Core Points - The company issued its 2025 seventh short-term financing bond on August 26, 2025, with an issuance amount of RMB 1 billion and a coupon rate of 1.65% [1] - The bond has a maturity period of 72 days, with the repayment date set for November 7, 2025 [1] - On November 7, 2025, the company repaid the principal and interest of the bond, totaling RMB 1,003,254,794.52 [2] Summary by Sections - **Bond Issuance Details** - The company issued a short-term financing bond amounting to RMB 1 billion with a coupon rate of 1.65% [1] - The bond has a maturity of 72 days, with a repayment date of November 7, 2025 [1] - **Repayment Information** - The total amount repaid on November 7, 2025, was RMB 1,003,254,794.52, which includes both principal and interest [2]

Core Insights - West Securities has won multiple awards at the 2025 Securities Industry Golden Bull Awards, including the "Golden Bull Award for Securities Company Culture Construction" and the "Golden Bull Growth Investment Banking Team" [1][3] - The awards reflect the industry's recognition of West Securities' integration of high-quality business development and cultural construction [3][5] Group 1: Awards and Recognition - The "Securities Industry Golden Bull Award" is one of the most credible and influential awards in the domestic capital market, focusing on the comprehensive performance of institutions in supporting national strategies, technological innovation, and social responsibility [3] - West Securities' achievements in the awards signify a strong endorsement of its efforts in high-quality business development and cultural integration [3][5] Group 2: Business Strategy and Development - Since the "14th Five-Year Plan," West Securities has aimed to become a leading comprehensive investment bank, emphasizing sustainable development and service to the real economy [5][6] - The company integrates cultural soft power into its business hard power, fostering a mutually beneficial relationship between culture and business [5][6] Group 3: Cultural Initiatives - West Securities has implemented various cultural initiatives, including employee sports events and recognition of outstanding cultural practices, to enhance employee engagement and cultural awareness [5][6] - The company promotes its "Harmony" cultural concept throughout its operations, continuously improving its cultural brand system and innovative communication methods [5][6] Group 4: Financial Performance - In the first half of 2025, West Securities successfully executed several key mergers and acquisitions, issued 93 corporate bonds (up 116.28% year-on-year), and achieved an underwriting scale of 39.482 billion yuan (up 80.09% year-on-year) [5][6] - The company maintains a leading market share in its province, particularly in technology innovation bond underwriting, which reached 6.894 billion yuan [6]

Core Viewpoint - Xtep International (01368.HK) maintains a "Buy" rating from Western Securities, with projected revenues of 14.46 billion, 15.56 billion, and 16.78 billion yuan for 2025 to 2027, and net profits of 1.38 billion, 1.52 billion, and 1.66 billion yuan respectively [1] Financial Performance - As of November 10, 2025, Xtep International's stock closed at 5.77 HKD, up 3.4%, with a trading volume of 4.43 million shares and a turnover of 25.29 million HKD [1] - The company's main brand showed low single-digit growth in total channel revenue year-on-year for Q3 2025, while Saucony's revenue grew over 20% year-on-year [1] - Retail discount rates are stable at 70-75%, and channel inventory turnover is maintained at 4-4.5 months, consistent with Q2 [1] Market Position - Xtep International ranks 7th in the apparel and home textile industry with a market capitalization of 15.658 billion HKD [2] - Key performance indicators show Xtep's Return on Equity (ROE) at 15.66%, significantly higher than the industry average of -2.96% [3] - The company has a net profit margin of 13.36%, compared to the industry average of -14.23%, and a gross profit margin of 44.95%, exceeding the industry average of 36.81% [3] Analyst Ratings - In the past 90 days, 34 investment banks have issued "Buy" ratings for Xtep International, with a target average price of 7.63 HKD [1] - Various investment banks have provided ratings, with some target prices including 7.80 HKD, 8.15 HKD, and 8.30 HKD [1][2]

