Bright Dairy to guarantee affiliate loan, pending shareholder approval

Bright Dairy & Food Co., Ltd. announced a guarantee for Jiangsu Yinbao Bright Dairy & Food Co., Ltd., an investee of its wholly-owned subsidiary. The guarantee, amounting to RMB 58.8 million, supports Yinbao Bright Dairy & Food's application for a one-year working capital loan of RMB 120 million from Shanghai Rural Commercial Bank. This guarantee represents 49% of the total loan, aligning with Bright Dairy & Food's indirect 49% equity in Yinbao Bright Dairy & Food. Yinbao Bright Dairy & Food will provide a counter-guarantee to Bright Dairy & Food Co., Ltd.

The company's board of directors approved this resolution on November 28, 2025. Following this guarantee, Bright Dairy & Food Co., Ltd. and its controlled subsidiaries' total external guarantees will reach RMB 698.08 million, representing 7.37% of the company's net assets as of the latest audited period. The proposal, along with seven other items, will be put to a vote at the Second Extraordinary General Meeting of Shareholders in 2025, scheduled for December 15, 2025, in Shanghai.