Core Viewpoint - The company is aligning its strategic transformation towards energy conservation and carbon reduction, which is supported by recent national policies promoting zero-carbon park development [1] Group 1: Policy Support - Recent national policies have been introduced to support the development of zero-carbon parks, emphasizing the gradual advancement of low-carbon and zero-carbon transformations [1] - The notice on zero-carbon park construction prioritizes the application of green electricity, energy-saving technologies, and carbon emission monitoring systems [1] Group 2: Strategic Transformation - The company has shifted its business structure from "investment holding" to a dual focus on "investment holding + high-end services," expanding from "comprehensive energy" to "comprehensive energy + energy conservation and carbon reduction" [1] - This strategic transformation is expected to drive energy conservation and carbon reduction services to become a core growth area for the company [1] Group 3: Product Development - The company recently held a "zero-carbon park product launch conference," introducing a comprehensive solution covering the entire lifecycle of zero-carbon parks [1] - A total of 40 high-value zero-carbon products have been developed, organized into 6 series, transitioning from a single project-based service to a platform and product-based solution [1] - The zero-carbon services have been restructured into flexible, customizable, and standardized modules [1] Group 4: Market Opportunities - The company anticipates explosive growth in demand for zero-carbon park construction as policies are gradually implemented [1] - By developing a business model and product system for zero-carbon parks, the company aims to enhance its market competitiveness and create new business growth points while assisting parks in achieving carbon neutrality [1]

Group 1: Zero Carbon Park Development - The company is aligning its strategy with national policies supporting zero carbon park development, transitioning from "investment holding" to "investment holding + high-end services" [2][3] - A recent product launch introduced a comprehensive solution for zero carbon parks, featuring 40 high-value products across six series, marking a shift from project-based services to platform-based solutions [2][3] Group 2: New Business Developments - The company has obtained electricity trading qualifications in five southern provinces, with ongoing trading in Guangdong, projecting a stable operation and profitability in electricity trading by the end of 2025 [3][4] - The virtual power plant initiative has registered as one of the first ten operators in Guangdong, aggregating 146 MW capacity and achieving effective load responses totaling approximately 16 MWh [3][4] Group 3: Service and Energy Efficiency Initiatives - The company is advancing its "service doubling" and "energy efficiency doubling" initiatives, with new contracts in engineering and digital services amounting to approximately 493 million yuan [5][6] - The company has expanded its energy efficiency services, covering an additional 3.11 million square meters in 2023, focusing on high-quality clients in public institutions and hospitals [5][6] Group 4: Financial Performance and Investment Strategy - The company targets an internal rate of return of around 6% for investment projects, with flexibility for high-quality clients and demonstration projects [6][7] - The average financing cost for the company is approximately 2.65% for the first three quarters of 2025, benefiting from supportive carbon reduction policies [6][7] Group 5: Shareholder Returns and Capital Structure - The company plans to balance shareholder returns with business transformation needs, aiming for a cash dividend of no less than 30% of distributable profits annually [7][8] - The upcoming stock issuance aims to raise up to 2 billion yuan, with 1.6 billion yuan allocated for energy efficiency projects, enhancing the company's financial foundation for sustainable growth [8][9]