马斯公司 MAAS

On January 24, 2025, the Board appointed Ms. Min Zhou, formerly an independent director, to serve as a director and vice-chairperson of the Company, effective immediately. The Board appointed Ms. Min Zhou to serve as the chief executive officer of the Company, effective from January 24, 2025. Ms. Min Zhou has served as our chief executive officer and Vice Chairman of the Board since January, 2025. Prior to this, she was our Independent Director from September 2024 to January 2025. From April 2024 to December 2024, Ms. Min Zhou has been an executive director of Tian Ruixiang Holdings Ltd (NASDAQ TIRX). Before that, Ms. Zhou worked as an investment manager at Huobi Capital from September 2021 to September 2022, where she's developing investment plans and agreements for participating in the negotiation and trading of investment projects. She has rich experience in supervising the operation and development of investment projects. From September 2016 to June 2021, Ms. Zhou was the business development manager of Delta Insurance Brokerage Co., Ltd. Ms. Zhou has extensive experience in ensuring compliance with securities laws and regulations, protecting shareholders' interests, as well as participating in the formulation of company strategy and supervising management implementation to promote the company's long-term development and enhance shareholder value. Ms. Zhou graduated from Hunan University with a bachelor's degree in mechanical automation.

On December 31, 2025, the Board appointed Ms. Jiaxing Shi as the Chief Financial Officer of the Company, effective on December 31, 2025. Ms. Jiaxing Shi , age 35, has over a decade of experience in finance investment and operation. Ms. Shi served as the investment operations manager at YD Network Technology Co Ltd. from March 2024 to November 2025, overseeing its investment strategy and financial due diligence to optimize long-term returns. Prior to that, she served as senior audit professional at UHY LLP and Marcum LLP from 2022 to 2024. Prior to that, she held a senior manager position in financial reporting and investor relations at Aurora Mobile Ltd. (Nasdaq: JG) since 2018. She received her MBA degree in financial management from Goldey-Beacom College in 2018 and her master degree in accounting from St. John's University in 2015. She received her bachelor's degree from Inner Mongolia University of Finance and Economics in 2013.

Effective on November 28, 2025, Mr. Jingkai Li was appointed as a director and the chairperson of the Board to fill the vacancy on the Board. Mr. Jingkai Li, age 61, has over a decade of experience in the environmental protection and resource-recycling industries. Since 2010, he has served as chairman and chief executive officer of Guangxi Qinyuan Environmental Protection Co., Ltd., where he oversaw operations in industrial solid waste treatment, renewable resource utilization, and environmental engineering services. Mr. Li has also served as executive president of the Beiliu Slag Resource Comprehensive Utilization Industry Association since 2022. In addition, he has participated in industrial investment activities involving new energy, smart technology, and other high-tech projects. Mr. Li holds an executive master's degree in business administration from Macau University of Science and Technology.

Pei Yu Ms. Pei has served as our independent director since April 2025. Ms. Pei Yu is currently serving as Finance Manager at Shenzhen Clarion Capital Venture Capital Co., Ltd. since July 2024. During her tenure, she has demonstrated exceptional proficiency in financial operations and strategic governance. In this role, she spearheads fiscal planning, investment analysis, and capital structure optimization. Prior to her current position, Ms. Yu served as a Senior Audit Professional at PricewaterhouseCoopers LLP from 2021 to 2024, where she led cross-functional teams in delivering critical services including financial statement audits for multinational corporations and IPO readiness assessments and capital markets advisory. She received a Master of Accounting from The Australian National University in 2019 and a Bachelor of financial Management in the West of Anhui University in 2017.

Yingying Ms. Li has served as our independent director since September 2024. She has served as the OEM Cotton Product Director for Qinshu (Shanghai) Trading Co., Ltd since 2022. From July 2021 to October 2022, Ms. Li served as the General Manager of the Product Planning Department at Shanghai Metersbonwe Fashion Co., Ltd., where she had extensive experience in leading the planning team to collect, sort, analyze fashion trends, and develop product strategies based on brand positioning and annual business goals. She also had experience in preparing planning proposals, themes, and quarterly development timetables. From October 2017 to June 2021, Ms. Li served as the Manager of the Product Planning Department at E-Land Group. She had extensive experience in leading the planning, design, and production teams in conducting product sketch review, sample review at selection meetings, and pricing work to ensure product completion. Ms. Li graduated from Donghua University with a Master's degree in Textile Engineering.

Kwan Pui Chui Mr. Chui has served as our independent director since January, 2025. Mr. Chui is currently a lawyer at Fujian Shuangding Law Office. Prior to this, he served, with his last role, as a registered foreign lawyer in the corporate finance practice group at Deacons from 2019 to 2024, responsible for general corporate finance matters and IPO projects. He received a Master of Law Degree from City University of Hong Kong in 2019 and a Bachelor of Law Degree in Xiamen University in 2018. He had obtained the PRC lawyer license in 2023.

On August 11, 2025, the board of directors of Maase Inc. announced the appointment of Mr. Guotao Liu as Co-Chief Executive Officer of the Company, effective August 12, 2025. Mr. Guotao Liu has served as Chairman of Qingdao Youdian New Energy Technology Co., Ltd. since January 2024. He concurrently serves as Chairman of Shandong Meinengda Automotive Service Co., Ltd. since January 2014 and Qingdao Huiju Lai Xi Intelligent Technology Co., Ltd. since January 2021. Previously, he served as Chairman of Shandong Bohai Rim Advertising Media Co., Ltd. from August 2006 to October 2017. With over 15 years of corporate management experience, he specializes in automotive services, smart technology, and new energy sectors. He received his Master's degree in Transportation Management in 1996 and Bachelor's degree in Automotive Design in 1994 from Military Transportation University.