Rongchang Biotechnology’s announcement on the general election of the company’s board of directors

Securities code: 688331 Securities abbreviation: Rongchang Biology Announcement number: 2026-023 Hong Kong stock code: 09995 Hong Kong stock abbreviation: Rongchang Biology

Rongchang Biopharmaceutical (Yantai) Co., Ltd.

Announcement on the General Election of the Company’s Board of Directors

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

The term of the second board of directors of Rongchang Biopharmaceutical (Yantai) Co., Ltd. (hereinafter referred to as the "Company") is about to expire. According to the "Company Law of the People's Republic of China" (hereinafter referred to as the "Company Law"), the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules" and the "Shanghai Stock Exchange Science and Technology Innovation Board Listed Companies Self-Regulatory Guidelines No. 1" No. - Standardized Operations" and other laws, regulations and normative documents as well as the relevant provisions of the "Articles of Association of Rongchang Biopharmaceutical (Yantai) Co., Ltd." (hereinafter referred to as the "Articles of Association"), the company has carried out the election of the board of directors, and the relevant information is now announced as follows:

1. General election of the board of directors

The company held the 38th meeting of the second board of directors on May 18, 2026, and reviewed and approved the "Proposal on the General Election of the Board of Directors and the Nomination of Non-Independent Director Candidates for the Third Board of Directors" and the "Proposal on the General Election of the Board of Directors and Nomination of Independent Director Candidates for the Third Board of Directors". After the nomination committee of the company's board of directors reviewed the qualifications of the director candidates for the third session of the board of directors, the company's board of directors agreed to nominate Mr. Wang Weidong, Mr. Fang Jianmin, Mr. Wen Qingkai, Mr. Wang Liqiang, and Ms. Fang Yi as non-independent director candidates for the company's third session of the board of directors. Among them, Mr. Wang Weidong and Fang Fang Mr. Jianmin, Mr. Wen Qingkai, and Ms. Fang Yi are candidates for executive directors, and Mr. Wang Liqiang is a candidate for non-executive directors. It is agreed to nominate Mr. Song Xiliang, Mr. Huang Guobin, and Mr. Chen Yunjin as independent director candidates for the third session of the company's board of directors. All independent director candidates have obtained independent director qualification certificates. Among them, Mr. Song Xiliang is an accounting professional. Please see the attachment for details of the resumes of the above-mentioned director candidates.

As of the disclosure date of this announcement, the above-mentioned independent director candidates have been reviewed and approved by the Shanghai Stock Exchange without objection. The company will convene the 2025 annual shareholders' meeting to review the reelection of the board of directors, in which non-independent directors (excluding employee representative directors) and independent directors will be elected through a cumulative voting system. The company's third board of directors will take office from the date of review and approval at the company's 2025 annual shareholders' meeting for a term of three years. In order to ensure the normal operation of the company's board of directors, until the 2025 annual shareholders' meeting considers and approves the aforementioned matters, the second board of directors will still perform its duties in accordance with the Company Law, the Articles of Association and other relevant regulations.

Please refer to the relevant documents disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn) on the same day for details of the independent director candidate’s statement and commitment and the nominee’s statement and commitment.

2. Other situation descriptions

The qualifications of the above-mentioned director candidates meet the requirements for director qualifications in relevant laws, administrative regulations, and normative documents. There are no circumstances in which they are prohibited from serving as directors of the company as stipulated in the Company Law, Articles of Association, etc., there are no circumstances in which the China Securities Regulatory Commission has taken measures to prohibit entry into the securities market for a period that has not expired, they have not been subject to administrative penalties or exchange punishments by the China Securities Regulatory Commission, and there are no other circumstances that the Shanghai Stock Exchange has determined to be unsuitable to serve as directors of listed companies. In addition, the educational background and work experience of independent director candidates are capable of fulfilling the responsibilities of independent directors and comply with the relevant requirements for the qualifications and independence of independent directors such as the "Administrative Measures for Independent Directors of Listed Companies" and "Self-Regulatory Supervision Guidelines for Companies Listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operations".

The members of the company's second board of directors worked diligently and diligently during their tenure and played a positive role in promoting the company's standardized operations and sustainable development. The company expresses its sincere gratitude to all directors for their contributions to the company's development during their tenure!

