Changhe announced on the Hong Kong Stock Exchange that the board of directors is aware of recent media reports on the proposed suspension of the Group's retail business independent listing. As far as the Group's retail business is concerned, such strategic exploration and evaluation and related preparations are ongoing. However, as of the date of this announcement, the Board of Directors did not decide on any transaction involving the independent listing of the Group's retail business. Shareholders and potential investors of the Company should note that it is currently uncertain whether any such transactions will take place and should refer to the announcements issued by the Company. If necessary, the Company will publish further announcements in accordance with applicable laws and regulations.

Changhe announced on the Hong Kong Stock Exchange that the board of directors is aware of recent media reports on the proposed suspension of the Group's retail business independent listing. As far as the Group's retail business is concerned, such strategic exploration and evaluation and related preparations are ongoing. However, as of the date of this announcement, the Board of Directors did not decide on any transaction involving the independent listing of the Group's retail business. Shareholders and potential investors of the Company should note that it is currently uncertain whether any such transactions will take place and should refer to the announcements issued by the Company. If necessary, the Company will publish further announcements in accordance with applicable laws and regulations.