Wantai Biotechnology’s announcement on the 2026 action plan of “Improving Quality, Increasing Efficiency and Focusing on Returns”

Securities code: 603392 Securities abbreviation: Wantai Biotechnology Announcement number: 2026-022

Beijing Wantai Biopharmaceutical Co., Ltd.

Announcement on the annual action plan of “Improving Quality, Increasing Efficiency and Focusing on Return”

2026

The company's board of directors and all directors guarantee that the contents of this announcement do not contain any false records, misleading statements or major omissions, and assume legal responsibility for the authenticity, accuracy and completeness of its contents.

In order to practice the "investor-oriented" development philosophy of listed companies, effectively fulfill the responsibilities and obligations of listed companies, and safeguard the interests of all shareholders, Beijing Wantai Biopharmaceutical Co., Ltd. (hereinafter referred to as the "Company") has formulated the 2026 "Improving Quality, Increasing Efficiency and Focusing on Returns" action plan focusing on improving operating quality, paying attention to investor returns, accelerating the development of new productivity, and strengthening investor relations management. This plan has been reviewed and approved at the 16th meeting of the company's sixth board of directors. The specific contents are as follows:

1. Improve business quality

1. Focus on the main business and technological innovation to enhance the company’s strength

The company has always adhered to the corporate purpose of "science-based, health-focused", with value-driven, collaborative and win-win as its core orientation, and built a full-scenario ecological solution under a diversified strategic layout. The company continues its core orientation of prioritizing quality and empowering development with technology, and adopts a diversified development model that focuses on self-research, supplemented by external cooperation and technology introduction.

In the field of in vitro diagnostics, the company has built a front-end evaluation and design platform that covers candidate molecule screening to early proof of concept. It can complete candidate molecule screening and sequence design through tools such as pathogenic microbiology, structural biology, and big data analysis. It has key capabilities for effectiveness evaluation at the cell and animal levels. At the same time, it has established a platform that covers mainstream and front-end technologies. The R&D platform cluster along the technical route includes virus-like particle assembly, multi-system eukaryotic cell expression and other molecular structures and expression platforms, coupled with supporting platforms such as new adjuvant screening, new drug delivery and preparation guarantee, which can flexibly layout R&D directions according to product characteristics and market demand, and support continuous iteration of products with full-process R&D capabilities.

In the field of vaccines, the company has built multiple vaccine technology platforms and formed a complete vaccine research and development technology system. Virus-like particle (VLP) vaccine technology platform based on E. coli expression system: The company's globally unique prokaryotic expression virus-like particle vaccine technology system has the advantages of low production cost, high efficiency, easy scale-up, and high safety. It has been successfully used in recombinant hepatitis E vaccine, bivalent HPV vaccine, nine-valent HPV vaccine and other products. Live attenuated virus (vector) vaccine technology platform: Reverse genetics technology is used to construct vaccine recombinant virus strains with stable production and good safety. It can be used in the development of vaccines against pathogens transmitted through the respiratory tract, such as nasal spray influenza virus vector vaccines. Bacterial polysaccharide conjugate vaccine technology platform: It has polysaccharide fermentation, purification technology and polysaccharide protein conjugation technology, and uses pneumolysin as the carrier protein to develop multivalent pneumococcal polysaccharide conjugate vaccine. Genetically engineered recombinant vaccine technology platform based on eukaryotic expression system: including transient and stable expression technology of eukaryotic cells in CHO cells, recombinant yeast and insect rod cells, supporting the correct folding and modification of complex proteins. Innovative vaccine technology platform based on mRNA technology: deploy next-generation vaccine technology and supplement existing vaccine research and development capabilities. Nasal spray vaccine technology platform for respiratory pathogens based on influenza virus vectors: The nasal spray administration method is easy to operate, non-invasive inoculation, and can induce respiratory-specific immune responses.

The above-mentioned technology platforms collaborate with each other and are deeply integrated to build a powerful technology matrix that comprehensively covers the technical needs of the entire process of vaccine preclinical research, from basic research to experimental verification, providing one-stop technical solutions for vaccine research and development.

