Group 1 - The company held the 14th meeting of the 4th Supervisory Board on September 22, 2025, where it unanimously approved the proposal for financing through intellectual property assets, which is expected to lower financing costs and expand financing channels [1][2][4] - The financing project involves cooperation with China Technology Exchange Co., Ltd. to conduct licensing, re-licensing, and pledging of specific patents, with a maximum business cooperation amount of RMB 30.81 million and a duration of no more than one year [22][23] - The Supervisory Board confirmed that the financing through intellectual property assets does not harm the interests of the company or minority shareholders [1][24] Group 2 - The company also held the 18th meeting of the 4th Board of Directors on the same day, where it approved the adjustment of the maximum repurchase price from RMB 23.44 per share to RMB 37.52 per share to ensure the smooth implementation of the share repurchase plan [8][16] - The adjusted maximum repurchase price does not exceed 150% of the average trading price of the company's stock over the previous 30 trading days before the decision [20][21] - The Board of Directors authorized the legal representative of the company to sign all necessary contracts and documents related to the financing project and the share repurchase plan [25][26]

Core Viewpoint - The company announced that it will not adjust the conversion price of its convertible bonds or the upper limit for share repurchase following the 2024 annual equity distribution, maintaining the conversion price at 2.72 CNY per share and the repurchase price limit at 2.73 CNY per share [1][4]. Group 1: Convertible Bonds - The company issued 14,847,200 convertible bonds on June 20, 2022, with a conversion price set at 2.72 CNY per share [1]. - The conversion price will not be adjusted despite the equity distribution, as the impact on the conversion price is minimal [3][4]. - The company will follow specific formulas for adjusting the conversion price in future scenarios involving stock dividends, capital increases, or cash dividends [2]. Group 2: Share Repurchase - The company plans to repurchase shares with a total fund of no less than 100 million CNY and no more than 200 million CNY, with a maximum repurchase price of 2.73 CNY per share [4][5]. - The repurchase will be used for employee stock ownership plans or equity incentives, and the implementation period is within 12 months from the approval date [4]. - Similar to the convertible bonds, the upper limit for the repurchase price will not be adjusted due to the minimal impact from the equity distribution [5].