Shuyu Civilian announced that due to the combined effects of concerted actor Shuyu Jinyun's holdings reduction and Shuyu's debt-for-equity conversion passive dilution, the total shareholding ratio of controlling shareholder and actual controller Li Wenjie and his co-actors Shu Yu Jinyun and Shu Yu Tongcheng fell from 52.09% to 51.78% between November 26, 2025 and the equity change hit an integer multiple of 1%. Among them, Shu Yu Jinyun reduced her holdings by 1.146,300 shares, accounting for 0.28% of the total share capital; the share ratio was passively diluted by 0.03% due to debt-for-equity swaps. This change has not led to changes in the controlling shareholders and actual controllers of the company. Currently, the holdings reduction plan has not been completed.

Shuyu Civilian announced that due to the combined effects of concerted actor Shuyu Jinyun's holdings reduction and Shuyu's debt-for-equity conversion passive dilution, the total shareholding ratio of controlling shareholder and actual controller Li Wenjie and his co-actors Shu Yu Jinyun and Shu Yu Tongcheng fell from 52.09% to 51.78% between November 26, 2025 and the equity change hit an integer multiple of 1%. Among them, Shu Yu Jinyun reduced her holdings by 1.146,300 shares, accounting for 0.28% of the total share capital; the share ratio was passively diluted by 0.03% due to debt-for-equity swaps. This change has not led to changes in the controlling shareholders and actual controllers of the company. Currently, the holdings reduction plan has not been completed.