Semi-annual Report for 2026

Semi-annual Report of Biothera Biopharmaceutical Co., Ltd. for 2026 Company code: 688177 Company abbreviation: Semi-annual report of Biothera Biothera Biopharmaceutical Co., Ltd.

2026

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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. Major Risk Warning

The company has elaborated on the company's core competitiveness risks, operating risks, industry risks and macro-environmental risks and other factors in this report. Please refer to "IV. Risk Factors" in Section 3 of this report, "Management Discussion and Analysis".

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

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

5. The person in charge of the company, LISHENGFENG (Li Shengfeng), the person in charge of accounting work Zhan Xianhong, and the person in charge of the accounting department (accounting supervisor) Shi Lihua declare that they guarantee the authenticity, accuracy and completeness of the financial report in the semi-annual report.

6. Profit distribution plan or reserve fund conversion plan for the reporting period passed by the board of directors. During the reporting period, the company did not have a semi-annual profit distribution plan or reserve fund conversion plan for share capital.

7. Whether there are any important matters such as special arrangements for corporate governance

□Applicable √Not applicable

8. Risk Statement for Forward-Looking Statements

√Applicable □Not applicable

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

9. Is there any non-operating use of funds by controlling shareholders and other related parties?

No

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

No

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

12. Others

□Applicable √Not applicable

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Directory

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

Section 2 Company Profile and Main Financial Indicators................................................................................6

Section 3 Management Discussion and Analysis................................................................................10

Section 4 Corporate Governance, Environment and Social Responsibility................................................................44

Section 5 Important Matters......................................................................................................46

Section 6 Changes in Shares and Shareholders...................................................................67

Section 7 Bond-related situations......................................................................................71

Section 8 Financial Report......................................................................................................72

A financial report signed and stamped by the company's legal representative, person in charge of accounting work, and person in charge of the accounting department.

Document directory for reference

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

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Section 1 Interpretation

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

Commonly used word definitions

Biothera/Company/Our Company refers to Biothera Biopharmaceutical Co., Ltd.

Group/the Group refers to Biotech Biopharmaceutical Co., Ltd. and its subsidiaries

China Securities Regulatory Commission refers to China Securities Regulatory Commission

National Medical Products Administration/NMPA refers to the National Medical Products Administration

FDA refers to the United States Food and Drug Administration

EMA stands for European Medicines Agency

ANVISA stands for Brazil’s National Health Surveillance Agency

MHRA stands for the Medicines and Healthcare products Regulatory Agency

Swissmedic refers to the Swiss Federal Agency for Medicines and Medical Devices

The actual controller refers to three persons: Mr. Yi Xianzhong, Ms. Guan Yuchan and Mr. Yi Liangyu

Controlling shareholder/Qixi Group refers to Guangzhou Qixi Group Co., Ltd.

TherabioInternational refers to TherabioInternational Limited, a shareholder of the company

Guangzhou Xing'aoqi Enterprise Management Partnership (Limited Partnership), shareholder of the company, formerly known as: Xinyu Xing'ao Enterprise Management Partnership (Limited Partnership), Guangxing Aoqi

Zhou Qiao Xing Enterprise Management Partnership (Limited Partnership), Guangzhou Qiao Xing Investment Partnership (Limited Partnership)

Guangzhou Changyu Enterprise Management Partnership (Limited Partnership), shareholder of the company, formerly known as: Xinyu Zhenhe Enterprise Management Partnership (Limited Partnership), Guangzhou Changyu refers to

Zhou Shengyu Enterprise Management Partnership (Limited Partnership), Guangzhou Shengyu Investment Partnership (Limited Partnership)

Guangzhou Juaojia Enterprise Management Partnership (Limited Partnership), formerly known as: Xinyu Juaozhong Enterprise Management Partnership (Limited Partnership), Guangzhou Juaojiaojia refers to

Zhong Enterprise Management Partnership (Limited Partnership), Guangzhou Juao Zhong Investment Partnership (Limited Partnership)

Jifu Venture Capital refers to Jifu Venture Capital Co., Ltd.

Xinyu Qiheng Management Consulting Partnership (Limited Partnership), company shareholder, Xinyu Qiheng refers to previous names: Dongtai Qiheng Pharmaceutical Partnership (Limited Partnership), Zhuhai Jifu Qiheng Pharmaceutical Investment Partnership (Limited Partnership)

Huiwan Lake refers to Guangzhou Huiwan Lake Investment Partnership (Limited Partnership), the company’s shareholder Guangzhou Zhongke Yuechuang No. 3 Venture Capital Partnership (Limited Partnership), Gongyue Chuang No. 3 refers to

shareholders of the company

Hengqin Zhongke Zhuochuang Equity Investment Fund Partnership (Limited Partnership), public Zhongke Zhuochuang refers to

shareholders of the company

Huitianze refers to Huitianze Investment Co., Ltd., the company’s shareholder

One of the company's partners, registered name: LogisticsBusinessServices, SteinCares refers to

S.R.L.

ADC refers to Antibody-DrugConjugate, antibody drug conjugate

Antibody-DependentCell-mediatedCytotoxicity, antibody according to ADCC

cell-mediated cytotoxicity

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CD20 refers to a cell surface protein widely expressed on B cells of the immune system

Differentiation group 47, also known as integrin (IAP), a membrane protein that targets the giant CD47

Phagocytosis signals don’t eat me

CRS stands for Cytokine Release Syndrome

Toxic T lymphocyte-associated protein 4 is a protein that appears in all T cells, but it appears at the highest level in regulatory T cells (Treg). CTLA-4 refers to

And cause Treg to produce suppressive function and truncate the immune response of T cells to cancer cells

Diabetic macular edema is a complication of diabetes caused by the accumulation of fluid in the macula (or DME finger in the central part of the eye), which causes swelling of the macula

Platelet membrane glycoprotein IIb/IIIa is a complex GPIIb/IIIa compound that interacts with fibrinogen and therefore plays an important role in platelet aggregation and adhesion on the surface of endothelial cells.

GMP refers to GoodManufacturingPractice, "Good Manufacturing Practice" Human EpidermalGrowthFactor Receptor-2, human epidermal growth factor HER2 refers to

Long factor receptor-2, an important prognostic factor for breast cancer and gastric cancer

IL-5 refers to interleukin-5

Interleukin-6, interleukin-6, is a cytokine that belongs to the white IL-6

a type of interleukin

IL-6R refers to interleukin 6 receptor, which is IL-6 receptor

IL-12 refers to interleukin-12

IL-17A refers to interleukin-17A

IL-23 refers to interleukin-23

mAb refers to monoclonal antibody

NHL refers to non-Hodgkin lymphoma, a type of lymphoma

A minor co-receptor immune checkpoint molecule, OX40 refers to 24-72 hours after activation

performance. Expression of OX40 depends on complete activation of T cells

percutaneous coronary intervention, a type of treatment used to treat the coronary arteries of the heart PCI refers to

non-surgical treatment of stenosis

Programmed cell death protein 1, an immune checkpoint receptor expressed on certain T cells, B cells, and macrophages, acts as a barrier to healthy immunity. PD-1 refers to

Part of the system's program to attack other cells in the body, shutting down the immune response mediated by T cells

Programmed cell death ligand 1, a protein PD-L1 on the surface of normal cells and cells, can attach to PD-1 on the surface of T cells, causing T cells to shut down their ability to kill cancer cells.

TNF-α refers to TumorNecrosisFactor-α, tumor necrosis factor α

TNFR refers to TumorNecrosisFactorReceptor, tumor necrosis factor receptor VEGF refers to VascularEndothelialGrowthFactor, vascular endothelial growth factor

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Section 2 Company Profile and Main Financial Indicators

1. Basic information of the company

The Chinese name of the company Biotech Biopharmaceutical Co., Ltd.

The company’s Chinese abbreviation is Biotech

The company's foreign name is Bio-TheraSolutions,Ltd.

The company's foreign name abbreviation BIO-THERA

The legal representative of the company LISHENGFENG (Li Shengfeng)

Company registered address: No. 18, Helix 2nd Road, International Biological Island, Huangpu District, Guangzhou

It was reviewed and approved by the company’s shareholders’ meeting on September 15, 2025. The registered address is “Guangzhou, Guangdong Province”

The historical changes of the company's registered address "Fifth Floor, Building A6, No. 11 Kaiyuan Avenue, Science City, Huangpu District High-tech Industrial Development Zone

Changed to "No. 18, Helix 2nd Road, International Biological Island, Huangpu District, Guangzhou". (Completed industrial and commercial

change registration)

Company office address: No. 18, Helix 2nd Road, International Biological Island, Huangpu District, Guangzhou

Postal code of company office address 510005

Company website https://www.bio-thera.com/

Email [email protected]

Query index for changes during the reporting period Not applicable

2. Contact person and contact information

Secretary of the Board of Directors (Domestic Representative for Information Disclosure) Name of Securities Affairs Representative Yu Dan Song Shanshan

Helix 2nd Road, International Biological Island, Huangpu District, Guangzhou Contact address of Helix, International Biological Island, Huangpu District, Guangzhou

No. 18 No. 18, Second Road

Telephone (8620)32203528 (8620)32203528Fax (8620)32203218 (8620)32203218Email [email protected] [email protected]

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

The name of the newspaper selected by the company for information disclosure: "Shanghai Securities News", "Securities Daily" and "Securities Times" The website address for publishing the semi-annual report http://www.sse.com.cn/

The company's semi-annual report is prepared at No. 18, Helix 2nd Road, International Biological Island, Huangpu District, Guangzhou. Inquiry index for changes during the reporting period. Not applicable

4. Brief introduction of company stocks/depository receipts

(1) Brief introduction of company stock

√Applicable □Not applicable

Company Stock Profile

Stock type Stock exchange and sector Stock abbreviation Stock code Stock abbreviation before change A shares Shanghai Stock Exchange Science and Technology Innovation Board Biotech 688177 Not applicable

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(2) Brief introduction to the company’s depositary receipts

□Applicable √Not applicable

5. Other relevant information

□Applicable √Not applicable

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

(1) Main accounting data

Unit: Yuan Currency: RMB Main accounting data for this reporting period compared with the same period last year

(January to June) Increase or decrease in the same period (%) Operating income 518,548,263.68 441,887,841.40 17.35 Total profit -251,780,590.65 -124,770,125.37 Not applicable Net profit attributable to shareholders of listed companies -251,968,686.24 -124,932,157.47 Not applicable to non-economic deductions attributable to shareholders of listed companies

-254,020,488.77 -171,197,993.43 Net profit not applicable to regular gains and losses

Net cash flow generated from operating activities 145,023,482.79 -814,342.04 Not applicable The end of this reporting period compared with the end of this reporting period The end of the previous year

Year-end increase or decrease (%) Net assets attributable to shareholders of listed companies 123,940,544.66 376,030,903.30 -67.04 Total assets 2,574,915,155.83 2,287,321,610.34 12.57

(2) Main financial indicators

Main financial indicators for this reporting period This reporting period are the same as those for the same period last year

(January to June) Period increase or decrease (%) Basic earnings per share (yuan/share) -0.61 -0.30 Not applicable Diluted earnings per share (yuan/share) -0.61 -0.30 Not applicable Basic earnings per share after deducting non-recurring gains and losses

-0.61 -0.41 N/A income (yuan/share)

Weighted average return on equity (%) -100.77 -19.35 A decrease of 81.42 percentage points from the weighted average after deducting non-recurring gains and losses

-101.59 -26.52 Decrease 75.07 percentage points in return on equity (%)

R&D investment as a proportion of operating income (%) 90.34 78.94 An increase of 11.40 percentage points

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

√Applicable □Not applicable

During the reporting period, the company achieved operating income of RMB 518,548,263.68, a year-on-year increase of 17.35%. The main reason was that the company actively expanded marketing, and the operating income of adalimumab injection (Gloriflex®) and tocilizumab injection (Serilide® and Tofidence®) steadily increased compared with the same period last year.

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During the reporting period, the company's total profits, net profits attributable to shareholders of listed companies and net profits attributable to shareholders of listed companies excluding non-recurring gains and losses increased by RMB 127,010,465.28, RMB 127,036,528.77 and RMB respectively compared with the same period last year. 82,822,495.34 yuan, mainly because the company has firmly implemented the innovation-driven development strategy for a long time, and multiple R&D projects such as BAT8006 and BAT3306 are in critical clinical stages. The growth rate of R&D expenses during the reporting period was greater than the growth rate of operating income.

During the reporting period, the company's net cash flow generated from operating activities was 145,023,482.79 yuan, an increase of 145,837,824.83 yuan compared with the same period last year. This was mainly due to the company's active expansion of marketing and the increase in cash received from selling goods and providing services during the reporting period.

During the reporting period, the company's net assets attributable to shareholders of listed companies decreased by 67.04% compared with the end of the previous year, mainly due to the increase in the company's losses.

During the reporting period, the company's weighted average return on net assets and the weighted average return on net assets after deducting non-recurring gains and losses decreased by 81.42 and 75.07 percentage points respectively compared with the same period last year. This was mainly due to the increase in the company's losses and the decrease in net assets. During the reporting period, the proportion of R&D investment in operating income increased by 11.40 percentage points compared with the same period last year. The main reason was that the growth rate of the company's R&D expenses was greater than the growth rate of operating income.

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

□Applicable √Not applicable

8. 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 accrued asset deductions

-7,255.35

Offset portion of value provision

Government subsidies are included in the current profit and loss, but are not related to the company’s normal operations.

Closely related to business operations, in compliance with national policies and regulations, and in accordance with

2,756,210.13

Determined standards enjoy and have a lasting impact on the company's profits and losses

Except for government subsidies

Except for effective hedging related to the company’s normal business operations

In addition to business, non-financial enterprises hold financial assets and financial liabilities

272,990.87

Gains and losses from changes in fair value of bonds and disposal financing

Profit and loss arising from assets and financial liabilities

The proportion of funds collected from non-financial enterprises included in the current profit and loss

fees

Gains and losses from entrusting others to invest or manage assets

Profit and loss from external entrusted loans

Due to force majeure factors, such as natural disasters

Loss of various assets

Reversal of impairment provision for accounts receivable that has been individually tested for impairment

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Non-recurring profit and loss items Amount Notes (if applicable) The investment cost of the enterprise in acquiring subsidiaries, associates and joint ventures is less than the income generated from the fair value of the investee's identifiable net assets when acquiring the investment.

Net profit and loss for the current period from the beginning of the period to the date of merger of subsidiaries resulting from business combinations under common control

Gains and losses on non-monetary asset exchanges

Debt restructuring gains and losses

One-time expenses incurred by the enterprise due to the cessation of relevant business activities, such as expenses for relocating employees, etc.

One-time impact on current profits and losses due to adjustments to tax, accounting and other laws and regulations

One-time confirmation of share-based payment expenses due to cancellation or modification of equity incentive plan

For cash-settled share-based payments, gains and losses arising from changes in the fair value of employee compensation payable after the vesting date

Gains and losses arising from changes in the fair value of investment properties that are subsequently measured using the fair value model

Gains from transactions where the transaction price appears to be unfair

Profit and loss arising from contingencies unrelated to the company's normal business operations

Custody fee income from entrusted operations

Other non-operating income and expenses other than the above items -970,143.12 Other profit and loss items that meet the definition of non-recurring gains and losses

Less: Income tax impact

Amount of impact on minority shareholders’ equity (after tax)

Total 2,051,802.53

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 defines the non-recurring gains and losses listed in the "Explanatory Announcement No. 1 on Information Disclosure by Companies that Offer Securities to the Public - Non-recurring Profit and Loss" as recurring gains and losses, the reasons should be stated □ Applicable √ Not applicable

9. 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

10. Description of non-business accounting standards performance indicators

□Applicable √Not applicable

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Section 3 Management Discussion and Analysis

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

(1) Industry development trends

The pharmaceutical manufacturing industry is related to the overall situation of people's livelihood security and is an important area for my country to implement the innovation-driven development strategy and consolidate the foundation for high-quality economic development. The "Government Work Report" released in early 2026 listed biomedicine as an emerging pillar industry for the first time, and continued to deploy and improve drug price formation mechanisms and optimize support policies related to innovative drugs. In the first half of the year, a series of related supporting policies were implemented: the new version of the "Regulations for the Implementation of the Drug Administration Law" solidified the accelerated review channel for innovative drugs and the innovation rights and interests protection mechanism; the State Council issued a policy to improve the drug price formation mechanism, established a high-level innovative drug first-time pricing system, and provided space for innovative and reasonable prices; the National Medical Insurance Administration launched the adjustment of the dual catalog of innovative drugs under medical insurance and commercial insurance, and the innovative drug pre-declaration mechanism was officially implemented, relying on multi-level medical security to open up clinical access to innovative drugs. A series of systems work together to form a complete policy closed loop from R&D registration, marketing pricing to payment access, providing clear guidance and solid institutional guarantees for the sustainable innovative development of the innovative drug industry.

In the first half of 2026, my country's innovative drug research and development has improved in quality and speed. The National Medical Products Administration (NMPA) has approved a total of 38 Category 1 innovative drugs for marketing. Among them, 11 are drugs with new targets and new mechanisms, and they are all independently developed domestic innovative drugs. The industry's R&D focus continues to move away from homogeneous follow-up innovation and accelerate towards original innovation from the source. At the commercialization level, the internationalization process of domestically produced innovative drugs continues to accelerate, with overseas authorization and global synchronized clinical practice becoming the norm. In the first half of 2026, there were a total of 81 external licensing transactions for my country's innovative drugs, with a total transaction volume of approximately US$110 billion, which has reached 80% of the total in 2025, setting another record high. Innovation track resources continue to gather towards enterprises with first-in-class differentiated innovation capabilities and global operational layouts. The industry has officially entered a critical development stage in which innovation value is continuously realized and survival of the fittest is deepened.

(2) Main business situation

The company is deeply involved in the entire biopharmaceutical industry chain, based on the local market and facing the world. It relies on its independent core technology platform to develop innovative drugs and biosimilar drugs, focusing on major disease areas such as tumors, autoimmunity, and ophthalmology. Adhering to the concept of "Innovation is only for life", we will advance pipeline iteration, production capacity expansion and global commercialization in an orderly manner, and continue to provide safe, efficient and affordable therapeutic drugs to patients around the world. As of the end of the reporting period, a summary of the main products in the clinical trial stage in the company's R&D pipeline is as shown below:

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(1) Products already on the market

① Qletli®/Qletli® (adalimumab, BAT1406)

BAT1406 (adalimumab) is a recombinant fully human monoclonal antibody expressed by CHO cells. It specifically binds to TNF-α and neutralizes its biological function, blocking its interaction with the TNF-α receptor on the cell surface, thereby blocking the inflammatory effect of TNF-α.

It obtained marketing approval from NMPA in November 2019. The Chinese trade name is Glorivo®, which is an adalimumab biosimilar independently developed by the company. It is the first adalimumab biosimilar to receive marketing approval in China. Eight indications have been approved in China and all have been included in the national medical insurance catalog, including five adult indications: psoriasis, ankylosing spondylitis, rheumatoid arthritis, Crohn's disease and uveitis, and three pediatric indications: children's plaque psoriasis, polyarticular juvenile idiopathic arthritis, and children's Crohn's disease.

In addition, BAT1406 (adalimumab) has been approved for marketing by the British MHRA and the Syrian Food and Drug Administration, with the trade name Qletli®; it has been approved for marketing by the Drug Regulatory Authority of Pakistan (DRAP), and the Pakistani trade name is Lutrisa®.

This product is available in dual specifications of 40mg/0.8mL and 20mg/0.4mL.

② Bevaciz®/Avzivi®/Bevyx® (Bevacizumab, BAT1706)

BAT1706 (bevacizumab) is a bevacizumab injection developed by the company in accordance with the relevant guidelines of NMPA, FDA, and EMA for biosimilar drugs. It is a humanized monoclonal antibody and is a vascular endothelial growth factor (VEGF) inhibitor. It binds to VEGF and blocks the binding of VEGF to its receptor, thereby blocking the angiogenesis signal transduction pathway and inhibiting the growth of tumor cells.

It obtained marketing approval from NMPA in November 2021, and the Chinese trade name is Pubexi®. As of the disclosure date of this announcement, the approved indications of PUBIS® include: advanced, metastatic or recurrent non-small cell lung cancer, metastatic colorectal cancer, recurrent glioblastoma, epithelial ovarian cancer, fallopian tube cancer or primary peritoneal cancer, cervical cancer, and hepatocellular carcinoma.

It was approved for marketing by the FDA in December 2023. The US trade name is Avzivi®. The approved indications include: metastatic colorectal cancer, non-small cell lung cancer, adult recurrent glioblastoma, metastatic renal cell carcinoma, persistent, recurrent or metastatic cervical cancer, epithelial ovarian cancer, fallopian tube cancer or primary peritoneal cancer.

Obtained marketing approval from EMA in July 2024. The European trade name is Avzivi®. Approved indications include: metastatic colorectal cancer

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carcinoma, metastatic breast cancer, non-small cell lung cancer, renal cell carcinoma, epithelial ovarian cancer, fallopian tube cancer or primary peritoneal cancer, cervical cancer.

It was approved by ANVISA in October 2024. The Brazilian trade name is Bevyx®. The approved indications are metastatic colorectal cancer, metastatic or locally recurrent breast cancer, metastatic and/or advanced renal cell cancer, primary epithelial ovarian cancer, fallopian tube and peritoneal cancer, and cervical cancer.

In addition, BAT1706 (bevacizumab) has received marketing approval from the State Drug and Medical Device Regulatory Authority of Turkmenistan (SMDRA) and the Tajikistan Drug and Medical Device Regulatory Authority (DMRA), with the trade name NYMRA®; and has received marketing approval from the Syrian Food and Drug Administration, with the Syrian trade name of Bemcizo®.

This product is available in dual specifications of 400mg/16mL and 100mg/4mL.

As of the disclosure date of this report, the commercial authorization cooperation of BAT1706 (bevacizumab) has covered 104 countries and regions around the world, mainly including:

Partner company authorized cooperation area

China (including mainland China, Hong Kong Special Administrative Region of China, BeiGene Co., Ltd.

Macau Special Administrative Region of China, Taiwan Region of China)

Europe, the United States, Canada and most international markets not covered by cooperation SandozAG

field

CiplaGulfFZLLC selected emerging countries

BiommSA Brazil

MegaLifesciencesPublicCompanyLtd Indonesia Market

MacterInternationalLimited Pakistan and Afghanistan Market

③ Serili®/Tofidence® (tocilizumab, BAT1806)

BAT1806 (tocilizumab) is a tocilizumab injection developed by Biotel in accordance with the relevant guidelines of NMPA, FDA, and EMA for biosimilar drugs. It is a recombinant humanized monoclonal antibody targeting the interleukin-6 receptor (IL-6R). It can specifically bind to soluble and membrane-bound IL-6 receptors (sIL-6R and mIL-6R) and inhibit signal transduction mediated by sIL-6R and mIL-6R.

It obtained marketing approval from NMPA in January 2023, and the Chinese trade name is Serili®. Serili® is the first tocilizumab biosimilar approved in China and the first tocilizumab biosimilar in the world. Approved indications for Serili® include: rheumatoid arthritis, systemic juvenile idiopathic arthritis, and cytokine release syndrome.

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It received FDA marketing approval in September 2023, and the US trade name is Tofidence®. Tofidence® is the company's first product to receive FDA marketing approval. It is the first tocilizumab biosimilar drug approved by the FDA. It is also the first monoclonal antibody drug independently developed and produced by a local Chinese pharmaceutical company and obtained FDA marketing approval. As of the disclosure date of this report, Tofidence®'s approved indications include: rheumatoid arthritis, polyarticular juvenile idiopathic arthritis, systemic juvenile idiopathic arthritis, cytokine release syndrome, COVID-19, and giant cell arteritis.

It received marketing approval from EMA in June 2024. The approved indications include: rheumatoid arthritis, polyarticular juvenile idiopathic arthritis, systemic juvenile idiopathic arthritis and COVID-19.

In addition, BAT1806 (tocilizumab) has received marketing approval from the British MHRA and Swissmedic in Switzerland; it has received marketing approval from the Syrian Food and Drug Administration, and the Syrian trade name is Swevli®.

This product is available in three specifications: 80mg/4mL, 200mg/10mL and 400mg/20mL.

As of the disclosure date of this report, the commercial authorization cooperation of BAT1806 (tocilizumab) has covered 79 countries and regions around the world, mainly including:

Partner company authorized cooperation area

OrganonLLC US Market

EU, Switzerland, UK, some other European countries, some Middle East and North Africa STADAArzneimittelAG

Regional (MENA) and some Commonwealth of Independent States (CIS) national markets ④ Betanin® (bevibatide citrate, BAT2094)

Betanin® is a Class 1 chemical drug with independent intellectual property rights independently developed by Biotech. It is a peptide β3 integrin receptor inhibitor and received marketing approval from the State Food and Drug Administration in June 2024. Betanin® is indicated for use in patients with acute coronary syndrome undergoing percutaneous coronary intervention, including intracoronary stent placement, to reduce the risk of acute occlusion, stent thrombosis, no-reflow and slow flow.

As a new class of new drug independently developed by the company, Betanin® is the country's first independently developed bifunctional antiplatelet drug and is the result of the national "Major New Drug Creation" major scientific and technological project. The drug has a unique dual-target mechanism of action, which not only effectively inhibits platelet aggregation to reduce the risk of re-occlusion of arterial thrombosis, but also has the characteristics of rapid onset of action, rapid recovery of platelet function and small individual differences. Its registered clinical trials all include Chinese patients, which can truly reflect the clinical benefits of Chinese patients, effectively reduce the risk of complications after PCI, and effectively balance the risks of ischemia and bleeding. In addition, Betanin® has a good safety profile, is well tolerated by patients, and has a lower risk of serious bleeding and other adverse reactions.

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On April 14, 2026, the company transferred its rights and interests in the Betanin® (Bevibatide Citrate Injection) variety and related assets and business to Lepu Pharmaceutical Co., Ltd., and signed the "Betanin® (Bevibatide Citrate Injection) Preparation and API Varieties Transfer Agreement". For details, please refer to the "Announcement of Biotech Biopharmaceutical Co., Ltd. on the Transfer of Rights and Interests in Drug Varieties and Related Assets and Businesses" disclosed by the company on the website of the Shanghai Stock Exchange on April 15, 2026 (Announcement Number: 2026-018). ⑤ Starjemza®/Usymro® (ustekinumab, BAT2206)

BAT2206 (ustekinumab) is ustekinumab injection developed by Biotech in accordance with the relevant guidelines of NMPA, FDA, and EMA for biosimilar drugs. Ustekinumab is a fully human monoclonal antibody targeting the p40 subunit shared by interleukins IL-12 and IL-23. IL-12 and IL-23 are naturally produced cytokines that can participate in the process of inflammation and immune response. They can specifically bind to the p40 subunit with high affinity and block its binding to cell surface receptors, thus destroying the signaling and cytokine effects mediated by IL-12 and IL-23.

It received FDA marketing approval in May 2025. The US trade name is Starjemza®, which is used to treat moderate to severe plaque psoriasis, active psoriatic arthritis, moderate to severe active Crohn's disease, and moderate to severe active ulcerative colitis in adults; moderate to severe plaque psoriasis and active psoriatic arthritis in children.

It obtained marketing approval from EMA in August 2025 and obtained marketing approval from the British MHRA in February 2026. The European trade name is Usymro®, which is used to treat moderate to severe plaque psoriasis, active psoriatic arthritis, and moderate to severe active Crohn's disease in adults; moderate to severe plaque psoriasis and moderate to severe active Crohn's disease in children.

In May 2026, it obtained marketing approval from NMPA, and the Chinese trade name is Aixali®/Hisali®. Among them, the approved specifications of Isali® are: 45 mg (0.5 mL)/tube, 90 mg (1 mL)/tube, and the approved indications are: adult plaque psoriasis, children's plaque psoriasis, and Crohn's disease; the approved specifications of Isali® are: 130 mg (26 mL)/bottle (intravenous infusion), and the approved indications are: Crohn's disease.

It was approved for marketing by HSA in June 2026. The Singaporean trade name is Xidanuo®. It is used for adult indications: moderate to severe plaque psoriasis, active psoriatic arthritis, moderate to severe active Crohn's disease; pediatric indications: moderate to severe plaque psoriasis, moderate to severe active Crohn's disease.

As of the disclosure date of this report, the commercial authorization cooperation of BAT2206 (ustekinumab) has covered 71 countries and regions around the world, mainly including:

Partner company authorized cooperation area

HikmaPharmaceuticalsUSAInc. US market

PharmaparkLLC Russia and other CIS countries

Biomm S.A. Brazil

GedeonRichterPlc. EU, UK, Switzerland and some other European countries

TabukPharmaceuticalManufacturingCompany Saudi Arabia Region

WorldMedicine Türkiye

Cambodia, Indonesia, Malaysia, Philippines, Thailand Dr. Reddy’s Laboratories Ltd.

Southeast Asian markets and Colombian markets

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⑥Gotenfia®/Immgoli™/ImmgolisIntri™ (golimumab, BAT2506)

BAT2506 is golimumab injection developed by Biotech in accordance with the relevant guidelines of NMPA, FDA, and EMA for biosimilar drugs. Golimumab is an antibody targeting TNF-α. It can specifically bind to soluble and transmembrane human TNF-α with high affinity, block the binding of TNF-α to its receptor TNFR, thereby inhibiting the activity of TNF-α.

It received marketing approval from EMA in February 2026. The European trade name is Gotenfia®, which is used to treat rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, axial spondyloarthritis, and ulcerative colitis.

It was approved for marketing by the FDA in May 2026. The U.S. trade name is Imgoli™/ImmgolisIntri™. Among them, Imgoli™ is approved for use in combination with methotrexate to treat adult patients with moderately to severely active rheumatoid arthritis, and for the treatment of adult patients with moderately to severely active ulcerative colitis. ImmgolisIntri™ is approved for use in combination with methotrexate to treat adult patients with moderately to severely active rheumatoid arthritis.

A listing application has been submitted to NMPA and ANVISA and accepted.

As of the disclosure date of this report, the commercial authorization cooperation of BAT2506 (golimumab) has covered 118 countries and regions around the world, mainly including:

Partner company authorized cooperation area

PharmaparkLLC Russia and other CIS countries

SteinCares Brazil and Rest of Latin America

EU, UK, Switzerland and some other European countries, Australia, New Zealand, Ministry of STADAArzneimittelAG

By MENA region

IntasPharmaceuticalsLtd. United States, Canada, India

Dr.Reddy’s Laboratories Ltd. Cambodia, Indonesia, Malaysia, Philippines, Thailand and other Southeast Asian markets

(2) Major products subject to marketing approval or clinical stage

A． Biosimilars

①BAT2306 (secukinumab)

BAT2306 is secukinumab injection developed by Biotech in accordance with the relevant guidelines of NMPA, FDA, and EMA for biosimilar drugs. Secukinumab is a fully human IgG1 monoclonal antibody that selectively binds to the cytokine interleukin 17A (IL-17A) and inhibits its interaction with the IL-17 receptor. BAT2306 has completed global Phase III clinical trials and has submitted a marketing application to NMPA and received acceptance.

As of the disclosure date of this report, the commercial authorization cooperation of BAT2306 (secukinumab) has covered 66 countries and regions around the world, mainly including:

Partner company authorized cooperation area

PharmaparkLLC Russia and other CIS countries

SteinCares Brazil and Rest of Latin America

JamjoomPharma Middle East and North Africa Market

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Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Dr. Reddy’s Laboratories Ltd.

Philippines, Thailand and other Southeast Asian markets

②BAT3306 (pembrolizumab)

BAT3306 is pembrolizumab injection developed by Biotech in accordance with the relevant guidelines of NMPA, FDA, and EMA for biosimilar drugs. Pembrolizumab is a humanized monoclonal antibody drug that is an immune checkpoint inhibitor. It can specifically bind to the PD-1 receptor located on lymphocytes, and by blocking the binding of PD-1 to its ligands PD-L1 and PD-L2, it can relieve the immune suppression of T cells by tumors and reactivate the immune response of T cells to tumor cells, thereby achieving therapeutic effects on various types of cancer.

The company is currently conducting a multi-center, randomized, double-blind, parallel controlled registration clinical study to evaluate the pharmacokinetics, immunogenicity, safety and efficacy of BAT3306 versus US-Keytruda® in subjects with stage IB-IIIA non-small cell lung cancer.

As of the disclosure date of this report, the company has signed a licensing and commercialization agreement with AvalonPharma for BAT3306 (pembrolizumab) in the markets of Saudi Arabia and the Middle East and North Africa.

③BAT2606 (mepolizumab)

BAT2606 is mepolizumab injection developed by Biotech in accordance with the relevant guidelines of NMPA, FDA, and EMA for biosimilar drugs. Mepolizumab is a humanized monoclonal antibody drug that can specifically bind to interleukin (IL)-5 and inhibit the production of eosinophils, thereby exerting a therapeutic effect. Mepolizumab is the world's first approved biological therapy targeting IL-5, and also the first IL-5 monoclonal antibody approved for the treatment of severe eosinophilic asthma.

The company has currently completed a comparative study on the pharmacokinetics (PK) and safety of BAT2606 and the original drug Nucala® (including commercially available sources in the EU and the United States) in Chinese healthy subjects. The results fully confirmed that the PK, safety and immunogenicity of BAT2606 and the original drug mepolizumab are highly similar.

As of the disclosure date of this report, the company has signed a licensing and commercialization agreement with SteinCares for BAT2606 (mepolizumab) in Brazil and other Latin American markets.

④BAT2406 (duplimumab)

BAT2406 is dupilumab injection developed by Biotech in accordance with the relevant guidelines of NMPA, FDA, and EMA for biosimilar drugs. Dupilumab is a fully human IgG4 monoclonal antibody that can inhibit IL-4 and IL-13 signaling by specifically binding to the IL-4Rα subunit shared by IL-4 and IL-13 receptor complexes. It is used to treat atopic dermatitis, asthma, prurigo nodularis, and chronic obstructive pulmonary disease. Biotech is the first company to obtain approval for clinical trials of dupilumab biosimilars in China.

The company is currently actively promoting a comparative study on the pharmacokinetics (PK) and safety of BAT2406 and the original drug Dupixent® in Chinese healthy subjects.

B. Innovative drugs

①BAT5906 (viancitalumab)

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BAT5906 is an innovative recombinant humanized monoclonal antibody drug independently developed and produced by Biotech. It is a full-length IgG1 antibody with a molecular weight of 149KDa. It can specifically bind to human VEGF-A165 and inhibit neovascularization. In an in vitro angiogenesis model, BAT5906 can block the binding of VEGF to its corresponding receptors and inhibit the proliferation of endothelial cells and the formation of new blood vessels. In animal experiments, BAT5906 has a longer half-life in the vitreous body of monkeys than ranibizumab with a Fab fragment structure, which may support longer injection cycles in clinical practice. In terms of drug safety, it will not trigger antibody-dependent cell-mediated cytotoxicity (ADCC), so systemic adverse reactions are small and clinical application may be safer.

BAT5906 successfully achieved the pre-specified primary endpoint in the pivotal registration phase III clinical study for neovascular (wet) age-related macular degeneration (nAMD). Among them, the change value of foveal retinal thickness (CRT) from week 12 to week 52, the BAT5906 group was significantly better than the ranibizumab control group, that is, BAT5906 It is significantly better than ranibizumab in inhibiting retinal neovascular leakage or reducing inflammatory activity; the proportion of subjects whose best corrected visual acuity (BCVA) improved by ≥15 letters at week 52, the BAT5906 group is also significantly better than the ranibizumab control group, that is, the core efficacy indicator of improvement in visual function of patients after BAT5906 treatment is significantly higher than that of ranibizumab.

As of the disclosure date of this report, BAT5906 has submitted a marketing application to the NMPA for neovascular (wet) age-related macular degeneration (nAMD) indications and has been accepted; the Phase III clinical study for diabetic macular edema (DME) indications has been enrolled Completed and under follow-up; indications for macular edema due to central retinal vein occlusion (CRVO-ME) and choroidal neovascularization in pathological myopia (pmCNV) are in the recruitment stage of phase II/III clinical studies, of which phase II enrollment of CRVO-ME has been completed.

②BAT4406F (Dewabumab)

BAT4406F is a new generation of glycosyl-optimized fully human anti-CD20 antibody developed based on the company's antibody Fc engineering platform. It has the function of enhancing antibody-dependent cell-mediated cytotoxicity (ADCC): it specifically binds to CD20 molecules on the surface of target cells, B cells and precursor cells, and induces biological effects such as ADCC in the presence of complement, NK natural killer cells, phagocytes, etc., thereby achieving the purpose of eliminating B cells. Currently, BAT4406F has carried out key clinical studies in two major indication areas with unmet clinical needs, including neuromyelitis optica spectrum disorder (NMOSD), a rare disease of the central nervous system with high relapse and high disability, and two types of primary nephrotic syndrome with high recurrence rate, large patient base and limitations of existing treatments - minimal change nephropathy/focal segmental glomerulosclerosis (MCD/FSGS).

As of the disclosure date of this report, the key Phase II/III registration clinical study of BAT4406F for NMOSD indications has shown significant efficacy and good safety in the preset interim analysis. It has received the recommendation of "early termination of the trial" from the Independent Data Monitoring Committee (IDMC) and has been submitted to the NMPA for listing. The application was applied and accepted; the key Phase II/III registered clinical study for MCD/FSGS indications is now recruiting in many tertiary hospitals across the country: this study is the first registered study for MCD/FSGS indications in my country, and BAT4406F is expected to become the first biologic approved for this indication in the world.

③BAT8006 (FRαADC)

BAT8006 is an antibody drug conjugate (ADC) independently developed by the company that targets folate receptor α (FRα) and is intended for the treatment of solid tumors. BAT8006 is composed of recombinant humanized anti-FRα antibody and toxic small molecule topoisomerase I inhibitor, independently developed by the company.

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It is connected by the developed shearable connector. Preclinical studies have shown that BAT8006 has high anti-tumor activity. The toxin small molecule has strong cell membrane penetration ability. After the ADC kills the cancer cells, it can be released and kill nearby cancer cells, resulting in a bystander effect, which is expected to effectively overcome the heterogeneity of tumor cells.

BAT8006 has shown superior objective response rate (ORR) and median progression-free survival (mPFS) in the entire population of platinum-resistant ovarian cancer (PROC), covering a wide range of people, and has a good safety profile, with no interstitial lung disease or obvious ocular toxicity. At the 2025 American Society of Clinical Oncology (ASCO) annual meeting, BAT8006 (FRαADC) presented clinical progress and phased data in an oral report. The study includes dose exploration and expansion studies, and as of April 30, 2025, a total of 133 patients with ovarian cancer, fallopian tube cancer, or primary peritoneal cancer have been enrolled at all doses. Among 113 evaluable subjects, the objective response rate (ORR) was 40.7% (46/113) regardless of FRα expression level. At a median follow-up of 9.5 months, the median progression-free survival (mPFS) was 7.63 months (5.837.93), and the median OS was 22.5 months (14.83NA).

As of the end of the reporting period, BAT8006 has been undergoing a key registration phase III clinical trial in China as a single agent for the indication of platinum-resistant ovarian cancer, and the progress is going smoothly.

-The Phase Ib/II study of BAT8006 combined with BAT1308 (FRα-ADC+PD-1) has completed the combination dose escalation and is currently undergoing dose exploration and expansion studies. Research data will be reported orally at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting: In the population of advanced endometrial cancer, the objective response rate (ORR) at the target dose reached 40.0%, DCR 80.0%, and the median progression-free survival (mPFS) was 8.11 months; the overall safety was good, and no unexpected superimposed toxicity signals occurred.

-The global Phase II/III study of BAT8006 combined with BAT1706 (Pubexi®) (FRα-ADC+VEGF) is currently undergoing Phase II preliminary safety and efficacy exploration studies.

④BAT8008 (Trop2ADC)

BAT8008 is an antibody drug conjugate (ADC) independently developed by the company targeting Trop2 and is intended to be developed for the treatment of solid tumors. BAT8008 is composed of a recombinant humanized anti-Trop2 monoclonal antibody and a topoisomerase I inhibitor connected through a self-developed cleavable linker. It has high anti-tumor activity, strong bystander effect, relatively stable in plasma, extremely low shedding rate, and has also shown good safety in non-clinical evaluation. It is a new generation of ADC drugs.

BAT8008 has shown superior objective response rate (ORR) and median progression-free survival (mPFS) in cervical cancer, lung cancer and triple-negative breast cancer. It has good efficacy in different tumors and good safety. The company plans to launch a Phase III clinical study program for recurrent or metastatic cervical cancer that has failed platinum-based chemotherapy and a Phase III clinical study program for unresectable locally advanced, recurrent or metastatic hormone receptor-positive (HR+)/human epidermal growth factor receptor 2-negative (HER2-) breast cancer that has failed 1-2 lines of systemic therapy.

The company orally reported research data on the cervical cancer cohort at the 2026 American Society of Clinical Oncology (ASCO) annual meeting: in the target dose 2.4mg/kg dose group (N=41), the confirmed objective response rate (cORR) was 29.3%, the disease control rate (DCR) was 75.6%, the median progression-free survival (mPFS) was 6.7 months, the median duration of response (mDoR) was 9.0 months, and

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Overall survival (mOS) was 17.8 months. In terms of safety, the overall safety is good, the incidence of drug discontinuation due to adverse events is only 2.8%, and no treatment-related deaths occurred.

