Sales Performance Summary - In October 2025, the company sold 242,496 pigs, a month-on-month increase of 19.85% and a year-on-year increase of 20.80% [1] - The sales revenue from pig sales in October 2025 was 338.28 million yuan, with a month-on-month increase of 6.15% and a year-on-year decrease of 0.65% [1] - The average selling price of commodity pigs in October 2025 was 11.40 yuan per kilogram, a decrease of 12.17% compared to September 2025 [2] Chicken Sales Performance - In October 2025, the company sold 793,900 chickens, a month-on-month decrease of 5.91% and a year-on-year decrease of 65.56% [3] - The sales revenue from chicken sales in October 2025 was 11.75 million yuan, with a month-on-month decrease of 23.85% and a year-on-year decrease of 28.12% [4] - The year-on-year decrease in chicken sales was primarily due to a reduction in the number of chickens available for sale [5] Guarantee and Financing Activities - The company has a total external guarantee balance of 3.71 billion yuan, exceeding 100% of the latest audited net assets [9] - The company signed an asset pool cooperation agreement with CITIC Bank on November 10, 2025, allowing for mutual guarantees among the company and its subsidiaries, with a maximum guarantee amount of 1.5 billion yuan [15] - The company also provided a maximum guarantee of 50 million yuan for its wholly-owned subsidiary, Tian Tai Huatong Animal Husbandry Co., Ltd., for financing from November 10, 2025, to November 9, 2027 [10]

Summary of Key Points Core Viewpoint - The company has approved a guarantee for its wholly-owned subsidiary, Shentong Express Co., Ltd., to provide a guarantee of up to 10.312 million yuan for Zhejiang Daniao Logistics Technology Co., Ltd. and its subsidiaries, replacing a previous guarantee from Zhejiang Cainiao Supply Chain Management Co., Ltd. [2][3] Group 1: Guarantee Overview - The board of directors and the supervisory board approved the guarantee on August 28, 2025, during their respective meetings [2] - The total amount of the guarantee is capped at 10.312 million yuan, which has been approved by the second extraordinary general meeting of shareholders in 2025 [2] Group 2: Progress of the Guarantee - The acquisition of 100% equity of Daniao Logistics by Shentong Express has been successfully completed, and Daniao Logistics is now included in the company's consolidated financial statements [3] - Shentong Express has applied for performance guarantees totaling 4.7042 million yuan from China Minsheng Bank Shanghai Branch for its subsidiaries [3] Group 3: Main Contents of the Guarantee Agreement - Shentong Express is the guarantor for Daniao Logistics, with a total of six performance guarantees amounting to 2,280,472.57 yuan issued by China Minsheng Bank Shanghai Branch [4] - The guarantees have specific effective periods, with the latest expiring on September 30, 2026 [5][6] Group 4: Board of Directors' Opinion - The board believes that Daniao Logistics and its subsidiaries have stable financial conditions and good creditworthiness, and providing the guarantee will not harm the interests of the listed company [8] Group 5: Total External Guarantees - As of the announcement date, the total external guarantee amount by the company and its subsidiaries is 2.643312 billion yuan, accounting for 26.95% of the audited net assets for 2024 [9] - The actual external guarantee amount is 2.3743616 billion yuan, which is 24.21% of the audited net assets for 2024, with no overdue guarantees reported [9]

Group 1 - The company held its fourth meeting of the ninth board of directors on November 7, 2025, to discuss various proposals [2][3][4] - The board approved a proposal to engage in financing leasing business with a principal amount of 50 million RMB for a term of 24 months [26][27] - The board also approved a proposal for external guarantees and related transactions, which requires further approval from the shareholders' meeting [4][6][22] Group 2 - The company plans to provide a joint liability guarantee of up to 16.2078 million RMB for its subsidiary, Heilongjiang Beisanxia Breeding Co., Ltd., to secure a credit line of 50 million RMB [13][19][23] - The board's decision on the guarantee was made with 8 votes in favor and no opposition, with the actual controller abstaining from the vote due to conflict of interest [14][22] - The total amount of external guarantees after this transaction will be 81.0392 million RMB, which is 4.01% of the company's latest audited net assets [23] Group 3 - The company will convene its second extraordinary shareholders' meeting of 2025 on November 24, 2025, to vote on the approved proposals from the board [38][41] - The meeting will allow for both on-site and online voting, ensuring compliance with relevant regulations [39][40] - Shareholders holding less than 5% of the company's shares will have their votes counted separately to protect minority interests [46]

