Haisco: CITIC Securities Co., Ltd.’s listing sponsorship letter regarding the issuance of A shares by Haisco Pharmaceutical Group Co., Ltd. to specific targets

About CITIC Securities Co., Ltd.

Haisco Pharmaceutical Group Co., Ltd. issues A shares to specific targets

Listing Sponsor Letter

Sponsor (lead underwriter)

North Tower, Excellence Times Square (Phase II), No. 8, Zhongxin 3rd Road, Futian District, Shenzhen City, Guangdong Province

September 2025

Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

Statement

The sponsor and the sponsor representative shall comply with the Company Law of the People's Republic of China (hereinafter referred to as the "Company Law"), the Securities Law of the People's Republic of China (hereinafter referred to as the "Securities Law"), the "Measures for the Administration of the Sponsorship Business of Securities Issuance and Listing", and the "Measures for the Administration of Securities Issuance and Registration of Listed Companies" (hereinafter referred to as the "Securities Law"). (known as the "Registration Management Measures") and other relevant laws, administrative regulations and the provisions of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, be honest and trustworthy, diligent and responsible, issue listing sponsorship letters in strict accordance with the business rules and industry self-discipline standards formulated in accordance with the law, and ensure that the documents issued are true, accurate and complete.

Unless otherwise specified in this listing sponsorship letter, the relevant terms have the same meaning as in the Prospectus for the Issuance of A Shares to Specific Targets by Haisco Pharmaceutical Group Co., Ltd. in 2025.

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

1. Basic information of the issuer

(1) Basic information of the issuer

Company Name: Haisco Pharmaceutical Group Co., Ltd.

English name: Haisco Pharmaceutical Group Co., Ltd.

Registered capital: RMB 1,119,917,970

Stock listing place Shenzhen Stock Exchange

A-share stock abbreviation Haisike

Stock code: 002653

Legal representative: Yan Pangke

Registered address: No. 17, Sanxiang Avenue, Zedang Town, Shannan City, Tibet

General items: sales of chemical products (excluding licensed chemical products); sales of special chemical products (excluding hazardous chemicals); sales of formula foods for special medical purposes; medical research and experimental development; medical research and experimental development (except human stem cells, gene diagnosis and treatment technology development and application); technical services, technology development, Technical consulting, technical exchange, technology transfer, technology promotion; professional design services; brand management; corporate image planning; marketing planning; conference and exhibition services; corporate management consulting; corporate management; business training (excluding education training, vocational skills training and other training that require permission); data processing and storage business scope:

Support services; information system integration services; network technology services; import and export of goods; import and export of technology; domestic trade agency; import and export agency; supply chain management services; non-residential real estate leasing (except for projects that require approval in accordance with the law, independently carry out business activities that are not prohibited or restricted by laws and regulations) Licensed projects: pharmaceutical production; Sales of medicinal excipients; sales of food; wholesale of pharmaceuticals; import and export of edible fungi; import and export of pharmaceuticals; import and export of toxic chemicals; import of new chemical substances; pharmaceutical Internet information services (projects that require approval according to law can only be carried out with the approval of relevant departments. Specific business projects are subject to the licenses of relevant departments)

(2) The issuer’s main business, core technology, and research and development level

1. The issuer’s main business

The company is a diversified and specialized pharmaceutical group that integrates new drug research and development, manufacturing, and promotion and marketing. It has a product layout covering multiple subdivisions such as anesthesia, parenteral nutrition, tumor antiemetics, hepatobiliary digestion, antibiotics, cardiovascular and cerebrovascular diseases, etc. It currently has There are more than 40 varieties, including 4 Class 1 new drugs, cyclopofol injection (Seshujing), krigabalin besylate capsules (Simeining) and colagliptin tablets (Beilongping), and Arrexfen injection (Syshujing, HSK21542), which have been approved for marketing. Most of the other varieties are the first or exclusive imitations in China. As of June 30, 2025, the company has a total of 17 commercialized products and Class 1 new drugs that have entered the clinical stage, covering multiple fields such as anesthesia, analgesia, oncology, metabolism, respiratory system, autoimmune system, etc. As the products are successively approved for launch and commercial promotion, it is expected to provide strong support for the company's future revenue growth.

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

2. Main products

The company's product layout covers multiple sub-sectors such as anesthesia, parenteral nutrition, tumor antiemetics, hepatobiliary digestion, antibiotics, cardiovascular and cerebrovascular diseases, etc. The main products include cyclopofol injection, krigabalin besylate capsules, colagliptin tablets, dolasetron mesylate injection, polyene phosphatidylcholine injection, flupentixol-melitracen tablets, methylprednisolone sodium succinate for injection, etc. The company's main products and uses are as follows:

(1) Main commercialized products

1. Cyclopofol Injection (Sexuning)

Cyclopofol Injection (Sexuning) is a new Class 1 intravenous anesthetic drug with independent intellectual property rights developed by the company. It was approved for marketing in December 2020. Compared with propofol, in the field of anesthesia outside the operating room, cyclopofol has the advantages of alkylphenols, and has a low incidence of respiratory depression, no injection pain, less dosage, and safe and comfortable patient diagnosis and treatment; in the field of anesthesia in the operating room, cyclopofol has the advantages of alkylphenols, and has less incidence of hypotension and a more stable BIS curve, reducing double-low events, making the anesthesia process smoother and safer; in the field of severe illness, cyclopofol can quickly achieve sedation goals and have stable circulation, and has the advantage of more clinical benefits.

Based on this, cyclopofol has been recommended by multiple guideline consensuses, including the "Expert Consensus on Sedation and Anesthesia for (Bronchoscopic) Diagnosis and Treatment (2020 Edition)", "Expert Consensus on Sedation/Anesthesia for Digestive Endoscopy Diagnosis and Treatment in China (2020 Edition)", "Guidance on the Clinical Application of Cyclopofol (2023 Edition)", "Guidelines for Anesthesia for Day Surgery (2023 Edition)", "Expert Consensus on Anesthesia/Sedation for Elderly Patients Outside the Operating Room (2023)" Edition)" "Guidance on Sedation and Anesthesia Programs for Diagnostic and Therapeutic Procedures (2023 Edition)" "Expert Consensus on Analgesia and Sedation Treatment for Neurologically Critical Patients (2023 Edition)" "Analgesia and Sedation Diagnosis and Treatment Process for Adult Critically Ill Patients (2023 Edition)" "Expert Consensus on Analgesia and Sedation Data Elements and Definitions for Adult Critically Ill Patients (2023 Edition)" "Consensus on Post-Critical Care Management (2023 Edition)", etc. In November 2021, cyclopofol participated in and passed the fifth batch of national medical insurance drug negotiations for the first time, and passed the national medical insurance negotiation again in November 2023, and all indications were included in the "National Medical Insurance Drug Catalog (2023 Edition)", which will be officially implemented from January 2024.

