Zhejiang Publishing & Media Co., Ltd. 2025 Annual Report Summary

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Company code: 601921 Company abbreviation: Zhejiang Edition Media

Part I Important Notice

1. The summary of this annual report comes from the full annual report. To fully understand the Company’s operating results, financial position, and future development plans, investors shall read the full annual report carefully on the website www.sse.com.cn.

2. The Board of Directors of the Company and its directors and senior management personnel guarantee that the contents of the annual report are true, accurate, and complete, and that there are no false statements, misleading statements, or material omissions, and they shall bear legal liability individually and jointly.

3. All directors of the Company attended the board meeting.

4. Zhonghui Certified Public Accountants (Special General Partnership) issued for the Company an audit report with a standard unmodified opinion.

5. The profit distribution plan for this reporting period approved by the Board of Directors, or the plan for capital reserve conversion into share capital

On March 27, 2026, the Company’s Third Session Board of Directors’ 12th meeting deliberated and approved the “Proposal on the Company’s 2025 Annual Profit Distribution Plan.” It is proposed to use total share capital of 2,222,222,223 shares as the base, and distribute a cash dividend of RMB 2.20 per 10 shares to all shareholders (including tax), for a total cash dividend distribution of RMB 488,888,889.06 (including tax). The remaining undistributed profits will be carried over to subsequent years for distribution. No bonus shares and no conversion of capital reserve into share capital will be made in this year. This proposal is subject to implementation only after submission to, and approval by, the Company’s shareholders’ meeting.

For the 2025 annual interim period, cash dividends of RMB 222,222,222.30 (including tax) were distributed. The total amount of cash dividends distributed in 2025 (including the interim cash dividends already distributed) was RMB 711,111,111.36 (including tax), i.e., a cash dividend of RMB 3.20 per 10 shares (including tax) to all shareholders, accounting for 55.31% of the net profit attributable to the owners of the parent company in the consolidated statements for the year.

As of the end of the reporting period, the parent company has relevant circumstances of accumulated losses not yet offset and the impact of those circumstances on matters such as the Company’s dividend distribution

□Applicable √Not applicable

Part II Basic Information of the Company

1. Company Profile

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2. Description of the Company’s Major Business During the Reporting Period

In 2025, the overall book retail market showed a trend of adjustment. According to the Openbook data, the nationwide overall book retail market in terms of cover value decreased by 2.24% year-on-year, while in terms of actual sales value decreased by 3.80% year-on-year. Affected by the consumption environment, consumers have become more rational in purchasing books. The market’s category structure has displayed distinct characteristics: books driven by rigid demand have continued to show relatively stable market performance, becoming an important force supporting the market.

The channel landscape continues to evolve. Online channels still hold the dominant position, and traditional e-commerce and short video e-commerce jointly form the core sales matrix, with their market shares trending toward equilibrium. Traditional e-commerce channels are in the adjustment phase, and the pull effect of marketing cycles has weakened somewhat. Short video e-commerce growth has gradually become stable; the industry has started to shift from large-scale expansion to refined operations. The decline in physical channels is narrowing; the transformation process continues to advance, and digital enablement has become an important direction for improving channel operational efficiency and precisely matching customer-group needs.

The industry’s digital transformation is advancing deeper. The integration and application of artificial intelligence technology has become an important development trend. Related technologies have gradually permeated multiple publishing stages such as topic planning, editorial proofreading, and marketing promotion, helping the industry improve production efficiency and content innovation capabilities, and promoting an upgrade of editorial work modes to human-machine collaboration. At the same time, the publishing industry is accelerating exploration of a full-channel integration development path. The ecosystem-building of “content + services” has become a common industry view, and innovative models such as cross-industry cooperation continue to emerge. At the policy level, efforts continue to focus on high-quality industry development by guiding digital transformation and standardizing market order, providing strong support for stable industry development.

Zhejiang Edition Media’s main business focuses on publishing, distribution, and printing of publications such as books, periodicals, audio-visual products, and electronic publications. It is a large-scale integrated cultural enterprise that combines traditional business operations such as publishing, printing, distribution, and retail with emerging business forms including digital publishing, digital media, digital marketing, information technology services, and online education and training.

1. Publishing business: The Company’s 11 publishing units adhere to the principles of producing premium works with professionalism and brand priority. They focus on premium publishing to enhance original publishing capability, creating original products with high visibility, strong distinctiveness, and high reputation, and continuously strengthening premium clusters such as theme publishing, key publishing, general-audience publishing, and education publishing. The Company reinforces integrated publishing, transforming from a single print-publishing model to a multi-media presentation approach including e-books, audio and video, databases, premium courses, and IP operations, relying on the approach of “one type of content, multiple types of outputs” to build multi-dimensional online presentations of traditional paper books.

2. Distribution business: The Company’s affiliated Zhejiang Xinhua advances the transformation and upgrade of physical bookstores. It improves the construction of four bookstore systems—flagship stores, benchmark stores, standard stores, and specialty stores—to fully ensure the distribution of teaching materials and market books. The Company builds a multi-scenario online book retail system led by Zhejiang Xinhua and the Boku Group, covering vertical channels, platform channels, and short-video channels, to meet users’ diversified book-consumption needs.

3. Printing business: The Company’s printing group carries out printing of publications and processing of social printing jobs. It advances the construction of an on-demand digital printing platform “Zheyin Cloud” to meet demand for short-run, small-batch book production and processing of personalized products.

4. Key accounting data and financial indicators of the Company

3.1 Major accounting data and financial indicators over the past three years

Unit: RMB Currency: Renminbi

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3.2 Major accounting data by quarter during the reporting period

Unit: RMB Currency: Renminbi

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Explanation of differences between quarterly data and previously disclosed periodic report data

□Applicable √Not applicable

4. Shareholder information

4.1 Total number of ordinary shareholders at the end of the reporting period and the end of the month immediately preceding the release of the annual report, total number of preferred shareholders with voting rights restoration, total number of shareholders holding shares with special voting rights, and information on the top 10 shareholders before the end of the month immediately preceding the disclosure of the annual report

Unit: shares

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4.2 Block diagram of the property rights and control relationship between the Company and its controlling shareholder

√Applicable □Not applicable

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4.3 Block diagram of the property rights and control relationship between the Company and its actual controller

√Applicable □Not applicable

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4.4 Information on the total number of preferred shareholders of the Company at the end of the reporting period and the top 10 shareholders

□Applicable √Not applicable

5. Corporate bond information

□Applicable √Not applicable

Part III Matters of Importance

1. The Company shall, based on the principle of materiality, disclose any major changes in the Company’s operating conditions during the reporting period, as well as matters that occurred during the reporting period that have a material impact on the Company’s operating conditions and that are expected to have a material impact in the future.

