/Shanghai RAAS: 2025 Annual Report

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Shanghai RAAS: 2025 Annual Report

Shenzhen Stock Exchange

2026/03/27

Full text of Shanghai RAAS Blood Products Co., Ltd. 2025 Annual Report

Section 1 Important Tips, Table of Contents and Definitions

The company's board of directors, directors and senior managers guarantee that the contents of the annual report are true, accurate and complete, and that there are no false records, misleading statements or major omissions, and bear individual and joint legal liability.

The person in charge of the company, Mr. Jun Xu (Xu Jun), the person in charge of accounting work, Mr. Chen Leqi, and the person in charge of the accounting department (accounting officer), Ms. Zhao Xi, declare that they guarantee the authenticity, accuracy and completeness of the financial report in this annual report.

All directors have attended the board meeting where this report was considered.

The company's development situation covered in this report is based on estimates of the current situation and does not constitute the company's substantive commitment to investors. The company may have raw material supply risks, risks of rising plasma costs, potential product safety risks, goodwill impairment risks, etc. For details, please refer to "(3) Risk Analysis" of "11. Prospects for the Company's Future Development" in Section 3 of this report. Investors are advised to pay attention to investment risks.

The company's profit distribution plan reviewed and approved by the board of directors is as follows: It plans to distribute a cash dividend of 0.33 yuan (including tax) to all shareholders for every 10 shares based on the total share capital on the record date of dividend distribution (excluding the company's shares held in the company's special securities account for repurchase), and distribute 0 bonus shares (including tax) to all shareholders. The reserve fund will not be converted into share capital.

4. Other relevant information.

The above documents are kept in the company's board of directors office for reference.

Definition

Interpretation item means Interpretation content Securities Regulatory Commission/China Securities Regulatory Commission means China Securities Regulatory Commission

Shenzhen Stock Exchange/Exchange refers to Shenzhen Stock Exchange

Company/Company/Shanghai RAAS refers to Shanghai RAAS Blood Products Co., Ltd. Haier Group refers to Haier Group Corporation (became the actual controller of the company on July 30, 2024) Haiyingkang refers to Haiyingkang (Qingdao) Medical Technology Co., Ltd. (became the company’s controlling shareholder on July 30, 2024) China CITIC Bank refers to China CITIC Bank Co., Ltd.

Zhengzhou RAIS refers to Zhengzhou RAASH Blood Products Co., Ltd. Tonglu Biotech refers to Tonglu Biopharmaceutical Co., Ltd.

Guangxi Laishi refers to Guangxi Laishi Biopharmaceutical Co., Ltd. Zhejiang Haikang refers to Zhejiang Haikang Biological Products Co., Ltd. Tonglu Pharmaceutical refers to Anhui Tonglu Pharmaceutical Co., Ltd.

Nanyue Bio refers to Nanyue Biopharmaceutical Co., Ltd.

Grifols refers to Grifols,S.A.

GDS refers to Grifols Diagnostic Solutions Inc. Grifols Global refers to Grifols Worldwide Operations Limited GDS refers to Grifols Shanghai refers to Grifols Pharmaceutical Technology (Shanghai) Co., Ltd. JunXu refers to JunXu (Xu Jun)

Amarant refers to Amarant Martínez Carrió

Esther refers to EstherFagesContel

CITIC Securities refers to CITIC Securities Co., Ltd.

State Food and Drug Administration refers to the State Food and Drug Administration

Albumin refers to human albumin

Jingbing refers to intravenous human immunoglobulin (pH4). Cninfo.com refers to www.cninfo.com.cn

Shenzhen Xifeng refers to Shenzhen Xifeng Jiaye Investment Co., Ltd. Guangren Pharmaceutical refers to Hubei Guangren Pharmaceutical Co., Ltd.

Kailong Shengye refers to Shenzhen Kailong Shengye Trading Co., Ltd. yuan/10,000 yuan refers to RMB yuan/10,000 yuan

Section 2 Company Profile and Main Financial Indicators

1. Company information

Stock abbreviation Shanghai RAAS Stock code 002252 Stock Exchange Shenzhen Stock Exchange

The Chinese name of the company: Shanghai RAAS Blood Products Co., Ltd.

The company’s Chinese abbreviation: Shanghai RAAS

The company's foreign name is ShanghaiRAASBloodProductsCo.,Ltd.

The company's foreign name abbreviation ShanghaiRAAS

Registered address: No. 2009, Wangyuan Road, Fengxian District, Shanghai

Postal code of registered address 201401

The registered address of the company is No. 55 Beidou Road, Minhang District, Shanghai. In April 2014, the company's registered address was changed to Fengxian District, Shanghai. Historical changes of the company's registered address.

No. 2009, Wangyuan Road

Office address: No. 2009, Wangyuan Road, Fengxian District, Shanghai

Postal code for office address 201401

Company website www.raas-corp.com

Email [email protected]

2. Contact person and contact information

Secretary of the Board of Directors Name of securities affairs representative Liu Zheng Qiu Hong Contact address No. 2009, Wangyuan Road, Fengxian District, Shanghai No. 2009, Wangyuan Road, Fengxian District, Shanghai Tel. 021-22130888-217 021-22130888-217 Fax 021-37515869 021-37515869 Email [email protected] [email protected]

3. Information disclosure and preparation location

The website of the stock exchange where the company discloses its annual report: Shenzhen Stock Exchange (www.szse.cn)

"Securities Times", "China Securities News", "Shanghai Securities News", "Securities Daily" and the media names and websites of cninfo.com Inc.'s annual report disclosures

(www.cninfo.com.cn)

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

4. Registration changes

Unified social credit code 913100006072419512

Changes in the company’s main business since its listing No change

From its listing in August 2008 to August 22, 2021, the company’s controlling shareholders were Kerui Tiancheng and RAAS China.

On August 23, 2021, the company changed to a state of no controlling shareholder and no actual controller. For details, please refer to the "Informative Announcement Regarding Changes in the Company's Control Rights" disclosed by the company on September 9, 2021 (announcement number: 2021-047) regarding changes in controlling shareholders. On July 30, 2024, the company's controlling shareholder was changed to Haiyingkang (Qingdao) Medical Technology Co., Ltd. For details, please refer to the Company’s 2024

The "Announcement on Changes in the Company's Controlling Shareholders and Actual Controllers" disclosed on July 30, 2020 (Announcement No.: 2024-049).

5. Other relevant information

Accounting firm hired by the company

Name of accounting firm Ernst & Young Hua Ming LLP (Special General Partnership)

Office address of the accounting firm: Room 01-12, 17th Floor, Ernst & Young Building, Oriental Plaza, No. 1 East Chang'an Street, Dongcheng District, Beijing

Name of the signing accountant: Wang Chong, Zhang Li

The sponsor institution hired by the company to perform continuous supervision responsibilities during the reporting period

□Applicable Not applicable

Financial consultant hired by the company to perform continuous supervision duties during the reporting period

□Applicable Not applicable

6. Main accounting data and financial indicators

Whether the company needs to retroactively adjust or restate previous years’ accounting data

□YesNo

2025 2024 Increase or decrease this year compared with the previous year Operating income in 2023 (yuan) 7,348,183,033.40 8,176,460,048.60 -10.13% 7,963,958,567.30 Net profit attributable to shareholders of listed companies (yuan) 1,577,013,862.08 2,193,293,367.26 -28.10% 1,779,476,930.19 Net of non-recurring gains and losses attributable to shareholders of listed companies

1,560,442,874.78 2,060,004,683.56 -24.25% 1,815,492,380.97 Profit (yuan)

Net cash flow generated from operating activities (yuan) -328,691,227.23 -482,055,042.98 Not applicable 2,277,884,082.33Basic earnings per share (yuan/share) 0.24 0.33 -27.27% 0.27 Diluted earnings per share (yuan/share) 0.24 0.33 -27.27% 0.27 Weighted average return on equity 4.90% 7.13% decreased by 2.23 percentage points 6.06%

End of 2025 End of 2024 Increase or decrease at the end of this year compared with the end of the previous year Total assets at the end of 2023 (yuan) 37,781,306,856.26 33,631,225,254.06 12.34% 31,928,453,993.18 Net assets attributable to shareholders of listed companies (yuan) 32,456,025,360.59 31,926,258,696.02 1.66% 29,633,949,195.13

The company's net profit before and after deducting non-recurring gains and losses in the past three fiscal years, whichever is lower, is negative, and the audited report for the most recent year

The report shows that there is uncertainty about the company’s ability to continue operating.

□YesNo

The lower of the company's total audited profit, net profit, and net profit after deducting non-recurring gains and losses during the reporting period is negative.

□YesNo

Companies with equity incentives and employee stock ownership plans can disclose net profits after deducting the impact of share-based payments.

Main accounting data 2025 2024 Increase or decrease in this period compared with the same period last year (%) Net profit after deducting the impact of share-based payment in 2023 (yuan) 1,596,810,887.65 2,247,069,619.54 -28.94% 1,801,086,490.19

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

Differences in net profit and net assets in financial reports disclosed in accordance with both international accounting standards and Chinese accounting standards.

situation

□ApplicableNot applicable

Differences in net profit and net assets in financial reports disclosed in accordance with both foreign accounting standards and Chinese accounting standards.

situation

□ApplicableNot applicable

Explanation of reasons for differences in accounting data under domestic and foreign accounting standards

□ApplicableNot applicable

8. Main financial indicators by quarter

Unit: Yuan

First quarter Second quarter Third quarter Fourth quarter operating income 2,005,843,502.82 1,946,348,165.78 2,138,864,925.93 1,257,126,438.87 Net profit attributable to shareholders of listed companies 566,082,988.41 463,809,173.65 440,846,798.50 106,274,901.52 Net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses 569,727,419.88 470,528,614.09 444,902,543.12 75,284,297.69 Net cash flow generated from operating activities 775,555,509.78 -36,302,374.35 -48,350,049.24 -1,019,594,313.42

Whether the above financial indicators or their totals are materially related to the financial indicators related to the quarterly report and semi-annual report disclosed by the company?

difference

□YesNo

9. Non-recurring profit and loss items and amounts

Applicable□Not applicable

Unit: Yuan

Item Amount in 2025 Amount in 2024 Amount in 2023 Profit and loss from the disposal of non-current assets (including the write-off part of the asset impairment provision) 21,158,355.63 -1,609,471.96 -12,493.00 Government subsidies included in the current profit and loss (closely related to the company's normal operating business, in compliance with national policies and regulations, according to

6,646,525.86 41,349,736.13 16,082,004.62 Except for government subsidies that are enjoyed according to determined standards and have a lasting impact on the company’s profits and losses)

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

178,918,094.99 -36,364,328.00 Gains and losses from changes in fair value of financial liabilities and gains and losses from the disposal of financial assets and financial liabilities

Reversal of impairment provision for accounts receivable subject to separate impairment test 14,000.00 - - Other non-operating income and expenses other than the above items -8,306,940.05 -61,648,267.62 -21,238,686.82 Less: Income tax impact 2,924,691.22 23,622,515.00 -5,551,083.52

Amount of impact on minority shareholders' equity (after tax) 16,262.92 98,892.84 33,031.10Total 16,570,987.30 133,288,683.70 -36,015,450.78 Details of other profit and loss items that meet the definition of non-recurring profits and losses:

□ApplicableNot applicable

The company has no other specific circumstances of profit and loss items that meet the definition of non-recurring profits and losses.

Explanation on defining the non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public - Non-recurring Profit and Loss" as recurring profit and loss items

□ApplicableNot applicable

The company does not define the non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public - Non-recurring Profit and Loss" as recurring profit and loss items.

Section 3 Management Discussion and Analysis

1. The main business of the company during the reporting period

(1) The company’s main business

The company's main business is the production and sales of blood products. Its main products are human albumin, intravenous human immunoglobulin, specific immunoglobulin, and coagulation factor products. It is currently one of the largest blood product manufacturers in China.

In addition, the company, through its wholly-owned subsidiary Tonglu Pharmaceutical, has been authorized by its related parties Chilifu Global and GDS, a subsidiary of Chilifu Holdings, to serve as the exclusive distributor of human albumin products and blood screening systems, blood screening test reagents and blood screening kit products in mainland China, and carry out sales business of imported human albumin and blood screening related products.

(2) The company’s main products and uses

Blood products belong to a subdivision of the biological products industry. They are mainly bioactive preparations prepared using healthy human plasma as raw materials and using biological processes or separation and purification technologies. In medical emergencies and certain specific diseases and treatments, blood products play an important role that cannot be replaced by other drugs.

The company and its subsidiaries Tonglu Biotechnology, Zhengzhou RAAS, Guangxi RAAS, Zhejiang Haikang, and Nanyue Biotechnology can produce product varieties and product quantities as follows:

Product Category Product Name Shanghai RAAS Zhengzhou RAAS Tonglu Bio Zhejiang Haikang Guangxi RAAS Nanyue Bioalbumin Human Albumin √ √ √ √ √ √Human Immunoglobulin √ √ √ √ √Intravenous Human Immunoglobulin (pH4) √ √ √ √ √ √

Lyophilized intravenous human immunoglobulin (pH4) √

Immunoglobulins

Hepatitis B human immunoglobulin √ √ √ √ Tetanus human immunoglobulin √ √ Rabies immunoglobulin √ √ Human prothrombin complex √ √ √

Human coagulation factor VIII √ √ √Coagulation factors Human thrombin √

Human fibrinogen √ √

Human fibrin adhesive √

Number of products - 7 4 10 4 3 8 The company’s main product uses are as follows:

Human albumin: shock caused by blood loss, trauma and burns; cerebral edema and increase in intracranial pressure caused by injury; edema or ascites caused by liver cirrhosis and kidney disease; prevention and treatment of hypoalbuminemia; neonatal hyperbilirubinemia; used for cardiopulmonary bypass, auxiliary treatment of burns, auxiliary treatment of hemodialysis and adult respiratory distress syndrome.
Intravenous injection of human immunoglobulin: primary immunoglobulin deficiency, such as X-linked hypoimmunoglobulinemia, common variable immunodeficiency disease, immunoglobulin G subtype deficiency, etc.; secondary immunoglobulin deficiency, such as severe infection, neonatal sepsis, etc.; autoimmune diseases, such as idiopathic thrombocytopenic purpura, Kawasaki disease.
Human prothrombin complex: Mainly used to treat congenital and acquired coagulation factor II, VII, IX, and X deficiencies including coagulation factor II, VII, IX, and Blood factors II, VII, IX, and
Human coagulation factor VIII: This product has a corrective effect on coagulation disorders caused by the lack of human coagulation factor VIII. It is mainly used to prevent and treat bleeding symptoms caused by hemophilia A and acquired coagulation factor VIII deficiency and to treat surgical bleeding in such patients.
Human thrombin: local hemostatic agent. It is used to assist in the treatment of blood oozing from abdominal incisions in general surgery, liver surgery wounds and tonsil surgery wounds.
Human fibrinogen: This product of Shanghai RAAS is suitable for congenital fibrinogen reduction or deficiency; acquired fibrinogenopenia: coagulation disorders caused by liver cirrhosis, disseminated intravascular coagulation, postpartum hemorrhage and fibrinogen deficiency caused by major surgery, trauma or internal bleeding. This product of Tonglu Biotech is suitable for congenital fibrinogen reduction or deficiency.
Human fibrin adhesive: local hemostatic agent. It is used to assist in the treatment of blood oozing from burn wounds, general surgical abdominal incisions, liver surgical wounds and vascular surgical wounds.
Human immunoglobulin: used for passive immunity against common viral infections, mainly used to prevent measles and viral hepatitis. If used in combination with antibiotics, it can improve the effectiveness of some serious bacterial and viral infections.
Tetanus Human Immunoglobulin: Mainly used to prevent and treat tetanus, especially for those with allergic reactions to tetanus antitoxin (TAT).
Rabies immune globulin: mainly used for passive immunization of patients bitten or scratched by rabies or other animals carrying rabies virus.
Hepatitis B human immune globulin: mainly used for the prevention of hepatitis B. Applicable to 1) infants born to hepatitis B surface antigen (HbsAg)-positive mothers; 2) those in close contact with hepatitis B patients or hepatitis B virus carriers; 3) people who are accidentally infected.

(3) Business model

Procurement model: The main raw material of blood products is plasma from healthy people. As a specialized supply institution for raw materials produced by blood product manufacturers, apheresis stations are set up and managed by blood product manufacturers and establish a "one-to-one" plasma supply relationship with blood product manufacturers. For other raw materials required for production, such as pharmaceutical raw materials and excipients, pharmaceutical packaging materials, etc., we adopt various procurement models such as establishing long-term and stable strategic cooperative relationships with qualified suppliers and signing annual contracts or strategic cooperation framework agreements. On this basis, we actively carry out the introduction of backup suppliers to ensure the stable supply of production materials.

Production model: The company has a sound production quality management system and conducts all-round refined management from the aspects of people, machines, materials, methods, environment, testing, etc., including the ability improvement of team leaders and supervisors, on-site 5S management, visual management, TPM management of equipment, video monitoring of the entire production process, lean GMP, etc.; the company has advanced production control equipment and automation systems, including WINCC system, weighing system (WBS), warehousing system (WMS), etc., which effectively ensures the quality and cost control of the company's products. The company strictly follows various national specifications and GMP, strictly implements process requirements and quality standards, and always upholds and implements the quality policy of safety, high quality, and efficiency. Materials and products undergo strict inspection, inspection and review before being put into use or released; key process steps and key process parameters are also monitored during the production process to ensure the continuous and stable production of products that meet the intended use and registration requirements.

Sales model: Based on the market characteristics of different blood products, the company adopts multiple parallel business models such as entrusted dealer sales (commercial sales), direct academic promotion sales to domestic terminal medical institutions (direct sales), and Chinese Centers for Disease Control and Prevention (CDC)/government procurement for product sales. At the same time, the company also continues to pay attention to overseas blood product market opportunities and expand overseas market opportunities through the authorized distribution model.

Agency model: The company's agency business is mainly through its wholly-owned subsidiary Tonglu Pharmaceutical, and has obtained global authorization from the related party Chillifu Holdings' subsidiary Chillifu. As the exclusive agent for its human albumin products in the Chinese market, it carries out its sales business of imported human albumin in mainland China. At the same time, it has been authorized by the related party GDS to serve as the exclusive agent for its blood screening system, blood screening detection reagents and blood screening kit products in the Chinese market, and to carry out sales business of its blood screening related products in mainland China.

(4) Overview of main performance drivers and operating conditions

During the reporting period, under the leadership of the Board of Directors, the company adhered to the vision of "Everyone in the world has a healthy life", adhered to the strategy of "expanding pulp" and "depulping" simultaneously, adhered to the quality policy of "safety, high quality and efficiency", fulfilled the brand promise of "Shanghai RAAS Health Guard", joined Haier's "Yingkang Lifelong" smart blood industry ecology, and deepened the " "Pulp empowering, innovation-driven, digital intelligence upgrading, ESG-led" development path, systematically promote key tasks such as pulp source expansion, R&D innovation, marketing reform, quality improvement, ecological integration, etc., while consolidating the existing business fundamentals, continue to cultivate new growth poles, and comprehensively promote the coordinated development of corporate operation quality and scale efficiency. During the reporting period, the company's performance developed steadily and its core competitiveness continued to improve. In particular, it achieved remarkable results in the fields of pulp and paper expansion, digital intelligence empowerment and ESG construction, injecting strong new momentum into the company's sustainable development.

During the reporting period, the company's core operating indicators performed steadily, demonstrating strong anti-risk capabilities and development resilience, achieving operating income of 7.348 billion yuan, a year-on-year decrease of 10.13%; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 1.560 billion yuan, a year-on-year decrease of 24.25%. As of the end of December 2025, the company's total assets were 37.781 billion yuan, an increase of 12.34% from the end of the previous year; the net assets attributable to shareholders of listed companies were 32.456 billion yuan, an increase of 1.66% from the end of the previous year; capital reserves were 2.84 billion yuan, with sufficient liquidity and a sound asset structure.

The “Pulp Expansion” strategy has been implemented in depth, and both stock and increase efforts have been made to build a solid core foundation for performance.

During the reporting period, in accordance with the requirements of the "stock + incremental" dual-engine pulp source development layout, the company focused on the core bottleneck of the industry, the pulp source, and systematically promoted the implementation of the "pulp expansion" strategy with the combination strategy of "endogenous development + external mergers and acquisitions" to achieve triple breakthroughs in pulp production volume, pulp station layout, and regional advantages, providing solid support for performance growth.

In terms of endogenous development, the company actively practices the Haier culture of "integration of people and orders, chain-group contract", explores the application of business scenarios in pulp stations, builds benchmark pulp stations and continues to promote them. Through "Rentanheyi", each pulp station employee is activated as a maker, and the organizational goals and personal values are unified. Through the "Chain Group Contract", we cooperate with the local government and other relevant departments of the pulp station to carry out health science publicity and establish the reputation and brand image of the pulp station. The company relies on digital technology to build a smart plasma station management system to improve the full-cycle service experience for plasma donors, increase the number of new plasma donors through offline promotion and digital efficiency + online new media diversion, and improve plasma donor conversion and re-donation rates with the help of caring experience upgrades + SCRM continuous marketing conversion;

In terms of incremental breakthroughs, the company has established a specialized agency, clarified pulp station expansion plans, accelerated the implementation of layout in key regions, and seized the industry integration window period to promote external mergers and acquisitions. In June 2025, the delivery of 100% equity of Nanyue Biotech was successfully completed, realizing the strategic expansion of plasma resources.

During the reporting period, the company achieved remarkable results in pulp expansion: the annual pulp production volume exceeded 2,000 tons, a year-on-year increase of more than 8%, higher than the industry average growth rate; the number of pulp stations increased to 55 (including sub-stations), ranking among the top three in the industry, and the pulp production volume accounted for approximately 15% of the total pulp production volume in the industry. The production base has been expanded to 6, covering the 6 core areas of Shanghai, Zhengzhou, Hefei, Wenzhou, Nanning, and Hengyang; pulp stations are distributed in 11 provinces (autonomous regions) in Guangxi, Hunan, Hainan, Shaanxi, Anhui, Guangdong, Inner Mongolia, Zhejiang, Hubei, Jiangxi, Shandong, and Guangxi , Hunan and other regions have outstanding resources. Among them, Guangxi’s pulp extraction volume ranks second in the country. Its wholly-owned subsidiary Guangxi RAAS is the only local blood product manufacturer, and the company owns 9 pulp stations in Guangxi (7 are mining, and there are 28 pulp stations in Guangxi). The company’s pulp in Guangxi region It leads both the number of stations and pulp collection volume, and its single-ton utilization rate ranks among the top in the industry; it leads the Hunan region in terms of pulp collection volume, and its wholly-owned subsidiary Nanyue Biotech is the only local blood products manufacturer. The company owns 12 pulp stations in Hunan (including 1 sub-station, and there are 17 pulp stations in Hunan). During the reporting period, Tonglu Biotech obtained the "Drug Registration Certificate" for the indication of congenital fibrinogen deficiency (CFD). Zhengzhou RAIS has completed the enrollment of all patients in the clinical trial for this indication. Nanyue Biotech has completed registration and clinical verification for this indication. Zhejiang Haikang's tetanus human immunoglobulin product has completed registration verification. It has effectively achieved the "plasma derivatives" business research and development goal of "maximizing the use of plasma", further enriched the company's product matrix and enhanced market competitiveness.

At the same time, the company's Fengxian production base expansion project is progressing smoothly, and the structural capping has been completed on November 18, 2025, laying a solid foundation for subsequent pulp production volume conversion and production capacity release, realizing the coordinated advancement of the "pulp expansion" strategy and production capacity layout, and also providing a strong guarantee for the company's subsequent product supply.

“Deslurrying” innovation continues to increase, R&D results are fruitful, and new growth poles are cultivated

During the reporting period, the company based on the development strategy of "pulping" and "depulping" simultaneously, and in accordance with the deployment of "building a 'technology + market' ecological system and creating an innovative R&D system with competitive advantages", the company formed a "blood products + innovative biopharmaceuticals" dual-engine driving model, with six Large production entities work together to build a multi-dimensional R&D system of "independent innovation + patent introduction + technical cooperation", form R&D synergies around the upgrading of core blood product categories, research and development of high value-added products, and clinical promotion of innovative drugs, and continue to cultivate new profit growth points.

During the reporting period, the company continued to increase investment in R&D, strengthened the introduction and training of R&D talents, strengthened the construction of talent echelons, improved and promoted the systematization and standardization of R&D project management, and focused on resource allocation and project life-cycle management to stimulate innovation vitality and improve the efficiency of R&D resource use. During the reporting period, the company's R&D achievements were highlighted: Shanghai RAAS's innovative research results in the field of procoagulant non-factor treatment for hemophilia ("SR604" injection), as the world's first hemophilia monoclonal antibody product targeting activated protein C, has been progressing smoothly. The hemophilia indication has entered the Phase IIb (multiple-dose) clinical trial stage, and all patients have been enrolled. The new Von Willebrand's Phase II clinical trial has been officially launched, and the core invention patent of the drug has been authorized by multiple countries. During the reporting period, the company obtained 11 newly authorized patents, including 3 invention patents (2 in China and 1 in the United States) and 8 utility model patents. The core patents include an invention patent for a monoclonal antibody against human activated protein C and its preparation and application, a U.S. invention patent for hypoxanthine combined with IVIG, and an invention patent for a culture method for human cytomegalovirus. This has further improved the company's R&D patent layout, strengthened the core competitiveness of "deslurry" innovation, and injected innovative momentum into the company's long-term development.

Digital intelligence empowers the entire chain, and digital transformation continues to advance to improve operating efficiency.

During the reporting period, the company aligned with the goal of "building a digital and intelligent management system to achieve industry leadership", supported by digital technology, closely adhered to the policy requirements of the national "Three-year Action Plan for Intelligent Supervision of Blood Products Production (2024-2026)", focusing on plasma, production, quality, equipment, and marketing. The entire chain, with the strategy of "group coordination and staged breakthroughs", creates a full-link digital empowerment system of "pulp station end + factory end smart production + marketing end digital management and control". The core highlights are highlighted and the triple optimization of management efficiency, operational effectiveness and compliance control is achieved, which has become one of the important driving forces for performance growth.

Factory side: Three core systems are implemented to create a benchmark for smart pharmaceutical companies

As a core measure to respond to the national smart supervision policy and implement the digital intelligence upgrade strategy, the company has made every effort to promote the construction of three core information systems: MES (Manufacturing Execution System), QMS (Quality Management System), and EQMS (Equipment Management System), using digital means to reshape the production quality management process and achieve "full process traceability, full chain controllability, and high efficiency in all links." The core results are highlighted and set a benchmark for digital intelligence supervision in the industry.

MES system: Visualize the entire process and solve the traceability pain points in the industry. During the reporting period, the company promoted the synchronization of the MES system for the five subsidiaries of the group, striving to achieve real-time collection of data from the entire chain of raw plasma reception, feeding, separation, purification to finished product delivery, completely solving the industry pain points of "data dispersion and traceability lag" in traditional production, achieving digital coverage of the entire production process, providing a solid data base for production capacity release and quality control, forming efficient collaboration with quality system construction, and improving both compliance and efficiency.

QMS system: Group-based unified management and control, with quality risks in mind. During the reporting period, the company launched the collective and unified construction of the QMS system. The core highlight is to build three core modules of unified inspection standards, deviation management, and adverse event traceability to achieve centralized management and sharing of quality data, build a closed-loop quality control throughout the chain, put risk prevention and control in the front, and significantly improve the overall quality management level of the group. The supporting online DTMS file and training management system realizes a closed-loop online SMP/SOP document training, greatly improves the training completion rate and data traceability, and further strengthens compliance management and control capabilities.

EQMS system: pilot first to ensure production continuity. Taking the Shanghai factory as a pilot, the company promoted the pilot construction of the EQMS system to realize electronic management of the entire life cycle of pharmaceutical equipment, assets, and operation and maintenance; it simultaneously activated the H-work measurement management system to realize the QR code "ID card" management of measuring instruments. The error rate of paper labels was reduced by 99%, the measurement confirmation time was shortened from 2 days to 1 hour, the cross-department response time was shortened to 2 hours, the efficiency of the core process was increased by more than 80%, and data traceability and compliance reached the industry's advanced level, significantly reducing equipment maintenance costs and improving production stability.

Visual monitoring upgrade: real-time control of the entire process to build a solid quality defense line. Complete the visual monitoring upgrade of key positions such as production and inspection, realize real-time visual management of the entire production and inspection process, strengthen dynamic supervision of the production process, eliminate illegal operations, provide hard guarantee for product quality and safety, and further improve the digital and intelligent quality control system.

Pulp station: empowered by smart platforms to support the implementation of the “pulp expansion” strategy

In synergy with the construction of digital intelligence at the factory, the company, guided by "technology empowered services, smart connection and care", independently developed and launched two major platforms, "Pulp Sea Concentric" and "Pulp Sea Peer", to achieve digitalization of pulp station services and intelligent management, accurately supporting the implementation of the "Pulp Expansion" strategy, deeply echoing the "Smart Pulp Station Management System" of the "Pulp Expansion" strategy, and helping the steady growth of pulp production.

Plasma in the Sea: Digital Empowerment to Care for Plasma Donors. The "Pulse Sea Tongxin" pulp donor platform was officially launched to promote the service transparency and sense of gain of pulp donors, strengthen the digital connection between pulp stations and pulp donors, and build a service ecology of "old and new", providing strong support for stabilizing pulp donors and increasing the re-donation rate.

Walking together in the sea: empowering the front line with intelligence to improve management efficiency. Simultaneously launched the "Water Sea" employee enterprise micro-mobile terminal, allowing employees to view their service tracks anytime and anywhere, and promoting the mobile and digitalization of management processes.

Digital intelligence at the management end: The group implements collaborative projects to strengthen resource integration efficiency

During the reporting period, the company further promoted the construction of informatization collaboration at the group level, focused on core management areas such as finance, human resources, and legal affairs, launched a number of strategic projects, strengthened parent-subsidiary resource coordination, improved the company's overall operating efficiency, and improved the full-link digital intelligence empowerment system.

The marketing model continues to be optimized, the global layout has achieved remarkable results, and the market leading position has been consolidated.

During the reporting period, in accordance with the requirements of "reforming the marketing organization, building new competitive advantages, and maximizing brand value", the company responded quickly to changes in the internal and external market environment, and through measures such as optimizing the sales model, broadening the scope of channels, strengthening academic promotion, and improving organizational efficiency, it achieved a dual-wheel drive at home and abroad, and the market competitiveness continued to improve.

In terms of sales model optimization, based on the characteristics of different products, we optimize the focus of commercial sales and direct sales models, strengthen cooperation with dealers of human albumin and other products, and strengthen the self-operated promotion capabilities of factor products. Among them, human fibrinogen sales maintain a leading position in the market; in terms of channel expansion, while deeply cultivating the hospital market , tap the potential of retail channels, explore new retail models across the country by creating models, and build a "multi-brand + omni-channel" domestic market layout, forming a multi-brand matrix such as Shanghai RAAS, Tonglu Bio, and Nanyue Bio, covering 31 provinces and cities (autonomous regions) across the country, with more than 70,000 terminal outlets.

In terms of professional academic promotion, we continue to consolidate self-operated academic capacity building and convene a series of academic conferences, covering human fibrinogen, human fibrin adhesive and other factor products, to strengthen the delivery of product clinical value; in terms of overseas market expansion, the core product Jingbu has obtained product registration in nearly 20 countries and regions such as Southeast Asia and South America. It is one of the few domestic enterprises that has stably carried out blood product export business. It continues to promote overseas market regulatory registration and long-term trade opportunities, and promotes the steady development of overseas business.

During the reporting period, the segmented fields had outstanding highlights, and the demand for coagulation factor products was steadily released: the market share of human fibrinogen ranked first in the industry; the sales volume of eight human coagulation factors increased significantly year-on-year, and the market competitiveness was significantly enhanced. Overall, short-term policy disturbances have not changed the long-term growth trend of the industry. Enterprises will continue to build academic promotion capabilities and expand marketing channels with a user-centered approach, while optimizing product structure and accumulating strength for long-term sustainable development. The company's keen market adaptability and product portfolio competitiveness also provide an excellent example for the company's marketing strategy restructuring. In the medium to long term, the blood products industry has significant rigid demand characteristics, coupled with an aging population and clinical irreplaceability, will continue to promote the steady development of the industry.

The quality system continues to be deepened, and compliance management leads the industry to build a solid guarantee for development.

During the reporting period, the company closely adhered to the core strategy of "compliance foundation, digital intelligence empowerment, and full-chain prevention and control", with the goal of ensuring drug quality and safety, actively adapting to domestic and foreign drug regulatory requirements, and maintaining industry-leading quality management levels. It continued to deepen the construction of a group-based quality management system, steadily promoted digital intelligence transformation, achieved a dual improvement in quality management level and compliance assurance capabilities, and laid a solid quality foundation for the company's high-quality development.

In terms of quality system construction, we actively carry out the construction of a collective quality system and build a unified information platform for quality management standards through the collective deployment of quality management systems (QMS). During the reporting period, the group completed a unified quality document system for deviations, changes, CAPA, audits, supplier management, and quality risk management, carried out joint audits of major material supplier groups, formed a full-cycle quality control closed loop of "prevention beforehand, control during the event, and traceability afterwards", and built a three-dimensional quality management system of "regulatory adaptation + process optimization + digital support";

In terms of compliance qualifications, the core production sites and production lines have successfully passed multiple rounds of inspections by the national and provincial drug regulatory authorities, and there were no major non-compliances in the 2025 GMP inspections; new/renovated projects such as fully automatic packaging lines have successfully passed production license and GMP compliance inspections, achieving "compliance upon construction and compliance upon commissioning"; the "Drug Production License" renewal was completed efficiently and the on-site inspection exemption was obtained, which demonstrates the regulatory authorities' high recognition of the company's quality management level.

During the reporting period, the company relied on its solid quality management work to win the "Shanghai Pharmaceutical Industry Outstanding QC Team" on-site award, the "2025 Pharmaceutical Industry Quality Management QC Team Activity Outstanding Achievements Award", and was awarded the "Shanghai Pharmaceutical Manufacturing Enterprise Comprehensive Credit Risk Rating Assessment Level A", which has established an industry quality benchmark and laid the foundation for the company's product reputation and market competitiveness.

Leading the ESG rating industry, fulfilling social responsibilities and demonstrating brand value

During the reporting period, the company attached great importance to ESG construction, integrated the concept of sustainable development into the entire operation process, and strictly implemented relevant work requirements. ESG ratings achieved industry-leading results and became an important part of the company's core competitiveness, demonstrating the company's social responsibility and brand value.

During the reporting period, the company's ESG rating reached the highest rating in the domestic blood products industry, and it also obtained the entity's long-term credit rating of AAA and the comprehensive credit risk assessment of Shanghai drug production enterprises of A-level. The three core ratings all reached the highest level in the industry, which fully demonstrated the company's operational stability, pharmaceutical production management capabilities and social credit level. In terms of ESG practice, the company actively fulfills its social responsibilities. With its excellent ESG performance, it has won many honors such as the Top 100 ESG Listed Companies in China, the ESG Sustainable Development Pioneer Enterprise Award, and the Best ESG Practice Award for Listed Companies. At the same time, the company and its subsidiaries have won many industry and capital market awards. Shanghai RAAS has been selected into the innovation ranking of listed medical and health companies TO P100, won the Shanghai Trademark Brand Outstanding Brand Award, etc. Nanyue Biotechnology won the 8th Hunan Provincial Governor’s Quality Award. The “Nanyue Biotechnology Smart Supervision Project” was selected into the “List of 100 Iconic Projects for New Digital Infrastructure in Hunan Province (2025)”, and the “Full Process Digital Smart Factory for Blood Products” was rated as the “2025 Advanced Smart Factory”. The brand strength continues to be demonstrated.

Synergy of mergers and acquisitions integration and ecological empowerment, upgrading of full value chain management, and enhancing overall competitiveness

During the reporting period, as a pioneer in the integration of the blood products industry, the company continued to promote external mergers and acquisitions and endogenous empowerment, improve the full value chain management system, and achieve a spiral improvement in comprehensive competitiveness in line with the requirements of "the two-wheel drive of 'precision mergers and acquisitions + ecological empowerment' to complete the leap in core competitiveness" and "full value chain management, locking the value chain to people".

In terms of mergers and acquisitions integration, in June 2025, the company completed the delivery of 100% of the equity of Nanyue Biotech. This merger expanded the pulp station resources, increased the scale of pulp collection, improved the company's regional layout in Hunan Province, and at the same time realized the synergy and complementation of product pipelines and technical resources, opened up new profit growth points for the company, and formed a deep echo with the "pulp expansion" strategy;

In terms of ecological empowerment, join Haier's "Yingkang Life" smart blood industry ecosystem to create a complete blood ecological chain from plasma collection to clinical application and precision medicine, promote organizational integration changes, establish a consortium organization of "group management + chain group operation", and form a cross-department and cross-enterprise dynamic "chain group" to achieve efficient resource collaboration, value sharing, and risk sharing, and further enhance the company's comprehensive operational efficiency.

In terms of full value chain management, we build a goal transmission network from the organization to individuals through strategic decoding and goal decomposition, conduct regular reviews and classify differences to achieve dynamic monitoring and problem tracing, use digital tools to achieve intelligent closed-loop management of the full value chain, promote the organization's transformation to data-driven and lean operations, and form a modern management system with "quantifiable goals, traceable processes, traceable responsibilities, and measurable value." The organizational effectiveness continues to improve, providing efficient management support for the implementation of the company's core strategies such as "pulping" and "de-slurrying."

Adhere to being investor-oriented, build a long-term win-win return mechanism, and enhance market confidence

The company insists on being investor-oriented, and through measures such as high-quality information disclosure, multi-channel communication, and diversified shareholder returns, it delivers the company's long-term value, enhances investor confidence, and achieves win-win development for the company and shareholders.

During the reporting period, the controlling shareholder completed three shareholding increase plans, with a total increase of nearly 1.5 billion yuan; directors and senior executives' shareholding increase plans totaled a total increase of more than 6 million yuan, demonstrating confidence in the company's future development with practical actions; the company's share repurchase plan was successfully implemented, with a total of 69,081,952 shares repurchased, with a total transaction amount of approximately 475 million yuan, which was used to implement employee stock ownership plans or equity incentives and improve the long-term incentive mechanism; the company's cash dividends continued to advance, in 202 In July 2024, the equity distribution for 2024 will be implemented, with a cash dividend of RMB 0.33 (tax included) distributed to shareholders for every 10 shares, with a total dividend of approximately 217 million yuan; in February 2026, the equity distribution for the first three quarters of 2025 will be implemented. We will distribute cash dividends of RMB 0.153 (tax included) to shareholders for every 10 shares, with a total dividend of approximately RMB 101 million. We will continue to share the company's development dividends with all shareholders and implement the "investor-oriented" concept.

2. Industry conditions of the company during the reporting period

In 2025, my country's pharmaceutical industry will move forward steadily under the policy tone of deepening regulatory reform and promoting high-quality development. The country continues to promote the reform of the drug review and approval system and strengthens smart production supervision in key areas such as blood products, creating a more standardized and sustainable development environment for the industry. Against this background, the biopharmaceutical industry as a whole has shown a good trend of taking innovation as its core driving force and actively integrating into the global industrial chain.

During the reporting period, driven by policy deepening and market evolution, the blood products industry entered an important stage of structural adjustment, transformation and upgrading. Market competition shows structural differentiation and multi-dimensional characteristics. The focus of industry competition is shifting from traditional resource and scale expansion to refined operations in the terminal market and the construction of a comprehensive system covering marketing capabilities, brand building and clinical services. Facing a new stage of development, the industry is working together to ensure a stable supply of raw plasma, continue to improve the comprehensive utilization rate of plasma and product technology level, deepen channel construction and refined management of terminal markets, and accelerate the layout of a high-quality innovation ecosystem led by innovation and supported by high-end manufacturing. Looking forward to the future, the blood products industry will continue to follow the path of improving technical barriers, developing high value-added products, and expanding into new areas of treatment, moving towards more efficient, safe, and innovative high-quality development.

(1) Industry status and characteristics

Industry entry barriers are high and market concentration is increasing.

The state implements strict total volume control and access management for blood product manufacturing enterprises. Since May 2001, no new blood product manufacturing enterprises have been approved. A drug production licensing system has been implemented for the production of blood products. Enterprises must pass multiple regulatory compliance inspections, including GMP compliance, before they can be issued a "drug production license" to carry out production and business activities. At present, there are less than 30 blood product companies operating normally in China, and more than half of them do not have the qualifications to open new plasma apheresis stations. Combined with the stringent conditions for the establishment of plasma apheresis stations, the industry has formed extremely high policy and qualification barriers, making it difficult for new entrants to break through the existing market structure.

In the context of high entry barriers, external mergers and acquisitions have become an important way for companies to enhance their core competitiveness and expand resource reserves. In recent years, my country's blood product companies have continued to promote industry integration through mergers and acquisitions. Currently, a competitive situation has been formed with large companies such as Tiantan Biotech, Taibang Biotech, Hualan Biotech, and Shanghai RAAS as the leaders. From the perspective of industry concentration, there is still a big gap compared with mature overseas markets. In the international market, the three giants CSLBehring, Takeda Pharmaceuticals, and Grifols have occupied more than half of the global market share. It is expected that the integration trend of my country's blood products industry will continue in the future, and market concentration will continue to rise, showing a development pattern of "the strong will get stronger."

Implement full-chain closed-loop management and strictly standardize the industry supervision system

In view of the particularity and extremely high safety requirements of blood products, the state implements full-chain closed-loop management of the blood products industry and has established a strict supervision system for the entire life cycle "from plasma donor to clinical application". Supervision covers the entire process of plasma donor screening, raw plasma collection, production and processing, circulation and sales, and clinical application. With safety traceability as the core thread, full-process closed-loop control is implemented. Among them, the establishment and management of plasma apheresis stations strictly follow the "Regulations on the Administration of Blood Products" and related supporting policies, and implement regional exclusive settings and a "one-to-one" plasma supply model for enterprises. Only one plasma apheresis station can be set up in a plasma collection area; the production link places extremely high requirements on product purity and quality control, and companies need to establish a complete quality traceability system; the circulation and use links require full product traceability to ensure that each batch of products is traceable and verifiable. The strict regulatory system has established a safe bottom line for the long-term and healthy development of the industry, and also placed extremely high requirements on the compliance operations of enterprises.

Raw material plasma is still the main factor affecting supply and demand, and there is still much room for improvement in supply capacity.

Raw plasma is a core element in the production of blood products and remains a key factor affecting the balance of supply and demand in the industry. According to relevant research data, there will be more than 300 plasma apheresis stations in my country by 2025, with an annual plasma collection volume of approximately 14,000 tons. The overall plasma collection volume has maintained a steady upward trend in recent years, but there is still a large room for improvement compared with the actual domestic clinical demand. Constrained by multiple factors, plasma supply is difficult to increase rapidly in the short term: First, the establishment of plasma apheresis stations is subject to national planning restrictions, the approval process is strict, and the cycle is long, so the quantity cannot be increased rapidly; second, my country's plasma collection policy is stricter than that of developed countries such as Europe and the United States, with longer plasma collection intervals (≤2 times/month, interval ≥14 days) and smaller single collection volumes (≤580ml containing anticoagulants); third, it is difficult to recruit plasma donors, and the willingness to donate plasma is low in some areas. Taken together, there is still a lot of room for improvement in my country's current plasma supply, and the contradiction between supply and demand of raw plasma will still be the core factor restricting the development of the industry.

Clinical needs have not yet been fully met, and there is good room for industry growth.

Constrained by factors such as insufficient supply of upstream raw material plasma resources, differences in residents' medical payment capabilities, and awareness of clinical applications, my country's per capita use of blood products is significantly lower than the level of developed countries. Unmet clinical needs still exist, and the industry has good room for growth. At present, my country's blood products industry has not yet achieved self-sufficiency in raw materials and products. The country has adopted strict control measures on the import of blood products and only allows the import of human albumin and recombinant coagulation factor products to alleviate the contradiction between domestic supply and demand. Among them, domestic human albumin only occupies about 35% of the domestic market share, and about 65% of the market share is still controlled by international giants. There is still a big gap between achieving complete self-sufficiency. With the continuous development of my country's national economy, the continuous improvement of the medical security system, the steady improvement of residents' medical payment ability, and the gradual deepening of clinical understanding of the rational use of blood products, the demand for albumins, immunoglobulins, and coagulation factors will maintain steady growth. At the same time, compared with the international market, the proportion of immunoglobulin and coagulation factor products used in my country is much lower than that in the European and American markets. The demand for these products has huge growth potential, which will further promote the expansion of the industry's market capacity. Based on the analysis of the growth trend of my country's blood product market demand and the difference in demand with the European and American markets, my country's blood products industry will maintain sustained and steady growth in the future.

There are significant differences in clinical needs at home and abroad, which has important guiding significance for the development of the industry.

There are currently significant differences in clinical demand for blood products at home and abroad. This difference not only reflects the different characteristics of the medical demand side at home and abroad, but also has important guiding significance and far-reaching impact on the future development direction, product layout and technology upgrade of the domestic blood products industry. From the perspective of demand structure, the international market has immunoglobulin and coagulation factor products as the core demand, with the two types of products taking a dominant share in total, and recombinant coagulation factor products have a higher market share in overseas markets, with high product segmentation and a wide range of adaptation scenarios. However, my country's clinical demand is still dominated by human albumin and intravenous human immunoglobulin, with a relatively low proportion of products such as coagulation factors, and a relatively single product demand structure. Industry data shows that the per capita consumption of immunoglobulin and coagulation factor products in European and American countries is still significantly higher than that of my country. This difference not only reflects the different characteristics of domestic and foreign medical needs, but also indicates that there may be room for growth in related products in my country.

In recent years, clinical understanding of the application of blood products has also deepened. The demand for immunoglobulin and coagulation factor products has shown a gradual growth trend and will gradually become the main growth point for the development of my country's blood products market in the future.

There is a gap in plasma utilization level, and there is great potential to improve the comprehensive utilization rate.

At present, there is still a gap between the plasma utilization level of Chinese enterprises and leading international enterprises. With long-term accumulated process experience, the world's leading enterprises can separate and extract more than 20 products from plasma, covering a variety of coagulation factors, specific immunoglobulins, etc. In addition to the existing domestic varieties, there are also human coagulation factor X, human coagulation factor XIII, vascular Hemophilia factors, etc., there are more than a dozen immune globulin products, which can cover a wider range of clinical needs; domestic blood product companies only have more than a dozen products at most, and they are mainly human albumin and intravenous human immunoglobulin. Only a few companies can produce coagulation factor products with higher technical requirements, and the annual output is relatively limited. In recent years, domestic enterprises have gradually increased investment in research and development, continued to optimize production processes, and steadily improved the comprehensive utilization rate of plasma. In the future, with the continuous advancement of technological levels, there is still much room for improvement in my country's plasma extraction efficiency and product variety richness.

(2) Industry development trends

Industry concentration continues to rise, and the “stronger get stronger” pattern is highlighted.

In an industry context of high entry barriers and scarce resources, external mergers and acquisitions are still a key path for domestic blood product companies to enhance their core competitiveness and expand plasma station resources and product matrix. In recent years, mergers and acquisitions in the domestic blood products industry have continued to take place, and industry concentration has further increased. In the future, the trend of industry integration will continue. Leading companies with sufficient resource reserves, outstanding R&D capabilities, and high plasma utilization rates will continue to integrate industry resources through mergers and acquisitions and expand market share. At the same time, compared with the high concentration pattern of mature overseas markets, the concentration degree of my country's blood products industry still has considerable room for improvement. It is expected to continue to rise in the future and gradually move closer to the international level, eventually forming a market pattern dominated by a few leading companies and supplemented by small and medium-sized enterprises.

Continue to optimize product structure and focus on filling gaps in clinical needs

Based on the significant differences in clinical needs at home and abroad, product structure optimization will become the core direction for the future development of the domestic blood products industry. The guiding significance and impact of this difference in clinical demand on the future development of the domestic blood products industry is mainly reflected in three aspects: first, clarifying the core direction of product structure optimization, forcing domestic enterprises to increase investment in research and development of immune globulin and coagulation factor products, especially high-end coagulation factors and special blood products, filling the gap in clinical demand and gradually adapting to the upgrade of clinical demand; second, guiding the industry to focus on refined development of plasma, promoting enterprises to optimize production processes and improve comprehensive utilization of plasma rate, enrich product categories, narrow the gap with international leading companies in product layout, and improve the utilization efficiency of plasma resources; third, promote the transformation of the industry from "scale expansion" to "quality improvement and category improvement", strengthen the orientation of technological innovation, promote the concentration of resources to leading companies with R&D capabilities and innovation capabilities, help the industry achieve high-quality development, gradually narrow the gap with overseas mature markets, effectively alleviate unmet clinical needs, and promote the continuous optimization of the industry's supply and demand structure.

Leading enterprises accelerate the ecological layout of the entire industry chain and consolidate their comprehensive competitive advantages

In the face of industry development trends, leading domestic blood product companies continue to promote the layout of the entire industry chain and ecological layout. By extending the industrial chain vertically and expanding technological boundaries horizontally, they build a full ecological system of "plasma station-R&D-production-application" to form a three-dimensional competition barrier of "technology + resources + market" and promote the industry from single product competition to comprehensive capability competition. In the upstream of the industrial chain, leading companies continue to expand pulp station resources and consolidate raw material supply advantages; in the midstream R&D and production links, companies increase investment in technology research and development, optimize production processes, enrich product portfolios, and improve plasma utilization and product quality; in the downstream, companies expand sales networks, deepen clinical cooperation, and improve product market coverage and clinical recognition. At the same time, some leading companies are also actively linking up with emerging technology fields such as synthetic biology through cooperation, equity participation, etc., to prepare for future competition in advance. This ecological layout improves the company's risk resistance and profitability, and also provides strategic complementarity and buffering to respond to possible potential market impacts. In the future, leading companies with sufficient resource reserves, outstanding R&D capabilities, and leading scale levels will continue to strengthen their comprehensive competitive advantages.

(3) The company’s industry status and development advantages

After more than 30 years of hard work and accumulation, the company has developed into a leading enterprise in the domestic blood products industry. At the same time, as a pioneer enterprise in the field of industry integration, the company has firmly ranked first in the industry in core areas such as overall scale, plasma station layout, product categories and coagulation factor categories, quality system, R&D innovation, and marketing ecology. It has built a comprehensive competitive advantage that is difficult to replicate. It is a core participant in the market and an important leader in promoting the improvement of industry standards and optimization of the industrial structure. It is accelerating towards the ranks of leading biopharmaceutical companies.

For specific competitive advantages, please see "3. Core Competitiveness Analysis"

3. Core competitiveness analysis

After more than thirty years of intensive cultivation and development, the company has gradually built a unique industry competitive advantage by virtue of its insistence on product quality, persistence in technological innovation, keen insight into clinical needs, and in-depth exploration of industrial value, and established its position as a leading enterprise with both scale leadership and industrial influence in my country's blood products industry.

Based on its existing fundamental advantages, the company draws a blueprint for future development with a long-term strategic vision, and clearly proposes a core development strategy of equal emphasis on "pulping" and "de-pulping". In terms of "pulping", we focus on the foundation of the main business of blood products, and further consolidate the company's leading position in traditional advantageous fields by continuously optimizing the layout of pulp stations and improving pulp collection efficiency and quality; in terms of "depulping", we focus on innovative breakthroughs, while consolidating the foundation of blood product research and development, and actively expand into other high value-added areas of biopharmaceuticals, build a "blood products + innovative drugs" dual-engine driving model, and constantly open up new space for differentiated growth.

Leading in scale: multiple bases + all categories, leading the industry in scale and strength

The company's overall scale ranks at the leading level in the domestic blood products industry. It is a leading blood products company in the domestic industry with reasonable structure, complete product categories and high plasma utilization rate. In terms of scale layout, it has currently built 6 blood product production bases covering Shanghai, Zhengzhou, Hefei, Wenzhou, Nanning, and Hengyang, and has 55 plasma apheresis stations located in Guangxi, Hunan, Hainan, Shaanxi, Anhui, Guangdong, Inner Mongolia, Zhejiang, and Hubei. , Jiangxi, and Shandong 11 provinces (autonomous regions), both in terms of the number of pulp stations, coverage area, and actual pulp collection volume, are at the forefront of the industry, providing stable and sufficient raw material guarantees and efficient production capacity support for the company's production, further consolidating its leading position in the industry.

The company's product varieties fully cover the three core categories of albumins, immunoglobulins and coagulation factors. It is one of the few blood product manufacturers in China that can extract six components from plasma. It is also one of the manufacturers with the most comprehensive range of coagulation factor products in the same industry in China. The rich and high-end product matrix not only meets the diverse domestic clinical needs, but also makes the company one of the few domestic manufacturers that can export blood products, laying an industrial foundation for the internationalization of business.

Brand benchmark: safety, high quality and efficiency, brand image sets the benchmark

The company always adheres to the quality policy of "safety, high quality and efficiency", fulfills the brand promise of "Shanghai RAAS Health Guard", and is committed to making more medicines, making better medicines, creating newer medicines, and benefiting society. For a long time, the company's products have established a safe and high-quality brand image in the industry, and its product quality has won the trust of domestic consumers and recognition in the international market. With its product advantages and brand influence, it has become one of the most influential companies in the industry.

The company has been rated as "Shanghai Foreign-Invested Advanced Technology Enterprise" and "High-tech Enterprise", and has established an "Academician Expert Workstation" to demonstrate its leading position in the fields of technology research and development and quality control; the company and its subsidiary Nanyue Biotechnology have won the 9th Shanghai Fengxian District Governor Quality Gold Award and the "8th Hunan Province Governor Quality Award". These awards are recognition of the company's excellent management and operations; in the global ESG (environmental, social and governance) field, the company's rating continues to improve, and it was awarded MSCI during the reporting period With BBB and WindESGAA ratings, its sustainable development practices are recognized by international and domestic markets. In addition, the company has also won the title of "Specialized, Specialized and New" for small and medium-sized enterprises in Shanghai, "Shanghai Famous Trademark", "Shanghai Famous Brand" and other brand honors, and has been selected into Forbes' "Most Innovative Companies" list many times. The company's brand influence and huge industrial scale have formed a synergistic effect, jointly establishing the company's leading position in the domestic blood products industry, and providing strong support for subsequent globalization and high-quality development.

Quality leadership: digitalization + lean GMP, building a new moat for quality

The company benchmarks against international plasma station quality management and pharmaceutical production quality management standards and specifications, and has established a complete quality management system at both the plasma collection end and the production and manufacturing end, which comprehensively covers the entire value chain including plasma station quality management, product design and development, supplier management, facilities and equipment management, production process management, quality control and quality assurance, and post-market quality management, building a solid product quality lifeline.

The company continues to promote the construction of a digital and information system for the entire process from raw plasma collection to terminal clinical use. Through digital transformation, it has achieved real-time monitoring and precise management of product quality, further improving product safety and effectiveness. In addition, the company combines the concepts, methods and tools of lean production and has continued to implement on-site 5S management and lean improvement activities for many years, forming a new paradigm of "lean GMP" management in the blood products industry. Through continuous improvement and optimization of the production process, it has effectively improved production efficiency and reduced costs, while ensuring the stability and consistency of product quality, building a new quality moat for the blood products industry.

Break through innovation: multi-dimensional research and development + intelligent empowerment, opening up a new track for innovative drugs

Since its establishment, the company has focused on R&D and innovation, deeply engaged in the field of biomedicine, and built a multi-dimensional R&D system of "independent innovation + patent introduction + technical cooperation". It has achieved a series of breakthroughs in key therapeutic areas and created many domestic "first" innovation breakthroughs including the first virus-inactivated human coagulation factor product. It has invention patents and other intellectual property rights, one of which has been authorized as an invention patent in 8 countries including China and the United States.

The company focuses on the frontier of hemophilia treatment and strives to promote the research and development of a number of the world's first Class I innovative drugs, including the world's first hemophilia monoclonal antibody product SR604 injection targeting activated protein C. During the research and development process, the company used AI molecular simulation technology to advance the resolution and observation accuracy of antibodies and antigens to the angstrom level, achieving precise analysis of molecular-level interactions and successfully screening high-affinity antibodies. At present, this product has entered the phase IIb clinical trial research stage. The clinical trial application for the new indication "preventive treatment of bleeding episodes in patients with von Willebrand's disease" has been accepted by the State Food and Drug Administration, and is expected to open up a second growth curve. At the same time, the company relies on the "Haiyihui" medical and engineering innovation platform, uses AI to optimize the entire research and development process, accelerates the clinical transformation of blood product-related technologies, and simultaneously promotes the layout of multiple R&D pipelines. Relying on the platform's technological advantages, the existing varieties have shown excellent potential for expansion of ready-made drugs and new indications, laying a solid foundation for the continuous cultivation of innovative drugs.

Marketing driven: four-dimensional collaboration + ecological empowerment to build a high-end marketing ecosystem

The company practices the patient-centered promotion concept and has built an industry-leading four-dimensional driven pharmaceutical marketing ecosystem with compliance operations as the cornerstone, data intelligence as the engine, academic value as the core, and patient service as the foundation. Establish a professional medical affairs team to support clinical research projects initiated by researchers and provide professional medical support; use big data and artificial intelligence technology to achieve precision marketing and optimize customer service; actively support third-party institutions to carry out patient education activities and establish long-term patient care plans. By synergizing the scale and variety advantages of self-operated products and distributed products, integrating the customer resources of medical institutions for each product, expanding channel coverage and strategically sinking into grassroots markets, the market share of hospital channels in core academic leading regions and grassroots markets has been further increased. At the same time, we work closely with key opinion leaders (KOL) in the treatment of key diseases to promote the publication of expert consensus, guidelines, and books on blood products, establish a market leader position in the field of bleeding and coagulation management, and strengthen brand influence.

Strategic leadership: M&A integration + ecological synergy to achieve strategic leap

As an integration pioneer in the blood products industry, the company has rich experience in mergers and acquisitions and has formed three core advantages: first, it has built a full-cycle management closed loop of "strategic mergers and acquisitions - refined integration - value reshaping", and has further enhanced profitability and comprehensive competitiveness through the verification of a series of successful mergers and acquisitions cases in recent years; second, relying on the two-wheel synergy of industrial operations and capital operations, it has achieved simultaneous leaps in economies of scale and value creation Upgrading, the integration efficiency of M&A targets is high; thirdly, a unique "value discovery + management empowerment + ecological amplification of value" M&A methodology has been formed. Guided by the forward-looking industrial chain value map, through technological integration innovation, channel sharing and management output, a full-cycle value engine of "strategic insight - element activation - ecological reconstruction" has been built. In the integration of target assets, an energy level leap has been achieved between the exploration of hidden value depressions and the construction of industrial ecosystems.

In June 2025, the company successfully completed the acquisition of 100% equity of Nanyue Biotechnology and the industrial and commercial change registration. Nanyue Biotechnology officially became a wholly-owned subsidiary of the company. Its 9 plasma apheresis stations and 4 product pipelines under development further enriched the company's layout and improved the overall scale and plasma station coverage. At the same time, the company has actively integrated into Haier's "Yingkang Life" full-chain blood ecological collaboration system to promote coordinated development of the industry. The continuous strengthening of these strategic advantages has accelerated the company's goal of becoming a leading enterprise in the global blood products industry.

