日暨年报业绩说明会"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。 为进一步加强与投资者的互动交流，山西证券股份有限公司（以 下简称"公司"）将参加由中国证券监督管理委员会山西监管局、山 西省上市公司协会与深圳市全景网络有限公司联合举办的"山西辖区 上市公司 2023 年投资者网上集体接待日暨年报业绩说明会"活动， 现将有关事项公告如下： 本次集体接待日活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站（http://rs.p5w.net），或关注微信公众号：全景 财经，或下载全景路演 APP，参与本次互动交流。 活动时间为 2023 年 5 月 11 日（星期四）15:00-17：00。 届时公司副董事长、总经理、董事会秘书王怡里先生，副总经理、 财务负责人汤建雄先生，证券事务代表梁颖新先生将通过互动平台与 投资者就公司 2022 年度业绩、公司治理、发展战略、经营状况和可 持续发展等投资者关注的问题进行沟通与交流。欢迎广大投资者积极 参与！ 证券代码：002500 证券简称：山西证券 公告编号：临2023-015 山西证券股份有限公司 关 ...

Financial Performance - Total revenue for Q1 2023 reached ¥1,140,570,820, representing a 140.67% increase compared to ¥473,923,189 in the same period last year[3] - Net profit attributable to shareholders was ¥250,552,230, a significant increase of 285.14% from ¥65,054,746 in the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥242,903,006, up 288.47% from ¥62,528,432 year-on-year[3] - Basic earnings per share for Q1 2023 was ¥0.07, an increase of 250.00% compared to ¥0.02 in the same period last year[4] - The weighted average return on equity rose to 1.43%, an increase of 1.05 percentage points from 0.38%[4] Assets and Liabilities - Total assets at the end of the reporting period were ¥85,571,872,218, reflecting a 3.21% increase from ¥82,909,230,170 at the end of the previous year[4] - Total liabilities increased to CNY 67,509,489,316 from CNY 65,066,190,026, indicating a rise of about 3.8%[15] - Shareholders' equity attributable to the parent company increased to ¥17,637,243,616, a rise of 1.40% from ¥17,393,793,494[4] Cash Flow - The net cash flow from operating activities was negative at -¥565,124,186, a decline of 171.02% compared to a positive cash flow of ¥795,769,046 in the previous year[3] - The net cash flow from financing activities decreased to -705,729,458 from -1,265,287,879, indicating a reduction in debt financing and debt repayment[9] - The company reported a net cash inflow from operating activities of CNY 12,911,199,239, compared to CNY 11,409,472,963 in the previous year, showing an increase of approximately 13.1%[18] Investment Income - Investment income from financial instruments and long-term equity investments amounted to ¥596,047,618, classified as regular income due to the company's main business focus[7] - Investment income rose by 64.75% to 279,780,875 from 169,820,170, reflecting improved returns on financial instruments[9] - The net investment income for the quarter was CNY 279,780,875, up from CNY 169,820,170, representing a growth of about 64.5%[16] Shareholder Information - Total number of common shareholders as of March 31, 2023, is 129,881[10] - The largest shareholder, Shanxi Financial Investment Holding Group Co., Ltd., holds 31.77% of shares, totaling 1,140,374,242 shares[10] - The top ten shareholders account for a significant portion of the company's equity, with the top three holding a combined 46.71%[10] Other Financial Metrics - The company reported a 429.01% increase in income tax expenses to 71,980,201 from 13,606,613, correlating with profit growth during the reporting period[9] - Fair value changes in other equity investments resulted in a loss of 2,750,589, a decrease of 352.61% from a gain of 1,088,848, due to market fluctuations[9] - The company’s other comprehensive income after tax was reported at CNY -7,102,108, compared to CNY -8,215,022 in the previous year, indicating an improvement[17] Governance and Structure - The company has revised its governance structure, including amendments to its articles of association and rules for shareholder meetings[12] - The company completed interest payments on its subordinated bonds on February 9, 2023, and March 21, 2023[11] - The company has increased its borrowings by over 20% of its unaudited net assets as of the end of 2022 during January and February 2023[11]

Group 1: Business Performance - The brokerage business revenue has slightly declined in the first half of the year, but has been compensated by cross-selling and other innovative businesses, resulting in an overall increase compared to the previous year [1] - In the third quarter, with improved market conditions, channel revenue has stabilized compared to the same period last year, leading to significant growth in overall brokerage revenue [2] Group 2: Commission Rates - The company's commission rate remains relatively high within the industry due to regional factors, service methods, and added value provided to clients through margin trading and advisory services [2] Group 3: Margin Trading Development - The company's margin trading business has developed rapidly, ranking second nationwide in account opening rates by the end of 2013, with a target of 50% qualified account opening rate for the current year [2] - The current threshold for margin trading is set at 100,000, with the scale of margin trading relative to tradable assets ranking among the top in the industry [2] Group 4: Futures Business Development - The company is transitioning from channel business to a model focused on intermediary services, wealth management, and risk management, aiming to enhance competitiveness and profitability [3] - The acquisition of Green Futures has strengthened the overall profitability of the futures business, with plans to leverage the Hong Kong subsidiary for international business development [3]

