Shanghai Xuantai Medical Technology Co., Ltd. Announcement on the First Grant of Restricted Stocks to Incentive Participants under the 2025 Restricted Stock Incentive Plan

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Security Code: 688247 | Ticker Symbol: Xuantai Pharmaceutical | Announcement No.: 2026-018

Announcement of Shanghai Xuantai Pharmaceutical Technology Co., Ltd. on

the First Grant of Restricted Stock to the Incentive Scheme Participants

under the 2025 Restricted Stock Incentive Plan

This company’s board of directors and all directors warrant that this announcement contains no false statements, misleading representations, or material omissions, and shall bear legal liability in accordance with law for the truthfulness, accuracy, and completeness of the contents.

Important Matters to Note:

● First grant date for restricted stock: April 1, 2026

● Number of restricted stock initially granted: 4.8340 million shares, approximately 1.07% of the total share capital of Shanghai Xuantai Pharmaceutical Technology Co., Ltd. (the “Company,” as referred to below) at the time of the announcement of the 2025 Restricted Stock Incentive Plan (the “Incentive Plan”), which is 453.34M shares

● Equity incentive mechanism: Type II restricted stock

The conditions for the initial grant of the restricted stock stipulated in the Company’s 《2025 Restricted Stock Incentive Plan (Revised Draft)》 (the “Incentive Plan”) have been satisfied. Pursuant to the authorization granted by the Company’s 2026 first extraordinary general meeting, the Company held the 25th meeting of the second session of the board of directors on April 1, 2026, which considered and approved the resolution on “Granting Restricted Stock to Incentive Scheme Participants for the First Time,” and determined April 1, 2026 as the initial grant date. The Company granted 4.8340 million shares of restricted stock to 64 incentive participants at a grant price of RMB 5.71 per share. The relevant matters are now explained as follows:

I. Details of the Restricted Stock Grant

(I) Decision-making procedures completed for this restricted stock grant and information disclosure status

1. On December 25, 2025, the Company held the 22nd meeting of the second session of the board of directors. The meeting approved resolutions including 《On the Company’s <2025 Restricted Stock Incentive Plan (Draft)> and its Summary》, 《On the Company’s <Administrative Measures for the Implementation and Assessment of the 2025 Restricted Stock Incentive Plan> and <Administrative Measures for the Implementation and Management of the 2025 Restricted Stock Incentive Plan>》, and 《On the Proposal to Authorize the General Meeting to the Board of Directors to Handle Matters Related to the 2025 Restricted Stock Incentive Plan》. Before these resolutions were submitted for consideration by the board of directors, they had already been reviewed and approved by the Board’s Remuneration and Assessment Committee. The Remuneration and Assessment Committee verified the relevant matters of the Incentive Plan and issued the corresponding review opinions.

2. On January 14, 2026, the Company held the 23rd meeting of the second session of the board of directors. The meeting approved resolutions including 《On the Company’s <2025 Restricted Stock Incentive Plan (Revised Draft)> and its Summary》 and 《On the Company’s <Administrative Measures for the Implementation and Management of the 2025 Restricted Stock Incentive Plan (Revised Draft)>》. Before these resolutions were submitted for consideration by the board of directors, they had already been reviewed and approved by the Board’s Remuneration and Assessment Committee. The Remuneration and Assessment Committee issued the corresponding review opinions.

3. On March 9, 2026, the Company received the 《Reply of the State-owned Assets Supervision and Administration Commission on Approving Shanghai Xuantai Pharmaceutical Technology Co., Ltd. to Implement the 2025 Restricted Stock Incentive Plan (Revised Draft)》 (State-owned Assets Committee Assessment No.〔2026〕59) issued by the Shanghai Municipal State-owned Assets Supervision and Administration Commission. On March 11, 2026, the Company disclosed on the website of the Shanghai Stock Exchange (www.sse.com.cn) the announcement 《Announcement on the Reply Received from the Shanghai Municipal State-owned Assets Supervision and Administration Commission for the 2025 Restricted Stock Incentive Plan (Revised Draft)》 (Announcement No.: 2026-011).