In 2026, the company will adhere to scientific and technological innovation as the core driving force, continue to deepen the collaborative innovation of industry, academia and research, strengthen strategic cooperation with professional institutions such as scientific research institutions, make full use of external high-quality resources and technical reserves, and combine the training and improvement of internal professional teams to accelerate the research and development process, shorten the product development cycle, gradually establish and improve the full-chain technology platform system internally, build the core competitiveness of the entire chain from candidate molecule discovery, early concept verification, multi-route process development to quality control analysis, and lead the high-quality development of the company with technological innovation.

2. Lean is implemented across the board to drive operational quality and efficiency improvements

In 2025, the company will establish lean operations as the core strategic line throughout the year, promote this concept to fully penetrate all subsidiaries and all business segments, and achieve full implementation and closed-loop improvement. The company is no longer limited to single-point efficiency optimization, but has deeply integrated lean thinking into the entire value chain of R&D, production, marketing, quality, supply chain, and inventory management, focused on key links to accurately break problems, and promoted the overall operation to be lightweight, efficient, and refined. Ultimately, it has achieved breakthrough results in process optimization, quality and efficiency improvement, cost reduction, and value creation. In order to break through the end-to-end operational congestion, the company first systematically sorted out and reengineered the entire process, truly realizing efficient flow from customer needs to market response.

Achieve special breakthroughs in production and verify the effectiveness of lean implementation. On the production side, the company has promoted a number of major special lean improvement projects, focusing on its core production base and key product lines. Through the systematic reconstruction of site layout and process design, coupled with operation standardization and automation upgrades, we have achieved unexpected results in these key projects: through layout reconstruction and process optimization, some core production lines have shortened the average manufacturing cycle by 46%, reduced the corresponding semi-finished product inventory by 60%, and saved 40% of the production space. These special breakthroughs have also accumulated replicable mature experience for the company's subsequent promotion of lean methods across the entire production line.

In 2026, based on existing work, the company will promote the upgrading of lean management to a systematic, in-depth, and normalized level, and build a lean operation system covering the entire business, the entire process, and full participation of all employees, to provide a solid guarantee for strategic implementation and high-quality development. The system runs through the entire business cycle, focusing on customer value mining, open innovation, product life cycle management and value marketing capability improvement. At the same time, the company will continue to strengthen talent training, improve the application of lean tools and the construction of a professional talent echelon, and lay a solid foundation for the implementation of the system.

3. Strengthen fund management and maximize fund efficiency

The company has effectively strengthened fund management and fully utilized the efficiency of funds under the premise of safety and compliance. In terms of the management of raised funds, in order to improve the use efficiency and financial benefits of raised funds, the company will conduct cash management on some temporarily idle funds raised from non-public issuance of stocks without affecting the construction of investment projects and the use of raised funds. The company will strictly control risks in accordance with relevant regulations and invest in capital-preserving funds with high security and good liquidity in a timely manner. Products; in terms of self-owned fund management, in order to improve the efficiency of fund use and increase the company's income, on the premise of ensuring the liquidity required for the company's normal operations and effectively controlling risks, the company uses part of its idle self-owned funds for cash management. The company strictly controls the selection of investment and financial products, and purchases low-risk investment products with high security and good liquidity in a timely manner.

In 2026, the company will continue to increase capital efficiency through safe and efficient capital management, better maintain and increase the value of capital, and maximize the interests of shareholders.

2. Pay attention to investor returns

1. Cash dividends over the years

The company has always been committed to providing shareholders with long-term investment returns, coordinating the dynamic balance between business development needs and shareholder returns, formulating reasonable profit distribution policies, and actively distributing cash dividends. Since its listing in 2020, it has always placed the interests of shareholders in an important position and continued to reward investors in the form of cash dividends, cash dividends combined with conversion of capital reserves into share capital, repurchases and cancellations, etc. From 2022 to 2024, the total amount of cash dividends and repurchases and write-offs totaled 1,510.8394 million yuan, accounting for 74.43% of the average annual net profit in the three years. After comprehensively considering the company's actual business development and capital needs, as well as the company's long-term development plan and other factors, the company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve funds into share capital in 2025. The proposal still needs to be submitted to the company's shareholders' meeting for review.

In 2026, the company will, as always, strictly abide by relevant laws and regulations and the Articles of Association, comprehensively consider various factors related to profit distribution, actively implement the company's profit distribution policy, better safeguard the long-term interests of all shareholders, and ensure the company's sustainable development and capital needs.

