Core Viewpoint - The company has disclosed its third-quarter financial report and announced plans for share repurchase and various financial guarantees for its subsidiaries [6][12][44]. Financial Data - The third-quarter financial report has not been audited [8]. - The company has repurchased a total of 34,236,100 shares, accounting for 1.38% of the total share capital [6]. - The company plans to repurchase shares using its own funds, with a total amount between RMB 30 million and RMB 50 million, at a price not exceeding RMB 4.70 per share [5]. Shareholder Information - The company will hold its sixth extraordinary general meeting on November 13, 2025, to discuss various proposals, including the cancellation of the supervisory board and amendments to the articles of association [19][35]. - The meeting will allow for both on-site and online voting, with specific registration and voting times outlined [36][41]. Board and Supervisory Meetings - The seventh board meeting was held on October 27, 2025, where several key proposals were approved, including the cancellation of the supervisory board and the third-quarter report [10][12][24]. - The supervisory board also convened on the same day, approving similar proposals and confirming the compliance of the third-quarter report with relevant regulations [25][26]. Financial Guarantees - The company has approved financial guarantees for its subsidiaries, including a comprehensive credit application for Nente Technology Co., Ltd. and Shanghai Plastic Information Technology Co., Ltd. [13][30][44]. - The total approved external guarantees amount to RMB 271.396 million, which is 77.50% of the company's audited net assets as of December 31, 2024 [44].

Core Viewpoint - The company Wandes has received a court summons regarding a lawsuit from Dongjiang Environmental, which seeks to auction the equity stakes of Wandes in Caofeidian Environmental Technology Co., Ltd. due to unpaid debts [1][6]. Group 1: Company Overview - Wandes holds a 16% stake in Caofeidian Environmental, while Dongjiang Environmental owns 80% [2][3]. - Caofeidian Environmental was established in 2013 and is involved in environmental sanitation, equipment manufacturing, and hazardous waste management [2]. Group 2: Financial Situation - As of March 31, 2025, Caofeidian Environmental reported total assets of 29.01 billion, total liabilities of 22.98 billion, and a net profit loss of 628.68 million for the first quarter [3]. - The company has taken out a loan of 200 million, with Dongjiang providing a guarantee for 160 million [4]. Group 3: Legal and Operational Developments - Wandes has provided a pledge guarantee for 256 million, corresponding to its 16% stake in Caofeidian Environmental, to support Dongjiang's debt obligations [4]. - Caofeidian Environmental has faced operational challenges, including lower-than-expected waste collection and declining disposal prices, leading to financial difficulties [6]. - Dongjiang has already compensated 111 million to HSBC for the loan, and has requested Wandes to fulfill its guarantee obligation of 17.78 million [6][7]. Group 4: Future Actions - Wandes is preparing for legal proceedings and plans to pursue claims against Caofeidian Environmental for any amounts paid under the guarantee [7]. - The company has made provisions for impairment on its long-term equity investment in Caofeidian Environmental [7].

Group 1 - The company, Zhongfutong Group Co., Ltd., has provided a guarantee for its subsidiary Chengdu Liangchenmei Cultural Communication Co., Ltd. to secure a credit facility of 10 million RMB from Bank of Communications Fujian Branch [2][3] - The total amount of guarantees that the company is authorized to provide for its subsidiaries is capped at 370 million RMB, as approved in the 2024 annual shareholders' meeting [2][3] - The guarantees provided do not exceed the authorized limit from the shareholders' meeting and do not require additional approval [3] Group 2 - The guarantee period for the credit facility is set to last until three years after the debt fulfillment deadline [9] - The minority shareholders of Liangchenmei have provided counter-guarantees corresponding to their shareholding ratios, ensuring the company's interests are protected [3][5] - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 107.05 million RMB, representing 11.24% of the company's latest audited net assets [7] Group 3 - Liangchenmei was established on July 24, 2017, with a registered capital of 30 million RMB, and is involved in cultural and artistic activities, film creation, and internet technology development [4][5] - The company has confirmed that Liangchenmei is not listed as a dishonest executor [6] - The financial risks associated with the guarantees are considered manageable and will not adversely affect the company's normal operations or business development [7]

Core Viewpoint - ST Huayang announced the application for a 100 million yuan working capital loan from China Construction Bank, with a guarantee from its controlling shareholder, Xiangjiang Group [1] Group 1: Loan Details - The loan amount is 100 million yuan, with a term not exceeding 1 year [1] - Xiangjiang Group provides a joint liability guarantee for the loan [1] Group 2: Guarantee Agreement - The company signed a counter-guarantee agreement with Xiangjiang Group, providing an equal amount of joint liability counter-guarantee [1] - The guarantee fee is set at 0.5% per year [1] Group 3: Financial Impact - The total amount of external guarantees by the company and its subsidiaries is 260,463.50 million yuan, which accounts for 609.90% of the most recent audited net assets [1] - The guarantee amount for this specific transaction is 30 million yuan, with an actual guarantee balance of 116,995 million yuan [1] Group 4: Approval Status - The matter has been approved by the board of directors and the shareholders' meeting, aligning with the overall interests of the company [1]

