BAIYUNSHAN PH (00874) announced that on November 28, 2025, Guangzhou Pharmaceutical signed the "Additional Underlying Assets Delivery Confirmation Letter" with Xingzheng Asset Management under the Underlying Assets Purchase Agreement (Phase IV). The agreement confirms the sale of the fifth batch of additional underlying assets—accounts receivable with a book value of RMB 442 million—to Xingzheng Asset Management, with a purchase price of RMB 440 million received.

By securitizing accounts receivable through these transactions, Guangzhou Pharmaceutical can convert receivables into more liquid cash assets, thereby optimizing its asset portfolio. Given the reasons above and the terms disclosed in the announcement, the board considers the terms of these transactions fair and reasonable, aligning with the overall interests of the group and its shareholders.