Announcement is hereby made.

Board of Directors of Rongchang Biopharmaceutical (Yantai) Co., Ltd.

Attachment as of May 19, 2026: Candidate Resume

Resumes of candidates for non-independent directors of the third session of the Board of Directors

1. Mr. Wang Weidong, born in September 1959, received a bachelor's degree in engineering from Heilongjiang Business College (now known as Harbin University of Commerce) in Traditional Chinese Medicine and Pharmacy in July 1982. Founded Rongchang Pharmaceutical in March 1993, and served as the chairman and legal representative of Rongchang Pharmaceutical from 1993 to December 2023; served as a director of Mabri Biotech from June 2013 to present; served as a director of Rongchang Biotech USA from January 2015 to present; served as a director of the company from October 2013 to April 2020, and served as the chairman of the company from June 2019 to present, 2020 He has served as the company's executive director since May 2016 and is mainly responsible for the company's overall management, business and strategic planning.

As of the disclosure date of this announcement, Mr. Wang Weidong, Mr. Fang Jianmin, Mr. Lin Jian, Mr. Xiong Xiaobin, Mr. Wang Liqiang, Mr. Wang Xudong, Mr. Deng Yong, Ms. Yang Minhua, Mr. Wen Qingkai, Mr. Wei Jianliang and Yantai Rongda Venture Capital Center (Limited Partnership) (hereinafter referred to as "Yantai Rongda"), RongChang Holding Group LTD. (hereinafter referred to as "RongChang") Holding") and I-NOVA Limited (hereinafter referred to as "I-NOVA") have a concerted action relationship and are the joint actual controllers of the company; the aforementioned 10 joint actual controllers directly and through Yantai Rongda and Yantai Rongqian Enterprise Management Center (Limited Partnership) (to (hereinafter referred to as "Yantai Rongqian"), Yantai Rongyi Enterprise Management Center (limited partnership) (hereinafter referred to as "Yantai Rongyi"), Yantai Rongshi Enterprise Management Center (limited partnership) (hereinafter referred to as "Yantai Rongshi"), Yantai Rongjian Enterprise Management Center (limited partnership) (hereinafter referred to as "Yantai Rongjian"), RongChang Holding and I-NOVA indirectly control 38.01% of the company's shares. Except for the above circumstances, there is no related relationship with other directors and senior managers of the company and shareholders holding more than 5% of the shares; there is no situation that prohibits serving as a director of the company as stipulated in the Company Law and other laws and regulations; there is no situation that has been determined by the China Securities Regulatory Commission as a market ban and is still in the ban period; it has not been publicly recognized by the stock exchange as unsuitable for listing Directors of the company; have not been punished and punished by the China Securities Regulatory Commission, stock exchanges and other relevant departments, have not been investigated by judicial authorities for suspected crimes, or have been investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations without a clear conclusion. They are not persons subject to execution for dishonesty and meet the requirements of the Company Law and other relevant laws, regulations and provisions.

2. Mr. Fang Jianmin, born in May 1962, received a bachelor's degree from Dalhousie University in Canada in May 1998

in biology from Dalhousie University, and conducted postdoctoral research focusing on cancer in the Department of Surgery, Harvard Medical School and Boston Children's Hospital from 1997 to 2000. From April 2011 to present, he has served as the director of Rongchang Biotech in the United States. From June 2013 to March 2020, he has served as the president of Mibray Biotech. From June 2013 to the present, he has served as the chairman of Mibray Biotech. In April 2020, he served as a director of Rongchang Biomedical Research (Shanghai) Co., Ltd. (cancelled); from May 2022 to the present, he served as the executive director of Shanghai Rongchang Biotechnology; from October 2008 to August 2023, he served as the company's chief scientific officer; from October 2008 to April 2020, he served as the company's director and CEO, 2020 He has served as the company's executive director and CEO since May 2018 and is the co-founder of the company. He is mainly responsible for the company's overall management, business and strategic planning, and is fully responsible for the company's drug research and development.

