Shanghai Kaibao: Received the Decision on Administrative Supervision Measures by the Shanghai Securities Regulatory Bureau.

Shanghai Kaibao Announcement: The company has received an administrative regulatory measure from the Shanghai Securities Regulatory Bureau, pointing out that the company has issues such as using employees' personal bank cards for double distribution of wages, using employees' personal bank cards to collect social security payments, improper distribution of labor fees, and discrepancies between sales expense accounting and actual expenses. In response to this, the Shanghai Securities Regulatory Bureau has decided to take administrative regulatory measures to require the company to make corrections, and has issued warning letters to the Chairman Mu Jingwei, Director and General Manager Zhou Yingbin, Director and former CFO Ren Liwang, and Director and current CFO Chen Youlong.