Key investment events: Sunshine Co., Ltd. was approved to issue 800 million yuan of corporate bonds privately to qualified investors. It has now completed the first issue, with a scale of 400 million yuan, a term of 3 years, and a coupon interest rate of 8.1%. The capital cost of interest-bearing debt has declined further. The capital raised by Sunshine Co., Ltd.'s current bond is mainly used to supplement working capital and repay loans from other financial institutions. The specific use will be determined according to the actual situation such as the company's capital requirements. The company also had some high-interest loans before. After issuing corporate bonds this time, the company's working capital was further replenished. At the same time, some existing high-interest loans can be replaced, which will help the company save financial expenses and reduce capital costs for interest-bearing liabilities. The risk-free return rate continues to decline, and the value of commercial properties held by the company has increased significantly. Benefiting from the continuous decline in risk-free returns, the value of commercial properties has increased significantly according to the cash flow discount method. The commercial properties owned by the company are all located in core Tier 1 and 2 cities, and the occupancy rate is high, and it has a stable annual rental income of 2-3 billion yuan. Judging from the recorded value, the value of investment real estate held by the company is 5,041 billion yuan, but the actual internal value is close to 7 billion yuan. The company's margin of safety is adequate, and the termination of the restructuring cannot hide the true value of the company. Our previous series of reports calculated RNAV based on the book value of the company's investment real estate. Since the company's recorded value estimates were conservative, previous RNAV estimates were conservative. If we instead revalue based on the company's projected future rental income using the cash flow discount method, we estimate that the company's actual RNAV is 6.34 billion yuan, equivalent to 8.5 RNAV per share. Currently, the stock price is 28% discounted compared to RNAV, which is sufficient margin of safety. Investment advice: Sunshine Co., Ltd. focuses on commercial real estate development and operation, bringing rich benefits through the development of the entire industry chain. Commercial properties are mainly located in core Tier 1 and 2 cities. The company's RNAV is 8.5 yuan per share, and the current stock price is significantly discounted compared to RNAV. The company holds a large number of high-quality commercial properties, which will bring the company rich rental income and property value addition. Sunshine Co., Ltd. has an extremely strong margin of safety. The termination of the restructuring cannot hide its true value and maintain an “increase in holdings” rating. Risk warning: Real estate sales have declined sharply.