Core Viewpoint - The announcement indicates that key technical personnel Wang Zhi has retired and resigned from all positions in the company and its subsidiaries, with no impact on the company's intellectual property integrity [1] Group 1 - Wang Zhi was responsible for the research of deceleration top technology and has completed the handover of his work [1] - His departure will not adversely affect the company's research and development capabilities, competitiveness, or operational capacity [1] - The company maintains a stable R&D workforce, which constitutes 30% of the total staff, ensuring a complete team structure [1] Group 2 - The company has confirmed that there are no disputes regarding the patents Wang Zhi participated in [1] - The sponsoring institution has no objections to this personnel change [1]

Group 1 - KKR is set to acquire a stake in Yuanjing International, which is believed to be linked to Dayao Beverage [1][2][3] - KKR will indirectly acquire 85% of Yuanjing International through a newly established special purpose company [3] - Yuanjing International holds a market share of 5% to 10% in the carbonated beverage market in China as of 2024, with Dayao Beverage ranking third at 2.42% [3][4] Group 2 - Dayao Beverage's market share has been gradually increasing, from 2.28% in 2023 to 2.64% in the first half of 2025 [5] - The carbonated beverage market is experiencing a contraction, with major players like Coca-Cola and Pepsi also reporting declining sales [4] - The potential sale to KKR raises questions about the classification of Dayao as a domestic brand [6]