Semi-annual Report for 2026

Mayinglong Pharmaceutical Group Co., Ltd. 2026 Semi-Annual Report

Company code: 600993 Company abbreviation: Mayinglong Mayinglong Pharmaceutical Group Co., Ltd. 2026 Semi-Annual Report

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Mayinglong Pharmaceutical Group Co., Ltd. 2026 Semi-Annual Report

Important tips

1. The company’s board of directors, directors and senior managers guarantee the authenticity, accuracy and completeness of the contents of the semi-annual report and that there are no false records, misleading statements or major omissions, and bear individual and joint legal liability.

2. All directors of the company shall attend the board meeting.

3. This semi-annual report has not been audited.

4. Chen Ping, the person in charge of the company, Mao Tao, the person in charge of accounting work, and Peng Ling, the person in charge of the accounting department (accounting supervisor), declare that they guarantee the authenticity, accuracy and completeness of the financial report in the semi-annual report.

5. There is no profit distribution plan for the reporting period or a plan for converting public reserve funds into share capital passed by the board of directors.

6. Risk Statement for Forward-Looking Statements

√Applicable □Not applicable

The forward-looking descriptions of the company's development strategies and business plans involved in this report do not constitute the company's substantive commitment to investors. Investors are advised to pay attention to investment risks.

7. Whether there is any non-operational occupation of funds by controlling shareholders and other related parties

No

8. Whether there is any violation of the prescribed decision-making procedures in providing external guarantees

No

9. Whether more than half of the directors cannot guarantee the authenticity, accuracy and completeness of the semi-annual report disclosed by the company

10. Major Risk Warning

The company has described in detail the possible relevant risks in this report. For details, please refer to "Section 3 Management Discussion and Analysis" of this report.

11. Others

□Applicable √Not applicable

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Mayinglong Pharmaceutical Group Co., Ltd. 2026 Semi-Annual Report

Directory

Section 1 Interpretation......................................................................................................................................4

Section 2 Company Profile and Main Financial Indicators......................................................................................5

Section 3 Management Discussion and Analysis................................................................................................................8

Section 4 Corporate Governance, Environment and Society......................................................................................22

Section 5 Important Matters................................................................................................................................24

Section 6 Changes in Shares and Shareholders...................................................................................................28

Section 7 Bond-related situations................................................................................................................31

Section 8 Financial Report................................................................................................................................32

Financial statements containing the signatures and seals of the person in charge of the company, the person in charge of accounting work, and the person in charge of the accounting department (the person in charge of accounting for reference).

The original copies of all company documents and announcements publicly disclosed during the reporting period.

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Mayinglong Pharmaceutical Group Co., Ltd. 2026 Semi-Annual Report

Section 1 Interpretation

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

Commonly used word definitions

Mayinglong, the Group, the Company, the Company refers to Mayinglong Pharmaceutical Group Co., Ltd.

Mayinglong Health refers to Mayinglong Health Co., Ltd.

Mayinglong Biotechnology refers to Hubei Mayinglong Biotechnology Co., Ltd.

Mayinglong Care refers to Hubei Mayinglong Care Products Co., Ltd.

Mayinglong Meikang refers to Jiangxi Mayinglong Meikang Pharmaceutical Co., Ltd.

Mayinglong Pharmacy refers to Wuhan Mayinglong Pharmacy Chain Co., Ltd. Mayinglong Logistics refers to Wuhan Mayinglong Pharmaceutical Logistics Co., Ltd.

Mayinglong Medical Management refers to Mayinglong Medical Management Co., Ltd.

Beijing Hospital refers to Beijing Mayinglong Changqing Anorectal Hospital Co., Ltd. Wuhan Hospital refers to Wuhan Mayinglong Anorectal Hospital of Integrated Traditional Chinese and Western Medicine Co., Ltd. Xi’an Hospital refers to Xi’an Mayinglong Anorectal Hospital Co., Ltd.

Datong Hospital refers to Datong Mayinglong Anorectal Hospital Co., Ltd.

Xiaoma Medical refers to Wuhan Xiaoma Galloping Medical Technology Co., Ltd. Ma Wanxing refers to Wuhan Ma Wanxing Pharmaceutical Co., Ltd.

Mayinglong Jiuding refers to Wuhan Mayinglong Jiuding Pharmaceutical Co., Ltd.

Kang Yongteng Pharmacy refers to Kang Yongteng Pharmacy Chain (Hubei) Co., Ltd.

Good Manufacturing Practice refers to a set of mandatory standards applicable to pharmaceutical, GMP refers to food, cosmetics, medical device and other industries, aiming to ensure

Quality and safety of production processes.

Reporting period refers to January 1, 2026 to June 30, 2026

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Mayinglong Pharmaceutical Group Co., Ltd. 2026 Semi-Annual Report

Section 2 Company Profile and Main Financial Indicators

1. Company information

The Chinese name of the company: Mayinglong Pharmaceutical Group Co., Ltd.

The company’s Chinese abbreviation: Ma Yinglong

The company's foreign name: Mayinglong Pharmaceutical Group Co., Ltd. The company's foreign name abbreviation: MYL

The legal representative of the company Chen Ping

2. Contact person and contact information

Secretary of the Board of Directors Name of securities affairs representative Ma Qian Guo Yanping Contact address No. 100, Zhoujiawan, Nanhu, Wuchang, Wuhan City No. 100, Zhoujiawan, Nanhu, Wuchang, Wuhan City Telephone 027-87291519 027-87389583 Fax 027-87291724 027-87291724 Email [email protected] [email protected]

3. Introduction to changes in basic situation

Company registered address: No. 100, Zhoujiawan, Nanhu, Wuchang, Wuhan City

Historical changes of the company’s registered address Not applicable

Company office address: No. 100, Zhoujiawan, Nanhu, Wuchang, Wuhan City

Postal code for company office address 430064

Company website www.mayinglong.cn

Email [email protected]

Query index for changes during the reporting period Not applicable

4. Brief introduction to changes in information disclosure and storage location

The name of the newspaper selected by the company for information disclosure: China Securities News, Shanghai Securities News

The website address for publishing the semi-annual report is www.sse.com.cn

The company's semi-annual report is prepared at the secretariat of the company's board of directors

Query index for changes during the reporting period Not applicable

5. Brief introduction of company stocks

Stock type Stock listing exchange Stock abbreviation Stock code Stock abbreviation before change

A shares Shanghai Stock Exchange Ma Yinglong 600993 Not applicable

6. Other relevant information

□Applicable √Not applicable

7. The company’s main accounting data and financial indicators

(1) Main accounting data

Unit: Yuan Currency: RMB This reporting period This reporting period is the same as that of the previous year. Main accounting data for the same period of the previous year (January to June) Period increase or decrease (%)

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Mayinglong Pharmaceutical Group Co., Ltd. 2026 Semi-Annual Report

Operating income 2,011,743,162.56 1,949,023,031.86 3.22Total profit 443,021,113.00 420,273,006.03 5.41Net profit attributable to shareholders of listed companies 362,612,357.03 343,222,282.96 5.65 Extraordinary deductions attributable to shareholders of listed companies

342,384,655.32 321,644,266.91 6.45 Net profit from sexual gains and losses

Net cash flow generated from operating activities 430,281,897.60 310,598,285.07 38.53 The end of this reporting period compared with the previous year The end of this reporting period The end of previous year

End-of-year increase or decrease (%) Net assets attributable to shareholders of listed companies 4,440,319,016.70 4,379,741,754.44 1.38 Total assets 5,751,769,098.33 5,436,242,151.77 5.80

(2) Main financial indicators

Main financial indicators of this reporting period This reporting period compared with the same period of the previous year

(January to June) Increase/decrease in the same period (%) Basic earnings per share (yuan/share) 0.84 0.80 5.00 Diluted earnings per share (yuan/share) 0.84 0.80 5.00 Basic earnings per share after deducting non-recurring gains and losses

0.79 0.75 5.33 profit (yuan/share)

Weighted average return on equity (%) 7.95 8.10 Decrease 0.15 percentage point Weighted average net return after deducting non-recurring gains and losses

7.51 7.59 Decrease 0.08 percentage point return on assets (%)

Description of the company’s main accounting data and financial indicators

√Applicable □Not applicable

Changes in net cash flow from operating activities were mainly due to the increase in the parent company's due payment of notes receivable compared with the same period last year.

8. Differences in accounting data under domestic and foreign accounting standards

□Applicable √Not applicable

9. Non-recurring profit and loss items and amounts

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Non-recurring profit and loss items Amount Note (if applicable) Profit and loss from disposal of non-current assets, including provision for asset impairment

-158,203.48 Note 7, 73, 75 offset portion

Government subsidies included in the current profit and loss, but are closely related to the company's normal business operations

All relevant, in compliance with national policies and regulations, enjoyed in accordance with determined standards, 7,034,699.54 Note 11

Except for government subsidies that have a lasting impact on the company's profits and losses

In addition to effective hedging business related to the company’s normal operating business,

Fair value of financial assets and financial liabilities held by non-financial enterprises 18,903,362.36 Notes 7, 68, 70 Gains and losses from changes and gains and losses from disposal of financial assets and financial liabilities

Other non-operating income and expenses other than the above items -474,599.49 Notes 7, 74, 75 Other profit and loss items that meet the definition of non-recurring gains and losses

Less: Impact on income tax 3,710,786.69

Amount of impact on minority shareholders’ equity (after tax) 1,366,770.53

Total 20,227,701.71

The company identifies items not listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public - Non-recurring Profit and Loss" as non-recurring profit and loss items and the amount is significant, and the "Explanatory Announcement No. 1 on Information Disclosure by Companies that Offer Securities to the Public"

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The non-recurring profit and loss items listed in the 2026 Semi-annual Report of Mayinglong Pharmaceutical Group Co., Ltd. - Non-recurring Profit and Loss are defined as recurring profit and loss items, and the reasons should be explained. □Applicable √Not applicable

10. Companies with equity incentives and employee stock ownership plans may choose to disclose net profits after deducting the impact of share-based payments □ Applicable √ Not applicable

11. Others

□Applicable √Not applicable

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Mayinglong Pharmaceutical Group Co., Ltd. 2026 Semi-Annual Report

Section 3 Management Discussion and Analysis

1. Description of the company’s industry and main business during the reporting period

(1) Development of the industry

1. Industry operating conditions

(1) According to data from the National Bureau of Statistics, from January to June 2026, the operating revenue of the pharmaceutical manufacturing industry above designated size was 1,171.78 billion yuan, which was the same as the same period last year. The total profit was 177.32 billion yuan, a year-on-year increase of 4.2%. The growth rate has rebounded from the previous five months. It is necessary to continue to pay attention to subsequent changes.

(2) According to Zhongkang CMH data, the cumulative sales of China's pharmaceutical omni-channel in the first quarter of 2026 were 416.8 billion yuan, a year-on-year decrease of 5.4%. It has been negative year-on-year for four consecutive quarters, and the decline has expanded. Looking at different markets, the hospital market is the largest channel for drug sales. Affected by the deepening of policies such as medical insurance fee control and normalization of centralized procurement, sales in the first quarter of 2026 fell by 7.2% year-on-year. The retail market increased slightly by 0.6% year-on-year in the first quarter of 2026, of which offline pharmacies (excluding O2O) decreased by 1.4% year-on-year, O2O direct delivery stores increased by 21.5% year-on-year, and B2C e-commerce increased by 1.2% year-on-year; The number of stores continues to shrink. According to data from the Zhongkang Technology Pharmacy System, as of the end of the first quarter of 2026, the total number of retail pharmacy stores nationwide was approximately 673,000, a decrease of 0.5% from the previous quarter, with a net decrease of approximately 3,400 stores. The year-on-year decline of primary care in the first quarter of 2026 reached double digits, mainly due to the impact of centralized purchasing in hospitals and seasonal fluctuations in the spread of epidemics.

(3) In the first quarter of 2026, the overall operations of listed pharmaceutical companies will be under pressure and their structures will be differentiated. According to a brokerage research report, in the first quarter of 2026, the revenue of listed companies in the pharmaceutical industry increased by 1.1% year-on-year, net profit attributable to parent companies decreased by 3.2% year-on-year, and net profit after deducting non-attributable shares to parent companies increased by 2.0% year-on-year. Performance has improved compared to 2025, mainly driven by the high-prosperity CXO of medical services. The revenue and profits of most sub-segments such as biological products and traditional Chinese medicine have declined.

(4) The general health market will grow steadily in the first quarter of 2026. According to Mojing Insight's "White Paper on New Consumption Potential in the First Quarter of 2026", the overall health online market will grow in Q1 of 2026, and the core health category market will continue to grow, such as health foods, traditional supplements, etc.; the consumer side presents six major characteristics: Chinese light health care, scientific weight management, mood and healthy sleep, spring seasonal protection, chronic disease and functional health care, and the rise of AI digital health applications, reflecting that the market is upgrading from basic supplements to scenario-based, precise, and scientific health intervention.

2. Industry policies

(1) Expand the functions of pharmacies and promote the transformation from "drug sales terminal" to "health service station".

On January 22, 2026, nine departments including the Ministry of Commerce jointly issued the "Opinions on Promoting the High-Quality Development of the Pharmaceutical Retail Industry". This is my country's first policy document specifically targeting the pharmaceutical retail industry. The opinions launched 18 specific measures around five dimensions: improving pharmaceutical services, innovating health services, strengthening emergency services, optimizing industry structure, and standardizing industry order, and clearly promoted the transformation of pharmacies from "drug sales terminals" to "health service stations." At the same time, medical insurance supervision continues to be strengthened. In May 2026, the National Medical Insurance Administration and the Ministry of Finance issued a notice requiring all provincial medical insurance departments to issue a white list for personal account payment of medical insurance for employees of designated retail pharmacies by the end of September 2026; those included in the white list must be drugs, medical devices and medical consumables that are closely related to treatment, have strong medical attributes, and are reasonably priced. Non-medical supplies such as health products and daily necessities are not allowed to be included. In addition, all 31 provinces (autonomous regions and municipalities) across the country have

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The launch of the medical insurance drug price comparison applet and price transparency have further compressed the profit margins of pharmacies, forcing the industry to shift from relying on profit from information gaps to relying on value-added services.

(2) Medical insurance payment guides the sinking of resources, and the construction of a hierarchical diagnosis and treatment system is accelerated.

On March 16, 2026, the National Medical Insurance Administration, the National Development and Reform Commission, and the National Health Commission jointly issued the "Guiding Opinions on Medical Insurance Supporting the Development of Primary Medical and Health Services", proposing 14 specific measures using medical insurance payment as a lever, including optimizing the regional total management of medical insurance funds, and appropriately tilting the annual new medical insurance funds to the grassroots; improving the total payment of the compact county medical community, and tilting the balance retention allocation to the grassroots; supporting the grassroots to issue long-term prescriptions for up to 12 weeks for eligible patients with chronic diseases, etc. On April 6, 2026, the General Office of the State Council issued "Several Measures to Accelerate the Construction of a Hierarchical Diagnosis and Treatment System" (Guobanfa [2026] No. 11), which proposed 13 measures from four aspects: improving the coordination mechanism, guiding first-diagnosis at the grassroots level, strengthening referral management, and strengthening guarantees: First, a compact county medical community and a compact urban medical system The group serves as the starting point to promote the integration of medical care, operations, and information management; second, it focuses on common diseases and chronic diseases to guide first-patient consultation at the grassroots level, and higher-level hospitals go down to open grassroots outpatient clinics to improve the quality and efficiency of family doctor contracts; third, it strengthens the guidance of medical insurance policies, reasonably determines the minimum payment line for grassroots hospitalization, widens the reimbursement gradient of different levels of institutions, and supports long-term prescriptions. The policy orientation clearly promotes the sinking of high-quality medical resources and the improvement of grassroots undertaking capabilities, and the structure of diagnosis and treatment terminals continues to be optimized.

(3) Adjust the drug price formation mechanism to highlight clinical value orientation.

On April 14, 2026, the General Office of the State Council issued the "Several Opinions on Improving the Drug Price Formation Mechanism" (Guobanfa [2026] No. 9). Following the comprehensive liberalization of government pricing reforms in 2015, the national level issued a programmatic document on drug price issues in the name of the General Office of the State Council again after 11 years. The policy emphasizes that clinical value is the guide, and the pricing power of innovative drugs is partially returned to the market; the "high quality and good price" orientation is clarified in the field of proprietary Chinese medicines, providing a basis for price protection for traditional Chinese medicine varieties with definite clinical value and complete quality systems; the tone of centralized procurement and medical insurance payment standards to continue to squeeze out falsely high prices remains unchanged.

(4) The National Essential Drugs List has undergone major adjustments, including expansion of the list and strengthening of grassroots medication guarantees.

On July 9, 2026, the National Health Commission, the State Administration of Traditional Chinese Medicine, and the State Administration of Disease Control and Prevention jointly announced the "National Essential Drugs Catalog (2026 Edition)", which will be effective from September 1, 2026. This is the first major adjustment after 8 years since the implementation of the 2018 version of the catalog. Main changes: First, the new version of the catalog includes a total of 794 kinds of drugs, a net increase of 109 kinds compared with the 685 kinds in the 2018 version. In terms of variety adjustment, 116 new drug varieties were added, including 68 chemical drugs and biological products and 48 Chinese patent medicines; 2 chemical drugs and biological products from the original catalog were transferred out, and no Chinese patent medicines were transferred out. Second, innovative drugs were included in the selection for the first time, and 4 domestic Class I new drugs were selected. The third is to strengthen grassroots orientation. It is estimated that the drugs in the new version of the catalog account for about 71% of the total drug use in public medical and health institutions nationwide, of which about 78% are used in grassroots institutions. The fourth is medical insurance coordination. The new drugs in the new version of the catalog are all medical insurance drugs.

(5) Anti-corruption and compliance supervision in the field of pharmaceutical purchase and sales continue to deepen, and compliant pharmaceutical companies are facing structural opportunities.

On April 10, 2026, the Supreme People's Court and the Supreme People's Procuratorate jointly issued the "Interpretation (II) on Several Issues Concerning the Application of Laws in the Handling of Criminal Cases of Corruption and Bribery", which will be effective from May 1, 2026. The core changes are that the threshold for conviction is substantially lowered, bribery by units is "blocked and cut off", the medical field is listed as a severe punishment situation, and the retroactive period is extended. On May 22, 2026, 14 departments including the National Health Commission jointly issued the "Key Points of Correcting Improper Practices in the Pharmaceutical Purchase and Sales Field and Medical Services in 2026", focusing on 11 tasks such as party building to guide the practice, standardizing purchase and sales order, rectifying tax-related violations, and maintaining the safety of medical insurance funds. It focuses on combating stubborn diseases such as "gold sales" of pharmaceutical consumables, illegal intervention in equipment procurement, and false issuance of value-added tax invoices. Anti-corruption in medicine has been institutionalized and governed by law

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It will extend from the traditional areas of purchasing and selling pharmaceutical consumables to data assets and financial and tax compliance. Compliance-operated enterprises driven by brand recognition, out-of-hospital retailing and quality systems are facing structural opportunities.

(6) Promote the introduction of healthy consumption policies and guide the expansion of healthy lifestyles and consumption scenarios.

On April 9, 2026, the Ministry of Commerce and other departments released the "Special Action Plan to Promote Healthy Consumption", deploying 10 key tasks, covering improving the level of healthy food consumption, optimizing the market supply of special foods, enriching fitness sports consumption scenarios, developing sports tourism, enhancing service capabilities in the silver market, strengthening new health service formats, guiding the diversified development of the health industry, strengthening the health promotion function of pharmacies, organizing healthy consumption promotion activities, publicizing and promoting health concept knowledge, etc., promoting the integration of business travel, culture, sports and fitness, and cultivating new productive forces for healthy consumption. The plan clearly guides retail pharmacies to expand functions such as health promotion, nutrition and health care, and create "health stations" to form policy synergy with the high-quality development orientation of the pharmaceutical retail industry. Healthy consumption policies work from the demand side, broadening the value boundary of the medical and health industry, extending from simple "treatment of diseases and medication" to "health management, preventive health care, rehabilitation and health care".

(2) The company’s main business, main products and their uses, and business model

Ma Yinglong was founded in 1582. It started with eye drops and has eight famous prescriptions. Based on the principle of treating different diseases together in traditional Chinese medicine and the efficacy of Ma Yinglong’s famous eight-treasure formula of “clearing away heat and detoxifying, activating blood circulation and removing blood stasis, reducing swelling and relieving pain, removing putrefaction and promoting muscle growth”, the company’s R&D personnel have been working on the basis of the compatibility of eight-treasure formula since the 1980s. Based on this, combined with consumer feedback, we have successively developed and launched products such as the hemorrhoid treatment medicine Mayinglong Musk Hemorrhoid Ointment, Musk Hemorrhoid Suppository, the skin medicine Longzhu Ointment and the eye care Mayinglong Babao Eye Cream, which are well received by users (see the picture below). Based on the market competition at that time, the company proactively chose to focus on the anorectum. After years of intensive cultivation, it has gradually established a dominant position in the anorectal market segment. From 2012 to 2015, the company jointly carried out the "Epidemiological Survey of Common Anorectal Diseases in Chinese Adults" with the Anorectal Branch of the Chinese Society of Traditional Chinese Medicine. The overall results of the survey showed the characteristics of "one high and two low", that is, high incidence, low treatment rate and low awareness. The field of anorectal health has broad development space, huge potential, and long way to go. In this context, the company adheres to the brand management strategy and follows the development idea of ​​"unified target customers and diversified service functions", extending from the original focus on drug treatment to full life cycle health management, covering prevention, health care, diagnosis, treatment, and rehabilitation. It continuously consolidates its core advantages in the field of anorectal health, actively extends the development of eye health and skin health, builds a health solution provider, and vigorously develops the big health industry. At present, a three-dimensional industrial structure layout of pharmaceutical industry, pharmaceutical commerce and medical services has been established.

Figure: Development history of Ma Yinglong’s main products

1. Pharmaceutical industry

The company continues to strengthen its core advantages, implement related extensions, and create structural advantages. Focusing on the anorectal field, we will continue to be more sophisticated and thorough, and consolidate the competitive barriers in the segmented fields; we will return to the origins of time-honored ophthalmology, focus on eye beauty, health care, and treatment, and vigorously develop eye beauty.

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Health; give full play to existing advantages, follow the concept of internal regulation and external nourishment, and actively expand skin health care. Gradually, a product structure with anorectal as the core and ophthalmology and dermatology as the pillars has been formed, covering medicines, general health products, etc. At present, it has more than 100 national medicine approved drugs, and more than 10 exclusive drugs such as Mayinglong Musk Hemorrhoid Ointment, Musk Hemorrhoid Suppository, Mayinglong Babao Eye Ointment, and Longzhu Ointment. The production dosage forms include ointments, suppositories, tablets, lotions, and traditional Chinese medicine pieces. At the same time, based on the health management needs of the whole life cycle (prevention, health care, diagnosis, treatment, rehabilitation), it extends from diagnosis and treatment forward and backward, and actively expands the comprehensive health business. Currently, it has more than 200 comprehensive health products, covering anorectal health products such as anorectal medical devices, anorectal hygiene products and daily chemicals, anorectal functional foods, eye health products represented by eye creams, eye essences, eye essential oils, etc., as well as skin health products that continue to develop a series of "internal regulation and external nourishment" products.

Picture: Ma Yinglong’s main pharmaceuticals and health products

The company continues to improve the construction of the operation and management system around anorectal health, eye health, and skin health, and has established three major production line development committees to strengthen overall planning and collaboration, continue to improve the functional construction of the solution system, product delivery system, and customer service sales system, enhance overall operational capabilities, and continue to improve management levels around professional support and functional management to assist business development.

Figure: Pharmaceutical industry operation architecture diagram

The company has built an integrated R&D system that combines independent R&D, cooperative R&D, and commissioned R&D. It adheres to the independent control of core technologies, promotes efficient collaboration of multiple R&D resources, and continues to improve R&D efficiency and core competitiveness. The company has a professional and high-level R&D team, which has been awarded the titles of Hubei Provincial Key Industrial Innovation Team and Hubei Provincial Mass Entrepreneurship Strategy Team. It continues to deepen industry-university-research cooperation with domestic leading scientific research institutes, and has built multiple key technology platforms for innovative drugs, microorganisms, drug process development, and cosmetics safety and efficacy evaluation, and has been recognized as a national enterprise technology center.

The company focuses on independent production and has production qualifications for drugs, cosmetics, medical devices, food, disinfection products, etc. At the same time, it integrates external high-quality production resources to effectively supplement the supply of health products, and continues to strengthen quality control, cost optimization and efficiency improvement. Public

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The company's core pharmaceutical production facilities are advanced, and it has an internationally leading and domestically cutting-edge intelligent production line for ointments and suppositories. The level of intelligence is at the forefront of the industry. The company has achieved remarkable results in intelligent manufacturing and has been rated as a national green factory by the Ministry of Industry and Information Technology.

The company implements an omni-channel layout, focuses on classification, combines channel attributes and product characteristics, and builds an omni-channel marketing system with online and offline collaboration. Offline, we have deeply cultivated the drug retail network, actively expanded medical terminals, and extended the exploration of the consumer market. We have basically achieved widespread coverage of mainstream retail pharmacy terminals, deep penetration of the medical market, and a relatively complete terminal network layout. Actively deploy online content e-commerce, search e-commerce, community e-commerce and other multiple channels to basically achieve full coverage of mainstream e-commerce platforms.

The company strengthens professional support in key areas such as product quality, production safety, auditing and supervision, and legal compliance, strengthens strategic coordination, resource allocation, and organizational guarantees, builds an efficient and collaborative management system, and builds a solid compliance and operational foundation for business development.

2. Pharmaceutical business

Pharmaceutical business mainly focuses on regional markets and carries out pharmaceutical retail and pharmaceutical logistics business in an orderly manner.

Pharmaceutical retail is mainly operated by its subsidiary Mayinglong Pharmacy. It implements a health home operation model centered on member management. It relies on the innovative development of offline retail pharmacies and linked online businesses. It adheres to the core value proposition of "safety, professionalism, affordability and convenience", deeply explores the regional market, and is committed to becoming a health management expert around the public.

Pharmaceutical logistics is mainly engaged in pharmaceutical wholesale, medical device operations, pharmaceutical Internet information services, etc. The business types mainly include self-operation, distribution, entrusted storage and distribution, etc. The self-operated business is mainly to undertake the sales of some products within the company system and develop OEM agents. The distribution business is mainly to integrate upstream high-quality supplier resources and carry out terminal distribution for key offline chains and online consumer groups. The entrusted storage and distribution business provides drug storage, transportation and other services to the client in accordance with pharmaceutical third-party logistics management standards.

3. Medical services

Medical services focus on the advantageous areas of the anorectum for the company, and implement important measures to extend from medicine to medicine and expand service boundaries. The company owns a chain of anorectal specialty hospitals and has assembled a team of doctors led by the most influential experts in the field of anorectal disease treatment in China. At the same time, it strengthens its asset-light operations and has jointly built the Mayinglong Anorectal Diagnosis and Treatment Center with more than 100 county-level and municipal-level public medical institutions. Relying on the company's existing advantages in the anorectal field, it provides comprehensive services to cooperative medical institutions in the standardization of anorectal specialties, training and standardization of anorectal diagnosis and treatment technology systems, and remote consultation for difficult diseases. The company continues to dig deep into the value of the diagnosis and treatment center network and strives to promote interactive pharmaceutical operations.

Figure: Cooperation model of Mayinglong Anorectal Diagnosis and Treatment Center

(3) The company’s industry status

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The company adheres to the brand management strategy and follows the extended idea of "unified target customers and diversified service functions". Focusing on key areas such as anorectal, ophthalmology, and dermatology, the company extends from drug treatment to full life cycle health management, covering prevention, health care, diagnosis, treatment, and rehabilitation. It continuously consolidates its core advantages in the field of anorectal health, actively extends the development of eye health and skin health, builds a health solution provider, and vigorously develops the big health industry.

The company has eight treasures of famous formulas, which have the effects of "clearing heat and detoxifying, activating blood circulation and removing blood stasis, reducing swelling and relieving pain, removing putrefaction and promoting muscle growth", and have a wide range of applications. The company relies on the Babao formula to develop and launch products such as Mayinglong Musk Hemorrhoid Ointment, Musk Hemorrhoid Suppository, Longzhu Ointment, Mayinglong Babao Eye Cream and other products that are well received by users. Mayinglong eye medicine production techniques were selected into the "National Intangible Cultural Heritage List" in 2011, forming a barrier to traditional Chinese medicine techniques that is difficult to replicate. The company has been deeply involved in the anorectal health segment for a long time. The hemorrhoid treatment plaster was rated as the single champion product in the manufacturing industry by the Ministry of Industry and Information Technology. The retail terminal market share continues to be stable. The brand influence and market recognition are firmly at the forefront of the industry, and it has strong brand barriers and user loyalty. At the same time, the company relies on its existing advantages to extend its layout of eye health and skin health in an orderly manner, and gradually builds a structural competitive advantage of multi-category synergy.

(4) Main performance drivers

During the reporting period, the company's main performance drivers did not undergo significant changes. Please refer to the discussion and analysis of operating conditions for details.

Description of the company’s new important non-main business during the reporting period

□Applicable √Not applicable

2. Discussion and analysis of operating conditions

During the reporting period, the company focused on the three major production lines of anorectal health, eye health, and skin health to consolidate the basic pharmaceutical base and vigorously develop big health; optimize and adjust the pharmaceutical business to promote transformation exploration; explore the value of the medical service platform and deepen cooperation with diagnosis and treatment terminals. In the first half of 2026, the company achieved consolidated operating income of 2.012 billion yuan, a year-on-year increase of 3.22%; net profit attributable to shareholders of listed companies was 363 million yuan, a year-on-year increase of 5.65%; net profit attributable to shareholders of listed companies excluding non-recurring gains and losses was 342 million yuan, a year-on-year increase of 6.45%.

1. The basic market of anorectal drugs continues to be stable. Deeply exploring the core area of ​​anorectal, the key research products of Tiger Musk Hemostasis and Analgesic Ointment and MC-001 are progressing in an orderly manner as planned. Polyethylene glycol 3350 powder, which is used to relieve occasional constipation, has been approved for drug registration certificate, and the anorectal drug pipeline continues to expand. The special distribution system is operating well, and cooperation with head chains continues to deepen. Resources are concentrated to promote core hemorrhoid treatment products, supporting store promotions, display promotions, etc. During the reporting period, the output of core head chain terminals achieved double-digit growth. Affected by the overall environment, terminal output declined slightly during the reporting period. In the first half of 2026, the parent company's revenue dropped by 1.49% year-on-year. It continued to optimize the expense structure, with profit growth faster than revenue growth, and net profit increased by 6.09% year-on-year.

2. Sanitary wipes have strong development momentum. Based on the professional positioning of perianal care, we continued to optimize product formulas and usage experience around perianal preventive health care, disease care, postoperative rehabilitation, etc. During the reporting period, we completed the development and upgrade of several wet wipes products. The construction of offline channels has accelerated significantly. By the end of the reporting period, sanitary wipes have entered tens of thousands of chain drugstore terminals across the country, and terminal promotion has been strengthened by conducting store staff training, organizing theme activities, etc.; online operations continue to be refined, and through professional content marketing, celebrity live broadcast cooperation, matrix store construction, etc., to broaden exposure and drive conversions, user stickiness continues to increase, and the proportion of repurchase and consumption contributions from old users has steadily increased. The results of scene-based brand building are gradually showing. We continue to promote the healthy toilet project and have installed paper collection equipment in scenic spots, hospitals and business districts across the country.

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It has prepared more than 500 toilets and built many benchmark scenes of healthy toilets in core business districts and subway hubs; the public welfare marketing project "P Big Things, Related to Health Matters" carried out based on this project won the 17th Tiger Roar Gold Award, further enhancing the brand influence in the anorectal health field. During the reporting period, the sales volume of sanitary wipes increased by more than 100% year-on-year.

3. The development foundation of Yanmeikang is continuously consolidated. During the reporting period, the ophthalmology business made positive progress in terms of policy access, evidence-based support and product echelon construction. In terms of ophthalmic drugs, the exclusive variety Mayinglong Babao Eye Ointment is included in the "National Essential Drugs Catalog (2026 Edition)", which is the only ophthalmic external Chinese medicine preparation included. Babao Eye Ointment has made breakthroughs in evidence-based research. The research on treating dry eye with abnormal lipids has been completed. The relevant efficacy indicators are better than those in the control group. The combination of policy access and clinical data advantages will help further open up the grassroots market space. At the same time, Azelastine Hydrochloride Eye Drops for treating itchy eyes and Bromfenac Sodium Eye Drops for treating eye inflammation have successively obtained drug registration certificates, and the ophthalmic drug echelon has been gradually improved. Relying on the eye medicine brand accumulation, ancient prescription technology and R&D advantages, the eye beauty and health care business is advancing in an orderly manner. On the one hand, it continues to promote the development and iterative upgrade of eye creams, eye essences, eye masks and other products around the core needs of eye anti-aging and fatigue relief; on the other hand, it closely follows the changes in the terminal market, adjusts its business strategy, increases the store's self-operated business expansion online, optimizes the expert cooperation model, and self-operated business accounts for more than 60%; offline, in the group's own drugstore outlets, eye health counters are added, and experiential marketing is piloted. Affected by terminal demand and operating model adjustments, the sales scale of Yanmeikang's business declined year-on-year during the reporting period.

4. Accelerate the implementation of evidence-based results for skin drugs. Continue to promote the construction of the evidence-based medicine evidence system of the exclusive skin drug Longzhu Ointment. The core application scenario of acne animal pharmacodynamics research and mechanism research results "The mechanism of action of Longzhu Ointment in regulating epidermal microorganisms and NF-κB/NLRP3 pathway in the treatment of acne" were published in the Chinese core journal "Pharmaceutical Herald". The center's clinical research results, "Randomized, blinded, positive drug control, multi-center clinical study of Longzhu Ointment for moderate acne vulgaris" have been included in "Chinese Clinical Pharmacology". The results show that Longzhu Ointment has good clinical efficacy and safety in the external treatment of moderate acne vulgaris, further improving the product evidence-based evidence chain. Relying on the implementation of many achievements such as expert consensus and evidence-based research, coupled with refined operations such as product regulation and exclusive sales, regional market breakthroughs, Longzhu Ointment sales revenue increased by more than 20% year-on-year during the reporting period. Based on the skin health management concept of internal regulation and external nourishment, combined with the intestinal microecological regulation mechanism, the company actively develops functional foods, successively launches prebiotics, probiotics and other related products, explores the establishment of online sales channels, and conducts pilot cooperation with offline medical institutions. During the reporting period, the sales volume of related products exceeded one million.

5. Continue to upgrade the standards of the comprehensive health system. We will continue to consolidate the foundation of the supply chain, improve the construction of supporting systems such as product standards, production processes, and quality control, issue product standardization guidelines, packaging material management specifications and other work details for key varieties, and optimize the supply chain from multiple dimensions such as supplier integration, formula improvement, process upgrades, and packaging optimization. Strengthening the construction of the production capacity guarantee system, the group's own cosmetics workshop successfully passed the license renewal inspection during the reporting period, and obtained three authoritative national certifications from the international authoritative organization SGS (Swiss Standard Technical Services Co., Ltd.): ISO9001 quality management system certification, ISO22716 cosmetics good manufacturing practice certification, and GMPc (US FDACFSAN cosmetics good manufacturing practice good manufacturing practice) compliance statement. Promote the construction of wet wipes production capacity in an orderly manner, optimize and expand the supply chain system, and steadily promote cooperation in building production lines. As the foundation of comprehensive health operations continues to be consolidated, focusing on the development of anorectal, ophthalmology, and skin health fields, comprehensive health revenue will increase by more than 25% year-on-year in the first half of 2026, and net profit will increase by nearly 12% year-on-year.

6. Iteratively optimize the pharmaceutical business and tap into the value of the medical platform. Following the national policy guidance for the high-quality development of the pharmaceutical retail industry, we actively promote the transformation and development of its pharmaceutical retail business, select some physical stores to be transformed and upgraded into health pharmacies, build dozens of Yanmeikang Stations in existing stores, pilot build community health service stations, and promote the upgrading of retail formats. Pharmaceutical logistics optimizes the supply chain upward

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We have eliminated inefficient suppliers, introduced new high-quality upstream resources, stabilized our business downwards, and developed sales channels. Our operating situation has remained stable and our operating quality has continued to improve. During the reporting period, pharmaceutical business revenue declined slightly year-on-year and continued to remain profitable. While stabilizing the operating situation of physical hospitals, medical services continue to explore the value of the diagnosis and treatment terminal network and actively promote the coverage and sales of the group's drugs and comprehensive health products in cooperative diagnosis and treatment centers. The overall operating situation remains stable.

Major changes in the company's operating conditions during the reporting period, as well as events that occurred during the reporting period that have a significant impact on the company's operating conditions and are expected to have a significant impact in the future

□Applicable √Not applicable

3. Analysis of core competitiveness during the reporting period

√Applicable □Not applicable

During the reporting period, the company's core competitiveness remained unchanged, mainly reflected in its vital corporate culture and brand and product strength advantages.

1. A vital corporate culture. Ma Yinglong is a Chinese time-honored enterprise. It was founded in 1582 AD. After more than 400 years, it has shown strong vitality and simple cultural accumulation, forming an enterprise spirit with the "Long Ma Spirit" as the core, the philosophical view of "cultivating the heart with sincerity and cultivating with diligence", the values ​​of "adding value to resources", "stable operation and coordinated development". With the business philosophy of "creating health for customers, creating wealth for shareholders, creating opportunities for employees, and creating benefits for society", we have built a three-dimensional and three-force value creation system around customers, shareholders, and employees to guide the company's business behavior and realize behavioralization of concepts, modeling of behavior, and tooling of models.

2. Brand management advantages. The company implements the brand management strategy, takes the market as the guide, strengthens the construction of core competitiveness, and uses the brand as a link to integrate social resources to meet customer needs, cultivate customer loyalty, and realize corporate value. After years of hard work, the company has become a dominant brand in the field of anorectal hemorrhoid treatment, and its brand value has continued to increase. It has been selected as one of "China's 500 Most Valuable Brands" for many years in a row, with a brand value exceeding 60 billion yuan.

3. Product strength advantage. Ma Yinglong has been in business for more than 400 years. On the one hand, it benefits from the cultural accumulation of the Zhenqin concept, and on the other hand, it benefits from the timeless classic recipes. Mayinglong's famous eight-treasure prescription includes eight traditional Chinese medicines such as musk, bezoar, amber, pearl, borneol, and calamine. It is also called the eight-treasure prescription. It has the outstanding effects of clearing away heat and detoxifying, activating blood circulation, reducing swelling, removing putrefaction and promoting muscle growth. On the basis of the compatibility of famous eight-treasure formulas, the company has successively developed and launched products such as Mayinglong Musk Hemorrhoid Ointment, Musk Hemorrhoid Suppository, Longzhu Ointment and Mayinglong Eight-Treasure Eye Cream that are well received by users. Mayinglong eye medicine production skills were selected into the "National Intangible Cultural Heritage List", and Mayinglong's hemorrhoid treatment plaster was selected as the single champion product in the manufacturing industry by the Ministry of Industry and Information Technology.

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4. Main operating conditions during the reporting period

(1) Main business analysis

1. Analysis table of changes in relevant accounts of financial statements

Unit: Yuan Currency: RMB

Item Number for the current period Number for the same period last year Change ratio (%) Operating income 2,011,743,162.56 1,949,023,031.86 3.22 Operating costs 1,068,806,113.84 982,689,410.47 8.76 Sales expenses 435,003,398.34 455,743,505.07 -4.55Administrative expenses 41,047,375.88 66,445,389.65 -38.22Financial expenses -6,033,871.60 -19,769,788.30 /R&D expenses 31,741,146.04 37,291,559.21 -14.88 Net cash flow from operating activities 430,281,897.60 310,598,285.07 38.53 Net cash flow from investing activities -1,796,167,815.02 -1,538,693,870.44 / Net cash flow from financing activities -40,198,400.17 -59,886,603.71 / Explanation of reasons for changes in administrative expenses: Mainly due to the decrease in employee salaries in the current period and the leasing of houses, corresponding depreciation adjustments;

Explanation of reasons for changes in financial expenses: Mainly due to the increase in funds purchased for financial management in the current period and the corresponding decrease in interest income;

Explanation of reasons for changes in net cash flow generated from operating activities: Mainly due to an increase in the due payment of notes receivable of the parent company in this period compared with the same period last year;

Reasons for changes in net cash flow generated from financing activities: Mainly due to the decrease in debt repayments by subsidiaries in the current period.

2. Detailed description of major changes in the company’s business type, profit composition or profit sources during this period

□Applicable √Not applicable

(2) Explanation of significant changes in profits caused by non-main business

□Applicable √Not applicable

(3) Analysis of assets and liabilities

√Applicable □Not applicable

1. Assets and liabilities status

Unit: Yuan Currency: RMB

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Amount at the end of the current period Amount at the end of the previous year Amount at the end of the period

Project name Closing amount of the current period Percentage of total assets Last year's ending amount Percentage of total assets Change from the end of the previous year Description of the situation

Proportion (%) Proportion (%) Dynamic proportion (%)

Monetary funds 631,228,023.45 10.97 2,087,714,790.97 38.40 -69.76

Mainly due to the increase in trading financial assets in financial products held at the end of the period 1,845,791,069.46 32.09 506,088,935.29 9.31 264.72

Notes receivable 112,645,441.39 1.96 109,991,890.85 2.02 2.41

Mainly due to the increase in receivable financing due to the maturity and redemption of bank acceptance bills in this period compared with the same period last year 173,058,034.57 3.01 395,985,522.15 7.28 -56.30

Mainly due to the increase in the scale of the pharmaceutical industry and short-term accounts receivable given to some high-quality customers 481,310,909.73 8.37 290,989,027.18 5.35 65.41

credit

Prepayments 93,064,985.58 1.62 57,608,041.40 1.06 61.55 Mainly due to the increase in prepayments

Other receivables 16,308,341.64 0.28 10,731,184.05 0.20 51.97 Mainly due to the increase in reserve funds

Non-current assets due within one year 450,000.00 0.01 -100.00 Mainly due to the maturity of debt investments

Other current assets 58,546,674.37 1.02 26,947,084.82 0.50 117.27 Mainly due to the increase in debt investment in large-denomination certificates of deposit due within one year in the current period 5,000,000.00 0.09 -100.00 Mainly due to the maturity of debt investment

Construction in progress 30,769,255.42 0.53 14,792,955.44 0.27 108.00 Mainly due to the upgrading and renovation of the parent company’s production workshop during the reporting period. Other non-current assets 874,734,893.61 15.21 433,614,494.00 7.98 101.73 Mainly due to the increase in advance receipts from large certificates of deposit held at the end of the period 990,882.16 0.02 1,582,695.19 0.03 -37.39 Mainly due to the decrease in advance receipts

Employee compensation payable 21,122,102.19 0.37 63,280,396.68 1.16 -66.62 Mainly due to the current payment of part of the 2025 performance compensation and other payables 421,034,181.05 7.32 108,050,056.58 1.99 289.67 Mainly due to the fact that the cash dividends for 2025 have not yet been paid at the end of the current period and other current liabilities 43,450,124.02 0.76 32,941,735.03 0.61 31.90 Mainly due to the increase in returns payable in this period compared with the same period last year

2. Overseas assets

√Applicable □Not applicable

(1) Asset scale

As of the end of the reporting period, the Group's overseas assets were 20,203,665.20 (unit: yuan, currency: RMB), accounting for 0.35% of total assets.

