Semi-annual Report for 2026

Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Company code: 688373 Company abbreviation: Mengke Pharmaceutical Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-annual Report

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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 in this report the various risk factors it may face in the course of its operations. For details, please refer to "IV. Risk Factors" in "Section 3 Management Discussion and Analysis" of this report. The company invites investors to pay special attention to the following risks:

During the reporting period, the company has not yet made a profit and has accumulated unrecovered losses. The main reason is that the company has been engaged in drug research and development activities since its establishment. Such projects have long research and development cycles and large capital investments. Affected by the company's overall capital arrangement and cash flow status, in order to optimize resource allocation, the corresponding R&D investment has been reduced, but a certain level of expenditure still needs to be maintained. At the same time, since the commercialization of the company's products, commercialization investment has remained at a high level. The above-mentioned investment has led to the company's cumulative uncompensated losses increasing. Therefore, the company will be unable to make profits or distribute profits for a certain period in the future, which will have a certain adverse impact on shareholders' investment income.

During the reporting period, there were no major adverse changes in the company's main business and core competitiveness.

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 ZHENGYUYUAN (Yuan Zhengyu), the person in charge of accounting work Guo Cui, and the person in charge of the accounting department (accounting supervisor) Luo Zhaoyong declare that they guarantee the authenticity, accuracy and completeness of the financial report in the semi-annual report.

6. The profit distribution plan for the reporting period or the plan for converting public reserve funds into share capital passed by the board of directors

During the reporting period, the company had no semi-annual profit distribution plan or reserve fund conversion plan.

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 forward-looking statements such as future plans and development strategies 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

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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......................................................................................................................................................5

Section 2 Company Profile and Main Financial Indicators......................................................................................7

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

Section 4 Corporate Governance, Environment and Society......................................................................................48

Section 5 Important Matters................................................................................................................................50

Section 6 Changes in Shares and Shareholders...................................................................................73

Section 7 Bond-related situations................................................................................................................79

Section 8 Financial Report......................................................................................................................81

Financial statements signed and stamped by the person in charge of the company, the person in charge of accounting work, and the person in charge of the accounting department (the person in charge of accounting for reference)

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

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Section 1 Interpretation

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

Commonly used word definitions

Mengke Pharmaceutical and the Company refer to Shanghai Mengke Pharmaceutical Co., Ltd. and its predecessor Shanghai Mengke Pharmaceutical Co., Ltd.

China Securities Regulatory Commission refers to China Securities Regulatory Commission

Shanghai Stock Exchange refers to Shanghai Stock Exchange

Sponsor refers to China International Capital Corporation Limited

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

Infectious diseases refer to diseases caused by pathogens such as bacteria, viruses, fungi or parasites

WHO refers to the English name World Health Organization. The World Health Organization is a specialized agency under the United Nations. It is headquartered in Geneva, Switzerland. Only sovereign states can participate. It is the largest intergovernmental health organization in the world.

Cancer refers to a malignant tumor disease, which is mainly characterized by the uncontrolled growth of cells in the human body and the ability of these cells to metastasize from the original site and spread to other sites over long distances

Clinical trials refer to investigations and studies that verify or discover the efficacy and side effects of experimental drugs to determine the therapeutic value and safety of the drug.

Chemical drugs/chemical drugs refer to drugs prepared through chemical synthesis

Peptide drug conjugate refers to Peptide-drugconjugate, abbreviated as PDC, which is a targeted therapy drug

Antibody-drug conjugate, abbreviated as ADC, is a targeted therapy drug

CRO refers to Contract Research Organization, a third-party contract research organization, an academic or commercial scientific organization that provides professional services to pharmaceutical companies and R&D institutions in the drug research and development process through contracts.

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

USFDA refers to the United States Food and Drug Administration

GMP refers to "Good Manufacturing Practice"

MAH refers to Marketing Authorization Holder, which refers to the drug marketing authorization holder, that is, the enterprise or drug development institution that has obtained the drug registration certificate. The MAH system refers to a management model that separates marketing licenses and production licenses. Marketing license holders can entrust drugs to different manufacturers for production. Drug marketing license holders are responsible for the safety, effectiveness and quality controllability of drugs throughout the entire process of drug development, production, operation and use.

PD refers to Pharmacodynamics, which refers to drug effect dynamics, studying the effects of drugs on the body and their laws, and elucidating the mechanism of drug prevention and treatment of diseases.

PK refers to Pharmacokinetics, a discipline that describes the rules of drug absorption, distribution, metabolism and excretion in the body, and uses mathematical principles and methods to explain the changes in blood drug concentration over time.

Drug sensitivity refers to drug sensitivity test

Priority review and approval means that according to the "Measures for the Administration of Drug Registration", when applying for a drug marketing authorization, the following drugs with obvious clinical value can apply for the priority review and approval procedure: (1) Shortage drugs that are urgently needed for clinical use, innovative drugs and improved new drugs for the prevention and treatment of major infectious diseases, rare diseases and other diseases;

(2) New varieties, dosage forms and specifications of children’s drugs that meet the physiological characteristics of children; (3) Vaccines and innovative vaccines urgently needed for disease prevention and control; (4) Drugs included in the breakthrough therapy drug program; (5) Drugs that meet conditional approval; (6) Other situations for priority review and approval stipulated by the State Food and Drug Administration

Kerikesi refers to Kerikesi (Beijing) Pharmaceutical Co., Ltd., a wholly-owned subsidiary of the company

Mengke Pharmaceutical refers to Mengke Pharmaceutical Technology (Shanghai) Co., Ltd., a wholly-owned subsidiary of the company

MicuRx New Hong Kong refers to Shanghai MicuRx Pharmaceuticals (Hong Kong) Co., Ltd., whose English name is Shanghai MicuRx Pharmaceuticals (HongKong) Co., Limited. It is a wholly-owned subsidiary of the company and a limited company established under the laws of Hong Kong, China.

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MicuRx USA refers to MicuRx Pharmaceuticals, Inc., a wholly-owned subsidiary of the company, based in California, USA.

Incorporated in California, USA under the laws of Asia

Kangyue Biotechnology refers to Guangzhou Kangyue Biotechnology Co., Ltd., a wholly-owned subsidiary of the company

Kemai Biotechnology refers to Zhengzhou Kemai Biopharmaceutical Co., Ltd., a wholly-owned subsidiary of the company

Humeng Chengtai refers to Shanghai Humeng Chengtai Biopharmaceutical Co., Ltd., a wholly-owned subsidiary of the company

Xirichengtai refers to Beijing Xirichengtai Biopharmaceutical Co., Ltd., a wholly-owned subsidiary of the company

MicuRx Hong Kong refers to MicuRx (HK) Limited, the company’s major shareholder and promoter

MicuRxCayman refers to MicuRxPharmaceuticals, Inc., a limited liability company incorporated in the Cayman Islands,

The company's indirect shareholder holds 100% equity in Mengke Hong Kong

BestIdea refers to BestIdeaInternationalLimited, the company’s major shareholder and promoter

JSR refers to JSRLimited, the company’s major shareholder and promoter

GPTMT refers to GPTMTHoldingsLimited, the sponsor of the company

Huagai Xincheng refers to Beijing Huagai Xincheng Yuanhang Medical Industry Investment Partnership (Limited Partnership), the company’s main

Shareholders, promoters

Junlian Jiayu refers to Zhuhai Junlian Jiayu Equity Investment Partnership (Limited Partnership), the company’s major shareholder and developer

Start people

Ningbo Qirui refers to Ningbo Meishan Bonded Port Area Qirui Equity Investment Center (Limited Partnership), the sponsor of the company Zhejiang Huahai refers to Zhejiang Huahai Pharmaceutical Co., Ltd., the sponsor of the company

Xinyi Umax refers to Xinyi Umax Financial Consulting Center (Limited Partnership), the company's promoter and employee shareholding

platform

China Resources Pharmaceutical refers to China Resources Pharmaceutical Group Co., Ltd., the company’s sales partner

Shanghai Pharmaceuticals refers to Shanghai Pharmaceuticals Group Co., Ltd., the company’s sales partner

IND refers to InvestigationalNewDrugApplication, which refers to a new drug clinical trial application. Before starting human clinical trials, an application needs to be submitted to the national drug regulatory authority and obtained a license.

and approval process

MAB stands for Mycobacteriumabscessus, Mycobacterium abscessus

MRCNS stands for Methicillin-resistantCoagulase-negativeStaphylococci, methicillin-resistant coagulation

enzyme-negative staphylococci

MRSA stands for Methicillin-resistant Staphylococcusaureus and NTM stands for Non-tuberculous Mycobacteria.

PRSP stands for Penicillin Resistant Streptococcuspneumoniae, penicillin-resistant Streptococcus pneumoniae

Bacteria

VRE stands for Vancomycin-ResistantEnterococci, vancomycin-resistant enterococci

MDR stands for Multi-drugresistant, multiple drug resistance

CNS refers to Coagulase-negativeStaphylococcus, coagulase-negative Staphylococcus

CRAB stands for CarbapenemResistantAcinetobacterbaumannii, carbapenem-resistant baumannii

bacilli

CRE stands for Carbapenem Resistant Enterobacteriaceae, carbapenem-resistant Enterobacteriaceae

Bacteria

CRPA stands for Carbapenem-ResistantPseudomonasaeruginosa, carbapenem-resistant patina

Cytozoon

CDC stands for Centers for Disease Control and Prevention

ADC refers to Antibody-DrugConjugates, antibody drug conjugates

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Section 2 Company Profile and Main Financial Indicators

1. Basic information of the company

The Chinese name of the company: Shanghai Mengke Pharmaceutical Co., Ltd. The Chinese abbreviation of the company: Mengke Pharmaceutical

The company’s foreign name is ShanghaiMicuRxPharmaceuticalCo.,Ltd. The company’s foreign name abbreviation MicuRx

The company’s legal representative ZHENGYUYUAN (Yuan Zhengyu) The company’s registered address: No. 101, Building 1-4, Building 1, No. 53 Edison Road, China (Shanghai) Pilot Free Trade Zone Historical changes to the company’s registered address None

Company office address No. 101, Floor 1-4, Building 1, No. 53 Edison Road, China (Shanghai) Pilot Free Trade Zone Postal code of Building 2 Company office address 201210

Company website http://www.micurxchina.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 Nie Anna

Contact address: 53 Edison Road, China (Shanghai) Pilot Free Trade Zone

Building 1, Building 1, Floor 101, Building 2

Phone 021-50900550

Fax 021-61101898

Email [email protected]

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

The names of newspapers selected by the company for information disclosure are "Shanghai Securities News" (www.cnstock.com), "China Securities News" (www.cs.com.cn), "Securities Times" (www.stcn.com), and "Securities Daily" (www.zqrb.cn). The website address for publishing the semi-annual report is www.sse.com.cn

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

Query 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 exchange

Stock type Stock abbreviation Stock code Stock abbreviation and sector before change

Shanghai Stock Exchange

A shares Mengke Pharmaceutical 688373 Not applicable

Science and Technology Innovation Board

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

□Applicable √Not applicable

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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/decrease in the same period (%) Operating income 89,530,049.04 66,969,753.09 33.69Total profit -40,163,675.43 -138,558,720.03 Not applicable Net profit attributable to shareholders of listed companies -37,566,012.58 -138,674,492.55 Not applicable Net profit after deducting non-recurring items attributable to shareholders of listed companies -40,324,362.74 -143,358,346.31 Not applicable Profit and loss

Net cash flow generated from operating activities -26,392,888.81 -120,704,678.78 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 162,946,450.91 205,539,267.63 -20.72 Total assets 627,645,280.36 705,085,684.26 -10.98

(2) Main financial indicators

Main financial indicators for this reporting period This reporting period compared with the same period last year

(January to June) Increase/decrease (%)

Basic earnings per share (yuan/share) -0.06 -0.21 Not applicable Diluted earnings per share (yuan/share) -0.06 -0.21 Not applicable Basic earnings per share after deducting non-recurring gains and losses Not applicable

-0.06 -0.22

(yuan/share)

Weighted average return on equity (%) -20.39 -36.86 Not applicable Weighted average net assets after deducting non-recurring gains and losses Not applicable

-21.89 -38.11

Yield of production (%)

R&D investment as a proportion of operating income (%) 48.22 173.83 A decrease of 125.61 percentage points

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

√Applicable □Not applicable

1. During the reporting period, the company's operating income was 89.53 million yuan, a year-on-year increase of 33.69%. This was mainly due to the company's active development of a sales model that combined a self-built team and a commercial distribution model during the reporting period, which resulted in an increase in sales of the self-developed product cantizolid tablets. another

On the other hand, in this period, a down payment income of RMB 4.717 million was received based on the technology transfer agreement.

2. During the reporting period, the company's total profit was -40.1637 million yuan, the net profit attributable to shareholders of the listed company -37.566 million yuan, and the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses -40.3244 million yuan. The loss margin narrowed compared with the same period last year. This was mainly due to the increase in the company's operating income during the reporting period and the adoption of a series of cost and expense control measures, which reduced related expenses.

A further decrease compared with the same period last year.

3. During the reporting period, the net cash flow expenditure generated from operating activities was 26.3929 million yuan, a decrease of 94.3118 million yuan compared with the same period last year. This was mainly due to the increase in the company's operating income during the reporting period and the adoption of a series of cost and expense control measures such as controlling R&D expenses.

This is due to further improving the company’s overall operating efficiency.

4. During the reporting period, the company's basic earnings per share -0.06 yuan/share, diluted earnings per share -0.06 yuan/share, and basic earnings per share after deducting non-recurring gains and losses -0.06 yuan/share. The loss per share narrowed compared with the same period last year, mainly because the net loss during the reporting period increased compared with the same period last year.

Caused by narrowness.

5. During the reporting period, the company's R&D investment accounted for 48.22% of operating income, a year-on-year decrease of 125.61 percentage points. This was mainly due to the decrease in R&D investment in order to optimize resource allocation during the reporting period due to the impact of the company's overall capital arrangement and cash flow status.

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6. The weighted average return on equity during the reporting period was -20.39%, and the weighted average return on equity after deducting non-recurring gains and losses was -21.89%, both of which changed significantly from the same period last year. This was mainly due to the company's efforts to increase revenue and reduce expenditure during the reporting period, and to improve quality and efficiency, which resulted in the reduction of losses.

Significantly.

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 Notes (if applicable) Profit and loss from disposal of non-current assets, including the write-off of asset impairment provisions

Government subsidies included in the current profit and loss, but are closely related to the company's normal business operations, comply with national policies and regulations, and are determined in accordance with

367,887.57 Standard enjoyment of government subsidies, except for government subsidies that have a lasting impact on the company's profits and losses.

In addition to effective hedging business related to the company's normal business operations, non-financial enterprises hold financial assets and financial liabilities.

2,375,172.59 Gains and losses from changes in fair value and gains and losses from 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

Loss of various assets due to force majeure factors, such as natural disasters

The impairment provision for receivables that is separately tested for impairment is reversed if 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 the investment is obtained.

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

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Non-recurring profit and loss items Amount Notes (if applicable) Custody fee income from entrusted operations

Other non-operating income and expenses other than the above items 15,290.00

Other profit and loss items that meet the definition of non-recurring profits and losses

Less: Income tax impact

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

Total 2,758,350.16

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) Main business, main products or services

The company is an innovative pharmaceutical company with the research and development of small molecule drugs as its core and the treatment of infectious diseases as its focus. It has global independent intellectual property rights and international competitiveness. It is committed to discovering, developing and commercializing innovative drugs that do not meet clinical needs.

1. MRX-1 (contizolid tablets)

The company's first commercial product, cantizolid tablets, is a new generation of oxazolidinone antibacterial drugs independently designed and developed by the company, and can be used to treat complex skin and soft tissue infections. As of the end of the reporting period, cantizolid tablets had covered 793 hospitals across the country, and 263 hospitals had achieved formal access and batch clinical procurement. During the reporting period, the main business income was RMB 84.3377 million, a year-on-year increase of 25.93%.

During the reporting period, there were 11 ongoing clinical research projects initiated by researchers after the launch of cantizolid tablets, covering multiple fields such as drug-resistant pulmonary tuberculosis, gram-positive bacterial bloodstream infections in patients with agranulocytosis and fever, central nervous system tuberculosis, Mycobacterium abscessus pulmonary infections, and gram-positive bacterial infections in children. The details are as follows:

Clinical trial registration number/

Project name

Registration number

ChiCTR2500113473 Ultra-short-course clinical study of contizolid combined with bedaquiline delamanid in the treatment of rifampicin-resistant pulmonary tuberculosisChiCTR2500106183 Effectiveness and safety of contizolid-containing treatment regimen for sensitive pulmonary tuberculosis patients over 60 years oldChiCTR2500105973 Early bacteriological efficacy study of contizolid on Mycobacterium avium lung disease

ChiCTR2500105305 Safety and effectiveness of oral cantizolid in pediatric patients with hematopoietic stem cell transplantation infected with Gram-positive bacteria

effectiveness cohort study

ChiCTR2400090645 A study on the substitution therapy of contizolid in patients with rifampicin-resistant pulmonary tuberculosis who are not suitable for linezolid ChiCTR2200066186 A study on the effectiveness and safety of cantizolid in the treatment of bloodstream infections caused by gram-positive bacteria in patients with arrhenoid fever

Multicenter, single-arm, prospective study

NCT06081361 A randomized, controlled, multicenter clinical study of a new ultra-short-course treatment regimen for drug-resistant tuberculosis

(INSPIRE-CODA)

ChiCTR2400086220 Study on the safety and efficacy of all-oral regimen containing cantizolid in the treatment of rifampicin-resistant tuberculosis: 1

A prospective, multicenter, randomized, open, controlled clinical trial (C-STAR)

ChiCTR2300071961 Safety and efficacy of contizolid-containing tablets in adult patients with Mycobacterium abscessus pulmonary infection

Randomized open parallel controlled clinical study of effectiveness

ChiCTR2300074581 Early bactericidal activity and pharmacokinetics study of cantizolid in patients with drug-resistant tuberculosis

ChiCTR2300078025 Exploratory study on the pharmacokinetics, safety and early clinical efficacy evaluation of cantizolid tablets in the treatment of adult patients with central nervous system tuberculosis

During the reporting period (based on publication time), a total of 46 documents were published (excluding international conference reports) in terms of medical evidence-based accumulation and academic construction achievements. There are 5 guidelines/consensus recommending the use of contizolid based on evidence-based evidence, as follows:

(1) January 2026: The "Expert Consensus on the Clinical Application and Precision Treatment of Oxazolidinone Antibiotics in Children", led by the Consensus Collaboration Group on the Clinical Application of Oxazolidinone Antibiotics in Children, the Infectious Disease Group of the Pediatric Branch of the Chinese Medical Association, the Infectious Disease Group of the Pediatric Branch of the Zhejiang Medical Association, and the National Clinical Research Center for Child and Adolescent Health and Disease, and co-authored by Professor Huang Lisu, Professor Yu Yunsong and Professor Guo Yujin, was published in the Journal of Clinical Pediatrics. It aims to standardize the use of oxazolidinone drugs in children, emphasize precise dosing strategies, and provide suggestions for drug use and adverse drug reaction monitoring in special children with liver and kidney dysfunction, extracorporeal membrane oxygenation therapy, etc., provide clinicians with decision-making support based on existing evidence, and promote rational drug use in pediatric patients.

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(2) January 2026: The "Chinese Expert Consensus on Diagnosis, Treatment, Prevention and Control of Common Resistant Bacteria in Abdominal Infections (2026 Edition)" was jointly formulated by the Surgical Infection and Critical Care Medicine Group of the Surgery Branch of the Chinese Medical Association, the Emergency and Critical Care Surgery Expert Working Group of the Chinese Medical Doctor Association, and the Infection and Critical Care Medicine Group of the Surgery Branch of the Jiangsu Medical Association. For the content of contizolid, please refer to the relevant content of recommendations 17 and 18.

(3) January 2026: The "Expert Consensus on Diagnosis and Treatment of HIV/AIDS Patients Combined with Non-tuberculous Mycobacterium Infection" was formulated by the HIV and Tuberculosis Professional Committee of the Chinese Association for STD and AIDS Prevention and Control, with Shen Yinzhong and Lu Hongzhou as the corresponding authors, and published in "China AIDS and STDs". For the content of contizolid, please refer to the sections "4.4 Other slow-growing mycobacteria" and "4.6 Treatment of other fast-growing mycobacteria such as M. chelonae disease and M. fortuitum disease".

(4) April 2026: The authoritative clinical guideline "Chinese Guidelines for the Clinical Application of Antimicrobial Drugs in Patients with Neutropenia and Fever (2026 Edition)" jointly formulated by the Hematology Branch of the Chinese Medical Association and the Hematology Physician Branch of the Chinese Medical Doctor Association, with Professor Liu Qifa and Professor Huang Xiaojun as the corresponding authors, was officially published in the "Chinese Journal of Hematology". The original article "7. Adjustment of Antimicrobial Drugs" (Appendix 2 Specific Drug Selection for Adjustment of Antimicrobial Drugs in Neutrophilic Patients with Fever Infected by Multidrug-Resistant Bacteria) introduces cantizolid.

(5) June 2026: The national clinical guideline "China Chemotherapy Guidelines for Multidrug-Resistant/Rifampicin-Resistant Tuberculosis (2026 Edition)" compiled by the Tuberculosis Branch of the Chinese Medical Association and organized by multidisciplinary experts across the country was published in the "Chinese Journal of Tuberculosis and Respiratory Medicine". This guideline contains a total of 14 recommendations, aiming to provide solid clinical evidence and decision-making basis for standardized treatment of MDR/RR⁃TB.

Contizolid is mentioned in the "(2) Adverse reactions and management of chemotherapy drugs during MDR/RR⁃TB treatment" section of the text "V. Monitoring and Adverse Reaction Management During MDR/RR⁃TB Treatment".

In addition to the above-mentioned guidelines/consensus, there are 20 clinical studies related to cantizolid (including 16 case reports and case series, 3 cohort studies, and 1 randomized controlled clinical trial), 3 non-clinical studies, 8 reviews, 1 methodological study, and 2 others.

In order to fully tap the clinical advantages of contizolid tablets, the company continues to develop cantizolid tablets. After its clinical application in the adult field has been widely verified, the company actively promotes the expansion of its applicable population in the field of pediatric medication. In April 2023, it launched a multi-center, open-label, single-arm phase II clinical trial of the safety, effectiveness and pharmacokinetic characteristics of oral contizolid tablets in Chinese subjects aged 6 to 17 years old with complex skin and soft tissue infections. As of the end of the reporting period, a total of 12 centers have obtained ethics approval and started operations, and 24 subjects have completed enrollment, and interim analysis is ongoing.

2.MRX-4

MRX-4 for injection, as a prodrug of cantizolid, aims to optimize the delivery method to broaden its applicable scenarios. In 2024, the company completed a Chinese phase III clinical trial to evaluate the conversion of intravenous infusion of MRX-4 to oral administration of cantizolid tablets in the treatment of adult patients with complicated skin and soft tissue infections, using linezolid intravenous infusion to oral administration as a control. In May 2025, the marketing authorization application (NDA) of this product for the treatment of complicated skin and soft tissue infections was accepted by the State Food and Drug Administration. In the first quarter of 2026, a notification of supplementary information for the NDA application was received from the review agency, and written supplementary information was submitted at the end of May 2026, pending professional review.

As of the end of the reporting period, the international multi-center phase III clinical trial of MRX-4 for injection followed by cantizolid tablets for the treatment of diabetic foot infection has been approved to be conducted in more than 20 countries in China and overseas, with a total of 541 patients enrolled.

In order to further expand the domestic market and potential indications of contizolid and MRX-4 for injection, the company is conducting a multi-center, randomized, double-blind and double-simulated Phase III clinical trial to evaluate the effectiveness and safety of intravenous infusion of MRX-4 to oral cantizolid in the treatment of Chinese adults with drug-resistant gram-positive bacterial infections, using linezolid intravenous infusion to oral administration as a control. As of the end of the reporting period, a total of 32 centers have been started, and a total of 21 patients have been enrolled. The trial continues to be enrolled.

3.MRX-8

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MRX-8 is an injectable polymyxin antibacterial drug, mainly used to treat multi-drug-resistant Gram-negative bacterial infections. Infections caused by these bacteria are increasingly becoming a major public health challenge worldwide, including well-known superbugs such as carbapenemase-producing Enterobacteriaceae. For these bacteria, traditional colistin drugs can cause multiple nephrotoxicity and neurotoxicity, and their clinical use is limited. As a new type of polymyxin cationic peptide drug, MRX-8 has been carefully designed to reduce the risk of nephrotoxicity and neurotoxicity of polymyxin antibiotics while maintaining or improving the therapeutic effect.

Up to now, China's Phase I clinical trial of MRX-8 has been successfully completed and has achieved the expected goals. Clinical study results show that the drug exposure of MRX-8 in the human body increases proportionally with the dose. Based on the preclinical pharmacokinetic/pharmacodynamic (PK/PD) study results, at the expected clinical dosage of 2.5 mg/kg, administered once a day, the exposure of MRX-8 in the human body is expected to achieve ideal efficacy against infections caused by Escherichia coli, Pseudomonas aeruginosa, and Acinetobacter baumannii, to help meet the unmet clinical needs for drug-resistant Gram-negative bacterial infections.

In the future, the company plans to focus on the follow-up research and development of MRX-8 through external cooperation, and plans to develop injection and inhalation dosage forms to better leverage the drug's therapeutic potential and future commercialization value in the field of Gram-negative bacterial infections.

4.MRX-5

MRX-5 is a new benzoborazole antibiotic used for infections caused by non-tuberculous mycobacteria. The current treatment plan for NTM infection mainly uses a combination of multiple antibiotics, which requires 12 to 24 months of antibiotic treatment and multiple daily doses. Traditional drugs have problems such as widespread drug resistance, poor efficacy, and many adverse reactions. Especially for patients with MAB infection, due to the stubbornness of the infection and the limited antibacterial effect of current drugs on MAB infection, there is no standard and effective treatment method in clinical treatment. Therefore, the development of new antibiotics with higher efficiency, fewer adverse events, and better patient compliance is urgent.

MRX-5 has good antibacterial activity against most common NTM pathogenic bacteria and has shown good safety in animal tests. At the same time, it has few drug interactions, is not prone to drug resistance, and can be taken orally, and is also suitable for the treatment of chronic infections. MRX-5 is expected to provide a new treatment option for patients with NTM disease.

MRX-5, a new drug against non-tuberculous mycobacterial infections, has been granted orphan drug designation by the USFDA and has completed Phase I clinical trials in Australia. Phase I clinical trials in China have completed the study of healthy participants, and exploratory research on this product in patients with non-tuberculous mycobacterial infections has been initiated. As of the end of the reporting period, a total of 2 centers have been launched and are in preparation for enrollment.

In January 2026, the IND application for MRX-5 in the United States was approved by the USFDA. A randomized, double-blind, placebo-controlled, multi-center Phase IIa study will be conducted in the United States to evaluate the effectiveness and safety of MRX-5 tablets in the treatment of adult patients with non-cavitary lung disease caused by Mycobacterium abscessus complex infection.

5. Other products of the company

In addition to the above four core products that have entered the clinical stage or commercialization stage, the company also has a number of new anti-infective drugs in the preclinical stage, as well as new drugs targeting tumors and inflammatory diseases.

 Other conjugation technology-related pipelines (mainly including antibody drug conjugates and peptide drug conjugates)

The company's antibody drug conjugate pipeline is focused on developing safer and more effective treatments for patients with refractory solid tumors. Based on the self-developed new camptothecin toxin "STOPIN platform", the company not only improves its anti-tumor activity, but also achieves the purpose of reducing the toxicity of ADC drugs by adjusting the pharmacokinetic properties of the toxin in vivo. At the same time, combined with the company's independently developed new anti-tumor antibodies, it will further promote the development of next-generation ADC drug candidates. The company's first ADC candidate drug, MRX-23, is a dual-antibody ADC that targets two target tumor antigens to improve the ADC's targeting and enrichment of heterogeneous tumors. It is equipped with a new camptothecin toxin developed by the self-developed "STOPIN platform", which is expected to achieve the effects of reducing toxicity and increasing efficacy. It has now entered the preclinical development stage.

The company used new peptide drug conjugation technology to independently design and develop a new kidney-targeted drug, MRX-17. The company's self-designed kidney disease targeted development platform structurally transforms already-marketed nephritis treatment drugs and combines them with kidney-targeted functions through degradable chains.

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Combined, the drug is selectively enriched in the kidneys, and dissociates and releases the active drug under the physiological environment of the kidney, thereby exerting a therapeutic effect. Through this design, nephritis treatment drugs can be targeted and distributed to the kidneys, reducing systemic exposure and achieving the goal of reducing systemic side effects. It can also increase the local exposure of active drugs in the kidneys and enhance the efficacy. Therefore, this specific targeted therapy for kidney disease is expected to provide an efficient and low-toxic drug option for patients with kidney disease.

 Inflammatory disease related pipelines

The company is also actively developing new pipelines in the field of anti-inflammatory small molecules. Among them, the MRX-27 (STAT6-targeted protein degradation chimera) and MRX-29 (NEK7 molecular glue) projects have entered the drug evaluation stage.

STAT6 is an innovative anti-inflammatory target that selectively mediates the downstream signaling pathways of interleukin 4 (IL-4) and interleukin 13 (IL-13). It is expected to become a new targeted oral therapy for the treatment of type 2 inflammatory diseases. In the international research and development progress in 2025, STAT6-targeted protein degradation chimera (PROTAC) shows good development prospects in indications such as asthma, atopic dermatitis, and chronic obstructive pulmonary disease. If the new product is successfully developed, it will have high synergy with hospitals and departments that have traditional advantages in antibiotics. Based on the technical foundation of small molecule design and optimization, the company has developed the new STAT6PROTAC and has submitted relevant patent applications.

NEK7 is one of the emerging targets of inflammatory diseases. As an important component of NLRP3 inflammasome assembly, NEK7 provides a new option for the treatment of diseases driven by the innate immune inflammatory pathway. The 2025 international research and development progress showed the potential application of NEK7 molecular glue in inflammation-driven cardiovascular and cardiometabolic diseases such as pericarditis and atherosclerosis. Based on the technical foundation of small molecule design and optimization, the company has developed a new NEK7 molecular glue and has submitted relevant patent applications.

(2) Main business model

The company has an independent and complete R&D and procurement system, and has established a commercialization team. The company's main business models are as follows:

1. R&D model

The company's new drug research and development work adopts a model driven by internal research and development and guaranteed by outsourcing services. At present, the company's R&D department has covered the entire process of new drug research and development, including drug discovery, preclinical research and clinical trial application, clinical research, new drug marketing application, post-marketing research and other stages. The company's core products under research are all independently developed. Due to factors such as resource allocation and regulatory requirements, the company conducts systematic CRO classification management during specific implementation and outsources non-core technology research work at different stages to different third-party CRO service companies, including some compound synthesis work in the drug discovery stage, pharmacology (efficacy and safety pharmacology), pharmacokinetics and toxicology tests in the preclinical research stage, CRO, biological sample testing, data management, statistical analysis and SMO services in the clinical trial stage. For the trial production and production of drugs, the company currently adopts the MAH model, entrusting manufacturers with GMP production qualifications to cooperate in completing the prescription/process research, sample trial production (including clinical sample production), process verification and commercial production of new drugs.

2. Procurement model

The company's procurement content mainly includes preclinical trial services, clinical trial services, etc. The company has established a complete supplier evaluation and access system and a list of qualified suppliers to ensure that the quality of the company's procurement services meets the company's requirements. When purchasing, applicants from the company's purchasing department fill out the purchasing application, and the purchase is implemented after approval by department managers, leaders in charge and other responsible persons. In principle, the company uses bidding, price inquiry and other methods to compare multiple suppliers. After comprehensively considering service/product quality, quotation, service plan and other factors, the company selects the appropriate supplier for procurement. When the company entrusts an outsourcing service agency to provide services, it will sign corresponding service agreements and confidentiality agreements, stipulating that all data, information, results, materials and other ownership and intellectual property rights generated by the R&D outsourcing agency during the preclinical and clinical trial research service process, as well as relevant data and materials obtained during the clinical trial process, belong to the company. The R&D outsourcing agency does not have any rights related to the drug under development and its research results. If an R&D outsourcing institution communicates clinical research results at academic conferences or publications, it must obtain the company's written consent in advance to prevent the company's core technical data from being leaked.

3. Production mode

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The company adopts the MAH model and entrusts qualified pharmaceutical companies to produce. In accordance with the provisions of the "Drug Administration Law of the People's Republic of China" and other relevant laws and regulations, the company, as the marketing authorization holder of cantizolid tablets, purchases third-party raw materials for the entrusted production of preparations and signs a cooperation (entrustment) agreement with it. The manufacturer is entrusted with technology transfer, clinical trial sample production, process verification, registered production site inspection and related technical services for cantizolid tablets, and provides commercial production services to the company.

4. Sales model

During the reporting period, the company used the two-wheel drive of "self-built academic promotion team + third-party academic promotion team" to create a commercial version 2.0 in key areas with self-built teams as the mainstay and third-party teams to rapidly increase coverage.

·Self-built team

In view of the huge potential of the Chinese market and the urgent need for professional commercial promotion, the company has established a comprehensive commercial operation support team in China, covering multiple functional departments, including academic promotion, marketing, business, operational efficiency, government affairs, medical affairs, etc. Team members all have deep industry backgrounds, professional academic promotion capabilities and precise market insights. They focus on the development of core markets and hospitals. The main measures to promote the commercialization process include:

1. By promoting multiple researcher-led clinical studies initiated by key clinical experts, we will accumulate rigorous evidence-based medical evidence and lay a solid foundation for the formation of expert consensus and the update of clinical guidelines.

2. Cooperate with academic groups and other authoritative institutions to carry out professional medical education and promote the standardized diagnosis and treatment of infectious diseases in my country, especially gram-positive bacterial infections.

3. Promote the publication of excellent cases and the sharing of real-world application cases, highlight the differentiated advantages of products, promote their reasonable and standardized application, and provide professional product support services.

4. Actively participate in national medical insurance negotiations and contract renewals, promote hospital access, improve product accessibility, and meet the clinical needs of patients.

·Third-party academic promotion team

The company has established a professional investment recruitment team and implemented a third-party academic promotion model in multiple regions. This commercialization model effectively combines the advantages of a self-built team and a third-party promotion team. On the one hand, with the help of the third-party team's extensive market network, it has rapidly increased market coverage and delivered product value more efficiently; on the other hand, through continuous practice and summary, the company has established a replicable system suitable for clinical education and promotion of high-end antibacterial drugs, and shared its rich and professional academic promotion experience with the third-party team. This not only accelerates the hospital admission process, but also significantly enhances the brand influence of the product in the wider market.

As of the end of the reporting period, the company had established complete distribution channels in most provinces and cities across the country to ensure product accessibility.

(3) Industry situation

1. The development stage, basic characteristics, and main technical thresholds of the industry

Patients with serious diseases have always been eager for the launch and increased accessibility of innovative drugs. In order to meet the urgent drug needs of the general public, in recent years, my country has introduced a number of policies to encourage and accelerate the launch of imported and domestic innovative drugs, and has carried out active arrangements for drug supervision and health work around the "15th Five-Year Plan".

Deployment of the 2026 National Drug Supervision and Administration Work Conference (January 2026, State Food and Drug Administration)

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 Compile the "15th Five-Year Plan" drug plan with high quality, adhere to the equal emphasis on high-level safety and support for innovation, deepen the review and approval reform, optimize the channels for breakthrough treatments, priority review, and conditional approval, and accelerate the launch of innovative drugs and devices that are urgently needed for clinical use/clinically valuable.

 Strengthen cutting-edge technology standards, improve intellectual property protection and experimental data protection, promote "one enterprise, one policy", linkage of research and review, and full guidance; promote the modernization and internationalization of supervision, improve the legalization and intelligent level of drug supervision, and promote the high-quality development of the pharmaceutical industry.

Deployment of the 2026 National Health Work Conference (January 2026, National Health Commission)

 Develop new health productivity, strengthen technological innovation and achievement transformation, promote digital intelligence empowerment, improve scientific research talent training and incentive mechanisms, strengthen the connection between clinical demand traction and technology application, and provide a more powerful development environment for innovative pharmaceutical devices and high-end medical technology.

 Deepen medical reform and optimize the medical system simultaneously, support public hospital reform, medical community construction and medical insurance coordination, and improve resource allocation efficiency and payment connection capabilities. Under the guidance of public welfare and accessibility, innovative products with clear clinical value are expected to obtain clearer access and application paths, helping the high-quality development of the pharmaceutical industry.

"15th Five-Year Plan" (July 2026, State Council)

 The introduction of the top-level plan marks that my country’s pharmaceutical innovation and development has entered a new stage of strategic upgrading of the entire chain, systematization and institutionalization from single-point policy support in the past. The support for the innovative drug industry is unprecedented. Compared with previous five-year plans, this plan uses the expression "full chain support for the development and application of innovative drugs and medical devices" for the first time, and "innovative drugs" is mentioned 7 times, the most ever.

 The policy connects the entire process of review and approval, clinical application, and medical insurance payment, opening up deterministic growth space for many cutting-edge tracks; at the same time, artificial intelligence (AI) empowering medicine and medical-industry collaborative innovation has been elevated to a national strategic task, which will greatly improve the efficiency of domestic pharmaceutical innovation and allow more high-end innovation results to be quickly implemented in clinical practice and benefit people's livelihood. In particular, the plan proposes "optimizing the review and approval of innovative drugs and urgently needed clinical drugs", which emphasizes the integrated support of review and approval, clinical evaluation, and clinical use, aiming to shorten the transformation cycle of innovative drugs from the laboratory to the clinic.

National medical insurance continues to provide strong support for the development of innovative drugs. From the early local pilot exploration of anti-cancer drug negotiations, to the first national negotiation organized by the former Ministry of Health in 2015, to the larger-scale drug negotiation led by the Ministry of Human Resources and Social Security in 2017, to the special negotiation for anti-cancer drugs in 2018, and then to the same period as in previous years. From the 2022 national talks, which saw a qualitative leap in terms of the number of newly added varieties and the negotiation success rate, to the national talks in 2025, when the dual catalog mechanism of "basic medical insurance + commercial insurance" was established for the first time, and the number of newly added first-class innovative drugs hit a record high, eight rounds of negotiations have been carried out. These eight rounds of negotiations have not only continuously optimized the structure of drugs in the catalog, but also gradually made up for the shortcomings in protection of tumors, chronic diseases, rare diseases and children's drugs. The newly added commercial insurance for innovative drugs also marks that medical insurance access has been upgraded from simple price negotiations to the construction of a multi-level medical insurance system.

The company is an innovative pharmaceutical company focusing on the research and development of small molecule chemical drugs and focusing on the treatment of infectious diseases. Pathogenic microorganisms such as bacteria, viruses, parasites or fungi can cause infectious diseases and seriously threaten people's lives and health. In addition to the fact that pathogenic pathogens attack humans, the drug resistance of microorganisms also deserves attention. The misuse of antibacterial drugs has led to the rapid growth of drug-resistant bacteria, posing a serious threat to human health. Therefore, paying attention to the pathogenic mechanisms of pathogens and microbial resistance and quickly controlling the occurrence and development of related hazards have become one of the key research areas in the pharmaceutical industry.

(1) Global drug resistance situation

As the problem of bacterial resistance to antimicrobial drugs becomes more and more serious, WHO points out that antimicrobial resistance is one of the biggest threats to global health, food security and development.

