Company code: 688161 Company abbreviation: Weigao Orthopedics

Shandong Weigao Orthopedic Materials Co., Ltd

Summary of the 2024 Annual Report

March 2025

Section 1 Important Notice

1. The summary of this annual report is from the full text of the annual report, in order to fully understand the company's operating results, financial status and future development plan, investors should go to the http://www.sse.com.cn/ website to read the full text of the annual report carefully.

2. Major risk warning

The Company has described in detail the main risks and countermeasures it will face in the future in this report, please refer to the "IV. Risk Factors" section of "Section 3 Management Discussion and Analysis" of this report, and investors are advised to pay attention to investment risks.

3. The Board of Directors, the Board of Supervisors, the directors, supervisors and senior management of the Company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and that there are no false records, misleading statements or material omissions, and bear individual and joint legal liabilities.

4. All directors of the company attend the meeting of the board of directors.

5. Grant Thornton Certified Public Accountants (Special General Partnership) issued a standard unqualified audit report for the company.

6. The company is not profitable and has not yet achieved profitability at the time of listing

□ Yes √ No

7. The profit distribution plan or the plan for the conversion of provident fund into share capital for the reporting period approved by the board of directors

In 2024, the company intends to distribute profits based on the total share capital registered on the record date of the implementation of equity distribution (deducting the balance of shares in the company's special repurchase account), and the profit distribution plan is as follows:

The company intends to distribute a cash dividend of 1.70 yuan (tax included) to all shareholders for every 10 shares. As of December 31, 2024, the company's total share capital is 400,000,000 shares, based on the share capital of 397,286,124 shares after deducting 2,713,876 shares in the company's special repurchase account, and the total proposed cash dividend is 67,538,641.08 yuan (tax included), and the company's cash dividend accounts for 30.18% of the net profit attributable to the owners of the parent company this year. This profit distribution will not be converted into capital reserve to increase share capital, and no bonus shares will be given. If there is a change in the total share capital of the company from the date of disclosure of this announcement to the registration date of the implementation of equity distribution, the company intends to maintain the total distribution amount unchanged and adjust the distribution amount per share accordingly. If there is a subsequent change in the total share capital, the specific adjustment will be announced separately. The profit distribution plan will be implemented after being reviewed and approved by the company's 2024 annual general meeting of shareholders.

On August 27, 2024 and October 29, 2024, the board of directors of the company deliberated and approved the "Proposal on Interim Dividends for 2024" and "Proposals for the Second Interim Dividends in 2024", and implemented the payment of cash dividends on October 25 and December 12 respectively, with a total cash dividend of 47,674,334.88 yuan (tax included) for the two interim dividends, which did not exceed the authorized limit of the general meeting of shareholders.

If the aforesaid annual profit distribution plan is deliberated and approved by the company's 2024 annual general meeting of shareholders, the company will distribute a total cash dividend of 115,212,976.96 yuan (tax included) to all shareholders in 2024, accounting for 51.49% of the net profit attributable to shareholders of the parent company in that year. 8. Whether there are special arrangements for corporate governance and other important matters

□ Applicable √ Not applicable

Section 2 Basic information of the company

1. Company profile

1.1 Company Shares

√ Applicable □ Not applicable

Company stock profile

Stock Type Stock Listed Exchange Stock Abbreviation Stock Code Stock Abbreviation Before the change

and plates

RMB Ordinary Shares (A Shanghai Stock Exchange Wego Orthopedics 688161 Not applicable

shares) Science and Technology Innovation Board

1.2 Brief description of the Company's Depositary Receipts

□ Applicable √ Not applicable

1.3 Contacts and Contact Details

Secretary of the Board of Directors and Representative of Securities Affairs

Name: Lin Qing, Yin Ziliang

Address: No. 26, Xiangjiang Street, Weihai Tourist Resort, No. 26, Xiangjiang Street, Weihai Tourist Resort

Tel: 0631-5788909 0631-5788909

Fax: 0631-5660958 0631-5660958

E-mail ir@wegortho.com ir@wegortho.com

2. Brief introduction of the company's main business during the reporting period

2.1 Main business, main products or services

The company's products fully cover the fields of spine, trauma, joints, sports medicine, bone repair materials, tissue repair and orthopedic surgical instruments, and has become a national orthopedic enterprise with the most complete product categories, leading scale and industry ranking in the forefront of the industry.