(2) Relevant explanations on the high proportion of overseas assets

□Applicable √Not applicable

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Other instructions: none

3. Restrictions on major assets as of the end of the reporting period

√Applicable □Not applicable

The main asset restrictions are as follows:

Unit: Yuan Currency: RMB

Item Book balance Book value Restricted reasons Monetary funds 18,859,791.95 18,859,791.95 Security deposit notes receivable 17,866,750.22 17,866,750.22 Pledged fixed assets 11,755,738.47 11,755,738.47 Pledged intangible assets 758,654.48 758,654.48 Total mortgage 49,240,935.12 49,240,935.12

Note: As of June 30, 2026, the Group's restricted monetary funds amounted to RMB 18,859,791.95 (December 31, 2025: RMB 21,787,975.97), which were mainly deposits for bank acceptance bills and deposits in e-commerce platforms such as Alipay.

4. Other instructions

□Applicable √Not applicable

(4) Investment status analysis

1. Overall analysis of external equity investment

√Applicable □Not applicable

During the reporting period, the company had no significant equity or non-equity investments, and its main investments were financial products.

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(1)Significant equity investment

□Applicable √Not applicable

(2) Significant non-equity investment

□Applicable √Not applicable

(3) Financial assets measured at fair value

√Applicable □Not applicable

Unit: Yuan Currency: RMB included in equity

Fair price in the current period Asset category sold/redempted in the current period Opening amount Cumulative fair price minus purchase amount in the current period Other changes Gains and losses from changes in value at the end of the period Amount

value change value

Financial products 506,088,935.29 13,802,134.17 1,936,900,000.00 611,000,000.00 1,845,791,069.46 Receivables financing 395,985,522.15 -222,927,487.58 173,058,034.57 Other non-current financial assets 743,597.14 743,597.14

Total 902,818,054.58 13,802,134.17 1,936,900,000.00 611,000,000.00 -222,927,487.58 2,019,592,701.17 Contents of other changes: Receivables financing is the bank acceptance bill classified by the company as receivables financing. Other changes in this period are the net amount recognized and used in this period.

Securities investment situation

□Applicable √Not applicable

Explanation of securities investment situation

□Applicable √Not applicable

Private equity fund investment situation

□Applicable √Not applicable

Derivatives investment situation

□Applicable √Not applicable

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(5) Major assets and equity sales

□Applicable √Not applicable

(6) Analysis of major holding and participating companies

√Applicable □Not applicable

Information about major subsidiaries and joint-stock companies that affect the company's net profit by more than 10%

√Applicable □Not applicable

Unit: Yuan Currency: RMB Company name Company type Main business Registered capital Total assets Net assets Operating income Operating profit Net profit Mayinglong Health has functional cosmetics, health

Subsidiaries 66,000,000.00 213,619,707.97 141,356,725.41 232,780,487.92 35,939,183.09 31,268,047.72 Co., Ltd. Consumer goods and other operations

Wuhan Mayinglong Pharmaceutical

Subsidiaries Pharmaceutical distribution, etc. 150,000,000.00 339,591,021.97 143,381,367.37 389,196,368.85 2,553,326.08 2,445,248.88 Logistics Co., Ltd.

Wuhan Mayinglong Medicine

Fangfang Chain Co., Ltd. Subsidiary Drug retail, etc. 87,250,000.00 206,259,107.14 142,949,330.63 201,529,076.72 1,939,027.12 1,459,589.11Company

Acquisition and disposal of subsidiaries during the reporting period

√Applicable □Not applicable

Company name Method of acquiring and disposing of subsidiaries during the reporting period Impact on overall production, operations and performance The establishment of MAYINGLONG(MY)SDN.BHD. did not have a significant impact on the company's production, operations and financial status. Note: In April 2026, Mayinglong International Pharmaceutical Development Co., Ltd., a subsidiary of the group, established MAYINGLONG (MY) SDN.BHD. in Malaysia with a registered capital of 50,000 ringgit. As of June 30, 2026, no capital has been invested and the company has not begun operations.

Other instructions

□Applicable √Not applicable

(7) Structured entities controlled by the company

□Applicable √Not applicable

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5. Other disclosure matters

(1) Possible risks

√Applicable □Not applicable

1. The pharmaceutical industry continues to deepen and adjust risks. In recent years, medical reform has continued to deepen, centralized drug procurement has expanded and improved quality, the reform of medical insurance payment methods has steadily advanced, medical insurance fund supervision has become increasingly strict, and drug price governance has been intensified. The industry competition pattern has been deeply adjusted. The traditional profit model of enterprises is facing challenges, and higher requirements have been placed on the comprehensive operation and management capabilities of pharmaceutical enterprises. The company will closely track policy directions, strengthen trend analysis and judgment, proactively optimize operating strategies and business structures, enhance product value through innovation and upgrading, reduce dependence on single products and traditional models through industrial chain extension and healthy business expansion, and build sustainable development advantages that adapt to industry changes.

2. Drug R&D and innovation risks. Pharmaceutical R&D has the characteristics of long cycle, large investment and high risk, and there is certain uncertainty in R&D results and industrialization process. The company will scientifically lay out the R&D pipeline, strengthen full-cycle project management, steadily promote the transformation of innovative results, and continue to improve R&D efficiency and success rate.

3. Uncertain risks in the development of great health. With the increasing health awareness of residents and the continuous upgrading of health consumption, the general health field is facing development opportunities. However, the market demand in the health consumption industry changes rapidly and the market competition is fierce, which puts forward higher requirements for accurate insight into consumer demand, rapid product iteration and efficient market expansion capabilities. The company will strengthen market research and demand analysis, accurately capture consumption trends in the general health field, optimize product structure and form, strengthen brand building and diversified channel layout, effectively leverage the advantages of pharmaceutical expertise and brand influence, and promote the coordinated development of the general health business.

4. Operation and management risks. As the company's business scale continues to expand and its industrial layout expands, higher requirements are placed on corporate governance, talent teams, internal control management, and operational efficiency. If the management system fails to adapt to development needs in a timely manner, the company's operating efficiency and development quality may be affected. The company will continue to improve the governance structure and internal control system, strengthen the construction of talent echelon, improve the level of refined management, and ensure the company's stable operation.

(2) Other disclosure matters

□Applicable √Not applicable

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Section 4 Corporate Governance, Environment and Society

1. Changes in directors and senior managers of the company

□Applicable √Not applicable

Description of changes in directors and senior managers of the company

√Applicable □Not applicable

During the reporting period, there were no changes in the company’s directors and senior managers. After the reporting period, Mr. Xia Youzhang resigned as the company's general manager, but continued to serve as the company's director, member of the strategic committee and subsidiary management; the board of directors appointed Mr. Zhou Daonian as the company's general manager. For details, please see the "Announcement on the Resignation and Appointment of the Company's General Manager" (Announcement No.: 2026-022).

2. Profit distribution or capital reserve conversion plan

The profit distribution plan and the plan for converting public reserve funds into share capital prepared in the semi-annual period

Whether to allocate or convert to increase? No Number of bonus shares for every 10 shares (shares) / Dividend amount for every 10 shares (yuan) (tax included) / Number of convertible shares for every 10 shares (shares) / Description of relevant circumstances of profit distribution or capital reserve conversion plan

Not applicable

3. The situation and impact of the company’s equity incentive plan, employee stock ownership plan or other employee incentive measures

(1) Relevant equity incentive matters have been disclosed in temporary announcements and there is no progress or change in subsequent implementation

□Applicable √Not applicable

(2) Incentives not disclosed in temporary announcements or with subsequent progress

Equity incentives

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

Employee stock ownership plan status

□Applicable √Not applicable

Other incentives

□Applicable √Not applicable

4. Environmental information of listed companies and their major subsidiaries included in the list of companies that disclose environmental information in accordance with the law √Applicable □Not applicable

Include environmental information and disclose company names in accordance with the law

Number of companies in the order (number)

Serial number Company name Query index of environmental information disclosure report according to law Mayinglong Pharmaceutical Group Co., Ltd. Enterprise environmental information disclosure system management platform according to law (Hubei Province), website: Co., Ltd. http://219.140.164.18:8007/hbyfpl/frontal/index.html#/home/index Jiangxi Mayinglong Meikang Pharmaceutical Company Environmental Information Disclosure System Management Platform according to law (Jiangxi Province), website: Co., Ltd. http://qyhjxxyfpl.sthjt.jiangxi.gov.cn:15004/information

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Other instructions

□Applicable √Not applicable

5. Consolidate and expand the results of poverty alleviation, rural revitalization and other work specific situations

√Applicable □Not applicable

The company actively fulfills its social responsibilities and actively participates in rural revitalization work, donating materials worth millions to Yunxi County, Shiyan City, Hubei Province, Laohekou City, Xiangyang and other places, contributing to improving local medical conditions and ensuring people's health.

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Section 5 Important Matters

1. Fulfillment of commitments

(1) The company’s actual controller, shareholders, related parties, acquirers, and the company’s other committed parties will continue to report during the reporting period or until the reporting period.

Commitments during the period

□Applicable √Not applicable

2. Non-operating capital occupation by controlling shareholders and other related parties during the reporting period □ Applicable √ Not applicable

3. Illegal guarantee situation

□Applicable √Not applicable

4. Audit status of semi-annual report

□Applicable √Not applicable

5. Changes and handling of matters involved in non-standard audit opinions in last year’s annual report □ Applicable √ Not applicable

6. Matters related to bankruptcy and reorganization

□Applicable √Not applicable

7. Major litigation and arbitration matters

□The company has major litigation and arbitration matters during this reporting period √The company has no major litigation and arbitration matters during this reporting period

8. Listed companies and their directors, senior managers, controlling shareholders, and actual controllers are suspected of violating laws and regulations, and have been punished and reorganized.

Change the situation

□Applicable √Not applicable

9. Explanation of the integrity status of the company, its controlling shareholders and actual controllers during the reporting period √ Applicable □ Not applicable

During the reporting period, the integrity of the company and its controlling shareholders was good, and there was no failure to fulfill effective court judgments or large amounts of debts that were due and unpaid.

10. Major related transactions

(1) Related transactions related to daily operations

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation

□Applicable √Not applicable

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

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(2) Related transactions arising from asset acquisition or equity acquisition or sale

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation □Applicable √Not applicable

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

4. If a performance agreement is involved, the performance achievement during the reporting period should be disclosed □Applicable √Not applicable

(3) Major related transactions of joint external investments

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation □Applicable √Not applicable

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

(4) Related credit and debt transactions

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation □Applicable √Not applicable

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

(5) Financial business between the company and related financial companies, company-controlled financial companies and related parties □ Applicable √ Not applicable

(6) Other major related transactions

□Applicable √Not applicable

(7) Others

□Applicable √Not applicable

11. Major contracts and their performance

(1) Custody, contracting and leasing matters

□Applicable √Not applicable

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(2) Major guarantees performed and not yet completed during the reporting period

√Applicable □Not applicable

Unit: Yuan Currency: RMB Company’s external guarantees (excluding guarantees to subsidiaries)

The guarantor and the above The date when the guarantee occurred The collateral Whether the guarantee is Whether it is

Guaranteed Guarantee Guarantee Main debt Guarantee is Guarantee overdue Counter guarantee Related guarantor Municipal company Guarantee amount Period (agreement signed (if already performed Related party

Party Start Date Maturity Date Type Situation No Overdue Amount Situation Relationship

Department Date) Yes) Completed Guarantee

Total amount of guarantees incurred during the reporting period (excluding guarantees for subsidiaries)

Total guarantee balance at the end of the reporting period (A) (excluding guarantees for subsidiaries)

The company’s guarantees for subsidiaries

Total amount of guarantees for subsidiaries during the reporting period 74,634,498.44 Total balance of guarantees for subsidiaries at the end of the reporting period (B) 53,282,138.61

Total amount of company guarantees (including guarantees to subsidiaries)

Total guarantee (A+B) 53,282,138.61 Ratio of total guarantee to the company’s net assets (%) 1.20 Among them:

Amount of guarantee provided to shareholders, actual controllers and their related parties (C)

Debt guarantees provided directly or indirectly for guaranteed objects whose asset-liability ratio exceeds 70%

Amount (D)

The amount of the total guarantee exceeding 50% of the net assets (E)

The total amount of the above three guarantees (C+D+E)

Explanation on possible joint and several liability for repayment of unexpired guarantees

On April 24, 2026, the 24th meeting of the 11th Board of Directors of the company reviewed and unanimously passed the "Relevant

"Proposal on Providing Guarantee Lines for Subsidiaries". For details, please refer to the "Announcement on the Guarantee Lines Providing Guarantee Lines for Subsidiaries" (Announcement No.: 2026-006). As of June 30, 2026, the usage quota of Mayinglong Pharmacy is 9.9661 million yuan (bank acceptance bill), the usage quota of Mayinglong Logistics is 33.316 million yuan (bank acceptance bill), and the usage quota of Mayinglong Medical Management is 10.000 million yuan (loan), all of which are within the guarantee limit authorized by the board of directors.

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(3) Other major contracts

□Applicable √Not applicable

12. Instructions on the progress of use of raised funds □Applicable √Not applicable

13. Explanation of other major matters □Applicable √Not applicable

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Section 6 Changes in Shares and Shareholders

1. Changes in share capital

(1) Statement of changes in shares

1. Statement of changes in shares

During the reporting period, the total number of shares and capital structure of the company did not change.

2. Description of changes in shares

□Applicable √Not applicable

3. The impact of changes in shares between the reporting period and the disclosure date of the semi-annual report on financial indicators such as earnings per share and net assets per share (if any)

□Applicable √Not applicable

4. Other content that the company deems necessary or required to be disclosed by securities regulatory authorities

□Applicable √Not applicable

(2) Changes in restricted shares

□Applicable √Not applicable

There was no change in the company's restricted shares during the reporting period. From the end of the reporting period to the disclosure of the semi-annual report, the company handled the listing of some shares with restricted shares subject to share reform. For details, please refer to the "Announcement on the Listing and Circulation of Ma Yinglong Share Reform Restricted Shares" disclosed by the company on the website of the Shanghai Stock Exchange (www.sse.com.cn) on July 17, 2026 (announcement number: 2026-019).

2. Shareholder situation

(1) Total number of shareholders:

As of the end of the reporting period, the total number of ordinary shareholders (households) 44,114

(2) As of the end of the reporting period, the shareholding status of the top ten shareholders and the top ten tradable shareholders (or shareholders without selling restrictions) table unit: shareholding status of the top ten shareholders (excluding shares lent through refinancing)

Pledge, mark or name of shareholder held during the reporting period Number of shares held at the end of the reporting period Proportion of sales restriction and freezing conditions

Nature of shareholder (full name) Increase or decrease Amount (%) Shares Shares

Quantity

Quantity Status

China Baoan Group Co., Ltd. Domestic non-state-owned

0 126,163,313 29.27 0 None

Co., Ltd. Legal Person Wuhan State-owned Capital Investment

0 22,449,723 5.21 0 None State-owned Legal Person Operation Group Co., Ltd.

Basic pension insurance fund

488,600 7,914,223 1.84 0 Unknown Other 807 combinations

Hong Kong Securities Clearing Company Limited

-1,723,539 7,056,898 1.64 0 Unknown Overseas legal person company

Bank of Communications Co., Ltd.

Company-Balanced Investment Promotion

-3,334,500 6,191,536 1.44 0 Unknown Other hybrid securities investments

fund

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Industrial and Commercial Bank of China

Co., Ltd.-Fu Guotian

Hui Selected Growth Hybrid -2,800,000 5,200,000 1.21 0 Unknown Other Securities Investment Funds

(LOF)

China CITIC Bank Co., Ltd.

Company-high-quality investment

0 4,283,504 0.99 0 Unknown Other long-term hybrid securities investments

Fund (LOF)

Huayi Development Co., Ltd. 0 3,754,868 0.87 0 None Overseas legal person National Social Security Fund 60

0 3,673,823 0.85 0 Unknown Other four combinations

Agricultural Bank of China Co., Ltd.

Co., Ltd. - Recruiting products

-1,685,516 3,583,595 0.83 0 Unknown Other qualitative discovery hybrid securities

investment fund

Shareholding status of the top ten shareholders without selling restrictions (excluding shares lent through refinancing)

Number of tradable shares held without selling restrictions Type and number of shares Name of shareholder

Amount Type Quantity China Baoan Group Co., Ltd. 126,163,313 RMB ordinary shares 126,163,313 Wuhan State-owned Capital Investment and Operation Group Co., Ltd.

22,449,723 RMB ordinary shares 22,449,723 Co., Ltd.

Basic Pension Insurance Fund 807 Portfolio 7,914,223 RMB ordinary shares 7,914,223 Hong Kong Securities Clearing Company Limited 7,056,898 RMB ordinary shares 7,056,898 Bank of Communications Co., Ltd. - Merchants

6,191,536 RMB ordinary shares 6,191,536 Balanced preferred hybrid securities investment fund

Industrial and Commercial Bank of China Co., Ltd.-

Fuguo Tianhui Selected Growth Hybrid Securities 5,200,000 RMB ordinary shares 5,200,000 Investment Fund (LOF)

China CITIC Bank Co., Ltd.-Investment Promotion

High-quality growth hybrid securities investment fund 4,283,504 RMB ordinary shares 4,283,504 (LOF)

Huayi Development Co., Ltd. 3,754,868 RMB ordinary shares 3,754,868 National Social Security Fund Portfolio 604 3,673,823 RMB ordinary shares 3,673,823 Agricultural Bank of China Co., Ltd. -

China Merchants Quality Discovery Hybrid Securities Investment 3,583,595 RMB ordinary shares 3,583,595 Fund

Among the above-mentioned shareholders, Huayi Development Co., Ltd. is an affiliated relationship or concerted action of the above-mentioned shareholders of China Baoan Group Co., Ltd.

The company’s holding subsidiary, the company does not know whether there is any related relationship between the remaining shareholders

or are persons acting in concert.

The situation of shareholders holding more than 5% of the shares, the top ten shareholders and the top ten shareholders of unrestricted tradable shares participating in the refinancing business and lending shares □ Applicable √ Not applicable

The top ten shareholders and the top ten shareholders of unrestricted tradable shares have changed from the previous period due to refinancing lending/returning.

□Applicable √Not applicable

Number of shares held by the top ten shareholders subject to selling restrictions and conditions for selling restrictions

√Applicable □Not applicable

Unit: Share

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The limited shares held with sales restrictions that can be listed and traded

Serial number of the sales restriction clause Name of shareholder with sales restrictions Shares with sales conditions Can be listed for trading Newly added can be listed for trading

Number of pieces Time Number of shares

1 The issuer has not specified the holder 540,487

2 Xiao Li 48,017

3 Li Wei 41,278

4 Wu Bincheng 40,435 Repayment of share reform consideration 5 Xiao Yu 37,066

Hou Ke 6 Li Xin 21,060

Listed stream 7 Qin Wenli 4,212 Tong 8 Jiang Yaozu 3,755

9 Zhang Li 2,253

10 Xiao Bin 2,253

The above-mentioned shareholders are related or acting in concert. The company does not know whether the above shareholders subject to sales restrictions are related or are persons acting in concert.

Note: The above is the shareholding status of the top ten shareholders of restricted shares as of June 30, 2026. Among them, the change in shareholdings of Jiang Yaozu, Zhang Li and Xiao Bin from the beginning of the period was mainly due to the repayment of the consideration for the share reform. After repaying the consideration for the share reform, the company handled the listing and circulation of restricted shares for the share reform on July 22, 2026. For details, please refer to the "Announcement on the Listing and Circulation of Ma Yinglong Share Reform Restricted Shares" disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn) on July 17, 2026 (announcement number: 2026-019).

(3) Strategic investors or general legal persons become the top ten shareholders due to the placement of new shares

□Applicable √Not applicable

3. Directors and senior managers

(1) Changes in shareholdings of current and departing directors and senior managers during the reporting period

□Applicable √Not applicable

Other situation description

□Applicable √Not applicable

(2) Equity incentives granted to directors and senior managers during the reporting period

□Applicable √Not applicable

(3) Other instructions

□Applicable √Not applicable

4. Changes in controlling shareholders or actual controllers

□Applicable √Not applicable

5. Relevant information on preference shares

□Applicable √Not applicable

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Section 7 Bond-Related Information

1. Corporate bonds (including corporate bonds) and non-financial corporate debt financing instruments □ Applicable √ Not applicable

2. Convertible corporate bonds

□Applicable √Not applicable

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Section 8 Financial Report

1. Audit report

□Applicable √Not applicable

2. Financial statements

Consolidated Balance Sheet

June 30, 2026

Prepared by: Mayinglong Pharmaceutical Group Co., Ltd.

Unit: Yuan Currency: RMB

Item Notes June 30, 2026 Current assets as of December 31, 2025:

Monetary funds 7. 1 631,228,023.45 2,087,714,790.97 Settlement reserves

Loan funds

Trading financial assets 7.2 1,845,791,069.46 506,088,935.29 Derivative financial assets

Notes receivable 7. 4 112,645,441.39 109,991,890.85 Accounts receivable 7. 5 481,310,909.73 290,989,027.18 Receivables financing 7. 7 173,058,034.57 395,985,522.15 Advance payments 7. 8 93,064,985.58 57,608,041.40 Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserves

Other receivables 7.9 16,308,341.64 10,731,184.05 Including: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Inventory 7.10 268,194,352.88 320,873,521.37 Including: data resources

contract assets

Assets held for sale

Non-current assets due within one year VII. 12 450,000.00 Other current assets VII. 13 58,546,674.37 26,947,084.82

Total current assets 3,680,147,833.07 3,807,379,998.08

Non-current assets:

Grant loans and advances

Debt investment 7.14 5,000,000.00 Other debt investments

long-term receivables

Long-term equity investment VII. 17 136,151,880.23 135,093,742.02 Other equity instrument investments

Other non-current financial assets VII. 19 743,597.14 743,597.14 Investment real estate VII. 20 6,675,836.55 6,860,667.69 Fixed assets VII. 21 615,495,058.23 628,467,211.20 Construction in progress VII. 22 30,769,255.42 14,792,955.44 Productive biological assets

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oil and gas assets

Right-of-use assets 7. 25 88,327,870.63 92,724,469.26 Intangible assets 7. 26 108,460,674.30 114,057,777.29 Including: data resources

Development expenditure 8 126,194,387.53 115,338,427.71 Including: data resources

Goodwill VII. 27 22,986,417.92 22,986,417.92 Long-term deferred expenses VII. 28 3,995,031.45 4,632,498.94 Deferred income tax assets VII. 29 57,086,362.25 54,549,895.08 Other non-current assets VII. 30 874,734,893.61 433,614,494.00

Total non-current assets 2,071,621,265.26 1,628,862,153.69

Total assets 5,751,769,098.33 5,436,242,151.77

Current liabilities:

Short-term borrowings 7. 32 11,000,000.00 11,000,000.00 Borrowing from the Central Bank

borrowing funds

Trading financial liabilities

Derivative financial liabilities

Notes payable VII. 35 126,501,523.10 146,976,496.61 Accounts payable VII. 36 182,560,406.28 171,221,749.09 Advance receipts VII. 37 990,882.16 1,582,695.19 Contract liabilities VII. 38 91,891,089.82 98,156,654.42 Financial assets sold and repurchased

Taking deposits and placing deposits with other banks

Agent for buying and selling securities

Agent underwriting securities funds

Employee benefits payable VII. 39 21,122,102.19 63,280,396.68 Taxes payable VII. 40 125,045,378.70 116,622,703.26 Other payables VII. 41 421,034,181.05 108,050,056.58 including: interest payable

Dividends payable 303,941,010.45 2,212,743.67 Handling fees and commissions payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one year VII. 43 21,501,484.61 17,812,034.77 Other current liabilities VII. 44 43,450,124.02 32,941,735.03

Total current liabilities 1,045,097,171.93 767,644,521.63

Non-current liabilities:

insurance contract reserves

long term borrowing

bonds payable

Among them: preferred shares

perpetual bond

Lease liabilities 7. 47 60,978,594.24 70,313,969.90 Long-term payables

Long-term employee benefits payable

Estimated liabilities

Deferred income 7.51 49,974,011.97 55,420,617.15

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Deferred income tax liabilities VII. 29 23,276,080.48 22,088,195.69 Other non-current liabilities VII. 52 5,907,936.57 6,018,496.09

Total non-current liabilities 140,136,623.26 153,841,278.83

Total liabilities 1,185,233,795.19 921,485,800.46

Owner's equity (or stockholders' equity):

Paid-in capital (or equity) 7. 53 431,053,891.00 431,053,891.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve VII. 55 23,623,626.08 23,412,055.25 Less: treasury shares

Other comprehensive income VII. 57 2,110,185.59 2,619,127.49 Special reserves

Surplus reserve VII. 59 295,292,646.33 295,292,646.33 General risk reserve

Undistributed profits 7. 60 3,688,238,667.70 3,627,364,034.37 Attributable to the owner’s equity of the parent company

4,440,319,016.70 4,379,741,754.44 (or shareholders’ equity) total

Minority shareholders’ equity 126,216,286.44 135,014,596.87 Owner’s equity (or shareholder’s rights

4,566,535,303.14 4,514,756,351.31

profit) total

Liabilities and Owner's Equity (or

5,751,769,098.33 5,436,242,151.77

Shareholders' Equity) Total

Person in charge of the company: Chen Ping Person in charge of accounting work: Mao Tao Person in charge of the accounting department: Peng Ling

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Parent company balance sheet

June 30, 2026

Prepared by: Mayinglong Pharmaceutical Group Co., Ltd.

Unit: Yuan Currency: RMB

Item Notes June 30, 2026 Current assets as of December 31, 2025:

Monetary funds 531,793,778.31 1,334,759,991.91 Trading financial assets 1,840,291,069.45 506,088,935.29 Derivative financial assets

Notes receivable 78,760,077.75 80,673,307.35 Accounts receivable 19.1 300,642,066.45 110,739,791.07 Accounts receivable financing 167,334,411.32 386,257,550.79 Advance payments 46,400,399.64 15,177,428.35 Other receivables 19.2 403,288,415.20 352,967,557.66 Including: interest receivable

Dividends receivable

Inventory 103,299,838.25 137,160,773.59 Including: data resources

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 39,338,757.41 5,482,710.58

Total current assets 3,511,148,813.78 2,929,308,046.59

Non-current assets:

debt investment

Other debt investments

long-term receivables

Long-term equity investment 19.3 1,268,890,930.87 1,267,830,040.38 Other equity instrument investments

Other non-current financial assets 619,696.95 619,696.95 Investment real estate

Fixed assets 233,026,157.22 239,898,315.51 Construction in progress 27,947,926.75 13,860,886.86 Productive biological assets

oil and gas assets

Right-of-use assets 21,468,850.15 25,808,204.09 Intangible assets 37,608,995.29 41,339,547.93 Including: data resources

Development expenditure 132,397,226.25 121,541,266.43 including: data resources

goodwill

Long-term deferred expenses 766,003.68 399,108.16 Deferred income tax assets 29,111,042.88 27,012,796.14 Other non-current assets 874,734,893.61 433,614,494.00

Total non-current assets 2,626,571,723.65 2,171,924,356.45

Total assets 6,137,720,537.43 5,101,232,403.04

Current liabilities:

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short term borrowing

Trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 93,347,156.66 88,281,281.54 Advance payments

Contract liabilities 74,704,859.54 81,426,630.08 Employee benefits payable 13,653,258.84 51,140,837.47 Taxes payable 106,797,004.44 100,812,033.50 Other payables 1,075,653,132.71 88,890,351.18 of which: interest payable

Dividends payable 303,941,010.45 2,212,743.67 Liabilities held for sale

Non-current liabilities due within one year 4,170,897.34 3,743,496.50 Other current liabilities 36,609,352.57 25,444,211.32

Total current liabilities 1,404,935,662.10 439,738,841.59

Non-current liabilities:

long term borrowing

bonds payable

Among them: preferred shares

perpetual bond

Lease liabilities 12,796,284.20 15,533,286.62 Long-term payables

Long-term employee benefits payable

Estimated liabilities

Deferred income 49,858,569.46 55,189,732.08 Deferred income tax liabilities 6,187,487.94 4,768,070.90 Other non-current liabilities

Total non-current liabilities 68,842,341.60 75,491,089.60

Total liabilities 1,473,778,003.70 515,229,931.19

Owner's equity (or stockholders' equity):

Paid-in capital (or equity) 431,053,891.00 431,053,891.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve 89,120,465.24 89,120,465.24 less: treasury shares

other comprehensive income

special reserve

Surplus reserve 295,292,646.33 295,292,646.33 Undistributed profits 3,848,475,531.16 3,770,535,469.28 Total owners’ equity (or shareholders’ equity) 4,663,942,533.73 4,586,002,471.85 Liabilities and owners’ equity (or shareholders’ rights

6,137,720,537.43 5,101,232,403.04

profit) total

Person in charge of the company: Chen Ping Person in charge of accounting work: Mao Tao Person in charge of the accounting department: Peng Ling

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consolidated income statement

January-June 2026

Unit: Yuan Currency: RMB

Item Notes 2026 Half Year 2025 Half Year

1. Total operating income 2,011,743,162.56 1,949,023,031.86 Including: operating income 7. 61 2,011,743,162.56 1,949,023,031.86 Interest income

Premiums earned

Fee and commission income

2. Total operating costs 1,587,259,513.07 1,538,681,606.80 Including: operating costs 7. 61 1,068,806,113.84 982,689,410.47 Interest expenses

Handling fees and commission expenses

surrender deposit

Net compensation expenses

Net withdrawal of insurance liability reserves

policy dividend payout

Reinsurance cost

Taxes and surcharges VII. 62 16,695,350.57 16,281,530.70 Sales expenses VII. 63 435,003,398.34 455,743,505.07 Administrative expenses VII. 64 41,047,375.88 66,445,389.65 R&D expenses VII. 65 31,741,146.04 37,291,559.21 Financial expenses 7. 66 -6,033,871.60 -19,769,788.30 Including: interest expenses 2,090,711.59 3,468,511.90

Interest income 8,325,331.94 23,195,426.58 Plus: other income VII. 67 10,244,082.92 13,201,655.54 Investment income (losses are listed with "-") VII. 68 9,473,966.93 -1,184,002.45 of which: income from investments in associates and joint ventures

1,058,138.21 654,832.36 profit

Termination of financial assets measured at amortized cost

Recognize income (losses are listed with "-")

Exchange gains (losses are listed with "-")

Net exposure hedging income (losses are listed with a “-” sign)

Gains from changes in fair value (losses are listed with "-") 7. 70 13,912,693.69 14,572,164.34 Credit impairment losses (losses are listed with "-") 7. 71 -12,259,202.20 -13,740,250.25 Asset impairment losses (losses are listed with "-") 7. 72 -2,300,727.24 -1,256,017.13 Asset disposal income (losses are listed with "-") 7. 73 -25,553.74 -1,390.78

3. Operating profit (losses are listed with "-") 443,528,909.85 421,933,584.33 plus: non-operating income 7.74 182,392.98 480,393.36 minus: non-operating expenses 7.75 690,189.83 2,140,971.66

4. Total profits (total losses are listed with "-") 443,021,113.00 420,273,006.03 Less: income tax expenses 7.76 65,835,230.27 62,919,364.92

5. Net profit (net loss is listed with "-") 377,185,882.73 357,353,641.11

(1) Classification by business continuity

1. Net profit from continuing operations (net losses are listed with "-") 377,185,882.73 357,353,641.11 2. Net profit from discontinued operations (net losses are listed with "-")

(2) Classification according to ownership ownership

1. Net profit attributable to shareholders of the parent company (net loss divided by

362,612,357.03 343,222,282.96 (Fill in “-”)

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2. Profit and loss of minority shareholders (net loss is listed with "-") 14,573,525.70 14,131,358.15

3. Net after-tax amount of other comprehensive income -519,540.53 -214,854.32

(1) Other comprehensive income attributable to owners of the parent company

-508,941.90 -210,471.29 Net after tax

1. Other comprehensive income that cannot be reclassified into profit or loss

(1) Remeasurement of changes in defined benefit plan

(2) Other comprehensive income that cannot be transferred to profit or loss under the equity method

(3) Changes in fair value of other equity instrument investments

(4) Changes in the fair value of the company’s own credit risk

2. Other comprehensive income that will be reclassified into profit and loss -508,941.90 -210,471.29 (1) Other comprehensive income that can be converted into profit and loss under the equity method

(2) Changes in fair value of other debt investments

(3) Financial assets reclassified and included in other comprehensive income

Um

(4) Credit impairment provisions for other debt investments

(5) Cash flow hedging reserve

(6) Translation difference of foreign currency financial statements -508,941.90 -210,471.29 (7) Others

(2) Taxes on other comprehensive income attributable to minority shareholders

-10,598.63 -4,383.03 net amount

7. Total comprehensive income 376,666,342.20 357,138,786.79

(1) Total comprehensive income attributable to owners of the parent company 362,103,415.13 343,011,811.67

(2) Total comprehensive income attributable to minority shareholders 14,562,927.07 14,126,975.12

8. Earnings per share:

(1) Basic earnings per share (yuan/share) 20. 2 0.84 0.80

(2) Diluted earnings per share (yuan/share) 20. 2 0.84 0.80

If a business merger under the same control occurs in this period, the net profit realized by the merged party before the merger is: 0 yuan, and the net profit realized by the merged party in the previous period is: 0 yuan.

Person in charge of the company: Chen Ping Person in charge of accounting work: Mao Tao Person in charge of the accounting department: Peng Ling

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Parent company income statement

January-June 2026

Unit: Yuan Currency: RMB

Item Notes 2026 Half Year 2025 Half Year

1. Operating income 19.4 1,030,418,045.83 1,045,984,091.59 Less: operating costs 19.4 324,700,640.41 284,460,354.85 Taxes and surcharges 12,562,796.42 13,042,919.84 Sales expenses 263,201,482.48 309,813,911.70Administrative expenses 24,029,891.50 39,717,277.52R&D expenses 23,964,345.05 32,251,844.15Financial expenses -11,925,481.51 -19,108,517.01 Including: interest expense 422,643.14 1,301,493.82

Interest income 12,361,138.50 20,472,525.46 plus: other income 9,432,354.27 11,515,720.84 Investment income (losses are listed with "-") 19.5 33,964,583.46 13,455,114.85 of which: investment in associates and joint ventures

1,060,890.49 657,612.92 income

Financial assets measured at amortized cost

No income has been recognized (losses are listed with "-")

Net exposure hedging income (losses are listed with a “-” sign)

Gains from changes in fair value (losses are filled in with a “-” sign

13,802,134.16 14,429,403.99 columns)

Credit impairment loss (losses are listed with "-") -11,524,173.41 -5,683,545.92 Asset impairment losses (losses are listed with "-") -955,005.15 -984,300.81 Asset disposal income (losses are listed with "-") 107.06 24,505.45

2. Operating profit (losses are listed with "-") 438,604,371.87 418,563,198.94 plus: non-operating income

Less: Non-operating expenses 503,101.08 1,781,899.13

3. Total profits (total losses are listed with "-") 438,101,270.79 416,781,299.81 Less: income tax expenses 58,423,485.21 58,884,915.28

4. Net profit (net loss is listed with "-") 379,677,785.58 357,896,384.53

(1) Net profit from continuing operations (net loss is filled in with "-"

379,677,785.58 357,896,384.53 columns)

(2) Net profit from discontinued operations (net loss is marked with "-"

Fill in the column)

5. Net amount of other comprehensive income after tax

(1) Other comprehensive income that cannot be reclassified into profit or loss

1. Remeasure the changes in defined benefit plan

2. Other comprehensive income that cannot be transferred to profit or loss under the equity method

benefit

3. Changes in fair value of other equity instrument investments

4. Changes in the fair value of the company’s own credit risk

(2) Other comprehensive income that will be reclassified into profit and loss

1. Other comprehensive income that can be converted to profit or loss under the equity method

2. Changes in fair value of other debt investments

3. Financial assets are reclassified and included in other comprehensive income

amount of

4. Credit impairment provisions for other debt investments

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5. Cash flow hedging reserve

6. Translation differences of foreign currency financial statements

7.Others

6. Total comprehensive income 379,677,785.58 357,896,384.53

7. Earnings per share:

(1) Basic earnings per share (yuan/share) 0.88 0.83

(2) Diluted earnings per share (yuan/share) 0.88 0.83

Person in charge of the company: Chen Ping Person in charge of accounting work: Mao Tao Person in charge of the accounting department: Peng Ling

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Consolidated Cash Flow Statement

January-June 2026

Unit: Yuan Currency: RMB

Item Notes 2026 Half Year 2025 Half Year

1. Cash flow generated from operating activities:

Cash received from selling goods and providing services 2,111,495,473.52 1,873,000,663.29 Net increase in customer deposits and deposits from banks

Net increase in borrowing from the central bank

Net increase in borrowing funds from other financial institutions

Cash received from premiums from the original insurance contract

Net cash received from reinsurance business

Net increase in policyholders’ savings and investment funds

Cash collected from interest, fees and commissions

Net increase in borrowing funds

Net increase in repurchase business funds

Net cash received from buying and selling securities on behalf of agents

Tax refunds received 49,830.54 7,620,585.55 Other cash received related to operating activities VII. 78 (1) 57,464,567.00 61,281,109.96

Subtotal of cash inflows from operating activities 2,169,009,871.06 1,941,902,358.80 Cash paid for purchasing goods and receiving services 966,919,113.84 890,637,417.61 Net increase in customer loans and advances

Net increase in deposits with central banks and inter-banks

Cash used to pay compensation from the original insurance contract

Net increase in lending funds

Cash payments for interest, fees and commissions

Cash payment for policy dividends

Cash paid to and for employees 221,982,919.02 213,043,633.27 Various taxes paid 188,335,038.51 150,130,700.94 Other cash paid related to operating activities VII. 78 (1) 361,490,902.09 377,492,321.91 Subtotal of cash outflows from operating activities 1,738,727,973.46 1,631,304,073.73

Net cash flow generated from operating activities 430,281,897.60 310,598,285.07

2. Cash flow generated from investing activities:

Cash received from recovery of investment 685,411,456.35 880,164,082.69 Cash received from investment income 65,282.64 Disposal of fixed assets, intangible assets and other long-term assets

23,560.01 Net cash amount recovered from assets in period 214,871.93

Received from disposal of subsidiaries and other business units

net cash

Other cash received related to investing activities

Subtotal of cash inflows from investing activities 685,435,016.36 880,444,237.26 Purchase and construction of fixed assets, intangible assets and other long-term assets

20,702,831.38 58,195,980.64 Cash paid for assets

Cash paid for investment 2,460,900,000.00 2,360,942,127.06 Net increase in pledged loans

Obtain payment from subsidiaries and other business units

net cash

Other cash payments related to investing activities

Subtotal of cash outflows from investing activities 2,481,602,831.38 2,419,138,107.70

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Net cash flow generated from investing activities -1,796,167,815.02 -1,538,693,870.44

3. Cash flow generated from financing activities:

Absorbing cash received from investments

Among them: subsidiaries absorb investment income from minority shareholders

Cash arrived

Obtain cash received from borrowing money

Other cash received related to financing activities

Subtotal of cash inflows from financing activities

Cash paid to repay debts 19,910,000.00 Paid to distribute dividends, profits or pay interest

22,837,901.35 20,452,660.89 cash

Including: shares paid by subsidiaries to minority shareholders

22,666,666.67 18,995,454.55 profit

Payment of other cash related to financing activities VII. 78 (3) 17,360,498.82 19,523,942.82 Subtotal of cash outflows from financing activities 40,198,400.17 59,886,603.71

Net cash flow generated from financing activities -40,198,400.17 -59,886,603.71

4. The impact of exchange rate changes on cash and cash equivalents

-519,102.35 -222,793.48

influence

5. Net increase in cash and cash equivalents -1,406,603,419.94 -1,288,204,982.56 plus: opening balance of cash and cash equivalents 1,999,051,286.46 2,741,920,658.88

6. Balance of cash and cash equivalents at the end of the period 592,447,866.52 1,453,715,676.32

Person in charge of the company: Chen Ping Person in charge of accounting work: Mao Tao Person in charge of the accounting department: Peng Ling

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Parent company cash flow statement

January-June 2026

Unit: Yuan Currency: RMB

Item Notes 2026 Half Year 2025 Half Year

1. Cash flow generated from operating activities:

Cash received from selling goods and providing services 1,051,329,154.12 933,973,848.68 Tax refunds received

Other cash received related to operating activities 742,050,824.22 705,699,780.22

Subtotal of cash inflows from operating activities 1,793,379,978.34 1,639,673,628.90 Cash paid for purchasing goods and receiving services 193,929,179.34 133,124,784.03 Cash paid to and for employees 162,340,136.13 155,131,623.05 Various taxes paid 159,081,525.35 130,292,053.94 Other cash paid related to operating activities 258,060,591.29 365,031,045.58

Subtotal of cash outflows from operating activities 773,411,432.11 783,579,506.60 Net cash flow from operating activities 1,019,968,546.23 856,094,122.30

2. Cash flow generated from investing activities:

Cash received from recovery of investment 613,588,511.78 875,868,438.58 Cash received from investment income 29,333,333.33 17,884,545.45 Recovery from disposal of fixed assets, intangible assets and other long-term assets

Net cash of 2,097.35 30,150.47

Net cash received from disposal of subsidiaries and other business units

Other cash received related to investing activities

Subtotal of cash inflows from investing activities 642,923,942.46 893,783,134.50 Payment for purchase and construction of fixed assets, intangible assets and other long-term assets

21,604,588.58 20,806,455.19 in cash

Cash paid for investment 2,394,400,000.00 2,441,942,127.06 Net cash paid to acquire subsidiaries and other business units

Other cash payments related to investing activities

Subtotal of cash outflows from investing activities 2,416,004,588.58 2,462,748,582.25

Net cash flow generated from investing activities -1,773,080,646.12 -1,568,965,447.75

3. Cash flow generated from financing activities:

Absorbing cash received from investments

Obtain cash received from borrowing money

Other cash received related to financing activities

Subtotal of cash inflows from financing activities

Cash paid to repay debts 100,000.00 Cash paid to distribute dividends, profits or pay interest 9,456.92 855,389.96 Cash paid to other financing activities 2,889,493.28 5,867,004.83 Subtotal of cash outflows from financing activities 2,898,950.20 6,822,394.79

Net cash flow generated from financing activities -2,898,950.20 -6,822,394.79

4. Impact of exchange rate changes on cash and cash equivalents -7,939.17

5. Net increase in cash and cash equivalents -756,011,050.09 -719,701,659.41 plus: opening balance of cash and cash equivalents 1,268,317,796.70 2,048,238,593.60

