Core Viewpoint - The company has entered into a trust agreement with China Resources Trust to establish a trust and issue asset-backed commercial papers, which aims to diversify fundraising channels and improve the financing structure [1][2]. Group 1: Trust Agreement and Asset-Backed Commercial Papers - On November 24, 2025, the company signed a trust agreement with China Resources Trust, allowing the company to conditionally entrust underlying assets to establish a trust, issue asset-backed commercial papers, and manage the trust property [1]. - The underlying assets include rights, interests, and benefits related to receivable subsidies, as well as all income from the disposal of these receivables [1]. Group 2: Financial Strategy and Benefits - The board believes that the issuance of the second asset-backed commercial papers will diversify the company's fundraising channels, improve its financing structure, and enhance operational activities and investments [2]. - This initiative is expected to reduce accounts receivable balances and optimize the company's debt-to-asset ratio, accelerating the overall turnover of the company's assets [2]. - The board asserts that the contracts related to the trust agreement are fair and reasonable, aligning with the overall interests of the company and its shareholders [2].

Group 1 - The core announcement involves Beijing Energy International entering into a trust agreement with Xingye International Trust for the issuance of asset-backed commercial papers totaling RMB 2 billion, divided into two tranches: senior and subordinated [1] - The underlying assets include rights and interests related to receivable subsidies from eight photovoltaic project companies located across various provinces in China, with a total installed capacity of 494.6 MW as of the initial benchmark date [1] - The expected government renewable energy subsidies are anticipated to be received by October 2028 or around that time [1] Group 2 - The board believes that the issuance of asset-backed commercial papers will diversify the group's fundraising channels and secure low-cost funding, thereby improving the financing structure and enhancing operational activities and investments [2] - It is expected that the issuance interest rate of the asset-backed commercial papers will be lower than the company's average financing rate, which will reduce financing costs [2] - 70% of the proceeds from the issuance will be used to repay existing debts, effectively optimizing the group's debt-to-asset ratio [2] - The arrangement is expected to accelerate the overall turnover of the group's assets and increase total revenue generated [2] - The asset-backed commercial papers are designed as direct financing products for institutional investors, which will further expand the company's influence and recognition in the capital markets [2]