Black Peony announced that the 16th board meeting of the 10th board of directors of the company reviewed and passed the bill to appoint Cai Daoyuan as the company's president. The term of office starts from the date the board of directors deliberates and passes until the 10th board of directors expires; at the same time, Cai Daoyuan was recommended as a candidate for a non-independent director of the 10th board of directors. The matter still needs to be submitted to the company's shareholders' meeting for consideration. The company is scheduled to hold its first extraordinary shareholders' meeting in 2026 on November 19, 2026. Up to now, Cai Dao is far from holding shares in the company.

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