ST New Research: Court rules to accept the company and its subsidiaries for restructuring.

*ST Xinyan Announcement: On November 14, 2025, the company and its subsidiary Sichuan Xinhang Titanium received a "Civil Ruling" from the Urumqi Intermediate People's Court, ruling to accept the company and its subsidiary's related restructuring application. On November 15, 2025, the court appointed Beijing King & Wood Mallesons Law Firm and Xinjiang Juchen Law Firm as joint administrators. Due to the company's net assets attributable to the parent company being negative at the end of the audit period in 2024, the company's stock trading has been subject to a delisting risk warning by the Shenzhen Stock Exchange, which will be additionally implemented on November 18, 2025. The company's stock abbreviation remains as "*ST Xinyan", stock code remains as "300159", and the daily price fluctuation limit for the stock is 20%.