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]

Group 1 - The core viewpoint of the article is that Southwest Securities has given a "buy" rating for Sungrow Power Supply (300274.SZ) based on several positive factors [1] - The growth in sales and production of photovoltaic inverters is contributing to the company's stable leading position in the market [1] - The development of new energy power station projects is expected to see both volume and profit increase, with optimism regarding the continued profitability as component prices are anticipated to decline further [1] - The profitability from energy storage has significantly improved, and the shipment growth rate is expected to accelerate [1]

Group 1 - The latest ranking of fund distribution by securities firms shows a significant concentration effect, with 57 firms entering the top 100, indicating a strong trend of dominance among leading firms [1][2] - The top three firms in fund distribution are CITIC Securities, Huatai Securities, and Guotai Junan, reflecting the consolidation effect in the industry [1][2] - The top ten institutions account for nearly 59% of the total equity fund holdings among the top 100, highlighting the increasing concentration in the fund distribution market [1][2] Group 2 - Since August, Hong Kong-themed ETFs have attracted over 100 billion yuan in net subscriptions, indicating increased investor confidence in the Hong Kong market [3][4] - The technology and innovative pharmaceutical sectors are particularly favored, with significant net inflows into related ETFs, which may enhance the valuation levels of associated companies [3][4] - The large-scale inflow into Hong Kong ETFs is expected to boost market sentiment and inject new vitality into the Hong Kong stock market [3][4] Group 3 - Huatai-PB's Hong Kong subsidiary has received regulatory approval for multiple licenses, marking a significant step in its international expansion [4] - This approval is expected to enhance the company's global asset allocation capabilities and strengthen its competitiveness in international markets [4] - The development may encourage other public funds to accelerate their internationalization efforts, positively impacting the financial sector's openness [4] Group 4 - Southwest Securities announced that its subsidiary, Xizheng International Securities, will lose its listing status due to failure to meet resumption guidelines [5][6] - Although this subsidiary's scale is small and has a low impact on the overall operations of the company, it reflects challenges faced by smaller securities firms in overseas operations [5][6] - The company is proactively planning a transformation of its overseas business, indicating a strategic adjustment in response to market conditions [5][6]

Core Viewpoint - Southwest Securities' subsidiary, Xizheng International Securities, will lose its listing status due to failure to meet resumption guidelines, but this will have a minimal impact on the company's overall operations [1][2]. Group 1: Impact of Xizheng International Securities - Xizheng International Securities has a small scale, with total assets of 0.83 million yuan, accounting for only 0.09% of Southwest Securities' total assets as of June 30, 2025 [2]. - The revenue generated by Xizheng International Securities in the first half of 2025 was 1.03 million yuan, representing just 0.07% of Southwest Securities' total revenue [2]. - The delisting is seen as an opportunity for the company to streamline its overseas operations and focus on more efficient business strategies [3]. Group 2: Strategic Adjustments and Future Plans - In 2022, Southwest Securities began restructuring its overseas business, including halting direct securities brokerage and margin financing operations [3]. - The company has plans to transform its overseas business by leveraging existing platforms and enhancing cooperation between domestic and international markets [3]. - Southwest Securities aims to facilitate cross-border capital operations and support national strategic initiatives, such as the Chengdu-Chongqing economic circle [3]. Group 3: Financial Performance - For the first half of 2025, Southwest Securities reported a 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% [4]. - The company has actively contributed to the local economy, serving over 13 billion yuan in the Sichuan-Chongqing region, which is a nearly 30% increase year-on-year [4]. - Southwest Securities has established strategic investment funds to support specialized enterprises in the Chongqing area, enhancing its role as a consulting service provider for local governments [4]. Group 4: Investment Banking Achievements - The investment banking division of Southwest Securities has successfully executed several significant projects, including a major asset restructuring for *ST Songfa, with a transaction scale exceeding 8 billion yuan [5]. - The company has also facilitated the first merger project of 2025 for a state-owned enterprise in Chongqing, showcasing its market influence [5]. - Southwest Securities is committed to building a first-class regional investment bank and aims to enhance its competitive edge in the market [6].