2. Change the purpose of part of the repurchased shares and cancel them

Based on various considerations such as fully safeguarding the interests of the company and investors, enhancing investor confidence, and enhancing the long-term investment value of the company's stocks, the company completed two share repurchases in December 2022 and September 2024. 2025 In 2018, in accordance with relevant regulations such as the "Share Repurchase Rules of Listed Companies" and "Shanghai Stock Exchange Self-Regulatory Supervision Guidelines for Listed Companies No. 7 - Repurchase of Shares", in order to strictly implement the relevant commitments on the use period of the repurchased shares in the company's share repurchase plan, shares that have not been used for employee stock ownership plans or equity incentives will be canceled in a timely manner. And correspondingly reduce the registered capital. At the same time, based on the confidence in the company's sustainable and stable development in the future and the recognition of the company's long-term value, in order to effectively protect the interests of investors, improve the company's long-term investment value, and enhance investors' confidence in the company, the company has repurchased but not yet used 729,970 in the special securities account for repurchase. The purpose of the shares was changed from "for employee stock ownership plans or equity incentives" to "for cancellation and reduction of registered capital".

Upon the company's application, the company has canceled the repurchased but unused 729,970 shares at China Securities Depository and Clearing Co., Ltd. on December 17, 2025, conveying the company's confidence in continued and stable development in the future and recognition of the company's value.

In 2026, the company will continue to uphold the concept of sharing, continuously optimize the shareholder return mechanism based on the company's development stage and profitability, and explore and implement diversified return methods including share repurchases, so that shareholders can more fully share the company's development results and continuously enhance the sense of gain for investors.

3. Accelerate the development of new productive forces

The company takes the integration of medical and prevention throughout the entire industry chain as its strategic anchor, deeply explores the core medical track, uses diversified business collaboration and independent technological innovation as its growth engine, and builds industry barriers across the entire chain from raw materials to innovative technologies. With the mission of protecting national health, the company helps implement the strategy of Healthy China and inclusive medical care. The company keeps up with the development trends of the industry and promotes the diversification and in-depth expansion of its business. It has built a full industry chain layout covering the two major tracks of vaccines and in vitro diagnostics. It promotes in-depth collaboration of multi-tech platforms through the integration of medical and defense and medical and industrial integration, forming differentiated market competitiveness, and serving clinical and empowering industries with innovative products and digital intelligent solutions.

The company has increased investment in research and development, and promoted the iterative upgrade of its vaccine and in vitro diagnostic reagent product pipeline in an orderly manner, laying a solid foundation for long-term sustainable development. The company always adheres to quality-oriented, deeply integrates global compliance requirements with lean concepts, and establishes a full-process risk pre-control mechanism, from R&D and design to production process, to identify, prevent and control potential risks in advance, ensure the stability of product quality, and achieve two-way improvements in efficiency and quality.

In 2026, the company will always put the development of new productive forces in a prominent position, adhere to innovation-driven, quality and efficiency, and inject inexhaustible power into high-quality development.

4. Strengthen investor relations management

1. Establish diversified communication channels

The company attaches great importance to information disclosure and strictly follows the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China and other laws and regulations, as well as the company's Information Disclosure Management System, Investor Relations Management System and other relevant regulations, and adheres to the principles of true, accurate, complete, timely and effective information disclosure. Adhere to the bottom line of compliance and continue to optimize the information disclosure management system. The company is committed to establishing a long-term and close communication mechanism with investors. The company has set up a securities department to be responsible for investor relations management, ensuring true, accurate, complete and timely responses to investor concerns through telephone, email and other channels, and ensuring the equal right to know of all investors. Actively establish diversified investor communication channels through information disclosure, performance briefings, shareholders' meetings, SSE e-interactive platform, investor service hotline, research and exchanges, securities firm strategy meetings, etc.

In 2026, the company will continue to strengthen diversified and multi-channel communication with the capital market, and establish long-term and stable good interactive relationships with investors, so that the company's value can be fully transmitted and realized.

2. Actively hold performance briefing meetings

In 2025, the company will hold three performance briefings through the Shanghai Stock Exchange Roadshow platform. Among them, on April 28, 2025, the company held a 2024 and 2025 first quarter results and cash dividend briefing using video recording and online interaction, and held a high-quality performance briefing.

