/Asia Pacific Pharmaceuticals: Detailed Equity Change Report

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Asia Pacific Pharmaceuticals: Detailed Equity Change Report

Shenzhen Stock Exchange

2025/10/14

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

Detailed equity change report

Listed company name: Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

Stock listing location: Shenzhen Stock Exchange

Stock abbreviation: Asia Pacific Pharmaceuticals

Stock code: 002370

Information disclosure obligor: Zhejiang Xinghao Holdings Partnership (Limited Partnership)

Residence: Room 231, 2nd Floor, Building 10, No. 1397 Qingyuan Road, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province Correspondence address: Room 231, 2nd Floor, Building 10, No. 1397 Qingyuan Road, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province Nature of share changes: Increase (agreement transfer, acquisition of new shares issued by listed companies)

Person acting in concert: Zhejiang Xingchen Equity Investment Partnership (Limited Partnership)

Residence: Room 135, 1st Floor, Building 10, No. 1397 Qingyuan Road, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province Correspondence address: Room 135, 1st Floor, Building 10, No. 1397 Qingyuan Road, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province Nature of share change: Increase (transferee by agreement)

Signing date: October 2025 Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

Statement of information disclosure obligors and persons acting in concert

This report is prepared in accordance with the relevant provisions of the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Measures for the Administration of Acquisitions of Listed Companies, the Guidelines on the Content and Format of Information Disclosure by Companies that Offer Securities to the Public No. 15 - Report on Changes in Equity, the Guidelines on the Content and Format of Information Disclosure by Companies that Offer Securities to the Public No. 16 - Acquisition Report of Listed Companies, as well as relevant laws, regulations and departmental rules.
In accordance with the provisions of the "Securities Law of the People's Republic of China" and "Measures for the Administration of Acquisitions of Listed Companies", this report has fully disclosed the changes in shares held by the information disclosure obligor and its concerted actors in Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

As of the signing date of this report, except for the information disclosed in this report, the information disclosure obligor and its persons acting in concert do not have any other interests in Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

The information disclosure obligor and its persons acting in concert have obtained the necessary authorization and approval to sign this report, and its performance does not violate or conflict with any terms in its partnership agreement or internal rules.
After the share transfer agreement involved in this equity change comes into effect, compliance confirmation and other relevant procedures must be performed in accordance with the relevant provisions of the Shenzhen Stock Exchange on agreement transfer, and the transfer registration procedures must be completed at the Shenzhen Branch of China Securities Depository and Clearing Co., Ltd.

Matters related to the issuance of stocks to specific objects have been reviewed and approved at the fifth meeting of the eighth board of directors of the listed company held on October 13, 2025. They still need to be reviewed and approved by the shareholders’ meeting of the listed company, reviewed and approved by the Shenzhen Stock Exchange, and approved by the China Securities Regulatory Commission before registration can be implemented.

There is still a certain degree of uncertainty in this equity change, and investors are reminded to pay attention to investment risks.

This change in equity is based on the information stated in this report. Except for the information disclosure obligor and concerted actors and the hired professional institutions qualified to engage in securities business, the information disclosure obligors and concerted actors have not entrusted or authorized any other person to provide information not listed in this report or provide any explanation or explanation for this report.
The information disclosure obligor and its persons acting in concert promise that there are no false records, misleading statements or major omissions in this report, and bear individual and joint legal liability for its authenticity, accuracy and completeness. Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 1 Definition

Unless the context otherwise requires, the following abbreviations have the following meanings:

Detailed equity change report/

Refers to the "Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report" this report

Listed companies/companies/Asia Pacific Pharmaceuticals

Refers to Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

Industry

Information disclosure obligor/Xinghao

Refers to Zhejiang Xinghao Holdings Partnership (Limited Partnership)

holding

Persons acting in concert/Xingchen Investment refers to Zhejiang Xingchen Equity Investment Partnership (Limited Partnership)

The "Share Transfer Agreement Regarding Zhejiang" between Xinghao Holdings and Xingchen Investment and Fubon Group and Hangui Investment refers to

"Share Transfer Agreement of Asia Pacific Pharmaceutical Co., Ltd." "Agreement of Persons Acting in Concert" refers to the "Agreement of Persons Acting in Concert" between Xinghao Holdings and Xingchen Investment. "Voting Rights Entrustment Agreement" refers to the "Voting Rights Entrustment Agreement" between Xinghao Holdings and Xingchen Investment. This equity change and acquisition Xinghao Holdings and its persons acting in concert have obtained control of the listed company through the transfer of agreement.

refer to

Purchase, this transaction, uses cash to subscribe for shares issued by a listed company to specific objects.

Xinghao Holdings and Xingchen Investment transferred 89,420,000 shares of Asia Pacific Pharmaceutical held by Fubon Group through agreement transfer. The transfer agreement refers to the transfer of 19,525,566 shares of Asia Pacific Pharmaceutical held by Hangui Investment. A total of 108,945,566 shares were transferred.

Xinghao Holdings uses cash to subscribe for shares issued by Asia Pacific Pharmaceuticals to specific objects, not exceeding the amount of this issuance.

Over 136,986,301 shares (planned to subscribe for RMB 700 million, issue price of RMB 5.11 per share) financial advisor refers to Guolian Minsheng Securities Underwriting and Sponsoring Co., Ltd.

OnStar Health refers to OnStar Health Holdings Co., Ltd.

Zheshang Huaying refers to Beijing Zheshang Huaying Venture Capital Management Co., Ltd.

Zhejiang Zhongjian refers to Zhejiang Zhongjian Enterprise Management Co., Ltd.

Zheshang Venture Capital refers to Zheshang Venture Capital Co., Ltd.

Anji Jiuheng refers to Anji Jiuheng Venture Capital Co., Ltd.

Fubon Group refers to Ningbo Fubon Holding Group Co., Ltd.

Hangui Investment refers to Shanghai Hangui Investment Management Co., Ltd.

China Securities Regulatory Commission refers to China Securities Regulatory Commission

"Company Law" means "Company Law of the People's Republic of China"

“Securities Law” refers to the “Securities Law of the People’s Republic of China”

"Acquisition Management Measures" "Acquisition Management Measures"

Refers to the "Measures for the Administration of Acquisitions of Listed Companies"

Purchase Method》

Yuan, thousand yuan, ten thousand yuan and billion yuan refer to RMB yuan, thousand yuan, ten thousand yuan and billion yuan

Note: Unless otherwise specified, all values in this report are rounded to 2 decimal places. If the total does not match the sum of the sub-values, it is due to rounding.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 2 Introduction to information disclosure obligors and persons acting in concert

1. Information disclosure obligors and persons acting in concert

(1) Basic information about the person with information disclosure obligation

As of the signing date of this report, the basic situation of Xinghao Holdings is as follows:

Company name Zhejiang Xinghao Holdings Partnership (Limited Partnership)

Main place of business: Room 231, 2nd Floor, Building 10, No. 1397 Qingyuan Road, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province Executive Affairs Partner Anji Xingjian Holdings Co., Ltd.

Capital contribution: RMB 500.5 million

Unified social credit code 91330523MAEPR8K36A

Business Type Limited Partnership

General projects: holding company services; engaging in investment activities with self-owned funds; asset management services for investment and business scope of self-owned funds (except for projects that require approval according to law, self-owned funds can be provided in accordance with the law with a business license)

Mainly carry out business activities).

Operation period: 2025-07-03 to no fixed period

Mailing address Room 231, 2nd Floor, Building 10, No. 1397 Qingyuan Road, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province

(2) Basic information on persons acting in concert with information disclosure obligations

As of the signing date of this report, the basic situation of Xingchen Investment is as follows:

Company name Zhejiang Xingchen Equity Investment Partnership (Limited Partnership)

Main business location: Room 135, 1st Floor, Building 10, No. 1397, Qingyuan Road, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province Executive Affairs Partner Anji Xingjian Holdings Co., Ltd., Beijing Zheshang Huaying Venture Capital Management Co., Ltd. Capital contribution of 412 million yuan

Unified social credit code 91330523MAEWQXEB2N

Business Type Limited Partnership

General projects: Equity investment (except for projects that require approval according to law, the business scope shall be based on a business license and in accordance with the law)

independently carry out business activities).

Operation period: September 28, 2025 to long term

Mailing address Room 135, 1st Floor, Building 10, No. 1397 Qingyuan Road, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province

(3) Explanation of concerted action relationship

On October 13, 2025, Xinghao Holdings and Xingchen Investment signed the "Concert Acting Persons Agreement", which stipulates that both parties will act in concert on all decisions and arrangements when exercising voting rights.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

2. Equity and control relationships related to information disclosure obligors and persons acting in concert

(1) Equity structure of information disclosure obligors and persons acting in concert

Equity structure of the information disclosure obligor

As of the signing date of this report, the partner information and capital contributions of Xinghao Holdings are as follows:

Amount of capital subscribed

Serial number Partner name Type of partner Capital contribution ratio

(10,000 yuan)

1 Qiu Zhongxun Limited Partner 30,000.00 59.94% 2 Zhuang Wei Limited Partner 20,000.00 39.96% 3 Anji Xingjian Holdings Co., Ltd. General Partner 50.00 0.10%

Total 50,050.00 100.00%

As of the signing date of this report, the actual controller of the information disclosure obligor is Qiu Zhongxun.

Equity structure of persons acting in concert

As of the signing date of this report, the partner information and capital contributions of Xingchen Investment are as follows:

Amount of capital subscribed

Serial number Partner name Type of partner Capital contribution ratio

(10,000 yuan)

1 Anji Jiuheng Venture Capital Co., Ltd. Limited partner 21,000.00 50.97%

Anji Shuzhi New Economy Equity Investment Partnership

2 Limited partners 20,000.00 48.54% Partnership (limited partnership)

General partner, executive

3 Anji Xingjian Holdings Co., Ltd. 100.00 0.24% Partner

Beijing Zheshang Huaying Venture Capital Management General Partner, Executive

4 100.00 0.24% Limited Company Partner

Total 41,200.00 100.00%

As of the signing date of this report, the actual controllers of persons acting in concert with the information disclosure obligor are Qiu Zhongxun and Chen Yuemeng.

The equity control relationship between the information disclosure obligor and its persons acting in concert is as follows:

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

(2) Basic information on the executive partner and actual controller of the information disclosure obligor

Basic information on the executive partner of the information disclosure obligor

As of the signing date of this report, Anji Xingjian, as the executive partner of Xinghao Holdings, is responsible for the daily operation management and decision-making of Xinghao Holdings. It represents Xinghao Holdings externally and has control over Xinghao Holdings. Its basic situation is as follows:

Company Name Anji Xingjian Holdings Co., Ltd.

Residence Room 207, Floor 2, Building 3, No. 1352, Lingfeng South Road, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province

Legal representative Qiu Zhongxun

Registered capital 500,000 yuan

Unified social credit code 91330523MAEN6YEU3N

Enterprise type Limited liability company (natural person investment or holding)

Mainly carry out business activities).

Operation period: 2025-06-23 to no fixed period

Mailing address: Room 207, 2nd Floor, Building 3, No. 1352, Lingfeng South Road, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province

As of the signing date of this report, Anji Xingjian has no bad integrity records, failed to fulfill public commitments, and has not been listed as a person subject to enforcement for breach of trust in the past three years.