Global layout: ecological empowerment + technological leadership, moving towards globalization

Against the background of intensified global competition in the biopharmaceutical industry, the company has built a solid foundation for development with its strong R&D capabilities. With the actual control and empowerment of Haier Group and in-depth strategic cooperation with the global blood products giant Chilifu, the company has comprehensively upgraded its overseas development layout and achieved multi-dimensional breakthroughs from resource integration, market expansion to operational optimization. In the future, the company will build the world's leading biopharmaceutical platform, deeply integrate drug R&D and manufacturing capabilities, continue to build independently controllable and scalable new marketing capabilities, accurately seize the opportunities in the age of population aging, gradually build a "domestic leadership, global synergy" business structure, firmly adhere to the development strategy of "expansion" and "de-pulping", and is committed to becoming a world-class biotechnology company, jointly realizing the vision of "everyone in the world is healthy throughout their life" and contributing to "Healthy China".

4. Main business analysis

Overview

Please refer to the relevant content of "1. Main businesses engaged in by the company during the reporting period".

Income and costs

(1) Composition of operating income

Unit: Yuan 2025 2024

Year-on-year increase or decrease

Amount % of operating income Amount % of operating income

Total operating income 7,348,183,033.40 100% 8,176,460,048.60 100% -10.13% by industry

Production and sales of blood products 7,251,907,447.46 98.69% 8,052,459,365.49 98.48% -9.94% Testing equipment and reagents 87,842,819.14 1.20% 121,154,941.13 1.48% -27.50% Other business income 8,432,766.80 0.11% 2,845,741.98 0.04% 196.33% by product

Self-produced albumin 1,271,479,949.85 17.30% 1,494,060,050.48 18.27% -14.90%Imported albumin 3,255,511,977.50 44.30% 3,626,557,503.89 44.35% -10.23% Styrofoam 1,491,135,961.19 20.29% 1,698,689,402.21 20.78% -12.22% Other blood products 1,233,779,558.92 16.79% 1,233,152,408.91 15.08% 0.05% Testing equipment and reagents 87,842,819.14 1.20% 121,154,941.13 1.48% -27.50% Other businesses 8,432,766.80 0.11% 2,845,741.98 0.04% 196.33% By region

East China 2,598,534,448.87 35.36% 2,990,001,982.78 36.57% -13.09%South China 1,545,016,597.50 21.03% 1,689,171,799.46 20.66% -8.53%North China 2,093,927,156.80 28.50% 2,101,560,504.22 25.70% -0.36%Northeast China 264,702,412.81 3.60% 384,128,688.13 4.70% -31.09%Southwest Region 488,636,599.00 6.65% 484,423,565.48 5.93% 0.87%Northwestern Region 304,925,057.82 4.15% 470,482,372.60 5.75% -35.19%Export 52,440,760.60 0.71% 56,691,135.93 0.69% -7.50% based on sales model

Self-produced and sold 3,996,395,469.96 54.39% 4,425,901,861.60 54.13% -9.70% Commissioned sales 3,343,354,796.64 45.50% 3,747,712,445.02 45.84% -10.79% Others 8,432,766.80 0.11% 2,845,741.98 0.03% 196.33%

(2) Industries, products, regions, and sales models that account for more than 10% of the company’s operating revenue or operating profit

Applicable□Not applicable

Unit: Yuan Operating income compared with the previous year Operating costs compared with the previous year Gross profit margin compared with the previous year Operating income Operating costs Gross profit margin

Increase and decrease in the same period Increase and decrease in the same period Increase and decrease in the same period by industry

Production and sales of blood products 7,251,907,447.46 4,534,874,270.30 37.47% -9.94% -5.10% -3.18% by product

Self-produced albumin 1,271,479,949.85 788,454,470.46 37.99% -14.90% -4.58% -6.70%Imported albumin 3,255,511,977.50 2,764,779,475.45 15.07% -10.23% -8.57% -1.55% Styrofoam 1,491,135,961.19 681,051,311.15 54.33% -12.22% -4.03% -3.89% Other blood products 1,233,779,558.92 300,589,013.24 75.64% 0.05% 37.32% -6.61% by region

East China 2,598,534,448.87 1,690,167,267.01 34.96% -13.09% -9.16% -2.82% South China 1,545,016,597.50 947,034,063.03 38.70% -8.53% -1.22% -4.54%North China 2,093,927,156.80 1,333,286,130.19 36.33% -0.36% 6.94% -4.35% by sales model

Self-produced and sold 3,996,395,469.96 1,770,094,794.85 55.71% -9.70% 0.87% -4.64% Commissioned sales 3,343,354,796.64 2,830,855,478.05 15.33% -10.79% -8.74% -1.90% When the statistical caliber of the company's main business data is adjusted during the reporting period, the company will adjust it according to the caliber at the end of the reporting period in the most recent year.

Main business data after consolidation

□ApplicableNot applicable

(3) Whether the company’s physical sales revenue is greater than its labor service revenue

Yes□No

Industry Classification Project Unit 2025 2024 Year-on-year increase or decrease

Sales volume bottles 25,134,543 24,875,668 1.04% Blood product production and sales Production and import volume bottles 28,357,883 27,739,616 2.23% Inventory volume bottles 19,482,606 15,370,953 26.75%

Sales volume sets/boxes/cartons 895 921 -2.82% Testing equipment and reagents Purchase volume sets/boxes/cartons 742 1,238 -40.06%

Inventory quantity sets/boxes/cartons 624 781 -20.10% Explanation of reasons why relevant data changed by more than 30% year-on-year

Applicable□Not applicable

The purchase volume of testing equipment and reagents decreased compared with the same period last year due to inventory management strategies.

(4) Performance of major sales contracts and major purchase contracts signed by the company as of this reporting period

Applicable□Not applicable

The agency business of imported human serum albumin between the company and Chilifu is a related matter. For details, please refer to "Section 5 Important Matters"

14. Major related transactions”.

(5) Operating cost composition

Industry and product classification

Unit: Yuan

2025 2024

Industry classification Items Year-on-year increase or decrease

Amount as a proportion of operating costs Amount as a proportion of operating costs

Direct materials 1,425,840,751.93 30.98% 1,419,740,033.75 29.22% 0.43% Blood product production and direct labor 74,604,890.95 1.62% 87,942,701.85 1.81% -15.17% Sales and manufacturing expenses 269,649,151.97 5.86% 247,184,475.73 5.09% 9.09% Subtotal cost of self-produced blood products 1,770,094,794.85 38.46% 1,754,867,211.33 36.12% 0.87% Cost of imported blood products 2,764,779,475.45 60.07% 3,023,870,814.68 62.23% -8.57%Direct materials 66,076,002.60 1.44% 78,125,197.87 1.61% -15.42%Testing equipment and reagents

Subtotal 66,076,002.60 1.44% 78,125,197.87 1.61% -15.42%Other business Other business costs 1,431,202.79 0.03% 2,049,951.46 0.04% -30.18%Subtotal 1,431,202.79 0.03% 2,049,951.46 0.04% -30.18% Total Total 4,602,381,475.69 100.00% 4,858,913,175.34 100.00% -5.28%

Unit: Yuan

2025 2024

Product Category Items Year-on-Year Increase/Decrease

Amount as a proportion of operating costs Amount as a proportion of operating costs

Direct materials 654,142,043.54 14.21% 679,623,234.10 13.99% -3.75% Direct labor 27,516,235.78 0.60% 37,758,755.37 0.78% -27.13% Manufacturing expenses 106,796,191.14 2.32% 108,938,682.64 2.24% -1.97%Albumin

Subtotal cost of self-produced albumin 788,454,470.46 17.13% 826,320,672.11 17.01% -4.58% Subtotal cost of imported albumin 2,764,779,475.45 60.07% 3,023,870,814.68 62.23% -8.57%Albumin cost subtotal 3,553,233,945.91 77.20% 3,850,191,486.79 79.24% -7.71%Direct materials 578,474,756.29 12.57% 610,863,102.15 12.57% -5.30% Direct labor 20,912,134.96 0.45% 28,143,922.98 0.58% -25.70% Static C

Manufacturing overhead 81,664,419.90 1.77% 70,647,971.64 1.45% 15.59%Subtotal 681,051,311.15 14.80% 709,654,996.77 14.61% -4.03%Direct materials 193,223,952.10 4.20% 129,253,697.50 2.66% 49.49%Direct labor 26,176,520.21 0.57% 22,040,023.50 0.45% 18.77%Other blood products

Manufacturing expenses 81,188,540.93 1.76% 67,597,821.45 1.39% 20.11% Subtotal 300,589,013.24 6.53% 218,891,542.45 4.50% 37.32% Testing equipment and reagents Testing equipment and reagents 66,076,002.60 1.44% 78,125,197.87 1.61% -15.42% Subtotal 66,076,002.60 1.44% 78,125,197.87 1.61% -15.42% Other business Other business costs 1,431,202.79 0.03% 2,049,951.46 0.04% -30.18% Subtotal 1,431,202.79 0.03% 2,049,951.46 0.04% -30.18% Total Total 4,602,381,475.69 100.00% 4,858,913,175.34 100.00% -5.28%

Description

The cost components of the company's self-produced and self-sold blood products include direct materials, direct labor and manufacturing expenses. Agent for imported white

The protein cost and detection equipment and reagent product cost components only include direct materials.

(6) Whether there are changes in the scope of consolidation during the reporting period

Yes□No

A total of 62 entities were included in the scope of consolidation at the end of this period. Compared with the previous year, Nanyue Biopharmaceutical Co., Ltd. was merged with enterprises not under common control.

The company and its 11 affiliated pulp stations.

(7) Significant changes or adjustments to the company’s business, products or services during the reporting period

□ApplicableNot applicable

(8) Major sales customers and major suppliers

The company’s main sales customers

The total sales amount of the top five customers (yuan) 1,643,828,946.83 The total sales amount of the top five customers accounts for the proportion of the total annual sales 22.37% The sales volume of the top five customers accounts for the proportion of the sales of related parties 0.00%

Information about the company’s top 5 customers

Serial number Customer name Sales volume (yuan) Proportion of total annual sales 1 Customer 1 473,781,872.40 6.45% 2 Customer 2 457,843,657.79 6.23% 3 Customer 3 326,259,029.18 4.44% 4 Customer 4 201,934,262.55 2.75% 5 Customer 5 184,010,124.91 2.50% Total -- 1,643,828,946.83 22.37%

Other descriptions of major customers

□ApplicableNot applicable

The company’s main suppliers

The total purchase amount of the top five suppliers (yuan) 3,168,200,659.49 The total purchase amount of the top five suppliers accounts for 62.35% of the total annual purchases. The purchase amount of related parties among the top five suppliers accounts for 61.24% of the total annual purchases.

Information about the company’s top 5 suppliers

Serial number Supplier name Purchase amount (yuan) Proportion of total annual purchase 1 Grifols Worldwide Operations Limited 2,963,382,040.32 58.32% 2 Grifols Diagnostic Solutions Lnc. 103,054,821.94 2.03% 3 Haier Blood Technology Chongqing Co., Ltd. 45,190,048.00 0.89% 4 Supplier 1 31,496,613.84 0.62% 5 Supplier 2 25,077,135.39 0.49% Total -- 3,168,200,659.49 62.35%

Other information about major suppliers

Applicable□Not applicable

Among the company's top 5 suppliers, the first supplier is GrifolsWorldwideOperationsLimited and the second supplier

Grifols Diagnostic Solutions Inc. and the third supplier Haier Blood Technology Chongqing Co., Ltd. are related parties, and related parties

For details of relationships and transactions, please refer to “Section 5 Important Matters 14. Significant Related Transactions”.

The purchases here are materials and services, excluding purchases of fixed assets and projects under construction.

During the reporting period, the company’s trading business revenue accounted for more than 10% of its operating revenue.

Applicable□Not applicable

Information on the company’s top 5 customers in the trading business

Serial number Customer name Sales volume (yuan)

1 Customer 1 456,783,754.88 2 Customer 2 404,491,318.01 3 Customer 3 171,037,823.92 4 Customer 4 170,983,023.38 5 Customer 5 169,379,937.33 Total -- 1,372,675,857.52

Information on the company’s top 5 suppliers in the trading business

Serial number Supplier name Purchase amount (yuan)

1 GrifolsWorldwideOperationsLimited (Chilifu) 2,963,382,040.32 2 GrifolsDiagnosticSolutionsLnc. 103,054,821.94 3 Supplier 1 248,918.21 4 Supplier 2 134,401.56 5 Supplier 3 19,975.00 total -- 3,066,840,157.03

Cost

Unit: Yuan

2025 2024 Year-on-year increase or decrease Explanation of major changes

Sales expenses 334,814,245.65 408,136,030.86 -17.97% Mainly due to the year-on-year decrease in the company's business promotion expenses and advertising expenses during the reporting period Management expenses 469,084,273.93 459,657,750.87 2.05% Mainly due to the inclusion of Nanyue Biotech into the scope of consolidation in June 2025

Financial expenses -41,924,123.01 -34,684,325.11 Not applicable Mainly due to increase in exchange income due to exchange rate fluctuations

R&D expenses 223,371,782.73 250,903,505.77 -10.97% Mainly due to the decrease in technology patent licensing fees

R&D investment

Applicable□Not applicable

Name of the main R&D project Project purpose Project progress Goals to be achieved Estimated impact on the company’s future development Shanghai RAAS

First domestic and foreign innovative drugs, enriched product line, SR604 injection (activated protein C monoclonal antibody), increased product variety, clinical trial stage, approved for marketing

Improve competitiveness

Development of activated human prothrombin complex. Increased product variety. Preclinical research stage. Approved for marketing. Domestic first innovative drug to improve plasma comprehensive benefits.

utilization rate, enrich the company’s production lines, and improve competitiveness

Development of the first domestic innovative drug to improve plasma comprehensive benefits and activated protein C. Increase product variety. Preclinical research stage. Approval for marketing. Utilization rate, enrich the company's production line, and improve competition.

competitiveness

Development of 10% intravenous human immune globulin. Increase product variety. Preclinical research stage. Approval for marketing. Enrich product line and improve competitiveness. Tonglu Biotech

Obtain CFD indications

Research on the industrialization of human fibrinogen. Increase product varieties. Municipal approval, AFD adaptation. Approval for marketing. Enrich product lines and improve competitiveness.

disease clinical trial stage

Research on the industrialization of 10% intravenous human immunoglobulin. Increase product varieties. Preclinical research stage. Approved for marketing. Enrich product lines and improve competitiveness. Lyophilized human fibrin adhesive. Increase product varieties. Preclinical research stage. Approved for marketing. Enrich product lines. Research on the industrialization of von Willebrand factor. Increase product varieties. Preclinical research stage. Approved for marketing. Enrich product lines and improve competitiveness. Zhejiang Haikang

Research and development of tetanus human immunoglobulin products. Increase product varieties. Approval for marketing. Enrich product lines and improve competitiveness. Continuous research on coagulation factor product development process. Increase product varieties. Preclinical research stage. Approval for marketing. Enrich product lines, improve competitiveness. Research on plasma protein separation, purification and preparation technology. Increase product varieties, improve fourth-generation intravenous human immune globulin and many other products. Enrich product lines, increase product yield, improve product yield.

Preliminary technical research

Research and industrial transformation, technology research and development capabilities, product process technology and quality standard research and development, high competitiveness

Integrated development for blood and plasma donation

Development of an intelligent platform for integrated development of blood and plasma donation Research and development stage Platform software is applied to integrated development projects to improve plasma safety and increase plasma sources

Project provides technical support

Zhengzhou Laishi

Human fibrinogen Increase product variety Clinical trial stage Approved for marketing Enrich product lines and improve competitiveness Research and development of tetanus human immunoglobulin Increase product varieties Preclinical research stage Approved for marketing Enrich product lines and improve competitiveness Guangxi Laishi

Domestic first-of-its-kind innovative drug to improve plasma comprehensive protein C development, increase product variety, pre-clinical research stage, approve marketing, use rate, enrich the company's production line, improve competitiveness

competitiveness

10% intravenous human immunoglobulin/subcutaneous injection human

Increase product variety. Preclinical research stage. Approval for marketing. Enrich product lines and improve competitiveness. Development of immune globulin.

Development of rabies patient immune globulin. Increase product variety. Preclinical research stage. Approval for marketing. Enrich product line and improve competitiveness. Development of human tetanus immune globulin. Increase product variety. Preclinical research stage. Approval for marketing. Enrich product line and improve competitiveness. Nanyue Biotech

Research and development of human fibrinogen. Increase product varieties. NDA stage. Approval for marketing. Enrich product lines and improve competitiveness. Caprylic acid precipitated 5%/10% intravenous human immune globulin.

Increase product variety, pre-clinical research stage, approve marketing, enrich product line, improve competitiveness, white research and development

The first domestic new drug to improve the comprehensive benefit of plasma. Research and development of IgM-rich human immunoglobulin. Increase product variety. Preclinical research stage. Approved for marketing.

Utilization rate enriches product lines and improves competitiveness. Research and develop human antithrombin III. Increase product varieties. Preclinical research stage. Approval for marketing. Enrich product lines and improve competitiveness.

Company R&D personnel

2025 2024 Change ratio

Number of R&D personnel (person) 263 195 34% Proportion of number of R&D personnel 6.5% 5.8% 0.7% Educational structure of R&D personnel

Bachelor's degree 167 114 46% Master's degree 34 24 42% Doctoral degree 11 11 0% Age composition of R&D personnel

Under 30 years old 56 42 33% 30~40 years old 111 79 41% Over 40 years old 95 74 28%

The company’s R&D investment

2025 2024 Variable proportion of R&D investment amount (yuan) 223,371,782.73 250,903,505.77 -10.97% R&D investment as a proportion of operating income 3.04% 3.07% -0.03% Amount of capitalized R&D investment (yuan) 0 0 0 Capitalized R&D investment as a proportion of R&D investment 0.00% 0.00% 0.00%

The reasons and impacts of major changes in the company's R&D personnel composition

□ApplicableNot applicable

Reasons for the significant change in the proportion of total R&D investment in operating income compared with the previous year

□ApplicableNot applicable

Reasons for significant changes in R&D investment capitalization rates and their rationale

□ApplicableNot applicable

Cash flow

Unit: Yuan

Item 2025 2024 Year-on-year increase or decrease, subtotal of cash inflow from operating activities 7,436,461,746.58 7,741,360,577.57 -3.94% Subtotal of cash outflow from operating activities 7,765,152,973.81 8,223,415,620.55 -5.57% Net cash flow from operating activities -328,691,227.23 -482,055,042.98 Not applicable Subtotal of cash inflows from investing activities 2,329,326,386.65 2,231,227,088.02 4.40% Subtotal of cash outflows from investing activities 4,581,466,562.09 3,147,148,401.44 45.58% Net cash flow generated from investing activities -2,252,140,175.44 -915,921,313.42 Not applicable Subtotal of cash inflows from financing activities 3,659,951,757.00 15,700,979.28 23,210.34% Subtotal of cash outflows from financing activities 1,092,649,521.05 480,111,889.37 127.58% Net cash flow generated from financing activities 2,567,302,235.95 -464,410,910.09 Not applicable Net increase in cash and cash equivalents 3,262,607.13 -1,861,070,944.03 Not applicable

Explanation of the main factors affecting significant year-on-year changes in relevant data

Applicable□Not applicable

(1) Cash inflow from operating activities decreased, mainly due to a slight decrease in cash received from sales of goods this year;

(2) The cash outflow from operating activities decreased, mainly due to the decrease in cash used to purchase goods and receive labor services;

(3) The increase in cash inflow from investing activities is mainly due to the increase in the principal and interest of mature time deposits recovered this year compared with the previous year;

(4) The increase in cash outflow from investing activities is mainly due to the group’s promotion of strategic investment layout in 2025 and the acquisition of Nanyue Biotechnology

Incur large investment expenditure;

(5) The increase in cash inflow from financing activities is mainly due to the increase in external debt financing to support major investments and strengthen long-term development.

The momentum is to increase borrowings obtained this year;

(6) The increase in cash outflow from financing activities is mainly due to: 1) the increase in cash paid to repurchase shares in the current period; 2) the increase in cash paid to repay debt;

Explanation of the reasons for the significant difference between the company's net cash flow generated from operating activities during the reporting period and the current year's net profit

Applicable□Not applicable

Mainly due to the increase in accounts receivable and inventory this year compared with the beginning of the year, and the early payment of goods by Tonglu Pharmaceutical this year to obtain discounts from suppliers.

5. Analysis of non-main business

Applicable□Not applicable

Unit: Yuan as a share of total profit

Amount Reason for formation Is it sustainable?

Mainly:

Enjoy investment income from associates based on the investment ratio 352,858,793.71 18.52% 1) Enjoy net profits and losses from GDS, the associate based on the investment ratio of 45%;

The net profit and loss is sustainable. 2) The net profit and loss enjoyed by the associated enterprise Tongfang Laishi in proportion to the investment;

Asset impairment -149,549,863.54 -7.85% Mainly due to provision for inventory depreciation and goodwill impairment loss. No

Non-operating income 2,627,247.40 0.14% No

Non-operating expenses 10,934,187.45 0.57% No

6. Analysis of assets and liabilities

Major changes in asset composition

Unit: Yuan End of 2025 Early 2025

Increase or decrease in proportion Amount explained for major changes Proportion to total assets Amount Proportion to total assets

Mainly due to the promotion of strategic investment in monetary funds in 2025 1,401,492,866.31 3.71% 2,982,705,503.57 8.87% -5.16% Bureau, acquisition of Nanyue Biotech and share repurchase expenses.

Mainly due to the adjustment of sales credit policy resulting in accounts receivable 1,841,869,832.12 4.88% 1,398,534,714.31 4.16% 0.72%

Due to the increase in accounts collection.

Mainly due to the current acquisition of Nanyue Biotech and the increase in inventory 5,365,642,282.04 14.20% 4,292,524,367.49 12.76% 1.44%

Caused by addition.

Investment real estate 5,685,223.93 0.02% 6,049,047.01 0.02% 0.00% -

Long-term equity investment 15,269,731,215.07 40.42% 15,379,243,225.45 45.73% -5.31% -

Mainly due to the current acquisition of Nanyue Biotech and the increase in fixed assets 2,254,476,320.78 5.97% 1,615,134,491.12 4.80% 1.17%

Caused by addition.

Construction in progress 393,005,643.11 1.04% 289,214,614.52 0.86% 0.18% -

Right-of-use assets 14,772,537.89 0.04% 17,912,047.09 0.05% -0.01% -

Mainly due to new loans in the current period and the acquisition of short-term borrowings from Nanyue 1,309,411,988.51 3.47% 0 0.00% 3.47%

Due to the increase in biological consolidation. Contract liabilities 3,544,859.78 0.01% 4,688,504.63 0.01% 0.00%

Mainly due to new loans in the current period and long-term borrowings for the acquisition of Nanyue 2,473,221,377.63 6.55% 0 0.00% 6.55%

Due to the increase in biological consolidation. Lease liabilities 10,390,325.44 0.03% 12,985,870.29 0.04% -0.01% -

Receivables financing 241,857,666.65 0.64% 411,824,830.44 1.22% -0.58% -

Other receivables 92,808,819.91 0.25% 3,309,723.84 0.01% 0.24% -

Due within one year

705,313,519.79 1.87% 0 0.00% 1.87% Mainly time deposits maturing within one year. non-current assets

Mainly due to the expected deduction of value-added tax input tax and other current assets 106,337,614.61 0.28% 137,382,233.52 0.41% -0.13%

caused by reduction.

Mainly due to the current acquisition of Nanyue Biotech resulting in no intangible assets 732,549,756.26 1.94% 485,008,210.46 1.44% 0.50%

Due to the increase in tangible assets.

Long-term deferred expenses 29,728,700.01 0.08% 28,472,717.84 0.08% 0.00% -

Mainly due to the adjustment of procurement policy, current agency accounts payable 343,017,320.39 0.91% 1,076,491,131.63 3.20% -2.29%

Due to the decrease in payment payable for imported albumin. Non-profit due within one year Mainly due to the current acquisition of Nanyue Biotech and the consolidated balance sheet increased 116,442,904.50 0.31% 4,608,643.95 0.01% 0.30%

Current liabilities are due to additional bank loans. Mainly due to the balance of equity transfer and contingent consideration for the new acquisition of Nanyue Biotech in the current period; other payables 720,411,815.37 1.91% 336,445,107.20 1.00% 0.91%

And the dividends for the first three quarters of 2025 have not been paid as of the end of the current period.

Treasury shares 522,954,827.95 1.38% 77,182,580.00 0.23% 1.15% Mainly due to share repurchase during the current period.

The proportion of overseas assets is relatively high

Applicable□Not applicable

of assets, overseas assets account for

Where asset planning is formed, operating income, and whether there are any specific control measures to ensure the safety of assets. The company’s net assets.

Reason Model Location Model Status Proportion of large impairment risk tolerance

The company appointed two employees to become GDS in October 2020

Director, participate in GDS board of directors decision-making;

Jilibu promises that GDS will be available from January 1, 2024 to 2028

Cumulative EBITDA for the period ended December 31, 2020 (the “Measurement Period”)

Adopt (by submitting the GDS of each year during the evaluation period approved by both parties)

acquisitions, EBITDA combined) will not be less than US$850 million (“Commitment

Manufacturing EBITDA"). For example, during the evaluation period, GDS achieved cumulative

issue

Yuan Europe and sales EBITDA below committed EBITDA, Chilifu should be in 2028

GDS45 shares

149.73 Hemei Sales Medical Within 30 days after the issuance of the audit report (and no later than March 2029) Profit 46.13% No % Equity Purchase

Billions of national therapeutics and 31st) will compensate Shanghai RAAS, the compensation amount = evaluation period

assets

The cumulative realized EBITDA of GDS and the committed EBITDA within the blood

The difference between the tests × the proportion of GDS equity held by Shanghai RAAS (as of

Product The signing date of the "Strategic Cooperation and Share Purchase Agreement" is 45%).

Chilifu promises that as long as it continues to directly or indirectly control GDS,

It should cause GDS to

The amount declared to its shareholders shall not be less than GDS’s net profit in the financial year.

50% dividend on profits.

Assets and liabilities measured at fair value

Applicable□Not applicable

Unit: Yuan Accumulated fair value included in equity in this period Current period This period

Item Beginning amount Value change Less provision for changes in fair value Purchases Sales Other changes Closing amount Profit and loss Value Amount Amount

financial assets

Other non-current financial assets 297,632.50 -297,632.50

Subtotal of financial assets 297,632.50 -297,632.50

Receivables financing 411,824,830.44 -169,967,163.79 241,857,666.65 Total of the above 412,122,462.94 -170,264,796.29 241,857,666.65

Other changes

On June 5, 2018, the 29th (extraordinary) meeting of the fourth session of the board of directors of the company passed the "Proposal on Participating in the Investment in Guangdong Chuangji No. 8 Venture Capital Partnership (Limited Partnership)". On June 13, 2018, the company invested RMB 3 million in investment Guangdong Chuangji No. 8 Venture Capital Partnership (Limited Partnership) (total registered capital is RMB 15 million). The specific affairs of Guangdong Chuangji No. 8 Venture Capital Partnership (Limited Partnership) are executed by the general partners. As a limited partner, the Company does not have significant influence. The Company includes the financial assets that are intended to be held for a long time and are measured at fair value and whose changes are included in current profits and losses into other non-current financial assets. As of December 31, 2025, the investment has been terminated.

The company's receivable financing is bank acceptance bills, and other changes are the net amount after the bank acceptance bills received in the current period are offset by the bank acceptance bills due.

Whether there are any significant changes in the measurement attributes of the company's main assets during the reporting period

□YesNo

Restrictions on asset rights as of the end of the reporting period

The use of restricted monetary funds is RMB 1,999,392.24, of which RMB 1,074,525.28 is frozen litigation preservation funds, RMB 178,820.25 is the guarantee deposit, and RMB 746,046.71 is other frozen funds.

7. Investment status analysis

Overall situation

Applicable□Not applicable

Investment amount during the reporting period (yuan) Investment amount during the same period last year (yuan) Change range

4,304,500,000.07 561,766,690.87 666.24%

Major equity investments obtained during the reporting period

Applicable□Not applicable

Unit: Yuan

As of Assets Pre Yes

Invested Disclosure Date

Investment Investment funds Shareholding Funds coming Investment period Product type Liability sheet date Total investment in this period No Disclosure of index company name Main business partner Period (such as

Method, Amount, Proportion, Resource Limitation, Progress of Type, Profit and Loss of Capital Receipt, Involvement (if any), said there is (if any)

Kuang Yi sues

Nanyue Biosheng Blood Liquid Biotechnology Products and Acquisitions 4 0, ,2 05 00 0, .0 00

1 00 %0.0 Own funds / Uncertain Limited blood product production completed - 2 74 6, 19 .4 23 4, No 02 Announcement No. 19, May 2020: Announcement 20 Part 25-Sales Day 046

24,943,

Total - - 4,250,00 - - - - - - - 761.24 -- -- -- 0,000.00

Major non-equity investments ongoing during the reporting period

□ApplicableNot applicable

Financial asset investment

(1) Securities investment situation

□ApplicableNot applicable

The company had no securities investments during the reporting period.

(2) Derivatives investment situation

□ApplicableNot applicable

The company had no derivative investments during the reporting period.

8. Sales of major assets and equity

Sale of major assets

□ApplicableNot applicable

The company did not sell any major assets during the reporting period.

Sale of major equity interests

□ApplicableNot applicable

9. 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%

Unit: yuan Company name Company type Main business Registered capital Total assets Net assets Operating income Operating profit Net profit Tonglu Biotech Subsidiaries Production and sales of blood products 145,350,000.00 5,798,786,302.19 5,708,716,981.18 1,448,930,509.47 533,278,940.33 425,111,956.78

Blood products, testing reagents 9,000,000.00 3,877,561,683.14 1,655,114,646.47 3,356,294,180.38 411,184,388.04 308,091,534.43 Tonglu Pharmaceutical Subsidiary

Import and sales

Zhengzhou RAIS Subsidiary Production and sales of blood products 100,000,000.00 570,161,437.08 555,503,515.90 274,678,109.43 39,316,963.29 34,664,739.69

Purchase, manufacture and sell medicine $0.02

GDS joint-stock companies 36,724,671,793.43 32,749,241,722.43 4,476,705,472.63 649,085,205.73 1,061,748,210.62 therapeutic and blood testing products

Acquisition and disposal of subsidiaries during the reporting period

Applicable□Not applicable

Company name How to acquire and dispose of subsidiaries during the reporting period Impact on overall production operations and performance

Nanyue Biopharmaceutical Co., Ltd. Acquisition Nanyue Biopharmaceuticals generated a net profit of RMB 24,943,761.24 from the date of purchase to the end of the year. Description of the main holding companies

The industries of Tonglu Biotech, Zhengzhou RAIS, and Nanyue Biotech are consistent with our company, which is the biopharmaceutical industry; Tonglu Biotech's approved business scope is the production and operation of blood products; biotechnology development, self-operation and agency import and export business of various commodities and technologies (except for commodities and technologies limited or prohibited by national laws and regulations); Zhengzhou RAIS's approved business scope: Licensed projects: pharmaceutical production; pharmaceuticals Retail; pharmaceutical wholesale; pharmaceutical import and export (items subject to approval according to law can only be carried out with the approval of relevant departments, and specific business projects are subject to the approval documents or licenses of relevant departments); Nanyue Bio's approved business scope is licensed projects: pharmaceutical production; pharmaceutical import and export; road cargo transportation (excluding dangerous goods); experimental animal production; experimental animal operation; feed production. (Projects that require approval according to law can only be carried out with the approval of relevant departments. Specific business projects are subject to approval documents or licenses from relevant departments.) General projects: import and export of goods; import and export of technology; import and export agency; investment activities with own funds; technical services, technology development, technical consultation, technology exchange, technology transfer, and technology promotion. (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)

Tonglu Pharmaceutical's business scope: Licensed items: wholesale of medicines; import and export of medicines; retail of medicines; sales of disinfection equipment; operation of third-class medical equipment; road cargo transportation (excluding dangerous goods) (items that require approval according to law can only be carried out with the approval of relevant departments. Specific business items are subject to the approval documents or licenses of relevant departments). General items: sales of Class I medical devices; sales of Class II medical devices; sales of health food (prepackaged); sales of disinfectants (excluding hazardous chemicals) (except for licensed businesses, items that are not prohibited or restricted by laws and regulations can be independently operated in accordance with the law).

GDS belongs to an industry that is an important link in the blood products industry chain. The company provides comprehensive transfusion medicine solutions, including solutions designed to improve disease detection, while continuously adding professional clinical diagnostic solutions for specific therapeutic areas, including the detection and treatment monitoring of infectious diseases, autoimmune diseases, and neurodegenerative diseases. In the field of transfusion medicine, GDS specializes in the detection of pathogenic agents in blood or plasma donations through nucleic acid amplification technology (NAT technology), and also supplies antigens for immunoassay reagents and instruments, as well as assay methods for blood group identification and antibody determination. In addition, in the field of clinical diagnosis, the company focuses on using enzyme-linked immunosorbent assay (ELISA) technology for immunological diagnosis of infectious diseases and autoimmune diseases through antigen-antibody reactions. GDS's approved business scope is the manufacturing of instruments in the fields of blood transfusion medicine, immune testing and coagulation testing, and is involved in the production and distribution of blood collection bags. In March 2020, the transfer procedures for 45% of the equity of GDS, the subject asset of the company's share issuance to purchase assets and related-party transactions, were completed, and the company holds 45% of the equity of GDS. During the reporting period, the company enjoyed an investment income of RMB 349 million calculated from GDS based on an investment ratio of 45%.

10. Structured entities controlled by the company

□ApplicableNot applicable

11. Prospects for the company’s future development

(1) Company development strategy

The company adheres to the vision of "Everyone in the world is healthy for life", and implements strategies around "expanding pulp" and "de-pulping", using smart empowerment as the engine of growth, emphasizing technological innovation and digital intelligence construction, building a full-chain blood ecological collaborative system, taking connotative growth as the foundation, extensional expansion as the leap, industrial operation and capital operation as the two-wheel drive, building a world-leading biopharmaceutical platform, and committed to becoming a world-class biotechnology company.

Expansion of pulp sources: Deep tapping of potential driven by digital intelligence

We insist on tapping existing potential and making incremental breakthroughs simultaneously to create a loving and warm pulp station. Taking the construction of digital and intelligent service-type pulp stations as the starting point, we will innovate the pulp station business and management model, optimize resource investment and cost structure, and improve operation and management efficiency; strengthen the construction of the pulp station quality management system and build a solid endogenous development gene; accurately grasp the industry integration opportunities, and continue to expand the pulp station resources and business territory through a combination of self-construction and mergers and acquisitions, promote the steady increase in the scale of pulp collection, and provide solid support for industrial development.

R&D innovation: Create a second growth curve

Guided by market demand and product benefits, clarify innovative R&D plans and optimize R&D planning layout; increase R&D investment, optimize resource allocation, strengthen the construction of R&D talent echelon, accelerate the construction of R&D system, enhance R&D innovation capabilities, and create an innovative R&D system with competitive advantages; oriented by clinical needs, deeply integrate AI, covering target discovery, molecular simulation, The entire R&D chain including clinical trials is built to build a "technology + market" ecosystem and focus on breakthroughs in core areas; it strengthens R&D innovation, optimizes production processes, improves the comprehensive utilization rate of plasma, improves R&D efficiency and level, and improves the market competitiveness of products; it focuses on key projects, actively promotes the progress of R&D of new products and new indications, and creates high-quality products that meet market demand.

Marketing transformation: data-driven reshaping of user links

Use AI to empower marketing reform and create new marketing capabilities that are independent, controllable and scalable. Accurately analyze market dynamics and pain points, rely on AI to optimize the customer management system, upgrade from traditional academic marketing to precise services centered on user health value; optimize business layout, consolidate advantageous market share, seize market opportunities, and actively expand new markets and overseas layout, use cooperative resources to promote product internationalization, further enhance brand market reputation, and promote the continued growth of the blood products market.

Quality and manufacturing: Create independent and controllable capabilities

Adhere to the quality policy of "safety, high quality, and efficiency" and use smart supervision to drive quality control upgrades. Continue to promote the informatization and intelligent construction of production and quality management to achieve digital transformation; benchmark against international advanced levels and rely on the quality linkage mechanism with international giants to further improve the quality management system; use data intelligence capabilities to achieve compliance application and value mining of medical data, ensure product safety and high quality, and support the company's high-quality development.

Organization and management: Build a leading AI-native organization

Build a user-centered dynamic value network and create an agile, efficient, and compliant agile organizational system. Through organizational restructuring from management and control to empowerment, innovation in value sharing and risk sharing mechanisms, cultural reshaping of self-subversion and open symbiosis, and strategic upgrades from products to scenario ecology, we will release endogenous innovation vitality, activate organizational agility, and link ecological value-added spaces. In the process of continuing to meet the dynamic needs of users, we will achieve symbiosis and win-win for enterprises, employees, and partners, and maximize the company's value.

Ecological synergy and extension expansion: precise mergers and acquisitions, value symbiosis

Taking precise mergers and acquisitions as the core path for expansion, relying on the company's rich experience in mergers and acquisitions integration, combined with the perspective of strategic anchoring, we screen potential targets in the industry chain and build a "strategic anchoring-resource reorganization-ecological reconstruction" M&A path. Implement two-dimensional changes in the integration process, build a digital and intelligent collaboration platform for research, production, and marketing vertically, and build an ecological organizational structure horizontally to give full play to the multiplier effect of "precision mergers and acquisitions × ecological empowerment" to activate marginal benefits and form anti-cyclical elasticity. Relying on Haier's "Yingkang Lifelong" ecological resources, we will promote industry chain collaboration, continue to improve the company's comprehensive capabilities and profitability, and consolidate its leading position in the industry.

(2) Business plan for 2026

The company will adhere to the vision of "Everyone in the world is healthy for life", anchor the two-wheel drive core strategy of "pulping and deslurrying", adhere to the quality policy of "safety, high quality and efficiency" and fulfill the "Shanghai RAAS" The brand commitment of "Health Guard" is to build the world's leading biopharmaceutical platform, fully embrace AI technology, and deeply integrate into Haier's "Yingkang Life" smart blood industry ecology to create a complete blood ecological chain from plasma source collection, intelligent production to clinical application, and promote the company's accelerated transformation from a leading blood product to an innovative biopharmaceutical company.

Dual-engine pulp expansion: building a new pattern of pulp source growth

Adhere to the dual-engine drive of "stock + incremental", superimpose digital operations, and reshape the development ecology of pulp sources.

Tapping stock potential and improving efficiency through smart operations: Relying on digital technology to build a smart pulp station management system, progressively develop and build a pulp station digital operation platform that integrates honor incentives, member growth, data intelligence, and accurate settlement, comprehensively improving pulp station operation efficiency and pulp staff stickiness; deepening the AI-powered intelligent management of pulp stations, using data analysis to optimize pulp staff service strategies, accurately matching needs, and promoting steady growth in pulp production; continuing to promote the "person-dan-one" model of pulp stations to stimulate team enthusiasm.

Incremental breakthroughs, accelerated scale expansion: Implement the "endogenous cultivation + external mergers and acquisitions" combined strategy, promote the expansion model of mergers and acquisitions and self-built pulp stations, clarify the pulp station expansion plan, accelerate the implementation of layout in key areas, simultaneously seize the industry integration window period, seek incremental breakthroughs through strategic investment, production capacity synergy, etc., and inject new momentum into the leap-forward growth of pulp mining scale.

Innovative desizing: Create a second growth curve

Firmly adhere to the development strategy of "pulp expansion" and "depulpation" in tandem, focus on the "technology + market" ecology, combine product benefits and market demand, and plan the R&D pipeline for short-term and long-term product competitiveness. We will use AI to optimize the entire R&D process, promote traditional business upgrades and breakthroughs in innovative drugs, and build a development pattern of "expansion of pulp to solidify the foundation and deslurry to break the situation".

Make every effort to promote the launch of core innovative drugs and achieve the strategic milestone of "de-slurrying"; continue to deepen the process upgrade of traditional blood products, build a solid foundation for core business, accelerate the research and development and launch of high value-added products, and improve the product line layout; strengthen the construction of the R&D system, coordinate the R&D collaboration of subsidiaries, and improve the overall Innovation capabilities enable efficient utilization of resources; open R&D innovation activities, actively carry out technical cooperation with scientific research institutes and third-party professional institutions, carry out multi-level and multi-dimensional external technical cooperation, integrate internal and external R&D resources, develop new profit growth points, and enhance the company's core competitiveness.

We will continue to adhere to the R&D concept of "innovation as the core and patient-oriented", with greater R&D investment, more efficient R&D system, and more precise R&D direction, to overcome difficulties and forge ahead with determination, push the company's R&D innovation capabilities to a new level, accelerate the transformation from a leading blood product to an innovative biopharmaceutical company, and contribute more "RAS Power" to the development of China's biopharmaceutical industry.

AI empowerment exploration: digital transformation of the entire chain

Taking the conclusion of the three-year action plan as an opportunity, we will comprehensively promote digital and intelligent upgrading of the entire chain of R&D, production, quality, and marketing to create a benchmark for the smart blood industry.

(1) Smart factory: intelligent upgrade of the entire production process

The MES system is fully covered and put into operation, realizing digital coverage and traceability of the entire process from raw plasma receipt to finished product delivery. The QMS system is built to cover the group's intelligent quality management system, achieving a high degree of coordination and deep integration of the quality management systems of various subsidiaries within the group, breaking down information islands, and achieving integrated quality management and control.

The EQMS system has completed the pilot implementation verification and been promoted to the group, realizing electronic equipment management, strengthening production stability and reducing maintenance costs.

(2) Intelligent marketing: explore precise reach

Build a smart marketing system of "three-layer capability construction + multi-agent collaboration" to activate the value of data, explore AI empowerment to improve efficiency, and promote the digitalization and intelligent upgrading of the entire marketing link.

(3) Integration of industry and finance: comprehensive improvement of management efficiency

Continue to promote the construction of industry-financial integration and financial sharing, and create a management digital system that is “data-driven, process closed-loop, and intelligent collaboration”:

Efficiency jump and cost leadership: Through standardization, processization, and centralized processing, we can eliminate duplication of labor, achieve scale effects, directly reduce operating costs, and improve business processing efficiency to new heights.
Data unification and insight deepening: The sharing center becomes the "single data source" of the group, producing financial data with consistent caliber and reliable quality, providing immediate and accurate "gunfire support" for management decision-making, making data truly the core asset of the enterprise. 3) Risk controllability and compliance assurance: Establish unified and transparent internal control standards and audit rules, and all transactions are run under system monitoring, which greatly strengthens risk prevention capabilities and protects the company's steady navigation.
Organizational empowerment and strategic support: Free basic financial personnel from tedious affairs and shift to high-value work such as business analysis and strategic planning, and promote the fundamental transformation of the financial role from "bookkeeper" to "business partner".

Digital quality control: building a solid line of defense for quality and safety

With collectivization, intelligence, and standardization as the core, we will build a full life cycle quality management system, adhere to the bottom line of quality, and create an industry quality benchmark.

(1) Group-based quality management collaboration: Unify the core processes of group changes, deviations, CAPA, risks, audits, and supplier management, and launch a group-based quality management information system to break data barriers and achieve quality resource sharing and collaborative management and control.

(2) Deepen the construction of laboratory management capabilities: Promote the CNAS system accreditation of the Shanghai factory quality control laboratory and plasma screening laboratory, improve the authority and accuracy of test data, and provide solid technical support for product quality.

(3) Digital intelligent quality control upgrade: iteratively upgrade DTMS, H-work and other systems, expand the scope of digital monitoring, add real-time early warning and intelligent analysis functions of quality risks, and build a closed loop of intelligent management of "data collection-analysis-early warning-disposal".

(4) Strengthen the construction of compliance and quality culture: track the latest industry regulations, carry out training in different levels and categories, innovate publicity and implementation forms, achieve full coverage of quality training for all employees, and build a solid talent and cultural foundation for high-quality development.

Marketing organization and change: exploring and building new AI-driven marketing capabilities

In the face of market changes and strategic transformation needs, the company actively initiated the integration and reform of the marketing organization and explored the construction of a new AI-driven marketing system. Reshape the RAAS group marketing system and enhance the systematic market competitiveness; adjust the market strategy, improve penetration, penetration, and coverage in multiple dimensions, and strive to "broaden and deepen" sales channels; build an information-based and digitally intelligent sales operation system, transparent and standardized processes, and achieve independent daily clearing management of marketing goals; clearly decompose marketing indicators, and establish an effective incentive mechanism to stimulate the self-motivation of the team. Guided by market demand, we will continue to promote the optimization and reform of marketing scenarios inside and outside the hospital, focusing on the three core directions of deepening hospital access, improving academic promotion, and expanding the retail market, strengthen terminal marketing capabilities, create patient-centered organizations and intelligent services, and maximize brand value.

(3) Risk analysis

Potential safety risks of products

The raw material of blood products is plasma from healthy people. Although the raw plasma is screened for relevant pathogens during the production process, and measures to remove and inactivate viruses are added to the production process, theoretically there is still a potential risk of spreading some known and unknown pathogens.

Countermeasures: In response to the above risks, continue to strengthen the construction of the quality assurance system, keep pace with the times and continuously improve during development, and provide better quality assurance services.

There is a risk of rising plasma costs

Affected by factors such as increased income from migrant workers and rising commodity prices, plasmapheresis stations are facing pressure from the loss of plasma donors.

Countermeasures: In response to the above risks, continue to optimize the existing process technology level and improve the utilization rate of multiple plasma products per unit; continue to increase the publicity of plasma donors, expand the number of new plasma donors, increase the frequency of plasma donors, and improve the retention rate of old plasma donors.

Goodwill impairment risk

After the company controlled and merged Zhengzhou RAAS, Tonglu Biotech, Guangxi RAAS, Zhejiang Haikang and Nanyue Biotech, a certain amount of goodwill was formed in the consolidated balance sheet of the listed company. According to the "Accounting Standards for Business Enterprises" and other regulations, goodwill is not amortized, but is subject to impairment testing at the end of each year. If there are major adverse changes in the future operating conditions of Zhengzhou RAAS, Tonglu Bio, Guangxi RAAS, Zhejiang Haikang and Nanyue Bio, there may be a risk of goodwill impairment, which will adversely affect the company's current profits and losses.

Countermeasures: The company strengthens the management and control of its subsidiaries, controls its costs, and improves its operation and management capabilities, including but not limited to: pulp extraction capabilities, research and development capabilities, production capabilities and marketing capabilities, thereby improving the operating efficiency and profitability of its subsidiaries and ensuring the stable operation and steady development of Zhengzhou RAAS, Tonglu Biotech, Guangxi RAAS, Zhejiang Haikang and Nanyue Biotech.

Exchange rate risk

The company's related-party transaction business involves import trade, and the business is mainly settled in US dollars, so there is a certain risk of exchange rate fluctuations.

Countermeasures: The company strengthens monitoring of the scale of foreign currency transactions and foreign currency assets and liabilities to minimize the exchange rate risks it faces; at the same time, through friendly negotiations with related parties, both parties agreed to negotiate and adjust corresponding product prices in the event of significant exchange rate fluctuations.

12. Receive research, communication, interviews and other activities during the reporting period

Applicable□Not applicable

reception reception pair

Reception time Reception place Reception object Main content of discussion and information provided Basic information index method of the survey Image type

Southwest Securities Du Xiangyang, Wang Yandi

Orient Securities Zhao Boyu

CITIC Securities Zhang Hengnan

China Post Securities Chen Cheng

Wu Jiawei, Cathay Junan Asset Management

Yuanqiao Assets Wang Rui

Morgan Fund Li Heng Mainly involved: tariff matters, company product prices, industry conditions Juchao Information Network Investor Relations April 2025 On-site

Company meeting room organization Junhe Capital Cui Yufei status, plasma collection, R&D status, etc. Department Activity Record Sheet (No. 21st Survey

Yuan Alloy Holdings Chen Jiahua Except for the above exchanges, the company did not provide other information 2025-001) SDIC UBS Miao Huijun, Liu Zexu

Everbright Prudential Gao Ruiting

Everbright Securities Zhang Jie

Caitong Fund Luo Ying

Huaxin Securities Wu Jinghuan

Guojin Securities Ma Judong

Network mainly involves content: company development strategy, research and development status, business situation

Juchao Information Network Investor Relations April 2025 Network Performance Explanation Platform The network performance explanation meeting is open to all investment status, financial situation, pulp source development status, future industry conditions, corporate

Other department activity records (numbered on the 29th) Online investor company stock price, dividends, post-investment management, etc.

2025-002) Communication Except for the above communication, the company did not provide other information

Main content involved: company production capacity, pulp station, inventory, sales, price. Investor Relations of Juchao Information Network, July 2025, on-site

Company Conference Room Organization CITIC Construction Investment Tang Renger, R&D, Jilibu Cooperation and other departments activity record sheet (No. 17th survey

Except for the above communication, the company did not provide other information 2025-003)

Main content involved: Company history, blood products industry, business Juchao Information Network Investor Relations August 2025 On-site Cheng Pei of Galaxy Securities

Company meeting room Organization Reputation, inventory, sales, price, R&D, SR604 progress, etc. Department activity record sheet (No. 07) Research Boshi Fund Lin Bohong

Except for the above exchanges, the company did not provide other information. 2025-004) Mainly involves: blood products industry, company strategy, deslurry processing

Juchao Information Network investors are concerned about the on-site exhibition in December 2025, SR604 progress, export business, inventory, price, mergers and acquisitions,

Company Meeting Room Organization Chongyang Investment Hu Min, He Jianqing Department Activity Record Sheet (No. 16) Research on Guangxi RAAS progress, production capacity expansion progress, pulp volume growth trend, etc.

2025-005)

Apart from the above exchanges, the company has provided no other information

13. Formulation and implementation of market value management system and valuation improvement plan

Whether the company has formulated a market value management system.

Yes□No

The company held the sixth (temporary) meeting of the sixth board of directors on December 27, 2024, and reviewed and approved the "Proposal on Establishing the "Market Value Management System"; on November 28, 2025, the company held the 15th (temporary) meeting of the sixth board of directors, and reviewed and approved the "Proposal on Revising the "Market Value Management System".

Whether the company has disclosed plans to increase its valuation.

□YesNo

Implementation of the “Double Improvement of Quality and Return” action plan. Whether the company has disclosed an announcement of the “Dual Improvement of Quality and Return” action plan.

□YesNo

Section 4 Corporate Governance, Environment and Society

1. Basic situation of corporate governance

During the reporting period, the company continued to improve its corporate governance structure, establish and improve the company's internal control system, and further improve its corporate governance level in accordance with the requirements of the Company Law, Securities Law, Code of Governance of Listed Companies, Shenzhen Stock Exchange Stock Listing Rules, and Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 1 - Standardized Operation of Main Board Listed Companies. The company's internal governance structure is complete, sound and clear. Shareholders' meetings and the board of directors can be convened in strict accordance with relevant rules and regulations, and all directors can perform their duties conscientiously. At the same time, the company continues to strengthen information disclosure, actively carry out investor relations management, promptly answer investor questions, and effectively safeguard the legitimate rights and interests of investors.

During the reporting period, the company added the "Foreign Exchange Derivatives Transaction Business Management System" (Trial) in April 2025; and in November 2025, in accordance with the new "Company Law" and "Transitional Arrangements Related to the Implementation of Supporting Systems and Rules of the New Company Law" and other relevant regulations, the company started the revision of 28 internal control systems such as the "Articles of Association" and supporting systems, and added "Directors, "Senior Management Resignation Management System" and "Accounting Firm Selection and Recruitment System". At the same time, in conjunction with the requirements of new regulatory regulations, the "Independent Director Annual Report Work System", "Audit Committee Annual Report Work Procedures", and "Risk Investment Management System" were abolished, and the "Supervisory Board Rules of Procedure" were cancelled. The above matters have been completed in December 2025. In addition, starting from December 2025, employee representative directors will be added to the company's board of directors; the audit committee of the board of directors will exercise the powers of the board of supervisors stipulated in the Company Law.

The company's governance structure complies with the provisions of the Company Law, Articles of Association and other laws, regulations and normative documents, and the company's operations and management are implemented in accordance with various system requirements.

Whether there are major differences between the actual situation of corporate governance and the laws, administrative regulations and regulations on the governance of listed companies issued by the China Securities Regulatory Commission

□YesNo

The company’s independence from its controlling shareholders and actual controllers in ensuring the company’s assets, personnel, finance, organization, business, etc.

The company is independent from its controlling shareholders and actual controllers in terms of assets, personnel, finance, organization, business, etc. The company has independent and complete business and independent operating capabilities.

(1) Business: The company's business is independent of the controlling shareholder and its subsidiaries. It has an independent and complete supply, production and sales system, conducts business independently, and does not rely on shareholders or any other related parties.

(2) Personnel: The company's personnel, labor, personnel and wages are completely independent. The company's general manager, deputy general manager, board secretary, financial controller and other senior management personnel all work in the company and receive remuneration. He does not hold any position or receive any remuneration from the controlling shareholder or its subsidiaries other than directors and supervisors.

(3) Assets: The company has production and operation sites that are independent of the controlling shareholder, has an independent and complete asset structure, has independent production systems, auxiliary production systems and supporting facilities, land use rights, house ownership and other assets, and has independent procurement and sales systems.

(4) Organization: The company has established a sound organizational system and operates independently. There is no conflict with the controlling shareholder or its functional departments.

relationships between doors.

(5) Finance: The company has an independent financial accounting department and has established an independent accounting system and financial management system.

Make financial decisions independently. The company opens independent bank accounts and pays taxes independently.

3. Competition within the industry

□ApplicableNot applicable

4. Directors and senior managers

Basic situation

Increase in holdings in this period. Decrease in holdings in this period. Increase in other shares. Increase in shares.

Sex Year Term Term end date Shareholding at the beginning of the period Shareholding at the end of the period Name Position Term start date Number of shares Number of shares Decrease change Decrease category Age Status Period Number (shares) Number (shares)

(Share) (Share) Reasons for (Share) Tan Lixia Female 56 Chairman Current July 30, 2024 to present - - - - - -

Vice Chairman Incumbent July 30, 2024 to present

JunXu Male 62 Director Incumbent April 7, 2016 to present 1,218,200 727,900 - - 1,946,100 Note 1

General Manager Current October 19, 2022 to present

Esther Female 50 Director Incumbent December 15, 2025 to present - - - - - Wang Quanli Male 70 Director Incumbent July 30, 2024 to present - - - - - Gong Ying Female 48 Director Incumbent July 30, 2024 to present - - - - - Gu Congqi Male 39 Director Incumbent July 30, 2024 to present - - - - - Hong Ying Female 76 Independent Director Current July 30, 2024 to present - - - - - Jia Jihui Male 63 Independent Director Current July 30, 2024 to present - - - - - Bu Xiangrui Male 66 Independent Director Current July 30, 2024 to present - - - - - - Chen Yan Female 60 Independent Director Incumbent December 15, 2025 to present - - - - - - Zhan Germany Male 42 Employee Director Incumbent December 16, 2025 to present - - - - - - Sedi Hui Male 60 Deputy General Manager Incumbent May 2004 to present 678,000 33,000 - - 711,000 Note 1 Lu Hui Male 51 Deputy General Manager Incumbent March 26, 2013 to present 546,500 15,000 - - 561,500 Note 1 Song Zhengmin Female 58 Deputy General Manager Incumbent May 21, 2020 to present 221,000 74,000 - - 295,000 Note 1 Huang Qinbing Male 49 Deputy General Manager Current July 30, 2024 to present 0 7,500 - - 7,500 Note 1

Male 56 Deputy General Manager Current June 2004 to present

Liu Zheng 766,600 36,500 - - 803,100 Note 1

Secretary of the Board of Directors Current April 6, 2007 to present

Chen Leqi Male 39 Financial person in charge Current October 26, 2021 to present 50,000 52,100 - - 102,100 Note 1

10, 2025

Amarant Male 45 Director Resigned July 30, 2024 July 29 - - - - - -Total - - - - - - 3,480,300 946,000 - - 4,426,300 -Note 1:

The company disclosed the "Announcement on the Plan to Increase Shareholdings of Some Directors and All Senior Management of the Company" on September 5, 2025 (Announcement Number: 2025- 062), some directors and all senior managers of the company, out of their firm confidence in the company's strategic development plan of pulping and deslurrying and full recognition of the long-term investment value, combined with the current capital market situation, and in order to further enhance investor confidence, plan to increase their holdings of the company's shares with self-raised funds within 6 months from September 5, 2025 (except during the period when laws, regulations, business rules of the Shenzhen Stock Exchange and other relevant provisions prohibit the increase in the company's stock holdings), and the total increase in holdings will not be less than RMB 6 million. The company disclosed the "Announcement on the Completion of the Implementation of the Plan to Increase Shareholdings by Some Directors and All Senior Management of the Company" on November 1, 2025 (Announcement Number: 2025-072), from September 10, 2025 to October 30, 2025. , some directors and all senior managers of the company accumulated a total of 946,000 shares of the company's shares through centralized bidding transactions, accounting for 0.014% of the company's total share capital at that time. The cumulative increase in shareholding amounted to RMB 6.4828 million. The above-mentioned increase in shareholding plan has been completed. The specific increase in holdings is as follows: JunXu increased its holdings by 727,900 shares; Shen Hui increased its holdings by 33,000 shares; Lu Hui increased its holdings by 15,000 shares; Song Zhengmin increased its holdings by 74,000 shares; Liu Zheng increased its holdings by 36,500 shares; Chen Leqi increased its holdings by 52,100 shares; and Huang Qinbing increased its holdings by 7,500 shares.

Is there any resignation of directors and senior managers during the reporting period?

Yes□No

On October 30, 2025, the company disclosed the "Announcement on the Resignation of Non-Independent Directors", a written resignation report submitted by the non-independent director Mr. Amarant. Due to personal reasons and after careful consideration, Mr. Amarant resigned from the position of director of the company's sixth board of directors, and also resigned from the position of member of the Strategy and ESG Committee of the company's sixth board of directors. Following his resignation, Mr. Amarant no longer holds any position in the company.

Changes in directors and senior managers of the company

Applicable□Not applicable

Name Position held Type Date Reason Esther Director Elected December 15, 2025 Job transfer

Chen Yan, independent director, was elected on December 15, 2025, and was transferred to Germany. Employee representative director was elected on December 16, 2025, and Amarant director was transferred and resigned on October 29, 2025, for personal reasons.

Employment status

The professional background, main work experience and current main responsibilities of the company’s current directors and senior managers in the company

(1) Board members

Tan Lixia: Chinese nationality, no permanent residence abroad, born in September 1970, a member of the Communist Party of China, a bachelor's degree in economics from the Central University of Finance and Economics, an MBA from China Europe International Business School, a doctorate in advanced professional studies in applied finance from the University of Geneva, Switzerland, and a chartered global management accountant (C) IMA), Senior International Certified Internal Controller (CICP), Australian Certified Public Accountant, expert enjoying special government allowances from the State Council, National March 8th Red Flag Bearer, National May 1st Labor Medal, Provincial Outstanding Communist Party Member, Taishan Industry Leading Talent, Provincial High-end Financial Talent, and Provincial Model Worker. Ms. Tan Lixia joined Haier Group in August 1992 and was engaged in international trade, overseas expansion, group financial management, etc., and has successively served as the head of Haier Group's overseas promotion department, director of the capital flow promotion department, director of the financial management department, chief financial officer, vice president, senior vice president, executive vice president and other positions. He currently serves as Vice Chairman and Executive Vice President of the Board of Directors of Haier Group, Chairman of Qingdao Haier Biomedical Co., Ltd., Chairman of Yingkang Life Technology Co., Ltd., and Director of Bank of Qingdao Co., Ltd. Currently, Ms. Tan Lixia also serves as the Standing Committee member of the 13th All-China Women's Federation, Vice President of the China Women Entrepreneurs Association, member of the 13th Shandong Provincial Committee of the Chinese People's Political Consultative Conference, Vice Chairman of the Shandong Provincial Women's Federation, and President of the Shandong Provincial Women Entrepreneurs Association. He will serve as Chairman of Shanghai RAAS from July 2024.

