/*ST Mingde: Changjiang Securities Underwriting and Sponsor Co., Ltd.’s independent financial advisor’s report on the major asset purchase of Wuhan Mingde Biotechnology Co., Ltd.

NEWS

*ST Mingde: Changjiang Securities Underwriting and Sponsor Co., Ltd.’s independent financial advisor’s report on the major asset purchase of Wuhan Mingde Biotechnology Co., Ltd.

Shenzhen Stock Exchange

2026/08/01

Changjiang Securities Underwriting and Sponsoring Co., Ltd.

About

Major asset purchase of Wuhan Mingde Biotechnology Co., Ltd.

independent financial advisor report

independent financial advisor

Signing date: July 2026 Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Table of Contents ...................................................................................................................................... 2 Statement and Commitment of the Independent Financial Adviser ............................................................................................. 6

Statement of the Independent Financial Advisor................................................................................................ 6
Commitment of independent financial advisor................................................................................ 7

Definition ............................................................................................................................................ 9

Common terminology...................................................................................................................... 9
Professional terminology...................................................................................................................... 11

Important Notices ........................................................................................................ 14

Brief introduction to this restructuring plan...................................................................... 14
The impact of this transaction on the listed company...................................................................... 15
The decision-making process of this transaction and the procedures that need to be performed...................................................... 16
Shareholding reduction plans of the listed company’s controlling shareholders, actual controllers, and all directors and senior managers of the listed company from the date of disclosure of this restructuring report to the completion of the implementation... 17
Arrangements for the protection of the rights and interests of small and medium-sized investors in this reorganization...................................... 18
Other matters that investors need to pay attention to...................................................... 21

Major Risk Warning ............................................................................................................ 22

Risks related to this transaction...................................................................................... 22
Risks related to the target company................................................................................................ 24
Other risks................................................................................................................ 25

Section 1 Overview of this transaction ............................................................................................. 27

Background and purpose of this transaction...................................................................... 27
Specific plan of this transaction...................................................................................... 31
Nature of this transaction................................................................................................ 34
The impact of this transaction on the listed company...................................................................... 35
The decision-making process of this transaction and the procedures that need to be performed...................................................... 36
Important commitments made by the parties involved in this transaction...................................................... 37

Section 2 Basic Information of Listed Companies .................................................................................. 53

Basic information of listed companies................................................................................................ 53 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report
Establishment of listed companies, listing on the share transfer system, listing and previous changes in share capital ........................ 54
Share capital structure and top ten shareholders ........................................................ 60
Controlling shareholders and actual controllers of listed companies...................................................... 61
Changes in control rights of listed companies in the last 36 months...................................... 62
Major asset reorganizations of listed companies in the past three years...................................................... 62
Main business development and main financial indicators of listed companies in the past three years............. 62
Legal and Compliance Status of Listed Companies................................................................................ 64

Section 3 Basic Information of the Counterparty .................................................................................. 65

Paying cash to purchase assets from the counterparty...................................................................... 65
Description of other matters...................................................................................................... 82

Section 4 Basic Information on the Transaction Object .................................................................................. 84

Basic situation...................................................................................................................... 84
Historical evolution................................................................................................................ 84
Equity structure and property rights control relationship................................................................................ 90
Situation of main subsidiaries...................................................................................... 91
Ownership of major assets, external guarantees, major liabilities, and contingent liabilities...................... 99
Litigation, Arbitration, Administrative Penalty and Legal Compliance ........................................ 105
Main business qualifications of the target company................................................................ 106
Development of the target company’s main business .................................................................................. 114
Main financial data of the target company...................................................................... 133
Matters related to project approval, environmental protection, industry access, land use, planning, construction and other related approval matters 134
Asset evaluation or valuation related to equity transfer, capital increase or restructuring in the past three years...... 134
Transfer of claims and debts................................................................................ 134
Main accounting policies and related accounting treatments...................................................... 134

Section 5 Assessment of the subject assets .................................................................................. 143

Overview of Target Asset Valuation................................................................................ 143
Evaluation of the subject assets................................................................................ 143
Evaluation Assumptions................................................................................................................ 145
Income method evaluation................................................................................................ 146
Asset-based approach assessment ............................................................................ 161 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report
Explanation of the existence of special assessment or valuation treatment, matters that have a significant impact on the assessment or valuation conclusion, and analysis of their impact on the assessment or valuation conclusion...................................................................... 174
Important changes from the assessment or valuation base date to the signing date of this report and their impact on the assessment or valuation results...................................................................................................................... 174
Assessment of important subsidiaries................................................................ 174
The board of directors’ analysis of the rationality of the assessment and the fairness of pricing of this transaction............. 176
Independent opinions expressed by independent directors of listed companies on the independence of the appraisal agency, the rationality of the appraisal assumptions and the fairness of transaction pricing............................................................................. 181

Section 6 Main Contents of this Transaction Contract .................................................................. 183

Main contents of the "Asset Purchase Agreement"...................................................................... 183
Main contents of the “Performance Compensation Agreement”................................................................ 185

Section 7 Horizontal Competition and Related Transactions .................................................................. 189

Related transactions................................................................................................................ 189
Horizontal Competition................................................................................................................ 198

Section 8 Verification Opinions of the Independent Financial Advisor .................................................................. 199

Basic assumptions................................................................................................................ 199
Compliance analysis of this transaction...................................................................... 199
The parties to this transaction are not prohibited from participating in any major asset reorganization of any listed company in accordance with Article 12 of the "Regulatory Guidelines No. 7"............................................................................. 204
Verification of the rationality of the pricing of the assets involved in this transaction...................................... 204
This transaction is priced based on the asset valuation results, and the appropriateness of the selected valuation method, the rationality of the valuation assumptions, and the rationality of the values of the important valuation parameters are verified... 205
Verification opinions on the profitability and financial status of the listed company after the completion of this transaction, whether it is conducive to the sustainable development of the listed company, and whether there is any damage to the legitimate rights and interests of shareholders............................. 206
Verification opinions on the market position, operating performance, sustainable development capabilities and corporate governance mechanism of the listed company after the completion of the transaction...................................................................................................... 210
Analysis of asset delivery arrangements...................................................................... 211
Verification of whether this transaction constitutes a related transaction...................................................... 211
Feasibility and rationality analysis of the compensation arrangement for this transaction...................................... 211
Verification of whether the counterparty of this transaction involves private equity investment funds and the filing status... 211 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report
Verification opinions on whether this transaction complies with the relevant provisions of the "Guiding Opinions on Matters Concerning IPOs, Refinancing, and Major Asset Reorganizations that Dilute Current Returns"...................................................... 212
Formulation and implementation of the "Insider Information Insider Registration and Filing System"/Results of Stock Trading Self-Inspection

##...................................................................................................................................................... 212

Verification of whether relevant entities engage in paid third-party behavior...................... 220

Section 9 Independent Financial Advisor’s Internal Opinions and Concluding Opinions ............................................. 221

Changjiang Sponsor’s internal review procedures and core opinions........................................ 221
The independent financial advisor’s concluding opinions on this transaction................................................. 221

Attachment 1. Patent rights of Bikel and its subsidiaries ........................................................ 225

Attachment 2. Trademarks registered in China by Bikel and its subsidiaries ........................................ 228 Attachment 3. Trademarks registered outside China by Bikel and its subsidiaries ........................................ 237

Attachment 4. Copyright of works of Bikel and its subsidiaries ............................................................. 238 Attachment 5. Domain names of Bikel and its subsidiaries ............................................................. 239 Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Independent Financial Adviser Statement and Undertaking

Changjiang Securities Underwriting and Sponsoring Co., Ltd. (hereinafter referred to as "Changjiang Sponsor", "Independent Financial Advisor") was entrusted by Wuhan Mingde Biotechnology Co., Ltd. (hereinafter referred to as "Mingde Biotechnology") to serve as the independent financial advisor for this major asset purchase in cash, provide independent opinions on this matter to all shareholders of Mingde Biotech, and prepare this report. Changjiang Sponsor strictly complies with the Company Law of the People's Republic of China (hereinafter referred to as the "Company Law"), the Securities Law of the People's Republic of China (hereinafter referred to as the "Securities Law"), the Measures for the Administration of Major Asset Reorganizations of Listed Companies (hereinafter referred to as the "Reorganization Management Measures"), and the 26th Guidelines on the Content and Format of Information Disclosure by Companies that Offer Securities to the Public. No. - Application Documents for Major Asset Restructuring of Listed Companies, "Measures for the Management of Financial Consulting Business for Mergers, Acquisitions and Reorganizations of Listed Companies" and other relevant laws and regulations, as well as the "Asset Purchase Agreement" and "Performance Compensation Agreement" signed by Mingde Biotech and the counterparty, relevant information provided by Mingde Biotech and the counterparty, and the "Wuhan Mingde Biotechnology Co., Ltd." prepared by the board of directors of Mingde Biotech. "Report on the Purchase of Major Assets of the Company (Draft) (Revised Draft)", in accordance with the business standards and ethics recognized by the securities industry, after careful investigation, in an honest, trustworthy and diligent manner, we conscientiously performed our due diligence obligations on this transaction, carefully reviewed the relevant disclosure documents of the listed company, issued this report to all shareholders of Mingde Biotech, and made the following statements and commitments:

1. Statement of independent financial advisor

Changjiang Sponsor has no relationship with the parties to this transaction. Changjiang Sponsor issued an independent financial advisory report on this transaction based on the principles of objectivity and fairness.
The documents and materials on which this report is based are provided by relevant parties to Changjiang Sponsor. The relevant parties are responsible for the authenticity, accuracy, and completeness of the information provided. The relevant parties guarantee that there are no false records, misleading statements, or major omissions, and bear individual and joint liability for the legality, authenticity, and completeness of the information provided. The verification opinions issued by Changjiang Sponsor are based on the assumption that all parties to this transaction will fully perform all their obligations in accordance with the terms and commitments of the relevant agreements. If the above assumptions are not established, Changjiang Sponsor will not bear any risk liability arising therefrom.
As of the date of issuance of this report, Changjiang Sponsor has carefully verified the major asset purchases made by Mingde Biotech in cash. This report only provides independent verification opinions to all shareholders of Mingde Biotech on matters that have been verified.
Changjiang Recommendation's "Wuhan Mingde Biotechnology Co., Ltd. Major Asset Purchase Report" (Independent Financial Consultant Report of Changjiang Securities Underwriting and Recommendation Co., Ltd.

The independent financial consultant's report on the "Case" has been submitted to the Yangtze River Sponsor's internal review agency for review, and the review review agency agreed to issue this report.

Changjiang Sponsor agrees to use this report as a legal document for Mingde Biotechnology Co., Ltd. to pay cash for major asset purchases, and submit it to the Shenzhen Stock Exchange along with the "Wuhan Mingde Biotechnology Co., Ltd. Major Asset Purchase Report (Draft) (Revised Draft)" and make an announcement online.
For facts that are crucial to this report but cannot be supported by independent evidence or require legal, auditing, evaluation and other professional knowledge to identify, Changjiang Sponsor makes judgments mainly based on opinions, instructions and other documents issued by relevant government departments, law firms, accounting firms, asset appraisal agencies and other relevant units.
Changjiang Sponsor has not entrusted or authorized any other institution or individual to provide information not listed in this report or to provide any explanation or explanation for this opinion.
This report does not constitute any investment advice for Mingde Biotech, and Changjiang Sponsor does not assume any responsibility for any risks that may arise from any investment decisions made by investors based on this report. Changjiang Sponsor specifically reminds investors to carefully read the full text of the "Wuhan Mingde Biotechnology Co., Ltd. Major Asset Purchase Report (Draft) (Revised Draft)" issued by the board of directors of Mingde Biotechnology Co., Ltd. and other announcement documents related to this transaction.

2. Commitment of independent financial advisor

On the basis of full due diligence and verification, Yangtze Securities Underwriting and Sponsor Co., Ltd. issued the "Independent Financial Consultant Report on the Major Asset Purchase of Wuhan Mingde Biotechnology Co., Ltd. by Changjiang Securities Underwriting and Sponsor Co., Ltd." on the major asset purchase of Mingde Biotech Co., Ltd. in cash, and made the following commitments:

The independent financial adviser has performed due diligence obligations in accordance with regulations and has sufficient reasons to believe that there is no material difference between the professional opinions expressed and the contents of the documents disclosed by the listed company and the counterparty;
The independent financial consultant has fully verified the documents disclosed by the listed company and the counterparty, and is convinced that the content and format of the disclosed documents meet the requirements;
The independent financial adviser has sufficient reasons to believe that the restructuring plan complies with laws, regulations and the relevant provisions of the China Securities Regulatory Commission and the Shanghai Stock Exchange, and that the disclosed information is true, accurate and complete, and does not contain false records, misleading statements or major omissions;
The professional opinions on this transaction have been submitted to the independent financial advisory review agency for review, and the review agency agreed to issue this professional opinion;
Strict confidentiality measures have been taken from the time of contact with the listed company to the period of serving as an independent financial advisor. The independent financial advisor report of Changjiang Securities Underwriting and Recommendation Co., Ltd. strictly implements the risk control and internal isolation system, and there is no insider trading, market manipulation or securities fraud. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Definition

In this report, unless the context otherwise requires, the following abbreviations have the following meanings:

1. Common terms

"Changjiang Securities Underwriting and Sponsoring Co., Ltd. has this report on Wuhan Mingde Biotechnology Co., Ltd."

Co., Ltd.'s independent financial advisor's report on major asset purchases"

"Wuhan Mingde Biotechnology Co., Ltd. Major Asset Purchase Report (Draft Reorganization Report" refers to

(Revised Draft)"

Listed company, company, public company

Company, Mingde Biotechnology, *ST Ming refers to Wuhan Mingde Biotechnology Co., Ltd.

virtue

The counterparty, Lanfan Medical refers to Lanfan Medical Co., Ltd.

The subject company, Bikel refers to Wuhan Bikel Rescue Supplies Co., Ltd.

The target company and all companies and target groups it directly or indirectly controls (currently and in the future) refer to

Enterprises, legal persons and unincorporated organizations

The underlying assets refer to 100% equity of Wuhan Bikel Rescue Supplies Co., Ltd.

Hubei Gaode and Gaode First Aid refer to Hubei Gaode First Aid and Protective Products Co., Ltd., a wholly-owned subsidiary of Bikel

Hubei Gaode First Aid and Protective Products Co., Ltd., formerly known as Hubei Gaode Emergency Protective Products Co., Ltd.

Rescue Protective Equipment Co., Ltd.

Gaoge Medical refers to Gaoge Medical Supplies (Hubei) Co., Ltd., a wholly-owned subsidiary of Bikel Lange Medical refers to Langer Medical Technology (Hubei) Co., Ltd., a wholly-owned subsidiary of Bikel Lanfan Emergency refers to Lanfan Emergency Technology (Wuhan) Co., Ltd., a wholly-owned subsidiary of Bikel Baoket refers to Baoket Medical Technology (Wuhan) Co., Ltd., a wholly-owned subsidiary of Bikel Mingde Co., Ltd. refers to Wuhan Mingde Biotechnology Co., Ltd.

Qilu Plasticizer refers to Shandong Qilu Plasticizer Co., Ltd.

Hong Kong Zhongxuan refers to Zhongxuan Investment Co., Ltd.

Lanfan Plastic Co., Ltd. refers to Zibo Lanfan Plastic Products Co., Ltd., the predecessor of Lanfan Medical

Shandong Lanfan Plastic Co., Ltd., which is the overall restructuring of Lanfan Plastic Co., Ltd. into Lanfan Co., Ltd. refers to

Co., Ltd., the original stock abbreviation of Blue Sail Medical

Shandong Lanfan Chemical Co., Ltd., Shandong Langhui Petrochemical Co., Ltd. refers to Lanfan Chemical

Belonging to a company

Blue Sail Investment Co., Ltd. refers to Zibo Lan Sail Investment Co., Ltd., the predecessor of Blue Sail Group (2006.4-2006.12). Blue Sail Group Co., Ltd. refers to Zibo Lan Sail Group Co., Ltd., the predecessor of Blue Sail Group (2006.12-2007.10). Blue Sail Group refers to Blue Sail Group Co., Ltd., the original shareholder and one of the founders of Blue Sail Medical.

Zibo Lanfan Investment Co., Ltd., the controlling shareholder of Lanfan Medical, Lanfan Group holding Lanfan Investment refers to

Subsidiaries

Blue Sail (Shanghai) refers to Blue Sail (Shanghai) Trading Co., Ltd., a subsidiary of Blue Sail Medical

Blue Sail (Hong Kong) refers to Blue Sail (Hong Kong) Trading Co., Ltd., a subsidiary of Blue Sail Medical

Lanfan Care refers to Hubei Lanfan Nursing Products Co., Ltd., a subsidiary of Lanfan Medical

Hangzhou Lanfan refers to Hangzhou Lanfan Health Technology Co., Ltd., a subsidiary of Lanfan Medical

Blue Sail Juqing refers to Zhuhai Blue Sail Juqing Equity Investment Center (Limited Partnership)

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Qinfeng Lusong refers to Zhuhai Giant Qinfeng Lusong Equity Investment Center (Limited Partnership)

Beijing CITIC Investment Center (Limited Partnership) is Beijing Xinyu Investment Center (referred to by Beijing CITIC

limited partnership) predecessor

Beijing Xinyu refers to Beijing Xinyu Investment Center (Limited Partnership)

Hunan Lanyi refers to Lanyi (Hunan) Medical Equipment Co., Ltd.

Shaanxi Mingdehe refers to Shaanxi Mingdehe Biotechnology Co., Ltd.

Zesen Juxin No. 2 refers to Wuhan Zesen Juxin No. 2 Venture Capital Partnership (Limited Partnership) Jingding Technology refers to Hangzhou Jingding Technology Co., Ltd.

Ningbo Haitai refers to Ningbo Haitai Kemai Medical Equipment Co., Ltd.

Lanfan Surgical Instruments refers to Lanfan Surgical Instruments Co., Ltd.

Hubei Minghui refers to Hubei Minghui Health Technology Co., Ltd.

Shandong Lanfan New Materials refers to Shandong Lanfan New Materials Co., Ltd.

Shandong Lanfan Health refers to Shandong Lanfan Health Technology Co., Ltd.

Zibo Lanfan Protection refers to Zibo Lanfan Protective Products Co., Ltd.

Zibo Lanfan New Materials refers to Zibo Lanfan New Materials Co., Ltd.

Zibo Lanfan Health refers to Zibo Lanfan Health Technology Co., Ltd.

Blue Sail Medical (Shanghai) refers to Blue Sail Medical (Shanghai) Co., Ltd.

This transaction and this reorganization refers to the delivery date when Minde Biotech pays cash to purchase 100% of the equity of Bikel. It refers to the industrial and commercial change registration date when all the target assets are transferred to the name of the company. China Securities Regulatory Commission refers to the China Securities Regulatory Commission.

Shenzhen Stock Exchange, Stock Exchange refers to Shenzhen Stock Exchange

Registration and Clearing Company, Zhongdeng Public Company

Refers to China Securities Depository and Clearing Co., Ltd. Shenzhen Branch Division

Equity transfer system refers to the National Equities Exchange and Quotations Co., Ltd. National Development and Reform Commission refers to the Emergency Management Department of the National Development and Reform Commission of the People's Republic of China refers to the Emergency Management Department of the People's Republic of China

Red Cross refers to the Red Cross Society of China

National Health Commission refers to the National Health Commission of the People's Republic of China

Lanfan Medical transfers 100% of the equity it holds in the target company and all corresponding equity transfer payments.

The ancillary interests were transferred to Mingde Biotechnology, and the transaction price was 190 million yuan. Transition period refers to the period starting from the base date (excluding the current day) to the delivery date (including the current day). "Company Law" refers to the "Company Law of the People's Republic of China"

“Securities Law” refers to the “Securities Law of the People’s Republic of China”

"Reorganization Management Measures" refers to the "Reorganization Management Measures for Major Asset Reorganization of Listed Companies"

"Listing Rules" refers to the "Shenzhen Stock Exchange Stock Listing Rules"

"Information Disclosure Management Measures" refers to "Information Disclosure Management Measures for Listed Companies"

"Standard No. 26 on the Content and Format of Information Disclosure by Companies Offering Securities to the Public - "Standard No. 26 on Format" refers to

—Major asset reorganization of listed companies"

"Self-regulatory Guidelines No. 8" Shenzhen Stock Exchange Self-regulatory Guidelines for Listed Companies No. 8 - Major Assets

refer to

No.》Industrial Reorganization》

"Supervisory Guidelines No. 5 for Listed Companies - Insiders of Insider Information of Listed Companies Publish "Supervisory Guidelines No. 5" refers to

Record management system

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

"Supervisory Guidelines No. 7 for Listed Companies - Supervisory Guidelines No. 7 for Major Asset Reorganizations of Listed Companies" refers to

Supervision of Abnormal Stock Trading"

"Supervisory Guidelines No. 9 for Listed Companies - Planning and Implementation of Major Capital Investments by Listed Companies" "Supervisory Guidelines No. 9" refers to

Regulatory requirements for industrial restructuring

"Listing Category No. 1" refers to "Guidelines on the Application of Regulatory Rules - Listing Category No. 1"

"Accounting Standards No. 9" refers to "Accounting Standards for Business Enterprises No. 9 - Employee Compensation"

"Articles of Association" refers to "Articles of Association of Wuhan Mingde Biotechnology Co., Ltd."

Reporting period, the last two years and one

Refers to 2024, 2025 and January to March 2026

period

The "Audit Report" of Bikel (Xin Huishi Bao Zi [2026] Audit Report) issued by Lixin Accountants refers to

No. ZE10737)

"Audit Report of Wuhan Mingde Biotechnology Co., Ltd. 2025 Annual Audit of Listed Companies" issued by Lixin Accountants

Indicators and Financial Statements for 2025" (Xinhuishibaozi [2026] No. ZE10166 Accounting Report

No.)

Pro forma review report, pro forma report. Instructions for the pro forma financial statements of Minde Biotech for this transaction issued by Lixin Accountants.

Report "Review Report" (Xinhuishi Baozi [2026] No. ZE10738)

"Wuhan Mingde Biotechnology Co., Ltd. Appraisal Report and Asset Appraisal Report" issued by Zhonglian Appraisal (Shanghai)

Refers to the declaration of all rights of shareholders of Wuhan Bikel Rescue Supplies Co., Ltd. involved in the proposed equity acquisition

Yi Asset Assessment Report" (Zhonglianhu Pingzi [2026] No. 58)

The "Asset Purchase Agreement between Wuhan Mingde Biotechnology Co., Ltd. and Lanfan Medical" regarding this transaction signed by Mingde Biotechnology, Lanfan Medical and Bikel on June 29, 2026 refers to

Co., Ltd.’s Agreement on Cash Payment to Purchase Assets of Wuhan Bikel Rescue Supplies Co., Ltd.

The "Performance Compensation Agreement" signed by Mingde Biotechnology Co., Ltd. and Lansail Medical Co., Ltd. and Lansail Medical Co., Ltd. regarding this transaction on June 29, 2026 refers to the "Performance Compensation Agreement between Wuhan Mingde Biotechnology Co., Ltd. and Lansail Medical Co., Ltd. regarding Wuhan Bikel Rescue Supplies Co., Ltd." The target company updates the shareholder list based on the situation of this transaction, confirming that *ST Mingde is a shareholder holding 100% of the equity of the target company, and the target company is involved in the transaction for this transaction. Refers to and changes in shareholders, amendments to the articles of association and other matters have all completed the industrial and commercial change registration and filing procedures (if necessary), that is, the procedures for the transfer of the shares of the target company involved in this transaction to *ST Mingde's name have been completed

Independent financial advisor, Changjiang Bao

Refers to Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Recommend

Legal Advisor, Dacheng Law Firm refers to Beijing Dacheng Law Firm

Auditing agency, Shu Lun Pan Accountants refers to Shu Lun Pan Certified Public Accountants LLP (Special General Partnership)

Assessment agency, China United Assessment

Refers to China United Assets Appraisal Consulting (Shanghai) Co., Ltd.

(Shanghai)

Yuan, RMB 10,000, and RMB 100 million refer to RMB yuan, RMB 10,000, and RMB 100 million

2. Professional terminology

POCT refers to the abbreviation of Point-Of-Care Testing, which refers to point-of-care testing.

The abbreviation of In Vitro Diagnosis refers to a diagnostic method that tests human blood, body fluid, tissue and other samples outside the human body to determine diseases or body functions.

The abbreviation of Conformité Européenne, refers to the European Union and the European Economic Area (EEA) CE refers to

Mandatory safety conformity mark

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The abbreviation of Food and Drug Administration refers to the United States Food and Drug Administration FDA.

Council

The abbreviation of Therapeutic Goods Administration refers to Australia's Therapeutic Goods TGA. It refers to the mandatory market access regulatory system of the Australian Food and Drug Administration for therapeutic products such as drugs, medical devices, and in vitro diagnostic reagents (IVD).

The abbreviation of Automated External Defibrillator refers to a portable medical AED device that can diagnose specific arrhythmias and perform electric shock defibrillation for non-professionals to rescue cardiac arrest patients.

The abbreviation of Medical Device Single Audit Program is a single audit program that allows an accredited audit agency to conduct an MDSAP certification for medical device manufacturers.

Quality Management System (QMS) audits to simultaneously meet the requirements of multiple participating national regulatory agencies.

The abbreviation of Medical Device Regulation is the new regulation on medical devices released by the European Union in 2017. MDR refers to the new regulations on medical devices that will be fully enforced from May 26, 2021. It aims to improve the safety, transparency and full supervision level of medical devices.

It is the common name for the U.S. Food and Drug Administration’s premarket notification of medical devices, and 510K refers to

Corresponding to Article K of Section 510 of the Federal Food, Drug, and Cosmetic Act, it is a quality management system standard for medical devices that is widely used around the world. It is called "Medical Device Quality Management System for Regulatory Requirements". It was released by the International ISO13485:2016 Standardization Organization (ISO) in 2016. It aims to help medical device companies establish a quality management system that meets the regulatory requirements of various countries and ensure the safety and effectiveness of products throughout the life cycle.

The abbreviation of UK Conformity Assessed is a product conformity assessment mark launched after Brexit. It is used to prove that products comply with the standards in Great Britain (England, UKCA).

(Scotland and Wales). Mandatory access mark to enter the UK domestic market.

It is a common quality management system standard in the global automotive industry. Its full name is "Quality Management System Requirements for Automotive Production Parts and Related Service Parts Organizations". It was released by the International Automotive IATF16949:2016 Working Group (IATF) on October 1, 2016. It aims to establish a management and control system that continuously improves, emphasizes defect prevention, and reduces variation and waste throughout the entire automotive supply chain.

The abbreviation of Australian Register of Therapeutic Goods, the legal access procedure for products entering the Australian market. All drugs, medical devices and complementary medicines ARTG registration refers to

Medical and other therapeutic goods must be reviewed by the Australian Therapeutic Goods Administration (TGA) and listed on the Australian Register of Therapeutic Goods (ARTG)

It is a legally designated registration system implemented by the U.S. Food and Drug Administration for specific products and manufacturing companies. It aims to ensure that products entering the U.S. market meet safety, health and regulatory requirements, and is a prerequisite for the legal sale of products.

The abbreviation of Medical Device Establishment Licence refers to the license issued by the Canadian Ministry of Health MDEL. It is a legal license that companies that import, distribute or sell medical devices in Canada must hold.

The abbreviation of Medicines and Healthcare products Regulatory Agency refers to the legal access system implemented by the British Medicines and Healthcare Products Regulatory Agency for medical devices, drugs and other products. MHRA Registration refers to the legal access system implemented by all manufacturers or their authorized representatives who want to sell related products in the British market (England, Scotland, Wales). This registration is a prerequisite for the legal marketing of products.

The abbreviation of Authorized Representative License is the official license issued by the Saudi Food and Drug Administration ARL (Factory Registration Licensing Authority of Saudi Arabia) to a local authorized representative, allowing it to serve as an overseas medical reference.

Certification) is the legal agent of the device manufacturer in Saudi Arabia and has full authority to handle registration, compliance, communication and market access matters on behalf of the manufacturer.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The abbreviation of Medical Devices Marketing Authorization, Saudi Food and Drug MDMA (First Aid Kit), a medical device marketing authorization issued by the Saudi Drug Administration, all indications that want to be sold in the Saudi market

Medical devices (including medical products such as first aid kits) must be approved through this registration process.

It is an integrated medical emergency equipment, which usually includes hemostatic dressings, disinfection supplies, first aid kits, dressing tools, basic medicines and protective equipment, etc., used for emergency treatment at the scene of accidental injuries or sudden diseases.

Refers to instruments, equipment, utensils, materials or other items used alone or in combination with the human body, including the required software; refers to medical devices used on the surface and inside the human body.

It is not obtained by pharmacological, immunological or metabolic means, but these means may be involved and play a certain auxiliary role.

First Aid refers to the initial rescue and care provided to injured or sick people in an emergency. Refers to a barrier material that deposits an aluminum layer on the surface of a polyester film (PET) through a vacuum aluminum plating process to form a PET aluminized film. It is mainly used in food packaging, tobacco industry, printing composite and other fields.

It is a medically fixed PBT elastic bandage designated device made of polybutylene terephthalate (PBT) material. It is mainly used for fixed dressing, sports protection or postoperative recovery after joint injuries.

It is composed of directional or random fibers, mostly using polypropylene (PP material) pellets as raw materials, which are continuously one-step non-woven fabrics through high-temperature melting, spinning, laying, and hot pressing.

produced. It is called cloth because it has the appearance and certain properties of cloth, also called nonwoven fabric.

Original Design Manufacturer, the original design manufacturer, that is, the company's own ODM refers to the development and design of the structure, appearance, and technology of the product. After the product development and production is completed, it is sold under the customer's brand or white label.

Original Equipment Manufacturer, the original equipment manufacturer, that is, the product's OEM refers to the structure, appearance, and craftsmanship provided by the brand owner. The company produces according to the brand owner's order. After the product is produced, it is sold under its brand, that is, "OEM production". Note: If there is a difference in the mantissa between some totals in this report and the direct sum of each sub-item, unless otherwise noted, it is due to rounding.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Important reminder

1. Brief introduction to this restructuring plan

(1) Overview of this transaction plan

Transaction form: Listed company pays cash to purchase assets

The listed company purchased 100% of the equity held by Blue Sail Medical from Lanfan Medical by paying cash. Introduction to this transaction plan

After the acquisition is completed, the listed company will hold 100% of the shares of Bikel

Transaction price 190 million yuan

Name Wuhan Bikel Rescue Supplies Co., Ltd.

R&D, production and main business of various emergency first aid products with first aid kits as the core

sales

"C27 Pharmaceutical Manufacturing Industry" belongs to the industry of "C2770 Hygiene Materials and Medical Supplies"

"manufacturing"

Transaction object

Comply with sector positioning □Yes □No ☑Not applicable to listed companies in the same industry or

☑Yes □No

Other upstream and downstream

Have the same relationship with the main business of listed companies

☑Yes □No

synergy

Constituting a related transaction □Yes ☑No

Constituting the "Reorganization Management Office"

Nature of Transaction Provisions in Article 12 of the Law ☑Yes □No

major asset reorganization

Constituting restructuring and listing □Yes ☑No

Is there any performance compensation commitment in this transaction? ☑Yes □No

Is there any impairment compensation commitment in this transaction? ☑Yes □No

Other matters requiring special explanation None

(2) Appraisal value of the underlying assets

In this transaction, the base date for the evaluation of the underlying assets is December 31, 2025. China United Appraisal ((Shanghai)

Use the asset-based method and the income method to evaluate the value of all shareholders' equity of the target company, and choose the income method

The results are taken as the final evaluation conclusion. The transaction price is based on the evaluation results and will be determined through negotiation between the parties to the transaction.

Determined. The specific situation is as follows:

Unit: RMB 10,000 Transaction target Evaluation 100% equity Value-added rate/ This proposed transaction Other base dates Transaction price

Name Method Valuation Result Equity Ratio of Premium Rate Description Bikel

income

100% shares 2025/12/31 19,060.00 59.62% 100% 19,000.00 Unable

right

Note 1: Book value of 100% equity of Bikel = Book value of the audited net assets attributable to the parent company as of December 31, 2025 (i.e. 119.4067 million yuan) based on the consolidated caliber of Bikel;

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Note 2: Appreciation rate = appraised value of 100% of Bikell’s shareholders’ equity/book value of 100% of Bikell’s equity – 1.

(3) Payment method for this restructuring

Unit: Ten Thousand Yuan Order Trading Pair Name and Transaction Subject

Payment method

Total consideration paid Party Equity ratio

Pay cash, issue shares or convertible bonds

blue sail doctor

1 100% equity of Bikel 19,000.00 / 19,000.00

Total 19,000.00 / 19,000.00

2. The impact of this transaction on listed companies

(1) The impact of this transaction on the main business of the listed company

Before this transaction, the listed company's business focus was the research and development, production, sales and service of POCT reagents and diagnostic instruments in the critical and critical field. The application scenarios were concentrated in hospitals. In recent years, it has actively deployed overseas business.

After the completion of this transaction, the listed company can: 1. Enter the industrial emergency rescue and commercial and supermarket tracks and expand overseas business channels to achieve complementary resources; 2. Build a "diagnosis-protection-treatment" collaborative ecosystem to enhance comprehensive competitiveness; 3. Inject high-quality assets to enhance the listed company's sustainable profitability and shareholder return levels.

(2) The impact of this transaction on the equity structure of listed companies

This transaction involves the listed company paying cash to purchase assets and does not involve the issuance of shares. This transaction will not have an impact on the listed company's equity structure. This transaction will not lead to changes in the listed company's controlling shareholder or actual controller.

(3) The impact of this transaction on the main financial indicators of the listed company

The impact of this transaction on the main financial conditions of the listed company is as follows:

Unit: 10,000 yuan March 31, 2026 December 31, 2025/January to March 2026/2025

Financial data and metrics

After trade After trade Before trade Before trade

(Pro forma) (Pro forma) Total assets 601,899.76 621,509.71 598,032.77 622,400.99 Total liabilities 34,784.50 54,644.47 32,456.09 56,988.03 Owners’ equity attributable to the parent company 552,740.41 552,510.66 552,843.72 552,679.99Operating income 7,066.67 11,788.14 26,507.87 49,588.21Net profit 175.98 89.68 -7,506.21 -5,900.80Net profit attributable to owners of the parent company -37.74 -103.77 -1,646.07 -40.66 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

March 31, 2026 December 31, 2025

/January-March 2026 /2025

Financial data and metrics

After trade After trade Before trade Before trade

(Pro forma) (Pro forma) Asset-liability ratio 5.78% 8.79% 5.43% 9.16% Net per share attributable to owners of the parent company

23.77 23.76 23.78 23.77Assets (yuan/share)

Basic earnings per share (yuan/share) -0.002 -0.004 -0.07 -0.002

After the completion of this transaction, the total assets of the listed company will increase, and the net profit attributable to the owners of the parent company and basic earnings per share will increase in 2025. The "Pro forma Review Report" shows that indicators such as net profit from January to March 2026 have experienced a periodic decline compared with before the transaction. This is mainly due to the provisions of Accounting Standards for Business Enterprises No. 20 - Business Merger. When preparing pro forma consolidated statements, listed companies must determine the book value of all identifiable assets and liabilities based on fair value. As shown in "Section 5/5. Asset-based Method Assessment" of this report, the relevant assets of the target company have increased in value. Therefore, when the listed company prepares the pro forma consolidated statements, it is necessary to supplement the depreciation, amortization and carry forward sales costs of the relevant assets based on the fair value of the target company's current audited net profit. In view of 2026 The target company's net profit from January to March of 2026 was relatively small due to periodic exchange losses and other reasons. The aforementioned supplementary provision amount exceeded Bikel's current net profit and caused periodic losses. Since the period from January to March of 2026 is relatively short, it is expected that the aforementioned impact will be eliminated as the operating profit increases with the extension of the operating period (after annualization). Therefore, in general, this transaction will help the listed company improve its asset quality, improve its financial situation, and enhance its ability to continue operating.

3. The decision-making process of this transaction and the procedures that need to be performed

(1) Approval procedures completed

This transaction has been approved in principle by Ms. Chen Lili, the controlling shareholder and actual controller of the listed company;
The listed company has held the seventh meeting of the fifth board of directors and the ninth meeting of the fifth board of directors to review and approve proposals related to this transaction;
The transaction counterparty, Lanfan Medical, has held the 43rd meeting of the 6th Board of Directors to review and approve proposals related to this transaction.

(2) Approval procedures that still need to be performed

The listed company’s shareholders’ meeting will review and approve this transaction;
Other approvals or approvals required by relevant laws and regulations (if necessary).

The above-mentioned decision-making and approval procedures are all prerequisites for the implementation of this transaction. Whether this transaction can be completed, the above-mentioned independent financial advisor report of Changjiang Securities Underwriting and Sponsor Co., Ltd.

There are uncertainties in the decision-making and approval procedures and the time to complete the above-mentioned decision-making and approval procedures. Investors are reminded to pay attention to investment risks.

Shareholding reduction plans of the listed company’s controlling shareholders, actual controllers, and all directors and senior managers of the listed company from the date of disclosure of this restructuring report to the completion of its implementation

(1) Principled opinions of the listed company’s controlling shareholders and actual controllers on this reorganization

The principle opinions of the controlling shareholder and actual controller of the listed company on this transaction are as follows: "This transaction will help enhance the comprehensive competitiveness of the listed company, optimize the asset quality of the listed company, enhance the listed company's ability to continue operating, and improve the listed company's ability to resist risks. It is in the interests of the listed company and all shareholders. I agree in principle to this transaction."

(2) Shareholding reduction plans of the listed company’s controlling shareholders, actual controllers, directors, and senior managers from the date of disclosure of this restructuring report to the completion of implementation

The controlling shareholders, actual controllers, directors and senior managers of listed companies have issued commitments:

“1. From the date of disclosure of the indicative announcement of the listed company’s planned major asset reorganization to the completion of this transaction, I have no plan to reduce my holdings of shares in Mide Biotech (except for the reduction plan announced before the first disclosure date of this transaction), and I will not reduce my holdings of shares in Mide Biotech;

If I subsequently reduce my holdings of Minde Biotech shares based on my actual situation or market changes, I will strictly implement the laws and regulations on the reduction of listed company shares and the relevant regulations and requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and promptly perform information disclosure obligations; if Minde Biotech implements ex-rights actions such as transfer of shares, bonus shares, and allotment of shares from the date of signing this commitment letter to the completion of this transaction, the new shares I receive will also comply with the above commitments;
If my commitment to reduce holdings is inconsistent with the latest regulatory opinions of the securities regulatory agencies, I will make adjustments based on the regulatory opinions of the relevant securities regulatory agencies;
The commitment letter is legally binding on me from the date of signing. I guarantee that the above commitment is true, accurate and complete, and there are no false records, intentional concealments or major misunderstandings. If I cause losses to Mingde Biotech due to my violation of the commitments in this commitment letter, I will bear the corresponding liability for compensation in accordance with the law. "

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

5. Arrangements for the protection of the rights and interests of small and medium-sized investors in this reorganization

During this transaction, the listed company will adopt the following arrangements and measures to protect the legitimate rights and interests of investors, especially small and medium-sized investors:

(1) Strictly fulfill the information disclosure obligations of listed companies

Listed companies and relevant information disclosure obligors will strictly comply with the relevant requirements of laws and regulations such as the "Company Law", "Securities Law", "Reorganization Management Measures" and "No. 26 Format Guidelines", effectively fulfill their information disclosure obligations, and promptly and fairly disclose to all investors major events that may have a greater impact on the stock trading price of listed companies. After the disclosure of this report, the listed company will continue to promptly and accurately disclose the progress of this transaction in accordance with the requirements of relevant laws and regulations.

(2) Strictly implement relevant procedures

The listed company will follow the principles of openness, fairness and impartiality during this transaction, and strictly follow the relevant regulations to perform legal procedures for voting and disclosure. The listed company has held a board meeting to review and approve the relevant proposals for this transaction. The relevant resolutions are in compliance with the "Company Law" and other relevant laws, administrative regulations, departmental rules and other normative documents as well as the relevant provisions of the "Articles of Association". This restructuring matter has been reviewed and approved at a special meeting of the independent directors of the listed company.

(3) Ensure that the pricing of this transaction is fair and equitable

The listed company has hired audit institutions and evaluation agencies that comply with relevant legal provisions such as the Securities Law to audit and evaluate the target company; it has also hired independent financial advisors and legal advisors to verify the asset pricing and ownership status of the target assets involved in this transaction, and to verify the implementation process, the performance of relevant agreements and commitments, and the compliance and risks of related follow-up matters, and issue clear opinions to ensure that the pricing of the target assets of this transaction is fair and equitable, and that the pricing process is legal and compliant, and does not harm the interests of shareholders of the listed company. The independent directors of the listed company have convened a special meeting of independent directors to review the fairness of the valuation and pricing of this transaction.

(4) Online voting arrangements

The board of directors of the listed company will issue a reminder announcement before the shareholders' meeting to review the transaction plan to remind all shareholders to attend the shareholders' meeting to review the transaction plan. The company will provide convenience for shareholders participating in the shareholders' meeting in accordance with the China Securities Regulatory Commission's "Rules for Shareholders' Meetings of Listed Companies" and other relevant regulations. Regarding this transaction plan, Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The voting provides an online voting platform. Shareholders can vote by attending on-site meetings or directly through the Internet.

(5) Separate disclosure of shareholder voting results

Listed companies will separately count the votes of small and medium-sized investors, separately count and disclose the voting results of other small and medium-sized shareholders other than directors, senior managers of the listed company, and shareholders who individually or collectively hold more than 5% of the shares of the listed company.

(6) Dilution of current returns from this transaction and related filling measures

The impact of this transaction on the company’s earnings per share

Before and after this transaction, the changes in earnings per share of listed companies are as follows:

Unit: 10,000 yuan March 31, 2026 December 31, 2025/January to March 2026/2025

financial indicators

After trade After trade Before trade Before trade

(For exam) (For exam) Attributed to shareholders of listed companies

552,740.41 552,510.66 552,843.72 552,679.99 Equity

Net profit attributable to shareholders of listed companies

-37.74 -103.77 -1,646.07 -40.66 profit

Basic earnings per share (yuan/share) -0.002 -0.004 -0.07 -0.002 Note: The pre-transaction financial data comes from the publicly disclosed 2025 annual report and 2026 first quarter report of the listed company, and the post-transaction (pro forma) financial data comes from the pro forma review report issued by BDO Accountants.

After the completion of this transaction, the listed company's net profit attributable to the owners of the parent company will increase in 2025, and earnings per share will increase from -0.07 yuan/share before the transaction to -0.002 yuan/share (pro forma). The "Pro forma Review Report" shows that the net profit and other indicators attributable to the parent company of the listed company from January to March 2026 have experienced a periodic decline compared with before the transaction. This is mainly due to the provisions of "Accounting Standards for Business Enterprises No. 20 - Business Merger". When preparing pro forma consolidated statements, listed companies must determine the book value of each identifiable asset and liability based on fair value. As shown in "Section 5/V. Valuation of the Asset-Based Method" of this report, the relevant assets of the target company have increased in value. Therefore, when the listed company prepares the pro forma consolidated statements, it is necessary to supplement the depreciation, amortization and carry forward sales costs of the relevant assets based on the fair value of the target company's current audited net profit. In view of the 2026 The net profit of the target company from January to March is relatively small due to periodic exchange losses and other reasons. The aforementioned supplementary provision amount exceeds the current net profit of Bikel, resulting in periodic losses. Since the period from January to March 2026 is relatively short, with the extension of the operating period (such as annualized), the aforementioned impact is expected to be eliminated. Therefore, in general, the earnings per share of the listed company is expected to increase after the completion of this transaction. Independent Financial Advisor Report of Changjiang Securities Underwriting and Recommendation Co., Ltd.

As a result, the risk of basic earnings per share being diluted is smaller.

The company’s measures to prevent this restructuring from diluting current returns and improving future return capabilities

Although the earnings per share of the listed company will increase after the completion of this transaction, it does not rule out the possibility that the target company's future profitability will be lower than expected due to policy changes, operational management and other issues, thus leading to the risk of diluting the earnings per share of the listed company. In order to protect the interests of investors and prevent the risk of dilution of current returns of listed companies, listed companies will take the following countermeasures:

(1) Further strengthen business management and internal control and improve operating efficiency

After the completion of this transaction, the company will further improve the corporate governance system, management system and system construction, strengthen corporate operation management and internal control, improve the incentive and restraint mechanism, and improve the company's daily operating efficiency. The company will comprehensively optimize the management process, reduce the company's operating costs, better safeguard the company's overall interests, and effectively control the company's operation and management risks.

(2) Enhance the company’s ability to continue operating through the implementation of integration plans

After the completion of this transaction, the target company will become a wholly-owned subsidiary of the company. The company will implement an integration plan in terms of assets, business, personnel, finance, institutions, etc. to reduce the merger and integration risks brought about by this transaction and further enhance the company's ability to continue operating.

(3) Strictly implement the cash dividend policy and strengthen the investor return mechanism

After the completion of this transaction, the company will continue to strictly implement the provisions of the "Articles of Association" on profit distribution policies, especially the specific conditions, proportions, distribution forms and stock dividend distribution conditions in the "Articles of Association", and will continue to implement a sustainable, stable and positive profit distribution policy in accordance with the relevant regulations of the China Securities Regulatory Commission, increase the transparency of the implementation of distribution policies, provide shareholders with reasonable investment returns on the premise of ensuring the company's sustainable development, and better safeguard the interests of the company's shareholders and investors.

(4) Continue to improve the governance system and structure, and improve the corporate governance structure

The company has established and improved its corporate governance structure in accordance with the provisions of the Company Law, the Code of Governance of Listed Companies and other laws and regulations. The company's shareholders' meeting, board of directors, audit committee and management have clear powers and responsibilities, checks and balances, and operate well. Relevant institutions and personnel can perform their duties in accordance with the law. After the completion of this transaction, the company will continue to improve the company's governance system and structure according to the actual situation to adapt to the business operations and legal person governance requirements after this reorganization.

In addition, the controlling shareholder, all directors and senior managers of the listed company have issued letters of commitment on the relevant measures taken by this transaction to dilute the immediate returns. For details, please refer to the relevant content of "Section 1/6. Important Commitments Made by Related Parties in the Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsor Co., Ltd. of this Transaction" in this report.

6. Other matters that investors need to pay attention to

(1) Securities business qualifications of the independent financial advisor for this transaction

The listed company hired Changjiang Sponsor to serve as the independent financial advisor for this transaction. Changjiang Sponsor was established in accordance with the law with the approval of the China Securities Regulatory Commission and has financial advisory business qualifications.

(2) Information disclosure review

The full text of this report and relevant opinions issued by intermediaries have been disclosed on the Shenzhen Stock Exchange website, and investors should make investment decisions accordingly. After the disclosure of this report, the listed company will continue to promptly and accurately disclose the progress of this transaction in accordance with the requirements of relevant laws and regulations. Investors are advised to pay attention to investment risks. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Major risk warning

1. Risks related to this transaction

(1) Acquisition and integration risks

After the completion of this transaction, the target company will be included in the management and merger scope of the listed company. The business scale and personnel of the listed company will be further expanded. The listed company will also face operational and management challenges, including organizational setup, internal control, team management incentives, supply chain and sales channel integration, corporate culture sharing, etc. After the completion of this transaction, it is uncertain whether the listed company can maintain the original competitive advantages of the target company through integration and give full play to the synergistic effects of mergers and acquisitions, and investors are reminded to pay attention to relevant risks.

(2) The risk that the performance commitment party fails to fulfill its performance commitments

In order to fully protect the interests of listed companies and small and medium-sized shareholders, this transaction plan sets performance commitments and performance compensation terms. The listed company signed a "Performance Compensation Agreement" with Lanfan Medical, and Lanfan Medical promises that the target company's cumulative net profit from 2026 to 2028 will be no less than 65 million yuan (the target company's consolidated statements are prepared in accordance with Chinese accounting standards and designated by Minde Biotech, audited by an audit institution with securities and futures qualifications and issued a standard unqualified opinion, whichever is lower).

During the commitment period, if the cumulative net profit realized by the target company is lower than the committed cumulative net profit, Lanfan Medical shall compensate Mingde Biotech in cash. The compensation amount is calculated as follows: the amount of compensation payable = (accumulated net profit commitments - cumulative realized net profits) ÷ cumulative committed net profits × actual equity transfer payment.

The above performance commitments are determined by Lanfan Medical through consultation with the listed company based on the development trend of the industry in which the target company is located, the business development plan and industry status of the target company. The actual operating conditions of the target company are affected by various factors such as the macroeconomic environment, industry development and competitive environment, domestic and foreign economic and trade policies, etc. If the target company fails to achieve the promised operating performance during the performance commitment period, it will further affect the listed company's overall operating performance and profitability.

Although the listed company has signed a clear performance compensation agreement with the performance commitment party, there is still a risk of default in the implementation of the performance compensation commitment in this transaction, and investors are reminded to pay attention to the relevant risks.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(3) Goodwill impairment risk

This transaction is a business combination not under common control. As of March 31, 2026, the unaudited book amount of goodwill of listed companies was 20.8364 million yuan. After the completion of this transaction, the listed company is expected to add 47.6117 million yuan in goodwill. The new goodwill will account for 0.77% and 0.84% of the total assets and net assets of the listed company's pro forma consolidated statement at the end of the first quarter of 2026. According to the relevant provisions of the "Accounting Standards for Business Enterprises", the goodwill formed by this transaction will not be amortized, but will need to be tested for impairment at the end of each year in the future. If the future operating conditions of the target company do not meet expectations, there will be a risk of goodwill impairment, which will have an adverse impact on the future operating performance of the listed company. Investors are reminded to pay attention to the relevant risks.

(4) Approval risks for this transaction

The approvals required for this transaction include but are not limited to: the transaction must be reviewed and approved by the shareholders' meeting of the listed company, and other possible approvals or approvals required by relevant laws and regulations. There is some uncertainty as to whether this transaction can obtain the above-mentioned relevant approvals and when it will be approved. Before the above procedures are completed, the listed company shall not implement this transaction, so there is a risk of failure in approval of this transaction.

(5) Risk that this transaction may be suspended, terminated or canceled

Although listed companies have formulated strict insider information management systems and confidentiality measures in accordance with relevant regulations, and in the process of negotiating and determining this transaction, they have tried to narrow the scope of insiders as much as possible and reduce and avoid the spread of inside information. However, the possibility of relevant institutions and individuals using insider information about this transaction to conduct insider trading cannot be ruled out. The company has the risk of suspending, terminating or canceling this restructuring due to abnormal stock price fluctuations or abnormal transactions that may be suspected of insider trading.

During the advancement of this transaction, the market environment may change, and the review requirements of regulatory agencies may also have an impact on the transaction plan. The parties to the transaction may need to improve the transaction plan based on changes in the market environment and the review requirements of regulatory agencies. If the parties to the transaction cannot reach an agreement on measures to improve the transaction plan, there is a risk that the transaction will be cancelled.

This transaction has a certain time span from the signing date of the relevant agreement to the final implementation. During this period, the market environment may undergo substantial changes, which will affect the operating decisions of the listed company, the counterparty and the underlying assets in this transaction, which may lead to the suspension, suspension or cancellation of this transaction.

If this transaction is suspended, suspended or canceled due to some of the above reasons or other reasons, and the listed company plans to restart the transaction, it will face the transaction plan, transaction pricing and other transaction-related terms and conditions. Changjiang Securities Underwriting and Sponsor Co., Ltd. Independent Financial Advisor Report

are subject to the risk of readjustment.

2. Risks related to the target company

(1) Risk of fluctuation or decline in operating performance

During the reporting period, the target company's main business income amounted to 254.093 million yuan, 230.0152 million yuan, and 50.2349 million yuan respectively, showing a certain decline. The procurement needs of the target company's major customers are driven by multiple factors such as its own product life cycle, inventory management strategies, terminal market sales performance, and expectations for the macro situation, and the order rhythm may undergo periodic adjustments. Due to the comprehensive impact of the above-mentioned external macro-environment, downstream industry prosperity and changes in customer purchasing behavior, the operating performance of the target company may fluctuate or even decline.

(2) Risks of overseas sales being affected by changes in the international situation and import and export policies

During the reporting period, the target company's overseas sales revenue amounted to 218.0427 million yuan, 200.626 million yuan, and 43.1554 million yuan respectively, accounting for 85.81%, 87.22%, and 85.91% of the main business revenue respectively. Currently, the target company's products are mainly exported to Europe. In recent years, as the international environment has become increasingly complex, uncertain factors have increased, such as major changes in the political, economic environment, and trade policies of major exporting countries or regions, or changes in export policies for medical emergency products related to the company's products, resulting in the company's products being unable to be exported, which may have an impact on the target company's overseas sales, thereby adversely affecting the target company's operating performance. Investors are reminded to pay attention to related risks.

(3) Risk of exchange rate changes

The company's export revenue is mainly settled in US dollars and euros. Affected by exchange rate fluctuations, during the reporting period, the target company's exchange gains and losses in each reporting period (losses are listed as positive numbers) were -910,500 yuan, -4,058,200 yuan, and 2,436,100 yuan respectively. If the exchange rate fluctuates in the future, the target company may incur exchange losses, which will affect the pricing and market competitiveness of the company's products, thereby affecting the performance of the target company. Investors are reminded to pay attention to related risks.

(4) Market competition risks

In recent years, the number of companies participating in competition within the industry has continued to increase, and industry competition has become increasingly fierce. At the same time, with the rapid growth of demand from downstream industries in the first aid kit industry, product application fields continue to expand, and customers have put forward higher requirements for product performance. Therefore, if the target company cannot improve its competitiveness in terms of product research and development, process improvement, product quality, market development, etc. to continue to enhance its own advantages in the future, it may face challenges due to market competition. Yangtze Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The risk will intensify and lead to a decrease in market share.

(5) Risk of raw material price fluctuations

The target company's main raw materials include nylon bags, plastic boxes, triangles, bandages, wet wipes, and non-woven band-aids. During the reporting period, the target company's raw material purchase amounts were 156.4836 million yuan, 145.108 million yuan, and 36.7697 million yuan respectively. The supply and price fluctuations of raw materials will directly affect the target company's profitability. If the price of the main raw materials of the target company increases due to market influence in the future, and the target company fails to take effective measures to eliminate the adverse effects caused by fluctuations in raw material prices, the operating performance of the target company may be adversely affected, and investors are reminded to pay attention to related risks.

(6) Risks related to business qualifications

The target company's production and sales of emergency rescue products require specific qualification requirements. Only after passing the review and obtaining the relevant qualification certificate can it engage in the above-mentioned business within the scope of the qualification permit. If the laws and regulations related to the existing business qualifications of the target company change, or if the target company cannot continue to meet the application standards for corresponding qualifications in terms of professional and technical personnel, technical level, operating performance, etc. in the future, the business qualification may not be renewed in time, be downgraded or cancelled, and risks related to business qualifications may arise.

3. Other risks

(1) Stock price fluctuation risk

The fluctuations in stock prices of listed companies are not only affected by the company's profitability and development prospects, but also by investors' psychological expectations, stock supply and demand, domestic and foreign capital market environments, national macroeconomic conditions, political, economic, financial policies and many other factors. At the same time, as the implementation of this transaction still requires approval or registration from relevant regulatory authorities, there is still uncertainty in this transaction. During this transaction, stock market prices may fluctuate, which will bring certain risks to investors. Investors should have a full understanding of stock market price fluctuations and stock market investment risks before purchasing shares of listed companies, and make prudent judgments. Investors are reminded to pay attention to the risks of stock price fluctuations.

(2) Risks associated with uncertainty in forward-looking statements

The contents contained in this report include some forward-looking statements, which generally use words with forward-looking color such as "will", "will", "anticipate", "estimate", "forecast", "plan", "may", "should", "should" and so on. Although these statements are made by the listed company based on industry rationality, in view of the forward-looking statements, please go to Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Therefore, any forward-looking statements contained in this report should not be regarded as a commitment by the listed company that future plans, goals, results, etc. can be realized. Any potential investor should make an independent investment decision based on reading this report in its entirety and should not rely solely on such forward-looking statements.

(3) Other risks

Listed companies do not rule out the possibility of adverse effects on listed companies due to political, economic, natural disasters and other uncontrollable factors. Investors are reminded to pay attention to relevant risks.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Section 1 Overview of this transaction

1. Background and purpose of this transaction

(1) Background of this transaction

The emergency rescue track has entered an important development period, with policies and demands forming dual drivers.

(1) The country has intensively introduced policies to promote the construction of emergency rescue system

In recent years, the state has intensively introduced support policies from multiple dimensions such as the construction of pre-hospital first aid networks, the configuration of emergency equipment in public places, and the improvement of grassroots emergency response capabilities, building a systematic policy framework for the development of the emergency first aid industry.

In September 2020, the National Health Commission and nine departments including the National Development and Reform Commission jointly issued the "Guiding Opinions on Further Improving Pre-hospital Medical Emergency Services", which clearly proposed to "gradually establish a unified public first aid training system, improve the level of AED configuration, and improve the supportive environment for public first aid." This document is a programmatic document for the construction of my country's pre-hospital first aid system, marking the beginning of systematic promotion of public first aid capacity building at the national level.

In May 2021, the National Health Commission, together with the Ministry of Transport, the Red Cross Society of China and other departments, issued the "Guiding Opinions on Promoting the Popularization of Transportation Medical First Aid Kit Accompanying Plan", proposing to gradually universally equip medical first aid kits at transportation passenger stations across the country.

At the level of industrial development, the emergency rescue industry has been included in key national support areas, and the scale of the industry has grown rapidly. On the demand side, the demand for emergency first aid products has gradually expanded from traditional government and industrial procurement to household and personal consumption, and the civilian market has grown rapidly. The dual drive of policy and industry provides a favorable macro environment for the integrated development of "diagnosis + protection".

(2) The global first aid market continues to expand, and segmented tracks have significant growth potential.

The global first aid market is experiencing steady growth, and the market size continues to expand. According to Market Research Future statistics, the market size of the first aid field, including bandages and wound care, gauze and dressings, disinfectants and disinfectants, medical equipment and instruments, and first aid kits, will be approximately US$32.69 billion in 2025 and is expected to grow to approximately US$48.73 billion by 2035, with an average annual compound growth rate of approximately 4.07% during 2025-2035.

Judging from the market performance of different regions, North America and Europe are currently the main consumer markets for global emergency rescue products. North America and Europe together account for more than 80% of the global market. The North American market benefits from strict safety regulatory requirements and relatively mature consumer safety awareness, accounting for approximately 37.5% of the global medical first aid kit market, Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Among them, the United States accounts for 22.8% of the market share. The Asia-Pacific region is rapidly emerging as the fastest-growing region. Countries such as China, Japan, and India are increasingly investing in public health infrastructure construction and emergency preparedness plans, driving the rapid growth of the regional market. The market for emergency first aid products shows a trend of concentrating on leading companies with scale advantages, complete supply chains and sales networks, high brand influence and high compliance.

(3) The popularization of POCT technology promotes the integration trend of "diagnosis + first aid"

The rapid development of POCT technology is profoundly changing the model and boundaries of traditional medical diagnosis. The extension of POCT technology to out-of-hospital scenarios is particularly worthy of attention. Its applications in home medical care, out-of-hospital first aid, industrial sites and other scenarios are rapidly popularizing, and users' demand for "fast, convenient and accessible" emergency solutions continues to rise. The industry is accelerating towards full-cycle and full-scenario development. It provides a technical foundation for the integration of "diagnosis-protection-treatment".

Listed companies promote strategic upgrades, and external mergers and acquisitions assist industrial layout

(1) The company has established deep competitive advantages in the field of emergency and critical illness diagnosis.

The listed company has been deeply involved in the field of in vitro diagnostics for many years, focusing on the research and development and sales of products related to emergency and critical illness diagnosis. It has accumulated deep technical reserves, mature channel resources and good brand reputation in the industry, and has established an in-hospital business system with smart diagnostic products as the core.

(2) The company has clarified its strategic direction and actively promoted the layout of external mergers and acquisitions.

Although the company already has a good foundation and strong competitive advantage in the field of in-hospital emergency and critical illness diagnosis, from the perspective of business structure, the company's existing business mainly covers application scenarios in medical institutions, and there are still gaps in out-of-hospital channels such as emergency care, supermarket retail, and home users. It lacks the platform and capabilities to extend to pre-protection and out-of-hospital treatment scenarios, and it is difficult to meet the "ecological, full-chain" development trend of the medical device industry.

In the entire process of emergency and critical care treatment, a complete medical closed loop is formed from "prevention - diagnosis during the incident - treatment after the incident". Industry leading companies have also built complete emergency rescue solution capabilities through product line extension and channel expansion to adapt to the trend of the emergency rescue industry developing towards a full cycle and all scenarios. Faced with industry development trends and the limitations of its own business structure, the company has clearly proposed a strategic upgrade direction in recent years and is committed to transforming from a single supplier of in vitro diagnostic products to a provider of comprehensive solutions for critical and critical illnesses. In terms of external mergers and acquisitions, the company has also formulated a clear strategy: focusing on targets that have technical synergy or channel complementarity with the company's existing business, focusing on emergency care, out-of-hospital emergency care, family medical care and other fields, and achieving rapid enrichment of the product matrix and effective expansion of business boundaries through mergers and acquisitions.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

National policies support listed companies to promote high-quality development through mergers, acquisitions and reorganizations

Recently, the State Council, the China Securities Regulatory Commission and other relevant ministries and commissions have successively issued a series of policies to encourage and support listed companies to carry out mergers, acquisitions and reorganizations. In March 2024, the China Securities Regulatory Commission issued the "Opinions on Strengthening the Supervision of Listed Companies (Trial)", which clearly proposed to support listed companies to enhance investment value through mergers and acquisitions and reorganizations, and encourage listed companies to comprehensively use shares and other tools to implement mergers and acquisitions and reorganizations and inject high-quality assets. In April 2024, the State Council issued "Several Opinions on Further Promoting the Healthy Development of the Capital Market," proposing to give full play to the role of the capital market as the main channel in the process of corporate mergers, acquisitions and reorganizations, strengthen the property rights pricing and transaction functions of the capital market, broaden M&A financing channels, and enrich M&A payment methods. In September 2024, the China Securities Regulatory Commission issued the "Opinions on Deepening the Market Reform of Mergers, Acquisitions and Reorganizations of Listed Companies", encouraging listed companies to strengthen industrial integration, and traditional industries to rationally increase industrial concentration through reorganization and improve resource allocation efficiency. In February 2025, the China Securities Regulatory Commission issued the "Implementation Opinions on the "Five Major Articles" on Capital Markets' Better Finance", which clearly included mergers and acquisitions and reorganizations as an important starting point for serving technological innovation and industrial transformation and upgrading. It proposed multiple measures to activate the mergers and acquisitions and restructuring market, encourage technology-based enterprises to carry out mergers and acquisitions in the same industry and upstream and downstream industries, and support listed companies to implement mergers and acquisitions and restructuring around industrial upgrading and cultivating the second growth curve. The launch of a series of positive policy measures has established a complete institutional support system, aiming to guide listed companies to use the capital market platform to carry out mergers, acquisitions and reorganizations to achieve efficient integration and optimal allocation of resources.

(2) Purpose of this transaction

Break into the industrial emergency rescue and commercial and supermarket tracks and expand overseas business channels to achieve complementary resources (1) Quickly fill in the shortcomings of out-of-hospital channels to achieve full coverage of scenarios

The company's existing critical illness smart diagnosis business is mainly for medical institutional customers; while the target company has a solid foundation in emergency care and supermarket consumption channels, and is actively expanding home users. Its products cover multiple fields and scenarios such as vehicle, home, industry, outdoor, travel, and disaster relief. The target company was the first to introduce international First Aid concepts and technologies in China, and built a rich emergency first aid product line with "self-rescue + mutual rescue" as its core. Through this transaction, the company will quickly enter the emergency care and supermarket consumption fields, complement the target company in product lines, customer groups and application scenarios, achieve a comprehensive extension from the hospital scenes of medical institutions to industrial scenes, family scenes and outdoor scenes, and make up for the shortcomings of out-of-hospital channels.

(2) Leverage the target company’s overseas channel advantages to accelerate the globalization strategy

The company has actively deployed overseas business in recent years. Overseas business revenue has reached close to 20% of the company's operating revenue and is showing a rapid growth trend. From the perspective of geographical distribution, the company’s overseas business is mainly concentrated in Asia, Africa and Latin America. Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

China (region); the target company has been deeply engaged in overseas business for many years. Overseas business accounts for more than 80% of its revenue, and it mainly focuses on the European and American markets. Its core product first aid kit has a leading market position in Germany and other EU countries. After the completion of this transaction, the company is expected to complement the target company in overseas market business channels. With the help of the target company's mature European and American channel resources, the company will accelerate the development of mature European and American markets and improve the revenue scale and profitability quality of overseas business.

Build a "diagnosis-protection-treatment" collaborative ecosystem to enhance comprehensive competitiveness

(1) Realize the entire chain extension of emergency and critical care services

This transaction is a strategic layout of the listed company extending from in-hospital diagnosis to out-of-hospital fields based on the strategic development needs of the critical and critical care business segment. The company has technical advantages such as POCT, chemiluminescence, and blood gas analysis in the rapid diagnosis of acute and severe diseases. The target company has long been deeply involved in the field of first aid and emergency care products, has a rich product portfolio and customized service capabilities, and has a good customer base and brand influence in domestic and foreign markets.

This transaction will promote the establishment of the entire chain of the listed company's integrated emergency and critical care diagnosis and treatment business and meet the needs of different application scenarios. In the medical institution scenario, the company's POCT rapid diagnosis products can form a first aid closed loop with the target company's first aid equipment; in the industrial scenario, the target company's industrial first aid kits can form an industrial safety solution with the company's on-site rapid detection products; in the home scenario, the target company's home first aid kits can form a home health management combination with the company's monitoring products. By building a full-chain collaborative ecology of "(diagnosis-protection-treatment)", the market position and comprehensive competitiveness of listed companies in the field of critical illness will be enhanced, and it will inject impetus into the long-term and stable development of listed companies.

(2) Technology synergy and product complementarity create incremental value

At the technical level, the company's multiple technology platforms accumulated in the fields of immune testing, molecular diagnosis, blood gas analysis and other fields can provide support for the technical upgrade of the target company's products; at the channel level, the company's customer resources of more than 3,000 medical institutions across the country can provide in-hospital promotion channels for the target company's AED, first aid training and other products and services; and the target company's mature channel network in the European and American markets can provide incremental channels for the company's diagnostic products to go overseas. The collaboration between the two parties in multiple dimensions such as products, technology, channels, and customers is expected to create significant incremental value.

Inject high-quality assets to enhance the sustainable profitability and shareholder returns of listed companies.

(1) The target company has sustained and stable profitability

The target company has relatively stable profitability and good growth expectations. Its core product first aid kit is listed in the Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

The global market has a leading market position and has established good cooperative relationships with customers in different regions around the world. The target company has stable profitability.

(2) Optimize the business structure of listed companies and contribute new profit growth points

After the completion of this transaction, the target company, as a wholly-owned subsidiary of the listed company, will be included in the scope of consolidated statements, contributing new profit growth points to the listed company. At the same time, this transaction will optimize the business structure of the listed company. The target company's emergency ambulance business and the company's diagnostic business are highly complementary in terms of customer structure, revenue cycle, market area, etc., which will help reduce the risk of cyclical fluctuations in the overall business of the listed company and improve the quality of profitability.

(3) Management empowerment and resource integration release synergistic value

After the completion of this transaction, the listed company will help the target company further expand business opportunities through management empowerment and integration of domestic and foreign resource channels. In the domestic market, the company will leverage its channel advantages in medical institutions to help the target company expand in-hospital business such as AED configuration and first aid training; in the international market, the company will work with the target company to explore emerging markets along the “Belt and Road” and combine the target company’s emergency first aid product advantages with the company’s existing overseas market network. Through the above collaborative measures, the target company's production capacity advantages and market potential will be further released, which will help listed companies improve their sustained profitability and shareholder returns.

2. Specific plan for this transaction

(1) Overview of this transaction plan

The listed company plans to purchase 100.00% of the equity of Bikel held by Lanfan Medical by paying cash. After the completion of this transaction, Bikel will become a wholly-owned subsidiary of the listed company.

(2) The underlying assets of this transaction

The subject asset of this transaction is 100.00% equity of Bikel.

(3) The counterparty of this transaction

The counterparty of this transaction is Lanfan Medical.

(4) Evaluation and pricing of the underlying assets

This transaction is priced based on the Asset Appraisal Report issued by China United Appraisal (Shanghai). According to the "Asset Appraisal Report" issued by China United Appraisal (Shanghai), this appraisal was conducted using two methods: the income approach and the asset-based approach. The income approach assessment results were ultimately used as the final appraisal conclusion for the subject assets of this transaction. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

As of December 31, 2025, the book value of Bikel's consolidated net assets attributable to the parent company was 119.4067 million yuan, and the assessed value was 190.600 million yuan. The corresponding appraisal value of 100.00% equity of the target company is 190.60 million yuan. The parties to the transaction negotiated and determined that the transaction price of 100.00% equity of Kele would be 190.00 million yuan.