Basic information on the actual controller of the information disclosure obligor

As of the signing date of this report, the executive partner of Xinghao Holdings is Anji Xingjian. Qiu Zhongxun holds 99% of the capital contribution of Anji Xingjian. Therefore, the actual controller of Xinghao Holdings is Qiu Zhongxun, and the basic information is as follows: Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Whether to obtain their sex and live for a long time

Name, nationality, residence, ID number, other country or region of residence

retain rights

Shunyi District, Beijing

Qiu Zhongxun Male China 360724************ Beijing No

(3) Basic information on the executive partners and actual controllers of persons acting in concert

Basic information on the executive partners of persons acting in concert

As of the signing date of this report, Anji Xingjian and Zheshang Huaying, as the executive partners of Xingchen Investment, are responsible for the daily operation management and decision-making of Xingchen Investment, represent Xingchen Investment externally, and have control over Xingchen Investment. For details of the basic information of Anji Xingjian, please refer to "1. Basic information of the executive partners of the information disclosure obligor" in "(2) Basic information on the executive partners and actual controllers of the information disclosure obligor" in this section. The basic information of Zheshang Huaying is as follows:

Company name Beijing Zheshang Huaying Venture Capital Management Co., Ltd.

Residence: C903-1, Room 901, 9th Floor, No. 8 Kaiyang Road, Fengtai District, Beijing

Legal representative Zhu Jin

Registered capital 20 million yuan

Unified social credit code 911101055844820810

Enterprise type limited liability company (sole proprietorship of legal person)

Investment management; asset management. (“1. Without the approval of relevant departments, funds shall not be raised in a public manner; 2. Securities products and financial derivatives trading activities shall not be carried out publicly; 3. Loans shall not be granted; 4. Guarantees shall not be provided to other enterprises other than the invested enterprises; 5. Investors shall not be promised that the investment principal will not be lost or the scope of business shall not be

"Promises of minimum returns"; market entities independently select business projects and carry out business activities in accordance with the law; projects that require approval in accordance with the law shall carry out business activities in accordance with the approved content after being approved by relevant departments; they are not allowed to engage in business activities that are prohibited or restricted by national and municipal industrial policies.)

Operation period 2011-09-30 to 2031-09-29

Mailing address: C903-1, Room 901, 9th Floor, No. 8 Kaiyang Road, Fengtai District, Beijing

Private equity fund manager registration number P1071256

As of the signing date of this report, Zheshang Huaying has no bad integrity records, failed to fulfill public commitments, and has not been listed as a person subject to enforcement for dishonesty in the past three years.

Basic information on the actual controller of the person acting in concert

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

As of the signing date of this report, the executive partners of Xingchen Investment, persons acting in concert, are Anji Xingjian and Zheshang Huaying.

Qiu Zhongxun holds 99% of the capital contribution of Anji Xingjian; Chen Yuemeng holds 80% of the capital contribution of Zhejiang Zhongjian, Zhejiang Zhongjian is the controlling shareholder of Zheshang Venture Capital, and Zheshang Venture Capital holds 100% of the capital contribution of Zheshang Huaying. Therefore, the actual controllers of Xingchen Investment are Qiu Zhongxun and Chen Yuemeng. For details of Qiu Zhongxun’s basic information, please refer to “2. Basic information on the actual controller of the information disclosure obligor” in “(2) Basic information on the executive partner and actual controller of the information disclosure obligor” in this section. Chen Yuemeng’s basic information is as follows:

whether to obtain its

long term residence

Name, gender, nationality, residence, ID number, other country or region

right of residence

Xihu District, Hangzhou City

Chen Yuemeng Male China 330222************ Hangzhou No

Information disclosure obligors and their executive partners and actual controllers, as well as the core enterprises and core businesses, affiliated enterprises and main businesses controlled by persons acting in concert, their executive partners and actual controllers

(1) Information on core enterprises and core businesses, affiliated enterprises and main businesses controlled by information disclosure obligors, their executive partners and actual controllers

As of the signing date of this report, Xinghao Holdings has not actually carried out business activities, and there are no core enterprises and affiliated enterprises under its control.

As of the signing date of this report, except for Xinghao Holdings, Anji Xingjian, the executive partner of Xinghao Holdings, has not actually carried out business activities, and there are no core enterprises and affiliated enterprises under its control.

As of the signing date of this report, the actual controller of Xinghao Holdings is Qiu Zhongxun. The core enterprises and core businesses, affiliated enterprises and main businesses controlled by him are as follows:

Registered capital/

Shareholding/share

Serial number Name of controlled enterprise Capital contribution Business scope

Proportion

(10,000 yuan)

Technology development, technology promotion, technical services, technical consulting, technology transfer; computer system services; basic software services; application software services; software development; design, production, agency

Beijing Yaodou Technology Co., Ltd.

1 5,000.00 60.00%, publishing advertisements; computer animation design; organizing Culture and Art Exchange Co., Ltd.

Flow activities (excluding commercial performances); educational consulting; literary and artistic creation; translation services; conference services; hosting of exhibitions and display activities

activities; photography and printing services; corporate management consulting; corporate planning Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

, design; market research; economic and trade consulting; sales of computers, software and auxiliary equipment, mechanical equipment, communication equipment, electronic products, clothing, shoes and hats, daily groceries, sporting goods, stationery, knitted textiles, auto parts, metal materials, handicrafts, chemical products (excluding hazardous chemicals and Class I precursor chemicals). (Enterprises can independently select business projects and carry out business activities in accordance with the law; projects that require approval according to law shall carry out business activities in accordance with the approved content after being approved by relevant departments; they are not allowed to engage in business activities that are prohibited or restricted by the city’s industrial policies.)

General projects: technical services, technology development, technical consultation, technology exchange, technology transfer, technology promotion; medical research and experimental development; software development; data processing and storage support services; cosmetics retail; sales of special chemical products (excluding hazardous chemicals); sales of Class I medical devices; Class II medical devices Sales; sales of knitted textiles; sales of electronic products; retail of computer software, hardware and auxiliary equipment; advertising design, agency; advertising production; advertising release; graphic design and production; conference and exhibition services; organization of cultural and artistic exchange activities; business management consulting; technology import and export; goods import and export; import and export Zhejiang Xinghan Bona Medical

2 4,306.7815 58.28% Agency; marketing planning; health consulting services (excluding Diagnostic Medicine Technology Co., Ltd.

medical services); socioeconomic consulting services. (Except for projects that require approval according to law, business activities can be carried out independently with a business license in accordance with the law) Licensed projects: Internet information services for drugs; Internet information services for medical devices; basic telecommunications services; Internet information services; road cargo transportation (excluding dangerous goods); food sales; second-class value-added telecommunications services. (Projects that require approval according to law can only be carried out with the approval of relevant departments. Specific business projects shall be subject to the approval documents or licenses of relevant departments.) (Business activities of projects prohibited and restricted by national and municipal industrial policies are not allowed.)

(2) Control by persons acting in concert with the information disclosure obligor and its executive partners and actual controllers

The core enterprises and core businesses, affiliated enterprises and main business conditions

As of the signing date of this report, Xingchen Investment has not actually carried out business activities, and there is no core of control.

Enterprises and Affiliates.

The executive partners of Xingchen Investment are Anji Xingjian and Zheshang Huaying. OnJi Xingjian has not actually carried out business operations

In terms of business activities, there are no core enterprises and affiliated enterprises controlled by Xinghao Holdings. The core of Zheshang Huaying’s control

The enterprise and core business, affiliated enterprises and main business are as follows:

Preface Capital contribution amount

Name of controlled enterprise Share ratio Business scope

No. (10,000 yuan)

Huzhou Shuzhiling Equity Investment General Projects: Equity Investment; Venture Investment (Limited to Investment 1.00%, No Execution

1 Equity investment partnership 50,000.00 Unlisted enterprise) (Except for projects that require approval according to law)

(limited partnership), and can independently carry out business activities in accordance with the law with a business license). 2 Zhejiang Chuang (Zhejiang Free Trade 100,000.00 1.00%, responsible for executing general projects: equity investment; venture capital investment (limited to investment in Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

District) Equity Investment Fund Affairs Partner Unlisted Enterprises); (Partnerships without the approval of financial and other regulatory authorities (with approval, are not allowed to engage in financing deposits from the public, financing guarantee limited partnerships), financial services on behalf of clients and other financial services) (Except for projects that require approval in accordance with the law, business activities can be carried out independently with a business license in accordance with the law).

General projects: Venture investment (limited to investment in unlisted enterprises Huzhou Changchuang and Ruichuang

0.10%, any investment partnership 30,000.00 (except for projects that require approval according to law)

Business partners independently carry out business activities in accordance with the law

(limited partnership)

move).

Hangzhou Langhui Equity General Projects: Equity Investment (Except for 0.10% that must be approved according to law, any executive

4 Investment partnership 4,104.00 In addition to the project, the partner can independently carry out business activities in accordance with the law with a business license

(limited partnership).

General projects: venture capital investment (limited to investment in unlisted companies); private equity investment fund management, venture capital fund management services (must complete registration and filing with China Securities Investment Fund Industry Association before engaging in business activities); Shenyang Shengkai Shengyuan Venture Capital

0.03%, Ren Zhi engages in investment activities with his own funds; invests in partnerships with private equity funds 3,200.00

Business affairs, partnership, personnel, equity investment, investment management, asset management and other activities (limited partnership)

(You must complete registration and filing with the Asset Management Association of China before you can engage in business activities). (Except for projects that require approval according to law, business activities can be carried out independently with a business license and in accordance with the law)

Hangzhou Green Energy New Innovation General Project: Venture Investment (limited to 0.10% investment in unlisted companies, Ren Zhi

6 Industrial Investment Partnership 3,150.00) (Except for projects that require approval according to law, the business execution partner

(Limited partnership) independently carry out business activities in accordance with the law).

General projects: equity investment; venture capital investment (limited to investment in unlisted companies); (without approval from financial and other regulatory authorities) Ningbo Cizhe Science and Technology Venture Capital

1.00%, Ren Zhizhun is not allowed to engage in deposit taking, financing guarantee, or agency investment partnership 100,000.00

(Limited partnership)

(Except for projects that require approval according to law, business activities can be carried out independently with a business license and in accordance with the law).

General projects: venture capital investment (limited to investment in unlisted companies), engaging in investment activities with self-owned funds, engaging in equity investment, investment management, asset management, etc. with private equity fund Shenyang Qinke Venture Capital 0.03%, any executive

8-funded partnership (with RMB 3,000.00 activities (must complete the business partnership with the Securities Investment Fund Association of China

(Limited partnership) Can only engage in business activities after registration) (Except for projects that require approval according to law, business activities can be carried out independently with a business license and in accordance with the law)

Hangzhou Chuangrong Ze Business Shares General projects: Equity investment (except for 0.06% that must be approved according to law, any executive

9 Rights Investment Partnership 1,600.00 In addition to the project, partners can independently carry out business activities in accordance with the law with a business license

(limited partnership).

Lishui Fenjian Equity Investment General projects: equity investment; venture capital investment (limited investment 0.07%, Ren Zhi

10 joint ventures (with 3,105.00 unlisted companies) (except for projects that require approval according to law)

limited partnership) and independently carry out business activities in accordance with the law with a business license). 100.00%, any general projects: business management; business management consulting (except Hangzhou Zhechuang Huaying Enterprise

11 100.00 Except for projects that require approval according to law, the executive partnership shall have a business license according to the law of Industry Management Co., Ltd.

people independently carry out business activities).

Hangzhou Zhechuanghui Intelligent Enterprise General projects: enterprise management; enterprise management consulting (except 40.00%, Ren Zhi

12 Business management partnership 205.00 Except for projects that require approval according to law, partners can act in accordance with the law with a business license

(limited partnership) to carry out business activities independently).

13 Zhejiang Zhiyong Equity Investment 33,500.00 1.00%, Ren Zhi General projects: equity investment; venture capital investment (limited to investment in Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Partnership enterprises (unlisted enterprises with business partners) (limited to partnerships except for projects that require approval according to law), and can independently carry out business activities in accordance with the law with a business license).

