/Meikang Biology: Special report on the storage and use of funds raised in the first half of 2025

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Meikang Biology: Special report on the storage and use of funds raised in the first half of 2025

Shenzhen Stock Exchange

2025/08/29

Meikang Biotechnology Co., Ltd.

Securities code: 300439 Securities abbreviation: Meikang Biotechnology Announcement number: 2025-050

Meikang Biotechnology Co., Ltd.

Deposit and use of raised funds in the first half of 2025

special report

The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete, and contains no false records, misleading statements or major omissions.

In accordance with the relevant provisions of the China Securities Regulatory Commission's "Regulations on the Supervision of Funds Raised by Listed Companies (2025)", "Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 2 - Standardized Operations of GEM Listed Companies" and "Shenzhen Stock Exchange GEM Listed Companies Self-Regulatory Guidelines No. 2 - Announcement Format", the company's board of directors will make the following special report on the storage and use of raised funds in the first half of 2025:

1. Basic situation of raised funds

(1) Actual amount of funds raised and availability of funds

As approved by the China Securities Regulatory Commission's Zhengjian Xu [2021] No. 310 "Approval for Registration of Meikang Biotechnology Co., Ltd.'s Issuance of Stocks to Specific Targets", the company was approved to issue 39,999,995 RMB ordinary shares (A shares) to specific targets at an issue price of RMB 15.00 per share, raising a total of RMB 599,999,925.00. As of March 17, 2021, the company has actually issued 39,999,995 RMB ordinary shares (A shares), and the total amount of funds raised was RMB 599,999,925.00. The lead underwriter (sponsor) Zhongtian Guofu Securities Co., Ltd. was remitted to the company on March 17, 2021 to open shares in Bank of China. Co., Ltd.’s Ningbo Xiaying Branch account number 403979347806, account number 81340101310000335 opened at the Shounan Branch of Ningbo Yinzhou Rural Commercial Bank Co., Ltd., and account number 94170078801200001828 opened at the Ningbo Yinzhou Branch of Shanghai Pudong Development Bank Co., Ltd. After deducting the issuance fee of RMB 13,396,226.41 (excluding value-added tax, including: underwriting and recommendation fees of RMB 12,075,471.69, audit and capital verification fees of RMB 660,377.36, lawyer fees of RMB 622,641.51, and registration fees of RMB 37,735.85), the actual net amount of funds raised was RMB 586,603,698.59. The above-mentioned funds in place have been verified by Lixin Accounting Firm (Special Ordinary Accountants).

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Meikang Biotechnology Co., Ltd. (Partner) verified and issued a capital verification report No. ZF10146 [2021]. The company adopts a special account storage system for raised funds.

(2) Usage in previous years, usage and balance in this year

The company’s use of raised funds is as follows:

2021 The raised funds used in the year are 198,882,473.76 yuan, the raised funds used in 2022 are 64,440,012.57 yuan, the raised funds used in 2023 are 46,951,098.87 yuan, and the raised funds used in 2024 The raised funds were 37,347,513.97 yuan, and 14,554,542 yuan of raised funds were used in the first half of 2025. The balance of the raised funds special account was 40,819,594.77 yuan. Please see the attached table for details of the investment and benefits of each project.

As of June 30, 2025, the company used idle raised funds to temporarily replenish working capital balance of 100 million yuan; the company used idle raised funds to purchase principal balance of guaranteed financial products, with a principal balance of 100 million yuan.

As of June 30, 2025, the balance of the company's special account for raised funds was 40,819,594.77 yuan, and the balance of raised funds should be 24,428,057.42 yuan. The difference of 16,391,537.35 yuan was mainly due to interest income and income from purchasing short-term principal-guaranteed financial products.

In view that the funds raised by the company in the 94170078801200001828 account opened at the Ningbo Yinzhou Branch of Shanghai Pudong Development Bank Co., Ltd. have been used for specified purposes, in order to facilitate account management, in August 2021, the company has completed the cancellation procedures for the special account for raised funds opened at the Ningbo Yinzhou Branch of Shanghai Pudong Development Bank Co., Ltd., and the "Tripartite Supervision Agreement on Raised Funds" corresponding to the above account has been terminated accordingly.