Group 1 - The company held its 26th temporary board meeting on November 7, 2025, where all seven directors attended, and the meeting was deemed legal and effective [2][3] - The board approved several resolutions, including a financial service agreement with China National Building Material Group Finance Co., Ltd., which requires shareholder approval [3][9] - The company’s independent directors unanimously agreed on the financial service agreement after a prior review [4][24] Group 2 - The financial service agreement aims to provide deposit, settlement, and comprehensive credit services to the company and its subsidiaries, with a deposit balance of approximately 2.2 billion RMB as of September 30, 2025 [8][11] - The agreement includes a maximum daily deposit limit of 2.2 billion RMB for the years 2026 to 2028 and a maximum comprehensive credit limit of 3.5 billion RMB for the same period [18] - The company’s independent directors confirmed that the agreement complies with relevant laws and regulations, ensuring fairness and protecting the interests of minority shareholders [24] Group 3 - The company’s subsidiary, Sinomatech (Hungary) Limited Liability Company, plans to apply for a bank loan for a project, with the parent company providing a guarantee of up to 640 million RMB [28][29] - The total amount of guarantees provided by the company and its subsidiaries will be approximately 959.58 million RMB, which is a small fraction of the company's net assets [34] Group 4 - The company announced the convening of its second temporary shareholders' meeting for 2025, scheduled for November 24, 2025, to discuss various proposals, including the financial service agreement [36][38] - The meeting will allow for both on-site and online voting, ensuring participation from all shareholders [39][40] Group 5 - The company appointed Chen Zhaoxin as the new Chief Financial Officer, following the resignation of the previous CFO, effective immediately [58][60] - The new CFO has a strong background in finance and has previously held significant positions within the company and its affiliates [60]

Group 1: Sales Performance - In October 2025, the company sold 907,800 pigs, including 520,900 piglets and 387,000 market pigs, representing a month-on-month increase of 14.82% and a year-on-year increase of 67.01% [1][2] - The sales revenue for October 2025 was 683 million yuan, showing a slight month-on-month decrease of 0.1% and a year-on-year decrease of 7.54% [1][2] - For the period from January to October 2025, the company sold a total of 6.64 million pigs, which is a year-on-year increase of 119.84%, with cumulative sales revenue reaching 6.82 billion yuan, up 78.08% year-on-year [2][5] Group 2: Price Trends - The average selling price of market pigs (excluding piglets) in October 2025 was 11.28 yuan per kilogram, which is a decrease of 11.53% compared to the previous month [2] Group 3: Business Recovery - The significant year-on-year increase in pig sales in October 2025 is attributed to the gradual recovery of the company's business operations [4][5] Group 4: Guarantee Situation - As of October 31, 2025, the total guarantee amount provided by the company and its subsidiaries was approximately 4.01 billion yuan, accounting for 21.12% of the audited total assets for 2024 and 35.13% of the audited net assets for 2024 [14] - The balance of guarantees for wholly-owned and controlled subsidiaries was approximately 239.21 million yuan, representing 2.09% of the latest audited net assets [15] - The external guarantee balance was approximately 143.31 million yuan, accounting for 1.25% of the latest audited net assets [15] Group 5: Risk Management - As of October 31, 2025, there were no overdue guarantees for the company's wholly-owned and controlled subsidiaries, while the overdue amount for external guarantees was approximately 11.57 million yuan, which is 0.10% of the latest audited net assets [15]

Group 1: Share Pledge and Release - As of the announcement date, the controlling shareholder, Huayou Holding Group Co., Ltd., holds 308,664,701 shares, accounting for 16.28% of the total share capital, with 111,427,994 shares pledged, representing 36.10% of its holdings and 5.88% of the total share capital [2] - The action party, Mr. Chen Xuehua, holds 82,505,146 shares, accounting for 4.35% of the total share capital, with 26,520,000 shares pledged, representing 32.14% of his holdings and 1.40% of the total share capital [2] - Together, Huayou Holding and Mr. Chen Xuehua hold 391,169,847 shares, accounting for 20.63% of the total share capital, with a total of 137,947,994 shares pledged, representing 35.27% of their holdings and 7.28% of the total share capital [2] Group 2: Pledge and Guarantee Situation - There are no pledged shares maturing in the next six months or one year for Huayou Holding and its action party, indicating sufficient repayment capability from operational income, dividends, investment income, and self-raised funds [4] - The pledge does not pose significant risks to the company's operations, financing, or governance, and will not lead to changes in actual control [5][6] - The company will continue to monitor the pledge and release of shares and fulfill information disclosure obligations [7] Group 3: External Guarantee Progress - In October 2025, the company provided a total guarantee amount of 245,000.00 million yuan, with a cumulative guarantee balance of 8,882,596.22 million yuan as of October 31, 2025, primarily for subsidiaries [10][17] - The company provided guarantees for a subsidiary with an asset-liability ratio exceeding 70% amounting to 195,000.00 million yuan [10] - The guarantees are necessary for the normal operation of the company and its subsidiaries, with no significant litigation or default issues [15][16]

