24-hour news update Page 35

"After swimming in the mountains and playing in the water, sister, you are the most beautiful." Recently, a little boy selling fried grasshoppers on the street in Fengnan District, Tangshan, Hebei Province became popular. With his sincere and enthusiastic attitude and catchy auspicious words, he brought joy wherever he went, attracting many passers-by to stop and cheer. He is Erhang, a 12-year-old primary school student.

Erhang is a fifth-grade student, and this special street practice began last summer. In order to let her child get out of the classroom, experience life firsthand, and exercise his comprehensive ability to deal with things, Erhang's mother supported him to participate in social practice by setting up a stall and doing business. The mother and son chose to sell their own handmade fried grasshoppers.

Erhang is selling fried grasshoppers. Photo courtesy of Erhang’s mother

At first, Erhang just sold quietly. Many passers-by were moved by the children's serious and focused appearance and took the initiative to buy. After feeling everyone's kindness and support, the mother and son thought about giving back to their customers with happiness, and began to learn to say auspicious words. From the simplest short blessings to complete sets of casual blessings, from being unfamiliar and shy at the beginning, to being proficient and natural later on, Erhang has accumulated little by little and grown step by step. When facing different customers, he can always blurt out blessings that are appropriate and festive, and he has become more and more cheerful and generous.

"Part of these words were taught by us, and more were expressed by the children themselves on the spot. They are sincere and down-to-earth, and they always make customers laugh." Talking about this practical experience, Erhang's mother was very pleased. In order not to delay schoolwork, Erhang only goes out to set up stalls on weekends, holidays and after completing all homework, avoiding class and daily study time, truly achieving both after-school practice and academic studies. In just a few months, Erhang has become more aware of how to cherish and be grateful, and he is polite and courteous in dealing with others. His courage has also been greatly tempered, and he has become more calm and generous when communicating with others. In the eyes of his family, “not only did he not affect his studies, but he brought about many positive changes.”

Erhang sends flowers to customers. Photo courtesy of Erhang’s mother

In the hearts of Erhang and Mom, making customers feel good is far more important than selling goods. They hope that everyone will take away not only a special snack, but also a simple happiness. It is this pure original intention that makes Erhang gain the love of countless passers-by. There are no noisy cries at his stall, only continuous laughter and laughter, full of healing fireworks and human touch.

Facing everyone's love and support, Erhang and his mother are filled with gratitude. The two said frankly that they will always stick to their original intention, pass on the joy of the streets, persist in this warm "happy business", and use the simplest sincerity to bring joy and warmth to more passers-by.

According to data from Chongqing.com, Chongqing Rural Commercial Bank Co., Ltd. (Yunong Commercial Bank, 601077.SH) held a board meeting on March 25 and reviewed and approved the proposal to re-appoint the accounting firm. According to the announcement, the Bank intends to continue to hire KPMG Huazhen LLP (Special General Partnership) and KPMG LLP to be responsible for auditing and related services provided in accordance with Chinese and international auditing standards in 2026 respectively for a period of one year. This matter still needs to be submitted to the 2025 Annual General Meeting of Shareholders for review.

In terms of core decision-making, the audit service scope of this renewal includes annual financial statement audit, mid-term review, quarterly agreed procedures, internal control audit and verification of related party fund occupation, etc. Key data shows that the total estimated domestic and overseas audit and related service fees in 2026 will be RMB 5.655 million, the same as the previous year, of which internal control audit fees will be RMB 605,000.

Institutional information shows that KPMG Huazhen has corresponding professional qualifications and investor protection capabilities. In terms of the project team, the proposed project partner Xue Chenjun, the signing certified public accountant Wang Weishun and the project quality control reviewer Jin Naiwen have provided services to the bank since 2022; the certified public accountant Peng Chengchu who signed the international standards audit report has provided services to the bank since 2024. None of the above personnel has been subject to regulatory penalties in the past three years.

Previously, the Audit Committee of the Bank's Board of Directors had reviewed the renewal proposal and believed that KPMG had the necessary professional capabilities, independence and integrity, and agreed to submit it to the Board of Directors. This renewal is a routine arrangement made by the company within the framework of relevant regulations of the Ministry of Finance and Chongqing State-owned Assets Supervision and Administration Commission. It is designed to ensure the continuity and quality of financial reporting and internal control audit work, and will have no significant impact on the company's daily operations.

Jimu News reporter Pan Xiheng

"Taiwanese people can start from the island and drive to Beijing along the Beijing-Taiwan Expressway to visit." On March 25, Zhu Fenglian, spokesperson for the Taiwan Affairs Office of the State Council, made this statement at a regular press conference, which quickly attracted attention. In fact, in addition to the expressway, there is also a high-speed rail that will directly connect Taiwan and Beijing. People in Wuhan will also benefit from this high-speed rail channel and can take the high-speed rail to Taipei in the future.

Jimu News reporter learned that the Beijing-Hong Kong high-speed railway in the Beijing-Hong Kong (Taiwan) corridor of the national "eight vertical and eight horizontal" high-speed rail network has entered the final sprint stage of construction, and the Beijing-Hong Kong section is expected to be fully opened to traffic in 2026.

Beijing-Hong Kong-Taiwan High-speed Railway Channel Planning Map (Screenshot) Source: National Development and Reform Commission official website

At the press conference of the Taiwan Affairs Office of the State Council on March 25, 2026, spokesperson Zhu Fenglian described the vision after reunification and mentioned that Taiwan would be supported in building infrastructure including high-speed rail around the island, railways connecting the east and west, and cross-strait express lanes. By then, Taiwanese compatriots can drive to Beijing along the Beijing-Taiwan Expressway.