(5) Source of funds for this transaction

This transaction is a cash acquisition, and the source of funds for this transaction is the listed company's own or self-raised funds.

(6) Specific payment arrangements for the consideration of this transaction

The overall plan for this acquisition is that the listed company plans to purchase 100% of the equity of Bikel by paying cash, which will be implemented in two steps:

First installment: After this agreement comes into effect and all agreed prerequisites (including but not limited to obtaining applicable internal and external approvals, completing corporate governance adjustments, key personnel signing labor contracts, the target company meeting specific financial conditions, etc.) are met or waived in writing by the acquirer, Mingde Biotech will pay 60% of the transaction consideration to Lanfan Medical, which is RMB 114 million.

Second installment of payment: After the first installment of payment is completed and the agreed subsequent conditions precedent (mainly completing the industrial and commercial registration of 100% equity of the target company under the name of Minde Biotech, completing the comprehensive handover of company information and control rights, etc.) are met or the acquirer waives it in writing, Minde Biotech will pay Lanfan Medical the remaining 40% of the transaction consideration, which is RMB 76 million.

(7) Profit and loss arrangements during the transition period

From the valuation base date (December 31, 2025) to the delivery date, the income generated by the target company during this period or the net assets increased due to other reasons will be enjoyed by Mingde Biotech; the losses generated by the target company during this period or the net assets reduced due to other reasons will be borne by Lanfan Medical, and Lanfan Medical will compensate the listed company in cash.

(8) Arrangements for rollover of undistributed profits

The undistributed profits, capital reserves, surplus reserves and various funds deposited after tax of the target company before the base date will be enjoyed by all shareholders of the target company after the delivery date according to the number and proportion of equity held in the target company.

(9) Performance commitments, compensation arrangements and reward arrangements

The counterparties to this transaction do not involve the listed company’s controlling shareholders, actual controllers, or the Changjiang Securities Underwriting and Sponsoring Co., Ltd. controlled by them. Independent Financial Advisor Report

Related parties, and does not involve a change in control, so it does not fall under the circumstances where performance compensation arrangements must be set up under Article 35 of the "Reorganization Management Measures". The relevant arrangements for performance commitments and compensation in this transaction were determined through independent negotiations between the listed company and the performance commitment party based on market-oriented principles. For detailed arrangements on performance commitments, compensation and performance reward arrangements, please refer to "Section 6/2. Main Contents of the "Performance Compensation Agreement"" of this report.

Reasons for setting performance rewards

The performance rewards set up in this transaction comprehensively consider the interests of the listed company and all shareholders, the incentive effect of the reward arrangement on the management of the target company, excess performance contribution, the operating conditions of the target company and other factors, and are reached after consultation between the listed company and the parties to the transaction based on the principles of voluntariness and fair dealing. Setting up a performance reward mechanism is conducive to stabilizing the target company's management team and core employees, stimulating the motivation of the target company's management employees to develop business, fully mobilizing employees' work enthusiasm, and further binding the personal interests of core employees with the interests of the listed company and the target company, which is conducive to maximizing the profits of the target company, thereby protecting the interests of the listed company and all investors.

In addition, the performance rewards set are based on the target company's achievement of excess performance as a prerequisite, and the reward amount is an agreement on the distribution of excess net profits based on the completion of the established promised performance. While rewarding the core management team members of the target company, the listed company also receives excess returns from the target company, which will not have an adverse impact on the future profitability of the listed company.

Scope and determination method of performance reward objects

For specific content, please refer to the relevant content in "Section 6/2/(4) Performance Rewards" of this report.

Set the basis and rationality for performance rewards

"1-2 Performance Compensation and Rewards" of "Listing Category No. 1" stipulates that in a listed company's major asset reorganization plan, when setting up performance reward arrangements for the counterparty, management or core technical personnel of the underlying assets, it should be based on the excess portion of the actual profit of the underlying assets greater than the predicted number. The total reward should not exceed 100% of its excess performance portion and should not exceed 20% of its transaction price.

According to the "Performance Compensation Agreement", the performance reward amount set in this transaction does not exceed 100% of the excess performance part, and it is agreed that it shall not exceed 20% of the price of this transaction, which is in line with the relevant regulations on performance reward requirements in "Listing Class No. 1".

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Description of relevant accounting treatments and possible impacts on listed companies

The target company's performance rewards for this transaction are the core management team of the target company (the list of core management team members and the specific reward plan will be determined by the target company's board of directors at that time). According to the "Analysis of Cases of Listed Companies Implementing Accounting Standards for Business Enterprises" and "Accounting Standards No. 9", the targets for this excess performance reward are the core management team of the target company. This payment arrangement is essentially an incentive and remuneration for employee services, so it is included in employee compensation accounting. This excess performance reward will be included in the current expenses of the target company on an annual basis during the performance commitment period, and will be uniformly settled and distributed by the target company after the expiration of the performance commitment period.

According to the relevant provisions of "Accounting Standards No. 9", the above-mentioned excess performance awards are the employee salaries of the target company's operation and management team, which should be included in management expenses and other costs.

According to the performance incentive arrangement, if the payment of performance incentive clauses is triggered, the relevant expenses of the target company will be increased during the accounting period in which the performance incentive payment is accrued, which will have a certain impact on the net profit of the listed company's consolidated statements. The listed company holds 100% of the equity of the target company, which will have a corresponding impact on the net profit of the listed company attributable to the parent company. However, the setting of this performance reward is to mobilize the enthusiasm of the target company's management team and core members. Only when the promised net profit is achieved, the incentive targets can receive rewards. Therefore, performance rewards as a whole have a positive impact on the future operations and financial status of listed companies.

3. Nature of this transaction

(1) This transaction constitutes a major asset reorganization

The subject asset of this transaction is 100% equity of Bikel. Based on the 2025 audited financial data of the listed company, the 2025 audited financial data of the target company, and the pricing of the subject assets of this transaction, the relevant financial data are compared as follows:

Unit: Ten thousand yuan calculation indicator (financial number

Indicators account for items: listed company, target company, the price of this transaction, which one is the price of the transaction?

Than

high)

Total assets 598,032.77 23,333.49 19,000.00 23,333.49 3.90% Net assets 552,843.72 11,940.67 19,000.00 19,000.00 3.44% Operating income 26,507.87 23,080.34 / 23,080.34 87.07% Note 1: The operating income indicator in the calculation indicator does not apply to the comparison with the higher transaction price;

Note 2: The net assets of listed companies in the table are the owners’ equity attributable to the parent company.

Based on the above calculations, the operating income of the target company of this transaction reaches more than 50% of the corresponding indicators of listed companies. According to the provisions of Article 12 of the "Reorganization Management Measures", this transaction constitutes a major asset reorganization. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(2) This transaction does not constitute a related transaction

According to the relevant provisions of the Company Law, Securities Law, Listing Rules and other laws, regulations and normative documents, the counterparty of this transaction is not a related party of the listed company. Therefore, this transaction does not constitute a related transaction.

(3) This transaction does not constitute a restructuring and listing

This transaction does not involve the issuance of shares and will not lead to changes in the equity structure of the listed company. Before and after this transaction, the actual controller of the listed company was Ms. Chen Lili. This transaction will not result in a change in the control of the listed company, and does not constitute a reorganization and listing situation stipulated in Article 13 of the "Reorganization Management Measures".

4. The impact of this transaction on listed companies

(1) The impact of this transaction on the main business of the listed company

After the completion of this transaction, the listed company can: 1. Enter the industrial emergency rescue and commercial and supermarket tracks and expand overseas business channels to achieve complementary resources; 2. Build a "(diagnosis-protection-treatment" collaborative ecosystem to enhance comprehensive competitiveness; 3. Inject high-quality assets to enhance the listed company's sustainable profitability and shareholder return levels.

(2) The impact of this transaction on the equity structure of listed companies

(3) The impact of this transaction on the main financial indicators of the listed company

According to the 2025 annual audit report of the listed company issued by Lixin Accountants, the unaudited financial statements of the listed company from January to March 2026 and the pro forma review report of this transaction, the impact of this transaction on the main financial status of the listed company is as follows:

Unit: 10,000 yuan March 31, 2026/January to March 2026

Project After this transaction

Change rate before this transaction

(Exam preparation)

Total assets 601,899.76 621,509.71 increased by 3.26%

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Total liabilities 34,784.50 54,644.47 Increased 57.09% Equity attributable to owners of the parent company 552,740.41 552,510.66 Decreased 0.04%

Operating income 7,066.67 11,788.14 Increased 66.81% Net profit 175.98 89.68 Decreased 49.04% Net profit attributable to owners of the parent company -37.74 -103.77 Decreased 174.96% Basic earnings per share (yuan/share) -0.002 -0.004 Decreased 100.00% Asset-liability ratio 5.78% 8.79% Increase by 3.01 percentage points December 31, 2025/2025

Project After this transaction

Change rate before this transaction

(Exam preparation)

Total assets 598,032.77 622,400.99 increased by 4.07%

Total liabilities 32,456.09 56,988.03 Increased by 75.59% Owner's equity attributable to the parent company 552,843.72 552,679.99 Decreased by 0.03%

Operating income 26,507.87 49,588.21 Increased 87.07% Net profit -7,506.21 -5,900.80 Increased 21.39% Net profit attributable to owners of the parent company -1,646.07 -40.66 Increased 97.53% Basic earnings per share (yuan/share) -0.07 -0.002 Increased 97.14%

Asset-liability ratio 5.43% 9.16% increased by 3.73 percentage points Note: Increase or decrease in asset-liability ratio = post-transaction data – pre-transaction data

After the completion of this transaction, the total assets and operating income of the listed company will increase, and the net profit attributable to the owners of the parent company and basic earnings per share will increase in 2025. The "Pro forma Review Report" shows that net profit and other indicators from January to March 2026 have experienced a periodic decline compared with before the transaction. This is mainly due to the provisions of the Accounting Standards for Business Enterprises No. 20 - Business Merger. When preparing pro forma consolidated statements, listed companies must determine the book value of each identifiable asset and liability based on fair value. For example, this report "Section 5/

"V. Asset-Based Method Valuation" shows that the relevant assets of the target company have appraisal appreciation. Therefore, when preparing pro forma consolidated statements, listed companies need to make additional depreciation, amortization and carry forward sales costs for relevant assets based on the fair value of the target company's current audited net profit. In view of the fact that the net profit of the target company from January to March 2026 is relatively small due to periodic exchange losses and other reasons, the aforementioned supplementary accrual amount exceeds Bike's current net profit, resulting in periodic losses. Due to 2026 The period from January to March of 2020 is relatively short. With the extension of the operating period (after annualization) and the increase in operating profits, it is expected that the aforementioned impact will be eliminated. Therefore, in general, this transaction will help the listed company improve its asset quality, improve its financial status, and enhance its ability to continue operating.

5. The decision-making process of this transaction and the procedures that need to be performed

(1) Approval procedures completed

This transaction has been approved in principle by Ms. Chen Lili, the controlling shareholder and actual controller of the listed company; Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.
The listed company has held the seventh meeting of the fifth board of directors and the ninth meeting of the fifth board of directors to review

The resolutions related to this transaction were approved;

The transaction counterparty, Lanfan Medical, has held the 43rd meeting of the sixth board of directors to review and approve this transaction.

Yi-related proposals.

(2) Approval procedures that still need to be performed

The listed company’s shareholders’ meeting will review and approve this transaction;
Other approvals or approvals required by relevant laws and regulations (if necessary).

The above decision-making and approval procedures are all prerequisites for the implementation of this transaction. Whether this transaction can complete the above

There are uncertainties in the decision-making and approval procedures and the time to complete the above-mentioned decision-making and approval procedures. We would like to remind you that

Investors pay attention to investment risks.

6. Important commitments made by the parties involved in this transaction

The important commitments made by the relevant parties in this transaction are as follows:

(1) Important commitments made by listed companies and their controlling shareholders, actual controllers, directors and senior managers

promise

Important commitments made by listed companies

Commitment matters Commitment content

The company guarantees that the information provided during this transaction is true, accurate and complete, and does not contain false records, misleading statements or major omissions.
The company has provided the listed company and the intermediary agencies that provide professional services such as auditing, evaluation, legal and financial consulting for this transaction with the necessary, true, accurate, complete and effective documents, materials or oral statements and explanations for this transaction at this stage. There are no concealments, falsehoods and Major omissions; all copies or photocopies provided are consistent and consistent with the original materials or originals; the documents, signatures and seals on the materials provided are authentic, and the legal procedures required for such signatures and seals have been fulfilled and legal authorization has been obtained; all statements and explanations regarding the authenticity of the information provided The facts are consistent with what happened.

True, accurate and complete 3. The company guarantees that it has fulfilled its statutory disclosure and reporting obligations and that there are no contracts, agreements, arrangements or other matters that should be disclosed but have not been disclosed or promised to be disclosed.

According to the progress of this transaction, the company will provide relevant information and documents in a timely manner in accordance with laws, regulations, rules, the relevant provisions of the China Securities Regulatory Commission and the Shenzhen Stock Exchange and ensure that the information and documents continued to be provided still meet the requirements of authenticity, accuracy, completeness and validity.
The company promises and guarantees that the information disclosure and application documents for this transaction are true, accurate and complete, guarantees that there are no false records, misleading statements or major omissions, and is willing to assume individual and joint legal liability. If this transaction is suspected of causing losses to investors and relevant intermediaries due to false records, misleading statements or major omissions in the information provided or disclosed, the company will be liable for compensation in accordance with the law.

Regarding integrity and legality 1. The listed company is a legal entity established in accordance with the law and validly existing in the territory of the People's Republic of China. Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Commitment matters Commitment content

Compliance Commitment: Have the subject qualifications to participate in this transaction as stipulated in the "Company Law of the People's Republic of China", "Measures for the Administration of Major Asset Reorganization of Listed Companies" and other relevant laws, regulations and normative documents.

As of the date of issuance of this commitment letter, the listed company and its controlled subsidiaries have not been investigated by judicial authorities for suspected crimes or investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations, including but not limited to situations where they have received or are foreseeable to receive investigation decisions or notices from judicial authorities, investigation notices from the China Securities Regulatory Commission and its dispatched agencies, advance notices of administrative penalties, and investigation notices from other competent departments. There are no major illegal acts that harm the legitimate rights and interests of investors and social public interests.
The listed company and the subsidiaries controlled by the listed company have not been subject to administrative penalties (except those obviously unrelated to the securities market) or criminal penalties in the past three years, and are not involved in major litigation or arbitration cases that have a significant adverse impact on this transaction; except for the "About the Infringement of Wuhan Mingde Biotech" issued by the Shenzhen Stock Exchange on May 15, 2026. Except for the Decision of Notifying and Criticizing the Company and Relevant Parties" (Shenzhen Zhengshang [2026] No. 688), there are no other instances of failure to repay large amounts of debt on time, failure to fulfill commitments, administrative regulatory measures being taken by the China Securities Regulatory Commission, or disciplinary sanctions from the stock exchange, and there are no other major breaches of trust.
The listed company's integrity status has been good in the past twelve months, and it has not been publicly condemned by the stock exchange or has any other major breach of trust.
In the past twelve months, the listed company has not provided external guarantees in violation of regulations or the funds have been occupied by the actual controller, controlling shareholder or other enterprises or organizations controlled by the listed company in the form of loans, debt repayments, advances or other means.
The company's performance in the past three years is true and its accounting treatments are compliant. There are no false transactions, fictitious profits, transfer of interests from related parties, or adjustments of accounting profits to comply with or avoid regulatory requirements. The relevant accounting treatments comply with the provisions of the Accounting Standards for Business Enterprises. There is no abuse of accounting policies, correction of accounting errors or changes in accounting estimates, etc. to "bath" listed companies.
After the date of issuance of this commitment letter and before the completion of this transaction, if any violation of laws or regulations or dishonesty occurs, the intermediary agency of this transaction shall be informed within the next day from the date of occurrence.
The listed company guarantees that the above statements and commitments are true, accurate and complete, and there are no falsehoods, intentional concealments or major misunderstandings. If the company violates the above commitments or causes losses to investors because the above commitments are proven to be untrue, it will bear all corresponding legal responsibilities in accordance with the law.
The company does not have any situation where listed companies are not allowed to re-participate in major asset reorganizations as stipulated in Article 12 of "Supervision Guidelines for Listed Companies No. 7 - Supervision of Abnormal Stock Trading Related to Major Asset Reorganizations of Listed Companies" and Article 30 of "Shenzhen Stock Exchange Listed Companies Self-Regulatory Guidelines No. 8 - Major Asset Reorganizations".

Large asset reorganization situation 2. The company and other companies controlled by the company have no commitment to leak any insider information related to this transaction in violation of regulations or illegally use the inside information to conduct insider trading, and ensure that necessary measures are taken to strictly keep the materials and information involved in this transaction confidential.

If the above commitment is violated, the company is willing to bear legal responsibility in accordance with the law.
The Company has taken necessary and sufficient confidentiality measures, strictly fulfilled its obligation to keep confidential the information of this transaction before it is disclosed in accordance with the law, strictly controlled the scope of personnel involved in this transaction, and minimized the scope of persons who knew the inside information of this transaction as much as possible.
The Company has repeatedly informed and reminded those with knowledge of inside information to strictly abide by confidentiality requirements and fulfill confidentiality obligations regarding this transaction. Before the inside information is disclosed in accordance with the law, they are not allowed to disclose or leak the inside information, take advantage of the confidentiality measures, use the inside information to buy or sell the stocks of listed companies, or recommend others to buy or sell the stocks of listed companies.

Explanation of the confidentiality system 3. In accordance with the requirements of laws and regulations and the agreement, the company cooperates in collecting relevant information of insiders of this transaction and submits it to the listed company.

As of the disclosure of the inside information in accordance with the law, the company has not used the inside information of this transaction to buy or sell the stocks of listed companies in the secondary market, nor has it used the information to conduct insider trading.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Commitment matters Commitment content

There is no related relationship between the target company and the counterparty of this transaction and our company and/or anything related to this transaction.

Concerted action relationship; the target company and counterparty of this transaction are not related parties controlled by the company.

liaison;

statement of relationship with

Commitments between the company and the intermediary agency hired for this transaction and its responsible persons, directors and senior managers

There is no relationship between the project manager, project leader, manager and signatory.

Important commitments made by directors and senior managers of listed companies

Commitment matters Commitment content

I guarantee that the information provided during this transaction is true, accurate and complete, and there are no false records, misleading statements or major omissions.
I have provided the listed company and the intermediaries that provide professional services such as auditing, evaluation, legal and financial consulting for this transaction with the necessary documents, materials or oral statements and explanations for this transaction that are true, accurate, complete and effective at the current stage, and there are no concealments, falsehoods or major omissions. omissions; the duplicate materials or photocopies provided are consistent and consistent with the original materials or originals; the documents, signatures and seals on the materials provided are authentic, and the legal procedures required for such signatures and seals have been fulfilled and legal authorization has been obtained; all facts stated and explained are consistent with the facts that occurred.
I guarantee that I have fulfilled my statutory disclosure and reporting obligations, and there are no contracts, agreements, arrangements or other matters that should be disclosed but have not been disclosed.
According to the progress of this transaction, I will provide relevant information and documents in a timely manner in accordance with laws, regulations, rules, the relevant provisions of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and ensure that the information and documents that I continue to provide still meet the requirements of authenticity, accuracy, completeness and validity. About providing information
I promise and guarantee that the information disclosure and application documents for this transaction are true, accurate, factual, accurate and complete.

Complete, guarantee that there are no false records, misleading statements or major omissions, and be willing to assume personal statements and commitments

Individual and joint legal liability. If this transaction is suspected of causing losses to investors and relevant intermediaries due to false records, misleading statements or major omissions in the information provided or disclosed, I will be liable for compensation in accordance with the law.

If the information disclosed or provided by this exchange is suspected of false records, misleading statements or major omissions, and is investigated by judicial authorities or investigated by the China Securities Regulatory Commission, the shares with interests in the listed company (if any, the same below) will not be transferred before the conclusion of the investigation is reached, and a written application and stock account for suspension of transfer will be submitted to the board of directors of the listed company within two trading days after receiving the notice of investigation. Apply to the stock exchange and securities registration and clearing agency for locking on my behalf; if the lock application is not submitted within two trading days, the board of directors is authorized to directly submit my certificate information and account information to the stock exchange and securities registration and clearing agency after verification and apply for locking; if the board of directors fails to submit my certificate information and account information to the stock exchange and securities registration and clearing agency, it authorizes the stock exchange and securities registration and clearing agency to directly lock the relevant shares. If the investigation concludes that there are violations of laws and regulations, I promise to lock up the shares and voluntarily use them for relevant investor compensation arrangements.
As of the date of issuance of this commitment letter, I am not currently under judicial supervision for suspected crime.

Situations where the agency has filed a case for investigation or suspected violations of laws and regulations are being investigated by the China Securities Regulatory Commission, including but not limited to situations where the company has received or is foreseeable to receive a case filing decision or notice from the judicial authorities, a notice of investigation from the China Securities Regulatory Commission and its local offices on integrity and legality, a prior notice of administrative penalties, other commitments regarding compliance, investigation notices from high-level authorities, etc.

Level management 2. I have not committed any major illegal acts in the past three years that have seriously harmed the interests of listed companies, the legitimate rights and interests of investors, and the public interests of society.

I have not been subject to criminal or administrative penalties in the past three years (related to securities market

Except for those that are obviously irrelevant), there are no major civil lawsuits related to economic disputes involving Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Commitment matters Commitment content

litigation or arbitration; there is no other failure to repay large amounts of debt on time, failure to perform commitments, administrative regulatory measures taken by the China Securities Regulatory Commission or disciplinary sanctions from the stock exchange, and there are no other major breaches of trust.

My integrity has been good in the past twelve months, and there has been no major breach of trust, nor any breach of trust such as being publicly condemned by the stock exchange.
I have no other adverse circumstances that may affect my performance of my obligations of loyalty and diligence to the listed company.
I guarantee that the above statements and commitments are true, accurate and complete, and there are no falsehoods, intentional concealments or major misunderstandings.
After the date of issuance of this commitment letter and before the completion of this transaction, if any violation of laws or regulations or dishonesty occurs, I will inform the intermediary agency of this transaction within the next day from the date of occurrence.
As of the date of this commitment letter, I am not under investigation by the judicial authorities for suspected crimes or being investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations, including but not limited to situations where I have received or can foresee receiving a decision or notice on investigation from the judicial authorities, a notice of investigation from the China Securities Regulatory Commission and its dispatched agency, a prior notice of administrative penalty, or an investigation notice from other competent departments.
I have not committed any major illegal acts in the past three years that have seriously harmed the interests of listed companies, the legitimate rights and interests of investors, and the public interests of society.
I have not been subject to criminal penalties or administrative penalties in the past three years (except those that are obviously unrelated to the securities market), and I have not been involved in major civil litigation or arbitration related to economic disputes; except for the "About Wuhan Mingde Biotechnology Co., Ltd. and related parties" issued by the Shenzhen Stock Exchange on May 15, 2026 to Chen Lili,

Except for the decision to notify criticism and punishment" (Shenzhen Zhengshang [2026] No. 688), there is no such thing as Wang Rui

There is no other major breach of trust in the case of failure to repay large amounts of debt on time, failure to fulfill commitments, administrative regulatory measures taken by the China Securities Regulatory Commission or disciplinary sanctions from the stock exchange.

My integrity has been good in the past twelve months, and there has been no major breach of trust, nor any breach of trust such as being publicly condemned by the stock exchange.
I have no other adverse circumstances that may affect my performance of my obligations of loyalty and diligence to the listed company.
I guarantee that the above statements and commitments are true, accurate and complete, and there are no falsehoods, intentional concealments or major misunderstandings.
After the date of issuance of this commitment letter and before the completion of this transaction, if any violation of laws or regulations or dishonesty occurs, I will inform the intermediary agency of this transaction within the next day from the date of occurrence.
I am not allowed to participate in a listed company's major asset reorganization as stipulated in Article 12 of the "Supervision Guidelines for Listed Companies No. 7 - Supervision of Abnormal Stock Trading Related to Major Asset Reorganizations of Listed Companies" and Article 30 of the "Shenzhen Stock Exchange Listed Companies Self-Discipline Supervision Guidelines No. 8 - Major Asset Reorganization".

Situation of large asset restructuring 2. I and other companies controlled by me have no commitment to leak any inside information related to this transaction in violation of regulations or use the inside information to conduct insider trading in violation of regulations, and promise to take necessary measures to strictly keep the materials and information involved in this transaction confidential.

If I violate the above commitment, I am willing to bear legal responsibility according to law.
From the date of disclosure of the indicative announcement of the listed company’s plan for major asset restructuring to the completion of this transaction on share reduction, I have no plan to reduce my holdings of shares in Endeavor (except for the reduction plan announced before the first disclosure date of this transaction), and I will not reduce my holdings of shares in Endeavor Biotech;
If I subsequently reduce my holdings of Mingde Biotechnology Co., Ltd. Changjiang Securities Underwriting and Sponsoring Co., Ltd. based on my actual situation or market changes. Independent Financial Advisor Report

Commitment matters Commitment content

, I will strictly implement the laws and regulations on shareholding reduction of listed companies and the relevant regulations and requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and promptly perform the information disclosure obligations; if Minde Biotech implements ex-rights actions such as transfer of shares, bonus shares, allotment of shares from the date of signing this commitment letter to the completion of this transaction, the new shares I obtain will also comply with the above commitments;

If my commitment to reduce holdings is inconsistent with the latest regulatory opinions of the securities regulatory agencies, I will make adjustments based on the regulatory opinions of the relevant securities regulatory agencies;
The commitment letter is legally binding on me from the date of signing. I guarantee that the above commitment is true, accurate and complete, and there are no false records, intentional concealments or major misunderstandings. If I cause losses to Mingde Biotech due to my violation of the commitments in this commitment letter, I will bear the corresponding liability for compensation in accordance with the law.
While serving as a director or senior manager of a listed company, I and other companies or organizations I control will try to avoid and reduce related transactions with listed companies.
If related transactions are unavoidable, I and other enterprises or organizations controlled by me will strictly abide by the provisions of the China Securities Regulatory Commission and the company's articles of association, determine transaction prices and other transaction conditions in accordance with usual business principles, conduct them fairly, and comply with relevant laws, regulations and listing standards and reduce

The company's "Articles of Association" and related party transaction management system shall comply with the related party transaction approval procedures and commitments to related party transactions.

Disclose information in a timely manner and ensure that the interests of the listed company or its shareholders are not harmed through related transactions.

I and my related parties will put an end to any illegal occupation of funds and assets of listed companies.
If I violate the above commitment, I will immediately stop violating the commitment and compensate the listed company for all losses.

About this transaction 1. I have no related relationships with the counterparty, target company and its related parties of this transaction.

I have no relationship with the intermediary agency hired for this transaction and its responsible persons, directors, supervisors, senior management commitment personnel, project leaders, managers and signatories.
I promise to perform my duties faithfully and diligently and safeguard the legitimate rights and interests of the company and all shareholders;
I promise not to transfer benefits to other units or individuals for free or on unfair terms, nor to harm the interests of listed companies in other ways;
I promise to restrict my job consumption behavior;
I promise not to use the assets of listed companies to engage in investment or consumption activities that have nothing to do with the performance of the promisee’s duties;
I promise to support the board of directors or the remuneration and assessment committee in formulating the remuneration system, which should be linked to the implementation of the listed company's supplementary return measures;

Regarding this transaction: 6. If the company plans to implement an equity incentive plan in the future, I will, within the scope of my responsibilities and authority, make the current return take measures to link the exercise conditions of the equity incentive plan with the implementation of the company's top-up return measures.

From the date of issuance of this commitment to the completion of this transaction, if the China Securities Regulatory Commission and the Shenzhen Stock Exchange make other new regulatory provisions on supplementary return measures and commitments, and if the relevant content of this commitment cannot meet such regulations, I promise to issue a supplementary commitment in accordance with the latest regulations of the above-mentioned regulatory authorities;
I promise to earnestly implement the relevant supplementary return measures formulated by the listed company and any commitments I make regarding the supplementary return measures. If I violate these commitments and cause losses to the company or investors, I am willing to bear the liability for compensation to the company or investors in accordance with the law.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Important commitments made by the controlling shareholders and actual controllers of listed companies

Commitment matters Commitment content

I guarantee that the information provided during this transaction is true, accurate and complete, and there are no false records, misleading statements or major omissions.
I have provided the listed company and the intermediaries that provide professional services such as auditing, evaluation, legal and financial consulting for this transaction with the necessary documents, materials or oral statements and explanations for this transaction that are true, accurate, complete and effective at the current stage, and there are no concealments, falsehoods or major omissions. omissions; the duplicate materials or photocopies provided are consistent and consistent with the original materials or originals; the documents, signatures and seals on the materials provided are authentic, and the legal procedures required for such signatures and seals have been fulfilled and legal authorization has been obtained; all facts stated and explained are consistent with the facts that occurred.
I guarantee that I have fulfilled my statutory disclosure and reporting obligations, and there are no contracts, agreements, arrangements or other matters that should be disclosed but have not been disclosed.
According to the progress of this transaction, I will provide relevant information and documents in a timely manner in accordance with laws, regulations, rules, the relevant provisions of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and ensure that the information and documents that I continue to provide still meet the requirements of authenticity, accuracy, completeness and validity.
I promise and guarantee that the information disclosure and application documents for this transaction are true and accurate, and that the information provided is true and accurate.

Complete, guarantee that there are no false records, misleading statements or major omissions, and be willing to assume the responsibility for being true, accurate and complete

Individual and joint legal liability. If this transaction is suspected of being false in the information provided or disclosed, the statement and commitment

If any information, misleading statements or major omissions cause losses to investors and relevant intermediaries, I will be liable for compensation in accordance with the law.

If the information disclosed or provided by this exchange is suspected of false records, misleading statements or major omissions, and is investigated by judicial authorities or investigated by the China Securities Regulatory Commission, the shares with equity interests in the listed company will not be transferred before the conclusion of the investigation is reached, and a written application for suspension of transfer and stock account will be submitted to the board of directors of the listed company within two trading days of receiving the notice of investigation, and the board of directors will act on my behalf Apply to the stock exchange and securities registration and clearing institution for locking; if the lock application is not submitted within two trading days, the board of directors is authorized to directly submit the certificate information and account information to the stock exchange and securities registration and clearing institution after verification and apply for locking; if the board of directors fails to submit the certificate information and account information to the stock exchange and securities registration and clearing institution, the board of directors authorizes the stock exchange and securities registration and clearing institution to directly lock the relevant shares. If the investigation concludes that there are violations of laws and regulations, I promise to lock up the shares and voluntarily use them for relevant investor compensation arrangements.
This commitment letter will take effect from the date of signing, and will continue to be effective and irrevocable while I have direct or indirect control over the listed company.
As of the date of this commitment letter, I am not under investigation by the judicial authorities for suspected crimes or being investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations, including but not limited to situations where I have received or can foresee receiving a decision or notice on investigation from the judicial authorities, a notice of investigation from the China Securities Regulatory Commission and its dispatched agency, a prior notice of administrative penalty, or an investigation notice from other competent departments.
I have not committed any major illegal acts in the past three years that have seriously harmed the interests of listed companies, the legitimate rights and interests of investors, and the public interests of society.

About integrity and legality

I have not been subject to criminal penalties or administrative penalties in the past three years (obviously unrelated to the securities market’s compliance commitments)

), there are no major civil litigation or arbitrations related to economic disputes; except for May 2026 Except for the "Decision on Notifying and Criticizing Wuhan Mingde Biotechnology Co., Ltd. and Relevant Parties" (Shen Zhengshang [2026] No. 688) issued by the Shenzhen Stock Exchange on the 15th, there are no other cases of failure to repay large debts on time, failure to fulfill commitments, administrative supervision measures by the China Securities Regulatory Commission, or disciplinary sanctions by the stock exchange, and there are no other major breaches of trust.

My integrity has been good in the past twelve months, there has been no major breach of trust, and there is no independent financial advisor report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Commitment matters Commitment content

In cases of breach of trust such as being publicly condemned by the stock exchange.

I have no other adverse circumstances that may affect my performance of my obligations of loyalty and diligence to the listed company.
I guarantee that the above statements and commitments are true, accurate and complete, and there are no falsehoods, intentional concealments or major misunderstandings.
After the date of issuance of this commitment letter and before the completion of this transaction, if any violation of laws or regulations or dishonesty occurs, I will inform the intermediary agency of this transaction within the next day from the date of occurrence.
I am not allowed to participate in a listed company's major asset reorganization as stipulated in Article 12 of the "Supervision Guidelines for Listed Companies No. 7 - Supervision of Abnormal Stock Trading Related to Major Asset Reorganizations of Listed Companies" and Article 30 of the "Shenzhen Stock Exchange Listed Companies Self-Discipline Supervision Guidelines No. 8 - Major Asset Reorganization".

If I violate the above commitment, I am willing to bear legal responsibility according to law.
From the date of disclosure of the indicative announcement of the listed company's plan for major asset restructuring to the completion of this transaction, I have no plan to reduce my holdings of shares in Mide Biotech (except for the reduction plan announced before the first disclosure date of this transaction), and I will not reduce my holdings of shares in Mide Biotech;
If I subsequently reduce my shareholdings in Endeavor Biotech based on my actual situation or market changes, I will strictly implement the laws and regulations on the reduction of shares of listed companies and the relevant regulations and requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and promptly perform the information disclosure obligations; if Endeavor Biotech implements the transfer of shareholding reduction from the date of signing this commitment letter to the completion of this transaction,

shares, bonus shares, allotment of shares and other ex-rights actions, the new shares obtained by me will also comply with the above commitments

state commitments.

If my commitment to reduce holdings is inconsistent with the latest regulatory opinions of the securities regulatory agencies, I will make adjustments based on the regulatory opinions of the relevant securities regulatory agencies.
The commitment letter is legally binding on me from the date of signing. I guarantee that the above commitment is true, accurate and complete, and there is no falsehood, intentional concealment or major misunderstanding. If I cause losses to Mingde Biotech due to my violation of the commitments in this commitment letter, I will bear the corresponding liability for compensation in accordance with the law.
After the completion of this transaction, I will strictly abide by the relevant regulations of the China Securities Regulatory Commission, the Shenzhen Stock Exchange and the articles of association of listed companies, exercise shareholder rights and perform shareholder obligations equally like other shareholders, and will not use my shareholder status to seek improper benefits. I will ensure that the listed company will continue to be completely separate from other companies or organizations controlled by me in terms of personnel, assets, finance, institutions and business, and maintain the independence of the listed company in terms of business, assets, personnel, finance and institutions.
If the rights and interests of the listed company are damaged due to my violation of the above commitments, I will bear the corresponding liability for compensation in accordance with the law.
After this transaction, I and the related parties I control will try their best to reduce or avoid related transactions with the listed company and its subsidiaries. Related transactions that cannot be avoided or occur for reasonable reasons will be conducted on an equal and voluntary basis and in accordance with the principles of fairness, equity and equal compensation. The transaction price will be determined in accordance with the reasonable price recognized by the market.
I and the related parties I control will continue to strictly abide by laws and regulations, normative documents, regulations and reduce

The listed company's "Articles of Association" and related party transaction management system regarding related party transaction matters and commitments to avoid related party transactions

regulations and relevant decision-making procedures, and actively cooperate with listed companies to disclose information on related-party transactions, ensuring that they do not use their position and influence in listed companies to damage the legitimate rights and interests of listed companies and other shareholders through related-party transactions.

I will urge the related parties under my control to comply with the above commitments. If I and the related parties under my control violate the above commitments and cause damage to the rights and interests of the listed company or other shareholders, Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Commitment matters Commitment content

I will bear the actual losses caused to the listed company or other shareholders in accordance with the law.

I and the related parties controlled by me will put an end to all illegal occupation of funds and assets of listed companies.
This commitment letter will take effect from the date of signing, and will continue to be effective and irrevocable while I have direct or indirect control over the listed company. If I fail to fulfill the commitments made in this commitment letter and cause all losses and consequences to the listed company, I shall bear the liability for compensation.
As of the date of issuance of this commitment letter, no other enterprises or organizations controlled by me are engaged in the same or similar business as the listed company and its subsidiaries, and there is no horizontal competition.
After the completion of this transaction, other enterprises or organizations controlled by me will not directly or indirectly engage in any activities that constitute horizontal competition with the existing and future businesses of the listed company and its subsidiaries.
If the listed company engages in new business areas in the future, other enterprises or organizations controlled by me will not engage in any form of business activities that directly compete with the new business areas of the listed company.

Regarding avoiding horizontal competition 4. If other enterprises or organizations controlled by me have business competition that directly competes with the listed company, the other enterprises or organizations controlled by me will stop producing or operating competing businesses or products, incorporate the competing business into the operations of the listed company, or transfer the competing business to an unrelated third party to avoid horizontal competition.

I promise not to seek illegitimate interests as the controlling shareholder or actual controller of a listed company, thereby harming the rights and interests of other shareholders of the listed company.
If I and other enterprises or organizations controlled by me violate the above commitments and cause damage to the rights and interests of the listed company, I agree to bear the corresponding legal liability to the listed company.
This commitment will take effect from the date of signing. The above commitment will continue to be effective while I have direct or indirect control over the listed company and cannot be changed or revoked.

About this transaction 1. I have no related relationships with the counterparty, target company and its related parties of this transaction.

I have no relationship with the intermediary agency hired for this transaction and its responsible persons, directors, supervisors, senior management commitment personnel, project leaders, managers and signatories.
I promise to exercise shareholder rights in accordance with relevant laws, regulations and the relevant provisions of Mingde Biotech's "Articles of Association", not to intervene in the business management activities of Mingde Biotech beyond my authority, and not to misappropriate the interests of Mingde Biotech in any form.
From the date of issuance of this commitment to the completion of this transaction, if the China Securities Regulatory Commission stipulates other new regulatory requirements for this transaction, the Shenzhen Stock Exchange and other new regulatory requirements on fill-in return measures and commitments, and the relevant content of this commitment cannot meet these regulations, I promise to issue a supplementary commitment in accordance with the latest regulations of the above-mentioned regulatory authorities.
I promise to earnestly implement the relevant supplementary return measures formulated by the listed company and any commitments I make regarding supplementary return measures. If I violate these commitments and cause losses to Mingde Biotech or investors, I am willing to bear the liability for compensation to Mingde Biotech or investors in accordance with the law.

(2) Important commitments made by the counterparty and related parties

Important commitments made by Lanfan Medical

Commitment matters Commitment content

The company guarantees that the information provided during this transaction is true, accurate and complete. Regarding the authenticity of the information provided,

There are no false records, misleading statements or major omissions.

True, accurate and complete

The company has provided the company’s statements and commitments regarding this transaction to the intermediary agency serving this transaction.

Relevant information and documents (including but not limited to original written materials, copies of materials or oral testimony Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Commitment matters Commitment content

etc.). The company guarantees that the copies or photocopies of the documents and information provided are consistent with the originals or originals, and that the signatures and seals of the documents and information are authentic. The signers of the documents are legally authorized and validly signed. We guarantee that the information and documents provided and the statements, commitments, and The confirmations and explanations are all true, accurate and complete. There are no false records, misleading statements or major omissions. There are no contracts, agreements, arrangements or other matters that should be disclosed but have not been disclosed. We shall bear corresponding legal responsibility for the authenticity, accuracy and completeness of the information provided.

According to the progress of this transaction, the company will provide relevant information and documents in a timely manner in accordance with laws, regulations, rules, the relevant provisions of the China Securities Regulatory Commission and the Shenzhen Stock Exchange and ensure that the information and documents continued to be provided still meet the requirements of authenticity, accuracy, completeness and validity.
The company bears individual and joint legal liability for the authenticity, accuracy and completeness of the information provided. If the transaction is suspected of containing false records, misleading statements or major omissions in the information provided or disclosed, causing losses to investors and relevant intermediaries, the company will bear liability for compensation according to law.
If the information disclosed or provided by the company in this exchange is suspected of false records, misleading statements or major omissions, and is opened for investigation by judicial authorities or by the China Securities Regulatory Commission, before the conclusion of the investigation is reached, the shares (if any, the same below) held by the listed company will not be transferred, and a written application for suspension of transfer and stock account will be submitted to the board of directors of the listed company within two trading days of receiving the notice of investigation, and the board of directors will act on its behalf. Apply to the stock exchange and the securities registration and clearing agency for locking; if the lock application is not submitted within two trading days, the board of directors is authorized to directly submit the company's identity information and account information to the stock exchange and the securities registration and clearing agency after verification and apply for locking; if the board of directors fails to submit the company's identity information and account information to the stock exchange and the securities registration and clearing agency, the board of directors authorizes the stock exchange and the securities registration and clearing agency to directly lock the relevant shares. If the investigation concludes that there are violations of laws and regulations, the company promises to lock up the shares and voluntarily use them for relevant investor compensation arrangements.
This enterprise is a legally established and validly existing enterprise within the territory of the People's Republic of China. There are no circumstances prohibiting this transaction under laws, administrative regulations, or normative documents; this enterprise has the legal subject qualifications to sign the relevant agreements for this transaction and perform the rights and obligations under the relevant agreements for this transaction.
As of the date of issuance of this letter of commitment, the company and its directors and senior managers have not been subject to any administrative penalties (except those obviously unrelated to the securities market) or criminal penalties in the past five years, nor are they being investigated by judicial authorities for suspected crimes or being investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations; nor are they involved in major integrity and legal civil lawsuits or arbitrations related to economic disputes; nor are there any major violations of compliance regulations that harm the legitimate rights and interests of investors and social public interests.
The integrity of the company and its directors and senior managers is good. In the past five years, there has been no failure to repay large debts on schedule, failure to fulfill commitments, administrative regulatory measures taken by the China Securities Regulatory Commission or disciplinary sanctions from the stock exchange. There are no unresolved or foreseeable major litigation, arbitration and administrative penalty cases, and there are no other major breaches of trust.
The company guarantees that the above statements and commitments are true, accurate and complete, and there are no falsehoods, intentional concealments or major misunderstandings.
The company confirms that the above commitment is true and voluntarily assumes the corresponding legal liabilities arising from violation of the above statement.
This enterprise does not have Article 12 of the "Guidelines for the Supervision of Listed Companies No. 7 - Supervision of Abnormal Stock Trading Related to Major Asset Reorganizations of Listed Companies" and the "Self-Discipline of Listed Companies of the Shenzhen Stock Exchange" does not exist.

As stipulated in Article 30 of Regulatory Guideline No. 8 - Major Asset Reorganization, listed companies are not allowed to participate in the reorganization of listed companies.

The situation of major asset reorganization.

Large asset restructuring situation

The company and other companies controlled by the company have no commitment to leak any insider information related to this transaction in violation of regulations.

information and illegal use of the inside information for insider trading, and ensure that necessary measures are taken to keep the materials and information involved in this transaction strictly confidential.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Commitment matters Commitment content

If the above commitment is violated, the company is willing to bear legal responsibility according to law.
The Company has taken necessary and sufficient confidentiality measures, strictly fulfilled its obligation to keep confidential the information of this transaction before it is disclosed in accordance with the law, strictly controlled the scope of personnel involved in this transaction, and minimized the scope of persons who knew the inside information of this transaction as much as possible.
The Company has repeatedly informed and reminded those with knowledge of inside information to strictly abide by confidentiality requirements and fulfill confidentiality obligations regarding this transaction. Before the inside information is disclosed in accordance with the law, they are not allowed to disclose or leak the inside information, take advantage of the confidentiality measures, use the inside information to buy or sell the stocks of listed companies, or recommend others to buy or sell the stocks of listed companies.

As of the disclosure of the inside information in accordance with the law, the company has not used the inside information of this transaction to buy or sell the stocks of listed companies in the secondary market, nor has it used the information to conduct insider trading.
There is no related relationship or concerted action relationship between this enterprise and the counterparty of this transaction, Mingde Biotechnology;

Regarding this transaction 2. There is no related relationship and/or concerted action relationship between the company and the listed company and its controlling shareholders, actual controllers, listed company directors, senior related party managers, etc.; the company’s statement that it is not a related party controlled by the listed company’s controlling shareholder and actual controller; the company does not promise to recommend directors and senior managers to the listed company;

The enterprise has no relationship with the intermediary agency hired for this transaction and its responsible persons, directors, supervisors, senior managers, project leaders, managers and signatories.
As of the date of signing of this commitment letter, the company has fulfilled its capital contribution obligations as a shareholder of the target company in accordance with laws, regulations and the articles of association of the target company. The source of capital contribution complies with the requirements of applicable laws. There are no false capital contributions, evasion of capital contributions, or other violations of the company's obligations and responsibilities as a shareholder, and there are no circumstances that may affect the legal existence of the target company. As a shareholder of the target company, this company legally holds the equity of the target company, and there are no flaws or objections in terms of shareholder qualifications.
The enterprise legally holds the subject assets and is qualified to be the counterparty of this transaction. From the date of issuance of this letter of commitment to the date when the company delivers all the equity of the target company to the listed company, the company continues to enjoy full ownership of the target assets. The ownership of the target assets is clear. There are no entrusted shareholdings, trust shareholdings or similar arrangements. There is no pledge or any rights to the target assets.

There are no other third-party rights, and there are no circumstances that restrict their transfer, such as being seized, frozen, held in custody, etc.; the subject matter is a commitment of the situation.

There are no legal obstacles to the transfer or transfer of assets, unless otherwise stipulated in the transaction agreement.

The company confirms that there are no unsettled major lawsuits, arbitrations or disputes that may affect the change in ownership of the subject assets held by the company or prevent the transfer of the subject assets to the listed company. The company guarantees that from the date of issuance of this commitment letter to the completion of this transaction, it will not add any new pledges to the subject assets or set up other restrictive rights that may hinder the transfer of the subject assets to the listed company.
Before the ownership change of the target assets is registered in the name of the listed company, the company will exercise prudence and due diligence to exercise the rights of shareholders of the target company, perform shareholder obligations and assume shareholder responsibilities, urge the target company to operate in a normal manner, and make reasonable commercial efforts to maintain the normal operation of the target company's business and ensure that the target company is in good operating condition.
The company promises to promptly change the ownership of the equity of the target company related to this transaction.
After the completion of this transaction, Lanfan Medical and other companies controlled by Lanfan Medical will try to avoid and reduce unnecessary transactions with the target company.
After the completion of this transaction, if there is a necessary or unavoidable transaction within the normal business scope or for other reasonable reasons, Lanfan Medical and other companies controlled by Lanfan Medical will strictly abide by the commitments made in the transaction. Comply with the relevant regulations of the China Securities Regulatory Commission and the target company's articles of association in effect at that time, determine the transaction price and other transaction conditions in accordance with usual business principles, and not conduct transactions with the target company and its subsidiaries on conditions that are obviously unfair compared with the market price, and guarantee not to transfer benefits to the target company or damage the interests of the target company or its shareholders (Mingde Biotechnology) through transactions. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Commitment matters Commitment content

Lanfan Medical and its related parties will put an end to all illegal occupation of funds and assets of the target company.
If Lanfan Medical violates the above commitments, Lanfan Medical will immediately stop violating the commitments. Therefore, if it causes losses to the target company and Minde Biotech, it will be liable for compensation according to law.
Important commitments made by Blue Sail Investment

Commitment matters Commitment content

This enterprise does not have any situation in which listed companies are not allowed to participate in major asset reorganizations as stipulated in Article 12 of "Supervision Guidelines for Listed Companies No. 7 - Supervision of Abnormal Stock Trading Related to Major Asset Reorganizations of Listed Companies" and Article 30 of "Self-Discipline Guidelines for Listed Companies of Shenzhen Stock Exchange No. 8 - Major Asset Reorganizations".

Situation of large asset reorganization 2. The company and other companies controlled by the company have no illegal disclosure of inside information related to this transaction or illegal use of the inside information for insider trading, and ensure that necessary measures are taken to strictly keep the materials and information involved in this transaction confidential.

If the above commitment is violated, the company is willing to bear legal responsibility according to law.
Important commitments made by directors and senior managers of Lanfan Medical

Commitment matters Commitment content

I guarantee that the information provided during this transaction is true, accurate and complete, and there are no false records, misleading statements or major omissions.
I have provided the intermediary agency serving this transaction with my relevant information and documents regarding this transaction (including but not limited to original written materials, copies of materials or oral testimony, etc.). I guarantee that the copies or photocopies of the documents and information provided are consistent with the originals or originals, and that the signatures and seals on the documents and information are authentic. The signers of the documents are legally authorized and validly signed. I guarantee that the information and documents provided and the statements, commitments, and The confirmations and explanations are all true, accurate and complete. There are no false records, misleading statements or major omissions. There are no contracts, agreements, arrangements or other matters that should be disclosed but have not been disclosed. We shall bear corresponding legal responsibility for the authenticity, accuracy and completeness of the information provided.
According to the progress of this transaction, I will provide relevant information and documents in a timely manner in accordance with laws, regulations, rules, the relevant provisions of the China Securities Regulatory Commission and the Shenzhen Stock Exchange and ensure that the information and documents continued to be provided still meet the requirements of authenticity, accuracy, completeness and validity. Truth, accuracy and completeness 4. I am legally responsible for the authenticity, accuracy and completeness of the information provided. If this transaction is suspected of false records, misleading statements or major omissions in the information provided or disclosed, causing losses to investors and relevant intermediaries, I will be liable for compensation in accordance with the law.
If the information disclosed or provided by me in this exchange is suspected of false records, misleading statements or major omissions, and is investigated by judicial authorities or investigated by the China Securities Regulatory Commission, before the conclusion of the investigation is reached, the shares (if any, the same below) that I have interests in in the listed company will not be transferred, and within two trading days after receiving the notice of investigation, a written application and stock account for suspension of transfer will be submitted to the board of directors of the listed company, who will act on behalf of the listed company. It applies to the stock exchange and the securities registration and clearing agency for locking; if the lock application is not submitted within two trading days, the board of directors is authorized to directly submit the identity information and account information to the stock exchange and the securities registration and clearing agency and apply for locking after verification; if the board of directors fails to submit the identity information and account information to the stock exchange and the securities registration and clearing agency, the board of directors authorizes the stock exchange and the securities registration and clearing agency to directly lock the relevant shares. If the investigation concludes that there are violations of laws and regulations, I promise to lock up the shares and voluntarily use them for relevant investor compensation arrangements.

Regarding this transaction: As of the signing date of this commitment, I have not been subject to administrative penalties (except for those obviously related to compliance matters in the securities market) or criminal penalties in the past five years, nor have I been involved in major civil litigation or arbitration related to economic disputes. In the past five years, I have not failed to repay large debts on schedule, failed to perform commitments, or been underwritten and sponsored by Changjiang Securities Co., Ltd. Independent Financial Advisor Report

Commitment matters Commitment content

Situations in which the China Securities Regulatory Commission takes administrative regulatory measures or is subject to disciplinary sanctions by stock exchanges. The content of this commitment is true, accurate and complete, and does not contain any false records, misleading statements or major omissions. If I violate the above commitment, I am willing to bear all legal liabilities arising therefrom.

I and the companies I control do not have any of the following provisions of Article 12 of the "Supervision Guidelines for Listed Companies No. 7 - Supervision of Abnormal Stock Trading Related to Major Asset Reorganizations of Listed Companies" and Article 30 of the "Self-Discipline Supervision Guidelines for Listed Companies No. 8 of the Shenzhen Stock Exchange - Major Asset Reorganizations" that do not exist or shall not

May participate in major asset reorganization of listed companies.

Participate in listed companies

I and other companies controlled by me do not have any illegal leakage of inside information related to this transaction or major asset restructuring.

and illegal use of the inside information for insider trading, and ensure that necessary measures are taken to deal with the company’s commitment letter

The materials and information involved in this transaction are strictly confidential until the relevant information is disclosed in accordance with the law.

If I violate the above commitment, I am willing to bear legal responsibility according to law.
Except for serving as a director/senior manager of Lanfan Medical, I have no other affiliations with the actual controller of Ming, De Biotech and its related parties, the target company and its directors, supervisors, and senior managers except Liu Wenjing and Zhang Yong.

Other directors of Chenwai, 2. I, the intermediary agency hired for this transaction and its responsible person, directors, supervisors, senior managers, project leaders, managers and other persons signed the agreement related to this transaction.

There is no relationship between the writers.

related parties

In addition to serving as a director/senior manager of Lanfan Medical, a statement and

In addition to the company’s directors/supervisors/senior management personnel, with Mingde Biotechnology and its commitment

Related parties and other directors/supervisors/senior managers of the target company do not have any other related relationships with Liu Wenjing and Zhang Yongchen.

I and the intermediary agency hired for this transaction and its responsible persons, directors, supervisors, senior managers, project leaders, managers and signers

There is no relationship between the writers.

Note: Mr. Li Zhenping, the actual controller of Lanfan Medical, is also a director of Lanfan Medical, so he has not separately issued relevant commitments.

(3) Important commitments made by the target company and its directors, supervisors and senior managers

Important commitments made by the target company

Commitment matters Commitment content

The company guarantees that the information provided during this transaction is true, accurate and complete, and does not contain false records, misleading statements or major omissions.
The company has provided the company's relevant information and documents regarding this transaction (including but not limited to original written materials, duplicate materials or oral testimony, etc.) to the intermediary agency serving this transaction. The company guarantees that the copies or photocopies of the documents and information provided are consistent with the originals or originals, and that the signatures and seals of the documents and information are authentic. The signatories of the documents and information are legally authorized and validly signed. We guarantee that the information and documents provided and the statements, commitments and information provided are true.

The confirmations and explanations are true, accurate and complete, and there are no false records, misleading statements or true, accurate and complete statements.

There are no major omissions, and there are no contracts, agreements, arrangements or other matters that should be disclosed but have not been disclosed. Statements and commitments

And bear corresponding legal responsibility for the authenticity, accuracy and completeness of the information provided.

According to the progress of this transaction, the company will provide relevant information and documents in a timely manner in accordance with laws, regulations, rules, the relevant provisions of the China Securities Regulatory Commission and the Shenzhen Stock Exchange and ensure that the information and documents continued to be provided still meet the requirements of authenticity, accuracy, completeness and validity.
The company bears individual and joint legal responsibility for the authenticity, accuracy and completeness of the information provided. If this transaction causes losses to investors and relevant intermediaries due to suspected false records, misleading statements or major omissions in the information provided or disclosed, the company will Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Commitment matters Commitment content

Bear liability for compensation in accordance with the law.

If the information disclosed or provided by the company in this exchange is suspected of false records, misleading statements or major omissions, and is investigated by judicial authorities or investigated by the China Securities Regulatory Commission, it will not transfer the shares it has interests in the listed company (if any, the same below) before reaching the conclusion of the investigation, and will submit a written application for suspension of transfer and stock account to the board of directors of the listed company within two trading days of receiving the notice of investigation, and the board of directors will act on its behalf. Apply to the stock exchange and the securities registration and clearing agency for locking; if the lock application is not submitted within two trading days, the board of directors is authorized to directly submit the company's identity information and account information to the stock exchange and the securities registration and clearing agency after verification and apply for locking; if the board of directors fails to submit the company's identity information and account information to the stock exchange and the securities registration and clearing agency, the board of directors authorizes the stock exchange and the securities registration and clearing agency to directly lock the relevant shares. If the investigation concludes that there are violations of laws and regulations, the company promises to lock up the shares and voluntarily use them for relevant investor compensation arrangements.
As of the date of issuance of this commitment letter, the Company, the Company's controlled subsidiaries, and the Company's controlling shareholders, actual controllers, directors, supervisors, and senior managers are not under investigation by judicial authorities for suspected crimes or being investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations, and there are no major illegal acts that harm the legitimate rights and interests of investors and the public interests of society.
The Company, the Company's controlled subsidiaries, and the Company's controlling shareholders, actual controllers, directors, supervisors, and senior managers have not been subject to administrative penalties (except those obviously unrelated to the securities market), criminal penalties, or major civil litigation or arbitration related to economic disputes in the past thirty-six months; there has been no failure to repay large debts on schedule, failure to perform commitments, administrative regulatory measures taken by the China Securities Regulatory Commission, or disciplinary sanctions by the stock exchange, and there are no other major breaches of trust.
The company’s directors, supervisors and senior managers have and abide by the qualifications and obligations stipulated in laws, regulations, normative documents and the company’s articles of association such as the “Integrity, Legality and Judiciary of the People’s Republic of China” and other laws, regulations, normative documents and the company’s articles of association. Compliance commitments and appointments are all generated through legal procedures. There are no part-time jobs prohibited by relevant laws, regulations, normative documents, the company’s articles of association and relevant regulatory authorities. There are no violations of Articles 178, 180 and 181 of the “Company Law of the People’s Republic of China”.
The company, its controlled subsidiaries, and its controlling shareholders, actual controllers, directors, supervisors, and senior managers have a good integrity status in the past twelve months, and there are no major breaches of trust, nor any breach of trust such as public condemnation from the stock exchange.
The rights and interests of the company and its controlled subsidiaries have not been seriously damaged by the controlling shareholder or actual controller and have not been eliminated.
The company promises that the above commitments are true, accurate and complete, and there are no false records, misleading statements or major omissions, and assumes legal responsibility for their authenticity, accuracy and completeness.
After the date of issuance of this commitment letter and before the completion of this transaction, if any violation of laws or regulations or dishonesty occurs, the company will notify the intermediary agency of this transaction within the next day from the date of occurrence.
The Company and its controlled subsidiaries do not have Article 12 of the "Supervision Guidelines for Listed Companies No. 7 - Supervision of Abnormal Stock Trading Related to Major Asset Reorganizations of Listed Companies" or Article 30 of the "Self-Discipline Supervision Guidelines for Listed Companies of the Shenzhen Stock Exchange No. 8 - Major Asset Reorganizations" that stipulate that those who participate in the reorganization of listed companies are not allowed to participate in major asset reorganizations of listed companies.

Situation of large asset reorganization 2. The Company and its controlled subsidiaries have not illegally leaked any inside information related to this transaction or illegally used the inside information to conduct insider trading, and have ensured that necessary measures are taken to keep the materials and information involved in this transaction strictly confidential.

If the above commitment is violated, the company is willing to bear legal responsibility according to law.

Regarding the absence of insider information 1. The Company, its controlled subsidiaries, directors and senior management personnel have not disclosed any insider information about this transaction or used the information to conduct insider trading. There is no case of investigation or investigation on suspicion of insider trading related to this committed transaction.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Commitment matters Commitment content

The company, its holding subsidiaries, directors and senior managers promise to take necessary measures to keep the materials and information involved in this transaction strictly confidential.
The Company, its controlled subsidiaries, directors and senior managers have not been subject to administrative penalties by the China Securities Regulatory Commission or been investigated for criminal liability by judicial authorities in accordance with the law due to insider trading in the past thirty-six months.
The Company has taken necessary and sufficient confidentiality measures, strictly fulfilled its obligation to keep confidential the information of this transaction before it is disclosed in accordance with the law, strictly controlled the scope of personnel involved in this transaction, and minimized the scope of persons who knew the inside information of this transaction as much as possible.
The Company has repeatedly informed and reminded those with knowledge of inside information to strictly abide by confidentiality requirements and fulfill confidentiality obligations regarding this transaction. Before the inside information is disclosed in accordance with the law, they are not allowed to disclose or leak the inside information, take advantage of the confidentiality measures, use the inside information to buy or sell the stocks of listed companies, or recommend others to buy or sell the stocks of listed companies.

As of the disclosure of the inside information in accordance with the law, the company has not used the inside information of this transaction to buy or sell the stocks of listed companies in the secondary market, nor has it used the information to conduct insider trading.
There is no related relationship and/or concerted action relationship between the company and the listed company, its controlling shareholder, actual controller, directors of the listed company, senior management personnel of the transaction, etc.; the company is not a related party controlled by the controlling shareholder or actual controller of the listed company; the company does not make any statement or recommend directors or senior managers to the listed company;

Commitment 2. The company does not have any relationship with the intermediary agency hired for this transaction and its responsible persons, directors, supervisors, senior managers, project leaders, managers and signatories.

Important commitments made by the directors, supervisors and senior managers of the target company

Commitment matters Commitment content

I guarantee that the information provided during this transaction is true, accurate and complete, and there are no false records, misleading statements or major omissions.
I have provided the intermediary agency serving this transaction with my relevant information and documents regarding this transaction (including but not limited to original written materials, copies of materials or oral testimony, etc.). I guarantee that the copies or photocopies of the documents and information provided are consistent with the originals or originals, and that the signatures and seals on the documents and information are authentic. The signers of the documents are legally authorized and validly signed. I guarantee that the information and documents provided and the statements, commitments, and The confirmations and explanations are all true, accurate and complete. There are no false records, misleading statements or major omissions. There are no contracts, agreements, arrangements or other matters that should be disclosed but have not been disclosed. We shall bear corresponding legal responsibility for the authenticity, accuracy and completeness of the information provided.

About providing true information 3. According to the progress of this transaction, I will provide relevant information and documents in a timely manner in accordance with the relevant provisions of laws, regulations, rules, the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and ensure that the information and documents I continue to provide still meet the requirements of authenticity, accuracy, completeness and validity.

I bear individual and joint legal responsibility for the authenticity, accuracy and completeness of the information provided. If this transaction causes losses to investors and relevant intermediaries due to suspected false records, misleading statements or major omissions in the information provided or disclosed, I will be liable for compensation in accordance with the law.
If the information disclosed or provided by me in this exchange is suspected of false records, misleading statements or major omissions, and a case is opened for investigation by judicial authorities or by the China Securities Regulatory Commission, the shares with interests in the listed company (if any, the same below) will not be transferred before the conclusion of the investigation is formed, and the shares held by the listed company shall not be transferred until the conclusion of the investigation is reached. Within two trading days of the case audit notice, the written application for the suspension of transfer and the stock account shall be submitted to the board of directors of the listed company, and the board of directors shall apply to the stock exchange and securities registration and clearing agency for locking on its behalf; if the locking application is not submitted within two trading days, the board of directors shall be authorized to verify it and then Changjiang Securities Underwriting and Sponsoring Co., Ltd. independent financial advisor report

Commitment matters Commitment content

Directly submit your identity information and account information to the stock exchange and securities registration and clearing agency and apply for locking; if the board of directors fails to submit your identity information and account information to the stock exchange and securities registration and clearing agency, authorize the stock exchange and securities registration and clearing agency to directly lock the relevant shares. If the investigation concludes that there are violations of laws and regulations, I promise to lock up the shares and voluntarily use them for relevant investor compensation arrangements.

I have and abide by the qualifications and obligations stipulated in the Company Law of the People's Republic of China and other laws, regulations, normative documents and the company's articles of association. My appointment is generated through legal procedures. There are no part-time jobs prohibited by relevant laws, regulations, normative documents, company articles of association and relevant regulatory authorities. There is no violation of Articles 178, 180 and 181 of the Company Law of the People's Republic of China.
As of the date of issuance of this commitment letter, I am not under investigation by the judicial authorities for suspected crimes or being investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations, and there is no major illegal act that damages the legitimate rights and interests of investors and the public interests of society.
In the past thirty-six months, I have not been subject to any criminal or administrative penalties (except those obviously unrelated to the securities market), and I have not been involved in any major civil litigation related to economic disputes or in my employment and loyalty and diligence.

Arbitration; there are no other large debts that have not been repaid on time, commitments that have not been fulfilled, or commitments that have been forced by the China Securities Regulatory Commission to fulfill their responsibilities.

There are no other major breaches of trust when the Management Committee takes administrative regulatory measures or is subject to disciplinary sanctions by the stock exchange.

My integrity has been good in the past twelve months, and there has been no major breach of trust, nor any breach of trust such as being publicly condemned by the stock exchange.
I have no other adverse circumstances that may affect my performance of my obligations of loyalty and diligence to the company.
I guarantee that the above commitments are true, accurate and complete, and there are no falsehoods, intentional concealments or major misunderstandings, and I voluntarily assume the corresponding legal liability arising from violation of the above commitments.
After the date of issuance of this commitment letter and before the completion of this transaction, if any violation of laws or regulations or dishonesty occurs, I will inform the intermediary agency of this transaction within the next day from the date of occurrence.
I am not allowed to participate in a listed company's major asset reorganization as stipulated in Article 12 of the "Supervision Guidelines for Listed Companies No. 7 - Supervision of Abnormal Stock Trading Related to Major Asset Reorganizations of Listed Companies" and Article 30 of the "Shenzhen Stock Exchange Listed Companies Self-Discipline Supervision Guidelines No. 8 - Major Asset Reorganization".

Situation of large asset restructuring 2. I have not leaked any insider information related to this transaction in violation of regulations or made any commitment to use this inside information to conduct insider trading, and I guarantee that necessary measures will be taken to keep the materials and information involved in this transaction strictly confidential.

If the above commitment is violated, the company/I am willing to bear legal responsibility according to law.
The Company, its controlled subsidiaries, directors and senior managers have not leaked the inside information of this transaction or used the information to conduct insider trading, nor have they been investigated or investigated for suspected insider trading related to this transaction.

About the absence of insider information

Statement by the company, its holding subsidiaries, directors and senior managers guaranteeing to take necessary transaction actions

Measures to keep the materials and information involved in this transaction strictly confidential.

with commitment

The Company, its controlled subsidiaries, directors and senior managers have not been subject to administrative penalties by the China Securities Regulatory Commission or been investigated for criminal liability by judicial authorities in accordance with the law due to insider trading in the past thirty-six months.
I have taken necessary and sufficient confidentiality measures, strictly fulfilled my obligation to keep the transaction information confidential before it was disclosed in accordance with the law, strictly controlled the scope of personnel involved in the transaction, and minimized the scope of persons who were aware of the inside information of the transaction.
I have informed and reminded the insiders on many occasions to strictly abide by the confidentiality requirements and fulfill the confidentiality obligations of the confidentiality system. Before the inside information is disclosed in accordance with the law, they shall not disclose or leak the inside information, and shall not use the inside information to buy or sell the stocks of listed companies or recommend others to buy or sell the stocks of listed companies.
In accordance with the requirements of laws and regulations and the agreement, I cooperated in collecting the inside information of this transaction and informed the Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Commitment matters Commitment content

Information related to the informant shall be submitted to the listed company.

Before the insider information was disclosed in accordance with the law, I had not used the inside information of this transaction to buy or sell the stocks of listed companies in the secondary market, nor had I used the information to conduct insider trading.
There is no related relationship and/or concerted action relationship between me and the listed company, its controlling shareholder, actual controller, directors, senior managers of the listed company, and managers of this transaction; I am not a related party of the listed company; I am not a related person controlled by the controlling shareholder or actual controller of the listed company; I have no statement or recommendation of directors or senior managers to the listed company;

Commitment 2. I have no relationship with the intermediary agency hired for this transaction and its responsible persons, directors, supervisors, senior managers, project leaders, managers and signatories.

(4) Important commitments made by the securities companies, securities service institutions and their handling personnel that provided services for this transaction

promise

Important commitments made by securities companies and securities service institutions

Commitment matters Commitment content

As of the date of issuance of this note, neither our firm/our company nor our/our company’s handling personnel have any violation of Article 12 of the "Supervision Guidelines for Listed Companies No. 7 - Supervision of Abnormal Stock Trading Related to Major Asset Restructurings of Listed Companies" and "Guidelines for the Self-Discipline Supervision of Listed Companies No. 8 of the Shenzhen Stock Exchange - Concerning the non-existence of

-Major Asset Reorganization" stipulates that persons shall not participate in any major asset reorganization of listed companies or participate in any major asset reorganization of listed companies.

situation.

Large asset restructuring situation

As of the date of issuance of this statement, neither our firm/our company nor our firm/our company’s managers have any commitments

In the past 36 months, there has been no administrative penalty imposed by the China Securities Regulatory Commission or criminal liability by judicial authorities in accordance with the law due to insider trading suspected of major asset restructuring.

Important commitments made by the handling personnel

Commitment matters Commitment content

As of the date of issuance of this note, I am not prohibited from participating in any major asset reorganization of a listed company as stipulated in Article 12 of the "Supervision Guidelines for Listed Companies No. 7 - Supervision of Abnormal Stock Trading Related to Major Asset Reorganizations of Listed Companies" and Article 30 of the "Self-Discipline Supervision Guidelines for Listed Companies No. 8 - Major Asset Reorganizations" of the Shenzhen Stock Exchange.

Major Asset Reorganization As of the date of this statement, I have not been subject to any commitment investigation or investigation for suspected insider trading related to this transaction. In the past 36 months, I have not been administratively punished by the China Securities Regulatory Commission or held criminally responsible by judicial authorities for suspected insider trading related to major asset restructuring.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Section 2 Basic Information of Listed Companies

1. Basic information of listed companies

Company Name Wuhan Mingde Biotechnology Co., Ltd.

