Core Viewpoint - The company is issuing A-shares to specific investors, which will dilute immediate returns but aims to enhance long-term growth and financial stability through strategic investments in key projects [1][5][10]. Financial Impact - The total amount raised from the issuance is approximately 5.91 billion yuan, which will be used for specific projects [2][5]. - The issuance will increase the total share capital from 5,583,147,471 shares to 7,258,091,712 shares [3]. - The basic earnings per share (EPS) before the issuance is 0.1138 yuan, which is projected to decrease to 0.0876 yuan post-issuance under a scenario where 2025 profits remain flat compared to 2024 [3][4]. Use of Proceeds - 70% of the raised funds will be allocated to the Iraq Basra seawater pipeline project and the UAE Abu Dhabi gas pipeline project, while 30% will be used to supplement working capital [9][11]. - The projects are aligned with the company's core business and national industrial policies, expected to enhance service capabilities and profitability [9][11]. Strategic Importance - The projects are crucial for developing oil and gas resources in Iraq and the UAE, which are rich in reserves but face challenges in infrastructure and technology [7][8]. - The company aims to strengthen its international competitiveness and expand its market presence through these investments [7][8]. Risk Mitigation Measures - The company has established a management plan for the raised funds to ensure compliance and effective use [14]. - It will adhere to a profit distribution policy to protect investor returns and mitigate the dilution of immediate returns [15]. Commitment to Investors - The board and senior management have committed to ensuring the effectiveness of the measures to mitigate the dilution of immediate returns [16].