Summary of Key Points Core Viewpoint - The company has announced its expected daily related transactions for the year 2025, which will not exceed RMB 175 million, involving services and sales with related parties, ensuring compliance with market pricing principles and maintaining fairness in transactions [1][10]. Group 1: Daily Related Transactions Overview - The total expected daily related transactions for 2025 are estimated at RMB 175 million, including: - Services provided by Guangdong Baoying Construction Technology Co., Ltd. (Baoying) not exceeding RMB 100 million [1]. - Sales to Zhuhai Zhaofeng Concrete Co., Ltd. (Zhaofeng Concrete) not exceeding RMB 50 million [1]. - Purchases from Zhaofeng Concrete not exceeding RMB 25 million, with actual transactions in 2024 amounting to RMB 18.23 million [1][4]. Group 2: Transaction Approval and Compliance - The board of directors approved the related transactions with a unanimous vote, with independent directors reviewing and consenting to the proposal prior to the board meeting [1][10]. - The transactions fall within the board's approval authority and do not require shareholder meeting approval [2]. Group 3: Transaction Details and Pricing Principles - The expected transactions include: - Acceptance of construction and engineering services from Baoying, with a total expected amount of RMB 100 million, based on market pricing principles [9]. - Sales of construction materials to Zhaofeng Concrete, with expected sales not exceeding RMB 50 million, also based on market pricing [9]. - Purchases of raw materials from Zhaofeng Concrete, with expected purchases not exceeding RMB 25 million, following market pricing [9]. Group 4: Financial and Operational Background of Related Parties - Baoying was established in March 2014, with total assets of RMB 450.42 million and net assets not specified, and is not a defaulting entity [6]. - Zhaofeng Concrete was established in December 2005, with total assets of RMB 327.74 million, net assets of -RMB 5.12 million, and a 2024 revenue of RMB 82.46 million, also not a defaulting entity [7][8]. Group 5: Impact and Independence of Transactions - The expected related transactions are considered normal business activities, necessary for the company's operations, and do not affect the company's independence [10]. - The company maintains control over the transactions, ensuring that they do not create dependency on related parties [10].