English name Wuhan Easy Diagnosis Biomedicine Co.,Ltd.

Unified social credit code 9142010066953862X0

Registered capital 232,520,957 yuan

Enterprise type: joint-stock company (listed, natural person investment or holding)

Legal representative Chen Lili

Date of establishment January 28, 2008

Stock listing place Shenzhen Stock Exchange

Securities code 002932.SZ

Securities abbreviation *ST Mingde

Listing date: July 10, 2018

Registered address of Wuhan Mingde Biotechnology Industry, No. 77, Jiulong Middle Road, Donghu New Technology Development Zone, Wuhan City, Hubei Province

Park (Phase I) (all for self-use) No. 1, Area C, 1st Floor, Unit 1, Building 1

Office address No. 77, Jiulong Middle Road, Donghu New Technology Development Zone, Wuhan City, Hubei Province

Postal code 430075

Contact number 027-87001772

Company website www.mdeasydiagnosis.com

Email [email protected]

Licensed projects: Production of Class II medical devices; Production of Class III medical devices; Leasing of Class III medical devices; Operation of Class III medical devices; Internet information services for medical devices; Internet hospital services relying on physical hospitals; Construction of construction projects; Design of construction projects; Inspection and testing services; Food production; Beverage production; Food sales; Food Internet sales. (Projects that require approval according to law can only be carried out with the approval of relevant departments. Specific business projects are subject to the approval documents or licenses of relevant departments.) General projects: Production of Class I medical devices; Sales of Class I medical devices; Leasing of Class I medical devices; Leasing of Class II medical devices; Sales of Class II medical devices; Sales of special chemical products (excluding hazardous chemicals); technical services, technology development, technical consultation, technology exchange, technology transfer, technology promotion; special equipment repair; software sales; information technology consulting services; experimental analysis instrument manufacturing; experimental analysis instrument sales; ecological environment monitoring and testing instrument sales; ecological environment monitoring and testing instrument manufacturing; business scope Manufacturing of special instruments and meters for agriculture, forestry, animal husbandry and fishery; sales of special instruments and meters for agriculture, forestry, animal husbandry and fishery; manufacturing of electronic components; wholesale of electronic components; retail of electronic components; wholesale of computer software, hardware and auxiliary equipment; retail of computer software, hardware and auxiliary equipment; software development; health consulting services (excluding diagnostic and treatment services); sales of plastic products; sales of communication equipment; sales of communication equipment; sales of power electronic components; sales of electronic products; sales of office supplies; sales of electrical signaling equipment; manufacturing of special chemical products (excluding hazardous chemicals) products); sales of electronic components and electromechanical components and equipment; wholesale of hardware products; retail of hardware products; sales of daily necessities; wholesale of daily necessities; import and export of goods; technology import and export; import and export agents; information system integration services; network equipment sales; hospital management; remote health management services; non-residential real estate leasing; housing leasing; engineering and technology research and experimental development; medical research and experimental development; instrument manufacturing; instrument sales; computer and communication equipment leasing; household appliance sales; and plastic products manufacturing. (Except for licensed business, you can independently operate projects that are not prohibited or restricted by laws and regulations in accordance with the law)

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

2. Establishment of listed companies, listing on the share transfer system, listing and previous changes in share capital

(1) Establishment of limited liability company

The predecessor of the listed company, Mingde Co., Ltd., was established in January 2008. It was jointly funded by natural persons Chen Yonggen, Wang Hanying, Zu Shuhua, Chen Lili, and Wang Ying, with a registered capital of 1 million yuan. On January 23, 2008, as verified by the "Capital Verification Report" "Ehai Xin Yan Zi [2008] No. 011" issued by Hubei Hisense Accounting Firm Co., Ltd., Mingde Co., Ltd. (funding) has received the first installment of capital contributions from all shareholders, all of which are monetary contributions.

The equity structure of Mingde Co., Ltd. was as follows when it was established:

Unit: RMB 10,000 Serial number Name of shareholder Capital contribution Capital contribution ratio

1 Chen Yonggen 30.00 30.00% 2 Wang Hanying 30.00 30.00% 3 Zu Shuhua 20.00 20.00% 4 Chen Lili 10.00 10.00% 5 Wang Ying 10.00 10.00%

Total 100.00 100.00%

(2) Establishment of a joint-stock company

On September 30, 2013, Mingde Co., Ltd. held a shareholders' meeting and made a resolution, agreeing to change Mingde Co., Ltd. into a joint-stock company as a whole. After the overall change, the name of the joint-stock company was "Wuhan Mingde Biotechnology Co., Ltd."

On October 23, 2013, Mingde Biotech held its founding meeting and first general meeting of shareholders and made a resolution, with the existing shareholders of Mingde Co., Ltd. as the promoters of the joint-stock company, to convert the company's audited net book assets as of August 31, 2013 into shares at a ratio of 1.6077:1 to convert the company into a joint-stock company. On the same day, five promoters signed the "Promoter Agreement".

On October 22, 2013, Zhongqin Wanxin Accounting Firm (Special General Partnership) issued the "Qinxin Yanzi [2013] No. 1009" Capital Verification Report, verifying that as of October 22, 2013, the capital contributions of each sponsor had been paid in full.

On November 13, 2013, Mingde Biotech went through the industrial and commercial registration procedures at the Wuhan Industrial and Commercial Bureau and received the "Enterprise Legal Person Business License" with registration number 420100000053229.

The promoters’ shareholdings at the time of the establishment of Mingde Biotechnology are as follows:

Unit: Wangu Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

No. Name of shareholder Capital contribution method Number of shares held Shareholding ratio 1 Chen Lili Net assets converted into shares 300.00 50.00% 2 Wang Ying Net assets converted into shares 189.95 31.66% 3 Zhou Qin Net assets converted into shares 42.63 7.10% 4 Wang Hanying Net assets converted into shares 36.82 6.14% 5 Chen Yonggen Net assets converted into shares 30.60 5.10%

Total 600.00 100.00%

(3) Listing on the stock transfer system

On November 15, 2013, the company held the second extraordinary general meeting of shareholders in 2013, at which the resolution regarding the company's application for listing on the stock transfer system was reviewed and approved.

On January 9, 2014, the stock transfer system issued the "Letter on Approving the Listing of Wuhan Mingde Biotechnology Co., Ltd.'s Shares on the National Equities Exchange and Quotations" (Equity Transfer System Letter [2014] No. 96), agreeing to the company's listing on the National Equities Exchange and Quotations.

On January 24, 2014, the company's stock was listed on the stock exchange system with the stock code "430591" and the stock abbreviation "Mingde Biotech".

(4) Delisting from the stock transfer system

The company held the ninth meeting of the second board of directors and the second extraordinary general meeting of shareholders of 2017 on June 12, 2017 and June 27, 2017 respectively. The meeting reviewed and approved the "Proposal on Application for Termination of Listing of the Company's Stocks on the National Equities Exchange and Quotations".

According to the "Letter Concerning Wuhan Mingde Biotechnology Co., Ltd.'s Termination of Stock Listing on the National Equities Exchange and Quotations" issued by the Share Exchange System on July 11, 2017 (Equity Transfer System Letter [2017] No. 4143), the company's shares have ceased to be listed on the Share Exchange System since July 14, 2017.

(5) Share custody

The company submitted the "Application for Registration of Equity Custody of a Joint Stock Company" to the Wuhan Equity Custody and Trading Center in August 2017, and the company's shares have been under custody at the Wuhan Equity Custody and Trading Center since September 2017.

(6) Initial public offering and listing of stocks

As approved by the China Securities Regulatory Commission in the form of Securities Regulatory License [2018] No. 906, Mingde Biotechnology publicly issued 16,646,287 shares to the public and was approved by the Shenzhen Stock Exchange’s “Notice on the Listing of Common Shares of Wuhan Mingde Biotechnology Co., Ltd. (Shen Zhengshang [2018] No. 306) on the main board of the Shenzhen Stock Exchange on July 10, 2018. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Listed, the company's securities are referred to as "Mingde Biotech". On July 5, 2018, Zhongqin Wanxin Accounting Firm (Special General Partnership) verified the availability of funds raised by the company's issuance of shares and issued "Qinxin Yanzi [2018] No. 0046" "Capital Verification Report".

After the completion of the initial public offering of shares, the total share capital of the listed company changed to 66,585,147 shares. The share capital structure is as follows:

Unit: 10,000 shares Nature of shares Quantity Ratio

Circulating shares subject to sales restrictions 4,993.89 75.00%
Circulating shares without selling restrictions 1,664.63 25.00%

Total 6,658.51 100.00%

(7) Changes in equity capital after the company’s initial public offering and listing

In September 2020, the 2019 restricted stock incentive plan was implemented and granted

The company held the 25th meeting of the second board of directors on May 24, 2019, to review and adopt the "(Proposal on the Company's 2019 Restricted Stock Incentive Plan ((Draft))" and its summary), and held the seventh meeting of the third board of directors and the second extraordinary general meeting of shareholders in 2020 on May 28, 2020 and August 19, 2020, respectively, to review and adopt the "( Regarding the company's "2019 Restricted Stock Incentive Plan ((Revised Draft))" and its summary, the incentive plan plans to grant 2.72 million restricted shares to the incentive targets, including: 2.6 million shares for the first time grant and 120,000 reserved shares.

Because the company's 2019 annual equity distribution has been completed on June 1, 2020, according to the company's "2019 Restricted Stock Incentive Plan ((Revised Draft)"), if between the announcement date of the incentive plan and the completion of registration of restricted stock shares by the incentive objects, the company has matters such as converting capital reserves to increase capital, distributing stock dividends, subdividing shares, allotment, reduction of shares, or distribution of dividends, the grant price of restricted stocks should be adjusted accordingly. At the same time, due to "((Revised Draft)) After the review and approval of the 2019 Restricted Stock Incentive Plan ((Revised Draft)), the incentive targets resigned, voluntarily gave up subscription and other reasons, so the number of incentive targets and the total amount granted for the first time under the equity incentive plan need to be adjusted. On September 7, 2020, the company held the 11th meeting of the third session of the Board of Directors, and reviewed and approved the "(Proposal on the First Grant of Restricted Stocks to Incentive Targets" and "( Proposal on Adjusting Matters Related to the Initial Grant of the Restricted Stock Incentive Plan in 2019. After adjustment, the number of incentive targets for the first grant was adjusted from 61 to 58, the number of restricted shares granted was adjusted from 2.6 million shares to 2.42 million shares, and the grant price was adjusted from 20.51 yuan/share to 20.41 yuan/share.

On September 15, 2020, Lixin Accountants issued an independent financial advisory report to Changjiang Securities Underwriting and Sponsoring Co., Ltd. on the changes in share capital caused by the initial grant of restricted stocks.

The "Capital Verification Report" (Xinhuishibaozi [2020] No. ZE10564) was issued.

According to the "Issuer's Equity Structure Table" issued by Zhongdeng Company on September 30, 2020, the registration of the restricted stocks granted by the company has been completed. After the implementation of this restricted stock incentive plan, the company's equity structure is as follows:

Unit: 10,000 shares Nature of shares Quantity Ratio

Circulating shares with sales restrictions 3,900.55 56.53%
Circulable shares without selling restrictions 2,999.97 43.47%

Total 6,900.51 100.00%

In July 2021, capital reserves will be transferred to share capital and some restricted stocks will be repurchased and cancelled.

On April 27, 2021 and May 20, 2021, the listed company held the 16th meeting of the third board of directors and the 2020 annual general meeting of shareholders, and passed the "(Proposal on the 2020 Profit Distribution and Conversion of Capital Reserves into Share Capital Plan)" and agreed to convert capital reserves into share capital and convert 4 shares for every 10 shares to all shareholders. The total share capital was 6,900.51 The number of shares increased to 96.6072 million shares, all of which are ordinary shares.

At the same time, after deliberation and approval at the 16th meeting of the third board of directors, due to circumstances such as resignation of the first-time recipients of the restricted stock incentive plan and failure to meet the evaluation standards, a total of 84,800 restricted shares that have been granted to the relevant recipients but have not yet been released from sales restrictions need to be repurchased and canceled. On July 20, 2021, the company held the 19th meeting of the third board of directors and reviewed and approved the "Proposal on Adjusting the Relevant Parameters of the 2019 Restricted Stock Incentive Plan (Revised Draft)". Since the annual equity distribution in 2020 has been completed, the number of restricted stocks to be repurchased and canceled was adjusted from 84,800 shares to 118,700 shares.

On July 21, 2021, Lixin Accountants issued a "Capital Verification Report" (Xin Huishi Bao Zi [2021] No. ZE10558) on the changes in share capital caused by the above-mentioned conversion of capital reserves into share capital and repurchase and cancellation of restricted stocks.

According to the "Issuer's Equity Structure Table" issued by Zhongdeng Company on July 30, 2021, after the completion of the transfer of capital reserves to share capital and the repurchase and cancellation of restricted stocks, the company's equity structure is as follows: Unit: 10,000 shares Nature Quantity Ratio

Circulating shares with sales restrictions 3,750.92 38.87%
Circulable shares without selling restrictions 5,897.93 61.13%

Total 9,648.85 100.00%

In August 2021, some shares reserved for the 2019 restricted stock incentive plan were granted

On June 23, 2021, the listed company held the 18th meeting of the third board of directors, and reviewed and approved the independent financial advisor report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

The company passed the "(Proposal on Granting Reserved Restricted Stocks to Incentive Objects)" and agreed to grant 120,000 shares reserved for the 2019 Restricted Stock Incentive Plan to four incentive recipients. On July 20, 2021, the company held the 19th meeting of the third board of directors and reviewed and approved the "Proposal on Adjusting the Relevant Parameters of the 2019 Restricted Stock Incentive Plan (Revised Draft)", due to the 2020 The annual equity distribution has been implemented, so the number and price of the reserved portion of the aforementioned restricted stock incentive plan will be adjusted.

On August 6, 2021, Lixin Accountants issued a "Capital Verification Report" (Xin Huishi Bao Zi [2021] No. ZE10562) on the changes in share capital caused by the above-mentioned grant of restricted stocks.

According to the "Issuer's Equity Structure Table" issued by Zhongdeng Company on August 19, 2021, after the completion of the grant of the reserved part of this restricted stock incentive plan, the company's equity structure is as follows:

Unit: 10,000 shares Nature of shares Quantity Ratio

Circulating shares with sales restrictions 3,763.88 38.96%
Circulating shares without selling restrictions 5,897.93 61.04%

Total 9,661.81 100.00%

In November 2021, non-public issuance of stocks and listing

As approved by the "Reply on the Approval of the Non-public Issuance of Stocks by Wuhan Mingde Biotechnology Co., Ltd." (CSRC License [2021] No. 1859) issued by the China Securities Regulatory Commission on May 27, 2021, the company non-publicly issued a total of 8.2598 million shares to 24 issuance targets, raising a total of 466.1031 million yuan.

On October 29, 2021, Lixin Accountants issued a "Capital Verification Report" (Xin Huishi Bao Zi [2021] No. ZE10585) on the above-mentioned changes in share capital caused by the non-public issuance of stocks.

On November 9, 2021, the company has completed the registration, custody and sales restriction procedures with Zhongdeng Company for this additional issuance of shares. According to the "Issuer's Capital Structure Table" issued by Zhongdeng Company, after the completion of this non-public issuance of stocks, the company's capital structure will be as follows:

Unit: 10,000 shares Nature of shares Quantity Ratio

Circulating shares with sales restrictions 4,476.29 42.68%
Circulable shares without selling restrictions 6,011.50 57.32%

Total 10,487.79 100.00%

In June 2022, some restricted stocks will be repurchased and cancelled.

On April 26, 2022, after deliberation and approval at the 25th meeting of the third board of directors, due to the resignation of the recipients of the restricted stock incentive plan, it is necessary to repurchase and cancel the relevant objects. The relevant objects have been granted but have not yet been released from the restriction. Yangtze Securities Underwriting and Sponsor Co., Ltd. Independent Financial Advisor Report

A total of 50,400 restricted shares were issued.

On June 1, 2022, Lixin Accountants issued a "Capital Verification Report" (Xin Huishi Bao Zi [2022] No. ZE10407) on the changes in share capital caused by the above-mentioned repurchase and cancellation of restricted stocks.

According to the "Issuer's Equity Structure Table" issued by Zhongdeng Company on June 8, 2022, after the completion of the above-mentioned repurchase and cancellation of restricted stocks, the company's equity structure is as follows:

Unit: 10,000 shares

Nature of shares Quantity Ratio

Circulating shares with sales restrictions 3,640.66 34.73%
Circulating shares without selling restrictions 6,842.10 65.27%

Total 10,482.75 100.00%

In June 2022, capital reserves will be converted into share capital

On April 26, 2022 and May 20, 2022, the listed company held the 25th meeting of the third board of directors and the 2021 Annual General Meeting of Shareholders, and passed the "Proposal on the Profit Distribution Plan for 2021" and agreed to distribute a cash dividend of 30.00 yuan (including tax) to all shareholders for every 10 shares based on the total share capital on the equity registration date; the capital reserve will be increased by 4.9 yuan for every 10 shares. shares, no bonus shares will be given.

According to the "Issuer's Equity Structure Table" issued by Zhongdeng Company on June 30, 2022, after the completion of this capital reserve transfer to share capital, the company's equity structure is as follows:

Unit: 10,000 shares

Nature of shares Quantity Ratio

Circulating shares with sales restrictions 5,424.58 34.73%
Circulating shares without selling restrictions 10,194.72 65.27%

Total 15,619.30 100.00%

In May 2023, some restricted stocks will be repurchased and cancelled.

On April 20, 2023, after deliberation and approval at the third meeting of the fourth session of the Board of Directors, it was agreed that a total of 138,700 restricted shares held by them that had been granted but had not yet been released from restrictions would be repurchased and canceled because some of the incentive objects originally granted under the 2019 Restricted Stock Incentive Plan for the first and reserved grants no longer meet the conditions for equity incentive objects.

On May 15, 2023, Lixin Accountants issued a "Capital Verification Report" (Xin Huishi Bao Zi [2023] No. ZE10480) on the changes in share capital caused by the above-mentioned repurchase and cancellation of restricted stocks.

According to the "Issuer's Equity Structure Table" issued by Zhongdeng Company on June 2, 2023, after the completion of the above-mentioned repurchase and cancellation of restricted stocks, the company's equity structure is as follows:

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Unit: 10,000 shares

Nature of shares Quantity Ratio

Circulating shares subject to sales restrictions 5,249.61 33.64%
Circulating shares without selling restrictions 10,355.82 66.36%

Total 15,605.43 100.00%

In June 2023, capital reserves will be converted into share capital

On April 20, 2023 and May 12, 2023, the listed company held the third meeting of the fourth board of directors and the 2022 Annual General Meeting of Shareholders, and passed the "Proposal on the Profit Distribution Plan for 2022" and agreed to distribute a cash dividend of 37.00 yuan (including tax) to all shareholders for every 10 shares based on the total share capital on the equity registration date; 10 shares will be converted into 4.9 shares, and no bonus shares will be given.

According to the "Issuer's Equity Structure Table" issued by Zhongdeng Company on June 6, 2023, after the completion of this capital reserve transfer to share capital, the company's equity structure is as follows:

Unit: 10,000 shares

Nature of shares Quantity Ratio

Circulating shares subject to selling restrictions 7,821.92 33.64%
Circulable shares without selling restrictions 15,430.17 66.36%

Total 23,252.10 100.00%

From the completion of the above changes to the signing date of this report, the total share capital of the listed company has not changed.

3. Share capital structure and top ten shareholders

As of March 31, 2026, the total share capital of the listed company was 232.521 million shares. The shareholdings of the top ten shareholders of the listed company are as follows:

Unit: 10,000 shares

Name of shareholder Number of shares held Shareholding proportion number

1 Chen Lili 6,291.89 27.06% 2 Wang Ying 3,591.69 15.45% 3 Wang Rui 302.61 1.30%

China Merchants Bank Co., Ltd.-Guangfa Value Core Hybrid Securities Investment Fund

4 284.62 1.22% gold

Industrial and Commercial Bank of China Co., Ltd.-Rongtong Health Industry Flexible Allocation Mix

5 278.00 1.20%

securities investment funds

6 Bai Zhongwei 219.53 0.94% 7 Chen Xintao 206.39 0.89%

Industrial and Commercial Bank of China Co., Ltd.-Rongtong Chinese Style No. 1 Flexible Allocation Mixed

8 200.00 0.86%

Combined Securities Investment Fund

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

preface

Name of shareholder Number of shares held Shareholding proportion number

9 Zhou Qin 188.08 0.81% 10 Liu Jisong 147.43 0.63%

Total 11,710.25 50.36%

Note: As of March 31, 2026, the listed company’s special securities account for repurchase holds 13.0753 million shares of the company, with a shareholding ratio of 5.62%, which is not listed in the above top ten shareholder information.

4. Controlling shareholders and actual controllers of listed companies

(1) Equity control relationship of listed companies

As of the signing date of this report, the equity control relationships of listed companies are as shown in the figure below:

(2) Controlling shareholders

As of the signing date of this report, Ms. Chen Lili holds 62.9189 million shares of the listed company, with a shareholding ratio of 27.06%, and is the controlling shareholder of the listed company. The basic situation is as follows:

Ms. Chen Lili, Chinese nationality, no permanent residence abroad, born in 1974, holds a doctoral degree. From July 1996 to July 2006, he served as a doctor at Tongji Hospital Affiliated to Tongji Medical College of Huazhong University of Science and Technology; from July 2006 to July 2008, he studied for a doctorate in medicine at the University of Heidelberg, Germany; from July 2008 to April 2011, he served as the technical director of Mingde Co., Ltd., during which he engaged in postdoctoral research at Boston University Medical Center in the United States; from May 2011 to present, he has served as the general manager of Mingde Biotechnology; since 2013 From June to October 2013, he served as executive director of Mingde Co., Ltd.; from October 2013 to present, he served as chairman of Mingde Biotechnology; from May 2019 to October 2019, he served as chairman of Wuhan Deyi Biotechnology Co., Ltd.; from November 2016 to present, he served as director of Xinjiang Mingdehe Biotechnology Co., Ltd.; from July 2017 He has served as the director of Guangdong Mingzhi Medical Testing Laboratory Co., Ltd. since December 2022; as the executive partner of Wuhan Mingxiang since December 2022; as the chairman of Mingxi Venture Investment Management (Wuhan) Co., Ltd. since January 2023.

(3) Actual controller situation

As of the signing date of this report, the actual controller of the listed company is Ms. Chen Lili.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

5. Changes in control rights of listed companies in the last 36 months

As of the signing date of this report, the changes in control rights of listed companies in the past thirty six months are as follows:

The "Concerted Action Agreement" signed by Chen Lili and Wang Ying on August 11, 2021 expired on August 10, 2024. After friendly negotiation between the two parties, it will not be renewed upon expiration. The concerted action relationship between Chen Lili and Wang Ying has been terminated since August 10, 2024. The actual controller of the company has been changed from the joint control of Chen Lili and Wang Ying to the sole control of Chen Lili.

6. Major asset restructuring of listed companies in the past three years

There have been no major asset reorganizations stipulated in the "Reorganization Management Measures" in the listed company in the past three years.

7. Main business development and main financial indicators of listed companies in the past three years

(1) Development of main business of listed companies in the past three years

The listed company is gradually transforming from a supplier of IVD product R&D, production, sales and services to a solution provider. In the field of in vitro diagnostic reagents and instruments, it continues to strengthen the three major product lines of immunodiagnosis, molecular diagnosis and blood gas diagnosis. It focuses on the field of critical illness and extends a series of comprehensive solutions such as in vitro diagnostic testing and third-party medical testing to support medical institutions in providing more immediate, accurate and intelligent medical services. In addition, in recent years, the company has also actively explored development opportunities and expanded into new business areas such as healthy food.

After years of technology accumulation and product R&D innovation, as of the end of 2025, listed companies and subsidiaries have obtained 407 product registration certificates, including 20 Class III medical device registration certificates, 212 Class II medical device certificates, and 175 Class I medical device registration certificates. In addition, listed companies have obtained 74 EU CE certifications, 139 patents, including 36 invention patents, and 154 software copyrights.

In the past three years, the listed company’s main business has not undergone major changes. The company’s operating income structure by product from 2023 to 2025 is as follows:

Unit: 10,000 yuan 2025 2024 2023

Project

Revenue % Revenue % Revenue % In vitro diagnostic products and solutions

22,005.39 83.01% 22,014.18 62.89% 39,337.92 52.48% plan

Third-party medical examination 6,575.44 18.78% 29,795.75 39.75%

4,502.48 16.99%

Operating business and other businesses 6,416.56 18.33% 5,820.01 7.76%

Total 26,507.87 100.00% 35,006.18 100.00% 74,953.68 100.00% Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(2) Main financial indicators of listed companies in the past three years and the first period

Main data of the consolidated balance sheet

Unit: 10,000 yuan

2026 2025 2024 2023

Project

March 31 December 31 December 31 Total assets on December 31 601,899.76 598,032.77 659,307.86 738,659.99Total liabilities 34,784.50 32,456.09 57,440.12 109,449.84 Owners’ equity 567,115.26 565,576.68 601,867.74 629,210.15 Attributable shares of listed companies

552,740.41 552,843.72 582,639.21 602,588.97 Dong’s owner’s equity

Note: The data in 2023, 2024 and 2025 have been audited, and the data from January to March 2026 have not been audited. The same below.

Main data of the consolidated income statement

Unit: 10,000 yuan

Item January to March 2026 2025 2024 2023 operating income 7,066.67 26,507.87 35,006.18 74,953.68 operating profit 179.31 -7,838.56 4,118.69 14,519.45 total profit 253.48 -6,379.40 3,241.60 13,988.95 Net profit 175.98 -7,506.21 2,656.47 6,921.64 Attributable to shares of listed companies

-37.74 -1,646.07 7,451.96 7,492.59 Dong’s net profit

Main data of the consolidated cash flow statement

Unit: 10,000 yuan

Project January to March 2026 2025 2024 Cash generated from operating activities in 2023

-2,676.54 -7,005.34 -8,504.64 39,249.81 Net cash flow

Cash generated from investment activities

31,236.01 42,991.15 -13,812.46 -136,506.57 Net cash flow

Cash generated from financing activities

216.67 -28,435.06 -31,316.85 -67,005.98 Net cash flow

Exchange rate changes on cash and

-110.79 -155.26 50.62 126.22 Impact of cash equivalents

Main financial indicators

Project January-March 2026 2025 2024 2023 Asset-liability ratio 5.78% 5.43% 8.71% 14.82% Basic earnings per share (yuan/share) 0.00 -0.07 0.33 0.33 Weighted average return on equity -0.01% -0.29% 1.25% 1.14% Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

8. Legal compliance of listed companies

(1) Administrative penalties (except those obviously unrelated to the securities market) or criminal penalties received by listed companies and their current directors and senior managers in the past three years

As of the signing date of this report, in the past three years, listed companies and current directors and senior managers have not been subject to administrative penalties (except those that are obviously unrelated to the securities market) or criminal penalties.

(2) Listed companies and their current directors and senior managers are being investigated by judicial authorities for suspected crimes or are being investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations.

As of the signing date of this report, the listed company and its current directors and senior managers are not being investigated by judicial authorities for suspected crimes or being investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Section 3 Basic information of counterparty

1. Pay cash to purchase assets from the counterparty

In this transaction, the counterparty to which the listed company paid cash to purchase assets was Lanfan Medical. Lanfan Medical was listed on the main board of the Shenzhen Stock Exchange on April 2, 2010.

(1) Basic situation

Company name Lanfan Medical Co., Ltd.

Date of establishment: December 2, 2002

Registered capital 1,007,129,138 yuan

Enterprise type: Joint stock limited company (investment, listing in Hong Kong, Macao and Taiwan)

Registered address: No. 48, Yinuo Road, Jixia Street, Linzi District, Zibo City, Shandong Province

Main office location: No. 48, Yinuo Road, Jixia Street, Linzi District, Zibo City, Shandong Province

Legal representative Liu Wenjing

Unified social credit code 91370000744521618L

Production and processing of PVC gloves, nitrile gloves, Class I, II, III medical devices, and other

Other plastic products, pellets, and sales of products produced by the company; business scope: nitrile gloves, latex hand covers, pulp molded products, and wholesale business of Class I and Class II medical device products. (Projects that require approval according to law can only carry out business activities after approval by relevant departments. Effective

The period is subject to the license. )

Stock listing place Shenzhen Stock Exchange

Securities code 002382.SZ

Securities abbreviation Lanfan Medical

Note: The "registered capital" in the above table refers to the industrial and commercial registration information of Lanfan Medical as of the signing date of this report. The convertible corporate bonds issued by Blue Sail Medical in June 2020 have been redeemed and delisted on May 28, 2026. As of the maturity date of the convertible bonds, the actual number of shares of Blue Sail Medical has been changed to 1,007,590,700 shares, and the industrial and commercial change registration has not yet been processed.

(2) Historical evolution and changes in registered capital in the past three years

Historical evolution

(1) In December 2002, Blue Sail Plastic Co., Ltd. was established

On November 18, 2002, Qilu Plasticizer and Hong Kong Zhongxuan jointly signed the "Sino-foreign Joint Venture Contract for Zibo Lanfan Plastic Products Co., Ltd." and the "Articles of Association of Zibo Lanfan Plastic Products Co., Ltd." and jointly established Lanfan Plastic Co., Ltd.

On November 28, 2002, the Zibo Foreign Trade and Economic Cooperation Bureau issued the "Zibo Foreign Economic and Trade Foreign Investment Approval No. [2002] No. 96" "Approval on the Establishment of "Zibo Lanfan Plastic Products Co., Ltd.", and also issued the Shandong Provincial People's Government Foreign Economic and Trade Lufu Zi No. [2002] No. 1770 "The People's Republic of China Taiwan, Hong Kong and Macao Overseas Chinese Investment Enterprise Changjiang Securities Underwriting and Recommendation Co., Ltd. independent financial advisor report

Business Approval Certificate", approving the establishment of Blue Sail Plastic Co., Ltd.

On December 4, 2002, Lanfan Plastic Co., Ltd. obtained the "Enterprise Legal Person Business License" issued by the Zibo Administration for Industry and Commerce. The registration number is Qihe Luzi Zongzi No. 001806.

On January 13, 2003, Shandong Zhongtai Co., Ltd. Accounting Firm issued the "Capital Verification Report" "Lu Zhongtai Huishi Yanzi (2002) No. 9". As of December 30, 2002, Lanfan Plastic Co., Ltd. had received a total of 10 million yuan in paid-in capital from shareholders.

At the time of establishment, the equity structure of Blue Sail Plastic Co., Ltd. was as follows:

Unit: RMB 10,000 Serial number Shareholder name Capital contribution Shareholding ratio

1 Qilu Plasticizer 700.00 70.00% 2 Hong Kong Zhongxuan 300.00 30.00%

Total 1,000.00 100.00%

(2) June 2003, the first equity transfer

On May 10, 2003, Qilu Plasticizer and Lanfan Chemical signed an "Equity Transfer Agreement", and Qilu Plasticizer transferred its entire investment of 7 million yuan in Lanfan Plastic Co., Ltd. to Lanfan Chemical. On the same day, Lanfan Plastic Co., Ltd. held a board meeting, agreed to the aforementioned equity transfer, and approved the changed company articles of association and joint venture contract; Hong Kong Zhongxuan gave up its right of priority for this transfer.

On June 16, 2003, the Zibo Foreign Trade and Economic Cooperation Bureau issued the "Zibo Foreign Economic and Trade Foreign Investment Zi [2003] No. 53" "Approval on the Equity Change of Zibo Lanfan Plastic Products Co., Ltd.", approving the aforementioned equity transfer. On the same day, the Shandong Provincial People's Government renewed the "Foreign Economic and Trade Lufu Zi [2002] No. 1770" "Approval Certificate of the People's Republic of China for Taiwan, Hong Kong and Macao Overseas Chinese Investment Enterprises".

On June 25, 2003, Blue Sail Plastic Co., Ltd. obtained the "Enterprise Legal Person Business License" renewed from the Zibo City Industrial and Commercial Bureau.

After the change is completed, the share capital structure of Blue Sail Plastic Co., Ltd. is as follows:

Unit: RMB 10,000 Serial number Shareholder name Capital contribution Shareholding ratio

1 Lanfan Chemical 700.00 70.00% 2 Hong Kong Zhongxuan 300.00 30.00%

Total 1,000.00 100.00%

(3) December 2005, the first capital increase

On November 13, 2005, Blue Sail Plastic Co., Ltd. held a board meeting and agreed to convert 20 million yuan of Blue Sail Plastic Co., Ltd.'s 2005 profit into registered capital. After the conversion is completed, the registered capital of Blue Sail Plastic Co., Ltd. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The amount was increased to 30 million yuan, and the equity ratio of each shareholder remained unchanged; and the changed articles of association and joint venture contract were approved.

On December 7, 2005, the Zibo Foreign Trade and Economic Cooperation Bureau issued the "Zibo Foreign Economic and Trade Foreign Investment Zi [2005] No. 156" "Approval on the Capital Increase of Zibo Lanfan Plastic Products Co., Ltd.", approving the aforementioned capital increase.

On December 8, 2005, Blue Sail Plastic Co., Ltd. obtained the "Shanghai Foreign Investment Lufu Zi [2002] No. 1770" "Approval Certificate of the People's Republic of China for Taiwan, Hong Kong, and Macao Overseas Chinese Investment Enterprises" renewed by the Shandong Provincial People's Government.

On December 9, 2005, Lanfan Plastic Co., Ltd. obtained the "Enterprise Legal Person Business License" renewed by the Zibo Municipal Administration for Industry and Commerce, and the company's registered capital was changed to 30 million yuan (paid-in capital 10 million yuan). On May 29, 2006, Zibo Jiufang Co., Ltd. Accounting Firm issued the "Zijiu Hui Yan Zi [2006] No. 7" "Capital Verification Report". As of December 31, 2005, Lansail Plastic Co., Ltd. had received a total of 20 million yuan in new capital contributions from shareholders.

On May 30, 2006, Lanfan Plastic Co., Ltd. obtained the "Enterprise Legal Person Business License" renewed from the Zibo Administration for Industry and Commerce, and the company's registered capital was changed to 30 million yuan (paid-in capital 30 million yuan). After the change is completed, the share capital structure of Blue Sail Plastic Co., Ltd. is as follows:

Unit: RMB 10,000 Serial number Shareholder name Capital contribution Shareholding ratio

1 Lanfan Chemical 2,100.00 70.00% 2 Hong Kong Zhongxuan 900.00 30.00%

Total 3,000.00 100.00%

(4) July 2006, the second equity transfer

On June 30, 2006, Lanfan Chemical and Lanfan Investment Co., Ltd. signed an "Equity Transfer Agreement", and Lanfan Chemical transferred all of its 21 million yuan investment in Lanfan Plastic Co., Ltd. to Lanfan Investment Co., Ltd. On the same day, Lanfan Plastic Co., Ltd. held a board meeting, agreed to the aforementioned equity transfer, and approved the changed company articles of association and joint venture contract; Hong Kong Zhongxuan gave up its right of priority for this transfer.

On July 19, 2006, Zibo Foreign Trade and Economic Cooperation Bureau issued "Ziwai Economic and Trade Foreign Investment Zi [2006] No. 88" "Approval on the Equity Transfer of Zibo Lanfan Plastic Products Co., Ltd.", approving the aforementioned equity transfer. On the same day, Blue Sail Plastic Co., Ltd. obtained the "Certificate of Approval of the People's Republic of China for Taiwan, Hong Kong, Macao and Overseas Chinese Investment Enterprises" issued by the Shandong Provincial People's Government as "Business Foreign Investment Lufu Zi [2002] No. 1770".

On July 24, 2006, Blue Sail Plastic Co., Ltd. obtained the "Enterprise Legal Person Business License" renewed from the Zibo City Industrial and Commercial Bureau.

After the change is completed, the share capital structure of Blue Sail Plastic Co., Ltd. is as follows:

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Unit: RMB 10,000 Serial number Shareholder name Capital contribution Shareholding ratio

1 Blue Sail Investment Co., Ltd. 2,100.00 70.00% 2 Hong Kong Zhongxuan 900.00 30.00%

Total 3,000.00 100.00%

(5) In September 2007, Lanfan Plastic Co., Ltd. was changed into a joint-stock company as a whole

On May 25, 2007, Daxin Accounting Firm Co., Ltd. issued the "Audit Report" "Daxin Shenzi (2007) No. 0486". According to the audit, as of April 30, 2007, the owner's equity of Blue Sail Plastic Co., Ltd. was 75 million yuan.

On June 1, 2007, Hubei Minxin Asset Appraisal Co., Ltd. issued the "E Xin Ping Bao Zi (2007) No. 078" "Zibo Lansail Plastic Products Co., Ltd. Joint Stock Transformation Project Asset Appraisal Report". After evaluation, the fair market value of all the equity values of Lansail Plastic Co., Ltd. on April 30, 2007, the base date of evaluation, was 84.9171 million yuan.

On June 15, 2007, Blue Sail Plastic Co., Ltd. held a board of directors meeting and agreed to convert Blue Sail Plastic Co., Ltd. into a joint-stock company based on its net assets of RMB 75 million as of April 30, 2007 at a 1:0.8 ratio. On the same day, Blue Sail Group Co., Ltd. and Hong Kong Zhongxuan signed the "Initiator Agreement for the Establishment of Shandong Blue Sail Plastic Co., Ltd.".

On September 6, 2007, the Ministry of Commerce issued "Business Approval [2007] No. 1422" "Reply from the Ministry of Commerce on Approving the Transformation of Zibo Lansail Plastic Products Co., Ltd. into a Foreign-Invested Co., Ltd.", approving the change of Lansail Plastic Co., Ltd. into a foreign-invested Co., Ltd.

On September 10, 2007, the Ministry of Commerce issued the "Foreign Investment Qualification Approval No. A [2007] 0208" "Approval Certificate of the People's Republic of China for Taiwan, Hong Kong, Macao and Overseas Chinese Investment Enterprises" to Lanfan Co., Ltd.

On September 11, 2007, Daxin Accounting Firm Co., Ltd. issued the "Capital Verification Report" "Daxin Yanzi [2007] No. 0058". As of September 11, 2007, Lanfan Co., Ltd. had received a capital contribution of RMB 60 million from all shareholders.

On September 16, 2007, Lanfan Co., Ltd. held a founding meeting to review and approve the articles of association of the joint-stock company and elect the first board of directors.

On September 25, 2007, Blue Sail Co., Ltd. obtained the "Enterprise Legal Person Business License" issued by the Shandong Provincial Administration for Industry and Commerce.

After this overall change, the shareholders of Blue Sail are Blue Sail Group Co., Ltd. and Hong Kong Zhongxuan. The specific share capital structure is as follows:

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Unit: 10,000 shares Serial number Shareholder name Number of shares held Shareholding ratio

1 Blue Sail Group Co., Ltd. 4,200.00 70.00% 2 Hong Kong Zhongxuan 1,800.00 30.00%

Total 6,000.00 100.00%

(6) April 2010, initial public offering and listing of shares

On April 16, 2008, Blue Sail held its 2007 Annual General Meeting of Shareholders and approved Blue Sail's application to the China Securities Regulatory Commission for an initial public offering of shares and listing.

On March 11, 2010, the China Securities Regulatory Commission issued "CSRC License [2010] No. 282" "Approval of the Initial Public Offering of Stocks by Shandong Lanfan Plastic Co., Ltd.", approving the public issuance of no more than 20 million new shares by Lanfan.

On March 29, 2010, Daxin Accounting Co., Ltd. issued the "Capital Verification Report" "Daxin Yanzi [2010] No. 3-0008". As of March 29, 2010, Lanfan Co., Ltd. had publicly issued 20 million RMB ordinary shares, and the actual net raised funds was 647.1874 million yuan, of which 20 million yuan was added in registered capital.

On April 2, 2010, with the approval of Shenzhen Stock Exchange's "Shenzhen Stock Exchange [2010] No. 107" "Notice on the Listing of RMB Ordinary Shares of Shandong Lanfan Plastic Co., Ltd.", Lanfan Co., Ltd. was listed on the Shenzhen Stock Exchange, with the stock abbreviation of "Lanfan Co., Ltd." and the stock code "002382".

On June 10, 2010, the Shandong Provincial Department of Commerce issued "Lu Business Foreign Investment Zi [2010] No. 449" "Approval on the Capital Increase of Shandong Lanfan Plastic Co., Ltd.", approving the aforementioned capital increase.

On June 11, 2010, Lanfan Plastic obtained the "Foreign Investment Qualification Approval No. A [2007] 0208" "Approval Certificate of the People's Republic of China for Taiwan, Hong Kong, Macao and Overseas Chinese Investment Enterprises" renewed by the Shandong Provincial People's Government.

On June 18, 2010, Blue Sail Co., Ltd. obtained the "Enterprise Legal Person Business License" renewed by the Shandong Provincial Administration for Industry and Commerce. After the issuance is completed, Blue Sail Group holds 42 million shares of Blue Sail, accounting for 52.5%, and is still the largest shareholder of Blue Sail. The specific equity structure is as follows:

Unit: 10,000 shares Serial number Shareholder name Number of shares held Shareholding ratio

1 Blue Sail Group 4,200.00 52.50% 2 Hong Kong Zhongxuan 1,800.00 22.50% 3 Public shares 2,000.00 25.00%

Total 8,000.00 100.00 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(7) In August 2011, capital reserves were transferred to share capital

On March 31, 2011 and April 22, 2011, Lanfan Co., Ltd. held the fourth meeting of the second board of directors and the 2010 annual general meeting of shareholders respectively, and reviewed and approved the "Plan on the Company's 2010 Profit Distribution and Conversion of Reserve Funds to Share Capital". It was agreed that Lanfan Co., Ltd. would use the total share capital of 80 million shares as of December 31, 2010 as the basis to pay all shareholders every 10 shares were converted into 5 shares, the total share capital was changed to 120 million shares, and the registered capital was changed from 80 million yuan to 120 million yuan; and the changed company articles of association were agreed.

On May 21, 2011, Lanfan Co., Ltd. issued the "2010 Equity Distribution Implementation Announcement", confirming that the above-mentioned ex-rights date was May 30, 2011. After the implementation of this equity distribution, the share structure of Lanfan Co., Ltd. will be changed to:

Unit: 10,000 shares Nature of shares Quantity Ratio

Circulating shares subject to selling restrictions 9,000.00 75.00%
Circulating shares without selling restrictions 3,000.00 25.00%

Total 12,000.00 100.00%

On July 18, 2011, the Shandong Provincial Department of Commerce issued the "Reply on the Capital Increase and Change of Articles of Association of Shandong Lanfan Plastic Co., Ltd." "Lu Shang Foreign Investment Zi [2011] No. 493", approving the aforementioned capital increase and renewing the approval certificate for Taiwan, Hong Kong, Macao and overseas Chinese investment enterprises with Shandong Foreign Investment Lu Fu Zi [2010] No. 0859.

On August 19, 2011, Daxin Accounting Firm Co., Ltd. issued a "Capital Verification Report" (Daxin Yanzi [2011] No. 3-0030) on the above-mentioned capital reserve transfer to share capital that resulted in changes in the share capital of Lanfan Co., Ltd.

On August 26, 2011, Blue Sail Co., Ltd. obtained the "Enterprise Legal Person Business License" renewed by the Shandong Provincial Administration for Industry and Commerce.

(8) In August 2012, capital reserves were transferred to share capital

On April 18, 2012 and May 11, 2012, Blue Sail held the 18th meeting of the second board of directors and the 2011 Annual General Meeting of Shareholders respectively, and reviewed and approved the "Plan on the Company's 2011 Profit Distribution and Conversion of Reserve Funds to Share Capital", and agreed that Lan Sail would use the total share capital of 120 million shares as of December 31, 2011 as the base, and provide all shareholders with 10 shares for every 10 shares. The shares were increased by 10 shares, the total share capital was changed to 240 million shares, and the registered capital was changed from 120 million yuan to 240 million yuan; and the revised articles of association were agreed.

On May 23, 2012, Lanfan Co., Ltd. issued the "2011 Equity Distribution Implementation Announcement", confirming that the above-mentioned ex-rights date was May 30, 2012. After the implementation of this equity distribution, the share structure of Lanfan Co., Ltd. will be changed to:

Unit: Wangu Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Nature of shares Quantity Ratio

Circulating shares subject to selling restrictions 18,000.00 75.00%
Circulable shares without selling restrictions 6,000.00 25.00%

Total 24,000.00 100.00%

On July 11, 2012, the Shandong Provincial Department of Commerce issued the "Reply on the Capital Increase of Shandong Lanfan Plastic Co., Ltd." "Lu Shang Foreign Investment Zi [2012] No. 496", approving the aforementioned capital increase and renewing the approval certificate for Taiwan, Hong Kong, Macao and overseas Chinese investment enterprises with the document No. Lu Fu Zi [2010] 0859.

On August 9, 2012, Daxin Accounting Firm Co., Ltd. issued a "Capital Verification Report" (Daxin Yanzi [2012] No. 3-0014) on the above-mentioned capital reserve transfer to share capital that resulted in the change in the share capital of Lanfan Co., Ltd.

On August 17, 2012, Blue Sail Co., Ltd. obtained the "Enterprise Legal Person Business License" renewed by the Shandong Provincial Administration for Industry and Commerce.

(9) In April 2015, restricted stocks were granted to incentive targets

On December 18, 2014, January 19, 2015, and February 5, 2015, Lanfan Medical 1 held the eighth meeting of the third board of directors, the ninth meeting of the third board of directors, and the first extraordinary general meeting of shareholders in 2015 respectively and made resolutions to consider and approve the relevant proposals for the 2014 restricted stock incentive plan. The first extraordinary general meeting of shareholders in 2015 also reviewed and approved the "Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of Directors to Handle Matters Related to the Company's Restricted Stock Incentive Plan". The General Meeting of Shareholders of the Company authorized the Board of Directors to handle matters related to the granting, repurchase and cancellation of unrestricted shares of incentive objects that have not been unlocked.

On February 16, 2015, Blue Sail Medical held the 10th meeting of the third board of directors, which reviewed and approved the granting of 7.2 million restricted shares to 59 incentive targets. The registered capital of Blue Sail Medical was changed from 240 million yuan to 247.2 million yuan.

On February 17, 2015, Daxin Accounting Firm (Special General Partnership) issued a Capital Verification Report (Daxin Yanzi [2015] No. 3-00007) on the changes in share capital caused by the above-mentioned grant of restricted stocks.

On March 5, 2015, Blue Sail Medical issued the "Announcement on the Completion of Registration for the Initial Grant of Restricted Stocks." After the registration of the restricted stocks granted this time is completed, the share structure of Blue Sail Medical will be changed to:

Unit: 10,000 shares Nature of shares Quantity Ratio

Circulating shares subject to selling restrictions 822.80 3.33%
Circulable shares without selling restrictions 23,897.20 96.67%

Total 24,720.00 100.00%

1 In July 2014, the securities abbreviation of "Blue Sail Shares" was changed to "Lan Sail Medical"

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

On April 3, 2015, the Shandong Provincial Department of Commerce issued "Lu Shang Shen [2015] No. 75" "Shandong Provincial Department of Commerce's Reply on the Capital Increase of Lanfan Medical Co., Ltd.", approving the aforementioned capital increase and issuing the Approval Certificate for Taiwan, Hong Kong, Macao and Overseas Chinese Investment Enterprises with Lu Fu Zi [2010] No. 0859.

On April 8, 2015, Blue Sail Co., Ltd. obtained the renewal of its "Business License" from the Shandong Provincial Administration for Industry and Commerce. (10) In April 2016, the implementation of judicial rulings resulted in changes in equity interests under the same control

On January 27, 2016, the Linzi District Court issued the (2016) Lu 0305 Minchu No. 714 Civil Ruling in the case of Blue Sail Investment suing Lan Sail Group shareholders over capital contribution disputes, ruling that Lan Sail Group should fulfill its capital contribution obligations to Lan Sail Investment and seize and freeze the 73.45 million shares of Lan Sail Medical held by Lan Sail Group. According to the (2016) Lu 0305 Minchu No. 714 "Civil Mediation Letter" issued by the Linzi District Court, Lanfan Group should fulfill its investment obligation to Lanfan Investment with the 73.45 million shares of Lanfan Medical it holds, and assist Lanfan Investment in completing the registration change registration procedures for equity investment.

On April 21, 2016, Blue Sail Group changed the 73.45 million shares of Blue Sail Medical unrestricted tradable shares held by Blue Sail Investment to the name of Blue Sail Investment. After the completion of the aforementioned equity changes, Blue Sail Investment holds 73.45 million unrestricted shares of Blue Sail Medical, accounting for 29.71% of the total share capital of Blue Sail Medical, becoming the largest shareholder of Blue Sail Medical; Blue Sail Group holds 52.55 million shares of Blue Sail Medical, accounting for 21.26% of the total share capital of Blue Sail Medical, becoming the second largest shareholder of Blue Sail Medical; Hong Kong Zhongxuan holds Lansail Medical 30.094 million shares, accounting for 12.17% of the total share capital of Blue Sail Medical, making it the third largest shareholder of Blue Sail Medical.

Lanfan Medical has announced the "Simplified Equity Change Report", "Detailed Equity Change Report" and other documents on the above equity changes on April 21 and April 23, 2016. After this change, the specific share capital structure of shareholders holding more than 5% of Lanfan Medical’s shares is as follows:

Unit: 10,000 shares Serial number Shareholder name Number of shares held Shareholding ratio

1 Blue Sail Investment 7,345.00 29.71% 2 Blue Sail Group 5,255.00 21.26% 3 Hong Kong Zhongxuan 3,009.40 12.17% 4 Other shareholders holding less than 5% of the shares 9,110.60 36.86%

Total 24,720.00 100.00%

On July 28, 2016, the Shandong Provincial Department of Commerce issued "Lu Shang Shang Foreign Investment Zi [2016] No. 129" "Shandong Provincial Department of Commerce's Reply on the Equity Change of Lansail Medical Co., Ltd. and Other Matters", agreeing to the above shareholder changes.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(11) In August 2016, capital reserves were transferred to share capital and some restricted stocks were repurchased and cancelled.

On April 13, 2016 and May 6, 2016, Blue Sail Medical held the 19th meeting of the third board of directors and the 2015 Annual General Meeting of Shareholders respectively, and reviewed and approved the "Plan on the Company's 2015 Profit Distribution and Conversion of Provident Funds into Share Capital", and agreed that Blue Sail Medical would use the total share capital of 247.2 million shares as of December 31, 2015 as the base to pay all shareholders per share. 10 shares were converted into 10 shares, the total share capital was changed from 247.2 million shares to 494.4 million shares, and the registered capital was changed from 247.2 million yuan to 494.4 million yuan; and the revised articles of association were agreed.

On May 10, 2016, Lanfan Co., Ltd. issued the "2015 Equity Distribution Implementation Announcement", confirming that the above-mentioned ex-rights date was May 17, 2016. After the implementation of this equity distribution, the share structure of Lanfan Co., Ltd. will be changed to:

Unit: 10,000 shares Nature of shares Quantity Ratio

Circulating shares with sales restrictions 1,357.05 2.74%
Circulating shares without selling restrictions 48,082.95 97.26%

Total 49,440.00 100.00%

On May 30, 2016, Lanfan Medical held the 22nd meeting of the third board of directors, and reviewed and approved the "Proposal on the Repurchase and Cancellation of Partially Granted but Not Unlocked Restricted Stocks". Lanfan Medical repurchased and canceled all 45,000 restricted shares that had been granted but not yet unlocked. The total share capital was changed from 494.4 million shares to 494.355 million shares, and the registered capital was changed from 494.4 million yuan to 494.355 million yuan; and agreed to the revised articles of association.

Daxin Accounting Firm (Special General Partnership) issued a "Capital Verification Report" (Daxin Yanzi [2016] No. 3-00037) on the changes in share capital caused by the above-mentioned repurchase and cancellation of restricted stocks.

On August 24, 2016, Lanfan Medical disclosed the "Announcement on the Completion of the Repurchase and Cancellation of Certain Restricted Stocks". After review and confirmation by Zhongdeng Company, the above-mentioned repurchase and cancellation matters were completed on August 23, 2016. Lanfan Medical's share structure was changed to:

Unit: 10,000 shares Nature of shares Quantity Ratio

Circulating shares with sales restrictions 1,352.55 2.74%
Circulating shares without selling restrictions 48,082.95 97.26%

Total 49,435.50 100.00%

On July 28, 2016, the Shandong Provincial Department of Commerce issued the "Shandong Provincial Department of Commerce's Reply on the Equity Change and Other Matters of Lanfan Medical Co., Ltd." "Lu Shang Foreign Investment Zi [2016] No. 129", approving the above-mentioned equity changes and issuing the approval certificate for Taiwan, Hong Kong, Macao and overseas Chinese investment enterprises with Shang Foreign Investment Lu Fu Zi [2010] 0859. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

On August 3, 2016, Blue Sail completed the industrial and commercial change registration regarding the above matters and obtained the renewal of the "Business License" from the Shandong Provincial Administration for Industry and Commerce.

On August 24, 2016, Lanfan Medical issued the "Announcement on the Completion of the Repurchase and Cancellation of Certain Restricted Stocks". The aforementioned repurchase and cancellation matters were completed at Zhongdeng Company on August 23, 2016.

(12) In March 2017, part of the equity agreement was transferred

On March 22, 2017, Blue Sail Group and Qin Feng Lu Song signed the "Share Transfer Agreement between Blue Sail Group Co., Ltd. and Zhuhai Juqing Qin Feng Lu Song Equity Investment Center (Limited Partnership)". Blue Sail Group transferred the 35 million shares of Blue Sail Medical unrestricted tradable shares held by it to Qin Feng Lu Song. On March 23, 2017, Lanfan Medical disclosed the "Informative Announcement on the Agreement to Transfer Part of the Shares by the Controlling Shareholder", "Simplified Equity Change Report (I)", "Simplified Equity Change Report (II)" and other documents regarding the above situation.

On April 13, 2017, Lanfan Medical issued the "Announcement on the Completed Transfer of Part of the Shares Transferred by Agreement by the Controlling Shareholder". According to the "Securities Transfer Registration Confirmation" issued by Zhongdeng Company, the transfer registration procedures for the above-mentioned agreement transfer were completed on April 11, 2017.

After this change, the specific share capital structure of shareholders holding more than 5% of Lanfan Medical’s shares is as follows:

Unit: 10,000 shares Serial number Shareholder name Number of shares held Shareholding ratio

1 Blue Sail Investment 14,690.00 29.72% 2 Blue Sail Group 7,010.00 14.18% 3 Hong Kong Zhongxuan 6,018.80 12.18% 4 Qin Feng Lu Song 3,500.00 7.08% 5 Other shareholders holding less than 5% of the shares 18,216.70 36.85%

Total 49,435.50 100.00%

(13) In September 2018, the implementation of major asset restructuring and raising of supporting funds resulted in changes in share capital

On December 22, 2017 and January 8, 2018, Blue Sail Medical held the eighth meeting of the fourth board of directors and the first extraordinary general meeting of shareholders in 2018 respectively, and reviewed and approved the "Proposal on the Issuance of Shares and Payment of Cash to Purchase Assets and the Supporting Fund Raising and Related Party Transaction Plan" and the "Proposal on the "Lan Sail Medical Co., Ltd. Issuance of Shares to Purchase Assets and Raise Supporting Funds and Related Party Transactions Report (Draft)" and its Summary and other motions related to major asset restructuring.

On May 8, 2018, the China Securities Regulatory Commission issued the "Reply on Approving the Issuance of Shares by Lanfan Medical Co., Ltd. to Zibo Lanfan Investment Co., Ltd. to purchase assets and raise supporting funds and raise supporting funds" (CSRC Permit [2018] No. 804) regarding the above-mentioned major asset restructuring.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

On May 23, 2018, Deloitte Touche Tohmatsu Certified Public Accountants LLP (Special General Partnership) issued the "Deshibao (Yan) Zi (18) No. 00237" "Capital Verification Report for Asset Purchase by Issuance of Shares", which verified the newly added registered capital and paid-in capital involved in the company's current issuance of shares to purchase assets.

On May 28, 2018, relevant certification documents issued by Zhongdeng Company showed that Lanfan Medical had completed the share registration procedures for the total of 370.8201 million shares issued to Lanfan Investment and Beijing CITIC due to the purchase of assets. On June 19, 2018, with the approval of the Shenzhen Stock Exchange, the listing of the aforementioned new shares was completed. After this change, the specific share capital structure of shareholders holding more than 5% of Lanfan Medical’s shares is as follows:

Unit: 10,000 shares Serial number Shareholder name Number of shares held Shareholding ratio

1 Blue Sail Investment 32,681.92 37.77% 2 Beijing CITIC 19,090.08 22.06% 3 Blue Sail Group 7,010.00 8.10% 4 Hong Kong Zhongxuan 6,018.80 6.96% 5 Other shareholders holding less than 5% of the shares 21,716.71 25.10%

Total 86,517.51 100.00%

On August 28, 2018, Deloitte Touche Tohmatsu Certified Public Accountants LLP (Special General Partnership) issued the "Deshibao (Yan) Zi (18) No. 00387" "Capital Verification Report on the Non-Public Issuance of RMB Ordinary Shares (A Shares) of Lansail Medical Co., Ltd." to verify the status of supporting funds raised for this major asset reorganization.

On August 31, 2018, relevant certification documents issued by Zhongdeng Company showed that the 98.871 million shares issued by Lanfan Medical to raise supporting funds for this major asset reorganization had completed the share registration procedures and were listed on the Shenzhen Stock Exchange on September 10, 2018.

After this change, the specific share capital structure of shareholders holding more than 5% of Lanfan Medical’s shares is as follows:

Unit: 10,000 shares Serial number Shareholder name Number of shares held Shareholding ratio

1 Blue Sail Investment 32,681.92 33.90% 2 Beijing CITIC 19,090.08 19.80% 3 Blue Sail Group 7,010.00 7.27% 4 Hong Kong Zhongxuan 6,018.80 6.24% 5 Other shareholders holding less than 5% of the shares 31,603.81 32.78%

Total 96,404.61 100.00%

On September 18, 2018, Lanfan Medical carried out industrial and commercial change registration for the change in registered capital caused by this major asset reorganization and obtained the "Business License" renewed by the Shandong Provincial Administration for Industry and Commerce. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(14) In January 2019, some restricted stocks were repurchased and canceled

On October 12, 2018, Lanfan Medical held the 17th meeting of the fourth board of directors, and reviewed and approved the "Proposal on the Repurchase and Cancellation of Partially Granted but Not Unlocked Restricted Stocks". Lanfan Medical repurchased and canceled all 15,000 restricted shares that had been granted but not yet unlocked, and the total share capital was changed from 964.0461 million shares to 964.031086 million shares. The registered capital was from The amount of RMB 964,046,100 was changed to RMB 964,031,086; and the revised Articles of Association were agreed.

Daxin Accounting Firm (Special General Partnership) issued a "Capital Verification Report" (Daxin Yanzi [2018] No. 3-00018) on the changes in share capital caused by the above-mentioned repurchase and cancellation of restricted stocks.

On December 28, 2018, Lanfan Medical disclosed the "Announcement on the Completion of the Repurchase and Cancellation of Partial Restricted Stocks". After review and confirmation by Zhongdeng Company, the above-mentioned repurchase and cancellation matters were completed on December 27, 2018, and Lanfan Medical's share structure was changed to:

Unit: 10,000 shares Nature of shares Quantity Ratio

Circulating shares with sales restrictions 47,826.92 49.61%
Circulating shares without selling restrictions 48,576.19 50.39%

Total 96,403.11 100.00%

On January 17, 2019, Lanfan Medical completed the industrial and commercial change registration for the above-mentioned change of share capital due to the cancellation of shares and obtained the "Business License" renewed by the Shandong Provincial Administration for Industry and Commerce.

(15) In July 2019, part of the shares were transferred by agreement

On July 2, 2019, Blue Sail Group and Zhongtai Securities (Shanghai) Asset Management Co., Ltd. signed a "Share Transfer Agreement" as the manager (on behalf of Zhongtai Asset Management Plan). Lan Sail Group transferred the company's 49.5 million unrestricted tradable shares held by it to Zhongtai Securities Asset Management - Securities Industry Supports the Development of Private Enterprises Zhongtai Asset Management No. 2 FOF Collective Asset Management Plan - Securities Industry Supports Private Enterprise Development Series Zhongtai Asset Management No. 11 Single Asset Management Plan.

On July 11, 2019, Blue Sail Group reduced its holdings of 14 million shares and 5.2806 million shares of the company respectively through block transactions; on the same day, Blue Sail Investment increased its holdings of 5.2806 million shares of Blue Sail Medical through block transactions.

On July 14, 2019, Blue Sail Group and Blue Sail Investment signed the "Share Transfer Agreement Regarding Blue Sail Medical Co., Ltd.". Blue Sail Group plans to transfer the 1.3194 million shares of the company that it holds without selling restrictions to Blue Sail Investment.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

After the above changes are completed, Blue Sail Group no longer directly holds the company's shares. The equity structure of Blue Sail Medical is: Unit: 10,000 shares Serial number Shareholder name Number of shares held Shareholding ratio 1 Blue Sail Investment 33,341.92 34.59% 2 Beijing CITIC 18,947.01 19.65% 3 Hong Kong Zhongxuan 6,018.80 6.24% Zhongtai Securities Asset Management-The securities industry supports the development of private enterprises

Zhongtai Asset Management No. 2 FOF Collective Asset Management Plan—Securities

4 4,950.00 5.13% Industry Support for Private Enterprise Development Series Zhongtai Asset Management No. 11

Single asset management

5 Other shareholders holding less than 5% of shares 33,145.37 34.39%

Total 96,403.11 100.00%

(16) In June 2021, major asset restructuring performance commitment compensation share repurchase and cancellation

Because the company that won the bid for the major asset reorganization matter listed in item (13) of this section failed to complete its promised performance, according to the profit forecast compensation agreement, Lanfan Medical repurchased and canceled the 23.3612 million shares and 24.7871 million shares of the company held by the performance commitment parties Lanfan Investment and Beijing Xinyu respectively at a total price of 1 yuan. After the cancellation is completed, the company's total share capital will be reduced by 48.1483 million shares. After review and confirmation by Zhongdeng Company, the company's repurchase and cancellation of compensation shares was completed on June 23, 2021.

After the above changes are completed, the equity structure of Lanfan Medical will be:

Unit: 10,000 shares Nature of shares Quantity Ratio

Circulating shares with sales restrictions 21,127.90 20.99%
Circulating shares without selling restrictions 79,529.39 79.01%

Total 100,657.29 100.00%

Note: Because the company publicly issued convertible corporate bonds in May 2020, holders of convertible corporate bonds continue to convert shares during the duration of the bonds. This change includes the number of convertible bonds converted into shares.

(17) From the fourth quarter of 2020 to the second quarter of 2026, changes in equity capital due to the conversion of convertible corporate bonds issued

As approved by the "Reply on the Approval of the Public Issuance of Convertible Corporate Bonds by Blue Sail Medical Co., Ltd." (CSRC License [2020] No. 710) issued by the China Securities Regulatory Commission, Lan Sail Medical can publicly issue convertible corporate bonds with a total face value of 3.14404 million yuan to the public with a term of 6 years.

On June 5, 2020, Daxin Accounting Firm (Special General Partnership) verified the availability of funds raised by the company from the issuance of convertible corporate bonds and issued the "Daxin Yanzi [2020] No. 3-00009" Capital Verification Report.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

With the consent of the Shenzhen Stock Exchange's "Shenzhen Securities [2020] No. 523" document, Lanfan Medical's 3,144.04 million yuan convertible corporate bonds will be listed for trading on the Shenzhen Stock Exchange on June 19, 2020. The bond's abbreviation is "Lanfan Convertible Bonds" and the bond code is "128108".

According to the Prospectus for the Public Issuance of Convertible Corporate Bonds by Lanfan Medical Co., Ltd., Lanfan

The conversion period of the convertible bonds issued by Medical is from the first trading day (December 3, 2020) six months after the completion of the issuance of the convertible bonds (June 3, 2020) to the maturity date of the convertible bonds (May 27, 2026). On May 28, 2026, Lanfan’s convertible bonds were due for redemption and delisted.

From December 3, 2020 to May 27, 2026, Blue Sail Medical’s quarterly statistics on changes in share capital due to the conversion of convertible corporate bonds issued are as follows:

Unit: 10,000 shares

Time interval Number of shares at the beginning of the period Number of shares converted Number of shares at the end of the period Fourth quarter of 2020 96,403.11 1,691.59 98,094.70 First quarter of 2021 98,094.70 6,648.94 104,743.64 Second quarter of 2021 104,743.64 741.70 100,670.50 The third quarter of 2021 100,670.50 34.10 100,704.60 The fourth quarter of 2021 100,704.60 0.78 100,705.39 The first quarter of 2022 100,705.39 0.30 100,705.69 Second quarter of 2022 100,705.69 2.12 100,707.81 Third quarter of 2022 100,707.81 1.04 100,708.85 Fourth quarter of 2022 100,708.85 0.65 100,709.50 First quarter of 2023 100,709.50 0.32 100,709.83 Second quarter of 2023 100,709.83 0.16 100,709.99 Third quarter of 2023 100,709.99 0.27 100,710.27 Fourth quarter of 2023 100,710.27 0.24 100,710.50 First quarter of 2024 100,710.50 0.05 100,710.55 Second quarter of 2024 100,710.55 1.64 100,712.20 Third quarter of 2024 100,712.20 0.13 100,712.33 Fourth quarter of 2024 100,712.33 0.53 100,712.86 First quarter of 2025 100,712.86 0.06 100,712.91 Second quarter of 2025 100,712.91 0.03 100,712.95 The third quarter of 2025 100,712.95 0.26 100,713.21 The fourth quarter of 2025 100,713.21 0.60 100,713.81 The first quarter of 2026 100,713.81 0.84 100,714.65 Second quarter of 2026 100,714.65 44.42 100,759.07 Note: In the second quarter of 2021, shares were canceled due to performance compensation related to major asset restructuring. Therefore, the number of shares before the share conversion plus the number of shares converted in the current period is not equal to the number of shares after the share conversion.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Changes in registered capital in the past three years

From January 1, 2023 to the signing date of this report, Lanfan Medical's share capital has changed slightly due to the conversion of the convertible corporate bonds issued, with a cumulative increase of approximately 495,700 shares, and the overall number has remained stable. For the conversion status of the convertible corporate bonds issued by Lanfan Medical during its existence, please refer to "Section 3/1/(2)/1/(17) Changes in equity capital due to the conversion of the convertible corporate bonds issued from the fourth quarter of 2020 to the second quarter of 2026" in this report.

(3) Property rights relationship structure diagram and shareholder status

Property rights relationship structure diagram

As of March 31, 2026, the property rights structure of Lanfan Medical is as follows:

Shareholder situation

As of March 31, 2026, Blue Sail Investment directly holds 23.31% of the shares of Lan Sail Medical and is the controlling shareholder of Blue Sail Medical. Its basic situation is as follows:

Company name Zibo Lanfan Investment Co., Ltd.

Nature of business Other limited liability company

Registered address: No. 48, Yinuo Road, Jixia Street Office, Linzi District, Zibo City, Shandong Province

Legal representative Li Zhenping

Registered capital 1,868,204,058 yuan

Unified social credit code 91370305MA3C4R8BX7

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

General projects: engaging in investment activities with self-owned funds; sales of chemical products (excluding chemical products within the licensed business scope). (Except for projects that require approval according to law, you can self-operate with a business license in accordance with the law.

Mainly carry out business activities)

Date of establishment December 25, 2015

As of March 31, 2026, the actual controller of Lanfan Medical is Mr. Li Zhenping.

As of March 31, 2026, the top ten shareholders of Lanfan Medical are as follows:

Unit: 10,000 shares

Name of shareholder Number of shares held Shareholding proportion number

1 Zibo Lanfan Investment Co., Ltd. 23,478.11 23.31% 2 Li Biao 3,000.31 2.98% 3 Lu Yang 2,180.00 2.16% 4 Hong Kong Securities Clearing Company Limited 1,521.24 1.51% 5 Zhongxuan Investment Co., Ltd. 1,396.71 1.39%

Bank of Communications Co., Ltd.-Guangfa Shanghai-Hong Kong-Shenzhen Pharmaceutical Mixed Securities Investment

6 966.00 0.96%Fund

Bank of China Co., Ltd.-GF Healthcare Equity Securities Investment Fund

7 964.04 0.96% gold

China Merchants Bank Co., Ltd.-Yongying CSI Medical Device Trading Type Opening

8 628.09 0.62%

Open index securities investment fund

9 Li Danning 614.57 0.61% 10 Guangzhou Haomeng Computer Technology Co., Ltd. 613.20 0.61%

Total 35,362.28 35.10%

(4) Development of main business in the past three years

After years of development, Lanfan Medical has built an overall multi-business sector layout that combines high-value and low-value consumable products with complementary models, mainly including:

With stents, balloons and valves as the core, comprehensively deploy the cardiovascular and cerebrovascular business of various innovative medical devices, which is subdivided into coronary intervention business, structural heart disease business, overseas agency and other businesses;
With disposable gloves as the core, we will comprehensively deploy the health protection business of PVC, nitrile, latex, TPE/CPE, polyurethane and other all-category gloves in multiple scenarios such as medical, industrial, and catering applications;
With first aid kits as the core, comprehensively deploy the emergency rescue business of emergency equipment, emergency items and emergency services.