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It is estimated that by 2030, the resistance rate to commonly used antimicrobials may exceed 40-60% in some countries. If no action is taken, antimicrobial resistance will cause 10 million deaths by 2050, even more than cancer, which will cause 8.2 million deaths in 2050. At the same time, it will also have a huge impact on the global economy. Antimicrobial resistance will cause a 2%-3.5% decline in global GDP in 2050, resulting in losses of up to 100 trillion US dollars. Therefore, in May 2015, the 68th World Health Assembly adopted a global action plan, which aims to control and optimize the use of antimicrobial drugs while increasing investment in new drugs, diagnostic tools, vaccines and other interventions; the high-level meeting of the United Nations General Assembly in 2024 further strengthened the "One Health" approach and international cooperation. The importance of developing new and effective antibacterial drugs to combat the global problem of drug resistance is self-evident.

(2) Hospital infections

According to Sullivan's relevant report, from the 2024 survey results of the national hospital infection status, among the inpatients in 5,736 hospitals, the prevalence rate of nosocomial infection is 1.27%, and the prevalence rate of nosocomial infection in hospitals of different sizes is 0.81%-1.46%. Calculating the infection rate based on the infected patients in each department, the infection rate in the ICU accounted for the highest proportion at 10.02%, the infection rate in the neurosurgery department reached 5.51%, and the infection rate in the hematology department reached 5.34%.

Main departments of the hospital and total infection prevalence rate

Department prevalence rate

ICU 10.02%

Neurosurgery 5.51%

Hematology Department 5.34%

Burn Department 3.17%

Thoracic surgery 2.24%

Pediatric neonatal group 1.83%

Oncology 1.44%

Nephrology 1.36%

Total 1.27%

Data source: National Healthcare Institutional Infection Surveillance Network, Frost & Sullivan analysis

(3) Overall analysis of anti-infective drugs

1. Anti-infective drugs

Systemic anti-infective drugs refer to various drugs that have the effect of killing or inhibiting various pathogenic microorganisms and are applied systemically through oral administration, intramuscular injection, intravenous injection, etc. Anti-infective drugs are basic drugs and are widely used in the treatment of various infectious diseases and infectious complications caused by other diseases. Existing antibacterial drugs have achieved good clinical efficacy in treating various serious bacterial infectious diseases, and have reduced deaths caused by various serious bacterial infectious diseases to a certain extent. This has triggered the current situation of enterprises investing in the research and development of antibacterial drugs and the large-scale clinical use of antibacterial drugs. Although many types of antibacterial drugs are now available for the treatment of bacterial infectious diseases, the evolution of bacterial resistance to antibacterial drugs and the emergence of cross-resistance have gradually become a serious threat to human health.

2. New antibacterial drugs approved by China NMPA

According to incomplete statistics, China has approved a total of 19 new antibacterial drugs from the beginning of 2015 to June 30, 2026, and 1 will be approved in the first half of 2026. The ability of Chinese local companies to develop and commercialize new antibacterial drugs will be significantly enhanced after 2021, and the speed of new antibacterial drugs being put on the market will accelerate.

New antibacterial drugs approved by China’s NMPA, 2015-2026H1

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Approved drug name Type of antimicrobial drug Company name Approval time Indications

Dosage form

Oral/Nanofloxacin Fluoroquinolone-free Zhejiang Medicine 2016 Community-acquired pneumonia

injection

Complicated intra-abdominal infection, hospital-acquired

Ceftazidime/Aviba Cephalosporins/β-Endo

Pfizer 2019 Pneumonia/Ventilator-Associated Infection, Gram-negative Injectable Amidase Inhibitor

sexually transmitted infections

Sitafloxacin Fluoroquinolone Daiichi Sankyo 2019 Community-acquired pneumonia, urinary tract infection Oral

Acute Bacterial Skin and Skin Structure Oral/Tedizolid Oxazolidinone MSD 2019

Dye Injection of Clorimycin Macrolide Shanghai Tonglian 2019 Mycobacterium tuberculosis infection Oral

Toyama

Ganofloxacin Quinolone 2019 Pneumonia and other respiratory infections Oral Chemical

community-acquired pneumonia, hospital-acquired

Cefbiproxe Sodium Cephalosporin Patheon 2020 Injection

pneumonia

Contizolid Oxazolidinone Mengke Pharmaceutical 2021 Complicated skin and soft tissue infections Oral levoronidazolate disodium Nitroimidazole Yangzijiang Pharmaceutical 2021 Anaerobic infections Injection

Community-acquired bacterial pneumonia, acute oral/Omacycline Tetracycline Zai Lab 2021

Bacterial Skin and Skin Structure Infections Elacycline Injection Tetracycline Genting Xinyao 2023 Complicated Abdominal Infections Injection

Nabriva Oral/Lefamolin Pleuromutilin 2023 Community Acquired Pneumonia

Therapeutics Injections

Beta-Lactamase Inhibition Entasis Acinetobacter baumannii - Calcium Acetate Acinetobacter

Sulbactam + Dulobactam 2024 injection

Agents Therapeutics Bacterial Complex Infections

Putomanid Nitroimidazole Mylan USA 2024 Extensively drug-resistant pulmonary infections Oral cilastatin/imidazole Hospital-acquired bacterial pneumonia and respiratory

South/relebactam carbapenem/beta-associated bacterial pneumonia, complex urinary tract

Merck 2024 Injection (Imipenem/cilast amide inhibitor Infections including pyelonephritis, complicated abdominal

atin/relebactam) internal infection

Complicated abdominal infection, complicated urinary tract

Tazobactam + Ceftaro beta-lactamase inhibition

Merck 2025 Infections, Hospital-Acquired Bacterial Pneumonia Injectable Biopharmaceuticals

and ventilator-associated bacterial pneumonia

Hospital-acquired and ventilator-associated bacteria

Tirafancin lipoglycopeptide SciClone Pharmaceuticals 2025 Injection pneumonia

Drugs to treat Gram-negative bacteria

SIFNO Adults with limited or no alternative treatment options

beta-lactamase inhibition

Aztreonam+Aviba Pfizer 2025 Complicated intra-abdominal infection, hospital-acquired Injection

agent

ctam pneumonia, including ventilator-associated pneumonia

inflammation

Staphylococcus epidermidis, Staphylococcus hemolyticus

polypeptide compounds

Puyike Pule Pharmaceutical 2026 Degree Ⅰ caused by bacteria and Acinetobacter baumannii Spray Pelecanan

Or superficial second-degree burn and scald secondary to wound infection

Note: Biological drugs are not included.

As of June 30, 2026

Data source: NMPA, Frost & Sullivan Analysis

3. New antibacterial drugs approved by the US FDA

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According to incomplete statistics, the United States approved a total of 20 new antibacterial drugs from the beginning of 2015 to June 30, 2026, and one will be approved in the first half of 2026. Due to the policy encouragement and support for the research and development of new antibacterial drugs in the United States, the research and development of new antibacterial drugs has been further promoted, and more new antibacterial drugs are expected to enter the market.

New antibacterial drugs approved by the US FDA, 2015-2026H1

Drug name Trade name Antibacterial drug Company name Approval Indications Approved dosage form

Type room

Ceftazidime/avibactam Avycaz Cephalosporins Allergan 2015 Complicated intra-abdominal infection, complicated urinary tract injection (Ceftazidime/aviba/β-lactam Infections including pyelonephritis, hospital-acquired

ctam) enzyme inhibitor bacterial pneumonia and ventilator-associated

bacterial pneumonia

Baxdela Fluoroquinolone Melinta 2017 Acute Bacterial Skin and Skin Structure Infection Oral/Injectable (Delafloxacin) Therapeuti Infection, Community-Acquired Bacterial Pneumonia

cs

Meropenem/Vabome Vabome Carbapenem The 2017 Treatment of patients with complicated urinary tract infections Injectable (Meropenem/vabor re-type/beta-lactam Medicines), including infections caused by certain bacteria

bactam) Aminase inhibitor Company in patients with pyelonephritis

agent

Plazomicin Zemdri Aminoglycoside CiplaUSA 2018 To treat patients with complicated urinary tract infections Injectable (Plazomicin), including those caused by certain bacteria

Patients with pyelonephritis caused by

Eravacycline Xerava Tetracycline Tetraphase 2018 Complicated Urinary Tract Infection Injection (Eravacycline) Pharms

Sarecycline Seysara Tetracycline Almirall 2018 Non-nodular moderate to severe acne vulgaris Oral

Inflammatory lesions of sores

Omadacycline Nuzyra Tetracycline Paratek Ph 2018 Community-acquired bacterial pneumonia, acute Oral/injectable (Omadacycline) arms Bacterial skin and skin structure infections

Rifamycin Aemcol Rifamycin Redhill 2018 Oral (Rifamycin) caused by non-invasive Escherichia coli in adults o Traveller’s diarrhea

Cilastatin/Imipenem Recarbri Carbapenems MSD 2019 Hospital-acquired bacterial pneumonia and respiratory Injection/relebactam o/β-lactam Machine-associated bacterial pneumonia, complicated urinary tract

(Imipenem/cilastati inhibitors Infections including pyelonephritis, complex abdominal

n/relebactam) internal infection

Pretomanid Pretoma Nitroimidazole American Mylan 2019 In combination with bendaquiline and linezolid, part of the oral nid regimen for the treatment of lung disease

Extensively drug-resistant local infection, intolerant to treatment

Affected or unresponsive multidrug-resistant pulmonary tuberculosis

core

Lefamulin Xenleta Pleuromutilus Nabriva 2019 Community Acquired Bacterial Pneumonia Oral/Injectable

vegetarian

Cefiderocol Fetroja Cephalosporin Shionogi 2019 Complicated urinary tract infections including pyelonephritis, injection hospital-acquired bacterial pneumonia and respiratory

machine-associated bacterial pneumonia

Sulbactam + Dulobactam

enzyme inhibitor complex infection

Cefbiproxil Sodium Zevtera Cephalosporin Basilea 2024 Community-acquired pneumonia, bacteremia, acute Injection

Bacterial skin and skin structure infections

Pimecillin Pivya Amidinopenicillium Utility 2024 Simple urinary tract infection Oral antibiotics Therapeuti

cs

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Sulopenemtablet Orlynva Beta-Lactam Iterum 2024 Urinary Tract Infection, Intra-abdominal Infection, Community Oral H-Enzyme Inhibitor Therapeuti Acquired Pneumonia

cs

Aztreonam+Avibact Emblave Beta-Lactam Pfizer 2025 Complicated Intra-abdominal Infection Injectable am o Enzyme Inhibitor

Gepotidacin Blujepa GSK 2025 Women and adolescents ≥12 years old without complications Oral

Antibiotics Urinary tract infection, uncomplicated gonorrhea

Zoliflodacin Nuzolve Innoviva 2025 Uncomplicated Gonorrhea Oral nce Ketogenic Antibiotic

vegetarian

tebipenem pivoxil/ Utebzi Carbapenem Glaxo History 2026 Treatment of complicated urinary tract infections Oral tebipenem pivoxil (Tebipenem-like antibiotics g

Penan)

As of June 30, 2026

Data source: FDA, Frost & Sullivan analysis

(4) Contizolid Tablets and MRX-4 Market Segment—Multi-Resistant Gram-Positive Bacteria Antibacterial Drug Market

1. Market overview

The problem of multi-drug resistance (MDR) in Gram-positive bacteria is becoming increasingly serious. Finding effective therapeutic drugs for Gram-positive bacteria is one of the hot topics in anti-infective drug research today. The main MDR bacteria include methicillin-resistant Staphylococcus aureus (MRSA), vancomycin-resistant Enterococci (VRE) and methicillin-resistant coagulase-negative staphylococci (MRCNS).

2. Market size and growth prospects

①The market situation of antibacterial drugs for the treatment of multidrug-resistant Gram-positive bacterial infections

China is one of the world's largest markets for antibacterial drugs for multidrug-resistant Gram-positive bacterial infections. Driven by growing R&D expenses and sales of newly launched innovative drugs, China's antibacterial drug market size is expected to continue to show a growth trend after 2025, increasing to RMB 7.7 billion in 2030 and RMB 12 billion in 2035, with a compound annual growth rate of 9.3% from 2030 to 2035.

Oxazolidinone drugs account for a certain market share in China's antimicrobial drug market for multi-drug-resistant Gram-positive bacterial infections, and are showing a growth trend. China's oxazolidinone antibacterial drug market size will increase to RMB 3.6 billion in 2030 and RMB 6.7 billion in 2035, with a compound annual growth rate of 13.5% from 2030 to 2035.

China’s Antimicrobial Drug Market for the Treatment of Multidrug-Resistant Gram-Positive Infections, 2020-2035E

Oxazolidinone Antibacterial Drug Complex Overall MDR G+ Antibacterial Drug

period

Compound annual growth rate Compound annual growth rate 12.0 2020-2025 -5.0% 6.8% 11.1

10.2

2025-2030E 25.5% 6.1%

9.3

2030E-2035E 13.5% 9.3% 8.5 5.3 7.7 5.1

7.1 4.8

Unit: billion RMB 6.3 6.3 6.6 4.5

5.7 4.3

5.3 4.2

4.1 4.3 4.0 4.2 4.1

3.4 4.9 4.4

2.6 2.5 3.1 4.2 4.7 4.8 5.5 6.1 6.7 1.5 1.7

02 .. 86

0.9 1.0 1.1 1.5

22.00 /20 24.5 3.0 3.6 4.2

2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

Oxazolidinone antibacterial drugs Other antibacterial drugs

Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Data source: Frost & Sullivan analysis

The United States is one of the largest segments of the global antimicrobial drugs market for multidrug-resistant Gram-positive infections. In the future, due to the release of favorable government support policies and the increase in R&D expenditures in the antibacterial drug market, the U.S. antibacterial drug market for multidrug-resistant Gram-positive bacterial infections is expected to show positive growth. The market size is expected to reach US$1.47 billion in 2030 and US$1.94 billion in 2035, with a compound annual growth rate of 5.7% from 2030 to 2035.

In the future, due to the government's favorable support policies and the increase in R&D expenditures in the antibacterial drug market, new oxazolidinone drugs under development will be approved in the next few years. The U.S. oxazolidinone antibacterial drug market is expected to show positive growth. The market size is expected to reach US$130 million in 2030 and US$200 million in 2035, with a compound annual growth rate of 8.4% from 2030 to 2035. U.S. Antimicrobial Drug Market for the Treatment of Multidrug-Resistant Gram-Positive Infections, 2020-2035E

Oxazolidinone Antibacterial Drug Complex Overall MDR G+ Antibacterial Drug Complex

period

annual growth rate combined annual growth rate

2020-2025 3.2% 5.1%

2025-2030E 9.6% 7.0%

2030E-2035E 8.4% 5.7%

Unit: billion U.S. dollars

1.94 1.85

1.76

1.66

1.57

1.47

1.38

1.29

00 .. 78 52 00 .. 77 07 00 .. 78 63 00 .. 99 07 01 .. 90 74 01 .. 90 65 11 .. 01 32 11 .. 12 10 1.18 1.26 1.34 1.42 1.50 1.58 1.67 1.75 0.07 0.07 0.07 0.06 0.07 0.08 0.09 0.10 0.11 0.12 0.13 0.14 0.16 0.17 0.18 0.20 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Oxazolidinone antibacterial drugs Other antibacterial drugs

Data source: Frost & Sullivan analysis

②Analysis of disease infection burden

i.MRSA infection disease burden analysis

In China, MRSA has resulted in a disease burden of substantial additional medical costs, prolonged hospital stays, and high mortality. According to a multi-center retrospective cohort study in China published in 2020, the differences in hospitalization medical costs and time between patients with MRSA and non-MRSA (MSSA) infections were compared. In a propensity score matching (PSM) analysis, it was found that the medical costs of MRSA-infected patients were significantly higher than those of non-MRSA-infected patients, with per capita additional medical costs of approximately US$3,220 to US$9,606 (approximately RMB 22,000 to 66,000 yuan). Compared with non-MRSA-infected patients, the additional hospitalization time of MRSA-infected patients increased by an average of 6 to 14 days.

The emergence of multidrug-resistant bacteria has become a public health problem, placing a burden on hospital care, especially for patients admitted to intensive care units (ICUs). In U.S. hospitals, according to the latest CDC data from 2022-2024, MRSA is still one of the main pathogenic bacteria in ICU patients, and about 44% of ICU Staphylococcus aureus infections are caused by MRSA. In China, the hospital infection rate in ICU is 5 to 10 times higher than that in ordinary wards, and the main pathogenic bacteria are multi-drug-resistant bacteria.

ii.VRE infection disease burden analysis

Studies have shown that VRE infections are associated with increased medical costs and mortality compared with vancomycin-susceptible enterococci (VSE). The 30-day all-cause mortality rate of VRE-infected patients in Chinese hospitals is approximately 25%-30%. Elderly patients with underlying diseases or those who have used carbapenem antibiotics before infection are prone to VRE infection.

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According to the "2019 Antimicrobial Resistance Threats in the United States" and the 2022 "Special Report on the Impact of COVID-19 on Antimicrobial Resistance" released by the US Centers for Disease Control and Prevention, the burden of VRE infections remains heavy. According to data from the US Centers for Disease Control and Prevention, the prognosis of invasive VRE infections is poor, especially among immunosuppressed people, whose treatment options are extremely limited, increasing the risk of clinical treatment failure.

iii. Analysis of infectious disease burden in MRCNS

In China, since 2015, CHINET data shows that the detection rate of MRCNS has been higher than 70%, and there is no obvious downward trend. CNS is basically multi-drug resistant. A study on bloodstream infections in tertiary hospitals in China published in 2022 showed that although the independent pathogenicity of CNS is weaker than that of Staphylococcus aureus, the 30-day all-cause mortality rate of bacteremia caused by it can still reach 10%-15%. Another health economics survey showed that MRCNS infection significantly increased the economic burden of patients. Compared with the non-resistant group, the total hospitalization expenses of patients with MRCNS infection increased by about 1.5 to 2 times, mainly due to the increase in the cost of antibiotics (such as vancomycin, linezolid) and the extension of the average hospitalization stay by 7-10 days.

MRCNS is one of the typical bacteria in hospital-acquired infections and is the most common cause of nosocomial bloodstream infections (BSI) in the United States. It is reported that among diseases caused by CNS infection, 22% develop septic shock and the mortality rate is 37%; the mortality rate of pacemaker infection is as high as 66%; the mortality rate of prosthetic valve endocarditis is 24%-36%. A study of 43 samples of CNS bloodstream infections from U.S. hospitals published by Yale University School of Medicine showed that the average cost of treating a CNS-positive bloodstream infection was $7,594 (range: $507-$38,437), with prolonged hospitalization accounting for the largest component (59%) of treatment costs.

3. Market competition landscape of marketed drugs

①The overall market competition pattern of antibacterial drugs against multidrug-resistant Gram-positive bacteria

According to incomplete statistics, a total of 16 antibacterial drugs have been approved by China and the United States to target multi-drug-resistant Gram-positive bacterial infections. Among them, there are 12 in the United States and 12 in China, including the oxazolidinone drug cantizolid approved in June 2021.

Antibacterial drugs approved for systemic use in the treatment of multidrug-resistant Gram-positive bacterial infections have been launched in China and the United States

Drug name Type of antibacterial drug Antibacterial spectrum FDA batch FDA approved agent NMPA NMPA approval time type Approval time Dosage form

room

Vancomycin Glycopeptide MRSA 1986 Oral, Injection 2000 Injection Norvancomycin Glycopeptide MRSA - - 1995 Injection

mycin

Teicoplanin Glycopeptide MRSA - - 2000 Injection Linezolid Oxazolidinone MRSA, VRE, MRCNS, PRSP 2000 Oral, Injection 2006 Oral, Injection Daptomycin Lipopeptide MRSA, MRCNS 2003 Injection 2009 Injection Tirafancin Lipoglycopeptide MRSA 2009 Injection 2025 Injectable Ceftaroline Cephalosporins MRSA 2010 Injectable - - Nanofloxacin Fluoroquinolone-free MRSA, PRSP - - 2016 Oral Tedizolid Oxazolidinone MRSA, VRE, MRCNS, PRSP 2014 Oral, Injectable 2019 Oral, Injectable Dalbavancin Lipopeptide MRSA, VRE 2014 Injectable - -

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Oritavancin Lipopeptide MRSA, VRE 2014 Injection - Delafloxacin Fluoroquinolone MRSA 2017 Oral, Injection - Elacycline Tetracycline MRSA, VRE 2018 Injection 2023 Injection Omacycline Tetracycline MRSA, VRE 2018 Oral, Injection 2021 Oral, Injection Lefamolin Pleuromutilin MRSA, VRE 2019 Oral, Injectable 2023 Oral, Injectable Contizolid Oxazolidinone MRSA, VRE - - 2021 Oral Data sources: FDA, NMPA, Frost & Sullivan Analysis

Note: As of June 30, 2026

②Limitations of antibacterial drugs that have been marketed and approved for the treatment of multidrug-resistant Gram-positive bacterial infections

Treatment for many multidrug-resistant infections occurs in the hospital or emergency room, where doctors typically treat patients with first-line antimicrobials. A stay in the hospital for several days can incur substantial treatment costs and increase the risk of a given patient spreading infection to one another. Despite the widespread use of first-line antimicrobial drugs to treat patients, currently available treatment options have significant limitations in treating multidrug-resistant bacterial infections, such as insufficient drug safety, limited applicability, lack of oral formulations for outpatient treatment of multidrug-resistant bacterial infections, complex dosing regimens/long treatment courses and poor compliance, and high costs associated with laboratory monitoring.

4. Antibacterial drug development pipelines in China and the United States for the systemic treatment of multidrug-resistant Gram-positive bacterial infections

Currently, according to incomplete statistics, there are three antibacterial drugs in clinical phase II or above in the United States for the systemic treatment of multidrug-resistant Gram-positive bacterial infections. Among them, MRX-4 of Mengke Pharmaceutical is in clinical phase III.

Phase II and above pipeline of antibacterial drugs under development in the United States for systemic treatment of multidrug-resistant Gram-positive bacterial infections

Drug Name Drug Category Company Potentially Targeted MDR Trial Stage Indications

Name Gram-positive pathogenic bacteria

Contezolid Acefosamil Oxazolidinones MRSA, VRE Phase III Acute Bacterial Skin and Skin Nodules (MRX-4) Pharmaceutical Structural Infection, Diabetic Foot Infection Nafithromycin (WCK Lactone Ketolide Wock MRSA Phase II (India Community Acquired Bacterial Pneumonia 4873) Hardt has been marketed)

TNP-2092 Foamycin-Quin Danol MRSA Phase II Acute Bacterial Skin and Skin Nodules

norstrone tissue infection

Note: As of June 30, 2026, excludes 3-5 year inactive or inactive drugs, topical/topical drugs, and non-systemic antimicrobial pipeline

Data source: clinicaltrial.gov, Frost & Sullivan analysis

As of June 30, 2026, according to incomplete statistics, China has two antibacterial drugs under development in clinical phase II and above for the treatment of multi-drug resistant Gram-positive bacterial infections. Among them, MRX-4 of Mengke Pharmaceutical has submitted a marketing application in 2025 and is expected to be the fastest approved antibacterial drug for the treatment of multiple infections caused by Gram-positive bacteria.

China’s Phase II and above pipeline of antimicrobial drugs for systemic treatment of multidrug-resistant Gram-positive bacterial infections

Drug Name Drug Class Company Potential Targeted Trial Indication Date*Name MDR Gram Positive Stage

Pathogenic bacteria

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Contezolid Oxazolidinone MRSA, VRE NDA Complex skin and soft tissue infections 2025-05-20 Acefosamil (MRX-4) Class Pharmaceutical

YB211 Cyclic lipopeptides Jiuzhi MRSA Phase II Caused by Gram-positive pathogens 2025-03-07

Don complex skin and soft tissue infections

*Note: Date: date of first public announcement of information, CDE undertaking time

Excludes 3-5 year inactive or inactive drugs, topical/topical drugs, and non-systemic antimicrobial pipeline as of June 30, 2026

Data source: CDE, Frost & Sullivan Analysis

(5) MRX-8 market segment—Multi-drug resistant Gram-negative bacteria antibacterial drug market

1. Market overview

Multidrug-resistant Gram-negative bacteria (MDR-GNB) are a specific group of Gram-negative bacteria in which multidrug resistance is defined as resistance to three or more of the following commonly prescribed antimicrobial drugs (ceftazidime, ciprofloxacin, meropenem, gentamicin, ampicillin/sulbactam, or piperacillin/tazobactam). The prevalence of infections caused by MDR-GNB has increased significantly in recent years, and the World Health Organization has designated multiple MDR-GNB as a serious threat. Multidrug resistance (MDR) has become a major problem in the treatment of bacterial infections and is becoming the greatest challenge to global public health and can cause serious losses in economic resources. Infections caused by MDR-GNB have a mortality rate five times higher than those caused by the same infection caused by conventional Gram-negative bacteria. MDR-GNB is mainly divided into carbapenem-resistant Enterobacteriaceae (CRE), carbapenem-resistant Pseudomonas aeruginosa (CRPA), and carbapenem-resistant Acinetobacterbaumannii (CRAB).

2. Market size and growth prospects

①The market situation of antibacterial drugs for the treatment of multidrug-resistant Gram-negative bacterial infections

Due to public health incidents, China's antibacterial drug market for multi-drug-resistant Gram-negative bacterial infections has declined slightly. After the market recovered in 2021, it will decline again in 2022 due to centralized purchasing and public health incidents. From RMB 19.1 billion in 2020 to RMB 19.7 billion in 2025, a compound annual growth rate of 0.6%. From 2025 to 2030, the market will increase to 25.5 billion yuan, with a compound annual growth rate of 5.3%. This is mainly due to the reduction in sales of large categories of antibacterial drugs due to national centralized procurement. The subsequent market size will maintain steady growth and is expected to eventually reach 33.7 billion yuan by 2035.

China’s Antimicrobial Drug Market for the Treatment of Multidrug-Resistant Gram-Negative Bacterial Infections, 2020-2035E

Period CAGR

2020-2025 0.6%

2025-2030E 5.3%

2030E-2035E 5.8%

Unit: billion RMB

33.7

31.9

30.1

19.1 22.6 24.0 20.9 19.9 19.7 20.5 21.7 23.0 24.2 25.5 26.7 28.2

2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

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Note: Gram-negative MDR antimicrobials include carbapenems, beta-lactamase/beta-lactamase inhibitor combinations (BL/BLI), tetracyclines and polymyxins.

Data source: Frost & Sullivan analysis

In the past few years, the U.S. antimicrobial drug market for multidrug-resistant Gram-negative bacterial infections has remained stable, with a slight downward trend. In 2020, affected by social public health events, the market fluctuated significantly, from US$1.98 billion in 2020 to US$1.97 billion in 2025, with a compound annual growth rate of -0.1%. From 2025 to 2030, the market will grow to US$2.52 billion at a CAGR of 5.1%, eventually growing to US$3.44 billion in 2035.

U.S. Antimicrobial Drug Market for the Treatment of Multidrug-Resistant Gram-Negative Infections, 2020-2035E

Period CAGR

2020-2025 -0.1%

2025-2030E 5.1%

2030E-2035E 6.4%

Unit: billion U.S. dollars

3.1 3.3 3.4

2.9

2.0 1.9 1.9 1.9 2.0 2.0 2.0 2.1 2.2 2.4 2.5 2.7

2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

Note: Gram-negative MDR antimicrobials include carbapenems, beta-lactamase/beta-lactamase inhibitor combinations (BL/BLI), tetracyclines and polymyxins.

Data source: Frost & Sullivan analysis

②Analysis of CRE infection burden in China and the United States

The burden of CRE infections in China is relatively high, which will result in prolonged hospitalization, increased medical expenses, increased mortality, sources of transmission, and increased adverse reactions to antibacterial drugs. A multi-center study based on China from 2018 to 2022 showed that the detection rate of Carbapenem-Resistant Klebsiellapneumoniae (CRKP) varies greatly in different regions, and the detection rate exceeds 30% in some provinces. A major characteristic of patients is that their median age is relatively older (about 65 years old). In the context of China's aging social population, this means that the burden of CRE will continue to increase in the future.

In terms of clinical outcomes, the high proportion of ICU patients and high mortality are the core pain points of CRE infection in China. A large-scale cohort study from 2020 to 2023 showed that the 30-day all-cause mortality rate of CRE bloodstream infection in China is about 25%-40%, which is significantly higher than that of non-drug-resistant bacterial infections; at the same time, the median hospitalization time of patients with CRE infection can reach 30–45 days, and the ICU admission rate is about 60–80%. In the ICU, the crude mortality rate of patients with CRKP infection can even reach more than 40%. In terms of infection spectrum, CRE mainly causes the following types of infections in Chinese patients: intra-abdominal infection, urinary tract infection, lower respiratory tract infection, bacteremia, and meningitis. The corresponding severe symptoms of multiple organ systems may prolong the patient's stay in the ICU. This further leads to issues related to host and medical exposure levels: in a CRE study including 25 tertiary hospitals, potential comorbidities were found in the majority of patients (83.8%). Comorbidities include hypertension, followed by pulmonary disease, neurological disease, and heart disease. The treatment of corresponding patients includes large-dose exposure to broad-spectrum antimicrobial drugs and a variety of invasive life support measures, which have also become important risk factors for CRE colonization and infection, and may form a risk cycle of "severe disease-high intervention-drug-resistant infection".

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In the United States, CRE infection rates are relatively low but have been increasing in recent years. According to CDC surveillance data, between 2019 and 2023, the clinically detected CRE infection rate in the United States increased from less than 2 cases per 100,000 people to more than 3 cases, an increase of nearly 70%. The main types of CRE infections in the United States are similar to those in China, and these infections are closely related to medical exposure and hospitalization settings. Similarly, the median age of patients with CRE infection in the United States is also higher, reflecting that the elderly are still clinically at high risk.

3. Market competition landscape of marketed drugs

①The overall market competition pattern of multi-drug-resistant Gram-negative bacteria drugs

In recent years, CRE has spread rapidly around the world. According to incomplete statistics, the current drugs used to treat CRE infections mainly include polymyxins, tetracyclines, cephalosporins, and aminoglycoside antibiotics, including many compound antibiotics, as shown in the table below.

Antibacterial drugs approved to treat multidrug-resistant gram-negative bacterial infections have been launched in China and the United States

Drug name Trade name MDR Gram Originator company name Approval time Approved indications in China Medical insurance coverage for negative bacteria antibacterial coverage

Spectrum

Polymyxin B Cortisporin/ CRE MonarchPharms United States: 1957 Corticosteroid-responsive skin Medicalized in China: 2002 Disease secondary infection PolymyxinB

(generic drugs)

Colistin Colistimethate CRE Par United States: 1970 Acute or chronic Gram-negative Medically admitted Sodium/ China: 2018 Treatment of bacilli infections SterileProducts

PolymyxinE (generic drug)

Piperacillin/Zosyn ESBLs-producing intestinal WYETH/Pfizer United States: 1993 Community-acquired pneumonia, hospital-acquired Tazobactam coli China: 1999 Acquired pneumonia, urinary tract infection, skin and soft tissue infection,

endometritis or pelvic inflammatory disease,

mixed bacterial infection

Tigecycline Tygacil Bowman's immobilized rod Pfizer United States: 2005 Complicated skin and soft tissue multidrug-resistant bacteria China: 2010 Complicated intra-abdominal tissue infection

drug strain infection

Avibactam/AvyCaz Ceftazidime Resistant Pfizer United States: 2015 Complicated intra-abdominal infection and admitted to hospital Ceftazidime isolate, China: 2019 Recurrent urinary tract infection, renal pelvis and kidney preservation

CRPA,CRE inflammation

Tazobactam/Zerbaxa CRPA Cubist United States: 2014 Hospital-acquired bacterial pneumonia No medical ceftloxen China: 2025 pneumonia, ventilator-associated bacterial pneumonia

Pneumonia (approved indication in the United States)

Plazomicin Zemdri CRE CiplaUSA USA: 2018 Complicated urinary tract infection, renal pelvis Not applicable China: Not approved Nephritis (US approved indication)

batch

Omacycline Nuzyra Producing ESBLs Intestinal ParatekPharms United States: 2018 Community-acquired bacterial pulmonary tract infection China: 2021 Acute bacterial skin and skin structure infections

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Elacycline

China: Nationally approved indications in 2023)

Cefideril Fetroja CRE Shionogi United States: 2019 Complicated urinary tract infection, renal pelvis Not applicable China: Not approved Nephritis (approved indication in the United States)

batch*

Imipenem/Recarbrio Multidrug-resistant/Merck United States: 2019 Complicated urinary tract infection, renal pelvis Unrecognized carbapenem resistance China: 2024 Nephritis, ventilator-associated cell death/relebactam Gram-negative pneumonia, hospital-acquired

Sexually transmitted bacteria bacterial pneumonia

Sulbactam + Degree

serious infection caused by

Sulopenem Orlynvah ESBLs-producing intestinal Iterum United States: 2024 Urinary tract infection, intra-abdominal infection, not suitable for tablets Therapeutics China: Not available Community-acquired pneumonia

batch

Pimecillin Pivya ESBLs-producing intestinal Utility United States: 2024 Simple urinary tract infection Inapplicable bacilli Therapeutics China: Not available

batch

Aztreonam+ Emblaveo CRE Pfizer US: 2025 Complicated intra-abdominal infection, medical Already admitted to the hospital

China: 2025 Hospital-acquired pneumonia, including Avibactam

ventilator-associated pneumonia

Zoliflodacin Nuzolvence Neisseria gonorrhoeae Innoviva US: 2025 Uncomplicated gonorrhea Not applicable Bacillus China: Not available

batch

Note: Carbapenem antibacterial drugs are not included.

As of June 30, 2026

Data sources: FDA, NMPA, Frost & Sullivan analysis

②Limitations of antibacterial drugs that have been marketed and approved to treat multidrug-resistant Gram-negative bacterial infections

Antibacterial drugs currently on the market for the treatment of multidrug-resistant Gram-negative bacterial infections have corresponding limitations. These include limited available drug options, drug safety issues, and antimicrobial resistance issues.

4. Antimicrobial drug development pipelines in the United States and China for the systemic treatment of multidrug-resistant Gram-negative bacterial infections

As more and more pathogenic bacteria around the world become resistant to existing drugs, a number of new antibacterial drugs have entered the antibacterial drug development pipeline that has been stagnant for a long time. These new antibacterial drugs have brought hope to patients around the world.

According to incomplete statistics, the fastest-growing antibacterial drugs for the treatment of multi-drug-resistant Gram-negative bacterial infections in the United States are cefepime + zidabactam and imipenem + cilastatin + fonobactam, which are in clinical phase III. There are rich pipelines of antibacterial drugs in clinical phase I for treating multi-drug-resistant gram-negative bacterial infections, including MRX-8 from Mengke Pharmaceuticals, Zosurabalpin from Roche, etc.

U.S. pipeline of antibacterial drugs for systemic treatment of multidrug-resistant Gram-negative bacterial infections

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Drug Name Drug Type Company Name Potential Targeted Indications Trial Trial Site Date of First Announcement of MDR Gram-Negative Stage

Pathogenic bacteria

Cefepime+ β-lactam Wockhardt Multidrug-resistant intestinal rod Severe Gram-negative Phase III United States, White 2021-07-28

/β-lactam bacteria, Pseudomonas aeruginosa infection, renal function Russia,

Zidebactam

Enhancer Bacteria and Bowman Immobility Incomplete, complex urinary tract Bulgari

(FEP-ZID)

bacilli, ESBL-producing infection, acute renal pelvis Asia, China,

Enterobacter nephritis India, India

Lithuania, Mexico

Xi Ge, Mi

Russia, Poland

XNW4107 β-lactam Sinovent CRAB, CRPA, hospital-acquired bacteria phase III United States, France 2022-01-24 Enzyme inhibitor CRE pneumonia, ventilator phase China, Israel

Related bacterial pulmonary disease, Spain

inflammation, complex urinary tract teeth

infections, including acute

Pyelonephritis

MRX-8 Polymyxin Mengke Pharmaceutical CRAB, CRPA Complicated Urinary Tract Infection Phase I United States 2020-12-02

class

Soralimixin Polymyxin Qpex Acinetobacter baumannii Bacterial Infection Phase I United States 2021-03-22 Category Biopharma and Pseudomonas aeruginosa

Bacteria

KSP-1007 β-lactam Sumitovant Carbapenem-resistant bacterial infection Phase I United States 2022-02-07

Enzyme inhibitors Gram-negative bacteria

Zosurabalpin peptide Roche CRAB Hospital-acquired pneumonia Phase I United States, Europe 2022-06-22 and ventilator-related Europe, etc.

pneumonia

VNR-7145 β-Lactam Venatorx Producing ESBLs Enterobacteriaceae Bacterial infection Phase I United States 2024-12-13 Enzyme inhibitor bacteria, Klebsiella pneumoniae

Bacteria

Excludes 3-5 year inactive or inactive drugs, topical/topical drugs, and non-systemic antimicrobial pipeline as of June 30, 2026

Data source: clinicaltrial.gov, Frost & Sullivan analysis

At present, the fastest-growing antibacterial drugs in China for the treatment of multidrug-resistant gram-negative bacterial infections are cefiderocol and imipenem + cilastatin + fonobactam, which are in the marketing application stage. There are also several antibacterial drugs in the clinical phase III stage and are expected to be launched soon.

China’s pipeline of antimicrobial drugs for systemic treatment of multidrug-resistant Gram-negative bacterial infections

Drug Name Drug Type Company Name Potentially Targeted MDR Indication Trial Date*

Gram-negative pathogenic bacteria staging

Cefiderocol Cephalosporins GSK, Shiono Escherichia coli, Gram pneumonia Gram-negative bacteria infection, Gram NDA 2024-08-03 Cefiderocol

Bacillus, Pseudomonas aeruginosa

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bacteria, Enterobacter cloacae complex

Synthetic bacteria

XNW4107 Beta-Lactamase Sinovac CRAB, CRPA, Gram-negative Nosocomial NDA 2025-07-09 Inhibitor CRE Acquired Bacterial Pneumonia and Respiratory Syndrome

ventilator-associated bacterial pneumonia

Pimecillin Amidinopenicillin Utility ESBLs-producing Enterobacteriaceae Urinary tract infection Phase III 2022-09-15

Class Therapeutics

Cefepime beta-lactamase BMS, Meiji CRE, CRPA complicated abdominal infection, complicated phase III 2023-01-27 inhibitor Seika urinary tract infection, hospital acquired

bacterial pneumonia and ventilators

associated pneumonia

Nacubactam beta-lactamase MeijiSeika CRE, CRPA complicated intra-abdominal infection, complicated phase III 2023-01-27 Inhibitor Urinary tract infection, hospital-acquired

bacterial pneumonia and ventilators

associated pneumonia

HRS-8427 β-lactamase Hengrui Pharmaceutical - Urinary tract infection, pyelonephritis Phase III 2024-08-23

inhibitor

Meropenem + beta-lactamase Qilu Pharmaceutical KPC-CRE Complicated intra-abdominal infection, complex phase III 2024-09-09 Lebactam inhibitor Urinary tract infection, hospital-acquired

bacterial pneumonia and ventilators

associated pneumonia

YK-1169 β-Lactamase Yoko CRE Complicated abdominal infection Phase III 2025-03-31

Inhibitors Bio-Pharma

MRX-8 polymyxins Mengke Pharmaceutical CRAB, CRPA Gram-negative bacterial infections Phase I 2022-07-26

ASK0912 peptide Aosaikang - Gram-negative bacterial infection Phase I 2022-09-16

Zosurabalpin Peptide Roche CRAB Hospital-Acquired Pneumonia and Respiratory Phase I 2023-01-06

airborne associated pneumonia

HRS-2183 - Hengrui Pharmaceutical - Gram-negative bacterial infections Phase I 2024-10-28

JMKX003801 β-Lactamase Jimin Credible CRE Complex Urinary Tract Infection Phase I 2024-07-26

inhibitor

JKN2501+US New β-lactam Pheno, healthy Produces KPC, NDM, severe pneumonia, complicated urinary tract Phase I 2025-08-15 Lopenem Aminase inhibitor Yuan OXA and other carbapenems Infection

(Resistant bacteria containing class B gold enzymes; and the United States

Enzyme and lopenem combined coverage

OXA type) Gram-negative/positive bacteria

JKN2502 New chemical compound Healthy Element CRAB, CRPA, severe Phase I infection caused by Gram-negative bacteria 2026-4-23 Lipogenic peptides and multiple CRE infections

colistin

BV100 beta-lactamase Bioversys ESBLs-producing Enterobacteriaceae, Hospital-Acquired Pneumonia and Respiratory Phase I 2025-10-21 Inhibitor Escherichia coli, Pneumonia Machine-associated Pneumonia

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Klebsiella

*Note: First announcement date/CDE undertaking time.

