独立董事候选人声明 本人_李红斌_,已充分了解并同意由提名人昆明市交通投资有 限责任公司提名为上海宽频科技股份有限公司第十届董事会独立董事 候选人。本人公开声明,本人具备独立董事任职资格,保证不存在任 何影响本人担任上海宽频科技股份有限公司独立董事独立性的关系, 具体声明如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行政法 规、部门规章及其他规范性文件,具有五年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 指引》等的相关规定(如适用); (八)中国证监会《证券公司董事、监事和高级管理人员任职资 格监管办法》等的相关规定(如适用); (九)中国银保监会《银行业金融机构董事(理事)和高级管理 人员任职资格管理办法》《保险公司董事、监事和高级管理人员任职资 格管理规定》《保险机构独立董事管理办法》等的相关规定(如适用); 二、本人任职资格符合下列法律、行政法规和部门规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如 适用): (三)中国证监会《上市公司独立董事规则》的相关规定; (四)中共中央 ...

本次会议审议并通过了如下决议： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 上海宽频科技股份有限公司（以下简称"公司"）第九届董事会第四十三次 会议于2023年8月4日以电子邮件方式发出通知，并于2023年8月11日在公司会议室 以现场与通讯相结合的方式召开。会议应出席的董事9人，实际出席会议的董事9 人。会议由董事长雷升逵先生主持，公司监事及高管人员列席了会议。会议的召 开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 证券代码：600608 证券简称：ST 沪科 公告编号：临 2023-026 上海宽频科技股份有限公司 第九届董事会第四十三次会议决议公告 （一）关于公司董事会换届选举的议案 根据《公司法》和《公司章程》相关规定，经公司持股3%以上的股东昆明市 交通投资有限责任公司及昆明产业开发投资有限责任公司提名，董事会提名委员 会资格审查通过，公司董事会同意提名宁正东先生、周云浩先生、付群先生、赵 凌峻先生、刘文鑫先生、李磊先生为公司第十届董事会非 ...

独立董事候选人声明 一、 本人具备上市公司运作的基本知识， 熟悉相关法律、 行政法 规、 部门规章及其他规范性文件， 具有五年以上法律、 经济、 会计、 财务、 管理或者其他履行独立董事职责所必需的工作经验。 二、 本人任职资格符合下列法律、 行政法规和部门规章的要求： 本人欧保华， 己充分了解并同意由提名人昆明市交通投资有限 责任公司提名为上海宽频科技股份有限公司第十届董事会独立董事候 选人。 本人公开声明， 本人具备独立董事任职资格， 保证不存在任何 影响本人担任上海宽频科技股份有限公司独立董事独立性的 关系， 具 体声明如下： （一）《阜些人民共和国公司法》 关于董事任职资格的规定： （二〉《中华人民共和国公务员法》关于公务员兼任职务的规定（如 适用）； （三〉 中国证监会《上市公司独立董事规则》的相关规定： （囚）中共中央纪委、 中共中央组织部《关于规范中管干部辞去 公职或者退（离〉休后担任 上市公司、 基金管理公司独立董事、 独立 监事的通知》的规定（如适用）； （五）中共中央组织部《关手进一步规范党政领导干部在企业兼 职（任职）问题的意见》的相关规定（如适用）； （六）中共中央纪委、 教育部、 监 ...

独立董事候选人声明 本人 李正 ,已充分了解并同意由提名人昆明市交通投资有限责 任公司提名为上海宽频科技股份有限公司第十届董事会独立董事候选 人。本人公开声明,本人具备独立董事任职资格,保证不存在任何影 响本人担任上海宽频科技股份有限公司独立董事独立性的关系,具体 声明如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行政法 规、部门规章及其他规范性文件,具有五年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 二、本人任职资格符合下列法律、行政法规和部门规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定: 〈二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如 适用); (三)中国证监会《上市公司独立董事规则》的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管干部辞去 公职或者退(离)休后担任上市公司、基金管理公司独立董事、独立 监事的通知》的规定(如适用); (五)中共中央组织部《关于进一步规范党政领导干部在企业兼 职（任职）问题的意见》的相关规定（如适用); (七) 中国人民银行《股份制商业银行独立董事和外部监事制度 指引》等的相关规 ...

