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subsidiaries)Tj -13.083 -2.462 Td (\223H Shares\224)Tj 0.037 Tc 0.071 Tw 13.083 0 Td [(the)12 ( )0.5 (overseas)12 ( )0.5 (listed)12 ( )0.5 (foreign)12 ( )0.5 (shares)12 ( )0.5 (of)12 ( )0.5 (RMB)12 (1)12 (.)12 (0)12 (0)12 ( )0.5 (each)12 ( )0.5 (in)12 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.231 Td [(the)12.4 ( share)12.4 ( capital)12.5 ( of)12.5 ( the)12.4 ( Company)12.4 ( which)12.4 ( are)12.5 ( primarily)18 ( )]TJ 0.025 Tc 0.076 Tw 0 -1.231 Td (listed on the Hong Kong Stock Exchange and traded in )Tj 0 Tw 0 -1.231 Td (Hong Kong dollars since May 15, 1997)Tj -13.083 -2.462 Td (\223Hong Kong\224)Tj 0.047 Tc 0.07 Tw 13.083 0 Td [(t)0.5 (h)0.5 (e)13 ( )0.5 (H)0.5 (on)0.5 (g)13 ( )0.5 (K)0.5 (o)0.5 (n)0.5 (g)13 ( S)0.5 (p)0.5 (e)0.5 (c)0.5 (i)0.5 (a)0.5 (l)13 ( A)0.6 (dm)0.5 (i)0.5 (n)0.5 (i)0.5 (s)0.5 (t)0.5 (ra)0.5 (t)0.5 (i)0.5 (v)0.5 (e)13 ( )0.5 (R)0.5 (e)0.5 (gi)0.5 (o)0.5 (n)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (he)22 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (PRC)Tj ET endstreamendobj34 0 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area)12.6 ( planning)12.5 ( and)12.5 ( design,)12.5 ( investment)12.5 ( operation)12.5 ( and)12.5 ( construction,)12.6 ( integrated)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (energy supply and management, retail )Tj -0.025 Tw (chains,)Tj 0 Tw ( catering and other related businesses.)Tj /T1_1 1 Tf 0 -2.462 Td (LISTING RULES IMPLICATIONS)Tj /T1_0 1 Tf 0.04 Tw 0 -2.462 Td (As at the date of this announcement, the Target Company )Tj (is an indirect)Tj ( wholly-owned )Tj 0.069 Tc -0.069 Tw 0 -1.231 Td (subsidiar)Tj 0 Tc 0 Tw (y)Tj 0.069 Tc 0.07 Tw 4.787 0 Td [( of)12.6 ( Communications)12.6 ( Group,)12.7 ( being)12.6 ( the)12.6 ( controlling)12.6 ( shareholder)12.7 ( of)12.7 ( the)44 ( )]TJ 0.047 Tc -4.787 -1.231 Td [(Company.)12.8 ( Therefore,)12.7 ( the)12.8 ( entering)12.8 ( into)12.8 ( of)12.8 ( the)12.7 ( Capital)12.7 ( Injection)12.8 ( Agreement)12.7 ( and)12.8 ( the)22 ( )]TJ 0.069 Tc 0 -1.231 Td [(transaction)12.2 ( contemplated)12.2 ( thereunder)12.2 ( constitutes)12.2 ( a)12.2 ( connected)12.2 ( transaction)12.1 ( of)12.2 ( the)44 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Company under Chapter 14A of the Listing Rules.)Tj 0.044 Tc 0.07 Tw 0 -2.462 Td [(As)12.8 ( the)12.8 ( highest)12.8 ( applicable)12.8 ( percentage)12.9 ( ratio)12.8 ( calculated)12.9 ( pursuant)12.9 ( to)12.8 ( the)12.8 ( Listing)12.8 ( Rules)19.1 ( )]TJ 0.065 Tc 0 -1.231 Td [(in)12.5 ( respect)12.6 ( of)12.6 ( the)12.6 ( Capital)12.6 ( Injection)12.5 ( Agreement)12.6 ( and)12.6 ( the)12.6 ( transaction)12.6 ( contemplated)40 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(t)0.5 (he)0.5 (r)0.5 (e)0.5 (u)0.5 (nd)0.5 (e)0.5 (r)6 ( )0.5 (i)0.5 (s)6 ( )0.5 (m)0.5 (or)0.5 (e)6 ( )0.5 (t)0.5 (h)0.5 (a)0.5 (n)6 ( )0.5 (0)6 (.)6 (1)6 (%)6 ( )0.5 (b)0.5 (ut)6.1 ( )0.5 (le)0.5 (s)0.5 (s)6 ( )0.5 (t)0.5 (h)0.5 (an)6 ( )0.5 (5)6 (%)0.5 (,)6 ( )0.5 (t)0.5 (h)0.5 (e)6 ( )0.5 (C)0.5 (a)0.5 (pi)0.5 (t)0.5 (a)0.5 (l)6 ( )0.5 (In)0.5 (j)0.5 (e)0.5 (c)0.5 (ti)0.5 (o)0.5 (n)6 ( )0.5 (A)0.5 (gr)0.5 (e)0.5 (e)0.5 (m)0.5 (e)0.5 (nt)6 ( )0.5 (a)0.5 (n)0.5 (d)6 ( )]TJ 0.025 Tc 0.02 Tw 0 -1.231 Td (the transaction contemplated thereunder are subject to the reporting and\ announcement )Tj 0.041 Tc 0.07 Tw 0 -1.231 Td [(requirements)12.1 ( but)12.2 ( exempt)12.1 ( from)12.1 ( the)12.2 ( independent)12.2 ( )]TJ 0 Tc 0 Tw (S)Tj 0.041 Tc 0.07 Tw 21.801 0 Td [(hareholders\222)12.1 ( approval)12.2 ( requirement)16 ( )]TJ 0.025 Tc 0 Tw -21.801 -1.231 Td (under Chapter 14A of the Listing Rules.)Tj 0 Tc 0 -2.462 Td (A)Tj 0.023 Tc 0.745 0 Td [(mong the existing Directors, Mr. Yuan Yingjie, Mr. Fan Ye and Mr. Huang \Jianzhang)-2 ( )]TJ 0.032 Tc 0.076 Tw -0.745 -1.231 Td [(are)7 ( )0.5 (deemed)7 ( )0.5 (to)7 ( )0.5 (have)7 ( )0.5 (material)7 ( )0.5 (interests)7 ( )0.5 (in)7 ( )0.5 (the)7 ( )0.5 (Capital)7 ( )0.5 (Injection)7 ( )0.5 (Agreement)7 ( )0.5 (as)7 ( )0.5 (they)7 ( )0.5 (are)7 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(c)0.5 (u)0.5 (r)0.5 (r)0.5 (e)0.5 (n)0.5 (t)0.5 (l)0.5 (y)12 ( )0.5 (a)0.6 (ls)0.6 (o)12 ( )0.5 (e)0.5 (m)0.5 (p)0.5 (l)0.5 (o)0.5 (y)0.5 (e)0.5 (d)12 ( )0.5 (b)0.5 (y)12 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (m)0.5 (u)0.5 (n)0.5 (i)0.5 (c)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)12 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)12 ( )0.5 (a)0.6 (n)0.5 (d)12 ( )0.5 (h)0.5 (a)0.5 (v)0.5 (e)12 ( )0.5 (a)0.5 (b)0.5 (s)0.5 (t)0.5 (a)0.5 (i)0.5 (n)0.5 (e)0.5 (d)12 ( )0.5 (f)0.5 (r)0.6 (o)0.5 (m)11.9 ( )0.6 (v)0.5 (o)0.5 (t)0.5 (i)0.5 (n)0.5 (g)11.9 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(on)5 ( )0.5 (the)5 ( )0.5 (relevant)5 ( )0.5 (Board)5 ( )0.5 (resolution.)5 ( )0.5 (Other)5 ( )0.5 (than)5 ( )0.5 (the)5 ( )0.5 (Directors)5 ( )0.5 (mentioned)5 ( )0.5 (above,)5 ( )0.5 (none)5 ( )0.5 (of)5 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(the)12.3 ( existing)12.3 ( Directors)12.4 ( have)12.3 ( material)12.3 ( interests)12.4 ( in)12.4 ( the)12.4 ( )]TJ -0.04 Tw (transaction)Tj 0.07 Tw 28.053 0 Td [( contemplated)12.4 ( under)15 ( )]TJ 0.026 Tc 0.082 Tw -28.053 -1.231 Td [(the)1 ( )0.5 (Capital)1 ( )0.5 (Injection)1 ( )0.5 (Agreement,)1 ( )0.5 (and)1 ( )0.5 (none)1 ( )0.5 (are)1 ( )0.5 (required)1 ( )0.5 (to)1 ( )0.5 (abstain)1 ( )0.5 (from)1 ( )0.5 (voting)1 ( )0.5 (on)1 ( )0.5 (the)1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (relevant resolution of the Board)Tj 0 Tc (.)Tj ET endstreamendobj33 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 8 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 776.409 Tm (REASONS FOR AND BENEFITS OF THE CAPITAL INJECTION)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw 0 -2.462 Td [(The)12.9 ( )0.5 (Target)12.9 ( Co)0.5 (mpany)12.9 ( is)12.9 ( a)13 ( )]TJ -0.041 Tw (digital)Tj 0.07 Tw 14.504 0 Td [( inte)0.5 (grated)12.9 ( e)0.5 (nergy)12.9 ( ser)0.5 (vice)12.9 ( provi)0.5 (der)12.9 ( that)12.9 ( )0.5 (links)12.9 ( solar)16 ( )]TJ 0.035 Tc 0.073 Tw -14.504 -1.231 Td [(g)0.5 (e)0.6 (n)0.5 (e)0.6 (r)0.5 (a)0.6 (t)0.5 (i)0.6 (o)0.5 (n)0.6 (,)10 ( )0.5 (t)0.5 (h)0.5 (e)10.1 ( )0.5 (g)0.5 (r)0.5 (i)0.6 (d)0.5 (,)10 ( )0.5 (e)0.6 (n)0.5 (e)0.6 (r)0.5 (g)0.6 (y)10 ( )0.5 (s)0.5 (t)0.6 (o)0.5 (r)0.6 (a)0.5 (g)0.5 (e)10.1 ( )0.5 (a)0.5 (n)0.6 (d)10 ( )0.5 (f)0.5 (l)0.6 (e)0.5 (x)0.6 (i)0.5 (b)0.5 (l)0.6 (e)10 ( )0.5 (l)0.5 (o)0.6 (a)0.5 (d)0.6 (s)10 ( )0.5 (i)0.5 (n)0.6 (t)0.5 (o)10 ( )0.5 (o)0.6 (n)0.5 (e)10 ( )0.5 (s)0.6 (m)0.5 (a)0.6 (r)0.5 (t)10 ( )0.5 (e)0.6 (c)0.5 (o)0.6 (s)0.5 (y)0.6 (s)0.5 (t)0.5 (e)0.6 (m)0.5 (.)10 ( )0.5 (I)0.6 (t)0.5 (s)10 ( )]TJ 0.021 Tc 0 Tw 0 -1.231 Td [(s)0.5 (t)0.5 (r)0.5 (at)0.5 (e)0.5 (g)0.5 (y)0.5 ( )0.5 (c)0.5 (en)0.5 (t)0.5 (r)0.5 (e)0.5 (s)0.5 ( )0.5 (on)0.5 ( )0.5 (c)0.5 (o)0.5 (mp)0.5 (r)0.5 (e)0.5 (h)0.5 (e)0.5 (n)0.5 (si)0.5 (v)0.5 (e)0.5 ( )0.5 (e)0.5 (n)0.5 (e)0.5 (rg)0.5 (y)0.5 ( )0.5 (s)0.5 (e)0.5 (r)0.5 (vi)0.5 (c)0.5 (e)0.5 (s)0.5 ( )0.5 (a)0.5 (nd)0.5 ( )0.5 (i)0.5 (n)0.5 (ve)0.5 (s)0.5 (t)0.5 (m)0.5 (e)0.5 (n)0.5 (t )0.5 (i)0.5 (n)0.5 ( n)0.5 (e)0.5 (w)0.5 ( )0.5 (e)0.5 (n)0.5 (e)0.5 (r)0.5 (gy)0.5 ( )0.5 (a)0.5 (s)0.5 (s)0.5 (e)0.5 (ts)0.5 (,)-4 ( )]TJ 0.025 Tc 0.031 Tw 0 -1.231 Td (with a practical focus on )Tj (distributed PV)Tj ( for industrial and residential rooftops, electric )Tj 0.021 Tw 0 -1.231 Td (vehicle charging networks, and storage systems that enhance efficiency a\nd value. The )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(Target)12.8 ( Company)12.8 ( targets)12.8 ( high-value)12.7 ( scenarios)12.8 ( such)12.8 ( as)12.8 ( transport)12.8 ( hubs)12.8 ( and)12.8 ( industrial)19.1 ( )]TJ 0.025 Tc 0.042 Tw 0 -1.231 Td (parks, builds low carbon demonstration projects, and uses long-term serv\ice contracts, )Tj 0.023 Tc 0 Tw 0 -1.231 Td [(energy as a service models and a virtual power plant platform to deliver\ stable, scalable)-2 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.231 Td [(r)0.5 (e)0.6 (t)0.5 (u)0.5 (r)0.5 (n)0.5 (s)0.6 (.)13 ( )0.5 (L)0.5 (o)0.5 (o)0.6 (k)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (a)0.6 (h)0.5 (e)0.5 (a)0.5 (d)0.6 (,)13 ( )0.5 (n)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (a)0.6 (l)13 ( )0.5 (d)0.5 (e)0.6 (c)0.5 (a)0.5 (r)0.5 (b)0.5 (o)0.6 (n)0.5 (i)0.5 (z)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.6 (p)0.5 (o)0.5 (l)0.5 (i)0.5 (c)0.6 (y)0.5 (,)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (r)0.5 (a)0.6 (p)0.5 (i)0.5 (d)13 ( )0.5 (a)0.6 (d)0.5 (o)0.5 (p)0.5 (t)0.5 (i)0.5 (o)0.6 (n)13 ( )0.5 (o)0.5 (f)13 ( )0.6 (n)0.5 (e)0.5 (w)17 ( )]TJ 0.025 Tc 0.026 Tw 0 -1.231 Td (energy vehicles, and the integration of storage with power market reform\ create strong )Tj 0.017 Tw 0 -1.231 Td (tailwinds, while the Target Company mitigates market pricing volatility \by prioritizing )Tj 0.051 Tc 0.07 Tw 0 -1.231 Td [(on)12.9 ( site)12.9 ( consumption,)12.9 ( smart)12.8 ( scheduling)12.9 ( and)12.8 ( \223solar-s)0.5 (torage-charging\224)12.9 ( synergy.)12.9 ( The)26 ( )]TJ 0.059 Tc 0 -1.231 Td [(Capital)12.7 ( Injection)12.6 ( is)12.7 ( tightly)12.6 ( aligned)12.6 ( with)12.6 ( national)12.6 ( strategy)12.7 ( and)12.6 ( directly)12.7 ( cultivates)34 ( )]TJ 0.044 Tc 0 -1.231 Td [(new)12.2 ( green)12.2 ( growth)12.2 ( drivers)12.2 ( by)12.2 ( embedding)12.2 ( clean)12.2 ( energy)12.2 ( solutions)12.2 ( into)12.2 ( transportation)19 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(scenarios,)2 ( )0.5 (thereby)2 ( )0.5 (accelerating)2 ( )0.5 (the)2 ( )0.5 (green,)2 ( )0.5 (low)2 ( )0.5 (carbon)2 ( )0.5 (transformation)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (Company)2 ( )]TJ 0.052 Tc 0.07 Tw 0 -1.231 Td [(and)12.3 ( enhancing)12.3 ( its)12.3 ( ESG)12.3 ( profile)12.3 ( and)12.3 ( policy)12.3 ( resonance.)12.3 ( Backed)12.3 ( by)12.4 ( Communications)27 ( )]TJ 0.05 Tc 0 -1.231 Td [(Group,)12.4 ( with)12.5 ( a)12.5 ( proven)12.4 ( project)12.4 ( pipeline,)12.5 ( scenario)12.5 ( resources)12.5 ( in)12.4 ( transportation,)12.5 ( and)12.4 ( a)25 ( )]TJ 0.041 Tc 0 -1.231 Td [(balanced)12.2 ( mix)12.2 ( of)12.2 ( self-owned)12.2 ( and)12.2 ( partnership)12.2 ( models,)12.2 ( the)12.3 ( Target)12.2 ( Company)12.2 ( has)12.2 ( clear)16 ( )]TJ 0.045 Tc 0 -1.231 Td [(growth)12.6 ( visibility,)12.7 ( resilient)12.6 ( cash)12.6 ( flow)12.7 ( characteristics)12.6 ( and)12.7 ( competitive)12.6 ( advantages)12.7 ( in)20 ( )]TJ 0.025 Tc 0.054 Tw 0 -1.231 Td (execution, digital operations and risk control. With the Capital Injecti\on, the Group is )Tj 0.031 Tw 0 -1.231 Td (also expected to empower its