(1) Spine products

The company's spine products are mainly composed of spinal implantable medical devices, vertebroplasty systems and minimally invasive spinal products, and has four major brands: "Weigao Orthopedics", "Weigao Yahua", "Weigao Starfish" and "Quantum Medical". With advanced design concepts and sophisticated manufacturing technology, this series of products provides accurate and effective treatment options for vertebral lesions caused by spinal system deformities, degenerative diseases, spinal fractures, tumors, etc. Among them, the vertebroplasty system includes balloon dilation pressure pumps, puncture tools, bone expanders and other key instruments, which are widely used in the treatment of osteoporotic vertebral fractures, and have won high recognition from clinicians and patients for their excellent product performance. Minimally invasive spine products are mainly used in pain medicine, sports medicine and minimally invasive spine surgery, providing a complete set of solutions. Products include puncture needles for discography and other surgical channels, arthroscopic tips for radiofrequency ablation during arthroscopic surgery, and spinal endoscopic surgery systems for stepped diagnosis and treatment of lumbar disc herniation.

(2) Trauma products

Trauma products mainly include locking bone plate system, intramedullary nail system, hollow screw system and external fixation stent system, with three major brands: "Wego Orthopedics", "Jianli Bond" and "Wego Starfish". This series of products is specially designed for the treatment of fracture diseases caused by external force or violent trauma, through scientific structural design and exquisite manufacturing technology, to achieve accurate reduction, firm fixation and long-term stable maintenance of fracture parts, widely used in limb fractures, joint fractures, spinal fractures, finger amputation and other complex fractures. In the process of product research and development, the company continues to introduce new materials and new processes to improve product quality and use effect.

(3) Joint products

The joint products cover hip prosthesis system and knee prosthesis system, and the main brands are "Wego Starfish" and "Wego Yahua". This series of products aims at joint disorders such as periarticular fractures, bone tumors, and bone defects caused by other causes, and realizes efficient functional reconstruction. Using advanced biomaterials and unique design structure, it has remarkable effects in the treatment of common joint diseases such as osteoarthritis, rheumatoid arthritis, and necrosis of the femoral head, effectively helping patients restore joint function and improve their quality of life.

(4) Sports medicine products

Sports medicine products mainly include cruciate ligament reconstruction system, meniscus repair system, and sports injury system, and currently there are two brands: "Weigao Orthopedics" and "Weigao Haixing". This series of products focuses on the treatment of soft tissue trauma between bones and bones, such as Achilles tendons, ligaments, meniscus, tendons, cartilage, etc. The company keeps up with the cutting-edge technology in the field of sports medicine, and its products play a key role in common sports injuries such as meniscus/cruciate ligament injuries, tendinosis, skeletal muscle injuries, cartilage injuries, joint instability, and labral injuries, providing professional treatment solutions for sports enthusiasts and patients.

(5) Bone repair material products

The bone repair material products are mainly bone cement, and it has a brand of "Mingde Biotechnology". As an important bone repair material, bone cement is widely used in vertebroplasty, mechanical enhancement of osteoporosis, knee and hip replacement surgery, bone tumors, pathological fractures, and mass fillers. The company's bone cement products have good biocompatibility, curing performance and mechanical strength, which effectively promote the repair and regeneration of bone tissue and improve the effect of surgical treatment.

(6) Tissue repair products

Tissue repair products are mainly platelet-rich plasma (PRP) preparation kits and closed trauma negative pressure drainage kits, etc., which are widely used in orthopedics, burns, pain, rehabilitation, plastic surgery and other fields. Focusing on the field of orthopedics, the company continues to expand to the fields of wound repair, joint surgery and plastic surgery, actively lays out the field of burn and regenerative rehabilitation, and continuously expands product indications to meet the growing clinical needs.

(7) Orthopedic surgical instruments

Orthopedic surgical instruments are rich in varieties and comprehensive specifications, which can meet the surgical needs of various orthopedic diseases. This includes not only in-house production

The equipment required for implantable products also produces OEM products for leading foreign manufacturers. The company attaches great importance to the synergistic use of implants and supporting surgical instruments, and effectively improves the accuracy of orthopedic surgery and the effect of product implantation by continuously optimizing the product design and manufacturing process, ensuring reliable support for clinical surgery.

