Peak Cement: The second phase of the employee stock ownership plan has been completed and terminated.

Shangfeng Cement announced that as of December 24, 2025, the 6.91872 million shares held by the company's second phase employee stock ownership plan have all been sold, accounting for 0.71% of the company's total share capital. The plan received 5.7656 million non-trading transferred shares on April 22, 2022, and the shareholding increased to 6.91872 million shares after the equity distribution in 2021. The original duration was 36 months, and on March 31, 2025, the company decided to extend it by 1 year to April 22, 2026. The plan has now been terminated, and the company will complete the asset liquidation and profit distribution in accordance with regulations.