4. From March 12, 2026 to March 21, 2026, the Company publicized internally the names and positions of the incentive participants proposed for initial grant under this Incentive Plan. During the publicity period, certain employees of the Company provided feedback to the Company or the Remuneration and Assessment Committee of the board of directors with requests to become participants for the initial grant. The Company and the Remuneration and Assessment Committee of the board of directors explained and clarified relevant matters in accordance with the 《Administrative Measures for the Implementation and Management of the 2025 Restricted Stock Incentive Plan (Revised Draft)》 and the 《2025 Restricted Stock Incentive Plan (Revised Draft)》 and other relevant regulations. Upon completion of the publicity period, the Remuneration and Assessment Committee of the board of directors did not receive any other objections from employees regarding the list of incentive participants proposed for the initial grant under this Incentive Plan. On March 27, 2026, the Company disclosed on the website of the Shanghai Stock Exchange (www.sse.com.cn) the announcement 《Review Opinions and Publicity Status Explanation of the Remuneration and Assessment Committee of the Board of Directors on the List of Incentive Participants for the First Grant under the 2025 Restricted Stock Incentive Plan of the Company》 (Announcement No.: 2026-015).

5. On April 1, 2026, the Company held the Company’s 2026 first extraordinary general meeting, which considered and approved resolutions including 《On the Company’s <2025 Restricted Stock Incentive Plan (Revised Draft)> and its Summary》, 《On the Company’s <Administrative Measures for the Implementation and Management of the 2025 Restricted Stock Incentive Plan (Revised Draft)>》, 《On the Company’s <Administrative Measures for the Implementation and Assessment of the 2025 Restricted Stock Incentive Plan>》, and 《On the Proposal to Authorize the General Meeting to the Board of Directors to Handle Matters Related to the 2025 Restricted Stock Incentive Plan》。

6. On April 2, 2026, the Company disclosed on the website of the Shanghai Stock Exchange (www.sse.com.cn) the 《Self-Examination Report on Trading of the Company’s Stock by Insider Information Parties under the 2025 Restricted Stock Incentive Plan》 (Announcement No.: 2026-016).

7. On April 1, 2026, the Company held the 25th meeting of the second session of the board of directors, which considered and approved the resolution on 《Granting Restricted Stock to Incentive Scheme Participants for the First Time》. Before the resolution was submitted for consideration by the board of directors, it had already been reviewed and approved by the board’s Remuneration and Assessment Committee. The Remuneration and Assessment Committee verified the aforementioned matters and issued review opinions.

(II) Explanation by the board of directors on whether the grant conditions are satisfied, and explicit opinions issued by the Remuneration and Assessment Committee of the board of directors

1. Relevant explanation by the board of directors on whether the conditions are met for this grant

Pursuant to the provisions on grant conditions in the Incentive Plan, the incentive participants must satisfy all of the following conditions in order to receive restricted stock:

(1) The Company must not have any of the following circumstances:

① The financial and accounting report for the most recent fiscal year has been issued with a negative opinion or an opinion that is unable to be expressed by certified public accountants;

② The internal control over financial reporting for the most recent fiscal year has been issued with a negative opinion or an opinion that is unable to be expressed by certified public accountants;

③ In the most recent 36 months after listing, there have been any circumstances in which profits were distributed in violation of laws and regulations, the Company’s articles of association, or public undertakings;

④ Situations in which the law and regulations prohibit equity incentive implementation;

⑤ Other circumstances determined by the CSRC.

