[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_87":88},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":29,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":-5,"_47":48,"_49":-5,"_50":-5,"_51":52,"_53":54,"_55":56,"_57":42,"_58":42,"_59":-5,"_60":42,"_61":62},"id","g3tt4cm488y244mvjyiu4v8r9","revision",2,"title","Bowen Acquisition Corp 2026年6月财报披露","originalTitle","10-Q - Bowen Acquisition Corp (0001973056) (Filer)","summary","Bowen Acquisition Corp 2026年6月30日财报显示，总资产236.1万美元，其中信托账户资金219.0万美元。公司净收入106.9万美元，主要来自信托账户利息收入和FPA负债结算收益。公司当前为壳公司，正寻求业务合并，但信托账户资金从2025年12月31日的767.3万美元降至2026年6月30日的219.0万美元。公司面临持续经营重大不确定性。","reason","公司信托账户资金大幅减少，面临持续经营重大不确定性。","source",{"_12":78,"_79":80,"_9":81,"_82":42,"_83":84,"_85":86},"links",{"_75":76,"_64":77},"publishedAt","2026-10-01T20:05:53.000Z","discoveredAt","2026-10-04T22:50:01.537Z","timelineAt","category","ai-products","tags",[69,70,71,72,73,74],"stockSymbols",[],"score",55,"selected",true,"channel","news","story","x","readingMode","full","author","language","body",{"_62":63,"_64":-5,"_65":66,"_67":68},"outline",[],"relatedStories",[],"indexable","markdownAvailable","group","hasTranslation","bodyLanguage","zh","

美国

证券交易委员会

华盛顿，\nDC 20549

表格\n10-Q

\n \n \n \n

☒	季度\n 报告，根据《1934年证券交易法》第13条或第15(d)条

截至\n 2026年6月30日\n 的季度

或

\n \n \n \n

☐	过渡\n 报告，根据《1934年证券交易法》第13条或第15(d)条

从___________至__________的过渡期

委员会\n 文件编号：001-41741

鲍文收购公司

（注册人章程中规定的准确名称）

\n \n \n \n \n \n \n \n \n \n \n \n \n

开曼群岛		N/A
（州\n 或其他司法管辖区		（美国国税局\n 雇主
成立或组织地）		识别\n 号码）

\n \n \n \n \n \n \n \n \n

420\n 莱克星顿大道，2446号套房，纽约，纽约州		10170
（主要执行办公室地址）		（邮政编码）

(203)\n998-5540

（发行人电话号码，包括区号）

根据《法案》第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

每类的名称	每类的交易代码	每类在交易所的名称
单位，每单位包括一股普通股和一个权利	BOWNU	无
普通股，面值为每股0.0001美元	BOWN	无
权利，每个权利使持有人在公司首次业务合并完成后有权获得十分之一股普通股\n	BOWNR	无

通过勾选方框表明注册人：(1) 是否已提交根据《1934年证券交易法》第13条或第15(d)条在前12个月内（或注册人需提交此类报告的较短期间）应提交的所有报告，以及(2) 是否在过去90天内一直受此类提交要求的约束。是 ☐ 否 ☒

通过勾选方框表明注册人是否在前12个月内（或注册人需提交此类文件的较短期间）已提交根据规则405提交的所有交互式数据文件。\n 是 ☒ 否 ☐

通过勾选方框表明注册人是否为大型加速提交者、加速提交者、非加速提交者或较小报告公司。请参见《交易法》第12b-2条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	大型\n 加速提交者 ☐	加速\n 提交者 ☐
	非加速\n 提交者 ☒	较小的\n 报告公司 ☒
		新兴\n 成长公司 ☒

如果为新兴成长公司，请勾选方框表示注册人是否已选择不使用根据《证券交易法》第13(a)条提供的任何新修订的财务会计标准的延长过渡期。☐

请勾选方框表示注册人是否为壳公司（根据《证券交易法》第12b-2条定义）。是 ☒ 否 ☐

截至2026年10月1日，注册人有2,455,242股普通股，面值为0.0001美元。

索引

第一部分 - 财务信息

第1项 - 财务报表	3

截至2026年6月30日的合并资产负债表（未经审计）及截至2025年12月31日的合并资产负债表（经审计）	3

合并损益表（未经审计）	4

合并股东权益变动表（未经审计）	5

合并现金流量表（未经审计）	6

合并未经审计财务报表附注	7

第2项 - 管理层讨论与分析财务状况和经营成果	19

第3项 - 关于市场风险的定量和定性披露	23

第4项 - 控制和程序	23

第二部分 - 其他信息

第2项 - 未注册的股权证券销售及资金使用	24

第5项 - 其他信息	25

第6项 - 附件	25

签名	26

第一部分 - 财务信息

第1项 - 财务报表

鲍文收购公司

合并资产负债表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026年6月30日			2025年12月31日
	(未经审计)
资产
流动资产：
现金及现金等价物	$	4,093			$	12,280
其他应收款（注5）		159,421				238,708
预付费用		7,268				9,141
流动资产合计		170,782				260,129
信托账户中的投资		2,190,570				7,673,771
资产总计	$	2,361,352			$	7,933,900

负债和股东权益
流动负债：
应计发行费用和开支	$	247,104			$	361,873
关联方应计费用		308,439				237,673
应计费用		308,439				237,673


关联方借款（注4）		500,000				500,000
借款		190,000				190,000
应付目标公司		315,472				242,315
FPA负债（注5）		38,022				1,098,727
流动负债合计		1,599,037				2,630,588

总负债		1,599,037				2,630,588

承诺和或有事项（注5）		-				-
普通股可能被赎回，截至2026年6月30日和2025年12月31日，分别有188,742股和673,39611.61美元和11.40美元		2,190,570				7,673,771

股东权益赤字：
优先股，面值为0.0001美元；授权股数为2,000,000股；已发行和流通股数为无		-				-
普通股，面值为0.0001美元；授权股数为200,000,000股；已发行和流通股数为2,266,500股（不包括截至2026年6月30日和2025年12月31日分别有188,742股和673,396股可能被赎回的股份）		227				227
额外支付资本		-				-
累计赤字		(1,428,482	)			(2,370,686	)

股东权益赤字合计		(1,428,255	)			(2,370,459	)
T总负债和股东权益赤字	$	2,361,352			$	7,933,900

附注是未经审计的合并财务报表的组成部分。

BOWEN\nACQUISITION CORP

合并损益表

(未经审计)

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026			2025			2026		2025
	截至 6月30日			六个月结束 6月30日
	2026			2025			2026		2025
成立和运营成本	$	52,944			$	76,828		$	118,653		$	211,563
运营亏损		(52,944	)			(76,828	)		(118,653	)		(211,563	)

其他收入（支出）：
存放在信托账户中的投资产生的利息		59,806				88,405			127,281			185,727
银行利息收入		47				342			152			821
FPA负债结算产生的收益		1,096,351				-			1,096,351			-
利息支出		-				(17,453	)		-			(122,174	)
FPA负债发行产生的亏损		-				-			-			(1,929,656	)
FPA负债公允价值变动		(12,953	)			755,837			(35,646	)		1,123,154
融资费用		-				-			-			(336,000	)
其他收入（支出）净额		1,143,251				827,131			1,188,138			(1,078,128	)

净收入（亏损）	$	1,090,307			$	750,303		$	1,069,485		$	(1,289,691	)

加权平均普通股 outstanding，普通股可能被赎回		572,205				759,249			622,521			1,238,013
基于赎回的普通股的基本和稀释净收入（亏损）每股	$	0.47			$	0.34		$	0.53		$	(0.27	)
加权平均普通股 outstanding，非赎回普通股		2,266,500				2,266,500			2,266,500			2,266,500
基于非赎回普通股的基本和稀释净收入（亏损）每股	$	0.36			$	0.22		$	0.33		$	(0.42	)

