,005.16, up 16.13% from CNY 602,229,285.63 in the previous year[47]. - The net cash flow from operating activities significantly improved to CNY 10,395,821,444.17, compared to a negative CNY 1,562,152,638.52 in 2023[47]. - The company's basic earnings per share increased to CNY 0.11, reflecting a growth of 22.22% from CNY 0.09 in 2023[48]. - The weighted average return on equity rose to 2.73%, an increase of 0.34 percentage points from 2.39% in the previous year[48]. Capital Structure - The company’s total share capital reached 2,822,554,562 shares after a non-public offering of 500 million shares in December 2013[28]. - The company has a comprehensive range of business qualifications, totaling 47, including securities brokerage, asset management, and futures trading[16]. - The company maintains a registered capital of 6,645,109,124 CNY, unchanged from the previous year[15]. Risk Management - The company emphasizes risk management and has detailed potential operational risks in its annual report[8]. - The company has established a comprehensive risk management framework to ensure risks are measurable, controllable, and bearable, aligning with its business strategy[138]. - The risk management system includes a three-line defense mechanism, ensuring effective risk management at all organizational levels[139]. - The company faces various risks including liquidity risk, market risk, credit risk, operational risk, and compliance risk, with specific measures in place to mitigate these risks[147]. Governance and Compliance - The company has a robust governance structure, with all board members present at the board meeting[4]. - The board of directors consists of 3 independent directors and has set up 5 specialized committees, including a risk control committee and an audit committee, to enhance governance[177]. - The company maintains independence from its controlling shareholder, Yufu Capital, ensuring no conflicts of interest in operations[179]. - The company has established a compliance management system, with no major compliance risk events reported during the period[169]. Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[59]. - The company plans to enhance its brokerage business by exploring differentiated operations and improving core competitiveness in 2025[86]. - The company aims to achieve "leading in the West, advancing nationally, and enhancing recognition in Chongqing" by 2025 as part of its strategic goals[134]. Investment and Asset Management - The company’s assets under management include a variety of products such as bonds, equities, and asset securitization, reflecting a diversified investment strategy[70]. - The company’s investment income rose by 2.62% to CNY 1,101,233,867.89 from CNY 1,073,089,377.59[57]. - The company is actively involved in managing structured entities, which include various asset management plans and partnerships, indicating a significant control over these entities[130]. Client and Market Engagement - The number of clients grew to over 2.1 million, a year-on-year increase of approximately 27%[85]. - The total client assets exceeded 480 billion yuan, up about 11% year-on-year[85]. - User data showed an increase in active users, reaching 5 million, which is a 20% increase compared to the previous quarter[191]. Leadership and Management Changes - The company appointed Wang Wei as the deputy general manager in January 2024, following the election of Jiang Donglin as chairman[199]. - Wu Jian retired from the position of chairman in March 2024, leading to a change in leadership[199]. - The company has seen a turnover in senior management, with several appointments and resignations occurring throughout 2024[200].

西南证券股份有限公司 2024年度可持续发展报告 01 西南证券股份有限公司 目录 02 目录 CONTENTS | 董事长致辞 | 03 | | --- | --- | | 报告编制说明 | 05 | | 公司基本信息 | 07 | | 议题重要性评估 | 10 | | ESG 管理 | 17 | 专题 : 可持续金融 | 服务实体经济 | 21 | | --- | --- | | 科技金融，促进高水平自立自强 | 23 | | 绿色金融，助力实现"双碳"目标 | 24 | | 普惠金融，共享高质量发展成果 | 25 | | 养老金融，提升养老服务质量 | 27 | | 数字金融，创新提升服务效能 | 27 | | 投融资 ESG 风险管理 | 28 | | 负责任投资 | 31 | 环境篇 | 应对气候变化 | 37 | | --- | --- | | 绿色运营 | 41 | 社会篇 | 金融科技创新 | 45 | | --- | --- | | 数据安全与客户隐私保护 | 48 | | 员工 | 52 | | 保障客户权益 | 59 | | 投资者教育和保护 | 63 | | 供应链管理 | 64 | ...