(2) The performance assessment results of the incentive participants in the previous year on the announcement date of the Incentive Plan must be at least B (the performance assessment results for newly employed incentive participants this year are deemed as “B”), and none of the following circumstances occurs for the incentive participants:

① Within the most recent 12 months, they have been identified by the securities exchange as inappropriate candidates;

② Within the most recent 12 months, they have been identified by the CSRC and/or its dispatched institutions as inappropriate candidates;

③ Within the most recent 12 months, due to major violations of laws and regulations, they have received administrative penalties from the CSRC and/or its dispatched institutions or have been subject to market entry bans;

④ They have circumstances under the 《Company Law of the People’s Republic of China》 in which they are not allowed to serve as directors or senior management of the Company;

⑤ They are prohibited by laws and regulations from participating in equity incentives of listed companies;

⑥ Other circumstances determined by the CSRC.

(3) Company performance assessment conditions are met, i.e., meeting the following conditions:

① In 2024, the weighted average return on net assets attributable to shareholders is not less than 10% and not less than the industry average;

② In 2024, the growth rate of operating revenue compared with 2023 is not less than 60% and not less than the industry average;

③ In 2024, the growth rate of R&D expenses compared with 2023 is not less than 10% and not less than the industry average;

④ The number of approved drugs/products in 2024 is no less than 5.

After careful verification, the board of directors determined that neither the Company nor the incentive participants have experienced any of the above circumstances, nor any other circumstances that would prevent the grant or would disqualify them from being incentive participants. Therefore, the grant conditions of this Incentive Plan have been satisfied.

2. Relevant explanation by the Remuneration and Assessment Committee of the board of directors on whether the conditions are met for this grant

(1) The Company does not have any circumstances under laws, regulations, and normative documents such as the 《Administrative Measures for Equity Incentives of Listed Companies》 (hereinafter referred to as the “《Administrative Measures》”) that prohibit the implementation of equity incentive plans. The Company is qualified to implement the restricted stock incentive plan. The incentive participants under the Company’s 2025 Restricted Stock Incentive Plan are qualified for their positions under laws and regulations and normative documents such as the 《Company Law of the People’s Republic of China》. They meet the incentive participant conditions under the 《Administrative Measures》 and the 《Shanghai Stock Exchange STAR Market Stock Listing Rules》 (hereinafter referred to as the “《Listing Rules》”). They also fall within the scope of incentive participants as stipulated in the Company’s 《Incentive Plan》 and its summary. Accordingly, the qualification of these persons as incentive participants under the Company’s 2025 Restricted Stock Incentive Plan is lawful and valid.

(2) The Company determined that the initial grant date of the 2025 Restricted Stock Incentive Plan complies with the relevant provisions regarding grant dates in the 《Administrative Measures》, the 《Incentive Plan》, and its summary.

In summary, the Remuneration and Assessment Committee of the board of directors agrees that the initial grant date of the Company’s 2025 Restricted Stock Incentive Plan is April 1, 2026, and also agrees to grant 4.8340 million shares of restricted stock to 64 incentive participants at a grant price of RMB 5.71 per share.

(III) Specific details of the grant

1. Initial grant date: April 1, 2026

2. Initial grant quantity: 4.8340 million shares, approximately 1.07% of the total share capital of 453.34M shares of the Company at the time of the announcement of this Incentive Plan

3. Number of initial incentive participants: 64

4. Initial grant price: RMB 5.71 per share

5. Source of shares: A-share ordinary shares of the Company issued to incentive participants through directed issuance and/or A-share ordinary shares of the Company repurchased from the secondary market.

6. Validity period of the Incentive Plan, vesting period, and vesting arrangements

(1) The validity period of the restricted stock initially granted to incentive participants shall be from the grant date until the date when all restricted stock granted to the incentive participants has vested or becomes void and ineffective. The maximum period shall not exceed 72 months.