During the reporting period, the Company’s operating revenue was RMB 10.544 billion, representing a year-on-year decrease of 5.80%. Of which: publishing business revenue was RMB 3.014 billion, representing a year-on-year decrease of 4.02%; distribution business revenue was RMB 8.388 billion, representing a year-on-year decrease of 4.60% (Note: Publishing and distribution business revenue are figures before consolidated offsetting), of which online sales revenue was RMB 2.759 billion, representing a year-on-year decrease of 10.15%. Net cash flows generated from operating activities were RMB 0.850 billion. At the end of the reporting period, the Company’s total assets were RMB 21.158 billion, representing a year-on-year decrease of 2.78%; and net assets were RMB 14.384 billion, representing an increase of 5.02%.

During the reporting period, the Company achieved total profit of RMB 1.302 billion, representing a year-on-year decrease of 3.95%. Net profit attributable to shareholders of listed companies was RMB 1.286 billion, representing an increase of 18.76%; net profit attributable to shareholders of listed companies after deduction of non-recurring items was RMB 1.015 billion, representing a year-on-year decrease of 8.92%. The weighted average return on net assets was 9.22%, and the weighted average return on net assets after deduction of non-recurring items was 7.28%. Overall development is steady and sound.

2. If, after the disclosure of the Company’s annual report, there is a delisting risk warning or a termination-of-listing situation, the Company shall disclose the reasons leading to the delisting risk warning or the termination-of-listing situation.

□Applicable √Not applicable

Security code: 601921 Security abbreviation: Zhejiang Edition Media Announcement No.: 2026-012

Zhejiang Publishing & Media Co., Ltd.

Announcement on 2025 Major Operating Data

The Board of Directors of this Company and all directors guarantee that there are no false records, misleading statements, or material omissions in the contents of this announcement, and assume legal responsibility for the truthfulness, accuracy, and completeness of the content.

In accordance with the relevant provisions of the Shanghai Stock Exchange’s “Guidelines for Self-Regulation of Listed Companies No. 3 — Information Disclosure for Industries (No. 11 — News and Publishing),” Zhejiang Publishing & Media Co., Ltd. (hereinafter “the Company”) hereby publishes the operating data for its major business segments for 2025 as follows:

Unit: RMB 10,000 yuan

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This announcement is hereby issued.

Zhejiang Publishing & Media Co., Ltd. Board of Directors

March 31, 2026

Security code: 601921 Security abbreviation: Zhejiang Edition Media Announcement No.: 2026-006

Zhejiang Publishing & Media Co., Ltd.

Announcement on the Reappointment of Accounting Firms

The Board of Directors of this Company and all directors guarantee that there are no false records, misleading statements, or material omissions in the contents of this announcement, and assume legal responsibility for the truthfulness, accuracy, and completeness of the content.

Important content to note:

● Name of the accounting firm proposed for reappointment: Zhonghui Certified Public Accountants (Special General Partnership) (hereinafter referred to as “Zhonghui Firm”)

I. Basic information on the accounting firm proposed for reappointment

(I) Information on the institution

1. Basic information

Institution name: Zhonghui Certified Public Accountants (Special General Partnership)

Date of establishment: December 19, 2013

Organization form: Special General Partnership

Registered address: Room 601, Building A, Hualianshi Times Building, No. 8 Xinye Road, Shangcheng District, Hangzhou, Zhejiang Province

Chief partner: Gao Feng

Number of partners at the end of the previous year (December 31, 2024): 116

Number of certified public accountants at the end of the previous year (December 31, 2024): 694

Number of certified public accountants who have signed audit reports for securities service business at the end of the previous year (December 31, 2024): 289

Total audited revenue for the most recent year (FY2024): RMB 101,4340,000 yuan

Audit business revenue for the most recent year (FY2024): RMB 89,9480,000 yuan

Securities business revenue for the most recent year (FY2024): RMB 45,6250,000 yuan

Number of listed company audit clients at the end of the previous year (FY2024 annual report): 205

Main industries: Manufacturing — Electrical machinery and equipment manufacturing industry; Information transmission, software and information technology services — software and information technology services industry; Manufacturing — special equipment manufacturing industry; Manufacturing — computer, communications and other electronic equipment manufacturing industry; Manufacturing — pharmaceutical manufacturing industry, etc.

Total audit fees charged for listed companies for the previous year (FY2024 annual report): RMB 16,9630,000 yuan

Number of audit clients in the Company’s peer industry that are listed companies at the end of the previous year (FY2024 annual report): 1

2. Investor protection capability

The Zhonghui Firm has not accrued a professional risk fund. The cumulative compensation coverage limit of the professional liability insurance it has purchased is RMB 300 million. The purchase of professional liability insurance complies with relevant regulations. In the past three years, the Zhonghui Firm (the most recent three complete natural years and the current year) in civil lawsuits related to its practice that have concluded have not needed to assume civil liability for compensation.

3. Record of integrity

In the past three years, the Zhonghui Firm has received 0 criminal penalties, 1 administrative penalty, 9 regulatory oversight measures, 7 self-regulatory measures, and 1 disciplinary sanction due to practice-related matters. In the past three years, 46 practitioners have received 0 criminal penalties, 1 administrative penalty, 9 regulatory oversight measures, 12 self-regulatory measures, and 2 disciplinary sanctions due to practice-related matters.

(II) Information on the project

1. Basic information

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2. Integrity records of the above-mentioned personnel

In the past three years, the above-mentioned personnel have not been subject to criminal penalties due to practice-related matters, nor administrative penalties imposed by the CSRC and its dispatched institutions, nor administrative penalties by industry competent authorities; nor regulatory oversight measures; nor self-regulatory regulatory oversight measures or disciplinary sanctions by securities trading venues or self-regulatory organizations such as industry associations.

3. Independence

The Zhonghui Firm, the project partner, the signed certified public accountant, and the person in charge of project quality control review have no situations that may affect their independence.

