Zhengbang subsidiary reorganization completed, operational improvements achieved

Jiangxi Zhengbang Technology announced that its subsidiary, Liaoning Chaoyang Zhengbang Ecological Agriculture Co., Ltd., has completed its reorganization plan. The Chaoyang Intermediate People’s Court confirmed the execution completion and terminated bankruptcy reorganization procedures on December 25, 2025. This completion is expected to positively impact the company's 2025 financial performance.

Concurrently, the company's controlling shareholder, Shuangbaotai Agriculture, has made progress on its commitments to avoid horizontal competition and improve operational performance. As of November 30, 2025, the company achieved a stall utilization rate of over 85% and a live hog market rate exceeding 93%. Sow farm average PSY reached 27 heads, feed conversion ratio was 2.68, and integrated weaning piglet cost was 307 yuan per head. Integrated live hog market cost decreased by 2.5 yuan per jin compared to 2023 levels.

Additionally, Jiangxi Zhengbang Technology held its third extraordinary general meeting on December 26, 2025, approving proposals including 2026 related-party transactions, provisions for related-party loans, and guarantees for subsidiaries.