(2) Restricted stock initially granted under this Incentive Plan to incentive participants shall, after 24 months from the grant date, and once the incentive participants meet the corresponding vesting conditions, be vested in multiple tranches according to the agreed proportions. The vesting dates must be trading days within the validity period of this Incentive Plan, but vesting is not permitted during the following periods:

① For the 15 days before the announcement of the Company’s annual report and within 15 days before the announcement of the semi-annual report, if special circumstances cause the dates of announcement of the annual report or semi-annual report to be postponed, the calculation shall begin from 15 days prior to the originally scheduled announcement date and continue until the day before the announcement;

② Within the five days before the announcement of the quarterly reports, performance forecasts, or performance fast reports;

③ From the day on which a major event may have a significant impact on the trading price of the Company’s securities and their derivative categories, or during the decision-making process, until the date on which it is disclosed in accordance with law;

④ Other periods as stipulated by the CSRC and the Shanghai Stock Exchange.

The aforementioned “major events” refer to transactions or other major matters that the Company should disclose according to the 《Listing Rules》. If related laws, administrative regulations, or departmental rules provide otherwise for periods in which vesting is prohibited, the relevant provisions shall prevail.

Within the validity period of this Incentive Plan, if the provisions of the CSRC and the Shanghai Stock Exchange regarding the periods in which directors and senior management of listed companies are not allowed to buy or sell the Company’s shares change, the restricted stock granted to the incentive participants under this Incentive Plan shall be handled at the time of vesting in accordance with the revised relevant provisions.

The vesting period and vesting arrangements for the restricted stock granted under this Incentive Plan are as follows:

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7. List of first incentive participants and grant details

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Note: 1. For any individual incentive participant mentioned above, the number of the Company’s shares granted through equity incentive plans within the effective period, in aggregate, does not exceed 1% of the Company’s total share capital. The total number of underlying shares involved in equity incentive plans within the effective period in aggregate does not exceed 10% of the Company’s total share capital at the time when the equity incentive plan is submitted to the general meeting for consideration.

2. The incentive participants under this Incentive Plan do not participate in two or more equity incentive plans of listed companies. Incentive participants do not include independent directors, shareholders who individually or in aggregate hold 5% or more of the shares of the listed company, the actual controller of the listed company and their spouses, parents, or children.

3. The incentive participants for the reserved portion shall be determined within 12 months after the Incentive Plan is approved by the general meeting. After the board proposes, the Remuneration and Assessment Committee issues explicit opinions, and lawyers issue professional opinions and a legal opinion letter, the Company shall disclose the relevant information promptly and accurately on the designated websites in accordance with requirements.

4. Any differences in some of the total figures in the table from the sum of the individual figures directly added together are due to rounding.

II. Verification by the Remuneration and Assessment Committee of the board of directors on the list of incentive participants for the initial grant

1. None of the incentive participants for the initial grant under this Incentive Plan has circumstances under Article 8 of the 《Administrative Measures》 that would prohibit them from becoming incentive participants:

(1) They have been identified as inappropriate candidates by the securities exchange within the past 12 months;

(2) They have been identified as inappropriate candidates by the CSRC and/or its dispatched institutions within the past 12 months;

(3) Within the past 12 months, due to major violations of laws and regulations, they have received administrative penalties from the CSRC and/or its dispatched institutions or have been subject to market entry ban measures;

(4) They have circumstances under the 《Company Law of the People’s Republic of China》 under which they are not allowed to serve as directors or senior management of the Company;

(5) They are prohibited by laws and regulations from participating in equity incentives of listed companies;

(6) Other circumstances determined by the CSRC.

2. The incentive participants for the initial grant under this Incentive Plan do not include the Company’s independent directors, shareholders who individually or in aggregate hold more than 5% of the Company’s shares, or the actual controller and their spouses, parents, or children.

3. The list of persons for initial grant under this Incentive Plan is consistent with the incentive participant conditions stipulated in the 2025 Restricted Stock Incentive Plan approved by the Company’s 2026 first extraordinary general meeting.

4. The persons in the list of incentive participants for the initial grant under this Incentive Plan have the qualifications to serve as required by laws, regulations, and normative documents such as the 《Company Law of the People’s Republic of China》 and the 《Securities Law of the People’s Republic of China》, as well as the 《Company’s articles of association》. They meet the incentive participant conditions stipulated in laws, regulations, and normative documents such as the 《Administrative Measures》 and the 《Listing Rules》, and meet the incentive participant conditions stipulated in the Incentive Plan.

