常山北明：资产置换暨关联交易完成

Core Viewpoint - The asset swap and related transactions between Changshan Beiming and Changshan Group have been completed, involving significant financial adjustments and asset transfers [1] Group 1: Asset Swap Details - The assets being swapped include 100% equity in energy investments and 80% equity in smart industry, while the divested asset is 100% equity in Changshan Hengxin [1] - The difference in value between the divested and acquired assets, along with estimated interest, totals approximately 1.541 billion yuan [1] - Changshan Group will offset 514 million yuan of debt owed to Ruite Automotive, with the remaining amount settled through cash claims against Changshan Beiming [1] Group 2: Financial Adjustments - Non-operating debt balance of 366 million yuan will also be compensated through cash claims from Changshan Group to Changshan Beiming [1] - All related procedures for the asset swap and associated transactions were completed by November 10, 2025 [1]