BGE(SH:603588) Xin Lang Cai Jing·2026-02-12 19:36Summary of Key Points Core Viewpoint - The company, Beijing GaoNeng Times Environmental Technology Co., Ltd., has announced the provision of guarantees for its subsidiaries, Jiangxi Xinke and GaoNeng ZhongSe, as part of its financial strategy to support their operational needs and ensure debt repayment capabilities [1][7]. Group 1: Guarantee Overview - The total amount of guarantees planned for 2025 is expected to not exceed 2,438,800 thousand yuan, with 1,548,800 thousand yuan already existing and 890,000 thousand yuan as new guarantees for subsidiaries [2]. - The new guarantees include 150,000 thousand yuan specifically for Jiangxi Xinke, which has an asset-liability ratio of 71.02% as of September 30, 2025 [3][6]. Group 2: Internal Decision-Making Process - The board of directors approved the guarantee proposals in meetings held on March 18, 2025, and April 9, 2025, with unanimous support [8]. - The additional guarantee for Jiangxi Xinke was approved in meetings on December 19, 2025, and January 7, 2026, also receiving unanimous support [8]. Group 3: Guarantee Agreements - Jiangxi Xinke's guarantee agreement with Bohai Bank is for a maximum of 10,000 thousand yuan, covering various financial obligations including principal, interest, and related costs [4]. - GaoNeng ZhongSe's guarantee agreement with Industrial and Commercial Bank of China is for a maximum of 5,000 thousand yuan, also covering a range of financial obligations [5]. Group 4: Necessity and Reasonableness of Guarantees - Both Jiangxi Xinke and GaoNeng ZhongSe have asset-liability ratios above 70%, indicating a need for financial support to maintain operational stability [6]. - The company believes that the subsidiaries have the capability to repay their debts, making the overall risk of the guarantees manageable [7]. Group 5: Cumulative Guarantee Situation - As of December 31, 2025, the total amount of guarantees provided by the company and its subsidiaries is 897,387.45 thousand yuan, which is 99.20% of the company's latest audited net assets [9]. - The total approved guarantees amount to 1,323,333.67 thousand yuan, exceeding the company's net assets, indicating a high leverage situation [9].