What few people know is that as early as 10 years ago in 2016, the "Medium and Long-term Railway Network Plan" issued by the National Development and Reform Commission had already outlined the "eight vertical and eight horizontal" main high-speed railway corridors. Taipei City, Taiwan Province appears in the vertical channel "Beijing-Hong Kong (Taiwan) Channel".

The Beijing-Hong Kong (Taiwan) High-speed Railway consists of multiple lines, divided into two directions: the "Beijing-Hong Kong Line" connecting Hong Kong and the "Beijing-Taiwan Line" planned to extend to Taiwan. The latest details are as follows:

Beijing-Hong Kong Line: The entire line will be completed soon

Xiongshang Section (Beijing-Shangqiu): As the last section not yet open to traffic, the track laying of the main line has been completed, and the cold slip test of the contact network in the Shandong section has been successfully completed. It has entered the power transmission stage and is scheduled to be opened for operation in 2026.

Changjiu Section (Nanchang-Jiujiang): As a key part of the Beijing-Hong Kong corridor, the entire tunnel has been completed recently, laying a solid foundation for subsequent track laying and the opening of the entire line in 2026.

Fuhuang Section (Fuyang-Huanggang): It has been clearly written into the national "15th Five-Year Plan" outline, the feasibility study report has been approved, and construction is planned to start in 2026. The construction of the project is of great significance for accelerating the opening of the "eight vertical and eight horizontal" Beijing-Hong Kong (Taiwan) channel, serving the accelerated rise of the central region, improving the infrastructure of the old revolutionary base area in the Dabie Mountains, and promoting regional economic and social development. This section of the line is the last section of the West Path Road (via Hubei) of the Beijing-Hong Kong (Taiwan) Corridor. After completion, it will open a fast lane from Wuhan to Beijing via Huanggang.

Beijing-Taiwan Line: Planned to extend to Taipei

According to the plan, after the Beijing-Hong Kong (Taiwan) Channel passes through Anhui, Jiangxi, Fujian and other provinces, it is planned to extend across the Taiwan Strait to Taipei.

According to the existing high-speed rail network planning and the blueprint drawn by experts, two high-speed rail lines from Wuhan to Taiwan can be roughly outlined in the future: from Wuhan via Jiujiang, Nanchang, and Fuzhou, that is, along the west path of the Beijing-Hong Kong (Taiwan) Corridor, and then to Taipei through the Strait Channel; from Wuhan via Hefei, Fuzhou, that is, via the Fuyin High-speed Railway, and then to Taipei through the planned Strait Channel.

So how long will it take to take the high-speed rail from Wuhan to Taiwan in the future? Relevant people said that it is currently impossible to calculate the exact duration of the high-speed train from Wuhan to Taiwan because the key project connecting the two sides of the Taiwan Strait, the channel across the Taiwan Strait, is still in the planning and research stage, and there is no specific construction timetable.

recently

Official announcements from Jiangsu, Zhejiang, Anhui, Sichuan and other places

2026 Spring Break Arrangements for Primary and Secondary School Students

Spring break is mostly connected with Qingming Festival and May Day holidays

Easily unlock short vacations

Various places have also launched heart-warming

Spring break cultural travel "gift package"

Covers free admission to scenic spots and free transportation

Study discounts and other benefits

Jiangsu

Zhouzhuang Ancient Town

Spring break: April 1st to 3rd, which connects with the Qingming Festival holiday to form a 6-day continuous holiday.

️For primary and secondary school students aged 7-16, Nanjing, Suzhou and other places have launched free ride activities: with student ID, household registration book, and ID card, you can take buses, subways, ferries, trams and other public transportation for free.

️Nanjing Hongshan Forest Zoo issues 45,000 free tickets to students aged 16 and under across the country; Lianyungang Huaguo Mountain, Kongwang Mountain, Taohua Stream, and Jiagu Holy Land have free admission to primary and secondary school students; students aged 7-16 can visit seven ancient Jiangnan towns such as Zhouzhuang, Tongli, Luzhi, and Jinxi for free; Dabaoen Temple Ruins Scenic Area issues 50,000 free tickets to primary and secondary school students under the age of 18.

️Nanjing has created an exclusive service platform for "Youth Jinling Tour" and released 16 high-quality parent-child study routes; Taizhou has launched 18 high-quality study routes, covering multiple categories such as intangible cultural heritage, red education, ecological tourism, and farming experience.

Zhejiang

Yandang Mountain Scenic Area

Spring break: April 28-30 in most areas, which falls consecutively with the May Day holiday, forming an 8-day holiday.

️Thousand Island Lake, Taizhou Shenxianju, Wenzhou Yandang Mountain, Jiaxing Yanguan Ancient City and other scenic spots are free of charge for students during the spring break.

Anhui

Huangshan Scenic Area

Spring break: April 1st to 3rd, which connects with the Qingming Festival holiday to form a 6-day continuous holiday.

️17 4A-level or above scenic spots in Huangshan City, including Huangshan Scenic Area, Xidi, and Hongcun, offer free first-entry tickets to tourists under 18 years old; Langya Mountain Scenic Area is open to children under 16 years old all over the world free of charge; Hefei Chaohu Laoshan Island, Sunac Paradise, Liuyuan Ancient Huizhou Cultural Park, Wildlife Park and many other attractions offer free admission or half-price discounts to students under 16 years old.

Sichuan

Panda cubs at Wolong Chinese Giant Panda Garden

Spring break time: 3 days before and after the Qingming holiday, forming a continuous holiday with the Qingming holiday.