4. Audit fees

The Company’s audit fees for FY2026 will be RMB 2.82 million (FY2026 annual report audit fees: RMB 2.52 million; internal control audit fees: RMB 0.30 million), consistent with the audit fees for FY2025.

II. Procedures to be fulfilled for the proposed reappointment of the accounting firm

(I) Review opinions of the Board’s Audit Committee

The Third Session Board of Directors’ Audit Committee’s Second Meeting in 2026 deliberated and approved the “Proposal on the Reappointment of Accounting Firms.” After the Board’s Audit Committee made thorough understanding and review of the independence, professional competence, and investor protection capability of the Zhonghui Firm, and after reviewing relevant information including the Zhonghui Firm’s basic situation, qualification documents, and integrity records, it concluded that the Zhonghui Firm has the practice qualifications for securities and futures-related business, has the professional capability and qualifications to perform audits, and can meet the Company’s requirements for annual audit. This reappointment of the accounting firm is based on the Company’s strategy development and the arrangements for the accounting firm’s audit work. The proposal has been approved, and the Audit Committee agreed to recommend to the Board of Directors that the Zhonghui Firm be reappointed as the Company’s accounting firm for the FY2026 financial report audit and internal control audit.

(II) Deliberation and voting by the Board of Directors

On March 27, 2026, the Company convened the Third Session Board of Directors’ 12th meeting. The proposal on the “Reappointment of Accounting Firms” was approved with 9 votes in favor, 0 votes against, and 0 abstentions. The Board agreed to appoint the Zhonghui Firm as the Company’s accounting firm for FY2026 financial report audit and internal control audit.

(III) This reappointment matter still needs to be submitted to the Company’s shareholders’ meeting for approval, and shall become effective from the date on which the shareholders’ meeting approves it.

This announcement is hereby issued.

Zhejiang Publishing & Media Co., Ltd. Board of Directors

March 31, 2026

Security code: 601921 Security abbreviation: Zhejiang Edition Media Announcement No.: 2026-010

Zhejiang Publishing & Media Co., Ltd.

Announcement on Application for Bank Credit Facilities for FY2026 and Expected Guarantee Amount

The Board of Directors of this Company and all directors guarantee that there are no false records, misleading statements, or material omissions in the contents of this announcement, and assume legal responsibility for the truthfulness, accuracy, and completeness of the content.

Important content to note:

● Name of the guaranteed party: The subsidiaries within the consolidated statement scope of Zhejiang Publishing & Media Co., Ltd. (hereinafter referred to as “Company”)

● Expected guarantee limit for this round: For FY2026, the Company plans to provide guarantee limits to subsidiaries with a total amount not exceeding RMB 70,000,000. As of the disclosure date of this announcement, the Company’s external guarantees are all guarantees provided to subsidiaries, with the actual guarantee amount being RMB 70,000,000, accounting for 0.49% of the Company’s net assets as audited in the most recent period.

● Whether this guarantee includes counter-guarantees: No

● Cumulative number of overdued external guarantees: None

I. Overview of the application for bank credit facilities and expected guarantee amount

On March 27, 2026, the Company convened the Third Session Board of Directors’ 12th meeting, deliberating and approving the “Proposal on Application for Bank Credit Facilities for FY2026 and Expected Guarantee Amount.” To ensure the continuity of the Company’s bank credit facilities within its overall scope and the needs of operating development in FY2026, the Company and its subsidiaries plan to apply to banks for a comprehensive credit facility not exceeding RMB 6,000,000,000, while the Company plans to provide guarantee limits to its subsidiaries with a total amount not exceeding RMB 70,000,000.

(I) Details of the bank credit facility application

For FY2026, the Company and its subsidiaries plan to apply to banks for a comprehensive credit facility not exceeding RMB 6,000,000,000, to办理 comprehensive credit facility business including, but not limited to, working capital loans, medium- and long-term borrowings, bank acceptance bills, letters of credit, mortgage loans, etc. The term is 12 months from the date on which the Third Session Board of Directors’ 12th meeting approves this proposal. Within the validity period, the credit facility limits can be reused in a revolving manner.

The specific details of the bank credit facility limits are as follows:

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The above comprehensive credit facility limits, business types, and credit facility terms will ultimately be subject to the actual approvals by banks and other financial institutions. The specific credit amounts will be determined based on actual operating needs. Within the credit facility term, the credit facility limits can be reused in a revolving manner. The Company requests the Board to authorize the Chairman of the Board or the authorized person to, in accordance with the provisions of the Company Law and the Company’s Articles of Association, adjust and utilize the limits within the comprehensive credit facility limits, sign contracts and other legal documents related to the credit facilities with financial institutions, and handle relevant procedures.

(II) Details of the expected guarantee limits

As of December 31, 2025, the Company and its subsidiaries’ guarantee limits were RMB 70,000,000. To meet the needs for business development of the Company and its subsidiaries, and under the premise of ensuring standardized operations and controllable risks, for FY2026 the Company proposes to provide guarantee limits to its subsidiaries with a total amount not exceeding RMB 70,000,000. Guarantee methods include, but are not limited to, credit guarantees, mortgage guarantees, and pledge guarantees. The guarantee limit validity period shall be within 12 months from the date on which the Third Session Board of Directors’ 12th meeting approves the proposal. The Company’s expected specific guarantee limits are as follows:

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The above guarantees and the guaranteed parties are subsidiaries within the Company’s consolidated statements. The asset-liability ratio does not exceed 70%. The guarantee limits provided by the Company can be adjusted among subsidiaries within the scope of the Company’s consolidated statements. When such an adjustment occurs, if the asset-liability ratio of the party receiving the adjusted allocation has exceeded 70%, no adjustment can be made.

The Company requests the Board to authorize the Chairman of the Board or the authorized person to be responsible for specific implementation within the above limit range and to sign relevant legal documents. The authorization period shall be the same as the validity period of the guarantee limits.

II. Basic information on the guaranteed parties

1. Zhejiang Xinhua Digital Printing Co., Ltd.

Unified Social Credit Code: 91330000782948807K

Registered capital: RMB 100,000,000

Registered location: No. 369 Wenhai North Road, Hangzhou Economic and Technological Development Zone

Legal representative: Liu Guojun

Business scope: Permitted items: printing of publications; printing of packaging and decoration printed products; printing of other printed materials such as files and documents (projects subject to approval according to law shall be carried out only after approval by the relevant departments; specific projects shall be subject to the approval results). General items: graphic and text design production; advertising design and agency; digital advertising design and agency; parking lot services; import and export of goods; advertising production; graphic design; corporate image planning; digital creative product exhibition and display services; conference and exhibition services; marketing planning; digital content production services (excluding publication and distribution); sales of packaging materials and products; sales of machinery and equipment; sales of office supplies; retail sales of stationery and supplies; road freight transportation of ordinary goods by motor vehicles with total mass of 4.5 tons or less (excluding online freight and dangerous goods) (projects not subject to approval according to law shall be carried out independently based on the business license).

Relationship with the Company: Zhejiang Xinhua Digital Printing Co., Ltd. is a wholly-owned subsidiary of the Company.

Financial situation:

Unit: RMB 10,000 yuan

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III. Main contents of the guarantee agreements

The specific guarantee amount, guarantee term, guarantee method, and other terms are subject to the contractual arrangements signed by the relevant entities with banks and other financial institutions.

IV. Necessity and reasonableness of the guarantees

The expected guarantee limits and authorization matters for this round meet the needs of the subsidiaries’ business development and production and operations, ensure continuous and steady business development, and are in line with the Company’s overall interests and development strategy. The guaranteed parties are wholly-owned subsidiaries of the Company. The Company can effectively control risks in the daily operating activities and decision-making of wholly-owned subsidiaries. The Company can promptly understand their credit standing. There is no situation that could harm the Company’s and shareholders’ interests.

V. Board opinions

The application by the Company and its subsidiaries for bank credit facilities for FY2026 and the expected guarantee limits meet the needs of the Company and its subsidiaries for daily operation and development, and comply with relevant laws and regulations. The Company provides guarantees to its subsidiaries; the Company’s financial risk is within a controllable range, and the Company has the ability to control their operating and management risks. The production and operation of the Company and its subsidiaries are normal. There is no situation where this guarantee would harm the Company and the Company’s shareholders, especially the interests of minority shareholders. The Company’s Board of Directors has reviewed and approved this matter.

VI. Opinions of the sponsor institution

The sponsor institution considers that: The application by the Company and its subsidiaries for bank credit facilities for FY2026 and expected guarantee limits meet the needs of the Company and its subsidiaries for daily operation and development. As of the issuance date of this review opinion, there is no situation of illegal external guarantees or overdue external guarantees by the Company. The relevant matters regarding the application by the Company and its subsidiaries for bank credit facility limits for FY2026 and expected guarantee limits have been deliberated and approved at the Third Session Board of Directors’ 12th meeting. The decision-making procedures are legal and compliant. The application for bank credit facility limits for FY2026 and expected guarantee limits is beneficial to the Company’s overall development and does not harm the interests of the Company and its shareholders, especially minority investors. Therefore, the sponsor institution has no objection to the matter regarding Zhejiang Edition Media’s application for bank credit facility limits for FY2026 and expected guarantee limits.

VII. Total number of external guarantees and number of overdue guarantees

Apart from providing guarantees to subsidiaries, this Company has no other external guarantees, and there are no overdue guarantees. As of the disclosure date of this announcement, the total guarantee amount is RMB 70,000,000, accounting for 0.49% of the Company’s net assets as audited in the most recent period.

This announcement is hereby issued.

Zhejiang Publishing & Media Co., Ltd. Board of Directors

March 31, 2026

Security code: 601921 Security abbreviation: Zhejiang Edition Media Announcement No.: 2026-004

Zhejiang Publishing & Media Co., Ltd.

Announcement on Seeking Shareholders’ Authorization for the Board of Directors to Decide the 2026 Interim Dividend Distribution Plan

The Board of Directors of this Company and all directors guarantee that there are no false records, misleading statements, or material omissions in the contents of this announcement, and assume legal responsibility for the truthfulness, accuracy, and completeness of the content.

In accordance with the Company Law’s and related provisions of the CSRC “Guidelines on Listed Companies Supervision No. 3 — Cash Dividends of Listed Companies” and the Company’s Articles of Association, and in light of the Company’s actual circumstances, the Board of Directors of the Company hereby proposes to seek authorization from the shareholders’ meeting for the Board of Directors to decide the 2026 interim dividend distribution plan under conditions as stipulated. The specific arrangements are as follows:

I. Authorization for the Company’s 2026 interim profit distribution

The Board proposes to seek authorization for the Board of Directors to, within the scope of the following interim profit distribution conditions, formulate and implement a specific interim profit distribution plan on the premise of taking into comprehensive consideration the Company’s profitability, development stage, major capital arrangements, and reasonable returns to shareholders.

(I) Conditions for the Company’s 2026 interim profit distribution

1. The Company may distribute profits by cash, by stock, or by a combination of cash and stock. Under the condition that cash dividends are possible, it shall prioritize the profit distribution method of cash dividends;

2. The Company has positive undistributed profits and positive current profits available for distribution (i.e., after the Company offsets losses and after extracting the statutory provident funds, the resulting after-tax profits remaining), and the Company’s cash flow can meet the Company’s normal operations and sustainable development;

3. The upper limit of interim cash dividend amount shall not exceed the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses for the current period.

(II) 2026 interim profit distribution

Under the conditions for cash dividends, the annual cash dividend amount distributed by the Company shall be no less than 50% of the net profit attributable to the parent company in the consolidated statements for the current period. The Company plans to distribute dividends twice in 2026, and the interim dividend shall be no less than 25% of the total annual dividends.

(III) Authorization for interim dividends

To appropriately simplify the dividend distribution procedures, the shareholders’ meeting is requested to authorize the Board of Directors to decide on the Company’s 2026 interim dividend distribution plan:

1. Scope of authorization: the shareholders’ meeting authorizes the Board of Directors, subject to the above interim dividend conditions, to demonstrate, formulate, and implement the Company’s 2026 interim dividend distribution plan at an appropriate timing, and to handle all necessary matters related to the 2026 interim dividend distribution.

2. For the above authorized matters, other matters may be directly exercised by the Chairman of the Board on behalf of the Board of Directors, except for matters explicitly required by laws and regulations, normative documents, or the Company’s Articles of Association to be approved by a resolution of the Board of Directors.

3. Authorization period: from the date on which this proposal is approved by the 2025 annual shareholders’ meeting until the date on which the 2026 annual shareholders’ meeting is convened.

