Red Star Macalline announced that from December 10 to 12, 2025, Taobao Holdings and the New Retail Fund reduced their holdings of a total of 306.16 million H shares through centralized bidding, accounting for 0.70% of the total share capital. After this change in equity, the total shareholding ratio of Hangzhou Haoyue, a shareholder holding 5% or more of the shares, and its co-actors fell from 8.98% to 7.33%, hitting an integer multiple of 1%. This change will not result in changes in controlling shareholders or actual controllers, and does not involve disclosure of equity change reports. In addition, Hangzhou Haoyue plans to reduce its holdings by no more than 13.641979 million shares from December 25, 2025 to March 24, 2026, accounting for 3% of the total share capital. It has not yet begun to reduce its holdings.

Red Star Macalline announced that from December 10 to 12, 2025, Taobao Holdings and the New Retail Fund reduced their holdings of a total of 306.16 million H shares through centralized bidding, accounting for 0.70% of the total share capital. After this change in equity, the total shareholding ratio of Hangzhou Haoyue, a shareholder holding 5% or more of the shares, and its co-actors fell from 8.98% to 7.33%, hitting an integer multiple of 1%. This change will not result in changes in controlling shareholders or actual controllers, and does not involve disclosure of equity change reports. In addition, Hangzhou Haoyue plans to reduce its holdings by no more than 13.641979 million shares from December 25, 2025 to March 24, 2026, accounting for 3% of the total share capital. It has not yet begun to reduce its holdings.