Fundraising Plan - The company plans to raise a total of no more than 5.913 billion yuan through a specific stock issuance, with the net proceeds allocated to two major projects: the Basra seawater pipeline project in Iraq and the Abu Dhabi gas pipeline project in the UAE [1][2] - The total contract amount for the Basra seawater pipeline project is approximately 2.524 billion USD, while the Abu Dhabi gas pipeline project has a contract amount of about 513 million USD [1] Project Overview and Feasibility - The Basra seawater pipeline project involves a total pipeline length of 884 kilometers, connecting seawater treatment facilities to oil fields [2][3] - The Abu Dhabi gas pipeline project consists of two pipelines with a total length of approximately 180.5 kilometers, transporting natural gas [2][3] - These projects aim to enhance local oil and gas resource development, contributing to economic growth in Iraq and the UAE [3] Strategic Importance - The fundraising projects align with the company's strategy to expand its overseas business and enhance international competitiveness [3][4] - The company has established a robust management system and project operation model that aligns with international standards, facilitating long-term partnerships with major clients [4][5] Financial Implications - A portion of the raised funds, specifically 1.773 billion yuan, will be used to supplement the company's working capital, optimizing its capital structure and supporting future business development [5][6] - The fundraising is expected to improve the company's financial stability, reduce financial leverage, and enhance profitability [6][8] - The issuance will lead to an increase in total assets and net assets, while potentially causing a temporary decline in net asset return and earnings per share due to the time required for project implementation [8]