作者：江西财经大学九银票据研究院 肖小和、李紫薇 2025年是"十四五"规划的收官之年，也是票据市场在制度完善、基础设施健全、服务实体、科技赋能等 方面取得扎实进展的关键一年。随着供应链票据加快推广、综合服务平台正式上线、《票据法》修订启 动提速以及利率低位运行特征凸显，票据市场在规模稳增的同时，也展现出更强的服务效能与运行韧 性。展望2026年——"十五五"开局之年，票据市场将在服务中小微企业、畅通产业链供应链、深化价格 分层改革等方面持续发力，开启高质量发展新篇章。 一、中国票据市场2025年回顾 2025年，全球经济增长动能持续承压，主要发达经济体通胀虽进一步回落至接近目标水平，但需求疲 弱、债务高企与金融条件收紧制约复苏力度；国际地缘政治冲突延宕升级，叠加多国大选带来的政策不 确定性，显著抑制了全球贸易与跨境投资活力。2025年是中国"十四五"规划的收官之年，在以习近平同 志为核心的党中央坚强领导下，全党全国各族人民坚定信心、迎难而上、精准施策，持续加大宏观政策 逆周期调节力度，深化重点领域改革，扩大高水平对外开放，着力激发内需潜力，加快构建现代化产业 体系，我国经济延续回升向好态势，高质量发展取得新 ...

Core Viewpoint - The report evaluates the risk management and operational status of Guojin Finance Co., Ltd., highlighting its compliance with regulations and effective internal control systems. Group 1: Basic Information of Guojin Finance - Guojin Finance was established in September 2003 and is a non-bank financial institution with a registered capital of 1.75 billion yuan [1] - The company operates under a business license that includes financial and financing advisory services, credit verification, and related consulting and agency services [2] Group 2: Internal Control Overview - Guojin Finance has established a comprehensive internal control system, ensuring clear responsibilities among its governance bodies, including the board of directors and various committees [3][4] - The internal control framework follows principles such as separation of incompatible duties, authorization, budget control, and independent auditing [4][5] Group 3: Operational and Risk Management Status - As of June 30, 2025, Guojin Finance reported total assets of approximately 5.08 billion yuan, total liabilities of about 2.42 billion yuan, and net assets of approximately 436.73 million yuan [8] - The company achieved an operating income of approximately 56.70 million yuan and a net profit of about 11.15 million yuan during the same period [8] Group 4: Regulatory Compliance - Guojin Finance meets all regulatory financial indicators, including a capital adequacy ratio of 12.16%, which exceeds the minimum requirement of 10.5% [10] - The liquidity ratio stands at 47.45%, well above the required 25%, and the loan balance is within the permissible limits relative to deposits and paid-in capital [10][11] Group 5: Company’s Financial Transactions with Guojin Finance - As of June 30, 2025, the company had deposits of approximately 91.04 million yuan in Guojin Finance, accounting for 66.63% of its total deposits [12] - The company's loan balance with Guojin Finance was approximately 11 million yuan, representing 44% of its total loans [12] Group 6: Risk Assessment Opinion - The company concludes that Guojin Finance possesses valid financial licenses and has established a robust internal control system to manage risks effectively [12] - No significant deficiencies in risk management have been identified, and the financial transactions between the company and Guojin Finance are currently without risk issues [12]

Core Viewpoint - China Coal Energy Company has conducted an assessment of its financial subsidiary, China Coal Finance Co., Ltd., confirming its operational qualifications and risk management practices, which align with regulatory requirements [1][10]. Group 1: Company Overview - China Coal Finance Co., Ltd. was established with a registered capital of 9 billion yuan and operates under the governance of China Coal Energy Group, which holds a 9% stake [2]. - The company’s business scope includes accepting deposits, providing loans, handling bill discounting, and offering financial advisory services among others [1][2]. Group 2: Internal Control and Governance - The company has established a governance structure comprising a shareholders' meeting, a board of directors, and an executive team, with various committees to ensure effective oversight [2][3]. - Internal control measures are in place, including a comprehensive risk management framework that adheres to modern corporate governance standards [3][4]. Group 3: Risk Management - China Coal Finance employs a three-line defense model for risk management, with business departments identifying risks, a risk management department overseeing compliance, and an audit department evaluating the overall risk management system [4][6]. - The company has developed various management protocols to control financial risks, including a dual-review system for fund allocation and strict adherence to regulatory requirements [5][6]. Group 4: Financial Performance - As of June 30, 2025, the total assets of China Coal Finance amounted to 96.641 billion yuan, with a net profit of 543 million yuan for the first half of 2025 [7][8]. - The company maintains a capital adequacy ratio of 25.46%, significantly above the regulatory minimum, indicating strong financial health [8]. Group 5: Regulatory Compliance - China Coal Finance has consistently met regulatory requirements since its inception, with no incidents of financial misconduct or significant operational risks reported [9][10]. - The company’s internal controls and risk management practices have been evaluated as effective, with no major risk events occurring as of mid-2025 [7][10].

