长城证券股份有限公司 2025 年面向专业投资者公开发行公司债券 （第二期）发行结果公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并对 公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 证券代码：524424 证券简称：25 长城 03 证券代码：524425 证券简称：25 长城 04 2、本期债券发行过程中，发行人未在发行环节直接或者间接认购自己发行 的债券。 本期债券发行的利率以询价方式确定，发行人不存在操纵发行定价、暗箱操 作的行为，发行人不存在以代持、信托等方式谋取不正当利益或向其他相关利益 主体输送利益的情况，发行人不存在直接或通过其他利益相关方向参与认购的投 资者提供财务资助、变相返费的情况，发行人不存在出于利益交换的目的通过关 联金融机构相互持有彼此发行的债券的情况，发行人不存在其他违反公平竞争、 破坏市场秩序等行为。发行人的控股股东、实际控制人不存在组织、指使发行人 实施前款行为的情况。 本期债券存在发行人关联方认购情况，长城证券股份有限公司关联方博时基 金管理有限公司认购品种一 0.2 亿元，认购报价公允、认购程序合规。此外，发 行人的董事、监事、高级管理人员、持 ...

Market Overview - On September 10, the securities sector declined by 0.25% compared to the previous trading day, with Guolian Minsheng leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Notable gainers included: - Pacific Securities: closed at 4.80, up 2.78% with a trading volume of 8.14 million shares and a turnover of 3.91 billion [1] - Changjiang Securities: closed at 7.93, up 1.41% with a trading volume of 906,100 shares and a turnover of 713 million [1] - Xinda Securities: closed at 18.82, up 1.29% with a trading volume of 409,000 shares and a turnover of 773 million [1] - Major decliners included: - Guolian Minsheng: closed at 10.97, down 2.75% with a trading volume of 996,200 shares and a turnover of 1.095 billion [2] - Dongfang Securities: closed at 10.86, down 1.18% with a trading volume of 962,000 shares and a turnover of 1.048 billion [2] - CITIC Securities: closed at 26.17, down 1.02% with a trading volume of 124,300 shares and a turnover of 327 million [2] Capital Flow Analysis - The securities sector experienced a net outflow of 1.301 billion from institutional investors, while retail investors saw a net inflow of 935 million [2] - Notable capital flows included: - Pacific Securities: net inflow of 270 million from institutional investors, but a net outflow of 150 million from speculative funds [3] - Changjiang Securities: net inflow of 103 million from institutional investors, with a net outflow of 65.54 million from speculative funds [3] - Xinda Securities: net inflow of 47.42 million from institutional investors, but a net outflow of 51.44 million from retail investors [3]

证券代码：524424 证券简称：25 长城 03 证券代码：524425 证券简称：25 长城 04 长城证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第二期） 发行人将按上述票面利率于 2025 年 9 月 9 日至 2025 年 9 月 10 日向面向专 业投资者网下发行。具体认购方法请参考 2025 年 9 月 5 日刊登在深圳证券交易 所网站（http://www.szse.cn）、巨潮资讯网（http://www.cninfo.com.cn）上的《长 城证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第二期）发行 公告》。 特此公告。 （本页以下无正文） （本页无正文，为《长城证券股份有限公司 2025 年面向专业投资者公开发行公 司债券（第二期）票面利率公告》之签章页） 票面利率公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担责任。 长城证券股份有限公司（以下简称"发行人"）发行不超过人民币 120 亿元 公司债券已获得中国证券监督管理委员会"证监许可〔2025〕371 号"注册。长 城证券股份 ...

关于延长长城证券股份有限公司 2025 年面向专业投资者公开发 行公司债券（第二期）簿记建档时间的公告 长城证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面 值不超过 120 亿元的公司债券（以下简称"本次债券"）已获得中国证券监督管 理委员会"证监许可〔2025〕371 号"文注册。本次债券分期发行，长城证券股 份有限公司 2025 年面向专业投资者公开发行公司债券（第二期）（以下简称"本 期债券"）为本次债券第三期发行。 根据《长城证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第 二期）发行公告》，发行人和簿记管理人定于 2025 年 9 月 8 日 15:00-18:00 以簿 记建档的方式向网下投资者进行利率询价，并根据簿记建档结果确定本期债券的 最终票面利率。 因簿记建档当日市场变化，经发行人、簿记管理人及其他簿记参与方协商一 致，现将簿记建档结束时间由 2025 年 9 月 8 日 18:00 延长至 19:00。 北京市嘉源律师事务所 年 月 日 （本页无正文，为《关于延长长城证券股份有限公司 2025 年面向专业投资者公 开发行公司债券（第二期）簿记建档时间的公告 ...

