WINNOVATION(SZ:000620) Zheng Quan Zhi Xing·2025-07-16 16:23Summary of Key Points Core Viewpoint - The company is providing a guarantee for its subsidiary, Hainan Xinhua Union Cultural Tourism Development Co., Ltd., which has a high debt-to-asset ratio exceeding 70%, raising concerns about potential risks associated with the guarantee [1][3]. Group 1: Guarantee Overview - The company has previously disclosed guarantees for Hainan Xinhua Union, including a loan of RMB 500 million from the Lingshui Li Autonomous County Rural Credit Cooperative [1]. - The debt of Hainan Xinhua Union was transferred to Hainan United Asset Management Co., Ltd., and a debt repayment agreement was signed with Shenzhen Zhaoping Tongsheng No. 4 Investment Partnership [2]. - The company signed a guarantee contract with Zhaoping Tongsheng, providing joint liability guarantee for the debt, with a guarantee period of three years [2][3]. Group 2: Financial Details - The total amount of the guarantee provided by the company for Hainan Xinhua Union after this transaction is RMB 447 million, with a remaining guarantee limit of RMB 1.553 billion for subsidiaries with a debt-to-asset ratio above 70% [3]. - As of the announcement date, Hainan Xinhua Union's total assets were RMB 928.56 million, with total liabilities of RMB 449.58 million, resulting in a debt-to-asset ratio of approximately 48.4% [7]. - The company has approved a total guarantee limit of up to RMB 2 billion for subsidiaries with a debt-to-asset ratio above 70% and RMB 500 million for those below [3]. Group 3: Company Operations and Compliance - The guarantee is deemed necessary for the normal operational needs of Hainan Xinhua Union and complies with relevant regulations, including the Company Law and the guidelines for external guarantees [8]. - The total balance of external guarantees after this transaction will be RMB 1.604 billion, which accounts for 33.14% of the company's latest audited net assets [8].