JunXu (Xu Jun): American nationality, born in September 1964, Ph.D. From 2000 to 2003, he served as the deputy general manager of Shanghai RAAS; from 2003 to 2011, he served as an assistant researcher at the Oklahoma Institute of Medical Research in the United States. From January 2012 to October 2022, he served as deputy general manager of Shanghai RAAS; from May 2017 to August 2022, he served as director of Zhengzhou RAAS; from October 2020 to present, he served as Grifols Diagnostic Solution Director of sInc.; Chairman of Shanghai RAAS from April 2023 to July 2024; Director of Shanghai RAAS from April 2016 to present; General Manager of Shanghai RAAS from October 2022 to present; Vice Chairman of Shanghai RAAS from July 2024.

EstherFagesContel: Spanish nationality, born in July 1976, graduated from the University of Barcelona with a Bachelor of Science in Pharmacy. She studied postgraduate degrees at relevant Spanish universities and business schools, specializing in clinical research, pharmaceutical industry organization, marketing and business guidance and health economics. Ms. Esther joined Geneflex in 2012 and has since held senior positions in global marketing and corporate and business development in the biopharmaceutical and diagnostics divisions. She currently serves as Director of East Asia Affairs for Glover, reporting to the Chief Corporate Affairs and Legal Officer. In addition to her current role, Ms. Esther leads the company's strategic alliance efforts, serving as the primary liaison with Shanghai RAAS and Haier Group and responsible for promoting and expanding these existing key partnerships. He will serve as a director of Shanghai RAAS from December 2025.

Wang Quanli: Chinese nationality, no permanent residence abroad. Born in December 1956. Doctoral degree. He has served successively as director and associate researcher of Office 9 of the Second Institute of the Chinese People's Liberation Army Academy of Military Medical Sciences, director and researcher of the First Office of the Ninth Institute of the Chinese People's Liberation Army Academy of Military Medical Sciences, director of the Blood Transfusion Department of the Chinese People's Liberation Army General Hospital, and director of the Blood Transfusion Department of the Affiliated Hospital of the Chinese People's Liberation Army Military Medical Sciences. He is currently the honorary chairman of the Transfusion Medicine Equipment Technology Committee of the Chinese Medical Equipment Association, president of the International Asia-Pacific Blood Group and Genome Association, and consultant to the Chinese Journal of Blood Transfusion. He will serve as a director of Shanghai RAAS from July 2024.

Gong Ying: Chinese nationality, no permanent residence abroad, born in March 1978, with a bachelor's degree and legal professional qualifications. He once served as deputy general manager of the legal and asset insurance department of Shanghai Branch of China CITIC Bank Co., Ltd., and is currently the head of the project department of CITIC Financial Asset Management Co., Ltd. Shanghai Branch. He will serve as a director of Shanghai RAAS from July 2024.

Gu Congqi: Chinese nationality, no permanent residence abroad, born in August 1987, master's degree, worked in the investment banking department of Essence Securities Co., Ltd. He currently serves as the business director of Shanghai Pilot Free Trade Zone Branch of China Cinda Asset Management Co., Ltd. He will serve as a director of Shanghai RAAS from July 2024.

Hong Ying: Chinese nationality, no permanent residence abroad, born in July 1950, graduate degree, Chinese senior certified public accountant (FCPA), Australian senior practicing accountant (FCPA), international member of Hong Kong Certified Public Accountants IACPA, associate member of the Hong Kong Institute of Chinese Accountants, and registered member of the American PCA0B. He once served as chairman and chief partner of Zhongjingfu Accounting Firm (Sino-foreign cooperation), independent director of Baoshan Iron and Steel Co., Ltd. (stock code: 600019), independent director of Qingdao Haier Co., Ltd. (now renamed as: Haier Smart Home Co., Ltd.; stock code: 600690), and Hangzhou Wanshili Silk Culture Co., Ltd. Co., Ltd. (stock code: 301066.SZ), independent director of Jilin Jinguan Electric Co., Ltd. (stock code: 300510.SZ), independent director of Industrial Securities International Financial Group Co., Ltd. (stock code: 6058.HK), chairman of Hong Kong Fulin International (Group) Co., Ltd., etc. Currently, he is the chairman of Beijing Fulin Accounting Firm Co., Ltd., chairman of Beijing Fulin International Enterprise Management Consulting Co., Ltd., and chairman of Fulin International (Asia Pacific) Co., Ltd. He will serve as an independent director of Shanghai RAAS from July 2024.

Jia Jihui: Chinese nationality, no permanent residence abroad, born in January 1963, doctor of medicine. He has served successively as deputy dean of Shandong University School of Medicine, secretary of the Party Committee of the School of Medicine, deputy dean of the Graduate School, dean of the School of Nursing, deputy dean of Qilu Medical College, associate professor, and professor. Currently a professor at Shandong University. He will serve as an independent director of Shanghai RAAS from July 2024.

Bu Xiangrui: Chinese nationality, no permanent residence abroad, born in October 1960, master's degree candidate. He once served as a staff member of the Hailong County Branch of the People's Bank of China; deputy chief clerk, chief clerk, deputy director, and director (also director of the law firm) of the Jilin Provincial Branch of the Industrial and Commercial Bank of China; director of the Head Office of the Industrial and Commercial Bank of China; general manager of the Legal Affairs Department of the Jilin Provincial Branch of the Industrial and Commercial Bank of China; legal director and chief legal counsel of the China Banking Association. He will serve as an independent director of Shanghai RAAS from July 2024.

Chen Yan: Chinese nationality, no permanent residence abroad, born in January 1966, master's degree. From November 2000 to July 2005, he joined Publicis Group Zenith Communications and served as the deputy general manager of Outdoor Media China. Since August 2005, he has joined Focus Media Group and is currently the president of the Strategy Research Institute. He has served as chief strategy officer and chief information officer. He will serve as an independent director of Shanghai RAAS from December 2025.

German: Chinese nationality, no permanent residence abroad, born in June 1984, master's degree, has served as director of the company's quality control department, manager of the second quality assurance department, manager of the first quality assurance department, manager of the regulatory and medical affairs department, and manager of the pulp station quality department. From July 2024 to December 2025, he served as supervisor of Shanghai RAAS. Currently, he is the director of Zhejiang Hikang and the production director of Shanghai RAAS. He will serve as employee representative director of Shanghai RAAS from December 2025.

(2) Senior managers

Shi Hui: Chinese nationality, no permanent residence abroad, born in December 1966, Ph.D. He once served as manager of Wyeth Pharmaceutical Co., Ltd., and is currently a director of Tonglu Biotech and Nanyue Biotech. From 1991 to 2002, he served as deputy general manager of Shanghai RAAS from May 2004 to present.

Lu Hui: Chinese nationality, no permanent residence abroad, born in October 1975, Ph.D. From July 2004 to April 2005, Assistant to the President for Medical Affairs; from May 2005 to April 2009, as a postdoctoral fellow, engaged in gene therapy related work in the Department of Hematology, Children's Hospital of Philadelphia, University of Pennsylvania; from May 2009 to 2010 In April 2013, he served as the deputy manager of the R&D Department of Shanghai RAAS; from May 2010 to March 2013, he served as the director of the R&D Department of Shanghai RAAS; currently, he is a director of Zhengzhou RAAS; a supervisor of Guangxi RAAS; director and general manager of Shanghai RAAS Pharmaceuticals; and has been the deputy general manager of Shanghai RAAS since March 2013.

Song Zhengmin: Chinese nationality, no permanent residence abroad, born in September 1968, bachelor's degree. Joined Shanghai RAAS in 1992 and served as plasma screening department manager, plasma department manager, comprehensive business management department manager, quality director, assistant to the general manager, and head of quality management. Currently, he is the quality authorized person of Shanghai RAAS; director of Guangxi RAAS and director of Nanyue Biotechnology. He has been appointed as deputy general manager of Shanghai RAAS since May 2020.

Huang Qinbing: Chinese nationality, no permanent residence abroad, born in January 1977, university degree. From 2001 to 2010, he served as sales operations supervisor and senior product manager of Shanghai Roche Pharmaceutical Co., Ltd.; from 2010 to 2012, he served as the head of strategic marketing of GE Healthcare (Shanghai) Trading Co., Ltd.; from 2012 to 2018, he served as the director of the industrial business marketing department of Thermo Fisher Scientific China Co., Ltd.; from 2018 to 2021, he served as the vice president of Hangzhou Firestone Creation Co., Ltd.; he once served as the head of business development of Qingdao Haier Biomedical Co., Ltd. From July 2024, he will be appointed as deputy general manager of Shanghai RAAS.

Liu Zheng: Chinese nationality, no permanent residence abroad, born in January 1970, master's degree, certified public accountant. He once served as a certified public accountant of China Certified Public Accountants, investment manager of the Beijing representative office of Zhongan Investment Management Hong Kong Co., Ltd., assistant vice president of the Beijing representative office of Handing Asia Pacific, supervisor of Guangdong Jingyi Metal Co., Ltd., and independent director of Shanghai Luban Software Co., Ltd.; from June 2004 to July 2021, he was the financial person in charge of Shanghai RAAS, and from June 2004 to the present, he has been the deputy general manager of Shanghai RAAS. Since March 2007, he has been the secretary of the board of directors of Shanghai RAAS.

Chen Leqi: Chinese nationality, no permanent residence abroad, born in August 1987, master's degree, certified public accountant. In 2009, he graduated from Fudan University School of Management, majoring in financial management, and in 2019, he received his master's degree from China Europe International Business School, majoring in financial business administration (FMBA). He once served as a senior auditor at PricewaterhouseCoopers Zhongtian Accounting Firm, a senior financial manager at Bard Medical Technology (Shanghai) Co., Ltd., and a financial director at Gilifu Medical Technology (Shanghai) Co., Ltd. Currently, he is a director of Zhengzhou RAAS; a director of Grifols Diagnostic Solutions Inc.; a director of Tonglu Biotech; a director of Tongfang RAAS Pharmaceutical Industry Investment (Guangdong) Co., Ltd.; a director of Guangxi RAAS, and the financial person in charge of Shanghai RAAS Pharmaceutical Co., Ltd.; he will be the financial person in charge of Shanghai RAAS from October 2021.

Employment status in shareholder units

Applicable□Not applicable

Position held in the shareholder unit End of term Name of person holding a position in the shareholder unit Name of shareholder unit Start date of term

Service end date Receive remuneration allowance

Vice Chairman of the Board of Directors November 01, 2021 -

Tan Lixia Haier Group Company Yes

Executive Vice President February 2016 -

Esther Grifols, S.A Director of East Asia Affairs March 1, 2020 - Gong Ying Head of Project Department, CITIC Financial Asset Management Co., Ltd. Shanghai Branch September 2025 - Shanghai Free Trade Pilot of China Cinda Asset Management Co., Ltd.

Gu Congqi Business Director - - Branch company

Served as a shareholder

Description of job situation

Employment status in other units

Applicable□Not applicable

The surname of persons working in other units

Name of other units Position held in other units Term start date Term end date Whether to receive registration

remuneration allowance

Qingdao Haier Biomedical Holdings Co., Ltd. Chairman July 2014 - No Qingdao Haier Biomedical Co., Ltd. Chairman July 2018 - No Yingkang Life Technology Co., Ltd. Chairman May 2019 - No Qingdao Bank Co., Ltd. Non-executive director April 2012 - Yes Haier Group (Qingdao) Jinying Holdings Co., Ltd. Director July 2014 - No Haier Kaos Co., Ltd. Director September 2014 - No Qingdao Haizhi Yunchuang Technology Co., Ltd. (former name: Haier Group

Director and General Manager May 2015 - No

Holdings Limited)

Tan Lixia

Qingdao Highly Ark Equity Investment Management Co., Ltd. Chairman July 2015 - No Yingkang Lifespan (Chongqing) Technology Co., Ltd. Chairman May 2018 - No legal representative, chairman, manager

Wanlian Holdings Co., Ltd. September 2018 - No

reason

Qingdao Haiyihui Medical Technology Industry Innovation Collaboration Center Legal Representative and Chairman April 2024 - No

Vice President of China Women Entrepreneurs Association July 2015 - Standing Member of the 13th Executive Committee of the All-China Women's Federation October 2023 - Director of Haier Kaos Digital Technology Development Co., Ltd. December 2019 - No Haier Kaos Ecological Technology Co., Ltd. (former name: Qingdao Hai

Director February 2023 - Furkaos Ecological Industry Co., Ltd.)

JunXu GrifolsDiagnosticSolutionsInc. Director October 19, 2020 - No Honorary Chairman of the Blood Transfusion Medicine Professional Committee of the China Medical Education Association June 20, 2025 - No Honorary Chairman of the Blood Transfusion Medicine Equipment Technology Professional Committee of the Chinese Medical Equipment Association March 14, 2025 - No Wang Quanli

President of the International Asia-Pacific Blood Group and Genome Association, Consultant of the Chinese Journal of Blood Transfusion April 1, 2022 - No

China Journal of Blood Transfusion Consultant August 2023 - Fu Chairman of Beijing Fuqin Accounting Firm Co., Ltd. January 1999 - Fu Chairman of Beijing Fuqin International Enterprise Management Consulting Co., Ltd. September 2002 - Fu Hongying Chairman of Fuqin International (Asia Pacific) Co., Ltd. April 2007 - Fu Industrial Securities International Financial Group Co., Ltd. (stock code:

Independent Director July 2016 May 2025 Yes

6058.HK)

Jia Jihui Professor at Shandong University No Independent Director of Guangdong Finance Trust Co., Ltd. July 2022 July 2025 Director of the Academic Committee of the Southern Institute of Financial and Economic Law January 2021 No Director of the Financial Arbitration Professional Committee of the China Arbitration Law Research Association June 2024 June 2029 No Bu Xiangrui Law School, Renmin University of China Law Master External Tutor June 2018 June 2026 No November 2029

Beijing Credit Association Chief Legal Counsel December 2024 No

30th

Hainan Finance Group Co., Ltd. Director December 12, 2025 - Yes Chen Yan Director of Focus Media Strategy Research Institute 2005 - Yes Zhan Germany Zhejiang Haikang Biological Products Co., Ltd. Director August 8, 2025 - No Tonglu Biopharmaceutical Co., Ltd. Director July 1, 2014 - No Shi Shihui

Nanyue Biopharmaceutical Co., Ltd. Director June 19, 2025 - No Zhengzhou Laish Blood Products Co., Ltd. Director August 12, 2022 - No Lu Hui Guangxi Laish Biopharmaceutical Co., Ltd. Supervisor November 17, 2023 - No

Shanghai Raish Pharmaceutical Co., Ltd. Director and General Manager September 29, 2024 - No Guangxi Raish Biopharmaceutical Co., Ltd. Director November 17, 2023 - No Song Zhengmin

Nanyue Biopharmaceutical Co., Ltd. Director June 19, 2025 - No

March 2025

Liu Zheng Guangdong Jingyi Metal Co., Ltd. Supervisor May 8, 2019 Yes

11th

Grifols Diagnostic Solutions Inc. Director September 1, 2022 - No Zhengzhou Laishi Blood Products Co., Ltd. Director August 12, 2022 - No

Tonglu Biopharmaceutical Co., Ltd. Director November 29, 2023 - No Guangxi Laishi Biopharmaceutical Co., Ltd. Director November 17, 2023 - No Chen Leqi

February 2025

Guangxi Laishi Biopharmaceutical Co., Ltd. Financial Manager November 17, 2023 No

28th

Tongfang Laishi Pharmaceutical Industry Investment (Guangdong) Co., Ltd. Director March 20, 2024 - No

Shanghai Raishi Pharmaceutical Co., Ltd. Financial Manager September 29, 2024 - No other orders

Positions: Except for the above persons, no other directors and senior managers of the company hold positions in other units.

explanation of the situation

Penalties imposed by the securities regulatory authorities in the past three years on current and former directors and senior managers of the company during the reporting period

□ApplicableNot applicable

Remuneration of directors and senior managers

Decision-making procedures, basis for determination, and actual payment status of remuneration of directors and senior managers

(1) Director

According to relevant regulations, the shareholders' meeting decides on the remuneration of the company's directors. After the company’s 2008 annual shareholders’ meeting and 2013

After deliberation and approval at the annual shareholders’ meeting, the company’s director allowance payment standards are:

Chairman and Vice Chairman: 500,000 yuan/year after withholding and paying personal income tax;

Other directors (including independent directors): 200,000 yuan/year after withholding and paying personal income tax;

(2) Senior managers

According to the "Articles of Association", "Working Rules of the Remuneration and Appraisal Committee", "Senior Management Remuneration and Performance Appraisal System"

Degree", the remuneration and assessment committee of the board of directors is responsible for organizing an assessment team to evaluate the company's general manager, deputy general manager, secretary of the board of directors,

The annual performance of duties of senior management personnel such as the financial controller shall be assessed.

Remuneration situation of directors and senior managers of the company during the reporting period

Unit: 10,000 yuan

Obtained from the company Is it associated with the company?

Name Gender Age Position Position Status

Total pre-tax remuneration to obtain remuneration

Tan Lixia Female 56 Chairman Current 0 Yes

JunXu Male 62 Vice Chairman, General Manager Current 404.92 No

Esther Female 50 Director Current 0 Yes

Wang Quanli Male 70 Director Current 23.81 No

Gong Ying Female 48 Director Current 0 Yes

Gu Congqi Male 39 Director Current 0 Yes

Hong Ying Female 76 Independent Director Current 23.81 No

Jia Jihui Male 63 Independent Director Current 23.81 No

Bu Xiangrui Male 66 Independent Director Current 23.81 No

Chen Yan Female 60 Independent Director Current 0 No

Accounting for Germany Male 42 Employee Representative Director Current 128.36 No

Chen Hui Male 60 Deputy General Manager Current 204.81 No

Lu Hui Male 51 Deputy General Manager Current 166.78 No

Liu Zheng Male 56 Deputy General Manager, Secretary of the Board of Directors Current 174.61 Yes

Song Zhengmin Female 58 Deputy General Manager Current 199.99 No

Huang Qinbing Male 49 Deputy General Manager Current 174.96 No

Chen Leqi Male 39 Financial person in charge Current 158.63 No

Amarant Male 45 Director Resigned 18.29 -

Total - - - - 1,726.59 -

Note: The aforementioned table does not include the performance bonus of RMB 3.8921 million that has been accrued but not paid in 2025. This part is the company’s target for senior employees including senior employees.

A total of three periods (this time the third period) of performance bonuses have been launched for core personnel including management personnel. The aforementioned bonuses are subject to approval by the directors.

It can only be issued after deliberation and approval by the Remuneration and Appraisal Committee. As of now, the relevant assessment work has not been completed. Can the aforementioned performance bonus be issued?

There is uncertainty.

The assessment basis for the company's senior managers is the "Remuneration and Performance Appraisal System for Senior Managers". The basis for the assessment of the actual remuneration received by all directors and senior managers at the end of the reporting period.

and the implementation of relevant provisions of the "Implementation Plan for Senior Management Salary and Performance Appraisal".

In 2025, the Compensation and Appraisal Committee will set the annual operating goals of the senior management team based on the annual operating goals, and organize an appraisal team to conduct performance appraisals for senior executives. The Human Resources Department will assist with the compensation and

The assessment committee completed the assessment work.

Deferred payment arrangements for the actual remuneration of all directors and senior management personnel at the end of the reporting period. Part of the bonuses of the company's senior management personnel will be settled and distributed after the annual report is audited.

Stop payment recourse status of actual remuneration received by all directors and senior managers at the end of the reporting period Not applicable

Other information

□ApplicableNot applicable

5. Directors’ performance of duties during the reporting period

Directors’ attendance at board of directors and shareholders’ meetings

Directors’ attendance at board of directors and shareholders’ meetings

During the reporting period, directors should be present in person. Participate by communication. Attend the board of directors by proxy. Absent from the board of directors. Whether they have not been present in person for two consecutive times. Names of shareholders and directors present.

Number of times added to the board of directors Number of meetings Number of times added to the board of directors Number of times Attended number of board meetings Number of meetings

Tan Lixia 9 3 6 0 0 No 1 JunXu 9 5 4 0 0 No 4 Esther 0 0 0 0 0 No 0 Wang Quanli 9 0 9 0 0 No 4 Gong Ying 9 4 5 0 0 No 4 Gu Congqi 9 0 9 0 0 No 4 Hong Ying 9 2 7 0 0 No 4Jia Jihui 9 2 7 0 0 No 4Bu Xiangrui 9 1 8 0 0 No 4Chen Yan 0 0 0 0 0 No 0Zhan Germany 0 0 0 0 0 No 0 Amarant 8 0 7 1 0 No 3

Explanation for failing to attend the board of directors in person for two consecutive times

□ApplicableNot applicable

Directors raise objections to company-related matters

Whether directors raise objections to company-related matters

□YesNo

Other instructions on directors’ performance of duties

□ApplicableNot applicable

Director’s explanation on whether the company’s relevant suggestions were adopted or not adopted

□ApplicableNot applicable

6. The situation of the special committees under the board of directors during the reporting period

The committee convened a meeting on the major objections raised

Member status, convening date, meeting content, opinions and responsibilities, name of specific situation, number of meetings

Suggested circumstances (if any)

February 2025 The third meeting of the Audit Committee of the Sixth Board of Directors reviewed and approved the "Work Summary of the Audit Department on February 13, 2024" and the "Annual Audit Work Plan of the Audit Department for 2025"

The fourth meeting of the Audit Committee of the sixth board of directors reviewed and approved the "2024 Financial Report 2025 03

Report", "2024 Internal Control Self-Evaluation Report", "Audit Committee Meeting on March 31

"Report on the Assessment of Duty Performance and Supervision Responsibilities of the Accounting Firm in 2024" The fifth meeting of the Audit Committee of the Sixth Board of Directors reviewed and approved the "Audit Committee Hong Ying (Convener), Jia Jihui, Report for the First Quarter of 2025", "Proposal on Carrying out Foreign Exchange Derivatives Trading Business", "Feasibility Analysis Report on Carrying out Foreign Exchange Derivatives Trading Business", "On Formulating the Foreign Exchange Derivatives Trading Business in April 2025"

Yi Business Management System>, "About the Establishment of Business Ethics and Code of Conduct", "Guan Yue 18

In the formulation of the "Anti-corruption and Anti-Commercial Bribery System", "About the Formulation of the "Responsible Marketing System"", "About the Formulation of the "Report Management and Whistleblower Protection System"", "Internal Audit Work Report for the First Quarter of 2025"

July 2025 The sixth meeting of the Audit Committee of the sixth board of directors reviewed and approved the "Proposal on the Proposed Appointment of an Accounting Firm for the Year of July 8, 2025"

2025-08 The seventh meeting of the Audit Committee of the sixth session of the Board of Directors reviewed and approved the "Internal Audit Work Report on August 18, 2025" and the "2025 Semi-annual Financial Report"

On October 2025, the eighth meeting of the Audit Committee of the sixth session of the Board of Directors reviewed and approved the "Internal Audit Work Report on October 17, 2025, the Third Quarter of 2025" and the "Third Quarter Report of 2025"

January 2025: The first meeting of the Strategy and ESG Committee of the sixth board of directors reviewed and approved the "Proposal on the Repurchase of Current Member: Tan Lixia (Convened on January 13, the Company's Share Plan"

People), Jun Xu, Wang Quanli,

2025 01 The second meeting of the Strategy and ESG Committee of the sixth board of directors reviewed and approved the "Proposal on the 2025 Strategy and Esther (December 22, 2025 Annual Daily Related Transaction Estimation)"

(Zhi), Gong Ying, Gu Congqi, Hong

ESG Committee Ying, Jia Jihui, Bu Xiangrui, Chen Yan 4 March 2025 The third meeting of the Strategy and ESG Committee of the sixth board of directors reviewed and approved the "Proposal on the Acquisition of the Equity of Nanyue Biopharmaceutical Co., Ltd. and the Signing of the Equity Transfer Agreement" and the "Proposal on (Serving in December 2025)" on 25

Proposal to apply for a merger and acquisition loan from the bank"

Outgoing member: Amarant (2025

The fourth meeting of the Strategy and ESG Committee of the sixth board of directors reviewed and approved "Resignation in October 2024"

General Manager Work Report", "2024 Financial Final Accounts Report", "2024 Sustainability 2025 04

Continuing Development Report", "Proposal on Issuing Comfort Letters and Guarantees to Related Parties", March 16

"Proposal on the Company and its Subsidiaries' Application for Comprehensive Credit Lines from Commercial Banks", "Proposal on the Use of Own Funds for Cash Management"

January 2025 The third meeting of the Remuneration and Appraisal Committee of the Sixth Board of Directors reviewed and approved the "Performance Bonus Distribution Plan for Shanghai RAAS Senior Management Personnel on January 21, 2024"

The fourth meeting of the Remuneration and Appraisal Committee of the sixth board of directors reviewed and approved the "2024 Annual Remuneration and 2025 06

Jia Jihui (Convener), Tan Li Senior Management Personnel Performance Bonus Settlement and Payment Application", "About Shanghai RAAS Core Employee Appraisal Committee Xia, Hong Ying April 5, Second Phase Assessment and Award Payment Application of the Incentive Plan"

committee

The fifth meeting of the Remuneration and Appraisal Committee of the Sixth Board of Directors reviewed and approved the "Proposal on the Achievements of the Unlocking Conditions for the First Lock-up Period of the Initial Grant Part of the 2025 October 2025 Employee Stock Ownership Plan, the First Lock-up Period of the Reserved Grant Part on 17th Month, and the First Lock-up Period of the Redistributed Part", and "On the Revision of the Implementation Plan for Senior Management Remuneration and Performance Appraisal (Trial)"

On November 19, 2025, the sixth meeting of the Remuneration and Appraisal Committee of the Sixth Board of Directors reviewed and approved the "Proposal on Amending the Remuneration and Performance Appraisal System for Senior Management Personnel on November 19"

The first meeting of the Nomination Committee of the Sixth Board of Directors reviewed and approved the "Review of the Nomination Committee of the Sixth Board of Directors" Bu Xiangrui (convener), Wang Quan November 2025

1 Proposal on the Qualifications of Candidates for Non-Independent Directors of the Board of Directors", "Review of the Establishment of the Independent Member of the Sixth Board of Directors", Hong Ying, February 19

Proposal on Establishing the Qualifications of Candidates for Directors"

independent director

Hong Ying, Jia Jihui, Bu Xiangrui, Chen January 2025 The first meeting of the independent directors of the sixth board of directors reviewed and approved the "About 2025 Daily Affairs Special 1"

Yan (appointed in December 2025) Proposal on Estimated Related Transactions on March 17th

meeting

7. Work of the Audit Committee

The audit committee discovered whether there are risks in the company during its supervision activities during the reporting period

□YesNo

8. Company employees

Number of employees, professional composition and education level

Number of active employees of the parent company at the end of the reporting period (person) 766 Number of active employees of major subsidiaries at the end of the reporting period (person) 3,279 Total number of active employees at the end of the reporting period (person) 4,045 Total number of employees receiving salaries during the current period (person) 4,562 Number of retired employees of the parent company and major subsidiaries who need to bear expenses (person) 354

Professional composition

Major composition category Major composition number (people)

Production staff 955 sales staff 430 technical staff 1,489 financial staff 124 administrative staff 532 other staff 515 total 4,045

education level

Education level category Number (person)

Doctoral degree 13 Master degree 131 Bachelor degree 1,701 College degree 1,558 College degree or below 642 Total 4,045

Remuneration policy

In 2025, the company will further deepen the reform of the salary and welfare system, strengthen the coordination and linkage between organizational goals and personal goals, and continue to consolidate the foundation of interests for the common growth of employees and the company. The main measures of the year are as follows:

(1) Optimization of salary incentive system

1.1 Optimization of marketing personnel compensation system

Sticking closely to the strategic positioning of "integrated and professional marketing platform", with the core orientation of helping the company achieve its strategic goals, it breaks down chain group barriers through a unified marketing personnel salary incentive mechanism and strengthens the overall operational synergy. Promote cross-chain group salary structure standardization and rule transparency to achieve internal fairness for the same business, same contribution, and same return. The salary level of employees is benchmarked against the market position to maintain strong salary competitiveness and provide strong support for attracting and retaining outstanding talents. Strengthen the linkage between variable compensation and performance contribution, guide employees to focus on value creation, ensure that incentive resources accurately support the company's strategic goals, and inject continuous momentum into the implementation of the platform strategy.

1.2 Optimization of executive compensation system

Guided by "high growth, high value, high sharing", we establish a value-added sharing orientation, anchor executive compensation growth to the company's excess performance, and inspire challenges to the limit with a competitive sharing ratio. The redemption method adopts a short, medium and long-term combination of "cash + deferred + equity", using deferred to smooth risks and deeply binding equity to achieve long-term convergence of the interests of executives and shareholders. In terms of the distribution mechanism, the gap is forced to widen based on personal performance, breaking up egalitarianism and promoting resources to tilt toward those who strive. At the same time, a dynamic benchmarking mechanism is established to ensure that the salary level resonates with the company's performance competitiveness. It can attract and retain top talents when it is at a high position, and has cost flexibility when it is under pressure, so as to achieve symbiosis and prosperity between talents and enterprises.

(2) Improved salary competitiveness

Implement an annual performance-based salary adjustment mechanism for all employees to ensure that employee salary levels are dynamically synchronized with market competitiveness, achieve a positive interaction between employee income and the company's operating performance, build a long-term incentive mechanism with market competitiveness, and provide a strong talent guarantee for the company's sustainable development.

(3) Diversified welfare policies

The company adheres to the "people-oriented" concept and, on the basis of comprehensively implementing statutory benefits, builds a welfare security system covering multiple dimensions to continue to enhance employees' sense of gain and belonging:

• Supplementary protection: additionally configure the company’s paid leave, supplementary medical care, supplementary provident fund, accident insurance and other items to strengthen employees’ risk resistance

•Life care: Provide birthday gifts, holiday benefits, health subsidies and special condolence payments to create a warm atmosphere with care

•Workplace support: equipped with employee apartments, commuter shuttles, work meals and other convenient facilities to truly optimize the daily work experience

•Long-term recognition: Establish long-term service honorary awards to commend loyal contributions and continue to enhance team cohesion

(4) Employee stock ownership plan

The company's first phase of the employee stock ownership plan was successfully implemented in 2023. Participants include directors (excluding independent directors), supervisors, senior managers and core key employees. The initial number of participants does not exceed 272. Through the equity binding and value sharing mechanism, this plan accurately adapts to the company's development positioning as a listed company of blood products, assists the implementation of the two-wheel drive strategy of "pulp expansion" and "depulpation", establishes a benefit sharing system for employees and shareholders, consolidates the long-term partnership of "benefit sharing and risk sharing", stimulates the sense of responsibility and creativity of core backbones to devote themselves to the deep cultivation of the main business and innovative transformation, and enhances the company's governance level and core competitiveness.

Since the implementation of the plan, the unlocking conditions for the first lock-up period in 2024 and the related lock-up period in 2025 have been met as scheduled. The corresponding unlockable shares are 11.972 million shares and 9.182 million shares respectively. The company has completed the equity distribution in accordance with regulations. The steady implementation of this plan effectively deeply binds employees' personal development with the company's long-term strategy of expanding the company's main plasma business and research and development of first-class innovative drugs, laying a solid talent and mechanism foundation for the company to consolidate its advantages in the blood products track and achieve breakthroughs in the field of biological innovative drugs. In the future, the company will continue to promote the implementation of the plan, strictly implement the unlocking requirements, perform information disclosure obligations in a timely manner, and help the company steadily achieve its strategic goals.

Training plan

The training work of Shanghai RAAS in 2025 is closely centered on the core value positioning of "combining combat training" and is committed to improving organizational capabilities and learning efficiency. Using "gap analysis" and "capability inventory" as the construction logic, we accurately anchored business pain points; by deepening the construction of teachers, iterating the curriculum system and focusing on project breakthroughs, we achieved the optimal allocation of training resources. At the operational level, the company has opened up the entire process from demand research to project design, execution and evaluation, and strengthened the management of the internal trainer echelon and teaching teacher team to ensure that training directly addresses business issues. At the same time, relying on digital tools such as Beisen, DTMS and the Maker Learning Platform, a new ecology combining training and combat has been initially built, effectively supporting the construction of talent echelons and the implementation of organizational strategic goals.

In 2025, the company organized a total of 1,250 trainings, with a training staff coverage rate of 100%, a plan implementation rate of 99.4%, a total training time of 39,660.9 hours, and an average training time of 52.7 hours per person. Training methods cover diversified forms such as offline centralized training, online centralized training, online learning, external training, on-the-job training, self-study and hybrid training. Assessment methods include written examinations, online examinations, practical assessments, practical assessments and question-and-answer interactions, etc. to ensure that employees' on-the-job skills match job requirements.

Pre-job training is based on three types of core projects to ensure that new employees complete general ability training and job knowledge and skills training during the probation period and pass the on-the-job assessment. Among them, for fresh graduates, the "Rainbow Plan" helps them systematically master basic contents such as workplace literacy, corporate culture, company systems and safety protection through a week-long intensive training, and arranges a 6-month coaching period after joining the company to continue to follow up and grow; for new employees recruited from the society, the "Blooming Plan" It integrates online general knowledge courses and offline department professional training to help them quickly become competent in job responsibilities and smoothly integrate into the organization; for new managers, the "Spark Plan" focuses on the introduction of management skills and the application of practical tools, and conducts problem discussions and ability drills around real management situations through offline workshops.

Continuing training is guided by business needs and creates professional training programs that are close to business expectations, meet business needs, and assist business development. In order to strengthen the learning of industry regulations, Shanghai RAAS promotes learning through competitions and holds the "Lean GMP Knowledge Competition". Through community operations, it organizes GMP regulations learning and question bank exercises for all employees, and organizes the final competition in Shanghai to enhance employees' knowledge of regulations and compliance awareness in a diversified and highly interactive competition format.

Labor outsourcing situation

Applicable□Not applicable

77,138Total number of labor outsourcing hours (hours)

2,454,328 Total remuneration paid for labor outsourcing (yuan)

9. Company profit distribution and conversion of capital reserve funds into share capital

The formulation, implementation or adjustment of profit distribution policies, especially cash dividend policies, during the reporting period

Applicable□Not applicable

In accordance with the relevant requirements of the "Supervisory Guidelines for Listed Companies No. 3 - Cash Dividends of Listed Companies" (CSRC Announcement [2025] No. 5) and the relevant provisions of the profit distribution policy in the "Articles of Association", and comprehensively considering factors such as corporate profitability, business development planning, shareholder returns, social capital costs, and external financing environment, the company The company's board of directors formulated the "Shareholder Return Plan for the Next Three Years (2024-2026)", which was reviewed and approved by the company's 2023 annual shareholders' meeting. For details, please refer to the company's relevant announcements published in "Securities Times", "China Securities News", "Shanghai Securities News", "Securities Daily" and cninfo.com on May 1, 2024.

The formulation and implementation of the company's cash dividend policy complies with relevant laws, regulations and the Articles of Association. The relevant decision-making mechanisms and procedures are complete. The independent directors are diligent and responsible, playing their due role in protecting the legitimate rights and interests of investors, especially small and medium-sized investors.

The company held the 10th meeting of the 6th Board of Directors and the 5th meeting of the 6th Board of Supervisors on April 16, 2025, and reviewed and approved the "2024 Profit Distribution Plan", which was reviewed and approved by the 2024 Annual General Meeting of Shareholders held on May 20, 2025. The annual equity distribution plan for 2024 is: the company’s total share capital after deducting 50,973,052 shares that have been repurchased

6,587,011,785 shares are used as the base number, and RMB 0.33 in cash (including tax) will be distributed to all shareholders for every 10 shares. This equity distribution shares

The rights registration date is: July 11, 2025, and the ex-rights and dividend date is: July 14, 2025.

The company held the 14th (temporary) meeting of the 6th Board of Directors and the 6th Board of Supervisors on October 24, 2025.

At the ninth meeting, the "Profit Distribution Plan for the First Three Quarters of 2025" was reviewed and approved, and the meeting was held on December 15, 2025.

The third extraordinary shareholders' meeting in 2025 will be reviewed and approved. The equity distribution plan for the first three quarters of 2025 is: based on the company’s total share capital, excluding returns

After purchasing 69,081,952 shares, 6,568,902,885 shares were used as the base number, and RMB 0.153 in cash was distributed to all shareholders for every 10 shares.

(tax included). The equity registration date for this equity distribution is: February 9, 2026, and the ex-rights and ex-dividend date is: February 10, 2026.

Special explanation of cash dividend policy

Whether it complies with the provisions of the company's articles of association or the requirements of shareholders' meeting resolutions: Yes Whether the dividend standards and proportions are clear and clear: Yes Whether the relevant decision-making procedures and mechanisms are complete: Yes Whether the independent directors perform their duties and play their due role: Yes If the company does not distribute cash dividends, it should disclose the specific reasons and the next steps to be taken to enhance the level of investor returns: Not applicable Whether small and medium-sized shareholders have the opportunity to fully express their opinions and demands, and whether their legitimate rights and interests are fully protected: The cash dividend policy is adjusted or changed. Are the conditions and procedures compliant and transparent? Not applicable

The company made profits during the reporting period and the parent company’s profits available for distribution to shareholders were positive but no cash dividend distribution plan was proposed

□ApplicableNot applicable

Profit distribution and capitalization of capital reserve during the reporting period

Applicable□Not applicable

Number of bonus shares for every 10 shares (shares) 0.00 Dividend amount for every 10 shares (yuan) (tax included) 0.33 Equity base of the distribution plan (shares) 6,568,902,885.00 Cash dividend amount (yuan) (tax included) 216,773,795.21 Cash dividend amount in other ways (such as share repurchase) (yuan) 0.00 Total cash dividends (including other methods) (yuan) 216,773,795.21 Distributable profits (yuan) 5,803,454,797.03 Total cash dividends (including other methods) as a proportion of total profit distribution 100.00%

Cash dividend distribution this time

If the company is in a mature stage of development and has no major capital expenditure arrangements, when distributing profits, the proportion of cash dividends in this profit distribution should be at least 80%.

Detailed explanation of profit distribution or capital reserve conversion plan

As audited by Ernst & Young Hua Ming LLP (Special General Partnership), the company’s net profit in 2025 was RMB 1,598,918,658.26 (parent company statement). According to the Company Law, According to the "Articles of Association" and relevant national laws and regulations, 10% of the statutory provident fund of RMB 159,891,865.83 is withdrawn, plus the undistributed profit of RMB 4,682,303,602.44 at the beginning of the year, minus 2 Cash dividends of RMB 317,875,597.84 have been declared (including unpaid) in 2025, and the actual profit available for distribution to shareholders in 2025 is RMB 5,803,454,797.03 (parent company statement). It is planned to distribute a cash dividend of RMB 0.33 (tax included) to all shareholders for every 10 shares based on the total share capital on the registration date for dividend distribution (excluding company shares held in the company's special securities account for repurchase), and the remaining undistributed profits will be carried forward to the next year.

If the company's current total share capital (6,637,984,837 shares) is deducted from the 69,081,952 shares that have been repurchased in the company's current repurchase special securities account, it is expected to distribute a cash dividend of RMB 216,773,795.21 (tax included). In addition to the above-mentioned cash dividends, the company will not issue bonus shares during this profit distribution, and will not convert public reserve funds into share capital. If before the implementation of the distribution plan, the company's total share capital changes due to convertible bond conversion, share repurchase, equity incentive exercise, refinancing of new shares listed, etc., the company will make adjustments based on the principle that the distribution ratio remains unchanged and disclose it in the equity distribution implementation announcement.

10. Implementation of the company’s equity incentive plan, employee stock ownership plan or other employee incentive measures

Applicable□Not applicable

Equity incentives

□ApplicableNot applicable

Equity incentives received by the company’s directors and senior managers

□ApplicableNot applicable

Evaluation mechanism and incentives for senior managers

□ApplicableNot applicable

Implementation of employee stock ownership plan

Applicable□Not applicable

All effective employee stock ownership plans during the reporting period

Changes in shares held by employees Shares in listed companies

Scope of staff Sources of funding to implement the plan

Number of people Total number of shares (shares) Situation Ratio of total capital

During the reporting period, the effective participants of the first phase of the company’s employee stock ownership plan were Class A incentives.

Employees’ legal remuneration, self-raised funds, and financing objects, including those that have an important role and impact on the company’s overall performance and medium- and long-term development

230 15,099,333 None 0.23% The funds raised and other laws and administrative regulations allow the company’s directors (excluding independent directors, the same below), supervisors, senior managers, company

ways to raise funds

(Including holding subsidiaries, the same below) other core employees.

Note:

On October 28, 2025, the company disclosed the "Announcement on the Expiration of the Locking Period and Achievement of Unlocking Conditions of the First Employee Stock Ownership Plan". The unlocking conditions for the second locking period of the initial grant part, the first locking period of the reserved grant part and the first locking period of the redistribution part of the employee stock ownership plan have been met. The number of shares corresponding to the equity shares that meet the unlocking conditions is 9.182 million shares, accounting for 0.14% of the company's total share capital at that time. Among them, 6,278,667 shares that can be unlocked (involving 192 people) have been transferred to the holder's personal securities account in accordance with the equity share held by the holder, and relevant taxes and fees have been withheld and paid in accordance with the law; 2,903,333 shares in the unlockable shares (involving 21 people) will be sold based on market conditions and other factors, distributed according to the equity share held by the holder, and relevant taxes and fees have been withheld and paid in accordance with the law (this part of the unlocked shares has not yet been sold).

Shareholdings of directors and senior managers in employee stock ownership plans during the reporting period

Name Position Number of shares held at the beginning of the reporting period (shares) Number of shares held at the end of the reporting period (shares) Proportion to the total share capital of listed companies JunXu Vice Chairman, General Manager 2,500,000 1,500,000 0.02% Liu Zheng Deputy General Manager, Secretary of the Board of Directors 1,000,000 600,000 0.01% Song Zhengmin Deputy General Manager 1,000,000 600,000 0.01% Lu Hui Deputy General Manager 1,000,000 600,000 0.01% Shi Hui Deputy General Manager 1,000,000 600,000 0.01% Chen Leqi Financial Manager 1,000,000 600,000 0.01% German Employee Representative Director 200,000 120,000 0.00%

Note: In July 2025, the corresponding share interests obtained by the above-mentioned personnel through the unlocking of the first lock-up period of the company's employee stock ownership plan have been sold by the Employee Stock Ownership Plan Management Committee.

In October 2025, the second lock-in period of the company's first employee stock ownership plan has expired and the unlocking conditions have been met. During the reporting period, the above persons

A total of 2.11 million shares that can be unlocked by employees during the second lock-up period are still in the employee stock ownership plan and will be sold at an appropriate time based on market conditions and other factors.

Changes in asset management institutions during the reporting period

□ApplicableNot applicable

Changes in equity caused by holders’ disposal of shares during the reporting period

□ApplicableNot applicable

Exercise of shareholders’ rights during the reporting period

□ApplicableNot applicable

Other relevant situations and explanations of the employee stock ownership plan during the reporting period

Applicable□Not applicable

The 14th (temporary) meeting of the sixth board of directors was held on October 24, 2025, and the "Proposal on the Expiration of the Lock-in Period and Achievements of Unlocking Conditions of the First-Phase Employee Stock Ownership Plan" was reviewed and approved. The board of directors believed that the company's first-phase employee stock ownership plan was granted to the department for the first time. The unlocking conditions for the second locking period, the first locking period for the reserved grant part and the first locking period for the redistribution part have been met. The number of shares corresponding to the equity shares that meet the above unlocking conditions is 9.182 million shares, accounting for 0.14% of the company's total share capital at that time. Among them, the number of unlockable shares for Class A participants in the initial grant is 8.002 million shares, the number of unlockable shares for the reserved grant part is 950,000 shares, and the number of unlockable shares for partial redistribution shares is 230,000 shares. The 6,278,667 shares unlocked this time (involving 192 people) have been transferred to the holder's personal securities account according to the equity share held by the holder, and the relevant taxes and fees are withheld and paid in accordance with the law; the 2,903,333 shares unlocked this time (involving 21 people) will be sold at an appropriate time based on market conditions and other factors, and distributed according to the equity share held by the holder, and the relevant taxes and fees will be withheld and paid in accordance with the law.

Changes in the membership of the Employee Stock Ownership Plan Management Committee

□Applicable Not applicable

The financial impact of employee stock ownership plans on listed companies during the reporting period and related accounting treatments

Applicable□Not applicable

See notes to financial statements

Termination of employee stock ownership plans during the reporting period

□ApplicableNot applicable

Other notes:

No other explanation

Other employee incentives

□ApplicableNot applicable

11. Construction and implementation of internal control system during the reporting period

Construction and implementation of internal control

In order to strengthen the company's internal control, promote the company's standardized operation and healthy development, and protect the legitimate rights and interests of shareholders, the company has continuously established and improved the company's internal control system in accordance with the "Company Law", "Securities Law" and other laws and regulations, and continued to optimize it.

During the reporting period, the company added the "Foreign Exchange Derivatives Transaction Business Management System" (Trial) in April 2025, and in November 2025, the company started to implement the "Articles of Association" and supporting systems in accordance with the new "Company Law" and the "Related Transition Period Arrangements for the Implementation of the New "Company Law" Supporting System Rules" 28 internal control systems have been revised, including the revision of the Articles of Association, the Rules of Procedure for Shareholders' Meetings, the Rules of Procedure for the Board of Directors, the Working System of Independent Directors, the Management Measures for Related Party Transactions, the Management Measures for External Guarantees, the Directors' Remuneration and Assessment System, the Management Measures for the Use of Raised Funds, "Shareholder Return Plan for the Next Three Years (2024-2026)", "Insider Information Insider Management System", "Directors and Senior Management Personnel Holding and Trading System of the Company's Stocks", "Information Disclosure Management System", "Board Secretary Work Rules", "Foreign Investment Management Measures", "General Work Rules for Managers", "Investor Relations Management System", "Subsidiary Management System", "Major Information Internal Reporting System", "Internal Audit System", "External Information User Management System", "Responsibility System for Major Errors in Annual Report Information Disclosure", "Working Rules of the Strategy and ESG Committee of the Board of Directors", "Working Rules of the Audit Committee of the Board of Directors", "Working Rules of the Remuneration and Appraisal Committee of the Board of Directors", "Working Rules of the Nomination Committee of the Board of Directors", The "Senior Management Salary and Performance Appraisal System", the "Foreign Exchange Derivatives Trading Business Management System (Trial)" and the "Market Value Management System" have also added two new systems, the "Director and Senior Management Resignation Management System" and the "Accounting Firm Selection and Recruitment System". At the same time, in accordance with regulatory rules and the actual situation of the company, three systems, including the "Independent Director Annual Report Work System", the "Audit Committee Annual Report Work Procedures" and the "Risk Investment Management System", were abolished, and the "Supervisory Board Rules of Procedure" were cancelled.

During the reporting period, the company's internal control system was effectively implemented. The company continues to promote the integration and optimization of internal control, risk management and compliance management supervision, and there are no major flaws or important flaws in the company's internal control.

Details of major deficiencies in internal control discovered during the reporting period

□Yes No

12. The company’s management and control of subsidiaries during the reporting period

The company has taken measures to solve problems encountered during integration and follow-up solutions.

Integration Plan Integration Progress Solution Name Problems Achieved Progress Solution Plan

In order to ensure standardized operations, conform to the company's strategy, and prevent operational risks, measures will be implemented starting from July 2025 through the "Nanyue Company. After acquiring Nanyue Biotechnology,

"Hundred Days of Integration" special work, the company has implemented management control over Nanyue Biotechnology, focusing on production, pulp collection business, pulp collection, production, sales and other businesses

Build an integration system with the FU platform (finance, legal affairs, IT) and formulate a comprehensive integration plan, as follows: Links, finance, legal affairs, IT, etc.

1. Management and control of subsidiaries during the reporting period All functional links have been integrated.

During the reporting period, the company implemented phased management and control of newly added subsidiaries in accordance with the principle of “unified management and control, hierarchical responsibility”. As of now, the integration results are as follows:

Covering production, pulp extraction business and core management links to ensure compliance operations: Next:

Establish a basic management and control system, clarify its business objectives and responsibilities for production and pulp extraction, and incorporate them into the company's overall management

Management requires strict compliance with company rules and regulations, internal control requirements and compliance standards related to production and pulp extraction.

Appoint directors and supervisors and set up special committees to empower daily operations and management, while reviewing core positions of subsidiaries (1) Pulp collection end: Pulp collection volume 312

Qualify personnel and conduct compliance training. tons, an increase of more than 12%;

Implement approval management for key matters such as major business decisions, investment and financing, and guarantees to prevent decision-making risks.
Regularly check the operation and system implementation of subsidiaries, focusing on core links such as finance and assets, and make timely corrections (2) Research and development side: new product man-made fiber

question. Vitaminogen has been released in August 2025

Nanyue 2. Integration plan for new subsidiaries Completed production site inspection;

Biological In order to achieve deep integration between the new subsidiary and the company and improve synergy efficiency, combined with the characteristics of its production and pulp extraction business, we have

Focusing on the five major dimensions of assets, personnel, finance, organization, and business, we will simultaneously promote the FU platform (finance, legal affairs, IT)

Integration, formulate a phased integration plan: (3) Production end: tons of eight factors

(1) Asset integration, the pulp yield increased by about 200 bottles;

Comprehensively inventory various assets of subsidiaries and establish and improve asset ledgers; incorporate their assets into the company's unified management and standardize assets

Asset management and control process, revitalize idle assets, and prevent asset risks. (4) Financial side: various bank loans

(2) Personnel integration guarantees have been fulfilled or withdrawn

Optimize the personnel structure of the subsidiary, clarify the positions of production, pulp extraction and FU platform (finance, legal affairs, IT), and significantly reduce the loan interest rate.

Responsibilities; organize production and pulp collecting personnel to carry out business skills training, and organize FU platform personnel to integrate into the company's corresponding system training. The financing situation is more stable and unified.

provide training and promote two-way communication among employees; integrate the salary and performance system into the company's overall management and improve the promotion channels for each position. accounting system and financial operations

(3) Financial integration and operation system;

Integrate subsidiary financial accounting, management and FU platform financial modules into the company's unified financial system and unify accounting standards

and report format; implement centralized management of funds, standardize the payment process of funds related to production and pulp collection; strengthen financial supervision

Supervision, budget management and FU platform financial control functions. (5) Legal side: Integration has been basically completed

(4) Institutional integration completed, effectively supporting Nanyue Company

Optimize the organizational structure of subsidiaries, focusing on improving production, pulp extraction business organizations and FU platforms (finance, legal affairs, IT). As a newly acquired subsidiary, deeply integrate

structure to avoid overlapping functions; clarify the rights and responsibilities of each business organization and FU platform position, establish functional departments corresponding to the company, integrate them into the group management system, and absorb

normalized communication mechanism; unify the company management system, integrate the subsidiary production, pulp collection business and FU platform transportation compliance culture, and provide high-level

The actual details of the operation. Provide solid guarantee for efficient and standardized development

(5) Business integration obstacles;

Clarify the positioning of the subsidiary's core business of production and pulp collection and incorporate it into the company's overall business layout; unify the production and pulp collection business

process and quality standards, establish a business coordination mechanism; integrate market resources, expand pulp extraction and production-related channels, and improve

Improve overall competitiveness; synchronize the supporting role of the FU platform to ensure efficient advancement of business compliance.

(6) Human resources side: Strengthening human resources

Source system construction, human resources management

3. Integrate and implement safeguard measures

Reduce rational compliance risks;

Incorporated into the special committee of the group company, focusing on coordinating production, pulp collection business and FU platform integration, and clarifying responsibilities

and progress, solve integration problems in a timely manner; strengthen communication, coordination and ideological guidance of employees; establish an integration effect evaluation mechanism

system, optimize the integration plan, ensure the orderly advancement of production and pulp extraction business and the efficient operation of the FU platform, and achieve the integration goal (7) Information technology side: Completed

mark. Chengdu Group Infrastructure Network and Information Security

Standardization and unified construction of the entire group

Designed to realize group integration online

office.

Abnormalities in management control of subsidiaries

□YesNo

13. Internal control evaluation report or internal control audit report

Internal control evaluation report

Date of disclosure of the full text of the internal control evaluation report: March 27, 2026

Full text disclosure index of the company’s internal control evaluation reports published in Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and cninfo.com

"2025 Internal Control Self-Evaluation Report"

Total assets of units included in the evaluation scope

100.00% Proportion of total assets in the company’s consolidated financial statements

The operating income of units included in the evaluation scope accounts for the public share

100.00% Proportion of operating income in the company’s consolidated financial statements

Defect identification standards

Category Financial Reporting Non-Financial Reporting

Signs of significant deficiencies in internal control over financial reporting include, but are not limited to

Yu: It was discovered that the company’s directors and senior managers had some concerns about the financial reporting structure.

The identification of non-financial reporting defects is mainly based on fraud that has a significant impact on business flow; the company corrects the published financial statements.

make a judgment on the degree of impact and possibility of occurrence on the effectiveness of the process; when the certified public accountant discovers but has not been identified by the company’s internal control

Determined. If defects are less likely to occur, it will reduce material misstatements in period financial reports; the audit committee and the audit department will

There is uncertainty about work efficiency or effectiveness, or the effectiveness of the work, and the internal control supervision over financial reporting of the Department is ineffective.

If the internal control over general financial reporting has serious deficiencies, or causes it to deviate from expected goals, it shall be deemed that there are signs of important deficiencies in internal control over general financial reporting, including but not limited to

Defects; if the probability of occurrence of defects is high, qualitative standards will be manifested in: failure to select and apply accounting policies in accordance with generally accepted accounting principles; failure to establish

Significantly reduce work efficiency or effectiveness, or significantly increase effectiveness, establish anti-fraud procedures and control measures; for non-routine and special transactions

uncertainty, or causing it to significantly deviate from expected goals, and no corresponding control mechanism has been established or implemented for accounting processing and has not been implemented

It is determined as an important defect; if the defect occurs, there may be corresponding compensatory controls; there are controls on the end-of-period financial reporting process.

High risk, will seriously reduce work efficiency or effectiveness, or suffer from one or more defects and cannot reasonably guarantee the prepared financial statements.

Increase the uncertainty of the effect, or seriously deviate from the true and complete goal.

If the expected goals are not met, it will be deemed as a major defect. General defects refer to other defects other than the above-mentioned major defects and important defects.

Control deficiencies.

Internal control deficiencies may cause or result in losses related to assets,

Measured by the total assets indicator: if the defect alone or together with other deficiencies

The amount of misstatement in the financial report that may result from the error is less than the total assets.

If the amount of non-financial reporting internal control defects exceeding 0.5% of the total assets may cause or result in 0.5% and less than 1%, it shall be deemed a major deficiency; if the amount of direct losses exceeding 0.5% of the total assets is less than 0.5% of the total assets, then the quantitative standard is 1% of the total amount, it shall be deemed a major deficiency. It is determined as a general defect; if the internal control defect exceeds 0.5% and less than 1% of the total assets, which may cause or cause losses related to profits, it is determined as a major defect; if measured by operating income indicators: if the defect alone or together with other deficiencies exceeds 1% of the total assets, it is determined as a major defect. The amount of misstatement in the financial report that may result from the error is less than the operating income.

5%, it is considered a general defect; if it exceeds 5% of operating income and

If it is less than 10%, it is considered an important defect; if it exceeds the operating income

10%, it will be deemed as a major defect.

Number of major flaws in financial reports (number) 0 Number of major flaws in non-financial reports (number) 0 Number of major flaws in financial reports (number) 0 Number of major flaws in non-financial reports (number) 0

Internal control audit report

Applicable□Not applicable

Review opinion paragraph in internal control audit report

We believe that Shanghai RAAS Blood Products Co., Ltd. has maintained effective internal control over financial reporting in all material aspects in accordance with the "Basic Standards for Enterprise Internal Control" and relevant regulations. Disclosure of internal control audit report Disclosure

Date of disclosure of the full text of the internal control audit report: March 27, 2026

The company’s full-text disclosure index of the Ernst & Young internal control audit report published in the Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and cninfo.com.cn.

No. 80017709_B01)

Type of opinion on internal control audit report Standard unqualified opinion

Are there any major deficiencies in the non-financial report? No

Whether the accounting firm issues an internal control audit report with non-standard opinions

□YesNo

Is the internal control audit report issued by the accounting firm consistent with the self-evaluation report of the board of directors? Yes No

14. Rectification of self-examination issues in the special action on governance of listed companies

□ApplicableNot applicable

15. Disclosure of environmental information

Whether listed companies and their major subsidiaries are included in the list of companies that disclose environmental information in accordance with the law

Yes□No

Number of companies included in the list of companies that disclose environmental information according to law 5 Serial number Company name For the query index of environmental information disclosure reports according to law, please see the Enterprise Environmental Information Disclosure System according to law (Shanghai)

1 Shanghai RAAS Blood Products Co., Ltd.

https://e2.sthj.sh.gov.cn/jsp/view/hjpl/index.jsp

For details, see Enterprise Environmental Information Disclosure System (Anhui)

2 Tonglu Biopharmaceutical Co., Ltd.

https://39.145.37.16:8081/zhhb/yfplpub_html/#/home For details, please see the Corporate Environmental Information Disclosure System (Hunan)

3 Nanyue Biopharmaceutical Co., Ltd.

https://yfpl.sthjt.hunan.gov.cn:8181/hnyfpl/frontal/index.html#/home/index For details, please see the Corporate Environmental Information Disclosure System (Henan)

4 Zhengzhou Laishi Blood Products Co., Ltd.

http://222.143.24.250:8247/home/home

For details, please refer to Zhejiang Provincial Department of Ecology and Environment-Enterprise Environmental Information Disclosure System 5 Zhejiang Haikang Biological Products Co., Ltd.

https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search

16. Social Responsibility

For details, please refer to the "2025 Sustainability Report of Shanghai RAAS Blood Products Co., Ltd." published on cninfo.com on March 27, 2026.

17. Consolidate and expand the results of poverty alleviation and rural revitalization

For details, please refer to the "2025 Sustainability Report of Shanghai RAAS Blood Products Co., Ltd." published on cninfo.com on March 27, 2026.

Section 5 Important Matters

1. Fulfillment of commitments

Commitments made by the company’s actual controller, shareholders, related parties, acquirers, the company and other relevant parties that have been fulfilled during the reporting period and have not yet been fulfilled by the end of the reporting period

Applicable□Not applicable

Commitment Type of commitment Commitment period Party to fulfill the commitment Commitment content Reason for commitment time Type Limitation Circumstances

Accelerate the completion of the integration of the target assets and realize the expected benefits of the target assets as soon as possible. After the completion of this transaction, the company will speed up the integration of the target assets, fully mobilize all resources of the target company, complete the target company's business plan in a timely and efficient manner, and continuously improve the benefits of the target company through active market development and good communication with customers. Through all-round promotion measures, the company will strive to realize the expected benefits of the target company as soon as possible.
Strengthen operation management and internal control. The company will further strengthen enterprise operation management and internal control, improve the company's daily operating efficiency, reduce amortization and lower the company's operating costs, comprehensively and effectively control the company's operation and management risks, and improve operating efficiency.

