Shangwei New Material Announces Independence from Zhiyuan Innovation

Shangwei New Material announced on May 26 that Zhiyuan Innovation is one of its indirect shareholders, but their operations and core technology development are independent of each other. According to Jin10, the company stated that there are no other related transactions with Zhiyuan Innovation that need disclosure. Shangwei New Material maintains independent operations in terms of personnel, finance, assets, business, and institutions, ensuring its capability to operate in the market independently. Peng Zhihui, the company's chairman, does not hold any senior management or administrative positions and does not participate in specific research and development activities. The company's consumer-grade embodied intelligent robot business is still in the research and development stage, and transitioning from new product development to mass production requires a certain cycle and validation process. The success of product development, the timing of product launch, and the market promotion after the product launch are uncertain. There are risks of slowed research progress, changes in market conditions, increased competition, insufficient market promotion, and customer development, which may lead to product benefits falling short of expectations. The company cannot yet predict the impact on revenue and profitability for the year 2026.