SCPH(SZ:000488) Mei Ri Jing Ji Xin Wen·2025-10-10 12:33Core Viewpoint - ST Morning (SZ 000488) announced plans to engage in supply chain financing, with guarantees provided by its subsidiaries totaling up to RMB 2 billion for a period not exceeding 5 years [1] Group 1: Financing and Guarantees - The company’s subsidiary, Shandong Morning Paper Co., Ltd., will initiate supply chain financing, with guarantees from Zhanjiang Morning Pulp and Paper Co., Ltd. and Shandong Morning Paper Sales Co., Ltd. [1] - Additionally, Jilin Morning Pulp and Fiber Trading Co., Ltd. will provide a joint liability guarantee for Hubei Morning Technology Industrial Co., Ltd. with a limit of RMB 10 million for up to 3 years [1] Group 2: Current Financial Status - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 20.291 billion, representing 221.61% of the latest audited net assets [2] - The guarantees to entities outside the consolidated financial statements total RMB 824 million, accounting for 9% of the latest audited net assets [2] - The overdue guarantees amount to RMB 2.092 billion, with RMB 1.636 billion related to litigation and RMB 649 million due to adverse judgments [2] Group 3: Revenue Composition - For the first half of 2025, ST Morning's revenue composition is as follows: Mechanized paper 53.23%, chemical pulp 35.13%, electricity and heat 4.66%, hotels 3.48%, and other industries 3.35% [2] Group 4: Market Capitalization - As of the report, ST Morning's market capitalization stands at RMB 6.1 billion [3]