Market Overview - The Asia-Pacific markets showed strong performance today, with the Nikkei 225 index closing up 1.18% at 33,982.36 points, the Australian S&P 200 index rising 1.29% to 7,745.4 points, and the South Korean Composite Index increasing by 0.95% to 2,455.89 points [1] - A-shares continued to strengthen, with the Shanghai Composite Index rising 0.76% to 3,262.81 points and the Shenzhen Component Index up 0.51% to 9,884.3 points. The total turnover in the Shanghai and Shenzhen markets reached 13,129 billion [2] - The European stock indices opened higher, with the UK FTSE 100 index gaining 2% and major indices in Germany, France, Italy, and the Euro Stoxx 50 all rising over 2% [3] - U.S. stock index futures were also up, with the Dow futures rising nearly 1% and the S&P 500 futures increasing over 1% [4] Resource Sector - The resource sector saw a collective rally, with coal, electricity, non-ferrous metals, oil, chemicals, and steel stocks all performing well [6] - In the coal sector, companies like Dayou Energy and Anyuan Coal Industry hit the daily limit, while New Dazhou A rose over 5% [7] - Analysts suggest that the coal sector is in the early stages of a new upward cycle, with a favorable supply-demand balance expected to persist over the next 3-5 years, making it a good time to invest in coal stocks [8] Precious Metals - The non-ferrous sector, particularly gold stocks, performed strongly, with companies like Huayu Mining and Hunan Gold hitting the daily limit, and others like Chifeng Gold and Hunan Silver rising over 7% [9] - Spot gold prices reached a new high of $3,245 per ounce, with UBS raising its gold price forecast to $3,500 per ounce and Goldman Sachs increasing its 2025 target from $3,300 to $3,700 per ounce [9] - Analysts believe that the current liquidity crisis in U.S. Treasuries has diminished their safe-haven appeal, making gold a more attractive investment option [9] Sports Sector - The sports concept stocks surged, with companies like Kangli Source and Jinling Sports hitting the daily limit, and others like Tanshihua Sports and Shuhua Sports also performing well [10][12] - The People's Bank of China and other departments recently issued guidelines to support the high-quality development of the sports industry, emphasizing financial support for infrastructure and major projects [12] Controlled Nuclear Fusion - The controlled nuclear fusion concept saw significant gains, with companies like Zhongzhou Special Materials hitting the daily limit and others like Changfu Co. and Hailu Heavy Industry also performing well [14] - The ITER project, which aims to develop nuclear fusion technology, has reached a key milestone with the completion of major components, indicating progress towards commercial viability [16] - Analysts highlight that advancements in high-temperature superconductors and AI are driving the commercialization of controlled nuclear fusion, which could lead to rapid development in the industry [16][17]

Investment Rating - The industry investment rating is "Outperform the Market" [52] Core Views - The report emphasizes the ongoing disruptions caused by the US-China tariff policies and suggests focusing on opportunities in non-US markets and import substitution [4][9] - The report highlights that the adjustment of tariffs is expected to impact the trade of pharmaceutical products between China and the US, while companies primarily exporting to markets outside the US will be less affected [4][9] Summary by Sections Tariff Policy Overview - Since April 2, 2025, the US government has imposed a 34% "reciprocal tariff" on Chinese goods, with frequent adjustments to tariff rates and exemptions for certain pharmaceutical products [4][5] - As of April 11, 2025, the tariff rates for bilateral trade between China and the US have been adjusted to 125%, with China indicating it will not respond to further tariff increases from the US [5] Opportunities in the Biopharmaceutical Sector - The report identifies potential for domestic products to increase market share in the blood products sector due to tariff impacts, particularly for albumin, where US imports are significant [9] - It suggests monitoring companies such as Palin Bio, Tiantan Bio, and Huashan Bio for potential growth in market share as import costs rise [9] Medical Devices - The report notes that the tariff policies and anti-dumping investigations are likely to accelerate the domestic substitution process in medical devices, particularly in electrophysiology and imaging fields [10] - Companies like Yirui Technology and United Imaging are highlighted as making progress in domestic production capabilities [10] Investment Strategies - The report recommends focusing on "innovation," "overseas expansion," "equipment upgrades," and "consumption recovery" as key investment themes [12] - Specific companies to watch include BeiGene, Mindray, and Xiamen Innovax for their innovative products and overseas market potential [12] Key Companies to Watch - Notable companies include: - **Nocera Biopharma**: Expected to achieve significant revenue growth with its core product, demonstrating strong cash flow and reduced losses [13][14] - **Sino Biopharmaceutical**: Rapid revenue growth with a focus on innovative products and a strong pipeline [18] - **Kexing Biopharma**: Stable domestic business with promising overseas expansion [18] - **Wuxi Biologics**: Recognized for its strong technical capabilities and expanding overseas operations [22] Market Performance - The report notes a decline in the pharmaceutical sector, with a 5.61% drop in the past week, while the overall market saw a smaller decline [31][42] - The biopharmaceutical sector is highlighted as having the smallest decline among sub-sectors, indicating relative resilience [44]

