Core Points - The company has received approval to issue short-term financing bonds totaling up to RMB 2 billion [1][2] - The registration for the short-term financing bonds is valid for two years from the date of the acceptance notice [2] - The company successfully issued its third phase of short-term financing bonds in 2025, with a total scale of RMB 500 million and a maturity of 270 days [2] Group 1 - The company held board and shareholder meetings on October 10 and October 26, 2023, to approve the issuance of medium-term notes and short-term financing bonds [1] - The company applied to the China Interbank Market Dealers Association for registration of short-term financing bonds [1] - The registered amount for the short-term financing bonds is RMB 2 billion, which includes the full amount [1] Group 2 - The acceptance notice for the bond registration was received on July 9, 2024, allowing for phased issuance within the registration period [2] - The third phase of the short-term financing bonds was issued on November 11, 2025, with a face value of RMB 100 and an annual interest rate of 1.75% [2] - The funds from the bond issuance were fully received on November 12, 2025 [2]