-BAT8008 combined with BAT1308 (Trop2-ADC+PD-1): Currently conducting phase II efficacy expansion studies in non-small cell lung cancer, triple-negative breast cancer and other solid tumors.

-BAT8008 combined with BAT1006 (Trop2-ADC+HER2): On March 9, 2026, we received the "Drug Clinical Trial Approval Notice" approved and issued by the State Food and Drug Administration, and the clinical trial application for the investigational drug BAT8008 combined with BAT1006 and trastuzumab for the treatment of HER2-positive advanced solid tumors was approved. Patient enrollment has now begun.

⑤BAT8010 combined with BAT1006 (HER2-ADC+HER2)

BAT8010 is an antibody-drug conjugate (ADC) independently developed by the company that targets HER2. It has completed Phase I and its extended studies, and has shown certain efficacy in both HER2-positive and HER2-low-expressing breast cancer. It is also safe and has no serious toxicities such as interstitial lung disease. BAT1006 is a monoclonal antibody targeting HER2. It can kill tumor cells by inhibiting the HER2 heterodimerization signaling pathway and enhancing ADCC. It can also enhance the endocytosis of BAT8010 to kill tumor cells.

BAT8010 combined with BAT1006 showed excellent preliminary efficacy in first-line HER2-positive breast cancer and post-first-line gastric cancer, with good safety and no toxicity such as severe interstitial lung disease. As follow-up data increases, phase III studies will continue to be carried out in communication with CDE for HER2-positive gastric cancer and HER2-positive breast cancer.

⑥BAT1308 combined with BAT1706

BAT1308 injection is a humanized anti-PD-1 monoclonal antibody independently developed by Biotech. Its active ingredient is an antibody targeting human programmed cell death protein 1 (PD-1) expressed by Chinese hamster ovary cells. It belongs to the immunoglobulin IgG4κ subtype and can specifically bind to human PD-1 with high affinity, thereby blocking the interaction between PD-1 and its ligands PD-L1 and PD-L2. BAT1308 can bind to PD-1 on the surface of T cells and relieve the inhibitory effect of the PD-1 pathway on T cells, thereby restoring and improving the immune killing function of T cells and inhibiting tumor growth.

A phase II/III study on the safety and efficacy of BAT1308 combined with platinum-containing chemotherapy ± bevacizumab (BAT1706) for the first-line treatment of PD-L1-positive (CPS ≥ 1) persistent, recurrent or metastatic cervical cancer is currently underway. The project is progressing smoothly, and phase III enrollment is about to be completed. The phased efficacy and safety data are in line with expectations.

⑦BAT7111

BAT7111 is a PD-1/4-1BB bispecific antibody developed by Biotech and is intended to be developed for the treatment of advanced solid tumors. 4-1BB (also known as CD137) is mainly expressed on activated CD8+ effector T cells. As a T cell costimulatory molecule, it plays an important role in maintaining immune homeostasis, resisting immune cell apoptosis, reducing the clearance of antigen-specific immune cells, and enhancing immune memory. BAT7111 is composed of a recombinant humanized anti-PD-1 antibody and a fully human 4-1BB single domain antibody. It can not only block the PD-1/PD-L1 immunosuppressive pathway, but also activate immune cells through 4-1BB, thereby achieving a synergistic effect of releasing immunosuppression and activating immunity against tumors. In addition, the differentiated affinity design of PD-1 antibodies and 4-1BB antibodies can promote the preferential enrichment of antibody molecules in tumor-infiltrating T/NK lymphocytes with high expression of PD-1, which improves safety and is expected to further enhance the current efficacy of PD-1 antibodies.

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As of the disclosure date of this report, the project has launched Phase I dose escalation clinical studies and has completed enrollment in multiple dose groups. It is currently safe, has no grade ≥3 adverse reactions, and is well tolerated.

⑧BAT7205

BAT7205 is a PD-L1/IL-15 bifunctional antibody fusion protein developed by Biotech and is intended to be developed for the treatment of locally advanced or metastatic solid tumors. IL-15 is a pleiotropic cytokine that is essential for the regulation of many immune functions, especially the development, proliferation and activation of CD8+ memory T cells and NK cells. It can also promote the activation and proliferation of CD8+ tumor-infiltrating T cells that are unresponsive to PD-1 inhibitors, and is expected to significantly improve the clinical efficacy of PD-1/PD-L1 drugs. BAT7205 is composed of recombinant humanized anti-PD-L1 antibody and IL-15/IL-15Rαsushi fusion protein. It can not only block the PD-1/PD-L1 immunosuppressive pathway, but also activate immune cells through IL-15, thereby achieving a synergistic effect of releasing immunosuppression and activating immunity against tumors. In addition, PD-L1 antibodies can target IL-15 to the PD-L1+ tumor microenvironment, selectively activate tumor-infiltrating CD8+ T cells and NK cells, and reduce the systemic side effects of IL-15. Fusion with PD-L1 antibodies can also significantly extend the half-life of IL-15 in the body, giving it a more durable biological function.

As of the disclosure date of this report, the project is in the Phase I dose escalation stage. The current safety is in line with expectations and the progress is smooth.

⑨BAT8013

BAT8013 is a CD25-targeting antibody drug conjugate (ADC) developed by Biotech and is intended to be developed for the treatment of advanced or metastatic solid tumors. BAT8013 specifically binds to CD25 on the cell surface and enters the cell interior through receptor-mediated endocytosis. In the lysosomal environment, its linker is cleaved by cathepsin, releasing the cytotoxic payload Exatecan. As a topoisomerase I inhibitor, Exatecan can cause DNA single-strand breaks to accumulate and convert into double-strand breaks during replication, thereby triggering cell apoptosis. This mechanism can not only selectively eliminate regulatory T cells (Tregs) in the tumor microenvironment, improve the tumor immunosuppressive microenvironment, but also directly kill CD25⁺ tumor cells.

The company received the "Drug Clinical Trial Approval Notice" approved and issued by the State Food and Drug Administration in May 2026. The company's clinical trial application for the company's drug BAT8013 for injection for the treatment of advanced or metastatic solid tumors was approved. It is in phase I dose escalation phase.

(3) Main business model

The company is an innovative biopharmaceutical enterprise focusing on the research and development of innovative drugs and biosimilar drugs. Its main business is the research and development, production and sales of drugs, and it has an independent and complete R&D, production and commercialization system.

(1) R&D model

The drug development cycle is long and the risks are high. The company's research and development is mainly carried out through independent research and development by internal teams. Drug research and development generally requires antibody discovery, screening, preclinical testing, IND application, clinical research, marketing application, marketing approval and post-marketing research.

The company's R&D team is dedicated to drug discovery, formulation and culture medium development, process development, preclinical research and clinical trial research, and is also involved in drug registration and intellectual property management. Over the years, the company has established a comprehensive preclinical R&D platform and accumulated rich experience in

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clinical trial experience. The company's R&D team plays a leading role in designing and executing research projects, and actively participates in preclinical research, drug clinical applications, clinical trials and regulatory approval processes. At the same time, the intellectual property department, clinical department, production department, etc. will also participate in the company's early R&D process to assist the company in selecting products with market potential and reducing technical risks that may be encountered during the manufacturing stage.

(2) Production mode

The company strictly follows China's Good Manufacturing Practice (GMP), European and American cGMP (Good Manufacturing Practice) and ICH (International Conference on Harmonization of Technology for the Registration of Drugs for Human Use) guidelines, and has built a full life cycle quality management system covering research and development, clinical supply to commercial production. By integrating intelligent production facilities, digital management systems and international standardized processes, precise management and control of the entire chain from raw material procurement, process execution to product release is achieved, ensuring the quality consistency and compliance of products declared in multiple regions around the world.

At the production control level, a modular production line design is adopted to flexibly adapt to the production needs of complex biopharmaceuticals such as monoclonal antibodies, double antibodies, and ADCs. The key process parameters (CPP) realize real-time monitoring and automatic adjustment to ensure process robustness and quality consistency. At the quality traceability level, a "one item, one code" traceability system is established based on the electronic information management system to ensure that the entire process data from the storage of raw materials and auxiliary materials to the circulation of finished products is complete and auditable. By continuously improving the quality risk management mechanism, strengthening supply chain resilience and promoting intelligent manufacturing upgrades, the company has created a production guarantee system that is both efficient and reliable, providing solid support for the global commercialization of innovative drugs. (3) Commercialization model

The company's sales are divided into three forms: self-operated distribution, agent sales and authorized sales for specific products. The company has established strict internal control of sales promotion, relying on the company's "Financial Management System", "Supplier Management System", "Marketing Department Management Charter" and "Marketing Department Personnel Code of Conduct" and other internal control management systems to regulate and restrict sales personnel and suppliers of sales promotion-related activities, including: requiring sales personnel to sign an "Anti-bribery Commitment Letter" when joining the company; and conducting vocational education and training for sales personnel to prevent commercial bribery and unfair competition.

The company signs "Product Distribution Agreements" with a number of distributors with GSP qualifications, sells products to distributors, and then distributes the drugs to hospitals or retail pharmacies within authorized areas, and finally uses them on appropriate patients with prescriptions from clinicians. The company's products are mainly sold to hospitals or retail pharmacies through dealers, who sign contracts with hospitals or pharmacies respectively.

The company’s sales flow chart is as follows:

In the world's major markets, the company adopts a commercialization strategy focusing on global partners; in international emerging markets, it adopts a strategy that combines global partners with regional advantageous cooperation.

Through overseas cooperation, the company not only demonstrates Biotech's international capabilities in R&D and production, but also brings the company's products to more patients in need around the world. More importantly, in the domestic market environment where biosimilar competition is very fierce, through overseas

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Foreign business strategic cooperation to develop a broader market. Based on the company's development strategy, business cooperation can optimize the company's product portfolio, strengthen the company's development focus, and achieve complementary advantages and mutual benefits between companies. In the future, Biotech will adhere to independent research and development while actively looking for external cooperation opportunities around the world.

Added important non-main business information

□Applicable √Not applicable

2. Discussion and analysis of operating conditions

In the first half of 2026, the company continued to promote the development of projects under research, domestic and overseas commercial operations and external licensing cooperation were steadily carried out, production and international quality compliance capabilities continued to be improved, corporate governance levels continued to be optimized, and core competitiveness was further enhanced.

(1) Pipeline development is advanced in an orderly manner, and clinical academic results continue to be demonstrated

During the reporting period, the company's R&D pipeline advanced in an orderly manner, and a number of core products made phased progress in the marketing application process: BAT2206 (ustekinumab) has successively obtained marketing approvals from NMPA, MHRA, and HAS, becoming the company's first product to obtain HAS marketing approval. ; BAT2506 (golimumab) received FDA marketing approval and was the first golimumab biosimilar approved in the United States; the supplemental biologics license application for BAT1806 (tocilizumab) was approved by the FDA, expanding the scope of indications; BAT4406F The application for marketing authorization was accepted by the NMPA. In terms of early product pipeline, multiple projects have successfully entered the clinical stage: BAT8013 has been approved for clinical treatment of advanced or metastatic solid tumors, and the first subject of the Phase I clinical study has been enrolled; BAT8008, combined with BAT1006 and trastuzumab, has been approved for clinical treatment of advanced solid tumors. In addition, the company's early innovation target projects are steadily advancing and continue to enrich the differentiated pipeline layout.

While R&D and clinical research continue to advance, the company actively carries out academic exchanges and results presentations: at the 2026 ASCO annual meeting, it showed the clinical progress or phased data of BAT8008, BAT8006 combined with BAT1308, and BAT8010 combined with ADCC-enhanced BAT1006; at the 2026 European Congress of Rheumatology (EULAR), it showed the clinical phase 3 study results of BAT2506; and plans to The latest clinical progress or phased data of BAT8008 combined with BAT1308 will be displayed at the European Society for Medical Oncology (ESMO) Annual Meeting in October 2026, which fully demonstrates the company's diversified pipeline layout strength and innovative potential for continuous transformation in the field of tumors and autoimmune diseases.

(2) Optimize commercial operations and steadily promote global business expansion

During the reporting period, the company continued to promote commercialization capability building, optimized team division of labor and cross-functional collaboration mechanisms, opened up full-chain operations of medicine, marketing, and sales, continued to iterate the commercial operation model, and strengthened full-process operation control around channel maintenance, efficiency improvement, and refined cost management and control. On the premise of ensuring market coverage and service quality, the company dynamically allocated resources based on the phased characteristics of the product, continued to improve commercial market competitiveness and operational efficiency, and achieved steady growth in operating income. For BAT2206 (ustekinumab), BAT2306 (secukinumab) and BAT2506 (golimumab), academic promotion, access and channel construction are planned in advance to ensure the accurate implementation of sales strategies and promote the smooth start of commercialization of new products. At present, the company has established a nationwide professional sales network, with sales outlets widely distributed in all provinces, municipalities and autonomous regions across the country except Tibet, Hong Kong, Macao and Taiwan. Its core products have entered more than 3,500 prescription hospitals and more than 2,500 professional and social pharmacies across the country, and the breadth and depth of market coverage continue to increase.

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In terms of international development, the company firmly implements the globalization strategy and continues to expand the global market space. During the reporting period, the company signed a number of overseas licensing and commercialization agreements for core products: it reached authorization and commercialization cooperation with Avalon Pharma for BAT3306 (pembrolizumab) in Saudi Arabia, the Middle East and North Africa; and it deepened cooperation with Intas Pharmaceuticals in the Indian market for BAT2506 (golimumab). The company fully leverages the localized sales network and commercial operation experience of its partners in target markets to accelerate the commercialization process of products in various regions around the world and continue to release the global value of the pipeline.

(3) Steadily advance production capacity construction and continue to consolidate international quality compliance management

During the reporting period, the company's golimumab biosimilar BLA and bevacizumab production process and facility change supplementary applications were approved by the U.S. FDA, involving a 500L single antigen solution production line, a 4,000L single antigen solution production line, a pre-filled injection production line, a vial injection production line, etc., which fully demonstrated the company's production efficiency and capacity guarantee capabilities, and also fully reflected the maturity of the company's quality management system in line with international advanced standards.

The company continues to increase its industrial layout, and the construction work of Yonghe Innovation Industrial Base is being actively and orderly advanced. As of the end of the reporting period, the base has completed key aspects such as construction drawing design and review, land leveling and infrastructure installation. Among them, the main structure of the 2# production workshop has been capped and has entered the wall masonry and mechanical and electrical installation construction stages. The overall progress is in line with expectations. In the next step, the company will coordinate the project progress, quality and safety management to ensure that the base is completed and put into production on schedule, so as to achieve early benefits and inject new momentum into the company's high-quality development.

The company immediately launched special rectification based on the EUGMP verification results, optimized and upgraded the deviation investigation procedures and deviation management procedures, hired a senior European and American GMP consultant team to conduct comprehensive training for the production quality department, and introduced a third-party GMP consulting agency with experience in serving multinational pharmaceutical companies to assist in the continuous improvement of the quality management system. At the same time, the company continues to maintain communication with regulatory agencies and actively prepare for follow-up review work. The company will take this verification as an opportunity to further strengthen the implementation of EUGMP, continue to improve production quality control, and continuously improve its international compliance capabilities.

(4) Improve the governance and internal control system and lay a solid foundation for talent protection and innovative development

The company continues to improve its corporate governance structure, operates in strict compliance with laws, regulations and listing rules, and gives full play to the professional supervisory role of the special committees of the board of directors and independent directors. During the reporting period, the company improved its internal control mechanism covering R&D, production and commercialization in accordance with regulatory requirements, smoothed investor communication channels, fulfilled its information disclosure obligations, and safeguarded the legitimate rights and interests of all shareholders. At the same time, the company continues to optimize the structure of its professional talent team and steadily improve the overall quality of the team. As of June 30, 2026, the company has a total of 484 R&D personnel, accounting for 33.90%, including 30 doctoral candidates and 162 master's degree candidates, providing talent guarantee for long-term innovative development. At present, the company has established a core team that is deeply involved in drug research and development, industrialization and corporate strategic management. It has a global vision and localized market implementation experience, effectively supporting the company's innovative research and development and global business layout.

Analysis and outlook on changes in non-business accounting standards financial indicators

□Applicable √Not applicable

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

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3. Analysis of core competitiveness during the reporting period

(1) Core competitiveness analysis

√Applicable □Not applicable

(1) Product pipeline for collaborative development of innovative drugs and biosimilar drugs

As a R&D-led biopharmaceutical company, the company has excellent innovative drug discovery capabilities and strong biotechnology R&D capabilities. In the field of innovative drugs, the company has successfully launched Betanin® (bevibatide citrate) in China, and also has BAT5906 (vitaminumab), which is specially designed for fundus lesions, and BAT4406F (devapembrolizumab), which is designed for neuromyelitis optica spectrum disorder (NMOSD) indications and is in the marketing approval stage. The company is rapidly advancing BAT8006 (FRα-ADC), BAT8008 (Trop2- ADC) and many other ADC innovative drugs with international market competitiveness; actively explore combination drug regimens, and focus on ADC+IO combination, including BAT8006 combined with BAT1308 (FRα-ADC+PD-1), BAT8008 Combined with various combination drug regimens such as BAT1006 (Trop2-ADC+HER2), BAT8010 combined with BAT1006 (HER2-ADC+HER2), BAT1308 combined with BAT1706, etc., we will fully exert the synergistic effect of the pipeline.

In addition, the company's new generation bispecific antibody BAT7111 (PD-1/4-1BB) and bifunctional antibody fusion protein BAT7205 (PD-L1/IL-15) have entered early clinical studies and have completed enrollment in multiple dosage groups; the company is developing the next generation ADPTM (Antibody DualPayload) platform, focusing on the development of multi-target dual toxin ADCs with multiple tumor targets and tumor microenvironments; in the fields of autoimmunity and ophthalmology, the company has several innovative next-generation bispecific antibodies entering preclinical research.

In the field of biosimilars, the company has successfully promoted the listing of five drugs (adalimumab, bevacizumab, tocilizumab, ustekinumab, and golimumab) at home and abroad, and has a number of biosimilars in the marketing approval stage or key clinical research stage. The company has reached licensing agreements with a number of internationally renowned pharmaceutical companies for multiple products, and its product commercialization network has covered more than 100 countries and regions around the world, including the United States, Europe, Southeast Asia, and Latin America.

(2) Comprehensive antibody development technology and capabilities

The company has developed comprehensive antibody drug development technology, covering the comprehensive development process from antibody discovery, screening to design, process development and process validation. These technologies complement each other and provide the company with flexibility and compatibility to accurately design and develop a series of outstanding and suitable drug candidates in a cost-effective manner.

The company has excellent innovative drug R&D capabilities and has built multiple R&D platforms, including: antibody library and display technology platform, artificial intelligence-driven antibody engineering platform, bi/multispecific dual-loaded ADC technology platform, ADCC enhancement and antibody long-acting Fc engineering platform, etc., ensuring sustainable innovation capabilities and complete innovative drug R&D capabilities. The company is making every effort to promote the research and development of bi/multispecific ADCs and continuously optimize the ADC platform, aiming to develop products with better efficacy and safety and bring more treatment options to tumor patients. In the future, the company will focus on strategic layout in the fields of tumors, autoimmune diseases, ophthalmology and other fields, and strive to build an internationally competitive R&D pipeline to help achieve breakthroughs in related treatment fields.

By fully applying its core technologies, the company has received support from a number of national major new drug creation science and technology projects during the “Twelfth Five-Year Plan” and “Thirteenth Five-Year Plan”; it has been recognized as a national high-tech enterprise, a national industrial enterprise intellectual property utilization pilot enterprise, and a national knowledge enterprise.

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Enterprise with advantageous property rights, Guangdong Provincial New R&D Institution, Guangdong Provincial Engineering Technology Research Center, Guangdong Provincial Engineering Laboratory, Guangdong Provincial Enterprise Technology Center, Guangdong Provincial Manufacturing Individual Champion Enterprise, Guangdong Provincial Science and Technology Progress Award Second Prize.

(3) Large-scale production capacity and international quality assurance system

The company has established monoclonal antibody drug production capabilities covering all stages of research and development, clinical use and commercial production, and can realize independent production of the entire process from original solutions to sterile preparations. At present, the total volume of the company's original solution production line has reached 66,500L. It has multiple original solution production lines and preparation filling lines, which can meet the clinical sample needs and commercialization needs of the company's multiple candidate drugs, and has global supply capabilities. Currently, the company is accelerating the construction of Yonghe Innovation Industry Base and plans to add 72,000L of monoclonal antibody production capacity. After the project is completed and put into production, the company's total production capacity will rank among the top domestic biopharmaceutical companies. The base will provide solid production capacity guarantee for a number of innovative drugs and biosimilars planned to be launched by the company in the next five years, further strengthen the production cost advantage, and continue to support the expansion of domestic and overseas markets.

The company adheres to the core concept of "quality comes from design, quality comes from culture" and has built an international quality management system covering the entire life cycle of R&D, production and supply chain, supporting products to enter multiple mainstream pharmaceutical markets. Using international guidelines such as ICHQ10 and ISO9001 as the framework, the company has established a continuous improvement mechanism with the participation of all employees. Through quality culture construction, lean production management, QbD quality-by-design concepts, standardized control, digital technology empowerment, and full-process risk management, the company continues to ensure product quality consistency, process stability, and data integrity, and is committed to providing safe, reliable, and high-quality biomedical products to patients around the world.

(4) High-level professional talent team

The company has a strong R&D team with an international perspective. The core members have worked in world-renowned research institutions and leading international pharmaceutical companies. They have been deeply involved in the R&D, industrialization and international listing application of many multinational pharmaceutical companies. They have also led the pre-market R&D and industrial development of multiple biopharmaceutical products. The team is led by senior talents in key aspects such as new drug discovery, pharmaceutical research, preclinical research, clinical research, drug registration and production, and has rich practical experience in efficiently advancing clinical candidate drugs to the clinical research stage. Under the leadership of the company's technical management team, it has successfully broken through a series of key technologies and established a rich product pipeline in the fields of tumors, autoimmune diseases, ophthalmology and other fields. Its ability to transform technological achievements and commercialize it has been fully verified. The core members of the company's team include "selected candidates for major national talent projects", "the first batch of leading scientific and technological talents in Guangdong Province", "Guangzhou Leading Talents in Innovation and Entrepreneurship", "Guangzhou Outstanding Experts", "Guangzhou Development Zone Science and Technology Leading Talents", "Guangzhou Huangpu District Outstanding Talents", "Guangdong Province Pearl River Talent Plan to introduce innovation and entrepreneurship leading teams", "Guangzhou City Huangpu District Elite Talents", "Guangzhou City Industrial Development and Innovation Talents (urgently needed talents)", etc., provide solid talent support for the company's continuous innovation and international development.

(2) Events that occurred during the reporting period that seriously affected the company's core competitiveness, impact analysis and countermeasures

□Applicable √Not applicable

(3) Core technologies and R&D progress

1. Core technology and its advancement and changes during the reporting period

Antibody library and display technology platform: The company has established a human antibody library system with a capacity of hundreds of billions of unique clones, and established mature phage display and yeast display technology platforms. Relying on the above platform capabilities, the company independently developed the IDEAL (Intelligent Design and Engineering Antibody Libraries) antibody drug discovery engine. With an intelligent screening strategy as its core, this engine efficiently identifies candidate molecules with both excellent binding properties and development potential from a massive human antibody sequence space; at the same time

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At the early screening stage, a systematic assessment of the stability, expression efficiency and aggregation risk of candidate antibodies in complex formats was introduced to improve the format suitability and drug-making basis of the screened molecules, and optimize the quality of subsequent development from the source. With the above capabilities, the IDEAL engine can continuously and stably output high-quality candidate antibody molecules for different target types, providing an efficient and sustainable source of innovation for the company's antibody drug R&D pipeline.

Artificial intelligence-driven antibody engineering platform: Relying on high-quality data such as its own antibody sequences, activity and expression levels, thermal stability, and aggregation tendency accumulated in long-term research and development practices, the company has built a "sequence-structure-function" high-precision mapping database. Based on this database, the company deeply integrates computational biology, structural analysis and machine learning methods to continue to improve the prediction and engineering optimization capabilities of antibody molecules. By systematically summarizing and iteratively learning the advantageous characteristics of successful molecules and the risk signals of failed cases, the platform can perform targeted optimization and risk correction on the underlying sequences in the early stages of the design of complex molecules (such as bispecific antibodies and multifunctional fusion proteins), improve the conversion efficiency from sequence design to expression development, and form significant platform advantages in conquering difficult targets and developing complex antibody formats.

Dual/multispecific dual-loaded ADC technology platform: The company relies on its independently developed cleavable linker technology to couple antibodies with toxic small molecules such as topoisomerase I inhibitors to construct a new ADC with efficient anti-tumor activity. The company's new ADC has a significant bystander effect. Its toxic small molecules have strong cell membrane permeability. After the ADC kills tumor cells, they can be released and penetrate into adjacent tumor cells, effectively overcoming the treatment limitations caused by tumor heterogeneity. At the same time, this ADC releases extremely low toxic small molecules in plasma, exhibits excellent stability and safety, and significantly reduces the risk of off-target toxicity. On this basis, the company is further developing a dual/multi-specific dual-load ADC platform. Through precise dual targeting and dual Payload collaborative drug loading, it can realize the simultaneous delivery of small molecule drugs with different mechanisms of action, collaboratively kill tumors, effectively overcome the drug resistance problem caused by a single drug, and provide a new generation of solutions to improve the effectiveness of cancer treatment.

ADCC enhancement and antibody long-acting Fc engineering platform: The company has established a comprehensive antibody optimization platform relying on antibody engineering technology with independent intellectual property rights. The core of the platform consists of two major technical modules: First, through a unique host cell modification system, a completely afucosylated antibody is produced, which eliminates the hindrance of Fc segment fucose to FcγRIIIa (CD16a) binding, significantly enhances the ADCC effect, and thus more effectively recruits immune cells for killing. For tumors, this technology has complied with GMP manufacturing standards and been clinically verified; second, it has developed a variety of long-acting antibody platforms through engineering modification of the Fc segment, optimizing the pharmacokinetic properties of antibodies, and is suitable for monoclonal antibodies, bi/multi-specific antibodies and ADC drugs to achieve longer dosing intervals and better efficacy.

Process and production technology: Antibody drugs are generally expressed and produced by mammalian cells. Its core technology and commercialization costs mainly depend on the research and development and optimization of host cells, high-efficiency expression vectors, independently developed individualized culture media, and production process conditions. The company's independent culture medium development technology provides guarantee for industrialized production and cost reduction. Optimizing the individualized culture medium and feed formula for the project, regulating the acid-base isomers and glycoforms of the product, improving the purity of the product protein, and reducing the content of impurities such as incomplete fragments are of great significance to improving product quality. At the same time, the company has independent culture medium development technology, which will significantly reduce the company's costs and reduce its dependence on external supplies compared with relying on external technology.

Full-chain quality research platform: The company has deeply integrated quality research resources and built a full-chain quality research platform that complies with the regulatory standards of NMPA, FDA and EMA. It comprehensively covers the full life cycle management capabilities from early drug development, clinical application to commercial production, and provides solutions for the research, development and industrialization of innovative drugs such as monoclonal antibodies, bispecific antibodies, antibody drug conjugates (ADCs), and recombinant nano vaccines.

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Provide scientific support. The platform has built a closed-loop process development system from the druggability evaluation of candidate molecules, construction of high-expression cell lines, upstream and downstream process development (cell culture, purification, formulation process amplification) to technology transfer and commercial production, realizing full-process development empowerment; relying on more than 100 internationally leading analytical equipment (such as high-resolution mass spectrometry, capillary electrophoresis, flow cytometry, etc.) to systematically carry out drug structure analysis ( Primary to advanced structure), impurity spectrum analysis, biological activity/immunogenicity evaluation, process residue detection and stability research, support multi-dimensional quality characterization; at the same time, establish a research system for forced degradation, compatibility stability, transportation simulation, etc. that complies with the ICHQ series of guidelines, simultaneously support the multi-regional filing requirements of China, the United States and Europe, ensure global mutual recognition of quality comparability research data, and strengthen international compliance research capabilities.

National Science and Technology Awards

□Applicable √Not applicable

Recognition status of national-level specialized and new “little giant” enterprises and manufacturing “single champions”

□Applicable √Not applicable

2. Research and development results obtained during the reporting period

During the reporting period, the company submitted a total of 44 patent applications and obtained 9 patent authorizations. As of June 30, 2026, the company had 88 authorized domestic and overseas patents and 282 pending patent applications, covering China, Hong Kong, China, Macau, China, Taiwan, China, the World Intellectual Property Organization (PCT), the United States, the European Patent Office (EP), Australia, Canada, Japan, New Zealand, Israel, Mexico, Singapore and Luxembourg.

List of intellectual property rights obtained during the reporting period

The cumulative number of new additions in this period

Number of applications (number) Number of patents obtained Number of applications (number) Number of invention patents obtained 44 9 560 87 Utility model patents 0 0 0 0 Design patents 0 0 1 1 Software copyrights 0 0 0 0 Others 0 0 4 4

Total 44 9 565 92

3. R&D investment status table

Unit: Yuan

Number for the current period Number for the same period last year Change range (%) Expenditure R&D investment 468,447,516.90 348,816,636.45 34.30 Capitalized R&D investment

Total R&D investment 468,447,516.90 348,816,636.45 34.30 Proportion of total R&D investment in operating income (%) 90.34 78.94 Increase the proportion of capitalized R&D investment by 11.40 percentage points (%)

Reasons for significant changes in total R&D investment compared with the previous year

√Applicable □Not applicable

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During the reporting period, R&D expenses increased by 34.30% compared with the same period last year. The main reason is that the company has firmly implemented the innovation-driven development strategy for a long time. Multiple R&D projects such as BAT8006 and BAT3306 are in critical clinical stages, and R&D investment has increased by a large proportion. Reasons for the significant change in the proportion of capitalized R&D investment and its rationale

□Applicable √Not applicable

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4. Current research projects

√Applicable □Not applicable

Unit: 10,000 yuan

Sequence Estimated total investment Current investment Cumulative investment Progress or stage To be reached

Project name Technical level Specific application prospect Number Funding scale Amount Amount Periodic results Target

NMPA,

BAT2206 is the company's psoriasis, psoriatic joint ustekinumab FDA, drug produced in accordance with NMPA, FDA, EMA

1 48,207.77 1,905.41 45,007.77 Ustekinumab developed according to relevant guidelines for biosimilar drugs for inflammation, Crohn's disease, and ulcers (BAT2206) EMA, etc. launched

Drug-like substances. colitis

Already on the market

EMA, rheumatoid arthritis, and silver FDA have been approved. BAT2506 is the company’s drug for rheumatoid arthritis and ankylosing golimumab according to NMPA, FDA, and EMA.

2 52,966.07 1,362.82 49,566.07 City; golimumab biosyndritis, ulcerative colon (BAT2506) developed according to relevant guidelines for biosimilar drugs is launched on the market

NMPA reviews similar drugs. Special review on inflammatory and polyarticular juvenile arthritis.

Psoriasis, psoriatic joints

BAT2306 is a drug reviewed by the company according to NMPA, FDA, EMA for inflammation, ankylosing spondylitis, secukinumab NMPA

3 41,069.91 1,340.67 36,369.91 Radiologically negative axial ridge (BAT2306) secukinumab developed according to the relevant guidelines of biosimilar drugs is under review for launch.

Biosimilars. Columnar arthritis, enthesitis

related arthritis

1 indication: Neovascular (wet) disease marketing application Age-related macular degeneration

Verasitalumab (BAT5906) is independently developed by the company.

Please obtain the recombinant humanized monoclonal antibody innovative drug vilasitamab produced by sex and diabetic macular fluid, which is IgG1

4 47,554.48 2,432.08 30,448.72 NMPA swollen, central retinal vein (BAT5906) Marketed full-length antibody with a molecular weight of 149KDa, capable of binding to human VEGF-

Management, 1 item is appropriate: macular edema caused by obstruction,

A165 specifically binds and inhibits neovascularization.

Indications Stage III: Choroidal clinical pathological myopia; 2 items: Neovascularization

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Indications

II/III coming

bed

Devapril (BAT4406F) is based on the company's antibody Fc 1 indication

A new generation of glycosyl-optimized fully human anti-disease drugs developed on engineering platform. Neuromyelitis optica, micro-CD20 antibody, with ADCC enhancement function. Not only has it been specifically applied for, it has been approved for diseased nephropathy/focal segment devapumab drug. CD20 on the surface of heterosexual and target cell B cells and precursor cells 5 13,000.00 2,001.89 12,263.09 NMPA recipient Glomerulosclerosis and its (BAT4406F) marketed molecules can also combine with NK natural killer cells with high affinity, which is suitable for other potential autoimmune disease cells and induces biological effects such as ADCC (antibody-dependent cell-mediated cellular response II/III viral effects), thereby achieving the elimination of B cell-stage clinical

cell purpose.

BAT1308 is a humanized anti-PD-1 monoclonal antibody independently developed by the company. Its active ingredient is an antibody targeting human programmed cell death protein 1 (PD-1) expressed by Chinese hamster ovary cells. It belongs to the immunoglobulin IgG4κ subtype and can be used as a drug.

6 BAT1308±BAT1706 23,446.20 2,222.46 14,288.88 Clinical Phase III Specific binding to human PD-1 with high affinity, thereby blocking a variety of solid tumors. Marketed

Interaction of PD-1 with its ligands PD-L1 and PD-L2. BAT1308 can bind to PD-1 on the surface of T cells and relieve the inhibitory effect of the PD-1 pathway on T cells, thereby restoring and improving the immune killing function of T cells and inhibiting tumor growth. BAT8006 is an antibody drug conjugate (ADC) developed by the company targeting folate receptor α (FRα) and is intended to be developed for the treatment of solid tumors. BAT8006 consists of recombinant humanized anti-FRα antibodies and drugs

7 BAT8006 42,643.35 5,549.40 22,719.93 Clinical Phase III toxic small molecule topoisomerase I inhibitor, marketed through independent research and development for advanced solid tumors

It is connected with cutable connectors. BAT8006 has high anti-tumor activity. The toxin small molecules have strong cell membrane penetration ability and can be released and killed after ADC kills cancer cells.

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Kill nearby cancer cells, produce bystander effect, effectively overcome

Tumor cell heterogeneity.

BAT3306 is produced by the company according to NMPA, FDA, EMA

Pembrolizumab Drug Various solid tumors and hematomas 8 38,902.60 9,635.29 36,986.38 Pembrolizumab developed under key clinical guidelines related to biosimilar drugs

(BAT3306) marketed tumor

Injections.

Autoimmune diseases, including eosinophilic granulomatous multivessel BAT2606 is the company’s mepolizumab drug for adult patients under the NMPA, FDA, EMA inflammatory disease (EGPA)

9 52,721.64 1,462.63 10,917.83 Registered clinical mepolizumab treatment, severe eosinophilia (BAT2606) developed according to relevant guidelines for similar drugs, launched on the market

Biosimilars. Cellular asthma, hypereosinophilic syndrome, chronic sinusitis with nasal polyps BAT1006 is a single drug targeting HER2 independently developed by the company.

Clonal antibodies that inhibit HER2 heterodimerization

medicine

10 BAT1006 13,169.00 1,110.92 6,052.18 Clinical Phase II signal pathway and enhanced ADCC effect to kill tumor cells, late-stage malignant tumors are on the market

At the same time, it can also enhance the endocytosis of BAT8010 to kill tumors.

tumor cells.

BAT8010 is a HER2-targeting antibody independently developed by the company.

In vivo drug conjugate (ADC), completed Phase I and its expansion

Drug Locally advanced or metastatic 11 BAT8010 17,637.85 1,087.80 5,423.90 Clinical phase II study in HER2-positive and HER2-low-expressing breast cancer

Listed Body Tumor

All have shown certain efficacy and good safety, with no apparent

Severe toxicity such as qualitative lung disease.

BAT8008 is a Trop2-targeting antibody independently developed by the company.

In vivo drug conjugates (ADCs) to be developed for solid tumors

medicine

12 BAT8008±BAT1308 47,187.93 2,936.05 14,975.93 Clinical Phase II treatment. BAT8008 is launched from recombinant humanized anti-Trop2 monoclonal late-stage solid tumors

Antibodies and topoisomerase I inhibitors can be independently developed through

Connected by shear linkers, it has high anti-tumor activity

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It has strong bystander effect, is relatively stable in plasma, has a very low shedding rate, and has also shown good safety in non-clinical evaluations. It is a new generation of ADC drugs.

Autoimmune diseases, including BAT2406, is the company’s drug for atopic dermatitis, asthma, and noduplimumab according to NMPA, FDA, and EMA

13 38,712.00 1,152.43 5,941.33 Phase I clinical development of dupilumab for prurigo nodosa and chronic sinus (BAT2406) based on relevant guidelines for biosimilar drugs, launched on the market

Biosimilars. inflammation with nasal polyposis and eosinophilia

BAT7205 is a PD-L1/IL-15 bifunctional antibody fusion protein developed by the company and is intended to be used to treat locally advanced or metastatic solid tumors. BAT7205 is composed of recombinant humanized anti-PD-L1 antibody and IL-15/IL-15Rαsushi fusion protein. It can not only block the PD-1/PD-L1 immunosuppression pathway, but also activate immune cells through IL-15 through drugs to relieve immunosuppression. Locally advanced or metastatic disease 14 BAT7205 5,404.98 398.56 3,603.68 Clinical Phase I

It has a synergistic effect on suppressing and activating immunity and anti-tumor. In addition, PD-L1 body tumor antibodies can target IL-15 to the PD-L1+ tumor microenvironment, selectively activate tumor-infiltrating CD8+ T cells and NK cells, and reduce the systemic side effects of IL-15. Fusion with PD-L1 antibodies can also significantly extend the half-life of IL-15 in the body, giving it a more durable biological function.

combine

/ 482,623.78 34,598.41 294,565.60 / / / /Total

Description of the situation:

1. Due to the long drug research and development cycle and many uncertain factors, only the investment in major ongoing projects as of the end of the reporting period is listed here;

2. The "estimated total investment scale" is a reasonable prediction made by the company based on the progress of the R&D pipeline. The actual investment may change based on the progress of the project;

3. “Progress or Phased Achievements” refers to the project status as of the disclosure date of this report.

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5. R&D personnel

Unit: 10,000 yuan Currency: RMB

Basic situation

Amount for the current period Amount for the same period last year

Number of R&D personnel in the company (person) 484 418 Proportion of the number of R&D personnel in the company’s total personnel (%) 32.90 33.02 Total salary of R&D personnel 6,647.65 5,200.44 Average salary of R&D personnel 13.68 13.07

education level

Educational composition Number (person) Proportion (%)

Doctoral degree 30 6.20 Master's degree 162 33.47 Undergraduate degree 262 54.13 College degree 28 5.79 College degree or below 2 0.41 Total 484 100.00 Age structure

Age range Number (person) Proportion (%)

Over 60 years old 4 0.83 50 (inclusive)-60 years old 5 1.03 40 (inclusive)-50 years old 43 8.88 30 (inclusive)-40 years old 210 43.39 Under 30 years old 222 45.87 Total 484 100.00

6. Other instructions

□Applicable √Not applicable

4. Risk factors

√Applicable □Not applicable

(1) Risk of significant decline in performance or loss

The company's business prospects and profitability depend on the commercialization ability of the products under development. In view of the continuous advancement of the company's ongoing projects and the forward-looking layout of its R&D pipeline, the company will continue to invest in large-scale R&D in the future. The company's currently marketed products may face greater market competition and may be unable to maintain and grow market share. At the same time, the company cannot ensure that other products under development can obtain drug marketing approval. Even if the company's drugs under development are approved for marketing and gain market recognition in the future, the commercialization prospects of the company's products under development are still uncertain, and the products under development may not meet sales expectations after receiving marketing approval.

(2) Core competitiveness risks

1. Drug R&D and marketing risks

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The research and development of innovative drugs and biosimilar drugs requires high technical requirements, is difficult to develop, has a long development cycle and is costly. Investment in new drugs includes a series of steps from preclinical research, clinical trials, registration and marketing to large-scale production and after-sales supervision. Each step is interrelated, and any link may affect success or failure.

For the company's products under development that have not yet entered the clinical research stage, there may be a risk that the preclinical research results are insufficient to support a new drug clinical trial application (IND) or the relevant application fails to be approved by the regulatory agency, thereby failing to obtain clinical trial approval. Products entering the clinical trial stage may face risks such as clinical trials failing to advance as planned, or clinical trial results not being as expected, leading to R&D failure. Changes in the drug registration review system or related requirements may cause the drug to be unable to be registered and launched as scheduled. At the same time, if the drug is launched later than competitors, it may lead to risks such as market preemption, failure to market, or marketing results that do not meet expectations.

2. Technology iteration risk

Companies need to keep up with new technologies and methods to maintain their competitive position, and continue to invest substantial human and capital resources in developing or acquiring technologies to enhance the scope and quality of preclinical research and clinical trials. Although the company has successfully developed core technology platforms such as antibody display and screening platforms and antibody production platforms, and has developed multiple therapeutic drugs based on the aforementioned core technology platforms. However, the innovative drug and biosimilar industries are highly competitive and may be affected by major and rapidly emerging technological changes. The company faces competition from global pharmaceutical companies and biotechnology companies. Some competitors may develop other competing products that are significantly better than existing marketed drugs in terms of efficacy and safety. If these drugs are approved for marketing in a short period of time, technological upgrades and drug iterations will be achieved, which will have a major impact on existing marketed drugs or other drugs under development that do not have similar competitive advantages.

