Baiyun Electric announced that the company held a board meeting on December 15, 2025 to review and pass a bill to acquire the remaining minority shareholders' shares of the holding subsidiary Zhejiang Baiyun Zhebian Electric Equipment Co., Ltd. and increase capital through debt-for-share swaps. The company will use 15 million yuan to acquire 10% of Zhejiang Electric's shares held by Wolong Holding Group, and after wholly-holding, the 250 million yuan debt will be converted into a capital increase, of which 150 million yuan will be included in the registered capital and 100 million yuan will be included in the capital reserve. After the capital increase, Zhejiang Electric's registered capital increased to 500 million yuan, net assets increased to 189 million yuan, and the balance ratio decreased to 85.72%. This transaction does not constitute a major asset restructuring and does not involve related transactions.

Baiyun Electric announced that the company held a board meeting on December 15, 2025 to review and pass a bill to acquire the remaining minority shareholders' shares of the holding subsidiary Zhejiang Baiyun Zhebian Electric Equipment Co., Ltd. and increase capital through debt-for-share swaps. The company will use 15 million yuan to acquire 10% of Zhejiang Electric's shares held by Wolong Holding Group, and after wholly-holding, the 250 million yuan debt will be converted into a capital increase, of which 150 million yuan will be included in the registered capital and 100 million yuan will be included in the capital reserve. After the capital increase, Zhejiang Electric's registered capital increased to 500 million yuan, net assets increased to 189 million yuan, and the balance ratio decreased to 85.72%. This transaction does not constitute a major asset restructuring and does not involve related transactions.