As of the disclosure date of this announcement, Mr. Fang Jianmin, Mr. Wang Weidong, Mr. Lin Jian, Mr. Xiong Xiaobin, Mr. Wang Liqiang, Mr. Wang Xudong, Mr. Deng Yong, Ms. Yang Minhua, Mr. Wen Qingkai, Mr. Wei Jianliang and Yantai Rongda, RongChang Holding, I-NOVA There is a concerted action relationship and they are joint actual controllers of the company; the aforementioned 10 joint actual controllers control 38.01% of the company's shares directly and indirectly through Yantai Rongda, Yantai Rongqian, Yantai Rongyi, Yantai Rongshi, Yantai Rongjian, RongChang Holding, and I-NOVA. Mr. Fang Jianmin is the father of director candidate Ms. Fang Yi. Except for the above circumstances, there is no related relationship with other directors and senior managers of the company and shareholders holding more than 5% of the shares; there is no situation that prohibits serving as a director of the company as stipulated in the Company Law and other laws and regulations; there is no situation that has been determined by the China Securities Regulatory Commission as a market ban and is still in the ban period; it has not been publicly recognized by the stock exchange as unsuitable for listing Directors of the company; have not been punished and punished by the China Securities Regulatory Commission, stock exchanges and other relevant departments, have not been investigated by judicial authorities for suspected crimes, or have been investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations without a clear conclusion. They are not persons subject to execution for dishonesty and meet the requirements of the Company Law and other relevant laws, regulations and provisions.

3. Mr. Wen Qingkai: born in September 1966, received a master's degree in philosophy of science and technology from Zhejiang University in May 1995. Served as the vice president of Rongchang Pharmaceutical from February 2004 to May 2019, and the director of Rongchang Pharmaceutical from May 2016 to the present; served as the director of Rongchang Zibo from March 2010 to June 2020; served as the director of Mabri Biotech from October 2015 to the present; served as the supervisor of Yantai Heyuan Aidis Biomedical Technology Co., Ltd. from September 2018 to the present; served as the company's executive director from April 2025 to the present, 2020 He has served as the secretary of the company's board of directors since May 2016 and is mainly responsible for the company's investment and financing activities, internal control, and securities issuance and listing.

As of the disclosure date of this announcement, Mr. Wen Qingkai, Mr. Wang Weidong, Mr. Fang Jianmin, Mr. Lin Jian, Mr. Xiong Xiaobin, Mr. Wang Liqiang, Mr. Wang Xudong, Mr. Deng Yong, Ms. Yang Minhua, Mr. Wei Jianliang and Yantai Rongda, RongChang Holding, I-NOVA There is a concerted action relationship and they are joint actual controllers of the company; the aforementioned 10 joint actual controllers control 38.01% of the company's shares directly and indirectly through Yantai Rongda, Yantai Rongqian, Yantai Rongyi, Yantai Rongshi, Yantai Rongjian, RongChang Holding, and I-NOVA. Except for the above circumstances, there is no related relationship with other directors and senior managers of the company and shareholders holding more than 5% of the shares; there is no situation that prohibits serving as a director of the company as stipulated in the Company Law and other laws and regulations; there is no situation that has been determined by the China Securities Regulatory Commission as a market ban and is still in the ban period; it has not been publicly recognized by the stock exchange as unsuitable for listing Directors of the company; have not been punished and punished by the China Securities Regulatory Commission, stock exchanges and other relevant departments, have not been investigated by judicial authorities for suspected crimes, or have been investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations without a clear conclusion. They are not persons subject to execution for dishonesty and meet the requirements of the Company Law and other relevant laws, regulations and provisions.

4. Mr. Wang Liqiang, born in July 1970, obtained the Belgian Joint Business School in November 2019

in Business Administration from the United Business Institute. He has served as the general manager and chairman of Rongchang Zibo from March 2010 to the present and from November 2012 to the present respectively. From February 2012 to the present, he has served as the president and director of Rongchang Pharmaceutical. From December 2023 to the present, he has served as the chairman of Rongchang Pharmaceutical. From March 2015 to the present, he has served as the director and general manager of Rieter Pharmaceuticals. From April 2020 to the present, he has served as the chairman of Rieter Pharmaceuticals. From February 2020 to the present, he has served as the chairman of Yeda Incubation; He has served as a director of Rongchang Pharmaceutical Hong Kong Co., Ltd. since May 2020 and as a non-executive director of the company since May 2020.