附注是未经审计的合并财务报表的组成部分。

BOWEN\nACQUISITION CORP

合并股东权益（赤字）变动表

(未经审计)

截至2026年6月30日的三个月和六个月

	股份数量		金额			资本		赤字	赤字
	普通股		额外投入资本			累计		总股东权益
	股份数量		金额			资本		赤字	赤字
2026年1月1日的余额		2,266,500		$	227		$	-	$	(2,370,686	)	$	(2,370,459	)

可能被赎回普通股的后续计量（信托账户利息收入）		-			-			-		(67,475	)		(67,475	)
净亏损		-			-					(20,822	)		(20,822	)

2026年3月31日的余额		2,266,500		$	227		$	-	$	(2,458,983	)	$	(2,458,756	)

可能被赎回普通股的后续计量（信托账户利息收入）		-			-			-		(59,806	)		(59,806	)
净收入		-			-					1,090,307			1,090,307

2026年6月30日的余额		2,266,500		$	227		$	-	$	(1,428,482	)	$	(1,428,255	)

截至2025年6月30日的三个月和六个月

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n

	普通股		额外投入资本			累计		总股东权益
	股份数量		金额			资本		赤字		赤字
2025年1月1日的余额		2,266,500		$	227		$	-		$	(799,283	)	$	(799,056	)

分配至APIC的融资费用		-			-			336,000						336,000
可能被赎回普通股的后续计量（信托账户利息收入）		-			-			(97,321	)					(97,321	)
净亏损		-			-			-		$	(2,039,997	)		(2,039,997	)

2025年3月31日的余额		2,266,500		$	227		$	238,679		$	(2,839,280	)	$	(2,600,374	)
余额		2,266,500		$	227		$	238,679		$	(2,839,280	)	$	(2,600,374	)

可能被赎回普通股的后续计量（信托账户利息收入）		-			-			(88,405	)					(88,405	)
净收入		-			-			-		$	750,303			750,303
净收入（亏损）		-			-			-		$	750,303			750,303


2025年6月30日的余额		2,266,500		$	227		$	150,274		$	(2,088,977	)	$	(1,938,476	)
余额		2,266,500		$	227		$	150,274		$	(2,088,977	)	$	(1,938,476	)

附注是未经审计的合并财务报表的组成部分。

BOWEN\nACQUISITION CORP

合并现金流量表

(未经审计)

\n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026			2025
	截至6月30日的六个月
	2026			2025
经营活动产生的现金流量：
净收入（亏损）	$	1,069,485			$	(1,289,691	)
调整项目以将净收入（亏损）调节为经营活动使用的净现金：
存放在信托账户中的投资产生的收入		(127,281	)			(185,727	)
债务折扣的摊销利息费用		-				122,174
FPA负债发行产生的亏损		-				1,929,656
FPA负债公允价值变动		35,646				(1,123,154	)
FPA负债结算产生的收益		(1,096,351	)			-
融资费用		-				336,000
流动资产和负债的变化：
应付发行成本和费用		(114,769	)			44,126
应付关联方费用		70,766				64,068
其他应收款		79,287				-
应付目标公司		73,157				-
预付费用		1,873				16,330
经营活动使用的净现金		(8,187	)			(86,218	)

投资活动产生的现金流量：
与赎回相关的信托账户取款		5,610,482				67,664,408
投资活动提供的净现金		5,610,482				67,664,408

融资活动产生的现金流量：
支付给公众股东的赎回款		(5,610,482	)			(67,664,408	)
融资活动产生的净现金流出		(5,610,482	)			(67,664,408	)

现金变动额		(8,187	)			(86,218	)
期初现金余额		12,280				103,774
期末现金余额	$	4,093			$	17,556

非现金融资活动的补充披露

可能赎回普通股的后续计量（信托账户产生的收益）	$	127,281			$	185,727

附注是未经审计的合并财务报表不可分割的一部分。

BOWEN\nACQUISITION CORP

未经审计\n合并财务报表的附注

注\n1 — 组织架构与业务运营

组织架构与一般

Bowen\nAcquisition Corp（“公司”）于2023年2月17日在开曼群岛注册成立。公司成立的目的是与一个或多个企业（“业务合并”）进行合并、股份交换、资产收购、股票购买、重组或类似的企业合并。公司不限于特定行业或部门以完成业务合并。

公司的发起人是Createcharm Holdings Ltd，一家英属维尔京群岛公司，以及Bowen Holding LP，一家特拉华州有限合伙企业（“发起人”）。截至2026年6月30日，公司尚未开展任何业务。从2023年2月17日（成立日）至2026年6月30日的期间内，所有活动均与公司的成立、首次公开募股（“IPO”）及初步业务合并有关，如下所述。公司最早在完成首次业务合并后才会产生运营收入。公司目前通过IPO所得资金产生的利息收入获得非运营收入。公司选择了12月31日作为财年结束日。

公司IPO的注册声明（“注册声明”）于2023年7月11日被宣布生效。\n2023年7月14日，公司完成了IPO，发行了6,000,000份其单位（“公众单位”）。每份公众单位包括公司的一股面值为0.0001美元的普通股（“普通股”）和一个权利（“权利”），每个权利使持有人在公司首次业务合并完成后有权获得十分之一股普通股。\n公众单位以每单位10.00美元的发行价出售，产生了60,000,000美元的毛收入。

在IPO完成的同时，公司完成了私募（“私募”）330,000单位（“私募单位”），每私募单位价格为10.00美元，产生了3,300,000美元的总收入。私募单位由公司的发起人之一Createcharm Holdings Ltd和EarlyBirdCapital, Inc.（“EBC”）（IPO承销商的代表）购买。私募单位与IPO中出售的公众单位中的单位相同。私募单位的购买者同意在公司首次业务合并完成之前，不得转让、分配或出售任何私募单位或私募单位所含的普通股或权利（除特定受让人外）。

2023年7月17日，承销商全部行使其超额配售选择权，购买了额外的900,000单位。因此，2023年7月18日，公司以每单位10.00美元的价格额外出售了900,000单位，产生了900万美元的毛收益。此次销售中，Createcharm Holdings Ltd.和EBC也从公司购买了额外的31,500私募单位。

截至2023年7月18日，交易成本共计3,318,898美元，其中包括1,725,000美元的现金承销费用和其他1,593,898美元的发行成本。这些成本在IPO完成后，若额外实收资本已全部耗尽，则会记入额外实收资本或累计亏损。

公司最初有从IPO结束起18个月的时间完成业务合并（“合并期”）。然而，如果公司在合并期内未完成业务合并，并且股东未以其他方式修订《修订和重新制定的公司章程》以延长此期限，公司将（i）除清算目的外，停止所有运营；（ii）尽快但不超过此后十个营业日内，以每股现金价格赎回100%的公众股份，该价格等于当时信托账户中存放的总金额，包括已产生的利息且未先前释放给我们用于支付公司税款（如有）的部分（扣除用于支付清算费用的利息部分），再除以当时已发行和流通的公众股份数量，该赎回将完全终止公众股东作为股东的权利（包括如有的进一步清算分配权利）；（iii）在该赎回后尽快但不超过十个营业日内，经公司剩余公众股东和董事会批准，清算并解散公司，同时遵守百慕大法律规定的对债权人索赔的义务和其他适用法律的要求。

2023年11月20日，公司一家全资子公司Bowen Merger Sub（“合并子公司”）成立，目的是签订业务合并协议。详见下文“拟议的业务合并”。

自2024年10月7日起，公司通知信托账户的受托人，它将完成首次业务合并的时间从2024年10月14日延长至2025年1月14日。自2024年10月14日起，深圳千智（如下文定义）和EBC，两位发起人的指定代表，向公司提供了总计690,000美元的贷款，这些资金存入信托账户以用于该延长。这些贷款由公司向指定代表签发的本票（“本票”）证明。本票不计利息，并在完成业务合并时全额偿还。关于这些贷款，其中一位发起人向EBC转让了30,000股创始人股份。