Investment Rating - The industry investment rating is "Outperform the Market" [52] Core Viewpoints - The ongoing US-China tariff policies are causing disruptions, suggesting a focus on non-US market expansion and import substitution opportunities in the biopharmaceutical sector [4][9] - The report highlights that the adjustment of tariffs is expected to impact the trade of pharmaceutical products between China and the US, with companies primarily exporting to markets outside the US being less affected [4][9] - The report emphasizes the potential for domestic products to gain market share in the biopharmaceutical sector due to increased tariffs on US imports [9][10] Summary by Sections Tariff Policy Overview - As of April 11, 2025, the tariff rates for bilateral trade between China and the US have been adjusted to 125%, with China indicating it will not respond to further tariff increases from the US [4][5] Biopharmaceutical Sector Insights - The blood products sector is expected to stabilize prices and increase the market share of domestic products due to tariff impacts on imports, particularly for albumin [9] - The medical device sector is anticipated to accelerate domestic substitution due to reliance on North American production, with specific focus on electrophysiology and imaging products [10] - The report suggests monitoring companies such as Palin Bio, Tian Tan Bio, and Huashan Bio for potential growth opportunities in the blood products market [9][10] Investment Strategies - The report recommends focusing on "innovation," "overseas expansion," "equipment upgrades," and "consumer recovery" as key investment themes [12] - Specific companies highlighted for innovation include BeiGene, Dongcheng Pharmaceutical, and others with strong global competitiveness [12] - Companies like Mindray Medical and United Imaging are noted for their potential in overseas markets [12] Key Companies to Watch - Notable companies include: - **Nocera Biopharma**: Expected to achieve significant revenue growth with its core product, showing a 49% year-on-year increase in sales [13] - **Sino Biopharmaceutical**: Rapid revenue growth with a focus on innovative products [18] - **Kexing Biopharma**: Stable domestic business with promising overseas expansion [18] - The report also highlights the potential of companies like East China Pharmaceutical and others in the nuclear medicine sector [17] Market Performance - The biopharmaceutical sector has seen a decline of 5.61% recently, with specific sub-sectors experiencing varying levels of impact [31][44]

Core Views - The report maintains a positive outlook on the biopharmaceutical industry, expecting it to outperform the market due to minimal impact from recent U.S. tariff policies on drug sectors [4][5] - The report emphasizes continued optimism for innovative drugs and sectors related to consumer recovery, highlighting the resilience of the pharmaceutical sector amidst tariff changes [4][5] Industry Insights - The recent U.S. tariff policy has a limited effect on the pharmaceutical sector, with most drugs, including various chemical drugs, vaccines, and biological products, exempt from tariffs. Raw materials like vitamins and amino acids are also on the exemption list [4][27] - The report suggests that the innovative drug sector has shown significant growth, providing a selection of quality stocks based on criteria such as strong fundamentals, potential in research pipelines, and favorable cash positions [4][5] Investment Strategy - The report recommends focusing on four main themes: "Innovation," "Going Global," "Equipment Upgrades," and "Consumer Recovery" [5] - **Innovation**: Invest in globally competitive innovative drugs and promising categories, with specific companies highlighted such as BeiGene and East China Pharmaceutical [5] - **Going Global**: Identify opportunities in overseas markets, with companies like Mindray Medical and Sinocare suggested for investment [5] - **Equipment Upgrades**: Expect support for medical equipment updates from government policies, with companies like Mindray Medical and United Imaging Healthcare recommended [5] - **Consumer Recovery**: Anticipate a rebound in sectors like ophthalmology and aesthetic medicine, with companies like Prue Eye Hospital and Tongce Medical highlighted [5] Key Companies to Watch - **Nocare Biopharma**: Expected to achieve revenue of 1.009 billion in 