AGM

Management sold Nanjing Lucun for a stated 57.45 million dollars with staged consideration, but as of December 31, 2025 related amounts were still outstanding. 2025 net income benefited from 8.49 million dollars of gains on other subsidiary disposals, masking weak core margins and cash flow.

The company adopted 2024 and 2025 equity incentive plans, granted consultant shares, and established an equity line of credit and convertible financing, which together increase dilution risk in a micro‑cap base. There is no track record of high‑return reinvestment or disciplined buybacks.