(三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 证券代码：600608 证券简称：ST 沪科 公告编号：临 2023-029 上海宽频科技股份有限公司 关于召开 2023 年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 (一) 股东大会类型和届次 2023 年第一次临时股东大会 (二) 股东大会召集人：董事会 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2023 年 8 月 28 日 14 点 00 分 召开地点：昆明市西山区盘龙路 25 号 17 楼 1703 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2023 年 8 月 28 日 至 2023 年 8 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00 ...

上海宽频科技股份有限公司 关于参加 2023 年上海辖区上市公司 证券代码：600608 证券简称：ST 沪科 公告编号：临 2023-016 投资者可以在本次说明会召开前通过电话（021-62317066）、邮件 （zhao_z@600608.net）等形式将需要了解的情况和关注问题预先提供给公司，公 司将在说明会上就投资者普遍关注的问题进行解答。 上海宽频科技股份有限公司（以下简称"公司"）已于2023年4月25日披露 公司2022年年度报告及摘要，为进一步加强与广大投资者的沟通交流，便于广大 投资者更深入全面地了解公司治理、发展战略、经营状况、融资计划、可持续发 展等投资者所关心的问题，公司定于2023年5月10日（周三）15:00-17:00参加"2023 年上海辖区上市公司年报集体业绩说明会"活动，投资者提问通道打开时间为 15:00-17:00。现将有关事项公告如下： 一、会议类型 本次业绩说明会活动将采取网络的方式举行，公司将针对2022年年度业绩和 经营情况等与投资者进行交流，并对投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 年报集体业绩说明会活动的公告 本公司董事会及全体董事保 ...

Financial Performance - In 2022, the company achieved a net profit attributable to shareholders of 4,018,832.63 CNY, a significant increase of 175.31% compared to the previous year's profit of 1,459,772.99 CNY[6]. - The company's operating revenue for 2022 was 366,774,990.16 CNY, representing a year-on-year growth of 13.73% from 322,489,392.21 CNY in 2021[22]. - Basic earnings per share for 2022 were 0.0122 CNY, an increase of 177.27% from 0.0044 CNY in 2021[23]. - The weighted average return on equity rose to 6.33% in 2022, an increase of 3.93 percentage points from 2.40% in 2021[23]. - The company reported a net profit excluding non-recurring gains and losses of 4,448,155.63 CNY, reflecting a growth of 187.72% from 1,545,983.72 CNY in the previous year[22]. - The company reported a net profit margin of 12% for Q3 2023, up from 10% in the previous year[87]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion for the fiscal year, representing a 15% year-over-year growth[88]. Cash Flow and Assets - The net cash flow from operating activities was -6,012,539.15 CNY, a decline from the positive cash flow of 6,012,209.67 CNY in 2021, indicating a negative change of 200.01%[22]. - The total assets of the company decreased by 9.09% to 197,563,644.44 CNY at the end of 2022, down from 217,308,496.39 CNY at the end of 2021[22]. - The company's cash and cash equivalents decreased from RMB 105,100,954.40 in 2021 to RMB 89,665,085.66 in 2022, a decline of about 14.66%[180]. - The company's cash flow from operating activities showed improvement, contributing positively to the overall financial health[187]. - The cash outflow from financing activities totaled 4,330,488.95 million RMB, primarily due to dividend distributions and interest payments[195]. Operational Challenges - The net cash flow from operating activities was negative CNY 6,012,539.15, a significant decline from a positive cash flow of CNY 6,012,209.67 in the same period last year[42]. - The company faced significant operational pressures due to rising costs and fluctuating exchange rates, impacting overall performance[31]. - The company acknowledged potential risks that may adversely affect its future development strategies and operational goals, as detailed in the management discussion and analysis section[9]. Customer and Market Development - The company added nearly 30 new customers during the reporting period, enhancing its supplier certification with well-known domestic white goods enterprises[32]. - The company focused on optimizing its product and customer structure, increasing the proportion of high value-added products in its offerings[32]. - The company aims to enhance its business stability and sustainability through the extension of its product offerings into industrial supplies (MRO) related to core customers[32]. - The company plans to strengthen cooperation with production enterprises and large home appliance manufacturers to enhance customer stickiness and core competitiveness[71]. Governance and Management - The company adheres to legal regulations and maintains a sound corporate governance structure, ensuring the independence of its board and management[80]. - The