Shuyu Civilian announced that due to the combined effects of concerted actor Shuyu Jinyun's holdings reduction and Shuyu's debt-for-equity conversion passive dilution, the total shareholding ratio of controlling shareholder and actual controller Li Wenjie and his co-actors Shu Yu Jinyun and Shu Yu Tongcheng fell from 52.09% to 51.78% between November 26, 2025 and the equity change hit an integer multiple of 1%. Among them, Shu Yu Jinyun reduced her holdings by 1.146,300 shares, accounting for 0.28% of the total share capital; the share ratio was passively diluted by 0.03% due to debt-for-equity swaps. This change has not led to changes in the controlling shareholders and actual controllers of the company. Currently, the holdings reduction plan has not been completed.

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