As of the signing date of this marketing sponsorship letter, Cyclopofol Injection (Sexuning) has currently obtained drug registration certificates for the indications of "sedation and anesthesia during non-tracheal intubation surgeries/operations", "induction and maintenance of general anesthesia", and "sedation during intensive care" in China; at the same time, the supplementary application for expanded use in children/adolescents has been accepted and is under review; in the US market, phase III clinical research for the indication of "induction of general anesthesia"

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

Positive results were obtained. On July 30, 2025, the company received an acceptance notice from the U.S. Food and Drug Administration (FDA) for the new drug application (NDA) of HSK3486 (cyclopofol injection). If it is successfully launched, it will bring a safer and more efficient new option for anesthesia and sedation to patients around the world.

2. Krigabalin besylate capsules (Simeining)

Krigabalin besylate capsules (Simeining), as a third-generation central nervous system calcium channel modulator, was approved in May 2024. It is China's first Class 1 new drug approved for the indication of "diabetic peripheral neuropathic pain in adults" (DPNP). It fills the gap in the DPNP treatment field and also fills the gap of drugs with this indication in the catalog; the indication for post-herpetic neuralgia was also approved in June 2024. In addition, Simeining has also developed indications for central neuralgia and fibromyalgia, which are being clinically advanced. In the future, the indications will be expanded to the entire field of neuropathic pain. Semeining has a unique tricyclic cage structure. Compared with the chain structure of pregabalin, it has good molecular rigidity, which brings potential advantages of better target affinity and in vivo metabolic stability. Phase III clinical studies have shown that Simenin can significantly relieve the pain of DPNP patients and postherpetic neuralgia (PHN) patients. Clinical use does not require titration of administration, is more convenient to use, and has rapid onset of effect, giving patients a good treatment experience. Based on this, Krigabalin Besylate Capsules have received consensus recommendations from 3 guidelines since its launch, including the "National Guidelines for the Diagnosis and Treatment of Diabetic Neuropathy at the Grassroots Level (2024 Edition)", which recommends Kligabalin as an effective initial treatment for DPNP; "Chinese Guidelines for the Assessment and Management of Neuropathic Pain (2024)" Edition)", pointed out that krigabalin is a drug with more stable target affinity and body metabolism, and is more convenient to use; a special review of "Research Progress in Postherpetic Neuralgia" pointed out that krigabalin can be directly initiated at an effective dose without titration and is more convenient to use.

3. Colagliptin tablets (Beichangping)

Colagliptin Tablets (Benchangping) is a Class 1 new drug independently developed by the company. It is used to improve blood sugar control in adults with type 2 diabetes. It was approved in June 2024. It is the world's first biweekly oral ultra-long-acting dipeptidyl peptide kinase inhibitor (DPP-4) and has independent intellectual property rights. Beichangping is introduced into the 6-position of the tetrahydropyran ring of DPP-4 single-week preparation, thereby enhancing the drug efficacy and metabolic stability, making it have ultra-long efficacy. Its long half-life can reach 131.5 hours, and one oral administration can maintain the DPP-4 enzyme inhibition rate above 80% within two weeks. Two phase III clinical studies showed that the glycated hemoglobin (HbA1c) of 24 weeks of glycated hemoglobin (HbA1c) reduced by up to 0.96% compared with the baseline after 24 weeks of treatment with Belongpine. On the basis of metformin treatment, the HbA1c decreased by 0.96% at most compared with the baseline after 24 weeks of Belongpine, which is equivalent to the efficacy of the daily preparation combination group. There is no increase in drug exposure and no dose adjustment is required in patients with renal impairment. At the same time, Beichangping is a drug with a glucose-dependent hypoglycemic mechanism and has few hypoglycemic side effects.

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

Few drug interactions. With the above advantages, Beichangping entered the "China Type 2 Diabetes Prevention and Treatment Guidelines 2024 Edition", and at the same time the "Expert Guidance on the Clinical Application of Colagliptin" was published, which was highly recognized by experts. The advantages of Beichangping's ultra-long curative effect, worry-free liver and kidney care, and stability and peace of mind can simplify clinical treatment plans and improve the convenience of treatment and patient compliance.

4. Dolasetron mesylate injection (Libifu)

Dolasetron mesylate injection (Libifu) is a basic drug for the prevention and treatment of chemotherapy-induced nausea and vomiting (CINV) and postoperative nausea and vomiting (PONV) in children and adults aged 2 years and above; National Comprehensive Cancer Network (NCCN), American Society of Clinical Oncology (ASCO), European Society for Medical Oncology (ESMO) "China Anti-tumor Therapy-Related Nausea and Vomiting Prevention and Treatment Guidelines", "Tumor Treatment-Related Vomiting Prevention and Treatment Guidelines", "Clinical Pathways - Tumor Diseases Volume" and other domestic and foreign authoritative guideline path consensus recommended basic medications; the company's dolasetron mesylate injection is an exclusive domestic variety, and CINV and PONV indications have been included in the medical insurance catalog.

5. Polyene Phosphatidylcholine Injection (Sifu)

Polyene Phosphatidylcholine Injection (Sifu) is an exclusive product in China. It is a unique liver cell membrane repair agent that promotes the repair and regeneration of liver cell membranes and organelle membranes, and restores liver function. It is mainly used for the treatment of various types of liver diseases, such as drug-induced liver injury, perioperative liver injury, cholestatic liver injury and cirrhosis. It has been included in the National Medical Insurance Category B Catalog. It has definite clinical efficacy, good safety, wide application, and has been recommended by more than 40 authoritative guideline consensus and clinical pathways.

(2) Main products under development

1. HSK31679

HSK31679 is a highly selective THR-β agonist mainly used to treat metabolic dysfunction-associated steatohepatitis (MASH, formerly known as non-alcoholic steatohepatitis NASH). It can reduce intrahepatic fat content, lower blood lipids, and delay the development of liver fibrosis by stimulating THRβ.

The results of the Phase I clinical study conducted in healthy subjects showed that no serious adverse events occurred in subjects using HSK31679, indicating that HSK31679 has good overall safety. In addition, the Phase II clinical study conducted in adult patients with primary hypercholesterolemia confirmed the preliminary safety and efficacy. As of the signing date of this marketing sponsorship letter, the Phase II clinical study of HSK31679 for the "adult primary hypercholesterolemia" indication has been completed, and the Phase II clinical study of "Non-alcoholic steatohepatitis" has completed the recruitment of all subjects.

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

In progress.

2. HSK31858

HSK31858 is a second-generation DPP-1 inhibitor mainly used to treat bronchiectasis. It inhibits the activation of neutrophil NSP enzyme by inhibiting DPP1, thereby inhibiting the activation and release of neutrophils into the circulation system, thereby inhibiting the progression of bronchiectasis.

The results of two phase I clinical studies conducted in healthy subjects showed that no serious adverse events occurred in subjects using HSK31679, indicating that HSK31858 has good overall safety. In addition, a phase II clinical study conducted in patients with non-cystic fibrosis bronchiectasis (HSK31858-201) confirmed the preliminary safety and efficacy. As of the signing date of this marketing sponsorship letter, the domestic phase III clinical study of HSK31858 tablets for the indication of "non-cystic fibrosis bronchiectasis" has been launched; the phase II clinical study of the two indications of "bronchial asthma" and "chronic airway inflammatory disease airway mucus hypersecretion" is progressing smoothly.