In summary, the Remuneration and Assessment Committee of the board of directors agrees to the list of incentive participants for the initial grant under this Incentive Plan. It also agrees that the initial grant date for the Company’s 2025 Restricted Stock Incentive Plan is April 1, 2026, and agrees to grant 4.8340 million shares of restricted stock at the grant price of RMB 5.71 per share to 64 incentive participants who meet the conditions.

III. Explanation regarding whether company shares were sold in the six months prior to the restricted stock grant for incentive participants who are directors or senior management

This Incentive Plan involves no company directors. Based on the Company’s self-examination and the 《Proof of Inquiry on Shareholding and Share Changes of Information Disclosure Obligors》 issued by China Securities Depository and Clearing Co., Ltd., Shanghai Branch, senior management personnel participating in this Incentive Plan did not engage in selling the Company’s shares during the six months prior to the grant date.

IV. Accounting treatment methods for restricted stock and estimation of performance impact

(I) Fair value of restricted stock and determination method

Referring to the Ministry of Finance of the People’s Republic of China Accounting Department’s 《Application Case of Share-based Payment Standards—Granting Restricted Stock》, the measurement of the share-based payment expense for Type II restricted stock shall be based on the execution of stock options. Pursuant to the relevant provisions of 《Accounting Standard for Business Enterprises No. 11—Share-based Payments》 and 《Accounting Standard for Business Enterprises No. 22—Recognition and Measurement of Financial Instruments》, the Company selects the Black-Scholes model to calculate the fair value of Type II restricted stock, and on April 1, 2026, uses this model to estimate the fair value of 4.8340 million shares of Type II restricted stock granted for the first time. The specific parameter selections are as follows:

1. Underlying share price: RMB 9.86 per share (closing price on April 1, 2026);

2. Vesting term: 3.6 years;

3. Historical volatility: 23.1417% (using the volatility of the last 1 year of the Shenwan—Chemical Pharmaceutical Formulations Index);

4. Risk-free interest rate: 1.3088% (using the yield to maturity of 3-year government bonds);

5. Dividend yield: 0.

(II) Estimated impact of implementing the restricted stock on operating performance in different periods

The Company determines the fair value of the Type II restricted stock on the grant date according to accounting standards and relevant valuation tools, and ultimately recognizes the share-based payment expense of this Incentive Plan. Such expenses will be amortized during the implementation of this Incentive Plan in proportion to the vesting arrangements. The incentive cost generated by this Incentive Plan will be recorded in recurring profit and loss.

According to the requirements of Chinese accounting standards, the impact of the restricted stock initially granted under this Incentive Plan on accounting costs in different periods is shown in the table below:

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Note: 1. The above calculation results do not represent the final accounting costs. Actual accounting costs are related to the grant date, the grant price, and the number of shares to be vested. If an incentive participant leaves employment before vesting, or if the Company’s performance assessment or the participant’s personal performance assessment does not meet the corresponding standards, the actual number of vested shares will be reduced accordingly, thereby reducing the share-based payment expense. Meanwhile, the Company reminds shareholders to pay attention to possible dilution effects.

2. The final results of the above impact on the Company’s operating results shall be based on the annual audit report issued by the accounting firm.

Based on the information currently available, the Company preliminarily estimates that the amortization of restricted stock expenses during the effective period will have an impact on net profit in each year. However, at the same time, after implementing this restricted stock incentive plan, it will further enhance the stability of the core team and effectively stimulate their motivation, thereby improving operating efficiency, bringing the Company higher operating performance and intrinsic value.

