*ST Qihuan announced that Sandton New Energy Technology Co., Ltd., a subsidiary holding 22.7673% of the company's shares, was ruled by the Xiangtan Intermediate People's Court of Hunan Province to terminate the restructuring process and declared bankruptcy. Sandton Energy is not within the scope of the company's consolidated statement. Currently, the company's remaining guarantee balance is 272 million yuan. The guarantee has not yet been lifted, and the company will recover the amount from its controlling shareholder Sander Group Co., Ltd. in accordance with the relevant counterguarantee agreement. As of the end of 2025, Sandton New Energy's non-operating capital balance for the company's subsidiary Hunan Sander was 63.6549 million yuan. This incident did not have a significant impact on the company's production and operation.

*ST Qihuan announced that Sandton New Energy Technology Co., Ltd., a subsidiary holding 22.7673% of the company's shares, was ruled by the Xiangtan Intermediate People's Court of Hunan Province to terminate the restructuring process and declared bankruptcy. Sandton Energy is not within the scope of the company's consolidated statement. Currently, the company's remaining guarantee balance is 272 million yuan. The guarantee has not yet been lifted, and the company will recover the amount from its controlling shareholder Sander Group Co., Ltd. in accordance with the relevant counterguarantee agreement. As of the end of 2025, Sandton New Energy's non-operating capital balance for the company's subsidiary Hunan Sander was 63.6549 million yuan. This incident did not have a significant impact on the company's production and operation.