*ST Yuanshang Plans to Purchase 100 Hydrogen Fuel Cell Wing-Open Vans

On November 6, 2025, Guangdong Yuanshang Logistics Co., Ltd. (hereinafter referred to as "the Company") announced that it intends to sign a Vehicle Purchase and Sale Contract and supplementary agreements with Hyundai Motor Hydrogen Fuel Cell System (Guangzhou) Co., Ltd. (hereinafter referred to as "Hyundai Motor") for the planned procurement of 100 18-mt fuel cell wing-open vans.

The announcement shows that the unit price per vehicle for this procurement is 783,200 yuan per unit, with a procurement quantity of 100 units, resulting in a total contract value of 78,320,000 yuan. The Company stated that the purchase of these fuel cell vehicles aims to develop corporate clients with corresponding business needs and further expand its presence in the hydrogen energy logistics sector.

At the same time, the Company also highlighted related risks. On one hand, the operation of hydrogen energy vehicles relies on a stable supply of hydrogen fuel; fluctuations in hydrogen costs, undersupply, or price increases may affect the operational efficiency and cost-effectiveness of this batch of vehicles. On the other hand, if the pace of developing target customers is slow in the short term, or if market demand forecasts are inaccurate and competition intensifies, among other factors, the benefits of this project may fall short of expectations.