Core Viewpoint - The report evaluates the financial operations and risk management of China Electric Power Finance Co., Ltd. (China Electric Finance), highlighting its compliance with regulations and effective internal controls [1][5]. Group 1: Company Overview - China Electric Finance is a non-bank financial institution approved by the People's Bank of China, with a registered capital of 28 billion yuan, controlled by State Grid Corporation of China [1]. - The company has a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and senior management, ensuring clear responsibilities in risk management [1]. Group 2: Risk Management - China Electric Finance identifies and assesses risks based on the likelihood of occurrence and impact, focusing on liquidity, credit, operational, market, and cybersecurity risks [2]. - The company has established a comprehensive risk control system, including asset-liability management, credit risk assessment, and emergency liquidity management [2][4]. Group 3: Financial Performance - As of June 30, 2025, China Electric Finance reported total assets of 269.48 billion yuan and net assets of 50.54 billion yuan, with a revenue of 2.57 billion yuan and a net profit of 1.43 billion yuan for the first half of 2025 [5]. - The company adheres to legal and regulatory requirements, ensuring compliance with financial management standards [5]. Group 4: Loan and Deposit Situation - As of June 30, 2025, the company had a deposit balance of 1.973 billion yuan with China Electric Finance, accounting for 30.66% of its total deposits [6]. - The company has no outstanding loans with China Electric Finance but has a loan balance of 641 million yuan with other banks [6]. Group 5: Risk Assessment Opinion - The company concludes that China Electric Finance possesses valid financial licenses and has established a robust internal control system, effectively managing risks and complying with regulatory requirements [6].

Core Viewpoint - The independent directors of Hengtong Logistics Co., Ltd. conducted a meeting to review and approve a risk assessment report regarding financial operations with Nanshan Group Financial Co., Ltd., confirming compliance and risk control measures [1][2]. Group 1: Meeting Details - The second independent director meeting of 2025 was attended by three independent directors and was chaired by Mr. Sun Dekun, adhering to relevant regulations [1]. - The meeting focused on reviewing certain proposals to be submitted to the company's board of directors [1]. Group 2: Risk Assessment Report - The report on the financial operations with Nanshan Group Financial Co., Ltd. indicated that the financial company operates under strict supervision from the National Financial Supervision Administration [1]. - No violations of financial regulations were found during the reporting period, and there were no significant defects in the financial statements related to funds, credit, auditing, or information management [1]. - The internal control systems of the financial company are sound, and the risks associated with related financial transactions between the company and the financial company are manageable, ensuring no harm to the company or its shareholders, particularly minority shareholders [1]. Group 3: Voting Outcome - The proposal received three votes in favor, with no votes against or abstentions [2].

Core Viewpoint - The report evaluates the risk management and internal control systems of China Nuclear Finance Co., Ltd. (中核财务公司), highlighting its compliance with regulatory requirements and the effectiveness of its internal controls [1][2][3]. Group 1: Company Overview - China Nuclear Finance Co., Ltd. was established on July 21, 1997, as a non-bank financial institution approved by the People's Bank of China, currently under the supervision of the National Financial Regulatory Administration and the People's Bank of China [2]. - The company has a registered capital of 438.582 million RMB, with China National Nuclear Corporation holding a 49.02% stake [2]. - Its business scope includes accepting deposits, providing loans, bill discounting, and various financial advisory services [2]. Group 2: Internal Control System - The internal control system is built on a governance structure involving a shareholders' meeting, a board of directors, and senior management, with various specialized committees overseeing risk management and auditing [3][4]. - The company has established a comprehensive internal control manual covering 26 major business areas, 165 processes, and 385 key control points, which has been optimized since 2022 [6]. - A cyclical mechanism for internal control evaluation and defect rectification is in place, ensuring continuous improvement of internal controls [6][7]. Group 3: Risk Management - The risk management framework includes a risk management committee under the board, which is responsible for formulating risk management policies and evaluating the overall risk status [5][7]. - The company has implemented standardized operational processes and risk prevention measures across its business departments to manage various risks effectively [5][6]. - The overall risk control is maintained at a reasonable level, with effective execution of internal control systems [7]. Group 4: Financial Performance - As of June 30, 2025, China Nuclear Finance reported cash and deposits at the central bank of 3.859 billion RMB, interbank deposits of 42.819 billion RMB, net interest income of 545 million RMB, total profit of 643 million RMB, and net profit after tax of 472 million RMB [8]. - The company's regulatory indicators are in compliance with the requirements set forth in the Enterprise Group Financial Company Management Measures [8]. Group 5: Business Relations - As of June 30, 2025, the company and its subsidiaries had a deposit balance of 2.180 billion RMB with China Nuclear Finance, and the self-operated loan balance was 220 million RMB [8]. - The report concludes that the risk management practices of China Nuclear Finance are sound, with no significant deficiencies identified, indicating that the financial services business relationship is manageable [8].

Core Viewpoint - The risk assessment report evaluates the financial operations and internal controls of Inner Mongolia North Heavy Industries Group Co., Ltd. and its relationship with Bingtong Financial Co., Ltd., highlighting the safety and liquidity of deposits and loans as key concerns [1][14]. Financial Company Overview - Bingtong Financial Co., Ltd. was established on June 4, 1997, with a registered capital of 634 million yuan [1]. - The company’s shareholders and their contributions are fully detailed, with a total contribution of 634 million yuan [1]. Business Scope - The financial company engages in various activities including accepting deposits, providing loans, bill discounting, and financial consulting services [2]. Internal Control Objectives - The financial company aims to establish a comprehensive internal control system that is effective, independent, and involves all personnel [2]. Internal Control Structure - The company operates under a governance structure that includes a board of directors, supervisory board, and management team, ensuring clear responsibilities and checks and balances [3]. Risk Identification and Assessment - An internal audit department is established to oversee and manage risks associated with the company's economic activities [3]. Control Activities - The financial company has implemented various management measures to control funding risks, including strict adherence to regulations and internal policies [4]. - The company ensures the safety of member unit deposits through principles of equality, voluntariness, and good faith [4]. Loan Management - A comprehensive credit management system is in place, including a separation of duties in the loan approval process [5][6]. Investment Management - The financial company focuses on fixed-income investments, adhering to a structured investment management system to mitigate risks [7][8]. Operational Performance - As of June 30, 2025, the financial company reported bank deposits of 33.34 billion yuan and a net profit of 3.27 billion yuan for the first half of 2025 [9][10]. Regulatory Compliance - The financial company meets all regulatory requirements, including a capital adequacy ratio of 20.76%, which exceeds the minimum requirement of 10.5% [11][12]. Deposit and Loan Status - The company maintains a deposit balance of 1.33 billion yuan with Bingtong Financial Co., Ltd., ensuring good safety and liquidity [13]. Risk Assessment Conclusion - The financial company has demonstrated sound operational performance and effective risk management practices as of mid-2025, with no significant deficiencies identified [14].

Group 1 - The company held its 12th meeting of the second Supervisory Board on July 14, 2025, with all three supervisors present, confirming compliance with relevant laws and regulations [1][2]. - The Supervisory Board approved the renewal of the Financial Services Agreement with Yuehai Group Financial Co., Ltd., stating that the transaction aligns with the company's operational needs and adheres to fair pricing principles [2][3]. - The Supervisory Board also approved the risk assessment report regarding the company's financial activities with Yuehai Group Financial Co., Ltd., concluding that the report accurately reflects the company's operational qualifications and risk management [2][3].