Shang Hai Zheng Quan Bao·2025-10-31 18:14Group 1 - The fund manager has the right to adjust management fees based on the fund's operational conditions, as the estimated net income and annualized yield may fluctuate due to market volatility [1] - The fund has received a payment of 27.4883 million yuan for national subsidies receivable, with an average repayment cycle of 2.15 years [8][10] - The fund will include the received national subsidy receivable in the fourth quarter's distributable amount for investor returns [9] Group 2 - The fund employs a factoring method with recourse to smooth cash flow and mitigate the risk of fluctuations in the repayment cycle of national subsidies receivable [7] - The total assets of the acquired project companies amount to 558.64 million yuan, with liabilities of 428.32 million yuan and equity of 130.33 million yuan as of the audit date [13]