️Wolong Chinese Giant Panda Garden is free of charge for students under 18 years old from April 1st to 9th; Bipenggou Tourist Scenic Spot is free of charge for teachers and students under 17 years old (including 17 years old) from April 1st to April 10th; Qingcheng Mountain is open to middle school students and primary school students nationwide on April 1st, 2nd, and 3rd. Students are free of charge; Dujiangyan Scenic Spot is free of charge for middle school and primary school students across the country starting from 12:30 on April 1st, 2nd, and 3rd; Mianning County Yihai Tourist Scenic Spot is offering free tickets for students from April 1st to 7th, and launches limited activity packages and interactive experience activities.

️From April 1st to April 6th, Chengdu will launch hundreds of exciting cultural activities in five categories: intangible cultural heritage, folk customs, research, performance, and popularization of aesthetic education.

Sichuan has also released 116 quality study and practice education routes for primary and secondary school students across the province, covering the four major themes of red, humanities, nature and science and technology.

Spring Break Travel Safety Reminder

Confirm in advance and plan accurately: Pay attention to school notifications as soon as possible, lock in accurate holidays, and book transportation and accommodation in advance. Pay attention to the weather and be flexible: The weather in spring is changeable, especially when traveling to plateaus, mountains and other places. Be sure to check the weather at your destination and prepare rain gear and warm clothes. Always keep safety in mind: obey traffic regulations when traveling; be sure to abide by safety regulations when visiting mountain and water scenic spots; pay attention to food hygiene. Travel in a civilized way and practice environmental protection: protect cultural relics and the natural environment and be a quality traveler.

Spring is the preface, and all things sing in harmony

Keep this travel guide

Let’s take a spring outing on the go~

Producer丨Zheng Hong

Producer丨Zhang Qibin

Planning丨Wang Danni

Relying on its natural rivers and lakes, Hubei's freshwater aquatic products dominate the country; relying on the hub of the nine-province thoroughfare, Hubei spring tea is continuously transported to Guangzhou and Shenzhen… How can Hubei's food and beverages, which have a strong family background, reach the global dining table? Recently, the 2026 SIAL West Asia International Food Exhibition Hubei Media Think Tank Roundtable with the theme of "Jingchu Global Food and Beverage New Situation" was held in Wuhan. Representatives from many mainstream media gathered to discuss topics such as Hubei's food and beverage industry going overseas and upgrading local procurement channels, and sounded the "assembly call" for Hubei merchants for the 2026 SIAL West Asia International Food Exhibition (Shanghai), which will be held from May 18 to 20 this year.

West Asia exhibition site

At the roundtable meeting, a set of hard-core data about Hubei’s food and beverage industry attracted widespread attention. Today's Hubei is no longer limited to hot dry noodles and Zhou black duck. From Qianjiang crayfish and Suizhou mushrooms to Fangxian rice wine, Yingshan tea, etc., Hubei's specialty agricultural products and deep processing matrix have become extremely large-scale. Especially on the distribution and consumption side, Hubei is the core supplier of industrial-grade raw materials for food in China. In addition, cross-border innovations in local catering are emerging one after another. New business formats such as tahini coffee and cabbage coffee are showing vigorous consumption vitality.

Hubei food and drink at the exhibition

In the process of nationalization and globalization, Hubei food and beverage companies also have their own "growing pains", especially in terms of opening up market access to the country and even overseas, and formulating export standards and qualifications for high-quality agricultural products. They need a platform that not only understands international trade rules but can also provide accurate business docking to break the industry information gap.

As a leading international exhibition that has been deeply involved in the Chinese market for 26 years, SIAL West Asia International Food Exhibition (Shanghai) may provide a springboard for Hubei enterprises to borrow ships to go overseas. According to reports, the SIAL International Food Exhibition is highly focused on "B2B pure commercial trade" and will rely on the high-quality resources accumulated around the world to provide "carpooling" exhibition services for enterprises. This means that high-quality origin companies in Hubei can enjoy export standard guidance, quality control docking, and one-on-one matching with global target buyers at the exhibition site.

According to reports, "Jingchu Youpin" operated by Hubei Communications Investment Group previously brought 14 companies and more than 150 products to the SIAL International Food Exhibition. On the first day of the exhibition, it received more than 600 professional buyers and won nearly 70 intended orders. The cumulative transaction amount exceeded 30 million yuan, of which overseas orders accounted for 35%.

At the roundtable meeting, SIAL West Asia International Food Exhibition extended a sincere invitation to Hubei food buyers and distributors. It is reported that the exhibition will open at the Shanghai New International Expo Center from May 18th to 20th, with a scale of 200,000 square meters, 18 major themes, and will bring together more than 5,000 top exhibitors from 75 countries and regions around the world. Especially for the international high-end meat and frozen food sectors where the Hubei market is relatively weak, this Shanghai exhibition will bring the first new products from the pavilions of Argentina, Australia, Belgium, Argentina, Brazil, Chile, Italy, Russia and other countries and regions.

(Photo courtesy of the event party)

On March 25, 2026, on the eve of the 130th anniversary of Xi'an Jiaotong University, Du Xiaoman signed a strategic cooperation agreement with Xi'an Jiaotong University. The two parties will integrate the advantages of industrial practice and academic research, and cooperate in depth in jointly building scientific research platforms, joint talent training, and promoting the transformation of technological achievements, so as to promote the application of cutting-edge artificial intelligence technology in the financial field. Zhang Liqun, academician of the Chinese Academy of Engineering and president of Xi'an Jiaotong University, Chen Juan, deputy dean of the Research Institute of Xi'an Jiaotong University, Liang Li, secretary of the Party Committee of the Department of Telecommunications of Xi'an Jiaotong University, Zhu Guang, CEO of Du Xiaoman, and Zhang Wenbin, CTO of Du Xiaoman, attended the signing ceremony.

