（本页无正文，为《关于延长山西证券股份有限公司 2025 年面向专业投资者公 开发行次级债券（第一期）簿记建档时间的公告》之盖章页） 特此公告。 （以下无正文） （本页无正文，为《关于延长山西证券股份有限公司 2025 年面向专业投资者公 开发行次级债券（第一期）簿记建档时间的公告》之盖章页） 山西证券股份有限公司 2025 年 9 月 9 日 关于延长山西证券股份有限公司 2025 年面向专业投资者公开发行次 级债券（第一期）簿记建档时间的公告 山西证券股份有限公司（以下简称"发行人"、"公司"或"山西证券"）公 开发行不超过 40 亿元人民币次级公司债券（以下简称"本次债券"）已经中国证 监会证监许可【2023】2288 号文件同意注册。 根据《山西证券股份有限公司 2025 年面向专业投资者公开发行次级债券（第 一期）发行公告》，本期债券原定于 2025 年 9 月 9 日 15:00 至 18:00 簿记发行。 根据本期债券簿记建档过程及投资者申购情况，经发行人、簿记管理人、主承销 商及已申购投资者协商一致，现将本期债券簿记建档结束时间由 18:00 延长至 19:00。 中德证券有限责任公司 年 月 ...

山西证券股份有限公司 2023 年面向专业投资者公开发行次 级债券更名公告 山西证券股份有限公司（以下简称"发行人"）2023 年面向专业 投资者公开发行次级债券（以下简称"本次债券"）的申请已于 2023 年 10 月 9 日获得中国证券监督委员会证监许可【2023】2288 号文， 同意发行人公开发行 40 亿元次级债券（以下简称"本次债券"）。 本次债券申报时命名为"山西证券股份有限公司 2023 年面向专 业投资者公开发行次级债券"，鉴于本次债券采用分期发行的方式， 按照公司债券命名惯例，本次发行人拟发行的规模不超过（含）人民 币 10 亿元的次级债券名称确定为"山西证券股份有限公司 2025 年面 向专业投资者公开发行次级债券（第一期）"（以下简称"本期债券"）。 本期债券名称变更不改变原签订的与本次公司债券发行相关的 法律文件效力，原签署的相关法律文件对更名后的公司债券继续具有 法律效力。前述法律文件包括但不限于《山西证券股份有限公司 2023 年面向专业投资者公开发行次级债券受托管理协议》《山西证券股份 有限公司 2023 年面向专业投资者公开发行次级债券债券持有人会议 规则》等文件。 特此公告 ...

2024 年度 山西证券股份有限公司 信用评级报告 编号：CCXI-20243564M-01 招商证券2022年年 报.pdf 2024 年度山西证券股份有限公司信用评级报告 声 明 跟踪评级安排 2024 年度山西证券股份有限公司信用评级报告 | 评级对象 | 山西证券股份有限公司 | | --- | --- | | 主体评级结果 | AAA/稳定 | | 评级观点 | 中诚信国际肯定了山西证券股份有限公司（以下简称"山西证券"或"公司"）较强的 | | 股东实力、突出的区域竞争优势、较强的综合金融服务能力以及畅通的融资渠道等正面 | | | 因素对公司业务发展及信用水平的良好支撑作用；同时，中诚信国际关注到，行业竞争 | | | 日趋激烈、市场波动对盈利稳定性构成压力以及行政处罚后相关业务合规风控体系的 | | | 运作情况对公司经营及信用状况形成的影响。 | | | 评级展望 | 中诚信国际认为，山西证券股份有限公司信用水平在未来 12~18 个月内将保持稳定。 | | 调级因素 | 可能触发评级上调因素：不适用。 | | 可能触发评级下调因素：公司治理和内部控制出现重大漏洞和缺陷；财务状况的恶 | | ...

股票代码：002500.SZ 股票简称：山西证券 山西证券股份有限公司 2025 年面向专业投资者公开发行 次级债券（第一期）募集说明书 （太原市府西街 69 号山西国际贸易中心东塔楼） | 本期债券发行金额： | 不超过人民币10亿元（含10亿元） | | --- | --- | | 担保情况： | 无担保 | | 信用评级结果： | 发行人主体信用等级为AAA，未设债项评级 | | 发行人： | 山西证券股份有限公司 | | 主承销商： | 中德证券有限责任公司、中信证券股份有限公司 | | 信用评级机构： | 中诚信国际信用评级有限责任公司 | 牵头主承销商/簿记管理人 发行人如有董事、监事、高级管理人员、持股比例超过5%的股东及其他关 联方参与本期债券认购，发行人将在发行结果公告中就相关认购情况进行披 露。 （北京市朝阳区建国路 81 号华贸中心 1 号写字楼 22 层） 联席主承销商/受托管理人 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 签署日期：2025 9 年 月 日8 山西证券股份有限公司 2025 年面向专业投资者公开发行次级债券（第一期）募集说明书 声 明 发行人将及 ...

