Core Viewpoint - The company plans to issue non-public corporate bonds to professional investors, aiming to optimize its debt structure, reduce financing costs, and enhance overall competitiveness [1][8]. Group 1: Bond Issuance Details - The total issuance amount is proposed to be no more than RMB 1 billion, including the full amount [2]. - The bond term will not exceed 5 years, with the possibility of single or multiple maturities [2]. - The bonds will be issued at par value of RMB 100, with a fixed interest rate to be determined based on market conditions [2][3]. - The issuance will be conducted through a book-building process, allowing for either a single or phased issuance [2][3]. Group 2: Use of Proceeds - The funds raised will be used for repaying existing debts, supplementing working capital, and supporting the development of small and medium enterprises related to the company's operations [3][4]. Group 3: Approval and Authorization - The bond issuance has been approved by the company's board and supervisory committee, pending approval from the shareholders' meeting and regulatory bodies [7][8]. - The company seeks authorization from the shareholders' meeting for the board to manage all aspects of the bond issuance, including adjustments based on market conditions [5][6]. Group 4: Risk Management and Guarantees - The company will implement measures to ensure debt repayment, including profit distribution restrictions and potential delays in major investments if repayment is at risk [4][8]. - The specifics of any guarantees for the bonds will be determined based on market conditions and regulatory requirements [3][4].

Core Viewpoint - The company plans to issue a private placement of corporate bonds not exceeding RMB 1 billion to optimize its debt structure and reduce financing costs [1][2][3] Group 1: Meeting and Approval - The supervisory board meeting was convened on June 5, 2025, to discuss the bond issuance [1] - The proposal for the bond issuance requires approval from the shareholders' meeting [5] Group 2: Bond Issuance Details - The bonds will have a face value of RMB 100 and will be issued at par [2] - The bonds will adopt a fixed interest rate, with the specific rate to be determined based on market conditions [2] - The issuance can be conducted in a single tranche or multiple tranches, depending on market conditions [2][6] Group 3: Use of Proceeds - Proceeds from the bond issuance will be used for repaying interest-bearing debts, supplementing working capital, and supporting the development of small and medium enterprises related to the company's operations [3][6] - The specific use of funds will be determined based on the company's financial needs [3] Group 4: Measures in Case of Default - In the event of anticipated default on bond principal or interest payments, the company will take measures such as not distributing profits to shareholders and postponing significant capital expenditures [4][6] Group 5: Authorization and Management - The shareholders' meeting will authorize the board of directors to manage all matters related to the bond issuance, including adjustments to the issuance terms based on market conditions [5][6] - The authorization will remain effective until the completion of the bond issuance [6]