Group 1 - The company, Shengye (06069), has entered into a revised financing support agreement to support the business development of Xiangsheng Factoring and provide financing for its supply chain finance operations [1] - The agreement stipulates that Xiangyu Group will guarantee debt financing for Xiangsheng Factoring and provide shareholder loans, while Shengye Group will provide counter-guarantees based on its shareholding in Xiangsheng Factoring [1] - The maximum total amount of financial support has been revised from 4.3 times to 3.44 times the net assets of Xiangsheng Factoring, with the upper limit approximately RMB 1.91 billion [1] Group 2 - The group operates as a "AI + industrial supply chain" digital technology company, focusing on key national industries such as infrastructure, pharmaceuticals, and bulk commodities, while also expanding into e-commerce, robotics, and AI applications [2] - The development of joint ventures is a key initiative for the group to implement its platform strategy, aiming to enhance business scale and revenue through resource integration [2] - The collaboration with state-owned shareholders is expected to facilitate more efficient and economical access to debt financing for Xiangsheng Factoring, thereby lowering capital costs and improving asset returns [2]

Core Viewpoint - The company has entered into a revised financing support agreement to bolster the business development of its subsidiary, Xiangsheng Factoring, and to provide financing support for its supply chain finance operations [1][2]. Group 1: Financing Support Agreement - The revised financing support agreement involves the company, its indirect wholly-owned subsidiary Tianjin Xiangsheng, and other related entities, aiming to provide financial backing for Xiangsheng Factoring's operations [1]. - The agreement stipulates that Xiangyu Group will guarantee the debt financing for Xiangsheng Factoring and provide shareholder loans within three years of signing the agreement [1]. - The maximum total amount of financial support has been adjusted from 4.3 times to 3.44 times the net assets of Xiangsheng Factoring, with the upper limit set at approximately RMB 1.91 billion [1]. Group 2: Strategic Development and AI Integration - The company operates as a "AI + industrial supply chain" digital technology firm, focusing on key national industries while also expanding into emerging sectors like e-commerce and AI applications [2]. - The development of joint ventures is a crucial part of the company's platform strategy, aimed at resource integration to enhance business scale and revenue [2]. - By leveraging Xiangyu Group's extensive industrial ecosystem and financial support, the company aims to combine its technological capabilities with state-owned credit backing to improve supply chain efficiency [2].

三、业务模式：覆盖全链条、多场景的综合性融资服务矩阵 朗尊软件的方案并非提供单一产品，而是构建了一个覆盖供应链全链条、适配不同产业场景的 融资服务 矩阵，满足 上下游企业 多样化的资金需求。 传统金融模式下，金融机构主要依赖对融资企业自身 主体信用（如财务报表、抵押物）的静态评估，这导致大量缺乏足额抵押但身处健康产业链中的 中小 企业 难以获得融资。朗尊软件的方案实现了三大关键跃迁，直击传统模式的痛点。 二、技术架构：区块链与数据中台双轮驱动的智能风控体系 强大的技术平台是支撑复杂 供应链金融 业务安全、高效、规模化运行的基础。朗尊软件构建了以 区块链 和数据中台为核心的双引擎技术架构。 信用穿透：激活沉睡的产业链资产：方案的核心在于利用 产业互联网平台 沉淀的真实、连续、可追溯的交易数据（订单、物流、结算单），将原本难 以评估和流转的 产业链资产（如对核心企业的 应收账款）进行数字化、凭证化。核心企业通过在线确权，将其信用注入这些数字凭证（如电子债权凭 证），使其成为可在 供应链金融 生态内拆分、流转、融资的硬通货。这使得N级供应商能够凭借其持有的、经核心企业背书的 应收账款 凭证，便捷 地获得融资，实现了 ...

"该案全程无真实货物流转，相关主体却借助'伪国企'信用背书及金融产品包装套取资金，最终因资金 链断裂造成投资者重大损失。"她进一步指出："此类融资性贸易的新演变，本质是违规主体对供应链金 融工具的不当利用。其'以贸易为名，行融资之实'的核心属性未变，但在主体嵌套、流程设计及风险隐 蔽性层面更具迷惑性。" 针对这类情况，2025年4月中国人民银行、国家金融监督管理总局、最高人民法院等六部门联合发布的 《关于规范供应链金融业务引导供应链信息服务机构更好服务中小企业融资有关事宜的通知》明确提 出，严禁供应链信息服务机构以供应链金融名义开展非法金融活动，防范无真实贸易背景的融资行为。 登录新浪财经APP 搜索【信披】查看更多考评等级 辛红 《法人》见习记者 李辽 国内粮油龙头企业金龙鱼旗下子公司广州益海，卷入一起涉融资性贸易的合同诈骗案。近日，该案一审 判决正式公布，引发市场高度关注。法院判决，作为中转仓储方的广州益海构成合同诈骗罪，处以100 万元罚金，与同案犯罪单位云南惠嘉共同对安徽华文的18.81亿元经济损失承担退赔责任。 融资性贸易是指参与贸易的各方在贸易过程中，依托货权、应收账款等财产权益，综合运用各种贸易 ...

