According to Hunan Tianyan's announcement, the total number of restricted shares listed and in circulation after the current stock reform was 106,470. The listing and circulation date was January 5, 2026, involving shareholders Zhang Defeng and Cai Yinqi. Since the implementation of the equity distribution reform, the company's share capital and shareholders' shareholding ratio have changed. From 2019 to 2025, the total share capital fluctuated between 1,065 billion and 1,073 billion shares due to increases, incentive plan grants and cancellations. As of the announcement disclosure date, tradable A shares with limited sales conditions accounted for 0.78% of the total share capital. Previously, the company had listed and circulated restricted shares 15 times. The sponsor believes that the current restricted stock listing complies with the regulations and has no substantial barriers.

According to Hunan Tianyan's announcement, the total number of restricted shares listed and in circulation after the current stock reform was 106,470. The listing and circulation date was January 5, 2026, involving shareholders Zhang Defeng and Cai Yinqi. Since the implementation of the equity distribution reform, the company's share capital and shareholders' shareholding ratio have changed. From 2019 to 2025, the total share capital fluctuated between 1,065 billion and 1,073 billion shares due to increases, incentive plan grants and cancellations. As of the announcement disclosure date, tradable A shares with limited sales conditions accounted for 0.78% of the total share capital. Previously, the company had listed and circulated restricted shares 15 times. The sponsor believes that the current restricted stock listing complies with the regulations and has no substantial barriers.