Jefferies Financial Group Inc美股招股说明书(2025-07-25版)

The information in this preliminary pricing supplement is not complete and may be changed without notice. This preliminary pricingsupplement is not an offer to sell these securities, nor a solicitation of an offer to buy these securities, in any jurisdiction where the offering isnot permitted. PRELIMINARY PRICING SUPPLEMENT(to Product Supplement no. 5, dated October 23, 2023,Prospectus Supplement dated May 12,2023 and Prospectus dated May 12, 2023) SUBJECT TO COMPLETION, DATED July 24, 2025 $Jefferies Jefferies Financial Group Inc.Senior Autocallable Contingent Coupon BarrierNotes due August 6, 2030 Linked to the Worst-Performing of the VanEck® Semiconductor ETF, the Russell 2000®Index and the Nasdaq-100 Index prospectus supplement and prospectus, as supplemented or modified by this pricing supplement.The Notes are issued as part of our Series A Global Medium-Term Notes program.All payments are subject to our credit risk.If we default on our obligations, you could lose some or a significant portion of your investment.These Notes are not securedobligations and you will not have any security interest in, or otherwise have any access to, any Underlying or the securities represented by any Underlying.SUMMARY OF TERMS Senior Autocallable Contingent Coupon BarrierNotes due August 6, 2030 Linked to the Worst-Performing of the VanEck® SemiconductorETF, the Russell 2000®Index and the Nasdaq-100 Index®$. We may increase the Aggregate Principal Amount prior to the Original Issue Date but are not required to do so. Aggregate Principal Amount:Issue Price:Stated Principal Amount:Pricing Date:Original Issue Date:Coupon Observation Dates: August 6, 2025 (3 Business Days after the Pricing Date)Monthly, beginning on August 25, 2025, as set forth on page PS-2. The Coupon Observation Dates are subject to postponement as described in the accompanying product supplement.As set forth on page PS-2. The Coupon Payment Dates may be postponed if the related Coupon Observation Date is postponed as Coupon Payment Dates: described in the accompanying product supplement.Monthly, beginning on January 26, 2026, as set forth on page PS-2. The Call Observation Dates are subject to postponement as described in Call Observation Dates: the accompanying product supplement.As set forth on page PS-2. The Call Payment Dates may be postponed if the related Call Observation Date is postponed as described in the accompanying product supplement.August 1, 2030, subject to postponement as described in the accompanying product supplement. Call Payment Dates: Valuation Date:Maturity Date:Underlying: August 6, 2030, which may be postponed if the Valuation Date is postponed as described in the accompanying product supplement.The worst-performing of the VanEck® Semiconductor ETF (the “SMH”), the Russell 2000®Index (the “RTY”) and the Nasdaq-100 Index®(the “NDX”).Please see “The Underlyings” below.The Underlying with the lowest Observation Value or Final Value, as applicable, as compared to its Initial Value Worst-Performing Underlying:Coupon Feature: Contingent Coupon Payments. The Notes will pay a Contingent Coupon Payment of $12.833 on the applicable Coupon Payment Date if theObservation Value of the Worst-Performing Underlying on the applicable monthly Coupon Observation Date is greater than or equal to itsCoupon Barrier.Autocallable Notes. The Notes will be automatically called if the Observation Value of the Worst-Performing Underlying on any Call Call Feature: Observation Date (beginning approximately six months after the Pricing Date) is equal to or greater than its Call Value.If your Notes arecalled, you will receive the Call Payment on the applicable Call Payment Date, and no further amounts will be payable on the Notes.The Stated Principal Amountplusany Contingent Coupon Payment that may otherwise be due on the applicable Call Payment Date. Call Payment:Payment at Maturity: If the Final Value of the Worst-Performing Underlying is greater than or equal to its Threshold Value, you will receive for each Notethat you hold a Payment at Maturity that is equal to the Stated Principal AmountIf the Final Value of the Worst-Performing Underlying is less than its Threshold Value, you will receive for each Note that you hold a Payment at Maturity that is less than the Stated Principal Amount of each Note that will equal: In this scenario the Payment at Maturity will be less than the Stated Principal Amount you could lose some or all of your investment. The Payment at Maturity will also include the final Contingent Coupon Payment if the Observation Value of the Worst-Performing Underlyingon the final Coupon Observation Date is greater than or equal to its Coupon Barrier.With respect to the SMH, the ETF Closing Price of the Underlying on the Pricing Date; with respect to each of the RTY and the NDX, the Index Closing Value of the Underlying on the Pricing Date.With respect to the SMH, the ETF Closing Price of the Underlyingtimesthe Adj