The company's performance briefing for 2025 and the first quarter of 2026 will be held in an interactive online manner on May 8, 2026. The company will interact and communicate with investors on the specific operating results and financial indicators for 2025 and the first quarter of 2026.

In 2026, the company will further strengthen information disclosure, continue to enrich investor communication methods, improve the transparency of listed companies, and enhance investors' recognition of the company.

3. Formulate systems and incorporate them into the management system

In order to safeguard the legitimate rights and interests of the company, investors and other stakeholders, establish and improve the market value management mechanism, and strengthen public opinion monitoring and response capabilities, the company has formulated the "Market Value Management System" and the "Public Opinion Management System" respectively, integrating market value management and public opinion monitoring into the company's management system. Taking investor relations management as the starting point, we will do a good job in long-term communication with shareholders, continuously enhance the trust and support of investors, and enhance the brand influence of listed companies.

In 2026, the company will further consolidate the foundation of communication with investors, enrich the communication methods with investors, actively respond to market changes, fully respond to investor demands, continue to expand the breadth and depth of communication with investors, answer questions for investors through multiple channels, deepen investors' understanding of the company's production and operation, actively safeguard the rights and interests of investors and shareholder investment returns, and strive for the understanding and support of investors and the market.

5. Continuously optimize the governance mechanism

1. Cancel the board of supervisors and amend the company’s articles of association

The company strictly complies with the "Company Law of the People's Republic of China", the Securities Law of the People's Republic of China and the relevant laws and regulations on the standardized operation of listed companies, and has established a corporate governance structure with transparent rights and responsibilities, coordinated operation, and effective checks and balances. The shareholders' meeting and the board of directors operate in compliance with the law, and the directors and senior managers perform their duties faithfully and diligently. At the same time, the company actively responds to the spirit of the reform of the independent director system, ensures that independent directors independently exercise their powers and perform their duties, and give full play to their role of supervision and balance, participation in decision-making and professional consultation.

In 2025, in order to improve the corporate governance system, focus on corporate governance system construction and capacity improvement, implement the latest regulatory laws and regulations such as the new "Company Law" and "Guidelines on the Articles of Association of Listed Companies (Revised in 2025)", the governance system was systematically sorted out, the "Articles of Association" and supporting related systems were revised, and the reform of the board of supervisors was promoted. The board of supervisors will no longer be established. The relevant powers of the board of supervisors will be exercised by the audit committee of the company's board of directors, effectively promoting the continuous improvement of the standardization level of corporate governance. The company strictly abides by the norms and requirements of relevant departments for independent directors to perform their duties, provides necessary conditions and guarantees for independent directors to perform their duties, gives full play to the role of independent directors in corporate governance, provides an important reference for the company's scientific decision-making, effectively improves the level of corporate governance, and lays the foundation for value creation. At the same time, in order to ensure the compliance operation of the company's board of directors, the company has added employee representative directors to further promote the professionalism and diversity of board members.

In 2026, the company has formulated and disclosed the "Remuneration Management System for Directors and Senior Management Personnel". The company will continue to strictly comply with laws, regulations and regulatory requirements, continue to strengthen the construction of standardized governance systems and mechanisms, continue to improve the internal control system, improve governance capabilities in multiple dimensions, further improve the company's operating management level and risk prevention capabilities, and effectively promote sustainable, healthy and stable development.

2. Practice ESG concepts and promote the company’s sustainable development

In 2025, the company will thoroughly implement the overall requirements of improving quality and efficiency, operating steadily, and focusing on returns, insisting on integrating the concept of sustainable development throughout the entire process of corporate governance, operation management, and value creation, coordinating economic benefits, environmental responsibilities, and social responsibilities, continuing to improve the governance structure, improving the quality of information disclosure, shaping a responsible brand image, constantly consolidating the foundation for high-quality development, and effectively empowering value enhancement and long-term returns with sustainable development capabilities.

