Western Securities: Cumulative new borrowings from January to October 2025 exceed the net assets at the end of the previous year by 40%.

Western Securities announced that as of December 31, 2024, the company's audited net assets were 29.015 billion yuan, with a loan balance of 36.998 billion yuan. As of October 31, 2025, the loan balance was 48.749 billion yuan, with a total of 11.751 billion yuan in new loans, accounting for 40.50% of the net assets at the end of the previous year, exceeding 40%. Among the new loans, the balance of bank loans of subsidiaries increased by 105 million yuan compared to the end of 2024; the company's bond balance increased by 11.60 billion yuan; and other loan balances increased by 104.86 billion yuan. The company stated that the new loans are part of normal operations and will not have any adverse impact on its ability to meet financial obligations.