独立董事 2024 年度述职报告 山西证券股份有限公司 独立董事 2024 年度述职报告 （李海涛） 1 本人作为公司独立董事，严格按照《上市公司治理准则》《上市 公司独立董事管理办法》等法律法规以及《公司章程》《独立董事制 度》的规定，本着客观、公正、独立的原则，勤勉尽责，积极履职， 切实维护公司整体利益和全体股东尤其是中小股东的合法权益。本人 2024 年度的任职期间为 2024 年 1 月 1 日至 2024 年 12 月 31 日。现 将本人 2024 年度履职情况报告如下: 一、 基本情况 （一）个人基本情况 本人李海涛，1969 年 2 月出生，博士学位，于 2020 年 12 月起担 任本公司独立董事。自 2013 年 3 月起担任长江商学院金融学教授； 2024 年 1 月起担任长江商学院院长。 自 2012 年 12 月起兼任中国白银集团有限公司独立董事；2016 年 4 月起兼任汇安基金管理有限责任公司独立董事；2021 年 6 月起兼任 康桥悦生活集团有限公司独立董事。 曾于 1997 年 6 月至 2005 年 5 月任康纳尔大学 Johnson 管理学院 金融学助理教授；2005 年 ...

Financial Performance - The company reported a total revenue of $1.2 billion for the fiscal year, representing a 15% increase year-over-year[49]. - Total revenue for 2024 was CNY 3,152,075,207, a decrease of 9.18% compared to CNY 3,470,696,161 in 2023[55]. - Net profit attributable to shareholders increased by 14.86% to CNY 711,831,847 from CNY 619,761,504 in the previous year[55]. - The company reported a net profit of CNY 620,167,456 for the parent company, up 19.73% from CNY 517,965,462 in 2023[57]. - The company provided guidance for the next quarter, expecting revenue to be between $1.3 billion and $1.5 billion, indicating a potential growth of 8% to 25%[47]. - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[47]. - The company’s total equity attributable to shareholders was CNY 17,970,113,581, reflecting a 1.26% increase from CNY 17,746,832,505 in 2023[57]. - The company’s total assets as of December 31, 2024, amounted to ¥80,661,344,114, reflecting a 3.96% increase from ¥77,590,229,317 in 2023[68]. Business Expansion and Development - The company has been actively expanding its business operations, including the establishment of subsidiaries for asset management and financial product sales[18]. - The company plans to open new branches in Hunan, Henan, Jiangsu, Shandong, Zhejiang, and Shaanxi by 2025[39]. - The company has established a joint venture with Deutsche Bank, holding a 66.7% stake in the newly formed Zhongde Securities[26]. - The company has established a business development framework covering major domestic cities, with a focus on key cities such as Taiyuan, Changzhi, and Yuncheng[42]. - The company is focused on enhancing its technological capabilities through the establishment of new subsidiaries and partnerships[40]. - The company is exploring potential mergers and acquisitions to strengthen its market position[42]. - The company is expanding its international business by enhancing investment operations and launching new trading strategies[105]. Risk Management - The company has established a comprehensive risk management system to address major risks including policy, liquidity, market, credit, operational, and reputational risks[5]. - The company emphasizes the importance of risk awareness among investors regarding forward-looking statements and industry developments[5]. - The company’s risk management framework is designed to ensure compliance and control, with all risk indicators meeting regulatory requirements[94]. - The company established a liquidity risk monitoring indicator system covering liquidity coverage ratio, net stable funding ratio, and other metrics, ensuring sufficient liquidity asset reserves[186]. - The company developed an internal credit rating system and multiple credit risk models to enhance credit risk management capabilities[189]. - The company has established a comprehensive internal management system and checks and balances mechanism to address operational risks, ensuring clear definitions of responsibilities and authority across departments and positions[197]. Capital and Financing - The company’s registered capital stands at 3,589,771,547 CNY[13]. - The company has consistently increased its registered capital through various mergers and expansions, reflecting its growth strategy in the financial market[25]. - The company has a strong financing capability, maintaining good communication and cooperation with multiple banks, resulting in sufficient credit limits[139]. - The total amount of cash received from the issuance of bonds increased by 71.33% to 5,984,436,801 yuan, indicating a rise in bond issuance scale during the reporting period[133]. - The company reported a total interest-bearing debt repayment of 79,840.00 million with an interest of 14.85 million, achieving a repayment rate of 100.02%[154]. Compliance and Regulatory - The company revised 118 internal regulations and added 25 new ones during the reporting period, ensuring compliance with relevant policies[182]. - The company has built a compliance management organizational system with four levels, including a risk management committee and compliance officers, to oversee compliance across all operations[199]. - During the reporting period, the company actively responded to regulatory requirements, ensuring that all business operations remained compliant and manageable[200]. Technology and Innovation - The company established a financial technology subsidiary to enhance digital transformation and improve operational efficiency[93]. - The company developed a bond trading robot and launched a new core trading OTC system, creating a positive feedback loop of "data-intelligence-service"[93]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[47]. - The company is focused on improving customer service and operational efficiency through the establishment of new business departments[42]. Customer Engagement and Market Presence - User data showed a total of 5 million active users, up 20% compared to the previous year[47]. - Customer retention rates improved to 85%, reflecting a 5% increase from the previous year[47]. - The wealth management business saw a total customer count increase of 11% to 2.97 million, with total customer assets growing by 13% to 698.9 billion yuan[98]. - The company has implemented new marketing strategies that are expected to increase brand awareness by 30% in the next quarter[47].