Bo Current 3. Improve the profit distribution policy. After the completion of this reorganization, the company will continue to implement a sustainable, stable, positive and positive profit distribution policy in accordance with the provisions of the Articles of Association. In combination with the company's actual situation, it will extensively listen to the opinions and suggestions of investors, especially independent directors, and small and medium-sized shareholders. 2019 03 Long-term shareholders are working in Shanghai RAAS

We will strengthen returns to investors, improve profit distribution policies, increase transparency in the implementation of distribution policies, and safeguard the interests of all shareholders. Effective on March 25th, the implementation measures 4. Improve the corporate governance structure. The company will strictly abide by the "Company Law", "Securities Law", "Shenzhen Stock Exchange Small and Medium Enterprises Board Listing Commitment" In accordance with the provisions of laws, regulations and normative documents such as "Guidelines for the Standardization of Corporate Operations", we will continue to improve the governance structure to ensure that shareholders can fully exercise their rights, ensure that the board of directors can exercise their powers in accordance with laws, regulations and the company's articles of association, and make scientific, prompt and prudent decisions, ensure that independent directors can conscientiously perform their duties and safeguard the overall interests of the company, especially the legitimate rights and interests of small and medium-sized shareholders, ensure that the board of supervisors can independently and effectively exercise the power of supervision and inspection over directors, managers and other senior managers and the company's finances, and safeguard the interests of all shareholders of the company. If any violation of the above commitments causes losses to shareholders, the company will be liable for compensation in accordance with the law.

Commit to perform duties faithfully and diligently and safeguard the legitimate rights and interests of the company and all shareholders;
Commit not to transfer benefits to other units or individuals for free or on unfair terms, nor to harm the interests of the company in other ways;
Commit to restraining one’s job consumption behavior;
Promise not to use company assets to engage in investment or consumption activities that are not related to the performance of my duties;

About the stall

Commit to make every effort to promote the remuneration system formulated by the company's board of directors or the remuneration and assessment committee to be filled in by the company within the scope of its own responsibilities and authority.

Linked to the implementation of supplementary return measures, and vote in favor of relevant proposals reviewed by the company's board of directors and shareholders' meeting (if they have the right to vote); directors and high-return buyers 2019 03 Long-term ongoing

If the company plans to implement equity incentives, it promises to make every effort to ensure that the equity incentive exercise conditions to be announced by the company are fulfilled within the scope of its own responsibilities and authority.

Linked to the implementation of the company's supplementary return measures, and vote in favor of relevant proposals reviewed by the company's board of directors and shareholders' meeting (if there are any measures to express capital gains,

decision-making power);

restructuring commitment

time place

Commit to strictly fulfill the above-mentioned commitments made by me and ensure that the company's supplementary return measures can be effectively implemented. If the promisee violates

If the person violates the commitment he or she has made or refuses to fulfill the commitment, the promisee will provide an explanation, apology and other corresponding obligations in accordance with the "Guiding Opinions" and other relevant provisions.

and agree to the regulatory measures or self-discipline commitments made by the China Securities Regulatory Commission, the Shenzhen Stock Exchange and the China Association of Listed Companies in accordance with the law.

Supervisory measures; if losses are caused to the company or shareholders, the promisee is willing to bear the corresponding compensation liability in accordance with the law.

The promisee will exercise the rights of shareholders in accordance with the relevant laws and regulations such as the Company Law and the Articles of Association of the listed company; when the shareholder meeting reviews and votes on the related transactions between the promisee and the listed company, the promisee will fulfill the obligation to avoid voting in accordance with the applicable related-party transaction decision-making rules of listed companies. 2019 03 Long term, currently in Jilibu

Transaction 2. The promisee will avoid related transactions with listed companies as much as possible; for related transactions that cannot be avoided or occur for reasonable reasons, the promise will be fulfilled on January 25th. Follow the principles of market justice, fairness and openness, sign agreements in accordance with the law, perform legal decision-making procedures, information disclosure obligations and handle relevant approval procedures, and ensure that the legitimate rights and interests of listed companies and other shareholders will not be harmed through related transactions.

On or before the completion of this transaction, the company will terminate all existing commercial agreements with Boyaa Biopharmaceutical Group Co., Ltd. and designate the listed company as the exclusive distributor of the company's products in the field of bioscience and diagnostics in the People's Republic of China (for the purpose of the commitment letter, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan, hereinafter referred to as "China"). March 2019 2. In addition to the aforementioned commitments, the company further guarantees that after the completion of this transaction, it will not use the inside information learned or known from the listed company on March 25 to engage in any substantial or potential competitive relationship with the listed company's main business in the field of biological sciences and diagnostics in China.

any business activities.

Regarding ensuring that the Company remains independent from the listed company in terms of business, assets, finance, personnel, and institutions, it complies with the relevant regulations of the China Securities Regulatory Commission on the listing of the independent certificate of the listed company; the Company will not illegally occupy the listed company’s funds or assets in any way, and will not use the listed company’s assets as the Company’s assets.

In March 2019, there were long-term guarantees provided by GDS for the company's independent debt violations; the guarantees GDS had provided to the company and its related parties before the completion of this transaction did not fall into the above situation.

Effective on March 25th, the listed company will sign an exclusive strategic cooperation master agreement with the company. Based on such agreement, the company will carry out relevant cooperation with the listed company. The commitments include but are not limited to (1) the listed company will become the company's all bioscience and diagnostic products in China (for the purpose of the commitment letter, excluding Hong Kong

Special Administrative Region, Macau Special Administrative Region and Taiwan (hereinafter referred to as "China") as the exclusive distributor; (2) The company grants listed companies

License to use the company’s bioscience and diagnostic technologies (including NAT technology) in China; (3) The company’s exclusive

Provide specific engineering and other necessary services to listed companies; and (4) the company will assist in improving the quality and compliance of listed companies' products.

The promisee makes the following commitments regarding its related transactions with GDS:

Listed Company 1. The promisee will exercise shareholder rights in accordance with applicable relevant laws and regulations, the articles of association of GDS and other relevant provisions;

When the General Meeting of the Company reviews and votes on the related-party transactions between the promisee and GDS, the promisee will perform the response in accordance with the applicable related-party transaction decision-making system.

2019 03 There has been a long-term obligation to avoid voting by trading opponents in Shanghai RAIS.

Effective on March 25th. 2. The promisee will try its best to avoid related transactions with GDS; for related transactions that are unavoidable or occur for reasonable reasons, the commitment will be followed.

Commitment letter: Follow the principles of market fairness, fairness and openness, sign agreements in accordance with the law, perform legal decision-making procedures, information disclosure obligations and handle relevant approvals

procedures to ensure that the legitimate rights and interests of GDS and other shareholders will not be harmed through related transactions.

In accordance with the requirements of applicable laws, regulations and normative documents, the promisee hereby undertakes that after the completion of this transaction: the company’s business, capital and

The company remains independent from GDS in terms of property, finance, personnel, and organization. The company will not illegally occupy GDS’s funds or assets in any way.

Listed company

GDS assets are not used to provide guarantee for the company's debt violations. The company will sign an exclusive strategic cooperation master agreement with Grifols, S.A., based on

Si Xiangjiao

Under these agreements, the company will carry out relevant cooperation with Grifols, S.A., including but not limited to (1) the company becomes all the biological departments of Grifols, S.A. 2019 03 Long-term relationship is being changed to Shanghai RAAS

and diagnostic products in China (for the purpose of the letter of commitment, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative Region and the Taiwan region, the following January 25th will be effective).

(referred to as "China"); (2) Grifols, S.A. grants the Company the right to use the bioscience and diagnostics owned by Grifols, S.A. in China

Commitment letter

License to use domain technology (including NAT technology); (3) Grifols, S.A. exclusively provides specific engineering and other necessary services to the company;

and (4) Grifols, S.A. will assist in improving the quality and compliance of the Company's products.

In May 2024, the company's shareholder return plan for the next three years (2024-2026) was reviewed and approved at the company's 2023 annual shareholders' meeting.

Return to shareholders The company implements a stable, sustainable and reasonable profit distribution policy, attaches great importance to reasonable returns to investors and takes into account the company's sustainable development. Every year from 2024 to February

2024 05 is reporting planning in Shanghai RAAS. The company's short-term 026 will be correctly handled based on the current operating conditions and the capital demand plan for project investment, and on the basis of fully considering the interests of shareholders.

On March 21, the Company fulfilled its commitments, fully listened to the opinions of shareholders (especially small and medium shareholders) and independent directors, and determined a reasonable profit distribution plan based on the relationship between interests and long-term development.

As long as it's about

Others continue to directly control GDS. Kelifu also promises that as long as it continues to directly or indirectly control GDS, it should cause GDS to declare a dividend of no less than 50% of GDS's net profit in that fiscal year to its shareholders in every meeting after the completion of the transaction between Haier and Kelifu. June 2024. On March 18th, the Implementation Department took over the control promise

Small-cap GDS Exchange GDS’s cumulative EBITDA during the period from January 1, 2024 to December 31, 2028 (the “Measurement Period”) (through a test approved by both parties)

GDS

The EBITDA of GDS for each year during the assessment period (added together) will not be less than US$850 million ("Committed EBITDA"). If during the evaluation period, the cumulative 2028 performance commitment of GDS in 2024 is lower than the promised EBITDA, Kilifu shall fulfill the promise within 30 days after the issuance of the 2028 annual audit report (and no later than March 1, 2029).

Compensation will be made to Shanghai RAAS on the 31st of the month. The compensation amount = the difference between the accumulated EBITDA of GDS and the committed EBITDA during the evaluation period. The compensation will be paid on the 31st.

The difference × the proportion of GDS equity held by Shanghai RAAS (45% as of the signing date of the "Strategic Cooperation and Share Purchase Agreement").

According to the "Strategic Cooperation and Share Purchase Agreement" ("Original Agreement") signed by Haier Group and Grifols, S.A. on December 29, 2023, to

Voluntary lock-in 2027 "Revised and Restated 2024 June 2024 Under-determined Shares" re-signed by Haiyingkang, Haier Group, Haier Group's subsidiary Haiyingkang and Grifols, S.A. on January 21, 2024 June Grifols Strategic Cooperation and Share Purchase Agreement" ("New Agreement"), Haiyingkang and Grifols, S.A will voluntarily lock in their respective holdings after the completion of this transaction. Month 18 to fulfill their commitments 17

The relevant shares have a lock-in period of 36 months.

Whether the commitment is fulfilled on time. If the commitment is overdue and has not been fulfilled, the specific reasons for the incomplete fulfillment and the next work plan should be explained in detail. Not applicable

Note: The company disclosed the "Announcement on the Signing of the "Exclusive Strategic Cooperation Master Agreement" between the company and related parties" on June 19, 2024. According to the relevant provisions of the "Revised and Restated Strategic Cooperation and Share Purchase Agreement" re-signed by Haier Group, Haiyingkang and Jilifu on January 21, 2024. According to the agreement, the company signed an "Exclusive Strategic Cooperation Master Agreement" with effective conditions on June 18, 2024, with Chilifu and Haiyingkang, and replaced the original strategic cooperation agreement. The aforementioned exclusive strategic cooperation was passed by the resolution of the 2024 second extraordinary general meeting of shareholders held on July 29, 2024. The strategic cooperation agreement stipulates distribution matters and further cooperation in the fields of bioscience and diagnostics:

Distribution matters

(1) Agency agreement

Subject to the terms and conditions of this Agreement, Grifols agrees to procure Grifols Worldwide Operations Limited to enter into the ninth amendment to the exclusive agency agreement (the "Agency Agreement Amendment Agreement") with the Company to reflect the relevant arrangements related to the existing exclusive agency agreement stipulated under the Share Purchase Agreement.

(2) Distribution of the company’s intravenous immune globulin products

The company and Chilifu (or its designated affiliates) will refer to the company's standard text and sign a sales agency agreement in a timely manner as needed. According to this agreement, Chilifu or its designated related parties will assist the company in conducting clinical trials of intravenous immunoglobulin (IVIG) produced by the company for different indications. At the same time, Chilifu or its designated related parties will be appointed as distributors of intravenous immunoglobulin (IVIG) produced by the company outside China at competitive market prices. The specific terms and conditions of the aforementioned sales agency arrangement will be determined through separate negotiations between the company and Chilifu.

Further cooperation in the fields of biological sciences and diagnostics

(a) Except as expressly provided in this Agreement, if Chilifu plans to launch any other new business in the field of bioscience and diagnostics in the region and therefore seeks a Chinese business partner to assist in the development of such new business, Chilifu shall provide notice to the Company; after Chilifu and the Company agree on the specific terms and conditions applicable to the cooperation of such new business, Chilifu shall appoint the Company as the exclusive and strategic partner in such new business.

(b) The parties further agree that if Cherifu or its affiliates intend to commercialize and distribute any of its other blood products other than the products listed in the exclusive agency agreement (such products, "New Products") in the bioscience and diagnostic fields in the region:

(i) Chilifu shall send a written notice to the Company setting out basic information about the new product (such notice, the "New Product Notice").

(ii) Within ten working days after receiving notification of new products (the "Prior Quotation Rights Period"), the Company shall have the right to enjoy the priority quotation rights by issuing a written notice ("Priority Quotation Rights Notice") to Chilifu. Such notice shall list the unit price that the Company is willing to pay to Chilifu or its affiliates for the new products, as well as other important terms and conditions proposed by the Company for the exclusive distribution of the new products in the region. Such notices shall constitute a binding offer by the Company. If Chilifu believes that the price and terms and conditions set out in the right of first quotation notice are acceptable, it (or its affiliates) can sign a formal agreement with the company for the distribution of the new product in the region within one month after the date of the right of first quotation notice.

(iii) If (a) the Company fails to issue a Priority Quotation Right Notice within the Priority Quotation Right Period, or (b) the Company issues a Priority Quotation Right Notice during the Priority Quotation Right Period, but the parties fail to sign a formal agreement for the distribution of new products within one month after the date of the Priority Quotation Right Notice. Agreement, Chilifu (or its affiliates) may negotiate with any third party and designate any third party as its distributor, provided that the price conditions on which Chilifu sells new products to such third-party distributors shall not be inferior to the price conditions that Chilifu can enjoy in the notice of right of first quotation. (c) Notwithstanding the foregoing, this Article shall not apply to immunoglobulin collaboration and distribution matters being negotiated by Cherifu or any of its affiliates with third parties for the benefit of the Company.

If there is a profit forecast for the company's assets or projects, and the reporting period is still in the profit forecast period, the company will explain why the assets or projects have reached the original profit forecast and the reasons why.

Applicable□Not applicable

In its equity transfer transaction with Haier, Chilifu promised that the cumulative EBITDA of GDS during the period from January 1, 2024 to December 31, 2028 (the "Evaluation Period") (by adding the EBITDA of GDS in each year during the evaluation period approved by both parties) will not be less than US$850 million ("Committed EBITDA"). If the cumulative realized EBITDA of GDS during the evaluation period is lower than the committed EBITDA, Jilibu shall compensate Shanghai RAAS within 30 days after the issuance of the 2028 annual audit report (and no later than March 31, 2029). The compensation amount = the difference between the cumulative realized EBITDA of GDS during the evaluation period and the committed EBITDA × the proportion of GDS equity held by Shanghai RAAS (45% as of the signing date of the "Strategic Cooperation and Share Purchase Agreement").

The company involves performance commitments

□ApplicableNot applicable

2. Non-operating capital occupation of listed companies by controlling shareholders and other related parties

□ApplicableNot applicable

3. Illegal external guarantees

□ApplicableNot applicable

4. The Board of Directors’ explanation of the latest “non-standard audit report”

□ApplicableNot applicable

Explanation by the board of directors and independent directors (if any) on the “non-standard audit report” of the accounting firm for this reporting period □ Applicable  Not applicable
Description of changes in accounting policies, accounting estimates or correction of major accounting errors compared with the previous year’s financial report □ Applicable  Not applicable

7. Explanation of changes in the scope of consolidated statements compared with the previous year’s financial report

Applicable□Not applicable

A total of 62 entities were included in the scope of consolidation at the end of this period. Compared with the previous year, non-common control enterprises merged Nanyue Biopharmaceutical Co., Ltd. and 11 affiliated pulp stations.

8. Appointment and dismissal of accounting firms

Currently employed accounting firm

Name of the domestic accounting firm Ernst & Young Hua Ming LLP (Special General Partnership) Remuneration of the domestic accounting firm (10,000 yuan) 376 Continuous years of audit service by the domestic accounting firm 1 Name of the CPA of the domestic accounting firm Wang Chong, Zhang Li

Continuous years of audit service provided by CPAs from domestic accounting firms Wang Chong (1 year), Zhang Li (1 year)

Whether to hire a new accounting firm in the current period

□YesNo

Recruitment of internal control audit accounting firms, financial consultants or sponsors

Applicable□Not applicable

The company hired Ernst & Young Hua Ming LLP (Special General Partnership) to issue the "2025 Internal Control Audit Report" for the company. The internal control audit fee is 500,000 yuan. Ernst & Young Hua Ming LLP (Special General Partnership) believes that the company maintained effective internal control over financial reporting in all material aspects in accordance with the "Basic Standards for Enterprise Internal Control" on December 31, 2025.

9. Facing delisting after the annual report is disclosed

□ApplicableNot applicable

10. Matters related to bankruptcy and reorganization

□ApplicableNot applicable

11. Major litigation and arbitration matters

Applicable□Not applicable

Amount involved Whether a lawsuit (arbitration) has been formed Litigation (arbitration) trial Litigation (arbitration) Disclosure of basic information on litigation (arbitration) Disclosure index

(RMB 10,000) Estimated liabilities Judgment) Progress Result and impact Judgment execution Date Zhengzhou RAIS filed a lawsuit against Shenzhen Xifeng in July 2019 regarding the remaining payment for the equity transfer of Guangren Pharmaceutical

A lawsuit was filed, and the two parties later reached a settlement under the auspices of the Zhengzhou Intermediate People's Court. Since then, Shenzhen Xifeng has not complied with the Civil Code.

"Miscellaneous Mediation Agreement" to pay the remaining amount to Zhengzhou Laishi. On July 22, 2020, Zhengzhou LAAS

The Intermediate People's Court applied for enforcement, and the Zhengzhou Intermediate People's Court initiated proceedings against the 100% equity of Guangren Pharmaceutical held by Shenzhen Xifeng.

Sentencing the defendant Kailong

French auction, because no one has purchased the subject equity, and Zhengzhou RAIS and Shenzhen Xifeng are still unable to negotiate the subject cninfo.com

Sheng Ye and He Xiaoling

The Zhengzhou Intermediate People's Court decided to terminate the execution procedure after reaching consensus on equity debt redemption and other related matters. (www.cninefo.

Shenzhen Xifeng’s debt

In the process of recovering the arrears, Zhengzhou RAIS discovered that Shenzhen Xifeng’s shareholder Kailong Shengye assumed the repayment liability in June 2021. (2020 com.cn) "Guan 2 processed the simple deregistration of Shenzhen Xifeng, but did not notify Zhengzhou RAIS and did not repay Zhengzhou RAIS. Year 01 The cancellation of the debts of the wholly-owned subsidiary damaged the legitimate rights and interests of Zhengzhou RAIS. Zhengzhou RAIS sued the Shenzhen Intermediate People's Court of Guangdong Province on August 10, 2021 19,702.95 No In execution RMB 116.62 million In execution Month 07 Contract dispute settlement on August 10, requesting an order to order the defendant Kailong Shengye and late payment fees in RMB Day Announcement" (the public and He Xiaoling assume the responsibility for repaying Shenzhen Xifeng's debts and repay Zhengzhou Laishi and Shenzhen Xifeng 80,409,490 yuan, Notice No.: 2020- The total price agreed in the "Hubei Guangren Pharmaceutical Co., Ltd. Equity Transfer Agreement" signed on April 27, 2017 is RMB 005) and 49% of the remaining balance of related funds, namely RMB 116.62 million and late payment fees of RMB 80,409,490 and RMB 197,029,490. Periodic reports totaled RMB 197,029,490. After trial by the Shenzhen Intermediate People's Court and the Guangdong High Court, the verdict was pronounced against Kailong Shengye and He Xiaoling

Be responsible for repaying corresponding debts. After entering into execution procedures, the court has sealed and frozen Kailongsheng

business and He Xiaoling's multiple bank accounts. Currently, the person subject to execution has no other property available for execution.

Final risk.

Plaintiff Lu Zhejin sued defendants Liang Jian, Chen Yuannian, Zhong Yanzhu, Huang Keliang, Li Guanfeng, Wei Xianghong,

Guangxi RAASH Biopharmaceutical Co., Ltd., Shanghai RAASH Blood Products Co., Ltd., litigation claim

As follows: 1. The verdict is that the defendants Liang Jian, Chen Yuannian and Li Jianjun maliciously colluded to sign the "Guangxi Liuzhou Chutianshu"

Biological Products Co., Ltd. Equity Transfer Agreement" is invalid; 2. The defendants are ordered to jointly compensate the plaintiff for losses.

276,503,887 million yuan; 3. Case acceptance fees, attorney fees, litigation preservation fees, etc. shall be borne by the above-mentioned defendants in total. The first instance has been judged. The first instance ruled that the company has no

Shared responsibility. 27,650.39 No need to bear any responsibility - - - Nanning Intermediate People's Court sentenced defendants Liang Jian, Chen Yuannian and Zhong Yan on December 30, 2025

Zhu and Huang Keliang compensated the plaintiff Lu Zhejin for the loss of 6 million yuan caused by the failure to return the equity of Chu Tianshu Company.

Yuan Bin compensated for the loss of capital occupation and rejected plaintiff Lu Zhejin’s other claims.

As of February 4, 2026, the company has not received the plaintiff’s appeal materials and the notice from the second instance court.

The company and other lawsuits/arbitrations of the company that do not meet the standards of major litigation/arbitration 1,726.81 No - - - - -

12. Punishment and rectification

□Applicable  Not applicable

13. Integrity status of the company, its controlling shareholders and actual controllers

□Applicable  Not applicable

The company's controlling shareholders and actual controllers have not failed to fulfill the effective court judgments, or have unpaid debts with relatively large amounts due.

14. Major related transactions

Related transactions related to daily operations

Applicable□Not applicable

Related party transactions are approved and can be obtained

Whether

Related Related Transaction Amount Similar Transaction Transaction Amount Obtained

Related Related Transactions Related Transactions Exceeds Related Transaction Disclosure

Transaction Pricing principles for related-party transactions Transaction (excluding Yi Jindu (including similar Disclosure index relationship) Transaction type Content Approval Calculation method Date

Party price tax, tax in the amount of 10,000, transaction in the amount of 10,000

Quota

Yuan) Ratio Yuan) Market price

Original pricing of company-related transactions

then follow the medical direction of fairness, justice and the same path

Buying Abroad "About 2025 Fair Principles to the Market" Chilifu Global

Ji Li Distribution Relations Related Person Market Daily related transactions in 2025 are based on Ji Li’s price. The company’s payment to

Fuquan Fuquan Fuquan Fuquan Fuquan Fuquan Fuquan Fuquan's related joint product personnel, manufacturers and suppliers Fuquan product global integration Global currently purchased products and existing products Transaction price 296 2,338.58%.32 371 0,02 No Invoice issuance date - year month 0 21 3 Compare the performance and cost of the forecast (Announcement Announcement No.) From one hundred and eighty

Company products domestic marketing principles (Day 2025-011) Published comparative analysis, combined with similar (180) Day

And the products sold on Juchao Information Network are currently paid within the domestic market.

price, determine the purchase price

Grid.

Pricing of the company’s related-party transactions Tonglu Pharmaceutical should

then follow fair, equitable, and GDS (and

Buying Offshore Fair Principles to Markets / or Representatives About 2025

Based on the price of the related parties in the distribution network, the company designated GDS for daily related transactions in the market in 2025. Related parties, products, G and D purchased products in S domestic products and products with cost-effectiveness. Transaction price 10.3 805.4 2.03% 14,270 No Billing (Invoice issuance on behalf of the company) - Year Month 0 21 3 Preliminary (90 days from the date of publication (Announcement No. 2025-011) of the company's product marketing and sales comparison analysis, combined with the principle of similar products currently on sale in the domestic market (within 90 days (2025-011) on the Juchao Information Network), determine the purchase price to be paid to GDS

Grid. product price.

Original pricing of company-related transactions

company base

then follow fairness, justice,

Xianglian Lifu Shanghai Shanghai RAAS Xiang

The principle of fairness and the market "About 2025 People Procurement Procurement Produce Gilifu Shanghai

Based on the price of JiLi, the company's daily related transactions on the market in 2025 will be based on the products of JiLi. At the same time, the payment should be in

Fu's purchase of products and existing products Transaction Year 01 Estimated Announcement "Fu Shang Related Acceptance Comparison of performance and cost of Fu's based Fu Shang Pricing 195.89 0.04% 195.89 No Invoice issuance date - January 23 (Announcement No. Hailian People's mention Haiwei Company from 180

Comparative analysis of the company, combined with similar principles (Day 2025-011) Published services provided related (180) Day

The products are currently available for payment within the technical service of Juchao Information Network Services in the domestic market.

price, determine the purchase price

service

Grid.

Xiang related company Xianghai

Haiying

Human Procurement Er Biological Procurement

The company's related-party transaction pricing follows 3,831.36 0.75% product arrival,

"About 2025"

Product mergers and acquisitions, market 2025 daily related transactions Haierkang's fair, equitable and just value-added tax only

Accept the expected announcement of Haier's transaction in 2001, "Biological Association". The principle of bio-publicity is to be based on the market price. Pricing 5,000 No. Invoice will arrive 60 - 23 months later (announcement number company). Some products will be paid within the same day.

The labor supply company provides relevant technologies (date 2025-011) to publish the company's services through bidding. 923.68 9.81% 100% payment. Services on Juchao Information Network

Haiying's related party transactions are priced in accordance with market product arrival,

related to

Tibet Kangdi follows fair, equitable and just transactions and is exclusively for VAT

Personal sales Sales of goods 5,740.12 0.78% - - - - Linzhi Based on the principle of association, pricing is based on market prices 60 days after the invoice is received

merchandise

company based. Principle: payment within the day

Haiying's related party transactions are priced in accordance with the market

related to

Chongqing Kangdi follows fair, equitable and just transactions

Personal Sales Items for Sale 1,801.39 0.25% - Cash on Delivery. - - -Hongjiu's principle of correlation, pricing based on market price

merchandise

company based. principles

319,136.

Total -- -- 13 -- 390,48 -- -- -- -- --

5.89

Details of large sales returns Not applicable

The sales plan of the daily related transactions that will occur in the current period and the sales plan of the transaction with Chilifu Global are confirmed through quarterly orders. According to the market changes and the actual release of batches in the country where the supplier is located, the actual purchase amount of imported human serum albumin is estimated. The actual volume during the reporting period is different from the plan at the beginning of the year. In addition, during the reporting period, the company signed an amendment to the exclusive agency agreement with Chilifu Global, which lowered the unit price of imported human serum albumin. The actual performance (if any) To a certain extent, this affects the difference between the actual purchase amount and the planned amount at the beginning of the year.

The transaction price is significantly different from the market reference price

Not applicable

Reason (if applicable)

Related transactions arising from asset or equity acquisition and sale

□ApplicableNot applicable

Related transactions related to joint external investment

□ApplicableNot applicable

Related credit and debt transactions

□ApplicableNot applicable

Dealings with related financial companies

□ApplicableNot applicable

There are no deposits, loans, credit or other financial business between the company and related financial companies and related parties.

The transactions between the financial company controlled by the company and related parties

□ApplicableNot applicable

Other major related transactions

□ApplicableNot applicable

15. Major contracts and their performance

Custody, contracting and leasing matters

(1) Custody situation

□ApplicableNot applicable

(2) Contracting situation

□ApplicableNot applicable

(3) Leasing situation

□ApplicableNot applicable

Major guarantee

Applicable□Not applicable

(1) Regarding the issuance of comfort letters to related parties and the company’s provision of guarantees for Tonglu Pharmaceutical

In March 2019, the company signed an "Exclusive Strategic Cooperation Master Agreement" ("Strategic Cooperation Agreement") with Grifols, S.A. and others, stipulating that the two parties will carry out in-depth cooperation in the fields of production quality specifications, intellectual property rights, technology research and development, management experience, sales channels, engineering and collaborative services.

According to the "Strategic Cooperation Agreement", starting from 2021, the company has signed an exclusive agency agreement/exclusive distribution agreement with its related parties Gilifu Global and GDS, designating Shanghai RAAS and its affiliated companies as the exclusive distributors of Gilifu albumin-related products and GDS (blood screening systems, blood screening test reagents and blood screening kits) products in mainland China.

In order to promote the smooth development of business between both parties, the company issued BankComfort Letters ("Bank Comfort Letters") to Kirifu Global and GDS respectively as a payment guarantee for Tonglu Pharmaceutical in accordance with the relevant requirements of the financial institutions where GDS is located, in order to improve the purchase credit of Tonglu Pharmaceutical. The company provides a payment guarantee for Tonglu Pharmaceutical to constitute a guarantee. The details are as follows:

Issue of comfort letters to related parties (for albumin-related products)

The company held the 31st meeting of the fifth board of directors and the 2023 annual general meeting of shareholders on April 25, 2024 and May 21, 2024. The company reviewed and approved the "Proposal on Issuing Comfort Letters and Guarantees to Related Parties" and agreed that the company would promote Tonglu Pharmaceutical and the foundation. For the smooth development of the exclusive agency business of related products between Lifu Global, according to the relevant requirements of the financial institution where Jilifu Global is located, a bank comfort letter was issued to Jilifu Global as a payment guarantee to improve the purchase credit of Tonglu Pharmaceutical. The company's payment guarantee for Tonglu Pharmaceutical constitutes a guarantee. In the comfort letter issued by the company to Chillifu Global in 2024, the guarantee amount for Tonglu Pharmaceutical is expected to not exceed US$562 million. The specific guarantee amount is within the amount of the agreement actually performed between Tonglu Pharmaceutical and Chillifu Global. The guarantee period will be one year from the date of review and approval at the company's 2023 annual general meeting of shareholders, and will be extended upon review and approval by the company's annual general meeting of shareholders. For details, please refer to the company's relevant announcements published in "Securities Times", "China Securities News", "Shanghai Securities News", "Securities Daily" and cninfo.com on April 26, 2024 and May 22, 2024.

The company held the 10th meeting of the sixth board of directors and the 2024 annual general meeting of shareholders on April 16, 2025 and May 20, 2025, and reviewed and approved the "Proposal on Issuing Comfort Letters and Guarantees to Related Parties" and agreed that the company would promote the cooperation between Tonglu Pharmaceutical and Gili In order to ensure the smooth development of the exclusive agency business of related products between Fukui Global, according to the relevant requirements of the financial institution where Kilifu Global is located, a bank comfort letter was issued to Kilifu Global as a payment guarantee to improve the purchase credit of Tonglu Pharmaceutical. The company's payment guarantee for Tonglu Pharmaceutical constitutes a guarantee. In the comfort letter issued by the company to Chillifu Global in 2025, the guarantee amount for Tonglu Pharmaceutical is expected to not exceed US$520 million. The specific guarantee amount is within the range of the actual agreement amount between Tonglu Pharmaceutical and Chillifu Global. The guarantee period will be calculated from the date of review and approval at the company's 2024 annual shareholders' meeting and will end on the date of review and approval at the company's next annual shareholders' meeting. The guarantee within the above validity period is terminated (i.e., the company’s guarantee for Tonglu Pharmaceutical reviewed and approved by the shareholders’ meeting on May 21, 2024). For details, please refer to the company’s relevant announcements published in Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and cninfo.com on April 18, 2025 and May 22, 2025.

Issuance of comfort letters to related parties (for GDS blood screening and other related products)

The company held the 31st meeting of the fifth board of directors and the 2023 annual shareholders' meeting on April 25, 2024 and May 21, 2024, and reviewed and approved the "Proposal on Issuing Comfort Letters and Guarantees to Related Parties" and agreed that the company would promote Tonglu Medical. For the smooth development of the exclusive agency business of related products between the drug and GDS, according to the relevant requirements of the financial institution where GDS is located, a bank comfort letter is issued to GDS as a payment guarantee to improve the purchase credit of Tonglu Pharmaceutical. The company provides a payment guarantee for Tonglu Pharmaceutical to constitute a guarantee. In the comfort letter issued by the company to GDS in 2024, the guarantee amount for Tonglu Pharmaceutical is expected to be no more than US$20 million. The specific guarantee amount is within the range of the actual agreement amount between Tonglu Pharmaceutical and GDS. The guarantee period will be one year from the date of review and approval by the company's 2023 annual shareholders' meeting, and will be subsequently extended upon review and approval by the company's annual shareholders' meeting. For details, please refer to the company's relevant announcements published in "Securities Times", "China Securities News", "Shanghai Securities News", "Securities Daily" and cninfo.com on April 26, 2024 and May 22, 2024.

The company held the 10th meeting of the sixth board of directors and the 2024 annual general meeting of shareholders on April 16, 2025 and May 20, 2025, and reviewed and approved the "Proposal on Issuing Comfort Letters and Guarantees to Related Parties" and agreed that the company would promote Tonglu Pharmaceutical. For the smooth development of the exclusive agency business of related products with GDS, according to the relevant requirements of the financial institution where GDS is located, a bank comfort letter is issued to GDS as a payment guarantee to improve the purchase credit of Tonglu Pharmaceutical. The company provides a payment guarantee for Tonglu Pharmaceutical to constitute a guarantee. In the comfort letter issued by the company to GDS in 2025, the guarantee amount for Tonglu Pharmaceutical is expected to not exceed US$20 million. The specific guarantee amount is within the amount of the agreement actually performed between Tonglu Pharmaceutical and GDS. The guarantee period starts from the date of review and approval of the company's 2024 annual shareholders' meeting and ends on the date of review and approval of the company's next annual shareholders' meeting. The guarantee within the above-mentioned validity period is terminated (i.e., the company’s guarantee for Tonglu Pharmaceutical reviewed and approved by the shareholders’ meeting on May 21, 2024). For details, please refer to the company’s relevant announcements published in Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and cninfo.com on April 18, 2025 and May 22, 2025.

(2) Nanyue Bioguarantee Situation

Unit: 10,000 yuan

Subsidiary guarantee to subsidiary

Guarantee amount, collateral, counter-guarantee situation

Is the guarantee fulfilled? Is it related to the name of the guaranteed object? Relevant announcements: Guarantee amount: Actual date of occurrence: Actual guarantee amount: Type of guarantee (e.g. Condition (e.g.

Date of completion of the period and joint guarantee disclosure Yes) Yes)

10,000.00 2024-05-17 Joint liability guarantee None None Three years Yes No 7,900.00
10,000.00 2024-05-17 Joint and several liability guarantee None None Three years Yes No - 15,000.00 2024-10-17 Joint and several liability guarantee None None Three years Yes No
15,000.00 2024-02-26 Joint liability guarantee None None Three years Yes No Nanyue Biotechnology
15,000.00 2024-10-17 Joint liability guarantee None None Three years Yes No 7,200.00
15,000.00 2024-02-26 Joint and several liability guarantee None None Three years Yes No - 15,000.00 2024-10-17 Joint and several liability guarantee None None Three years Yes No
15,000.00 2024-02-26 Joint liability guarantee None None Three years Yes No - 15,000.00 2024-10-17 Joint liability guarantee None None Three years Yes No - 15,000.00 2024-02-26 Joint liability guarantee None None Three years Yes No - 15,000.00 2024-10-17 Joint and several liability guarantee None None Three years Yes No - 15,000.00 2024-02-26 Joint and several liability guarantee None None Three years Yes No - 10,000.00 2024-11-11 Joint and several liability guarantee None None Three years Yes No

1,400.00

10,000.00 2024-11-11 Joint and several liability guarantee None None Three years Yes No - 10,000.00 2024-10-24 Joint and several liability guarantee None None Three years Yes No

6,590.00

10,000.00 2024-10-24 Joint and several liability guarantee None None Three years Yes No - 15,000.00 2024-09-20 Joint and several liability guarantee None None Three years Yes No

2,100.00

15,000.00 2024-09-20 Joint liability guarantee None None Three years Yes No - 6,000.00 2023-11-17 5,120.00 Joint liability guarantee None None Three years Yes No - 8,000.00 2024-09-05 Joint liability guarantee None None Three years Yes No

4,300.00

8,000.00 2024-09-05 Joint and several liability guarantee None None Three years Yes No - 10,000.00 2024-12-04 Joint and several liability guarantee None None Two years Yes No

1,999.00

10,000.00 2024-12-04 Joint liability guarantee None None Two years Yes No Nanyue Bio-Yuanjiang monoculture
2,000.00 2024-10-28 1,315.84 Joint liability guarantee None None Three years Yes No Plasma Station Co., Ltd.

On March 26, 2025, the company signed the "Equity Transfer Agreement Regarding Nanyue Biopharmaceutical Co., Ltd." with Liu Ling'an, Changsha Dexin Biotechnology Partnership (Limited Partnership), Chen Yu, Xiao Hanzu, Wang Xiangying and Nanyue Biopharmaceutical Co., Ltd.; and Hunan Xingxiang Nanyue Private Equity Partnership (Limited Partnership), Hunan Xing Xianglongyin High-tech Industrial Investment Partnership (Limited Partnership) and Nanyue Biotech signed the "Equity Transfer Agreement Regarding the 12.0234% Equity Interest in Nanyue Biopharmaceutical Co., Ltd." (collectively referred to as the "Transaction"). After the completion of this transaction, Nanyue Biotech became a wholly-owned subsidiary of the company. This matter was completed in June 2025.

The guarantees involved in the guarantees listed in the aforementioned "Guarantees of Subsidiaries to Subsidiaries" all occur within Nanyue Biotech and its subsidiaries, and there are no guarantees to external entities. These guarantees are mainly used to support the daily operating activities of Nanyue Biotech and its subsidiaries. The guarantees are mainly to meet the needs of bank borrowings. The above guarantees have been completed during the reporting period.

As of December 31, 2025, the company’s guarantee balance for the agency business was US$36.0193 million (i.e., as of December 31, 2025, Tonglu Pharmaceutical’s guarantee balance for Chilifu Global, GDS, and Chilifu Shanghai Amount of accounts payable), the subsidiary's guarantee balance to the subsidiary is RMB 00,000, and the total guarantee balance is US$36.0193 million, accounting for 0.78% of the company's net assets in the latest period (December 31, 2025). During the reporting period, except for the above-mentioned company's guarantee of payment for Tonglu Pharmaceutical and the guarantee provided by its subsidiaries to its subsidiaries, the company and its subsidiaries did not provide any other forms of external guarantees. There were also no overdue external guarantees, external guarantees involving litigation, or losses due to the failure of the guarantee.

Entrusting others to manage cash assets

(1) Entrusted financial management situation

□ApplicableNot applicable

(2) Entrusted loans

□ApplicableNot applicable

Other major contracts

□ApplicableNot applicable

16. Usage of raised funds

□ApplicableNot applicable

17. Description of other major matters

Applicable□Not applicable

The company’s share repurchase matters

The company held the seventh (temporary) meeting of the sixth board of directors on January 13, 2025, and reviewed and approved the "Proposal on the Plan to Repurchase the Company's Shares", agreeing that the company will use its own or self-raised funds to repurchase the company's shares from the secondary market through centralized bidding transactions for the implementation of employee stock ownership plans or equity incentives. , the total amount of funds proposed to repurchase the shares shall not be less than RMB 250 million (inclusive) and not exceed RMB 500 million (inclusive), and the price of the proposed shares to be repurchased shall not exceed RMB 9.55 per share (inclusive). The specific number of shares to be repurchased shall be subject to the actual repurchase situation when the share repurchase plan is completed or the repurchase implementation period expires. The repurchase period shall be within 12 months from the date on which the share repurchase plan is reviewed and approved by the general meeting of shareholders. If the relevant conditions mentioned in the share repurchase plan are met, the repurchase period shall expire early. The company held the first extraordinary shareholders' meeting of 2025 on February 14, 2025, to review and approve the above-mentioned share repurchase plan. For details, please refer to the relevant announcements disclosed by the company in the Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and cninfo.com on January 14, 2025 and February 15, 2025 respectively.

The company repurchased the company's shares through a centralized bidding method for the first time on April 2, 2025, through a special securities account for repurchase, and disclosed the "Announcement on the Progress of Share Repurchase and the First Repurchase of the Company's Shares" on April 3, 2025 (Announcement Number: 2025-025). During the repurchase period, the company will repurchase funds on March 4, 2025, April 8, 2025, May 8, 2025, and Announcements on the progress of the share repurchase were disclosed on June 4, 2025, July 2, 2025, August 2, 2025, September 3, 2025, and October 10, 2025 (announcement numbers: 2025-019, 2025-026, 2025-040, 2025-044, 2025-048, 2025-056, 2025-064), the share repurchase ratio reaches 1% and the repurchase progress announcement (announcement number: 2025-061). For details, please refer to the relevant announcements disclosed by the company in Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and cninfo.com.

As of October 28, 2025, this repurchase plan has been completed. The company's actual repurchase time range is from April 2, 2025 to October 28, 2025. The company has repurchased a total of 69,081,952 shares through a special securities account for share repurchase through centralized bidding transactions, accounting for 10% of the total share repurchase. The company accounted for 1.04% of the company's total share capital at that time. The highest transaction price was 7.09 yuan/share, the lowest transaction price was 6.62 yuan/share, and the total transaction amount was 474,937,179.98 yuan (excluding transaction fees such as transaction commissions). The company's source of funds for repurchasing shares this time is its own funds, and the repurchase price has not exceeded the upper limit of the repurchase price agreed in the share repurchase plan. The actual total repurchase funds have exceeded the lower limit of the total repurchase funds in the repurchase plan, and do not exceed the upper limit of the total repurchase funds. The implementation of this share repurchase plan has been completed. The implementation of this share repurchase complies with the company's repurchase plan and relevant laws and regulations. For details, please refer to the "Announcement on the Completion of Share Repurchase and the Implementation Results of the Repurchase" disclosed by the company in the Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and cninfo.com on October 29, 2025.

Matters regarding increase in holdings by controlling shareholders

(1) Haiyingkang’s first shareholding increase plan

The company disclosed the "Announcement on the Controlling Shareholder's Plan to Increase the Company's Shares and the Subsequent Share Increase" (Announcement Number: 2025-004) on January 9, 2025. Based on confidence in future development and recognition of long-term investment value, and to enhance investor confidence, the controlling shareholder Hai Yingkang announced on January 7, 2025 and January On the 8th, a total of 22,933,800 shares of the company were increased through centralized bidding transactions, accounting for 0.35% of the company's total share capital at that time. The additional holding amount was RMB 155.8467 million, and it was planned to increase the shareholding within 6 months from the date of the announcement of this increase plan (except for laws, regulations, business rules of the Shenzhen Stock Exchange and other relevant regulations that are not allowed to increase the shareholding of the company). period), continue to increase its holdings of the company's shares through centralized bidding, and the total total holding increase (including the aforementioned increase in holdings of RMB 155,846,700) shall not be less than RMB 250 million and shall not exceed RMB 500 million (both including the principal amount and excluding transaction costs) (the "First Holding Increase Plan")

As of February 26, 2025, Haiyingkang's first shareholding increase plan has been completed. Haiyingkang's actual holding increase period is from January 7, 2025 to February 26, 2025. Haiyingkang accumulated a total of 72,439,700 shares of the company through centralized bidding on the Shenzhen Stock Exchange, accounting for 1.09% of the company's total share capital at that time. The total amount of the increase was approximately RMB 496.8302 million (excluding transaction costs). For details, please refer to the relevant announcements disclosed by the company in "Securities Times", "China Securities News", "Shanghai Securities News", "Securities Daily" and cninfo.com on February 27, 2025.

(2) Haiyingkang’s second shareholding increase plan

The company disclosed the "Announcement on the Controlling Shareholder's Plan to Increase Shareholdings" on March 4, 2025 (Announcement No.: 2025- 020), the company's controlling shareholder Hai Yingkang plans to increase its holdings of the company's shares again through centralized bidding within 6 months from the date of the announcement of the shareholding increase plan (except for the period when laws, regulations, Shenzhen Stock Exchange business rules and other relevant provisions are not allowed to increase the shareholding of the company's shares). The planned increase in holdings is not less than RMB 250 million and not more than RMB 500 million (both including the principal amount and excluding transaction costs) (the "Second Shareholding Increase Plan").

As of May 13, 2025, Haiyingkang's second shareholding increase plan has been completed. Haiyingkang's actual holding increase period is from March 7, 2025 to May 9, 2025. Haiyingkang accumulated a total of 73,042,200 shares of the company through centralized bidding through the Shenzhen Stock Exchange trading system, accounting for 1.10% of the company's total share capital at that time, and the amount of the increase was RMB 499,857,300 (excluding transaction costs). For details, please refer to the relevant announcements disclosed by the company in "Securities Times", "China Securities News", "Shanghai Securities News", "Securities Daily" and cninfo.com on May 13, 2025.

(3) Haiyingkang’s third shareholding increase plan

The company disclosed the "Announcement on the Controlling Shareholder's Plan to Increase Shareholdings" on May 22, 2025 (Announcement No.: 2025- 043), the company’s controlling shareholder Hai Yingkang plans to increase its holdings of the company’s shares again through centralized bidding within 6 months from the date of the announcement of the shareholding increase plan (except for the period when laws, regulations, business rules of the Shenzhen Stock Exchange and other relevant provisions are not allowed to increase the company’s shares). The planned increase in holdings is not less than RMB 250 million and not more than RMB 500 million (both including the principal amount and excluding transaction costs) (the “third shareholding increase plan”).

As of September 15, 2025, Haiyingkang’s third shareholding increase plan has been completed. Haiyingkang's actual holding increase period is from May 22, 2025 to September 15, 2025. Haiyingkang has accumulated a total of 72,935,300 shares of the company through centralized bidding through the Shenzhen Stock Exchange system, accounting for 1.10% of the company's total share capital at that time. The total amount of the increase is approximately RMB 499.9915 million (excluding transaction costs). For details, please refer to the relevant announcements disclosed by the company in "Securities Times", "China Securities News", "Shanghai Securities News", "Securities Daily" and cninfo.com on September 16, 2025.

Currently, Haiyingkang holds 1,547,513,352 shares of Shanghai RAAS, accounting for 23.31% of the company's total share capital, and controls the voting rights corresponding to 437,069,656 shares of Shanghai RAAS (accounting for 6.58% of the company's total share capital) by accepting the voting rights entrustment of Shanghai RAAS shares held by Jilibu. Haiyingkang controls Shanghai RAAS in total. Voting rights corresponding to 1,984,583,008 shares (accounting for 29.90% of the company’s total share capital).

The company’s acquisition of Nanyue Biotechnology

The company disclosed the "Announcement on the Acquisition of Equity Interests in Nanyue Biopharmaceutical Co., Ltd. and the Signing of the Equity Transfer Agreement" (Announcement Number: 2025-023) on March 27, 2025. The company intends to acquire 100% equity of Nanyue Biopharmaceutical Co., Ltd. ("Nanyue Biopharmaceutical" or the "Target Company") by paying cash. The basic consideration of this transaction corresponds to the price of 100% equity of the target company of 4.2 billion yuan; according to the agreement between the company and the actual controller of the target company, Liu Ling'an, if the pulp production volume of the target company reaches 305 tons in 2025, the company should pay Liu Ling'an an additional contingent consideration of 50 million yuan, and the source of funds is its own funds and self-raised funds.

After the completion of this transaction, the target company will be included in the consolidated financial statements of Shanghai RAAS. The company will own the plasma collection resources in Hunan Province, and acquire the only blood products company and 9 operating plasma collection stations in Hunan Province. This transaction will help the company further expand pulp station resources, increase the company's existing pulp production volume and scale, and consolidate the company's industry-leading position. At the same time, Shanghai RAAS will further improve its regional layout in Hunan Province and significantly enhance the company's competitiveness in the regional blood products market.

Nanyue Biotech obtained all necessary approvals from overseas antitrust review agencies in June 2025 that are required under local laws before the completion of the above transaction. In the same month, it completed the relevant industrial and commercial change registration procedures and obtained the "Business License" renewed by the Hengyang Municipal Administration for Market Regulation. The company has completed the selection of directors, supervisors and senior managers of Nanyue Biotech and related industrial and commercial filing procedures. The company holds 100% equity of Nanyue Biotechnology, and Nanyue Biotechnology has become a wholly-owned subsidiary of the company.

For details of the above matters, please refer to the relevant announcements published by the company in Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and cninfo.com on March 27, 2025, June 14, 2025 and June 20, 2025.

Matters concerning the clinical trial of “SR604 Injection”

On December 21, 2023, the company received the "Acceptance Notice" for the clinical trial application for "SR604 Injection" issued by the State Food and Drug Administration. On March 5, 2024, it received the "Drug Clinical Trial Approval Notice" approved and issued by the State Food and Drug Administration to carry out Phase I clinical trials. On February 14, 2025, the company disclosed the "Announcement Regarding "SR604 Injection" Entering Phase II Clinical Trial Research", and the Drug Clinical Trial Registration and Information Disclosure Platform of the State Food and Drug Administration announced the registration information of "SR604 Injection" Phase II clinical trial. On July 9, 2025, the company disclosed the "Announcement on the Entry of Phase IIb Clinical Trial Research of "SR604 Injection"", and the Drug Clinical Trial Registration and Information Disclosure Platform of the State Food and Drug Administration announced the Phase IIb clinical trial registration information. On November 5, 2025, the company disclosed the "Announcement on the Drug Clinical Trial Approval Notice for the New Indications of "SR604 Injection"". The company received the "Drug Clinical Trial Approval Notice" approved and issued by the State Food and Drug Administration regarding the new use of SR604 Injection for the preventive treatment of bleeding attacks in patients with von Willebrand's disease (acceptance number: CXSL2500733, notification number: 2025LP02910). The relevant circumstances are as follows:

(1) Matters concerning obtaining the approval notice for drug clinical trials (Phase I clinical trials)

Drug name: SR604 injection

Drug registration type: biological products for therapeutic use Class 1

Indications: Prevention and treatment of bleeding episodes in patients with hemophilia and congenital coagulation factor VII deficiency

Application Matters: Clinical Trial

Applicant: Shanghai RAAS Blood Products Co., Ltd.

Approval conclusion: According to the "Drug Administration Law of the People's Republic of China" and relevant regulations, after review, the SR604 injection (specification 30mg (1mL)/bottle) accepted on December 21, 2023 meets the relevant requirements for drug registration, and it is agreed to carry out clinical trials for the indications of prevention and treatment of bleeding attacks in patients with hemophilia and congenital coagulation factor VII deficiency.

(2) Matters concerning drug entering phase II clinical trials

Drug name: SR604 injection

Trial registration number: CTR20241608

Test plan number: LS-SR604-Ⅰ01

Trial name: An open, multi-center phase I/II clinical trial to evaluate the safety, tolerability, efficacy, and PK/PD characteristics of SR604 injection in patients with hemophilia A/B and congenital coagulation factor VII deficiency.

Test purpose:

Part A (single dose phase): Evaluate the safety, tolerability, immunogenicity, and pharmacokinetic characteristics of SR604 after a single dose in patients with hemophilia A/B and congenital coagulation factor VII deficiency.

Part B (Multiple Dosing Phase): Evaluate the effectiveness, pharmacokinetic characteristics, safety and other effectiveness of multiple dosing of SR604 in patients with hemophilia A/B and congenital coagulation factor VII deficiency

(3) Matters concerning drug entry into phase IIb clinical trials

Drug name: SR604 injection

Trial registration number: CTR20241608

Test plan number: LS-SR604-Ⅰ01

Test purpose:

Part A dose escalation phase I trial (single dose phase): Evaluate the safety, tolerability, immunogenicity, and pharmacokinetic characteristics of SR604 after a single dose in patients with hemophilia A/B.

PartB Efficacy Exploration Phase IIa Trial/PartC Efficacy Exploration Phase IIb Trial (Multiple Dosing Phase): Evaluate the effectiveness, pharmacokinetic characteristics, safety and other effectiveness of SR604 after multiple administrations in patients with hemophilia A/B and congenital coagulation factor VII deficiency.

(4) Matters concerning obtaining drug clinical trial approval notice for new indications

Drug name: SR604 injection

Drug registration classification: therapeutic biological products Class 1

Indications: Prevention and treatment of bleeding episodes in patients with von Willebrand disease

Application matters: Registration of clinical trials of domestically produced drugs

Applicant: Shanghai RAAS Blood Products Co., Ltd.

Approval conclusion: According to the "Drug Administration Law of the People's Republic of China" and relevant regulations, after review, the clinical trial application for SR604 injection accepted on August 22, 2025 meets the relevant requirements for drug registration, and it is agreed that this product can be used to carry out clinical trials for the prevention and treatment of bleeding attacks in patients with von Willebrand's disease.

SR604 injection is a humanized monoclonal antibody preparation that binds to human activated protein C with high affinity and specifically inhibits the anticoagulant function of human activated protein C. Currently, there is no product with the same target on the market as this drug, and no antibody drug has been approved for the prevention and treatment of von Willebrand's disease.

For details of the above matters, please refer to the relevant announcements published by the company in Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and Juchao Information Online on December 12, 2023, March 6, 2024, February 14, 2025, July 9, 2025, August 26, 2025 and November 5, 2025.

Senior management personnel’s increase in company shares

The company disclosed the "Announcement on the Plan to Increase Shareholdings by Some Directors and All Senior Management of the Company" on September 5, 2025 (Announcement Number: 2025-062). Out of their firm confidence in the company's strategic development plan and long-term investment value, some directors and all senior managers of the company, combined with In view of the current capital market situation, in order to further enhance investor confidence, it is planned to increase the company's shares with self-raised funds within 6 months from September 5, 2025 (except for the period when laws, regulations, business rules of the Shenzhen Stock Exchange and other relevant provisions prohibit the increase in the company's stock holdings), and the total estimated holding amount will not be less than RMB 6 million.

From September 10, 2025 to October 30, 2025, some directors and all senior executives of the company accumulated a total of 946,000 shares of the company through centralized bidding transactions, accounting for 0.014% of the company's total share capital at that time. The cumulative increase in holdings was 6.4828 million yuan. This shareholding increase plan has been completed.

18. Major events of the company’s subsidiaries

Applicable□Not applicable

Matters concerning Zhengzhou RAIS drug clinical trials

(1) Matters concerning the acceptance of drug clinical trial applications

On November 28, 2024, the company disclosed the "Announcement on the Acceptance of the Drug Clinical Trial Application of a Wholly-Owned Subsidiary". The company's wholly-owned subsidiary Zhengzhou RAAS received two acceptance notices for "human fibrinogen" clinical trial applications issued by the State Food and Drug Administration, namely the "Acceptance Notice" (Acceptance Number: CXSL2400799) and the "Acceptance Notice" (Acceptance Number: CXSL2400800). The main contents of clinical trial application are as follows:

Application matters: Registration of clinical trials of domestically produced drugs

Product name: Human fibrinogen

Specifications: 0.5g/bottle

Application receipt date: November 19, 2024

Applicant: Zhengzhou Laishi Blood Products Co., Ltd.

Opinion in the notice: According to the provisions of Article 32 of the "Administrative Licensing Law of the People's Republic of China", after review, it is decided to accept the application. The acceptance numbers are: CXSL2400799, CXSL2400800. If no negative or questioning opinions are received from the Center for Drug Evaluation within 60 days from the date of acceptance, the applicant may conduct clinical trials in accordance with the submitted plan.

(2) Matters concerning obtaining drug clinical trial approval notice

On February 13, 2025, the company disclosed the "Announcement on the Obtaining the Approval Notice for Drug Clinical Trials by a Wholly-Owned Subsidiary". Zhengzhou RAAS received the approval notice for the "human fibrinogen" drug clinical trial issued by the State Food and Drug Administration, respectively "Drug Clinical Trial Approval Notice" (Acceptance No. : CXSL2400799, notification number: 2025LP00335), "Drug Clinical Trial Approval Notice" (acceptance number: CXSL2400800, notification number: 2025LP00336), the main contents of the clinical trial approval notice are as follows:

Drug name: Human fibrinogen

Indications: Congenital fibrinogen reduction or deficiency (acceptance number: CXSL2400799, notification number: 2025LP00335); acquired fibrinogen deficiency (acceptance number: CXSL2400800, notification number: 2025LP00336)

Application Matters: Clinical Trial

Applicant: Zhengzhou Laishi Blood Products Co., Ltd.

Approval conclusion: According to the "Drug Administration Law of the People's Republic of China" and relevant regulations, after review, the human fibrinogen accepted on November 25, 2024 meets the relevant requirements for drug registration, and it is agreed to carry out clinical trials for congenital fibrinogen reduction or deficiency and acquired fibrinogen deficiency. Drug clinical trials should be implemented within 3 years from the date of approval. If no subject signs an informed consent within 3 years, the drug clinical trial approval notice will automatically expire.

(3) Other drug-related information

This strain is made from healthy human plasma, separated, purified, virus removed and inactivated, and freeze-dried. It uses glycine and arginine hydrochloride as stabilizers and does not contain bacteriostatic agents and antibiotics. Indications: 1) Congenital fibrinogen reduction or deficiency (acceptance number: CXSL2400799, notification number: 2025LP00335); 2) Acquired fibrinogenopenia: severe liver damage; cirrhosis; Disseminated intravascular coagulation; postpartum hemorrhage and coagulation disorders caused by fibrinogen deficiency caused by major surgery, trauma or internal bleeding (acceptance number: CXSL2400800, notification number: 2025LP00336).

For details of the above matters, please refer to the relevant announcements disclosed by the company in the Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and cninfo.com on November 28, 2024 and February 13, 2025.

Matters concerning Tonglu Biotech’s receipt of drug registration verification notice

On December 4, 2024, the company disclosed the "Announcement on the Receipt of the Drug Registration Verification Notice by the Wholly-Owned Subsidiary". The company's wholly-owned subsidiary Tonglu Biotechnology received the "About Starting the Human Fibrinogen Drug Registration Verification" issued by the Drug Evaluation Center of the State Drug Administration ("Drug Evaluation Center"). Clinical) and "Notice on Starting the Human Fibrinogen Drug Registration Verification (Pharmaceutical)", according to the relevant provisions of the "Drug Registration Management Measures", the Drug Evaluation Center needs to start the drug registration verification of the human fibrinogen (acceptance number: CXSS2400108) applied by Tonglu Biology.

On January 31, 2026, the company disclosed the "Announcement on the Obtaining of the "Drug Registration Certificate" by a Wholly-Owned Subsidiary", and Tonglu Biotech received the "Drug Registration Certificate" issued by the State Food and Drug Administration. After review, Tonglu Biotech's human fibrinogen products met the relevant requirements for drug registration, and the registration was approved and a drug registration certificate was issued.

Human fibrinogen is made from healthy human plasma, separated, purified, virus removed and inactivated, and freeze-dried. The indications for this product of Tonglu Biotech are congenital fibrinogen reduction or deficiency.