Core Viewpoint - The article emphasizes the necessity for a paradigm shift in supply chain finance, moving from an industry-focused perspective to a commodity-centric approach, which is essential for enhancing the effectiveness of financial services to the real economy [1][2][6]. Group 1: Shift in Perspective - The traditional supply chain finance model relies heavily on macroeconomic cycles and industry conditions, which limits its ability to accurately assess individual companies' resilience and risks [1][3]. - A refined focus on commodities allows for a more precise analysis framework that penetrates industry appearances to reveal the underlying value of businesses [2][3]. Group 2: Credit Assessment Transformation - Credit evaluation under the commodity perspective shifts from static financial data analysis to dynamic management of commodity price risks and hedging effectiveness, providing deeper insights into a company's operational health [4][6]. - This transformation supports the implementation of the central financial work meeting's directives, enabling financial resources to reach the core risk and value nodes of enterprises [4][6]. Group 3: Financial Ecosystem Restructuring - The integration of a commodity perspective is reshaping supply chain finance, leading to a new financial service ecosystem that aligns closely with industry dynamics [11][12]. - Financial institutions are encouraged to develop comprehensive risk management and financing solutions that encompass the entire supply chain cycle, enhancing operational efficiency and reducing credit friction [12][14]. Group 4: Role of Futures Market - A mature and efficient futures market is crucial for establishing a commodity perspective, as it provides essential infrastructure for price discovery, risk management, and resource allocation [7][9]. - The growth of China's futures market, with a significant increase in trading volume and product variety, reflects its alignment with national strategies to enhance capital market functions and support the real economy [9][10]. Group 5: Digital Transformation and Innovation - The adoption of digital technologies, such as blockchain and IoT, is transforming commodities into clear, traceable digital assets, facilitating better credit flow and risk management [5][13]. - The establishment of a digital credit infrastructure is essential for overcoming traditional barriers in financing and regulatory challenges associated with physical commodities [13][18]. Group 6: National Resource Security - The commodity perspective is not only a financial innovation but also a strategic necessity for ensuring national supply chain and resource security amid global geopolitical changes [15][23]. - The active participation of private enterprises in hedging activities demonstrates the effectiveness of the commodity-based supply chain finance model in managing price risks and stabilizing operations [16][19]. Group 7: Future Outlook - The future of supply chain finance is expected to evolve into a deeply integrated ecosystem that leverages technology and data across institutions and markets, enhancing the efficiency and safety of financial resource allocation to the real economy [24][25]. - This evolution is crucial for achieving the fundamental goal of improving financial services to the real economy, thereby supporting China's economic stability and growth [25][27].

海仲集团供应链金融对产业协同发展的促进作用 海仲集团的供应链金融业务对产业协同发展起到了积极的促进作用。通过优化供应链中的资金流动，集团提高了整个供应链的效率和效能，促进了产业链上 企业之间的协同合作。 一方面，供应链金融解决了供应链上中小企业的融资难题，促进了中小企业的发展。中小企业是产业链的重要组成部分，但由于其规模较小、信用等级较 低，往往难以获得银行等金融机构的融资支持。而海仲集团的供应链金融服务为中小企业提供了新的融资渠道，让它们能够获得足够的资金来扩大生产、研 发新产品和拓展市场。例如，在一些高科技产业供应链中，中小企业往往是创新的主力军，但由于资金短缺，它们的创新能力受到了限制。通过供应链金融 的支持，这些中小企业可以加大研发投入，提高产品的科技含量和市场竞争力，从而为整个产业链的升级和发展做出贡献。 另一方面，供应链金融促进了产业链上企业之间的信息共享和合作。在供应链金融模式下，企业之间的交易信息更加透明，物流、信息流和资金流更加顺 畅。这使得企业之间可以更好地了解彼此的需求和能力，实现资源的优化配置和协同合作。例如，在一些农产品供应链中，通过供应链金融平台，农民可以 及时了解市场需求信息，调 ...

