Core Insights - The provincial government of Henan is actively promoting ecological protection and high-quality development in the Yellow River basin, achieving positive results in green and low-carbon development, industrial transformation, and regional cooperation [1] Group 1: Ecological Protection and Water Management - The water quality of the Yellow River has reached Class II for five consecutive years, with the Yiluo River (Luoyang section) recognized as an excellent case by the Ministry of Ecology and Environment [2] - Henan has signed horizontal ecological protection compensation agreements with Shanxi, Shaanxi, and Shandong, ensuring comprehensive coverage of ecological compensation mechanisms for major tributaries [2] - Since 2019, Henan has been enhancing flood prevention and disaster reduction systems and optimizing water resource allocation, focusing on both engineering and non-engineering measures [2] Group 2: Industrial Development and Innovation - Henan is leveraging its resource endowments and advantages to develop new productive forces, with a focus on technological innovation and the integration of digital and real economies [4] - The province aims for strategic emerging industries and high-tech industries to account for 24.8% and 14% of the industrial output above designated size by 2024, respectively, increasing by 2.4 and 2.9 percentage points from 2020 [4] - The province is also enhancing its modern industrial system, emphasizing advanced manufacturing and regional characteristics [4] Group 3: Social Development and Public Services - Henan prioritizes people's livelihoods, enhancing basic, inclusive, and safety-oriented social services to improve residents' sense of happiness and security [5] - The urbanization rate in the Yellow River basin has reached 66.65%, exceeding the provincial average by 7.4 percentage points, with zero threshold for household registration [5] - The province is implementing an employment-first strategy, improving public service resources, and enhancing healthcare and educational facilities across 354 counties [6]

Core Viewpoint - The company, Tianjin TEDA Co., Ltd. (泰达股份), announced its plan to transfer 100% equity of its wholly-owned subsidiary, Yangzhou Wanyun Construction Development Co., Ltd. (扬州万运), to an affiliated party, Tianjin TEDA Asset Operation Management Co., Ltd. (泰达资管), in order to focus on its core business in ecological environmental protection and gradually divest non-core assets [2][4][7]. Summary by Sections Transaction Details - The transaction will be conducted through a non-public agreement, with the transaction price set at a net asset valuation of 2.593 billion yuan [4]. - Following the completion of the transaction, Yangzhou Wanyun will no longer be included in the company's consolidated financial statements [7]. Business Focus - The primary aim of this transaction is to enhance the company's focus on its ecological environmental protection business and to gradually divest non-core assets [7][10]. - The company intends to optimize its asset structure, improve asset utilization, and reduce the asset-liability ratio through this divestment [10]. Financial Performance of Yangzhou Wanyun - Yangzhou Wanyun, established in 2008, primarily engages in real estate development and management. In 2024, it reported revenues of 118 million yuan and a net profit of approximately 64.36 million yuan [8]. - As of the end of 2024, Yangzhou Wanyun's total assets amounted to 4.009 billion yuan, with total liabilities of 1.484 billion yuan [9]. Company Overview - Tianjin TEDA Co., Ltd. operates in four main sectors: ecological environmental protection, regional development, energy trading, and equity investment. The regional development sector primarily includes Yangzhou Wanyun and its subsidiary, Nanjing New City [10]. - The wholesale sector accounts for nearly 90% of the company's revenue, with real estate and other sectors contributing a smaller share [10]. Stock Information - As of May 28, the company's stock price was 3.77 yuan per share, with a total market capitalization of 5.6 billion yuan [11].