Excludes 3-5 year inactive or inactive drugs, topical/topical drugs, and non-systemic antimicrobial pipeline as of June 30, 2026

Data source: NMPA, Frost & Sullivan analysis, official websites of relevant companies

(5) MRX-5 market segment—NTM market situation

More than 190 NTM species and 14 subspecies have been found in non-tuberculous Mycobacteria (NTM). Most of them are parasitic bacteria, and only a few are pathogenic to humans and are opportunistic pathogens. After the human body is infected with NTM, it will cause lesions in related tissues and organs. NTM lung disease (pulmonary tuberculosis) has the highest incidence rate. In addition to low cure rate and high mortality rate, NTM also has many problems such as high recurrence rate, uncertain course of treatment, lack of good efficacy evaluation indicators, mismatch between drug sensitivity test results and treatment effect. In recent years, the incidence of NTM has shown an increasing trend and has become one of the important public health issues threatening human health. There are regional differences in the incidence of NTM infection and bacterial species distribution, which are closely related to climatic conditions, geographical environment, host factors (race, gender, age, immune status), etc. Because NTM is widely present in the environment, people can become infected with NTM from the environment. Water (such as showering, swimming, drinking, washing hands and dishes) and soil (gardening) are important transmission routes for NTM disease. NTM surgery-related infections and interpersonal transmission have also been gradually discovered and taken seriously. The number of new cases of NTM disease in China in 2025 will be approximately 42,000. As the number of new cases of tuberculosis in China each year is effectively controlled, the number of NTM infections is expected to gradually decline in the future, and is expected to reach 41,000 in 2035.

Number of new NTM disease cases in China, 2018-2030E

Period CAGR

2018-2025 -4.1%

2025-2030E -0.3%

2030E-2035E -0.3%

Unit: thousand people

57.0 54.2

47.3 45.5

42.6 42.5 42.5 42.4 42.3 42.2 42.0 41.9 41.7 41.6 41.5 41.4 41.3 41.2

2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

Data source: Documentary research, Frost & Sullivan analysis

2. Analysis of the company’s industry status and its changes

Oxazolidinone antibacterial drugs are one of the main clinical choices for the treatment of multidrug-resistant Gram-positive bacterial infections. They have clinical advantages such as good antibacterial activity, wide distribution in the body, oral administration, low risk of inducing drug resistance, and wide potential indications. Currently, the original oxazolidinone antibacterial drugs on the market in China include linezolid, tedizolid and contizolid tablets. The company's core product, cantizolid tablets, is the first domestically produced new oxazolidinone antibacterial drug approved for marketing in China. Its approved indications are complicated skin and soft tissue infections. Compared with already marketed oxazolidinone antibacterial drugs, cantizolid tablets have shown comparable drug efficacy and better safety in clinical trials, and have fewer adverse reactions related to drug interactions. With the above advantages, cantizolid tablets and MRX-4 are expected to establish the company's leading position in the potential market for multi-drug-resistant Gram-positive bacteria antibacterial drugs. In order to meet the clinical needs of different anti-drug resistant bacterial infections

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Based on existing products, the company will continue to delve into the field of new drugs against drug-resistant bacteria and continue to develop other drug types with new structures or new mechanisms of action to consolidate the company's continued leading position in the field of anti-drug resistant bacteria.

The types of antibacterial drugs used to treat multidrug-resistant gram-negative bacterial infections include polymyxins, tetracyclines, β-lactams/β-lactamase inhibitors, aminoglycosides, cephalosporins, β-lactams/dehydropeptidase I inhibitors/β-lactamase inhibitors. Among them, polymyxin antibacterial drugs have been on the market since the 1950s and are classic drugs for the clinical treatment of gram-negative bacterial infections. These drugs are produced through a fermentation process. Due to their early launch time, they have not been verified by a complete modern drug development process and have serious nephrotoxicity. After safer antibacterial drugs such as β-lactam antibiotics became widely used, the clinical status of polymyxin antibacterial drugs once declined. However, in recent years, as the resistance situation of carbapenem-resistant Acinetobacter baumannii, Pseudomonas aeruginosa, Enterobacteriaceae and other bacteria has become increasingly severe, the available drugs are limited, and polymyxins have been used again in clinical practice. In order to solve the problems existing in traditional polymyxin drugs, the development of a new generation of polymyxin drugs is currently a hot topic in the development of new international antibacterial drugs. The company's MRX-8 is a new generation of polymyxin drugs developed with the aim of solving clinical needs. While retaining the efficacy of this type of drug, it is expected to improve the safety of this type of drug. At the same time, the company is also actively exploring the research and development of MRX-8 inhalation dosage forms, thereby establishing the company's position in the field of chronic pulmonary infections and negative drug-resistant bacterial infections.

Currently, NTM infections are increasing globally, but there are relatively few new drug developments in the treatment field. MRX-5 is an antibacterial drug specifically targeted at NTM infections. It has a targeted and specific mechanism of action, as well as the potential advantages of oral administration, high bioavailability, low resistance rate and good safety. In the future, the company will explore all-oral treatment strategies containing MRX-5 to provide new treatment options for patients with NTM infection.

3. The development and future development trends of new technologies, new industries, new business formats, and new models

(1) Antibacterial drugs with new mechanisms/structures will be launched one after another and enter the antibacterial drug market

Because MDR bacteria are extremely resistant to traditional antibacterial drugs and require new antibacterial drugs to treat them, considerable market demand has been generated. Currently, due to the increasing resistance to antibacterial drugs such as daptomycin, carbapenems, and linezolid, there is an urgent need for next-generation antibacterial drugs with new mechanisms or structures to solve this problem. New antibacterial drugs bring better curative effects to patients, which is one of the development trends of the antibacterial drug market in the future.

(2) Clinically, they will be more willing to use safer drugs

Some current treatment options for infections result in adverse effects, including allergic reactions, nephrotoxicity, myelosuppression, and vomiting, nausea, and diarrhea. For example, linezolid has been associated with myelosuppression and inhibition of monoamine oxidase, with negative effects on the central nervous system and blood pressure. Daptomycin has been associated with adverse effects such as the development of antimicrobial resistance during treatment, reduced efficacy in patients with moderate renal insufficiency, and muscle damage. Vancomycin has been associated with infusion reactions and may cause nephrotoxicity and ototoxicity in some patients. In addition, adjustments to vancomycin dosage require frequent therapeutic drug testing to ensure safe administration. Therefore, safer antibacterial drugs have become an unmet clinical need and one of the trends in future antibacterial drug research and development.

(3) The direction of drug development tends to be oral preparations and reducing the frequency of dosing

Oral antimicrobials are considered the most accepted and economical method of administration. However, there are few oral options available in the market for severe multidrug-resistant bacteria, and existing drugs are not ideal for outpatient use due to safety concerns. The emergence of innovative and effective antibacterial drugs for the treatment of MRSA has improved the safety of medication, which will provide doctors with more choices. At the same time, long-term use of some antibacterial drugs can cause many harms. First, the adverse reactions caused by the antibacterial drugs themselves. For example, linezolid can cause bone marrow toxicity, tetracycline antibacterial drugs can cause liver damage, and macrolide antibacterial drugs can cause diarrhea, vomiting, abdominal pain and other adverse reactions; second, long-term use of antibacterial drugs can potentially lead to bacterial resistance, making treatment more difficult and increasing treatment costs; third, long-term use

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Antibacterial drugs can cause bacterial flora imbalance. While using antibacterial drugs to kill pathogenic bacteria, they will also have varying degrees of impact on the normal flora in the body, which can easily lead to bacterial flora imbalance, secondary infections and endogenous infections (such as hospital infections), increasing patients' pain and risk of illness. Therefore, antibacterial drugs with shorter treatment cycles are the development direction of antibacterial drugs in the future.

(4) Narrow-spectrum antibacterial drugs will be widely used

The overuse of broad-spectrum antimicrobials has led to the rapid development of bacterial resistance, potential cross-resistance, and broad-spectrum overlap. However, the incidence of overlap among narrow-spectrum antimicrobials is not uniform. Therefore, guidelines from Europe, the United States, and China agree that narrow-spectrum antimicrobials should be prioritized for the treatment of bacterial infections.

(5) Strict antimicrobial drug use management system

The FDA, NMPA, etc. have introduced regulations and policies to regulate the use of antimicrobial drugs in human treatment and the environment (such as in livestock and agriculture) to prevent the evolution of drug-resistant bacteria, especially multi-drug resistant bacteria. China continues to promote special rectification of the rational use of antimicrobial drugs, while the United States balances innovation and control through incentive policies such as GAINact and QIDP.

(6) Large pharmaceutical companies have slowed down the pace of antibacterial drug research and development, and biotechnology companies have gradually emerged.

Although the field of antibacterial drugs generally believes that it is necessary to strengthen the research and development of antibacterial drugs to control bacterial resistance mechanisms, the low price advantage of existing antibacterial drugs on the market has become an obstacle to the entry of new generation antibacterial drugs into the market. Large pharmaceutical companies have withdrawn from the development of antibacterial drugs. For example, AstraZeneca began to withdraw from this field in 2015. Novartis stopped researching this type of drugs in 2019, and Sanofi also gave up research on antibacterial drugs. However, these signals have not stopped the exploration of new antibacterial drugs. More and more biotechnology companies have begun to enter the field of antibacterial drug research and development, such as Mengke Pharmaceuticals, Danno, Wockhardt, etc. At the same time, 24 pharmaceutical companies launched a $1 billion AMR Action Fund specifically for the development of antibacterial drugs. Part of this fund will invest in smaller biotechnology companies focusing on the research and development of innovative antibacterial drugs to encourage the development of new antibacterial drugs.

Added important non-main business information

□Applicable √Not applicable

2. Discussion and analysis of operating conditions

Domestic innovative drug policies have entered a new stage of coordinated deepening, with cross-department linkage and value orientation as the core, and an all-round solid foundation for high-quality development of the domestic market. The government work report clearly includes innovative drugs as the focus of cultivating new quality productivity, linking drug supervision and management, medical security, health and wellness and other departments to form a joint governance force to promote the transformation of the industry from scale expansion to clinical value-driven development. At the drug management level, the State Council issued the "Regulations on the Implementation of the Drug Administration Law of the People's Republic of China", which formally incorporates the four major accelerated drug marketing pathways, namely the breakthrough therapy drug procedure, the conditional approval procedure, the priority review and approval procedure, and the special approval procedure, into the administrative and regulatory level. It also clarifies that innovative drugs can enjoy a data protection period of up to 6 years. During the protection period, the drug regulatory department will no longer accept registration applications for generic drugs of the same variety, providing a guaranteed return guarantee for companies' long-term R&D investment from the basis of the system. At the medical insurance level, the National Medical Insurance Administration jointly issued "Several Measures to Support the High-Quality Development of Innovative Drugs" with multiple departments, optimized the rules for medical insurance negotiation and renewal, exempted some innovative drugs from payment assessment, simultaneously launched a dual catalog system for basic medical insurance and commercial insurance innovative drugs, and built a multi-level payment guarantee network, which not only smoothed the access path for innovative drugs to the domestic market, but also protected corporate R&D profit margins through the principle of "concentrated procurement of non-new drugs and no centralized procurement of new drugs". In the field of antibacterial drugs, the "National Action Plan to Contain Bacterial Resistance" continues to be implemented, clearly providing priority review and approval support for new drug-resistant bacteria treatment drugs, strengthening clinical drug supervision and full life cycle quality traceability, and opening up a differentiated development track for innovative anti-infective drugs. Against this background, the domestic innovative drug market focuses on unmet clinical needs, showing the distinctive characteristics of "R&D focusing on core areas, continuous optimization of access paths, and steady improvement of grassroots accessibility", providing a broad market space for innovative pharmaceutical companies that are deeply involved in subdivided areas.

Mengke Pharmaceutical is deeply engaged in the field of innovative anti-infective drugs, taking independent research and development as its core competitiveness, focusing on unmet clinical needs, and forming a research and development pattern of "focusing on the infection field and expanding on the non-infectious field". The company relies on drug molecule design and discovery technology, metabolism-based drugs

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It has three core technology systems: drug design and optimization technology and targeted therapy platform technology, and deeply explores differentiated research and development paths to promote core products to maximize clinical value and market value. The company's current R&D pipeline includes 1 marketed drug, 4 clinical stage drugs and multiple preclinical research drugs.

Taking advantage of national policies and the wave of industry innovation and upgrading, the company has fully unleashed the potential of its technology and pipeline, continued to promote the research and development and commercialization of innovative drugs, and maintained a steady growth trend in its overall operations.

(1) The commercialization of core products has accelerated, and operating performance has been stable and improving.

Contizolid tablets are a new generation of oxazolidinone antibacterial drugs independently designed and developed by the company, which can be used to treat infections caused by multi-drug resistant Gram-positive bacteria. Since the product was launched in 2021 and included in the National Medical Insurance Catalog (Category B), market recognition has continued to increase. In December 2025, the product was successfully renewed on the National Medical Insurance Directory at the original price and successfully entered the third agreement period, laying a solid foundation for the subsequent increase in domestic market penetration.

The company continues to optimize the commercialization strategy of cantizolid tablets, and through professional academic promotion and multi-level academic platform construction, it deeply conveys the core advantages of the product in terms of safety and effectiveness, and accurately matches unmet clinical needs. With solid clinical data support, this product has accumulated a large number of high-quality real-world cases in the fields of complex skin and soft tissue infections, bloodstream infections, drug-resistant tuberculosis, etc., and has been widely recognized by clinicians and patients. During the reporting period, the company added 46 new medical evidence-based accumulation and academic construction achievements, further consolidating its understanding of the clinical value of its products.

The company upgraded and transformed its commercialization model in 2025. Through the two-wheel drive of "self-built academic promotion team + third-party academic promotion team", it created a commercialization version 2.0 with self-built teams as the mainstay and third-party teams in key areas to rapidly increase coverage. At present, the commercialization team has a total of 59 people. Cantizolid tablets have covered 793 hospitals across the country, and 263 hospitals have achieved formal admission and batch clinical procurement. Hospital channel sales account for approximately 68.7%, and pharmacy channel sales account for approximately 31.3%.

During the reporting period, the sales performance of cantizolid tablets increased steadily. The company achieved operating income of RMB 89.53 million, a year-on-year increase of 33.69%, of which the company achieved main business income of RMB 84.3377 million, a year-on-year increase of 25.93%.

(2) Expand the clinical potential of core products and continue to expand the scope of application of cantizolid

In order to fully tap the clinical advantages of contizolid tablets, the company continues to develop cantizolid tablets. After its clinical application in the adult field has been widely verified, the company actively promotes the expansion of its applicable population in the field of pediatric medication. In April 2023, it launched a multi-center, open-label, single-arm phase II clinical trial of the safety, effectiveness and pharmacokinetic characteristics of oral contizolid tablets in Chinese subjects aged 6 to 17 years old with complex skin and soft tissue infections.

As of the end of the reporting period, a total of 12 centers have obtained ethics approval and started operations, and 24 subjects have completed enrollment, and interim analysis is ongoing.

(3) Multiple breakthroughs have been made in pipeline research and development, and core competitiveness has been continuously strengthened.

Through more than ten years of in-depth research on drug-resistant bacterial infections, the company has accumulated deep knowledge in related fields, including the infection mechanism and disease characteristics of pathogenic bacteria, the research and development process of anti-infective drugs, a complete in vivo and in vitro activity screening platform, candidate drug evaluation based on the effectiveness and safety of new drugs, compound pharmacokinetics and pharmacodynamics research systems, etc. Thanks to the above accumulation and inheritance of R&D experience, the company has successfully developed a new generation of oxazolidinone antibacterial drug cantizolid tablets, and continues to promote clinical trials of cantizolid prodrug MRX-4 and new anti-tuberculous mycobacterial infection drug MRX-5.

MRX-4 for injection, as a prodrug of cantizolid, aims to optimize the delivery method to broaden its applicable scenarios. In 2024, the company completed a Chinese phase III clinical trial to evaluate the conversion of intravenous infusion of MRX-4 to oral administration of cantizolid tablets in the treatment of adult patients with complicated skin and soft tissue infections, using linezolid intravenous infusion to oral administration as a control. During the reporting period, the product’s marketing application (NDA) for the treatment of complicated skin and soft tissue infections has been accepted by the State Food and Drug Administration and has entered the critical stage of review and approval.

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As of the end of the reporting period, the international multi-center phase III clinical trial of MRX-4 for injection followed by cantizolid tablets for the treatment of diabetic foot infection has been approved to be conducted in more than 20 countries in China and overseas, with a total of 541 patients enrolled.

In order to further expand the domestic market and potential indications of contizolid and MRX-4 for injection, the company is conducting a multi-center, randomized, double-blind and double-simulation Phase III clinical trial to evaluate the efficacy and safety of intravenous infusion of linezolid to oral administration of linezolid to oral administration in the treatment of Chinese adults with drug-resistant gram-positive bacterial infections. As of the end of the reporting period, a total of 32 centers have been started, and a total of 21 patients have been enrolled.

In January 2026, the IND application for MRX-5 in the United States was approved by the USFDA. A randomized, double-blind, placebo-controlled, multi-center Phase IIa study will be conducted in the United States to evaluate the effectiveness and safety of MRX-5 tablets in the treatment of adult patients with non-cavitary lung disease caused by Mycobacterium abscessus complex infection.

As of the end of the reporting period, the company’s R&D pipeline was as follows:

(4) Appearing at international academic events, the influence of globalization continues to be demonstrated

In 2025, the company will appear at multiple international academic conferences with its core product cantizolid tablets and a variety of R&D pipeline products, fully demonstrating the latest research results in the fields of anti-infection and anti-tumor, further enhancing the company's academic influence in the field of global pharmaceutical innovation.

At the BIOCHINA2025 (10th) Yimao Biological Industry Conference, the company's management representative delivered a keynote speech, sharing the research and development progress and global layout strategy of MRX-5 and MRX-8, the core pipeline of Mengke Pharmaceuticals in the field of chronic lung disease drugs; at the 2025 European Society of Clinical Microbiology and Infectious Diseases Conference (ESC During MIDGlobal2025), 15 latest clinical and preclinical research data related to the company's products (mainly focusing on cantizolid and MRX-5) will be presented in the form of posters. Among them, the preclinical and phase I clinical research data of MRX-5 support its potential as a new treatment for NTM lung diseases (especially MAB infection). At the U.S. Infectious Disease Week (IDWeek2025), a total of 7 studies/reports on contizolid and MRX-5 were selected for presentation and presentation at the conference, covering MRX-5 new drug research reports and contizolid on adults and children at different infection sites and different infection strains. Research on skin and soft tissue infections, infections in patients with hematological diseases, severe infections, tuberculosis, non-tuberculous mycobacterial infections and other disease fields, and conducted in-depth discussions from multiple dimensions such as clinical application, pharmacokinetics, drug resistance mechanisms, etc., comprehensively demonstrating the clinical value and research and development depth of the product.

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During the 2026 European Society of Clinical Microbiology and Infectious Diseases Congress (ESCMID Global 2026) and the European Hematology Annual Meeting (EHA), the latest research results of the company's products will be presented in the form of posters.

By continuing to speak out on the world's top academic platforms, the company has not only strengthened the international academic recognition of its core products, but also laid a solid foundation for subsequent global commercialization layout and international cooperation, helping the company integrate into the global pharmaceutical innovation ecosystem.

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

3. Analysis of core competitiveness during the reporting period

(1) Core competitiveness analysis

√Applicable □Not applicable

1. Innovative R&D strength and independent intellectual property rights

Mengke Pharmaceutical focuses on the field of infectious diseases and is committed to developing innovative drugs with global independent intellectual property rights. The company has R&D centers in China and the United States. The R&D team has experience in international innovative drug research and development, and has led or participated in the development of several new anti-infective drugs that have been launched. The company insists on independent research and development, deeply explores specialized subdivisions, and has formed an integrated new antibacterial drug research and development system, covering the complete process from early design and screening to clinical development, registration application and production management.

2. Differentiated innovation and product strategies that do not meet clinical needs

With "solving clinical problems and differentiated innovation" as its core competitiveness, the company focuses on the increasingly serious problem of bacterial resistance around the world and develops safer and more effective treatment options. The core product, cantizolid tablets, has been included in the national medical insurance catalog due to its differentiated advantages in the treatment of drug-resistant bacterial infections. Clinical research is being promoted simultaneously in multiple domestic and foreign markets, and it has strong market competitiveness.

3. Global commercial layout and academic promotion

The company has established a professional commercialization support team, including academic promotion, marketing, business and government affairs departments, and cooperates with domestic pharmaceutical distributors with overseas market development capabilities to ensure that drug supply channels are safe and traceable. The company promotes the clinical advantages of its products through multi-level academic platforms, further enhancing market penetration.

4. Strong R&D pipeline and technology platform

The company has 1 marketed drug, 4 clinical stage drugs and multiple preclinical research drugs, and uses metabolism-based drug design and optimization technology and molecular design and discovery technology. At the same time, the company has expanded into non-infectious fields such as tumors and inflammatory diseases through a variety of innovative platforms, enriching its product pipeline and market prospects.

5. Policy and international cooperation support

The development of the company's core products has received support from China's "Major New Drug Creation" major science and technology project and the U.S. Antibacterial R&D Fund Global Cooperation Program. In addition, cantizolid tablets and its prodrug MRX-4 have been granted Qualified Infectious Disease Product (QIDP) and Fast Track (FastTrack) qualifications by the U.S. FDA, and the new anti-NTM infection drug MRX-5 has been granted orphan status by the FDA.

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Drug qualification certification, which further enhances the international competitiveness of the company's products and accelerates its market access. Through continuous independent innovation, international layout and differentiated product strategies, Mengke Pharmaceutical has built solid core competitiveness in the field of bacterial resistance and infectious disease treatment, and has demonstrated strong growth potential and competitive advantages in the international market.

(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

During the reporting period, the company's core technology and its advanced nature did not undergo significant changes.

Currently, the company has established two major R&D centers in the United States and China. These two centers have significantly improved R&D efficiency and effectively reduced R&D costs through division of labor and cooperation. The research and development of small molecule drugs is the basis for the company's new drug development. With in-depth research in the fields of medicinal chemistry and structure-activity relationships, the company has established a complete technical system and formed three core technologies in line with the company's own research and development characteristics, including drug molecule design and discovery technology, metabolism-based drug design and optimization technology, and targeted therapy platform technology. The specific contents are as follows:

(1) Drug molecule design and discovery technology

The company identifies the types of drugs with development potential through in-depth analysis of the mechanisms of action of bacterial infection drugs and the side effects associations between drugs and targets. On this basis, combined with the understanding of the structure-activity relationship of the drug and the needs of the target indications, the design goals of the drug molecules are set. After years of theoretical exploration and practice, the company has developed drug molecule design and discovery technology with high success rate, strong practicability and fast development speed, and formed two major R&D strategies: research based on existing drugs and drug development based on new mechanisms, which are in line with the company's own R&D advantages.

(2) Metabolism-based drug design and optimization technology

After drugs enter the human body, they must go through a complex metabolic process and finally reach the target tissue. This process is called pharmacokinetics. In view of the pharmacokinetic properties of drugs, the company has established a technology platform to evaluate the metabolism of drug molecules after years of exploration, and developed metabolism-based drug design and optimization technology. With the help of this core technology, the company has successfully carried out research and development of prodrugs and soft drugs, further improving its drug innovation capabilities. Through in-depth analysis of the relationship between side effects between drugs and targets, the company not only improves the level of drug research and development, but also expands the possibility of new drug discovery to cover a wider range of disease areas. With its excellent innovative drug research and development capabilities, the company has become one of the few leading domestic companies with the potential to develop the world's first drugs, and has successfully developed and optimized the anti-drug resistant drug cantizolid with unique therapeutic advantages.

(3) Targeted therapy platform technology

The focus of new drug development is to enhance the targeting of drug delivery and increase the concentration of active drugs in target tissues or cells to improve efficacy and reduce systemic toxic exposure. Based on its own technology accumulation and international cutting-edge progress, the company has developed targeted treatment platforms of peptide drug conjugates for the treatment of kidney disease and antibody drug conjugates for the treatment of tumors. The core of peptide drug conjugates is to screen peptide drug molecules with kidney-targeting properties, active drug molecules for treating kidney disease, and optimized linkers. Through the combination of these three, preclinical evaluation is performed and suitable conjugate molecules are screened. Compared with macromolecule biopharmaceuticals, peptide drug conjugates have potential advantages such as higher renal tissue permeability, lower production costs, and flexible administration methods. Antibody drug conjugates further expand the scope of indications by discovering new targeting antibodies, optimizing linkers and payloads, and developing safer and more effective therapeutic drugs for tumor patients who currently lack effective treatments.

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Based on the core technology platform, the company continues to promote the research and development progress of existing projects and further strengthens new pipelines of peptide drug conjugates and antibody drug conjugates, targeting new treatment areas of kidney disease and tumors respectively.

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

Serial number Drug name Specification Approval number/acceptance number Stage Drug category Registration classification Date of issuance Country 1 MRX-5 tablets 200mg IND171558 Clinical Phase II Antibacterial Drug Class 1 New Drug 20260127 List of intellectual property rights obtained in the United States 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 14 5 107 39 Utility model patents 0 0 0 0 Design patents 0 0 0 0 Software copyrights 0 0 0 0 Others 0 0 0 0

Total 14 5 107 39

3. R&D investment status table

Unit: Yuan

Number for the current period Number for the same period last year Change range (%) Expensed R&D investment 43,171,577.39 116,413,285.79 -62.92Capitalized R&D investment Not applicable

48.22 173.83

Example (%) Proportion of capitalized R&D investment at point (%) Not applicable

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

√Applicable □Not applicable

The company's R&D investment decreased mainly because during the reporting period, affected by the company's overall funding arrangements and cash flow conditions, in order to optimize resource allocation, the corresponding R&D investment decreased.

Reasons for the significant change in the proportion of capitalized R&D investment and its rationale

□Applicable √Not applicable

4. Current research projects

√Applicable□Not applicable

Unit: Ten thousand yuan Estimated total investment Current investment Cumulative investment Progress or stage Technical level to be reached Specific application

Project name

Number of investments Amount of investment Amount Periodic results Target Flat application prospect Cantizolid 20216 Commercialization The world’s first multi-resistant1 44,000.00 764.47 42,428.23

Tablets for sale in China in 2020

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market; expands clinical trial safety of Phase III nezolid-containing oral oxazole therapy for antibiotic-positive bacterial infections

alkanones

antibacterial drugs

International multi-Chinese new drugs have won the world's first multi-patient clinical batch III batch listing of a conti drug in the Gram stage; positive bacteria in Zinoxazolamide 2 MRX-4 95,000.00 2,434.51 94,509.82

National NDA applications for predrugs and infections should be accepted in May 2025 for injection treatment.

The new drug has been approved for the first batch of the world's most multi-resistant US clinical trials. No new drug has completed the Gram phase; mid-generation myxo-negative bacteria 3 MRX-8 41,200.00 54.06 11,999.21

Completion of the national clinical phase I bacteriocin anti-infection, bacterium drug obtained, injection treatment

batch marketing treatment

Australia's clinical new drug has been approved for the treatment of non-tuberculosis Phase I. There is no similar Chinese clinical antibacterial drug for mycobacterial infection 4 MRX-5 40,000.00 357.67 7,897.54 The drug has been approved for the treatment of Phase I and is now on the market in the United States.

Phase II clinical

Trial approved

Preclinical research Preclinical research

5/706.45 12,881.33 IND

research project research

combine

/ 220,200.00 4,317.16 169,716.13 / / / /Total

5. R&D personnel

Unit: 10,000 yuan Currency: Basic information on RMB

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

Number of R&D personnel of the company (person) 61 70 Proportion of the number of R&D personnel to the total number of the company (%) 40.4 39.55 Total salary of R&D personnel 1,565.87 2,032.38 Average salary of R&D personnel 25.67 29.03

education level

Educational composition Number (person) Proportion (%)

Doctoral students 8 13.11 Master's students 27 44.26 Undergraduate 22 36.07 College 2 3.28 High school and below 2 3.28 Total 61 100Age structure

Age range Number (person) Proportion (%)

Under 30 years old (excluding 30 years old) 5 8.20

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30-40 years old (including 30 years old, excluding 40 years old) 32 52.46 40-50 years old (including 40 years old, excluding 50 years old) 18 29.50 50-60 years old (including 50 years old, excluding 60 years old) 4 6.56 60 years old and above 2 3.28 Total 61 100

6. Other instructions

□Applicable √Not applicable

4. Risk factors

√Applicable □Not applicable

(1) Risks of not yet making profits

The company is an innovative pharmaceutical company focusing on the anti-infective field. It has been engaged in drug research and development activities since its establishment. Such projects have a long research and development cycle and require large capital investment. At present, except for the company's products, contizolid tablets, which were approved for marketing in June 2021, and contizolid sodium for injection, which received NDA acceptance in May 2025 and has not yet been approved, other products are still in the research and development stage. During the reporting period, affected by the company's overall capital arrangement and cash flow status, in order to optimize resource allocation, the corresponding R&D investment was reduced, but a certain level of expenditure still needs to be maintained. At the same time, since the company's core product cantizolid tablets were officially commercialized in July 2021, the company has actively expanded academic promotion efforts and further expanded the distribution network of pharmaceutical commercial companies during the reporting period. Although sales expenses have declined year-on-year, a certain level of expenditure still needs to be maintained.

The company's operating income during the reporting period was RMB 89.53 million, which could not cover relevant R&D investment and other expenses related to product commercialization. During the reporting period, the company's net profit attributable to the owners of the parent company, excluding non-recurring gains and losses, was negative and has not yet achieved profitability. The company's failure to make a profit during the reporting period will not have a significant adverse impact on investment in R&D pipelines, sustainability of production and operations, stability of the core team, and talent introduction.

(2) Risk of significant decline in performance or loss

During the reporting period, the company's net profit attributable to the owners of the parent company was -37.566 million yuan, and the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses was -40.3244 million yuan. The company is still in a loss-making state, mainly due to the company's investment in research projects and investment in sales and promotion of contizolid tablets.

The company's future sales revenue will mainly depend on the advancement of the commercialization process of the company's products. The company will still actively expand academic promotion efforts and further expand the distribution network of pharmaceutical commercial companies. If the progress of academic promotion or the establishment of distribution network does not meet expectations, it may have an adverse impact on the company's commercialization capabilities and operating results.

As a R&D-driven enterprise, the company will still need to maintain large R&D investment in the product pipeline under development in the future, which will lead to continued growth in related costs and expenses and have a greater risk impact on the company's profitability. If the actual progress of the company's research projects is less than expected or the research and development fails, it will cause a significant loss of the company's financial resources.

(3) Core competitiveness risks

As an R&D-driven innovative drug company, the company's core competitiveness comes from the product advantages in effectiveness and safety of the innovative drugs it develops. At present, competition in the development and commercialization of innovative drugs at home and abroad is fierce, and the company may be affected by rapid technological iterations. If a competitor develops innovative drugs that are significantly better than the company's currently marketed drugs in terms of effectiveness and safety and these innovative drugs are approved for marketing within a short period of time, it will have a significant impact on the company's existing marketed drugs or other drugs under development that do not have the same competitive advantages.

(4) Business risks

1. The risk of clinical trials of products under development not progressing as expected

Many of the company's products under development are still in the preclinical and clinical trial stages, and there are risks such as failure to obtain approval for clinical trials, failure of clinical trials, and failure to obtain approval from local regulatory agencies for drug production.

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2. Commercialization risks

Currently, the company has only one product in the commercialization stage, and other major products under development are still in the preclinical, clinical research and marketing application stages. It will take some time before the product is successfully developed and approved for marketing. Based on the market competition, the approval process of subsequent new drug marketing applications for indications, and the status of entering the medical insurance catalog after being approved for marketing, the company's short-term operating performance will be limited by a single product, and it will face the market risk of relying on a single product. At the same time, if the company's commercial promotion progress and results are not as expected, or if it fails to reach distribution cooperation with suitable distributors in a timely manner, it may cause greater risks to the company's operating performance.

3. No actual controller risk

The company's existing equity structure does not have a controlling shareholder or actual controller, which may lead to instability in the corporate governance structure or inefficient decision-making, thereby delaying the overall decision-making and process of business development. It may also lead to changes in the company's control rights due to hostile acquisitions by hostile acquirers. All the above possibilities will cause greater risks to the company's daily operations.

(5) Financial risks

Contizolid tablets are the company's only product currently on the market, and other products under development have not yet been commercialized. Therefore, the company's current product sales revenue still cannot meet the company's working capital needs, and the company needs to obtain further funds through other financing channels. If the company is unable to obtain sufficient working capital, the company will be forced to postpone, reduce or cancel the company's research and development projects or delay the commercialization progress of future drug candidates, which will have a material adverse impact on the company's business. If the above situation continues for many years, the company may have negative net assets, and the company may even face the risk of delisting.

The company has R&D centers in China and the United States and conducts drug clinical trials simultaneously. The company's costs are denominated in RMB and US dollars. Considering that the further expansion of the company's R&D and clinical scale will inevitably lead to a substantial increase in the company's foreign currency settlement amount, if the RMB exchange rate fluctuates significantly in the future due to domestic and foreign macro-environment and political factors, it will have an adverse impact on the company.

The company has bank loans at the end of the reporting period. If the company's credit deteriorates or its operations are poor, or the company fails to make reasonable arrangements for the use of funds, it may be unable to repay the loan in a timely manner, which will have an adverse impact on the company's liquidity and ongoing operations.

(6) Industry risks

Pharmaceuticals are special consumer goods that are related to the life, health and safety of the people. As an industry with strong national supervision, the pharmaceutical industry is strictly supervised by the national and local drug regulatory authorities and health departments at all levels. At present, the reform of the national medical and health system and the social medical security system are in the process of gradual improvement, and the policy environment of the pharmaceutical industry is also facing the possibility of major changes. If the company fails to adjust its business strategies in a timely manner to adapt to changes in market rules and regulatory policies, it will be difficult to achieve the goal balance of meeting market demand and adapting to industry policies, which will have an adverse impact on the company's operations.

(7) Macro-environmental risks

Based on global development, the company's business expansion in the United States and other international markets may face different countries' drug regulatory policies, intellectual property protection regulations, trade barriers or geopolitical uncertainties, which may affect the launch progress and market access of new drugs, and will have an adverse impact on the company's business development.

5. Main business conditions during the reporting period

For details, please refer to “II. Discussion and Analysis of Operating Conditions” in “Section 3 Management Discussion and Analysis”.

(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 89,530,049.04 66,969,753.09 33.69 Operating costs 11,993,376.65 10,189,199.84 17.71 Sales expenses 48,253,873.00 48,488,509.10 -0.48 Management expenses 24,116,215.83 29,846,478.50 -19.20

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Financial expenses 4,524,925.82 4,629,978.58 -2.27 Research and development expenses 43,171,577.39 116,413,285.79 -62.92 Net cash flow generated from operating activities -26,392,888.81 -120,704,678.78 Not applicable Net cash flow generated from investing activities 23,415,149.31 37,538,810.77 -37.62 Net cash flow generated from financing activities -29,312,119.15 47,673,187.41 Explanation of reasons for changes in inapplicable operating income: The company's operating income was 89.53 million yuan, a year-on-year increase of 33.69%. This was mainly due to the company's active development of a sales model that combined a self-built team and a commercial distribution model during the reporting period, which resulted in an increase in sales of the self-developed product cantizolid tablets. On the other hand, this period received a down payment income of 4.717 million yuan based on the technology transfer agreement.

Explanation on the reasons for changes in operating costs: Operating costs were 11.9934 million yuan, a year-on-year increase of 17.71%, mainly due to the increase in sales of the company’s product contizolid tablets.

Explanation of reasons for changes in administrative expenses: administrative expenses were 24.1162 million yuan, a year-on-year decrease of 19.20 percentage points, mainly due to the company's strengthening of refined management and control, optimizing resource allocation and strictly controlling expenses.

Explanation of reasons for changes in R&D expenses: R&D expenses were RMB 43.1716 million, a year-on-year decrease of 62.92 percentage points, mainly due to the decrease in R&D investment during the reporting period due to the impact of the company's overall funding arrangements and cash flow status in order to optimize resource allocation.

Explanation of reasons for changes in net cash flow from operating activities: Net cash flow expenditures from operating activities were 26.3929 million yuan, a decrease of 94.3118 million yuan compared with the same period last year. This was mainly due to the increase in the company's operating income during the reporting period and the adoption of a series of cost and expense control measures such as controlling R&D expenses to further enhance the company's overall operating efficiency.

Explanation of reasons for changes in net cash flow generated from investing activities: The net cash flow generated from investing activities was 23.4151 million yuan, a year-on-year decrease of 37.62%, mainly due to the decrease in idle funds used by the company to purchase trading financial assets in the current period.

Explanation on the reasons for changes in the net cash flow generated from financing activities: The net cash flow generated from financing activities was -29.3121 million yuan, mainly due to the company's repayment of bank loans in the current period.

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

□Applicable √Not applicable

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

□Applicable√Not applicable

(3) Analysis of assets and liabilities

√Applicable□Not applicable

1. Assets and liabilities status

Unit: Yuan Currency: RMB End of current period

End of current period End of previous year

The amount is higher

Number of projects accounted for total capital Number accounted for total capital

Ending amount of the current period. Ending amount of the previous year. Changes at the end of the period. Name of the situation description. Proportion of output. Proportion of output.

dynamic ratio

(%) (%)

(%)

Mainly during the reporting period

Repay maturing debts and currencies

282,300,369.64 44.98 316,101,221.24 44.83 -10.69 Corresponding interest, operating capital

net cash generated

caused by outflow

transaction

Mainly due to sexual expenses during the reporting period

111,274,706.75 17.73 135,540,703.78 19.22 -17.90 Trading financial asset financing

Property resulting from redemption at maturity

Receivables mainly during the reporting period

40,969,750.39 6.53 37,956,533.48 5.38 7.94

Accounts Product sales scale increased

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Caused by growth

Mainly refers to the fixed office equipment and practical equipment during the reporting period.

2,995,360.34 0.48 4,002,932.92 0.57 -25.17

Assets due to depreciation of inspection and testing equipment

Mainly due to prepaid research and development expenses and prepaid expenses during the reporting period

21,183,070.02 3.38 24,258,446.56 3.44 -12.68

Payment due to decrease in payment for materials

Mainly during the reporting period

Product sales scale expanded inventory 46,039,838.89 7.34 50,252,836.17 7.13 -8.38. The corresponding inventory products were carried forward and included in the main business costs.

Mainly due to processing service fees payable during the reporting period

57,624,140.69 9.18 80,303,992.24 11.39 -28.24

Due to the decrease in accounts and R&D expenses

Mainly during the reporting period

The balance of marketing and academic promotion fees payable increased, 23,771,755.18 3.79 14,887,807.61 2.11 59.67 was payable, and customer deposits were payable due to the gradual establishment of the company's distribution model.

caused by increase

one year

Arrival within one year mainly refers to long-term liabilities within one year during the reporting period

125,316,622.37 19.97 81,189,872.73 11.51 54.35

Non-current Negative due to increase in maturity amount

debt

Mainly due to long-term losses during the reporting period

146,840,000.00 23.40 213,036,902.81 30.21 -31.07 Long-term bank loans less borrowings

Caused by less

Other instructions

None

2. Overseas assets

√Applicable □Not applicable

(1) Asset scale

Among them: overseas assets 21,579.54 (unit: 10,000 yuan, currency: RMB), accounting for 34.38% of total assets.

