肖小和，余显财，金睿，柯睿 制造业是立国之本，我国制造业规模已跃居世界第一。但我们仍处于工业化进程中，自主创新能力不 强，关键核心技术与高端装备对外依存度高，与世界先进国家有较大差距，需要采取更加精准的帮扶措 施，推动制造业企业稳增长、优结构、提质量、增效益。承兑汇票签发灵活，手续简便，既可以用于制 造业企业支付结算，也可以用于扩张信用解决短期流动性紧张问题。在制造业企业中推广使用承兑汇票 既满足了制造业企业支付结算和融资的需求，又丰富了票据市场的参与主体，可以实现制造业和票据行 业同时健康发展的双赢局面。 一、制造业发展对"十五五"经济发展的重要性及研究作用 票据服务于实体经济方面，2024年全国累计开具承兑汇票38万亿元，其中制造业为11.7万亿元，连续多 年呈现提升趋势，制造业票据签发背书量占比持续超过30%，2024年全国贴现额为31万亿元，其中中小 企业为8.9万亿元，占比29%，制造业票据贴现占比30%以上。可见票据业务早已成为制造企业融资的重 要手段之一。 此外票据在服务中小企业方面，今年仅6月份全市场签发票据的中小微企业10.7万家，占全部签发企业 93.2%；中小微企业签票发生额2.4万亿元 ...

Core Insights - The article discusses the advancements in the bill market, particularly focusing on the "Yichain Tong" supply chain bill public service platform operated by Linyi Mall Digital Technology Group Co., Ltd. [1][3] - The platform has established a real-time synchronization system with the Shanghai Bill Exchange, enhancing transparency and reducing the risk of multiple financing on a single bill [3]. Group 1: Industry Overview - The bill market is evolving with new regulations and services aimed at improving compliance and risk management [1]. - Financial technology services are becoming increasingly integrated into the bill financing process, facilitating better access for small and medium enterprises [1]. Group 2: Company Developments - Linyi Mall Digital Technology Group was established in 2017 and has developed the "Yichain Tong" platform, which has been approved to connect directly with the Shanghai Bill Exchange [3]. - As of May 11, 2024, the platform has integrated with 41 financial institutions and established partnerships with 50 leading vertical e-commerce and fintech platforms [3]. - The company aims to support the development of supply chain bills and enhance the ecosystem for small and medium enterprises, focusing on innovation and service [3].

Group 1 - The article emphasizes the importance of risk prevention in the bill financing process, suggesting that companies should ensure the authenticity of bills and the credibility of the issuer [1] - Companies are advised to standardize the endorsement process to maintain continuity and clarity in signatures, and to review the alignment of bill maturity dates with their liquidity arrangements to avoid defaults [1] - Collaboration with regulated financial institutions or platforms is recommended to obtain professional bill services and risk management advice, reducing financial losses due to information asymmetry or operational errors [1] Group 2 - Linyi Mall Digital Technology Group Co., Ltd. was established in 2017 and operates the "Yilian Tong" supply chain bill public service platform, which has been approved for direct connection to the Shanghai Bill Exchange [3] - The Yilian Tong platform has integrated with the bill business systems of 41 financial institutions, including major banks, and has established partnerships with 50 leading vertical e-commerce and fintech platforms [3] - The company aims to support the high-quality development of the supply chain bill ecosystem while serving millions of small and micro enterprises, adhering to its mission of innovation and openness [3]

Group 1: Industry Insights - The government is actively promoting the development of supply chain and supply chain finance to address the financing difficulties faced by small and medium-sized enterprises (SMEs) [1] - Bills serve as a crucial financial tool that aligns with the characteristics of supply chains, facilitating the transformation and upgrading of domestic industrial chains [1] Group 2: Utilization of Bills - Companies can leverage the payment function of bills to activate accounts receivable, as the scale of accounts receivable has been expanding with longer payment terms, particularly with large enterprises delaying payments to SMEs [3] - The issuance of commercial bills is based on real transaction backgrounds, allowing issuers to utilize their creditworthiness for payment settlements, achieving zero-cost financing and enhancing cash flow [3] Group 3: Financing Benefits - Bills represent bank or large enterprise credit, enabling companies to expand financing channels, reduce costs, and optimize financial structures [4] - In supply chain financing, bills issued by core enterprises provide direct financing support to upstream and downstream companies, addressing information asymmetry due to established cooperative relationships [4] - The characteristics of bills align well with the financing needs of SMEs, which often require high frequency, quick turnaround, and small amounts [4] Group 4: Platform Development - The Yilian Tong supply bill public service platform, operated by Linyi Mall Digital Technology Group, is the first third-party platform in China with a commercial logistics background, approved for direct connection to the Shanghai Bill Exchange [4] - The platform offers comprehensive services including supply chain bills, online discounting, commercial bill direct financing, and bank bill instant discounting, with a business scale exceeding 40 billion yuan, ranking among the top four in the country [4]

Core Points - The company, Falan Tech Heavy Industry Co., Ltd., has approved a proposal to apply for a comprehensive credit facility from banks, with a total limit not exceeding 4.5 billion RMB [1] - The credit facility will be used for daily operational needs and can be utilized in a revolving manner [1] - The types of credit include short-term working capital loans, long-term loans, bank acceptance bills, commercial acceptance bills, guarantees, letters of credit, asset pool business, and mortgage loans [1] - The board has authorized the legal representative or their delegate to handle the specific credit application process, with the authorization valid for 12 months from September 1, 2025, to August 31, 2026 [1]