Financial Performance - Total operating revenue for Q1 2025 reached ¥752,355,932, an increase of 19.15% compared to ¥631,429,731 in the same period last year[4] - Net profit attributable to shareholders was ¥249,558,114, representing a significant increase of 57.39% from ¥158,560,105 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥249,044,275, up 61.73% from ¥153,983,020 in the previous year[4] - Basic and diluted earnings per share increased by 75.00% to ¥0.07 from ¥0.04 in the same period last year[6] - The total comprehensive income for the period was ¥222,372,001, compared to ¥158,080,869, an increase of 40.6%[27] Asset and Liability Changes - Total assets decreased by 8.74% to ¥73,614,888,920 from ¥80,661,344,114 at the end of the previous year[6] - Total liabilities decreased to ¥55,099,047,681 from ¥62,367,874,876, a reduction of 11.0%[21] - The company's cash and cash equivalents decreased to ¥22,921,637,186 from ¥25,401,187,834 compared to the previous period[20] - Financial investments decreased to ¥31,830,182,208 from ¥36,307,012,985 compared to the previous period[20] - The company’s deferred tax assets increased to ¥171,292,782 from ¥135,143,611, a rise of 26.7%[21] Cash Flow Analysis - Net cash flow from operating activities was negative at -¥1,902,421,372, a decline of 249.48% compared to ¥1,272,722,110 in the same period last year[6] - Cash flow from financing activities resulted in a net outflow of -801,853,866, compared to -823,487,329 in the previous period[31] - The net increase in cash and cash equivalents was -2,423,842,643, compared to an increase of 424,771,588 in the previous period[31] - Total cash inflow from investment activities was 288,368,673, compared to 130,456 in the previous period[31] - Cash outflow for investment activities was 7,272,959, down from 25,026,091 in the previous period[31] Investment and Income Sources - Investment income surged by 144.70% to ¥466,175,750 from ¥190,509,333 year-on-year, driven by increased gains from financial instruments[10] - The net income from brokerage business fees increased by 44.32% to ¥190,865,870, attributed to heightened market activity[10] - The net income from investment banking fees increased to ¥77,188,253, up from ¥48,809,282, marking a growth of 58.1%[25] - The net interest income turned positive at ¥15,071,710, compared to a negative ¥44,420,582 in the previous period[25] Shareholder Information - Total number of common shareholders at the end of the reporting period reached 119,071[14] - The largest shareholder, Shanxi Financial Investment Holding Group Co., Ltd., holds 31.77% of shares, totaling 1,140,374,242 shares[14] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending[15] Operational Changes - The company completed the issuance of subordinated bonds on March 21, 2025, as part of its financing strategy[16] - The company has restructured its branch network, including the renaming of 5 branches and relocating 2 branches[18][19] Miscellaneous - The company did not undergo an audit for the first quarter report[32] - The financial report for the first quarter is not applicable for the new accounting standards effective from 2025[32]

山西证券（002500）公告，2024年营业收入为31.52亿元，同比下降9.18%。归属于上市公司股东的净利 润为7.12亿元，同比增长14.86%。公司拟向全体股东每10股派发现金红利0.5元(含税)，不送红股，不以 公积金转增股本。此外，公司已在2024年12月派发2024年前三季度现金红利每10股0.5元(含税)。本报告 期合计拟派发现金红利每10股1元(含税)。 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Shanxi Securities in the first quarter of 2025, showcasing significant growth in both revenue and net profit [1] - The company's revenue for Q1 2025 reached 752 million yuan, representing a year-on-year increase of 19.15% [1] - The net profit for the same period was 250 million yuan, reflecting a substantial year-on-year growth of 57.39% [1]

Core Insights - The domestic photovoltaic industry is experiencing significant growth, with a 124.4% year-on-year increase in new installations in March 2025, totaling 20.2 GW [1] - The inverter export market is also showing positive trends, with a 6.8% year-on-year increase in March 2025 [2] - Solar power generation in March 2025 has increased by 8.9% year-on-year, contributing to 5.37% of the total industrial power generation in China [3] Group 1: Domestic Photovoltaic Installations - In March 2025, the domestic photovoltaic new installations reached 20.2 GW, marking a substantial year-on-year growth of 124.4% and a quarter-on-quarter decline of 48.7% [1] - Cumulative new photovoltaic installations from January to March 2025 totaled 59.7 GW, reflecting a year-on-year increase of 30.5% [1] Group 2: Component and Inverter Exports - In March 2025, the export value of photovoltaic components was 176.6 billion yuan, showing a year-on-year decrease of 22.7% but a quarter-on-quarter increase of 47.7% [1] - Cumulative component exports from January to March 2025 amounted to 460.8 billion yuan, down 28.5% year-on-year [1] - In March 2025, inverter exports reached 45.4 billion yuan, with a year-on-year increase of 6.8% and a quarter-on-quarter increase of 39.5% [2] - Cumulative inverter exports from January to March 2025 totaled 122.1 billion yuan, reflecting a year-on-year growth of 6.6% [2] Group 3: Solar Power Generation - In March 2025, the solar power generation in China was 41.77 billion kWh, representing an 8.9% year-on-year increase [3] - The total power generation in March 2025 was 7780.2 billion kWh, with various energy sources showing different growth rates [3]

