CREC(SZ:000736) Zheng Quan Zhi Xing·2025-06-09 09:29Summary of Key Points Core Viewpoint - The company has provided guarantees for its subsidiaries, which have exceeded certain financial thresholds, raising concerns about potential risks associated with these guarantees [1][2][5]. Group 1: Guarantee Progress Overview - The company has signed a loan term adjustment agreement with China Agricultural Bank for its subsidiary Cixi Port City, providing a guarantee amounting to 409.795 million yuan, representing a 99.95% equity stake [1][2]. - The company has also provided a guarantee of 390 million yuan for Wuhan Jinxiu Yaha, with a 100% equity stake in the subsidiary [2][5]. - The total approved guarantee limit for 2025 is 1,807.817 million yuan, and the current guarantees do not exceed this limit, thus not requiring further board or shareholder approval [2][5]. Group 2: Basic Information of Guaranteed Entities - Cixi Port City was established on September 29, 2020, with a registered capital of 100 million yuan, and is primarily engaged in real estate development [3][4]. - Wuhan Jinxiu Yaha was established on April 8, 2022, also with a registered capital of 100 million yuan, focusing on real estate development and related services [3][4]. Group 3: Financial Indicators - Cixi Port City has total assets, total liabilities, net assets, operating income, operating profit, and net profit figures for the recent year and period, although specific numbers are not provided in the summary [3][4]. - Wuhan Jinxiu Yaha also has financial indicators for the recent year and period, but specific figures are not detailed in the summary [4][5]. Group 4: Board Opinion - The board believes that providing guarantees for Cixi Port City and Wuhan Jinxiu Yaha is beneficial for securing project funding and aligns with the company's overall interests [5]. - The company maintains that both subsidiaries are in normal operating conditions and possess the ability to repay their debts [5]. Group 5: Cumulative External Guarantee Amount - As of May 31, 2025, the company has provided external guarantees totaling 858.617 million yuan for its subsidiaries, which is 240% of the net assets as of the end of 2024 [5]. - Guarantees for non-consolidated affiliated companies amount to 110.723 million yuan, representing 31% of the net assets as of the end of 2024 [5].