Zheng Quan Zhi Xing·2025-05-15 13:44Core Viewpoint - The report highlights that Western Securities has accumulated new borrowings exceeding 40% of its net assets as of the end of the previous year, indicating a significant increase in leverage [1]. Financial Data Overview - As of December 31, 2024, the audited net assets of Western Securities were RMB 29.015 billion, with a borrowing balance of RMB 36.998 billion. By April 30, 2025, the borrowing balance increased to RMB 51.558 billion, with a cumulative new borrowing of RMB 14.56 billion, representing 50.18% of the net assets at the end of the previous year [1]. New Borrowing Classification - The new borrowings are categorized as follows: - Bank Loans: Increased by RMB 0.1 billion, accounting for 0.03% of net assets [2]. - Corporate Bonds and Other Debt Instruments: Decreased by RMB 12.69 billion due to the maturity of certain bonds [2]. - Other Borrowings: Increased by RMB 158.19 billion, representing 54.52% of net assets, primarily due to increased funding and financial asset transactions [2]. Impact on Debt Servicing Ability - The new borrowings are in compliance with relevant laws and regulations and are part of the company's normal business operations. The financial condition remains stable, with all debts being serviced on time, indicating no adverse impact on the company's operational status or debt servicing ability [2]. Additional Notes - No additional matters were deemed necessary for explanation by the issuer [3]. - The report serves as a temporary management report by Dongfang Securities, which will continue to monitor the repayment of principal and interest related to the bonds [3].