Huanxi Media (01003) has issued an announcement stating that, as of the date of the announcement, because certain conditions precedent to the subscription were not fulfilled or waived, and the parties were also unable to agree on a further extension of the long-stop date, the subscription agreement has been terminated in accordance with its terms, and the subscription will not proceed.

Following the termination of the subscription agreement, the parties are no longer subject to their respective obligations under the subscription agreement.

At the same time as entering into the subscription agreement, the company and the subscriber also entered into a strategic cooperation and joint venture framework agreement and a large model API service framework agreement (these agreements). As of the date of this announcement, the cooperation and transactions contemplated under these agreements are still under discussion.

The board believes that the termination of the subscription will not have any material adverse impact on the company's existing business, operations, or financial condition.