3. HSK39297

HSK39297 is a highly selective small molecule inhibitor of complement factor B (FB), used to treat paroxysmal nocturnal hemoglobinuria and IgA nephropathy. It preferentially binds to the active FB form with high selectivity, allowing it to effectively block the activation of the alternative pathway (AP) at a lower concentration, inhibit the initiation process of the AP pathway and the amplification cycle mediated by the AP pathway, thereby blocking the activation of the entire complement system, and achieving the effect of treating complement-mediated related diseases.

The results of a Phase I clinical study conducted in healthy subjects showed that HSK39297 tablets were generally safe and well tolerated in Chinese healthy subjects at a single dose range of 50mg-600mg and multiple doses (10 consecutive days) of 50mg BID and 100mg BID; in addition, a Phase II clinical study was conducted in patients with paroxysmal nocturnal hemoglobinuria. In the phase III clinical study, the safety and effectiveness were confirmed, supporting the launch of phase III clinical study of HSK39297 tablets for paroxysmal nocturnal hemoglobinuria. As of the signing date of this marketing sponsorship letter, HSK39297 has entered Phase III clinical research for the indication of paroxysmal nocturnal hemoglobinuria, and Phase II clinical research in IgA nephropathy is in progress.

4. HSK21542

HSK21542 is a highly selective peripheral kappa opioid receptor agonist, used for the treatment of postoperative analgesia in abdominal surgery, pruritus in chronic kidney disease, postoperative analgesia in orthopedic surgery, postoperative nausea and vomiting and other indications. It has high selectivity and affinity, and has strong peripheral analgesic, antipruritic and antiemetic effects. At the same time HSK21542 does not

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

Through the blood-brain barrier, it can avoid central opioid-related side effects, such as hallucinations, addiction, respiratory depression, etc.

As of the signing date of this marketing sponsorship letter, the indication of "moderate to severe pruritus related to chronic kidney disease in adult maintenance hemodialysis patients" of HSK21542 injection (Surgent) was included in the priority review in June 2024, and the NDA application was completed in September 2024 and is in the marketing review stage; the new indication of "postoperative nausea and vomiting" in 2024 has been approved for clinical use in November, and has now completed the clinical trial. CDE's EOP2 communication; the Phase II clinical study of the "postoperative analgesia after orthopedic surgery" indication has also been completed, and the Phase III clinical study has been initiated. The new indication "for the prevention of nausea and vomiting caused by chemotherapy" received a clinical trial approval notice in July 2025.

On May 21, 2025, HSK21542 injection (Sesujing) was approved for marketing for the indication of "mild and moderate pain after abdominal surgery". It is the first over-the-counter opioid analgesic drug in the world to obtain an analgesic indication and does not need to be included in the management of anesthetic drugs. It has great clinical and social significance.

5)HL231

HL231 inhalation solution is a compound preparation composed of indacaterol maleate and glycopyrrolate, which is used to treat chronic obstructive pulmonary disease. Indacaterol maleate is a long-acting β2-adrenoceptor agonist (LABA) and glycopyrrolate is a long-acting muscarinic receptor antagonist (LAMA). HL231 inhalation solution is an improved and innovative inhalation solution formulation of the already marketed drug indacaterol and glycopyrrolate inhalation powder. The two drugs (indacaterol and glycopyrrolate) target different receptors, achieve smooth muscle relaxation through different pathways, and have different mechanisms of action, and exert a superimposed effect as bronchodilators.

As of the signing date of this marketing sponsorship letter, HL231 has completed one Phase I study and one Phase II study for chronic obstructive pulmonary disease (COPD) indications in China. The Phase III clinical trial has completed the enrollment of all subjects. The obtained clinical study results show that the HL231 inhalation solution is safe and has clear preliminary efficacy in patients.

(3) Main operating and financial data and indicators

The issuer's financial reports for 2022, 2023 and 2024 have all been audited, and ShineWing Certified Public Accountants (Special General Partnership) has issued standard unqualified audit reports No. XYZH/2023CDAA3B0002, No. The issuer's financial data from January to June 2025 are unaudited.

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

1. Main data of the consolidated balance sheet

Unit: 10,000 yuan in 2025

2024 2023 2022

Project June 30

December 31st December 31st December 31st

(unaudited)

Current assets 287,793.49 272,983.65 264,076.87 205,364.67 Non-current assets 411,371.12 406,859.79 401,211.74 399,390.05Total assets 699,164.61 679,843.44 665,288.61 604,754.73 Current liabilities 151,985.75 156,821.86 150,395.94 148,855.39 Non-current liabilities 140,917.08 102,797.14 97,838.74 142,573.04 Total liabilities 292,902.82 259,619.00 248,234.68 291,428.43 Total equity attributable to shareholders of the parent company

406,465.56 421,333.36 417,989.47 303,558.24 total

2. Main data of the consolidated income statement

Unit: 10,000 yuan 2025 1-6

Project Month (Unreviewed 2024 2023 2022

Count)

Operating income 200,084.45 372,134.92 335,507.01 301,529.43 Operating profit 16,917.84 50,744.65 31,353.18 36,444.37 Total profit 14,793.36 46,294.96 30,252.24 36,661.42 Net profit attributable to shareholders of the parent company 12,882.20 39,545.52 29,511.16 27,707.25

3. Main financial indicators

Unit: %, yuan/share 1-6 in 2025

Main indicators Month 2024 2023 2022

(unaudited)

Comprehensive gross profit margin 72.96 71.46 71.02 69.51 Return on net assets (weighted, before non-deductions) 3.11 9.42 9.19 9.48 Return on net assets (weighted, after non-deductions) 3.50 3.15 7.54 3.83 Earnings per share (basic) 0.12 0.35 0.27 0.26

(4) Main risks of the issuer

1. Risk of product revenue decline caused by industry policies

For the company's innovative pharmaceutical products, Cyclopofol Injection (Sesuning), Krigabalin Besylate Capsules (Semeining) and Colagliptin Tablets (Benchangping) have been included in the medical insurance catalog, and Arrexfen Injection (Sesujing) is

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

We will participate in the negotiations to be included in medical insurance, and Cyclopofol Injection (Sexuning) is about to be renewed for medical insurance. If the company's product medical insurance negotiations fail and are not included in medical insurance, and if the medical insurance renewal negotiations cause the company's product prices to drop significantly or be adjusted out of the medical insurance catalog, product sales revenue may be adversely affected.

Regarding the company's generic drug products, during the reporting period, the company's products Methylprednisolone Sodium Succinate and Flupentixol Melitracen Tablets for Injection won the bid for the seventh batch of centralized procurement, and the company's caspofungin acetate for injection won the bid for the ninth batch of centralized procurement. As the above products continue to be purchased or other products enter the centralized purchasing catalog, if the increase in sales brought about by centralized purchasing cannot make up for the decline in product prices, product revenue may be at risk of decline due to the impact of centralized purchasing.

