百川股份：关于子公司完成工商变更登记的公告

Core Viewpoint - Baichuan Co., Ltd. announced plans to increase capital for its subsidiaries, Nantong Baichuan New Materials Co., Ltd. and Ningxia Baichuan New Materials Co., Ltd., to support their operational development and optimize their asset-liability structure [2] Group 1: Company Actions - The company will convert its debt of 9.62 billion yuan held against Nantong Baichuan into equity to meet the subsidiary's operational needs [2] - Nantong Baichuan will also convert its debt of 18 billion yuan held against Ningxia Baichuan New Materials into equity [2] - The fourth temporary shareholders' meeting of the company approved the capital increase proposal on November 17, 2025 [2] Group 2: Regulatory Compliance - The subsidiaries, Nantong Baichuan and Ningxia Baichuan New Materials, have completed the necessary business registration changes and obtained new business licenses [2]