Risk Disclosure and Disclaimer for the "Company Insights" Column

Dear Readers,

Thank you for your attention to the "Company Insights" column of the Global Value Investment Association. This column aims to identify high-quality enterprises with long-term growth potential, sound governance structures and undervalued worth through in-depth research, industry analysis and corporate due diligence, providing investors with valuable reference information and thinking perspectives.

Before reading the content of this column, please carefully read and understand the following statements and disclosures:

I. Content Positioning and Nature Statement

• The content of this column is for research and communication purposes only. All analyses are based on publicly available information, data and reasonable industry deductions, and do not constitute any form of investment advice, stock recommendation or basis for buying or selling securities.

• The Association and the column team shall not be liable for any investor's investment decisions, nor shall they be responsible for any direct or indirect losses arising from the use of the content of this column.

• The companies, industries, data and views mentioned in this column are based on the information and judgments at the time of publication. Market environments, corporate operations, policies and regulations may change, so readers are advised to pay attention to the timeliness of information.

II. Investment Risk Disclosure

All investments involve risks, including but not limited to:

• Market Risk: Stock prices are affected by multiple factors including macroeconomic conditions, policy environments, market sentiment and capital flows, and may experience significant volatility.

• Corporate Operational Risk: Enterprises may face operational challenges such as intensified industry competition, technological iteration, management changes, rising costs and customer attrition.

• Financial Risk: Adverse changes may occur in a company's profitability, cash flow status and asset-liability structure.

• Valuation Risk: Even for a high-quality company, its stock price may already reflect or even overdraw future growth, resulting in overvaluation risks.

• Liquidity Risk: Some stocks have low trading activity, which may affect the timeliness and price of investors' buying or selling transactions.

• Force Majeure Risk: Unpredictable factors such as natural disasters, public health events and changes in international relations may impact enterprises and the market.

III. Our Advocated Investment Philosophy

The "Company Insights" column adheres to the core values of the Global Value Investment Association and advocates:

• Rational Investment: Investment decisions should be based on independent research, objective analysis and risk awareness, avoiding emotional trading and blind following.

• Long-term Investment: The value realization of excellent enterprises takes time. We encourage accompanying enterprise growth with a "shareholder mindset" rather than short-term arbitrage.

• Value Investment: Focus on the intrinsic value and long-term competitiveness of enterprises, invest when prices are below value, adhere to the margin of safety and wait for value reversion.

IV. Reader Responsibilities and Recommendations

• Please make independent investment decisions based on your own investment objectives, financial conditions and risk tolerance.

• It is recommended that you obtain information through multiple channels, carefully verify the content of this column, and consult professional financial advisors or securities institutions when necessary.

• The market is risky, and investment requires caution. Please allocate assets reasonably and avoid excessive concentration of investment.