2.2 Main business model

1. R&D mode

Since its establishment, the company has been focusing on and committed to the field of orthopedic implantable medical devices, always adhering to the independent research and development and innovation of technology and products, actively maintaining cooperation with medical institutions, clinicians, and scientific research institutions, strengthening the combination of medicine and engineering, and continuously improving the product experience and competitiveness to ensure that the products are safe, effective and in line with market demand. At present, a complete, independent and mature R&D technology system has been established, including key product R&D processes such as project approval, product development and design, registration inspection, clinical evaluation, and registration application. In the future, we will also rapidly expand new tracks through technical cooperation, investment and mergers and acquisitions, promote product innovation and meet market demand.

2. Procurement mode

The company promotes the management of digital platforms, formulates a sound procurement management system, and standardizes the management of procurement work such as raw and auxiliary materials and outsourcing processing services. According to the procurement needs, the company's technical technology department, R & D center is responsible for the preparation of technical standards for the procurement of materials, the company's procurement management department to develop the procurement plan and in accordance with the procurement of material classification, quota allocation standards and other procurement standards, the company's quality management department is responsible for the quality inspection of the purchased materials, the company's finance department is responsible for reviewing and supervising the procurement budget and fund payment. Through the planning traction, shorten the supply cycle, serve manufacturing, R&D and sales, carry out quota management for material classification, supervise and correct quality problems, and realize the platform approval management of financial capital planning and fund payment.

3. Production mode

The company's production model is gradually changing from inventory-based production to sales-based production based on operational digitalization. Guided by market demand, the company's planning department formulates a production plan through the timely processing and analysis of order data, with the cooperation of the market management department, marketing management department and quality management department, etc., and organizes the production by the production department and completes the product acceptance by the quality management department. Process management promotes lean production and daily management system, pulls quality, engineering, equipment, and procurement, implements a rigid implementation system of integrated plans, promotes organizational integration, and improves organizational efficiency.

4. Sales model

During the reporting period, the company built a diversified and mature sales system, and the sales model of the main products covered three types: distribution, distribution and direct sales, of which the distribution model was the core sales channel, which fully adapted to market demand and promoted the steady growth of the company's business.

(1) Distribution model

The company relies on an extensive and close-knit dealer network to bring orthopedic products to end users. Dealers play a vital role in the entire sales ecosystem, not only actively expanding market channels, maintaining customer relationships in depth, but also relying on professional capabilities to provide customers with all

Professional services in all directions. These services include detailed preoperative product consultations for medical institutions and physicians to ensure that the surgical plan is perfectly matched to the product characteristics; During the operation, arrange professionals to follow the stage to guide to ensure the correct use of the product; Postoperative follow-up in a timely manner, collect feedback, and provide a basis for product optimization. At the same time, the company's marketing team works closely with dealers, with professional knowledge of medical and engineering integration and rich market research experience, to provide technical support and professional training for dealers, and is jointly committed to developing and maintaining end customers and improving customer satisfaction and loyalty.

(2) Distribution mode

In the distribution model, the company establishes cooperative relations with distribution partners with professional qualifications. The company sells the products to distributors, who then accurately deliver the products to terminal medical institutions. In this process, the company actively collaborates with third-party service providers and internal sales teams to jointly complete the development and optimization of product channels, continuously maintain customer relationships, and ensure that customer needs are responded to in a timely manner. At the same time, in the process of using the product, it provides professional technical support and services for medical institutions to ensure the smooth application of the product in clinical treatment.

(3) Direct sales model

Under the direct sales model, the company directly sells products to terminal medical institutions, reduces intermediate links, and realizes direct docking between products and customers. The company works closely with third-party service providers, gives full play to the professional advantages of the internal marketing team, and jointly undertakes professional support services in the process of product channel development, customer relationship maintenance and product use. Through in-depth understanding of the individual needs of medical institutions, we provide customized solutions to continuously enhance the company's competitiveness and brand influence in the direct sales market.