II. Decision-making procedures to be fulfilled by the Company

On March 27, 2026, the Company convened the Third Session Board of Directors’ 12th meeting, deliberated and approved the “Proposal on Seeking Authorization from the Shareholders’ Meeting for the Board of Directors to Decide on the 2026 Interim Dividend Distribution Plan,” and agreed to submit this proposal to the Company’s 2025 annual shareholders’ meeting for consideration.

III. Relevant risk disclosures

This matter still needs to be submitted to the Company’s 2025 annual shareholders’ meeting for consideration. In addition, the Company’s 2026 interim profit distribution plan still needs to be formulated into a specific plan after taking into account factors such as the Company’s 2026 undistributed profits and cash flow. Investors are kindly requested to pay close attention to this and take note of investment risks.

This announcement is hereby issued.

Zhejiang Publishing & Media Co., Ltd. Board of Directors

March 31, 2026

Security code: 601921 Security abbreviation: Zhejiang Edition Media Announcement No.: 2026-005

Zhejiang Publishing & Media Co., Ltd.

Announcement on the Special Report on the Storage and Actual Use of Raised Funds for FY2025

The Board of Directors of this Company and all directors guarantee that there are no false records, misleading statements, or material omissions in the contents of this announcement, and assume legal responsibility for the truthfulness, accuracy, and completeness of the content.

In accordance with the relevant laws, regulations, and normative documents such as the “Guidelines for Self-Regulation of Listed Companies No. 1 — Standardized Operations” of the Shanghai Stock Exchange, Zhejiang Publishing & Media Co., Ltd. (hereinafter “the Company” or “Zhejiang Edition Media”) hereby reports as follows the storage and actual use of raised funds for FY2025:

I. Basic information on the raised funds

(I) Receipt of raised funds

Pursuant to the CSRC’s “Approval Regarding the Initial Public Offering of Shares of Zhejiang Publishing & Media Co., Ltd.” (CSRC License [2021] 1779), the Company was approved to publicly issue 222.222223 million shares of RMB ordinary shares (A shares) to the public at an issue price of RMB 10.28 per share. The total raised funds amounted to RMB 22,844.445 million. After deducting underwriting and sponsorship fees, issuance registration fees, and other transaction expenses, the Company’s net raised funds amounted to RMB 22,065.049 million. All such funds had been received. Tianjian Certified Public Accountants (Special General Partnership) verified the matter and issued the “Verification Report” (Tianjian Verification [2021] 390) on July 16, 2021. After the raised funds were received, they were fully deposited into the raised funds special accounts opened upon approval by the Company’s Board of Directors. The Company and relevant subsidiaries have signed a tripartite supervision agreement or a quadripartite supervision agreement for the raised funds special account storage with the sponsor and the commercial bank(s that hold the raised funds.

(II) Balance of raised funds in FY2025

As of December 31, 2025, the Company used RMB 2,082.187 million of raised funds during this year, and cumulatively used RMB 11,818.373 million of raised funds. The balance of raised funds (including net amounts after deducting bank charges from financial investment gains and interest income) was RMB 3,418.962 million. The use and balance of the Company’s raised funds special accounts are as follows:

Unit: RMB 10,000 yuan

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II. Management of raised funds

(I) Management of raised funds

To standardize the management and use of the Company’s raised funds, improve the efficiency of using raised funds, ensure the normal progress of the raised funds investment projects, and protect investors’ interests, in accordance with relevant provisions such as the Company Law, the Securities Law, the “Shanghai Stock Exchange Listing Rules,” the “Guidelines for Self-Regulation of Listed Companies No. 1 — Standardized Operations,” and other relevant regulations and normative documents, and based on the Company’s actual situation, the Company formulated the “Measures for the Management of Raised Funds by Zhejiang Publishing & Media Co., Ltd.” Under this, the raised funds are subject to special-account storage. The Company establishes special raised funds accounts in banks. The Company and the sponsor institution Jintong Securities and the relevant commercial banks sign multi-party raised funds supervision agreements, and strictly fulfill related approval procedures, supervise the management and use of raised funds, and ensure that special funds are used for their intended purpose.

(II) Storage of raised funds

As of December 31, 2025, the opening and balance of the Company’s raised funds special accounts are as follows:

Unit: RMB

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Note 1: On July 10, 2025, the Company’s Third Session Board of Directors’ Sixth Meeting and the Third Session Supervisors’ Fifth Meeting each deliberated and approved the “Proposal on Completing Certain Projects of Raised Funds and Permanently Supplementing Working Capital with the Unused Raised Funds.” It agreed to complete the “Key Book Publishing Engineering Project of Zhejiang Education Publishing House Group Co., Ltd.” and permanently supplement working capital with the unused raised funds. Meanwhile, the raised funds special account was to be deregistered. The Company completed the deregistration of Zhejiang Education Publishing House Group Co., Ltd.’s raised funds special account (Account No.: 19005101040041858) at the Hangzhou Zhongshan Sub-branch of China Agricultural Bank Co., Ltd. on August 12, 2025. After the deregistration of the special account, the supervision agreement for that special raised funds account signed by the Company with that bank and the sponsor institution was terminated accordingly.

Note 2: On July 10, 2025, the Company’s Third Session Board of Directors’ Sixth Meeting and the Third Session Supervisors’ Fifth Meeting each deliberated and approved the “Proposal on Completing Certain Projects of Raised Funds and Permanently Supplementing Working Capital with the Unused Raised Funds.” It agreed to complete the “Key Book Publishing Engineering Project of Zhejiang Literature and Arts Publishing House Group Co., Ltd.” and permanently supplement working capital with the unused raised funds. Meanwhile, the raised funds special account was to be deregistered. The Company completed the deregistration of Zhejiang Literature and Arts Publishing House Co., Ltd.’s raised funds special account (Account No.: 19005101040041841) at the Hangzhou Zhongshan Sub-branch of China Agricultural Bank Co., Ltd. on August 11, 2025. After the deregistration of the special account, the supervision agreement for that special raised funds account signed by the Company with that bank and the sponsor institution was terminated accordingly.

Note 3: On October 29, 2024, the Company’s Third Session Board of Directors’ Second Meeting deliberated and approved the “Proposal on Completing Certain Raised Funds Projects and Deregistering Raised Funds Special Accounts.” It agreed to complete the “Key Book Publishing Engineering Project of Zhejiang People’s Publishing House Co., Ltd.” and deregister its raised funds special account. The Company completed the deregistration of Zhejiang People’s Publishing House Co., Ltd.’s raised funds special account (Account No.: 19005101040041809) at the Hangzhou Zhongshan Sub-branch of China Agricultural Bank Co., Ltd. on November 6, 2024. After the deregistration of the special account, the supervision agreement for that special raised funds account signed by the Company with that bank and the sponsor institution was terminated accordingly.

