Announcement on Adjusting Guarantee Quotas Among Subsidiaries and Progress of Providing Guarantees for Subsidiaries
The company and all members of its board of directors guarantee the truthfulness, accuracy, and completeness of the information disclosed, and are not aware of any false representations, misleading statements, or material omissions.
I. Overview of Guarantee Situation
(I) Basic Situation of This Guarantee
To ensure the smooth progress of the 110MW ground photovoltaic power station project of its wholly-owned subsidiary Zhejiang Xingneng Technology Co., Ltd. (hereinafter referred to as "Zhejiang Xingneng"), Zhejiang Southeast Network Frame Co., Ltd. (hereinafter referred to as "the Company") intends to sign a "Guarantee Agreement" with the Zhejiang Branch of China Development Bank (hereinafter referred to as "CDB Zhejiang Branch"). The Company agrees to provide guarantee for the creditor's rights and debts arising from various financing businesses handled by its wholly-owned subsidiary Zhejiang Xingneng and the creditor CDB Zhejiang Branch. Concurrently, Zhejiang Xingneng will pledge its electricity fee collection rights as collateral for the aforementioned financing. The principal amount of the debt guaranteed in this instance is RMB 375 million, with a term of 5 years.
(II) Internal Decision-Making Procedures for This Guarantee Matter
The Company's Eighth Board of Directors' 30th Meeting held on March 10, 2026, and the 2026 First Extraordinary General Meeting of Shareholders held on March 27, 2026, deliberated and approved the "Proposal on the Estimated Annual Guarantee Quota for 2026". The proposal approved a total guarantee quota of no more than RMB 6.8 billion for subsidiaries within the consolidated financial statements. Specifically, the guarantee quota for subsidiaries with an asset-liability ratio of 70% or higher (inclusive) shall not exceed RMB 445 million, and the guarantee quota for subsidiaries with an asset-liability ratio below 70% shall not exceed RMB 235 million. The scope of guarantees includes, but is not limited to, applications for comprehensive credit lines, loans, acceptance bills, letters of credit, factoring, guarantees, and other financing businesses. Guarantee methods include joint liability, mortgage, pledge, etc. The aforementioned guarantee quotas include new guarantees and the extension or renewal of existing guarantees. The actual guaranteed amount shall be subject to the final signed guarantee contract. The effective period is 12 months from the date of approval by the shareholders' meeting.
The shareholders' meeting has authorized the Company's general manager or their designated authorized representative to approve guarantee matters for subsidiaries and the adjustment of guarantee quotas between subsidiaries within the estimated guarantee quota for 2026, and to sign relevant guarantee agreements and other legal documents.
For detailed content, please refer to the "Announcement on the Estimated Annual Guarantee Quota for 2026" (Announcement No.: 2026-012) published in the China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily, and on the CNINFO website (http://www.cninfo.com.cn) on March 11, 2026.