Group 1 - The report indicates that Changcheng Securities has been actively overseeing the information disclosure and compliance of DuPule Technology Co., Ltd, with no instances of delayed reviews [1][2] - The company has established and effectively executed internal regulations, including those to prevent related party transactions and manage raised funds [1][2] - There have been no reported issues or concerns regarding the company's operations or compliance during the review period [2][3] Group 2 - DuPule Technology has completed its construction projects, including the headquarters and R&D center, with ongoing progress as of May [2] - The company has issued new shares amounting to 267,608 shares, representing 10% of its total share capital post-issuance [2] - The sponsor has urged the company to expedite project construction to ensure the smooth implementation of fundraising projects [2]

Core Viewpoint - The company, Great Wall Securities Co., Ltd., is issuing corporate bonds aimed at professional investors, with a total issuance amount not exceeding 20 billion RMB, and has received a credit rating of AAA from the rating agency, United Credit Rating Co., Ltd. [3][12][19] Financial Situation - As of June 2025, the company's total equity was 31.627 billion RMB, with 31.128 billion RMB attributable to the parent company. The consolidated debt-to-asset ratio was 66.33%, while the parent company’s debt-to-asset ratio was 67.04% [2][19]. - The average distributable profit over the last three accounting years was 1.306 billion RMB [2]. Bond Rating - The bond has been rated AAA by United Credit Rating Co., Ltd., with a stable outlook. The rating agency will monitor the issuer's operational management and external environment throughout the bond's duration [3][12]. Issuance Details - The bonds are unsecured, and the company has set up specific repayment accounts and other measures to mitigate repayment risks. However, market changes could affect the issuer's ability to meet repayment obligations [4][17]. - The bonds will be listed on the Shenzhen Stock Exchange after issuance, but there is no guarantee of active trading or liquidity in the secondary market [6][19]. Risk Factors - The company faces short-term repayment pressures, with 66.97% of its interest-bearing liabilities due within one year, necessitating careful liquidity management [19]. - The company's cash flow has shown significant volatility, with net cash flows from operating activities recorded as -6.771 billion RMB, -4.721 billion RMB, and 13.270 billion RMB over the past three years [5][20]. - The securities industry is subject to strict regulatory oversight, and changes in regulations could impact the company's operations and financial performance [23][28]. Investor Participation - The bonds are exclusively available to professional institutional investors, and ordinary investors are not permitted to participate in the issuance [8][12].

Group 1 - The company, Great Wall Securities Co., Ltd., has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds with a face value of up to 12 billion yuan, with the current issuance being the third phase of this bond series, amounting to no more than 2 billion yuan [2][3] - The bonds will be issued in two varieties, with the first variety having a term of 3 years and the second variety having a term of 5 years, both priced at 100 yuan per bond [10][11] - The company has a credit rating of AAA, with a stable outlook, and the average distributable profit for the last three fiscal years is reported to be 1.306 billion yuan [3][14] Group 2 - The bonds will be offered exclusively to professional institutional investors, with a minimum subscription amount of 10 million yuan [5][10] - The interest rate for the bonds will be determined through a pricing inquiry process, with the expected range for the first variety being 1.4%-2.4% and for the second variety being 1.6%-2.6% [16][27] - The funds raised from this bond issuance will be used to repay maturing debts, and a special account will be established for managing these funds [12][13]

Core Viewpoint - The credit rating report for Great Wall Securities Co., Ltd. indicates a stable outlook with a long-term credit rating of AAA for both the company and its upcoming bond issuance, reflecting strong financial health and robust governance structures [1][3][4]. Company Overview - Great Wall Securities is a comprehensive listed securities company in China, with a strong shareholder background and a well-established corporate governance structure [3][4]. - As of June 2025, the company has a registered capital of 4.034 billion yuan, with significant support from its major shareholder, China Huaneng Group [10][11]. Financial Performance - The company reported a strong financial performance with a significant increase in operating income and net profit in the first half of 2025, continuing a trend of growth from 2022 to 2024 [3][5][19]. - As of June 2025, the total assets of the company reached 1275.58 billion yuan, with net capital at 256.68 billion yuan, indicating strong capital adequacy [9][14]. Debt Issuance Details - The upcoming bond issuance is capped at 2 billion yuan, divided into two tranches with maturities of 3 and 5 years, aimed at repaying maturing debts [3][11]. - The bonds will be fixed-rate, with annual interest payments, and the issuance is unsecured [3][11]. Industry Analysis - The securities industry is experiencing heightened activity, with core business revenues from brokerage, credit, and proprietary trading showing positive trends [12][13]. - The industry faces challenges such as regulatory pressures and market volatility, which can impact revenue stability [12][13]. Competitive Position - Great Wall Securities ranks well within the industry, with its operating income and net profit placing it among the top 30 and 26 firms, respectively [14][15]. - The company maintains a diversified business model, including wealth management, investment banking, and asset management, enhancing its competitive edge [14][15]. Governance and Management - The company has a robust governance framework with a well-functioning board and management team, ensuring effective oversight and strategic direction [17][18]. - Internal controls are deemed effective, with regular audits confirming compliance with financial reporting standards [19].

