Kingswood Education announced on August 25 that in April 2023, the company invested a total of RMB 130 million in Zhonghao Xinying Technology Co., Ltd. through capital increase and equity transfer. As of the date of this announcement, the company holds a 5.53% equity stake in Zhonghao Xinying, and the company does not have a controlling relationship with Zhonghao Xinying, which is not included in the consolidated financial statements, and its impact on the company's profits is not significant