振华风光：关于2025年度开展应收账款保理业务及认购应收账款资产支持证券暨关联交易的公告

Core Viewpoint - The company plans to transfer accounts receivable worth up to RMB 16,525 million to a related party for securitization purposes, which involves issuing asset-backed securities [2] Group 1: Transaction Details - The company intends to use non-recourse factoring to transfer accounts receivable to China Electronics Huirong Commercial Factoring (Shenzhen) Co., Ltd. [2] - The accounts receivable transfer is part of a broader asset-backed securities product established by China Securities Co., Ltd. [2] - The transfer amount is valid for one year from the date of approval by the shareholders' meeting [2] Group 2: Company Involvement - The company will use its own funds to purchase up to RMB 5 million of the asset-backed securities, which is approximately 3% of the accounts receivable transfer amount [2] - The actual controllers of both the company and China Electronics Huirong are the same, indicating a related party transaction [2] - The transaction has been approved by the independent directors and the board of directors, pending further approval from the shareholders' meeting [2]