Core Viewpoint - The company has announced the progress of its entrusted financial products and the impact of the cancellation of the private fund manager registration of Xi Hua Private Fund Management Co., Ltd. [1][2] Group 1: Financial Product Overview - The company has invested in three financial products with a total net asset value of 123.4681 million yuan as of December 31, 2024 [1] - The financial products include investments managed by Xi Hua Private Fund and other entities, with varying terms and conditions for redemption [1] Group 2: Impact of Fund Manager Cancellation - Xi Hua Private Fund was deregistered on July 4, 2025, due to its inability to meet ongoing registration requirements [2] - The fund manager will gradually liquidate the managed funds or change the fund manager, with the account currently frozen by law enforcement [2][3] Group 3: Company Measures and Commitments - The actual controllers of the company have committed to compensate for any losses incurred from the inability to redeem the financial products, using personal assets if necessary [3] - The company has established a management approach for entrusted financial investments and is implementing strict compliance measures to mitigate risks [4] - The company is enhancing cash flow management and has engaged legal advisors to recover restricted funds [4][5]