Market Overview - On October 17, the Tianjin state-owned enterprise reform sector fell by 2.19% compared to the previous trading day, with Baili Electric leading the decline [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Key stocks in the Tianjin state-owned enterprise reform sector showed mixed performance, with Guifaxiang rising by 4.13% to a closing price of 12.86, while Baili Electric dropped by 6.69% to 6.56 [2] - The trading volume and turnover for Guifaxiang were 263,400 shares and 337 million yuan, respectively [2] Capital Flow - The main funds in the Tianjin state-owned enterprise reform sector experienced a net outflow of 180 million yuan, while retail investors saw a net inflow of 204 million yuan [2][3] - The capital flow data indicates that Guifaxiang had a net inflow of 28.86 million yuan from main funds, while Tianjin Port saw a net outflow of 4.73 million yuan [3]

（记者 胡玲） 天保基建（000965.SZ）10月13日在投资者互动平台表示，关于公司今年前三季度的业绩情况，请您留 意公司将于2025年10月25日披露的2025年第三季度报告。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司第三季度业绩预告能否在本周发布？ ...

Market Overview - On September 25, the Tianjin state-owned enterprise reform sector fell by 0.72% compared to the previous trading day, with Jintou Chengkai leading the decline [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - The following stocks in the Tianjin state-owned enterprise reform sector showed notable performance: - Baili Electric (600468) closed at 6.73, up 4.02% with a trading volume of 1.021 million shares and a turnover of 693 million yuan [1] - Jintou Chengkai (600322) closed at 2.35, down 6.37% with a trading volume of 868,900 shares and a turnover of 210 million yuan [2] - Other stocks such as Tianjin Port (600717) and Taida Co. (000652) also experienced declines of 1.28% and 1.45% respectively [1][2] Capital Flow Analysis - The Tianjin state-owned enterprise reform sector saw a net outflow of 38.27 million yuan from main funds, while speculative funds had a net inflow of 53.41 million yuan, and retail investors experienced a net outflow of 15.13 million yuan [2] - Specific stock capital flows included: - Baili Electric had a net inflow of 20.84 million yuan from main funds, while retail investors saw a net outflow of 4.25 million yuan [3] - Tianjin Port had a net inflow of 9.34 million yuan from speculative funds, but a net outflow of 9.81 million yuan from retail investors [3]

Group 1 - Tianbao Infrastructure experienced a decline of 5.08% on September 18, with a stock price of 4.30 yuan per share, a trading volume of 268 million yuan, a turnover rate of 5.48%, and a total market capitalization of 4.772 billion yuan [1] - The company, established on September 30, 1998, and listed on April 6, 2000, is primarily engaged in real estate development, property leasing, and property management, with revenue composition as follows: 85.93% from real estate sales, 6.21% from property leasing, 6.20% from property management, 1.47% from hotel income, and 0.20% from pharmaceutical sales [1] Group 2 - Among the top ten circulating shareholders of Tianbao Infrastructure, a fund under Southern Fund holds a position. The Southern CSI Real Estate ETF Initiated Link A (004642) increased its holdings by 52,100 shares in the second quarter, totaling 7.0786 million shares, which represents 0.64% of the circulating shares. The estimated floating loss today is approximately 1.6281 million yuan [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) was established on August 24, 2017, with a latest scale of 173 million yuan. Year-to-date returns are 10.07%, ranking 3590 out of 4222 in its category; the one-year return is 38.56%, ranking 2980 out of 3804; and since inception, it has incurred a loss of 38.66% [2]

Core Viewpoint - The company, Tianjin Tianbao Infrastructure Co., Ltd., is providing a guarantee for its wholly-owned subsidiary Tianjin Tianbao Shengyuan Real Estate Development Co., Ltd. to secure a loan of RMB 500 million from Huaxia Bank, which exceeds 50% of the company's latest audited net assets and involves a borrower with an asset-liability ratio over 70% [2][3][11]. Group 1: Guarantee Overview - The subsidiary Tianjin Tianbao Shengyuan is applying for a fixed asset loan of RMB 500 million with a three-year term, secured by unsold residential and commercial properties [3]. - The company is providing a joint liability guarantee for this loan, with the guarantee amount also set at RMB 500 million and a guarantee period of three years [3][7]. Group 2: Approval Process - The guarantee amount was approved during the company's board meeting on August 25, 2025, and the fourth extraordinary general meeting of shareholders on September 11, 2025, bringing the total guarantee amount for Tianbao Shengyuan to RMB 1 billion [4]. Group 3: Financial and Credit Status - Tianjin Tianbao Shengyuan has a good credit status and is not a subject of enforcement actions [6]. - The company holds 100% equity in Tianjin Tianbao Shengyuan, which has a registered capital of RMB 1.5 billion [5][8]. Group 4: Guarantee Agreement Details - The guarantee covers the principal, interest, overdue interest, penalties, and other related costs incurred by the bank to realize its claims [9]. - The guarantee period starts based on the maturity of the secured debt [10]. Group 5: Board Opinion - The board believes that this guarantee will help meet the subsidiary's operational funding needs and reduce financial costs, aligning with the company's overall interests [11]. Group 6: Cumulative Guarantee Amount - After this guarantee, the total external guarantee balance provided by the company and its subsidiaries will be RMB 416.77 million, which is 76.61% of the latest audited net assets [12].

