Core Viewpoint - The company plans to issue a new class of REITs based on the assets of Shijiazhuang Liangcun Thermal Power Co., with an expected issuance scale of no more than 1.74 billion yuan [1] Group 1: REITs Issuance - The new REITs issuance aims to ensure a smooth transition after the maturity of the previous asset-backed notes issued in November 2022, which totaled 1.77 billion yuan and will mature in November 2025 [2] - The transaction focuses on the continuity of the equity-debt structure of the underlying project company, Liangcun Thermal Power, which is jointly held by Dongfang Xinseng and the company's wholly-owned subsidiary, Dongfang Green Energy [2][3] Group 2: Financial Structure and Asset Quality - The underlying assets of the new REITs are centered on Dongfang Xinseng, which has total assets of 2.354 billion yuan and no liabilities, indicating strong asset quality and stable cash flow [4] - The valuation of the LP1 shares, which is 1.78 billion yuan, supports the issuance scale of no more than 1.74 billion yuan, with an assessed value increase of 26.48 million yuan, reflecting a 1.12% appreciation [4] Group 3: Strategic Objectives - The strategic purpose of the new issuance is to retain original equity financing channels and avoid adverse impacts on the company's debt ratio, as REITs are typically recognized as equity instruments rather than liabilities [4] - The issuance is expected to enhance the company's ability to manage existing assets efficiently and align with market demand for stable income assets [5]