Aoyuan Meigu: Subsidiary Applied for Bankruptcy Reorganization, Result Still Uncertain.

Aoyuan Meigu announced that on December 23, 2025, its wholly-owned subsidiary Jinhuan New Materials received court delivery materials. The applicant Huamao Weiye filed for bankruptcy reorganization on the grounds that Jinhuan New Materials could not repay its due debts and clearly lacked the ability to repay. Jinhuan New Materials had a revenue of 428 million yuan in 2024, with a net loss of 85.93 million yuan; and a revenue of 275 million yuan in January-September 2025, with a net loss of 47.92 million yuan. As of the date of the announcement, Jinhuan New Materials had not yet received the court's decision to accept the bankruptcy reorganization related documents, and there is significant uncertainty in this matter.