Baiyang Investment Group guarantees subsidiaries' financing for 2025 operations

Baiyang Investment Group (the "Company") has approved guarantees totaling RMB 54,400 million for its wholly-owned and controlling subsidiaries for financing and daily operations in 2025. This includes RMB 23,900 million for subsidiaries with a debt-to-asset ratio below 70% and RMB 30,500 million for those with a ratio of 70% or higher. These guarantees are valid for 12 months from the date of shareholder approval and encompass various forms, including credit, asset mortgage, and pledge guarantees.

The Company recently provided maximum amount joint and several liability guarantees for its wholly-owned subsidiaries, Hainan Jiadexin Food Co., Ltd. and Hainan Baiyang Feed Co., Ltd., which sought financing from China Everbright Bank Haikou Branch. Hainan Jiadexin applied for an RMB 8,000 million credit facility (a renewal of an existing agreement), while Hainan Baiyang Feed applied for an RMB 1,000 million facility, both with a one-year term. These guarantees fall within previously approved limits and require no further approval.

As of the announcement date, the total guarantee amount provided by Baiyang Investment Group and its holding subsidiaries for consolidated subsidiaries is RMB 69,400 million. The actual external guarantee balance after this provision stands at RMB 59,439.66 million, representing 44.68% of the Company's latest audited net assets as of December 31, 2024. The Company has no other external guarantee matters, overdue guarantees, or guarantees involved in litigation.