As of the signing date of this report, the actual controllers of Xingchen Investment are Qiu Zhongxun and Chen Yuemeng. For details about the core enterprises, core businesses, affiliated enterprises and main business controlled by Qiu Zhongxun, please refer to "(1) The core enterprises and core businesses, affiliated enterprises and main business controlled by the information disclosure obligor, its executive partner and actual controller" in "3. Information disclosure obligors and their executive partners and actual controllers, as well as the core enterprises and core businesses, affiliated enterprises and main business controlled by persons acting in concert, their executive partners and actual controllers". The core enterprises and core businesses, affiliated enterprises and main businesses controlled by Chen Yuemeng are as follows:

Registered capital/

Controlled enterprise shareholding/share

Serial number Capital contribution Business scope

Name Scale

(10,000 yuan)

General projects: enterprise management; enterprise management consulting (Zhejiang Zhongjian Enterprise Management

1 1,000.00 80.00% Except for projects that require approval according to law, limited companies with business licenses

Carry out business activities independently in accordance with the law).

General projects: technical services, technology development, technology consulting, technology exchange, technology transfer, technology promotion 2 1.00 78.65%

Ltd. (Except for projects that require approval according to law, it can independently carry out business activities with a business license and in accordance with the law).

Services: Industrial investment, investment management, investment consulting 30.00%, any (the above items except securities and futures, without finance, etc. Hangzhou Hezhong Investment Partnership

3 538.89 Enterprises (limited partnerships) that are not allowed to engage in financing from the public must be approved by the regulatory authorities.

(partnership, financing guarantee, financial management on behalf of clients and other financial services).

Hangzhou Angel Entrepreneurship Assistance 3.13%, any services: venture capital business, acting as an agent for other venture capital 4 investment partnerships (general affairs partnership venture capital business of institutions or individuals such as general investment enterprises, through partnerships) venture capital consulting business.

The main business situation and financial status of the information disclosure obligor and its concerted actors in the past three years

(1) The main business situation of the information disclosure obligor and the financial situation in the past three years

Xinghao Holdings was established on July 3, 2025. As of the signing date of this report, there is currently no financial information.

Anji Xingjian, the executive partner of Xinghao Holdings, was established on June 23, 2025. As of the signing date of this report, there is no financial information.

The actual controller of Anji Xingjian is Qiu Zhongxun, a natural person, and there is no financial information.

(2) The main business situation and financial situation of the parties acting in concert of the information disclosure obligor in the past three years

Xingchen Investment was established on September 28, 2025. As of the signing date of this report, there is currently no financial information. Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

The executive partners of Xingchen Investment are Anji Xingjian and Zheshang Huaying. Anji Xingjian was established on June 23, 2025. As of the signing date of this report, it has not carried out actual operating activities and has no financial information. Zheshang Huaying was established on September 30, 2011 and is mainly engaged in investment management and asset management business. Its main audited financial data for the past three years are as follows:

Unit: 10,000 yuan December 31, 2024 December 31, 2023 December 31, 2022/2022 project

/2024 /2023 year

Total assets 1,529.15 735.01 172.18

Total liabilities 395.53 201.83 184.08

Total owners’ equity 1,133.62 533.18 -11.90

Operating income 870.00 712.63 94.23

Operating profit 593.47 504.81 -104.21

Net profit 579.75 504.86 -104.02

Return on equity 69.56% 193.70% Not applicable

Asset-liability ratio 25.87% 27.46% 106.91%

Note 1: Return on equity = net profit/[(owners’ equity at the end of the period + owners’ equity at the beginning of the period)/2] × 100.00%.

Note 2: The financial data in 2024 and 2023 were audited by Tianjian Accounting Firm (Special General Partnership), and the financial data in 2022 were audited by Beijing Zhongtai Xincai Accounting Firm Co., Ltd.

The actual controllers of Anji Xingjian and Zheshang Huaying are natural persons Qiu Zhongxun and Chen Yuemeng respectively, and there is no financial information.

Punishments received by information disclosure obligors and persons acting in concert in the past five years and related litigation and arbitration situations

After verification, as of the signing date of this report, the information disclosure obligor and its concerted actors have not been subject to administrative penalties (except those obviously unrelated to the securities market) or criminal penalties in the past five years, and have not been involved in major civil litigation or arbitration related to economic disputes.

6. Basic information on the principal persons in charge of information disclosure obligors and persons acting in concert

As of the signing date of this report, the basic information of the principal persons responsible for information disclosure obligations is as follows:

Whether to obtain another country or name, position, nationality, long-term residence, ID number

regional residency

360724*****

Qiu Zhongxun Director, Manager Beijing, China No******

150402*****

Zong Hao Financial Manager Beijing, China No

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

As of the signing date of this report, the basic information of the principal persons in charge of persons acting in concert of the information disclosure obligors is as follows:

Whether to obtain another country or name, position, nationality, long-term residence, ID number

regional residency

Executive Partner 150402*****

Zong Hao Beijing, China No

Appointed Representative *******

Executive Partner 330825****

Zhu Jin Beijing, China No

Appointed representative **********

As of the signing date of this report, the above-mentioned persons have not been subject to administrative penalties (except those obviously unrelated to the securities market) or criminal penalties in the past five years, and have not been involved in major civil litigation or arbitration related to economic disputes.

The information disclosure obligor and his/her executive partners and actual controllers, as well as the persons acting in concert and their executive partners and actual controllers, have interests in shares of other domestic or overseas listed companies reaching or exceeding 5% of the company’s issued shares.

As of the signing date of this report, the information disclosure obligor and its executive partners and actual controllers, as well as the persons acting in concert and their executive partners and actual controllers, do not have equity interests in other domestic or overseas listed companies reaching or exceeding 5% of the company's issued shares.

Information disclosure obligors and their executive partners and actual controllers, as well as persons acting in concert and their executive partners and actual controllers holding more than 5% of the shares of banks, trust companies, securities companies, insurance companies and other financial institutions

As of the signing date of this report, information disclosure obligors and their executive partners and actual controllers, as well as persons acting in concert and their executive partners and actual controllers, do not hold more than 5% of the equity of banks, trust companies, securities companies, insurance companies and other other financial institutions.

Changes in executive partners and actual controllers of information disclosure obligors and persons acting in concert in the past two years

As of the signing date of this report, the executive partner and actual controller of Xinghao Holdings has not changed, and the executive partner and actual controller of Xingchen Investment have not changed.

Whether you have applied to the securities registration and clearing agency for temporary custody of all the stocks of the listed company held by you and the storage period

This change in equity does not involve applying to the securities registration and clearing agency for temporary custody of the stocks of listed companies.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 3 Purpose and Decision of Equity Change

1. Purpose of this equity change

Information disclosure obligors and persons acting in concert are based on their recognition of the intrinsic value of listed companies and their judgment on the long-term investment value of listed companies, and hope to use the operation and management characteristics of venture capital institutions to seize industry development opportunities, optimize the management and resource allocation of listed companies, and further improve the core competitiveness of listed companies. After the completion of this equity change, the information disclosure obligor and its persons acting in concert will exercise shareholder rights in accordance with the law, actively participate in the governance decisions of listed companies, enhance the profitability of listed companies, and share the development results of listed companies with all shareholders.

Whether the information disclosure obligor and its persons acting in concert plan to continue to increase or dispose of the shares of listed companies in which it already has interests in the next 12 months

As of the signing date of this report, the information disclosure obligor and its persons acting in concert have no plans to further increase or dispose of shares of listed companies in the next 12 months. If the information disclosure obligor and its persons acting in concert increase or dispose of shares of listed companies in the future, they will strictly comply with the requirements of relevant laws and regulations and perform relevant approval procedures and information disclosure obligations in accordance with the law.

This equity change constitutes an acquisition of a listed company. According to the relevant provisions of Article 74 of the "Acquisition Management Measures", the information disclosure obligor and its persons acting in concert have issued a commitment that in this equity change, the shares acquired through the agreement transfer will not be transferred within 18 months from the date of completion of transfer registration. During the lock-up period, the shares of the listed company that were increased due to bonus shares issued by the listed company, increased share capital, etc. will also be implemented in accordance with the aforementioned commitments.

Relevant procedures performed by the information disclosure obligor and its persons acting in concert regarding the decision on this equity change

(1) Procedures completed for this equity change

As of the signing date of this report, the procedures that have been performed for this equity change include:

On October 12, 2025, Xinghao Holdings held an investment decision-making committee meeting and agreed to Xinghao Holdings’ participation in this transaction. On the same day, Xingchen Investment held an investment decision-making committee meeting and agreed to Xingchen Investment’s participation in this transaction.
On October 13, 2025, matters related to the issuance of shares to specific objects have been reviewed and approved at the fifth meeting of the eighth board of directors of the listed company.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

(2) Approval procedures that need to be completed for this equity change

The decision-making and approval procedures that still need to be performed for this equity change are as follows:

Perform compliance confirmation and other procedures in accordance with the relevant provisions of the stock exchange share agreement transfer;
Complete the transfer registration procedures at the Shenzhen Branch of China Securities Depository and Clearing Co., Ltd.;
Matters related to the issuance of shares to specific targets still need to be reviewed and approved by the shareholders’ meeting of the listed company, reviewed and approved by the Shenzhen Stock Exchange, and approved and registered by the China Securities Regulatory Commission before implementation;
Other possible approvals or approvals required by relevant laws and regulations.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 4 Equity Change Methods

Changes in the proportion of shares of listed companies held by information disclosure obligors and persons acting in concert before and after this equity change

The method of this equity change is that on October 13, 2025, the information disclosure obligor and its persons acting in concert signed a "Share Transfer Agreement" with Fubon Group and Hangui Investment to transfer 108,945,566 shares of the listed company. On the same day, the information disclosure obligor and the persons acting in concert signed the "Persons Acting in Concert Agreement" and the "Voting Rights Entrustment Agreement". After the transfer of this agreement and the entrustment of voting rights are completed, the information disclosure obligor and its persons acting in concert obtain control of the listed company, Xinghao Holdings becomes the controlling shareholder of the listed company, and Qiu Zhongxun becomes the actual controller of the listed company.

On October 13, 2025, the information disclosure obligor signed a "Conditionally Effective Subscription Agreement for the Issuance of Shares to Specific Objects" with Asia Pacific Pharmaceuticals, and planned to use cash to subscribe for the issuance of A shares by the listed company to specific objects. The number of shares subscribed will not exceed 136,986,301 shares, and the subscription amount will not exceed 700,000,000 yuan.

Before this equity change, the information disclosure obligor and its persons acting in concert did not hold shares in the listed company.

After this equity change, the information disclosure obligor and its persons acting in concert will hold 245,931,867 shares of the listed company. The controlling shareholder of the listed company was changed to Xinghao Holdings, and the actual controller of the listed company was changed to Qiu Zhongxun.

Before and after this equity change, the shareholdings of both parties to the transaction and persons acting in concert are as shown in the following table:

Before this transaction After this share transfer/transfer After this issuance

Entity Shares with voting rights Voting rights Shares with voting rights Voting rights Shares with voting rights Voting rights

shares (shares) proportion shares (shares) proportion shares (shares) proportion Fubon Group 89,420,000 11.99% - - - - Hangui Investment 19,525,566 2.62% - - - - Xinghao Holdings - - 60,525,314 8.12% 197,511,615 22.38% Xingchen Investment - - 48,420,252 6.49% 48,420,252 5.49% Xinghao Holdings and

Acting in concert - - 108,945,566 14.61% 245,931,867 27.86% Total people

2. The method of this equity change

On October 13, 2025, the information disclosure obligor and its persons acting in concert signed a "Share Transfer Agreement" with Fubon Group and Hangui Investment to transfer 108,945,566 shares of the listed company.

