Core Viewpoint - The long-term competitive landscape of the industry is stable, and the brand and manufacturing advantages of the company are significant, which is expected to maintain its market share and support steady growth in the long term [1]. Group 1: Financial Performance and Projections - The company is gradually expanding its production capacity and service network, which is expected to enhance its delivery capabilities and product matrix, leading to accelerated performance [1]. - Projected net profits for the company are estimated at $160 million, $190 million, and $240 million for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18.4, 15.3, and 12.4 [1]. Group 2: Product Development and Market Strategy - The company launched the VisionJet G3, which features significant upgrades in consumer orientation, including a fully upgraded avionics system and enhanced cabin comfort [2]. - The target customer base is high-net-worth individuals rather than professional pilots, focusing on smart and safe performance upgrades to address pain points during flights [2]. - The delivery structure is expected to improve with the expansion of production capacity and the introduction of new products, leading to better order fulfillment and higher profitability [2].

"证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 扎根中国资本市场二十五载，西部证券步履坚实地从西北热土走向全国舞台。在"十五五"开局之年，公 司以学习贯彻党的二十届四中全会精神为引领，经营发展稳中有进，服务实体经济质效持续提升，正朝 着建设一流上市综合型投资银行的战略目标稳步前行。 这份稳健进取的态势，是国有券商服务国家战略的主动体现，更是深化改革、差异化发展的缩影。西部 证券党委书记、董事长徐朝晖日前在接受中国证券报记者专访时，结合公司实践，深入阐释了对行业使 命和自身发展路径的思考。 "深入学习贯彻党的二十届四中全会精神，奋进金融强国新征程，是时代赋予我们的光荣使命。"徐朝晖 表示，"对于西部证券而言，'一流'意味着必须立足自身资源禀赋，走出一条特色化、专业化、数字化 的发展道路，在服务国家大局、区域经济和人民福祉中彰显独特价值。"西部证券正以此为蓝图，全面 开启高质量发展的新篇章，立志在金融强国建设的壮阔征程中展现西部力量、作出西部贡献。 筑牢高质量发展根基 谈及公司行稳致远的根本保证，徐朝晖首先强调了坚持党的全面领导的重要性。她认为，在以中国式现 代化全面推进中华民族伟大复兴的关键阶段，推动金 ...

Core Viewpoint - The company disclosed its cumulative new borrowing situation as of January 2026, indicating a significant increase in debt levels relative to its net assets, which may impact its financial stability and operational capacity [1]. Financial Data Overview - As of December 31, 2025, the company's unaudited net assets were RMB 32.008 billion, with a borrowing balance of RMB 45.936 billion. By January 31, 2026, the borrowing balance increased to RMB 54.002 billion, with a cumulative new borrowing of RMB 8.066 billion, representing 25.20% of the previous year's net assets, exceeding the 20% threshold [1]. New Borrowing Classification - **Bank Loans**: As of January 31, 2026, the company's subsidiary bank loan balance increased by RMB 0.74 billion compared to the end of 2025, accounting for 0.23% of the previous year's net assets, primarily due to an increase in short-term borrowings [2]. - **Corporate Bonds**: The company’s bond balance increased by RMB 8.06 billion as of January 31, 2026, representing 2.52% of the previous year's net assets, mainly due to the issuance of corporate bonds and short-term financing bonds [3]. - **Other Borrowings**: The balance of other borrowings increased by RMB 71.86 billion as of January 31, 2026, accounting for 22.45% of the previous year's net assets, primarily due to increased funds borrowed, repurchase of financial assets, and growth in income certificates [5]. Impact on Debt Servicing Ability - The new borrowings are in compliance with relevant laws and regulations and fall within the company's normal operational activities. The company maintains a stable financial condition, with all debts being repaid on time, indicating that the new borrowings will not adversely affect its operational situation or debt servicing ability [6].

根植西部 服务全国 以特色化发展助力金融强国建设 ■ "证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 西部证券党委书记、董事长徐朝晖： 扎根中国资本市场二十五载，西部证券步履坚实地从西北热土走向全国舞台。在"十五五"开局之年，公 司以学习贯彻党的二十届四中全会精神为引领，经营发展稳中有进，服务实体经济质效持续提升，正朝 着建设一流上市综合型投资银行的战略目标稳步前行。 这份稳健进取的态势，是国有券商服务国家战略的主动体现，更是深化改革、差异化发展的缩影。西部 证券党委书记、董事长徐朝晖日前在接受中国证券报记者专访时，结合公司实践，深入阐释了对行业使 命和自身发展路径的思考。 筑牢高质量发展根基 谈及公司行稳致远的根本保证，徐朝晖首先强调了坚持党的全面领导的重要性。她认为，在以中国式现 代化全面推进中华民族伟大复兴的关键阶段，推动金融高质量发展、加快建设金融强国，必须始终坚持 和加强党的全面领导，自觉将"两个结合"贯穿于金融工作的各方面和全过程。 "西部证券始终牢牢把握国有金融企业的政治属性，切实把党的领导的政治优势、组织优势转化为公司 高质量发展效能。"徐朝晖表示，公司党委坚决贯彻党对金融工作的集中统 ...

北京商报讯（记者 刘宇阳 实习生 姚榕琰）2月5日，西部证券（002673）发布公告称，截至2025年12月31日，西部证券未经审计的净资产为320.08亿元，借 款余额为459.36亿元。截至2026年1月31日，其借款余额为540.02亿元，累计新增借款80.66亿元，占上年末净资产比例为25.2%，超20%。 公告显示，西部证券子公司银行贷款余额较2025年末增加0.74亿元，公司债券余额增加8.06亿元，其他借款余额增加71.86亿元。西部证券表示新增借款属正 常经营，目前所有债务均按时还本付息，不会对偿债能力产生不利影响。 ...

