Core Viewpoint - The announcement highlights the risk of forced liquidation of shares held by the controlling shareholder, Zhejiang Ruiyang Technology Co., Ltd., due to a default on a financing agreement with CITIC Securities, which may lead to a significant reduction in their stake in the company [1][2]. Shareholding Structure - As of the announcement date, Zhejiang Ruiyang Technology holds 57,650,733 shares, accounting for 12.85% of the total share capital of the company [2][4]. - A total of 11,300,000 shares are held in a margin trading account with CITIC Securities, with an estimated total reduction amount not exceeding 30 million yuan [1][2]. Share Freeze and Pledge Status - 80.40% of the shares held by Ruiyang Technology are currently frozen, which amounts to 46,350,733 shares, representing 10.33% of the company's total share capital [4]. - The total number of shares pledged by Ruiyang Technology is 46,341,000, which is 80.38% of their holdings and 10.33% of the total share capital [5][6]. Financial Performance - The company is expected to report a net loss attributable to shareholders of between 54 million yuan and 42 million yuan for the first half of 2025, compared to a profit of 45.55 million yuan in the same period last year [7][8]. - The net profit, after excluding non-recurring gains and losses, is projected to be a loss of between 84 million yuan and 72 million yuan, compared to a profit of 12.28 million yuan in the previous year [7][8].