On October 13, 2025, the information disclosure obligor signed a "Conditionally Effective Share Subscription Agreement" with Asia Pacific Pharmaceuticals, intending to use cash to subscribe for A shares issued by the listed company to specific objects. The number of shares subscribed will not exceed 136,986,301 shares, and the subscription amount will not exceed 700,000,000 yuan.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Combined with the "Concert Acting Person Agreement" and "Voting Rights Entrustment Agreement" signed by Xinghao Holdings and Xingchen Investment, the controlling shareholder of the listed company will be changed to Xinghao Holdings, and the actual controller of the listed company will be changed to Qiu Zhongxun.

3. Main contents of the agreement related to this equity change

(1) Main contents of the “Share Transfer Agreement”

On October 13, 2025, Xinghao Holdings and Xingchen Investment signed the "Share Transfer Agreement" with Fubon Group and Hangui Investment. The main contents of the agreement are as follows:

Party A: Zhejiang Xinghao Holdings Partnership (Limited Partnership)

Party A 2: Zhejiang Xingchen Equity Investment Partnership (Limited Partnership)

Party B 1: Ningbo Fubon Holding Group Co., Ltd.

Party B 2: Shanghai Hangui Investment Management Co., Ltd.

In this Agreement, Party A and Party B are collectively referred to as the "Transferee" or "Party A", Party B and Party B are collectively referred to as the "Transferor" or "Party B", Party A and Party B are individually referred to as "Party" and collectively are referred to as "Parties" or "Parties", as the context requires.

...

This share transfer

2.1 Both parties agree that, in accordance with the terms and conditions agreed in this agreement, the transferor will transfer 108,945,566 shares of the target company it holds to the transferee, accounting for 14.61% of the total share capital of the target company, and the transferee agrees to transfer the target shares. Among them, Party A first received 60,525,314 shares of the target company held by Party B first; Party A second received 28,894,686 shares and 19,525,566 shares of the target company held by Party B first and Party B respectively.

2.2 From the date of delivery of the underlying shares, all rights and obligations attached to the underlying shares will be enjoyed and borne by the transferee. After the completion of the transaction, Party A 1 becomes the controlling shareholder of the target company, and Party A 2 becomes a person acting in concert with Party A 1. In addition, Party A 2 entrusts all the voting rights of the 48,420,252 shares of the target company it holds to Party A 1.

Equity transfer price and payment

3.1 Both parties unanimously agree that the share transfer price is determined to be 8.26 yuan per share, which shall not be lower than 90% of the closing price of the target company's stock on the trading day before the signing date of this agreement. The total transfer price of the target shares is 900 million yuan, and its detailed equity change report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

The transfer price payable by Party A to Party B is RMB 500,000,000; the transfer price payable by Party A to Party B is RMB 238,699,200 and RMB 161,300,800 respectively.

Both parties confirmed that the total price of the target share transfer will not be adjusted due to factors such as fluctuations in the target company's secondary market share price. For the avoidance of doubt, during the period from the effective date of this agreement to the delivery date of the underlying shares, if the number of shares of the target company changes due to bonus shares, transfer of reserve funds, allotment of shares, etc., the number of shares transferred by the transferor to the transferee and the transfer price per share shall be adjusted accordingly in accordance with the ex-rights and ex-dividend rules of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, but the total transfer price of RMB 900,000 will remain unchanged.

3.2 Both parties agree that the arrangement for the transferee to pay the share transfer price to the transferor is as follows:

3.2.1 Payment of the first transfer price: Within 10 working days from the date when this agreement takes effect and the prerequisites stipulated in Article 3.3.1 of this agreement are all met or waived by the transferee, the transferee shall pay 10% of the transfer price, or 90 million yuan, to the joint management account.

3.2.2 Payment of the second installment of the transfer price: Within 10 working days from the date when all the conditions precedent stipulated in Article 3.3.2 of this Agreement are met or exempted by the transferee, the transferee shall pay a cumulative 40% of the total transfer price to the transferor, that is, the amount of the second installment of the transfer price is 270 million yuan.

3.2.3 Payment of the third transfer price: Within 10 working days from the date when all the conditions precedent stipulated in Article 3.3.3 of this Agreement are met or exempted by the transferee, the transferee shall pay 40% of the total transfer price to the transferor, that is, 360 million yuan.

3.2.4 Payment of the fourth installment of the transfer price: Within 10 working days from the date when all the conditions precedent stipulated in Article 3.3.4 of this Agreement are met or exempted by the transferee, the transferee shall pay 10% of the total transfer price to the transferor, that is, 90 million yuan.

3.2.5 Payment of the fifth transfer price: Within 10 working days from the date when all the conditions precedent stipulated in Article 3.3.5 of this Agreement are met or exempted by the transferee, the transferee shall pay 10% of the total transfer price to the transferor, that is, 90 million yuan.

3.3 Prerequisites for payment of transaction consideration (i.e., “payment conditions” for each installment)

3.3.1 Within 10 working days from the date when the following payment conditions are all met or exempted by the transferee, the transferee shall pay the first phase of the share transfer price in accordance with this agreement:

(1) There are no pledges, seizures, freezes or other matters in the target shares that would affect the determination of the target company’s actual controller status;

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

(2) The target company has no major adverse changes that affect this transaction or major violations of laws and regulations. On the day when all the payment conditions stipulated in Article 3.3.1 are satisfied, the transferor shall issue a written payment reminder letter to the transferee via email or other methods agreed to by the transferee, confirming that all payment conditions for the first-phase share transfer price have been met.

3.3.2 Within 10 working days from the date when the following payment conditions are all met or exempted by the transferee, the transferee shall complete the payment of the second phase of share transfer price in accordance with this agreement:

(1) The payment conditions stipulated in Article 3.3.1 of this Agreement have been realized and are still satisfied on the date of payment of the second share transfer price;

(2) This share transfer has been reviewed and confirmed by the Shenzhen Stock Exchange and a compliance confirmation letter has been issued;

(3) The transferor’s obligations and commitments stipulated in this agreement are effectively observed or fulfilled.

On the day when the payment conditions stipulated in Article 3.3.2 are all satisfied, the transferor shall issue a written payment reminder letter to the transferee via email or other methods agreed to by the transferee, confirming that all payment conditions for the second phase of share transfer price have been met.

3.3.3 Within 10 working days from the date when the following payment conditions are all met or exempted by the transferee, the transferee shall complete the payment of the third installment of the share transfer price in accordance with this agreement:

(1) The payment conditions stipulated in Article 3.3.2 of this Agreement have been realized and are still satisfied on the date of payment of the third share transfer price;

(2) For this share transfer, a securities transfer registration confirmation document issued by Shenzhen Zhongdeng Company was obtained, and the procedures for transfer registration of the underlying shares to the name of the transferee were completed.

On the day when all the payment conditions stipulated in Article 3.3.3 are satisfied, the transferor shall issue a written payment reminder letter to the transferee via email or other methods agreed to by the transferee, confirming that all payment conditions for the third phase of share transfer price have been met.

3.3.4 Within 10 working days from the date when the following payment conditions are all met or exempted by the transferee, the transferee shall complete the payment of the fourth installment of the share transfer price in accordance with this agreement:

(1) The payment conditions stipulated in Article 3.3.3 of this Agreement have been realized and are still satisfied on the date of payment of the fourth share transfer price;

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

(2) On the premise that Party A has paid the transfer price of the third phase of the target shares on schedule, Party B shall assist Party A in completing the reorganization of the target company's board of directors within 20 working days from the date when the transfer registration procedures for the target shares are completed. On the day when all the payment conditions stipulated in Article 3.3.4 are satisfied, the transferor shall issue a written payment reminder letter to the transferee via email or other methods agreed to by the transferee, confirming that all payment conditions for the fourth phase of share transfer price have been met.

3.3.5 Within 10 working days from the date when all the following conditions are met or exempted by the transferee, the transferee shall pay the fifth installment of the share transfer price in accordance with this agreement:

(1) The conditions precedent stipulated in Article 3.3.4 of this Agreement have been realized and are still satisfied on the date of payment of the fifth share transfer price;

(2) The listed company’s 2025 annual report has been disclosed on schedule in accordance with the regulations of the Shenzhen Stock Exchange;

(3) Party B promises that the target company’s main business income in 2025 (referring to business income that is not related to the main business and income without commercial substance, subject to the audit results of the target company’s annual review agency) will not be less than 360 million yuan (hereinafter referred to as the “performance commitment”);

(4) There will be no delisting risk warning for listed companies in 2025 that triggers the relevant regulatory provisions of the China Securities Regulatory Commission and the Shenzhen Stock Exchange.

In particular, all parties confirm that with regard to the achievement and satisfaction of the aforementioned condition precedent (3), if Party B fails to fulfill its performance commitment, Article 12.7 of this Agreement will apply.

On the day when all the payment conditions stipulated in Article 3.3.5 are met, the transferor shall issue a written payment reminder letter to the transferee via email or other methods agreed to by the transferee to confirm that all payment conditions for the fifth tranche share transfer price have been met.

3.4 While the transferee pays the third phase share transfer price to the transferor, the transferor urges the management of the listed company to complete the following takeover procedures ("handover procedures") of the target company: (1) All seals (including official seals, financial seals, contract seals and all bank accounts of the target company and its affiliated enterprises) Seal reserved for each account); (2) All bank accounts (including basic accounts, general accounts, social insurance premium accounts, and account numbers, passwords, online banking shields, etc. of each account); (3) Original and duplicate copies of business licenses; (4) Financial system management accounts and permissions; (5) Other handover procedures required by the transferee.

Delivery of underlying shares

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

4.1 Within 5 working days after the transferee completes the payment of the second phase of share transfer price to the transferor, both parties shall jointly apply to Shenzhen Zhongdeng Company to handle the relevant registration procedures for the transfer and registration of the target shares in the transferee's A-share securities account. If either the transferor or the transferee fails to complete the application within the above time limit due to the supplement and correction of application materials, both parties shall negotiate amicably and promptly supplement and correct the materials in accordance with the requirements of Shenzhen Zhongdeng Company. The transferor promises that after the Shenzhen Stock Exchange issues a compliance confirmation letter, it shall transfer and register the underlying shares to the name of the transferee within the validity period of the compliance confirmation letter at the request of the transferee.

4.2 Both parties shall, in accordance with the regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, complete all procedures related to the transfer of the target shares, such as notifications, announcements, tax payments, and compliance confirmation by the Shenzhen Stock Exchange that should be completed before the share delivery. The transferor shall urge the listed company to complete information disclosure related to this transaction in a timely manner. If the target shares fail to be transferred to Party A's name in accordance with Article 4.1 of this Agreement due to the failure of the listed company to perform the aforementioned information disclosure in a timely manner, the transferor shall bear the losses incurred by the transferee due to delayed delivery of the shares.

Transition period arrangements

5.1 During the transition period, Party B promises that the target company shall continue to abide by relevant laws and regulations and the internal management system of the target company, and operate its business in accordance with normal business operations consistent with past practices. Party B shall ensure to the greatest extent that there will be no major adverse changes in the assets and business operations of the target company. Except as otherwise agreed in this Agreement, Party B shall ensure that the following situations will not occur in the target company during the transition period without Party A’s prior consent:

(1) The total book funds of the target company are lower than the total book funds as of September 30, 2025 (except for fluctuations due to normal production and operations). The transferor should keep the financial status of the target company stable without any major adverse changes or capital restrictions.