2. Storage and management of raised funds

(1) Management of raised funds

The company has formulated the "Meikang Biotechnology Co., Ltd. Raised Funds Management System" in accordance with the relevant provisions of laws, regulations and normative documents such as the "Company Law of the People's Republic of China", "Securities Law of the People's Republic of China", "Shenzhen Stock Exchange Stock GEM Listing Rules", "Shenzhen Stock Exchange Listed Companies Self-Regulatory Guidelines No. 2 - Standardized Operation of GEM Listed Companies" and other laws, regulations and normative documents, and combined with the actual situation of the company, formulated the "Meikang Biotechnology Co., Ltd. Raised Funds Management System" and implemented a special account storage system for raised funds. The company's board of directors approved the opening of Bank of China shares for this fundraising

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Meikang Biotechnology Co., Ltd. Ningbo Xiaying Branch, Ningbo Yinzhou Rural Commercial Bank Co., Ltd. Shounan Branch, Shanghai Pudong Development Bank Co., Ltd. and Bank of China Co., Ltd. Ningbo Xiaying Branch, the corresponding demand deposit accounts are 403979347806, 81340101310000335, 94170078801200001828 and 393579342119.

On March 22, 2021, the company, Jiangxi Meikang Shengde Biotechnology Co., Ltd., and the sponsor Zhongtian Guofu Securities Co., Ltd. signed the "Four-Party Supervision Agreement on Raised Funds" with Bank of China Co., Ltd. Ningbo Yinzhou Branch; on March 22, 2021, the company, the sponsor Zhongtian Guofu Securities Co., Ltd. The company signed a "Three-Party Supervision Agreement for Raised Funds" with the Shounan Branch of Ningbo Yinzhou Rural Commercial Bank Co., Ltd.; on March 17, 2021, the company, the sponsor institution Zhongtian Guofu Securities Co., Ltd. and the Ningbo Yinzhou Branch of Shanghai Pudong Development Bank Co., Ltd. signed a "Tripartite Supervision Agreement for Raised Funds." There are no major differences between the three-party/four-party supervision agreement and the Shenzhen Stock Exchange’s three-party supervision agreement template, and there are no problems with the performance of the three-party/four-party supervision agreement.

The raised funds deposited in the special account of the "Repayment of Bank Loans" fundraising project opened by the company at the Ningbo Yinzhou Branch of Shanghai Pudong Development Bank Co., Ltd. have been used to repay bank loans in accordance with regulations. The company transferred the balance of RMB 56,143.51 in the special account for raised funds from the special account for raised funds to the company's basic bank account for permanent replenishment of working capital, and the special account for raised funds will no longer be used. According to the relevant provisions of the "Shenzhen Stock Exchange GEM Stock Listing Rules" and "Shenzhen Stock Exchange Listed Companies Self-Regulatory Guidelines No. 2 - Standardized Operation of GEM Listed Companies", the company has canceled the special account for raised funds of Shanghai Pudong Development Bank Co., Ltd. Ningbo Yinzhou Branch (account number: 94170078801200001828) corresponding to the special account of the "Repayment of Bank Borrows" fundraising project.

(2) Storage status of raised funds in special accounts

As of June 30, 2025, the company has a total of 3 special accounts for raised funds. The specific deposit status of raised funds is as follows:

Opening bank Bank account number Raised funds Balance of raised funds (yuan) Bank of China Ningbo Xiaying Branch 403979347806 Current account 20,445,343.95 Bank of China Ningbo Xiaying Branch 393579342119 Current account 25,013.52 Ningbo Yinzhou Rural Commercial Bank Shounan Branch 81340101310000335 Current account 20,349,237.30 Total 40,819,594.77

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Meikang Biotechnology Co., Ltd.

As of June 30, 2025, the company used idle raised funds to temporarily supplement the working capital balance of 100 million yuan; the company used idle raised funds to purchase financial products with a principal balance of 100 million yuan.

According to the company's raised capital management system, all expenditures for investment in raised capital projects must strictly follow the company's capital management system to perform fund use approval procedures. The relevant departments shall propose a fund use plan, within the scope authorized by the board of directors, and after signature of the department leader, submit it to the company's financial department for review, and be paid after signature and approval by the chief financial officer and general manager; anything exceeding the scope of authorization by the board of directors must be reported to the board of directors for approval. The company's internal audit department should inspect the storage and use of raised funds at least once every quarter, and report the inspection results to the audit committee in a timely manner. If the audit committee believes that there are violations in the company's management of raised funds, it should report to the board of directors in a timely manner.