2.3 The situation of the industry

(1). The development stage, basic characteristics and main technical thresholds of the industry

(1) Development stage

With the deepening of the aging population, the improvement of residents' awareness of health care and the rise of the national fitness movement, the incidence of orthopedic diseases and the demand for surgery continue to increase, and the market is showing a steady growth trend. Driven by national policies, the market share of domestic orthopedic medical devices has gradually increased, especially in trauma and spine products, and the phenomenon of import substitution is obvious. In May 2024, the contract of joint centralized procurement will be renewed, as well as the implementation of sports medicine and artificial bone centralized procurement, and the overall domestic market share will be further increased. Through technological innovation and cost advantages, domestic leading enterprises have increased their market share, and the industry concentration has increased steadily. With the progress of clinical medicine and materials science, the pace of innovation in orthopedic medical devices in minimally invasive surgery, precision treatment, new materials, intelligence, and robotics has accelerated. Enterprises have increased R&D investment and actively expanded emerging technology fields to meet the needs of clinical treatment.

(2) Basic features

(1) Driven by aging: The aging of the Chinese population continues to deepen, and the market demand for orthopedic surgery will maintain stable growth. According to national statistics

According to the bureau, by the end of 2023, there were about 297 million people aged 60 and over in China, accounting for about 21% of the total population. At the same time, orthopedics

The incidence of diseases such as osteoporosis, arthritis, and fractures increases significantly with age, and the prevalence of osteoporosis in people over 65 years of age

Up to 32%, while the demand for joint replacement surgery is growing at an average annual rate of more than 10%. The acceleration of the aging population has provided a long-term and stable growth momentum for the orthopedic surgery market.

(2) Consumption upgrading: With the significant improvement of the socio-economic level and the continuous improvement of people's living standards, residents' investment in medical and health has increased year by year, which has directly promoted the rapid expansion of the orthopedic implant medical device market. This growth trend is closely related to the aging population, the increase in sports injuries, and the increase in health awareness brought about by consumption upgrades. In the future, with the advancement of medical technology and the further release of residents' demand for high-quality medical services, the orthopedic implant market is expected to continue to maintain rapid growth

(3) Strengthening the concept of sports and fitness: With the increasing awareness of national sports and fitness and the continuous rise of the sports boom of the younger generation, non-standard sports methods are easy to cause sports injuries, chronic diseases and accidents, thus promoting the continuous innovation and development of sports injury-related products and services. Professional treatment technology and rehabilitation equipment provide sports enthusiasts with all-round support from injury prevention to postoperative rehabilitation, helping them exercise scientifically, recover quickly, and return to a healthy life.

(4) Policy support and import substitution: The state has issued a number of policies to support the development of the domestic medical device industry, and the domestic share has been further increased after the implementation of orthopedic volume procurement.

(3) Main technical thresholds

The R&D and production of orthopedic medical devices involve multiple disciplines such as medicine, physiology, materials science, physics, engineering, chemistry, etc., and is a technology-intensive industry with the characteristics of interdisciplinary and multi-technology integration. The R&D cycle of orthopedic products is long, from conceptual design to product launch, it usually takes several years, and it needs to have good biocompatibility, mechanical stability, corrosion resistance and other properties, which puts forward high requirements for material science and manufacturing process, and at the same time needs to go through rigorous clinical trials and verification to ensure its safety and effectiveness, this process is not only time-consuming, but also costly, and enterprises need to invest a lot of resources in R&D and technology accumulation. The company needs a high-level, multidisciplinary R&D team to support the continuous innovation and development of products, and the company needs to continuously innovate to meet clinical treatment needs.

(2). Analysis of the company's position in the industry and its changes

The company is a national orthopedic enterprise with a complete range of orthopedic products, leading scale and ranking top in the industry, with a number of brands, such as "Weigao Orthopedics", "Weigao Yahua", "Weigao Starfish", "Mingde Biotechnology", "Quantum Medical", etc., covering multiple orthopedic market segments. Through brand building, the company has established a high brand awareness in the market and has a leading market position. The company attaches great importance to original innovation in product technology development, and has accumulated rich experience in product therapy innovation and technical reserves. The company continues to strengthen the combination of medicine and engineering, by improving and supplementing the existing implant product line, relying on "new technologies, new materials, new fields" to continuously improve the future strategic development layout. The company has a high market share in the field of domestic high-end medical devices, and gradually occupies a dominant position in the market through domestic substitution strategies. With the aging population and the increase in medical demand, the orthopedic market will continue to expand, and the company's market growth potential is greater.

