Northeast Securities: The largest shareholder has applied for restructuring, which may affect the company's equity structure.

Northeast Securities announced that on July 18, 2026, the company's largest shareholder, Yatai Group, was applied for restructuring and pre-reorganization by creditor Changchun Rongxing to Changchun Intermediate People's Court. As of July 20, Yatai Group has not received relevant legal documents, and it is uncertain whether the application will be accepted. Yatai Group holds 30.81% of the company's shares, with a cumulative pledge of 49.25%. If Yatai Group enters into pre-reorganization or restructuring procedures, it may affect the company's equity structure, and the restructuring of the company shares previously intended for transfer may be interrupted or terminated. Dongwu Securities will closely monitor the repayment situation of bonds and interest.