Group 1 - The company and its subsidiaries do not hold shares in Moer Technology Co., Ltd [2]

Market Overview - The diversified financial sector experienced a decline of 1.56% on September 24, with Lakala leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Notable gainers in the diversified financial sector included Sichuan Shuangma, which rose by 4.65% to a closing price of 22.05, and Yalian Development, which increased by 4.52% to 5.32 [1] - Lakala, on the other hand, saw a decrease of 2.05%, closing at 23.93, with a trading volume of 483,300 shares and a transaction value of 1.156 billion [2] Capital Flow - The diversified financial sector saw a net outflow of 118 million from institutional investors, while retail investors contributed a net inflow of 191 million [2][3] - Among individual stocks, Zhongliang Capital had a net inflow of 60.1 million from institutional investors, while it experienced a net outflow of 34.3 million from retail investors [3]

Core Viewpoint - The stock of State Power Investment Corporation Financial Holdings Co., Ltd. (电投产融) has experienced fluctuations, with a recent decline of 2.14% on September 18, 2023, and a total market capitalization of 36.876 billion yuan [1]. Group 1: Stock Performance - Year-to-date, the stock price has increased by 11.18%, with a recent 5-day increase of 1.33%, a 20-day decline of 2.14%, and a 60-day increase of 1.02% [2]. - The stock has appeared on the "龙虎榜" (a trading list for stocks with significant trading activity) four times this year, with the latest appearance on May 13, 2023, where it recorded a net purchase of 145 million yuan [2]. Group 2: Financial Performance - As of June 30, 2023, the company reported a revenue of 2.665 billion yuan for the first half of 2023, a year-on-year decrease of 3.76%, and a net profit attributable to shareholders of 459 million yuan, down 13.41% year-on-year [3]. - Cumulative cash dividends since the company's A-share listing amount to 1.987 billion yuan, with 1.357 billion yuan distributed over the past three years [4]. Group 3: Shareholder Information - As of June 30, 2023, the number of shareholders decreased by 10.08% to 143,000, while the average circulating shares per person increased by 11.21% to 37,652 shares [3]. - The top ten circulating shareholders include Southern CSI 500 ETF, holding 24.0397 million shares, an increase of 3.1971 million shares compared to the previous period [4].

Core Viewpoint - The company is advancing a significant asset restructuring plan, aiming to divest its financial business and integrate nuclear power assets, positioning itself as a nuclear power operation platform for the State Power Investment Corporation [1] Group 1: Investor Relations Activity - On September 15, 2025, the company participated in an online investor reception day, engaging with investors through a remote format [1] - Key personnel involved included board members and senior management, indicating a commitment to transparency and investor communication [1] Group 2: Asset Restructuring and Financial Impact - The company plans to enhance its asset quality and profitability through the injection of high-quality nuclear power assets, which is expected to significantly increase total assets, net assets, and operating income [1] - A performance compensation agreement is in place with the transaction counterparties to ensure financial targets are met post-restructuring [1] Group 3: Nuclear Power Assets and Competitive Advantage - The restructuring will allow the company to effectively manage and integrate nuclear power assets, leveraging advanced technologies such as AP1000 and CAP1000 [1] - The company currently operates two nuclear power units and has six joint venture units, with an equity installed capacity of 7.43 million kilowatts [1] Group 4: Strategic Goals and Shareholder Returns - The company is focused on sustainable development and has established a shareholder return plan for 2025-2027, reflecting its commitment to long-term value creation [1] - The restructuring aligns with national energy security goals, with nuclear power expected to account for approximately 10% of total power generation by 2035 [1] Group 5: Restructuring Process and Challenges - The company is working on refining its responses to the Shenzhen Stock Exchange's inquiries regarding the restructuring, indicating a structured approach to compliance [1] - The restructuring process is ongoing, with necessary approvals from regulatory bodies still required, ensuring adherence to legal and disclosure obligations [1] Group 6: Market Conditions and Stock Performance - The company acknowledges that its stock price is influenced by various factors and emphasizes the importance of investor awareness regarding potential risks [1] - The restructuring is progressing without plans for a trading suspension, with information to be disclosed as per regulatory requirements [1]

Group 1: Company Restructuring and Financial Impact - The company is currently advancing a major asset restructuring, aiming to integrate nuclear power assets into its operations, which is expected to significantly enhance its asset scale and business strength [2][5]. - Following the completion of the restructuring, the company will become a platform for integrating nuclear operation assets, which will improve key financial metrics such as total assets, net assets, and operating income [2][4]. - The restructuring includes a performance compensation agreement with the counterparty, ensuring commitments regarding performance and compensation arrangements [2][4]. Group 2: Nuclear Power Development and Market Position - The company is focusing on developing a clean, low-carbon energy system, with nuclear power being a crucial component due to its safety, economic efficiency, and low carbon emissions [5][7]. - By 2035, nuclear power is projected to account for approximately 10% of China's electricity generation, indicating significant growth potential in the sector [5][7]. - The company’s subsidiary, Electric Power Nuclear, has nearly ten years of experience in nuclear safety management and is equipped with advanced nuclear technologies such as AP1000 and CAP1000 [3][5]. Group 3: Investor Relations and Market Confidence - The company is committed to enhancing its investment value and has established a three-year shareholder dividend return plan, which is aligned with regulatory guidelines [4][6]. - The company emphasizes transparency in profit distribution decisions and aims to provide stable and scientific returns to investors [4][6]. - The restructuring process is ongoing, with the company actively addressing inquiries from the Shenzhen Stock Exchange and ensuring compliance with relevant regulations [9][11].

