VALA (02051) announced that in December 2025, the vala home, the first domestically produced OEM six-seater new energy smart camping vehicle with a pop-up roof jointly designed by the Group and Chongqing Ruichi Auto Industrial Co., Ltd. ("Ruichi Auto"), has commenced delivery to its first batch of owners. With the successful delivery of the vala home, the Group has now established a product portfolio comprising two camping vehicle models targeting different customer segments and price points. The Group is collaborating with Ruichi Auto to focus on enhancing production capacity and the delivery system, aiming to provide better products and service experiences for owners of the vala series models. During the fourth quarter of 2025, the Group delivered 90 vala vehicles in bulk to ordering customers. This included the delivery of 60 units of the Group's camping model, the vala pro, and 30 units of the vala home. The Group is actively selecting high-quality vala owners who are passionate about the vala lifestyle and willing to share to join the ranks of vala co-creators. As of December 31, 2025, the Group had successfully recruited 436 high-quality co-creators. Through their firsthand experiences using vala products and their influence on various social media platforms and offline, these co-creators promote and sell vala vehicles. With the continuous addition of co-creators and the gradual increase in deliveries, vala's mobile storefront model has begun to take shape on a scale, exposing the brand to more potential customers who aspire to the vala lifestyle. Given the ongoing expansion of the co-creator system and to meet the increasingly diverse demands of potential customers for experiencing vala vehicles, the Group has further established its own vala Dungeon stores, in addition to relying on the mobile storefront experience centers formed by co-creators. The vala Dungeon stores are a multi-format complex centered around an "all-scenario user experience," integrating vala vehicle display and test drives, automotive lifestyle product experiences, and offline community interactions for owners. As of December 31, 2025, the Group had cumulatively opened three vala Dungeon stores in cities including Hangzhou, Changsha, and Qingdao. Furthermore, it has completed cooperation agreements with property owners in several potential target cities such as Wuhan, Chengdu, Zhengzhou, and Guangzhou, with subsequent stores to be opened progressively. These stores are designed to provide vala owners and potential customers with a one-stop, high-quality experiential space that meets needs ranging from viewing and selecting vehicles to using, enjoying, and discussing them, thereby building a brand ecosystem that combines practicality with emotional connection. The Group has launched a WeChat mini-program called "valalife" for vala vehicles, offering various ordering and cooperation plans. As of December 31, 2025, the valalife mini-program had attracted approximately 115,000 registered users. Additionally, vala has garnered widespread attention and generated enthusiastic responses on social media platforms due to its unique spatial design and vehicle lifestyle concept. As of December 31, 2025, vala's total number of followers across various social platforms had reached approximately 3.1 million, with the cumulative views of its related videos exceeding 840 million. The vala series models launched by the Group are the industry's first OEM pop-up roof new energy multi-functional vehicles. The Group aims to become the "Pioneer of Electric Vehicle Life in China," promoting the transformation of automobiles from mere transportation tools into versatile mobile spaces. As a "versatile big electric vehicle," beyond scenarios like outdoor camping, users can also utilize the vala series models in diverse settings such as office meetings, business conferences, family entertainment, dining and tea, resting and napping, friend gatherings, movie watching and karaoke, outdoor travel, and market stalls. This allows them to enjoy a comfortable, convenient, and highly personalized multi-functional space, unlocking infinite possibilities for extending urban lifestyles.