2. Market risk

The company is mainly engaged in pharmaceutical production and manufacturing. At present, there are many types of domestic generic pharmaceutical products, many manufacturing companies, and competition is fierce. In addition, as the country promotes the reform of the medical system in depth and adopts a series of measures such as centralized procurement, medical insurance fee control, secondary price negotiation, public hospital reform, and the elimination of government pricing, the company may face the risk of relatively fierce market competition for a long time to come. If the company is unable to continuously launch new products with market competitiveness and maintain continuous product improvement, or is unable to invest more financial and human resources in sales and marketing, resulting in a decline in market share and competitiveness, it may have an adverse impact on the company's business, financial condition, operating results and prospects.

3. Business risks

(1) Risks of new drug research and development

There are uncertainties in the screening and research and development process of the issuer's drug candidates. The future development of the innovative drug business is highly dependent on the company's research methods and processes to accurately identify and screen out drugs under development with potential value. It also requires continuous investment in technology, human resources, capital and other resources to achieve its research and development goals. However, the company cannot ensure that the current research methods and processes will be able to screen out drugs under development with clinical value; even if potential drugs are screened out, they may lose their potential for subsequent development due to uncontrollable side effects and failure to achieve expected efficacy.

In addition, the drugs developed by the company in the early stage must pass strict clinical trials before they can be approved for marketing. The smooth advancement of clinical trials is restricted by many factors such as the scientific nature of the clinical plan design, the start-up efficiency of the clinical trial center, the number of patient recruitment, the closeness of cooperation with clinical trial institutions, the progress of trial fund raising, the accuracy of the execution of the clinical plan and statistical analysis results during the research process, and the effectiveness of communication with regulatory agencies throughout the process. Changes in policies and regulations, adjustment and optimization of clinical plans, and clinical cooperation

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

Changes in institutions may affect the development process of drugs under development. Once a company's drug development fails or is proven to lack development value, it may have a negative impact on its business operations and financial status.

(2) The risk of the commercialization of new drugs failing to meet expectations

Even if a new drug successfully passes the strict approval process and is successfully launched, there are still many uncertainties in market promotion and acceptance. In actual application scenarios, if a new drug cannot be recognized by the doctor community based on clinical efficacy, safety, and medication habits, it will be difficult to be included in the treatment plan; if patients have concerns about the expected efficacy, side effects, or price of the drug, they may choose other alternative treatments; coupled with the influence of external factors such as medical insurance payment policies, competitive product promotion strategies, and academic authoritative opinions, it may be difficult for new drugs to reach the acceptable level expected by the market. Once a new drug fails to gain sufficient market recognition, its sales scale will be restricted, which will not only make it difficult to achieve expected revenue growth, but may also result in the company's early investment in R&D funds being unable to be effectively recovered, directly affecting the realization of economic benefits, and even having a major adverse impact on the company's continued operations and strategic development.

(3) Drug production management risks

The production specifications and product quality of pharmaceuticals are directly related to the health of patients, and risk control is particularly important. If the company encounters occasional facility and equipment failures, quality management errors, or improper process operations during the product production process, it will lead to changes in the properties of the products in progress, which will lead to drug production management risks. If a major drug production, quality and safety accident occurs, the company will face penalties from the competent authorities and damage the company's reputation, and may jeopardize the company's drug production quality management system and related qualifications and licenses. If quality problems occur after the company's products are launched, it will have a significant adverse impact on the issuer's production and operations, market reputation and operating performance.

(4) Risks of expanding business scale

During the reporting period, the company's operating income was RMB 3,015,294,300, RMB 3,355,070,100, RMB 3,721,349,200, and RMB 2,000,844,500 respectively. The growth of the company's main business and the expansion of its operating scale have placed higher requirements on the company's strategic planning, organizational structure, internal control, operational management, and financial management. If the company's management cannot continue to effectively improve management capabilities and optimize the management system, the company's management system will not be able to fully adapt to the rapid development of the company's business scale, which will have an adverse impact on the company's future operations and sustained profitability.

(5) Risks of misconduct by employees and partners

The company cannot completely control the interactions between its employees, promotion service providers, dealers, etc. and medical institutions and doctors.

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

Communication and interaction behaviors cannot completely avoid compliance risks caused by such behaviors. When relevant compliance risks occur, the identification and division of specific responsibilities depends on the review results of relevant regulatory agencies or judicial authorities. Once the company is involved, it may face the risk of fines, confiscation of illegal gains and other penalties; if the circumstances are serious enough to constitute a crime, it may be held criminally responsible; at the same time, it may have an adverse impact on the company's product sales.

(6) Trade friction and tariff risks

The company's cyclopofol injection has submitted an NDA to the U.S. FDA. As subsequent products are approved for marketing overseas, it will be sold in overseas markets. If major market areas increase tariffs, restrict imports and other trade protection policies in the future, or if international disputes or sanctions continue to escalate in the future, and the local economic environment continues to deteriorate, the company's overseas sales of cyclopofol may be lower than expected, thus having a certain adverse impact on the company's operating performance.

4. Financial risks

(1) Risk of decline in the company’s overall revenue and profits

During the reporting period, the company's operating income was 3.0152943 million yuan, 3.3550701 million yuan, 3.7213492 million yuan and 200.8445 million yuan respectively. The operating income in 2023 and 2024 increased by 11.27% and 10.92% year-on-year. During the reporting period, the company's net profits were respectively 391.7141 million yuan, 295.5628 million yuan, 466.2000 million yuan and 128.8082 million yuan.

If market competition continues to intensify in the future, leading to a further decline in the company's gross profit margin, or if industry policies such as centralized procurement and medical insurance renewal lead to a further decline in the revenue and gross profit of the company's main products, and the company fails to achieve lower operating costs or fails to timely introduce new products or new business models to make up for the impact of the decline in revenue and gross profit, the company may be at risk of declining profits. In each reporting period, the company's R&D investment was RMB 960.8554 million, RMB 875.4269 million, RMB 100.9435 million and RMB 496.5540 million respectively, accounting for 31.87%, 26.09%, 26.90% and 24.82% of the operating income respectively. The company is in a critical period of transition to innovative drugs and will continue to maintain high R&D investment in the next few years. The company may face the risk of unstable profitability.

(2) Risk of impairment of development expenditures and other non-current assets

At the end of each reporting period, the book values of the company's development expenditures were RMB 1,231,209,200, RMB 1,423,794,100, RMB 1,103,165,500, and RMB 1,123,133,100 respectively. The book values of development expenditures were relatively high. During the reporting period, the company's development expenditures mainly came from capitalized investment in drug research and development projects. New drug research and development is characterized by high investment and high risks. At the end of each reporting period, the company's impairment provisions for development expenses were RMB 0 million and RMB 944.11 respectively.

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

Ten thousand yuan, 37.4797 million yuan and 37.4797 million yuan. If the company's ongoing research projects lead to a sharp decline in expected revenue due to factors such as clinical trial failure, policy changes or intensified market competition, related development expenses will need to be impaired, which may have an adverse impact on the company's profitability.