该公司曾召开特别股东大会（“延期会议”）于2025年1月10日，根据公司章程的修订和重述条款（“公司章程”）的规定，通过特别决议批准对章程的修改，以允许公司的董事会（“董事会”）将公司必须完成与一个或多个业务的合并、股份交换、资产收购、股份购买、重组或类似业务合并（“业务合并”）的日期最多延长三次一个月的期限，从2025年1月14日延长至最迟2025年4月14日，除非在此前已达成业务合并的交割，或董事会自行决定的更早日期。在此次会议中，总计有6,052,095公众股份以每份约10.99美元的价格被赎回。赎回后，公司尚有847,905公众股份，信托账户中约有9,319,446美元。

2025年1月14日，公司又召开了一次特别股东大会，批准与千智（如下所述）的业务合并。在此次会议上，所有提案均获得股东批准。总计有137,936公众股份在此次投票中要求赎回，将在业务合并完成日进行赎回。

2025年4月14日，公司召开特别股东大会，批准一项提案，将公司完成其首次业务合并的时间延长至最多2025年7月14日。在此次会议中，总计有103,432公众股份以每份约11.07美元的价格被赎回。赎回后，公司尚有744,473公众股份，信托账户中约有8,241,047美元。

2025年7月11日，公司召开另一次特别股东大会，批准一项提案，将公司完成其首次业务合并的时间延长至最多2025年12月14日。在此次会议中，总计有16,602公众股份以每份约11.21美元的价格被赎回。赎回后，公司尚有727,871公众股份，信托账户中约有8,157,064美元。

2025年12月12日，公司召开特别股东大会，股东批准了一项提案，允许董事会将公司必须完成业务合并的日期最多再延长六次一个月的期限，从2025年12月14日延长至最迟2026年6月14日。在此次会议中，总计有54,475公众股份以每份约11.38美元的价格被赎回。赎回后，截至2025年12月31日，公司尚有673,396公众股份，信托账户中约有7,673,771美元。

在2026年6月11日，公司召开特别股东大会，股东批准了一项提案，进一步延长公司必须完成首次业务合并的日期。与此次会议相关，总计484,654份公众股份以每份约11.58美元的价格赎回，2026年6月，约5,610,482美元从信托账户中提取以用于此类赎回。赎回后，公司仍有188,742份公众股份。截至2026年6月30日，信托账户中仍有2,190,570美元。

拟议的业务合并

2024年1月18日，公司与(i) Bowen Merger Sub，一家开曼群岛免税公司，也是公司的全资子公司（“合并子公司”）；(ii) 深圳千纸生物科技有限公司，一家在中国大陆注册的公司，也是NewCo（如下文定义）的全资子公司（“深圳千纸”或“千纸”）；以及(iii) 千纸集团控股（开曼）有限公司，一家新成立的开曼群岛公司（“NewCo”，并与公司、合并子公司和深圳千纸共同构成“各方”，每个为“一方”）签订了协议和重组计划（“协议”）。

根据协议，在业务合并交割时，合并子公司将与NewCo合并（“合并”），NewCo将成为合并后的存续公司（“存续公司”），并成为公司的全资子公司。在合并中，NewCo的普通股持有者（“NewCo股东”）将获得公司普通股（“母公司普通股”）。

根据协议，在合并生效时（“生效时间”），在生效时间之前已发行和流通的所有NewCo普通股将自动转换为获得总计（a）7,246,377份母公司普通股（“合并股份”）的权利，以及（b）获得最多总计1,400,000份母公司普通股的或有对价权利（“或有对价股份”）。

公司的S-4表格注册声明（“S-4”）于2024年12月18日被宣布生效。截至提交日期，该业务合并仍处于待定状态，等待必要的监管批准。

在2025年1月13日，公司与NewCo以及由Harraden Circle Investments, LLC管理的基金、账户和其他投资工具签署了预付远期购买协议（“FPA”）（统称为“购买方”）。根据FPA，并受其中规定的条款和条件约束，购买方将从公司公众股份的持有人处购买股份，每股面值为0.0001美元，这些股份是公司普通股（“公司普通股”），这些持有人已选择在公司、NewCo和千智之间的拟议业务合并（“业务合并”）中赎回其公司普通股，最多不超过（a）550,000股公司普通股或（b）在公司、NewCo和千智之间的业务合并后，不超过公司普通股总发行量的9.9%的股份数量（将被购买的股份称为“远期购买股份”），从公众股东处以不超过赎回价格（“赎回价格”）的每股价格购买。在业务合并完成后，50,000股购买股份将被视为“承诺股份”，其余的远期购买股份将被视为“预付远期购买股份”。在业务合并完成后，（a）业务合并完成后一天内或（b）公司信托账户中的任何资产在业务合并中被拨付的日期中较早的一个日期之前，公司和NewCo应促使购买方直接从公司信托账户中获得一笔现金金额（“预付款金额”），该金额等于远期购买股份的数量乘以赎回价格。在购买方随后出售预付远期购买股份时，购买方将按每股的参考价格（如下文定义）支付给公司。在业务合并完成后十二个月的日期（“到期日”），如果购买方未出售预付远期购买股份，购买方将把该等股份返还给公司，预付远期购买股份的剩余金额将由购买方保留。在到期日之前，购买方可以以任何价格自行决定出售承诺股份。购买方已同意，在到期日之前，预付远期购买股份不得以低于参考价格的价格出售。“参考价格”最初等于赎回价格，并且公司可以选择在任何时候将其降低（但不能提高）至前10个交易日公司普通股的最低每日成交量加权平均价格。

持续经营考虑

截至2026年6月30日，公司拥有现金及现金等价物4,093美元，营运资本赤字为1,428,255美元。公司已发生并预计将继续发生重大专业费用，以维持其上市公司地位，并在追求业务合并的过程中产生交易费用。根据《会计准则更新（\"ASU\"）2014-15，\"关于实体持续经营能力不确定性的披露\"》，公司对持续经营考虑因素进行评估，管理层认为这些情况引发了对公司持续经营能力的重大疑虑。此外，如果公司在合并期内无法完成业务合并，且该期限未被延长，将发生清算和随后的解散。为应对这些情况，管理层计划继续与千智（Qianzhi）推进业务合并的完成。公司已获得股东批准，将必须完成业务合并的日期延长至2026年12月31日。在业务合并完成之前，公司计划通过延期贷款和其他融资安排来弥补营运资本的不足。此外，公司正在寻求其他方式完成业务合并，包括申请将公司的证券在场外交易市场（OTC市场）上市，以维持公司的公开交易状态。管理层无法确定这些计划在合并财务报表发布之日起一年内有效实施的可能性，也无法确定如果实施这些计划是否能缓解引发对公司持续经营能力重大疑虑的情况；因此，管理层得出结论，这些计划并未减轻这种重大疑虑。合并财务报表中未包含可能因不确定性结果而产生的任何调整。

注\n2 - 重要会计政策摘要

列报基础与合并原则

随附的未经审计的合并财务报表是根据美国通用会计原则（“US GAAP”）为中期财务信息编制的，并根据证券交易委员会（SEC）的10-Q表格说明和规章S-X第8条编制。根据证券交易委员会关于中期财务报告的规则和规章，某些通常在按照GAAP编制的财务报表中包含的信息或脚注披露已被简化或省略。因此，这些报表不包含完整呈现财务状况、经营成果或现金流量所需的所有信息和脚注。管理层认为，未经审计的财务报表反映了所有调整，这些调整仅包括为公允列报所披露期间的余额和结果所必需的正常经常性调整。截至2026年6月30日的期间的中期结果不一定反映到2026年12月31日可能获得的结果。所有内部往来账户和交易在合并时均予以抵销。应将本10-Q表格中的信息与公司于2025年12月31日止年度的年度报告10-K表格中的信息一并阅读，该报告已于2026年9月30日提交给证券交易委员会。

