Shenma Industrial: The controlling shareholder signs a framework agreement for strategic restructuring, with no major restructuring involved at the moment.

Shenma Industrial announced that on September 26, 2025, it had issued a strategic restructuring preliminary announcement by the controlling shareholder. The Henan Provincial Party Committee and Provincial Government have decided to implement a strategic restructuring of Henan Energy Group and Pingmei Shenma Group. On November 10, the company received an information letter stating that on November 7, the Henan Provincial State-owned Assets Supervision and Administration Commission signed a "strategic restructuring framework agreement" with the above two groups, intending to increase the capital of Pingmei Shenma Group with 100% equity of Henan Energy Group, after which it will become its wholly-owned subsidiary. This restructuring still requires multiple procedures and does not currently involve any significant asset restructuring of the company, and the controlling shareholder, actual controller, and control rights remain unchanged.