Core Viewpoint - The company has provided guarantees for its subsidiaries to support their financing needs, with a total guarantee amount of RMB 9,500 million for three subsidiaries [2][5][15]. Summary by Sections Guarantee Overview - The company has provided guarantees for its subsidiaries, including RMB 20 million for Su Tong Qili Carbon Materials Co., Ltd., RMB 20 million for Yunnan Su Tong Yun Aluminum Carbon Materials Co., Ltd., and RMB 55 million for Longxi Su Tong Carbon Materials Co., Ltd. [2][5] - The total approved guarantee limit is RMB 10 billion, which can be used repeatedly within the validity period of the shareholders' meeting resolution [5]. Financial Data of Guaranteed Subsidiaries - Su Tong Qili has a registered capital of RMB 26.4 million and was established on December 22, 2016 [8]. - Yunnan Su Tong Yun Aluminum has a registered capital of RMB 72 million and was established on May 16, 2018 [9]. - Longxi Su Tong has a registered capital of RMB 28 million and was established on November 30, 2021 [10]. Necessity and Reasonableness of Guarantees - The guarantees are intended to meet the production and operational needs of the subsidiaries, ensuring their stable development [15]. - The company maintains control over the management and finances of the subsidiaries, and the risk associated with the guarantees is considered manageable [15][16]. Board of Directors' Opinion - The board believes that the guarantee amounts are in line with the company's operational needs and overall development strategy, and will not adversely affect the company's operations [16]. Total External Guarantees - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 1,161,861.57 million, which is 224.70% of the company's audited net assets for 2024 [4][17]. - The actual guarantee balance is RMB 796,676.57 million, representing 154.07% of the company's audited net assets for 2024 [4][17]. No Overdue Guarantees - The company has no overdue external guarantees as of the announcement date [18].

Core Viewpoint - The company, Suotong Development, is acquiring a 23.9681% stake in its subsidiary, Shandong Suotong Innovative Carbon Materials, for 470 million yuan, aiming to enhance shareholder equity amid a recovering prebaked anode industry [1][3]. Group 1: Acquisition Details - Suotong Development's wholly-owned subsidiary, Linyi Suotong International Trade Co., plans to purchase the stake from China Orient Asset Management [1]. - The acquisition was unanimously approved by the board of directors and does not constitute a major asset restructuring as per the regulations of the China Securities Regulatory Commission [1][2]. - Following the transaction, China Orient Asset Management will no longer hold shares in Suotong Innovative [2]. Group 2: Financial Performance and Projections - Suotong Innovative, established in August 2016, has a registered capital of 692 million yuan and focuses on producing prebaked anode carbon blocks and related products [1]. - The company anticipates a net profit of 240 million to 270 million yuan for 2024, marking a turnaround from losses in 2023 [4][5]. - The recovery in the prebaked anode industry is expected to positively impact the company's financial performance, with stable growth in raw aluminum production and a stabilization in prices for petroleum coke and prebaked anodes [4]. Group 3: Expansion Plans - In addition to the acquisition, Suotong Development plans to establish a new prebaked anode production project in Jiangsu Province, with an annual capacity of 300,000 tons and a total investment of approximately 1 billion yuan [4]. - The company has been actively expanding its production capacity through acquisitions and new projects, reflecting a strategic response to the industry's recovery [3][4].