6. Balance of cash and cash equivalents at the end of the period 512,306,746.61 1,328,536,934.19

Person in charge of the company: Chen Ping Person in charge of accounting work: Mao Tao Person in charge of the accounting department: Peng Ling

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Consolidated Statement of Changes in Owner's Equity

January-June 2026

Unit: Yuan Currency: RMB Owner’s equity attributable to the parent company in the first half of 2026

Other rights 1

Benefit Tools Less Special General

Project

Paid-in capital (or equity capital reserves: Other comprehensive income items Surplus reserves Risks Undistributed profits Other subtotal Minority shareholders’ equity Total owners’ equity) Other treasury reserves Insurance Others Continued

He is prepared

stocks bonds

Stock equipment

1. Closing balance of the previous year 431,053,891.00 23,412,055.25 2,619,127.49 295,292,646.33 3,627,364,034.37 4,379,741,754.44 135,014,596.87 4,514,756,351.31 plus: Changes in accounting policies

Early error correction

Others

2. Opening balance of the year 431,053,891.00 23,412,055.25 2,619,127.49 295,292,646.33 3,627,364,034.37 4,379,741,754.44 135,014,596.87 4,514,756,351.31

3. Increases and decreases in this period

Amount (decreases are listed with "-" 211,570.83 -508,941.90 60,874,633.33 60,577,262.26 -8,798,310.43 51,778,951.83)

(1) Total comprehensive income -508,941.90 362,612,357.03 362,103,415.13 14,562,927.07 376,666,342.20

(2) Owner’s investment and

-483,000.00 -483,000.00 Capital reduction

1. Owner's investment

common stock

2. Other equity instruments held

Someone invests capital

3. Share-based payments are included in the

Amount of owner's equity

4. Others -483,000.00 -483,000.00

(3) Profit distribution -301,737,723.70 -301,737,723.70 -22,666,666.67 -324,404,390.37 1. Withdrawal from surplus reserve

2. Extract general risk allowance

Prepare

3. to the owner (or stock

-301,737,723.70 -301,737,723.70 -22,666,666.67 -324,404,390.37 East) distribution

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4. Others

(4) Within owner’s equity

carried forward

1. Conversion of capital reserve to capital increase

Capital (or share capital)

2. Conversion of surplus reserves to capital increase

Capital (or share capital)

3. Surplus reserve to cover losses

loss

4. Defined benefit plan changes

Moving amount carried forward to retained earnings

5. Other comprehensive income

Transfer to retained earnings

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others 211,570.83 211,570.83 -211,570.83

IV. Closing balance of the current period 431,053,891.00 23,623,626.08 2,110,185.59 295,292,646.33 3,688,238,667.70 4,440,319,016.70 126,216,286.44 4,566,535,303.14

Owner's equity attributable to the parent company in the first half of 2025

Other equity tools One tool General items Less:

Paid-in capital (or other comprehensive income, risk, other minority shareholders’ equity, total owner’s equity, capital reserve, inventory, surplus reserve, retained earnings, subtotal equity), other interests, reserves, insurance, other shares

He prepares stocks and bonds

Prepare

1. Closing balance of the previous year 431,053,891.00 23,533,106.88 2,957,208.30 295,292,646.33 3,313,125,074.10 4,065,961,926.61 135,315,664.56 4,201,277,591.17 plus: Changes in accounting policies

Early error correction

Others

2. Opening balance of the year 431,053,891.00 23,533,106.88 2,957,208.30 295,292,646.33 3,313,125,074.10 4,065,961,926.61 135,315,664.56 4,201,277,591.17

3. Amount of increase or decrease in the current period (decrease by

-76,782.95 -210,471.29 75,968,870.54 75,681,616.30 -6,902,402.08 68,779,214.22 Fill in the “-” number)

(1) Total comprehensive income -210,471.29 343,222,282.96 343,011,811.67 14,126,975.12 357,138,786.79

(2) Owner’s investment and capital reduction -2,097,680.00 -2,097,680.00

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1. Common stock invested by owners

2. Other equity instrument holders invest capital

Ben

3. Share-based payments are included in owners’ equity

Amount

4. Others -2,097,680.00 -2,097,680.00

(3) Profit distribution -267,253,412.42 -267,253,412.42 -18,995,454.55 -286,248,866.97 1. Withdrawal from surplus reserve

2. Withdraw general risk reserve

3. Distribution to owners (or shareholders) -267,253,412.42 -267,253,412.42 -18,995,454.55 -286,248,866.97 4. Others

(4) Internal carryover of owners’ equity

1. Conversion of capital reserves to capital (or share capital)

2. Conversion of surplus reserves into capital (or share capital)

3. Surplus reserve to cover losses

4. Changes in defined benefit plans are carried forward and retained

savings income

5. Other comprehensive income carried forward to retained earnings

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others -76,782.95 -76,782.95 63,757.35 -13,025.60

4. Ending balance of the current period 431,053,891.00 23,456,323.93 2,746,737.01 295,292,646.33 3,389,093,944.64 4,141,643,542.91 128,413,262.48 4,270,056,805.39

Person in charge of the company: Chen Ping Person in charge of accounting work: Mao Tao Person in charge of the accounting department: Peng Ling

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Statement of changes in owner's equity of the parent company

January-June 2026

Unit: Yuan Currency: RMB 2026 Half Year

Item Paid-in capital (or other equity instruments Other comprehensive Special capital reserve Less: treasury shares Surplus reserve Undistributed profits Total owners’ equity

Equity) Preferred shares Perpetual bonds Other joint income Reserves

1. Closing balance of the previous year 431,053,891.00 89,120,465.24 295,292,646.33 3,770,535,469.28 4,586,002,471.85 Add: changes in accounting policies

Early error correction

Others

2. Opening balance of the year 431,053,891.00 89,120,465.24 295,292,646.33 3,770,535,469.28 4,586,002,471.85

3. Amount of increase or decrease in the current period (decreases are listed with “-” No. 77,940,061.88 77,940,061.88)

(1) Total comprehensive income 379,677,785.58 379,677,785.58

(2) Owner’s investment and capital reduction

1. Common stock invested by owners

2. Capital invested by other equity instrument holders

3. Share-based payment included in owner’s equity

Um

4. Others

(3) Profit distribution -301,737,723.70 -301,737,723.70 1. Withdrawal from surplus reserve

2. Distribution to owners (or shareholders) -301,737,723.70 -301,737,723.70 3. Others

(4) Internal carryover of owners’ equity

1. Conversion of capital reserves to capital (or share capital)

2. Conversion of surplus reserves into capital (or share capital)

3. Surplus reserve to cover losses

4. Changes in defined benefit plans are carried forward and retained

income

5. Other comprehensive income carried forward to retained earnings

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

IV. Closing balance of the current period 431,053,891.00 89,120,465.24 295,292,646.33 3,848,475,531.16 4,663,942,533.73

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2025 half year

Item Paid-in capital (or shares Other equity instruments Other comprehensive Special reserve capital reserve Less: treasury shares Surplus reserve Undistributed profits Total owners’ equity)

Preferred shares Perpetual bonds Others

Combined income

1. Closing balance of the previous year 431,053,891.00 89,120,465.24 295,292,646.33 3,435,766,365.64 4,251,233,368.21 Add: changes in accounting policies

Early error correction

Others

2. Balance at the beginning of the year 431,053,891.00 89,120,465.24 295,292,646.33 3,435,766,365.64 4,251,233,368.21

3. Amount of increase or decrease in the current period (decreases are marked with “-”

90,642,972.11 90,642,972.11 (please fill in the list)

(1) Total comprehensive income 357,896,384.53 357,896,384.53

(2) Owner’s investment and capital reduction

1. Common stock invested by owners

2. Capital invested by other equity instrument holders

3. Share-based payment included in owner’s equity

Um

4. Others

(3) Profit distribution -267,253,412.42 -267,253,412.42 1. Withdrawal from surplus reserve

2. Distribution to owners (or shareholders) -267,253,412.42 -267,253,412.42 3. Others

(4) Internal carryover of owners’ equity

1. Conversion of capital reserves to capital (or share capital)

2. Conversion of surplus reserves into capital (or share capital)

3. Surplus reserve to cover losses

4. Changes in defined benefit plans are carried forward and retained

income

5. Other comprehensive income carried forward to retained earnings

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

IV. Closing balance of the current period 431,053,891.00 89,120,465.24 295,292,646.33 3,526,409,337.75 4,341,876,340.32

Person in charge of the company: Chen Ping Person in charge of accounting work: Mao Tao Person in charge of the accounting department: Peng Ling

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3. Basic situation of the company

1. Company profile

√Applicable □Not applicable

Mayinglong Pharmaceutical Group Co., Ltd. (hereinafter referred to as "Mayinglong", "the Company" or the "Company") was registered and established in Wuhan City, Hubei Province in May 1994. Its current headquarters is located at No. 100 Zhoujiawan, Nanhu, Wuchang, Wuhan City, Hubei Province.

The company and its subsidiaries (collectively referred to as the "Group") are mainly engaged in the manufacturing of Chinese and Western medicines; operating the export business of the company's self-produced products and related technologies; operating the import business of raw and auxiliary materials, mechanical equipment, instruments, spare parts and related technologies required for the company's production and scientific research; operating the company's processing of imported materials and "three to one supplement" business; medicinal Manufacturing, processing, and sales of packaging materials, cosmetics, and traditional Chinese medicine pharmaceutical machinery; automobile freight; production and sales of food (including health food), first and second class medical devices, household products, electronic products, daily necessities, sanitary products, and disinfection products; technical services, technology development, technology consultation, technology exchange, technology transfer, technology promotion, etc.

As of June 30, 2026, the Group has a total of 47 subsidiaries included in the scope of consolidation. For details, please see "Equity in Other Entities" in this section. During the reporting period, the Group's scope of consolidation increased by one company compared with the end of the previous year. For details, please refer to Section 9 "Changes in the Scope of Consolidation".

This financial report was approved by the 26th meeting of the 11th Board of Directors of the company on August 24, 2026.

4. Basis for preparation of financial statements

1. Basics of preparation

The Group's financial statements are based on the going concern assumption, based on actual transactions and events, in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" issued by the Ministry of Finance (issued by Ministry of Finance Order No. 33, revised by Ministry of Finance Order No. 76), 40 specific accounting standards, interpretations of accounting standards for enterprises and other relevant regulations promulgated and revised on or after February 15, 2006 (hereinafter collectively referred to as "Accounting Standards for Business Enterprises"), and the China Securities Regulatory Commission's "Information Disclosure and Preparation Rules for Companies that Offer Securities to the Public No. 15 - - General Provisions on Financial Reports (Revised in 2023)" are prepared in accordance with the disclosure requirements.

In accordance with the relevant provisions of the Accounting Standards for Business Enterprises, the Group's accounting is based on the accrual basis. Except for certain financial instruments, these financial statements are measured on the basis of historical cost. Non-current assets held for sale are valued at the lower of their fair value minus estimated expenses and their original book value when they meet the conditions for being held for sale. If an asset is impaired, corresponding impairment provisions will be made in accordance with relevant regulations.

2. Continuous operation

√Applicable □Not applicable

The company will have the ability to continue operating for at least 12 months by the end of the reporting period, and there will be no major events that affect its ability to continue operating.

5. Important accounting policies and accounting estimates

Specific accounting policies and accounting estimation tips:

√Applicable □Not applicable

Based on the actual production and operation characteristics and the relevant accounting standards for enterprises, the Group has formulated a number of specific accounting policies and accounting estimates for transactions and matters such as revenue recognition, research and development expenditures, etc. For details, please see Section V. 11 "Financial Instruments" and 26 "Intangibles"

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"Assets", 27 "Impairment of long-term assets", 34 "Income" and other descriptions. For a description of the significant accounting judgments and estimates made by management, please see Section 41 "Others".

1. Statement on compliance with corporate accounting standards

The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises and truly and completely reflect the company's financial status, operating results, changes in shareholders' equity, cash flow and other relevant information. In addition, the financial statements of the Company and the Group comply in all material respects with the disclosure requirements for financial statements and their notes in the "Information Disclosure and Preparation Rules No. 15 for Companies that Offer Securities to the Public - General Provisions on Financial Reports" revised in 2023 by the China Securities Regulatory Commission.

2. Accounting period

The Group's accounting period is divided into annual and interim periods. An accounting period refers to a reporting period shorter than a complete accounting year. The Group's accounting year adopts the Gregorian calendar year, that is, from January 1 to December 31 each year.

3. Business cycle

√Applicable □Not applicable

The normal operating cycle refers to the period from the purchase of assets for processing by the Group to the realization of cash or cash equivalents. The Group uses 12 months as an operating cycle and uses it as the liquidity classification standard for assets and liabilities.

4. Accounting standard currency

RMB is the currency of the main economic environment in which the Company and its domestic subsidiaries operate. The Company and its domestic subsidiaries use RMB as the functional currency for accounting. The currency used by the Group in preparing these financial statements is RMB.

5. Determination method and selection basis of materiality criteria

√Applicable □Not applicable

Project Materiality Criteria

The amount of recovery or reversal of bad debt provision for accounts receivable this year or the recovery or reversal of bad debt provision for individual receivables accounts for more than 10% of the reversal amount of the balance of receivables at the end of the period and the amount is greater than 5 million.

The closing balance of a single project accounts for more than 10% of the closing balance of the project under construction and the budget amount is important for the project under construction

Above 10 million yuan

Important non-wholly owned subsidiaries whose operating income accounts for more than 10% of the group's consolidated operating income

Long-term equity investments in joint ventures or associates whose book value at the end of the period accounts for a significant amount of the group's assets is an associate or joint venture

The total proportion is more than 5%

Important capitalized R&D projects with a single project's ending balance accounting for more than 10% of the ending balance of development expenditure and an amount of RMB 500

More than 10,000 yuan

6. Accounting treatment methods for business combinations under the same control and those not under the same control

√Applicable □Not applicable

Business merger refers to a transaction or event that combines two or more separate enterprises to form a reporting entity. Business mergers are divided into business combinations under the same control and business combinations not under the same control.

(1) Business merger under common control

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The enterprises participating in the merger are ultimately controlled by the same party or the same parties before and after the merger, and the control is not temporary. It is a business merger under the same control. In the case of a business merger under the same control, the party that obtains control over other companies participating in the merger on the merger date is the merging party, and the other companies participating in the merger are the merged parties. The merger date refers to the date when the merging party actually obtains control over the merged party. The assets and liabilities acquired by the merging party are measured according to their book value on the date of merger.

The difference between the book value of the net assets obtained by the merging party and the book value of the merger consideration paid (or the total face value of the shares issued) is adjusted to the capital reserve (share premium); if the capital reserve (share premium) is insufficient to offset it, the retained earnings are adjusted.

All direct expenses incurred by the merging party for the business combination shall be included in the current profits and losses when incurred.

(2) Business merger not under common control

If the enterprises participating in the merger are not ultimately controlled by the same party or the same parties before and after the merger, it is a business merger not under the same control. For a business combination not under common control, the party that obtains control over other companies participating in the merger on the acquisition date is the purchaser, and the other companies participating in the merger are the purchased parties. The purchase date refers to the date when the purchaser actually obtains control over the purchased party.

For business combinations not under common control, the cost of the combination includes the assets paid by the purchaser on the acquisition date to obtain control of the purchased party, liabilities incurred or assumed, and the fair value of equity securities issued. Intermediary fees such as auditing, legal services, evaluation consulting, and other management fees incurred for the business combination are included in the current profits and losses when incurred. The transaction costs of equity securities or debt securities issued by the purchaser as consideration for the merger are included in the initial recognition amount of the equity securities or debt securities. The contingent consideration involved is included in the merger cost based on its fair value on the purchase date. If new or further evidence of the existing conditions on the purchase date arises within 12 months after the purchase date and the contingent consideration needs to be adjusted, the consolidated goodwill will be adjusted accordingly. The merger costs incurred by the purchaser and the identifiable net assets obtained in the merger are measured at the fair value on the acquisition date. The difference between the merger cost and the fair value of the acquiree's identifiable net assets on the acquisition date is recognized as goodwill. If the merger cost is less than the fair value share of the acquiree's identifiable net assets obtained in the merger, first the fair value of the acquiree's identifiable assets, liabilities and contingent liabilities acquired and the measurement of the merger cost are reviewed. After the review, if the merger cost is still less than the fair value share of the acquiree's identifiable net assets obtained in the merger, the difference shall be included in the current profit and loss.

If the deductible temporary difference obtained by the purchaser from the purchased party is not recognized on the purchase date because it does not meet the recognition conditions of deferred income tax assets, within 12 months after the purchase date, if new or further information is obtained indicating that the relevant conditions on the purchase date have already existed, it is expected that the purchased party will be able to If the economic benefits brought by offsetting the temporary differences can be realized, the relevant deferred income tax assets will be recognized, and the goodwill will be reduced at the same time. If the goodwill is insufficient to be offset, the difference will be recognized as profit and loss for the current period; except for the above circumstances, if the deferred income tax assets related to the business combination are recognized, they will be included in the profit and loss for the current period.

For business mergers not under the same control that are realized in stages through multiple transactions, it is judged whether the multiple transactions belong to a "package transaction" based on the "Notice of the Ministry of Finance on Issuing the Interpretation No. 5 of Accounting Standards for Business Enterprises" (Financial Accounting [2012] No. 19) and the judgment standards for "package transactions" in Article 51 of "Accounting Standards for Business Enterprises No. 33 - Consolidated Financial Statements" (see Section 5.7 "Judgment Standards of Control and Preparation Method of Consolidated Financial Statements" (2)). If it is a "package transaction", the accounting treatment shall be carried out with reference to the descriptions in the previous paragraphs of this part and Note 5.19 "Long-term Equity Investment"; if it is not a "package transaction", the relevant accounting treatment shall be carried out by distinguishing individual financial statements and consolidated financial statements:

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In individual financial statements, the sum of the book value of the equity investment in the purchased party held before the purchase date and the new investment cost on the purchase date is the initial investment cost of the investment; if the equity investment in the purchased party held before the purchase date involves other comprehensive income, when the investment is disposed of, the other comprehensive income related to it will be accounted for on the same basis as the direct disposal of relevant assets or liabilities by the purchased party.

In the consolidated financial statements, the equity of the purchased party held before the purchase date is remeasured according to the fair value of the equity on the purchase date, and the difference between the fair value and its book value is included in the investment income of the current period; if the equity of the purchased party held before the purchase date involves other comprehensive income, the other comprehensive income related to it shall be accounted for on the same basis as the direct disposal of relevant assets or liabilities by the purchased party.

7. Judgment standards for control and preparation methods of consolidated financial statements

√Applicable □Not applicable

(1) Judgment criteria for control

The scope of consolidation in consolidated financial statements is determined based on control. Control means that the Group has power over the investee, enjoys variable returns by participating in the investee's relevant activities, and has the ability to use its power over the investee to affect the amount of returns. Among them, the Group's current rights enable the Group to currently have the ability to dominate the relevant activities of the investee, regardless of whether the Group actually exercises the right, it is deemed to have power over the investee; if the returns obtained by the Group from the investee may change with the performance of the investee, it is deemed to enjoy variable returns; if the Group exercises decision-making power as the principal responsible person, it is deemed that the Group has the ability to use its power over the investee to affect the amount of returns. The scope of consolidation includes the company and all its subsidiaries. Subsidiaries refer to entities controlled by the Group.

The Group makes a judgment on whether to control the investee based on comprehensive consideration of all relevant facts and circumstances. Relevant facts and circumstances mainly include: the purpose of the establishment of the investee; the relevant activities of the investee and how to make decisions on related activities; whether the rights enjoyed by the Group currently enable the Group to dominate the relevant activities of the investee; whether the Group enjoys variable returns by participating in the relevant activities of the investee; whether the Group has the ability to use its power over the investee to affect the amount of its returns; the relationship between the Group and other parties, etc. Once changes in relevant facts and circumstances lead to changes in the relevant elements involved in the above definition of control, the Group will reassess.

(2) Method of preparing consolidated financial statements

The Group begins to include the subsidiary in the scope of consolidation from the date it obtains actual control over the net assets and production and operation decisions of the subsidiary; it ceases to be included in the scope of consolidation from the date it loses actual control. For subsidiaries disposed of, the operating results and cash flows before the date of disposal have been appropriately included in the consolidated income statement and consolidated cash flow statement; for subsidiaries disposed of in the current period, the opening balance of the consolidated balance sheet will not be adjusted. For subsidiaries added through business combinations not under common control, their operating results and cash flows after the acquisition date have been appropriately included in the consolidated income statement and consolidated cash flow statement, and the opening numbers and comparative numbers of the consolidated financial statements will not be adjusted. For subsidiaries added through business mergers under common control and merged parties under absorption mergers, their operating results and cash flows from the beginning of the current period to the date of merger have been appropriately included in the consolidated income statement and consolidated cash flow statement, and the comparative figures of the consolidated financial statements have been adjusted at the same time.

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When preparing consolidated financial statements, if the accounting policies or accounting periods adopted by a subsidiary and the Company are inconsistent, necessary adjustments will be made to the financial statements of the subsidiary in accordance with the Company's accounting policies and accounting periods. For subsidiaries acquired through business combinations not under common control, their financial statements will be adjusted based on the fair value of the identifiable net assets on the date of acquisition.

All significant intra-group balances, transactions and unrealized profits are eliminated when preparing the consolidated financial statements.

The portion of the subsidiary's shareholders' equity and net profit and loss for the current period that is not owned by the company is separately presented as minority shareholders' equity and minority shareholders' profit and loss in the consolidated financial statements under shareholders' equity and net profit. The share of minority shareholders' equity in the current period's net profits and losses of a subsidiary is listed as "minority shareholders' profits and losses" under the net profit item in the consolidated income statement. If the losses of a subsidiary shared by minority shareholders exceed the minority shareholders' share of the subsidiary's opening shareholders' equity, the minority shareholders' equity will still be offset.

When control over an original subsidiary is lost due to the disposal of part of the equity investment or other reasons, the remaining equity is remeasured according to its fair value on the date of loss of control. The difference between the sum of the consideration obtained for disposing of the equity and the fair value of the remaining equity, minus the share of the original subsidiary's net assets calculated continuously from the date of purchase based on the original shareholding ratio, shall be included in the investment income in the period when control is lost. Other comprehensive income related to the equity investment in the original subsidiary will be accounted for on the same basis as the subsidiary's direct disposal of relevant assets or liabilities when control is lost. Thereafter, the remaining equity will be subsequently measured in accordance with relevant regulations such as "Accounting Standards for Business Enterprises No. 2 - Long-term Equity Investment" or "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments". For details, see "Long-term Equity Investment" in Section 5.19 or "Financial Instruments" in Section 5.11.

If the Group disposes of its equity investment in a subsidiary step by step through multiple transactions until it loses control, it needs to distinguish whether each transaction in which it disposes its equity investment in the subsidiary until it loses control is a package deal. The terms, conditions and economic impact of various transactions for the disposal of equity investments in subsidiaries meet one or more of the following circumstances, which usually indicate that multiple transactions should be accounted for as a package deal: ① These transactions are entered into at the same time or with consideration of each other's influence; ② Only these transactions as a whole can achieve a complete business result; ③ The occurrence of a transaction depends on the occurrence of at least one other transaction; ④ A transaction is uneconomical when viewed alone, but it is economical when considered together with other transactions. If it does not belong to a package deal, each transaction will be accounted for in accordance with the applicable principles of "partial disposal of long-term equity investment in a subsidiary without losing control" (see Section 5.19 "Long-term Equity Investment" (2) ④ for details) and "loss of control over the original subsidiary due to disposal of part of the equity investment or other reasons" (see the previous paragraph for details). If the various transactions involving the disposal of equity investments in a subsidiary until the loss of control belong to a package transaction, each transaction will be accounted for as a transaction in which the subsidiary is disposed of and control is lost; however, the difference between the price of each disposal and the share of the net assets of the subsidiary corresponding to the disposal investment before the loss of control is recognized as other comprehensive income in the consolidated financial statements, and is transferred to the profit and loss of the current period when control is lost.

8. Classification of joint arrangements and accounting treatment of joint operations

√Applicable □Not applicable

A joint arrangement refers to an arrangement that is jointly controlled by two or more parties. The Group divides joint arrangements into joint operations and joint ventures based on the rights it enjoys and the obligations it undertakes. A joint operation refers to a joint arrangement in which the Group enjoys the relevant assets of the arrangement and assumes the relevant liabilities of the arrangement. A joint venture refers to a joint arrangement in which the Group only has rights to the net assets of the arrangement.

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The Group's investment in joint ventures is accounted for using the equity method and is handled in accordance with the accounting policies described in Section 5.19 "Long-term Equity Investment" (2) ② "Long-term Equity Investment Accounted for by the Equity Method".

For joint operations, the Group, as a joint venturer, recognizes the assets held separately by the Group and the liabilities assumed separately, as well as the assets held jointly and the liabilities assumed jointly based on the Group's share; the income generated from the sale of the Group's share of the output of the joint operation is recognized; the income generated by the sale of output from the joint operation is recognized based on the Group's share; the expenses incurred by the Group alone are recognized, and the expenses incurred by the joint operation are recognized based on the Group's share.

When the Group invests or sells assets to a joint operation as a joint venture (the assets do not constitute a business, the same below), or purchases assets from the joint operation, before the assets are sold to a third party, the Group only recognizes the portion of the profits and losses arising from the transaction that are attributable to other participants in the joint operation. If these assets suffer asset impairment losses that comply with the provisions of "Accounting Standards for Business Enterprises No. 8 - Asset Impairment" and other provisions, the Group will recognize the loss in full if the Group invests or sells the assets to the joint operation; if the Group purchases assets from the joint operation, the Group will recognize the loss based on its share.

9. Determination standards for cash and cash equivalents

The Group's cash and cash equivalents include cash on hand, deposits that can be used for payment at any time, and investments held by the Group that have short maturities (generally due within three months from the date of purchase), are highly liquid, are easily convertible into known amounts of cash, and have little risk of changes in value.

10. Foreign currency business and foreign currency statement conversion

√Applicable □Not applicable

(1) Method for determining the conversion exchange rate when foreign currency transactions occur

When the Group's foreign currency transactions are initially recognized, they are converted into the recording currency amount based on the spot exchange rate on the transaction date (usually refers to the central parity of the day's foreign exchange quotation announced by the People's Bank of China, the same below).

(2) The conversion method and the treatment method of exchange gains and losses adopted for foreign currency monetary items on the balance sheet date

On the balance sheet date, foreign currency monetary items are converted at the spot exchange rate on the balance sheet date. The resulting exchange differences, except for: ① The exchange differences arising from special foreign currency borrowings related to the acquisition and construction of assets that meet capitalization conditions are capitalized as borrowing costs. and ② For foreign currency monetary items classified as measured at fair value and whose changes are included in other comprehensive income, except for the exchange differences arising from changes in other book balances other than amortized costs (including impairment), which are included in other comprehensive income, they are all included in the current profit and loss.

Foreign currency non-monetary items measured at historical cost are still measured using the amount in the recording currency converted at the spot exchange rate on the date of the transaction. Foreign currency non-monetary items measured at fair value are converted using the spot exchange rate on the date when the fair value is determined. The difference between the converted accounting functional currency amount and the original accounting functional currency amount is treated as a change in fair value (including exchange rate changes), and is included in the current profit and loss or recognized as other comprehensive income.

(3) Conversion method of foreign currency financial statements

Foreign currency financial statements of overseas operations are converted into RMB statements according to the following method: asset and liability items in the balance sheet are converted using the spot exchange rate on the balance sheet date; shareholders' equity items, except for "undistributed profits" items, are converted using the

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Converted at the spot exchange rate at the time of birth. Income and expense items in the income statement are translated using the spot exchange rate on the date of transaction. The undistributed profit at the beginning of the year is the undistributed profit at the end of the year after conversion of the previous year; the undistributed profit at the end of the period is calculated and presented according to the converted profit distribution items; the difference between the converted asset items and the total number of liability items and shareholders' equity items is regarded as the conversion difference of the foreign currency statement and is recognized as other comprehensive income. When an overseas operation is disposed of and control is lost, the translation differences of foreign currency statements listed under the shareholders' equity items in the balance sheet and related to the overseas operation shall be transferred to the current profit and loss of the disposal in full or in proportion to the disposal of the overseas operation.

Foreign currency cash flows and cash flows of overseas subsidiaries are translated using the spot exchange rate on the date when the cash flows occur. The impact of exchange rate changes on cash is presented separately in the cash flow statement as an adjustment item.

The opening figures and actual figures for the previous year are presented based on the amounts after conversion from the previous year's financial statements.

When the Group disposes of all the owners' equity in overseas operations or loses control of the overseas operations due to the disposal of part of the equity investment or other reasons, the translation differences of the foreign currency statements attributable to the owners' equity of the parent company listed under the shareholders' equity item in the balance sheet and related to the overseas operation will all be transferred to the profits and losses for the current period of disposal.

When the proportion of overseas operating equity held is reduced due to the disposal of part of the equity investment or other reasons but the control of the overseas operation is not lost, the foreign currency statement translation difference related to the disposal of the overseas operation will be attributed to the minority shareholders' equity and will not be transferred to the current profit and loss. When disposing of part of the equity of an overseas operation that is an associate or joint venture, the translation difference of foreign currency statements related to the overseas operation shall be transferred to the current profit and loss of the disposal in proportion to the disposal of the overseas operation.

If there are foreign currency monetary items that essentially constitute a net investment in overseas operations, in the consolidated financial statements, the exchange differences arising from exchange rate changes are recognized as other comprehensive income as "foreign currency statement translation differences"; when disposing of overseas operations, they are included in the current profit and loss of disposal.

11. Financial instruments

√Applicable □Not applicable

A financial asset or financial liability is recognized when the Group becomes a party to a financial instrument contract.

(1) Classification, recognition and measurement of financial assets

Based on the business model of managing financial assets and the contractual cash flow characteristics of financial assets, the Group divides financial assets into: financial assets measured at amortized cost; financial assets measured at fair value with changes included in other comprehensive income; financial assets measured at fair value with changes included in current profits and losses.

Financial assets are measured at fair value upon initial recognition. For financial assets measured at fair value and whose changes are included in the current profit and loss, the relevant transaction costs are directly included in the current profit and loss; for other types of financial assets, the relevant transaction costs are included in the initial recognition amount. For accounts receivable or notes receivable arising from the sale of products or provision of services that do not include or take into account significant financing components, the amount of consideration that the Group is expected to be entitled to receive shall be deemed as the initial recognition amount.

①Financial assets measured at amortized cost

The Group's business model for managing financial assets measured at amortized cost is to collect contractual cash flows as the goal, and the contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements, that is, the cash flows generated on a specific date are only payments of principal and interest based on the outstanding principal amount. The Group adopts the effective interest rate method for subsequent measurement of such financial assets at amortized cost, and gains or losses arising from amortization or impairment are included in the current profits and losses.

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②Financial assets measured at fair value and changes included in other comprehensive income

The Group's business model for managing such financial assets aims at both collecting contractual cash flows and selling them, and the contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements. The Group measures such financial assets at fair value and changes in them are included in other comprehensive income, but impairment losses or gains, exchange gains and losses and interest income calculated based on the effective interest method are included in the current profit and loss.

In addition, the Group designates certain investments in non-trading equity instruments as financial assets measured at fair value through other comprehensive income. The Group includes relevant dividend income from such financial assets in the current profit and loss, and changes in fair value are included in other comprehensive income. When the financial asset is derecognised, the accumulated gains or losses previously included in other comprehensive income will be transferred from other comprehensive income to retained earnings and will not be included in the current profit or loss.

③Financial assets measured at fair value and changes included in current profits and losses

The Group classifies financial assets other than the above-mentioned financial assets measured at amortized cost and financial assets measured at fair value through other comprehensive income as financial assets measured at fair value through profit or loss for the current period. In addition, at the time of initial recognition, in order to eliminate or significantly reduce accounting mismatches, the Group designated some financial assets as financial assets measured at fair value and whose changes are included in current profits and losses. For such financial assets, the Group uses fair value for subsequent measurement, and changes in fair value are included in the current profit and loss.

(2) Classification, recognition and measurement of financial liabilities

Financial liabilities are classified upon initial recognition into financial liabilities measured at fair value through profit or loss and other financial liabilities. For financial liabilities measured at fair value and whose changes are included in the current profit and loss, the relevant transaction costs are directly included in the current profit and loss, and the relevant transaction costs of other financial liabilities are included in their initial recognition amount.

①Financial liabilities measured at fair value and changes included in current profits and losses

Financial liabilities at fair value through profit or loss include trading financial liabilities (including derivatives that are financial liabilities) and financial liabilities designated at fair value through profit or loss upon initial recognition.

Trading financial liabilities (including derivatives belonging to financial liabilities) are subsequently measured at fair value. Except for those related to hedging accounting, changes in fair value are included in current profits and losses.

For a financial liability designated as a financial liability measured at fair value through profit or loss for the current period, changes in the fair value of this liability caused by changes in the Group's own credit risk are included in other comprehensive income. When the liability is derecognised, the accumulated changes in its fair value caused by changes in its own credit risk included in other comprehensive income are transferred to retained earnings. The remaining changes in fair value are included in the current profit and loss. If handling the impact of changes in the own credit risk of such financial liabilities in the above manner will cause or expand accounting mismatches in profit or loss, the Group will include all gains or losses from the financial liabilities (including the amount affected by changes in the enterprise's own credit risk) into the current profit and loss. ②Other financial liabilities

Except for financial liabilities and financial guarantee contracts formed by the transfer of financial assets that do not meet the conditions for termination of recognition or continued involvement in the transferred financial assets, other financial liabilities are classified as financial liabilities measured at amortized cost, and are subsequently measured at amortized cost. Gains or losses arising from termination of recognition or amortization are included in the current profit and loss.

(3) Recognition basis and measurement method of financial asset transfer

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Financial assets that meet one of the following conditions shall be derecognized: ① The contractual right to receive cash flows from the financial asset terminates; ② The financial asset has been transferred, and almost all the risks and rewards of the ownership of the financial asset are transferred to the transferee; ③ The financial asset has been transferred, and although the enterprise neither transfers nor retains almost all the risks and rewards of the ownership of the financial asset, it has given up control of the financial asset.

If an enterprise neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset, and does not give up control of the financial asset, the relevant financial assets will be recognized to the extent of its continued involvement in the transferred financial assets, and the relevant liabilities will be recognized accordingly. The degree of continued involvement in the transferred financial assets refers to the level of risk faced by the enterprise due to changes in the value of the financial assets.

If the overall transfer of financial assets meets the conditions for derecognition, the difference between the book value of the transferred financial assets and the sum of the consideration received for the transfer and the cumulative amount of changes in fair value originally included in other comprehensive income will be included in the current profit and loss.

If the partial transfer of financial assets meets the conditions for derecognition, the book value of the transferred financial assets will be apportioned between the derecognized and non-derecognized parts according to their relative fair values, and the difference between the sum of the consideration received for the transfer and the cumulative amount of changes in fair value originally included in other comprehensive income that should be apportioned to the derecognized part and the apportioned aforementioned book amount shall be included in the current profit and loss.

When the Group sells financial assets with recourse or endorses and transfers financial assets it holds, it needs to determine whether substantially all the risks and rewards of ownership of the financial assets have been transferred. If almost all the risks and rewards of the ownership of the financial asset have been transferred to the transferee, the financial asset will be derecognised; if almost all the risks and rewards of the ownership of the financial asset have been retained, the recognition of the financial asset will not be deactivated; if almost all the risks and rewards of the ownership of the financial asset have neither been transferred nor retained, the company will continue to judge whether the enterprise retains control over the asset, and perform accounting treatment according to the principles described in the previous paragraphs.

(4) Derecognition of financial liabilities

If the current obligation of a financial liability (or part thereof) has been discharged, the Group shall terminate the recognition of the financial liability (or part thereof). The Group (borrower) signs an agreement with the lender to replace the original financial liability by assuming a new financial liability, and if the contract terms of the new financial liability are substantially different from the original financial liability, the original financial liability will be derecognised and a new financial liability will be recognized at the same time. If the Group makes substantial modifications to the contract terms of the original financial liability (or part thereof), it will derecognize the original financial liability and recognize a new financial liability in accordance with the modified terms.

If a financial liability (or part thereof) is derecognised, the Group will include the difference between its book value and the consideration paid (including non-cash assets transferred out or liabilities assumed) into the current profits and losses.

(5) Offset of financial assets and financial liabilities

When the Group has the legal right to offset the recognized amount of financial assets and financial liabilities, and the legal right is currently enforceable, and the Group plans to settle on a net basis or to realize the financial assets and pay off the financial liabilities at the same time, the financial assets and financial liabilities will be listed in the balance sheet as the net amount after offsetting each other. Otherwise, financial assets and financial liabilities are presented separately in the balance sheet and are not offset against each other.

(6) Determination method of fair value of financial assets and financial liabilities

Fair value refers to the price that can be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. If there is an active market for a financial instrument, the Group uses the quoted price in the active market to determine its fair value. Quotes in active markets refer to prices that are easily obtained regularly from exchanges, brokers, industry associations, pricing service agencies, etc.

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And represents the price of actual market transactions in fair transactions. If there is no active market for a financial instrument, the Group uses valuation techniques to determine its fair value. Valuation techniques include reference to prices used in recent market transactions between parties who are familiar with the situation and voluntary transactions, reference to the current fair value of other financial instruments that are substantially the same, discounted cash flow methods and option pricing models, etc. When valuing, the Group adopts valuation techniques that are applicable under the current circumstances and supported by sufficient available data and other information, selects input values ​​that are consistent with the characteristics of the assets or liabilities considered by market participants in transactions of related assets or liabilities, and gives priority to the use of relevant observable input values ​​whenever possible. Non-inputable values ​​are used when the relevant observable input values ​​cannot be obtained or are impracticable to obtain.

(7) Equity instruments

Equity instruments are contracts that demonstrate ownership of the Group's residual interest in the assets after deducting all liabilities. The Group's issuance (including refinancing), repurchase, sale or cancellation of equity instruments is treated as a change in equity, and transaction costs related to equity transactions are deducted from equity. The Group does not recognize changes in the fair value of equity instruments.

If the Group's equity instruments distribute dividends (including "interest" generated by instruments classified as equity instruments) during their existence, they will be treated as profit distribution.

(8) Impairment of financial assets

The financial assets that the Group needs to confirm impairment losses are financial assets measured at amortized cost, debt instruments measured at fair value with changes included in other comprehensive income, and lease receivables, which mainly include notes receivable, accounts receivable, receivable financing, other receivables, debt investments, other debt investments, long-term receivables, etc. In addition, for contract assets and some financial guarantee contracts, impairment provisions are made and credit impairment losses are recognized in accordance with the accounting policies described in this section.

①Confirmation method of impairment provision

Based on expected credit losses, the Group makes impairment provisions and recognizes credit impairment losses for each of the above items in accordance with its applicable expected credit loss measurement method (general method or simplified method).

Credit loss refers to the difference between all contractual cash flows receivable under the contract and all cash flows expected to be received by the Group discounted at the original effective interest rate, that is, the present value of all cash shortfalls. Among them, for purchased or originated financial assets that are credit-impaired, the Group discounts them at the credit-adjusted effective interest rate of the financial assets.

The general method of measuring expected credit losses means that the Group evaluates on each balance sheet date whether the credit risk of financial assets (including contract assets and other applicable items, the same below) has increased significantly since initial recognition. If the credit risk has increased significantly since initial recognition, the Group measures loss provisions at an amount equivalent to the expected credit losses during the entire duration; if the credit risk has not increased significantly since initial recognition, the Group measures loss provisions at an amount equivalent to the expected credit losses within the next 12 months. The Group considers all reasonable and evidence-based information, including forward-looking information, when assessing expected credit losses.

For financial instruments with low credit risk on the balance sheet date, the Group assumes that its credit risk has not increased significantly since initial recognition and chooses to measure loss provisions based on expected credit losses within the next 12 months.

②Criteria for judging whether credit risk has increased significantly since initial recognition

If the default probability of a financial asset within the expected duration determined on the balance sheet date is significantly higher than the default probability within the expected duration determined at initial recognition, it indicates that the credit risk of the financial asset has increased significantly. Except for special circumstances, this episode

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The Group uses the change in default risk occurring within the next 12 months as a reasonable estimate of the change in default risk occurring throughout the duration to determine whether credit risk has increased significantly since initial recognition.

③ Portfolio method to assess expected credit risk on a portfolio basis

The Group evaluates the credit risk of financial assets with significantly different credit risks individually, such as: accounts receivable from related parties; accounts receivable that are in dispute with the other party or involved in litigation or arbitration; accounts receivable that have obvious signs that the debtor is likely to be unable to fulfill its repayment obligations, etc.

In addition to financial assets that assess credit risk individually, the Group divides financial assets into different groups based on common risk characteristics and assesses credit risk on a combined basis.

④Accounting treatment method for impairment of financial assets

At the end of the period, the Group calculates the estimated credit losses of various financial assets. If the estimated credit losses are greater than the carrying amount of the current impairment provisions, the difference will be recognized as impairment losses; if it is less than the carrying amount of the current impairment provisions, the difference will be recognized as impairment gains.

12. Notes receivable

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

√Applicable □Not applicable

Determination method and accounting treatment method of expected credit loss of notes receivable

The Group measures loss provisions for notes receivable based on an amount equivalent to the expected credit losses during the entire duration. Based on the credit risk characteristics of notes receivable, they are divided into different combinations:

Project Basis for determining combination

Bank acceptance bill The acceptor is a bank with low credit risk

Account aging calculation method based on aging confirmation credit risk characteristic combination

□Applicable √Not applicable

Judgment criteria for individual provision of bad debt provisions based on individual provision

□Applicable √Not applicable

13. Accounts receivable

√Applicable □Not applicable

Determination method and accounting treatment method of expected credit loss of accounts receivable

For accounts receivable and contract assets that do not contain significant financing components, the Group measures loss provisions based on an amount equivalent to the expected credit losses during the entire duration.

For accounts receivable, contract assets and lease receivables that contain significant financing components, the Group does not choose the simplified treatment method and uses the amount of expected credit losses in the next 12 months or the entire duration to measure loss provisions based on whether their credit risk has increased significantly since initial recognition.

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In addition to accounts receivable for individual assessment of credit risk, they are divided into different combinations based on their credit risk characteristics:

Item Basis for determining combination Accounts receivable:

Portfolio 1 This portfolio represents accounts receivable from pharmaceutical manufacturing customers.

Portfolio 2 This portfolio represents receivables from pharmaceutical retail and medical customers. Portfolio 3 This portfolio represents accounts receivable from pharmaceutical wholesale customers.

Portfolio 4 This portfolio represents accounts receivable from related party customers within the consolidation scope of the statement.

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

□Applicable √Not applicable

Account aging calculation method based on aging confirmation credit risk characteristic combination

□Applicable √Not applicable

Judgment criteria for single provision based on the determination of individual provision for bad debts

□Applicable √Not applicable

14. Receivables Financing

√Applicable □Not applicable

Determination method and accounting treatment method of expected credit loss of accounts receivable financing

Notes receivable and accounts receivable measured at fair value through other comprehensive income, with a maturity period within one year (inclusive) from the initial recognition date, are reported as receivables financing. The Group measures impairment losses based on the amount of expected credit losses throughout the entire duration.

