Boyun New Materials: Clarify that we have not signed a framework agreement with Blue Arrow Aerospace, and the revenue share of commercial aerospace products in 2025 is less than 1%.

Boyun New Materials Announcement: The company's stock has seen abnormal fluctuations with the closing price deviating by more than 20% for three consecutive trading days. The company clarifies that it has not signed any framework agreement with Blue Arrow Aerospace, nor is it the supplier of the 'Zhuque III' heat shield system. Rumors about bulk matching of carbon/carbon throat lining for the 'Kuaizhou series' are false. The commercial aerospace product revenue of the company in 2025 is only about 2 million yuan, accounting for less than 1% of the main business revenue, with no sales revenue since 2026. The joint venture company formed with Honeywell has been incurring long-term losses, with a net profit of -33.2059 million yuan in 2025, and is now insolvent. In addition, the price of tungsten carbide powder has dropped 50.9% from its peak, and the monthly sales volume and gross profit margin of the company's hard alloy products have gradually declined. It is expected that the gross profit margin will fall to the industry's normal level in the second half of 2026.