Section 6 Share changes and shareholder status

1. Changes in shares

Changes in shares

Unit: Before this change in share capital Increase or decrease in this change (+, -) After this change

Quantity Proportion Issuance of new shares Bonus shares Conversion of provident funds Others Subtotal Quantity Proportion

Shares subject to sales restrictions 3,495,225 0.05% - - - 709,500 709,500 4,204,725 0.06%
Shareholdings held by other domestic capital 2,581,575 0.04% - - - 163,575 163,575 2,745,150 0.04% Among them: shares held by domestic natural persons 2,581,575 0.04% - - - 163,575 163,575 2,745,150 0.04%
Foreign shareholdings 913,650 0.01% - - - 545,925 545,925 1,459,575 0.02% of which: shares held by foreign natural persons 913,650 0.01% - - - 545,925 545,925 1,459,575 0.02%
Shares without selling restrictions 6,634,489,612 99.95% - - - -709,500 -709,500 6,633,780,112 99.94%
RMB ordinary shares 6,634,489,612 99.95% - - - -709,500 -709,500 6,633,780,112 99.94%
Total number of shares 6,637,984,837 100.00% - - - 0 0 6,637,984,837 100.00% Reasons for changes in shares

Applicable□Not applicable

The specific increase in holdings is as follows: Jun Xu (Xu Jun) increased his holdings by 727,900 shares; Shen Hui increased his holdings by 33,000 shares; Lu Hui increased his holdings by 15,000 shares; Song Zhengmin increased his holdings by 74,000 shares; Liu Zheng increased his holdings by 36,500 shares; Chen Leqi increased his holdings by 52,100 shares; and Huang Qinbing increased his holdings by 7,500 shares.

After the shareholding increase is completed, since the above-mentioned increasers are directors and senior executives of listed companies, 75% of the above-mentioned 946,000 shares are locked shares by executives, which means that the company's overall restricted shares have increased by 709,500 shares. Since one of the above-mentioned increasers, Jun Xu (Xu Jun), is a foreigner, the above-mentioned 709,500 shares with restricted sales include an increase of 545,925 shares in the category of restricted shares held by foreign natural persons.

Based on the above situation, during the reporting period, the number of shares locked by senior executives among the shares with sales restrictions increased by 709,500, and the corresponding shares without sales restrictions decreased by 709,500 shares.

Approval status of share changes

□ApplicableNot applicable

Transfer status of changes in shares

□ApplicableNot applicable

The impact of changes in shares on financial indicators such as basic earnings per share and diluted earnings per share in the most recent year and the most recent period, net assets per share attributable to the company's common shareholders, etc.

□ApplicableNot applicable

Other content that the company deems necessary or required to be disclosed by securities regulatory authorities

□ApplicableNot applicable

Changes in restricted shares

Applicable□Not applicable

Unit: Shares at the beginning of the period, increase in the period, solution in the period, end of the period

Name of shareholder who has lifted the restriction. Restricted sale. Added restricted sale. Removed restricted sale. Restricted sale. Reason for restricted sale.

Number of shares on sale date Number of shares Number of shares Number of shares

On September 5, 2025, the company disclosed the "Announcement on the Plan to Increase Shareholdings by Some Directors and All Senior Management of the Company" (Announcement Number: 2025-062). Out of their firm confidence in the company's strategic development plan and full recognition of the long-term investment value, some directors and all senior managers of the company combined the current capital JunXu

In order to further enhance investor confidence in this market situation, it is planned that within 6 months from September 5, 2025 (Xu

(Except for the period when laws, regulations, business rules of the Shenzhen Stock Exchange and other relevant provisions prohibit the increase in the company's stock holdings) Jun), Shen

Use self-raised funds to increase the company's shares, with the total estimated holding amount being no less than RMB 6 million.

Ji Hui, Lu

3,495, 4,204. From September 10, 2025 to October 30, 2025, some directors and all senior executives of the company accumulated a total of 946,000 shares of the company through bidding transactions. Ji Hui and Song Zheng 709,500 0 - 225 725, accounting for 0.014% of the company’s total share capital at that time. Min, Liu

The accumulated holding amount is 6.4828 million yuan, and this holding increase plan has been completed.

Zheng, Chen Le

The specific increase in holdings is that JunXu (Xu Jun) increased its holdings by 727,900 shares; Shen Hui increased its holdings by Qi and Huang Qin.

33,000 shares; Lu Hui increased his holdings to 15,000 shares; Song Zhengmin increased his holdings to 74,000 shares; Liu Zheng increased his holdings to Bing

36,500 shares; Chen Leqi increased his holdings to 52,100 shares; Huang Qinbing increased his holdings to 7,500 shares.

After the shareholding increase is completed, since the above-mentioned shareholding increase entities are directors and senior executives of listed companies, 75% of the above-mentioned 946,000 additional shares are executive locked shares, which means that the company's overall restricted shares have increased by 709,500 shares.

2. Securities issuance and listing

Securities issuance (excluding preference shares) during the reporting period

□ApplicableNot applicable

Explanation of changes in the company’s total number of shares and shareholder structure, and changes in the company’s asset and liability structure

□ApplicableNot applicable

Existing internal employee shares

□ApplicableNot applicable

3. Shareholders and actual controllers

Number of shareholders and shareholding status of the company

Unit: Share

Annual Report End of Reporting Period Vote

Priority for restoration of rights before the disclosure date Annual report Voting at the end of the previous month before the disclosure date Total number of common shareholders at the end of the reporting period 109,405 End of the previous month 114,728 Total number of shareholders - Total number of preference shareholders with rights restored (e.g. - Common shares (if any) (participating) (see Note 8)

Total number of East (see note 8)

Shareholding status of shareholders holding more than 5% of the shares or the top 10 shareholders (excluding shares lent through refinancing)

Limited holdings Pledge, mark or freeze situation

Shareholding at the end of the reporting period Increase or decrease during the reporting period No-selling clause held

Name of shareholder Nature of shareholder Shareholding ratio Conditions of sale

Quantity Changes Number of shares of pieces Share status Quantity

Number of shares

Haiyingkang (Qingdao) Medical Technology Co., Ltd. Domestic non-state-owned legal person 23.31% 1,547,513,352 218,417,200 0 1,547,513,352 - -

GRIFOLS,S.A. Overseas legal person 6.58% 437,069,656 - 0 437,069,656 Pledge 437,069,656

CITIC Financial Asset Management Co., Ltd. State-owned legal person 4.73% 314,118,376 68,176,600 0 314,118,376 - -

China Cinda Asset Management Co., Ltd. State-owned legal person 4.21% 279,206,652 - 0 279,206,652 - -

Huabao Trust Co., Ltd. - Huabao - CITIC No. 1

Others 4.04% 268,090,000 - 0 268,090,000 - -Single fund trust

Pledge 153,848,280 RAASCHINALIMITED Overseas legal person 2.32% 153,849,089 -36,000,000 0 153,849,089

Freeze 153,849,089 Huaxin International Trust Co., Ltd. - Huaxin Trust·Wealth

Others 2.10% 139,700,000 - 0 139,700,000 - - Growth Five Phase Single Fund Trust

CITIC Securities Co., Ltd. State-owned legal person 1.87% 124,225,141 -1,218,587 0 124,225,141 - -

Hong Kong Securities Clearing Company Limited Overseas legal person 1.45% 96,558,531 -57,116,288 0 96,558,531 - -

Industrial and Commercial Bank of China Co., Ltd.-Huatai Pinetree Shanghai

Others 1.33% 88,080,760 6,461,493 0 88,080,760 - -Shenzhen 300 exchange-traded open-end index securities investment fund

On December 25, 2019, the company received the "Reply on the Approval of Shanghai RAAS Blood Products Co., Ltd.'s Issuance of Shares to Purchase Assets to Grifols, S.A." (CSRC Permit [2019] No. 2863) issued by the China Securities Regulatory Commission, which approved the company's issuance of 1,766,1 to Grifols, S.A. 65,808 shares to acquire the 40 outstanding Series A common shares of GDS (accounting for 40% of the 100 outstanding Series A common shares of GDS) and the 50 outstanding Series B common shares (accounting for 50% of the 100 outstanding Series B common shares of GDS) held by it, totaling 45% of GDS equity. An additional 1,766,165,808 shares were listed on the Shenzhen Stock Exchange on March 31, 2020. Grifols, S.A. thus becomes the top 10 shareholders of the company.

Strategic investors or general legal persons 2. On December 29, 2023, Haier Group and Grifols, S.A. signed the "Strategic Cooperation and Share Purchase Agreement"; on January 21, 2024, Haier Group, Haier Group's subsidiary Haiyingkang and Haier Group became the top 10 due to the placement of new shares. The "Amended and Restated Strategic Cooperation and Share Purchase Agreement" ("SASPA") re-signed by Grifols, S.A., Haiyingkang agreed to acquire 1,329,096,152 shares of the company held by Grifols, accounting for the total number of shareholders of the company at that time (if any) 20.00% of the share capital, with a transfer price of RMB 12.50 billion; at the same time, Jilifu entrusted the voting rights corresponding to the remaining 437,069,656 shares of the company it held to Haier Group or its designated related parties for exercise, (see Note 3) accounting for 6.58% of the company's total share capital at that time.

According to the "Shenzhen Stock Exchange Listed Company Share Agreement Transfer Confirmation" issued by the Shenzhen Stock Exchange and the "Securities Transfer Registration Confirmation" issued by the Shenzhen Branch of China Securities Depository and Clearing Co., Ltd., this equity change has been confirmed by the Shenzhen Stock Exchange's agreement transfer compliance, and the transfer registration procedures for the relevant shares were completed on June 18, 2024. The transfer registration of the shares related to this equity change has been completed.

As of December 31, 2025, Haiyingkang holds 1,547,513,352 shares of the company (accounting for 23.31% of the company's current total share capital); Haier Group controls the voting rights corresponding to 1,984,583,008 shares of the company (accounting for 29.90% of the company's current total share capital) through Haiyingkang.

According to the "Strategic Cooperation and Share Purchase Agreement" signed by Haier Group and Grifols, S.A. on December 29, 2023, and the "Amended and Restated Strategic Cooperation and Share Purchase Agreement" signed by Haier Group, Haier Group's subsidiary Haiyingkang and Grifols, S.A. on January 21, 2024, Haiyingkang acquired Grifols, S.A. in the agreement. On the basis of the 1,329,096,152 shares of Shanghai RAAS held by A. (accounting for 20% of the total share capital of Shanghai RAAS at the time of the signing of SASPA), A. will accept the voting rights entrustment for the remaining 437,069,656 shares of Shanghai RAAS held by Grifols, S.A. (accounting for 6.58% of the shares of Shanghai RAAS at the time of signing of SASPA) in accordance with the above relevant agreement (the "Transaction"). This transaction has been completed. As of December 31, 2025, Haiyingkang holds 1,547,513,352 shares of the company (accounting for 23.31% of the company's current total share capital); Haier Group controls the voting rights corresponding to 1,984,583,008 shares of the company (accounting for 29.90% of the company's current total share capital) through Haiyingkang. Based on the foregoing, combined with the above-mentioned shareholder relationships or cases in the relevant market, Haier Group, Haiying Kang and Grifols, S.A. constituted persons acting in concert during the voting rights entrustment period.

Explanation of the action 2. Among the top 10 shareholders of the company, the rights and interests arising from the investment in securities by Huabao Trust Co., Ltd. - Huabao - CITIC No. 1 Single Fund Trust and Huaxin International Trust Co., Ltd. - Huaxin Trust·Wealth Growth Phase 5 Single Fund Trust belong to CITIC Bank. In addition to the aforementioned relationships, China CITIC Bank and China CITIC Financial Asset Management Co., Ltd. and CITIC Securities Co., Ltd., the company's top 10 common shareholders, are both subsidiaries of China CITIC Group Co., Ltd. ("CITIC Group") and have certain related relationships, but they are not persons acting in concert as stipulated in the "Measures for the Administration of Acquisitions of Listed Companies".

The company does not know whether there are related relationships among the top 10 common shareholders except Haiyingkang, Grifols, S.A., Huabao Trust Co., Ltd. - Huabao - CITIC No. 1 Single Fund Trust, and Huaxin International Trust Co., Ltd. - Huaxin Trust·Wealth Growth Phase 5 Single Fund Trust. It is also unknown whether the top 10 shareholders other than the aforementioned common shareholders are persons acting in concert as stipulated in the "Measures for the Administration of Acquisitions of Listed Companies".
According to the "Strategic Cooperation and Share Purchase Agreement" signed by Haier Group and Grifols, S.A. on December 29, 2023, and the "Revised and Restated Strategic Cooperation and Share Purchase Agreement" signed by Haier Group, Haier Group's subsidiary Haiyingkang and Grifols, S.A. on January 21, 2024, Haiyingkang acquired Gr in the agreement On the basis of the 1,329,096,152 shares of Shanghai RAAS held by ifols, S.A. (accounting for 20% of the total share capital of Shanghai RAAS at the time of the signing of SASPA), it will accept the remaining 437,069,656 shares of Shanghai RAAS held by Grifols, S.A. (accounting for 20% of the total share capital of Shanghai RAAS at the time of signing of SASPA) in accordance with the above relevant agreement.

Entrustment of voting rights for 6.58% of Shanghai RAAS shares); this transaction has been completed. As of December 31, 2025, Haiyingkang holds 1,547,513,352 shares of the company (accounting for the voting rights of the company’s current total share capital and waives voting rights)

Description of the situation

Huabao Trust Co., Ltd. - Huabao - CITIC No. 1 Single Fund Trust and Huaxin International Trust Co., Ltd. - Huaxin Trust·Wealth Growth Phase 5 Single Fund Trust do not involve the entrustment/entrustment of voting rights or the waiver of voting rights.
The company does not know whether the other top 10 shareholders other than the aforementioned shareholders are involved in entrusting/entrusting voting rights or giving up voting rights.

Among the top 10 shareholders there are

Special instructions for purchasing a dedicated account (if not applicable

Yes) (see note 10)

Shareholdings of the top 10 shareholders without sales restrictions (excluding shares lent through refinancing and shares locked by executives)

Types of shares held at the end of the reporting period

Shareholder name: shares without selling restrictions

Share Type Quantity

Number of servings

Haiyingkang (Qingdao) Medical Technology Co., Ltd. 1,547,513,352 RMB ordinary shares 1,547,513,352 GRIFOLS, S.A. 437,069,656 RMB ordinary shares 437,069,656 China CITIC Financial Asset Management Co., Ltd. 314,118,376 RMB ordinary shares 314,118,376 China Cinda Asset Management Co., Ltd. 279,206,652 RMB ordinary shares 279,206,652 Huabao Trust Co., Ltd. - Huabao - CITIC No. 1 Single Fund Trust 268,090,000 RMB ordinary shares 268,090,000 RAASCHINALIMITED 153,849,089 RMB ordinary shares 153,849,089 Huaxin International Trust Co., Ltd. - Huaxin Trust·Wealth Growth Five Phase Single Fund Trust 139,700,000 RMB ordinary shares 139,700,000 CITIC Securities Co., Ltd. 124,225,141 RMB ordinary shares 124,225,141 Hong Kong Securities Clearing Company Limited 96,558,531 RMB ordinary shares 96,558,531 Industrial and Commercial Bank of China Co., Ltd. - Huatai-Berry CSI 300 Traded Open-End Index Securities Investment Fund 88,080,760 RMB ordinary shares 88,080,760

According to the "Strategic Cooperation and Share Purchase Agreement" signed by Haier Group and Grifols, S.A. on December 29, 2023, and the "Amended and Restated Strategic Cooperation and Share Purchase Agreement" signed by Haier Group, Haiyingkang and Grifols, S.A. on January 21, 2024, Haiyingkang acquired Grifols, S.A. in the agreement. On the basis of the 1,329,096,152 shares of Shanghai RAAS held by A. (accounting for 20% of the total share capital of Shanghai RAAS at the time of the signing of SASPA), A. will accept the voting rights entrustment for the remaining 437,069,656 shares of Shanghai RAAS held by Grifols, S.A. (accounting for 6.58% of the shares of Shanghai RAAS at the time of signing of SASPA) in accordance with the above relevant agreement. This transaction has been completed. As of December 31, 2025, Haiyingkang holds 1,547,513,352 shares of the company (accounting for 10% of the company’s current total share capital).

23.31%); Haier Group, through Haiyingkang, controls the voting rights corresponding to a total of 1,984,583,008 shares of the company (accounting for 29.90% of the company’s current total share capital). Based on the foregoing and combined with the top 10 shareholders of unrestricted tradable shares in the relevant market,

In this case, during the period of entrustment of voting rights, Haier Group, Haiying Kang and Grifols, S.A. constituted persons acting in concert.

time, and the top 10 have unlimited sales and circulation

Among the top 10 shareholders of ordinary shares without sales restrictions, the relationship between Huabao Trust Co., Ltd. - Huabao - CITIC No. 1 Single Fund Trust, Huaxin International Trust Co., Ltd. - Huaxin Trust·Wealth Growth Shareholders and the top 10 shareholders

The rights and interests arising from the five-phase single fund trust and two products investing in securities belong to CITIC Bank. In addition to the aforementioned relationships, a description of the associated relationships or concerted actions between China CITIC Bank and the company’s top 10 ordinary shareholders/shareholders of unrestricted tradable shares

CITIC Financial Asset Management Co., Ltd. and CITIC Securities Co., Ltd. are both affiliated companies of CITIC Group Co., Ltd. and have certain related relationships, but they are not persons acting in concert as stipulated in the "Administrative Measures for the Acquisition of Listed Companies".

The company does not know whether there is any related relationship among the other top 10 ordinary shareholders/holders of tradable shares without sales restrictions, except Haiyingkang, Grifols, S.A., Huabao Trust Co., Ltd. - Huabao - CITIC No. 1 Single Fund Trust, and Huaxin International Trust Co., Ltd. - Huaxin Trust·Wealth Growth Phase 5 Single Fund Trust. It is also unknown whether there is any related relationship among the top 10 shareholders other than the aforementioned ordinary shareholders/holders of shares without sales restrictions.

Whether they are persons acting in concert as stipulated in the "Measures for the Administration of Acquisitions of Listed Companies".

The top 10 common shareholders participated in the financing

Description of securities lending business (if any) Not applicable

(See note 4)

Note:

According to the "Strategic Cooperation and Share Purchase Agreement" signed by Haier Group and Grifols, S.A. on December 29, 2023 (the "Original Agreement"), and Haier Group

The "Amended and Restated Strategic Cooperation and Share Purchase Agreement" was re-signed on January 21, 2024 between Haiyingkang, a subsidiary of Haier Group, and Grifols, S.A.

Agreement" ("New Agreement"), Haiyingkang and Grifols, S.A will voluntarily lock the relevant shares held by each after the completion of this transaction, with a lock-in period of 36 months.

The situation of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares participating in the refinancing business and lending shares

□ApplicableNot applicable

The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed from the previous period due to refinancing lending/returning.

□ApplicableNot applicable

Whether the company's top 10 ordinary shareholders and the top 10 unrestricted ordinary shareholders carried out agreed repurchases during the reporting period

easy

□YesNo

Information about the company’s controlling shareholders

Nature of controlling shareholder: Collective holding by society

Controlling shareholder type: legal person

Legal representative/single

Name of controlling shareholder Date of establishment Organization code Main business

person in charge

General projects: technical services, technology development, technology consultation, technology exchange, technology transfer, technology promotion; Qihai Yingkang (Qingdao) Medical Technology 2024 01 91370222MAD

Gong Wenwen Industrial headquarters management; engaging in investment activities with own funds; Internet of Things technology research and development; Internet of Things application services; Internet Co., Ltd. January 11 9QK1F4A

Internet data services. (Except for projects that require approval according to law, operating activities can be carried out independently with a business license and in accordance with the law) The controlling shareholder controls and

Other domestic and overseas listed companies with equity participation None

The company’s equity status

Changes in controlling shareholders during the reporting period

□ApplicableNot applicable

The actual controller of the company and its persons acting in concert

Nature of actual controller: collective enterprise

Legal representative/Establishment of organizational structure

Name of actual controller Person in charge of the unit Date Structure code Main business

Technology development, technology consultation, technology transfer, technology services (including industrial Internet, etc.); data processing; engaged in digital technology, intelligent technology, software technology; robot and automation equipment product research and development, sales and after-sales service; logistics information services; smart home products and solutions; system software technology research and development and sales; household appliances, electronic products, communication equipment, computers and accessories, general machinery, kitchen Haier Group Company Zhou Yunjie 0163562

Month 24 Tool and industrial robot manufacturing; domestic business (except for national hazardous prohibited and exclusive controlled goods) wholesale and retail; import and export business (see foreign trade for details)

681G

(Japanese enterprise approval certificate); economic and technical consulting; research and development and transfer of technological achievements; leasing of self-owned houses. (Projects that require approval according to law shall be

Business activities can only be carried out after approval from relevant departments)

Actual Controller During the reporting period, Haier Group Company also directly or indirectly held 34.49% of Haier Smart Home (600690.SH, 6690.HK, 690D.DE), 44.46% of Haier Biology (688139.SH), and other domestic and overseas listed companies controlled by Yingkang Life. (300143.SZ) 51.09%, Zhongmiao Holdings (01471.HK) 45.33%, Raytheon Technology (872190.BJ) 30.72%, New Star (002527.SZ) 29.25%, Autohome City Company’s equity (ATHM.US, 02518.HK) 41.91%.

Actual controller type: legal person

Changes in actual controller during the reporting period

□Applicable Not applicable

Block diagram of the property rights and control relationship between the company and the actual controller

As of December 31, 2025, the property rights and control relationship between the company and the actual controller are as shown above.

As of December 31, 2025, Haiyingkang held 1,547,513,352 shares of the company, accounting for 23.31% of the company's total share capital, and controlled the company 43 by accepting the entrustment of voting rights for the company's shares held by Ji Lifu. The voting rights corresponding to 7,069,656 shares (accounting for 6.58% of the company's total share capital), Haiyingkang controls a total of 1,984,583,008 shares of the company (accounting for 29.90% of the company's total share capital).

The actual controller controls the company through trust or other asset management methods

□ApplicableNot applicable

The cumulative number of pledged shares by the company’s controlling shareholder or largest shareholder and persons acting in concert accounts for 80% of the number of company shares held by them.

□ApplicableNot applicable

Other legal person shareholders holding more than 10% of the shares

□ApplicableNot applicable

Shareholding restrictions and reductions of controlling shareholders, actual controllers, reorganizers and other commitment entities

Applicable□Not applicable

According to the agreement between Haier Group and Grifols, S.A. in December 2023 The "Strategic Cooperation and Share Purchase Agreement" signed on the 29th, and the "Revised and Restated Strategic Cooperation and Share Purchase Agreement" signed on January 21, 2024 by Haier Group, Haier Group's subsidiary Haiyingkang and Grifols, S.A., Haiyingkang and Grifols, S.A. will voluntarily lock the relevant shares held by each after the completion of the transaction. The lock-in period is 36 months.

4. Specific implementation of share repurchases during the reporting period

Implementation progress of share buybacks

Applicable□Not applicable

Number of shares that have been repurchased as a share of the total share capital When the equity incentive plan is disclosed Number of shares to be repurchased Amount to be repurchased Number of shares that have been repurchased

Planned repurchase period Purpose of repurchase Ratio of the underlying stocks involved in the plan (shares) Proportion (10,000 yuan) Volume (shares)

Example (if any)

Since the shareholders’ meeting approved the repurchase of shares

2025 01 0.39%~~0. 25,000~~50,0 used to implement employee stock ownership

26.17 million ~ 52.35 million The date of the plan (the date passed by the shareholders’ meeting is 69,081,952 - January 14th 79% million yuan plan or equity incentive

Within 12 months from February 14, 2025)

Implementation progress of reducing and repurchasing shares using centralized bidding transactions

□ApplicableNot applicable

5. Relevant information on preference shares

□ApplicableNot applicable

Section 7 Bond-Related Information □Applicable Not Applicable

Section 8 Financial Report

Audit report

Ernst & Young Hua Ming (2026) Review No. 80017709_B01

Shanghai RAAS Blood Products Co., Ltd.

All shareholders of Shanghai RAAS Blood Products Co., Ltd.:

1. Audit opinions

We have audited the financial statements of Shanghai RAAS Blood Products Co., Ltd., including the consolidated and company balance sheets on December 31, 2025, the consolidated and company income statements, statements of changes in shareholders' equity and cash flow statements for 2025, as well as relevant notes to the financial statements.

We believe that the attached financial statements of Shanghai RAAS Blood Products Co., Ltd. are prepared in accordance with the Accounting Standards for Business Enterprises in all material respects and fairly reflect the consolidated and company financial status of Shanghai RAAS Blood Products Co., Ltd. on December 31, 2025 as well as the consolidated and company operating results and cash flows in 2025.

2. The basis for forming audit opinions

We performed the audit work in accordance with the Chinese Certified Public Accountants Auditing Standards. Our responsibilities under these standards are further described in the "CPA's Responsibilities for the Audit of Financial Statements" section of the auditor's report. In accordance with the "Independence Standards for Chinese Certified Public Accountants No. 1 - Requirements for Independence in Financial Statement Auditing and Review Engagements" and the Chinese Code of Professional Ethics for Certified Public Accountants, we are independent from Shanghai RAAS Blood Products Co., Ltd. and have fulfilled other responsibilities in terms of professional ethics. In our audit, we followed the independence requirements for audits of public interest entities. We believe that the audit evidence we obtained is sufficient and appropriate and provides a basis for issuing an audit opinion.

3. Key audit matters

Key audit matters are matters that we, based on our professional judgment, consider to be most important in the audit of the current period's financial statements. The response to these matters is based on the audit of the financial statements as a whole and the formation of audit opinions. We do not express opinions on these matters individually. This is the context for our description of how each of the matters described below was addressed in the audit.

We have fulfilled our responsibilities set forth in the “CPA’s Responsibilities for the Audit of Financial Statements” section of this report, including those related to these key audit matters. Accordingly, our audit included performing audit procedures that were designed to respond to the assessed risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed in response to the key audit matters described below, provide the basis for our audit opinion on the financial statements as a whole.

Audit Report (continued)

Ernst & Young Hua Ming (2026) Review No. 80017709_B01

Shanghai RAAS Blood Products Co., Ltd.

3. Key audit matters (continued)

Key audit matter: How this matter was addressed in the audit:

Goodwill impairment

As of December 31, 2025, our audit procedures include, but are not limited to:

The amount of goodwill is RMB 8,199,375,087.27 1) Understand and evaluate the key financial elements related to the goodwill impairment test. The design effectiveness of internal controls over financial reporting;

Evaluate the competency, professional quality and objectivity of the external evaluation agency hired by the management of Shanghai RAAS Blood Products Co., Ltd.;
Evaluate the management's identification of asset groups and the apportionment test of goodwill, and the method of assigning the book value of asset groups containing goodwill to asset groups, as well as the management's comparison of the value of goodwill and its recoverable amount to determine whether the method used in the impairment test is consistent with the company's determination of whether impairment needs to be provided. Requirements of recoverable amount accrual standards;

When based on the fair value of the asset group minus the disposal fee 4) It is determined based on the higher of our understanding, experience and knowledge of the industry in which Shanghai RAAS Blood Products Co., Ltd. is located after public use and the expected future cash flows of the company and its subsidiaries. Management engages experts to question the discounted cash test by referring to the approved operating plan and comparing it with historical goodwill impairment tests or external information. Key parameters in traffic forecasts, including future revenue growth

Growth rate and gross profit margin, etc.;

Preparing discounted cash flow forecasts involves management

Evaluate management’s significant judgments in determining the present value of expected future cash flows, especially future revenue growth

The appropriateness of the method and the reasonableness of the discount rate used, the gross profit margin and an estimate of the discount rate used. nature, and utilize the work of valuation experts to assess the above key parameters used by management in the estimated impairment test.

Evaluate the work;

The discount rates and other key assumptions adopted by management are inherently uncertain and may be affected by

Conduct sensitivity analysis to evaluate how changes in key assumptions will affect management bias, and we will impairment of goodwill

Lead to different conclusions, and then evaluate the identification of key assumptions as key audit matters.

Selection whether there are signs of management bias;

Check the impairment assessment of goodwill in the financial statements and the accounting policies and disclosure of impairment of goodwill in the financial statements.

and whether the disclosure of the key assumptions adopted complies with the company’s disclosures in Note III.17 of the financial statements, Note

accounting standards requirements.

3. 29 Note 5. 17.

Audit Report (continued)

Ernst & Young Hua Ming (2026) Review No. 80017709_B01

Shanghai RAAS Blood Products Co., Ltd.

4. Other information

The management of Shanghai RAAS Blood Products Co., Ltd. is responsible for other information. Other information includes information covered in the annual report but does not include the financial statements and our auditor's report.

Our audit opinion on the financial statements does not cover other information, nor do we express any form of assurance conclusion on other information.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the audit or otherwise appears to be materially misstated.

If we determine, based on the work we have performed, that other information is materially misstated, we should report that fact. We have nothing to report in this regard.

5. Responsibility of management and those charged with governance for financial statements

The management is responsible for preparing financial statements in accordance with the provisions of the Accounting Standards for Business Enterprises to achieve fair reflection, and to design, implement and maintain necessary internal controls so that the financial statements are free of material misstatements due to fraud or errors.

When preparing financial statements, management is responsible for assessing Shanghai RAAS Blood Products Co., Ltd.'s ability to continue as a going concern, disclosing matters related to going concern (if applicable), and applying the going concern assumption unless it plans to liquidate, terminate operations, or has no other realistic option.

Those charged with governance are responsible for overseeing Shanghai RAAS Blood Products Co., Ltd.’s financial reporting process.

Audit Report (continued)

Ernst & Young Hua Ming (2026) Review No. 80017709_B01

Shanghai RAAS Blood Products Co., Ltd.

6. Responsibilities of certified public accountants for auditing financial statements

Our objective is to obtain reasonable assurance as to whether the financial statements as a whole are free of material misstatements due to fraud or error, and to issue an audit report containing an audit opinion. Reasonable assurance is a high level of assurance, but it does not guarantee that an audit performed in accordance with auditing standards will always detect a material misstatement when it exists. Misstatements may be due to fraud or error and are generally considered material if they are reasonably expected individually or in aggregate to affect the economic decisions made by users of financial statements based on the financial statements.

In the process of performing audit work in accordance with the auditing standards, we use professional judgment and maintain professional skepticism. At the same time, we also perform the following tasks:

(1) Identify and assess the risks of material misstatement of financial statements due to fraud or errors, design and implement audit procedures to respond to these risks, and obtain sufficient and appropriate audit evidence as the basis for issuing audit opinions. Because fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls, the risk of failing to detect a material misstatement resulting from fraud is higher than the risk of failing to detect a material misstatement resulting from error.

(2) Understand the internal controls related to auditing to design appropriate audit procedures.

(3) Evaluate the appropriateness of the accounting policies adopted by management and the reasonableness of accounting estimates and related disclosures. (4) Draw conclusions on the appropriateness of management’s use of the going concern assumption. At the same time, based on the audit evidence obtained, a conclusion is drawn as to whether there are significant uncertainties about events or conditions that may cause significant doubts about Shanghai RAAS Blood Products Co., Ltd.'s ability to continue as a going concern. If we conclude that significant uncertainty exists, auditing standards require us to draw the attention of users to the relevant disclosures in the financial statements in our audit report; if the disclosures are insufficient, we should issue a qualified opinion. Our conclusions are based on information available as of the date of the auditor's report. However, future events or conditions may cause Shanghai RAAS Blood Products Co., Ltd. to cease to continue as a going concern.

(5) Evaluate the overall presentation (including disclosures), structure and content of the financial statements, and evaluate whether the financial statements fairly reflect relevant transactions and events.

Audit Report (continued)

Ernst & Young Hua Ming (2026) Review No. 80017709_B01

Shanghai RAAS Blood Products Co., Ltd.

6. Responsibilities of certified public accountants for the audit of financial statements (continued)

(6) Obtain sufficient and appropriate audit evidence on the financial information of entities or business activities in Shanghai RAAS Blood Products Co., Ltd. to express an audit opinion on the financial statements. We are responsible for guiding, supervising and executing

Group audit and assume full responsibility for the audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned audit scope, timing and significant audit findings, including communication of significant internal control deficiencies identified during our audit.

We also provide statements to those charged with governance that we have complied with ethical requirements related to independence and communicate with those charged with governance all relationships and other matters that may reasonably be considered to affect our independence, and related safeguards, if applicable.

From the matters communicated with those charged with governance, we determine which matters are most significant to the audit of the current period's financial statements and therefore constitute key audit matters. We describe these matters in our auditor's report unless laws or regulations prohibit public disclosure of the matter or, in rare circumstances, we determine that the matter should not be communicated in our auditor's report if the adverse consequences of communicating the matter in the auditor's report are reasonably expected to outweigh the benefits in the public interest.

Audit Report (continued)

Ernst & Young Hua Ming (2026) Review No. 80017709_B01 Shanghai RAAS Blood Products Co., Ltd.

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Ernst & Young Hua Ming LLP (Special General Partnership) Chinese Certified Public Accountant: Wang Chong (Project Partner)

Chinese Certified Public Accountant: Zhang Li

China Beijing March 25, 2026 Shanghai RAAS Blood Products Co., Ltd.

Consolidated Balance Sheet

December 31, 2025 RMB

Assets Note 5 December 31, 2025 December 31, 2024

current assets

Monetary funds 1 1,401,492,866.31 2,982,705,503.57 Notes receivable 2 139,645,041.69 - Accounts receivable 3 1,841,869,832.12 1,398,534,714.31 Accounts receivable financing 4 241,857,666.65 411,824,830.44 Prepayments 5 56,219,938.64 31,213,477.75 Other receivables 6 92,808,819.91 3,309,723.84 Inventory 7 5,365,642,282.04 4,292,524,367.49Non-current assets due within one year 8 705,313,519.79 - Other current assets 9 106,337,614.61 137,382,233.52

Total current assets 9,951,187,581.76 9,257,494,850.92

non-current assets

Long-term equity investment 10 15,269,731,215.07 15,379,243,225.45 Other non-current financial assets 11 - 297,632.50 Investment real estate 12 5,685,223.93 6,049,047.01 Fixed assets 13 2,254,476,320.78 1,615,134,491.12 Construction in progress 14 393,005,643.11 289,214,614.52 Right-of-use assets 15 14,772,537.89 17,912,047.09 Intangible assets 16 732,549,756.26 485,008,210.46 Goodwill 17 8,199,375,087.27 5,073,443,174.19 Long-term deferred expenses 18 29,728,700.01 28,472,717.84 Deferred income tax assets 19 93,519,352.52 75,143,532.74 Other non-current assets 20 837,275,437.66 1,403,811,710.22

Total non-current assets 27,830,119,274.50 24,373,730,403.14

Total assets 37,781,306,856.26 33,631,225,254.06

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Consolidated Balance Sheet (continued)

December 31, 2025 RMB

Liabilities and shareholders’ equity Note 5 December 31, 2025 December 31, 2024

current liabilities

Short-term borrowings 22 1,309,411,988.51 - Accounts payable 23 343,017,320.39 1,076,491,131.63 Contract liabilities 24 3,544,859.78 4,688,504.63 Employee benefits payable 25 175,586,571.07 177,884,956.80 Taxes payable 26 67,714,439.60 51,394,847.67 Other payables 27 720,411,815.37 336,445,107.20 Non-current liabilities due within one year 28 116,442,904.50 4,608,643.95 Other current liabilities 29 142,664.31 226,252.35

Total current liabilities 2,736,272,563.53 1,651,739,444.23

non-current liabilities

Long-term borrowings 30 2,473,221,377.63 - Lease liabilities 31 10,390,325.44 12,985,870.29 Long-term employee benefits payable 32 46,902,950.17 - Deferred income 33 13,605,561.58 10,960,335.81 Deferred income tax liabilities 19 44,888,717.32 14,820,139.58

Total non-current liabilities 2,589,008,932.14 38,766,345.68

Total liabilities 5,325,281,495.67 1,690,505,789.91

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Consolidated Balance Sheet (continued)

December 31, 2025 RMB

Liabilities and shareholders’ equity Note 5 December 31, 2025 Shareholders’ equity as of December 31, 2024

Share capital 34 6,637,984,837.00 6,637,984,837.00 Capital reserve 35 14,041,951,057.54 14,057,781,453.59 Less: treasury shares 36 522,954,827.95 77,182,580.00 Other comprehensive income 37 180,848,970.95 448,617,926.62 Surplus reserve 38 1,097,195,746.48 937,303,880.65

Undistributed profits 39 11,020,999,576.57 9,921,753,178.16 Total shareholders’ equity attributable to the parent company 32,456,025,360.59 31,926,258,696.02 Minority shareholders’ equity - 14,460,768.13 Total shareholders’ equity 32,456,025,360.59 31,940,719,464.15 Total liabilities and shareholders’ equity 37,781,306,856.26 33,631,225,254.06

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

consolidated income statement

2025 RMB

Note 5 2025 2024

Operating income 40 7,348,183,033.40 8,176,460,048.60 Less: operating costs 40 4,602,381,475.69 4,858,913,175.34 Taxes and surcharges 41 48,628,625.99 51,175,767.64 Selling expenses 42 334,814,245.65 408,136,030.86 Administrative expenses 43 469,084,273.93 459,657,750.87 Research and development expenses 44 223,371,782.73 250,903,505.77Financial expenses 45 (41,924,123.01) (34,684,325.11) Including: interest expenses 44,112,683.81 224,879.00

Interest income 69,728,486.02 120,649,404.30 plus: other income 46 8,739,224.11 43,861,567.78 Investment income 47 352,858,793.71 513,511,137.38

Including: Investment income from associates 352,858,793.71 334,593,042.39 Credit impairment losses 48 (31,197,404.18) (42,983,563.15) Asset impairment losses 49 (149,549,863.54) (13,388,396.92)

Income from asset disposal 50 21,158,355.63 (1,609,471.96)

Operating profit 1,913,835,858.15 2,681,749,416.36 Plus: Non-operating income 51 2,627,247.40 8,266,665.16 Less: Non-operating expenses 52 10,934,187.45 69,914,932.78

Total profit 1,905,528,918.10 2,620,101,148.74 Less: income tax expense 53 328,933,980.28 426,309,239.35

Net profit 1,576,594,937.82 2,193,791,909.39

Classified by business continuity

Net profit from continuing operations 1,576,594,937.82 2,193,791,909.39

Classified by ownership

Net profit attributable to shareholders of the parent company 1,577,013,862.08 2,193,293,367.26

Profit and loss of minority shareholders (418,924.26) 498,542.13

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Consolidated Income Statement (continued)

2025 RMB

Note 5 2025 Net after-tax other comprehensive income in 2024 37 (267,768,955.67) 192,947,206.30 After-tax other comprehensive income attributable to shareholders of the parent company

Net amount (267,768,955.67) 192,947,206.30 Other comprehensive income that cannot be reclassified into profit or loss

Changes in remeasurement of defined benefit plan 429,682.00 -Other comprehensive income that will be reclassified into profit and loss

Other comprehensive income convertible to profit and loss under the equity method (268,198,637.67) 192,947,206.30 Total comprehensive income 1,308,825,982.15 2,386,739,115.69 Of which:

Total comprehensive income attributable to shareholders of the parent company 1,309,244,906.41 2,386,240,573.56

Total comprehensive income attributable to minority shareholders (418,924.26) 498,542.13 Earnings per share

Basic earnings per share 54 0.24 0.33 Diluted earnings per share 54 0.24 0.33

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Consolidated Statement of Changes in Stockholders’ Equity

2025 RMB

2025

Equity attributable to shareholders of the parent company Minority shareholders’ equity Total shareholders’ equity

Share capital Capital reserve Less: treasury shares Other comprehensive income Surplus reserve Undistributed profits Subtotal

Balance at the end of the previous year and the beginning of this year 6,637,984,837.00 14,057,781,453.59 77,182,580.00 448,617,926.62 937,303,880.65 9,921,753,178.16 31,926,258,696.02 14,460,768.13 31,940,719,464.15

2. Amount of increase or decrease during the year

(1) Total comprehensive income - - - (267,768,955.67) - 1,577,013,862.08 1,309,244,906.41 (418,924.26) 1,308,825,982.15

(2) Shareholders’ investment and capital reduction

Shareholders’ investment - 6,233,801.30 - - - - 6,233,801.30 - 6,233,801.30
Acquisition of minority interests - (40,458,156.20) - - - - (40,458,156.20) (14,041,843.87) (54,500,000.07)
Share-based payment is included in shareholders’ equity

Amount - 19,797,025.57 - - - - 19,797,025.57 - 19,797,025.57

Delay of changes in fair value of share-based payment

Impact of deferred income tax - (3,361,624.22) - - - - (3,361,624.22) - (3,361,624.22)

Impact of unlocking restricted stocks - - (29,212,480.00) - - - 29,212,480.00 - 29,212,480.00
Share repurchase - - 474,984,727.95 - - - (474,984,727.95) - (474,984,727.95)

(3) Profit distribution

Withdrawal from surplus reserve - - - - 159,891,865.83 (159,891,865.83) - - -
Distribution to shareholders - - - - - (317,875,597.84) (317,875,597.84) - (317,875,597.84)

(4) Others - 1,958,557.50 - - - - 1,958,557.50 - 1,958,557.50

The year-end balance of the year 6,637,984,837.00 14,041,951,057.54 522,954,827.95 180,848,970.95 1,097,195,746.48 11,020,999,576.57 32,456,025,360.59 - 32,456,025,360.59

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Consolidated Statement of Changes in Stockholders’ Equity (Continued)

2025 RMB

2024

Equity attributable to shareholders of the parent company Minority shareholders’ equity Total shareholders’ equity

Share capital Capital reserve Less: treasury shares Other comprehensive income Surplus reserve Undistributed profits Subtotal

Balance at the end of the previous year and the beginning of this year 6,645,480,758.00 13,805,266,678.69 182,917,630.86 255,670,720.32 791,527,022.79 8,318,921,646.19 29,633,949,195.13 15,862,177.80 29,649,811,372.93

2. Amount of increase or decrease during the year

(1) Total comprehensive income - - - 192,947,206.30 - 2,193,293,367.26 2,386,240,573.56 498,542.13 2,386,739,115.69

(2) Shareholders’ investment and capital reduction

Shareholders’ investment - 290,702,668.50 - - - - 290,702,668.50 - 290,702,668.50
Acquisition of minority interests - (31,436,739.07) - - - - (31,436,739.07) (1,899,951.80) (33,336,690.87)
Share-based payment is included in shareholders’ equity

Amount - 53,776,252.28 - - - - 53,776,252.28 - 53,776,252.28

Changes in fair value of share-based payment

Effect of deferred income tax - (6,515,989.17) - - - - (6,515,989.17) - (6,515,989.17)

Impact of unlocking restricted stocks - - (43,218,920.00) - - - 43,218,920.00 - 43,218,920.00
Restricted stock repurchase costs and employees

The difference in employee contributions - (7,461,282.03) (7,461,282.03) - - - - - -

Cancellation of repurchased ordinary shares (7,495,921.00) (47,558,927.83) (55,054,848.83) - - - - - -

(3) Profit distribution

Withdrawal from surplus reserve - - - - 145,776,857.86 (145,776,857.86) - - -
Distribution to shareholders - - - - - (444,684,977.43) (444,684,977.43) - (444,684,977.43)

(4) Others - 1,008,792.22 - - - - 1,008,792.22 - 1,008,792.22

The year-end balance of the year 6,637,984,837.00 14,057,781,453.59 77,182,580.00 448,617,926.62 937,303,880.65 9,921,753,178.16 31,926,258,696.02 14,460,768.13 31,940,719,464.15

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Consolidated Cash Flow Statement

2025 RMB

Note 5 2025 2024

1. Cash flow generated from operating activities:

Cash received from selling goods and providing services 7,356,784,672.51 7,661,931,452.09 Tax refunds received 70,200.00 - Cash received from other operating activities 55 79,606,874.07 79,429,125.48 Subtotal of cash inflows from operating activities 7,436,461,746.58 7,741,360,577.57 Cash paid for purchasing goods and receiving services 5,634,934,356.93 6,164,338,084.14 Cash paid to and for employees 888,462,796.53 726,373,303.61 Various taxes paid 621,203,714.83 825,576,221.84 Other cash paid related to operating activities 55 620,552,105.52 507,128,010.96 Subtotal of cash outflows from operating activities 7,765,152,973.81 8,223,415,620.55Net cash flow generated from operating activities 56 (328,691,227.23) (482,055,042.98)

2. Cash flow generated from investing activities:

Cash received from recovery of investment 2,096,917,400.78 1,930,784,730.20 Cash received from investment income 223,799,423.50 298,531,886.96 Disposal of fixed assets, intangible assets and other long-term assets

Net cash received from assets in the period 3,193,542.35 334,131.86 Other cash received related to investing activities 55 5,416,020.02 1,576,339.00 Subtotal of cash inflows from investing activities 2,329,326,386.65 2,231,227,088.02 Purchase and construction of fixed assets, intangible assets and other long-term assets

Cash paid for period assets 379,015,817.19 407,149,791.47 Cash paid for investments 492,760,932.17 2,705,995,642.98 Cash paid for acquiring subsidiaries and other business units

Net cash 56 3,703,881,262.73 34,000,000.00 Other cash payments related to investing activities 55 5,808,550.00 2,966.99 Subtotal of cash outflows from investing activities 4,581,466,562.09 3,147,148,401.44 Net cash flow generated from investing activities (2,252,140,175.44) (915,921,313.42)

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Consolidated Statement of Cash Flows (Continued)

2025 RMB

Note 5 2025 2024

3. Cash flow generated from financing activities:

Cash received from borrowings 3,659,951,757.00 - Cash received from other financing activities 55 - 15,700,979.28 Subtotal of cash inflows from financing activities 3,659,951,757.00 15,700,979.28 Cash paid to repay debts 295,993,247.80 2,632,242.60 Distribution of dividends, profits or payment of interest

Cash 258,580,309.72 439,854,694.50 Payment of other cash related to financing activities 55 538,075,963.53 37,624,952.27 Subtotal of cash outflows from financing activities 1,092,649,521.05 480,111,889.37 Net cash flow generated from financing activities 2,567,302,235.95 (464,410,910.09)

4. The impact of exchange rate changes on cash and cash equivalents

Ring 16,791,773.85 1,316,322.46

Net increase in cash and cash equivalents 3,262,607.13 (1,861,070,944.03) plus: balance of cash and cash equivalents at the beginning of the year 56 1,335,240,673.37 3,196,311,617.40
Balance of cash and cash equivalents at the end of the year 56 1,338,503,280.50 1,335,240,673.37

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

balance sheet

December 31, 2025 RMB

Assets Note 17 December 31, 2025 December 31, 2024

current assets

Monetary funds 444,021,696.52 1,586,380,832.50 Notes receivable 76,451,870.44 - Accounts receivable 1 295,164,467.38 346,826,545.27 Accounts receivable financing 81,797,727.44 104,461,248.35 Prepayments 179,102,756.03 166,337,161.55 Other receivables 2 277,953,039.38 122,744,290.80 Inventory 1,204,760,045.28 961,930,088.06 Other current assets 56,846,140.73 7,568,266.85

Total current assets 2,616,097,743.20 3,296,248,433.38

non-current assets

Long-term equity investment 3 27,419,986,861.04 23,251,174,148.58 Other non-current financial assets - 297,632.50 Fixed assets 534,109,631.54 551,236,955.00 Construction in progress 262,699,516.29 132,838,893.93 Intangible assets 267,650,706.84 295,283,466.79 Long-term deferred expenses 2,253,256.24 4,383,462.64 Deferred income tax assets 128,893,057.33 138,821,611.09 Other non-current assets 67,708,578.87 1,648,919.77

Total non-current assets 28,683,301,608.15 24,375,685,090.30

Total assets 31,299,399,351.35 27,671,933,523.68

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Balance Sheet (continued)

December 31, 2025 RMB

Liabilities and shareholders' equity December 31, 2025 December 31, 2024

current liabilities

Short-term borrowings 345,344,942.24 - Accounts payable 42,794,928.59 19,163,113.92 Contract liabilities 1,173,606.46 2,086,408.89 Employee benefits payable 54,754,801.60 82,807,714.48 Taxes payable 6,462,829.47 10,530,521.66 Other payables 573,743,113.60 292,857,108.72 Non-current liabilities due within one year 1,637,699.30 - Other current liabilities 35,717.12 26,841.49

Total current liabilities 1,025,947,638.38 407,471,709.16

non-current liabilities

Long-term borrowings 2,419,519,740.00 - Deferred income 4,678,335.48 2,943,017.98

Total non-current liabilities 2,424,198,075.48 2,943,017.98

Total liabilities 3,450,145,713.86 410,414,727.14

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Balance Sheet (continued)

December 31, 2025 RMB

Liabilities and shareholders’ equity December 31, 2025 Shareholders’ equity as of December 31, 2024

Share capital 6,637,984,837.00 6,637,984,837.00 Capital reserve 14,652,971,771.52 14,632,309,105.37 Less: treasury shares 522,954,827.95 77,182,580.00 Other comprehensive income 180,419,288.95 448,617,926.62 Surplus reserve 1,097,377,770.94 937,485,905.11 Undistributed profits 5,803,454,797.03 4,682,303,602.44 Total shareholders’ equity 27,849,253,637.49 27,261,518,796.54 Total liabilities and shareholders’ equity 31,299,399,351.35 27,671,933,523.68

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

income statement

2025 RMB

Note 17 2025 2024

Operating income 4 1,867,581,419.33 2,244,706,083.44 Less: operating costs 4 688,970,579.88 852,309,393.14 Taxes and surcharges 15,192,192.31 14,701,000.94 Sales expenses 223,169,771.02 254,132,668.92 Administrative expenses 156,284,267.89 178,396,541.97 Research and development expenses 119,490,521.32 155,401,906.11 Financial expenses 20,828,757.92 (30,650,905.93) Including: interest expense 33,311,350.03 389,244.28

Interest income 13,325,831.32 28,845,486.84 Plus: other income 3,130,116.51 3,193,112.51 Investment income 5 1,115,527,490.69 829,644,231.33 Including: investment income from associates 380,527,490.69 350,726,136.34 Credit impairment loss 3,304,959.88 (8,484,709.40) Asset impairment loss (54,971,533.60) (13,302,047.89)

Income from asset disposal (303,909.74) (1,252,225.85)

Operating profit 1,710,332,452.73 1,630,213,838.99 Plus: Non-operating income 501,000.69 24,450.51 Less: Non-operating expenses 4,240,506.27 3,373,344.07

Total profit 1,706,592,947.15 1,626,864,945.43 Less: income tax expenses 107,674,288.89 169,096,366.87

Net profit 1,598,918,658.26 1,457,768,578.56

Including: Net profit from continuing operations 1,598,918,658.26 1,457,768,578.56

Other comprehensive income, net of tax (268,198,637.67) 192,947,206.30

Other comprehensive income to be reclassified into profit or loss

Other comprehensive income convertible to profit and loss under the equity method (268,198,637.67) 192,947,206.30

Total comprehensive income 1,330,720,020.59 1,650,715,784.86

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Statement of changes in shareholders' equity

2025 RMB

2025

Share capital Capital reserve Less: treasury shares Other comprehensive income Surplus reserve Undistributed profits Total shareholders’ equity

Balance at the end of the previous year and the beginning of this year 6,637,984,837.00 14,632,309,105.37 77,182,580.00 448,617,926.62 937,485,905.11 4,682,303,602.44 27,261,518,796.54

2. Amount of increase or decrease during the year

(1) Total comprehensive income - - - (268,198,637.67) - 1,598,918,658.26 1,330,720,020.59

(2) Shareholders’ investment and capital reduction

Share-based payment is included in shareholders’ equity

Amount - 19,797,025.57 - - - - 19,797,025.57

Changes in fair value of share-based payment

Effect of deferred income tax - (3,361,624.22) - - - - (3,361,624.22)

Impact of unlocking restricted stocks - - (29,212,480.00) - - - 29,212,480.00
Share repurchase - - 474,984,727.95 - - - (474,984,727.95)
Shareholders’ investment - 2,268,707.30 - - - - 2,268,707.30

(3) Profit distribution

Withdrawal from surplus reserve - - - - 159,891,865.83 (159,891,865.83) -
Distribution to shareholders - - - - - (317,875,597.84) (317,875,597.84)

(4) Others - 1,958,557.50 - - - - 1,958,557.50

The year-end balance of the year 6,637,984,837.00 14,652,971,771.52 522,954,827.95 180,419,288.95 1,097,377,770.94 5,803,454,797.03 27,849,253,637.49

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Statement of Changes in Shareholders’ Equity (Continued)

2025 RMB

2024

Share capital Capital reserve Less: treasury shares Other comprehensive income Surplus reserve Undistributed profits Total shareholders’ equity

Balance at the end of the previous year and the beginning of this year 6,645,480,758.00 14,354,520,414.40 182,917,630.86 255,670,720.32 791,709,047.25 3,814,996,859.17 25,679,460,168.28

2. Amount of increase or decrease during the year

(1) Total comprehensive income - - - 192,947,206.30 - 1,457,768,578.56 1,650,715,784.86

(2) Shareholders’ investment and capital reduction

Shareholders’ investment - 284,539,845.50 - - - - 284,539,845.50
Cancellation of repurchased common shares (7,495,921.00) (47,558,927.83) (55,054,848.83) - - - -
Share-based payment is included in shareholders’ equity

Amount - 53,776,252.28 - - - - 53,776,252.28

Changes in fair value of share-based payment

Effect of deferred income tax - (6,515,989.17) - - - - (6,515,989.17)

Impact of unlocking restricted stocks - - (43,218,920.00) - - - 43,218,920.00
Restricted stock repurchase costs and employees

The difference in employee contributions - (7,461,282.03) (7,461,282.03) - - - -

(3) Profit distribution

Withdrawal from surplus reserve - - - - 145,776,857.86 (145,776,857.86) -
Distribution to shareholders - - - - - (444,684,977.43) (444,684,977.43)

(4) Others - 1,008,792.22 - - - - 1,008,792.22

Balance at the end of the year 6,637,984,837.00 14,632,309,105.37 77,182,580.00 448,617,926.62 937,485,905.11 4,682,303,602.44 27,261,518,796.54

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

cash flow statement

2025 RMB

2025 2024

1. Cash flow generated from operating activities:

Cash received from selling goods and providing services 1,935,465,474.26 2,214,964,730.08 Cash received from other operating activities 43,033,708.58 21,982,725.72 Subtotal of cash inflows from operating activities 1,978,499,182.84 2,236,947,455.80 Cash paid for purchasing goods and receiving services 810,259,992.07 762,766,876.83 Cash paid to and for employees 340,468,613.73 302,458,122.80 Various taxes and fees paid 224,316,715.41 294,982,864.39 Other cash payments related to operating activities 369,346,430.93 273,924,890.21 Subtotal cash outflow from operating activities 1,744,391,752.14 1,634,132,754.23 Net cash flow generated from operating activities 234,107,430.70 602,814,701.57

2. Cash flow generated from investing activities:

Cash received from recovery of investment 1,045,006,807.75 1,717,692,008.20 Cash received from investment income 958,799,423.50 531,724,794.71 Disposal of fixed assets, intangible assets and other long-term assets

Net cash from asset recovery 201,653.17 704,245.71 Subtotal cash inflow from investing activities 2,004,007,884.42 2,250,121,048.62 Purchase and construction of fixed assets, intangible assets and other long-term assets

Cash paid for assets 197,451,560.17 128,435,661.78 Cash paid for investments 4,280,001,078.56 2,420,449,611.93 Cash paid for other investment activities - 2,966.99 Subtotal of cash outflows from investing activities 4,477,452,638.73 2,548,888,240.70 Net cash flow generated from investing activities (2,473,444,754.31) (298,767,192.08)

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Cash Flow Statement (continued)

2025 RMB

2025 2024

3. Cash flow generated from financing activities:

Cash received from borrowings 3,814,298,460.77 - Cash received from other financing activities - 15,700,979.28 Subtotal of cash inflows from financing activities 3,814,298,460.77 15,700,979.28 Cash paid to repay debts 1,050,000,000.00 218,727,635.00 Cash for distribution of dividends, profits or repayment of interest

249,174,155.02 433,969,225.66 Payment of other cash related to financing activities 478,007,824.61 2,274,300.00 Subtotal of cash outflows from financing activities 1,777,181,979.63 654,971,160.66 Net cash flow generated from financing activities 2,037,116,481.14 (639,270,181.38)

Impact of exchange rate changes on cash and cash equivalents (445,518.62) 374,721.13
Net increase in cash and cash equivalents (202,666,361.09) (334,847,950.76) plus: balance of cash and cash equivalents at the beginning of the year 644,729,861.84 979,577,812.60
Balance of cash and cash equivalents at the end of the year 442,063,500.75 644,729,861.84

The accompanying notes to the financial statements are an integral part of these financial statements.

Shanghai RAAS Blood Products Co., Ltd.

Notes to Financial Statements

2025 RMB

1. Basic situation

Shanghai RAAS Blood Products Co., Ltd. (hereinafter referred to as the "Company") was established by Shanghai RAAS Blood Products Co., Ltd. with an audited net asset of RMB 120,000,000.00 as of June 30, 2006, at a ratio of 1:1. The RMB common A shares issued by the company were listed on the Shenzhen Stock Exchange on June 23, 2008. The company's headquarters is located at No. 2009, Wangyuan Road, Fengxian District, Shanghai.

The company belongs to the biopharmaceutical industry, and its licensed business projects include: production and sales of blood products, vaccines, diagnostic reagents, detection equipment and detection technology, and provision of detection services (projects that must be approved according to law can only be carried out after approval by relevant departments). The main products include human albumin, intravenous human immunoglobulin, special immune products, coagulation factor products, etc.

The parent company of the Group is Haiyingkang (Qingdao) Medical Technology Co., Ltd. established in Qingdao, China, and its ultimate controller is Haier Group Corporation established in Qingdao, China.

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

2. Basis for preparation of financial statements

Basics of preparation

These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" promulgated by the Ministry of Finance and the specific accounting standards, interpretations and other relevant regulations promulgated and revised subsequently (collectively, the "Accounting Standards for Business Enterprises"). In addition, this financial statement also discloses relevant financial information in accordance with the "Information Disclosure and Preparation Rules for Companies that Offer Securities to the Public No. 15 - General Provisions on Financial Reports".

Going concern

These financial statements are presented on a going concern basis.

3. Important accounting policies and accounting estimates

The Group has formulated specific accounting policies and accounting estimates based on actual production and operation characteristics, which are mainly reflected in revenue recognition and measurement, bad debt provisions for receivables, inventory valuation methods, inventory depreciation provisions, depreciation of fixed assets, amortization of intangible assets, etc.

Statement on compliance with Accounting Standards for Business Enterprises

This financial statement complies with the requirements of the Accounting Standards for Business Enterprises and truly and completely reflects the financial status of the Company and the Group as of December 31, 2025, as well as the operating results and cash flow in 2025.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Accounting period

The Group's accounting year adopts the Gregorian calendar year, that is, from January 1 to December 31 each year.

Accounting standard currency

The company's accounting standard currency and the currency used in preparing these financial statements are both RMB. Unless otherwise stated, all prices are expressed in RMB.

The Group's associates determine their accounting functional currencies based on the main economic environment in which they operate, and convert them into RMB when preparing financial statements.

Determination method and selection basis of materiality criteria

Project Materiality Criteria

Important projects under construction: The purchase amount of a single project this year is greater than RMB 10,000,000.00. Important associated companies The book value of the long-term equity investment in a single invested unit accounts for more than 5% of the group's net assets and the amount is greater than RMB 1 billion, or the long-term equity investment rights

Investment gains and losses under the income method account for more than 10% of the group's consolidated net profit.

