Yicheng New Energy takes direct control of Kaifeng Times operations

Henan Yicheng New Energy Co. has signed a supplementary agreement to its entrusted operation agreement, effectively transferring the operational management of Kaifeng Times New Energy Technology Co. (Kaifeng Times) from its wholly-owned subsidiary, Kaifeng Tan Su, directly to Yicheng New Energy. This strategic shift, approved by the board on December 12, 2025, follows changes in Kaifeng Times' shareholder structure, including Yicheng New Energy's increased stake to 46.15%.

Previously, Kaifeng Times’ operations were entrusted to Kaifeng Tan Su. The new agreement ensures that Yicheng New Energy will directly manage Kaifeng Times, integrating it into Yicheng New Energy's consolidated financial statements. This move is designed to optimize the consolidation structure and safeguard Kaifeng Times' long-term strategic development.

In a related development, Yicheng New Energy's board of directors is undergoing a change. The Sixth Board of Directors held its thirty-second meeting on December 12, 2025, to propose candidates for the Seventh Board. This includes nominations for five non-independent directors and three independent directors, with the new board's term set for three years upon shareholder approval.