3. Actual use of funds raised this year

In the first half of 2025, the actual use of funds raised by the company is as follows:

(1) Usage of raised funds for investment projects

For details of the company’s use of funds raised in the first half of 2025, please see the “Comparison of the Use of Raised Funds” (attached table).

The circumstances and reasons why each project failed to achieve planned progress or expected benefits are as follows:

In vitro diagnostic product research and development and industrialization project: This project is still in the construction stage and has not yet reached the intended usable state;
Information system upgrade project: This project is an upgrade of the existing information system and a comprehensive upgrade of regional networks, information systems, information security and other aspects. Through the integration and construction of a group-based information system, the company's scientific decision-making level and operational efficiency can be significantly improved, and the company's sustainable development can be promoted. However, this project does not produce direct economic benefits, and the benefits cannot be calculated separately;
Bank loan repayment project: This project will help relieve the company's financial pressure, reduce financial costs, and meet the company's operating capital needs, but it will not produce direct economic benefits and cannot be calculated separately.

(2) Changes in implementation locations and implementation methods of investment projects with raised funds

During the reporting period, the company did not have any changes in the implementation location or implementation method of the investment projects raised with funds.

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Meikang Biotechnology Co., Ltd.

(3) Advance investment and replacement of raised funds in investment projects

On April 7, 2021, the company held the fourth meeting of the fourth session of the Board of Directors, and reviewed and approved the "Proposal on Using Raised Funds to Replace Self-raised Funds Pre-invested in Raised Investment Projects and Issue Fees Paid", and agreed that the company would use 3,273,743.62 yuan of funds raised from this issuance of stocks to specific objects to replace self-raised funds that have been pre-invested in investment projects with raised funds; it was agreed that the company would use 1,075,471.70 yuan of raised funds to replace self-raised funds that have been paid in advance for issuance fees. Lixin Accounting Firm (Special General Partnership) verified the above-mentioned company's pre-investment of raised funds in investment projects with self-raised funds and the payment of issuance fees, and issued the "Assurance Report on Meikang Biotechnology Co., Ltd.'s pre-invested investment projects with self-raised funds" (Xin Huishi Bao Zi [2021] No. ZF10277) on April 7, 2021. The company's board of supervisors, independent directors and sponsors all expressed agreement on the above-mentioned use of raised funds to replace self-raised funds and paid issuance fees for pre-invested investment projects.

(4) Temporarily supplementing working capital with idle raised funds

On March 14, 2024, the company held the fourth meeting of the fifth board of directors, and reviewed and approved the "Proposal on Using Part of Idle Raised Funds to Temporarily Supplement Working Capital", and agreed that the company would use 100 million yuan of idle raised funds to temporarily replenish working capital. The period of use shall not exceed 12 months from the date of review and approval by the company's board of directors, and it will be returned to the special account for raised funds upon expiration. The company's board of supervisors and sponsors have all expressed their agreement on the above-mentioned use of part of the idle raised funds to temporarily supplement working capital.

On March 14, 2025, the company held the 11th meeting of the fifth board of directors, and reviewed and approved the "Proposal on Using Part of Idle Raised Funds to Temporarily Supplement Working Capital", agreeing that the company will use 100 million yuan of idle raised funds to temporarily replenish working capital, with a period of use of no more than 12 months from the date of review and approval by the company's board of directors, and will be returned to the special account for raised funds upon expiration. The company's board of supervisors and sponsors have all expressed their agreement on the above-mentioned use of part of the idle raised funds to temporarily supplement working capital.

As of June 30, 2025, the company's use of idle raised funds to temporarily replenish working capital is RMB 100 million. During the reporting period, the company’s use of idle raised funds to temporarily replenish working capital is shown in the table below:

Unit: RMB 10,000 Serial number Account name Beginning balance Recovery date Recovery amount Transfer-out date Transfer-out amount Closing balance Ningbo Yinzhou Rural Commercial Bank

1 10,000.00 2025/3/12 10,000.00 2025/3/20 10,000.00 10,000.00Ye Bank Shounan Branch

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Meikang Biotechnology Co., Ltd.

(5) Usage of surplus raised funds

During the reporting period, the company had no other use of surplus raised funds.

(6) Usage of excess raised funds

During the reporting period, the company did not raise excess funds.