3. Drug production risks

Manufacturing biopharmaceuticals is a highly rigorous and complex process, and the company's production facilities are subject to continuous supervision and inspection by regulatory agencies and ensure compliance with current standards. If the production fails to pass the inspection smoothly, it may affect supply, new drug marketing application and other related work, thereby delaying the pace of drug launch; if problems occur during the drug production process, there may be a risk of product scrapping, resulting in additional expenses and possible product shortages; if problems are discovered after the product enters the market, product recycling and product liability costs may be incurred, which will have an adverse impact on the company's business development and operating results.

4. Risk of loss of core technical personnel

With the continuous development of the biopharmaceutical industry, competition among enterprises for talents continues to intensify. Having high-quality, strong professional and experienced technical talents and a reasonable and relatively stable team structure is an important guarantee for continuing to maintain technological leadership and core competitiveness. The loss of any key employees could delay or prevent the successful development of our product candidates. Competition for R&D talent is fierce in the biopharmaceutical industry. Although companies have not encountered particular difficulties in attracting and retaining qualified employees in the past, the possibility of encountering such difficulties in the future cannot be ruled out. The resignation of senior management or key clinical and scientific research personnel, as well as the significant increase in compensation costs that may result from fierce competition for talent, may have an adverse impact on the company's business and operating results.

(3) Business risks

1. R&D technical services and raw material supply risks

The company's business operations require the supply of a large number of R&D technical services (including preclinical, clinical stages, etc.) and raw materials (including clinical trial control drugs, culture medium raw materials, fillers, pharmaceutical excipients, and other R&D reagent consumables). If the prices of R&D technical services and raw materials increase significantly, the company cannot guarantee that it will be able to increase drug prices after commercialization to make up for the cost increase. Therefore, the public

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The company's profitability may be adversely affected. Although the company believes that its relationship with its existing suppliers is stable, there is still no guarantee that the company will be able to obtain a stable supply of R&D technical services and raw materials in the future. The company's suppliers may not be able to keep up with the company's rapid development, or may reduce or terminate their supply of R&D technical services and raw materials to the company at any time. If the supply of such R&D technical services or raw materials is interrupted, the company's business operations and financial condition may be adversely affected.

2. Risks of drug commercialization not meeting expectations

The company cannot ensure that the products under development can obtain drug marketing approval. Even if the company's already marketed products are approved and market recognized, the commercialization prospects of the company's products are still uncertain, and the commercialization time and effects may not meet expectations. After successful drug development, it needs to go through processes such as market development and academic promotion before the final product can be put on the market. If the company's approved drugs fail to gain market acceptance among doctors, patients, hospitals or other parties in the medical and medical fields, it will have an adverse impact on the company's successful commercialization and economic benefits. The pharmaceutical market in which the Company operates is highly competitive. Even if the Company's drugs under development are approved for marketing and gain market recognition in the future, if new products emerge that are more acceptable to the market than the drugs under development and are more cost-effective, the Company's marketed products may be unsaleable and fail to meet sales expectations.

(4) Financial risks

In order to promote pipeline research and development and consolidate technological competitiveness, the company maintains high-intensity R&D investment in the long term. In the future, if pipeline R&D progress falls short of expectations, new drug approval is delayed, commercial promotion is blocked, and R&D investment cannot be converted into profits in a timely manner, the company's net assets will continue to be reduced, and there is a potential risk that the equity attributable to the parent owner will further decline, or even turn from positive to negative, which will have an adverse impact on the company's financial status and ability to continue operating.

The company is actively exploring domestic and overseas markets and has signed licensing and commercialization agreements with a number of companies. The down payment and milestone payments agreed in the agreement need to meet certain conditions, and there is still uncertainty about the final milestone payment amount. At the same time, during the implementation of the agreement, taking into account the characteristics of pharmaceutical products, the early stage of drug research and development and the product's long cycle from development, clinical trial approval to production, are easily affected by factors such as technology, approval, and policies. There are many uncertainties in the product market competition situation, which may cause the agreement to be unable to be fulfilled as scheduled or fully, thereby causing certain adverse effects on the company's operating performance.

(5) Industry risks

Competition in the biopharmaceutical market is very fierce, involving a large number of R&D technological changes, changes in industry standards, and changes in customer and patient preferences. The company's ability to remain competitive depends to a large extent on the company's ability to timely innovate, develop and promote new drugs and technologies that meet clinical needs. If the company is unable to successfully launch competitive new drugs in a timely manner, or if competitors develop products with the same indications as the company's products under development earlier, the company may face pricing pressure on drugs and pressure to seize market share, which may cause profits to fall short of expectations. The company faces fierce competition in both the biosimilar market and the innovative drug market. If the company cannot compete effectively with existing competitors or maintain its competitive position over time, the company's operating results and development prospects will be adversely affected.

(6) Macro-environmental risks

Overseas markets are an important part of the company's development strategy, and the company has adopted a global commercialization strategy for a number of drugs. The company's future business and financial results may be adversely affected by a variety of factors, including but not limited to: political and cultural changes in specific countries or regions.

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Changes in the cultural environment or economic conditions; changes in laws and regulatory requirements in local jurisdictions; economic sanctions, trade restrictions, discrimination, trade protectionism or other adverse policies against Chinese companies; significant adverse changes in local currency exchange rates, etc.

At present, the global economy is in the midst of cyclical fluctuations, and there is no comprehensive economic recovery trend yet. The global economic slowdown is coupled with the impact of many external force majeure forces, and the global economy is facing downward pressure. If the global macroeconomic climate continues to decline in the future, it will have an adverse impact on the company's operating conditions, which will in turn affect the company's profitability.

(7) Other major risks

The actual controllers of the company, Mr. Yi Xianzhong, Ms. Guan Yuchan and Mr. Yi Liangyu, have actual control over the company. The company has established a series of systems aimed at protecting the rights and interests of small and medium-sized investors, including rules of procedure for shareholders' meetings, rules of procedure for board of directors, work systems for independent directors, related-party transaction management systems, and external guarantee management systems. However, the company still has risks related to the concentration of control rights.

5. Main business conditions during the reporting period

For detailed analysis of industry operating information during the reporting period, please refer to "Section 3 Management Discussion and Analysis", "I. Description of the Company's main businesses, business models, and industry conditions during the reporting period."

(1) Main business analysis

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

Unit: Yuan Currency: RMB account Number for the current period Number for the same period last year Change ratio (%) Operating income 518,548,263.68 441,887,841.40 17.35 Operating costs 101,122,207.99 98,287,272.05 2.88 Sales expenses 159,219,236.17 129,650,521.09 22.81Administrative expenses 25,870,953.52 24,198,901.43 6.91Financial expenses 12,211,777.44 8,107,915.17 50.62R&D expenses 468,447,516.90 348,816,636.45 34.30 Net cash flow generated from operating activities 145,023,482.79 -814,342.04 Not applicable Net cash flow generated from investing activities -227,712,798.89 30,106,607.23 Not applicable Net cash flow generated from financing activities 201,434,764.08 5,420,893.41 3,615.90 Explanation of reasons for changes in operating income: During the reporting period, the operating income of adalimumab injection (Gloriflex®) and tocilizumab injection (Serilide® and Tofidence®) increased.

Explanation of reasons for changes in operating costs: due to the increase in operating income during the reporting period.

Explanation of the reasons for the change in sales expenses: During the reporting period, the domestic operating income of adalimumab injection (Glenari®) and tocilizumab injection (Serari®) increased, and promotion expenses increased. At the same time, ustekinumab injection was approved for listing in China, and the company actively laid out the market and recruited sales personnel, resulting in an increase in sales expenses.

Explanation of reasons for changes in administrative expenses: due to the increase in depreciation and amortization expenses during the reporting period.

Explanation of reasons for changes in financial expenses: due to the increase in exchange gains and losses and the decrease in interest income during the reporting period.

Explanation of reasons for changes in R&D expenses: The company has long-term and firm implementation of the innovation-driven development strategy. During the reporting period, the company’s BAT8006 and BAT3306

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Many other R&D projects are in critical clinical stages, and R&D investment increased compared with the same period last year.

Explanation of reasons for changes in net cash flow generated from operating activities: During the reporting period, the company actively expanded marketing and received an increase in cash from selling goods and providing services.

Explanation of reasons for changes in net cash flow generated from investing activities: due to the decrease in the amount of redemption of financial products during the reporting period. Explanation of reasons for changes in net cash flows generated from financing activities: During the reporting period, it was due to an increase in cash received from borrowings and a decrease in cash paid to repay debts.

2. Detailed description of major changes in the company’s business type, profit composition or profit sources in the current period □ Applicable √ Not applicable

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

□Applicable √Not applicable

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(3) Analysis of assets and liabilities

√Applicable □Not applicable

1. Assets and liabilities status

Unit: Yuan

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 335,405,299.60 13.03 218,607,735.61 9.56 53.43 Mainly due to the receipt of advance payment for drug rights transfer 40,428,500.84 1.57 107,616,277.91 4.70 -62.43 Mainly due to the decrease in advance payment for reference drugs 97,812,373.02 3.80 47,236,989.56 2.07 107.07 Mainly due to the construction of Yonghe Innovation Industry Base project right-of-use assets 33,404.66 0.00 62,037.22 0.00 -46.15 Mainly due to depreciation of right-of-use assets and other non-current assets 9,929,103.93 0.39 20,557,669.99 0.90 -51.70 Mainly due to equipment acceptance and short-term borrowings due to carryover of prepaid long-term assets 104,920,283.52 4.07 80,076,702.18 3.50 31.02 Mainly caused by the increase in short-term bank borrowings 951,040,158.83 36.93 710,312,050.07 31.05 33.89 Mainly caused by the receipt of transfer payment for drug rights and interests due within one year

306,393,286.78 11.90 231,748,537.50 10.13 32.21 Mainly due to the increase in current liabilities due to long-term bank borrowings due within one year

Long-term borrowings 486,691,349.01 18.90 374,213,800.58 16.36 30.06 Mainly due to the increase in long-term bank borrowings

Mainly due to the increase in other non-current liabilities due to long-term contract payments to be recognized as licensing income 195,293,992.00 7.58 144,806,456.68 6.33 34.87

caused by

Other instructions

None

2. Overseas assets

√Applicable □Not applicable

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(1) Asset scale

Among them: overseas assets 2,619,816.57 (unit: yuan, currency: RMB), accounting for 0.10% of total assets.

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

□Applicable √Not applicable

Other instructions

None

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

√Applicable □Not applicable

Unit: End of the period Beginning of the period

Project

Book balance Book value Restricted type Restricted situation Book balance Book value Restricted type Restricted situation Fixed assets (Note 1) 381,119,257.01 268,481,098.87 Mortgage Loan mortgage 380,435,570.53 277,283,599.71 Mortgage Borrowing mortgage intangible assets (Note 2, Note 3) 258,510,541.40 216,031,928.94 Mortgage Mortgage of borrowings 256,630,847.40 216,773,065.43 Mortgage Mortgage of borrowings

Total 639,629,798.41 484,513,027.81 / / 637,066,417.93 494,056,665.14 / /Note 1: On March 28, 2023, the company signed the "Maximum Mortgage Contract" with the Guangzhou Sanyuanli Branch of the Agricultural Bank of China Co., Ltd., and mortgaged the factory building located at No. 155 Shaotianhe Street, Guangzhou Development Zone, to be used as a guarantee for the company's borrowing from the Agricultural Bank of China. The mortgage period is from March 28, 2023 to March 27, 2033.

Note 2: On December 2, 2022, the company signed a "Maximum Mortgage Contract" with Guangzhou Branch of China CITIC Bank Co., Ltd. to mortgage the land located south of Helix 2nd Road and east of Xinghan 1st Road in Biological Island to guarantee the company's borrowing from CITIC Bank. The mortgage period is from October 6, 2022 to October 6, 2027.

Note 3: In order to apply for the real estate rights certificate for the Biological Island R&D and Marketing Center, in June 2026, CITIC Bank temporarily released the land located south of Helix 2nd Road and east of Xinghan 1st Road on Biological Island. This temporary release is a necessary process for applying for the real estate certificate. After the above-mentioned real estate certificate is completed, the mortgage registration procedures will be processed again. As of June 30, 2026, the real estate certificate is still in the process of being processed, and the land parcels south of Helix 2nd Road and east of Xinghan 1st Road in Biological Island have not yet been re-registered for mortgage.

4. Other instructions

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□Applicable √Not applicable

(4) Investment status analysis

1. Overall analysis of external equity investment

□Applicable √Not applicable

(1) Significant equity investment

□Applicable √Not applicable

(2) Significant non-equity investments

□Applicable √Not applicable

(3) Financial assets measured at fair value

√Applicable □Not applicable

Unit: RMB 10,000 Currency: RMB Current fair value Accumulation included in equity Provision for the current period Asset category sold/redempted for the current period Opening amount Purchase amount for the current period Other changes Ending amount

Changes in profits and losses Fair value changes Impairment Amount Others 11.67 20,000.00 14,000.00 6,011.67

Total 11.67 20,000.00 14,000.00 6,011.67 Securities investment

□Applicable √Not applicable

Derivatives investment situation

□Applicable √Not applicable

(4) Investment status of private equity investment funds

□Applicable √Not applicable

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Other instructions

None

(5) Major assets and equity sales

□Applicable √Not applicable

(6) Structured entities controlled by the company

□Applicable √Not applicable

(7) 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

Drug registration, business cooperation

BTS Biopharma Inc. Subsidiary USD 1 million 2,216,142.70 2,150,442.24 5,189,302.25 -2,201,771.65 -2,352,412.56

Development and intellectual property consultant

Bedis Biotechnology (Guangzhou) has

Subsidiaries Testing services RMB 10 million 16,214,982.36 2,815,820.01 187,379.25 -853,383.38 -853,383.38 Co., Ltd.

Biotech Biopharmaceutical (Guangzhou) has contract production of drugs, pharmaceuticals

Subsidiary RMB 330 million 150,698,344.01 114,567,343.06 -427,991.78 -428,148.39 Co., Ltd. Production

Biotech (Hong Kong) Biopharmaceuticals has drug research and development, services and wholesale

Subsidiary USD 100,000 403,673.87 403,673.87 -4,989.52 -4,989.52 Co., Ltd., sales

Drug R&D, production and commercialization

BayLakeBioSciences,Inc. Subsidiary USD 1.5 million

Industrialization

Acquisition and disposal of subsidiaries during the reporting period

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□Applicable √Not applicableOther instructions

□Applicable √Not applicable

6. Other disclosure matters □Applicable √Not applicable

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Section 4 Corporate Governance, Environment and Society

1. Changes in directors, senior managers and core technical personnel of the company

□Applicable √Not applicable

Description of changes in the company’s directors, senior managers and core technical personnel

□Applicable √Not applicable

Description of the identification of the company’s core technical personnel

□Applicable √Not applicable

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) 0 Number of dividends for every 10 shares (yuan) (tax included) 0 Number of convertible shares for every 10 shares (shares) 0 Description of the 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) Applicable if relevant equity incentive matters have been disclosed in temporary announcements and there is no progress or change in subsequent implementation √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

Included in the list of companies that disclose environmental information in accordance with the law

Number of companies in (number)

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Preface

Company name Query index number of environmental information disclosure report according to law

Biotech Biopharmaceutical Co., Ltd. Guangdong Province Enterprise Environmental Information Disclosure System (https://www-Division (R&D Center and Marketing Headquarters) app.gdeei.cn/gdeepub/front/dal/dal/newindex) Biotech Biopharmaceutical Co., Ltd. Guangdong Province Enterprise Environmental Information Disclosure System (https://www-Division (Yonghe Factory) app.gdeei.cn/gdeepub/front/dal/dal/newindex) Other instructions

□Applicable √Not applicable

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

□Applicable √Not applicable

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Section 5 Important Matters

1. Fulfillment of commitments

(1) Commitments made by the company’s actual controller, shareholders, related parties, acquirers and the company and other relevant parties during the reporting period or continuing into the reporting period

√Applicable □Not applicable

If not, if not

Timeliness and ability

Whether the promise is fulfilled and performed when it is due

Commitment Commitment Commitment Commitment Timely Explanation Fulfillment by the Promising Party Performance Commitment Period

Background Class Content Time Strict Unfinished Description Line

Type Fulfillment Next Issue

OK, step limit

Specific planning reasons (1) Within thirty-six months from the date of listing of the company’s shares, the company shall not transfer or entrust others to manage the shares.

The company's shares held directly or indirectly before this issuance and listing (hereinafter referred to as "pre-IPO shares")

shares"), and it is not proposed that the company repurchase this part of the shares. (2) If the company is not profitable when it is listed, it will

Before the company achieves profitability, I will not reduce the amount of the company’s shares within three full accounting years from the date of listing of the company’s stocks.

Holding pre-IPO shares; the fourth fiscal year and the fifth fiscal year from the date of listing of the company's stocks

with the first

Within the period, the annual reduction of pre-IPO shares shall not exceed 2% of the company's total shares. (3) Company stocks

Secondary Public Shares 2020

Within six months after listing, if the closing price of the company's stock is lower than the issue price for twenty consecutive trading days,

Development year Yi Xian, the actual controller of the company Year 2 Unfit Unfit or the end of six months after the listing of the company's stocks (if that day is not a trading day, then the first day after that day No Long-term Yes

Bank phase limit Zhong, Guan Yuchan, Yi Liangyu If the closing price is lower than the issue price on the 17th of the month (using the trading day), then I directly or indirectly held the company's shares before this issuance.

Related sales date

The lock period of the shares is automatically extended for six months. If the company has paid dividends, given shares, or transferred capital reserves to increase

Commitment

If there are ex-rights and dividends events such as share capital, the above-mentioned closing price refers to the adjusted price of the company's stock. (4)

If the company shares held by me are reduced within two years after the expiration of the lock-in period, the price at which the shares will be reduced

Not lower than the issue price of the company’s initial public offering of shares. If before I reduce my shareholding, the company has issued

If there are ex-rights and dividend events such as dividend distribution, bonus shares, transfer of capital reserves to share capital, etc., my holding reduction price should be

Not lower than the issue price adjusted accordingly. (5) After the expiration of the above-mentioned share lock-up period, when serving as a company

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During my tenure as a director, supervisor, or senior manager of the company, on the premise of meeting the share lock commitment, I may directly or indirectly transfer the company's shares held by me every year not to exceed 25% of the total number of company shares I directly or indirectly hold. If I resign for any reason, I will not transfer or entrust others to manage the shares of the company I hold directly or indirectly within six months after leaving the company. (6) If the company encounters delisting standards due to major illegal situations stipulated in Section 2 of Chapter 12 of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules", I will not reduce my holdings of the company's shares from the date of the relevant administrative penalty decision or judicial judgment until the company's stocks are terminated from listing. (7) I will strictly abide by the relevant provisions of laws, regulations, and normative documents regarding the shareholdings and share changes of the company’s controlling shareholders, actual controllers, directors, supervisors, and senior managers, and agree to bear and compensate for all losses caused to the company and the companies it controls due to violation of the above commitments. (8) While serving as a director, supervisor, or senior manager of the company, I will strictly abide by the relevant provisions of laws, regulations, and normative documents regarding the shareholdings and changes in shares of directors, supervisors, and senior managers, perform the obligations of directors, supervisors, and senior managers in a standardized and honest manner, and truthfully and promptly report the shares of the company held directly or indirectly by me and their changes. I will not refuse to fulfill the above commitments due to job changes, resignation, etc. I agree to bear and compensate for all losses caused to the company and the companies it controls due to breach of the above commitments. (9) During my shareholding period, if the laws, regulations, normative documents, policies and requirements of securities regulatory agencies change regarding share lock-up and reduction, I am willing to automatically apply the changed laws, regulations, normative documents, policies and requirements of securities regulatory agencies.

(1) Within thirty-six months from the date of listing of the company's shares, the company shall not transfer or entrust others to manage the company's shares that the company directly or indirectly held before the issuance and listing (hereinafter referred to as "pre-IPO shares"), nor shall the company propose to repurchase these shares. (2) If the company is not profitable when it is listed, the company’s controlling shareholder Qixiji

Before the company achieves profitability, within three complete accounting years from the date of listing of the company’s stocks, the actual controllers of the group and the company shall

Shares will not be reduced before the IPO; in the fourth fiscal year and the fifth accounting year from the date of listing of the company's shares, the enterprise Xingaoqi (formerly Qi

During the year, the annual reduction of pre-IPO shares shall not exceed 2% of the company's total shares. (3) Company year 2 Not suitable Not suitable for Aoxing), Guangdong Chuang No. 3, Xing No Long-term Yes Limited Within six months after the stock is listed, if the closing price of the company's stock for twenty consecutive trading days is lower than the issuance month 17 Yongyu Investment (dissolved), Guangdong

Selling price, or the price at the end of six months after the listing of the company's stocks (if that day is not a trading day, it will be the day after that day) Zhou Changyu (formerly Shengyu Investment),

If the closing price on one trading day is lower than the issuance price, the company directly or indirectly holds Zhongke Zhuochuang before this issuance.

The lock-in period for company shares is automatically extended by six months. If the company has undergone ex-rights and dividend events such as dividend distribution, bonus shares, capital reserve transfer to share capital, etc., the above-mentioned closing price refers to the adjusted price of the company's stock. (4) If the company’s shares held by the company are reduced within two years after the lock-up period expires, the shares will

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The price of shareholding reduction shall not be lower than the issue price of the company's initial public offering of shares. If before the company reduces its shareholding, the company has already experienced ex-rights and ex-dividend events such as dividend distribution, bonus shares, capital reserve transfer to share capital, etc., the company's shareholding reduction price should not be lower than the issue price after the corresponding adjustment. (5) If the company encounters delisting standards due to major illegal situations stipulated in Section 2 of Chapter 12 of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules", the company will not reduce the company's shares from the date of the relevant administrative penalty decision or judicial judgment until the company's stock is terminated from listing. (6) The company will strictly abide by the relevant provisions of laws, regulations and normative documents regarding the shareholding and share changes of the company’s controlling shareholders, actual controllers, directors, supervisors and senior managers, and agrees to bear and compensate for all losses caused to the company and the companies it controls due to violation of the above commitments. (7) During the period of the company's shareholding, if the laws, regulations, normative documents, policies and requirements of the securities regulatory agencies change regarding share lock-up and reduction, the company is willing to automatically apply the changed laws, regulations, normative documents, policies and the requirements of the securities regulatory agencies.

(1) The company will not transfer or entrust others to manage the company’s shares that it held directly or indirectly before the issuance and listing within twelve months from the date of listing of the company’s shares. (2) For the company’s shares obtained through capital increase within six months before the company’s application for this issuance and listing, within thirty-six months from the date when the company completes the industrial and commercial change registration procedures for capital increase and share expansion, it will not transfer or entrust others to manage the shares, nor will the company be required to repurchase the shares. (3) If the company violates the previous commitment, the company agrees that the proceeds from the actual reduction of stock holdings shall belong to the company. (4) The company will strictly abide by laws, regulations, and normative documents regarding shareholder shareholdings and share changes (including shareholding reductions) and sale dates, and perform the obligations of shareholders in a standardized and honest manner. During the shareholding period, if the laws, regulations, normative documents, policies and requirements of securities regulatory agencies change on share lock-up and reduction, we are willing to automatically apply the changed laws, regulations, normative documents, policies and requirements of securities regulatory agencies.

(1) Within 12 months from the date of listing of the company's stocks, not to transfer or entrust others to manage the company's shares that I directly or indirectly held before the issuance and listing (hereinafter referred to as "pre-IPO shares, company directors and senior managers"), nor to propose that the company repurchase these shares. (2) If the company is not profitable when it is listed, until the company achieves profitability, I will not reduce the number of employees and core technical personnel within three full fiscal years from the date of listing of the company's stocks.

No Long-term Yes Limited SHENGFENG (Li Sheng holds the pre-IPO shares; if I resign before the expiration of the aforementioned lock-up period, I shall still abide by the aforementioned share lock-up period). (3) Within six months after the company’s stock is listed, if the closing price of the company’s stock is lower than the issue price for twenty consecutive trading days, or the closing price of the company’s stock at the end of the six-month period after the company’s stock is listed (if that day is not a trading day, then the first trading day after that day) is lower than the issue price, then I will

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The lock-in period for shares previously held directly or indirectly in the company will be automatically extended by six months. If the company has undergone ex-rights and dividend events such as dividend distribution, bonus shares, capital reserve transfer to share capital, etc., the above-mentioned closing price refers to the adjusted price of the company's stock. (4) If the company shares held by me are reduced within two years after the expiration of the lock-up period, the share reduction price shall not be lower than the issue price of the company's initial public offering of stocks. If before I reduce my shareholding, the company has already paid dividends, issued shares, transferred capital reserves to share capital and other ex-rights and ex-dividend events, my shareholding reduction price should not be lower than the issue price after corresponding adjustment. (5) If the company is not profitable when it is listed, after the expiration of the above-mentioned share lock-up period, while serving as the company's core technical personnel, and on the premise of meeting the share lock-up commitments, and within 4 years from the expiration date of the lock-up period of the pre-IPO shares held (whichever is longer), the company shares I hold directly or indirectly every year shall not exceed 25% of the total number of company shares I directly or indirectly hold. If I resign for any reason, I will not transfer or entrust others to manage the shares of the company I hold directly or indirectly within six months after leaving the company. (6) After the expiration of the above-mentioned share lock-up period, while serving as a director or senior manager of the company, and on the premise of meeting the share lock-up commitments, the company shares I hold directly or indirectly every year shall not exceed 25% of the total number of company shares held directly or indirectly by me. If I resign for any reason, I will not transfer or entrust others to manage the shares of the company I hold directly or indirectly within six months after leaving the company. (7) If the company encounters delisting standards due to major illegal situations stipulated in Section 2 of Chapter 12 of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules", I will not reduce my shareholding in the company from the date of the relevant administrative penalty decision or judicial judgment until the company's stock is terminated from listing. (8) During the period of serving as a director, senior manager, and core technical personnel of the company, I will strictly abide by the relevant provisions of laws, regulations, and normative documents regarding the shareholding and share changes of the company's shareholders, directors, senior managers, and core technical personnel, perform the obligations of shareholders, directors, senior managers, and core technical personnel in a standardized and honest manner, and truthfully and promptly report the company's shares held directly or indirectly by me and their changes. I will not refuse to fulfill the above commitments due to job changes, resignation, etc. I agree to bear and compensate for all losses caused to the company and the companies it controls due to breach of the above commitments. (9) During my shareholding period, if the laws, regulations, normative documents, policies and requirements of securities regulatory agencies change regarding share lock-up and reduction, I am willing to automatically apply the changed laws, regulations, normative documents, policies and requirements of securities regulatory agencies.

(1) Within 12 months from the date of listing of the company's shares, do not transfer or entrust others to manage the company's shares Company Shareholder Therabio 2020 Not applicable Not applicable to the company's shares that were directly or indirectly held before this issuance and listing, nor is it proposed to be repurchased by the company No Long-term Yes International, Huiwan Lake Year 2 Use the shares. (2) If the company violates the above commitment, the company agrees to actually reduce its stock holdings

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Restricted profits belong to the company. (3) The company will strictly abide by the relevant provisions of laws, regulations, and normative documents regarding shareholders' shareholdings and share changes (including shareholding reductions), and perform the obligations of shareholders in good faith. During the shareholding period, if the laws, regulations, normative documents, policies and requirements of securities regulatory agencies change on share lock-up and reduction, we are willing to automatically apply the changed laws, regulations, normative documents, policies and requirements of securities regulatory agencies.

(1) Within 12 months from the date of listing of the company's stocks, do not transfer or entrust others to manage the company's shares that you have directly or indirectly held before this issuance and listing, nor do you propose that the company repurchase these shares. (2) If the company is not profitable when it is listed, before the company achieves profitability, I will not reduce the company shares that I have directly or indirectly held before the issuance within three full accounting years from the date of the company's stock listing; if I leave my job before the expiration of the aforementioned lock-in period, I shall still abide by the aforementioned share lock-in commitment. (3) Within six months after the listing of the company's shares, if the closing price of the company's shares for twenty consecutive trading days is lower than the issue price, or the closing price of the company's shares at the end of six months after listing (if that day is not a trading day, then the first trading day after that day) is lower than the issue price, the lock-in period for the company's shares held directly or indirectly before the issuance will be automatically extended for six months. If the company has undergone ex-rights and dividend events such as dividend distribution, bonus shares, capital reserve transfer to share capital, etc., the above-mentioned closing price refers to the adjusted price of the company's stock. (4) If the company shares held by me are reduced within two years after the lock-up period expires, the share reduction price shall not be lower than the issue price of the company's initial public offering of shares. 2020 shares If before I reduce my shareholdings, the company has experienced ex-dividend events such as dividend distribution, bonus shares, capitalization of capital reserves, etc. Year 2 Not suitable Not suitable Company Secretary of the Board of Directors Yu Dan No Long-term Yes Limited Ex-dividend events, my shareholding reduction price should not be lower than the issue price after the corresponding adjustment. (5) After the expiration of the lock-up period for the above-mentioned shares on 17th of last month, while serving as a director or senior manager of the company, and on the premise of meeting the lock-in commitment of the shares, I will directly or indirectly transfer the company shares held by me every year not to exceed 25% of the total number of company shares held directly or indirectly by me. If I resign for any reason, I will not transfer or entrust others to manage the shares of the company I hold directly or indirectly within six months after leaving the company. (6) If the company encounters delisting standards due to major illegal situations stipulated in Section 2 of Chapter 12 of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules", I will not reduce my holdings of the company's shares from the date of the relevant administrative penalty decision or judicial judgment until the company's stocks are terminated from listing. (7) During my tenure as a director and senior manager of the company, I will strictly abide by the relevant provisions of laws, regulations, and normative documents regarding the shareholdings and changes in shares of directors and senior managers, perform the obligations of directors and senior managers in a standardized and honest manner, and report truthfully and promptly the shares of the company held directly or indirectly by me and their changes. I will not refuse to fulfill the above commitments due to job changes, resignation, etc. I agree to bear and compensate the company and its partners for any breach of the above commitments.

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All losses caused by controlled enterprises. (8) During my shareholding period, if the laws, regulations, normative documents, policies and requirements of securities regulatory agencies change regarding lock-up and reduction of shares, I am willing to automatically apply the changed laws, regulations, normative documents, policies and requirements of securities regulatory agencies.

(1) Within 12 months from the date of listing of the company's shares, do not transfer or entrust others to manage the company's shares that you have directly or indirectly held before this issuance and listing (hereinafter referred to as "pre-IPO shares"), nor do you propose that the company repurchase these shares. (2) If the company is not profitable when it is listed, before the company achieves profitability, I will not reduce my pre-IPO shares within three full accounting years from the date of listing of the company's stocks; if I leave my job before the expiration of the aforementioned lock-up period, I shall still abide by the aforementioned share lock-in commitment. (3) If the company is not profitable when it is listed, after the expiration of the above-mentioned share lock-up period, while serving as the company's core technical personnel, and on the premise of meeting the share lock-up commitments, and within 4 years from the expiration date of the lock-up period of the pre-IPO shares held (whichever is longer), the company's shares held by me directly or indirectly transferred every year shall not exceed 25% of the total number of company shares held directly or indirectly by me. If I resign for any reason, I will not transfer or entrust others to manage the shares of the company I hold directly or indirectly within six months after leaving the company. (4) After the expiration of the above-mentioned share lock-up period, while serving as a director, supervisor, or senior manager of the company, and on the premise of meeting the share lock-up commitments, the company shares I hold directly or indirectly every year shall not exceed 25% of the total number of company shares held by me directly or indirectly. Wu Nian, core technical staff of the company 2 Unsuitable Unsuitable. If I resign for any reason, I will not transfer or entrust others to manage the shares of the company I hold directly or indirectly within six months of my resignation. (5) If the company exists due to the existence of Chapter 12 of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules"

If the major illegal situations specified in Section 2 touch the delisting standards, I will not reduce my shareholding in the company from the date when the relevant administrative penalty decision or judicial judgment is made until the company's stocks are terminated from listing. (6) During the period of serving as the company’s supervisor and core technical personnel, I will strictly abide by the relevant provisions of laws, regulations, and normative documents regarding the shareholding and share changes of the company’s shareholders, supervisors, and core technical personnel, perform the obligations of shareholders, supervisors, and core technical personnel in a standardized and honest manner, and truthfully and timely report the company’s shares held directly or indirectly by me and their changes. I will not refuse to fulfill the above commitments due to job changes, resignation, etc. I agree to bear and compensate for all losses caused to the company and the companies it controls due to breach of the above commitments. (7) During my shareholding period, if the laws, regulations, normative documents, policies and requirements of securities regulatory agencies change regarding lock-up and reduction of shares, I am willing to automatically apply the changed laws, regulations, normative documents, policies and requirements of securities regulatory agencies.

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(1) Within 12 months from the date of listing of the company's shares, do not transfer or entrust others to manage the company's shares that you have directly or indirectly held before this issuance and listing (hereinafter referred to as "pre-IPO shares"), nor do you propose that the company repurchase these shares. (2) If the company is not profitable when it is listed, before the company achieves profitability, I will not reduce my pre-IPO shares within three full accounting years from the date of listing of the company's stocks; if I leave my job before the expiration of the aforementioned lock-up period, I shall still abide by the aforementioned share lock-in commitment. (3) If the company is not profitable when it is listed, after the expiration of the above-mentioned share lock-up period, while serving as the company's core technical personnel, and on the premise of meeting the share lock-up commitments, and within 4 years from the expiration date of the lock-up period of the pre-IPO shares held (whichever is longer), the company's shares held by me directly or indirectly transferred every year shall not exceed 25% of the total number of company shares held directly or indirectly by me. If I resign for any reason, I will not transfer or entrust others to manage the shares of the company I hold directly or indirectly within six months after leaving the company. (4) Within six months after the company's stock is listed, if the closing price of the company's stock is lower than the issue price for twenty consecutive trading days, or the closing price of the company's stock at the end of the six-month period after listing (if that day is not a trading day, then the first trading day after that day) is lower than the issue price, the lock-up period for the company's shares that I directly or indirectly held before this issuance will be automatically extended for six months. If the company has ex-dividend events such as dividend distribution, bonus shares, transfer of capital reserves to share capital, etc., the above closing price refers to the adjusted price of the company's stock. (5) If the company's shares held by me are reduced within two years after the expiration of the lock-in period, the price of the share reduction shall not be lower than the public sale price. The issue price of the Japanese company's initial public offering of shares. If before I reduce my shareholding, the company has already paid dividends, issued shares, transferred capital reserves to share capital and other ex-rights and ex-dividend events, my shareholding reduction price should not be lower than the issue price after corresponding adjustment. (6) After the expiration of the above-mentioned share lock-up period, while serving as a director, supervisor, or senior manager of the company, and on the premise of meeting the share lock-up commitments, the company shares I hold directly or indirectly every year shall not exceed 25% of the total number of company shares held directly or indirectly by me. If I resign for any reason, I will not transfer or entrust others to manage the shares of the company I hold directly or indirectly within six months after leaving the company. (7) If the company encounters delisting standards due to major illegal situations stipulated in Section 2 of Chapter 12 of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules", I will not reduce my shareholding in the company from the date of the relevant administrative penalty decision or judicial judgment until the company's stock is terminated from listing. (8) During the period of serving as a director, senior manager, and core technical personnel of the company, I will strictly abide by the relevant provisions of laws, regulations, and normative documents regarding the shareholding and share changes of the company's shareholders, directors, senior managers, and core technical personnel, perform the obligations of shareholders, directors, senior managers, and core technical personnel in a standardized and honest manner, and truthfully and promptly report the company's shares held directly or indirectly by me and their changes.

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I will not refuse to fulfill the above commitments due to job changes, resignation, etc. I agree to bear and compensate for all losses caused to the company and the companies it controls due to breach of the above commitments. (9) During my shareholding period, if the laws, regulations, normative documents, policies and requirements of securities regulatory agencies change regarding share lock-up and reduction, I am willing to automatically apply the changed laws, regulations, normative documents, policies and requirements of securities regulatory agencies.

(1) I/this company continue to be optimistic about the company's business prospects, fully support the company's development, and plan to hold the company's stocks for a long time. (2) Within twenty-four months from the expiration date of the lock-up period, on the premise of complying with other commitments of this issuance and listing, if I/this company attempts to reduce the shares of the company that I/this company has held directly or indirectly before this issuance and listing through any channels or means, the reduction price of myself/this company should not be lower than the company’s stock issuance price. If before I/this company reduces its holdings of the aforementioned stocks, the company has already paid dividends, issued shares, transferred capital reserves to share capital, and other ex-dividend events other than the actual controller of the company and the company's rights, the price of the reduction of my/our company's holdings should not be lower than the issuance price of the company's stocks.

The controlling shareholder Qixi Group and the company should adjust the price and reduce their holdings by methods including centralized bidding transactions, block transactions, agreement transfers and other methods controlled by the actual controller of the company that comply with the relevant regulations of the China Securities Regulatory Commission and the stock exchange. (3) If I/this company intends to reduce its shareholdings through centralized bidding transactions, the reduction will be announced 15 trading days before the first sale of shares. Year 2 Unsuitable Unfit

No Long-term Is it limited stockholding plan, Guangdong Chuang No. 3, Xingyu Holding plan, and announce the specific shareholding reduction within 17 trading days after the completion of the shareholding reduction plan or the expiration of the disclosed shareholding reduction time interval; I/this company intends to reduce the company's shareholding through other methods Daily Yu (formerly Shengyu Investment), If the shareholding is reduced, the company will announce the shareholding reduction plan three trading days before the shareholding reduction. Zhongke Zhuochuang will not reduce the shareholding before fulfilling the announcement procedures. (4) If I/the company reduces the company’s pre-IPO shares after the expiration of the lock-up period, it should clarify and disclose the company’s control arrangements and ensure the company’s continued and stable operations. The shareholding reduction procedures must strictly comply with the "Company Law of the People's Republic of China", "Securities Law of the People's Republic of China", "Shareholders of Listed Companies" , Certain Provisions on the Reduction of Shareholdings by Directors, Supervisors and Senior Management", the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules" and the "Shanghai Stock Exchange Listed Companies' Implementation Rules for Shareholding Reductions by Shareholders and Directors, Supervisors and Senior Management Personnel" and other laws, regulations and normative documents regarding the provisions on shareholding reduction and information disclosure.

Shareholders holding more than 5% of the company's shares (1) I/the company continue to be optimistic about the company's business prospects, fully support the company's development, and plan to hold shares for a long time, as well as persons acting in concert LI own the company's shares. (2) Within twenty-four months from the expiration of the lock-up period, on the premise of complying with the issuance of 2020 SHENGFENG (Li Sheng) and other commitments for the listing, if I/the company attempts to use any channels or means Year 2 Unfit Unfit

No Long-term Yes (Limited Peak), Therabio If I reduce my/our company’s holdings through direct or indirect means before this issuance and listing, the company’s shares will be sold by Yongyong, Huiwan Lake, etc. on May 17th, the reduction price of my/our company’s shares should not be lower than the company’s stock issuance price. If before my date, Xin Yu Qiheng, Hui Tianze/the company reduces its holdings of the aforementioned stocks, the company has paid dividends, given away shares, transferred capital reserves to share capital, etc.

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If there is an ex-dividend event, the reduction price of my/the company’s shares should not be lower than the issuance price of the company’s shares.

The price should be adjusted. The reduction methods include centralized bidding transactions, block transactions, agreement transfers and other

It complies with the relevant regulations of the China Securities Regulatory Commission and stock exchanges. (3) I/this company intends to pass

If the shares are reduced through centralized bidding transactions, the reduction will be announced 15 trading days before the first sale of shares.

holding plan, and 2 days after the completion of the shareholding reduction plan or the expiration of the disclosed shareholding reduction time interval

Announce the specific shareholding reduction within one trading day; I/this company plans to reduce the company’s shareholding through other methods

If the shareholding is reduced, the company will announce the shareholding reduction plan three trading days before the shareholding reduction. Before the announcement procedures are completed,

No reduction in holdings will be carried out. (4) If I/the company reduces its pre-IPO shares of the company after the expiration of the lock-up period,

The shareholding reduction procedure must strictly comply with the Company Law of the People's Republic of China and the Securities Law of the People's Republic of China.

Law", "Several Provisions on Reduction of Shareholdings by Shareholders, Directors, Supervisors and Senior Management of Listed Companies", "Shanghai Securities Exchange

"Stock Listing Rules for Stocks on the Science and Technology Innovation Board" and "Shareholders and Directors, Supervisors, and Supervisors of Listed Companies on the Shanghai Stock Exchange"

Detailed Implementation Rules for Share Reduction by Senior Management and other laws, regulations and normative documents regarding share reduction

holding and information disclosure requirements.