It is worth noting that the two parties will launch strategic cooperation in 2021 to establish the "Xi'an Jiaotong University-Du Xiaoman Artificial Intelligence Joint Research Center". The high-performance big data analysis architecture jointly built by the two parties has been fully applied in various data analysis scenarios in Duxiaoman's business, shortening the time spent on business data analysis by an average of 40%, and significantly improving the efficiency of business insights and decision-making response speed. In terms of data asset operations, data storage costs have been optimized by more than 15%, greatly improving resource utilization efficiency while ensuring stability.

In the second phase of the strategic cooperation project launched this time, Du Xiaoman will work with the Department of Telecommunications and the School of Artificial Intelligence of Xi'an Jiaotong University to carry out joint research around the self-evolution of agents, the application of multi-modal large models in small and micro finance, AI-native financial intelligent computing bases, big data multi-variable learning, etc., to systematically solve the key issues facing AI-native finance from the data, model to agent levels, and jointly explore the new paradigm of AI-empowered finance in the next stage.

Zhang Liqun, President of Xi'an Jiaotong University, said: "Xi'an Jiaotong University has always adhered to the educational orientation of 'rooting in the west, serving the country, and being world-class'. It has cultivated a group of top talents, established a number of advantageous disciplines such as power engineering, engineering thermophysics, and electrical engineering, and created a human-machine hybrid enhanced intelligence It is a national key laboratory and other major national scientific research platforms, and has taken the lead in building high-level open education platforms such as the China-Shanghai Cooperation Organization Higher Education Cooperation Center. In the field of artificial intelligence, the school has further promoted the "Artificial Intelligence Pilot Plan" and served as the Ministry of Education's "101 Plan" for Artificial Intelligence. As one of the leading units in the construction of core courses, Du Xiaoman continues to lead the reform of the artificial intelligence talent training system and the improvement of teaching quality. Finance is one of the most valuable implementation scenarios of artificial intelligence technology. Du Xiaoman, as a leading financial technology company in China, has profound scientific research experience in the field of artificial intelligence with Xi'an Jiaotong University. The strength and talent pool are highly consistent. We hope that both parties will take this signing as a new starting point to actively explore the innovative model of 'jointly asking questions, jointly answering questions, and jointly benefiting from each other', promoting the school's scientific research results to move out of the laboratory and into real applications, and contribute to the integrated development of artificial intelligence and the financial industry."

Du Xiaoman CEO Zhu Guang said: "Xi'an Jiaotong University has always been at the forefront of artificial intelligence technology exploration and has achieved breakthrough results in basic research on artificial intelligence. Du Xiaoman has advantages in scenarios, data and engineering capabilities in artificial intelligence applications. Based on the significant progress achieved in the first phase of cooperation, the two parties will further increase resource investment and depth of cooperation, promote the transformation of technological achievements, and jointly explore the cutting-edge applications of AI in the financial field."

Du Xiaoman continues to explore the application of artificial intelligence in the financial field. In May 2023, Du Xiaoman open sourced "Xuanyuan", China's first 100-billion-level large-scale financial model; in 2024, it began to explore the application of large-scale reasoning models in risk control; in 2025, it further launched Xuanyuan FinX1 with deep reasoning capabilities, and its large-scale model matrix has been widely used in core business scenarios such as risk control and customer service in financial institutions. Within the company, Du Xiaoman has deployed a large model as a credit review Copilot. By learning the judgment logic of excellent credit reviewers, AI helps front-line employees quickly complete credit review judgments, shortening the review time from 10 minutes to 30 seconds, and reducing credit default risks by more than 50%.

In recent years, Du Xiaoman has continued to increase investment in Xi'an, with the cumulative investment amount exceeding 1.4 billion yuan. In order to better attract local talents, Xiaoman set up a research and development center in Xi'an last year, and currently more than 150 engineers have joined.

| Thursday, March 26, 2026 |

NO.1 Zhihu releases 2025 financial report: achieving Non-GAAP profit for the first time

On March 25, Zhihu released its fourth quarter and full-year performance report for 2025. Revenue in the fourth quarter was 644 million yuan, and full-year revenue in 2025 was 2.75 billion yuan, down 23.6% year-on-year. The adjusted net profit for the year was 37.87 million yuan, compared with a net loss of 96.27 million yuan in the same period last year. It achieved full-year non-GAAP profit for the first time, mainly due to the reduction in content and operating costs related to the decline in revenue, as well as the reduction in personnel-related expenses. Total cost of revenue decreased by 22.3% to 1.101 billion yuan.

Comment: Zhihu achieved its first full-year profit. This milestone stems from extreme cost reduction and is a "profit on the edge." Paid reading has become the core revenue pillar, and AI applications help cost optimization, but user and advertising businesses are under pressure. This turnaround is an operating turning point, and we need to find a balance between profitability and growth in the future.

NO.2 Bubble Mart small household appliances have started large-scale stocking

On March 25, at the Bubble Mart results conference call, Chairman and CEO Wang Ning stated that derivative small home appliances with IP (creative content or brand with commercial value) as the core will be launched in April and will be sold on e-commerce platforms such as JD.com. In this regard, the reporter learned from people familiar with the matter that the core OEM company of Bubble Mart small home appliances is Xinbao Shares. It is reported that the cooperation model between the two parties is mainly based on the OEM (Original Manufacturing) model. The current categories include electric kettles, coffee machines, electric toothbrushes, hair dryers and other products. At this stage, they have entered a large-scale stocking stage. Target market planning may be domestic first and then overseas.

