Core Viewpoint - The company, QianNeng HengXin Energy Technology Co., Ltd., has approved a series of credit applications and guarantees to support its wholly-owned subsidiary, Wisdom Petroleum (Karamay), in its operations in the Junggar Basin [2][4][6]. Group 1: Credit Applications - The company has applied for a comprehensive credit limit of up to 50 million RMB from SPD Bank, with a term not exceeding 1 year [2][8]. - Wisdom Petroleum (Karamay) has applied for a comprehensive credit limit of up to 20 million RMB from Bank of China, with a term not exceeding 3 years [2][4]. - Wisdom Petroleum (Karamay) has also applied for a comprehensive credit limit of 43 million RMB from Kunlun Bank, with a maximum loan balance of 28 million RMB [3]. Group 2: Guarantees - The company will provide a credit guarantee for Wisdom Petroleum (Karamay) for the aforementioned credit limits, with a total guarantee amount not exceeding 20 million RMB for Bank of China and 28 million RMB for Kunlun Bank [3][4]. - The total guarantee amount for Wisdom Petroleum's operations in the Junggar Basin has been increased from 90 million USD to 120 million USD, equivalent to approximately 852.29 million RMB [5][6]. - The cumulative external guarantee amount provided by the company and its subsidiaries is 1.98268 billion RMB, which accounts for 183.62% of the company's audited net assets for 2024 [6][7]. Group 3: Financial Health of Wisdom Petroleum - As of December 31, 2024, Wisdom Petroleum had total assets of 1.46423 billion RMB, total liabilities of 774.69 million RMB, and net assets of 689.54 million RMB [6][7]. - The company has reported no overdue guarantees or litigation related to guarantees, indicating a stable financial position [6][7]. Group 4: Board and Supervisory Opinions - The board and supervisory committee have expressed support for the credit applications and guarantees, emphasizing that these actions are in line with the company's operational needs and comply with relevant regulations [8].