威龙葡萄酒股份有限公司2025 年半年度报告 公司代码：603779 公司简称：威龙股份 威龙葡萄酒股份有限公司 威龙葡萄酒股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人朱秋红、主管会计工作负责人张鹏及会计机构负责人（会计主管人员）张鹏声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者注意投 资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能面对的各种风险及应对措施，敬请查 ...

| | 威龙葡萄酒股份有限公司2025 | 年半年度报告摘要 | | | --- | --- | --- | --- | | 公司代码：603779 | | 公司简称：威龙股份 | | | | 威龙葡萄酒股份有限公司 | | | | | 威龙葡萄酒股份有限公司2025 | 年半年度报告摘要 | | | | 第一节 重要提示 | | | | 展规划，投资者应当到上海证券交易所网站：www.sse.com.cn | | | 网站仔细阅读半年度报告全文。 | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | 无 | | | | | | 第二节 公司基本情况 | | | | | 公司股票简况 | | | | 股票种类 | 股票上市交易所 | 股票简称 | 股票代码 变更前股票简 | | 称 | | | | | A股 | 上海证券交易所 威龙股份 | | 603779 不适用 | | 联系人和联系方式 | 董事会秘书 | | 证券事务代表 | | 姓名 | 刘玉磊 | 吕美玉 | | | 电话 | 0535-3616259 | 0535-3616259 | | | 办公 ...

证券代码：603779 证券简称：威龙股份 公告编号：2025－040 威龙葡萄酒股份有限公司 2025 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十四号—— 酒制造》的相关规定，现将威龙葡萄酒股份有限公司（以下简称"公 司"）2025年半年度主要经营数据（未经审计）公告如下： 一、 公司 2025 年半年度主要经营情况 1、酒类产品按产品档次分类情况： 2、酒类产品按销售渠道分类情况： 1 单位：万元 币种：人民币 产品档次 2025 年 1－6 月销售收入 2024 年 1－6 月销售收入 增减变动幅度 （%） 低端 10,583.08 14,236.92 -25.66 中端 4,834.92 5,370.51 -9.97 高端 1,520.35 1,604.19 -5.23 合计 16,938.35 21,211.62 -20.15 单位：万元 币种：人民币 渠道类型 2025 年 1－6 月销售收入 2024 年 1－6 月销售收入 增减变动 ...

1、投保人：威龙葡萄酒股份有限公司 2、被保险人：公司及公司全体董事、监事、高级管理人 员及其他相关主体（具体以公司与保险公司协商确定的范围 为准） 3、赔偿限额：不超过人民币 5,000 万元（具体以保险合 同为准） 4、保费支出：不超过人民币 30 万元/年（具体以保险合 同为准） 证券代码：603779 证券简称：威龙股份 公告编号：2025-043 威龙葡萄酒股份有限公司 关于购买董监高责任险的公告 本公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担个别及连带责任。 为完善威龙葡萄酒股份有限公司（以下简称"公司"） 风险管理体系，加强风险管控，降低公司运营风险，保障公 司董事、监事及高级管理人员的权益和广大投资者利益，同 时促进公司管理层充分行使权利、履行职责，公司拟为公司 及全体董事、监事及高级管理人员等购买责任保险（以下简 称"董监高责任险"）。公司于 2025 年 8 月 21 日召开第六 届董事会第八次会议、第六届监事会第八次会议，审议通过 了《关于购买董监高责任险的议案》。因公司董事、监事均 为被保险对象，属于利益相关方 ...

证券代码：603779 证券简称：威龙股份 公告编号：2025-044 威龙葡萄酒股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人：董事会 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 8 日 14 点 30 分 召开地点：威龙葡萄酒股份有限公司三楼会议室 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年9月8日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网 ...