capital market strategy by exploring green \energy assets, )Tj 0 Tw 0 -1.231 Td (growth visibility and investor recognition.)Tj 0.062 Tw 0 -2.462 Td (Entering into the Capital Injection Agreement would allow the Group with\ immediate )Tj 0.045 Tc 0.07 Tw 0 -1.231 Td [(access)12.2 ( and)12.2 ( rapid)12.2 ( deployment)12.2 ( across)12.2 ( the)12.2 ( high)12.1 ( growth)12.1 ( green)12.1 ( energy)12.2 ( sector.)12.2 ( It)12.1 ( would)20 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(also)2 ( )0.5 (diversify)2 ( )0.5 (the)2 ( Group\222s)2 ( )0.5 (earnings)2 ( )0.5 (with)2 ( )0.5 (resilient)2 ( )0.5 (cash)2 ( )0.5 (inflows)2 ( )0.5 (and)2 ( )0.5 (create)2 ( )0.5 (operational)2 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.231 Td (synergies with existing )Tj -0.025 Tw (transportation)Tj 0.013 Tw ( assets, enhancing long-term value creation. Thus )Tj 0.049 Tc 0.07 Tw 0 -1.231 Td [(the)12.9 ( Directors)12.9 ( \(including)12.9 ( the)12.8 ( independent)12.8 ( non-executive)12.8 ( Directors\))12.9 ( are)12.9 ( of)12.9 ( the)12.9 ( view)24 ( )]TJ 0.041 Tc 0 -1.231 Td [(th)0.5 (at)12.9 ( )0.5 (the)13 ( te)0.5 (rms)13 ( of)13 ( th)0.5 (e)12.9 ( C)0.5 (api)0.5 (tal)13 ( In)0.5 (jec)0.5 (tio)0.5 (n)12.9 ( A)0.5 (gre)0.5 (eme)0.5 (nt)12.9 ( )0.5 (are)13 ( o)0.5 (n)12.9 ( no)0.5 (rma)0.5 (l)12.9 ( c)0.5 (omm)0.5 (erc)0.5 (ia)0.5 (l)12.9 ( te)0.5 (rms)0.5 (,)16 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.231 Td (not entered in the ordinary and usual course of business of the Group bu\t are fair and )Tj 0 Tw 0 -1.231 Td (reasonable and in the interests of the Company and the Shareholders as a\ whole.)Tj ET endstreamendobj31 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 7 \226)Tj 0.063 Tw 13 0 0 13 56.6929 776.0055 Tm [(\225 )-1467.5 (The interest-bearing debts refers to debts with interest payable on acco\unt of the )]TJ 0 Tw 2.181 -1.231 Td (Target Company as at the Valuation )Tj -0.025 Tw (Benchmark)Tj 0 Tw ( Date.)Tj 0.051 Tc 0.07 Tw -2.181 -2.462 Td [(As)12.7 ( of)12.7 ( the)12.7 ( Valuation)12.7 ( )]TJ -0.051 Tw (Benchmark)Tj 0.07 Tw 14.41 0 Td [( Date,)12.7 ( under)12.7 ( the)12.7 ( stated)12.7 ( assumptions)12.7 ( and)12.7 ( using)12.7 ( the)26 ( )]TJ 0.024 Tc 0 Tw -14.41 -1.231 Td [(income approach with WACC in the range of 6.01%\2266.55% and a cost of e\quity capital)-1 ( )]TJ 0.025 Tc 0.059 Tw 0 -1.231 Td (in the range of 11.71%\22612.21%, the indicated market value of the Targ\et Company is )Tj -0.025 Tw 0 -1.231 Td (RMB1,580,000,000.)Tj /T1_1 1 Tf 0 Tw 0 -2.462 Td (INFORMATION ON THE TARGET COMPANY)Tj /T1_0 1 Tf 0.024 Tc 0 -2.462 Td [(As at the date of this announcement, the Target Company is a wholly-owne\d subsidiary)-1 ( )]TJ 0.066 Tc -0.066 Tw 0 -1.231 Td [(o)-12.8 (f )]TJ 0.079 Tc 0.07 Tw 1.377 0 Td [(Commercial)12.7 ( Group)]TJ 9.055 0 Td [( and)12.7 ( is)12.7 ( principally)12.6 ( engaged)12.7 ( in)12.7 ( digital)12.7 ( integrated)12.7 ( energy)54 ( )]TJ 0.055 Tc -10.432 -1.231 Td [(management)12.3 ( and)12.3 ( investment)12.3 ( and)12.3 ( operation)12.3 ( of)12.3 ( new-energy)12.3 ( assets,)12.3 ( distributed)12.3 ( PV,)30 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.231 Td (energy storage and EV charging. The Target Company was established by )Tj -0.025 Tw (Commercial )Tj 0 -1.231 Td (Group)Tj 0.021 Tw ( on )Tj (March 17, 2)Tj (016, there was no original acquisition cost. As at the date of this )Tj 0 Tw 0 -1.231 Td (announcement, the registered capital of the Target Company is RMB600,000\,000.)Tj 0.028 Tc 0.08 Tw 0 -2.462 Td [(The)3 ( )0.5 (following)3 ( )0.5 (are)3.1 ( )0.5 (the)3 ( )0.6 (financial)3 ( )0.5 (information)3.1 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.6 (Target)3 ( )0.5 (Group)3 ( )0.5 (based)3 ( )0.5 (on)3 ( )0.5 (its)3 ( )0.5 (audited)3 ( )]TJ 0.051 Tc 0.07 Tw 0 -1.231 Td [(consolidated)12 ( financial)12.1 ( statements)12.1 ( prepared)12.1 ( in)12.1 ( accordance)12.1 ( with)12.1 ( generally)12.1 ( accepted)26 ( )]TJ 0.048 Tc 0 -1.231 Td [(accounting)12.8 ( principles)12.9 ( of)12.9 ( the)12.9 ( PRC)12.9 ( for)12.9 ( the)12.9 ( two)12.8 ( years)12.9 ( ended)12.9 ( December)12.9 ( 3)12.8 (1)12.9 (,)12.9 ( 2)12.8 (0)12.9 (2)12.9 (3)12.8 ( and)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (2024, and for the six months ended June 30, 2025 respectively)Tj 0 Tc (:)Tj /T1_1 1 Tf 0.025 Tc 11.7 0 0 13 277.3257 424.0055 Tm (For year ended )Tj 0.718 -1.231 Td (December 31, )Tj -0.025 Tw 4.031 -1.231 Td (2023)Tj 0 Tw 3.004 2.462 Td (For year ended )Tj 0.718 -1.231 Td (December 31, )Tj -0.025 Tw 4.031 -1.231 Td (2024)Tj 0 Tw 3.114 2.462 Td (For six months)Tj 0.027 -1.231 Td (ended June 30, )Tj -0.025 Tw 4.612 -1.231 Td (2025)Tj /T1_0 1 Tf 11.7 0 3.4833 13 306.6215 376.0055 Tm (RMB\222000)Tj 7.753 0 Td (RMB\222000)Tj 7.753 0 Td (RMB\222000)Tj -14.743 -1.231 Td (\(audited\))Tj 7.753 0 Td (\(audited\))Tj 7.753 0 Td (\(audited\))Tj 0 Tw 11.7 0 0 13 56.6929 328.0055 Tm (Net profit before taxation)Tj -0.025 Tw 22.806 0 Td (51,485)Tj 7.228 0 Td (103,044)Tj 8.278 0 Td (81,380)Tj 0 Tw -38.312 -1.231 Td (Net profit after taxation)Tj -0.025 Tw 22.806 0 Td (49,350)Tj 7.228 0 Td (101,103)Tj 8.278 0 Td (73,747)Tj 0 Tw 13 0 0 13 56.693 281.6565 Tm (The total assets and net assets of the Target Company based on its audit\ed consolidated )Tj 0.047 Tc 0.07 Tw 0 -1.231 Td [(accounts)12.7 ( as)12.8 ( at)12.7 ( June)12.8 ( 3)12.7 (0)12.7 (,)12.7 ( 2)12.7 (0)12.7 (2)12.7 (5)12.7 ( )]TJ -0.047 Tw (were)Tj 0.07 Tw 15.394 0 Td [( approximately)12.7 ( RMB)12.7 (3)12.7 (,)12.7 (4)12.8 (9)12.7 (8)12.7 ( million)12.7 ( and)12.7 ( RMB)12.7 (8)12.7 (7)12.8 (7)22 ( )]TJ 0.068 Tc -15.394 -1.231 Td [(million)12.1 ( respectively.)12.2 ( Upon)12.2 ( completion)12.2 ( of)12.2 ( the)12.2 ( Capital)12.2 ( Injection)12.2 ( Agreement,)12.2 ( the)43 ( )]TJ 0.038 Tc 0 -1.231 Td [(Company)12.8 ( will)12.8 ( hold)12.8 ( )]TJ 0.025 Tc -0.025 Tw (11.6733)Tj 0.038 Tc 0.07 Tw [(%)12.8 ( equity)12.8 ( interest)12.9 ( in)12.8 ( the)12.8 ( Target)12.8 ( Company)12.8 ( which)12.8 ( will)12.9 ( not)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (become a subsidiary of the Company.)Tj ET endstreamendobj18 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 6 \226)Tj 0.064 Tw 13 0 0 13 113.3858 776.3179 Tm (FCF = after-tax profit + depreciation and amortization + after-tax inter\est \226 )Tj 0 Tw 0 -1.231 Td (capital expenditures \226 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(rent)9 ( )0.5 (is)9 ( )0.5 (projected)9 ( )0.5 (based)9 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.231 Td [(on)12.3 ( current)12.3 ( lease)12.4 ( terms)12.4 ( and)12.3 ( planned)12.3 ( capacity)12.3 ( additions;)12.4 ( and)12.4 ( O&M)12.3 ( is)12.3 ( projected)12.4 ( using)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (historical cost ratios.)Tj /T1_1 1 Tf 0 -2.462 Td (Valuation Method)Tj /T1_0 1 Tf 0.033 Tc 0.075 Tw 0 -2.462 Td [(The)8 ( )0.5 (income)8 ( )0.5 (approach)8 ( )0.5 (refers)8 ( )0.5 (to)8 ( )0.5 (the)8 ( )0.5 (appraisal)8 ( )0.5 (method)8.1 ( that)8.1 ( )0.5 (capitalises)8 ( )0.5 (or)8 ( )0.5 (discounts)8 ( )0.5 (the)8 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(expected)6 ( )0.5 (income)6.1 ( )0.5 (of)6 ( )0.5 (the)6 ( )0.5 (valuation)6 ( )0.5 (target)6 ( )0.5 (to)6 ( )0.5 (determine)6 ( )0.6 (its)6 ( )0.5 (value.)6 ( )0.5 (The)6 ( )0.5 (market)6.1 ( )0.5 (approach)6 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(refers)12.5 ( to)12.5 ( the)12.5 ( appraisal)12.4 ( method)12.5 ( that)12.4 ( determines)12.5 ( the)12.4 ( value)12.5 ( of)12.5 ( the)12.5 ( valuation)12.4 ( target)12.4 ( by)22 ( )]TJ 0.058 Tc 0 -1.231 Td [(comparing)12.4 ( the)12.4 ( valuation)12.3 ( target)12.3 ( with)12.4 ( comparable)12.3 ( listed)12.3 ( companies)12.4 ( or)12.4 ( comparable)33 ( )]TJ 0.065 Tc 0 -1.231 Td [(transaction)12.4 ( cases.)12.3 ( The)12.3 ( asset-based)12.3 ( approach)12.3 ( refers)12.3 ( to)12.3 ( the)12.3 ( appraisal)12.3 ( method)12.3 ( that)40 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.231 Td (assesses the value of various on-sheet and identifiable off-sheet assets\ and liabilities to )Tj 0.042 Tw 0 -1.231 Td (determine the value of the valuation target based on the balance sheet o\f the valuation )Tj 0 Tw 0 -1.231 Td (target as at the valuation date.)Tj 0.067 Tc 0.07 Tw 0 -2.462 Td [(For)13 ( sol)0.5 (ar)12.9 ( a)0.5 (sset)0.5 (s,)12.9 ( )0.5 (much)12.9 ( )0.5 (of)12.9 ( th)0.5 (e)12.9 ( va)0.5 (lue)12.9 ( )0.5 (come)0.5 (s)12.9 ( fr)0.5 (om)12.9 ( t)0.5 (he)12.9 ( c)0.5 (ombin)0.5 (ation)13 ( of)12.9 ( )0.5 (equip)0.5 (ment)0.5 (,)41.9 ( )]TJ 0.025 Tc 0.004 Tw 0 -1.231 Td (resource quality, operations, and long-term power purchase contracts whi\le asset-based )Tj 0.027 Tc 0.081 Tw 0 -1.231 Td [(approach)2 ( )0.5 (only)2 ( )0.5 (focus)]TJ -0.027 Tw (es)Tj 0.081 Tw 9.671 0 Td [( )0.5 (on)2 ( )0.5 (the)2 ( )0.5 (on-sheet)2 ( )0.5 (and)2 ( )0.5 (identifiable)2 ( )0.5 (off-sheet)2 ( )0.5 (assets)2 ( )0.5 (and)2 ( )0.5 (liabilities)2 ( )]TJ -9.671 -1.231 Td [(and)2 ( )0.5 (would)2 ( )0.5 (miss)2 ( )0.5 (important)1.9 ( )0.5 (factors)2 ( )0.5 (including)2 ( )0.5 (operations)2 ( of)2 ( )0.5 (the)2.1 ( business.)2 ( )0.5 (Thus)2 ( )0.5 (it)2 ( )0.5 (is)2 ( )0.5 (not)2 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(applicable)5 ( )0.5 (for)5 ( )0.5 (the)5 ( )0.5 (Valuation.)5 ( )0.5 (For)5 ( )0.5 (market)5 ( )0.5 (approach,)5 ( )0.5 (although)5 ( )0.5 (the)5 ( )0.5 (selected)5 ( )0.5 (comparable)5 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.231 Td (companies are generally comparable to the Target Company, there remain d\ifferences )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(i)0.5 (n)13 ( )0.6 (s)0.5 (c)0.5 (a)0.5 (l)0.6 (e)0.5 (,)13 ( )0.5 (g)0.5 (r)0.6 (o)0.5 (w)0.5 (t)0.5 (h)13 ( )0.6 (p)0.5 (r)0.5 (o)0.5 (s)0.5 (p)0.6 (e)0.5 (c)0.5 (t)0.5 (s)0.6 (,)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.6 (o)0.5 (p)0.5 (e)0.5 (r)0.6 (a)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.6 (r)0.5 (i)0.5 (s)0.5 (k)0.5 (.)13 ( )0.6 (T)0.5 (h)0.5 (e)13 ( )0.6 (v)0.5 (a)0.5 (l)0.5 (u)0.5 (e)0.6 (r)13 ( )0.5 (m)0.5 (a)0.6 (d)0.5 (e)13 ( )0.5 (a)0.6 (d)0.5 (j)0.5 (u)0.5 (s)0.5 (t)0.6 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (s)13 ( )0.6 (t)0.5 (o)13 ( )0.5 (t)0.5 (h)0.5 (e)19.1 ( )]TJ 0.043 Tc 0 -1.231 Td [(value)12.5 ( multiples)12.5 ( to)12.4 ( address)12.5 ( these)12.4 ( differences;)12.5 ( however,)12.5 ( the)12.5 ( information)12.5 ( available)12.5 ( to)18 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(measure)5 ( )0.5 (and)5 ( )0.5 (evidence)5 ( )0.5 (these)5 ( )0.5 (differences)5 ( )0.5 (was)5 ( )0.5 (insufficient,)5 ( )0.5 (resulting)5 ( )0.5 (in)5 ( )0.5 (limited)5 ( )0.5 (support)5 ( )]TJ 0.064 Tc 0.07 Tw 0 -1.231 Td [(for)12.7 ( the)12.8 ( adjustments)12.8 ( and)12.8 ( thereby)12.7 ( reducing)12.8 ( the)12.8 ( reliability)12.8 ( of)12.7 ( the)12.8 ( market)12.7 ( approach)39 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (indications.)Tj 0.067 Tw 0 -2.462 Td (As a result, the income approach provides a more objective and reasonabl\e indication )Tj 0.069 Tc 0.07 Tw 0 -1.231 Td [(o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (s)0.5 (h)0.5 (a)0.5 (r)0.5 (e)0.5 (h)0.5 (ol)0.5 (d)0.5 (e)0.5 (r)13 ( )0.5 (e)0.5 (q)0.5 (u)0.5 (i)0.5 (t)0.5 (y)13 ( )0.5 (v)0.5 (a)0.5 (l)0.5 (ue)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (T)0.5 (a)0.5 (r)0.5 (g)0.5 (e)0.5 (t)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y.)13 ( )0.5 (T)0.5 (h)0.5 (e)0.5 (r)0.5 (e)0.5 (f)0.5 (o)0.5 (r)0.5 (e)0.5 (,)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (o)0.5 (me)44.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (approach result is adopted as the final valuation conclusion.)Tj /T1_1 1 Tf 0 -2.462 Td (The Income Approach and Key Inputs)Tj /T1_0 1 Tf 0.023 Tw 0 -2.462 Td (The cash flow discount method \(the \223)Tj /T1_1 1 Tf -0.025 Tw (DCF)Tj /T1_0 1 Tf 0.023 Tw (\224\) under the income approach is adopted for )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(the)12.9 ( Valuation.)12.9 ( The)12.9 ( overall)12.9 ( value)12.9 ( of)12.9 ( the)12.8 ( enterprise)12.9 ( consists)12.9 ( of)12.9 ( the)12.9 ( value)12.9 ( of)12.9 ( operating)13 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(assets)8 ( )0.5 (arising)8 ( )0.5 (from)8 ( )0.6 (normal)8 ( )0.5 (operating)8 ( )0.5 (activities)8 ( )0.5 (and)8 ( )0.5 (the)8.1 ( )0.5 (value)8 ( )0.5 (of)8.1 ( )0.5 (non-operating)8 ( )0.5 (assets)8 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(unrelated)12.8 ( to)12.8 ( normal)12.8 ( operating)12.8 ( activities.)12.8 ( The)12.9 ( enterprise)12.9 ( free)12.8 ( cash)12.8 ( flow)12.9 ( \(the)12.9 ( \223)]TJ /T1_1 1 Tf -0.041 Tw (FCF)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw [(\224)-15.7 (\) )]TJ 0.024 Tw 0 -1.231 Td (discount model is adopted to determine the value of operating assets, th\us, the value is )Tj 0.05 Tw 0 -1.231 Td (calculated based on the FCF for several years in the future, discounting\ at appropriate )Tj 0 Tw 0 -1.231 Td (discounting rate and adding the sum.)Tj 0 -2.462 Td (The calculation model is as follows:)Tj ET endstreamendobj76 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 3 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 776.409 Tm (Basis of Consideration)Tj /T1_0 1 Tf 0.07 Tw 0 -2.462 Td (The consideration of RMB)Tj -0.025 Tw (225,999,968.04)Tj 0.07 Tw ( for acquisition of )Tj -0.025 Tw (11.6733)Tj 0.07 Tw (% equity interest )Tj 0.044 Tc 0 -1.231 Td [(of)12.6 ( the)12.7 ( Target)12.6 ( Company)12.6 ( was)12.7 ( determined)12.6 ( by)12.7 ( the)12.7 ( Company)]TJ 0 Tc 0 Tw (,)Tj 0.044 Tc 0.07 Tw 25.696 0 Td [( the)12.7 ( Target)12.7 ( Company)12.7 ( and)19 ( )]TJ 0.036 Tc 0.072 Tw -25.696 -1.231 Td [(Commercial)11 ( )0.5 (Group)]TJ 8.376 0 Td [( )0.5 (with)11 ( )0.5 (reference)11 ( )0.5 (to)11 ( )0.5 (\(i\))11 ( )0.5 (the)11 ( )0.5 (appraised)11 ( )0.5 (value)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (Target)11 ( )0.5 (Company)11 ( )]TJ 0.042 Tc 0.082 Tw -8.376 -1.231 Td [(b)-12 (e)-12 (i)-11.9 (n)-12 (g)0.5 ( R)-12 (M)-12 (B)0.5 (1)0.6 (,)0.5 (5)0.5 (8)0.5 (0)0.5 (,)0.5 (0)0.5 (0)0.5 (0)0.6 (,)0.5 (0)0.5 (0)0.5 (0)0.5 ( a)-12 (s)0.6 ( a)-12 (t)0.5 ( J)-12 (u)-12 (n)-11.9 (e)0.5 ( 3)0.5 (0)0.5 (,)0.5 ( 2)0.5 (0)0.5 (2)0.5 (5)0.5 ( \()-12 (b)-12 (e)-11.9 (i)-12 (n)-12 (g)0.5 ( t)-12 (h)-12 (e)0.6 ( \223)]TJ /T1_1 1 Tf 0.054 Tc -0.054 Tw 26.566 0 Td [(Valuation)12.5 ( )]TJ 5.07 0 Td (Benchmark)Tj 0 Tc 0 Tw 5.457 0 Td ( )Tj 0.039 Tc -0.039 Tw -37.093 -1.231 Td (Date)Tj /T1_0 1 Tf 0.07 Tw [(\224\))12.4 ( before)12.5 ( any)12.4 ( capital)12.4 ( injection,)12.4 ( as)12.4 ( valued)12.4 ( \(the)12.5 ( \223)]TJ /T1_1 1 Tf -0.039 Tw (Valuation)Tj /T1_0 1 Tf 0.07 Tw [(\224\))12.4 ( by)12.4 ( an)12.4 ( independent)14.1 ( )]TJ 0.038 Tc 0 -1.231 Td [(v)0.5 (a)0.5 (l)0.5 (u)0.5 (e)0.5 (r)0.5 (,)13 ( )0.5 (B)0.5 (e)0.5 (i)0.5 (j)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (H)0.5 (u)0.5 (a)0.5 (y)0.5 (a)13 ( )0.5 (Z)0.5 (h)0.5 (e)0.5 (n)0.5 (g)0.5 (x)0.5 (i)0.5 (n)13 ( )0.5 (A)0.5 (s)0.5 (s)0.5 (e)0.5 (t)13 ( )0.5 (A)0.5 (p)0.5 (p)0.5 (r)0.5 (a)0.5 (i)0.5 (s)0.5 (a)0.5 (l)13 ( )0.5 (C)0.5 (o)0.5 (.)0.5 (,)13 ( )0.5 (L)0.5 (t)0.5 (d)0.5 (.)0.5 (*)13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.271 Tc -0.271 Tw 27.171 0 Td <030F052F0D36052D034D06A60F1F0B2A>Tj 0.225 Tc -0.225 Tw -27.171 -1.231 Td <0D59041F03DE082202AE0321>Tj /T1_0 1 Tf 0.025 Tc 0.079 Tw 7.275 0 Td [(\), using the income approach; )0.5 (\(ii\) )]TJ 14.927 0 Td [(with the Target )0.5 (Company )0.5 (publicly )]TJ 0.042 Tc 0.07 Tw -22.202 -1.231 Td [(listed)12.5 ( its)12.5 ( capital)12.5 ( injection)12.4 ( project)12.4 ( on)12.4 ( the)12.4 ( ZPSE,)12.4 ( approximately)12.5 ( RMB)12.5 (3)12.4 (5)12.5 (5)12.4 (,)12.4 (9)12.5 (9)12.4 (9)12.5 (,)12.4 (9)12.4 (6)12.5 (5)12.4 (.)12.5 (8)12.4 (4)17 ( )]TJ 0.025 Tc 0.034 Tw 0 -1.231 Td (\(including RMB225,999,968.04 to be injected by the Company pursuant to \the Capital )Tj 0.056 Tc 0.07 Tw 0 -1.231 Td [(Injection)12.2 ( Agreement\))12.3 ( to)12.2 ( be)12.3 ( injected)12.3 ( by)12.3 ( new)12.3 ( investors)12.3 ( who)12.2 ( have)12.3 ( won)12.3 ( the)12.3 ( bidding)31 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(during)11 ( )0.5 (the)11 ( )0.5 (public)11.1 ( bidding)11 ( )0.5 (process)11 ( )0.5 (\(except)11 ( )0.5 (for)11 ( )0.5 (the)11 ( )0.5 (Company,)11 ( )0.5 (other)11 ( )0.5 (new)11 ( )0.5 (investors)11 ( )0.5 (are)11.1 ( )]TJ 0.025 Tc 0.029 Tw 0 -1.231 Td (independent of the Group\))Tj (; and \(iii\) the benefits as further explained in the paragraphs )Tj 0 Tw 0 -1.231 Td (headed \223REASONS FOR AND BENEFITS OF THE CAPITAL INJECTION\224 below.)Tj /T1_1 1 Tf 0 -2.462 Td (THE VALUATION REPORT)Tj 0 -2.462 Td (The Key Valuation Assumptions)Tj /T1_0 1 Tf 0.046 Tc 0.07 Tw 0 -2.462 Td [(The)12.7 ( valuation)12.7 ( was)12.8 ( based)12.7 ( on)12.8 ( certain)12.7 ( key)12.8 ( major)12.7 ( assumptions)12.8 ( summarized)12.7 ( as)12.8 ( follow:)21 ( )]TJ 0.051 Tc 0 -1.231 Td [(\(i\))12.3 ( the)12.3 ( Target)12.3 ( Company)12.3 ( will)12.3 ( continue)12.3 ( operating)12.3 ( and)12.3 ( any)12.3 ( sale)12.4 ( happens)12.3 ( in)12.3 ( an)12.3 ( open,)25.9 ( )]TJ 0.042 Tc 0 -1.231 Td [(competitive)12.7 ( market)12.7 ( between)12.7 ( willing,)12.8 ( informed)12.7 ( parties;)12.7 ( \(ii\))12.7 ( no)12.7 ( major)12.8 ( changes)12.7 ( in)12.7 ( the)17 ( )]TJ 0.04 Tc 0 -1.231 Td [(mac)0.5 (roeconom)0.5 (y,)12.9 ( industr)0.5 (y)12.9 ( policie)0.5 (s,)12.9 ( or)12.9 ( t)0.5 (ax)12.9 ( rules)13 ( afte)0.5 (r)12.9 ( the)12.9 ( V)0.5 (aluatio)0.5 (n)12.9 ( )]TJ -0.04 Tw [(Benchma)0.5 (rk)]TJ 0.07 Tw 34.385 0 Td [( Da)0.5 (te;)15 ( )]TJ 0.057 Tc -34.385 -1.231 Td [(\(iii\))12.5 ( management)12.6 ( remains)12.6 ( stable)12.6 ( and)12.6 ( compliant;)12.6 ( \(iv\))12.6 ( the)12.6 ( information)12.5 ( provided)12.5 ( to)32 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(the)12.1 ( )0.5 (valuer)12 ( )0.5 (is)12.1 ( true,)12 ( )0.5 (complete,)12 ( )0.5 (and)12 ( )0.5 (lawful;)12 ( )0.5 (\(v\))12 ( )0.5 (no)12 ( )0.5 (force)12 ( )0.5 (majeure)12 ( )0.5 (events)12 ( )0.5 (occur)12.1 ( )0.5 (after)12 ( )0.5 (the)12.1 ( )]TJ 0.043 Tc -0.043 Tw 0 -1.231 Td [(Valuation)12.3 ( )]TJ 4.684 0 Td (Benchmark)Tj 0.07 Tw 4.986 0 Td [( Date;)12.3 ( \(vi\))12.3 ( accounting)12.3 ( policies)12.3 ( and)12.2 ( the)12.3 ( business)12.3 ( model)12.3 ( of)12.3 ( the)18 ( )]TJ 0.031 Tc 0.077 Tw -9.67 -1.231 Td [(T)0.5 (a)0.5 (r)0.5 (g)0.5 (e)0.5 (t)6.1 ( C)0.5 (o)0.6 (mp)0.6 (a)0.5 (n)0.5 (y)6 ( )0.5 (s)0.5 (t)0.5 (a)0.5 (y)6 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (s)0.5 (i)0.5 (s)0.5 (t)0.6 (e)0.5 (n)0.5 (t)6 ( )0.5 (a)0.5 (f)0.5 (t)0.5 (e)0.5 (r)6 ( )0.5 (t)0.5 (h)0.5 (e)6 ( )0.6 (V)0.5 (a)0.5 (l)0.5 (u)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)6 ( )]TJ -0.031 Tw 22.914 0 Td [(B)0.5 (e)0.5 (n)0.5 (c)0.5 (h)0.5 (m)0.5 (a)0.6 (r)0.5 (k)]TJ 0.077 Tw 4.879 0 Td [( )0.5 (D)0.5 (a)0.5 (t)0.5 (e)0.6 (;)5.9 ( )0.6 (\()0.5 (v)0.5 (i)0.5 (i)0.5 (\))6 ( )0.5 (o)0.5 (p)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (n)0.5 (g)6 ( )]TJ 0.025 Tc 0.01 Tw -27.793 -1.231 Td [(scope and efficiency )0.5 (of the Target Company are broadly unchanged after )0.5 (the Valuation )]TJ 0.048 Tc -0.048 Tw 0 -1.231 Td (Benchmark)Tj 0.07 Tw 5.029 0 Td [( Date;)12.6 ( \(viii\))12.6 ( the)12.6 ( Target)12.6 ( Company)12.5 ( has)12.5 ( recorded)12.5 ( annual)12.5 ( net)12.6 ( cash)12.5 ( inflows)23 ( )]TJ 0.034 Tc 0.074 Tw -5.029 -1.231 Td [(evenly)9 ( )0.5 (during)9 ( )0.5 (each)9 ( )0.5 (year)9.1 ( )0.5 (after)9.1 ( )0.5 (the)9 ( )0.5 (Valuation)8.9 ( )]TJ -0.034 Tw 19.514 0 Td (Benchmark)Tj 0.074 Tw 4.904 0 Td [( )0.5 (Date;)9 ( )0.5 (\(ix\))9 ( )0.5 (data)9 ( )0.5 (relied)9 ( )0.5 (by)9 ( )0.5 (the)9 ( )]TJ 0.025 Tc 0 Tw -24.418 -1.231 Td (valuer are reliable; and \(x\) leases for solar projects can be renewed \at expiry.)Tj 0.058 Tw 0 -2.462 Td (Further to the major assumptions set out above, certain additional assum\ptions are set )Tj 0.022 Tw 0 -1.231 Td (out below: \(i\) the explicit forecast period runs from July 2025 to Dec\ember 2030, with )Tj 0.061 Tw 0 -1.231 Td (a perpetual period thereafter; \(ii\) during the forecast period, revenu\e is assumed to be )Tj 0.023 Tc 0 Tw 0 -1.231 Td (driven primarily by the photovoltaic \(the \223)Tj /T1_1 1 Tf -0.023 Tw (PV)Tj /T1_0 1 Tf 0 Tw [(\224\) and electric vehicle charging segments,)-2 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(together)12.7 ( contributing)12.7 ( over)12.7 ( 8)12.7 (0)12.7 (%)12.6 ( of)12.7 ( total)12.7 ( revenue.)12.7 ( PV)12.7 ( generation)12.7 ( is)12.7 ( projected)12.6 ( based)22 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(on)5 ( )0.5 (planned)5 ( )0.5 (installed)5 ( )0.5 (capacity)5.1 ( )0.5 (and)5 ( )0.5 (historical)5 ( )0.5 (specific)5 ( )0.5 (yields,)5 ( )0.5 (with)5 ( )0.5 (annual)5 ( )0.5 (performance)5 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(degradation reflected in the model. Pricing for existing PV projects fol\lows the average)-1 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.231 Td [(realized)12.8 ( tariff)12.8 ( in)12.9 ( the)12.9 ( first)12.8 ( half)12.8 ( of)12.9 ( 2)12.8 (0)12.8 (2)12.9 (5)12.8 (,)12.8 ( while)12.8 ( new)12.9 ( projects)12.8 ( are)12.8 ( priced)12.8 ( at)12.9 ( Zhejiang\222s)18 ( )]TJ 0.046 Tc 0 -1.231 Td [(o)0.5 (n)13 ( )0.5 (g)0.5 (ri)0.5 (d)13 ( )0.5 (b)0.5 (e)0.5 (n)0.5 (c)0.5 (h)0.5 (m)0.5 (a)0.5 (r)0.5 (k)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (RM)0.5 (B)13 (0)13 (.)13 (3)13 (7)13 (/)0.5 (k)0.5 (W)0.5 (h)0.5 (.)12.9 ( )0.5 (U)0.5 (n)0.5 (d)0.5 (e)0.5 (r)13 ( )0.5 (t)0.5 (h)0.5 (e)0.5 (s)0.5 (e)13 ( )0.5 (i)0.5 (n)0.5 (p)0.5 (ut)0.5 (s)0.5 (,)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (a)0.5 (v)0.5 (e)0.5 (r)0.5 (a)0.5 (g)0.5 (e)13 ( )0.5 (s)0.5 (a)0.5 (l)0.5 (e)0.5 (s)13 ( )0.5 (pr)0.5 (i)0.5 (c)0.5 (e)0.5 (s)21 ( )]TJ 0.044 Tc 0 -1.231 Td [(are)12.7 ( assumed)12.6 ( to)12.6 ( be)12.6 ( RMB)12.6 (0)12.6 (.)12.7 (4)12.6 (3)12.6 (/kWh)12.7 ( for)12.6 ( distributed)12.6 ( PV)12.6 ( in)12.6 ( 2)12.6 (0)12.6 (2)12.6 (6)12.6 (\226)12.6 (2)12.6 (0)12.7 (2)12.6 (7)12.6 (,)12.6 ( RMB)12.6 (0)12.6 (.)12.6 (4)12.6 (2)12.6 (/kWh)19 ( )]TJ 0.043 Tc 0.082 Tw 0 -1.231 Td [(i)-12.5 (n 2028\2262029, a)-12.4 (n)-12.5 (d R)-12.5 (M)-12.4 (B0.41/)-12.4 (k)-12.5 (W)-12.5 (h i)-12.5 (n 2030 a)-12.5 (n)-12.5 (d t)-12.5 (h)-12.4 (e)-12.5 (r)-12.5 (e)-12.4 (a)-12.5 (f)-12.4 (t)-12.5 (e)-12.4 (r)-12.5 (, a)-12.5 (n)-12.5 (d R)-12.5 (M)-12.4 (B0.36/)-12.5 (k)-12.5 (W)-12.4 (h f)-12.4 (o)-12.5 (r)18 ( )]TJ 0.025 Tc 0.05 Tw 0 -1.231 Td (residential PV. EV charging volumes are tied to the growth of the new en\ergy vehicle )Tj ET endstreamendobj75 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 2 \226)Tj /T1_1 1 Tf -0.025 Tw 13 0 0 13 56.6929 776.409 Tm (INTRODUCTION)Tj /T1_0 1 Tf 0.021 Tc 0 Tw 0 -2.462 Td (On December )Tj -0.021 Tw (31)Tj 0 Tw (, 2025, the )Tj -0.021 Tw (Company)Tj 0 Tw [( entered into the Capital Injection Agreement with)-4 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.231 Td (the Target Company and )Tj (Commercial Group)Tj ( for the injection of RMB)Tj -0.025 Tw (225,999,968.04)Tj 0 Tc 0 Tw ( )Tj 0.041 Tc 0.07 Tw 0 -1.231 Td [(for)12.5 ( acquisition)12.5 ( of)12.5 ( )]TJ 0.029 Tc -0.029 Tw [(1)0.5 (1)0.5 (.)0.5 (6)0.5 (7)0.5 (3)0.6 (3)]TJ 0.041 Tc 0.07 Tw 11.539 0 Td [(%)12.5 ( equity)12.5 ( interest)12.5 ( in)12.5 ( the)12.5 ( enlarged)12.5 ( registered)12.5 ( capital)12.4 ( of)12.5 ( the)16 ( )]TJ 0.025 Tc 0.083 Tw -11.539 -1.231 Td [(Target )0.5 (Company. )0.5 (Upon )0.5 (completion )0.5 (of the )0.5 (Capital )0.5 (Injection Agreement, )0.5 (the )0.5 (Company )]TJ 0.038 Tc 0.07 Tw 0 -1.231 Td [(w)0.5 (ill)13 ( h)0.5 (old)13 ( )]TJ 0.025 Tc -0.025 Tw (11.6733)Tj 0.038 Tc 0.07 Tw [(%)13 ( e)0.5 (qu)0.5 (ity)13 ( i)0.5 (nte)0.5 (r)0.5 (es)0.5 (t)12.9 ( )0.5 (in)12.9 ( )0.5 (th)0.5 (e)12.9 ( )0.5 (Ta)0.5 (rg)0.5 (et)13 ( C)0.5 (omp)0.5 (an)0.5 (y)12.9 ( )0.5 (wh)0.5 (ic)0.5 (h)12.9 ( )0.5 (wil)0.5 (l)12.9 ( )0.5 (no)0.5 (t)12.9 ( )0.5 (be)0.5 (co)0.5 (me)13 ( a)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (subsidiary of the Company.)Tj /T1_1 1 Tf 0 -2.462 Td (THE CAPITAL INJECTION AGREEMENT)Tj /T1_0 1 Tf 0 -2.462 Td (The principal terms of the Capital Injection Agreement are set out below\:)Tj /T1_1 1 Tf -0.025 Tw 0 -2.462 Td (Date)Tj /T1_0 1 Tf 0 Tc 0 Tw 7.632 0 Td (:)Tj 0.025 Tc -0.025 Tw 2.18 0 Td (December )Tj 4.584 0 Td (31)Tj 0 Tw (, 2025)Tj /T1_1 1 Tf -0.025 Tw -14.396 -3.692 Td (Parties)Tj /T1_0 1 Tf 0 Tc 0 Tw 7.632 0 Td (:)Tj 0.025 Tc 2.18 0 Td [(\(i\) )-886.5 (the Company)]TJ 0 -2.462 Td [(\(ii\) )-583.5 (the Target Company)]TJ 0.065 Tw 0 -2.462 Td [(\(iii\) )-215.5 (Commercial Group )]TJ (\(the original shareholder of the Target )Tj -0.025 Tw 2.181 -1.231 Td (Company\))Tj /T1_1 1 Tf 0 Tw -11.993 -2.462 Td (Subject matter)Tj /T1_0 1 Tf 0 Tc 7.632 0 Td (:)Tj 0.095 Tc 0.07 Tw 2.18 0 Td [(The)12.2 ( Company)12.2 ( has)12.2 ( agreed)12.2 ( to)12.1 ( inject)12.2 ( RMB)]TJ 0.083 Tc -0.083 Tw 19.929 0 Td (225,999,968.04)Tj 0 Tc 0 Tw 7.352 0 Td ( )Tj 0.061 Tc 0.07 Tw -27.281 -1.231 Td [(for)12.8 ( acquisition)12.8 ( of)12.7 ( )]TJ 0.048 Tc -0.048 Tw (11.6733)Tj 0.061 Tc 0.07 Tw [(%)12.7 ( equity)12.8 ( interest)12.7 ( in)12.7 ( the)12.8 ( enlarged)36 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (registered capital of the)Tj ( Target Company.)Tj /T1_1 1 Tf -0.025 Tw -9.812 -2.462 Td (Payment)Tj /T1_0 1 Tf 0 Tc 0 Tw 7.632 0 Td (:)Tj 0.027 Tc 0.081 Tw 2.181 0 Td [(The)2 ( )0.5 (Company)2 ( )0.5 (shall)2 ( )0.5 (transfer)2 ( )0.5 (the)2 ( )0.5 (capital)1.9 ( )0.5 (injection)2 ( )0.5 (amount)2 ( )0.5 (being)2 ( )]TJ 0.038 Tc -0.038 Tw 0 -1.231 Td (RM)Tj 0.026 Tc -0.026 Tw [(B)0.5 (2)0.5 (2)0.5 (5)0.5 (,)0.5 (9)0.5 (9)0.5 (9)0.5 (,9)0.5 (6)0.5 (8)0.5 (.)0.5 (0)0.5 (4)]TJ 0.038 Tc 0.07 Tw 8.932 0 Td [( in)12.5 ( total)12.5 ( to)12.5 ( a)12.5 ( designated)12.5 ( account)12.5 ( )]TJ [(of)12.5 ( ZPSE)]TJ 0 Tc 0 Tw 18.35 0 Td ( )Tj 0.056 Tc 0.07 Tw -27.281 -1.231 Td [(\(the)12.8 ( \223)]TJ /T1_1 1 Tf [(Capital)12.8 ( Injection)12.9 ( Amount)]TJ /T1_0 1 Tf [(\224\))12.8 ( within)12.9 ( 1)12.8 (0)12.8 ( business)12.8 ( days)31 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (upon the Capital Injection Agreement having taken effect.)Tj 0.119 Tc -0.119 Tw 0 -2.462 Td [(T)0.5 (h)0.5 (e)13 ( )]TJ 2.337 0 Td [(Z)0.5 (P)0.5 (S)0.5 (E)]TJ 0.07 Tw 2.796 0 Td [( )0.5 (s)0.5 (h)0.5 (a)0.5 (ll)13 ( )0.5 (i)0.5 (s)0.5 (s)0.5 (u)0.5 (e)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (t)0.5 (r)0.5 (a)0.5 (n)0.5 (s)0.5 (a)0.5 (c)0.5 (t)0.5 (io)0.5 (n)13 ( )0.5 (c)0.5 (e)0.5 (r)0.5 (t)0.5 (i)0.5 (f)0.5 (ic)0.5 (a)0.5 (t)0.5 (e)13 ( )0.5 (\()0.5 (t)0.5 (h)0.5 (e)94 ( )]TJ 0 Tc 0 Tw -5.132 -1.231 Td (\223)Tj /T1_1 1 Tf 0.047 Tc 0.07 Tw 0.491 0 Td [(Transaction)12.2 ( Certificate)]TJ /T1_0 1 Tf [(\224\))12.2 ( within)12.3 ( three)12.3 ( business)12.3 ( days)12.2 ( upon)22 ( )]TJ 0.074 Tc -0.491 -1.231 Td [(\(i\))12.5 ( receiving)12.5 ( the)12.5 ( )]TJ -0.074 Tw (signed)Tj 0.07 Tw 11.184 0 Td [( Capital)12.4 ( Injection)12.5 ( Agreement;)12.5 ( \(ii\))49 ( )]TJ 0.025 Tc 0.002 Tw -11.184 -1.231 Td (completion of transfer of the Capital Injection Amount; and \(iii\) )Tj 0 Tw 0 -1.231 Td (the service fees of ZPSE have been settled.)Tj 0.047 Tc -0.047 Tw 0 -2.462 Td [(The)12.7 ( )]TJ 2.05 0 Td (ZPSE)Tj 0.07 Tw 2.509 0 Td [( shall)12.8 ( transfer)12.7 ( the)12.7 ( Capital)12.8 ( Injection)12.7 ( Amount)12.7 ( to)12.7 ( the)22 ( )]TJ 0.025 Tc 0.059 Tw -4.558 -1.231 Td (account of the Target Company within five business days upon )Tj 0 Tw 0 -1.231 Td (the issuance of Transaction Certificate.)Tj 0.031 Tc 0.077 Tw 0 -2.462 Td [(The)6 ( )0.5 (Company)6.1 ( )0.5 (and)6 ( )0.5 (the)6 ( )0.5 (Target)6 ( )0.5 (Company)]TJ 17.254 0 Td [( )0.5 (shall)6 ( )0.5 (complete)6.1 ( )]TJ -0.031 Tw 7.016 0 Td (change)Tj 0 Tc 0 Tw 3.011 0 Td ( )Tj 0.025 Tc -0.025 Tw -27.281 -1.231 Td (registration )Tj 5.13 0 Td (before)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc 2.979 0 Td (March 31)Tj -0.025 Tw (, )Tj 4.61 0 Td (2026)Tj 0 Tc 0 Tw (.)Tj ET endstreamendobj69 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 1 \226)Tj 0.065 Tc 0.07 Tw 13 0 3.4833 13 55.3588 773.5878 Tm [(Hong)12.1 ( Kong)12.1 ( Exchanges)12 ( and)12.1 ( Clearing)12 ( Limited)12 ( and)12 ( The)12 ( Stock)12.1 ( Exchange)12.1 ( of)12.1 ( Hong)40 ( )]TJ 0.03 Tc 0.078 Tw 0.33 -1.231 Td [(Kong)5 ( )0.5 (Limited)5 ( )0.5 (take)5 ( )0.5 (no)5 ( )0.5 (responsibility)5 ( )0.5 (for)5 ( )0.5 (the)5 ( )0.5 (contents)5 ( )0.5 (of)5 ( )0.6 (this)5 ( )0.5 (announcement,)5 ( )0.5 (make)5 ( )0.5 (no)5 ( )]TJ 0.027 Tc 0.081 Tw 0.33 -1.231 Td [(representation)2 ( )0.5 (as)2 ( )0.5 (to)2 ( )0.5 (its)2 ( )0.5 (accuracy)2 ( )0.5 (or)2 ( )0.5 (completeness)2 ( )0.5 (and)1.9 ( )0.5 (expressly)2 ( )0.5 (disclaim)2 ( any)2 ( )0.5 (liability)2 ( )]TJ 0.025 Tc 0.077 Tw 0.33 -1.231 Td (whatsoever for any loss howsoever arising from or in reliance upon the w\hole or any )Tj 0 Tw 0.33 -1.231 Td (part of the contents of this announcement.)Tj ET /PlacedPDF /MC0 BDC q 77.489 600.682 440.297 93.166 re W n /CS0 cs 1 scn /GS1 gs q 1 0 0 1 166.1255 637.5778 cm 0 0 m 33.501 0 l 33.501 53.021 l 14.851 45.424 3.162 20.82 0 0 c f Q 0.4 scn q 1 0 0 1 199.627 693.7419 cm 0 0 m 0 0.106 l -56.185 0.106 l -56.185 -45.586 l -46.855 -27.62 -24.562 -5.633 0 0 c f Q 1 scn q 1 0 0 1 150.668 637.5778 cm 0 0 m 2.725 0 l 6.903 22.38 28.855 48.883 48.959 54.305 c 48.959 54.694 l 28.298 49.144 4.291 22.956 0 0 c f Q 0 0 0 1 k q 1 0 0 1 212.6607 652.3361 cm 0 0 m -6.571 -11.365 l -2.185 -11.365 l -2.594 -13.956 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Td (\))Tj /T1_2 1 Tf -25.595 -1.366 Td (\()Tj 0.025 Tc -0.025 Tw 0.357 0 Td (Stock)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc -0.025 Tw 2.815 0 Td (code:)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc -0.025 Tw 2.702 0 Td (0576)Tj 0 Tc 0 Tw (\))Tj ET EMC BT /T1_3 1 Tf 0.025 Tc 15 0 0 15 121.0677 564.6819 Tm (CONNECTED TRANSACTION IN RELATION TO)Tj -1.172 -1.333 Td (THE ACQUISITION OF )Tj -0.025 Tw (11.6733)Tj 0 Tw (% EQUITY INTEREST)Tj -0.375 -1.333 Td (IN THE TARGET COMPANY BY CAPITAL INJECTION)Tj ET 0 0 0 1 K 0.5 w /GS2 gs q 1 0 0 1 56.6929 506.781 cm 0 0 m 482.39 0 l S Q q 1 0 0 1 538.8327 501.1117 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 538.8327 485.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 469.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 373.1117 cm 0 0 m 0 96 l S Q q 1 0 0 1 538.8327 357.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 341.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 325.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 245.1117 cm 0 0 m 0 80 l S Q q 1 0 0 1 538.8327 229.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 133.1117 cm 0 0 m 0 96 l S Q q 1 0 0 1 538.8327 124.8578 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.9429 501.1117 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 56.9429 485.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 469.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 373.1117 cm 0 0 m 0 96 l S Q q 1 0 0 1 56.9429 357.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 341.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 325.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 245.1117 cm 0 0 m 0 80 l S Q q 1 0 0 1 56.9429 229.1117 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 133.1117 cm 0 0 m 0 96 l S Q q 1 0 0 1 56.9429 124.8578 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.6929 124.6078 cm 0 0 m 482.39 0 l S Q BT /GS0 gs 13 0 0 13 65.4468 486.7627 Tm (THE ACQUISITION)Tj /T1_0 1 Tf 0.099 Tc 0.07 Tw 0 -2.462 Td [(On)12.2 ( December)12.2 ( )]TJ 0.087 Tc -0.087 Tw (31)Tj 0.082 Tw [(, 2025, t)-12.3 (h)-12.4 (e )]TJ 0.099 Tc -0.099 Tw (Company)Tj 0.07 Tw 18.669 0 Td [( entered)12.2 ( into)12.2 ( the)12.2 ( Capital)12.2 ( Injection)74 ( )]TJ 0.037 Tc 0.071 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