In the past three years, there have been no major changes in the main business of Lansail Medical. The operating income structure of Lansail Medical's sub-products from 2023 to 2025 is as follows:

Unit: Ten Thousand Yuan Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

2025 2024 2023

Project

Revenue Proportion Revenue Proportion Revenue Proportion Cardiovascular and cerebrovascular products 138,863.22 24.19% 111,207.16 17.78% 98,071.48 19.90%Health protection products 406,129.92 70.76% 481,933.34 77.07% 360,608.52 73.19%Emergency first aid products 21,228.93 3.70% 24,539.08 3.93% 26,354.84 5.35%Others 7,747.19 1.35% 7,637.24 1.22% 7,672.65 1.56%

Total 573,969.26 100.00% 625,316.82 100.00% 492,707.49 100.00%

(5) Main financial indicators for the past two years and summary financial statements for the past year

Main financial indicators in the past two years

The main audited financial data of Lanfan Medical in the past two years are shown in the following table:

Unit: 10,000 yuan

Project December 31, 2025 December 31, 2024

Total assets 1,676,229.72 1,714,635.89 Total liabilities 730,145.07 707,888.35 Owners’ equity 946,084.65 1,006,747.54

Project 2025 2024

Operating income 573,969.26 625,316.82 Operating profit -57,298.37 -41,656.41 Net profit -79,841.13 -46,492.12 Note: The balance sheet data in the above table as of December 31, 2024 have been disclosed based on the retrospectively adjusted information in the "Lanfan Medical Co., Ltd. Announcement on Retrospective Adjustment of Financial Data for Business Mergers Under Common Control" (2026-048)

Brief financial statements for the most recent year

Lanfan Medical’s audited brief financial data (consolidated statements) for the most recent year are as follows:

(1) Brief consolidated balance sheet

Unit: 10,000 yuan

Project December 31, 2025

Total assets 1,676,229.72 Total liabilities 730,145.07 Total owners’ equity 946,084.65 Total owners’ equity attributable to shareholders of the parent company 716,501.71

(2) Brief consolidated income statement

Unit: 10,000 yuan

Project 2025

Operating income 573,969.26 Operating profit -57,298.37 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Project 2025

Total profit -66,113.55 Net profit -79,841.13 Net profit attributable to owners of the parent company -75,894.08 (3) Brief consolidated cash flow statement

Unit: 10,000 yuan

Project 2025

Net cash flow from operating activities 45,772.32 Net cash flow from investing activities -126,437.18 Net cash flow from financing activities 53,831.93 Increase in cash and cash equivalents -27,093.36

(6) Situation of major subsidiaries

As of the signing date of this report, in addition to Bikel and its subsidiaries, the main subsidiaries controlled by Lanfan Medical are detailed in "(Section 7/1/((2)/2) Other legal persons or other organizations directly or indirectly controlled by the controlling shareholders of the target company" in this report.

2. Description of other matters

(1) Relationship between counterparties

The counterparty of this transaction is Lanfan Medical and does not involve multiple entities.

(2) The relationship between the counterparty and the listed company and its controlling shareholders and actual controllers

As of the signing date of this report, there is no related relationship between the counterparty and the listed company, its controlling shareholders and actual controllers.

(3) The transaction counterparty recommends directors or senior managers to listed companies

As of the signing date of this report, the counterparty to this transaction has not recommended directors or senior managers to the listed company.

(4) The counterparty and its key managers have been subject to administrative penalties (except those obviously unrelated to the securities market), criminal penalties, or have been involved in major civil litigation or arbitration related to economic disputes in the past five years.

As of the signing date of this report, the counterparty to this transaction and its current key management personnel have not been subject to administrative penalties (except those obviously unrelated to the securities market) or criminal penalties in the past five years, nor have they been involved in major civil litigation or arbitration related to economic disputes.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(5) The integrity of the counterparty and its key management personnel in the past five years

As of the signing date of this report, the counterparty to this transaction and its key management personnel have not failed to repay large amounts of debt on schedule, failed to fulfill their commitments, or have been subject to administrative regulatory measures by the China Securities Regulatory Commission or disciplinary sanctions from stock exchanges in the past five years.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Section 4 Basic information on transaction targets

1. Basic situation

Company name Wuhan Bikel Rescue Supplies Co., Ltd.

Nature of the enterprise Limited liability company (foreign-invested enterprise legal person sole proprietorship)

Registration address: Room 201-1, Building 8, Gutian 1967 Project, No. 10 Fengshuo Road, Qiaokou District, Wuhan City, Hubei Province

Main office location: Room 201-1, Building 8, Gutian 1967 Project, No. 10 Fengshuo Road, Qiaokou District, Wuhan City, Hubei Province

Legal representative Liu Wenjing

Registered capital 18.4504 million yuan

Paid-in capital 18.4504 million yuan

Date of establishment 2010-08-19

Unified social credit code 9142010355843596XL

General items: import and export of goods; sales of first-class medical equipment; sales of second-class medical equipment; retail of medical masks; wholesale of protective equipment for medical staff; retail of protective equipment for medical staff; sales of sanitary products and disposable medical supplies; wholesale of sporting goods and equipment; retail of sporting goods and equipment; sales of daily necessities; sales of fire-fighting equipment; wholesale of medical masks; sales of outdoor supplies; wholesale of daily necessities; sales of daily necessities; electricity Sales of sub-products; sales of electronic measuring instruments; professional cleaning, cleaning and disinfection services; sales of special electronic equipment; sales of household appliances; sales of electrical accessories; sales of household appliance spare parts; retail of daily household appliances; sales of power electronic components; sales of mechanical and electrical equipment; sales of special labor protection supplies; sales of security equipment; software development; rental services (excluding licensed rental services); emergency rescue services; health business scope

Consulting services (excluding diagnosis and treatment services); sales of disinfectants (excluding hazardous chemicals); health care services (non-medical); maternal and infant life care (excluding medical services); nursing facility services (excluding medical services); retail of hardware products; wholesale of hardware products; sales of daily necessities; sales of plastic products; sales of machinery and equipment; general machinery and equipment installation services; mechanical parts , Parts sales; Instrument and meter sales; Metal tool sales; Fire protection technical services; Internet sales (except for the sale of goods requiring licenses); Technical services, technology development, technical consultation, technology exchange, technology transfer, technology promotion; Conference and exhibition services; Information technology consulting services; Refractory material sales; Technology import and export; Import and export agency; Non-residential real estate leasing. (Except for licensed business, you can independently operate projects that are not prohibited or restricted by laws and regulations in accordance with the law)

2. Historical evolution

(1) The establishment of the target company, previous capital increases or decreases, or equity transfers

In August 2010, Bikel was established

In June 2010, Bikel obtained the "Enterprise Name Pre-Approval Notice" (Ewu) Name Pre-Kennezi [2010] No. 3186 issued by the Jianghan Branch of the Wuhan Administration for Industry and Commerce, agreeing to approve the company name "Wuhan Bikel Rescue Supplies Co., Ltd."

On August 15, 2010, Bikel held a shareholders' meeting, and all shareholders unanimously agreed that Sui Shilan should be the company's executive director, legal representative, and general manager; Wang Yulin should be the company's supervisor.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

On August 16, 2010, Bikel shareholders Sui Shilan and Wang Yulin signed the Articles of Association. On the same day, Hubei Zhongbang United Accounting Firm issued the "Capital Verification Report" No. 8-060 of E Zhongbang [2010] L Yan Zi. After verification, as of August 16, 2010, Bikel had received a registered capital of 500,000 yuan from all shareholders, of which Wang Yulin contributed 50,000 yuan in currency, Sui Shilan contributed 450,000 yuan in currency, and all shareholders contributed in currency.

The shareholding structure of Bikel when it was established was as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Wang Yulin 5.00 10.00% 2 Sui Shilan 45.00 90.00%

Total 50.00 100.00%

Note: The equity held by Wang Yulin and Sui Shilan was held on behalf of Fan Furong and Sui Jianxun. The equity holding was terminated in July 2016.

In February 2011, Bikel increased capital for the first time

On February 12, 2011, Bikel held a shareholders' meeting and decided to change Bikel's registered capital to 5 million yuan. After the change, shareholder Sui Shilan invested 450,000 yuan and shareholder Wang Yulin invested 4.55 million yuan, and agreed to amend the company's articles of association.

On February 12, 2011, Wuhan Jiafeng Accounting Firm Co., Ltd. issued Wujia Yanzi [2011] No. 2-025 "Capital Verification Report". After verification, as of February 11, 2011, the company had received a total of RMB 4.5 million in new registered capital from shareholders, and the amount of capital contribution accounted for 100% of the new registered capital. Shareholders contribute money in the form of cash. As of February 11, 2011, the cumulative paid-in amount of registered capital after the change was RMB 5 million.

After the capital increase is completed, the company's equity structure will be as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Wang Yulin 455.00 91.00% 2 Sui Shilan 45.00 9.00%

Total 500.00 100.00%

Note: The equity held by Wang Yulin and Sui Shilan was held on behalf of Fan Furong and Sui Jianxun. The equity holding was terminated in July 2016.

In July 2016, Bikel’s first equity transfer

On July 11, 2016, Bikel held a shareholders' meeting, at which it was decided that shareholder Wang Yulin would transfer 75% of his equity in Bikel (corresponding to a registered capital of 3.75 million yuan) to Fan Furong, and shareholder Wang Yulin would transfer his 16% stake in Bikel (corresponding to a registered capital of 800,000 yuan) to Sui Jianxun. Shareholder Sui Shi Changjiang Securities Underwriting and Recommendation Co., Ltd. Independent Financial Advisor Report

Lan transferred his 9% stake in Bikel (corresponding to a registered capital of 450,000 yuan) to Sui Jianxun. After the change, shareholder Fan Furong contributed 3.75 million yuan and shareholder Sui Jianxun contributed 1.25 million yuan; they agreed to amend the company's articles of association.

On July 19, 2016, Wang Yulin signed an "Equity Transfer Agreement" with Fan Furong and Sui Jianxun respectively; Sui Shilan and Sui Jianxun regarding the above-mentioned equity transfer matters. The essence of this equity transfer is the restoration of the equity held on behalf of others. After the completion of this equity transfer, the company’s equity structure will be as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Fan Furong 375.00 75.00% 2 Sui Jianxun 125.00 25.00%

Total 500.00 100.00%

Note: Fan Furong and Sui Jianxun were originally husband and wife.

In July 2016, Bikel increased capital for the second time

On July 30, 2016, Bikel held a shareholders' meeting. The shareholders' meeting resolved that Bikel's registered capital would be changed to 15.30 million yuan. After the change, shareholder Fan Furong's capital contribution would be 11.475 million yuan; shareholder Sui Jianxun's capital contribution would be 3.825 million yuan; and the shareholders' meeting would agree to the revised articles of association.

On August 2, 2016, Fan Furong paid a capital increase of 7.725 million yuan to Bikel. On August 3, 2016, Sui Jianxun paid a capital increase of 2.575 million yuan to Bikel.

The price of this capital increase is 1 yuan/registered capital. After the capital increase is completed, Bikel's equity structure is as follows: Unit: 10,000 yuan Serial number Shareholder name Amount of registered capital contribution Capital contribution ratio

1 Fan Furong 1,147.50 75.00% 2 Sui Jianxun 382.50 25.00%

Total 1,530.00 100.00%

In November 2016, Bikel’s third capital increase and second equity transfer

On September 28, 2016, Blue Sail Juqing, Sui Jianxun and Fan Furong signed the "Equity Transfer Agreement between Zhuhai Blue Sail Juqing Equity Investment Center (Limited Partnership) and Fan Furong, Sui Jianxun and Wuhan Bikere Rescue Supplies Co., Ltd. regarding Wuhan Bikere Rescue Supplies Co., Ltd." and the "Zhuhai Bluesail Juqing Equity Investment Center (Limited Partnership) and Fan Furong, Sui Jianxun and Wuhan Bikel Rescue Supplies Co., Ltd.’s Capital Increase Agreement on Wuhan Bikel Rescue Supplies Co., Ltd.” At the target company’s pre-investment valuation of 110 million yuan, Fan Furong transferred its 40.9091% stake in Bikel (corresponding to 6.2591 million yuan to register Changjiang Securities Underwriting and Sponsoring Co., Ltd. independent financial advisor report

Capital) was transferred to Blue Sail Juqing for a price of 45 million yuan. At the same time, Blue Sail Juqing invested RMB 22.65 million to increase the capital of Bikel, of which RMB 3.150409 was included in the registered capital and RMB 19.499591 was included in the capital reserve.

On November 5, 2016, Bikel held a shareholders' meeting and made a resolution, agreeing to change Bikel's registered capital to 18,450,409 yuan. Shareholder Fan Furong transferred her 40.9091% stake in the company (corresponding to 6,259,100 yuan). Registered capital) was transferred to Lanfan Juqing. After the change, shareholder Fan Furong contributed 5.2159 million yuan, shareholder Sui Jianxun contributed 3.825 million yuan, and shareholder Lanfan Juqing contributed 9.409509 yuan. They agreed to the revised articles of association.

After the completion of the capital increase and equity transfer of Bikel, the equity structure of Bikel is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Fan Furong 521.59 28.27% 2 Sui Jianxun 382.50 20.73% 3 Lanfan Juqing 940.95 51.00%

Total 1,845.04 100.00%

On December 22, 2016, Blue Sail Giant paid a capital increase of RMB 22.65 million to Bikel. On December 28, 2016, Hubei Hongda Accounting Firm Co., Ltd. issued the "Instructions on Capital Verification Matters of Wuhan Bikel Rescue Supplies Co., Ltd." regarding the above matters.

In January 2017, Bikel’s third equity transfer

On December 29, 2016, Bikel held a shareholders' meeting, and the shareholders' meeting approved Fan Furong's transfer of 4.2698% of its equity in Bikel (corresponding to a registered capital of 787,802 yuan) to Sui Jianxun, and the company became a shareholder. Finally, shareholder Fan Furong contributed 4.428098 yuan, shareholder Sui Jianxun contributed 4.612802 yuan, and shareholder Lanfan Juqing contributed 9.409509 yuan; they agreed to amend the company's articles of association. On the same day, Fan Furong and Sui Jianxun signed the "Equity Transfer Agreement."

On January 24, 2017, Bikel completed the industrial and commercial registration procedures.

After the completion of this equity transfer, Bikel's equity structure is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution (%) 1 Sui Jianxun 461.2802 25.00% 2 Fan Furong 442.8098 24.00% 3 Blue Sail Juqing 940.9509 51.00%

Total 1,845.0409 100.00% Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

In July 2020, Bikel’s fourth equity transfer

On September 20, 2019, Fan Furong, Sui Jianxun, Lanfan Juqing and Lanfan Medical signed an "Equity Transfer Agreement". Fan Furong and other three parties transferred 100% of the total equity of Bikel (i.e. registered capital contribution of 18,450,409 yuan) to Lanfan Medical. The total price of this equity transfer was 286 million yuan.

In July 2020, Bikel held a shareholders' meeting, and the shareholders' meeting resolved to agree that the company's shareholders would transfer all equity to Lanfan Medical.

After this change, Bikel’s shareholding structure is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Lanfan Medical 1,845.0409 100.00%

Total 1,845.0409 100.00%

As of the signing date of this report, the registered capital and equity structure of Bikel have not changed.

(2) Capital increases and decreases, equity transfers and restructuring, and evaluations in the past three years

The target company has not had any capital increase, capital reduction, equity transfer, restructuring, etc. in the past three years, and there has been an asset assessment. In addition to the evaluation matters involved in this transaction, in the past three years, Lanfan Medical has evaluated the equity value of the target company including goodwill at the end of each year, as follows:

Unit: Ten thousand yuan, including goodwill assets, the asset group can be collected

Valuation report document number Valuation base date Goodwill impairment result number Group book value Recover amount

metrical Shanghai commentary

1 2025/12/31 9,751 12,400 No impairment required (2026) No. 177

metrical Shanghai commentary

2 2024/12/31 10,569 20,700 No impairment required (2025) No. 103

metrical Shanghai commentary

3 2023/12/31 10,500 14,600 No impairment required (2024) No. 053

The subject assets have not applied for an initial public offering of stocks and been listed in the past three years, nor have they been the subject of major asset restructuring transactions of listed companies in the past three years.

(3) Historical equity holdings of the target company

Reasons for the formation of proxy holding

In August 2010, Bikel was registered in Qiaokou District, Wuhan City, with a registered capital of RMB 500,000. The shareholders registered with the industrial and commercial registration when the company was established were Wang Yulin and Sui Shilan. Wang Yulin registered a capital investment of 50,000 yuan and held 10% of the shares; Sui Shilan registered a capital investment of 450,000 yuan and held 90% of the shares.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

In February 2011, Bikel increased its capital and its registered capital increased to RMB 5 million. After the capital increase was completed, the industrial and commercial registration showed that Wang Yulin held 91% of the equity of the target company (corresponding to an investment amount of 4.55 million yuan), and Sui Shilan held 9% of the equity of the target company (corresponding to an investment amount of 450,000 yuan). Among them, of the 91% equity held by Wang Yulin in industrial and commercial registration, 75% of the equity (corresponding to an investment amount of 3.75 million yuan) is held by Wang Yulin on behalf of the actual equity owner Fan Furong; the 16% equity (corresponding to an investment amount of 800,000 yuan) is held by Wang Yulin on behalf of the actual equity owner Sui Jianxun. The 9% equity held by Sui Shilan's industrial and commercial registration (corresponding to an investment amount of 450,000 yuan) is also held on behalf of the actual equity owner Sui Jianxun.

According to the explanation, the entrustment arrangement is a true expression of intention between the entrustee and the entrustee (Fan Furong, Sui Jianxun), and there is no situation that circumvents the mandatory provisions of laws and regulations, harms national interests, social public interests, or the legitimate rights and interests of third parties;

Restoration of shares held on behalf of others

On July 19, 2016, after negotiation between the agent holders (Wang Yulin and Sui Shilan) and the agents (Fan Furong and Sui Jianxun), all parties signed the "Equity Transfer Agreement" to restore the agent's equity to the name of the actual owner:

(1) Wang Yulin and Fan Furong signed an "Equity Transfer Agreement", and Wang Yulin transferred (restored) the 75% equity of the target company (corresponding to an investment amount of 3.75 million yuan) held in his name to the name of the actual equity owner Fan Furong;

(2) Wang Yulin and Sui Jianxun signed an "Equity Transfer Agreement", and Wang Yulin transferred (restored) the 16% equity of the target company that he held nominally (corresponding to an investment amount of 800,000 yuan) to the name of the actual equity owner Sui Jianxun.

(3) Sui Shilan and Sui Jianxun signed an "Equity Transfer Agreement", and Sui Shilan restored the 9% equity of the company nominally held (corresponding to an investment amount of 450,000 yuan) to the name of the actual equity owner Sui Jianxun free of charge.

The above three "Equity Transfer Agreements" do not stipulate the consideration for the equity transfer. They are the restoration of equity holdings on behalf of the shareholders. They are essentially the return of equity interests from the nominal shareholders to the actual equity holders. They are not commercial equity transactions and do not result in any substantive transfer of equity interests or commercial consideration arrangements in terms of taxation and other aspects.

After the above-mentioned equity restoration is completed and the industrial and commercial change registration is completed, the shareholder relationship between Wang Yulin, Sui Shilan and the target company will be terminated. Wang Yulin and Sui Shilan no longer hold any equity in the target company, nor have any rights or obligations to the target company.

Termination of shareholding entrustment

According to the explanation, it is confirmed that the above-mentioned shareholding situations have all been terminated. The cancellation of the agency is the true intention of all parties. Both the agent and the person being held confirmed that there will be no disputes or potential disputes during the agency period and after the agency is lifted. Changjiang Securities Underwriting and Sponsor Co., Ltd. Independent Financial Advisor Report Dispute.

(4) Capital contribution and legal existence of the target company

As of the signing date of this report, the target company's shareholders have not made false capital contributions or evaded capital contributions; the target company currently exists legally and effectively, and there are no circumstances that require termination as stipulated in laws, regulations, other normative documents and its articles of association, and there are no circumstances that may affect its legal existence due to major violations of laws and regulations.

3. Equity structure and property rights control relationship

(1) Equity structure

As of the signing date of this report, the equity structure and property rights control relationship of Bikel Company are as follows:

(2) Basic information on controlling shareholders and actual controllers

As of the signing date of this report, Lanfan Medical directly holds 100% of the shares of the target company and is the controlling shareholder of the target company. Li Zhenping is the actual controller of the target company.

(3) The main contents in the target company’s articles of association or relevant investment agreements that may have an impact on this transaction, the arrangements of senior managers, and whether there are any agreements or other arrangements that affect the independence of assets

As of the signing date of this report, there are no contents or arrangements of senior managers in the target company's articles of association or relevant investment agreements that may have a significant impact on this transaction, and there are no agreements or other arrangements that may have a significant impact on the independence of the subject assets.

Blue Sail Emergency

1 0 0 %

Lange Medical

1 0 0 %

blue

must

sail

Kai

Gaode First Aid

doctor

1 0

treatment

Bocott

1 0 0 %

Gaoge Medical

1 0 0 % Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(4) Whether the property rights of the target company are clear, and whether there are any rights restrictions such as mortgages and pledges

As of the signing date of this report, the property rights of the subject company are clear, there are no restrictions on mortgage or pledge rights, and there are no major disputes involving litigation, arbitration, judicial enforcement, or other circumstances that would hinder the transfer of ownership. As of March 31, 2026, except for the following restrictions on the use of relevant assets, there are no other relevant restrictions.

Unit: RMB 10,000 Item Book balance Book value Restricted type

Monetary funds 214.23 214.23 Margin

Note: The above deposits are forward foreign exchange settlement deposits and a small amount of financial derivatives deposits, which will not affect the company's daily operations.

4. Situation of major subsidiaries

Among the subsidiaries of Bikel, the subsidiaries whose total assets, operating income, net assets or net profit in the latest period of audit exceed more than 20% of the corresponding projects of Bikel in the same period and have a significant impact or have a significant impact after substantial analysis are Hubei Gaode and Lange Medical. The relevant information is as follows:

(1) Hubei Gaode First Aid and Protective Products Co., Ltd.

Basic situation

As of the signing date of this report, the basic situation of Hubei AutoNavi is as follows:

Company Name Hubei Gaode First Aid and Protective Products Co., Ltd.

Nature of the enterprise: Limited liability company (a sole proprietorship of a legal person that is not invested or controlled by a natural person)

Registration address: No. 82, Tuanfeng Avenue, Tuanfeng Town, Tuanfeng County, Huanggang City, Hubei Province (one license, multiple addresses)

Main office location: No. 8, Jiangbei Highway, Tuanfeng Town, Tuanfeng County, Huanggang City, Hubei Province

Legal representative Liu Wenjing

Registered capital 10 million yuan

Paid-in capital 10 million yuan

Date of establishment: May 29, 2003

Unified social credit code 91421100747698929B

Licensed projects: Production of Class II medical devices, production of Class III medical devices, operation of Class III medical devices, production of protective equipment for medical staff (Class II medical devices), production of medical masks; production of disinfection products for the prevention and treatment of infectious diseases, Internet information services for medical devices; Internet information services for drugs, medical services, and food sales. (Projects that require approval according to law can only be carried out with the approval of relevant departments. Specific business projects shall be based on the business scope approved by relevant departments.

or license shall prevail) general items; sales of Class II medical devices; production of protective equipment for medical staff (Class I medical devices); retail of protective supplies for medical staff; wholesale of protective supplies for medical staff; retail of medical masks; wholesale of medical masks; production of daily masks (non-medical); sales of daily masks (non-medical); production of Class I medical devices; sales of Class I medical devices; technology import and export; import and export of goods; wholesale of hardware products; retail of hardware products; Labor Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Production of protective products; sales of labor protection products; sales of chemical products (excluding licensed chemical products); wholesale of cosmetics; sales of sanitary products and disposable medical products; sales of daily necessities; sales of special labor protection products; sales of industrial textile products; sales of office supplies; leasing services (excluding licensed leasing services); software sales; sales of building decoration materials; organization of cultural and artistic exchange activities; marketing planning; corporate image planning; etiquette services; daily necessities Sales of chemical products; conference and exhibition services; advertising design and agency; advertising production; non-residential real estate leasing; housing leasing; machinery and equipment leasing; health consulting services (excluding diagnosis and treatment services); emergency rescue services; sales of fire-fighting equipment; advertising release; professional cleaning, cleaning and disinfection services; automobile parts and accessories manufacturing; safety and fire-fighting metal product manufacturing; security equipment sales; fire-fighting technical services; metal product sales; lighting equipment sales; and security equipment manufacturing. (Except for licensed business, you can independently operate projects that are not prohibited or restricted by laws and regulations in accordance with the law)

Historical evolution

(1) In May 2003, Tuanfeng Longfeng Industry and Trade Co., Ltd. was established

In May 2003, Tuanfeng Longfeng Industry and Trade Co., Ltd. obtained the (Tuanfeng Industry and Commerce) Name Pre-Approval [2003] No. 016 "Enterprise Name Pre-Approval Notice" issued by the Registration Branch of Tuanfeng County Administration for Industry and Commerce, agreeing to approve the company name "Tuanfeng Longfeng Industry and Trade Co., Ltd."

On May 15, 2003, Fan Furong, Ye Gewen, Gao Jianping and Ma Yanbing signed the "Articles of Association of Tuanfeng Longfeng Industry and Trade Co., Ltd.".

On May 29, 2003, Tuanfeng Longfeng Industry and Trade Co., Ltd. obtained its business license.

On June 18, 2003, Hubei Hongda Accounting Firm Co., Ltd. issued a "Capital Verification Report" (E Hongda [2003] Yan Zi No. 009). After verification, as of June 18, 2003, the company had received a total of RMB 1 million in registered capital from shareholders, accounting for 100% of the total registered capital, all of which were contributed in currency.

The equity structure of Tuanfeng Longfeng Industry and Trade Co., Ltd. when it was established was as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Fan Furong 65.00 65.00% 2 Ye Gewen 5.00 5.00% 3 Gao Jianping 25.00 25.00% 4 Ma Yanbing 5.00 5.00%

Total 100.00 100.00%

(2) March 2007, name change and first equity transfer

On February 25, 2007, Tuanfeng Longfeng Industry and Trade Co., Ltd. held a shareholders' meeting. The shareholders' meeting resolved that Fan Furong transferred 600,000 yuan of equity to Ma Yanbing, Gao Jianping transferred 250,000 yuan of equity to Xiao Tianqiao, and Ye Gewen transferred to Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Let 50,000 yuan of equity be transferred to Zhu Changshui, and Fan Furong transfer 50,000 yuan of equity to Zhu Haiyan. The name of Tuanfeng Longfeng Industry and Trade Co., Ltd. was changed to "Tuanfeng Kaitian Safety Products Co., Ltd."

On January 30, 2007, the above-mentioned shareholders signed the "Equity Transfer Agreement" regarding the equity transfer.

On March 12, 2007, Tuanfeng Kaitian Safety Products Co., Ltd. handled the industrial and commercial change registration for this change. After this change, the industrial and commercial registration equity structure of Tuanfeng Kaitian Safety Products Co., Ltd. is as follows: Unit: 10,000 yuan Serial number Shareholder name Amount of registered capital contribution Capital contribution ratio

1 Ma Yanbing 65.00 65.00% 2 Xiao Tianqiao 25.00 25.00% 3 Zhu Changshui 5.00 5.00% 4 Zhu Haiyan 5.00 5.00%

Total 100.00 100.00%

(3) In August 2009, the name changed, the second equity transfer and the first capital increase

On July 10, 2009, Tuanfeng Kaitian Safety Products Co., Ltd. held a shareholders' meeting, and the shareholders' meeting resolved: ① The company name was changed from "Tuanfeng Kaitian Safety Products Co., Ltd." to "Hubei Gaode First Aid and Protective Products Co., Ltd."; ② Original shareholder Xiao Tianqiao , Zhu Haiyan, and Zhu Changshui transferred their total 35% equity holdings to Fan Airong at a price of 350,000 yuan; ③ The original registered capital was 1 million yuan, and now the capital has been increased to 2 million yuan (Ma Yanbing subscribed to contribute 950,000 yuan, and Fan Airong subscribed to contribute 50,000 yuan).

On July 30, 2009, Hubei Luotian Xinghua United Accounting Firm issued a "Capital Verification Report" (Luo Xinghua Yanzi [2009] No. 114). After verification, as of July 24, 2009, the company had received a total of RMB 1 million in new registered capital from shareholders. Each shareholder contributes money.

On August 11, 2009, Amap First Aid went through the industrial and commercial change registration for this change. After this change, the equity structure of AutoNavi First Aid is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Ma Yanbing 160.00 80.00% 2 Fan Airong 40.00 20.00%

Total 200.00 100.00%

(4) In March 2010, the second capital increase

On March 7, 2010, Amap Emergency held a shareholders' meeting, which decided that the company's shareholders would increase their registered capital. The original registered capital increased from 2 million yuan to 3.5 million yuan, with an additional registered capital of 1.5 million yuan. Ma Yanbing added a new registered capital of 900,000 yuan, and Fan Airong added a new registered capital of 600,000 yuan.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

On March 12, 2010, Hubei Luotian Xinghua United Accounting Firm issued a "Capital Verification Report" (Luo Xinghua Yanzi [2010] No. 27). After verification, as of March 12, 2010, the company had received a total of RMB 1.5 million in new registered capital from shareholders. Each shareholder contributes money.

On March 18, 2010, AutoNavi First Aid went through the industrial and commercial change registration for this change. After this change, the equity structure of AutoNavi First Aid Industrial and Commercial Registration is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Ma Yanbing 250.00 71.43% 2 Fan Airong 100.00 28.57%

Total 350.00 100.00%

(5) In April 2010, the third capital increase

On March 7, 2010, Amap Emergency held a shareholders' meeting, which decided that the company's shareholders would increase their registered capital. The original registered capital increased from 3.5 million yuan to 5 million yuan, with an additional registered capital of 1.5 million yuan. Ma Yanbing added a new registered capital of 1.5 million yuan.

On April 7, 2010, Hubei Luotian Xinghua United Accounting Firm issued a "Capital Verification Report" (Luo Xinghua Yanzi [2010] No. 42). After verification, as of April 7, 2010, the company had received a total of RMB 1.5 million in new registered capital from shareholders. Each shareholder contributes money.

On April 8, 2010, Amap First Aid went through the industrial and commercial change registration for this change. After this change, the equity structure of AutoNavi First Aid is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Ma Yanbing 400.00 80.00% 2 Fan Airong 100.00 20.00%

Total 500.00 100.00%

(6) In May 2012, the fourth capital increase

On May 8, 2012, Amap Emergency held a shareholders' meeting and decided to increase the company's registered capital. The original registered capital increased from 5 million yuan to 8 million yuan. The newly increased registered capital was contributed by Ma Yanbing at RMB 2 million, accounting for 75% of the total, and Fan Airong at RMB 1 million, accounting for 25% of the total, both in the form of currency.

On May 19, 2012, Huanggang Zhengyi United Accounting Firm issued a "Capital Verification Report" (Huang Zhengyi Yanzi [2012] No. 61). After verification, as of May 18, 2012, the company had received a total of RMB 3 million in new registered capital from shareholders. Each shareholder contributes money.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

On May 22, 2012, AutoNavi First Aid went through the industrial and commercial change registration for this change. After this change, the equity structure of AutoNavi First Aid is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Ma Yanbing 600.00 75.00% 2 Fan Airong 200.00 25.00%

Total 800.00 100.00%

(7) In May 2012, the fifth capital increase

On May 24, 2012, Amap Emergency held a shareholders' meeting and decided to increase the company's registered capital. The original registered capital increased from 8 million yuan to 10 million yuan. Ma Yanbing contributed 1 million yuan, accounting for 70% of the total, and Fan Airong contributed 1 million yuan, accounting for 30% of the total. The investment was in the form of currency.

On May 26, 2012, Huanggang Zhengyi United Accounting Firm issued a "Capital Verification Report" (Huang Zhengyi Yanzi [2012] No. 65). After verification, as of May 24, 2012, the company had received a total of RMB 2 million in new registered capital paid by shareholders. Each shareholder contributes money.

On May 28, 2012, AutoNavi First Aid went through the industrial and commercial change registration for this change. After this change, the equity structure of AutoNavi First Aid is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Ma Yanbing 700.00 70.00% 2 Fan Airong 300.00 30.00%

Total 1,000.00 100.00%

(8) In May 2013, the third equity transfer

On May 27, 2013, AutoNavi held a shareholders' meeting and agreed that Fan Airong would transfer 3 million yuan of the company's equity to Xiao Tianqiao.

On May 30, 2013, the transferee and the transferee signed the Equity Transfer Agreement, agreeing that the transfer price was 3 million yuan.

On May 30, 2013, Amap First Aid went through the industrial and commercial change registration for this change. After this change, the equity structure of AutoNavi First Aid is as follows:

Unit: RMB 10,000 Serial number Shareholder Registered capital contribution Ratio of capital contribution

1 Ma Yanbing 700.00 70.00% 2 Xiao Tianqiao 300.00 30.00% Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Serial number Shareholder Registered capital contribution Ratio of capital contribution

Total 1,000.00 100.00%

(9) July 2013, the fourth equity transfer

On July 2, 2013, AutoNavi held a shareholders' meeting and agreed that Ma Yanbing would fully transfer 70% of the company's equity (i.e. 7 million yuan) he held to Fan Furong, and Xiao Tianqiao would transfer 30% (i.e. 3 million yuan) of the company's equity he held to Fan Furong 27% (i.e. 2.7 million yuan) and Sui Jianxun 3% (i.e. 300,000 yuan) respectively. After the transfer, Xiao Tianqiao is no longer a shareholder of the company and no longer enjoys the rights and obligations of the company.

On July 2, 2013, the parties to the transfer signed the Equity Transfer Agreement.

On July 3, 2013, AutoNavi First Aid went through the industrial and commercial change registration for this change. After this change, the equity structure of AutoNavi First Aid Industrial and Commercial Registration is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Fan Furong 970.00 97.00% 2 Sui Jianxun 30.00 3.00%

Total 1,000.00 100.00%

(10) In July 2013, the entire company was changed into a joint-stock company

On July 5, 2013, Gaode First Aid held a shareholders' meeting and agreed to: ① change the company name from "Hubei Gaode First Aid and Protective Products Co., Ltd." to "Hubei Gaode First Aid and Protective Products Co., Ltd."; ② change the company from a limited liability company to a joint stock limited company in accordance with the law; ③ plan to change the company name as of July 3, 2013 before the overall change of the company. The book net assets audited by Nikkei are converted into shares (the company's accumulated profits over the years are enjoyed by all shareholders in proportion to their capital contributions). According to the "Audit Report" No. Echeng Shen Zi [2013] B-052 issued by Hubei Chengdaxin Accounting Co., Ltd., as of July 3, 2013, the book net assets were 10.0974 million yuan, which was converted into 1,000 shares at the ratio of 1:0.990357. million shares, with a par value of RMB 1 per share, and the remaining net assets of RMB 97,400 were transferred to the capital reserve fund of the joint-stock company. On the same day, shareholders Fan Furong and Sui Jianxun signed the "Sponsor Agreement" and the company's articles of association.

On July 11, 2013, AutoNavi First Aid went through the industrial and commercial change registration for this change. After this change, the equity structure of AutoNavi is as follows:

Unit: Serial number of 10,000 shares Shareholder name Number of shares Shareholding ratio

1 Fan Furong 970.00 97.00% 2 Sui Jianxun 30.00 3.00%

Total 1,000.00 100.00% Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(11) In July 2016, the joint-stock company was changed to a limited company

On July 20, 2016, AutoNavi held a shareholders' meeting and agreed: ① The company name was changed from Hubei AutoNavi First Aid and Protective Products Co., Ltd. to Hubei AutoNavi First Aid and Protective Products Co., Ltd.; ② The company type was changed from a joint stock company to a limited liability company; ③ All claims and debts of Hubei AutoNavi First Aid and Protective Supplies Co., Ltd. were transferred to Hubei AutoNavi First Aid and Protective Supplies Co., Ltd. On the same day, shareholders Fan Furong and Sui Jianxun signed the company's articles of association.

On July 29, 2016, AutoNavi First Aid went through the industrial and commercial change registration for this change. After this change, the equity structure of AutoNavi First Aid is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Fan Furong 970.00 97.00% 2 Sui Jianxun 30.00 3.00%

Total 1,000.00 100.00%

(12) In August 2016, the fourth equity transfer

On August 3, 2016, AutoNavi held a shareholders' meeting and agreed to the transfer of shareholders' equity: the original shareholder Sui Jianxun invested 300,000 yuan, accounting for 3% of the company's equity, and transferred the full amount to the new shareholder Bike. The original shareholder Fan Furong invested 9.7 million yuan, accounting for 97% of the company's equity, and transferred the full amount to the new shareholder Bike. On August 3, 2016, the parties to the transfer signed the Equity Transfer Agreement.

On August 8, 2016, Amap First Aid went through the industrial and commercial change registration for this change. After this change, the equity structure of AutoNavi First Aid is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Bikel 1,000.00 100.00%

Total 1,000.00 100.00%

Reasons for capital increases and decreases, equity transfers, pricing basis and rationality in the past three years

As of the signing date of this report, AutoNavi has had no capital increases or decreases or equity transfers in the past three years.

Equity structure

As of the signing date of this report, the equity structure of AutoNavi First Aid is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Amount of subscribed capital Amount of paid-in capital Shareholding ratio

1 Bikel 1,000.00 1,000.00 100% Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Main financial data

The main financial data of Amap First Aid is as follows:

Unit: 10,000 yuan

Item March 31, 2026 December 31, 2025 Total assets on December 31, 2024 15,343.32 14,520.16 17,411.63 Total liabilities 13,193.33 12,440.10 9,841.27 Net assets 2,149.99 2,080.06 7,570.37

Project January-March 2026 2025 2024

Operating income 4,346.70 18,613.75 21,277.28 Operating costs 3,970.70 16,679.11 18,683.15 Total profit 33.61 315.04 1,185.96 Net profit 69.93 9.69 1,112.15 Note: All subsidiaries within the scope of the consolidated statement have been audited

(2) Lange Medical Technology (Hubei) Co., Ltd.

Basic situation

As of the signing date of this report, the basic situation of Lange Medical is as follows:

Company name Lange Medical Technology (Hubei) Co., Ltd.

Nature of the enterprise Limited liability company (foreign-invested enterprise legal person sole proprietorship)

Registered place: Room 805, Administrative Service Center, Tuanfeng Town Economic Development Zone Economic Development Zone, Tuanfeng County, Huanggang City, Hubei Province Main office location: 201-1, Building 8, Gutian 1967 Project, No. 10 Fengshuo Road, Qiaokou District, Wuhan City, Hubei Province

Legal representative Liu Wenjing

Registered capital 10 million yuan

Paid-in capital 10 million yuan

Date of establishment January 22, 2021

Unified social credit code 91421121MA49NL3Y2R

Licensed items: import and export of goods; import and export of technology; import and export agency; import and export of food; import and export of medicines; import and export of works of art; import and export of state-owned trade management goods (subject to approval according to law)

Projects can only be carried out after approval by relevant departments. Specific business projects are subject to the business scope approval documents or licenses of relevant departments.) General projects: sales of first-class medical devices; sales of second-class medical devices; wholesale of sporting goods and equipment; retail of sporting goods and equipment; sales of electronic products; sales of machinery and equipment; sales of daily necessities; sales agents; conference and exhibition services (except for licensed businesses, projects that are not prohibited or restricted by laws and regulations can be independently operated in accordance with the law)

Historical evolution

Lange Medical was solely funded and established by Bikel, and its establishment registration was completed at the Tuanfeng County Market Supervision and Administration Bureau of Huanggang City on January 22, 2021.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

On January 22, 2021, Lange Medical obtained a business license issued by the Tuanfeng County Market Supervision and Administration Bureau. The equity structure of Lange Medical when it was established was as follows:

Unit: RMB 10,000 Serial number Name of shareholder Registered capital contribution Ratio of capital contribution

1 Bikel 1,000.00 100.00%

Total 1,000.00 100.00%

Since its establishment, Lange Medical has not experienced any capital increase or decrease, equity transfer or other matters.

Reasons for capital increases and decreases, equity transfers, pricing basis and rationality in the past three years

As of the signing date of this report, Lange Medical has had no capital increase or decrease, equity transfer, etc. in the past three years.

Equity structure

As of the signing date of this report, Lange Medical’s equity structure is as follows:

Unit: RMB 10,000 Serial number Name of shareholder Amount of subscribed capital Amount of paid-in capital Shareholding ratio 1 Bikel 1,000.00 1,000.00 100%

Main financial data

The main financial data of Lange Medical are as follows:

Unit: 10,000 yuan

Item March 31, 2026 December 31, 2025 Total assets on December 31, 2024 4,130.14 4,129.31 3,512.77Total liabilities 2.44 18.11 32.04Net assets 4,127.70 4,111.20 3,480.73

Project January-March 2026 2025 2024

Operating income 536.84 3,576.27 5,320.26 Operating cost 451.18 2,998.40 4,586.70Total profit 22.00 840.63 813.05Net profit 16.50 630.47 609.79Note: All subsidiaries within the scope of the consolidated statement have been audited

5. Ownership of major assets, external guarantees, major liabilities, and contingent liabilities

(1) Ownership of major assets

Composition of main assets

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

According to the "(Audit Report)" issued by Lixin Accountants, as of March 31, 2026, the asset composition of the target company is as follows:

Unit: 10,000 yuan

Project Amount Proportion

Current assets:

Monetary funds 4,443.01 19.05% Trading financial assets 1,427.26 6.12% Accounts receivable 2,143.00 9.19% Prepayments 270.74 1.16% Other receivables 6,538.76 28.04% Inventory 2,897.18 12.42% Other current assets 142.19 0.61%

Total current assets 17,862.14 76.59% Non-current assets:

Fixed assets 2,414.05 10.35% Right-of-use assets 338.42 1.45% Intangible assets 857.71 3.68% Long-term deferred expenses 955.59 4.10% Deferred income tax assets 880.43 3.78% Other non-current assets 13.97 0.06% Total non-current assets 5,460.17 23.41% Total assets 23,322.31 100.00%

Main fixed assets

The fixed assets of the subject company include houses and buildings, machinery and equipment, transportation equipment, etc. As of March 31, 2026, the book value of the target company’s fixed assets was 24.1405 million yuan. The details are as follows: Unit: 10,000 yuan

Item Original book value Accumulated depreciation Impairment provision Book value Newness rate Houses and buildings 1,053.35 177.44 0.00 875.91 83.15% Machinery and equipment 2,679.74 1,438.45 58.78 1,182.51 44.13% Transportation equipment 267.95 178.11 0.00 89.84 33.53% Others 658.28 382.90 9.59 265.79 40.38%Total 4,659.33 2,176.91 68.37 2,414.05 51.81%

As of March 31, 2026, the target company and its holding subsidiaries owned houses and buildings with a book value of 8.7591 million yuan. The houses and buildings are mainly guard rooms, office buildings, weaving workshops, boiler rooms, water treatment workshops, main workshops, etc.; the structures are mainly parking sheds, sterilization gas storage, dangerous goods warehouses, and Nanyang Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Wall temporary warehouse, etc.

As of March 31, 2026, the target company and its holding subsidiaries had a book value of machinery and equipment of 11.8251 million yuan. The machinery and equipment mainly include fully automatic sterilization conveying system equipment, EO exhaust gas treatment equipment, blister packaging machines, emergency blanket automatic folding packaging machines, fire sprinkler systems, etc.; the book value of transportation equipment is 898,400 yuan, mainly transportation vehicles; the book value of other electronic equipment is 265.79 Ten thousand yuan, mainly including refrigerators, air conditioners, printers, copiers, office furniture, Sony cameras and office computers, etc.

(1) Situation of self-owned houses and buildings

As of the signing date of this report, according to the real estate certificate provided by the subject company, the ownership certificates of buildings and land use rights owned by Bikel and its subsidiaries are as follows:

land use

Preface Building area Rights type Nature/Other certificate number Location Rights area

No. Area (㎡) Type Purpose Rights (㎡)

Tuanfeng County Youth League

Hubei (2022) Mission State-owned Construction

Fengzhen Tuanfeng For Sale/

1 Feng County real estate rights 42,826.56 20,421.72 Land No Avenue 82 Industrial

Right to use No. 0159811

No.

There are still 5 buildings in the factory area of AutoNavi First Aid "No. 82 Tuanfeng Avenue, Tuanfeng Town, Tuanfeng County" that have not been registered in the ownership certificate. Among them, the parking shed and the temporary warehouse on the south courtyard wall are all used by AutoNavi First Aid. The sterilization gas storage and dangerous goods warehouse have been suspended. The newly built warehouse has been rented to Hubei Fanchuang Packaging and Printing Co., Ltd. for use.

According to the "Public Credit Information Report Proof of No Violations and Violations" obtained by the target company, and after checking the official websites of Credit China (Hubei) and the relevant authorities in Tuanfeng County, during the reporting period, the target company had no records of administrative penalties for construction and planning due to the above-mentioned buildings.

In view of: ① During the reporting period, the target company did not receive relevant administrative penalties due to the above-mentioned buildings; ② The sterilization gas storage and dangerous goods warehouse are now out of use, and the original production activities involving the storage of dangerous goods have been moved to the new factory. Even if the above two buildings are required to be demolished by the competent authorities, they will not have a substantial impact on the current production and operation of the target company; ③ The parking shed and the temporary warehouse on the south courtyard wall are mainly responsible for employee parking and auxiliary storage functions, and are highly replaceable.

The fact that the above five buildings are not registered in the ownership certificate constitutes a certain compliance defect, and there is a potential legal risk of being ordered to rectify or demolish by the competent authorities. However, taking the aforementioned factors into consideration, the above defects will not have a significant adverse impact on the normal production and operation of the target company, and will not constitute a substantial legal obstacle to this transaction. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(2) Leasing houses and buildings

As of March 31, 2026, the rental properties leased by the subject company and its subsidiaries are as follows:

Unit: Ten Thousand Yuanxu Lease Area

Lessor Location Building Name Rent/Year Lease Term Number Person (㎡)

Hubei Province Yellow 5# Medical Products Comprehensive

16,778.7

Hubei Lanfan Gangshi Tuanfeng Hefang Workshop

Hubei 2025/1/1- 1 Nursing supplies County Tuanfeng Town Medical Sterilization Center 2,160 207.73

Gaode 2027/9/30 Co., Ltd. Jiangbei Highway

Comprehensive product warehouse 2,160

No. 8

Wuhan City 35.93

Wuhan Qiao

Deya Commercial Bikai Gutian 1967 Park (increased by 2 2025/3/1-2 Kou District Fengshuo 831.64

Operation Management No. 201-1, Building 8, Er Yuan/㎡/ 2028/2/29

Road No. 10

Ltd. years)

16.09

Wuhan city

Wuhan Qiao Gutian 1967 Park (2027

Deya Commercial Bikai 2025/3/1- 3 Kou District Fengshuo No. 101, Building 6, 366.81 annual rent increase

Operations Management Er 2028/2/29

House No. 102, No. 10 Road, add 3 yuan/

Ltd.

m2/year)

Wuhan East Lake Wuhan East Lake

Comprehensive Bonded New Technology Development No. 1 Electronic Factory 3

4 Baoke 2025/4/1-Northeast area of the Optics Valley floor of the District Construction Investment and Development Zone 1,433.40 51.60

Note: Special 2026/3/31, Room 777, 3rd Road, Co., Ltd., Room 01

Division number

Note: This lease has been naturally terminated upon expiration.

None of the four houses leased by the target company from third parties mentioned in the table above have been registered for leasing. However, given that the amount of fines that the target company may be subject to is relatively small and the failure to complete the house rental registration and filing procedures does not affect the legal validity of the above-mentioned house leasing contract, the aforementioned defects of the target company will not have a significant adverse impact on the production and operation of the target company.

Intangible assets

(1) Main intangible assets

The target company's intangible assets mainly consist of land use rights, patent and trademark rights, and software. As of March 31, 2026, the details of the company’s main intangible assets are as follows:

Unit: 10,000 yuan

Item Original book value Accumulated amortization Impairment provision Book value Land use rights 945.22 96.10 - 849.12 Patent and trademark rights 19.63 9.65 1.39 8.59 Software 2.44 2.44 - -

Total 967.29 108.19 1.39 857.71 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(2) Land use rights

As of the signing date of this report, please refer to "(Section 4/5/(1)/2/(1) Situation of Owned Houses and Buildings" of this report for details of the company's and its subsidiaries' self-owned land.

The target company and its subsidiaries legally own the above-mentioned state-owned land use rights, and there are no property rights disputes or potential disputes.

(3) Intellectual property rights

①Patent

As of the signing date of this report, the subject company and its subsidiaries have obtained 44 patent rights. Please see Appendix 1 for details.

The above-mentioned patents were obtained by the subject company and its subsidiaries in a legal manner. The subject company and its subsidiaries have legal ownership of the above-mentioned patents. The subject company and its subsidiaries can legally use the above-mentioned patents. There are no rights restrictions such as pledges or ownership disputes on the above-mentioned patents.

②Trademarks, copyrights and domain names

As of the signing date of this report, Bikel and its subsidiaries own a total of 155 registered trademarks in China. Please refer to Appendix 2 for details. We also own 12 trademark rights overseas. Please refer to Appendix 3 for details.

As of the signing date of this report, Bikel and its subsidiaries have no computer software copyrights and a total of 3 copyrights. Please see Appendix 4 for details.

As of the signing date of this report, Bikel and its subsidiaries have a total of 5 domain names, please see Appendix 5 for details.

(2) Franchise rights situation

As of the signing date of this report, the subject company and its subsidiaries do not have franchise rights.

(3) Major liabilities and contingent liabilities

Main liabilities

As of March 31, 2026, the main liabilities of the target company are as follows:

Unit: 10,000 yuan

Project Amount Proportion

Current liabilities:

Accounts payable 1,838.61 16.38% Contract liabilities 847.28 7.55% Employee compensation payable 446.01 3.97% Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Project Amount Proportion

Taxes payable 87.14 0.78% Other payables 6,718.08 59.86% Non-current liabilities due within one year 232.60 2.07% Other current liabilities 19.07 0.17%

Total current liabilities 10,188.80 90.79% Non-current liabilities:

Lease liabilities 155.41 1.38% Deferred income 776.10 6.92% Deferred income tax liabilities 101.76 0.91% Total non-current liabilities 1,033.27 9.21% Total liabilities 11,222.07 100.00%

Contingent liabilities

The subject company has identified contingent liabilities in the ordinary course of business. As of March 31, 2026, the target company had no significant contingent liabilities.

(4) External guarantees

As of the signing date of this report, the target company and its subsidiaries have no external guarantees.

(5) Situations involving licensing others to use one's own assets, or using others' assets as a licensee

As of the signing date of this report, the subject company and its subsidiaries have permitted others to use all of their assets as follows:

rent/

Lease area

Preface Rental Year

Tenant Location Building Name Plot Lease Term Number Person (10,000

(㎡)

Yuan)

Hubei Fanchuang Huanggang City, Hubei Province Southeast of the factory area

Gaode 2025/10/7- 1 Packaging and printing New factory at the corner of Tuanfeng Town, Tuanfeng County 1,243.25 7.46

First Aid 2026/12/31 Co., Ltd. Room 8, Jiangbei Highway

Hubei Fanjian Medical Products Comprehensive 2025/12/1 Huanggang City, Hubei Province

Gaode Medical and Health Building 4th Floor -

2 Tuanfeng Town, Tuanfeng County 503.00 9.05

Partial cleaning with limited first aid supplies 2027/12/3 No. 8, Jiangbei Highway

Company workshop 1

Except for the leases listed in "(Section 4/5/((1)/2/((2) Leasing of Houses and Buildings)" of this report), there is no other use of other people's assets as a licensee.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(6) Occupation of non-operating funds

During the reporting period, for details on the occupation of non-operating funds of the target company by the shareholders of the target company and its related parties, please refer to "Section 7/1/(3)/3. Lending and Lending of Funds by Related Parties" of this restructuring report.

Except for the above-mentioned related party loans, the target company had no other non-operating funds occupied during the reporting period. As of the signing date of this report, Lanfan Medical and its subsidiaries have repaid the above-mentioned loan and interest in full, and the shareholders of the target company and its related parties have not occupied non-operating funds of the target company.

6. Litigation, arbitration, administrative penalties and legal compliance

(1) Litigation and arbitration situations

As of the signing date of this report, the subject company and its subsidiaries have no unresolved major lawsuits or arbitrations involving more than 1 million yuan.

As of the signing date of this report, the subject company Bikel and its subsidiaries have no pending litigation, and there are two cases that have been decided but not executed. The details are as follows:

Preface Amount involved in the lawsuit

Document number Plaintiff Defendant Cause of action Case status Remark number (10,000 yuan)

(2021)

Hubei 1121 People's Republic of China has executed No. 1533 of the 109th day of the year.

Gao Deji contract dispute

1 Book Trading Co., Ltd. 799.30 is effective, and the executor is involved in criminal liability

Save the trouble

(2023) Limited Company with medium term, the remaining amount of Jin'e 11 Civil Final Division cannot be recovered for the time being No. 471 Civil Recovery

Judgment

Wang Yu Shareholder losses

Executed (2025) Ting, Bei Harm Company

The judgment amounted to 1,841,000 Jing0113, Gao Deji, Jing Zhenan, creditor

2 199.98 effective, implemented Yuan, still remaining 27594 rescue core medical interests responsibility

158,700 yuan in the number of technology companies involved in disputes

Executing

Co., Ltd. case

Effective judgments have been made in the above two cases, and the target companies are the winning parties. The relevant claims have been dealt with accordingly in the financial statements based on the actual recoverability status. The above-mentioned cases will not have a significant adverse impact on the normal production and operation of the target company, nor will they constitute a substantial legal obstacle to this transaction.

(2) Administrative penalties and other legal and compliance situations

As of the signing date of this report, the subject company and its subsidiaries have not been investigated by judicial authorities for suspected crimes or investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations. In the past three years, they have not been investigated by judicial authorities.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Administrative penalties or criminal penalties.

7. Main business qualifications of the target company

(1) Business qualifications

As of the signing date of this report, the main business qualifications of the subject company and its subsidiaries are as follows:

Medical device business and production qualifications

As of the signing date of this report, the subject company and its subsidiaries own 4 medical device business and production assets.

Quality, specifically as follows:

Sequence Certificate number Validity period Issuing department Name of the certificate Qualification content Issuance time number Number To door person

Hubei food medicine

Medical Devices 2026 Hubei Province

Category II: 14-09 Non-absorbable surgical dressings; 14-11 Supervision of medical equipment

Production license 2021 10 Drug Supervision 2021 10 Hubei 1 dressing; 14-13 operating room infection control production license

Certificate (February 28 Supervision and Management February 29 High Depin; 14-14 Protective Equipment for Medical Staff. 202110

Class) Japan Bureau No. 94

6801-2 Basic surgical knife, 6801-3 Basic surgery

Scissors, 6801-4 basic surgical forceps, 6801-5 basic

Basic surgical forceps, clips, 6810-8 Orthopedics (orthopedics)

External fixation and retractors among other surgical instruments

Various gases in machinery, 6854-1 surgery and emergency equipment

pressure, electric pneumatic tourniquet, 6858-5 cold compress

Utensils, 6864-2 dressings, wound protection materials, 6866-9-Ehuang food

First Class Medical Hospital Huanggang City

General Medical Supplies Examination Gloves and Finger Cots 2017 Edition I Drug Supervision Equipment

Medical Device Production Market Supervision November 2021 Hubei Category 2: 02-01 Surgical Instrument-Knife, 02-03 Surgical Device Production Preparation Long-term

Production Registration Certificate Supervision and Management January 1 Gaode Instruments-Scissors, 02-04 Surgical Instruments-Force, 02-05 Surgery 201600

Certificate Bureau instruments - forceps, 04-13 external fixation and traction instruments, No. 06

07-01 Diagnostic auxiliary equipment, 09-02 Warming (cold)

Treatment equipment/appliances, 14-04 Hemostatic devices, 14-09

Non-absorbable surgical dressings, 14-10 wound dressings,

14-11 Bandaging and dressing, 14-14 For protection of medical staff

products, 14-15 patient care protective equipment, 14-16 other

Other equipment

2002 Catalog: 6801 Basic Surgery

Instruments; 6820 General diagnostic instruments; 6821 Medical

Electronic instruments and equipment; 6834 Medical radiation protection

Products and devices; 6840 clinical testing and analysis instruments and

Hubei food

Medical devices, diagnostic reagents; 6864 medical and hygienic materials and dressings Huanggang City

Drug regulatory equipment 2031

Business License Materials; 6865 Medical Suture Materials and Adhesives; Market Supervision March 2026 Hubei 3 Business License March 2026

Certificate (three 6866 medical polymer materials and products; excluding medical supervision and management, March 5, Gaode

202100 4th

Category) Medical Device Cold Chain (Transportation, Storage) 2017 Branch No. 19

Category Catalog: 01-Active surgical instruments; 02-Passive hand

Surgical equipment; 06-Medical imaging equipment; 07-Medical diagnosis

Observation and monitoring equipment; 08-Respiratory, anesthesia and first aid

Equipment; 09-Physical therapy equipment; 10-Blood transfusion, dialysis

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Sequence Certificate number Validity period Issuing department Certificate name Qualification content Issuance time number Number to door Human analysis and extracorporeal circulation devices; 12-Active implanter

Equipment; 14-Infusion, nursing and protective equipment; 18-Gynecology

Obstetrics, assisted reproduction and contraceptive devices; 20-TCM

Equipment; 22-Clinical testing equipment; does not include medical equipment

Mechanical cold chain (transportation, storage)

2002 Edition Class II: 6801 Basic Surgical Instruments

Machinery, 6802 Microsurgery Instruments, 6803 God

Surgical instruments, 6804 ophthalmic surgical instruments

Instruments, 6805 otolaryngology surgical instruments, 6806 mouth

Cavalry surgical instruments, 6807 Thoracic and cardiovascular surgery

Surgical instruments, 6808 abdominal surgical instruments,

6809 Urology and anorectal surgical instruments, 6810 Orthopedics

Orthopedic surgery (orthopedics) surgical instruments, 6812 Obstetrics and Gynecology

Scientific surgical instruments, 6813 family planning surgical instruments

Machinery, 6815 Injection and puncture equipment, 6816 Burns

(Plastic) surgical instruments, 6820 General diagnosis

Equipment, 6821 medical electronic equipment, 6822

Medical optical instruments, instruments and endoscopic equipment,

6823 Medical ultrasound instruments and related equipment, 6824

Medical laser equipment, 6825 medical high frequency instrument

equipment, 6826 physical therapy and rehabilitation equipment,

6827 Traditional Chinese Medicine Equipment, 6828 Medical Nuclear Magnetic Resonance Equipment, Hubei Huang Food Category 2 Hospital, Huanggang City

2022 May 2022 Hubei 4 No. 29 clinical testing and analysis instruments (excluding in vitro diagnostic tests

agent), 6841 medical testing and basic equipment

Equipment, 6845 extracorporeal circulation and blood processing equipment,

6846 Implant materials and artificial organs, 6854 Surgery

Room, emergency room, diagnosis and treatment room equipment and appliances, 6855

Dental equipment and appliances, 6856 ward nursing facilities

Equipment and utensils, 6857 Disinfection and sterilization equipment and utensils

Tools, 6858 medical cold therapy, low temperature, refrigeration equipment

and appliances, 6863 dental materials, 6864 medical

Sanitary materials and dressings, 6865 medical suture materials

and adhesives, 6866 medical polymer materials and manufacturing

Products, 6870 software, 6877 interventional equipment 2017

Edition: 01, 02, 03, 04, 05, 06, 07,

08, 09, 10, 11, 12, 13, 14, 15,

16, 17, 18, 19, 20, 21, 22 (excluding body

External diagnostic reagents)

Domestic medical device registration and filing certificate

As of the signing date of this report, the subject company and its subsidiaries have 40 domestic medical device registrations and

Registration certificate, details are as follows:

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

produce

Preface certificate

Product name Registration (filing) number Validity until Issuing department

No. Minutes Human

Ⅱ Disposable Medical Devices Registration Approval October 26, 2026 Hubei Province Drugs Hubei Class Masks 20212143486 Supervision and Administration AutoNavi Ⅱ Hubei Devices Registration Approval October 26, 2026 Hubei Province Drugs Hubei 2 Medical Surgical Masks

Category 20212143484 Supervision and Administration Bureau AutoNavi Ⅱ Hubei Medical Injection Approval Hubei Provincial Drug Hubei 3 Medical Non-woven Fabric January 6, 2027

Category 20222143587 Supervision and Administration Bureau Gaode Ⅱ First-aid elastic hemostasis Orthodontic device injection approval September 15, 2026 Hubei Province Drugs Hubei Category Bandage 20212143436 Supervision and Administration Bureau Gaode Ⅱ Medical gauze abdomen Orthopedic device injection approval November 11, 2026 Hubei Province Drugs Hubei Category Pad 20212143509 Supervision and Administration Bureau Amap II Medical Skim Gauze, Orthopedic Injection Approval August 16, 2026 Hubei Province Drugs Hubei Category Block 20212143395 Supervision and Administration Bureau Amap II Medical Injection Approval February 20, 2029 Hubei Province Drugs Hubei 7 First Aid Kit

Category 20242144787 Supervision and Administration Bureau Amap II Orthopedic Injection Approval Hubei Provincial Drug Hubei 8 Spin Tourniquet July 17, 2030

Class 20252145654 Supervision and Administration Bureau Amap

Ehuanggang Equipment Huanggang Market Hubei 9 Category I Elastic Bandage Long-term

No. 20160011 Supervision and Administration Bureau Amap

Ehuanggang Equipment Huanggang Market Hubei 10 Class I Examination Gloves Long-term

No. 20160024 Supervision and Administration Bureau Gaode

Ehuanggang Equipment Huanggang City Market Hubei 11 Class I Medical Ice Pack Long-term

No. 20160010 Supervision and Administration Bureau Gaode Powder Type Plaster Bandage

Ehuanggang Equipment Huanggang Market Hubei 12 Class I Band (original plaster bandage long-term

No. 20160026 Supervision and Administration Bureau Gaodedai)

fracture splint

Ehuanggang Mechanical Equipment Huanggang City Market Hubei 13 Category I (original soft clamp long-term

No. 20160023 Supervision and Administration Bureau Gaode Board)

Ehuanggang Mechanical Equipment Huanggang Pharmaceutical Hubei 14 Class I Medical Tape Long-term

No. 20160017 Supervision and Administration Bureau Amap

Ehuanggang Equipment Huanggang Market Hubei 15 Class I Emergency Blanket Long-term

No. 20160022 Supervision and Administration Bureau Gaode

Ehuanggang Equipment Huanggang Market Hubei 16 Category I First Aid Kit Long-term

No. 20170012 Supervision and Administration Bureau Amap

Ehuanggang Equipment Huanggang Pharmaceuticals Hubei 17 Class I First Aid Bandage Long-term

No. 20180023 Supervision and Administration Bureau Gaode

Ehuanggang Equipment Huanggang Market Hubei 18 Class I Dressing Tweezers Long-term

No. 20160019 Supervision and Administration Bureau Gaode

Ehuanggang Equipment Huanggang Market Hubei 19 Class I Dressing Scissors Long-term

No. 20160009 Supervision and Administration Bureau Gaode

Ehuanggang Mechanical Equipment Huanggang City Market Hubei 20 Category I Medical Cotton Swab Long-term

No. 20160025 Supervision and Administration Bureau Gaode

Ehuanggang Medical Equipment Huanggang Pharmaceutical Hubei 21 Class I Tourniquet Long-term

No. 20160020 Supervision and Administration Bureau Gaode

Ehuanggang Equipment Huanggang Market Hubei 22 Category I Care Package Long-term

No. 20170011 Supervision and Administration Bureau Gaode Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

produce

Serial product Name of the certified product Registration (filing) number Validity period until the issuing department

No. Minutes Human

Ehuanggang Mechanical Equipment Huanggang City Market Hubei 23 Class I Medical Isolation Pad Long-term

No. 20200113 Supervision and Administration Bureau Gaode'e Huanggang Mechanical Equipment Huanggang Market Hubei 24 Class I Medical Isolation Mask Long-term

No. 20200112 Supervision and Administration Bureau Gaode'e Huanggang Mechanical Equipment Huanggang Market Hubei 25 Category I Medical Isolation Shoe Covers Long-term

No. 20200115 Supervision and Administration Bureau Gaode'e Huanggang Equipment Huanggang Market Hubei 26 Class I Medical Cap Long-term

No. 20200110 Supervision and Administration Bureau Gaode'e Huanggang Equipment Huanggang Market Hubei 27 Category I Isolation Gown Long-term

No. 20200114 Supervision and Administration Bureau Gaode'e Huanggang Mechanical Equipment Huanggang Market Hubei 28 Class I Tongue Depressor Long-term

No. 20200109 Supervision and Administration Bureau Gaode'e Huanggang Mechanical Equipment Huanggang Market Hubei 29 Class I Nursing Pad Long-term

No. 20200111 Supervision and Administration Bureau Gaode'e Huanggang Equipment Huanggang Market Hubei 30 Class I Self-adhesive Elastic Bandage Long-term

No. 20200127 Supervision and Administration Bureau Gaode'e Huanggang Equipment Huanggang Market Hubei 31 Class I Medical Goggles Long-term

No. 20200128 Supervision and Administration Bureau Gaode'e Huanggang Mechanical Equipment Huanggang Market Hubei 32 Class I Medical Isolation Goggles Long-term

No. 20200129 Supervision and Administration Bureau Gaode'e Huanggang Machinery Preparation Huanggang Market Hubei 33 Class I Cotton Roll Long-term

No. 20200130 Supervision and Administration Bureau Gaode'e Huanggang Mechanical Equipment Huanggang Market Hubei 34 Category I Cotton Pieces Long-term

No. 20200131 Supervision and Administration Bureau Gaode'e Huanggang Mechanical Equipment Huanggang Market Hubei 35 Class I Cotton Ball Long-term

No. 20200132 Supervision and Administration Bureau Gaode'e Huanggang Mechanical Equipment Huanggang Market Hubei 36 Category I Band-Aid Long-term

No. 20210022 Supervision and Administration Bureau Gaode'e Huanggang Mechanical Equipment Huanggang Market Hubei 37 Class I First Aid Kit Long-term

No. 20210045 Supervision and Administration Bureau Gaode'e Huanggang Mechanical Equipment Huanggang Market Hubei 38 Category I Medical Antipyretic Patch Long-term

No. 20220015 Supervision and Administration Bureau Gaode'e Huanggang Equipment Huanggang Market Hubei 39 Class I Pressure Bandage Long-term

No. 20220017 Supervision and Administration Bureau Gaode Disposable Equipment Hubei Huanggang Mechanical Equipment Huanggang City Market Hubei 40 Category I Long-term

Leather Knife No. 20220028 Supervision and Administration Bureau Gaode

Certificate of export sales of medical device products

As of the signing date of this report, the subject company and its subsidiaries have 2 export sales of medical device products

The proof is as follows:

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Order Validity Period Certificate Issuance Contents of Certificate Qualification Certificate Number

No. to Department Person Hubei Ehuanggang Food 2026 Provincial Drug Gaode 1 First Aid Kit Drug Supervision Equipment Released October 20260012 Supervision and Administration First Aid 20260012 28th Supervisory Administration Elastic Bandage, Examination Gloves, Medical Ice Pack, Powder Type

Plaster bandages, fracture splints, medical tapes, emergency

Rescue blanket, first aid bandage, dressing tweezers, dressing scissors, medical

Cotton swabs, tourniquets, care packages, medical isolation pads, medical

Isolation masks, medical isolation shoe covers, medical caps, isolation masks for Hubei

Hubei Huanggang Food 2026 Provincial drug-free clothes, tongue depressors, nursing pads, self-adhesive elastic bandages Amap 2 drug supervision equipment released August 16 Quality control belts, medical goggles, medical isolation goggles, cotton rolls, first aid 20260019 Supervision of cotton balls, band-aids, first aid kits, medical antipyretic patches, pressure

Treatment bandage, disposable skin preparation knife, disposable

Medical masks, medical surgical masks, medical non-woven fabrics

block, emergency dressing, medical skim gauze block, spinning type

tourniquet

Overseas medical device market access qualifications and quality management system certification

As of the signing date of this report, the subject company and its subsidiaries have 11 overseas medical device market standards.