The amount of cash received related to important investment activities is greater than RMB 100,000,000.00

The amount of cash paid for important investment activities is greater than RMB 100,000,000.00

Major activities that do not involve cash receipts and payments with an amount greater than RMB 100,000,000.00

Others The amount is greater than RMB 20,000,000.00.

Business combination

Business mergers are divided into business combinations under the same control and business combinations not under the same control.

The enterprises participating in the merger are ultimately controlled by the same party or the same parties before and after the merger, and the control is not temporary. It is a merger of enterprises under the same control. The assets and liabilities acquired by the merging party in a business combination under common control (including the goodwill formed by the ultimate controlling party's acquisition of the merged party) shall be subject to relevant accounting treatment based on the book value in the financial statements of the ultimate controlling party on the date of merger. The difference between the book value of the net assets obtained by the merging party 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 it is insufficient to offset, the retained earnings are adjusted.

If the enterprises participating in the merger are not ultimately controlled by the same party or the same parties before and after the merger, it is a business merger not under common control. The identifiable assets, liabilities and contingent liabilities of the acquiree acquired in a business combination not under common control are measured at fair value on the acquisition date. The difference between the merger cost and the fair value share of the acquiree's identifiable net assets obtained in the merger is recognized as goodwill, and is subsequently measured as cost minus accumulated impairment losses. If the merger cost is less than the fair value share of the identifiable net assets of the acquiree obtained in the merger, the identifiable net assets of the acquiree acquired shall be

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In 2025, the fair value of RMB assets, liabilities and contingent liabilities and the measurement of merger costs will be reviewed. After the review, if the merger cost is still less than the fair value share of the acquiree's identifiable net assets obtained in the merger, the difference will be included in the current profit and loss. Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Consolidated Financial Statements

The scope of the consolidated financial statements is determined based on control and includes the financial statements of the Company and all its subsidiaries. Subsidiaries refer to entities controlled by the company (including divisible parts of enterprises, investee units, and structured entities controlled by the company, etc.). The investor can control the investee if and only if the investor meets the following three elements: the investor has power over the investee; it enjoys variable returns due to its participation in the investee’s relevant activities; and it has the ability to use its power over the investee to affect its return amount.

If the accounting policies or accounting periods adopted by a subsidiary are inconsistent with those of the Company, when preparing consolidated financial statements, necessary adjustments will be made to the financial statements of the subsidiary in accordance with the Company's accounting policies and accounting periods. All assets, liabilities, equity, income, expenses and cash flows arising from transactions between companies within the Group are eliminated in full on consolidation.

If the current losses shared by minority shareholders of a subsidiary exceed the minority shareholders' share of the subsidiary's opening shareholders' equity, the balance will still offset the minority shareholders' equity.

For subsidiaries acquired through business combinations not under common control, the operating results and cash flows of the acquiree will be included in the consolidated financial statements from the date the Group obtains control until the Group terminates its control. When preparing consolidated financial statements, the financial statements of subsidiaries are adjusted based on the fair value of each identifiable asset, liability and contingent liability determined on the acquisition date.

For subsidiaries acquired through a business combination under common control, the operating results and cash flows of the merged party will be included in the consolidated financial statements from the beginning of the current period of merger. When preparing comparative consolidated financial statements, adjustments are made to relevant items in the previous period's financial statements, and the reporting entity formed after the merger is deemed to have existed since the final controlling party began to exercise control.

If changes in relevant facts and circumstances lead to changes in one or more of the control elements, the Group will reassess whether it controls the investee.

Without losing control, changes in minority shareholders' interests are regarded as equity transactions.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Cash and cash equivalents

Cash refers to the Group's cash on hand and deposits that can be used for payment at any time; cash equivalents refers to investments held by the Group with short maturities, high liquidity, easy conversion into known amounts of cash, and little risk of value changes.

Foreign currency business and foreign currency statement conversion

For foreign currency transactions that occur, the Group converts the foreign currency amount into the recording currency amount.

When a foreign currency transaction is initially recognized, the foreign currency amount is converted into the recording currency amount using the average exchange rate for the period when the transaction occurs, but the capital invested in foreign currency by investors is converted at the spot exchange rate on the date of the transaction. On the balance sheet date, foreign currency monetary items are translated using the spot exchange rate on the balance sheet date. The resulting settlement and monetary item conversion differences, except for the differences arising from special foreign currency borrowings related to the acquisition and construction of assets eligible for capitalization, are treated in accordance with the principle of capitalization of borrowing costs, and are included in the current profit and loss. Foreign currency non-monetary items measured at historical cost are still translated at the exchange rate used at initial recognition, and their recording currency amounts do not change. Foreign currency non-monetary items measured at fair value are converted using the spot exchange rate on the date when the fair value is determined. The resulting difference is included in the current profit and loss or other comprehensive income according to the nature of the non-monetary item.

For overseas operations, the Group converts its recording currency into RMB when preparing financial statements: the asset and liability items in the balance sheet are converted using the spot exchange rate on the balance sheet date. Except for "undistributed profits" and "foreign currency financial statement translation differences" in other comprehensive income, shareholders' equity items are converted using the spot exchange rate at the time of occurrence; the income and expense items in the income statement are converted using the average exchange rate for the period in which the transaction occurs. The difference in the translation of foreign currency financial statements arising from the above translation is recognized as other comprehensive income. When an overseas operation is disposed of, other comprehensive income related to the overseas operation will be transferred to the current profit and loss of the disposal, and partial disposal will be calculated according to the disposal ratio.

Foreign currency cash flows are translated using the average exchange rate for the period in which the cash flows occur. The impact of exchange rate changes on cash is presented separately in the cash flow statement as an adjustment item.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Financial instruments

Financial instruments refer to contracts that form the financial assets of one enterprise and form the financial liabilities or equity instruments of other units.

(1) Recognition and derecognition of financial instruments

The Group recognizes a financial asset or financial liability when it becomes a party to a financial instrument contract.

If the following conditions are met, the recognition of a financial asset (or part of a financial asset, or part of a group of similar financial assets) shall be terminated, that is, the previously recognized financial asset shall be transferred out of the balance sheet:

(1) The right to receive cash flows from financial assets expires;

(2) The right to receive cash flows from financial assets has been transferred, or the obligation to pay the cash flows collected in full to a third party in a timely manner under a "pass-through agreement" has been transferred; and substantially all the risks and rewards of ownership of financial assets have been transferred, or, although ownership of financial assets has not been transferred or retained in essence

substantially all the risks and rewards but giving up control of the financial asset.

Financial liabilities are derecognised if the obligation for the financial liability has been performed, canceled or expired. If an existing financial liability is replaced by another financial liability with substantially different terms from the same creditor, or almost all of the terms of the existing liability are substantially modified, such replacement or modification is treated as derecognition of the original liability and recognition of a new liability, and the difference is included in the current profit and loss.

Buying and selling financial assets in a regular manner is recognized and derecognized based on transaction date accounting. Regular way purchases and sales of financial assets refer to the purchase or sale of financial assets in accordance with the provisions of a contract and the terms of the contract provide for the delivery of the financial assets in accordance with a schedule generally determined by regulation or market practice. Trading date refers to the date when the Group commits to buy or sell financial assets.

(2) Classification and measurement of financial assets

Upon initial recognition, the Group's financial assets are classified into: financial assets measured at amortized cost and financial assets measured at fair value through other comprehensive income based on the Group's business model for managing financial assets and the contractual cash flow characteristics of the financial assets. All affected related financial assets will be reclassified if and only when the Group changes its business model for managing financial assets.

Financial assets are measured at fair value upon initial recognition. However, if accounts receivable or notes receivable arising from the sale of goods or provision of services do not contain a significant financing component or do not consider the financing component that does not exceed one year, they will be initially measured based on the transaction price.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In 2025, in RMB, for financial assets measured at fair value and whose changes are included in the current profit and loss, the relevant transaction costs are directly included in the current profit and loss, and the relevant transaction costs of other types of financial assets are included in their initial recognition amount.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Financial instruments (continued)

(2) Classification and measurement of financial assets (continued)

The subsequent measurement of a financial asset depends on its classification:

Debt instrument investments measured at amortized cost

If a financial asset meets the following conditions at the same time, it is classified as a financial asset measured at amortized cost: the business model for managing the financial asset is to collect contractual cash flows as the goal; the contractual terms of the financial asset stipulate that the cash flow generated on a specific date is only the payment of principal and interest based on the outstanding principal amount. Such financial assets use the effective interest rate method to recognize interest income, and any gains or losses arising from their derecognition, modification or impairment are included in the current profits and losses.

Debt instrument investments measured at fair value through other comprehensive income

If a financial asset meets the following conditions at the same time, it is classified as a financial asset measured at fair value with changes included in other comprehensive income: The Group's business model for managing this financial asset is to both collect contractual cash flows and sell financial assets as its goal; the contractual terms of the financial asset stipulate that the cash flow generated on a specific date is only the payment of principal and interest based on the outstanding principal amount. Interest income on such financial assets is recognized using the effective interest rate method. Except for interest income, impairment losses and exchange differences, which are recognized as current profits and losses, other changes in fair value are included in other comprehensive income. When a financial asset is derecognised, 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) Classification and measurement of financial liabilities

The Group's financial liabilities are classified as financial liabilities measured at amortized cost upon initial recognition, and relevant transaction costs are included in their initial recognition amount.

The subsequent measurement of financial liabilities depends on their classification:

Financial liabilities measured at amortized cost

For such financial liabilities, the actual interest rate method is adopted and subsequent measurement is carried out at amortized cost.

(4) Impairment of financial instruments

Determination method and accounting treatment method of expected credit losses

Based on expected credit losses, the Group conducts impairment treatment and recognizes loss provisions for financial assets measured at amortized cost and debt instrument investments measured at fair value and whose changes are included in other comprehensive income.

For receivables that do not contain significant financing components, the Group uses simplified measurement methods and calculates the amount equivalent to the entire existence of Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In 2025, the amount of expected credit losses in RMB during the period is measured as the loss provision. Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Financial instruments (continued)

(4) Impairment of financial instruments (continued)

Except for the above-mentioned financial assets that adopt the simplified measurement method, the Group assesses on each balance sheet date whether its credit risk has increased significantly since initial recognition. If the credit risk has not increased significantly since initial recognition, it is in the first stage. The Group measures loss provisions based on an amount equivalent to the expected credit losses in the next 12 months, and calculates interest income based on the book balance and actual interest rate; if the credit risk has increased significantly since initial recognition If there is a significant increase but no credit impairment has occurred, it is in the second stage. The Group measures loss provisions at an amount equivalent to the expected credit losses during the entire duration, and calculates interest income based on the book balance and the actual interest rate; if credit impairment occurs after initial recognition, it is in the third stage. The Group measures loss provisions at an amount equivalent to the expected credit losses during the entire duration, and calculates interest income based on amortized cost and the actual interest rate. For financial instruments with only low credit risk on the balance sheet date, the Group assumes that their credit risk has not increased significantly since initial recognition.

Please refer to Note 10.1 for disclosures on the Group’s criteria for determining a significant increase in credit risk and the definition of credit-impaired assets.

The Group's method of measuring expected credit losses on financial instruments reflects factors including: the unbiased probability-weighted average amount determined by evaluating a series of possible outcomes, the time value of money, and reasonable and well-founded information about past events, current conditions and forecasts of future economic conditions that can be obtained without unnecessary additional cost or effort on the balance sheet date.

Combination categories and determination basis for accruing impairment provisions based on combinations of credit risk characteristics

The Group considers the credit risk characteristics of different customers and evaluates the expected credit losses of accounts receivable, notes receivable, receivable financing and other receivables based on common risk characteristics and aging portfolios. The group's combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics are as follows:

Accounts receivable According to the Group's historical experience, there is no significant difference in losses among different customer segments. Therefore, the Group treats all accounts receivable as a group and calculates the amount of accounts receivable.

Different customer groups are not further differentiated when making provision for bad debts.

Notes receivable The Group's notes receivable are bank acceptances receivable held for the purpose of collecting contract cash flows.

Notes, the Group treats all notes receivable as a group.

Receivables Financing The Group's receivables financing is bank acceptance bills receivable with dual holding purposes. Since the accepting banks are all banks with relatively high credit ratings, the Group finances all receivables as one

a combination.

Other receivables The Group’s other receivables mainly include deposits and security deposits receivable, employee reserve funds receivable, and

Collect accounts from related parties and receivables from asset transfers, etc. According to the nature of receivables and different opponents, Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Regarding the credit risk characteristics of RMB yuan in 2025, the Group divides other receivables into 2 combinations, specifically: None

Risk subsidiary portfolio and other payment portfolio.

3. Important accounting policies and accounting estimates (continued)

Financial instruments (continued)

(4) Impairment of financial instruments (continued)

Account aging calculation method based on aging confirmation credit risk characteristics combination

Account aging starts from the confirmation date of accounts receivable.

Judgment criteria for individual provision of bad debt impairment provisions based on individual provision

The Group usually measures its loss provisions for accounts receivable, notes receivable, financing receivables and other receivables based on a combination of credit risk characteristics. If the credit risk characteristics of a certain counterparty are significantly different from those of other counterparties in the portfolio, or the credit risk characteristics of the counterparty change significantly, loss provisions will be made individually for amounts receivable from the counterparty.

Write-off of impairment provisions

When the Group no longer reasonably expects to recover all or part of the contractual cash flows of a financial asset, the Group directly writes down the book balance of the financial asset.

(5) Offset of financial instruments

If the following conditions are met at the same time, financial assets and financial liabilities will be listed in the balance sheet as the net amount after offsetting each other: it has the legal right to offset the recognized amount, and the legal right is currently enforceable; it plans to settle on a net basis, or to realize the financial assets and pay off the financial liabilities at the same time.

(6) Transfer of financial assets

If the Group has transferred substantially all risks and rewards of ownership of a financial asset to the transferee, the financial asset shall be derecognised; if the Group has retained substantially all risks and rewards of ownership of the financial asset, the financial asset shall not be derecognised.

If the Group neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset, it shall handle the following situations respectively: if it gives up control of the financial asset, it shall terminate the recognition of the financial asset and recognize the resulting assets and liabilities; if it does not give up control of the financial asset, the relevant financial assets shall be recognized according to the extent of its continued involvement in the transferred financial assets, and the relevant liabilities shall be recognized accordingly.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

If the company continues to be involved by providing financial guarantees for the transferred financial assets, the assets formed by the continued involvement will be recognized based on the lower of the book value of the financial assets and the amount of financial guarantees. The amount of financial guarantee refers to the maximum amount that will be required to be repaid out of the consideration received.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Inventory

Inventories include raw materials, work in progress, goods in stock, low-value consumables, etc.

Inventories are initially measured at cost. Inventory costs include purchasing costs, processing costs and other costs. When inventory is issued, its actual cost is determined using the weighted average method. Turnover materials include low-value consumables and packaging materials, etc. Low-value consumables and packaging materials are amortized using the one-time write-off method.

The inventory system of inventories adopts the perpetual inventory system.

On the balance sheet date, inventories are measured at the lower of cost and net realizable value. If the cost is higher than the net realizable value, a provision for inventory depreciation is made and included in the current profit and loss. 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. When accruing inventory depreciation provisions, it is accrued based on individual inventory items.

Long-term equity investment

Long-term equity investments include equity investments in subsidiaries and associates.

Long-term equity investments are initially measured at the initial investment cost when acquired. For long-term equity investments obtained through business mergers under common control, the share of the book value of the merged party’s owner’s equity in the ultimate controlling party’s consolidated financial statements on the date of merger shall be considered as the initial investment cost; the difference between the initial investment cost and the book value of the merger consideration shall be adjusted to the capital reserve (if it is insufficient to offset, retained earnings shall be offset). For long-term equity investments obtained through business mergers not under common control, the merger cost shall be used as the initial investment cost (if business mergers under non-common control are realized step by step through multiple transactions, the sum of the book value of the equity investment in the acquiree held before the purchase date and the new investment cost on the purchase date shall be the initial investment cost). For long-term equity investments obtained by means other than those formed by business mergers, the initial investment cost shall be determined according to the following method: if it is obtained by paying cash, the actual purchase price paid and the expenses, taxes and other necessary expenses directly related to the acquisition of the long-term equity investment shall be used as the initial investment cost; if it is obtained by issuing equity securities, the fair value of the equity securities issued shall be used as the initial investment cost.

Long-term equity investments that the company can control over the investee are accounted for using the cost method in the company's individual financial statements. Control means having power over the investee, enjoying variable returns by participating in the investee's relevant activities, and having the ability to use power over the investee to affect the amount of returns.

When using the cost method, long-term equity investments are valued at the initial investment cost. If investment is added or withdrawn, the cost of long-term equity investment will be adjusted. Cash dividends or profits declared by the investee to be distributed shall be recognized as investment income for the current period.

If the Group has joint control or significant influence over the investee, long-term equity investments are accounted for using the equity method. 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 parties sharing control rights. Significant impact refers to the financial impact of the invested unit and Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In 2025, RMB operating policies have the power to participate in decision-making, but they are not able to control or jointly control the formulation of these policies with other parties.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Long-term equity investment (continued)

When using the equity method, if the initial investment cost of a long-term equity investment is greater than the fair value share of the investee's identifiable net assets at the time of investment, it will be included in the initial investment cost of the long-term equity investment; if the initial investment cost of a long-term equity investment is less than the fair value share of the investee's identifiable net assets at the time of investment, the difference will be included in the current profit and loss, and the cost of the long-term equity investment will be adjusted at the same time.

When using the equity method, after obtaining a long-term equity investment, the investment profits and losses and other comprehensive income will be recognized respectively and the book value of the long-term equity investment will be adjusted according to the share of the net profit or loss and other comprehensive income realized by the investee that should be enjoyed or shared. When confirming the share of the investee's net profits and losses, it is based on the fair value of the investee's identifiable assets when the investment is obtained, in accordance with the Group's accounting policies and accounting periods, and offsetting the profits and losses from internal transactions with associates and joint ventures that are attributable to the investor in proportion (but if internal transaction losses are asset impairment losses, they should be recognized in full), and the net profit of the investee is recognized after adjustment, except where the assets invested or sold constitute a business. The book value of the long-term equity investment will be reduced accordingly based on the share of profits or cash dividends declared by the investee to be distributed. The Group recognizes the net loss incurred by the investee until the book value of the long-term equity investment and other long-term interests that essentially constitute the net investment in the investee are reduced to zero, unless the Group has the obligation to bear additional losses. For other changes in shareholders' equity of the invested unit other than net profit and loss, other comprehensive income and profit distribution, the book value of the long-term equity investment is adjusted and included in shareholders' equity.

Investment real estate

Investment property is property held to earn rentals or for capital appreciation, or both.

Investment properties are initially measured at cost. Subsequent expenditures related to investment real estate will be included in the cost of investment real estate if the economic benefits related to the asset are likely to flow in and its cost can be measured reliably. Otherwise, it will be included in the current profit and loss when it occurs.

The Group adopts the cost model for subsequent measurement of investment properties.

The depreciation of investment real estate is calculated using the straight-line method. The service life, estimated net residual value rate and annual depreciation rate of investment real estate are as follows:

Item Useful life Estimated net salvage value rate Annual depreciation rate

Houses and buildings 20 years 4% 4.80% Land use rights 50 years 0% 2.00% Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Fixed assets

Fixed assets are recognized only when the economic benefits related to them are likely to flow to the Group and their costs can be measured reliably. Subsequent expenditures related to fixed assets that meet the recognition conditions will be included in the cost of the fixed assets, and the book value of the replaced part will be derecognized; otherwise, when incurred, they will be included in the current profit and loss or related asset costs according to the beneficiary object.

Fixed assets are initially measured at cost. The cost of purchasing a fixed asset includes the purchase price, relevant taxes, and other expenses directly attributable to the asset that occur before the fixed asset reaches its intended usable condition.

Depreciation of fixed assets is calculated using the straight-line method. The service life, estimated net residual value rate and annual depreciation rate of various fixed assets are as follows:

Category Depreciation method Depreciation life Residual value rate Annual depreciation rate Houses and buildings Straight-line method 10-40 years 4%-10% 2.25%-9.60% Machinery and equipment Straight-line method 5-20 years 4%-10% 4.50%-19.20% Transportation Mean-average method 4-10 years 4%-10% 9.00%-24.00% Electronics and other equipment Straight-line method 3-11 years 4%-10% 8.18%-32.00% If the various components of fixed assets have different service lives or provide economic benefits to the enterprise in different ways, different depreciation rates are applicable.

At least at the end of each year, the Group reviews the useful life, estimated net residual value and depreciation method of fixed assets, and makes adjustments when necessary.

Construction in progress

The cost of construction in progress is determined based on actual project expenditures, including various necessary project expenditures incurred during the construction period, borrowing costs that should be capitalized before the project reaches its intended usable state, and other related expenses.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Construction in progress (continued)

The standards for projects under construction to be transferred to fixed assets when they reach the intended usable state are as follows:

Category Time Standard

Houses and buildings reaching the predetermined level can mean that (1) the physical construction (including installation) of the fixed assets has been completed or the use of the fixed assets has been substantially completed;

(2) The fixed assets purchased and constructed have met the design or contract requirements, or are consistent or basically consistent with the design or contract requirements. Even if there are very few areas that are inconsistent with the design or contract requirements, it will not be enough to affect its normal use;

(3) After acceptance by relevant units or departments.

Reaching the predetermined level of machinery and equipment can mean that (1) the physical construction (including installation) of the fixed assets has been completed or the use of the fixed assets has been substantially completed;

(2) It has undergone trial production or trial operation, and the results show that the assets can operate normally or can stably produce qualified products, or the trial operation results show that the assets can operate normally or be in business;

(3) The fixed assets purchased and constructed have met the design or contract requirements, or are consistent or basically consistent with the design or contract requirements, even if there are very few places that are inconsistent with the design or contract requirements.

Or it does not comply with the contract requirements and is not enough to affect its normal use.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of assets that meet the capitalization conditions shall be capitalized, and other borrowing costs shall be included in the current profits and losses.

Capitalization of borrowing costs begins when capital expenditures and borrowing costs have been incurred and the acquisition, 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. Borrowing costs incurred thereafter are included in the current profit and loss.

During the capitalization period, the interest capitalization amount for each accounting period is determined according to the following method: special borrowings are determined by the actual interest expenses incurred in the current period, minus temporary deposit interest income or investment income; occupied general borrowings are calculated and determined based on the weighted average of asset disbursements of the accumulated asset disbursements exceeding the special borrowings multiplied by the weighted average interest rate of the occupied general borrowings.

If an asset that meets the capitalization conditions is abnormally interrupted during the acquisition, construction or production process other than the procedures necessary to reach the intended usable or salable state, and the interruption lasts for more than 3 months, the capitalization of borrowing costs will be suspended. Borrowing costs incurred during the interruption period are recognized as expenses and included in the current profit and loss until the acquisition, construction or production of assets Shanghai RAAS Blood Products Co., Ltd. Notes to the Financial Statements (Continued)

In 2025, RMB yuan production activities will restart.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Intangible assets

(1) Service life of intangible assets

Intangible assets are amortized using the straight-line method over their useful lives, and their useful lives are as follows:

Item Service life Determination basis

Land use right 45-50 years Land use right term software 5-10 years Estimated use period Patent rights 2-20 years Whichever is shorter of patent term and expected use period Non-patented technology 10 years Estimated use period operating rights 10 years Contracted operating period Trademark rights 10 years Registration validity period

(2) R&D expenditures

The Group divides the expenditures on internal research and development projects into expenditures in the research phase and expenditures in the development phase. Expenditures in the research stage are included in the current profits and losses when incurred. Expenditures in the development stage can only be capitalized when the following conditions are met at the same time, namely: it is technically feasible to complete the intangible asset so that it can be used or sold; there is the intention to complete the intangible asset and use or sell it; the intangible asset generates economic benefits in a manner that can prove the use of the intangible asset in production. There is a market for the product or the intangible asset itself exists. If the intangible asset will be used internally, its usefulness can be proven; there is sufficient technical, financial and other resource support to complete the development of the intangible asset, and the ability to use or sell the intangible asset; the expenditures attributable to the development stage of the intangible asset can be measured reliably. Development expenditures that do not meet the above conditions are included in the current profits and losses when incurred.

Impairment of assets

Impairment of assets other than inventories, deferred income taxes and financial assets is determined according to the following method: determine whether there are signs of possible impairment of the assets on the balance sheet date. If there are signs of impairment, the Group will estimate its recoverable amount and conduct an impairment test; for goodwill formed due to business mergers, intangible assets with indefinite useful lives and intangible assets that have not yet reached a usable state, regardless of whether there are signs of impairment, an impairment test will be conducted at least at the end of each year.

The recoverable amount is determined based on the higher of the asset's fair value less disposal costs and the present value of the asset's expected future cash flows. The Group estimates the recoverable amount on the basis of a single asset; if it is difficult to estimate the recoverable amount of an individual asset, the Group determines the recoverable amount of the asset group based on the asset group to which the asset belongs. The identification of an asset group is based on whether the main cash inflow generated by the asset group is independent of the cash inflows of other assets or asset groups.

When the recoverable amount of an asset or asset group is lower than its book value, the Group will write down its book value to the recoverable amount Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In 2025, the amount will be deducted in RMB, and the write-down amount will be included in the current profit and loss, and corresponding asset impairment provisions will be made at the same time. Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Asset impairment (continued)

As far as the impairment test of goodwill is concerned, the book value of goodwill shall be allocated to the relevant asset groups or combinations of asset groups in a reasonable manner from the date of purchase. The relevant asset group or asset group combination is an asset group or asset group combination that can benefit from the synergy effects of the business combination, and is no larger than the operating segment determined by the group.

Compare the book value and recoverable amount of an asset group or combination of asset groups containing goodwill. If the recoverable amount is lower than the book value, the amount of the impairment loss will first be deducted from the book value of the goodwill allocated to the asset group or combination of asset groups, and then deducted from the book value of other assets in proportion based on the proportion of the book value of other assets in the asset group or combination of asset groups except goodwill.

Once the above-mentioned asset impairment losses are recognized, they will not be reversed in subsequent accounting periods.

Long-term deferred expenses

Long-term deferred expenses are amortized using the straight-line method, and the amortization period is as follows:

Amortization period for renovation costs: 5 years

Employee compensation

Employee benefits refer to various forms of remuneration or compensation other than share-based payment given by the Group in exchange for services provided by employees or for the termination of labor relations. Employee compensation includes short-term compensation, post-employment benefits, termination benefits and other long-term employee benefits.

(1) Short-term salary

During the accounting period when employees provide services, the actual short-term compensation is recognized as a liability and included in the current profit and loss or related asset costs.

(2) Post-employment benefits (defined contribution plan)

The employees of the Group participate in pension insurance and unemployment insurance managed by the local government, and corresponding expenses are included in the cost of relevant assets or current profits and losses when incurred.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Employee compensation (continued)

(3) Dismissal benefits

If the Group 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 enterprise cannot unilaterally withdraw the dismissal benefits provided due to the termination of labor relations plan or layoff proposal; when the enterprise recognizes the costs or expenses related to the restructuring involving the payment of dismissal benefits.

(4) Other long-term employee benefits

The Group provides other long-term employee benefits to some retired employees, and the cost of such benefits is calculated using the expected accumulated benefit unit method. The remeasurement caused by the establishment of this long-term employee benefit, including actuarial gains or losses, is immediately recognized in the balance sheet and included in shareholders' equity through other comprehensive income during the period in which it occurs. It is not transferred back to profit or loss in subsequent periods. The net interest amount is calculated by multiplying the net liabilities or net assets of the defined benefit plan by the discount rate.

Estimated liabilities

Except for contingent considerations and contingent liabilities assumed in business combinations not under common control, obligations related to contingencies are current obligations borne by the Group and the performance of such obligations is likely to cause an outflow of economic benefits from the Group, and if the relevant amounts can be reliably measured, the Group will recognize them as estimated liabilities.

Estimated liabilities are initially measured based on the best estimate of the expenditure required to fulfill the relevant current obligations, and factors such as risks, uncertainties, and time value of money related to contingencies are comprehensively considered. The book value of estimated liabilities is reviewed on the balance sheet date and appropriately adjusted to reflect the current best estimate.

Share-based payment

Share-based payment is divided into equity-settled share-based payment and cash-settled share-based payment. Equity-settled share-based payment refers to a transaction in which the Group uses shares or other equity instruments as consideration to obtain services.

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. If the rights are exercisable immediately after grant, the fair value will be included in the relevant costs or expenses on the date of grant, and the capital reserve will be increased accordingly; if the rights are vested after completing the services during the waiting period or meeting the specified performance conditions, on each balance sheet date during the waiting period, based on the best estimate of the number of exercisable equity instruments and the fair value on the grant date, the services obtained in the current period will be included in the relevant costs or expenses, and the capital reserve will be increased 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, modifications that increase the fair value of equity instruments granted, or changes that are beneficial to employees on the modification date, are recognized as increases in services obtained.

Notes to the Financial Statements of Shanghai RAAS Blood Products Co., Ltd. (continued)

2025 RMB Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Share-based payment (continued)

If equity-settled share-based payment is cancelled, it will be treated as accelerated exercise on the cancellation date and the unconfirmed amount will be recognized immediately. If employees or other parties can choose to meet the non-vesting conditions but fail to do so within the waiting period, the equity-settled share-based payment will be cancelled. 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.

Revenue arising from contracts with customers

The Group 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 the provision of the services and obtain almost all economic benefits from them.

(1) Sales contract

Contracts for the sale of goods between the Group and its customers often contain performance obligations to transfer the goods.

The Group considers the amount of consideration that it expects to be entitled to receive for transferring goods to customers as the transaction price, and determines it based on the terms of the contract and past business practices. Some of the Group's contracts stipulate that when customers purchase goods in excess of a certain quantity, they can enjoy certain discounts, which can be directly offset against the amount payable by customers when purchasing goods in the current period. The Group makes its best estimate of the discount based on the most likely amount, and includes it in the transaction price to the extent that the estimated discounted transaction price does not exceed the amount of accumulated recognized revenue that is unlikely to be significantly reversed when the relevant uncertainty is eliminated, and re-estimates it on each balance sheet date.

If there is a significant financing component in the contract, the Group determines the transaction price based on the amount payable in cash when the customer obtains control of the product, and uses a discount rate that discounts the nominal amount of the contract consideration into the current selling price of the product. The difference between the determined transaction price and the amount of consideration promised in the contract is amortized using the effective interest method during the contract period. For situations where the interval between the customer obtaining control of the goods and the customer paying the price is expected to be less than one year, the Group does not consider the significant financing component in the contract.

The Group fulfills its performance obligations by delivering blood products and other commodities to customers, and recognizes revenue when the blood products arrive at the customer's designated warehouse or delivery to the carrier, taking into account the following factors: acquisition of the current right to payment of the commodity, transfer of major risks and rewards of ownership of the commodity, transfer of legal ownership of the commodity, transfer of physical assets of the commodity, and acceptance of the commodity by the customer.

For sales with a sales return clause, when the customer obtains control of the relevant goods, the Group recognizes revenue based on the amount of consideration that it is expected to receive for transferring the goods to the customer, and recognizes it as an estimated liability based on the amount that is expected to be refunded due to sales returns; at the same time, the book value of the goods expected to be returned when the goods are transferred, minus the expected cost of recovering the goods (including the value impairment of the returned goods), is recognized as an asset, that is, the return receivable Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In 2025, in RMB, the book value of the transferred goods at the time of transfer will be deducted from the net carry-over cost of the above-mentioned asset costs. On each balance sheet date, the Group re-estimates future sales returns and re-measures the above assets and liabilities. Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Contract liabilities

The Group presents contract liabilities in the balance sheet based on the relationship between performance obligations and customer payments. (1) Contract liabilities

Before the goods or services are transferred to the customer, the obligation to transfer the goods or services to the customer for which consideration has been received from the customer or the unconditional right to receive consideration has been obtained is recognized as a contract liability.

Government subsidies

Government subsidies are recognized when the conditions attached to them can be met and received. If the government subsidy is a monetary asset, it shall be measured according to the amount received or receivable. If the government subsidy is a non-monetary asset, it shall be measured at fair value; if the fair value cannot be obtained reliably, it shall be measured at the nominal amount.

If the government document stipulates that it will be used to purchase, construct or form long-term assets in other ways, it will be regarded as an asset-related government subsidy; if the government document is not clear, the basic conditions that must be met to obtain the subsidy will be judged.

The Group adopts the gross method to account for government subsidies received.

If government subsidies related to income are used to compensate for relevant costs, expenses or losses in the future period, they are recognized as deferred income, and are included in the current profit and loss or offset the relevant costs during the period when the relevant costs, expenses or losses are recognized; if they are used to compensate for the relevant costs, expenses or losses that have already occurred, they are directly included in the current profits and losses or offset the relevant costs.

Government subsidies related to assets are recognized as deferred income and are included in profits and losses in installments in a reasonable and systematic manner over the useful life of the relevant assets (but government subsidies measured in nominal amounts are directly included in current profits and losses). If the relevant assets are sold, transferred, scrapped or damaged before the end of their useful lives, the undistributed balance of relevant deferred income will be transferred to the profits and losses of the current period of asset disposal.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Deferred income tax

The Group uses the balance sheet debt method to accrue deferred income tax based on the temporary differences between the book values and tax bases of assets and liabilities on the balance sheet date, as well as the temporary differences arising from the differences between the book values and tax bases of items that have not been recognized as assets and liabilities but whose tax bases can be determined in accordance with tax laws.

Deferred income tax liabilities are recognized for all taxable temporary differences unless:

(1) Taxable temporary differences arise from the following transactions: the initial recognition of goodwill, or the initial recognition of assets or liabilities arising from a single transaction with the following characteristics: the transaction is not a business combination, the transaction does not affect accounting profits or taxable income or deductible losses when the transaction occurs, and the initial recognition of assets

The assets and liabilities do not result in equal amounts of taxable temporary differences and deductible temporary differences;

(2) For taxable temporary differences related to investments in subsidiaries, joint ventures and associates, the temporary differences

The timing of the reversal of the difference can be controlled and the temporary difference is likely not to be reversed in the foreseeable future.

For deductible temporary differences, deductible losses and tax credits that can be carried forward to future years, the Group recognizes the resulting deferred income tax assets to the extent that it is likely to obtain future taxable income that can be used to offset the deductible temporary differences, deductible losses and tax credits, unless:

(1) Deductible temporary differences arise from the following individual transactions: the transaction is not a business combination, the transaction affects neither accounting profits nor taxable income or deductible losses when the transaction occurs, and the initially recognized capital

The assets and liabilities do not result in equal amounts of taxable temporary differences and deductible temporary differences;

(2) For deductible temporary differences related to investments in subsidiaries, joint ventures and associates, the temporary differences are likely to be reversed in the foreseeable future and it is likely that funds will be available to offset the temporary differences in the future.

Taxable income.

On the balance sheet date, the Group's deferred income tax assets and deferred income tax liabilities are measured at the applicable tax rate during the period when the asset is expected to be recovered or the liability is settled in accordance with the tax law, and the income tax impact of the expected method of recovering the asset or settling the liability on the balance sheet date is reflected.

On the balance sheet date, the Group reviews the book value of deferred tax assets. If it is likely that sufficient taxable income will not be available in the future to offset the benefits of the deferred tax assets, the Group will write down the book value of the deferred tax assets. On the balance sheet date, the Group reassesses unrecognized deferred income tax assets and recognizes deferred income tax assets to the extent that it is likely to obtain sufficient taxable income to reverse all or part of the deferred income tax assets.

When the following conditions are met at the same time, deferred income tax assets and deferred income tax liabilities are presented at the net amount after offsetting: they have the legal right to settle the current income tax assets and current income tax liabilities on a net basis; the 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, but in each future period when important deferred income tax assets and deferred income tax liabilities are reversed, Shanghai Laishi Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In RMB 2025, the tax payers involved intend to settle current income tax assets and current income tax liabilities on a net basis or to acquire assets and pay off debts at the same time.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Leasing

On the contract inception date, the Group evaluates whether the contract is a lease or contains a lease. If one party in the contract transfers the right to control the use of one or more identified assets within a certain period in exchange for consideration, the contract is a lease or contains a lease.

(1) As a lessee

In addition to short-term leases and leases of low-value assets, the Group recognizes right-of-use assets and lease liabilities for leases.

If the contract contains both lease and non-lease components, the Group will allocate the contract consideration in proportion to the individual prices of each component.

On the commencement date of the lease term, the Group recognizes its right to use the leased asset during the lease term as a right-of-use asset, which is initially measured at cost. The cost of the right-of-use asset includes: the initial measurement amount of the lease liability; the lease payment amount paid on or before the start date of the lease term (deducting the amount related to the lease incentives already enjoyed); the initial direct costs incurred by the lessee; the costs expected to be incurred by the lessee to dismantle and remove the leased asset, restore the site where the leased asset is located, or restore the leased asset to the state agreed upon in the lease terms. If the Group remeasures lease liabilities due to changes in lease payments, the book value of the right-of-use assets will be adjusted accordingly. The Group 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 Group will accrue depreciation over the remaining useful life of the leased asset. If it is not reasonably certain that the ownership of the leased asset will be obtained at the expiration of the lease term, the Group will accrue depreciation during the shorter of the lease term and the remaining useful life of the leased asset.

At the beginning of the lease period, the Group recognizes the present value of the unpaid lease payments as lease liabilities, except for short-term leases and leases of low-value assets. Lease payments include fixed payments and actual fixed payments less lease incentives, variable lease payments that depend on an index or ratio, amounts expected to be paid based on the guaranteed residual value, and also include the exercise price of a purchase option or payments required to exercise an option to terminate the lease if the Group is reasonably certain that the option will be exercised or the lease term reflects the Group's exercise of the option to terminate the lease. Variable lease payments that are not included in the measurement of lease liabilities are included in the current profit and loss when they actually occur, unless otherwise specified and included in the cost of related assets. When the actual fixed payment amount changes, the expected amount payable of the guaranteed residual value changes, the index or ratio used to determine the lease payment changes, the evaluation results or actual exercise of the purchase option, lease renewal option or termination option change, the Group remeasures the lease liability based on the present value of the changed lease payment.

The Group identifies leases with a lease term of no more than 12 months on the start date of the lease term and that do not include a purchase option as short-term leases; leases with a lower value when a single leased asset is a new asset are identified as low-value asset leases. The Group chooses not to recognize right-of-use assets and lease liabilities for short-term leases and low-value asset leases. The relevant asset costs or current profits and losses are included in each period during the lease term using the straight-line method.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Leasing (continued)

(2) As a lessor

A lease that transfers substantially all the risks and rewards related to the ownership of the leased asset on the lease commencement date is a finance lease, and anything else is an operating lease.

The rental income from operating leases is recognized as current profit and loss on a straight-line basis in each period during the lease term. Variable lease payments that are not included in the lease receipts are included in current profit and loss when they actually occur. The initial direct costs are capitalized and amortized during the lease period on the same basis as the rental income recognition, and included in the current profit and loss in installments.

Repurchase of Shares

The consideration and transaction costs paid to repurchase its own equity instruments reduce shareholders' equity. In addition to share-based payments, the issuance (including refinancing), repurchase, sale or cancellation of its own equity instruments are treated as changes in equity.

Fair value measurement

For assets and liabilities measured or disclosed at fair value in financial statements, the fair value level to which they belong is determined based on the lowest level input value that is significant to the overall fair value measurement: the first level input value is the unadjusted quoted price in the active market for the same asset or liability that can be obtained on the measurement date; the second level input value is the directly or indirectly observable input value of the relevant assets or liabilities in addition to the first level input value; the third level input value is the unobservable input value of the relevant asset or liability.

At each balance sheet date, the Group reassesses the assets and liabilities recognized in the financial statements that continue to be measured at fair value to determine whether there is a transition between fair value measurement levels.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

3. Important accounting policies and accounting estimates (continued)

Significant accounting judgments and estimates

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts and disclosures of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the balance sheet date. The results resulting from uncertainties in these assumptions and estimates may result in significant adjustments to the carrying values of the assets or liabilities affected in the future.

The following are key assumptions about the future at the balance sheet date and other key sources of estimation uncertainty that may result in material adjustments to the carrying values of assets and liabilities in future accounting periods.

Impairment of non-current assets other than financial assets (other than goodwill)

The Group determines whether there are signs of possible impairment for non-current assets other than financial assets on the balance sheet date. For intangible assets with indefinite useful lives, in addition to annual impairment testing, impairment testing is also conducted when there are signs of impairment. Other non-current assets other than financial assets are tested for impairment when there are signs that their book value is irrecoverable. Impairment has occurred when the carrying value of an asset or asset group is greater than its recoverable amount, which is the higher of fair value less disposal costs and the present value of expected future cash flows. The net amount of fair value less disposal expenses is determined by referring to the sales agreement price or observable market price of similar assets in an arm's length transaction, less the incremental costs directly attributable to the disposal of the asset. When estimating the present value of future cash flows, management must estimate the expected future cash flows of the asset or asset group and select an appropriate discount rate to determine the present value of future cash flows.

Goodwill impairment

The Group tests goodwill for impairment at least annually. This requires estimating the present value of the future cash flows of the asset group or asset group combination to which goodwill is allocated. When estimating the present value of future cash flows, the Group needs to estimate the cash flows generated by future asset groups or asset group combinations, and at the same time select an appropriate discount rate to determine the present value of future cash flows. See Note 5.17 for details.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

4. Taxes

Main tax types and tax rates

Tax calculation basis Tax rate

Value-added tax general tax items: sales of goods calculated in accordance with tax laws

Calculate output tax based on taxable service income and deduct

In addition to the input tax allowed to be deducted in the current period, the difference is

VAT is payable. 13% simplified tax calculation items: calculation and payment increase based on taxable income

Value tax. 3%

Corporate income tax: taxable income 15%, 20%, 25%

Urban maintenance and construction tax Actual value-added tax paid 1%, 5%, 7%

Education fee surcharge Actual value-added tax paid 3%

Local education surcharge Actual value-added tax paid 2%

If there are taxpayers with different corporate income tax rates, a description of the disclosure:

income tax rate

Shanghai RAASH Blood Products Co., Ltd. 15% Tonglu Biopharmaceutical Co., Ltd. 15% Zhejiang Haikang Biological Products Co., Ltd. 15% Zhengzhou RAASH Blood Products Co., Ltd. 15% Nanyue Biopharmaceutical Co., Ltd. 15% Guangde County Tonglu Plasma Apheresis Station Co., Ltd. 20% Nanling County Tonglu Apheresis Plasma Station Co., Ltd. 20% Jingxian Tonglu Apheresis Plasma Station Co., Ltd. 20% Susong County Tonglu Apheresis Plasma Station Co., Ltd. 20% Shucheng County Tonglu Plasma Apheresis Station Co., Ltd. 20% Lechang Tonglu Plasma Apheresis Station Co., Ltd. 20% Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

4. Taxes (continued)

Main tax types and tax rates (continued)

If there are taxpayers with different corporate income tax rates, disclosure instructions (continued):

income tax rate

Wuhe County Tonglu Plasma Apheresis Station Co., Ltd. 20% Lujiang County Tonglu Apheresis Plasma Station Co., Ltd. 20% Shangdu County Tonglu Plasma Apheresis Station Co., Ltd. 20% Zhalaite Banner Tonglu Apheresis Plasma Station Co., Ltd. 20% Wengniute Banner Tonglu Apheresis Plasma Station Co., Ltd. 20% Longyou County Tonglu Apheresis Plasma Station Co., Ltd. 20% Bahrain Zuo Banner Tonglu Apheresis Plasma Station Co., Ltd. 20% Huaiji County Tonglu Apheresis Plasma Station Co., Ltd. 20% Lu'an Yeji District Tonglu Plasma Apheresis Station Co., Ltd. 20% Ding'an Tonglu Plasma Apheresis Station Co., Ltd. 20% Fengtai County Tonglu Plasma Apheresis Station Co., Ltd. 20% Lingbi County Tonglu Plasma Apheresis Station Co., Ltd. 20% Fengzhen Tonglu Plasma Apheresis Station Co., Ltd. 20% Quanzhou Laish Apheresis Plasma Co., Ltd. 20% Xingping Laish Apheresis Plasma Co., Ltd. 20% Luhe Laish Apheresis Plasma Co., Ltd. 20% Shanwei RAIS Apheresis Plasma Co., Ltd. 20% Shimen RAIS Apheresis Plasma Co., Ltd. 20% Baoting RAIS Apheresis Plasma Co., Ltd. 20% Qiongzhong RAIS Apheresis Plasma Co., Ltd. 20% Baisha RAIS Apheresis Plasma Co., Ltd. 20% Xincheng RAIS Apheresis Plasma Co., Ltd. 20% Yongfu RAIS Apheresis Plasma Co., Ltd. 20% Pan'an Hikang Apheresis Plasma Station Co., Ltd. 20% Qingtian Hikang Apheresis Plasma Station Co., Ltd. 20% Wencheng Haikang Apheresis Plasma Co., Ltd. 20% Shanglin Laishi Apheresis Plasma Co., Ltd. 20% Nanyue Bio Linwu Apheresis Plasma Station Co., Ltd. 20% Nanyue Bio Hanshou Apheresis Plasma Station Co., Ltd. 20% Nanyue Bio Quyuan Apheresis Plasma Station Co., Ltd. 20% Nanyue Bio Xinhua Apheresis Plasma Station Co., Ltd. 20% Nanyue Bio Ningyuan Apheresis Plasma Station Co., Ltd. 20% Nanyue Bio (Changning) Apheresis Plasma Station Co., Ltd. 20% Nanyue Bio (Shaoyang) Plasma Apheresis Station Co., Ltd. 20% Nanyue Bio Yuanjiang Plasma Apheresis Station Co., Ltd. 20% Nanyue Bio Hengyang Xidu Apheresis Plasma Station Co., Ltd. 20% Longhui Nanyue Bio Apheresis Plasma Co., Ltd. 20% Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In 2025, RMB Dongfang Nanyue Biological Plasma Apheresis Co., Ltd. 20% Other taxpayers other than the above 25% Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

4. Taxes (continued)

Tax incentives

The company obtained the "High-tech Enterprise Certificate" jointly issued by the Shanghai Taxation Bureau of the State Administration of Taxation, the Shanghai Science and Technology Commission, and the Shanghai Finance Bureau on November 15, 2023. The certificate number is GR202331002871 and is valid for three years. The company will enjoy the preferential policy of high-tech enterprises paying a reduced corporate income tax rate of 15% from 2023 to 2025.

Tonglu Biopharmaceutical Co., Ltd. obtained the "High-tech Enterprise Certificate" jointly issued by the Anhui Provincial Department of Industry and Information Technology, the Anhui Provincial Department of Finance, and the State Administration of Taxation, and the Anhui Provincial Taxation Bureau on October 29, 2024. The certificate number is GR202434001516 and is valid for three years. From 2024 to 2026, Tonglu Biopharmaceutical Co., Ltd. enjoys the preferential policy of high-tech enterprises paying a reduced corporate income tax rate of 15%.

Zhejiang Haikang Biological Products Co., Ltd. obtained the "High-tech Enterprise Certificate" jointly issued by the Zhejiang Provincial Department of Science and Technology, Zhejiang Provincial Department of Economy and Information Technology, Zhejiang Provincial Department of Finance, State Administration of Taxation, Zhejiang Provincial Taxation Bureau and other departments on December 6, 2024. The certificate number is GR202433004602 and is valid for three years. Zhejiang Haikang Biological Products Co., Ltd. will enjoy the preferential policy of paying corporate income tax at a reduced rate of 15% for high-tech enterprises from 2024 to 2026.

Zhengzhou Laishi Blood Products Co., Ltd. obtained the "High-tech Enterprise Certificate" jointly issued by the Henan Provincial Department of Science and Technology, the Henan Provincial Department of Finance, and the State Administration of Taxation and the Henan Provincial Taxation Bureau on November 4, 2025. The certificate number is GR202541002040 and is valid for three years. Zhengzhou Laish Blood Products Co., Ltd. will enjoy the preferential policy of high-tech enterprises paying a reduced corporate income tax rate of 15% from 2025 to 2027.

Nanyue Biopharmaceutical Co., Ltd. obtained the "High-tech Enterprise Certificate" jointly issued by the Hunan Provincial Department of Science and Technology, the Hunan Provincial Department of Finance, and the State Administration of Taxation and the Hunan Provincial Taxation Bureau on October 16, 2023. The certificate number is GR202343002404 and is valid for three years. Nanyue Biopharmaceutical Co., Ltd. will enjoy the preferential policy of high-tech enterprises paying a reduced corporate income tax rate of 15% from 2023 to 2025.

Some subsidiaries of the Group are small and low-profit enterprises. According to the "Announcement on Preferential Income Tax Policies for Small and Micro Enterprises and Individual Industrial and Commercial Households" (Caishui [2021] No. 12) of the Ministry of Finance and the State Administration of Taxation, the annual taxable income of small and low-profit enterprises does not exceed 1 million yuan, a reduced rate of 25% will be included in the taxable income, and the corporate income tax will be levied at a tax rate of 20% and then halved. According to the "Announcement on Relevant Tax Policies to Further Support the Development of Small and Micro Enterprises and Individual Industrial and Commercial Households" by the Ministry of Finance and the State Administration of Taxation (Caishui [2023] No. 12), the annual taxable income of small and low-profit enterprises exceeding 1 million yuan but not exceeding 3 million yuan will be included in the taxable income at a reduced rate of 25%, and corporate income tax will be paid at a rate of 20%. The above policy will continue to be implemented until December 31, 2027. From January 1, 2023 to December 31, 2027, resource tax (excluding water resources tax), urban maintenance and construction tax, real estate tax, urban land use tax, stamp tax (excluding securities transaction stamp tax), cultivated land occupation tax, education surcharge, and local education surcharge will be halved for small-scale VAT taxpayers, small low-profit enterprises, and individual industrial and commercial households.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

The Ministry of Finance and the State Administration of Taxation issued the "Notice on Simplifying the Value-Added Tax Collection Rate Policy" (Caishui [2014] No. 57) on June 13, 2014. In order to further standardize the tax system and fair the tax burden, with the approval of the State Council, they decided to simplify and unify the value-added tax collection rate, and adjust the 6% and 4% value-added tax collection rates to 3%, which will be implemented from July 1, 2014.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements

Monetary funds

2025 2024 Cash on hand 6,532,711.90 3,943,712.61 Bank deposits 1,388,424,828.27 2,974,913,566.77 Other monetary funds 6,535,326.14 3,848,224.19 Total 1,401,492,866.31 2,982,705,503.57

Notes receivable

(1) Classified presentation of notes receivable

2025 2024 Bank acceptance bill 139,645,041.69 - (2) Pledged notes receivable

As of December 31, 2025, there was no pledge of notes receivable.

(3) Notes receivable that have been endorsed or discounted but have not yet matured on the balance sheet date

Termination of confirmation Not derecognition of bank acceptance bill - 44,112,786.18 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Accounts receivable

(1) Disclosure based on aging

2025 2024 Within 1 year 1,917,112,961.38 1,471,957,702.45 1 to 2 years 22,612,912.00 68,990.30 2 to 3 years 434,830.00 901,944.62 3 to 4 years 1,414,839.80 101,350.00 4 to 5 years 45,000.00 663,038.00 More than 5 years 54,233,240.78 59,133,654.26

1,995,853,783.96 1,532,826,679.63 Less: Bad debt provision for accounts receivable 153,983,951.84 134,291,965.32 Total 1,841,869,832.12 1,398,534,714.31 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Accounts receivable (continued)

(2) Classified disclosure according to bad debt accrual method

2025 2024

Book balance Bad debt provision Book value Book balance Bad debt provision Book value amount Proportion Amount Provision proportion Amount Proportion Amount Provision proportion

(%) (%) (%) (%)

Single provision for bad debts 47,787,632.47 2.39 47,787,632.47 100.00 - 49,586,661.22 3.23 49,586,661.22 100.00 - Combined by credit risk characteristics

Provision for bad debts 1,948,066,151.49 97.61 106,196,319.37 5.45 1,841,869,832.12 1,483,240,018.41 96.77 84,705,304.10 5.71 1,398,534,714.31Total 1,995,853,783.96 100.00 153,983,951.84 1,841,869,832.12 1,532,826,679.63 100.00 134,291,965.32 1,398,534,714.31Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Accounts receivable (continued)

(2) Classified disclosure according to bad debt accrual method (continued)

The accounts receivable with single provision for bad debts are as follows:

2025

Book balance Bad debt provision Provision ratio (%) Reason for provision Provision is subject to the continued impact of external environmental pressure, business development and fund raising

Measures are not as good as expected, cash flow is tightRareAntibodyAntigen

Supply, Inc. 47,787,632.47 47,787,632.47 100.00 pieces, repayment difficulty in 2024

Book balance Bad debt provision Provision ratio (%) Reason for provision Provision is subject to the continued impact of external environmental pressure, business development and fund raising

Measures are not as good as expected, cash flow is tightRareAntibodyAntigen

Supply, Inc. 48,872,726.11 48,872,726.11 100.00 sheets, difficulty in repayment Guangxi Nanning Huayue Pharmacy Co., Ltd.

Division 713,935.11 713,935.11 100.00 Total expected to be unrecoverable 49,586,661.22 49,586,661.22

RareAntibody AntigenSupply, Inc. was unable to pay for goods on time due to financial constraints, and had made adjustments in previous years.

Its accounts receivable are fully provided with bad debt provisions.

As of December 31, 2025, the accounts receivable for which the group has provided bad debt provisions are as follows:

2025

Book balance Impairment provision Ratio of provision (%) Within 1 year 1,917,112,961.38 95,855,648.06 5 1 to 2 years 22,612,912.00 2,261,291.20 10 2 to 3 years 434,830.00 173,932.00 40 More than 3 years 7,905,448.11 7,905,448.11 100 Total 1,948,066,151.49 106,196,319.37

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Accounts receivable (continued)

(3) Bad debt provisions

Changes in bad debt provisions for accounts receivable are as follows:

Balance at the beginning of the year Provision for the year Write-off for the year Foreign currency translation Individual provision for bad debts in the balance at the end of the year 49,586,661.22 - (713,935.11) (1,085,093.64) 47,787,632.47 Calculated based on combination of credit risk characteristics

Provision for bad debts 84,705,304.10 21,500,052.62 - (9,037.35) 106,196,319.37 Total 134,291,965.32 21,500,052.62 (713,935.11) (1,094,130.99) 153,983,951.84 There is no significant amount of bad debt provision recovered or reversed during this year.

(4) Accounts receivable actually written off

The actual amount written off this year was RMB 713,935.11, and there were no important accounts receivable written off.

(5) Accounts receivable with the top five year-end balances based on debtors

Unit name Year-end balance of accounts receivable Accounting for total year-end balance of accounts receivable Impairment provision for bad debts of accounts receivable

Proportion of number (%) Year-end balance Top five year-end balances

Summary of accounts receivable 653,858,680.58 32.76 32,692,934.03 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Receivables Financing

(1) Classified presentation of financing receivables

2025 2024 Bank acceptance bill 241,857,666.65 411,824,830.44 (2) Pledged receivables financing

As of December 31, 2025, there were no pledged receivables for financing.

(3) Financing of receivables that have been endorsed or discounted and have not yet matured on the balance sheet date

Derecognition Not derecognized bank acceptance bill 302,341,519.34 -

Advance payments

(1) Prepayments are listed based on aging

2025 2024

Book balance proportion (%) Book balance proportion (%) Within 1 year 46,284,546.21 82.34 29,568,262.99 94.73 1 year to 2 years 9,047,604.55 16.09 238,956.64 0.77 2 years to 3 years 283,906.80 0.50 163,060.12 0.52 More than 3 years 603,881.08 1.07 1,243,198.00 3.98 Total 56,219,938.64 100.00 31,213,477.75 100.00 (2) The top five prepayments at the end of the year by prepayment objects

The year-end balance accounts for the year-end balance of prepayments

Proportion of the total (%) Summary of the top five prepayments at the end of the year 37,386,949.60 66.50 Notes to the financial statements of Shanghai RAAS Blood Products Co., Ltd. (continued)

2025 RMB Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Other receivables

2025 2024 Other receivables 92,808,819.91 3,309,723.84 (1) Disclosed based on age

2025 2024 Within 1 year 97,188,786.05 3,340,266.97 1 to 2 years 311,729.27 135,780.59 2 to 3 years 28,887.55 1,220,000.00 3 to 4 years 7,153,494.10 315,254.85 4 to 5 years 37,300.00 1,210,250.41 More than 5 years 119,932,491.29 117,529,174.32

224,652,688.26 123,750,727.14 Less: Bad debt provision 131,843,868.35 120,441,003.30 Total 92,808,819.91 3,309,723.84 (2) Classification by nature of payment

2025 2024 Deposits and security deposits 1,129,225.70 1,122,438.75 Reserve funds 1,532,222.11 298,142.85 Accounts from related parties 4,651,418.15 212,183.15 Others 7,940,784.15 5,512,858.34 Compensation for land purchase and storage 92,793,934.10 - Equity transfer payment (Note) 116,605,104.05 116,605,104.05 Total 224,652,688.26 123,750,727.14 Note: The equity transfer payment is the end of the amount receivable from Shenzhen Xifeng Jiaye Investment Co., Ltd. for the transfer of the equity of Hubei Guangren Pharmaceutical Co., Ltd. held by Zhengzhou Laishi Blood Products Co., Ltd., a subsidiary of the company, in previous years.

money. In 2024, the Group went through court enforcement and recovered the amount of RMB 14,895.95. As of this financial year Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of the date when the RMB financial statements are approved for issuance in 2025, the remaining balance has not yet been recovered. The Group has made full provision for this other receivables

Provision for bad debts.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Other receivables (continued)

(3) Bad debt provision accrual

2025 2024

Book balance Bad debt provision Book value Book balance Bad debt provision Book value amount Proportion Amount Provision proportion Amount Proportion Amount Provision proportion

(%) (%) (%) (%)

Single provision for bad debts 118,965,898.50 52.96 118,965,898.50 100.00 - 118,979,898.50 96.14 118,979,898.50 100.00 - Combined by credit risk characteristics

Provision for bad debts 105,686,789.76 47.04 12,877,969.85 12.19 92,808,819.91 4,770,828.64 3.86 1,461,104.80 30.63 3,309,723.84 Total 224,652,688.26 100.00 131,843,868.35 92,808,819.91 123,750,727.14 100.00 120,441,003.30 3,309,723.84Shanghai RAASH Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Other receivables (continued)

(3) Bad debt provision accrual (continued)

The situation of other receivables with single provision for bad debts is as follows:

2025

Book balance Bad debt provision Proportion of provision (%) Reason for provision

Shenzhen Xifeng Jiaye Investment Co., Ltd.

Company 116,605,104.05 116,605,104.05 100.00 Failure to pay as agreed Yiyuan Economic Development Zone Management Committee

Will 1,180,000.00 1,180,000.00 100.00 Expected to be irrecoverable Shenzhen Kailong Shengye Trading Co., Ltd.

The Company and He Xiaoling 1,026,947.45 1,026,947.45 100.00 Estimated to be irrecoverable Wang Anye-Employee Loan 149,700.00 149,700.00 100.00 Estimated to be irrecoverable in Nanning City, Guangxi Zhuang Autonomous Region

Level People's Court 4,147.00 4,147.00 100.00 Estimated to be irrecoverable

Total 118,965,898.50 118,965,898.50

2024

Book balance Bad debt provision Proportion of provision (%) Reason for provision

Shenzhen Xifeng Jiaye Investment Co., Ltd.

