西部证券股份有限公司 2025年第三季度报告 证券代码:002673 证券简称:西部证券 重要内容提示: 董事、监事、高级管理人员是否存在对季度报告内容存在异议或无法保证其真实、准确、完整的情况 □是 √ 否 1. 董事会、监事会及董事、监事、高级管理人员保证李度报告的真实、准确、完整,不存在虚假记载、误导性陈述或重大 遗漏,并承担个别和连带的法律责任。 2. 公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明:保证季度报告中财务信息的真实、准确、完 整。 3. 第三季度财务会计报告是否经过审计 公告编号:2025-074 西部证券股份有限公司 2025 年第三季度报告 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。 □是 √ 否 4. 审计师发表非标意见的事项 □适用 √不适用 一、主要财务数据 (一) 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √ 否 | 项目 | 本报告期 | 本报告期比上年同 | 年初至报告期未 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | ...

西部证券10月28日晚间公告，2025年第三季度实现营业收入15.46亿元，同比增长40.33%；归属于上市 公司股东的净利润4.59亿元，同比增长510.16%；基本每股收益0.1027元。前三季度实现营业收入43.35 亿元，同比下降2.17%；归属于上市公司股东的净利润12.43亿元，同比增长70.63%；基本每股收益 0.2786元。 ...

格隆汇10月28日｜西部证券晚间公告，2025年第三季度实现营业收入15.46亿元，同比增长40.33%；归 属于上市公司股东的净利润4.59亿元，同比增长510.16%；基本每股收益0.1027元。前三季度实现营业 收入43.35亿元，同比下降2.17%；归属于上市公司股东的净利润12.43亿元，同比增长70.63%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

西部证券股份有限公司 2025年第三季度报告 证券代码:002673 证券简称:西部证券 公告编号:2025-074 西部证券股份有限公司 2025 年第三季度报告 □是 √ 否 4. 审计师发表非标意见的事项 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。 重要内容提示: 董事、监事、高级管理人员是否存在对季度报告内容存在异议或无法保证其真实、准确、完整的情况 □是 √ 否 1. 董事会、监事会及董事、监事、高级管理人员保证李度报告的真实、准确、完整,不存在虚假记载、误导性陈述或重大 遗漏,并承担个别和连带的法律责任。 2. 公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明:保证季度报告中财务信息的真实、准确、完 整。 3. 第三季度财务会计报告是否经过审计 □适用 √不适用 一、主要财务数据 (一) 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √ 否 | 项目 | 本报告期 | 本报告期比上年同 | 年初至报告期未 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | ...

Core Insights - The China Nonferrous Metals Industry Association emphasizes the need to focus on resource security, high-end development, intelligent transformation, and green development to prevent "involution" and ensure supply chain safety [1] Economic Data - In the first three quarters, China's GDP grew by 5.2% year-on-year, and the industrial added value of enterprises above designated size increased by 6.2%, with notable performance in equipment manufacturing and high-tech manufacturing, supporting the demand for industrial metals [1] Industry Index - The Nonferrous 60 ETF (159881) tracks the CSI Nonferrous Index (930708), which selects listed companies involved in nonferrous metal mining, smelting, and processing from the Shanghai and Shenzhen markets, covering sectors such as copper, gold, aluminum, rare earths, and lithium to reflect the overall performance of related listed companies in the nonferrous metal industry [1]

Core Viewpoint - The report from Western Securities indicates that China Resources Cement Technology, as a leading cement company in South China, is expected to benefit from improved cost control and policies aimed at alleviating overcapacity and promoting cement price recovery [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 15.07 billion yuan, a year-on-year decrease of 4.47%, with a net profit attributable to shareholders of 331 million yuan, an increase of 7.26% [1] - In Q3 alone, the company reported revenue of 4.86 billion yuan, down 10.96% year-on-year, and a net profit of 24 million yuan, down 82.97% year-on-year [1] - The revenue from cement products, concrete, and aggregates for the first three quarters of 2025 was 9.13 billion yuan, 3.10 billion yuan, and 2.03 billion yuan, respectively, with year-on-year changes of -12.3%, +11.9%, and +21.3% [1] Group 2: Profitability Metrics - The gross profit margins for cement products, concrete, and aggregates were 17.1%, 14.7%, and 25.4%, reflecting year-on-year changes of +4.5, +2.3, and -13.2 percentage points [1] - In Q3, the gross profit margins for these segments were 10.6%, 16.1%, and 25.6%, with year-on-year changes of -3.0, +4.1, and -11.5 percentage points [1] Group 3: Cost Management - The company's per-ton expenses for the first three quarters of 2025 increased by 12 yuan to 60 yuan, with sales, management, and financial expenses showing year-on-year changes of +0.2, +12, and -1 yuan [2] - In Q3, the per-ton expenses rose by 3 yuan to 50 yuan, with sales, management, and financial expenses reflecting year-on-year changes of +0.1, +5, and -2 yuan [2]