山西证券股份有限公司2025年面向专业投资 者公开发行次级债券（第一期） 发行公告 牵头主承销商/簿记管理人 （北京市朝阳区建国路81号华贸中心1号写字楼22层） 联席主承销商/受托管理人 （广东省深圳市福田区中心三路8号卓越时代广场（二期）北座） 签署日期：2025 年 9 月 8 日 发行人及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记 载、误导性陈述或者重大遗漏负连带责任。 重 要 提 示 1、山西证券股份有限公司（以下简称"发行人"、"公司"或"山西证券"）公开发 行不超过40亿元人民币次级公司债券（以下简称"本次债券"）已经中国证监会证监 许可【2023】2288号文件同意注册。 本次债券采用分期发行方式，山西证券股份有限公司2025年面向专业投资者公 开发行次级债券（第一期）（以下简称"本期债券"）为本次债券的第二期发行。本期 债券简称为"25山证C1"、债券代码为"524405"。 2、本期债券发行规模为不超过人民币10亿元，每张面值为100元，发行数量为 不超过10,000,000张，发行价格为人民币100元/张。 3、本期债券仅面向专业投资者中的机构投资者发行，普通投资者和专 ...

Core Viewpoint - The report highlights a strong rebound in order volume for XianDao Intelligent (300450) in H1 2025, driven by increased operational rates of leading domestic battery companies and a steady recovery in production expansion plans, alongside a high-quality advancement of its globalization strategy [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 6.61 billion yuan, a year-on-year increase of 14.92%, and a net profit attributable to shareholders of 740 million yuan, up 61.19% [1]. - In Q2 2025, revenue reached 3.51 billion yuan, reflecting a year-on-year growth of 43.85%, while net profit surged to 375 million yuan, marking a 456.29% increase [1]. Business Segments - The lithium battery intelligent equipment segment generated revenue of 4.55 billion yuan in H1 2025, a year-on-year increase of 16.40%, maintaining the company's leading position in the industry [2]. - The non-lithium business, particularly in photovoltaic intelligent equipment, achieved revenue of 531 million yuan, up 32.04%, with its revenue share increasing to 8.04% [2]. Global Strategy - The company's overseas business revenue reached 1.15 billion yuan in H1 2025, a year-on-year increase of 5.42%, with a gross margin improvement of 1.00 percentage points to 40.27% [3]. - The company is deepening strategic partnerships with global leading clients, focusing on high-quality capacity upgrades and expanding into markets such as Japan, Southeast Asia, and North America [3]. Technological Innovation - The company is positioned as a provider of complete solid-state battery production line solutions, with significant advancements in technology and product iterations expected to drive future revenue growth [3][4]. - Solid-state battery equipment is anticipated to increasingly contribute to the company's business, with successful collaborations established with major battery manufacturers and automotive companies [3]. Investment Outlook - The company forecasts net profits of 1.59 billion yuan, 2.08 billion yuan, and 2.43 billion yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 455.5%, 31.0%, and 16.4% [4]. - The company has been rated "Buy" by multiple institutions, reflecting strong confidence in its growth trajectory and market position [4].

Group 1 - The U.S. HHS and FDA announced a plan to phase out petroleum-based synthetic food colorings, leading to a potential surge in demand for natural colorants [1] - The FDA will establish national standards and a timeline to encourage the industry to transition from synthetic to natural colorants, with a goal to eliminate six major synthetic colorants by the end of 2026 [1] - Sensient Technologies stated that the transition from synthetic to natural colorants represents the largest opportunity in the company's history, with over half of U.S. states initiating legislative activities regarding synthetic colorants [2] Group 2 - Natural colorant usage is expected to increase by 4-12 times compared to synthetic colorants due to lower color concentration in natural options [3] - For example, the demand for sunset yellow in the U.S. is projected to be around 2,500 tons in 2025, which would require at least an additional 10,000 tons of natural colorants if replaced [3] - The market for replacing synthetic colorants with natural alternatives is significant, particularly for colors like temptation red, sunset yellow, and lemon yellow, with various natural substitutes available [3]

