Zheng Quan Zhi Xing·2025-06-19 10:38Core Viewpoint - The company plans to provide full guarantees and issue letters of guarantee for its South African subsidiary, with a total guarantee limit of up to 8 billion RMB and a letter of guarantee limit of up to 3 billion RMB, subject to shareholder approval [1][2][4]. Guarantee Details - The guarantee will be provided by the company and its wholly-owned subsidiary, Goldwind International, for Goldwind New Energy South Africa, which is a holding subsidiary with a 70% stake held by Goldwind International and 30% by local SMEs [1][4]. - The guarantee amount of up to 8 billion RMB accounts for 20.76% of the company's latest audited net assets and 5.15% of total assets [2][4]. Financial Impact - The company’s board believes that the guarantee will not significantly impact normal operations and that risks are manageable, as the South African subsidiary will leverage the company's wind turbine products and local project management experience [6][7]. - After this guarantee, the total external guarantee balance will be 290 million RMB, which is 0.75% of the company's latest audited net assets [8]. Subsidiary Financials - As of May 31, 2025, Goldwind New Energy South Africa has a debt-to-asset ratio of 113.38%, indicating financial stress [6]. - The subsidiary has no external guarantees, mortgages, or significant litigation as of the reporting date [6]. Board Opinion - The board has approved the guarantee proposal, emphasizing that the local SMEs involved cannot provide equivalent guarantees due to limited financial capacity [5][7].