ST Joint Venture announced that the company hired ZTE Certified Public Accountants to carry out special inspections on non-standard matters and significant depreciation in the 2025 audit. The scope of the inspection covered 6 types of matters, including transactions with Zhu's related party and equity repurchase payments in Yunsong, Hunan. Among them, four cases, including financial support provided to Ningbo Yuanzong and Tianjin Maolian, and impairment of goodwill in Hunan Yacheng, were not found to have significant discrepancies with the verification situation; full verification data is still not available on matters such as transactions with Zhu's related party, the recyclability of Hunan Yunsong share repurchase funds, and the impact of the Hunan Yacheng minority shareholder share repurchase lawsuit. As of December 31, 2025, the company had fully prepared for bad debts of 609 million yuan on the book balance of Zhu's related party accounts receivable. If the 2026 annual report still fails to obtain sufficient audit evidence, there is a risk that the company's stock will be subject to a delisting risk warning.

ST Joint Venture announced that the company hired ZTE Certified Public Accountants to carry out special inspections on non-standard matters and significant depreciation in the 2025 audit. The scope of the inspection covered 6 types of matters, including transactions with Zhu's related party and equity repurchase payments in Yunsong, Hunan. Among them, four cases, including financial support provided to Ningbo Yuanzong and Tianjin Maolian, and impairment of goodwill in Hunan Yacheng, were not found to have significant discrepancies with the verification situation; full verification data is still not available on matters such as transactions with Zhu's related party, the recyclability of Hunan Yunsong share repurchase funds, and the impact of the Hunan Yacheng minority shareholder share repurchase lawsuit. As of December 31, 2025, the company had fully prepared for bad debts of 609 million yuan on the book balance of Zhu's related party accounts receivable. If the 2026 annual report still fails to obtain sufficient audit evidence, there is a risk that the company's stock will be subject to a delisting risk warning.