1. I/my company and other companies controlled by me/my company other than the company are currently

Not engaged in any form that constitutes or may constitute direct or indirect competition with the company's main business.

related business or activities. The company's assets are intact and its assets, businesses, personnel, finances and institutions are all

Independent from me/this company and other companies controlled by me/this company. 2. In this issuance of the company

Since the issuance of this letter and the listing, I/our company and all other companies controlled by me/our company, except the company and its holding companies, have

As of the specific date, the controlling shareholder Qixi Group and other companies outside the actual company will not: (1) engage in any form of activities related to the current situation of the company and its holding companies;

Starting from this interpretation, the main business of the current controllers Yi Xianzhong and Guan Yu or in the future constitutes or may constitute a direct or indirect competitive relationship.

Person/Corporate decision-making Chan and Yi Liangyu and actual control; (2) Support in any form other enterprises other than the company and its holding companies to engage in activities related to the company 2020

Xing'aoqi (the original company and its holding company's current or future main business that competes or may compete with Xing'aoqi), Guangdong Chuang No. 3, Xingyu Investment (dissolved), Guangdong Chuang No. 3. The main business of the business or activity constitutes competition or may constitute competition. 3. About the business machine

Controller period dispute Guangzhou Changyu (formerly Shengyu Investment Association and New Business (1) If I/this company and I/this company control, except the company and its controlling

(continued investment), other enterprises other than Zhongke Zhuo Ventures will inevitably have the same or similar main business as the company in the future.

If there are no valid business opportunities (referred to as "Business Opportunities"), the Company shall be notified immediately and shall use its best efforts to

The above opportunities are offered to the Company on reasonable terms and conditions acceptable to the Revocable Division. The company has rights to this business opportunity

priority. If the company gives up priority on the business opportunity, I/the company will take the initiative or in the company

transfer or terminate the aforementioned business in a timely manner or within a reasonable period as set forth by the Company after the Company raises objections, or

Promote the timely transfer of other enterprises controlled by me/our company other than the company and its holding companies

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Transfer or terminate the aforementioned business. (2) I/our company hereby irrevocably grant the company the option to acquire new businesses, projects, products or technologies (referred to as "new businesses") that are developed, invested or authorized to develop and operate by me/our company and other companies controlled by me/our company other than the company and its holding companies that compete with the company's main business. If the company does not exercise the aforementioned option, I/the company can transfer, sell, lease, license the new business to a third party, or otherwise handle it on terms and conditions no better than those proposed to the company. (3) If the company exercises the priority in item (1) and the option in item (2) above, the transfer price of the business opportunity or new business shall be based on the confirmed appraised value and shall be determined by negotiation between the two parties under the reasonable transfer price and conditions acceptable to the company, in accordance with the principle of good faith and general commercial conditions. 4. In addition to the aforementioned commitments, I/this company further guarantee that: (1) I will ensure the independence of the company in terms of assets, business, personnel, finance, and institutions in accordance with relevant laws and regulations; (2) I will take legal and effective measures to prevent companies, enterprises and other economic organizations that I/this company has control over from directly or indirectly engaging in the same or similar business as the company; (3) I will not take advantage of the company’s controlling shareholders. status, and conduct any other activities that damage the rights and interests of the company and other shareholders; (4) Guangzhou Zhongke Yuechuang No. 3 Venture Capital Partnership (Limited Partnership) is a partnership controlled by Ms. Guan Yuchan. According to the partnership agreement of Guangzhou Zhongke Yuechuang No. 3 Venture Capital Partnership (Limited Partnership), the company mainly invests in the fields of biomedicine and medical equipment; I/this company confirm that the purpose of establishing the partnership is only to invest in companies, except for investing in companies. There is no other investment plan or investment behavior outside the company and will not be implemented; (5) There is only one chemical innovative drug BAT2094 among the company's products under development. Guangzhou Crete Biotechnology Co., Ltd. is currently mainly engaged in the outsourcing R&D and production of chemical generic drugs. Its production facilities do not have the ability to produce BAT2094 and will not engage in the production of BAT2094 in the future; Guangzhou Crete Biotechnology Co., Ltd. All chemical generics under development are only required for outsourced R&D and production business. In the future, we will not apply for the listing of these chemical generics in our own name, nor will we produce and sell these chemical generics for the purpose of commercializing these chemical generics. In addition, Guangzhou Crete Biotechnology Co., Ltd. will not engage in any business related to biological drugs in the future to ensure that there is no competitive relationship with the company. (6) Guangzhou Baiji Gene Technology Co., Ltd. is currently mainly engaged in the research and development of CAR-T cell therapy, and no product has obtained clinical approval. In the future, it will continue to engage in research and development, production and sales within the scope of existing products. It will not engage in any business that is the same or similar to the innovative drugs and biosimilar drugs currently engaged in by the company to ensure that there is no competitive relationship with the company. 5. I/this company is willing to bear liability for the economic losses caused to the company and its holding companies due to violation of the above commitments and guarantees.

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Ren. 6. I/our company hereby confirm that: Unless otherwise provided by law, from the date of issuance of this letter, this letter and the commitments under this letter will continue to be valid and irrevocable while I/our company is the controlling shareholder or actual controller of the company; if the law provides otherwise, some parts of the above commitments will be invalid or unenforceable. When executed, it will not affect my/our company's other commitments under this letter; if the laws, regulations, normative documents, policies and requirements of securities regulatory agencies applicable to the above commitments change, the promisee is willing to automatically apply the changed laws, regulations, normative documents, policies and requirements of securities regulatory agencies.

(1) I/this company have made complete and detailed disclosures of related parties and related transactions in accordance with the requirements of securities regulatory laws, regulations and normative documents. Except for the related parties and related transactions disclosed in the company's prospectus on the initial public offering of stocks, the lawyer's work report issued by Beijing Junhe Law Firm for this issuance, legal opinions and other related documents related to the company's issuance, there are currently no other companies and other related parties other than the company that I/this company has actual control over or significant influence on.

and the relevant group and actual controller Yi Xianzhong who should be disclosed but have not been disclosed in accordance with the relevant regulations of the China Securities Regulatory Commission and the stock exchange.

Joint parties and related party transactions. (2) I/this company regard integrity and good faith as the actual control of the company. Mr. Guan Yuchan, Yi

The obligations of shareholders, directors, supervisors or senior managers shall be avoided and reduced as much as possible. Mr. Liang Yu, actual controller

Xing Ao Qi (original 2020), other related parties and the company (including companies controlled by it, the same below); for related transactions that are necessary and unavoidable, a standardized related transaction agreement will be signed with the company in accordance with the law. Xingyu Investment (dissolved), 17 months long-term effective use and review and submission in accordance with relevant laws, regulations, rules, other normative documents and the company's articles of association Guangzhou Changyu (formerly Shengyu Investment daily approval procedures and information disclosure obligations; related transaction prices are determined in accordance with reasonable prices recognized by the market, Baoyi Capital), Zhongke Zhuochuang and others

The prices of related-party transactions are fair; guarantee that he holds more than 5% of the company's shares in strict accordance with relevant laws and regulations, and the China Securities Regulatory Commission.

The regulations and normative documents promulgated by the management committee, the business rules promulgated by the stock exchange and the shareholders, directors, senior officers of the company

system, exercise shareholder rights and perform shareholder obligations in accordance with the law, and do not take advantage of controlling shareholders and actual managers

The controller's position shall seek improper benefits, and shall not use related transactions to illegally transfer the company's funds and profits, and shall not use related transactions to damage the interests of the company, other shareholders and the company's holding subsidiaries. (3) I/this company promise to fulfill the obligation to abstain from voting when the company's general meeting of shareholders or the board of directors votes on related-party transactions related to me/this company and other companies and other related parties other than the company that I/this company has actual control or significant influence on. (4) I/the company violates the above commitments by conducting related transactions with the company or its controlled subsidiaries and causes losses to the company,

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If other shareholders and the company's holding subsidiaries cause losses, I/the company will bear the corresponding liabilities in accordance with the law.

Liability.

1. Commitment not to interfere with the company’s business management activities beyond its authority. 2. Commitment not to infringe on the company’s interests. 3. Commitment

Not transfer benefits to other units or individuals for free or on unfair terms, or use other methods

harm the company's interests. 4. Commit to restraining one’s own occupational consumption behavior. 5. Promise not to use

2020

The company's assets are engaged in investment and consumption activities unrelated to the performance of its duties. 6. Commitment made by the board of directors or

One of its actual controllers, Yi Xian, was unwell until 2 years before listing.

The remuneration system formulated by the remuneration committee is linked to the company's implementation of measures to cover diluted immediate returns No Yes Him Loyal Month 17 Long-term use. 7. If the company implements an equity incentive plan in the future, it promises to announce the company’s equity incentives

day

The exercise conditions of the plan are linked to the company's implementation of measures to cover diluted immediate returns. 8.

If the company violates its commitments or refuses to fulfill its commitments and causes losses to the company or shareholders, it is willing to bear the consequences according to law.

Compensation liability of the company or shareholders.

One of the actual controllers of the company

Guan Yuchan, actual control of the company

Yi Liangyu, the controlling shareholder

1. Commitment not to interfere with the company’s business management activities beyond its authority. 2. Commitment not to infringe on the company’s interests. 3. Commitment 2020

Dongqixi Group, Company Actual

It does not transfer benefits to other units or individuals for free or on unfair terms, nor does it adopt other methods Year 2 Before listing Uncomfortable Uncomfortable

Whether the enterprise controlled by the controller harms the interests of the company or not. 4. If the breach of commitments or refusal to fulfill commitments causes harm to the company or other shareholders, it will

If there is a loss, we are willing to bear the liability for compensation to the company or other shareholders in accordance with the law. day

Chuangsanhao, Xingyu Investment (already

disbanded), Guangzhou Chang Yu (formerly

Shengyu Investment), Zhongke Zhuochuang

1. Commitment not to transfer benefits to other units or individuals for free or on unfair terms, nor to adopt

harm the interests of the company in other ways. 2. Commit to restraining one’s own occupational consumption behavior. 3. Accept

Novo shall not use company assets to engage in investment or consumption activities unrelated to the performance of its duties. 4. Commitment by 2020

The company's directors, senior managers, the remuneration system formulated by the board of directors or the remuneration committee and the company's measures to compensate for diluted immediate returns. Year 2 before listing to Unsuitable Unfit

No, it is linked to the performance of other members’ commitments. 5. If the company implements an equity incentive plan in the future, it promises that the exercise conditions of the company's long-term equity incentive plan to be announced will be consistent with the implementation of the company's measures to compensate for diluted immediate returns.

hook. 6. If any breach of commitments or refusal to fulfill commitments causes losses to the company or shareholders, we are willing to

Bear liability for compensation to the company or shareholders in accordance with the law.

1. The company guarantees that there will be no fraudulent issuance in this issuance and listing. 2. If the company does not comply with the 2020 issuance date, it will be inappropriate.

Biotech No Yes He If the conditions for issuance and listing are complied with, and the issuance registration is obtained by deceptive means and the issuance and listing has been made, the company will use it for a long time of 2 years

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The share repurchase procedure will be initiated within 5 working days after confirmation by the China Securities Regulatory Commission and other competent authorities, and all new shares issued by the company on the 17th of this month will be repurchased and all legal responsibilities related to this will be assumed. Yi Xian, the actual controller of the Japanese company

Zhong, Guan Yuchan, Yi Liangyu,

Controlling shareholders Qixi Group, the company

1. Ensure that there is no fraudulent issuance in this issuance and listing of the company. 2. If the company does not meet the requirements of the actual controller of the company in 2020,

If the issuance and listing conditions are used to defraud the issuance and registration and have been issued and listed, I/the company will be issued in 2 years before the issuance. Unsuitable Unsuitable Enterprises

The company will issue all new shares to the public this time and bear all legal responsibilities related thereto. Japan Investment (dissolved), Guangzhou

Chang Yu (formerly Shengyu Investment),

Zhongke Zhuochuangchuang

From the date of transfer of relevant shares after the dissolution of Xingyu Investment, we will continue to jointly abide by the "Several Provisions on the Reduction of Shareholdings by Shareholders, Directors, Supervisors and Senior Management of Listed Companies"

Rules for the Management of the Company's Shares and Changes" and the relevant business rules of the Shanghai Stock Exchange

Relevant regulations on reduction of shareholder shares, including but not limited to the actual relationship between all partners of Xingyu Investment and the company

The controller and its persons acting in concert are combined to determine the identity of the major shareholder and share the shareholding reduction amount of the major shareholder.

(If the total number of shares reduced through centralized bidding transactions within any consecutive 90 natural days does not exceed

The total number of shares held by Xingyu Investment (dissolved) shall not exceed 2% of the total number of company shares, etc.), and the fulfillment of the major shareholder's obligations in 2023 is inappropriate.

No Long-term Yes Commitment Limited partners Information disclosure obligations, etc., promise not to circumvent any relevant sales rules due to this non-trading transfer. Regarding the allocation of the shared shareholding reduction quota, all partners of Xingyu Investment promise to fully negotiate with the company’s actual controller and its concerted parties before the date of shareholding reduction, and according to the then-held holdings of the shareholders who plan to reduce their shareholdings.

Properly allocate respective shareholding reduction quotas through allocation methods such as allocation in relative proportions of shares. According to the "About

"Notice on Matters Related to Further Regulating Shareholding Reduction Behavior", if the company has a loss or net loss, or has not distributed cash dividends in the past three years, and the cumulative cash dividend amount is lower than the average annual net profit in the past three years

If the profit is 30%, the controlling shareholder or actual controller shall not reduce the company's shares through the secondary market. Ben

The person promises to strictly abide by the relevant provisions of the above notice as the controlling shareholder/major shareholder.

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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

(1) Litigation and arbitration matters have been disclosed in temporary announcements and there has been no subsequent progress

□Applicable √Not applicable

(2) Litigation and arbitration situations not disclosed in the temporary announcement or with subsequent progress

□Applicable √Not applicable

(3) Other instructions

√Applicable □Not applicable

From March to April 2023, Wang Shengwu (Wang Shengwu) filed a lawsuit with the Guangzhou Intellectual Property Court with the Guangzhou Intellectual Property Court on behalf of the defendant regarding the dispute over the rewards and remuneration of the inventor and designer of employment inventions, using the company and Guangzhou Juaojia Enterprise Management Partnership (Limited Partnership) (formerly known as: Guangzhou Juaozhong Investment Partnership (Limited Partnership)) Litigation ((2023) Guangdong 73 Zhi Min Chu No. 654, 768, 938), the lawsuit was heard on November 5, December 28, 2023, and January 26, 2024, and the first instance judgment was made on June 28, 2024, rejecting Wang Shengwu’s claim. Wang Shengwu appealed against the first-instance judgment ((2024) Supreme People's Court Zhiminzhong Case No. 907, 908, 909). The lawsuit was heard on March 18, 2025, and the court inquiry was held on July 11, 2025. On March 20, 2026, the Supreme Court sent a judge to the Guangzhou Intellectual Property Court for a hearing. The Supreme Court made a final judgment on June 24, 2026. The company must pay Wang Shengwu a total of 838,600 yuan in remuneration for the employee invention and inventor, and rejected other litigation claims.

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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 rectified

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

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

(2) Related transactions involving 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

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(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

In January 2025, the company signed an "Engineering Construction Contract" with Qianjiang Buffalo Construction Engineering Co., Ltd. on matters related to the ground leveling and structural reinforcement work of the Yonghe Phase 2 expansion project. The contract price is RMB 3,264,001.00, from 1 to 6 2026. In March, the company paid RMB 1,632,000.50 in project payments, and as of the end of the reporting period, the cumulative payment for projects was RMB 3,264,001.00; RMB 0 was recognized for construction in progress during the reporting period, and RMB 2,994,496.33 was recognized for construction in progress as of the end of the reporting period.

In January 2025, the company signed a "Decoration Mechanical and Electrical Contract" with Qianjiang Buffalo Construction Engineering Co., Ltd. on matters related to the decoration and mechanical and electrical installation of Biotech's R&D center and marketing headquarters (Building 1). The contract price is RMB 9,815,804.00. From January to June 2026, the company paid project progress payments of RMB 1,635,497.68, and as of the end of the reporting period, the cumulative payment of project progress payments was RMB 7,921,389.57; during the reporting period, construction in progress was recognized at RMB 219,484.68, and as of the end of the reporting period, construction in progress was recognized in total at RMB 7,492,092.66.

In January 2026, the company's wholly-owned subsidiary Biotech Biopharmaceutical (Guangzhou) Co., Ltd. and Qianjiang Buffalo Construction Engineering Co., Ltd. signed a "Construction Engineering Construction Contract" for the 2# production workshop of Biotech Yonghe Innovation Industrial Base Project. The contract price is RMB 85,562,617.34. From January to June 2026, Biotech Biopharmaceutical (Guangzhou) Co., Ltd. paid project progress payment of RMB 35,508,486.16, and confirmed construction in progress of RMB 70,648,032.67.

In May 2026, the company's wholly-owned subsidiary Biotech Biopharmaceutical (Guangzhou) Co., Ltd. and Qianjiang Buffalo Construction Engineering Co., Ltd. signed a "Construction Engineering Construction Contract" for the construction services and related matters of the 1# production workshop, 4# warehouse, 5# equipment room and underground pool building of Biotech Yonghe Innovation Industrial Base and related matters. The contract price is RMB 24,754,321.72. As of the end of the reporting period, Biotech Biopharmaceutical (Guangzhou) Co., Ltd. had not paid project progress payments and had not confirmed construction in progress.

(7) Others

□Applicable √Not applicable

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11. Major contracts and their performance

(1) Custody, contracting and leasing matters

□Applicable √Not applicable

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

□Applicable √Not applicable

(3) Other major contracts

√Applicable □Not applicable

In August 2021, the company signed a licensing and commercialization agreement with Hikma Pharmaceuticals USA Inc., licensing the company's exclusive product commercialization rights of BAT2206 (ustekinumab) injection in the U.S. market to Hikma for a fee. The total amount of the contract's down payment and milestone payments is up to US$150 million, which includes an down payment of US$20 million, a cumulative milestone payment of no more than US$130 million and commercial royalties, as well as a double-digit percentage of net sales as the supply price. On October 19, 2021, the company received a down payment of US$20 million from Hikma, and on July 24, 2024, the company received a milestone payment of US$10 million from Hikma. In January 2026, the company received a milestone payment of US$10 million from Hikma.

In October 2024, the company signed a licensing, production, supply and commercialization agreement with Gedeon Richter Plc. (hereinafter referred to as "Gedeon Medicine") for BAT2206 (ustekinumab) injection, and licensed the company's exclusive product commercialization rights of the company's BAT2206 (ustekinumab) injection in the markets of the EU, UK, Switzerland, Australia and other European countries to Gedeon Medicine for a fee. The total amount of down payment and milestone payments is up to US$110 million, including a down payment of US$8.5 million, cumulative milestone payments not exceeding US$101.5 million, and a double-digit percentage of net sales as revenue sharing. On November 13, 2024, the company received a one-time payment of US$10 million from Generli Pharmaceuticals, including a down payment of US$8.5 million and a milestone payment of US$1.5 million. In January 2026, the company received a milestone payment of US$2.5 million from Generli Pharmaceuticals.

On May 28, 2024, a licensing and commercialization agreement was signed with STADA Arzneimittel AG (hereinafter referred to as "STADA"), and the company's BAT2506 (golimumab) injection's exclusive product commercialization rights in the EU, UK, Switzerland and other European countries will be licensed to STADA for a fee. The total amount of down payment and milestone payments can be up to US$157.5 million, including a down payment of US$10 million, cumulative milestone payments not exceeding US$147.5 million, and a double-digit percentage of net sales as revenue sharing. A one-time down payment of US$10 million was received from STADA on June 28, 2024. In March 2026, the company received a milestone payment of US$2.5 million from STADA.

On February 3, 2026, a licensing and production, supply and commercialization agreement was signed with Avalon Pharma (registered name: Middle East Pharmaceutical Industries Company, hereinafter referred to as "Avalon"), and the company's BAT3306 (Pabolizumab) The exclusive product commercialization rights of anti-) injection in Saudi Arabia and the Middle East and North Africa market are licensed to Avalon for a fee, and the company can receive a total down payment and milestone payments of up to US$7 million, including an down payment of US$2 million, a cumulative milestone payment of no more than US$5 million, and a double-digit percentage of net sales as revenue sharing. In April 2026, the company received a down payment of US$2 million from Avalon.

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On April 14, 2026, the company signed a transfer agreement with Lepu Pharmaceutical Co., Ltd. to transfer the rights and interests of the Betanin® (bevibatide citrate injection) variety and related assets to the outside world. The total transaction amount was 450 million yuan. During the reporting period, the company received a transfer payment of RMB 180 million from Lepu Pharmaceutical.

In January 2025, the company signed an "Engineering Construction Contract" with Qianjiang Buffalo Construction Engineering Co., Ltd. on matters related to the ground leveling and structural reinforcement work of the Yonghe Phase 2 expansion project. The contract price is RMB 3,264,001.00, from 1 to 6 2026. In March, the company paid RMB 1,632,000.50 in project payments, and as of the end of the reporting period, the cumulative payment for projects was RMB 3,264,001.00; RMB 0 was recognized for construction in progress during the reporting period, and RMB 2,994,496.33 was recognized for construction in progress as of the end of the reporting period.

In January 2025, the company signed a "Decoration Mechanical and Electrical Contract" with Qianjiang Buffalo Construction Engineering Co., Ltd. on matters related to the decoration and mechanical and electrical installation of Biotech's R&D center and marketing headquarters (Building 1). The contract price is RMB 9,815,804.00. From January to June 2026, the company paid project progress payments of RMB 1,635,497.68, and as of the end of the reporting period, the cumulative payment of project progress payments was RMB 7,921,389.57; during the reporting period, construction in progress was recognized at RMB 219,484.68, and as of the end of the reporting period, construction in progress was recognized in total at RMB 7,492,092.66.

In January 2026, the company's wholly-owned subsidiary Biotech Biopharmaceutical (Guangzhou) Co., Ltd. and Qianjiang Buffalo Construction Engineering Co., Ltd. signed a "Construction Engineering Construction Contract" for the 2# production workshop of Biotech Yonghe Innovation Industrial Base Project. The contract price is RMB 85,562,617.34. From January to June 2026, Biotech Biopharmaceutical (Guangzhou) Co., Ltd. paid project progress payment of RMB 35,508,486.16, and confirmed construction in progress of RMB 70,648,032.67.

In May 2026, the company's wholly-owned subsidiary Biotech Biopharmaceutical (Guangzhou) Co., Ltd. and Qianjiang Buffalo Construction Engineering Co., Ltd. signed a "Construction Engineering Construction Contract" for the construction services and related matters of the 1# production workshop, 4# warehouse, 5# equipment room and underground pool building of Biotech Yonghe Innovation Industrial Base and related matters. The contract price is RMB 24,754,321.72. As of the end of the reporting period, Biotech Biopharmaceutical (Guangzhou) Co., Ltd. had not paid project progress payments and had not confirmed construction in progress.

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12. Instructions on the progress of use of raised funds

√Applicable □Not applicable

(1) Overall use of raised funds

√Applicable □Not applicable

Unit: Yuan

as of as of

its

report report

Medium: Over-raised this year End of period End of period

As of the investment fund raised, over-raised

Report Fund Raising Prospectus or Raising Statement Total Funds Funds

Raised As of the end of the reporting period, the net amount of raised funds accounted for in the statement (3) Cumulative Cumulative amount of raised funds invested during the year Changed use of raised funds Total raised funds invested Raised funds over-raised Ratio in place (1) Total committed investment = amount invested (8) Source of total funds Total (4) Funds (%) Time (2) (1) Progress Progress

Cumulative (9) - (% (%

(2) Investment )(6) )(7) =(8)/(1Total amount)

＝＝

(5)

(4)/(1) (5)/(3)

First time 2020

Public Year 2

1,965,600,000.00 1,876,199,783.70 1,876,199,783.70 1,883,438,382.45 100.39 38,082,451.23 2.03 1,203,443,087.05Issuance Month 17

stock day

Total / 1,965,600,000.00 1,876,199,783.70 1,876,199,783.70 1,883,438,382.45 100.39 / 38,082,451.23 2.03 1,203,443,087.05Other instructions

√Applicable □Not applicable

The "total total planned investment of raised funds" in the "Detailed Use of Raised Funds" table includes the net amount of income (including interest income and cash management income) minus handling fees of 104,296,531.78 yuan, so there is a difference with the "net amount of raised funds after deducting issuance fees" in the "Overall Use of Raised Funds" table.

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(2) Details of fundraising projects

√Applicable □Not applicable

1. Detailed use of raised funds

√Applicable □Not applicable

Unit: Yuan

Yes This item can

Is it a project investment as of the reporting date?

No, the purpose is yes

Prospectus End of Reporting Period Achieve Yes Progress Progress Years

Whether the event or fund-raising involved has been realized. As of the end of the reporting period, the cumulative investment has been scheduled. No. Whether it has not been realized.

Project name of raised funds Project and planned investment of raised funds The effect of this year's investment Major changes Explanation of the remainder The planned investment of raised funds The progress of the investment can make it meet the plan

Source Name Nature Total amount of variable capital (1) Amount of profit or change, such as the total amount of capital in the loan book (2) (%) The specific information of the settlement plan

Updater research is, please pledge the amount of investment (3) = the status of the project's entry into the body of the original effect

Investment tools

Investment project (2)/(1) Period due to profit

Tropical body condition

No. Not disclosed for the first time. Drug research. Discomfort. Discomfort.

Research and development Yes No 1,684,776,531.78 38,077,955.20 1,587,826,245.23 94.25 No Yes Applicable Note 1 Not applicable Applicable for stock issuance projects Use Use

Use Yong Marketing Network No Not open to the public for the first time Uncomfortable Uncomfortable Uncomfortable

Network construction Yes No 100,000,000.00 0.00 99,942,656.51 99.94 No Yes Applicable Not applicable Applicable to stock issuance management Use Use Use

Item Use Use Not Not disclosed for the first time Supplementary camp Operation Discomfort Discomfort Discomfort

Yes No 195,719,783.70 4,496.03 195,669,480.71 99.97 No Yes Applicable Not applicable Suitable for issuance of stocks, capital transportation management, use, use

Total use / / / / 1,980,496,315.48 38,082,451.23 1,883,438,382.45 95.10 / / / / / /

Note 1: BAT1706 has been approved for marketing by NMPA, FDA, EMA, and ANVISA, BAT1806 has been approved by NMPA, FDA, EMA, etc., and BAT2094 has been approved by NMPA.

BAT2206 has obtained marketing approval from NMPA, FDA, EMA, etc., and BAT2506 has obtained marketing approval from EMA and FDA.

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2. Detailed usage of excess raised funds

□Applicable √Not applicable

3. Details of the re-evaluation of investment projects during the reporting period

□Applicable √Not applicable

(3) Changes or termination of fundraising during the reporting period

□Applicable √Not applicable

(4) Other uses of raised funds during the reporting period

1. Advance investment and replacement of raised funds in investment projects

□Applicable √Not applicable

2. Use idle raised funds to temporarily supplement working capital

√Applicable □Not applicable

On August 20, 2025, the company held the second meeting of the third board of directors and the second meeting of the audit committee of the third board of directors. The company continued to use part of the idle raised funds to temporarily supplement working capital of 100 million yuan. As of January 22, 2026, the company had returned 100 million yuan of funds and deposited them into the company's special account for raised funds.

3. Cash management of idle raised funds and investment in related products

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB

The raised funds are used for the end of the reporting period. The maximum balance during the period. The board of directors review date. The start date and end date of cash management. Whether the cash management amount is exceeded.

Effectiveness review quota Balance Authorized quota April 14, 2026 10,000.00 April 14, 2026 April 13, 2027 6,000.00 No other explanation

None

4. Others

□Applicable √Not applicable

(5) Explanation of the intermediary agency’s abnormal verification of the storage and use of raised funds □ Applicable √ Not applicable

(6) Subsequent rectification of unauthorized changes in the use of raised funds and illegal occupation of raised funds □ Applicable √ Not applicable

13. Description 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 common shares and share 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

2. Shareholder situation

(1) Total number of shareholders:

Total number of ordinary shareholders (households) as of the end of the reporting period 9,768 Total number of preference shareholders (households) with voting rights restored as of the end of the reporting period 0 Total number of shareholders (households) holding shares with special voting rights as of the end of the reporting period 0 Number of depository receipt holders

□Applicable √Not applicable

(2) As of the end of the reporting period, the top ten shareholders and the top ten shareholders without sales restrictions are listed in the table of shareholdings. The top ten shareholders simultaneously guarantee their shareholdings in securities accounts through ordinary securities accounts and securities company customer credit transactions √ Applicable □ Not applicable

Xinyu Qiheng Management Consulting Partnership (Limited Partnership) holds 12,822,516 shares, of which 599,393 shares are held through ordinary securities accounts and 12,223,123 shares are held through credit securities accounts.

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Unit: Share

Shareholding status of the top ten shareholders (excluding shares lent through refinancing)

Including pledge, bid

Report, hold, transfer, write down or freeze

Notice of limited loan situation

Name of shareholder Number of shares held at the end of the period Proportion of shares Shareholder (full name) Internal amount (%) Nature of shares Number of shares

Increase the number of copies and limit the sale

status quantity

Reduce shares

Quantity

Guangzhou Qixi Group Co., Ltd. Domestic non-national

0 159,990,270 38.64 0 0 None 0

Division: Therabio International

0 47,177,729 11.39 0 0 None 0 Overseas legal person Limited

Guangzhou Xingaoqi Enterprise Management Domestic Non-State

0 23,173,326 5.60 0 0 None 0

Partnership (Limited Partnership) Legal person Guangzhou Zhongke Guangdong Innovation Incubator

Investment Management Co., Ltd.-

Domestic non-national Guangzhou Zhongke Guangdong Chuang No. 3 0 21,333,332 5.15 0 0 None 0

There are corporate investment partnerships (there are

limited partnership)

Guangzhou Changyu Enterprise Management Co., Ltd. Domestic non-state

0 16,000,000 3.86 0 0 None 0

Partnership (limited partnership) Legal person Xinyu Qiheng Management Consulting Domestic non-state

0 12,822,516 3.10 0 0 None 0

Partnership (limited partnership) with legal person

Domestic natural resources Yi Liangyu 0 11,760,002 2.84 0 0 None 0

Returned to Wanhu Investment Partnership from Guangzhou, within the territory of the country

0 7,424,586 1.79 0 0 None 0

Enterprise (limited partnership) Legal person

Overseas natural SHENGFENGLI 0 6,517,332 1.57 0 0 None 0

people

Domestic natural resources Yi Xianzhong 0 4,160,000 1.00 0 0 None 0

people

Natural Guan Yuchan within the territory 0 4,160,000 1.00 0 0 None 0

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

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

Type Quantity

quantity

Guangzhou Qixi Group Co., Ltd. 159,990,270 RMB ordinary shares 159,990,270 Therabio International Limited 47,177,729 RMB ordinary shares 47,177,729 Guangzhou Xingaoqi Enterprise Management Partnership (Limited Partnership) 23,173,326 RMB ordinary shares 23,173,326

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Guangzhou Zhongke Yuechuang Incubator Investment Management Co., Ltd.-

Guangzhou Zhongke Yuechuang No. 3 Venture Capital Partnership (21,333,332 RMB ordinary shares and 21,333,332 limited partnerships)

Guangzhou Changyu Enterprise Management Partnership (Limited Partnership) 16,000,000 RMB ordinary shares 16,000,000 Xinyu Qiheng Management Consulting Partnership (Limited Partnership)

12,822,516 RMB ordinary shares 12,822,516 units)

Yi Liangyu 11,760,002 RMB ordinary shares 11,760,002 Guangzhou Huiwan Lake Investment Partnership (Limited Partnership) 7,424,586 RMB ordinary shares 7,424,586 SHENGFENGLI 6,517,332 RMB ordinary shares 6,517,332 Yi Xianzhong 4,160,000 RMB ordinary shares 4,160,000 Guan Yuchan 4,160,000 RMB ordinary shares 4,160,000 Repurchase Specialist among the top ten shareholders

Not applicable

Account description

Proxy voting by the above shareholders

rights, trustee voting rights, delegation Not applicable

Explanation on abstaining from voting

1. Related relationships: (1) Guangzhou Qixi Group Co., Ltd. is ultimately controlled by the actual controllers Yi Xianzhong, Guan Yuchan, and Yi Liangyu; (2) The general partner and executive partner of Guangzhou Xingaoqi Enterprise Management Partnership (Limited Partnership) is Guan Yuchan, It is ultimately controlled by Guan Yuchan; (3) Guangzhou Qixi Group Co., Ltd. holds 74% of the limited partnership interest in Guangzhou Zhongke Yuechuang No. 3 Venture Capital Partnership (Limited Partnership), and Guan Yuchan holds a 55% interest in Guangzhou Zhongke Yuechuang Incubator Investment Management Co., Ltd. Co., Ltd. is the general partner of Guangzhou Zhongke Yuechuang No. 3 Venture Capital Partnership (Limited Partnership); (4) The general partner and executive partner of Guangzhou Changyu Enterprise Management Partnership (Limited Partnership) are Yi Xianzhong, who is ultimately controlled by Yi Xianzhong; ( 5) The general partner and executive partner of Hengqin Zhongke Zhuochuang Equity Investment Fund Partnership (Limited Partnership) are Guan Yuchan’s 55%-owned Guangzhou Zhongke Yuechuang Incubator Investment Management Co., Ltd. Guan Yuchan’s ultimate controlling shareholder related relationship or (6) Therabio International Limited is a company where LISHENGFENG (Li Shengfeng) and his wife and children hold 100% of the equity; (7) Guangzhou Huiwan Lake Investment Partnership (Limited Partnership) holds 100% of the capital contribution of LISHENGFENG (Li Shengfeng) and his children, and LI A limited partnership in which SHENGFENG (Li Shengfeng) is the general partner and executive partner; (8) The general partner and executive partner of Xinyu Qiheng Management Consulting Partnership (Limited Partnership) are Jifu Venture Capital.

2. Persons acting in concert: (1) Controlling shareholder Qixi Group and its persons acting in concert: Guangzhou Xingaoqi Enterprise Management Partnership (Limited Partnership), Guangzhou Zhongke Yuechuang No. 3 Venture Capital Partnership (Limited Partnership), Guangzhou Changyu Enterprise Management Partnership (Limited Partnership) and Hengqin Zhongke Zhuochuang Equity Investment Fund Partnership (Limited Partnership), Yi Liangyu, Yi Xianzhong, Guan Yuchan; (2) Therabio International Limited and its parties acting in concert: SHENGFENGLI and Guangzhou Huiwan Lake Investment Partnership (Limited Partnership).

Preferred shares with restored voting rights

Shareholders and number of shares held Not applicable

Ming

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

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□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

As of the end of the reporting period, the company’s top ten domestic depository receipt holders are listed in the table □ Applicable √ Not applicable

Depositary receipt holders holding more than 5% of the shares, the top ten depositary receipt holders and the top ten depositary receipt holders with no selling conditions participating in the refinancing business and lending shares

□Applicable √Not applicable

The top ten holders of depositary receipts and the top ten holders of unrestricted depositary receipts have changed from the previous period due to refinancing lending/returning.

□Applicable √Not applicable

Number and sales restrictions held by the top ten holders of restricted depositary receipts □ Applicable √ Not applicable

(3) Table of top ten shareholders by number of voting rights as of the end of the reporting period □ Applicable √ Not applicable

(4) Strategic investors or general legal persons become the top ten shareholders due to the placement of new shares/depositary receipts □Applicable √Not applicable

3. Directors, senior managers and core technical personnel

(1) Changes in shareholdings of current and departing directors, senior managers and core technical personnel during the reporting period □Applicable √Not applicable

Other situation description

□Applicable √Not applicable

(2) Equity incentives granted to directors, senior managers and core technical personnel during the reporting period

1. Stock options

□Applicable √Not applicable

2. Class I restricted stocks

□Applicable √Not applicable

3. Class II restricted stocks

□Applicable √Not applicable

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(3) Other instructions

□Applicable √Not applicable

4. Changes in controlling shareholders or actual controllers

□Applicable √Not applicable

5. Implementation and changes of relevant arrangements for depositary receipts during the reporting period □ Applicable √ Not applicable

6. Special voting rights shares

□Applicable √Not applicable

7. Relevant information on preference shares

□Applicable √Not applicable

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: Biotech Biopharmaceutical Co., Ltd.

Unit: Yuan Currency: RMB

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

Monetary funds 7.1 335,405,299.60 218,607,735.61 Settlement reserve fund

Loan funds

Trading financial assets 7.2 60,116,712.33 Derivative financial assets

Notes receivable

Accounts receivable 7.5 195,807,385.00 164,696,587.01 Accounts receivable financing

Prepayments 7.8 40,428,500.84 107,616,277.91 Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserves

Other receivables 7.9 2,375,252.03 2,986,358.22 Including: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Inventory 7.10 372,054,433.30 312,423,740.26 Including: data resources

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 7.13 129,267,346.50 152,228,099.32

Total current assets 1,135,454,929.60 958,558,798.33 Non-current assets:

Grant loans and advances

debt investment

Other debt investments

long-term receivables

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Long-term equity investment VII. 17 15,636,165.31 15,546,157.13 Other equity instrument investments

Other non-current financial assets

investment real estate

Fixed assets 7. 21 1,031,865,867.39 1,023,236,810.25 Construction in progress 7. 22 97,812,373.02 47,236,989.56 Productive biological assets

oil and gas assets

Right-of-use assets 7. 25 33,404.66 62,037.22 Intangible assets 7. 26 280,895,618.21 218,442,862.00 Including: data resources

development expenditure

Among them: data resources

goodwill

Long-term deferred expenses VII. 28 3,287,693.71 3,680,285.86 Deferred income tax assets

Other non-current assets 7. 30 9,929,103.93 20,557,669.99 Total non-current assets 1,439,460,226.23 1,328,762,812.01

Total assets 2,574,915,155.83 2,287,321,610.34 Current liabilities:

Short-term borrowings 7. 32 104,920,283.52 80,076,702.18 Borrowings from the Central Bank

borrowing funds

Trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 7. 36 247,212,238.65 198,685,177.17 Advance payments

Contract liabilities 7. 38 951,040,158.83 710,312,050.07 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 7. 39 70,031,888.31 87,705,347.11 Taxes payable 7. 40 5,737,502.54 4,752,191.39 Other payables 7. 41 60,537,938.18 53,370,730.81 Including: interest payable

Dividends payable

Handling fees and commissions payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one year 7.43 306,393,286.78 231,748,537.50

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Other current liabilities 545,462.09 703,480.79

Total current liabilities 1,746,418,758.90 1,367,354,217.02 Non-current liabilities:

insurance contract reserves

Long-term borrowings 7. 48 486,691,349.01 374,213,800.58 Bonds payable

Among them: preferred shares

perpetual bond

Lease liability

long-term payables

Long-term employee benefits payable

Estimated liabilities

Deferred income 7. 51 22,570,511.26 24,916,232.76 Deferred income tax liabilities

Other non-current liabilities 7. 52 195,293,992.00 144,806,456.68 Total non-current liabilities 704,555,852.27 543,936,490.02

Total liabilities 2,450,974,611.17 1,911,290,707.04 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) 7. 53 414,080,000.00 414,080,000.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve VII. 55 3,054,383,527.47 3,054,383,527.47 Less: treasury shares

Other comprehensive income 7. 57 -256,746.50 -135,074.10 Special reserves

Surplus reserve

General risk preparation

Undistributed profits 7. 60 -3,344,266,236.31 -3,092,297,550.07 Attributable to the owner’s equity of the parent company

123,940,544.66 376,030,903.30 (or shareholders’ equity) total

minority interests

Owner's equity (or stockholder's rights

123,940,544.66 376,030,903.30 profit) total

Liabilities and Owner's Equity

2,574,915,155.83 2,287,321,610.34 (or shareholders’ equity) total

Person in charge of the company: LISHENGFENG (Li Shengfeng) Person in charge of accounting work: Zhan Xianhong Person in charge of the accounting department: Shi Lihua

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Parent company balance sheet

June 30, 2026

Prepared by: Biotech Biopharmaceutical Co., Ltd.