证券代码：002500 证券简称：山西证券 公告编号：临2025-003 山西证券股份有限公司 关于向专业投资者公开发行公司债券 获得中国证券监督管理委员会同意注册批复的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 山西证券股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日收到中国证券监督管理委员会出具的《关于同意山西证券股份有限 公司向专业投资者公开发行公司债券注册的批复》（证监许可【2025】 815 号），批复内容如下： 二、本次发行公司债券应严格按照报送深圳证券交易所的募集说 明书进行。 三、本批复自同意注册之日起24个月内有效，公司在注册有效期 内可以分期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生 重大事项，应及时报告并按有关规定处理。 公司将严格按照有关法律法规和上述批复文件的要求及公司股 东大会的授权办理本次发行公司债券的相关事宜，并及时履行信息披 露义务。 特此公告 山西证券股份有限公司董事会 2025 年 4 月 23 日 一、同意公司向专业投资者公开发行面值总额不超过70亿元公司 债券的 ...

Core Viewpoint - The announcement indicates that from April 21, 2025, China Merchants Fund Management Co., Ltd. will add Shanxi Securities Co., Ltd. as a broker for on-site subscription and redemption of certain funds, enabling related business operations in the secondary market [1]. Group 1: Fund Sales Agreement - The fund sales agreement between China Merchants Fund and Shanxi Securities will facilitate the subscription and redemption of funds in the secondary market starting April 21, 2025 [1]. - Investors are advised to follow the relevant regulations of the sales institution for specific business types and procedures [2]. Group 2: Investor Information - Investors can consult detailed information through the official website of China Merchants Fund Management Co., Ltd. [2]. - The company emphasizes the importance of reading the fund contract and prospectus to understand the risk-return characteristics of the fund products [2]. Group 3: Fund Types - A variety of funds managed by China Merchants Fund are listed, including equity, balanced, bond, and money market funds, among others [5][6][7][8][9][10][11][12][13][14][15][16].

Group 1: AI Computing Power - The AI computing power is driven by three curves: pre-training, post-training, and reasoning thinking chains, with significant growth expected in overseas capital expenditure by 2025 [1] - Copper connections are currently the optimal solution for scaling up, with Nvidia being the largest customer for copper connections in 2025, and ASIC deployment accelerating [1] - Light modules are anticipated to contribute the most to AI chain performance in 2025, with trends in CPO and OIO becoming clearer [1] Group 2: Domestic Investment Trends - The domestic AI innovation applications are rapidly increasing, with significant capital expenditure growth observed in Q3 2024 from major companies [2] - The AIDC infrastructure supply chain is expected to benefit first, with considerable domestic substitution potential in various segments such as UPS, liquid cooling, and cooling towers [2] - The server segment is highly favored for capital expenditure, with a cost ratio of overseas H100 servers, light modules, and switches approximately at 16:2:1 [2] Group 3: IoT Market Potential - 2025 is projected to be a breakout year for AIoT, with expected value enhancement from AI computing power and new product categories [3] - The global IoT market is in a recovery phase, with AI terminals expected to emerge first in consumer IoT, leading to increased communication demands among AI agents in industrial IoT [3] - Key markets such as outdoor robots, desktop robots, and smart cockpits are anticipated to see significant growth [3] Group 4: Low Earth Orbit Satellite Opportunities - The domestic commercial space launch capabilities are expected to experience significant advancements, with 2025 marking a period of accelerated launches and commercial operations [4] - The "flight-like" launch approach will enhance predictability in low Earth orbit satellite investments, improving market sentiment [4] - The TianTong mobile phone's direct satellite connection remains the mainstream satellite communication solution, with Huawei's Mate X6 set to initiate a new era of direct low Earth orbit connections in 2025 [4]

Group 1 - The announcement details the addition of new sales institutions for the funds managed by Jianxin Fund Management Co., Ltd., effective from April 2, 2025 [1][2][4] - The new sales institutions include Everbright Securities Co., Ltd., Shanxi Securities Co., Ltd., and Industrial Bank Securities Co., Ltd. [1][2][4] - Investors can conduct business related to the funds at the branches of these sales institutions, following the specific rules and processes of both the fund company and the sales institutions [1][2][4] Group 2 - Contact information for the new sales institutions is provided, including addresses, customer service numbers, and websites [1][2][4] - Jianxin Fund Management Co., Ltd. emphasizes the importance of reading legal documents such as the fund contract and prospectus before investing [1][2][4]