Core Viewpoint - Southwest Securities' subsidiary, Xizheng International Securities, will lose its listing status due to failure to meet resumption guidelines, but this will have a minimal impact on the company's overall operations [1][2]. Group 1: Impact of Xizheng International Securities - Xizheng International Securities has a small scale, with total assets of 0.83 million yuan, accounting for only 0.09% of Southwest Securities' total assets as of June 30, 2025 [2]. - The revenue generated by Xizheng International Securities in the first half of 2025 was 1.03 million yuan, representing just 0.07% of Southwest Securities' total revenue [2]. - The delisting is seen as an opportunity for the company to streamline its overseas operations and focus on more efficient business strategies [3]. Group 2: Strategic Adjustments and Future Plans - In 2022, Southwest Securities began restructuring its overseas business, including halting direct securities brokerage and margin financing operations [3]. - The company has plans to transform its overseas business by leveraging existing platforms and enhancing cooperation between domestic and international markets [3]. - Southwest Securities aims to facilitate cross-border capital operations and support national strategic initiatives, such as the Chengdu-Chongqing economic circle [3]. Group 3: Financial Performance - For the first half of 2025, Southwest Securities reported a revenue of 1.504 billion yuan, a year-on-year increase of 26.23%, and a net profit of 423 million yuan, up 25.76% [4]. - The company has actively contributed to the local economy, serving over 13 billion yuan in the Sichuan-Chongqing region, which is a nearly 30% increase year-on-year [4]. - Southwest Securities has established strategic investment funds to support specialized enterprises in the Chongqing area, enhancing its role as a consulting service provider for local governments [4]. Group 4: Investment Banking Achievements - The investment banking division of Southwest Securities has successfully executed several significant projects, including a major asset restructuring for *ST Songfa, with a transaction scale exceeding 8 billion yuan [5]. - The company has also facilitated the first merger project of 2025 for a state-owned enterprise in Chongqing, showcasing its market influence [5]. - Southwest Securities is committed to building a first-class regional investment bank and aims to enhance its competitive edge in the market [6].

Core Insights - Southwest Securities reported steady growth in its operating performance for the first half of 2025, with key indicators such as revenue and profit showing positive trends [1] - The investment banking business demonstrated significant year-on-year growth, particularly in equity financing, mergers and acquisitions, and bond financing [2] Financial Performance - As of June 30, 2025, the total assets of Southwest Securities reached 92.104 billion yuan, with net assets of 25.738 billion yuan and net capital of 16.714 billion yuan [1] - The company achieved operating revenue of 1.504 billion yuan, representing a year-on-year increase of 26.23%, and a total profit of 514 million yuan, up 65.48% year-on-year [1] - The net profit attributable to shareholders was 423 million yuan, reflecting a year-on-year growth of 24.36% [1] Investment Banking Performance - The investment banking segment saw revenue growth exceeding 85% year-on-year, with financial advisory services net income increasing nearly 130% and underwriting services net income rising by almost 63% [2] - Notable projects included the restructuring of *ST Songfa, which became the first listed company to disclose a plan and complete registration under the "Six Opinions on Mergers and Acquisitions," with a transaction scale exceeding 8 billion yuan [2] - The company also facilitated the first merger project of a state-owned listed company in Chongqing for 2025 and issued the first exchangeable corporate bond for a private technology innovation enterprise in the market [2] Strategic Goals - The management emphasized the commitment to developing a first-class regional investment bank that aligns with local economic and social development, aiming for leadership in the western region and national recognition [3]