新兴成长公司

公司是根据《1933年证券法》（经修订）第2(a)条定义的“新兴成长公司”，该定义经《2012年创业企业启动法案》（经修订）（“JOBS法案”）修改，并且可以利用某些豁免条款，这些条款适用于其他非新兴成长公司的上市公司，包括但不限于无需遵守《萨班斯-奥克斯利法案》第404条的独立注册公众会计公司鉴证要求、在定期报告和代理声明中减少有关高管薪酬的披露义务，以及免除对高管薪酬进行非约束性咨询投票和股东批准任何未经先前批准的黄金降落伞支付的要求。

此外，JOBS法案第102(b)(1)条免除新兴成长公司遵守新或修订的财务会计准则的义务，直到私营公司被要求遵守新或修订的财务会计准则。公司已选择不退出该延长的过渡期，这意味着当一项准则被发布或修订，并且对上市公司和私营公司有不同的应用日期时，作为新兴成长公司，公司可以在私营公司采用新或修订的准则时采用该新或修订的准则。

估计的使用

按照US GAAP编制合并财务报表需要公司管理层做出估计和假设，这些估计和假设会影响合并财务报表中所报告的资产和负债金额以及合并财务报表日期的或有资产和负债的披露。

做出估计需要管理层做出重大判断。至少有可能，管理层在制定估计时考虑的在财务报表日存在的条件、情况或情形的估计值可能由于一个或多个未来确认事件而在近期发生变化。因此，实际结果可能与这些估计有显著差异。

现金及现金等价物

公司认为购买时原始到期日为三个月或更短的短期投资均为现金等价物。截至2026年6月30日和2025年12月31日，公司现金及现金等价物余额分别为$4,093 和$12,280。

信托账户中的投资

公司存放在信托账户中的投资组合仅包括到期日为185天或更短的美国政府证券，或符合《投资公司法》第2a-7条规定的条件的货币市场基金，这些基金仅投资于直接的美国政府国债。公司存放在信托账户中的投资被归类为交易性证券。交易性证券在每个报告期末按公允价值列示在资产负债表上。存放在信托账户中的投资公允价值变动产生的收益和损失包含在附注中的运营报表中信托账户中可出售证券的利息收入中。存放在信托账户中的投资的估计公允价值根据可用的市场信息确定。截至2026年6月30日和2025年12月31日，信托账户的余额分别为$2,190,570和$7,673,771。截至2026年6月30日的三个月和六个月期间，信托账户产生的利息和股息收入分别为$59,806和$127,281，这些收入在获得时全部重新投资到信托账户中，并作为投资的未实现收益，因此在合并现金流量表的经营活动部分作为调整项列示。

发行成本

发行成本包括截至资产负债表日为首次公开募股（IPO）直接相关并已计入首次公开募股于2023年7月14日完成时股东权益中的法律及其他费用（包括承销折扣和佣金）。

利息支出

2025年的利息支出主要来自公司向关联方发行的本票相关的债务折扣摊销。详见注释4 - 关联方以获取更多信息。

债务折扣摊销

公司与关联方发行的承诺书按债务贴现后的净额记录，该贴现包括发行成本，且最初按转让股份的公允价值确认。分配至承诺书的债务发行成本将在期限内摊销，该期限在业务合并完成时确定。债务发行成本和贴现的摊销包含在附带的合并损益表中的利息费用内。

应付目标公司

应付目标公司的余额代表千智代公司支付的费用。这些费用与业务合并交易成本无关，主要包括纳斯达克费用、审计审查费用和其他与公司运营相关的费用。截至2026年6月30日和2025年12月31日，公司报告的未偿余额分别为315,472美元和242,315美元。

FPA负债

公司不使用衍生工具对冲现金流量、市场或外汇风险的暴露。公司根据ASC 480《负债与权益的区分》和ASC 815-40《衍生工具和对冲——实体自身权益的合约》（“ASC 815-40”）评估所有财务工具，以确定这些工具是否为衍生工具或包含符合嵌入式衍生工具特征的工具。衍生工具的分类，包括这些工具是否应作为负债或作为权益进行记录，将在每个报告期末重新评估。

公司FPA中的远期购买期权符合ASC 480-10下的通过转移资产安排回购股份的义务定义，因此，远期购买期权必须按公允价值作为负债进行分类。随后公允价值的变化将在损益表中作为收益进行报告。

融资费用

公司根据ASC 718《补偿－股票补偿》对股权激励进行会计处理。股权激励成本在授予日按奖励的估计公允价值计量，并在要求的服务期内作为费用确认。FPA中的50,000承诺股份是向非员工支付融资服务的权益对价，因此属于ASC 718-10的范围。融资费用的公允价值应基于可观察的市场价格进行计量。

所得税

公司按照ASC 740《所得税》中的资产和负债法对所得税进行会计处理。对于现有资产和负债的财务报表账面价值与其各自税基之间的差异所产生的预计未来税务后果，确认递延税资产和负债。递延税资产和负债使用预计将在这些暂时性差异预计被收回或结算的年度适用于应税收入的既定税率进行计量。税率变动对递延税资产和负债的影响在包含既定日期的期间内确认。必要时，建立抵销准备金，以将递延税资产减至预计可实现的金额。

ASC 740 规定了在税务申报中确认和计量税务立场的确认门槛和计量属性。对于这些利益的确认，税务立场必须在税务当局审查中很可能被维持。公司将其与未确认税务利益相关的应计利息和罚款作为所得税费用确认。截至2026年6月30日和2025年12月31日，没有未确认的税务利益，也没有为利息和罚款计提任何金额。公司目前未意识到任何可能产生重大支付、计提或与其立场出现重大偏差的审查事项。

开曼群岛政府目前对收入未征收任何税款。根据开曼群岛的所得税法规，公司不征收所得税。因此，所得税未反映在公司的合并财务报表中。

每股普通股净收益（亏损）

公司遵守FASB ASC 260《每股收益》的会计和披露要求。损益表中包括按照每股收益的两阶级方法对可赎回股份和不可赎回股份的收益（亏损）的列示。为了确定归属于可赎回股份和不可赎回股份的净收益（亏损），公司首先考虑可赎回股份和不可赎回股份可分配的未分配收益（亏损），并使用总净损失减去已支付的股息来计算未分配收益（亏损）。然后，公司根据可赎回股份和不可赎回股份之间的加权平均股份数按比例分配未分配收益（亏损）。对可能赎回的普通股的赎回价值的重估被视为对公众股东的股息支付。截至2026年6月30日和2025年，公司没有可稀释证券或其他可能被行使或转换为普通股并分享公司收益的合同。因此，稀释每股收益与基本每股收益在所列期间相同。

损益表中列示的每股净收益（亏损）基于以下内容：

损益表中列示的每股净收益（亏损）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	三个月期间截至6月30日			六个月期间截至6月30日
	2026			2025			2026		2025
净收益（亏损）	$	1,090,307			$	750,303		$	1,069,485		$	(1,289,691	)
信托账户中持有的投资产生的利息		(59,806	)			(88,405	)		(127,281	)		(185,727	)
包括权益摊销至赎回价值的净收益（亏损）	$	1,030,501			$	661,898		$	942,204		$	(1,475,418	)

基本和稀释每股收益表

\n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	截至2026年6月30日的三个月期间			截至2026年6月30日的六个月期间			截至2025年6月30日的三个月期间		截至2025年6月30日的六个月期间 \n 2025年6月30日
	可赎回			不可赎回			可赎回		不可赎回		可赎回			不可赎回			可赎回		不可赎回
项目	股份数			股份数			股份数		股份数		股份数			股份数			股份数		股份数
基本和稀释每股净收益：
加权平均股份数		572,205				2,266,500			622,521			2,266,500				759,249			2,266,500			1,238,013			2,266,500
所有权百分比		20	%			80	%		22	%		78	%			25	%		75	%		35	%		65	%
分子：
包括临时权益摊销的净收益（亏损）分配		207,721				822,780			203,024			739,180				166,090			495,808			(521,210	)		(954,208	)
信托账户中持有的投资产生的利息		59,806				-			127,281			-				88,405			-			185,727			-
净收益（亏损）分配		267,527				822,780			330,305			739,180				254,495			495,808			(335,483	)		(954,208	)
分母：
加权平均股份数		572,205				2,266,500			622,521			2,266,500				759,249			2,266,500			1,238,013			2,266,500
基本和稀释每股净收益	$	0.47			$	0.36		$	0.53		$	0.33			$	0.34		$	0.22		$	(0.27	)	$	(0.42	)

信用风险集中

可能使公司面临信用风险集中的金融工具包括在金融机构的现金账户，
在某些时候可能超过联邦存款保险覆盖的250,000美元。公司尚未在这些账户中遭受损失
且管理层认为公司不会在这些账户中面临重大风险。

金融工具的公允价值

公司FPA中的远期购买期权符合ASC 480中“通过转移资产安排回购股份”的义务定义
，因此根据ASC 820“公允价值计量”被认定为金融工具。公司的FPA负债被视为按公允价值定期计量的3级金融工具。详见注释7。公司符合ASC 820定义的其他资产和负债的公允价值大致等于资产负债表中所列的账面金额，主要是由于它们的短期性质。

可能赎回的普通股

公司根据《会计准则汇编》（“ASC”）第480章“区分负债与权益”的指引，对其可能被赎回的普通股进行核算。如果存在强制性赎回条款，此类普通股被归类为负债工具，并按公允价值计量。附条件可赎回的普通股（包括那些赎回权在持有人控制之下或取决于公司无法完全控制的不确定事件的普通股）被归类为临时权益。在其他所有情况下，普通股被归类为股东权益。公司普通股具有某些被认为超出公司控制范围并取决于未来不确定事件的赎回权。因此，可能被赎回的普通股按赎回价值作为临时权益列示，不在公司资产负债表的股东权益部分内。公司立即确认赎回价值的变动，并在每个报告期末将可赎回普通股的账面价值调整为等于赎回价值。可赎回普通股账面价值的增减变动通过冲减额外实收资本和累计亏损来实现。

截至2026年6月30日，资产负债表中反映的可能被赎回的普通股如下表所示：

资产负债表中反映的可能被赎回的普通股明细表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

2024年12月31日可能被赎回的普通股	$	75,794,241
可能被赎回的普通股后续计量（信托账户产生的收益）		349,709
可能被赎回的普通股后续计量（赎回）		(68,470,179	)
2025年12月31日可能被赎回的普通股	$	7,673,771
可能被赎回的普通股后续计量（信托账户产生的收益）		127,281
可能被赎回的普通股后续计量（赎回）		(5,610,482	)
2026年6月30日可能被赎回的普通股	$	2,190,570

近期会计准则

管理层认为，任何最近发布但尚未生效的会计准则，如果目前被采用，不会对公司的合并财务报表产生重大影响。

注3 — 首次公开募股

2023年7月14日，公司以每单位10.00美元的价格出售了6,000,000个单位。每个单位包括一股普通股和一项权利，在公司首次业务合并完成后，可获得十分之一（1/10）股普通股。十份公众权利将使持有人获得一股普通股（见注释6）。公司不会发行零碎股，只有整股会进行交易，因此除非持有人以十的倍数购买单位，否则该持有人将无法获得或交易权利所对应的零碎股。。公司还授予承销商45天的期权，以购买最多额外的900,000个单位，以覆盖超额配售。超额配售随后于2023年7月17日全部行使。详见注释1。

公司在2023年的IPO期间产生了75,000美元的纳斯达克延迟入场费，该余额随后由目标公司千智支付。截至2026年6月30日和2025年12月31日，该余额在合并资产负债表中列为“应付目标公司”。

注释\n4 — 关联方

关联方的本票

2024年10月14日，EBC向公司提供了500,000美元的贷款，该资金存入信托账户用于延期。该贷款由公司签发的本票（“延期本票”）证明。延期本票不计利息，并在业务合并完成后全额偿还。截至2026年6月30日，尚有500,000美元未偿还。

作为贷款的条件，其中一位发起人将其30,000股创始人股份转让给了EBC。转让股份的价值作为债务折扣，并根据ASC 835在贷款期限内作为利息费用完全摊销。详见下文。

创始人股份

2024年10月14日，其中一位发起人因500,000美元的延期贷款，将其30,000股创始人股份转让给了EBC。

公司使用Black-Scholes期权定价模型估计创始人股份的公允价值约为209,442美元，或每股6.98美元。创始人股份的公允价值是在2024年10月14日估计的。公司使用以下假设，在计量日使用三级公允价值计量输入值来估计创始人股份的公允价值：

公允价值估计的假设表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

到期时间	1.0
无风险利率	4.2	%
波动率	5.0	%
股息收益率	0.0	%
业务合并完成的概率	65.0	%

根据创始人股份的公允价值，公司记录了209,442美元的债务折扣，该折扣在贷款期间作为利息费用摊销。债务折扣在截至2025年12月31日的年度内完全摊销。截至2026年6月30日的三个月和六个月期间，公司记录的利息费用为0美元，而截至2025年6月30日的三个月和六个月期间分别为17,453美元和122,174美元。截至2026年6月30日和2025年12月31日，该票据按本金500,000美元列示。

由于关联方

发起人代表公司支付了某些设立、运营或发行成本。这些金额应需偿还且无息。

截至2026年6月30日，应付关联方的累计费用为$308,439，其中包括$270,000的管理费应付金额和$38,439 的会计相关和其他服务费应付金额。

截至2025年12月31日，应付关联方的累计费用为$237,673，其中包括$210,000的管理费应付金额和$27,673的会计相关和其他服务费应付金额。

会计服务协议和其他

公司已聘请TenX Global Capital，即公司的关联方，协助进行初始会计准备，准备IPO完成后季度和年度财务报表。公司同意以每季度固定费率$5,250支付这些服务费用。IPO完成后，TenX Global Capital还提供其他服务。

管理费

自2023年7月11日注册声明生效之日起，发起人的关联方将被允许向公司收取其可分摊的管理费用，每月最高为$10,000，直至业务合并结束，以补偿其为公司使用办公室、公用事业和人员所产生的费用。

下表列示了截至2026年6月30日和2025年6月30日止三个月和六个月的费用详情，以及截至2026年6月30日和2025年12月31日应付的费用。:

费用发生及应付明细表

\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026		2025			2026		2025	6月30日 \n 2026		2025年12月31日
性质	三个月的运营成本 \n 截至6月30日的月份		运营\n成本 for six \n 截至6月30日的月份，			应付余额为
	2026		2025			2026		2025	6月30日， \n 2026		2025年12月31日
会计服务费和其他费用	$	5,398		$	5,446		$	10,766	$	10,774		$	38,439	$	27,673
管理费		30,000			30,000			60,000		60,000			270,000		210,000
总计	$	35,398		$	35,446		$	70,766	$	70,774		$	308,439	$	237,673

注\n5 — 承诺和或有事项

登记\n权利

创始人股份、EBC创始人股份、私募单位的持有者在完成业务合并后提交的注册声明中拥有某些“跟投”登记权，并有权要求公司根据《证券法》第415条注册此类证券以供转售。然而，登记权协议规定，除非此类证券解除其锁定期限制，否则公司不得进行或允许任何注册，也不得使任何注册声明生效。公司将承担与提交此类注册声明相关的费用。

