New Torch Network: Shareholder Shanghai Forest Owl and senior executive Cheng Yongxin plan to reduce their holdings of the company's shares by no more than 1.50% and 1.00% respectively.

New Torch Network Announcement, shareholder Shanghai Senxiao Investment Center holding more than 5% of shares plans to reduce its holdings by no more than 2.4407 million shares, accounting for 1.50% of the total share capital of the company; Director and Vice General Manager Cheng Yongxin plans to reduce holdings by no more than 1.6272 million shares, accounting for 1.00% of the total share capital of the company. The reduction period is from August 9, 2025 to November 8, 2025, and the reduction price will be determined based on market prices but not lower than the issue price. The proceeds from the reduction by Shanghai Senxiao will be distributed directly to other partners who have implemented reduction actions, and Cheng Yongxin will not reduce his shares during the window period and other periods when reduction is prohibited by relevant laws.