V. Conclusion of the legal opinion

All matters related to the first grant under this Incentive Plan have obtained the necessary approvals and authorizations. Neither the Company nor the incentive participants have experienced any situation that would prohibit the grant of rights. The grant conditions have been satisfied. The determination of the grant date for the first grant, the incentive participants, the grant quantity, and the grant price complies 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 《Administrative Measures》, and the Company’s 《2025 Restricted Stock Incentive Plan》 (Revised Draft). It is lawful and valid. The Company has fulfilled the information disclosure obligations at the current stage regarding the matters relating to the first grant, and shall continue to fulfill the corresponding information disclosure obligations in accordance with the requirements of relevant laws and regulations.

This announcement is hereby issued.

Board of Directors of Shanghai Xuantai Pharmaceutical Technology Co., Ltd.

April 2, 2026

Security Code: 688247 | Ticker Symbol: Xuantai Pharmaceutical | Announcement No.: 2026-016

Shanghai Xuantai Pharmaceutical Technology Co., Ltd.

Self-Examination Report on the Trading of the Company’s Stock by Insiders

under the 2025 Restricted Stock Incentive Plan

This company’s board of directors and all directors warrant that this announcement contains no false statements, misleading representations, or material omissions, and shall bear legal liability in accordance with law for the truthfulness, accuracy, and completeness of the contents.

Shanghai Xuantai Pharmaceutical Technology Co., Ltd. (the “Company”) held the 22nd meeting of the second session of the board of directors on December 25, 2025 and approved resolutions including 《On the Company’s <2025 Restricted Stock Incentive Plan (Draft)> and its Summary》, and other relevant resolutions. The Company held the 23rd meeting of the second session of the board of directors on January 14, 2026 and approved resolutions including 《On the Company’s <2025 Restricted Stock Incentive Plan (Revised Draft)> and its Summary》, and other relevant resolutions. On December 26, 2025 and January 15, 2026, respectively, the Company disclosed on the website of the Shanghai Stock Exchange (www.sse.com.cn) the 《2025 Restricted Stock Incentive Plan (Draft)> and its Summary, and the <2025 Restricted Stock Incentive Plan (Revised Draft)> and its Summary, and other documents.

In accordance with the 《Administrative Measures for Information Disclosure of Listed Companies》 (hereinafter referred to as the “《Administrative Measures》”) and relevant internal confidentiality systems, the Company has adopted fully necessary confidentiality measures for the 2025 Restricted Stock Incentive Plan (hereinafter referred to as the “Incentive Plan”), and has also conducted necessary registration for insider information parties of this incentive plan. Pursuant to the requirements of normative documents such as the 《Administrative Measures for Equity Incentives of Listed Companies》, the 《Shanghai Stock Exchange STAR Market Stock Listing Rules》, and the 《STAR Market Listed Company Self-Regulatory Guidance No. 4—Information Disclosure of Equity Incentives》, the Company conducted a self-examination of the trading of the Company’s stock by insider information parties under this Incentive Plan, and China Securities Depository and Clearing Co., Ltd., Shanghai Branch issued a query proof. The specific situation is as follows:

I. Scope and procedures of verification

1. The verification targets are insider information parties under the Incentive Plan.

2. All insider information parties of the Incentive Plan have completed and submitted the 《Insider Information Party Registration Form》.

3. The Company made inquiries to China Securities Depository and Clearing Co., Ltd., Shanghai Branch regarding the trading of the Company’s stock by the verification targets during the six months before the first public disclosure of the Incentive Plan (June 26, 2025 to December 26, 2025, hereinafter referred to as the “self-examination period”), and China Securities Depository and Clearing Co., Ltd., Shanghai Branch issued the query proof.

II. Explanation of trading of the Company’s stock by verification targets

According to the 《Proof of Inquiry on Shareholding and Share Changes of Information Disclosure Obligors》 and the 《List of Share Changes Details》 issued by China Securities Depository and Clearing Co., Ltd., Shanghai Branch, during the self-examination period of the Incentive Plan, 5 verification targets were found to have traded the Company’s stock.

