Overview of the Guarantee Situation
Guangdong Mingyang Electric Co., Ltd. (hereinafter referred to as "the Company") held its 16th meeting of the second board of directors on April 27, 2026, and the 2025 annual shareholders' meeting on May 21, 2026, where it approved the proposal regarding the estimated guarantee limit for subsidiaries within the consolidated financial statements for the year 2026. The Company agreed to provide a total guarantee limit not exceeding RMB 350 million (or equivalent foreign currency) for its domestic and foreign subsidiaries within the consolidated financial statements, effective from the date of approval at the 2025 annual shareholders' meeting until the date of the 2026 annual shareholders' meeting. During the above-mentioned guarantee limit and period, the management of the Company is authorized to sign contracts and legal documents related to the guarantees within the limit without needing to submit each item for approval by the board of directors and shareholders' meeting. For specific details, please refer to the relevant announcements disclosed by the Company on the Giant Tide Information Network.
Progress of the Guarantee
1. Recent Guarantee Progress
Recently, based on the actual production and operational needs of its wholly-owned subsidiary, Guangdong Borui Tiancheng Energy Technology Co., Ltd. (hereinafter referred to as "Borui Tiancheng"), the Company provided a joint liability guarantee for Borui Tiancheng's credit application to China Merchants Bank Co., Ltd. Zhongshan Branch (hereinafter referred to as "China Merchants Bank Zhongshan Branch") with a guarantee amount of RMB 60 million. The Company signed an "Irrevocable Maximum Guarantee Letter" with China Merchants Bank Zhongshan Branch.
Before this guarantee, the cumulative guarantee balance for Borui Tiancheng was RMB 550 million. After this guarantee, the cumulative guarantee balance for Borui Tiancheng is RMB 610 million, which does not exceed the guarantee limit approved by the shareholders' meeting.
2. Guarantee Status as of the Date of This Announcement
The status of guarantees provided by the Company for subsidiaries within the consolidated financial statements is as follows: