SCHEDULE 13G 0002097670 XXXXXXXX LIVE Class A ordinary shares, par value $0.00001 per share 09/30/2025 0002035697 Polibeli Group Ltd G71604105 Landmark Pluit Tower D 5th & 6th Floor, Jl. Pluit Selatan Raya, Pluit, Penjaring Daerah Khusus Ibukota Jakarta K8 14450 Rule 13d-1(d) XINGYUN INTERNATIONAL COMPANY LIMITED E9 360000000.00 0.00 360000000.00 0.00 360000000.00 N 98.26 HC CO (1) Represents 312,720,720 Class A ordinary shares of the Issuer and 47,279,280 Class B ordinary shares of the Issuer held by XINGYUN INTERNATIONAL COMPANY LIMITED. XINGYUN INTERNATIONAL COMPANY LIMITED is jointly controlled by (i) XINGYUN GROUP LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands, which is wholly owned by Mr. Wei Wang; (ii) Eastern Bell International VII Limited, a BVI business company incorporated under the laws of the British Virgin Islands, and DING YI II OVERSEAS INTERNATIONAL LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands. Eastern Bell International VII Limited is wholly owned by ShangHai DingXian Business Consulting Partnership (LP), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan. DING YI II OVERSEAS INTERNATIONAL LIMITED is wholly owned by Ningbo Dingxiang Venture Capital (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan; (iii) MATRIX PARTNERS CHINA V HONG KONG LIMITED, a limited company incorporated under the laws of Hong Kong. MATRIX PARTNERS CHINA V HONG KONG LIMITED is owned by MPC V L.P. and MPC V-A L.P. The general partner of both MPC V L.P. and MPC V-A L.P. is MPC Management V L.P. The general partner of MPC Management V L.P. is MPC GPGP V Ltd. Mr. David Su is the controlling shareholder of MPC GPGP V Ltd.; (iv) TK Xingyun Investment Limited, an exempted company incorporated under the laws of the Cayman Islands. TK Xingyun Investment Limited is wholly owned by Taikang Life Insurance Co., Ltd., a limited liability company incorporated under the laws of the PRC, and ultimately controlled by Mr. Dongsheng Chen; (v) YF Hermes Limited, a BVI business company incorporated under the laws of the British Virgin Islands. YF Hermes Limited is wholly owned by Yunfeng Fund IV, L.P., a private fund registered under the laws of the Cayman Islands, and ultimately controlled by Mr. Feng Yu; and (vi) Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, both of which are ultimately controlled by Mr. Xiaofeng Pan. (2) Percentage of class represented by amount in row is calculated based on 366,387,470 ordinary shares, consisting of 319,108,190 Class A ordinary shares and 47,279,280 Class B ordinary shares issued and outstanding as of September 30, 2025, as provided by the Issuer, assuming conversion of all Class B ordinary shares into Class A ordinary shares. (3) The voting power of the ordinary shares beneficially owned represent 99.19% of the total outstanding voting power of the Issuer. Each shareholder is entitled to one (1) vote for each Class A ordinary share and ten (10) votes for each Class B ordinary share, on all matters that require a shareholder's vote. Class B ordinary shares may be converted into the same number of Class A ordinary shares by the holders thereof at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares under any circumstances. XINGYUN GROUP LIMITED D8 0.00 360000000.00 0.00 360000000.00 360000000.00 N 98.26 CO (1) Represents 312,720,720 Class A ordinary shares of the Issuer and 47,279,280 Class B ordinary shares of the Issuer held by XINGYUN INTERNATIONAL COMPANY LIMITED. XINGYUN INTERNATIONAL COMPANY LIMITED is jointly controlled by (i) XINGYUN GROUP LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands, which is wholly owned by Mr. Wei Wang; (ii) Eastern Bell International VII Limited, a BVI business company incorporated under the laws of the British Virgin Islands, and DING YI II OVERSEAS INTERNATIONAL LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands. Eastern Bell International VII Limited is wholly owned by ShangHai DingXian Business Consulting Partnership (LP), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan. DING YI II OVERSEAS INTERNATIONAL LIMITED is wholly owned by Ningbo Dingxiang Venture Capital (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan; (iii) MATRIX PARTNERS CHINA V HONG KONG LIMITED, a limited company incorporated under the laws of Hong Kong. MATRIX PARTNERS CHINA V HONG KONG LIMITED is owned by MPC V L.P. and MPC V-A L.P. The general partner of both MPC V L.P. and MPC V-A L.P. is MPC Management V L.P. The general partner of MPC Management V L.P. is MPC GPGP V Ltd. Mr. David Su is the controlling shareholder of MPC GPGP V Ltd.; (iv) TK Xingyun Investment Limited, an exempted company incorporated under the laws of the Cayman Islands. TK Xingyun Investment Limited is wholly owned by Taikang Life Insurance Co., Ltd., a limited liability company incorporated under the laws of the PRC, and ultimately controlled by Mr. Dongsheng Chen; (v) YF Hermes Limited, a BVI business company incorporated under the laws of the British Virgin Islands. YF Hermes Limited is wholly owned by Yunfeng Fund IV, L.P., a private fund registered under the laws of the Cayman Islands, and ultimately controlled by Mr. Feng Yu; and (vi) Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, both of which are ultimately controlled by Mr. Xiaofeng Pan. (2) Percentage of class represented by amount in row is calculated based on 366,387,470 ordinary shares, consisting of 319,108,190 Class A ordinary shares and 47,279,280 Class B ordinary shares issued and outstanding as of September 30, 2025, as provided by the Issuer, assuming conversion of all Class B ordinary shares into Class A ordinary shares. (3) The voting power of the ordinary shares beneficially owned represent 99.19% of the total outstanding voting power of the Issuer. Each shareholder is entitled to one (1) vote for each Class A ordinary share and ten (10) votes for each Class B ordinary share, on all matters that require a shareholder's vote. Class B ordinary shares may be converted into the same number of Class A ordinary shares by the holders thereof at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares under any circumstances. Eastern Bell International VII Limited D8 0.00 360000000.00 0.00 360000000.00 360000000.00 N 98.26 CO (1) Represents 312,720,720 Class A ordinary shares of the Issuer and 47,279,280 Class B ordinary shares of the Issuer held by XINGYUN INTERNATIONAL COMPANY LIMITED. XINGYUN INTERNATIONAL COMPANY LIMITED is jointly controlled by (i) XINGYUN GROUP LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands, which is wholly owned by Mr. Wei Wang; (ii) Eastern Bell International VII Limited, a BVI business company incorporated under the laws of the British Virgin Islands, and DING YI II OVERSEAS INTERNATIONAL LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands. Eastern Bell International VII Limited is wholly owned by ShangHai DingXian Business Consulting Partnership (LP), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan. DING YI II OVERSEAS INTERNATIONAL LIMITED is wholly owned by Ningbo Dingxiang Venture Capital (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan; (iii) MATRIX PARTNERS CHINA V HONG KONG LIMITED, a limited company incorporated under the laws of Hong Kong. MATRIX PARTNERS CHINA V HONG KONG LIMITED is owned by MPC V L.P. and MPC V-A L.P. The general partner of both MPC V L.P. and MPC V-A L.P. is MPC Management V L.P. The general partner of MPC Management V L.P. is MPC GPGP V Ltd. Mr. David Su is the controlling shareholder of MPC GPGP V Ltd.; (iv) TK Xingyun Investment Limited, an exempted company incorporated under the laws of the Cayman Islands. TK Xingyun Investment Limited is wholly owned by Taikang Life Insurance Co., Ltd., a limited liability company incorporated under the laws of the PRC, and ultimately controlled by Mr. Dongsheng Chen; (v) YF Hermes Limited, a BVI business company incorporated under the laws of the British Virgin Islands. YF Hermes Limited is wholly owned by Yunfeng Fund IV, L.P., a private fund registered under the laws of the Cayman Islands, and ultimately controlled by Mr. Feng Yu; and (vi) Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, both of which are ultimately controlled by Mr. Xiaofeng Pan. (2) Percentage of class represented by amount in row is calculated based on 366,387,470 ordinary shares, consisting of 319,108,190 Class A ordinary shares and 47,279,280 Class B ordinary shares issued and outstanding as of September 30, 2025, as provided by the Issuer, assuming conversion of all Class B ordinary shares into Class A ordinary shares. (3) The voting power of the ordinary shares beneficially owned represent 99.19% of the total outstanding voting power of the Issuer. Each shareholder is entitled to one (1) vote for each Class A ordinary share and ten (10) votes for each Class B ordinary share, on all matters that require a shareholder's vote. Class B ordinary shares may be converted into the same number of Class A ordinary shares by the holders thereof at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares under any circumstances. DING YI II OVERSEAS INTERNATIONAL LIMITED D8 0.00 360000000.00 0.00 360000000.00 360000000.00 N 98.26 CO (1) Represents 312,720,720 Class A ordinary shares of the Issuer and 47,279,280 Class B ordinary shares of the Issuer held by XINGYUN INTERNATIONAL COMPANY LIMITED. XINGYUN INTERNATIONAL COMPANY LIMITED is jointly controlled by (i) XINGYUN GROUP LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands, which is wholly owned by Mr. Wei Wang; (ii) Eastern Bell International VII Limited, a BVI business company incorporated under the laws of the British Virgin Islands, and DING YI II OVERSEAS INTERNATIONAL LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands. Eastern Bell International VII Limited is wholly owned by ShangHai DingXian Business Consulting Partnership (LP), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan. DING YI II OVERSEAS INTERNATIONAL LIMITED is wholly owned by Ningbo Dingxiang Venture Capital (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan; (iii) MATRIX PARTNERS CHINA V HONG KONG LIMITED, a limited company incorporated under the laws of Hong Kong. MATRIX PARTNERS CHINA V HONG KONG LIMITED is owned by MPC V L.P. and MPC V-A L.P. The general partner of both MPC V L.P. and MPC V-A L.P. is MPC Management V L.P. The general partner of MPC Management V L.P. is MPC GPGP V Ltd. Mr. David Su is the controlling shareholder of MPC GPGP V Ltd.; (iv) TK Xingyun Investment Limited, an exempted company incorporated under the laws of the Cayman Islands. TK Xingyun Investment Limited is wholly owned by Taikang Life Insurance Co., Ltd., a limited liability company incorporated under the laws of the PRC, and ultimately controlled by Mr. Dongsheng Chen; (v) YF Hermes Limited, a BVI business company incorporated under the laws of the British Virgin Islands. YF Hermes Limited is wholly owned by Yunfeng Fund IV, L.P., a private fund registered under the laws of the Cayman Islands, and ultimately controlled by Mr. Feng Yu; and (vi) Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, both of which are ultimately controlled by Mr. Xiaofeng Pan. (2) Percentage of class represented by amount in row is calculated based on 366,387,470 ordinary shares, consisting of 319,108,190 Class A ordinary shares and 47,279,280 Class B ordinary shares issued and outstanding as of September 30, 2025, as provided by the Issuer, assuming conversion of all Class B ordinary shares into Class A ordinary shares. (3) The voting power of the ordinary shares beneficially owned represent 99.19% of the total outstanding voting power of the Issuer. Each shareholder is entitled to one (1) vote for each Class A ordinary share and ten (10) votes for each Class B ordinary share, on all matters that require a shareholder's vote. Class B ordinary shares may be converted into the same number of Class A ordinary shares by the holders thereof at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares under any circumstances. TK Xingyun Investment Limited E9 0.00 360000000.00 0.00 360000000.00 360000000.00 N 98.26 CO (1) Represents 312,720,720 Class A ordinary shares of the Issuer and 47,279,280 Class B ordinary shares of the Issuer held by XINGYUN INTERNATIONAL COMPANY LIMITED. XINGYUN INTERNATIONAL COMPANY LIMITED is jointly controlled by (i) XINGYUN GROUP LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands, which is wholly owned by Mr. Wei Wang; (ii) Eastern Bell International VII Limited, a BVI business company incorporated under the laws of the British Virgin Islands, and DING YI II OVERSEAS INTERNATIONAL LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands. Eastern Bell International VII Limited is wholly owned by ShangHai DingXian Business Consulting Partnership (LP), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan. DING YI II OVERSEAS INTERNATIONAL LIMITED is wholly owned by Ningbo Dingxiang Venture Capital (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan; (iii) MATRIX PARTNERS CHINA V HONG KONG LIMITED, a limited company incorporated under the laws of Hong Kong. MATRIX PARTNERS CHINA V HONG KONG LIMITED is owned by MPC V L.P. and MPC V-A L.P. The general partner of both MPC V L.P. and MPC V-A L.P. is MPC Management V L.P. The general partner of MPC Management V L.P. is MPC GPGP V Ltd. Mr. David Su is the controlling shareholder of MPC GPGP V Ltd.; (iv) TK Xingyun Investment Limited, an exempted company incorporated under the laws of the Cayman Islands. TK Xingyun Investment Limited is wholly owned by Taikang Life Insurance Co., Ltd., a limited liability company incorporated under the laws of the PRC, and ultimately controlled by Mr. Dongsheng Chen; (v) YF Hermes Limited, a BVI business company incorporated under the laws of the British Virgin Islands. YF Hermes Limited is wholly owned by Yunfeng Fund IV, L.P., a private fund registered under the laws of the Cayman Islands, and ultimately controlled by Mr. Feng Yu; and (vi) Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, both of which are ultimately controlled by Mr. Xiaofeng Pan. (2) Percentage of class represented by amount in row is calculated based on 366,387,470 ordinary shares, consisting of 319,108,190 Class A ordinary shares and 47,279,280 Class B ordinary shares issued and outstanding as of September 30, 2025, as provided by the Issuer, assuming conversion of all Class B ordinary shares into Class A ordinary shares. (3) The voting power of the ordinary shares beneficially owned represent 99.19% of the total outstanding voting power of the Issuer. Each shareholder is entitled to one (1) vote for each Class A ordinary share and ten (10) votes for each Class B ordinary share, on all matters that require a shareholder's vote. Class B ordinary shares may be converted into the same number of Class A ordinary shares by the holders thereof at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares under any circumstances. Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership) F4 0.00 360000000.00 0.00 360000000.00 360000000.00 N 98.26 PN (1) Represents 312,720,720 Class A ordinary shares of the Issuer and 47,279,280 Class B ordinary shares of the Issuer held by XINGYUN INTERNATIONAL COMPANY LIMITED. XINGYUN INTERNATIONAL COMPANY LIMITED is jointly controlled by (i) XINGYUN GROUP LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands, which is wholly owned by Mr. Wei Wang; (ii) Eastern Bell International VII Limited, a BVI business company incorporated under the laws of the British Virgin Islands, and DING YI II OVERSEAS INTERNATIONAL LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands. Eastern Bell International VII Limited is wholly owned by ShangHai DingXian Business Consulting Partnership (LP), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan. DING YI II OVERSEAS INTERNATIONAL LIMITED is wholly owned by Ningbo Dingxiang Venture Capital (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan; (iii) MATRIX PARTNERS CHINA V HONG KONG LIMITED, a limited company incorporated under the laws of Hong Kong. MATRIX PARTNERS CHINA V HONG KONG LIMITED is owned by MPC V L.P. and MPC V-A L.P. The general partner of both MPC V L.P. and MPC V-A L.P. is MPC Management V L.P. The general partner of MPC Management V L.P. is MPC GPGP V Ltd. Mr. David Su is the controlling shareholder of MPC GPGP V Ltd.; (iv) TK Xingyun Investment Limited, an exempted company incorporated under the laws of the Cayman Islands. TK Xingyun Investment Limited is wholly owned by Taikang Life Insurance Co., Ltd., a limited liability company incorporated under the laws of the PRC, and ultimately controlled by Mr. Dongsheng Chen; (v) YF Hermes Limited, a BVI business company incorporated under the laws of the British Virgin Islands. YF Hermes Limited is wholly owned by Yunfeng Fund IV, L.P., a private fund registered under the laws of the Cayman Islands, and ultimately controlled by Mr. Feng Yu; and (vi) Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, both of which are ultimately controlled by Mr. Xiaofeng Pan. (2) Percentage of class represented by amount in row is calculated based on 366,387,470 ordinary shares, consisting of 319,108,190 Class A ordinary shares and 47,279,280 Class B ordinary shares issued and outstanding as of September 30, 2025, as provided by the Issuer, assuming conversion of all Class B ordinary shares into Class A ordinary shares. (3) The voting power of the ordinary shares beneficially owned represent 99.19% of the total outstanding voting power of the Issuer. Each shareholder is entitled to one (1) vote for each Class A ordinary share and ten (10) votes for each Class B ordinary share, on all matters that require a shareholder's vote. Class B ordinary shares may be converted into the same number of Class A ordinary shares by the holders thereof at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares under any circumstances. Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership) F4 0.00 360000000.00 0.00 360000000.00 360000000.00 N 98.26 PN (1) Represents 312,720,720 Class A ordinary shares of the Issuer and 47,279,280 Class B ordinary shares of the Issuer held by XINGYUN INTERNATIONAL COMPANY LIMITED. XINGYUN INTERNATIONAL COMPANY LIMITED is jointly controlled by (i) XINGYUN GROUP LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands, which is wholly owned by Mr. Wei Wang; (ii) Eastern Bell International VII Limited, a BVI business company incorporated under the laws of the British Virgin Islands, and DING YI II OVERSEAS INTERNATIONAL LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands. Eastern Bell International VII Limited is wholly owned by ShangHai DingXian Business Consulting Partnership (LP), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan. DING YI II OVERSEAS INTERNATIONAL LIMITED is wholly owned by Ningbo Dingxiang Venture Capital (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and ultimately controlled by Mr. Li Yan; (iii) MATRIX PARTNERS CHINA V HONG KONG LIMITED, a limited company incorporated under the laws of Hong Kong. MATRIX PARTNERS CHINA V HONG KONG LIMITED is owned by MPC V L.P. and MPC V-A L.P. The general partner of both MPC V L.P. and MPC V-A L.P. is MPC Management V L.P. The general partner of MPC Management V L.P. is MPC GPGP V Ltd. Mr. David Su is the controlling shareholder of MPC GPGP V Ltd.; (iv) TK Xingyun Investment Limited, an exempted company incorporated under the laws of the Cayman Islands. TK Xingyun Investment Limited is wholly owned by Taikang Life Insurance Co., Ltd., a limited liability company incorporated under the laws of the PRC, and ultimately controlled by Mr. Dongsheng Chen; (v) YF Hermes Limited, a BVI business company incorporated under the laws of the British Virgin Islands. YF Hermes Limited is wholly owned by Yunfeng Fund IV, L.P., a private fund registered under the laws of the Cayman Islands, and ultimately controlled by Mr. Feng Yu; and (vi) Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, and Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership), a limited partnership incorporated under the laws of the PRC, both of which are ultimately controlled by Mr. Xiaofeng Pan. (2) Percentage of class represented by amount in row is calculated based on 366,387,470 ordinary shares, consisting of 319,108,190 Class A ordinary shares and 47,279,280 Class B ordinary shares issued and outstanding as of September 30, 2025, as provided by the Issuer, assuming conversion of all Class B ordinary shares into Class A ordinary shares. (3) The voting power of the ordinary shares beneficially owned represent 99.19% of the total outstanding voting power of the Issuer. Each shareholder is entitled to one (1) vote for each Class A ordinary share and ten (10) votes for each Class B ordinary share, on all matters that require a shareholder's vote. Class B ordinary shares may be converted into the same number of Class A ordinary shares by the holders thereof at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares under any circumstances. Polibeli Group Ltd Landmark Pluit Tower D 5th & 6th Floor, Jl. Pluit Selatan Raya, Pluit, Penjaringan, Kota Jakarta Utara, Daerah Khusus Ibukota Jakarta 14450, K8 (1) XINGYUN INTERNATIONAL COMPANY LIMITED (2) XINGYUN GROUP LIMITED (3) Eastern Bell International VII Limited (4) DING YI II OVERSEAS INTERNATIONAL LIMITED (5) TK Xingyun Investment Limited (6) Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership) (7) Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership) (entities (1) through (7), collectively, the "Filing Persons") (8) YF Hermes Limited (9) MATRIX PARTNERS CHINA V HONG KONG LIMITED The Filing Persons have entered into a Joint Filing Agreement, dated November 21, 2025, pursuant to which the Filing Persons agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k) under the Act. (1) XINGYUN INTERNATIONAL COMPANY LIMITED: 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands (2) XINGYUN GROUP LIMITED: Craigmuir Chambers, Road Town, Tortola VG 1110, British Virgin Islands (3) Eastern Bell International VII Limited: Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands (4) DING YI II OVERSEAS INTERNATIONAL LIMITED: Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands (5) TK Xingyun Investment Limited: 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands (6) Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership): Rm401, 14# building Sandlake Equity Investment Center, No.183 Suhong East, Suzhou Industrial Park, China (7) Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership): Rm401, 14# building Sandlake Equity Investment Center, No.183 Suhong East, Suzhou Industrial Park, China (8) YF Hermes Limited: c/o Maples Corporate Services (BVI) Limited, Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands (9) MATRIX PARTNERS CHINA V HONG KONG LIMITED: FLAT / RM2701, 27/F, CENTRAL PLAZA, 18 HARBOUR ROAD, WANCHAI, HK (1) XINGYUN INTERNATIONAL COMPANY LIMITED: Cayman Islands (2) XINGYUN GROUP LIMITED: British Virgin Islands (3) Eastern Bell International VII Limited: British Virgin Islands (4) DING YI II OVERSEAS INTERNATIONAL LIMITED: British Virgin Islands (5) TK Xingyun Investment Limited: Cayman Islands (6) Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership): People's Republic of China (7) Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership): People's Republic of China (8) YF Hermes Limited: British Virgin Islands (9) MATRIX PARTNERS CHINA V HONG KONG LIMITED: Hong Kong Y The information required by Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person and is incorporated herein by reference. The information required by Item 4(b) is set forth in Row 11 of the cover page for each Reporting Person and is incorporated herein by reference. Percentage of class represented by amount in row is calculated based on 366,387,470 ordinary shares, consisting of 319,108,190 Class A ordinary shares and 47,279,280 Class B ordinary shares issued and outstanding as of September 30, 2025, as provided by the Issuer, assuming conversion of all Class B ordinary shares into Class A ordinary shares. The voting power of the ordinary shares beneficially owned represent 99.19% of the total outstanding voting power of the Issuer. Each shareholder is entitled to one (1) vote for each Class A ordinary share and ten (10) votes for each Class B ordinary share, on all matters that require a shareholder's vote. Class B ordinary shares may be converted into the same number of Class A ordinary shares by the holders thereof at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares under any circumstances. The information required by Items 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person and is incorporated herein by reference. The information required by Items 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person and is incorporated herein by reference. The information required by Items 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person and is incorporated herein by reference. The information required by Items 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person and is incorporated herein by reference. Y Y Y Y Y Y 99.1 Joint Filing Agreement XINGYUN INTERNATIONAL COMPANY LIMITED /s/ Wei Wang 11/21/2025 XINGYUN GROUP LIMITED /s/ Wei Wang 11/21/2025 Eastern Bell International VII Limited /s/ Yingchun Zhu 11/21/2025 DING YI II OVERSEAS INTERNATIONAL LIMITED /s/ Yingchun Zhu 11/21/2025 TK Xingyun Investment Limited /s/ Yousong Jiang 11/21/2025 Suzhou GSR United Phase III Equity Investment Partnership (Limited Partnership) /s/ Xiaofeng Pan 11/21/2025 Suzhou Zhongxin Botong Jinshi Venture Capital Partnership (Limited Partnership) /s/ Xiaofeng Pan 11/21/2025