The company's wholly-owned subsidiary, China Universal Leasing Co., Ltd., has received approval from the China Securities Regulatory Commission to publicly issue domestic public corporate bonds with a maximum total principal of RMB 8 billion to qualified investors in the People's Republic of China. As of the date of this announcement, the remaining quota for these corporate bonds is RMB 4.4 billion. The bond issuance will be conducted in phases, with the total issuance principal for the first tranche of 2026 corporate bonds not exceeding RMB 1 billion (including RMB 1 billion); these bonds will have a base term of five years, incorporating issuer call options at the end of the third and fourth years, an interest rate adjustment option, and an investor put option.