GRANDJOY(SZ:000031) Zheng Quan Zhi Xing·2025-08-01 16:35Summary of Key Points Core Viewpoint - The announcement details a guarantee provided by the company's wholly-owned subsidiary, COFCO Real Estate (Beijing) Co., Ltd., for its joint venture Beijing Henghe Yuxing Real Estate Co., Ltd. to secure a loan of 960 million yuan from Tianheng Real Estate Group Co., Ltd. The guarantee amount is capped at 271.5 million yuan, reflecting the company's commitment to support its joint venture's financial needs [1][2][3]. Group 1: Guarantee Overview - The company has signed a supplementary agreement for a loan of 960 million yuan, with the loan term extended to December 31, 2027 [1]. - COFCO Real Estate (Beijing) Co., Ltd. will provide a joint liability guarantee for up to 271.5 million yuan, corresponding to its 49% equity stake in the joint venture [1][3]. - The guarantee falls within the approved limit set by the company's shareholders, which was 1.715 billion yuan prior to this guarantee [2]. Group 2: Financial Status of the Joint Venture - As of December 31, 2024, Henghe Yuxing reported total assets of 542.474 million yuan and total liabilities of 861.976 million yuan, resulting in a negative net asset of 331.672 million yuan [3]. - For the first half of 2025, the joint venture generated a revenue of 17.29 million yuan but incurred a net loss of 49.549 million yuan [3]. - The joint venture is currently involved in four unresolved litigation cases, with a total amount in dispute of approximately 13.23 million yuan [3]. Group 3: Board's Opinion - The board believes that providing the guarantee is essential for ensuring the funding needs of the project and considers the joint venture's credit status to be good [3]. - The company maintains oversight of the joint venture's financial situation through management personnel, which helps in controlling financial risks [3]. - The board asserts that the guarantee complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [3].