At the First Capital Capital Markets Annual Conference on November 12, 2024, first capital responded to the question “What role does Beijing state-owned assets play in the current corporate governance system, and how do you view the possibility of mergers and acquisitions with First Capital Securities or China Securities Co.,Ltd.?”, stating that Beijing State-Owned Capital Operation Management Co., Ltd. has become the company's largest shareholder, further enhancing the company's shareholder background, consolidating a healthy and stable equity structure, with a sound, clear, and effective corporate governance structure, laying a solid foundation for the company to achieve high-quality development. Regarding M&A matters, the company has no undisclosed information that should have been disclosed.