2024, with a 49% year-on-year growth in sales of its core product, Oubatinib [6] - **Sihuan Pharmaceutical**: Strong fundamentals with a stable performance, and a promising pipeline with multiple products expected to be approved between 2025 and 2027 [9] - **East China Pharmaceutical**: Anticipated growth driven by the commercialization of domestic nuclear medicine products and a robust R&D pipeline [10] - **China Biopharmaceutical**: Rapid revenue growth with an increasing proportion of innovative products, indicating potential for accelerated profit growth [11] - **Aier Eye Hospital**: Benefiting from growing demand in ophthalmology and favorable policies for private specialty hospitals, with significant expansion plans [21]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [1] Core Insights - The pharmaceutical sector shows higher certainty under the backdrop of the tariff war, with a focus on innovation and domestic substitution strategies [1][15] - The A-share pharmaceutical index has increased by 1.20% this week and 4.77% year-to-date, outperforming the CSI 300 by 2.57% and 6.64% respectively [3][9] - The report highlights the approval of significant drugs in China, such as Roche's Ocrelizumab for multiple sclerosis and Novartis' Pluvicto for prostate cancer treatment [3][4] Summary by Sections Industry Performance - The A-share pharmaceutical index has shown a weekly increase of 1.20% and a year-to-date increase of 4.77%, while the H-share biotech index has increased by 1.7% this week and 30.77% year-to-date [3][9] - Notable stock performances include Duorui Pharmaceutical (+56%), Oukang Pharmaceutical (+49%), and Weisi Medical (+31%) [3][9] Tariff Impact - The recent U.S. tariff exemptions for the pharmaceutical industry include drug formulations, active pharmaceutical ingredients, and plant extracts, indicating minimal impact on the sector [3][15] - The report notes that 90% of antiviral and antibiotic drugs consumed in the U.S. rely on imported active pharmaceutical ingredients, with a significant portion coming from India and China [15][16] Investment Strategy - Recommended investment focus areas include innovative drugs, blood products, research services, and medical devices, with a specific emphasis on domestic companies benefiting from tariff changes [10][16] - Companies to watch include Baijia Shenzhou, Kelun Pharmaceutical, and Shanghai Laisai in the innovative drug sector, and Shanghai Laisai and Boya Biological in blood products [10][16] R&D Developments - Over 200 Chinese innovative drugs are set to be showcased at the 2025 AACR conference, reflecting the growing international recognition of domestic innovations [3][18] - The report lists several key drugs and their respective companies that have received U.S. approvals, highlighting the advancements in the Chinese pharmaceutical sector [18][19]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5][7]. Core Views - The company is positioned as a leading player in the heparin raw material market, with a strong potential for growth in its API business due to improving market conditions [3][4]. - The company is focusing on its sterile injection formulations, which are experiencing rapid growth in overseas markets, supported by a robust product matrix and strategic acquisitions [4][61]. - The global biosimilar market is expected to expand significantly, and the company is well-positioned to capitalize on this trend through both self-developed products and strategic partnerships [5][67]. Summary by Sections 1. Company Overview - The company has transitioned from a traditional heparin raw material supplier to a high-end injection formulation and biosimilar provider, covering multiple therapeutic areas [13][16]. 2. Heparin API Market Improvement - The heparin raw material market is showing signs of recovery, with expectations for price stabilization and potential revenue growth for the company [3][31]. - The company has a strong production and sales level in its heparin API business, which is crucial for funding its injection formulation expansion [36][37]. 3. Focus on Sterile Injection Formulations - The company's injection business has seen significant revenue growth, with a 12.8% increase in 2023 and a compound annual growth rate (CAGR) of 47.4% from 2018 to 2023 [41][46]. - The company has a diverse product line in the injection segment, including low molecular weight heparin and anti-tumor agents, with a strong competitive position in the domestic market [47][55]. 4. Biosimilar Drug Development - The global biosimilar market is projected to grow rapidly, with the company actively developing multiple biosimilar products and securing market entry through strategic acquisitions [67][72]. - The company has made significant progress in obtaining FDA approvals for its biosimilar products, positioning itself as a key player in the U.S. market [72][73]. 5. Financial Projections - The company is expected to achieve substantial profit growth, with projected net profits of 9.0 billion, 11.9 billion, and 15.4 billion yuan for 2024, 2025, and 2026, respectively [5][6].

