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]