Zhang Xiaoquan: Indirect Controlling Shareholder's Restructuring Application Accepted by the Court.

Zhang Xiaoquan announced that on June 13, 2025, the company received a notice from the indirect controlling shareholder, Fuchun Holdings Group, informing them that the People's Court of Fuyang District, Hangzhou, Zhejiang Province, has accepted Fuchun Holdings Group's application for restructuring and appointed a manager. Fuchun Holdings Group mainly conducts specific business through its subsidiaries, holding companies, or subordinate companies under its actual control. It mainly assumes management responsibilities and owns a small amount of real estate with minimal operating income. Fuchun Holdings Group holds 100% of the equity of Hangzhou Fuquan Investment Co., Ltd. Hangzhou Fuquan Investment Co., Ltd. holds 99.9981% of the equity of the company's direct controlling shareholder, Hangzhou Zhang Xiaoquan Group Co., Ltd. Hangzhou Zhang Xiaoquan Group Co., Ltd. directly holds 72.8 million shares of the listed company, accounting for 48.08% of the total share capital after excluding repurchased shares and 46.67% of the total share capital of the company.