Group 1 - The core viewpoint of the report is that Guoji Financial has established a comprehensive internal control system and risk management framework, ensuring compliance with regulations and effective risk control [1][9][12] - Guoji Financial was established in September 2003, with a registered capital of 1.75 billion yuan, and is located in Haidian District, Beijing [1][2] - As of June 30, 2025, Guoji Financial's total assets amounted to approximately 5.08 billion yuan, with total liabilities of about 2.42 billion yuan and net assets of approximately 436.73 million yuan [8][9] Group 2 - Guoji Financial's internal control system includes a clear division of responsibilities among its governing bodies, including the shareholders' meeting, board of directors, and supervisory board [3][4] - The company has established a risk management framework that includes regular evaluations and updates of risk management plans, ensuring adaptability to changing environments [5][8] - As of June 30, 2025, Guoji Financial's capital adequacy ratio was 12.16%, exceeding the minimum regulatory requirement of 10.5% [10][11] Group 3 - The company has a strong focus on compliance with financial regulations, having not identified any significant deficiencies in its risk management related to financial reporting [9][12] - Guoji Financial's investment activities are limited to low-risk, liquid fixed-income products, with investments not exceeding 70% of its net capital [7][11] - The company maintains a high liquidity ratio of 47.45%, well above the regulatory minimum of 25% [10][11]

Core Viewpoint - The report evaluates the operational qualifications, business, and risk status of Guojin Finance Co., Ltd., highlighting its compliance with regulatory requirements and effective internal control systems [1][9]. Group 1: Basic Information of Guojin Finance - Guojin Finance was established in September 2003 and is a non-bank financial institution with a registered capital of 1.75 billion yuan [1]. - The company operates under a business license that includes financial and financing consulting, credit verification, and related services for its member units [2]. Group 2: Internal Control Overview - Guojin Finance has established a comprehensive internal control system, ensuring the separation of incompatible positions and clear responsibilities among its governance bodies [3][4]. - The internal control framework is designed to ensure compliance, asset safety, and the accuracy of financial data, with regular updates and evaluations conducted [4][5]. Group 3: Operational and Risk Management - As of June 30, 2025, Guojin Finance reported total assets of approximately 50.76 billion yuan, with total liabilities of about 24.15 billion yuan and net assets of around 4.37 billion yuan [8]. - The company adheres to a prudent management principle, complying with relevant laws and regulations, and has not identified any significant deficiencies in its risk management systems [9][10]. Group 4: Regulatory Compliance - Guojin Finance meets all regulatory financial indicators, including a capital adequacy ratio of 12.16%, which exceeds the minimum requirement of 10.5% [10][11]. - The company maintains a liquidity ratio of 47.45%, well above the required 25%, and its loan balance is within the stipulated limits [10][11]. Group 5: Financial Transactions with the Company - As of June 30, 2025, the company and its subsidiaries held deposits of 1.45% and loans of 0.06% with Guojin Finance, with all transactions executed under a financial service agreement [11][12]. - The financial transactions between the company and Guojin Finance are deemed safe and liquid, with no delays in payments reported [12].

Core Viewpoint - The company is renewing its financial service agreement with Midea Group Financial Company, which is expected to enhance its financing channels, improve capital efficiency, and reduce financing risks, benefiting the company and its shareholders [11][15][96]. Group 1: Financial Services Agreement - The financial service agreement allows the company to choose from a range of financial services provided by Midea Group Financial Company, including deposits, loans, and settlement services [9][10]. - The pricing for these services will adhere to fair and reasonable principles, not exceeding market prices or the standards set by the People's Bank of China [3][11]. - The agreement includes transaction limits, with a maximum daily deposit balance of RMB 45 million and a total credit limit of RMB 600 million for the company [4][11]. Group 2: Risk Management - The company has conducted a risk assessment of Midea Group Financial Company, finding no significant deficiencies in its risk management practices [10][99]. - A risk disposal plan has been established to ensure the safety and liquidity of the company's funds when engaging in financial transactions with Midea Group Financial Company [10][11]. Group 3: Independent Board and Supervisory Opinions - The independent board and supervisory committee have unanimously agreed that the continuation of the financial services agreement with Midea Group Financial Company aligns with the interests of the company and its shareholders [14][15][96][97]. - The independent board emphasized that the services provided will not harm the interests of the company or minority shareholders and will not affect the company's independence [14][15][96]. Group 4: Upcoming Shareholder Meeting - The company has scheduled its first extraordinary general meeting of 2025 for September 1, 2025, to discuss the renewal of the financial services agreement among other agenda items [17][86]. - The meeting will allow shareholders to vote on the proposed resolutions, including the financial services agreement, which requires a special resolution for approval [22][86].

Core Viewpoint - The company has signed a one-year financial service agreement with Midea Group Finance Co., Ltd., which constitutes a related party transaction aimed at expanding financing channels and improving fund management efficiency [1][2][6]. Summary by Sections Related Party Transaction Overview - The board of directors approved the signing of the financial service agreement with Midea Finance, allowing the company to utilize various financial services including fund settlement, bill acceptance, deposits, and loans [1][2]. - The maximum daily deposit balance with Midea Finance is capped at RMB 45 million, and the total credit limit is set at RMB 600 million [1][7]. Related Party Information - Midea Finance is a limited liability company primarily owned by Midea Group Co., Ltd., holding 95% of its shares, with a registered capital of RMB 3.5 billion [2][3]. - The company has a solid operational status, with total assets of RMB 62.44 billion and a net profit of RMB 327.21 million as of December 31, 2024 [5]. Main Content of the Financial Service Agreement - The agreement includes services such as financial and financing consulting, fund settlement assistance, bill acceptance, deposit acceptance, and loan provision [5][6]. - The pricing for services will adhere to fair and reasonable principles, not exceeding market prices or the standards set by the People's Bank of China [6][8]. Pricing Policy and Basis - The transactions with Midea Finance will follow fair pricing principles, ensuring that the costs do not harm the interests of the company or minority shareholders [9][10]. Transaction Purpose and Impact - The collaboration with Midea Finance is expected to enhance the company's financing channels, improve fund utilization efficiency, and reduce financing risks, aligning with the interests of the company and its shareholders [9][11].