[Current Period Performance Forecast](index=1&type=section&id=Current%20Period%20Performance%20Forecast) The company provides its H1 2025 performance forecast, detailing expected net profit and non-recurring net profit growth [Performance Forecast Period](index=1&type=section&id=Performance%20Forecast%20Period) This section specifies the exact timeframe covered by the company's current performance forecast - The performance forecast period is from **January 1, 2025, to June 30, 2025**[3](index=3&type=chunk) [Performance Forecast Overview](index=1&type=section&id=Performance%20Forecast%20Overview) The company projects significant year-on-year growth in net profit and non-recurring net profit for H1 2025 Key Financial Indicators for H1 2025 Performance Forecast | Indicator | Estimated for Current Period (CNY 10,000) | Prior Period (CNY 10,000) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 50,400 - 54,400 | 31,864.58 | 58.17% - 70.72% | | Net Profit Excluding Non-Recurring Items | 45,900 - 49,900 | 29,634.66 | 54.89% - 68.38% | | Basic Earnings Per Share (CNY/share) | 0.14 - 0.15 | 0.09 | - | [Communication with Accounting Firm](index=1&type=section&id=Communication%20with%20Accounting%20Firm) The company clarifies that the forecast data is preliminary and has not yet undergone external audit - This performance forecast data is preliminary and has not been audited by a certified public accountant[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Explanation%20of%20Performance%20Changes) Performance growth is attributed to strategic development, market opportunities, technological empowerment, and business transformation - The company adheres to a differentiated high-quality development strategy, focusing on its core functions, seizing market opportunities, continuously deepening technological empowerment, and coordinating various business transformations[5](index=5&type=chunk) - Wealth management, proprietary investment, and international business all achieved varying degrees of growth, serving as key drivers for performance changes[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=Risk%20Warning) The company asserts that no significant uncertainties exist that would compromise the accuracy of this performance forecast - The company confirms no significant uncertainties exist that would impact the accuracy of this performance forecast[6](index=6&type=chunk) [Other Relevant Information](index=2&type=section&id=Other%20Relevant%20Information) The company reminds investors that the forecast is preliminary and advises caution regarding investment risks - This performance forecast data is preliminary, and the final accurate financial figures will be based on the company's officially disclosed H1 2025 report[7](index=7&type=chunk) - Investors are advised to exercise caution regarding investment risks[7](index=7&type=chunk)

证券代码：002500 证券简称：山西证券 公告编号：临2025-019 债券代码：149985.SZ 债券简称：22山证03 特别提示 山西证券股份有限公司 2022 年面向专业投资者公开发行公司债 券（第二期） （品种一） （债券简称：22 山证 03，债券代码：149985.SZ， 以下简称"本期债券"）本次兑付的债权登记日及最后交易日为 2025 年 7 月 11 日，债券摘牌日为 2025 年 7 月 14 日（因 2025 年 7 月 13 日为休息日，故顺延至其后第一个交易日）。凡在 2025 年 7 月 11 日 前（含当日）买入本期债券的投资者，根据其在 2025 年 7 月 11 日收 市后中国证券登记结算有限责任公司深圳分公司登记在册的本期债 券数量，享有获得本次派发的利息和本金的权利。 山西证券股份有限公司（以下简称"公司""本公司"）2022 年面向专业投资者公开发行公司债券（第二期）（品种一）经中国证 券监督管理委员会"证监许可〔2022〕1216 号"文注册公开发行。 本期债券将于 2025 年 7 月 14 日（因 2025 年 7 月 13 日为休息日，故 顺延至其后第一个交 ...

证券代码：002500 证券简称：山西证券 公告编号：临2025-019 债券代码：149985.SZ 债券简称：22山证03 山西证券股份有限公司 2022 年面向专业投资者 公开发行公司债券（第二期）（品种一）2025 年兑付兑息暨 摘牌公告 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。 特别提示 山西证券股份有限公司 2022 年面向专业投资者公开发行公司债 券（第二期）（品种一）（债券简称：22 山证 03，债券代码：149985.SZ， 以下简称"本期债券"）本次兑付的债权登记日及最后交易日为 2025 年 7 月 11 日，债券摘牌日为 2025 年 7 月 14 日（因 2025 年 7 月 13 日为休息日，故顺延至其后第一个交易日）。凡在 2025 年 7 月 11 日 前（含当日）买入本期债券的投资者，根据其在 2025 年 7 月 11 日收 市后中国证券登记结算有限责任公司深圳分公司登记在册的本期债 券数量，享有获得本次派发的利息和本金的权利。 山西证券股份有限公司（以下简称"公司""本公司"）2022 年面向专业投资者公开发行公司债 ...

