Core Viewpoint - The company has adjusted its comprehensive credit and guarantee application for 2025 to meet the operational and business development needs of itself and its subsidiaries, maintaining the total credit limit at 2,417 million RMB and the total guarantee limit at 2,227 million RMB [1][2][12] Summary by Sections Approved Comprehensive Credit and Guarantee Matters - The company approved a comprehensive credit limit of up to 2,417 million RMB and a guarantee limit of up to 2,227 million RMB for 2025, with a validity period of no more than 12 months from the date of approval [1][2] Adjustment of Comprehensive Credit and Guarantee - The adjustment includes various types of guarantees such as credit guarantees, real estate mortgages, and tax refund pledges. Specific guarantees include: - 70 million RMB from China Export-Import Bank with a term of 18 months - 160 million RMB from China Construction Bank with real estate mortgage - 40 million RMB from Yongzhou Rural Commercial Bank with a three-year mortgage [2][3][4] Guarantee Limit Adjustment Details - The total guarantee limit remains at 2,227 million RMB, with the actual guarantee amounts being adjustable within this limit. The management can adjust the specific guarantee amounts among the company and its subsidiaries as needed [4][12] Financial Institutions Involved - The company will apply for comprehensive credit from various financial institutions, including Citibank, China Minsheng Bank, and others, ensuring a broad range of financial support [3][4] Financial Data of Subsidiaries - Key financial data for subsidiaries as of December 31, 2024, includes: - New Huikai Technology (Shenzhen) Co., Ltd.: Total assets of approximately 2.27 billion RMB, total liabilities of approximately 1.61 billion RMB, and net assets of approximately 664 million RMB [5][6] - Tianjin Jingwei Electric Power Technology Co., Ltd.: Total assets of approximately 711 million RMB, total liabilities of approximately 379 million RMB, and net assets of approximately 332 million RMB [6] - Hunan Jingwei Huikai Technology Co., Ltd.: Total assets of approximately 461 million RMB, total liabilities of approximately 407 million RMB, and net assets of approximately 41 million RMB [7] Board of Directors' Opinion - The board believes that the adjustments to the guarantee limits are necessary for the operational needs of the company and its subsidiaries, and the financial risks are manageable. The adjustments are expected to support business development without adversely affecting operations [12]

Group 1 - The company has made changes to its accounting policies in accordance with national accounting standards, which do not require approval from the board of directors or shareholders [2] - The accounting policy changes are in line with the Ministry of Finance's regulations and will not affect the company's financial statements for 2024, nor will they have a significant impact on the company's financial position, operating results, or cash flows [3][4] Group 2 - The company's supervisory board held its 13th meeting on April 26, 2025, where all members participated, and the meeting complied with relevant laws and regulations [6] - The supervisory board approved the 2024 annual work report, emphasizing its role in supervising the execution of shareholder resolutions and the company's operations [7] Group 3 - The company reported a revenue of CNY 1,894,310,426.17 for 2024, representing a year-on-year increase of 16.16%, and a net profit attributable to shareholders of CNY 172,172,999.35, up 57.16% [11] - The total assets of the company reached CNY 2,490,066,848.83, a growth of 10.93% compared to the previous year, while net assets increased by 6.53% to CNY 1,291,263,677.23 [11] Group 4 - The company proposed a profit distribution plan for 2024, which includes a cash dividend of CNY 0.4 per share, with a total distribution amounting to CNY 74,175,720.00, representing 43.08% of the net profit attributable to shareholders [34][36] - The profit distribution plan is subject to approval at the annual shareholders' meeting [35][38] Group 5 - The company plans to apply for a comprehensive credit limit of CNY 15.5 billion from financial institutions and provide guarantees of up to CNY 11.8 billion for loans within this limit [42][45] - The company has no overdue guarantees and the total guarantee amount is CNY 5.38 billion, which accounts for 41.66% of the company's latest audited net assets [43][64]

Core Viewpoint - The company has effectively managed its fundraising and investment projects, ensuring compliance with regulations and timely reporting of financial activities [3][15][18]. Fundraising and Investment Management - In 2022, the company directly invested 57.93 million RMB in fundraising projects and utilized 195 million RMB of idle funds for temporary working capital, which was fully returned by November 10, 2022 [1]. - For 2023, the company directly invested 124.97 million RMB in fundraising projects and used 196.86 million RMB of idle funds, fully returned by April 17, 2024 [1]. - In 2024, the company planned to invest 120.39 million RMB in fundraising projects and used 160 million RMB of idle funds, with 50 million RMB returned by December 31, 2024, leaving 110 million RMB yet to be returned [1][11]. Fundraising Usage and Financial Status - As of December 31, 2024, the company had cumulatively used 642.83 million RMB of fundraising, with a remaining balance of 92.47 million RMB in the fundraising account [2]. - The net interest income from the fundraising account, after deducting bank fees, was 26.13 million RMB [2]. Regulatory Compliance and Oversight - The company has established a fundraising management system to ensure proper storage, approval, usage, and supervision of funds, complying with relevant laws and regulations [3]. - The company signed tripartite supervision agreements with banks and sponsors to ensure compliance with fundraising regulations [3][4][6]. Changes in Fundraising Projects - The company has made adjustments to the locations of its fundraising projects, moving some hotel projects from Shanghai, Changzhou, and Hangzhou to Hefei, Anqing, and Nanjing [8][14]. - The company established a wholly-owned subsidiary, Anqing Fumao Hotel Management Co., Ltd., to implement the new hotel projects in Anqing [8]. Financial Reporting and Audit - The company received a positive verification report from its auditing firm, confirming compliance with fundraising management regulations and proper usage of funds [17][18]. - The company plans to continue its relationship with the auditing firm for the 2025 fiscal year, ensuring ongoing compliance and oversight [31][32].