[ST Wenfeng: The second-instance judgment of the market manipulation case was changed in some cases to make Xu Xiang personally liable for compensation] On September 7, ST Wenfeng (601010.SH) announced that the company received the second-instance judgment of the Jiangsu High Court involving Xu Xiang and Xu Changjiang’s liability dispute for manipulating the securities market. In 11 cases, the appeal was dismissed and the original judgment was upheld. Xu Xiang and Xu Changjiang were required to compensate 58 investors of 8.5978 million yuan, and the company was jointly and severally liable. In the other two cases, the first-instance judgment was revoked, and the judgment was changed to make Xu Xiang personally liable for compensation, and all claims against the company were dismissed. The amount of this judgment does not exceed the estimated liabilities of 41.3637 million yuan that the company has accrued in 2025, and will not have an impact on the current profits and losses. As of the announcement date, the court has accepted 1,017 investor lawsuits, 67 of which have made effective judgments, ruling that the company should bear joint compensation of 9.7004 million yuan.