Comment: Bubble Mart announced the launch of IP-derived small home appliances in April. This move is a key step in the deep realization of its IP value and its extension from trendy toys to lifestyle brands. Relying on its fan base and IP premium, it is expected to open up the young consumer market. However, competition in the small home appliance market is fierce, and quality control and after-sales requirements are high. Whether it can balance IP design and product practicality and maintain profitability after crossing over has yet to be tested by the market.

NO.3 Guming: Revenue reaches 12.9 billion yuan in 2025

On March 25, Guming released its 2025 annual performance report. According to the financial report, in 2025, Guming will achieve total revenue of approximately 12.9 billion yuan, a year-on-year increase of 46.9%; adjusted profit (non-IFRS measurement) will be approximately 2.575 billion yuan, a year-on-year increase of 66.9%. As of the end of 2025, the number of Guming stores reached 13,554, a net increase of 3,640 stores compared with the end of 2024. Among them, the number of stores in second-tier cities and below accounted for 82% of the total number of stores, and the proportion of rural stores increased to 44%. As of December 31, 2025, more than 12,000 Guming stores have been equipped with coffee machines.

Comment: Guming’s revenue and profits have increased sharply, and its superimposed stores have expanded rapidly, showing that its ability to penetrate lower-tier markets continues to increase. Over 90% of stores are equipped with coffee machines, which means that they are transforming from a single tea drink to a "tea + coffee" composite model to increase unit price and time period utilization. Whether profitability can be maintained in the future will depend on the efficiency of the supply chain and the stability of the single-store model.

NO.4 Yellow Swan issued a statement on the results of egg canthaxanthin sampling

Huang Swan official Weibo reported on March 25 that Fengji Food Group Co., Ltd. issued a "Statement on the Results of Sampling Tests for Canthaxanthin in Yellow Swan Eggs": After the incident, the regulatory authorities where the company's production base was located paid close attention and quickly organized random inspections of related products; at the same time, the company immediately carried out self-inspections. At present, the test results of random inspections by regulatory authorities in the three places and self-inspections by enterprises have been fed back to the enterprise. All of them show that no canthaxanthin was detected in Yellow Swan eggs.

Comment: Huang Swan issued a statement on the issue of egg canthaxanthin sampling. Both regulatory and corporate self-inspection results showed that no relevant substances were detected, which to a certain extent alleviated the market's concerns about the quality of its products. As a raw-eatable egg head brand, this public opinion test is not only product safety, but also brand credibility and crisis response efficiency. Only by strictly adhering to quality control and being transparent and open can food companies stabilize consumer confidence and maintain their competitive advantages in market segments.

Recently, Shiya Technology Co., Ltd. (referred to as "Shiya Technology", 688781.SH) disclosed the initial public offering of shares on the Science and Technology Innovation Board. The company's shares were officially listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange on March 25. The stock abbreviation is "Shiya Technology" and the stock code is "688781".

Shiya Technology disclosed in the listing announcement that the company's A-share capital is 1,000,000 shares (face value 1.00 yuan per share), and the issuance price is 22.68 yuan/share, corresponding to a post-issuance market value of 22.68 billion yuan.

Forward-looking layout of micro-display business

According to the data, Shiya Technology is the world's leading provider of overall micro-display solutions. Its core product is silicon-based OLED micro-display, and it provides customers with value-added services including strategic product development, optical systems and overall solutions for AI glasses. As a leading company in the country's new display industry chain, Shiya Technology adheres to the company philosophy of "seeing because you believe" and continues to carry out independent research and development and product innovation. With silicon-based OLED independent strong microcavity technology, crosstalk interception technology, high-efficiency laminated OLED full-color technology, low-temperature color film technology, micro-lens array technology, silicon-based OLED With a series of key core technologies such as pixel current drive circuits, the company continues to break through the limits of product performance and process technology. It has now established the world's leading systematic technical barriers, and its product performance indicators are internationally leading. It is further expanding its global leadership through continuous and rapid technology iteration, and is the world's scarce silicon-based OLED technology leader.

Silicon-based OLED microdisplay is the core hardware of AI glasses. Relying on its long-term accumulation of technology and R&D advantages, Shiya Technology relies on its core technical advantages such as high resolution, high contrast, low power consumption, and wide color gamut. The company's customers include major domestic and foreign head terminal manufacturers, and it has established in-depth strategic cooperation with many of the world's top technology companies. Currently, the rapid development of artificial intelligence is profoundly changing the way humans work and live. AI technology has created a massive demand for information interaction, and smart glasses terminals are deeply integrated with AI technology. AI glasses are regarded as the best carrier of end-side AI and are expected to gradually replace smartphones and become a new generation of smart display terminals. The dual resonance of market demand and technological innovation is driving the AI ​​glasses market into an unprecedented period of accelerated development, bringing huge product innovation space and abundant future growth momentum to Shiya Technology.

The listing announcement disclosed that the actual controller of Shiya Technology is Gu Tie. Gu Tie holds 100.00% of the equity of the controlling shareholder Shanghai Jishan, and can control a total of 29.36% of the issuer's shares through Shanghai Jishan and its controlling entities. Combined with the special voting rights setting arrangement, before this issuance, Gu Tie controlled 61.79% of the voting rights through Shanghai Jishan and was the actual controller of the company. After this issuance, Gu Tie can control a total of 26.42% of the issuer's shares through Shanghai Jishan and its controlling entities, and controls a total of 58.29% of the voting rights through Shanghai Jishan. He is still the actual controller of the company.

Information shows that Gu Tie was born in June 1968 and has a doctoral degree. Gu Tie graduated from the Department of Physics of Fudan University in 1989 with a bachelor's degree in science; in 1994 he graduated from Pennsylvania State University in the United States with a doctorate in engineering. According to reports, Gu Tie participated in the establishment of the first 2-generation TFT-LCD production line in the United States, led the research and development and manufacturing of the world's first thoracic digital X-ray machine, and planned and prepared the first 4.5-generation TFT-LCD production line in China.