At the end of each reporting period, the company's other non-current assets were RMB 226.9849 million, RMB 206.4567 million, RMB 134.3445 million and RMB 157.7532 million respectively, mainly prepaid technology license fees, prepaid royalties, etc. Such assets have the characteristics of high capital investment, long cycle and irreversibility. According to the company's accounting policy, the recoverable amount of prepayments that have not yet formed clear technical results needs to be assessed regularly. If the present value or fair value of the expected future cash flows is lower than the book value, impairment needs to be accrued. If the company's drug research and development faces clinical failure, approval obstacles or intensified market competition, it may lead to the risk of impairment of the company's other non-current assets.

(3) Accounts receivable recovery risk

At the end of each reporting period, the book values of the company's accounts receivable were 727.5912 million yuan, 799.2366 million yuan, 838.0159 million yuan and 939.9561 million yuan respectively, accounting for 35.43%, 30.27%, 30.70% and 32.66% of current assets respectively. The company's downstream customers are mainly large-scale pharmaceutical circulation and distribution companies, and the company provides certain customers with a certain credit period. If the operating conditions of downstream customers deteriorate, or their payment to terminal hospitals is delayed, it will make it more difficult for the company to collect its accounts receivable, and the company will face the risk of increasing bad debt losses on its accounts receivable.

(4) Risk of inventory price decline

At the end of each reporting period, the book values of the company's inventories were RMB 345.9999 million, RMB 281.2903 million, RMB 271.6079 million, and RMB 299.5617 million respectively, accounting for 16.85%, 10.65%, 9.95%, and 10.41% of current assets respectively. At the end of each reporting period, the company's provision for inventory devaluation was respectively 9.0126 million yuan, 7.5291 million yuan, 6.3935 million yuan and 6.4095 million yuan. The company's inventories mainly consist of raw materials, products in progress and commodities in stock. If market competition intensifies, product and technology updates are iterated, or the company's inventory management level declines, resulting in overstocking, damage, impairment, etc. of the company's inventory, it will increase the company's risk of making provision for inventory depreciation, which may have an adverse impact on the company's operating results.

(5) Risk of impairment of fixed assets

As of the end of June 2025, the book value of the company's fixed assets was 839.0297 million yuan, accounting for a high proportion of total assets. If there are adverse changes in factors such as the production and operation environment or downstream market demand in the future, the company's capacity utilization rate is further reduced, and the sales of cyclopofol and other related drugs are less than expected, it may lead to asset losses.

3-3-12

Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

If the assets are idle, eliminated or unavailable for use, the company may be at risk of increasing the amount of asset impairment provisions.

5. Legal and internal control risks

(1) Environmental protection risks

The pharmaceutical manufacturing industry where the company is located is subject to strict environmental protection policy supervision. The company's main environmental pollutants are waste water, waste gas, solid waste and noise generated during the production process. For such pollutants, the company has established an environmental protection hardware equipment and personnel management system that is suitable for the production scale, and carries out organized management of pollutants. The main pollutants have been effectively treated. However, in the company's daily operations, there may still be risks that violate laws, regulations and departmental rules related to environmental protection, resulting in illegal behaviors and being subject to administrative penalties, which will have an adverse impact on the company's production and operation activities.

(2) Risks of renewal of business qualifications

In accordance with the "Measures for the Administration of Drug Distribution Licenses", "Pharmaceutical Distribution Quality Management Practices", "Regulations for the Implementation of the Drug Administration Law", "Pharmaceutical Production Quality Management Practices", "Drug Registration Management Measures" and other regulations, the company has obtained relevant licenses, qualifications and certifications required for production and operation, including drug production licenses, drug distribution licenses, clinical trial approval documents/clinical trial notices, etc. When some certificates expire, the company needs to undergo re-evaluation by relevant departments to extend the validity of the company's certificates. If the company fails to continuously meet the corresponding administrative license renewal conditions during inspection or evaluation, cannot promptly renew the license or renew the registration when the validity period of the relevant licenses and approvals expires, or cannot obtain the re-registration approval of the product within the specified time, the company will not be able to continue to develop, produce or sell the relevant products, which will adversely affect the company's normal production and operations. (3) Administrative penalty risk

During the reporting period, the company and its subsidiaries were subject to administrative penalties by relevant government authorities. The company and its subsidiaries have rectified relevant penalties and further strengthened supervision and management in daily operations. During the reporting period, the administrative penalties imposed on the company and its subsidiaries did not constitute major violations of laws and regulations that seriously damaged the legitimate rights and interests of investors or social and public interests, and had little impact on daily operations. However, if the company and its subsidiaries fail to conduct business in accordance with relevant regulations due to inadequate management in the future, there may still be a risk of administrative penalties from relevant competent authorities, which may have an adverse impact on business activities.

3-3-13

Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

6. Investment project implementation risks

The issuer intends to use the funds raised this time for new drug research and development projects and to supplement working capital. Due to the high technical requirements for new drug research and development, the difficulty of development, the long research and development cycle, and the high costs, the research and development process is often accompanied by a greater risk of failure. Therefore, such research and development projects that are investment projects with raised funds are at risk of failure. Please refer to “3. (1) Risks of new drug research and development” in this section for the specific content of relevant risks.

At the same time, the feasibility analysis of the investment project is based on the current market environment, industry policies, industry development trends and other factors. During the implementation of this investment project, it is also faced with many uncertain factors such as changes in market demand, relevant policy changes, technological updates, etc., which may cause the project to be delayed or unable to be implemented; and new drug research and development projects cannot directly bring economic benefits, and it will still take a certain amount of time to realize economic benefits. The new R&D expenses for the investment projects raised by the funds raised this time will further affect the company's net profit, working capital, net assets and return on net assets, etc., and will have an adverse impact on the company's short-term profitability.

7. Risks related to this issuance

(1) Approval risks

This plan to issue A-shares to specific targets has been reviewed and approved by the company's board of directors and shareholders' meeting. It still needs to obtain the review opinions of the Shenzhen Stock Exchange and the registration decision of the China Securities Regulatory Commission. The outcome and time required for such approvals are uncertain.

(2) Issuance risk

Since this issuance is a targeted issuance of shares to no more than 35 specific investors to raise funds, the results of the issuance will be affected by a variety of internal and external factors such as the overall situation of the securities market, the company's stock price trends, and investors' recognition of this issuance plan. Therefore, there is a risk of insufficient funds raised in this issuance to specific targets.

(3) The risk of diluting current returns from the issuance of A shares to specific targets

Since the company's total share capital and net assets will increase significantly after the funds raised from this issuance to specific targets are in place, and it takes a certain period of time for the benefits of the investment projects to be generated, the company's profit realization and shareholder returns will still be mainly realized through the existing business before the investment projects generate benefits. Therefore, this issuance to certain entities may result in the Company's current returns being diluted in the short term.

In addition, if the company’s investment projects with funds raised from this issuance to specific objects fail to achieve expected benefits, further

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

If the company's future business scale and profit level fail to grow accordingly, the company's financial indicators such as earnings per share and return on net assets will decline to a certain extent. Investors are hereby reminded to pay attention to the risk that this issuance of A shares to specific targets may dilute current returns.

