Furui Medical: 2025 Board of Directors Work Report (1)

Inner Mongolia Furui Medical Technology Co., Ltd. 2025 Board of Directors Work Report

Inner Mongolia Furui Medical Technology Co., Ltd.

2025 Annual Board of Directors Work Report

2025 In 2017, the Company's Board of Directors strictly complied with the Company Law of the People's Republic of China (hereinafter referred to as the "Company Law") and other laws, regulations, normative documents, the Articles of Association, and the Rules of Procedure of the Board of Directors. In line with the attitude of being responsible to all shareholders, it fulfilled its duties, actively and effectively exercised its powers, conscientiously implemented various resolutions of the shareholders' meeting, diligently and responsibly carried out the work of the Board of Directors, promoted the improvement of corporate governance and the development of the company's various businesses, and ensured the steady growth of the company's operating performance. The work status of the Board of Directors in 2025 is now reported as follows:

1. Overall business situation in 2025

During the reporting period, the company achieved stable development in 2025, achieving operating income of 1.595 billion yuan, a year-on-year increase of 18.26%; net profit attributable to shareholders of listed companies was 154 million yuan, a year-on-year increase of 36.02%. The company's total assets reached 3.439 billion yuan, a year-on-year increase of 12.42%; the net assets attributable to shareholders of listed companies were 1.978 billion yuan, a year-on-year increase of 13.20%. The company's asset liquidity, solvency, and cash flow are in good condition, and all financial indicators are healthy.

2. Work of the Board of Directors in 2025

The company's board of directors consists of 5 directors, including 2 independent directors. The number and composition of the board of directors comply with the requirements of laws, regulations and the Articles of Association. In accordance with the requirements of the Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 2 - Standardized Operation of GEM Listed Companies, the company's board of directors has established an audit committee, a strategic development committee, a nomination committee, and a human resources and remuneration committee. Each special committee performs its duties conscientiously in accordance with policy requirements and institutional norms, gives full play to the functions of each professional committee, and provides a strong guarantee for the board of directors' scientific and efficient decision-making.

1. Board meeting status

During the reporting period, the company held a total of 4 board meetings. The details are as follows:

Meeting session Convening date Meeting resolution

The "2024 Board of Directors Work Report", "2024 General Manager Work Report", "2024 Financial Final Accounts Report", "2024 Annual Report" and their summaries, "2024 Internal Control Evaluation Report", "2024 Profit Distribution Plan" and "About Re-appointment of Daxin Accounting Firm as the Company in 2025" were reviewed and approved Proposal of the Annual Audit Institution", "Proposal on Applying for a Credit Line from the Bank", "Proposal on the Use of Idle Self-owned Capital", the Eighth Board of Directors

2025-04-20 Proposal on Entrusted Financial Management by Jin on the 13th Preliminary Meeting on the Company’s Daily Related Transactions in 2025

"Proposal on the Plan", "2025 First Quarter Report", "Proposal on Adjusting the Members of the Special Committees of the Company's Board of Directors", "Proposal on Nominating Candidates for Independent Directors of the Company's Eighth Board of Directors", "Proposal on Formulating and Amending the Company's Systems", "Proposal on Repurchasing and Cancelling Part of the Restricted Stocks Granted under the 2024 Restricted Stock Incentive Plan", "Proposal on the

"Proposal on Appointment of Securities Affairs Representative" and "About Changing the Company's Registered Capital and Revision of Inner Mongolia Furui Medical Technology Co., Ltd. 2025 Board of Directors Work Report"

"Proposal on convening the 2024 Annual Shareholders Meeting", "Proposal on signing the Equity Acquisition Framework Agreement", "Proposal on adjusting the remuneration of independent directors" and listening to the "2024 Annual Work Report of Independent Directors"