(2) In addition to the normal continuation and renewal of the contract related to the main business that has been signed by the target company, a major contract with an amount exceeding 1 million yuan is entered into, or a contract/agreement that although the amount does not reach the aforementioned standards, is considered important by the transferee.

(3) Increase or commit to increase capital expenditures for existing or new projects or events of the target company. Make external investments, disband, liquidate, transfer or cancel subsidiaries within the scope of consolidated statements, or submit bankruptcy applications; or provide loans or guarantees exceeding RMB 1 million to third parties (except for enterprises within the scope of the target company's consolidated reports).

(4) Change the target company’s main business model, suspend or terminate the target company’s existing main business, or make major changes to the existing main business, or launch new businesses other than the existing main business. Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Behavior that can cause existing licenses, qualifications, certifications, evaluations, etc. related to the target company's main business and core products to be changed or invalid, invalid, or revoked.

(5) Except for what has been announced and disclosed as of the signing date of this agreement, increase or decrease the share capital of the target company, plan or conduct any merger by absorption, issue shares to purchase assets, major business/asset restructuring, reorganization or other unconventional business transaction plans, issue stocks to specific objects, issue convertible bonds, or set other stock options, etc. that dilute the proportion of the target shares available to the transferee.

(6) Take the initiative to reduce or waive any claims, recourse rights and other property rights of the target company against others. Sell, transfer, donate, mortgage, pledge or otherwise dispose of the assets (including intangible assets) of the target company with a single value (whichever is higher between book value and fair value, the same below) of more than 1 million yuan, or set any rights restrictions or encumbrances on assets with a single value of more than 1 million yuan (except for guarantees based on the financing needs of the target company and its subsidiaries).

(7) Change or adjust the board members and senior managers of the target company (except those that must be adjusted due to changes in regulatory rules), increase the salary of the aforementioned personnel, or sign a severance compensation agreement or make similar arrangements with the aforementioned personnel.

(8) Changes in accounting policies and accounting estimates (except changes in accounting standards or regulatory requirements).

(9) Other related matters that may cause the target company to suffer significant adverse effects.

5.2 During the transition period, Party B shall not engage in the following situations:

(1) Neither Party B nor its affiliates shall directly or indirectly enter into any written agreement with any other third party on matters related to the transfer of shares of the target company by Party B.

(2) Engage in any behavior that causes the proportion of the target shares to the shares of the target company to decrease or may decrease. (3) Add new stock pledges, or add any new rights restrictions or encumbrances on the underlying shares. (4) Failure to operate and manage the target company in accordance with the requirements of the target company's articles of association or relevant regulatory regulations.

Rights and obligations of both parties

6.1 Rights and obligations of the transferor

(1) In accordance with the provisions of this Agreement and relevant applicable laws and regulations, provide the transferee with various information and documents required by the transferor to complete this transaction.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

(2) The transferor shall pay the taxes and fees involved in the share transfer that should be paid by the transferor on time and in full in accordance with Chinese laws for this share transfer under this agreement. If the transferor fails to pay taxes in full and on time, any penalties, late fees and other related responsibilities shall be borne by the transferor. If the transferee pays or is punished as a result, the transferor shall compensate or indemnify the transferee in full.

(3) After the transferee pays the third transfer price, the transferee has the right to reorganize the board of directors of the target company. Within 3 days from the date when the transfer registration procedures of the target shares are completed and the transferee pays the third transfer price, the listed company shall issue a notice of shareholders' meeting to reorganize the company's board of directors (but if the transferee's recommended personnel do not meet the qualifications and conditions for directors and independent directors stipulated in the relevant rules of the China Securities Regulatory Commission and Shenzhen Stock Exchange, the delay in issuing a shareholders' meeting notice will not be regarded as the transferor's responsibility).

(4) After the delivery date, the transferor shall assist in the adjustment of relevant positions and personnel of the listed company (if necessary) according to the transferee's requirements.

(5) The transferor shall be responsible for the liabilities that have existed or occurred before the delivery date of the target company during the period of its actual control, including but not limited to fines caused by the target company's failure to disclose when fulfilling its disclosure obligations as a listed company, contingent liabilities not included in the target company's balance sheet (including but not limited to bank loans, private loans, etc.), claims liability, guaranteed debts arising from third-party guarantees, etc. If such debts require the target company to assume payment obligations after the completion of the delivery, the transferor shall bear them.

(6) The transferor shall immediately and completely notify the transferee of any event or circumstance that causes or may cause the failure of this Agreement to be realized or material adverse changes to this share transfer, or any event or circumstance that causes or may cause any representation or warranty of the transferor under this Agreement to become inaccurate, incomplete or untrue.

(7) From the effective date of the agreement to the delivery date, the transferor guarantees that there will be no major adverse changes in the business, operating or financial conditions of the target company.

(8) The transferor shall make a written commitment to the transferee regarding the target company’s accounts receivable balance and net profit indicators (excluding non-recurring gains and losses) for 2025, that is, the target company’s accounts receivable balance as of December 31, 2025 shall not be higher than 14 ,0 million yuan, and ensure that the recovery of accounts receivable at the end of 2025 before April 25, 2026 exceeds 70%, and the bad debt rate does not exceed 3%. The lower limit of net profit after deducting non-recurring gains and losses in 2025 is a loss of 70 million yuan.

(9) The purchase contracts, sales contracts, entrusted research and development contracts and other major claims and debts currently being performed by the target company will not undergo any major adverse changes or adjustments, modifications, supplements, etc. as a result of this transaction. If any, detailed equity change report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

The transferor should actively assist the target company to properly resolve the matter and ensure that this transaction will not have a significant adverse impact on the target company's business development.

Other obligations stipulated in this agreement to be performed by the transferor.

6.2 Rights and obligations of the transferee

(1) Pay the share transfer price to the transferor according to the time and method agreed in this agreement.

(2) Provide the transferor with various information and documents required by the transferee to complete the transfer of the target shares, and sign various documents necessary to complete the transfer of the target shares.

(3) Work with the transferor to handle the approval, registration and information disclosure procedures required for compliance confirmation and delivery.

(4) The transferee shall immediately and completely notify the transferor of any event or circumstance that causes or may cause the failure of this Agreement to be realized or has a substantial impact on its payment of the transfer price of the subject shares within the agreed time, or causes or may cause any of the transferee’s representations or warranties under this Agreement to become inaccurate, incomplete or untrue.

(5) Before the 2025 regular report is announced, the transferee should actively cooperate with the transferor to advance the original business operations and related work.

(6) Other obligations stipulated in this agreement to be performed by the transferee.

...

Liability for breach of contract

12.1 After the signing of this Agreement, except for force majeure factors, if either party fails to perform or fails to perform any of its obligations under this Agreement in a timely or appropriate manner, or violates any representation, warranty or commitment made by it under this Agreement, resulting in the failure to achieve the purpose of this Agreement, this shall constitute a breach of contract and shall bear liability for breach of contract in accordance with legal provisions and this Agreement. The breaching party shall be responsible for compensating all losses caused by its breach of contract to the non-breaching party, including all costs paid by the non-breaching party to realize its rights (including but not limited to litigation fees, attorney fees, preservation fees, execution fees, etc.).

12.2 If the transfer registration application for the subject shares is submitted 10 days overdue due to reasons caused by any party, the defaulting party shall pay to the non-defaulting party 50,000% of the amount due for the current period as liquidated damages for each overdue day.

12.3 If the transfer registration application for the underlying shares is not submitted according to the time stipulated in this agreement, and the overdue period reaches 20 days, the transferee has the right to unilaterally terminate the contract, and the transferor shall fully refund the entire price paid by the transferee and provide a detailed equity change report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

Return to the transferee the interest calculated based on the one-year loan market quoted interest rate (LPR) for the same period published by the National Interbank Funding Center. However, if the application submission is delayed because the transferee fails to provide relevant information in a timely manner or the information provided does not meet the requirements, it will not be regarded as a breach of contract by the transferor.

12.4 If the target company's operations or financial conditions undergo major adverse changes before the delivery date and have a significant adverse impact on the target company's operating capabilities, the transferee has the right to unilaterally announce the termination of this share transfer without assuming any liability for breach of contract.

12.5 Before the delivery date, if the total book funds of the target company are reduced compared to those on September 30, 2025 due to abnormal production and operations, or if the transferor and/or the target company violates the provisions of this agreement and transfers out, misappropriates or improperly disposes of funds without authorization, the transferee has the right to refuse to pay the subsequent transfer price before the rectification is completed, and the transferor shall pay 20% of the total amount of the aforementioned funds to the transferee as liquidated damages.

12.6 If the balance of accounts receivable as of December 31, 2025 recovered by the target company as of April 25, 2026 does not reach the proportion agreed in item (8) of Article 6.1 of this Agreement, that is, 70%, then the uncollected balance will Part of the calculated value of the performance commitment will be reduced (i.e., if the audited main business income actually realized is 365 million yuan, the uncollected accounts receivable balance as of December 31, 2025 is 10 million yuan yuan, the transferor shall be deemed to have completed the performance commitment of 355 million yuan); if the target company’s net profit loss after deducting non-recurring gains and losses exceeds the amount agreed in item (8) of Article 6.1, the transferor shall start from 2025 The transferor shall make up the difference to the target company within 30 days from the date of issuance of the audit report (that is, if the net profit loss after deducting non-recurring gains and losses actually realized after the audit is 71 million yuan, the transferor shall make up the difference of 1 million yuan).

12.7 Both parties agree that if the performance commitment under Article 3.3.5 (3) of this Agreement fails to be realized and the target company's stock abbreviation is not marked with *ST, that is, the target company's audited main business income in 2025 is less than 360 million yuan or the performance commitment assessment value is reduced based on the agreement in Article 12.6 and is less than 360 million yuan. If the stock abbreviation of the target company is not marked with *ST, the transferor shall perform compensation obligations to the transferee based on 70% of the difference in main business income (i.e., if the main business income actually realized after auditing or after reducing the performance commitment assessment value is 350 million yuan, the transferor shall pay compensation to the transferee = 10 million yuan * 70%). The transferee has the right to directly deduct the aforementioned compensation from the fifth installment of the share transfer price payable, and pay the remaining price after deducting the compensation to the account designated by the transferor in accordance with Articles 3.2.5 and 3.3.5.

12.8 According to the purpose and requirements of this transaction, the transferor should optimize the asset structure of the listed company and divest or dispose of relevant inefficient assets according to the transferee and the main business requirements of the listed company. If the target company (1) fails to complete inefficient asset divestiture or disposal in accordance with the purpose and requirements of this transaction; and/or (2) Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report before the delivery date

If any illegal or illegal reasons under the actual control of the transferor cause the transferee or the target company to suffer any actual economic losses (including but not limited to direct property losses, liquidated damages, compensation, litigation fees, attorney fees and other reasonable expenses for recovering losses), the transferor shall fully compensate the transferee or the target company for all actual economic losses suffered within 30 days from the date of receipt of the written notice issued by the transferee or the target company. Party B confirms that, as of the signing date of this Agreement, the target company complies with the relevant conditions and requirements for listed companies to issue shares to specific objects and major asset reorganization, and will not cause substantial obstacles to the target company's implementation of the aforementioned capital operations due to regulatory matters such as financial data and information disclosure of the target company (including subsidiaries).

For the avoidance of doubt, the amount of compensation or compensation under this article shall be calculated based on the actual losses of the transferee or target company. If the actual loss amount cannot be calculated, it shall be calculated based on 10% of the total transaction price.

12.9 If the target company suffers losses due to Party B's violation of relevant commitments or agreements under this Agreement, the relevant losses suffered by the target company shall be borne by Party B, and Party B shall make full compensation within 30 days from the date of receipt of notice from Party A or the target company.