业务\n合并营销协议

该公司已聘请EBC作为顾问，就其业务合并事宜协助召开与公司股东的会议，讨论潜在的业务合并及目标公司的属性，向有兴趣在初始业务合并中购买其证券的潜在投资者介绍该公司，并协助发布新闻稿和公开文件。在完成首次业务合并后，公司将向EBC支付服务费，金额为2,415,000美元，相当于IPO总收益的3.5%。此外，如果EBC向该公司介绍与其完成首次业务合并的目标公司，并且该金额将以现金支付，并在首次业务合并的交割日支付，公司将支付相当于首次业务合并总对价的1.0%的服务费。截至申报日，EBC尚未提供此类服务。

业务合并交易成本

该公司已聘请多家服务提供商，包括法律和估值服务，专门用于该公司与深圳千之生物科技有限公司（“千之”）之间的业务合并。根据协议条款，千之同意承担公司与业务合并相关的所有费用。截至2026年6月30日的六个月及截至2025年12月31日的年度，已发生与业务合并相关的费用分别为36,963美元和630,870美元，其中在相应期间从千之收到的报销金额分别为117,585美元和530,208美元。截至2026年6月30日的六个月期间收到的报销金额主要与截至2025年12月31日年度发生的费用有关。该活动已在附带的财务报表中以净额记录。

其他应收款的性质是千之应付的余额，直接与业务合并交易成本相关。截至2026年6月30日和2025年12月31日，公司在合并资产负债表中报告的“其他应收款”项下分别有未结余额159,421美元和238,708美元。这些金额也在合并资产负债表的“应计费用”账户中计提。

预付购买协议

2025年1月13日，该公司与NewCo以及由Harraden Circle Investments, LLC管理的基金、账户和其他投资工具（统称为“购买方”）签订了预付远期购买协议（“FPA”）。详见注释1。该公司在初始确认500,000预付远期购买股份时，记录了FPA负债的发行损失1,929,656美元，并在附带的合并损益表和资产负债表中分别报告了FPA负债。

截至2026年6月30日的三个月和六个月，公司在附带的合并损益表中记录了FPA负债公允价值变动的损失分别为12,953和35,646美元，而截至2025年6月30日的三个月以及2025年1月13日至2025年6月30日的期间，公允价值变动分别为755,837和1,123,154美元。2026年6月11日，与注释1中所述的特别股东大会有关，购买方持有的483,316预付购买股份被赎回，结清了FPA的相关部分。因此，公司于附带的合并损益表中确认了FPA负债结算收益1,096,351美元。截至2026年6月30日和2025年12月31日，公司FPA负债在附带的合并资产负债表中报告的未偿余额分别为38,022 和1,098,727美元。

注释\n6 — 股东权益

优先股 — 公司有权发行2,000,000股优先股，每股面值为0.0001美元，其种类、投票权及其他权利和优先级由公司董事会不时决定。截至2026年6月30日和2025年12月31日，公司已发行或流通的优先股数量为无股。

普通股 — 公司有权发行200,000,000股普通股，每股面值为0.0001 美元。普通股持有者每持有一股可享有一票。2023年2月27日，发起人股份的赞助方以支付了由赞助方承担的发行费用的25,000美元为交换，获得了1,725,000股发起人股份，其中最多225,000股发起人股份可能因承销商超额配售未被全部或部分行使而被没收，从而使发起人股份的数量等于IPO后公司已发行和流通的普通股的20%（不包括私人认购单位所含股份）。无普通股面临没收，因为超额配售权已于2023年7月17日全部行使。截至2026年6月30日和2025年12月31日，已发行和流通的普通股数量为2,266,500股（分别不包括188,742和673,396股可能被赎回的股份）。

Rights\n— Except in cases where the Company is not the surviving company in a business combination, each holder of a right will\nautomatically receive one-tenth (1/10) of one ordinary share upon consummation of the initial Business Combination. The Company will\nnot issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole\nshare or otherwise addressed in accordance with the applicable provisions of Cayman law. In the event the Company is not the surviving\ncompany upon completion of the initial Business Combination, each holder of a right will be required to affirmatively convert his, her\nor its rights in order to receive the one-tenth (1/10) of one ordinary share underlying each right upon consummation of the business\ncombination. If the Company is unable to complete the initial Business Combination within the required time period and the Company will\nredeem the public shares for the funds held in the trust account, holders of rights will not receive any of such funds for their rights\nand the rights will expire worthless.

NOTE\n7 — Fair Value Measurements

FAIR VALUE MEASUREMENTS

The\nfair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would\nhave received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction\nbetween market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company\nseeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable\ninputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is\nused to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and\nliabilities:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Level\n 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in\n which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing\n basis.

	Level\n 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets\n or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

	Level\n 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The\nfollowing table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring\nbasis at June 30, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to\ndetermine such fair value.

SCHEDULE OF MEASURED FAIR VALUE ON RECURRING BASIS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Nature	Level		June 30, 2026			December 31, 2025
Assets:
Marketable securities held in the trust account		1		$	2,190,570		$	7,673,771
Cash equivalents		1		$	4,093		$	12,280

Liabilities:
FPA liability		3		$	38,022		$	1,098,727

FPA\nLiability

The\nCompany established the fair value of the FPA liability using Black Scholes Model that values based on future projections of the various\npotential outcomes, and classified as a Level 3 fair value measurement.

The\nfollowing table provides additional quantitative information regarding the Level 3 fair value measurement inputs at their measurement\ndates for the FPA liability:

SCHEDULE OF INFORMATION REGARDING THE LEVEL 3 FAIR VALUE MEASUREMENT INPUTS AT THEIR MEASUREMENT DATES

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	At initial issuance January 13, 2025			June 30, 2026
Stock price	$	6.72			$	9.19
Expected redemption price	$	10.99			$	11.61
Time to expiration		1.46				1.56
Risk-free rate		4.3	%			4.0	%
Volatility		35.0	%			25.0	%
Dividend yield		0.0	%			0.0	%
FPA liability, measurement input		0.0	%			0.0	%

The\nfollowing table presents the changes in the fair value of FPA liability for six months ended June 30, 2026:

SCHEDULE OF FAIR VALUE OF FORWARD PURCHASE AGREEMENT LIABILITY

\n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n


January 1, 2026	$	1,098,727
Fair\n value of FPA liability, beginning balance	$	1,098,727
Change in fair value		35,646
Gain on settlement of FPA liability		(1,096,351	)
Fair value of FPA liability as of June 30, 2026	$	38,022
Fair value of FPA liability, ending balance	$	38,022

Commitment\nShares

50,000\nCommitment Shares is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over\nthe requisite service period. The fair value of the financing expenses was measured based on the grant-date market price of $6.72 per\nshare and classified as a Level 1 fair value measurement. The resulting fair value totaled $336,000.

NOTE\n8 — SUBSEQUENT EVENTS

The\nCompany evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements\nwere available to be issued. Based upon this review, the Company identified the following subsequent events that would require adjustment or disclosure in the financial\nstatements.

On July 10, 2026, Nasdaq filed a Form 25-NSE with the SEC to remove the Company’s units, ordinary shares and rights from listing\nand registration under Section 12(b) of the Securities Exchange Act of 1934. The delisting became effective at the opening of trading\non July 20, 2026.

Item\n2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

References\nto the “Company,” “our,” “us” or “we” refer to Bowen Acquisition Corp. The following\ndiscussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited\nfinancial statements and the notes related thereto. Certain information contained in the discussion and analysis set forth below includes\nforward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a\nresult of many factors.

Overview

We\nare a blank check company incorporated on February 17, 2023 as a Cayman Islands exempted company and incorporated for the purpose of\neffecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more\nbusinesses. While we intend to focus our search on businesses in Asia, we are not limited to a particular industry or geographic region\nfor purposes of consummating an initial business combination. We intend to effectuate our initial business combination using cash from\nthe proceeds of this offering and the private placement of the private units, promissory loans with target or related parties, the proceeds\nof the sale of our securities in connection with our initial business combination, our shares, debt or a combination of cash, stock and\ndebt.