Reviewed and approved the "2025 Semi-annual Report" and its summary, "Proposal on Amending the Articles of Association of the Eighth Board of Directors of the Company and Handling Industrial and Commercial Change Registration", "On Cancellation of the Board of Supervisors and Abolition of the "Supervisory Board" 2025-08-21

Proposal on the Rules of Procedure of the Fourteenth Meeting> "Proposal on Adding and Revising Part of the Company's Governance System" "Proposal on Convening the Second Extraordinary Shareholders' Meeting in 2025"

The eighth session of the Board of Directors reviewed and approved the "Proposal on the Third Quarterly Report of 2025" and "On the Amendment to the Independent Report 2025-10-28"

The 15th meeting: Proposal to establish working rules for directors"

The "Proposal on the Company's Issuance of H Shares and Listing on the Stock Exchange of Hong Kong Limited", "The Proposal on the Company's Plan for the Issuance of H Shares and Listing on the Stock Exchange of Hong Kong Limited", "The Proposal on the Plan for the Use of Funds Raised by the Company's Issuance of H Shares", "The Proposal on Requesting the Shareholders' Meeting to Authorize the Board of Directors and its Authorized Persons to Fully Handle Matters Related to the Company's Issuance of H Shares and Listing", "The Proposal on the Company's Application to Convert to an Overseas Raised Joint Stock Company", "The Proposal on the Company's Non-Hong Kong Company Registration in Hong Kong", "On the Company's Issuance of H Shares" "Proposal on formulating the company's Articles of Association (Draft) and related rules of procedure (draft) applicable after the issuance and listing of H shares" "Proposal on formulating the company's internal governance system applicable after the issuance and listing of H shares" "Proposal on formulating the "Eighth Board of Directors"

2025-12-16 The Proposal on Confidentiality and File Management System Related to External Issuance of Securities and Listing was agreed to formulate at the 16th meeting

"Confidentiality and File Management System Related to Overseas Issuance and Listing of Securities" "Proposal on the Company's Appointment of Audit Institutions for the Issuance and Listing of H Shares" "Proposal on Nominating Candidates for Independent Non-executive Directors of the Company's Eighth Board of Directors" "Proposal on Determining the Role of the Company's Directors" "Proposal on Adjusting the Members of the Special Committee of the Company's Eighth Board of Directors" "Proposal on Appointing a Company Secretary and Appointing an Authorized Representative" "Proposal on Handling the Purchase of Liability Insurance for the Company's Directors and Senior Management and Prospectus Liability Insurance" "Proposal on Applying for the Electronic Submission System (E-Submission System) to The Stock Exchange of Hong Kong Limited" "Proposal on Changing the Company's Securities Short Name" "Proposal on Applying for a Loan from a Bank" "Proposal on Participating in Investment and Establishment of Funds" "Proposal on Convening the First Extraordinary Shareholders Meeting in 2026"

2. Shareholders’ meeting status

During the reporting period, a total of 3 shareholders’ meetings were held. The details are as follows:

Meeting session Convening date Meeting resolution

For the first time in 2025, the "Appointment of Daxin Accounting Firm as the company's audit agency for 2024" was reviewed and approved 2025-01-17

Proposal of the Extraordinary Shareholders Meeting

Reviewed and approved the "2024 Board of Directors Work Report", "2024 Board of Supervisors Work Report", "2024 Financial Final Report", "2024 Annual Report" and its summary, "2024 Internal Control Evaluation Report", "2024 Profit Distribution Plan for 2024 Annual Stock Plan", "2025-05-21 Regarding the Re-appointment of Daxin Accounting Firm as the Company's Audit Agency for 2025"

East Meeting Proposal" "Proposal on Nominating Independent Director Candidates for the Eighth Board of Directors" "Proposal on Adjusting the Members of the Special Committee of the Company's Board of Directors" "Proposal on Changing the Company's Registered Capital, Amending the Articles of Association and Handling Industrial and Commercial Change Registration" "Proposal on Adjusting the Remuneration of Independent Directors" "Proposal on Establishing and Revising the Company's System"