Company 116,605,104.05 116,605,104.05 100.00 Failure to pay as agreed Yiyuan Economic Development Zone Management Committee

Will 1,190,000.00 1,190,000.00 100.00 Expected to be irrecoverable Shenzhen Kailong Shengye Trading Co., Ltd.

The Company and He Xiaoling 1,026,947.45 1,026,947.45 100.00 Estimated to be irrecoverable Wang Anye-Employee Loan 153,700.00 153,700.00 100.00 Estimated to be irrecoverable in Nanning City, Guangxi Zhuang Autonomous Region

Level People's Court 4,147.00 4,147.00 100.00 Estimated to be irrecoverable

Total 118,979,898.50 118,979,898.50

As of December 31, 2025, the situation of other receivables for which the group has provided bad debt provisions is as follows:

2025

Book balance Impairment provision Proportion of provision (%)

Within 1 year 97,188,786.05 4,675,366.79 5 1 to 2 years 311,729.27 31,172.95 10 2 to 3 years 24,740.55 9,896.22 40 More than 3 years 8,161,533.89 8,161,533.89 100 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

Total 105,686,789.76 12,877,969.85 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Other receivables (continued)

(4) Bad debt provisions

Changes in bad debt provisions for other receivables are as follows:

Balance at the beginning of the year Provision for the year Recovery or reversal for the year Write-off for the year Others Individual provision for bad debts for the year-end balance 118,979,898.50 - (14,000.00) - - 118,965,898.50 Grouped by credit risk characteristics

Total provision for bad debts 1,461,104.80 12,495,279.83 (1,689,797.28) (93,600.00) 704,982.50 12,877,969.85Total 120,441,003.30 12,495,279.83 (1,703,797.28) (93,600.00) 704,982.50 131,843,868.35 The amount of bad debt provision reversed this year is 1,703,797.28 yuan, and there is no important reversal of amounts.

(5) Other receivables actually written off

The actual write-off amount this year was RMB 93,600.00, and there were no important write-offs.

(6) The top five other receivables in terms of year-end balances collected by debtors

Unit name Nature of payment Ending balance Account age Proportion to the total annual balance of other receivables and bad debt provisions Ending balance

(%)

Shenzhen Xifeng Jiaye

Investment Co., Ltd. Equity transfer amount 116,605,104.05 More than 3 years 51.90 116,605,104.05 Hengyang City Land Reserve Land acquisition and storage compensation

Center Gold 85,212,500.00 Within 1 year 37.93 4,260,625.00 Xinhua County Natural Resources Land Acquisition and Storage Compensation

Reserve Center Gold 8,757,149.00 More than 3 years 3.90 8,757,149.00 Haiyingkang (Qingdao)

MEDICAL TECHNOLOGY LIMITED.

Company Accounts with related parties 4,439,235.00 Within 1 year 1.98 221,961.75Yiyuan Economic Development Zone

Management Committee Others 1,180,000.00 More than 3 years 0.53 1,180,000.00 Total 216,193,988.05 96.24 131,024,839.80 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Inventory

(1) Inventory classification

2025 2024

Book balance Provision for price decline Book value Book balance Provision for price decline Book value Raw materials 885,766,143.43 326,735.80 885,439,407.63 620,308,526.29 1,448,279.94 618,860,246.35 Work in progress 981,341,226.08 58,609,391.21 922,731,834.87 797,388,352.23 29,648,034.40 767,740,317.83 Inventory goods 3,551,127,994.30 297.99 3,551,127,696.31 2,905,192,230.59 690,450.35 2,904,501,780.24 Low-value consumables 6,343,343.23 - 6,343,343.23 1,422,023.07 - 1,422,023.07Total 5,424,578,707.04 58,936,425.00 5,365,642,282.04 4,324,311,132.18 31,786,764.69 4,292,524,367.49 (2) Provision for inventory decline

Balance at the beginning of the year Provision for the year Decrease during the year Ending balance

Transfer or resale Others

Raw materials 1,448,279.94 1,008,854.98 (2,165,299.09) 34,899.97 326,735.80 Products in progress 29,648,034.40 54,377,283.98 (25,415,927.17) - 58,609,391.21 Inventory goods 690,450.35 142,118.01 (832,270.37) - 297.99 Total 31,786,764.69 55,528,256.97 (28,413,496.63) 34,899.97 58,936,425.00 Inventories are valued at the lower of cost and net realizable value on the balance sheet date. Net realizable value is determined based on the net value of the estimated selling price minus further processing costs and estimated sales expenses and related taxes in daily activities. The inventory depreciation provisions written off this year are the inventory depreciation provisions related to scrapped inventories.

Non-current assets due within one year

2025 2024 Time deposits maturing within one year 705,313,519.79 -

Other current assets

2025 Input tax to be deducted/certified in 2024 47,712,001.13 129,685,065.57 Prepaid tax 58,625,613.48 7,697,167.95 Total 106,337,614.61 137,382,233.52 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Long-term equity investment

(1) Long-term equity investment situation

Beginning of the year Beginning of the year Changes in the year End of the year Provision for investment losses under the equity method at the end of the year

Book value Impairment provision Additional investment Decrease in investment Profit Other comprehensive income Other changes in equity Declaration of cash dividends Value provision Others Book value Impairment provision Associates

Tongfang Laishi Pharmaceutical Industry Investment

Capital (Guangdong) Co., Ltd.

Division 293,061,194.64 - - - 4,280,251.74 (790,456.70) - - - - 296,550,989.68 - GrifolsDiagnostic

Solutions, Inc. (named as

(hereinafter referred to as "GDS")

(Note) 15,086,182,030.81 - - - 348,578,541.97 (267,408,180.97) 1,958,557.50 (223,799,423.50) - 27,668,699.58 14,973,180,225.39 -

Total 15,379,243,225.45 - - - 352,858,793.71 (268,198,637.67) 1,958,557.50 (223,799,423.50) - 27,668,699.58 15,269,731,215.07 -

Note: GDS is a blood testing company registered in Emeryville, California, USA, engaged in the production of blood testing equipment and reagents. It mainly produces nucleic acid testing, immune antigens and blood type testing related products. GDS's main factories are located in Emeryville and San Diego, California, USA, and its subsidiary factories are mainly located in Barcelona and Bilbao, Spain. The ultimate holding company of GDS is Grifols, S.A. (hereinafter referred to as "Grifols"). The main financial information of GDS is detailed in VIII. 3(2).

The recoverable amount is determined as the net amount after deducting disposal costs from fair value when testing for impairment of long-term equity investments. The fair value is determined using the income method, and the disposal expenses are expenses related to asset disposal. Key parameters include discount rate and revenue growth rate, which are determined based on historical data, industry market conditions, and approved management profit forecasts.

Notes to the Financial Statements of Shanghai RAAS Blood Products Co., Ltd. (continued)

2025 RMB Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Other non-current financial assets

2025 2024 Funds measured at fair value and changes included in current profits and losses

Financing assets - 297,632.50

Total - 297,632.50 Investee Unit Book balance in this investment unit

Shareholding ratio Balance at the beginning of the year Increase during the year Decrease during the year End balance Guangdong Chuangji No. 8 Venture Capital

partnership (limited

Partnership) 20% 297,632.50 - 297,632.50 -Total 297,632.50 - 297,632.50 - On June 5, 2018, the 29th (extraordinary) meeting of the fourth session of the board of directors of the company passed the "Proposal on Participating in the Investment in Guangdong Chuangji No. 8 Venture Capital Partnership (Limited Partnership)". On June 13, 2018, the company invested RMB 3 million in investment Guangdong Chuangji No. 8 Venture Capital Partnership (Limited Partnership) (total registered capital is RMB 15 million). The specific affairs of Guangdong Chuangji No. 8 Venture Capital Partnership (Limited Partnership) are executed by the general partners. As a limited partner, the Company does not have significant influence. The Company includes the financial assets that are intended to be held for a long time and are measured at fair value and whose changes are included in current profits and losses into other non-current financial assets. As of December 31, 2025, the investment has been terminated.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Investment real estate

(1) Investment real estate using cost model

Houses and buildings Land use rights Total original price

Balance at the beginning of the year 27,744,190.53 3,890,200.06 31,634,390.59 Balance at the end of the year 27,744,190.53 3,890,200.06 31,634,390.59 Accumulated depreciation and amortization

Balance at the beginning of the year 24,252,376.17 1,332,967.41 25,585,343.58 Provision 286,019.04 77,804.04 363,823.08 Balance at the end of the year 24,538,395.21 1,410,771.45 25,949,166.66 Impairment provision

Balance at the beginning of the year - - - Balance at the end of the year - - - Book value

End of the year 3,205,795.32 2,479,428.61 5,685,223.93 Beginning of the year 3,491,814.36 2,557,232.65 6,049,047.01 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Fixed assets

2025 2024

Fixed assets 2,254,476,320.78 1,615,134,491.12

(1) Fixed assets

Houses and buildings Machinery and equipment Transportation Electronics and other equipment Total original price

Balance at the beginning of the year 1,660,828,273.03 910,728,119.96 61,680,509.48 316,428,494.50 2,949,665,396.97 Purchase 11,631,984.67 47,707,475.63 4,828,075.50 19,585,983.31 83,753,519.11 Transfer of construction in progress 118,045,905.88 33,671,799.23 - 4,517,396.21 156,235,101.32 Business merger 423,412,618.26 131,283,620.39 5,737,163.02 18,851,613.35 579,285,015.02Disposal or scrap (20,222,311.07) (25,808,459.92) (3,676,001.43) (8,339,765.15) (58,046,537.57) Year-end balance 2,193,696,470.77 1,097,582,555.29 68,569,746.57 351,043,722.22 3,710,892,494.85 Accumulated depreciation

Balance at the beginning of the year 486,939,068.01 582,799,109.73 39,263,760.87 223,885,768.15 1,332,887,706.76 Provision 76,014,041.68 64,223,686.53 7,719,637.30 25,782,965.70 173,740,331.21 Disposal or scrapping (17,857,425.53) (22,394,725.66) (3,367,498.92) (8,235,412.88) (51,855,062.99) Ending balance 545,095,684.16 624,628,070.60 43,615,899.25 241,433,320.97 1,454,772,974.98 Impairment provision

Balance at the beginning of the year - 1,643,199.09 - - 1,643,199.09 Balance at the end of the year - 1,643,199.09 - - 1,643,199.09 Book value

Year-end 1,648,600,786.61 471,311,285.60 24,953,847.32 109,610,401.25 2,254,476,320.78

At the beginning of the year 1,173,889,205.02 326,285,811.14 22,416,748.61 92,542,726.35 1,615,134,491.12 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Fixed assets (continued)

(2) Fixed assets for which title certificates have not been obtained

Book Value Reasons for Not Obtaining the Property Certificate

Houses and buildings 131,230,543.89 In process

Construction in progress

2025 2024

Construction in progress 393,005,643.11 289,214,614.52

(1) Projects under construction

2025 2024

Book balance Impairment provision Book value Book balance Impairment provision Book value

Shanghai RAAS Blood Products Intelligence

Energy and chemical production base 231,193,315.82 - 231,193,315.82 110,393,148.11 - 110,393,148.11 Guangxi RAIS overall upgrade

Manufacturing projects 123,057,739.08 - 123,057,739.08 91,660,999.46 - 91,660,999.46 Used for surgical hemostasis or

closed fibrin-containing

of pro-and/or thrombin

biodegradable membrane products

Construction project 23,032,428.05 - 23,032,428.05 - - - Xingping pulp station construction project 14,218,355.00 - 14,218,355.00 - - - Shanglin pulp station construction project - - - 33,411,348.86 - 33,411,348.86 Wuhe pulp station construction project - - - 14,945,329.89 - 14,945,329.89 Fengzhen Pulp Station Construction Project - - - 10,069,062.85 - 10,069,062.85 Shanghai RAAS Alcohol Waste Liquid Reduction

Quantitative processing project - - - 7,573,625.00 - 7,573,625.00 Shanghai RAAS fully automatic packaging

Line projects - - - 7,346,171.03 - 7,346,171.03 Tonglu Biological Blood Products Intelligent

Construction of energy and chemical production workshop

Project - - - 5,553,979.53 - 5,553,979.53 Shanghai RAAS No. 2 filling line

Renovation project - - - 3,372,929.79 - 3,372,929.79 Others 1,503,805.16 - 1,503,805.16 4,888,020.00 - 4,888,020.00

Total 393,005,643.11 - 393,005,643.11 289,214,614.52 - 289,214,614.52Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Construction in progress (continued)

(2) Changes in important projects under construction

Project investment transferred in this year accounts for

Project budget balance at the beginning of the year Consolidated increase during the year Increase in fixed assets Other decreases at the end of the year Budget proportion Project progress Source of funds

Self-owned funds Shanghai RAAS blood products intelligence and financial institutions

Energy and chemical production base 1,600,000,000.00 110,393,148.11 - 120,800,167.71 - - 231,193,315.82 14.45% 14.45% Structural loan Guangxi RAIS overall upgrade and reform

Manufacturing projects (note) 97,893,500.00 91,660,999.46 - 34,902,864.50 (3,104,566.50) (401,558.38) 123,057,739.08 90.69% 90.69% Own funds are used for surgical hemostasis or

closed fibrin-containing

progenitor and/or thrombin production

Biodegradable membrane product construction

Project 23,036,523.59 - - 23,032,428.05 - - 23,032,428.05 99.98% 99.98% Own funds Xingping pulp station construction project 82,917,600.00 - - 14,218,355.00 - - 14,218,355.00 17.15% 17.15% Own funds Wuhe pulp station construction project 40,000,000.00 14,945,329.89 - 10,429,442.63 (24,642,151.24) (732,621.28) - 63.44% 100.00% Own funds Fengzhen pulp station construction project 25,000,000.00 10,069,062.85 - 12,798,529.01 (22,867,591.86) - - 91.47% 100.00% Self-owned capital return pulp station construction project 33,059,927.75 - 9,838,362.82 23,355,054.93 (33,059,927.75) (133,490.00) - 100.00% 100.00% Own funds

Total 1,901,907,551.34 227,068,540.31 9,838,362.82 239,536,841.83 (83,674,237.35) (1,267,669.66) 391,501,837.95

Note: The actual investment in the overall upgrading and transformation project of Guangxi RAAS covers the cost of the original factory buildings and equipment. This part of the expenditure is not included in the budget, and the budget only reflects the new investment content.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Right-of-use assets

(1) Right-of-use assets

House and building costs

Balance at the beginning of the year 22,635,792.46 Increase 1,002,095.34 Disposal (168,894.63) Balance at the end of the year 23,468,993.17 Accumulated depreciation

Balance at the beginning of the year 4,723,745.37 Provision for impairment of 4,141,604.54 (168,894.63) Balance at the end of the year 8,696,455.28

Balance at the beginning of the year - Balance at the end of the year - Book value

End of the year 14,772,537.89 Beginning of the year 17,912,047.09 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Intangible assets

(1) Intangible assets

Land use rights, patent rights, non-patented technology, software, business rights, trademark rights, total original price

Balance at the beginning of the year 224,961,900.37 32,192,348.73 105,970,601.31 52,531,901.33 312,962,966.40 728,619,718.14 Purchase 2,853,792.51 - - 7,566,693.19 - - 10,420,485.70 Construction in progress

Transfer - - - 2,586,265.00 - - 2,586,265.00Business combination 144,665,163.79 150,340,000.00 - 4,433,150.28 - 40,191.75 299,478,505.82Disposal (9,737,820.63) - - (532,810.00) - - (10,270,630.63) Year-end balance 362,743,036.04 182,532,348.73 105,970,601.31 66,585,199.80 312,962,966.40 40,191.75 1,030,834,344.03 Accumulated amortization

Balance at the beginning of the year 49,924,878.36 11,507,607.75 104,262,616.89 26,203,438.28 51,712,966.40 - 243,611,507.68 Provision 14,660,490.79 4,773,189.26 1,072,912.29 7,220,902.60 27,500,000.03 5,308.34 55,232,803.31Disposal (60,073.94) - - (499,649.28) - - (559,723.22) Ending balance 64,525,295.21 16,280,797.01 105,335,529.18 32,924,691.60 79,212,966.43 5,308.34 298,284,587.77 Impairment provision

Balance at the beginning of the year - - - - - - - Provision - - - - - - - Write-off - - - - - - - Balance at the end of the year - - - - - - - Book value

End of the year 298,217,740.83 166,251,551.72 635,072.13 33,660,508.20 233,749,999.97 34,883.41 732,549,756.2 Beginning of the year 175,037,022.01 20,684,740.98 1,707,984.42 26,328,463.05 261,250,000.00 - 485,008,210.46 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Goodwill

(1) Original value of goodwill

Balance at the beginning of the year Increase during the year Decrease during the year Balance at the end of the year

Business combination disposal

Nanyue Biopharmaceutical Co., Ltd. - 3,219,953,519.65 - 3,219,953,519.65 Tonglu Biopharmaceutical Co., Ltd. 3,936,576,509.82 - - 3,936,576,509.82 Zhengzhou Laishi Blood Products Co., Ltd. 1,475,750,671.94 - - 1,475,750,671.94 Guangxi Laishi Biopharmaceutical Co., Ltd. 370,574,505.16 - - 370,574,505.16 Zhejiang Haikang Biological Products Co., Ltd.

Company 220,516,987.81 - - 220,516,987.81 Plasma apheresis in Tonglu, Yeji District, Lu'an City

Station Co., Ltd. 26,412,075.47 - - 26,412,075.47 Huaiyuan County Tonglu Plasma Apheresis Station Co., Ltd.

Company 23,694,766.78 - - 23,694,766.78 Fengtai County Tonglu Plasma Apheresis Station Co., Ltd.

Company 21,008,714.47 - - 21,008,714.47 Lingbi County Tonglu Plasma Apheresis Station Co., Ltd.

Company 15,485,802.32 - - 15,485,802.32 Xingping Laishi Plasma Collection Station Co., Ltd.

Company 2,735,470.00 - - 2,735,470.00 Daxin Laisi Plasma Apheresis Co., Ltd. 472,958.11 - - 472,958.11 Dahua Laisi Plasma Apheresis Co., Ltd. 357,354.23 - - 357,354.23 Mashan Laisi Plasma Apheresis Co., Ltd. 186,919.37 - - 186,919.37

Total 6,093,772,735.48 3,219,953,519.65 - 9,313,726,255.13

(2) Goodwill impairment provision

Balance at the beginning of the year Increase during the year Decrease during the year Balance at the end of the year

Provision Disposal

Zhengzhou Laishi Blood Products Co., Ltd. 988,053,899.16 - - 988,053,899.16 Zhejiang Haikang Biological Products Co., Ltd.

Company 29,540,192.13 94,021,606.57 - 123,561,798.70 Xingping Laishi Plasma Collection Station Co., Ltd.

Company 2,735,470.00 - - 2,735,470.00

Total 1,020,329,561.29 94,021,606.57 - 1,114,351,167.86 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Goodwill (continued)

(3) Relevant information about the asset group or asset group combination where the goodwill is located

The composition and basis of the asset group or asset group combination to which it belongs. The operating segment and basis to which it belongs. Is it the same as in previous years?

remain consistent

Tonglu Biopharmaceutical Co., Ltd. The subsidiaries acquired when forming goodwill are divided into a single asset group. The group has only one operating segment, which is

The cash inflow generated is basically independent of other assets or capital. For details, see 16.6

Cash inflow generated by the production group.

The subsidiaries acquired when Zhengzhou RAIS Blood Products Co., Ltd. formed goodwill were divided into a single asset group. The Group has only one operating segment, which is

The cash inflow generated by the company is basically independent of other assets or capital. For details, see 16.6

Cash inflow generated by the production group.

The subsidiaries acquired by Guangxi Raishi Biopharmaceutical Co., Ltd. when forming goodwill are divided into a single asset group. The group has only one operating segment, which is

The cash inflow generated by the company is basically independent of other assets or capital. For details, see 16.6

Cash inflow generated by the production group.

The subsidiaries acquired by Zhejiang Haikang Biological Products Co., Ltd. when forming goodwill are divided into individual asset groups. The Group has only one operating segment.

The cash inflow generated by the responsible company is basically independent of other assets or capital. For details, see 16.6

Cash inflow generated by the production group. Yes

Nanyue Biopharmaceutical Co., Ltd. The subsidiaries acquired when forming goodwill are divided into individual asset groups. The Group has only one operating segment.

The cash inflow generated is basically independent of other assets or capital. For details, see 16.6

Cash inflow generated by the production group. Not applicable

(4) Specific determination method of recoverable amount

The recoverable amount is determined based on the present value of expected future cash flows:

The key parameters in the stable period belong to the shareholders of the parent company during the forecast period. The key parameters in the forecast period are determined based on the book value, the recoverable amount, and the overall impairment amount.

Revenue Growth 0% - Financials Approved

38% Revenue growth rate 0% Budget, related information Nanyue Biopharmaceutical Co., Ltd. Gross profit 30%-56% Gross profit margin 56% Asset group of the specific risk department of the production group 4,090,001,881.12 4,180,000,000.00 - - 10 years Discount rate 9.6% Discount rate 9.6% After-tax discount rate

Revenue Growth 3% - Financials Approved

15% Revenue growth rate 0% Budget, related assets Tonglu Biopharmaceutical Co., Ltd. Gross profit margin 49%-54% Gross profit margin 54% Asset group of the specific risk department of the production group 5,118,181,895.59 5,220,000,000.00 - - 5 years Discount rate 9.6% Discount rate 9.6% After-tax discount rate

Revenue Growth Rate - Approved Financials

17%-60% Revenue growth rate 0% Budget, related capital Zhengzhou RAIS Blood Products has Gross profit margin 25%-55% Gross profit margin 54% Production Group Specific Risk Co., Ltd. Asset Group 654,925,112.65 851,000,000.00 - - 8 years Discount rate 9.6% Discount rate 9.6% After-tax discount rate

Revenue Growth 3% - Financials Approved

39% Revenue growth rate 0% Budget, related capital Guangxi Laishi Biopharmaceutical has Gross profit margin 6%-51% Gross profit margin 51% Asset Group of Production Group Specific Risk Co., Ltd. 617,383,787.05 632,000,000.00 - - 8 years Discount rate 10.5% Discount rate 10.5% After-tax discount rate

Revenue Growth 3% - Financials Approved

61% Revenue growth rate 0% Budget, related assets Zhejiang Haikang Biological Products has Gross profit margin 19%-34% Gross profit margin 34% Production group specific risk limited liability company asset group 295,468,451.74 191,000,000.00 104,468,451.74 94,021,606.57 5 years Discount rate 9.8% Discount rate 9.8% after-tax discount rate Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

Total 10,775,961,128.15 11,074,000,000.00 104,468,451.74 94,021,606.57 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Long-term deferred expenses

Balance at the beginning of the year Consolidated increase for the year Increase for the year Amortization for the year Other decreases Year-end balance Decoration expenses 26,132,170.84 - 8,218,703.81 (7,235,262.26) - 27,115,612.39 Others 2,340,547.00 486,772.73 981,017.00 (1,195,249.11) - 2,613,087.62Total 28,472,717.84 486,772.73 9,199,720.81 (8,430,511.37) - 29,728,700.01

Deferred income tax assets/liabilities

(1) Deferred income tax assets without offset

2025 2024

Deductible temporary differences Deferred income tax assets Deductible temporary differences Deferred income tax assets Asset impairment provision 350,189,617.84 58,157,339.41 288,752,003.11 47,710,980.13 Unrealized profits from internal transactions 79,738,331.80 11,960,749.77 23,473,463.93 3,521,019.59 Deferred income 9,447,325.47 1,417,098.82 6,701,701.87 1,005,255.28 Other expenses mentioned in advance 194,633,101.68 35,195,221.90 141,379,077.53 21,206,861.63 Lease liabilities 14,384,985.65 3,377,349.28 16,235,696.90 3,965,736.00 Equity incentives 15,757,001.93 2,363,550.29 38,987,200.00 5,848,080.00 Uncovered losses 20,969,836.68 3,368,961.83 3,053,780.28 763,445.07Total 685,120,201.05 115,840,271.30 518,582,923.62 84,021,377.70 (2) Deferred income tax liabilities without offset

2025 2024

Taxable temporary differences Deferred income tax liabilities Taxable temporary differences Deferred income tax liabilities Non-common control enterprise merger assets

Appraisal value added 367,919,585.19 57,263,937.78 69,797,345.43 14,769,766.15 One-time deduction for fixed assets 32,365,022.13 4,854,753.32 16,691,293.14 4,068,922.75 Unrealized profits from internal transactions 10,379,485.92 1,953,238.67 - - Right-of-use assets 12,885,733.80 3,137,706.33 32,395,304.27 4,859,295.64 Total 423,549,827.04 67,209,636.10 118,883,942.84 23,697,984.54 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Deferred income tax assets/liabilities (continued)

(3) Deferred income tax assets or liabilities presented on a net basis after offsetting

2025 2024

Offset amount Balance after offset Offset amount Balance after offset Deferred income tax assets 22,320,918.78 93,519,352.52 8,877,844.96 75,143,532.74 Deferred income tax liabilities 22,320,918.78 44,888,717.32 8,877,844.96 14,820,139.58 (4) Unrecognized details of deferred income tax assets

2025 2024 Deductible losses 631,830,750.21 596,820,818.84 Deductible temporary differences 3,823,299.57 13,475,498.42 Total

635,654,049.78 610,296,317.26 (5) Maturity date analysis of deductible losses of unrecognized deferred income tax assets

2025 2024 2025 - 88,391,098.60 2026 130,321,313.83 123,205,130.59 2027 145,319,723.30 140,218,999.12 2028 134,498,510.68 121,028,136.54 2029 141,567,037.58 123,977,453.99 2030 and beyond 80,124,164.82 -Total 631,830,750.21 596,820,818.84

Other non-current assets

2025 2024

Book balance Impairment provision Book value Book balance Impairment provision Book value Long-term asset prepayments 95,259,237.90 - 95,259,237.90 6,168,177.77 - 6,168,177.77 Due in more than one year

Bank time deposits 734,253,588.73 - 734,253,588.73 1,397,643,532.45 - 1,397,643,532.45 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB Others 7,762,611.03 - 7,762,611.03 - - -Total 837,275,437.66 - 837,275,437.66 1,403,811,710.22 - 1,403,811,710.22Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Assets with restricted ownership or rights of use

2025

Book balance Book value Restriction type Restriction situation

Guarantee deposit/monetary funds involved 1,999,392.24 1,999,392.24 Freeze Suit to freeze in 2024

Book balance Book value Restriction type Restriction situation

Guarantee deposit/monetary funds 3,644,320.25 3,644,320.25 Freeze Litigation-related freeze

Short-term borrowings

2025 2024 Discount of notes receivable 27,344,942.24 - Credit borrowings 1,239,067,046.27 - Discount of letters of credit 43,000,000.00 - Total 1,309,411,988.51 - As of December 31, 2025, the Group had no overdue loans.

Accounts payable

(1) Presentation of accounts payable

2025 2024 Materials payable 87,469,863.98 43,378,324.40 Purchased goods payable 253,172,554.25 1,029,438,355.96 Others 2,374,902.16 3,674,451.27Total 343,017,320.39 1,076,491,131.63 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB (2) Important accounts payable aged more than 1 year or overdue

As of December 31, 2025, there were no important accounts payable aged more than 1 year or overdue. Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Contract liabilities

(1) Presentation of contract liabilities

2025 Advances from sales of goods in 2024 3,544,859.78 4,688,504.63 (2) Important contract liabilities aged more than 1 year

As of December 31, 2025, the Group had no significant contract liabilities aged more than one year.

Employee benefits payable

(1) Presentation of employee benefits payable

Balance at the beginning of the year Increase during the year Decrease during the year Ending balance Short-term compensation 176,118,195.04 811,575,141.22 815,729,525.16 171,963,811.10 Post-employment benefits (set

Contribution plan) 1,761,453.76 70,267,741.20 68,561,763.99 3,467,430.97 Termination benefits 5,308.00 3,467,445.90 3,317,424.90 155,329.00Total 177,884,956.80 885,310,328.32 887,608,714.05 175,586,571.07 (2) Presentation of short-term remuneration

Balance at the beginning of the year Increase during the year Decrease during the year End balance Salaries, bonuses, allowances and

Subsidies 173,457,663.33 674,118,764.50 682,115,020.77 165,461,407.06 Employee welfare fees 118,720.23 44,056,795.84 41,887,568.43 2,287,947.64 Social insurance premiums 1,093,182.37 34,890,984.25 34,259,271.01 1,724,895.61 Including: medical insurance premiums 1,013,289.26 31,903,495.80 31,360,739.03 1,556,046.03 Work-related injury insurance premium 69,841.39 2,648,290.02 2,551,514.03 166,617.38

Maternity insurance premium 10,051.72 339,198.43 347,017.95 2,232.20 Housing provident fund 838.00 43,393,039.96 42,656,302.96 737,575.00 Trade union funds and employee education

Funds 1,038,718.43 9,088,985.01 8,830,462.80 1,297,240.64 Other short-term remuneration 409,072.68 6,026,571.66 5,980,899.19 454,745.15 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

Total 176,118,195.04 811,575,141.22 815,729,525.16 171,963,811.10 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Employee benefits payable (continued)

(3) Display of defined contribution plan

Balance at the beginning of the year Increase during the year Decrease during the year Balance at the end of the year Basic pension insurance premium 1,709,145.95 68,027,244.25 66,355,031.66 3,381,358.54 Unemployment insurance premium 52,307.81 2,240,496.95 2,206,732.33 86,072.43 Total 1,761,453.76 70,267,741.20 68,561,763.99 3,467,430.97

Taxes payable

2025 2024 Value-added tax 14,588,079.38 15,944,498.66 Corporate income tax 45,347,699.56 25,937,932.33 Personal income tax 2,250,103.80 3,428,095.27 Urban maintenance and construction tax 855,688.40 966,184.07 Education fee surcharge 647,737.77 714,650.18 Others 4,025,130.69 4,403,487.16 Total 67,714,439.60 51,394,847.67

Other payables

2025 Dividends payable in 2024 100,504,214.14 - Other payables 619,907,601.23 336,445,107.20 Total 720,411,815.37 336,445,107.20 Dividends payable

2025 Common stock dividends payable in 2024 100,504,214.14 -Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Other payables (continued)

Other payables

(1) Classification by nature of payment

2025 Equity acquisition payable in 2024 234,750,732.00 - Payable for engineering and equipment 116,132,091.51 58,134,630.78 Business promotion fee 63,477,472.51 67,381,739.10 Sales discount 50,065,524.47 - Accrued expenses 47,741,785.98 74,533,142.85 Restricted stock repurchase obligations 44,118,543.34 76,354,120.00 Deposits and margins 21,351,253.37 8,831,717.13 Accounts with related parties 415,326.54 6,079,036.16 Others 41,854,871.51 45,130,721.18 Total 619,907,601.23 336,445,107.20

(2) Important other payables aged more than 1 year or overdue

As of December 31, 2025, there were no important other payables aged more than 1 year or overdue.

Non-current liabilities due within one year

2025 2024 Long-term borrowings due within one year 107,930,761.67 - Long-term employee benefits due within one year 5,103,155.47 - Lease liabilities due within one year 3,408,987.36 4,608,643.95 Total 116,442,904.50 4,608,643.95

Other current liabilities

2025 2024 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Output tax to be transferred in RMB in 2025 142,664.31 226,252.35Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Long-term borrowings

2025 2024 Credit borrowings 2,473,221,377.63 - As of December 31, 2025, the annual interest rate of the above borrowings is 2.24% to 2.75%.

As of December 31, 2025, the Group had no long-term loans that were overdue or in violation of contract conditions.

Lease liabilities

2025 2024 Lease liabilities 13,799,312.80 17,594,514.24 Less: Lease liabilities due within one year 3,408,987.36 4,608,643.95 Total 10,390,325.44 12,985,870.29

Long-term employee benefits payable

(1) Presentation of long-term employee benefits payable

2025 2024 Long-term dismissal benefits 23,853,828.23 - Other long-term employee benefits 28,152,277.41 - Less: long-term employee benefits due within one year 5,103,155.47 - Total 46,902,950.17 -Long-term employee benefits payable are mainly liabilities arising from the early retirement and post-employment benefit arrangements of some of the original employees of Nanyue Biopharmaceutical Co., Ltd. acquired by the company in 2025.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Long-term employee benefits payable (continued)

(2) Changes in long-term employee compensation payable

2025

Long-term dismissal benefits Other long-term employee benefits

Balance at the beginning of the year - - Consolidated increase 26,540,237.80 29,981,728.66 Current service costs - 35,765.91 Past service costs 1,788,295.22 371,862.98 Settlement gains or losses (2,151,911.08) - Net interest 199,900.57 341,399.30 Actuarial gain or loss - (429,682.00) Benefits paid (2,522,694.28) (2,148,797.44)

Balance at the end of the year 23,853,828.23 28,152,277.41

(3) Significant assumptions on long-term employee benefits payable

Long-term dismissal benefits Other long-term employee benefits

Discount rate 1.50% 2.20% Annual growth rate of refundable wages 5.00% - Annual growth rate of social average wage 6.00% - Annual growth rate of minimum wage 3.00% - Annual growth rate of physical examination fee 2.00% - Duration (year) 4.04 15.35 Mortality assumption China’s personal insurance industry experience China’s personal insurance industry experience

Life table (2010- Examination of life table (2010-

1. Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Deferred income

Balance at the beginning of the year Increase during the year Decrease during the year Balance at the end of the year Government subsidies 10,960,335.81 1,657,728.92 (1,285,484.49) 11,332,580.24 Others - 2,871,679.99 (598,698.65) 2,272,981.34 Total 10,960,335.81 4,529,408.91 (1,884,183.14) 13,605,561.58 Projects involving government subsidies:

Included in this year are other assets related/

Balance at the beginning of the year New income for the year Ending balance related to income R&D center and GSP base

Local project investment subsidy 2,677,500.00 - (270,000.00) 2,407,500.00 Asset production line washing and potting technology

Upgrades and supporting projects

Renovation 2,492,631.53 - (467,368.44) 2,025,263.09 Capacity expansion of asset blood products workshop

Technical transformation project 895,999.98 - (128,000.04) 767,999.94 Other assets 4,894,204.30 1,657,728.92 (420,116.01) 6,131,817.21 Total assets 10,960,335.81 1,657,728.92 (1,285,484.49) 11,332,580.24

Equity capital

Balance at the beginning of the year Increase or decrease during the year Balance at the end of the year

Issuance of new shares, bonus shares, transfer of reserve funds, others, subtotal

Total number of shares 6,637,984,837.00 - - - - - 6,637,984,837.00 As of December 31, 2025, the company's outstanding ordinary shares (A shares) were 6,556,706,885 shares, 12,196,000 restricted shares have been granted and have not been unlocked, and 69,081,952 treasury shares were repurchased, totaling 6,637,984,837 shares.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Capital reserve

Equity premium Other capital reserves Total

Balance at the beginning of the year 13,677,130,979.34 380,650,474.25 14,057,781,453.59 Amount of share-based payment included in shareholders' equity - 19,797,025.57 19,797,025.57 Deferred payment of changes in fair value of share-based payment

Tax impact - (3,361,624.22) (3,361,624.22) Purchase of minority interests - (40,458,156.20) (40,458,156.20) Impact of changes in other equity interests in associates - 1,958,557.50 1,958,557.50 Shareholder investment - 6,233,801.30 6,233,801.30

Year-end balance 13,677,130,979.34 364,820,078.20 14,041,951,057.54

The increase in other capital reserves was mainly due to the inclusion of equity-settled share-based payments in shareholders' equity, deferred income tax assets recognized due to changes in the fair value of share-based payments, the purchase of minority shareholders' interests (see Note 8.2 for details), other changes in equity of associates (see Note 5.10 for details), and the incentive payments invested by shareholders for core employees of the Group.

Treasury stock

Balance at the beginning of the year Increase during the year Decrease during the year Balance at the end of the year

Treasury shares 77,182,580.00 474,984,727.95 (29,212,480.00) 522,954,827.95

On January 13, 2025, the company held the seventh (temporary) meeting of the sixth board of directors, and reviewed and approved the "Proposal on the Plan to Repurchase the Company's Shares", agreeing that the company will use its own or self-raised funds to repurchase the company's shares from the secondary market through centralized bidding transactions for the implementation of employee stock ownership plans or equity incentives. According to the incentive, the total amount of funds to be repurchased shall not be less than RMB 250 million (inclusive) and not to exceed RMB 500 million (inclusive), and the price of the proposed shares to be repurchased shall not exceed RMB 9.55/share (inclusive). The specific number of shares to be repurchased shall be subject to the actual repurchase situation when the share repurchase plan is completed or the repurchase implementation period expires. On October 28, 2025, this repurchase plan has been completed. The company's actual repurchase time range is from April 2, 2025 to October 28, 2025. A total of 69,081,952 shares were repurchased through a special securities account for share repurchase through centralized bidding transactions. The highest transaction price was 7.09 yuan/share, the lowest transaction price was 6.62 yuan/share, the total equity repurchase price was 474,937,179.98 yuan, and the handling fee paid was 47,547.97 yuan.

The decrease in treasury capital during the period was due to the unlocking of restricted stocks.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Other comprehensive income

The accumulated balance of other comprehensive income attributable to shareholders of the parent company in the consolidated balance sheet:

2025

January 1, 2025 Increases and decreases Changes in the remeasurement of the defined benefit plan on December 31, 2025 - 429,682.00 429,682.00 Other comprehensive income that can be converted into profits and losses under the equity method 448,617,926.62 (268,198,637.67) 180,419,288.95 Other comprehensive income convertible to profit or loss under the equity method 448,617,926.62 (267,768,955.67) 180,848,970.95 2024

January 1, 2024 Increases and decreases Other comprehensive income convertible to profit or loss under the equity method on December 31, 2024 255,670,720.32 192,947,206.30 448,617,926.62 Amount of other comprehensive income:

2025

Amount before tax Less: included in the previous period Less: included in the previous period Less: income tax Attributable to parent company shares Attributable to minority other comprehensive income Income transferred to other comprehensive shareholders in the current period Income transferred in the current period

into retained earnings

Cannot be reclassified into profit or loss

other comprehensive income

Remeasurement of defined benefit calculation

Transfer amount 429,682.00 - - - 429,682.00 - Others that will be reclassified into profit and loss

Comprehensive income - Convertible to profit and loss under the equity method

Other comprehensive income (268,198,637.67) - - - (268,198,637.67) -Total (267,768,955.67) - - - (267,768,955.67) - 2024

into retained earnings

Others that will be reclassified into profit and loss

Comprehensive income

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Convertible profits and losses under the RMB equity method in 2025

Other comprehensive income 192,947,206.30 - - - 192,947,206.30 -Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Surplus reserve

Balance at the beginning of the year Increase during the year Decrease during the year The balance at the end of the year Statutory surplus reserve

Accumulation 937,303,880.65 159,891,865.83 - 1,097,195,746.48 According to the provisions of the Company Law and the Company's Articles of Association, the Company appropriates 10% of the net profit to the statutory surplus reserve fund. If the accumulated statutory surplus reserve amounts to more than 50% of the company's registered capital, no further withdrawals may be made.

Undistributed profits

2025 Undistributed profit at the beginning of 2024 9,921,753,178.16 8,318,921,646.19 Plus: Net profit attributable to shareholders of the parent company 1,577,013,862.08 2,193,293,367.26 Less: Appropriation of statutory surplus reserve 159,891,865.83 145,776,857.86

Distribution to shareholders (note) 317,875,597.84 444,684,977.43 Undistributed profits at the end of the year 11,020,999,576.57 9,921,753,178.16 Note: As approved by the shareholders' meeting on May 20, 2025, the company will distribute a cash dividend of RMB 0.33 (tax included) to all shareholders for every 10 shares based on the total share capital on the record date for dividend distribution (excluding the company's shares held in the company's special securities account for repurchase), with an amount of RMB 217,371,383.70.

In addition, after review and approval at the third extraordinary shareholders' meeting of 2025 held on December 15, 2025, the company determined that the equity distribution plan for January to September 2025 is as follows: based on the total share capital on the registration date for dividend distribution (excluding company shares held in the company's special securities account for repurchase), a cash dividend of RMB 0.153 (tax included) will be distributed to all shareholders for every 10 shares, with an amount of RMB 100,504,214.14.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Operating income and operating costs

(1) Operating income and operating costs

2025 2024

Revenue Cost Revenue Cost Main business 7,339,750,266.60 4,600,950,272.90 8,173,614,306.62 4,856,863,223.88 Other businesses 8,432,766.80 1,431,202.79 2,845,741.98 2,049,951.46 Total 7,348,183,033.40 4,602,381,475.69 8,176,460,048.60 4,858,913,175.34 (2) Major customers

In 2025, the operating income of the Group's top five customers is as follows:

Accounting for the group’s total operating income

Proportion of total operating income (%) First place 473,781,872.40 6.45 Second place 457,843,657.79 6.23 Third place 326,259,029.18 4.44 Fourth place 201,934,262.55 2.75 Fifth place 184,010,124.91 2.50

Total 1,643,828,946.83 22.37 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Operating income and operating costs (continued)

(3) Decomposition information of operating income and operating costs

2025

total

Operating income Operating costs

Product type

Self-produced human albumin 1,271,479,949.85 788,454,470.46 Imported human albumin 3,255,511,977.50 2,764,779,475.45 Intravenous human immunoglobulin 1,491,135,961.19 681,051,311.15 Other blood products 1,233,779,558.92 300,589,013.24 Testing equipment and reagents 87,842,819.14 66,076,002.60

Total 7,339,750,266.60 4,600,950,272.90

Business area

Domestic 7,287,309,506.00 4,581,140,080.28 Foreign 52,440,760.60 19,810,192.62

Total 7,339,750,266.60 4,600,950,272.90

Goods transfer time

Transferred at a certain point in time 7,339,750,266.60 4,600,950,272.90

2024

total

Operating income Operating costs

Product type

Self-produced human albumin 1,494,060,050.48 826,320,672.11 Imported human albumin 3,626,557,503.89 3,023,870,814.68 Intravenous human immunoglobulin 1,698,689,402.21 709,654,996.77 Other blood products 1,233,152,408.91 218,891,542.45 Testing equipment and reagents 121,154,941.13 78,125,197.87

Total 8,173,614,306.62 4,856,863,223.88

Business area

Domestic 8,116,923,170.69 4,836,457,878.89 Foreign 56,691,135.93 20,405,344.99

Total 8,173,614,306.62 4,856,863,223.88

Goods transfer time

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

Transferred at a certain point in time 8,173,614,306.62 4,856,863,223.88 The above decomposition information is the decomposition information of main business income and main business costs.

5. Notes on main items of consolidated financial statements (continued)

Operating income and operating costs (continued)

(4) Performance obligations

Recognized revenue comes from:

2025 2024 Book value of contract liabilities at the beginning of the year 4,688,504.63 22,639,352.66 The information related to the Group’s performance obligations is as follows:

The quality provided fulfills the performance obligations. Important payment. Commitment to transfer the goods. Whether it is the main one. Type and time of guarantee. Nature of the terms. Responsible person. Related obligations.

60-90 days letter

Sales of goods When the customer signs for the product, the period of use is: None

Taxes and surcharges

2025 2024 Urban maintenance and construction tax 10,490,339.20 16,730,080.04 Education fee surcharge 7,841,329.90 12,191,051.91 Property tax 15,875,294.19 11,509,207.23 Land use tax 3,651,645.80 2,041,295.14 Others 10,770,016.90 8,704,133.32 Total 48,628,625.99 51,175,767.64 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Selling expenses

2025 2024

Employee compensation 129,994,842.58 120,178,005.56 Business promotion fee 75,644,391.91 126,537,162.28 Business entertainment fee 38,963,445.56 38,206,834.56 Labor fee 38,321,811.01 32,796,772.88 Advertising expenses 33,182,597.79 66,937,686.32 Travel expenses 11,537,687.42 11,048,093.80 Office expenses 1,332,153.87 1,446,305.77 Share-based payment 731,078.37 5,303,945.52 Others 5,106,237.14 5,681,224.17

Total 334,814,245.65 408,136,030.86

Administrative expenses

2025 2024

Employee compensation 274,663,821.54 275,480,404.03 Depreciation and amortization 64,291,295.50 40,486,509.50 Business entertainment expenses 23,318,947.16 19,030,544.20 Intermediary agency fees 16,110,047.86 24,586,190.44 Share-based payment 12,016,105.37 33,093,654.54 Travel expenses 8,701,541.43 7,125,223.85 Office expenses 6,807,277.86 8,602,587.31 Others 63,175,237.21 51,252,637.00

Total 469,084,273.93 459,657,750.87 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Research and development expenses

2025 2024 Employee compensation 68,456,091.83 63,849,146.89 Material consumption 58,354,548.32 66,939,275.58 Test and inspection fees 78,948,768.64 49,483,948.80 Depreciation and amortization 6,915,707.00 5,543,118.88 Share-based payment 5,813,071.16 10,173,321.90 Technology patent license fee - 50,000,000.00 Others 4,883,595.78 4,914,693.72 Total 223,371,782.73 250,903,505.77

Financial charges

2025 2024 Interest expense 44,555,739.73 224,879.00 Less: Interest income 69,728,486.02 120,649,404.30 Less: Interest capitalized amount 443,055.92 - Exchange gains and losses (16,791,773.85) 85,006,455.42 Others 483,453.05 733,744.77 Total (41,924,123.01) (34,684,325.11) The capitalized amount of borrowing costs has been included in construction in progress.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Other income

2025 2024 Refund of personal income tax withheld fees 807,213.76 - Government subsidies related to income 6,646,525.86 41,349,736.13 Government subsidies related to assets 1,285,484.49 2,511,831.65 Total 8,739,224.11 43,861,567.78

Investment income

2025 2024 Long-term equity investment income calculated by equity method 352,858,793.71 334,593,042.39 Investment income from disposal of trading financial assets - 178,918,094.99 Total 352,858,793.71 513,511,137.38

Credit impairment losses

2025 2024 Bad debt losses on accounts receivable 20,405,921.63 43,642,212.43 Bad debt losses on other receivables 10,791,482.55 (658,649.28) Total 31,197,404.18 42,983,563.15

Asset impairment losses

2025 2024 Inventory depreciation loss 55,528,256.97 13,388,396.92 Goodwill impairment loss 94,021,606.57 -Total 149,549,863.54 13,388,396.92 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Income from asset disposals

2025 2024 Income/(loss) from disposal of fixed assets 6,728,914.43 (1,609,471.96) Income from disposal of intangible assets 14,358,599.68 - Others 70,841.52 - Total 21,158,355.63 (1,609,471.96)

Non-operating income

2025 2024 Included in 2025 non-

Recurring profits and losses Fixed asset scrapping income 68,974.96 72,275.31 68,974.96 Income from scrap material disposal 127,880.71 - 127,880.71 Others 2,430,391.73 8,194,389.85 2,430,391.73 Total 2,627,247.40 8,266,665.16 2,627,247.40

Non-operating expenses

2025 2024 Included in 2025 non-

Recurring profits and losses Losses from damage and scrapping of non-current assets 3,104,637.77 13,301,698.45 3,104,637.77 Fines and late fees 187,637.96 2,551,216.45 187,637.96 External donations 4,138,800.59 53,327,739.25 4,138,800.59 Others 3,503,111.13 734,278.63 3,503,111.13Total 10,934,187.45 69,914,932.78 10,934,187.45Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Income tax expenses

2025 Current income tax expense in 2024 357,915,192.73 422,469,112.40 Deferred income tax expense (28,981,212.45) 3,840,126.95 Total 328,933,980.28 426,309,239.35 The relationship between income tax expenses and total profits is as follows:

2025 Total profit in 2024 1,905,528,918.10 2,620,101,148.74 Income tax expenses calculated according to applicable tax rates 285,829,337.72 393,015,172.31 Impact of different tax rates applicable to subsidiaries 47,753,582.39 35,051,664.74 The impact of adjusting income taxes in previous periods (1,502,755.16) (2,846,440.73) The impact of non-taxable income (23,399,125.56) (22,948,652.79) The impact of non-deductible costs, expenses and losses 19,072,842.64 17,885,747.64 Use of deductible losses from previous years 12,156.61 - Deductible temporary differences that have not been recognized as deferred income tax assets in the current period

Impact or impact on deductible losses 22,592,326.74 29,234,575.97 Super deduction for wages of persons with disabilities (137,327.01) - Super deduction for R&D expenses (21,287,058.09) (23,082,827.79) Income tax expense 328,933,980.28 426,309,239.35

Earnings per share

2025 2024

Yuan/share Yuan/share basic earnings per share

Going concern 0.24 0.33 Diluted earnings per share

Going concern 0.24 0.33 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Earnings per share (continued)

Basic earnings per share is calculated by dividing the net profit for the period attributable to the company's common shareholders by the weighted average number of outstanding common shares.

The numerator of diluted earnings per share is calculated based on the net profit for the period attributable to the company's ordinary shareholders. The denominator of diluted earnings per share is equal to the sum of: the weighted average number of outstanding common shares of the parent company included in basic earnings per share; and the weighted average number of common shares that would be added assuming dilutive potential common shares were converted into common shares.

When calculating the weighted average number of ordinary shares increased by the conversion of dilutive potential ordinary shares into issued ordinary shares, dilutive potential ordinary shares issued in previous periods are assumed to be converted at the beginning of the current period; dilutive potential ordinary shares issued in the current period are assumed to be converted on the issuance date.

The specific calculations of basic earnings per share and diluted earnings per share are as follows:

2025 2024

income

Net current period attributable to ordinary shareholders of the Company

profit

Continuing operations 1,577,013,862.08 2,193,293,367.26 shares

The weighted average of the company’s common shares outstanding

Number 6,577,847,722.05 6,616,606,837.00 Dilution effect - weighted average number of common shares

Share-based payment 5,128,846.70 10,689,000.00

After adjustment, the weighted average of the Company’s outstanding ordinary shares

Average 6,582,976,568.75 6,605,917,837.00 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Notes on cash flow statement items

(1) Cash related to operating activities

2025 2024 Other cash received related to operating activities

Current accounts 54,488,139.63 1,464,182.85 Bank deposit interest income 11,188,813.03 24,974,528.49 Government subsidies 9,726,720.96 45,329,736.13 Others 4,203,200.45 7,660,678.01 Total 79,606,874.07 79,429,125.48 Other cash payments related to operating activities

Business promotion fee 133,899,109.17 132,708,206.13 Intermediary agency fee 16,110,047.86 24,586,190.44 Other expenses 470,542,948.49 349,833,614.39 Total 620,552,105.52 507,128,010.96 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Notes to cash flow statement items (continued)

(2) Cash related to investing activities

2025 2024 Cash received related to significant investing activities

Recovery of time deposits 2,096,619,768.28 1,585,973,586.99

Disposal of stock investments - 344,811,143.21 Total 2,096,619,768.28 1,930,784,730.20 Cash paid for important investment activities

Purchase of time deposits 492,760,932.17 2,695,599,755.14

Net cash paid for the acquisition of Nanyue Biotech 3,703,881,262.73 - Total 4,196,642,194.90 2,695,599,755.14 Other cash received related to investing activities

Project deposit 5,416,020.02 1,576,339.00 Total 5,416,020.02 1,576,339.00 Cash paid for other investment activities

Payment of project deposit deposit 5,808,550.00 -

Stock investment fees and taxes - 2,966.99 Total 5,808,550.00 2,966.99 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Notes to cash flow statement items (continued)

(3) Cash related to financing activities

2025 2024 Other cash received related to financing activities

Shareholders’ rewards to core employees of the Group - 6,678,000.00 Bank interest income from special account of raised funds - 132,539.28 Restricted stock subscription - 8,890,440.00 Total - 15,700,979.28

Other cash payments related to financing activities

Lease expenses 5,568,138.85 2,013,961.40 Cash paid to acquire minority interests 54,500,000.07 33,336,690.87 Refund for invalidation of restricted stocks 3,023,096.66 2,274,300.00 Cash paid to repurchase shares 474,984,727.95 -Total 538,075,963.53 37,624,952.27

Changes in various liabilities arising from financing activities are as follows:

Balance at the beginning of the year Increase during the year Decrease during the year Balance at the end of the year

Cash changes Non-cash changes Cash changes Non-cash changes

Long-term and short-term borrowings - 3,659,951,757.00 526,605,618.61 (295,993,247.80) - 3,890,564,127.81 Lease liabilities 17,594,514.24 - 1,772,937.41 (5,568,138.85) - 13,799,312.80 Other payables-restrictive

Stock repurchase obligation 76,354,120.00 - - (3,023,096.66) (29,212,480.00) 44,118,543.34 Other payables - shares payable

Profit - - 317,875,597.84 (217,371,383.70) - 100,504,214.14 Total 93,948,634.24 3,659,951,757.00 846,254,153.86 (521,955,867.01) (29,212,480.00) 4,048,986,198.09 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Supplementary information to the cash flow statement

(1) Supplementary information for cash flow statement

Reconcile net profit to cash flow from operating activities:

2025 2024

Net profit 1,576,594,937.82 2,193,791,909.39 Plus: asset impairment provision 149,549,863.54 13,388,396.92 Credit impairment provision 31,197,404.18 42,983,563.15 Fixed asset depreciation 173,740,331.21 142,190,597.50 Depreciation of right-of-use assets 4,141,604.54 1,866,156.61 Amortization of intangible assets 54,829,746.10 62,862,535.64 Depreciation and amortization of investment real estate 363,823.08 467,484.96 Amortization of long-term deferred expenses 8,430,511.37 10,050,226.91 Disposal of fixed assets, intangible assets and other long-term assets

Loss on assets (21,158,355.63) 1,609,471.96 Loss on scrapping of fixed assets (1,233,375.13) 13,229,423.14 Share-based payment apportionment 19,797,025.57 53,776,252.28 Financial expenses (32,067,203.27) (101,364,413.21) Investment losses (352,858,793.71) (513,511,137.38) Decrease in deferred income tax assets (27,346,595.09) 8,134,130.03 Increase in deferred income tax liabilities (1,634,617.36) (1,201,082.47) Decrease in inventories (757,894,855.55) (638,981,206.83) Decrease in operating receivables (387,331,258.78) (1,228,625,449.10) Increase in operating payables (765,811,420.12) (542,721,902.48)

Net cash flow from operating activities (328,691,227.23) (482,055,042.98)

Significant investing and financing activities not involving cash:

2025 2024

New right-of-use assets 1,002,095.34 17,478,460.73 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

5. Notes on main items of consolidated financial statements (continued)

Supplementary information to the cash flow statement (continued)

(1) Supplementary information to the cash flow statement (continued)

Net changes in cash and cash equivalents:

2025 The year-end balance of cash in 2024 1,338,503,280.50 1,335,240,673.37 Less: The beginning balance of cash 1,335,240,673.37 3,196,311,617.40 Net increase in cash and cash equivalents 3,262,607.13 (1,861,070,944.03) (2) Net cash received from subsidiaries

2025 2024 Cash and cash equivalents paid by subsidiaries acquired this year 4,015,249,268.00 - Less: Cash and cash equivalents held by the company on the date of purchase 311,368,005.27 - Add: Payments made this year by subsidiaries acquired in previous years and other business units

Cash and cash equivalents - 34,000,000.00 Net cash paid to acquire subsidiaries 3,703,881,262.73 34,000,000.00 (3) Composition of cash and cash equivalents

2025 2024 Cash 1,338,503,280.50 1,335,240,673.37 Including: Cash on hand 6,532,711.90 3,943,712.61 Bank deposits that can be used for payment at any time 1,327,434,634.70 1,331,093,056.82

Other monetary funds that can be used for payment at any time 4,535,933.90 The balance of cash and cash equivalents at the end of 203,903.94 1,338,503,280.50 1,335,240,673.37 (4) Monetary funds that are not cash and cash equivalents

2025 2024 Reason Time deposit 60,000,000.00 1,598,882,531.09 Interest receivable with a term greater than three months 990,193.57 44,937,978.86 Bank deposit interest litigation preservation freeze fund 1,074,525.28 3,450,000.00 Freeze Shanghai RAIS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In 2025, RMB guarantee deposit 178,820.25 178,820.25 Other frozen funds frozen 746,046.71 15,500.00 Total frozen funds 62,989,585.81 1,647,464,830.20

5. Notes on main items of consolidated financial statements (continued)

Foreign currency monetary items

(1) Foreign currency monetary items

Foreign currency balance Conversion exchange rate Conversion of RMB balance monetary funds

USD 30,693,442.63 7.03 215,738,069.56 Accounts receivable

USD 7,931,332.30 7.03 55,747,748.47Accounts payable

USD 36,019,314.00 7.03 253,172,554.24 Other payables

Euro

2,375,000.00 8.2355 19,559,312.50

Leasing

(1) As a lessee

2025 2024 Interest expense on lease liabilities 770,842.07 224,879.00 Short-term lease expenses with simplified treatment included in current profits and losses 8,751,012.15 8,081,931.87 Total cash outflows related to leases 14,319,151.00 10,095,893.27 The leased assets leased by the Group mainly include houses, buildings and machinery and equipment used in the operation process, with lease terms ranging from 1 month to 12 years.

For right-of-use assets, please refer to Note 5.15; for simplified treatment of short-term leases and low-value asset leases, please refer to Notes

III.26; Lease liabilities, please refer to Note V.31.

