Core Viewpoint - The company has experienced a significant stock price decline, with a cumulative drop exceeding 20% over three consecutive trading days, triggering an abnormal trading fluctuation notice from the Shanghai Stock Exchange [1] Group 1: Stock Performance - The company's stock closed with a price drop exceeding 20% over three consecutive trading days on December 2, 3, and 4, 2025 [1] Group 2: Investment Activity - The company is involved in a reported acquisition of a 6.4969% stake in Hangzhou Hualan Microelectronics Co., Ltd. through its wholly-owned subsidiary, Hangzhou Yunhe Technology Development Co., Ltd. [1] - The investment in Hualan Microelectronics has undergone the necessary internal approval processes and complies with relevant laws and regulations [1] Group 3: Regulatory Compliance - The company has received an inquiry letter from the Shanghai Stock Exchange regarding the equity purchase and will respond within the approved timeframe as per legal and regulatory requirements [1]

Group 1 - The company has an indirect stake in Hangzhou Yushu Technology Co., Ltd., with a low holding ratio of approximately 0.01% after equity penetration [1] - The company holds a 13.045% stake in Easy Connection (Cayman) Limited, which is not included in the company's consolidated financial statements [1] - Currently, the company has no business cooperation with Douyin [1]