Core Viewpoint - Xtep International (01368) maintains a "Buy" rating with projected revenues of 14.46 billion, 15.56 billion, and 16.78 billion CNY for 2025-2027, and net profits of 1.38 billion, 1.52 billion, and 1.66 billion CNY respectively [1] Group 1: Xtep International Performance - In Q3, Xtep's main brand saw low single-digit growth in overall channel revenue, with a steady trend in operational data [1] - Retail discount rates are between 70-75%, and inventory turnover levels are stable at 4-4.5 months compared to Q2 [1] - The main brand is increasing its outlet layout, while Saucony is expected to continue leading growth [1] Group 2: Brand Performance Breakdown - Monthly performance showed July and August better than September, with September's high temperatures affecting autumn and winter product sales [1] - Children's products outperformed adult products, and footwear outperformed apparel, with running and outdoor categories achieving double-digit growth [1] - E-commerce channels maintained double-digit growth, while offline channels saw slight increases [1] Group 3: Outlet Strategy - Xtep is launching two outlet formats: "Leading Outlet" and "Selected Outlet" [1] - The "Leading Outlet" focuses on high-end outlet shopping centers with an area of over 200 square meters, showcasing a premium running outlet image [1] - The "Selected Outlet" offers a wide range of products in larger stores (600-800 square meters), with an average store efficiency of over 1 million CNY, planning to open 30 stores in 2025 and a total of 70-100 stores from 2025 to 2026 [1] Group 4: Saucony Performance - Saucony's Q3 revenue growth was impacted by adjustments in e-commerce, with online growth lower than offline (over 30% year-on-year) due to reduced low-priced products and tighter discounting [2] - In Q3, Saucony opened 16 new stores, bringing the total to over 170, with an annual opening target of 30-50 stores, primarily in key business districts of first and second-tier cities [2] - With the upcoming promotional events like Double 11 and Double 12, Q4 is expected to see a growth acceleration compared to Q3, maintaining a full-year growth guidance of over 30% for the Saucony brand [2]

西部证券股份有限公司面向专业投资者公开发行公司债券募集说明书摘要 （住所：陕西省西安市新城区东新街 319 号 8 幢 10000 室） （股票简称：西部证券；股票代码：002673） 西部证券股份有限公司 2025 年面向专业投资者 公开发行公司债券（第四期）募集说明书摘要 | 注册金额 | 不超过（含）180 亿元 | | --- | --- | | 本期发行金额 | 不超过（含）15 亿元 | | 担保情况 | 无担保 | | 信用评级结果 | 主体评级：AAA；评级展望：稳定 | | | 债项评级：AAA | | 发行人 | 西部证券股份有限公司 | | 主承销商/簿记管理人/债券受托管理人 | 国元证券股份有限公司 | | 资信评级机构 | 联合资信评估股份有限公司 | 主承销商/受托管理人/簿记管理人 签署日期： 年 月 日 西部证券股份有限公司面向专业投资者公开发行公司债券募集说明书摘要 声 明 本募集说明书及其摘要依据《中华人民共和国公司法》《中华人民共和国证券法》 《公司债券发行与交易管理办法》（2023年修订）《深圳证券交易所公司债券发行上市审 核业务指南第 1 号——募集说明书（参考文本 ...

西部证券股份有限公司 2025 年 面向专业投资者公开发行公司债券 (第四期)信用评级报告 联合资信评估股份有限公司 China Lianhe Credit Rating Co.,Ltd. | 0705238€ | | | --- | --- | | . Предорово византивниот подарин | | | | | | 2017 - 12:20 PM | | | | | | www.lhratings.com | | 真诚 | 服务 专业 尽 责 【 信用评级公告 联合〔2025〕 10460 号 联合资信评估股份有限公司通过对西部证券股份有限公司及其 拟 2025 年面向专业投资者公开发行的公司债券(第四期)的信用状 况进行综合分析和评估,确定西部证券股份有限公司主体长期信用 等级为 AAA,西部证券股份有限公司 2025年面向专业投资者公开 发行公司债券(第四期)信用等级为 AAA,评级展望为稳定。 特此公告 联合资信评估 评级总监: ld: 17/F, PICC Building, 2, Jianguomenwai Street, Beijing PRC:1000 地址:北京市朝阳区 ...