company has established various disclosure management systems to ensure accurate and timely information dissemination to all shareholders[83]. - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 138.77 million yuan[85]. - The company has established a sound internal control system and is continuously improving its governance structure to protect the rights of shareholders[110]. Strategic Initiatives - The company is actively seeking strategic cooperation opportunities to facilitate business transformation and development[74]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 100 million allocated for potential deals[87]. - The company plans to focus on market expansion and new product development in the upcoming fiscal year[187]. Risks and Legal Matters - The company is addressing credit risk by managing accounts receivable and conducting credit assessments of suppliers and customers[77]. - The company has ongoing litigation involving a total amount of CNY 12,229,554.46 related to a guarantee for Nanjing Broadband Technology Co., Ltd. and has won the first instance judgment[131]. - The company plans to publicly transfer all debts owed by Nanjing Sweet Group to eliminate potential risks associated with historical debts[148]. Employee and Training - The company had a total of 26 employees, with 12 in the parent company and 14 in major subsidiaries[105]. - The total salary structure includes fixed salary and performance-based salary, with performance evaluations conducted annually[106]. - The company has established a tiered training system, combining internal and external training methods[107].

Financial Performance - The company's operating revenue for Q1 2023 was ¥55,011,062.88, representing a decrease of 50.17% compared to the same period last year[3]. - The net profit attributable to shareholders was ¥174,629.35, down 91.58% year-on-year[3]. - The basic and diluted earnings per share were both ¥0.0005, reflecting a decrease of 91.57% year-on-year[3]. - In Q1 2023, the company reported a net profit of CNY 1,207,344.44, a decrease of 52.1% compared to CNY 2,505,584.61 in Q1 2022[19]. - The company's operating profit for Q1 2023 was CNY 1,972,305.27, down 39.4% from CNY 3,264,624.26 in the same period last year[19]. - The total comprehensive income for Q1 2023 was CNY 1,207,344.44, down 52.1% from CNY 2,505,584.61 in Q1 2022[19]. - The company's net profit for Q1 2023 was CNY -1,088,112.11, a decline from a profit of CNY 1,651,749.84 in Q1 2022[27]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥11,247,878.53, indicating a significant decline in cash generation[3]. - Cash flow from operating activities showed a net outflow of CNY 11,247,878.53, an improvement from a net outflow of CNY 35,011,425.60 in Q1 2022[20]. - The company's cash and cash equivalents at the end of Q1 2023 stood at CNY 63,417,207.13, down from CNY 70,089,528.80 at the end of Q1 2022[21]. - The company's cash flow from financing activities showed a net outflow of CNY 15,000,000.00 in Q1 2023[21]. - The net cash flow from financing activities was -$15 million[29]. - The cash and cash equivalents at the beginning of the period were $42.3 million, while the ending balance was $50.5 million, indicating a net increase of $8.2 million[29]. Assets and Liabilities - Total assets at the end of the reporting period were ¥167,982,528.7, a decrease of 14.97% from the end of the previous year[4]. - The total assets as of March 31, 2023, were ¥167,982,528.74, down 15.00% from ¥197,563,644.44 at the end of December 2022[17]. - The total liabilities decreased to ¥95,853,170.46 in Q1 2023 from ¥126,641,630.60 in Q4 2022, a reduction of 24.38%[16]. - The total current assets reached CNY 221,995,560.50, an increase from CNY 183,414,268.07, reflecting a growth of 20.9%[25]. - The company's inventory increased to CNY 20,307,940.43 from CNY 8,631,211.31, representing an increase of 135.5%[25]. - The total owner's equity decreased to CNY 66,364,400.77 from CNY 67,452,512.88, a decline of 1.6%[25]. Debt and Financing - The company is in the process of transferring all debts related to Nanjing Sweet Group to eliminate potential risks associated with historical debts[10]. - The