Paisling announced that the company recently received an inquiry letter from the Shanghai Stock Exchange regarding the 2025 annual report. Regarding goodwill issues, independent directors believe that uncalculated impairment in 2025 is reasonable, and there is no situation where profit manipulation harms shareholders' interests; after verification, it was found that the subsidiary transaction was real, the pricing was fair, and that domestic entities did not deliver benefits to Wanfeng in the US; in the early stages of restructuring, the company had 353 million yuan of equity transfers receivable on its books, and the China Holdings Group's payment schedule was slow. The independent directors believed that the current communication, negotiation, and repayment efficiency was superior to legal channels to protect the company's overall interests.

Paisling announced that the company recently received an inquiry letter from the Shanghai Stock Exchange regarding the 2025 annual report. Regarding goodwill issues, independent directors believe that uncalculated impairment in 2025 is reasonable, and there is no situation where profit manipulation harms shareholders' interests; after verification, it was found that the subsidiary transaction was real, the pricing was fair, and that domestic entities did not deliver benefits to Wanfeng in the US; in the early stages of restructuring, the company had 353 million yuan of equity transfers receivable on its books, and the China Holdings Group's payment schedule was slow. The independent directors believed that the current communication, negotiation, and repayment efficiency was superior to legal channels to protect the company's overall interests.