Group 1: Investor Relations Activities - The investor relations activity involved a specific research meeting with Ping An Securities on July 9, 2014, focusing on the company's perspective on internet brokerage business and the transformation of traditional brokerage services [1][2]. Group 2: Impact of Low Commission Competition - The low commission competition, primarily driven by firms like Guojin and Huatai, has not significantly impacted the company yet, as the commission income is mainly derived from Shanxi Province [2]. - The company recognizes the trend of declining commission prices due to strong substitutability in channel business and has taken necessary measures to address this [2]. Group 3: Strategies to Address Commission Decline - The company plans to expand the scale of channel business to counteract commission price declines by building teams, increasing assets, and expanding network points [2]. - Improving the income structure by reducing the proportion of commission income and increasing the share of non-channel business is a key strategy, with non-channel business income already exceeding 10% by the end of 2013 [2]. Group 4: Enhancing Non-Channel Business Income - The company aims to enhance non-channel business income through better product sales, credit business development, and innovative intermediary services [3]. - The focus is on developing advisory services and derivative business to diversify income sources and improve service capabilities for high-net-worth clients [3]. Group 5: Proprietary Business Scale and Future Plans - The proprietary business scale for 2014 is set at 3 billion, with an increased proportion of equity asset investments compared to 2013 [4]. - The company intends to maintain a prudent investment philosophy, optimize asset allocation, and explore new profit growth points [4]. Group 6: Equity Pledge and Margin Financing - The company has a cautious approach to equity pledge business, focusing on quality of underlying assets rather than just ratings, resulting in a relatively small scale of this business [5]. - The current threshold for margin financing is set at 100,000, with the market maintaining a scale of over 400 billion, indicating a gradual approach to balancing market conditions [5]. Group 7: Financing Channels and Future Tools - The company has been approved to issue up to 2 billion in corporate bonds, with 1 billion already issued in November 2013 [6]. - Future financing plans will be based on market conditions and the company's financial status, with a focus on short-term financing instruments [6].

Group 1: Company Overview and Business Strategy - The company has a strong group background and a stable business strategy, focusing on external expansion through mergers and acquisitions [1][2] - In 2007, the company acquired Dahu Futures, and in 2009, it established a joint venture with Deutsche Bank, marking a new phase in investment banking [2] - The company maintained an A-class rating from the Securities Association for three consecutive years from 2013 to 2015, laying a solid foundation for business development [2] Group 2: Business Performance and Market Position - The number of the company's branches outside Shanxi has reached 30, an increase of nearly 50% since its listing [2] - The brokerage business market share rebounded from 0.483% in 2013 to 0.498% in the first half of 2015, with a significant rise in market ranking from 47th to 42nd [2] - As of the first half of 2015, brokerage business revenue accounted for 47.5%, investment banking revenue for 13.7%, and proprietary trading for 26.3%, indicating a balanced income structure [2][3] Group 3: Risk Management and Business Development - The company has the lowest revenue volatility among small and medium-sized listed brokers, maintaining a leading market share in Shanxi despite external competition [3] - The proprietary business has consistently achieved positive returns, even during the bear market in 2008 [3] - The company has made significant progress in various business lines, including asset management and public fund operations, and has established a leading position in the New Third Board market-making business [3] Group 4: Capital Increase and Financial Strategy - The company plans to raise up to 4 billion yuan through a non-public stock issuance, with a base price of 9.4 yuan per share, to enhance capital and operational funds [4] - The funds will be allocated to expand credit trading business (up to 1.8 billion yuan), increase investment in proprietary business (up to 2 billion yuan), and develop internet securities business (up to 100 million yuan) [4] Group 5: Corporate Governance and Structural Changes - The Shanxi Provincial Government has decided to establish a financial investment holding group to reform local financial enterprises and integrate financial resources [4] - Following the transfer of all shares held by Shanxi Guoxin to Shanxi Jin Kong Company, the controlling shareholder will change, aiming to create a comprehensive financial platform [4]

Group 1: Investor Relations Activities - The investor relations activity involved a specific research meeting with Kynikos Associates and Morgan Stanley Asia, focusing on diverse client needs and risk preferences [1] - The meeting took place on May 28, 2015, from 10:00 to 11:00 at the Shanxi International Trade Center [1] Group 2: Client Classification and Risk Management - The company categorizes clients into five types: conservative, stable, balanced, aggressive, and speculative, with product risk levels classified from high to low [2] - Risk tolerance tests are conducted for each client to determine suitable product recommendations, ensuring conservative clients receive low-risk products [2] Group 3: Client Composition and Changes - The client base consists of institutional and individual clients, with a noted increase in the proportion of high-net-worth individuals and institutional clients in recent years [2] - Services offered include securities trading, investment consulting, underwriting, product sales, asset management, financing, custody, settlement, and direct investment [2] Group 4: Company History and Development - The company was established in 1988 and became one of the first securities firms in China, listed on the Shenzhen Stock Exchange on November 15, 2010, with the stock code 002500 [3] - It has grown into a national comprehensive listed securities company with 14 branches and 78 securities business outlets [3] Group 5: Economic Outlook - The company maintains an optimistic view on China's economy despite facing significant downward pressure, attributing current challenges to structural adjustments rather than cyclical downturns [3][4] - The service sector's contribution to GDP has surpassed that of manufacturing, indicating ongoing economic structural optimization [4] - Government strategies, such as the "Belt and Road" initiative, are expected to enhance international cooperation and provide new growth points for the Chinese economy [4]

Group 1: Event Overview - The investor relations activity was held on May 25, 2015, from 14:30 to 17:00 [1] - The event took place at the Yingze Hotel in Taiyuan, Shanxi Province [1] - The meeting was an online collective explanation of the 2014 annual performance [1] Group 2: Participants - The event was attended by a large number of investors [1] - Company representatives included Mr. Fan Tingrang (Executive Vice President), Mr. Tang Jianxiong (Vice President and CFO), and Mr. Wang Yili (Vice President and Board Secretary) [1] Group 3: Content Focus - The discussion was based on the company's 2014 annual report, covering strategic development, business operations, and innovative business aspects [1][2] - Investors were encouraged to ask questions related to the performance meeting [2]