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

□Applicable √Not applicable

Account aging calculation method based on aging confirmation credit risk characteristic combination

□Applicable √Not applicable

Judgment criteria for individual provision of bad debt provisions based on individual provision

□Applicable √Not applicable

15. Other receivables

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

√Applicable □Not applicable

The Group measures impairment losses based on whether the credit risk of other receivables has increased significantly since initial recognition, and uses an amount equivalent to the expected credit losses in the next 12 months or the entire duration. In addition to other receivables whose credit risk is assessed individually, they are divided into different combinations based on their credit risk characteristics:

Item Basis for determining combination 1 This combination is the receivables of related parties within the consolidation scope of the statement. Portfolio 2 This portfolio includes other amounts other than related parties within the consolidation scope of Portfolio 1 statements.

Account aging calculation method based on aging confirmation credit risk characteristic combination

□Applicable √Not applicable

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Judgment criteria for individual provision of bad debt provisions based on individual provision

□Applicable √Not applicable

16. Inventory

√Applicable □Not applicable

Inventory categories, issue valuation methods, inventory systems, and amortization methods for low-value consumables and packaging materials

√Applicable □Not applicable

Inventories mainly include raw materials, entrusted processing materials, products in progress, low-value consumables, packaging, inventory goods, shipped goods, etc. Contract performance costs with an amortization period not exceeding one year or one operating cycle are also reported as inventories.

Inventories are valued at actual cost when acquired, and inventory costs include purchase costs, processing costs and other costs. Prices are calculated using the weighted average method upon receipt and delivery.

The inventory system of inventories is the perpetual inventory system.

Amortization method for low-value consumables and packaging:

Low-value consumables are amortized according to the one-time amortization method when they are used; packaging materials are amortized according to the one-time amortization method when they are used.

Recognition standards and accrual methods for inventory depreciation provisions

√Applicable □Not applicable

Net realizable value refers to the estimated selling price of inventory in daily activities minus the estimated costs to be incurred to completion, estimated selling expenses and related taxes. When determining the net realizable value of inventories, it is based on the conclusive evidence obtained and the purpose of holding the inventories and the impact of events after the balance sheet date are also considered.

On the balance sheet date, inventories are measured at the lower of cost and net realizable value. When the net realizable value is lower than the cost, the inventory depreciation reserve is withdrawn. Inventory depreciation provisions are usually withdrawn based on the difference between the cost of a single inventory item and its net realizable value. After the provision for inventory depreciation is accrued, if the factors that previously caused the inventory value to be written down have disappeared, causing the net realizable value of the inventory to be higher than its book value, the amount of the inventory depreciation provision that was originally accrued will be reversed, and the amount reversed will be included in the current profit and loss.

The combination categories and basis for determining inventory depreciation provisions according to the combination, and the basis for determining the net realizable value of different types of inventories □ Applicable √ Not applicable

The calculation method and basis for determining the net realizable value of each warehouse age combination based on the inventory age confirmation

□Applicable √Not applicable

17. Contract assets

√Applicable □Not applicable

Recognition methods and standards for contract assets

√Applicable □Not applicable

The Group lists the rights of the customer that have not paid the contract consideration, but the Group has fulfilled its performance obligations in accordance with the contract, and the right to receive payment from the customer is not unconditional (i.e. only depends on the passage of time) as contract assets in the balance sheet. Contract assets and contract liabilities under the same contract are presented on a net basis, and contract assets and contract liabilities under different contracts are not offset.

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

□Applicable √Not applicable

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Account aging calculation method based on aging confirmation credit risk characteristic combination

□Applicable √Not applicable

Judgment criteria for single provision based on the determination of individual provision for bad debts

□Applicable √Not applicable

18. Non-current assets or disposal groups held for sale

√Applicable □Not applicable

If the Group recovers its book value mainly through sale (including non-monetary asset exchange with commercial substance, the same below) rather than continued use of a non-current asset or disposal group, it will be classified as held for sale. The specific criteria are to meet the following conditions at the same time: a certain non-current asset or disposal group can be sold immediately under the current conditions according to the practice of selling such assets or disposal groups in similar transactions; the group has made a resolution on the sales plan and obtained a firm purchase commitment; the sale is expected to be completed within one year. Among them, a disposal group refers to a group of assets that are disposed of as a whole in a transaction through sale or other means, as well as the liabilities directly related to these assets transferred in the transaction. If the asset group or asset group combination to which the disposal group belongs has allocated the goodwill acquired in the business merger in accordance with the "Accounting Standards for Business Enterprises No. 8 - Asset Impairment", the disposal group shall include the goodwill allocated to the disposal group.

Recognition standards and accounting treatment methods for non-current assets or disposal groups classified as held for sale

√Applicable □Not applicable

When the Group initially measures or re-measures and divides the assets into non-current assets and disposal groups held for sale on the balance sheet date, if its book value is higher than the net amount of fair value minus selling expenses, the book value will be written down to the net amount of fair value minus selling expenses. The amount of the write-down is recognized as asset impairment loss and included in the current profit and loss, and at the same time, a provision for impairment of assets held for sale is made. For the disposal group, the recognized asset impairment loss is first deducted from the book value of the goodwill in the disposal group, and then deducted proportionally from the book value of various non-current assets in the disposal group that are subject to the measurement provisions of "Accounting Standards for Business Enterprises No. 42 - Non-current Assets Held for Sale, Disposal Groups and Discontinued Operations" (hereinafter referred to as the "Held for Sale Standards"). If the net amount of the fair value of the disposal group held for sale less the selling expenses increases on the subsequent balance sheet date, the previously written-down amount shall be restored and reversed within the amount of asset impairment loss recognized for non-current assets after being classified as held-for-sale and subject to the measurement provisions of the held-for-sale standards. The reversed amount shall be included in the current profit and loss, and According to the proportion of the book value of each non-current asset in the disposal group that is subject to the measurement requirements of the held-for-sale standards, except for goodwill, the book value is increased proportionally; the book value of goodwill that has been deducted, and the asset impairment losses recognized before the non-current assets are classified as held-for-sale categories are not reversed.

No depreciation or amortization is provided for non-current assets held for sale or non-current assets in the disposal group, and interest and other expenses on liabilities in the disposal group held for sale continue to be recognized.

When a non-current asset or disposal group no longer meets the classification conditions of the held-for-sale category, the Group will no longer classify it as a held-for-sale category or remove the non-current assets from the held-for-sale disposal group, and measure it according to the lower of the following two: (1) The book value before being classified as a held-for-sale category, adjusted for the depreciation, amortization or impairment that would have been recognized if it was not classified as a held-for-sale category; (2) The recoverable amount.

Determination standards and presentation methods for discontinued operations

√Applicable □Not applicable

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Discontinued operations refer to components that meet one of the following conditions and can be separately distinguished and have been disposed of or classified as held for sale by the group: ① The component represents an independent main business or a separate main operating area; ② The component is part of an associated plan to dispose of an independent main business or an independent main operating area; ③ The component is a subsidiary acquired specifically for resale.

The Group separately presents the profit and loss from discontinued operations in the income statement, and the operating profits and losses such as impairment losses and reversal amounts from discontinued operations, as well as the disposal profits and losses, are presented as the profits and losses from discontinued operations.

19. Long-term equity investment

√Applicable □Not applicable

The long-term equity investment referred to in this section refers to the long-term equity investment in which the Group has control, joint control or significant influence on the invested unit. Long-term equity investments that the Group does not have control, joint control or significant influence over the investee are accounted for as financial assets measured at fair value through profit or loss for the current period. If they are non-trading, the Group may choose to designate them as financial assets measured at fair value through other comprehensive income at the time of initial recognition. For details of their accounting policies, see Section 5.11 "Financial Instruments".

Joint control refers to the group's shared control over an arrangement in accordance with relevant agreements, and decisions on relevant activities of the arrangement must be made with the unanimous consent of the parties sharing control. Significant influence means that the Group has the power to participate in decision-making on the financial and operating policies of the investee, but it is not able to control or jointly control the formulation of these policies with other parties.

(1) Determination of investment cost

For long-term equity investments obtained through a business combination under common control, the initial investment cost of the long-term equity investment shall be the share of the book value of the shareholders' equity of the merged party in the consolidated financial statements of the ultimate controlling party on the date of merger. The difference between the initial investment cost of long-term equity investment and the cash paid, non-cash assets transferred and the book value of debts assumed shall be adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings shall be adjusted. If equity securities are issued as the merger consideration, on the merger date, the share of the book value of the shareholders' equity of the merged party in the consolidated financial statements of the ultimate controlling party will be used as the initial investment cost of the long-term equity investment, and the total face value of the shares issued will be used as equity capital. The difference between the initial investment cost of the long-term equity investment and the total face value of the shares issued will be adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings will be adjusted. If the equity of the merged party under the same control is acquired step by step through multiple transactions, and the merger of enterprises under the same control is finally formed, it should be dealt with whether it belongs to a "package transaction": if it belongs to a "package transaction", each transaction will be accounted for as a transaction to obtain control. If it is not a "package transaction", the share of the book value of the merged party's shareholders' equity in the final controlling party's consolidated financial statements on the merger date will be used as the initial investment cost of the long-term equity investment. The difference between the initial investment cost of the long-term equity investment and the book value of the long-term equity investment before the merger plus the book value of the new consideration for further acquisition of shares on the merger date will be adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings will be adjusted. Equity investments held before the merger date are not subject to accounting treatment because they are accounted for using the equity method or recognized as financial assets at fair value with changes included in other comprehensive income.

For long-term equity investments obtained through a business combination not under common control, the initial investment cost of the long-term equity investment shall be the merger cost on the acquisition date. The merger cost includes the sum of the assets paid by the purchaser, liabilities incurred or assumed, and the fair value of the equity securities issued. Where the equity of the purchased party is acquired step by step through multiple transactions, ultimately forming a business combination not under common control,

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Whether it belongs to a "package transaction" should be treated separately: if it belongs to a "package transaction", each transaction will be accounted for as a transaction that obtains control. If it does not belong to a "package transaction", the initial investment cost of the long-term equity investment that is accounted for using the cost method shall be the sum of the original book value of the equity investment in the purchased party plus the new investment cost. If the originally held equity is accounted for using the equity method, the related other comprehensive income will not be subject to accounting treatment for the time being.

Intermediary fees such as auditing, legal services, evaluation and consulting, and other related administrative expenses incurred by the merging party or purchaser during a business merger shall be included in the current profit and loss when incurred.

Equity investments other than long-term equity investments formed through business combinations are initially measured at cost. Depending on the way the long-term equity investment is acquired, the cost is determined based on the actual cash purchase price paid by the group, the fair value of the equity securities issued by the group, the value stipulated in the investment contract or agreement, the fair value or original book value of the assets exchanged in non-monetary asset exchange transactions, the fair value of the long-term equity investment itself, etc. Fees, taxes and other necessary expenses directly related to obtaining long-term equity investment are also included in the investment cost. For additional investments that can exert significant influence on the investee or implement joint control but do not constitute control, the cost of long-term equity investment is the sum of the fair value of the original equity investment determined in accordance with the "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments" plus the cost of the new investment.

(2) Subsequent measurement and profit and loss recognition methods

Long-term equity investments that have joint control (except for joint operators) or significant influence on the investee unit are accounted for using the equity method. In addition, the company's financial statements adopt the cost method to account for long-term equity investments that can control the invested unit. ①Long-term equity investment accounted for by cost method

When accounting using the cost method, long-term equity investment is valued at the initial investment cost, and the cost of long-term equity investment is adjusted when additional investment or withdrawal of investment is made. Except for the actual price paid when acquiring the investment or the cash dividends or profits that have been declared but not yet distributed included in the consideration, the current investment income is recognized according to the cash dividends or profits declared and distributed by the investee.

②Long-term equity investment accounted for by equity method

When accounting using the equity method, if the initial investment cost of a long-term equity investment is greater than the fair value share of the investee's identifiable net assets at the time of investment, the initial investment cost of the long-term equity investment will not be adjusted; if the initial investment cost is less than the fair value share of the investee's identifiable net assets at the time of investment, the difference will be included in the current profit and loss, and the cost of the long-term equity investment will be adjusted at the same time.

When accounting using the equity method, investment income and other comprehensive income are recognized respectively according to the share of the net profit or loss and other comprehensive income realized by the invested unit, and the book value of the long-term equity investment is adjusted at the same time. The book value of the long-term equity investment is calculated based on the profit or cash dividend declared by the investee to be distributed, and the book value of the long-term equity investment is reduced accordingly. For other changes in the owner's equity of the investee other than net profit or loss, other comprehensive income and profit distribution, the book value of the long-term equity investment is adjusted and included in the capital reserve. When confirming the share of the investee's net profits and losses, the net profit of the investee is adjusted and recognized based on the fair value of the investee's identifiable assets when the investment is obtained. If the accounting policies and accounting periods adopted by the investee are inconsistent with those of the Group, the financial statements of the investee will be adjusted in accordance with the Group's accounting policies and accounting periods, and investment income and other comprehensive income will be recognized accordingly. For transactions between the Group and its associates and joint ventures, if the assets invested or sold do not constitute business, the unrealized profits and losses from internal transactions will be offset at the proportion attributable to the Group, and investment gains and losses will be recognized on this basis. However, unrealized internal transaction losses between the Group and its investees are

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Any impairment loss on the transferred assets shall not be offset. If the assets invested by the Group into a joint venture or associated enterprise constitute a business, and the investor obtains a long-term equity investment but does not obtain control, the fair value of the invested business shall be used as the initial investment cost of the new long-term equity investment. The difference between the initial investment cost and the book value of the invested business shall be fully included in the current profit and loss. If the assets sold by the Group to joint ventures or associates constitute a business, the difference between the consideration obtained and the book value of the business shall be fully included in the current profit and loss. If the assets purchased by the Group from associates and joint ventures constitute a business, accounting treatment shall be carried out in accordance with the provisions of "Accounting Standards for Business Enterprises No. 20 - Business Merger", and the gains or losses related to the transaction shall be recognized in full.

When confirming the share of the net losses incurred by the investee, the book value of the long-term equity investment and other long-term interests that essentially constitute the net investment in the investee are reduced to zero. In addition, if the Group has an obligation to bear additional losses to the investee, it will recognize estimated liabilities based on the estimated obligations and include them in the current investment losses. If the investee realizes net profit in the subsequent period, the Group will resume recognition of the income sharing amount after the income sharing amount makes up for the unrecognized loss sharing amount.

①Acquisition of minority shares

When preparing consolidated financial statements, the difference between the new long-term equity investment due to the purchase of minority shares and the share of the subsidiary's net assets calculated continuously from the purchase date (or merger date) based on the new shareholding ratio will be adjusted to the capital reserve. If the capital reserve is insufficient for offset, the retained earnings will be adjusted.

②Disposal of long-term equity investments

In the consolidated financial statements, if the parent company partially disposes of the long-term equity investment in the subsidiary without losing control, the difference between the disposal price and the net assets of the subsidiary corresponding to the disposal of the long-term equity investment will be included in shareholders' equity; if the parent company partially disposes of the long-term equity investment in the subsidiary, resulting in the loss of control over the subsidiary, it shall be handled in accordance with the relevant accounting policies described in Section 5.7, "Judgment Standards for Control and Methods for Preparing Consolidated Financial Statements" (2).

For the disposal of long-term equity investments under other circumstances, the difference between the book value of the disposed equity and the actual price obtained shall be included in the current profit and loss.

For long-term equity investments accounted for using the equity method, if the remaining equity after disposal is still accounted for using the equity method, the portion of other comprehensive income originally included in shareholders' equity at the time of disposal will be accounted for in proportion and on the same basis as if the investee directly disposed of relevant assets or liabilities. Owner's equity recognized due to changes in other owners' equity of the investee other than net profit and loss, other comprehensive income and profit distribution shall be carried forward to the current profit and loss on a proportional basis.

For long-term equity investments accounted for using the cost method, if the remaining equity after disposal is still accounted for using the cost method, other comprehensive income recognized by using the equity method or financial instrument recognition and measurement standards before obtaining control over the investee shall be calculated using the method directly related to the investee. Accounting treatment is carried out on the same basis as the disposal of relevant assets or liabilities, and the profits and losses of the current period are carried forward in proportion; changes in other owners' equity other than net profits and losses, other comprehensive income and profit distribution in the net assets of the investee recognized due to the use of equity method accounting are carried forward to the profits and losses of the current period in proportion.

If the Group loses control of the invested unit due to the disposal of part of its equity investment, when preparing individual financial statements, if the remaining equity after disposal can jointly control or exert significant influence on the invested unit, it will be accounted for according to the equity method, and the remaining equity will be deemed to have been accounted for using the equity method from the time of acquisition and adjusted; if the remaining equity after disposal cannot jointly control or exert significant influence on the invested unit, it will be accounted for according to the relevant provisions of the Financial Instrument Recognition and Measurement Standards, and it will be accounted for in accordance with the relevant provisions of the Financial Instrument Recognition and Measurement Standards on the date of loss of control.

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The difference between the fair value and the book value is included in the current profit and loss. For other comprehensive income recognized due to the use of equity method accounting or financial instrument recognition and measurement standards before the Group obtains control of the invested unit, when it loses control of the invested unit, it will be accounted for on the same basis as the invested unit's direct disposal of relevant assets or liabilities. Other changes in owner's equity in the net assets of the invested unit recognized due to the use of equity method accounting, except for net profit and loss, other comprehensive income and profit distribution, will be carried forward to the current profit and loss when it loses control of the invested unit. Among them, if the remaining equity after disposal is accounted for using the equity method, other comprehensive income and other owners' equity will be carried forward in proportion; if the remaining equity after disposal is accounted for in accordance with the financial instrument recognition and measurement standards, all other comprehensive income and other owners' equity will be carried forward.

If the Group loses joint control or significant influence on the investee due to the disposal of part of its equity investment, the remaining equity after disposal will be accounted for in accordance with the financial instrument recognition and measurement standards, and the difference between its fair value and book value on the date of loss of joint control or significant influence will be included in the current profit and loss. Other comprehensive income recognized due to the use of the equity method for accounting in the original equity investment will be accounted for on the same basis as the investee's direct disposal of relevant assets or liabilities when the use of the equity method is terminated. Owner's equity recognized due to changes in the investee's other owner's equity other than net profit and loss, other comprehensive income and profit distribution will all be transferred to the investment income of the current period when the use of the equity method is discontinued.

The Group disposes of its equity investment in subsidiaries step by step through multiple transactions until it loses control. If the above-mentioned transactions are a package deal, each transaction will be accounted for as a transaction that disposes of the equity investment in the subsidiary and loses control. Before the loss of control, the difference between the price of each disposal and the book value of the long-term equity investment corresponding to the equity disposed is first recognized as other comprehensive income, and when control is lost, it will be transferred to the current profit and loss of the loss of control.

20. Investment real estate

(1) If the cost measurement model is adopted

Investment property is property held to earn rentals or for capital appreciation, or both. Including leased land use rights, land use rights held and prepared to be transferred after appreciation, leased buildings, etc. In addition, for vacant buildings held by the Group for operating leasing, if the board of directors (or similar organization) makes a written resolution clearly stating that the building will be used for operating leasing and the holding intention will not change in the short term, it will also be reported as investment real estate.

Investment properties are initially measured at cost. Subsequent expenditures related to investment real estate shall be included in the cost of investment real estate if the economic benefits related to the asset are likely to flow in and its cost can be measured reliably. Other subsequent expenditures shall be included in the current profits and losses when incurred.

The Group adopts the cost model for subsequent measurement of investment properties, and conducts depreciation or amortization in accordance with policies consistent with buildings or land use rights.

For details on the impairment testing method and impairment provision method for investment real estate, please refer to Section V. 27 "Impairment of Long-term Assets" in this section.

When self-use real estate or inventory is converted into investment real estate or investment real estate is converted into self-use real estate, the book value before conversion shall be used as the entry value after conversion.

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When the investment real estate is disposed of, or is permanently withdrawn from use and no economic benefits are expected to be obtained from its disposal, the investment real estate shall be derecognized. The disposal income from the sale, transfer, scrapping or damage of investment real estate shall be included in the current profit and loss after deducting its book value and relevant taxes.

21. Fixed assets

(1) Confirmation conditions

√Applicable □Not applicable

Fixed assets refer to tangible assets held for the production of goods, provision of labor services, leasing or operation and management, and with a useful life of more than one accounting year. Fixed assets are recognized only when the economic benefits related to them are likely to flow to the Group and their costs can be measured reliably. Fixed assets are initially measured at cost and taking into account the impact of expected disposal costs.

(2) Depreciation method

√Applicable □Not applicable

Depreciation is calculated using the straight-line method over the useful life of a fixed asset starting from the month after it reaches its intended usable condition. The useful lives, estimated net residual values and annual depreciation rates of various types of fixed assets are as follows:

Category Depreciation method Depreciation life (years) Residual value rate (%) Annual depreciation rate (%) Houses and buildings Average life method 30-35 4.00 2.74-3.20 Machinery and equipment Average life method 10 4.00 9.60

Transportation equipment average age method 6 3.00 16.17

Other equipment Average age method 5 3.00 19.40

The estimated net residual value refers to the amount currently obtained by the Group from the disposal of the asset after deducting the estimated disposal expenses, assuming that the fixed asset has reached its expected useful life and is in its expected state at the end of its useful life.

(3) Impairment testing method and impairment provision accrual method for fixed assets

For details on the impairment testing method and impairment provision accrual method for fixed assets, please refer to Section V. 27 "Impairment of Long-term Assets" in this section.

(4) Other instructions

Subsequent expenditures related to a fixed asset, if the economic benefits related to the fixed asset are likely to flow in and its cost can be measured reliably, will be included in the cost of the fixed asset, and the book value of the replaced part will be derecognized. Other subsequent expenditures other than these shall be included in the current profits and losses when incurred.

When a fixed asset is in a state of disposal or no economic benefits are expected to be generated through use or disposal, the fixed asset is derecognised. The difference between the disposal income from the sale, transfer, scrapping or damage of fixed assets after deducting their book value and relevant taxes is included in the current profit and loss. The Group will review the useful life, estimated net residual value and depreciation method of fixed assets at least at the end of the year. If any changes occur, they will be treated as changes in accounting estimates.

22. Projects under construction

√Applicable □Not applicable

The cost of construction in progress is determined based on actual project expenditures, including various project expenditures incurred during the construction period, capitalized borrowing costs before the project reaches its intended usable state, and other related expenses. For details on the impairment test method and impairment provision accrual method for projects under construction, please refer to Section 5.27 "Impairment of Long-term Assets".

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23. Borrowing costs

√Applicable □Not applicable

Borrowing costs include borrowing interest, amortization of discounts or premiums, auxiliary expenses, and exchange differences arising from foreign currency borrowings. Borrowing costs directly attributable to the acquisition, construction or production of assets that meet the capitalization conditions shall be capitalized when asset expenditures have been incurred, borrowing costs have been incurred, and the acquisition, construction or production activities necessary to bring the assets to the intended usable or salable state have begun; capitalization shall cease when the assets purchased, constructed or produced that meet the capitalization conditions have reached the intended usable or salable state. The remaining borrowing costs are recognized as expenses in the current period.

The interest expenses actually incurred on special borrowings in the current period shall be capitalized after deducting the interest income from unused borrowed funds deposited in banks or investment income from temporary investments; the capitalization amount of general borrowings shall be determined based on the weighted average of asset disbursements exceeding the part of special borrowings multiplied by the capitalization rate of the occupied general borrowings. The capitalization rate is calculated and determined based on the weighted average interest rate of general borrowings.

During the capitalization period, all exchange differences on special foreign currency borrowings are capitalized; exchange differences on general foreign currency borrowings are included in the current profits and losses.

Assets that qualify for capitalization refer to fixed assets, investment real estate, inventories and other assets that require a considerable period of acquisition, construction or production activities to reach the intended usable or salable state.

If an asset that meets the capitalization conditions is abnormally interrupted during the acquisition, construction or production process, and the interruption lasts for more than 3 months, the capitalization of borrowing costs will be suspended until the acquisition, construction or production activities of the asset are restarted.

24. Biological assets

□Applicable √Not applicable

25. Oil and gas assets

□Applicable √Not applicable

26. Intangible assets

(1) Useful life and its basis for determination, estimation, amortization method or review procedure

√Applicable □Not applicable

Intangible assets refer to identifiable non-monetary assets without physical form owned or controlled by the Group.

Intangible assets are initially measured at cost. Expenditures related to intangible assets are included in the cost of intangible assets if the relevant economic benefits are likely to flow to the Group and their costs can be measured reliably. Expenditures on other items other than these are included in the current profits and losses when incurred.

Acquired land use rights are usually accounted for as intangible assets. For self-developed and constructed factories and other buildings, the related land use right expenditures and building construction costs are accounted for as intangible assets and fixed assets respectively. In the case of outsourced houses and buildings, the relevant price will be allocated between the land use rights and the buildings. If it is difficult to reasonably distribute them, all of them will be treated as fixed assets.

From the time when an intangible asset with a limited service life becomes available for use, its original value minus the estimated net residual value and the cumulative amount of impairment reserves that have been provided are amortized evenly in installments using the straight-line method over its estimated service life. Intangible assets with indefinite useful lives are not amortized.

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The useful life and amortization method of the Group’s intangible assets are as follows:

Item Useful life (years) Annual amortization rate (%)

Land use rights 50 2.00

Non-patented technology 5-10 10.00-20.00

Patented technology 5-10 10.00-20.00

Trademark 5-10 10.00-20.00

Office software 3-5 20.00-33.33

Others determined based on expected benefit period

At the end of the period, the service life and amortization method of intangible assets with limited service life are reviewed, and any changes are treated as changes in accounting estimates. In addition, the service life of intangible assets with indefinite service life is also reviewed. If there is evidence that the intangible asset will bring economic benefits to the enterprise for a foreseeable period, its service life is estimated and amortized in accordance with the amortization policy for intangible assets with limited service life.

For details on the impairment testing method and impairment provision accrual method for intangible assets, please refer to Section V. 27 "Impairment of Long-term Assets" in this section.

(2) Scope of aggregation of R&D expenditures and related accounting treatment methods

√Applicable □Not applicable

The Group's internal research and development project expenditures are divided into research stage expenditures and development stage expenditures.

Expenditures in the research stage are included in the current profits and losses when incurred.

Expenditures in the development stage that meet the following conditions at the same time are recognized as intangible assets. Expenditures in the development stage that do not meet the following conditions are included in the current profit and loss:

① It is technically feasible to complete the intangible asset so that it can be used or sold;

② Have the intention to complete the intangible asset and use or sell it;

③The way intangible assets generate economic benefits includes being able to prove that there is a market for the products produced using the intangible assets or that the intangible assets themselves have a market. If the intangible assets will be used internally, their usefulness can be proven;

④ Have sufficient technical, financial and other resource support to complete the development of the intangible assets, and have the ability to use or sell the intangible assets;

⑤ The expenditures attributable to the development stage of the intangible asset can be measured reliably.

If it is impossible to distinguish between expenditures in the research stage and expenditures in the development stage, all R&D expenditures incurred will be included in the current profit and loss.

27. Impairment of long-term assets

√Applicable □Not applicable

For non-current non-financial assets such as fixed assets, projects under construction, right-of-use assets, intangible assets with limited useful lives, investment properties measured using the cost model, and long-term equity investments in subsidiaries, joint ventures, and associates, the Group determines whether there are signs of impairment on the balance sheet date. If there is any indication of impairment, the recoverable amount is estimated and an impairment test is performed. Goodwill, intangible assets with indefinite useful lives and intangible assets that have not yet reached a usable state are subject to impairment testing every year regardless of whether there are signs of impairment.

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If the impairment test results show that the recoverable amount of the asset is lower than its book value, impairment provisions will be made based on the difference and included in the impairment loss. The recoverable amount is the higher of the asset's fair value less disposal costs and the present value of the asset's expected future cash flows. The fair value of an asset is determined based on the sales agreement price in a fair transaction; if there is no sales agreement but there is an active market for the asset, the fair value is determined based on the buyer's bid for the asset; if there is no sales agreement and there is an active market for the asset, the fair value of the asset is estimated based on the best information available. Disposal costs include legal fees, related taxes, transportation fees and direct costs incurred in bringing the assets to a salable condition. The present value of the estimated future cash flows of an asset is determined by selecting an appropriate discount rate to discount the estimated future cash flows generated during the continued use and final disposal of the asset. Asset impairment provisions are calculated and recognized on the basis of individual assets. If it is difficult to estimate the recoverable amount of an individual asset, the recoverable amount of the asset group to which the asset belongs is determined. An asset group is the smallest combination of assets that can independently generate cash inflows.

For goodwill that is presented separately in the financial statements, when performing impairment testing, the book value of the goodwill is allocated to the asset group or combination of asset groups that are expected to benefit from the synergy effects of the business combination. If the test results show that the recoverable amount of an asset group or combination of asset groups containing amortized goodwill is lower than its book value, the corresponding impairment loss will be recognized. The amount of impairment loss first deducts the book value of the goodwill allocated to the asset group or asset group combination, and then deducts the book value of other assets in proportion to the proportion of the book value of other assets in the asset group or asset group combination except goodwill.

Once the above-mentioned asset impairment losses are recognized, the portion whose value has been restored will not be reversed in subsequent periods.

28. Long-term deferred expenses

√Applicable □Not applicable

Long-term deferred expenses are expenses that have been incurred but should be borne by the reporting period and subsequent periods with an amortization period of more than one year. The Group's long-term deferred expenses mainly include various expenses such as right-of-use asset improvement expenses. Long-term deferred expenses are amortized on a straight-line basis over the expected benefit period.

29. Contract liabilities

√Applicable □Not applicable

Contract liabilities refer to the Group’s obligation to transfer goods to customers for consideration received or receivable from customers. If the customer has paid the contract consideration or the Group has obtained the unconditional right to receive payment before the Group transfers the goods to the customer, the Group will list the amount received or receivable as a contract liability at the earlier of the actual payment by the customer and the amount due. Contract assets and contract liabilities under the same contract are presented on a net basis, and contract assets and contract liabilities under different contracts are not offset.

30. Employee compensation

(1) Accounting treatment of short-term compensation

√Applicable □Not applicable

The Group's employee benefits mainly include short-term employee benefits, post-employment benefits and termination benefits. Among them:

Short-term compensation mainly includes wages, bonuses, allowances and subsidies, employee welfare fees, medical insurance premiums, maternity insurance premiums, work-related injury insurance premiums, housing provident funds, labor union funds and employee education funds, non-monetary benefits, etc. The Group’s current employees provide the Group with

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During the accounting period of service, the actual short-term employee compensation is recognized as a liability and included in the current profit and loss or related asset costs. Among them, non-monetary benefits are measured at fair value.

(2) Accounting treatment of post-employment benefits

√Applicable □Not applicable

Post-employment benefits mainly include basic pension insurance, unemployment insurance, etc. Post-employment benefit plans include defined contribution plans. If a defined contribution plan is adopted, the corresponding deposit amount payable shall be included in the relevant asset cost or current profit and loss when incurred.

(3) Accounting treatment of dismissal benefits

√Applicable □Not applicable

When the Group terminates the labor relationship with employees before the expiration of the employee's labor contract, or makes a proposal to provide compensation to encourage employees to voluntarily accept redundancy, when the Group cannot unilaterally withdraw the dismissal benefits provided by the termination of labor relationship plan or layoff proposal, and the Group recognizes the costs related to the restructuring involving the payment of dismissal benefits, whichever is earlier, the employee compensation liabilities arising from the dismissal benefits are recognized and included in the current profit and loss. However, if dismissal benefits are not expected to be fully paid twelve months after the end of the annual reporting period, they will be treated as other long-term employee benefits.

Internal employee retirement plans are treated on the same principles as the above-mentioned termination benefits. The Group will include the wages and social insurance premiums to be paid to early retirees from the date when the employees stop providing services to the normal retirement date, etc., when they meet the conditions for recognition of estimated liabilities, and included in the current profit and loss (dismissal benefits).

(4) Accounting treatment methods for other long-term employee benefits

√Applicable □Not applicable

Other long-term employee benefits provided by the Group to employees that comply with the defined contribution plan shall be accounted for in accordance with the defined contribution plan; otherwise, they shall be accounted for in accordance with the defined benefit plan.

31. Estimated liabilities

√Applicable □Not applicable

When obligations related to contingencies meet the following conditions at the same time, they are recognized as estimated liabilities: (1) The obligation is a current obligation assumed by the Group; (2) Fulfillment of the obligation is likely to result in an outflow of economic benefits; (3) The amount of the obligation can be measured reliably. On the balance sheet date, estimated liabilities are measured based on the best estimate of the expenditure required to fulfill the relevant current obligations, taking into account factors such as risks, uncertainties and the time value of money related to contingencies.

If all or part of the expenses required to settle estimated liabilities are expected to be compensated by a third party, the compensation amount will be recognized separately as an asset when it is basically certain that it will be received, and the recognized compensation amount will not exceed the book value of the estimated liabilities.

(1) Loss-making contract

Onerous contracts are contracts in which the unavoidable costs of fulfilling contractual obligations exceed the expected economic benefits. If a contract to be executed becomes a loss-making contract, and the obligations arising from the loss-making contract meet the above recognition conditions for estimated liabilities, the excess of the expected losses from the contract over the recognized impairment losses (if any) of the underlying assets of the contract shall be recognized as estimated liabilities.

(2) Reorganization obligations

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For a reorganization plan that is detailed, formal and has been announced to the outside world, if the aforementioned recognition conditions for estimated liabilities are met, the amount of estimated liabilities will be determined based on the direct expenditures related to the restructuring. For restructuring obligations to sell part of the business, the obligations related to the restructuring will only be recognized when the Group commits to sell part of the business (i.e. a binding sale agreement is signed).

32. Share-based payment

√Applicable □Not applicable

(1) Accounting treatment method for share-based payment

Share-based payment is a transaction in which equity instruments are granted or liabilities determined based on equity instruments are granted in order to obtain services from employees or other parties. Share-based payment is divided into equity-settled share-based payment and cash-settled share-based payment.

① Equity-settled share-based payment

Equity-settled share-based payments in exchange for services provided by employees are measured at the fair value of the equity instruments granted to employees on the date of grant. If the amount of the fair value becomes exercisable after completing the services during the waiting period or meeting the specified performance conditions, it will be calculated on a straight-line basis and included in the relevant costs or expenses during the waiting period based on the best estimate of the number of exercisable equity instruments. If the amount becomes exercisable immediately after the grant, the amount will be included in the relevant costs or expenses on the date of grant, and the capital reserve will be increased accordingly.

On each balance sheet date during the waiting period, the Group makes its best estimate based on the latest changes in the number of vested employees and other subsequent information, and revise the number of equity instruments expected to be vested. The impact of the above estimates is included in the relevant costs or expenses of the current period, and the capital reserve is adjusted accordingly.

For equity-settled share-based payments in exchange for services from other parties, if the fair value of the other party's services can be reliably measured, it will be measured based on the fair value of the other party's services on the date of acquisition. If the fair value of the other party's services cannot be reliably measured, but the fair value of the equity instrument can be reliably measured, it will be measured based on the fair value of the equity instrument on the date of service acquisition, and will be included in relevant costs or expenses, and shareholders' equity will be increased accordingly.

②Cash-settled share-based payment

Cash-settled share-based payments are measured based on the fair value of the liabilities assumed by the Group based on shares or other equity instruments. If the right becomes exercisable immediately after grant, the relevant costs or expenses will be included on the date of grant, and liabilities will be increased accordingly; if the right is exercisable only after services within the waiting period are completed or specified performance conditions are met, on each balance sheet date of the waiting period, based on the best estimate of the exercitation situation and the fair value of the liability borne by the group, the services obtained in the current period will be included in costs or expenses, and liabilities will be increased accordingly.

On each balance sheet date and settlement date before the settlement of relevant liabilities, the fair value of the liability is remeasured, and its changes are included in the current profit and loss.

(2) Relevant accounting treatment for modifying and terminating share-based payment plans

When the Group modifies the share-based payment plan, if the modification increases the fair value of the equity instruments granted, the increase in services obtained will be recognized accordingly based on the increase in the fair value of the equity instruments. The increase in the fair value of equity instruments refers to the difference between the fair values ​​of the equity instruments before and after the modification on the modification date. If the modification reduces the total fair value of share-based payment or adopts other methods that are unfavorable to employees, the accounting treatment for the services obtained will continue, and it will be deemed that the change has never occurred, unless the group cancels some or all of the equity instruments that have been granted.

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During the waiting period, if the granted equity instruments are canceled, the Group will treat the cancellation of the granted equity instruments as accelerated exercise, and the amount that should be recognized during the remaining waiting period will be immediately included in the current profit and loss, and the capital reserve will be recognized at the same time. If employees or other parties can choose to meet the non-vesting conditions but fail to do so within the waiting period, the Group will treat it as the cancellation of the equity instruments granted. (3) Accounting treatment involving share-based payment transactions between the group and the company’s shareholders or actual controllers

For share-based payment transactions involving the group and the company's shareholders or actual controllers, if one of the settlement enterprise and the service-receiving enterprise is within the group and the other is outside the group, accounting treatment will be carried out in the group's consolidated financial statements in accordance with the following provisions:

① If the settlement enterprise settles the transaction with its own equity instruments, the share-based payment transaction will be treated as equity-settled share-based payment; otherwise, the share-based payment transaction will be treated as cash-settled share-based payment.

If the settlement enterprise is an investor in the enterprise that receives services, it shall be recognized as a long-term equity investment in the enterprise that receives services based on the fair value of the equity instruments or the fair value of the liabilities on the date of grant, and the capital reserve (other capital reserve) or liabilities shall be recognized at the same time.

② If the service-receiving enterprise has no settlement obligation or the equity instruments granted to the employees of the enterprise are its own equity instruments, the share-based payment transaction shall be treated as equity-settled share-based payment; if the service-receiving enterprise has settlement obligations and the equity instruments granted to the employees of the enterprise are not its own equity instruments, the share-based payment transaction shall be treated as cash-settled share-based payment.

For share-based payment transactions that occur between enterprises within the group, if the service-receiving enterprise and the settlement enterprise are not the same enterprise, the recognition and measurement of the share-based payment transaction in the respective financial statements of the service-receiving enterprise and the settlement enterprise shall be handled in accordance with the above principles.

33. Preferred shares, perpetual bonds and other financial instruments

□Applicable √Not applicable

34. Income

(1) Disclose the accounting policies adopted for revenue recognition and measurement according to business type

√Applicable □Not applicable

Income is the total inflow of economic benefits generated by the Group in its daily activities that will lead to an increase in shareholders' equity and have nothing to do with the capital invested by shareholders. When the contract between the Group and the customer meets the following conditions at the same time, revenue is recognized when the customer obtains control of the relevant goods (including services, the same below): the parties to the contract have approved the contract and promised to perform their respective obligations; the contract clarifies the rights and obligations of the parties to the contract related to the transferred goods or the provision of services; the contract has clear payment terms related to the transferred goods; the contract has commercial substance, that is, the performance of the contract will change the risk, time distribution or amount of the Group's future cash flows; the consideration that the Group is entitled to receive for transferring goods to the customer is likely to be recovered. Among them, obtaining control over relevant commodities means being able to direct the use of the commodities and obtain almost all economic benefits from them. On the contract inception date, the Group identifies each individual performance obligation that exists in the contract, and allocates the transaction price to each individual performance obligation in accordance with the relative proportion of the stand-alone selling price of the goods promised by each individual performance obligation. When determining the transaction price, the impact of variable consideration, significant financing components in the contract, non-cash consideration, consideration payable to customers and other factors was considered.

For each individual performance obligation in the contract, if one of the following conditions is met, the Group will recognize the transaction price allocated to the individual performance obligation as revenue according to the performance progress within the relevant performance period: the customer obtains and consumes the economic benefits brought by the Group's performance at the same time as the Group performs the contract; the customer can control the goods under construction during the Group's performance; the Group's performance process

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The goods produced in the contract have irreplaceable uses, and the Group has the right to receive payment for the cumulative performance part completed so far during the entire contract period. The progress of contract performance is determined using the input method or the output method based on the nature of the transferred goods. When the progress of contract performance cannot be reasonably determined and the costs incurred by the Group are expected to be compensated, revenue will be recognized based on the amount of costs incurred until the progress of contract performance can be reasonably determined.

If one of the above conditions is not met, the Group will recognize revenue based on the transaction price allocated to the individual performance obligation at the point when the customer obtains control of the relevant goods. When judging whether a customer has obtained control of a commodity, the Group considers the following signs: the enterprise has a current right to receive payment for the commodity, that is, the customer has a current payment obligation for the commodity; the enterprise has transferred the legal ownership of the commodity to the customer, that is, the customer already has legal ownership of the commodity; the enterprise has The commodity is physically transferred to the customer, which means that the customer has physically taken possession of the commodity; the enterprise 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; the customer has accepted the commodity; and other signs indicate that the customer has obtained control of the commodity.

The Group's income includes income from the sale of goods, income from the provision of labor services and income from the transfer of asset use rights.

(1) Product sales revenue

The Group's business of selling goods usually only includes the transfer of performance obligations for goods. When the goods have been shipped and the customer's receipt is received, the control of the goods is transferred, and the Group recognizes the realization of revenue at that point. The Group has no significant financing component.

If the contract between the Group and the customer contains a clause that creates variable consideration, the Group determines the best estimate of the variable consideration based on the expected value or the most likely amount, but the transaction price containing the variable consideration does not exceed the amount at which a significant reversal of the cumulative recognized revenue is unlikely to occur when the relevant uncertainty is eliminated.

If there is a sales return clause in the contract for the Group's sales of goods, when the customer obtains control of the relevant goods, the Group will recognize revenue based on the amount of consideration that it is expected to be entitled to receive for transferring the goods to the customer, and recognize liabilities based on the amount expected to be refunded due to sales return; at the same time, the book value of the goods expected to be returned when the goods are transferred, minus the expected cost of recovering the goods (including the value impairment of the returned goods), will be recognized as an asset. The book value of the transferred goods at the time of transfer, less the net carry-over cost of the above-mentioned asset costs. On each balance sheet date, the Group re-estimates future sales returns and re-measures the above assets and liabilities.

The company's specific revenue recognition method is: when the company sells products, the sales revenue is recognized after the goods are delivered to the buyer and confirmed.

(2) Providing labor service income

The Group provides services to customers, because when the Group performs the contract, the customer obtains and consumes the economic benefits brought by the Group's performance. Revenue is recognized over a period of time based on the progress of the contract. The method for determining the progress of the contract is the output method, which is determined based on the completion percentage.

(3) Income from royalties

According to relevant contracts or agreements, revenue is recognized on an accrual basis.

(2) Similar businesses using different business models involve different revenue recognition methods and measurement methods

□Applicable √Not applicable

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35. Contract costs

√Applicable □Not applicable

The incremental costs incurred by the Group to obtain the contract are expected to be recovered and are recognized as an asset as the contract acquisition cost. However, if the amortization period of the asset does not exceed one year, it will be included in the current profit and loss when incurred.