Note 4: On August 25, 2023, the Company’s Second Session Board of Directors’ Tenth Meeting deliberated and approved the “Proposal on Completing Certain Raised Funds Projects and Deregistering Raised Funds Special Accounts.” It agreed to complete the “Key Book Publishing Engineering Project of Zhejiang Juvenile & Children’s Publishing House Co., Ltd.” and deregister its raised funds special account. The Company completed the deregistration of Zhejiang Juvenile & Children’s Publishing House Co., Ltd.’s raised funds special account (Account No.: 19005101040041817) at the Hangzhou Zhongshan Sub-branch of China Agricultural Bank Co., Ltd. on August 31, 2023. After the deregistration of the special account, the supervision agreement for that special raised funds account signed by the Company with that bank and the sponsor institution was terminated accordingly.

III. Actual use of raised funds during this year

(I) Use of funds for raised funds investment projects

In FY2025, the actual use of raised funds was RMB 2,082.187 million. As of December 31, 2025, cumulative use of raised funds was RMB 11,818.373 million. For specific details, see the “Table of Comparison of Use of Raised Funds” (attached).

(II) Pre-investment of funds and replacement of funds for raised funds investment projects

On September 1, 2021, the Company’s First Session Board of Directors’ 18th Meeting and the First Session Supervisors’ 13th Meeting deliberated and approved the “Proposal on Using Raised Funds to Replace Self-raised Funds Previously Invested in Prepaid Raised Funds Projects and Self-raised Funds for Previously Paid Issuance Expenses.” It agreed that the Company use RMB 4,852.263 million of raised funds to replace RMB 4,833.615 million of self-raised funds previously invested in the raised funds projects and RMB 18.648 million of issuance expenses already paid in advance. The above plan has been fully implemented.

According to the “Verification Report on Zhejiang Publishing & Media Co., Ltd.’s Prepaid Use of Self-raised Funds to Invest in Raised Funds Projects” issued by Tianjian Certified Public Accountants (Special General Partnership) (Tianjian Audit [2021] 9294), the accounting firm considers that: the “Special Explanation on Prepaid Investment in Raised Funds Projects with Self-raised Funds” prepared by the Company’s management complies with the provisions of the “Measures for the Management of Raised Funds by Listed Companies on the Shanghai Stock Exchange” and relevant format guidance, and truly reflects the actual situation of the Company using self-raised funds to pre-invest in the raised funds projects. The Company’s independent directors and the Supervisors’ Meeting expressed explicit approval opinions on the above matters, and the sponsor institution also issued a clear approval verification opinion.

(III) Temporary replenishment of working capital using idle raised funds

As of December 31, 2025, the Company has no circumstances of using idle raised funds to temporarily supplement working capital.

(IV) Cash management and investment in relevant products using temporarily idle raised funds

On April 24, 2025, the Company convened the Third Session Board of Directors’ Fourth Meeting and the Third Session Supervisors’ Fourth Meeting, each deliberating and approving the “Proposal on Using Some Temporarily Idle Raised Funds for Cash Management in FY2025.” It agreed that, without affecting the construction of raised funds investment projects and normal business operations, the Company may use temporarily idle raised funds with a total amount not exceeding RMB 8,000.00 million for cash management. Within the above limit, the funds may be used in a revolving manner. The term is 12 months from the date on which the Board’s deliberation is approved. The sponsor institution, Caitan Securities Co., Ltd., issued a clear verification opinion on this matter.

As of December 31, 2025, the balance of wealth management products purchased by the Company using idle raised funds was RMB 8,000.00 million, and the specific situation is listed as follows:

Unit: RMB 10,000 yuan

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(V) Permanently supplementing working capital with over-raised funds or repaying bank loans

As of December 31, 2025, the Company has no circumstances of permanently supplementing working capital with over-raised funds or repaying bank loans.

(VI) Over-raised funds used for projects under construction and new projects (including acquisition of assets, etc.) or for the repurchase of the Company’s shares and their cancellation

As of December 31, 2025, the Company has no circumstances of over-raised funds being used for projects under construction and new projects (including acquisition of assets, etc.) or for repurchasing the Company’s shares and canceling them.

(VII) Use of surplus raised funds

As of December 31, 2025, this year the Company has no circumstances of using surplus funds from raised funds investment projects for other raised funds investment projects or non-raised funds investment projects.

On July 10, 2025, the Company convened the Third Session Board of Directors’ Sixth Meeting and the Third Session Supervisors’ Fifth Meeting, each deliberating and approved the “Proposal on Completing Certain Raised Funds Investment Projects and Permanently Supplementing Working Capital with Surplus Raised Funds.” It agreed that the Company would complete the first public offering stock raised funds projects “Key Book Publishing Engineering Project of Zhejiang Education Publishing House Group Co., Ltd.” and “Key Book Publishing Engineering Project of Zhejiang Literature and Arts Publishing House Co., Ltd.” and permanently supplement working capital with surplus raised funds totaling RMB 29,269,874.40 (including bank deposit interest), while also handling relevant procedures such as deregistration of the raised funds special accounts.

Completing these raised funds investment projects and permanently supplementing working capital with surplus raised funds complies with the actual construction situation of the raised funds projects, is conducive to improving the efficiency of using raised funds, meeting the Company’s need for working capital for business operations, and is beneficial to the Company’s long-term development. It complies with the interests of the Company and all shareholders. There is no situation of indirectly changing the direction of raised funds investment. It will not have a material adverse impact on the Company’s operations. The sponsor institution, Caitan Securities Co., Ltd., issued a clear verification opinion on this matter.

