Group 1 - The company held its fourth board meeting on June 25, 2025, via telecommunication voting, with all 9 directors participating, ensuring compliance with legal and procedural requirements [2][4] - The board approved a proposal regarding changes in accounting estimates, aligning with relevant accounting standards and reflecting the company's business development [3][19] - The proposal received unanimous support from the board, with 9 votes in favor and no opposition [4] Group 2 - The company's supervisory board also convened on June 25, 2025, with all 3 supervisors participating, confirming the legality of the meeting [8][10] - The supervisory board approved the same proposal on accounting estimate changes, affirming that the decision-making process adhered to legal and regulatory standards [9][17] - The supervisory board concluded that the changes would provide a more accurate reflection of the company's financial status and credit risk [9][17] Group 3 - The company announced that the accounting estimate changes would be implemented from April 1, 2025, without requiring retrospective adjustments to previously disclosed financial reports [12][15] - The changes were prompted by the company's shift in business model following the change of its controlling shareholder to Hubei International Trade Group, enhancing the quality of accounts receivable [13][14] - The new accounting estimates aim to better reflect the expected credit risk of accounts receivable, facilitating more accurate financial assessments for investors [14][20] Group 4 - The company’s audit committee reviewed and approved the accounting estimate changes, confirming their compliance with accounting standards and the Shanghai Stock Exchange regulations [19][20] - The audit committee emphasized that the changes would allow for a more objective representation of the company's credit risk and financial performance [20]