PDH(SH:600048) Zheng Quan Zhi Xing·2025-08-25 17:05Summary of Key Points Core Viewpoint - The company, Poly Developments and Holdings Group Co., Ltd., reported an increase in external guarantees amounting to 31.759 billion yuan in the second quarter of 2025, with a total external guarantee balance of 120.064 billion yuan as of June 30, 2025 [1][2]. Group 1: Guarantee Overview - As of June 30, 2025, the company and its subsidiaries added 31.759 billion yuan in guarantees during the year, while releasing guarantees totaling 23.132 billion yuan, resulting in a net external guarantee balance of 120.064 billion yuan [1][2]. - The guarantees include mutual guarantees among subsidiaries and joint repayment obligations for accounts payable transfers [1][2]. - The company has implemented counter-guarantees and other credit enhancement measures for non-wholly-owned subsidiaries [1][2]. Group 2: Breakdown of Guarantees - The breakdown of the guarantees shows that 12.75 billion yuan was added for wholly-owned subsidiaries, with a total balance of 97.013 billion yuan, of which 7.722 billion yuan was for subsidiaries with a debt-to-asset ratio exceeding 70% [2]. - For non-wholly-owned subsidiaries, 0.312 billion yuan was added, with a total balance of 18.695 billion yuan, including 2.90 billion yuan for those exceeding a 70% debt-to-asset ratio [2]. - Guarantees provided to joint ventures amounted to 0.026 billion yuan, with the entire amount for entities with a debt-to-asset ratio below 70% [2]. Group 3: Financial Health Indicators - The total external guarantee balance of 120.064 billion yuan represents 60.76% of the company's audited net assets attributable to shareholders as of the end of 2024 [2]. - The guarantees to controlling subsidiaries account for 115.708 billion yuan, which is 58.56% of the company's audited net assets [2]. - There are no overdue guarantees reported, although there are instances of guarantees provided to entities with a debt-to-asset ratio exceeding 70% [1][2].