Baiyun Electrical Appliances: Plans to acquire 10% of the shares of its subsidiary through a 15 million yuan investment.

Baiyun Electrical Appliances Announcement: On December 15, 2025, the company held a board meeting to review and approve the proposal to acquire the remaining minority shareholding of Zhejiang Baiyun Zhebian Electrical Equipment Co., Ltd., a subsidiary, through debt-to-equity conversion. The company will acquire a 10% stake in Zhebian Electric from Wolong Holdings Group for 15 million yuan, and after fully acquiring the company, will convert 250 million yuan of debt into capital, with 150 million yuan being included in the registered capital and 100 million yuan in the capital surplus. After the capital increase, the registered capital of Zhebian Electric will increase to 500 million yuan, net assets will increase to 189 million yuan, and the leverage ratio will decrease to 85.72%. This transaction is not considered a major asset restructuring and does not involve related parties.