Group 1 - The U.S. HHS and FDA plan to phase out petroleum-based synthetic food colorings, leading to a potential surge in demand for natural colorants [1] - The FDA will establish national standards and timelines to encourage the transition from synthetic to natural colorants, with a goal to eliminate six major synthetic colorants by the end of 2026 [1] - Natural colorant companies, such as Morning Glory Biological, are expected to benefit from this transition, focusing on products like paprika red, lycopene, and lutein [1] Group 2 - The transition to natural colorants in the U.S. is anticipated to be comprehensive, similar to the EU's experience where synthetic colorants were nearly eliminated from food and beverage products [2] - Over half of U.S. states have initiated legislative activities regarding synthetic colorants, prompting major food brands to plan for a transition to natural colorants by the end of 2027 [2] - The penetration rate of natural colorants is over 80% in Europe, while the U.S. is close to one-third, indicating significant replacement potential in both the U.S. and Latin America [2] Group 3 - The usage of natural colorants is expected to increase by 4-12 times compared to synthetic colorants due to lower color concentration [3] - For example, the demand for sunset yellow in the U.S. is projected to be around 2,500 tons in 2025, which would require at least an additional 10,000 tons of natural colorants if replaced [3] - The market for replacing synthetic colorants like temptation red and sunset yellow with natural alternatives such as beet red, cochineal red, paprika red, lycopene, and lutein is substantial [3]

Group 1 - The announcement from Shan Zheng (Shanghai) Asset Management regarding the appointment of Lan Ye as an additional fund manager for Shan Zheng Asset Management Yu Ze Bond Initiated Fund [1] - Lan Ye has a background in bond trading and investment management, having worked at Everbright Securities and Tai Ping Fund Management [1] - The Yu Ze Bond Initiated Fund was established on December 21, 2022, with a year-to-date return of 0.51% and a cumulative net value of 1.0729 yuan as of August 29, 2025 [1] Group 2 - The fund is classified as a bond-type initiated securities investment fund, managed by Shan Zheng (Shanghai) Asset Management Co., Ltd. [2] - The fund manager change is categorized as an additional appointment, with Lan Ye joining Liu Lingyun in managing the fund [2] - The fund's main code is 016885, and the announcement is made in accordance with the "Measures for the Disclosure of Information on Publicly Raised Securities Investment Funds" [2]

Core Viewpoint - The report highlights the strong financial performance of Zhao Wei Electromechanical (003021) in Q2 2025, with significant revenue and profit growth, and emphasizes the ongoing development of its robotic dexterous hand products and global expansion efforts [1][2][3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 790 million yuan, a year-on-year increase of 21.9%, and a net profit attributable to shareholders of 110 million yuan, up 20.7% year-on-year [1]. - For Q2 2025, the company reported operating revenue of 420 million yuan, reflecting a year-on-year growth of 25.9% and a quarter-on-quarter increase of 14.0%. The net profit for the same period was 60 million yuan, representing a year-on-year increase of 52.3% and a quarter-on-quarter rise of 7.0% [1][2]. Product Performance - Revenue from the micro drive system reached 500 million yuan, contributing 63.3% to total revenue, with a gross margin of 27.6%, down 2.1 percentage points year-on-year. Precision parts generated 240 million yuan, accounting for 30.4% of revenue, with a gross margin of 43.8%, up 5.8 percentage points year-on-year. Revenue from precision molds and others surged to 50 million yuan, a year-on-year increase of 88.5%, contributing 6.3% to total revenue, with a gross margin of 18.6%, up 15.7 percentage points year-on-year [1][2]. Cost and Efficiency - In Q2 2025, the company's gross margin and net margin were 32.2% and 14%, respectively, reflecting increases of 2.5 percentage points and 2.4 percentage points year-on-year. The total expense ratio decreased by 4.0 percentage points year-on-year to 18.0% [2]. R&D and Product Development - The company is actively advancing the research and development of its robotic dexterous hand and core components. In July, it launched new dexterous hand products, DM17 and LM06, utilizing differentiated technology routes for various operational scenarios [2]. - The company has completed technical breakthroughs for a 4mm brushless hollow cup motor and is progressing with small-batch production of small-diameter products [2]. Global Expansion - The company is successfully advancing its globalization strategy, having initiated capacity construction in Thailand and filed for an H-share listing on the Hong Kong Stock Exchange [2]. It plans to invest up to 100 million USD in the new factory [2]. Investment Outlook - The company is positioned as a global leader in micro drive and drive system solutions, benefiting from trends in miniaturization, automation, and intelligence across various sectors including smart vehicles, consumer and medical technology, and advanced manufacturing [3]. - EPS forecasts for 2025, 2026, and 2027 are projected at 1.12, 1.43, and 1.81 yuan, respectively, with corresponding PE ratios of 108.8, 85.4, and 67.3 [3].