Group 1 - The company, Aerospace Hongtu, reported a cumulative overdue balance of commercial acceptance bills amounting to 18.58 million yuan as of July 31, 2025 [1] - The amount already paid by the company is 1.80 million yuan, leaving an outstanding overdue amount of 16.78 million yuan [1] - The company is actively seeking multiple financing channels and will continue to negotiate with creditors to address the overdue payment issues [1]

Group 1 - The company announced that as of July 31, 2025, the total overdue amount of commercial acceptance bills is 18.58 million yuan, with 1.68 million yuan remaining unpaid after deducting the paid amount of 1.80 million yuan [1] - The overdue amount accounts for 1.91% of the company's most recent audited net assets, which does not constitute a significant debt default situation [1] - The company is actively seeking multiple financing channels and will continue to negotiate with creditors to properly handle the overdue commercial bills [1]

Core Insights - The People's Bank of China reported an increase of 364.5 billion yuan in bill financing for May, highlighting its importance as a channel for financial support to the real economy [3] - Bill financing serves as an effective tool for enterprises to address short-term funding needs and is crucial for promoting the healthy and stable development of the real economy [3] Industry Overview - Bill financing involves the issuance, acceptance, and circulation of bills, where enterprises engage in credit behavior, allowing billholders to transfer their unexpired bills to banks for quick liquidity [3] - In the context of insufficient effective credit demand, bill financing plays a role in stabilizing credit and overall financial volume [3] Company Insights - Yichain Tong platform acts as an efficient bridge between enterprises and financial institutions for bill financing services, enabling companies to quickly convert unexpired bills into cash [3] - The Yichain Tong supply bill public service platform, operated by Linyi Mall Digital Technology Group, is the first third-party platform in China with a commercial logistics background, approved for direct connection to the Shanghai Bill Exchange [3] - The platform's service offerings include supply chain bills, online discounting, commercial bill direct financing, and bank bill instant discounting, with a business scale exceeding 40 billion yuan, ranking among the top four nationwide [3]

Core Viewpoint - The company is currently facing scrutiny from the regulatory authorities, which has raised concerns among investors regarding its operational stability and financial practices [3][4]. Group 1: Company Performance - As of August 7, 2025, the company's stock price closed at 23.75 yuan, down 1.17%, with a turnover rate of 1.13% and a trading volume of 81,700 shares, resulting in a transaction value of 195 million yuan [1]. - On August 7, the net outflow of main funds was 30.56 million yuan, accounting for 15.64% of the total transaction value [5][6]. Group 2: Investor Inquiries and Responses - The company has been questioned about the impact of its commercial acceptance bills being transferred to Beijing Sunshine Green Land New Materials Co., Ltd. on its ability to fulfill payment obligations [2]. - The company confirmed that the issuance of commercial acceptance bills is a normal payment method in its transactions, and the proportion of these bills is relatively low compared to its overall transaction volume [2]. - Investors have expressed concerns regarding the ongoing investigation by the China Securities Regulatory Commission (CSRC) and whether the company is prepared for potential adverse outcomes, including being placed under special treatment (ST) or delisting [3]. - The company reassured investors that it is considering various potential outcomes and is focused on maintaining stable operations during this period [4]. Group 3: Financial Transparency - There is a call for the company to disclose its Gross Merchandise Volume (GMV) alongside revenue figures to enhance transparency and provide a clearer picture of its business health [3]. - The company acknowledged the importance of improving data disclosure and is committed to refining its reporting practices in the future [3].

Core Points - The company establishes a comprehensive external guarantee system to strengthen internal control, standardize guarantee behavior, reduce operational risks, and protect the rights and interests of the company, shareholders, and other stakeholders [1][2][3] Group 1: General Principles - The external guarantee refers to the company providing guarantees, mortgages, or pledges on behalf of others, including but not limited to loan guarantees, bank letters of credit, and commercial acceptance bills [1] - The company and its subsidiaries must manage external guarantees uniformly, requiring approval from the board of directors or shareholders' meeting before providing any guarantees [1][2] Group 2: Guarantee Conditions and Procedures - The company must adhere to principles of equality, voluntariness, fairness, integrity, mutual benefit, and safety when implementing guarantees, and must refuse any coercive guarantee requests [2] - Before deciding on a guarantee, the company must assess the credit status of the guaranteed party and analyze the benefits and risks associated with the guarantee [2][3] Group 3: Approval Process - Guarantees exceeding 10% of the company's latest audited net assets or total guarantees exceeding 50% of the latest audited net assets require approval from the shareholders' meeting [6][7] - The board of directors must conduct thorough investigations into the credit and operational status of the guaranteed party before approving any guarantees [5][6] Group 4: Contractual Obligations - A written guarantee contract must be established after approval, detailing the creditor, debtor, type and amount of the main debt, and the obligations of all parties involved [8][9] - The finance department is responsible for monitoring the guarantee contracts and ensuring compliance with internal management regulations [10][11] Group 5: Risk Management - The company must monitor the operational and financial changes of the guaranteed party and take proactive measures to mitigate risks [22][23] - In case of any signs of default from the guaranteed party, the finance department must analyze the situation and report to the board of directors for necessary actions [27][28] Group 6: Information Disclosure - The company must disclose approved external guarantees on the Shenzhen Stock Exchange and other media, including total guarantee amounts and their proportions relative to the latest audited net assets [34][35] - Any significant changes in the status of the guaranteed party, such as bankruptcy or failure to meet repayment obligations, must be reported promptly [38][39]