(3) The development and future development trend of new technologies, new industries, new forms of business and new models during the reporting period

During the reporting period, the research and development of orthopedics will focus on new technologies that support the development of the orthopedic industry such as "new materials, computer-aided, and intelligent", and continue to promote the layout of active medical devices, tissue repair, surgical robots, etc., and at the same time, it will combine AI artificial intelligence and big data to accelerate the application of new fields such as personalized medicine, pain management, and orthopedic rehabilitation, focus on core surgical innovation, and continuously promote product innovation.

In the future, with the development of new material technology, artificial intelligence and biological therapy technology, orthopedic medical devices are making breakthroughs in the direction of intelligence, precision and biological functionalization, which will bring transformative innovative products that will change the treatment plan and effect for the development of orthopedics, which is reflected in the following aspects.

1. New orthopedic materials: With the cross-breakthrough of materials science, manufacturing technology and regenerative medicine, more new materials may emerge in the future, and the transformation and innovation of orthopedic implant materials is an important research direction in the field of orthopedics.

2. Orthopedic biological products: Orthopedic biological therapy technology is rewriting the traditional treatment pattern with a revolutionary attitude, and innovative methods such as PRP, stem cell therapy, and BMP have gradually become a new paradigm in the treatment of musculoskeletal diseases. These technologies break through the physical limitations of surgical treatment, realize tissue regeneration and repair through biological activation mechanisms, and provide patients with minimally invasive solutions that are more in line with physiological characteristics. The power of innovation in the non-surgical era will eventually lead to a full-cycle solution system that covers prevention, treatment, and rehabilitation.

3. Orthopedic digital technology: Orthopedic digital technology is reshaping the underlying logic of surgery, shifting from experience-driven to data-driven precision medicine. Innovative technologies represented by intelligent navigation, surgical robots, and digital twins have built a whole-process intelligent system covering preoperative planning, intraoperative navigation, and postoperative management, promoting orthopedic surgery into the era of sub-millimeter precision. Intelligent orthopedic surgery system, precise navigation and positioning system, and digitally-driven prognosis management are expected to realize the dynamic optimization of surgical plans.

3. The company's main accounting data and financial indicators

3.1 Key accounting data and financial indicators for the past 3 years

Unit: Yuan Currency: RMB

2024 2023 This year is compared to 2022

Increase/Decrease (%) After Adjustment Before Adjustment

Total assets 4,948,035,237.87 5,096,573,977.62 -2.91 6,015,731,865.96 5,752,093,418.69

Net assets attributable to shareholders of listed companies 3,953,519,923.53 3,868,918,255.96 2.19 5,005,942,121.18 4,870,383,407.69

Operating income 1,452,715,790.19 1,283,549,219.69 13.18 2,057,972,770.25 1,848,116,496.02

Net profit attributable to shareholders of listed companies 223,751,739.09 112,315,000.06 99.22 600,702,201.28 544,205,781.14

Deductions attributable to shareholders of listed companies are not 210,870,055.19 107,897,647.81 95.44 588,906,479.52 532,686,711.19

Net profit from recurring gains and losses

Net cash flow from operating activities 274,192,985.96 119,443,275.89 129.56 508,562,057.69 443,538,409.59

Weighted average return on equity (%) 5.72 2.81 increased by 2.91 percentage points 12.58 11.66

Basic earnings per share (RMB/share) 0.56 0.28 100.00 1.5 1.36

Diluted earnings per share (RMB/share) 0.56 0.28 100.00 1.5 1.36

Ratio of R&D investment to operating income (%) 8.25 10.14 decreased by 1.89 percentage points 5.72 5.83

3.2 Key accounting data by quarter in the reporting period

Unit: Yuan Currency: RMB

Q1 Q2 Q3 Q4

(January-March) (April-June) (July-September) (October-December)

Operating income 347,912,613.72 402,627,253.96 332,738,599.79 369,437,322.72

Attributable to listed companies 34,905,665.79 58,224,212.11 71,163,281.09 59,458,580.10

Net profit to shareholders

Attributable to listed companies

Shareholders' deductions are not 34,565,231.54 54,783,815.52 69,957,672.71 51,563,335.42

Net after recurring gains and losses

profit

14,956,094.00 129,771,396.25 45,115,226.42 84,350,269.29

Net cash flow

Explanation of the discrepancies between the quarterly data and the data disclosed in the periodic report