12.10 If Party A fails to pay each transaction price within the time limit stipulated in this Agreement, for each day of delay, Party A shall pay Party B a delay penalty of 50,000% of the unpaid amount payable in the current period, except for delays caused by force majeure; any transfer price If the payment is deferred for more than 10 working days, both parties shall negotiate amicably. If the negotiation fails within 10 working days, Party B has the right to terminate this agreement; if Party B chooses to terminate this agreement, Party A shall pay liquidated damages equal to 15% of the paid share transfer price.

12.11 If the transaction cannot be successfully completed due to unilateral reasons of one party, both parties shall negotiate amicably. If the negotiation fails, the other party shall have the right to terminate this agreement. At the same time, the defaulting party shall pay 15% of the paid share transfer price to the non-defaulting party as liquidated damages; if the non-defaulting party claims to terminate the agreement, all losses and taxes caused thereby shall be borne by the defaulting party.

12.12 If Party A fails to cooperate with the procedures for releasing the co-management account within the time limit stipulated in this agreement, for each day of delay, Party A shall pay Party B a delay penalty of 50,000% of the amount of the co-management account.

12.13 If the above liquidated damages are still insufficient to compensate for the losses of the non-defaulting party, the breaching party shall be further responsible for compensation until all losses suffered by the other party are compensated. All liquidated damages and loss compensation stipulated in this paragraph shall be paid in cash.

(2) Main contents of the "Concert Acting Persons Agreement"

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

On October 13, 2025, Xinghao Holdings and Xingchen Investment signed the "Concert Acting Persons Agreement". The main contents of the agreement are as follows:

Contract subject

Party A: Zhejiang Xinghao Holdings Partnership (Limited Partnership)

Party B: Zhejiang Xingchen Equity Investment Partnership (Limited Partnership)

Matters of concerted action

Both parties agree that within the agreed period, both parties will act in concert on the following matters: (1) The company's shareholders' meeting will review the matters of authority stipulated in the Company Law, the company's articles of association and relevant laws and regulations and issue votes; (2) Exercise any shareholder rights related to voting rights for the company (including but not limited to voting rights, proposal rights, nomination rights for director candidates, supervisor candidates and senior management candidates, etc.).

When inconsistency occurs

During the shareholders' meeting, if it is discovered that one party has failed to exercise its voting rights as stipulated in this agreement and there are inconsistent voting opinions on the matters stipulated in this agreement, Party A's voting opinions will prevail to determine the voting results of both parties.

Automatic termination situation

This agreement will be automatically terminated in the event of any of the following circumstances: 1. The validity period agreed upon in this agreement expires and both parties fail to reach a written agreement on the renewal; 2. Either party no longer legally exists due to dissolution, cancellation, revocation of business license, etc.; 3. Due to changes in laws, regulations or regulatory policies, all or a major part of this agreement cannot continue to be performed or the performance of this agreement becomes illegal.

Dispute resolution

If a dispute occurs during the performance of the agreement, either party shall resolve the dispute through friendly negotiation. If the negotiation fails, either party may file a lawsuit to the People's Court with jurisdiction in Anji County, Huzhou City to resolve the dispute.

Agreement period

This agreement will come into effect when signed and stamped with official seals by the executive partners or authorized representatives of both parties, and will continue to be effective for three years from the date of completion of this transaction. Before the expiration of this Agreement, both parties shall negotiate on the renewal of this Agreement. If consensus is reached, it may be extended for two years.

(3) Main contents of the “Voting Rights Entrustment Agreement”

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

On October 13, 2025, Xinghao Holdings and Xingchen Investment signed the "Voting Rights Entrustment Agreement". The main contents of the agreement are as follows:

Contract subject

Party A: Zhejiang Xinghao Holdings Partnership (Limited Partnership)

Party B: Zhejiang Xingchen Equity Investment Partnership (Limited Partnership)

Voting rights entrustment arrangement

From the effective date of this agreement, Party B will transfer all the voting rights, convening rights, nomination and proposal rights, participation rights, supervision and suggestion rights and other property rights such as income rights and share transfer rights to the 48,420,252 shares of the company held by it (hereinafter referred to as the "subject shares"). Unconditionally and irrevocably entrusted to Party A for exercise. The effectiveness of the aforementioned entrustment applies to the increase in the number of subject shares due to the company's bonus shares, transfer of capital reserves to share capital, allotment of shares and other matters, as well as the company's shares increased by Party B in the secondary market or through other means.

Both parties confirm that the above-mentioned entrustment of voting rights does not constitute a transfer of the subject shares. The entrusting party still owns the ownership of the subject shares and enjoys other rights (such as transfer, income distribution rights and other property rights) in addition to voting rights and nomination rights with respect to the subject shares.

Specific entrustment circumstances

During the validity period of this agreement, Party A will request, convene, host and participate in shareholders' meetings on behalf of Party B in accordance with the law and exercise voting rights on proposals. Party B will no longer issue separate power of attorney to Party A for specific voting matters; Party A shall exercise relevant rights prudently within the scope of authorization.

During the validity period of this agreement, the above-mentioned entrustment is full authority. Party A may exercise corresponding rights according to its own wishes without prior notice or consent from Party B. Party A may request, convene, host and participate in shareholders' meetings on behalf of Party B in accordance with the law and exercise voting rights on proposals. Party B will no longer issue a power of attorney to Party A for specific voting matters; Party A shall exercise relevant rights prudently within the scope of authorization.
Propose candidates for directors, supervisors and senior managers in accordance with the law and participate in voting with the underlying shares;
Represent the entrusting party to exercise voting rights on all matters that need to be discussed and resolved by the shareholders’ meeting in accordance with relevant laws, regulations or the company’s articles of association (including shareholder voting rights stipulated after the company’s articles of association are modified);
If due to the needs of the regulatory authorities, Party A represents Party B to participate in the shareholders' meeting and exercise voting rights on the proposals, Party B needs to go through the authorization procedures. Party B should cooperate with Party A to issue a written authorization letter according to the requirements of the company's shareholders' meeting notice; Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report
Party B will provide full assistance to Party A in exercising its entrusted rights, including cooperating in signing relevant legal documents when necessary (such as to meet the requirements for submission of documents required by government departments for approval, registration, and filing);

During the validity period of this agreement, if the grant or exercise of the entrustment rights of the underlying shares cannot be realized for any reason, Party A and Party B shall immediately negotiate to seek corresponding alternatives, and sign a supplementary agreement to modify or adjust the terms of this agreement when necessary to ensure that the purpose of this agreement can continue to be achieved.

Entrustment period

Both parties agree that the entrustment period under this agreement shall be from the date when the effective conditions agreed in this agreement are met to three years after the transfer and registration of the underlying shares to the entrusting party's securities account. Before the expiration of the entrustment period, both parties shall negotiate on the renewal of this agreement. After reaching an agreement, it can be extended for two years (including the original amount).

Special agreement
Both parties agree that Party A does not need to pay any fees to Party B for the entrustment of voting rights for the underlying shares under this agreement.
Without the prior written consent of Party A, during the validity period of this agreement, Party B shall not revoke the voting rights entrustment stipulated in this agreement for any reason, and Party B shall not entrust the voting rights of the underlying shares to any third party other than Party A.
During the validity period of this agreement, if any party intends to transfer its shares in the company, it must obtain the prior written consent of the other party.
Both parties confirm that Party A shall bear the legal consequences of exercising the voting rights and other shareholder rights of the subject shares based on the authorization of this Agreement. If Party A's exercise of entrusted rights causes damage to any third party (including but not limited to the company, other shareholders, creditors, etc.), Party A shall be solely responsible for compensation. If Party B is required to bear joint or joint liability due to no fault of its own, Party B shall have the right to recover full compensation from Party A after assuming the corresponding liability. Party A shall ensure that Party B will not suffer any losses due to the voting rights entrustment arrangement under this Agreement.
Termination and rescission of the agreement

This Agreement will be automatically terminated in the event of any of the following circumstances: (1) The validity period agreed upon in this Agreement expires and both parties fail to reach a written agreement on the renewal; (2) The agreement is terminated by consensus and signature by both parties in writing; (3) Either party no longer legally exists due to dissolution, cancellation, revocation of business license, etc.; (4) Due to changes in laws, regulations or regulatory policies, all or a major part of this Agreement cannot continue to be performed or the performance of this Agreement becomes illegal.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Liability for breach of contract

Both parties to this agreement shall earnestly perform their agreed obligations. If any party violates the agreement, it shall be liable for compensation for the direct losses caused to the non-defaulting party by its breach of contract.

Dispute resolution

If a dispute occurs during the performance of this Agreement, either party shall resolve the dispute through friendly negotiation. If the negotiation fails, either party may file a lawsuit to the People's Court with jurisdiction in Anji County, Huzhou City to resolve the dispute.

(4) Main contents of the "Conditionally Effective Subscription Agreement for the Issuance of Shares to Specific Objects"

On October 13, 2025, Xinghao Holdings and Asia Pacific Pharmaceuticals signed the "Conditional Subscription Agreement for the Issuance of Shares to Specific Targets". The main contents of the agreement are as follows:

Contract subject

Party A: Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

Party B: Zhejiang Xinghao Holdings Partnership (Limited Partnership)

Subscription amount and quantity

The shares issued this time are domestically listed RMB ordinary shares (A shares), with a par value of RMB 1 per share. The number of shares issued by Party A to specific objects this time shall not exceed 136,986,301 shares (including the principal number), and shall not exceed 30% of the total share capital of the company before the issuance to specific objects. The final number of shares issued by the issuer to specific objects this time shall be After the issuer obtains the registration approval document for this issuance from the China Securities Regulatory Commission (hereinafter referred to as the "China Securities Regulatory Commission"), the issuer's board of directors will negotiate with the sponsor (lead underwriter) appointed by the issuer's board of directors in accordance with the authorization of the shareholders' meeting.

Subscription price

The pricing base date for this issuance to specific objects (referring to the base date for calculating the issuance floor price) is the announcement date of the resolution of the fifth meeting of the eighth board of directors of the issuer, that is, the issuance price is 5.11 yuan per share, which is not less than 80% of the issuer’s average stock trading price in the 20 trading days before the pricing base date (the average stock trading price in the twenty trading days before the pricing base day = the total stock trading volume in the twenty trading days before the pricing base day / the total stock trading volume in the twenty trading days before the pricing base day).

Subscription method and delivery

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Party B participates in this subscription by paying cash. After this agreement comes into effect, Party B shall, in accordance with the time, subscription quantity, subscription amount, etc. stated in the "Payment Notice" issued by the issuer and the sponsoring institution (lead underwriter), pay the entire subscription price in full at one time to the account specially opened by the sponsoring institution (lead underwriter) notified in the "Payment Notice" for this issuance of stocks to specific objects. The above-mentioned subscription funds will be transferred to the issuer's special storage account for raised funds after the accounting firm completes capital verification and deducts relevant expenses.

Within 20 working days from the date of receipt of the subscription price paid by Party B, Party A shall apply to the registration and clearing company to handle the relevant registration procedures for registering the stocks subscribed by Party B in Party B's A-share securities account and take necessary measures and make the best reasonable efforts to complete the above stock registration procedures as soon as possible (the date of completion of registration is hereinafter referred to as the "delivery date"). Party B agrees to provide necessary cooperation to achieve such delivery.

