Core Viewpoint - Company plans to invest approximately $40 million in the construction of the Vietnam Intco Qinghua (Phase III) project, which aims to enhance its capabilities in providing comprehensive home wall decoration solutions and deepen its global production layout [2][4]. Investment Decision and Basic Information - The investment proposal was approved during the fourth board meeting on August 26, 2025, and does not require shareholder approval. The investment is not classified as a related party transaction or a major asset restructuring [2]. - The project will be implemented by the wholly-owned subsidiary Intco Industries Vietnam Co., Ltd., located in the North Mountain Industrial Zone of Bian Mountain City, Quang Nam Province, Vietnam [2]. - The total investment is approximately $40 million, funded through self-owned or other self-raised funds [2][6]. Project Specifics - The project will cover an area of approximately 9.36 hectares, with a total building area of 55,000 square meters. Upon completion, it will have an annual production capacity of 60,000 tons of decorative building materials and 77.8 million pieces of high-end finished products [6]. - Intco Industries Vietnam has already completed two phases of the project in the industrial park, and the third phase will integrate with the existing facilities [6]. - As of June 30, 2025, Intco Industries Vietnam reported total assets of approximately 604.53 million RMB and net assets of approximately 135.27 million RMB, with a revenue of approximately 209.80 million RMB in the first half of 2025, reflecting a year-on-year growth of 48.89% [6]. Investment Impact and Risks - This investment aligns with the company's medium to long-term strategic planning and is expected to enhance its overseas production capabilities. However, it is not anticipated to have a significant impact on the company's financial status or operational results in 2025 [4]. - The project is subject to risks associated with overseas investments, including the need for approval from the Vietnamese government and potential financing risks due to reliance on self-raised funds [4]. - The construction period is estimated to be 24 months, and the company will comply with local regulations for necessary approvals [6].

Group 1 - A new company named Daqing Baishengjia Recycling Resource Processing Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Gao Weiping [1] - The business scope includes general projects such as recycling of renewable resources, manufacturing of plastic products, and recovery of waste agricultural machinery [1] Group 2 - The company is involved in various activities including the processing of non-metal waste and debris, research and development of resource regeneration technology, and technical services [1] - The company also engages in the sale of renewable resources, construction materials, and hardware products [1] - Import and export of goods is part of the company's operational scope [1]