□ Applicable √ Not applicable

4. Shareholders

4.1 The total number of common shareholders, the total number of preferred shareholders whose voting rights have been restored, and the total number of shareholders holding special voting shares and the top 10

shareholders

Unit: Shares

As of the end of the reporting period, the total number of ordinary shareholders (households) was 9,111

The total number of common shareholders at the end of the previous month prior to the date of disclosure of the annual report was 9,206

(Households)

The total number of preferred shareholders whose voting rights were restored as of the end of the reporting period (households) was 0

Preferred shares whose voting rights were restored at the end of the previous month prior to the disclosure date of the annual report were 0

Total number of shareholders

The total number of shareholders holding special voting shares as of the end of the reporting period was 0

(Households)

0 shares with special voting rights held at the end of the previous month prior to the disclosure date of the annual report

Total number of shareholders (households)

Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)

Stake, token, or freeze

There is a situation in possession

Name of shareholder During the reporting period Number of shares held at the end of the period Proportion Restricted Shareholder

(Full name) increase or decrease (%) shares nature of shares

Quantity Status Quantity

Shandong Weigao Group Medical is non-national in China

Polymer Products shares 0 202,500,000 50.63 0 None 0 Legal person

Limited to companies

Wego International Medical Co., Ltd. 0 67,500,000 16.88 0 N/A 0 Overseas legal person

firm

Weigao Group Co., Ltd. 0 30,000,000 7.50 0 None 0 Domestic

There are legal entities

Shandong Province Finance Investment Set 0 25,252,467 6.31 0 Pledge 5,280,000 State-owned legal person

Regiment Co., Ltd

Weihai Hongyangrui Information Technology 0 23,333,333 5.83 0 None 0 Others

Technology Center (Limited Partnership)

Weihai Yongyao Trade Center 0 7,500,000 1.88 0 None 0 Other

(Limited Partnership)

Hong Kong Securities Clearing Company Limited 1,388,029 3,317,182 0.83 0 N/A 0 Other

firm

Shandong Weigao orthopedic materials

Repurchase by shares 1,796,610 2,713,876 0.68 0 N/A 0 Others

Dedicated Securities Account

Liu Hongbo 130,000 530,000 0.13 0 None 0 Others

Industrial and Commercial Bank of China shares

Ltd. - Bosera on

SSE 100 Transactions 726 515,495 0.13 0 None 0 Others

open-ended index securities

investment fund

Description of the above-mentioned shareholder affiliation or concerted action Shandong Weigao Group Medical Polymer Products Co., Ltd., Weigao

International Medical Co., Ltd., Weigao Group Co., Ltd., Weihai Hongyang

Rui Information Technology Center (Limited Partnership) is the actual controller of the company

The company controlled by Xueli is not known to exist among other shareholders

Affiliations or persons acting in concert.

Explanation of preferred shareholders whose voting rights have been restored and the number of shares held is not applicable

Holders of depositary receipts

□ Applicable √ Not applicable

The top 10 shareholders in terms of the number of voting rights as of the end of the reporting period

□ Applicable √ Not applicable

4.2 Block diagram of the property rights and control relationship between the company and the controlling shareholder

√ Applicable □ Not applicable

4.3 Block diagram of the property rights and control relationship between the company and the actual controller

√ Applicable □ Not applicable

4.4 The total number of preferred shareholders and the top 10 shareholders of the company at the end of the reporting period

□ Applicable √ Not applicable

5. Corporate bonds

□ Applicable √ Not applicable

Section 3: Important Matters

1. The company shall, in accordance with the principle of materiality, disclose the major changes in the company's operation during the reporting period, as well as the events that have a significant impact on the company's operation during the reporting period and are expected to have a significant impact in the future.

During the reporting period, the company's operating income was 1452.7158 million yuan, an increase of 13.18% over the same period of last year; The realization is vested in the parent company

the net profit was 223.7517 million yuan, an increase of 99.22% over the same period of last year; The net profit attributable to the owners of the parent company after deducting non-recurring gains and losses was 210.8701 million yuan, a year-on-year increase of 95.44%.

2. If there is a delisting risk warning or termination of listing after the disclosure of the company's annual report, the reasons for the delisting risk warning or termination of listing shall be disclosed.

□ Applicable √ Not applicable