Core Viewpoint - The company has announced an adjustment to its guarantee limits and the provision of guarantees for its subsidiaries, reflecting its ongoing support for business operations and financial stability [1][3][6]. Group 1: Guarantee Adjustment - The company approved a total guarantee amount not exceeding 17.6 billion RMB for its subsidiaries, including 15.6 billion RMB for subsidiaries with an asset-liability ratio exceeding 70% [1][2]. - The company is authorized to adjust the specific guarantee amounts for its subsidiaries within the approved limit of 17.6 billion RMB [2][3]. Group 2: Specific Guarantee Details - The company plans to adjust the guarantee amounts for its wholly-owned subsidiaries, Sailun (Shenyang) Tire Co., Ltd. and Sailun International Holdings (Hong Kong) Co., Ltd., to meet their operational needs [3][4]. - A non-committal comprehensive credit facility agreement was signed with JPMorgan Chase Bank (China) Co., Ltd. for a standby letter of credit not exceeding 5.01 million USD to support its subsidiaries in North America [4][5]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to support the daily operations of Sailun North America and Sailun USA, which are currently stable and have no significant defaults or legal issues [6]. - The overall risk associated with the guarantees is considered manageable, and there is no harm to the interests of the company or minority shareholders [6]. Group 4: Approval Process and Current Status - The guarantee matters were approved in the company's board meeting and the first extraordinary general meeting of shareholders in 2024, thus no further approval is required [7]. - The total expected annual guarantees amount to 27.2 billion RMB, with actual guarantees issued to date at 20.414 billion RMB, indicating a significant portion of the company's net assets is committed to these guarantees [7].

Core Points - The company, Kairun Co., announced that it and its controlling subsidiaries have no overdue external guarantees [2] - There are also no guarantees provided for the controlling shareholders, actual controllers, or their related parties [2]

Summary of Key Points Core Viewpoint - The company has approved a guarantee for its wholly-owned subsidiary, Beijing Duofeihailong Energy Technology Co., Ltd., with a maximum guarantee amount of RMB 50 million for the year 2025, and the current external guarantee balance is RMB 30 million [2][4]. Group 1: Guarantee Overview - The company has agreed to provide a guarantee of up to RMB 50 million for its subsidiary, Beijing Duofeihailong Energy Technology Co., Ltd., as approved in board meetings and the annual shareholders' meeting [4]. - The guarantee is structured as a joint liability guarantee [4]. Group 2: Progress of Guarantee - On June 11, 2025, the company signed a "Maximum Guarantee Contract" with a total guarantee amount of RMB 30 million [5]. - On November 3, 2025, a supplementary contract was signed, reducing the actual guarantee amount from RMB 30 million to RMB 20 million [11]. - The company also signed a new "Maximum Guarantee Contract" with Chengdu International Trade Group Co., Ltd. for a maximum amount of RMB 10 million [11]. Group 3: Financial Data and Credit Status - The total external guarantee amount after the new contracts remains at RMB 30 million, which constitutes 59.40% of the company's latest audited net assets [11][13]. - The subsidiary, Beijing Duofeihailong Energy Technology Co., Ltd., has a registered capital of RMB 15 million and is in good credit standing, not listed as a dishonest executor [12][13]. Group 4: Contractual Details - The main content of the "Maximum Guarantee Contract" includes a guarantee amount of RMB 10 million for debts related to the subsidiary's business operations [13]. - The guarantee covers principal debts, related fees, interest, penalties, and all costs incurred to realize the debt [13]. Group 5: Documentation - Relevant documents include board meeting minutes, the annual shareholders' meeting records, and the guarantee contracts [14].

Core Viewpoint - The company, Hengtian Hailong, has provided a guarantee for its wholly-owned subsidiary, Beijing Duofe Hailong Energy Technology Co., Ltd., with a total guarantee amount of RMB 30 million, within the approved limit of RMB 50 million for the year 2025 [2][3][4]. Summary by Sections 1. Overview of Guarantee Situation - Hengtian Hailong approved a guarantee of up to RMB 50 million for its subsidiary, Beijing Duofe Hailong, during board meetings held on April 24, 2025, and June 6, 2025 [3]. - The guarantee is structured as a joint liability guarantee [3]. 2. Progress of Guarantee - On June 11, 2025, the company signed a "Maximum Guarantee Contract" with a total guarantee amount of RMB 30 million [4]. - On November 3, 2025, a supplementary contract was signed, reducing the actual guarantee amount from RMB 30 million to RMB 20 million [9]. - The company also signed a new guarantee contract with Chengdu International Trade Group Co., Ltd. for a maximum amount of RMB 10 million, bringing the total external guarantee amount to RMB 30 million, which is 59.40% of the company's latest audited net assets [10][12]. 3. Basic Information of the Guaranteed Party - Beijing Duofe Hailong was established on March 22, 2023, with a registered capital of RMB 15 million [10]. - The company has a good credit status and is not listed as a dishonest executor [11]. 4. Main Content of Guarantee Contract - The maximum guarantee amount for the contract with Chengdu International Trade Group is RMB 10 million, with a guarantee period of three years from the expiration of the main contract [11]. 5. Cumulative External Guarantee Amount - As of the announcement date, the cumulative external guarantee amount for the company and its subsidiaries is RMB 30 million, which remains unchanged after the new guarantees [12].