ZMAX announced that director, board secretary, and deputy general manager Zhang Jie reduced his holdings by 189,200 shares through centralized bidding from August 13, 2025, to August 14, 2025, at a price range of 37.47 to 39.5 yuan per share, cashing out 7.235 million yuan, accounting for 0.2150% of the company's total share capital; after the reduction, he holds 568,100 shares, accounting for 0.6456%