ZhongWang Fabric (SH:605003) Zheng Quan Zhi Xing·2025-05-21 08:13Core Viewpoint - The announcement details the recognition of a related party transaction involving the purchase of a financial product from a bank that has become a related party due to a change in its board of directors, ensuring compliance with corporate governance procedures [1][2]. Summary by Sections 1. Overview of Related Party Transaction - The company purchased a financial product worth 15 million RMB from Yuhang Rural Commercial Bank, which is now a related party, and the transaction was approved by the board with related directors abstaining from voting [2][3]. 2. Related Party Information and Relationship - Yuhang Rural Commercial Bank is located in Hangzhou, Zhejiang, with a registered capital of approximately 1.635 billion RMB. The actual controller, Yang Linshan, was elected as a new director, establishing the bank as a related party [2][3]. 3. Previous Similar Transactions and Performance Analysis - The company holds another financial product from Yuhang Rural Commercial Bank, purchased before the bank became a related party, with a principal of 250 million RMB and an interest income of approximately 4.5288 million RMB for the year 2024 [3]. 4. Main Content and Pricing Policy of Related Transactions - The recent transaction involved a 2-year large-denomination certificate of deposit with a principal of 15 million RMB, yielding an interest of 72,600 RMB during its holding period. The annualized interest rate was set at 2.60% [4]. 5. Purpose and Impact of Related Transactions - The transaction is aimed at improving the efficiency of fund usage and overall company returns, with no adverse effects on the company's independence or interests of non-related shareholders [4]. 6. Review Procedures for Related Transactions - The independent directors confirmed that the transaction was based on normal business needs and was conducted fairly, with all necessary procedures followed for approval [4].