Group 1 - The company announced the establishment of a wholly-owned subsidiary, Guangdong Budaiwang Environmental Technology Co., Ltd., by its controlling subsidiary Anhui Budaiwang Environmental Technology Co., Ltd. [1] - The registered capital of Guangdong Budaiwang is 50 million RMB, and it will become a holding subsidiary included in the company's consolidated financial statements [1] - The investment aims to expand the market, increase competitiveness, enhance operational capabilities, and promote the company's long-term stable development [1] Group 2 - The funding for this investment comes from the company's own funds, and it does not involve related party transactions or constitute a major asset reorganization [1] - Guangdong Budaiwang has obtained its business license, with the establishment date set for September 12, 2025 [1]
南王科技：广东布袋王环保科技有限公司成立