*ST Quan announced that there is a risk that the listing of the company's shares will be terminated. The company's 2025 revenue was 48.853 million yuan, net loss of 221 million yuan, deducted non-net loss of 151 million yuan, and net assets of -163 million yuan at the end of the period. Delisting risk warnings and other risk warnings have been implemented. The company has been issued negative internal control audit reports for two consecutive years. As of the date of disclosure of the announcement, it has not received formal court acceptance documents on the company's restructuring matters. There is uncertainty about whether the restructuring application will be accepted. If the restructuring fails and it is ruled bankrupt, the company's shares will face the risk of termination of listing.

*ST Quan announced that there is a risk that the listing of the company's shares will be terminated. The company's 2025 revenue was 48.853 million yuan, net loss of 221 million yuan, deducted non-net loss of 151 million yuan, and net assets of -163 million yuan at the end of the period. Delisting risk warnings and other risk warnings have been implemented. The company has been issued negative internal control audit reports for two consecutive years. As of the date of disclosure of the announcement, it has not received formal court acceptance documents on the company's restructuring matters. There is uncertainty about whether the restructuring application will be accepted. If the restructuring fails and it is ruled bankrupt, the company's shares will face the risk of termination of listing.