Summary of Key Points Core Viewpoint - The company has provided a guarantee of RMB 50 million for its wholly-owned subsidiary, YE CHIU NON-FERROUS METAL (M) SDN.BHD. (YCTL), to support its operational funding needs, with a total guarantee amounting to approximately RMB 3.007 billion already provided to YCTL, of which RMB 879 million has been drawn [1][2]. Group 1: Guarantee Details - The guarantee provided by the company is for a loan application of RMB 50 million from YCTL to China Construction Bank (Malaysia) [2]. - The total amount of guarantees provided to YCTL, including the new guarantee, is RMB 524.49 million, which represents 24.58% of the company's audited net assets as of 2024 [1][5]. - The company has no overdue guarantees as of the announcement date [1]. Group 2: Financial Status of the Subsidiary - As of Q1 2025, YCTL's total assets were RMB 326,542.85 million, with total liabilities of RMB 124,616.63 million, resulting in a net asset value of RMB 201,926.23 million [4]. - YCTL reported a revenue of RMB 120,670.50 million in Q1 2025, showing a significant operational scale [4]. Group 3: Board and Approval Process - The board of directors has approved the guarantee within the planned external guarantee limits, and no further board or shareholder meetings are required for this approval [5]. - The company has established a guarantee limit of up to RMB 1.2 billion for its subsidiaries, with specific limits based on their debt ratios [3].

股票代码：601388 股票简称：怡球资源 编号：2025-025 号 怡球金属资源再生（中国）股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 形。 比减少53%~67%。扣除非经常性损益事项后，2025年半年度公司净利润与同期相比， 预计减少3,500万元~4,600万元，同比减少49%~64%。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 ~4,600万元，同比减少49%~64%。 （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况 （一）上年同期的利润总额：9,248.09万元；上年同期归属于上市公司股东的 净利润：6,853.01万元；归属于上市公司股东的扣除非经常性损益的净利润： （二）每股收益：0.0311元。 三、本期业绩预减的主要原因 （一）汇率波动：主要是公司马来西亚子公司记账币为林吉特，同时原料入库 与成品销售存在时间差异，同期比2025年上半年美元兑林吉特汇率波动较大，导致 公司铝合金锭业务购买原料成本增加和售价下跌，最终使得公司毛利下滑，影 ...

Core Viewpoint - In 2024, Yiqiu Metal Resources Recycling (China) Co., Ltd. reported a slight increase in revenue but a significant decline in net profit, indicating challenges in financial performance and operational efficiency [1][2][3]. Revenue Performance - The company achieved a revenue of 6,999,471,041.65 yuan, representing a year-on-year growth of 2.98% from 6,796,644,426.21 yuan [2]. - Quarterly revenue showed a sequential increase, with figures of 1,577,793,633.72 yuan, 1,663,959,311.90 yuan, 1,798,742,704.09 yuan, and 1,958,975,391.94 yuan, indicating a gradual upward trend [2]. Profitability Analysis - The net profit attributable to shareholders plummeted by 86.04% to 18,549,529.50 yuan from 132,902,874.88 yuan in 2023 [3]. - The decline in profit was attributed to several factors, including significant currency fluctuations, increased raw material costs, and rising financial expenses due to macroeconomic complexities [3]. Non-Recurring Profitability - The net profit after excluding non-recurring items fell by 92.60% to 10,573,946.58 yuan from 142,936,258.56 yuan, highlighting severe challenges in core business profitability [4]. Earnings Per Share - Basic earnings per share decreased to 0.0084 yuan from 0.0605 yuan, reflecting an 86.12% drop in shareholder returns [5]. - The diluted earnings per share, after excluding non-recurring items, fell to 0.0048 yuan from 0.0650 yuan, indicating weak core business performance [6]. Expense Management - Total expenses showed mixed changes, with sales expenses slightly decreasing by 0.3% to 23,419,691.61 yuan, suggesting stable marketing efforts [8]. - Management expenses decreased by 5.78% to 217,418,305.42 yuan, indicating improved management efficiency [10]. - Financial expenses increased by 10.64% to 55,317,652.61 yuan, reflecting heightened debt pressure due to rising raw material costs [11]. - R&D expenses were drastically cut by 84.90% to 495,794.82 yuan, raising concerns about future innovation capabilities [12]. Cash Flow Situation - The net cash flow from operating activities turned negative at -260,528,265.77 yuan, a 143.42% decrease from 600,030,517.05 yuan in 2023, indicating significant operational cash flow challenges [15]. - Cash flow from investment activities also decreased to -18,497,773.55 yuan, suggesting a more conservative investment strategy [16]. - Cash flow from financing activities increased to 291,887,384.39 yuan, indicating reliance on debt financing to meet operational needs [17]. Management Compensation - The chairman received a pre-tax compensation of 1,399,900 yuan, raising questions about the alignment of executive pay with company performance amid declining profits [19]. - The general manager's compensation was 842,500 yuan, and the vice president received 306,100 yuan, both of which warrant scrutiny regarding their correlation with the company's financial struggles [21][22].