Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-09-05 04:56Core Points - The company disclosed that its cumulative new borrowings for the year exceeded 20% of its net assets as of the end of the previous year, amounting to 529.81 billion yuan, which represents 34.61% of the net assets as of December 31, 2024 [1] Financial Data Overview - As of December 31, 2024, the company's audited net assets were 1,530.85 billion yuan, and the borrowing balance was 3,930.31 billion yuan. By August 31, 2025, the borrowing balance increased to 4,460.12 billion yuan [1] New Borrowings Classification - Bank Loans: As of August 31, 2025, the company's bank loan balance increased by 38.97 billion yuan compared to the end of 2024, primarily due to an increase in short-term borrowings [2] - Corporate Bonds and Non-Bank Financial Institution Loans: The balance of corporate bonds and other financial instruments increased by 220.41 billion yuan as of August 31, 2025, mainly due to issuance and repayment activities [3] - Other Borrowings: Other borrowings increased by 270.43 billion yuan as of August 31, 2025, primarily due to the increase in borrowed funds and the sale and repurchase of financial assets [4] Impact on Debt Servicing Ability - The new borrowings are in compliance with relevant laws and regulations and fall within the company's normal business operations. The company's financial condition remains stable, with all debts being serviced on time, indicating that the new borrowings will not adversely affect the company's operational status or debt servicing ability [5]