Meeting Overview - The third extraordinary general meeting of shareholders was held on December 30, 2025, at the company's meeting room in Guangzhou, Guangdong Province [2] - The meeting was convened by the board of directors and chaired by Mr. Li Xiaojun, the chairman of the company [2][3] - The voting method combined on-site and online voting, complying with the Company Law and the company's articles of association [2] Attendance - Out of 10 current directors, 9 attended the meeting, with Executive Director Mr. Cheng Hongjin absent due to official duties [3] - The company’s board secretary, Ms. Huang Xuezheng, and other senior management, as well as legal witnesses and vote counters, were present [3] Resolutions - Two ordinary resolutions were passed: 1. Approval for Guangzhou Pharmaceutical Co., Ltd. to conduct accounts receivable asset securitization [4] 2. Approval for the completion of fundraising investment projects and the permanent replenishment of working capital with surplus raised funds [4] - All resolutions received more than half of the votes from the total shares represented at the meeting [5] Legal Witnessing - The meeting was witnessed by Hong Kong Central Securities Depository Co., Ltd., lawyers, and shareholder representatives who acted as vote counters and monitors [5] - The legal opinion was provided by Beijing Zhonglun (Guangzhou) Law Firm, confirming the legality and validity of the meeting's procedures and resolutions [5]

Group 1 - The core point of the article is that Weiye Co., Ltd. (300621) announced plans to conduct accounts receivable asset securitization to improve capital efficiency and broaden financing channels [1] - The total amount for the securitization business is set to not exceed 2 billion yuan, with the amount being recyclable [1]

Group 1 - The core point of the article is that Weiye Construction Group Co., Ltd. plans to conduct accounts receivable asset securitization to improve capital efficiency and broaden financing channels, with a total limit not exceeding 2 billion yuan, which is recyclable [1] Group 2 - The company aims to utilize financial market financing tools effectively [1] - The securitization will involve accounts receivable rights and associated interests as the underlying assets [1] - The initiative reflects the company's strategy to enhance its financial flexibility and operational efficiency [1]

Group 1 - The core point of the article is that Weiye Construction Group Co., Ltd. plans to conduct accounts receivable asset securitization to improve capital efficiency and broaden financing channels [1] - The total amount for the accounts receivable asset securitization business is set to not exceed 2 billion yuan, including the principal amount, and the quota is reusable [1]

Core Points - The company has approved the establishment of the "Tebian Electric Receivables Phase 2 Asset-Backed Special Plan (Technology Innovation)" with a total asset-backed securities scale not exceeding 5 billion RMB [1] - The plan has received full subscription for both senior and subordinated asset-backed securities, with actual subscription amounting to 1,721.50 million RMB, reaching the targeted fundraising scale [1] - The special plan is set to officially establish on December 2, 2025 [1] Summary by Sections - **Announcement of Asset Securitization**: The board of directors and all directors guarantee the announcement's content is free from false records, misleading statements, or significant omissions [1] - **Approval and Scale**: The board meeting and the annual shareholders' meeting approved the receivables asset securitization proposal, allowing the wholly-owned subsidiary to conduct this business [1] - **Subscription Details**: The special plan has achieved the agreed fundraising scale, with full subscription confirmed [1]

Core Viewpoint - Baiyunshan (600332) announced plans to issue asset-backed securities (ABS) worth up to 3 billion yuan to enhance liquidity and optimize financial structure [1] Group 1: Company Actions - Baiyunshan's subsidiary, Guangzhou Pharmaceutical Co., Ltd., will act as the originator for the ABS issuance [1] - The ABS will consist of both senior and subordinated securities, with a maximum maturity of 2 years for each issuance [1] Group 2: Financial Strategy - The securitization of accounts receivable is aimed at obtaining financing and maximizing asset liquidity [1] - This financial strategy is expected to effectively revitalize assets and improve the overall operational efficiency of Guangzhou Pharmaceutical [1]

Core Viewpoint - The company Baiyunshan (00874) has announced a plan for Guangzhou Pharmaceutical to engage in accounts receivable asset securitization, aiming to issue asset-backed securities totaling up to RMB 3 billion by December 1, 2025 [1] Group 1: Transaction Details - The board of directors approved the proposal for Guangzhou Pharmaceutical to sell accounts receivable assets to a plan manager, who will also manage the special plan [1] - The plan manager will issue the asset-backed securities in installments over a period of two years, with each installment having a maximum duration of two years [1] - As of the announcement date, no legally binding agreements have been signed for the proposed transaction [1] Group 2: Asset Characteristics - The underlying assets consist of accounts receivable and associated rights arising from sales of pharmaceuticals and medical devices to public secondary hospitals and commercial companies [1] - The assets include both initial and newly generated accounts receivable [1] Group 3: Financial Strategy - The transaction aims to convert accounts receivable into more liquid cash assets, thereby enhancing asset liquidity, broadening financing channels, and optimizing the company's financial structure [1] - Proceeds from the transaction are intended to supplement Guangzhou Pharmaceutical's working capital or replace existing debt [1]

