KASUN(SZ:002418) Zheng Quan Zhi Xing·2025-07-01 16:41Core Viewpoint - The company Zhejiang Kangsong Co., Ltd. has approved a proposal to provide mortgage guarantees for a bank loan application by its subsidiary, Chengdu Zhongzhi Yike Chengdu Automobile Co., Ltd., to support its business development in the new energy vehicle sector [1][2]. Summary by Sections Guarantee Overview - The company’s subsidiary Zhongzhi Yike won a bid for a procurement project of 280 new energy vehicles from Chengdu Public Transport Group, with a contract value of 188.204 million yuan [1]. - To meet the funding needs for this project, Zhongzhi Yike plans to apply for a 100 million yuan working capital loan from Chengdu Bank [2]. Financing Details - The loan application is for 100 million yuan with a term not exceeding 18 months, and the interest rate will be based on the 5-year LPR prior to the contract signing [2]. - The repayment source for the loan will be the revenue from the 188.204 million yuan order for new energy buses [2]. Company’s Guarantee Situation - After the mortgage guarantee, the total guarantee amount provided by the company to Zhongzhi Yike will be 100 million yuan, which represents 7.03% of the company's latest audited net assets [2][10]. - The company holds a 45% stake in Zhongzhi Yike, which is classified as a non-related party transaction, thus not requiring shareholder approval [2][10]. Subsidiary Financial Overview - As of March 31, 2025, Zhongzhi Yike reported total assets of 728.7507 million yuan and total liabilities of 389.5297 million yuan, resulting in net assets of 339.2210 million yuan [5]. - The company recorded a revenue of 120.5837 million yuan in the first quarter of 2025, with a net loss of 3.3276 million yuan [5]. Collateral Details - The collateral for the loan will be the real estate and industrial land owned by the subsidiary Chengdu Shukang Rongsheng, valued at 94.1425 million yuan [6]. - The collateral is subject to a second mortgage, with Chengdu Bank being the first mortgagee [7]. Board of Directors' Opinion - The board believes that the mortgage guarantee aligns with the company's overall development strategy and that Zhongzhi Yike has a healthy financial structure and good debt repayment capability [10]. - The board has assessed the risks associated with the guarantee and concluded that they are manageable and will not adversely affect the company's operations [10].