company has extended two loan agreements with its controlling shareholder, with amounts of ¥21 million and ¥74 million, at an interest rate of 4.35%[11]. - The company has signed loan agreements totaling ¥9,500,000 with its controlling shareholder, with a remaining balance of ¥7,994,470.00[12]. - The company is currently in a mediation phase regarding a loan dispute with the Industrial and Commercial Bank of China, with a judicial deduction balance of ¥1,700,939.17[13]. - The company has a loan balance of ¥79,944,750.00 as of March 31, 2023, compared to ¥95,480,042.82 at the end of December 2022, indicating a decrease of 16.29%[16]. Market Conditions - The decline in revenue is attributed to increased competition and insufficient downstream market demand[6]. - The total operating revenue for Q1 2023 was ¥55,011,062.88, a decrease of 50.16% compared to ¥110,391,429.78 in Q1 2022[18]. - The total operating costs for Q1 2023 were ¥54,345,272.29, down 49.83% from ¥108,312,618.77 in Q1 2022[18].

Financial Performance - The company's operating revenue for Q3 2022 was ¥88,554,200.21, a decrease of 9.71% compared to the same period last year[3] - Net profit attributable to shareholders was ¥584,910.27, down 23.93% year-on-year, while net profit excluding non-recurring gains and losses was ¥584,910.27, also down 23.93%[3] - Year-to-date net profit attributable to shareholders increased by 75.46% to ¥3,898,961.47, with basic earnings per share rising by 75.00% to ¥0.0119[3] - Total operating revenue for the first three quarters of 2022 reached ¥284,604,483.26, an increase of 20.9% compared to ¥235,158,974.84 in the same period of 2021[19] - Total operating costs for the first three quarters of 2022 were ¥283,487,026.32, up from ¥230,638,593.39 in 2021, reflecting a growth of 22.9%[19] - Net profit for the third quarter of 2022 was ¥3,585,023.46, a decrease of 8.1% from ¥3,902,817.77 in the same quarter of 2021[20] - The net profit attributable to shareholders of the parent company for the third quarter of 2022 was ¥3,898,961.47, compared to ¥2,222,166.46 in the same quarter of 2021, indicating a significant increase[20] - Revenue for the first three quarters of 2022 was CNY 217.66 million, a decrease of 3.6% compared to CNY 225.48 million in the same period of 2021[27] - Operating profit for the first three quarters of 2022 was CNY 7.11 million, significantly up from CNY 0.31 million in the first three quarters of 2021[27] - Net profit for the first three quarters of 2022 reached CNY 5.92 million, compared to CNY 0.31 million in the same period of 2021, marking a substantial increase[27] Assets and Liabilities - Total assets decreased by 13.43% to ¥188,131,477.00 compared to the end of the previous year[4] - Total assets as of the end of the third quarter of 2022 amounted to ¥188,131,477.00, down from ¥217,308,496.39 at the end of the previous year[17] - Total liabilities decreased to ¥113,933,222.88 from ¥146,695,265.73, representing a reduction of 22.3%[16] - The company's total liabilities decreased to ¥110,752,463.95 as of September 30, 2022, compared to ¥146,878,376.46 at the end of 2021, reflecting a reduction of 24.6%[25] - The total equity attributable to shareholders of the parent company was ¥68,493,659.63, an increase from ¥64,594,698.16 in the previous year[16] Cash Flow - The company reported a net cash flow from operating activities of ¥9,076,799.06 for the year-to-date[3] - In the first three quarters of 2022, the company generated cash inflows from operating activities amounting to ¥305,612,701.23, a decrease of 46.6% compared to ¥571,939,243.45 in the same period of 2021[21] - The net cash flow from operating activities for the first three quarters of 2022 was ¥9,076,799.06, a significant improvement from a net outflow of ¥13,392,603.73 in the previous year[21] - The company's cash flow from operating activities showed a positive trend, contributing to overall financial stability despite fluctuations in net profit[20] - The company's cash inflows from operating activities were significantly impacted by a 51.8% decrease in cash received from sales of goods and services, totaling ¥304,727,970.78 in 2022 compared