HBC announced that the company's board of directors convened on April 28, 2025, to review and approve a proposal to terminate the spin-off of its subsidiary WuJun GuangNeng for listing on the Shanghai Stock Exchange's main board and to withdraw the relevant listing guidance documents. The reason for the termination is that the market environment has significantly changed since the planning of the spin-off listing, in order to protect the interests of the company and the majority of investors. This termination will not have a substantial impact on the company and will not affect the implementation of the company's future strategic planning. The company promises not to plan any major asset restructuring matters within one month after the announcement of the termination of the spin-off