HIKING announced that the company's stock price deviation exceeded 12% over three consecutive trading days from October 29 to 31, 2025, indicating abnormal fluctuations. After self-examination, the company confirmed that its production and operations are normal, with no undisclosed significant information that should be disclosed, and relevant personnel did not buy or sell the company's stock during the period of abnormal fluctuations. The company has highlighted multiple risks, including a net profit of -134 million yuan in 2024, and a net profit of 16.4404 million yuan in the first three quarters of 2025, a year-on-year decrease of 60.93%; the controlling shareholder and its concerted parties have a share pledge ratio of 99.64%, with shares being judicially frozen and marked; related parties have occupied funds of 406 million yuan, and the original repayment plan has been terminated