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

√Applicable□Not applicable

Unit: Yuan Currency: RMB Overseas asset name Reason for formation Operation model This reporting period This reporting period

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Operating income Net profit

life sciences, R&D and investment

Mengke New Hong Kong wholly-owned subsidiary - 1,094,900.72 capital holdings

Drug development, for issuers

Mengke America, a wholly-owned subsidiary of the US R&D platform, and the main company 7,208,306.03 -2,342,022.09

business related

Other instructions

Meco USA's operating income for the 2026 half year is internal related party income, which has been fully eliminated at the consolidated level.

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

□Applicable √Not applicable

4. Other instructions

□Applicable √Not applicable

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(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: Yuan Currency: RMB Accumulation included in equity

Fair value for the current period Less provision for the current period Asset category sold/redempted for the current period Opening amount Fair value change Purchase amount for the current period Other changes Gains and losses from changes in the ending amount Value Amount

move

Financial derivatives 135,540,703.78 2,375,172.59 -4,008,073.78 1,244,909,675.51 1,267,542,771.35 111,274,706.75

Total 135,540,703.78 2,375,172.59 -4,008,073.78 1,244,909,675.51 1,267,542,771.35 111,274,706.75

Securities investment situation

□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) 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: 10,000 yuan Currency: RMB Company name Company type Main business Registered capital Total assets Net assets Net profit New drug research and development,

Transfer own technology and provide

Mengke Pharmaceutical Subsidiary 37.3188 million yuan 287.88 272.16 -8.38 Related technical services and technical consultation

Inquire

Wholesale medicine; third class medical treatment

Device operations; medical research and

Experimental development; technology promotion services

Kerikesi Subsidiary 7 million yuan 534.29 -22,065.22 -44.70 Services; conference services; exhibition hosting

exhibition; sales of medical devices

(Class I, Class II)

Life science, R&D and investment 11,600,000.00 Hong Kong Mengke New Hong Kong subsidiary 16,997.30 2,483.34 109.49 Holdings Yuan

Drug research and development, beauty for issuers

Mengke America subsidiary China R&D platform, related to main business USD 0.10 40,804.69 34,748.48 -234.20

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Pharmaceutical wholesale; technical services, technology development, technical consulting, Xirui Chengtai subsidiary technology exchange, technology transfer, 100,000 yuan 198.59 41.34 31.09 technology promotion; conference and exhibition services

Natural scientific research and experimental development; conference and exhibition services; technical services, technology development, technology and health Guangdong Biotechnology Subsidiary 100,000 yuan 398.69 291.04 249.59Technical consulting, technology exchange, technology transfer, technology promotion; pharmaceutical wholesale

Medical research and experimental development; technical services, technology development, technical consulting, technical exchanges, Kemai Biological Subsidiary 100,000 yuan 209.43 109.61 79.91 Technology transfer, technology promotion; conference and exhibition services; pharmaceutical wholesale

Medical research and experimental development; technical services, technology development, Humeng Chengtai subsidiary technical consulting, technical exchange, 100,000 yuan 826.29 452.09 355.24 technology transfer, technology promotion; conference and exhibition services

Acquisition and disposal of subsidiaries during the reporting period

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

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(7) Structured entities controlled by the company □ 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

Name Position held Change circumstances Reason for change Reason for change Wang Xinghai Director Election Job transfer Shareholders’ meeting election

Lu Liang Deputy General Manager Appointment Job Transfer Appointment by the Board of Directors

Guo Cui Chief Financial Officer Appointment Job Transfer Appointment by the Board of Directors

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

√Applicable□Not applicable

After being nominated by the general manager of the company and having no objections in the qualification review of the nomination committee of the board of directors, the company held the 24th meeting of the second board of directors on January 12, 2026, which reviewed and approved the "Proposal on the Adjustment of Senior Management Personnel of the Company" and agreed to appoint Mr. Lu Liang as the company's deputy general manager and Ms. Guo Cui as the company's financial controller. For details, please refer to the "Announcement of Shanghai Mengke Pharmaceutical Co., Ltd. on the Appointment of Senior Management Personnel" (Announcement No.: 2026-008).

The company reviewed and approved the "Proposal on By-election of Directors of the Company's Second Board of Directors" at the Nomination Committee of the Board of Directors, the Board of Directors and the Shareholders' Meeting held on February 27, 2026 respectively, and agreed to by-elect Mr. Wang Xinghai as a director of the Company's second Board of Directors, with a term starting from the date of review and approval by the Shareholders' Meeting and ending on the expiration date of the Company's second Board of Directors. For details, please refer to the "Announcement of Shanghai Mengke Pharmaceutical Co., Ltd. on the by-election of directors" (Announcement No.: 2026-007) and the "Announcement on the Resolution of the First Extraordinary Shareholders Meeting of Shanghai Mengke Pharmaceutical Co., Ltd. in 2026" (Announcement No.: 2026-019).

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

√Applicable □Not applicable

The company's core technical personnel are mainly identified based on the following factors:

(1) Have industry-related professional background and many years of work experience in the industry;

(2) Played an important role or made a significant contribution in the company’s operations;

(3) Meet the company's future development strategy and promote business development as a core personnel.

During the reporting period, the company's core technical personnel remained unchanged, namely ZHENGYUYUAN (Yuan Zhengyu), Wang Xinghai, Yuan Hong, WENWANG (Wang Wen), and JINQIANLIU (Liu Jinqian).

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 distribute or transfer No

Number of bonus shares for every 10 shares (shares) Not applicable Number of dividends for every 10 shares (yuan) (tax included) Not applicable Number of bonus shares for every 10 shares (shares) Not applicable

Explanation of relevant information on profit distribution or capital reserve conversion plan

None

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

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

√Applicable □Not applicable

Matter Overview Query Index

On January 12, 2026, the company held the 24th meeting of the second board of directors. For details, please see "Shanghai Mengke Pharmaceutical Co., Ltd.

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The "Proposal on the First Granted Part of the Company's 2023 Restricted Stock Incentive Plan" and the "Proposal on the Voiding of Part of the Restricted Stocks that have been granted but have not yet vested" were reviewed and approved. The second vesting period is eligible for vesting.

The relevant proposals have been reviewed and approved in advance at the fourth meeting of the Remuneration and Appraisal Committee of the second session of the Board of Directors. The board of directors believes that the vesting conditions stipulated in the second vesting period of the first vesting part of this equity incentive plan that meet the vesting conditions and the vesting conditions specified in the first vesting period of the reserved granted part have been met, and approved the company to handle matters related to the vesting of restricted stocks for eligible incentive targets. "Shanghai Mengke Pharmaceutical Co., Ltd.

The cancellation of part of the company's restricted stock this time will not have a significant impact on the company's operating conditions. The company's effect on the canceled part has been granted. It will not affect the stability of the company's technical team and management team, nor will it affect the continued implementation of the company's sub-equity incentive plan for the company's unvested restricted stock. Announcement" (Announcement No.: 2026-011)

(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

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

Yes, if not, if not, can it be achieved?

No. Perform the obligations in a timely manner. Accept the obligations in a timely manner.

When you make a promise, you should make a promise. When you make a promise, you should make a promise.

Commitment party Commitment time Performance Commitment period Clear and unfinished Category Content Strict Explanation

Action completion scenario type Specific implementation limits for the next period Reasons

Within 36 months from the date of listing of the company's shares, the pledger will not transfer or entrust others to manage the shares of the company that have been issued before the company's initial public offering, nor will it be proposed that the company repurchase these shares for the purpose of listing. The promisee can reduce its holdings for 36 months from the expiration of 36 months from the date of this issuance and listing.

with

Sell the company's shares that the promisee has directly held before this issuance and listing, but shall comply with the applicable regulations within the month

first

laws, regulations, normative documents or relevant regulations of regulatory authorities and stock exchanges on reducing shareholdings.

times

regulations.

Public

Shares Mengke Hong Kong, within 36 months from the date of listing of the company's shares, the company's shares directly and indirectly held by the promisee will not be transferred within 36 months from the date of listing of the company's shares. 2021 Yes From the company's shares Yes Not applicable Not suitable for opening

BestIdea, the company has issued shares before its initial public offering, and it is not proposed that the company repurchase these shares. Tickets for listing on October 27th

Limited to JSR and GP, starting from 36 per day

OK

Sold TMT within the month

phase

Shares Xinyi Youmai (1) Within 36 months from the date of listing of the company's shares, do not transfer or entrust others to manage the company 2021 Yes Since the company's shares Yes Not applicable Not relevant

The shares issued before the initial public offering of the company directly and indirectly held by the company are not recommended for listing on October 27.

The company will repurchase this part of the shares. (2) If the promisee violates the above commitment and causes losses to the company, 36 days from the date of

inherit

If the product is lost, the company is willing to bear the corresponding liability for compensation in accordance with the law. within the month

promise

Li Zhile (1) Within 12 months from the date of listing of the company's stocks, do not transfer or entrust others to manage the company. 2021 Yes The company realizes Yes Not applicable Not applicable Shares that have been issued before the company's initial public offering and listing are not proposed to be repurchased by the company before making profits. The use of this part of the shares will be limited. (2) If the company is not profitable at the time of this issuance and listing, before the company achieves profitability, it will be issued from

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Yes If not Yes If not

Whether or not the commitment can be fulfilled in a timely manner. Commitment can be fulfilled in a timely manner. The commitment should be made when the commitment is fulfilled. The commitment should be fulfilled when the commitment is fulfilled. The commitment time should be fulfilled. The commitment period should be clearly stated. Contents of the unfinished back. Strict description of the performance. Specific conditions for the next issue.

Reason for step limit

OK

Selling I will not reduce my holdings within 3 full fiscal years from the date of this issuance and listing.

The company's shares that I have directly/indirectly held before the company went public; if I leave my job during the aforementioned period, I will continue to complete the accounting.

Continue to abide by the aforementioned commitments; after the company achieves profitability, and on the premise of complying with the first commitment, I will also extend the annual

The shares held directly/indirectly before the issuance and listing can be reduced for up to 6 months starting from the day after the disclosure of the annual report for the current year.

Company shares, but must comply with the provisions of the "Shareholders and Directors, Supervisors, and Supervisors of Listed Companies on the Shanghai Stock Exchange"

"Detailed Implementation Rules for the Reduction of Shareholdings by Senior Management Personnel" or the applicable laws, regulations and normative documents at that time.

or the relevant regulations of regulatory authorities and stock exchanges on reducing shareholdings. (3) When I am responsible for

During the period of being a director, supervisor or senior manager of the company, the number of shares transferred each year shall not exceed the number of shares transferred directly/

Indirectly holds 25% of the total number of company shares and will not transfer them directly/indirectly within 6 months after resignation.

company shares held. (4) The company stocks I hold will expire 2 days after the expiration of the above-mentioned share lock-up period.

If the holding is reduced during the year, the reduction price shall not be lower than the issue price (if the company reaches

During the period when I reduce my holdings, ex-dividend and ex-rights activities such as distributing dividends, giving away bonus shares, converting shares into capital, etc. occur.

The current price will be adjusted accordingly). (5) If the company’s stock price within 6 months after its initial public offering is

The closing price of the company is lower than the issue price for 20 consecutive trading days, or the company is listed for the first time.

Closing price at the end of the next six months (if that day is not a trading day, it will be the first trading day after that day)

Lower than the issue price (if the company distributes dividends, sends

For ex-dividend and ex-rights actions such as bonus shares and capitalization, the closing price will be adjusted accordingly).

The lock-up period for the company’s shares held directly/indirectly before this issuance and listing is equal to the original lock-up period.

Basically, it will be automatically extended for 6 months. (6) The share lock-up commitments in items (4) and (5) above are not

It may become invalid or abandoned due to reasons such as change of position or resignation in the company. (7) If because

If I violate the above commitments and cause losses to the company, I am willing to bear the corresponding liability for compensation in accordance with the law.

Ren.

Shares Yuan Hong, Wang Xing (1) Within 12 months from the date of listing of the company's stocks, do not transfer or entrust others to manage the company 2021 Yes The company realizes Yes Not applicable Not applicable

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Yes If not Yes If not

Whether or not the commitment can be fulfilled in a timely manner. Commitment can be fulfilled in a timely manner. The commitment should be made when the commitment is fulfilled. The commitment should be fulfilled when the commitment is fulfilled. The commitment time should be fulfilled. The commitment period should be clearly stated. Contents of the unfinished back. Strict description of the performance. Specific conditions for the next issue.

Reason for step limit

OK

The shares held by Haiye that were issued before the company's initial public offering are not proposed to be repurchased by the company before profits are made on October 27, and the use of this part of the shares is limited. (2) If the company is not profitable at the time of this issuance and listing, before the company achieves profitability, it will be issued from

Selling I will not reduce my holdings within 3 full fiscal years from the date of this issuance and listing.

The company's shares that I have directly/indirectly held before the company went public; if I leave my job during the aforementioned period, I will continue to complete the accounting.

Continue to abide by the aforementioned commitments; after the company achieves profitability, and on the premise of complying with the first commitment, I will also extend the annual

You can reduce your holdings of the company's shares held before this issuance and listing for 6 months starting from the day after the annual report of the current year is disclosed.

status, but shall comply with the provisions of the "Shareholders and Directors, Supervisors and Senior Management of Listed Companies on the Shanghai Stock Exchange"

"Details for the Implementation of Share Reduction by Managers" or the applicable laws, regulations, normative documents or supervisory documents at that time.

The relevant regulations of regulatory authorities and stock exchanges on reduction of shareholdings shall be followed. (3) When I serve as a director of the company

During the period as a director, supervisor or senior manager, the number of shares transferred each year shall not exceed the number of company shares held by the person.

25% of the total number of shares, and will not transfer the company shares held by him within 6 months after resignation. (4) from

Within 4 years from the date of expiration of the restricted sale period of the pre-IPO shares held, the number of pre-IPO shares transferred each year shall not exceed

If the company exceeds 25% of the total number of pre-IPO shares held at the time of listing, the shareholding reduction ratio can be used cumulatively. (5)

If the company stocks held by me are reduced within 2 years after the expiration of the above-mentioned share lock-up period, the reduction price

Not lower than the issue price (if the company distributes money between the initial public offering and the time I reduce my holdings)

For ex-dividend and ex-rights activities such as dividends, bonus shares, and capitalization, the issue price will be adjusted accordingly).

(6) If the company’s stock price drops for 20 consecutive trading days within 6 months after the company’s initial public offering and listing,

The closing price is lower than the issue price, or at the end of 6 months after the company's initial public offering (if the

If the day is not a trading day, it will be the first trading day after that day) and the closing price is lower than the issue price (if the company

Distribution of dividends, bonus shares, transfer of capital, etc. within 6 months after the initial public offering.

dividends and ex-rights, the closing price will be adjusted accordingly). I have held the position before this issuance was listed.

The lock-up period of some company shares is automatically extended by 6 months based on the original lock-up period. (7)

Items (4) and (5) above promise that the share lock will not change due to changes in my position in the company,

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Yes If not Yes If not

Whether or not the commitment can be fulfilled in a timely manner. Commitment can be fulfilled in a timely manner. The commitment should be made when the commitment is fulfilled. The commitment should be fulfilled when the commitment is fulfilled. The commitment time should be fulfilled. The commitment period should be clearly stated. Contents of the unfinished back. Strict description of the performance. Specific conditions for the next issue.

Reason for step limit

OK

Invalid or abandoned due to reasons such as resignation. (8) If I cause any consequences to the company due to my violation of the above commitments,

If there is a loss, I am willing to bear the corresponding liability for compensation in accordance with the law.

Shares Zhao Dongming (1) Within 12 months from the date of listing of the company's stocks, do not transfer or entrust others to manage the shares that have been issued before the company's initial public offering and listing directly or indirectly held by the company in 2021, and do not propose to use the company to repurchase the shares before the company makes profits. (2) If the company is not profitable at the time of this issuance and listing, it will be

Before the sale makes a profit, I will not reduce my holdings within 3 complete fiscal years from the date of this issuance and listing.

Shares of the company held directly/indirectly before this issuance and listing; those who resigned during the aforementioned period, complete accounting

I will continue to abide by the aforementioned commitments; after the company achieves profitability, I can disclose the annual report for that year and extend it.

The capital reduction period will be 6 months from the later of the day after the exposure and the expiry of 12 months from the date of listing of the company’s shares.

Shares of the company held directly/indirectly before the secondary issuance and listing, but shall comply with the Shanghai Securities Exchange

Detailed Implementation Rules for the Reduction of Shareholdings by Shareholders, Directors, Supervisors and Senior Management of Listed Companies" or the

The applicable laws, regulations, normative documents or regulations of regulatory authorities and stock exchanges on reducing shareholdings

relevant regulations. (3) During the period when I serve as a director, supervisor or senior manager of the company,

The shares transferred each year shall not exceed 25% of the total number of company shares held directly/indirectly by the person.

The company shares held directly/indirectly by me will not be transferred within the next 6 months. (4) The company shares held by me

If the shares are reduced within 2 years after the expiration of the above-mentioned share lock-up period, the reduction price shall not be lower than the issue price (if

The company distributed dividends, gave away bonus shares, and transferred shares between the initial public offering and the period when I reduced my holdings.

If there is an ex-dividend or ex-rights act such as an increase in share capital, the issue price will be adjusted accordingly). (5) If the company is public for the first time

Within 6 months after the listing of Development Bank, the closing price of the stock price for 20 consecutive trading days was lower than that of the issuance

price, or the end of 6 months after the company’s initial public offering (if that day is not a trading day, then

The closing price on the first trading day after that date is lower than the issuance price (if the company's initial public offering

If any ex-dividend or ex-rights behavior such as the distribution of dividends, bonus shares, or capitalization of shares occurs within 6 months after the listing, the profit will be

The listing price will be adjusted accordingly), the company I have directly/indirectly held before this issuance and listing

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Yes If not Yes If not

Whether or not the commitment can be fulfilled in a timely manner. Commitment can be fulfilled in a timely manner. The commitment should be made when the commitment is fulfilled. The commitment should be fulfilled when the commitment is fulfilled. The commitment time should be fulfilled. The commitment period should be clearly stated. Contents of the unfinished back. Strict description of the performance. Specific conditions for the next issue.

Reason for step limit

OK

The lock-up period of the shares will be automatically extended for 6 months based on the original lock-up period. (6) Paragraph (4) above

and the share lock commitment in item (5) will not be terminated due to changes in my position in the company, resignation, etc.

Failure or abandonment of performance. (7) If I cause losses to the company due to my violation of the above commitments, I will

Willing to bear corresponding liability for compensation in accordance with the law.

Shares of ZHENGYU (1) Within 12 months from the date of listing of the company's stocks, do not transfer or entrust others to manage them. 2021 Yes The company realizes Yes Not applicable Inappropriate (2) If the company is not profitable at the time of this issuance and listing, it will be

Before the sale makes a profit, I will not reduce my holdings within 3 complete fiscal years from the date of this issuance and listing.

Shares of the company held directly/indirectly before this issuance and listing; those who resigned during the aforementioned period, complete accounting

I will continue to abide by the aforementioned commitments; after the company achieves profitability, I can disclose the annual report for that year and extend it.

The reduction of holdings will take place on the later of the next day after the exposure and the expiry of 12 months from the date of listing of the company's shares. The holding period will last for 6 months.

Issuance of company shares held directly/indirectly before listing, but should comply with the Shanghai Stock Exchange

Detailed Implementation Rules for the Reduction of Shareholdings by Shareholders, Directors, Supervisors and Senior Management of Listed Companies" or at that time

Applicable laws, regulations, normative documents or regulatory authorities and stock exchanges regarding share reductions

relevant regulations. (3) During the period when I serve as a director, supervisor or senior manager of the company, every

The shares transferred in a year shall not exceed 25% of the total number of company shares held directly/indirectly by me. After leaving my job,

Do not transfer the company shares held directly/indirectly within 6 months. (4) Since the pre-IPO shares held

Within 4 years from the expiration of the restricted sales period, the number of pre-IPO shares transferred each year shall not exceed the number of shares held at the time of listing.

25% of the company’s total shares before the IPO, and the shareholding reduction ratio can be used cumulatively. (5) The company I own

If the stock is reduced within 2 years after the expiration of the above-mentioned share lock-up period, the reduction price shall not be lower than the issue price.

(If the company distributes dividends, bonus shares,

In the event of ex-dividend or ex-rights actions such as converting shares into share capital, the issue price will be adjusted accordingly). (6) If the company first

Within 6 months after the public issuance and listing, the closing price of the stock price for 20 consecutive trading days is lower than the closing price of the issuance

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Yes, if not, if not, can it be achieved?

No. Perform the obligations in a timely manner. Accept the obligations in a timely manner.

When you make a promise, you should make a promise. When you make a promise, you should make a promise.

Commitment party Commitment time Performance Commitment period Clear and unfinished Category Content Strict Explanation

Implementation Scenario Type Specific Implementation Limits for the Next Phase Reasons for Implementation Plan

price, or the end of 6 months after the company’s initial public offering (if that day is not a trading day, then

The closing price on the first trading day after that date is lower than the issuance price (if the company's initial public offering

If any ex-dividend or ex-rights behavior such as the distribution of dividends, bonus shares, or capitalization of shares occurs within 6 months after the listing, the profit will be

The listing price will be adjusted accordingly), the company I have directly/indirectly held before this issuance and listing

The lock-up period of the shares will be automatically extended for 6 months based on the original lock-up period. (7) Paragraph (4) above

and the share lock commitment in item (5) will not be terminated due to changes in my position in the company, resignation, etc.

Failure or abandonment of performance. (8) If I cause losses to the company due to my violation of the above commitments, I will

Willing to bear corresponding liability for compensation in accordance with the law.

Shares Lu Liang (1) Within 12 months from the date of listing of the company's stocks, do not transfer or entrust others to manage the shares held by the company that were issued before the company's initial public offering in 2021, and do not propose that the company repurchase some of the shares before making profits. (2) If the company is not profitable at the time of this issuance and listing, before the company achieves profitability, it will be issued and listed on this day.

The seller shall not reduce its holdings within 3 complete accounting years from the date of listing of this issuance.

The company shares I already held before listing; if I leave my job within the aforementioned period, I will continue to abide by the aforementioned 3 complete

Commitment: After the company achieves profitability, I can exchange the company's stock with the company's stock from the next day after the annual report is disclosed for the fiscal year.

The holdings held before the listing of this issuance will be reduced from the later of the expiration date of 12 months from the date of listing.

Company shares, but must comply with the provisions of the "Shareholders and Directors, Supervisors, and Supervisors of Listed Companies on the Shanghai Stock Exchange"

"Detailed Implementation Rules for the Reduction of Shareholdings by Senior Management Personnel" or the applicable laws, regulations and normative documents at that time.

or the relevant regulations of regulatory authorities and stock exchanges on reducing shareholdings. (3) When I am responsible for

During the period of being a director, supervisor or senior manager of the company, the number of shares transferred each year shall not exceed the number of shares held by the person.

25% of the total number of company shares, and the company shares held by the employee will not be transferred within 6 months after resignation.

(4) If I cause losses to the company due to my violation of the above commitments, I am willing to bear the corresponding consequences in accordance with the law.

liability for compensation.

Shares EDWARD (1) Within 12 months from the date of listing of the company's stocks and within 6 months after resignation, they will not be transferred or the sales restriction period will expire in 2021 Yes Not applicable Not applicable

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Yes, if not, if not, can it be achieved?

No. Perform the obligations in a timely manner. Accept the obligations in a timely manner.

When you make a promise, you should make a promise. When you make a promise, you should make a promise.

Commitment party Commitment time Performance Commitment period Clear and unfinished Category Content Strict Explanation

Action completion scenario type Specific implementation limits for the next period Reasons

JOW entrusts others to manage the shares issued before the initial public offering of the company held by him, and does not use FANG within four years after October 27. It is proposed that the company repurchase the shares. (2) If the company is not profitable at the time of this issuance and listing, it will

Before the sale of JINQIAN Company realizes profit, I will not reduce the amount within 3 complete fiscal years from the date of this issuance and listing.

LIU (Liu Jin) holds the company shares held before this issuance and listing; if I leave my job within the aforementioned period, I will continue to

ex) and WEN

Continue to abide by the aforementioned commitments; after the company achieves profitability, I can start from the next day after the disclosure of the annual report for that year.

WANG (王

I will reduce my holdings in this issuance from the later of the 12 months from the date of listing of the company’s stocks.

Wen)

The company's shares held by the bank before listing must comply with the "Share of Companies Listed on the Shanghai Stock Exchange"

"Detailed Implementation Rules for the Reduction of Shareholdings by Donghe Directors, Supervisors and Senior Management Personnel" or the applicable laws and regulations at that time,

Laws and regulations, normative documents or relevant regulations of regulatory authorities and stock exchanges on reducing shareholdings.

(3) Pre-IPO shares transferred every year within 4 years from the expiration of the restricted period for the pre-IPO shares held

The shareholding reduction ratio shall not exceed 25% of the total number of pre-IPO shares held by the company at the time of listing. The shareholding reduction ratio can be used cumulatively.

Use. (4) If I cause losses to the company due to my violation of the above commitments, I am willing to bear the responsibility according to law.

corresponding liability for compensation.

Among other things, Mengke Hong Kong (1) The promisee will strictly abide by the commitments made on the stock sales restriction arrangements for the company shares held before this public issuance. During the sales restriction period, it will not sell the company shares held before this public issuance and used within two years after October 27. (2) Within two years after the expiration of the sales restriction period, if the promisee chooses a date according to his own needs,

Choose methods such as centralized bidding, bulk transactions, and agreement transfers to reduce holdings and reduce holdings as stipulated by laws and regulations.

The price shall not be lower than the issue price at the time of this public offering. If the company pays dividends, issues shares, or issues capital shares,

If there are any ex-rights or dividend events such as the transfer of accumulated capital to increase share capital, the above-mentioned reduction price should not be lower than the corresponding adjusted

Issue price. (3) The promisee hereby guarantees that the reduction of the company’s shares will be strictly abided by the China Securities Regulatory Commission,

The relevant laws and regulations of the Shanghai Stock Exchange.

Genie (1) The promisee will strictly abide by the commitments made on the stock sales restriction arrangements made by Pharma and Pharma, and will not sell the shares held before this public issuance within two years after October 27 during the sales restriction period.

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Yes, if not, if not, can it be achieved?

No. Perform the obligations in a timely manner. Accept the obligations in a timely manner.

When you make a promise, you should make a promise. When you make a promise, you should make a promise.

Commitment party Commitment time Performance Commitment period Clear and unfinished Category Content Strict Explanation

Implementation scenario, conditions, specific implementation limits for the next phase, reasons for the action plan, JSR, GP own company shares. (2) Within two years after the expiration of the sales restriction period, if the promisee chooses a date according to his own needs,

TMT and Huagai choose methods such as centralized bidding, bulk transactions, and agreement transfers to reduce their holdings, and at the same time

Prudential and Legend have carefully formulated stock reduction plans based on the company's various needs such as stabilizing stock prices and operating operations.

Jiayu and Best will gradually reduce their holdings after the stock lock-up period expires. The enterprise reduces its holdings of company shares held directly or indirectly

The price of Idea shall comply with the requirements of relevant laws, regulations and Shanghai Stock Exchange rules. (3) This commitment

The person guarantees that the reduction of the company’s shares will strictly abide by the relevant regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange.

Relevant laws and regulations.

Other companies (1) If there are false records, misleading statements or major omissions in the company's prospectus, which have a significant and substantial impact on whether the company meets the issuance conditions stipulated by law in 2021, the company will repurchase all new shares in the initial public offering on October 27 in accordance with the law (if an ex-rights event occurs after the company's listing, the company will

The above repurchase quantity shall be adjusted accordingly). The company will issue a conclusion on the illegal facts to the competent department.

Make an announcement in a timely manner after the consequences, and call for a timely call in accordance with relevant laws, regulations and the Articles of Association.

The board of directors will convene to review the specific plan for share repurchase and submit it to the shareholders' meeting. The company will decide according to the shareholders’ meeting

The company will initiate share repurchase measures upon approval by the competent authorities. The company promises that the repurchase price will be based on the issuance

Price plus bank deposit interest for the same period from the stock listing date to the stock repurchase announcement date, or China

Other prices approved by the Securities Regulatory Commission. If the company's stock has dividends, bonus shares, capital

In the event of ex-rights or ex-dividend events such as the transfer of public reserves to share capital, the repurchase price will be adjusted accordingly. (2) Such as

If the company violates the above commitment, the company will publicly explain the failure at the shareholder meeting and the designated media for information disclosure.

The specific reasons for taking the above share repurchase measures and an apology to shareholders and public investors, and

Investors will be compensated according to the actual losses determined by the competent authorities.

Genie If there are false records, misleading statements or major omissions in the company's prospectus, which have a significant and substantial impact on whether the company meets the issuance conditions stipulated by law, the promisee will urge the company to repurchase all new shares for the initial public offering in accordance with the law. The repurchase price will be based on the issuance price plus days

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Yes, if not, if not, can it be achieved?

No. Perform the obligations in a timely manner. Accept the obligations in a timely manner.

When you make a promise, you should make a promise. When you make a promise, you should make a promise.

Commitment party Commitment time Performance Commitment period Clear and unfinished Category Content Strict Explanation

Action Completion Scenario Type Specific Action Limit for the Next Period Reason for Action Bank deposit interest for the same period from the planned stock listing date to the stock repurchase announcement date, or the China Securities Regulatory Commission

Other prices approved. If the company's stock has ex-rights such as dividend payment, bonus shares, transfer of capital reserves to share capital, etc.

In the event of an ex-dividend event, the repurchase price will be adjusted accordingly.

The company (1) guarantees that the company’s public offering and listing will not involve any fraudulent issuance. (2) If 2021 No Long-term validity Yes Not applicable Not suitable for others If the company does not meet the conditions for issuance and listing, uses deceptive means to obtain issuance registration and has already issued and listed, the person using this commitment will start the share repurchase within 5 working days after confirmation by the China Securities Regulatory Commission and other competent authorities on October 27.

procedures to repurchase all new shares issued by the company in this public offering.

Its Genie (1) guarantees that there will be no fraudulent issuance in the company's public offering. (2) If 2021 No Long-term validity Yes Not applicable Not applicable to other Pharma and companies that do not meet the conditions for issuance and listing, use deceptive means to obtain issuance registration and have already issued and listed, October 27 Yongmengke Hong Kong The promisee will notify the China Securities Regulatory Commission and other competent authorities by email or date within 5 working days after confirmation.

Use other written or oral means to urge the company to initiate the share repurchase process and repurchase the company’s current public issuance.

All new shares of the bank.

The company has made the following commitments to make up for the dilution of immediate returns: (1) Rapidly improve the company's overall strength and enhance the company's core competitiveness. (2) Strengthen internal control, improve operating efficiency, and reduce operating costs, thereby further improving the company's profitability. (3) Strengthen the management of raised funds,

After ensuring that the raised funds are in place, the company will strictly follow the company's use and management system of raised funds.

Manage the use of raised funds and reasonably arrange the time progress during the investment process of raised funds.

Arrangements are made to use short-term idle funds to supplement working capital and improve the use efficiency of this part of funds.

rate and save financial costs, thereby further improving the company's profitability. (4) Accelerate fundraising projects

progress of the project, and try to shorten the time for realizing the benefits of the investment project with raised funds, so as to reach production in the future.

This can then increase shareholders’ dividend returns. (5) Pay attention to returns to shareholders and protect the legality of shareholders

rights and interests. The company has detailed the profit distribution policy in the articles of association applicable after this issuance.

According to the detailed regulations, the company will strictly follow the provisions of the company's articles of association applicable after this issuance.

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Yes, if not, if not, can it be achieved?

No. Perform the obligations in a timely manner. Accept the obligations in a timely manner.

When you make a promise, you should make a promise. When you make a promise, you should make a promise.

Commitment party Commitment time Performance Commitment period Clear and unfinished Category Content Strict Explanation

Implementation Scenario Type Specific Implementation Limits for the Next Phase Reasons for Implementation Plan

Allocation, priority will be given to cash dividends for profit distribution.

Its Genie has made the following commitments regarding the compensation measures for diluting immediate returns: (1) The promisee promises to strictly implement various laws, regulations and rules on the governance of listed companies, protect the interests of the company and the October 27 Yongmengke Hong Kong public shareholders, and not to intervene in the company's business and management activities beyond its authority; (2) The promisee commits to the date

Do not usurp the company's interests in any way.

Its directors and senior officers have made the following commitments regarding the compensation measures for diluting immediate returns: (1) I promise not to transfer benefits to other units or individuals on unfair terms, nor to harm the interests of the company in other ways. (2) I promise to restrict my job consumption behavior. (3) Japanese

Promise not to use company assets to engage in investment or consumption activities that have nothing to do with the performance of my duties. (4)

I commit to the remuneration system formulated by the board of directors or the remuneration committee and the company's return measures.

execution status. (5) If the company launches an equity incentive plan after this issuance and listing, the company will

The person promised to announce the exercise conditions of the company's equity incentives and the implementation of the company's supplementary return measures.

Conditions are linked.

Other companies The company promises to abide by and implement the "Articles of Association of Shanghai Mengke Pharmaceutical Co., Ltd. (Draft)" and the profit distribution policy determined by the shareholder dividend return plan for the three years after the company is listed and achieves profitability in 2021. No Long-term validity Yes Not applicable Not applicable to others. Used on October 27

policy, implement profit distribution decision-making procedures, and implement profit distribution. day

Other companies and companies If the China Securities Regulatory Commission, the Shanghai Stock Exchange or other competent authorities determine that the company has false records, misleading statements or major omissions in the prospectus and other information disclosure materials, causing investors to suffer losses in the issuance and trading of securities on October 27, 2021 No Long-term validity Yes Not applicable Inapplicable to other directors, supervisors, or senior management, the promise will be compensated in accordance with the law.

Management personnel losses.

If during the actual implementation process, the company or the whole party violates the public commitments made by the company during its initial public offering and listing, the party will take or accept the following binding measures: 1. The party will publicly explain the specific date of failure to fulfill the relevant commitments at the shareholders' meeting and the newspapers designated by the China Securities Regulatory Commission on October 27.

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Yes, if not, if not, can it be achieved?

No. Perform the obligations in a timely manner. Accept the obligations in a timely manner.

When you make a promise, you should make a promise. When you make a promise, you should make a promise.

Commitment party Commitment time Performance Commitment period Clear and unfinished Category Content Strict Explanation

The planning supervisor and senior executives apologized to the company's shareholders and public investors for the reasons for the completion of the operation, the conditions for the performance, the specific implementation limits for the next period. 2. If the promisee fails to perform the relevant obligations

If any management personnel or related commitments cause losses to the company or other investors, the promisee will take action in accordance with relevant laws.

Core technology regulations and regulatory authorities require us to assume corresponding legal responsibilities, compensation liabilities or take relevant alternatives.

Personnel replacement measures. 3. If the breached promise can be continued to be performed, the promisee will continue to perform it.

The promise.

Genie 1. As of the date of signing this commitment letter, the company and other companies controlled by the company are not engaged in business activities that compete or may compete with the business of the company and its holding subsidiaries and have a significant adverse impact on the company and its holding subsidiaries. October 27 Yongmengke Hong Kong. The company will not engage in, or direct operations within or outside China.

Directly/indirectly in any way through other enterprises controlled by the company and its holding subsidiaries

The business engaged in competes or may compete and has a significant adverse impact on the company and its controlled subsidiaries.

business activities. 2. If in the future the business of the company and other companies controlled by the company is related to

The main business of the company and its holding subsidiaries constitutes a competitive relationship and is harmful to the company and its holding subsidiaries.

If significant adverse effects are caused, the company promises that the company has the right to adopt measures based on its own circumstances and wishes.

Necessary measures to resolve horizontal competition situations that have a significant adverse impact (including but not limited to exports

sale, transfer, etc.). 3. The company guarantees not to use the company shares it holds to engage in or participate in any

Any behavior that is detrimental to the legitimate rights and interests of the company or other shareholders of the company. 4. If there is any problem due to the company’s

and other companies controlled by the company violate the above commitments, resulting in the rights and interests of the company and its controlled subsidiaries.

If the interests are damaged, the above-mentioned relevant entities will bear corresponding liability for compensation in accordance with the law. 5. The above

The commitment takes effect from the date of the company's initial public offering of shares and listing on the Science and Technology Innovation Board.

It will continue to be valid as long as it is a major shareholder holding more than 5% of the company's shares.

Genie 1. The company will try its best to standardize the relationship between the company and other companies controlled by the company. 2021 No Long-term validity Yes Not applicable Not suitable for other Pharma and related transactions. 2. For related transactions that are unavoidable or occur for reasonable reasons, the company and other companies controlled by the company will follow the relevant laws, regulations, normative documents and company charter.

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Yes, if not, if not, can it be achieved?

No. Perform the obligations in a timely manner. Accept the obligations in a timely manner.

When you make a promise, you should make a promise. When you make a promise, you should make a promise.

Commitment party Commitment time Performance Commitment period Clear and unfinished Category Content Strict Explanation

Implementation scenarios, specifications, specific performance limits and reasons for the next phase of the trip, the provisions of the trip plan, following the general business principles of equality, voluntariness, equal value and compensation, signed with the company

Related party transaction agreement, and ensure that the price of related party transactions is fair and does not deviate from market independence in principle

The price or charging standard of the third party is to safeguard the interests of the company and other shareholders. 3. The company guarantees

The company shall not take advantage of its position and influence in the company to harm the company and other shareholders through related transactions.

Legitimate interests. The company guarantees not to take advantage of its position and influence in the company to illegally occupy

Or transfer the company's funds, assets and other resources, or require the company to provide guarantees in violation of regulations. 4. This book

The commitment takes effect from the date of the company's initial public offering of shares and listing on the Science and Technology Innovation Board.

It will continue to be effective while being the company's major shareholder.

All of them are first issued. The pledger's equity investment in the company is for the purpose of obtaining investment income. The pledger has not used Mengke Hong Kong since October 27 and has not sought control of the company.

Xinyi Youmai,

Li Zhile, Yuan

red and king star

sea)

Other Mengke Hong Kong The promisee promises that during the period when the promisee holds the company's shares, the promisee will not take concerted actions with any other shareholders of the company through agreements or other arrangements to jointly expand the voting rights at the company's board of directors/shareholders' meeting. October 27 The promisee will not

Seeking actual control of the company through any means.

Its company (1) The company has truly, accurately and completely disclosed shareholder information in the prospectus. (2) 2021 No Long-term validity Yes Not applicable Not applicable to others As of the date of issuance of this commitment letter, the company does not have equity holdings on behalf of others, entrusted shareholdings, etc., and does not have equity disputes or potential disputes on October 27. (3) The company does not have any laws or regulations prohibiting

The holding entity directly or indirectly holds the company's shares. (4) Ningbo Qirui holds the company

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Yes, if not, if not, can it be achieved?

No. Perform the obligations in a timely manner. Accept the obligations in a timely manner.

When you make a promise, you should make a promise. When you make a promise, you should make a promise.