Core Viewpoint - The company plans to issue a new class of REITs based on the assets of Shijiazhuang Liangcun Thermal Power Co., with an expected issuance scale of no more than 1.74 billion yuan [1] Group 1: REITs Issuance - The new REITs issuance aims to ensure a smooth transition after the maturity of the previous asset-backed notes issued in November 2022, which totaled 1.77 billion yuan and will mature in November 2025 [2] - The transaction focuses on the continuity of the equity-debt structure of the underlying project company, Liangcun Thermal Power, which is jointly held by Dongfang Xinseng and the company's wholly-owned subsidiary, Dongfang Green Energy [2][3] Group 2: Financial Structure and Asset Quality - The underlying assets of the new REITs are centered on Dongfang Xinseng, which has total assets of 2.354 billion yuan and no liabilities, indicating strong asset quality and stable cash flow [4] - The valuation of the LP1 shares, which is 1.78 billion yuan, supports the issuance scale of no more than 1.74 billion yuan, with an assessed value increase of 26.48 million yuan, reflecting a 1.12% appreciation [4] Group 3: Strategic Objectives - The strategic purpose of the new issuance is to retain original equity financing channels and avoid adverse impacts on the company's debt ratio, as REITs are typically recognized as equity instruments rather than liabilities [4] - The issuance is expected to enhance the company's ability to manage existing assets efficiently and align with market demand for stable income assets [5]

Group 1 - The company held its 27th meeting of the 7th Board of Directors on September 12, 2025, with all 7 directors present, and the meeting was chaired by the Chairwoman Feng Junjie [2] - The Board approved a proposal to continue issuing REITs products based on the assets of Liangcun Thermal Power, with a vote of 7 in favor, 0 against, and 0 abstentions [3][8] - The proposal was discussed and recommended by the Strategic Investment Committee prior to the meeting, and the suggestions were adopted by the Board [4] Group 2 - The company plans to issue a new REITs product based on Liangcun Thermal Power, with an expected issuance scale of no more than 1.74 billion yuan, following the previous issuance of 1.77 billion yuan in November 2022 [8] - The transaction does not require shareholder approval and does not constitute a related party transaction or a major asset restructuring as per relevant regulations [8] - The project involves a transfer of LP1 shares between two trust management companies and is currently undergoing regulatory approval [10] Group 3 - The target entity for the transaction is Dongfang Xinseng (Hebei) Energy Partnership, with a registered capital of 2.35558 billion yuan and total assets of 2.354 billion yuan as of April 30, 2025 [11][12] - The partnership has no liabilities and reported a net profit of 18.29 million yuan for the first four months of 2025 [12] - The valuation of the partnership's net assets was assessed at 2.38026 billion yuan, reflecting an increase of 26.48 million yuan, or 1.12% [14] Group 4 - The purpose of the transaction is to maintain the original equity financing channel and avoid adverse impacts on the company's asset-liability ratio due to debt financing [14] - After the transaction, the company will retain control over the project and continue to consolidate Liangcun Thermal Power in its financial statements [14] - The implementation of the REITs product will not adversely affect the interests of the company or its shareholders [14]

Market Overview - The Shanghai Composite Index fell by 0.12% on September 12, with nine industries rising, led by non-ferrous metals and real estate, which increased by 1.96% and 1.51% respectively. The sectors with the largest declines were telecommunications and comprehensive, down by 2.13% and 1.95% respectively [1] - The non-bank financial sector dropped by 1.46%, with a net outflow of 81.38 billion yuan in main funds [1] Fund Flow Analysis - Throughout the day, the main funds experienced a net outflow of 53.64 billion yuan, with six industries seeing net inflows. The non-ferrous metals sector led with a net inflow of 2.168 billion yuan, followed by the construction and decoration sector, which had a daily increase of 0.96% and a net inflow of 721 million yuan [1] - In the non-bank financial sector, 83 stocks were tracked, with 11 rising and 70 falling. Among the stocks with net inflows, Zhongyin Securities topped the list with a net inflow of 57.6998 million yuan, followed by Electric Investment Capital and Guosheng Financial Holdings with inflows of 42.041 million yuan and 32.946 million yuan respectively [2] - The non-bank financial sector had 18 stocks with net outflows exceeding 100 million yuan, with Dongfang Caifu, CITIC Securities, and China Ping An leading the outflows at 1.188 billion yuan, 955 million yuan, and 729 million yuan respectively [2] Sector Performance - The non-bank financial sector's performance was characterized by significant outflows, with major stocks like Dongfang Caifu and CITIC Securities experiencing declines of 1.17% and 1.81% respectively, alongside substantial negative fund flows [2][3] - The detailed fund flow data for the non-bank financial sector indicates that many stocks faced significant outflows, with the top outflowing stocks including Dongfang Caifu, CITIC Securities, and China Ping An, all showing negative fund flow figures [2][3][4]

Group 1 - The company is actively focusing on strategic layout and technological development in the nuclear energy sector [1] - The company has mastered advanced nuclear power technologies such as AP1000 and CAP1000 [1] - AP1000 is a third-generation nuclear power technology developed by Westinghouse Electric Company based on AP600 [1] Group 2 - CAP1000 is a third-generation passive pressurized water reactor technology with independent intellectual property rights, developed by China through the absorption and innovation of AP1000 technology [1] - The Shandong Haiyang Nuclear Power Project, controlled by the company, plans to construct six 1 million kilowatt nuclear power units [1] - Units 1 and 2 will adopt the AP1000 technology route, while units 3 to 6 will utilize the domestically designed and manufactured CAP1000 technology [1]

Group 1 - The company acknowledges that stock prices are influenced by various factors, including macroeconomic environment, overall capital market trends, industry cycle characteristics, company fundamentals, and market sentiment [1] - The company is currently progressing with a significant asset restructuring matter in an orderly manner [1] - The company emphasizes its commitment to strictly adhere to relevant regulations regarding information disclosure obligations [1]