(VIII) Other matters regarding the use of raised funds

On December 29, 2025, the Company convened the Third Session Board of Directors’ 11th Meeting, deliberating and approving the “Proposal on Reassessing and Delaying Certain Raised Funds Investment Projects.” It adjusted the target date for the project “Retail Store System Service Capacity Improvement and Smart Book City Service Platform Construction Project of Zhejiang Xinhua Bookstore Group Co., Ltd.” to reach its scheduled usable condition to December 31, 2026. It adjusted the target date for “Warehouse Logistics System Upgrade and Optimization Project of Zhejiang Xinhua Bookstore Group Co., Ltd.” to reach its scheduled usable condition to December 31, 2026. It adjusted the target date for the “Technology Renovation Project for a Newly Added Annual Output of 1 Million Color Teaching Material and Book Printing Lines” to reach its scheduled usable condition to June 30, 2026. It adjusted the target date for “Quality Content Resource Reserve Project of Zhejiang Publishing & Media Co., Ltd.” to reach its scheduled usable condition to December 31, 2026. This partial postponement of the raised funds projects is a cautious decision made by the Company based on the industry development situation, technology development trends, project construction, and investment progress. It does not change the investment contents, investment total amount, or the implementation entity of the raised funds projects. There is no situation of changing or indirectly changing the direction of raised funds investment and no other damage to shareholders’ interests. It will not cause a material impact on the implementation of the raised funds projects. It will not have a material adverse impact on the Company’s normal operations, and complies with the relevant provisions on the management of raised funds by listed companies issued by the CSRC and the Shanghai Stock Exchange. The sponsor institution issued a clear approval verification opinion on the above matters.

On April 11, 2025, the Company convened the Third Session Board of Directors’ Third Meeting and the Third Session Supervisors’ Third Meeting, each deliberating and approved the “Proposal on Adjusting the Internal Investment Amount for the Huǒbǎ Knowledge Service Platform Construction Project.” It agreed that, without changing the implementation entity of the raised funds investment project, the intended use of the raised funds, or the total investment amount, the internal investment amount for the Huǒbǎ Knowledge Service Platform Construction Project would be adjusted. This adjustment of the internal investment amount for part of the raised funds projects is a cautious decision made by the Company based on the actual situation of project construction. It does not involve changing the implementation entity of the raised funds projects, the intended use of the raised funds, or the total investment amount. It complies with the Company’s actual operating conditions, is conducive to improving the efficiency of using raised funds, optimizing resource allocation, and aligns with the Company’s future development strategy and the interests of all shareholders. There is no situation of changing or indirectly changing the direction of raised funds investment, and no harm to the Company or shareholders’ interests. The sponsor institution issued a clear approval verification opinion on the above matters.

IV. Use of funds related to changes in raised funds investment projects

As of December 31, 2025, the Company has no circumstances of changing raised funds investment projects.

V. Issues in the use and disclosure of raised funds

The relevant information that the Company has disclosed reflects the related situation in a timely, true, accurate, and complete manner, and there are no violations in the use and management of raised funds.

VI. Conclusion of the auditors’ verification report on the Company’s raised funds storage and usage during the year

The accounting firm considers that: The Company’s Board of Directors’ “Special Report on the Storage, Management and Actual Use of Raised Funds for FY2025” prepared by Zhejiang Edition Media meets, in all material respects, the provisions of the Shanghai Stock Exchange’s “Guidelines for Self-Regulation of Listed Companies No. 1 — Standardized Operations” and related format guidance. It fairly reflects Zhejiang Edition Media’s actual storage, management, and use of raised funds during FY2025.

VII. Conclusion of the sponsor institution’s special verification report

The sponsor institution considers that: Zhejiang Edition Media’s storage and use of raised funds during FY2025 comply with relevant provisions of laws and regulations such as the “Rules for the Regulation of Raised Funds of Listed Companies,” the Shanghai Stock Exchange’s “Stock Listing Rules,” and the Shanghai Stock Exchange’s “Guidelines for Self-Regulation of Listed Companies No. 1 — Standardized Operations.” The raised funds have been stored in special accounts and used for specific purposes. The use of the raised funds has complied with necessary review procedures. The specific use of raised funds is consistent with the information already disclosed. There is no situation of indirectly changing the use of raised funds or harming shareholders’ interests. There is no situation of illegal use of raised funds.

This announcement is hereby issued.

Zhejiang Publishing & Media Co., Ltd. Board of Directors

March 31, 2026

Table of Comparison of Use of Raised Funds

FY2025

Prepared by: Zhejiang Publishing & Media Co., Ltd. Amount unit: RMB 10,000 yuan

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[Note 1] As of December 31, 2025, the cumulative amount invested in the “Key Book Publishing Engineering Project of Zhejiang Juvenile & Children’s Publishing House Co., Ltd.” exceeded the committed investment amount by RMB 0.39 million; the cumulative amount invested in the “Key Book Publishing Engineering Project of Zhejiang People’s Publishing House Co., Ltd.” exceeded the committed investment amount by RMB 4.16 million. This was due to reinvestment of interest income on the raised funds accounts into the raised funds investment projects.

[Note 2] On July 10, 2025, the Company convened the Third Session Board of Directors’ Sixth Meeting and the Third Session Supervisors’ Fifth Meeting, each deliberating and approving the “Proposal on Completing Certain Raised Funds Investment Projects and Permanently Supplementing Working Capital with Surplus Raised Funds.” It states that for the “Key Book Publishing Engineering Project of Zhejiang Education Publishing House Group Co., Ltd.” and the “Key Book Publishing Engineering Project of Zhejiang Literature and Arts Publishing House Co., Ltd.,” the difference between the cumulative invested amount and the committed invested amount is surplus raised funds, which have been permanently supplemented into working capital.

Security code: 601921 Security abbreviation: Zhejiang Edition Media Announcement No.: 2026-003

Zhejiang Publishing & Media Co., Ltd.

Announcement on the 2025 Profit Distribution Plan

The Board of Directors of this Company and all directors guarantee that there are no false records, misleading statements, or material omissions in the contents of this announcement, and assume legal responsibility for the truthfulness, accuracy, and completeness of the content.

Important content to note:

● For A shares, a cash dividend of RMB 2.20 per 10 shares will be distributed (including tax).

● This profit distribution is based on total share capital as recorded on the equity registration date for implementing the equity distribution. The specific date will be clarified in the announcement on the implementation of equity distribution.

● This profit distribution plan still needs to be submitted to the Company’s 2025 annual shareholders’ meeting for approval.

● If the Company’s total share capital changes before the equity registration date for implementing the equity distribution, it is proposed to maintain the total distribution amount unchanged, adjust the distribution ratio per share accordingly, and separately announce the specific adjustment.