Unit: Yuan Currency: RMB

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

Monetary funds 331,142,660.21 197,999,579.32 Trading financial assets 60,116,712.33

Derivative financial assets

Notes receivable

Accounts receivable 19.1 196,972,858.10 165,314,636.03 Accounts receivable financing

Prepayments 44,090,718.65 110,418,800.92 Other receivables 19.2 3,182,252.03 3,029,946.27 Including: interest receivable

Dividends receivable

Inventory 372,054,433.30 312,423,740.26 Including: data resources

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 128,306,327.43 151,700,075.86

Total current assets 1,135,865,962.05 940,886,778.66 Non-current assets:

debt investment

Other debt investments

long-term receivables

Long-term equity investment 19.3 142,826,352.31 47,325,332.13 Other equity instrument investments

Other non-current financial assets

investment real estate

Fixed assets 1,027,166,489.10 1,022,067,187.34 Construction in progress 17,873,869.88 43,709,790.49 Productive biological assets

oil and gas assets

Right-of-use assets 33,404.66 62,037.22 Intangible assets 217,340,715.43 218,256,535.86 Including: data resources

development expenditure

Among them: data resources

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goodwill

Long-term deferred expenses 3,287,693.71 3,680,285.86 Deferred income tax assets

Other non-current assets 4,381,205.70 13,862,802.29 Total non-current assets 1,412,909,730.79 1,348,963,971.19

Total assets 2,548,775,692.84 2,289,850,749.85 Current liabilities:

Short-term borrowings 104,854,583.06 80,042,236.10 Trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 211,473,374.72 196,517,307.94 Advance payments

Contract liabilities 951,040,158.83 710,312,050.07 Employee benefits payable 69,636,694.82 86,648,976.51 Taxes payable 5,574,592.78 4,731,323.65 Other payables 60,511,344.22 53,368,400.81 including: interest payable

Dividends payable

Liabilities held for sale

Non-current liabilities due within one year 306,393,286.78 231,748,537.50 Other current liabilities 545,462.09 703,480.79

Total current liabilities 1,710,029,497.30 1,364,072,313.37 Non-current liabilities:

Long-term borrowings 486,691,349.01 374,213,800.58 Bonds payable

Among them: preferred shares

perpetual bond

Lease liability

long-term payables

Long-term employee benefits payable

Estimated liabilities

Deferred income 22,570,511.26 24,916,232.76 Deferred income tax liabilities

Other non-current liabilities 195,293,992.00 144,806,456.68 Total non-current liabilities 704,555,852.27 543,936,490.02

Total liabilities 2,414,585,349.57 1,908,008,803.39 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) 414,080,000.00 414,080,000.00 Other equity instruments

Among them: preferred shares

perpetual bond

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Capital reserve 3,032,524,781.89 3,032,524,781.89 Less: treasury shares

other comprehensive income

special reserve

Surplus reserve

Undistributed profits -3,312,414,438.62 -3,064,762,835.43Owner’s equity (or shareholder rights

134,190,343.27 381,841,946.46 profit) total

Liabilities and Owner's Equity

2,548,775,692.84 2,289,850,749.85 (or shareholders’ equity) total

Person in charge of the company: LISHENGFENG (Li Shengfeng) Person in charge of accounting work: Zhan Xianhong Person in charge of the accounting department: Shi Lihua

consolidated income statement

January-June 2026

Unit: Yuan Currency: RMB

Item Notes 2026 Half Year 2025 Half Year

1. Total operating income 518,548,263.68 441,887,841.40 Including: operating income 7. 61 518,548,263.68 441,887,841.40 Interest income

Premiums earned

Fee and commission income

2. Total operating costs 771,259,703.26 612,739,369.65 Including: operating costs 7. 61 101,122,207.99 98,287,272.05 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 4,388,011.24 3,678,123.46 Sales expenses VII. 63 159,219,236.17 129,650,521.09 Administrative expenses VII. 64 25,870,953.52 24,198,901.43 R&D expenses VII. 65 468,447,516.90 348,816,636.45 Financial expenses 7. 66 12,211,777.44 8,107,915.17 Among them: interest expenses 10,357,625.34 10,878,312.40

Interest income 473,892.22 2,627,420.00 plus: other income VII. 67 2,756,210.13 12,230,219.05

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Investment income (losses are marked with "-"

7. 68 229,848.36 345,285.43 fill in the column)

Of which: for associates and joint ventures

90,008.18 -281,972.70 industry investment income

Money measured at amortized cost

Gains from derecognition of financial assets (losses are represented by “-”

(Fill in the number)

Exchange gains (losses are marked with "-"

Fill in the column)

Net exposure hedging gain (loss calculated as

Fill in the column with "-" sign)

Gains from changes in fair value (losses calculated as

7. 70 133,150.69 302,486.98 (Fill in “-”)

Credit impairment losses (losses are marked with “-”

7. Fill in No. 72 6,103.66 282,020.50)

Asset impairment losses (losses are marked with “-”

7. Fill in No. 73 -1,217,065.44 -184,480.88)

Proceeds from asset disposal (loss calculated as

7. 71 -56,253.88 6,794.93 (Fill in “-”)

3. Operating profit (loss should be filled in with "-"

-250,859,446.06 -157,869,202.24 columns)

Add: Non-operating income 7.74 27,395.53 33,992,342.60 Less: Non-operating expenses 7.75 948,540.12 893,265.73

4. Total profit (total loss is filled in with "-"

-251,780,590.65 -124,770,125.37 columns)

Less: Income tax expenses VII. 76 188,095.59 162,032.10

5. Net profit (net loss is listed with "-") -251,968,686.24 -124,932,157.47

(1) Classification by business continuity

1. Net profit from continuing operations (net loss divided by

-251,968,686.24 -124,932,157.47 Fill in the column with "-")

2. Net profit from discontinued operations (net loss equal to

Fill in the column with "-" sign)

(2) Classification according to ownership ownership

1. Net profit attributable to shareholders of the parent company

-251,968,686.24 -124,932,157.47 (Net loss is listed with "-")

2. Profit and loss of minority shareholders (net loss divided by

Fill in the column with "-" sign)

6. Net after-tax amount of other comprehensive income -121,672.40 -36,923.48

(1) Others belonging to the owners of the parent company

-121,672.40 -36,923.48 Comprehensive income, net of tax

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

combined income

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(1) Remeasurement of changes in defined benefit plans

Um

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

Comprehensive income

(3) Fair value of other equity instrument investments

change

(4) Fair value of the company’s own credit risk

change

2. Other comprehensive items that will be reclassified into profit and loss

-121,672.40 -36,923.48 income

(1) Other comprehensive items that can be transferred to profits and losses under the equity method

combined income

(2) Changes in fair value of other debt investments

(3) Financial assets are reclassified into other comprehensive

Amount of combined income

(4) Credit impairment provisions for other debt investments

(5) Cash flow hedging reserve

(6) Translation difference of foreign currency financial statements -121,672.40 -36,923.48 (7) Others

(2) Other comprehensive assets attributable to minority shareholders

net of tax on joint income

7. Total comprehensive income -252,090,358.64 -124,969,080.95

(1) Comprehensive assets attributable to the owners of the parent company

-252,090,358.64 -124,969,080.95 total income

(2) Comprehensive income attributable to minority shareholders

total profit

8. Earnings per share:

(1) Basic earnings per share (yuan/share) -0.61 -0.30

(2) Diluted earnings per share (yuan/share) -0.61 -0.30

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: LISHENGFENG (Li Shengfeng) Person in charge of accounting work: Zhan Xianhong Person in charge of the accounting department: Shi Lihua

Parent company income statement

January-June 2026

Unit: Yuan Currency: RMB

Item Notes 2026 Half Year 2025 Half Year

1. Operating income 19.4 519,049,479.32 441,887,841.40 Less: Operating costs 19.4 101,235,296.07 98,287,272.05

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Taxes and surcharges 4,220,854.42 3,677,399.72 Sales expenses 157,108,186.89 127,680,367.34 Management expenses 22,879,672.49 21,621,167.44 Research and development expenses 469,915,985.31 351,584,642.68Financial expenses 12,231,075.82 8,110,213.73Including: Interest expenses 10,357,625.34 10,878,312.40

Interest income 448,721.67 2,621,097.75 plus: other income 2,752,827.34 12,224,660.38 investment income (losses are marked with "-"

Nineteen, 5 229,848.36 345,285.43 fill in the column)

Of which: for associates and joint ventures

90,008.18 -281,972.70 industry investment income

Money measured at amortized cost

Gains from derecognition of financial assets (losses are represented by “-”

(Fill in the number)

Net exposure hedging gain (loss calculated as

Fill in the column with "-" sign)

Gains from changes in fair value (losses calculated as

133,150.69 302,486.98 (please fill in the column with "-")

Credit impairment losses (losses are marked with “-”

5,924.08 282,270.50 (please fill in the list)

Asset impairment losses (losses are marked with “-”

-1,217,065.44 -184,480.88 (Fill in the numbers)

Proceeds from asset disposal (loss calculated as

-56,253.88 6,794.93 (Fill in “-”)

2. Operating profit (loss should be filled in with "-"

-246,693,160.53 -156,096,204.22 columns)

Add: Non-operating income 13,857.45 33,975,015.76 Less: Non-operating expenses 948,383.51 893,265.73

3. Total profit (total loss is marked with "-"

-247,627,686.59 -123,014,454.19 fill in the column)

Less: Income tax expense 23,916.60

4. Net profit (net loss is filled in with "-"

-247,651,603.19 -123,014,454.19 columns)

(1) Net profit from continuing operations (net loss

-247,651,603.19 -123,014,454.19 (please fill in with "-")

(2) Net profit from discontinued operations (net loss

Fill in the column with "-" sign)

5. Net amount of other comprehensive income after tax

(1) Others that cannot be reclassified into profit or loss

Comprehensive income

1. Remeasure changes in defined benefit plans

Um

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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

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. Amount of financial assets reclassified and included in other comprehensive income

3. Credit impairment provisions for other debt investments 5. Cash flow hedging reserves

4. Translation differences of foreign currency financial statements

7.Others

6. Total comprehensive income -247,651,603.19 -123,014,454.19

7. Earnings per share:

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

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

Person in charge of the company: LISHENGFENG (Li Shengfeng) Person in charge of accounting work: Zhan Xianhong Person in charge of the accounting department: Shi Lihua

Consolidated Cash Flow Statement

January to June 2026 Unit: Yuan Currency: RMB

Item Notes 2026 Half Year 2025 Half Year

1. Cash flow generated from operating activities

Quantity:

Received from selling goods and providing services

842,711,948.22 586,332,928.87 cash

Net deposits from customers and deposits from banks and other banks

increase

Net increase in borrowing from the central bank

Net borrowings from other financial institutions

increase

Obtained by receiving premiums from the original insurance contract

Cash

Net cash received from reinsurance business

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Net increase in policyholders’ savings and investment funds

Collecting interest, handling fees and commissions

Cash

Net increase in borrowing funds

Net increase in repurchase business funds

Net cash received from securities trading as an agent

Um

Tax refunds received 10,085,717.71 Other tax refunds related to business activities received

7. 78 2,864,720.05 15,619,734.42 cash

Subtotal of cash inflows from operating activities 845,576,668.27 612,038,381.00 Purchasing goods and accepting payment for labor services

23,808,358.32 17,587,121.96 cash

Net increase in loans and advances to customers

Net deposits with the central bank and inter-bank

increase

Payment of compensation from the original insurance contract

Cash

Net increase in lending funds

Payment of interest, fees and commissions

Cash

Cash payment for policy dividends

Payments made to and for employees

206,188,471.31 165,637,119.01 cash

Various taxes and fees paid 2,897,667.18 10,390,378.36 Paid other taxes related to business activities

7. 78 467,658,688.67 419,238,103.71 Cash

Subtotal of cash outflows from operating activities 700,553,185.48 612,852,723.04 Cash flow generated from operating activities

145,023,482.79 -814,342.04 Net amount

2. Cash flow generated from investing activities

Quantity:

Cash received from recovery of investment 140,000,000.00 685,000,000.00 Cash received from investment income 156,278.54 1,144,745.11 Disposal of fixed assets, intangible assets and

4,705.00 18,000.00 Net cash received from other long-term assets

Disposal of subsidiaries and other business units

Net cash received

Receive other information related to investment activities

Cash

Subtotal of cash inflows from investing activities 140,160,983.54 686,162,745.11 Purchase and construction of fixed assets, intangible assets and

167,873,782.43 61,056,137.88 Cash paid for other long-term assets

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Cash paid for investment 200,000,000.00 595,000,000.00 Net increase in pledged loans

Acquire subsidiaries and other business units

Net cash paid

Payments related to other investment activities

Cash

Subtotal of cash outflows from investing activities 367,873,782.43 656,056,137.88 Cash flows generated from investing activities

-227,712,798.89 30,106,607.23 Net amount

3. Cash flow generated from financing activities

Quantity:

Absorbing cash received from investments

Among them: subsidiaries absorb minority shareholders

Cash received from investments

Cash received from borrowings 298,937,507.62 200,163,701.97 Other cash received related to financing activities

Cash

Subtotal of cash inflows from financing activities 298,937,507.62 200,163,701.97 Cash paid to repay debts 86,981,609.87 183,537,058.56 Distribution of dividends, profits or payment of interest

10,463,133.67 11,147,750.00 Cash paid

Of which: Subsidiaries pay minority shares

Dividends and profits of shareholders

Make other payments related to financing activities

7. 78 58,000.00 58,000.00 cash

Subtotal of cash outflows from financing activities 97,502,743.54 194,742,808.56 Cash flow generated from financing activities

201,434,764.08 5,420,893.41 Net amount

4. Exchange rate changes on cash and cash, etc.

-1,947,883.99 440,194.78 Impact of price

5. Net increase in cash and cash equivalents

116,797,563.99 35,153,353.38 amount

Add: Opening cash and cash equivalents

218,607,735.61 268,703,652.77 Balance

6. Cash and cash equivalents at the end of the period

335,405,299.60 303,857,006.15 amount

Person in charge of the company: LISHENGFENG (Li Shengfeng) Person in charge of accounting work: Zhan Xianhong Person in charge of the accounting department: Shi Lihua

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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

Quantity:

Received from selling goods and providing services

842,711,948.22 586,332,928.87 cash

Tax refunds received 10,085,717.71 Other tax refunds related to business activities received

2,822,485.66 15,590,428.56 cash

Subtotal of cash inflows from operating activities 845,534,433.88 612,009,075.14 Purchase of goods and acceptance of payment for labor services

23,808,358.32 17,587,121.96 cash

Payments made to and for employees

198,327,801.85 158,258,523.41 cash

Various taxes and fees paid 2,713,639.75 10,228,203.28 Other taxes and fees paid related to business activities

473,064,677.59 425,567,517.38 cash

Subtotal of cash outflows from operating activities 697,914,477.51 611,641,366.03 Net cash flow from operating activities

147,619,956.37 367,709.11 amount

2. Cash flow generated from investing activities

Quantity:

Cash received from recovery of investment 140,000,000.00 685,000,000.00 Cash received from investment income 156,278.54 1,144,745.11 Disposal of fixed assets, intangible assets and

4,705.00 18,000.00 Net cash received from other long-term assets

Disposal of subsidiaries and other business units

Net cash received

Receive other information related to investment activities

Cash

Subtotal of cash inflows from investing activities 140,160,983.54 686,162,745.11 Purchase and construction of fixed assets, intangible assets and

58,804,165.13 60,842,637.88 Cash paid for other long-term assets

Cash paid for investment 295,411,012.00 597,000,000.00 Acquisition of subsidiaries and other business units

Net cash paid

Payments related to other investment activities

Cash

Subtotal of cash outflows from investing activities 354,215,177.13 657,842,637.88

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cash flow from investing activities

-214,054,193.59 28,320,107.23 Net amount

3. Cash flow generated from financing activities

Quantity:

Absorbing cash received from investments

Cash received from borrowings 298,727,382.40 200,000,000.00 Other cash received related to financing activities

Cash

Subtotal of cash inflows from financing activities 298,727,382.40 200,000,000.00 Cash paid to repay debts 86,802,719.03 183,484,676.24 Distribute dividends, profits or pay interest

10,463,133.67 11,147,750.00 Cash paid

Make other payments related to financing activities

58,000.00 58,000.00 cash

Subtotal of cash outflows from financing activities 97,323,852.70 194,690,426.24 Cash flow generated from financing activities

201,403,529.70 5,309,573.76 Net amount

4. Exchange rate changes on cash and cash, etc.

-1,826,211.59 477,118.26 Impact of price

5. Net increase in cash and cash equivalents

133,143,080.89 34,474,508.36

Add: Opening cash and cash equivalents

197,999,579.32 264,770,501.27 Balance

6. Cash and cash equivalents at the end of the period

331,142,660.21 299,245,009.63 amount

Person in charge of the company: LISHENGFENG (Li Shengfeng) Person in charge of accounting work: Zhan Xianhong Person in charge of the accounting department: Shi Lihua

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Consolidated Statement of Changes in Owner's Equity

January-June 2026

Unit: Yuan Currency: RMB

2026 half year

Owner's equity attributable to parent company

less

Other equity instruments 1. Number of items Profitable shares Owner's equity combined

minus:

Paid-in capital (or other comprehensive income, remaining capital, total equity), superior capital reserves, inventory reserves, corporate insurance, undistributed profits, other subtotals, equity shares

He reserves reserves, equity shares and debt

Prepare

1. Ending balance of the previous year

414,080,000.00 3,054,383,527.47 -135,074.10 -3,092,297,550.07 376,030,903.30 376,030,903.30 amount

Add: Accounting policy changes

Update

Early error update

Right

Others

2. Balance at the beginning of the current year

414,080,000.00 3,054,383,527.47 -135,074.10 -3,092,297,550.07 376,030,903.30 376,030,903.30 amount

3. Increases and decreases in this period

Amount of transfer (reduced by -121,672.40 -251,968,686.24 -252,090,358.64 -252,090,358.64 filled in with "-")

(1) Comprehensive income

-121,672.40 -251,968,686.24 -252,090,358.64 -252,090,358.64Total

(2) Owner investment

investment and reduction of capital

1. invested by the owner

common stock

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2. Capital invested by other equity instrument holders 3. The amount of share-based payment included in owners’ equity

3. Others

(3) Profit distribution 1. Withdraw surplus reserve 2. Withdraw general risk reserve

3. Distributions to owners (or shareholders)

4. Others

(4) Internal carryover of owners’ equity

1. Convert capital reserve to capital (or share capital) 2. Convert surplus reserves to capital (or share capital) 3. Surplus reserve to cover losses

2. Changes in defined benefit plans are carried forward to retained earnings

3. Other comprehensive income carried forward to retained earnings

4. Others

(5) Special reserves 1. Extract this period

2. Used in this issue

(6) Others

4. The balance at the end of the current period

414,080,000.00 3,054,383,527.47 -256,746.50 -3,344,266,236.31 123,940,544.66 123,940,544.66

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2025 half year

Owner's equity attributable to parent company

less

Other equity instruments 1. Items Tools Less Special Profit General Share Owners’ Equity Total Paid Capital (or: Other Comprehensive Income Remaining Capital Reserves Undistributed Profit Subtotal

Equity) Other treasury reserves Public insurance Other rights first continued

He reserves reserve shares and debt

Stock equipment

1. Ending balance of the previous year

414,080,000.00 3,054,383,527.47 5,682,200.98 -2,766,056,726.32 708,089,002.13 708,089,002.13 amount

Add: Accounting policy changes

Update

Early error update

Right

Others

2. Balance at the beginning of the current year

414,080,000.00 3,054,383,527.47 5,682,200.98 -2,766,056,726.32 708,089,002.13 708,089,002.13 amount

3. Increases and decreases in this period

Amount of transfer (decreases are listed with "-" sign)

(1) Comprehensive income

-36,923.48 -124,932,157.47 -124,969,080.95 -124,969,080.95Total

(2) Owner investment

investment and reduction of capital

1. invested by the owner

common stock

2. Other equity instruments

holders invest capital

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3. The amount of share-based payment included in owners’ equity

4. Others

(3) Profit distribution 1. Withdraw surplus reserve 2. Withdraw general risk reserve

3. Distributions to owners (or shareholders)

4. Others

(4) Ownership rights

-5,700,000.00 5,700,000.00 Profit internally carried forward

1. Convert capital reserve to capital (or share capital) 2. Convert surplus reserves to capital (or share capital) 3. Surplus reserve to cover losses

2. Changes in defined benefit plans are carried forward to retained earnings

3. other comprehensive income

-5,700,000.00 5,700,000.00 Carry forward retained earnings

6. Others

(5) Special reserves 1. Extract this period

2. Used in this issue

(6) Others

4. The balance at the end of the current period

414,080,000.00 3,054,383,527.47 -54,722.50 -2,885,288,883.79 583,119,921.18 583,119,921.18

Person in charge of the company: LISHENGFENG (Li Shengfeng) Person in charge of accounting work: Zhan Xianhong Person in charge of the accounting department: Shi Lihua

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

January-June 2026

Unit: Yuan Currency: RMB

Other equity instruments for the first half of 2026 Less: Other items Paid-in capital (or shares Special surplus capital reserve Inventory Comprehensive undistributed profits Total owners’ equity) Preferred shares Perpetual bonds Other reserves Reserves

share income

1. Closing balance of the previous year 414,080,000.00 3,032,524,781.89 -3,064,762,835.43 381,841,946.46 Add: changes in accounting policies

Early error correction

Others

2. Opening balance of the year 414,080,000.00 3,032,524,781.89 -3,064,762,835.43 381,841,946.46

3. Increase or decrease of change funds in this period

Amount (reduced by "-" to fill in columns -247,651,603.19 -247,651,603.19)

(1) Total comprehensive income

(2) Owner’s investment and

reduce capital

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

(3) Profit distribution

1. Withdrawal from surplus reserve

2. to the owner (or stock

East) distribution

3. Others

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(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

4. Closing balance of the current period 414,080,000.00 3,032,524,781.89 -3,312,414,438.62 134,190,343.27

2025 half year

Other equity instruments Profit/loss:

Items Paid-in capital (or shares Items Remaining capital reserve Inventory Other comprehensive income Undistributed profits Total owners’ equity) Preferred shares Perpetual bonds Others Reserves Public shares

reserve

1. Closing balance of the previous year 414,080,000.00 3,032,524,781.89 5,700,000.00 -2,742,353,243.77 709,951,538.12 Add: changes in accounting policies

Early error correction

Others

2. Balance at the beginning of the year 414,080,000.00 3,032,524,781.89 5,700,000.00 -2,742,353,243.77 709,951,538.12

3. Increase or decrease of change funds in this period

Amount (reduced by "-" -5,700,000.00 -117,314,454.19 -123,014,454.19)

(1) Total comprehensive income -123,014,454.19 -123,014,454.19

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(2) Owner’s investment and capital reduction

1. Common stock invested by owners

2. Capital invested by other equity instrument holders

3. The amount of share-based payment included in owners’ equity

4. Others

(3) Profit distribution

1. Withdraw surplus reserve 2. Distributions to owners (or shareholders)

2. Others

(4) Within owner’s equity

-5,700,000.00 Part 5,700,000.00 carried forward

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. The amount of changes in the defined benefit plan is carried forward to retained earnings 5. Other comprehensive income

-5,700,000.00 5,700,000.00 transferred to retained earnings

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

4. Ending balance of the current period 414,080,000.00 3,032,524,781.89 -2,859,667,697.96 586,937,083.93

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3. Basic situation of the company

1. Company profile

√Applicable □Not applicable

Biothera Biopharmaceutical Co., Ltd. (hereinafter referred to as the "Company" or "the Company" or "Biothera") is a joint-stock company established by the overall change of Biothera Biotechnology (Guangzhou) Co., Ltd. On July 28, 2003, the Guangzhou Municipal Administration for Industry and Commerce issued the "Enterprise Legal Person Business License" (Qidu Yuesui Zongzi No. 100917) to Biotech Biotechnology (Guangzhou) Co., Ltd. The company's unified social credit code: 91440116751954446J. Listed on the Shanghai Stock Exchange in February 2020, stock code: 688177. The industry it belongs to is pharmaceutical manufacturing.

As of June 30, 2026, the company has issued a total of 414.08 million shares, with a registered capital of 414.08 million yuan. The registered place is: No. 18, Helix 2nd Road, International Biological Island, Huangpu District, Guangzhou.

The company's actual main business activities are: medical research and experimental development; technical services, technology development, technical consultation, technology exchange, technology transfer, technology promotion; cell technology research and development and application; drug production entrustment; drug production; import and export of goods; technology import and export; import and export of drugs; drug retail.

This financial statement has been approved by the company's board of directors on August 25, 2026.

四、财务报表的编制基础

1. Basics of preparation

These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" and various specific accounting standards, application guidelines for Accounting Standards for Business Enterprises, interpretations of Accounting Standards for Business Enterprises and other relevant regulations promulgated by the Ministry of Finance (hereinafter collectively referred to as "Accounting Standards for Business Enterprises"), as well as the relevant provisions of the China Securities Regulatory Commission's "Information Disclosure Preparation Rules No. 15 for Companies that Offer Securities to the Public - General Provisions on Financial Reports".

2. Continuous operation

√Applicable □Not applicable

The company's financial statements are prepared on a going concern basis.

5. Important accounting policies and accounting estimates

Specific accounting policies and accounting estimation tips:

√Applicable □Not applicable

The following disclosures cover the specific accounting policies and accounting estimates formulated by the Company based on actual production and operation characteristics.

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.

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2. Accounting period

The company's fiscal year begins on January 1 and ends on December 31 of the Gregorian calendar.

3. Business cycle

√Applicable □Not applicable

The company's operating cycle is 12 months.

4. Accounting standard currency

The company's accounting standard currency is RMB. The company's subsidiaries determine their accounting standard currency based on the main economic environment in which they operate. The accounting standard currency of BTSBiopharma Inc. is the US dollar, and the accounting standard currency of Biotech (Hong Kong) Biopharmaceutical Co., Ltd. is the Hong Kong dollar. This financial statement is presented in RMB.

5. Determination method and selection basis of materiality criteria

√Applicable □Not applicable

Project Materiality Criteria

Important individual accounts receivable with provision for bad debts exceed RMB 10 million

Important projects under construction: The amount or closing balance of a single project under construction exceeds 0.5% of total assets

The book value of a single long-term equity investment exceeds 15% of the group's net assets or important joint ventures or associates

Investment income calculated using the individual equity method exceeds 15% of the group’s total profits

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

√Applicable □Not applicable

Business merger under common control: The assets and liabilities acquired by the merging party in the business merger (including the goodwill formed by the ultimate controlling party's acquisition of the merged party) are measured based on the book value of the merged party's assets and liabilities in the ultimate controlling party's consolidated financial statements on the merger date. The difference between the book value of the net assets acquired in the merger and the book value of the merger consideration paid (or the total face value of the shares issued) is adjusted to the equity premium in the capital reserve. If the equity premium in the capital reserve is insufficient to offset it, the retained earnings are adjusted.

Merger of businesses not under common control: The merger cost is the fair value of the assets paid, liabilities incurred or assumed, and equity securities issued by the acquirer on the acquisition date to obtain control of the acquiree. The difference between the merger cost and the fair value of the acquiree's identifiable net assets acquired in the merger is recognized as goodwill; the difference between the merger cost and the fair value of the acquiree's identifiable net assets acquired in the merger is included in the current profit and loss. All identifiable assets, liabilities and contingent liabilities of the acquiree acquired in the merger that meet the recognition conditions are measured at fair value on the acquisition date.

Directly related expenses incurred for a business merger are included in the current profits and losses when incurred; transaction costs for the issuance of equity securities or debt securities for a business merger are included in the initial recognition amount of equity securities or debt securities.

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

√Applicable □Not applicable

1. Judgment criteria for control

The scope of consolidation of the consolidated financial statements is determined based on control, and the scope of consolidation includes the company and all subsidiaries. control, yes

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It means that the company has power over the investee, enjoys variable returns by participating in the relevant activities of the investee, and has the ability to use its power over the investee to affect the amount of its returns.

2. Merger procedure

The company regards the entire enterprise group as an accounting entity and prepares consolidated financial statements in accordance with unified accounting policies to reflect the overall financial status, operating results and cash flow of the enterprise group. The effects of internal transactions between the Company and its subsidiaries and between subsidiaries are eliminated. If internal transactions indicate that impairment losses have occurred on related assets, the full amount of such losses shall be recognized. If the accounting policies and accounting periods adopted by subsidiaries are inconsistent with those of the Company, necessary adjustments shall be made in accordance with the Company's accounting policies and accounting periods when preparing consolidated financial statements.

The owner's equity of subsidiaries, current net profit and loss and current comprehensive income belonging to minority shareholders are presented separately under the owner's equity item in the consolidated balance sheet, the net profit item and the total comprehensive income item in the consolidated income statement. If the current losses shared by the minority shareholders of a subsidiary exceed the minority shareholders' share of the subsidiary's opening owner's equity, the balance is offset against the minority shareholders' equity.

(1) Add subsidiaries or businesses

During the reporting period, if a subsidiary or business is added due to a business merger under the same control, the operating results and cash flows of the subsidiary or business combination from the beginning of the current period to the end of the reporting period will be included in the consolidated financial statements. At the same time, the opening numbers of the consolidated financial statements and relevant items in the comparative statements will be adjusted. The post-merger reporting entity will be deemed to have existed from the time when the ultimate controlling party began to control.

If it is possible to control an investee under the same control due to additional investment or other reasons, the equity investment held before obtaining control of the merged party has recognized relevant profits and losses, other comprehensive income and other changes in net assets between the date of acquisition of the original equity and the date when the merging party and the merged party are under the same control, whichever is later, to the date of merger, and shall offset the opening retained earnings or current profits and losses of the comparative statement period respectively.

During the reporting period, if a subsidiary or business is added due to a business combination not under common control, the fair value of each identifiable asset, liability and contingent liability determined on the date of purchase will be included in the consolidated financial statements from the date of purchase.

If it is possible to exercise control over an investee not under the same control due to additional investment or other reasons, the equity of the purchased party held before the purchase date shall be remeasured according to the fair value of the equity on the purchase date, and the difference between the fair value and its book value shall be included in the investment income of the current period. Other comprehensive income related to the equity of the purchased party held before the purchase date that can be reclassified into profit and loss later, and other changes in owner's equity under equity method accounting are converted into investment income for the current period on the purchase date.

(2) Disposal of subsidiaries

①General treatment methods

When control over the investee is lost due to the disposal of part of the equity investment or other reasons, the remaining equity investment after disposal shall be 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 sum of the share of the original subsidiary's net assets calculated continuously from the date of purchase or merger based on the original shareholding ratio and the sum of goodwill, 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 that can be reclassified into profit and loss in the future and other changes in owner's equity under equity method accounting will be converted into investment income for the current period when control is lost. ② Disposal of subsidiaries step by step

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If the equity investment in a subsidiary is disposed of step by step through multiple transactions until control is lost, if the terms, conditions and economic impact of each transaction to dispose of the equity investment in the subsidiary meet one or more of the following circumstances, it usually indicates that the multiple transactions are a package deal:

ⅰ． the transactions were entered into simultaneously or with consideration of their effects on each other;

ⅱ. Only these transactions as a whole can achieve a complete business result;

ⅲ. The occurrence of one transaction depends on the occurrence of at least one other transaction;

ⅳ． A transaction that is uneconomical on its own is economical when considered together with other transactions.

If each transaction is a package deal, each transaction will be accounted for as a transaction in which the subsidiary is disposed of and control is lost; before the loss of control, the difference between each disposal price and the share of the subsidiary's net assets corresponding to the disposal investment 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.

If each transaction does not belong to a package deal, before the loss of control, the equity investment in the subsidiary will be accounted for as a partial disposal without losing control; when the control is lost, the accounting treatment will be based on the general treatment method for disposing of a subsidiary. (3) Purchase minority shares in subsidiaries

The difference between the newly acquired long-term equity investment due to the purchase of minority shares and the share of the subsidiary's net assets calculated continuously from the date of purchase or merger based on the newly added shareholding ratio shall be adjusted to the equity premium in the capital reserve in the consolidated balance sheet. If the equity premium in the capital reserve is insufficient to offset, the retained earnings shall be adjusted.

(4) Partially dispose of equity investments in subsidiaries without losing control

The difference between the disposal price and the share of the net assets of the subsidiary corresponding to the disposal of the long-term equity investment, calculated continuously from the date of purchase or merger, is adjusted to the equity premium in the capital reserve in the consolidated balance sheet. If the equity premium in the capital reserve is insufficient to offset, the retained earnings are adjusted.

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

□Applicable √Not applicable

9. Determination standards for cash and cash equivalents

Cash equivalents refer to investments held by an enterprise that have a short term (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 value changes.

10. Foreign currency business and foreign currency statement conversion

√Applicable □Not applicable

1. Foreign currency business

For foreign currency business, the spot exchange rate on the date of transaction is used as the conversion rate to convert the foreign currency amount into RMB for accounting.

The balance of foreign currency monetary items on the balance sheet date is translated at the spot exchange rate on the balance sheet date. The resulting exchange differences, except for the exchange differences arising from special foreign currency borrowings related to the acquisition and construction of assets that meet capitalization conditions, are treated in accordance with the principle of capitalization of borrowing costs, and are included in the current profit and loss.

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2. Conversion of foreign currency financial statements

Assets and liability items in the balance sheet are translated using the spot exchange rate on the balance sheet date; owners' equity items, except for "undistributed profits" items, are translated using the spot exchange rate at the time of occurrence. Income and expense items in the income statement are translated using the spot exchange rate on the date of transaction.

When disposing of an overseas operation, the translation difference of the foreign currency financial statements related to the overseas operation will be transferred from the owner's equity items to the current profit and loss of the disposal.

11. Financial instruments

√Applicable □Not applicable

The Company recognizes a financial asset, financial liability or equity instrument when it becomes a party to a financial instrument contract.

1. Classification of financial instruments

Based on the company's business model for managing financial assets and the contractual cash flow characteristics of financial assets, financial assets are classified upon initial recognition as: financial assets measured at amortized cost, financial assets measured at fair value with changes included in other comprehensive income, and financial assets measured at fair value with changes included in current profits and losses.

The Company will classify financial assets that meet the following conditions and are not designated as measured at fair value through profit or loss for the current period as financial assets measured at amortized cost:

• The business model is aimed at collecting contractual cash flows;

• Contractual cash flows are solely payments of principal and interest based on the outstanding principal amount.

The Company will classify financial assets that meet the following conditions and are not designated as measured at fair value through profit or loss for the current period as financial assets (debt instruments) at fair value through other comprehensive income:

• The business model aims at both collecting contractual cash flows and selling the financial assets;

• Contractual cash flows are solely payments of principal and interest based on the outstanding principal amount.

For non-trading equity instrument investments, the Company can irrevocably designate them as financial assets measured at fair value with changes included in other comprehensive income (equity instruments) upon initial recognition. This designation is made on an investment-by-investment basis and the underlying investment meets the definition of an equity instrument from the issuer's perspective.

Except for the above-mentioned financial assets measured at amortized cost and at fair value with changes included in other comprehensive income, the Company classifies all remaining financial assets as financial assets measured at fair value with changes included in current profits and losses. At the time of initial recognition, if the accounting mismatch can be eliminated or significantly reduced, the company may irrevocably designate financial assets that should have been classified as measured at amortized cost or at fair value through other comprehensive income as financial assets at fair value through profit or loss for the current period.

Financial liabilities are classified upon initial recognition into: financial liabilities measured at fair value through profit or loss for the current period and financial liabilities measured at amortized cost.

Financial liabilities that meet one of the following conditions can be designated as financial liabilities measured at fair value with changes included in current profits and losses at the time of initial measurement:

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1. This designation can eliminate or significantly reduce accounting mismatches.

2. According to the enterprise risk management or investment strategy stated in formal written documents, manage and perform performance evaluation on the financial liability portfolio or financial assets and financial liability portfolio on the basis of fair value, and report to key management personnel on this basis within the enterprise. 3) The financial liability contains embedded derivatives that need to be separated separately.

2. Recognition basis and measurement method of financial instruments

(1) Financial assets measured at amortized cost

Financial assets measured at amortized cost include notes receivable, accounts receivable, other receivables, long-term receivables, debt investments, etc., which are initially measured at fair value, and relevant transaction costs are included in the initial recognition amount; accounts receivable that do not contain significant financing components and accounts receivable that the company decides not to consider financing components that do not exceed one year are initially measured at the contract transaction price. Interest calculated using the actual interest rate method during the holding period is included in the current profit and loss.

When recovered or disposed of, the difference between the price obtained and the book value of the financial asset will be included in the current profit and loss.

(2) Financial assets (debt instruments) measured at fair value and changes included in other comprehensive income

Financial assets (debt instruments) measured at fair value and whose changes are included in other comprehensive income include receivables financing, other debt investments, etc., which are initially measured at fair value, and relevant transaction costs are included in the initial recognition amount. The financial assets are subsequently measured at fair value, and changes in fair value are included in other comprehensive income, except for interest calculated using the effective interest rate method, impairment losses or gains and exchange gains and losses.

When derecognition is terminated, the accumulated gains or losses previously included in other comprehensive income are transferred out of other comprehensive income and included in the current profit and loss.

(3) Financial assets (equity instruments) measured at fair value and whose changes are included in other comprehensive income

Financial assets (equity instruments) measured at fair value through other comprehensive income, including other equity instrument investments, are initially measured at fair value, and relevant transaction costs are included in the initial recognition amount. The financial assets are subsequently measured at fair value, and changes in fair value are included in other comprehensive income. Dividends received are included in the current profit and loss.

Upon derecognition, the accumulated gains or losses previously included in other comprehensive income are transferred out of other comprehensive income and included in retained earnings.

(4) Financial assets measured at fair value and changes included in current profits and losses

Financial assets measured at fair value and whose changes are included in the current profit and loss include trading financial assets, derivative financial assets, other non-current financial assets, etc., which are initially measured at fair value, and related transaction costs are included in the current profit and loss. The financial assets are subsequently measured at fair value, and changes in fair value are included in current profits and losses.

(5) Financial liabilities measured at fair value and changes included in current profits and losses

Financial liabilities measured at fair value and whose changes are included in the current profit and loss include trading financial liabilities, derivative financial liabilities, etc., which are initially measured at fair value, and related transaction costs are included in the current profit and loss. The financial liability is subsequently measured at fair value, and changes in fair value are included in the current profit and loss.

When derecognition is terminated, the difference between its book value and the consideration paid is included in the current profit and loss.

(6) Financial liabilities measured at amortized cost

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Financial liabilities measured at amortized cost include short-term borrowings, notes payable, accounts payable, other payables, long-term borrowings, bonds payable, and long-term payables. They are initially measured at fair value, and related transaction costs are included in the initial recognition amount.

Interest calculated using the actual interest rate method during the holding period is included in the current profit and loss.

When the recognition is terminated, the difference between the consideration paid and the book value of the financial liability will be included in the current profit and loss.

3. Recognition basis and measurement method for derecognition of financial assets and transfer of financial assets

When one of the following conditions is met, the company terminates the recognition of financial assets:

• Termination of the contractual right to receive cash flows from the financial asset;

• The financial asset has been transferred, and substantially all the risks and rewards of ownership of the financial asset have been transferred to the transferee;

• The financial asset has been transferred. Although the Company neither transfers nor retains substantially all risks and rewards of ownership of the financial asset, it does not retain control over the financial asset.

If the company and the counterparty modify or renegotiate the contract and it constitutes a substantial modification, the original financial asset will be terminated and a new financial asset will be recognized in accordance with the modified terms.

When a financial asset is transferred, if substantially all the risks and rewards of ownership of the financial asset are retained, the financial asset will not be derecognised.

When judging whether the transfer of financial assets meets the above conditions for derecognition of financial assets, the principle of substance over form is adopted. The company distinguishes the transfer of financial assets into overall transfer and partial transfer of financial assets. If the overall transfer of financial assets meets the conditions for derecognition, the difference between the following two amounts will be included in the current profit and loss:

(1) Book value of the transferred financial assets;

(2) The sum of the consideration received for the transfer and the cumulative amount of changes in fair value that were originally directly included in the owner's equity (if the financial assets involved in the transfer are financial assets (debt instruments) measured at fair value and whose changes are included in other comprehensive income). If a partial transfer of a financial asset meets the conditions for derecognition, the overall book value of the transferred financial asset will be apportioned between the derecognized part and the non-derecognized part according to their respective relative fair values, and the difference between the following two amounts shall be included in the current profit and loss:

(1) The book value of the part whose recognition is terminated;

(2) The sum of the consideration for the derecognition part and the amount corresponding to the derecognition part of the cumulative amount of changes in fair value that was originally directly included in the owner's equity (the financial assets involved are financial assets (debt instruments) measured at fair value and whose changes are included in other comprehensive income).

If the transfer of financial assets does not meet the conditions for derecognition, the financial assets will continue to be recognized, and the consideration received will be recognized as a financial liability.

4. Derecognition of financial liabilities

If the current obligations of a financial liability have been discharged in whole or in part, the recognition of the financial liability or part of it will be terminated; if the company signs an agreement with the creditor to replace the existing financial liability by assuming a new financial liability, and the contract terms of the new financial liability and the existing financial liability are substantially different, the recognition of the existing financial liability will be terminated and the new financial liability will be recognized at the same time.

If any substantial modification is made to all or part of the contract terms of an existing financial liability, the recognition of the existing financial liability or part of it shall be terminated.

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points, and at the same time, the financial liability after the modified terms is recognized as a new financial liability.

When all or part of a financial liability is derecognised, the difference between the book value of the derecognized financial liability and the consideration paid (including non-cash assets transferred out or new financial liabilities assumed) shall be included in the current profit and loss.

If the company repurchases part of a financial liability, it will allocate the overall book value of the financial liability based on the relative fair value of the continued recognition part and the derecognized part on the repurchase date. The difference between the book value allocated to the derecognized part and the consideration paid (including non-cash assets transferred out or new financial liabilities assumed) is included in the current profit and loss.

5. Determination method of fair value of financial assets and financial liabilities

For financial instruments with an active market, their fair value is determined based on the quoted price in the active market. For financial instruments for which there is no active market, valuation techniques are used to determine their fair value. When valuing, the Company 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. Unobservable inputs are used only when the relevant observable inputs are unobservable or impracticable to obtain.

6. Testing methods and accounting treatment methods for impairment of financial instruments

The Company performs impairment accounting treatment on the basis of expected credit losses for financial assets measured at amortized cost, financial assets (debt instruments) measured at fair value with changes included in other comprehensive income, and financial guarantee contracts.