西部证券股份有限公司面向专业投资者公开发行公司债券募集说明书 （住所：陕西省西安市新城区东新街 319 号 8 幢 10000 室） （股票简称：西部证券；股票代码：002673） 西部证券股份有限公司 2025 年面向专业投资者 公开发行公司债券（第四期）募集说明书 | 注册金额 | 不超过（含）180 亿元 | | --- | --- | | 本期发行金额 | 不超过（含）15 亿元 | | 担保情况 | 无担保 | | 信用评级结果 | 主体评级：AAA；评级展望：稳定 | | | 债项评级：AAA | | 发行人 | 西部证券股份有限公司 | | 主承销商/簿记管理人/债券受托管理人 | 国元证券股份有限公司 | | 资信评级机构 | 联合资信评估股份有限公司 | 主承销商/受托管理人/簿记管理人 签署日期： 年 月 日 西部证券股份有限公司面向专业投资者公开发行公司债券募集说明书 声 明 本募集说明书及其摘要依据《中华人民共和国公司法》《中华人民共和国证券法》 《公司债券发行与交易管理办法》（2023年修订）《深圳证券交易所公司债券发行上市审 核业务指南第 1 号——募集说明书（参考文本）》（202 ...

签署日期：2025 年 11 月 10 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 西部证券股份有限公司 （住所：陕西省西安市新城区东新街 319 号 8 幢 10000 室） 2025 年面向专业投资者公开发行公司债券（第四期） 发行公告 主承销商/受托管理人/簿记管理人 1、发行人于 2024 年 1 月 12 日获得中国证券监督管理委员会《关于同意西部 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 ﹝2024﹞60 号）同意面向专业投资者发行面值不超过（含）180 亿元的公司债券 的注册。本次债券采取分期发行的方式，自中国证监会同意注册之日起 24 个月内 发行完毕。本期债券发行总额不超过 15 亿（含 15 亿）。 2、本期债券简称为"25 西部 04"，债券代码为"524525"，发行规模为不超过人 民币 15 亿（含 15 亿），每张面值为 100 元，发行价格为人民币 100 元/张。 3、本期债券发行采取面向网下专业机构投资者询价、根据簿记建档情况进行 配售的发行方式。根据《公司债券发行与交易 ...

特此公告。 2025 年 11 月 7 日，公司兑付了 2025 年度第七期短期融资券本 息共计人民币 1,003,254,794.52 元。 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。 西部证券股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日发行了公司 2025 年度第七期短期融资券，发行金额为人民币 10 亿 元，票面利率为 1.65%，发行期限为 72 天，兑付日为 2025 年 11 月 7 日。 | 证券代码：002673 证券简称：西部证券 | 公告编号：2025-091 | | --- | --- | | 债券代码：148177 | 债券简称：23西部02 | | 148339 | 23西部03 | | 148391 | 23西部04 | | 148424 | 23西部05 | | 148699 | 24西部01 | | 148753 | 24西部02 | | 148865 | 24西部03 | | 148924 | 24西部04 | | 524008 | 24西部05 | | 524106 | 25西部01 | | 524 ...

Group 1 - The core viewpoint of the report is that Anta Sports is expected to achieve a net profit attributable to shareholders of 13.01 billion, 14.48 billion, and 16.16 billion yuan in 2025, 2026, and 2027 respectively, driven by its strong multi-brand operational capabilities and growth in outdoor brands [1] - The company reported a year-on-year revenue growth of approximately 45%-50% for other brands in Q3 2025, indicating robust performance across its portfolio [1] - The offline discount rate remains around 71%, while the online discount rate has deepened to about 50%, with an overall inventory turnover ratio slightly above 5 months, indicating a healthy inventory management [1] Group 2 - The report highlights that the other brands of the company maintain a strong growth rate, with an annual revenue growth rate of over 40% [2] - The revenue of Descente and Kelong in Q3 increased by approximately 30% and 70% year-on-year, respectively, continuing their strong performance [2] - The women's sports brand MAIA, designed specifically for Asian women's body shapes, saw a year-on-year revenue growth of about 45%, targeting urban female elites [2]