Raise funds to develop main business

Shiya Technology raised a total of 2,268 million yuan in this issuance; after deducting the issuance fee of 153,268,500 yuan (excluding value-added tax), the net amount of funds raised was 2,114,731,500 yuan. The company previously introduced in its prospectus that it will use the funds raised through this listing to improve its research and development capabilities and silicon-based OLED micro-display production capacity to further strengthen its main business.

At the end of 2025, Shiya Technology's current assets were 2,559,851,700 yuan, an increase of 76.49% from the end of the previous year; the company's total assets were 5,239,355,900 yuan, an increase of 66.43% from the end of the previous year. At the end of 2025, the main reason for the increase in the company's total assets compared with the end of the previous year was the increase in fixed assets, projects under construction, monetary funds and other receivables.

In response to the driving factors for the growth of the above indicators, Shiya Technology introduced that among them, the increase in fixed assets and projects under construction is mainly due to the company's investment in large-scale production line construction to meet future product production and shipment needs and the transfer of fixed assets to the usable state. The increase in monetary funds is mainly due to the production capacity deposit payment received by the company from strategic customers to lock in the production capacity of silicon-based OLED microdisplays for a certain period in the future.

According to the listing announcement, in 2025, Shiya Technology achieved operating income of 513.0411 million yuan, an increase of 83.19% over the same period last year; the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses was -252.6585 million yuan, an increase of 18.05% over the same period last year.

Iraqi officials say the end of the war must be carried out according to Iraq's conditions and timetable

The United States plans to hold a meeting in Pakistan this weekend to discuss an armistice plan

Speaker of the U.S. House of Representatives: U.S. troops "will not engage in ground combat" in Iran

Iran says that no party related to Iran’s hostile forces has the right to pass through the Strait of Hormuz

Lebanese Hezbollah says it is ready to fight Israel indefinitely

Russian Deputy Foreign Minister: Negotiations on Ukraine suspended

The Latest Situation of the US-Israeli War

The United States plans to discuss the armistice plan this weekend. Iran: It must be carried out according to Iran’s conditions and timetable.

Iranian official: The US’s so-called “15-point armistice proposal” is a “list of illusions”

Hazrati, Chairman of the Iranian Government Information Commission (file photo)

On the 25th local time, Hazrati, chairman of the Iranian Government's Information Commission, said in an interview with the media that the so-called "15-point ceasefire proposal" proposed by US President Trump was Trump's "consistent lie" and should not be paid attention to. He also said that this was a "list of unrealistic fantasies" by the US.

Senior Iranian security official: The end of the war must be carried out according to Iran’s conditions and timetable

A reporter from the main station learned on the 25th local time that a senior Iranian security official said that Iran had made a "negative response" to the US proposal to end the war, and that the end of the war could only be carried out according to Iran's conditions and timetable. Iranian officials have not confirmed this.

U.S. officials say the U.S. plans to hold a meeting in Pakistan this weekend to discuss an armistice plan

CCTV reporters learned on March 25, local time, that the United States is trying to arrange a meeting in Pakistan this weekend to discuss an "exit plan" to end the U.S. war against Iran.

Iran: No hostile force has the right to pass through the Strait of Hormuz

Strait of Hormuz (data map)

On the 25th local time, the spokesperson of the Iranian Armed Forces Hatam Anbia Central Command issued a statement stating that the current regional situation has changed and the rules for passage in the Strait of Hormuz will be redefined, that is, no party related to Iran’s hostile forces has the right to pass.

Iran says it launched the 81st wave of Operation True Commitment-4 to hit more than 70 targets in Israel

On the evening of the 25th local time, Iran's Islamic Revolutionary Guard Corps issued a statement stating that it had launched the 81st wave of "True Commitment-4" strikes.

In this round of operations, the Revolutionary Guards used precision-guided missiles such as "Imad", "Giyam", "Khorramshahr-4" and "Ghadr" to strike more than 70 targets in Israel, including Haifa, Dimona, and Tel Aviv.

Iranian military says it shot down US F-18 fighter jet

Iran's Islamic Revolutionary Guard Corps issued a statement on the 25th saying that Iranian air defense forces shot down a US F-18 fighter jet in the airspace near Chabahar in the southeast that afternoon, and the fighter jet subsequently crashed in the Indian Ocean.

Iranian military: Iran may open other fronts if provoked

A reporter from the main station learned on the 25th local time that an Iranian military source said that Iran is continuously monitoring and grasping the trends and changes in the enemy's front. If the enemy attempts to take ground operations on Iranian islands or other territories, or increase Iran’s defense costs through maritime activities in the Persian Gulf and Gulf of Oman, Iran will respond by opening other fronts.

Iran warns: "Countries in a certain region" that support Iran's hostile forces will be violently attacked

Qalibaf, Speaker of Iran's Islamic Parliament, posted on social media on the 25th local time that intelligence showed that "hostile forces" with the support of "a certain regional country" were preparing to launch an operation to occupy Iranian islands.

Qalibaf said that all movements of the enemy are under Iraqi surveillance. "If they dare take any action, we will relentlessly and violently attack all critical infrastructure of countries in the region."

Israel is worried that the United States will suddenly end the war. The United States says it will "not conduct ground operations" in Iran.

Israeli officials say the Israeli Prime Minister ordered the destruction of as many Iranian military facilities as possible within 48 hours

Netanyahu (file photo)

On the 25th local time, news came from the United States that senior Israeli officials revealed that in view of the increasing possibility of negotiations between the United States and Iran, Israel is worried that US President Trump may suddenly end the war. Israeli Prime Minister Netanyahu ordered on the 24th to destroy as many Iranian military industrial facilities as possible in the next 48 hours.

