Keda provides additional guarantee for Tilemaster's overseas expansion

Keda Clean Energy Co., Ltd. has provided a new guarantee of RMB185 million for its controlled subsidiary, Tilemaster Investment Limited. This brings Keda and its subsidiaries' total actual outstanding guarantees for Tilemaster to RMB26.21 billion as of September 30, 2025. This new guarantee falls within the previously approved estimated guarantee quota. The company’s total external guarantee, including the current one, is RMB10.86 billion, representing 94.67% of its 2024 audited net assets.

The guarantee, provided to China Minsheng Bank, Shanghai Free Trade Zone Branch, is a joint liability guarantee maturing on October 21, 2026. This move supports Tilemaster's financing needs for its overseas building materials business growth. Keda Clean Energy indirectly holds 48.45% of Tilemaster. Tilemaster, a critical funding platform for Keda’s overseas building materials segment, reported a net loss of RMB118.88 million for the first half of 2025, influenced by financial expenses and the absence of dividends from overseas subsidiaries.

As of October 21, 2025, the company's total external guarantees, inclusive of approved quotas and this transaction, amount to RMB10.86 billion. This figure represents 94.67% of the company's 2024 audited net assets, with guarantees for controlled subsidiaries totaling RMB9.87 billion, or 86.04%. Keda has no overdue guarantees and has not provided guarantees for its largest shareholder or related parties.