Commitment party Commitment time Performance Commitment period Clear and unfinished Category Content Strict Explanation

The implementation scenario, the specific implementation limit and the reason for the next phase of the operation are 15,030,324 shares, accounting for 2.86% of the company's total share capital. Ningbo Qirui’s executive affairs contract

The partner is Sinopharm CICC (Shanghai) Private Equity Investment Management Co., Ltd., operated by CICC Capital

Co., Ltd. holds 51.00% of the shares, and CICC Capital Operations Co., Ltd. is the sponsor China International Financial Holdings

A wholly-owned subsidiary of Co., Ltd. Beijing Huagai Xincheng Yuanhang Medical Industry Investment Partnership (with

Limited Partnership) (hereinafter referred to as "Huagai Xincheng") holds 37,989,483 shares of the company, accounting for

7.23% of the company's total share capital. CICC Qirong, a limited partner holding 6.52% of Huagai Xincheng’s shares

The executive partner of (Xiamen) Equity Investment Fund Partnership (Limited Partnership) is CICC

capital. In addition, the Company’s shareholders Huagai Xincheng and Zhuhai Junlian Jiayu Equity Investment Partnership (with

Limited Partnership), Hangzhou Qingke Yiju Investment Management Partnership (Limited Partnership) and Baifu (Changzhou)

Health and Medical Investment Center (Limited Partnership), etc. penetrate upward layer by layer, and there are also CICC and offshore

Er Group (Qingdao) Jinying Holdings Co., Ltd. holds a small amount of shares. Except for the above circumstances, this

There is no direct or

Indirectly holding shares or other interests in the company. (5) The company does not use company shares

The right to transfer improper benefits. (6) If the company violates the above commitment, it will be responsible for the resulting

all legal consequences.

With its 2023 deadline, if the company has false records, misleading statements or major omissions in the information disclosure documents, resulting in the 2023 May 2023 Yes Self-restrictive Yes Not Applicable Other Systematic stocks are not in compliance with the granting of rights or vesting rights arrangements, the incentive objects shall be subject to the incentive plan for 60 days from the date of the relevant information disclosure documents.

All benefits obtained by the incentive grant object will be returned to the company. months

encourage

Relevant to other companies 1. The company does not provide loans or any other form of financial assistance for the incentive objects of this incentive plan to obtain restricted stocks through this plan, including providing guarantees for their loans. 2. There are no false records, misleading statements or major omissions in the relevant information disclosure documents of this incentive plan. From the date of 60

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Yes, if not, if not, can it be achieved?

No. Perform the obligations in a timely manner. Accept the obligations in a timely manner.

When you make a promise, you should make a promise. When you make a promise, you should make a promise.

Commitment party Commitment time Performance Commitment period Clear and unfinished Category Content Strict Explanation

Action completion scenario type Specific implementation limits for the next period Reasons

Line commitment months

promise

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

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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

Overview and types of matters Query index

On February 24, 2025, Beijing time, the company's wholly-owned subsidiary Mengke America filed a lawsuit on February 26, 2025 at the Shanghai Securities Exchange. The company received a lawsuit from the Western Branch of the U.S. Federal District Court for the Southern District of Ohio. The "Announcement on the Voluntary Disclosure of the U.S. Confirmation Notice that the Contract Dispute Case of Mengke America v. Medpace, Inc. has been completed" (announcement number: filing of lawsuit). As of the end of the reporting period, the above-mentioned case has not yet been heard in court. 2025-008).

The above matters do not yet constitute major litigation or arbitration matters stipulated in the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules" and are voluntary disclosures.

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

□Applicable √Not applicable

(3) Other instructions

√Applicable□Not applicable

On February 24, 2025, Beijing time, Mengke America received a notification confirming the filing of the lawsuit from the Western Branch of the U.S. Federal District Court for the Southern District of Ohio. The case of Mengke America v. Medpace contract dispute has been filed. Later, Medpace USA received a motion to dismiss (Motion to Dismiss) filed by Medpace against some of Medpace USA's claims on April 29, 2025, Beijing time, and submitted a reply to Medpace's motion to dismiss on June 7, 2025, Beijing time, to demonstrate that Medpace's claims were in compliance with the legal basis. As of the end of this reporting period, the lawsuit was in the discovery (evidence discovery) stage and was progressing in an orderly manner, without causing any significant adverse impact on the company's daily production and operations.

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

As of the end of the reporting period, the company had no controlling shareholder or actual controller; during the reporting period, the company had no unfulfilled effective court judgments, and no bad credit conditions such as large amounts of debts that were due and unpaid.

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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

(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

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

(6) Other major related transactions

□Applicable√Not applicable

(7) Others

□Applicable√Not applicable

11. Major contracts and their performance

(1) Custody, contracting and leasing matters

√Applicable □Not applicable

1. Custody status

□Applicable √Not applicable

2. Contracting situation

□Applicable √Not applicable

3. Leasing situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB is a lease

Lease Lease No About Lease Lease Lease Revenue

Lessor Information about the leased assets Lease income involved in the leased assets Name of the related party Starting and ending Name of the public company Status Amount Receipt Determination Name of the related party Date Influence of the company Basis for the transaction

Company, Shanghai Free Trade

Shanghai

Mengke Medical Easy Test Zone Love

Aip No No

Pharmaceutical Technology No. 53 Dickson Road 1 2021/3 2031/ Fair No Inorganic 6,212,875.20 Appropriate Major

(Room 108, Upper Building, 1/25 3/24 Value

limited use impact

Sea) There are buildings with 2-4 floors and 2

company

Co., Ltd. Building

Rental situation description

The Company discloses leasing contracts with an amount exceeding RMB 1 million during the reporting period.

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

(2) Major guarantees performed and not yet completed during the reporting period □Applicable √Not applicable

(3) Other major contracts

□Applicable √Not applicable

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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 which:

Report Report as of

End of Period End of Period Raising Over Raising Report Current Year

Raising Over Raising Raising Prospectus or Fund Raising End of Period Investment Fund

As of the end of the reporting period, Funds Funds Funds Net amount of funds raised Total amount raised in the prospectus Over-raised Proportion of amount invested during the year Funds raised for change of purpose

Total funds raised Cumulative investment raised Cumulative funds in place (1) Funds committed for investment (3) Amount of funds (8) (%) Total funds raised

Total funds (4) Investment Investment time Total amount (2) = (1) Accumulation (9)

Progress Progress Source - (2) Investment = (8)/(1) (%) (%) Total

(6)＝ (7)＝(5)

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

times

Public 2022

Opening Year 8

1,060,800,000.00 959,727,898.12 959,727,898.12 911,368,563.68 94.96 105,791,570.52 11.02 346,465,400.00 Monthly 2

trip day

shares

ticket

combine

/ 1,060,800,000.00 959,727,898.12 959,727,898.12 911,368,563.68 94.96 / 105,791,570.52 11.02 346,465,400.00

Other instructions

□Applicable√Not applicable

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(2) Details of fundraising projects

√Applicable □Not applicable

1. Detailed use of raised funds

√Applicable □Not applicable

Unit: yuan

No

for

recruit

Equity investment project document investment is feasible or promising

As of the end of the reporting period, the project has been raised. Has the project been raised? Yes Yes. Has the project been re-raised? Has it been realized this year? As of the end of the reporting period, the cumulative investment has been scheduled. Benefit or Jinming Total funds (2) (%) Usage status Combined reason Tathagata Quality Investment to beneficiary research letter (3) = Status Date Project plan Yes, the source is in development (2)/(1) Phase plan Please tell

fruit

His/her clear commitment and physical commitment to the situation

capital

item

Head

The first innovation is, “Innovative Drug Research

In 2027, the discomfort in this "drug research and development project" is 763,629,400.00 6,678,076.03 725,267,663.90 94.98 years 12 No No No Not suitable for public development project 304 Clinical trial use

Monthly opening items for inspection,

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After the announcement, MRX-5 clinical trials were adjusted. Two shares of the pilot project were raised. Sub-projects were raised. Funds. The company's investment in 2025. The total amount of investment projects raised in November. New projects after the project change. It will take some time to complete the relevant projects.

room

first

Marketing

times

channel

public transportation

Upgrade Not open camp Discomfort Discomfort Discomfort

Jixue Yes No 40,717,898.12 - 40,717,898.12 100.00 Yes Yes Not applicable No Appropriate Use Use Use Use

Judgment and practice

Guangxiang

shares

Head

ticket

Yes

First item

Next item is not yet

Public supplement supplement take

No flow, no flow, discomfort, discomfort, discomfort

Yes 155,380,600.00 99,113,494.49 145,383,001.66 93.57 No Yes Not applicable No Suitable for issuance of funds Adjustment Use Use

Use Bank Project Loans to Raise

shares funds

ticket investment

total amount

combine

/ / / / 959,727,898.12 105,791,570.52 911,368,563.68 94.96 / / / / / /Total

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Additional instructions:

On March 26, 2026, the 26th meeting of the company's second board of directors reviewed and approved the "Proposal on the Extension of Investment Projects with Partial Raised Funds", which extended the date when the "innovative drug research and development project" reaches the scheduled usable state to December 2027.

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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

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

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB raised funds

During the reporting period, the maximum amount of cash spent during the period was

Closing Cash Balance Whether Board of Directors Review Date Management Has Start Date End Date

Management surplus exceeds authorized review amount

amount amount

degree

August 5, 2025 50,000.00 August 5, 2025 August 4, 2026 No

1,000.00

July 27, 2026 10,000.00 July 27, 2026 July 26, 2027 No

Other instructions

The company held the 17th meeting of the second board of directors and the 12th meeting of the second board of supervisors on August 5, 2025, and reviewed and approved the "Proposal on Continuing to Use Idle Raised Funds for Cash Management" and agreed that the company would use the raised funds on the premise of ensuring that the implementation of investment projects with raised funds and the safety of raised funds are not affected. Use temporarily idle raised funds not exceeding 500 million yuan (including principal amount) for cash management and purchase investments such as structured deposits, certificates of deposit and other highly safe and liquid capital-guaranteed products. The maximum term of a single transaction shall not exceed 12 months, and the use period shall be valid within 12 months from the date of review and approval by the company's board of directors. Within the aforementioned quota and period, the company can use it on a rolling basis.

The company held the 28th meeting of the second board of directors and the 17th meeting of the audit committee of the second board of directors on July 27, 2026, and reviewed and approved the "Proposal on Continuing to Use Idle Raised Funds for Cash Management" and agreed that the company would not affect the implementation of investment projects with raised funds and the safety of raised funds. Under this condition, the temporarily idle raised funds of up to 100 million yuan (including the principal amount) will be used for cash management and used to purchase investments such as structured deposits, certificates of deposit and other highly safe and liquid capital-guaranteed products. The maximum term of a single transaction shall not exceed 12 months, and the period of use shall be valid within 12 months from the date of review and approval by the board of directors. Within the aforementioned quota and period, the company can use it on a rolling basis.

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

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(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

Section 6 Changes in Shares and Shareholders

1. Changes in share capital

(1) Statement of changes in shares

1. Statement of changes in shares

Unit: Share capital before this change Increase or decrease (+,-) after this change

send

Accumulate

Proportion Line Send Proportion Quantity Gold Other Subtotal Quantity

(%) New shares (%) transfer

shares

shares

1. Restricted shares 50,590,485 7.72 50,590,485 7.71 shares

2. State shareholding

3. Shareholding by state-owned legal persons

4. Other domestic shareholdings 13,982,996 2.13 13,982,996 2.13 Including: Domestic non-state-owned shares 7,674,896 1.17 7,674,896 1.17 Legal person shares

Domestic natural resources 6,308,100 0.96 6,308,100 0.96 people hold shares

4. Foreign capital holdings 36,607,489 5.58 36,607,489 5.58 Among them: shares held by overseas legal persons 36,607,489 5.58 36,607,489 5.58 shares

Overseas nature

people hold shares

2. Flow without selling limit 605,015,006 92.28 622,889 622,889 605,637,895 92.29 shares

3. RMB ordinary shares 605,015,006 92.28 622,889 622,889 605,637,895 92.29

4. Foreign and domestic listed companies

capital stock

3. Foreign listed companies

capital stock

4. Others

5. Total number of shares 655,605,491 100.00 622,889 622,889 656,228,380 100.00

6. Description of changes in shares

√Applicable □Not applicable

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Since the company's listing, due to the implementation of the 2023 restricted stock incentive plan, according to the "Shanghai Mengke Pharmaceutical Co., Ltd.'s Announcement on the Second Vesting Period of the First Granted Part and the First Vesting Period of the Reserved Granted Part of the 2023 Restricted Stock Incentive Plan and the Stock Listing Announcement", after the relevant restricted stock vesting, the company's total share capital increased from 655,605,491 shares to 656,228,380 shares. For details, please refer to the "Shanghai Mengke Pharmaceutical Co., Ltd. Announcement on the Second Vesting Period of the First Granted Part and the First Vesting Period of the Reserved Granted Part of the 2023 Restricted Stock Incentive Plan and the Stock Listing Announcement" (Announcement Number: 2026-015).

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 □ 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 16,673 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 depositary receipt holders

□Applicable √Not applicable

(2) Shareholding status of the top ten shareholders and the top ten shareholders without selling restrictions as of the end of the reporting period

The top ten shareholders guarantee their shareholdings through ordinary securities accounts and securities company customer credit transactions at the same time

□Applicable √Not applicable

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

pledge, bid

Remember or freeze

Ending situation

Contains refinancing

Limited holding

Name of shareholder Shareholding ratio at the end of the reporting period Shareholding ratio through lending Shareholders selling conditional shares

(Full name) Increase or decrease the number (%) of restricted shares.

Number of shares Number of shares

state quantity

state

GeniePharma 0 71,572,817 10.91 0 0 0 None overseas

Legal person MicuRx (HK) 0 70,020,484 10.67 36,607,489 36,607,489 0 Overseas

None

Limited legal person

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BestIdea -7,180,471 45,320,667 6.91 0 0 0 Overseas International None Legal Person Limited

JSRLimited -377,990 28,591,294 4.36 0 0 0 None overseas

Legal person GPTMTHoldings 0 17,299,247 2.64 0 0 0 Overseas

None

Limited Legal Person Xinyi Umax Finance -302,956 14,051,787 2.14 7,674,896 7,674,896 0 Other Financial Consulting Center (Limited None

partnership)

Huagai Capital Co., Ltd. 0 12,883,784 1.96 0 0 0 Other companies - Beijing Huagai

Gaixincheng Yuanhang Medical None

industrial investment partnership

Business (limited partnership)

Zhao Jianping -7,000,000 8,000,000 1.22 0 0 0 None within the territory Natural

Rentan Shuiqing 0 5,367,577 0.82 0 0 0 None within the territory Natural

Nanjing Tongxing Yingdian Private 0 4,255,379 0.65 0 0 0 Other Fund Management Co., Ltd.

Company-Nanjing Tongxing

None

Yingdian No.1 Investment Management

Management Center (limited

Guy)

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

71,572,817 RMB 71,572,817 GeniePharma

common stock

45,320,667 RMB 45,320,667 BestIdeaInternationalLimited

common stock

33,412,995 RMB 33,412,995 MicuRx (HK) Limited

common stock

28,591,294 RMB 28,591,294 JSRLimited

common stock

17,299,247 RMB 17,299,247 GPTMTHoldingsLimited

common stock

Huagai Capital Co., Ltd. - Beijing Huagai Xincheng Yuanhang Medical 12,883,784 RMB 12,883,784 Industrial Investment Partnership (Limited Partnership) Ordinary shares

8,000,000 RMB 8,000,000 Zhao Jianping

common stock

6,376,891 RMB 6,376,891 Xinyi Umax Financial Consulting Center (Limited Partnership)

common stock

5,367,577 RMB 5,367,577 Tan Shuiqing

common stock

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Nanjing Tongxing Yingdian Private Equity Fund Management Co., Ltd. - Nanjing Tongxing 4,255,379 RMB 4,255,379 Yingdian No. 1 Investment Management Center (Limited Partnership) Ordinary shares

Description of special repurchase accounts among the top ten shareholders None

The above-mentioned shareholders have entrusted voting rights, entrusted voting rights and abstention from voting rights. None

Description

Explanation on the related relationship or concerted action of the above shareholders: 1) Gimpo Industrial Investment Fund Management Co., Ltd. is the largest shareholder (holding 30% of the shares) of JSR Limited and GPTM T Holdings Limited managers, and the two are related;

2. The company does not know whether there is any related relationship or concerted action relationship among the top ten shareholders who are not subject to selling restrictions.

Description of preference shareholders with restored voting rights and number of shares held None

The situation of shareholders holding more than 5% of the shares, the top ten shareholders and the top ten shareholders of unrestricted tradable shares participating in the refinancing business and lending shares

□Applicable √Not applicable

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

□Applicable√Not applicable

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

√Applicable □Not applicable

Unit: shares with restricted sales conditions. Shares can be listed on the

market transaction status

Order held limited sales

Name of shareholder with selling restrictions Added new selling restrictions

No. Conditional number of shares available for trading

market traded stocks

easy time

Number of servings

3 full accountings from the date of listing 1 MicuRx (HK) Limited 36,607,489 2026.7.1 0

Annual and promised to extend for 6 months Xinyi Umax Financial Consulting 3 complete accountings from the date of listing 2 7,674,896 2026.7.1 0

Consulting Center (Limited Partnership) Annual and promises to extend 3 complete accounting periods for 6 months from the date of listing 3 Li Zhile 2,536,714 2026.7.1 0

year and promises to extend 6 months for 3 complete accounting days from the date of listing 4 Wang Xinghai 2,040,028 2026.7.1 0

year and promises to extend 6 months from the date of listing for 3 complete accounting days 5 Yuan Hong 1,731,358 2026.7.1 0

Annual and promised to extend for 6 months 6/

7/

8/

9/

10/

The above-mentioned shareholder related relationships may be consistent. Li Zhile serves as a director of MicuRx (HK) Limited; the company controlled by Wang Xinghai serves as the executive partner of Xinyi Action Umax Financial Consulting Center (Limited Partnership).

As of the end of the reporting period, the company’s top ten domestic custodial receipt holders are as follows:

□Applicable √Not applicable

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

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

(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

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7. Relevant information on preference shares

□Applicable √Not applicable

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Section 7 Bond-Related Information

1. Corporate bonds (including corporate bonds) and non-financial corporate debt financing instruments

□Applicable√Not applicable

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2. Convertible corporate bonds

□Applicable √Not applicable

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Section 8 Financial Report

1. Audit report

□Applicable √Not applicable

2. Financial statements

Consolidated Balance Sheet

June 30, 2026

Prepared by: Shanghai Mengke Pharmaceutical Co., Ltd.

Unit: Yuan Currency: RMB

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

Monetary funds 7.1 282,300,369.64 316,101,221.24 Settlement reserve fund

Loan funds

Trading financial assets 7.2 111,274,706.75 135,540,703.78 Derivative financial assets

Notes receivable

Accounts receivable 7.5 40,969,750.39 37,956,533.48 Accounts receivable financing

Prepayments 7.8 21,183,070.02 24,258,446.56 Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserves

Other receivables 7.9 19,929,410.83 20,515,492.31 Among them: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Inventory 7.10 46,039,838.89 50,252,836.17 Including: data resources

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 7.13 27,782,041.39 37,832,283.22

Total current assets 549,479,187.91 622,457,516.76 Non-current assets:

Grant loans and advances

debt investment

Other debt investments

long-term receivables

long term equity investment

Other equity instrument investments

Other non-current financial assets

investment real estate

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Fixed assets 7. 21 2,995,360.34 4,002,932.92 Construction in progress

productive biological assets

oil and gas assets

Right-of-use assets 7. 25 54,949,040.96 57,725,842.37 Intangible assets 7. 26 654,448.81 946,989.72 Including: data resources

development expenditure

Among them: data resources

goodwill

Long-term deferred expenses VII. 28 14,514,064.95 16,042,229.61 Deferred income tax assets VII. 29 1,142,474.29 - Other non-current assets VII. 30 3,910,703.10 3,910,172.88 Total non-current assets 78,166,092.45 82,628,167.50

Total assets 627,645,280.36 705,085,684.26 Current liabilities:

Short-term borrowings 7. 32 25,066,335.61 25,018,150.68 Borrowings from the Central Bank

borrowing funds

Trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 7. 36 57,624,140.69 80,303,992.24 Advance payments

Contract liabilities 7. 38 471,698.11 471,698.11 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 2,936,531.24 7,195,036.49 Taxes payable 7. 40 17,412,973.51 15,285,081.95 Other payables 7. 41 23,771,755.18 14,887,807.61 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. 43 125,316,622.37 81,189,872.73 Other current liabilities 28,301.89 28,301.89

Total current liabilities 252,628,358.60 224,379,941.70 Non-current liabilities:

insurance contract reserves

Long-term borrowings VII. 45 146,840,000.00 213,036,902.81 Bonds payable

Among them: preferred shares

perpetual bond

Lease liabilities 7. 47 63,476,803.64 60,379,572.12 Long-term payables

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Long-term employee benefits payable

Estimated liabilities

Deferred income 7. 51 1,750,000.00 1,750,000.00 Deferred income tax liabilities 7. 29 3,667.21 - Other non-current liabilities

Total non-current liabilities 212,070,470.85 275,166,474.93

Total liabilities 464,698,829.45 499,546,416.63 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) 7. 53 656,228,380.00 656,228,380.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve VII. 55 1,588,350,529.47 1,587,925,102.64 Less: treasury shares

Other comprehensive income VII. 57 2,237,411.75 7,689,642.72 Special reserves

Surplus reserve

General risk preparation

Undistributed profits 7. 60 -2,083,869,870.31 -2,046,303,857.73 Attributable to the owner’s equity of the parent company

162,946,450.91 205,539,267.63 (or shareholders’ equity) total

minority interests

Owner's equity (or stockholder's rights

162,946,450.91 205,539,267.63 profit) total

Liabilities and Owner's Equity (or

627,645,280.36 705,085,684.26 shareholders’ equity) total

Person in charge of the company: ZHENGYUYUAN (Yuan Zhengyu) Person in charge of accounting work: Guo Cui Person in charge of the accounting department: Luo Zhaoyong

Parent company balance sheet

June 30, 2026

Prepared by: Shanghai Mengke Pharmaceutical Co., Ltd.

Unit: Yuan Currency: RMB

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

Monetary funds 180,994,572.38 244,123,817.95 Trading financial assets 43,048,149.32 10,008,767.12 Derivative financial assets

Notes receivable

Accounts receivable 19.1 40,969,750.39 37,956,533.48 Accounts receivable financing

Prepayments 16,390,865.14 22,261,525.93 Other receivables 19.2 239,142,235.49 239,830,499.45 Including: interest receivable

Dividends receivable

Inventory 46,039,838.89 50,252,836.17 Including: data resources

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 22,825,322.42 28,223,331.18

Total current assets 589,410,734.03 632,657,311.28 Non-current assets:

debt investment

Other debt investments

long-term receivables

Long-term equity investment 19.3 552,729,075.16 552,177,957.66 Other equity instrument investments

Other non-current financial assets

investment real estate

Fixed assets 2,750,665.65 3,692,665.00 Construction in progress

productive biological assets

oil and gas assets

Right-of-use assets 53,385,824.90 55,529,766.17 Intangible assets 264,063.99 358,730.55 Including: data resources

development expenditure

Among them: data resources

goodwill

Long-term deferred expenses 14,514,064.95 16,042,229.61 Deferred income tax assets

Other non-current assets 3,726,759.76 3,720,344.67 Total non-current assets 627,370,454.41 631,521,693.66

Total assets 1,216,781,188.44 1,264,179,004.94 Current liabilities:

Short-term borrowings 25,016,335.61 25,018,150.68 Trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 31,706,419.56 36,372,844.97 Advance payments

Contract liabilities 471,698.11 471,698.11 Employee benefits payable 55,267.60 3,088,792.59 Taxes payable 14,897,051.16 14,526,427.93 Other payables 276,175,762.16 262,334,677.69 of which: interest payable

Dividends payable

Liabilities held for sale

Non-current liabilities due within one year 124,154,883.38 80,025,474.46 Other current liabilities 28,301.89 28,301.89

Total current liabilities 472,505,719.47 421,866,368.32 Non-current liabilities:

Long-term borrowings 146,840,000.00 213,036,902.81 Bonds payable

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Among them: preferred shares

perpetual bond

Lease liabilities 62,977,906.26 59,350,598.95 Long-term payables

Long-term employee benefits payable

Estimated liabilities

Deferred income 1,750,000.00 1,750,000.00 Deferred income tax liabilities

Other non-current liabilities

Total non-current liabilities 211,567,906.26 274,137,501.76

Total liabilities 684,073,625.73 696,003,870.08 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) 656,228,380.00 656,228,380.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve 1,137,712,146.98 1,137,286,720.15 Less: treasury shares

other comprehensive income

special reserve

Surplus reserve

Undistributed profits -1,261,232,964.27 -1,225,339,965.29Owner’s equity (or shareholder rights

532,707,562.71 568,175,134.86 profit) total

Liabilities and Owner's Equity (or

1,216,781,188.44 1,264,179,004.94 shareholders’ equity) total

Person in charge of the company: ZHENGYUYUAN (Yuan Zhengyu) Person in charge of accounting work: Guo Cui Person in charge of the accounting department: Luo Zhaoyong

consolidated income statement

January-June 2026

Unit: Yuan Currency: RMB

Item Notes 2026 Half Year 2025 Half Year

1. Total operating income 89,530,049.04 66,969,753.09 Including: operating income 7. 61 89,530,049.04 66,969,753.09Interest income

Premiums earned

Fee and commission income

2. Total operating costs 132,350,943.95 209,906,680.34 Including: operating costs 7. 61 11,993,376.65 10,189,199.84 Interest expenses

Handling fees and commission expenses

surrender deposit

Net compensation expenses

Net withdrawal of insurance liability reserves

policy dividend payout

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Reinsurance cost

Taxes and surcharges VII. 62 290,975.26 339,228.53 Sales expenses VII. 63 48,253,873.00 48,488,509.10 Administrative expenses VII. 64 24,116,215.83 29,846,478.50 R&D expenses VII. 65 43,171,577.39 116,413,285.79 Financial expenses 7. 66 4,524,925.82 4,629,978.58 Including: interest expenses 6,161,905.62 6,323,076.82

Interest income 1,353,394.02 1,902,760.85 plus: other income 7. 67 367,887.57 905,168.65 Investment income (losses are filled in with "-"

column)

Of which: for associates and joint ventures

investment income

Finance measured at amortized cost

Income from derecognition of assets (losses are filled in with "-"

column)

Exchange gains (losses are filled in with "-"

column)

Net exposure hedging gains (losses marked with "-"

(Fill in the number)

Gains from changes in fair value (losses calculated as

7. 70 2,375,172.59 4,261,022.11 (Fill in “-”)

Credit impairment losses (losses are marked with "-"

7. 72 -101,130.68 -305,646.54 fill in the column)

Asset impairment losses (losses are marked with "-"

Fill in the column)

Gains from asset disposals (losses are marked with “-”

7. No. 71-4,427.63)

8. Operating profit (losses are listed with "-") -40,178,965.43 -138,071,955.40 plus: non-operating income 7. 74 15,340.00 500.00 minus: non-operating expenses 7. 75 50.00 487,264.63

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

-40,163,675.43 -138,558,720.03 columns)

Less: Income tax expense VII. 76 -2,597,662.85 115,772.52

5. Net profit (net loss is listed with "-") -37,566,012.58 -138,674,492.55

(1) Classification by business continuity

1. Net profit from continuing operations (net loss is represented by “-”

-37,566,012.58 -138,674,492.55)

2. Net profit from discontinued operations (net loss is represented by “-”

(Fill in the number)

(2) Classification according to ownership ownership

1. Net profit attributable to shareholders of the parent company

-37,566,012.58 -138,674,492.55 (Net loss is listed with "-")

2. Profit and loss of minority shareholders (net loss is represented by “-”

(Fill in the number)

6. Net after-tax amount of other comprehensive income 7. 77 -5,452,230.97 -2,175,638.72

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

-5,452,230.97 -2,175,638.72 Net after-tax income

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

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combined income

(1) Remeasurement of changes in defined benefit plan

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

combined income

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

move

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

move

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

-5,452,230.97 -2,175,638.72 income

(1) Other comprehensive convertible profits and losses under the equity method

income

(2) Changes in fair value of other debt investments

(3) Financial assets are reclassified into other comprehensive

Amount of income

(4) Credit impairment provisions for other debt investments

(5) Cash flow hedging reserve

(6) Translation difference of foreign currency financial statements -5,452,230.97 -2,175,638.72 (7) Others

(2) Other comprehensive assets attributable to minority shareholders

Earnings, net of taxes

7. Total comprehensive income -43,018,243.55 -140,850,131.27

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

-43,018,243.55 -140,850,131.27Total income

(2) Comprehensive income attributable to minority shareholders

total amount

8. Earnings per share:

(1) Basic earnings per share (yuan/share) -0.06 -0.21

(2) Diluted earnings per share (yuan/share) -0.06 -0.21

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

Person in charge of the company: ZHENGYUYUAN (Yuan Zhengyu) Person in charge of accounting work: Guo Cui Person in charge of the accounting department: Luo Zhaoyong

Parent company income statement

January-June 2026

Unit: Yuan Currency: RMB

Item Notes 2026 Half Year 2025 Half Year

1. Operating income 19.4 89,530,049.04 69,708,098.91 Less: operating costs 19.4 11,993,376.65 10,189,199.84 Taxes and surcharges 67,753.32 121,513.61 Sales expenses 59,801,557.22 35,495,832.07 Administrative expenses 17,569,807.46 14,599,828.72 Research and development expenses 38,483,698.95 113,647,163.96 Financial expenses -1,014,825.35 5,705,319.21 Including: interest expenses 6,130,836.26 6,275,430.81 Interest income 135,119.59 668,143.01

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Add: other income 312,316.65 824,027.25

Investment income (losses are listed with "-")

Including: Investment income from associates and joint ventures

Income from derecognition of financial assets measured at amortized cost (losses are listed with a “-” sign)

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

Gains from changes in fair value (losses calculated as

1,247,536.62 2,253,391.78 (please fill in the column with "-")

Credit impairment losses (losses are marked with "-"

-96,873.04 -98,400.75 fill in the column)

Asset impairment losses (losses are listed with "-")

Gains from asset disposals (losses are marked with “-”

• No. 4,427.63)

2. Operating profit (losses are listed with "-") -35,908,338.98 -107,067,312.59 Add: non-operating income 15,340.00 500.00 minus: non-operating expenses - 487,090.86

3. Total profits (total losses are marked with “-”

-35,892,998.98 -107,553,903.45 fill in the column)

Less: income tax expense

4. Net profit (net loss is listed with "-") -35,892,998.98 -107,553,903.45

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

-35,892,998.98 -107,553,903.45 Fill in the column with "-")

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

5. Net amount of other comprehensive income after tax

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

1. Remeasure the changes in defined benefit plan

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

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

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6. Translation differences of foreign currency financial statements

7.Others

6. Total comprehensive income -35,892,998.98 -107,553,903.45

7. Earnings per share:

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

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

Person in charge of the company: ZHENGYUYUAN (Yuan Zhengyu) Person in charge of accounting work: Guo Cui Person in charge of the accounting department: Luo Zhaoyong

Consolidated cash flow statement from January to June 2026 Unit: Yuan Currency: RMB

Item Notes 2026 Half Year 2025 Half Year

1. Cash flow generated from operating activities:

Cash received from selling goods and rendering services

97,719,938.28 71,051,858.18 gold

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

Net increase in policyholders’ savings and investment funds

Cash that charges interest, fees and commissions

gold

Net increase in borrowing funds

Net increase in repurchase business funds

Net cash received from securities trading as an agent

Um

Tax refunds received 8,036,230.42 - Other tax returns related to operating activities received

7. 78 3,965,562.08 3,144,631.54 cash

Subtotal of cash inflows from operating activities 109,721,730.78 74,196,489.72 Cash for purchasing goods and receiving payment for services

81,211,445.49 121,952,806.86 gold

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

Cash for payment of interest, fees and commissions

gold

Cash payment for policy dividends

Paid to and for employees 47,731,145.78 54,785,443.06

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Cash

Various taxes and fees paid 2,905,486.42 10,458,533.09 Payment of other taxes related to business activities

7. 78 4,266,541.90 7,704,385.49 Cash

Subtotal of cash outflows from operating activities 136,114,619.59 194,901,168.50 Cash flow generated from operating activities

-26,392,888.81 -120,704,678.78 Net amount

2. Cash flow generated from investing activities:

Cash received from recovery of investment 7.78 1,368,579,087.24 1,392,059,812.89 Cash received from investment income 3,273,397.30 3,719,749.16 Disposal of fixed assets, intangible assets and other

Net cash received from his 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 1,371,852,484.54 1,395,779,562.05 Purchase and construction of fixed assets, intangible assets and other

91,630.10 259,932.35 Cash paid for his long-term assets

Cash paid for investment 7.78 1,348,345,705.13 1,357,980,818.93 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 1,348,437,335.23 1,358,240,751.28 Cash flow generated from investing activities

23,415,149.31 37,538,810.77 Net amount

3. Cash flow generated from financing activities:

Absorbing cash received from investments

Among them: subsidiaries absorb minority shareholders’ investment

cash received

Cash received from borrowings 20,050,000.00 71,702,238.69 Other cash received related to financing activities

Cash

Subtotal of cash inflows from financing activities 20,050,000.00 71,702,238.69 Cash paid to repay debts 41,635,111.96 12,010,000.00 Distribution of dividends, profits or interest payments

4,653,752.83 4,303,012.10 paid in cash

Of which: Subsidiary payments to minority shareholders

dividends, profits

Make other payments related to financing activities

7. 78 3,073,254.36 7,716,039.18 Cash

Subtotal of cash outflows from financing activities 49,362,119.15 24,029,051.28 Cash flow generated from financing activities

-29,312,119.15 47,673,187.41 Net amount

4. Exchange rate changes on cash and cash equivalents

-899,731.11 -934,222.35Influence of things

5. Net increase in cash and cash equivalents -33,189,589.76 -36,426,902.95

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Add: opening cash and cash equivalents balance

294,935,161.41 273,332,290.62 amount

6. Balance of cash and cash equivalents at the end of the period 261,745,571.65 236,905,387.67

Person in charge of the company: ZHENGYUYUAN (Yuan Zhengyu) Person in charge of accounting work: Guo Cui Person in charge of the accounting department: Luo Zhaoyong

Parent company cash flow statement

January-June 2026

Unit: Yuan Currency: RMB

Item Notes 2026 Half Year 2025 Half Year

1. Cash flow generated from operating activities:

Cash received from selling goods and rendering services

97,719,938.28 71,051,858.18 gold

tax refund received

Receive other information related to business activities

3,612,311.03 1,591,110.67 cash

Subtotal of cash inflows from operating activities 101,332,249.31 72,642,968.85 Cash for purchasing goods and receiving payment for labor services

80,516,076.44 167,005,558.08 gold

Payments made to and for employees

25,757,570.04 26,677,255.42 cash

Various taxes and fees paid 67,753.32 5,030,018.52 Paid other taxes related to business activities

2,029,268.19 2,916,971.88 cash

Subtotal of cash outflows from operating activities 108,370,667.99 201,629,803.90 Net cash flow from operating activities

-7,038,418.68 -128,986,835.05 amount

2. Cash flow generated from investing activities:

Cash received from recovery of investment 840,000,000.00 1,069,000,000.00 Cash received from investment income 1,208,154.42 2,406,643.84 Disposal of fixed assets, intangible assets and other

Net cash received from his long-term assets

Disposal of subsidiaries and other business units

Net cash received

Receive other information related to investment activities

• 5,000,000.00 cash

Subtotal of cash inflows from investing activities 841,208,154.42 1,076,406,643.84 Purchase and construction of fixed assets, intangible assets and other

91,630.10 251,033.35 Cash paid for his long-term assets

Cash paid for investment 873,400,000.00 1,034,589,835.29 Acquisition of subsidiaries and other business units

Net cash paid

Payments related to other investment activities

Cash

Subtotal of cash outflows from investing activities 873,491,630.10 1,034,840,868.64 Cash flow generated from investing activities

-32,283,475.68 41,565,775.20 Net amount

3. Cash flow generated from financing activities:

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Absorbing cash received from investments

Cash received from borrowings 20,000,000.00 71,702,238.69 Other cash received related to financing activities

10,000,000.00 - cash

Subtotal of cash inflows from financing activities 30,000,000.00 71,702,238.69 Cash paid to repay debts 41,635,111.96 12,010,000.00 Distribution of dividends, profits or interest payments

4,653,752.83 4,303,012.10 paid in cash

Make other payments related to financing activities

7,549,231.63 7,083,219.22 cash

Subtotal of cash outflows from financing activities 53,838,096.42 23,396,231.32 Cash flow generated from financing activities

-23,838,096.42 48,306,007.37 Net amount

4. Exchange rate changes on cash and cash equivalents

influence of things

5. Net increase in cash and cash equivalents -63,159,990.78 -39,115,052.48 plus: opening balance of cash and cash equivalents

244,072,859.05 193,699,337.05

6. Balance of cash and cash equivalents at the end of the period 180,912,868.27 154,584,284.57

Person in charge of the company: ZHENGYUYUAN (Yuan Zhengyu) Person in charge of accounting work: Guo Cui Person in charge of the accounting department: Luo Zhaoyong

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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

Other equity instruments 1. Minority items Special profit General Total owner’s equity less: shareholders’ paid-in capital

)

(or

Prioritize its capital reserve inventory

Other comprehensive income items

store

surplus

Public

wind

Insurance Undistributed profits Other Subtotal Equity

Stocks, Debts, Other Stocks Reserve Reserves

Prepare

1. Ending balance of the previous year

656,228,380.00 1,587,925,102.64 7,689,642.72 -2,046,303,857.73 205,539,267.63 205,539,267.63

Add: Accounting policy changes

Update

early stage errors

Correction

Others

2. Balance at the beginning of the current year

656,228,380.00 1,587,925,102.64 7,689,642.72 -2,046,303,857.73 205,539,267.63 205,539,267.63

3. Increases and decreases in this period

Amount of transfer (decreases are listed with “-” sign)

(1) Comprehensive income

-5,452,230.97 -37,566,012.58 -43,018,243.55 -43,018,243.55Total

(2) Owner investment

425,426.83 425,426.83 425,426.83 Capital investment and reduction

1. invested by the owner

common stock

2. Other equity instruments

holders invest capital

3. Share-based payment included 425,426.83 425,426.83 425,426.83

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Amount of Owner's Equity

4. Others

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

3. Distribution 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 is carried forward to 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

656,228,380.00 1,588,350,529.47 2,237,411.75 -2,083,869,870.31 162,946,450.91 162,946,450.91

2025 Semi-Annual Project

Owners’ equity attributable to the parent company Minority Total owners’ equity

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Other Equity Works 1 Shareholder Accounting Instrument Special Profit General Equity Less:

Paid-in capital (or other comprehensive income items Yuan Yong Capital Reserve Inventory Undistributed Profit Subtotal Equity) Other Comprehensive Income Reserves Public Insurance Others First Continued Share

He reserves stocks and bonds

Prepare

1. Ending balance of the previous year

655,605,491.00 1,570,967,921.81 17,081,837.14 -1,804,691,498.24 438,963,751.71 438,963,751.71

Add: Accounting policy changes

Update

Early error update

Right

Others

2. Balance at the beginning of the current year

655,605,491.00 1,570,967,921.81 17,081,837.14 -1,804,691,498.24 438,963,751.71 438,963,751.71

3. Increases and decreases in this period

Amount of liquidation (decreases are listed with “-” signs)

(1) Comprehensive income

-2,175,638.72 -138,674,492.55 -140,850,131.27 -140,850,131.27Total

(2) Owner investment

15,262,139.89 15,262,139.89 15,262,139.89 Capital investment and reduction

1. invested by the owner

common stock

2. Other equity instruments

holders invest capital

3. Share-based payment included

Owner’s equity 15,262,139.89 15,262,139.89 15,262,139.89

4. Others

(3) Profit distribution

1. Withdrawal from surplus reserve

2. Extract general risk

Prepare

3. to the owner (or

distribution to shareholders

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4. Others

(4) Ownership rights

Profit internally carried forward

1. Capital reserve transfer to increase

capital (or equity)

2. Transfer of surplus reserve to increase

capital (or equity)

3. Make up surplus reserve

Loss

4. defined benefit plan

Changes carried forward and retained

income

5. other comprehensive income

Carry forward retained earnings

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

4. Balance at the end of this period

655,605,491.00 1,586,230,061.70 14,906,198.42 -1,943,365,990.79 313,375,760.33 313,375,760.33 amount

Person in charge of the company: ZHENGYUYUAN (Yuan Zhengyu) Person in charge of accounting work: Guo Cui Person in charge of the accounting department: Luo Zhaoyong

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

January to June 2026 Unit: Yuan Currency: RMB 2026 Half-year Items Paid-in capital (or other equity instruments less: Treasury Other comprehensive special items Surplus Owners’ equity combined capital reserve Undistributed profits share capital) Preferred shares Perpetual bonds Other deposited shares Combined income Reserves Reserves

1. Closing balance of the previous year 656,228,380.00 1,137,286,720.15 -1,225,339,965.29 568,175,134.86 Add: changes in accounting policies

Early error correction

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Others

2. Balance at the beginning of the year 656,228,380.00 1,137,286,720.15 -1,225,339,965.29 568,175,134.86

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

425,426.83 -35,892,998.98 -35,467,572.15 (please fill in with "-")

(1) Total comprehensive income -35,892,998.98 -35,892,998.98

(2) Owner’s investment and capital reduction

425,426.83 425,426.83 copies

1. Common stock invested by owners

2. Capital invested by other equity instrument holders

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

425,426.83 Amount of 425,426.83

4. Others

(3) Profit distribution

1. Withdrawal from surplus reserve

2. Distributions to owners (or shareholders)

3. Others

(4) Internal carryover of owners’ equity 1. Conversion of capital reserves to capital (or share capital)

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

3. Surplus reserve to cover losses

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

5. Other comprehensive income carried forward to retained earnings

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

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4. Ending balance of the current period 656,228,380.00 1,137,712,146.98 -1,261,232,964.27 532,707,562.71

2025 half-year projects Paid-in capital (or other equity instruments less: Treasury Other comprehensive special items Surplus capital reserve Undistributed profits Total owners’ equity) Preferred shares Perpetual bonds Other deposits Combined income Reserves Reserves

1. Closing balance of the previous year 655,605,491.00 1,120,329,539.32 -1,034,360,215.59 741,574,814.73 Add: changes in accounting policies

Early error correction

Others

2. Balance at the beginning of the year 655,605,491.00 1,120,329,539.32 -1,034,360,215.59 741,574,814.73

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

15,262,139.89 -107,553,903.45 -92,291,763.56 (please fill in with "-")

(1) Total comprehensive income -107,553,903.45 -107,553,903.45

(2) Owner’s investment and capital reduction

15,262,139.89 15,262,139.89 copies

1. Common stock invested by owners

2. Investments from other equity instrument holders

capital

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

Amount of 15,262,139.89 15,262,139.89

4. Others

(3) Profit distribution

1. Withdrawal from surplus reserve

2. Distribution to owners (or shareholders)

Match

3. Others

(4) Internal carryover of owners’ equity

1. Conversion of capital reserves into capital (or shares)

this)

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

this)

3. Surplus reserve to cover losses

4. Carrying forward changes in defined benefit plans

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retained earnings

5. Other comprehensive income carried forward and retained

benefit

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

4. Ending balance of the current period 655,605,491.00 1,135,591,679.21 -1,141,914,119.04 649,283,051.17

Person in charge of the company: ZHENGYUYUAN (Yuan Zhengyu) Person in charge of accounting work: Guo Cui Person in charge of the accounting department: Luo Zhaoyong

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3. Basic situation of the company

1. Company profile

√Applicable □Not applicable

Shanghai Mengke Pharmaceutical Co., Ltd. (hereinafter referred to as the "Company" or the "Company"), formerly known as Shanghai Mengke Pharmaceutical Co., Ltd., was established on August 7, 2012 with investment from MICURX (HK) LIMITED (hereinafter referred to as "Mengke Hong Kong"), Mengke Pharmaceutical Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Mengke Pharmaceutical"), Shanghai Yuansu Investment Management Co., Ltd. and Shanghai Zhangjiang Biomedical Industry Venture Capital Co., Ltd. The registered capital at the time of establishment was RMB 181,800,000.00. The investment was verified by Shanghai Zhonghui Accounting Firm and a capital verification report No. Huhui Bao Yan Zi (2012) 0872 was issued. The shareholding structure at the time of establishment of the company is as follows:

Name of shareholder Registered capital subscribed (yuan) Proportion of registered capital

MICURX(HK)LIMITED 105,400,000.00 57.98% Shanghai Zhangjiang Biomedical Industry Venture Investment Co., Ltd.