Speaker of the U.S. House of Representatives: U.S. troops "will not engage in ground combat" in Iran

CCTV reporters learned on March 25, local time, that US House of Representatives Speaker Johnson said that the war with Iran is "nearly over and the goals have been achieved." He also emphasized that the build-up of US military forces in the Middle East was a warning to Iran and said that "there will be no ground combat."

The situation between Lebanon and Israel is heating up again

Lebanese Hezbollah says it is ready to fight Israel indefinitely

Naeem Qasim (file photo)

Lebanese Hezbollah leader Naeem Qasim gave a speech on March 25, local time, saying that negotiating with Israel under fire was tantamount to being forced to surrender, and that the organization's armed personnel were ready to fight indefinitely.

Netanyahu says Israel is building a bigger "buffer zone" in Lebanon

A reporter from the main station learned that Israeli Prime Minister Netanyahu stated on the 25th that Israel is establishing a larger "buffer zone" in Lebanon to resist the threat of Hezbollah anti-tank missiles.

Netanyahu believes that the threat posed by Hezbollah in Lebanon to the north "no longer exists" and the focus now is on "disintegrating Hezbollah". "We are determined to fundamentally change the situation in Lebanon."

Global News Quick Facts

Russian Deputy Foreign Minister: Negotiations on Ukraine suspended

Galuzin (data map)

On March 25, local time, Galuzin, Russian Deputy Minister of Foreign Affairs and a member of the Russian negotiating team, stated that negotiations on the Ukraine issue have been suspended.

Hungarian Foreign Minister: From now on, natural gas shipments to Ukraine will be gradually stopped

Szijjarto (data map)

Hungarian Foreign Minister Szijjarto said on the 25th local time that natural gas shipments to Ukraine would be gradually stopped starting from that day.

European Council President: EU needs to enhance strategic autonomy

European Council President Costa (file photo)

European Council President Costa said in a speech at the European Parliament on the 25th local time that the situation in the Middle East and the Russia-Ukraine conflict continue to have an impact. The EU needs to enhance its strategic autonomy, reduce its dependence on foreign countries in key industries and technology fields, and accelerate industrial policy and energy transformation to cope with the pressure brought by high energy prices.

Guterres: The conflict in the Middle East is "out of control" and we should immediately end the war and return to diplomacy

On March 25, local time, United Nations Secretary-General António Guterres told the media at the New York headquarters that the conflict in the Middle East had "got out of control" for more than three weeks and was pushing the world into a dangerous situation of greater risk of war, increased humanitarian suffering, and deeper global economic impact. He called for diplomatic means to get out of the current crisis, full compliance with international law and a peaceful solution.

UN General Assembly passes resolution declaring slavery the most serious crime against humanity

On March 25, local time, the 80th session of the United Nations General Assembly held a meeting to commemorate the "International Day of the Victims of Slavery and the Transatlantic Slave Trade" and passed a resolution declaring the trafficking of enslaved Africans and the racialized enslavement of Africans as the most serious crimes against humanity.

Know today’s international news early

On the 26th local time, the plenary session of the European Parliament will vote on two proposals aimed at implementing the tariff provisions of the EU-US trade agreement.

Producer丨Zheng Hong

Producer丨Yang Jin

Editor-in-Chief丨Wang Danni

Securities code: 603786 Securities abbreviation: Keboda Announcement No.: 2026-010

Keboda Technology Co., Ltd.

Regarding the provision of guarantees for holding subsidiaries

Progress Announcement

The company's board of directors and all directors guarantee that the contents of this announcement do not contain any false records, misleading statements or major omissions, and assume legal responsibility for the authenticity, accuracy and completeness of its contents.

Important content reminder:

Guaranteed objects and basic information

Cumulative guarantee status

1. Overview of Guarantee

(1) Basic information on guarantee

On March 25, 2026, Keboda Technology Co., Ltd. and China Merchants Bank Co., Ltd. Chongqing Branch (hereinafter referred to as "CMBC Chongqing Branch") signed the "Maximum Irrevocable Guarantee", assuming joint and several liability for 80% of all debts under the "Credit Agreement" signed between Keboda Chongqing Intelligent Control and China Merchants Bank Chongqing Branch (providing a credit line in total not exceeding 30 million yuan). There is no counter-guarantee for this guarantee, and Keboda Chongqing Intelligent Control is a holding subsidiary of the company.

(2) Internal decision-making procedures

The company held the 14th meeting of the third board of directors and the 13th meeting of the third board of supervisors on April 23, 2025, and held the 2024 annual shareholders' meeting on May 16, 2025. The company reviewed and approved the "Proposal on Applying for Comprehensive Credit Lines and Related Guarantee Matters from Banks" and agreed that the company is 4 companies: Zhejiang Keboda Industrial Co., Ltd., Keboda (Jiaxing) Automotive Electronics Co., Ltd., Keboda (Anhui) Automotive Electronics Co., Ltd., and Keboda Chongqing Intelligent Control provide a total guarantee amount of no more than 2,500,000 yuan (including guarantees provided by the company for subsidiaries and between subsidiaries), of which the guarantee amount of Keboda Chongqing Intelligent Control does not exceed 50 million yuan. The above guarantee is valid from the date of review and approval by the company's 2024 annual shareholders' meeting to the date of the 2025 annual shareholders' meeting. The company and its subsidiaries will sign specific guarantee agreements on a single basis or one by one based on the actual operating conditions. The guarantee methods are pledge guarantee, mortgage guarantee and guarantee guarantee.