(7) Purpose and destination of unused raised funds

On March 14, 2024, the company held the fourth meeting of the fifth session of the Board of Directors and reviewed and approved the "Proposal on Using Part of Idle Raised Funds for Cash Management", agreeing that the company can continue to use idle raised funds with a total amount not exceeding RMB 100 million for cash management on the premise of ensuring the capital needs of the investment projects with raised funds and the normal progress of the raised funds use plan. The fund limit can be used on a rolling basis within 12 months from the date of approval by the board of directors, and the company's operating management is authorized to exercise decision-making power. The company's finance department is responsible for the specific organization and implementation. The company's board of supervisors and sponsors have all expressed their agreement on the above-mentioned use of idle raised funds for cash management.

On May 21, 2024, the company held the seventh meeting of the fifth board of directors, and reviewed and approved the "Proposal on Continuing to Use Part of Idle Raised Funds for Cash Management", agreeing that the company can continue to use idle raised funds with a total amount not exceeding RMB 100 million for cash management on the premise of ensuring the capital needs of the investment projects with raised funds and the normal progress of the raised fund use plan. The fund limit can be used on a rolling basis within 12 months from the date of approval by the board of directors, and the company's operating management is authorized to exercise decision-making power. The company's finance department is responsible for the specific organization and implementation. The company's board of supervisors and sponsors have all expressed their agreement on the above-mentioned use of idle raised funds for cash management.

On May 30, 2025, the company held the 14th meeting of the fifth board of directors, which reviewed and approved the "Proposal on Using Part of Idle Raised Funds for Cash Management" and agreed that the company would ensure investment projects with raised funds.

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As long as the capital needs of Meikang Biotechnology Co., Ltd. and the plan to use the raised funds are carried out normally, the idle raised funds with a total amount of no more than RMB 100 million can be used for cash management. The use period is no more than 12 months from the date of review and approval by the company's board of directors. Upon expiration, the funds will be returned to the special account for raised funds. The company's board of supervisors and sponsors have all expressed their agreement on the above-mentioned use of idle raised funds for cash management.

As of June 30, 2025, the company's use of idle raised funds for cash management was RMB 100 million. During the reporting period, the company’s use of idle raised funds for cash management is shown in the table below:

Unit: RMB 10,000 Serial number Trustee name Product name Entrusted financial management amount Start date Maturity date Ending balance Bank of China Ningbo Linked Structured Deposit

1 2,695.00 2024/12/12 2025/05/12 - Payable to the branch

Bank of China Ningbo Linked Structural Deposit

2 2,805.00 2024/12/12 2025/05/14 - Payable to the branch

Bank of China Ningbo Linked Structural Deposit

3 2,450.00 2025/6/6 2025/10/15 2,450.00 due from the branch

Bank of China Ningbo Linked Structural Deposit

4 2,550.00 2025/6/6 2025/10/17 2,550.00 due to the branch

Ningbo Yinzhou Rural Area

Expires in 7 days from

5 Commercial bank shares Seven-day notice deposit 2,000.00 2025/6/4 2,000.00 dynamic renewal

Ltd.

Ningbo Yinzhou Rural Area

6 Commercial Bank Shares Time Deposit 3,000.00 2025/6/4 2025/9/4 3,000.00 Co., Ltd.

Except for the information disclosed in this report, the company's unused raised funds in the first half of 2025 are deposited in a special account for raised funds.

(8) Other uses of raised funds

The raised funds invested in the project "In Vitro Diagnostic Product R&D and Industrialization Project" and "Information System Upgrade Project". Due to industry policy adjustments and changes in the market environment, the company has continuously adjusted and optimized plans to adapt to industry development, digital technology development process and company business development changes, and gradually promoted the project implementation process in phases, extending the project cycle. In addition, during the implementation of the project, the time required for related equipment supply period and system installation and debugging has been extended, and it is expected that it will not be completed before the original scheduled usable state date. After deliberation and approval at the ninth meeting of the fifth board of directors, the company adjusted the date when the "In Vitro Diagnostic Product R&D and Industrialization Project" and "Information System Upgrade Project" will reach the scheduled usable state from November 30, 2024 to November 30, 2025.

The company's sponsor issued a concurring opinion, believing that the extension of the company's investment projects with part of the funds raised this time is

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The prudent decision made by Meikang Biotechnology Co., Ltd. based on the actual situation of the project does not involve changes in the project implementation entity, implementation method, and main investment content. There is no disguised change in the investment direction of the raised funds or damage to the interests of shareholders. Except for the information disclosed in this report, the company has no other use of raised funds.

4. Changes in the use of funds raised for investment projects

During the reporting period, the company did not change the use of funds raised for investment projects.

