According to the Jinzhou Pipeline announcement, Shanghai Jinzhou Smart Enterprise Development Group Co., Ltd., the controlling shareholder of the company, applied for a pledge extension of its 13 million shares, accounting for 11.76% of its shares and 2.50% of the company's total share capital. The starting date of the pledge was April 10, 2025, and the expiration date after the extension was April 10, 2027. The pledge holder was Zhejiang Yintong Pawn Co., Ltd., and the pledge was used for its own production and operation. As of the disclosure date of the announcement, Shanghai Jinzhou Smart had pledged a total of 40.5 million shares, accounting for 36.63% of its shares and 7.78% of the company's total share capital. This pledge will not result in a change in the controlling shareholder or actual control of the company.

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