Entry qualifications, details are as follows:

Cover

Valid Issuing Department Certificate Serial Number Certificate Name Qualification Content Certificate Number Region/

Issued to the doorman's country

Medical gauze pad that can identify X-rays, can identify

X-ray medical surgical pad (abdominal gauze

cloth), medical gauze that can recognize X-rays, US,

ball, absorbent absorbent cotton roll, absorbent absorbent 2028 plus,

Grease cotton balls, absorbent absorbent cotton pads, sterile MDSAP69 7 Australian, Gaode 1 MDSAP BSI disposable cleaning products, cold compress packs, absorbent 9696 17 Bar first aid sterile gauze, sterile non-woven wipe pads/Japanese,

Ball, first aid kit, sterile bandage, sterile compress Japan

materials, band-aids, and sterile burn gel

Design, manufacture and sales.

Disposable medical masks, first aid bandages

Dressings, absorbent non-woven dressing pads, first aid

European Union

Box (contains first-aid bandages of different specifications

2031 27

materials and absorbent non-woven dressing pads), medical

MDR7323 2 countries, AutoNavi 2 MDR cotton swabs, bandages, band-aids (adhesive bandages BSI 47R00 January 21 European first aid belts), sterile absorbent gauze dressings,

Japanese economy

PVC powder-free medical examination gloves, nitrile-free

District

Powdered medical examination gloves, disposable tweezers

son

Sterile and non-sterile dressings, bandages and accessories

ISO13485 MD72220 2028 Global AMAP 3 pieces, wound care products, for first aid kits BSI: 2016 9 Years 7 General First Aid

Disposable medical consumables, non-sterile soft

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Cover

Valid Issuing Department Certificate Serial Number Certificate Name Qualification Content Certificate Number Region/

Issued to the doorman's country

Design, development and production of splints and tourniquets Month 17

Made. Sales of disposable medical consumables. day

United Kingdom

First aid bandages, absorbent non-woven dressings (English

Mat, first aid kit (containing emergency boxes of different specifications)

Emergency bandage dressings and absorbent non-woven dressings UKCA766 2 Lan, Gaode 4 UKCA BSI pads), band-aids (adhesive bandages), absorbent gauze dressings, disposable medical Japanese,

mask suge

blue)

IATF certificate

No.: Global

2027 Beijing 9

0537627 General

IATF1694 first aid kit (reflective vest, warning triangle, 8 years old, Ding Guolian, Gaode 5, CASC certificate (automobile

9:2016 brand) produced on December 12, certified with first aid book number: car dealer

Japan Co., Ltd. 2024A380 Industry)

DV-2024- Annually

ARTG Register Australia AutoNavi 6 first aid kit, non-drug, one-time use MC- pay ARTG Register Leah First Aid 14058-1 annual fee

Disposable powder-free nitrile gloves (belonging to 303460548 2026 Gaode AnaerobicBoxGlove category), wine 6 years, first aid solution preparation cotton pads/iodophor preparation cotton pads, Chuangke

Stickers/tape/roll bandages, masks, CPR

Respiratory mask, burn dressing/burn gel,

FDARegis

7 CAT tourniquet, chest sealing patch (for US FDA tration 302626345 2026 Bikai open pneumothorax), elastic bandage/wrinkle bandage

2 years belt, emergency blanket (thermal blanket), splint/gold

Wire splint, triangle towel, tweezers/scissors,

Disposable cold compress bag/hot compress bag, gauze block/

Gauze piece

MDEL Certificate Annual Canada AMAP 8 ClassI (Class I) and ClassII (Class II) 29404 HC Book Update Large First Aid Non-Adhesive Equipment Fixed Bandages, Dressings/Practical

Tweezers, scissor-like, disposable, vinyl

Basic examination/treatment gloves (powder-free), nitrile

Examination/treatment gloves (powder-free, non-antibiotic

bacteria), universal suction head applicator/cotton swab

British medicine (single use), plaster tube profiles

Product and warranty

materials, surgical/medical masks (non-antibacterial,

MHRARe 202507290 Health product tube Amap 9 single use), first aid kit (non-medicinal, long-term UK

gistration 1430980 first aid disposable), non-woven gauze pad,

(MHR woven gauze pad (non-antibacterial), first aid suction

A) Attached pad/bandage, adhesive bandage (Tangco

sticker), non-woven gauze roll/sheet, with padding

Fixed splint (disposable), isolation gown

(disposable), general medical fiber

Fillers, secretions/excretions skin cleansing

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Cover

Valid Issuing Department Certificate Serial Number Certificate Name Qualification Content Certificate Number Region/

Issued to the doorman's country

agent, hot and cold compress physiotherapy pack (disposable use

(used), cardiopulmonary resuscitation (CPR) mask

(disposable), eye wash cup, universal

Surgical scissors (disposable), dressing set

Skin-defining adhesive tape (non-silicone), stop

Blood band cuff (disposable), medical

Instrument cleaning/disinfection wipes, emergency blanket (one

Single use), tongue depressor, traction bandage

Active implantable medical devices 2. Anesthesia and

Respiratory medical devices 3. Assisted products for disabled people

Product 4. Biologically derived medical devices 5. Supplement/replacement

Alternative therapy medical devices 6. Dental medical devices

ARL (Industry 7. Radiation medical devices for diagnosis and treatment 2028

ARL - Saudi Arabia

Factory Note 8. Mechanical and electrical medical devices 9. Medical institutions produce products and supporting modification facilities 10. Hospital hardware equipment 11 First aid 1110

Certificate) Preparation 11. In vitro diagnostic medical devices 12. Experiment date

Room equipment 13. Medical software 14. Non-active implants

Implantable medical devices 15. Ophthalmology and optical medicine

Devices 16. Reusable medical devices 17.

Disposable medical devices

MDMA 2028

Saudi Arabia

(First aid kit MDMA-2-Year 9 Gaode 11 Saudi first aid kit Allah SFDA Saudi Note 2025-3346 June 20 First aid

volume) day

Overseas registration status of products

Serial number Certificate name Certificate number Validity until Issuing authority Certificate holder

Nitrile gloves PPE certificate 2777/21024- SATRA

1 April 15, 2027 Amap First Aid Book 02/E25-01 Technology

Adult vest PPECE

2 0598/PPE/23/2698 April 20, 2028 SGS Fimko Ltd First Aid Certificate

adult vest

3 0120/PPE/220139 April 20, 2028 SGS Fimko Ltd Amap First Aid PPEUKCA Certificate

Children's vest PPECE

4 0598/PPE/22/3642 September 9, 2027 SGS Fimko Ltd First Aid Certificate

children's vest

5 0120/PPE/230424 September 9, 2027 SGS Fimko Ltd Gaode First Aid

PPEUKCA certificate

6 Reflective shoulder strap CE certificate 0598/PPE/25/3759 July 14, 2030 SGS Fimko Ltd Gaode First Aid

7 Reflective wristband CE certificate 0598/PPE/25/3760 July 14, 2030 SGS Fimko Ltd Gaode First Aid

Others

Preface Name of the certificate Qualification content Certificate number Validity until Issuing department

No. Chinese Product Code Article No. June 2028 China Article Code Hubei 1 GS1 Barcode

System Member Certificate No. 326721 21st Code Center AutoNavi Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Order Certificate

Certificate name Qualification content Certificate number Validity until Issuing department

No. Beijing Building Materials

ISO14067,

Product Carbon Footprint Certificate BMT-CFP- April 2027 Material Inspection Research Hubei 2 PAS2050 (Medical

Book 2024-037 22nd Academy Co., Ltd. Gaode Tape)

company

Reflective for car occupants CQC2401341 January 2029 China Quality Certification Hubei 3 CQC Certification Certificate

Vest 7821 3rd Certificate Center Gaode Internet Drug Information (E) - Non-Economic

December 2026 Hubei Province Drug Hubei 4 Interest Service Qualification Certificate Non-commercial For-profit-2021-

20th Supervision and Administration Bureau Gaodeshu 0134

Foreign trade management Bikai 5 / 04733545 Long-term effective /

Registration form for applicants

People's Republic of China

Customs declaration unit registration, import and export goods collection Bikai 6 / / Heguo Han Yanghai

Proof of consignor Erguan

Hubei Provincial Science

Technology Hall, Lake

High-tech Enterprise GR20254200 December 2028 Northern Province Finance Hubei 7/

Certificate 3780 18th Department of State, State Administration of Taxation and Moral Affairs Hubei

Provincial Taxation Bureau

(2) System certification certificate

As of March 31, 2026, the main system certification certificates owned by the subject company and its subsidiaries are as follows:

Certificate serial number Certificate name Qualification content Certificate number Validity until Issuing department

Renzhongbo United

occupational health and safety

GB/T45001- 30523S80 2026 8 International Certification Hubei 1 Management System Certification

2020/IS045001:2018 921R0M January 23 (Beijing) AMAP Certificate

Ltd.

Occupational Health and Safety Yuanzhuo Inspection

GB/T45001- 50025S01 2028 8 Hubei 2 Management System Certification Certification Limited

2020/IS045001:2018 March 25, 2018 Amap Company

Sino-Bo United

Environmental Management System GB/T24001- 30523E80 2026 8 International Certification Hubei Certification Certificate 2016/ISO14001:2015 920R0M August 23 (Beijing) Gaode Co., Ltd.

Yuanzhuo Inspection

Environmental Management System GB/T24001- 50025E01 2028 8 Hubei 4 Certification Limited

Certification Certificate 2016/ISO1400 44ROM March 25 Amap Company

Beijing Oriental

Energy Management System 24EnMS0 2027 6 Hubei 5 ISO50001:2018 Zongheng Certification

Certification certificate 468R0M January 10 Amap

Center

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

8. Development of the target company’s main business

(1) The relevant industry authorities, regulatory systems, main laws, regulations and policies

Industry and basis for determining the industry

The target company is mainly engaged in the research and development, production and sales of various emergency first aid products with first aid kits as the core.

Among them, the main items in the first aid kit include first aid bandages, elastic bandages, tourniquets, band-aids, medical

Tape, sterile cotton swabs, examination gloves, etc. are disposable medical consumables. According to the National Bureau of Statistics (National Economy

Industry Classification (GB/T4754-2017)", the company belongs to the "C2770 Health Industry" of "(C27 Pharmaceutical Manufacturing)"

Materials and Medical Supplies Manufacturing" industry.

Industry authorities, industry regulatory systems, major industry laws, regulations and policies, and the issuer’s

business development impact

(1) Industry authorities and regulatory systems

①Domestic industry authorities and regulatory system

Industry supervisor list

Serial number Supervision content

Bit

Organize the formulation of comprehensive industrial policies; guide the promotion and comprehensive coordination of economic system reform related to national development and

1 Work, put forward reform suggestions; be responsible for investment management; promote the implementation of innovation-driven development strategy, Reform Committee

Organize the formulation and promote the implementation of high-tech industries and strategic emerging industry development plans and policies, organize the formulation of national health policies, formulate draft laws and regulations, policies, and plans for the development of health and health undertakings, formulate departmental regulations and standards, and organize their implementation; coordinate and promote the deepening of the reform of the medical and health system, and the national health and health system

Study and put forward suggestions on major guidelines, policies and measures for deepening the reform of the medical and health system; formulate a medical and health committee

Management measures for institutions and medical service industries and supervise their implementation, and establish a medical service evaluation and supervision management system, etc.

The Medical Device Supervision Department: (1) Organize the formulation of management systems and quality management regulations for the production, operation, and use of medical devices and supervise their implementation; (2) Organize and carry out supervision and inspection of medical device production and operation enterprises and use links, organize and carry out monitoring and re-evaluation of medical device adverse events, supervise random inspections and safety risk assessments, and take timely measures to deal with discovered problems;

(3) Formulate management systems for inspections of overseas medical device manufacturers and supervise their implementation. The National Medical Products Administration organizes and carries out supervision and management matters related to the export of medical device products; (4) formulates the recall and disposal system of problematic medical devices for the Medical Supervision and Administration Bureau, and guides and supervises relevant local work, etc. Medical Device Registration Management Department: (1) Organize the formulation of medical device registration management systems and supervise their implementation; (2) Organize the formulation of medical device standards, classification rules, naming rules and coding rules; (3) Handle the registration of domestic Class III and imported medical device products, and the approval of high-risk medical device clinical trials; (4) Organize the qualification accreditation of medical device clinical trial institutions, and supervise the implementation of quality management standards for medical device clinical trials, etc.

Carry out investigations and studies on the development issues of the medical device industry, provide opinions and suggestions on policies and legislation to relevant government departments such as the State Food and Drug Administration; organize the development of China's medical devices

Formulate and supervise the implementation of industry policies and standardize corporate behavior; participate in national standards, industry standards, and machinery industry associations

Formulate, revise, publicize and promote industry qualification management of quality standards; accept authorization and entrustment from government departments such as the State Food and Drug Administration, and participate in the formulation of industry plans; independent financial advisory report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Industry supervisor list

Serial number Supervision content

Bit

Carry out registration consultation and agency for Category III products and imported products; carry out industry consultation, organize regulations, quality, technology and vocational training related to the medical device industry; organize the identification and promotion of scientific and technological achievements and products in the industry; create publications, collect, analyze and publish industry information; participate in domestic and foreign government procurement and medical device bidding and bidding; undertake or organize domestic and foreign exhibitions, seminars, etc.

Industry authorities include the National Development and Reform Commission, the National Health Commission, and the State Administration for Market Regulation. At the same time, my country implements classified management of medical devices. The competent authorities mainly follow the provisions of the "Regulations on the Supervision and Administration of Medical Devices" (State Council Order No. 797). On the one hand, they supervise products, and on the other hand, they supervise manufacturing and operating enterprises. The specific classified management methods are as follows:

②Medical device product classification management

Management

Product Type Regulatory Department Clinical Validation

formula

The city level where the district is located

Low risk, routine management implemented

Category I Filing People’s Government Drug Supervision No requirement

It can be guaranteed to be safe and effective

management department

It has a moderate risk and needs to be strictly controlled. The local province, autonomous region,

Category II clinical trials should be systematically managed to ensure their safety and registration. Municipal People’s Government Drug

testing, but in compliance with the "Medical Devices Supervision and Administration Department"

The Machinery Supervision and Administration Regulations have higher risks and need to be taken

III. Relevant provisions of the State Council’s Drug Supervision and Administration, exemption from special measures and strict control and registration

The regulatory department conducts clinical trial exclusions to ensure their safety and effectiveness.

③Categorized management of medical device manufacturing enterprises

Product Type Management Method Management Department

Category I Filing: Filing with the drug regulatory department of the local people’s government of the municipality divided into districts

Category II Approval

Category III approval shall be reviewed and approved by the drug regulatory department of the people's government of the province, autonomous region, or municipality directly under the Central Government where it is located.

④ Classification management of medical device operating enterprises

Product Type Management Method Management Department

Category I None None

Category II Filing: Drug Supervision and Administration Department of the People’s Government of the Municipality with Districts in the Location

Category III Approval Drug Supervision and Administration Department of the People’s Government of the Municipality with Districts in the Location

According to the "Medical Device Classification Rules" and the "Medical Device Classification Catalog", the company's products mainly belong to Class I medical devices.

(2) Overseas industry authorities and regulatory systems

When the target company's first-aid kit products are exported overseas, they must comply with relevant local laws and regulations on medical device management. The subject company's products are mainly sold overseas to the European Union, Australia, the United States and other countries and regions.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Medical device products are related to life, health and safety. Governments of various countries have strict regulations and management on the market access of medical device products. When my country's medical device products enter foreign markets, they must apply the laws and regulations related to medical device management in the importing country. For countries and regions with independent product certification and registration systems, such as the United States and Europe, they need to be certified or registered by the relevant medical device regulatory agencies of the importing country before they can be sold locally. Other countries that do not have an independent medical device product certification and registration system recognize the relevant certification and registration of the above-mentioned countries and regions or require the provision of corresponding technical documents to ensure product quality.

The regulatory authorities and laws and regulations related to medical devices in the major countries and regions covered by overseas sales are as follows:

Country/Place

Regulatory authorities Relevant laws and regulations

District

European Union unified management during the approval stage, clinical trials

EU Medical Device Regulation

After listing, it will be managed by the competent authorities of various countries.

Australia Australian Therapeutic Goods Administration Therapeutic Goods Act Therapeutic Goods Regulations Medical Device Safety Act Medical Device Quality Standards United States United States Food and Drug Administration

System Specifications" "Food, Drug and Cosmetic Act"

Major overseas countries and regions generally conduct classified management and approval of medical devices based on their possible impact on the human body. The specific regulatory agencies and contents are as follows:

①EU medical device regulatory system

On April 5, 2017, the European Parliament and the Council of the European Union announced the adoption of a new regulation on medical devices (Regulation (EU) 2017/745, MDR). This regulation has been revised several times since its release and has been officially implemented. Some medical devices that meet its relevant provisions are allowed to apply the transition period extension provisions.

According to the product risk from low to high, the new regulations divide medical devices into four categories: I, IIa, IIb and III. Medical device products produced in EU member states, medical device products produced overseas and circulated within EU member states, and medical device products produced in EU member states and exported to other countries need to complete the CE certification mark. In order to pass CE certification, manufacturers of Class I products must perform quality assurance statement procedures in accordance with regulations. In addition to performing quality assurance statements in accordance with regulations, manufacturers of Class II products must also perform relevant sample review and quality certification procedures. Class III high-risk products are generally medical devices implanted in the human body and used to support and maintain life. Manufacturers must perform quality assurance statements and related sample review and quality certification procedures in accordance with more stringent regulations. ②Australian medical device regulatory system

The Australian Therapeutic Goods Administration classifies medical devices into Class I, Class IIa, Class IIb, Class III and Active Implantable Medical Devices (AIMD) according to risk from low to high. Generally, Class I non-sterile, non-measurement products need to self-assess and complete ARTG registration; Class IIa and IIb products need to be evaluated by TGA based on compliance. Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Conduct a technical review with the sampling inspection mechanism and provide a conformity assessment certificate; the highest risk Category III and

AIMD products need to go through the most stringent pre-market review process, and their manufacturers also need to accept the quality management system

Review and obtain conformity assessment certificate.

③US medical device regulatory system

FDA stipulates that any medical device manufacturer must comply with federal regulations 21CFR820QSR

request. According to the product risk from low to high, FDA divides medical devices into three categories: I, II and III. Generally speaking,

Class I products need to be registered and filed, and Class II products need to apply for exemption or meet substantive requirements based on their risk characteristics.

According to the requirements of equivalence determination ((510K)), Class III products with the highest risk need to undergo pre-market approval, and their manufacturers

Also subject to on-site review for compliance with quality management system standards.

Major laws and regulations in the industry and their specific impact on the company’s business development

Preface promulgation order promulgation

File name Document number Main content involved

No. Position Time

"Medical Device Production, National Drug Administration, National Drug Administration 2000"

The quality assessment of medical device manufacturers requires 1. Production enterprise quality system supervision and administration order and product supervision. Year 5

Assessment Measures No. 22 Administration Bureau to regulate matters such as applications and assessment applications.

National Food and Drug National Food and Drug

"Medical Device Use 2015 Supervision and Management of Procurement, Acceptance, and Storage of Medical Devices"

2 Use quality supervision and management. Year 10 Storage, use, maintenance, transfer, etc. Supervision and management according to the regulations issued by the General Administration

Administrative Measures" Fixed monthly

No. 18 General Administration of Finance

The plan proposes to closely focus on the needs of building a healthy China, highlight the major issues affecting the national economy and people's livelihood, such as the prevention and control of major chronic diseases and the response to the aging population, with the goal of improving the health level of the whole people, systematically strengthen the integration of biological data, clinical information, and sample resources, coordinate the construction of national clinical medical research centers and disease collaborative research networks, and promote the "13th Five-Year Plan" National 2016 research and development enterprises to jointly carry out innovative and integrated research and development.

3 scientific and technological innovation regulations were conducted by the State Council in 2017 to accelerate the development of medical science and technology. Heavy [2016] No. 43

Plan" monthly deployment of disease prevention and control, precision medicine, reproductive health, rehabilitation and elderly care, drug quality and safety, innovative drug development, localization of medical devices, modernization of traditional Chinese medicine and other tasks. Strive to form an integrated and continuous health security system of medical care and health care by 2020, providing solid scientific and technological support to improve the quality of medical service supply, accelerate the development of the health industry, and promote medical reform and the construction of a healthy China. The "Thirteenth Five-Year Plan" proposes that by 2017, the basic shape of 2016

Deepen the development of medical and health care and develop it into a more systematic basic medical and health care system 4 State Council Year 12

Structural Reform Regulations [2016] No. 78 Policy Framework. Hierarchical diagnosis and treatment policy system month by month

Plan" to further improve the modern hospital management system and comprehensive Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Consultant Report

Preface promulgation order promulgation

File name Document number Main content involved

No. Position Time

The construction of a comprehensive regulatory system has been accelerated, the universal medical security system has become more efficient, and the policies for drug production, circulation and use have been further improved. By 2020, a relatively complete public health service system and medical service system, a relatively sound medical security system, a relatively standardized drug supply security system and a comprehensive supervision system, and a relatively scientific management system and operating mechanism of medical and health institutions will be generally established. National Food and Drug National Food and Drug

2017

"Medical Device Recall Supervision and Administration of Drug Products Investigation and Assessment of Medical Device Defects, 5 Years 1

Recall Management Measures" General Administration Order No. Supervision and Management Recall requirements, recall methods, etc. will be stipulated monthly

No. 29 Council

National Food and Drug National Food and Drug

2017

"Medical Device Standards Supervision and Administration of Drugs and Drugs" Formulation and revision of medical device standards, 6 years 4

"Quasi Management Measures" General Administration Order No. Supervision, Management, Implementation and Supervision Provisions

month

No. 33 Council

Advanced medical devices are an important foundation for the construction of the health security system, the main driving force for advancing the advancement of medical diagnosis and treatment technology, the core engine for optimizing the supply of medical services during the 13th Five-Year Plan, and the guiding force for 2017

Medical Device Science and Technology, Ministry of Science and Technology, State Science and Technology Office, a transformative force leading the transformation of the medical model, 7 years and 5 years

Innovation Special Regulation [2017] No. 44 General Office is highly strategic, motivating and effective

The long-term nature of the plan, its strategic position has been widely valued by countries around the world, and is an important symbol of a country's scientific and technological progress and national health security capabilities.

"On Deepening the Review, Central Committee of the Communist Party of China

The review and approval system was reformed in 2017, aiming to promote the reform of the pharmaceutical and medical device industry structure, encourage the adjustment and technological innovation of the Pharmaceutical and Medical Devices Department, the State Council 10, improve the competitiveness of the industry and the effectiveness of medical device innovation, and meet the clinical needs of the public.

Opinions》Public Office

Provisions on the qualifications and requirements required for online sales and online transactions of medical devices. National food and drug regulations National food and drug regulatory authorities at all levels strengthen the administrative region's "Medical Device Network 2017"

Product Supervision and Management of Pharmaceuticals Enterprises engaged in online sales of medical devices in 9 years. Online sales supervision and management in 12 years.

Order No. of the General Administration of Supervision and Regulation of Medical Device Online Transaction Services and Third-party Administrative Measures"

No. 38 Bureau regulates the supervision and management of platform providers and urges enterprises and third-party platform providers to effectively fulfill their main responsibilities.

"Medical Device Standards" National Food Standards consider the fields of new sanitary materials and dressings as 2018

Quasi-Planning Food and Drug Administration Key Areas of Standardization of Drugs and Passive Medical Devices 10 Years 1

(One of the Supervision Regulations No. 9 of 2018-2020 [2018], requiring the acceleration of medical device standard management

Year)》 Construction of administrative information service platform.

"Medical devices are not regulated by the National Market Supervision, National and Municipal Regulations for Medical Device Marketing Authorization Holders, 2018"

Adverse Event Monitoring and Supervision Management General Site Supervision Adverse Event Supervision of Operating Enterprises and User Units 11 years 8

Re-evaluation Management Office, Chinese General Management Testing Work Requirements, Medical Device Adverse Event Month

"Law" stipulates the work requirements of the National Security Bureau and the National Monitoring Technical Institutions of the Republic of China. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Preface promulgation order promulgation

File name Document number Main content involved

No. Position Time

Home health and wellness Home health and wellness

Committee Order No. Committee

No. 1

"Strategic Emerging 2018" clearly lists sanitary materials and dressings in the National Bureau of Biological Statistics.

12 Industry Classification Year 11 Other Biomedical Uses Under Major Industry Category Projects Order No. 23 Planning Bureau

(2018)》Month Materials and Supplies Manufacturing Industry Project. national health

"Medical Health Committee of Medical Institutions, 2019

The National Health and Medical Development Office conducts 13 management of medical consumables in medical institutions. National Middle-aged 6

[2019]No. 43 Specification

Law (Trial)》Pharmaceutical Management Month

Council

"Drugs, Medical

In order to strengthen the advertising management of medical devices and ensure that medical devices and health food

National Market Supervision 2019 Authenticity and Legality of Medical Device Advertisements, Special Medical Market Supervision

14 General Administration of Supervision and Administration In 2012, the General Administration of Supervision and Administration clearly stipulated the purpose of medical device advertising and formula food administration.

Order No. 21 Monthly Review of Content and Review of Illegal Medical Device Advertisements Administrative Bureau

How to deal with advertising, etc.

Interim Measures

The State Council’s tariffs will be imposed on 859 State Council tariffs starting from January 1, 2020.

The Committee will implement the Tariff Committee on the 2019 Commodities (Excluding Tariff Quota Commodities).

15 The provisional import tax rate for 2020 12, including baby diapers [2019] No. 50.

Adjustments to fixed tax rates, etc., and diapers, adult diapers and diapers will be implemented on a monthly basis

Notice of Program Tariff.

In order to strengthen the supervision and management of medical device quality, the "Medical Device Quality National Drug 2020"

National Drug Administration Standardizes the quality and inspection work of medical devices 16 Random inspections and inspections Quality Supervision Year 3

[2020] No. 9, according to the "Regulations on the Supervision and Administration of Medical Devices" Administration Bureau

Regulations" stipulates that these measures are formulated.

Improving the fair and appropriate treatment guarantee mechanism, regarding deepening medical treatment CPC Central Committee 2020

Collaboratively promote the supply-side reform of medical services, 17 guarantee system reform - Central and State Year 3

Opinions on deepening centralized and quantitative procurement of drugs and medical consumables State Council Month

Procurement system reform.

Mainly stipulates that medical device manufacturers, national drug regulatory companies approved by the "Medical Device Registration", and user units monitor adverse events in the National Drug 2020

The registered person carries out the work requirements of the bad supervision and management bureau, and the public, legal persons and other related products supervise 18 years 4

Event monitoring work 2020 is the first month to organize the reporting of medical device adverse events to the administration.

Guideline No. 25 requires, work requirements of technical institutions for monitoring adverse events of medical devices, etc.

In terms of organizational personnel, plants and facilities, and equipment, "Medical Device Production"

Preparation, document management, design and development, and production quality management regulations National Pharmaceutical 2020

Food and Drug Administration Comprehensive Equipment Control and Purchasing, Production Management, Quality Control, and Sales 19 Standard Independent Software Current Product Supervision Year 6

[2020] No. 57 and after-sales service, control of non-conforming products, and off-site inspection guidelines Bureau Month

Guidelines for regulatory authorities on good event monitoring and other aspects"

Carry out on-site inspections and evaluate inspection results. The People's Republic of China 2021 is engaged in research and development of medical devices in China. "Medical Device Supervision"

20 The State Council of the People's Republic of China Regulations on Production, Production, Operation, and Utilization Activities and Their Supervision and Management

Order No. 739 Supervision and Management, this Regulation shall apply.

"Medical Device Notes National Market Supervision 2021"

National and municipal requirements for registration or filing of medical devices, 21 registration and filing management General Administration of Supervision and Administration Year 8

stipulate on-site supervision procedures, etc.

Measures" Order No. 47

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Preface promulgation order promulgation

File name Document number Main content involved

No. Position Time

General management

bureau

National City

"Medical Device Production National Market Supervision 2022 Management of Medical Device Production Licensing and Registration"

field supervisor

22 Industrial Supervision and Administration Office General Administration of Supervision and Administration Year 3 Management, entrusted production management, production quality management

General management

Law" Decree No. 53 Monthly Manager, etc. stipulates

bureau

The national and municipal regulations stipulate the operation of medical device operating enterprises "Medical Device Regulation National Market Supervision 2022"

On-site supervision Licensing and filing management, operation quality management 23 Operation Supervision and Management Office General Administration of Supervision and Administration Year 5

Domestic Law on the Administration of the Prime Minister, Supervision and Management, Legal Liability, etc." Order No. 54

Bureau content.

Technology

"The 14th Five-Year Plan" Chinese people will strengthen key common technologies, cutting-edge leading technologies and disruptive technologies in the field of health and wellness.

National Science and Technology Development Press 2022

Department of Health and Wellness People's Republic of China Innovation, breakthroughs in a number of measures to protect people's health, 24 [2022] 11

Special regulations for technological innovation. Key technologies and technologies that promote the development of the health industry.

235th month

Plan" health products to seize future development opportunities and strategic health frontiers

Will

Classified management, production and economics of medical devices

People's Republic of China 2024

"Medical Device Supervision Classified Management, Product Registration and Preparation 25 State Council of the People's Republic of China State Council Year 12

Supervision and Administration Regulations, Handling of Adverse Events and Medical Device Order No. 797

stipulations on recalls, etc.

"State Council Office"

About the comprehensive in-depth

Chemical drugs and medical devices issued by the State Council 2024

The State Council comprehensively deepens the reform of drug and medical device supervision 26 Promoting the reform of drug and medical device supervision [2024] 53 years 12

General Office reform to promote the high-quality development of the pharmaceutical industry and advance the high-quality development of the pharmaceutical industry.

The meaning of quality development

see》

Medical device registrant, filing person, trustee

National Drug Administration 2026

"Medical Device Manufacturing" National pharmaceutical manufacturing enterprises in the design and development of medical devices,

Supervision and Administration Year 11

27 Product quality management regulations Product supervision Production, quality control and product release and sales

Reported starting from January 2025

Specification" Administration No. 107 shall be implemented during sales and after-sales service activities

Comply with this Code.

(2) Main business and main products and changes during the reporting period

Main business

The target company is mainly engaged in the research and development, production and sales of various emergency first aid products with first aid kits as the core.

A first aid kit is an integrated medical emergency equipment that usually contains hemostatic dressings, disinfection supplies, bandaging tools,

Basic medicines and protective equipment are used for emergency treatment at the scene of accidental injuries or sudden diseases, and their design must comply with

It meets the requirements of ergonomics, portability and multi-scenario adaptability, and is widely used in homes, vehicles, outdoor sports,

Public places and industrial working environments. In the domestic market, the company was the first to introduce and practice the international “first aid”

(First Aid)" concept. In overseas markets, the company relies on high-quality products in the fields of vehicle and industrial first aid. Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

It has won widespread customer trust and market recognition.

The target company continues to increase investment in research and development, constantly optimizes the production process and packaging methods of first-aid kit configuration products, realizes "machine substitution" of key processes by promoting automation transformation, and actively participates in the drafting of industry standards such as vehicle emergency kits and home emergency kits, and leads the industry upgrading with technology drive. Subsidiary Hubei Gaode has won titles such as "Hubei Province's Specialized and New Small and Medium-sized Enterprises", "Hubei Province's Manufacturing Single Champion Enterprise", "Hubei Province's Green Manufacturing Factory" and "Hubei Province's High-Quality Development Enterprise", which further consolidated the subject company's professional status and R&D and manufacturing strength in the field of first aid protection.

In addition, the target company participated in the investment and construction of a medical first-aid industrial park in Tuanfeng County, Hubei Province to build an intelligent and lean smart factory, gradually break through key material and process bottlenecks, realize independent production and supply chain integration of some core products, and form a collaborative product matrix of medical basic materials and emergency first-aid products. Currently, the target company has an annual planned production capacity of first-aid kits of nearly 20 million sets.

In the future, the target company will take advantage of the favorable situation of China's accelerated export of new energy vehicles and the continuous improvement of global emergency rescue awareness, continue to delve into the international and domestic mid-to-high-end markets, continue to expand product lines and application scenarios, meet the growing market demand, further consolidate its leading position in the industry, and inject strong impetus into the long-term sustainable development of the target company.

During the reporting period, there were no major changes in the subject company's main business.

Main products

According to different application scenarios, the target company's first aid kit products are mainly divided into nine series: home care/emergency series, vehicle emergency series, office series, outdoor emergency series, health protection series, travel portable series, training first aid kit series, AED emergency care series and disaster prevention series. In addition, the company has also developed various products such as emergency response, quick hemostasis, heatstroke prevention and cooling, and sports protection based on the needs of consumers in various high-frequency scenarios.

Category Product Classification Usage Scenario Example

home first aid kit

home emergency kit

Home emergency kit

Family health box

Home Care Home Health Package Home

Management/Emergency AED Home Emergency Pets

Series package catering

Home Emergency Kit – Jane

Edition

First Aid Series

Mother's parcel

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Category Product Classification Usage Scenario Example

pet first aid kit

Catering first aid kit

Car first aid kit

Motorcycle/Electric Vehicle/

Bicycle/non-motorized

car emergency kit

Car health kit

Car emergency kit

Vehicle-mounted emergency kit Motor vehicle, non-public transportation emergency Motor vehicle, vehicle-mounted emergency kit

Box motorcycle, electric emergency series

Roadside Assistance Kit - Simple E-Vehicle, Self-equipped Vehicle Roadside Assistance Kit-Tong

Use version

Roadside Assistance Kit-Burn

Oil truck version

Roadside Assistance Package-New

Energy vehicle version

First aid kit (PP)

First Aid Kit-Classroom Edition

Laboratory first aid kit

workplace first aid

Office, practical office box

Laboratory, Hazardous Chemical Laboratory Series Hazardous Chemical Enterprise First Aid

Enterprise, industrial box

health clinic emergency

box

Eye wash first aid kit

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Category Product Classification Usage Scenario Example

First aid kit/nursing kit, heatstroke prevention and cooling kit

Flood prevention emergency kit

Heatstroke prevention and cooling bag upgraded version

outdoor emergency kit

Outdoor emergency delivery boy emergency outdoor, heatstroke prevention, emergency series bag Flood prevention sports protection bag

outdoor travel bag

Portable protective bag

Portable AED Emergency Kit

roadside assistance kit

First aid kit/care kit

family pack

Health and prevention portable bag Home, outdoor, protective series Health bag Gift reserve bag

health protection package

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Category Product Classification Usage Scenario Example

First aid kit/care kit

Travel bag

Travel and convenience travel health gift packs Outdoor, business travel, portable series Portable health packs Gift portable emergency kits

portable emergency kit

Training emergency first aid kit

Rescue Kit Series AED Auxiliary Supplies First Aid Training Series Training Set

AED emergency

Rescue Care AED First Aid Kit AED First Aid Series

doomsday first aid kit

earthquake survival kit

earthquake emergency kit

Disaster Prevention Response Fire Emergency Kit

Disaster and rescue emergency series Red Cross aid outsourcing

Filter type fire automatic

respirator

emergency escape rope

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Category Product Classification Usage Scenario Example

Emergency emergency blanket

emergency

Single product thermal blanket

Quick stop

Zeolite hemostatic gauze

Blood type single quick hemostasis

Zeolite hemostatic cotton ball

product

cooling spray

Multifunctional foldable windshield for heatstroke prevention

Warm-type single fan, heatstroke prevention and cooling products, medical ice packs

Medical antipyretic ice patch

Sports defense

Protective Single Muscle Patch Sports Protective Products

During the reporting period, the subject company's main products did not undergo significant changes. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(3) Flow chart of main products or services

(4) Main business model

Procurement model

The target company’s procurement model is divided into two categories: monthly regular procurement and order-based supplementary procurement, as follows: (1) Monthly regular procurement

The target company uses the formulated monthly procurement plan as the core implementation basis to carry out regular procurement work. This plan can cover most of the conventional materials required in the production process and ensure the stable advancement of large-scale production. (2) Supplementary purchase according to order

For scattered orders and customized demand orders, the target company conducts detailed decomposition of order demands within the overall framework of the monthly production plan, and simultaneously generates an order-based supplementary procurement plan to ensure accurate adaptation of material supply and order demand, taking into account both procurement efficiency and customized demand implementation.

Production mode

The target company adopts a composite production strategy of "focusing on sales and fixed production, supplemented by stocking and production", as follows:

(1) Determine production based on sales

The target company's main production orders are all based on the issuance of formal orders from customers. Through the order-driven production model, accurate matching of production and actual market demand is achieved, effectively reducing the risk of inventory backlog. Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Improve the efficiency of production resource utilization.

(2) Auxiliary stocking arrangements

The target company only carries out moderate stocking and reserve for a small number of standardized large-category products. This type of stocking products is centered on standard products and accounts for a low proportion of the company's overall production scale. It can not only cope with short-term sudden order demand, but also strictly control inventory occupancy costs.

Sales model

The target company mainly adopts a sales model of OEM and ODM production for domestic and foreign customers. During the reporting period, the target company carried out order production for brand owners in China, Europe, North America, Oceania and other regions. After signing contracts or orders with customers, it provided customers with various emergency and rescue products that should be used in different scenarios through its own technology accumulation and qualification certifications that have been deeply cultivated in the field of emergency rescue for many years, combined with its own production and supply chain advantages.

The target company is committed to the in-depth layout of the international market. Through cooperation with high-quality customers, it not only establishes a brand image and expands market channels, but also further consolidates and optimizes sustainable strategic cooperative relationships with core customers. At the same time, the target company actively explores new customers with scale and growth potential to optimize customer structure, enhance market visibility and order quality, and promote the continued growth of international business.

Profit model

The target company is mainly engaged in the research and development, production and sales of various emergency first aid products with first aid kits as the core. A first aid kit is an integrated medical emergency equipment that usually includes hemostatic dressings, disinfection supplies, bandaging tools, basic medicines and protective equipment. It is used for emergency treatment at the scene of accidental injuries or sudden diseases. Its design must meet the requirements of ergonomics, portability and multi-scenario adaptability. It is widely used in homes, vehicles, outdoor sports, public places and industrial operating environments. By providing customers with first aid kits and various emergency first aid products covering different application scenarios in exchange for related product income, the main profit model of the target company remained stable during the reporting period.

(5) Production and sales of main products

Changes in sales revenue and sales prices of main business products

(1) Main business income divided by product categories

During the reporting period, the target company’s main business income classification and proportion are as follows:

Unit: Ten Thousand Yuan Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

January-March 2026 2025 2024 projects

Amount Percentage Amount Percentage Amount Percentage Vehicle-mounted first aid kit 2,532.41 50.41% 11,177.99 48.60% 12,200.66 48.02%Industrial first aid kit 782.56 15.58% 3,273.35 14.23% 3,126.71 12.31%Other first aid kits

1,708.52 34.01% 8,550.18 37.17% 10,081.93 39.68% and first aid items

Total 5,023.49 100.00% 23,001.52 100.00% 25,409.30 100.00% (2) Sales quantity and price changes of major products

During the reporting period, the sales volume of the subject company’s main products is as follows:

Product category Unit January-March 2026 2025 2024 Vehicle first aid kit 10,000 sets 156.27 673.24 626.81 Industrial first aid kit 10,000 sets 19.36 76.91 76.12 Other first aid kits and first aid kits 10,000 sets, 10,000 bags, 10,000

640.05 3,285.67 3,814.24 single product, 10,000 rolls, etc.

During the reporting period, the unit price changes of the subject company’s main products are as follows:

Product category Unit January-March 2026 2025 2024 Vehicle first aid kit Yuan/set 16.21 16.60 19.46 Industrial first aid kit Yuan/set 40.43 42.56 41.07 Other first aid kits and first aid kits Yuan/set, Yuan/bag,

2.67 2.60 2.64Single product Yuan/unit, Yuan/roll, etc.

(3) Main business income divided by sales area

During the reporting period, Bikel’s main business income was classified and accounted for by region as follows:

Unit: 10,000 yuan January-March 2026 2025 2024

Project

Amount Proportion Amount Proportion Amount Proportion Domestic 707.95 14.09% 2,938.91 12.78% 3,605.03 14.19% Overseas 4,315.54 85.91% 20,062.60 87.22% 21,804.27 85.81%Total 5,023.49 100.00% 23,001.52 100.00% 25,409.30 100.00%

During the reporting period, the sales areas of Bikel's products were widely distributed, and the main business revenue was concentrated overseas, accounting for approximately 86%, and the proportion in each year was basically stable.

Sales to the top five customers

During the reporting period, the subject company’s main business income from its top five customers is as follows:

Unit: RMB 10,000 per main business revenue period Serial number Name Amount of income

Proportion of income in 2026 1 Client 1 669.45 13.33% Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Accounting for main business revenue period Serial number Name Income amount

Proportion of income from January to March 2 Customer 2 307.25 6.12% 3 Customer 5 297.02 5.91% 4 Customer 9 258.67 5.15% 5 Customer 7 220.30 4.39%

Total 1,752.69 34.90% 1 Customer 1 4,083.26 17.75% 2 Customer 2 1,886.88 8.20% 2025 3 Customer 3 1,243.83 5.41% 4 Lanfan Medical 906.43 3.94% 5 Customer 4 803.34 3.49%

Total 8,923.77 38.80%

1 Customer 2 2,327.25 9.16% 2 Customer 1 2,026.25 7.97% 2024 3 Customer 6 1,762.99 6.94% 4 Customer 4 1,613.69 6.35% 5 Customer 7 1,296.41 5.10%

Total 9,026.59 35.52%

Note: Statistics of customers under the same control have been consolidated

During the reporting period, the target company's top five customers were relatively stable, and there was no situation where the proportion of sales to a single customer exceeded 50% of total sales or that it was heavily dependent on a few customers. Among the top five customers of the target company, Lanfan Medical is the parent company of the target company. The target company is the main manufacturer of first aid kits and first aid related products within the Lanfan Medical Group. During the reporting period, it mainly provided ODM OEM production of first aid kits and emergency first aid products for Lanfan Medical. The relevant transactions followed the principles of fair and reasonable market pricing. There were no untrue transactions, unfair pricing, or situations that affected the independence and daily production and operation of the target company. Except for Lanfan Medical, there is no related relationship between the target company's directors, supervisors, senior managers, other major related parties or shareholders holding more than 5% of the shares and their close family members during the reporting period and the top five customers.

Production capacity, output, opening and closing inventory of major products

During the reporting period, the production capacity, output, and opening and closing inventory of the target company's main products are as follows:

Unit: 10,000 sets, 10,000 bags, 10,000 pieces, 10,000 rolls, etc. Product classification Project January-March 2026 2025 2024

Beginning inventory 43.98 49.88 15.43 First aid kit Ending inventory 50.44 43.98 49.88

Planned production capacity 480.00 1,920.00 1,920.00 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Product Classification Project January-March 2026 2025 Year 2024 Production 220.98 867.64 882.24 Beginning Stock 1.31 18.88 5.03 Ending Stock 8.25 1.31 18.88 Reflective Clothing

Planned production capacity 110.00 440.00 440.00Output 60.68 272.98 385.35 Beginning inventory 99.13 184.82 148.74 Ending inventory 145.80 99.13 184.82 First aid kit single product

Planned production capacity 14,072.23 56,267.45 55,873.68 Output 5,152.06 23,027.66 22,507.99

(6) Supply of main raw materials and energy

Main raw material procurement and price changes

(1) Purchase amount of main raw materials and proportion of total purchases in the current period

During the reporting period, the target company purchased raw materials including first aid kit raw materials, first aid kit inner boxes, first aid kit individual products,

Packaging auxiliary materials, reflective clothing raw materials and other categories, the purchase amount of main raw materials and their share of the total material purchases in the current period

The proportions are as follows:

Unit: 10,000 yuan

January to March 2026 2025 2024

Serial number Material name Procurement Procurement Procurement Procurement Procurement

Amount Proportion Amount Proportion Amount Proportion 1 First aid kit raw materials 1,748.44 47.55% 6,501.81 44.81% 7,500.82 47.93% 2 First aid kit inner box 851.65 23.16% 3,547.40 24.45% 3,722.84 23.79% 3 First aid kit single product 374.12 10.17% 1,725.95 11.89% 1,105.51 7.06% 4 Packaging auxiliary materials 397.36 10.81% 1,490.43 10.27% 1,602.99 10.24% 5 Reflective clothing raw materials 120.37 3.27% 569.71 3.93% 887.29 5.67%Total 3,491.94 94.97% 13,835.29 95.34% 14,819.45 94.70%

(2) Changes in average prices of main raw materials

During the reporting period, the changes in the average price of the target company’s main raw materials are as shown in the following table:

Unit: Yuan/unit, Yuan/piece, Yuan/roll, Yuan/kg, etc. Serial number Material name January-March 2026 2025 2024 1 First aid kit raw materials 0.38 0.39 0.36 2 First aid kit inner box 3.90 4.03 4.63 3 First aid kit single product 2.65 2.18 1.88 4 Packaging auxiliary materials 0.10 0.09 0.09 5 Reflective clothing raw materials 1.23 1.54 1.63 During the reporting period, the first-aid kit products of the subject company were used according to different specific application scenarios. The first-aid kits used were originally Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

There are many types of raw materials, including first aid kit inner boxes, first aid kit items, packaging auxiliary materials, reflective clothing materials, etc.

Specifications vary greatly.

Energy procurement situation

The energy required for the subject company's main business is mainly electricity and water. During the reporting period, the subject company's electricity bills and

The water charges are as shown in the table below:

Project January-March 2026 2025 Electricity fee in 2024 (10,000 yuan) 30.08 162.19 210.38 Electricity consumption (10,000 kWh) 38.56 212.35 249.48 Average electricity price (yuan/kWh) 0.78 0.76 0.84 Water fee (10,000 yuan) 0.78 4.45 5.98 Water consumption (10,000 tons) 0.26 1.48 2.00 Average water price (yuan/ton) 3.00 3.00 3.00

Procurement status of the top five suppliers

During the reporting period, the subject company’s raw material procurement status from the top five raw material suppliers is as follows:

Unit: ten thousand yuan order

Period Supplier name Purchase amount Purchase proportion number

1 Zhejiang Yeda Safety Protection Products Co., Ltd. 276.55 7.52% 2 Tuanfeng Gaojian Textile Co., Ltd. 270.58 7.36% 2026 1-3 3 Wuhan Hengbangsheng Molding Products Co., Ltd. 216.35 5.88% monthly 4 Jinhua Yongfang Clothing and Bags Factory 179.76 4.89% 5 Jiaxing Xuecheng Packaging Co., Ltd. 170.78 4.64%

Total 1,114.02 30.30% 1 Wuhan Hengbangsheng Molding Products Co., Ltd. 1,146.40 7.90% 2 Tuanfeng Gaojian Textile Co., Ltd. 1,098.42 7.57% 3 Jinhua Yongfang Clothing Luggage Factory 908.51 6.26% 2025

4 Zhejiang Yeda Safety Protection Products Co., Ltd. 826.06 5.69% 5 Jinhua Jingdi Medical Products Co., Ltd. 668.04 4.60%

Total 4,647.43 32.03%

1 Tuanfeng Gaojian Textile Co., Ltd. 1,157.75 7.40% 2 Xianning Huafu Packaging Materials Co., Ltd. 1,112.59 7.11% 3 Zhejiang Yeda Safety Protection Products Co., Ltd. 1,104.99 7.06% 2024

4 Wuhan Hengbangsheng Molding Products Co., Ltd. 1,032.50 6.60% 5 Jinhua Yongfang Clothing and Bags Factory 914.92 5.85%

Total 5,322.75 34.01%

During the reporting period, the target company did not purchase more than 50% of the total purchases from a single supplier. Independent Financial Advisor Report of Changjiang Securities Underwriting and Recommendation Co., Ltd.

or heavy reliance on a small number of suppliers.

During the reporting period, there was no related relationship between the target company's directors, supervisors, senior managers, other major related parties or shareholders holding more than 5% of the shares and their close family members and the top five suppliers.

(7) The interests of directors, senior managers and core personnel, other major related parties or shareholders holding more than 5% of the shares in the top five suppliers or customers

During the reporting period, except for Lanfan Medical, the parent company of the target company, the directors, supervisors, senior managers and core personnel of the target company, other major related parties or shareholders holding more than 5% of the equity of the target company did not hold interests in the above-mentioned top five customers and top five suppliers.

(8) Overseas production and operations

During the reporting period, the target company had no overseas subsidiaries and branches, and there was no overseas production and operation.

(9) Production safety, environmental protection and energy efficiency

The target company has well-constructed production facilities and attaches great importance to safety protection during the production and operation process. During the reporting period, no major safety accidents or other violations of production safety laws and regulations occurred.

During the reporting period, the subject company's daily production and operations did not involve high-risk, heavy pollution, or high energy consumption.

(10) Quality control situation

The target company has established a quality management system that meets international standards, such as ISO 13485:2016 medical device quality management system certification, MDSAP (Medical Device Single Audit Procedure) certification, and IATF 16949:2016 automotive industry quality management system certification applicable to the production of vehicle first aid kits. Its main products have obtained compulsory registration and licenses to enter global core medical markets such as the EU, the United States, Canada, and Australia, and product quality control runs through the complete chain of design and development, production and manufacturing, and customer service. During the reporting period, the subject company always attached great importance to customers' quality feedback information on products and services, and actively eliminated quality hazards as much as possible through systematic management and control such as product quality target control procedures, product quality control procedures, design and development control procedures, procurement control procedures, production management control procedures, monitoring and measurement equipment control procedures, sales control procedures, non-conforming product control procedures, and product labeling traceability control procedures.

During the reporting period, the target company had no major quality disputes and was not subject to administrative penalties due to product quality problems.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(11) The stage of production technology of main products

The target company is mainly engaged in the research and development, production and sales of various emergency first aid products with first aid kits as the core. The target company's main product production technologies are in the mature mass production stage.

9. Main financial data of the target company

The main audited financial data of the target company during the reporting period are as follows:

(1) Main financial data of the balance sheet

Unit: 10,000 yuan

Item March 31, 2026 December 31, 2025 Current assets on December 31, 2024 17,862.14 17,675.71 29,257.05 Non-current assets 5,460.17 5,657.77 6,783.80 Total assets 23,322.31 23,333.49 36,040.85 Current liabilities 10,188.80 10,580.15 4,551.18 Non-current liabilities 1,033.27 812.66 1,318.12 Total liabilities 11,222.07 11,392.82 5,869.31 Equity attributable to the parent company 12,100.24 11,940.67 30,171.54Owner’s equity 12,100.24 11,940.67 30,171.54

(2) Main financial data of the income statement

Unit: 10,000 yuan

Project January to March 2026 2025 2024 operating income 5,040.35 23,080.34 25,530.47Operating profit 163.89 2,706.97 3,866.30Total profit 161.68 2,698.59 3,854.17Net profit 159.57 1,769.13 3,067.68 Net profit attributable to the owners of the parent company 159.57 1,769.13 3,067.68 Net profit attributable to the parent company after deducting non-recurring gains and losses

111.92 1,219.34 2,679.48 Net profit of company owners

(3) Main financial data of cash flow statement

Unit: 10,000 yuan

Project January to March 2026 2025 Net cash flow from operating activities in 2024 496.36 3,060.37 4,639.34 Net cash flow from investing activities -1,365.78 3,859.89 -3,121.90 Net cash flow from financing activities -47.64 -13,864.33 -765.42 Net increase in cash and cash equivalents -1,045.55 -6,985.56 586.34 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Approval matters involving project establishment, environmental protection, industry access, land use, planning, construction and other related matters

The subject asset of this transaction is 100% equity of Bikel (corresponding to a registered capital of 18.4504 million yuan). It does not involve project approval, environmental protection, industry access, land use, planning, construction and other related approval matters, and there is no need to obtain approval documents from the relevant competent authorities.

Asset evaluation or valuation related to equity transfer, capital increase or restructuring in the past three years

For details, please see "Section 4/2/(2) Capital increases and decreases, equity transfers, restructuring, and evaluations in the last three years" of this report.

12. Transfer of claims and debts

This restructuring means that Minde Biotech purchased 100% of the shares of Bikel in cash. After the completion of this reorganization, Bikel's qualifications as a legal entity established in accordance with the law and existing independently will not change, and all its claims and debts will still be enjoyed or borne by it, that is, this transaction does not involve the transfer or disposal of the subject company's claims and debts.

13. Main accounting policies and related accounting treatments

(1) Revenue recognition principles and measurement methods

Accounting policies adopted for revenue recognition and measurement

The target company recognizes revenue when it fulfills its performance obligations in the contract, that is, when the customer obtains control of the relevant goods or services. Obtaining control over relevant goods or services means being able to direct the use of the goods or services and obtain almost all economic benefits from them.

If the contract contains two or more performance obligations, the target company will allocate the transaction price to each individual performance obligation based on the relative proportion of the stand-alone selling price of the goods or services promised by each individual performance obligation on the contract commencement date. The target company measures revenue based on the transaction price allocated to each individual performance obligation.

The transaction price is the amount of consideration that the indicator company expects to be entitled to receive for transferring goods or services to a customer, excluding amounts collected on behalf of third parties and amounts expected to be returned to the customer. The target company determines the transaction price in accordance with the terms of the contract and its past practices, and when determining the transaction price, considers the impact of variable consideration, significant financing components in the contract, non-cash consideration, consideration payable to customers and other factors. The target company determines the transaction price containing variable consideration at an amount that does not exceed the amount at which a significant reversal of accumulated recognized revenue is unlikely to occur when the relevant uncertainty is eliminated. If there is a significant financing component in the contract, the independent financial advisor's report of the target company Changjiang Securities Underwriting and Sponsoring Co., Ltd.

The company determines the transaction price based on the amount payable in cash when it is assumed that the customer obtains control of the goods or services, and uses the effective interest method to amortize the difference between the transaction price and the contract consideration during the contract period.

If one of the following conditions is met, the performance obligation is performed within a certain period of time; otherwise, the performance obligation is performed at a certain point in time:

(1) When the target company performs the contract, the customer obtains and consumes the economic benefits brought by the target company's performance.

(2) The customer can control the goods under construction during the performance of the contract by the target company.

(3) The goods produced by the target company during the performance of the contract have irreplaceable uses, and the target company has the right to collect payment for the cumulative performance part that has been completed during the entire contract period.

For performance obligations performed within a certain period of time, the target company will recognize revenue based on the performance progress during that period, except where the performance progress cannot be reasonably determined. The target company considers the nature of the goods or services and uses the output method or the input method to determine the progress of the contract. When the progress of contract performance cannot be reasonably determined and the costs incurred are expected to be compensated, the target company shall recognize revenue based on the amount of costs incurred until the progress of contract performance can be reasonably determined.

For performance obligations fulfilled at a certain point in time, the target company recognizes revenue at the point when the customer obtains control of the relevant goods or services. When judging whether the customer has obtained control of the goods or services, the target company considers the following signs:

(1) The target company has a current right to receive payment for the goods or services, that is, the customer has a current payment obligation for the goods or services.

(2) The target company has transferred the legal ownership of the goods to the customer, that is, the customer already owns the legal ownership of the goods.

(3) The target company has physically transferred the commodity to the customer, that is, the customer has physically taken possession of the commodity.

(4) The target company has transferred the main risks and rewards of ownership of the commodity to the customer, that is, the customer has obtained the main risks and rewards of ownership of the commodity.

(5) The target company’s customers have accepted the goods or services, etc.

The target company determines whether the target company is the principal or agent when engaging in a transaction based on whether it has control over the goods or services before transferring them to the customer. If the target company is able to control the goods or services before transferring them to the customer, the target company will be the main responsible person and revenue will be recognized based on the total consideration received or receivable; otherwise, the target company will be the agent and revenue will be recognized based on the amount of commissions or fees that it is expected to be entitled to receive.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Disclose specific revenue recognition methods and measurement methods according to business types

The sales contract between the target company and the customer usually contains multiple commitments such as transferring goods and providing transportation services. The specific commitments vary depending on the agreement with the customer. Since the customer can benefit from the above-mentioned goods or services individually or together with other easily available resources, and there is no major integration, major modification or customization or high correlation between the above-mentioned goods or services, the target company treats them as clearly distinguishable goods and constitutes a single performance obligation.

The target company will take the amount of consideration that it is expected to be entitled to receive for transferring the goods to the customer as the transaction price, and determine it according to the terms of the contract and combined with past business practices.

The target company fulfills its performance obligations by delivering first-aid kits, first-aid items, masks and other commodities to customers. The target company usually recognizes revenue at the time of transfer of control based on comprehensive consideration of the following factors: the acquisition of the current right to receive payment for the commodity, the transfer of the major risks and rewards of ownership of the commodity, the transfer of the legal ownership of the commodity, the transfer of the physical assets of the commodity, and the customer's acceptance of the commodity.

(2) Changes in important accounting policies and accounting estimates

Changes in important accounting policies

(1) Implementation of "Interpretation No. 17 of Accounting Standards for Business Enterprises"

The Ministry of Finance announced the "Interpretation No. 17 of Accounting Standards for Business Enterprises" (Finance [2023] No. 21, hereinafter referred to as "Interpretation No. 17") on October 25, 2023.

①About the division of current liabilities and non-current liabilities

Explanation No. 17 makes it clear:

If an enterprise does not have the substantive right to postpone the repayment of a liability for more than one year after the balance sheet date, the liability shall be classified as a current liability.

For liabilities arising from corporate loan arrangements, the company's right to defer the repayment of liabilities to more than one year after the balance sheet date may depend on whether the company complies with the conditions stipulated in the loan arrangement (hereinafter referred to as the contractual conditions). When the company determines whether its substantive right to postpone debt repayment exists, it should only consider the contractual conditions that should be followed on or before the balance sheet date, and should not consider the contractual conditions that the company should follow after the balance sheet date.

Liability repayment when classifying the liquidity of liabilities refers to the company relieving liabilities by transferring cash, other economic resources (such as goods or services) or the company's own equity instruments to the counterparty. If the terms of the liability cause the company to pay off its own equity instruments at the option of the counterparty, if the Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

If the enterprise classifies the above options as equity instruments in accordance with the provisions of "Accounting Standards for Business Enterprises No. 37 - Presentation of Financial Instruments" and recognizes them separately as the equity component of compound financial instruments, then this provision will not affect the liquidity classification of the liability.

This interpretation will come into effect on January 1, 2024. When an enterprise implements this interpretation for the first time, it should adjust information for comparable periods in accordance with this interpretation. During the reporting period, the target company's implementation of this regulation will have no impact on the financial statements during the reporting period.

②Disclosure of supplier financing arrangements

Interpretation No. 17 requires an enterprise to summarize and disclose information related to supplier financing arrangements when making note disclosures to help users of statements assess the impact of these arrangements on the enterprise's liabilities, cash flows and the enterprise's liquidity risk exposure. The impact of supplier financing arrangements should also be considered when identifying and disclosing liquidity risk information. This disclosure requirement applies only to supplier financing arrangements. A supplier financing arrangement is a transaction in which one or more financing providers provide funds for a business to make payments due to its suppliers, with the agreement that the business will repay the financing provider on or after the day on which its suppliers receive payment, in accordance with the terms and conditions of the arrangement. The supplier financing arrangement extends the company's payment period compared to the original payment due date, or advances the company's supplier collection period.

This interpretation will come into effect on January 1, 2024. When companies implement this interpretation for the first time, they do not need to disclose relevant information for the comparable period and some opening information. The implementation of this provision has not had a significant impact on the financial status and operating results of the target company.

③Accounting treatment of sale and leaseback transactions

Interpretation No. 17 stipulates that when the lessee subsequently measures the lease liability formed by the sale and leaseback, the method of determining the lease payment or the lease payment after the change shall not cause it to recognize gains or losses related to the right of use obtained by the leaseback. When an enterprise implements this provision for the first time, it should make retrospective adjustments to the sale and leaseback transactions carried out after the first implementation date of "Accounting Standards for Business Enterprises No. 21 - Leasing". This interpretation will be effective from January 1, 2024, allowing enterprises to implement it in advance from the year of issuance.

The target company will implement this regulation starting from January 1, 2024. During the reporting period, the target company's implementation of this regulation will have no impact on the financial statements during the reporting period.

(2) Implement the "Interim Provisions on Accounting Treatment Related to Enterprise Data Resources"

The Ministry of Finance issued the "Interim Provisions on Accounting Treatment Related to Enterprise Data Resources" (Financial Accounting [(2023) No. 11]) on August 1, 2023, which applies to data resources recognized as intangible assets or inventory and other assets that comply with the relevant provisions of the Accounting Standards for Business Enterprises, as well as those legally owned or controlled by the enterprise and expected to bring economic benefits to the enterprise. Yangtze Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The relevant accounting treatment of data resources that are not recognized but do not meet the asset recognition conditions, and specific requirements are put forward for the disclosure of data resources.

This regulation will come into effect on January 1, 2024. Enterprises should adopt the prospective application method. Expenditures related to data resources that have been expensed and included in profit and loss before the implementation of this regulation will no longer be adjusted. The implementation of this provision has not had a significant impact on the financial status and operating results of the target company.

(3) Implement the provisions of "(Corporate Accounting Standards Interpretation No. 18) "(About the Accounting Treatment of Guarantee-type Quality Assurances that Do Not Belong to Single Performance Obligations)"

The Ministry of Finance issued the "Interpretation No. 18 of Accounting Standards for Business Enterprises" (Financial Accounting [2024] No. 24, hereinafter referred to as "(Interpretation No. 18)") on December 6, 2024. The interpretation will be effective from the date of issuance, and companies are allowed to implement it in advance from the year of issuance.

Interpretation No. 18 stipulates that when accounting for estimated liabilities arising from guarantee-type quality guarantees that do not belong to individual performance obligations, the relevant provisions of "Accounting Standards for Business Enterprises No. 13 - Contingencies" shall be based on the determined amount of estimated liabilities. Accounts such as "(main business costs" and "(other business costs") shall be debited and "(estimated liabilities" shall be credited, and the "(operating costs" in the income statement and "("() in the balance sheet shall be credited accordingly). Items such as "Other current liabilities", "(Non-current liabilities due within one year", "(Estimated liabilities") are listed.

When an enterprise implements this interpretation for the first time, if it originally included "(sales expenses)" when accruing guarantee-type quality assurance, it should make retrospective adjustments in accordance with changes in accounting policies. The target company will implement this provision from 2024. During the reporting period, the target company's implementation of this provision will have no impact on the financial statements during the reporting period.

(4) Implement the provisions of the "Financial Instrument Standards Implementation Questions and Answers" on the accounting treatment related to standard warehouse receipt transactions

Ministry of Finance on July 8, 2025 The Q&A on the implementation of accounting treatment related to standard warehouse receipt transactions was released on the same day, which clearly stipulates that according to the financial instrument recognition and measurement standards, if an enterprise frequently signs contracts for the purchase and sale of standard warehouse receipts in futures trading venues to earn price differences without withdrawing the physical commodities corresponding to the standard warehouse receipts, it usually indicates that the enterprise has the practice of receiving the contract subject matter and then selling it again in the short term to obtain profits from short-term fluctuations. The enterprise should regard the contracts it signs for the purchase and sale of standard warehouse receipts as financial instruments and conduct accounting treatments in accordance with the provisions of the financial instrument recognition and measurement standards. If an enterprise obtains standard warehouse receipts and then sells them within a short period of time in accordance with the aforementioned contract, the sales revenue should not be recognized, but the difference between the consideration received and the book value of the standard warehouse receipts sold should be included in investment income; if the enterprise holds unsold standard warehouse receipts at the end of the period, it should be reported as other current assets. For standard warehouse receipts obtained in accordance with the aforementioned contract, if the accounting mismatch can be eliminated or significantly reduced, the enterprise can choose to measure it at fair value and include its changes in the current profit and loss at the time of initial recognition, consistent with the independent financial advisory report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Applies to all standard warehouse receipts that meet the selection criteria. For standard warehouse receipts that have been selected to be measured at fair value and whose changes are included in current profits and losses upon initial recognition, the enterprise shall not revoke this selection in subsequent periods.

According to the requirements of the "Notice on Strictly Implementing Accounting Standards for Business Enterprises and Effectively Doing a Good Job in Enterprises' 2025 Annual Reports" (Financial Accounting [(2025] No. 33)), if an enterprise adjusts its accounting treatment method due to the implementation of the above-mentioned standard warehouse receipt-related regulations, it should adjust the information for the comparable period of the financial statements. The implementation of this regulation by the target company will have no impact on the financial data during the reporting period.

(5) Implementation of Accounting Standards for Business Enterprises Interpretation No. 19

The Ministry of Finance issued the "Interpretation No. 19 of Accounting Standards for Business Enterprises" (Financial Accounting [2025] No. 32, hereinafter referred to as "Interpretation No. 19") on December 5, 2025. This interpretation will come into effect on January 1, 2026.

① Accounting treatment of compensating assets in business combinations not under common control

Interpretation No. 19 stipulates that in a business combination not under common control, the seller and the buyer may make a contractual agreement that the seller will compensate the buyer for certain contingencies of the purchased party, or certain uncertain results of specific assets or liabilities, and the buyer will obtain compensatory assets as a result.

When the purchaser recognizes the compensated items in its consolidated financial statements, it should also confirm the compensating assets and measure them on the same basis as the compensated items. It also needs to consider management's estimate of its recoverability and deduct the expected unrecoverable amount from the recorded value of the compensating assets. On each subsequent balance sheet date, the purchaser shall subsequently measure the compensating assets on the same basis as the compensated items and taking into account the contract's restrictions on the amount of compensation; if the book value of the compensated items changes, the book value of the compensating assets shall be adjusted accordingly and included in investment income. For compensating assets that are not subsequently measured at fair value, the management's estimate of the recoverability of the compensating assets should be separately considered, and the expected unrecoverable amount should be included in investment income. When the purchaser recovers, sells or otherwise loses its rights to a compensatory asset, the asset shall be derecognised. If there is a difference between the proceeds and the book value of the compensatory asset, it shall be included in investment income.

The purchaser shall recognize compensatory assets in its individual financial statements when the conditions for the recognition of contingent assets as assets are met (that is, the enterprise is basically certain to receive it and its amount can be measured reliably), and at the same time offset the initial investment cost of the long-term equity investment. On each subsequent balance sheet date, the purchaser shall, in accordance with the provisions of "Accounting Standards for Business Enterprises No. 13 - Contingencies", taking into account the contract's restrictions on the amount of compensation and management's estimate of the recoverability of the compensating assets, include the expected unrecoverable amount into investment income.

When an enterprise implements it for the first time, it shall make retrospective adjustments to the compensatory assets existing on the date of implementation; the Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

If the rights to compensatory assets have been recovered, sold or otherwise lost before the implementation date, no retrospective adjustments will be made. The implementation of this regulation by the target company will have a significant impact on the financial position and operating results during the reporting period.

② Regarding the accounting treatment of capital reserves related to the disposal of a subsidiary originally acquired through a business combination under common control

Interpretation No. 19 stipulates that when an enterprise disposes of a subsidiary originally acquired through a business merger under common control and loses control, regardless of whether the counterparty is a related party or an unrelated party of the enterprise, the capital reserve adjusted for the difference between the initial investment cost of the long-term equity investment and the book value of the merger consideration on the original merger date shall not be transferred out to current profits and losses or retained earnings in individual financial statements and consolidated financial statements.

Enterprises should make retrospective adjustments when implementing it for the first time. The implementation of this regulation by the target company will have a significant impact on the financial position and operating results during the reporting period.

③ Regarding the derecognition of financial liabilities settled using electronic payment systems

Interpretation No. 19 stipulates that if an enterprise uses an electronic payment system to settle a financial liability (or part thereof) in cash, it may choose to derecognize it before the settlement date only if the enterprise has initiated a payment instruction and meets the following conditions at the same time: 1. The enterprise has no actual ability to withdraw, stop or cancel the payment instruction; 2. The enterprise has no actual ability to withdraw the cash that will be used for settlement due to the payment instruction; 3. The settlement risk associated with the electronic payment system is not significant. For example, electronic payment systems complete payment instructions in accordance with standard management procedures, and the time interval between meeting the two aforementioned conditions and delivering cash to the counterparty is short. Settlement risks associated with electronic payment systems cannot be considered immaterial if the execution of payment instructions is dependent on the entity's ability to deliver cash on the settlement date.

When an enterprise implements it for the first time, it should make retrospective adjustments and adjust the cumulative impact number to retained earnings and other related financial statement items on January 1, 2026. There is no need to adjust the comparative financial statement data of the previous period. The Target Company makes the aforementioned accounting policy choices and applies them to all settlements conducted through the same electronic payment system. The Target Company's implementation of this provision has a significant impact on the financial position and operating results during the reporting period.