The company considers reasonable and well-founded information about past events, current conditions and predictions of future economic conditions, weights the risk of default, calculates the probability-weighted amount of the present value of the difference between the cash flow receivable in the contract and the cash flow expected to be received, and recognizes expected credit losses.

For receivables and contract assets formed by transactions regulated by "Accounting Standards for Business Enterprises No. 14 - Revenue", regardless of whether they contain significant financing components, the Company always measures its loss provisions at an amount equivalent to the expected credit losses during the entire duration.

For lease receivables formed by transactions regulated by "Accounting Standards for Business Enterprises No. 21 - Leasing", the Company chooses to always measure its loss provisions at an amount equivalent to the expected credit losses during the entire duration.

For other financial instruments, the Company evaluates the changes in the credit risk of the relevant financial instruments since initial recognition on each balance sheet date.

The Company compares the risk of default of a financial instrument on the balance sheet date with the risk of default on the initial recognition date to determine the relative change in the default risk of the financial instrument during its expected duration to assess whether the credit risk of the financial instrument has increased significantly since initial recognition. Generally, if the financial instrument is overdue for more than 30 days, the Company considers that the credit risk of the financial instrument has increased significantly, unless there is conclusive evidence that the credit risk of the financial instrument has not increased significantly since the initial recognition.

If the credit risk of a financial instrument is low on the balance sheet date, the Company considers that the credit risk of the financial instrument has not increased significantly since initial recognition.

If the credit risk of the financial instrument has increased significantly since initial recognition, the Company will measure its loss provisions at an amount equivalent to the expected credit losses of the financial instrument throughout its lifetime; if the credit risk of the financial instrument has not increased significantly since initial recognition, the Company will measure its loss provisions at an amount equivalent to the expected credit losses of the financial instrument within the next 12 months. The resulting increase or reversal of loss provisions is included in the current profit and loss as impairment losses or gains. For those measured at fair value and their

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For financial assets (debt instruments) whose changes are included in other comprehensive income, the loss provision is recognized in other comprehensive income, and the impairment loss or gain is included in the current profit and loss, without reducing the book value of the financial asset listed in the balance sheet.

If there is objective evidence that a certain receivable has been credit-impaired, the Company will make impairment provisions for the receivable on an individual basis.

Except for the above-mentioned receivables for which bad debt provisions are individually made, the Company divides the remaining financial instruments into several combinations based on credit risk characteristics, and determines expected credit losses on the basis of the combinations. The company’s combination categories and determination basis of expected credit losses for notes receivable, accounts receivable, other receivables, contract assets, etc. are as follows:

Project Portfolio Category Determination Basis

Refer to historical credit loss experience, combined with the current situation and future economic notes receivable, accounts receivable,

Prediction of special credit risk conditions, preparation of notes receivable, accounts receivable, receivables financing, receivables financing, and others

Collection portfolio: Aging of other receivables, contract assets, etc. and expected credit loss rate compared with receivables, contract assets, etc.

Table, Calculation of Expected Credit Loss

If the company no longer reasonably expects that the contractual cash flows of a financial asset can be fully or partially recovered, it will directly write down the book balance of the financial asset.

12. Notes receivable

□Applicable √Not applicable

13. Accounts receivable

√Applicable □Not applicable

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

√Applicable □Not applicable

Please refer to Note "V. 11 Financial Instruments" for details of the recognition standards and accrual methods of bad debt provisions for the Group's receivables. 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

Please refer to Note "V. 11 Financial Instruments" for details of the recognition standards and accrual methods of bad debt provisions for the Group's receivables.

14. Accounts receivable financing

□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

Please refer to Note "V. 11 Financial Instruments" for details of the recognition standards and accrual methods of bad debt provisions for the Group's receivables.

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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

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

1. Classification and cost of inventory

Inventories are classified into: raw materials, work in progress, finished goods, etc.

Inventories are initially measured at cost, which includes purchase costs, processing costs and other costs.

2. Valuation method for shipped inventory

Inventories are valued based on the weighted average method when shipped.

3. Inventory inventory system

Adopt a perpetual inventory system.

4. Amortization method for low-value consumables and packaging materials

(1) Low-value consumables adopt the one-time resale method;

(2) The packaging materials adopt the one-time resale method.

Recognition standards and accrual methods for inventory depreciation provisions

√Applicable □Not applicable

On the balance sheet date, inventories should be measured at the lower of cost and net realizable value. When the inventory cost is higher than its net realizable value, inventory depreciation provisions should be made. Net realizable value refers to the estimated selling price of inventory in daily activities minus the estimated costs to be incurred upon completion, estimated sales expenses and related taxes.

For inventory of goods that are directly for sale, such as finished goods, inventory, and materials for sale, during the normal production and operation process, the net realizable value is determined by the estimated selling price of the inventory minus the estimated sales expenses and related taxes; for material inventories that need to be processed, during the normal production and operation process, the estimated selling price of the finished goods produced is deducted to the time of completion. The net realizable value is determined based on the estimated costs, estimated sales expenses and relevant taxes. For inventories held for the execution of sales contracts or labor contracts, the net realizable value is calculated based on the contract price. If the quantity of inventory held is greater than the quantity ordered in the sales contract, the net realizable value of the excess inventory is calculated based on the general sales price.

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

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Calculation method and basis for determining the net realizable value of each warehouse age combination based on the inventory age confirmation of the net realizable value □ Applicable √ Not applicable

17. Contract assets

√Applicable □Not applicable

Recognition methods and standards for contract assets

√Applicable □Not applicable

The Company presents contract assets or contract liabilities in the balance sheet based on the relationship between performance obligations and customer payments. The right to receive consideration for which the Company has transferred goods or provided services to a customer (and that right is dependent on factors other than the passage of time) is shown as a contract asset. Contract assets and contract liabilities under the same contract are presented on a net basis. The Company's unconditional (subject only to the passage of time) right to receive consideration from customers is presented separately as receivables. Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

√Applicable □Not applicable

For details on the determination method and accounting treatment method of expected credit losses of contract assets, please refer to "Testing method and accounting treatment method for impairment of financial instruments" in "V. 11 Financial Instruments" of this note.

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

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

□Applicable √Not applicable

Determination standards and presentation methods for discontinued operations

□Applicable √Not applicable

19. Long-term equity investment

√Applicable □Not applicable

1. Judgment criteria for joint control and significant influence

Joint control refers to the shared control over an arrangement in accordance with relevant agreements, and the relevant activities of the arrangement must be decided only with the unanimous consent of the participants sharing control rights. If the company and other joint venture parties jointly control the invested unit and have rights to the net assets of the invested unit, the invested unit is a joint venture of the company.

Significant influence refers to the power to participate in the financial and operating decisions of the invested unit, but it is not able to control or jointly control the formulation of these policies with other parties. If the company can exert significant influence on the invested unit, the invested unit shall be an associate of the company.

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2. Determination of initial investment cost

(1) Long-term equity investment formed by business merger

For long-term equity investments in subsidiaries resulting from 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 combined party's owner's equity in the ultimate controlling party's consolidated financial statements on the date of merger. The difference between the initial investment cost of a long-term equity investment and the book value of the payment consideration is adjusted to the equity premium in the capital reserve; when the equity premium in the capital reserve is insufficient for offset, the retained earnings are adjusted. If it is possible to control an investee under the same control due to additional investment or other reasons, the difference between the initial investment cost of the long-term equity investment confirmed in accordance with the above principles 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. If the equity premium is insufficient to offset it, the retained earnings will be offset.

For long-term equity investments in subsidiaries resulting from a business combination not under common control, the merger cost determined on the purchase date shall be regarded as the initial investment cost of the long-term equity investment. If it is possible to exercise control over an investee that is not under common control due to additional investment or other reasons, the initial investment cost shall be the sum of the book value of the original equity investment plus the cost of the new investment.

(2) Long-term equity investment obtained through other methods other than business mergers

For long-term equity investments obtained by paying cash, the actual purchase price paid shall be regarded as the initial investment cost.

For long-term equity investments obtained by issuing equity securities, the initial investment cost shall be based on the fair value of the equity securities issued.

3. Subsequent measurement and profit and loss recognition methods

(1) Long-term equity investment calculated using cost method

The company's long-term equity investments in subsidiaries are accounted for using the cost method, unless the investment meets the conditions of being held for sale. In addition to 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 company recognizes the current investment income based on the cash dividends or profits declared and distributed by the investee.

(2) Long-term equity investment accounted for by equity method

Long-term equity investments in associates and joint ventures are accounted for using the equity method. If the initial investment cost is greater than the fair value share of the investee's identifiable net assets that should be enjoyed at the time of investment, the initial investment cost of 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 that should be enjoyed at the time of investment, the difference will be included in the current profit and loss, and the cost of long-term equity investment will be adjusted at the same time.

The company recognizes investment income and other comprehensive income respectively according to its share of the net profit or loss and other comprehensive income realized by the investee, and adjusts the book value of the long-term equity investment at the same time; calculates the share of the investee's profits or cash dividends declared to be distributed, and reduces the book value of the long-term equity investment accordingly; for other changes in the owner's equity of the investee other than net profits and losses, other comprehensive income and profit distribution (referred to as "other changes in owner's equity"), the book value of the long-term equity investment is adjusted and included in the owner's equity.

When confirming the share of the investee's net profit and loss, other comprehensive income and other changes in owner's equity, the fair value of the investee's identifiable net assets when the investment is obtained is used as the basis, and in accordance with the company's accounting policies and accounting period, the net profit and other comprehensive income of the investee are adjusted and recognized.

Unrealized profits and losses from internal transactions between the company and its associates and joint ventures are calculated and attributed to the company in proportion to their share.

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The part of the company shall be offset, and investment income shall be recognized on this basis, except where the assets invested or sold constitute a business. Unrealized internal transaction losses with invested entities, which are asset impairment losses, are recognized in full.

The company's net losses from joint ventures or associates, in addition to its obligation to bear additional losses, are limited to the reduction to zero of the book value of long-term equity investments and other long-term equities that essentially constitute the net investment in joint ventures or associates. If the joint venture or associated enterprise realizes net profits in the future, the company will resume recognizing the income sharing amount after the income sharing amount makes up for the unrecognized loss sharing amount.

(3) Disposal of long-term equity investments

When disposing of a long-term equity investment, the difference between its book value and the actual price obtained shall be included in the current profit and loss.

If a long-term equity investment accounted for by the equity method is partially disposed of, and the remaining equity is still accounted for by the equity method, other comprehensive income recognized by the original equity method will be carried forward in proportion to the same basis as the investee's direct disposal of relevant assets or liabilities, and changes in other owners' equity will be carried forward to the current profit and loss in proportion.

If the joint control or significant influence on the invested unit is lost due to the disposal of equity investment or other reasons, other comprehensive income recognized by the original equity investment due to the use of equity method accounting shall be accounted for on the same basis as the investee's direct disposal of relevant assets or liabilities when the use of equity method accounting is terminated. All other changes in owner's equity will be transferred to the current profit and loss when the use of equity method accounting is terminated.

If control over the invested unit is lost due to disposal of part of the equity investment or other reasons, when preparing individual financial statements, if the remaining equity can exercise joint control or significant influence on the invested unit, it shall be accounted for according to the equity method instead, and the remaining equity shall be deemed to have been accounted for using the equity method from the time of acquisition for adjustment. For other comprehensive income recognized before obtaining control of the invested unit, the same method as for the direct disposal of relevant assets or liabilities by the invested unit shall be used. The basis is carried forward on a proportional basis, and changes in other owners' equity recognized by the equity method are carried forward proportionally to the current profit and loss; if the remaining equity cannot jointly control or exert significant influence on the invested unit, it is recognized as a financial asset, and the difference between its fair value and book value on the date of loss of control is included in the current profit and loss. Other comprehensive income and other changes in other owners' equity recognized before obtaining control of the invested unit are all carried forward.

If the equity investment in a subsidiary is disposed of in multiple transactions step by step until the control is lost, and it is a package transaction, each transaction is accounted for as a transaction in which the equity investment in the subsidiary is disposed of and control is lost; 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 in individual financial statements, and when control is lost, it is transferred to the current profit and loss for the loss of control. If the transaction does not belong to a package, each transaction shall be accounted for separately.

20. Investment real estate

Not applicable

21. Fixed assets

(1) Confirmation conditions

√Applicable □Not applicable

Fixed assets are held for the purpose of producing goods, providing labor services, leasing or operating management, and have a useful life of more than one accounting year.

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degree of tangible assets. Fixed assets are recognized when the following conditions are met at the same time:

(1) The economic benefits related to the fixed asset are likely to flow into the enterprise;

(2) The cost of the fixed asset can be measured reliably.

Fixed assets are initially measured at cost (taking into account the impact of expected disposal costs).

Subsequent expenditures related to a fixed asset are included in the cost of the fixed asset when the economic benefits related to it are likely to flow in and its cost can be reliably measured; for the replaced part, its book value is derecognised; all other subsequent expenditures are included in the current profit and loss when incurred.

(2) Depreciation method

√Applicable □Not applicable

Depreciation of fixed assets is classified and provided using the straight-line method, and the depreciation rate is determined based on the category of fixed assets, estimated service life and estimated net residual value rate. For fixed assets for which impairment provisions have been made, the depreciation amount will be determined based on the book value after deducting impairment provisions and the remaining useful life in the future period. If each component of a fixed asset has a different service life or provides economic benefits to the enterprise in different ways, different depreciation rates or depreciation methods should be selected to accrue depreciation separately.

The depreciation methods, depreciation years, residual value rates 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 Straight-line method 5-30 5.00% 3.17%-19.00% Machinery and equipment Straight-line method 3-10 5.00% 9.50%-31.67% Transportation Vehicles Straight-line method 3-5 5.00% 19.00%-31.67% Office and electronic equipment Average method of years 3-5 5.00% 19.00%-31.67%

22. Projects under construction

√Applicable □Not applicable

Construction in progress is measured based on actual costs incurred. Actual costs include construction costs, installation costs, borrowing costs eligible for capitalization and other necessary expenditures incurred before the project under construction reaches the intended usable condition. When the construction in progress reaches the intended usable state, it will be transferred to fixed assets and depreciation will be accrued from the next month.

23. Borrowing costs

√Applicable □Not applicable

1. Recognition principles for capitalization of borrowing costs

If the borrowing costs incurred by the company can be directly attributed to the purchase, construction or production of assets that meet the capitalization conditions, they will be capitalized and included in the cost of the relevant assets; other borrowing costs will be recognized as expenses based on the amount incurred when they are incurred and included in the current profits and losses.

Assets that meet the conditions 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.

2. Capitalization period of borrowing costs

The capitalization period refers to the period from the time when borrowing costs start to be capitalized to the time when capitalization stops. The capitalization of borrowing costs is suspended.

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The period is not included.

Capitalization of borrowing costs begins when the following conditions are met at the same time:

(1) Asset expenditures have occurred. Asset expenditures include expenditures in the form of cash payments, transfers of non-cash assets or interest-bearing debts for the acquisition, construction or production of assets that meet capitalization conditions;

(2) Borrowing costs have been incurred;

(3) The purchase, construction or production activities necessary to bring the asset to its intended usable or salable state have begun.

When the acquisition, construction or production of assets that meet the capitalization conditions reaches the intended usable or salable state, the capitalization of borrowing costs ceases.

3. Capitalization suspension period

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; if the interruption is a necessary procedure for the assets that meet the capitalization conditions to be acquired, constructed or produced to reach the intended usable or salable state, the borrowing costs will continue to be capitalized. Borrowing costs incurred during the interruption period are recognized as current profits and losses, and the borrowing costs continue to be capitalized until the acquisition, construction or production activities of the assets restart.

4. Calculation method of capitalization rate and capitalization amount of borrowing costs

For special borrowings borrowed for the purpose of purchasing, constructing or producing assets that qualify for capitalization, the capitalized amount of borrowing costs is determined by the amount of borrowing costs actually incurred for the special borrowing in the current period, minus the interest income from unused borrowed funds deposited in banks or investment income from temporary investments.

For general borrowings used for the purchase, construction or production of assets that qualify for capitalization, the amount of borrowing costs that should be capitalized on the general borrowings is calculated and determined based on the weighted average of the asset disbursements that exceed the portion of the special borrowings multiplied by the capitalization rate of the general borrowings occupied. The capitalization rate is calculated and determined based on the weighted average actual interest rate of general borrowings.

During the capitalization period, the exchange differences on the principal and interest of special foreign currency borrowings are capitalized and included in the cost of assets that meet the capitalization conditions. Exchange differences arising from the principal and interest of foreign currency borrowings other than special foreign currency borrowings are included in the current profits and losses.

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

1. When the company obtains intangible assets, it is initially measured at cost;

The cost of outsourced intangible assets includes the purchase price, relevant taxes and other expenses directly attributable to achieving the intended use of the asset.

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2. Subsequent measurement

Analyze and determine the useful life of intangible assets when acquiring them.

For intangible assets with a limited service life, they will be amortized within the period that they bring economic benefits to the enterprise; if the period in which the intangible assets can bring economic benefits to the enterprise cannot be foreseen, they will be regarded as intangible assets with an indefinite service life and will not be amortized.

Estimated useful life of intangible assets with limited useful life:

Item Estimated service life Amortization method Residual value rate Estimated service life is determined based on land use rights 50 years Straight-line method 0.00% Authorization software specified in the state-owned land use right certificate 3 years Straight-line method 0.00% Estimated service life

3. Basis for judgment of intangible assets with indefinite service life and procedures for review of their service life

The company has no intangible assets with indefinite useful lives during the reporting year.

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

√Applicable □Not applicable

1. Scope of collection of R&D expenditures

Expenditures incurred by the company during the research and development process include relevant employee salaries, consumable materials, clinical trials and technical services, related depreciation and amortization expenses of personnel engaged in R&D activities, etc. The company calculates R&D expenses according to R&D projects and collects various expenditures.

2. Specific criteria for dividing the research stage and development stage

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

Research stage: The stage of original planned investigation and research activities to obtain and understand new scientific or technical knowledge.

Development stage: A stage in which research results or other knowledge are applied to a plan or design to produce new or substantially improved materials, devices, products, etc. before commercial production or use.

3. Specific conditions for capitalization of expenditures during the development phase

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;

(3) The way in which 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) 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.

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27. Impairment of long-term assets

√Applicable □Not applicable

Long-term equity investments, investment real estate measured using the cost model, fixed assets, projects under construction, right-of-use assets, intangible assets with limited useful lives, oil and gas assets and other long-term assets will be tested for impairment if there are signs of impairment on the balance sheet date. 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. 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 formed due to business mergers, intangible assets with indefinite useful lives, and intangible assets that have not yet reached a usable state, regardless of whether there are signs of impairment, an impairment test shall be conducted at least at the end of each year.

The company conducts a goodwill impairment test. The book value of goodwill formed due to business mergers will be allocated to the relevant asset groups in a reasonable manner from the date of purchase. If it is difficult to allocate it to the relevant asset groups, it will be allocated to the relevant asset group combinations. The relevant asset group or combination of asset groups is an asset group or combination of asset groups that can benefit from the synergy of the business combination.

When conducting an impairment test on a relevant asset group or combination of asset groups that contains goodwill, if there are signs of impairment in the asset group or combination of asset groups that are related to goodwill, first conduct an impairment test on the asset group or combination of asset groups that does not contain goodwill, calculate the recoverable amount, and compare it with the relevant book value to confirm the corresponding impairment loss. Then conduct an impairment test on the asset group or asset group combination that contains goodwill, and compare its book value with the recoverable amount. If the recoverable amount is lower than the book value, the impairment loss will first be deducted from the book value of the goodwill allocated to the asset group or asset group combination, and then deducted from 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, they will not be reversed in subsequent accounting 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 current and subsequent periods with an amortization period of more than one year.

Long-term deferred expenses are amortized evenly over the benefit period.

29. Contract liabilities

√Applicable □Not applicable

The Company presents contract assets or contract liabilities in the balance sheet based on the relationship between performance obligations and customer payments. The Company's obligations to transfer goods or provide services to customers for consideration received or receivable from customers are listed as contract liabilities. Contract assets and contract liabilities under the same contract are presented on a net basis.

30. Employee compensation

(1) Accounting treatment of short-term compensation

√Applicable □Not applicable

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During the accounting period when employees provide services to the company, the company recognizes the actual short-term compensation as a liability and includes it in the current profit and loss or related asset costs.

The company pays social insurance premiums and housing provident funds for its employees, as well as union funds and employee education funds withdrawn in accordance with regulations. During the accounting period when employees provide services to the company, the corresponding amount of employee remuneration is calculated and determined based on the prescribed accrual basis and accrual ratio.

The employee welfare expenses incurred by the company are included in the current profit and loss or related asset costs based on the actual amount when they are actually incurred. Among them, non-monetary benefits are measured at fair value.

(2) Accounting treatment of post-employment benefits

√Applicable □Not applicable

(1) Set up a withdrawal plan

The company pays basic pension insurance and unemployment insurance for its employees in accordance with relevant regulations of the local government. During the accounting period when employees provide services to the company, the amount payable is calculated based on the payment base and proportion specified by the local government, is recognized as a liability, and is included in the current profit and loss or related asset costs. In addition, the Company also participates in the enterprise annuity plan/supplementary pension insurance fund approved by relevant national departments. The company pays contributions to the annuity plan/local social insurance agency based on a certain proportion of the total employee wages, and the corresponding expenditures are included in the current profit and loss or related asset costs.

(2) Defined benefit plan

The company attributes the welfare obligations arising from the defined benefit plan to the period in which employees provide services based on the formula determined by the expected cumulative welfare unit method, and includes them in the current profit and loss or related asset costs.

The deficit or surplus formed by deducting the present value of the defined benefit plan obligations from the fair value of the defined benefit plan assets is recognized as the net liability or net assets of a defined benefit plan. If there is a surplus in the defined benefit plan, the company shall measure the net assets of the defined benefit plan at the lower of the surplus of the defined benefit plan and the asset upper limit.

All defined benefit plan obligations, including obligations expected to be paid within twelve months after the end of the annual reporting period in which employees provide services, are discounted based on the market rate of return on Treasury bonds or high-quality corporate bonds in active markets on the balance sheet date that match the term and currency of the defined benefit plan obligation.

The service costs incurred by the defined benefit plan and the net interest on the net liabilities or net assets of the defined benefit plan are included in the current profit and loss or related asset costs; the changes caused by the remeasurement of the net liabilities or net assets of the defined benefit plan are included in other comprehensive income and will not be transferred back to profit or loss in subsequent accounting periods. When the original defined benefit plan is terminated, all parts originally included in other comprehensive income will be carried forward to undistributed profits within the scope of equity.

When the defined benefit plan is settled, the settlement gain or loss is recognized based on the difference between the present value of the defined benefit plan obligations determined on the settlement date and the settlement price.

(3) Accounting treatment of dismissal benefits

√Applicable □Not applicable

If the company provides dismissal benefits to employees, the employee compensation liabilities arising from the dismissal benefits will be recognized and calculated at the earliest of the following two times:

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Into the current profit and loss: When the company cannot unilaterally withdraw the dismissal benefits provided due to the labor relationship termination plan or layoff proposal; when the company recognizes the costs or expenses related to the restructuring involving the payment of dismissal benefits.

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

□Applicable √Not applicable

31. Estimated liabilities

□Applicable √Not applicable

32. Share-based payment

√Applicable □Not applicable

The company's 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. The Company's share-based payment is divided into equity-settled share-based payment and cash-settled share-based payment.

1. Equity-settled share-based payment and equity instruments

If equity-settled share-based payment is exchanged for services provided by employees, it shall be measured at the fair value of the equity instruments granted to employees. For share-based payment transactions that become exercisable immediately after grant, the relevant costs or expenses will be included in the fair value of the equity instrument on the date of grant, and the capital reserve will be increased accordingly. For share-based payment transactions that are vested only after the completion of services within the waiting period or meeting specified performance conditions after grant, on each balance sheet date during the waiting period, the company will include the services obtained in the current period into relevant costs or expenses based on the best estimate of the number of exercisable equity instruments and the fair value on the date of grant, and increase the capital reserve accordingly.

If the terms of equity-settled share-based payment are modified, at least the services obtained will be recognized as if the terms had not been modified. In addition, any modification that increases the fair value of the equity instruments granted, or changes that are beneficial to employees on the modification date, is recognized as an increase in services obtained.

During the waiting period, if the granted equity instruments are canceled, the company 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. However, if new equity instruments are granted and it is determined on the grant date of the new equity instruments that the new equity instruments granted are used to replace the canceled equity instruments, the replacement equity instruments granted will be treated in the same manner as modifications to the terms and conditions of the original equity instruments.

2. Cash-settled share-based payment and equity instruments

Cash-settled share-based payments are measured based on the fair value of the liability calculated and determined based on shares or other equity instruments assumed by the company. For share-based payment transactions that become exercisable immediately after grant, the company will include the relevant costs or expenses based on the fair value of the liability on the date of grant, and increase the liability accordingly. For share-based payment transactions that are vested only after the completion of services within the waiting period or the fulfillment of specified performance conditions after grant, on each balance sheet date during the waiting period, based on the best estimate of the vesting situation and the fair value of the liabilities borne by the company, the services obtained in the current period are included in the relevant costs or expenses, and are included in the liabilities 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.

If the company modifies the terms and conditions in the cash-settled share-based payment agreement to make it an equity-settled share-based payment, on the modification date (whether it occurs during the waiting period or after the end of the waiting period), the company will pay the fair price of the equity instruments granted on that day.

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The equity-settled share-based payment is measured at the value, the services received are included in the capital reserve, and the liabilities recognized on the modification date for the cash-settled share-based payment are derecognised, and the difference between the two is included in the current profit and loss. If the waiting period is extended or shortened due to modification, the company will perform accounting treatment according to the modified waiting period.

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

1. Accounting policies adopted for revenue recognition and measurement

The company fulfills its performance obligations in the contract, that is, when the customer obtains control of the relevant goods or services, revenue is recognized. Obtaining control over relevant goods or services means being able to direct the use of the goods or services and obtain almost all economic benefits from them.

If the contract contains two or more performance obligations, the Company will allocate the transaction price to each individual performance obligation based on the relative proportion of the standalone selling price of the goods or services promised by each individual performance obligation on the contract commencement date. The Company measures revenue based on the transaction price allocated to each individual performance obligation.

Transaction price refers to the amount of consideration that the Company expects to be entitled to receive for transferring goods or services to customers, excluding amounts collected on behalf of third parties and amounts expected to be returned to customers. The company determines the transaction price based on the terms of the contract and its past practices, and when determining the transaction price, it takes into account the impact of variable consideration, significant financing components in the contract, non-cash consideration, consideration payable to customers and other factors. The Company determines transaction prices that include variable consideration at an amount that does not exceed the amount at which a significant reversal of accumulated recognized revenue is unlikely to occur when the relevant uncertainty is eliminated. If there is a significant financing component in the contract, the company determines the transaction price based on the amount payable in cash when the customer obtains control of the goods or services, and uses the effective interest method to amortize the difference between the transaction price and the contract consideration during the contract period.

If one of the following conditions is met, the performance obligation is performed within a certain period of time; otherwise, the performance obligation is performed at a certain point in time:

• When the company performs the contract, the customer obtains and consumes the economic benefits brought by the company's performance.

• The customer is able to control the goods under construction during the performance of the contract by the Company.

• The goods produced by the company during the performance of the contract have irreplaceable uses, and the company has the right to collect payment for the cumulative performance part completed so far during the entire contract period.

For performance obligations performed within a certain period of time, the Company will recognize revenue based on the performance progress during that period, except where the performance progress cannot be reasonably determined. The company considers the nature of the goods or services and uses the output method or the input method to determine the progress of the contract. When the progress of contract performance cannot be reasonably determined and the costs incurred are expected to be compensated, the Company will recognize revenue based on the amount of costs incurred until the progress of contract performance can be reasonably determined.

For performance obligations fulfilled at a certain point in time, the Company recognizes revenue at the point when the customer obtains control of the relevant goods or services. When judging whether the customer has obtained control of the goods or services, the company considers the following signs:

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• The company has a current right to receive payment for the goods or services, which means the customer has a current payment obligation for the goods or services.

• The Company has transferred the legal ownership of the goods to the customer, which means that the customer already owns the legal ownership of the goods.

• The company has physically transferred the goods to the customer, which means that the customer has taken physical possession of the goods.

• The company has transferred the main risks and rewards of ownership of the commodity to the customer, that is, the customer has obtained the main risks and rewards of ownership of the commodity.

• The customer has accepted the goods or services, etc.

The Company determines whether the Company is the principal or agent when engaging in transactions based on whether it has control over the goods or services before transferring them to the customer. If the company is able to control the goods or services before transferring them to the customer, the company is the principal responsible person and recognizes revenue based on the total consideration received or receivable; otherwise, the company acts as an agent and recognizes revenue based on the amount of commissions or handling fees that it is expected to be entitled to receive.

2. Disclose specific revenue recognition methods and measurement methods according to business types

The company fulfills its performance obligations in the contract, that is, when the customer obtains control of the relevant goods or services, revenue is recognized. Obtaining control over relevant goods or services means being able to direct the use of the goods or services and obtain almost all economic benefits from them. Sales of goods and processing contracts

Goods sales contracts and contract processing contracts between the Group and its customers usually only include performance obligations for the transfer of goods. The Group usually recognizes revenue at the point when control of the goods is transferred based on comprehensive consideration of the following factors: acquisition of the current right to receive payment for the goods, transfer of major risks and rewards of ownership of the goods, transfer of legal ownership of the goods, transfer of physical assets of the goods, and acceptance of the goods by customers.

Commercial cooperation contract

The Group's commercialization cooperation contracts with other companies may include one or more performance obligations, including arrangements for the granting of intellectual property licenses, the provision of research and development services and the delivery of other goods. On the contract inception date, the Group evaluates commercial cooperation contracts and identifies individual performance obligations contained in these contracts. The Group needs to judge and determine the stand-alone selling price of each performance obligation in the contract, and allocate the transaction price to each individual performance obligation based on the relative proportion of the stand-alone selling price of the goods or services promised by each individual performance obligation. When determining the stand-alone selling price of performance obligations, the Group considers competitors' pricing of similar or identical products, the market recognition and popularity of the products, the expected service life of the products and current market trends. For each individual performance obligation, the Group determines whether it will be performed within a certain period of time or at a certain point in time, and then recognizes revenue when each individual performance obligation is fulfilled, but only for unrestricted consideration. Non-refundable contract payments received must be reported as contract liabilities before all conditions for revenue recognition are met.

Grant intellectual property licenses

The Group evaluates on the contract commencement date whether the granting of an intellectual property license is a single performance obligation that is distinguishable from other performance obligations in the commercialization cooperation contract. If the intellectual property license granted to a customer constitutes a single performance obligation and meets the following three conditions at the same time, the relevant revenue shall be recognized as a performance obligation performed within a certain period of time: (1) The contract requires or the customer can reasonably expect that the group will engage in activities that have a significant impact on the intellectual property; (2) The activity will have a favorable or adverse impact on the customer; (3) The activity will not result in the transfer of a certain commodity to the customer. Otherwise, relevant income should be recognized as a performance obligation fulfilled at a certain point in time.

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Revenue from intellectual property licenses is recognized when the licensee can use and benefit from it.

Provide technical services

Contracts for the provision of technical services between the Group and its customers usually include performance obligations to provide technical services. Since the services provided by the company during the performance of the contract have irreplaceable uses, and the company has the right to receive payment for the cumulative performance part completed so far during the entire contract period, the company regards it as a performance obligation performed within a certain period of time and recognizes revenue based on the performance progress. When the performance progress cannot be reasonably determined and the costs incurred by the company are expected to be compensated, revenue will be recognized based on the amount of costs incurred until the performance progress can be reasonably determined.

royalties

For sales-based royalties (including sales-based payment milestones) and the portion of the royalties related to intellectual property licensing holds a dominant position, the Group recognizes revenue at the later of the following two points: (1) the relevant sales have occurred; (2) the relevant performance obligations have been fulfilled.

variable consideration

Some of the contracts between the Group and its customers include arrangements for sales rebates and arrangements for obtaining payment rights based on milestones stipulated in the agreement, forming variable consideration. The Group determines the best estimate of variable consideration based on the expected value or the most likely amount, but the transaction price containing variable consideration does not exceed the amount at which the accumulated recognized revenue is unlikely to be significantly reversed when the relevant uncertainty is eliminated.

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

□Applicable √Not applicable

35. Contract costs

√Applicable □Not applicable

Contract costs include contract performance costs and contract acquisition costs.

If the costs incurred by the company to perform the contract do not fall within the scope of relevant standards such as inventory, fixed assets or intangible assets, they will be recognized as an asset as contract performance costs when the following conditions are met:

• The cost is directly related to a current or anticipated contract.

• This cost increases the Company's future resources to use to meet its performance obligations.

• The cost is expected to be recovered.

The incremental costs incurred by the Company to obtain the contract are expected to be recovered and are recognized as an asset as the contract acquisition cost. Assets related to contract costs are amortized on the same basis as the revenue recognition of goods or services related to the assets; however, if the amortization period of the contract acquisition costs does not exceed one year, the company will include them in the current profits and losses when incurred.

If the book value of assets related to contract costs is higher than the difference between the following two items, the company will make impairment provisions for the excess and recognize it as asset impairment losses:

1. The remaining consideration expected to be obtained from the transfer of goods or services related to the asset;

2. Estimate the costs that will be incurred to transfer the relevant goods or services.

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If the factors causing impairment in the previous period subsequently change, causing the aforementioned difference to be higher than the book value of the asset, the company will reverse the impairment provision that was originally made and include it in the current profit and loss, but the book value of the asset after the reversal will 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

1. Type

Government subsidies are monetary assets or non-monetary assets that the company obtains from the government for free, and are divided into asset-related government subsidies and income-related government subsidies.

Asset-related government subsidies refer to government subsidies obtained by the company and used to purchase, construct or otherwise form long-term assets. Government subsidies related to income refer to government subsidies other than government subsidies related to assets.

The company's specific criteria for classifying government subsidies as asset-related are: government subsidies obtained for the purchase, construction or other formation of long-term assets are defined as asset-related government subsidies.

The company’s specific criteria for classifying government subsidies as income-related are as follows: Government subsidies other than asset-related government subsidies are defined as income-related government subsidies.

For government documents that do not clearly stipulate the subsidy objects, the company’s basis for judging whether the government subsidy is classified as asset-related or income-related is:

(1) If the government document clarifies the specific project for which the subsidy is targeted, the expenditure amount formed as assets and the expenditure amount included in the expenses will be divided according to the relative proportion of the expenditure amount formed as assets in the budget of the specific project. The division ratio shall be reviewed on each balance sheet date and changed if necessary;

(2) If the purpose in the government document is only a general statement and no specific project is specified, it will be regarded as a government subsidy related to income.

2. Confirmation time

Government subsidies are recognized when the company can meet the conditions attached to it and receive it.

3. Accounting treatment

Government subsidies related to assets are offset by the book value of the relevant assets or recognized as deferred income. If it is recognized as deferred income, it will be included in the current profit and loss in installments in a reasonable and systematic manner within the useful life of the relevant assets (if it is related to the company's daily activities, it will be included in other income; if it is not related to the company's daily activities, it will be included in non-operating income);

Income-related government subsidies that are used to compensate the company for relevant costs or losses in subsequent periods are recognized as deferred income and included in the current profit and loss during the period in which the relevant costs or losses are recognized (if they are related to the company's daily activities, they are included in other income; if they are not related to the company's daily activities, they are included in operating income) Non-operating income) or offset related costs or losses; if used to compensate for the company's related costs or losses incurred, it will be directly included in the current profit and loss (if it is related to the company's daily activities, it will be included in other income; if it is not related to the company's daily activities, it will be included in non-operating income) or offset the relevant costs or losses.

The policy-based preferential loan interest discounts obtained by the company are divided into the following two situations and are accounted for separately:

(1) The finance department allocates interest discount funds to the lending bank, and the lending bank provides loans to the company at policy preferential interest rates.

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The company uses the actual loan amount received as the recorded value of the loan, and calculates the relevant borrowing costs based on the loan principal and the policy preferential interest rate.

(2) If the finance department directly allocates interest discount funds to the company, the company will use the corresponding interest discount to offset related borrowing costs.

37. Deferred income tax assets/deferred income tax liabilities

√Applicable □Not applicable

Income tax includes current income tax and deferred income tax. Except for income taxes arising from business mergers and transactions or events that are directly included in owners' equity (including other comprehensive income), the company includes current income taxes and deferred income taxes into current profits and losses.

Deferred income tax assets and deferred income tax liabilities are calculated and recognized based on the difference (temporary difference) between the tax basis of assets and liabilities and their book value.

The recognition of deferred income tax assets for deductible temporary differences shall be limited to the amount of taxable income that is likely to be obtained in the future period 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.

For taxable temporary differences, deferred income tax liabilities are recognized except in special circumstances.

Special circumstances in which deferred tax assets or deferred tax liabilities are not recognized include:

• Initial recognition of goodwill;

• It is neither a business combination nor a transaction or event that affects accounting profits and taxable income (or deductible losses) when it occurs, and the initial recognition of assets and liabilities does not result in equal amounts of taxable temporary differences and deductible temporary differences.

Deferred income tax liabilities are recognized for taxable temporary differences related to investments in subsidiaries, associates and joint ventures, unless the company is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not be reversed in the foreseeable future. For deductible temporary differences related to investments in subsidiaries, associates and joint ventures, deferred income tax assets are recognized when the temporary differences are likely to be reversed in the foreseeable future and it is likely to be taxable income that can be used to offset the deductible temporary differences in the future.

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.

On the balance sheet date, the Company reviews the book value of deferred income tax assets. If it is probable that sufficient taxable income will not be available in future periods to offset the benefits of the deferred tax assets, the carrying amount 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.

When there is a legal right to settle on a net basis and the intention is to settle on a net basis or to obtain assets and pay off liabilities at the same time, the current income tax assets and current income tax liabilities are presented at the net amount after offsetting.

On the balance sheet date, deferred income tax assets and deferred income tax liabilities are presented as the net amount after offsetting when the following conditions are met at the same time:

• The tax payer has the legal right to settle current income tax assets and current income tax liabilities on a net basis;

• Deferred income tax assets and deferred income tax liabilities are income taxes levied on the same taxpayer by the same tax collection and administration department.

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Related or related to different taxable entities, but in the future during each period when significant deferred income tax assets and liabilities are reversed, the taxable entity involved intends to settle current income tax assets and liabilities on a net basis or to obtain assets and pay off liabilities at the same time.

38. Leasing

√Applicable □Not applicable

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

(1) Right-of-use assets

On the start date of the lease period, the Company recognizes right-of-use assets for leases other than short-term leases and low-value asset leases. Right-of-use assets are initially measured at cost. This cost includes:

• The initial measurement amount of the lease liability;

• For lease payments paid on or before the start date of the lease term, if there are lease incentives, the amount related to the lease incentives already enjoyed will be deducted;

• Initial direct costs incurred by the Company;

• The costs that the Company expects to incur to dismantle and remove the leased assets, restore the site where the leased assets are located, or restore the leased assets to the state agreed upon in the lease terms, but does not include costs incurred for the production of inventories.

The Company subsequently uses the straight-line method to accrue depreciation for right-of-use assets. If it is reasonably certain that the ownership of the leased asset will be obtained at the expiration of the lease term, the Company will accrue depreciation over the remaining useful life of the leased asset; otherwise, the company will accrue depreciation over the shorter of the lease term and the remaining useful life of the leased asset.

The Company determines whether the right-of-use assets have been impaired in accordance with the principles described in "V. 27 Impairment of Long-term Assets" in this note, and performs accounting treatment on the identified impairment losses.

(2) Lease liabilities

On the commencement date of the lease period, the Company recognizes lease liabilities for leases other than short-term leases and low-value asset leases. Lease liabilities are initially measured based on the present value of the lease payments that have not yet been paid. Lease payments include:

• Fixed payments (including substantial fixed payments), if there are lease incentives, the amount related to the lease incentives will be deducted;

• variable lease payments that depend on an index or rate;

• The amount expected to be paid based on the residual value of the guarantee provided by the company;

• The exercise price of an option to purchase if the Company is reasonably certain that it will exercise the option;

• Amounts payable upon exercise of the lease termination option if the lease term reflects the Company's exercise of the lease termination option. The company uses the interest rate implicit in the lease as the discount rate, but if the interest rate implicit in the lease cannot be reasonably determined, the company's incremental borrowing rate is used as the discount rate.

The company calculates the interest expense of the lease liability in each period during the lease term based on a fixed periodic interest rate, and includes it in the current profit and loss or related asset costs.

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.

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After the start date of the lease period, if the following circumstances occur, the company will remeasure the lease liabilities and adjust the corresponding right-of-use assets. If the book value of the right-of-use assets has been reduced to zero, but the lease liabilities still need to be further reduced, the difference will be included in the current profit and loss:

• When the evaluation results of the purchase option, lease renewal option or termination option change, or the actual exercise of the aforementioned options is inconsistent with the original evaluation results, the company remeasures the lease liability based on the present value of the changed lease payment and the revised discount rate;

• When the actual fixed payment changes, the expected amount payable of the guaranteed residual value changes, or the index or ratio used to determine the lease payment changes, the company remeasures the lease liability based on the present value of the changed lease payment and the original discount rate. However, where changes in lease payments result from changes in floating interest rates, the present value is calculated using a revised discount rate.

