On September 3, 2025, Zhejiang Walrus New Materials Co., Ltd. signed a guarantee letter with the Jiaxing Branch of China Merchants Bank to provide a guarantee for its wholly-owned subsidiary Walrus Import and Export for loans up to RMB 50 million within the credit limit and the total balance of the credit principal. Previously, the company had been approved for a credit guarantee limit of no more than RMB 1.2 billion for Walrus Import and Export for the year 2025. Walrus Import and Export has a debt-to-asset ratio exceeding 70%. After this guarantee, the company's guarantee balance for it reaches RMB 255 million, with a remaining available guarantee limit of RMB 945 million. The company's board of directors believes that this guarantee can meet the funding needs of the subsidiary's business, the subsidiary has good debt repayment ability, and it will not pose significant financial risks to the company. Currently, the balance of external guarantees provided by the company and its holding subsidiaries accounts for 17.99% of the most recent audited net assets, with no overdue guarantees or other issues