④ Assessment and related disclosure of contractual cash flow characteristics of financial assets

Interpretation No. 19 states that entities may need to consider the different components of interest when assessing whether the contractual cash flows of a financial asset are consistent with the underlying lending arrangement. The assessment of interest should focus on what the business is compensated for rather than the amount of compensation, although the latter may indicate that the business is compensated for elements other than the underlying risk and cost of borrowing. If the contractual cash flows are linked to a variable that is not the basic lending risk or cost (such as the value of an equity instrument or the price of a commodity), or if the contractual cash flows represent a portion of the debtor's income or profits, then the contractual cash flows are inconsistent with the basic lending arrangement.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

If the contractual cash flows caused by contingency characteristics are consistent with the basic lending arrangements before and after changes in contractual cash flows (regardless of the possibility of cash flow changes), the enterprise still needs to evaluate the nature of the contingency. If the nature of the contingencies is directly related to changes in basic lending risks and costs, and the direction of change in the contractual cash flows is the same as the direction of changes in basic lending risks and costs, then the contractual cash flows generated by the relevant financial assets are only payments of principal and interest based on the outstanding principal amount.

If the nature of the contingency is not directly related to changes in basic lending risks and costs (such as a loan where the interest rate is reduced by the agreed basis point as the enterprise reaches the carbon emission reductions agreed in the contract), then only if under all possible contract scenarios, its contractual cash flows are not significantly different from the contractual cash flows generated by financial instruments with the same contract terms but not containing the contingency characteristics, the contractual cash flows generated by the relevant financial assets are only payments of principal and interest based on the outstanding principal amount.

When an enterprise implements it for the first time, it should make retrospective adjustments. The cumulative impact number will be adjusted to retained earnings and other related financial statement items on January 1, 2026. There is no need to adjust the comparative financial statement data of the previous period. The implementation of this regulation by the target company will have a significant impact on the financial position and operating results during the reporting period.

⑤Disclosure on equity instruments designated as measured at fair value and changes included in other comprehensive income

Interpretation No. 19 stipulates that enterprises should disclose at least by category the fair value of equity instrument investments designated as measured at fair value through other comprehensive income at the end of the reporting period, as well as their changes in fair value during the reporting period. Further disclosures can be made by project, etc. based on the principle of materiality and combined with the actual situation of the enterprise. Among them, the changes related to the investments derecognized during the reporting period and the changes related to the investments held at the end of the reporting period should be disclosed separately. Enterprises should also disclose the transfer-out of cumulative gains or losses recorded in equity related to investments derecognised during the reporting period.

The target company disclosed information related to other equity instrument investments in accordance with this requirement, and the implementation of this interpretation did not have a significant impact on the financial status and operating results of the target company during the reporting period.

Changes in important accounting estimates

During the reporting period, the target company had no changes in accounting estimates.

(3) Differences between accounting policies and accounting estimates and those in the same industry or similar assets and their impact on the profits of the underlying assets

During the reporting period, there was no significant difference between the target company's accounting policies and accounting estimates and those of listed companies in the same industry.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(4) Basis for preparation of financial statements and continuing operations

The financial statements of the target company are prepared in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" and various specific accounting standards, application guidelines for business accounting standards, interpretations of accounting standards for enterprises and other relevant regulations promulgated by the Ministry of Finance (hereinafter collectively referred to as "(Accounting Standards for Business Enterprises)"), as well as the relevant provisions of the "(Information Disclosure and Preparation Rules for Companies that Offer Securities to the Public No. 15 - General Provisions on Financial Reports)" issued by the China Securities Regulatory Commission. The financial statements of the target company are prepared on the basis of going concern, and there is no need to disclose any information from the end of the reporting period. Events or circumstances that cast significant doubt on the company's ability to continue operating within 12 months.

(5) Scope, changes and reasons for changes in consolidated financial statements

The scope of consolidation of consolidated financial statements is determined based on control. The details of the subsidiaries included in the scope of consolidation during the reporting period are as follows:

Name of subsidiary company Registered capital Main business activity

Shareholding ratio (%)

acquirer

Place of registration

Weight (10,000 yuan) Camp mass

direct indirect

Type Hubei Province Hubei Province Tongtong Control Hubei Gaode 1,000.00 Manufacturing 100.00 -

Huanggang City Huanggang City System Hubei Province Hubei Province Processing trade Equity transfer to Baokete 500.00 100.00 -

Wuhan City Wuhan City Yirang Hubei Province Hubei Province Investment and establishment of Lange Medical 1,000.00 Retail 100.00 -

Huanggang City Huanggang City Hubei Province Hubei Province Investment and establishment of Gaoge Medical 5,000.00 Manufacturing 100.00 -

Huanggang City Huanggang City Hubei Province Hubei Province Investment and establishment of Lanfan Emergency 500.00 Retail 100.00 -

Wuhan City Wuhan City In October 2024, the target company established a new subsidiary, Lanfan Emergency, for the purpose of developing domestic first aid kit sales business. During the reporting period, the scope of consolidation of the target company did not change.

(6) Differences between significant accounting policies or accounting estimates and those of listed companies

During the reporting period, there were no significant differences in accounting policies or accounting estimates between the target company and the listed company.

(7) Industry-specific accounting treatment policies

During the reporting period, the subject company did not have industry-specific accounting treatment policies.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Section 5 Underlying Asset Assessment

1. Overview of underlying asset evaluation

In this transaction, the valuation base date of the subject assets is December 31, 2025, and the subject company is the value of all shareholders’ equity of Bikel. The transaction price of the underlying assets is based on the evaluation results of the "(Asset Appraisal Report)" issued by Zhonglian Appraisal ((Shanghai)), an asset appraisal agency that complies with the provisions of the "(Securities Law)" and is determined by negotiation between the parties to the transaction.

According to the "(Asset Appraisal Report)" issued by China United Appraisal ((Shanghai)), the appraisal agency used the income method and the asset-based method to evaluate the value of all equity interests of Bikel's shareholders, and used the income method as the conclusion of this evaluation. Under the consolidated statement standard, the book value of Bikel's owners' equity on the valuation base date was 119.4067 million yuan, the assessed value was 190.600 million yuan, and the assessed value added was 7119.33 million, with a value-added rate of 59.62%.

2. Evaluation of the underlying assets

(1) Selection of evaluation methods

The purpose of this evaluation is that the listed company plans to acquire 100% of the equity of the target company in cash. According to the current asset assessment standards and relevant regulations, the basic methods of enterprise value assessment include cost method, market method and income method.

The market method in enterprise value evaluation refers to an evaluation method that compares the evaluation object with comparable listed companies or comparable transaction cases to determine the value of the evaluation object. The basic conditions for using the market method are: there is a relatively active market, and market cases and indicators and parameters comparable to the evaluation object can be collected and quantified. As for the market approach, it is difficult to adopt it due to the lack of comparable transaction cases.

Although the income method in enterprise value evaluation does not directly use reference objects in the real market to explain the current fair market value of the evaluation object, it evaluates assets from the perspective of the expected profitability of the assets, which is the basic basis for determining the current fair market value of the assets. It can fully reflect the overall value of the enterprise, and its evaluation conclusions are relatively reliable and persuasive. At the same time, the enterprise has the prerequisites for applying the income method evaluation: it will continue to operate, the future income period can be determined, there is a stable relationship between shareholders' equity and the enterprise's operating income, future operating income can be accurately predicted and measured, and the risk rewards related to the enterprise's expected income can be estimated and measured.

The cost method (asset-based method) in enterprise value evaluation refers to an evaluation method that evaluates the value of various assets and liabilities on the balance sheet and identifiable off-balance sheet and determines the value of the evaluation object based on the balance sheet of the evaluated unit on the base date of evaluation. This evaluation project can meet the conditions required for cost method ((asset-based method) evaluation), Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Consultant Report

That is, the assets being evaluated are in a state of continued use or are assumed to be in a state of continued use and have available historical data. Furthermore, the requirements for the value type of this appraisal can be met by using the cost approach (asset-based approach).

Therefore, based on the evaluation purpose and asset type of this evaluation, and considering the functions, characteristics and required conditions of various evaluation methods, this evaluation adopts the cost method (asset-based method) and the income method.

(2) Evaluation conclusion

Income method evaluation results

After evaluation using the income method, the assessed value of all shareholders' equity of the target company on the valuation base date was RMB 190.60 million, the book value (on a consolidated basis) was RMB 119.4067 million, the assessed value added was RMB 71.1933 million, and the appreciation rate was 59.62%.

Asset-based method valuation results

After evaluation using the asset-based method, the net assets of the target company on the evaluation base date were RMB 148.7676 million, the book value (on a consolidated basis) was RMB 119.4067 million, and the assessed value added was RMB 29.3609 million, with a value-added rate of 24.59%.

Differences in evaluation results under different evaluation methods and their reasons

The value of all shareholders' equity derived from the income method assessment is 190.60 million yuan, and the value of all shareholders' equity derived from the asset-based method assessment is 148.7676 million yuan. The income method assessment result is 41.8324 million yuan higher than the asset-based method, or 28.12%. The main reasons for the difference in the conclusions of the two assessment methods are:

The asset-based method evaluation uses the cost replacement of assets as the value standard, which reflects the socially necessary labor consumed in asset investment (acquisition and construction costs). This acquisition and construction cost will usually change with changes in the national economy.

The income method evaluation uses the expected income of the asset as the value standard, which reflects the operating ability (profitability) of the asset. This profitability is usually affected by various conditions such as macroeconomics, government control, and the effective use of assets.

In summary, there are differences between the two valuation methods.

Evaluation conclusion

In recent years, the evaluated company has developed relatively stably due to market demand, policy promotion and other factors. Wuhan Bikel Rescue Supplies Co., Ltd. has formed a good and stable cooperative relationship with customers. There are sufficient orders on hand at the base date and time, and future annual revenue expectations are relatively stable. The evaluation results of the income method can more comprehensively reflect the value of its industry experience, corporate brand, customer resources, supplier network and other resources that are not recorded in the books. Compared with the asset-based method, it can more fully and comprehensively reflect the overall value of the enterprise being evaluated. Therefore, this evaluation of the Independent Financial Advisor’s Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

The valuation results based on the income approach are used as the final valuation conclusion.

Through the above analysis, it can be concluded that the value of all shareholders’ equity of Wuhan Bikel Rescue Supplies Co., Ltd. on the base date is 190.60 million yuan.

3. Evaluate assumptions

(1) General assumptions

Trading assumptions

The trading assumption assumes that all assets to be valued are already in the process of trading, and the valuation agency conducts valuations based on simulated market conditions such as the trading conditions of the assets to be valued. Trading assumptions are one of the most basic assumptions for asset valuation to be carried out.

Open market assumption

The open market assumption assumes that assets traded in the market, or assets intended to be traded in the market, have equal status and both parties have the opportunity and time to obtain sufficient market information in order to make rational judgments about the functions, uses and transaction prices of the assets. The open market assumption is based on the fact that assets can be bought and sold publicly in the market.

Going concern assumption

The going concern assumption is a valuation assumption made based on the overall assets of the target company. That is, the target company, as a business entity, will continue to operate in accordance with its business objectives under the external environment it is in. The operators of the target company are responsible and capable of taking responsibility; the enterprise operates legally and is able to obtain appropriate profits to maintain its ability to continue operating. For the various operating assets of the target company, they can continue to be used according to the current purpose and use method, scale, frequency, environment and other conditions, or they can be used on a changed basis.

(2) Special assumptions

This assessment assumes that the external economic environment remains unchanged on the assessment base date and that the country’s current macroeconomics does not undergo major changes.
There are no major changes in the social and economic environment in which the target company operates and the tax burden, tax rate and other policies implemented.
The future operation and management team of the target company will perform their duties and continue to maintain the existing operation and management model.
It is assumed that the operators of the target company are responsible and the company management is capable of fulfilling their duties. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report
Unless otherwise stated, it is assumed that the company fully complies with all relevant laws and regulations.
It is assumed that the accounting policies that the target company will adopt in the future are basically consistent in important aspects with the accounting policies adopted when preparing this report.
The evaluation is only based on the existing operating capabilities on the base date. It does not take into account the possible expansion of operating capabilities in the future due to management, business strategies, additional investment, etc., nor does it take into account subsequent changes in production and operations that may occur.
The target company's asset size and composition, main business structure, revenue and cost composition, sales strategy and cost control in the future operating period can be continued in accordance with the management's business plan.
In the future forecast period, the target company's various period expenses will not change significantly on the current basis, and will continue to maintain its trend of change in recent years, and will change synchronously with changes in business scale.
In view of the fact that the target company’s monetary funds or its bank deposits change frequently during the production and operation process and idle funds have been considered as surplus assets, the interest income generated by deposits and other uncertain gains and losses other than interest-paying debts will not be considered in the assessment.
There will be no major changes in relevant interest rates, exchange rates, tax bases and tax rates, policy collection fees, etc.
There are no other force majeure factors and unforeseeable factors that have a significant adverse impact on the enterprise.
Each asset evaluated in this evaluation is based on the actual stock on the evaluation base date, and the current market price of the relevant assets is based on the domestic effective price on the evaluation base date.
This evaluation assumes that the basic information and financial information provided by the client and the target company are true, accurate and complete.
The scope of evaluation is only based on the asset evaluation declaration form provided by the client and the target company, and does not take into account possible contingent assets and contingent liabilities beyond the lists provided by the client and the target company;
The values of various parameters calculated in this evaluation do not take into account the influence of inflation factors.
This evaluation did not consider the impact of possible future mortgages and guarantees, as well as possible additional prices due to special transaction methods, on the conclusion of the evaluated value.

4. Income method evaluation

After the income method evaluation, the evaluation value of all shareholders' equity of the target company on the evaluation base date was 190.60 million yuan. The book value of the owners' equity attributable to the parent company on a consolidated basis was 119.4067 million yuan. The evaluation value added was 71.1933 million yuan, with a value-added rate of 59.62%.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(1) Definition and principles of income method

According to the "(Asset Appraisal Practice Guidelines - Enterprise Value), the income method in enterprise value evaluation, also known as the cash flow discount method, is a method to evaluate the value of assets by converting the expected future net cash flow of the enterprise into the present value. The basic idea of the income method is to obtain the appraisal value by estimating the expected net cash flow of the asset in the future and converting it into the current value using an appropriate discount rate.

(2) Prerequisites for the application of the income method

The basic conditions for the application of the income method are: the enterprise has the basis and conditions for continued operations, there is a relatively stable correspondence between operations and income, and future income and risks can be predicted and quantified. The biggest difficulty in using the discounted cash flow method lies in the prediction of future expected cash flows, as well as the objectivity and reliability of data collection and processing. When the forecast of future expected cash flows is more objective and fair and the selection of the discount rate is more reasonable, the evaluation results will have better objectivity.

(3) Reasons and basis for choosing income method

The target company has the basis and conditions for continued operations, and its future earnings and risks can be predicted and quantified. Therefore, the income method can be selected for this evaluation.

(4) Income method evaluation ideas and models

Evaluation ideas

Based on the due diligence investigation and the asset composition and main business characteristics of the target company, this evaluation is to estimate the equity capital value of the target company based on its consolidated financial statements. The basic evaluation idea of this evaluation is:

(1) For the assets and main businesses included in the report, predict the expected income (net cash flow) based on the changing trend of historical operating conditions and business types, and discount them to obtain the value of the operating assets;

(2) Current assets (liabilities) such as monetary funds, dividends receivable (payable), and other non-current assets (liabilities) that exist on the base date, such as monetary funds and dividends receivable (payable), and non-current assets (liabilities) such as sluggish or idle equipment, real estate, and projects under construction that have not taken into account profits and losses, will be included in the scope of the statement but not considered in the expected income (net cash flow) forecast, and are defined as surplus or non-operating assets (liabilities) that exist on the base date, and their values will be predicted separately;

(3) Measure the value of long-term equity investments that are included in the scope of the statement but not considered in the estimate of expected income (net cash flow) separately;

(4) Add the values of the above assets and liabilities to obtain the enterprise value of the target company, after deducting the independent financial advisory report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

After the interest-bearing debt value on the base date, the equity capital (total equity of shareholders) value of the target company is obtained. When determining the value of all shareholders' equity, the appraisal agency did not consider the impact of equity liquidity on the appraisal results.

Evaluation model

(1) Basic model

The basic model for this assessment is:

𝐸 = 𝐵−𝐷 −𝑀 (1) where:

E: The value of all shareholders’ equity (net assets) of the target company;

B: The enterprise value of the target company;

D: The value of the target company’s interest-paying debt;

M: Value of minority shareholders’ equity in the target company.

𝐵 = 𝑃+𝐼 +C (2) where:

P: The value of the operating assets of the target company;

I: The long-term investment value of the target company on the base date;

C: The value of surplus or non-operating assets (liabilities) of the target company on the base date; 𝑃 = ∑𝑛 𝑅 walk + 𝑅𝑛+1 (3) walk = 1 𝑛

(1+𝑟) 𝑟 (1+𝑟)

In the formula:

Ri: the target company’s expected earnings (free cash flow) in the i-th year in the future;

r: discount rate;

n: the future operating period of the target company;

𝐶 = 𝐶 +𝐶 (4)

1 2

C1: Current surplus or value of non-operating assets (liabilities) on the base date;

C2: Non-current surplus or value of non-operating assets (liabilities) on the base date.

M: The value of minority interests in the target company.

M   EiNX Wi

(5) where:

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Ei: the value of all shareholders’ equity (net assets) of non-wholly-owned subsidiaries on the base date; Wi: the minority equity ratio of non-wholly-owned subsidiaries on the base date. (2) Income indicators

In this evaluation, corporate free cash flow is used as the income indicator of the target company's operating assets, which is basically defined as:

R = net profit + depreciation and amortization + interest on debt after tax - capital expenditures - increase in net working capital (6)

Based on the target company's operating history and future market development, estimate its free cash flow in the future operating period. Discount and add up the free cash flows in the future operating period to calculate the value of the company's operating assets.

(3) Discount rate

This evaluation uses the weighted average cost of capital assets model (WACC) to determine the discount rate r 𝑟 = 𝑟 ×𝑤 +𝑟 ×𝑤 (7)

𝑑 𝑑 𝑒 𝑒

In the formula:

Wd: debt ratio of the target company;

𝐷

𝑤 = (8)

𝑑

(𝐸+𝐷)

We: the equity ratio of the target company;

𝐸

𝑤 = (9)

𝑒

(𝐸+𝐷)

rd: Interest-paying debt interest rate after income tax;

re: the cost of equity capital. This evaluation determines the cost of equity capital re according to the capital asset pricing model (CAPM);

𝑟 = 𝑟 +𝛽 × (𝑟 −𝑟 ) +𝜀 (10)

𝑒 𝑓 𝑒 𝑚 𝑓

In the formula:

rf: risk-free rate of return;

rm: expected market rate of return;

ε: The characteristic risk adjustment coefficient of the target company;

βe: expected market risk coefficient of the target company’s equity capital; 𝐷

𝛽 = 𝛽 × (1+(1−𝑡)× ) (11)𝑒 𝑢

𝐸

βu: expected unlevered market risk coefficient of comparable companies; Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

𝛽 =

𝛽𝑡

(12)

𝑢 1+(1−𝑡)𝐷

𝐸

βt: expected market average risk coefficient of comparable company stocks (assets);

𝛽 = 34%𝐾 +66%𝛽 (13)

igh igh

In the formula:

K: The average risk value of the stock market in a certain period, usually assuming K=1;

β: The historical market average risk coefficient of comparable company stocks (assets);

Di and Ei: respectively the interest-paying debt and equity capital of comparable companies.

(5) Determination of income period

The business period of the enterprise is long-term, and because the target company is operating normally on the evaluation base date, there are no restrictions on the service life of core assets that affect the company's continued operation, nor on the company's production and operation period, investor ownership period, etc., or the above restrictions can be lifted and can be used permanently through continuation. Therefore, this evaluation assumes that the target company will operate continuously after the evaluation base date, and the corresponding income period is indefinite.

(6) Determination of future income

Estimation of operating income and operating costs

The company's main business income mainly includes vehicle first aid kits, industrial first aid kits, other first aid kits and first aid items. Other business income mainly comes from scrap and waste materials. For the operating income and costs of the target company in recent years, please refer to "Section 8/5. Analysis of the Profitability of the Target Company" in the restructuring report.

Bikel is mainly engaged in the research and development, production and sales of various emergency first aid products with first aid kits as the core, covering multiple application scenarios such as homes, vehicles, public places, outdoor sports, travel, pet care and health protection. Its main products have obtained multiple international access qualifications such as the EU CE certificate and the US FDA certification. In the domestic market, the company was early to introduce and implement the international "First Aid" concept. In overseas markets, the company has won widespread customer trust and market recognition with its high-quality products in the field of vehicle and industrial first aid.

The target company's product categories are mainly vehicle first aid kits, industrial first aid kits, other first aid kits and first aid items. The future operating income forecast for this evaluation is based on the recent contract orders provided by the target company, comparison of sales data for the same period, future income forecast data, industry status and development trends, market demand analysis, combined with the actual production capacity and capacity utilization of the target company, and multiple discussions with the relevant management personnel of the target company. After further revision and improvement by the target company, the evaluation agency accepted the target company's forecast future income, and the 2026 forecast is received from Yangtze Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Consultant Report

After entering the reference period, the sales data and company budget are determined. It is expected that revenue will gradually increase after 2026. After 2030, it is assumed that the company enters a stable period and maintains sustainable operations at the 2030 level.

From the analysis of the historical annual financial data of the target company, the main business costs mainly include material fees, labor costs, water and electricity fees, depreciation, amortization, transportation fees, testing fees, etc.

Material fees: This evaluation refers to the historical annual material fee level of the target company, combined with the target company's financial plan, and estimates based on the ratio and change trend of such expenses to operating income in historical years.

Labor costs: This evaluation is estimated based on the target company's historical number of personnel and salary and benefit levels, combined with the changing trend of local social average labor costs and the target company's human resources planning.

The accumulated depreciation ((amortization)) is based on the original book value of the company's various fixed assets on the valuation base date and the amount of capital expenditures planned to be added in the future. In accordance with the current accounting policy of the target company, the depreciation ((amortization)) amount that should be accrued during the income period is the depreciation ((amortization) in operating costs). Amortization) is forecast; the operating income and operating cost forecasts are comprehensively estimated based on the historical amounts of utilities, transportation fees, testing fees, business entertainment expenses, and labor protection expenses based on the ratio and change trend of these expenses to operating income in historical years.

Unit: 10,000 yuan 2030 and project name 2026 2027 2028 2029

Total future operating income 24,723.62 25,869.30 26,972.42 27,909.54 28,889.22 Total operating costs 18,832.94 19,667.08 20,467.08 21,161.31 21,881.96

Income 11,620.00 12,118.00 12,616.00 12,948.00 13,280.00 Car first aid kit

Cost 8,803.95 9,162.51 9,517.41 9,765.62 10,014.79

Income 3,404.80 3,532.48 3,617.60 3,702.72 3,830.40Industrial first aid kit

Cost 2,302.59 2,386.96 2,443.97 2,501.22 2,583.22 Other first aid Income 9,620.00 10,140.00 10,660.00 11,180.00 11,700.00 Bags and first aid orders

Cost 7,659.28 8,049.77 8,437.86 8,826.63 9,216.11 products

Others (scrap revenue 78.82 78.82 78.82 78.82 78.82 scrap) cost 67.12 67.84 67.84 67.84 67.84

Tax and additional forecasts

The taxes and surcharges of the target company include urban maintenance and construction tax, education surcharge and local education surcharge, real estate tax, land use tax, stamp tax, vehicle and vessel use tax, etc. The urban maintenance and construction tax, education surcharge and local education surcharge are based on the amount of value-added tax paid. The audited statements disclosed that the taxes and surcharges of the target company in 2024 and 2025 are 913,000 yuan and 1,001,800 respectively. Ten thousand yuan, accounting for 0.36% and 0.43% of operating income respectively. The target company's first-aid kit sales business needs to calculate the value-added independent financial consultant report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

The output tax rate is 13%.

This assessment combines the composition and changing trends of taxes and surcharges in historical years and the tax situation and tax burden level of the target company on the base date to predict the urban maintenance and construction tax, education surcharge and local education surcharge in future years.

Other surtaxes are predicted based on the corresponding tax calculation basis and historical occurrences. Stamp taxes are predicted based on the proportion of revenue in the historical period. Real estate tax, land use tax and vehicle and vessel tax are calculated separately in accordance with the relevant provisions of the tax law. The prediction results are shown in the table below.

Tax and surcharge forecast table

Unit: 10,000 yuan project/year 2026 2027 2028 2029 Taxes and surcharges in 2030 and beyond 92.33 106.97 110.30 113.12 116.07

Forecast of period costs

(1) Sales expense forecast

The audited statements disclosed that the target company's sales expenses in 2024 and 2025 were 10.7361 million yuan and 10.7248 million yuan respectively. It mainly includes employee salary, travel expenses and sales service fees of sales staff.

Employee remuneration is based on the company's current wage payment standards and combined with forecasts of future sales staff addition plans. Depreciation and amortization are predicted based on the original value of the company’s fixed assets ((intangible assets, long-term deferred expenses)) and depreciation ((amortization)) accrual standards.

Since business entertainment expenses, travel expenses, office expenses, etc. are closely related to operating income, this evaluation combines the financial budget and planning of the target company and estimates these expenses with reference to the proportion of expenses to income. Sales expense forecast table

Unit: 10,000 yuan

2030 and project name 2026 2027 2028 2029

after

Employee compensation 830.00 854.90 880.55 906.96 934.17

Travel expenses 80.00 83.71 87.28 90.31 93.48 Sales and service fees 78.00 81.61 85.09 88.05 91.14 Insurance premium 50.00 52.32 54.55 56.44 58.42

Exhibition fees 30.00 31.39 32.73 33.87 35.05 Business entertainment expenses 25.00 26.16 27.27 28.22 29.21 Amortization of long-term deferred expenses 19.05 19.05 19.05 19.05 19.05 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

2030 and project name 2026 2027 2028 2029

after

Business promotion fee 10.00 10.46 10.91 11.29 11.68Office expenses 2.00 2.09 2.18 2.26 2.34Others 26.23 27.47 28.59 29.54 30.55

Total 1,150.28 1,189.16 1,228.20 1,265.99 1,305.09

(2) Management expense forecast

The audited statements disclosed that the target company's management expenses in 2024 and 2025 were 18.0494 million yuan and 16.8964 million yuan respectively, mainly including employee compensation of management personnel, intermediary agency fees and depreciation expenses.

Employee remuneration is based on the company's current wage payment standards and combined with forecasts of future management personnel addition plans.

Depreciation and amortization are based on the original value of the company’s fixed assets ((intangible assets, long-term prepaid expenses)) and depreciation ((amortization)

sales) accrual standard forecast.

Business entertainment expenses, office expenses, travel expenses, etc. In view of the great correlation between such expenses and operating income, this article

This evaluation is combined with the financial budget and planning of the target company, and the expenses are estimated with reference to the proportion of expenses to revenue.

The rental fee is predicted based on the housing rental contract valid on the base date and the local market rent.

Management expense forecast table

Unit: 10,000 yuan 2030 and project name 2026 2027 2028 2029

after

Employee compensation 1,030.00 1,060.90 1,092.73 1,125.51 1,159.27Agency and service fees 160.00 167.41 174.55 180.62 186.96Depreciation expense 127.35 136.42 136.42 136.42 136.42

Others 105.01 109.87 114.55 118.51 122.68 Amortization of long-term deferred expenses 94.40 94.40 94.40 94.40 94.40 Depreciation of right-of-use assets 59.92 61.14 65.24 65.90 66.56

Office expenses 48.00 50.22 52.37 54.19 56.09 Disability security fund 46.00 48.13 50.18 51.93 53.75 Business entertainment expenses 27.00 28.25 29.46 30.48 31.55 Amortization of intangible assets 20.61 20.61 20.61 20.61 20.61Travel expenses 20.00 20.93 21.82 22.58 23.37Property expenses 16.00 16.74 17.46 18.06 18.70

Total 1,754.29 1,815.02 1,869.79 1,919.21 1,970.36

(3) R&D expense forecast

The target company's R&D expenses mainly include employee compensation, depreciation, amortization of long-term deferred expenses, and direct investment in Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Enter and others.

Employee remuneration is based on the company's current wage payment standards and combined with forecasts of future management personnel addition plans. Depreciation and amortization are predicted based on the original value of the company’s fixed assets ((intangible assets, long-term deferred expenses)) and depreciation ((amortization)) accrual standards.

Direct investment and other forecasts are forecasted with reference to a certain proportion of expenses incurred in the historical period to sales revenue. The prediction results are shown in the table below.

R&D expense forecast table

Unit: RMB 10,000 Project name 2026 2027 2028 2029 2030 Employee compensation 550.00 566.50 583.50 601.00 619.03 Depreciation expense 71.08 76.14 76.14 76.14 76.14 Amortization of long-term prepaid expenses 54.68 54.68 54.68 54.68 54.68Direct investment 130.00 136.02 141.82 146.75 151.90Others 20.00 20.93 21.82 22.58 23.37

Total 825.76 854.27 877.96 901.15 925.12

(4) Financial cost forecast

The target company has no interest-paying debt as of the valuation base date, and the company expects to have no new borrowing plans in the coming years, so the financial expense forecast for future years is zero.

Income tax forecast

As of the assessment base date, the target company has taxpayers with different corporate income tax rates. The tax rates of each entity are detailed in the following table:

Income tax rates for each taxpayer

Name of tax payer Income tax rate

Bikel 25% Hubei AutoNavi 15% Lange Medical 25% Baoket 25% (5% reduced mortgage rate for small and micro enterprises) Lanfan Emergency 25% (5% reduced mortgage rate for small and micro enterprises)

Gaoge Medical 25% Hubei Gaode First Aid and Protective Products Co., Ltd. obtained a high-tech enterprise certificate on December 14, 2022. Since the amount of R&D expenses incurred in the historical period did not reach the corresponding proportion, the company's corporate income tax rate will be 25% from 2022 to 2024. The company's research and development expenses in 2025 will meet the corresponding requirements, and the company has obtained an independent financial advisory report from Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Obtain a new high-tech enterprise certificate, which is valid from December 18, 2025 to December 18, 2028.

Hubei Gaode First Aid and Protective Products Co., Ltd. recognized deferred income tax assets in 2025 at a rate of 15% in the 2025 annual audit report. Therefore, Hubei Gaode First Aid and Protective Products Co., Ltd. may be subject to the high-tech enterprise income tax rate of 15% in the future.

This assessment is based on the comprehensive income tax rate of the target company in historical years, combined with the total profits of each operating entity of the target company (or taxable income after tax law adjustments), the corresponding income tax rate, etc., to predict the income tax rate in future years.

Depreciation and amortization forecast

The assets that the target company needs to accrue depreciation are fixed assets, which mainly include buildings, machinery and equipment, vehicles, electronic equipment, etc. Fixed assets are valued at their actual cost when acquired. In this evaluation, in accordance with the fixed asset depreciation policy implemented by the enterprise, the depreciation amount in the future operating period is estimated based on the original book value, estimated useful life, weighted depreciation rate, etc. of the audited fixed assets on the benchmark date.

The assets that the target company needs to amortize are intangible assets and long-term deferred expenses, which mainly include land use rights, Kingdee professional financial software, trademark rights, patent rights, etc. The long-term deferred expenses mainly include the Baijie website domain name and annual service fees, purification decoration, renovation costs, software usage fees, sporadic factory renovation, etc. In this evaluation, in accordance with the amortization policy implemented by the company, the amortization amount in the future operating period is estimated based on the intangible assets recorded in the books. For specific forecast results, see the company’s free cash flow forecast table.

Additional capital forecast

Additional capital refers to the additional working capital and long-term capital investment required by an enterprise for a period of more than one year without changing the current operating and production conditions. Such as the capital investment required to expand production capacity ((purchase of fixed assets or other non-current assets), as well as the required new working capital and asset updates necessary for continued operations, etc.

In this evaluation, it is assumed that the target company will no longer make capital investments in its existing operating capabilities. The additional capital in the future operating period will mainly be the renewal of existing assets and the increase in working capital on the base date required for continued operations. That is, the additional capital defined in this report is:

Additional capital = asset renewal + increase in working capital + capital expenditure

(1) Asset update investment estimate

According to the premise and basis of the income forecast, in the coming years only the renewal investment expenditures necessary to maintain production and operations after capacity expansion will be met. For fixed assets, depreciation is calculated according to the accounting policy standards implemented by the enterprise. In the Independent Financial Consultant Report of Sustainability Yangtze Securities Underwriting and Sponsoring Co., Ltd.

Updates are forecast for each period in such a way that update equals depreciation.

(2) Estimation of increase in working capital

The increase in working capital refers to the additional operating capital that an enterprise needs to invest in order to maintain normal operations without changing the current main business, that is, the additional funds required to maintain the enterprise's ability to continue operating. Such as maintaining cash required for normal operations, purchasing product inventory, and advancing purchase payments on behalf of customers ((( The increase in working capital refers to the cash occupied by obtaining commercial credit from others as the business activities change, and the cash and inventory required for normal operations; at the same time, the provision of commercial credit in economic activities. , which can correspondingly reduce the immediate payment of cash. Usually, most of the accounting contents of other receivables and other payables are related parties or non-operating transactions; taxes payable and wages payable mostly occur during operations, and the turnover is relatively fast, the arrears time is relatively short, and the amount is relatively small.

In principle, estimating the increase in working capital only needs to consider major factors such as cash (minimum cash holdings), inventory, receivables and payables required for normal operations. The increase in working capital defined in this report is:

Increase in working capital = working capital for the current period - working capital for the previous period

Among them:

Working capital = operating cash + inventory + accounts receivable - accounts payable

Operating cash = total annual cash costs/cash turnover rate

Total annual cash costs = total sales costs + total period expenses - total non-cash costs

Accounts receivable mainly include accounts receivable, notes receivable, prepaid accounts and other accounts receivable related to business operations.

Inventories are processed according to normal processing methods to calculate their turnover rate and forecast future inventory amounts.

Accounts payable mainly include accounts payable, notes payable, accounts payable in advance and other accounts payable related to business operations.

Based on the investigation of the operating conditions of the target company and the estimation results of the income and costs of each year in the future operating period, and based on the proportion of the operating capital of the target company in the historical period to revenue, the working capital and its increase in each year of the future operating period can be obtained. For specific forecast results, see the company’s free cash flow forecast table.

(3) Capital expenditure estimation

Capital expenditures are expenditure items that enterprises need to supplement and expand their existing asset scale in order to achieve strategic goals such as market development, scale expansion, and performance growth.

This evaluation, based on the future investment plan of the target company, sets the enterprise to maintain the existing Yangtze Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report in accordance with simple reproduction

The scale of assets remains a going concern. For details, see the future net cash flow forecast table.

Cash flow forecast results

The forecast results of the target company’s net cash flow in the future operating period are shown in the table below. The forecast of future earnings in this evaluation is mainly a professional judgment based on market research and analysis of the industry in which the company operates, and based on the operating conditions, market demand and future industry development of relevant comparable companies. The forecast does not take into account uncertain non-operating income and expenses, subsidy income and other non-recurring profits and losses arising from operations. The future net cash flow forecast results are as follows:

Unit: 10,000 yuan 2031 and projects 2026 2027 2028 2029 2030

Income in subsequent years 24,723.62 25,869.30 26,972.42 27,909.54 28,889.22 28,889.22

Cost 18,832.94 19,667.08 20,467.08 21,161.31 21,881.96 21,881.96 Business tax attached

92.33 106.97 110.30 113.12 116.07 116.07

add

Selling expenses 1,150.28 1,189.16 1,228.20 1,265.99 1,305.09 1,305.09Administrative expenses 1,754.29 1,815.02 1,869.79 1,919.21 1,970.36 1,970.36R&D expenses 825.76 854.27 877.96 901.15 925.12 925.12Financial expenses - - - - - -Operating profit 2,068.04 2,236.80 2,419.10 2,548.76 2,690.61 2,690.61Total profit 2,068.04 2,236.80 2,419.10 2,548.76 2,690.61 2,690.61Less: income tax 417.89 453.99 493.35 521.02 551.37 551.37Net profit 1,650.14 1,782.81 1,925.75 2,027.74 2,139.25 2,139.25 plus: depreciation 360.06 385.69 385.69 385.69 385.69 385.69

Amortization 401.76 401.76 401.76 401.76 401.76 401.76 Input to be deducted

111.62 - - - - - Tax return

Less: Asset update

761.82 787.45 787.45 787.45 787.45 787.45

new

Increase in working capital

419.30 300.00 200.00 200.00 300.00 -

add

Capital expenditure 346.04 - - - - -

Net cash flow 996.42 1,482.81 1,725.75 1,827.74 1,839.25 2,139.25 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(7) Determination of discount rate

Determination of risk-free interest rate

Referring to the average interest rate of medium- and long-term treasury bonds issued by the country in the past five years, the approximate risk-free rate of return r is determined based on the average interest rate of 10-year treasury bonds, that is, r = 1.85%.

f f

Determination of market risk premium

The market risk premium refers to the expected excess return required by investors for an equity investment with the same risk as the overall market average, that is, the risk compensation that exceeds the risk-free interest rate. Market risk premium can usually be measured using the market's historical risk premium data. In this evaluation, the long-term average return rate of the China A-share market index is used as the market expected return rate r, and the part of the market expected return rate that exceeds the risk-free interest rate is taken as the market expected return rate r.

market risk premium.

It is generally believed that the fluctuations of stock indexes can reflect the overall market fluctuations, and the long-term average return rate of the index can reflect the average return rate expected by the market. By measuring the average return rate of the Shanghai Composite Index from May 21, 1992, when the stock price was fully liberalized and free auction trading was implemented, to December 31, 2025, the approximation of the market's expected return rate was obtained, namely: r =8.83%.

Market risk premium = r - r = 8.83% - 1.85% = 6.98%.

Determination of capital structure

After years of development, the company is in a mature stage, and its capital structure has been relatively stable in recent years. Since the profit forecast made by the company's management is based on its own financing capabilities and the premise of maintaining a stable capital structure, this evaluation selects the company's own stable capital structure on the evaluation base date to calculate the discount rate for future years. When calculating the capital structure, the value of equity and debt are estimated based on their market value.

Determination of beta coefficient

Based on the stocks of Shanghai and Shenzhen listed companies in the Shenwan Pharmaceutical industry, consider the comparability of the target company and comparable companies in terms of business type, enterprise size, profitability, growth, industry competitiveness, enterprise development stage and other factors, select appropriate comparable companies, use the Shanghai Composite Index as the target index, and after querying the Tonghuashun Information Financial Terminal, calculate based on the market price as of the evaluation base date. The calculation period is 250 weeks before the evaluation base date, and obtain an estimate of the expected financial leverage risk coefficient β of comparable company stocks. , based on the company’s own capital structure

Calculate and obtain the expected market risk coefficient β of the target company’s equity capital.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Determination of characteristic risk coefficient

When determining the discount rate, it is necessary to consider the differences between the target company and the listed company in terms of company size, corporate development stage, core competitiveness, dependence on major customers and key suppliers, corporate financing capabilities and financing costs, and the robustness of profit forecasts, etc., to determine the specific risk coefficient. During the evaluation process, the evaluation agency conducted a comparative analysis between the company and comparable listed companies and obtained a characteristic risk coefficient of ε=2.00%.

Determination of the expected rate of return on debt rd

The expected rate of return on creditor's rights is the capital cost of corporate debt financing. The capital structure used in this assessment is the company's own capital structure, and there are no short-term or long-term borrowings.

Calculation of discount rate WACC

Substituting the parameters obtained above into the WACC calculation formula, the discount rate WACC is 11.40%.

(8) Determination of the appraised value of operating assets

Dividing the expected net cash flow by the discount rate, the target company's operating assets value is 165.3426 million yuan.

(9) Determination of the assessed value of non-operating or surplus assets (liabilities)

After verification, the value of some assets ((liabilities)) existing in the book of the target company on the base date were not considered in the net cash flow estimated this time, and they were surplus or non-operating assets ((liabilities)) other than the cash flow estimated in this evaluation.

The audited balance sheet disclosed that the target company’s book monetary funds on the base date were 54.9272 million yuan. Since the monetary capital investment has been taken into account in the future cash flow forecast, the total amount of monetary funds exceeding the minimum cash holding amount was 23.504 million yuan. This evaluation will treat book monetary funds in excess of the minimum cash holdings as surplus (or non-operating) assets.
The audited balance sheet disclosed that among the other receivables in the book of the target company on the base date, the total book value of the amount receivable from Hubei Lanfan Care Products Co., Ltd. was 60.1004 million yuan, and the assessed value was 60.1004 million yuan. It was verified by the appraisal agency that the amount existed. Such amounts are mainly borrowings and interest payments, which will be treated as surplus (or non-operating) assets in this assessment.
The audited balance sheet disclosed that the target company’s book deferred income tax assets totaled 8.4075 million yuan on the base date. The assessment agency verified that the amount existed. The book deferred income tax assets correspond to the independent financial consultant report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

The assessed value is 7.6503 million yuan. Since this type of payment has nothing to do with the company's future business operations, this assessment will treat it as surplus (or non-operating) assets.

The audited balance sheet disclosed that among the other payables in the book of the target company on the base date, dividends payable to Lanfan Medical Co., Ltd. totaled 65 million yuan. The assessment agency verified that the amount existed. Since such amounts have nothing to do with the company's future business operations, this assessment treats them as surplus (or non-operating) liabilities.
The audited balance sheet disclosed that the target company’s book deferred income tax liabilities on the base date were 1.1249 million yuan, which was treated as a surplus (or non-operating) liability in this evaluation.
The audited balance sheet disclosed that the target company’s book deferred income on the base date was 5.0478 million yuan, which was mainly government subsidies. The income tax corresponding to this amount was paid at the time of collection and does not need to be repaid in the future. The corresponding liability assessment value is 0.

This evaluation separately estimates the value of these assets ((liabilities)) based on the audited financial statements, and the estimated value of the target company's surplus or non-operating assets (liabilities) on the base date is 25.2577 million yuan. The details are as shown in the table below.

Non-operating or surplus assets (liabilities) valuation details

Unit: RMB 10,000 Project name Book value on the base date Appraisal value on the base date Monetary funds 2,350.40 2,350.40 Other receivables 6,010.04 6,010.04 Other current assets 12.78 12.78 Subtotal of current surplus/non-operating assets 8,373.22 8,373.22 Other payables 6,500.00 6,500.00 Current surplus/Non-operating liabilities subtotal 6,500.00 6,500.00 Current surplus/Non-operating assets (liabilities) net value 1,873.22 1,873.22 Deferred income tax assets 840.75 765.03 Non-current surplus/Non-operating assets subtotal 840.75 765.03 Deferred income 504.78 - Deferred income tax liabilities 112.49 112.49 Non-current surplus/Non-operating liabilities subtotal 617.27 112.49 Non-current surplus/Net value of non-operating assets (liabilities) 223.48 652.55

Surplus/Net value of non-operating assets and liabilities 2,096.71 2,525.77 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(10) Income method evaluation results

The value of the obtained operating assets is 165.3426 million yuan, and the value of other surplus or non-operating assets existing on the base date is 25.2577 million yuan. Based on this, the enterprise value of the target company is obtained as 190.600 million yuan (rounded to the nearest hundred thousand).

The value of the company's interest-paying debt on the base date is RMB 0,000, and the value of minority shareholders' equity is RMB 0,000. The final equity value of the target company is RMB 190.60 million.

5. Assessment using asset-based method

(1) Definition and principles of asset-based approach

The asset-based method refers to an evaluation method that uses the balance sheet of the enterprise or business entity to be evaluated on the evaluation base date to evaluate the value of various assets and liabilities that can be identified on and off the balance sheet and determine the value of the evaluation object. Specifically, it refers to the method of calculating the enterprise value by adding up the evaluation values of the various element assets that make up the enterprise and subtracting the evaluation value of the liabilities.

(2) Prerequisites for the application of asset-based method

Each asset assessed this time is based on the actual stock on the assessment base date, and the current market price of the relevant assets is based on the domestic effective price on the assessment base date.

(3) Reasons and basis for choosing asset-based method

The asset-based method reflects the value of the enterprise from the perspective of enterprise acquisition and construction, and provides a basis for the enterprise's management and assessment after the economic behavior is realized.

(4) Technical description of asset-based method valuation

The valuation methods for various types of assets and liabilities are as follows:

Current assets

(1) Scope of evaluation

Current assets included in the assessment include monetary funds, accounts receivable, prepayments, other receivables, inventories, and other current assets. The difference between the book value of the corresponding accounts under the income method is mainly due to the fact that the assets method assesses the parent and subsidiary companies separately, rather than conducting a unified assessment on all entities within the consolidation scope.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(2) Evaluation procedure

① According to the current assets evaluation declaration form filled out by the enterprise, check it with the enterprise's financial statements to clarify the specific content of the current assets that need to be evaluated.

②According to the current assets assessment declaration form filled out by the enterprise, go to the site to conduct accounting verification, inspect original vouchers, conduct inventory of physical current assets, and investigate and verify the status of the assets.

③Collect and organize relevant documents and information and obtain current asset price information.

④ Evaluate estimates separately based on clear accounting verification, clear understanding of the situation, and collection of information required for evaluation.

(3) Evaluation method

For highly liquid assets such as monetary funds, the RMB account determines the appraised value based on the verified book value; for receivable and prepaid credit assets, the appraised value is determined based on the verified book value and the possibility of actual recovery; for inventory, based on the verification of the actual inventory quantity on the assessment base date, the actual inventory amount is multiplied by the actual cost or realizable price to arrive at the appraised value.

① Monetary funds

The book value of monetary funds is 37.6877 million yuan, including bank deposits of 35.8579 million yuan and other monetary funds of 1.8298 million yuan, measured at actual cost.

②Accounts receivable

The book balance of accounts receivable is 33.738 million yuan, an impairment provision of 15.0714 million yuan has been made, and the book value is 18.6666 million yuan. The accounting content is the receivables of Wuhan Bikel Rescue Supplies Co., Ltd. The evaluators verified the account book records, randomly checked some original vouchers and other relevant information, verified the authenticity, age, business content and amount of the transactions, etc., and conducted a letter of confirmation to verify that the results of the accounts, forms, and amounts were consistent. On the basis of verifying the accuracy of other receivables, and with the help of historical data and current investigation and understanding, the evaluators will specifically analyze the amount, time and reason of arrears, payment recovery situation, debtor's funds, credit, operating and management status and other related matters to judge the collectability of accounts receivable. For external units that may not be able to collect part of the money, and it is difficult to determine the amount of the unrecoverable accounts, refer to the accounting method for calculating bad debt provisions, and estimate the risk loss based on the analysis of account aging and historical payment collections. Referring to the corporate accounting method for calculating bad debt provisions, it is estimated that the assessed risk loss of accounts receivable is 15.0714 million yuan, and the assessed value is determined by the amount of the total accounts receivable minus the assessed risk loss. The provision for bad debts is assessed as zero in accordance with relevant assessment regulations. The assessed value of accounts receivable is RMB 18.6666 million. ③Advance payment

The book value of prepaid accounts is 6.3655 million yuan, and no impairment provision has been made. The accounting content is the independent financial consultant report of Hubei Gao Changjiang Securities Underwriting and Sponsoring Co., Ltd.

The payment and estimated payment from De First Aid Protective Products Co., Ltd., as well as the marketing payment and pre-recharge fees from platforms such as Hangzhou Alibaba Overseas Digital Commerce Co., Ltd. and Alibaba (Chengdu) Software Technology Co., Ltd.

The evaluators verified the account book records, inspected the original vouchers and relevant contracts, verified the authenticity of the transactions, account age, business content and amount, etc., and conducted correspondence confirmations. No abnormalities were found. Based on the verification of the prepaid accounts, the evaluators used historical data and current investigation to analyze the amount, time and reason of arrears, payment recovery status, debtor's funds, credit, operating and management status, etc.

After verification, the amounts of the prepaid accounts, statements, and orders are consistent, and the supplier has not been found to be bankrupt, canceled, or unable to provide goods on time as stipulated in the contract. The appraiser will determine the appraisal value based on the verified book value based on the verification of the prepaid accounts. The appraised value of prepaid accounts is 6.3655 million yuan.

④Other receivables

The book balance of other accounts receivable is RMB 58,887,700, with an impairment provision of RMB 8,200, and a book value of RMB 58,879,500. The accounting content is other receivables, which mainly include loans from Gaoge Medical Supplies (Hubei) Co., Ltd., rental deposits from Wuhan Metropolis Deya Commercial Operations Management Co., Ltd. and individuals, export tax rebates, advanced social security and housing provident funds, etc. The evaluators verified the account book records, randomly checked some original vouchers and other relevant information, verified the authenticity, age, business content and amount of the transactions, etc., and conducted a letter of confirmation to verify that the results of the accounts, forms, and amounts were consistent. On the basis of verifying the accuracy of other receivables, with the help of historical data and current investigation and understanding of the situation, the evaluators will specifically analyze the amount, time and reason of arrears, payment recovery situation, debtor's funds, credit, operation and management status and other related matters to judge the collectability of other receivables. For external units that may not be able to collect part of the money, and it is difficult to determine the amount of the unrecoverable accounts, refer to the accounting method for calculating bad debt provisions, and estimate the risk loss based on the analysis of account aging and historical payment collections. Referring to the corporate accounting method for calculating bad debt provisions, it is estimated that the assessed risk loss of other receivables is 8,200 yuan, and the assessed value is determined by taking the total amount of other accounts receivable minus the assessed risk loss. The provision for bad debts is assessed as zero in accordance with relevant assessment regulations.

The assessed value of other accounts receivable is RMB 58.8795 million.

⑤Inventory

The book value of the inventory is 3.9638 million yuan, all of which are goods shipped, and no provision for price decline has been made. The evaluators test the inventory internal control system, randomly check large amounts and original vouchers, purchase and sales contracts of major customers, receipt and delivery records, verify the authenticity and completeness of the book value composition and cost accounting methods; understand the inventory receipt, issuance and custody accounting system, conduct random inspections and inventory of inventory; check whether the inventory is defective, damaged, overstocked and reported to Changjiang Securities Underwriting and Recommendation Co., Ltd. Independent Financial Consultant Report

Waste and other situations. Collect inventory market reference prices and product sales price data as a reference for pricing, and combine with market inquiry data to comprehensively analyze and determine the evaluation value. The quantity shall be subject to the actual quantity on the assessment base date. The specific valuation methods and processes of inventory are as follows:

The book balance of the goods shipped was 3.9638 million yuan, without provision for price declines. It was mainly first-aid kits, plastic boxes, bandages, band-aids and other goods customized to customers in the United States, Britain, Germany and other places, covering finished products and single products. After checking, the products of the company are all sold normally. Based on the inventory and verification, the evaluator analyzed the information provided by the company and determined that the goods issued were normal products and were evaluated with reference to the evaluation method of inventory goods. Appraisal value = actual quantity × sales price excluding tax × (1-product sales tax and surcharge rate - operating profit margin × income tax rate - operating profit margin × (1-income tax rate) × r)

A. Sales price excluding tax: The sales price excluding tax is determined based on the sales contract price of the goods issued or the market price before and after the assessment base date;

B. Product sales taxes and surcharges mainly include urban construction tax and education surcharges calculated and paid based on value-added tax;

C. Operating profit margin = operating profit ÷ operating income;

Operating profit = operating income - operating costs - taxes and surcharges - sales expenses - administrative expenses - financial expenses

D, r is a certain rate. Since there is a certain market risk and uncertainty in the future sales of the shipped goods, the risk is determined based on the investigation situation on the base day and the sales situation after the base day. Among them, r is 0 for best-selling products, and r is 25% for general sales products.

The appraised value of the goods shipped was 4.6511 million yuan, and the appraised value added was 687,300 yuan, with a value-added rate of 17.34%. The reason for the increased value of the issued goods is that the product market is in good condition, and part of the profit is taken into account in the assessed value of the issued goods.

⑥Other current assets

The book value of other current assets is 1.3429 million yuan, and the accounting content is Wuhan Bikel Rescue Supplies Co., Ltd.'s deferred expenses as of the end of 2025 (including water dispenser rental, platform renewal and insurance, etc.) and input tax to be certified. During the inventory, the evaluators checked whether the detailed ledgers were consistent with the general ledger and statement balances, and whether they were consistent with the commissioned valuation detailed sheets. They reviewed accounting records such as the amount of payment, time of occurrence, business content, etc., and randomly checked the original accounting vouchers, relevant payment vouchers, contracts, etc., to verify the authenticity and completeness of the accounting contents. Understand the tax policies and borrowing conditions such as the types of taxes, tax rates, payment systems and other tax policies that enterprises should bear on the assessment base date. On the basis of verification, the assessed value will be determined based on the verified book value.

The assessed value of other current assets is 1.3429 million yuan.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Long-term equity investment

(1) Scope of evaluation

There are 5 long-term equity investments in total, all of which are wholly-owned subsidiaries, mainly including Hubei Gaode First Aid and Protective Products Co., Ltd., Lange Medical Technology (Hubei) Co., Ltd., Gaoge Medical Supplies (Hubei) Co., Ltd., Lanfan Emergency Technology (Wuhan) Co., Ltd. and Baokete Medical Technology (Wuhan) Co., Ltd. As of the valuation base date, the original book value was RMB 23.3347 million. No impairment provision was made, and the net book value was RMB 23.3347 million. The details are as follows:

Unit: RMB 10,000 Serial number Unit name Shareholding ratio Investment cost Book value 1 Hubei Gaode First Aid and Protective Products Co., Ltd. 100.00% 983.47 983.47 2 Baokete Medical Technology (Wuhan) Co., Ltd. 100.00% 250.00 250.00 3 Lange Medical Technology (Hubei) Co., Ltd. 100.00% 1,000.00 1,000.00 4 Gaoge Medical Supplies (Hubei) Co., Ltd. 100.00% - -

5 Blue Sail Emergency Technology (Wuhan) Co., Ltd. 100.00% 100.00 100.00 (2) Evaluation process and method

For long-term equity investment, we first conducted evidence collection and verification on the reasons for the formation of the long-term investment, book value and actual status, etc., and reviewed the investment agreement, shareholder meeting resolutions, articles of association and relevant accounting records to determine the authenticity and completeness of the long-term investment.

For wholly-owned holding subsidiaries, the overall assets and liabilities of the invested unit on the valuation base date are evaluated using the asset-based method, and then the assessed value of the net assets of the invested unit on the valuation base date is multiplied by the shareholding ratio of the evaluated enterprise to calculate and determine the appraisal value.

Appraisal value of long-term equity investment = Appraisal value of net assets after overall evaluation of the investee × shareholding ratio

Among them, Lange Medical Technology (Hubei) Co., Ltd. is a pure foreign trade company, mainly responsible for export business; Hubei Gaode First Aid and Protective Products Co., Ltd. is a production base, mainly responsible for the production of first aid kit products; Lanfan Emergency Technology (Wuhan) Co., Ltd. is a domestic trade company, mainly responsible for domestic Domestic sales business; Baokete Medical Technology (Wuhan) Co., Ltd. is an enterprise in the bonded zone and is responsible for overseas processing business, mainly docking business in the United States. There is no business at the base date and time; Gaoge Medical Supplies (Hubei) Co., Ltd. has reserved a platform for overseas sales and has no actual business.

(3) Long-term equity investment evaluation results

According to the above method, the book value of the long-term equity investment is 23.3347 million yuan, with no provision for impairment, the assessed value is 90.8342 million yuan, the assessed value added is 67.4995 million yuan, and the value-added rate is 289.27%.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The specific evaluation results of long-term equity investment are as shown in the following table:

Unit: 10,000 yuan long-term equity investment Equity evaluation

Serial number Unit name Shareholding ratio Value-added Value-added rate % Book value Value

1 Hubei AutoNavi 100.00% 983.47 4,911.72 3,928.25 399.43 2 Baokete 100.00% 250.00 68.48 -181.52 -72.61 3 Lange Medical 100.00% 1,000.00 4,114.11 3,114.11 311.41 4 Gaoge Medical 100.00% 0.00 -0.60 -0.60 - 5 Lanfan Emergency 100.00% 100.00 -10.29 -110.29 -110.29

Note: For the specific evaluation process of Hubei AutoNavi and Lange Medical, please refer to "Eight. Evaluation of Important Subsidiaries" in "Section 5: Evaluation of Underlying Assets"

Fixed assets

(1) Scope of evaluation

The equipment assets included in the scope of this evaluation are electronic equipment, with an original book value of 448,200 yuan and a net book value of 130,000 yuan.

(2) Asset overview

The various types of equipment assessed this time are mainly distributed in factories and offices. There are 106 items of electronic equipment in total. It mainly includes refrigerators, printers, shelves and office computers, etc., which were mainly purchased from 2018 to 2025. They are electronic equipment used in the daily operations of the assessed enterprise. The physical condition on the base date was good and the use was normal. The composition of the book value includes equipment purchase fees, etc.

The company has a sound equipment management system and has formulated production management and safety management systems and their implementation details. Each equipment has a regular inspection system based on its usage location and safety level. Each mandatory maintenance system is complete and has corresponding assessment methods. Implement tracking and management of the purchase, operation, maintenance, replacement of parts and scrap disposal of important equipment to ensure a good environment for equipment operation. As of the assessment base date, all system equipment within the assessment scope is operating normally and is well maintained.

(3) Evaluation process

①Inventory and verification work

A. In order to ensure the accuracy of the assessment results, according to the composition characteristics of the enterprise's equipment assets, the company is guided to fill in the asset declaration and assessment detailed form according to the actual situation, and this is used as a reference for the assessment.

B. According to the different nature and characteristics of equipment assets in the asset declaration and assessment detailed list, different inventory and verification methods are adopted to conduct on-site surveys. Be sure not to overload or leak, and carefully observe and record the actual operating status of the equipment.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

C. For large and key equipment, equipment evaluators will consult equipment operation records and equipment technical files to understand the actual condition of the equipment; they will also learn from on-site operators and maintenance personnel about the operation and maintenance of the equipment, the main components replaced and the main technical indicators that the equipment can achieve at this stage; they will learn about the daily management of the equipment and the implementation of the management system from the enterprise's equipment managers, so as to fully understand the historical changes and operation of the equipment; and verify the physical objects through spot checks and inventories.

D. Based on the on-site investigation results, further improve the assessment declaration form, and ensure that the "table" and "actual" are consistent.

E. Pay attention to the property rights of the equipment within the scope of this assessment, such as checking and checking the vehicle driving license; reviewing the fixed asset detailed accounts and related financial vouchers to understand the composition of the original book value of the equipment

②Evaluation and pricing

Carry out market inquiry work, determine the value type, select the evaluation method according to the evaluation purpose, and conduct evaluation and estimation.

③Evaluation summary

Analyze and summarize the preliminary results of equipment asset assessments, and make necessary adjustments, modifications and improvements to the assessment results.

④Write an evaluation technical description

Prepare "Technical Description of Equipment Assessment" in accordance with the requirements of asset assessment standards.

(4) Evaluation method

According to the purpose of this evaluation, in accordance with the principle of continuous use, based on market price, combined with the characteristics of the equipment to be evaluated and the information collected, the replacement cost method is mainly used for evaluation.

Appraisal value = full replacement price × newness rate.

①Determination of the full price of replacement of electronic equipment

Based on local market information and recent market price data such as "Zhongguancun Online" and "Pacific Computer Network", the price of electronic equipment on the evaluation base date is determined. Generally, manufacturers or agents provide free transportation, installation and debugging, and the full replacement price is determined based on the purchase price excluding tax:

Full replacement price (excluding tax) = purchase price - deductible VAT

Deductible VAT amount = purchase price/1.13×13%

② Determination of the newness rate of electronic equipment

Renewal rate = (1-used years ÷ economic life) × 100%

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Potential newness rate = [remaining useful life ÷ (used years + remaining useful life)] × 100%

Also: Equipment that is directly evaluated based on the second-hand market price does not need to be calculated as new.

③Determination of evaluation value

Appraisal value = full replacement price × newness rate

(5) Evaluation results

Unit: Book value in 10,000 yuan Appraisal value Appreciation rate % Account name

Original value Net value Original value Net value Original value Net value Total equipment category 44.82 13.00 41.87 17.32 -6.56 33.24 Fixed assets - electronic equipment 44.82 13.00 41.87 17.32 -6.56 33.24

The impairment of the original assessed value of electronic equipment is due to a slight decrease in the market price on the assessment base date; the increase in the net assessed value is due to the economic useful life used in the assessment being longer than the enterprise's accounting depreciation life.

Right-of-use assets

The book value of the right-of-use assets is RMB 1.1865 million. This account mainly accounts for the operating lease right-of-use assets of Room 201-1, Building 8, Gutian 1967, and Room 101-102, Building 6, leased by Wuhan Bikel Rescue Supplies Co., Ltd. for office use.

Right-of-use assets refer to the lessee’s right to use the leased assets during the lease term. Enterprises conduct accounting in accordance with the provisions of "Accounting Standards for Business Enterprises No. 21 - Lease (Revised Edition)" and confirm right-of-use assets and lease liabilities.

The appraiser checked the enterprise's general ledger, subsidiary ledgers, accounting statements and inventory appraisal details, reviewed the relevant original vouchers and lease contracts, and analyzed the accuracy and rationality of the initial measurement and amortization amount of each leased asset. It complied with the accounting regulations of the lease accounting standards. The book balance reasonably reflected the equity value of the relevant right-of-use assets enjoyed by the enterprise on the base date. Therefore, this appraisal confirmed the appraisal value based on the verified book value. The assessed value of the right-of-use asset is 1.1865 million yuan.

Intangible assets

(1) Overview of other intangible assets

Intangible assets - Other intangible assets have a book value of 47,400 yuan, mainly Kingdee professional financial software, trademarks, etc.

As of the assessment base date, there are 3 unrecorded intangible assets within the scope of declaration of the assessed enterprise. Independent Financial Consultant Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

mark.

①Other intangible assets recorded in books

As of the assessment base date, other intangible assets recorded in the books of Wuhan Bikel Rescue Supplies Co., Ltd. within the scope of declaration include financial software, trademarks, etc. Among them, the original book value of the financial software is 24,400.00 yuan, and the net book value is 0.00 yuan. Except for the invalid trademark No. 56013559, please refer to "Attachment 2, Bikel and its subsidiaries' registered trademarks in China" and "Attachment 3, Bikel and its subsidiaries' registered trademarks outside China" for details of Bikkel's other trademarks. ②Intangible assets not recorded in the books

As of the assessment base date, other intangible assets not recorded in the books within the scope of Bikel's declaration are 3 trademarks, the registration numbers are No. UK00906204051, No. 3893911, and No. UK00906831457. Please refer to "Annex 2, Bikel and its subsidiaries' registered trademarks in China" and "Annex 3, Bikel and its subsidiaries' registered trademarks outside China".

(2) Evaluation methods for outsourced financial software

Asset valuation professionals review invoices and other information, check relevant account books and relevant accounting vouchers, and analyze whether the amortization of book intangible assets is reasonable. For financial software, given that there is a certain time interval between its formation time and the base date, and the market price has changed to a certain extent, this evaluation determines its estimated value based on the tax-exclusive market value after the inquiry.

(3) Trademark rights

① Overview of trademark rights to be evaluated

There are 83 trademark rights included in the evaluation scope, and the trademark owner is Bikel.

②Selection of evaluation methods

Commonly used evaluation methods for trademark rights include the income approach, the market approach and the cost approach.

The market method mainly selects the same or similar trademark rights as reference objects in the trademark market, property rights market, and capital market, and compares and adjusts the price difference between the evaluated trademark and the reference trademark according to various value influencing factors, analyzes the adjustment results, and determines the value of the trademark right. The necessary prerequisites for using the market method to evaluate trademark rights are that the market data is relatively open, there is a comparable trademark reference, and the factors that influence the value of the reference are clear and can be quantified. my country's trademark market transactions are still in its infancy, and it is relatively difficult to collect fair transaction data on trademark rights, so the market method is not operational in this evaluation.

The income method determines the evaluation value based on the present value of the income that the evaluated intangible asset can create in the future. Independent Financial Consultant Report of Changjiang Securities Underwriting and Recommendation Co., Ltd.

For intangible assets such as trademarks, they are valuable because the owner or authorized user of the asset can generate profits by selling trademarked products. The basic conditions for the application of the income method are that the trademark has the basis and conditions for continued operation, there is a relatively stable correspondence between operations and income, and future income and risks can be predicted and quantified. When the estimation of future expected income is relatively objective and fair and the selection of the discount rate is reasonable, the income method evaluation results can more completely reflect the value of intangible assets and are easily accepted by the market.

The cost method is a method of confirming the value of trademark rights based on the various costs required in the process of forming trademark rights. When an enterprise obtains and holds trademark rights in accordance with the law, the expenses required during the period generally include trademark design fees, registration fees, maintenance fees during use, and fees for extending the use of the trademark after it expires.

Considering that the 83 trademark rights included in the scope of this evaluation (including 1 invalid one) were registered from 2018 to 2025, and considering that the products and services related to the enterprise being evaluated mainly focus on technical resources such as patent rights, trademarks, as the external manifestation of these technical resources, mainly play a role of identification and do not contribute significantly to the performance of the enterprise being evaluated, so the cost method is used for evaluation.

③Cost method evaluation model

The value of the trademark right is confirmed based on the replacement value of various costs and expenses required in the formation of the trademark intangible asset. The basic formula is as follows:

PC C C

1 2 3

In the formula:

P: evaluation value

C1: Design cost

C2: Registration and renewal costs

C3: Maintenance and usage costs

According to relevant regulations, a registered trademark can be revoked if it ceases to be used for three consecutive years. The use of a registered trademark in the legal sense includes using the trademark on goods, product packaging or containers, and commodity transaction documents, or using the trademark for advertising, exhibitions, and other commercial activities. Specifically, commodity trademarks need to be used in the sale, exhibition or export of goods through customs, used in commodity transaction documents, and used in various media to commercially promote and display the trademark; service trademarks need to be used in service venues, service tools, service supplies, service personnel clothing, used in documents that reflect and record services, and used in various media to commercially promote and display the trademark.

In order to maintain the exclusive right to use the trademark, the owner of a registered trademark must print the trademark and produce and sell the Independent Financial Consultant Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Products, participating in exhibitions (evaluations, competitions), or commercial promotion of trademarks in the media; service trademarks must be printed on service tools, service supplies, service personnel clothing, and used for decoration of service venues, production of signboards, or commercial media promotion, etc. For a trademark owner, the meaning of the form of trademark use and expenses is to prove that it actually owns and uses the trademark to maintain exclusive rights to the trademark.

④Trademark rights cost method evaluation results

Through calculation and summary, the total estimated value of the trademark rights included in the scope of this evaluation is 156,900 yuan.

Long-term deferred expenses

The book value of long-term deferred expenses is 103,200 yuan, and the accounting content includes long-term deferred expenses such as Bikel's Alibaba platform renewal, Futong Tianxia foreign trade marketing management cloud platform authorization fee and US FDA agent service fee. During the inventory, the evaluators checked whether the detailed ledgers were consistent with the general ledger and statement balances, and whether they were consistent with the entrusted valuation details, reviewed accounting records such as the amount of payment, time of occurrence, business content, etc., and randomly checked the original accounting vouchers, contracts, etc., to verify the authenticity and completeness of the accounting contents. After verification, the original amount of long-term prepaid expenses is true and accurate, and the amortization balance is correct. The long-term prepaid expenses can still enjoy corresponding rights or assets in the future benefit period, and the assessed value is determined based on the balance that should be amortized during the remaining benefit period.

The assessed value of long-term deferred expenses is 103,200 yuan.

Deferred income tax assets

The book value of deferred income tax assets is 4.3311 million yuan. The accounting content includes deductible temporary differences arising from bad debt provisions, financial assets measured at fair value through profit and loss for the current period, and accumulated depreciation of right-of-use assets. During the inspection, the evaluators checked whether the detailed ledgers were consistent with the general ledger and statement balances, and whether they were consistent with the entrusted valuation details, and reviewed accounting records such as the amount of payment, time of occurrence, and business content to confirm the authenticity and completeness of the deferred income tax assets. On the basis of verification, the verified book value will be determined as the assessed value.

The assessed value of deferred income tax assets is RMB 4.3311 million.

Liabilities

Liabilities within the scope of the assessment are current liabilities and non-current liabilities. Current liabilities include accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, and non-current liabilities due within one year. Non-current liabilities include lease liabilities and deferred income tax liabilities. This assessment is conducted on the basis of the book value that has been verified through inventory.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(1) Accounts payable

The book value of accounts payable is 88,400 yuan. The accounting content includes the logistics transportation, freight forwarding and operating service expenses payable, involving major suppliers such as Hubei SF Express and Sinotrans-DHL. The appraiser verified the accounting records, randomly checked the original vouchers, contracts and other relevant information, verified the authenticity of the transactions, business content and amount, etc., and determined the appraised value based on the verified book value.

The appraised value of accounts payable is RMB 88,400.

(2) Contract liabilities

The book value of contract liabilities is 5.5078 million yuan, which is mainly contract liabilities received in advance from overseas customers.