证券代码：603779 证券简称：威龙股份 公告编号：2025-042 威龙葡萄酒股份有限公司 第六届监事会第八次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担个别及连带责任。 威龙葡萄酒股份有限公司（以下简称"公司"）第六届监事 会第八次会议于 2025 年 8 月 21 日上午 9 时 30 分在公司会议室 以现场表决的方式召开，公司于 2025 年 8 月 11 日以通讯方式 通知了各位参会人员。本次会议应出席监事 3 人，实到监事 3 人。会议的召开符合《中华人民共和国公司法》和《公司章程》 及有关法律、法规的规定。会议由监事会主席丁惟杰先生主持。 会议内容如下： 一、审议通过《公司 2025 年半年度报告全文及摘要的议案》 具体内容请详见同日在上海证券交易所网站披露的《威龙 葡萄酒股份有限公司 2025 年半年度报告》和《威龙葡萄酒股份 有限公司 2025 年半年度报告摘要》。 表决结果：赞成 3 票；反对 0 票；弃权 0 票。 二、审议通过《关于购买董监高责任险的议案》 2025 年 8 月 22 日 经审 ...

表决结果：赞成 9 票；反对 0 票；弃权 0 票。 证券代码：603779 证券简称：威龙股份 公告编号：2025-041 威龙葡萄酒股份有限公司 第六届董事会第八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担个别及连带责任。 威龙葡萄酒股份有限公司（以下简称"公司"）第六届 董事会第八次会议通知于 2025 年 8 月 11 日以通讯方式发出， 公司第六届董事会第八次会议于 2025 年 8 月 21 日 9 时在公 司会议室以现场表决及通讯表决方式召开。本次会议应出席 董事 9 人，实到董事 9 人，董事姜常慧先生，独立董事王新 先生、徐红山先生、马志忠先生以通讯方式参加会议。会议 由董事长朱秋红女士主持，公司监事及高级管理人员列席了 本次会议。会议的召开符合《中华人民共和国公司法》和 《公司章程》及有关法律法规的规定。与会董事审议并通过 了如下决议： 一、审议通过《公司 2025 年半年度报告全文及摘要的议 案》 本议案已经公司董事会审计委员会审议通过后提交公司 董事会审议。 具体内容请详见同日在上海证券交易所 ...

威龙股份（SH 603779，收盘价：7.68元）8月21日晚间发布公告称，公司第六届第八次董事会会议于 2025年8月21日在公司会议室以现场表决及通讯表决方式召开。会议审议了《公司2025年半年度报告全 文及摘要的议案》等文件。 （文章来源：每日经济新闻） 2024年1至12月份，威龙股份的营业收入构成为：酒及酒精饮料业占比94.67%，其他业务占比5.33%。 ...

格隆汇8月21日丨威龙股份(603779.SH)公布2025年半年度报告，上半年实现营业收入1.87亿元，同比下 降15.27%；归属于上市公司股东的净利润-240.18万元；基本每股收益-0.01元。 ...