(3) Short-term leasing and low-value asset leasing

If the company chooses not to recognize right-of-use assets and lease liabilities for short-term leases and low-value asset leases, the relevant lease payments will be included in the current profit and loss or related asset costs on a straight-line basis in each period during the lease term. Short-term lease refers to a lease with a lease period of no more than 12 months on the start date of the lease period and does not include a purchase option. Low-value asset lease refers to a lease with a low value when the single leased asset is a new asset. If a company subleases or anticipates subletting a leased asset, the original lease does not constitute a low-value asset lease. (4) Lease changes

If a lease changes and the following conditions are met at the same time, the company will account for the lease change as a separate lease:

• The lease modification expands the scope of the lease by adding the right to use one or more leased assets;

• The increased consideration is equivalent to the stand-alone price of the expanded portion of the lease, adjusted for the circumstances of the contract.

If the lease change is not accounted for as a separate lease, on the effective date of the lease change, the company re-allocates the consideration of the contract after the change, re-determines the lease term, and re-measures the lease liability based on the present value of the changed lease payment and the revised discount rate.

If a change in the lease results in a reduction in the scope of the lease or a shortening of the lease period, the company will reduce the book value of the right-of-use assets accordingly, and include the related gains or losses from the partial or complete termination of the lease into the current profits and losses. If other lease changes result in the remeasurement of lease liabilities, the company will adjust the book value of the right-of-use assets accordingly.

Lease classification standards and accounting treatment methods as a lessor

√Applicable □Not applicable

On the lease commencement date, the Company divides leases into finance leases and operating leases. Finance lease refers to a lease that substantially transfers almost all risks and rewards related to the ownership of the leased asset, regardless of whether the ownership is ultimately transferred. Operating leases refer to leases other than finance leases. When the Company acts as a sublease lessor, it classifies the sublease based on the right-of-use assets generated by the original lease.

(1) Accounting treatment of operating leases

Lease receipts from operating leases are recognized as rental income on a straight-line basis throughout the lease term. The company capitalizes the initial direct expenses related to the operating lease and amortizes them into the current profit and loss during the lease period on the same basis as the rental income recognition. Variable lease payments that are not included in lease receipts are included in the current profit and loss when actually incurred. If an operating lease changes, the company will account for it as a new lease from the effective date of the change, and any advance receipts or rent receivable related to the lease before the change will be accounted for.

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Lease receipts are deemed to be receipts from the new lease.

(2) Accounting treatment of financial leases

On the lease commencement date, the Company recognizes finance lease receivables for finance leases and terminates the recognition of finance lease assets. When the Company initially measures the financial lease receivables, it takes the net lease investment as the entry value of the financial lease receivables. The net investment in a lease is the sum of the unguaranteed residual value and the present value of the lease payments that have not yet been received at the start of the lease term, discounted at the interest rate implicit in the lease. The Company calculates and recognizes interest income in each period during the lease term based on fixed periodic interest rates. The derecognition and impairment of finance lease receivables shall be accounted for in accordance with "V. 11 Financial Instruments" of this note.

Variable lease payments that are not included in the measurement of net lease investment are included in the current profit and loss when actually incurred.

If a financial lease changes and the following conditions are met at the same time, the company will account for the change as a separate lease:

• The change expands the scope of the lease by adding the right to use one or more leased assets;

• The increased consideration is equivalent to the stand-alone price of the expanded portion of the lease, adjusted for the circumstances of the contract.

If the change in the financial lease is not accounted for as a separate lease, the company will handle the changed lease under the following circumstances:

• If the change takes effect on the lease commencement date, the lease will be classified as an operating lease, and the Company will account for it as a new lease from the effective date of the lease change, and use the net investment in the lease before the effective date of the lease change as the book value of the leased asset;

• If the change takes effect on the lease commencement date, the lease will be classified as a finance lease, and the company will conduct accounting treatment in accordance with the policy on modifying or renegotiating contracts in "V. 11 Financial Instruments" of this note.

39. Other important accounting policies and accounting estimates

□Applicable √Not applicable

40. Changes in important accounting policies and accounting estimates

(1) Changes in important accounting policies

√Applicable □Not applicable

Unit: Yuan Currency: RMB Significantly affected reports Contents and reasons for changes in accounting policies

Table item name Amount On December 19, 2025, the Ministry of Finance issued the "Interpretation No. 19 of Accounting Standards for Business Enterprises"

(Financial Accounting [2025] No. 32), regarding "Compensatory matters in business combinations not under common control"

Does not involve the company's

"Accounting Treatment of Assets", "About Disposal of Subsidiary Acquired through Business Merger Under Common Control"

Retrospective adjustment of previous year

"Accounting treatment of company-related capital reserves", "About the use of electronic payment systems to settle funds

"The Company will not derecognize the company's financial liabilities" and "assessment and related cash flow characteristics of financial assets contracts".

Disclosed financial statements

"Related Disclosures" and "Related Disclosures Regarding Designation at Fair Value Through Other Comprehensive Income"

table has an impact.

To further standardize and clarify the content of "Disclosure of Interested Equity Instruments". The interpretation stipulates

Effective from January 1, 2026.

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It does not involve the company. On June 17, 2026, the Ministry of Finance issued the "Interpretation No. 20 of Accounting Standards for Business Enterprises"

The retrospective adjustment of the previous year (Financial Accounting [2026] No. 7), on the "Commentary on the Cash Flow Characteristics of Financial Asset Contracts"

"The company will not be revalued" and "Accounting treatment and related disclosures when currency lacks convertibility"

The disclosed financial statements will be further standardized and clarified. This interpretation shall come into effect from the date of promulgation.

table has an impact.

Other instructions

None

(2) Changes in important accounting estimates

□Applicable √Not applicable

(3) The first implementation of new accounting standards or standard interpretations from 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

6. Taxes

1. Main tax types and tax rates

Main tax types and tax rates

√Applicable □Not applicable

Tax Type Tax Calculation Basis Tax Rate Calculated in accordance with tax law provisions Revenue from sales of goods and taxable services

The output tax is calculated based on 13.00%, 9.00%, 6.00% and value-added tax, and is allowed to be deducted in the current period.

3.00%

After the input tax, the difference is the value-added tax payable

Urban maintenance and construction tax is calculated and paid based on the actual value-added tax paid 7.00%

15.00%, 20.00%, 21.00%, corporate income tax calculated and paid based on taxable income

25.00%

Education fee surcharge is calculated and paid based on the actual value-added tax paid 3.00%

Local education surcharge is calculated and paid based on the actual value-added tax paid 2.00%

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 (%) Our company 15.00 BTS Biosciences (Guangzhou) Co., Ltd. 20.00 BTSBIOPHARMAINC. 21.00 BayLake Biosciences (Hong Kong) Biopharmaceuticals Co., Ltd. (Note 1) 8.25, 16.5 (Note 1) BayLake BioSciences, Inc. 0.00 Biotech Biopharmaceuticals (Guangzhou) Co., Ltd. 25.00

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Note 1: The subsidiary Biotech (Hong Kong) Biopharmaceutical Co., Ltd. is registered in Hong Kong. The profits tax is subject to a two-tier tax rate. The tax rate applicable to the portion of assessable profits not exceeding HK$2 million is 8.25%, and the tax rate applicable to the portion exceeding HK$2 million is 16.5%.

2. Tax incentives

√Applicable □Not applicable

1. Biotech passed the high-tech enterprise certification in December 2024 and received the "High-tech Enterprise Certificate" jointly issued by the Guangdong Provincial Department of Science and Technology, the Guangdong Provincial Department of Finance, and the State Administration of Taxation and the Guangdong Provincial Taxation Bureau. The certificate number: GR202444011487 is valid for three years. According to Article 28 of the "Enterprise Income Tax Law of the People's Republic of China": High-tech enterprises that need key support from the state are levied an enterprise income tax at a rate of 15%.

2. According to the relevant provisions of Article 2 of the "Announcement of the State Administration of Taxation on Value-Added Tax Issues During the Pilot Period of Replacing Business Tax with Value-Added Tax" (State Administration of Taxation Announcement No. 90 of 2015), if Biotech sells its own used fixed assets and chooses to apply the simplified method to levy VAT at a reduced rate of 3% and 2%, it can give up the tax reduction and pay VAT at a 3% levy rate according to the simplified method, and can issue special VAT invoices.

3. According to the "Announcement of the Ministry of Finance and the State Administration of Taxation on the Super Credit Policy for Value-Added Tax for Advanced Manufacturing Enterprises" (Announcement No. 43 of 2023 of the Ministry of Finance and the State Administration of Taxation), Biotech meets the standards for advanced manufacturing enterprises during the tax preferential period, and a 5% additional VAT input tax deduction is available. The above-mentioned tax preferential policies will be implemented from January 1, 2023 to December 31, 2027.

4. Bedis Biotechnology (Guangzhou) Co., Ltd. meets the conditions of small and low-profit enterprises in 2023. According to the "Announcement of the Ministry of Finance and the State Administration of Taxation on Relevant Tax Policies for Further Supporting the Development of Small and Micro Enterprises and Individual Industrial and Commercial Households" (Announcement No. 12 of the Ministry of Finance and the State Administration of Taxation of 2023), small and low-profit enterprises are subject to a 25% reduction in the calculation of taxable income and a corporate income tax policy of 20%, which will continue to be implemented until December 31, 2027.

5. Bedis Biotechnology (Guangzhou) Co., Ltd. meets the conditions of small and low-profit enterprises in 2023. According to the "Announcement on Further Supporting the Development of Relevant Tax Policies for Small and Micro Enterprises and Individual Industrial and Commercial Households" (Ministry of Finance According to the provisions of the State Administration of Taxation Announcement No. 12 of 2023), from January 1, 2023 to December 31, 2027, small-scale value-added tax taxpayers, small low-profit enterprises and individual industrial and commercial households will be levied half of the resource tax (excluding water resources tax), urban maintenance and construction tax, real estate tax, urban land use tax, stamp tax (excluding securities transaction stamp tax), cultivated land occupation tax and education surcharge, and local education surcharge.

6. 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 11,100.00 19,000.00 Bank deposits 335,394,199.60 218,588,735.61

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Total 335,405,299.60 218,607,735.61

Including: Total amount deposited abroad 2,619,816.57 4,656,644.67 Other instructions

None

2. 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

60,116,712.33/Financial assets included in current profits and losses

Among them:

Structured deposits 60,116,712.33 /

Total 60,116,712.33/Other instructions:

□Applicable √Not applicable

3. Derivative financial assets

□Applicable √Not applicable

4. Notes receivable

(1) Classified presentation of notes receivable

□Applicable √Not applicable

(2) The company’s pledged notes receivable at the end of the period

□Applicable √Not applicable

(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

(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 division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions during the current period:

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□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 notes:

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) 195,971,027.29 164,911,852.24 1 to 2 years 576,528.90 563,320.08 Total 196,547,556.19 165,475,172.32

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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 Proportion Provision Proportion Amount Proportion (%) Amount Value Amount Proportion (%) Amount Value

(%) (%)

Provision for bad debts based on individual items 501,115.20 0.25 501,115.20 100.00 501,115.20 0.30 501,115.20 100.00 Provision for bad debts based on combinations 196,046,440.99 99.75 239,055.99 0.12 195,807,385.00 164,974,057.12 99.70 277,470.11 0.17 164,696,587.01Among them:

Credit risk characteristics combination 196,046,440.99 99.75 239,055.99 0.12 195,807,385.00 164,974,057.12 99.70 277,470.11 0.17 164,696,587.01Total 196,547,556.19 100.00 740,171.19 / 195,807,385.00 165,475,172.32 100.00 778,585.31 / 164,696,587.01 Provision for bad debts on an individual basis:

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) Reason for provision Customer A 501,115.20 501,115.20 100.00 Expected to be unrecoverable

Total 501,115.20 501,115.20 100.00 /Explanation of provision for bad debts on an individual basis:

□Applicable √Not applicable

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Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: combination of credit risk characteristics

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) Credit risk characteristics combination 196,046,440.99 239,055.99 0.12

Total 196,046,440.99 239,055.99 0.12 Instructions on the provision of 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 division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

(3) Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Category of change amount in the current period Opening balance Recovery or write-off or other Ending balance accrual

Reversal, write-off, change in individual provision for bad debts 501,115.20 501,115.20 Credit risk characteristics combination 277,470.11 -38,414.12 239,055.99

Total 778,585.31 -38,414.12 740,171.19 Among them, the amount of bad debt provision recovery or reversal in the current period is important:

□Applicable √Not applicable

(4) Accounts receivable actually written off in the current period

□Applicable √Not applicable

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

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Unit: Yuan Currency: RMB accounts for accounts receivable and accounts receivable and

Accounts receivable period Contract asset period End of contract asset period Bad debt provision period Unit name Contract asset period

Ending balance Ending balance Ending balance of total balances Ending balance

Proportion (%) Customer one 14,305,416.52 14,305,416.52 7.28 7,152.71 Customer two 12,094,165.76 12,094,165.76 6.15 6,047.08 Customer three 9,636,496.95 9,636,496.95 4.90 4,818.25Customer four 6,639,722.70 6,639,722.70 3.38 14,768.13Customer five 6,380,639.88 6,380,639.88 3.25 3,190.32

Total 49,056,441.81 49,056,441.81 24.96 35,976.49Other instructions

None

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 division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of contract assets that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

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(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 notes:

None

(5) Contract assets actually written off in the current period □ Applicable √ Not applicable

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

(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

(4) 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:

□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

The basis for dividing each stage and the proportion of provision for bad debts are not available

Explanation of significant changes in the book balance of accounts receivable financing that have experienced changes in loss provisions in the current period:

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□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 notes:

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

(8)Other instructions:

□Applicable √Not applicable

8. Prepayment

(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 34,697,588.09 85.83 100,700,554.80 93.57 1 to 2 years 1,620,109.92 4.01 3,548,647.49 3.30 2 to 3 years 1,594,513.52 3.94 2,767,314.98 2.57 More than 3 years 2,516,289.31 6.22 599,760.64 0.56

Total 40,428,500.84 100.00 107,616,277.91 100.00 Explanation of the reasons why prepayments with an aging of more than 1 year and important amounts were not settled in time:

None

(2) Prepayments of the top five closing balances by prepayment objects

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Unit name Closing balance Proportion of total closing balance of prepayments (%) Supplier 1 9,543,915.06 23.61

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Supplier two 2,637,735.85 6.52 Supplier three 2,094,076.00 5.18 Supplier four 1,966,415.49 4.86 Supplier five 1,878,458.42 4.65

Total 18,120,600.82 44.82Other instructions:

None

Other instructions

□Applicable √Not applicable

9. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Other receivables 2,375,252.03 2,986,358.22

Total 2,375,252.03 2,986,358.22Other instructions:

□Applicable √Not applicable

interest receivable

(1) Classification of interest receivable

□Applicable √Not applicable

(2) Important overdue interest

□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

(4) Bad debt provisions

□Applicable √Not applicable

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Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other notes:

None

(5) 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

Provision for bad debts based on the general expected credit loss model □ Applicable √ Not applicable

(4) 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

(5) Dividends receivable actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of dividends receivable

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□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) 1,016,914.21 1,031,779.47 1 to 2 years 1,297,326.09 1,293,782.20 2 to 3 years 284,155.18 3 to 4 years 172,943.02

4 to 5 years 32,000.00 58,667.56 More than 5 years 600.00 430,194.64

Total 2,519,783.32 3,098,579.05

(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

Deposits and security deposits 1,270,385.39 1,812,659.75 Employee reserves 460,440.82 188,135.25 Other unit transactions 788,957.11 1,097,784.05

Total 2,519,783.32 3,098,579.05

(3) Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB Phase 1 Phase 2 Phase 3

Lifetime expectations Lifetime expectations

Bad debt provision Expected for the next 12 months Total credit losses (unissued Credit losses (issued

credit loss

resulting in credit impairment) resulting in credit impairment)

Balance on January 1, 2026 112,220.83 112,220.83 Balance on January 1, 2026 in the current period

--Transfer to the second stage

--Transfer to the third stage

--Return to the second stage

--Return to the first stage

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Provision in this period 32,310.46 32,310.46 Transferred in this period

Sales in this period

Write-off in this period

Other changes

Balance on June 30, 2026 144,531.29 144,531.29 Basis for division of each stage and proportion of provision for bad debts

None

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 in credit risk characteristics portfolio 112,220.83 32,310.46 144,531.29

Total 112,220.83 32,310.46 144,531.29 Among them, the amount of bad debt provision for the current period that is reversed or recovered 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

Nature of payment Name of bad debt provision unit Closing balance Total closing balance Aging quality Proportion of closing balance (%)

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Guangzhou GCL Blue Sky Gas Deposit and Security

1,200,000.00 47.62 1-2 years

Thermoelectric Co., Ltd. Securities Finance

Huatai Insurance Property Insurance Other Units

202,815.95 8.05 Within 1 year 10,140.80 Company sales department transactions

Other units

Hunan Provincial Cancer Hospital 172,943.02 6.86 3-4 years 86,471.51

correspondence

Kunhao Ruicheng Pharmaceutical Research and Development Other Units

162,622.64 6.45 Within 1 year 8,131.13 (Beijing) Co., Ltd. Current transactions

Three Gorges Affiliated to Chongqing University Other Units

109,582.75 4.35 Within 1 year 5,479.14 Hospital transactions

Total 1,847,964.36 73.33 / / 110,222.58

(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

Inventory price decrease accurate Inventory price decrease

Project preparation/contract performance preparation/contract

Book Balance Book Value Book Balance Book Value Approximate Cost Impairment Cost of Performance

Provision for impairment

Raw materials 173,445,072.28 78,620.88 173,366,451.40 130,252,649.95 390,659.49 129,861,990.46 Products in progress 156,696,032.61 156,696,032.61 156,092,548.23 156,092,548.23 Inventory goods 43,420,726.04 1,428,776.75 41,991,949.29 26,491,645.58 22,444.01 26,469,201.57

Total 373,561,830.93 1,507,397.63 372,054,433.30 312,836,843.76 413,103.50 312,423,740.26

(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 Beginning balance Closing balance

Provision Others Reversal or write-off Others

Raw materials 390,659.49 -194,904.84 117,133.77 78,620.88 Inventory goods 22,444.01 1,411,970.28 5,637.54 1,428,776.75Total 413,103.50 1,217,065.44 122,771.31 1,507,397.63

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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

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

Debt investments due within one year

□Applicable √Not applicable

Other debt investments due within one year

□Applicable √Not applicable

Other explanations 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 Prepaid income tax 22,328,031.34 21,102,763.08 Input tax to be deducted and value-added tax to be refunded 106,939,315.16 131,125,336.24

Total 129,267,346.50 152,228,099.32 Information related to compensatory assets

□Applicable √Not applicable

Other notes:

None

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14. Debt investment

(1) Debt investment situation

□Applicable √Not applicable

Changes in debt investment impairment provisions for the current period □ 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 division of each stage and proportion of impairment provision: None

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 notes:

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) Important other 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

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Among them, the write-off of other important debt investments □Applicable √Not applicable

Instructions for writing off other debt investments: □ Applicable √ Not applicable

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 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

Provision for bad debts based on the general expected credit loss model □ Applicable √ Not applicable

(3) 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 notes:

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

Instructions for writing off long-term receivables:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

137/195 Biotech Biopharmaceutical Co., Ltd. 2026 Semi-Annual Report

17. Long-term equity investment

(1) Long-term equity investment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period Impairment at the beginning of the period Impairment at the end of the period

Other comprehensive declaration of distribution, provision, balance of investee unit (Book Provision at the beginning of the period, Additional Decrease, Other rights recognized under the equity method, its balance (Combined book income, Cash dividends, Impairment, Closing value) Balance, Changes in investment gains and losses from investment, Other value) adjustment or profit provision balance

2. Joint ventures

Ningbo Junjian Biological Sciences

15,546,157.13 90,008.18 15,636,165.31 Technology Co., Ltd.

Subtotal 15,546,157.13 90,008.18 15,636,165.31 Total 15,546,157.13 90,008.18 15,636,165.31

(2) Impairment testing of long-term equity investments

□Applicable √Not applicable

Other instructions

None

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

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Other notes:

□Applicable √Not applicable

19. Other non-current financial assets

□Applicable √Not applicable

20. Investment real estate

Investment real estate measurement model

Not applicable

21. Fixed assets

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Closing balance Opening balance

Fixed assets 1,031,865,867.39 1,023,236,810.25 Fixed assets liquidation

Total 1,031,865,867.39 1,023,236,810.25

Other notes:

None

fixed assets

(1) Fixed assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Items Houses and buildings Machinery and equipment Transportation Office and electronic equipment Total

1. Original book value:

1. Opening balance 667,488,889.28 902,165,382.28 343,998.00 10,548,525.97 1,580,546,795.53 2. Increase in the current period 3,047,517.79 61,326,202.69 3,907,339.38 68,281,059.86 (1) Purchase 1,270,306.65 15,395,999.22 1,787,031.79 18,453,337.66

(2) Transfer of construction in progress 1,777,211.14 45,930,203.47 2,120,307.59 49,827,722.20 3. Decrease amount in this period 229,606.64 229,606.64

(1) Disposal or scrapping 229,606.64 229,606.64 4. Closing balance 670,536,407.07 963,261,978.33 343,998.00 14,455,865.35 1,648,598,248.75

2. Accumulated depreciation

1. Opening balance 108,715,754.38 440,512,510.44 151,333.40 7,930,387.06 557,309,985.28 2. Increase in the current period 13,948,233.77 44,708,373.09 32,080.14 951,835.37 59,640,522.37

(1) Provision 13,948,233.77 44,708,373.09 32,080.14 951,835.37 59,640,522.37 3. Decrease amount in the current period 218,126.29 218,126.29

(1) Disposal or scrapping 218,126.29 218,126.29 4. Closing balance 122,663,988.15 485,002,757.24 183,413.54 8,882,222.43 616,732,381.36

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Biotech Biopharmaceutical Co., Ltd. 2026 Semi-Annual Report

3. Impairment provision

1. Opening balance

2. Increase amount in this period

(1) Provision

3. Reduction amount in this period

(1) Disposal or scrapping

4. Ending balance

4. Book value

1. Book value at the end of the period 547,872,418.92 478,259,221.09 160,584.46 5,573,642.92 1,031,865,867.39 2. Book value at the beginning of the period 558,773,134.90 461,652,871.84 192,664.60 2,618,138.91 1,023,236,810.25

(2) Temporarily idle fixed assets

□Applicable √Not applicable

(3) Fixed assets leased through operating leases

□Applicable √Not applicable

(4) Fixed assets for which title certificates have not been obtained

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Book value Reason for not completing the property rights certificate Biological Island R&D and Marketing Center 279,266,938.40 Processing in progress

(5) Impairment testing of fixed assets

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Fixed asset liquidation

□Applicable √Not applicable

22. Projects under construction

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Ending balance Beginning balance Construction in progress 97,812,373.02 47,236,989.56 Total 97,812,373.02 47,236,989.56 Other notes:

None

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Biotech Biopharmaceutical Co., Ltd. 2026 Semi-Annual Report

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 Houses and buildings 575,929.00 575,929.00 102,752.29 102,752.29 Machinery and equipment 14,795,703.11 14,795,703.11 41,973,389.33 41,973,389.33 Biological Island R&D and Marketing Center 2,502,237.77 2,502,237.77 1,633,648.87 1,633,648.87 Biotayonghe Innovation Industry Base 79,938,503.14 79,938,503.14 3,527,199.07 3,527,199.07

Total 97,812,373.02 97,812,373.02 47,236,989.56 47,236,989.56

(2) Changes in important projects under construction during the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB Engineering Accumulation Among them:

The current period's interest

Increased funds at the beginning of the period. Transferred to fixed assets at the end of the period. Project interest capitalization. Name of interest capital item for the period. Budget amount. Reduced capitalization rate balance. Rated asset amount. Balance accounted for budget. Cumulative amount. Source amount of interest capital (%)

Ratio (%) Amount

Machinery and equipment 666,746,837.43 41,973,389.33 18,752,517.25 45,930,203.47 14,795,703.11 85.09 Under installation Self-financed Biotech

and innovative products 725,431,951.00 3,527,199.07 76,411,304.07 79,938,503.14 11.02 Self-financed base under construction

Total / 45,500,588.40 95,163,821.32 45,930,203.47 94,734,206.25 / / / /

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(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

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 notes:

None

25. Right-of-use assets

(1) Right-of-use assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Project Houses and Buildings Total

1. Original book value

1. Balance at the beginning of the period 114,530.21 114,530.21 2. Increase in the current period

(1) New lease

3. Reduction amount in this period

4. Ending balance 114,530.21 114,530.21

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2. Accumulated depreciation

1. Balance at the beginning of the period 52,492.99 52,492.99 2. Increase in the current period 28,632.56 28,632.56

(1) Provision 28,632.56 28,632.56 3. Decrease amount in the current period

(1)Disposal

4. Ending balance 81,125.55 81,125.55

3. Impairment provision

1. Opening balance

2. Increase amount in this period

(1)Provision

3. Reduction amount in this period

(1)Disposal

4. Ending balance

4. Book value

1. Book value at the end of the period 33,404.66 33,404.66 2. Book value at the beginning of the period 62,037.22 62,037.22

(2) Impairment testing of right-of-use assets

□Applicable √Not applicable

Other notes:

None

26. Intangible assets

(1) Intangible assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Project Land Use Rights Software Total

1. Original book value

1. Balance at the beginning of the period 256,630,847.40 9,019,837.40 265,650,684.80 2. Increase in the current period 65,935,394.00 232,249.98 66,167,643.98

(1) Purchase 65,935,394.00 232,249.98 66,167,643.98 3. Decrease amount in the current period

(1)Disposal

4. Closing balance 322,566,241.40 9,252,087.38 331,818,328.78

2. Accumulated amortization

1. Opening balance 39,857,781.97 7,350,040.83 47,207,822.80 2. Increase in the current period 3,267,854.88 447,032.89 3,714,887.77

(1) Provision 3,267,854.88 447,032.89 3,714,887.77 3. Decrease amount in the current period

(1)Disposal

4. Closing balance 43,125,636.85 7,797,073.72 50,922,710.57

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Biotech Biopharmaceutical Co., Ltd. 2026 Semi-Annual Report

3. Impairment provision

1. Opening balance

2. Increase amount in this period

3. Reduction amount in this period

4. Ending balance

4. Book value

1. Book value at the end of the period 279,440,604.55 1,455,013.66 280,895,618.21 2. Book value at the beginning of the period 216,773,065.43 1,669,796.57 218,442,862.00 Intangible assets formed through the company’s internal research and development at the end of the period accounted for 0% of the balance of intangible assets

(2) Data resources recognized as intangible assets

□Applicable √Not applicable

(3) Land use rights for which the property rights certificate has 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

(2) Goodwill impairment provision

□Applicable √Not applicable

(3) Relevant information on the asset group or asset group combination where goodwill is located □Applicable √Not applicable

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 based on the net amount after deducting disposal costs from fair value □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

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Reasons for the discrepancy between the information used in the company's impairment testing in previous years and the actual situation of that 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 instructions

□Applicable √Not applicable

28. Long-term deferred expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Beginning balance Increase in the current period Amortization amount in the current period Other decreases Ending balance House decoration expenses 3,680,285.86 161,812.85 554,405.00 3,287,693.71

Total 3,680,285.86 161,812.85 554,405.00 3,287,693.71Other instructions:

None

29. Deferred income tax assets/deferred income tax liabilities

(1) Deferred income tax assets without offset

□Applicable √Not applicable

(2) Deferred income tax liabilities without offset

□Applicable √Not applicable

(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 Deductible temporary differences 4,260,290.49 10,670,969.07 Deductible losses 8,751,077,724.03 8,526,963,898.68

Total 8,755,338,014.52 8,537,634,867.75

(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 Note 2026 99,141,224.75 121,370,173.85

2027 269,993,355.51 295,154,124.20

2028 846,826,793.96 859,568,033.11

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2029 1,067,592,078.31 1,423,373,187.43

2030 841,866,894.72 845,018,881.95

2031 402,906,716.06 402,906,716.06

2032 1,041,934,886.54 1,041,934,886.54

2033 1,151,174,372.94 1,151,289,319.94

2034 1,260,970,152.70 1,260,970,152.70

2035 1,091,907,028.80 1,125,378,422.90

2036 676,764,219.74

Total 8,751,077,724.03 8,526,963,898.68 /

Other notes:

□Applicable √Not applicable

30. Other non-current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value Prepaid long-term capital

9,929,103.93 9,929,103.93 20,557,669.99 20,557,669.99 Production amount

Total 9,929,103.93 9,929,103.93 20,557,669.99 20,557,669.99

Information about compensating assets

□Applicable √Not applicable

Other notes:

None

31. Assets with restricted ownership or use rights

√Applicable □Not applicable

Unit: Yuan Currency: RMB End of Period Beginning of Period

receive

Item Restricted Restricted Restricted Book Balance Book Value Book Balance Book Value

class situation class situation type type

Fixed assets offset borrowings offset borrowings 381,119,257.01 268,481,098.87 380,435,570.53 277,283,599.71

(Note 1) Mortgage Mortgage Mortgage Mortgage Intangible Assets

Offset loan Offset loan (Note 2. 258,510,541.40 216,031,928.94 256,630,847.40 216,773,065.43

mortgage mortgage mortgage note 3)

Total 639,629,798.41 484,513,027.81 // 637,066,417.93 494,056,665.14 //Other instructions:

Note 1: On March 28, 2023, the company signed the "Supreme

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"Mortgage Contract", the factory building located at No. 155 Shaotianhe Street, Guangzhou Development Zone will be mortgaged to guarantee the company's borrowing from the Agricultural Bank of China. The mortgage period is from March 28, 2023 to March 27, 2033.

Note 2: On December 2, 2022, the company signed a "Maximum Mortgage Contract" with Guangzhou Branch of China CITIC Bank Co., Ltd. to mortgage the land located south of Helix 2nd Road and east of Xinghan 1st Road in Biological Island to guarantee the company's borrowing from CITIC Bank. The mortgage period is from October 6, 2022 to October 6, 2027.

Note 3: In order to apply for the real estate rights certificate for the Biological Island R&D and Marketing Center, in June 2026, CITIC Bank temporarily released the land located south of Helix 2nd Road and east of Xinghan 1st Road on Biological Island. This temporary release is a necessary process for applying for the real estate certificate. After the above-mentioned real estate certificate is completed, the mortgage registration procedures will be processed again. As of June 30, 2026, the real estate certificate is still in the process of being processed, and the land parcels south of Helix 2nd Road and east of Xinghan 1st Road in Biological Island have not yet been re-registered for mortgage.

32. Short-term borrowing

(1) Classification of short-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Credit borrowings 104,920,283.52 80,076,702.18

Total 104,920,283.52 80,076,702.18 Description of short-term loan classification:

None

(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

36. Accounts payable

(1) Presentation of accounts payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Item Ending balance Beginning balance Technical service fee and clinical trial fee 115,454,982.48 93,371,911.30 Material fee 62,846,869.75 49,943,020.17 Engineering and equipment fee 60,844,216.89 46,646,747.46 Others 8,066,169.53 8,723,498.24

Total 247,212,238.65 198,685,177.17

(2) Important accounts payable that are aged more than 1 year or are overdue

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

37. Advance payments

(1) Presentation of advance receipts

□Applicable √Not applicable

(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 Closing balance Opening balance Advance payments from customers 951,040,158.83 710,312,050.07

Total 951,040,158.83 710,312,050.07 (2) Important contract liabilities aged more than 1 year

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Reasons for outstanding repayment or carry-forward Customer six 200,905,280.00 The time point for revenue recognition has not been reached. Customer seven 197,183,251.57 The time point for revenue recognition has not been reached. Customer eight 169,811,320.75 The time point for revenue recognition has not been reached. Customer nine 156,845,087.26 The time point for revenue recognition has not been reached. Customer ten 89,516,750.00 Total revenue recognition time point not reached 814,261,689.58 /

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(3) Amount and reasons for significant changes in book value during the reporting period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

39. Employee compensation payable

(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 67,529,492.45 173,737,960.80 193,754,789.23 47,512,664.02

2. Post-employment benefits-set bonus

20,153,431.97 13,920,619.11 11,620,826.79 22,453,224.29 Savings plan

3. Dismissal benefits 22,422.69 856,432.60 812,855.29 66,000.00

4. Other benefits that expire within one year

profit

Total 87,705,347.11 188,515,012.51 206,188,471.31 70,031,888.31 (2) Short-term compensation presentation

√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

56,575,375.55 154,263,298.45 176,354,967.41 34,483,706.59 Subsidy

2. Employee welfare fees 3,172,093.06 3,172,093.06

3. Social insurance premiums 9,707,583.81 6,816,647.50 5,635,427.89 10,888,803.42 Including: medical insurance premiums 8,441,256.07 6,136,725.76 5,120,376.70 9,457,605.13 Work-related injury insurance premium 347,550.03 517,236.73 491,454.35 373,332.41

Maternity insurance premium 918,777.71 162,685.01 23,596.84 1,057,865.88

4. Housing provident fund 1,246,533.09 9,369,154.64 8,475,533.72 2,140,154.01

5. Trade union funds and employee education

116,767.15 116,767.15

Funding

6. Short-term paid absences

7. Short-term profit sharing plan

Total 67,529,492.45 173,737,960.80 193,754,789.23 47,512,664.02 (3) Presentation of defined contribution plan

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Beginning balance Increase in the current period Decrease in the current period Ending balance

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1. Basic pension insurance 19,588,442.12 13,361,420.78 11,111,487.43 21,838,375.47

2. Unemployment insurance premium 564,989.85 559,198.33 509,339.36 614,848.82

3. Enterprise annuity payment

Total 20,153,431.97 13,920,619.11 11,620,826.79 22,453,224.29Other instructions:

□Applicable √Not applicable

40. Taxes payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Real estate tax 3,903,165.70 461,260.37 Personal income tax 1,472,663.61 2,128,476.36 Stamp tax 238,930.03 99,351.78 Land use tax 118,863.87

Environmental protection tax 3,879.33 89.43 Value-added tax 1,843,373.35 Urban maintenance and construction tax 128,123.39 Education surcharge 54,910.03 Local education surcharge 36,606.68

Total 5,737,502.54 4,752,191.39Other instructions:

None

41. Other payables

(1) Project list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Other payables 60,537,938.18 53,370,730.81 Total 60,537,938.18 53,370,730.81

(2) Interest payable

□Applicable √Not applicable

(3) Dividends payable

□Applicable √Not applicable

(4) Other payables

Present other payables according to nature of payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Item Ending balance Beginning balance

Withheld expenses 36,621,753.18 28,485,130.81 Government subsidies 21,505,000.00 21,505,000.00 Deposits and security deposits 2,411,185.00 3,380,600.00

Total 60,537,938.18 53,370,730.81 Important other payables aged more than 1 year or overdue

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Reason for outstanding or carry-over 2017 "Pearl River Talent Plan" project to introduce innovative and entrepreneurial teams 18,000,000.00 The project has not been settled

Beijing Institute of Technology-Automated antibody drug cell based on photoelectric microfluidics

1,425,000.00 project not accepted

Development and application research of cell line screening platform

Clinical research and industrialization of recombinant anti-PD-L1/CD47 bispecific antibody 1,000,000.00 Project not accepted

Total 20,425,000.00/

Other notes:

□Applicable √Not applicable

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 306,393,286.78 231,692,007.29 Lease liabilities due within one year 56,530.21

Total 306,393,286.78 231,748,537.50Other instructions:

None

44. Other current liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Output tax to be transferred 545,462.09 703,480.79

Total 545,462.09 703,480.79 Increase or decrease in short-term bonds payable:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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45. Long-term borrowing

(1) Classification of long-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Mortgage loans 209,002,787.55 197,713,800.58 Credit loans 277,688,561.46 176,500,000.00

Total 486,691,349.01 374,213,800.58 Description of long-term loan classification:

As of June 30, 2026, the mortgage loan is the balance of RMB 154,390,236.38 borrowed by the Company from Guangzhou Huangpu Branch of China CITIC Bank Co., Ltd. (of which RMB 51,764,188.78 is a long-term loan due within one year). The loan balance of Guangzhou Sanyuanli Branch of Agricultural Bank of China Co., Ltd. is RMB 118,091,638.64 (of which RMB 11,714,898.69 is a long-term loan due within one year); the credit loan is provided by the Company to China Merchants Bank Co., Ltd. The balance of borrowings from Guangzhou Branch is RMB 165,594,606.25 (of which RMB 114,094,606.25 is a long-term loan due within one year), and the balance of borrowings from China Construction Bank Co., Ltd. Guangzhou Development Zone Branch is RMB 49,028,6 65.00 yuan (of which RMB 2,028,665.00 is a long-term loan due within one year), and the borrowing balance from Shanghai Pudong Development Bank Co., Ltd. Guangzhou Branch is RMB 72,056,000.00 (of which RMB 72,056,000 .00 yuan is a long-term loan due within one year), and the borrowing balance is RMB 40,027,700.00 from the Guangzhou Zengcheng Zengjiang Branch of Industrial and Commercial Bank of China Co., Ltd. (of which RMB 40,027,700.00 is a long-term loan due within one year), from Guangzhou The balance of borrowings from Guangzhou Science City Branch of Guangzhou Rural Commercial Bank Co., Ltd. is RMB 40,023,500.00 (of which RMB 4,023,500.00 is a long-term loan due within one year), and the balance of borrowings from Guangzhou Development Zone Branch of Bank of Communications Co., Ltd. The amount of the loan is RMB 49,931,187.50 (of which RMB 231,187.50 is a long-term loan due within one year), and the loan balance from Guangzhou Development Zone Branch of Industrial Bank Co., Ltd. is RMB 64,040,000.00 (of which RMB 6 , RMB 440,000.00 is a long-term loan due within one year), and the borrowing balance from Guangzhou Tianhe Branch of Bank of Guangzhou Co., Ltd. is RMB 39,901,102.02 (of which RMB 4,012,540.56 is a long-term loan due within one year).

Other instructions

□Applicable √Not applicable

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

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(4) Description of other financial instruments classified as financial liabilities Basic information on other financial instruments such as preference shares and perpetual bonds 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

48. Long-term payables

Item list

□Applicable √Not applicable

long-term payables

□Applicable √Not applicable

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 Ending balance Reason for formation Government subsidy 24,916,232.76 2,345,721.50 22,570,511.26 Not carried forward

Total 24,916,232.76 2,345,721.50 22,570,511.26 /Other instructions:

□Applicable √Not applicable

52. Other non-current liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Item Ending balance Beginning balance

Advance payments from customers 195,293,992.00 144,806,456.68

Total 195,293,992.00 144,806,456.68Other instructions:

Other non-current liabilities were newly added in this period because part of the company's advances from customers met the revenue recognition conditions in this period, and exclusive commercial licensing revenue was recognized through amortization in installments during the customer benefit period. Advances from customers with unrecognized revenue are recognized in contract liabilities and other non-current liabilities according to the time period.

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 414,080,000.00 414,080,000.00Other 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

(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 the reasons for the 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 Capital premium (equity premium) 3,054,383,527.47 3,054,383,527.47

Total 3,054,383,527.47 3,054,383,527.47 Other explanations, including changes in increases and decreases in the current period and explanation of reasons for changes:

None

56. Treasury stocks

□Applicable √Not applicable

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57. Other comprehensive income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Amount incurred in this period

Beginning of the period Less: Included in the previous period Less: Included in the previous period Attribution after tax Ending items Before income tax in the current period Less: Income Attribution after tax

Balance Other comprehensive income Other comprehensive income for the current period is less Balance incurred Tax expense Parent company

Transfer to profit and loss for the current period Transfer to retained earnings Several shareholders

2. Others that will be reclassified into profit and loss

-135,074.10 -121,672.40 -121,672.40 -256,746.50Comprehensive income

Including: Convertible to profit and loss under equity method

other comprehensive income

Translation difference of foreign currency financial statements -135,074.10 -121,672.40 -121,672.40 -256,746.50 Total other comprehensive income -135,074.10 -121,672.40 -121,672.40 -256,746.50 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

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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 -3,092,297,550.07 -2,766,056,726.32 Total undistributed profits at the beginning of the period before adjustment (increase +, decrease -)

Adjusted opening undistributed profit -3,092,297,550.07 -2,766,056,726.32 plus: Net profit attributable to owners of the parent company for the period -251,968,686.24 -331,940,823.75

Other comprehensive income carried forward to retained earnings 5,700,000.00 less: withdrawal of statutory surplus reserve

Withdraw discretionary surplus reserve

Withdraw general risk reserve

Dividends payable on common shares

Dividends on common shares converted into equity capital

Undistributed profits at the end of the period -3,344,266,236.31 -3,092,297,550.07 Adjustment 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. 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 518,548,263.68 101,122,207.99 441,887,841.40 98,287,272.05 Other businesses

Total 518,548,263.68 101,122,207.99 441,887,841.40 98,287,272.05

(2) Breakdown information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Total

Contract classification

Operating income Operating costs

Product type

Pharmaceutical sales business 472,451,555.27 101,122,207.99

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Technical service business 4,500,000.00

Licensing business 41,596,708.41

Total 518,548,263.68 101,122,207.99 Classified by operating area

Domestic 478,470,518.83 84,865,267.66 Overseas 40,077,744.85 16,256,940.33 Total 518,548,263.68 101,122,207.99 Classified by time of commodity transfer

Confirmed at a certain point in time 511,346,717.66 101,122,207.99 Confirmed within a certain period of time 7,201,546.02

Total 518,548,263.68 101,122,207.99

Other notes:

√Applicable □Not applicable

Operating income by product: adalimumab injection revenue of 300 million yuan, tocilizumab injection revenue of 148 million yuan, bevacizumab injection revenue of 49 million yuan, ustekinumab injection revenue of 13 million yuan, and other income of 90 million yuan.

