On January 9, 2026, the company's indirectly wholly-owned subsidiary, Yue Da Commercial Factoring, entered into a factoring agreement with Binhai Chijin. Pursuant to the reverse factoring agreement with Binhai Chijin, Yue Da Commercial Factoring has agreed to provide accounts receivable financing, management services, and collection services, granting a reverse revolving credit facility of RMB 43 million. The combined annual interest rate and factoring management fee is 8.2%, effective from January 9, 2026, and maturing on January 9, 2027. As the factoring agreement was concluded in the ordinary course of Yue Da Commercial Factoring's business, it is expected to contribute profits during the financing period. The agreement is deemed to be on normal commercial terms and is beneficial for the Group's business expansion and for establishing long-term business relationships with Hengfa, Binhai Jingfa, and Binhai Chijin. The directors consider the terms of the factoring agreement to be fair and reasonable, aligning with the overall interests of the company and its shareholders.