Lanzhou Lishang Guochao Industrial Group (600738.SH) received the administrative regulatory measures decision letter from the Gansu Securities Regulatory Bureau.

Lanzhou Lishang Guochao Industrial Group (600738.SH) announced that on December 5, 2025, the Gansu Regulatory Bureau of the China Securities Regulatory Commission (referred to as the "Gansu Securities Regulatory Bureau") issued a decision on Lanzhou Lishang Guochao Industrial Group Co., Ltd. and individuals Ye Mao and Wu Xiaobo, requiring corrective measures (No. 14 of 2025). It was found that some personnel of the company's indirect controlling shareholder, Lishui Economic and Technological Development Zone Industrial Development Group Co., Ltd., had opened accounts in the company's OA system, exceeding their authority to participate in the approval of the company's daily management. The company's independence was insufficient, violating Article 68 of the "Guidelines on Corporate Governance of Listed Companies" (CSRC Announcement [2018] 29). Ye Mao, the former chairman, and Wu Xiaobo, the current chairman, bear the main responsibility for the company's aforementioned violations.