We\nexpect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete\na Business Combination will be successful.

Results\nof Operations

We\nhave neither engaged in any operations nor generated any revenues to date. Our only activities since inception through June 30, 2026\nwere organizational activities, those necessary to prepare for the IPO described below, and since\nthe closing of the IPO, identifying a target company for our initial Business Combination, and professional costs related with the initial\nBusiness Combination. We do not expect to generate any operating revenues until after the completion of our initial Business Combination.\nWe generated non-operating income in the form of interest income on marketable securities held after the IPO. We expect that we will\nincur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),\nas well as for due diligence expenses in connection with searching for, and completing, a Business Combination.

For\nthe three months ended June 30, 2026, we had a net income of $1,090,307, which consists of a loss of $52,944 derived from operating costs\nand a loss of $12,953 from the change in fair value of FPA liability, offset by a gain on settlement of FPA liability of $1,096,351,\nincome earned on the Trust Account of $59,806 and bank interest income of $47.

For\nthe six months ended June 30, 2026, we had a net income of $1,069,485, which consists of a loss of $118,653 derived from operating costs\nand a loss of $35,646 from the change in fair value of FPA liability, offset by a gain on settlement of FPA liability of $1,096,351,\nincome earned on the Trust Account of $127,281 and bank interest income of $152.

For\nthe three months ended June 30, 2025, we had a net income of $750,303, which consists of a loss of $76,828 derived from operating costs\nand interest expense of $17,453, offset by change in fair value of forward purchase agreement of $755,837, income earned on the Trust\nAccount of $88,405 and bank interest income of $342.

For\nthe six months ended June 30, 2025, we had a net loss of $1,289,691, which consists of a loss of $211,563 derived from operating costs,\ninterest expense of $122,174, loss on issuance of FPA liability of $1,929,656, and financing expense of $336,000, partially offset by\ngain from the change in fair value of forward purchase agreement of $1,123,154, income earned on the Trust Account of $185,727 and bank\ninterest income of $821.

Liquidity,\nCapital Resources and Going Concern

On\nJuly 14, 2023, we consummated our IPO of 6,000,000 Units, at $10.00 per Unit, generating gross proceeds of $60,000,000. Simultaneously\nwith the closing of our IPO, we consummated the sale of 330,000 Private Placement Units at a price of $10.00 per Private Placement Unit\nin a private placement to the Sponsors, generating total gross proceeds of $3,300,000.

On\nJuly 17, 2023, the underwriters exercised the over-allotment option in full to purchase 900,000 Units. As a result, on July 18, 2023,\nwe sold an additional 900,000 Units at $10.00 per Unit, generating gross proceeds of $9,000,000. Simultaneously with the closing of the\nfull exercise of the over-allotment option, we completed the private sale of an aggregate of 31,500 Private Placement Units, at a purchase\nprice of $10.00 per Private Placement Unit, generating gross proceeds of $315,000. Transaction costs amounted to $3,318,898 consisting\nof $1,725,000 of cash underwriting fees and $1,593,898 of other offering costs.

Following\nthe closing of the IPO and the sale of over-allotment units, an amount of $69,690,000 ($10.10 per Unit) from the net proceeds of the\nsale of the Units in the IPO and the Private Placement was placed in a trust account. The funds held in the Trust Account may be invested\nin U.S. government securities with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a\nmoney market fund selected by us. We intend to use substantially all of the funds held in the trust account, including any amounts representing\ninterest earned on the trust account, to complete our initial business combination. To the extent that our capital stock or debt is used,\nin whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account\nwill be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our\ngrowth strategies.

As\nof June 30, 2026, we had cash and cash equivalent of $4,093. We will use these funds primarily to complete the business combination.\nThis includes conducting ongoing due diligence, obtaining necessary regulatory and shareholder approvals, preparing required filings\nand disclosures, structuring and negotiating transaction terms, and covering costs related to legal, financial, and other advisory services.\nAdditionally, funds may be used to pay taxes to the extent the interest earned on the trust account is not sufficient to pay our taxes.

In\norder to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination,\nour Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds on a\nnon-interest bearing basis as may be required. If we complete our initial business combination, we would repay such loaned amounts. In\nthe event that our initial business combination does not close, we may use a portion of the working capital held outside the trust account\nto repay such loaned amounts but no proceeds from our trust account would be used for such repayment. Other than as described above,\nthe terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect\nto such loans.

As\nof June 30, 2026, we had cash and cash equivalent of $4,093 and a working capital deficit of $1,428,255. We have incurred and expect\nto continue to incur significant professional costs to remain as a public traded company and to incur transaction costs in pursuit of\na Business Combination. In connection with our assessment of going concern considerations in accordance with Accounting Standards Update\n(“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,”\nwe believe that these conditions raise substantial doubt about our ability to continue as a going concern. In addition, if we are unable\nto complete a Business Combination within the Combination Period and such period is not extended, there will be a liquidation and subsequent\ndissolution. As a result, we have determined that such additional condition also raises substantial doubt about our ability to continue\nas a going concern. In response to these conditions, we intend to continue to pursue the consummation of the Business Combination with\nQianzhi. We have obtained shareholder approvals to extend the date by which we must consummate a Business Combination to as late as December\n31, 2026. Prior to the consummation of a Business Combination, we intend to cover any working capital shortfalls through\nextension loans and other financing arrangements. In addition, we are seeking alternative ways to complete the Business Combination, including applying to have our securities quoted\non the OTC market in order to maintain our public trading status. We cannot conclude that it is probable that these plans will be effectively\nimplemented within one year after the date that the consolidated financial statements are issued, or that, if implemented, the plans\nwould mitigate the conditions that raise substantial doubt about our ability to continue as a going concern; accordingly, the plans do\nnot alleviate such substantial doubt. The consolidated financial statements do not include any adjustments that might result from the\noutcome of the uncertainty.

Off-Balance\nSheet Financing Arrangements

We\nhave no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2026. We do not participate\nin transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest\nentities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into\nany off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities,\nor purchased any non-financial assets.

Related\nParty Transactions

Please\nrefer to Financial Statement Note 4- Related Parties.

Other\nContractual Obligations

We\ndo not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities reflected on our balance\nsheet.

Registration\nRights

The\nholders of the Founder Shares, EBC founder shares, Private Placement Units have certain “piggy-back” registration rights\nwith respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to\nregister for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides\nthat the Company will not be required to effect or permit any registration or cause any registration statement to become effective until\nthe securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection\nwith the filing of any such registration statements.

Business\nCombination Marketing Agreement

We\nhave engaged EBC as an advisor in connection with its Business Combination to assist in holding meetings with the Company stockholders\nto discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors\nthat are interested in purchasing its securities in connection with its initial Business Combination and assist with press releases and\npublic filings in connection with the Business Combination. The Company will pay EBC a service fee for such services upon the consummation\nof its initial Business Combination in an amount equal to 3.5% of the gross proceeds of the IPO. In addition, the Company will pay EBC\na service fee in an amount equal to 1.0% of the total consideration payable in the initial Business Combination if it introduces the\nCompany to the target business with whom it completes an initial Business Combination and the amount will be payable in cash and is due\nat the closing date of the initial Business Combination. As of the filing date, no such service\nhas been provided by EBC.

Forward\nPurchase Agreement

On\nJanuary 13, 2025, we entered into Prepaid Forward Purchase Agreement (the “FPA”) by\nand among the Company, NewCo, and the funds, accounts and/other investment vehicles managed by Harraden Circle Investments, LLC. See\nFinancial Statement Note 1 for details. The Company recorded $1,929,656 loss on issuance\nof FPA liability and FPA liability reported in the accompanying consolidated statements of operations and balance sheets, respectively,\non the initial recognition of 500,000 Prepaid Forward Purchase Shares.