8. Risk of stock price fluctuations

The price of stocks is not only affected by the company's profitability and future development prospects, but also by investor psychology, stock supply and demand, the development and integration of the company's industry, national macroeconomic conditions, political, economic, financial policies and many other factors. Therefore, after the issuance is completed, there will be uncertainty in the company's secondary market stock price. If the stock price performs lower than expected, there is a risk that investors will suffer investment losses.

2. Issuer’s current issuance situation

(1) Type and par value of shares issued

The types of stocks issued to specific targets this time are domestically listed RMB ordinary shares (A shares), with a face value of RMB 1.00 per share.

(2) Issuance method and issuance time

This issuance will be carried out by issuing A shares to specific targets. The company will choose an appropriate time to implement it within the validity period of the Shenzhen Stock Exchange’s review and approval of the China Securities Regulatory Commission’s registration document for this issuance.

(3) Issuance objects and subscription methods

The targets of this issuance of stocks to specific targets are no more than 35 (inclusive) specific investors. The targets of this issuance are legal investors such as securities investment fund management companies, securities companies, trust investment companies, finance companies, asset management companies, insurance institutional investors, qualified foreign institutional investors, RMB qualified foreign institutional investors, other domestic and foreign institutional investors and natural persons that comply with the regulations of the China Securities Regulatory Commission. Securities investment fund management companies, securities companies, qualified foreign institutional investors, and RMB qualified foreign institutional investors who subscribe to more than two products managed by them are regarded as one issuance target; trust investment companies as the issuance target can only subscribe with their own funds.

The final issuance object shall be determined by the board of directors authorized by the shareholders' meeting, after being reviewed by the Shenzhen Stock Exchange and approved by the China Securities Regulatory Commission for registration, in accordance with the relevant regulations of the China Securities Regulatory Commission, the Shenzhen Stock Exchange and the conditions stipulated in the issuance plan, and based on the bidding results and consultation with the sponsor (lead underwriter) of the issuance. If national laws and regulations correspond to

3-3-15

Haisco Pharmaceutical Group Co., Ltd.’s application document for issuance of A-shares to specific targets. Listing Sponsorship Letter There are new regulations for the issuance of stocks to specific targets, and the company will make adjustments according to the new regulations. All issuance targets subscribe for the shares issued to specific targets in cash at the same price.

(4) Pricing base date, issuance price and pricing principles

The pricing base date for this issuance is the first day of the issuance period. The issuance price shall not be lower than 80% of the average trading price of the company's stock in the 20 trading days before the pricing base date.

The average stock trading price in the 20 trading days before the pricing base day = the total stock trading volume in the 20 trading days before the pricing base day / the total stock trading volume in the 20 trading days before the pricing base day.

If the company distributes cash dividends, bonus shares, or transfers capital reserves to increase share capital between the pricing base date of this issuance and the issuance date, the company will make corresponding adjustments to the aforementioned issuance floor price in accordance with the relevant rules of the Shenzhen Stock Exchange. The adjustment formula is as follows:

Distribution of cash dividends: P =P -D

1 0

Bonus shares or transfer to share capital: P =P / (1+N)

1 0

Two items are performed simultaneously: P = (P -D)/(1+N)

1 0

Among them: P is the issuance floor price before adjustment, D is the cash dividend per share, N is the number of bonus shares or capitalization per share, and P is the issuance floor price after adjustment.

The final issuance price of this issuance will be determined by the company's board of directors in consultation with the sponsor (lead underwriter) of this issuance based on the bidding results and in accordance with relevant regulations within the scope of authorization of the shareholders' meeting, after this issuance is reviewed and approved by the Shenzhen Stock Exchange and approved by the China Securities Regulatory Commission for registration, but will not be lower than the aforementioned issuance floor price.

If national laws, regulations and normative documents have new regulations on the pricing principles for issuing stocks to specific objects, the company will make adjustments according to the new regulations.

(5) Issuance quantity

The number of shares issued to specific objects this time will not exceed 70,000,000 shares (including the principal number). Calculated based on the current total share capital of the company, it will not exceed 30% of the total share capital before this issuance. The specific number of shares to be issued is determined based on the issuance price to specific objects. The calculation formula is: number of issuances = total funds raised/issuance price per share. If the company issues bonus shares, converts capital reserves into share capital, or other events that cause changes in the company's total share capital between the announcement date of the stock issuance plan and the issuance date, the above-mentioned upper limit on the number of issuances should be adjusted accordingly. After the China Securities Regulatory Commission agrees to register the final issuance amount, the company's board of directors will, within the scope authorized by the shareholders' meeting, in accordance with relevant regulations.

3-3-16

Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

The provisions of laws, regulations and normative documents shall be determined through consultation with the sponsor (lead underwriter) of this issuance based on the actual situation of the issuance.

(6) Scale and purpose of raised funds

The total amount of funds raised by this issuance of stocks to specific targets shall not exceed 1,365,256,700 yuan (including the original amount). After deducting the issuance expenses, it is planned to invest in the following projects:

Unit: RMB 10,000 Serial number Project name Project investment amount Amount of raised funds to be used 1 New drug research and development project 96,525.67 96,525.67 2 Supplementary working capital 40,000.00 40,000.00

Total 136,525.67 136,525.67

Before the raised funds are in place, the company can invest first with self-raised funds based on the actual situation of the raised funds investment project, and replace them after the raised funds are in place. After the raised funds are in place, if the actual net amount of raised funds after deducting issuance expenses is less than the total amount of raised funds to be invested, without changing the raised investment projects, the company's board of directors may, with the authorization of the shareholders' meeting, based on the actual needs of the project, and in accordance with the procedures stipulated in relevant laws and regulations, make appropriate adjustments to the order and amount of the raised funds invested in the raised investment projects, and the shortfall will be solved by the company's self-raised funds or other methods.

If the total amount of funds raised in this issuance of stocks to specific objects is adjusted due to changes in regulatory policies or the requirements for issuance registration documents, it will be adjusted accordingly.

(7) Restricted sale period

After the issuance of stocks to specific objects is completed, the restricted sales period of the stocks subscribed by the issuance objects must comply with the "Registration Management Measures" and the relevant regulations of the China Securities Regulatory Commission, Shenzhen Stock Exchange and other regulatory authorities. The shares subscribed by the issuance target shall not be transferred within 6 months from the completion date of this issuance.

The shares subscribed by the issuance target and derived from the company's bonus shares, transfer of capital reserves to share capital, etc. should also comply with the above-mentioned share locking arrangements.

If laws and regulations have other provisions on the sales restriction period, those provisions shall prevail. Transfers after the expiration of the lock-up period will be carried out in accordance with the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange.

(8) Place of stock listing

The shares issued this time will be listed and traded on the main board of the Shenzhen Stock Exchange.

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Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

(9) Arrangements for rolling over undistributed profits before this issuance

The company's accumulated undistributed profits before the completion of this issuance will be shared by new and old shareholders after the completion of this issuance.