Core Viewpoint - The company Baiyunshan (00874) has announced a plan for Guangzhou Pharmaceutical to engage in accounts receivable asset securitization, aiming to issue asset-backed securities totaling up to RMB 3 billion by December 1, 2025 [1] Group 1: Transaction Details - The board of directors approved the proposal for Guangzhou Pharmaceutical to sell accounts receivable as underlying assets to a plan manager [1] - The plan manager will agree to purchase these underlying assets and manage the special plan for issuing the securities [1] - The issuance will occur in phases over a two-year period, with each phase having a maximum duration of two years [1] Group 2: Purpose and Benefits - The underlying assets consist of accounts receivable from sales of pharmaceuticals and medical devices to public hospitals and commercial companies [1] - This transaction allows Guangzhou Pharmaceutical to convert accounts receivable into more liquid cash assets, thereby enhancing asset liquidity and optimizing financial structure [1] - Proceeds from the transaction are intended to supplement working capital or replace existing debt [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 擬進行的 出售應收賬款資產的交易 本次交易背景 於2025年12月1日，董事會通過了關於廣州醫藥開展應收賬款資產證券化業務的議案。據此，廣州醫 藥作為賣方及原始權益人擬與計劃管理人簽訂基礎資產買賣協議，向計劃管理人出售基礎資產（定義 見下文），而計劃管理人作為買方同意根據基礎資產買賣協議的條款購買基礎資產並設立專項計劃發 行總額不超過人民幣30億元的資產支持證券，同時亦擔任專項計劃的管理人。計劃管理人將在上交 所批准上述發行之日起計算的2年內分期發行專項計劃，每期專項計劃的存續期不超過2年。截至本 公告日，廣州醫藥尚未就擬進行的本次交易簽署任何具有法律約束力的協議。 擬簽署的基礎資產買賣協議的主要條款 截至本公告日，廣州醫藥與計劃管理人擬簽署的基礎資產買賣協議將包含以下的主要條款： 1. 將予出售的廣州醫藥基礎資產（「基礎資產」） 基礎資產指廣州醫藥及其子公司基於藥品銷售、醫療器械銷售等業務對公立二級及 ...

Policy and Regulatory Framework - The revised "Regulations on the Payment of Funds to Small and Medium-sized Enterprises" aims to address issues such as "difficulties in receivables recovery and prolonged cycles" for SMEs, enhancing legal protections for their rights[1] - The "Self-regulatory Rules on Due Diligence for Debt Asset Securitization" provide clear guidelines for due diligence, improving efficiency and protecting investors' rights[2] - The "Notice on Regulating Supply Chain Financial Services" focuses on standardizing supply chain financial services to better support SME financing[3] Market Performance and Trends - From January to July 2025, the accounts receivable ABS market saw 158 issuances, a 37.39% increase year-on-year, with a total issuance scale of CNY 1410.60 billion, up 25.71%[5] - The issuance scale of accounts receivable ABS accounted for 11.98% of the total asset securitization market, indicating a slight increase in market capacity[5] - The main issuance venue was the exchange market, which accounted for 80.53% of the total issuance scale[6] Asset Quality and Characteristics - Construction-related receivables dominate the underlying assets, making up 80.16% of the total[8] - The actual cash flow recovery for construction receivables may be affected by project progress and payment cycles, leading to potential delays[37] - Trade receivables show varied recovery characteristics, with stable cash flows from large state-owned enterprises, while consumer-related receivables may have higher risks due to weaker debtor profiles[38] Issuance Structure and Credit Enhancement - 39.11% of the accounts receivable ABS involved a revolving purchase structure, helping to address maturity mismatches[18] - 84.07% of the issuances included credit enhancement, primarily from high-rated entities, maintaining a low overall credit risk level[24] - The proportion of non-enhanced accounts receivable ABS increased to 15.93%, indicating a shift towards more self-reliant structures[27] Secondary Market Activity - The secondary market for accounts receivable ABS saw a transaction volume of CNY 2700.50 billion, a significant increase of 118.57% year-on-year, making it the largest trading category in the asset-backed securities market[32] - The turnover rate in the interbank market was 35.62%, reflecting higher trading activity compared to the exchange market's 17.96%[33]