The company insists on incorporating ESG management into the overall layout of corporate governance, and improves a governance system with clear rights and responsibilities and efficient operation. The company completed the adjustment of the strategy and sustainable development committee of the board of directors, revised and improved its working rules simultaneously, and added ESG work management authority and other contents to the original functions. With its solid advancement and remarkable results in the field of sustainable development, the company's ESG rating has achieved leaps and bounds: the Wind ESG rating has been raised from BBB to AA, and it has been selected into the 2025 Wind China Top 100 ESG Best Practices Listed Companies; Huazheng's ESG rating has jumped from BB to AA, and has been selected into the TOP100 first-time ESG report winners of A-share listed companies, ranking among the top in the industry. At the same time, the company won many honors such as the title of "Excellent Practice Cases of Sustainable Development of Listed Companies in 2025" by the China Listed Companies Association, which is a phased manifestation of the company's solid advancement of sustainable development work.

In 2026, the company has prepared and released the 2025 sustainability report and its summary, comprehensively and systematically disclosing the company's practical results and development plans in environmental, social, governance and other aspects to investors, partners and all sectors of society. In the future, we will focus on the company's strategy and business priorities to further promote the in-depth integration of ESG and main business development. The first is to continue to improve the sustainable development management mechanism, strengthen the overall research, judgment and supervision of the impacts, risks and opportunities related to sustainable development by the Board of Directors and the Strategy and Sustainable Development Committee, and enhance the systematicness and forward-lookingness of ESG management; second, rely on the company's business foundation in the field of vaccines and diagnostics to continue to promote the transformation of innovative results, improve medical accessibility and green operation practices, and improve the sustainability work and The synergy of operation and management enhances the company's sustainable development capabilities; third, it actively participates in special exchanges organized by domestic and foreign authoritative ESG ratings, evaluations, regulatory agencies, and industry associations, uses external evaluation and communication mechanisms to make up for shortcomings, continues to improve management measures and information disclosure content, enhances the company's brand reputation, market recognition and long-term investment value, and effectively rewards investors and all sectors of society with high-quality development.

6. Consolidate the responsibilities of the “key minority”

1. Strengthen “key minority” training

In 2025, the company will continue to strengthen the performance responsibilities of the "key minority" and support the company's controlling shareholders, actual controllers, directors and senior managers to participate in relevant training activities organized by the Shanghai Stock Exchange, Beijing Securities Regulatory Bureau and other regulatory agencies, increase compliance knowledge reserves, continue to improve duty performance capabilities, and promote the company's continued standardized operations; at the same time, it will update the list of "key minority" personnel in a timely manner, do a good job in pre-communication and closely track the performance of commitments of relevant parties to ensure the fulfillment of commitments.

In 2026, the company will continue to strengthen communication with the "key minority", track the performance of the commitments of the above-mentioned parties, and continuously strengthen the awareness of responsibility and performance of the relevant parties. At the same time, the company will provide timely feedback on training notices and relevant cases from the capital market regulatory authorities to improve corporate governance capabilities in multiple dimensions and effectively promote the company's high-quality development.

2. Strengthen the responsibilities of the “key minority”

The company attaches great importance to the performance of duties and risk prevention and control of controlling shareholders, actual controllers, directors and senior managers. By building a multi-level and multi-dimensional governance system composed of special committees of the board of directors, special meetings of independent directors and other institutions, the company strictly supervises the controlling shareholders, actual controllers, directors and senior managers in key areas such as capital occupation, illegal guarantees, and related transactions to effectively protect the interests of the company and small and medium-sized shareholders.

In 2026, the company will continue to strengthen and enrich the risk sharing and benefit sharing measures between controlling shareholders, actual controllers, directors and senior managers and the company and small and medium-sized shareholders, and effectively fulfill the responsibilities and obligations of listed companies.

7. Other instructions and risk warnings

This action plan of "improving quality, increasing efficiency and focusing on returns" is a plan based on the current actual situation of the company and does not constitute a performance commitment. In the future, it may be affected by domestic and foreign market environments, policy adjustments and other factors, and has certain uncertainties. Investors are kindly requested to invest rationally and pay attention to investment risks.

The company will continue to evaluate the specific implementation of the action plan of "improving quality, increasing efficiency and focusing on returns", and will promptly fulfill its information disclosure obligations. The company will actively fulfill its responsibilities as a listed company and strive to actively return the attention and trust of investors with good performance and standardized corporate governance.

Announcement is hereby made.

Board of Directors of Beijing Wantai Biopharmaceutical Co., Ltd.

April 28, 2026