Zheng Quan Zhi Xing·2025-07-23 16:14Summary of Key Points Core Viewpoint - Dongwu Securities has conducted a thorough review of Jin Hong Gas Co., Ltd.'s provision of guarantees for its wholly-owned subsidiary, Suzhou Industrial Park Anyuan Trading Co., Ltd., in accordance with relevant regulations and guidelines [2][5]. Group 1: Guarantee Overview - The company plans to provide an irrevocable joint liability guarantee for a financing request of RMB 46.93 million from Suzhou Anyuan [2]. - The decision to provide this guarantee was approved during the board and supervisory meetings held on July 23, 2025, and does not require shareholder approval [2][4]. Group 2: Subsidiary Information - Suzhou Anyuan is a wholly-owned subsidiary of Jin Hong Gas, established on January 15, 2024, with a registered capital of RMB 500 million [3]. - The company has total assets of RMB 486.26 million, total liabilities of RMB 156.78 million, and a net profit of RMB -1.54 million [3]. Group 3: Guarantee Agreement Details - As of the date of the review, the guarantee agreement has not yet been signed, and the final guarantee amount will not exceed the board-approved limit [4]. - The board has authorized the chairman or designated representatives to handle the necessary legal documentation [4]. Group 4: Rationale and Necessity of Guarantee - The guarantee is intended to support the daily operational needs of Suzhou Anyuan, ensuring smooth business activities and aligning with the overall interests of the company [4]. - The company maintains effective control over the subsidiary's operations, and the associated risks are deemed manageable [4]. Group 5: Opinions from the Board and Supervisory Committee - The board believes that the guarantee aligns with the operational and financing needs of both the company and its subsidiary, and it complies with legal and regulatory requirements [4]. - The supervisory committee concurs, stating that the decision is based on a comprehensive assessment of business development needs and does not harm the interests of shareholders [5]. Group 6: Cumulative Guarantee Amount - As of the review date, the total external guarantees provided by the company and its subsidiaries amount to RMB 435.45 million, representing 13% of the latest audited net assets [5]. - There are no overdue guarantees or guarantees involved in litigation [5]. Group 7: Sponsor's Review Opinion - The sponsor has confirmed that the guarantee provision has been approved by the board and supervisory committee, fulfilling necessary approval procedures and is reasonable and necessary for daily operations [5].