Swancor Advanced Materials Technology Co., Ltd. and Shandong Longneng New Energy Co., Ltd. have jointly established a subsidiary, which has now completed the industrial and commercial registration. This move has strengthened Swancor Advanced Materials' manufacturing capabilities in wind turbine blade and main unit recycling and related recycled material products, and enriched the company's product range of recycled material products and composite material recycling services in the wind power field. We have expanded our services for the recycling of wind power industry composites and the manufacturing of recycled material products, thus achieving a closed loop in our business model. Our business now comprehensively covers both recyclable resins and traditional resin products.

Swancor Advanced Materials and Shandong Longneng New Energy Co., Ltd. jointly invested 20 million yuan to establish a holding subsidiary, "Shandong Longneng Renewable Resources Utilization Co., LTD."
This overseas investment project is mainly based on the company's business system. By building a new Yantai wind power industry composite material recycling and product processing base and introducing relevant R&D, production and testing equipment, it has strengthened the company's service capabilities in the downstream composite material recycling field of the wind power industry and enriched the company's product and service system. The company has expanded its business in composite material recycling and recycled material products, strengthened the stickiness of its services to existing wind power customers, and consolidated its leading position in the industry.