As of the disclosure date of this announcement, Mr. Wang Liqiang and Mr. Wang Weidong, Mr. Fang Jianmin, Mr. Lin Jian, Mr. Xiong Xiaobin, Mr. Wang Xudong, Mr. Deng Yong, Ms. Yang Minhua, Mr. Wen Qingkai, Mr. Wei Jianliang and Yantai Rongda, RongChang Holding, I-NOVA There is a concerted action relationship and they are joint actual controllers of the company; the aforementioned 10 joint actual controllers control 38.01% of the company's shares directly and indirectly through Yantai Rongda, Yantai Rongqian, Yantai Rongyi, Yantai Rongshi, Yantai Rongjian, RongChang Holding, and I-NOVA. Except for the above circumstances, there is no related relationship with other directors and senior managers of the company and shareholders holding more than 5% of the shares; there is no situation that prohibits serving as a director of the company as stipulated in the Company Law and other laws and regulations; there is no situation that has been determined by the China Securities Regulatory Commission as a market ban and is still in the ban period; it has not been publicly recognized by the stock exchange as unsuitable for listing Directors of the company; have not been punished and punished by the China Securities Regulatory Commission, stock exchanges and other relevant departments, have not been investigated by judicial authorities for suspected crimes, or have been investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations without a clear conclusion. They are not persons subject to execution for dishonesty and meet the requirements of the Company Law and other relevant laws, regulations and provisions.

5. Ms. Fang Yi, born in August 1990, received a bachelor’s degree from the University of California, Los Angeles (UCLA) in 2012, and a doctorate in law (Juris) from the University of California, Los Angeles (UCLA) in 2017.

Doctorate), passed the California Bar Exam in November of that year, and was qualified to practice law in California in December of that year. Ms. Fang Yi interned at the U.S. Federal Court in the summer of 2015. In September 2017, she joined Fenwick & West LLP, a law firm located in Silicon Valley, USA. She is engaged in lawyer work related to company listings, venture capital, and mergers and acquisitions. She joined Rongchang Biotech in 2019 and has been working since then. She is the head of international legal affairs of Rongchang Biotech.

As of the disclosure date of this announcement, Ms. Fang Yi directly and indirectly holds 165,240 shares of the company. Ms. Fang Yi is the daughter of director candidate Mr. Fang Jianmin. Except for the above circumstances, there is no related relationship with other directors and senior managers of the company and shareholders holding more than 5% of the shares; there is no situation that prohibits serving as a director of the company as stipulated in the Company Law and other laws and regulations; there is no situation that has been determined by the China Securities Regulatory Commission as a market ban and is still in the ban period; it has not been publicly recognized by the stock exchange as unsuitable for listing Directors of the company; have not been punished and punished by the China Securities Regulatory Commission, stock exchanges and other relevant departments, have not been investigated by judicial authorities for suspected crimes, or have been investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations without a clear conclusion. They are not persons subject to execution for dishonesty and meet the requirements of the Company Law and other relevant laws, regulations and provisions.

Resumes of Independent Director Candidates for the Third Session of the Board of Directors

1. Mr. Song Xiliang, 1965 Annual student, Ph.D. in management, professor of accounting at the School of Accountancy, Yanshan College, Shandong University of Finance and Economics, master's tutor, former employee of Shandong Sacred Sun Power Co., Ltd., Weihai East China CNC Co., Ltd., Pulian Software Co., Ltd., Qingdao Senkilin Tire Co., Ltd., Shandong Province Zhonglu Ocean Fisheries Co., Ltd., Shandong Mingren Freda Pharmaceutical Co., Ltd., currently serves as an independent director of Shandong Haios Biotechnology Co., Ltd., Shandong Academy of Environmental Sciences Co., Ltd., Yantai Zhenghai Biotechnology Co., Ltd., and an external director of Shenzhen Donghua Industrial (Group) Co., Ltd.

As of the disclosure date of this announcement, Mr. Song Xiliang does not hold any shares in the company and has no relationship with the company’s controlling shareholders, actual controllers, shareholders holding more than 5% of the shares, directors and senior managers of the company. There are no circumstances that prevent you from serving as a director of a company as stipulated in the Company Law and other laws and regulations; there is no situation that has been determined by the China Securities Regulatory Commission as a market ban and is still in the ban period; it has not been publicly determined by the stock exchange to be unsuitable to serve as a director of a listed company; it has not been subject to the China Securities Regulatory Commission and securities exchange As for the penalties and punishments imposed by other relevant departments, there is no case of being investigated by judicial authorities for suspected crimes or being investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations without a clear conclusion. He is not a person subject to execution for dishonesty and meets the requirements of the Company Law and other relevant laws, regulations and regulations.