[Definitions](index=4&type=section&id=Item%201.%20Definitions) This chapter defines key professional terms and company abbreviations used throughout the report - This chapter primarily explains professional terms and company abbreviations used in the report, such as **'the Company'** referring to **Weilong Wine Co., Ltd.**, and **'Xinghe Xirang'** referring to its controlling shareholder, **Xinghe Xirang (Zhejiang) Digital Technology Co., Ltd**[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial performance metrics for the reporting period [Company Basic Information](index=4&type=section&id=Company%20Information) This chapter details Weilong Wine Co., Ltd.'s fundamental information, including its legal representative, contact details, and listing information - The company's legal representative is **Zhu Qiuhong**[13](index=13&type=chunk) - The company's stock abbreviation is **'Weilong Shares'**, stock code **'603779'**, listed on the Shanghai Stock Exchange[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company experienced a significant decline in operating performance, with revenue down 15.27% and net profit turning to a loss, though operating cash flow improved by 70% Key Accounting Data (January-June 2025) | Indicator | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 187,045,280.14 | 220,756,379.74 | -15.27% | | Net Profit Attributable to Shareholders | -2,401,755.22 | 9,448,994.55 | Not Applicable | | Net Profit After Non-Recurring Items | -2,659,564.57 | 9,033,110.88 | Not Applicable | | Net Cash Flow from Operating Activities | -5,693,590.83 | -18,976,258.78 | 70.00% | | Total Assets | 1,062,866,384.78 | 1,080,802,327.61 | -1.66% (vs. prior year-end) | Key Financial Indicators (January-June 2025) | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.01 | 0.03 | Not Applicable | | Weighted Average Return on Net Assets (%) | -0.43 | 1.67 | Decreased by 2.10 percentage points | - Total non-recurring gains and losses for the reporting period amounted to **CNY 257,809.35**, primarily from government subsidies[21](index=21&type=chunk)[23](index=23&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the company's operational performance, core competencies, key financial changes, and potential risks [Discussion and Analysis of Operations](index=6&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Conditions) In H1 2025, the company focused on strategic goals, advancing brand building, market marketing, technological processes, and internal control management - Marketing Strategies: - **Product Focus**: Emphasizing **Longque series**, **Brandy series**, and **Weilong Organic series** products - **Channel Expansion**: Stabilizing mature markets, penetrating key regions, and filling market gaps - **Terminal Management**: Utilizing big data analytics to offer customized product portfolios and promotional plans - **Consumer Cultivation**: Strengthening group purchasing, banquet projects, and personalized services[25](index=25&type=chunk) - Brand Building Strategies: - **Image Shaping**: Continuously building **Weilong Organic's mid-to-high-end brand image** - **Cross-industry Collaboration**: Exploring joint promotion models, such as with film and television productions - **Sub-brand Leadership**: Vigorously advancing the 'brand leading brand' strategy by establishing **Longque high-end sub-brand** and **Weilong Ofei Brandy** as two major business units to enhance overall brand power[25](index=25&type=chunk) - Technology and Internal Control: - **Technological Process**: Optimizing winemaking processes based on market demand, introducing new technologies and materials to enhance product quality - **Internal Control Management**: Strengthening internal audits, optimizing business processes, improving management systems, and enhancing work efficiency[26](index=26&type=chunk)[27](index=27&type=chunk) [Analysis of Core Competencies](index=7&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include its 'organic' brand, advantageous raw material bases, leading organic grape technology, full-产业链 integration, experienced teams, and diverse product lines - The company's core brand image is **'organic'**, with products certified by multiple countries, aligning with modern consumer trends[28](index=28&type=chunk) - The company owns or partners with high-quality wine grape cultivation bases in **Gansu Wuwei, Australia, and Xinjiang Yili River Valley**, ensuring the supply of premium raw materials[28](index=28&type=chunk) - The company has established a **full-产业链 integrated model** from seedling selection, ecological fertilizer production, cultivation, brewing, to sales, enhancing its market responsiveness, risk defense, and cost control capabilities[29](index=29&type=chunk) [Analysis of Key Operating Conditions](index=8&type=section&id=Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) The company's main business faced pressure with declining revenue and costs, while cash flows improved despite remaining negative, and significant shifts occurred in asset and liability items Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 187,045,280.14 | 220,756,379.74 | -15.27 | Decrease in sales revenue | | Operating Cost | 90,803,306.53 | 104,041,735.65 | -12.72 | Decrease in sales revenue | | Financial Expenses | 6,699,714.50 | 8,774,168.55 | -23.64 | Decrease in bank loans, reduced interest expense | | Net Cash Flow from Operating Activities | -5,693,590.83 | -18,976,258.78 | 70.00 | Decrease in cash paid for goods and services | | Asset Impairment Losses | -8,491,962.86 | -1,407,465.66 | -503.35 | Inventory for which impairment provisions were reversed was used in production and sold externally | | Income Tax Expense | 817,274.05 | 4,273,794.56 | -80.88 | Decrease in sales revenue | Changes in Major Asset and Liability Items | Item Name | Current Period End Amount (CNY) | Change from Prior Year-End (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 22,095,688.13 | 36.89 | Decrease in operating expenses this period | | Receivables Financing | 1,526,336.98 | 5,199.78 | Increase in outstanding notes receivable this period | | Employee Compensation Payable | 4,791,358.61 | -46.58 | Payment of prior period employee compensation this period | | Taxes Payable | 4,427,604.19 | -75.04 | Decrease in operating revenue led to reduced taxes and fees | - As of the end of the reporting period, the company's overseas assets amounted to **CNY 266 million**, representing **25.01%** of total assets[37](index=37&type=chunk) - As of the end of the reporting period, the total book value of the company's major restricted assets was **CNY 65.49 million**, primarily consisting of fixed assets and intangible assets pledged for borrowings[38](index=38&type=chunk) [Potential Risks](index=12&type=section&id=Potential%20Risks) The company faces significant risks including wine market volatility, raw material supply and price fluctuations, and challenges in managing its new high-end sub-brand - **Market Risk**: Influenced by macroeconomic conditions, consumer habits, and the impact of imported products, the domestic wine market faces weak demand, potentially leading to significant fluctuations in the company's operating performance[42](index=42&type=chunk) - **Raw Material Supply Risk**: Grape yield and quality are susceptible to force majeure events like weather, potentially leading to increased raw material costs or shortages, with the complex and volatile international environment further adding to supply uncertainty[42](index=42&type=chunk) - **Brand Management Risk**: The company's newly established **'Longque' high-end sub-brand** faces challenges in overcoming consumer perceptions of imported premium wines and gaining market recognition; inadequate brand maintenance could adversely affect the company[43](index=43&type=chunk) [Corporate Governance, Environment, and Society](index=14&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, as well as its profit distribution plan [Changes in Directors, Supervisors, and Senior Management](index=14&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company saw changes in its board and senior management, including the appointment of a new independent director and a deputy general manager Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Wang Lei | Deputy General Manager | Appointment | | Ma Zhizhong | Independent Director | Election | | Li Xin | Independent Director | Resignation | [Profit Distribution Plan](index=14&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution plan is to not distribute profits or convert capital reserves into share capital - The company's **2025 semi-annual profit distribution plan** is: **no distribution, no capital increase from reserves**[48](index=48&type=chunk) [Significant Matters](index=16&type=section&id=Item%205.%20Significant%20Matters) This section details the fulfillment of commitments, major litigation, alleged illegal activities by related parties, and other significant corporate events [Fulfillment of Commitments](index=16&type=section&id=Fulfillment%20of%20Commitments) Commitments made by the controlling shareholder and actual controller regarding company independence, avoiding competition, and regulating related-party transactions were strictly fulfilled - Controlling shareholder **Xinghe Xirang** and its related parties committed to ensuring the listed company's independence in **personnel, assets, finance, business, and organization**, a commitment strictly fulfilled during the reporting period[52](index=52&type=chunk)[53](index=53&type=chunk) - To avoid horizontal competition, the controlling shareholder committed not to engage in businesses that compete with the listed company and to prioritize offering relevant business opportunities to the listed company[53](index=53&type=chunk) [Major Litigation and Arbitration Matters](index=19&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) The company is involved in a lawsuit with Yantai Bank Longkou Branch, where a retrial application was rejected, and the opposing party has sought procuratorial supervision - In the lawsuit between the company and **Yantai Bank Longkou Branch**, the **Shandong Provincial High People's Court** has ruled to reject the opposing party's application for retrial[56](index=56&type=chunk) - Dissatisfied with the judgment, **Yantai Bank Longkou