Group 1 - The company has signed a fund sales and service agreement with Shanxi Securities, allowing the latter to sell certain funds starting from July 10, 2025 [1] - Investors will be able to perform various transactions such as account opening, subscription, redemption, regular investment, and conversion through Shanxi Securities for the specified funds [1] - Fee discounts will be available for investors using Shanxi Securities for transactions related to the company's funds, with specific rules and duration determined by Shanxi Securities [2] Group 2 - The interpretation rights of the fee discount activities belong to Shanxi Securities, and any changes to the specific regulations should be monitored by investors through Shanxi Securities' announcements [3] - During the fee discount period, the transaction processes will adhere to the regulations set by Shanxi Securities [4] - Investors are encouraged to read the relevant legal documents such as the fund contract and prospectus for detailed information about the fund products [4]

Core Viewpoint - The company, TaoTao Automotive, is expected to see significant profit growth in the first half of 2025, with a projected net profit increase of 70.34% to 97.81% year-on-year, driven by improved operational efficiency and product diversification [2][3]. Financial Performance - The forecast for the first half of 2025 indicates a net profit of between 310 million to 360 million yuan, with non-recurring gains impacting the net profit by approximately 2.8 million yuan, leading to a core net profit of 307 million to 357 million yuan, reflecting a growth of 71.97% to 99.96% year-on-year [2]. - In Q2 2025, the net profit is expected to be between 224 million to 274 million yuan, showing a year-on-year increase of 71% to 109% [3]. Growth Drivers - The company has achieved a significant increase in sales revenue and profit, attributed to enhanced gross margins on main products and effective cost control measures [3]. - The upcoming holiday shopping seasons in Europe and the U.S. are anticipated to further boost performance in the second half of the year, alongside new product iterations and expanded market channels [3]. Product Development - The company has made substantial advancements in its electric golf cart offerings, introducing a range of high-value products that cater to diverse customer needs and scenarios [3]. - A strategic partnership with K-Scale has been established to enter the humanoid robotics sector, with plans to set up a research institute in Shanghai to attract industry talent and enhance technological integration [3]. Investment Outlook - Revenue projections for 2025 to 2027 are 3.823 billion, 4.767 billion, and 5.944 billion yuan, respectively, with year-on-year growth rates of 28.4%, 24.7%, and 24.7% [4]. - Expected net profits for the same period are 668 million, 836 million, and 1.043 billion yuan, with growth rates of 54.9%, 25.2%, and 24.7% [4]. - The company is rated as a "Buy" with a target price based on a favorable earnings growth outlook and relatively low valuation multiples [4].

债券简称：22 山证 C1 债券代码：149842.SZ 债券简称：22 山证 01 债券代码：149963.SZ 债券简称：22 山证 03 债券代码：149985.SZ 债券简称：22 山证 05 债券代码：148001.SZ 债券简称：23 山证 C1 债券代码：115126.SZ 债券简称：23 山证 C3 债券代码：115127.SZ 债券简称：23 山证 C4 债券代码：148498.SZ 债券简称：24 山证 01 债券代码：148788.SZ 债券简称：24 山证 02 债券代码：148823.SZ 债券简称：24 山证 04 债券代码：148934.SZ 债券简称：24 山证 05 债券代码：524053.SZ 山西证券股份有限公司 公司债券受托管理事务报告 （2024年度） 发行人 （山西省太原市府西街 69 号山西国际贸易中心东塔楼 29 层） 债券受托管理人 （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） 2025 年 6 月 重要声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息 均来源于山西证券股份有限公司（以下简称"山西证券""发行人"或"公 ...

（品种一） （债券简称：22 山证 01，债券代码：149963.SZ， 以下简称"本期债券"）本次兑付的债权登记日及最后交易日为 2025 年 6 月 27 日，债券摘牌日为 2025 年 6 月 30 日（因 2025 年 6 月 28 日为休息日，故顺延至其后第一个交易日）。凡在 2025 年 6 月 27 日 前（含当日）买入本期债券的投资者，根据其在 2025 年 6 月 27 日收 市后中国证券登记结算有限责任公司深圳分公司登记在册的本期债 券数量，享有获得本次派发的利息和本金的权利。 山西证券股份有限公司（以下简称"公司""本公司"）2022 年面向专业投资者公开发行公司债券（第一期）（品种一）经中国证 券监督管理委员会"证监许可〔2022〕1216 号"文注册公开发行。 本期债券将于 2025 年 6 月 30 日（因 2025 年 6 月 28 日为休息日，故 顺延至其后第一个交易日）支付 2024 年 6 月 28 日至 2025 年 6 月 27 日期间的利息及本期债券的本金。根据《山西证券股份有限公司 2022 年面向专业投资者公开发行公司债券（第一期）募集说明书》《山西 证券股份有限 ...

