Core Viewpoint - Guangdong Power Development Co., Ltd. has approved several capital increases to its subsidiaries to enhance equity, mitigate risks, and promote sustainable development [5][10][14]. Group 1: Board Meeting Details - The board meeting was held on August 5, 2025, in Guangzhou, with all 10 directors present [2][3]. - The meeting was chaired by Chairman Zheng Yunpeng, and the procedures complied with relevant laws and the company's articles of association [4]. Group 2: Capital Increase Resolutions - The board approved a capital increase of 567 million yuan to Zhanjiang Zhongyue Energy Co., Ltd. to optimize its capital structure and reduce interest expenses [5][6]. - A capital increase of 1.596 billion yuan was approved for Guangdong Yue Electric Shaoguan Power Plant Co., Ltd. for similar purposes [10][11]. - A capital increase of 660 million yuan was approved for Lincang Yue Electric Energy Co., Ltd. to enhance its operational sustainability [14][15]. Group 3: REITs Issuance Plan - The board approved a plan to issue an asset-backed special plan (similar to REITs) with a scale of up to 3.801 billion yuan, using Dongguan Ningzhou project as the underlying asset [18][26]. - The plan includes providing operational support of up to 4.3 billion yuan to the subsidiary involved in the project [26]. - The issuance aims to revitalize existing assets, improve capital structure, and ensure sustainable development [35].

Group 1 - The company has approved the issuance of an energy infrastructure investment asset-backed special plan (similar to REITs) to revitalize existing assets and improve capital structure [1][2] - The issuance will involve a maximum scale of 3.801 billion yuan, with a term not exceeding 30 years, using the Dongguan Ningzhou site replacement power project as the underlying asset [1][3] - The company will subscribe to subordinate asset-backed securities up to 1 million yuan and provide operational support for the underlying asset [2][4] Group 2 - The underlying asset for this issuance is the Dongguan Ningzhou site replacement power project, with a total installed capacity of 2,484 MW [3] - The issuance aims to optimize the company's capital structure, reduce interest expenses, and lower the debt-to-asset ratio, contributing to sustainable development [4] - The project will not significantly impact the company's normal operations or harm the interests of shareholders, complying with relevant laws and regulations [4]

Core Viewpoint - The company aims to revitalize its existing assets, improve its capital structure, and ensure sustainable development through a series of financial maneuvers involving its subsidiary and asset-backed securities [1][2] Group 1: Asset Management and Financial Strategy - The company approved the issuance of an asset-backed special plan (similar to REITs) with a scale not exceeding 38.01 billion yuan, with a term of no more than 30 years, using the Dongguan Ningzhou site as the underlying asset [1] - The company will provide operational support and performance guarantees for its subsidiary, Guangdong Yue Electric Binhai Bay Energy Co., Ltd., not exceeding 4.3 billion yuan [1] - The company plans to invest up to 950 million yuan as a limited partner in a newly established limited partnership with Guangdong Yue Electric Linghang Energy Co., Ltd. and China Kangfu International Leasing Co., Ltd. [1] Group 2: Equity and Debt Structure Adjustments - The company will transfer 100% equity of Binhai Bay Energy Co., Ltd. to the limited partnership through a non-public agreement and adjust the subsidiary's equity and debt structure as needed [2] - The company will hold priority acquisition rights for the equity and debt of Binhai Bay Energy Co., Ltd., as well as for the priority asset-backed securities and limited partnership agreement shares [2] - After the issuance of the asset-backed securities, Binhai Bay Energy Co., Ltd. may issue entrusted loans to the company, not exceeding 1.3 billion yuan [2]