Financial Performance - The company's operating revenue for 2024 was ¥2,868,936,537.72, a decrease of 12.42% compared to ¥3,275,647,886.63 in 2023[20]. - The net profit attributable to shareholders for 2024 was ¥183,825,711.34, down 12.35% from ¥209,735,777.71 in 2023[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥79,274,001.79, a significant decline of 62.69% from ¥212,479,028.80 in 2023[20]. - The basic earnings per share for 2024 was ¥0.2229, reflecting a decrease of 12.35% compared to ¥0.2543 in 2023[20]. - The total assets at the end of 2024 were ¥8,634,677,996.44, an increase of 6.83% from ¥8,082,354,406.42 at the end of 2023[20]. - The net assets attributable to shareholders at the end of 2024 were ¥4,480,444,647.93, a decrease of 6.18% from ¥4,775,401,465.97 at the end of 2023[20]. - The cash flow from operating activities for 2024 was ¥287,150,779.53, an increase of 3.69% compared to ¥276,944,524.35 in 2023[20]. - The weighted average return on equity for 2024 was 4.04%, down from 4.53% in 2023[20]. - The company reported a total revenue of $1.392 billion for the radioactive ligand therapy Pluvicto, marking a 42% year-on-year growth[37]. - The total revenue for Pluvicto and Lutathera reached $2.116 billion in 2024, showcasing the significant market potential of radioactive ligand therapies[37]. Dividend Distribution - The company plans to distribute a cash dividend of 0.3 RMB per 10 shares to all shareholders, based on a total of 824,595,705 shares[4]. - The cash dividend amount for the reporting period is ¥24,737,871.15, which represents 100% of the total profit distribution[194]. - The company achieved a net profit attributable to shareholders of RMB 183,825,711.34 for the fiscal year 2024, with a profit distribution of RMB 144,304,248.38 in cash dividends[195]. - The company plans to distribute cash dividends of RMB 0.3 per 10 shares, totaling RMB 24,737,871.15, based on a total share capital of 824,595,705 shares as of December 31, 2024[195]. - The remaining undistributed profit (consolidated) to be carried forward to the next year is RMB 1,338,768,971.39[195]. Risks and Challenges - The company acknowledges potential risks including raw material procurement, product quality, price fluctuations, and talent shortages, which may impact future performance[3]. - The pharmaceutical market is becoming increasingly competitive, with rising R&D and production costs posing new challenges for the company[31]. - The company faces risks related to raw material procurement and price fluctuations, particularly for heparin sodium, which is affected by pig supply chain dynamics[148]. - Increased depreciation from recent fixed asset investments may lead to potential declines in operating performance if new projects do not generate expected revenues[148]. - The company is committed to complying with stricter environmental regulations, which may increase operational costs related to pollution control[148]. - Rapid expansion poses management risks, necessitating adjustments in organizational structure and management systems to cope with increased complexity[149]. Research and Development - The company has a rich R&D pipeline targeting prostate cancer, lung cancer, gastric cancer, neuroendocrine tumors, and Alzheimer's disease[42]. - The company is focusing on expanding its market presence and enhancing its R&D capabilities in response to the evolving industry landscape[31]. - R&D investment reached ¥43.11 million, representing a year-on-year increase of 