On September 1, 2025, (i) Ningbo Huazhong (an indirect wholly-owned subsidiary of the Company); (ii) Ningbo Yangming; and (iii) Ningbo Gongyun (each as a limited partner); along with (iv) Ningbo Xintao (as the general partner) entered into a partnership agreement to establish a partnership fund. The total capital contribution from all partners to the partnership fund is RMB 100 million, of which RMB 50 million is contributed by Ningbo Huazhong. Ningbo Xintao will act as the manager of the partnership fund. The partnership fund will primarily invest in emerging productivity, new energy, new materials, consumer goods, healthcare, or other industries unanimously approved by the partners' meeting. Investments will be made through equity investments.

The Company chose to participate in establishing the partnership fund because it will invest in pioneering companies focused on areas such as emerging productivity, new energy, new materials, consumer goods, and healthcare, thereby building a robust industrial ecosystem. This strategy fosters innovative technologies, broadens the Company's business scope, and enhances its influence over upstream and downstream entities. Furthermore, the Company anticipates that the Group will achieve substantial returns through the appreciation of its equity value in the partnership fund and dividend distributions.