Critical\nAccounting Policies and Estimates

The\npreparation of consolidated financial statements and related disclosures in conformity with accounting principles generally accepted\nin the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and\nliabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during\nthe periods reported. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that\nthe estimate of the effect of a condition, situation, or set of circumstances that existed as of the date of the financial statements,\nand that management considered in formulating its estimate, could change in the near term due to one or more future confirming events.\nAccordingly, actual results may differ from these estimates. Management have identified the following critical accounting policy and\nestimates:

Net\nIncome (Loss) per Share

The\nCompany complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. In order to determine the net income\n(loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss)\nallocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net\nloss less interest income and unrealized gain or loss on investments in trust account less any dividends paid. We then allocated the\nundistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable\nshares. Any remeasurement of the accretion to redemption value of the ordinary shares subject to possible redemption was considered to\nbe dividends paid to the public shareholders.

Fair\nValue of Financial Instruments

The\nforward purchase option in the FPA of the Company meets the definition of an obligation to repurchase shares by transferring assets arrangement\nunder ASC 480 and therefore qualify as financial instruments under ASC 820 “Fair Value Measurement.” The Company’s\nFPA liability is considered to be Level 3 financial instruments measured at fair value on a recurring basis. See Financial Statement\nNote 7 for details. The fair value of the Company’s other assets and liabilities, which qualify\nas financial instruments under ASC 820, approximates the carrying amounts represented in the balance sheet, primarily due to their short-term\nnature.

Recent\nAccounting Standards

Management\ndoes not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect\non our consolidated financial statements.

Item\n3 – Quantitative and Qualitative Disclosures About Market Risk

We\nare a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise\nrequired under this item.

Item\n4 – Controls and Procedures

Evaluation\nof Disclosure Controls and Procedures

Disclosure\ncontrols and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our\nreports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in\nthe SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to\nensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated\nto our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

As\nrequired by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation\nof the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2026. Based upon their evaluation,\nour Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15\n(e) and 15d-15 (e) under the Exchange Act) were not effective due solely to the material weakness in our internal control over financial\nreporting related to the Company’s lack of qualified SEC reporting professional. As a result, we performed additional analysis\nas deemed necessary to ensure that our financial statements were prepared in accordance with US GAAP. Accordingly, management believes\nthat the financial statements included in this Form 10-Q present fairly, in all material respects, our financial position, result of\noperations and cash flows for the periods presented. Management intends to continue implement remediation steps to improve our disclosure\ncontrols and procedures and our internal control over financial reporting. Specifically, we intend to expand and improve our review process\nfor complex securities and related accounting standards. We have improved this process by enhancing access to accounting literature,\nidentification of third-party professionals with whom to consult regarding complex accounting applications and consideration of additional\nstaff with the requisite experience and training to supplement existing accounting professionals.

Changes\nin Internal Control over Financial Reporting

There\nwere no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange\nAct) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal\ncontrol over financial reporting.

Part\nII - Other Information

Item\n2 – Unregistered Sales of Equity Securities and Use of Proceeds

On\nFebruary 27, 2023, Bowen Holding LP acquired an aggregate of 1,725,000 ordinary shares for an aggregate purchase price of $25,000. Bowen\nHolding LP thereafter transferred an aggregate of 1,155,750 ordinary shares to Createcharm Holdings Ltd, our other sponsor. The Company\nalso issued to EarlyBirdCapital, Inc. 180,000 ordinary shares for an aggregate purchase price of $2,520 on March 15, 2023. The issuance\nof the foregoing securities was exempt pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (“Securities Act”).

On\nJuly 14, 2023, the Company consummated the Initial Public Offering of 6,000,000 Units. Each Unit consists of one Ordinary Share, par\nvalue $0.0001 per share, of the Company and one Right, each Right entitling the holder thereof to receive one-tenth of one Ordinary Share\nupon the completion of the Company’s initial business combination. The Units were sold at an offering price of $10.00 per Unit,\ngenerating gross proceeds of $60,000,000. EarlyBirdCapital, Inc. acted as sole book-running manager of the Initial Public Offering and\nRevere Securities acted as co-manager of the Initial Public Offering. The securities in the offering were registered under the Securities\nAct on a registration statement on Form S-1 (No. 333-272076). The Securities and Exchange Commission declared the registration statement\neffective on July 11, 2023.

Simultaneously\nwith the consummation of the Initial Public Offering, the Company consummated the Private Placement of 330,000 Private Placement Units\nat a price of $10.00 per Private Placement Unit, generating total proceeds of $3,300,000. The Private Placement Units were purchased\nby Createcharm Holdings Ltd and EarlyBirdCapital, Inc. The Private Placement Units are identical to the Units sold in the Initial Public\nOffering. The purchasers of the Private Placement Units have agreed not to transfer, assign or sell any of the Private Placement Units\nor underlying securities (except to certain transferees) until after the completion of the Company’s initial business combination.\nThe issuance was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

On\nJuly 17, 2023, the underwriters exercised their over-allotment option in full to purchase an additional 900,000 Units. As a result, on\nJuly 18, 2023, the Company sold an additional 900,000 Units at $10.00 per Unit, generating gross proceeds of $9,000,000. In connection\nwith this sale, Createcharm Holdings Ltd and EarlyBirdCapital, Inc. also purchased an additional 31,500 Private Placement Units from\nthe Company, generating gross proceeds of $315,000. The issuance of the additional Private Placement Units was made pursuant to the exemption\nfrom registration contained in Section 4(a)(2) of the Securities Act.

As\nof July 18, 2023, an aggregate of $69,690,000 has been deposited in the trust account established with Continental Stock Transfer &\nTrust Company acting as trustee in connection with the Initial Public Offering ($10.10 per unit sold in the offering, including the over-allotment\noption).

We\npaid a total of $1,725,000 in underwriting discounts and commissions related to the Initial Public Offering.

For\na description of the use of the proceeds generated in the Initial Public Offering, see Part I, Item 2 of this Form 10-Q.

Item\n5 – Other Information

During\nthe quarter ended June 30, 2026, no director or officer adopted or terminated any (i) “Rule 10b5-1 trading arrangement,”\nas defined in Item 408(a) of Regulation S-K intending to satisfy the affirmative defense conditions of Rule 10b5–1(c) or (ii) “non-Rule\n10b5-1 trading arrangement,” as defined in Item 408(c) of Regulation S-K.

Item\n6 – Exhibits

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Exhibit \n No.		Description
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline\n XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within\n the Inline XBRL document.
101.SCH		Inline\n XBRL Taxonomy Extension Schema Document.
101.CAL		Inline\n XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline\n XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline\n XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline\n XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover\n Page Interactive Data File. The cover page XBRL tags are embedded within the Inline XBRL document.

*\nFiled herewith

**\nThese certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for\npurposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any\nfiling under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant\nto the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by\nthe undersigned thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	BOWEN\n ACQUISITION CORP

Dated:\n October 1, 2026	By.	/s/\n Jiangang Luo
		Jiangang\n Luo
		Chief\n Executive Officer \n (Principal\n Executive Officer)

Dated:\n October 1, 2026	By.	/s/\n Jing Lu
		Jing\n Lu
		Chief\n Financial Officer \n (Principal\n Financial and Accounting Officer)

","original","zhKind","translation","complete",false,"公司与财报","宏观与美联储","政策与监管","其他","IPO","退市","aihot","/items/g3tt4cm488y244mvjyiu4v8r9","https://www.sec.gov/Archives/edgar/data/1973056/000149315226045349/0001493152-26-045349-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1791417600&sig=18cddd50281c55e6","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1791417600&sig=6c66a0408e1695ad 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1791417600&sig=11363acd4f484981 96w","changelogVersion","2026-10-01T08:00"]