Gongyuan Co., Ltd. announced that the holding subsidiary Zhejiang Gongyuan New Energy Technology Co., Ltd. (“Gongyuan New Energy” for short) decided to terminate the application to publicly issue shares to unspecified qualified investors and list them on the Beijing Stock Exchange based on current changes in the macroeconomic and capital market environment, and also withdrew the relevant application materials. Gongyuan Xinneng has previously passed the Zhejiang Securities Regulatory Bureau's guidance and inspection, and has received an acceptance notice from the Beijing Stock Exchange. This termination will not have a significant adverse impact on the company's daily operations and financial situation, and the listing plan may be restarted in the future.