格隆汇10月10日丨晨鸣纸业(01812.HK)公告，为切实推动公司主要生产基地有序复工复产工作，增强公 司持续经营能力，妥善化解债务风险，潍坊、寿光两级政府专门设立了国有全资公司潍坊兴晨。为保障 公司生产经营的资金需求，潍坊兴晨与金融机构合作开展了专项用于本公司复工复产的人民币23.1亿元 银团贷款业务，各参团行均已完成对该银团贷款的审批。 为满足吉林基地生产经营的资金需求，潍坊兴晨全资附属公司吉林兴晨将与吉林银行股份有限公司吉林 吉营支行合作开展贷款业务。为保障业务顺利开展，公司拟为吉林兴晨提供连带责任保证担保，公司附 属公司吉林晨鸣拟以其持有的位于吉林市龙潭区晨鸣路1号土地及房产为吉林兴晨提供抵押担保，担保 金额不超过人民币2.4亿元，担保期限不超过5年。 潍坊兴晨及吉林兴晨均系潍坊市县两级政府为协助公司化解债务风险、推动复工复产而专门设立的国有 全资下属公司，集团拟为潍坊兴晨、吉林兴晨提供担保，旨在保障其融资业务顺利开展，为公司复工复 产提供稳定的资金支持，确保生产原料的及时采购与供应，有序推动公司各生产基地恢复正常生产，增 强公司的盈利能力和偿债能力，有效化解公司债务风险，实现持续稳健运营。潍坊兴晨 ...

Core Viewpoint - ST晨鸣's stock price has experienced significant fluctuations, with a cumulative deviation of over 12% in closing prices over three consecutive trading days, indicating abnormal trading activity [1] Financial Summary - The company has secured a syndicated loan of 2.31 billion yuan specifically for resuming production, which has completed the approval process and is now in the stages of meeting withdrawal conditions and signing loan agreements [1] - The company plans to gradually advance the resumption of production at various bases based on funding status and market conditions [1] Disclosure Status - The company, its controlling shareholder, and actual controller have confirmed that there are no undisclosed significant matters related to the company, nor are there any major matters in the planning stage [1]

Core Viewpoint - The company is facing significant operational challenges due to a lack of funding, resulting in no vehicle production this year and only 14 units shipped to Algeria [1][3]. Group 1: Financial Performance - As of December 31, 2024, the company's net assets were reported at 234 million yuan, a decrease of 1.001 billion yuan year-on-year, representing an 80.98% decline, primarily due to a net profit loss of 1 billion yuan [4]. - By the end of Q1 2025, net assets further declined to 131 million yuan, down 1.03 billion yuan from the previous year, marking a 43.88% drop, attributed to a loss of 1.03 billion yuan in the first quarter [4]. Group 2: Operational Challenges - The company has not resumed production due to insufficient operational funds, with no new vehicle manufacturing activities this year [1][3]. - The primary issue identified is the lack of startup capital necessary for operations, with efforts ongoing to negotiate the release of judicial freezes on accounts held by a major shareholder [3]. Group 3: Market Development - The company is actively pursuing international market opportunities, including Algeria, Egypt, and several other countries, to establish a customer base and distribution network for the T300 fuel version model [2]. - A total of 30 sample vehicle orders for Algeria have been fully paid, with 14 units already shipped this year, and a bulk order of 1,200 units has been signed with deposits received [2]. Group 4: Strategic Initiatives - The company is focusing on resuming production at its Chongqing base, pending resolution of funding issues, and is also negotiating with local government regarding historical debt [2]. - Efforts are being made to streamline the supply chain and reduce costs for component procurement to ensure timely production and delivery of the T300 vehicles [2].