Limited sale period

Party B makes the following commitments regarding the lock-in period for the shares subscribed through this issuance: (1) The shares subscribed by Party B for this issuance shall not be transferred within 18 months from the date of completion of the issuance; (2) The shares of Party A subscribed by Party B through this issuance will be increased by Party A’s bonus shares and capital reserve transfer. Shares derived from capital stock and other situations shall also comply with the above-mentioned share lock-up arrangements; (3) If the China Securities Regulatory Commission or the Shenzhen Stock Exchange requires the adjustment of the lock-up period of the shares subscribed by Party B for this issuance, Party B agrees to make corresponding adjustments to the above-mentioned share lock-up commitment in accordance with the aforementioned requirements.

Liability for breach of contract

After the signing of this Agreement, except for force majeure, if either party fails to perform or fails to perform any obligations under this Agreement in a timely or appropriate manner, or violates any statement, commitment or guarantee made by it under this Agreement, the defaulting party shall bear the economic and legal liabilities caused by the breach of contract, and the defaulting party shall be responsible for compensating the losses caused by its breach of contract to the non-defaulting party.

If Party B fails to fulfill its subscription obligations for the issuance of stocks to specific objects as agreed, Party B shall be responsible for compensating the actual losses caused to Party A, unless otherwise agreed by both parties.

Any party's inability to perform or partially perform its obligations under this Agreement due to force majeure will not be deemed a breach of contract, but it shall take all necessary relief measures to reduce losses caused by force majeure, if conditions permit. The party encountering force majeure shall notify the other party in writing of the event as soon as possible and, within 15 days after the occurrence of the event, submit to the other party a report on the inability to perform or partial inability to perform the obligations under this Agreement and the reasons for the need to postpone performance. If the force majeure event lasts for more than 30 days, one party has the right to terminate this agreement by giving written notice. Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Dispute resolution

The conclusion and performance of this Agreement shall be governed by and interpreted in accordance with Chinese law.

All disputes related to this Agreement or arising from the performance of this Agreement shall first be resolved through friendly negotiation between the parties. If the dispute cannot be resolved through negotiation, it must be submitted to the people's court with jurisdiction over Party A's domicile for litigation.

Except for the clause in which the dispute arises, the validity and continued performance of the other clauses of this Agreement will not be affected during the resolution of the dispute.

4. Whether there are any restrictions on the transfer of relevant shares and other special arrangements

As of the signing date of this report, there are no rights restrictions on the shares of the listed company involved in this equity change.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 5 Funding Sources

1. Total funds paid for this equity change

According to the "Share Transfer Agreement" signed between the information disclosure obligor and its concerted parties and Fubon Group and Hangui Investment, Xinghao Holdings and Xingchen Investment intend to transfer a total of 108,945,566 common shares of the listed company held by Fubon Group and Hangui Investment, accounting for 14.61% of the total share capital of the listed company. The total transfer price is RMB 900 million.

2. Source of funds for this equity change

The funds for this transaction are the information disclosure obligor's own funds or self-raised funds. The sources of acquisition funds are legal and compliant. There are no external fundraising, share holdings, or structured arrangements. There is no direct or indirect use of funds of the listed company and its related parties for this transaction. There is no situation where the listed company directly or through its stakeholders provides financial assistance, compensation, promised returns, or other agreement arrangements to the information disclosure obligor. There is no situation where the shares acquired in this transaction are pledged to banks and other financial institutions to obtain financing. Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 6 Follow-up Plan

Whether the listed company’s main business will be changed or any major adjustments will be made to the listed company’s main business in the next 12 months.

As of the signing date of this report, the information disclosure obligor and its persons acting in concert have no plans to change the listed company's existing main business or make major adjustments to the listed company's existing main business within the next 12 months. In order to enhance the sustainable development capabilities and profitability of listed companies and improve the asset quality of listed companies, we do not rule out the possibility of trying to optimize and adjust their assets and businesses in the next 12 months. If the information disclosure obligor and its persons acting in concert need to make asset and business adjustments based on the actual situation of the listed company, the information disclosure obligor and its persons acting in concert will perform the corresponding legal procedures and obligations in accordance with the requirements of relevant laws and regulations.

Whether there are any plans to sell, merge, joint venture or cooperate with others the assets and businesses of the listed company or its subsidiaries in the next 12 months, or whether the listed company plans to purchase or replace assets in a reorganization plan

As of the signing date of this report, the information disclosure obligors and their concerted actions have artificially enhanced the sustainable development capabilities and profitability of the listed company and improved the asset quality of the listed company. They do not rule out planning to sell, merge, jointly invest or enter into joint ventures with others for the assets and business of the listed company or its subsidiaries in the next twelve months. However, there is currently no clear plan to sell, merge, joint venture or cooperate with others the assets and businesses of the listed company and its subsidiaries within the next 12 months, and there is no clear reorganization plan for the listed company to purchase or replace assets. If the information disclosure obligor and its persons acting in concert need to make asset and business adjustments based on the actual situation of the listed company, the information disclosure obligor and its persons acting in concert will perform corresponding legal procedures and information disclosure obligations in accordance with the requirements of relevant laws and regulations.

3. Replacement plan for current directors, supervisors and senior managers of listed companies

After the equity change is completed, the information disclosure obligor and its persons acting in concert will, subject to relevant laws, regulations or regulatory rules, exercise shareholder rights in accordance with the law through the listed company's shareholders' meeting, recommend qualified director and senior management candidates to the listed company, and the listed company's shareholders' meeting will select new board members in accordance with relevant laws, regulations and the company's articles of association, and the board of directors will decide to appoint relevant senior managers.

4. Plan to amend the articles of association of listed companies

As of the signing date of this report, the information disclosure obligor and its persons acting in concert have no plans to modify the articles of association of the company that may hinder the acquisition of control of the listed company.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

If adjustments need to be made in the future based on the actual situation of the listed company, the information disclosure obligor and its persons acting in concert will do so in accordance with relevant laws and regulations, and perform relevant approval procedures and information disclosure obligations in a timely manner.

5. Plan for major changes in employee recruitment

As of the signing date of this report, the information disclosure obligor and its persons acting in concert have no plans to make major changes to the listed company's existing employee employment plan. If adjustments need to be made in the future based on the actual situation of the listed company, the information disclosure obligor and its persons acting in concert will strictly comply with the relevant laws and regulations and perform relevant approval procedures and information disclosure obligations.

6. Plan for major changes in dividend policy of listed companies

As of the signing date of this report, the information disclosure obligor and its persons acting in concert have no plans to make major changes to the dividend policy of listed companies. If adjustments need to be made in the future based on the actual situation of the listed company, the information disclosure obligor and its persons acting in concert will strictly follow the relevant laws and regulations and perform the necessary legal procedures and information disclosure obligations.

7. Other plans that have a significant impact on the business and organizational structure of listed companies

As of the signing date of this report, the information disclosure obligor and its persons acting in concert have no other adjustment plans that have a significant impact on the business and organizational structure of the listed company. If adjustments need to be made in the future based on the actual situation of the listed company, the information disclosure obligor and its persons acting in concert will strictly comply with the relevant laws and regulations and perform relevant approval procedures and information disclosure obligations.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 7 Analysis of Impact on Listed Companies

1. The impact of this transaction on the independence of listed companies

After the completion of this acquisition, the information disclosure obligor and its persons acting in concert will be independent from the listed company in terms of personnel, finance, organization, business and assets. Listed companies have independent operating capabilities and continue to remain independent in aspects such as procurement, production, sales, and intellectual property rights.

Information disclosure obligors and persons acting in concert commit to the following:

“1. There is no potential risk in this transaction that may cause the listed company to lose its independence in terms of business, assets, finance, personnel, institutions, etc.

After the completion of this transaction, my company/myself and other companies controlled by my company/myself other than the listed company will continue to actively maintain the independence of personnel, assets, business independence, financial independence, and organizational independence of the listed company, and strictly abide by the relevant regulations of the China Securities Regulatory Commission on the independence of listed companies, and will not use control rights to violate the standardized operating procedures of listed companies, will not illegally interfere with the operating decisions of listed companies, and will not harm the legitimate rights and interests of listed companies and other shareholders.
If the company/I violate the above commitments and cause losses to the listed company and its investors, I will be liable for compensation in accordance with the law. "

2. The impact on the horizontal competition of listed companies after the equity change is completed

As of the signing date of this report, there is no horizontal competition or potential horizontal competition between the business of the information disclosure obligor, its persons acting in concert and its related parties and the listed company.

In order to avoid horizontal competition with listed companies in the future, the information disclosure obligor and its persons acting in concert commit as follows: "1. As of the date of issuance of this commitment letter, this company (or myself) and other companies controlled by this company (or myself) have not participated in or engaged in any form of production and operation business or activities that constitute or may constitute a direct or indirect competitive relationship with the listed company and its subsidiaries.

During the period when the company (or I) is a shareholder (or actual controller) of a listed company, necessary and possible measures will be taken in accordance with the law to avoid businesses or activities that have horizontal competition and conflicts of interest with the main business of the listed company, and urge other companies controlled by the company to avoid businesses or activities that have horizontal competition and conflicts of interest with the main business of the listed company.
In accordance with the overall development strategy of the company (or myself) and other companies controlled by this company (or me) and its own situation, now the company (or I) and other companies controlled by this company (or myself) and listed companies will form a detailed equity change report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

For businesses with qualitative competition, the company (or myself) will, subject to conditions permitting, take feasible methods to eliminate horizontal competition based on the principle of benefiting the interests of the listed company.

If the enterprise (or the individual) causes actual losses to the listed company and its controlled enterprises due to violation of the above commitments, the enterprise (or the individual) shall bear the liability for compensation. "

3. The impact of this equity change on related transactions of listed companies

Before this equity change, there was no related relationship between the information disclosure obligor, its persons acting in concert and its related parties and the listed company, so there were no related transactions.

In order to avoid and regulate possible related transactions with listed companies in the future, information disclosure obligors and persons acting in concert commit to the following:

"1. After this equity change, the company (or myself) and the companies it controls will try their best to avoid related transactions with listed companies and their controlled and joint-stock companies; unavoidable related business transactions or transactions will be conducted on an equal and voluntary basis and in accordance with the principles of fairness, equity and equal compensation, and the transaction price will be determined in accordance with the reasonable price recognized by the market.

The enterprise (or I) will strictly abide by the avoidance provisions on related-party transactions in the listed company's "Articles of Association" and other normative documents. All related-party transactions involved will be carried out in accordance with the prescribed decision-making procedures, and will perform legal procedures and promptly disclose information on related-party transactions; and will not use related-party transactions to transfer or convey benefits or damage the legitimate rights and interests of the listed company and other shareholders. "

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 8 Major Transactions with Listed Companies

1. Transactions with listed companies and their subsidiaries

As of the 24 months before the signing date of this report, the information disclosure obligor, its persons acting in concert, and their respective principals did not have any transactions with the listed company and its subsidiaries in which the total amount of asset transactions exceeded 30 million yuan or the absolute value of the listed company's latest audited net assets exceeded 5%.

2. Transactions with directors, supervisors and senior managers of listed companies

As of the 24 months before the signing date of this report, the information disclosure obligor, its persons acting in concert, and their respective principals did not conduct transactions with directors, supervisors, and senior managers of listed companies with a total amount exceeding RMB 50,000.

3. Compensation arrangements for directors, supervisors and senior managers of listed companies to be replaced

As of the 24 months before the signing date of this report, the information disclosure obligor, its persons acting in concert, and their respective principals have not provided compensation or any other similar arrangements for the directors, supervisors, and senior managers of the listed company to be replaced.

