Shanghai Wumao: Received a decision letter from the Shanghai Securities Regulatory Bureau on administrative supervision measures due to irregular income recognition.

The Shanghai Commodity Trading Announcement stated that it has recently received a decision from the Shanghai Securities Regulatory Bureau, indicating that the company has violated regulations. The subsidiary Bailian Hutong's wholesale business of complete vehicles from 2022 to 2024 did not meet the total amount recognition criteria but was recognized as income and cost according to the total amount recognition method. When disclosing the correction of accounting errors for the year 2024 in April 2025, the company failed to correct similar business for the years 2022 and 2023. The Shanghai Securities Regulatory Bureau has ordered the company to make corrections and submit a written rectification report within 30 days, and issued warning letters to the former Chairman Qin Qinglin, Ning Bin, former Chief Financial Officer Xu Wei, and Zhao Hong. The company will actively rectify the situation, and this decision will not affect normal operations.