Considering the progress of the planning and implementation of this Incentive Plan, after the Company’s self-examination, the trading of the Company’s stock by the above 5 verification targets during the self-examination period was based on their independent judgment of trading conditions in the secondary market, and therefore constitutes personal investment behavior. Before trading the Company’s stock, they were not aware of relevant information such as specific proposal elements of this Incentive Plan, and there is no situation involving trading of the Company’s stock using insider information related to this Incentive Plan.

Apart from the above persons, no other verification targets were found to have traded the Company’s stock during the self-examination period.

III. Conclusion

During the planning process of the incentive plan, the Company strictly followed the 《Administrative Measures》, the 《Information Disclosure Management System of Shanghai Xuantai Pharmaceutical Technology Co., Ltd.》, and relevant internal confidentiality systems of the Company. It strictly limited the scope of personnel participating in planning discussions, promptly registered relevant Company personnel and intermediary institutions who had access to insider information, and adopted corresponding confidentiality measures. Before the first public disclosure of relevant announcements of the incentive plan by the Company, no information leakage was found.

After verification, within the six months prior to the public disclosure of the draft of this Incentive Plan, no insider information parties of this Incentive Plan were found to have traded or leaked relevant insider information related to this Incentive Plan for trading purposes.

This announcement is hereby issued.

Board of Directors of Shanghai Xuantai Pharmaceutical Technology Co., Ltd.

April 2, 2026

Security Code: 688247 | Ticker Symbol: Xuantai Pharmaceutical | Announcement No.: 2026-019

Shanghai Xuantai Pharmaceutical Technology Co., Ltd.

Announcement of Resolutions of the 25th Meeting of the Second Session of the Board of Directors

This company’s board of directors and all directors warrant that this announcement contains no false statements, misleading representations, or material omissions, and shall bear legal liability in accordance with law for the truthfulness, accuracy, and completeness of the contents.

I. Information on the convening of the board meeting

The 25th meeting of the second session of the board of directors of Shanghai Xuantai Pharmaceutical Technology Co., Ltd. (the “Company”) was held on April 1, 2026, in a hybrid format combining on-site and communication methods. Considering that the Company’s 2026 first extraordinary general meeting held on April 1, 2026 has approved resolutions including 《On the Company’s <2025 Restricted Stock Incentive Plan (Revised Draft)> and its Summary》 and other related resolutions, in order to ensure the continuity and coherence of the Company’s relevant work, and in accordance with the relevant provisions of the Company’s articles of association and with unanimous consent of all directors, the notice time limit requirement for this meeting was waived. This meeting should have had 8 directors attend, and 8 directors actually attended. The meeting was chaired by Mr. Ye Jun. The convening and holding procedures of the meeting and the relevant requirements under laws and regulations such as the 《Company Law of the People’s Republic of China》 and the Company’s articles of association were complied with.

II. Review and approval at the board meeting

After careful consideration by the directors present, the following resolutions were formed:

(I) Approval of the resolution on 《Granting Restricted Stock to Incentive Scheme Participants for the First Time》

Based on the 《Administrative Measures for Equity Incentives of Listed Companies》, the Company’s 《2025 Restricted Stock Incentive Plan (Revised Draft)》 and its summary, and other relevant provisions, as well as the authorization from the Company’s 2026 first extraordinary general meeting, the board of directors determined that the initial grant conditions stipulated in this Incentive Plan have been satisfied. Therefore, the board agreed to set April 1, 2026 as the initial grant date, to set the grant price at RMB 5.71 per share, and to grant 4.8340 million shares of restricted stock to 64 incentive participants.

Voting results: 8 votes in favor; 0 votes against; 0 abstentions.

This resolution has been approved by the board’s Remuneration and Assessment Committee.

For details, please refer to the announcement disclosed by the Company on the same day on the website of the Shanghai Stock Exchange (www.sse.com.cn), namely 《Announcement on Granting Restricted Stock for the First Time to Incentive Scheme Participants under the 2025 Restricted Stock Incentive Plan》 (Announcement No.: 2026-018).