Core Viewpoint - The report from Western Securities indicates that China Resources Cement Technology (01313) is positioned as a leader in the cement industry in South China, with enhanced cost control capabilities. The expectation is for policies aimed at limiting overproduction and carbon emissions to alleviate excess capacity and promote cement price recovery [1]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 15.07 billion yuan, a year-on-year decrease of 4.47%, while the net profit attributable to shareholders was 331 million yuan, an increase of 7.26%. In Q3 alone, revenue was 4.86 billion yuan, down 10.96%, and net profit was 24 million yuan, down 82.97% [1]. - The revenue from cement products, concrete, and aggregates for the first three quarters of 2025 was 9.13 billion yuan, 3.10 billion yuan, and 2.03 billion yuan, respectively, showing year-on-year changes of -12.3%, +11.9%, and +21.3%. The gross margins were 17.1%, 14.7%, and 25.4%, reflecting year-on-year changes of +4.5, +2.3, and -13.2 percentage points [1]. Cost Management - The company reported that the per-ton expenses for the first three quarters of 2025 increased by 12 yuan to 60 yuan, with sales, management, and financial expenses showing year-on-year changes of +0.2, +12, and -1 yuan, respectively. In Q3, the per-ton expenses rose by 3 yuan to 50 yuan, with sales, management, and financial expenses changing by +0.1, +5, and -2 yuan [2].

| 证券代码：002673 证券简称：西部证券 | 公告编号：2025-071 | | --- | --- | | 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 | | 524164 | 25西部02 | | 524283 | 25西部K1 | | 524317 | 25西部03 | 西部证券股份有限公司 2025年度第九期短期融资券发行结果公告 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。 西部证券股份有限公司2025年度第九期短期融资券已于2025年 10 月 22 日发行，缴款日为 2025 年 10 月 23 日，相关发行情况如下： | 短期融资券全称 | 西部证券股份有限公司 | 2025 ...

Core Insights - As of October 23, 16 listed brokerages have announced mid-year cash dividends totaling approximately 8 billion yuan, providing investors with a "mid-term red envelope" [1][2] - There is a significant disparity in dividend amounts among brokerages, with Guotai Junan leading with over 2.6 billion yuan in cash dividends and a dividend rate of 16.8%, while some smaller firms reported dividends below 100 million yuan [2][3] - The differences in dividend payouts reflect structural changes in the capital market, with leading brokerages benefiting from strong capital, diversified businesses, and stable governance [3] Dividend Analysis - The total cash dividends announced by brokerages reached 79.74 billion yuan, with Guotai Junan, China Merchants Securities, and Dongfang Securities being the top three in terms of total dividends [2] - Smaller brokerages like Zhongyuan Securities and First Capital have lower total dividends and dividend rates, indicating a disparity in profitability and capital [2][3] - A healthy dividend rate is generally considered to be above 30%, while rates exceeding 50% may strain cash flow [3] Investment Considerations - The brokerage sector shows significant internal differentiation, providing various investment perspectives [4] - The A-share market has seen a rise in brokerage stocks, with the brokerage index increasing by approximately 29% from April 8 to October 23 [4] - Investors should focus on market conditions, trading volumes, and other performance indicators rather than solely on dividend data [5] Financial Performance - All 42 listed brokerages reported positive growth in net profit for the first half of the year, with 37 experiencing revenue growth year-on-year [5] - Key drivers of performance include a 44% increase in brokerage income and a 54% increase in proprietary trading income [5] Balancing Dividends and Growth - Brokerages must maintain sufficient cash flow to meet dividend demands while ensuring funds for development [6] - Strategies may include flexible dividend policies based on business maturity and expansion, as well as adopting international models for dividends and share buybacks [6] - Enhancing financial transparency and strategic clarity is crucial for attracting long-term investors and achieving sustainable growth [6]

Core Viewpoint - Hengguang Co., Ltd. reported a revenue of 1.109 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 29.22%, but recorded a net loss attributable to shareholders of 1.655 million yuan [1][2]. Financial Performance - The company's revenue for the reporting period was 360.41 million yuan, reflecting a 30.30% increase compared to the same period last year [2]. - The net profit attributable to shareholders was -9.25 million yuan, a decline of 69.54% year-on-year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -10.78 million yuan, down 68.82% from the previous year [2]. - The net cash flow from operating activities was 99.73 million yuan, an increase of 234.65% compared to the same period last year [2]. Future Projections - For 2024, the company is projected to have a revenue of approximately 1.235 billion yuan, which is a 31.87% increase from 2023 [3]. - The net profit attributable to shareholders for 2024 is expected to be -60.93 million yuan, representing a 62.26% decline compared to 2023 [3]. - The net profit after deducting non-recurring gains and losses for 2024 is projected to be -79.01 million yuan, a decrease of 38.26% from the previous year [3]. - The net cash flow from operating activities for 2024 is estimated at 30.97 million yuan, a decrease of 16.20% compared to 2023 [3]. IPO and Fundraising - Hengguang Co., Ltd. raised a total of 605 million yuan from its initial public offering, with a net amount of 541 million yuan after deducting issuance costs [4]. - The final net fundraising amount was 79.68 million yuan less than originally planned [4]. - The company intended to use the funds for the construction of fine chemical new material production lines and to supplement working capital [4].