ST Xiangxue: Stock trading may be subject to delisting risk warning.

ST Xiangxue announced that the company is expected to have negative net assets at the end of 2025. According to the relevant regulations of the Shenzhen Stock Exchange Growth Enterprise Board Listing Rules, if the audited net assets at the end of 2025 are negative, the company's stock trading will be subject to a delisting risk warning after the disclosure of the 2025 annual report. In addition, the company is currently in the pre-reorganization stage, and if the Guangzhou Intermediate People's Court formally accepts the company's reorganization application, the company's stock trading will also be subject to a delisting risk warning. The company, based on the principle of prudence, made additional provisions for impairment losses, which led to changes in the expected net assets. The final financial data shall be subject to the audit report issued by the annual audit institution. Please pay attention to investment risks.