*ST Quan announced that there is a risk that the listing of the company's shares will be terminated. The company's 2025 revenue was 48.853 million yuan, net loss of 221 million yuan, deducted non-net loss of 151 million yuan, and net assets of -163 million yuan at the end of the period. Delisting risk warnings and other risk warnings have been implemented. The company has been issued negative internal control audit reports for two consecutive years. Currently, it has not received formal acceptance documents from the court on the restructuring matter. There is uncertainty about whether the restructuring application will be accepted. If the court accepts the restructuring application, the company's shares will be subject to a delisting risk warning; if the restructuring fails and the company's shares are ruled bankrupt, the company's shares will face the risk of termination of listing.

*ST Quan announced that there is a risk that the listing of the company's shares will be terminated. The company's 2025 revenue was 48.853 million yuan, net loss of 221 million yuan, deducted non-net loss of 151 million yuan, and net assets of -163 million yuan at the end of the period. Delisting risk warnings and other risk warnings have been implemented. The company has been issued negative internal control audit reports for two consecutive years. Currently, it has not received formal acceptance documents from the court on the restructuring matter. There is uncertainty about whether the restructuring application will be accepted. If the court accepts the restructuring application, the company's shares will be subject to a delisting risk warning; if the restructuring fails and the company's shares are ruled bankrupt, the company's shares will face the risk of termination of listing.