4. Contracts, agreements or arrangements that are being signed or negotiated that have a significant impact on the listed company

As of the 24 months before the signing date of this report, except for the information disclosed in this report, the information disclosure obligor, its persons acting in concert, and their respective principals have no other contracts, agreements, or arrangements that are being signed or negotiated that have a significant impact on the listed company.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 9 Purchase and sale of shares of listed companies within the first six months

1. Purchase and sale of shares of listed companies by information disclosure obligors and persons acting in concert

According to the self-examination report provided by the information disclosure obligor and its persons acting in concert, within 6 months before the date of the change in equity in this transaction, the information disclosure obligor and its persons acting in concert did not buy or sell shares of listed companies through securities transactions on the stock exchange.

The actual controllers, directors, supervisors, senior managers or executive partners of the information disclosure obligors and their parties acting in concert, as well as the immediate family members of the above-mentioned persons buying and selling the stocks of listed companies.

According to the self-examination reports provided by the actual controllers and appointed representatives of the executive partners of the information disclosure obligor and its concerted parties, within 6 months before the date of this equity change, the actual controllers, directors, supervisors, senior managers or representatives of the executive partners of the information disclosure obligors and their concerted parties, as well as the immediate family members of the above-mentioned persons, did not buy or sell shares of listed companies through securities transactions on the stock exchange.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 10 Financial Information of Information Disclosure Obligors and Persons Acting in Concert

The information disclosure obligor was established on July 3, 2025. As of the signing date of this report, it has not yet carried out actual operating activities and has no financial information.

The executive partner of the information disclosure obligor was established on June 23, 2025. As of the signing date of this report, it has not yet carried out actual operating activities and has no financial information.

The actual controller of the information disclosure obligor is Qiu Zhongxun, a natural person, with no financial information.

The concerted action party of the information disclosure obligor was established on September 28, 2025. As of the signing date of this report, it has not yet carried out actual operating activities and has no financial information.

The executive partners of the parties acting in concert with the information disclosure obligation are Anji Xingjian and Zheshang Huaying. Anji Xingjian was established on June 23, 2025. As of the signing date of this report, it has not carried out actual operating activities and has no financial information. Zheshang Huaying was established on September 30, 2011 and is mainly engaged in investment management and asset management business. Its main audited financial data for the past three years are as follows:

Unit: 10,000 yuan

December 31, 2024/2024 December 31, 2023/2023 December 31, 2022/2022

Project

year year year

Total assets 1,529.15 735.01 172.18

Total liabilities 395.53 201.83 184.08

Total owners’ equity 1,133.62 533.18 -11.90

Operating income 870.00 712.63 94.23

Operating profit 593.47 504.81 -104.21

Net profit 579.75 504.86 -104.02

Return on equity 69.56% 193.70% Not applicable

Asset-liability ratio 25.87% 27.46% 106.91%

Note 1: Return on equity = net profit/[(owners’ equity at the end of the period + owners’ equity at the beginning of the period)/2] × 100.00%.

The actual controllers of the persons acting in concert with the information disclosure obligation are natural persons Qiu Zhongxun and Chen Yuemeng respectively, and they have no financial information.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 11 Other major matters

As of the signing date of this report, the information disclosure obligor and its persons acting in concert do not have the circumstances specified in Article 6 of the "Administrative Measures for Acquisitions of Listed Companies" and are able to provide relevant documents in accordance with Article 50 of the "Administrative Measures for Acquisitions of Listed Companies". The information disclosure obligor and its persons acting in concert promise that this report has truthfully disclosed the relevant information of this equity change in accordance with relevant regulations, and that there are no false records, misleading statements or major omissions. There is no other information that must be disclosed but has not been disclosed in order to avoid misunderstandings about the content of the equity change report, as well as other information that has not been disclosed as required by the China Securities Regulatory Commission or the stock exchange in accordance with the law.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Section 12 Documents for reference

1. Documents for reference

Copies of the business licenses of the information disclosure obligor and persons acting in concert;
List of key management personnel of information disclosure obligors and persons acting in concert and copies of their ID cards;
Relevant decision-making documents regarding this equity change by the information disclosure obligor and its persons acting in concert;
Relevant agreements signed regarding this equity change;
An explanation that the information disclosure obligor and its persons acting in concert do not have the circumstances specified in Article 6 of the "Acquisition Management Measures" and comply with the provisions of Article 50 of the "Acquisition Management Measures";
Self-examination reports on the trading of stocks of listed companies by information disclosure obligors and relevant entities;
Letter of commitment issued by the information disclosure obligor and relevant entities;
Verification opinions issued by financial consultants;
Other materials required by the China Securities Regulatory Commission and Shenzhen Stock Exchange.

2. Reference method

This report and the above-mentioned reference documents are kept in the listed company.

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Statement of Information Disclosure Obligor

I (and the organization I represent) promise that there are no false records, misleading statements or major omissions in this report, and bear individual and joint legal responsibility for its authenticity, accuracy and completeness.

Information disclosure obligor: Zhejiang Xinghao Holdings Partnership (Limited Partnership)

Executive partner: Anji Xingjian Holdings Co., Ltd. Legal representative: ___________ Qiu Zhongxun

Year Month Date Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

Statement of persons acting in concert

Person acting in concert: Representative of executive affairs partner of Zhejiang Xingchen Equity Investment Partnership (Limited Partnership): ___________ Zong Hao

Year Month Date Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

Statement of persons acting in concert

Person acting in concert: Zhejiang Xingchen Equity Investment Partnership (Limited Partnership) Executive Affairs Partner Appointed Representative: ___________ Zhu Jin

Year Month Date Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

Financial Advisor Statement

I and the institution I represent have fulfilled their obligations of diligence and responsibility, checked and verified the contents of the equity change report of the information disclosure obligor, found no false records, misleading statements or major omissions, and bear corresponding responsibilities for this.

Financial Advisor Sponsor:

Ma Cheng Zhang Yong

Guolian Minsheng Securities Underwriting and Sponsoring Co., Ltd.

Year Month Date Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

Financial Advisor Statement

Legal representative:

Xu Chun

Guolian Minsheng Securities Underwriting and Sponsoring Co., Ltd.

Year Month Date Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

(This page has no text and is the signature page of the "Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.")

Information disclosure obligor: Zhejiang Xinghao Holdings Partnership (Limited Partnership) Executive partner: Anji Xingjian Holdings Co., Ltd. Legal representative: ___________ Qiu Zhongxun

Year Month Date Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

(This page has no text and is the signature page of the "Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.")

Person acting in concert: Representative of executive affairs partner of Zhejiang Xingchen Equity Investment Partnership (Limited Partnership): ___________ Zong Hao

Year Month Date Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

(This page has no text and is the signature page of the "Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.")

Person acting in concert: Zhejiang Xingchen Equity Investment Partnership (Limited Partnership) Executive Affairs Partner Appointed Representative: ___________ Zhu Jin

Year Month Date Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

Detailed Equity Change Report Attachment

Basic situation

Name of the listed company on Qunxian Road, Keqiao District, Shaoxing City, Zhejiang Province Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Location of the listed company

Room 1501 No. 2003 Stock Abbreviation Shenzhen Stock Exchange Stock Code 002370

Information disclosure obligor of Lingfeng Street, Anji County, Huzhou City, Zhejiang Province Zhejiang Xinghao Holdings Partnership (with information disclosure obligor)

2nd Floor, Building 10, No. 1397 Qingyuan Road 231 Name (Limited Partnership) Registered Place

room

Equity shares increased√

Are there any persons acting in concert? Yes √ No □ Change in quantity No change, but changes in shareholders □

Yes□No√

Information disclosure obligor Information disclosure obligor Yes □ No √

After this equity change, information disclosure

Whether it is a listed company Whether it is a listed company After this equity change, the information disclosure requirements

Obligor becomes the largest listed company

The largest shareholder and actual controller becomes the controlling shareholder of the listed company

shareholders

Information disclosure obligor Information disclosure obligor

Yes □ No √ Do you own other listed companies domestically and overseas? Answer “Yes”, please indicate the number of companies listed in more than two countries. Answer “Yes”, please indicate the number of companies that hold more than 5% of the company’s shares. Yes □ No √ Do you have control over the company?

Centralized trading through stock exchanges □ Agreement transfer √

Administrative transfer or change of state-owned shares □Indirect transfer □

Equity change method

Obtain new shares issued by listed companies√Implement court ruling□

(multiple choices available)

Inherit □ Donate □

Others □ (please specify)

Information disclosure obligor

Interest before disclosure Type of shareholding: RMB ordinary shares

Number of shares and shareholding: 0 shares

Issued shareholding ratio of listed companies: 0.00%

Share ratio

Stock type: A shares ordinary shares

Number of changes in information disclosure obligors: 60,525,314 shares, no more than 197,511,615 shares Change ratio of information disclosure obligors: 8.12%, no more than 22.38%

Number of changes in persons acting in concert: 48,420,252 shares

The ownership change ratio of persons acting in concert this time: 5.49%, no more than 6.49%

Changes in equity shares According to the provisions of the "Share Transfer Agreement", the information disclosure obligor and its persons acting in concert are transferred to Fubon Group and the quantity and change ratio Hangui Investment holds 108,945,566 shares of the listed company (accounting for 14.61% of the total share capital of the listed company); according to the "Share Subscription Agreement with Conditions", the information disclosure obligor subscribes to the listed company for special shares in cash. No more than 136,986,301 shares will be issued to the designated target; after the share transfer and stock issuance, the information disclosure obligor and its persons acting in concert hold a total of 245,931,867 shares of the listed company (accounting for the total shares of the listed company after the issuance)

27.86% of the original amount)

among listed companies

Time: The date on which the share transfer under this agreement is completed, the date on which the registration of the new shares is completed, and the change of ownership of the shares is completed.

Method: Agreement transfer, acquisition of new shares issued by listed companies

When and how to move

with listed companies

Is there a persistent shutdown? Yes □ No √

joint transaction

with listed companies

Is there any competition in the same industry? Yes □ No √

fight

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

Information disclosure obligor

Is it planned in the future?

Yes No√ Continue within 12 months

Overweight

Information disclosure obligor

Were you there in the past 6 months?

Yes □ No √ The secondary market buys and sells the

Listed company stocks

Whether there is an "acquisition"

Article 6 of the Measures stipulates that the situation is negative

Whether the "receipt" has been provided

Documents required by Article 50 of the Procurement Measures Yes √ No □

Has it been fully disclosed?

Yes √ No □ Funding source

Whether to disclose subsequent plans

Yes √ No □ Plan

Whether to hire a financial consultant

Yes√No□Ask

Yes √ No □ This change in equity is yes

Note: For the approval procedures that still need to be performed for this equity change, please refer to "Section 3 of this report: Purpose of Equity Change and Whether Approval is Required" and

"3. The progress of approval of this equity change decision by the information disclosure obligor and its persons acting in concert"

Person responsible for information disclosure related to “Relevant Procedures”

Whether to declare the abandon line

Yes □ No √ Make the table of relevant shares

decision-making power

Zhejiang Asia Pacific Pharmaceutical Co., Ltd. Detailed Equity Change Report

(This page has no text, but is the signature page of the attachment to the "Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.")

Information disclosure obligor: Zhejiang Xinghao Holdings Partnership (Limited Partnership) Executive partner: Anji Xingjian Holdings Co., Ltd. Legal representative: ___________ Qiu Zhongxun

Year Month Date Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

(This page has no text, but is the signature page of the attachment to the "Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.")

Person acting in concert: Representative of executive affairs partner of Zhejiang Xingchen Equity Investment Partnership (Limited Partnership): ___________ Zong Hao

Year Month Date Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.

(This page has no text, but is the signature page of the attachment to the "Detailed Equity Change Report of Zhejiang Asia Pacific Pharmaceutical Co., Ltd.")

Person acting in concert: Zhejiang Xingchen Equity Investment Partnership (Limited Partnership) Executive Affairs Partner Appointed Representative: ___________ Zhu Jin

year month day