For details, please refer to the "Announcement on Keboda Technology Co., Ltd.'s Application for a Comprehensive Credit Line and Related Guarantee Matters from the Bank" disclosed by the company on April 25, 2025 (Announcement No.: 2025-016) and the "Announcement on the Resolution of the 2024 Annual General Meeting of Shareholders of Keboda Technology Co., Ltd." disclosed on May 17, 2025 (Announcement No.: 2025-022).

The amount of the guarantee provided by the company to Keboda Chongqing Intelligent Control is within the above authorized range, and the company does not need to convene separate board of directors and shareholders' meetings for review. The financial status and asset-liability ratio of the guaranteed objects have not changed significantly.

2. Basic information of the guaranteed person

3. Main contents of the guarantee agreement

Guarantor: Keboda Technology Co., Ltd.

Creditor: China Merchants Bank Co., Ltd. Chongqing Branch

Credit Applicant: Keboda (Chongqing) Intelligent Control Technology Co., Ltd.

1. Guarantee amount: maximum principal limit of RMB 24 million

2. Guarantee method: joint liability guarantee

3. Guarantee scope: 80% of the sum of the principal balance of loans and other credit granted to the credit applicant within the credit limit according to the Credit Agreement (the maximum principal limit is RMB 24 million), and 80% of relevant interest, penalty interest, compound interest, liquidated damages, delayed performance fees, factoring fees, fees for realizing security rights and claims, and other related expenses.

4. Guarantee liability period:

From the effective date of this Guarantee to the maturity date of each loan or other financing or account receivable claim assigned by the bank under the Credit Agreement or the advance date of each advance, three years will be added. If any specific credit extension is extended, the guaranteed period will extend until the expiration of the extension period plus three years.

4. Necessity and Reasonability of Guarantee

This guarantee is mainly to meet the capital needs of the company's holding subsidiary Keboda Chongqing Intelligent Control for production operations and business development, and is conducive to improving the company's overall financing efficiency. As of September 30, 2025, Keboda Chongqing Intelligent Control's asset-liability ratio exceeds 70%. As a holding subsidiary with 80% of the company's shares, the company has sufficient control over its operations, management, finance and other aspects, and the risks are within a controllable range, which is in line with the company's overall interests.

5. Opinions of the Board of Directors

The above guarantee has been reviewed and approved by the company at the 14th meeting of the third board of directors and the 13th meeting of the third board of supervisors on April 23, 2025, and at the 2024 annual general meeting of shareholders on May 16, 2025. The guarantee amount does not exceed the guarantee limit.

Keboda Chongqing Intelligent Control applied for a credit line from the bank and the company provided guarantee for its credit in order to meet the capital needs of the enterprise's development and facilitate the company's production and operation; the company's guarantee for Keboda Chongqing Intelligent Control complied with the relevant laws and regulations such as the "Company Law", "Shanghai Stock Exchange Stock Listing Rules" and the "Articles of Association", and agreed to this guarantee.

6. Cumulative number of external guarantees and number of overdue guarantees

As of the date of the announcement, the total external guarantees provided by the company and its holding subsidiaries were RMB 1.63 billion, accounting for 31.10% of the company's latest audited net assets. They were all guarantees provided by the company (including its holding subsidiaries) to its holding subsidiaries, and there were no overdue guarantees.

Announcement is hereby made.

Board of Directors of Keboda Technology Co., Ltd.

March 26, 2026

Securities code: 603786 Securities abbreviation: Keboda Announcement No.: 2026-011

Keboda Technology Co., Ltd.

Announcement on the progress of capital increase of wholly-owned subsidiaries

The company's board of directors and all directors guarantee that there are no false records, misleading statements or major omissions in this announcement, and bear individual and joint liability for the authenticity, accuracy and completeness of its contents.

1. Overview of foreign investment

Based on the actual operating needs of its wholly-owned subsidiary KEBODA Deutschland GmbH & Co. KG, KEBODA Technology Co., Ltd. (hereinafter referred to as the "Company") plans to use its own funds to increase its capital by 21.2 million euros. After the capital increase is completed, KEBODA Deutschland GmbH & Co. KG will have a registered capital of 51.275 million euros and will remain a wholly-owned subsidiary of the company.

On December 12, 2025, the 23rd meeting of the company's third board of directors reviewed and approved the "Proposal on Increasing Capital for Wholly-Owned Subsidiaries". According to the relevant provisions of the company's articles of association, the above matters are within the scope of the board of directors' approval authority and do not need to be submitted to the company's shareholders' meeting for review. The board of directors authorizes the company's management to handle matters related to the capital increase. This capital increase does not involve related transactions and does not constitute a major asset reorganization.

For details of the above matters, please refer to the "Announcement of Keboda Technology Co., Ltd. on the Capital Increase in Wholly-Owned Subsidiaries" disclosed by the company on December 13, 2025 (Announcement No.: 2025-087).

2. Progress of capital increase

Recently, Koboda GmbH & Co. KG has completed the relevant procedures for capital increase registration and obtained the capital increase registration certificate issued by the Commercial Registration Office of Ulm District Court. The relevant registration information is as follows:

1. Company name: KEBODA Deutschland GmbH & Co. KG

2. Date of establishment: July 23, 2014

3. Company type: limited liability company

4. Registered address: Magirus-Deutz-Strasse 9, Ulm, Germany 89077

5. Registered capital: 51,275,000.00 euros

6. Registration number: HRA724089

7. Business scope: trading and consulting business in all fields (especially automotive electronics products), as well as import and export business of various technical products.

Announcement is hereby made.

Board of Directors of Keboda Technology Co., Ltd.

March 26, 2026