The "Proposal on Amending the Articles of Association and Handling Industrial and Commercial Change Registration" was reviewed and approved for the second time in 2025

2025-09-17 "Proposal on Abolition of the Rules of Procedure of the Supervisory Board" and "On the Addition and Revision of the Extraordinary Shareholders Meeting of the Company Department"

Proposal on Differentiation of Governance Systems"

Inner Mongolia Furui Medical Technology Co., Ltd. 2025 Board of Directors Work Report

3. Work status of special committees

In 2025, each special committee performed its duties conscientiously in accordance with relevant laws and regulations, the Articles of Association and the implementation rules of each special committee, and provided important reference opinions for the scientific decision-making of the board of directors. The details are as follows:

committee meeting

Membership Date of the meeting Contents of the meeting

Name Number of meetings

"About 2024 Directors and Senior Management Salaries and Qualifications

Proposal on the Remuneration of Independent Directors", "On the Source and Salary of Adjusting the Remuneration of Independent Directors" Guo Jinlong, Guo

2 2025-04-20 Proposal", "About Buyback and Cancellation of Restricted Remuneration in 2024 Committee Member Peng, Deng Lijuan

Certain restricted shares granted under the stock incentive plan

Bill

Human resources

"About handling the source of responsibility and salary of company directors and senior managers He Yingqi, Guo Jin

2 2025-12-16 Remuneration Committee on Insurance and Prospectus Liability Insurance Purchase Matters Long and Deng Lijuan

Bill

Will

Nomination Committee Guo Peng, Wang Guan "About Nomination of Independent Director 2 of the Company's Eighth Board of Directors 2025-04-20

Committee 1. Proposal of Candidate Guo Jinlong"

Nomination Committee He Yingqi, Guo Jin "About Nomination for the Eighth Board of Directors of the Company Independent and Non-executive 2 2025-12-16

Proposal of the Board of Directors Long, Wang Guan and other directors”

strategic development

Wang Guanyi, Deng Li

Exhibition Committee 2 2025-04-20 "Proposal on Development Outlook for 2025"

Juan, Yang Yong

Will

"About the company's issuance of H shares and joint strategic issuance in Hong Kong

Wang Guanyi, Deng Li Proposal on the Listing of Stock Exchange Co., Ltd.", "About Public Exhibition Committee 2 2025-12-16

Juan, Yang Yong The company issues H shares and is listed on the Stock Exchange of Hong Kong

Co., Ltd.’s Listing Plan”

"2024 Financial Final Accounts Report", "2024 Annual Report and its Summary", "2024 Internal Control Evaluation Report", "Proposal on Re-appointing Dasin Accounting Firm as the Company's Audit Agency for 2025 Audit Committee Guo Jinlong, Guo Case", "On the Use of Idle Own Funds for Entrustment 4 2025-04-20

"Proposal of the Financial Management Committee Peng and Yang Yong", "2025 Internal Audit Work Plan", "Company's First Quarterly Report of 2025", "Proposal on the "Report on the Accounting Firm's Assessment of Duty Performance and Supervision Responsibilities in 2024"

Audit Committee Guo Jinlong, He Ying "Meeting on <2025 Semi-annual Report and Summary> 4 2025-08-21

"Case of Member Hui Qi and Yang Yong"

Audit Committee Guo Jinlong, He Ying

4 2025-10-28 "Proposal on the <2025 Third Quarter Report>" Committee Member Qi, Yang Yong

Audit Committee Guo Jinlong, He Ying "About the Company's Engagement of Auditors for the Issuance and Listing of H Shares 4 2025-12-16

Committee Qi, Yang Yong Institutional Proposal"

4. Performance of duties by independent directors

The company's independent directors strictly follow the "Administrative Measures for Independent Directors of Listed Companies" and the company's "Independent Director Work Rules"

Inner Mongolia Furui Medical Technology Co., Ltd.'s 2025 Board of Directors Work Report and other relevant regulations have diligently fulfilled their duties, actively participated in the work of the Board of Directors and various special committees, carefully reviewed relevant motion materials and made independent judgments, and issued relevant opinions as required on matters that require independent directors to express independent opinions. They have given full play to the role of independent directors and played an important role in safeguarding the legitimate rights and interests of the company and all shareholders.