2. Mr. Huang Guobin, born in 1968, graduated from Tongji University in 1991, received an MBA from Lancaster University School of Management in the UK in 1997, was awarded the Shanghai Overseas Talent Award, is a trustee of Tongji University, and a member of the Oxford University Global Business Alumni Association. Mr. Huang Guobin worked at China International Capital Corporation from 1999 to 2011, responsible for CICC's important customers and major project financing and investment banking business. He served as the head of the Human Resources Committee, the head of the Business Development Committee of CICC Investment Bank, the head of the European Investment Banking Department of CICC, and a member of the Investment Bank Operations Committee; from 2011 to 2015, he served as the head of the China Large Industrial Group of Goldman Sachs; from 2015 to 2022 Served as the CEO of J.P. Morgan Global Investment Bank China in 2016, the legal representative, CEO and head of investment banking of J.P. Morgan Securities (China) Co., Ltd.; from 2022 to 2023, as a senior consultant of J.P. Morgan Securities (Asia Pacific) Co., Ltd.; since February 2024, as the chairman of Zhiying International (Group) Co., Ltd.; since June 2023, as an independent director of Zoomlion Heavy Industry Co., Ltd.; since September 2024, as a non-independent director of Ubed Technology Co., Ltd.; He has served as an independent director of the company since January 2026 and as an independent non-executive director of MiniMax Group Inc. since January 2026.

As of the disclosure date of this announcement, Mr. Huang Guobin does not hold any shares in the company and has no relationship with the company’s controlling shareholders, actual controllers, shareholders holding more than 5% of the shares, directors and senior managers of the company. There are no circumstances that prevent you from serving as a director of a company as stipulated in the Company Law and other laws and regulations; there is no situation that has been determined by the China Securities Regulatory Commission as a market ban and is still in the ban period; it has not been publicly determined by the stock exchange to be unsuitable to serve as a director of a listed company; it has not been subject to the China Securities Regulatory Commission and securities exchange As for the penalties and punishments imposed by other relevant departments, there is no case of being investigated by judicial authorities for suspected crimes or being investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations without a clear conclusion. He is not a person subject to execution for dishonesty and meets the requirements of the Company Law and other relevant laws, regulations and regulations.

3. Mr. Chen Yunjin, born in July 1985, obtained a master's degree in common law from the Chinese University of Hong Kong in 2010; a practicing lawyer in China. From August 2010 to April 2012, he served as a lawyer in the Hong Kong branch of the US law firm Gibson, Dunn & Crutcher. From April 2012 to January 2014, he served as the legal director of Samsung Electronics Hong Kong Co., Ltd.. From January 2014 to September 2015, he served as the legal director of Hong Kong Shui On Construction Co., Ltd.. From September 2015 to the present, he served as the executive director and legal director of Daosheng International Financial Leasing Co., Ltd., in 2020 He has served as the executive director of Hesheng International Holdings Co., Ltd. since August 2022, as the executive director of Wanhua Ecological Industry Group Co., Ltd. since July 2022, and as an independent director of the company since May 2022.

As of the disclosure date of this announcement, Mr. Chen Yunjin does not hold any shares in the company and has no related relationships with the company’s controlling shareholders, actual controllers, shareholders holding more than 5% of the shares, directors and senior managers of the company. There are no circumstances that prevent you from serving as a director of a company as stipulated in the Company Law and other laws and regulations; there is no situation that has been determined by the China Securities Regulatory Commission as a market ban and is still in the ban period; it has not been publicly determined by the stock exchange to be unsuitable to serve as a director of a listed company; it has not been subject to the China Securities Regulatory Commission and securities exchange As for the penalties and punishments imposed by other relevant departments, there is no case of being investigated by judicial authorities for suspected crimes or being investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations without a clear conclusion. He is not a person subject to execution for dishonesty and meets the requirements of the Company Law and other relevant laws, regulations and regulations.