Ka-shan Co., Ltd.: Has publicly announced the transfer of 100% equity of its wholly-owned subsidiary for listing.

Xiangshan Stock Announcement: On November 25, 2025, the company signed a "Property Transaction Contract" with a group of related individuals, transferring 100% equity of its wholly-owned subsidiary Guangdong Xiangshan Electronic Technology Co., Ltd. at a price of 360 million yuan. The transaction has been completed, and the company has received the full equity transfer payment. After the transaction, Xiangshan Electronics and its subsidiaries will no longer be included in the company's consolidated financial statements. Prior to the transaction, the company had 270 million yuan in outstanding guarantees for Xiangshan Electronics, which have been resolved after the transaction.