The appraiser investigated and understood the nature of the contract liability, randomly checked the specific creditor, time of occurrence and subsequent settlement, and checked it with the detailed account. Therefore, the appraised value was determined based on the verified book value. The estimated value of contract liabilities is 5.5078 million yuan.

(3) Employee compensation payable

The book value of employee benefits payable is RMB 2.9127 million, and the accounting content includes wages and bonuses. The evaluators verified the withdrawal and use of employee salaries payable, and also reviewed relevant vouchers and account books. If it is believed that the provision is correct and the payment complies with the regulations, the assessed value will be determined based on the book value after inventory verification.

The estimated value of employee benefits payable is RMB 2.9127 million.

(4) Taxes payable

The book value of taxes payable is 434,000 yuan, and the accounting content includes value-added tax, urban maintenance and construction tax, education surcharge, local education surcharge, corporate income tax payable, personal income tax payable, stamp duty payable and other taxes and fees. The appraiser confirms the correctness of the company's tax calculation by verifying the company's account books and tax returns, and determines the assessed value based on the verified book value.

The assessed value of taxes payable is 434,000 yuan.

(5) Dividends payable

The book value of dividends payable is 65 million yuan, and the accounting content is the dividend paid to Lanfan Medical Co., Ltd. The evaluators verified relevant shareholders' meeting resolutions, profit distribution documents and dividend calculation information. Confirm the correctness of the calculation of the company's dividend payable, and determine the estimated value based on the verified book value.

The estimated value of dividends payable is RMB 65 million.

(6) Other payables

The book value of other payables is 279,200 yuan, and the accounting content includes current funds such as material deposits and employee expense reimbursement accounts. The evaluators reviewed relevant contracts, original accounting vouchers, purchase invoices and other relevant information, and the independent financial consultant report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Verify the authenticity, business content and amount of transactions, etc. After verifying that the accounts, tables, and documents are consistent and no evidence of non-payment is found, the assessed value will be determined based on the verified book value.

The assessed value of other payables is RMB 279,200.

(7) Non-current liabilities due within one year

The book value of non-current liabilities due within one year is 559,500 yuan. The accounting content is the lease liability that needs to be paid within the next year as confirmed by Bikel on the valuation base date (December 31, 2025), involving the two leasing projects of Building 8 and Building 6. The appraisers reviewed the relevant contracts, original accounting vouchers and other relevant information, verified the authenticity of the transactions, business content and amount, etc., and determined the appraised value based on the verified book value. The assessed value of non-current liabilities due within one year is RMB 559,500.

(8) Lease liabilities

The book value of lease liabilities is RMB 552,500, which is mainly the lease liability for office use in Building 8 and Building 6 of Gutian 1967.

The main content of accounting is lease liabilities with a lease period of more than one year. The appraiser reviewed and randomly checked the relevant accounting vouchers and lease contracts to determine the authenticity and accuracy of the lease fees payable, and determined the appraised value based on the verified book value.

The assessed value of the lease liability is RMB 552,500.

(9) Deferred income tax liabilities

The book value of deferred income tax liabilities is 296,600 yuan, and the accounting content is the deferred income tax liabilities related to the income tax expenses incurred by the company on December 31, 2025. The appraiser reviewed the original accounting vouchers and other relevant information, investigated and understood the causes and formation process of the deferred income tax liability, and determined its authenticity and accuracy. After verifying that the amount calculated by the company complied with the relevant provisions of the corporate accounting system and tax law, the assessed value was determined based on the verified book value.

The assessed value of deferred income tax liabilities is RMB 296,600.

(5) Assessment results using asset-based method

Using the asset-based method, the valuation conclusion of the assessed enterprise on the valuation base date of December 31, 2025 is as follows:

The book value of total assets is 156.0389 million yuan, the appraised value is 224.3984 million yuan, the appraised value added is 68.3595 million yuan, and the value-added rate is 43.81%.

The book value of the liability is RMB 75,630,800, the appraised value is RMB 75,630,800, and there is no increase or decrease in appraised value.

The independent financial advisor of Changjiang Securities Underwriting and Recommendation Co., Ltd. reported that the net asset book value was 80.4081 million yuan, the appraised value was 148.7676 million yuan, the appraised value added was 68.3595 million yuan, and the appreciation rate was 85.02%.

Explanation of the existence of special assessment or valuation treatment, matters that have a significant impact on the assessment or valuation conclusion, and analysis of their impact on the assessment or valuation conclusion

There are no special assessment or valuation treatments or matters that have a significant impact on the assessment or valuation conclusions in this assessment.

Important changes from the assessment or valuation base date to the signing date of this report and their impact on the assessment or valuation results

This assessment found no significant subsequent events that may have an impact on the assessment conclusion between the assessment base date and the asset assessment report date.

8. Assessment of important subsidiaries

(1) Assessment overview

Hubei AutoNavi and Lange Medical are important subsidiaries of the assessed unit. The income method used to evaluate the assessed unit above has included the value of the two important subsidiaries. Therefore, Hubei AutoNavi and Lange Medical will not be evaluated separately with the income method. The asset-based method was used to evaluate all shareholders' equity of Hubei AutoNavi and Lange Medical. The evaluation results on the evaluation base date are as follows:

The book value of Hubei Gaode's shareholders' equity is 20.8006 million yuan, the appraised value is 49.1172 million yuan, the value-added amount is 28.3166 million yuan, and the value-added rate is 136.13%.

The book value of shareholders' equity of Lange Medical is 41.112 million yuan, the appraised value is 41.1411 million yuan, the value-added amount is 29,200 yuan, and the value-added rate is 0.07%.

(2) Assessment technical description

The valuation techniques of important subsidiaries are consistent with those of Bikel's valuation. For details, please refer to "(Section 5/5/(4) Asset-based Method Valuation Technical Description" of this report.

(3) Evaluation results

The asset-based method evaluation results of important subsidiaries are as follows:

Hubei Gaode

Based on the assessed company’s judgment on future development trends and business plans, in accordance with relevant laws, regulations and information, Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

According to the asset appraisal standards, after implementing the appraisal procedures such as inventory verification, on-site investigation, market investigation and inquiry, and evaluation and estimation, the asset-based method was used to carry out on-site inspection, market investigation, inquiry and evaluation calculation on the assets whose value of all equity interests of the shareholders of Hubei Gaode First Aid and Protective Products Co., Ltd. were included in the scope of assessment. The evaluation conclusion of Hubei Gaode of the evaluated enterprise on the evaluation base date is as follows:

The book value of total assets is 145.2016 million yuan, the appraised value is 168.4703 million yuan, the appraised value added is 23.2688 million yuan, and the value-added rate is 16.03%.

The carrying amount of liabilities is RMB 124.401 million, the assessed value is RMB 119.3532 million, the assessed impairment is RMB 5.0478 million, and the impairment rate is 4.06%.

The book value of net assets is 20.8006 million yuan, the appraised value is 49.1172 million yuan, the appraised value added is 28.3166 million yuan, and the value-added rate is 136.13%. See table below for details.

Unit: Book value in 10,000 yuan Appraisal value Increase or decrease Value-added rate % items

A B C=B-A D=C/A×100

1 Current assets 9,494.29 9,733.66 239.37 2.52 2 Non-current assets 5,025.86 7,113.37 2,087.50 41.54 3 Among them: long-term equity investment - - -

4 Investment real estate - - -

5 Fixed assets 2,443.84 3,565.32 1,121.48 45.89 6 Construction in progress - - -

7 Right-of-use assets 272.38 272.38 - - 8 Intangible assets 858.02 1,910.61 1,052.58 122.67 8-1 Among them: Land use rights 853.85 663.81 -190.04 -22.26 9 Long-term prepaid expenses 1,019.90 1,009.06 -10.84 -1.06 10 Deferred income tax assets 390.42 314.70 -75.72 -19.39 11 Other non-current assets 41.31 41.31 - - 12 Total assets 14,520.16 16,847.03 2,326.88 16.03 13 Current liabilities 11,712.35 11,712.35 - - 14 Non-current liabilities 727.75 222.97 -504.78 -69.36 15 Total liabilities 12,440.10 11,935.32 -504.78 -4.06 16 Net assets (owner's equity) 2,080.06 4,911.72 2,831.66 136.13 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Lange Medical

Based on the judgment and business plan of the future development trend of the evaluated enterprise, in accordance with relevant laws, regulations and asset valuation standards, after conducting inventory verification, on-site investigation, market investigation and confirmation, assessment and estimation and other evaluation procedures, the asset-based method was used to carry out on-site investigation, market investigation, confirmation and evaluation calculation on the assets whose value of all shareholders' equity of Lange Medical Technology ((Hubei) Co., Ltd. was included in the scope of evaluation). The evaluation conclusion of the evaluated company Lange Medical on the evaluation base date is as follows:

The book value of total assets is 41.2931 million yuan, the appraised value is 41.3222 million yuan, the appraised value added is 29,200 yuan, and the value added rate is 0.07%.

The book value of the liability is RMB 181,100, and the appraised value is RMB 181,100. There is no increase or decrease in the appraised value.

The book value of net assets is 41.112 million yuan, the appraised value is 41.1411 million yuan, the appraised value added is 29,200 yuan, and the value added rate is 0.07%. See table below for details.

Unit: Book value in 10,000 yuan Appraisal value Increase or decrease Value-added rate % items

A B C=B-A D=C/A×100

1 Current assets 4,125.23 4,128.15 2.92 0.07 2 Non-current assets 4.07 4.07 - - 3 Total assets 4,129.31 4,132.22 2.92 0.07 4 Current liabilities 18.11 18.11 - - 5 Non-current liabilities - - - - 6 Total liabilities 18.11 18.11 - -

7 Net assets (owners’ equity) 4,111.20 4,114.11 2.92 0.07

9. The board of directors’ analysis of the rationality of assessment and pricing fairness of this transaction

In accordance with the requirements of the "(Reorganization Management Measures)" and "No. 26 Format Guidelines", the board of directors of the listed company issued the following opinions on the independence of the evaluation agency in this transaction, the rationality of the evaluation assumptions, the correlation between the selection of evaluation methods and the evaluation purpose, and the fairness of the evaluation pricing:

(1) Opinions on the independence of the asset appraisal agency, the rationality of the assumptions, the relevance of the appraisal method and purpose, and the fairness of the appraisal and pricing

In accordance with relevant laws and regulations, the board of directors of the listed company, after detailed verification of the relevant assessment matters, explains the independence of the assessment agency, the rationality of the premise of the assessment assumptions, the correlation between the assessment method and the purpose of the assessment, and the fairness of the assessment and pricing as follows:

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The independence of the evaluation agency

The company hired China United Appraisal ((Shanghai)) as the appraisal agency for this transaction to undertake the appraisal work of this transaction. The appraisal agency has legal qualifications. Apart from normal business dealings with the company and the target company, there are no other related relationships between the appraisal agency and its handling appraisers, and there are no actual or foreseeable interest relationships or conflicts other than professional fees. The appraisal agency is independent.

Evaluate the reasonableness of assumptions

The valuation assumptions set by the valuation agency and the valuation personnel in the valuation report are implemented in accordance with the relevant national laws, regulations and normative documents, follow common market practices or guidelines, and are consistent with the actual situation of the valuation object. The valuation assumptions are reasonable.

Relevance between evaluation methods and evaluation purposes

The purpose of this evaluation is to determine the market value of the subject assets on the valuation base date and provide a value reference for the pricing of the subject assets in this transaction. The appraisal agency used the income method and the asset-based method to evaluate the value of the underlying assets, and finally selected the appraisal value obtained by the income method as the evaluation result. In accordance with the requirements of relevant national laws, regulations, normative documents and industry norms, this asset valuation work followed the principles of independence, objectivity, impartiality and science, and implemented necessary valuation procedures in accordance with recognized asset valuation methods. The market value of the subject assets on the valuation base date was evaluated. The valuation method selected was reasonable and the valuation method was relevant to the purpose of the valuation.

Evaluate the fairness of pricing

This evaluation implemented necessary evaluation procedures, followed the principles of independence, objectivity, scientificity, impartiality, etc., used evaluation methods that were compliant and consistent with the actual situation of the assets being evaluated, the reference data and information selected were reliable, and the asset evaluation value was fair and accurate. The final price of this transaction is based on the evaluation value of the evaluation report issued by the evaluation agency as a reference, and is determined through negotiation between the company and the counterparty based on the operating conditions of the target company, future development plans and other factors. The pricing process has gone through sufficient market competition, and the transaction price is reasonable and fair, without harming the interests of small and medium-sized investors.

Based on the above, the valuation agency selected by the company for this transaction is independent, has corresponding business qualifications and competencies, the valuation assumptions are reasonable, the valuation method is appropriately selected, the correlation between the valuation method and the valuation purpose is consistent, the valuation conclusion of the asset valuation report issued by it is reasonable, and the valuation pricing is fair and reasonable. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(2) Reasonability of the assessment or valuation basis

This evaluation combines the policy background, industry characteristics and business conditions of the target company, and uses the income method results as the final evaluation conclusion. It reflects the fair market value of the assets from the operations and market performance of comparable companies, and is reasonable. The valuation methods, valuation parameters, valuation data, etc. used in this asset valuation all come from laws and regulations, valuation standards, valuation evidence, legal and compliant reference materials, etc., and the basis for the valuation is reasonable.

(3) Changing trends and countermeasures in policies, macro-environment, technology, industry, tax incentives, etc. during the subsequent operation of the transaction target and their impact on the assessment

As of the signing date of this report, there are no major changes in the relevant laws, regulations and policies that the target company needs to comply with in its operations, there are no major changes in the national macroeconomic situation, there are no major changes in the political, economic and social environment of the regions where the parties to this transaction are located, and there are no major adverse effects caused by other unpredictable and force majeure factors; there will be no major changes in the continued development of the industry, and the target company will continue to operate after the valuation base date, which will not have an impact on the appraisal value. In the foreseeable future development period, there will be no major adverse changes in relevant policies, macro-environment, technology, industry, tax incentives, etc. in the subsequent operations of the target company.

(4) Impact and sensitivity analysis of indicators that change frequently and have a large impact on the assessed value during the reporting period

This transaction uses the asset-based method and the income method to evaluate the target company, and uses the income method conclusion as the evaluation result. The sensitivity analysis of this evaluation result is as follows:

Correlation between changes in operating income and changes in assessed value

Based on the income method evaluation data, taking the estimated operating income of each period in the future as the benchmark, and assuming that other factors remain unchanged in each period, the correlation analysis between changes in operating income and changes in equity value is as follows:

Range of changes in operating income Appraised value (10,000 yuan) Range of changes in assessed value

2% 19,890.00 4.35% 1% 19,500.00 2.31% 0% 19,060.00 0.00% -1% 18,670.00 -2.05% -2% 18,290.00 -4.04%

As shown in the table above, assuming other factors remain unchanged in future periods, there is a positive correlation between operating income and the value of all shareholders' equity. The future operating income of the underlying assets will change by -2% to 2%, and the change rate of the assessed value will be -4.04% to 4.35%.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Correlation between changes in discount rate and changes in assessed value

Range of change in discount rate Appraised value (10,000 yuan) Range of change in appraised value

2% 18,700.00 -1.89% 1% 18,880.00 -0.94% 0% 19,060.00 0.00% -1% 19,240.00 0.94% -2% 19,430.00 1.94%

From the above analysis, it can be seen that assuming other factors remain unchanged in future periods, there is an inverse correlation between the discount rate and the value of all shareholders' equity. If the discount rate changes -2% to 2%, the value of all shareholders' equity will change by 1.94% to -1.89%.

(5) The impact of the synergy effects of this transaction on the assessment

Since this transaction has not yet been completed, and the synergy effect is affected by the market environment and subsequent integration effects, it is difficult to quantify the synergy effect. Therefore, from a cautious perspective, the pricing of this transaction does not take into account the synergy effect of the existing business of the target company and the listed company.

(6) Fairness analysis of the pricing of this transaction

Comparative analysis with comparable listed companies

Select comparable listed companies in the same industry and conduct comparative analysis on the price-earnings ratio and price-to-book ratio indicators as follows: Company name Static price-to-earnings ratio Dynamic price-to-earnings ratio Price-to-book ratio

Wenwen Medical 21.39 16.39 1.40 Zhende Medical 80.12 97.12 3.69 Nanwei Shares Loss Loss 13.35 Industry average 50.76 56.76 6.15

Target company 10.77 8.80 1.60 Note 1: Static price-earnings ratio of the target company = evaluation price/2025 net profit

Note 2: The target company’s dynamic price-to-earnings ratio = evaluation price/average of committed net profit during the performance commitment period

Note 3: Target company’s price-to-book ratio = Appraisal price/2025 net assets

Note 4: The cut-off date for the price-to-earnings ratio and price-to-book ratio of comparable companies is June 5, 2026

Combined with the valuation analysis of comparable listed companies, the target company's profitability is good, and the price-to-earnings ratio and price-to-book ratio of the transaction are reasonable, which are lower than those of listed companies in the same industry. The price-to-earnings ratio and price-to-book ratio of this transaction are lower than those of comparable companies in the same industry, mainly due to differences in the industry segments. All things considered, the valuation of the target company of this transaction is reasonable.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Comparative analysis with comparable transactions

The target company is mainly engaged in the research and development, production and sales of various emergency first aid products with first aid kits as the core. Among them, the main items in the first aid kit, such as first aid bandages, elastic bandages, tourniquets, band-aids, medical tapes, sterile cotton swabs, examination gloves, etc., are disposable medical consumables. According to the National Economic Industry Classification ((GB/T4754-2017)) of the National Bureau of Statistics, the company belongs to the "(C27 Pharmaceutical Manufacturing Industry)" and "(C2770 Hygienic Materials and Medical Supplies Manufacturing" industries. The valuation multiples of comparable transaction cases in the same industry are as shown in the table below: Unit: 10,000 yuan Listed Appraisal Value

Listed company’s target assets Static market Dynamic market Company’s acquisition of target assets Evaluation (according to

Company abbreviation, name and profit ratio, profit ratio, main business time, main business method, 100% equity

And code purchase ratio (times) (times) business calculation)

Wuhan Kanglu Fluorescence In Situ

biotechnology hybrid

Tojingsheng In Vitro 2025 Co., Ltd. (FISH) Earnings

40,000.00 23.58 18.18 lives Diagnosis Year Company and PCR method

72.8630% et al.

Equity cut

Shenzhen Maid has not been cleaned once

Rena Biotech's profits for Chinese Red Medicine Sexual Prevention 2023 syringe pump, earnings

Technology Co., Ltd. 8,411.60 8.73 For Performance Therapy Hand Care Year Infusion Pump Method

70% of the company’s commitment is guaranteed

Equity item Shandong Weigao

Xinsheng Medical

Orthopedics trauma, group

Weigao Bone 2022 Equipment Limited Revenue

Medical tissue repair products 103,000.00 23.06 18.43 years Company Law

Equipment

100% shares

right

Average 18.46 18.31 Note: Price-to-earnings ratio = 100% equity appraisal value of the underlying asset/net profit attributable to the parent company of the underlying asset in the most recent year

Based on the above analysis of comparable transaction cases, the price-to-earnings ratio of this transaction is reasonable and lower than the average of comparable transactions. All things considered, the valuation of the target company of this transaction is reasonable.

(7) There is no major difference between transaction pricing and appraised value results

The pricing of this transaction is based on the evaluation results and was determined through negotiation between the parties to the transaction. There is no major difference between the transaction pricing and the evaluation results.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Independent opinions expressed by independent directors of listed companies on the independence of the evaluation agency, the rationality of the evaluation assumptions and the fairness of transaction pricing

The independent directors of the listed company issued the following independent opinions on the independence of the valuation agency for this transaction, the rationality of the valuation assumptions, the correlation between the valuation method and the valuation purpose, and the fairness of the valuation pricing:

(1) Independence of the evaluation agency

Zhonglian Appraisal ((Shanghai)) is an asset appraisal agency with securities and futures business qualifications. Apart from normal business relationships, there are no other related relationships between Zhonglian Appraisal ((Shanghai)) and its appraisers and the parties involved in this transaction, and there are no actual or expected interest relationships or conflicts that affect the provision of services. The selection and recruitment procedures of this appraisal agency are compliant, and the appraisal agency is independent.

(2) Evaluate the reasonableness of assumptions

Zhonglian Appraisal ((Shanghai)) comprehensively considers the actual situation of the industry and the actual operation of related assets to evaluate the target assets. The relevant evaluation assumptions are in compliance with relevant national laws, regulations and normative documents, follow common market practices or standards, and are consistent with the actual situation of the target company. The evaluation assumptions are reasonable.

(3) Relevance between assessment methods and assessment purposes

The purpose of this evaluation is to determine the value of all shareholders’ equity of the target company and provide a value reference for this transaction. Zhonglian Appraisal ((Shanghai)) used two valuation methods, the asset-based method and the income method, to evaluate the value of all shareholders' equity of the target company, and finally selected the income method evaluation results as the evaluation conclusion. This asset valuation work was carried out in accordance with the requirements of relevant national laws and regulations and industry norms. Zhonglian Appraisal (((Shanghai)) Shanghai) implemented corresponding evaluation procedures during the evaluation process, followed the principles of independence, objectivity, impartiality, etc., and used evaluation methods that were compliant and consistent with the actual situation of the subject assets. The evaluation methods were appropriately selected, the evaluation conclusions were reasonable, and the evaluation methods were relevant to the evaluation purpose.

(4) Evaluate the fairness of pricing

During this evaluation process, Zhonglian Appraisal ((Shanghai)) implemented necessary evaluation procedures in accordance with the laws and regulations related to asset evaluation and based on the principles of independence, objectivity and impartiality. The evaluation methods of various types of assets are appropriate. The evaluation results objectively and fairly reflect the actual situation of the target company on the evaluation base date. The results of this evaluation are fair. The final transaction price of the target assets will be determined by Zhonglian Appraisal (((Shanghai)) The evaluation results of the evaluation report issued by Shanghai) are used as a reference and are determined by the parties to the transaction through negotiation. The asset pricing is fair and reasonable and complies with relevant laws, regulations and the "(Wu Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report).

The provisions of the Articles of Association of Hanmingde Biotechnology Co., Ltd. will not harm the interests of listed companies and shareholders, especially small and medium-sized shareholders.

In summary, the independent directors believe that the valuation agency Zoomlion Appraisal (Shanghai) entrusted by the listed company in this transaction is independent, the valuation assumptions are reasonable, the valuation method is relevant to the valuation purpose, the valuation conclusion of the asset valuation report issued is reasonable, and the valuation pricing is fair.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Section 6 Main contents of this transaction contract

1. Main contents of the "Asset Purchase Agreement"

(1) Contract subject and signing time

On June 29, 2026, Mingde Biological, Lanfan Medical and Bikel signed the "Asset Purchase Agreement".

(2) Underlying assets, transaction price and pricing basis

Lansail Medical agrees to transfer 100% of the equity it holds in the target company and all corresponding ancillary interests to Mingde Biotech for a price of 190 million yuan, all of which will be paid in currency. The target assets Lansail Medical agrees to sell include all current and potential rights and interests under the target assets and all shareholder rights and obligations.
Pricing basis: According to the (Asset Appraisal Report) No. 58 of Zhonglian Hu Ping Zi [2026] issued by Zhonglian Appraisal (Shanghai). As of the base date, the evaluated value of 100% equity of the target company is 190.6 million yuan. After negotiation and confirmation by both parties to the transaction, the value of the entire equity of the target company is 190 million yuan.

(3) Payment method

The equity transfer amount for this transaction will be paid in cash. Mingde Biotech will pay the equity transfer amount to Lanfan Medical in two installments according to the following steps:

First installment payment: After the Asset Purchase Agreement comes into effect and all agreed prerequisites (including but not limited to obtaining applicable internal and external approvals, completing corporate governance adjustments, key personnel signing labor contracts, the target company meeting specific financial conditions, etc.) are met or Mingde Biotech waives it in writing, the listed company will pay 60% of the transaction consideration to Lanfan Medical, or RMB 114 million;
Second installment payment: After the first installment payment is completed and the agreed follow-up conditions precedent (mainly completing the industrial and commercial change registration of 100% equity of the target company into the name of the listed company, completing the comprehensive handover of company information and control rights, etc.) are met or Mingde Biotech waives it in writing, the listed company will pay Lanfan Medical the remaining 40% of the transaction consideration, which is RMB 76 million;
If Mingde Biotech does not need to pay the total amount of equity transfer due to Lanfan Medical and the target group, Mingde Biotech will still obtain and enjoy 100% of the rights of shareholders of the target company.

(4) Time arrangement for asset delivery or transfer

The target company should, and Lanfan Medical should urge the target company to complete the industrial and commercial registration and filing of the equity transfer within 15 working days after the first payment date: 1. Submit an independent financial advisory report on the acquisition of Changjiang Securities Underwriting and Sponsor Co., Ltd. to the competent industrial and commercial authority.

Purchase change registration and filing application (including the holdings of Minde Biotech 100% of the equity of the target company, filing of articles of association, changes in directors, legal representatives, and financial directors designated by Mingde Biotech); 2. Complete the change registration and filing with the industrial and commercial authorities; 3. Provide Mingde Biotech with the change approval issued by the industrial and commercial authorities. (Filing) A scanned copy of the registration notice (stamped with the official seal of the target company); 4. Provide a scanned copy of the new business license (stamped with the official seal of the target company) to Mingde Biotech; and 5. Provide a scanned copy of the industrial and commercial change/registration materials related to this acquisition to Mingde Biotech.

(5) Attribution of profits and losses from the transaction target from the pricing base date to the delivery date

From the base date to the delivery date, the income generated by the target company during this period or the net assets increased due to other reasons will be enjoyed by Mingde Biotech; the losses generated by the target company during this period or the net assets reduced due to other reasons will be borne by Lanfan Medical. Lanfan Medical shall compensate the loss amount to Mingde Biotech in cash within 20 working days from the date of issuance of the audit report.
Within 15 working days after the second payment date of this acquisition, an accounting firm engaged in securities service business registration approved by Mingde Biotech will be hired to audit the target company to determine the profits and losses generated by the target assets from the base date to the delivery date. If the delivery date is before the 15th of the month (including the 15th), the base date for the audit of profits and losses for the period is the end of the previous month; if the delivery date is after the 15th of the month, the base date for the audit of profits and losses for the period is the end of the current month.

(6) Personnel arrangements related to assets

The new board of directors of the target company consists of 3 directors. Mingde Biotech has the right to appoint/nominate all directors. Among them, Mingde Biotech agrees and confirms the appointment/nomination of Mr. Zhang Yongchen as a director of the target company during the performance commitment period. Both parties to the agreement agree to cooperate in exercising the voting rights of the shareholders' meeting to ensure that the directors comply with the agreement. The term of directors is 3 years and they may be re-elected upon expiration. The legal representative and chairman of the board shall be directors appointed/nominated by Mingde Biotech. If the director designated by Minde Biotech becomes vacant due to reasons such as resignation, removal, health or failure to perform his duties normally, Minde Biotech should immediately re-appoint/nominate a new director, and other parties should cooperate with the director change procedures.
The general manager of the target company is recommended by Mingde Biotech and appointed after review by the board of directors; the financial person in charge of the target company is recommended by Mingde Biotech and appointed after review by the board of directors.
Key employees have the obligation to retain the labor relationship in accordance with the contract signed with the target company, continue to undertake the operation and management functions of the target company, and be accountable to the board of directors. With the consent of Mingde Biotech, the target company still has the right to dismiss these key employees or adjust their positions. During the performance commitment period, Mingde Biotech has the right to appoint/nominate the independent financial advisor report of the target company Changjiang Securities Underwriting and Sponsoring Co., Ltd.

The current directors and employees of the company hold positions in the target company.

(7) Effective conditions and effective time of the contract

The agreement will take effect after all parties have signed and sealed it and it meets the following conditions for taking effect.

The board of directors of Lanfan Medical reviewed and approved this acquisition;
The board of directors and shareholders meeting of Mingde Biotech reviewed and approved this acquisition;
China Securities Regulatory Commission and stock exchange approve this acquisition (if necessary).

(8) Liability clauses for breach of contract

If any party violates the agreement and supporting documents for this acquisition (including false representations and warranties, failure to perform obligations in full and on time) and causes losses to other contracting parties, the breaching party must compensate in full and take measures to prevent the loss from expanding. The breaching party shall, within 10 working days after receiving the written notice from the non-breaching party, pay off the actual losses caused by its breach of contract that are objective, clear, well-documented and unobjectionable by both parties; if there is a dispute between the two parties over the amount of compensation, the breaching party has the right to file a lawsuit with the People's Court with jurisdiction, and the liability of the breaching party shall be subject to the final judgment of the People's Court.
If the defaulting party fails to promptly pay the equity transfer fee, liquidated damages, compensation, compensation, and refundable items within the time limit stipulated in the agreement, the defaulting party, in addition to assuming the above liability for breach of contract, shall also pay a daily penalty interest of 0.05% of the unpaid amount due until it is fully paid.
If other clauses of the agreement separately stipulate liquidated damages or other punitive measures, this clause will not affect the execution of other clauses; if the compensation stipulated in other clauses is insufficient to compensate for the losses of the non-breaching party, the non-breaching party may claim to make up for it; if there are special provisions in other clauses, those provisions shall take precedence.

2. Main contents of the "Performance Compensation Agreement"

(1) Contract subject and signing time

On June 29, 2026, Lanfan Medical and Mingde Biotech signed the "Performance Compensation Agreement."

(2) Performance commitment and compensation

Performance commitment

The commitment period for the performance commitment for this acquisition is from January 1, 2026 to December 31, 2028. Lanfan Medical promises that the target company will achieve a cumulative committed net profit of no less than RMB 65 million during the performance commitment period (hereinafter referred to as the "cumulative committed net profit").

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Performance commitment compensation

During the commitment period, if the cumulative net profit of the target company is less than RMB 65 million, Lanfan Medical shall compensate Mingde Biotech in cash. However, in the event of performance compensation exemption, Lanfan Medical shall not be liable for compensation, or the compensation amount shall be reduced or reduced accordingly.

The compensation amount is calculated as follows: the amount of compensation payable = (accumulated net profit commitments - cumulative realized net profits) ÷ cumulative committed net profits × actual equity transfer payment.

Net profit is calculated according to the following principles: (1) The preparation of the target company's financial statements should comply with the "Accounting Standards for Business Enterprises" and other laws and regulations and be consistent with the accounting policies and accounting estimates of Mingde Biotech; (2) Unless required by laws and regulations, or Mingde Biotech changes accounting policies and accounting estimates, otherwise, During the commitment period, the accounting policies and accounting estimates of the target company shall not be changed without the approval of the board of directors of the target company; (3) Net profit refers to the lower of the net profit attributable to shareholders of the parent company and the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses in the consolidated statement audited by the accounting firm designated by Minde Biotechnology.

Exemption from performance compensation

The performance of the target company fails to reach the promised cumulative net profit due to the following circumstances:

(1) If Mingde Biotech maliciously changes the main business of the target company, Mingde Biotech maliciously interferes with the normal operating decisions of the target company, replaces key personnel and core teams, or Mingde Biotech maliciously reduces the profits of the target company through unfair or non-compliant related transactions, resulting in a decline in performance, Lanfan Medical will not be liable for compensation;

(2) If Mingde Bio transfers the profits of the target company through unfair or non-compliant or unreviewed related-party transactions, resulting in depressed performance, the Lanfan Medical compensation amount will be reduced or reduced accordingly;

(3) Existing events before the base date have affected the performance of the target company during the performance commitment period, but Blue Sail Medical has provided corresponding compensation or compensation during the performance commitment period in accordance with the "Performance Compensation Agreement", and Blue Sail Medical's compensation amount has been reduced or reduced accordingly.

If major natural disasters, major adjustments to national macro policies and other force majeure circumstances cause the performance of the target company to fail to reach the promised cumulative net profit, Lanfan Medical shall bear performance compensation. Lanfan Medical and Mingde Biotech will negotiate to determine the compensation calculation formula. If the two parties fail to reach an agreement within 30 days, either party has the right to file a lawsuit with the competent people's court in accordance with the "Performance Compensation Agreement".

(3) Asset impairment test

Within 4 months after the expiration of the commitment period, Mingde Biotech should hire an accountant engaged in securities service business registration, Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The firm issued an "Impairment Test Report" to Bikel. If the amount of impairment at the end of the period of the target company is greater than the amount of compensation, Lanfan Medical shall compensate Mingde Biotech separately.

The calculation formula for the amount of compensation that should be compensated due to impairment of the target company is: the amount of impairment that should be compensated = the amount of impairment at the end of the period – the amount that has been compensated.

(4) Performance rewards

If the cumulative net profit realized by the target company during the performance commitment period is not less than RMB 75 million and the target assets are not impaired, after the expiration of the performance commitment period, Mingde Biotech shall make the cumulative net profit realized by the target company during the commitment period exceed RMB 7,500 million. 25% of the RMB 00,000 portion will be awarded as bonuses to the core management team members who are still working in the target company at that time. The list of core management team members and the specific reward plan will be determined by the board of directors of the target company at that time. The tax obligations related to the reward consideration will be borne by the actual beneficiaries. Cash reward: total reward amount = (accumulated net profit - RMB 75 million) × 25%.

For the purpose of this performance award, net profit is calculated according to the following principles: (1) The preparation of the target company's financial statements should comply with the "Accounting Standards for Business" and other laws and regulations and be consistent with the accounting policies and accounting estimates of Mingde Biotech; (2) Unless required by laws and regulations, or Mingde Biotech changes accounting policies and accounting estimates, the accounting policies of the target company shall not be changed during the commitment period without the approval of the board of directors of the target company. Policies, accounting estimates; (3) Net profit refers to the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses in the consolidated statements audited by the accounting firm designated by Minde Biotech and adding back to the non-recurring gains and losses items "government subsidies included in the current profit and loss, except for government subsidies that are closely related to the company's normal business operations, comply with national policies and regulations, are enjoyed in accordance with determined standards, and have a continuing impact on the company's profits and losses."

The total amount of performance incentives shall not exceed 20% of the acquisition price. The total amount of rewards shall be the target company’s cash income from operations and shall not be distributed by borrowing debt or obtaining funding. The disbursement of the total amount of rewards shall not affect the cash needs of the target company for normal operations.

(5) Liability for breach of contract

The breaching party shall compensate the injured party for its losses and shall take corresponding measures to protect the injured party from any further damage. The breaching party shall, within 10 working days after receiving the written notice from the injured party, pay in full the actual losses caused by its breach of contract that are objective, clear, well-documented and unobjectionable by both parties. If there is a dispute between the two parties, the breaching party has the right to file a lawsuit with the People's Court with jurisdiction. The liability of the breaching party shall be subject to the final judgment of the People's Court.

If the defaulting party fails to promptly pay liquidated damages, damages, compensation or the amount of money reported by the independent financial advisor of Changjiang Securities Underwriting and Sponsor Co., Ltd. that should be returned within the time limit stipulated in the agreement, the defaulting party, in addition to assuming the above liability for breach of contract, shall also pay penalty interest at the rate of 0.05% of the unpaid amount payable every day until it is fully paid.

(6) Effective conditions

The agreement shall take effect immediately upon signature and sealing by both parties and upon the effective date of the Asset Purchase Agreement and its supplementary agreements (if any).

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Section 7 Horizontal Competition and Related Transactions

1. Related transactions

(1) This transaction does not constitute a related transaction

(2) Main related parties and related relationships of the target company

According to the provisions of laws, regulations and normative documents such as "Accounting Standards for Business Enterprises No. 36 - Related Party Disclosure", "Listing Rules", as of the signing date of this report, the main related parties and related relationships of the target company are as follows:

The controlling shareholder and actual controller of the target company

The legal persons (or other organizations) that directly or indirectly control the target company are as follows:

Serial number name relationship

1 Lanfan Medical A legal person that directly controls the company

2 Zibo Lanfan Investment Co., Ltd. is a legal person that indirectly controls the company. Lanfan Medical, the controlling shareholder of Lanfan Medical, holds 100% of the shares of the target company and is the direct controlling shareholder of the target company. Li Zhenping is the actual controller of the target company.

Other legal persons or other organizations directly or indirectly controlled by the controlling shareholder of the target company

Other legal persons or other organizations other than the target company and its subsidiaries that are controlled directly or indirectly by the controlling shareholder of the target company, specifically as follows:

Serial number name relationship

1 Shandong Blue Sail New Materials Co., Ltd. Blue Sail Medical holds 100% of the shares 2 Hangzhou Lan Sail Health Technology Co., Ltd. Lan Sail Medical holds 100% of the shares 3 Blue Sail (Shanghai) Trading Co., Ltd. Lan Sail Medical holds 100% of the shares 4 Blue Sail (Shanghai) Asset Management Co., Ltd. Lan Sail Medical holds 100% of the shares 5 Zibo Lan Sail Protective Products Co., Ltd. Lan Sail Medical indirectly holds 59.83% of the shares 6 Blue Sail (Hong Kong) Trading Co., Ltd. Blue Sail Medical holds 100% of the shares 7 BLUE SAIL (USA) CORPORATION Blue Sail Medical holds 100% of the shares 8 Omni International Corp. Blue Sail Medical indirectly holds 100% of the shares Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Serial number name relationship

Lanfan Medical directly holds shares

9 Beijing Lanfan Biosun Medical Technology Co., Ltd. 52.67%, indirectly owned by Lanfan Medical

30.94% of shares

10 CB Cardio Holdings V Limited, Blue Sail Medical indirectly holds 83.61% of the shares 11 CB Cardio Holdings III Limited, Blue Sail Medical indirectly holds 83.61% of the shares 12 CB Cardio Holdings II Limited, Blue Sail Medical indirectly holds 83.61% of the shares 13 CB Cardio Holdings I Limited, Blue Sail Medical indirectly holds 83.61% of the shares 14 Biosensors International Group, Ltd. Blue Sail Medical indirectly holds 83.61% of the shares 15 Biosensors Investment Limited Blue Sail Medical indirectly holds 83.61% of the shares 16 Wellgo Medical Investment Company Limited Blue Sail Medical indirectly holds 83.61% of the shares 17 Biosensors Interventional Technologies HK Limited Blue Sail Medical indirectly holds 83.61% of the shares 18 Shandong Jiwei Medical Products Co., Ltd. Lansail Medical indirectly holds 83.61% of the shares 19 Biosensors Interventional Technologies Pte.Ltd. Lanfan Medical indirectly holds 83.61% of the shares 20 Biosensors Europe SA Lanfan Medical indirectly holds 83.61% of the shares

Biosensors Interventional Technologies (Malaysia)

21 Lanfan Medical indirectly holds 83.61% of the shares

Sdn.Bhd

22 Biosensors Korea Limited Blue Sail Medical indirectly holds 83.61% of the shares 23 Biosensors BV Blue Sail Medical indirectly holds 83.61% of the shares 24 Biosensors Iberia, SL Blue Sail Medical indirectly holds 83.61% of the shares 25 Biosensors JapanCo., Ltd. Blue Sail Medical indirectly holds 83.61% of the shares 26 Biosensors France S.A.S Bluesail Medical indirectly holds 83.61% of the shares 27 PT Biosensors Intervensional Teknologi Bluesail Medical indirectly holds 83.61% of the shares 28 Biosensors International UK Ltd Bluesail Medical indirectly holds 83.61% of the shares 29 Biosensors MedicalIndia Private Limited Bluesail Medical indirectly holds 83.61% of the shares 30 Bluesail New Valve Technology HK Limited Bluesail Medical holds 100% of the shares

31 Zibo Blue Sail Boao Medical Technology Co., Ltd. Blue Sail Medical indirectly holds 83.61% of the shares 32 Shanghai Blue Sail Boyuan Medical Technology Co., Ltd. Blue Sail Medical indirectly holds 83.61% of the shares 33 Shanghai Blue Sail Boao Medical Technology Co., Ltd. Blue Sail Medical indirectly holds 83.61% of the shares 34 NVT AG Blue Sail Medical indirectly holds 83.61% of the shares 35 NVT GmbH Bluesail Medical indirectly holds 83.61% of the shares 36 Biosensors International Deutschland GmbH Bluesail Medical indirectly holds 83.61% of the shares 37 Biosensors International Italia SRL Bluesail Medical indirectly holds 83.61% of the shares 38 Hubei Lansail Nursing Products Co., Ltd. Bluesail Medical indirectly holds 100% of the shares 39 Shandong Lansail Health Technology Co., Ltd. Bluesail Medical indirectly holds 59.83% of the shares 40 Bluesail New Valve Technology Asia Limited Lanfan Medical indirectly holds 83.61% of the shares 41 Zibo Lanfan New Materials Co., Ltd. Lanfan Medical holds 100% of the shares

42 Zibo Lanfan Health Technology Co., Ltd. Lanfan Medical indirectly holds 59.83% of the shares 43 Lanfan Medical (Shanghai) Co., Ltd. Lanfan Medical holds 100% of the shares

44 Blue Sail (Hainan) Supply Chain Co., Ltd. Blue Sail Medical holds 100% shares

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Serial number name relationship

45 Lanfan Jiadianlan Technology Co., Ltd. Lanfan Medical holds 100% of the shares 46 Shandong Lanfan Investment Development Co., Ltd. Lanfan Medical indirectly holds 100% of the shares 47 Beijing Lanfan New Materials Co., Ltd. Lansail Medical indirectly holds 100% of the shares 48 Zibo Lanfan Investment Development Co., Ltd. Lansail Medical indirectly holds 100% of the shares 49 Beijing Lansail Medical Equipment Co., Ltd. Lansail Medical indirectly holds 100% of the shares 50 Beijing Jiwei Medical Equipment Co., Ltd. Blue Sail Medical indirectly holds 83.61% of the shares 51 Pumira (Weifang) Gloves Co., Ltd. Blue Sail Medical indirectly holds 100% of the shares 52 Langfang Jiadianlan Medical Equipment Co., Ltd. Lan Sail Medical indirectly holds 100% of the shares 53 Nex Healthcare Co.,Ltd. Lan Sail Medical indirectly holds 59.83% of the shares 54 Nex Healthcare Limited Lansail Medical indirectly holds 59.83% of the shares 55 Weifang Luyuan Thermal Power Co., Ltd. Lansail Medical indirectly holds 59.83% of the shares 56 Shandong Jiadianlan Supply Chain Management Co., Ltd. Lansail Medical indirectly holds 100% of the shares 57 Zibo Hongda Thermal Power Co., Ltd. Lansail Medical indirectly holds 47.86%

Zibo Lanfan Investment Co., Ltd. holds 58 shares Zibo Linzi District New Pharmaceutical Industry Investment Co., Ltd.

100%

Subsidiaries of the target company

The target company has 5 wholly-owned subsidiaries, the details are as follows:

Serial number Company name Related relationship

1 Lanfan Emergency Technology (Wuhan) Co., Ltd. A wholly-owned subsidiary of the target company

2 Gaoge Medical Supplies (Hubei) Co., Ltd. A wholly-owned subsidiary of the target company

3 Lange Medical Technology (Hubei) Co., Ltd. A wholly-owned subsidiary of the target company

4 Baokete Medical Technology (Wuhan) Co., Ltd. A wholly-owned subsidiary of the target company

5 Hubei Gaode First Aid and Protective Products Co., Ltd. A wholly-owned subsidiary of the target company

Related natural persons of the target company

Serial number name relationship

1 Li Zhenping, the actual controller of the target company, director of Lanfan Medical, and chairman of Lanfan Investment 2 Liu Wenjing, chairman of the target company, chairman of Lanfan Medical, and director of Lanfan Investment 3 Zhang Yongchen, director and general manager of the target company, and vice president of Lanfan Medical

4 Shi Wensheng Director of the target company

5 Liu Shanshan Financial person in charge of the target company

6 Liu Haibo, independent director of Lanfan Medical

7 Zhao Yongqing, independent director of Lanfan Medical

8 Qiao Guitao, independent director of Lanfan Medical

9 Zhong Shuqiao, director and president of Lanfan Medical

10 Yu Suhua, Director of Lanfan Medical

11 Zhao Min, employee director of Lanfan Medical

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Serial number name relationship

12 Wang Ziyi, Secretary of the Board of Directors of Lanfan Medical

13 Cui Yuntao, Vice President and Chief Financial Officer of Lanfan Medical

14 Zhang Muchun, Vice President of Lanfan Medical

15 Sun Chuanzhi, Director and General Manager of Lanfan Investment

16 Wu Qiang Director of Blue Sail Investment

17 Han Bangyou, Director of Blue Sail Investment

18 Liu Jianjun, Supervisor of Lanfan Investment

Family members who are closely related to the aforementioned persons also constitute related natural persons of the target company.

Family members include spouse, children over 18 years of age and their spouses, parents and spouse’s parents, brothers and sisters and their spouses, spouse’s brothers and sisters, and children’s spouse’s parents.

Other major legal persons or organizations controlled by natural persons related to the target company or serving as directors or senior managers

Other natural persons related to the target company who directly or indirectly control or serve as directors or senior managers

The situation of legal persons or other organizations is as follows:

preface

name association

No.

1 Shenzhen Yanghe Biomedical Industry Investment Co., Ltd. An enterprise in which the associated natural person Liu Wenjing serves as a director 2 Lansail Surgical Instruments Co., Ltd. An enterprise in which the associated natural person Zhong Shuqiao serves as the chairman 3 Ningbo Hitech Medical Equipment Co., Ltd. An enterprise in which the associated natural person Zhong Shuqiao serves as a director 4 Nanjing Wolfman Medical Technology Co., Ltd. An enterprise in which the associated natural person Yu Suhua serves as a director 5 Hong Kong Lansail Chemical Co., Ltd. Other enterprises where the actual controller exercises significant influence 6 Shanghai New Sai International Trade Co., Ltd. Other enterprises where the actual controller exercises significant influence7 Shandong Langhui Petrochemical Co., Ltd. An enterprise in which the associated natural person Li Zhenping serves as the chairman 8 Qilu Modern Logistics Co., Ltd. An enterprise in which the associated natural person Li Zhenping serves as a director 9 Shanghai Langhui Enterprise Development Co., Ltd. An enterprise in which the associated natural person Li Zhenping serves as the general manager 10 Qingdao Langsai Chemical Technology Co., Ltd. An enterprise controlled by the associated natural person Li Zhenping

11 Shandong Nanjin Real Estate Co., Ltd. An enterprise in which Wu Qiang, an associated natural person, serves as a director

Related natural person Han Bangyou serves as executive director and general manager 12 Zibo Henghui Enterprise Management Co., Ltd.

manager's business

13 Hangzhou Jingding Technology Co., Ltd. A company with related natural person Shi Wensheng as a director 14 Lanfan Group Co., Ltd. A legal person controlled by the same actual controller

15 Zibo Langhui Real Estate Co., Ltd. A legal person controlled by the same actual controller

16 Shandong Lanfan Chemical Co., Ltd. A legal person controlled by the same actual controller

17 Zibo Shengkun Chemical Co., Ltd. A legal person controlled by the same actual controller

18 Shanghai Lanfan Industrial Co., Ltd. A legal person controlled by the same actual controller

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

preface

name association

No.

19 Zibo Langhui Chemical Co., Ltd. A legal person controlled by the same actual controller

20 Qingdao Langhui Chemical Technology Co., Ltd. A legal person controlled by the same actual controller

21 Zibo Longfeng Chemical Co., Ltd. A legal person controlled by the same actual controller

(3) Related transactions of the target company during the reporting period

Related transactions related to the purchase and sale of goods, provision and receipt of services

(1) Related transactions of purchasing goods and receiving services

Unit: 10,000 yuan

Related parties Related party transactions January to March 2026 2025 2024 Blue Sail (Shanghai) Purchase of goods 142.57 232.26 281.12 Lan Sail Care Purchase of goods, water and electricity 56.38 238.23 218.31 Jingjing Technology Purchase of goods 0.02 2.73 0.06 Hangzhou Lan Sail Purchase of goods - 1.24 1.58

(2) Related transactions of selling goods and providing services

Unit: 10,000 yuan

Related parties Related party transactions January to March 2026 2025 2024 Blue Sail (Shanghai) Emergency first aid products 141.37 338.34 639.74 Lan Sail Care Interest income 46.70 237.74 - Jingjing Technology Emergency first aid products 13.73 275.41 97.39 Lan Sail (Hong Kong) Emergency first aid products 13.51 185.20 135.49 Shandong Lanfan New Materials Emergency First Aid Products 10.75 - - Shandong Lanfan Health Emergency First Aid Products 9.05 - - Zibo Lanfan Protection Emergency First Aid Products 7.74 - - Zibo Lanfan New Materials Emergency First Aid Products 5.71 - - Hangzhou Lanfan Emergency First Aid Products 4.95 51.17 13.07 Zibo Lanfan Health Emergency first aid products 3.16 - - Lanfan Medical (Shanghai) Emergency first aid products 1.47 - - Ningbo Haitai Emergency first aid products 0.14 - 3.49 Lanfan Medical Emergency first aid products - 331.73 3.48 Lanfan Medical Interest income - 76.14 47.91 Lanfan Care Emergency first aid products - 0.36 0.28 Omni International Corp. Emergency first-aid products - - 21.09 Lanfan surgical instruments Emergency first-aid products - - 0.86 Note: In 2025, the subject and Lanfan Medical had purchasing agency business. The transaction amount of this business was 7.2276 million yuan, and the revenue recognized according to the net amount method was 371,300 yuan. From January to March 2026, the company had purchasing agency business with Lanfan Medical. The transaction amount of this business was 1.5193 million yuan, and the revenue recognized according to the net amount method was 92,500 yuan.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Related leasing situation

During the reporting period, the related leasing situation between the target company and Blue Sail Care is as follows:

Unit: 10,000 yuan January-March 2026

Simplified processing of short terms not included in the lease

Lessor Lease capital Increase in lease obligations

long-term leases and low-price liabilities measured as lease payments

Name Product type Liability interest expense Variable lease payments for asset leases with right-of-use value

out assets

Rental fee amount

Lanfanhu house structure

47.64 3.62

management building

2025

Simplified processing of short terms not included in the lease

Lessor Lease capital Increase in lease obligations

long-term leases and low-price liabilities measured as lease payments

Name Product type Liability interest expense Variable lease payments for asset leases with right-of-use value

out assets

Rental fee amount

Lanfanhu house structure

207.73 20.23

management building

2024

Simplified processing of short terms not included in the lease

Lessor Lease capital Increase in lease obligations

long-term leases and low-price liabilities measured as lease payments

Name Product type Liability interest expense Variable lease payments for asset leases with right-of-use value

out assets

Rental fee amount

Lanfanhu house structure

311.60 39.79

management building

Fund lending situation of related parties

During the reporting period, the fund lending situation between the target company and Lanfan Medical and Lanfan Nursing is as follows:

Unit: RMB 10,000 Borrower Borrower Borrowing period Borrowing principal Interest Ending balance 2024.5.22 to 2024.12.31 2,000.00 50.79 2,000.00 Bikel Lanfan Medical

2025.1.1 to 2025.12.31 2,000.00 80.71 - 2021.4.8 to 2022.3.31 7,000.00 258.04 7,258.04

2022.4.8 to 2024.12.31 7,000.00 - 7,258.04 Hubei Gaode Blue Sail Care

2025.1.1 to 2025.12.31 7,000.00 252.00 6,010.04

2026.1.1 to 2026.3.31 5,500.00 559.54 6,059.54Note: Interest is tax inclusive

(1) Lending situation between Bikel and Lanfan Medical

Since Bikel provided loans to Lanfan Medical in May 2024, as of December 31, 2025, the details of the borrowing funds between the two parties are as follows:

In May 2024, Bikel and Lanfan Medical signed a loan contract with a total amount of 40 million yuan, Yangtze Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The loan period is 2 years and the loan interest rate is 3.85%. A supplementary agreement was signed in the same month, and the agreed interest rate was changed to 4.081%. On May 22, 2024, Bikel paid a loan amount of 20 million yuan to Lanfan Medical. In 2024, Bikel accrued loan interest receivable of 507,900 yuan; on December 19, 2024, Lanfan Medical paid interest of 507,900 yuan to Bikel.

From January 1, 2025 to December 31, 2025, the principal balance of the loan was 20 million yuan. Interest was accrued at an annual interest rate of 4.081% during this stage, and the loan interest was calculated as 807,100 yuan. At this stage, Lanfan Medical paid the loan principal of 20 million yuan and the loan interest of 807,100 yuan to Bikel on December 22, 2025.

As of December 31, 2025, Lanfan Medical has repaid the principal of the loan of 20.00 million yuan and the loan interest of 1.315 million yuan to Bikel, totaling 21.315 million yuan. Lanfan Medical has repaid all debts to Bikel.

(2) Lending situation between Hubei AutoNavi and Lanfan Nursing

In April 2021, Hubei AutoNavi signed a loan contract with a total amount of 50 million yuan with related party Lanfan Nursing. The loan period is from April 8, 2021 to April 7, 2022, and the loan interest rate is 4.35%. Before the expiration of the contract, if both parties have no objections, it can be automatically extended for 12 months.

In August 2021, Hubei AutoNavi signed a loan contract with a total amount of 20 million yuan with related party Lanfan Nursing. The loan period is from August 10, 2021 to February 9, 2022, and the loan interest rate is 4.35%. Before the expiration of the contract, if both parties have no objections, it can be automatically extended for 12 months.

On April 1, 2022, Hubei AutoNavi and Lanfan Nursing signed a supplementary agreement, stipulating that the loan contract signed by both parties will be exempt from the interest stipulated in the original agreement starting from April 1, 2022.

In September 2025, Hubei AutoNavi and Blue Sail Nursing signed a change agreement to the supplementary agreement. The change terms are as follows: "Starting from April 1, 2022, all interest calculated at the agreed interest rate of 4.35% on the original contract will be waived. The change is: interest-free from April 1, 2022 to December 31, 2024, and the original contract will be charged at the agreed interest rate from January 1, 2025. The interest is calculated at 3.6%. This interest rate is calculated based on the bank loan interest rate of 3.4% for the same period and the value-added tax of 6%.

Since Hubei Gaode borrowed money from Lanfan Nursing in April 2021, as of December 31, 2025, the details of the loan fund transactions between Hubei Gaode's book records and Lanfan Nursing are as follows:

Stage 1: From April 2021 to March 2022, the principal balance of the loan was 70.00 million yuan, and the loan interest was 2.5804 million yuan. As of March 31, 2022, the principal and interest balance of Hubei Gaode's loan to Lanfan Nursing was 72.5804 million yuan.

Stage 2: The loan principal balance from April 2022 to December 2024 is 70 million yuan. This stage does not include Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

With interest accrued, as of December 31, 2024, the principal and interest balance of Hubei Gaode's loan to Lanfan Nursing was 72.5804 million yuan.

Stage 3: The principal balance of the loan from January 2025 to December 2025 is RMB 70 million. Interest is accrued at an annual interest rate of 3.6% during this stage. The loan interest is calculated as RMB 2.52 million. In this stage, Blue Sail Nursing paid the loan principal of RMB 15 million to Hubei Gaode on December 29, 2025.

As of March 31, 2026, the principal and interest balance of Amap’s loan to Lanfan Nursing was

60.5954 million yuan (the loan principal is 55.000 million yuan, and the loan interest is 5.5954 million yuan).

As of the signing date of this report, Lanfan Care has repaid all the principal and interest of the loan to Hubei Gaode.

Accounts receivable and payable from related parties

(1) Items receivable

Unit: 10,000 yuan

March 31, 2026 December 31, 2025 December 31, 2024 Project name Related parties Book Bad debt Book Bad debt Book Bad debt balance Provision Balance Provision Balance Provision

blue sail

Accounts receivable 189.83 - 201.90 - 124.68 -

(Shanghai)

Accounts receivable Jingding Technology 6.62 0.33 18.61 0.93 27.67 1.38 Accounts receivable Hangzhou Lanfan 5.94 - 4.65 - 4.71 -

Shandong Lanfanxin -

Accounts receivable 2.43

Material

Shandong Lanfanjian -

Accounts receivable 2.05

Healthy

Zibo Lanfanfang -

Accounts receivable 1.75

protect

Lanfan Medical -

Accounts receivable 1.66

(Shanghai)

Zibo Lanfan New -

Accounts receivable 1.29

Material

Zibo Lanfanjian -

Accounts receivable 0.71

Healthy

blue sail

Accounts receivable - - 5.29 - 8.46 -

(Hong Kong)

Other receivables Blue Sail Nursing 6,059.54 - 6,010.04 - 7,258.04 - Other receivables Lan Sail Medical - - - - 2,000.00 -

(2) Payable items

Unit: Ten thousand yuan Project name Related parties March 31, 2026 December 31, 2025 Dividends payable on December 31, 2024 Lanfan Medical 6,500.00 6,500.00 -

Accounts payable Lanfan (Shanghai) 87.01 39.17 32.11 Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Project name Related parties March 31, 2026 December 31, 2025 Accounts payable on December 31, 2024 Blue Sail Nursing 64.82 - 5.30 Accounts payable Jingding Technology 0.02 0.03 - Accounts payable Hangzhou Blue Sail - 0.13 0.66 Contract liabilities Lan Sail Medical 55.29 - - Other payables Lan Sail Medical 9.50 - - As of the signing date of this report, the above dividends payable have been paid.

After the completion of this transaction, Lanfan Medical’s commitment to standardize the transaction with Bikel

Lanfan Medical's commitments regarding the transactions that may continue to occur with Bikel after the completion of this transaction are as follows: (1) After the completion of this transaction, Lanfan Medical and other companies controlled by Lanfan Medical will try to avoid and reduce unnecessary transactions with the target company.

(2) After the completion of this transaction, if a transaction is necessary or unavoidable within the scope of normal business or for other reasonable reasons, Lanfan Medical and other companies controlled by Lanfan Medical will strictly abide by the relevant regulations of the China Securities Regulatory Commission and the then-effective corporate charter of the target company. process, determine the transaction price and other transaction conditions in accordance with usual commercial principles, and do not conduct transactions with the target company and its subsidiaries on conditions that are unfair compared with market prices. We guarantee that we will not transfer benefits to the target company or damage the interests of the target company or its shareholders (Mingde Biotechnology) through transactions.

(3) Lanfan Medical and its related parties will prevent any illegal occupation of the target company’s funds and assets. (4) If Lanfan Medical violates the above commitments, Lanfan Medical will immediately stop violating the commitments. Therefore, if it causes losses to the target company and Minde Biotech, it will be liable for compensation according to law.

(4) The impact of this transaction on related transactions of listed companies

According to the pro forma review report issued by Lixin Accountants, assuming that this transaction has been completed on January 1, 2025, the main related sales and related purchases of the listed company before and after the completion of this transaction are compared as follows: Unit: 10,000 yuan January-March 2026 2025

Item After Transaction After Transaction

Before trading Before trading

(Reservation) (Reservation) Procurement of goods/receipt of services - - 29.21 29.21 Proportion of operating costs - - 0.1726% 0.0843% Sales of goods/provision of services 1.28 1.28 0.75 0.75 Proportion of operating income 0.0182% 0.0109% 0.0028% 0.0015% According to the above table, there is no change in the related transactions of the listed company before and after the completion of this transaction, so this Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

This transaction does not affect the listed company’s related transactions.

(5) Measures to standardize related-party transactions

After the completion of this transaction, daily transactions between the listed company and related parties will be conducted in accordance with general market operating rules and treated equally with other unrelated third parties. For unavoidable related transactions between a listed company and related parties, the listed company will perform appropriate approval procedures, conduct them in accordance with open, fair and impartial market principles, and refer to the transaction prices and settlement methods with other unrelated third parties as the basis for pricing and settlement. In order to regulate the related transactions of listed companies and safeguard the legitimate rights and interests of listed companies and other shareholders, the controlling shareholders, actual controllers, directors and senior managers of listed companies issued the "(Letter of Commitment on Regulating and Reducing Related Transactions)". For details, please refer to "Section 1 Overview of the Transaction/6/(1)/2, Important Commitments Made by the Directors and Senior Management of the Listed Company" and "(Section 1 Overview of the Transaction/6/((()) of this report 1)/3. Important commitments made by the controlling shareholders and actual controllers of listed companies."

2. Competition within the industry

(1) Horizontal competition among listed companies before and after this transaction

As of the signing date of this report, there is no substantial horizontal competition between the listed company and its controlling shareholders and the companies they control. This transaction will not lead to changes in the equity structure of the listed company. There is no situation in which the target company, the controlling shareholder of the listed company and its controlled affiliates operate the same or similar business. Therefore, there is no new horizontal competition in this transaction.

(2) Measures to avoid horizontal competition after the completion of this transaction

In order to avoid possible horizontal competition in the listed company and safeguard the legitimate rights and interests of the listed company and other shareholders, Chen Lili, the controlling shareholder and actual controller of the listed company, issued the "Letter of Commitment on Avoiding Horizontal Competition". For details, please refer to "(Section 1 Overview of the Transaction/6/((1)/3. Important Commitments Made by the Controlling Shareholder and Actual Controller of the Listed Company" of this report).

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Section 8 Verification Opinions of Independent Financial Advisor

1. Basic assumptions

Changjiang Sponsor’s opinion on this transaction is based on the following assumptions:

All parties to this transaction follow the principle of good faith and fully perform their responsibilities and obligations in accordance with the terms of the relevant agreement;
The documents and information provided by all parties to this transaction are true, accurate, complete, timely and legal:
The audit reports, review reports, legal opinions, asset evaluation reports and other documents issued by relevant intermediaries for this exchange are true, reliable and complete, and the assumptions on which these documents are based are established;
There will be no major changes in the country’s current relevant laws, regulations, guidelines and policies, and the country’s macroeconomic situation will not deteriorate;
There are no major changes in the political, social and economic environment in the region where the parties to the transaction are located;
There are no major unforeseen changes in the regulatory policies and market environment of the industries to which the parties to the transaction belong;
This transaction can obtain approval from relevant departments (if necessary), there are no other obstacles, and it can be completed as scheduled;
There will be no major adverse effects caused by other unpredictable and force majeure factors.

2. Compliance analysis of this transaction

(1) This transaction complies with the provisions of Article 11 of the "Reorganization Management Measures"

This transaction complies with national industrial policies and laws and administrative regulations related to environmental protection, land management, antitrust, foreign investment, outbound investment, etc.

(1) This transaction complies with national industrial policies

The target company is mainly engaged in the research and development, production and sales of various emergency first aid products with first aid kits as the core. Among them, the main items in the first aid kit, such as first aid bandages, elastic bandages, tourniquets, band-aids, medical tapes, sterile cotton swabs, examination gloves, etc., are disposable medical consumables. According to the "National Economic Industry Classification (GB/T4754-2017)" of the National Bureau of Statistics, the company belongs to the "C2770 Health Materials and Medical Supplies Manufacturing" industry of "C27 Pharmaceutical Manufacturing". According to the "Guidance Catalog for Industrial Structural Adjustment (2024 Edition)", the relevant businesses engaged in by the subject company do not belong to restricted or eliminated industries.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(2) This transaction complies with laws and administrative regulations on environmental protection

The subject company does not belong to industries with high energy consumption and high pollution. During the reporting period, the target company had no major environmental accidents and was not subject to major administrative penalties for violating laws and regulations related to environmental protection. This transaction complies with the relevant provisions of laws and administrative regulations on environmental protection.

(3) This transaction complies with laws and administrative regulations on land management

The subject asset of this transaction is 100% equity of Bikel, which does not involve new land use and does not directly involve land use rights transactions. During the reporting period, the subject company did not receive administrative penalties for violating laws, regulations and normative documents on land management during its operations.

(4) This transaction complies with relevant antitrust laws and administrative regulations

The operating income of the target company in 2025 does not exceed 800 million yuan. According to the relevant provisions of the Anti-Monopoly Law of the People's Republic of China and the Regulations of the State Council on Declaration Standards for Concentrations of Operators, this transaction does not meet the declaration standards for concentration of undertakings and does not need to declare to the anti-monopoly law enforcement agency of the State Council. After the completion of this transaction, the production and operation business of the listed company does not constitute monopoly behavior, and this transaction does not violate the relevant provisions of the Anti-Monopoly Law of the People's Republic of China and other anti-monopoly administrative regulations.

(5) This transaction complies with laws and administrative regulations regarding foreign investment.

All parties involved in this transaction (including listed companies, transaction counterparties, and target companies) are corporate legal persons and unincorporated organizations established in accordance with Chinese laws and registered in China. This transaction does not involve foreign investment or foreign investment matters, and does not violate the state's laws and administrative regulations on foreign investment and foreign investment.

In summary, after verification, the independent financial consultant believes that: this transaction is generally in compliance with national industrial policies and relevant laws and administrative regulations on environmental protection, land management, anti-monopoly, foreign investment, foreign investment, etc., and is in compliance with the provisions of Article 11 (1) of the "Reorganization Management Measures".

This transaction will not cause the listed company to fail to meet the conditions for stock listing.

This transaction is a cash purchase of assets, does not involve the issuance of shares, and will not lead to changes in the total share capital and equity structure of the listed company.

After verification, the independent financial consultant believes that this transaction will not cause the listed company's stocks to be ineligible for listing, and it complies with the provisions of Article 11 (2) of the "Reorganization Management Measures".

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The assets involved in this transaction are priced on a fair basis and there is no harm to the legitimate rights and interests of the listed company and shareholders.

This transaction was carried out in accordance with relevant laws and regulations. The board of directors of the listed company proposed a plan and hired an evaluation agency that met the Securities Law and other laws and regulations and the conditions for engaging in securities services business stipulated by the China Securities Regulatory Commission to evaluate the underlying assets. The evaluation agency and the relevant appraisers were fully independent.

The transaction price of the underlying assets was determined by negotiation between the two parties based on the results of the appraisal report issued by the appraisal agency. The underlying assets were fairly priced and did not harm the legitimate rights and interests of the company and shareholders. At the same time, the board of directors of the listed company reviewed and approved the proposal related to this transaction. The board of directors and independent directors of the listed company have expressed positive opinions on the independence of the evaluation agency, the rationality of the evaluation assumptions, the correlation between the evaluation method and the purpose of the evaluation, and the fairness of the evaluation pricing. The subject assets of this restructuring are fairly priced and will not harm the legitimate rights and interests of the listed company and shareholders.

After verification, the independent financial consultant believes that the pricing of the assets involved in this transaction is reasonable and fair, and there is no harm to the legitimate rights and interests of the listed company and shareholders, and it complies with the provisions of Article 11 (3) of the "Reorganization Management Measures".

The ownership of the assets involved in this transaction is clear, there are no legal obstacles to the transfer or transfer of assets, and the relevant claims and debts are handled legally

As of the date of issuance of this report, the ownership of the subject assets of this reorganization is clear, and there are no restrictions on third-party rights such as pledges or freezes. There are no legal obstacles to the transfer or transfer of the subject assets; the claims and debts of the subject company will continue to be enjoyed and borne by it after the delivery date, and such treatment complies with legal regulations.

After verification, the independent financial consultant believes that: the ownership of the assets involved in this transaction is clear, there are no legal obstacles to the transfer or transfer of assets, this transaction does not involve the handling of claims and debts, and it complies with the provisions of Article 11 (4) of the "Reorganization Management Measures".

This transaction will help the listed company enhance its ability to continue operating, and there is no situation that may cause the listed company's main assets to be cash or no specific operating business after the restructuring.

Before this transaction, the main business of the listed company was the research and development, production, sales and service of in vitro diagnostic POCT reagents and diagnostic instruments focusing on the critical and critical field. The application scenarios were concentrated in hospitals. In recent years, it has actively deployed overseas business.

After the completion of this transaction, the listed company can: 1. Enter the industrial emergency rescue and commercial and supermarket tracks and expand the independent financial advisory report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Broaden overseas business channels to achieve complementary resources; 2. Build a "diagnosis-protection-treatment" collaborative ecosystem to enhance comprehensive competitiveness; 3. Inject high-quality assets to enhance the sustainable profitability and shareholder returns of listed companies.

After verification, the independent financial consultant believes that this transaction will help the listed company enhance its ability to continue operating. There is no situation that may cause the listed company's main assets to be cash or no specific operating business after the restructuring, and it complies with the provisions of Article 11 (5) of the "Reorganization Management Measures".

This transaction will help the listed company maintain independence from its controlling shareholders, actual controllers and their related parties in terms of business, assets, finance, personnel, institutions, etc., and complies with the relevant regulations of the China Securities Regulatory Commission on the independence of listed companies.

Before this transaction, the listed company had established a standardized corporate governance structure and an independent operation management system in accordance with relevant laws and regulations. Its business, assets, finance, personnel, institutions and other aspects were independent from the controlling shareholder, actual controller and its related parties. After the completion of this transaction, the controlling shareholders and actual controllers of the listed company have not changed, which will not have an adverse impact on the existing corporate governance structure. The listed company will maintain a sound legal person governance structure and comply with the relevant regulations of the China Securities Regulatory Commission on the independence of listed companies. The controlling shareholders and actual controllers of the listed company have issued relevant commitments. After the completion of this transaction, they will ensure the independence of the listed company in terms of personnel, assets, finance, organization, business, etc.

