QinShang Group: Expects a year-on-year decrease in net profit of 8.68%-39.16% by 2025.

Qinshang Shares Announcement: It is expected that the net profit for the year 2025 will be between -347 million to -271 million yuan, a year-on-year decrease of 39.16% to 8.68%. During the reporting period, the company disposed of subsidiary Shanghai Aozhan's construction project under development, resulting in a disposal loss of approximately 117 million yuan, forming non-operating gains and losses for the period; the company's associated company Yuguang Lighting was in a continuous loss-making state, with an investment loss of approximately 104 million yuan recognized for the current period, forming operating gains and losses for the period; due to the continuous appreciation of the Renminbi, exchange losses increased. With the continuous decrease in bank deposit interest rates leading to a decrease in bank deposit interest income and bank wealth management income, the cumulative decrease in operating profit for the period is approximately 28 million yuan; the company conducted a comprehensive review of various assets at the end of the reporting period, and for assets that may show impairment signs, the company further analyzed their status and the market environment they are in. Based on the principle of prudence, the company made a provision for expected credit losses of approximately 11.1 million yuan for the current period, reversing asset impairment losses of 22 million yuan.