37.67%, with 86.62% allocated to radiopharmaceuticals[95]. - The company is conducting multiple clinical trials for new products, including 18F-labeled drugs for cancer diagnosis and treatment[111]. - The company has established a drug research and development platform targeting neurodegenerative diseases[143]. - The company plans to increase R&D investment in innovative drugs targeting malignant tumors, neurodegenerative diseases, and cardiovascular conditions[147]. Market Position and Strategy - The company is positioned in a rapidly changing pharmaceutical industry, facing both challenges and opportunities due to increasing healthcare demands and policy adjustments[31]. - The company is focusing on nuclear medicine, which is gaining national attention for its role in integrated diagnosis and treatment of tumors and neurodegenerative diseases[57]. - The company is expanding its international market presence, with sales networks established in nearly 40 countries and regions[53]. - The company aims to increase its market share in the biopharmaceutical sector by 5% over the next two years[169]. - The company is actively involved in various subsidiaries and partnerships, enhancing its market presence and operational capabilities[176]. Governance and Management - The company has established a governance structure that complies with relevant laws and regulations, with no unresolved governance issues[154]. - The company has a total of five directors, including two independent directors, meeting legal requirements for board composition[155]. - The internal audit department consists of seven dedicated personnel, ensuring effective internal supervision of daily operations[158]. - The company has a fully independent financial accounting department, with its own accounting system and financial management policies[162]. - The board of directors held a total of 7 meetings during the reporting period, with all members attending at least 3 meetings in person[181]. Employee and Talent Management - The company has a total of 274 employees with a master's degree or above, reflecting a commitment to a highly educated workforce[188]. - The company has established a competitive salary and benefits system to attract and retain talent, based on market research and industry standards[189]. - The company emphasizes employee training and development, with a focus on creating a "learning organization" to support sustainable growth[191]. - The number of R&D personnel rose by 22.45% to 480, with the proportion of R&D staff increasing from 16.80% to 19.44%[112]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[169]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[173]. - The company plans to invest 200 million RMB in new technology development over the next year[173]. - The company is focusing on expanding its anticoagulant product line and enhancing collaboration with other companies and research institutions to diversify its product offerings[146].

2024 年第二次临时股东大会通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、 召开会议的基本情况 烟台东诚药业集团股份有限公司 证券代码：002675 证券简称：东诚药业 公告编号：2024-067 1、股东大会届次：本次股东大会为 2024 年第二次临时股东大会。 2、股东大会的召集人：董事会 2024 年 10 月 28 日公司第六届董事会第六次 会议审议通过召开公司 2024 年第二次临时股东大会的决议。 3、会议召开的合法、合规性：董事会作为本次股东大会召集人确认本次股 东大会会议召开符合有关法律、行政法规、部门规章、规范性文件、深圳证券交 易所业务规则和公司章程的规定。 4、会议召开日期、时间： 现场会议时间：2024 年 11 月 18 日下午 14:50。 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2024 年 11 月 18 日 9:15－9:25，9:30-11:30，13:00－15:00；通过深圳证券交 易所互联网投票系统投票的具体时间为：2024 年 11 月 18 日 9:15-15:00 期间的 ...