公开发行公司债券（第一期）（品种一） 证券代码：002500 证券简称：山西证券 公告编号：临2025-018 债券代码：149963.SZ 债券简称：22山证01 山西证券股份有限公司 2022 年面向专业投资者 2025 年兑付兑息暨摘牌公告 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。 特别提示 山西证券股份有限公司 2022 年面向专业投资者公开发行公司债 券（第一期）（品种一）（债券简称：22 山证 01，债券代码：149963.SZ， 以下简称"本期债券"）本次兑付的债权登记日及最后交易日为 2025 年 6 月 27 日，债券摘牌日为 2025 年 6 月 30 日（因 2025 年 6 月 28 日为休息日，故顺延至其后第一个交易日）。凡在 2025 年 6 月 27 日 前（含当日）买入本期债券的投资者，根据其在 2025 年 6 月 27 日收 市后中国证券登记结算有限责任公司深圳分公司登记在册的本期债 券数量，享有获得本次派发的利息和本金的权利。 山西证券股份有限公司（以下简称"公司""本公司"）2022 年面向专业投资者公开发行公司债 ...

Core Viewpoint - The satellite internet sector is poised for significant investment opportunities driven by low Earth orbit (LEO) satellite payloads, ground infrastructure, and ultra-node communication, especially following the MWC Shanghai exhibition [1][2][3] Group 1: LEO Satellite Communication - The next-generation integrated LEO constellation design is nearly mature, with domestic projects like Qianfan, State Grid, Hongyan, and Tianqi starting to form, focusing on a network architecture based on NTN systems [1][2] - The launch of consumer-grade satellite networking is expected in the second half of the year, supported by devices like the MateX6, with initial applications centered around space-based private networks [3] Group 2: Ground Infrastructure - Ground infrastructure will significantly benefit from the initiation of LEO satellite trial operations, including the integration of gateway station projects and upstream components like antennas and core networks [3] - Companies like Shanghai Tower are exploring the transformation of traditional communication bases into distributed ground stations capable of satellite ground station functions, addressing challenges in site selection and construction approval [3] Group 3: Key Players and Investment Targets - Major players in the 5G main equipment sector include Huawei, ZTE, and FiberHome, which will be key suppliers of baseband, routing, and antennas for satellite applications [2] - Recommended investment targets for LEO satellite payloads include Xinke Mobile, FiberHome, ZTE, Tongyu Communication, and others, while ground infrastructure targets include Changjiang Communication and China Tower [5][6]

Core Viewpoint - The report maintains the AAA/stable rating for Shanxi Securities, highlighting its strong shareholder strength, regional competitive advantages, and smooth financing channels, while also noting the increasing industry competition and market volatility as potential risks [3][4][6]. Financial Overview - Total assets for Shanxi Securities in 2022 were 829.09 billion, with projections of 775.90 billion for 2023 and 806.61 billion for 2024 [6]. - Shareholder equity was reported at 178.43 billion in 2022, expected to rise to 181.53 billion in 2023 and 182.93 billion in 2024 [6]. - Net capital (parent company basis) was 106.89 billion in 2022, projected to increase to 121.67 billion in 2023 and decrease to 116.73 billion in 2024 [6]. - Operating income was 41.61 billion in 2022, with forecasts of 34.71 billion in 2023 and 31.52 billion in 2024 [6]. - Net profit was 5.67 billion in 2022, expected to rise to 5.92 billion in 2023 and 6.91 billion in 2024 [6]. Business Segments - The wealth management segment saw a revenue increase of 21.43% in 2024, with a focus on productization, institutionalization, and digitalization [14]. - The securities brokerage business remains a core revenue source, with a trading volume of 12,503.82 billion in 2024, reflecting a growth in stock and fund advisory services [15]. - The investment banking division experienced growth in bond underwriting, with the number of main underwriting projects increasing [19][20]. Risk Management - The company maintains a risk coverage ratio of 206.26% and a liquidity coverage ratio of 144.26% as of 2024, indicating a strong risk management framework [9]. - The average capital return rate is projected to be 3.79% in 2024, reflecting stable profitability [6]. Market Position - Shanxi Securities continues to deepen its market presence in Shanxi province, leveraging a rich resource base of institutional and retail clients [6][10]. - The company faces intensified competition from both domestic and international financial institutions as the securities industry opens up [6][10]. Future Outlook - The credit level of Shanxi Securities is expected to remain stable over the next 12 to 18 months, with ongoing monitoring of industry conditions [4]. - The overall securities industry is projected to experience a rebound in 2024, with positive growth in key metrics such as asset scale and capital strength [10].