Fashionable Nation: Shareholders Hangzhou Jiyu and its concerted action parties have collectively reduced their holdings by 2.00%.

Notice from Lishangguochao: Shareholder Hangzhou Jiyu Business Management Co., Ltd. reduced its holdings in the company by 15,020,700 shares on June 16, 2026 through block trading, accounting for 1.97% of the total share capital of the company. After this equity change, Hangzhou Jiyu no longer directly holds shares in the company, and its shareholding ratio has decreased from 1.97% to 0.00%. The combined shareholding ratio of Hangzhou Jiyu and its concerted action person, Kaihua Lijin Technology Co., Ltd., decreased from 7.75% to 5.78%, triggering a change in shareholder equity exceeding the 1% threshold.