JINGCHENG MAC (00187) announced that its subsidiary, Beijing Tianhai Cryogenic Equipment Co., Ltd. (Tianhai Cryogenic), recently received the "Designation Document" (2025) Jing 01 Po 512 from the court, appointing Beijing Tian Da & Gong He Law Firm as the administrator for Tianhai Cryogenic.

On November 28, 2025, the court ruled to accept the bankruptcy liquidation case of Tianhai Cryogenic.

Through a random lottery conducted by the Beijing High People's Court, Beijing Tian Da & Gong He Law Firm was determined to be the administrator for Tianhai Cryogenic.

Pursuant to Article 13 of the Enterprise Bankruptcy Law of the People's Republic of China and Article 20 of the Supreme People's Court's Provisions on the Designation of Administrators in Enterprise Bankruptcy Cases, Beijing Tian Da & Gong He Law Firm is appointed as the administrator, with Suo Shiyu serving as the responsible person.

The administrator is required to perform its duties diligently and faithfully, execute its responsibilities in accordance with the Enterprise Bankruptcy Law, report its work to the People's Court, and accept supervision from the creditors' meeting and the creditors' committee.

The company holds a 75% equity stake in Tianhai Cryogenic through its wholly-owned subsidiary, Beijing Tianhai Industry Co., Ltd.

The bankruptcy liquidation of Tianhai Cryogenic is not expected to have a material adverse impact on the company's existing business operations.

Tianhai Cryogenic will no longer be consolidated within the company's financial statements.

The impact of Tianhai Cryogenic's bankruptcy liquidation on the company's current or future profits remains uncertain, and the final actual impact will be determined based on the outcome of the liquidation process and the accountant's audit.

Subsequently, the company will conduct appropriate accounting treatments in accordance with accounting standards and the actual situation, and will promptly fulfill its information disclosure obligations as required by relevant regulations.