Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on trust investments and equity investments, and has provided detailed responses to the inquiries [1][2]. Trust Investment - The company established a trust with Chang'an Trust, with a maximum trust fund of 400 million yuan, and the financing scale is 150 million yuan with a financing term of 24 months and a repurchase premium rate of 5% [1][2]. - The first phase of the trust investment amounted to 150 million yuan, corresponding to accounts receivable rights valued at 332.3028 million yuan [2][7]. - The underlying assets of the trust investment are accounts receivable rights from financing leases, and the exit method involves the financing party repurchasing the accounts receivable rights after 24 months [6][8]. - The company conducted due diligence on the financing party, but the internal control audit report indicated that the due diligence was not comprehensive, leading to a self-inspection and rectification process [1][10]. Equity Investment - The company invested 219 million yuan in Jiangsu Gairui, acquiring an 8.69% stake, with the investment funds specifically allocated for overseas digital medical business operations [14][22]. - Jiangsu Gairui reported total assets of 926.389 million yuan and net assets of 557.466 million yuan in 2024, with a net profit of 114.4543 million yuan [16][24]. - The investment aims to enhance shareholder returns and improve the efficiency of fund utilization, especially in light of declining revenues in the traditional retail sector [22][23]. - The company has no other business dealings with Jiangsu Gairui, and the investment funds did not flow to the company's actual controller or related parties [22][24].