3. Key tasks in 2026

In 2026, Furui Medical's key work will mainly focus on the following four aspects:

1. Expand business boundaries and deepen cooperation scope

In 2026, the company will prepare clinical studies to evaluate the potential relevance of liver stiffness measurements obtained using the FibroScan® system in non-invasive assessment of hemodynamic changes associated with heart failure, and simultaneously advance the development of solutions for lower extremity varicose veins; collaborate with pharmaceutical companies around the world to conduct clinical studies, disease management projects and real-world evidence studies to promote the integration of VCTE™ measurement into LSM Used as a reasonably possible surrogate endpoint in clinical trials in adult patients with non-cirrhotic metabolic dysfunction-related steatohepatitis; promote early screening and risk identification of metabolic diseases at the primary care level, and explore cooperation with insurance companies to promote the adoption of structured health management plans.

2. Expand business advantages and consolidate industry status

In 2026, the company aims to further increase the market penetration rate of FibroScan® in domestic and overseas markets by optimizing its sales network and business strategies. In overseas markets (Europe and North America), the company will strengthen direct sales capabilities through wholly-owned sales companies and increase coverage of medical institutions; in the Chinese market, the company will continue to expand and optimize the distributor network to improve regional coverage and market reach. At the same time, the company continues to advance the FDA approval application for FibroScan® for expanded indications related to heart failure, and plans to commercialize this indication in Japan, the European Union, the United States and China in the future.

3. Strengthen R&D capabilities and parallelize hardware and software

In 2026, the company will further strengthen its research and development capabilities: in terms of hardware, the company will promote the miniaturization of diagnostic equipment and develop enhanced VCTE® with new shapes. Electronic equipment and probes, as well as the next-generation FibroScan® system with improved signal processing capabilities, improve detection accuracy and examination speed; in terms of software, the company continues to develop artificial intelligence technology to simplify the examination process and result interpretation, develop patient assessment stratification methods, and develop comprehensive digital platforms for patients with lipid metabolism disorders in China, Europe and the United States, and develop digital tools for patients; at the same time, the company continues to advance The clinical application of the FibroScan® system has been expanded beyond the hepatology department to explore its application in the field of cardiology and carry out research and development work on non-invasive assessment of central venous pressure in patients with heart failure.

4. Build a talent team to support innovation and development

In order to achieve strategic goals, in 2026, the company will combine structured campus recruitment plans and social recruitment to actively recruit professionals with advanced technology research and development, commercialization and sales backgrounds, as well as global capital market and corporate management experience

Inner Mongolia Furui Medical Technology Co., Ltd.'s 2025 board of directors work report will meet the needs of overseas business and post-listing governance; at the same time, the company will provide attractive employee benefits, supporting relevant training and career development opportunities, to retain top talents.

In 2025, facing the complex and ever-changing external environment of the industry, the company will adhere to steady operations, focus on the development of its main business, continue to promote business innovation and management improvement, earnestly fulfill its social responsibilities, and the overall operation will be stable and positive. In 2026, the company will adhere to its original mission and focus on the vision of "keeping every family away from liver cancer", continue to increase investment in research and development, optimize products and services, and consolidate core competitiveness. At the same time, we continue to improve the internal management and talent system, improve operational efficiency, strictly adhere to the bottom line of information disclosure compliance, deepen public welfare practices, and use pragmatic actions to assist industry development and give back to society.

This is reported.

Board of Directors of Inner Mongolia Furui Medical Technology Co., Ltd.

March 25, 2026