Power New Technology: Wholly-owned subsidiary SAIC Red Rock applied for restructuring.

Dynamics New Science and Technology announced that the creditors of its wholly-owned subsidiary, SAIC Hongyan, have applied to Chongqing Wuzhong Court for the bankruptcy reorganization of SAIC Hongyan. SAIC Hongyan has not yet received a notice from the creditors, and Chongqing Wuzhong Court has filed a case (Yupan No. 436). SAIC Hongyan is an important subsidiary of the company and a production and operation platform for heavy-duty truck business. If the reorganization is successfully implemented, it will be beneficial for debt resolution and alleviating the company's operating pressure. However, there is still uncertainty as to whether SAIC Hongyan will be declared bankrupt and enter the reorganization process, and even if it does, it does not guarantee a successful reorganization. The company will disclose the progress of relevant matters in a timely manner.