Summary of Key Points Core Viewpoint - The announcement details the provision of guarantees by Tian Tong Holdings Co., Ltd. for its subsidiaries, Tian Tong Precision Electric New Technology Co., Ltd. and Tian Tong Yinxia New Materials Co., Ltd., totaling RMB 25 million [2][3]. Group 1: Guarantee Overview - The total guarantee amount is RMB 25 million, with RMB 10 million for Tian Tong Precision Electric and RMB 15 million for Tian Tong Yinxia [2]. - The company has provided no collateral for these guarantees [2]. - The cumulative number of overdue external guarantees is zero [2]. Group 2: Guarantee Details - Tian Tong Holdings signed a maximum guarantee contract with CITIC Bank for Tian Tong Precision Electric, covering up to RMB 10 million from June 13, 2025, to June 13, 2028 [2][10]. - Tian Tong Yinxia signed a fixed asset loan contract with CITIC Bank for RMB 20 million, with an actual loan amount of RMB 5 million, and the guarantee for this loan is up to RMB 15 million from June 12, 2025, to August 29, 2027 [3][12]. Group 3: Internal Decision-Making Process - The board of directors approved a guarantee limit of up to RMB 70 million for 2025, allowing for mutual adjustment of guarantee limits among subsidiaries [3][12]. - The current guarantees do not exceed the authorized limit set by the board [3][12]. Group 4: Subsidiary Information - Tian Tong Precision Electric is a wholly-owned subsidiary with a registered capital of RMB 22.728 million, established in January 2006, focusing on electronic products and components [4][5]. - Tian Tong Yinxia is also a wholly-owned subsidiary with a registered capital of RMB 88.5 million, established in July 2014, specializing in sapphire crystals and related materials [7][8].

Core Viewpoint - The private economy plays a crucial role in driving development in Ningxia, contributing nearly 50% of the regional GDP, over 50% of tax revenue, more than 60% of R&D investment, nearly 70% of social employment, and over 90% of business entities [1] Group 1: Economic Contribution - The private economy contributes nearly 50% of Ningxia's regional GDP and over 50% of its tax revenue [1] - Private enterprises account for more than 60% of R&D investment and nearly 70% of social employment in the region [1] - Ningxia's private sector has invested over 50 billion yuan in various projects, generating over 40 billion yuan in revenue and contributing over 3 billion yuan in taxes [2] Group 2: Policy Support and Development - Ningxia has been continuously improving its policy framework and development environment to support the private economy [1][3] - A recent training program was held to enhance the capabilities of officials in implementing policies that support private enterprises [1] - The region has established a "policy library" with 13 categories and 3,455 policy documents aimed at benefiting enterprises [7] Group 3: Business Environment - The business environment in Ningxia is characterized by significant reductions in administrative burdens, including a decrease in required documentation and processing times [3][8] - The city of Yinchuan has implemented measures to streamline processes, reducing the time for project approvals from 234 days to 57 days [8] - The region has seen a 9.6% year-on-year increase in industrial added value, with private enterprises growing by 15% [8] Group 4: Financial Support - Over the past three years, Ningxia has implemented tax reductions and refunds exceeding 52 billion yuan, benefiting 45.8 million private enterprises [9] - The government has introduced financial measures to alleviate the financing difficulties faced by private enterprises, including a 60 billion yuan investment from government funds [9] - In 2024, Ningxia plans to allocate 8.7 billion yuan for interest subsidies and guarantees, aiming to mobilize 784 billion yuan in credit funds [9]