Company Management and Governance - *ST Chuangxing's chairman Liu Peng is under investigation by the Hangzhou Public Security Bureau, but the investigation is unrelated to the company [1] - During Liu Peng's absence, Yang Zhe, the company's general manager, will act as chairman and legal representative [1] - Yang Zhe faced opposition when appointed as president due to concerns over his lack of experience in listed companies [1] Financial Performance - In the first half of the year, the company reported revenue of approximately 374,000 yuan, a decrease of 99% year-on-year [3] - The net profit attributable to shareholders was -13.71 million yuan, with a non-recurring net profit of -13.98 million yuan, both showing an expanded loss compared to the previous year [3] - The company's net assets decreased by 13.22% to approximately 89.87 million yuan, and total assets decreased by 7.61% to approximately 528.85 million yuan [3] Business Operations - The company's construction business has not signed new contracts or generated new revenue during the reporting period, primarily relying on past related transactions [3] - The mobile information services and computing power services have been adjusted due to temporary financial pressures and personnel configuration, resulting in limited revenue generation [4] Corporate Actions and Market Response - The company held a board meeting where two proposals faced opposition from a board member due to concerns over the company's weak repayment capacity [5][6] - The company and its subsidiary, Lianying Construction, are providing guarantees for loans, with a maximum guarantee limit of 1 billion yuan for one loan and 2 billion yuan for another [6][7] - As of September 18, *ST Chuangxing's stock price fell by 2.28% to 4.28 yuan per share, with a market capitalization of 1.82 billion yuan, while the stock has increased by approximately 26% year-to-date [7]

Group 1 - The company held its third extraordinary general meeting of shareholders on September 10, 2025, to discuss various agenda items including the provision of guarantees and related transactions [1][2] - A proposal was made regarding the provision of counter-guarantees by the company's subsidiary, Hubei Huayang New Materials Co., Ltd., which is financing a project of 2.6 billion yuan with an 8-year term [1][2] - The counter-guarantee amounts are capped at 550 million yuan for Tongling Chemical Industry Group Co., Ltd. and 450 million yuan for Wanhua Chemical Group Co., Ltd., totaling no more than 1 billion yuan [2][6] Group 2 - The company plans to increase its expected annual related transactions for 2025, specifically for the procurement of sulfuric acid from its related party, Tongling Huaxing Chemical Co., Ltd. [7][8] - The increase in procurement is attributed to rising market prices for sulfuric acid, which the company anticipates will lead to higher purchasing volumes [8] - Tongling Huaxing Chemical Co., Ltd. is a subsidiary of the company's controlling shareholder, Tongling Chemical Industry Group Co., Ltd., establishing a related party relationship [8]

Core Viewpoint - The proposal for the company to provide collateral for financing through equity pledges to its controlling shareholder was not approved by the shareholders at the recent extraordinary general meeting [2][3]. Group 1: Shareholder Meeting Details - The extraordinary general meeting was attended by 268 shareholders, representing 2.58 billion shares, which is 58.88% of the total shares [2]. - The voting results showed that 36.63 million shares (47.97%) were in favor, while 39.64 million shares (51.91%) were against the proposal, with 91.5 thousand shares abstaining [2][3]. - The legal opinion confirmed that the meeting's procedures and voting were in compliance with legal and regulatory requirements [3]. Group 2: Proposal Background and Implications - The proposal aimed to reduce financial expenses by using equity from subsidiaries as collateral instead of paying guarantee fees [2][4]. - The controlling shareholder, Xihu Electronics Group, was set to provide a guarantee of up to 1.45 billion yuan, which could be reused, with specific equity stakes pledged as collateral [4]. - The company had previously incurred guarantee fees for bank loans provided by the controlling shareholder, and the new arrangement was intended to align with state-owned enterprise requirements and reduce financial costs [5]. Group 3: Financial Context - As of August 14, the total balance of guarantees provided by the company and its subsidiaries was 461 million yuan, accounting for 42.87% of the latest audited net assets [5]. - The company reported a revenue of 61.84 million yuan for the first half of 2025, a decrease of 6.89% year-on-year, with a net profit of 16.81 million yuan, down 13.54% year-on-year [5].

