Western Securities: The cumulative increase in borrowing in January 2026 exceeded 20% of the net assets at the end of the previous year.

West Securities announced that as of December 31, 2025, the unaudited net assets of the company were 32.08 billion yuan, and the balance of borrowings was 45.936 billion yuan. As of January 31, 2026, the balance of borrowings increased to 54.02 billion yuan, with a total of 8.066 billion yuan in new borrowings, accounting for 25.20% of the net assets at the end of the previous year, exceeding 20%. Among them, the balance of bank loans of subsidiaries increased by 0.74 billion yuan, the balance of company bonds increased by 8.06 billion yuan, and the balance of other borrowings increased by 71.86 billion yuan. The company stated that the new borrowings were part of normal operations and would not have an adverse impact on the company's debt repayment ability.