Jolywood approves subsidiary guarantee, elects new chairman

Jolywood (Suzhou) Sunwatt Co., Ltd. has approved a 90 million yuan guarantee for its controlled subsidiary, Suzhou Jolywood Minsheng Energy Co., Ltd. This guarantee, provided in cooperation with China Construction Bank Changshu Branch and Jianxin Rongtong Co., Ltd., facilitates supply chain financing for the subsidiary. The parent company assumes unconditional payment responsibility for the subsidiary's obligations under the "e-Tong" business cooperation agreement. This action falls within previously approved guarantee limits and does not require further shareholder approval.

In a related development, Jolywood (Suzhou) Sunwatt Co., Ltd. held its 2025 Second Extraordinary General Meeting and Fifth Board of Directors' Twenty-Fourth Meeting on September 26, 2025. During these meetings, Zhang Chengyu was elected as a non-independent director and subsequently as the chairman of the Fifth Board of Directors. He will also serve as the chief committee member (convener) of the board's Strategic Investment and Sustainable Development Committee.

Concurrently, Zhang Chengyu was appointed as the company's legal representative, succeeding Cao Lu, who resigned due to age. As of the disclosure date, the total actual guarantee balance for the company and its controlled subsidiaries is 9.29 billion yuan, representing 275.59% of the company's latest audited net assets.