Announcement on behalf of the subsidiary L.E. Venture Co.,Ltd. that the chairman signed the MOU on behalf of the company.

1.Date of occurrence of the event:2025/06/16

2.Counterparty to the contract or commitment:

Beijing Hony Qiyuan Enterprise Management Company Limited

3.Relationship with the Company:None

4.Starting and ending dates (or rescission date) of the

contract or commitment:2025/06/16

5.Major content (not applicable where rescinded):

In order to optimize assets in China and implement an asset-light operation

strategy, the company plans to sell the equity in Shanghai Les Enphants.

Currently, a cooperation agreement has been reached with a specific investor,

and today, the chairman, representing the subsidiary L.E. Venture Co., Ltd.,

officially signed a MOU with Beijing Hony Qiyuan Enterprise Management

Company Limited regarding the equity sale. The signing of this MOU marks a

significant milestone, symbolizing the successful progress of our asset-light

strategy transformation in China. The specific details of the equity sale

will be submitted to the board of directors for discussion upon the

completion of the necessary procedures, after which the formal equity

transfer agreement will be finalized and the required announcement

declaration will be made in accordance with regulations.

6.Restrictive covenants (not applicable where rescinded):None

7.Commitment (not applicable where rescinded):None

8.Any other important agreement (not applicable where rescinded):None

9.Effect on company finances and business:

The signing of this MOU is intended to confirm the investment intentions and

consensus of both parties.The preliminary estimate for the transaction price

is expected to range between RMB 370 million to 420 million. The final actual

transaction price will be submitted to the board of directors for final

discussion upon the completion of the necessary procedures.

10.Concrete purpose/objective:

In line with our strategy to optimize assets in China and implement an

asset-light operational approach.

11.Any other matters that need to be specified (the information disclosure

  also meets the requirements of Article 7, subparagraph 8 of the Securities

  and Exchange Act Enforcement Rules, which brings forth a significant impact

  on shareholders rights or the price of the securities on public companies.):

None