Core Insights - The State Council has approved the expansion of the Hangzhou Comprehensive Bonded Zone, which will transition Hangzhou's air economy from an "airport hub" to a "port economy" comprehensive platform [1][2] - The Hangzhou Comprehensive Bonded Zone, established in 2000 and upgraded in 2018, has achieved a historic best performance ranking sixth nationally and first in the province in the 2024 national evaluation [1] - The newly approved area will enhance international competitiveness and regional influence by leveraging the airport hub for the development of the air port economy [1][2] Summary by Sections Expansion Details - The expansion includes two blocks, with the new block located in the air economic demonstration zone, covering an area of 0.40 square kilometers [1] - Infrastructure and regulatory facilities are being developed, aiming for completion and acceptance by the end of the year [1] New Block Functions - The new block consists of a port operation area and a bonded function area, which will support customs inspection, bonded logistics, processing, and research and development [2] - The expansion addresses the functional shortcomings around Hangzhou Xiaoshan International Airport and is a key driver for high-level opening-up and enhancing the outward-oriented economy [2] Project Developments - Several high-value projects are being established, including a 510 million yuan bonded R&D manufacturing project by Xiu Zheng Pharmaceutical and a safety testing platform for lithium batteries and power semiconductors [2] - The new block aims to achieve acceptance targets and expand "bonded+" business models, focusing on cross-border e-commerce and innovative institutional integration [2]

Group 1 - The company plans to enter into various purchase and sales contracts with different suppliers, including purchasing diesel, aviation kerosene, PTA, and other products from Saudi Aramco and Hengyi Trading [1][2] - The pricing for these transactions will be based on market indicators or product quotation prices, ensuring fair and reasonable pricing [1][2][3] - The company will also engage in borrowing from its controlling shareholder, Rongsheng Holdings, with a loan amount not exceeding RMB 20 billion for project construction or working capital [3][4] Group 2 - The company intends to sign contracts for the procurement of high-pressure steam and other materials from Rongxiang Thermal Power and will also sell electricity and diesel to them [5][6] - The company will engage in logistics services with Rongtong Logistics, including the sale of diesel and PTA, and will also contract for transportation services [14][15] - The company is set to purchase pressure vessels and services from Shenghui Equipment and accept maintenance and engineering services from Dingsheng Petrochemical [17][18] Group 3 - The company has outlined its future three-year shareholder return plan, emphasizing a stable and sustainable profit distribution policy [48][49] - The company aims to distribute cash dividends annually, with a minimum of 30% of the average distributable profit over the last three years to be distributed in cash [52][53] - The company will ensure that the profit distribution plan is discussed with independent directors and that the rights of minority shareholders are protected [54][55]