(10) Validity period of the issuance resolution

The validity period of this issuance resolution is twelve months from the date when the company's general meeting of shareholders considers and approves the relevant resolutions for this issuance.

3. Information about the project sponsor representatives, co-organizers and other members of the project team for this securities issuance

The sponsor representatives, co-organizers and other members of the project team for this securities issuance and listing are as follows:

Sponsor representatives Shen Ziquan, Wang Qi

Project co-organizer Du Yulin

Project managers Lai Yiran, Wang Dong, Tang Haoran, Hu Yujie, Yang Ziling, Fangfangliang

Address North Tower, Excellence Times Plaza (Phase II), No. 8 Zhongxin 3rd Road, Futian District, Shenzhen, Guangdong Province Contact address 19th Floor, Tower B, Runshi Center, No. 16 Tianze Road, Chaoyang District, Beijing

Phone 010-60833301

Fax 010-60836960

(1) Sponsor representative

Shen Ziquan: currently serves as vice president of the Management Committee of CITIC Securities Investment Bank and sponsor representative. He has been responsible for or participated in IPO projects such as Jianfa Zhixin, Changfeng Pharmaceutical, Haichuang Pharmaceutical, Kemei Diagnostics, Kyodo Pharmaceutical, Changsha Bank, etc., as well as projects such as Dabo Medical refinancing and China Shipbuilding's major asset restructuring.

Wang Qi: Currently the executive general manager and sponsor representative of CITIC Securities Investment Bank Management Committee. He has been responsible for the IPO projects of Heren Technology, Weixinkang, Aide Biotech, KingMed, Borui Pharmaceuticals, Ganli Pharmaceuticals, JianKai Technology, Novogene, NanoVita Technology, Yahuilong, Hongbo Pharmaceuticals, Jianfa Zhixin, Hanbang Technology, etc., refinancing projects of KingMed, NanoV Technology, Frontier Biotech, Novogene, Ganli Pharmaceuticals, etc., and has worked on Zhendong Pharmaceutical, New Guodu, HiSilicon, Uboxun, Chongtak Technology, etc. Served as a core member of IPO projects, Weining Health refinancing, capital online stock agency system listing and private placement and other projects.

(2) Project co-organizer

Du Yulin: Currently the Vice President of the Management Committee of CITIC Securities Investment Bank, as a core member, he participated in A-share IPO projects such as Aohua Endoscopy, Kemei Diagnostics, Jingjie Biotech, and Zhonghui Yuantong Hong Kong IPO project.

3-3-18

Haisco Pharmaceutical Group Co., Ltd. issues A-share application documents to specific targets, listing sponsorship letters, Frontier Bio’s refinancing, Ai Di Wei Xin’s NEEQ listing and other projects.

(3) Other members of the project team

Other members of the project team include: Lai Yiran, Wang Dong, Tang Haoran, Hu Yujie, Yang Ziling, and Fang Fangliang.

4. Interests and main business dealings between the sponsor and its related parties and the issuer and its related parties

(1) The sponsor, its controlling shareholder, actual controller, and important related parties hold shares of the issuer, its controlling shareholder, and important related parties

As of June 30, 2025, the sponsor's proprietary business stock account, credit and securities lending special account and asset management business stock account hold the company's stocks as follows: CITIC Securities' proprietary business stock account holds 77,276 shares of Hisco stock; the credit and securities lending special account holds 300 shares of Hisco stock shares; the sponsor’s wholly-owned subsidiaries hold a total of 250,358 shares of Hisco shares; China Asset Management Co., Ltd., a holding subsidiary of the sponsor, holds 1,887,734 shares of Hisco shares.

After verification, the sponsor, its controlling shareholder, actual controller, and important related parties hold no more than 5% of the issuer's shares in total.

According to the provisions of the "Measures for the Administration of the Sponsorship Business of Securities Issuance and Listing", the sponsor and the issuer do not constitute related sponsorship due to the above-mentioned relationship; the above-mentioned relationship between the sponsor and the issuer does not affect the sponsor's fair performance of sponsorship duties.

(2) The issuer or its controlling shareholder or important related parties holds shares of the sponsor or its controlling shareholder, actual controller or important related parties

After verification, as of June 30, 2025, the issuer or its controlling shareholder, actual controller, or important related party did not hold shares of the sponsor or its controlling shareholder, actual controller, or important related party.

(3) The sponsor’s sponsor representatives and their spouses, directors, supervisors, and senior managers have interests in the issuer and hold positions in the issuer, etc.

After verification, as of June 30, 2025, the sponsor representative designated by the sponsor and his spouse, directors, supervisors, and senior managers of CITIC Securities do not have any rights and interests in the issuer, hold any office in the issuer, or other circumstances that may affect the fair performance of sponsorship duties.

3-3-19

Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

(4) The sponsor’s controlling shareholder, actual controller, and important related parties and the issuer’s controlling shareholder, actual controller, and important related parties provide mutual guarantees or financing, etc.

After verification, as of June 30, 2025, the sponsor's controlling shareholder, actual controller, and important related parties and the issuer's controlling shareholder, actual controller, and important related parties did not provide each other with guarantees or financing that were different from normal commercial conditions.

(5) Other related relationships between the sponsor and the issuer

After verification, as of June 30, 2025, there are no other related relationships between the sponsor and the issuer that may affect the sponsor's fair performance of sponsorship duties.

5. Sponsor’s Commitments

(1) The sponsor has conducted due diligence and prudent verification on the issuer, its controlling shareholders and actual controllers in accordance with laws, administrative regulations and the provisions of the China Securities Regulatory Commission, agreed to recommend the issuer’s securities for issuance and listing, and issued this listing sponsorship letter accordingly.

(2) The sponsor has passed due diligence and prudent verification and promises the following:

1. There are sufficient reasons to believe that the issuer complies with laws and regulations and the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange on the issuance and listing of securities;

2. There are sufficient reasons to believe that the issuer’s application documents and information disclosure materials do not contain false records, misleading statements or major omissions;

3. There are sufficient reasons to believe that the basis for the opinions expressed by the issuer and its directors in the application documents and information disclosure materials is sufficient and reasonable;

4. There are sufficient reasons to believe that there is no material difference between the application documents and information disclosure materials and the opinions expressed by the securities service agency;

5. Ensure that the designated sponsor representative and relevant personnel of the sponsor have performed their duties diligently and conducted due diligence and careful verification of the issuer’s application documents and information disclosure materials;

6. Guarantee that the sponsorship letter and other documents related to the performance of sponsorship duties do not contain false records, misleading statements or major omissions;

7. Ensure that the professional services and professional opinions provided to the issuer comply with laws, administrative regulations,

3-3-20

Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A shares to specific targets Listing sponsorship letter

China Securities Regulatory Commission regulations and industry norms;

8. Voluntarily accept the regulatory measures adopted by the China Securities Regulatory Commission in accordance with the "Measures for the Administration of the Sponsorship Business of Securities Issuance and Listing";

9. Other matters prescribed by the China Securities Regulatory Commission.

6. Decision-making procedures for the implementation of this securities issuance and listing

(1) Deliberation and approval by the board of directors

The company's plan to issue shares to specific objects and related matters have been reviewed and approved at the 24th meeting of the fifth board of directors held on February 27, 2025, and on April 3, 2025 The 25th meeting of the fifth session of the Board of Directors convened on 20th reviewed and approved that the issuer's board of directors believes that the issuer has the conditions to issue stocks to specific objects, and has made resolutions on such matters as the type and par value of the shares to be issued to specific objects, issuance method and issuance time, issuance objects and subscription methods, pricing base date, issuance price and pricing principles, issuance quantity, amount and purpose of raised funds, lock-up period, rollover profit arrangement, listing location and the validity period of the resolution on this issuance of stocks, and submitted to the issuer to convene a shareholders' meeting for review. The above-mentioned board resolutions of the issuer were announced on February 28, 2025 and April 7, 2025 respectively.