Company Announcements - Junsheng Electronics' subsidiary has recently secured a global automotive intelligence project with a total order value of approximately 15 billion yuan, expected to start mass production in 2027 [1] - Shangluo Electronics plans to acquire 88.79% of Ligon Technology for 700 million yuan, focusing on authorized distribution of storage chips and various IC products [2][3] - Xinda Zheng intends to purchase at least 51% of Jiaxin Liheng Facility Management (Shanghai) Co., Ltd., with the stock currently suspended [1] - Dingtong Technology plans to invest up to 15 million USD to establish a wholly-owned subsidiary in Vietnam for R&D and production of optical module liquid cooling products [1][3] - Kexing Pharmaceutical's shareholders are inquiring about transferring shares at an initial price of 30.88 yuan per share, which is a 28% discount compared to the closing price [4] - Zhongtai Automobile has been ordered to pay 29.5 million yuan plus overdue interest due to a court ruling, which may significantly impact its current or future performance [5] - Shoukai Co., Ltd. has seen a significant increase in shareholder numbers and some institutional shareholders have reduced their holdings [5] Investment and Contracts - Laofengxiang plans to jointly invest in establishing Laofengxiang Precision Materials Company to build a modern refining and testing laboratory [8] - Longci Technology intends to invest 210 million yuan in the second phase of its Vietnam project to localize the supply of permanent magnet ferrite raw materials [9] - Sileck has signed a 230 million yuan investment cooperation agreement for a new energy precision structural components project [10] Shareholding Changes - Jingchen Co. plans to acquire 316 million yuan for 100% of Chip Micro Semiconductor [6] - Beijing Junzheng has seen a reduction of 4.8254 million shares by its shareholder Beijing Yitang Shengxin [5] - Green Harmony's actual controllers have completed a reduction of 2.99% of their shares [7] - Hangke Technology's actual controller plans to transfer 3% of the total share capital [7] Stock Price Movements - Nanfeng Co. has reported that its 3D printing service project has not yet materialized, which may affect its current year's revenue and profit [3] Other Developments - Borui Pharmaceutical's BGM0504 tablets have been approved for clinical trials in overweight/obese adults, with no similar oral formulations approved globally [4] - Southwest Securities' subsidiary will lose its listing status on September 29 due to failure to meet resumption guidelines [20]

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。 一、前期情况 2023 年 9 月，西南证券股份有限公司（以下简称本公司）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股份有限公司（以下简称西证国际 证券，西证国际投资有限公司持有其约 74.10%股权，股票代码 0812.HK）收到 香港联合交易所有限公司（以下简称联交所）关于其股份将暂停买卖的函件。后 续，西证国际证券向联交所提出复核申请。2024 年 3 月，西证国际证券收到联 交所上市复核委员会决定，上市复核委员会决定维持暂停其股份买卖的决定（有 关内容详见公司于 2024 年 3 月 19 日发布于《中国证券报》《上海证券报》《证券 时报》及上海证券交易所网站的《关于西证国际证券股份有限公司相关事项的进 展公告》）。 二、目前进展 证券代码：600369 证券简称：西南证券 公告编号：临2025-039 近日，西证国际证券收到联交所函件，因未能于 2025 年 9 月 3 日复牌截止 日前达成复牌指引，根据联交所上市规则第 6.01A（1）条，西证国际证券将 ...

Group 1 - The company announced that its wholly-owned subsidiary, Xizheng International Investment Co., Ltd., will lose its listing status due to its subsidiary, Xizheng International Securities, failing to meet the resumption guidelines by September 3, 2025 [1] - Xizheng International Securities has a small operational scale and represents a low proportion of the company's overall business, indicating that this event will not significantly impact the company's daily operations [1] - The company has proactively prepared relevant plans and is actively seeking to transform and develop its overseas business [1]