(3) Description of performance obligations

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Company Company undertakes

Is the commitment a pre-responsibility?

The transfer of performance obligations is mainly to be refunded in the period. Quality assurance projects provided by the company. Important payment terms

Time Product Responsibilities Return to Customers and Related Obligations Responsible Persons Customers’ Money

quality item

Drugs are delivered to customers. Guaranteed quality assurance, related sales. Collection period is usually 60

After the customer signs for the goods, the obligation is to guarantee to the customer that the medicines sold will be sold within 3 days.

If the sold goods meet the established standards, the relevant licenses can be collected from the first guarantee type quality assurance and related authorizations when signing the contract.

Licensee uses and pays, milestones are met Yes / Obligation to guarantee sold license rights to customers

When benefiting from it, the corresponding payment will be collected on condition that the goods sold meet the established standards and the service will be provided for a period of time. Guarantee-type quality assurance and related technologies are usually collected in stages.

Within the time or after the service is completed, the service is / the obligation is to guarantee the sold service to the customer. Technical service fee

The total number of products sold that meet the established standards / / / / /

(4) Description of allocation to remaining performance obligations

□Applicable √Not applicable

(5) Major contract changes or major transaction price adjustments

□Applicable √Not applicable

Other notes:

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None

62. Taxes and surcharges

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Property tax 3,903,165.70 1,990,545.35 Stamp tax 361,652.91 272,834.77 Land use tax 118,863.87 79,933.00 Environmental protection tax 3,968.76 212.19 Vehicle and vessel use tax 360.00

Urban maintenance and construction tax 778,515.60 Education surcharge 333,148.62 Local education surtax 222,933.93

Total 4,388,011.24 3,678,123.46Other instructions:

None

63. Sales expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Marketing expenses 141,510,127.08 113,012,845.17 Employee compensation 15,399,904.24 13,480,831.13 Travel expenses 908,862.80 1,017,004.33 Business entertainment expenses 769,304.13 1,391,544.74Office expenses 452,073.05 558,687.08Others 178,964.87 189,608.64

Total 159,219,236.17 129,650,521.09Other instructions:

None

64. Management expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 13,196,773.53 12,025,735.79 Depreciation and amortization 4,871,521.64 2,238,740.81 Consulting fees 3,026,058.54 3,034,395.61 Others 2,985,113.29 4,553,814.34Office expenses 1,509,269.32 1,919,052.02

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Business entertainment expenses 282,217.20 427,162.86

Total 25,870,953.52 24,198,901.43Other 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

Clinical trial and technical service fees 133,527,226.46 104,077,543.30 Employee compensation 108,454,778.42 93,114,434.78 Material fees 149,089,597.53 96,600,865.73 Depreciation and amortization 43,636,098.39 23,859,288.61 Patent and registration fees 3,852,910.42 4,113,429.54 Consulting fees 3,013,953.36 1,919,947.96 Utilities and electricity fees 10,252,100.28 8,850,112.37 Other expenses 16,620,852.04 16,281,014.16

Total 468,447,516.90 348,816,636.45Other 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 10,357,625.34 10,878,312.40 Among them: interest expense on lease liabilities 1,469.79

Less: Interest income 473,892.22 2,627,420.00 Exchange gains and losses 2,233,977.67 -258,170.14 Handling fee expenses 94,066.65 115,192.91

Total 12,211,777.44 8,107,915.17Other 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 2,416,467.71 11,912,597.59 Personal income tax withholding fees 339,742.42 317,621.46 Total 2,756,210.13 12,230,219.05

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Other notes:

None

68. Investment income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Long-term equity investment income calculated using the equity method 90,008.18 -281,972.70 Investment income from trading financial assets during the holding period 139,840.18 627,258.13

Total 229,848.36 345,285.43Other instructions:

None

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 133,150.69 302,486.98

Total 133,150.69 302,486.98Other instructions:

None

71. Income from asset disposal

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Loss on disposal of fixed assets -56,253.88 6,794.93

Total -56,253.88 6,794.93Other instructions:

□Applicable √Not applicable

72. 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 -141,626.90 Bad debt losses on accounts receivable -38,414.12 -137,341.98 Bad debt losses on other receivables 32,310.46 -3,051.62 Total -6,103.66 -282,020.50

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Other notes:

None

73. Asset impairment losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

2. Loss on inventory depreciation and impairment loss on contract performance costs 1,217,065.44 184,480.88

Total 1,217,065.44 184,480.88Other instructions:

None

74. Non-operating income

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring losses for the current period Amount incurred in the current period Amount incurred in the previous period

amount of profit

Others 27,395.53 83,326.38 27,395.53 Debt exemption 33,909,016.22

Total 27,395.53 33,992,342.60 27,395.53Other instructions:

□Applicable √Not applicable

75. Non-operating expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring losses for the current period Amount incurred in the current period Amount incurred in the previous period

amount of profit

External donations 980,546.03 608,326.83 980,546.03 Loss on disposal of non-current assets -48,998.53 284,938.90 -48,998.53 Late payment fees 16,992.62 16,992.62

Total 948,540.12 893,265.73 948,540.12Other 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

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Current income tax expense 188,095.59 162,032.10

Total 188,095.59 162,032.10

(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 -251,780,590.65 Income tax expense calculated according to statutory/applicable tax rates -37,767,088.60 Impact of different tax rates applicable to subsidiaries -88,433.72 Impact of adjusting income tax in previous periods

Impact of non-taxable income

The impact of non-deductible costs, expenses and losses 875,079.45 The impact of using deductible losses that have not been recognized as deferred income tax assets in the previous period

The impact of deductible temporary differences or deductible losses of deferred income tax assets not recognized in the current period 103,566,577.73Additional deductions and others -66,398,039.27 Income tax expenses 188,095.59Other notes:

□Applicable √Not applicable

77. Other comprehensive income

√Applicable □Not applicable

For details, please see Note 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

Government subsidies related to income 625,873.18 10,996,005.37 Interest income 473,892.22 2,489,850.95 Others 1,764,954.65 2,133,878.10

Total 2,864,720.05 15,619,734.42 Description of other cash received related to operating activities:

None

Other cash paid related to operating activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Item Amount incurred in the current period Amount incurred in the previous period Materials and logistics warehousing fees 157,256,584.93 115,994,191.47 Clinical trial and technical service fees 112,201,030.94 119,365,109.41 Others 198,201,072.80 183,878,802.83

Total 467,658,688.67 419,238,103.71 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

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 incurred in the current period Amount incurred in the previous period Cash paid to repay lease liabilities 58,000.00 58,000.00

Total 58,000.00 58,000.00 Description of other cash paid related to financing activities:

None

Changes in various liabilities arising from financing activities

□Applicable √Not applicable

(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

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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:

Net profit -251,968,686.24 -124,932,157.47 Plus: asset impairment provision 1,217,065.44 184,480.88 Credit impairment losses -6,103.66 -282,020.50 Fixed asset depreciation, oil and gas asset depreciation, productive organisms

59,640,522.37 43,405,376.78 Asset depreciation

Amortization of right-of-use assets 28,632.56 23,746.80 Amortization of intangible assets 3,714,887.77 3,343,280.08 Amortization of long-term prepaid expenses 554,405.00 451,873.56 Disposal of fixed assets, intangible assets and other long-term assets

56,253.88 -6,794.93 loss (income is listed with "-")

Losses from scrapping of fixed assets (income is listed with "-") -48,998.53 284,938.9 Loss from changes in fair value (income is listed with "-") -133,150.69 -302,486.98 Financial expenses (income is listed with "-") 10,357,625.34 10,878,312.40 Investment losses (income is listed with "-") -229,848.36 -345,285.43 Decrease in deferred income tax assets (increase is listed with "-")

Increase in deferred income tax liabilities (decreases are indicated with a “-” sign)

Decrease in inventory (increases are indicated with "-") -59,630,693.04 -12,666,200.21 Decrease in operating receivables (increases are indicated with "-") 81,626,966.26 -60,131,841.89 Increase in operating payables (decreases are indicated with "-") 299,844,604.69 139,280,435.97 Others

Net cash flow generated from operating activities 145,023,482.79 -814,342.04 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 335,405,299.60 303,857,006.15 Less: Opening balance of cash 218,607,735.61 268,703,652.77 Add: Closing balance of cash equivalents

Less: Opening balance of cash equivalents

Net increase in cash and cash equivalents 116,797,563.99 35,153,353.38

(2) Net cash paid in the current period to acquire subsidiaries

□Applicable √Not applicable

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(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 335,405,299.60 218,607,735.61 Including: cash on hand 11,100.00 19,000.00

Bank deposits available for payment at any time 335,394,199.60 218,588,735.61

2. Cash equivalents

3. Balance of cash and cash equivalents at the end of the period 335,405,299.60 218,607,735.61 Among them: the parent company or subsidiaries within the group have restricted use

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

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 30,905,248.03 Including: US dollars 4,536,914.84 6.8109 30,900,473.28

Euro 614.74 7.7671 4,774.75Accounts receivable 19,468,903.01 Including: USD 2,467,791.76 6.8109 16,807,882.90

Euro 342,601.50 7.7671 2,661,020.11 Short-term borrowings 65,700.46 Of which: US dollars 9,646.37 6.8109 65,700.46 Other notes:

None

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(2) The nature of the currency’s lack of convertibility and its financial impact, the spot exchange rate used and its estimation process, and the company’s

Risks from lack of convertibility

□Applicable √Not applicable

(3) Description of overseas operating entities, including for important overseas operating entities, their main overseas operating place and accounting standard currency should be disclosed.

and selection basis. If the accounting standard currency changes, the reasons should also be disclosed □Applicable √Not applicable

(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

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

Unit: Yuan Currency: RMB

Item Amount for the current period Short-term lease or leasing expenses of low-value assets with simplified treatment of the amount for the previous period 797,148.94 2,242,116.35

Total 797,148.94 2,242,116.35 Sale and leaseback transactions and basis for judgment

□Applicable √Not applicable

The total cash outflow related to leasing is 762,646.93 (Unit: Yuan, Currency: RMB)

(2) As a lessor

Operating lease as lessor

□Applicable √Not applicable

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

□Applicable √Not applicable

(3) Recognizing financial lease sales profits and losses as a manufacturer or distributor

□Applicable √Not applicable

Other instructions

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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

Clinical trial and technical service fees 133,527,226.46 104,077,543.30 Employee compensation 108,454,778.42 93,114,434.78 Material fees 149,089,597.53 96,600,865.73 Depreciation and amortization 43,636,098.39 23,859,288.61 Patent and registration fees 3,852,910.42 4,113,429.54 Consulting fees 3,013,953.36 1,919,947.96 Utilities and electricity fees 10,252,100.28 8,850,112.37 Other expenses 16,620,852.04 16,281,014.16

Total 468,447,516.90 348,816,636.45 Including: Expenditure R&D expenditure 468,447,516.90 348,816,636.45

Capitalized R&D expenditures

Other notes:

None

2. Development expenditures on R&D projects that meet capitalization conditions

□Applicable √Not applicable

Significant Capitalized R&D Projects

□Applicable √Not applicable

Impairment provision for development expenditures

□Applicable √Not applicable

Other instructions

None

3. Important outsourced research projects

□Applicable √Not applicable

9. Changes in consolidation scope

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1. Merger of enterprises not under common control

□Applicable √Not applicable

2. Merger of enterprises under common control

□Applicable √Not applicable

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 during 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

6. Others

□Applicable √Not applicable

10. Interests in other entities

1. Interests in subsidiaries

(1) Composition of enterprise groups

√Applicable □Not applicable

Unit: Yuan Currency: RMB Shareholding Ratio (%) Obtained Subsidiary Name Main Business Place Registered Capital Registration Place Business Nature Direct Indirect Method Drug Registration, Commercial

USD 100

BTSBiopharmaInc. United States United States Business cooperation expansion and establishment 100.00 million

Intellectual Property Consultant

RMB

Bedis Biotechnology

Guangzhou, China 10 million Guangzhou, China Testing services 100.00 Establishment (Guangzhou) Co., Ltd.

Yuan

Biotech (Hong Kong) Biologics US$100,000 Drug R&D and services

Hong Kong, China Hong Kong, China 100.00 Establishment of Pharmaceutical Co., Ltd. Corporate affairs, wholesale and sales

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BayLake USD 150 Drug research and development, production

Cayman Islands Cayman Islands 100.00 Establishment of BioSciences, Inc. RMB 10,000 Production and commercialization of Biotech Biopharmaceuticals RMB Drug production commissioned

Guangzhou, China Guangzhou, China 100.00 Establishment of (Guangzhou) Co., Ltd. 330 million Explanation on the difference between the shareholding ratio of manufacturing and pharmaceutical production in subsidiaries and the voting rights ratio:

None

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:

None

For important structured entities included in the scope of consolidation, the basis for control is:

The Group's shareholding ratio in BTSBiopharma Inc., Baydis Biotechnology (Guangzhou) Co., Ltd., Biotech (Hong Kong) Biopharmaceutical Co., Ltd., Bay Lake BioSciences, Inc., and Biotech Biopharmaceutical (Guangzhou) Co., Ltd. is 100%. According to the articles of association of the subsidiaries, the Group enjoys 100% of the voting rights based on the shareholding ratio.

Basis for determining whether a company is agent or principal:

None

Other notes:

None

(2) Important non-wholly owned subsidiaries

□Applicable √Not applicable

(3) Main financial information of important non-wholly owned subsidiaries

□Applicable √Not applicable

(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

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 unimportant joint ventures and associates √ Applicable □ Not applicable

Unit: Yuan Currency: RMB

Closing balance/Amount incurred in the current period Opening balance/Amount incurred in the previous period Associates:

Total book value of investments 15,636,165.31 15,546,157.13 Total of the following items calculated based on shareholding ratio

--Net profit 90,008.18 -281,972.70 --Other comprehensive income

--Total comprehensive income 90,008.18 -281,972.70Other instructions

None

(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 investment 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

□Applicable √Not applicable

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2. Liability items involving government subsidies

√Applicable □Not applicable

Unit: Yuan Currency: RMB New in this period Included in this period and assets/financial statements Transferred to it in this period

Beginning balance Increased subsidy Non-operating income Others Closing balance Income-related items Other income

Amount Deposit amount Change Close

Deferred income from assets 24,916,232.76 2,345,721.50 22,570,511.26

Related

Total 24,916,232.76 2,345,721.50 22,570,511.26 /

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 2,345,721.50 3,738,270.96 Related to income 70,746.21 8,174,326.63

Total 2,416,467.71 11,912,597.59Other instructions:

None

12. Risks related to financial instruments

1. Risks of financial instruments

√Applicable □Not applicable

The company faces various financial risks in the course of its operations: credit risk, liquidity risk and market risk (including exchange rate risk, interest rate risk and other price risks). The Company diversifies financial instrument risks through appropriate diversification of investments and business portfolios, and reduces risks concentrated in a single industry, specific region or specific counterparty by formulating corresponding risk management policies.

1. Credit risk

Credit risk refers to the risk that the counterparty fails to perform its contractual obligations, resulting in financial losses for the Company.

The Company's credit risk mainly arises from monetary funds, notes receivable, accounts receivable, receivable financing, other receivables, etc. On the balance sheet date, the book value of the Company's financial assets represents its maximum credit risk exposure.

The company's monetary funds mainly consist of bank deposits deposited in state-owned banks and other large and medium-sized listed banks with good reputations and high credit ratings. The company believes that there are no significant credit risks and there will be almost no major losses caused by bank defaults.

The company's trading financial assets mainly include temporarily idle funds to purchase principal-guaranteed financial products from banks and other financial institutions with good credit. As of June 30, 2026, the company's unexpired financial investment principal is 60,000,000.00 yuan, accounting for 2.33% of the company's total assets. It cannot be redeemed in advance and the period is 92 days. The management believes that there is no significant credit risk and no loss is expected to be caused to the company due to the default of the other party.

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In addition, the Company sets relevant policies to control credit risk exposure for notes receivable, accounts receivable, receivable financing and other receivables. The company evaluates the customer's credit qualifications and sets corresponding credit periods based on the customer's financial status, the possibility of obtaining guarantees from third parties, credit records and other factors such as current market conditions. The company will regularly monitor customer credit records. For customers with poor credit records, the company will use written reminders, shorten the credit period or cancel the credit period to ensure that the company's overall credit risk is within a controllable range.

2. Liquidity risk

Liquidity risk refers to the risk of a shortage of funds when an enterprise fulfills its obligations settled by delivering cash or other financial assets.

The Company's policy is to ensure that sufficient cash is available to repay debt obligations as they fall due. Liquidity risk is centrally controlled by the Company's financial department. The Finance Department ensures that the company has sufficient funds to repay its debt under all reasonable forecasts by monitoring cash balances, readily realizable securities, and rolling forecasts of cash flows over the next 12 months. At the same time, we continue to monitor whether the company complies with the provisions of the borrowing agreement and obtain commitments from major financial institutions to provide sufficient standby funds to meet short-term and long-term funding needs. The Company's various financial liabilities are listed as follows based on undiscounted contractual cash flows by maturity date:

Unit: Yuan Currency: RMB

Ending balance

Item Undiscounted Contract Amount

Immediate repayment Within 1 year More than 1 year Book value

total

Short-term borrowings 104,920,283.52 104,920,283.52 104,920,283.52 Accounts payable 247,212,238.65 247,212,238.65 247,212,238.65 Other payables 39,032,938.18 39,032,938.18 39,032,938.18 Due within one year

Non-current liabilities 306,393,286.78 306,393,286.78 306,393,286.78 debt

Long-term borrowings 486,691,349.01 486,691,349.01 486,691,349.01 Total 286,245,176.83 411,313,570.30 486,691,349.01 1,184,250,096.14 1,184,250,096.14Balance at the end of the previous year

Item Undiscounted Contract Amount

Immediate repayment Within 1 year More than 1 year Book value

total

Short-term borrowings 80,076,702.18 80,076,702.18 80,076,702.18 Accounts payable 198,685,177.17 198,685,177.17 198,685,177.17 Other payables 31,865,730.81 31,865,730.81 31,865,730.81 Due within one year

Non-current liabilities 231,748,537.50 231,748,537.50 231,748,537.50 debt

Long-term borrowings 374,213,800.58 374,213,800.58 374,213,800.58 Total 230,550,907.98 311,825,239.68 374,213,800.58 916,589,948.24 916,589,948.24

3. Market risk

Market risk of financial instruments refers to the fluctuation of the fair value or future cash flows of financial instruments due to changes in market prices.

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Risks, including exchange rate risk, interest rate risk and other price risks.

(1) Interest 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 interest rate risk faced by the Company mainly comes from bank borrowings.

(2) Bank borrowing

As of June 30, 2026, the closing balance of the company's long-term borrowings (including those due within one year) was 793,084,635.79 yuan, of which bank borrowings were 793,084,635.79 yuan. The borrowing interest rate is adjusted annually from the actual withdrawal date, so the interest rate risk is small. (3) Exchange rate risk

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 exchange rate risk faced by the Company mainly comes from financial assets and financial liabilities denominated in US dollars. The amounts of foreign currency financial assets and foreign currency financial liabilities converted into RMB are listed as follows:

Unit: Yuan Currency: RMB

Ending balance Last year's end balance

Project

US Dollar Other Foreign Currency Total US Dollar Other Foreign Currency Total Currency

30,900,473.28 4,774.75 30,905,248.03 44,777,250.72 2,543,312.56 47,320,563.28 Funds

Receivable

16,807,882.90 2,661,020.11 19,468,903.01 36,803,577.35 36,803,577.35Accounts

short term

65,700.46 65,700.46 34,466.08 34,466.08 Loans

Total 47,774,056.64 2,665,794.86 50,439,851.50 81,615,294.15 2,543,312.56 84,158,606.71

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

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3. Transfer of financial assets

(1) Classification of transfer methods

□Applicable √Not applicable

(2) Financial assets derecognized due to transfer

□Applicable √Not applicable

(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

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing fair value

Project First level fairness Second level fairness Third level fairness

total

value measurement value measurement value measurement

1. Continuous fair value measurement

(1) Trading financial assets 60,116,712.33 60,116,712.33 1. Measured at fair value with changes included in the current period

60,116,712.33 60,116,712.33 Financial assets for profit and loss

(1) Debt instrument investment

(2) Equity instrument investment

(3) Derivative financial assets

Total assets continuously measured at fair value 60,116,712.33 60,116,712.33

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 fair value of capital-guaranteed financial products that continue to be measured at level 2 fair value is calculated using the future discounted cash flow method. The valuation is discounted based on the quotation method of similar products in the market and the characteristics of the products held by the company to estimate future cash flows. There is no significant difference between the book value and fair value at the end of the reporting period.

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

The fair value of the equity of unlisted companies is based on the method of assessing fair value based on the latest financing price of comparable companies or comparable transactions. When using the latest financing price method to evaluate the fair value of unlisted companies' equity, the time factor should be fully considered. If it matches

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If the period from the initial recognition date of the equity of the above-mentioned unlisted company to the end of the period is short, and no major events that affect the measurement of fair value have occurred after the transaction date, all available information on the performance and operations of the investee can be used to judge that its fair value is approximate to the cost of acquiring the equity, and its investment cost can be used as the best estimate of fair value. If the equity of the above-mentioned unlisted company has recently undergone a new round of financing, the latest financing price will be used as the valuation of the equity of the unlisted company. If the equity of the above-mentioned unlisted company has not undergone a new round of financing recently, a professionally qualified asset appraisal company will conduct a market value valuation of the equity of the unlisted company as the equity valuation of the unlisted company.

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

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

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 Parent company to this enterprise Parent company to this enterprise Parent company name Place of registration Nature of business Registered capital

Proportion of shareholding (%) Proportion of voting rights (%) Guangzhou Qixi Group has Guangdong Province Investment and Capital

330,400.00 38.64 38.64 Co., Ltd. Guangzhou Property Management

Description of the parent company of this enterprise

None

The ultimate controlling parties of this enterprise are Yi Xianzhong, Guan Yuchan, and Yi Liangyu

Other notes:

None

2. Information about the company’s subsidiaries

For details of the company's subsidiaries, please refer to Note 10. Equity in Other Entities 1. Equity in Subsidiaries

□Applicable √Not applicable

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3. Information about the company’s joint ventures and associated enterprises

For details of the company's important joint ventures or associates, please see Note 10. Equity in Other Entities 3. Equity in Joint Ventures or Associates

√Applicable □Not applicable

Shareholding ratio (%) of joint ventures or joint ventures or associated enterprises Main business

Place of registration Nature of business Name of business enterprise investment association Camp Direct Indirect

Design treatment method Ningbo Junjian Biotechnology Co., Ltd. Zhejiang Province Zhejiang Province Bio-based materials

10.00 Co., Ltd. using equity method Ningbo City Ningbo City Technology R&D

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

4. Other related parties

√Applicable □Not applicable

Names of other related parties Relationship between other related parties and the company Qianjiang Buffalo Construction Engineering Co., Ltd. A company controlled by the same controlling shareholder

Guangzhou Qixi Business Incubator Co., Ltd. A company controlled by the same controlling shareholder

Bozhou Baozhang Hospital Co., Ltd. A company controlled by the same controlling shareholder

Qianjiang Qixi International Hotel Co., Ltd. A company controlled by the same controlling shareholder

Guangzhou Qixi Computer Co., Ltd. A company controlled by the same controlling shareholder

Guangzhou Qixi Property Management Co., Ltd. A company controlled by the same controlling shareholder

Guangzhou Qixi Biotechnology Co., Ltd. A company controlled by the same controlling shareholder

Guangzhou Crete Pharmaceutical Co., Ltd. A company in which the controlling shareholder holds 30% of the shares

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

Unit: Yuan Currency: RMB Whether it exceeds the approved transaction amount in the cross-linked transaction

Related parties Amount incurred in the current period Transaction limit (such as the amount incurred in the previous period (if applicable)

Applicable) Qianjiang City Buffalo Building

Construction labor 70,867,517.35 120,132,743.06 No 11,168,146.98 Engineering Co., Ltd.

Guangzhou Qixi Enterprise Incubator Water, Electricity and Property

Not applicable Not applicable 308,150.42 Chemical Equipment Co., Ltd. fee

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Qianjiang Qixi International Marketing Conference

100,000.00 No 25,004.00 Hotel Co., Ltd. accommodation fee

Guangzhou Qixi Computer Co., Ltd.

Electricity bill 652,532.47 2,000,000.00 No 508,778.36 Co., Ltd.

Technical service fee

Guangzhou Crete Pharmaceutical

And energy consumption, maintenance 3,662,621.67 7,645,536.00 No limited company

protection fee

Ningbo Junjian Biological Sciences

Technical service fee 100,000.00 No 29,702.97 Technology Co., Ltd.

Guangzhou Qixi Biotechnology

Purchase of goods 225,300.00 2,000,000.00 Fu Technology Co., Ltd.

List of goods sold/services provided

√Applicable □Not applicable

Unit: Yuan Currency: RMB Related parties Contents of related transactions Amount for the current period Amount for the previous period Bozhou Baozhang Hospital Co., Ltd. Drug sales 37,831.85 97,892.77 Description of related transactions for purchasing and selling goods, providing and receiving services □ Applicable √ Not applicable

(2) Related entrusted management/contracting and entrusted management/contracting status. The company’s entrusted management/contracting status table:

□Applicable √Not applicable

Description of associated hosting/contracting situations

□Applicable √Not applicable

The company’s entrusted management/outsourcing status table:

□Applicable √Not applicable

Description of association management/outsourcing situation

□Applicable √Not applicable

(3) Related lease situation

As a lessor, our company:

□Applicable √Not applicable

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As a lessee, our company:

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Amounts for the current period are simplified for previous periods.

Not included in the lease. Not included in the lease. Short-term leases and liabilities increased. Simplified treatment of short-term liabilities. Increased lease assets. Name of the lessor in liability measurement. Low-value assets. Rent paid. Lease liabilities. Types of assets used.

Amount (if applicable) Amount (if applicable)

use)

Guangzhou Qixi Property Housing and

348,249.12 365,661.60 Management Co., Ltd. Building

Guangzhou Crete Pharmaceuticals Housing and

621,313.74 564,360.00

Industrial Co., Ltd. Building

Description of related leasing situation

√Applicable □Not applicable

None

(4) Related guarantees

The company acts as a guarantor

□Applicable √Not applicable

The company as the guaranteed party

□Applicable √Not applicable

Description of related guarantees

□Applicable √Not applicable

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(5) Fund lending from related parties

□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: 10,000 yuan Currency: RMB

Item Amount for the current period Amount for the previous period Remuneration of key management personnel 690.44 702.86

(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 Item name Related parties

Book balance Bad debt provision Book balance Bad debt provision advance payment Guangzhou Crete Pharmaceutical Co., Ltd. 115,668.00

(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 Accounts payable Qianjiang Buffalo Construction Engineering Co., Ltd. 40,810,163.70 8,718,630.69 Accounts payable Guangzhou Qixi Computer Co., Ltd. 233,488.92 203,516.59 Accounts payable Guangzhou Crete Pharmaceutical Co., Ltd. 425,146.13

Contract liabilities Bozhou Baozhang Hospital Co., Ltd. 3,982.30

(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

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□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

Important external commitments, nature and amount existing on the balance sheet date

Unit: Yuan Currency: RMB Project name Book balance at the end of the period Book balance at the end of the previous year Capital commitments signed but not provided for 115,080,298.22 37,260,727.03

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

3. Others

□Applicable √Not applicable

17. Events after the balance sheet date

1. Important non-adjustment matters

□Applicable √Not applicable

2. Profit distribution

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□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

4. Annuity plan

□Applicable √Not applicable

5. Termination of operations

□Applicable √Not applicable

6. Branch information

(1) Determination basis and accounting policies of reporting segments □ Applicable √ Not applicable

(2) Financial information of reportable segments □ Applicable √ Not applicable

(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

7. Other important transactions and matters that have an impact on investors’ decision-making □Applicable √Not applicable

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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 (including 1 year) 197,136,500.39 165,529,901.26 1 to 2 years 576,528.90 563,320.08 Total 197,713,029.29 166,093,221.34

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(2) Classified disclosure based on bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Category Book balance Bad debt provision Book Book balance Bad debt provision Book

Amount Proportion (%) Amount Provision proportion (%) Value Amount Proportion (%) Amount Provision proportion (%) Value Provision for bad debts is made individually 501,115.20 0.25 501,115.20 100.00 501,115.20 0.30 501,115.20 100.00

Provision for bad debts by combination 197,211,914.09 99.75 239,055.99 0.12 196,972,858.10 165,592,106.14 99.70 277,470.11 0.17 165,314,636.03 Among them:

Credit risk characteristics combination 197,211,914.09 99.75 239,055.99 0.12 196,972,858.10 165,592,106.14 99.70 277,470.11 0.17 165,314,636.03

Total 197,713,029.29 100.00 740,171.19 / 196,972,858.10 166,093,221.34 100.00 778,585.31 / 165,314,636.03

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 A 501,115.20 501,115.20 100.00 Expected to be unrecoverable

Total 501,115.20 501,115.20 100.00 /

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Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: combination of credit risk characteristics

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) Credit risk characteristics combination 197,211,914.09 239,055.99 0.12

Total 197,211,914.09 239,055.99 0.12 Instructions on the provision of 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 division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

(3) Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Category of change amount in the current period Opening balance Recovery or write-off or other Ending balance accrual

Reversal, write-off, change in individual provision for bad debts 501,115.20 501,115.20 Credit risk characteristics combination 277,470.11 -38,414.12 239,055.99

Total 778,585.31 -38,414.12 740,171.19 Among them, the amount of bad debt provision recovery or reversal in the current period is important:

□Applicable √Not applicable

Other instructions

None

(4) Accounts receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of accounts receivable

□Applicable √Not applicable

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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

Unit: Yuan Currency: RMB in accounts receivable

Accounts receivable and contract assets

Accounts receivable period Contract asset period Bad debt provision period Unit name Contract asset period Total ending balance

Ending Balance Ending Balance Ending Balance Ending Balance Count Ratio

(%)

Customer One 14,305,416.52 14,305,416.52 7.24 7,152.71 Customer Two 12,094,165.76 12,094,165.76 6.12 6,047.08 Customer Three 9,636,496.95 9,636,496.95 4.87 4,818.25Customer four 6,639,722.70 6,639,722.70 3.36 14,768.13Customer five 6,380,639.88 6,380,639.88 3.23 3,190.32

Total 49,056,441.81 49,056,441.81 24.82 35,976.49Other instructions

None

Other notes:

□Applicable √Not applicable

2. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Other receivables 3,182,252.03 3,029,946.27

Total 3,182,252.03 3,029,946.27Other instructions:

□Applicable √Not applicable

interest receivable

(1) Classification of interest receivable

□Applicable √Not applicable

(2) Important overdue interest

□Applicable √Not applicable

(3) Classified disclosure based on bad debt accrual method

□Applicable √Not applicable

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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

Provision for bad debts based on the general expected credit loss model □ Applicable √ Not applicable

(4) 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 notes:

None

(5) 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:

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□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

(4) 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 notes:

None

(5) 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) 1,823,914.21 1,075,187.94 1 to 2 years 1,297,326.09 1,293,782.20 2 to 3 years 284,155.18 3 to 4 years 172,943.02

4 to 5 years 32,000.00 58,667.56 More than 5 years 600.00 430,194.64

Total 3,326,783.32 3,141,987.52

(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

Deposit and security deposit 1,270,385.39 1,812,659.75 Employee reserve fund 460,440.82 185,313.72

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Transactions with other units 788,957.11 1,097,014.05 Transactions with subsidiaries 807,000.00 47,000.00

Total 3,326,783.32 3,141,987.52

(3) Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB

The first stage The second stage The third stage

Lifetime forecasts Lifetime forecasts

Bad debt provision Estimated total period credit losses in the next 12 months (unexpected credit losses (already

period credit loss

Credit impairment occurs) Credit impairment occurs)

Balance on January 1, 2026 112,041.25 112,041.25 Balance on January 1, 2026 at

This issue

--Transfer to the second stage

--Transfer to the third stage

--Return to the second stage

--Return to the first stage

Provision in this period 32,490.04 32,490.04 Transferred in this period

Sales in this period

Write-off in this period

Other changes

Balance on June 30, 2026 144,531.29 144,531.29 Basis for division of each stage and proportion of provision for bad debts

None

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

Amount of changes in the current period

Category Opening balance Recovery or write-off or verification Ending balance accrual Other changes

reversal pin

Credit risk characteristics combination 112,041.25 32,490.04 144,531.29

Total 112,041.25 32,490.04 144,531.29 Among them, the amount of bad debt provision for the current period that is reversed or recovered is important:

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□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 bad debt provision unit Closing balance Total closing balance Nature of payment Aging closing balance

Proportion of number (%)

Guangzhou GCL Blue Sky Gas

1,200,000.00 36.07 Deposit and security deposit 1-2 years Thermal Power Co., Ltd.

Biotech Biopharmaceuticals

807,000.00 24.26 Dealings with subsidiaries Within 1 year (Guangzhou) Co., Ltd.

Huatai Insurance Property Insurance

202,815.95 6.10 Transactions with other units Within 1 year 10,140.80 Company sales department

Hunan Provincial Cancer Hospital 172,943.02 5.20 Other units 3-4 years 86,471.51 Kunhao Ruicheng Pharmaceutical Research and Development

162,622.64 4.89 Transactions with other units Within 1 year 8,131.13 (Beijing) Co., Ltd.

Total 2,545,381.61 76.52 / / 104,743.44

(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 127,190,187.00 127,190,187.00 31,779,175.00 31,779,175.00 Investment in associates and joint ventures 15,636,165.31 15,636,165.31 15,546,157.13 15,546,157.13 Total 142,826,352.31 142,826,352.31 47,325,332.13 47,325,332.13

(1) Investment in subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Opening balance (account impairment provision Increase or decrease in the current period Closing balance (account impairment provision investee)

(face value) Opening balance Additional investment Decrease investment Provision for impairment Others (face value) Closing balance BTS Biopharma Inc. 1,779,175.00 1,779,175.00

Bedis Biotechnology (Guangzhou) Co., Ltd. 10,000,000.00 10,000,000.00

Biotech Biopharmaceutical (Guangzhou) Co., Ltd. 20,000,000.00 95,000,000.00 115,000,000.00

Biotech (Hong Kong) Biopharmaceutical Co., Ltd. 411,012.00 411,012.00

Total 31,779,175.00 95,411,012.00 127,190,187.00

(2) Investment in associates and joint ventures

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Increases and decreases in the current period

Impairment quasi-investment at the end of the period Impairment quasi-investment at the beginning of the period (book equity method Other comprehensive Others Declared release Provision

Additional decrease at the beginning of the provision period (book price unit value at the end of the provision period) Confirmed investment income Equity Cash dividend Impairment Others

Balance Investment Investment Value) Balance

Capital gains and losses adjustment changes or profit provisions

2. Joint ventures

Ningbo Junjian Biotechnology Co., Ltd.

15,546,157.13 90,008.18 15,636,165.31 Co., Ltd.

Subtotal 15,546,157.13 90,008.18 15,636,165.31 Total 15,546,157.13 90,008.18 15,636,165.31

(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 518,548,263.68 101,122,207.99 441,887,841.40 98,287,272.05 Other businesses 501,215.64 113,088.08

Total 519,049,479.32 101,235,296.07 441,887,841.40 98,287,272.05

(2) Decomposition information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Total

Contract classification

Operating income Operating costs

Product type

Pharmaceutical sales business 472,451,555.27 101,122,207.99 Technical service business 4,500,000.00

Licensing business 41,596,708.41

Others 501,215.64 113,088.08 Total 519,049,479.32 101,235,296.07 Classified by operating area

Domestic 478,971,734.47 84,978,355.74 Overseas 40,077,744.85 16,256,940.33 Total 519,049,479.32 101,235,296.07 Classified by time of commodity transfer

Confirmed at a certain point in time 511,346,717.66 101,122,207.99 Confirmed within a certain period of time 7,702,761.66 113,088.08

Total 519,049,479.32 101,235,296.07Other instructions

√Applicable □Not applicable

Operating income by product: adalimumab injection revenue of 300 million yuan, tocilizumab injection revenue of 148 million yuan, bevacizumab injection revenue of 49 million yuan, ustekinumab injection revenue of 13 million yuan, and other income of 90 million yuan.

(3) Description of performance obligations

√Applicable □Not applicable

Unit: Yuan Currency: RMB

The company undertakes to perform its performance obligations. Whether the company undertakes the quality assurance items provided by the company. Important payment terms

The timing of the transfer of the promise is mainly the expected type of license and related obligations.

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Responsibility for returning the product to the customer

Nature Any person’s money

Guarantee type quality assurance, sales drugs are delivered to customers, and the payment deadline is usually within the relevant obligation to the customer

Product is /

Drugs are completed within 60 days after the customer signs for receipt. It is charged when signing a contract to ensure that the goods sold meet the established standards. Guarantee quality assurance.

The relevant license can be obtained by

Authorization Down payment, mileage reached Relevant obligations are to the customer

Licensee's use and license is /

Licensing Monument Conditions Charge Corresponding Guarantee When Benefiting from the Goods Sold

Payment Comply with established standards to ensure quality assurance,

a section that provides services

Technology is usually collected in stages and the relevant obligations are to the customer

Within time or after service is finished Service Yes /

Service Receive technical service fee Guarantee that the goods sold are delivered in time

Total compliance with established standards / / / / /

(4) Description of apportionment to remaining performance obligations

□Applicable √Not applicable

(5)Major contract changes or major transaction price adjustments

□Applicable √Not applicable

Other notes:

None

5. Investment income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Long-term equity investment income calculated using the equity method 90,008.18 -281,972.70 Investment income from trading financial assets during the holding period 139,840.18 627,258.13

Total 229,848.36 345,285.43Other instructions:

None

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

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Item Amount Description of gains and losses from disposal of non-current assets, including write-off of provision for asset impairment

-Part 7,255.35

Government subsidies included in the current profit and loss, except for government subsidies that are closely related to the company's normal business operations, comply with national policies and regulations, are enjoyed in accordance with determined standards, and have a lasting impact on the company's profit and loss 2,756,210.13

In addition to the effective hedging business related to the company's normal operating business, non-financial enterprises have gains and losses from changes in fair value 272,990.87 arising from the holding of financial assets and financial liabilities, as well as gains and losses from the disposal of financial assets and financial liabilities.

Fund occupation fees charged to non-financial enterprises included in current profits and losses

Gains and losses from entrusting others to invest or manage assets

Profit and loss from external entrusted loans

The impairment provision for receivables shall be reversed based on separate impairment tests for various asset losses caused by force majeure factors, such as natural disasters.

The investment cost of the enterprise in acquiring subsidiaries, associates and joint ventures is less than the income generated from the fair value of the investee's identifiable net assets when acquiring the investment.

Net profit and loss for the current period from the beginning of the period to the date of merger of subsidiaries resulting from business combinations under common control

Gains and losses on non-monetary asset exchanges

Debt restructuring gains and losses

One-time expenses incurred by the enterprise due to the cessation of relevant business activities, such as expenses for relocating employees, etc.

One-time impact on current profits and losses due to adjustments to tax, accounting and other laws and regulations

The one-time confirmation of share-based payment expenses due to the cancellation or modification of the equity incentive plan. For cash-settled share-based payment, the gains and losses arising from changes in the fair value of employee compensation payable after the vesting date

Gains and losses arising from changes in the fair value of investment properties that are subsequently measured using the fair value model

Gains from transactions where the transaction price appears to be unfair

Profit and loss arising from contingencies unrelated to the company's normal business operations

Custody fee income from entrusted operations

Other non-operating income and expenses other than the above items -970,143.12 Other profit and loss items that meet the definition of non-recurring gains and losses

Less: Income tax impact

Amount of impact on minority shareholders’ equity (after tax)

Total 2,051,802.53 For companies that identify items not listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies with Public Issuance of Securities - Non-recurring Gains and Losses" as non-recurring profit and loss items with significant amounts, and for defining the non-recurring gain and loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies with Public Issuance of Securities - Non-recurring Gains and Losses" as recurring gains and losses, the reasons should be explained. □Applicable √Not applicable

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Other instructions

□Applicable √Not applicable

2. Return on net assets and earnings per share

√Applicable □Not applicable

Weighted average net assets, earnings per share, profit for the reporting period

Profit rate (%) Basic earnings per share Diluted earnings per share Net profit attributable to the company’s ordinary shareholders -100.77 -0.61 -0.61 After deducting non-recurring gains and losses, net profit attributable to the company’s ordinary shareholders

-101.59 -0.61 -0.61Net profit for general shareholders

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

□Applicable √Not applicable

4. Others

□Applicable √Not applicable

Legal representative: LISHENGFENG (Li Shengfeng)

Board approval submission date: August 25, 2026

Revision information

□Applicable √Not applicable

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