云济体系强化整体协调，上市筹备进入关键阶段

Core Viewpoint - Yunji Group has made significant progress in its overall capital planning, entering a new phase of coordination and optimization for its upcoming IPO, originally scheduled for the second half of 2025 [3]. Group 1: Capital Planning and IPO Preparation - The IPO preparation, initially planned to complete by around 2026, is now being adjusted to enhance efficiency in the overall process [3]. - The adjustments are based on a comprehensive assessment of the project's development path, participant structure, and long-term sustainability [3]. - The company aims to complete major preparatory work by mid-2026, with a unified entity named "Yunji Tianxia" as the proposed listing subject on the Hong Kong capital market [3]. Group 2: Internal Coordination Mechanism - Before entering the public market, the platform is studying the establishment of an internal coordination mechanism to meet the actual needs of structural adjustments and phased arrangements [4]. - This mechanism is intended for organizational optimization and internal coordination, without involving public trading arrangements [4]. - The optimization of the preparation rhythm is expected to facilitate a more thorough structural review and expectation management before the public market phase, laying a solid foundation for future market operations [4]. Group 3: Structural Integration Phase - The recent adjustments signify that the Yunji system and its related sectors are entering a new phase of structural integration [4]. - This indicates that the overall IPO preparation work is gradually moving into a more centralized advancement cycle [4].