Shang Hai Zheng Quan Bao·2026-02-05 18:48Core Viewpoint - The company disclosed that its cumulative new borrowings for the year exceeded 40% of its net assets at the end of the previous year, indicating a significant increase in leverage [1]. Group 1: Financial Data Overview - As of December 31, 2025, the company's total borrowings amounted to 475.643 billion yuan. By January 31, 2026, this figure rose to 552.400 billion yuan, with cumulative new borrowings of 76.757 billion yuan, representing 47.24% of the net assets at the end of the previous year [1]. Group 2: Breakdown of New Borrowings - Bank Loans: As of January 31, 2026, the company's bank loan balance decreased by 0.09 billion yuan compared to the end of 2025, attributed to a reduction in short-term borrowings [2]. - Corporate Bonds and Non-Bank Financial Institution Loans: The balance of corporate bonds and other financial instruments increased by 14.774 billion yuan as of January 31, 2026, mainly due to new issuances and repayments [3]. - Other Borrowings: Other borrowings increased by 61.992 billion yuan as of January 31, 2026, primarily due to an increase in funds from repurchase agreements of financial assets [4]. Group 3: Impact on Debt Servicing Capability - 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 capability [5].