to ¥571,420,175.86 in 2021[21] Inventory and Receivables - The company's inventory decreased by 59.97% compared to the end of the previous year, leading to a reversal of inventory impairment provision of ¥1,759,500[5] - Accounts receivable increased by 195.89% due to some business settlements not being realized by the reporting period end[7] - Accounts receivable increased to ¥34,499,915.70 from ¥11,659,639.26 in the previous year, indicating a significant rise in outstanding payments[14] Shareholder Information - Total number of common shareholders at the end of the reporting period was 14,853[9] - The largest shareholder, Kunming Transportation Investment Co., Ltd., holds 39,486,311 shares, accounting for 12.01% of total shares[9] Debt and Legal Matters - The company plans to extend two loans totaling ¥210 million and ¥740 million from its controlling shareholder, with an interest rate of 4.35%[11] - The company is in the process of transferring all debts owed by Nanjing Sweet Group to eliminate potential liabilities[11] - The company has initiated legal proceedings to recover ¥12,229,554.46 from Nanjing Broadband Technology Co., Ltd.[12] - The company is awaiting approval from the State-owned Assets Supervision and Administration Commission for the debt transfer[13] - The company has not yet completed the assessment and filing work related to the debt transfer[13] Cash and Equivalents - The company's cash and cash equivalents as of September 30, 2022, were ¥102,091,847.80, a slight decrease from ¥105,100,954.40 at the end of 2021[14] - Cash and cash equivalents at the end of the third quarter of 2022 amounted to CNY 61.58 million, up from CNY 34.69 million at the end of the same period in 2021[29] - The cash and cash equivalents at the end of Q3 2022 were ¥67,542,509.68, an increase of 54.5% from ¥43,736,101.12 at the end of the same period in 2021[22] Credit and Risk Management - The company reported a credit impairment loss of ¥2,523,577.08 for the first three quarters of 2022, compared to ¥623,826.68 in the same period of 2021, indicating a significant increase in credit risk[20] - The company reported a significant increase in credit impairment losses, which rose to CNY 2.30 million from CNY 0.62 million in the previous year[27] Research and Development - Research and development expenses were not explicitly reported, indicating a potential focus on cost management[27] - The company has not disclosed any new product or technology developments in the current report[27] Market and Strategic Focus - The company plans to continue focusing on inventory management and improving cash flow efficiency in the upcoming quarters[5] - There were no significant updates regarding market expansion or mergers and acquisitions in the latest financial report[27]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 196,050,283.05, representing a 43.01% increase compared to CNY 137,086,297.38 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2022 was CNY 3,314,051.20, a significant increase of 128.05% from CNY 1,453,229.44 in the previous year[18]. - The basic earnings per share for the first half of 2022 was CNY 0.0101, up 129.55% from CNY 0.0044 in the same period last year[19]. - The weighted average return on equity increased to 5.00%, up by 2.72 percentage points compared to 2.28% in the previous year[19]. - The net cash flow from operating activities for the first half of 2022 was CNY 24,705,981.56, a slight decrease of 1.30% from CNY 25,030,229.93 in the same period last year[18]. - The total assets at the end of the reporting period were CNY 208,425,699.94, down 9.35% from CNY 229,931,319.35 at the end of the previous year[18]. - The net assets attributable to shareholders at the end of the reporting period were CNY 67,908,749.36, reflecting a 5.33% increase from CNY 64,469,530.35 at the end of the previous year[18]. - The company reported a net profit of CNY 3,220,475.29 after deducting non-recurring gains and losses, which is a 122.01% increase from CNY 1,450,592.54 in the same period last year[18]. - The diluted earnings per share for the first half of 2022 was also CNY 0.0101, consistent with the basic earnings per share[19]. Sales