(2) As a lessor

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB operating lease

Profit and loss related to operating leases are presented as follows:

2025 2024 Lease income 2,090,046.89 1,534,985.44 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

6. R&D expenditures

Listed by nature of expenses

7. Changes in consolidation scope

Business merger not under common control

(1) Business mergers not under the same control that occurred during the year

Equity acquisition Cost of equity acquisition Equity acquisition ratio Equity acquisition Purchase date Determination of purchase date Purchase date to the end of the year Purchase date to the end of the year Purchase date to the end of the year Example (%) Method Basis The buyer’s operating income The buyer’s net profit The buyer’s cash flow

Net Amount Nanyue Biotech

Pharmaceuticals 2025 2025

Co., Ltd. June 20 4,250,000,000.00 100.00 Cash acquisition June 20 Equity delivery 295,930,751.48 24,935,493.99 (20,611,207.41) Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

7. Changes in consolidation scope (continued)

Business combination not under common control (continued)

(2) Merger costs and goodwill

Fair value Book value cash 4,200,000,000.00 4,200,000,000.00 Fair value of contingent consideration 50,000,000.00 50,000,000.00 Total merger costs 4,250,000,000.00 4,250,000,000.00 Less: Share of fair value of identifiable net assets acquired 1,030,046,480.35

Amount of goodwill 3,219,953,519.65

Note: The consideration for this transaction is divided into two parts: cash consideration and contingent consideration: (1) Cash consideration: The basic consideration for this transaction is 4,200,000,000.00 yuan; (2) Contingent consideration: According to the agreement between the company and Nanyue The original actual controller of Biopharmaceutical Co., Ltd. reached an agreement that if Nanyue Biopharmaceutical Co., Ltd.'s pulp production reaches 305 tons in 2025, the company should pay an additional equity transfer fee of RMB 50,000,000.00. The actual pulp volume of Nanyue Biopharmaceutical Co., Ltd. in 2025 has exceeded 305 tons, and the contingent payment conditions have been met. The relevant consideration is expected to be paid in 2026.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

7. Changes in consolidation scope (continued)

Business combination not under common control (continued)

(3) The identifiable assets and liabilities of the purchased party on the purchase date

Fair value on the date of purchase Book value on the date of purchase

Monetary funds 315,780,428.09 315,780,428.09 Notes receivable 2,073,284.88 2,073,284.88 Accounts receivable 44,495,115.59 44,495,115.59 Accounts receivable financing 472,881.35 472,881.35 Prepayments 5,984,078.87 5,984,078.87 Other receivables 18,617,211.34 18,617,211.34 Inventories 398,420,015.55 398,420,015.55 Other current assets 59,632.25 59,632.25 Fixed assets 579,285,015.02 509,841,286.88

Construction in progress 10,458,362.82 10,458,362.82

Intangible assets 299,478,505.82 67,947,107.86 Long-term deferred expenses 486,772.73 486,772.73 Deferred income tax assets - 7,833,922.73 Other non-current assets 63,901,457.44 63,901,457.44 Short-term borrowings (220,518,336.67) (220,518,336.67)Accounts payable (16,423,371.16) (16,423,371.16)Contract liabilities (3,626,102.14) (3,626,102.14)Employee compensation payable (13,125,864.15) (13,125,864.15)Taxes payable (7,143,192.68) (7,143,192.68)Other payables (49,992,295.49) (49,992,295.49)Non-current liabilities due within one year (124,094,437.13) (124,094,437.13) Long-term borrowings (180,708,369.33) (180,708,369.33) Deferred income tax liabilities (37,312,346.19) - Long-term employee benefits payable (56,521,966.46) (56,521,966.46)

Net assets 1,030,046,480.35 774,217,623.17

Net assets acquired 1,030,046,480.35 774,217,623.17 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

8. Interests in other entities

Interests in subsidiaries

(1) Composition of enterprise groups

main

Place of business Registration place Registered capital Nature of business Shareholding ratio (%) Method of acquisition

direct indirect

Qiongzhonglaishi plasmapheresis

Co., Ltd. Hainan Hainan 16,500,000.00 Collection and sales of raw plasma 100.00 - Establishment of Baisha Laishi apheresis plasma

Co., Ltd. Hainan Hainan 20,300,000.00 Collection and sales of raw plasma 100.00 - Establishment of Baoting RAIS apheresis plasma

Co., Ltd. Hainan Hainan 35,500,000.00 Collection and sales of raw plasma 100.00 - Establishment of Shimen RAIS apheresis plasma

Station Co., Ltd. Hunan Hunan 2,000,000.00 Collection and sales of raw plasma 100.00 - Establishment of Bamalaxy apheresis plasma

Co., Ltd. Guangxi Guangxi 13,500,000.00 Collection and sales of raw plasma 100.00 - Establishment of Nanning Wuming Laishi

Plasma Collection Co., Ltd. Guangxi Guangxi 1,000,000.00 Collection and sales of raw plasma 100.00 - Establishment of Dahua Laishi Plasma Collection

Co., Ltd. Guangxi Guangxi 3,000,000.00 Collection and sales of raw plasma 100.00 - Establishment of Quanzhou RAIS apheresis plasma

Co., Ltd. Guangxi Guangxi 12,000,000.00 Collection and sales of raw plasma 100.00 - Establishment of Mashan Laishi plasma apheresis

Co., Ltd. Guangxi Guangxi 3,788,700.00 Collection and sales of raw plasma 100.00 - Establishment of Xingping Laishi Blood Collection

Plasma Station Co., Ltd. Shaanxi Shaanxi 1,000,000.00 Collection and sales of raw plasma 100.00 - Establishment of Daxin Laishi apheresis plasma

Co., Ltd. Guangxi Guangxi 1,980,000.00 Collection and sales of raw plasma 100.00 - Establishment of Baokang County Laishi Blood Collection

Plasma Co., Ltd. Hubei Hubei 50,000,000.00 Collection and sales of raw plasma 100.00 - Establishment of Wuning Laishi apheresis plasma

Station Co., Ltd. Jiangxi Jiangxi 20,000,000.00 Collection and sales of raw plasma 100.00 - Establishment of Shanwei RAASH apheresis plasma

Station Co., Ltd. Guangdong Guangdong 20,000,000.00 Collection and sales of raw plasma 100.00 - Establishment of Luhe Laishi apheresis plasma

Station Co., Ltd. Guangdong Guangdong 20,000,000.00 Collection and sales of raw plasma 100.00 - Establishment of Yiyuan County Laishi Blood Collection

Plasma Co., Ltd. Shandong Shandong 10,000,000.00 Collection and sales of raw plasma 100.00 - Establishment of Lixian Laishi apheresis plasma

Station Co., Ltd. Hunan Hunan 10,000,000.00 Collection and sales of raw plasma 100.00 - Establishment of Zhengzhou RAASH Blood Products Not Under Common Control Co., Ltd. Henan Henan 100,000,000.00 Production and sales of blood products 100.00 - Business merger with Liling RAASH Apheresis Plasma Apheresis Co., Ltd. Hunan Hunan 1,500,000.00 Collection and sales of raw plasma - 100.00 Business merger with Shanglin Laishi Plasma Apheresis Co., Ltd. not under common control Guangxi Guangxi 48,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Tonglu Biopharmaceutical Co., Ltd. Company not under common control Anhui Anhui 145,350,000.00 Production and sales of blood products 100.00 - Business merger with Guangde County Tonglu Blood Collection Plasma Station Co., Ltd. not under common control Anhui Anhui 20,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

Nanling County Tonglu Blood Collection Station Co., Ltd. not under the same control Anhui Anhui 1,000,000.00 Collection and sales of raw plasma - 100.00 Business merger Jingxian Tonglu Blood Collection Station Co., Ltd. not under the same control Anhui Anhui 20,000,000.00 Collection and sales of raw plasma - 100.00 Business merger

8. Interests in other entities

Interests in subsidiaries

(1) Composition of enterprise groups (continued)

main

Place of business Registration place Registered capital Nature of business Shareholding ratio (%) Method of acquisition

direct indirect

Susong County Tonglu Blood Collection Station Co., Ltd. not under the same control Anhui Anhui 2,000,000.00 Collection and sales of raw plasma - 100.00 Business merger Shucheng County Tonglu Blood Collection Station Co., Ltd. Not under the same control Anhui Anhui 10,000,000.00 Collection and sales of raw plasma - 100.00 Business merger Lechang Tonglu Blood Collection Non-same control plasma collection and sales Co., Ltd. Guangdong Guangdong 20,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Wuhe County Tonglu Blood Collection Company Not under the same control Plasma Collection Station Co., Ltd. Anhui Anhui 10,000,000.00 Raw plasma collection and sales - 100.00 Business merger with Lujiang County Tonglu Blood Collection Company Not under the same control Plasma Collection Station Co., Ltd. Anhui Anhui 10,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Shangdu County Tonglu Blood Collection not under the same control Plasma Co., Ltd. Inner Mongolia Inner Mongolia 10,000,000.00 Raw plasma collection and sales - 100.00 Business merger with Zhalaite Banner Tonglu Blood Collection not under the same control Plasma Co., Ltd. Inner Mongolia Inner Mongolia 10,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Wengniute Banner Tonglu Apheresis Plasma Co., Ltd. not under common control Inner Mongolia Inner Mongolia 20,000,000.00 Raw plasma collection and sales - 100.00 Business merger with Huaiji County Tonglu Apheresis Plasma Co., Ltd. not under common control Guangdong Guangdong 20,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Bahrain Zuoqi Tonglu Apheresis Co., Ltd. Not under common control Inner Mongolia Inner Mongolia 20,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Longyou County Tonglu Blood Collection

Plasma Co., Ltd. Zhejiang Zhejiang 10,000,000.00 Collection and sales of raw plasma - 100.00 Establishment of Lingbi County Tonglu Blood Collection Plasma Station Co., Ltd. under non-same control Anhui Anhui 300,000.00 Raw plasma collection and sales - 100.00 Enterprise merger with Fengzhen City Tonglu Blood Collection

Plasma Co., Ltd. Inner Mongolia Inner Mongolia 10,000,000.00 Collection and sales of raw plasma - 100.00 Establishment of Zhejiang Haikang Biological Products Not under common control Co., Ltd. Zhejiang Zhejiang 50,000,000.00 Production and sales of blood products - 100.00 Business merger with Wencheng Haikang Apheresis Plasma Apheresis Co., Ltd. Zhejiang Zhejiang 12,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Pan'an Haikang apheresis plasma Not under common control Zhejiang Zhejiang 12,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Qingtian Haikang apheresis plasma

Station Co., Ltd. Zhejiang Zhejiang 12,000,000.00 Collection and sales of raw plasma - 100.00 Establishment of Tonglu, Yeji District, Lu'an City

Plasma Apheresis Station Co., Ltd. Company not under common control Anhui Anhui 10,000,000.00 Collection and sales of raw plasma - 100.00 Merger with Fengtai County Tonglu Apheresis Station Co., Ltd. Not under common control Anhui Anhui 10,000,000.00 Collection and sale of raw plasma - 100.00 Merger with Shanghai Laishi Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

Huaiyuan County Tonglu Plasma Collection Station Co., Ltd. Not under the same control Anhui Anhui 10,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Ding'an Tonglu Plasma Collection

Co., Ltd. Hainan Hainan 10,000,000.00 Collection and sales of raw plasma - 100.00 Establishment of Anhui Tonglu Pharmaceutical Co., Ltd.

Company Anhui Anhui 9,000,000.00 Import and sale of blood products - 100.00 Acquisition of equity interests in Guangxi Laishi Biopharmaceutical Co., Ltd. Not under common control Guangxi Guangxi 125,032,700.00 Production and sales of blood products 100.00 - Business merger with Yongfu Laishi Plasma Apheresis Co., Ltd. Guangxi Guangxi 10,000,000.00 Collection and sales of raw plasma - 100.00 Business merger

8. Interests in other entities

Interests in subsidiaries

(1) Composition of enterprise groups (continued)

main

Place of business Registration place Registered capital Nature of business Shareholding ratio (%) Method of acquisition

direct indirect

Xincheng RAIS apheresis plasma has a non-common control limit company Guangxi Guangxi 5,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Shanghai RAASH Pharmaceutical Co., Ltd.

Company Shanghai Shanghai 10,000,000.00 Import and sale of blood products 100.00 - Establishment of Nanyue Biopharmaceutical Co., Ltd. Company not under common control Hunan Hunan 62,962,479.00 Production and sales of blood products 100.00 - Business merger with Nanyue Bio-Linwu Blood Collection Plasma Station Co., Ltd. not under common control Hunan Hunan 30,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Nanyue Bio-Hanshou Single Blood Collection Plasma Station Co., Ltd. not under common control Hunan Hunan 12,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Nanyue Bio-Quyuan Blood Collection Plasma Station Co., Ltd. not under common control Hunan Hunan 20,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Nanyue Bio-Xinhua Blood Collection Station Co., Ltd. not under the same control Hunan Hunan 20,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Nanyue Bio-Ningyuan Blood Collection Station Co., Ltd. not under the same control Hunan Hunan 30,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Nanyue Biotech (Changning) Plasma Collection Station Co., Ltd. not under common control Hunan Hunan 30,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Nanyue Biotech (Shaoyang) Plasma Collection Station Co., Ltd. not under common control Hunan Hunan 30,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Nanyue Biotech Yuanjiang Plasma Collection Station Co., Ltd. not under common control Hunan Hunan 10,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Nanyue Biotech Hengyang Xidudan Blood Collection Station Co., Ltd. not under common control Hunan Hunan 10,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Longhui Nanyue Biological Blood Collection Co., Ltd. not under the same control Hunan Hunan 30,000,000.00 Collection and sales of raw plasma - 100.00 Business merger with Dongfang Nanyue Biology Blood Collection Co., Ltd. not under the same control Hainan Hainan 30,000,000.00 Raw plasma collection and sales - 100.00 Business merger

Transactions in which the owner's equity share in the subsidiary changes and the subsidiary is still controlled

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB In August 2025, the Group acquired 10.00% of the equity of Zhejiang Haikang Biological Products Co., Ltd. held by Wenzhou Conch Group Co., Ltd. for a consideration of RMB 54,500,000.07. This transaction resulted in a decrease of RMB 14,041,843.87 in minority shareholders' equity in the consolidated financial statements and a decrease in capital reserve of RMB 40,458,156.20.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

8. Interests in other entities (continued)

Interests in joint ventures

(1) Important associates

Name of associated enterprise Main place of business Registration place Nature of business Shareholding ratio (%) Accounting treatment method Direct Indirect

Purchasing, manufacturing and selling medical

GrifolsDiagnostic

Solutions, Inc. Europe and the United States United States Medical and blood testing products 45.00% - Equity method (2) Key financial information of important associates

The following table sets forth the financial information of Grifols Diagnostic Solutions, Inc., adjusted for differences in accounting policies and reconciled to the carrying value of these financial statements:

2025 2024 Current assets 2,066,972,666.68 1,952,510,523.29 Non-current assets 15,367,777,802.49 15,070,648,861.05 Total assets 17,434,750,469.17 17,023,159,384.34 Current liabilities 1,082,457,511.03 983,028,076.80 Non-current liabilities 3,147,536,952.51 3,085,243,261.08 Total liabilities 4,229,994,463.54 4,068,271,337.88 Shareholders’ equity 13,204,756,005.63 12,954,888,046.46 Less: Adjustments to shareholders’ equity due to unified accounting policies (Note) 1,122,806,396.76 1,104,790,519.98 Shareholders’ equity after unified accounting policies 12,081,949,608.87 11,850,097,526.48 Share of net assets calculated based on 45% shareholding ratio 5,436,877,323.99 5,332,543,886.92 Add: goodwill formed when obtaining investment 9,536,302,901.40 9,753,638,143.89 Book value of investment in associates 14,973,180,225.39 15,086,182,030.81

2025 2024 Operating income 4,537,431,900.00 4,557,029,394.30 Net profit 854,120,852.22 792,894,035.78 Less: Adjustment to net profit due to unified accounting policies (note) 18,015,876.78 23,959,556.67

Gains and losses from internal transactions between the Group and its associates 61,485,993.29 35,851,319.89 Net profit after unifying accounting policies and adjusting gains and losses from internal transactions 774,618,982.15 733,083,159.22 Other comprehensive income (594,240,402.16) 426,438,510.48Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

Total comprehensive income 180,378,579.99 1,159,521,669.70 Other changes in equity 4,352,350.00 2,241,760.51 Dividends received 223,799,423.50 194,035,500.00

8. Interests in other entities (continued)

Interests in joint ventures and associates (continued)

(2) Main financial information of important associates (continued)

Note: In August 2023, GDS signed a transfer agreement with its affiliate Griofols Shared Services North America, Inc., ("GSSNA"), agreeing to transfer all rights and obligations of the technology license agreement related to single molecule counting technology (Single Molecule Counting or "SMC Technology") signed between GSSNA and Novillux to GDS for US$202 million. GSSNA is a wholly-owned subsidiary of Grifls, S.A. The Group hired an external evaluation agency to evaluate the value of SMC technology using the income method, and used the valuation of US$202 million as the basis for pricing. Under international accounting standards, GDS is recognized as an intangible asset based on the cost paid. According to the Applicable Guidelines for Regulatory Rules - Accounting No. 4, the accounting treatment of outsourced R&D projects and subsequent related expenditures for self-research and development should comply with the capitalization policy of the company's internal self-research and development expenditures. According to the capitalization policy of the Group's internal independent research and development expenditures, the SMC project has not reached the capitalization point. In 2023, the Group recorded the net amount of RMB 1,080,830,963.31 after deducting the impact of deferred income tax expenses of US$202 million (a total of RMB 1,425,271,600.00) related to the purchase of SMC technology by GDS into profit and loss. In 2025, the Group will include deferred income tax expenses of RMB 18,015,876.78 (2024: RMB 23,959,556.67) related to SMC technology into profit and loss.

(3) Summary financial information of unimportant joint ventures and associates

The following table sets out the financial information of associates that are not material to the Group:

2025 2024

Associates

Total book value of investments 296,550,989.68 293,061,194.64 Total of the following items calculated based on shareholding ratio

Net profit 4,280,251.74 4,705,620.75 Other comprehensive income (790,456.70) 1,049,876.58

Total comprehensive income 3,489,795.04 5,755,497.33

Not material associates:

Name of associated enterprise Main place of business Registration place Nature of business Shareholding ratio (%) Accounting treatment method

direct indirect

Tongfang Laishi Pharmaceutical Industry Investment Guangdong Province

(Guangdong) Co., Ltd. Guangzhou City Guangdong Province Investment Consulting Services 19 - Equity Method Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

The board of directors of Tongfang Raishi Pharmaceutical Industry Investment (Guangdong) Co., Ltd. consists of 5 directors, of which the company occupies one seat, which can have a significant impact on its related activities.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

9. Government subsidies

Liability items involving government subsidies

Balance at the beginning of the year New additions during the year Included in other income during the year Other changes during the year Ending balance and assets/income

Interest-related deferred income 10,960,335.81 1,657,728.92 (1,285,484.49) - 11,332,580.24 Assets

Government subsidies included in current profits and losses

2025 2024 Asset-related government subsidies

Included in other income 1,285,484.49 2,511,831.65 Government subsidies related to income

Included in other income 6,646,525.86 41,349,736.13 Total 7,932,010.35 43,861,567.78 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

10. Risks related to financial instruments

Financial instrument risks

The Group faces risks from various financial instruments in its daily activities, mainly including credit risk, liquidity risk and market risk. The Group's risk management policy in this regard is summarized below.

The Board of Directors is responsible for planning and establishing the Group's risk management structure, formulating the Group's risk management policies and relevant guidelines, and supervising the implementation of risk management measures. The Group has formulated risk management policies to identify and analyze the risks faced by the Group. These risk management policies clearly define specific risks and cover many aspects such as market risk, credit risk and liquidity risk management. The Group regularly assesses changes in the market environment and the Group's operating activities to determine whether to update risk management policies and systems. The Group's risk management is carried out in accordance with policies approved by the Board of Directors, and all departments work closely to identify, evaluate and avoid relevant risks. The Group's internal audit department conducts regular audits on risk management controls and procedures and reports the audit results to the Group's Audit Committee.

(1) Credit risk

The Group only conducts transactions with accredited, reputable third parties. In accordance with the Group's policy, all customers who require credit transactions are subject to credit review. In addition, the Group continuously monitors the balance of accounts receivable to ensure that the Group does not face significant bad debt risks. For transactions that are not settled in the functional currency of the relevant operating unit, the Group does not provide credit transaction conditions unless specifically approved by the credit control department of the Group.

Since the counterparties to monetary funds and bank acceptances receivable are banks with good reputations and high credit ratings, the credit risk of these financial instruments is low.

The Group's other financial assets include accounts receivable and other receivables. The credit risk of these financial assets arises from counterparty defaults, with the maximum risk exposure equal to the book value of these instruments.

The Group's maximum credit risk exposure at each balance sheet date is the total amount charged to customers less impairment losses.

As the Group only transacts with accredited and reputable third parties, no collateral is required. Credit risk is managed centrally by customer/counterparty. As of December 31, 2025, the Group had specific concentrations of credit risk. 10.94% (December 31, 2024: 11.25%) and 32.76% (December 31, 2024: 28.75%) of the Group's accounts receivable originated from the largest accounts receivable balance and the top five customers respectively. The Group does not hold any collateral or other credit enhancements on the balance of accounts receivable.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

10. Risks related to financial instruments

Financial instrument risks (continued)

(1) Credit risk (continued)

Credit risk significantly increases judgment criteria

The Group assesses at each balance sheet date whether the credit risk of relevant financial instruments has increased significantly since initial recognition.

Add. The Group's main criterion for judging a significant increase in credit risk is that the number of overdue days exceeds 30 days, or one of the following or

Significant changes in multiple indicators: the debtor’s operating environment, internal and external credit ratings, actual or expected operations

There are significant adverse changes in results, etc.

Definition of credit-impaired assets

If internal or external information indicates that the full amount of the contract may not be recovered before taking into account any credit enhancement held,

If the amount is the same, the Group will treat it as credit-impaired. When a financial asset is credit-impaired, there may be multiple

What is caused by a confluence of events may not necessarily be caused by individually identifiable events.

(2) Liquidity risk

The Group's goal is to use a variety of financing methods to maintain a balance between financing continuity and flexibility. The group passed

Funds generated from operations and borrowings are used to finance operations.

The following table summarizes the maturity analysis of financial liabilities based on undiscounted contractual cash flows:

2025

Within 1 year 1 year to 2 years 2 years to 5 years More than 5 years Total accounts payable 343,017,320.39 - - - 343,017,320.39 Other payables 720,411,815.37 - - - 720,411,815.37 Lease liabilities 3,410,441.21 3,681,452.69 6,835,240.63 - 13,927,134.53 Short-term borrowings 1,327,007,532.24 - - - 1,327,007,532.24 Long-term borrowings 163,801,345.04 215,230,983.75 2,329,727,822.57 - 2,708,760,151.36Total 2,557,648,454.25 218,912,436.44 2,336,563,063.20 - 5,113,123,953.89 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

10. Risks related to financial instruments

Financial instrument risks (continued)

(2) Liquidity risk (continued)

2024

Within 1 year 1 year to 2 years 2 years to 5 years More than 5 years Total accounts payable 1,076,491,131.63 - - - 1,076,491,131.63 Other payables 336,445,107.20 - - - 336,445,107.20 Lease liabilities 5,343,680.41 14,248,828.75 - - 19,592,509.16 Total 1,418,279,919.24 14,248,828.75 - - 1,432,528,747.99 (3) Market risk

interest rate risk

The risk of changes in market interest rates faced by the Group is mainly related to the Group's long-term liabilities with floating interest rates. The Group manages interest rate risk by closely monitoring changes in interest rates and regularly reviewing borrowings.

The following table is a sensitivity analysis of interest rate risk, reflecting the impact on net profit and loss (through the impact on floating rate borrowings) and shareholders' equity of reasonably possible changes in interest rates, assuming all other variables remain constant.

2025

Basis point increase/Net profit/loss increase/Total shareholders’ equity

(Decrease) (Decrease) Increase/(Decrease) RMB 1.00 (112,215.52) (112,215.52) RMB (1.00) 112,215.52 112,215.52Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

10. Risks related to financial instruments

Financial instrument risks (continued)

(3) Market risk (continued)

Exchange rate risk

The Group is exposed to transactional exchange rate risk. Such risks arise from sales or purchases made by an operating unit in a currency other than its functional currency.

The following table is a sensitivity analysis of exchange rate risk, which reflects the impact on net profit and loss and shareholders' equity of reasonably possible changes in the exchange rates of the U.S. dollar and the euro, assuming that all other variables remain unchanged.

2025

Increase in U.S. dollar exchange rate/increase in net profit and loss/total shareholders’ equity

(Decrease) (Decrease) Increase/(Decrease) Depreciation of RMB against the U.S. dollar 1% 408,835.30 408,835.30 Appreciation of RMB against the U.S. dollar -1% (408,835.30) (408,835.30) Increase in euro exchange rate/ Increase in net profit and loss/ Total shareholders’ equity

(Decrease) (Decrease) Increase/(Decrease) RMB depreciation against the euro 1% (166,254.16) (166,254.16) RMB appreciation against the euro -1% 166,254.16 166,254.16 2024

Increase in U.S. dollar exchange rate/increase in net profit and loss/total shareholders’ equity

(Decrease) (Decrease) Increase/(Decrease) RMB depreciation against the U.S. dollar 1% (5,417,126.20) (5,417,126.20) RMB appreciation against the U.S. dollar -1% 5,417,126.20 5,417,126.20 Euro exchange rate increase/Net profit and loss increase/Total shareholders’ equity

(Decrease) (Decrease) Increase/(Decrease) RMB depreciation against the euro 1% (32,866.99) (32,866.99) RMB appreciation against the euro -1% 32,866.99 32,866.99 Notes to the financial statements of Shanghai RAAS Blood Products Co., Ltd. (continued)

2025 RMB Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

10. Risks related to financial instruments (continued)

Capital Management

The main objective of the Group's capital management is to ensure the Group's ability to continue operating and maintain healthy capital ratios to support business development and maximize shareholder value.

The Group manages and adjusts its capital structure according to changes in the economic situation and the risk characteristics of related assets. In order to maintain or adjust the capital structure, the Group may adjust profit distribution to shareholders, return capital to shareholders or issue new shares. The Group is not subject to external mandatory capital requirements. There are no changes in capital management objectives, policies or procedures between 2025 and 2024.

Transfer of financial assets

(1) Classification of transfer methods

Transfer method Financial assets transferred Financial assets transferred Derecognition status Nature of basis for judgment on derecognition Amount

retains nearly all of its risks

and remuneration, including related endorsements or discounts Notes receivable 44,112,786.18 Not terminated Default risk

Has transferred almost all of its endorsement or discount receivables financing 302,341,519.34 Derecognition Total risks and rewards 346,454,305.52

(2) Financial assets derecognized due to transfer

Method of transferring financial assets Amount of financial assets derecognized Gain items related to derecognition

and loss receivables financing bill endorsement or discount 302,341,519.34 -Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

11. Disclosure of fair value

Assets and liabilities measured at fair value

2025

Inputs used in fair value measurements

Active market Important observable Important unobservable Total quotation Input value Input value

(First level) (Second level) (Third level)

Receivables financing - 241,857,666.65 - 241,857,666.65

2024

Inputs used in fair value measurements

Active market Important observable Important unobservable Total quotation Input value Input value

(First level) (Second level) (Third level)

Receivables financing - 411,824,830.44 - 411,824,830.44 Other non-current financial assets - 297,632.50 297,632.50Total - 412,122,462.94 - 412,122,462.94

Level 2 fair value measurement

For receivables financing, the future cash flow discount method is used to determine the fair value, and the market rate of return of other financial instruments with similar contract terms, credit risk and remaining term is used as the discount rate.

Financial assets and financial liabilities not measured at fair value

Management has evaluated monetary funds, accounts receivable, other receivables, short-term borrowings, accounts payable and other payables, etc. Since the remaining term is not long, the fair value is similar to the book value.

The fair value of time deposits and long-term borrowings among other non-current assets is determined using the future cash flow discount method. The market rate of return of other financial instruments with similar contract terms, credit risk and remaining term is used as the discount rate. Their fair value is similar to the book value. On December 31, 2025, the risk of non-performance of long-term loans was assessed as not significant.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

12. Related party relationships and transactions

Parent company

Name of shareholder Registration place Nature of business Registered capital To the company To the company

Shareholding ratio Voting rights ratio Haiyingkang (Qingdao) Medical

Technology Co., Ltd. Qingdao Investment Management 6,000,000,000.00 23.31% 29.90% On June 18, 2024, Haier Group Company completed its strategic shareholding in the company through its subsidiary Haiyingkang (Qingdao) Medical Technology Co., Ltd. ("Haiyingkang"), acquiring 1.329 billion shares of Shanghai RAAS held by the original shareholder Ji Lifu at a consideration of 12.5 billion yuan (accounting for 20.00% of the original total share capital) ); at the same time, Jilifu entrusted the voting rights corresponding to the 437,069,656 shares of Shanghai RAAS held by it (accounting for 6.58% of the original total share capital) to Haier Group or its designated related parties for exercise and pledged this part of the shares to Haiyingkang on July 5, 2024. Haier Group controls a total of 26.58% of the voting rights of Shanghai RAAS. On July 29, 2024, the company held the second extraordinary general meeting of shareholders in 2024 to complete the re-election of the company's board of directors. After this re-election of the board of directors, the company's sixth board of directors has a total of 9 directors, and Haiyingkang controls more than half of the board seats. Based on the current shareholding situation of the company's shareholders and the composition of the board of directors, the company's controlling shareholder was changed to Haiyingkang, and the actual controller was changed to Haier Group Company.

In 2025, Haiyingkang accumulated a total of 218,417,200 shares of the company through centralized bidding through the Shenzhen Stock Exchange system, increasing its shareholding ratio by 3.29%. As of December 31, 2025, Haiyingkang held a total of 1,547,513,352 shares of the company, corresponding to 23.31% of the voting rights. Haier Group controlled a total of 29.90% of the company's voting rights.

The ultimate controlling party of the company is Haier Group Company.

Subsidiaries

Please refer to Note 8.1 for details of the Group’s subsidiaries.

Associates

For details of the Group’s important associates, please refer to Note 8.3.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

12. Related party relationships and transactions (continued)

Other related parties that have transactions with the Group

Names of other related parties Relationship between other related parties and the company

Haier Blood Technology Chongqing Co., Ltd. is controlled by the same ultimate controlling party

Tibet Linzhi Ziguang Pharmaceutical Co., Ltd. is controlled by the same ultimate controlling party

Anhui Haiqing Information Technology Co., Ltd. is controlled by the same ultimate controller

Qingdao Haier International Travel Agency Co., Ltd. is controlled by the same ultimate controller

Qingdao Haier International Travel Service Co., Ltd. Haier Vocational Training Center is controlled by the same ultimate controlling party

Qingdao Yinghai Hospital Co., Ltd. is controlled by the same ultimate controlling party

Qingdao Haiyihui Medical Technology Industry Innovation Collaboration Center is controlled by the same ultimate controller

Qingdao Haier Biomedical Co., Ltd. is controlled by the same ultimate controller

Qingdao OTC Market Clearing Center Co., Ltd. is controlled by the same ultimate controller

Haier Group E-Commerce Co., Ltd. is controlled by the same ultimate controlling party

Chongqing Hongjiu Pharmaceutical Co., Ltd. is controlled by the same ultimate controlling party

China CITIC Bank Co., Ltd. Shareholders holding more than 5% of the company's shares and the company they control Grifols Worldwide Operations, Ltd. Shareholders holding more than 5% of the company's shares and the company they control Grifols Worldwide Operations, Ltd. Shareholders holding more than 5% of the company's shares and the company they control Grifols BRASILLTDA. Shareholders holding more than 5% of the company's shares and the company they control Grifols Pharmaceutical Technology (Shanghai) Co., Ltd. Shareholders holding more than 5% of the company's shares and the company they control Grifols Engineering, S.A. Shareholders holding more than 5% of the company's shares and the company they control Wenzhou Conch Group Co., Ltd. ("Conch Group") (Note 1) Companies holding more than 5% of the company's subsidiaries and the company they control Wenzhou Conch Umbrella Co., Ltd. ("Wenzhou Conch") (note 1) Companies that hold more than 5% of the company's subsidiaries and the companies they control Wenzhou Lixiang Animal Experimental Research Institute (Note 1) Companies that hold more than 5% of the company's subsidiaries and the companies they control

Note 1: In August 2025, the company acquired 10% of the shares of Zhejiang Haikang Biological Products Co., Ltd. held by Conch Group. After the completion of this acquisition, Conch Group is no longer a shareholder of Zhejiang Haikang Biological Products Co., Ltd., nor is it a related party of the group. The related-party transactions between the Group and it are transactions that occurred from the beginning of the year to the completion date of this acquisition.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

12. Related party relationships and transactions (continued)

Related party transactions

(1) Related party goods and services transactions

Purchase goods and receive services from related parties

Amount for the current period Whether the amount for the current period exceeds

Transaction content (RMB) (USD) Approved transaction quota Transaction quota Hold 5% of the company’s shares in 2024

The above shareholders and

Companies controlled by it Purchase goods and materials 2,963,382,040.32 414,064,612.03 US$520 million No 3,468,882,026.17 Associates Purchase goods and materials 103,054,821.94 14,449,947.14 US$20 million No 90,937,545.47 is subject to the same ultimate control

Party controlled Procurement of goods and materials 38,313,876.89 - RMB 50,000,000 No 16,128,990.00 Under the same ultimate control

Party controlled Purchase of long-term assets 9,241,792.00 - Not applicable Not applicable - Under the same ultimate control

Party controlled Receiving services or services 2,602,630.00 - Not applicable Not applicable - Holding 5% of the company's shares

The above shareholders and

Companies controlled by it Receiving services or services 1,958,880.00 - RMB 1,958,900 No 1,958,880.00 Total 3,118,554,041.15 3,577,907,441.64

Selling goods and providing services to related parties

Transaction content 2025 2024

Under the control of the same ultimate controlling party Sales of goods 75,816,101.38 112,200.00

(2) Related leasing situation

as lessee

Lessee Type of leased assets Lease expenses in 2025 Lease expenses in 2024

Holds 5% of the company's subsidiaries

The above companies and their controlled

Company House 79,636.20 122,867.00

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

12. Related party relationships and transactions (continued)

Related party transactions (continued)

(3) Remuneration of key management personnel

2025 2024 Remuneration of key management personnel 21,157,780.39 31,174,100.00 (4) Other related party transactions

Related parties Related party transactions 2025 2024 Those holding more than 5% of the company’s shares

Interest income from shareholders and companies they control 2,082,005.48 15,528,751.63 Bank fees and other financial expenses for holding more than 5% of the company’s shares

Shareholders and companies they control Expenses 577,060.20 18,751.99 In August 2025, the Group acquired 10.00% of the equity of Zhejiang Haikang Biological Products Co., Ltd. held by Wenzhou Conch Group Co., Ltd. based on the appraisal price, and the acquisition consideration was RMB 54,500,000.07. See Note 8, 2 for details.

Balances receivable and payable from related parties

(1) Accounts receivable

Related parties 2025 2024

Book balance Bad debt provision Book balance Bad debt provision Accounts receivable Controlled by the same ultimate controlling party 40,236,202.21 2,011,810.11 76,300.00 3,815.00 Prepaid accounts Controlled by the same ultimate controlling party 2,709,400.00 - - - Other receivables Parent company 4,439,235.00 221,961.75 - -Other non-current

Assets Controlled by the same ultimate controlling party 1,003,550.00 - - - Other receivables Held by subsidiaries of the Company

More than 5% of companies and their controlling

212,183.15 212,183.15 212,183.15 212,183.15 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

12. Related party relationships and transactions (continued)

Balances receivable and payable from related parties (continued)

(2) Accounts payable

Related parties 2025 2024 Accounts payable Shareholders holding more than 5% of the company's shares and companies controlled by them 204,599,137.36 995,493,411.01 Accounts payable Associates 48,573,416.89 33,944,944.95 Accounts payable Controlled by the same ultimate controlling party 5,788,902.00 2,734,992.52 Other payables Parent company 139,461.00 - Other payables

Shareholders holding more than 5% of the company's shares and the companies they control - 5,952,889.16 Other payables Companies holding more than 5% of the company's subsidiaries and their control

Company 47,865.54 107,000.00 Other payables Controlled by the same ultimate controlling party 228,000.00 19,147.00 Amounts receivable and payable to related parties are interest-free and unsecured.

Others

Deposit funds from related parties

Related parties 2025 Monetary funds in 2024 Shareholders holding more than 5% of the company’s shares

and companies it controls 191,687,815.55 383,706,357.97 Note: The deposits with related parties represent the Group’s bank deposits with China CITIC Bank Co., Ltd.

bank borrowing

Related parties 2025 Bank borrowings in 2024 Shareholders holding more than 5% of the company’s shares

and companies controlled by it 43,000,000.00 -Note: Bank borrowings are long-term and short-term borrowings of the Group from China CITIC Bank Co., Ltd., according to the period agreed in the loan contract

Repay with interest.

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

13. Share-based payment

Various equity instruments

Granted in this period, exercised in this period, unlocked in this period, invalid in this period

Quantity Amount Quantity Amount Quantity Amount Quantity Amount

2023 Restricted Stock Incentive Plan

Class A of plan incentive objects - - - - 8,002,000.00 28,887,220.00 680,000.00 2,454,800.00 2024 Restricted Stock Incentive Plan

Category A of incentive objects - - - - 90,000.00 325,260.00 16,666.50 60,232.73

Total - - - - 8,092,000.00 29,212,480.00 696,666.50 2,515,032.73

The various equity instruments outstanding at the end of the year are as follows:

Other equity instruments outstanding at the end of the period

Grant object category

Range of exercise price Remaining term of the contract

Class A incentive objects of the 2023 restricted stock incentive plan 3.61 yuan/share for 8 months Class A incentive objects of the 2024 restricted stock incentive plan 3.614 yuan/share 7 months

Equity-settled share-based payment

The Group determines the fair value of restricted stocks based on the method for determining the fair value of equity instruments on the date of grant, based on the single-day closing price of outstanding shares on the date of grant of the equity instrument. Important parameters of the fair value of equity instruments on the date of grant. Not applicable. The basis for determining the number of exercisable equity instruments is estimated based on the performance conditions of each assessment period and based on the latest change in the number of exercisable employees, and the best estimate is revised based on subsequent information.

The expected number of exercisable equity instruments. Reasons for significant differences between this year’s estimate and last year’s estimate: Not applicable The cumulative amount of equity-settled share-based payment included in capital reserves 95,182,835.25 Total expenses recognized for equity-settled share-based payment in the current period 19,797,025.57

(1) The Group reviewed and approved the "Proposal on the Company's First Employee Stock Ownership Plan (Draft)" and its Summary (hereinafter referred to as the "Incentive Plan") at the 2023 Second Extraordinary General Meeting of Shareholders held on August 16, 2023. The Group granted 31.35 million restricted shares for the first time to 268 incentive targets who met the grant conditions. The grant objects of this incentive plan are divided into two categories: A and B. Among them, Category A grant recipients include 222 company directors (excluding independent directors), supervisors, senior managers, and other core employees of the company (including controlled subsidiaries) who have an important role and influence on the company's overall performance and medium- and long-term development, with a total of 30.89 million shares granted; Category B participants include 46 other employees who the board of directors believes need to be motivated, with a total of 460,000 shares granted. On September 8, 2023, the Group granted corresponding restricted stocks to all incentive targets at a price of 3.61 yuan/share in accordance with the incentive plan.

According to the incentive plan, the restricted stocks granted to Class A incentive objects will be unlocked in three batches. The unlocking time points are 12 months, 24 months, and 36 months from the date of lock-up of the rights. The unlocking proportions of each batch are 40%, 30%, and 30% respectively. Restricted stocks granted to Class B incentive objects will be 100% unlocked after 12 months from the date of equity lock-up. Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

13. Share-based payment (continued)

Equity-settled share-based payment (continued)

The market price of the restricted shares on September 8, 2023, the date of grant, was RMB 6.81 per share. Therefore, the fair value of the restricted shares on the date of grant was determined to be RMB 3.20 per share, and the fair value of the restricted shares granted was RMB 100,320,000.00.

The share-based payment fees awarded to the Group in this round and recognized in 2025 are RMB 14,625,183.64.

(2) The Group held the 33rd (temporary) meeting of the fifth session of the Board of Directors on July 11, 2024, and reviewed and approved the "Proposal on Granting Reserved Shares of the Company's First-Phase Employee Stock Ownership Plan to Some Employees" and agreed to grant reserved shares of the first-phase Employee Stock Ownership Plan to specific employees. The number of employees who were granted equity this time was 23, and the number of underlying stocks corresponding to the granted equity was 2 million shares. The purchase price of the underlying stock was 3.614 yuan/share. The shares granted this time will be unlocked in two batches, with the unlocking proportions of each batch being 50% and 50% respectively. The unlocking time point for each batch is 12 months and 24 months from the date of locking the rights.

At the 33rd (temporary) meeting of the fifth session of the Board of Directors held on July 11, 2024, the Group reviewed and approved the "Proposal on the Reallocation of Partial Shares of the Company's First Employee Stock Ownership Plan", which will allocate all the un-unlocked equity shares of the seven recovered holders who do not meet the conditions for participation in this employee stock ownership plan to eligible employees. This share withdrawal and redistribution involves 460,000 target shares, and the purchase price of the target stock is 3.614 yuan/share. This share withdrawal and redistribution will be unlocked in two batches, with the unlocking ratios of each batch being 50% and 50% respectively. The unlocking time point for each batch is 12 months and 24 months from the date of locking the rights.

The Group has granted a total of 2.46 million shares in 2024. The market price of the restricted stocks on the grant date, August 14, 2024, was RMB 7.53 per share. Therefore, the fair value of the restricted shares on the grant date was determined to be RMB 3.916 per share, and the fair value of the granted restricted stocks was RMB 9,633,360.00.

The share-based payment fees awarded to the Group in this round and recognized in 2025 are RMB 5,171,841.93.

The total share-based payment expenses recognized by the Group in 2025 will be RMB 19,797,025.57.

Share-based payment expenses incurred this year

Equity-settled share-based payment grant object categories

Paid employees 19,797,025.57 Total 19,797,025.57 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

14. Commitments and contingencies

Important commitments

Capital commitments in 2025 and 2024 583,601,982.29 828,029,392.99 As a lessee, the Group has no important lease commitments.

Contingencies

As at the balance sheet date, the Group has no significant contingencies that require disclosure.

15. Events after the balance sheet date

The company will submit the 2025 profit distribution plan to the board of directors on March 25, 2026. The plan proposes that the company distribute cash dividends to ordinary shareholders at the rate of RMB 0.33 (tax included) for every 10 shares, totaling RMB 216,773,795.21 (tax included). The proposal is subject to shareholder approval. Cash dividends proposed to be distributed after the balance sheet date are not recognized as liabilities on the balance sheet date.

16. Other important matters

Segment reporting

(1) Operating segment

The Group's revenue comes from the sales of blood products; the Group's internal structure is simple and is unified by the management.

Centralized management; the management regularly evaluates the group’s overall financial status, operating results and cash flow. Therefore, the Group has only one division.

(2) Other information

Product and service information

foreign transaction income

2025 2024 Self-produced human albumin 1,271,479,949.85 1,494,060,050.48 Imported human albumin 3,255,511,977.50 3,626,557,503.89 Intravenous human immunoglobulin 1,491,135,961.19 1,698,689,402.21 Other blood products 1,233,779,558.92 1,233,152,408.91 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In 2025, RMB testing equipment and reagents 87,842,819.14 121,154,941.13 Other businesses 8,432,766.80 2,845,741.98 Total 7,348,183,033.40 8,176,460,048.60

16. Other important matters

Segment reporting (continued)

(2) Other information (continued)

geographical information

foreign transaction income

2025 2024 Mainland China 7,295,742,272.80 8,119,768,912.67 Other countries or regions 52,440,760.60 56,691,135.93 Total 7,348,183,033.40 8,176,460,048.60 foreign transaction income belongs to the region where the customer is located.

Total non-current assets

2025 2024 Mainland China 27,002,346,333.25 22,900,645,705.45 Non-current assets belong to the region where the assets are located, excluding financial assets and deferred income tax assets.

Key customer information

In 2025, the Group's revenue generated by a single customer (including all entities known to be under the control of this customer) reached or exceeded 10% of the Group's revenue (2024: None).

Equity pledge matters

As of December 31, 2025, the pledge of shares held by shareholders holding more than 5% of the company's shares is as follows:

Name of shareholder Number of shares held Number of shares pledged Pledgee Remarks Purpose of pledge Jilibu 437,069,656 437,069,656 Haiyingkang (Qingdao) Medical July 5, 2024 Others Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

From 2025 to RMB Yuan Therapy Technology Co., Ltd.’s pledge release (debt guarantee)

Registration ends

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements

Accounts receivable

(1) Disclosure based on aging

2025 2024 Within 1 year 292,037,845.28 365,080,573.97 1 to 2 years 19,003,904.85 - 2 to 3 years - - 3 to 4 years - - 4 to 5 years - - More than 5 years 57,740,747.47 58,825,841.11

368,782,497.60 423,906,415.08 Less: Bad debt provision 73,618,030.22 77,079,869.81 Total 295,164,467.38 346,826,545.27

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements (continued)

Accounts receivable (continued)

(2) Classified disclosure according to bad debt accrual method

2025 2024

Book balance Bad debt provision Book value Book balance Bad debt provision Book value amount Proportion Amount Provision proportion Amount Proportion Amount Provision proportion

(%) (%) (%) (%)

Provision for bad debts on an individual basis 47,787,632.47 12.96 47,787,632.47 100.00 - 48,872,726.11 11.53 48,872,726.11 100.00 - Provision for bad debts on a group basis

Among them:

-Risk-free subsidiary portfolio 12,500,000.00 3.39 - - 12,500,000.00 - - - - -

-Others 308,494,865.13 83.65 25,830,397.75 8.37 282,664,467.38 375,033,688.97 88.47 28,207,143.70 7.52 346,826,545.27Total 368,782,497.60 73,618,030.22 295,164,467.38 423,906,415.08 100.00 77,079,869.81 346,826,545.27 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements (continued)

Accounts receivable (continued)

(2) Classified disclosure according to bad debt accrual method (continued)

Provision for bad debts is made individually:

2025

Book balance Bad debt provision Provision ratio (%) Reason for provision Provision continues to be affected by external environmental pressure, business development and fund raising are not as expected, cash flow is tight and RareAntibodyAntigen

Supply,Inc. 47,787,632.47 47,787,632.47 100.00 Difficulties

2024

2025

Supply,Inc. 48,872,726.11 48,872,726.11 100.00 Payment difficulties RareAntibody AntigenSupply, Inc. was unable to pay the payment on time due to financial constraints. The above-mentioned accounts receivable to RAS USA have been fully provided for bad debts in previous years.

Except for the risk-free subsidiary portfolio, bad debt provisions are made for other portfolios:

2025

Book balance Impairment provision Ratio of provision (%) Within 1 year 279,537,845.28 13,976,892.26 5.00 1 to 2 years 19,003,904.85 1,900,390.49 10.00 2 to 3 years - - 40.00 More than 3 years 9,953,115.00 9,953,115.00 100.00Total

308,494,865.13 25,830,397.75

Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements (continued)

Accounts receivable (continued)

(3) Bad debt provisions

Balance at the beginning of the year Provision for the year Foreign currency conversion Balance at the end of the year Provision for expected credit based on individual items

Loss of accounts receivable 48,872,726.11 - (1,085,093.64) 47,787,632.47 Expected credit provision based on portfolio

Lost accounts receivable 28,207,143.70 (2,367,708.60) (9,037.35) 25,830,397.75 Total 77,079,869.81 (2,367,708.60) (1,094,130.99) 73,618,030.22 There is no significant amount of bad debt provision recovered or reversed during this year.

(4) Accounts receivable actually written off in the current period

There were no significant accounts receivable written off during the year.

(5) Accounts receivable with the top five year-end balances based on debtors

Unit name Accounts receivable Ratio of the year-end balance of accounts receivable to the year-end balance of bad debt provision for accounts receivable Year-end balance

Example(%)

The top five balances at the end of the year should be

Summary of accounts received 172,963,632.47 46.90 53,421,432.47

Other receivables

2025 2024 Other receivables 277,953,039.38 122,744,290.80 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements (continued)

Other receivables (continued)

(1) Disclosure based on aging

2025 2024 Within 1 year 157,908,598.52 122,708,815.29 1 year to 2 years 120,256,591.18 20,000.00 2 years to 3 years 20,000.00 30,000.00 3 years to 4 years - - 4 years to 5 years - 3,538.50 More than 5 years 210,700.00 267,907.62

278,395,889.70 123,030,261.41 Less: Provision for bad debts 442,850.32 285,970.61 Total 277,953,039.38 122,744,290.80 (2) Classification by nature of payment

2025 2024 Accounts receivable from subsidiaries 273,623,603.99 122,698,325.59 Accounts from related parties 4,439,235.00 - Reserve fund 30,000.00 100,746.12 Others 303,050.71 231,189.70

278,395,889.70 123,030,261.41 Less: Bad debt provision 442,850.32 285,970.61 Total 277,953,039.38 122,744,290.80 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements (continued)

Other receivables (continued)

(3) Bad debt provision accrual

2025 2024

Book balance Bad debt provision Book value Book balance Bad debt provision Book value amount Proportion Amount Provision proportion Amount Proportion Amount Provision proportion

(%) (%) (%) (%)

Provision for bad debts on a portfolio basis

Among them:

-Risk-free subsidiary portfolio 273,623,603.99 98.29 - - 273,623,603.99 122,698,325.59 99.73 - - 122,698,325.59 -Others 4,772,285.71 1.71 442,850.32 9.28 4,329,435.39 331,935.82 0.27 285,970.61 86.15 45,965.21Total 278,395,889.70 100.00 442,850.32 277,953,039.38 123,030,261.41 100.00 285,970.61 122,744,290.80 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements (continued)

Other receivables (continued)

(3) Bad debt provision accrual (continued)

Provision for bad debts by group:

2025

Book balance Bad debt provision Provision ratio (%) Risk-free subsidiary portfolio 273,623,603.99 - - Others 4,772,285.71 442,850.32 9.28 Total 278,395,889.70 442,850.32

(4) Bad debt provisions

Balance at the beginning of the year Provision for the current year Recovery or reversal of the balance at the end of the year

Provision for expected credit losses on a portfolio basis 285,970.61 228,646.05 (71,766.34) 442,850.32 (5) Top five other receivables at the end of the year based on debtors

Unit name Nature of payment Year-end balance Account age Proportion to the total balance of other receivables and bad debt provisions at the end of the year Balance

(%)

Guangxi Laishi Biopharmaceutical Within 1 year/1 year to 2

Co., Ltd. Accounts receivable from subsidiaries 165,609,559.48 years 59.49 - Anhui Tonglu Pharmaceutical Co., Ltd.

Company Accounts receivable from subsidiaries 50,000,000.00 Within 1 year 17.96 -Xingping Laishi Blood Collection Within 1 year/Year to 2

Pulp Station Co., Ltd. Accounts receivable from subsidiary companies 22,846,787.00 Year 8.21 - Haiyingkang (Qingdao) Medical

Medical Technology Co., Ltd. Related party transactions 4,439,235.00 Within 1 year 1.59 221,961.75 Shimen Laishi plasmapheresis

Station Co., Ltd. Accounts receivable from subsidiaries 4,232,566.11 Within 1 year 1.52 - Total 247,128,147.59 88.77 221,961.75 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements (continued)

Long-term equity investment

2025 2024

Book balance Impairment provision Book value Book balance Impairment provision Book value

Investment in subsidiaries 12,829,495,685.84 679,240,039.87 12,150,255,645.97 8,551,170,960.40 679,240,039.87 7,871,930,920.53 Investment in associates 15,269,731,215.07 - 15,269,731,215.07 15,379,243,228.05 - 15,379,243,228.05

Total 28,099,226,900.91 679,240,039.87 27,419,986,861.04 23,930,414,188.45 679,240,039.87 23,251,174,148.58

(1) Investment in subsidiaries

Investee Balance at the beginning of the year Impairment provision at the end of the year Balance at the end of the year Impairment provision (book value) Balance at the beginning of the year Increase or decrease during the year (book value) Balance at the end of the year

Additional investment Decrease investment Provision for impairment Share-based payment

Tonglu Biopharmaceutical Co., Ltd. 5,330,948,107.04 - - - - 5,409,105.44 5,336,357,212.48 -Nanyue Biopharmaceutical Co., Ltd. - - 4,250,000,000.00 - - - 4,250,000,000.00 -Zhengzhou Laishi Blood Products Co., Ltd. 1,225,335,954.93 679,240,039.87 - - - 800,010.20 1,226,135,965.13 679,240,039.87 Guangxi Laishi Biopharmaceutical Co., Ltd. 509,556,265.12 - 16,671,100.00 - - 4,581,721.85 530,809,086.97 - Baoting Laish Plasma Apheresis Co., Ltd. 52,730,000.00 - - - - - 52,730,000.00 - Baokang County Laish Plasma Apheresis Co., Ltd. 94,257,333.20 - - - - (53,333.20) 94,204,000.00 - Baisha Laish Plasma Apheresis Co., Ltd. 41,030,000.00 - - - - - 41,030,000.00 - Wuning Laish Plasma Apheresis Station Co., Ltd. 84,394,666.40 - - - - 64,000.40 84,458,666.80 - Shanwei RAASH Plasma Apheresis Station Co., Ltd. 20,000,000.00 - - - - - 20,000,000.00 -Shanghai RAASH Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

Luhe LAIS Plasma Apheresis Station Co., Ltd. 20,000,000.00 - - - - - 20,000,000.00 - Qiongzhong LAIS Plasma Apheresis Co., Ltd. 34,170,000.00 - - - - - 34,170,000.00 - Quanzhou LAIS Plasma Apheresis Co., Ltd. 29,711,501.75 - - - - 212,116.75 29,923,618.50 - Bama Lais Plasma Apheresis Co., Ltd. 34,896,292.36 - - - - 64,000.40 34,960,292.76 - Lingbi Lais Plasma Apheresis Station Co., Ltd. - - - - - - - -

17. Notes on main items of the company’s financial statements (continued)

Long-term equity investment (continued)

(1) Investment in subsidiaries (continued)

Investee Balance at the beginning of the year Impairment reserve Balance at the end of the year Impairment reserve

(Book value) Balance at the beginning of the year Increase or decrease during the year (Book value) Balance at the end of the year

Additional investment Decrease investment Provision for impairment Share-based payment

Yiyuan County Laishi Plasma Apheresis Co., Ltd. 82,984,666.40 - - - - 64,000.40 83,048,666.80 - Nanning Wuming Laishi Plasma Apheresis Co., Ltd. 30,983,245.64 - - - - 128,000.80 31,111,246.44 -Xingping Laishi Plasma Apheresis Station Co., Ltd. 20,634,666.40 - - - - 64,000.40 20,698,666.80 -Mashan Laishi Plasma Apheresis Co., Ltd. 37,848,683.50 - - - - 64,000.40 37,912,683.90 -Dahua Laishi Plasma Apheresis Co., Ltd. 54,393,992.11 - - - - 64,000.40 54,457,992.51 - Shimen LAIS Plasma Collection Station Co., Ltd. 80,271,722.99 - - - - 128,000.80 80,399,723.79 - Lixian LAIS Plasma Collection Station Co., Ltd. 55,850,000.00 - - - - - 55,850,000.00 -Daxin Laishi Plasma Apheresis Co., Ltd. 21,933,822.69 - - - - 64,000.40 21,997,823.09 -Shanghai Laishi Pharmaceutical Co., Ltd. 10,000,000.00 - - - - - 10,000,000.00 -

Total 7,871,930,920.53 679,240,039.87 4,266,671,100.00 - - 11,653,625.44 12,150,255,645.97 679,240,039.87Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements (continued)

Long-term equity investment (continued)

(2) Investment in associated enterprises

Increases and decreases in the current period

Balance at the beginning of the year Impairment provision Declaration of issuance of cash shares recognized under the equity method Impairment provision Balance at the end of the year Impairment provision

(Book value) Balance at the beginning of the year Additional investment Decrease in investment Investment gains and losses Adjustments to other comprehensive income Other changes in equity Profit or profit Provisions (Book value) Balance at the end of the year Associates

Tongfang Laishi Pharmaceutical Co., Ltd.

Industry Investment (Guangdong) has

Ltd. (below

Referred to as "Tongfanglai"

293,061,194.64 - - - 4,280,251.74 (790,456.70) - - - 296,550,989.68 - GrifolsDiagnostic

Solutions,Inc.

(hereinafter referred to as

"GDS") 15,086,182,033.41 - - - 376,247,238.95 (267,408,180.97) 1,958,557.50 (223,799,423.50) - 14,973,180,225.39 -

Total 15,379,243,228.05 - - - 380,527,490.69 (268,198,637.67) 1,958,557.50 (223,799,423.50) - 15,269,731,215.07 - Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements (continued)

Operating income and operating costs

(1) Operating income and operating costs

2025 2024

Revenue Cost Revenue Cost Main business 1,866,916,865.63 688,535,259.96 2,242,788,720.58 850,093,562.47 Other business 664,553.70 435,319.92 1,917,362.86 2,215,830.67 Total 1,867,581,419.33 688,970,579.88 2,244,706,083.44 852,309,393.14 (2) Decomposition information of operating income and operating costs

2025

total

Operating Income Operating Cost Product Type

Human albumin 394,597,806.13 309,013,308.86 Intravenous human immunoglobulin 630,342,957.10 254,480,505.84

Other blood products 841,976,102.40 125,041,445.26 Total 1,866,916,865.63 688,535,259.96 Business areas

Domestic 1,814,476,105.03 669,196,698.07

Overseas 52,440,760.60 19,338,561.89 Total 1,866,916,865.63 688,535,259.96 Time of goods transfer

Transferred at a certain point in time 1,866,916,865.63 688,535,259.96 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements (continued)

Operating income and operating costs (continued)

2024

total

Operating Income Operating Cost Product Type

Human albumin 669,805,252.43 451,187,631.47 Intravenous human immunoglobulin 762,502,536.78 298,925,582.19

Other blood products 810,480,931.37 99,980,348.81 Total 2,242,788,720.58 850,093,562.47 Business areas

Domestic 2,186,097,584.65 827,434,425.91

Overseas 56,691,135.93 22,659,136.56 Total 2,242,788,720.58 850,093,562.47 Time of goods transfer

Transferred at a certain point in time 2,242,788,720.58 850,093,562.47 The above decomposition information is the decomposition information of main business income and main business costs.

(3) Major customers

Proportion of total operating income of the group Customer name Total operating income Example (%) First place 318,982,330.16 17.08 Second place 82,119,098.97 4.40 Third place 80,613,831.12 4.32 Fourth place 71,222,825.84 3.81 Fifth place 50,822,811.87 2.72 Total 603,760,897.96 32.33 Shanghai RAAS Blood Products Co., Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2025 RMB

17. Notes on main items of the company’s financial statements (continued)

Operating income and operating costs (continued)

(4) Performance obligations

Recognized revenue comes from:

2025 2024 Book value of contract liabilities at the beginning of the year 2,086,408.89 3,247,953.03 The company’s information related to performance obligations is as follows:

Fulfill the performance obligations, important support commitments, whether the transferor is the main time of quality assurance services provided, payment terms, nature of the goods, responsible person type and related obligations

60-90 days letter

Sales of goods When the customer signs for the product, the period of use is: None

Investment income

2025 2024 Investee declared profit distribution under cost method 735,000,000.00 300,000,000.00 Long-term equity investment income under equity method 380,527,490.69 350,726,136.34 Investment income obtained from disposal of trading financial assets - 178,918,094.99 Total 1,115,527,490.69 829,644,231.33 Shanghai RAAS Blood Products Co., Ltd.

Supplementary information

2025 RMB

Detailed statement of non-recurring gains and losses

Item Amount

Profit and loss from scrapping and disposal of non-current assets 21,158,355.63 Government subsidies included in the current profit and loss, but are closely related to the company’s normal operating business and in line with

National policy provisions, enjoyment in accordance with determined standards, and continuous impact on the company's profits and losses

Except for government subsidies 6,646,525.86 Reversal of impairment provision for accounts receivable subject to separate impairment test 14,000.00 Other non-operating income and expenses other than the above items (8,306,940.05) Less: Amount of income tax impact 2,924,691.22 Less: Amount of impact of minority shareholders’ equity (after tax) 16,262.92 Total 16,570,987.30 The Group's recognition of non-recurring profit and loss items is carried out in accordance with the provisions of the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public - Non-recurring Profits and Losses" (CSRC Announcement [2023] No. 65).

The Group recognizes government subsidies related to assets with an amortization period of 5 years or more as recurring profits and losses. They are mainly government subsidies related to assets with an amortization period of 5 years or more. They are closely related to the normal operating business of the Group and have a continuous impact on profits and losses. The specific amounts are as follows:

Item Amount Asset-related government subsidies with amortization period of 5 years or more 1,285,484.49 Shanghai RAAS Blood Products Co., Ltd.

Supplementary information

2025 RMB

Return on equity and earnings per share

Weighted average return on equity

(%) Earnings per share

Basic earnings per share Diluted earnings per share Net profit attributable to the company's ordinary shareholders 4.90 0.24 0.24 After deducting non-recurring gains and losses, net profit attributable to the company's ordinary shareholders

Net profit of ordinary shareholders 4.85 0.24 0.24