59,400,000.00 32.67% Division

Mengke Pharmaceutical Technology (Shanghai) Co., Ltd. 16,400,000.00 9.02% Shanghai Yuansu Investment Management Co., Ltd. 600,000.00 0.33% Total 181,800,000.00 100.00%

In October 2017, in accordance with the board resolution and the revised articles of association, Shanghai Zhangjiang Biomedical Industry Venture Capital Co., Ltd. and Shanghai Yuansu Investment Management Co., Ltd. respectively transferred a total of 33.00% of the equity they held in the company to Mengke Hong Kong. After this change, the company’s equity structure is as follows:

Name of shareholder Registered capital subscribed (yuan) Proportion of registered capital

MICURX(HK)LIMITED 165,400,000.00 90.98% MICURX Pharmaceutical Technology (Shanghai) Co., Ltd. 16,400,000.00 9.02%

Total 181,800,000.00 100.00%

In November 2017, the company signed a "Capital Increase Agreement" with Shanghai Baiao Fortune Medical Investment Partnership (Limited Partnership), Tibet Delian Xingying Venture Capital Center (Limited Partnership), Delong Steel Co., Ltd., and Nanjing Tongxing Yingdian No. 2 Venture Capital Center (Limited Partnership). The company added a registered capital of 44,444,444.00 yuan, and all parties contributed a total of 100,000,000.00 yuan. The investment has been verified by Shanghai Zhonghui Accounting Firm, and a capital verification report No. Huhuibao Yanzi (2021) 0023 was issued. After this change, the company’s equity structure is as follows:

Name of shareholder Registered capital subscribed (yuan) Proportion of registered capital

MICURX(HK)LIMITED 165,400,000.00 73.11% MICURX Medical Technology (Shanghai) Co., Ltd. 16,400,000.00 7.25% Shanghai Baiao Fortune Medical Investment Partnership (Limited Partnership) 20,000,000.00 8.84% Tibet Delian Xingying Venture Capital Center (Limited Partnership) 13,333,333.00 5.89% Delong Steel Co., Ltd. 6,666,667.00 2.95% Nanjing Tongxing Yingdian No. 2 Venture Capital Center (Limited Partnership) 4,444,444.00 1.96%

Total 226,244,444.00 100.00%

In May 2018, according to the shareholders' meeting resolution and the revised articles of association, Tibet Delian Xingying Venture Capital Center (Limited Partnership), Delong Steel Co., Ltd., and Nanjing Tongxing Yingdian No. 2 Venture Capital Center (Limited Partnership) transferred a total of 10.8% of the company's equity held by them to Mengke Hong Kong. All the aforementioned transfer consideration was invested in MICURX PHARMACEUTICALS, INC. (hereinafter referred to as "MCU Cayman"). Monco Cayman holds 100% of the shares of Monco Hong Kong. After this change, the company’s equity structure is as follows:

Name of shareholder Registered capital subscribed (yuan) Proportion of registered capital

MICURX(HK)LIMITED 189,844,444.00 83.91%

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Name of shareholder Registered capital subscribed (yuan) Proportion of registered capital Mengke Medical Technology (Shanghai) Co., Ltd. 16,400,000.00 7.25% Shanghai Baiao Fortune Medical Investment Partnership (Limited Partnership) 20,000,000.00 8.84%

Total 226,244,444.00 100.00%

In August 2020, according to the board of directors' resolution and the revised articles of association, the company's new registered capital was 415,495,031.00 yuan, which was subscribed by the original shareholder Mengke Hong Kong with a patent technology evaluation price of 416,079,234.00 yuan. The investment has been verified by Shanghai Zhonghui Accounting Firm, and a capital verification report No. Huhuibao Yanzi (2021) 0032 was issued. After this change, the company’s equity structure is as follows:

Name of shareholder Registered capital subscribed (yuan) Proportion of registered capital

MICURX(HK)LIMITED 605,339,475.00 94.32% MICURX Medical Technology (Shanghai) Co., Ltd. 16,400,000.00 2.56% Shanghai Baiao Fortune Medical Investment Partnership (Limited Partnership) 20,000,000.00 3.12%

Total 641,739,475.00 100.00%

In September 2020, Mengke Pharmaceutical signed an "Equity Transfer Agreement" with natural persons LIZHIYUE (Li Zhile), Wang Xinghai, Yuan Hong and Xinyi Umax Financial Consulting Center (Limited Partnership) (hereinafter referred to as "Xinyi Umax" or "Employee Stock Ownership Platform"), and transferred the 2.56% equity of the company held by them to the four transferees. After this change, the company’s equity structure is as follows:

Name of shareholder Registered capital subscribed (yuan) Proportion of registered capital

MICURX(HK)LIMITED 605,339,475.00 94.32% Shanghai Baiao Fortune Medical Investment Partnership (Limited Partnership) 20,000,000.00 3.12% Xinyi Umax Financial Consulting Center (Limited Partnership) 5,744,006.00 0.90% Li Zhile 4,285,158.00 0.66% Wang Xinghai 3,446,129.00 0.54% Yuan Hong 2,924,707.00 0.46%

Total 641,739,475.00 100.00%

At the same time, according to the resolutions of the board of directors and shareholders' meeting of Mengke Cayman and the resolutions of the company's shareholders' meeting, Mengke Hong Kong signed an "Equity Transfer Agreement" with 10 transferees including Best Idea International Limited, and transferred the company's registered capital of RMB 502,100,614.00 held by it to the 10 transferees. The equity transfer price was determined based on the company’s equity appraisal fair value on March 31, 2020. After this change, the company’s equity structure is as follows:

Name of shareholder Registered capital subscribed (yuan) Proportion of registered capital

MICURX(HK)LIMITED 103,238,861.00 16.08% Shanghai Baiao Fortune Medical Investment Partnership (Limited Partnership) 20,000,000.00 3.12% Xinyi Umax Financial Consulting Center (Limited Partnership) 5,744,006.00 0.89% Li Zhile 4,285,158.00 0.66% Wang Xinghai 3,446,129.00 0.54% Yuan Hong 2,924,707.00 0.46% BestIdeaInternationalLimited 146,258,119.00 22.79% GeniePharma 160,711,870.00 25.04% JSRLimited 65,171,094.00 10.16% GPTMTHoldingsLimited 31,033,851.00 4.84% Bencao3EBioventuresLimited 24,827,079.00 3.87% SilkyHeroLimited 22,643,486.00 3.53% AsiaParagonnationalInterLimited 6,666,666.00 1.04% ExceedTrenchLimited 4,444,444.00 0.69% Nanjing Tongxing Yingdian No. 2 Venture Capital Center (Limited Partnership) 15,516,926.00 2.42% Zhejiang Huahai Pharmaceutical Co., Ltd. 24,827,079.00 3.87%

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Name of shareholder Registered capital subscribed (yuan) Proportion of registered capital

Total 641,739,475.00 100.00%

In September 2020, according to the resolution of the shareholders' meeting and the revised articles of association, the company's new registered capital was 96,786,737.00 yuan, and four new shareholders including Beijing Huagai Xincheng Yuanhang Medical Industry Investment Partnership (Limited Partnership) contributed 268,006,000.00 yuan. The investment was verified by Shanghai Zhonghui Accounting Firm, and a capital verification report No. Huhui Baoyanzi (2021) 0032 was issued. After this change, the company’s equity structure is as follows:

Name of shareholder Registered capital subscribed (yuan) Proportion of registered capital

MICURX(HK)LIMITED 103,238,861.00 13.98% Shanghai Baiao Fortune Medical Investment Partnership (Limited Partnership) 20,000,000.00 2.71% Xinyi Youmax Financial Consulting Center (Limited Partnership) 5,744,006.00 0.78% Li Zhile 4,285,158.00 0.58% Wang Xinghai 3,446,129.00 0.47% Yuan Hong 2,924,707.00 0.40% BestIdeaInternationalLimited 146,258,119.00 19.80% GeniePharma 160,711,870.00 21.76% JSRLimited 65,171,094.00 8.82% GPTMTHoldingsLimited 31,033,851.00 4.20% Bencao3EBioventuresLimited 24,827,079.00 3.36% SilkyHeroLimited 22,643,486.00 3.07% AsiaParagonInternationalLimited 6,666,666.00 0.90% ExceedTrenchLimited 4,444,444.00 0.60% Nanjing Tongxing Yingdian No. 2 Venture Capital Center (Limited Partnership) 15,516,926.00 2.10% Zhejiang Huahai Pharmaceutical Co., Ltd. 24,827,079.00 3.36% Beijing Huagai Xincheng Yuanhang Medical Industry Investment Partnership

64,173,948.00 8.69% (limited partnership)

Ningbo Meishan Bonded Port Area Qirui Equity Investment Center (Limited

25,390,059.00 3.44% partnership)

Hangzhou Qingke Yiju Investment Management Partnership (limited partnership) 3,611,365.00 0.49% Hunan Qingke Xiaochi Equity Investment Partnership (limited partnership) 3,611,365.00 0.49%

Total 738,526,212.00 100.00%

In October 2020, according to the resolution of the shareholders' meeting and the revised articles of association, the company's shareholders BestIdea International Limited, Genie Pharma and Mengke Hong Kong signed the "Equity Transfer Agreement" with four transferees including Zhuhai Junlian Jiayu Equity Investment Partnership (Limited Partnership). Among them, BestIdea International Limited transferred its 4.07% stake in Mengke Co., Ltd. to Zhuhai Junlian Jiayu Equity Investment Partnership (Limited Partnership), and GeniePharma transferred its 4.07% stake in Mengke Co., Ltd. to Zhuhai Junlian Jiayu Equity Investment Partnership (Limited Partnership), Zhongtai Venture Capital (Shenzhen) Co., Ltd. and Baidu Investment respectively. Fu (Changzhou) Health Medical Investment Center (Limited Partnership) transferred its 3.62%, 1.06% and 0.71% equity interests in Mengke Co., Ltd., and Mengke Hong Kong transferred its 0.11% and 0.75% equity interests in Mengke Co., Ltd. to Zhuhai Junlian Jiayu Equity Investment Partnership (Limited Partnership) and Ningbo Youliang Venture Capital Partnership (Limited Partnership) respectively.

At the same time, the company signed a "Capital Increase Agreement" with 13 investors including Zibo Yingke Jiyun Venture Capital Partnership (Limited Partnership), adding a registered capital of RMB 106,101,598.00, and the 13 investors contributed RMB 431,000,000.00. The investment was verified by Shanghai Zhonghui Accounting Firm, and a capital verification report No. Huhui Baoyanzi (2021) 0032 was issued.

After this change, the company’s equity structure is as follows:

Subscribed registered capital Name of shareholder accounting for registered capital

(Yuan) Ratio

MICURX(HK)LIMITED 96,901,153.00 11.47% Shanghai Baiao Fortune Medical Investment Partnership (Limited Partnership) 20,000,000.00 2.37% Xinyi Umax Financial Consulting Center (Limited Partnership) 5,744,006.00 0.68%

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Subscribed registered capital Name of shareholder accounting for registered capital

(yuan) Proportion Li Zhile 4,285,158.00 0.51% Wang Xinghai 3,446,129.00 0.41% Yuan Hong 2,924,707.00 0.35% BestIdeaInternationalLimited 116,140,916.00 13.75% GeniePharma 120,904,784.00 14.31% JSRLimited 65,171,094.00 7.72% GPTMTHoldingsLimited 31,033,851.00 3.67% Bencao3EBioventuresLimited 24,827,079.00 2.94% SilkyHeroLimited 22,643,486.00 2.68% AsiaParagon International Limited 6,666,666.00 0.79% ExceedTrenchLimited 4,444,444.00 0.53% Nanjing Tongxing Yingdian No. 2 Venture Investment Center (Limited Partnership) 15,516,926.00 1.84% Zhejiang Huahai Pharmaceutical Co., Ltd. 24,827,079.00 2.94% Beijing Huagai Xincheng Yuanhang Medical Industry Investment Partnership (Limited Partnership) 64,173,948.00 7.60% Ningbo Meishan Free Trade Port Area Qirui Equity Investment Center (Limited Partnership) 25,390,059.00 3.01% Hangzhou Qingke Yiju Investment Management Partnership (limited partnership) 3,611,365.00 0.43% Hunan Qingke Xiaochi Equity Investment Partnership (limited partnership) 3,611,365.00 0.43% Zhuhai Junlian Jiayu Equity Investment Partnership (limited partnership) 62,539,028.00 7.40% Zhongtai Venture Capital (Shenzhen) Co., Ltd. 7,856,662.00 0.93% Baifu (Changzhou) Health and Medical Investment Center (limited partnership) 5,237,774.00 0.62% Ningbo Youliang Venture Capital Partnership (limited partnership) 5,552,041.00 0.66% Zibo Yingke Jiyun Venture Capital Partnership (limited partnership) 19,694,032.00 2.33% Pingtan Puxin Yingke Ruiyuan Venture Capital Partnership (limited partnership) 9,847,016.00 1.17% Qingdao Yingke Dingxin No. 1 Venture Capital Partnership (limited partnership) 4,923,508.00 0.58% Qingdao Yingke Huafu Venture Capital Partnership (limited partnership) 3,446,456.00 0.41% Pingtan Yingke Boge Venture Capital Partnership (limited partnership) 2,461,754.00 0.29% Ningbo Meishan Bonded Port Area Jiusheng Investment Partnership (limited partnership) 17,232,278.00 2.04% Hunan Xingxiang Founder Equity Investment Fund Enterprise (limited partnership) 4,923,508.00 0.58% Suzhou Detong Hexin Venture Capital Partnership (limited partnership) 12,308,770.00 1.46% Chizhou Zhongan Merchants Equity Investment Partnership (limited partnership) 7,385,262.00 0.87% Guangdong Bozi Tongze No. 1 Equity Investment Partnership (limited partnership) 7,385,262.00 0.87% Jingde (Guangzhou) Equity Investment Partnership (Limited Partnership) 7,385,262.00 0.87% Pingtan Hongtu No. 7 Venture Capital Partnership (Limited Partnership) 4,184,982.00 0.49%

Total 844,627,810.00 100.00%

In November 2020, according to the resolution of the company's shareholders' meeting and the revised articles of association, the company was converted into a joint-stock company based on the audited net asset value of 610,551,086.28 yuan on the base date of October 31, 2020, at a ratio of 1.2211:1, with 500,000,000 shares, with a face value of 1 yuan per share. The portion of the net assets greater than the share capital will be included in the capital reserve of the joint-stock company. On December 10, 2020, all shareholders signed the resolution of the founding meeting of Shanghai Mengke Pharmaceutical Co., Ltd. and the first extraordinary general meeting of shareholders in 2020. All promoters subscribed for the company's shares in proportion to the equity they held in the company before the restructuring, and Shanghai Mengke Pharmaceutical Co., Ltd. was changed to Shanghai Mengke Pharmaceutical Co., Ltd. This change has been verified by Dahua Accounting Firm (Special General Partnership), and a capital verification report No. Dahua Yanzi [2020] 000901 was issued. On December 18, 2020, the company completed the industrial and commercial change registration for this overall change. After this change, the company’s share capital structure is as follows:

Name of shareholder Share capital (yuan) Shareholding ratio

MICURX(HK)LIMITED 57,363,227.00 11.47% Shanghai Baiao Fortune Medical Investment Partnership (Limited Partnership) 11,839,534.00 2.37% Xinyi Umax Financial Consulting Center (Limited Partnership) 3,400,318.00 0.68%

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Name of shareholder Share capital (yuan) Shareholding ratio Li Zhile 2,536,714.00 0.51% Wang Xinghai 2,040,028.00 0.41% Yuan Hong 1,731,358.00 0.35% BestIdeaInternationalLimited 68,752,718.00 13.75% GeniePharma 71,572,817.00 14.31% JSRLimited 38,579,770.00 7.72% GPTMTHoldingsLimited 18,371,317.00 3.67% Bencao3EBioventuresLimited 14,697,053.00 2.94% SilkyHeroLimited 13,404,417.00 2.68% AsiaParagon International Limited 3,946,511.00 0.79% ExceedTrenchLimited 2,631,008.00 0.53% Nanjing Tongxing Yingdian No. 2 Venture Investment Center (Limited Partnership) 9,185,659.00 1.84% Zhejiang Huahai Pharmaceutical Co., Ltd. 14,697,053.00 2.94% Beijing Huagai Xincheng Yuanhang Medical Industry Investment Partnership (Limited Partnership) 37,989,483.00 7.60% Ningbo Meishan Free Trade Port Area Qirui Equity Investment Center (Limited Partnership) 15,030,324.00 3.01% Hangzhou Qingke Yiju Investment Management Partnership (limited partnership) 2,137,844.00 0.43% Hunan Qingke Xiaochi Equity Investment Partnership (limited partnership) 2,137,844.00 0.43% Zhuhai Junlian Jiayu Equity Investment Partnership (limited partnership) 37,021,649.00 7.40% Zhongtai Venture Capital (Shenzhen) Co., Ltd. 4,650,961.00 0.93% Baifu (Changzhou) Health and Medical Investment Center (Limited Partnership) 3,100,641.00 0.62% Ningbo Youliang Venture Capital Partnership (Limited Partnership) 3,286,679.00 0.66% Zibo Yingke Jiyun Venture Capital Partnership (Limited Partnership) 11,658,409.00 2.33% Pingtan Puxin Yingke Ruiyuan Venture Capital Partnership (limited partnership) 5,829,204.00 1.17% Qingdao Yingke Dingxin No. 1 Venture Capital Partnership (limited partnership) 2,914,602.00 0.58% Qingdao Yingke Huafu Venture Capital Partnership (limited partnership) 2,040,221.00 0.41% Pingtan Yingke Boge Venture Capital Partnership (limited partnership) 1,457,301.00 0.29% Ningbo Meishan Bonded Port Area Jiusheng Investment Partnership (limited partnership) 10,201,108.00 2.04% Hunan Xingxiang Founder Equity Investment Fund Enterprise (limited partnership) 2,914,602.00 0.58% Suzhou Detong Hexin Venture Capital Partnership (limited partnership) 7,286,505.00 1.46% Chizhou Zhongan Merchants Equity Investment Partnership (limited partnership) 4,371,903.00 0.87% Guangdong Bozi Tongze No. 1 Equity Investment Partnership (limited partnership) 4,371,903.00 0.87% Jingde (Guangzhou) Equity Investment Partnership (Limited Partnership) 4,371,903.00 0.87% Pingtan Hongtu No. 7 Venture Capital Partnership (Limited Partnership) 2,477,412.00 0.49%

Total 500,000,000.00 100.00%

On December 19, 2020, according to the resolution of the company's first extraordinary general meeting of shareholders, the company implemented the "2020 Equity Incentive Plan" and added 25,210,084 shares of capital, with a price of 1 yuan per share subscribed by Mengke Hong Kong and the employee stock ownership platform Xinyi Umax Financial Consulting Center (Limited Partnership). Among them, Mengke Hong Kong newly holds 2.55% of the company's shares, corresponding to 13,392,857 shares; the employee stock ownership platform newly holds 2.25% of the company's shares, corresponding to 11,817,227 shares. The capital contribution was verified by Shanghai Zhonghui Accounting Firm, and a capital verification report No. Huhui Baoyanzi (2021) 0034 was issued. After this change, the company’s equity structure is as follows:

Name of shareholder Share capital (yuan) Shareholding ratio

MICURX(HK)LIMITED 70,756,084.00 13.47% Shanghai Baiao Fortune Medical Investment Partnership (Limited Partnership) 11,839,534.00 2.25% Xinyi Umax Financial Consulting Center (Limited Partnership) 15,217,545.00 2.90% Li Zhile 2,536,714.00 0.48% Wang Xinghai 2,040,028.00 0.39% Yuan Hong 1,731,358.00 0.33% BestIdeaInternationalLimited 68,752,718.00 13.09%

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Name of shareholder Share capital (yuan) Shareholding ratio

GeniePharma 71,572,817.00 13.63% JSRLimited 38,579,770.00 7.35% GPTMTHoldingsLimited 18,371,317.00 3.50% Bencao3EBioventuresLimited 14,697,053.00 2.80% SilkyHeroLimited 13,404,417.00 2.55% AsiaParagonInternationalLimited 3,946,511.00 0.75% ExceedTrenchLimited 2,631,008.00 0.50% Nanjing Tongxing Yingdian No. 2 Venture Investment Center (Limited Partnership) 9,185,659.00 1.75% Zhejiang Huahai Pharmaceutical Co., Ltd. 14,697,053.00 2.80% Beijing Huagai Xincheng Yuanhang Medical Industry Investment Partnership (Limited Partnership) 37,989,483.00 7.23% Ningbo Meishan Free Trade Port Area Qirui Equity Investment Center (Limited Partnership) 15,030,324.00 2.86% Hangzhou Qingke Yiju Investment Management Partnership (limited partnership) 2,137,844.00 0.41% Hunan Qingke Xiaochi Equity Investment Partnership (limited partnership) 2,137,844.00 0.41% Zhuhai Junlian Jiayu Equity Investment Partnership (limited partnership) 37,021,649.00 7.05% Zhongtai Venture Capital (Shenzhen) Co., Ltd. 4,650,961.00 0.89% Baifu (Changzhou) Health and Medical Investment Center (Limited Partnership) 3,100,641.00 0.59% Ningbo Youliang Venture Capital Partnership (Limited Partnership) 3,286,679.00 0.63% Zibo Yingke Jiyun Venture Capital Partnership (Limited Partnership) 11,658,409.00 2.22% Pingtan Puxin Yingke Ruiyuan Venture Capital Partnership (limited partnership) 5,829,204.00 1.11% Qingdao Yingke Dingxin No. 1 Venture Capital Partnership (limited partnership) 2,914,602.00 0.55% Qingdao Yingke Huafu Venture Capital Partnership (limited partnership) 2,040,221.00 0.39% Pingtan Yingke Boge Venture Capital Partnership (limited partnership) 1,457,301.00 0.28% Ningbo Meishan Bonded Port Area Jiusheng Investment Partnership (limited partnership) 10,201,108.00 1.94% Hunan Xingxiang Founder Equity Investment Fund Enterprise (limited partnership) 2,914,602.00 0.55% Suzhou Detong Hexin Venture Capital Partnership (limited partnership) 7,286,505.00 1.39% Chizhou Zhongan Merchants Equity Investment Partnership (limited partnership) 4,371,903.00 0.83% Guangdong Bozi Tongze No. 1 Equity Investment Partnership (limited partnership) 4,371,903.00 0.83% Jingde (Guangzhou) Equity Investment Partnership (Limited Partnership) 4,371,903.00 0.83% Pingtan Hongtu No. 7 Venture Capital Partnership (Limited Partnership) 2,477,412.00 0.47%

Total 525,210,084.00 100.00%

On July 5, 2022, the China Securities Regulatory Commission issued the "Reply on Approving the Registration of the Initial Public Offering of Stocks of Shanghai Mengke Pharmaceutical Co., Ltd." (CSRC Permit [2022] No. 1204), approving the application of Shanghai Mengke Pharmaceutical Co., Ltd. for the initial public offering of shares. The company publicly issued 130 million new shares at a price of 8.16 yuan per share. After this issuance, the company's share capital changed to 655,210,084.00 yuan. The above funds were in place on August 2, 2022, and have been verified by PricewaterhouseCoopers Zhongtian Accounting Firm (Special General Partnership), and a capital verification report No. 0564 of PricewaterhouseCoopers Zhongtian Yanzi (2022) was issued. On August 5, 2022, the company's shares began to be listed on the Science and Technology Innovation Board, with the stock code 688373, and the stock abbreviation of Mengke Pharmaceuticals.

In December 2024, the company granted the company's second type of restricted stock to the incentive targets in 2023. The first vesting period met the vesting conditions in this period, and the actual number of exercised shares was 395,407 shares, with an exercise price of 5.00 yuan per share.

In December 2025, the company granted the second vesting period of the company's second class restricted stock to the incentive recipients in 2023, and the first vesting period of the company's second class restricted stock granted to the incentive recipients in 2024. The vesting conditions were met in this period, and the actual number of exercised shares was 622,889 shares, with an exercise price of 5.00 yuan per share.

As of June 30, 2026, the company's share capital was 656,228,380.00 yuan.

The company's unified social credit code is 91310115599770596C, its legal representative is ZHENGYUYUAN, and its registered address is Building 101 and 2, Floors 1-4, Building 1, No. 53, Edison Road, China (Shanghai) Pilot Free Trade Zone.

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The company's business scope is: licensed items: drug import and export; drug production; drug commissioned production; drug wholesale; drug retail. (Projects that require approval according to law can only be carried out with the approval of relevant departments. Specific business projects are subject to the approval documents or licenses of relevant departments.) General projects: technology development, technical services, technical consultation, technology transfer, technology promotion, and technology exchange in the field of medical science and technology (except investment in human stem cells, development and application of genetic diagnosis and treatment technology). (Except for projects that require approval according to law, business activities can be carried out independently with a business license and in accordance with the law)

This financial statement has been approved by the company's board of directors on August 24, 2026.

4. Basis for preparation of financial statements

1. Basics of preparation

The Company's 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 and Preparation Rules No. 15 of Companies that Offer Securities to the Public - General Provisions on Financial Reports".

2. Continuous operation

√Applicable □Not applicable

These 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 Group determines specific accounting policies and accounting estimates based on the characteristics of production and operations, which are mainly reflected in the measurement of expected credit losses on receivables (Note V.11), the valuation method of inventories (Note V.16), depreciation of fixed assets, amortization of intangible assets and depreciation of right-of-use assets (Note V. 21, Note V. 26, Note V. 38), judgment criteria for capitalization of development expenditures (Note V. 26), measurement of financial liabilities measured at fair value with changes included in current profits and losses (Note V. 11), recognition and measurement of income (Note V. 34), etc.

Please refer to Note V. 40 for details of the Group's important accounting estimates and key assumptions.

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.

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 functional currencies based on the main economic environment in which they operate. The accounting functional currency of Shanghai MicuRx Pharmaceuticals (Hong Kong) Co., Ltd., a subsidiary located in Hong Kong, is Hong Kong dollars, and the accounting functional currency of MicuRx Pharmaceuticals, Inc., a subsidiary located in the United States, is US dollars. The functional currency of the remaining subsidiaries of the Group is RMB. These financial statements are presented in RMB.

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5. Determination method and selection basis of materiality criteria

□Applicable √Not applicable

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

2. Merger process

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.

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(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

If the equity investment in a subsidiary is disposed of step by step through multiple transactions until the 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 refers to the company's cash on hand and deposits that can be used for payment at any time. 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.

On the balance sheet date, the balance of foreign currency monetary items 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 qualify for capitalization, are treated in accordance with the principle of capitalization of borrowing costs, and are included in the current profit and loss.

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. The income and expense items in the income statement are converted using the spot exchange rate on the date of the transaction (or: using an exchange rate determined in accordance with a systematic and reasonable method that is similar to the spot exchange rate on the date of the transaction. Tip: If this method is used, the method and caliber should be clearly stated).

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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:

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 asset is measured at fair value

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For subsequent measurement, 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

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;

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(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. Termination of recognition 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 are substantially different from the existing financial liability, the recognition of the existing financial liability will be terminated and the new financial liability will be recognized at the same time.

If all or part of the contract terms of an existing financial liability are substantially modified, the recognition of the existing financial liability or part of it will be terminated, and the financial liability after the modified terms will be 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 financial assets (debt instruments) measured at fair value and 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.

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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, receivable financing, other receivables, contract assets, long-term receivables, etc. are as follows:

Item Portfolio Category Determination Basis Accounts Receivable Portfolio 1 Accounts Receivable from Dealers Refer to historical credit loss experience, combined with current conditions and

Forecasts of future economic conditions, through default exposure and the entire receivables portfolio2 Amounts due from related parties

Calculate the expected credit loss rate within 12 months or the entire duration through the expected credit loss rate within 12 months or the entire duration, calculate the expected credit loss rate within 12 months or the entire duration, based on the historical credit loss experience, combined with the current situation and the prediction of future economic conditions, other receivables portfolio 2 deposits and margins

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

Refer to Note 5.11

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

□Applicable √Not applicable

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

□Applicable √Not applicable

14. 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

Refer to Note 5.11

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

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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, commissioned processing materials and finished products, etc.

Inventories are initially measured at cost, which includes purchase costs, processing costs and other expenses incurred to bring the inventory to its current location and status.

2. Valuation method for shipped inventory

Inventories are valued on the first-in, first-out basis when shipped.

3. Inventory inventory system

Adopt perpetual inventory system

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

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

□Applicable √Not applicable

17. Contract assets

□Applicable √Not applicable

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

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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.

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.

The unrealized profits and losses from internal transactions between the company and its associates and joint ventures shall be offset according to the proportion attributable to the company, 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.

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(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

1. Recognition and initial measurement of fixed assets

Fixed assets refer to tangible assets held for the purpose of producing goods, providing labor services, leasing or operating management, and whose useful life exceeds one accounting year. 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. Disposal of fixed assets

When a fixed asset is disposed of or no economic benefits are expected to be generated through use or disposal, the fixed asset is derecognised. The amount of disposal income from the sale, transfer, scrapping or damage of fixed assets after deducting their book value and related taxes is included in the current profit and loss.

(2) Depreciation method

√Applicable □Not applicable

Category Depreciation method Depreciation life (years) Salvage value rate Annual depreciation rate Office equipment Straight-line method 5 0.00% 20.00%

Experimental and testing equipment Straight line method 5 0.00% 20.00%

Transportation straight-line method 5 0.00% 20.00%

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 book value and basis after deducting impairment provisions in the future period are acceptable.

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Determine the depreciation amount over the useful life. 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.

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 period during which the capitalization of borrowing costs is suspended 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 abnormal interruption occurs during the acquisition, construction or production of assets that qualify for capitalization, and the interruption lasts for more than three months, the capitalization of borrowing costs will be suspended; if the interruption is a necessary procedure for the acquisition, construction or production of assets that qualify for capitalization 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

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26. Intangible assets

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

√Applicable □Not applicable

1. Valuation method of intangible assets

(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.

(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.

2. Estimation of service life of intangible assets with limited service life

Item Estimated service life Amortization method Residual value rate (%) Basis for determining the estimated service life

Software 5 years Straight line method 0.00 Benefit period

(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, consumed materials, related depreciation and amortization expenses and other related expenses for personnel engaged in R&D activities.

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

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

27. Impairment of long-term assets

√Applicable □Not applicable

Long-term assets such as long-term equity investments, fixed assets, projects under construction, right-of-use assets, and intangible assets with limited useful lives are subject to impairment testing 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.

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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.

The company's long-term deferred expenses mainly include rental house decoration, etc., which are amortized according to the use period agreed in the contract.

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

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.

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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 included in the current profit and loss at the earliest of the following two situations: when the company cannot unilaterally withdraw the dismissal benefits provided due to the termination of labor relations 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 measure the equity-settled share-based payment based on the fair value of the equity instrument granted on that day, and include the services received in the capital reserve. At the same time, it will terminate the recognition of the liabilities recognized by the cash-settled share-based payment on the modification date, and the difference between the two will be 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

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34. Income

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

√Applicable □Not applicable

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:

•The customer obtains and consumes the economic benefits brought by the company's performance when the company performs the contract.

•Customers can control the goods under construction during the company's performance of the contract.

•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:

•The company has the current right to receive payment for the goods or services, which means the customer has current payment obligations 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 physically taken 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.

The Company’s Revenue Recognition Policy

Merchandise sales business:

The company delivers the goods to the customer and recognizes operating income after the customer signs for receipt. For sales discounts provided by the company to customers, the discount amount is determined based on the expected value method, and revenue is recognized based on the net amount of the contract consideration minus the expected discount amount.

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

□Applicable √Not applicable

35. Contract costs

□Applicable √Not applicable

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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.

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 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);

Government subsidies related to income 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 when the relevant costs or losses are recognized (those related to the company's daily activities are included in other income; those related to the company's daily activities are included in other income; If it has nothing to do with the company's daily activities, it will be included in non-operating income); if it is used to compensate for the relevant costs or losses that the company has 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 has nothing to do with the company's daily activities, it will be included in non-operating income).

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;

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•Deferred income tax assets and deferred income tax liabilities are related to the income tax levied by the same tax collection and administration department on the same taxable entity or to different taxable entities. However, in each future period when important deferred income tax assets and liabilities are reversed, the taxable entity involved intends to settle the current income tax assets and liabilities with a net amount 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

Lease refers to a contract in which the lessor transfers the right to use an asset to the lessee for a consideration within a certain period of time.

On the contract inception date, the Company evaluates whether the contract is a lease or contains a lease. A contract is a lease or contains a lease if one party transfers the right to control the use of one or more identified assets for a certain period in exchange for consideration.

1. The company serves as the lessee

(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;

From the lease payment amount paid on or before the start date of the lease period, if there is a lease incentive, the amount related to the lease incentive that has been enjoyed will be deducted; the initial direct expenses incurred by the company;

The company expects to incur costs to dismantle and remove 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 Note 5.27 Impairment of Long-term Assets, 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:

From the fixed payment amount (including the actual fixed payment amount), if there is a lease incentive, the amount related to the lease incentive 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.

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 will remeasure the lease liability based on the present value of the changed lease payment and the revised discount rate;

·When the actual fixed payment amount changes, the expected amount payable of the guaranteed residual value changes, or the index or ratio used to determine the lease payment amount changes, the company remeasures the lease liability based on the present value calculated by the changed lease payment amount 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

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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 amount of the individual price of the expanded part of the lease scope adjusted based on 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

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

(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

Type of tax Tax calculation basis Tax rate

Taxable value-added amount (taxable amount is based on taxable sales

The value-added tax amount is multiplied by the applicable tax rate and the 13% and 6% allowed for deduction in the current period are deducted

Balance after input tax)

Urban maintenance and construction tax Value-added tax paid 5% and 7%

8.84%, 15%, 16.5%, 20%, 21% corporate income tax taxable income

and 25%

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

√Applicable □Not applicable

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Name of tax payer Income tax rate (%)

Mengke Pharmaceutical 15 Mengke Pharmaceutical 25 Crekas 25 Mengke New Hong Kong 16.50 Mengke America 21 and 8.84 Xirui Chengtai 20 Kangyue Biotechnology 20 Comai Biotechnology 20 Humeng Chengtai 25

2. Tax incentives

√Applicable □Not applicable

(1) On December 25, 2025, the company obtained the "High-tech Enterprise Certificate" issued by the Shanghai Science and Technology Commission, Shanghai Finance Bureau, and Shanghai Taxation Bureau of the State Administration of Taxation, which is valid for 3 years.

The company enjoys a preferential corporate income tax rate of 15% in 2025.

(2) According to the "Announcement of the Ministry of Finance and the State Administration of Taxation on Further Supporting the Development of Small and Micro Enterprises and Individual Industrial and Commercial Households" (Ministry of Finance State Administration of Taxation Announcement No. 12, 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 tax Land use tax, stamp tax (excluding securities transaction stamp tax), cultivated land occupation tax and education surcharge, local education surcharge; for small and low-profit enterprises, the taxable income is calculated at a reduced rate of 25%, and the corporate income tax policy is paid at a rate of 20%, which will continue to be implemented until December 31, 2027.

Xirui Chengtai, Kangyue Biotech, and Kemai Biotech are qualified small and low-profit enterprises and enjoy preferential income tax policies for small and micro enterprises.

3. Others

□Applicable √Not applicable

7. Notes on Consolidated Financial Statement Items

1. Monetary funds

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

cash on hand

Bank deposits 282,161,846.11 316,021,561.41 Other monetary funds

Undue accrued interest 138,523.53 79,659.83 Total 282,300,369.64 316,101,221.24 Including: deposited overseas

90,157,807.00 58,588,783.99

Total amount

Other instructions

Among the bank deposit balances, the time deposits expected to be held until maturity are as follows:

Item Ending balance Beginning balance

Time deposit 20,416,274.46 21,086,400.00

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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 /

111,274,706.75 135,540,703.78 Financial assets included in current profits and losses

Among them:

Debt Instrument Investment/Equity Instrument Investment

Bank structured financial products 111,274,706.75 135,540,703.78 / Designated to be measured at fair value and its change

Financial assets automatically included in current profits and losses

Among them:

Debt Instrument Investment

Others

Total 111,274,706.75 135,540,703.78 /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

The basis for dividing each stage and the proportion of bad debt provisions not applicable

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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

(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) 42,116,323.33 39,520,119.71 Including: Items within 1 year

Within 6 months 41,283,502.93 38,959,619.71 6 months to 1 year 832,820.40 560,500.00 1 to 2 years 560,500.00 17,936.00 2 to 3 years

More than 3 years

Total 42,676,823.33 39,538,055.71

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(2) Classified disclosure based on bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Book Book Provision Ratio Provision Ratio

Amount Proportion (%) Amount Value Amount Proportion (%) Amount Value

(%) (%)

Provision for bad debts on an individual basis

Among them:

Provision for bad debts by combination 42,676,823.33 100.00 1,707,072.94 4.00 40,969,750.39 39,538,055.71 100.00 1,581,522.23 4.00 37,956,533.48 Among them:

Dealer customers 42,676,823.33 100.00 1,707,072.94 4.00 40,969,750.39 39,538,055.71 100.00 1,581,522.23 4.00 37,956,533.48Total 42,676,823.33 / 1,707,072.94 / 40,969,750.39 39,538,055.71 / 1,581,522.23 / 37,956,533.48

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Provision for bad debts is made individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Combined accrual items: dealer customers

Unit: Yuan Currency: RMB Closing Balance Name

Book balance Bad debt provision Provision ratio (%) combination - dealer customers 42,676,823.33 1,707,072.94 4.00

Total 42,676,823.33 1,707,072.94 4.00 Instructions on the provision of bad debt provisions by group:

√Applicable □Not applicable

Refer to Note 5.11

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

Basis for division of each stage and provision ratio for bad debts

Not applicable

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

(3) Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Opening balance Write-off or verification Ending balance accrual Recovery or reversal Other changes

Provision for bad debt write-off 1,581,522.23 1,684,652.94 1,559,102.23 1,707,072.94

Total 1,581,522.23 1,684,652.94 1,559,102.23 1,707,072.94 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 with the top five closing balances by debtors √Applicable □Not applicable

Unit: Yuan Currency: RMB

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Accounts receivable and accounts receivable combined

Accounts receivable period End of contract asset period End of contract asset period Bad debt provision end unit name Ending balance of the same asset

Closing Balance Balance Balance amount of total balances

Proportion (%) Customer one 9,808,887.51 - 9,808,887.51 22.98 392,355.50 Customer two 6,322,823.28 - 6,322,823.28 14.82 252,912.93 Customer three 3,749,150.41 - 3,749,150.41 8.78 149,966.02Customer four 2,240,484.17 - 2,240,484.17 5.25 89,619.37Customer five 2,144,044.80 - 2,144,044.80 5.02 85,761.79

Total 24,265,390.17 - 24,265,390.17 56.85 970,615.61

Other 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

Not applicable

Explanation of significant changes in the book balance of contract assets that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

(4) Bad debt provisions for contract assets in the current period

□Applicable √Not applicable

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

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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

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

The basis for dividing each stage and the proportion of bad debt provisions not applicable

Explanation of significant changes in the book balance of accounts receivable financing that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

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(5) Bad debt provisions

□Applicable √Not applicable

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other 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. Advance payments

(1) Prepayments are presented based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Aging

Amount Proportion (%) Amount Proportion (%)

Within 1 year 19,317,216.14 91.19 21,350,948.04 88.01 More than 1 year 1,865,853.88 8.81 2,907,498.52 11.99

Total 21,183,070.02 100.00 24,258,446.56 100.00 Explanation of reasons why prepayments with an aging of more than 1 year and significant amounts were not settled in a timely manner:

Prepayments aged more than one year mainly include prepaid service fees and entrusted research and development service payments, and the services corresponding to these payments have not yet been completed.

(2) Prepayments of the top five closing balances by prepayment objects

√Applicable □Not applicable

Unit: Yuan Currency: RMB accounts for the total closing balance of prepayments Name of the unit Closing balance

Proportion(%)

Supplier one 5,579,208.27 26.34 Supplier two 3,641,816.42 17.19 Supplier three 2,092,460.42 9.88 Supplier four 1,945,806.47 9.19 Supplier five 485,436.89 2.29Total 13,744,728.47 64.89

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Other notes:

None

Other instructions

□Applicable √Not applicable

9. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Interest receivable

Dividends receivable

Other receivables 19,929,410.83 20,515,492.31

Total 19,929,410.83 20,515,492.31Other instructions:

□Applicable √Not applicable

interest receivable

(1) Classification of interest receivable

□Applicable √Not applicable

(2) Important overdue interest

□Applicable √Not applicable

(3) Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

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

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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

Other notes:

None

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(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) 47,100.00 3,820.36 Including: Within 1 year sub-item

Within 1 year 47,100.00 3,820.36 1 to 2 years 20,645,466.63 21,299,166.63 2 to 3 years 15,100.00 15,100.00 More than 3 years 52,136.37 52,217.52

Total 20,759,803.00 21,370,304.51

(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 receivable 20,757,166.63 21,363,766.63 Employee reserve funds receivable 2,636.37 6,537.88

Total 20,759,803.00 21,370,304.51

(3) Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB Phase 1 Phase 2 Phase 3

Lifetime expectations Lifetime expectations

Provision for bad debts Expected for the next 12 months Total

Credit loss (has not occurred Credit loss (has occurred)

credit loss

credit impairment) credit impairment)

January 1, 2026

854,812.20 854,812.20 Balance

January 1, 2026

The balance in the current period

--Transfer to the second level

segment

--Transfer to the third level

segment

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--Return to the second level

segment

--Return to the first level

segment

Provision in this period 1,884.03 1,884.03 Transfer in this period 26,304.06 26,304.06 Write-off in this period

Write-off in this period

Other changes

June 30, 2026

830,392.17 830,392.17 day balance

Basis for division of each stage and provision ratio for bad debts

Refer to Note 5.11

Explanation of significant changes in the book balance of other receivables where loss provisions have changed in 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 transfer Write-off or verification Ending balance accrual Other changes

Return sales

Provision for bad debts 854,812.20 1,884.03 26,304.06 830,392.17

Total 854,812.20 1,884.03 26,304.06 830,392.17 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 in other receivable periods

Nature of payment Name of bad debt provision unit Closing balance Aging quality of total closing balance Proportion of closing balance (%)

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Company 1 20,432,700.00 98.42 Security deposit 1-2 years 817,308.00 Company 2 94,593.15 0.46 Security deposit 1-2 years 3,783.73 Company 3 79,000.00 0.38 Security deposit 1-2 years 3,160.00

Deposit guarantee

Company 4 47,100.00 0.23 Within 1 year 1,884.00 gold

Deposit guarantee

Company 5 19,000.00 0.09 More than 3 years 760.00 gold

Total 20,672,393.15 99.58 / / 826,895.73

(7) Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

10. Inventory

(1) Inventory classification

□Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Inventories are accurate for price decreases Inventories are accurate for decreases in price

Project preparation/contract performance preparation/contract performance

Book balance Book value Book balance Book value Cost impairment allowance Cost impairment allowance

Be prepared

Raw materials 18,139,635.88 18,139,635.88 17,182,845.47 17,182,845.47 Entrusted processing materials 21,604,894.10 21,604,894.10 15,285,803.49 15,285,803.49 Finished products 6,295,308.91 6,295,308.91 17,784,187.21 17,784,187.21

Total 46,039,838.89 46,039,838.89 50,252,836.17 50,252,836.17

(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

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

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(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 Amount of input tax to be certified 14,334,745.72 13,848,309.77 Value-added tax credit 8,491,957.27 14,435,088.58 Prepaid corporate income tax 4,955,338.40 9,548,884.87

Total 27,782,041.39 37,832,283.22

Information about compensating assets

□Applicable √Not applicable

Other notes:

None

14. Debt investment

(1) Debt investment situation

□Applicable √Not applicable

Changes in provision for impairment of debt investments during 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

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Basis for dividing each stage and proportion of impairment provision: Not applicable

Explanation of significant changes in the book balance of debt investments that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

The amount of impairment provision for the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly: □ Applicable √ Not applicable

(4) Actual write-off debt investments in the current period □ Applicable √ Not applicable

Among them, the write-off of important debt investments □Applicable √Not applicable

Instructions for writing off debt investments:

□Applicable √Not applicable

Other notes:

Not applicable

15. Other debt investments

(1) Other debt investments

□Applicable √Not applicable

Changes in impairment provisions for other debt investments during the period □ Applicable √ Not applicable

(2) Other important debt investments at the end of the period

□Applicable √Not applicable

(3) Provision for impairment losses

□Applicable √Not applicable

(4) Other debt investments actually written off in the current period □ Applicable √ Not applicable

Among them, the write-off of other important debt investments □Applicable √Not applicable

Instructions for writing off other debt investments:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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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:

Not applicable

(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

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17. Long-term equity investment

(1) Long-term equity investment

□Applicable √Not applicable

(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

Other notes:

□Applicable √Not applicable

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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 Ending balance Beginning balance

Fixed assets 2,995,360.34 4,002,932.92 Liquidation of fixed assets

Total 2,995,360.34 4,002,932.92Other instructions:

Not applicable

fixed assets

(1) Fixed assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Items Office equipment Experimental and testing equipment Transportation tools Total

1. Original book value:

1. Opening balance 3,197,760.43 11,289,562.40 315,300.89 14,802,623.72 2. Increase in the current period 75,038.02 10,176.99 85,215.01 (1) Purchase 75,038.02 10,176.99 85,215.01 (2) Transfer of projects under construction

(3) Increase in business mergers

3. Reduction amount in this period 6,791.90 290.52 7,082.42 (1) Disposal or scrapping

(2) Foreign currency statement translation difference 6,791.90 290.52 7,082.42 4. Closing balance 3,266,006.55 11,299,448.87 315,300.89 14,880,756.31

2. Accumulated depreciation

1. Opening balance 2,561,314.22 8,138,531.36 99,845.22 10,799,690.80 2. Increase in the current period 231,975.95 828,838.56 31,530.06 1,092,344.57

(1) Provision 231,975.95 828,838.56 31,530.06 1,092,344.57 3. Reduction amount in the current period 6,355.59 283.81 6,639.40 (1) Disposal or scrapping

(2) Foreign currency statement translation difference 6,355.59 283.81 6,639.40 4. Closing balance 2,786,934.58 8,967,086.11 131,375.28 11,885,395.97

3. Impairment provision

1. Opening balance

2. Increase amount in this period

(1) Provision

3. Reduction amount in this period

(1) Disposal or scrapping

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(2) Conversion differences of foreign currency statements

4. Ending balance

4. Book value

1. Book value at the end of the period 479,071.97 2,332,362.76 183,925.61 2,995,360.34 2. Book value at the beginning of the period 636,446.21 3,151,031.04 215,455.67 4,002,932.92

(2) Temporarily idle fixed assets □Applicable √Not applicable

(3) Fixed assets leased through operating lease □ Applicable √ Not applicable

(4) Fixed assets for which property rights certificates have not been obtained □Applicable √Not applicable

(5) Impairment testing of fixed assets □ Applicable √ Not applicable

Other notes:

√Applicable □Not applicable

In the first half of 2026, depreciation expenses included in research and development expenses, administrative expenses and sales expenses were 828,838.57 yuan, 236,855.44 yuan and 26,650.56 yuan respectively.

Fixed asset liquidation

□Applicable √Not applicable

22. Projects under construction

Item list

□Applicable √Not applicable

Other notes:

Not applicable

Construction in progress

(1) Situation of projects under construction

□Applicable √Not applicable

(2) Changes in important projects under construction during the current period □Applicable √Not applicable

(3) Provision for impairment of projects under construction in the current period □ Applicable √ Not applicable

(4) Impairment test of construction in progress □ Applicable √ Not applicable

Other instructions

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

□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 111,284,109.19 111,284,109.19 2. Increase in the current period 4,265,258.51 4,265,258.51

(1) New leases 4,265,258.51 4,265,258.51 3. Decrease amount in the current period 68,135.42 68,135.42 (1) Changes in leases

(2) Translation difference of foreign currency statements 68,135.42 68,135.42 4. Closing balance 115,481,232.28 115,481,232.28

2. Accumulated depreciation

1. Balance at the beginning of the period 53,558,266.82 53,558,266.82 2. Increase in the current period 7,004,710.70 7,004,710.70

(1) Provision 7,004,710.70 7,004,710.70 3. Decrease amount in the current period 30,786.20 30,786.20

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(1) Termination of lease

(2) Translation difference of foreign currency statements 30,786.20 30,786.20 4. Closing balance 60,532,191.32 60,532,191.32

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 54,949,040.96 54,949,040.96 2. Book value at the beginning of the period 57,725,842.37 57,725,842.37

(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 Patent rights Non-patented technology Software Total

1. Original book value

1. Balance at the beginning of the period 3,155,600.72 3,155,600.72 2. Increase in the current period

(1) Purchase

(2)Internal research and development

(3) Increase in business mergers

3. Reduction amount in the current period 816.69 816.69 (1) Conversion of foreign currency statements

816.69 816.69 difference

4. Closing balance 3,154,784.03 3,154,784.03

2. Accumulated amortization

1. Opening balance 2,208,611.00 2,208,611.00 2. Increase in current period 291,724.23 291,724.23 (1) Provision 292,540.92 292,540.92 (2) Translation of foreign currency statements

-816.70 -816.70 difference

3. Reduction amount in this period

(1)Disposal

4. Closing balance 2,500,335.22 2,500,335.22

3. Impairment provision

1. Opening balance

2. Increase amount in this period

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

(1)Provision

(2) Conversion of foreign currency statements

difference

3. Reduction amount in this period

(1)Disposal

4. Ending balance

4. Book value

1. Book value at the end of the period 654,448.81 654,448.81 2. Book value at the beginning of the period 946,989.72 946,989.72 The proportion of intangible assets formed through the company’s internal research and development at the end of the period to the balance of intangible assets is 0%

(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

(3) Impairment testing of intangible assets

□Applicable √Not applicable

Other notes:

√Applicable □Not applicable

In the first half of 2026, the amortization expenses of intangible assets included in administrative expenses and sales expenses were 94,666.56 yuan and 197,874.36 yuan respectively. In the first half of 2026, the proportion of intangible assets formed through the company's internal research and development to the balance of intangible assets is 0%

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

145/204 Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-annual Report

Reasons for the obvious inconsistency between the aforementioned information and the information used in impairment testing in previous years or external information

□Applicable √Not applicable

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 Items Beginning balance Increase in the current period Amortization amount in the current period Other decreases Ending balance right-of-use assets

16,042,229.61 1,528,164.66 14,514,064.95 Improvement expenditure

Total 16,042,229.61 1,528,164.66 14,514,064.95Other instructions:

None

29. Deferred income tax assets/deferred income tax liabilities

(1) Deferred income tax assets without offset

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Item Deductible temporary deferred income tax Deductible temporary deferred income tax difference Asset Difference Asset asset impairment provision

Unrealized profits from insider transactions

Deductible losses

Lease liabilities 54,875,696.81 8,396,310.85 57,725,842.37 8,881,284.07 Promotional fee deduction balance 8,512,366.39 1,142,474.29

Total 63,388,063.20 9,538,785.14 57,725,842.37 8,881,284.07

(2) Deferred income tax liabilities without offset

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Items Taxable temporary deferred income tax Taxable temporary deferred income tax differences Liabilities Differences Liabilities arising from mergers of enterprises not under common control

Added value to property evaluation

Fair value of other debt investments

change

Investment in other equity instruments is fair

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value change

Right-of-use assets 54,949,040.96 8,399,978.06 57,725,842.37 8,881,284.07

Total 54,949,040.96 8,399,978.06 57,725,842.37 8,881,284.07

(3) Deferred income tax assets or liabilities presented on a net basis after offsetting

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Deferred income tax assets Deferred items after offset Deferred income items after offset Deferred income tax assets

Assets and liabilities are offset by each other. Taxable assets or liabilities are offset by taxable assets or liabilities.

Amount Debt balance Debt balance Deferred income tax assets 8,396,310.85 1,142,474.29 8,881,284.07

Deferred income tax liabilities 8,396,310.85 3,667.21 8,881,284.07

(4) Details of deferred income tax assets not recognized

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Deductible temporary differences 260,859,323.32 254,895,117.83 Deductible losses 1,604,861,254.89 1,632,701,856.02

Total 1,865,720,578.21 1,887,596,973.85

(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 57,373,881.37 61,815,357.86

2027 19,375,783.65 19,377,190.65

2028 19,811,957.23 19,811,957.23

2029 71,306,006.55 71,879,439.82

2030 46,304,898.93 46,371,800.56

2031 94,121,415.39 93,994,292.41

2032 227,619,630.12 227,619,630.12

2033 330,270,164.40 330,270,164.40

2034 494,437,551.39 494,437,551.39

2035 191,064,087.92 219,247,111.56

2036 6,782,765.12

Unlimited 46,393,112.82 47,877,360.02

Total 1,604,861,254.89 1,632,701,856.02 /

Other notes:

√Applicable □Not applicable

1. The company obtained the high-tech enterprise qualification on December 14, 2022, and obtained the new high-tech enterprise qualification on December 25, 2025. Accordingly, the company's uncompleted losses are allowed to be carried forward to be made up in subsequent years, with a maximum carryover period of 10 years.

2. According to local tax laws, the deductible losses of the company's overseas subsidiary Mengke America have no expiration date.

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30. Other non-current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Beginning balance items

Book balance Impairment provision Book value Book balance Impairment provision Book value Contract achievement

Ben

Contract performance completed

Ben

Returns receivable

Ben

contract assets

House deposit and

3,611,918.99 3,611,918.99 3,617,803.86 3,617,803.86 margin

Prepaid non-current

298,784.11 298,784.11 292,369.02 292,369.02 Asset purchase money

Total 3,910,703.10 3,910,703.10 3,910,172.88 3,910,172.88

Information about compensating assets

□Applicable √Not applicable

Other notes:

None

31. Assets with restricted ownership or use rights

□Applicable √Not applicable

Other notes:

None

32. Short-term borrowings

(1) Classification of short-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Pledge loan

mortgage loan

guaranteed loan

Credit borrowings 25,050,000.00 25,000,000.00 Undue accrued interest 16,335.61 18,150.68

Total 25,066,335.61 25,018,150.68 Description of short-term loan classification:

As of June 30, 2026, the Group's short-term borrowings included:

Two working capital loans obtained from Xiamen International Bank. The loan principal is RMB 10,000,000.00 and RMB 15,000,000.00. The loan interest rates are all 2.65% of the basic pricing interest rate on the actual withdrawal date of the loan, and the loan periods are from September 9, 2025 to September 9, 2026 and from October 16, 2025 to October 16, 2026.

A factoring service financing obtained from China CITIC Bank. The financing principal is RMB 50,000.00. The financing interest rate is 2.40%, and the financing period is from June 25, 2026 to September 30, 2026.

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(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

Item Closing balance Opening balance R&D expenses payable 48,745,839.24 63,737,633.08 Inventory purchase payable 8,749,804.81 14,428,548.45 Other payables 128,496.64 2,137,810.71

Total 57,624,140.69 80,303,992.24

(2) Important accounts payable that are aged more than 1 year or are overdue

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Reason for outstanding repayment or carry-forward Supplier 1 9,824,163.80 The settlement period has not yet arrived Supplier 2 1,354,849.97 The settlement period has not yet arrived

Total 11,179,013.77 /

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

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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

38. Contract liabilities

(1)Contract liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Technology transfer payment received in advance 471,698.11 471,698.11

Total 471,698.11 471,698.11

(2) Important contract liabilities aged more than 1 year

□Applicable √Not applicable

(3) Amount and reasons for significant changes in book value during the reporting period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

39. Payable to employees

(1) Presentation of employee benefits payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Short-term salary 7,109,274.69 37,711,635.70 41,952,452.86 2,868,457.53

2. Post-employment benefits-set withdrawals

85,761.80 3,660,672.73 3,678,360.82 68,073.71Plan

3. Dismissal benefits 2,333,961.00 2,333,961.00

4. Other benefits that expire within one year

profit

Total 7,195,036.49 43,706,269.43 47,964,774.68 2,936,531.24

(2) Presentation of short-term remuneration

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Salaries, bonuses, allowances and

7,018,602.98 33,494,575.52 37,731,664.49 2,781,514.01 Subsidy

2. Employee welfare fees 472,695.77 472,695.77

3. Social insurance premiums 90,671.71 2,131,221.97 2,134,950.16 86,943.52 Including: medical insurance premiums 83,626.25 1,908,823.61 1,910,401.17 82,048.69 Work-related injury insurance premiums 2,473.25 54,618.61 55,654.56 1,437.30 Maternity insurance premium 1,862.61 28,357.81 29,368.69 851.73 Overseas social insurance premium 2,709.60 139,421.94 139,525.74 2,605.80

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4. Housing provident fund 1,613,142.44 1,613,142.44 -

5. Trade union funds and employee education

Funding

6. Short-term paid absences

7. Short-term profit sharing plan

Total 7,109,274.69 37,711,635.70 41,952,452.86 2,868,457.53

(3) Display of defined contribution plan

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Basic pension insurance 84,131.00 3,540,773.44 3,558,893.61 66,010.83

2. Unemployment insurance premium 1,630.80 119,899.29 119,467.21 2,062.88

3. Enterprise annuity payment

Total 85,761.80 3,660,672.73 3,678,360.82 68,073.71

Other notes:

□Applicable √Not applicable

40. Taxes payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Value-added tax 14,973,356.77 14,305,350.36 Corporate income tax 1,756,154.90 204,952.71 Personal income tax 628,295.66 695,099.70 Urban maintenance and construction tax 16,464.68 10,175.26 Education surcharge 11,760.46 7,268.02 Stamp duty 26,941.04 62,235.90

Total 17,412,973.51 15,285,081.95Other instructions:

None

41. Other payables

(1) Project list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

interest payable

Dividends payable

Other payables 23,771,755.18 14,887,807.61 Total 23,771,755.18 14,887,807.61

(2) Interest payable

□Applicable √Not applicable

(3) Dividends payable

□Applicable √Not applicable

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(4) Other payables

Present other payables according to nature of payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Market and academic promotion fees payable 14,912,442.23 8,161,889.49 Customer deposit 5,366,080.00 2,894,000.00 Professional service fees payable 2,874,008.27 2,715,451.36 Decoration fees payable 260,869.53 260,869.53 Sales discount payable 76,853.50 50,279.49 Others 281,501.65 805,317.74

Total 23,771,755.18 14,887,807.61

Important other payables aged more than 1 year or overdue

□Applicable √Not applicable

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 112,941,313.08 68,422,601.54 Bonds payable due within one year

Long-term payables due within one year

Lease liabilities due within one year 12,375,309.29 12,767,271.19

Total 125,316,622.37 81,189,872.73Other instructions:

None

44. Other current liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

short term bonds payable

Return payment payable

Output tax to be transferred 28,301.89 28,301.89

Total 28,301.89 28,301.89

Changes in short-term bonds payable:

□Applicable √Not applicable

Other notes:

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

□Applicable √Not applicable

45. Long-term loans

(1) Classification of long-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Pledge loan

mortgage loan

guaranteed loan

Credit borrowings 259,781,313.08 281,459,504.35 Less: long-term borrowings due within one year 112,941,313.08 68,422,601.54

Total 146,840,000.00 213,036,902.81 Description of long-term loan classification:

None

Other instructions

√Applicable □Not applicable

As of June 30, 2026, the Group's long-term borrowings include:

Six working capital loans obtained from China CITIC Bank. The loan principals are RMB 20,000,000.00, RMB

RMB 30,000,000.00, RMB 40,000,000.00, RMB 31,500,000.00, RMB 69,000,000.00 and RMB 20,000,000.00, of which RMB 23,600,000.00 has been repaid. The loan interest rates are all based on the pricing base interest rate on the actual withdrawal date of the loan + 20 basis points. The loan periods are from September 21, 2023 to September 21, 2026, March 18, 2024 to January 26, 2027, and 2024 respectively. July 25 to January 26, 2027, January 3, 2025 to January 3, 2028, November 10, 2025 to May 13, 2028, May 25, 2026 to May 25, 2029;

Five working capital loans obtained from Jiangsu Bank. The loan principals are RMB 643,173.14, RMB 3,889,429.65, RMB 8,446,887.88, RMB 7,222,748.02 and RMB 10,000,000.00, of which RMB 2,520,223.92 has been repaid. The loan interest rates are all based on the basic pricing interest rate of 3.20% on the actual withdrawal date of the loan, and the loan periods are from February 10, 2025 to February 9, 2027, and from February 25, 2025 to 2027. February 24, March 4, 2025 to March 3, 2027, April 15, 2025 to April 14, 2027, September 25, 2025 to September 24, 2027;

Two working capital loans obtained from China Construction Bank. The loan principals are RMB 20,000,000.00 and RMB

10,000,000.00 yuan, of which 4,010,000.00 yuan has been repaid. The loan interest rates are all floating interest rates, that is, the LPR interest rate -35 basis points, and the loan periods are from February 10, 2025 to February 9, 2028, and from October 16, 2025 to October 15, 2028;

A working capital loan obtained from Ningbo Bank. The loan principal is RMB 20,000,000.00, of which the loan has been repaid

1,000,000.00 yuan. The loan interest rate is 3.00% of the basic pricing interest rate on the actual withdrawal date of the loan, and the loan period is from October 16, 2025 to October 16, 2027.

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

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(3) Description of convertible corporate bonds

□Applicable √Not applicable

Accounting treatment and judgment basis for equity transfer

□Applicable √Not applicable

(4) Description of other financial instruments classified as financial liabilities Basic information on 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

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Lease liabilities 75,852,112.93 73,146,843.31 Less: non-current liabilities due within one year 12,375,309.29 12,767,271.19

Total 63,476,803.64 60,379,572.12Other instructions:

None

48. Long-term accounts payable

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

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

51. Deferred income

Deferred income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance Reasons for formation and asset-related policies

600,000.00 600,000.00

government subsidies

Policies related to income

1,150,000.00 1,150,000.00

government subsidies

Total 1,750,000.00 1,750,000.00 /

Other notes:

√Applicable □Not applicable

Unit: Yuan Currency: RMB

This issue This issue

Item Ending balance of previous year Ending balance

increase decrease

Special subsidy for promoting high-quality industrial development (part related to income) 500,000.00 500,000.00 Special subsidy for promoting high-quality industrial development (part related to assets) 600,000.00 600,000.00 Subsidy for patent pilot units of the Intellectual Property Office 300,000.00 300,000.00 Special subsidy for enterprise R&D institutions (new district level) 350,000.00 350,000.00Total 1,750,000.00 1,750,000.00

52. Other non-current liabilities

□Applicable √Not applicable

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 656,228,380.00 656,228,380.00Other instructions:

In December 2025, the company granted the second vesting period of the company's second class restricted stock to the incentive recipients in 2023, and the first vesting period of the company's second class restricted stock granted to the incentive recipients in 2024. The vesting conditions were met in this period, and the actual number of exercised shares was 622,889.00 shares, with an exercise price of 5.00 yuan per share. Among them, RMB 622,889.00 was included in the share capital and RMB 2,491,556.00 was included in the share premium. The relevant vested shares have been registered on January 26, 2026.

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

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Changes in other equity instruments during the current period, explanations of reasons for changes, and the basis for relevant accounting treatments: □ Applicable √ Not applicable

Other instructions:

□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 1,400,186,013.75 1,400,186,013.75 price)

Other capital reserves 187,739,088.89 425,426.83 188,164,515.72

Total 1,587,925,102.64 425,426.83 1,588,350,529.47

Other explanations, including changes in increases and decreases in the current period and explanations of reasons for changes:

Refer to Note 15. Share-based payment.

56. Treasury stocks

□Applicable √Not applicable

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

57. Other comprehensive income

√Applicable □Not applicable

Unit: Yuan Currency: RMB Amount incurred in the current period

Less: included in the previous period Less: included in the previous period

Beginning of the period Attributable after tax Items at the end of the period Before income tax for the current period Other comprehensive income Other comprehensive income Less: Income tax Balance attributable to after-tax Attributable to less Balance occurrence amount Benefit transferred in the current period Benefit transferred in the current period Expenses Several shareholders of the parent company

Profit and loss Retained earnings

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

combined income

Among them: Remeasurement of defined benefit plan changes

moving amount

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

Comprehensive income

Fair value of investments in other equity instruments

change

The fair value of the company’s own credit risk

change

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

7,689,642.72 -5,452,230.97 -5,452,230.97 2,237,411.75 Income

Including: Others that can be transferred to profits and losses under the equity method

Comprehensive income

Changes in fair value of other debt investments

Financial assets are reclassified into other comprehensive

Amount of combined income

Credit impairment provisions for other debt investments

Cash flow hedging reserve

Translation difference of foreign currency financial statements 7,689,642.72 -5,452,230.97 -5,452,230.97 2,237,411.75 Total other comprehensive income 7,689,642.72 -5,452,230.97 -5,452,230.97 2,237,411.75

157/204

Other explanations in the 2026 semi-annual report of Shanghai Mengke Pharmaceutical Co., Ltd., including adjustments to the initial recognition amount of the effective portion of cash flow hedging gains and losses converted into hedged items: None

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58. Special reserves

□Applicable √Not applicable

59. Surplus reserve

□Applicable √Not applicable

60. Undistributed profits

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Items This period The undistributed profit at the end of the previous period before the adjustment in the previous year -2,046,303,857.73 -1,804,691,498.24 The total undistributed profit at the beginning of the period before adjustment (adjustment +,

Adjustment -)

Adjusted opening undistributed profit -2,046,303,857.73 -1,804,691,498.24 plus: net profit attributable to owners of the parent company for the period

-37,566,012.58 -241,612,359.49 profit

Less: Withdrawal from 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 -2,083,869,870.31 -2,046,303,857.73 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/yuan at the beginning of the period is affected.

2. Due to changes in accounting policies, the undistributed profit/yuan at the beginning of the period is affected.

3. Due to the correction of major accounting errors, the undistributed profit/yuan at the beginning of the period was affected.

4. Changes in the scope of consolidation due to the same control affect the undistributed profit/yuan at the beginning of the period.

5. The total impact of other adjustments on opening undistributed profits/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 Items

Revenue Cost Revenue Cost Main business 84,337,663.37 11,993,376.65 66,967,918.23 10,189,199.84 Other business 5,192,385.67 1,834.86

Total 89,530,049.04 11,993,376.65 66,969,753.09 10,189,199.84

(2) Breakdown information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Pharmaceutical sales revenue Other business revenue Total contract classification

Operating income Operating cost Operating income Operating cost Operating income Operating cost is classified by the time of transfer of goods

Confirmed at a certain point in time 84,337,663.37 11,993,376.65 5,192,385.67 / 89,530,049.04 11,993,376.65

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Total 84,337,663.37 11,993,376.65 5,192,385.67 / 89,530,049.04 11,993,376.65

Other instructions

√Applicable □Not applicable

On June 30, 2026, the Company's revenue from all sales of pharmaceutical preparations will be recognized after the dealer signs the receipt and signs the goods handover order.

(3) Description of performance obligations

□Applicable √Not applicable

(4) Description of allocation to remaining performance obligations

□Applicable √Not applicable

(5) Major contract changes or major transaction price adjustments

□Applicable √Not applicable

Other notes:

The Group's revenue from the sales of pharmaceutical preparations is recognized after the dealer signs the receipt and signs the goods handover order.

62. Taxes and surcharges

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

consumption tax

business tax

Urban maintenance and construction tax 67,950.92 45,046.98 Education surcharge 48,536.39 32,176.46 Stamp tax 67,753.32 121,578.57 Others 106,734.63 140,426.52

Total 290,975.26 339,228.53Other instructions:

None

63. Sales expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Marketing and academic promotion expenses 30,801,765.50 20,281,044.73 Employee compensation 14,635,079.49 19,528,437.77 Travel expenses 787,841.43 926,638.15 Business entertainment expenses 565,400.41 938,774.56 Depreciation and amortization 460,795.20 406,753.22 Share-based payment expenses 156,120.87 2,598,505.39 Others 846,870.10 3,808,355.28

Total 48,253,873.00 48,488,509.10Other instructions:

None

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64. Management expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 13,412,524.21 11,359,341.35 Consulting fees 4,662,042.97 5,872,939.75 Depreciation and amortization 3,535,972.69 5,136,262.43 Travel expenses 280,085.86 364,416.54 Share-based payment expenses 77,204.64 5,913,522.06 Others 2,148,385.46 1,199,996.37

Total 24,116,215.83 29,846,478.50

Other notes:

None

65. Research and development expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Entrusted research and development expenses 17,764,854.47 82,136,394.31 Employee compensation 15,658,665.72 20,323,815.57 Depreciation and amortization 5,920,992.95 3,545,925.35 Travel expenses 287,212.10 330,194.04 Share-based payment expenses 192,101.32 6,750,112.44 Research and development material expenses 160,932.89 121,282.65 Others 3,186,817.94 3,205,561.43

Total 43,171,577.39 116,413,285.79Other 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 6,161,905.62 6,323,076.82 Including: Interest expense on lease liabilities 1,521,977.81 1,995,878.64 Less: Interest income 1,353,394.02 1,902,760.85 Exchange gains and losses -317,660.03 -252,880.72 Bank handling fee 34,074.25 462,543.33

Total 4,524,925.82 4,629,978.58Other 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

"Small scale upgrading" project subsidy - 400,000.00

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Special subsidy from Pudong New Area Science and Technology and Economic Commission - 179,700.00 Special subsidy for high-quality industrial development - 150,000.00 Personal income tax withholding fee 153,295.22 175,468.65 Subsidy from Shanghai Patent Work Demonstration Unit (Enterprise Category) 150,000.00 - Others 64,592.35 -

Total 367,887.57 905,168.65Other instructions:

None

68. Investment income

□Applicable √Not applicable

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 2,375,172.59 4,261,022.11 Including: bank financial management income 2,375,172.59 4,261,022.11 Trading financial liabilities

Investment properties measured at fair value

Total 2,375,172.59 4,261,022.11Other 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

Income from disposal of right-of-use assets - 4,427.63 Income from disposal of fixed assets - -

Total - 4,427.63

Other notes:

□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 accounts receivable 125,550.71 182,280.01 Bad debt losses on other receivables -24,420.03 123,366.53

Total 101,130.68 305,646.54Other instructions:

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None

73. Asset impairment losses

□Applicable √Not applicable

74. Non-operating income

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring profit and loss items for the current period Amount incurred in the current period Amount incurred in the previous period

The amount of gain on disposal of non-current assets

total

Including: fixed asset disposal

gain

Disposal of intangible assets

gain

Debt restructuring gains

Non-monetary asset exchange interest

Got

Donations accepted

government subsidies

Others 15,340.00 500.00 15,340.00

Total 15,340.00 500.00 15,340.00

Other notes:

□Applicable √Not applicable

75. Non-operating expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring profit and loss items for the current period Amount incurred in the current period Amount incurred in the previous period

The amount of loss on disposal of non-current assets

Missing total

Including: fixed asset disposal

loss

Intangible Assets Division

loss

Debt restructuring losses

Non-monetary asset exchange

loss

external donation

Others 50.00 487,264.63 50.00

Total 50.00 487,264.63 50.00Other instructions:

None

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76. Income tax expenses

(1) Income tax expense schedule

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Current income tax expense -1,458,855.77 115,772.52 Deferred income tax expense -1,138,807.08

Total -2,597,662.85 115,772.52

(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 -40,163,675.43 Income tax expenses calculated according to statutory/applicable tax rates -6,024,551.31 Impact of different tax rates applicable to subsidiaries -2,619,444.04 Impact of adjusting income tax in previous periods 102,718.57 Impact of non-taxable income

Impact of non-deductible costs, expenses and losses 154,387.43 Use deductible losses from deferred income tax assets not recognized in the previous period

-478,705.48 impact

No deductible temporary differences have been recognized for deferred income tax assets in the current period

9,656,235.76 The impact of exclusive or deductible losses

Impact of super deduction of R&D expenses -3,388,303.78 Income tax expense -2,597,662.85

Other 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 367,887.57 824,027.25 Interest income 402,054.51 2,238,962.89 Others 3,195,620.00 81,641.40

Total 3,965,562.08 3,144,631.54 Description of other cash received related to operating activities:

None

Other cash paid related to operating activities

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Travel and business entertainment expenses 3,526,528.09 3,527,918.84 Payment deposit and security deposit 708,200.00 - Others 31,813.81 4,176,466.65

Total 4,266,541.90 7,704,385.49 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

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Cash received from redemption of bank wealth management products 1,265,159,498.95 1,289,028,579.14 Cash received from redemption of time deposits at maturity 103,419,588.29 103,031,233.75

Total 1,368,579,087.24 1,392,059,812.89 Cash received related to important investing activities

None

Cash payments related to significant investment activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Cash paid for purchasing bank financial products 1,244,909,675.51 1,334,682,058.18 Cash paid for purchasing time deposits 103,436,029.62 23,298,760.75

Total 1,348,345,705.13 1,357,980,818.93 Cash paid related to important investment activities

None

Other cash received related to investing activities

□Applicable √Not applicable

Other cash paid related to investing activities

□Applicable √Not applicable

(3) Cash related to financing activities

Other cash received related to financing activities

□Applicable √Not applicable

Other cash payments related to financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Payment of lease liabilities 3,073,254.36 7,716,039.18 Total 3,073,254.36 7,716,039.18

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Description of other cash payments related to financing activities in the 2026 semi-annual report of Shanghai Mengke Pharmaceutical Co., Ltd.:

None

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Changes in various liabilities arising from financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase in this period Decrease in this period

Item Beginning balance Closing balance

Cash changes Non-cash changes Cash changes Non-cash changes

Lease liabilities (including due within one year) 73,146,843.31 - 4,265,258.51 3,073,254.36 -1,513,265.47 75,852,112.93 Short-term borrowings 25,018,150.68 50,000.00 - - 1,815.07 25,066,335.61 Interest payable - - 4,653,752.83 4,653,752.83 - - Long-term borrowings (including due within one year) 281,459,504.35 20,000,000.00 - 41,635,111.96 43,079.31 259,781,313.08 Total 379,624,498.34 20,050,000.00 8,919,011.34 49,362,119.15 -1,468,371.09 360,699,761.62

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(4) Explanation on presenting cash flows in net amount

□Applicable √Not applicable

(5) Major activities and financial activities that do not involve current cash receipts and payments but affect the company's financial status or may affect the company's cash flow in the future.

business impact

□Applicable √Not applicable

79. Supplementary information for cash flow statement

(1) Supplementary information for cash flow statement

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Supplementary information Amount for the current period Amount for the previous period

1. Adjust net profit to cash flow from operating activities

Quantity:

Net profit -37,566,012.58 -138,674,492.55 plus: asset impairment provision

Credit impairment losses 101,130.68 305,646.54 Depreciation of fixed assets, depletion of oil and gas assets, production

1,092,344.57 1,154,661.21 Depreciation of biological assets

Depreciation of right-of-use assets 7,004,710.69 5,966,755.45 Amortization of intangible assets 292,540.92 439,071.20 Amortization of long-term prepaid expenses 1,528,164.66 1,528,453.14 Disposal of fixed assets, intangible assets and other long-term

Loss of assets (income is listed with "-")

Loss from scrapping of fixed assets (fill in income with "-"

-4,427.63 columns)

Loss from change in fair value (income is filled in with "-"

-2,375,172.59 -4,261,022.11 columns)

Financial expenses (income is listed with "-") 4,185,097.05 4,813,649.95 Investment losses (income is listed with "-")

Decrease in deferred income tax assets (increase marked with "-"

-1,142,474.29

Fill in the column)

Increase in deferred income tax liabilities (decrease marked with "-"

3,667.21

Fill in the column)

Decrease in inventory (increases are indicated by "-") 4,212,997.28 2,416,801.55 Decrease in operating receivables (increases are indicated by "-"

No. 6,893,961.61 -2,882,985.89)

Increase in operating payable items (decrease marked with “-”

-11,049,270.85 -6,768,929.53 (fill in the numbers)

Amount of share-based payment 425,426.83 15,262,139.89 Net cash flow generated from operating activities -26,392,888.81 -120,704,678.78 2. Major investments and financing that do not involve cash receipts and payments

Funding activities:

debt to capital

Convertible corporate bonds due within one year

Obtaining right-of-use assets by assuming lease liabilities 4,265,258.51

3. Net changes in cash and cash equivalents:

Closing balance of cash 261,745,571.65 236,905,387.67

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Less: Opening balance of cash 294,935,161.41 273,332,290.62 Add: Closing balance of cash equivalents

Less: Opening balance of cash equivalents

Net increase in cash and cash equivalents -33,189,589.76 -36,426,902.95

(2) Net cash paid in the current period to acquire subsidiaries

□Applicable √Not applicable

(3) Net cash received from disposal of subsidiaries in the current period

□Applicable √Not applicable

(4) Composition of cash and cash equivalents

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

1. Cash 261,745,571.65 294,935,161.41 including: cash on hand

Bank deposits that can be used for payment at any time 261,745,571.65 294,935,161.41 Other monetary funds that can be used for payment at any time

Central bank deposits available for payment

Deposit funds from other banks

Funds placed with other banks

2. Cash equivalents

Including: Bond investments due within three months

3. Balance of cash and cash equivalents at the end of the period 261,745,571.65 294,935,161.41 Among them: the parent company or subsidiaries within the group use

Restricted cash and cash equivalents

(5) Situations where the scope of use is limited but still presented as cash and cash equivalents

□Applicable √Not applicable

(6) Monetary funds other than cash and cash equivalents

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Reasons Expected to be held to maturity

Time deposits and unmatured 20,554,797.99 21,166,059.83 Estimated interest accrued from holding to maturity

Total 20,554,797.99 21,166,059.83 /

Other notes:

□Applicable √Not applicable

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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 Conversion into RMB items at the end of the period Foreign currency balance at the end of the period Conversion exchange rate

balance

Monetary funds 91,524,454.41 including: US dollars 13,132,691.57 6.8109 89,445,449.01

Hong Kong dollars 2,393,513.01 0.8686 2,079,005.40 Trading financial assets 68,226,557.97 Including: USD 10,017,260.27 6.8109 68,226,557.97 Other receivables 20,435,236.38 Including: USD 3,000,372.40 6.8109 20,435,236.38 Other non-current assets 183,943.34 Including: USD 27,007.20 6.8109 183,943.34 Accounts payable 35,473,368.69 Including: USD 5,208,323.23 6.8109 35,473,368.69 Employee benefits payable 271,735.19 Including: USD 39,131.92 6.8109 266,523.59

HKD 6,000.00 0.8686 5,211.60 Lease liabilities 1,056,507.42 Including: USD 155,120.09 6.8109 1,056,507.42Other notes:

None

(2) The nature of currency lack of convertibility and its financial impact, the spot exchange rate used and its estimation process, and the risks faced by the enterprise due to currency lack of convertibility

□Applicable √Not applicable

(3) Description of overseas operating entities, including for important overseas operating entities, their main overseas operating place, accounting standard currency and basis for selection should be disclosed. If the accounting standard currency changes, the reasons should also be disclosed.

