Core Viewpoint - The company has successfully completed the issuance of its 2025 public offering of renewable corporate bonds aimed at professional investors, with a total issuance scale of up to 3 billion RMB [1][2]. Group 1: Bond Issuance Details - The company plans to issue the fourth phase of its 2025 renewable corporate bonds, with a maximum issuance scale of 3 billion RMB, which includes two varieties of bonds [1]. - Variety one has a basic term of 3 years, with a repricing cycle of every 3 years, allowing the company to extend the bond term by 3 years or redeem it at the end of each cycle [1]. - Variety two has a basic term of 5 years, with a repricing cycle of every 5 years, also allowing for a 3-year extension or redemption at the end of each cycle [1]. - The company and the lead underwriter have the discretion to decide on the inter-variety allocation based on the subscription situation for the bonds [1]. Group 2: Completion of Issuance - The company completed the issuance of the bonds on August 28, 2025, opting for variety one [2]. - Relevant documents regarding the bond issuance have been announced on the Shanghai Stock Exchange website [2].