Summary of Key Points Core Viewpoint - The company, Zhongxin Jiantou Securities Co., Ltd., has conducted a thorough review regarding Shanghai Kangpeng Technology Co., Ltd.'s provision of counter-guarantees for its affiliated company, Zhejiang Zhongxiao Kangpeng Chemical Co., Ltd., which is seeking a loan of up to RMB 90 million from Sumitomo Mitsui Banking Corporation [1][2][5]. Group 1: Counter-Guarantee Overview - The company holds a 40% stake in Zhongxiao Kangpeng and plans to provide a counter-guarantee to Central Glass Co., Ltd. for 40% of the total financing guarantee amount [1][5]. - The counter-guarantee is intended to support the financing needs of Zhongxiao Kangpeng for its operational development [5][6]. Group 2: Internal Decision-Making Process - The company's board of directors approved the counter-guarantee proposal on August 25, 2025, within its authority, thus not requiring shareholder approval [2][6]. - The board believes that the counter-guarantee will aid in the healthy development of the affiliated company and will not adversely affect the interests of the company or its shareholders [5][6]. Group 3: Financial Metrics - As of the first half of 2024, Zhongxiao Kangpeng reported total assets of RMB 341.66 million and a net profit of RMB 44.93 million [3][4]. - The counter-guarantee amount represents 1.29% of the company's most recent audited net assets, indicating a manageable level of risk [5][6]. Group 4: Guarantee Necessity and Reasonableness - The counter-guarantee is deemed necessary to meet the operational funding needs of Zhongxiao Kangpeng, which is financially stable and capable of repaying its debts [5][6]. - The company has no overdue guarantees and has a total external guarantee amount of RMB 336 million, which is within acceptable limits relative to its net and total assets [6].

Core Viewpoint - The company has announced that its wholly-owned subsidiaries will provide a counter-guarantee to Changchun Financing Guarantee Group Co., Ltd. for a bond issuance, amounting to 250 million RMB, to ensure the realization of the guarantee rights of Changchun Financing Guarantee [1][2] Summary by Sections 1. Overview of the Counter-Guarantee - The counter-guarantee is provided by the company's subsidiaries, Information Service Company and Northeast Asia New Media Company, to Changchun Financing Guarantee Company for a bond issuance of up to 250 million RMB [1] - As of the announcement date, the company has provided a guarantee balance of 0 RMB to Changchun Financing Guarantee Company, excluding this counter-guarantee [1] 2. Basic Information of the Counter-Guarantee Object - The counter-guarantee is for Changchun Financing Guarantee Group Co., Ltd., established on July 26, 2018, with a registered capital of 5 billion RMB [2] - The company operates in Jilin Province, providing various guarantee services, including loan guarantees and other financing guarantees [2] - As of December 31, 2024, Changchun Financing Guarantee Company reported total assets of 326.65 million RMB and a net profit of 112.92 million RMB [2] 3. Main Content of the Counter-Guarantee Agreement - The guarantors are Information Service Company and Northeast Asia New Media Company, while the debtor is the company itself, and the guaranteed party is Changchun Financing Guarantee Company [3] - The guarantee covers all costs related to the debt, including principal, interest, penalties, and other fees incurred by the debtor [3] 4. Necessity and Reasonableness of the Guarantee - The counter-guarantee is deemed necessary to ensure the successful issuance of corporate bonds for repaying financial debts, aligning with the company's overall interests and development strategy [3] - The company maintains a stable operating condition and strong credit status, indicating a robust debt repayment capability [3] 5. Board of Directors' Opinion - The board believes that the guarantee and counter-guarantee are essential for financing needs and will promote the company's healthy development [3] - The company has a thorough understanding of the operational status and creditworthiness of the counter-guarantee object, ensuring effective risk control [3] 6. Total External Guarantees and Overdue Guarantees - As of the announcement date, the total external guarantees provided by the company amount to 102 million RMB, excluding this counter-guarantee [4] - The company has not provided guarantees to controlling shareholders or related parties and has not experienced any overdue guarantees [4]

Group 1 - The company approved a total guarantee amount of 70 million RMB for its subsidiaries' financing needs, effective from the date of the 2023 annual shareholders' meeting until the 2024 annual shareholders' meeting [1] - The subsidiary Chengdu Xile Ecology Agriculture Co., Ltd. applied for a loan of 2 million RMB from Chengdu Rural Commercial Bank, with the company providing a joint liability guarantee [2][4] - The company has fulfilled its guarantee responsibility by paying the overdue loan amount of 2 million RMB to the bank [4] Group 2 - Chengdu Xile has faced operational challenges due to changes in consumer demand and increased competition, leading to insufficient working capital [2] - The total assets of Chengdu Xile as of March 31, 2025, were approximately 2.55 million RMB, with total liabilities of approximately 18.17 million RMB, resulting in a net asset deficit of approximately 15.62 million RMB [2] - The company reported a revenue of approximately 620.14 thousand RMB for the first quarter of 2025, with a net loss of approximately 555.86 thousand RMB [2]