Group 1 - The company, Zhongchen Cable Co., Ltd., has decided to redeem its convertible bonds, known as "Zhongchen Convertible Bonds," ahead of schedule due to favorable market conditions and to reduce financial costs [1][7] - The total amount of the convertible bonds issued was 570.537 million yuan, with a face value of 100 yuan per bond, and the bonds were listed on the Shenzhen Stock Exchange on June 21, 2022 [1][2] - The bond conversion period started on December 7, 2022, and will end on May 30, 2028 [2][3] Group 2 - The conversion price for the bonds was adjusted downwards from 7.78 yuan per share to 6.50 yuan per share, effective from May 14, 2024 [2][3] - The company has set conditions for the early redemption of the bonds, which include the stock price being at least 130% of the conversion price for 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million yuan [3][4] - The redemption price for the bonds is set at 100.58 yuan per bond, which includes accrued interest calculated based on a 1.5% annual interest rate [4][5] Group 3 - The company’s board of directors approved the early redemption of the bonds on September 5, 2025, following necessary legal procedures [7][8] - The redemption will be executed on October 20, 2025, and the bonds will be delisted from the Shenzhen Stock Exchange after the redemption [5][6] - All bondholders registered by the redemption date will be eligible for the redemption [5]

Group 1 - The core viewpoint emphasizes that technological innovation is the key engine for high-quality development, and forming new productive forces is a strategic pivot for building a modern industrial system [1] - Shenzhen Securities Regulatory Bureau has encouraged local brokerages to transition from "intermediary service providers" to "strategic value partners," placing technological innovation at the core of their corporate strategies [1][2] - Over the past three years, Shenzhen brokerages have successfully assisted 190 companies in listing on the Shanghai and Shenzhen stock exchanges, raising over 240 billion yuan [1][2] Group 2 - Shenzhen brokerages have innovated due diligence methods to assess technological barriers, R&D potential, and core value in the industrial chain, addressing the challenges faced by tech companies [2] - As of July 2025, 193 companies have been assisted in listing on the Sci-Tech Innovation Board and the Growth Enterprise Market, covering key national strategic sectors such as information technology and green energy [2] - Notable examples include the successful IPO of Yingshi Innovation, which raised 1.938 billion yuan, and the listing of Dingjia Precision, a national-level specialized "little giant" in consumer electronics [2] Group 3 - Since the release of the "M&A Six Articles," the Shenzhen Securities Regulatory Bureau has organized 15 events to promote M&A policies, encouraging brokerages to focus on key industrial chain segments [3] - Huatai United Securities has successfully executed significant M&A cases, including the acquisition of Nexperia Holding B.V. by Wentai Technology [3] Group 4 - Shenzhen brokerages have responded quickly to the bond market's "technology board" requirements, issuing technology innovation bonds totaling 16 billion yuan [4] - In the first half of the year, CITIC Securities helped over 40 companies issue technology innovation bonds, raising more than 70 billion yuan [4] Group 5 - National firsts in bond issuance include the private venture capital "technology innovation bond" by Guosen Securities and the "green + rural revitalization + technology innovation" bond by Great Wall Securities [5] Group 6 - Since 2024, the Shenzhen Securities Regulatory Bureau has conducted 58 activities focusing on policy advocacy and financing, encouraging brokerages to establish specialized service teams [7] - Notable achievements include the issuance of a 3.584 billion yuan convertible bond by ZTE Corporation and a 9.72 billion yuan private placement by Demingli [7] Group 7 - As of July 2025, investment in technological innovation by Shenzhen brokerages includes approximately 8.25 billion yuan by招商证券 and over 10 billion yuan by国信证券 [8] - The Shenzhen Securities Regulatory Bureau aims to strengthen regulatory guidance and support for technological innovation, exploring new financing models such as technology REITs and ESG investments [8]