If the cost incurred to perform the contract does not fall within the scope of other accounting standards other than "Accounting Standards for Business Enterprises No. 14 - Revenue (2017 Revision)" and meets the following conditions at the same time, it is recognized as an asset as the cost of contract performance: ① The cost is consistent with a current or expected withdrawal. are directly related to the contract obtained, including direct labor, direct materials, manufacturing overhead (or similar expenses), costs clearly borne by the customer, and other costs incurred solely because of the contract; ② This cost increases the Group's future resources for fulfilling performance obligations; ③ This cost is expected to be recovered.

Assets related to contract costs are amortized on the same basis as the commodity revenue recognition related to the asset and included in the current profit and loss.

When the book value of an asset related to the contract cost is higher than the difference between the following two items, an impairment provision is made for the excess and the asset impairment loss is recognized: (1) The remaining consideration expected to be obtained from the transfer of the goods related to the asset; (2) The estimated cost to be incurred for the transfer of the related goods. When factors causing impairment in previous periods subsequently change, causing the difference between (1) minus (2) in the preceding paragraph to be higher than the book value of the asset, the asset impairment provision that has been previously accrued shall be reversed and included in the current profit and loss, but the book value of the asset after reversal shall not exceed the book value of the asset on the date of reversal if no impairment provision was made.

36. Government subsidies

√Applicable □Not applicable

Government subsidies refer to the monetary assets and non-monetary assets obtained by the Group from the government free of charge, excluding the capital invested by the government as an investor and enjoying the corresponding owner's rights and interests. Government subsidies are divided into asset-related government subsidies and income-related government subsidies. The Group defines government subsidies obtained for the purchase, construction or other formation of long-term assets as asset-related government subsidies; the remaining government subsidies are defined as income-related government subsidies. If the government document does not clearly stipulate the subsidy object, the following method will be used to divide the subsidy into income-related government subsidies and asset-related government subsidies: (1) If the government document clarifies the specific project for which the subsidy is targeted, the expenditure of the asset will be formed in the budget of the specific project. The amount and the relative proportion of the expenditure included in expenses shall be divided. The division proportion shall be reviewed on each balance sheet date and changed if necessary; (2) If the purpose is only a general statement in the government document and no specific project is specified, it shall be regarded as a government subsidy related to income. If government subsidies are monetary assets, they shall be measured based on the amount received or receivable. If the government subsidy is a non-monetary asset, it shall be measured at fair value; if the fair value cannot be obtained reliably, it shall be measured at the nominal amount. Government subsidies measured according to the nominal amount are directly included in the current profit and loss.

Government subsidies related to assets are recognized as deferred income and included in current profits and losses in installments in a reasonable and systematic manner within the useful life of the relevant assets. If government subsidies related to income are used to compensate for relevant costs, expenses or losses in the future period, they are recognized as deferred income and included in the current profit and loss during the period when the relevant costs, expenses or losses are recognized; if they are used to compensate for relevant costs, expenses or losses that have already occurred, they are directly included in the current profits and losses.

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Government subsidies that include both asset-related parts and income-related parts are distinguished and accounted for separately. If it is difficult to distinguish, the whole is classified as income-related government subsidies.

Government subsidies related to the daily activities of the Group shall be included in other income or offset related costs and expenses according to the nature of the economic business; government subsidies unrelated to daily activities shall be included in non-operating income and expenses.

When a confirmed government subsidy needs to be returned, if there is a relevant deferred income balance, the book balance of the relevant deferred income will be offset, and the excess will be included in the current profit and loss; in other cases, it will be directly included in the current profit and loss.

37. Deferred income tax assets/deferred income tax liabilities

√Applicable □Not applicable

(1) Current income tax

On the balance sheet date, current income tax liabilities (or assets) formed in the current and previous periods are measured based on the amount of income tax expected to be paid (or refunded) calculated in accordance with the provisions of tax laws. The taxable income based on which the income tax expense for the current period is calculated is calculated based on the relevant tax laws and regulations by making corresponding adjustments to the pre-tax accounting profit for the reporting period.

(2) Deferred income tax assets and deferred income tax liabilities

The difference between the book value of certain assets and liability items and their tax basis, as well as the temporary differences arising from the difference between the book value and tax basis of items that have not been recognized as assets and liabilities but whose tax basis can be determined in accordance with tax laws, are determined using the balance sheet liability method to recognize deferred income tax assets and deferred income tax liabilities.

Taxable temporary differences related to the initial recognition of goodwill, as well as the initial recognition of assets or liabilities arising from transactions that are neither business combinations nor affect accounting profits and taxable income (or deductible losses) at the time of occurrence, shall not recognize related deferred income tax liabilities (except for individual transactions in which the initial recognition of assets and liabilities results in equal amounts of taxable temporary differences and deductible temporary differences). In addition, for taxable temporary differences related to investments in subsidiaries, associates and joint ventures, if the Group is able to control the timing of the reversal of the temporary differences and it is likely that the temporary differences will not be reversed in the foreseeable future, the relevant deferred income tax liabilities will not be recognized. Except for the above exceptions, the Group recognizes deferred income tax liabilities arising from all other taxable temporary differences.

Deductible temporary differences related to the initial recognition of assets or liabilities arising from transactions that are neither business combinations nor affect accounting profits and taxable income (or deductible losses) at the time of occurrence are not recognized as related deferred income tax assets (except for individual transactions where the initial recognition of assets and liabilities results in equal amounts of taxable temporary differences and deductible temporary differences). In addition, for deductible temporary differences related to investments in subsidiaries, associates and joint ventures, if the temporary differences are not likely to be reversed in the foreseeable future, or it is not likely to be taxable income that can be used to offset the deductible temporary differences in the future, the relevant deferred income tax assets will not be recognized. Except for the above exceptions, the Group recognizes deferred income tax assets arising from other deductible temporary differences to the extent that it is likely to obtain taxable income that can be used to offset the deductible temporary differences.

For deductible losses and tax credits that can be carried forward to future years, the corresponding deferred income tax assets are recognized to the extent that it is probable that the future taxable income will be used to offset the deductible losses and tax credits.

On the balance sheet date, deferred income tax assets and deferred income tax liabilities are measured at the applicable tax rate during the period when the relevant assets are expected to be recovered or the relevant liabilities are settled in accordance with the provisions of tax laws.

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On the balance sheet date, the book value of the deferred tax assets is reviewed. If it is likely that sufficient taxable income will not be available in the future to offset the benefits of the deferred tax assets, the book value of the deferred tax assets will be written down. The amount of the write-down is reversed when it is probable that sufficient taxable income will be obtained.

(3) Income tax expenses

Income tax expense includes current income tax and deferred income tax.

Except for the current income tax and deferred income tax related to transactions and events recognized as other comprehensive income or directly included in shareholders' equity, which are included in other comprehensive income or shareholders' equity, and the deferred income tax arising from business combinations adjusts the book value of goodwill, the remaining current income tax and deferred income tax expenses or income are included in the current profit and loss.

(4) Offset of income tax

When the Group has the legal right to settle on a net basis and intends to settle on a net basis or acquire assets and pay off liabilities simultaneously, the Group's current income tax assets and current income tax liabilities are presented at the net amount after offsetting.

When you have the legal right to settle current income tax assets and current income tax liabilities on a net basis, and the deferred income tax assets and deferred income tax liabilities are related to the income tax levied by the same tax collection and administration department on the same taxable entity or on different taxable entities, but in the future each During the period when significant deferred income tax assets and liabilities are reversed, and the tax payer involved intends to settle current income tax assets and liabilities on a net basis or to obtain assets and settle liabilities at the same time, the Group's deferred income tax assets and deferred income tax liabilities are presented at the net amount after offsetting.

38. Leasing

√Applicable □Not applicable

A lease refers to a contract in which the Group transfers or acquires the right to control the use of one or more identified assets within a certain period of time in exchange for or payment of consideration. At the inception of a contract, the Group assesses whether the contract is a lease or contains a lease.

As a lessee, the judgment basis and accounting treatment method for simplified treatment of short-term leases and low-value asset leases

√Applicable □Not applicable

The types of assets leased by the Group mainly include houses and buildings, machinery and equipment, transportation equipment, other equipment and leased land. ①Initial measurement

On the start date of the lease period, the Group recognizes the right to use the leased asset during the lease term as a right-of-use asset, and recognizes the present value of the unpaid lease payments as a lease liability, except for short-term leases and low-value asset leases. When calculating the present value of lease payments, the Group uses the interest rate implicit in the lease as the discount rate; if the interest rate implicit in the lease cannot be determined, the lessee's incremental borrowing rate is used as the discount rate.

②Subsequent measurement

The Group accrues depreciation on right-of-use assets with reference to the relevant depreciation provisions of "Accounting Standards for Business Enterprises No. 4 - Fixed Assets" (see Note V. 21 "Fixed Assets" for details). If it is reasonably certain to obtain ownership of the leased asset at the expiration of the lease term, the Group shall accrue depreciation over the remaining useful life of the leased asset. If it is not reasonably certain that the ownership of the leased asset will be obtained at the expiration of the lease term, the Group will accrue depreciation during the shorter of the lease term and the remaining useful life of the leased asset.

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For lease liabilities, the Group calculates the interest expense for each period during the lease term based on a fixed periodic interest rate, and includes it in the current profit and loss or in the cost of related assets. Variable lease payments that are not included in the measurement of lease liabilities are included in the current profit and loss or related asset costs when actually incurred.

After the start of the lease term, when the actual fixed payments change, the expected amount payable of the guaranteed residual value changes, the index or ratio used to determine the lease payments changes, the evaluation results or actual exercise of the purchase option, lease renewal option or termination option changes, the Group remeasures the lease liability based on the present value of the changed lease payments and adjusts the book value of the right-of-use assets accordingly. If the book value of the right-of-use asset has been reduced to zero, but the lease liability still needs to be further reduced, the Group will include the remaining amount in the current profit and loss.

③Short-term leasing and low-value asset leasing

For short-term leases (leases with a lease period of no more than 12 months on the lease commencement date) and low-value asset leases (leases with a value of less than RMB 50,000 when a single leased asset is a new asset), the Group adopts a simplified approach and does not recognize right-of-use assets and lease liabilities. Instead, the lease payments are included in the cost of relevant assets or current profits and losses in each period of the lease period based on the straight-line method or other systematic and reasonable methods.

Lease classification standards and accounting treatment methods as a lessor

√Applicable □Not applicable

On the lease commencement date, the Group classifies leases into finance leases and operating leases based on the nature of the transaction. A finance lease is a lease that transfers substantially all the risks and rewards associated with ownership of the leased asset. Operating leases refer to leases other than finance leases.

①Operating lease

The Group uses the straight-line method to recognize lease receipts from operating leases as rental income for each period during the lease term. Variable lease payments related to operating leases that are not included in lease receipts are included in the current profit and loss when they actually occur.

②Financial lease

On the commencement date of the lease period, the Group recognizes finance lease receivables and derecognizes finance lease assets. Financing lease receivables are initially measured based on the net lease investment (the sum of the unguaranteed residual value and the present value of the lease payments not yet received at the start of the lease period discounted at the interest rate implicit in the lease), and interest income during the lease period is calculated and recognized based on a fixed periodic interest rate. Variable lease payments obtained by the Group that are not included in the measurement of net lease investment are included in the current profit and loss when actually incurred.

39. Other important accounting policies and accounting estimates

√Applicable □Not applicable

Discontinued operations refer to components that meet one of the following conditions and can be separately distinguished and have been disposed of or classified as held for sale by the group: ① The component represents an independent main business or a separate main operating area; ② The component is part of an associated plan to dispose of an independent main business or an independent main operating area; ③ The component is a subsidiary acquired specifically for resale.

For the accounting treatment method of discontinued operations, please refer to the relevant description of "Assets held for sale and disposal groups" in Section 5.18.

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40. Changes in important accounting policies and accounting estimates

(1) Changes in important accounting policies

√Applicable □Not applicable

1 "Interpretation No. 19 of Accounting Standards for Business Enterprises"

On December 5, 2025, the Ministry of Finance issued "About the Issuance of Interpretation No. 19 of Accounting Standards for Business Enterprises". "Notice" (Cai Kuai [2025] No. 32, hereinafter referred to as "Interpretation No. 19"), stipulates "the accounting treatment of compensatory assets in business mergers not under common control", "the accounting treatment of relevant capital reserves when disposing of subsidiaries originally acquired through business mergers under common control" and "the relevant The recognition, measurement and disclosure of matters such as the derecognition of financial liabilities settled using electronic payment systems, "assessment of contractual cash flow characteristics of financial assets and related disclosures" and "disclosure of equity instruments designated as measured at fair value through other comprehensive income" are clarified.

The Group has implemented the relevant provisions of Interpretation No. 19 since January 1, 2026. The implementation of this accounting policy change will have no significant impact on the company's financial status, operating results and cash flow in the first half of 2026 and previous years.

2 "Interpretation No. 20 of Accounting Standards for Business Enterprises"

On June 4, 2026, the Ministry of Finance issued the "Notice on Issuing the Accounting Standards for Business Enterprises Interpretation No. 20" (Finance [2026] No. 7, hereinafter referred to as "Interpretation No. 20"), which stipulates that the content of "assessment of cash flow characteristics of financial asset contracts" and "accounting treatment and related disclosures when currency lacks convertibility" will be further standardized and clarified.

According to the provisions of Interpretation No. 20, the provisions of the Interpretation shall be effective from the date of promulgation. For the newly added businesses stipulated in the Interpretation from January 1, 2026 to the date of implementation of the Interpretation, the company shall make adjustments according to Interpretation No. 20. The implementation of this accounting policy change will have no significant impact on the company's financial position, operating results and cash flow in the first half of 2026 and previous years.

Other instructions: none

(2) Changes in important accounting estimates

□Applicable √Not applicable

(3) The first implementation of new accounting standards or standard interpretations starting in 2026 will involve adjustments to the financial statements at the beginning of the year of first implementation.

□Applicable √Not applicable

41. Others

√Applicable □Not applicable

In the process of applying accounting policies, the Group needs to make judgments, estimates and assumptions on the book values of statement items that cannot be accurately measured due to the inherent uncertainty in operating activities. These judgments, estimates and assumptions are based on the past historical experience of the Group's management and taking into account other relevant factors. These judgments, estimates and assumptions affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the balance sheet date. However, the actual results caused by the uncertainty of these estimates may differ from the current estimates of the Group's management, resulting in significant adjustments to the carrying amounts of the assets or liabilities affected in the future.

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The Group conducts regular reviews of the aforementioned judgments, estimates and assumptions on a going concern basis. If a change in accounting estimates only affects the current period of the change, the impact will be recognized in the current period of the change; if it affects both the current period of the change and future periods, the impact will be recognized in the current period of the change and future periods.

On the balance sheet date, the important areas where the Group needs to make judgments, estimates and assumptions on the amounts of financial statement items are as follows: (1) Revenue recognition

As described in Section 5.34, "Revenue", the Group's revenue recognition involves the following significant accounting judgments and estimates: identifying customer contracts; estimating the recoverability of the consideration to which it is entitled for transferring goods to customers; identifying performance obligations in the contract; estimating the variable consideration existing in the contract and the The amount of accumulated recognized revenue that is unlikely to be significantly reversed when relevant uncertainties are eliminated; whether there is a significant financing component in the contract; estimating the standalone selling price of a single performance obligation in the contract; determining whether the performance obligation will be performed within a certain period of time or at a certain point in time; determining the progress of performance, etc.

The Group mainly relies on past experience and work to make judgments. These major judgments and changes in estimates may have an impact on the operating income, operating costs, and profits and losses for the current or subsequent periods, and may have a significant impact.

(2) Leasing

①Identification of lease

When the Group identifies whether a contract is a lease or contains a lease, it needs to assess whether there is an identified asset and the customer controls the right to use the asset for a certain period of time. When evaluating, consideration needs to be given to the nature of the asset, substantial substitution rights, and whether the customer is entitled to receive substantially all of the economic benefits arising from the use of the asset during the period and to be able to direct the use of the asset. ②Classification of leasing

When the Group acts as a lessor, it classifies leases into operating leases and finance leases. When classifying, management needs to make analysis and judgment on whether all risks and rewards related to the ownership of the leased assets have been substantially transferred to the lessee.

③Lease liabilities

When the Group acts as a lessee, lease liabilities are initially measured based on the present value of the unpaid lease payments at the beginning of the lease term. When measuring the present value of lease payments, the Group estimates the discount rate used and the lease term of the lease contract with renewal options or termination options. When evaluating the lease term, the Group comprehensively considers all relevant facts and circumstances that will bring economic benefits to the Group from the exercise of the option, including expected changes in facts and circumstances from the start of the lease term to the date of exercise of the option. Different judgments and estimates may affect the recognition of lease liabilities and right-of-use assets, and will affect profits and losses in subsequent periods.

(3) Impairment of financial assets

The Group uses the expected credit loss model to assess the impairment of financial instruments. Applying the expected credit loss model requires significant judgments and estimates, and all reasonable and evidence-based information, including forward-looking information, must be considered. When making such judgments and estimates, the Group infers the expected changes in the debtor's credit risk based on historical data combined with changes in economic policies, macroeconomic indicators, industry risks, external market environment, technical environment, customer conditions and other factors.

(4) Provision for inventory decline

In accordance with the inventory accounting policy, the Group measures the inventory at the lower of cost and net realizable value, and makes provision for inventory depreciation for inventory that has a cost higher than net realizable value and is obsolete and slow-moving. The impairment of inventories to net realizable value is based on an assessment of the inventory's salability and its realizability

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net worth. Identification of inventory impairment requires management to make judgments and estimates based on obtaining conclusive evidence and considering factors such as the purpose of holding inventory and the impact of events after the balance sheet date. The difference between the actual results and the original estimate will affect the book value of inventories and the provision or reversal of inventory depreciation provisions in the period when the estimate is changed.

(5) Fair value of financial instruments

For financial instruments that do not have an active trading market, the Group determines their fair value through various valuation methods. These valuation methods include discounted cash flow model analysis, etc. During valuation, the Group needs to estimate future cash flow, credit risk, market volatility and correlation, and select an appropriate discount rate. These relevant assumptions are uncertain and changes will have an impact on the fair value of financial instruments. If an equity instrument investment or contract has a publicly quoted price, the Group does not use cost as the best estimate of its fair value.

(6) Provision for impairment of long-term assets

The Group determines whether there are signs of possible impairment for non-current assets other than financial assets on the balance sheet date. For intangible assets with indefinite useful lives, in addition to annual impairment testing, impairment testing is also conducted when there are signs of impairment. Other non-current assets other than financial assets are tested for impairment when there are signs that their carrying amounts are irrecoverable.

Impairment has occurred when the carrying value of an asset or asset group is greater than its recoverable amount, which is the higher of fair value less disposal costs and the present value of expected future cash flows.

The net amount of fair value less disposal expenses is determined by referring to the sales agreement price or observable market price of similar assets in an arm's length transaction, less the incremental costs directly attributable to the disposal of the asset. When estimating the present value of future cash flows, significant judgments need to be made on the output, selling price, related operating costs, and the discount rate used in calculating the present value of the asset (or asset group). The Group will use all relevant information available when estimating the recoverable amount, including forecasts of production volume, selling price and related operating costs based on reasonable and supportable assumptions. The Group tests goodwill for impairment at least annually. This requires estimating the present value of the future cash flows of the asset group or asset group combination to which goodwill is allocated. When estimating the present value of future cash flows, the Group needs to estimate the cash flows generated by future asset groups or asset group combinations, and at the same time select an appropriate discount rate to determine the present value of future cash flows.

(7) Depreciation and amortization

The Group depreciates and amortizes investment properties, fixed assets and intangible assets on a straight-line basis over their useful lives after taking into account their residual values. The Group regularly reviews the useful life to determine the amount of depreciation and amortization expenses to be included in each reporting period. The useful life is determined by the Group based on the past experience of similar assets and combined with expected technological updates. If there are material changes to previous estimates, depreciation and amortization expenses will be adjusted in future periods.

(8) Deferred income tax assets

The Group recognizes deferred income tax assets for all unused tax losses to the extent that it is probable that sufficient taxable profits will be available against which the losses can be utilised. This requires the management of the Group to use a lot of judgment to estimate the time and amount of future taxable profits, combined with tax planning strategies, to determine the amount of deferred income tax assets that should be recognized.

(9) Income tax

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In the normal operating activities of the Group, there are certain uncertainties in the final tax treatment and calculation of some transactions. Whether some items can be deducted before tax requires the approval of the tax authorities. If the final determination of these tax matters is different from the initially estimated amount, the difference will have an impact on current income tax and deferred income tax during the period of final determination. (10) Estimated liabilities

Based on the contract terms, existing knowledge and historical experience, the Group estimates and makes corresponding provisions for product quality assurance, expected contract losses, delayed delivery liquidated damages, etc. When such contingencies have formed a current obligation, and the performance of such current obligations is likely to result in the outflow of economic benefits from the Group, the Group recognizes the contingencies as estimated liabilities based on the best estimate of the expenditure required to fulfill the relevant current obligations. The recognition and measurement of estimated liabilities rely heavily on management's judgment. In the process of making judgments, the Group needs to evaluate the risks, uncertainties, time value of money and other factors related to these contingencies. Among them, the Group will commit estimated liabilities for after-sales quality maintenance provided to customers for the sale, repair and modification of the goods sold. The Group's recent maintenance experience data has been taken into account when estimating liabilities, but recent maintenance experience may not reflect future maintenance conditions. Any increase or decrease in this provision may affect profits and losses in future years.

(11) Fair value measurement

Certain assets and liabilities of the Group are measured at fair value in the financial statements. When estimating the fair value of an asset or liability, the Group uses available observable market data. If the first level input value is unavailable, the Group will engage a third-party qualified appraiser to perform the valuation. The Group works closely with qualified external valuers to determine appropriate valuation techniques and inputs to relevant models. Relevant information on the valuation techniques and input values ​​used in the process of determining the fair value of various assets and liabilities is disclosed in Section 13. Disclosure of Fair Value.

6. Taxes

1. Main tax types and tax rates

Main tax types and tax rates

√Applicable □Not applicable

Type of tax Tax calculation basis Tax rate

Deduct the input tax allowed to be deducted in the current period

Value-added tax 13%, 9%, 6%

The difference after the amount is calculated and paid VAT

Urban maintenance and construction tax: 7% of the turnover tax payable

Corporate income tax is based on the amount of turnover tax payable. See the table below for details.

Education fee surcharge is 3% based on the amount of turnover tax payable

Local education surcharge 2% based on the amount of turnover tax payable

When the Group engages in VAT taxable sales or imports goods, according to the "Announcement of the Ministry of Finance, the State Administration of Taxation, and the General Administration of Customs on Relevant Policies for Deepening the VAT Reform" (Announcement [2019] No. 39 of the Ministry of Finance, the State Administration of Taxation, and the General Administration of Customs), the applicable tax rates will be adjusted to 13%, 9%, and 6% starting from April 1, 2019. At the same time, according to the provisions of the "Notice on Comprehensive Promotion of the Pilot Program of Replacing Business Tax with Value-Added Tax" (Finance and Taxation [2016] No. 36), medical services provided by medical institutions are exempt from VAT. Value-added tax is paid on the balance after deducting input tax.

If there are taxpayers with different corporate income tax rates, a description of the disclosure

√Applicable □Not applicable

Name of tax payer Income tax rate (%)

Mayinglong Pharmaceutical Group Co., Ltd. 15

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Wuhan Mayinglong Pharmacy Chain Co., Ltd. 25

The taxable income is calculated at a reduced rate of 25%, and the enterprise Wuhan Mayinglong Aixin Pharmacy Chain Co., Ltd. pays a tax rate of 20%.

income tax

The taxable income is calculated at a reduced rate of 25%, and the enterprise Wuhan Mayinglong Pharmaceutical Co., Ltd. pays a tax rate of 20%.

income tax

The taxable income is calculated at a reduced rate of 25%, and the enterprise Wuhan Mayinglong Traditional Chinese Medicine Clinic Co., Ltd. pays a tax rate of 20%.

income tax

The taxable income is calculated at a reduced rate of 25%, and the enterprise Wuhan Mayinglong Comprehensive Clinic Co., Ltd. pays a tax rate of 20%.

Income tax Wuhan Mayinglong Pharmaceutical Logistics Co., Ltd. 25 Mayinglong Medical Management Co., Ltd. 25 Wuhan Mayinglong Integrated Traditional Chinese and Western Medicine Anorectal Hospital Co., Ltd. The taxable income is calculated at a reduced rate of 25% and paid at a tax rate of 20% for corporate companies Income tax Beijing Mayinglong Changqing Hospital Management Co., Ltd. 25 Beijing Mayinglong Changqing Anorectal Hospital Co., Ltd. 25

The taxable income is calculated at a reduced rate of 25%, and the enterprise pays the tax at a tax rate of 20%. Datong Mayinglong Anorectal Hospital Co., Ltd.

Income Tax Xi'an Mayinglong Anorectal Hospital Co., Ltd. 15

The taxable income is calculated at a reduced rate of 25% and paid to the enterprise Nanjing Mayinglong Hospital Management Co., Ltd. at a tax rate of 20%

Income tax Wuhan Mawanxing Pharmaceutical Co., Ltd. 25 Wuhan Mayinglong Jiuding Pharmaceutical Co., Ltd. 25

The taxable income is calculated at a reduced rate of 25%, and the enterprise Wuhan Mayinglong Hospital Investment Management Co., Ltd. pays a tax rate of 20%.

income tax

The taxable income is calculated at a reduced rate of 25%, and the corporate tax rate is 20%. Wuhan Zhikang Enterprise Management Consulting Co., Ltd.

Income tax Wuhan Tianyi Pharmaceutical Technology Investment Co., Ltd. 25

The taxable income is calculated at a reduced rate of 25%, and the enterprise Wuhan Tianyi Pharmaceutical Development Co., Ltd. pays a tax rate of 20%.

income tax

The taxable income is calculated at a reduced rate of 25%, and the enterprise Wuhan Maidi Investment Management Co., Ltd. pays a tax rate of 20%.

Income tax Mayinglong Health Co., Ltd. 15 Hubei Mayinglong Biotechnology Co., Ltd. 15

The taxable income is calculated at a reduced rate of 25%, and the enterprise Hubei Mayinglong Care Products Co., Ltd. pays a tax rate of 20%.

Income Tax Wuhan Mayinglong Network Investment Co., Ltd. 25

The taxable income is calculated at a reduced rate of 25%, and the tax rate is 20% for the enterprise Wuhan Xiaoma Galloping Medical Technology Co., Ltd.

income tax

The taxable income is calculated at a reduced rate of 25%, and the enterprise Kangyongteng Pharmacy Chain (Hubei) Co., Ltd. pays the tax at a tax rate of 20%.

income tax

The taxable income is calculated at a reduced rate of 25%, and the enterprise Hubei Gaotou Xinlong Investment Management Co., Ltd. pays a tax rate of 20%.

Income tax Jiangxi Mayinglong Meikang Pharmaceutical Co., Ltd. 15

The taxable income is calculated at a reduced rate of 25%, and the enterprise Wuhan Tianqin Project Management Co., Ltd. pays a tax rate of 20%.

Income tax Wuhan Guangweikang Medical Technology Co., Ltd. 25 Wuhan Guangweisheng Technology Co., Ltd. 25 Wuhan Guangweilong Technology Co., Ltd. 25 Wuhan Wuchuang Mayinglong Xingkang Technology Co., Ltd. 25

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2. Tax incentives

√Applicable □Not applicable

The company was re-certified as a high-tech enterprise on October 26, 2023, and obtained a high-tech enterprise certificate numbered GR202342001690. The certification is valid for three years. According to relevant regulations, the company shall pay corporate income tax at a preferential tax rate of 15% during the period of validity of the high-tech enterprise certification.

The subsidiary Mayinglong Health Co., Ltd. was re-certified as a high-tech enterprise on October 26, 2023, and obtained a high-tech enterprise certificate numbered GR202342002367. The certification is valid for three years. According to relevant regulations, the company shall pay corporate income tax at a preferential tax rate of 15% during the period of validity of the high-tech enterprise certification.

The subsidiary Hubei Mayinglong Biotechnology Co., Ltd. was re-certified as a high-tech enterprise on December 19, 2025, and obtained a high-tech enterprise certificate numbered GR202542002034. The certification is valid for three years. According to relevant regulations, the company shall pay corporate income tax at a preferential tax rate of 15% during the period of validity of the high-tech enterprise certification.

The subsidiary Jiangxi Mayinglong Meikang Pharmaceutical Co., Ltd. was re-certified as a high-tech enterprise on November 4, 2025, and obtained a high-tech enterprise certificate numbered GR202536001207. The certification is valid for three years. According to relevant regulations, the company shall pay corporate income tax at a preferential tax rate of 15% during the period of validity of the high-tech enterprise certification.

The subsidiary Wuhan Xiaoma Pentium Medical Technology Co., Ltd. passed the high-tech certification on December 30, 2025, and obtained the high-tech enterprise certificate numbered GR202542005097. The certification is valid for three years. According to relevant regulations, the company shall pay corporate income tax at a preferential tax rate of 15% during the period of validity of the high-tech enterprise certification. During the reporting period, Xiaoma Galloping Medical Technology Co., Ltd. also met the conditions of a small and low-profit enterprise. This period, it chose to follow the income tax policy of a small and low-profit enterprise.

According to the "Announcement of the State Administration of Taxation on Corporate Income Tax Issues Concerning the Strategy of Deepening the Development of the Western Region" (State Administration of Taxation Announcement No. 12 of 2012) and the "Announcement of the State Administration of Taxation on the Continuation of the Corporate Income Tax Policy for the Development of the Western Region" (Announcement of the Ministry of Finance No. 23 of 2020), the subsidiary Xi'an Mayinglong Anorectal Hospital Co., Ltd. shall enjoy a preferential corporate income tax rate of 15%.

According to the "Announcement of the Ministry of Finance and the State Administration of Taxation on Relevant Tax Policies to Further Support the Development of Small and Micro Enterprises and Individual Industrial and Commercial Households", from January 1, 2023 to December 31, 2027, enterprises that are engaged in national unrestricted and prohibited industries and meet the three conditions of annual taxable income not exceeding 3 million yuan, number of employees not exceeding 300, and total assets not exceeding 50 million yuan, are small and micro enterprises. Subsidiaries Wuhan Mayinglong Aixin Pharmacy Chain Co., Ltd., Wuhan Mayinglong Pharmaceutical Co., Ltd., Wuhan Mayinglong Traditional Chinese Medicine Clinic Co., Ltd., Wuhan Mayinglong Comprehensive Clinic Co., Ltd., Wuhan Mayinglong Integrated Traditional Chinese and Western Medicine Anorectal Hospital Co., Ltd., Datong Mayinglong Anorectal Hospital Co., Ltd., Nanjing Mayinglong Hospital Management Co., Ltd., Wuhan Mayinglong Hospital Investment Management Co., Ltd., Wuhan Zhikang Enterprise Management Consulting Co., Ltd., Wuhan Tianyi Pharmaceutical Development Co., Ltd., Wuhan Maidi Investment Management Co., Ltd., Hubei Mayinglong Care Products Co., Ltd., Kangyongteng Pharmacy Chain (Hubei) Co., Ltd., Hubei Gaotou Xinlong Investment Management Co., Ltd., Wuhan Tianqin Project Management Co., Ltd., and Wuhan Xiaoma Pentium Medical Technology Co., Ltd. meet the above three conditions and are all small and micro enterprises. The taxable income is calculated at a reduced rate of 25% and the corporate income tax is paid at a tax rate of 20%.

According to the "Announcement of the Ministry of Finance and the State Administration of Taxation on the Additional VAT Deduction Policy for Advanced Manufacturing Enterprises", from January 1, 2023 to December 31, 2027, advanced manufacturing enterprises are allowed to deduct an additional 5% of the deductible input tax for the current period to deduct the value-added tax payable. Advanced manufacturing enterprises shall accrue current additional deductions based on 5% of the deductible input tax for the current period. our company and

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Subsidiaries Mayinglong Health Co., Ltd., Hubei Mayinglong Biotechnology Co., Ltd., and Jiangxi Mayinglong Meikang Pharmaceutical Co., Ltd.

As an advanced manufacturing enterprise, it enjoys the preferential policy of 5% of the deductible input tax stipulated above this year.

3. Others

□Applicable √Not applicable

7. Notes on Consolidated Financial Statement Items

1. Monetary funds

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Cash on hand 2,281,699.40 2,376,556.56 Bank deposits 604,834,801.03 2,056,810,306.70 Other monetary funds 24,111,523.02 28,527,927.71 Deposits in finance companies

Total 631,228,023.45 2,087,714,790.97 Including: Total amount deposited abroad 460,529.91 269,908.03

Other instructions

1. As of June 30, 2026, the Group's restricted monetary funds amounted to RMB 18,859,791.95 (December 31, 2025: RMB 21,787,975.97), which were mainly deposits for bank acceptance bills and deposits in e-commerce platforms such as Alipay.

2. On June 30, 2026, bank deposits included RMB 19,920,364.98 of time deposit certificate interest accrued based on the actual interest rate (December 31, 2025: RMB 66,875,528.54).

3. Other monetary funds are 24,111,523.02 yuan (December 31, 2025: 28,527,927.71 yuan), of which the uncash balance of accounts on Alipay and other e-commerce platforms is 5,246,420.27 yuan; deposit The deposit from e-commerce companies such as Alipay is 2,976,803.65 yuan; the investment deposit from the securities account is 5,310.80 yuan; the bank acceptance bill deposit is 15,449,299.25 yuan; the guarantee deposit is 433,689.05 yuan.

4. The amount deposited overseas is the amount deposited overseas held by Mayinglong International Pharmaceutical Development Co., Ltd., a subsidiary of the Group registered in Hong Kong.

5. Trading financial assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Reason and basis for designation Measured at fair value and its changes

1,845,791,069.46 506,088,935.29 /Financial assets included in current profits and losses

Among them:

Brokerage financial management products 1,653,384,646.80 486,000,935.29 / Bank financial management products 192,406,422.66 20,088,000.00 /

Total 1,845,791,069.46 506,088,935.29 /Other instructions:

□Applicable √Not applicable

3. Derivative financial assets

□Applicable √Not applicable

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4. Notes receivable

(1) Classified presentation of notes receivable

√Applicable □Not applicable

Unit: Yuan Currency: RMB items Ending balance Beginning balance Bank acceptance notes 112,645,441.39 109,991,890.85 Commercial acceptance notes

Total 112,645,441.39 109,991,890.85

(2) The company’s pledged notes receivable at the end of the period

√Applicable □Not applicable

Unit: Yuan Currency: RMB Items Pledged amount at the end of the period Bank acceptance bills 17,866,750.22 Commercial acceptance bills

Total 17,866,750.22

(3) Notes receivable that have been endorsed or discounted by the company at the end of the period and have not yet matured on the balance sheet date

√Applicable □Not applicable

Unit: Yuan Currency: RMB Items Amount derecognized at the end of the period Amount not derecognized at the end of the period Bank acceptance notes 91,366,140.04

commercial acceptance notes

Total 91,366,140.04

(4) Classified disclosure based on bad debt accrual method

□Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

Basis for dividing each stage and provision ratio for bad debts: Not applicable

Explanation of significant changes in the book balance of notes receivable that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

(5) Bad debt provisions

□Applicable √Not applicable

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Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other instructions: none

(6) Notes receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of bills receivable:

□Applicable √Not applicable

Instructions for writing off notes receivable:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

5. Accounts receivable

(1) Disclosure based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year (including 1 year) 504,240,103.36 306,147,623.33 1 to 2 years 6,052,005.36 4,290,391.78 2 to 3 years 5,833,899.38 9,307,935.27 3 to 4 years 5,749,504.58 8,925,673.03 4 to 5 years 7,520,229.63 739,120.10 More than 5 years 770,000.00 1,268,977.49 Total 530,165,742.31 330,679,721.00

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(2) Classified disclosure based on bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Book Book Provision Ratio Provision Ratio

Amount Proportion (%) Amount Value Amount Proportion (%) Amount Value

(%) (%)

Provision for bad debts on an individual basis 4,325,842.70 0.82 3,618,693.45 83.65 707,149.25 3,654,899.67 1.11 3,654,899.67 100.00 Of which:

Provision for bad debts on an individual basis 4,325,842.70 0.82 3,618,693.45 83.65 707,149.25 3,654,899.67 1.11 3,654,899.67 100.00 Provision for bad debts on a group basis 525,839,899.61 99.18 45,236,139.13 8.60 480,603,760.48 327,024,821.33 98.89 36,035,794.15 11.02 290,989,027.18 Of which:

Portfolio 1: Accounts receivable from pharmaceutical manufacturing customers 325,924,835.47 61.47 21,974,943.23 6.74 303,949,892.25 127,843,542.75 38.66 11,507,851.88 9.00 116,335,690.87 Portfolio 2: Accounts receivable from pharmaceutical retail and medical customers 31,326,315.25 5.91 12,612,692.83 40.26 18,713,622.42 29,139,124.45 8.81 12,363,493.01 42.43 16,775,631.44 Portfolio 3: Accounts receivable from pharmaceutical wholesale customers 168,588,748.89 31.80 10,648,503.07 6.32 157,940,245.82 170,042,154.13 51.42 12,164,449.26 7.15 157,877,704.87Total 530,165,742.31 100.00 48,854,832.58 9.22 481,310,909.73 330,679,721.00 100.00 39,690,693.82 12.00 290,989,027.18

Provision for bad debts is made individually:

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) Reason for provision

Customer 1 1,513,590.00 806,440.75 53.28 Customer 2 with bad debt risk 2,812,252.70 2,812,252.70 100.00 Total bad debt risk 4,325,842.70 3,618,693.45 83.65 /

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: ① In the portfolio, accounts receivable for which bad debt provisions are accrued based on the manufacturing portfolio

Unit: Yuan Currency: RMB

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Ending balance

Name

Book balance Bad debt provision Proportion of provision (%) including: Within 1 year 320,082,674.51 16,420,241.21 5.13 1-2 years 1,203,764.37 916,305.43 76.12 More than 2 years 4,638,396.59 4,638,396.59 100.00

Total 325,924,835.47 21,974,943.23 6.74

Portfolio accrual items: ②In the portfolio, accounts receivable for which bad debt provisions are accrued based on the credit portfolio of pharmaceutical retail and medical customers

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) Among them: Within 1 year 19,915,135.16 1,250,670.50 6.28 1-2 years 251,061.09 201,903.33 80.42 More than 2 years 11,160,119.00 11,160,119.00 100.00

Total 31,326,315.25 12,612,692.83 40.26

Portfolio accrual items: ③In the portfolio, accounts receivable for which bad debt provisions are accrued based on the credit portfolio of pharmaceutical wholesale customers

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) including: Within 1 year 162,728,703.69 5,337,501.48 3.28 1-2 years 1,784,927.20 1,235,883.59 69.24 More than 2 years 4,075,118.00 4,075,118.00 100.00

Total 168,588,748.89 10,648,503.07 6.32

Instructions on accruing bad debt provisions by group:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

Basis for dividing each stage and provision ratio for bad debts: Not applicable

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Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

(3) Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Beginning Balance Ending Balance

Provision Recovery or reversal Write-off or write-off Other changes

Individual amount accrual 3,654,899.67 87,618.78 123,825.00 3,618,693.45 Portfolio 1: Accounts receivable from pharmaceutical manufacturing customers 11,507,851.88 11,413,692.22 946,600.87 21,974,943.23 Portfolio 2: Accounts receivable from pharmaceutical retail and medical customers 12,363,493.01 528,923.96 279,724.14 12,612,692.83 Portfolio 3: Accounts receivable from pharmaceutical wholesale customers 12,164,449.26 -1,144,185.83 371,760.36 10,648,503.07

Total 39,690,693.82 10,886,049.13 1,721,910.37 48,854,832.58

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other instructions: none

(4) Accounts receivable actually written off in the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Write-off Amount

Accounts receivable actually written off 1,721,910.37

Among them, the important write-off of accounts receivable

□Applicable √Not applicable

Instructions for writing off accounts receivable:

□Applicable √Not applicable

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(5) Accounts receivable and contract assets with the top five closing balances by debtors √Applicable □Not applicable

The aggregate amount of the top five accounts receivable and contract assets at the end of the period collected by the debtors was 315,058,007.64 yuan, accounting for 59.43% of the total ending balance of accounts receivable and contract assets. The corresponding aggregate amount of the ending balance of bad debt provisions was RMB 14,800,654.21.

Other notes:

□Applicable √Not applicable

6. Contract assets

(1) Contract assets

□Applicable √Not applicable

(2) Amount and reasons for significant changes in book value during the reporting period □ Applicable √ Not applicable

(3) Classified disclosure based on bad debt accrual method

□Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

Basis for dividing each stage and provision ratio for bad debts: Not applicable

Explanation of significant changes in the book balance of contract assets that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

(4) Bad debt provisions for contract assets in the current period

□Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other instructions: none

(5) Contract assets actually written off in the current period

□Applicable √Not applicable

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Among them, the important write-off of contract assets

□Applicable √Not applicable

Instructions for write-off of contract assets:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

7. Accounts receivable financing

(1) Classified presentation of financing receivables

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Notes receivable 173,058,034.57 395,985,522.15

Total 173,058,034.57 395,985,522.15

(2) Financing of the company’s pledged receivables at the end of the period

□Applicable √Not applicable

(3) Financing of receivables that have been endorsed or discounted by the company at the end of the period and have not yet matured on the balance sheet date √ Applicable □ Not applicable

Unit: Yuan Currency: RMB

Item Amount derecognized at the end of the period Amount not derecognized at the end of the period Notes receivable 458,841,484.00

Total 458,841,484.00

(4) Classified disclosure based on bad debt accrual method

□Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

Basis for division of each stage and provision ratio for bad debts

Not applicable

Explanation of significant changes in the book balance of accounts receivable financing that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

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(5) Bad debt provisions

□Applicable √Not applicable

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other instructions: none

(6) Financing of receivables actually written off in the current period

□Applicable √Not applicable

Important financing write-offs of receivables

□Applicable √Not applicable

Write-off instructions:

□Applicable √Not applicable

(7) Increases and decreases in receivables financing and changes in fair value during the current period:

√Applicable □Not applicable

The main changes are as follows:

Unit: Yuan Currency: RMB Balance at the beginning of the year Changes in the year Ending balance items Fair price Fair price Fair price Cost Cost Cost

Change in value Change in value Change in value Notes receivable 395,985,522.15 -222,927,487.58 173,058,034.57

Total 395,985,522.15 -222,927,487.58 173,058,034.57

(8) Other instructions:

□Applicable √Not applicable

8. Advance payments

(1) Prepayments are presented based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Aging

Amount Proportion (%) Amount Proportion (%) Within 1 year 91,192,699.93 97.98 57,367,973.61 99.58 1 to 2 years 1,851,015.11 1.99 154,423.91 0.27 2 to 3 years 14,850.50 0.02 22,107.49 0.04 More than 3 years 6,420.04 0.01 63,536.39 0.11

Total 93,064,985.58 100.00 57,608,041.40 100.00 Explanation of reasons why prepayments with an aging of more than 1 year and significant amounts were not settled in a timely manner: None

(2) Prepayments of the top five closing balances by prepayment objects

√Applicable □Not applicable

The aggregate amount of the top five prepaid accounts by the Group's prepayment objects at the end of the period was 36,856,301.46 yuan, accounting for 39.60% of the total end of prepayment balance.