Summary of Key Points Core Viewpoint - Tianjin Tianbao Infrastructure Co., Ltd. is providing a guarantee for its wholly-owned subsidiary Tianbao Shengyuan Real Estate Development Co., Ltd. to secure a loan of RMB 500 million from Huaxia Bank, which exceeds 50% of the company's latest audited net assets and involves a borrower with a debt ratio exceeding 70% [2][3]. Group 1: Guarantee Overview - The company is providing a joint liability guarantee for Tianbao Shengyuan's loan application of RMB 500 million, with a loan term of three years [3][4]. - The guarantee amount provided by the company for Tianbao Shengyuan will increase to RMB 1 billion after this transaction, with no remaining guarantee capacity for Tianbao Shengyuan [3][4]. Group 2: Financial Data - The total external guarantee balance after this transaction will be RMB 416,772.90 million, which is 76.61% of the company's latest audited net assets [5]. - The company has no overdue guarantees or guarantees involving litigation [5]. Group 3: Company and Subsidiary Information - Tianbao Shengyuan was established on May 17, 2018, with a registered capital of RMB 1.5 billion and is fully owned by Tianjin Tianbao Infrastructure Co., Ltd. [3][4]. - The main business of Tianbao Shengyuan includes real estate development, interior decoration, engineering management services, and daily life services [3]. Group 4: Board Opinion - The board believes that this guarantee will help meet the daily operational funding needs of the subsidiary and reduce financial costs, aligning with the overall interests of the company [4].

Core Viewpoint - Tianbao Infrastructure announced that the company and its controlling subsidiaries do not have any overdue guarantees or litigation-related guarantees [2] Group 1 - The company confirmed the absence of overdue guarantees [2] - There are no ongoing litigation guarantees involving the company [2]

Group 1 - The company Tianbao Infrastructure announced that after the provision of guarantees, the total balance of external guarantees by the company and its subsidiaries is approximately 4.168 billion yuan, with 3.768 billion yuan provided to its subsidiaries, accounting for 76.61% of the company's latest audited net assets [1] - The amount of guarantees provided to units outside the consolidated financial statements is 400 million yuan, which accounts for 7.35% of the company's latest audited net assets [1] - As of the report date, the market capitalization of Tianbao Infrastructure is 4.9 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Tianbao Infrastructure is as follows: 85.93% from real estate development and operation, 6.21% from property leasing, 6.2% from property management, 1.47% from hotel revenue, and 0.2% from pharmaceutical sales [1]

1 二、相关担保额度审议情况 证券代码：000965 证券简称：天保基建 公告编号：2025-44 天津天保基建股份有限公司 关于为子公司申请借款提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 天津天保基建股份有限公司（以下简称"公司"）及控股子 公司对外提供的担保金额超过公司最近一期经审计净资产 50%， 且本次担保为对资产负债率超过 70%的被担保对象提供担保，敬 请投资者充分关注担保风险。 一、担保情况概述 为满足子公司日常经营资金需要，公司全资子公司天津天保 盛源房地产开发有限公司（以下简称"天保盛源"）向华夏银行 股份有限公司天津南开支行（以下简称"华夏银行天津南开支行"） 申请人民币 50,000 万元额度的固定资产借款，借款期限为三年。 天保盛源以其持有的上城观景项目未售住宅及商业房产作抵押 担保。同时，公司为天保盛源本次借款提供连带责任保证担保， 担保金额为人民币 50,000 万元，保证期间为三年。 公司于 2025 年 8 月 25 日召开的第九届董事会第二十七次会 议、2025 年 9 月 11 日召开的 20 ...

天津天保基建股份有限公司 对外担保管理制度 （于 2025 年 9 月 11 日经公司 2025 年第四次临时股东大会审议通过） 第六条 公司董事会或股东会是对外担保的决策机构，公司一切对外担保行 为，必须按程序经公司董事会或股东会批准。 第二章 对外担保的审批权限和程序 第一章 总 则 第七条 公司可以为具有独立法人资格并满足以下条件之一的对象提供担保： 第一条 为依法规范天津天保基建股份有限公司（以下简称"本公司"或"公 司"）的对外担保行为，防范财务风险，确保本公司稳健经营，根据《中华人民 共和国公司法》《中华人民共和国民法典》《上市公司监管指引第 8 号——上市 公司资金往来、对外担保的监管要求》《深圳证券交易所股票上市规则》（以下 简称"《上市规则》"）等法律、法规、规范性文件及《天津天保基建股份有限 公司章程》（以下简称"公司章程"） 的有关规定，制定本制度。 第二条 本制度所称对外担保，是指公司以自有资产或信誉为他人提供的保 证、资产抵押、质押或者其他形式的担保。公司为下属全资子公司、控股子公司 （以下简称"下属子公司"）提供的担保视同对外担保。 1 第三条 公司及下属子公司按照房地产开发企业的 ...