Core Viewpoint - The company, Guangming Real Estate, announced its plan to initiate a supply chain asset-backed financing program, allowing suppliers to finance their receivables through factoring companies, with a proposed asset support plan limit of up to 2 billion yuan [2]. Group 1 - Guangming Real Estate intends to conduct a supply chain asset support plan business, which involves suppliers' payment claims against the company's subsidiaries after fulfilling their sales or service obligations [2]. - Suppliers will utilize their accounts receivable to obtain financing from factoring companies, creating a debt claim for the factoring company [2]. - The factoring company will apply for an asset support plan with a maximum limit of 2 billion yuan from Zhongbao Insurance Asset Registration and Trading System Co., Ltd., with the company acting as a joint debtor [2].

Core Viewpoint - The company plans to initiate a supply chain asset-backed plan to meet its operational funding needs, reduce financial costs, and improve cash flow, with a proposed issuance limit of up to 2 billion RMB [2][3]. Issuance Plan - The asset-backed plan will be structured to allow for cash flow generated from underlying assets to support repayment, targeting qualified investors such as insurance institutions [2][3]. - The company intends to apply for a shelf quota of no more than 2 billion RMB, with the specific issuance scale subject to regulatory approval and market conditions [3][4]. - The issuance must be completed within one year of obtaining the product registration code from the China Insurance Asset Registration and Trading System [3]. Company Obligations - The company will act as a joint debtor, confirming unconditional payment obligations for the receivables associated with the underlying assets [3][4]. - Guangming Food (Group) Co., Ltd. will provide a guarantee letter, ensuring full and unconditional joint liability for the repayment obligations of Guangming Real Estate [3]. Authorization Matters - The board of directors will seek authorization from the shareholders' meeting to oversee the research and organization of the supply chain asset-backed plan [4]. - The board will have the authority to engage with relevant parties, negotiate, and manage all matters related to the issuance, including hiring service providers and signing necessary agreements [4]. Decision-Making Process - The company held meetings on August 6, 2025, where the proposal for the supply chain asset-backed plan was unanimously approved by the board's strategic committee and the board itself [5].