Overview - Nanjing Gaoke Co., Ltd. established the Gaoke Venture Capital Partnership in October 2020, with a total subscribed capital of RMB 100 million [2] - The company increased its investment in the fund by RMB 50 million in December 2022, with contributions from its subsidiaries [2] Fund Operations - The Gaoke Venture Capital Fund completed its registration in December 2020 and has invested in 21 projects in sectors such as biomedicine and semiconductor materials, totaling RMB 694 million [3] - One project has been fully exited, and the fund is set to expire in December 2025, but due to incomplete capital investment and ongoing projects, the fund's duration has been extended by three years to December 2028 [3] Impact of Extension - The extension of the fund's duration is aimed at ensuring stable operations and enhancing overall returns, aligning with the interests of all shareholders [4] - The company will encourage the fund manager to improve project selection and actively manage exits to boost fund returns [4]

Group 1 - The company Jiangsu Ninghu Expressway Co., Ltd. has invested up to RMB 500 million in the Nanjing Lode Huizhi Equity Investment Partnership (Lode Huizhi Fund) as part of a collaborative effort with its subsidiaries and other partners [1][2] - The total scale of the Lode Huizhi Fund is capped at RMB 1.5 billion, with a minimum duration of five years, including investment, extension, and exit periods [2] - As of the announcement date, the company has made contributions to 10 projects through the fund, with 4 projects having exited and 6 projects still ongoing [2] Group 2 - The fund's original duration was set to expire on August 3, 2025, but due to incomplete exits of invested projects, the duration has been extended to August 3, 2030, to ensure orderly exits and fund operation [2][3] - The board of directors approved the extension of the fund's duration without requiring a shareholder meeting, and it does not involve related party transactions or constitute a major asset restructuring [3] - The extension of the fund's duration is based on a comprehensive assessment of the market environment and investment project conditions, and it is not expected to significantly impact the company's performance or operations [3]