Branch** has applied to the **Yantai Municipal People's Procuratorate** for supervision, requesting a retrial procuratorial recommendation or protest, which the procuratorate has accepted[56](index=56&type=chunk) [Alleged Illegal Activities by Related Parties](index=19&type=section&id=Alleged%20Illegal%20Activities%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Company%2C%20its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company's actual controller, Mr. Yan Pengfei, was placed under residential surveillance for alleged embezzlement, with no new developments reported - The company's actual controller, **Mr. Yan Pengfei**, was placed under residential surveillance by the public security bureau on **December 25, 2024**, for alleged **embezzlement**, with no latest developments reported to date[57](index=57&type=chunk) [Other Significant Matters](index=23&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The controlling shareholder's plan to increase its shareholding, though extended, has not yet been implemented as of the report disclosure date - Controlling shareholder **Xinghe Xirang** had planned to increase its shareholding in the company and extended the plan's duration, but as of the report disclosure date, the share increase has not yet been implemented[62](index=62&type=chunk) [Share Changes and Shareholder Information](index=23&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's shareholder structure and any changes in share capital during the reporting period [Shareholder Information](index=23&type=section&id=Shareholder%20Information) As of the reporting period end, the company had 28,966 common shareholders, with the controlling shareholder holding 18.84% of shares, some pledged, and no changes in share capital - As of the end of the reporting period, the company had a total of **28,966 shareholders**[65](index=65&type=chunk) Top Three Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Share Status | | :--- | :--- | :--- | :--- | | Xinghe Xirang (Zhejiang) Digital Technology Co., Ltd. | 62,571,880 | 18.84 | Pledged 49,280,000 shares | | Zhejiang Phoenix Enterprise Management Partnership (Limited Partnership) | 26,619,932 | 8.02 | None | | Yang Guangdi | 16,958,382 | 5.11 | None | - During the reporting period, there were **no changes** in the company's total share capital or share structure[65](index=65&type=chunk) [Bond-Related Information](index=26&type=section&id=Item%207.%20Bond-Related%20Information) This section provides information regarding the company's outstanding bonds and other debt instruments [Corporate Bonds and Other Debt Instruments](index=26&type=section&id=Corporate%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has **no outstanding corporate bonds** (including enterprise bonds), **non-financial enterprise debt financing instruments**, or **convertible corporate bonds**[70](index=70&type=chunk) [Financial Report](index=27&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited financial statements, including balance sheets, income statements, and cash flow statements, along with detailed notes [Financial Statements](index=27&type=section&id=Financial%20Statements) This section presents the unaudited consolidated and parent company financial statements, showing total assets of CNY 1.063 billion, total liabilities of CNY 505 million, and a net loss - This **semi-annual financial report is unaudited**[5](index=5&type=chunk)[72](index=72&type=chunk) Key Items from Consolidated Balance Sheet (2025-06-30) | Item | Period-End Balance (CNY) | | :--- | :--- | | Total Assets | 1,062,866,384.78 | | Total Liabilities | 505,028,920.14 | | Total Equity Attributable to Parent Company Owners | 557,677,260.51 | Key Items from Consolidated Income Statement (January-June 2025) | Item | Current Period Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 187,045,280.14 | | Total Profit | -1,584,481.52 | | Net Profit | -2,401,755.57 | | Net Profit Attributable to Parent Company Shareholders | -2,401,755.22 | [Notes to Consolidated Financial Statement Items](index=74&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed explanations for major consolidated financial statement items, including monetary funds, accounts receivable, inventory, fixed assets, and short-term borrowings - Period-end monetary funds balance was **CNY 22.10 million**, of which **CNY 14,000** was restricted[208](index=208&type=chunk)[211](index=211&type=chunk) - Period-end accounts receivable book balance was **CNY 30.05 million**, with a bad debt provision of **CNY 9.82 million**, resulting in a book value of **CNY 20.24 million**; approximately **60%** of these were within one year aging[218](index=218&type=chunk)[221](index=221&type=chunk) - Period-end inventory book value was **CNY 419 million**, comprising a book balance of **CNY 536 million** and an inventory impairment provision of **CNY 116 million**; inventory primarily consisted of raw materials, work-in-progress, and finished goods[252](index=252&type=chunk) - Period-end short-term borrowings amounted to **CNY 121 million**, primarily composed of **mortgage loans, guarantee loans, and mortgage-plus-guarantee loans**[292](index=292&type=chunk)