Group 1 - Company Jianhui Information plans to acquire 38% equity in Boke Guoxin for RMB 73.71 million, increasing its stake from 32% to 70%, making Boke Guoxin a subsidiary [1] - Company Guangshengtang's innovative drug GST-HG141 for hepatitis B has completed the enrollment of 578 participants in its Phase III clinical trial [2] - Company Hongjing Optoelectronics is establishing a partnership with a target scale of RMB 290 million, contributing RMB 3 million as a limited partner [3] Group 2 - Company Hongchang Technology intends to acquire 21% equity in Liangzhi Joint, which will make it the controlling shareholder with a 51% stake [4] - Company Xiexin Integrated has not yet received any orders in the "space photovoltaic" sector, which remains in the exploratory phase [5] - Company Xianheng International plans to reduce its shareholding by up to 3%, amounting to a maximum of 12.28 million shares [6] Group 3 - Company Furuijia plans to reduce its repurchased shares by up to 2%, totaling 18.93 million shares [7] - Company Tianqimo is planning to issue shares and pay cash to acquire assets, leading to a temporary suspension of its stock [8] - Company Shuangqiang Technology's director plans to reduce his holdings by up to 0.32% [9] Group 4 - Company Bairun plans to adjust the conversion price of its bonds due to stock prices falling below 85% of the conversion price [11] - Company Dongnan Network has won an EPC project worth RMB 994 million [12] - Company Anhui Energy has appointed Xu Wengong as the new general manager following the resignation of Fang Shiqing [13] Group 5 - Company Lijun plans to invest up to USD 3 million to establish subsidiaries in Hong Kong and Peru [14] - Company Zhenghe Ecology has signed a strategic cooperation agreement with the government of Beijing's Miyun District [15] - Company First Venture has elected Guo Chuan as the chairman of its board [16] Group 6 - Company Changxin Bochuang's shareholder has terminated an agreement to transfer 14.5 million shares [17] - Company Hengrui Medicine's HR091506 tablet application has been accepted by the National Medical Products Administration [18] - Company Hengrui Medicine's SHR-1894 injection has received approval for clinical trials [20] Group 7 - Company Longshen Rongfa has obtained a medical device production license [21] - Company Western Securities reported that its new borrowings exceeded 20% of its net assets [22] - Company Rongfa Nuclear Power's subsidiary has won a project worth RMB 101 million [23] Group 8 - Company Taiji Industry's subsidiary has a pre-bid for the Huahong FAB9B project with a bid amount of RMB 3.778 billion [24] - Company Suzhou High-tech plans to increase its investment in a subsidiary by RMB 780 million through a debt-to-equity swap [26] - Company Electric Power Investment's vice president has resigned due to work changes [27] Group 9 - Company Hengwei Technology reported a 30.13% increase in net profit for 2025 [28] - Company Fangsheng Pharmaceutical's subsidiary has received a drug production license [29] - Company Pilin Bio's subsidiary has received a notice for clinical trial acceptance for a hemostatic drug [31] Group 10 - Company Zhongxin Fluorine Material has received approval for a stock issuance to specific investors [32] - Company Shanhe Intelligent expects a total transaction amount with related parties to be RMB 1.197 billion in 2026 [33] - Company Warner Pharmaceutical's partner has completed Phase I clinical trials for a new drug [34]

| 证券代码：002673 证券简称：西部证券 | 公告编号：2026-009 | | --- | --- | | 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 | | 524525 | 25西部04 | 西部证券股份有限公司 2023年面向专业投资者公开发行公司债券 （第一期）（品种二）2026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： 西部证券股份有限公司 2023 年面向专业投资者公开发行公司债 券（第一期）（品种二）（债券简称：23 西部 ...

"我们尝试将优秀传统文化、地域文化与证券行业文化相融合。"徐朝晖阐述道，公司以"贵和尚中、善 解能容、厚德载物、和而不同"的宽容品格作为企业文化的人文基础；将黄河文化、渭水文化、丝路文 化所共有的"团结自强，和谐包容"文化特性等结合起来，为公司发展注入深厚的人文底蕴与鲜明的时代 内涵。 编者按 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第二十二篇。 扎根中国资本市场二十五载，西部证券（002673）步履坚实地从西北热土走向全国舞台。在"十五五"开 局之年，公司以学习贯彻党的二十届四中全会精神为引领，经营发展稳中有进，服务实体经济质效持续 提升，正朝着建设一流上市综 ...

西部证券公告称，截至2025年12月31日，公司未经审计的净资产为320.08亿元，借款余额为459.36亿 元。截至2026年1月31日，借款余额为540.02亿元，累计新增借款80.66亿元，占上年末净资产比例为 25.20%，超20%。其中，子公司银行贷款余额增加0.74亿元，公司债券余额增加8.06亿元，其他借款余 额增加71.86亿元。公司称新增借款属正常经营，不会对偿债能力产生不利影响。 ...

司借款余额为人民币 540.02 亿元，累计新增借款人民币 80.66 亿元， 累计新增借款占上年末净资产比例为 25.20%，超过 20%。 二、新增借款的分类披露（合并口径） | 证券代码：002673 证券简称：西部证券 | 公告编号：2026-010 | | --- | --- | | 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 | | 524525 | 25西部04 | 西部证券股份有限公司 当年累计新增借款超过上年末净资产的百分之二十 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 ...