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Other instructions: Not applicable

Other instructions

□Applicable √Not applicable

9. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Interest receivable

Dividends receivable

Other receivables 16,308,341.64 10,731,184.05

Total 16,308,341.64 10,731,184.05Other instructions:

□Applicable √Not applicable

interest receivable

(1) Classification of interest receivable

□Applicable √Not applicable

(2) Important overdue interest

□Applicable √Not applicable

(3) Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

(4) Provision for bad debts is made based on the general expected credit loss model □Applicable √Not applicable

(5) Bad debt provisions

□Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other instructions: none

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(6) Interest receivable actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of interest receivable □ Applicable √ Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Dividends receivable

(1) Dividends receivable

□Applicable √Not applicable

(2) Important dividends receivable aged more than 1 year □ Applicable √ Not applicable

(3) Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

(4) Provision for bad debts is made based on the general expected credit loss model □Applicable √Not applicable

(5) Bad debt provisions

□Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other instructions: none

(6) Dividends receivable actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of dividends receivable □ Applicable √ Not applicable

Write-off instructions:

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□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Other receivables

(1) Disclosure based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year 14,730,616.66 9,261,308.11 1 to 2 years 2,805,002.61 1,245,050.87 2 to 3 years 948,591.96 1,654,900.98 3 to 4 years 869,635.05 1,466,029.43 4 to 5 years 1,263,254.57 972,335.59 More than 5 years 10,005,685.55 9,072,850.76

Total 30,622,786.40 23,672,475.74

(2) Classification by nature of payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Nature of payment Book balance at the end of the period Book balance at the beginning of the period

Security deposit 5,423,946.36 5,466,142.34

Deposit 1,147,546.32 1,101,814.25 Employee or department reserve fund 8,862,940.94 1,674,070.83 Collection and payment 4,326,307.39 2,782,431.89 Current accounts 10,862,045.39 12,648,016.43

Total 30,622,786.40 23,672,475.74

(3) Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB Phase 1 Phase 2 Phase 3

Lifetime expectations Lifetime expectations

Provision for bad debts Estimated total credit losses in the next 12 months (have not occurred Credit losses (have occurred)

period credit loss

credit impairment) credit impairment)

Balance on January 1, 2026 655,700.61 3,212,740.32 9,072,850.76 12,941,291.69 Balance on January 1, 2026

This issue

--Transfer to the second stage -198,594.19 198,594.19

--Transfer to the third stage -316,924.58 316,924.58

--Return to the second stage

--Return to the first stage

Provision in this period 585,821.22 171,421.64 615,910.21 1,373,153.07 Transferred in this period

Sales in this period

Write-off in this period

Other changes

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Balance on June 30, 2026 1,042,927.64 3,265,831.57 10,005,685.55 14,314,444.76 Basis for division of each stage and proportion of bad debt provision: Not applicable

Explanation of significant changes in the book balance of other receivables that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

The amount of bad debt provision for the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly:

□Applicable √Not applicable

(4) Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Opening balance Recovery or write-off or other Ending balance accrual

Reversal of write-off changes

Provision for bad debts of other receivables 12,941,291.69 1,373,153.07 14,314,444.76

Total 12,941,291.69 1,373,153.07 14,314,444.76

Among them, the amount of bad debt provision reversed or recovered in the current period is important:

□Applicable √Not applicable

Other instructions: none

(5) Other receivables actually written off in the current period

□Applicable √Not applicable

Important write-offs of other receivables:

□Applicable √Not applicable

Instructions for writing off other receivables:

□Applicable √Not applicable

(6) Other receivables with top five closing balances based on debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB as a share of other receivables

Name of the bad debt provision unit of the payment Ending balance Total ending balance Aging

Nature Closing balance

Proportion of number (%)

Beijing Conmedico Biotechnology Development

4,500,000.00 14.69 Current account More than 5 years 4,500,000.00 Co., Ltd.

MAROUATGENIEBIO

1,647,100.00 5.38 Current account More than 5 years 1,647,100.00 MEDICALSASU

Hangzhou Baicheng Pharmaceutical Technology Co., Ltd.

1,150,000.00 3.76 Deposit 1-2 years 384,215.00 Company

Lin Xianwen 1,316,200.00 4.30 Reserve fund within 1 year 93,186.96 Ningbo Mayinglong Hospital Co., Ltd. 995,681.12 3.25 Current accounts over 4 years 995,681.12 Total 9,608,981.12 31.38 / / 7,620,183.08

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(7) Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

10. Inventory

(1) Inventory classification

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Inventories are accurate for price decreases Inventories are accurate for decreases in price

Project preparation/contract performance preparation/contract performance

Book Balance Book Value Book Balance Book Value Impairment of Approximate Cost Impairment of Approximate Cost

prepare prepare

Raw materials 41,015,271.83 698,208.22 40,317,063.61 53,435,702.55 437,113.42 52,998,589.13 Products in progress 29,251,527.84 161,447.93 29,090,079.91 34,666,050.44 161,447.93 34,504,602.51 Goods in stock 140,111,638.31 2,497,504.71 137,614,133.60 175,722,458.44 1,605,307.34 174,117,151.10 Packaging 17,384,906.94 402,517.29 16,982,389.65 18,431,654.46 375,150.62 18,056,503.84 Low-value consumables 629,270.04 629,270.04 956,551.46 956,551.46Goods shipped 43,177,146.13 43,177,146.13 38,516,155.99 38,516,155.99Consigned processing

460,088.01 75,818.07 384,269.94 1,799,785.41 75,818.07 1,723,967.34 Materials

Total 272,029,849.10 3,835,496.22 268,194,352.88 323,528,358.75 2,654,837.38 320,873,521.37

(2) Data resources confirmed as inventory

□Applicable √Not applicable

(3) Provision for inventory depreciation and provision for impairment of contract performance costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase amount in this period Decrease amount in this period

Item Opening balance Reversal or transfer Ending balance accrual Others Others

pin

Raw materials 437,113.42 261,094.80 698,208.22 Work in progress 161,447.93 161,447.93 Goods in stock 1,605,307.34 1,400,906.77 508,709.40 2,497,504.71 Packaging 375,150.62 159,073.91 131,707.24 402,517.29 Low-value consumables

Send goods

Entrusted processing materials 75,818.07 75,818.07

Total 2,654,837.38 1,821,075.48 640,416.64 3,835,496.22

Reasons for the reversal or write-off of inventory depreciation provisions in the current period

□Applicable √Not applicable

Provision for inventory decline in value on a group basis

□Applicable √Not applicable

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Standards for accruing inventory depreciation provisions on a group basis

□Applicable √Not applicable

(4) The capitalized amount of borrowing costs included in the closing balance of inventories and its calculation standards and basis □Applicable √Not applicable

(5) Explanation of the amortization amount of contract performance costs for the current period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

11. Assets held for sale

□Applicable √Not applicable

12. Non-current assets due within one year

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Debt investment due within one year 450,000.00

Total 450,000.00

Debt investments due within one year

√Applicable □Not applicable

(1) Debt investment due within one year

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Beginning balance items

Book balance Impairment provision Book value Book balance Impairment provision Book value Debt due within one year

450,000.00 450,000.00 Right investment

Total 450,000.00 450,000.00

Changes in impairment provisions for debt investments due within one year during the current period

□Applicable √Not applicable

(2) Important debt investments due within one year at the end of the period

□Applicable √Not applicable

(3) Provision for impairment losses

□Applicable √Not applicable

Basis for division of each stage and provision ratio for bad debts

Not applicable

Explanation of significant changes in book balances resulting from changes in loss provisions during the current period:

□Applicable √Not applicable

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The amount of impairment provision for the current period and the basis for assessing whether the credit risk of financial instruments has significantly increased

□Applicable √Not applicable

(4) Debt investment due within one year actually written off in the current period

□Applicable √Not applicable

Among them, the write-off of important debt investments due within one year

□Applicable √Not applicable

Instructions for writing off debt investments due within one year:

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

Other debt investments due within one year

□Applicable √Not applicable

Other instructions for non-current assets due within one year: None

13. Other current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Cost of returns receivable 12,751,083.60 10,919,281.08 Input tax to be certified/deducted 2,314,310.48 4,751,095.11 Value-added tax retained tax credit 13,380,624.46 11,262,684.68 Prepaid tax 65,395.56 14,023.95 Large-amount time deposit certificate 30,035,260.27

Total 58,546,674.37 26,947,084.82

Information about compensating assets

□Applicable √Not applicable

Other instructions: none

14. Debt investment

(1) Debt investment situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Beginning balance item Book impairment Book impairment

Book balance Book value

Balance Reserve Value Reserve

Jiangxi Guangheng Adhesive Technology Co., Ltd. 5,450,000.00 5,450,000.00 Less: debt investment due within one year (principal

450,000.00 450,000.00 Section 7, 12)

Total 5,000,000.00 5,000,000.00

Changes in provision for impairment of debt investments during the current period

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Mayinglong Pharmaceutical Group Co., Ltd. 2026 Semi-Annual Report □Applicable √Not applicable

(2) Important debt investments at the end of the period

□Applicable √Not applicable

(3) Provision for impairment losses

□Applicable √Not applicable

Basis for dividing each stage and proportion of impairment provision: Not applicable

Explanation of significant changes in the book balance of debt investments that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

The amount of impairment provision for the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly: □ Applicable √ Not applicable

(4) Actual write-off debt investments in the current period □ Applicable √ Not applicable

Among them, the write-off of important debt investments □Applicable √Not applicable

Instructions for writing off debt investments:

□Applicable √Not applicable

Other instructions: none

15. Other debt investments

(1) Other debt investments

□Applicable √Not applicable

Changes in impairment provisions for other debt investments during the period □ Applicable √ Not applicable

(2) Other important debt investments at the end of the period

□Applicable √Not applicable

(3) Provision for impairment losses

□Applicable √Not applicable

(4) Other debt investments actually written off in the current period □ Applicable √ Not applicable

Among them, the write-off of other important debt investments □Applicable √Not applicable

Instructions for writing off other debt investments:

□Applicable √Not applicable

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Other notes:

□Applicable √Not applicable

16. Long-term receivables

(1) Long-term receivables □Applicable √Not applicable

(2) Classified disclosure according to bad debt accrual method □ Applicable √ Not applicable

Provision for bad debts on an individual basis: □ Applicable √ Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by combination: □ Applicable √ Not applicable

Provision for bad debts based on the general expected credit loss model □ Applicable √ Not applicable

(3) Bad debt provision □Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other instructions: none

(4) Long-term receivables actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of long-term receivables □ Applicable √ Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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17. Long-term equity investment

(1) Long-term equity investment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period

Additional deduction at the beginning of the period Others Recognized under the equity method at the end of the period Impairment provision period Other Declared release Provision Impairment provision period Invested unit balance Add or reduce Comprehensive Its balance Beginning balance Recognized investment loss Equity Cash dividend Impairment Ending balance (book value) Investment income Change in other (book value) income or profit provision

capital adjustment

1. Joint ventures

Subtotal

2. Joint ventures

Shenzhen Baolitong Enterprise Management Co., Ltd.

92,430,679.99 689,096.88 93,119,776.87 Co., Ltd.

Nanjing Jilang Biotechnology Co., Ltd.

4,651,852.97 4,651,852.97 Division

Changzhou Binquan Jianlong Venture Capital Co., Ltd.

33,098,654.11 371,793.61 33,470,447.72 Partnership (limited partnership)

China Baoan Group Innovation Technology Park

5,610,946.01 -2,681.63 5,608,264.38 Co., Ltd.

Wuhan Tongdaocheng Technology Service Partnership

3,953,461.91 -70.65 3,953,391.26 Enterprise (limited partnership)

Ningbo Mayinglong Hospital Co., Ltd. 5,872,083.61 5,872,083.61 Total 135,093,742.02 10,523,936.58 1,058,138.21 136,151,880.23 10,523,936.58

Total 135,093,742.02 10,523,936.58 1,058,138.21 136,151,880.23 10,523,936.58

(2) Impairment testing of long-term equity investments

□Applicable √Not applicable

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18. Investment in other equity instruments

(1) Investment in other equity instruments

□Applicable √Not applicable

(2) Explanation of termination of recognition in this period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

19. Other non-current financial assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance classification Financial assets measured at fair value and changes included in current profit and loss 743,597.14 743,597.14 Among them: equity instrument investment 743,597.14 743,597.14

Total 743,597.14 743,597.14Other instructions: Not applicable

20. Investment real estate

Investment real estate measurement model

(1) Investment real estate using cost measurement model

Unit: Yuan Currency: RMB

Item Houses, buildings Total

1. Original book value

1. Opening balance 15,319,234.99 15,319,234.99 2. Increase in the current period

(1) Outsourcing

(2) Transfer of inventories\fixed assets\projects under construction

(3) Increase in business mergers

3. Reduction amount in this period

(1) Disposal

(2) Other transfer-out

4. Closing balance 15,319,234.99 15,319,234.99

2. Accumulated depreciation and accumulated amortization

1. Balance at the beginning of the period 8,458,567.30 8,458,567.30 2. Increase in the current period 184,831.14 184,831.14

(1) Provision or amortization 184,831.14 184,831.14 3. Decrease amount in the current period

(1) Disposal

(2) Other transfer-out

4. Closing balance 8,643,398.44 8,643,398.44

3. Impairment provision

1. Opening balance

2. Increase amount in this period

(1) Provision

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3. Reduction amount in this period

(1) Disposal

(2) Other transfer-out

4. Ending balance

4. Book value

1. Book value at the end of the period 6,675,836.55 6,675,836.55 2. Book value at the beginning of the period 6,860,667.69 6,860,667.69

(2) Investment real estate for which title certificates have not been obtained

□Applicable √Not applicable

(3) Impairment testing of investment properties using the cost measurement model

□Applicable √Not applicable

Other instructions

√Applicable □Not applicable

At the end of the period, the investment real estate owned by Wuhan Zhikang Enterprise Management Consulting Co., Ltd., a subsidiary of the company, rented out its 4 houses located at No. 3, Lane 6, Wuluo Road (No. 6, Laowu Luo Road), Wuchang District, Wuhan City, Hubei Province. For details, please see Section 18, 7, (2) "The company signed a lease contract."

21. Fixed assets

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Closing balance Opening balance

Fixed assets 615,495,058.23 628,467,211.20 Fixed assets liquidation

Total 615,495,058.23 628,467,211.20 Other instructions: None

fixed assets

(1) Fixed assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Items Houses and buildings Machinery and equipment Transportation Other equipment Total

1. Original book value:

1. Opening balance 617,076,786.07 356,401,062.89 9,449,474.09 102,009,463.59 1,084,936,786.64 2. Increase in the current period 1,895,037.05 4,518,926.13 4,336.28 3,359,864.33 9,778,163.79 (1) Purchase 35,474.70 3,667,770.52 4,336.28 2,667,458.14 6,375,039.64 (2) Transfer of construction in progress

1,859,562.35 851,155.61 692,406.19 3,403,124.15

(3) Business merger increases

add

3. Decrease amount in this period 602,624.60 398,684.12 1,124,451.74 2,125,760.46

(1) Disposal or scrapping 602,624.60 398,684.12 1,124,451.74 2,125,760.46 4. Closing balance 618,971,823.12 360,317,364.42 9,055,126.25 104,244,876.18 1,092,589,189.97

2. Accumulated depreciation

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1. Opening balance 130,033,559.96 244,973,019.67 6,426,094.96 75,036,900.85 456,469,575.44 2. Increase in the current period 9,643,117.35 7,481,942.89 179,269.56 4,870,015.82 22,174,345.62

(1) Provision 9,643,117.35 7,481,942.89 179,269.56 4,870,015.82 22,174,345.62 3. Decrease amount in the current period 562,093.62 386,723.60 1,080,623.86 2,029,441.08

(1) Disposal or scrapping 562,093.62 386,723.60 1,080,623.86 2,029,441.08 4. Closing balance 139,676,677.31 251,892,868.94 6,218,640.92 78,826,292.81 476,614,479.98

3. Impairment provision

1. Opening balance

2. Increased amount in this period 479,651.76 479,651.76

(1) Provision 479,651.76 479,651.76 3. Decrease amount in this period

(1) Disposal or scrapping

4. Closing balance 479,651.76 479,651.76

4. Book value

1. Book value at the end of the period 479,295,145.81 107,944,843.72 2,836,485.33 25,418,583.37 615,495,058.23 2. Book value at the beginning of the period 487,043,226.11 111,428,043.22 3,023,379.13 26,972,562.74 628,467,211.20

(2) Temporarily idle fixed assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Original book value Accumulated depreciation Impairment provision Book value Remarks

Machinery and equipment 3,151,832.81 1,530,318.98 479,651.76 1,141,862.07

Other equipment 1,286,712.85 1,180,046.78 106,666.07

Total 4,438,545.66 2,710,365.76 479,651.76 1,248,528.14

(3) Fixed assets leased through operating leases

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Ending book value

Houses and buildings 245,568,659.85

Note: Wuhan Guangweikang Medical Technology Co., Ltd., a subsidiary of the company, rents out some of its houses located at No. 8 Guannanyuan 4th Road. For details, see Section 18.7. (2) "The company signed a lease contract."

(4) Fixed assets for which title certificates have not been obtained

□Applicable √Not applicable

(5) Impairment testing of fixed assets

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Fixed asset liquidation

□Applicable √Not applicable

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22. Projects under construction

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Construction in progress 30,769,255.42 14,792,955.44

Total 30,769,255.42 14,792,955.44

Construction in progress

(1) Situation of projects under construction

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value New ointment zone 1 production line project 9,314,027.89 9,314,027.89 31,132.08 31,132.08 Information system construction project 3,195,524.04 3,195,524.04 2,019,822.70 2,019,822.70 New imported enema packaging line project in the second ointment area 7,077,619.49 7,077,619.49 6,544,892.87 6,544,892.87 New enema production line project 5,071,354.96 5,071,354.96 3,797,317.81 3,797,317.81 Total other items 6,110,729.04 6,110,729.04 2,399,789.98 2,399,789.98

Total 30,769,255.42 30,769,255.42 14,792,955.44 14,792,955.44

(2) Changes in important projects under construction during the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB Accumulated amount of transfer projects in this period Among them: Current period’s profit and other interest funds in this period

The increase in capital for this period is fixed, the investment accounts for the estimated progress of the project, the interest capital for this period, the name of the capital project, the budget number, the opening balance, the decrease, the ending balance, the capital accumulation

Amount Asset calculation ratio Interest capitalization rate Source amount Calculation amount

Amount (%) Amount (%)

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Mayinglong Pharmaceutical Group Co., Ltd. 2026 Semi-Annual Report

Self-owned new enema production line project 11,750,000.00 3,797,317.81 1,274,037.15 5,071,354.96 83.70 99.00%

Capital ointment zone 2 newly added imported irrigation self-owned

33,600,000.00 6,544,892.87 532,726.62 7,077,619.49 21.06 60.00% Covered line project funds to build a new ointment zone 1 production line Self-owned

40,800,000.00 31,132.08 9,282,895.81 9,314,027.89 31.99 60.00% project funds

Total 86,150,000.00 10,373,342.76 11,089,659.58 21,463,002.34 / / / /

(3) Provision for impairment of projects under construction in the current period

□Applicable √Not applicable

(4) Impairment testing of projects under construction

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

Engineering supplies

□Applicable √Not applicable

23. Productive biological assets

(1) Productive biological assets using cost measurement model

□Applicable√Not applicable

(2) Impairment testing of productive biological assets using the cost measurement model

□Applicable √Not applicable

(3) Productive biological assets using fair value measurement model

□Applicable √Not applicable

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Other instructions

□Applicable √Not applicable

24. Oil and gas assets

(1) Oil and gas assets

□Applicable √Not applicable

(2) Impairment testing of oil and gas assets

□Applicable √Not applicable

Other instructions: Not applicable

25. Right-of-use assets

(1) Right-of-use assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Project Houses and buildings Machinery and equipment Other equipment Land Total

1. Original book value

1. Opening balance 152,331,560.40 5,283,525.84 6,122,876.05 4,507,624.07 168,245,586.36 2. Increase in this period

10,013,342.48 Amount of 10,013,342.48

(1) Lease 10,013,342.48 10,013,342.48 3. Decrease in the current period

1,188,753.27 1,188,753.27Amount

(1) End of lease

stop

(2) Disposal or

1,188,753.27 1,188,753.27 scrapped

4. Ending balance 161,156,149.61 5,283,525.84 6,122,876.05 4,507,624.07 177,070,175.57

2. Accumulated depreciation

1. Opening balance 65,550,185.13 5,283,525.84 3,721,486.53 965,919.60 75,521,117.10 2. Increase in this period

12,930,542.89 686,111.22 96,591.96 13,713,246.07Amount

(1) Provision 12,930,542.89 686,111.22 96,591.96 13,713,246.07 3. Decrease in the current period

492,058.23 492,058.23Amount

(1)Expiration

(2) Disposal or

492,058.23 492,058.23 scrapped

4. Closing balance 77,988,669.79 5,283,525.84 4,407,597.75 1,062,511.56 88,742,304.94

3. Impairment provision

1. Opening balance

2.Increase in this issue

Amount

(1)Provision

3. Reduction in this period

Amount

(1)Disposal

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4. Ending balance

4. Book value

1. Closing accounts

83,167,479.82 1,715,278.30 3,445,112.51 88,327,870.63 Value

2. Opening accounts

86,781,375.27 2,401,389.52 3,541,704.47 92,724,469.26 Value

(2) Impairment testing of right-of-use assets

□Applicable √Not applicable

Other instructions: Not applicable

26. Intangible assets

(1) Intangible assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Items Land use rights Patent rights Non-patented technology Office software Trademarks Others Total

1. Original book value

1. Opening balance 73,600,186.36 84,047.24 39,077,417.53 64,017,450.53 1,058,333.30 7,191,487.53 185,028,922.49 2. Increase in this period

2,324,298.70 Amount of 2,324,298.70

(1) Purchase 1,165,260.27 1,165,260.27 (2) Internal

R&D

(3) Under construction

1,159,038.43 1,159,038.43 Project transfer

3. Reduction in this period

275,000.00 275,000.00 Amount

(1) Disposal 275,000.00 275,000.00 4. Ending balance 73,600,186.36 84,047.24 39,077,417.53 66,066,749.23 1,058,333.30 7,191,487.53 187,078,221.19

2. Accumulated amortization

1. Opening balance 6,716,838.06 84,047.24 13,702,464.85 45,627,494.50 881,516.21 3,958,784.34 70,971,145.20 2. Increase in this period

764,401.80 2,367,888.88 4,774,187.73 9,249.60 5,673.68 7,921,401.69Amount

(1) Provision 764,401.80 2,367,888.88 4,774,187.73 9,249.60 5,673.68 7,921,401.69 3. Decrease in the current period

275,000.00 275,000.00 Amount

(1) Disposal 275,000.00 275,000.00 4. Closing balance 7,481,239.86 84,047.24 16,070,353.73 50,126,682.23 890,765.81 3,964,458.02 78,617,546.89

3. Impairment provision

1. Opening balance

2.Increase in this issue

Amount

(1) Provision

3. Reduction in this period

Amount

(1) Disposal

4. Ending balance

4. Book value

1. Closing accounts

66,118,946.50 23,007,063.80 15,940,067.00 167,567.49 3,227,029.51 108,460,674.30 Value

2. Opening accounts

66,883,348.30 25,374,952.68 18,389,956.03 176,817.09 3,232,703.19 114,057,777.29 Value

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Note: At the end of the period, the intangible assets formed through the company's internal research and development accounted for 21.47% of the balance of intangible assets.

(2) Data resources recognized as intangible assets

□Applicable √Not applicable

(3) Land use rights for which property rights certificates have not been obtained

□Applicable √Not applicable

(4) Impairment testing of intangible assets

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

27. Goodwill

(1) Original book value of goodwill

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Increase in this period Decrease in this period

The name or form of the invested unit

Balance at the beginning of the period Business combination Events in which the balance at the end of the period becomes goodwill Others Disposal Others

formed

Wuhan Mayinglong Aixin Medicine

919,139.67 919,139.67 Room Chain Co., Ltd.

Hubei Gaotou Xinlong Investment Management

286,439.92 286,439.92 Management Co., Ltd.

Xi'an Mayinglong Anorectal Hospital

2,500,000.00 2,500,000.00Co., Ltd.

Datong Mayinglong Anorectal Hospital

5,640,000.00 5,640,000.00 Co., Ltd.

Kangyongteng pharmacy chain

717,846.02 717,846.02 (Hubei) Co., Ltd.

Jiangxi Mayinglong Meikang Pharmaceutical

18,312,840.55 18,312,840.55 Co., Ltd.

Total 28,376,266.16 28,376,266.16

(2) Goodwill impairment provision

√Applicable □Not applicable

Unit: Yuan Currency: RMB Name of the invested unit or Increase in the current period Decrease in the opening balance in the current period Events in which the ending balance forms goodwill

Provision Other Disposal Other Wuhan Mayinglong Aixinda

919,139.67 919,139.67 Pharmacy Chain Co., Ltd.

Hubei Hi-Tech Xinlong Investment

286,439.92 286,439.92 Management Co., Ltd.

Xi'an Mayinglong Anorectal Doctor

825,048.19 825,048.19 Institute Co., Ltd.

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Datong Mayinglong Anorectal Doctor

3,359,220.46 3,359,220.46 Institute Co., Ltd.

Total 5,389,848.24 5,389,848.24

(3) Relevant information about the asset group or asset group combination where the goodwill is located

√Applicable □Not applicable

The asset group or combination to which it belongs, the operating segment to which it belongs and its underlying

Name Whether the composition and basis are consistent with previous years?

Wuhan Mayinglong Aixin Medicine

All shareholders’ rights and interests Not applicable Shifang Chain Co., Ltd.

Hubei Gaotou Xinlong Investment Management

Total equity of shareholders Not applicable Shili Co., Ltd.

Xi'an Mayinglong Anorectal Hospital uses operating long-term assets

Not applicable Is a limited company As a combination of asset groups

Datong Mayinglong Anorectal Hospital uses operating long-term assets

Not applicable Is a limited company As a combination of asset groups

Kang Yongteng Pharmacy Chain uses long-term operating assets

Not applicable Yes (Hubei) Co., Ltd. As an asset group combination

Jiangxi Mayinglong Meikang Pharmaceutical takes operating long-term assets

Not applicable Is a limited company As a combination of asset groups

Changes in asset group or asset group combination

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

(4) Specific determination method of recoverable amount

The recoverable amount is determined as the net amount after fair value minus disposal costs.

□Applicable √Not applicable

The recoverable amount is determined based on the present value of expected future cash flows.

□Applicable √Not applicable

Reasons for the obvious inconsistency between the above information and the information used in impairment testing in previous years or external information □ Applicable √ Not applicable

Reasons for the significant inconsistency between the information used in the company's impairment testing in previous years and the actual situation of the year □ Applicable √ Not applicable

(5) Performance commitments and corresponding goodwill impairment

There is a performance commitment when goodwill is formed and the reporting period or the previous period of the reporting period is within the performance commitment period □ Applicable √ Not applicable

Other notes:

□Applicable √Not applicable

28. Long-term deferred expenses

√Applicable □Not applicable

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Unit: Yuan Currency: RMB Increase for the current period Amortization for the current period

Item Opening balance Other reduction amount Closing balance

Uh Uh

Renovation and decoration project 4,632,498.94 878,284.94 1,515,752.43 3,995,031.45

Total 4,632,498.94 878,284.94 1,515,752.43 3,995,031.45Other instructions: None

29. Deferred income tax assets/deferred income tax liabilities

(1) Deferred income tax assets without offset

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Item Deferred income tax deductible temporary difference Deferred income tax deductible temporary difference

Assets Difference Asset credit impairment/asset impairment provision 64,961,007.94 12,483,368.92 53,684,830.31 10,917,210.00 Unrealized profits from internal transactions 8,776,229.73 1,316,434.46 9,264,851.84 1,389,727.78 Estimated costs and expenses 88,578,521.86 14,010,976.37 78,548,756.83 12,041,115.42 Deferred income 49,858,569.46 7,478,785.42 55,189,732.08 8,278,459.81 Estimated gross profit involved in sales returns 22,323,270.05 3,348,490.51 14,580,140.81 2,187,021.12 Share-based payment 1,400,000.00 210,000.00 1,400,000.00 210,000.00 Lease liabilities 82,480,078.85 17,731,261.11 88,126,004.67 19,019,315.49 Other non-current financial assets Fair

3,380,303.05 507,045.46 3,380,303.05 507,045.46 Value changes

Total 321,757,980.94 57,086,362.25 304,174,619.59 54,549,895.08

(2) Deferred income tax liabilities without offset

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Item Taxable temporary deferred income tax Taxable temporary deferred income tax

Difference Liabilities Difference Liabilities of enterprises not under common control

10,086,388.34 1,512,958.26 10,491,115.25 1,573,667.30 Consolidated asset appraisal value increase

Right-of-use assets 88,327,870.63 18,784,986.75 92,724,469.26 19,606,713.05 Fair trading financial assets

19,781,069.46 2,967,160.42 5,978,935.29 896,840.29Income from value changes

Other non-current financial assets

43,900.19 10,975.05 43,900.19 10,975.05 Changes in fair value

Total 118,239,228.62 23,276,080.48 109,238,419.99 22,088,195.69

(3) Deferred income tax assets or liabilities presented on a net basis after offsetting

□Applicable √Not applicable

(4) Details of deferred income tax assets not recognized

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Closing balance Opening balance

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Credit impairment/asset impairment provision 23,685,503.46 22,764,078.66 Deductible losses 121,798,082.12 117,257,263.39 Estimated costs and expenses 386,859.62 4,208,312.70 Deferred income 115,442.51 230,885.07 Estimated gross profit involved in sales returns 1,888,786.73

Fair value of other non-current financial assets

10,000,000.00 10,000,000.00 Value change

Total 157,874,674.44 154,460,539.82

(5) Deductible losses that have not been recognized as deferred income tax assets will expire in the following years

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Year Ending amount Beginning amount Remarks

2026 8,139,685.10

2027 30,338,430.30 26,026,815.26

2028 26,210,154.30 35,072,878.01

2029 25,785,257.24 22,078,805.04

2030 24,926,671.15 25,939,079.98

2031 14,537,569.13

Total 121,798,082.12 117,257,263.39 /

Other notes:

□Applicable √Not applicable

30. Other non-current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Item Impairment Impairment

Book balance Book value Book balance Book value

prepare prepare

Prepaid equipment payment 7,501,549.36 7,501,549.36 3,280,588.10 3,280,588.10 Equity receivable recovery

259,819.92 259,819.92 269,819.92 269,819.92Purchase payment

Large bank deposit

866,973,524.33 866,973,524.33 430,064,085.98 430,064,085.98 single

Total 874,734,893.61 874,734,893.61 433,614,494.00 433,614,494.00

Information about compensating assets

□Applicable √Not applicable

Other instructions Not applicable

31. Assets with restricted ownership or use rights

√Applicable □Not applicable

Unit: Yuan Currency: RMB

End of period Beginning of period

Item Restricted Restricted Restricted Restricted Book Balance Book Value Book Balance Book Value

type situation type situation

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Guarantee Guaranteed monetary funds 18,859,791.95 18,859,791.95 Others 21,787,975.97 21,787,975.97 Others

Gold Notes receivable 17,866,750.22 17,866,750.22 Pledge Pledge 27,270,378.06 27,270,378.06 Pledge Pledge inventory

Where: data

Resources

Fixed assets 11,755,738.47 11,755,738.47 Mortgage Mortgage 11,998,434.69 11,998,434.69 Mortgage Mortgage Intangible assets 758,654.48 758,654.48 Mortgage Mortgage

Where: data

Resources

Total 49,240,935.12 49,240,935.12 // 61,056,788.72 61,056,788.72 // Other instructions: None

32. Short-term borrowings

(1) Classification of short-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Closing balance Opening balance

Pledge loan

Mortgage loan 1,000,000.00 1,000,000.00 Guaranteed loan 10,000,000.00 10,000,000.00 Credit loan

Total 11,000,000.00 11,000,000.00 Description of short-term loan classification:

Note 1: The subsidiary Mayinglong Medical Management Co., Ltd. borrowed RMB 10 million from Hua Xia Bank Wuhan Branch Yuejiazui Branch, which was guaranteed by the company.

Note 2: The subsidiary Jiangxi Mayinglong Meikang Pharmaceutical Co., Ltd. borrowed 1 million yuan from the newly built branch of Bank of China in Nanchang City, and Jiangxi Mayinglong Meikang Pharmaceutical Co., Ltd. used real estate as a mortgage guarantee.

(2) Overdue short-term borrowings that have not been repaid

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

33. Trading financial liabilities

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

34. Derivative financial liabilities

□Applicable √Not applicable

35. Notes payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Category Ending balance Beginning balance

Bank acceptance bill 126,501,523.10 146,976,496.61 Total 126,501,523.10 146,976,496.61

The total amount of due and unpaid bills payable at the end of this period is RMB 0. (End of the previous year: 0 yuan)

36. Accounts payable

(1) Presentation of accounts payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Within 1 year (including 1 year) 163,041,583.33 148,258,734.11 1 year to 2 years (including 2 years) 7,747,383.49 8,204,571.09 2 years to 3 years (including 3 years) 2,030,666.24 5,007,077.27 More than 3 years 9,740,773.22 9,751,366.62

Total 182,560,406.28 171,221,749.09

(2) Important accounts payable that are aged more than 1 year or are overdue

□Applicable √Not applicable

Other notes:

√Applicable □Not applicable

The amount of the closing balance of accounts payable that is older than one year is RMB 19,518,822.95, which is mainly the unsettled purchase balance.

37. Advance payments

(1) Presentation of accounts received in advance

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Rent received in advance 990,882.16 1,582,695.19

Total 990,882.16 1,582,695.19

(2) Important advances from customers aged more than 1 year

□Applicable √Not applicable

(3) Amount and reasons for significant changes in book value during the reporting period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

38. Contract liabilities

(1) Contract liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Advance payments from sales contracts to be executed 91,891,089.82 98,156,654.42 Total 91,891,089.82 98,156,654.42

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(2) Important contract liabilities aged more than 1 year

□Applicable √Not applicable

(3) Amount and reasons for significant changes in book value during the reporting period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

39. Payable to employees

(1) Presentation of employee benefits payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Short-term salary 63,251,932.75 173,296,429.02 215,450,747.77 21,097,614.00

2. Post-employment benefits-set withdrawals

28,463.93 15,470,035.58 15,474,011.32 24,488.19 plan

Total 63,280,396.68 188,766,464.60 230,924,759.09 21,122,102.19

(2) Presentation of short-term remuneration

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Salaries, bonuses, allowances and subsidies 61,026,822.30 156,021,796.04 196,841,104.39 20,207,513.95

2. Employee welfare fees 4,015,183.67 4,015,183.67

3. Social insurance premiums 15,169.48 8,339,786.25 8,320,919.99 34,035.74 Including: medical insurance premiums 13,635.36 7,962,709.27 7,943,387.19 32,957.44 Work-related injury insurance premiums 340.91 368,191.77 368,238.19 294.49

Maternity insurance premium 1,193.21 8,885.21 9,294.61 783.81

4. Housing provident fund 97,759.20 4,544,120.79 4,560,506.89 81,373.10

5. Trade union funds and employee education funds 2,112,181.77 375,542.27 1,713,032.83 774,691.21

6. Short-term paid absences

7. Short-term profit sharing plan

Total 63,251,932.75 173,296,429.02 215,450,747.77 21,097,614.00

(3) Display of defined contribution plan

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Basic pension insurance 27,270.72 14,670,881.55 14,674,653.64 23,498.63

2. Unemployment insurance premium 1,193.21 799,154.03 799,357.68 989.56

Total 28,463.93 15,470,035.58 15,474,011.32 24,488.19

Other notes:

√Applicable □Not applicable

The Group participates in pension insurance and unemployment insurance plans established by government agencies in accordance with regulations. According to these plans, the Group pays monthly fees to these plans at 16% and 0.7% of employees' basic wages respectively. Except for the above monthly deposit fees, the Group has no further payment obligations. The corresponding expenditures are included in the current profits and losses or the cost of related assets when incurred.

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40. Taxes payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Value-added tax 57,158,576.81 45,386,874.51 Corporate income tax 54,415,531.01 60,647,960.79 Personal income tax 3,831,498.03 2,080,158.93 Urban maintenance and construction tax 4,831,006.56 4,104,624.80 Education surcharge 2,385,011.21 2,073,909.49 Local education surcharge 1,400,604.24 1,193,203.10 Property tax 772,660.53 837,707.05 Embankment maintenance fee 71,419.28 71,419.28 Others 179,071.03 226,845.31

Total 125,045,378.70 116,622,703.26Other instructions: None

41. Other payables

(1) Project list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

interest payable

Dividends payable 303,941,010.45 2,212,743.67 Other payables 117,093,170.60 105,837,312.91

Total 421,034,181.05 108,050,056.58

(2) Interest payable

□Applicable √Not applicable

(3) Dividends payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Closing balance Opening balance

Dividends on ordinary shares 303,941,010.45 2,212,743.67

Total 303,941,010.45 2,212,743.67 Other explanations include important dividends payable that have not been paid for more than one year. The reason for non-payment should be disclosed: mainly because the dividends to shareholders subject to selling restrictions of the company are distributed by the company itself, and the relevant shareholders have not yet received them.

(4) Other payables

Present other payables according to nature of payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Deposits and security deposits 29,494,236.14 23,661,558.53 Current accounts 18,054,167.07 12,790,921.46 Collections and payments 12,761,870.59 22,238,754.87

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Payable for equity acquisition

Accrued expenses 54,362,896.80 44,726,078.05 Equity transfer payment received in advance 2,420,000.00 2,420,000.00

Total 117,093,170.60 105,837,312.91

Important other payables aged more than 1 year or overdue

□Applicable √Not applicable

Other notes:

√Applicable □Not applicable

Among the closing balance of other payables, the amount aged more than one year is 36,450,455.64 yuan, which is mainly the unpaid guarantee deposit, deposit and other amounts.

42. Liabilities held for sale

□Applicable √Not applicable

43. Non-current liabilities due within one year

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Long-term borrowings due within one year

Bonds payable due within one year

Long-term payables due within one year

Lease liabilities due within one year (section 7.47) 21,501,484.61 17,812,034.77

Total 21,501,484.61 17,812,034.77Other instructions: None

44. Other current liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Output tax to be transferred 6,486,983.64 5,693,143.73 Return payment payable 36,963,140.38 27,248,591.30

Total 43,450,124.02 32,941,735.03

Changes in short-term bonds payable:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

45. Long-term loans

(1) Classification of long-term loans

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

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46. Bonds payable

(1) Bonds payable

□Applicable √Not applicable

(2) Details of bonds payable: (excluding preference shares, perpetual bonds and other financial instruments classified as financial liabilities) □ Applicable √ Not applicable

(3) Description of convertible corporate bonds

□Applicable √Not applicable

Accounting treatment and judgment basis for equity transfer

□Applicable √Not applicable

(4) Description of other financial instruments classified as financial liabilities

Basic information on preferred shares, perpetual bonds and other financial instruments outstanding at the end of the period □ Applicable √ Not applicable

Table of changes in outstanding preferred stocks, perpetual bonds and other financial instruments at the end of the period □ Applicable √ Not applicable

Explanation of the basis for classifying other financial instruments as financial liabilities

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

47. Lease liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Lease payments 91,465,914.72 100,207,758.81 Less: Unrecognized financing costs 8,985,835.87 12,081,754.14 Less: Lease liabilities due within one year (VII. 43 of this section) 21,501,484.61 17,812,034.77 Total 60,978,594.24 70,313,969.90

Other notes: For the Group’s liquidity risk management measures for lease liabilities and analysis of the maturity period of lease liabilities at the end of the period, please refer to Section 12.1, (3) “Liquidity Risk”.

48. Long-term accounts payable

Item list

□Applicable √Not applicable

long-term payables

□Applicable √Not applicable

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Special payables

□Applicable √Not applicable

49. Long-term employee benefits payable

□Applicable √Not applicable

50. Estimated liabilities

□Applicable √Not applicable

51. Deferred income

Deferred income

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Beginning balance Increase in the current period Decrease in the current period Closing balance Reason for formation Formed by receipt of government subsidies

55,420,617.15 1,298,200.00 6,744,805.18 49,974,011.97 deferred income

Among them: related to assets

55,420,617.15 1,298,200.00 6,744,805.18 49,974,011.97 government subsidies

revenue-related government

subsidy

Total 55,420,617.15 1,298,200.00 6,744,805.18 49,974,011.97 /

Other notes:

□Applicable √Not applicable

52. Other non-current liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Equity payments payable to other investors of limited partnership fund companies 5,907,936.57 6,018,496.09

Total 5,907,936.57 6,018,496.09 Other notes: Other investor equity payments payable to limited partnership fund companies include investment funds of RMB 3,572,582.67, and gains and losses from changes in fair value corresponding to the shares held by limited partners are RMB 2,335,353.90.

53. Share capital

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in this change (+, one)

Balance at the beginning of the period Issued Provident Fund Balance at the end of the period Bonus shares Other Subtotal

New shares Conversion

Total number of shares 431,053,891.00 431,053,891.00Other instructions: None

54. Other equity instruments

(1) Basic information on preferred shares, perpetual bonds and other financial instruments outstanding at the end of the period

□Applicable √Not applicable

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(2) Statement of changes in outstanding preferred stocks, perpetual bonds and other financial instruments at the end of the period

□Applicable √Not applicable

Changes in other equity instruments during the current period, explanations of reasons for changes, and the basis for relevant accounting treatments: □ Applicable √ Not applicable

Other notes:

□Applicable √Not applicable

55. Capital reserve

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance Equity premium 21,897,768.70 211,570.83 22,109,339.53 Other capital reserves 1,514,286.55 1,514,286.55

Total 23,412,055.25 211,570.83 23,623,626.08 Other explanations, including changes in increases and decreases in the current period and explanations of reasons for changes:

The increase in equity premium in the current period is due to the carry-over of equity between shareholders caused by the company's acquisition of minority interests in relevant subsidiaries this year.

