Huili Ecological holds a 5% or more stake in Ningbo Huining, with some of the shares pledged.

On September 23, 2025, Huilv Ecological announced that its shareholder Ningbo Huining, holding more than 5% of the shares, pledged 7.6 million shares to the Ningbo Branch of CITIC Bank on September 18. This accounts for 5.23% of the shares held by them and 0.97% of the total share capital of the company. The pledge will expire on September 18, 2028, and the purpose is for their own capital needs. As of the disclosure date of the announcement, Ningbo Huining and its concerted action person, Li Xiaoming, have collectively pledged 45.4 million shares, accounting for 5.79% of the total share capital of the company. Ningbo Huining shares currently have no risk of liquidation, and the company will continue to monitor and disclose any subsequent changes as required.