Honor has made smooth progress in its shareholding reform since it started in the fourth quarter of 2024. The shareholding reform has been completed today (December 28, 2024), and the name of Honor Terminal Company has been changed to "Honor Terminal Co., Ltd." The person said that this shareholding reform involves changes in the company's form and name, which will not affect the company's daily operations. After the shareholding reform is completed, Honor will start the IPO process in due course, and further information will be disclosed in the corresponding process. In order to achieve the company's next stage of strategic development, Honor will promote the company's entry into the capital market through the initial public offering.