After verification, the independent financial consultant believes that: this transaction will not have an adverse impact on the independence of the listed company, the independence of the listed company complies with relevant regulations, and this transaction complies with the provisions of Article 11 (6) of the "Reorganization Management Measures".

This transaction is conducive to the formation or maintenance of a sound and effective corporate governance structure of the listed company.

Before this transaction, the listed company had set up shareholder meetings, board of directors and other organizational structures and formulated corresponding rules of procedure in accordance with the Company Law, Securities Law, Code of Governance of Listed Companies and other laws and regulations as well as the relevant provisions of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and within the framework of the Articles of Association. It had a sound corporate governance structure and a complete internal control system.

After the completion of this transaction, the listed company will still operate in strict accordance with the requirements of the Company Law, Securities Law, Code of Governance of Listed Companies and other laws and regulations as well as the Articles of Association, further improve the company's corporate governance structure, and effectively protect the interests of all shareholders.

After verification, the independent financial consultant believes that this transaction will help the listed company maintain a sound and effective corporate governance structure and comply with the provisions of Article 11 (7) of the "Reorganization Management Measures".

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(2) This transaction does not constitute a restructuring and listing situation stipulated in Article 13 of the "Reorganization Management Measures"

After verification, the independent financial consultant believes that this transaction does not constitute a restructuring and listing situation stipulated in Article 13 of the "Reorganization Management Measures".

(3) The provisions of Articles 43 and 44 of the "Reorganization Management Measures" and Article 11 of the "Registration Management Measures for Securities Issuance of Listed Companies" do not apply to this transaction

This transaction is a cash purchase of assets by a listed company and does not involve the issuance of shares or the raising of supporting funds at the same time as the acquisition. Therefore, the relevant provisions of Articles 43 and 44 of the "Reorganization Management Measures" do not apply.

After verification, the independent financial consultant believes that the relevant provisions of Articles 43 and 44 of the "Reorganization Management Measures" and Article 11 of the "Registration Management Measures for Securities Issuance of Listed Companies" do not apply to this transaction.

(4) This transaction complies with the provisions of Article 4 of "Regulatory Guidelines No. 9"

The board of directors of the listed company conducted a careful analysis on whether this transaction complies with the provisions of Article 4 of "Regulatory Guideline No. 9". The board of directors believes that this transaction complies with the provisions of Article 4 of "Regulatory Guideline No. 9", as follows:

In this transaction, the assets planned to be purchased by the listed company are 100% equity of the target company held by Lanfan Medical, which does not involve project approval, environmental protection, industry access, land use, planning, construction and other related approval matters; this transaction does not involve the need to obtain corresponding licenses or approval documents from relevant competent authorities. The relevant approval matters involved in this transaction have been disclosed in detail in the restructuring report, and special reminders have been given regarding the risk that this transaction may be suspended, terminated or canceled, and the risk of failure to obtain approval.
The counterparty of the transaction, Lanfan Medical, legally owns the complete rights to the subject assets of this transaction. There are no restrictions or prohibitions on transfer, and there is no situation where the investment is false or affects its legal existence.
After the completion of this transaction, the target company will become a wholly-owned subsidiary of the listed company. The listed company will continue to maintain independence from the controlling shareholder and its related parties in terms of business, assets, finance, personnel, institutions, etc. This transaction will help improve the integrity of the listed company’s assets and help the listed company maintain independence in terms of personnel, procurement, production, sales, and intellectual property rights.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

After the completion of this transaction, the listed company will add new business in the field of emergency rescue. The listed company's total assets, operating income and net profit attributable to shareholders of the parent company and other major financial indicators are expected to increase. This transaction will help the listed company enhance its ability to continue operating and will not cause major adverse changes in the financial status of the listed company; it will help the listed company highlight its main business and enhance its ability to resist risks; it will help the listed company enhance its independence and will not lead to new horizontal competition with significant adverse effects and related transactions that seriously affect independence or are unfair.

After verification, the independent financial adviser believes that this transaction complies with the provisions of Article 4 of "Regulatory Guidelines No. 9".

(5) This transaction complies with the provisions of Article 6 of "Regulatory Guidelines No. 9"

The target company of this transaction had non-operating funds occupied by related parties of its shareholders during the reporting period. As of the date of issuance of this report, the aforementioned capital occupation situation has been resolved.

After verification, this independent financial consultant believes that: as of the date of issuance of this report, the subject assets of this transaction have not been occupied by non-operating funds of its shareholders and related parties, and are in compliance with the "Regulatory Guidelines No. 9"

The provisions of Article 6.

The parties to this transaction are not prohibited from participating in any major asset reorganization of any listed company in accordance with Article 12 of "Regulatory Guidelines No. 7"

As of the date of issuance of this report, the parties involved in this transaction have not been investigated or investigated for suspicion of insider trading, there has been no leakage of inside information about this transaction or the use of this transaction information for insider trading. In the past 36 months, there have been no administrative penalties imposed by the China Securities Regulatory Commission or criminal liability by judicial authorities for participating in insider trading related to major asset restructurings in the past 36 months.

After verification, the independent financial consultant believes that the subject of this transaction is not prohibited from participating in major asset restructuring as stipulated in Article 12 of "Regulatory Guidelines No. 7".

4. Verification of the rationality of asset pricing involved in this transaction

According to the "Asset Appraisal Report" "Zhonglian Hu Ping Zi [2026] No. 58" issued by Zhonglian Appraisal (Shanghai), as of December 31, 2025, the base date of evaluation, the assessed value of 100.00% equity of Bikel is 190.60 million yuan, which is an increase in value compared with the audited book value of Bikel's net assets as of December 31, 2025 (consolidated caliber) 71.1933 million yuan, with a value-added rate of 59.62%. Based on the above evaluation results, after full negotiation between the listed company and the counterparty, the final transaction price of 100% equity of Bikel, the subject of this transaction, has been determined. Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

is 190 million yuan.

After verification, the independent financial consultant believes that: the price of the subject assets of this transaction is based on the evaluation value determined by an asset evaluation agency with securities and futures-related business qualifications, and is ultimately determined by negotiation between the parties to the transaction. The pricing process is compliant, the pricing basis is reasonable, and the transaction price is fair.

This transaction is priced based on the asset appraisal results, and the appropriateness of the selected appraisal method, the rationality of the appraisal assumptions, and the rationality of the values of the important appraisal parameters are verified

(1) Independence of the evaluation agency

The company hired China United Appraisal (Shanghai) as the evaluation agency for this transaction to undertake the evaluation work of this transaction. The appraisal agency has legal qualifications. Apart from normal business dealings with this transaction, there are no other related relationships between the appraisal agency and its appraisers and the company or the target company. There are also no actual or foreseeable interest relationships or conflicts other than professional fees. The appraisal agency is independent.

(2) Evaluate the reasonableness of assumptions

(3) Relevance between assessment methods and assessment purposes

(4) Evaluate the fairness of pricing

The reported appraisal value is used as a reference and is determined through negotiation between the company and the counterparty based on the operating conditions of the target company, future development plans and other factors. The pricing process has gone through sufficient market competition, and the transaction price is reasonable and fair, without harming the interests of small and medium-sized investors.

After verification, the independent financial consultant believes that: the evaluation agency hired by the company for this transaction is independent, the evaluation assumptions are reasonable, the evaluation method is relevant to the evaluation purpose, and the evaluation pricing is fair.

Verification opinions on the profitability and financial status of the listed company after the completion of this transaction, whether it is conducive to the sustainable development of the listed company, and whether there is any damage to the legitimate rights and interests of shareholders

(1) The impact of this transaction on the financial status and profitability of the listed company

The impact of this transaction on the main profitability of the listed company

According to the pro forma review report issued by Lixin Accountants, the changes in the profitability of the listed company before and after the completion of this transaction are as follows:

Unit: RMB 10,000 Financial data and indicators Pre-transaction Post-transaction (pro forma) Change rate

January-March 2026

Operating income 7,066.67 11,788.14 An increase of 66.81% Operating profit 179.31 163.89 A decrease of 8.60% Total profit 253.48 161.68 A decrease of 36.22% Net profit 175.98 89.68 A decrease of 49.04% Net profit attributable to owners of the parent company -37.74 -103.77 down 174.96% in 2025

Operating income 26,507.87 49,588.21 Increased by 87.07% Operating profit -7,838.56 -5,338.28 Increased by 31.90% Total profit -6,379.40 -3,887.51 Increased by 39.06% Net profit -7,506.21 -5,900.80 Net profit attributable to owners of the parent company increased by 21.39% -1,646.07 -40.66 increased by 97.53%

After the completion of this transaction, the listed company's main business will extend to the field of first aid and emergency protection products and form synergy with the existing main business. The listed company's operating income in 2025 and January to March 2026, operating profit and net profit in 2025 and other indicators will all show an upward trend. The operating profit and net profit in January to March 2026 will show a periodic decline, mainly due to the 20th Accounting Standards for Business Enterprises. No. - Business Merger" stipulates that when a listed company prepares pro forma consolidated statements, all identifiable assets and liabilities must be recorded at fair value. As shown in Section 5/V. Asset-based Method Assessment of this report, the independent financial advisor’s report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

The relevant assets of the company have appraised appreciation. Therefore, when the listed company prepares pro forma consolidated statements, it is necessary to supplement the depreciation, amortization and carry forward the cost of sales of the relevant assets based on the fair value of the target company's audited net profit for the period. In view of the relatively small net profit of the target company from January to March 2026, the aforementioned supplementary provision amount exceeded Bikel's net profit for the current period, resulting in a periodic loss. Since the period from January to March 2026 is relatively short, it is expected that the aforementioned impact will be eliminated as operating profits increase with the extension of the operating period (such as after annualization). Therefore, generally speaking, the profitability of listed companies will be improved through this transaction, which is beneficial to the long-term development of listed companies.

The impact of this transaction on the main assets and liabilities of the listed company

According to the pro forma review report issued by Lixin Accountants, the changes in the asset and liability structure of the listed company before and after the completion of this transaction are as follows:

Unit: RMB 10,000 before transaction After transaction (for exam preparation)

Financial data and metrics

Amount Percentage Amount Percentage March 31, 2026

Current assets 469,873.05 78.07% 482,654.72 77.66%Non-current assets 132,026.71 21.93% 138,854.99 22.34%Total assets 601,899.76 100.00% 621,509.71 100.00% Current liabilities 25,607.01 73.62% 46,430.33 84.97% Non-current liabilities 9,177.49 26.38% 8,214.14 15.03% Total liabilities 34,784.50 100.00% 54,644.47 100.00% December 31, 2025

Current assets 468,297.51 78.31% 480,057.06 77.13% Non-current assets 129,735.25 21.69% 142,343.93 22.87%

622,400.9

Total assets 598,032.77 100.00% 100.00%

Current liabilities 24,098.54 74.25% 47,453.73 83.27% Non-current liabilities 8,357.55 25.75% 9,534.30 16.73%

Total liabilities 32,456.09 100.00% 56,988.03 100.00%

After the completion of this transaction, the asset-liability ratio of the listed company will increase from 5.78% to 8.79%. This is mainly because the asset-liability ratio of Bikel is relatively higher than that of the listed company, and the asset-liability ratio has increased after the simulated merger.

Analysis of the financial burden of the listed company after the completion of this transaction

After the completion of this transaction, the target company will become a wholly-owned subsidiary of the listed company, and the listed company will continue to support the target company in expanding its business scale. At the same time, the target company's future capital expenditure plan will be included in the future annual plan and development plan of the listed company for overall consideration. The listed company will comply with the requirements of laws and regulations. Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Under the premise, we will continue to use the financing function of the capital platform to raise the required funds through self-owned funds, bank loans, etc. to meet the needs of future capital expenditures. In the future, listed companies will formulate financing plans based on actual conditions based on various factors such as the actual needs of business development, their own asset-liability structure, and financing costs. This transaction will not have a significant impact on the listed company's future capital expenditures.

(2) The impact of this transaction on the future development prospects of the listed company

The impact of this transaction on the future development of the listed company

After the completion of this transaction, the target company will become a wholly-owned subsidiary of the listed company. In the future, the target company will continue to delve into the field of emergency rescue, enhance the market position and comprehensive competitiveness of listed companies, enhance the listed company's sustainable operating capabilities, enhance the profitability of listed companies, enhance core competitiveness, and effectively protect the interests of small and medium-sized shareholders of listed companies.

Listed companies’ integrated management and control arrangements for target companies

After the completion of this transaction, the target company will become a wholly-owned subsidiary of the listed company and be included in the merger scope of the listed company. Listed companies will strictly follow the provisions of the Company Law, Securities Law and other laws and regulations as well as the Articles of Association, combine the business conditions and development strategies of the listed company and the target company, and learn from each other's experience in customers, markets, services, etc. on the basis of maintaining the independent development goals and respective advantages of the two companies. In order to improve the integration performance of this transaction and better exert synergy effects, the listed company plans to integrate with the target company in terms of business, resources, finance, personnel, institutions, etc. from the perspective of corporate operations and resource allocation, and formulate the following integration measures:

(1) Business and resource integration

After the completion of this transaction, the business of the target company will be integrated into the listed company's business system for management. Combining the business conditions and development strategies of the listed company and the target company, the collaborative development of the business will be strengthened through the sharing of resources such as sales channels and sales customers, and the collaboration between the listed company and the target company in terms of capital, market, and operation and management will be brought into play to better support both parties in expanding their business scale and improving the operating performance of the listed company after the transaction is completed. (2) Financial integration

After the completion of this transaction, the target company will still be an independent legal entity and will maintain financial independence. Listed companies will further standardize the financial operations of the target company in daily operating activities in accordance with its own financial system, control the target company's financial risks, strengthen the supervision of the target company's daily financial activities and major financial matters, strengthen internal auditing and internal control work, achieve unified management and optimization of internal resources, and improve the company's overall Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Consultant Report

Fund utilization efficiency.

(3) Personnel integration

This transaction does not involve personnel placement matters. The listed company will maintain the stability of the target company's existing core management team and business team and maintain the continuity of its management and business. The listed company will appoint directors to the target company based on the actual situation, and these personnel will perform corresponding responsibilities in the target company's business plan, financial budget and final accounts, personnel appointment and dismissal, and other major decisions; the listed company will conduct the target company's business development and the listed company's internal control and management requirements based on the needs of the target company. Dynamically optimize and adjust personnel, and further introduce high-quality talents in a timely manner to enrich and improve the business team and management team of the target company, and provide sufficient support for the sustainable development of the target company; at the same time, the listed company will promote the target company to continue to enhance its comprehensive competitiveness through performance appraisal, management supervision and other mechanisms. In this transaction agreement, please refer to "Section 6/1/(6) Asset-related personnel arrangements" of this report for the specific arrangements for the personnel of the target company agreed upon between the listed company and the counterparty.

(4) Corporate governance

After the completion of this transaction, the target company will become a wholly-owned subsidiary of the listed company. The target company will maintain the relative independence of the organization, and at the same time, its daily operations and governance activities must be strictly implemented in accordance with the Company Law, Securities Law, relevant management systems of listed companies, company articles of association, and regulations of the China Securities Regulatory Commission and Shenzhen Stock Exchange. Listed companies will assist target companies to benchmark their own internal control and governance systems, further improve their governance standardization and risk management capabilities, and ensure the compliance and stability of institutional operations.

Development plans to be implemented in the future

After the completion of this transaction, the target company will become a wholly-owned subsidiary of the listed company. The listed company will integrate the target company's business and resources in the field of emergency rescue, actively open up new space for business development and performance growth, enhance the listed company's sustainable operating capabilities, enhance the listed company's profitability, and enhance its core competitiveness. Specific measures include:

Establish an effective internal control mechanism, strengthen the listed company's supervision and management of the target company's daily business operations, financial operations, related transactions, etc., and reduce the internal control risks of the target company; maintain the stability of the target company's team in daily operations, business development, and financial management, and ensure the continuity and flexibility of the target company's operations and business; actively support the business development of the target company, formulate clear business development plans, and fully tap the performance growth potential of the target company.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

(3) This transaction does not harm the legitimate rights and interests of shareholders

After the completion of this transaction, the listed company's total assets, operating income, net profit attributable to the owners of the parent company, and basic earnings per share have all increased. This transaction will help improve the asset quality of the listed company and enhance the listed company's ability to continue operating. Therefore, this transaction does not harm the legitimate rights and interests of shareholders.

After verification, the independent financial consultant believes that after the completion of this transaction, the listed company has the ability to continue operating. This transaction is conducive to the sustainable development of the listed company and does not harm the legitimate rights and interests of shareholders.

Verification opinions on the market position, operating performance, sustainable development capabilities and corporate governance mechanism of the listed company after the transaction is completed

(1) Market status, operating performance, and sustainable development capabilities of the listed company after the transaction is completed

Before this transaction, the main business focus of the listed company was the research and development, production, sales and service of in vitro diagnostic POCT reagents and diagnostic instruments in the field of critical illness. The application scenarios were concentrated in hospitals. In recent years, it has actively deployed overseas business.

After the completion of this transaction, the listed company can: 1. Enter the industrial emergency protection and commercial and supermarket tracks and expand overseas business channels to achieve complementary resources; 2. Build a "diagnosis-protection-treatment" collaborative ecosystem to enhance comprehensive competitiveness; 3. Inject high-quality assets to enhance the listed company's sustainable profitability and shareholder return levels.

(2) The impact of this transaction on the governance mechanism of listed companies

After verification, the independent financial consultant believes that: this transaction will help improve the asset quality of the listed company and enhance the listed company's ability to continue operating; this transaction will help the listed company maintain a sound and effective corporate governance structure, and this transaction will not have an adverse impact on the existing governance structure of the listed company.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

8. Analysis of asset delivery arrangements

According to the "Cash Payment Asset Purchase Agreement" and other documents signed by both parties to the transaction, the two parties to the transaction made clear agreements on the delivery of the underlying assets, transitional arrangements, period profits and losses, etc. For details, please refer to “Section 6/1. Main Contents of the Asset Purchase Agreement” of this report.

After verification, the independent financial consultant believes that: provided that the agreement and commitments are effectively performed, the asset delivery arrangements agreed in this transaction will not cause the listed company to be unable to obtain the underlying assets in a timely manner after this transaction.

9. Verification of whether this transaction constitutes a related transaction

(1) This transaction does not constitute a related transaction

There is no related relationship between the listed company, its controlling shareholders, actual controllers, shareholders holding more than 5% of the shares, directors, senior managers and the transaction counterparty, and this transaction does not constitute a related transaction.

(2) Necessity of this transaction

For details on the necessity of this transaction, please refer to the relevant contents of "Section 1/"I/(II) Purpose of this Transaction" of this report.

After verification, the independent financial consultant believes that this transaction does not constitute a related transaction, this transaction is fully necessary, and does not harm the interests of the listed company and non-related shareholders.

10. Feasibility and rationality analysis of the compensation arrangement for this transaction

According to the "Performance Compensation Agreement" signed between the listed company and the transaction counterparty, the two parties to the transaction have agreed on the cumulative committed net profit amount and related asset impairment testing and compensation arrangements for the target company's future cumulative realized net profit. For details, please see "Section 6/2. Main Contents of the "Performance Compensation Agreement"" of this report. After verification, the independent financial consultant believes that: provided that both parties to the transaction effectively fulfill the relevant commitments and agreements, the performance commitment compensation arrangement between the counterparty and the listed company is feasible and reasonable.

Verification of whether the counterparty of this transaction involves a private equity investment fund and its filing status

The counterparty of this transaction is Lanfan Medical Co., Ltd., which does not belong to the private equity Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report stipulated in the "Interim Measures for the Supervision and Administration of Private Equity Investment Funds" and the "Measures for Registration of Private Equity Investment Fund Managers and Fund Filing Measures (Trial)"

Equity funds do not need to be registered with the Asset Management Association of China.

After verification, the independent financial consultant believes that the counterparty of this transaction does not involve private equity investment funds and filings.

Verification opinion that this transaction complies with the relevant provisions of the "Guiding Opinions on Matters Concerning the Dilution of Current Returns from IPOs, Refinancing, and Major Asset Reorganizations"

According to the "Opinions of the General Office of the State Council on Further Strengthening the Protection of the Legitimate Rights and Interests of Small and Medium-sized Investors in the Capital Market" (Guobanfa [2013] No. 110) and the "Guiding Opinions on Matters Concerning IPOs, Refinancing, and Major Asset Reorganizations that Dilute Current Returns" (China Securities Regulatory Commission [2015] 31 No.) and other relevant regulations, in order to protect the interests of investors, prevent risks such as dilution of current returns, and improve the ability to return to the company's shareholders, listed companies have formulated measures to fill current returns. For details, please refer to "Major Event Tips/V/(Six)/2. Measures taken by the company to prevent this reorganization from diluting current returns and improving future return capabilities" of this report; at the same time, Directors, senior managers, controlling shareholders and actual controllers of listed companies have issued corresponding commitments on taking filling measures. For details, please refer to "Section 1/6/(1)/2, Important Commitments Made by Directors and Senior Managers of Listed Companies" and "Section 1/6/(1)/3, Important Commitments Made by Controlling Shareholders and Actual Controllers of Listed Companies" of this report.

After verification, the independent financial consultant believes that: according to the listed company's "Pro forma Review Report", this transaction is not expected to cause the listed company's current returns to be diluted. However, after the completion of this transaction, it cannot be ruled out that the target company's future profitability will be lower than expected due to policy changes, operational management and other issues, and the listed company's spot return indicators will still be at risk of being diluted. Listed companies have formulated measures to cover returns, and controlling shareholders, actual controllers, directors and senior managers of listed companies have issued relevant commitments, which are in line with the requirements of relevant laws and regulations such as the "Opinions of the General Office of the State Council on Further Strengthening the Protection of the Legitimate Rights and Interests of Small and Medium-sized Investors in the Capital Market", "Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market" and the "Guiding Opinions on Issues Concerning Issues Concerning IPOs and Refinancing, Major Asset Reorganizations that Dilute Current Returns", and are conducive to protecting the legitimate rights and interests of small and medium-sized investors.

Formulation and implementation of the "Insider Information Insider Registration and Filing System"/Results of Stock Trading Self-Inspection

(1) Regarding the formulation of the "Registration and Filing System for Insiders of Insider Information"

Listed companies have complied with the "Company Law", "Securities Law", "Listed Company Governance Code" and "Information Disclosure Management Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report"

In accordance with the requirements of relevant laws, regulations and normative documents such as the "Administration Measures" and "Supervisory Guidelines No. 5", the "Insider Information Insider Registration and Filing System" has been formulated.

(2) Regarding the implementation of the "Registration and Filing System for Insiders of Insider Information"

The listed company has adopted the following necessary and sufficient confidentiality measures during the planning of this transaction in accordance with the Company Law, Securities Law, Information Disclosure Management Measures and other relevant laws, regulations, normative documents, and the relevant provisions of the Insider Registration and Management System:

When the listed company held preliminary consultations with relevant parties on this transaction, in accordance with the requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, it took necessary and sufficient confidentiality measures, formulated an effective confidentiality system, limited the scope of knowledge of relevant sensitive information, and continued insider information management throughout the entire process of this transaction;
The listed company has hired independent financial advisors, legal advisors, audit agencies, evaluation agencies and other intermediaries, and signed confidentiality agreements with the above-mentioned intermediaries or issued confidentiality commitment letters by the above-mentioned agencies, clearly agreeing on the scope of confidential information and confidentiality responsibilities;
The listed company has produced a "Major Asset Reorganization Transaction Process Memorandum" and other reference documents for this reorganization, which include the time of each key point in the restructuring process, the list of participants, the main content, etc. The relevant personnel have signed and confirmed the reference documents. Listed companies have established insider information files in accordance with "Regulatory Guidelines No. 5" and other relevant regulations;
According to the instructions issued by all parties, the listed company, the counterparty to the transaction and the target company have repeatedly informed and reminded those with knowledge of inside information to strictly abide by confidentiality requirements and fulfill confidentiality obligations. Before the inside information is disclosed in accordance with the law, they are not allowed to disclose or leak inside information, and they are not allowed to use inside information to buy or sell listed company stocks or recommend others to buy or sell listed company stocks.

(3) During the self-examination period of insiders of the inside information of this transaction

According to the relevant provisions of the "Reorganization Management Measures", "Format Guidelines No. 26", "Guidelines for the Application of Supervisory Rules - Listing Category No. 1", "Self-Regulatory Supervision Guidelines No. 8" and other documents, the self-examination period for the trading of shares of listed companies by insiders related to this transaction is from 6 months before the date when the listed company first discloses the reorganization matter to the disclosure of the reorganization report, that is, from June 30, 2025 to June 29, 2026.

(4) Scope of insider verification of this transaction

The scope of insider verification for this transaction:

Listed companies and their directors, senior managers and relevant insiders;

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

The counterparty to the transaction and its directors, senior managers and relevant insiders;
The controlling shareholders of listed companies, their directors, senior managers and relevant insiders;
The target company and its directors, supervisors, senior managers and relevant insiders;
Relevant intermediaries providing services for this transaction and their handling personnel;
Other legal persons and natural persons who know the inside information of this transaction;
Immediate relatives of the above-mentioned natural persons, including spouse, parents, and adult children.

(5) Stock buying and selling by persons and institutions involved in this transaction

According to the relevant Information Disclosure Obligor’s Shareholding and Share Change Inquiry Certificate issued by China Securities Depository and Clearing Co., Ltd. Shenzhen Branch, Detailed List of Shareholder Changes, the self-examination report and relevant instructions and commitments provided by the relevant insider information insiders, and after interviews, during the self-examination period, the transactions of listed company stocks by relevant entities within the scope of the verification are as follows:

Situation of natural persons buying and selling Mingde Biotech stocks

During the verification period, the relevant natural persons’ purchases and sales of Mingde Biotech stocks were as follows:

Unit: Share

Name Identity Transaction date Number of shares changed Number of remaining shares Nature of transaction Chao Jinping Close relatives of listed company insiders 2026.3.31 -9,086 - Sell Zhang Lei Target company insiders 2025.12.31 2,000 2,000 Buy 2026.4.22 300 300 Buy 2026.4.24 100 400 Buy Han Qian, an insider of the target company

2026.4.28 200 600 Buy 2026.5.25 -600 - Sell

Regarding the above-mentioned buying and selling of stocks during the verification period, the relevant persons under verification have issued respective commitments. The main relevant contents are as follows:

(1) Regarding Chaojinping’s buying and selling of Mingde Biotech stocks

Chao Jinping is a direct relative of an insider of a listed company. In response to the above-mentioned stock trading activities, Chaojinping made the following commitments:

I promise that, except for what has been disclosed, I will not buy or sell Minde Biotech stocks directly or indirectly through the stock exchange market or other channels. My behavior of trading Mingde Biotech stocks in the secondary market was based on the publicly disclosed information of the listed company, my judgment on the securities market and industry, and my recognition of the investment value of the listed company. It was purely a personal investment behavior and had nothing to do with this transaction. I have not participated in the decision-making related to this transaction, and I have never obtained, learned from, or actively inquired about any independent financial advisory report of Changjiang Securities Underwriting and Sponsoring Co., Ltd. from anywhere.

There is no insider information in this transaction, and there is no use of inside information for stock trading.

I have not leaked or used relevant inside information, or recommended others to buy or sell Minde Bio stocks, or engaged in insider trading, market manipulation or other prohibited trading behaviors.
Before the completion or termination of this transaction, I will strictly abide by the relevant laws and regulations and the normative documents issued by the securities authorities to standardize trading behavior. I will no longer directly or indirectly buy or sell Minde Biotech stocks through the stock trading market or other channels, nor will I disclose undisclosed information about this transaction to third parties in any way.
If my behavior of buying and selling Minde Biotech stocks during the self-examination period violates relevant laws, administrative regulations, departmental rules or normative documents, and is deemed by the relevant securities regulatory authorities as insider trading using the relevant information of this transaction, I agree that the proceeds from the purchase and sale of Minde Biotech stocks during the above-mentioned self-examination period will belong to Minde Biotech, and I voluntarily assume all legal responsibilities arising therefrom.
I hereby confirm that the content of the above statement is true, accurate and complete, and was made voluntarily by me. I have not concealed, omitted or made any false statements. I am willing to bear legal responsibility for its authenticity, accuracy, and completeness. If the above statement is inconsistent with the facts, I am willing to bear all legal liabilities arising therefrom. "

Insiders of the listed company made the following commitments:

I promise that, except for what has been disclosed, I and my immediate family members will not directly or indirectly buy or sell Minde Biotech stocks through the stock exchange market or other channels. The trading of Mingde Biotech stocks in the secondary market by my immediate family members was independently decided and operated by my sister Chao Jinping based on the judgment of the secondary market conditions of the stock. I did not participate in the whole process, was not aware of it, and did not disclose any inside information related to the reorganization to it. It has nothing to do with this transaction.
I have not leaked or used relevant inside information, or recommended others to buy or sell Minde Bio stocks, or engaged in insider trading, market manipulation or other prohibited trading behaviors.
Before the completion or termination of this transaction, I promise that I and my close relatives will strictly abide by relevant laws and regulations and normative documents promulgated by the securities authorities to standardize trading behavior, and will no longer directly or indirectly buy or sell Minde Biotech stocks through the stock exchange market or other channels, nor will I disclose undisclosed information about this transaction to third parties in any way.
If the behavior of me and my close relatives in buying and selling Mingde Biotech stocks during the self-examination period violates relevant laws, administrative regulations, departmental rules or normative documents, and is deemed by the relevant securities regulatory authorities as using the relevant information of this transaction to engage in insider trading, I agree that the above-mentioned purchases and sales of Mingde Biotech Changjiang Securities Underwriting and Sponsoring Co., Ltd. during the self-examination period will be considered as independent financial advisor reports.

The income derived from the property stocks belongs to Mingde Biotech, and I voluntarily bear all legal liabilities arising therefrom.

I hereby confirm that the content of the above statement is true, accurate and complete, and was made voluntarily by me. I have not concealed, omitted or made any false statements. I am willing to bear legal responsibility for its authenticity, accuracy, and completeness. If the above statement is inconsistent with the facts, I am willing to bear all legal liabilities arising therefrom. "

(2) Regarding Zhang Lei’s behavior of buying and selling Mingde Biotech stocks

Zhang Lei is an insider of the target company. In response to the above-mentioned stock trading behavior, Zhang Lei made the following commitments:

I promise that, except for what has been disclosed, I will not buy or sell Minde Biotech stocks directly or indirectly through the stock exchange market or other channels. My behavior of trading Mingde Biotech stocks in the secondary market was based on the publicly disclosed information of the listed company, my judgment on the securities market and industry, and my recognition of the investment value of the listed company. It was purely a personal investment behavior and had nothing to do with this transaction. I did not participate in the decision-making related to this transaction, and I have never obtained, learned from, or actively inquired about any inside information related to this transaction from anywhere. There is no situation in which I used insider information for stock trading.
I have not leaked or used relevant inside information, or recommended others to buy or sell Minde Bio stocks, or engaged in insider trading, market manipulation or other prohibited trading behaviors.
Before the completion or termination of this transaction, I will strictly abide by the relevant laws and regulations and the normative documents issued by the securities authorities to standardize trading behavior. I will no longer directly or indirectly buy or sell Minde Biotech stocks through the stock trading market or other channels, nor will I disclose undisclosed information about this transaction to third parties in any way.
If my behavior of buying and selling Minde Biotech stocks during the self-examination period violates relevant laws, administrative regulations, departmental rules or normative documents, and is deemed by the relevant securities regulatory authorities as insider trading using the relevant information of this transaction, I agree that the proceeds from the purchase and sale of Minde Biotech stocks during the above-mentioned self-examination period will belong to Minde Biotech, and I voluntarily assume all legal responsibilities arising therefrom.
I hereby confirm that the content of the above statement is true, accurate and complete, and was made voluntarily by me. I have not concealed, omitted or made any false statements. I am willing to bear legal responsibility for its authenticity, accuracy, and completeness. If the above statement is inconsistent with the facts, I am willing to bear all legal liabilities arising therefrom. "

(3) Regarding Han Qian’s buying and selling of Mingde Biotech stocks

Han Qian is an insider of the target company. Regarding the above-mentioned stock trading behavior, Han Qian made the following commitments:

I promise that, except for what has been disclosed, I will not directly or indirectly use the Independent Financial Advisor Report of Changjiang Securities Underwriting and Recommendation Co., Ltd.

The situation of buying and selling Minde Biotech stocks on the trading market or other channels. My behavior of trading Mingde Biotech stocks in the secondary market was based on the publicly disclosed information of the listed company, my judgment on the securities market and industry, and my recognition of the investment value of the listed company. It was purely a personal investment behavior and had nothing to do with this transaction. I did not participate in the decision-making related to this transaction, and I have never obtained, learned from, or actively inquired about any inside information related to this transaction from anywhere. There is no situation in which I used insider information for stock trading.

I have not leaked or used relevant inside information, or recommended others to buy or sell Minde Bio stocks, or engaged in insider trading, market manipulation or other prohibited trading behaviors.
Before the completion or termination of this transaction, I will strictly abide by the relevant laws and regulations and the normative documents issued by the securities authorities to standardize trading behavior. I will no longer directly or indirectly buy or sell Minde Biotech stocks through the stock trading market or other channels, nor will I disclose undisclosed information about this transaction to third parties in any way.
If my behavior of buying and selling Minde Biotech stocks during the self-examination period violates relevant laws, administrative regulations, departmental rules or normative documents, and is deemed by the relevant securities regulatory authorities as insider trading using the relevant information of this transaction, I agree that the proceeds from the purchase and sale of Minde Biotech stocks during the above-mentioned self-examination period will belong to Minde Biotech, and I voluntarily assume all legal responsibilities arising therefrom.
I hereby confirm that the content of the above statement is true, accurate and complete, and was made voluntarily by me. I have not concealed, omitted or made any false statements. I am willing to bear legal responsibility for its authenticity, accuracy, and completeness. If the above statement is inconsistent with the facts, I am willing to bear all legal liabilities arising therefrom. "
The purchase and sale of Mingde Biotech stocks by relevant institutions

(1) Mingde Biological Repurchase Special Securities Account

During this self-examination, Mingde Biotech purchased stocks of listed companies through special repurchase securities accounts. The details are as follows:

Unit: Name of account held at the end of the stock self-examination period. Trading period. Cumulative purchases. Cumulative sales.

Stock situation Wuhan Mingde Biotechnology Co., Ltd. 2026.3.31-

9,436,952 - 15,274,084 Special repurchase securities account 2026.6.10

The listed company held the fourth meeting of the fifth board of directors on March 23, 2026, and reviewed and approved

Proposal on the Plan to Repurchase the Company's Shares", agreeing that the listed company will use its own funds or self-raised funds to repurchase some of the company's issued RMB ordinary shares (A shares) in a centralized bidding transaction to maintain the company's value. Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

and shareholders' equity, the total repurchase funds shall not be less than (inclusive) RMB 100 million and not exceed (inclusive) RMB 200 million. The repurchase period shall not exceed 3 months from the date on which the board of directors of the listed company considers and approves the share repurchase plan.

Starting from March 31, 2026, listed companies will successively implement the above-mentioned repurchase plans through centralized bidding transactions through special securities accounts for stock repurchases. On June 23, 2026, the listed company disclosed the "Announcement on the Results of Share Repurchase and Changes in Shares". As of June 22, 2026, the listed company's share repurchase period has expired and the repurchase plan has been implemented. The listed company has repurchased a total of 9,436,952 shares of the company through centralized bidding transactions through a special securities account for repurchase.

In response to the above-mentioned stock buying and selling behavior, the listed company made the following commitments: The above-mentioned stock repurchase during the self-examination period was carried out by the company in accordance with the relevant share repurchase plan, and it has timely fulfilled its information disclosure obligations in accordance with the provisions of relevant laws, regulations and normative documents. There is no situation of using the inside information of this transaction to buy or sell Minde Bio stock. "

Except for the above business, there was no buying or selling of Minde Bio stocks and other related securities in the Minde Bio securities account during the self-examination period.

(2) China Merchants Securities Co., Ltd.

China Merchants Securities Co., Ltd. (hereinafter referred to as "China Merchants Securities"), as a listed company in this transaction, planned to hire an intermediary to buy and sell the shares of the listed company during the verification period as follows:

Unit: Securities account Nature of account Cumulative purchases Cumulative sales Self-examination of shareholdings at the end of the period 0802 Self-operated 169,717 183,587 72 0837 Self-operated 17,900 11,100 - Securities account Nature of account Fund subscription Fund redemption Self-examination of shareholdings at the end of the period 08******37 Self-operated 17,900 11,100 - Regarding the above-mentioned buying and selling of listed company stocks during the verification period, China Merchants Securities explained as follows:

It has been verified that the institution's trading of listed company stocks strictly complies with the regulatory requirements of the China Securities Regulatory Commission and stock exchanges as well as the relevant regulations of the company. The aforementioned stock trading does not involve the use of insider information for trading.

At the same time, this institution has established a sound information isolation wall system to standardize the information isolation between departments/subsidiaries with conflicts of interest. No personnel from the Financial Market Investment Headquarters participated in the planning of this transaction, and they have not had contact with the project team members of the Investment Banking Committee. Therefore, the above-mentioned departments buy and sell the stocks of listed companies based on their independent investment decisions. They are not related to this transaction and do not involve the use of inside information for trading. Changjiang Securities Underwriting and Recommendation Co., Ltd. Independent Financial Advisor Report

situation.

This institution promises that during this transaction, there will be no use of inside information to directly or indirectly buy or sell stocks of listed companies through the stock exchange market or other channels, nor will there be any situation in which undisclosed information about this transaction will be disclosed to a third party in any way. "

(3) Oriental Fortune Securities Co., Ltd.

Oriental Fortune Securities Co., Ltd. (hereinafter referred to as "Oriental Fortune Securities"), as the company's comprehensive consulting service provider for daily securities affairs, the situation of buying and selling stocks of listed companies during the self-examination period is as follows:

Unit: Stock securities account Nature of account Cumulative purchases Cumulative sales Shareholdings at the end of the self-examination period 0807 Self-operated 11,500 11,900 - 0873 Self-operated 100 100 - Regarding the above-mentioned buying and selling of listed company stocks during the verification period, Oriental Fortune Securities explained as follows:

The company has strictly abided by relevant laws, regulations and company rules and uniforms, effectively implemented the internal information isolation system, and fully guaranteed professional ethics and independence. The company has established a strict information isolation system. Each business has formed an independent isolation mechanism and a management and control mechanism for confidential information in terms of organizational structure, personnel, information systems, capital accounts, business operations, and business management to prevent insider trading and avoid illegal activities due to conflicts of interest.
The company's asset management and self-operated accounts buy and sell Mingde stocks based on their own independent investment research, and are part of their daily market-oriented behavior.
Except for the above circumstances, during the reorganization of the listed company, the company will not illegally buy or sell the shares of Minde Biotech directly or indirectly through the stock exchange market or other channels, nor will it illegally disclose undisclosed information about the planned reorganization of the listed company to third parties in any way. "

After verification, the independent financial consultant believes that:

Listed companies have formulated the "Insider Information Insider Registration and Management System" in accordance with the "Securities Law", "Information Disclosure Management Measures" and other relevant regulations, and are in compliance with relevant laws and regulations.
In this transaction, the listed company strictly limited the scope of relevant sensitive information in accordance with the "Insider Information Insider Registration and Management System". According to the information disclosure obligor's shareholding and share change inquiry certificate issued by Zhongdeng Company, "Detailed List of Changes in Shareholders' Shares", self-examination reports issued by relevant insider information insiders within the scope of verification, instructions and commitments issued by relevant institutions and personnel with trading situations, and interviews. On the premise that the self-examination report issued by relevant insider information insiders, relevant instructions and commitments, and the contents of the interviews are true, accurate, and complete, and considering that there are certain objective limitations in this verification method, this independent financial advisor believes that Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

This is: the buying and selling of stocks of listed companies by these entities during the verification period does not constitute insider trading, and the aforementioned buying and selling of stocks will not constitute a substantial legal obstacle to this transaction.

14. Verification of whether relevant entities engage in paid third-party activities

(1) In this transaction, the independent financial consultant directly or indirectly hired a third party for a fee to verify

In this transaction, the independent financial consultant did not directly or indirectly hire a third party for a fee.

(2) In this transaction, the listed company hired a paid third party for verification

In this transaction, the listed company hired Changjiang Sponsor to serve as the independent financial advisor for this transaction, hired Dacheng Law Firm to serve as the legal advisor for this transaction, hired BDO Accountants to serve as the audit agency and pro forma review agency for this transaction, and hired China United Appraisal to serve as the appraisal agency for this transaction.

Except for the above-mentioned hiring behaviors, listed companies do not directly or indirectly hire other third parties for a fee, which is in compliance with the relevant provisions of the "Opinions on Strengthening the Prevention and Control of Risks of Integrity in Engaging Third Parties and Other Integrity Practices by Securities Companies in Investment Banking Business" (CSRC Announcement [2018] No. 22).

To sum up, the above-mentioned intermediaries are all securities service agencies that need to be hired according to law for this transaction. In addition to the above-mentioned hiring activities, according to the confirmation of the listed company, there is no other direct or indirect paid hiring of other third parties in this transaction.

After verification, the independent financial consultant believes that: in this transaction, the independent financial consultant did not directly or indirectly hire other third parties for a fee; in this transaction, the listed company did not directly or indirectly hire other third parties for a fee, except for independent financial consultants, law firms, accounting firms, and asset appraisal agencies in accordance with the law. This is in compliance with the relevant provisions of the China Securities Regulatory Commission's "Opinions on Strengthening the Risk Prevention and Control of Securities Companies' Engagement of Third Parties in Investment Banking Business".

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Section 9 Independent Financial Advisor’s Internal Opinions and Concluding Opinions

1. Changjiang Sponsor’s internal review procedures and core opinions

In accordance with the relevant requirements of a series of documents such as the China Securities Regulatory Commission's "Reorganization Management Measures" and "Financial Consultant Measures", Changjiang Sponsor established an internal review organization to implement the necessary internal review procedures for the major asset restructuring project of Mingde Biotechnology, as follows:

(1) Kernel program

Submit an application for internal review

According to the types of financial consultant professional opinions issued by relevant laws and regulations, the project team files an internal review application and submits corresponding application materials.

Preliminary review

In response to the application documents submitted by the project team, the Quality Control Department of Changjiang Sponsor assigned a dedicated person to be responsible for the preliminary review of the project. According to the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, the Quality Control Department reviewed the application materials and issued a quality control report, requiring the project team to supplement, modify and adjust. The project team responded to the review opinions of the quality control department one by one and made additional modifications.

Review by the core committee

On June 28, 2026, the Yangtze Sponsor Organization held an internal review meeting. The meeting listened to the project team’s introduction to the basic situation of the project and the quality control department’s statement on project-related issues. The participating members made inquiries about major issues of concern, and the project team responded. In the case of project team members’ avoidance, the participating members voted after discussion.

(2) Core opinions

The Yangtze Sponsor Internal Committee carefully reviewed the application for review of the major asset reorganization project of Mingde Biotech. After discussion and voting at the review meeting, the review opinion was: All members present agreed that the major asset purchase independent financial advisory project of Wuhan Mingde Biotechnology Co., Ltd. passed the company review.

2. The independent financial advisor’s concluding opinions on this transaction

The independent financial advisor for this transaction, Changjiang Sponsor, adheres to the industry-recognized business standards and ethics and Qin Changjiang Securities Underwriting and Sponsor Co., Ltd. Independent Financial Advisor Report

Mian Spirit, in accordance with the requirements of relevant laws and regulations such as the "Reorganization Management Measures", "Listing Rules" and "No. 26 Format Guidelines", after due diligence and careful review of the "Wuhan Mingde Biotechnology Co., Ltd. Major Asset Purchase Report (Draft)" and other relevant materials, it is believed that:

This transaction plan complies with the provisions of laws, regulations and normative documents such as the "Reorganization Management Measures" and the "Listing Rules". This transaction complies with the requirements of relevant national laws and regulations, has obtained the necessary approvals and authorizations at this stage, and has performed the necessary information disclosure procedures.
This transaction complies with national industrial policies and laws and administrative regulations on environmental protection, land management, anti-monopoly, foreign investment, foreign investment, etc.; after the completion of this transaction, the listed company still meets the conditions for stock listing; the assets involved in this transaction are fairly priced, and there is no harm to the legitimate rights and interests of the listed company and shareholders; the ownership of the assets involved in this transaction is clear, there are no legal obstacles to the transfer or transfer of assets, and this transaction does not involve the treatment of claims and debts or change matters; this transaction will help the listed company enhance its ability to continue operating, and there will be no situation that will cause the listed company's main assets to be cash or have no specific operating business after the restructuring; this transaction will help the listed company maintain independence from the actual controller and its related parties in terms of business, assets, finance, personnel, institutions, etc., in compliance with the relevant regulations of the China Securities Regulatory Commission on the independence of listed companies; this transaction will help the listed company form or maintain a sound and effective corporate governance structure. Therefore, this transaction complies with the relevant provisions of Article 11 of the "Reorganization Management Measures".
The actual control of the listed company has not changed before and after this transaction, which does not constitute the "Reorganization Management Measures"

Reorganization and listing situations as stipulated in Article 13.

This transaction is a listed company paying cash to purchase assets. There is no issuance of shares or raising of supporting funds, and it does not involve the circumstances stipulated in Articles 43 and 44 of the "Reorganization Management Measures"
The price of the underlying assets of this transaction is based on the evaluation value determined by an asset evaluation agency with securities and futures-related business qualifications. It is ultimately determined by negotiation between the parties to the transaction. The pricing process is compliant, the pricing basis is reasonable, and the transaction price is fair.
The appraisal agency hired by the company for this transaction is independent, the appraisal assumptions are reasonable, the appraisal method is relevant to the appraisal purpose, and the appraisal pricing is fair.
This transaction is conducive to improving the asset quality of the listed company and enhancing its sustainable profitability. This transaction is conducive to the sustainable development of the listed company and does not harm the legitimate rights and interests of shareholders.
This transaction is conducive to enhancing the market position of the listed company, improving the operating performance of the listed company, enhancing the sustainable development capabilities of the listed company, and is conducive to further maintaining and improving the legal person governance structure of the listed company, in line with the requirements of the "Code of Governance of Listed Companies" and other relevant regulations.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

All contracts and procedures involved in this transaction are reasonable and legal. The transaction contract clearly stipulates the liability for breach of contract. As long as the parties to the transaction perform the relevant agreements for this transaction, the asset delivery arrangement does not pose a major risk that the listed company will not be able to obtain the corresponding consideration in time after delivering cash or other assets.
There is no related relationship between the counterparty in this transaction and the listed company and its directors, senior managers, controlling shareholders and actual controllers, and this transaction is a cash transaction. Therefore, this transaction does not constitute a related transaction.
The listed company has disclosed the expected dilution of current returns for this reorganization, and has formulated specific return filling measures for the possible dilution of immediate returns in the year after the completion of this restructuring. The listed company's controlling shareholders, actual controllers, directors, and senior managers have also made commitments that the filling return measures can be effectively implemented, which is in line with the spirit of protecting the legitimate rights and interests of small and medium-sized investors in the "Opinions of the General Office of the State Council on Further Strengthening the Protection of the Legitimate Rights and Interests of Small and Medium-sized Investors in the Capital Market".
As of the date of issuance of this report, the target company has not been occupied by non-operating funds of the counterparty and its related parties and has not yet been liquidated.
The counterparty of this transaction is Lanfan Medical Co., Ltd., which does not belong to the private investment funds stipulated in the Securities Investment Fund Law of the People's Republic of China, the Interim Measures for the Supervision and Administration of Private Investment Funds, and the Measures for the Registration of Private Investment Fund Managers and Fund Filing (Trial), and does not need to perform private equity fund filing and registration work.
In this transaction, Changjiang Sponsor did not directly or indirectly engage third-party institutions or individuals for a fee; apart from hiring independent financial advisors, legal advisors, audit institutions, and asset evaluation agencies, listed companies did not directly or indirectly engage other third-party institutions or individuals for a fee, which is in compliance with the relevant provisions of the "Opinions on Strengthening the Prevention and Control of Risks of Integrity in Engaging Third Parties and Other Integrity Practices by Securities Companies in Investment Banking Business." Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd. (This page has no text, but is the signed and stamped page of "(Independent Financial Advisor's Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd. on the Major Asset Purchase of Wuhan Mingde Biotechnology Co., Ltd.)")

Financial Advisor Sponsor:

Li Yahui Lu Jun Qian Junxiang Financial Consultant Co-organizer:

Shu Shuang Fu Gecheng Geng Long

Liao Kai Li Mingyang

Business department head:

He Junguang

Kernel person in charge:

Wang Chanyuan

Legal representative:

Gao Jiaxiang

Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Independent Financial Advisor Report of Changjiang Securities Underwriting and Sponsoring Co., Ltd. on July 31, 2026

Attachment 1. Patent rights of Bikel and its subsidiaries

Preface Patent Obtained

Patent name Grant date Patent number Original right holder Inventor

No. Category Method

ZL20173018 Appearance Original 1 First Aid Kit 2017/10/13 Hubei Gaode Sui Jianxun

3139.9 Design Get Band-Aid Packaging Box

ZL20173058 Appearance Original 2 (Easy to tear with one hand 2018/5/29 Hubei Gaode Sui Jianxun

2988.1 Design (get pulled)

Band-Aid (one-handed ZL20173058 Appearance Original 3 2018/7/10 Hubei Gaode Sui Jianxun

Easy to tear) 2989.6 Design Obtained

ZL20213071 Appearance Hou Shutao, original 4 first aid kit 2022/5/10 Hubei Gaode

2017.0 Design Zhu Liang Obtain emergency kit (cache ZL20243015 Appearance Ding Wenhua, Zhu Yuan5 2024/10/18 Hubei Gaode

AED) 2118.0 Design Bright Obtain a first aid kit ZL20172055 Practical Original 6 2018/6/19 Hubei Gaode Sui Jianxun

Movable Partition 0997.7 New Type Obtained a kind of collective packaging ZL20172158 Practical Original 7 2018/7/10 Hubei Gaode Sui Jianxun

Band-Aid 5817.5 New Obtained a first aid kit ZL20172055 Practical Original 8 2018/7/10 Hubei Gaode Sui Jianxun

Lower cover structure 6788.3 New Obtained a first aid kit ZL20172055 Practical Original 9 2018/8/21 Hubei Gaode Sui Jianxun

Upper cover structure 1224.0 New Obtain a new type of first aid ZL20172055 Practical Original 10 2018/9/4 Hubei Gaode Sui Jianxun

Box 6787.9 New type Obtain a first aid kit ZL20172055 Practical Original 11 2018/9/4 Hubei Gaode Sui Jianxun

Bottom bracket 0369.9 New type Obtained one that can be used with one hand ZL20172158 Practical Original 12 2019/2/5 Hubei Gaode Sui Jianxun

Used Band-Aid 5567.5 New Type Obtained

ZL20212278 Practical Zhu Liang, Hou Shu Original 13 A first aid kit 2022/6/28 Hubei Gaode

1862.0 New Tao Obtain the four grids of the first aid kit ZL20222174 Practical Original 14 2023/7/21 Hubei Gaode Zhu Liang

Inner bag and first aid kit 9801.4 New type Twelve who obtained the first aid kit ZL20222174 Practical Original 15 2023/7/21 Hubei Gaode Zhu Liang

Bag inside each compartment 9791.4 New type Two compartments for obtaining first aid kit ZL20222172 Practical Original 16 2023/7/21 Hubei Gaode Li Liang

Inner bag 6542.3 new type obtained

ZL20232322 Practical original 17 one kind of buckle 2024/6/7 Hubei Gaode Zhu Liang

0427.6 New type obtained

ZL20232322 Practical original 18 one kind of base 2024/6/7 Hubei Gaode Zhu Liang

0428.0 New type obtained

ZL20232322 Practical Original 19 One Kind of Box 2024/6/7 Hubei Gaode Zhu Liang

0424.2 New type acquisition

ZL20232281 Practical Ding Wenhua, Zhu Original 20 charging gun bag 2024/6/7 Hubei Gaode

9636.6 New type Liang, Chen Chen obtained

ZL20232263 Practical Ding Wenhua, Zhu Yuan21 A tool kit 2024/6/7 Hubei Gaode

4160.9 New type Liang, Chen Chen Obtained a vehicle-mounted first aid ZL20232255 Practical Ding Wenhua, Original 22 2024/7/30 Hubei Gaode

Package 7450.8 New Type Zhu Liang obtained the independent financial advisor report from Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Preface Patent Obtained

Patent name Grant date Patent number Original right holder Inventor

No. Category Method

ZL20232322 Practical Ding Wenhua, Original 23 A finger bandage 2024/10/1 Hubei Gaode

0402.6 New model Zhu Liang Obtained a vehicle-mounted emergency response ZL20232263 Practical Ding Wenhua, Zhu Yuanyuan 24 2024/10/1 Hubei Gaode

Package 4151.X New Liang, Chen Chen Get a wall-mounted rear

ZL20242063 Practical and original 25 tools that are easy to take 2024/11/26 Hubei Gaode Zhu Liang

8303.5 New Acquisition Box

ZL20232325 Practical original 26 transparent grid bag 2024/11/26 Hubei Gaode Zhu Liang

3497.1 New type Obtain a kind of movable step ZL20242078 Practical Original 27 2024/12/6 Hubei Gaode Zhu Liang

Type Tool Box 7843.X New Get a tool box with insert

ZL20242084 Practical original 28-type movable partition 2024/12/10 Hubei Gaode Zhu Liang

9669.7 New Get Tool Box

A type that can be hung vertically ZL20242108 Practical Original 29 2025/1/7 Hubei Gaode Zhu Liang

Wall tool box 2659.1 New type Obtained a tool box and ZL20242050 Practical Original 30 2025/2/7 Hubei Gaode Zhu Liang

Tool box set 8567.9 New type Obtained a multi-functional vehicle ZL20232317 Practical Ding Wenhua, original 31 2025/2/11 Hubei Gaode

First aid kit 7255.9 New type Zhu Liang Obtained an assembled tool ZL20242123 Practical Original 32 2025/2/18 Hubei Gaode Zhu Liang

Tool Box 0235.5 New type Obtain a tool box that can be quickly retrieved

ZL20242056 Practical Ding Wenhua, Zhu Yuan 33 Urgent use of AED 2025/2/18 Hubei Gaode

9030.3 New type of bright Get the rescue package

A switch and tool ZL20242093 Practical Original 34 2025/3/7 Hubei Gaode Zhu Liang

Tool box 8036.3 New type Obtained a combined tool ZL20242115 Practical Original 35 2025/4/29 Hubei Gaode Zhu Liang

Tool Box 2608.1 New type Obtain a six-compartment inner bag

ZL20242252 Practical original 36 and has six grids 2025/11/18 Hubei Gaode Zhu Liang

7627.4 New Get Bag First Aid Kit

A convenient way to access

ZL20171118 Invention Zhu Liang, Sui Jian Original 37 Band-Aid packaging 2023/8/1 Hubei Gaode

5683.2 Patent Hoon Obtaining Box

A kind of collective packaging ZL20171118 Invention Zhu Liang, Sui Jian Original 38 2024/5/3 Hubei Gaode

Patent 5693.6 of Band-Aid Xun obtained a fully automatic emergency treatment Zhang Lei, Ding Wei,

ZL20241019 Invention Original 39 Rescue Blanket Folding Packaging 2024/8/27 Hubei Gaode Wang Yuqin, Ma

4272.3 Patent acquisition line and production process construction

Liu Shiwei, Yu

A kind of waste polyester

Hubei high stout, Xie Cong

Preparation of PET alcoholysis ZL20111045 Invention Transferee 40 2014/10/29 De, Lan Fan Xia, Liu Fusheng,

Plasticizer terephthalene 6201.9 patent obtained

Medical Li Lu, Zhang Min

Formate method

Fang

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Preface Patent Obtained

Patent name Grant date Patent number Original right holder Inventor

No. Category Mode Hubei High School

Liu Wenjing, Cheng

De, Lan Fan

Zhenzhong , Sun Chuan

Automatic soft glove ZL20131040 Invention Medical, Zi Transferee 41 2015/4/15 Zhi, Wang Xiuchun,

Packaging machine 2142.6 patent Bo Chengxun obtained from Li Guoming, Xu

Automation equipment

Lian Guo

Ltd.

Hubei high

De, Lan Fan Liu Wenjing, Cheng

Medical stocks Zhenzhong, Sun Chuan

Soft glove packaging ZL20131040 Invention Assignee 42 2015/5/27 Feng, Zibo Zhi, Wang Xiuchun,

Automatic box inserting machine 2275.3 patent obtained from Chengxun Automatic Li Guoming, Xu

chemical equipment, Lian Guo

Ltd.

A kind of medical pellet ZL20201033 Invention Yang Dan, Tan Shi Assigned 43 2022/7/1 Hubei Gaode

Bandage 4634.6 patent obtained by Dragon

ZL20253007 Appearance Original 44 first aid packaging box 2026/3/3 Gaode First Aid Ding Wenhua

2556.0 Design Acquisition Note: The term of the above-mentioned invention patent rights is twenty years, the term of utility model patent rights is ten years, and the term of design patent rights is fifteen years, all calculated from the date of application.

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report Attachment 2, Bikel and its subsidiaries’ registered trademarks in China

Title Application/Registration International

Serial number Application date Trademark Obtaining method

Company No. Classification

17833743 5 September 7, 2015 Original acquisition
17833742 10 September 7, 2015 Original acquisition of Baoke

special

17833741 5 September 7, 2015 Original acquisition
17833740 10 September 7, 2015 Original acquisition
84197977 9 March 21, 2025 Original acquisition
83116427 10 January 14, 2025 Original acquisition
83108646 10 January 14, 2025 Original acquisition
83105338 5 January 14, 2025 Original acquisition
83104377 9 January 14, 2025 Original acquisition
56013614 43 May 12, 2021 Original acquisition
56013557 39 May 12, 2021 Original acquisition
Bikai 56013465 24 May 12, 2021 Original acquisition

56013214 38 May 12, 2021 Original acquisition
56013201 37 May 12, 2021 Original acquisition
56012063 35 May 12, 2021 Original acquisition
56010024 35 May 12, 2021 Original acquisition
56009757 27 May 12, 2021 Original acquisition
56008445 20 May 12, 2021 Original acquisition
56006232 21 May 12, 2021 Original acquisition of the independent financial advisor report from Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Title Application/Registration International

Serial number Application date Trademark Obtaining method

Company No. Classification

56004306 23 May 12, 2021 Original acquisition
56002151 25 May 12, 2021 Original acquisition
56002093 22 May 12, 2021 Original acquisition
55998840 26 May 12, 2021 Original acquisition
55998574 44 May 12, 2021 Original acquisition
55997616 20 May 12, 2021 Original acquisition
55993464 34 May 12, 2021 Original acquisition
55993283 45 May 12, 2021 Original acquisition
55993269 43 May 12, 2021 Original acquisition
55992222 29 May 12, 2021 Original acquisition
55992043 40 May 12, 2021 Original acquisition
55991895 33 May 12, 2021 Original acquisition
55990858 19 May 12, 2021 Original acquisition
55990846 19 May 12, 2021 Original acquisition
55990817 18 May 12, 2021 Original acquisition
55990375 32 May 12, 2021 Original acquisition
55987483 37 May 12, 2021 Original acquisition
55985788 31 May 12, 2021 Original acquisition of the independent financial advisor report from Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Title Application/Registration International

Serial number Application date Trademark Obtaining method

Company No. Classification

55985781 31 May 12, 2021 Original acquisition
55985469 44 May 12, 2021 Original acquisition
55985450 42 May 12, 2021 Original acquisition
55984413 41 May 12, 2021 Original acquisition
55984353 36 May 12, 2021 Original acquisition
55982649 18 May 12, 2021 Original acquisition
55982602 17 May 12, 2021 Original acquisition
55981491 24 May 12, 2021 Original acquisition
55980103 30 May 12, 2021 Original acquisition
55980078 29 May 12, 2021 Original acquisition
55980057 22 May 12, 2021 Original acquisition
55978697 42 May 12, 2021 Original acquisition
55978553 27 May 12, 2021 Original acquisition
55978525 26 May 12, 2021 Original acquisition
55978489 25 May 12, 2021 Original acquisition
55978398 17 May 12, 2021 Original acquisition
55975961 13 May 11, 2021 Original acquisition
55971471 16 May 11, 2021 Original acquisition of the independent financial advisor report from Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Title Application/Registration International

Serial number Application date Trademark Obtaining method

Company No. Classification

55971458 15 May 11, 2021 Original acquisition
55970670 10 May 11, 2021 Original acquisition
55970657 9 May 11, 2021 Original acquisition
55970613 5 May 11, 2021 Original acquisition
55969215 16 May 11, 2021 Original acquisition
55968729 7 May 11, 2021 Original acquisition
55964389 14 May 11, 2021 Original acquisition
55964065 11 May 11, 2021 Original acquisition
55964032 9 May 11, 2021 Original acquisition
55960831 15 May 11, 2021 Original acquisition
55960767 10 May 11, 2021 Original acquisition
55960726 6 May 11, 2021 Original acquisition
55960678 4 May 11, 2021 Original acquisition
55955562 13 May 11, 2021 Original acquisition
55954847 4 May 11, 2021 Original acquisition
55954069 12 May 11, 2021 Original acquisition
55953622 7 May 11, 2021 Original acquisition
55950986 6 May 11, 2021 Original acquisition of the independent financial advisor report from Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Title Application/Registration International

Serial number Application date Trademark Obtaining method

Company No. Classification

55949362 11 May 11, 2021 Original acquisition
55949323 8 May 11, 2021 Original acquisition
55944676 14 May 11, 2021 Original acquisition
55930822 1 May 10, 2021 Original acquisition
55930813 1 May 10, 2021 Original acquisition
55922208 2 May 10, 2021 Original acquisition
55920399 3 May 10, 2021 Original acquisition
55907864 3 May 10, 2021 Original acquisition
3893911 5 January 19, 2004 Original acquisition
31145519 5 May 24, 2018 Original acquisition
31140480 5 May 24, 2018 Original acquisition
31134539 5 May 24, 2018 Original acquisition

Gaode

First Aid 29172055 28 February 6, 2018 Original acquisition
29172049 28 February 6, 2018 Original acquisition
29171990 16 February 6, 2018 Original acquisition
29171913 5 February 6, 2018 Original acquisition
29171160 25 February 6, 2018 Original acquisition of the independent financial advisor report from Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Title Application/Registration International

Serial number Application date Trademark Obtaining method

Company No. Classification

29171073 5 February 6, 2018 Original acquisition
29170487 25 February 6, 2018 Original acquisition
29170470 10 February 6, 2018 Original acquisition
29170433 9 February 6, 2018 Original acquisition
29169815 28 February 6, 2018 Original acquisition
29169760 14 February 6, 2018 Original acquisition
29168243 41 February 6, 2018 Original acquisition
29168152 16 February 6, 2018 Original acquisition
29166764 41 February 6, 2018 Original acquisition 100. 29166690 35 February 6, 2018 Original acquisition 101. 29166617 25 February 6, 2018 Original acquisition 102. 29166557 16 February 6, 2018 Original acquisition 103. 29166404 9 February 6, 2018 Original acquisition 104. 29166390 9 February 6, 2018 Original acquisition 105. 29166375 9 February 6, 2018 Original acquisition 106. 29166312 5 February 6, 2018 Originally obtained the independent financial advisory report from Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Title Application/Registration International

Serial number Application date Trademark Obtaining method

Company No. Classification

29165332 14 February 6, 2018 Original acquisition 108. 29165299 10 February 6, 2018 Original acquisition 109. 29164789 10 February 6, 2018 Original acquisition 110. 29164753 9 February 6, 2018 Original acquisition 111. 29163955 16 February 6, 2018 Original acquisition 112. 29163911 41 February 6, 2018 Original acquisition

February 06, 2018

29163381 35 Original acquisition date

February 06, 2018

29163147 28 original acquisition

day

29163138 28 February 6, 2018 Original acquisition 116. 29163129 28 February 6, 2018 Original acquisition 117. 29163116 25 February 6, 2018 Original acquisition 118. 29163083 16 February 6, 2018 Original acquisition 119. 29163075 16 February 6, 2018 Original acquisition 120. 29161822 16 February 6, 2018 Original acquisition 121. 29161622 41 February 6, 2018 Original acquisition 122. 29161611 41 February 6, 2018 Originally obtained the independent financial advisory report from Changjiang Securities Underwriting and Sponsoring Co., Ltd.

Title Application/Registration International

Serial number Application date Trademark Obtaining method

Company No. Classification

29161577 14 February 6, 2018 Original acquisition 124. 29161568 14 February 6, 2018 Original acquisition 125. 29161525 10 February 6, 2018 Original acquisition 126. 29158790 35 February 6, 2018 Original acquisition 127. 29158786 35 February 6, 2018 Original acquisition 128. 29158752 28 February 6, 2018 Original acquisition 129. 29158669 25 February 6, 2018 Original acquisition 130. 29158530 10 February 6, 2018 Original acquisition 131. 29150532 9 February 6, 2018 Original acquisition 132. 29150716 16 February 6, 2018 Original acquisition 133. 29150858 35 February 6, 2018 Original acquisition 134. 29150882 41 February 6, 2018 Original acquisition 135. 29151883 10 February 6, 2018 Original acquisition 136. 29152911 5 February 6, 2018 Original acquisition 137. 29152988 14 February 6, 2018 Original acquisition 138. 29152999 14 February 6, 2018 Original acquisition 139. 29153008 14 February 6, 2018 Original acquisition 140. 29153011 15 February 6, 2018 Original acquisition Yangtze Securities Underwriting and Sponsor Co., Ltd. Independent Financial Advisor Report

Title Application/Registration International

Serial number Application date Trademark Obtaining method

Company No. Classification

29153092 41 February 6, 2018 Original acquisition 142. 29153379 25 February 6, 2018 Original acquisition 143. 29153426 35 February 6, 2018 Original acquisition 144. 29153428 35 February 6, 2018 Original acquisition 145. 29153462 41 February 6, 2018 Original acquisition 146. 29154300 28 February 6, 2018 Original acquisition 147. 29154544 5 February 6, 2018 Original acquisition 148. 29154562 9 February 6, 2018 Original acquisition 149. 29154913 5 February 6, 2018 Original acquisition 150. 29154944 9 February 6, 2018 Original acquisition 151. 29156255 14 February 6, 2018 Original acquisition 152. 29156582 5 February 6, 2018 Original acquisition 153. 29157728 25 February 6, 2018 Original acquisition 154. 29157775 35 February 6, 2018 Original acquisition 155. 29157842 10 February 6, 2018 Original acquisition Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Attachment 3. Trademarks registered outside China by Bikel and its subsidiaries

Ownership Registration International Acquisition Serial Number Application/Registration Number Application Date Trademark

Company Location Classification Method 2007 8 Original

European Union 6204051 5

March 16 Obtained 2007 8 Original

United Kingdom UKO0906204051 5

Obtained Bikai on March 16th

2008 4 inherited

Er EU 6831457 10

Obtained on 15th

2008 4 Original

United Kingdom UK00906831457 10

Obtained on 15th

Canada 2016 3 Original

TMA991,145 9

Big month 10 made 2016 3 original

United States 5068425 5

March 22 Obtained 3 originals in 2016

Gaode United States 5068533 9

Obtained first aid on March 23

2016 3 Original

United States 5068540 10

September 24 Made 9 2016 3 Original

European Union 15170459

October 1 Obtained 9 2016 3 Original

United Kingdom UK00915170459

October 1, 2016 Obtained 1 Original

European Union 15009608 9

Obtained Baoke 10 on the 18th

Special 5

2016 1 Original

United Kingdom UK00915009608 9

Obtained on 18th

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Attachment 4. Copyright of works of Bikel and its subsidiaries

make

Preface Book Date of first publication

Title of work Registration number Date of creation Registration date

No. Category Right holder Period

Add some blue and get it quickly

National title-2025- Hubei, United States

1 Portable first aid 2024/01/01 2025/04/25 - F-00124948 Technique Gaode

Box packaging

National title-2018- Hubei, United States

2 First Aid Man LOGO 2018/03/01 2018/07/12 2018/03/01 F-00580566 Technique Gaode

BiKair corporate logo, national designation - 2026- Mei BiKai

3 2025/01/01 2026/01/16 2025/01/01

Knowledge F-00013262 Technique

Changjiang Securities Underwriting and Sponsoring Co., Ltd. Independent Financial Advisor Report

Attachment 5. Domain names of Bikel and its subsidiaries

Serial number Company name Domain name Website registration/license number Review date 1 Gaode First Aid gaukefirstaidkit.com Hubei ICP No. 2022002411-2 2024-07-22 2 Gaode First Aid gauke.com.cn Hubei ICP No. 2022002411-1 2022-02-22 3 Gauke First Aid bsfirstaidkit.com / 2025-11-27 4 Gaode First Aid gauze-china.com / 2003-10-20 5 Gaode First Aid justfirstaidkit.com / 2017-06-16

Note: The above serial numbers 3-5 do not have corresponding websites, only domain names, which are used as email addresses.