Group 1 - The company held its 22nd meeting of the 6th Board of Directors on November 3, 2025, via electronic communication, with all 6 directors present, and the meeting was deemed valid [2][3][9] - The Board approved a proposal to establish a joint venture with Zhishen Technology (Beijing) Co., Ltd. and Shuyang'er Media Technology (Sichuan) Co., Ltd., with a registered capital of 40 million RMB, where the company will contribute 20.4 million RMB, accounting for 51% of the joint venture [3][8][9] - The joint venture will focus on humanoid and quadruped robots, integrating the company's new energy technology with the partners' smart technology and media resources [15][16] Group 2 - The joint venture will be named Baoxin Zhishen Robotics (Chengdu) Co., Ltd., with a registered capital of 40 million RMB, and will operate in Chengdu, Sichuan [13][16] - The ownership structure of the joint venture includes the company holding 51%, Zhishen Technology holding 30%, and Shuyang'er Media holding 19% [17][18][19] - The joint venture aims to create a competitive innovative enterprise in the robotics industry, leveraging the strengths of all partners [15][45]