Core Viewpoint - Marco Polo plans to distribute over 358 million yuan in cash dividends shortly after its listing, reflecting strong profitability and cash flow [1][2]. Financial Summary - For the first three quarters of 2025, the company's consolidated net profit attributable to shareholders was 1.062 billion yuan, with the parent company achieving a net profit of 618 million yuan [1]. - As of September 30, 2025, the parent company's distributable profits amounted to 3.817 billion yuan, while the consolidated distributable profits were 7.519 billion yuan [1]. - The proposed dividend distribution is 3.00 yuan per 10 shares, totaling 358 million yuan, based on a share capital of 1.195 billion shares [1]. Company Overview - Marco Polo aims to create the first world-renowned brand for Chinese ceramics, focusing on the research, production, and sales of architectural ceramics [4]. - The company is one of the largest manufacturers and sellers of architectural ceramics in China, owning two major brands: "Marco Polo Tiles" and "Weimei L&D Ceramics" [4]. - Marco Polo operates five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, with a product range that includes glazed and unglazed tiles [4]. Market Performance - The company was listed on October 22, 2025, with an impressive first-day increase of 128.8% [2]. - As of the latest update, the company's stock price is 24.92 yuan per share, resulting in a total market capitalization of 29.777 billion yuan [2].

Core Viewpoint - Guangdong Tianan New Materials Co., Ltd. announced the completion of business registration changes for its subsidiaries, indicating a strategic move to support business development and operational efficiency [2]. Company Information - The registered address of Foshan Shiwai Yingpai Ceramics Co., Ltd. has changed to "No. 11, Xiaowugang South Garden Ceramics Factory, Shiwai Town, Chancheng District, Foshan City" [2]. - The registered address of Foshan Yingpai Technology Co., Ltd. has also changed to "No. 11, Xiaowugang South Garden Ceramics Factory, Shiwai Town, Chancheng District, Foshan City" [2]. - The registered address of Foshan Yingpai Ceramics Trading Co., Ltd. has been updated to "No. 11, Xiaowugang South Garden Ceramics Factory, Shiwai Town, Chancheng District, Foshan City" [2]. Business Registration Details - The business license for Foshan Shiwai Yingpai Ceramics Co., Ltd. has been reissued with the following details: - Unified Social Credit Code: 91440600617586216L - Name: Foshan Shiwai Yingpai Ceramics Co., Ltd. - Type: Other limited liability company - Registered Capital: 430 million RMB - Established Date: September 29, 1995 - Business Scope: Research, production, and sales of various high-end environmentally friendly decorative building materials [2][3]. - The business license for Foshan Yingpai Technology Co., Ltd. includes: - Unified Social Credit Code: 9144060456259527XC - Name: Foshan Yingpai Technology Co., Ltd. - Type: Other limited liability company - Registered Capital: 10 million RMB - Established Date: September 10, 2010 - Business Scope: Research, design, and sales of ceramic products and related services [3][4]. - The business license for Foshan Yingpai Ceramics Trading Co., Ltd. includes: - Unified Social Credit Code: 91440604562595288C - Name: Foshan Yingpai Ceramics Trading Co., Ltd. - Type: Other limited liability company - Registered Capital: 800,000 RMB - Established Date: September 27, 2010 - Business Scope: Sales of various products including ceramic products, sanitary ware, and building materials [5].

Summary of Key Points Core Viewpoint - The company and its subsidiary are providing guarantees for the loans of their controlling subsidiary, Foshan Shiwai Yingpai Ceramics Co., Ltd., totaling RMB 96.36 million, to support its operational needs and maintain control over its credit status [1][2][6]. Group 1: Guarantee Details - The company provides a maximum guarantee of RMB 63.36 million for Foshan Shiwai Yingpai, while its subsidiary, Heyuan Dongyuan Yingpai, provides a maximum guarantee of RMB 96 million [1][6]. - The guarantees are structured as joint liability guarantees, with a term of three years from the date the debtor fulfills its obligations [6]. Group 2: Internal Decision-Making Process - The company held board meetings on April 16, 2025, and May 8, 2025, to approve the guarantee and credit limit proposals, which were also ratified at the annual shareholders' meeting [2][4]. - The total authorized guarantee limit for various subsidiaries is RMB 1.3 billion, allowing for flexibility in managing financial needs [2]. Group 3: Financial Position of the Guaranteed Entity - Foshan Shiwai Yingpai has total assets of RMB 840.59 million and total liabilities of RMB 611.06 million as of the first quarter of 2025 [5]. - The company holds a 66% stake in Foshan Shiwai Yingpai, which has reported a net profit of RMB 7.65 million for the first quarter of 2025 [5]. Group 4: Risk Management and Board Opinion - The board believes that the guarantees are necessary and reasonable, ensuring that they do not harm the interests of the company or its shareholders, particularly minority shareholders [6]. - The company has no overdue external guarantees, and the total external guarantee amount is RMB 902.35 million, which exceeds the latest audited net assets by 118.74% [6].