Group 1: Company Performance and Investments - The company has exited its investment in "Pumice" and adjusted its fair value according to the acquisition price by the end of 2024 [1] - The company has not participated in the privatization of Hong Kong 00982 [1] - The company focuses on high-end manufacturing, healthcare, internet and emerging technologies, consumption upgrades, new energy, and energy conservation as key investment areas [3] Group 2: Financial Reporting and Valuation - The company does not directly hold shares in IPO companies but participates through subsidiary-managed partnership funds, with a small proportion of total fund shares [4] - The fair value of the company's investments is measured based on the net asset value of the funds as of June 30, 2025 [4] - The company has not directly held shares in Bona Film Group, and any losses reported will not affect the company's financial statements [4] Group 3: Market Conditions and Strategic Direction - The company's stock price is influenced by macroeconomic factors and market sentiment, leading to fluctuations [4] - The company is committed to steady operational management and enhancing internal value for shareholders [3] - The company has been in the investment and management business for over 10 years, focusing on strategic emerging industries [5]

Core Points - The document outlines the equity investment management system of Hainan Natural Rubber Industry Group Co., Ltd. to standardize equity investment behavior and mitigate risks while maximizing shareholder rights and investment returns [1][2][3] Group 1: General Principles - The system aims to regulate equity investments by the company and its subsidiaries, ensuring compliance with relevant laws and regulations [1] - Equity investment is defined as economic activities such as equity acquisition, joint ventures, and private fund subscriptions conducted by the company or its subsidiaries [1][2] - The management principles emphasize compliance, risk control, and transparency in decision-making processes [8][9] Group 2: Investment Process Management - The investment process includes project selection, planning, and closed-loop management to ensure standardized and professional implementation [10][11] - Annual investment plans must be developed and integrated into the overall budget management system [12] - Post-investment management includes evaluating the effectiveness of investments within one year of completion [16] Group 3: Management Structure and Decision-Making - The management structure consists of a two-tier system involving the company headquarters and secondary subsidiaries [15][16] - The headquarters is responsible for coordinating resources, developing investment policies, and overseeing subsidiary investments [16][17] - Decision-making authority is distributed among the general manager's office, board of directors, and shareholders' meetings, with the party committee providing strategic guidance [18][19] Group 4: Responsibilities and Departments - The Capital Operations Department oversees equity investment activities, including drafting and revising investment-related policies and managing project applications [20][21] - The Strategic Planning Department is responsible for post-investment management and risk control [21][22] - The Finance Department manages financial aspects of equity investments, including budget approvals and payment processes [22][23] Group 5: Integrity and Compliance - A commitment to integrity is required for all investment projects, with key personnel signing integrity commitment letters during the approval phase [18][25] - Violations of investment management responsibilities can lead to accountability under relevant laws and regulations [18][25] - The document emphasizes the importance of adhering to fair practices in procurement and investment processes to prevent conflicts of interest [18][25]