(2) Deliberation and approval at the general meeting of shareholders

On April 12, 2025, the issuer announced the "Announcement on the Notice of Convening the 2024 Annual General Meeting of Shareholders". On May 6, 2025, the issuer convened the 2024 Annual General Meeting of Shareholders, which reviewed and approved the company's resolution on the issuance of A shares to specific objects in 2025, and authorized the board of directors to handle matters related to the issuance of shares to specific objects. On May 7, 2025, the issuer announced the "Announcement of Resolutions of the 2024 Annual General Meeting of Shareholders".

The above-mentioned decision-making actions of the issuer are in compliance with the relevant provisions of the Company Law, Securities Law, Registration Management Measures and other relevant laws, regulations and normative documents. In addition to the fact that this issuance still needs to be reviewed by the Shenzhen Stock Exchange and reported to the China Securities Regulatory Commission for registration procedures, the company has performed other necessary decision-making procedures for this issuance.

7. Arrangements for the sponsor’s continuous supervision of the issuer

(1) The period of continuous supervision shall be the remainder of the year in which the securities are listed and one full accounting year thereafter;

(2) If there are sufficient reasons to believe that the issuer may have violated laws and regulations or other improper conduct, the issuer should be urged to make explanations and make corrections within a time limit; if the circumstances are serious, the issuer should be reported to the China Securities Regulatory Commission and the Shenzhen Stock Exchange.

3-3-21

Haisco Pharmaceutical Group Co., Ltd.’s application documents for issuance of A-shares to specific targets, listing sponsorship letter;

(3) In accordance with the information disclosure regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, issue a public statement on the issuer’s violations of laws and regulations;

(4) Supervise the issuer to effectively implement and improve the system to prevent controlling shareholders, actual controllers, and other related parties from illegally occupying the issuer’s resources;

(5) Supervise the issuer to effectively implement and improve the internal control system to prevent its directors, supervisors, and senior managers from taking advantage of their positions to harm the interests of the issuer;

(6) Supervise the issuer to effectively implement and improve the system to ensure the fairness and compliance of related-party transactions, and express opinions on related-party transactions;

(7) Supervise issuers to fulfill their information disclosure obligations and review information disclosure documents and other documents submitted to the China Securities Regulatory Commission and stock exchanges;

(8) Continue to pay attention to commitments such as the special account storage of funds raised by the issuer and the implementation of investment projects;

(9) Continue to pay attention to matters such as the issuer’s provision of guarantees for others, and express opinions;

(10) Other tasks stipulated by the China Securities Regulatory Commission, Shenzhen Stock Exchange and stipulated in the sponsorship agreement.

8. The sponsor’s recommendation conclusion for this stock listing

After conducting due diligence and careful review of the application documents, and communicating with the issuer, its lawyers and accountants, the sponsor believes that:

This issuance by the issuer is in line with the company's overall development strategy. The funds raised from this issuance to specific targets, after deducting relevant issuance expenses, are intended to be used for new drug research and development projects and supplementary working capital. It is expected that after the funds raised are in place, it will further accelerate the research and development process of innovative drugs, expand the depth and breadth of its own product layout under development, and lay a solid foundation for the commercialization of more products; at the same time At that time, this issuance will enrich the company's capital reserves and enhance the company's capital strength. The company's core competitiveness and risk resistance will be improved, which will help further expand the market space, expand the business scale, and enhance the company's operating scale and economic benefits, thereby bringing better investment returns to the company and shareholders, and is of great strategic significance to the company's long-term sustainable development. The issuer has the necessary independence, can operate in a standardized manner in accordance with the requirements of laws, regulations and regulatory agencies, has outstanding main business, has good development prospects, and the use of raised funds complies with national industrial policies and is in compliance with

3-3-22

The application document for the issuance of A-shares to specific targets by Hisco Pharmaceutical Group Co., Ltd. The listing sponsorship letter complies with the conditions for listed companies to issue A-shares to specific targets as stipulated in relevant laws, regulations and normative documents such as the "Company Law", "Securities Law" and "Registration Management Measures", and has fulfilled the relevant decision-making procedures. Therefore, this sponsor agrees to sponsor the issuance of A shares by HiSilicon to specific targets.

(No text below)

3-3-23

Application documents for Hisco Pharmaceutical Group Co., Ltd. to issue A-shares to specific targets Listing Sponsorship Letter (This page has no text, it is the signature page of "CITIC Securities Co., Ltd.'s Listing Sponsorship Letter Regarding Hisco Pharmaceutical Group Co., Ltd.'s Issuance of A-Share to Specific Targets")

Sponsor representative:

Shen Ziquan

Wang Qi

Project co-organizer:

Du Yulin

CITIC Securities Co., Ltd. Year Month Day

3-3-24

Application documents for Hisco Pharmaceutical Group Co., Ltd. to issue A-shares to specific targets Listing Sponsorship Letter (This page has no text, it is the signature and seal page of "CITIC Securities Co., Ltd.'s Listing Sponsorship Letter Regarding Hisco Pharmaceutical Group Co., Ltd.'s Issuance of A-shares to Specific Targets")

Kernel person in charge:

Zhu Jie

Sponsorship business leader:

Sun Yi

CITIC Securities Co., Ltd. Year Month Day

3-3-25

Application documents for Hisco Pharmaceutical Group Co., Ltd. to issue A-shares to specific targets Listing Sponsorship Letter (This page has no text, it is the signature and seal page of "CITIC Securities Co., Ltd.'s Listing Sponsorship Letter Regarding Hisco Pharmaceutical Group Co., Ltd.'s Issuance of A-shares to Specific Targets")

General Manager:

Zou Yingguang

CITIC Securities Co., Ltd. Year Month Day

3-3-26

Application documents for Hisco Pharmaceutical Group Co., Ltd. to issue A-shares to specific targets Listing Sponsorship Letter (This page has no text, it is the signature and seal page of "CITIC Securities Co., Ltd.'s Listing Sponsorship Letter Regarding Hisco Pharmaceutical Group Co., Ltd.'s Issuance of A-shares to Specific Targets")

Chairman and legal representative:

Zhang Youjun

CITIC Securities Co., Ltd. Year Month Day

3-3-27