山子高科完成欧洲子公司债务重组，预计降低负债率约18%

Core Viewpoint - The company has successfully completed the debt restructuring of its European subsidiary, significantly improving its financial structure and reducing debt pressure [2] Group 1: Debt Restructuring Progress - The company announced the payment of the remaining amount of €8.1097 million to the syndicate, completing the repayment of the original €70 million syndicate loan [2] - The debt restructuring process was initiated at the end of 2024, with a settlement agreement signed in early 2025 [2] - A new settlement agreement was signed in September 2025 between the company's Belgian subsidiary and the syndicate to facilitate the restructuring [2] Group 2: Financial Impact - The debt restructuring is expected to reduce the company's liabilities by approximately €233 million (around ¥1.94 billion), leading to an estimated decrease in the overall asset-liability ratio by about 18% [2] - The specific amounts and changes in the liability ratio will be confirmed based on annual audit results [2] Group 3: Management and Future Outlook - The board of directors stated that the debt restructuring alleviates the company's debt pressure and reflects the creditors' support for the company's long-term development [2] - The restructuring is anticipated to optimize the asset-liability structure and enhance operational management efficiency, positively impacting the company's future financial status and operational capabilities [2]