√Applicable □Not applicable

The company's U.S. subsidiaries are located in California, USA, and their functional currency is the U.S. dollar. The foreign currency statements have been converted into RMB when preparing the company's consolidated financial report.

The company's Hong Kong subsidiary operates in Hong Kong, and its accounting standard currency is Hong Kong dollars. The foreign currency statements have been converted into RMB when preparing the company's consolidated financial report.

(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

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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

The Group directly includes rental expenses for short-term leases and low-value leases into current profits and losses, with the amount in the first half of 2026 being RMB 91,403.93.

Sale and leaseback transactions and basis for judgment

□Applicable √Not applicable

The total cash outflow related to leasing is 3,164,658.29 (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

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 incurred in the current period Amount incurred in the previous period Entrusted R&D expenses 17,764,854.47 82,136,394.31 Employee compensation 15,658,665.72 20,323,815.57 Depreciation and amortization 5,920,992.95 3,545,925.35 Travel expenses 287,212.10 330,194.04 Share-based payment expenses 192,101.32 6,750,112.44

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R&D material expenses 160,932.89 121,282.65 Others 3,186,817.94 3,205,561.43

Total 43,171,577.39 116,413,285.79 Including: Expenditure R&D expenditure 43,171,577.39 116,413,285.79

Capitalized R&D expenditures

Other notes:

None

2. Development expenditures for 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

1. Business merger not under common control □Applicable √Not applicable

2. Business merger under common control □Applicable √Not applicable

3. Reverse purchase

□Applicable √Not applicable

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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 (%) Name of acquired subsidiary Main place of business Registered capital Place of registration Nature of business

Direct Indirect Method Kerikesi China 7,000,000.00 China Trade and Sales 100 Investment to establish Mengke Pharmaceuticals China 37,318,750.00 China Drug R&D 100 Merger of enterprises under common control

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Mengke America United States United States USD 0.1 United States Drug R&D 100 Merger of companies under common control with Merchants New Hong Kong Hong Kong, China 11,600,000.00 Hong Kong, China R&D and investment holding 100 Merger of companies under common control with Humeng Chengtai China 100,000.00 China Sales promotion 100 Investment in the establishment of Xirui Chengtai China 100,000.00 China Sales promotion 100 Investment and establishment of Kangyue Biotech China 100,000.00 China Sales and promotion 100 Investment and establishment of Comai Biotechnology China 100,000.00 China Sales and promotion 100 Investment and establishment

Explanation on the difference between the proportion of shareholding in subsidiaries and the proportion of voting rights:

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:

None

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

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(4) Significant restrictions on the use of enterprise group assets and settlement of enterprise group debts:

□Applicable √Not applicable

(5) Financial support or other support provided to structured entities included in the scope of consolidated financial statements: □ Applicable √ Not applicable

Other notes:

□Applicable √Not applicable

2. Transactions in which the ownership share of the subsidiary changes and the subsidiary is still controlled

□Applicable √Not applicable

3. Interests in joint ventures or associated enterprises

□Applicable √Not applicable

4. Important joint operations

□Applicable √Not applicable

5. Interests in structured entities not included in the scope of consolidated financial statements

Relevant instructions for structured entities 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

2. Liability items involving government subsidies

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Included in this period

Financial statements New in this period Transferred in this period Others Related to assets/beginning balance Non-operating income Closing balance items Subsidy amount Other income Changes Income

Deposit amount

Deferred income 600,000.00 600,000.00 Related to assets

Related deferred income 1,150,000.00 1,150,000.00 Total related to income 1,750,000.00 1,750,000.00 /

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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 income 367,887.57 905,168.65

Total 367,887.57 905,168.65

Other notes:

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 above financial risks and the risk management policies adopted by the Company to reduce these risks are as follows:

The board of directors is responsible for planning and establishing the company's risk management structure, formulating the company's risk management policies and relevant guidelines, and supervising the implementation of risk management measures. The Company has formulated risk management policies to identify and analyze the risks faced by the Company. These risk management policies clearly define specific risks and cover many aspects such as market risk, credit risk and liquidity risk management. The Company regularly evaluates changes in the market environment and the Company's operating activities to determine whether to update risk management policies and systems. The Company's risk management is carried out by the Risk Management Committee in accordance with policies approved by the Board of Directors. The Risk Management Committee identifies, evaluates and avoids relevant risks through close cooperation with other business departments of the Company. The Company's internal audit department conducts regular audits on risk management controls and procedures and reports the audit results to the Company's Audit Committee.

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, accounts receivable, 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. In addition, the Company sets relevant policies for accounts receivable and other receivables to control credit risk exposure. 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.

As of June 30, 2026, the Company had no significant collateral and other credit enhancements held due to debtor mortgages.

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Liquidity risk Liquidity risk refers to the risk of a shortage of funds when an enterprise fulfills its obligations settled by the delivery of 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 obligations under all reasonable forecasts by monitoring cash balances, marketable securities that are readily liquidable, and rolling forecasts of future cash flows. 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 Closing balance

Item Immediate Undiscounted Contract Amount

Within 1 year 1-2 years 2-5 years More than 5 years Book value

Repayment Total

Short-term borrowings 25,066,335.61 25,066,335.61 25,066,335.61 Accounts payable 46,445,126.92 11,179,013.77 57,624,140.69 57,624,140.69 Other payables 23,771,755.18 23,771,755.18 23,771,755.18 Long-term borrowings (including due within one year) 119,258,481.62 126,459,689.67 24,786,724.99 270,504,896.27 259,781,313.08 Lease liabilities (including due within one year) 14,788,070.21 16,518,185.55 50,723,728.22 82,029,983.98 75,852,112.93 Total 229,329,769.54 154,156,888.99 75,510,453.21 458,997,111.74 442,095,657.49

Unit: Yuan Currency: RMB Ending balance of the previous year

Item Immediate Undiscounted Contract Amount

Within 1 year 1-2 years 2-5 years More than 5 years Book value

Repayment Total

Short-term borrowings 25,018,150.68 25,018,150.68 25,018,150.68 Accounts payable 68,843,985.87 11,460,006.37 80,303,992.24 80,303,992.24 Other payables 14,887,807.61 14,887,807.61 14,887,807.61 Long-term borrowings (including due within one year) 76,022,305.25 120,442,308.52 98,013,136.08 294,477,749.85 281,459,504.35 Lease liabilities (including due within one year) 16,194,023.17 16,683,526.48 50,421,322.96 83,298,872.61 73,146,843.31

Total 200,966,272.58 148,585,841.37 148,434,459.04 497,986,572.99 474,816,298.19

market risk

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Market risk of financial instruments refers to the risk that the fair value or future cash flows of financial instruments fluctuate due to market price changes, including exchange rate risk, interest rate risk and other price risks. (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.

Interest-bearing financial instruments with fixed interest rates and floating interest rates expose the Company to fair value interest rate risk and cash flow interest rate risk respectively. The Company determines the ratio of fixed-rate and floating-rate instruments based on market conditions, and maintains an appropriate mix of fixed-rate and floating-rate instruments through regular review and monitoring.

With other variables held constant, if the borrowing rate calculated on a floating rate basis increases or decreases by 100 basis points, the impact on the company's net profit will be as follows. Management believes that 100 basis points reasonably reflects the reasonable range within which interest rates may change.

Unit: Yuan Currency: RMB Impact on Net Profit

Interest rate changes

Amount for the current period Amount for the previous year

Increased by 100 basis points -616,190.56 632,307.68 Decreased by 100 basis points 616,190.56 -632,307.68

(2) 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 Company continuously monitors the scale of foreign currency transactions and foreign currency assets and liabilities to minimize the foreign exchange risks it faces. In addition, the company may also sign forward foreign exchange contracts or currency swap contracts to avoid exchange rate risks. During this period, the Company did not enter into any forward foreign exchange contracts or currency swap contracts.

The exchange rate risk faced by the Company mainly comes from companies using RMB as their functional accounting currency, which hold financial assets and financial liabilities denominated in US dollars; and companies using Hong Kong dollars as their functional currency, holding financial assets and financial liabilities denominated in US dollars and RMB. The amounts of foreign currency financial assets and foreign currency financial liabilities converted into RMB are listed as follows:

Unit: Yuan Currency: RMB Closing balance Last year’s closing balance

Project

USD RMB Total USD RMB Total Companies using RMB as their functional currency

Monetary funds 1,453,697.79 1,453,697.79 1,499,826.64 1,499,826.64 Companies using Hong Kong dollars as their accounting currency

Monetary funds 78,605,168.19 58,981.43 78,664,149.62 26,212,445.97 5,057,740.37 31,270,186.34 Trading financial assets 68,226,220.59 68,226,220.59 125,531,806.65 125,531,806.65Total 148,285,086.57 58,981.43 148,344,068.00 153,244,079.26 5,057,740.37 158,301,819.63

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On June 30, 2026, with all other variables held constant, if the RMB or Hong Kong dollar appreciates or depreciates by 10% against the US dollar, the impact on the company's net profit will be as follows. Management believes that 10% reasonably reflects the reasonable range of possible changes in the RMB or Hong Kong dollar against the US dollar.

Unit: Yuan Currency: RMB Impact on Net Profit

Exchange rate changes

Amount for the current period Amount for the previous year

Increased by 10% 14,828,509.00 17,575,005.00 Decreased by 10% -14,828,509.00 -17,575,005.00

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2. Hedging

(1) The company carries out hedging business for risk management

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

(2) The company carries out qualified hedging business and applies hedging accounting

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

(3) The company carries out hedging business for risk management and expects to achieve risk management objectives but does not apply hedging accounting □ Applicable √ Not applicable

Other instructions

□Applicable √Not applicable

3. Transfer of financial assets

(1) Classification of transfer methods

□Applicable √Not applicable

(2) Financial assets derecognized due to transfer

□Applicable √Not applicable

(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 item First level fair price Second level fair price Total third level fair price

value measurement value measurement value measurement

1. Continuous fair value measurement

(1) Trading financial assets 111,274,706.75 111,274,706.75 1. Measured at fair value and changes

111,274,706.75 111,274,706.75 Financial assets included in current profits and losses

(1) Debt instrument investment

(2) Equity instrument investment

(3) Derivative financial assets 111,274,706.75 111,274,706.75

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2. Designate financial assets measured at fair value with changes included in current profits and losses.

(1) Debt instrument investment

(2) Equity instrument investment

(2) Other debt investments

(3) Investment in other equity instruments

(4) Investment real estate

1. Land use rights for lease

2. Buildings for rent

3. Hold and prepare to transfer land use rights after appreciation

(5) Biological assets

1. Consumable biological assets

2. Productive biological assets

Assets measured at fair value on an ongoing basis

111,274,706.75 111,274,706.75 Total output

(6) Trading financial liabilities 1. Financial liabilities measured at fair value through profit or loss of the current period: Among them: Derivative financial liabilities of trading bonds issued

Others

2. Financial liabilities designated as measured at fair value and changes included in current profit and loss

Total liabilities measured at fair value on an ongoing basis

2. Non-continuous fair value measurement

(1) Assets held for sale

Total assets measured at fair value on an ongoing basis

Total liabilities measured at fair value on an ongoing basis

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

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 Company uses valuation techniques to determine fair value for financial instruments that are not traded in an active market. The valuation model used is mainly the discounted cash flow model. The input values ​​of the valuation technology mainly include the expected rate of return of the contract, etc. Continuing Level 3 fair value measurement items, reconciliation information between opening and closing book values ​​and sensitivity analysis of unobservable parameters.

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5. Continuous third-level fair value measurement items, reconciliation information between the opening and closing book values and sensitivity analysis of unobservable parameters

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Transfer Transfer For those held at the end of the reporting period

Total gain or loss for the current period Purchases, issuances, sales and settlements

No. 1 asset, included in the loss item. Ending balance of the previous year. Ending balance of the previous year.

3 3 Changes in gains or losses that have not been realized in the current period are included in profit or loss and included in other comprehensive income. Purchase Sale

OK

transactional finance

135,540,703.78 2,375,172.59 -4,008,073.78 1,244,909,675.51 1,267,542,771.35 111,274,706.75 165,706.74

at fair value

quantity and its change

135,540,703.78 2,375,172.59 -4,008,073.78 1,244,909,675.51 1,267,542,771.35 111,274,706.75 165,706.74 included in the current profit and loss

financial assets

—Bank structural

135,540,703.78 2,375,172.59 -4,008,073.78 1,244,909,675.51 1,267,542,771.35 111,274,706.75 165,706.74 Financial products

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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. Changes in valuation technology and reasons for changes during the period □Applicable √Not applicable

8. Fair value of financial assets and financial liabilities not measured at fair value √Applicable □Not applicable

The Company's financial assets and financial liabilities measured at amortized cost mainly include: monetary funds, accounts receivable, other receivables, short-term borrowings, accounts payable, other payables, long-term borrowings and lease liabilities, etc. During the reporting period, the difference between the book value and fair value of the Company's financial assets and financial liabilities that are not measured at fair value was very small.

9. Others

□Applicable √Not applicable

14. Related parties and related transactions

1. Information about the parent company of this enterprise

□Applicable √Not applicable

2. Information about the company’s subsidiaries

Please refer to the notes for details of the company’s subsidiaries.

√Applicable □Not applicable

Please refer to Note 10.1 for the basic information and relevant information of subsidiaries.

3. Information about the company’s joint ventures and associated enterprises

Please refer to the notes for details of important joint ventures or associates of this company.

□Applicable √Not applicable

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

Other instructions

None

5. Related transactions

(1) Related transactions related to purchase and sale of goods, provision and receipt of services. Purchase of goods/receipt of services status table

□Applicable √Not applicable

List of goods sold/services provided

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□Applicable √Not applicable

Description of related-party 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

As a lessee, our company:

□Applicable √Not applicable

Description of related leasing situation

□Applicable √Not applicable

(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

(5) Fund lending from related parties

□Applicable √Not applicable

(6) Related party asset transfer and debt restructuring □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 575.77 748.59

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(8) Other related transactions

□Applicable √Not applicable

6. Unsettled items such as receivables and payables to related parties

(1) Items receivable

□Applicable √Not applicable

(2) Items payable

□Applicable √Not applicable

(3) Other items

□Applicable √Not applicable

7. Related party commitments

□Applicable √Not applicable

8. Others

□Applicable √Not applicable

15. Share-based payment

1. Various equity instruments

(1) Details

√Applicable □Not applicable

Quantity unit: shares Amount unit: Yuan Currency: RMB Grant object Granted in this period Exercise in this period Unlocked in this period Expired in this period

Category Quantity Amount Quantity Amount Quantity Amount Quantity Amount Restricted shares

Tickets and options - - - - - - - - Incentive objects

Total - - - - - - - -

(2) Stock options or other equity instruments outstanding at the end of the period

√Applicable □Not applicable

Stock options outstanding at the end of the period Other equity instruments outstanding at the end of the period Grant object categories

Range of exercise price Remaining term of the contract Range of exercise price Remaining term of the contract Restricted stocks and futures

See other instructions See other instructions See other instructions See other instructions Right incentive objects

Other instructions

(1) Stock option plan

In 2007 and 2018, with the approval of Monco Cayman’s board of directors and shareholders’ meeting, Monco Cayman implemented two employee option incentive plans (i.e., the 2007 Equity Incentive Plan and the 2018 Equity Incentive Plan). Monco Cayman has granted a total of 8,174,393 stock options over the years.

As a shareholder of Mengke Hong Kong, a shareholder of the company, the stock options granted by Mengke Cayman to the employees of the company and its subsidiaries are actually capital investments made into the company, and the relevant share payment expenses should be included in the company. The above stock options are equity settled

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For share-based payments, the company will deduct the exercise price based on the fair value of the stock options on the date of grant, and include them in the costs and expenses of each period during the waiting period, and increase the capital reserve accordingly.

The changes in the above stock options are as follows:

Project situation in this period

Number of stock options outstanding at the beginning of the year (shares) 3,995,691

Number of stock options granted in this period (shares) -

Number of stock options exercised in this period (shares) -

Number of stock options expired in this period (shares) -

Number of stock options outstanding at the end of the period (shares) 3,995,691

The exercise price of Monco Cayman’s stock options held by the above-mentioned share incentive grant recipients is US$0.12 to US$0.70.

(2) Restricted Stock Incentive Plan (2020)

The company held a shareholders' meeting on December 19, 2020, and reviewed and approved the "2020 Equity Incentive Plan of Shanghai Mengke Pharmaceutical Co., Ltd." ("Incentive Plan Plan"). The company implemented a restricted stock incentive plan for directors, senior managers, core technical personnel and other employees deemed by the board of directors to need incentives ("Incentive Targets"), and granted a total of 25,210,084 restricted shares to the incentive targets. The service period of the incentive objects is from the date of grant to the expiration of the lock-in period after the listing of the company's stocks. The restricted stocks can be unlocked in batches only after meeting the company's performance conditions and personal performance conditions. The grant price of restricted shares is RMB 1.00 per share.

The changes in the above-mentioned restricted stocks are as follows:

Project situation in this period

Number of restricted shares outstanding at the beginning of the year (shares) 21,967,158

Number of restricted stock shares granted in this period (shares) -

Number of restricted stock shares to be exercised in this period (shares) -

Number of restricted stock shares that expired in this period (shares) -

Number of restricted shares outstanding at the end of the period (shares) 21,967,158

(3) In 2020, in order to implement the option plan at the level of Mengke Cayman and realize the transfer of some non-institutional shareholders of Mengke Cayman, the 512,246 granted stock options held by domestic incentive objects were transferred to the domestic shareholding platform and transferred to the company's shares. Some employees who hold the company's shares through rollover have resigned. According to the provisions of the employee stock ownership platform partnership agreement, the above-mentioned employees will transfer their partnership shares in the employee stock ownership platform to other employee partners in the stock holding platform at the consideration of the original capital contribution amount. The Company accounts for the above transactions as newly granted share payments.

(4) Restricted stock incentive plan (first issue in 2023)

On May 17, 2023, the company held the 22nd meeting of the first board of directors and the 13th meeting of the first board of supervisors, and reviewed and approved the "Proposal on the First Grant of Restricted Stocks to the Incentive Objects of the 2023 Restricted Stock Incentive Plan" and decided to grant 8 million Class II restricted stocks to 119 incentive objects in the first phase at a grant price of 5.00 yuan/share.

The vesting arrangement for this restricted stock is as follows:

Vesting Vesting Arrangements Vesting Period

The first vesting proportion shall be from the first trading day 12 months after the grant date of the first grant of partially restricted stocks to the first grant

25% vesting period Partial restricted stocks end on the last trading day within 24 months from the date of grant

The second vesting period is from the first trading day 24 months after the date of initial grant of partially restricted shares to the date of first grant.

25% vesting period of partially restricted stocks ends on the last trading day within 36 months from the date of grant

The third vesting period starts from the first trading day 36 months after the date of initial grant of partially restricted stocks to the date of first grant.

50% vesting period of partially restricted stocks ends on the last trading day within 48 months from the date of grant

The changes in the above-mentioned restricted stocks are as follows:

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Project situation in this period

Number of restricted shares outstanding at the beginning of the year (shares) -

Number of restricted stock shares granted in this period (shares) -

Number of restricted stock shares to be exercised in this period (shares) -

Number of restricted stock shares that expired in this period (shares) -

Number of restricted shares outstanding at the end of the period (shares) -

(5) Restricted stock incentive plan (reserved for grant in 2024)

On March 26, 2024, the company held the second meeting of the second board of directors and the second meeting of the second board of supervisors, and reviewed and approved the "Proposal on Granting Reserved Partial Restricted Stocks to 2023 Restricted Stock Incentive Objects". It was decided to grant 2 million reserved Class II restricted shares to 73 incentive targets at a grant price of RMB 5.00 per share.

The vesting arrangement for this restricted stock is as follows:

Vesting Vesting Arrangements Vesting Period

The first vesting proportion shall be from the first trading day 12 months after the grant date of the first grant of partially restricted stocks to the first grant

50% vesting period of partially restricted stocks ends on the last trading day within 24 months from the date of grant

The second vesting period is from the first trading day 24 months after the date of initial grant of partially restricted shares to the date of first grant.

50% vesting period of partially restricted stocks ends on the last trading day within 36 months from the date of grant

The changes in the above-mentioned restricted stocks are as follows:

Project situation in this period

Number of restricted shares outstanding at the beginning of the year (shares) -

Number of restricted stock shares granted in this period (shares) -

Number of restricted stock shares to be exercised in this period (shares) -

Number of restricted stock shares that expired in this period (shares) -

Number of restricted shares outstanding at the end of the period (shares) -

2. Equity-settled share-based payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Equity-settled share-based payment objects Stock option plan, restricted stock incentive plan

The method for determining the fair value of equity instruments on the grant date is the Black-Scholes pricing model, referring to the latest external financing price, the stock market value on the grant date, and using external evaluation agencies.

work

Important parameters of the fair value of equity instruments on the grant date Black-Scholes pricing model: stock price on the grant date, exercise price, waiting period, risk-free interest rate, stock volatility, stock price

interest yield

The basis for determining the number of exercisable equity instruments is based on the performance assessment and reduction of each vesting period and the assessment of incentive objects.

The nuclear results are estimated to be confirmed

Reasons for significant differences between the current period’s estimate and the previous period’s estimate None

The cumulative amount of equity-settled share-based payments included in capital reserves 235,761,148.83 Other notes

None

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3. Share-based payment settled in cash

□Applicable √Not applicable

4. Share-based payment expenses for this period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Category of grant objects Equity-settled share-based payment expenses Cash-settled share-based payment expenses Sales expenses 156,120.87

Management expenses 77,204.64

Research and development expenses 192,101.32

Total 425,426.83

Other instructions

None

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

2. Contingencies

(1) Important contingencies existing on the balance sheet date

√Applicable □Not applicable

On January 5, 2022, subsidiary Mengke America signed the "MasterServices" agreement with Medpace, Inc (hereinafter referred to as "Medpace"). Agreement" (Master Service Agreement) and "TaskOrder#1" (Task Order One) and "TaskOrder#2" (Task Order Two, hereinafter collectively referred to as the "Agreement"), the agreement stipulates that Medpace will be entrusted by Medpace as the CRO to manage the international multi-center phase III clinical trial of MRX-4 for injection followed by cantizolid tablets (hereinafter referred to as the "Trial") for Medpace USA. "TaskOrder#1" details the agreement with Medpace Requirements for conducting trials on a global scale, "TaskOrder #2" standardizes Medpace's requirements for conducting trials within China.

Because Medpace failed to complete the set goals agreed between Medpace and Medpace during the implementation of the agreement, Medpace terminated "Task Order #1" in writing in December 2023 and asked Medpace to return the test data; in early 2024, Medpace requested to terminate "Task Order #2" but never handed over the test data to Medpace, which damaged the legitimate rights and interests of Medpace. In order to obtain test data as soon as possible, Mengke America applied for a temporary court order from the local court. The two parties later reached a mediation agreement on the return of trial data, and the local court signed and agreed to the mediation agreement in November 2024. As of December 31, 2024, Mengke America has provided the deposit required by the local court for the mediation agreement, and Medpace has returned the trial data to Megke America in accordance with the time required by the mediation agreement. However, since the two parties have not yet reached an agreement on other compensation requests, in order to safeguard its legitimate rights and interests, Medpace filed a lawsuit with the court, requesting an order to indemnify Medpace from Medpace for all losses, costs and expenses that Medpace has suffered and will suffer in the future due to Medpace's breach of contract obligations and misconduct, as well as interest accrued on the aforementioned total amount as of the date of judgment (the specific amount shall be subject to the court's judgment or execution results), and requested an order to order Medpace to obtain other further relief that the court deems just and equitable.

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On February 24, 2025, Mengke America received a notification confirming the filing of the lawsuit from the Western Branch of the U.S. Federal District Court for the Southern District of Ohio. The case of Mengke America v. Medpace contract dispute has been filed. As of the date of approval of this report, the above cases have not yet been heard in court.

(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

18. Important non-adjustment matters □Applicable √Not applicable

19. Profit distribution

□Applicable √Not applicable

3. Sales returns

□Applicable √Not applicable

4. Description of other post-balance sheet events □Applicable √Not applicable

5. Other important matters

6. Correction of previous accounting errors

(1) Retrospective restatement method

□Applicable √Not applicable

(2) Prospective applicable law

□Applicable √Not applicable

2. Important debt restructuring

□Applicable √Not applicable

3. Asset replacement

(1) Non-monetary asset exchange □ Applicable √ Not applicable

(2) Other asset swaps

□Applicable √Not applicable

4. Annuity plan

□Applicable √Not applicable

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5. Termination of operations

□Applicable √Not applicable

6. Branch information

(1) Determination basis and accounting policies of reportable segments

√Applicable □Not applicable

The Group determines operating segments based on its internal organizational structure, management requirements, and internal reporting systems, and determines reporting segments and discloses segment information based on operating segments.

An operating segment refers to a component within the group that simultaneously meets the following conditions: (1) The component can generate revenue and incur expenses in daily activities; (2) The management of the group can regularly evaluate the operating results of the component to decide to allocate resources to it and evaluate its performance; (3) The group can obtain relevant accounting information such as the financial status, operating results, and cash flow of the component. If two or more operating segments have similar economic characteristics and meet certain conditions, they can be merged into one operating segment.

(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

The Group is mainly engaged in drug research and development, drug sales and other businesses. Due to the similarities between the above-mentioned research and development and pharmaceutical sales, the Group has not further differentiated the above-mentioned businesses in terms of internal organizational structure and management requirements. The management also believes that there is no need to differentiate the operating results of the above-mentioned businesses when reviewing internal reports, deciding resource allocation and performance evaluation. Therefore, the Group has not set up different business segments and does not need to display segment information.

(4) Other instructions

□Applicable √Not applicable

7. Other important transactions and matters that have an impact on investors’ decision-making

□Applicable √Not applicable

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) 42,116,323.33 39,520,119.71 Among them: within 1 year

Within 6 months 41,283,502.93 38,959,619.71 6 months to 1 year 832,820.40 560,500.00 1 to 2 years 560,500.00 17,936.00

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2 to 3 years

More than 3 years

Total 42,676,823.33 39,538,055.71

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(2) Classified disclosure based on bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Book Book Provision Ratio Provision Ratio

Amount Proportion (%) Amount Value Amount Proportion (%) Amount Value

(%) (%)

Provision for bad debts on an individual basis

Among them:

Provision for bad debts by combination 42,676,823.33 100.00 1,707,072.94 4.00 40,969,750.39 39,538,055.71 100.00 1,581,522.23 4.00 37,956,533.48 Among them:

Dealer customers 42,676,823.33 100.00 1,707,072.94 4.00 40,969,750.39 39,538,055.71 100.00 1,581,522.23 4.00 37,956,533.48Total 42,676,823.33 / 1,707,072.94 / 40,969,750.39 39,538,055.71 / 1,581,522.23 / 37,956,533.48

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Provision for bad debts is made individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Combined accrual items: dealer customers

Unit: Yuan Currency: RMB Closing Balance Name

Book balance Bad debt provision Provision ratio (%) combination - dealer customers 42,676,823.33 1,707,072.94 4.00

Total 42,676,823.33 1,707,072.94 4.00 Instructions on the provision of bad debt provisions by group:

√Applicable □Not applicable

Refer to Note 5.11

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

Refer to Note 5.11

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 Change amount in the current period

Category Opening balance Write-off or verification Ending balance accrual Recovery or reversal Other changes

Provision for bad debt write-off 1,581,522.23 1,684,652.94 1,559,102.23 1,707,072.94

Total 1,581,522.23 1,684,652.94 1,559,102.23 1,707,072.94

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other instructions

None

(4) Accounts receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of accounts receivable

□Applicable √Not applicable

Instructions for writing off accounts receivable:

□Applicable √Not applicable

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(5) Accounts receivable and contract assets of the top five ending balances by debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB accounts receivable and

Accounts Receivable and Hehe

Accounts receivable period End of contract asset period End of contract asset period Bad debt provision end unit name Ending balance of the same asset

Closing Balance Balance Balance amount of total balances

Proportion (%)

Customer One 9,808,887.51 - 9,808,887.51 22.98 392,355.50 Customer Two 6,322,823.28 - 6,322,823.28 14.82 252,912.93 Customer Three 3,749,150.41 - 3,749,150.41 8.78 149,966.02Customer four 2,240,484.17 - 2,240,484.17 5.25 89,619.37Customer five 2,144,044.80 - 2,144,044.80 5.02 85,761.79

Total 24,265,390.17 - 24,265,390.17 56.85 970,615.61Other instructions

None

Other notes:

□Applicable √Not applicable

2. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

interest receivable

Dividends receivable

Other receivables 239,142,235.49 239,830,499.45

Total 239,142,235.49 239,830,499.45

Other notes:

□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:

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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 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

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(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) 7,527,614.48 6,511,262.11 Among them: within 1 year

Within 1 year 7,527,614.48 6,511,262.11 1 to 2 years 86,263,918.60 86,263,918.60 2 to 3 years 61,415,000.00 61,415,000.00 More than 3 years 93,899,962.22 95,633,256.22

Total 249,106,495.30 249,823,436.93

(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

Accounts receivable from related parties 248,918,795.30 249,679,016.57 Deposits and security deposits receivable 187,700.00 140,600.00 Employee reserve funds receivable 3,820.36

Total 249,106,495.30 249,823,436.93

(3) Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Phase 1 Phase 2 Phase 3 Phase 3 Expected credit for the entire duration Expected credit for the entire duration Bad debt provisions Estimated total losses for the next 12 months (credit losses that have not occurred (credit losses that have occurred)

Use impairment) Use impairment) January 1, 2026

9,992,937.48 9,992,937.48 amount

January 1, 2026

Amount in this period

--Transfer to the second stage

--Transfer to the third stage

--Return to the second stage

--Return to the first stage

Provision in this period 301,104.57 301,104.57 Transfer in this period 329,782.24 329,782.24 Write-off in this period

Write-off in this period

Other changes

June 30, 2026

9,964,259.81 9,964,259.81 amount

Basis for division of each stage and provision ratio for bad debts

Refer to Note 5.11

Explanation of significant changes in the book balance of other receivables where loss provisions have changed in 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 transfer Write-off or verification Ending balance accrual Other changes

Return sales

Other receivables

9,992,937.48 301,104.57 329,782.24 9,964,259.81 Bad debt provision

Total 9,992,937.48 301,104.57 329,782.24 9,964,259.81 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

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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 in other receivable periods

Nature of payment Name of bad debt provision unit Closing balance Aging quality of total closing balance Proportion of closing balance (%)

Within 1 year,

Receivables related 1-2 years, 2-3 Mengke Beijing 225,000,000.00 90.33 9,000,000.00 cubic years, more than 3 years

Within 1 year,

Receivables association

Mengke America 23,762,235.30 9.53 1-2 years, 3 950,489.41 square meters

years and above

Receivables association

Mengke Pharmaceutical 156,560.00 0.06 Within 1 year 6,262.40 square meters

Deposit receivable

Company 4 79,000.00 0.03 Within 1 year 3,160.00 and deposit

Deposit receivable

Company 5 19,000.00 0.01 1 to 2 years 760.00 and deposit

Total 249,016,795.30 99.96 / / 9,960,671.81

(7) Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

3. Long-term equity investment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Beginning balance items

Book balance Impairment provision Book value Book balance Impairment provision Book value Investment in subsidiaries 552,729,075.16 552,729,075.16 552,177,957.66 552,177,957.66 Investment in associates and joint ventures

Total 552,729,075.16 552,729,075.16 552,177,957.66 552,177,957.66

(1) Investment in subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period

The opening balance (account impairment provision at the beginning of the period) The ending balance (account impairment provision at the end of the period) of the invested unit

Face value) Balance Additional investment Decrease investment Provision for impairment Other value) Balance

Core Case 34,695,265.08 - 102,875.52 34,798,140.60 Mengke New Hong Kong 21,110,178.40 - 35,251.37 21,145,429.77 Mengke United States 482,580,614.98 - 12,990.61 482,593,605.59 Mengke Pharmaceutical 13,791,899.20 - - 13,791,899.20 Humeng Chengtai - 100,000.00 - 100,000.00 Xirui Chengtai - 100,000.00 - 100,000.00 Kangyue Biotechnology - 100,000.00 - 100,000.00Comai Biotechnology - 100,000.00 - 100,000.00

Total 552,177,957.66 400,000.00 151,117.50 552,729,075.16 Note: The additional investment of RMB 400,000.00 in the current period is the actual capital contribution to the subsidiary; the other increase of RMB 151,117.50 is due to the increase in long-term equity investment in the subsidiary due to share-based payment.

(2) Investment in associates and joint ventures

□Applicable √Not applicable

(3) Impairment testing of long-term equity investments

□Applicable √Not applicable

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Other notes on the 2026 semi-annual report of Shanghai Mengke Pharmaceutical Co., Ltd.:

□Applicable √Not applicable

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

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 Items

Revenue Cost Revenue Cost Main business 84,337,663.37 11,993,376.65 66,967,918.23 10,189,199.84 Other business 5,192,385.67 2,740,180.68

Total 89,530,049.04 11,993,376.65 69,708,098.91 10,189,199.84

(2) Decomposition information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Pharmaceutical sales revenue Other business revenue Total contract classification

Operating income Operating cost Operating income Operating cost Operating income Operating cost is classified by the time of transfer of goods

Confirmed at a certain point in time 84,337,663.37 11,993,376.65 5,192,385.67 / 89,530,049.04 11,993,376.65

Total 84,337,663.37 11,993,376.65 5,192,385.67 / 89,530,049.04 11,993,376.65

Other instructions

√Applicable □Not applicable

On June 30, 2026, the Company's revenue from all sales of pharmaceutical preparations will be recognized after the dealer signs the receipt and signs the goods handover order.

(3) Description of performance obligations

□Applicable √Not applicable

(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

Other notes:

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

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

Item Amount Description of gains and losses from disposal of non-current assets, including the write-off portion of asset impairment provisions that have been made

Government subsidies included in the current profit and loss, but are closely related to the company's normal business operations, comply with national policies and regulations, and are in accordance with

367,887.57 Government subsidies are entitled to certain standards, except for government subsidies that have a lasting impact on the company's profits and losses.

In addition to effective hedging business related to the company's normal business operations, non-financial enterprises hold financial assets and financial liabilities.

2,375,172.59 Gains and losses from changes in fair value of bonds and 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

Loss of various assets due to force majeure factors, such as natural disasters

The impairment provision for receivables that is separately tested for impairment is reversed if 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 the investment is obtained.

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

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Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-Annual Report

Item Amount Description of investment properties using fair value model for subsequent measurement

Gains and losses arising from changes in fair value of real estate

Gains from transactions where the transaction price appears to be unfair

Contingencies unrelated to the company's normal business operations arise

Profit and loss

Custody fee income from entrusted operations

Other non-operating income and expenses other than the above items 15,290.00 Other profit and loss items that meet the definition of non-recurring profits and losses

Less: Income tax impact

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

Total 2,758,350.16

If the company determines items not listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public - Non-recurring Gains and Losses" as non-recurring gains and losses and is significant in amount, and if it defines the non-recurring gain or loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure by Companies that Offer Securities to the Public - Non-recurring Gains and Losses" as recurring gains and losses, the reasons should be explained.

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

2. Return on net assets and earnings per share

√Applicable □Not applicable

Weighted average net assets Earnings per share Profit for the reporting period

Yield (%) Basic earnings per share Diluted earnings per share Net attributable to the company’s ordinary shareholders

-20.39 -0.06 -0.06Profit

After deducting non-recurring gains and losses, attributable to

-21.89 -0.06 -0.06Net profit of the company’s common shareholders

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

□Applicable √Not applicable

4. Others

□Applicable √Not applicable

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Legal representative of Shanghai Mengke Pharmaceutical Co., Ltd. 2026 Semi-annual Report: ZHENGYU YUAN (Yuan Zhengyu)

Board approval submission date: August 24, 2026 Revised information

□Applicable √Not applicable

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