Core Viewpoint - The company plans to initiate a supply chain asset-backed plan to meet its operational funding needs, reduce financial costs, and improve cash flow, with a proposed issuance limit of up to 2 billion RMB [2][3]. Issuance Plan - The asset-backed plan will be structured to allow for cash flow generated from underlying assets to support repayment, targeting qualified investors such as insurance institutions [2][3]. - The company intends to apply for a shelf quota of no more than 2 billion RMB, with the specific issuance scale subject to regulatory approval and market conditions [3][4]. - The issuance must be completed within one year of obtaining the product registration code from the China Insurance Asset Registration and Trading System [3]. Company Obligations - The company will act as a joint debtor, confirming unconditional payment obligations for the receivables associated with the underlying assets [3][4]. - Guangming Food (Group) Co., Ltd. will provide a guarantee letter, ensuring full and unconditional joint liability for the repayment obligations of Guangming Real Estate [3]. Authorization Matters - The board of directors will seek authorization from the shareholders' meeting to oversee the research and organization of the supply chain asset-backed plan [4]. - The board will have the authority to engage with relevant parties, negotiate, and manage all matters related to the issuance, including hiring service providers and signing necessary agreements [4]. Decision-Making Process - The company held meetings on August 6, 2025, where the proposal for the supply chain asset-backed plan was unanimously approved by the board's strategic committee and the board itself [5].

Group 1 - The core viewpoint of the articles highlights the rapid growth of asset-backed plans registered by insurance asset management institutions, with a total registration scale reaching 230 billion yuan in July, reflecting a significant increase in the first half of the year, where 13 institutions registered 38 plans totaling 1,800.96 billion yuan, a year-on-year growth of 46% [1][2][4] - The asset-backed plan business is characterized as a means for insurance asset management institutions to issue beneficiary certificates based on cash flows from underlying assets, which are increasingly diversified, including factoring receivables, financial leasing, infrastructure revenue rights, consumer finance, and supply chain assets [2][3] - The shift from a registration system to a registration system in 2021 has led to a nearly twofold increase in the registration scale over three years, with a recovery in growth observed in 2023 after a decline in 2024 [2] Group 2 - The characteristics of asset-backed plans, such as stable cash flows, long durations, and lower risks compared to equity assets, align well with the investment needs of insurance capital, making them increasingly favored by insurance asset management institutions [1][4] - Recent policy support from regulatory bodies encourages insurance institutions to increase investments in asset-backed plans and other securitized products, further driving the growth of this market segment [2] - The expansion of the underlying asset categories for asset-backed plans indicates a move away from reliance on single asset types, enhancing the vitality and longevity of these financial products [3][4]