Ancient Qirong material: The company has sufficient orders on hand to support continued shipments in the second quarter.

Gu Qirong Materials recently stated in a survey conducted by reception institutions that the core source of revenue growth in the first quarter of 2026 comes from an increase in downstream customer orders and an increase in the volume of shipped finished down products compared to the previous year. Downstream civilian and military brands continue to optimize the structure of their down products, with a steady increase in the proportion of orders for high loft and high down. This is the core driving force behind the revenue growth. With a sufficient amount of undelivered orders on hand, it provides support for continuous shipments in the second quarter.