5. Problems in the use and disclosure of raised funds

During the reporting period, the company strictly followed regulatory requirements such as the "Supervisory Rules for Funds Raised by Listed Companies (2025)", "Shenzhen Stock Exchange GEM Stock Listing Rules", "Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 2 - Standardized Operations of GEM Listed Companies" and other regulatory requirements and the "Meikang Biotechnology Co., Ltd. Raised Funds Management System", and disclosed the storage and use of raised funds in a timely, truthful, accurate and complete manner. There were no violations in the management of raised funds.

6. This special report was approved by the company’s board of directors on August 28, 2025.

Attached table: Comparison table of usage of raised funds

7. Documents for reference

Resolution of the 15th meeting of the fifth board of directors;
Resolution of the 14th meeting of the fifth supervisory board;
Resolution of the eighth meeting of the Audit Committee of the fifth session of the Board of Directors.

Meikang Biotechnology Co., Ltd. Board of Directors August 29, 2025

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Schedule:

Comparison table of usage of raised funds

Compiled by: Meikang Biotechnology Co., Ltd. Half-year 2025 Unit: RMB 10,000 Investment during the reporting period

Total funds raised 58,660.37 Total funds raised 1,455.45

The total amount of raised funds whose purpose was changed during the reporting period 0.00

Total investment has been made

Cumulative total amount of raised funds changed use 0.00 Total raised funds 36,217.56

The cumulative proportion of total raised funds that have been changed in use is 0%

The project is feasible

Whether it has been changed. Investment as of the end of the period. This year, whether the committed investment projects and raised capital commitments have been achieved. Investment after adjustment. The cumulative investment as of the end of the period has reached the scheduled availability.

Project (including parts) Investment amount during the reporting period Investment progress (%) Achieved To the expected total investment amount of excess raised funds Total investment amount (1) Investment amount (2) Use status date Significant change) (3)＝(2)/(1) Benefit Benefit

commitment investment projects

1.In vitro diagnostic product development

No 17,000.00 17,000.00 477.77 10,792.33 63.48 November 30, 2025 // No and industrialization projects

Information system upgrade project No 26,000.00 24,660.37 977.68 8,425.23 34.17 November 30, 2025 / / No 3. Bank loan repayment project No 17,000.00 17,000.00 - 17,000.00 100.00 / / / No

Subtotal of committed investment projects / 60,000.00 58,660.37 1,455.45 36,217.56 61.74 / / / /Failed to meet planned progress or expectations

61.74% of the funds raised have been used, and the investment projects are gradually under construction. For details, please see Part Three (1) of this report

Circumstances and reasons for calculating income

Project feasibility occurs significantly

No such situation

Description of changing circumstances

The amount and use of excess raised funds

No such situation

usage and usage progress

Raised funds for investment projects

No such situation

Changes in construction location

Raised funds for investment projects

No such situation

Adjustments to implementation methods

Comparison table of usage of raised funds, page 1

Raise funds to invest in projects first

For details, please refer to the investment and replacement situation in the third (third) period of this report.

Use idle raised funds temporarily

For details, please refer to Part III (IV) of this report: Supplementary working capital situation

Raising funds during project implementation

For details, please refer to the amount and reasons of the three (five) gold balances in this report.

Unused raised funds

For details, please refer to Part 3 (7) Purpose and Destination of this Report

Use and disclosure of raised funds

For details about problems or other problems existing in this report, please refer to Chapter 3 (8) of this report and Chapter 5 of this report.

Note 1: If the total in this report does not match the sum of each sub-item, it is due to rounding.

Note 2: As reviewed and approved by the ninth meeting of the fifth session of the Board of Directors, the raised fund investment projects "In Vitro Diagnostic Product R&D and Industrialization Project" and "Information System Upgrade Project". Due to industry policy adjustments and changes in the market environment, the company has continuously adjusted and optimized the plan to adapt to industry development, digital technology development process and company business development changes, and gradually promoted the project implementation process in stages, extending the project cycle; superimposing the supply period of relevant equipment and system installation and commissioning during the project implementation process.

If the time required for the work is extended and it is expected that it cannot be completed before the original scheduled usable status date, the company will adjust the date for the "in vitro diagnostic product research and development and industrialization project" and "information system upgrade project" to reach the scheduled usable status from November 30, 2024 to November 30, 2025.

Comparison table of usage of raised funds, page 2