Xiangshan Co., Ltd. announced that shareholders Zhao Yukun and Chen Bo plan to reduce their holdings by no more than 3,962,300 shares, accounting for 3.00% of the total share capital, through centralized bidding and block trading from May 28, 2025, to August 27, 2025. Among them, the reduction through centralized bidding will not exceed 1,320,800 shares, accounting for 1.00% of the total share capital; the reduction through block trading will not exceed 2,641,500 shares, accounting for 2.00% of the total share capital. The total reduction will be 7,924,500 shares, accounting for 6.00% of the total share capital. The reason for the reduction is personal funding needs, and the price will be determined based on the market and regulations.