56. Treasury stocks

□Applicable √Not applicable

57. Other comprehensive income

√Applicable □Not applicable

Unit: Yuan Currency: RMB Amount incurred in the current period

minus: before

Included in the current period Less: Previous period Less:

Included in other items at the beginning of the period. Attribution after tax. Items at the end of the period. Income tax for the current period. Other comprehensive income. Balance attributable to after-tax. Comprehensive income. Amount incurred before the balance of minority shares. Combined income and taxes. Transferred in by the parent company in the current period. Transferred in the current period.

retained earnings

Income profit and loss

1. Cannot be reclassified for loss

other comprehensive income

Among them: re-measurement settings

Change amount of benefit plan

Loss cannot be transferred under equity method

other comprehensive income

Other equity instrument investments

Change in fair value

Enterprise's own credit risk

Change in fair value

2. Reclassify into profit and loss

2,619,127.49 -519,540.53 -508,941.90 -10,598.63 Other comprehensive income of 2,110,185.59

Among them: transferable under equity method

Profit and loss other comprehensive income

Other debt investments are fair

value change

Financial asset reclassification plan

Funds included in other comprehensive income

Um

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Amount incurred in this period

minus: before

Included in the current period Less: Previous period Less:

Beginning of the period Included in other after-tax attribution Closing items Current income tax Other comprehensive income After-tax attribution

Balance Comprehensive income Amount incurred before minority shares Balance Comprehensive income Taxes Parent company

Transferred to East in the current period

Transfer in current period

retained earnings

Income profit and loss

Other debt investment credit

Impairment provision

Cash flow hedging reserve

Translation of foreign currency financial statements

291,000.73 -519,540.53 -508,941.90 -10,598.63 -217,941.17 Difference

Others 2,328,126.76 2,328,126.76 Total other comprehensive income 2,619,127.49 -519,540.53 -508,941.90 -10,598.63 2,110,185.59 Other explanations, including adjustments to the initial recognition amount of the effective portion of cash flow hedging gains and losses converted into hedged items: None

58. Special reserves

□Applicable √Not applicable

59. Surplus reserve

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance Statutory surplus reserve 220,212,143.84 220,212,143.84 Discretionary surplus reserve 75,080,502.49 75,080,502.49 Reserve fund

Enterprise Development Fund

Others

Total 295,292,646.33 295,292,646.33 Description of surplus reserve, including changes in increases and decreases in the current period and explanation of reasons for changes:

According to the provisions of the Company Law and the Company's Articles of Association, the Company shall appropriate 10% of its net profit to the statutory surplus reserve. If the accumulated statutory surplus reserve reaches more than 50% of the company's registered capital, no further withdrawals will be made.

After withdrawing the statutory surplus reserve fund, the company may withdraw the discretionary surplus reserve fund. Upon approval, the discretionary surplus reserve fund can be used to make up for losses in previous years or to increase share capital.

60. Undistributed profits

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Items for this period and previous year

Undistributed profits at the end of the previous period before adjustment 3,627,364,034.37 3,313,125,074.10 Total undistributed profits at the beginning of the period before adjustment (adjustment +, decrease -)

Undistributed profit at the beginning of the period after adjustment 3,627,364,034.37 3,313,125,074.10 Plus: Net profit attributable to owners of the parent company for the period 362,612,357.03 581,492,372.69 Less: Appropriation of statutory surplus reserve

Withdraw discretionary surplus reserve

Withdraw general risk reserve

Dividends payable on ordinary shares 301,737,723.70 267,253,412.42

Dividends on common shares converted into equity capital

Undistributed profit at the end of the period 3,688,238,667.70 3,627,364,034.37

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Adjust the details of undistributed profits at the beginning of the period:

1. Due to the retrospective adjustment of the Accounting Standards for Business Enterprises and its related new regulations, the undistributed profit at the beginning of the period was affected by RMB 0.

2. Due to changes in accounting policies, the undistributed profit at the beginning of the period was affected by RMB 0.

3. Due to the correction of major accounting errors, the undistributed profit at the beginning of the period was affected by RMB 0.

4. The change in the scope of consolidation due to the same control affects the undistributed profit at the beginning of the period of 0 yuan.

5. The total impact of other adjustments on the undistributed profit at the beginning of the period is 0 yuan.

6. According to the "2025 Profit Distribution Plan" approved by the company's 2025 shareholders' meeting on June 17, 2026, the company distributed a cash dividend of RMB 0.70 per share (tax included) to all shareholders, calculated based on the number of issued shares of 431,053,891 shares, totaling 301,737,723.70 yuan.

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61. Operating income and operating costs

(1) Operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Amount for the current period Amount for the previous period

Project

revenue cost revenue cost

Main business 1,973,225,749.24 1,061,163,494.34 1,924,623,140.74 979,303,015.72 Other businesses 38,517,413.32 7,642,619.50 24,399,891.12 3,386,394.75Total 2,011,743,162.56 1,068,806,113.84 1,949,023,031.86 982,689,410.47

(2) Breakdown information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Contract Pharmaceutical Industry - Segment Pharmaceutical Commerce - Segment Medical Services - Segment Unallocated Amount Inter-segment Offset Total Category Operating Income Operating Cost Operating Income Operating Cost Operating Income Operating Cost Operating Income Operating Cost Operating Income Operating Cost Operating Income Operating Cost Goods

Type

Treat hemorrhoids

901,713,340.00 266,513,577.70 13,595,261.03 13,044,517.14 888,118,078.97 253,469,060.56 category

retail,

576,977,775.16 535,196,660.38 148,893,170.09 126,615,683.78 21,844,044.14 21,844,044.14 704,026,901.11 639,968,300.02 Wholesale

hospital

2,955.66 33,116.69 60,923,666.24 53,646,311.11 60,926,621.90 53,679,427.80Diagnosis and treatment

Others 343,389,783.22 128,356,260.80 10,787,682.60 2,856,355.05 413,917.57 18,018,117.23 7,364,600.21 16,380,377.52 14,445,453.12 358,671,560.58 121,689,325.46 Total 1,245,103,123.22 394,869,838.50 587,768,413.42 535,229,777.07 212,673,191.38 180,675,912.46 18,018,117.23 7,364,600.21 51,819,682.69 49,334,014.40 2,011,743,162.56 1,068,806,113.84

Other instructions

□Applicable √Not applicable

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(3) Description of performance obligations

□Applicable √Not applicable

(4) Description of allocation to remaining performance obligations

√Applicable □Not applicable

As of June 30, 2026, the amount of revenue corresponding to the performance obligations that the Group has signed but has not yet fulfilled is

RMB 55,126,949.98 (December 31, 2025: RMB 59,668,598.11), which the Group expects to confirm within one year

Recognize income.

(5) Major contract changes or major transaction price adjustments

□Applicable √Not applicable

62. Taxes and surcharges

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

consumption tax

business tax

Urban maintenance and construction tax 7,564,876.67 7,780,574.77 Education surcharge 3,241,489.80 3,331,388.30 Local education surcharge 2,163,507.07 2,226,925.83 Resource tax

Real estate tax 2,340,835.66 1,670,664.63Land use tax 398,926.02 313,601.89Stamp tax 960,337.19 980,271.56Others 25,378.16 -21,896.28

Total 16,695,350.57 16,281,530.70Other instructions: None

63. Sales expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Market development fee 285,651,836.04 248,224,545.10 Employee compensation 82,224,601.41 97,582,331.50 Media advertising fee 19,476,735.18 25,187,865.19 Business promotion fee 26,816,809.30 62,400,080.77 Conference fees 1,095,278.64 1,042,458.36 Rental fees 2,529,386.08 2,268,936.54 Depreciation and amortization 4,745,273.57 6,080,236.80 Travel expenses 4,244,257.67 4,318,586.80 Office expenses 2,547,384.94 2,370,100.64 Others 5,671,835.51 6,268,363.37

Total 435,003,398.34 455,743,505.07Other instructions: None

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64. Management expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 18,615,655.98 36,341,035.15 Depreciation and amortization 11,710,914.07 15,401,112.90 Lease fee 86,157.95 199,236.19 Office expenses 2,845,356.05 3,766,129.18 Travel and conference expenses 755,086.73 895,066.65 Social entertainment expenses 1,344,002.16 1,065,293.06 Audit consulting fees 873,840.47 808,798.00 Other expenses 4,816,362.47 7,968,718.52

Total 41,047,375.88 66,445,389.65Other instructions: None

65. Research and development expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 18,665,768.49 19,244,774.78 Depreciation and amortization 5,507,984.07 3,661,392.48 Material consumption 460,603.98 391,006.94 Technical service fee 3,487,867.94 6,879,307.50 Trial production and testing fees 1,886,987.78 4,385,951.08 Others 1,731,933.78 2,729,126.43

Total 31,741,146.04 37,291,559.21Other instructions: None

66. Financial expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Interest expense 2,090,711.59 3,468,511.90Interest income -8,325,331.94 -23,195,426.58 Exchange profit and loss -438.18 7,939.17Handling fee 269,987.11 302,170.15Cash discount -68,800.18 -352,982.94

Total -6,033,871.60 -19,769,788.30Other instructions: None

67. Other income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Classification by nature Amount incurred in the current period Amount incurred in the previous period

Government subsidies 7,034,699.54 9,654,288.56 Value-added tax additional deduction 2,795,799.22 3,177,295.65 Personal tax fee refund 413,584.16 370,071.33

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Total 10,244,082.92 13,201,655.54 Other notes: For details of government subsidies included in other income, please refer to Section 11. "Government Subsidy" in this section.

68. Investment income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in the current period Amount incurred in the previous period Income from long-term equity investments accounted for by equity method 1,058,138.21 654,832.36 Investment income generated from disposal of long-term equity investments -99,452.38

Investment income from trading financial assets during the holding period

Dividend income from other equity instrument investments during the holding period

Interest income from debt investments during the holding period 60,240.06

Interest income earned from other debt investments during the holding period

Investment income from the disposal of trading financial assets 4,990,668.67 2,310,649.69 Investment income from the disposal of other equity instrument investments

Investment income from disposal of debt investments

Investment income from disposal of other debt investments

Debt restructuring proceeds

Investment income from other non-current financial assets during the holding period 6,944,698.62

Investment income from disposal of other non-current financial assets

Interest expense on discounted bills -3,480,326.25 -4,214,767.14 Investment income from other non-current financial assets during the holding period 65,282.64

Total 9,473,966.93 -1,184,002.45

69. Net exposure hedging income

□Applicable √Not applicable

70. Income from changes in fair value

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Sources of income from changes in fair value Amount incurred in the current period Amount incurred in the previous period

Trading financial assets 13,802,134.17 12,138,938.23 Including: fair price of derivative financial instruments

Gains from changes in value

Trading financial liabilities

Investment properties measured at fair value

Other non-current financial assets 2,290,465.76 Other non-current liabilities 110,559.52 142,760.35

Total 13,912,693.69 14,572,164.34Other instructions: None

71. Credit impairment losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Bad debt losses on notes receivable

Bad debt losses on accounts receivable -10,886,049.13 -6,891,918.28

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Bad debt losses on other receivables -1,373,153.07 -6,848,331.97 Impairment losses on debt investments

Impairment losses on other debt investments

Bad debt losses on long-term receivables

Impairment losses related to financial guarantees

Total -12,259,202.20 -13,740,250.25Other instructions: None

72. Asset impairment losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

1. Impairment losses on contract assets

2. Inventory depreciation losses and contract performance costs

-1,821,075.48 -1,247,164.90 Impairment loss

3. Impairment losses on long-term equity investments

4. Impairment losses on investment real estate

5. Impairment losses on fixed assets -479,651.76

6. Impairment losses of engineering materials

7. Impairment losses on projects under construction

8. Impairment losses on productive biological assets

9. Impairment losses on oil and gas assets

10. Impairment losses on intangible assets

11. Goodwill impairment loss

12. Others

13. Impairment losses on development expenses -8,852.23

Total -2,300,727.24 -1,256,017.13Other instructions: None

73. Income from asset disposal

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period Gains on disposal of non-current assets -25,553.74 -1,390.78

Total -25,553.74 -1,390.78

Other notes:

□Applicable √Not applicable

74. Non-operating income

√Applicable □Not applicable

Unit: Yuan Currency: RMB included in non-recurring items of the current period Amount of the current period Amount of the previous period

Amount of non-current gains and losses Total gains from disposal of non-current assets

Including: Profit from disposal of fixed assets

Gains from disposal of intangible assets

Debt restructuring gains

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Gains from exchange of non-monetary assets

Donations accepted

government subsidies

Accounts payable that cannot be paid 58,344.83 474,138.32 58,344.83 Income from liquidated damages 113,938.05 113,938.05 Income from non-governmental sector incentives

Others 10,110.10 6,255.04 10,110.10

Total 182,392.98 480,393.36 182,392.98

Other notes:

□Applicable √Not applicable

75. Non-operating expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB included in non-recurring items of the current period Amount of the current period Amount of the previous period

Amount of non-current gains and losses Total losses on disposal of non-current assets 33,197.36 215,423.58 33,197.36 Including: losses on disposal of fixed assets 33,197.36 215,423.58 33,197.36

Loss on disposal of intangible assets

Debt restructuring losses

Non-monetary asset exchange losses

External donations 473,078.35 1,010,243.00 473,078.35 Late fees and fines 143,872.23 804,723.18 143,872.23 Others 40,041.89 110,581.90 40,041.89

Total 690,189.83 2,140,971.66 690,189.83Other instructions: None

76. Income tax expenses

(1) Income tax expense schedule

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Current income tax expense 67,183,812.65 73,179,894.02 Deferred income tax expense -1,348,582.38 -10,260,529.10

Total 65,835,230.27 62,919,364.92

(2) Adjustment process of accounting profits and income tax expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in this period

Total profit 443,021,113.00 Income tax expenses calculated according to statutory/applicable tax rates 66,453,166.92 The impact of different tax rates applicable to subsidiaries 1,189,214.81 The impact of adjusting income tax in previous periods 513,588.04 The impact of non-taxable income -3,313,881.72 The impact of non-deductible costs, expenses and losses 2,920,634.21

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Use the deductible losses of deferred income tax assets not recognized in the previous period

25,432.86 impact of loss

The deductible temporary nature of deferred income tax assets has not been recognized in the current period.

1,326,226.23 Difference or impact of deductible losses

The deductible temporary nature of deferred income tax assets has not been recognized in the current period.

Effect of differences or deductible losses

Tax rate adjustments result in deferred income tax asset/liability balances at the beginning of the year

changes

Impact of super deduction of R&D expenses -3,279,151.08 Impact of business combination not under common control

Total 65,835,230.27

Other notes:

□Applicable √Not applicable

77. Other comprehensive income

√Applicable □Not applicable

For details, please see Section 7.57, Other Comprehensive Income.

78. Cash flow statement items

(1) Cash related to operating activities

Other cash received related to operating activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Interest income 55,280,495.50 58,141,351.66 Government subsidies received 2,001,678.52 2,844,086.40 Other amounts received 182,392.98 295,671.90

Total 57,464,567.00 61,281,109.96 Description of other cash received related to operating activities: None

Other cash paid related to operating activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Sales expenses, administrative expenses and R&D expenses paid 355,705,729.14 376,129,846.68 Bank fees paid, etc. 269,987.11 302,170.15 Other amounts paid 5,515,185.84 1,060,305.08

Total 361,490,902.09 377,492,321.91 Description of other cash paid related to operating activities: None

(2) Cash related to investing activities

Cash received in connection with significant investing activities

□Applicable √Not applicable

Cash payments related to significant investment activities

□Applicable √Not applicable

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Other cash received related to investing activities

□Applicable √Not applicable

Other cash paid related to investing activities

□Applicable √Not applicable

(3) Cash related to financing activities

Other cash received related to financing activities

□Applicable √Not applicable

Other cash payments related to financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Repayment of principal and interest on lease liabilities 16,877,498.82 12,789,899.22 Cash paid for acquisition of minority equity 483,000.00 2,097,680.00 Capital reduction and return of capital to minority shareholders 3,636,363.60 Transfer of limited partnership shares held by partners

1,000,000.00 cash payment

Total 17,360,498.82 19,523,942.82 Description of other cash paid related to financing activities: None

Changes in various liabilities arising from financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase in this period Decrease in this period

Item Opening balance Cash Non-cash change in closing balance Cash change Non-cash change

change

Short-term borrowings 11,000,000.00 161,777.76 161,777.76 11,000,000.00 Dividends payable 2,212,743.67 324,404,390.37 22,676,123.59 303,941,010.45 Lease liabilities and

Lease liabilities due within one year 88,126,004.67 9,302,639.17 16,877,498.82 -1,928,933.83 82,480,078.85

Total 101,338,748.34 333,868,807.30 39,715,400.17 -1,928,933.83 397,421,089.30

(4) Explanation on presenting cash flows in net amount

□Applicable √Not applicable

(5) Major activities and financial activities that do not involve current cash receipts and payments but affect the company's financial status or may affect the company's cash flow in the future.

business impact

□Applicable √Not applicable

79. Supplementary information for cash flow statement

(1) Supplementary information for cash flow statement

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Supplementary information Amount for the current period Amount for the previous period 1. Reconcile net profit to cash flow from operating activities:

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Mayinglong Pharmaceutical Group Co., Ltd. 2026 Semi-Annual Report

Net profit 377,185,882.73 357,353,641.11 plus: asset impairment provision 2,300,727.24 1,256,017.13 Credit impairment loss 12,259,202.20 13,740,250.25 Fixed asset depreciation, investment real estate depreciation, oil and gas asset depletion, production

22,359,176.76 26,171,816.22 Depreciation of biological assets

Amortization of right-of-use assets 13,713,246.07 14,280,751.54 Amortization of intangible assets 7,921,401.69 5,815,686.46 Amortization of long-term prepaid expenses 1,515,752.43 2,257,166.30 Losses on disposal of fixed assets, intangible assets and other long-term assets (collection

25,553.74 1,390.78 Please fill in with "-")

Losses from scrapping of fixed assets (income is listed with "-") 33,197.36 215,423.58 Loss from changes in fair value (income is listed with "-") -13,912,693.69 -14,572,164.34 Financial expenses (income is listed with "-") 2,090,273.41 3,476,451.07 Investment losses (income is shown with "-") -12,954,293.18 -3,030,764.69 Decrease in deferred income tax assets (increase is shown with "-") -2,536,467.17 -8,115,861.12 Increase in deferred income tax liabilities (decrease is shown with "-") 1,187,884.79 -2,144,667.98 Decrease in inventory (increases are indicated by "-") 50,858,093.01 -4,538,287.40 Decrease in operating receivables (increases are indicated by "-") 6,621,356.50 -270,834,167.24 Increase in operating payables (decreases are listed with "-") -38,386,396.29 189,265,603.40 Others

Net cash flow generated from operating activities 430,281,897.60 310,598,285.07 2. Major investing and financing activities that do not involve cash receipts and payments:

debt to capital

Convertible corporate bonds due within one year

Financing leased fixed assets

3. Net changes in cash and cash equivalents:

Closing balance of cash 592,447,866.52 1,453,715,676.32 Less: Opening balance of cash 1,999,051,286.46 2,741,920,658.88 Add: Closing balance of cash equivalents

Less: Opening balance of cash equivalents

Net increase in cash and cash equivalents -1,406,603,419.94 -1,288,204,982.56

(2) Net cash paid in the current period to acquire subsidiaries

□Applicable √Not applicable

(3) Net cash received from disposal of subsidiaries in the current period

□Applicable √Not applicable

(4) Composition of cash and cash equivalents

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

1. Cash 592,447,866.52 1,999,051,286.46 Including: Cash on hand 2,281,699.40 2,376,556.56 Bank deposits that can be used for payment at any time 584,914,436.05 1,989,934,778.16 Other monetary funds that can be used for payment at any time 5,251,731.07 6,739,951.74 Amounts deposited with the central bank that can be used for payment

Deposit funds from other banks

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Funds placed with other banks

2. Cash equivalents

Including: Bond investments due within three months

3. Balance of cash and cash equivalents at the end of the period 592,447,866.52 1,999,051,286.46 Among them: restricted use by the parent company or subsidiaries within the group

cash and cash equivalents

(5) Situations where the scope of use is limited but still presented as cash and cash equivalents

□Applicable √Not applicable

(6) Monetary funds other than cash and cash equivalents

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Reason

Interest accrued on time deposits 19,920,364.98 66,875,528.54

Bank acceptance bill deposit 15,449,299.25 18,649,947.09

Guarantee deposit 433,689.05

Margin deposits from e-commerce companies such as Alipay 2,976,803.65 3,138,028.88

Total 38,780,156.93 88,663,504.51 /

Other notes:

□Applicable √Not applicable

80. Notes on items in the statement of changes in owners’ equity

Explain the names of "other" items that were adjusted to the closing balance of the previous year and the amount of adjustment, etc.:

□Applicable √Not applicable

81. Foreign currency monetary items

(1) Foreign currency monetary items

√Applicable □Not applicable

Unit: Yuan

Item Foreign currency balance at the end of the period Conversion exchange rate Monetary funds converted into RMB at the end of the period 231,069.95 Including: US dollars 1,918.19 6.8109 13,064.59

HKD 250,999.21 0.86855 218,005.36 Other receivables 1,553,420.00 Including: Euro 200,000.00 7.7671 1,553,420.00 Other payables 3,449,845.86 Including: HKD 3,971,960.00 0.86855 3,449,845.86

(2) The nature of currency lack of convertibility and its financial impact, the spot exchange rate used and its estimation process, and the risks faced by the enterprise due to currency lack of convertibility

□Applicable √Not applicable

(3) Description of overseas operating entities, including for important overseas operating entities, their main overseas operating place, accounting standard currency and basis for selection should be disclosed. If the accounting standard currency changes, the reasons should also be disclosed.

□Applicable √Not applicable

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(4) Lack of convertibility between the accounting functional currency of overseas operations and the enterprise’s presentation currency

□Applicable √Not applicable

82. Leasing

(1) As a lessee

√Applicable □Not applicable

1 For information on right-of-use assets and lease liabilities, please refer to Section 7.25 "Right-of-use Assets" and Section 7.47 "Lease Liabilities". ② Included in the current year’s profit and loss

Included in current year’s profit and loss

Project

Presented items Amount (yuan) Interest on lease liabilities Financial expenses 1,928,933.83 Short-term lease expenses (simplified treatment applies) Sales expenses 2,529,386.08 Short-term lease expenses (simplified treatment applies) Administrative expenses 86,157.95 Note: The "short-term lease expenses" in the above table do not include lease-related expenses with a lease period of less than one month; the "low-value asset lease expenses" do not include the short-term lease expenses of low-value assets included in the "short-term lease expenses".

③ Cash flow outflow related to leasing

Item Cash flow category Amount for the year (yuan) Cash paid to repay the principal and interest of lease liabilities Cash outflow from financing activities 16,877,498.82 Payment amount for short-term leases and low-value assets (appropriate

Cash outflow from operating activities 2,615,544.03 (used for simplified processing)

Total - 19,493,042.85

Variable lease payments not included in the measurement of lease liabilities

□Applicable √Not applicable

Simplified treatment of short-term leases or lease payments for low-value assets

□Applicable √Not applicable

Sale and leaseback transactions and basis for judgment

□Applicable √Not applicable

(2) As a lessor

Operating lease as lessor

√Applicable □Not applicable

Unit: Yuan Currency: RMB Including: Available items not included in lease receipts Lease income

Income related to variable lease payments Other business income 14,580,074.71

Total 14,580,074.71

Finance lease as lessor

□Applicable √Not applicable

Reconciliation of undiscounted lease receipts and net lease investment

□Applicable √Not applicable

Undiscounted lease receipts over the next five years

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√Applicable □Not applicable

Unit: Yuan Currency: RMB

Annual undiscounted lease payments

Project

Ending amount Beginning amount

First year 13,765,336.29 26,825,270.89 Second year 28,421,008.98 28,436,544.33 Third year 28,920,513.88 28,926,552.81 Fourth year 29,693,512.86 29,693,512.86 The fifth year 29,776,841.16 29,776,841.16 Total undiscounted lease receipts after five years 140,042,839.74 140,042,839.74

Total 270,620,052.91 283,701,561.79

(3) Recognizing financial lease sales profits and losses as a manufacturer or distributor

□Applicable √Not applicable

Other instructions: none

83. Data resources

□Applicable √Not applicable

84. Others

□Applicable √Not applicable

8. R&D expenditures

1. List according to nature of expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 25,900,122.31 29,126,516.98 Technical service fee 5,387,924.54 9,021,192.68 Material consumption 721,802.14 1,081,372.66 Depreciation and amortization 5,533,029.93 3,684,599.40 Trial production and testing fees 1,943,645.58 4,463,435.52 Audit consulting fees 143,100.00 338,843.16 Others 2,967,481.36 3,299,652.27

Total 42,597,105.86 51,015,612.67 Including: Expenditure R&D expenditure 31,741,146.04 37,291,559.21

Capitalized R&D expenditure 10,855,959.82 13,724,053.46Other instructions: None

2. Development expenditures on R&D projects that meet capitalization conditions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Beginning of the period Increase amount in this period Decrease amount in this period End of period

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Balance Confirm Balance Transfer

Internal development support None

current period

Show his talent

Profit and loss

produce

MYL ointment 21,309,056.87 3,038,112.89 24,347,169.76 Prasterone Sulfate Sodium 16,551,915.76 188,231.95 16,740,147.71 Bromfenac Sodium Eye Drops 7,426,222.21 375,709.78 7,801,931.99 Azelastine Hydrochloride Eye Drops 7,093,259.58 568,870.83 7,662,130.41 Olopatadine Hydrochloride Eye Drops 4,929,870.72 621,362.54 5,551,233.26 Vortioxetine hydrobromide tablets 10,902,790.32 1,100,906.87 12,003,697.19 Citrus flavonoid tablets 2,768,274.16 215,117.49 2,983,391.65 Bripiprazole tablets 12,915,132.31 322,080.36 13,237,212.67 Proparacaine Hydrochloride Eye Drops 5,798,578.45 221,696.49 6,020,274.94 Simethicone Emulsion 4,063,619.60 559,630.82 4,623,250.42 Sodium hyaluronate eye drops 8,166,668.48 1,120,359.64 9,287,028.12 Polyethylene glycol 3350 powder 2,069,280.25 399,955.37 2,469,235.62 Criborole ointment 9,585,471.83 2,172,122.26 11,757,594.09 Pilocarpine hydrochloride eye drops 1,758,287.17 -48,197.47 1,710,089.70 Lofencodeine sustained-release capsules 5,248,301.26 5,248,301.26 Total 120,586,728.97 10,855,959.82 131,442,688.79

Significant Capitalized R&D Projects

√Applicable □Not applicable

Estimated completion: Estimated economic benefits begin capitalization

Project R&D progress is based on the time point in which the profits will be generated.

MYL Ointment Completed pilot study 2030/2/28 Commercial operation 2009 Pilot report submission application network Prasterone Sulfate Sodium Submitted for review 2027/12/31 Commercial operation June 2015

Site screenshot

Apply for registration of domestically produced drug Bripipiprazole Tablets Complete drug imitation 2027/12/31 Commercial operation September 2021

Marketing Authorization Acceptance Notice

Impairment provision for development expenditures

√Applicable □Not applicable

Unit: Yuan Currency: RMB items Beginning balance Increase in the current period Decrease in the current period Closing balance Impairment test situation Lofencodeine sustained-release capsules 5,248,301.26 5,248,301.26

Total 5,248,301.26 5,248,301.26 /

Other notes: Due to the stagnation of project research and development, the company made an impairment provision of RMB 5,248,301.26 for the lofencodeine sustained-release capsule project.

3. Important outsourced research projects

□Applicable √Not applicable

9. Changes in consolidation scope

1. Merger of enterprises not under common control

□Applicable √Not applicable

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2. Merger of enterprises under common control

□Applicable √Not applicable

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3. Reverse purchase

□Applicable √Not applicable

4. Disposal of subsidiaries

Are there any transactions or events that result in the loss of control of subsidiaries in this period? Applicable √ Not applicable

Other notes:

□Applicable √Not applicable

Is there any situation where investments in subsidiaries are disposed of step by step through multiple transactions and control is lost in the current period? Applicable √ Not applicable

Other notes:

□Applicable √Not applicable

5. Changes in the scope of consolidation due to other reasons

Explain the changes in the scope of consolidation caused by other reasons (such as the establishment of new subsidiaries, liquidation of subsidiaries, etc.) and their related situations: √ Applicable □ Not applicable

(1) New subsidiary established

In April 2026, Mayinglong International Pharmaceutical Development Co., Ltd., a subsidiary of the group, established MAYINGLONG (MY) SDN.BHD. in Malaysia with a registered capital of 50,000 ringgit. As of June 30, 2026, no capital has been invested and the company has not begun operations.

6. Others

□Applicable √Not applicable

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10. Interests in other entities

1. Interests in subsidiaries

(1) Composition of enterprise groups

√Applicable □Not applicable

Unit: RMB 10,000 Currency: RMB Major financial institutions Shareholding ratio (%) Name of acquired subsidiary Registered capital Place of registration Nature of business

Camp Direct Indirect Way Wuhan Tianyi Pharmaceutical Development Co., Ltd. Wuhan 1,000.00 Wuhan City, Hubei Province Drug production 100.00 Establish Wuhan Mayinglong Pharmacy Chain Co., Ltd. Wuhan 8,725.00 Wuhan City, Hubei Province Drug retail 80.00 20.00 Establish Wuhan Mayinglong Hospital Investment Management Co., Ltd. Wuhan 4,500.00 Wuhan City, Hubei Province Hospital investment 97.78 2.22 Establishment of Wuhan Mayinglong Pharmaceutical Logistics Co., Ltd. Wuhan 15,000.00 Wuhan City, Hubei Province Pharmaceutical wholesale 58.84 41.16 Establishment of Wuhan Tianyi Pharmaceutical Technology Investment Co., Ltd. Wuhan 18,000.00 Wuhan City, Hubei Province Project investment 99.44 0.56 Wuhan Mayinglong Integrated Traditional Chinese and Western Medicine Anorectal Hospital Co., Ltd. was established

Wuhan 3,000.00 Wuhan City, Hubei Province Medical Services 100.00 Establishment Department

Mayinglong International Pharmaceutical Development Co., Ltd. Hong Kong 1911 (HKD) Hong Kong, China Pharmaceutical sales 97.96 Establishment of Wuhan Mayinglong Comprehensive Clinic Co., Ltd. Wuhan 100.00 Wuhan City, Hubei Province Medical services 100.00 Establishment of Mayinglong Medical Management Co., Ltd. Wuhan 8,000.00 Wuhan City, Hubei Province Investment in medical institutions 70.24 25.53 Established Nanjing Mayinglong Hospital Management Co., Ltd. Nanjing 3,050.00 Nanjing City, Jiangsu Province Investment in medical institutions 100.00 Established Wuhan Maidi Investment Management Co., Ltd. Wuhan 500.00 Wuhan City, Hubei Province Investment Management 55.00 Established Hubei Mayinglong Biotechnology Co., Ltd. Wuhan 3,000.00 Wuhan City, Hubei Province Cosmetics R&D and sales 78.82 Establishment of Wuhan Mayinglong Pharmaceutical Co., Ltd. Wuhan 600.00 Wuhan City, Hubei Province Drug development and technology transfer 16.67 71.54 Business merger not under common control Wuhan Mayinglong Aixin Pharmacy Chain Co., Ltd. Wuhan 1,000.00 Wuhan City, Hubei Province Pharmaceutical retail 100.00 Business merger not under common control Wuhan Zhikang Enterprise Management Consulting Co., Ltd. Wuhan 12.20 Wuhan City, Hubei Province Management consulting 100.00 Business merger not under common control Beijing Mayinglong Changqing Hospital Management Co., Ltd. Beijing 7,650.00 Beijing Medical institution investment 79.81 Business merger not under common control Beijing Mayinglong Changqing Anorectal Hospital Co., Ltd. Beijing 8,590.00 Beijing Medical Services 99.77 Business merger not under common control Xi’an Mayinglong Anorectal Hospital Co., Ltd. Xi’an 4,800.00 Xi'an City, Shaanxi Province Medical services 90.63 Datong Mayinglong Anorectal Hospital Co., Ltd., a business combination not under common control Datong 290.00 Datong City, Shanxi Province Medical services 74.48 Wuhan Mawanxing Pharmaceutical Co., Ltd., a business combination not under common control Wuhan 3,000.00 Wuhan City, Hubei Province Wholesale and retail 100.00 Established Hubei Mayinglong Nursing Products Co., Ltd. Wuhan 822.00 Wuhan City, Hubei Province Wholesale and retail of nursing products 57.50 Established Wuhan Mayinglong Network Investment Co., Ltd. Wuhan 5,500.00 Wuhan City, Hubei Province Investment in medical institutions 81.82 18.18 Established

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Wuhan Xiaoma Pentium Medical Technology Co., Ltd. Wuhan 5,860.00 Wuhan City, Hubei Province Medical technology development 90.61 Establishment of Wuhan Tongdaohe Technology Partnership (Limited Partnership) Wuhan 1,020.00 Wuhan City, Hubei Province Network technology 19.61 Establishment of Hubei Gaotou Xinlong Investment Management Co., Ltd. Wuhan 600.00 Wuhan City, Hubei Province Investment Management 43 12 Merger of enterprises not under common control with Hubei Gaolong Health Industry Investment Fund Partnership

Wuhan 17,500.00 Wuhan City, Hubei Province Investment Management 72.22 5.05 Business merger not under common control (limited partnership)

Wuhan Guangweikang Medical Technology Co., Ltd. Wuhan 1,000.00 Wuhan City, Hubei Province Scientific research and technical services 100.00 Establishment of Mayinglong Health Co., Ltd. (Note 1) Wuhan 6,600.00 Wuhan City, Hubei Province Other manufacturing 48.48 Establishment of Hubei Honglong Health Industry Investment Fund Partnership

Wuhan 20,000.00 Wuhan City, Hubei Province Equity investment and consulting services 99.07 0.93 Establishment (limited partnership)

Wuhan Ma Yan Kang Technology Co., Ltd. Wuhan 3,000.00 Wuhan City, Hubei Province Scientific research and technical services 90.00 10.00 Establishment of Wuhan Ma He Tang Technology Co., Ltd. Wuhan 2,000.00 Wuhan City, Hubei Province Scientific research and technical services 100.00 Establishment of Wuhan Ma Ren Tang Technology Co., Ltd. Wuhan 3,000.00 Wuhan City, Hubei Province Scientific research and technical services 100.00 Establishment of Wuhan Mayinglong Traditional Chinese Medicine Clinic Co., Ltd. Wuhan 1,000.00 Wuhan City, Hubei Province Health and Social Work 100.00 Establishment of Kangyongteng Pharmacy Chain (Hubei) Co., Ltd. Wuhan 1,000.00 Wuhan City, Hubei Province Wholesale and retail 100.00 Merger of enterprises not under common control Jiangxi Mayinglong Meikang Pharmaceutical Co., Ltd. Nanchang 1,882.00 Nanchang City, Jiangxi Province Pharmaceutical manufacturing 85.00 15.00 Merger of companies not under common control Mayinglong Anorectal Diagnosis and Treatment Technology Research Institute Wuhan 300.00 Wuhan City, Hubei Province Medical research and technology promotion 100.00 Establishment of Xi'an Xincheng District Love Nursing Home Xi'an 50.00 Xi'an City, Shaanxi Province Elderly services 100.00 Establish Wuhan Qingshan District Healthy Home Care Service Center Wuhan 10.00 Wuhan City, Hubei Province Community home care service 100.00 Establish Wuhan Tianqin Project Management Co., Ltd. Wuhan 500.00 Wuhan City, Hubei Province Property management 80.00 20.00 Establish Wuhan Mayinglong Jiuding Pharmaceutical Co., Ltd. Wuhan 5,000.00 Wuhan City, Hubei Province Pharmaceutical wholesale 96.00 Establishment of Wuhan Guangweixing Technology Co., Ltd. Wuhan 10,000.00 Research and experimental development in Wuhan City, Hubei Province 100.00 Establishment

Software and information technology services

Wuhan Guangweisheng Technology Co., Ltd. Wuhan 10,000.00 Wuhan City, Hubei Province 100.00 Established

industry

Wuhan Guangweilong Technology Co., Ltd. Wuhan 10,000.00 Wuhan City, Hubei Province Research and experimental development 100.00 Establishment of Wuhan Wuchuang Mayinglong Xingkang Technology Co., Ltd. Wuhan 5,000.00 Wuhan City, Hubei Province Research and experimental development 60.00 20.00 Establishment of Shenzhen Guangweihong Technology Co., Ltd. Shenzhen 200.00 Shenzhen City, Guangdong Province Cosmetics retail 100.00 Establishment of Hainan Guangweize Technology Co., Ltd. Haikou 500.00 Cosmetics production in Haikou City, Hainan Province 70.00 30.00 Establishment

malaysia

MAYINGLONG(MY)SDN.BHD. 5(ringgit) JohorBahru Retail and Wholesale 100.00 Establishment

Asia

Explanation on the difference between the proportion of shareholding in subsidiaries and the proportion of voting rights: Not applicable

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Basis for holding half or less of the voting rights but still controlling the invested unit, and holding more than half of the voting rights but not controlling the invested unit:

Note 1: The Group holds 48.48% of the equity of Mayinglong Health Co., Ltd., and the proportion of voting rights in Mayinglong Health Co., Ltd. is also 48.48%. Although the Group does not hold more than half of the voting rights of Mayinglong Great Health Co., Ltd., the Group is able to control Mayinglong Great Health Co., Ltd. for the following reasons: the company has the right to directly and indirectly appoint and remove most members of the company's board of directors; the Group has the right to dominate the operating activities of Mayinglong Great Health Co., Ltd. and enjoy variable returns.

For important structured entities included in the scope of consolidation, the basis for control is:

Not applicable

Basis for determining whether a company is agent or principal: Not applicable

Other instructions: none

(2) Important non-wholly owned subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Shareholdings held by minority shareholders

Name of subsidiary company Profit and loss attributable to minority shareholders in the current period Dividends declared to minority shareholders in the current period Proportion of minority shareholders’ equity balance at the end of the period (%)

Mayinglong Health Co., Ltd. 51.5152 15,806,688.65 22,666,666.67 67,199,883.34 Explanation that the shareholding ratio of subsidiary minority shareholders is different from the voting rights ratio:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

(3) Main financial information of important non-wholly owned subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Subsidiary name Closing balance Opening balance

Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities May Yinglongda

202,059,779.76 11,559,928.21 213,619,707.97 69,754,911.94 2,508,070.62 72,262,982.56 203,299,865.10 9,181,887.92 212,481,753.02 57,414,635.50 978,439.83 58,393,075.33 Health Limited

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company

Amount for the current period Amount for the previous period Company name

Operating income Net profit Total comprehensive income Cash flow from operating activities Operating income Net profit Total comprehensive income Cash flow from operating activities Ma Yinglong Dajian

232,780,487.92 31,268,047.72 31,268,047.72 22,239,188.85 185,773,637.09 27,960,710.25 27,960,710.25 16,133,426.01 Kang Co., Ltd.

Other instructions: none

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(4) Significant restrictions on the use of enterprise group assets and settlement of enterprise group debts:

□Applicable √Not applicable

(5) Financial support or other support provided to structured entities included in the scope of consolidated financial statements:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

2. Transactions in which the ownership share of the subsidiary changes and the subsidiary is still controlled

√Applicable □Not applicable

(1) Description of changes in owner’s equity share of subsidiaries

√Applicable □Not applicable

On December 26, 2025, Wuhan Mayinglong Online Investment Co., Ltd. (hereinafter referred to as "Mayinglong Online Investment"), Kang Yongteng Pharmacy Chain (Hubei) Co., Ltd. (hereinafter referred to as "Kang Yongteng Pharmacy"), and Hubei Huahong Pharmaceutical Co., Ltd. signed an "Equity Transfer Agreement", agreeing to transfer 4.20% of the equity of Kang Yongteng Pharmacy held by Hubei Huahong Pharmaceutical Co., Ltd. to Mayinglong Online Investment for a consideration of 483,000 yuan. As of June 30, 2026, Mayinglong Online Investment has completed the payment of all equity transfer payments. After the transfer is completed, the equity ratio of Kang Yongteng Pharmacy held by Mayinglong Online Investment increased from 10.80% to 15.00%. The difference between the purchase of minority equity and the share of net assets obtained was increased to capital reserve by RMB 211,570.83.

(2) The impact of the transaction on minority shareholders’ equity and owner’s equity attributable to the parent company

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Purchase cost/disposal consideration of Kang Yongteng Pharmacy Chain (Hubei) Co., Ltd.

--Cash 483,000.00 Total purchase cost/disposal consideration 483,000.00 Less: Net asset share of the subsidiary calculated based on the proportion of equity acquired/disposed 694,570.83 Difference -211,570.83 Including: Adjusted capital reserve 211,570.83

Other instructions

□Applicable √Not applicable

3. Interests in joint ventures or associated enterprises

√Applicable □Not applicable

(1) Important joint ventures or associates

□Applicable √Not applicable

(2) Main financial information of important joint ventures

□Applicable √Not applicable

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(3) Main financial information of important associates

□Applicable √Not applicable

(4) Summary financial information of insignificant joint ventures and associates √Applicable □Not applicable

Unit: Yuan Currency: RMB

Ending balance/Amount incurred in the current period Opening balance/Amount incurred in the previous period Joint ventures:

Total book value of investments

The total of the following items calculated based on shareholding ratio

--Net profit

--Other comprehensive income

--Total comprehensive income

Associates:

Total book value of investments 136,151,880.23 135,093,742.02 Total of the following items calculated based on shareholding ratio

--Net profit 1,058,138.21 654,832.36 --Other comprehensive income

--Total comprehensive income 1,058,138.21 654,832.36

(5) Explanation of significant restrictions on the ability of joint ventures or associates to transfer funds to the company □Applicable √Not applicable

(6) Excess losses incurred by joint ventures or associates

□Applicable √Not applicable

(7) Unconfirmed commitments related to investments in joint ventures

□Applicable √Not applicable

(8) Contingent liabilities related to investments in joint ventures or associates □ Applicable √ Not applicable

4. Important joint operations

□Applicable √Not applicable

5. Interests in structured entities that are not included in the scope of consolidated financial statements. Relevant instructions for structured entities that are not included in the scope of consolidated financial statements: □ Applicable √ Not applicable

6. Others

□Applicable √Not applicable

11. Government subsidies

1. Government subsidies recognized according to the amount receivable at the end of the reporting period

□Applicable √Not applicable

Reasons for failure to receive the estimated amount of government subsidy at the estimated time

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□Applicable √Not applicable

2. Liability items involving government subsidies

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Current period

Finance and Assets

The new additions to the business in this period are transferred to it in this period.

Report Beginning Balance Ending Balance/Income

Subsidy amount, extra income, other income, other changes

Project related

Amount

Deferred and assets

55,420,617.15 1,298,200.00 6,744,805.18 49,974,011.97

Total related deferred income and income 55,420,617.15 1,298,200.00 6,744,805.18 49,974,011.97 /

3. Government subsidies included in current profits and losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB Type Amount for the current period Amount for the previous period

Related to assets 6,744,805.18 7,302,496.94 Related to income 289,894.36 2,351,791.62

Total 7,034,699.54 9,654,288.56

12. Risks related to financial instruments

1. Risks of financial instruments

√Applicable □Not applicable

The Group's main financial instruments include equity investment, debt investment, loans, receivables, accounts payable, etc. For detailed descriptions of various financial instruments, please see the relevant items in Section 7. Notes on Consolidated Statement Items. The Group's goal in risk management is to achieve an appropriate balance between risks and returns, minimize the negative impact of risks on the Group's operating performance, and maximize the interests of shareholders and other equity investors. Based on this risk management objective, the basic strategy of the Group's risk management is to determine and analyze the various risks faced by the Group, establish an appropriate risk tolerance bottom line and conduct risk management, and supervise various risks in a timely and reliable manner to control risks within a limited range.

