On December 25, 2025, the company's indirectly wholly-owned subsidiary, Yueda Commercial Factoring, entered into a factoring agreement (the Second Yanxi Jingxuan Factoring Agreement) with Yanxi Jingxuan. Pursuant to the Second Yanxi Jingxuan Factoring Agreement, Yueda Commercial Factoring agreed to provide Yanxi Jingxuan with accounts receivable financing, accounts receivable management services, and accounts receivable collection services, granting a revolving credit line of RMB 57 million. The combined annual interest rate and factoring management fee ranges from 8.3% to 8.8%. The agreement is effective from December 25, 2025, and matures on December 25, 2027.