This announcement is hereby issued.

Board of Directors of Shanghai Xuantai Pharmaceutical Technology Co., Ltd.

April 2, 2026

Security Code: 688247 | Ticker Symbol: Xuantai Pharmaceutical | Announcement No.: 2026-017

Shanghai Xuantai Pharmaceutical Technology Co., Ltd.

Announcement of Resolutions of the 2026 First Extraordinary General Meeting

This company’s board of directors and all directors warrant that the announcement contains no false statements, misleading representations, or material omissions, and shall bear legal liability in accordance with law for the truthfulness, accuracy, and completeness of the contents.

Important Matters to Note:

● Are there any resolutions rejected in this meeting: None

I. Information on the convening and attendance of the meeting

(I) Date of the general meeting: April 1, 2026

(II) Venue of the general meeting: Company Meeting Room, No. 99 Haike Road, Pudong New Area, Shanghai

(III) Details of attendance by ordinary shareholders, special voting right shareholders, shareholders who have restored voting rights, and the number of voting rights held:

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Note: As of the equity registration date, the Company’s total share capital is 453.34M shares. After deducting 4,336,109 shares in the company repurchase special account that do not enjoy voting rights, the total number of shares with voting rights at this general meeting is 449,003,891 shares.

(IV) Whether the voting methods comply with the provisions of the Company Law and the Company’s articles of association, the chairperson’s handling, etc.

This general meeting was convened by the Company’s board of directors and chaired by Mr. Ye Jun. The meeting used a voting method that combined on-site voting and online voting. The convening and holding procedures of this general meeting, the qualifications of attendees and the qualification of the convener, the voting procedures, and the voting results all comply with the 《Company Law of the People’s Republic of China》 and the 《Articles of Association of Shanghai Xuantai Pharmaceutical Technology Co., Ltd.》.

(V) Attendance of company directors and the secretary of the board

1. 8 directors are currently in office; 8 attended the meeting via on-site or online means;

2. The secretary of the board of directors attended the meeting on-site, and other senior management personnel attended the meeting.

II. Review and approval of proposals

(I) Non-cumulative voting proposals

1. Proposal name: 《On the Company’s <2025 Restricted Stock Incentive Plan (Revised Draft)> and its Summary》

Voting result: Approved

Voting details:

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2. Proposal name: 《On the Company’s <Administrative Measures for the Implementation and Management of the 2025 Restricted Stock Incentive Plan (Revised Draft)>》

Voting result: Approved

Voting details:

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3. Proposal name: 《On the Company’s <Administrative Measures for the Implementation and Assessment of the 2025 Restricted Stock Incentive Plan>》

Voting result: Approved

Voting details:

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4. Proposal name: 《On the Proposal to Authorize the General Meeting to the Board of Directors to Handle Matters Related to the 2025 Restricted Stock Incentive Plan》

Voting result: Approved

Voting details:

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(II) Proposals involving major matters requiring disclosure of the voting of shareholders holding less than 5%

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(III) Explanations regarding relevant matters of proposal voting

1. Proposals 1, 2, 3, and 4 of this general meeting are special resolutions, and were approved by more than two-thirds of the total number of effective voting rights held by the shareholders attending the meeting and their proxies;

2. Proposals 1, 2, 3, and 4 of this general meeting conducted separate counting of votes for small and medium investors.

III. Legal witnessing by lawyers

1. Law firm witnessing this general meeting: Shanghai Jintiancheng Law Firm

Lawyers: Xue Xiaowen, Guan Ming

2. Legal witnessing conclusion:

The Company’s general meeting complies with relevant provisions of laws, regulations, and the Company’s articles of association in terms of convening and holding procedures, the qualifications of the convener, the qualifications of the attendees, and the voting procedures, etc. The resolutions made hereby are lawful and effective.

This announcement is hereby issued.

Board of Directors of Shanghai Xuantai Pharmaceutical Technology Co., Ltd.

April 2, 2026

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