终于减持华西证券！剑南春七年之痒，首次套现2.55亿

Core Viewpoint - Jian Nan Chun, one of the "Five Golden Flowers" of Sichuan liquor, has initiated a significant share reduction in Huaxi Securities, raising 255 million yuan, coinciding with a notable recovery in the latter's performance after seven years of being a shareholder [3][6]. Group 1: Share Reduction Details - On September 25, Huaxi Securities announced that its shareholder, Sichuan Jian Nan Chun Group, plans to reduce its holdings by up to 26.25 million shares, accounting for 1% of the total share capital [4]. - The stated reason for the reduction is "liquidity needs," and based on the closing price of 9.71 yuan per share, the total cash raised could be approximately 255 million yuan [6]. - This marks the first time Jian Nan Chun Group has proposed a share reduction since Huaxi Securities' listing in 2018, despite the company's fluctuating performance over the years [6]. Group 2: Historical Context and Recent Developments - Jian Nan Chun Group has been a significant stakeholder since Huaxi Securities' inception in 2000, initially investing 80 million yuan and increasing its stake over the years to 6.79% [7]. - The recent performance of Huaxi Securities has shown a substantial recovery, with revenue reaching 2.073 billion yuan in the first half of 2025, a year-on-year increase of 46.72%, and net profit soaring by 1195.02% to 511 million yuan [6]. - The introduction of state-owned capital, with the Mianzhu State-owned Assets Administration Center acquiring approximately 14.51% of Jian Nan Chun Group, indicates a strategic shift and potential future developments [8][11]. Group 3: Implications for Future Strategy - The entry of state-owned capital may be linked to a strategic partnership aimed at developing a billion-level liquor industry cluster in the Deyang region, suggesting that Jian Nan Chun Group is preparing for significant investments [11][12]. - The ongoing trademark dispute with the Mianzhu State-owned Assets Administration Center remains a critical barrier to Jian Nan Chun's potential IPO, which could be alleviated by the recent changes in shareholding [13][14]. - Jian Nan Chun's overall performance has been stable, with revenues of 15.75 billion yuan in 2022 and 16.94 billion yuan in 2023, although growth has slowed due to market pressures [14].