Treasure Technologies: completion of the establishment of a joint venture company business registration.

Baohong Technology Announcement: The company has signed a "Equity Investment Agreement" with Zhi Shen Technology and Shuyanger Media to jointly invest in the establishment of a joint venture in Chengdu, Sichuan. The registered capital of the joint venture is 40 million yuan, of which Baohong Technology contributes 20.4 million yuan in cash, accounting for 51% of the registered capital. On November 13, 2025, the company signed a "Supplementary Agreement on Equity Investment" with Zhi Shen Technology and Shuyanger Media, and supplemented and adjusted the original contract terms. On the same day, the joint venture company completed the industrial and commercial registration procedures and obtained a "Business License".