证券时报记者 陈雨康 "京东科技-京诚系列15号7期供应链保理合同债权绿色资产支持专项计划"近日在上交所成功发行，计划 管理人为华泰证券资管，优先级票面利率1.76%。该产品受到市场投资人的踊跃认购，展现了以供应链 赋能中小微企业纾困成长、以金融工具赋能绿色发展的责任担当。 ABS作为融资工具，通过资产信用增级、风险分散机制，高效对接资本市场低成本资金，为产业链融资 提供精准赋能。此前在上交所发行的"京东科技-京诚系列15号2期供应链保理合同债权绿色资产支持专 项计划"，优先级票面利率低至1.68%，创下全市场同期同类型产品利率新低，充分体现了投资者对京 东发行此类ABS产品的高度认可。与此同时，依托ABS融资成本优势，京东科技"京保贝"对客融资利率 持续下行，进一步让利产业链主体。 据统计，截至目前，今年京东科技-京诚系列ABS已在上交所累计发行约160亿元，既帮助京东科技培育 供应链生态，更将低成本融资红利传导至上游中小微供应商，实现资金精准反哺，切实缓解了中小微企 业融资难、融资贵问题。 全产业链赋能 本期ABS产品的底层资产为京东供应链金融科技板块的保理融资产品京保贝，基于供应商和京东的应收 账款，为 ...

本报讯 （记者毛艺融）近日，"京东科技-京诚系列15号7期供应链保理合同债权绿色资产支持专项计 划"在上交所成功发行，计划管理人为华泰证券资管，优先级票面利率1.76%，受到市场投资人的踊跃 认购。 上交所债券业务相关负责人表示，下一步，上交所将继续在中国证监会统筹指导下，充分发挥交易所债 券市场服务国家战略和实体经济功能，扎实做好普惠金融"大文章"。着力提升制度包容性、适应性，构 建包括中小微企业融资支持ABS、中小微企业融资支持债券、科技创新债券等多元产品体系，精准赋能 中小微企业融资，着力破解其融资难、融资贵问题。 ABS为实体产业经济注入强劲动力 当前，市场上支持中小微企业的融资产品体系多元，但限于自有资金规模及周转效率，一定程度上制约 了对中小微企业的支持效能。而ABS凭借标准化运作、低成本资金对接及产业链赋能优势，恰好为破解 这一痛点提供了有效路径。 ABS作为融资工具，通过资产信用增级、风险分散机制，高效对接资本市场低成本资金，为产业链融资 提供精准赋能。此前在上交所发行的"京东科技-京诚系列15号2期供应链保理合同债权绿色资产支持专 项计划"，优先级票面利率低至1.68%，创下全市场同期同类型 ...

Core Viewpoint - Shengye Holdings Group Limited (stock code: 06069) has announced a supplemental financing support agreement to aid the business development and supply chain finance of its associate company, Ningbo Guofu [1] Group 1: Financial Details - As of December 22, 2025, Shengye's stock closed at 11.37 HKD, up 1.25% from the previous trading day, with a trading volume of 90.0453 million HKD [1] - The total financing support provided to Ningbo Guofu amounts to a maximum of 2.1 billion RMB, with a term extending until December 31, 2027 [1] - As of the last feasible date, Ningbo Guofu has utilized approximately 868.8 million RMB of the financial support [1] Group 2: Agreement Terms - Shenglong, an indirect non-wholly owned subsidiary, will provide guarantees for Ningbo Guofu's debt financing based on its 35% shareholding [1] - Shengye Factoring will assume joint liability for the guarantees, while Shenglong will provide shareholder loans to Ningbo Kaidou at a rate not exceeding the loan market quotation rate [1] - The board believes the terms of the agreement are fair and reasonable, aligning with the overall interests of the company and its shareholders [1]

Core Viewpoint - The company announced a revised financing support agreement aimed at bolstering the business development of its associate company, Hai Kong Factoring, and providing financing support for its supply chain finance operations [1] Group 1 - The financing support agreement was established on December 19, 2025, involving Shengye Factoring, Hai Kong Group, and Hai Kong Investment [1] - The agreement is intended to support the business development of Hai Kong Factoring, which is an associate company of Shengye [1] - The financing will specifically aid the supply chain finance operations conducted by Hai Kong Factoring [1]