and Production - The company sold a total of 24,718.55 tons of various plastic particle and chemical products, an increase of 73.79% compared to the same period last year[31]. - The cumulative production of polystyrene (PS) in the first half of 2022 was 1.7581 million tons, a year-on-year increase of 17.34%[28]. - The domestic PS inventory at the end of June 2022 was 84,200 tons, a decrease of 15.21% month-on-month but an increase of 14.87% year-on-year[28]. - PS exports in the first half of 2022 totaled 54,800 tons, a year-on-year increase of 59.3%[28]. Market and Industry Trends - Future expectations indicate a downward trend in the PS market due to weak demand and high inventory levels[29]. - The China Bulk Commodity Index (CBMI) for June 2022 was 101.5%, up 0.2 percentage points from the previous month, indicating a recovery in the domestic bulk commodity market[27]. Risk Management - The company has indicated potential risks that may adversely affect its future development strategies and operational goals, as detailed in the report[7]. - The company has implemented a mature risk management system to address various operational risks, including price fluctuations and credit risks[30]. - The company faces operational risks due to the low gross profit margins in its industry, which are affected by business models, risk control capabilities, and capital management efficiency[45]. - The company has implemented measures to mitigate risks, including optimizing product structure and conducting credit assessments for suppliers and customers[45]. Financial Stability and Liabilities - The total liabilities decreased from CNY 146,695,265.73 to CNY 133,358,792.57, representing a reduction of about 9.09%[93]. - The company has a total of approximately RMB 346.61 million in non-operating fund occupation by related parties, with no repayments during the reporting period[57]. - The total amount of non-operating funds occupied by controlling shareholders and related parties reached 348,612,206.20, accounting for 513.35% of the most recent audited net assets[58]. - The company has been pursuing legal actions to recover funds occupied by the former controlling shareholder, Nanjing Sweet Group, but has faced difficulties due to the lack of recoverable assets[58]. Shareholder and Capital Structure - The total equity attributable to the parent company was ¥328,861,441.00, with a capital reserve of ¥448,669,081.78 and retained earnings showing a significant deficit of -¥759,732,167.46[111]. - The company has not proposed any profit distribution or capital reserve increase plans for the half-year period[51]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[88]. - The company has not issued any new shares or undergone significant changes in its shareholder structure during the reporting period[79]. Strategic Initiatives - The company is transitioning towards comprehensive supply chain services while maintaining its core business in bulk commodity trading[24]. - The company aims to enhance its market expansion strategies and invest in new product development to drive future growth[103]. - The company plans to enhance its operational capabilities by improving asset-liability structure and reducing financial costs to strengthen market competitiveness[45]. - The company is actively seeking strategic cooperation opportunities to lay the foundation for the introduction of quality industries[138]. Accounting and Financial Reporting - The financial statements are prepared based on the principle of going concern, reflecting the company's financial position and operating results accurately[141]. - The company recognizes joint ventures based on whether they share rights to assets and obligations for liabilities, classifying them as joint operations or joint ventures[151]. - Financial instruments are recognized when the company becomes a party to the contract, with specific criteria for derecognition of financial assets and liabilities[156]. - The company assesses expected credit losses based on significant increases in credit risk since initial recognition, measuring losses over the entire life of the asset if risk has increased significantly[166].