Summary of Key Points Core Viewpoint - Western Securities (002673) is experiencing a slight decline in stock price, with a reported closing price of 7.41 yuan on May 30, 2025, down by 0.67% [1]. Trading Information - On May 30, 2025, the fund flow for Western Securities indicated a net outflow of 5.39 million yuan from major funds, while retail funds saw a net inflow of 5.57 million yuan [2][4]. - The trading volume was 188,900 shares, with a total transaction amount of 140 million yuan [1]. Company Announcements - Western Securities announced the payment of interest for its publicly issued corporate bonds (second phase) on June 4, 2025. The interest amount is 2.29 yuan (including tax) per bond for the period from June 4, 2024, to June 3, 2025 [2][4]. - The bond issuance scale is 1 billion yuan, with a maturity of three years and a coupon rate of 2.29%. The bonds are issued at par value, with interest payments scheduled annually on June 4 from 2025 to 2027, and the redemption date is June 4, 2027 [2]. - The bonds are unsecured and have a credit rating of AAA. Each bond (with a face value of 1,000 yuan) will distribute interest of 22.90 yuan (including tax) [2].

Group 1 - The company West Securities Co., Ltd. announced the issuance of its corporate bonds (second phase) aimed at professional investors, with a total issuance scale of 1 billion yuan and a maturity period of 3 years [1] - The coupon rate for the bonds is set at 2.29%, with interest payments amounting to 22.90 yuan per bond (before tax) for each 1,000 yuan face value [1] - The bond's credit rating is AAA and it is unsecured, with the next interest payment date scheduled for June 4, 2025, maintaining the same interest rate [1] Group 2 - The interest payment date is June 4, 2025, with the record date for bondholders being June 3, 2025, and payments will be made through China Securities Depository and Clearing Corporation [1] - Individual and securities investment fund holders will receive a net interest of 18.32 yuan per bond after tax, while non-resident enterprises will receive the full amount of 22.90 yuan [1] - The company has committed to timely interest payments and will announce any subsequent arrangements in case of special circumstances affecting the payment process [1]

Group 1 - The report is prepared by Guoyuan Securities Co., Ltd. as the trustee manager for the bonds issued by Western Securities Co., Ltd. [1] - The bonds issued include multiple series with varying scales and terms, all set for a duration of 3 years without any put options [2][3] - The total issuance scale for the bonds includes 10 billion RMB for the first two series, 16 billion RMB for the third series, 8 billion RMB for the fourth series, and 7 billion RMB for the fifth series [2][3] Group 2 - As of December 31, 2024, Western Securities reported a net asset of 29.015 billion RMB and a loan balance of 36.998 billion RMB, indicating a loan-to-net asset ratio of 50.18%, exceeding the 40% threshold [4] - The company’s new borrowings are in compliance with relevant laws and regulations and are part of normal business operations [4] - Guoyuan Securities will fulfill its responsibilities as the trustee manager and ensure timely information disclosure to protect the interests of bond investors [4]