Core Viewpoint - Western Securities announced the public issuance of its fourth phase of corporate bonds aimed at professional investors, with interest payments scheduled for September 26, 2025 [1] Summary by Relevant Sections - **Bond Details** - The bond is referred to as "24 Western 04" with the code 148924 - Interest payment for the period from September 26, 2024, to September 25, 2025, is set at RMB 2.14 (including tax) per bond [1] - **Investor Information** - The record date for interest payment is September 25, 2025 - Investors who purchase and hold "24 Western 04" before or on September 25, 2025, will be eligible for the interest payment - Investors selling "24 Western 04" on or before September 25, 2025, will not receive the interest payment [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]