Core Points - The company disclosed its cumulative new borrowing situation from January to October 2025, highlighting a significant increase in debt levels [1] - As of October 31, 2025, the company's total borrowing reached RMB 487.49 billion, with a cumulative increase of RMB 117.51 billion, representing 40.50% of the net assets as of the end of the previous year [1] Financial Data Overview - As of December 31, 2024, the company's audited net assets were RMB 290.15 billion, and the borrowing balance was RMB 369.98 billion [1] - The borrowing balance increased to RMB 487.49 billion by October 31, 2025, indicating a substantial rise in leverage [1] New Borrowing Classification - **Bank Loans**: The company's subsidiaries saw an increase of RMB 1.05 billion in bank loans compared to the end of 2024, accounting for 0.36% of the previous year's net assets, primarily due to an increase in short-term borrowings [2] - **Corporate Bonds**: The balance of corporate bonds increased by RMB 11.60 billion, representing 4.00% of the previous year's net assets, mainly due to the issuance of corporate bonds and short-term financing notes [3] - **Other Borrowings**: Other borrowings rose by RMB 104.86 billion, which is 36.14% of the previous year's net assets, attributed to increased borrowed funds, repurchase agreements, and the scale of income certificates [5] Impact on Debt Servicing Ability - The new borrowings are in compliance with relevant laws and regulations and fall within the company's normal business activities. The company's financial condition remains stable, with all debts being serviced on time, indicating that the new borrowings will not adversely affect the company's operational status or debt servicing capability [6]