CHINA STATE CON (03311) announced that on December 19, 2025, CSCI Investment (an indirect wholly-owned subsidiary of the company) entered into a factoring arrangement. On the same day, CSCI Investment signed a receivables transfer agreement with Wenzhou Haisheng and a factoring contract with CSC Commercial Factoring. The arrangement involves the transfer of receivables to CSC Commercial Factoring, which will provide factoring services with a principal amount of RMB 300 million at a discount rate of 91% for a term of up to 24 months from the drawdown date.

The factoring arrangement enables the group to obtain immediate funding for working capital and business development, which is beneficial for optimizing the group's asset structure, improving capital efficiency, and enhancing operational capabilities. It also helps meet liquidity needs and diversifies the group's financing channels.