(1) Market risk

Market risk of financial instruments refers to the risk that the fair value or future cash flows of financial instruments fluctuate due to market price changes, including exchange rate risk, interest rate risk and other price risks.

The Group uses sensitivity analysis techniques to analyze the possible impact of reasonable and possible changes in market risk-related variables on current profits and losses or shareholders' equity. Since any risk variable rarely changes in isolation, and the correlation between variables will have a significant impact on the final impact of a change in a certain risk variable, the following content is based on the assumption that changes in each variable are independent.

①Exchange rate risk

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Exchange rate risk refers to the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in foreign exchange rates. The Group's foreign exchange risks are mainly related to Hong Kong dollars, Euros and U.S. dollars. Except for a very small number of the Group's businesses and a few subsidiaries that purchase and sell in Hong Kong dollars, Euros and U.S. dollars, the Group's other main business activities are denominated and settled in RMB. Exchange rate risks have an impact on the Group's transactions and the results of overseas operations. As of June 30, 2026, the Group’s balance of foreign currency monetary items can be found in Section 7.81 “Foreign Currency Monetary Items”.

The Group pays close attention to the impact of exchange rate changes on the Group's exchange rate risk. The Group currently has not taken any measures to avoid exchange rate risks.

The sensitivity analysis of the foreign currency monetary balance items at the end of the period is shown in the following table:

Project impact on pre-tax profit (RMB: Yuan)

The exchange rate of RMB against Hong Kong dollar increased by 50 basis points 16,159.20

The exchange rate of RMB against Hong Kong dollar dropped by 50 basis points -16,159.20

The exchange rate of RMB against the euro increased by 50 basis points 7,767.10

The exchange rate of RMB against the euro fell by 50 basis points -7,767.10

The RMB exchange rate against the US dollar increased by 50 basis points 65.32

The RMB exchange rate against the US dollar fell by 50 basis points -65.32

②Interest rate risk

Interest rate risk refers to the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market interest rates. The Group's interest rate risk arises from interest-bearing debt such as bank borrowings and bonds payable. Financial liabilities with floating interest rates expose the Group to cash flow interest rate risk, while financial liabilities with fixed interest rates expose the Group to fair value interest rate risk. The Group determines the relative proportion of fixed-rate and floating-rate contracts based on the prevailing market environment. As of June 30, 2026, the Group's interest-bearing debts were mainly fixed-rate loan contracts denominated in RMB, with a total amount of RMB 11 million (end of the previous year: RMB 11 million).

The sensitivity analysis of interest rate risk reflects the impact on net profit and shareholders' equity when reasonable and possible changes in the interest rates of floating-rate financial assets and liabilities occur, assuming that other variables remain unchanged. The Group's fixed-rate borrowing contracts this year had no impact on net profit and shareholders' equity.

③Other price risks

Other price risks refer to the risk that the fair value or future cash flows of financial instruments fluctuate due to market price changes other than exchange rate risk and interest rate risk, whether these changes are caused by factors related to a single financial instrument or its issuer, or due to factors related to all similar financial instruments traded in the market.

The trading financial assets, other non-current financial assets, and other non-current liabilities held by the Group at fair value through profit or loss for the current period are measured based on market quotations on the balance sheet date. Investment in financial assets creates investment price risk. On June 30, 2026, if the fair value of financial assets and financial liabilities at fair value through profit or loss for the current period increases or decreases by 5%, and other factors remain unchanged, the group's pre-tax profit will increase or decrease by approximately 100.6842 million yuan (December 31, 2025: 44.840 million yuan).

(2) Credit risk

Credit risk refers to the risk that one party to a financial instrument cannot fulfill its obligations, causing financial losses to the other party.

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As of June 30, 2026, the Group's credit risk mainly comes from the financial assets recognized by the Group, specifically including: the carrying amount of the financial assets recognized in the consolidated balance sheet; for financial instruments measured at fair value, the book value reflects its risk exposure, but not the maximum risk exposure, and its maximum risk exposure will change with future changes in fair value. The Group's working capital is deposited in banks with higher credit ratings, so the credit risk of working capital is lower. The trading terms between the Group and its customers are mainly credit transactions, and new customers are generally required to pay in advance or pay on delivery. The credit period is usually 1 month and can be extended to 6 months for major customers. Customers with good transaction records can obtain a longer credit period. As the Group only transacts with accredited and reputable third parties, no collateral is required.

The Group's method of assessing whether credit risk has increased since initial recognition, the basis for determining that financial assets have been credit-impaired, the combination method of financial instruments that assess expected credit risk based on grouping, the policy of directly writing down financial instruments, etc., please refer to Section 5.11 "Financial Instruments" (8).

The Group measures impairment provisions based on expected credit losses for 12 months or the entire duration of different assets. Key parameters for measuring expected credit losses include probability of default, loss given default rate and exposure to default risk. The Group considers quantitative analysis and forward-looking information of historical statistical data (such as counterparty ratings, guarantee methods and collateral types, repayment methods, etc.) to establish default probability, default loss rate and default risk exposure models.

The assessment of significant increases in credit risk and the calculation of expected credit losses involve forward-looking information. Through historical data analysis, the Group identifies key economic indicators that affect the credit risk and expected credit losses of each business type.

For quantitative data on the Group's credit risk exposure and loss provisions arising from accounts receivable and other receivables, please refer to the disclosures in Section 7.5 "Accounts Receivable" and Section 7.9 "Other Receivables".

(3) Liquidity risk

Liquidity risk refers to the risk of a shortage of funds when an enterprise fulfills its obligations to settle by delivering cash or other financial assets.

When managing liquidity risk, the Group maintains and monitors cash and cash equivalents that management considers sufficient to meet the Group's operating needs and reduce the impact of cash flow fluctuations. The management of the Group monitors the use of bank borrowings and ensures compliance with borrowing agreements.

As of June 30, 2026, the financial liabilities held by the Group based on the maturity period of the undiscounted remaining contractual obligations are analyzed as follows:

Within 1 year 1-2 years 2-5 years

Project more than 5 years

(Inclusive of 1 year) (Inclusive of 2 years) (Inclusive of 5 years)

Short-term borrowings 11,000,000.00

Notes payable 126,501,523.10

Accounts payable 182,560,406.28

Other payables 117,093,170.60

Non-current due within one year

21,501,484.61

Liquid liabilities

Lease liabilities 12,266,866.53 42,778,884.48 5,932,843.23

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2. Hedging

(1) The company carries out hedging business for risk management

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

(2) The company carries out qualified hedging business and applies hedging accounting

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

(3) The company carries out hedging business for risk management and expects to achieve risk management objectives but does not apply hedging accounting □ Applicable √ Not applicable

Other instructions

□Applicable √Not applicable

3. Transfer of financial assets

(1) Classification of transfer methods

□Applicable √Not applicable

(2) Financial assets derecognized due to transfer

√Applicable □Not applicable

Unit: Yuan Currency: RMB Financial assets derecognized Profit items related to derecognition Method of transfer of financial assets

Amount Gain or loss Bank acceptance bill Discount or endorsement 550,207,624.04 -3,480,326.25

Total / 550,207,624.04 -3,480,326.25

(3) Transferred financial assets with continued involvement

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

13. Disclosure of fair value

1. Closing fair value of assets and liabilities measured at fair value Other important transactions and events that have an impact on investors’ decision-making √Applicable □Not applicable

Unit: Yuan Currency: RMB Closing fair value

Item Level 1 Fair Price Level 2 Fair Price Total Level 3 Fair Price

Fair value measurement Value measurement Value measurement

1. Continuous fair value measurement

(1) Trading financial assets 1,845,791,069.46 1,845,791,069.46 1. Measured at fair value with changes

1,845,791,069.46 1,845,791,069.46 Financial assets included in current profits and losses

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(1) Debt instrument investment

(2) Equity instrument investment

(3) Derivative financial assets

(4) Brokerage wealth management products 1,653,384,646.80 1,653,384,646.80 (5) Bank wealth management products 192,406,422.66 192,406,422.66

(2) Accounts receivable financing 173,058,034.57 173,058,034.57

1. Notes receivable 173,058,034.57 173,058,034.57

(3) Other non-current financial assets 743,597.14 743,597.14 Assets continuously measured at fair value

1,845,791,069.46 173,801,631.712,019,592,701.17 total

Liabilities measured at fair value on an ongoing basis

total amount

2. Non-continuous fair value measurement

(1) Assets held for sale

Assets that are not continuously measured at fair value

Total output

(1) Other non-current liabilities 5,907,936.57 5,907,936.57 Non-continuous liabilities measured at fair value

5,907,936.57 5,907,936.57 Total debt

2. Basis for determining the market price of continuous and non-continuous first-level fair value measurement items

□Applicable √Not applicable

3. Continuous and non-continuous second-level fair value measurement items, valuation techniques used and qualitative and quantitative information on important parameters √ Applicable □ Not applicable

The bank financial products that continue to be measured at the second level of fair value are the net value financial products of securities companies held by the Group. This episode

The group mainly uses the net value of financial products announced by securities companies at the end of the period for fair value measurement.

4. Continuous and non-continuous third-level fair value measurement items, valuation techniques used and qualitative and quantitative information on important parameters √ Applicable □ Not applicable

Other non-current financial assets that continue to be measured at level 3 fair value are unlisted equity investments held by the Group.

Fair value measurements were mainly made using valuation techniques. The valuation techniques used include market method-repurchase value method and market method-market

Multiplier method, which is valued by reference to price-to-book ratios of similar securities and taking into account liquidity discounts. Receivables measured at continuing level 3 fair value

For payment financing, the Group measures its fair value at its cost price. Other non-current liabilities measured at continuing level 3 fair value

It is mainly due to the interests enjoyed by other investment entities in the limited partnership fund enterprises within the scope of consolidation of the Group.

The equity held by the partnership fund enterprise shall be measured at fair value.

5. For ongoing third-level fair value measurement items, the reconciliation information and unobservable parameters between the opening and closing book values are sensitive

sexual analysis

□Applicable √Not applicable

6. For ongoing fair value measurement items, if there is a conversion between levels during the current period, the reasons for the conversion and the policy for determining the time of conversion.

policy

□Applicable √Not applicable

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7. Valuation technology changes and reasons for changes during the period

□Applicable √Not applicable

8. Fair value of financial assets and financial liabilities not measured at fair value

√Applicable □Not applicable

The financial assets and financial liabilities not measured at fair value in the closing balance of the consolidated financial statements mainly include: monetary funds, notes receivable, accounts receivable, short-term loans, notes payable, accounts payable, etc. Management has evaluated the above-mentioned financial assets and financial liabilities. Due to the short remaining term, the book value and fair value are similar.

9. Others

□Applicable √Not applicable

14. Related parties and related transactions

1. Information about the parent company of this enterprise

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB The parent company’s voting rights ratio (%) Example (%)

New materials, new energy materials, new energy

Investment in high-tech industrial projects such as Baoan Ji Shenzhen in China

Tuan Group Co., Ltd. Shenzhen and operation; modern biomedicine project 257,921.40 29.27 29.27 Company city investment and operation; real estate development management

camp.

Description of the parent company of this enterprise

1. China Baoan Group Co., Ltd. holds 29.27% of the company’s shares and is the company’s largest shareholder.

2. As of June 30, 2026, the company’s largest shareholder, China Baoan Group Co., Ltd., is Shenzhen Chengxing Investment Co., Ltd. and its concerted person, Shenzhen Kunpeng New Industry Investment Co., Ltd. (total shareholding ratio is 19.99%), and the second largest shareholder is Shaoguan Gaochuang Enterprise Management Co., Ltd. (shareholding ratio is 18.00%). China Baoan Group Co., Ltd. has no controlling shareholder or actual controller.

The ultimate controlling party of this enterprise is: The company has no actual controller.

2. Information about the company’s subsidiaries

Please refer to the notes for details of the company’s subsidiaries.

√Applicable □Not applicable

For details, please refer to X. 1. Equity in subsidiaries of this report.

3. Information about the company’s joint ventures and associated enterprises

Please refer to the notes for details of important joint ventures or associates of this company.

√Applicable □Not applicable

For details of the Group’s important joint ventures and associates, please refer to Section 10.3. Interests in Joint Ventures or Associates.

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The information of other joint ventures or associates that have related party transactions with the company in the current period, or have balances from related party transactions with the company in previous periods, is as follows:

√Applicable □Not applicable

Name of the joint venture or associated enterprise Relationship with this enterprise Ningbo Mayinglong Hospital Co., Ltd. Other descriptions of the associated enterprise

□Applicable √Not applicable

4. Other related parties

√Applicable □Not applicable

Names of other related parties Relationship between other related parties and the company Hong Kong Huayi Development Co., Ltd. The same actual controlling party Hengfeng International Investment Co., Ltd. The same actual controlling party

Baoan Technology Co., Ltd. The same actual control party Wuhan Huabo Defense Technology Co., Ltd. The same actual control party Hubei Honglian Lake Tourism Resort Development Co., Ltd. The same actual control party Zhangjiagang Youcheng New Energy Technology Co., Ltd. The same actual control party Shenzhen Hengji Property Management Co., Ltd. The same actual control party Beterui New Materials Group Co., Ltd. The same actual control party Guangdong Hengji Property Management Co., Ltd. The same actual control party Guangzhou Xinhao Precision Technology Co., Ltd. The same actual control party Wuhan State-owned Capital Investment and Operation Group Co., Ltd. Participating shareholder

Other instructions: none

5. Related transactions

(1) Related transactions related to the purchase and sale of goods, provision and receipt of services

Procurement of goods/service acceptance form

□Applicable √Not applicable

List of goods sold/services provided

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Related parties Related party transactions Amount for the current period Amount for the previous period China Baoan Group Co., Ltd. Goods sales 12,925.73 Wuhan Huabo Defense Technology Co., Ltd. Goods sales 28,443.00 Hubei Honglian Lake Tourist Resort Development Co., Ltd. Goods sales 33,149.05 Zhangjiagang Youcheng New Energy Technology Co., Ltd. Goods sales 3,097.35 Shenzhen Hengji Property Management Co., Ltd. Goods sales 1,752.48 Better New Materials Group Co., Ltd. Goods sales 938.06 Guangdong Hengji Property Management Co., Ltd. Goods sales 594.06 Guangzhou Xinhao Precision Technology Co., Ltd. Goods sales 34.51

Description of related transactions for purchasing and selling goods, providing and receiving services

□Applicable √Not applicable

(2) Related entrusted management/contracting and entrusted management/outsourcing situation

The company's entrusted management/contracting status table:

□Applicable √Not applicable

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□Applicable √Not applicable

The company’s entrusted management/outsourcing status table: □ Applicable √ Not applicable

Description of association management/outsourcing situation

□Applicable √Not applicable

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(3) Related lease situation

As a lessor, our company:

□Applicable √Not applicable

As a lessee, our company:

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Amount for the current period Amount for the previous period

simplified processing simplified processing

Not included in rent Not included in rent

short term rental short term rental

Lease Lease liability calculation Lease liability calculation

Lease and low price Lease assumed and low price Lease assumed Lessor's name Variable amount of asset Increased variable amount of lease paid Increased use of asset Lease liability Interest Type of asset Lease liability Interest type Lease payment Right-use asset Lease payment Rent interest expense of right-use asset Lease interest expense

amount (if appropriate) amount (if appropriate)

fees (e.g. fees (e.g.

use) use)

Applicable) Applicable)

Wuhan state-owned capital investment operation

Land 662,076.20 95,552.70 96,591.96 Business Group Co., Ltd.

Description of related leasing situation

√Applicable □Not applicable

1. The Company has been leasing a 52,019-square-meter state-owned property located in Zhoujiawan, Hongshan District, Wuhan City from Wuhan State-owned Capital Investment and Operation Group Co., Ltd., the Company’s second largest shareholder, since October 1999.

It has land use rights with a lease term of 45 years; since May 2003, it has leased a 17,499-square-meter piece of land located in Zhoujiawan, Hongshan District, Wuhan City from Wuhan State-owned Capital Investment and Operation Group Co., Ltd.

(The above two parcels of land are complete land belonging to the same state-owned land use right certificate). The lease term ends on May 31, 2044. The annual rent of the above two parcels of land totals 347,590.00 yuan.

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(4) Related guarantees

The company acts as a guarantor

√Applicable □Not applicable

Unit: Yuan Currency: RMB Guarantee start Guarantee expiration Whether the guarantee has been secured by the guaranteed party Guarantee amount Guarantee balance

Date Date Completed Mayinglong Medical Management Co., Ltd. 10,000,000.00 10,000,000.00 2025/9/29 2026/9/29 No Wuhan Mayinglong Pharmacy Chain Co., Ltd.

15,000,000.00 7,612,531.39 2025/9/18 2026/9/18 No Limited Company

Wuhan Mayinglong Pharmacy Chain Co., Ltd.

35,000,000.00 2,353,611.22 2025/6/25 2026/9/19 No Limited company

Wuhan Mayinglong Pharmaceutical Logistics Co., Ltd. 50,000,000.00 3,315,996.00 2025/3/6 2026/9/6 No Wuhan Mayinglong Pharmaceutical Logistics Co., Ltd. 30,000,000.00 30,000,000.00 2025/6/25 2026/11/6 No

The company as the guaranteed party

□Applicable √Not applicable

Description of related guarantees

□Applicable √Not applicable

(5) Related party fund lending

□Applicable √Not applicable

(6) Asset transfer and debt restructuring of related parties

□Applicable √Not applicable

(7) Remuneration of key management personnel

√Applicable □Not applicable

Unit: RMB 10,000 Currency: RMB Item Amount for the current period Amount for the previous period

Remuneration of key management personnel 241.11 290.68

(8) Other related transactions

□Applicable √Not applicable

6. Unsettled items such as receivables and payables to related parties

(1) Items receivable

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project name Related parties

Book balance Provision for bad debts Book balance Provision for bad debts

Ningbo Mayinglong Hospital

Accounts receivable 410,749.56 410,749.56 Institute Co., Ltd.

Ningbo Mayinglong Hospital

Other receivables 995,681.12 995,681.12 995,681.12 995,681.12Yuan Co., Ltd.

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(2) Items payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB Project name Related parties Book balance at the end of the period Book balance at the beginning of the period Other payables Baoan Technology Co., Ltd. 246,750.71 256,600.29 Other payables Hengfeng International Investment Co., Ltd. 1,908,751.54 1,984,943.37 Other payables Hong Kong Huayi Development Co., Ltd. 1,294,343.61 1,346,010.06

Total 3,449,845.86 3,587,553.72

(3) Other items

□Applicable √Not applicable

7. Related party commitments

□Applicable √Not applicable

8. Others

□Applicable √Not applicable

15. Share-based payment

1. Various equity instruments

(1) Details

□Applicable √Not applicable

(2) Stock options or other equity instruments outstanding at the end of the period □ Applicable √ Not applicable

2. Equity-settled share-based payment

□Applicable √Not applicable

3. Share-based payment settled in cash

□Applicable √Not applicable

4. Share-based payment expenses for this period

□Applicable √Not applicable

5. Modification and termination of share-based payment

□Applicable √Not applicable

6. Others

□Applicable √Not applicable

16. Commitments and contingencies

1. Important commitments

√Applicable □Not applicable

As of June 30, 2026, the Group has no important commitments that need to be disclosed.

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2. Contingencies

(1) Important contingencies existing on the balance sheet date □Applicable √Not applicable

(2) If the company has no important contingencies that need to be disclosed, it should also be explained: √Applicable □Not applicable

As of June 30, 2026, the Group was not involved in significant contingencies.

3. Others

□Applicable √Not applicable

17. Events after the balance sheet date

18. Important non-adjustment matters □Applicable √Not applicable

19. Profit distribution

□Applicable √Not applicable

3. Sales returns

□Applicable √Not applicable

4. Description of other post-balance sheet events □Applicable √Not applicable

5. Other important matters

6. Correction of previous accounting errors

(1) Retrospective restatement method

□Applicable √Not applicable

(2) Prospective applicable law

□Applicable √Not applicable

2. Important debt restructuring

□Applicable √Not applicable

3. Asset replacement

(1) Non-monetary asset exchange □ Applicable √ Not applicable

(2) Other asset swaps

□Applicable √Not applicable

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4. Annuity plan

□Applicable √Not applicable

5. Termination of operations

□Applicable √Not applicable

6. Branch information

(1) Determination basis and accounting policies of reportable segments

√Applicable □Not applicable

According to the Group's internal organizational structure, management requirements and internal reporting system, the Group's operating business is divided into three operating segments. The Group's management regularly evaluates the operating results of these segments to decide to allocate resources to them and evaluate their performance. On the basis of operating segments, the Group has determined three reporting segments, namely the pharmaceutical industry segment, the pharmaceutical commercial segment, and the medical services segment. These reportable segments are determined based on the nature of the business of each operating segment and the organizational and management characteristics of the products and services provided. Each operating segment of the Group is a business group that provides products and services that are subject to risks that are different from those of other operating segments and receive rewards that are different from those of other operating segments. The main products and services provided by each reportable segment of the Group are:

A. Pharmaceutical industry segment: development, production and sales of pharmaceuticals and general health products

B. Pharmaceutical business segment: retail and wholesale of medical devices and drugs

C. Medical services segment: hospital medical services and management

The management manages the operating results of each business unit separately for the purpose of decision-making to allocate resources and evaluate performance. Segment reporting information is disclosed in accordance with the accounting policies and measurement standards adopted by each segment when reporting to management. These measurement bases are consistent with the accounting and measurement bases used when preparing financial statements.

(2) Financial information of reportable segments

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Pharmaceutical industry segment Pharmaceutical business segment Hospital diagnosis and treatment segment Unallocated amount Inter-segment elimination Total external operating income 1,219,544,278.89 573,157,301.45 202,219,828.85 16,821,753.37 2,011,743,162.56 Inter-segment transaction income 25,558,844.33 14,611,111.97 10,453,362.53 1,196,363.86 -51,819,682.69

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Selling expenses 363,108,365.05 46,659,103.31 22,585,896.59 2,650,033.39 435,003,398.34Interest income 12,396,684.23 123,730.92 24,794.73 184,495.12 -4,404,373.06 8,325,331.94Interest expense 491,258.68 297,709.69 1,256,932.72 4,449,183.56 -4,404,373.06 2,090,711.59 pairs of associates and joint ventures

Investment income of 1,060,890.49 -2,752.28 1,058,138.21

Credit impairment losses -12,465,958.46 466,776.98 92,466.03 -352,486.75 -12,259,202.20 Asset impairment losses -1,216,099.95 -502,200.46 -582,426.83 -2,300,727.24 Depreciation and amortization 25,710,579.02 2,873,573.47 9,095,933.98 7,829,490.48 45,509,576.95 Total profit (loss) 473,530,205.55 4,363,912.14 -4,420,133.72 3,033,968.53 -33,486,839.50 443,021,113.00Total assets 6,252,889,370.79 565,018,706.77 264,554,192.94 1,153,263,544.70 -2,483,956,716.87 5,751,769,098.33 Total liabilities 1,431,272,446.97 262,858,042.81 152,972,266.27 352,026,798.78 -1,013,895,759.64 1,185,233,795.19 Non-cash expenses other than depreciation and amortization

fee

For associates and joint ventures

126,590,224.59 9,561,655.64 136,151,880.23 long-term equity investment

Other than long-term equity investment

455,176,949.74 1,992,497.50 -9,414,828.11 -5,917,540.25 -136,105.52 441,700,973.36 Increase in other non-current assets

(3) If the company has no reportable segments, or cannot disclose the total assets and total liabilities of each reportable segment, the reasons should be stated

□Applicable √Not applicable

(4) Other instructions

√Applicable □Not applicable

A. For details on the external transaction income of products and services, please refer to Section 7.61, (2) "Decomposition information of operating income and operating costs".

B. Geographic information

Distribution of foreign transaction income:

Unit: Yuan Currency: RMB

Item Amount incurred this year

Mainland China 2,010,456,047.46 Countries and regions outside mainland China 1,287,115.10 Total 2,011,743,162.56

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Note: Foreign transaction income is attributed to the region where the customer is located.

C. Main customer information

The operating income of the Group's top five customers this year was RMB 890,931,738.93 (last year: RMB 779,534,548.45), accounting for 44.29% of the total operating income (last year: 40.00%).

7. Other important transactions and matters that have an impact on investors’ decision-making

√Applicable □Not applicable

(1) The company’s equity is pledged

As of June 30, 2026, the company's shares held by China Baoan Group Co., Ltd., the company's controlling shareholder, are not pledged.

(2) The company’s signing of the lease contract

①On December 5, 2024, the company's subsidiary Wuhan Zhikang Enterprise Management Consulting Co., Ltd. and Wuhan Ruimanyi Hotel Management Co., Ltd. signed a "House Lease Contract". The contract stipulates that Wuhan Zhikang Enterprise Management Consulting Co., Ltd. will rent its 4 houses located at No. 3, Lane 6, Wuluo Road (No. 6, Laowu Luo Road), Wuchang District, Wuhan City, Hubei Province to Wuhan Ruimanyi Hotel Management Co., Ltd. for use in hotels, hotel facilities (including guest rooms, catering, etc.) and commercial supporting operations. The lease term of the house is from July 1, 2025 to June 30, 2041. The lease term is 16 years in total. The actual lease start date is December 1, 2025. The lease expiration date will not be extended. The total rent agreed in the lease contract is 29,217,198.40 yuan.

② On March 1 and September 30, 2025, the company's subsidiary Wuhan Guangweikang Medical Technology Co., Ltd. (hereinafter referred to as "Guangweikang") and Wuhan Wanqili Incubator Management Co., Ltd. (hereinafter referred to as "Wanqili") successively signed the "Housing Lease Contract". According to the contract, Guangweikang leased part of its house at No. 8 Guannanyuan 4th Road to Wanqili Company for corporate offices, supporting services, industrial technology and research and development, etc. Among them, the lease period of Buildings 1 and 2 is from May 19, 2025 to May 18, 2035, with a total lease period of 10 years; the lease period of Building 5 is from October 1, 2025 to September 30, 2033, with a total lease period of 8 years. The total rent excluding tax stipulated in the above lease contract is 267,731,735.92 yuan.

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(3) On March 27, 2026, the holding subsidiary of Mayinglong Pharmaceutical Group Co., Ltd. (hereinafter referred to as "Mayinglong")

Mayinglong Medical Management Co., Ltd. (hereinafter referred to as "Mayinglong Medical Management") and Zhuozhun Technology Co., Ltd. (hereinafter referred to as "Zhuozhun")

"Quasi Technology") signed an "Equity Transfer Contract" to transfer its holdings to Beijing Mayinglong Changqing Anorectal Hospital Management Co., Ltd. (hereinafter referred to as

(referred to as "Beijing Medical Management" or "Target Company") with an investment of RMB 61.058 million (accounting for 79.8144% of the registered capital of Beijing Medical Management).

A total of 103.7587 million yuan was given to Zhuozhun Technology.

On May 9, 2026, during the advancement of this transaction, the transferee failed to pay the performance bond as scheduled in accordance with the contract.

And after written reminder from the transferor, the transferee has still not paid in full. According to the relevant provisions of the Equity Transfer Contract, the contract was terminated

Except, this transaction will be terminated accordingly.

8. Others

□Applicable √Not applicable

19. Notes on main items of the parent company’s financial statements

1. Accounts receivable

(1) Disclosure based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year 315,379,586.89 115,919,652.68 1 to 2 years 11,961.90 56,635.48 2 to 3 years 983,102.54

More than 3 years

3 to 4 years

4 to 5 years 700,000.00 More than 5 years 700,000.00 137,494.00

Total 317,074,651.33 116,813,782.16

(2) Classified disclosure based on bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Provision for bad debts Book balance Provision for bad debts

Accounting Category Provision Book Proportion Book Proportion Proportion

Amount Amount Ratio Value Amount Ratio Value (%) (%)

Example Example

(%) (%) Provision based on individual items

Provision for bad debts

Provision based on combination

317,074,651.33 100.00 16,432,584.88 5.18 300,642,066.45 116,813,782.16 100.00 6,073,991.09 5.20 110,739,791.07 Bad debt provision

Among them:

Combination 1: Medicine

Accounts receivable from manufacturing customers 289,031,846.92 91.16 16,432,584.88 5.69 272,599,262.04 102,129,727.10 87.43 6,073,991.09 5.95 96,055,736.01

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Combination 4: Reports

Within the scope of consolidation

28,042,804.41 8.84 28,042,804.41 14,684,055.06 12.57 14,684,055.06Related party customers

of receivables

Total 317,074,651.33 100.00 16,432,584.88 5.18 300,642,066.45 116,813,782.16 100.00 6,073,991.09 5.20 110,739,791.07

Provision for bad debts is made individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: Portfolio 1: Accounts receivable from pharmaceutical manufacturing customers

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) Within 1 year 287,336,782.48 14,740,376.94 5.13 1 to 2 years 11,961.90 9,105.40 76.12 2 to 3 years 983,102.54 983,102.54 100.00 3 to 4 years

4 to 5 years

More than 5 years 700,000.00 700,000.00 100.00

Total 289,031,846.92 16,432,584.88 5.69

Portfolio 4: Accounts receivable for which bad debt provisions are made based on the combination of accounts receivable from related party customers within the consolidation scope of the statement

Ending balance

Name

Book balance Bad debt provision Provision ratio (%) Within 1 year 28,042,804.41

Total 28,042,804.41

Instructions on accruing bad debt provisions by group:

√Applicable □Not applicable

For details, please refer to this section, V. 13 "Accounts Receivable"

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

Basis for division of each stage and provision ratio for bad debts

Not applicable

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

(3) Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Opening balance Recovery or write-off or approval Others Ending balance accrual

Reversal of sales change

Combination 1: Pharmaceutical

Receivables from manufacturing customers 6,073,991.09 10,496,087.79 137,494.00 16,432,584.88

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Total 6,073,991.09 10,496,087.79 137,494.00 16,432,584.88

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other instructions: Not applicable

(4) Accounts receivable actually written off in the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Write-off amount Accounts receivable actually written off 137,494.00

Among them, the important write-off of accounts receivable

□Applicable √Not applicable

Instructions for writing off accounts receivable:

□Applicable √Not applicable

(5) Accounts receivable and contract assets of the top five ending balances by debtors

√Applicable □Not applicable

The total amount of the top five accounts receivable at the end of the period collected by the debtors is 268,661,801.13 yuan, accounting for 84.73% of the total ending balance of accounts receivable. The corresponding summary amount of the ending balance of bad debt provisions is 13,782,350.41 yuan.

Other notes:

□Applicable √Not applicable

2. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Ending balance Interest receivable on opening balance

Dividends receivable

Other receivables 403,288,415.20 352,967,557.66 Total 403,288,415.20 352,967,557.66

Other notes:

□Applicable √Not applicable

interest receivable

(1) Classification of interest receivable

□Applicable √Not applicable

(2) Important overdue interest

□Applicable √Not applicable

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(3) Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

(4) Provision for bad debts is made based on the general expected credit loss model □Applicable √Not applicable

(5) Bad debt provisions

□Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other instructions: none

(6) Interest receivable actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of interest receivable □ Applicable √ Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Dividends receivable

(1) Dividends receivable

□Applicable √Not applicable

(2) Important dividends receivable aged more than 1 year □ Applicable √ Not applicable

(3) Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Instructions on accruing bad debt provisions individually:

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□Applicable √Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

(4) Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

(5) Bad debt provisions

□Applicable √Not applicable

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other instructions: none

(6) Dividends receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of dividends receivable

□Applicable √Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Other receivables

(1) Disclosure based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year (including 1 year) 402,855,005.02 352,691,010.47 1 to 2 years 1,202,137.17 5,000.00 2 to 3 years 87,260.00 587,260.00 3 to 4 years 500,000.00 958,593.28 4 to 5 years 946,404.72 670,000.00 More than 5 years 6,706,824.08 6,036,824.08

Total 412,297,630.99 360,948,687.83

(2) Classification by nature of payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Nature of payment Book balance at the end of the period Book balance at the beginning of the period

Security deposits and deposits 2,271,930.72 2,265,430.72 Reserve borrowings and payments 5,717,604.76 1,013,075.89 Current accounts 402,241,368.17 355,489,455.80 Collection and payment 2,066,727.34 2,180,725.42

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Total 412,297,630.99 360,948,687.83

(3) Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB Phase 1 Phase 2 Phase 3 The next 12 months Expected for the entire duration Expected total bad debt provisions for the entire duration

Expected credit losses Credit losses for the period (not yet incurred)

Loss Credit impairment occurs) Credit impairment)

Balance on January 1, 2026 331,165.69 1,613,140.40 6,036,824.08 7,981,130.17 Balance on January 1, 2026 in the current period

--Transfer to the second stage -85,111.31 85,111.31

--Transfer to the third stage -29,153.57 29,153.57 --Transfer to the second stage

--Return to the first stage

Provision in this period 328,553.05 58,686.14 640,846.43 1,028,085.62 Transferred in this period

Sales in this period

Write-off in this period

Other changes

Balance on June 30, 2026 574,607.43 1,727,784.28 6,706,824.08 9,009,215.79

Basis for dividing each stage and provision ratio for bad debts: Not applicable

Explanation of significant changes in the book balance of other receivables that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

The amount of bad debt provision for the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly: □ Applicable √ Not applicable

(4) Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Opening balance Recovery or write-off or other Ending balance accrual

Reversal Write-off Change combination 2: Except combination 1

Relevant within the scope of consolidation of the statement 7,981,130.17 1,028,085.62 9,009,215.79 Other amounts outside the joint party

Total 7,981,130.17 1,028,085.62 9,009,215.79

Among them, the amount of bad debt provision reversed or recovered in the current period is important:

□Applicable √Not applicable

Other instructions: none

(5) Other receivables actually written off in the current period

□Applicable √Not applicable

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Important write-offs of other receivables:

□Applicable √Not applicable

Instructions for writing off other receivables:

□Applicable √Not applicable

(6) Other receivables with top five closing balances based on debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB as a share of other receivables

Name of bad debt provision unit Closing balance Total closing balance Nature of payment Aging closing balance

Proportion of number (%)

Wuhan Guangweikang Medical Technology Co., Ltd. Subsidiary relationship more than 1 year

336,900,066.40 81.71

Company funds Internal transactions with Wuhan Mayinglong Pharmaceutical Logistics Co., Ltd. Subsidiaries More than 1 year

52,343,058.67 12.70

Company No. Mayinglong International Pharmaceutical Development Co., Ltd. Subsidiary transactions More than 1 year

4,569,759.76 1.11

The company has been open in Beijing Conmedike Biotechnology for more than 5 years.

4,500,000.00 1.09 Current account 4,500,000.00 Fa Co., Ltd. On MAROUATGENIE More than 5 years

1,647,100.00 0.40 Current account 1,647,100.00 BIOMEDICALSASU Up

Total 399,959,984.83 97.01 / / 6,147,100.00

(7) Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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3. Long-term equity investment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value Investment in subsidiaries 1,142,300,706.28 1,142,300,706.28 1,142,300,706.28 1,142,300,706.28 Investment in associates and joint ventures 128,906,925.01 2,316,700.42 126,590,224.59 127,846,034.52 2,316,700.42 125,529,334.10

Total 1,271,207,631.29 2,316,700.42 1,268,890,930.87 1,270,146,740.80 2,316,700.42 1,267,830,040.38

(1) Investment in subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Impairment allowance Increase or decrease in the current period Impairment allowance at the beginning of the period (book value at the end of the period (book value of the investee at the beginning of the period) additional decrease in the provision at the end of the period (value)

Balance Investment Investment Value Provision Others Balance Wuhan Mayinglong Pharmacy Chain Co., Ltd. 75,781,884.51 75,781,884.51 Wuhan Mayinglong Pharmaceutical Logistics Co., Ltd. 88,254,000.00 88,254,000.00 Wuhan Mayinglong Pharmaceutical Co., Ltd. 1,000,000.00 1,000,000.00 Wuhan Mayinglong Hospital Investment Management Co., Ltd. 44,000,000.00 44,000,000.00 Wuhan Tianyi Pharmaceutical Technology Investment Co., Ltd. 181,000,000.00 181,000,000.00 Mayinglong International Pharmaceutical Development Co., Ltd. 19,118,327.46 19,118,327.46 Mayinglong Medical Management Co., Ltd. 176,893,815.60 176,893,815.60 Wuhan Maidi Investment Management Co., Ltd. 2,774,000.00 2,774,000.00 Wuhan Mayinglong Network Investment Co., Ltd. 45,000,000.00 45,000,000.00 Hubei Gaolong Health Industry Investment Fund Partnership (Limited Partnership) 19,460,963.42 19,460,963.42 Mayinglong Health Co., Ltd. 32,000,000.00 32,000,000.00 Hubei Honglong Health Industry Investment Fund Partnership (Limited Partnership) 56,115,589.03 56,115,589.03 Jiangxi Mayinglong Meikang Pharmaceutical Co., Ltd. 54,961,536.00 54,961,536.00 Hubei Gaotou Xinlong Investment Management Co., Ltd. 1,940,590.26 1,940,590.26

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Wuhan Tianqin Project Management Co., Ltd. 4,000,000.00 4,000,000.00 Wuhan Guangweikang Medical Technology Co., Ltd. 10,000,000.00 10,000,000.00 Wuhan Guangweixing Technology Co., Ltd. 100,000,000.00 100,000,000.00 Wuhan Guangweisheng Technology Co., Ltd. 100,000,000.00 100,000,000.00 Wuhan Guangweilong Technology Co., Ltd. 100,000,000.00 100,000,000.00 Wuhan Wuchuang Mayinglong Xingkang Technology Co., Ltd. 30,000,000.00 30,000,000.00

Total 1,142,300,706.28 1,142,300,706.28

(2) Investment in associates and joint ventures

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period

Add minus Others

Investments Opening balance (account Impairment provision period Recognized under equity method Others Declared cash distribution Provision Closing balance (account Impairment provision period

add less comprehensive its

Unit (face value) Initial balance recognized investment loss (equity, dividend or profit impairment (face value)) Ending balance investment income Others

Profit Change Profit Preparation

capital adjustment

1. Joint ventures

Subtotal

2. Joint ventures

Hubei Vinda Gene Technology

technology co., ltd.

Shenzhen Polycom Enterprise

92,430,679.99 689,096.88 93,119,776.87 Management Co., Ltd.

Nanjing Jilang Biotechnology

2,316,700.42 2,316,700.42 Co., Ltd.

Changzhou Binquan Jianlong Entrepreneurship

Investment partnership (33,098,654.11 371,793.61 33,470,447.72 limited partnership)

Subtotal 125,529,334.10 2,316,700.42 1,060,890.49 126,590,224.59 2,316,700.42Total 125,529,334.10 2,316,700.42 1,060,890.49 126,590,224.59 2,316,700.42

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(3) Impairment testing of long-term equity investments □ Applicable √ Not applicable

Other notes:

□Applicable √Not applicable

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4. Operating income and operating costs

(1) Operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Amount for the current period Amount for the previous period

Project

Revenue Cost Revenue Cost Main business 1,025,285,804.93 322,342,396.95 1,042,730,382.86 282,686,773.93 Other business 5,132,240.90 2,358,243.46 3,253,708.73 1,773,580.92

Total 1,030,418,045.83 324,700,640.41 1,045,984,091.59 284,460,354.85

(2) Breakdown information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Pharmaceutical Industry-Segment Total

Contract classification

Operating income Operating cost Operating income Operating cost Product type

Treatment of hemorrhoids 901,713,340.00 266,513,577.70 901,713,340.00 266,513,577.70 Others 128,704,705.83 58,187,062.71 128,704,705.83 58,187,062.71

Total 1,030,418,045.83 324,700,640.41 1,030,418,045.83 324,700,640.41

Other instructions

□Applicable √Not applicable

(3) Description of performance obligations

□Applicable √Not applicable

(4) Description of allocation to remaining performance obligations

□Applicable √Not applicable

(5) Major contract changes or major transaction price adjustments

□Applicable √Not applicable

Other instructions: none

5. Investment income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in the current period Amount incurred in the previous period Long-term equity investment income calculated by cost method 29,333,333.33 17,884,545.45 Long-term equity investment income calculated by equity method 1,060,890.49 657,612.92 Investment income from other non-current assets during the holding period 6,944,698.62

Investment income from disposal of trading financial assets -421,488.22 -1,908,950.02 Bill discount expenses -2,952,850.76 -3,178,093.50 Total 33,964,583.46 13,455,114.85

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6. Others

□Applicable √Not applicable

20. Supplementary information

1. Detailed statement of non-recurring profits and losses for the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount Description of gains and losses from disposal of non-current assets, including provision for asset impairment

-158,203.48 Offset portion of Notes 7, 73 and 75

Government subsidies included in the current profit and loss, but are not related to the company's normal operations

closely related to business affairs, in compliance with national policies and regulations, and in accordance with determined standards

7,034,699.54 Note 11 Except for government subsidies that are enjoyed continuously and have a continuous impact on the company’s profits and losses

Outside

Except for effective hedging related to the company’s normal business operations

Outside of financial affairs, non-financial enterprises hold financial assets and financial liabilities arising from

18,903,362.36 Gains and losses from changes in fair value in Notes 7, 68 and 70 and disposal of financial assets and financial

Gains and losses from liabilities

Other non-operating income and expenses other than the above items -474,599.49 Notes 7, 74, 75 Other profit and loss items that meet the definition of non-recurring gains and losses

Less: Impact on income tax 3,710,786.69

Amount of impact on minority shareholders’ equity (after tax) 1,366,770.53

Total 20,227,701.71

If the company determines items not listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public - Non-recurring Gains and Losses" as non-recurring gains and losses and is significant in amount, and if it defines the non-recurring gain or loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure by Companies that Offer Securities to the Public - Non-recurring Gains and Losses" as recurring gains and losses, the reasons should be explained. □Applicable √Not applicable

Other instructions

√Applicable □Not applicable

The Group's recognition of non-recurring profit and loss items is carried out in accordance with the provisions of the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Issue Securities to the Public - Non-Recurring Profits and Losses (Revised in 2023)" (CSRC Announcement [2023] No. 65).

Note: The number "+" in non-recurring profit and loss items represents income and income, and "-" represents loss or expense.

2. Return on net assets and earnings per share

√Applicable □Not applicable

Weighted average net assets Earnings per share (yuan) Profit for the reporting period

Yield (%) Basic earnings per share Diluted earnings per share Net profit attributable to the company's ordinary shareholders 7.95 0.84 0.84 After deducting non-recurring gains and losses, it is attributable to the company's ordinary shares

7.51 0.79 0.79Shareholders’ net profit

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3. Differences in accounting data under domestic and foreign accounting standards

□Applicable √Not applicable

4. Others

□Applicable √Not applicable

Legal representative: Chen Ping

Board approval submission date: August 24, 2026

Revision information

□Applicable √Not applicable

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