ZPEC(SH:603619) Shang Hai Zheng Quan Bao·2025-07-04 18:41Core Viewpoint - The company, Zhongman Petroleum and Natural Gas Group Co., Ltd., has provided guarantees for its subsidiaries to secure bank loans, ensuring their operational needs and business continuity [1][9][10]. Group 1: Guarantee Details - The company and its wholly-owned subsidiary, Zhongman Petroleum Equipment Group Co., Ltd., provided a joint liability guarantee for Zhongman Drilling's application for a bank credit of 18 million RMB [1]. - The company also provided guarantees for Akesu Zhongman's loans of 260 million RMB and 200 million RMB from two different banks [1][6][7]. - As of now, the total guarantee amount provided by the company is 2,000 million RMB for Zhongman Drilling and 1,874.3661 million RMB for Akesu Zhongman, excluding the current guarantees [1]. Group 2: Internal Decision-Making Process - The company held board meetings on April 23, 2025, and June 5, 2025, to approve the expected guarantee amount for 2025, which falls within the previously estimated limits [2]. - No additional board or shareholder meetings were required for the current guarantees as they are within the approved limits [2]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to support the subsidiaries' operational needs and ensure stable business development [9]. - The company maintains full control over the production and financial management of the subsidiaries, ensuring that the guarantee risks are manageable [9]. Group 4: Board Opinions - The board unanimously believes that the guarantees will facilitate the daily operations of the company's business segments and align with overall development needs [10]. - The operational conditions of the guaranteed entities are stable, and the risks associated with the guarantees are controllable, not affecting the company's normal operations or shareholder interests [10]. Group 5: Cumulative Guarantee Information - As of now, the total external guarantees amount to 2,312.2341 million RMB, accounting for 54.21% of the company's audited net assets for 2024 [11]. - All guaranteed entities are wholly-owned subsidiaries, and there are no overdue guarantees [11].