Financial Performance - The company's revenue for Q3 2024 was CNY 741.72 million, a decrease of 7.32% year-over-year, and year-to-date revenue was CNY 2.16 billion, down 16.36% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 was CNY 55.08 million, a decline of 45.74% year-over-year, with a year-to-date net profit of CNY 166.87 million, down 41.62%[3]. - The basic earnings per share for Q3 2024 was CNY 0.0668, reflecting a decrease of 45.74% year-over-year[3]. - Total operating revenue for Q3 2024 was approximately CNY 2.16 billion, a decrease of 16.4% compared to CNY 2.59 billion in Q3 2023[20]. - Net profit for Q3 2024 was approximately CNY 151.66 million, a decline of 55.6% compared to CNY 340.70 million in Q3 2023[21]. - The company reported a net profit attributable to shareholders of the parent company of approximately CNY 166.87 million, down 41.7% from CNY 285.81 million in Q3 2023[21]. - The total profit for Q3 2024 was approximately CNY 214.42 million, a decrease of 48.0% compared to CNY 412.90 million in Q3 2023[20]. Assets and Liabilities - The total assets at the end of Q3 2024 were CNY 8.64 billion, an increase of 6.95% from the end of the previous year[3]. - Current assets increased to CNY 2,633,124,956.35 from CNY 2,477,686,071.80, representing a growth of approximately 6.3% year-over-year[17]. - Total liabilities increased to CNY 3,174,699,887.72 from CNY 2,686,730,493.74, reflecting a rise of about 18.1%[18]. - The company's total equity increased to CNY 5,469,210,263.29 from CNY 5,395,623,912.68, reflecting a growth of about 1.4%[18]. - The equity attributable to shareholders decreased to CNY 4,501,500,012.54 from CNY 4,775,401,465.97, a decline of about 5.7%[18]. Cash Flow - Cash flow from operating activities increased by 85.28% year-over-year, mainly due to reduced cash payments related to operating activities[9]. - The net cash flow from operating activities for Q3 2024 was ¥184,946,599.13, an increase from ¥99,819,623.10 in Q3 2023, reflecting a significant improvement[22]. - Total cash inflow from investment activities was ¥551,762,741.79, compared to ¥250,049,005.61 in the same period last year, indicating a strong recovery in investment returns[22]. - The net cash flow from financing activities reached ¥630,785,654.16, up from ¥156,226,305.69 in Q3 2023, showcasing enhanced capital raising efforts[23]. - The cash flow from operating activities showed a positive trend with a net increase of 185% compared to the previous year, indicating operational efficiency improvements[22]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 23,385[10]. - The largest shareholder, Yantai Dongyi Biotechnology Co., Ltd., holds 15.15% of shares, totaling 124,888,049 shares[10]. - The second-largest shareholder, You Shuyi, holds 12.53% of shares, totaling 103,305,678 shares[10]. - The top ten shareholders do not participate in margin trading[12]. - The company has no changes in the shareholding structure of the top ten shareholders due to margin trading[12]. Research and Development - The company’s development expenditures grew by 48.24%, reflecting increased investment in R&D projects[7]. - Research and development expenses increased to approximately CNY 153.89 million, up 23.3% from CNY 124.76 million in the previous year[20]. - The company received clinical trial approval for the drug 68 Ga-LNC1007 from the U.S. FDA[13]. - The company and its wholly-owned subsidiary were re-certified as high-tech enterprises[13]. - The company’s subsidiary LNC PHARMA PTE. LTD. received FDA approval for the clinical trial of the drug 18 FLNC1007 injection, with Phase I trials to be conducted in Australia[14]. Investments and Acquisitions - The company’s long-term equity investments increased by 115.62% due to increased external investments during the reporting period[7]. - The subsidiary Lanacheng acquired the rights to the product [18F] alpha peptide injection for RMB 63 million[13]. - The subsidiary Yitai Pharmaceutical purchased the rights to 99m TcGSA injection for RMB 85 million[13]. - The company completed a capital increase of RMB 380 million by introducing seven investors into its subsidiary Yantai Midu, increasing its registered capital to RMB 602.99 million[14]. - The company subscribed to convertible bonds issued by XING2DIAGNOSTICS, INC. for USD 4 million, accounting for 61.54% of the total issuance[14].

一、 本次担保情况概述 2024年9月20日，烟台东诚药业集团股份有限公司（以下简称"公司"）与 上海浦东发展银行股份有限公司烟台分行（以下简称"上海浦发银行"或"债权 人"）签订了《保证合同》，约定公司为全资子公司烟台东诚核医疗健康产业集 团有限公司（以下简称"东诚核医疗"或"债务人"）向上海浦发银行申请的7,412 万元贷款提供连带责任担保。 证券代码：002675 证券简称：东诚药业 公告编号：2024-061 烟台东诚药业集团股份有限公司 关于为子公司及其下属公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 二、 担保事项审议及额度使用情况 公司于2024年4月26日和2024年5月17日分别召开第六届董事会第四次会议 和2023年度股东大会，审议通过了《关于2024年度为子公司及其下属公司提供担 保额度预计的议案》，同意公司对合并报表范围内的子公司及其下属公司提供担 保，预计2024年度上述担保额度合计不超过人民币9亿元（或等值外币），额度 内可循环滚动操作。授权公司及子公司法定代表人或其授权人员根据实际经营需 要，在前述额度内 ...