Core Viewpoint - Guangzhou Zhiguang Electric Co., Ltd. announced the termination of the PPP project concession rights for its subsidiary, Pinglu County Ruiyuan Heating Co., Ltd., with an asset transfer price of 266 million yuan [1][2]. Group 1: Event Background - The termination process for the PPP project began with the signing of the "Termination Transition Agreement" on December 31, 2024, with a formal termination agreement to be completed by May 30, 2025 [2]. - After multiple negotiations, the board of directors approved the core transaction terms on October 27, 2025, and all agreements were signed on October 31, 2025 [2]. Group 2: Asset Transfer Key Terms - The project assets will be transferred to Pinglu County Guoheng Heating Co., Ltd. for a total price of 265,612,443.73 yuan (including tax), excluding unnecessary assets and considering asset defect discounts [3]. - Payment will be structured as "bank loan priority + installment payments": - Priority payment through bank loans by December 31, 2026 (interest-free) - If loans are not obtained, payments will be made in five equal installments starting January 1, 2027, with 20% paid annually - Interest during the installment period will be calculated based on the one-year LPR - The receiving party will bear the land transfer tax [3]. - Rights and obligations will terminate upon the agreement's effectiveness, and the original "Transition Agreement" will also be terminated [3]. - Asset transfer requires the creation of an asset and documentation transfer registration form based on the audit report, with all materials to be transferred within 30 days; any defective assets will be repaired by the transferor or deducted from the transfer price [3]. - Debts incurred during the project will be borne by Pinglu Ruiyuan, and any losses caused to the receiving party will require compensation [3]. Group 3: Impact on the Company - The announcement did not specify the immediate profit impact of the transaction on the company, but it indicated that follow-up on the repayment situation will be conducted according to the agreement [4]. - The company has published multiple progress announcements through the Giant Tide Information Network to fulfill its information disclosure obligations [4].