Summary of Key Points Core Viewpoint - The company has approved financing guarantees for its subsidiaries, which are aimed at supporting their operational funding needs while maintaining a manageable risk profile. Group 1: Guarantee Overview - The company has approved a financing guarantee of up to RMB 80 million for its wholly-owned subsidiary, Zhejiang Jinzhou Pipeline Industrial Co., Ltd. [1] - A financing guarantee of up to RMB 20.4 million has been approved for the controlling subsidiary, Zhangjiagang Shagang Jinzhou Pipeline Co., Ltd. [1] - The total guarantee amount, including existing and new guarantees, will not exceed RMB 100.4 million, which is approximately 28.79% of the company's net assets [4] Group 2: Subsidiary Financials - As of December 31, 2024, Zhejiang Jinzhou Pipeline Industrial Co., Ltd. reported total assets of RMB 798.78 million and a net profit of RMB 15.8 million for the year [2] - For the first half of 2025, the same subsidiary reported total assets of RMB 798.78 million, with a net loss of RMB 1.01 million [2] Group 3: Guarantee Details - The company has signed an irrevocable maximum guarantee agreement with China Merchants Bank for a credit limit of RMB 100 million for the subsidiary [3] - The guarantee covers loans and other credit amounts provided by the bank, including interest and related fees [3] - The guarantee period extends from the effective date of the agreement until the maturity of each loan or credit [3] Group 4: Risk Management - The company asserts that the guarantees are within the approved limits and that the operational risks are controllable [4] - There are no overdue guarantees or litigation issues related to the guarantees provided by the company or its subsidiaries [5]