Hongsheng Huayuan announced that Shandong Electric, a wholly-owned subsidiary of the company's controlling shareholder, signed an “absorption and merger agreement” with the shareholder Shaanxi Galaxy, disbanded and cancelled, and transferred the 188,921,180 shares to Shandong Electric through a non-transactional transfer. On December 16, 2025, the share transfer registration was completed. After the transfer, Shandong Electric directly held 188,921,180 shares, accounting for 7.06%, and Shaanxi Galaxy no longer holds shares. This change in equity does not involve an increase or decrease in holdings, and does not affect the controlling shareholders, actual controllers and independence of the company.

Hongsheng Huayuan announced that Shandong Electric, a wholly-owned subsidiary of the company's controlling shareholder, signed an “absorption and merger agreement” with the shareholder Shaanxi Galaxy, disbanded and cancelled, and transferred the 188,921,180 shares to Shandong Electric through a non-transactional transfer. On December 16, 2025, the share transfer registration was completed. After the transfer, Shandong Electric directly held 188,921,180 shares, accounting for 7.06%, and Shaanxi Galaxy no longer holds shares. This change in equity does not involve an increase or decrease in holdings, and does not affect the controlling shareholders, actual controllers and independence of the company.