I. Contents of the Profit Distribution Plan

(I) Specific contents of the profit distribution plan

After being audited by Zhonghui Certified Public Accountants (Special General Partnership), as of December 31, 2025, Zhejiang Publishing & Media Co., Ltd. (hereinafter “the Company”)’s parent company’s profits available for distribution at the end of the period were RMB 1,597,999,513.22. On March 27, 2026, the Company convened the Third Session Board of Directors’ 12th meeting and deliberated and approved the “Proposal on the Company’s 2025 Annual Profit Distribution Plan.” The Company’s 2025 annual profit distribution plan is to base on the Company’s total share capital recorded on the equity registration date for implementing the equity distribution and distribute cash dividends. The specific proposal is as follows:

The Company plans to distribute to all shareholders a cash dividend of RMB 2.20 per 10 shares (including tax). As of December 31, 2025, the Company’s total share capital was 2,222,222,223 shares. Based on this figure, the annual profit distribution for this year is expected to distribute total cash dividends of RMB 488,888,889.06 (including tax). The remaining undistributed profits will be carried over to subsequent years for distribution. This year will not implement other forms of distribution plans such as capitalization of capital reserve into share capital. If the Company’s total share capital changes between the disclosure date of this announcement and the equity registration date for implementing the equity distribution, the Company proposes to maintain the total distribution amount unchanged and adjust the cash dividend ratio per share accordingly. If the total share capital changes subsequently, the Company will separately announce the specific adjustments.

This profit distribution plan still needs to be submitted to the Company’s 2025 annual shareholders’ meeting for approval.

On April 24, 2025, the Company convened the Third Session Board of Directors’ Fourth Meeting and approved the “Proposal on Seeking Authorization from the Shareholders’ Meeting for the Board of Directors to Decide the 2025 Interim Dividend Distribution Plan.” This proposal was approved by the 2024 annual shareholders’ meeting convened on May 15, 2025. The Company obtained authorization from the shareholders’ meeting. In FY2025, a total of two rounds of dividend distributions were implemented, including interim profit distribution and annual profit distribution; the interim dividend ratio was not less than 25% of the total annual dividend amount. On August 21, 2025, the Company convened the Third Session Board of Directors’ Seventh Meeting and approved the “Proposal on the Company’s 2025 Semiannual Profit Distribution Plan.” Pursuant to the above plan, on September 8, 2025, the Company distributed to all shareholders a cash dividend of RMB 1.00 per 10 shares (including tax). The interim dividend cash dividends distributed in total were RMB 222,222,222.30 (including tax). In total, for the 2025 interim and annual periods combined, the Company distributed to all shareholders a cash dividend of RMB 3.20 per 10 shares (including tax). The two profit distributions together distributed total cash dividends of RMB 711,111,111.36 (including tax), accounting for 55.31% of the net profit attributable to shareholders of listed companies for FY2025.

(II) Explanation that the Company does not fall under circumstances of other risk warnings

The Company’s listing period is more than three complete accounting years. The net profit attributable to shareholders of listed companies for this year is positive, and the parent company’s statement at the end of the year has positive undistributed profits. Therefore, the Company does not fall under any other risk-warning circumstances. The specific indicators are as follows:

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II. Decision-making procedures the Company has fulfilled

On March 27, 2026, the Company convened the Third Session Board of Directors’ 12th meeting and deliberated and approved the “Proposal on the Company’s 2025 Annual Profit Distribution Plan,” agreed to approve this profit distribution plan, and also agreed to submit this proposal to the Company’s 2025 annual shareholders’ meeting for consideration. The Board’s Audit Committee had reviewed the proposal in advance and considered that this profit distribution plan comprehensively considered factors including the industry characteristics, development stage, the Company’s operating model, profitability level, and the Company’s future capital needs, and that it complies with the Company’s actual situation. The Audit Committee agreed to submit it to the Board for deliberation.

III. Relevant risk disclosures

(I) This profit distribution plan, in combination with factors such as the Company’s profitability and future capital needs, will not have a material impact on the Company’s operating cash flows and will not affect the Company’s normal operations and long-term development.

(II) This profit distribution plan still needs to be implemented after being submitted to, and approved by, the Company’s 2025 annual shareholders’ meeting. Investors are kindly requested to pay attention to investment risks.

This announcement is hereby issued.

Zhejiang Publishing & Media Co., Ltd. Board of Directors

March 31, 2026

Security code: 601921 Security abbreviation: Zhejiang Edition Media Announcement No.: 2026-008

Zhejiang Publishing & Media Co., Ltd.

Announcement on Using Idle Self-owned Funds for Cash Management in FY2026

The Board of Directors of this Company and all directors guarantee that there are no false records, misleading statements, or material omissions in the contents of this announcement, and assume legal responsibility for the truthfulness, accuracy, and completeness of the content.

Important content to note:

● Source of funds: idle self-owned funds

● Authorized额度: the cash management authorization额度 for self-owned funds in FY2026 shall not exceed RMB 57,000,000,000

● Authorization period: 12 months from the date the Third Session Board of Directors’ 12th meeting of Zhejiang Publishing & Media Co., Ltd. (hereinafter “the Company”) deliberates and approves it

● Investment types: wealth management products with high safety and good liquidity

● Fulfillment of deliberation procedures: this matter has been approved by the Company’s Third Session Board of Directors’ 12th meeting and does not require submission to the shareholders’ meeting for approval.

I. Overview of cash management with self-owned funds

(I) Purpose of cash management

Based on the Company’s estimated cash balance, to improve the efficiency of using funds, and without affecting the Company’s normal operations, the Company uses idle self-owned funds for cash management, which can generate certain investment returns and help enhance the performance levels of the Company and its subsidiaries, thereby providing the Company and shareholders with better investment returns.

(II) Source of funds for cash management

The funds used for this cash management by the Company and its subsidiaries are a portion of idle self-owned funds.

(III) Authorized limit and authorization period for cash management

For FY2026, the authorized limit for the Company and its subsidiaries to conduct cash management using a portion of idle self-owned funds shall not exceed RMB 57,000,000,000. The authorization effective period is 12 months from the date the Company’s Third Session Board of Directors’ 12th meeting approves it. Within the above limit, funds can be reused in a revolving manner. The Board agreed to authorize the General Manager’s Office meeting to decide and handle all specific matters related to the above cash management.

II. Investment risks and risk control measures

(I) Investment risks

Cash management with self-owned funds by the Company mainly involves wealth management products with high safety and good liquidity, but it still cannot exclude the possibility of adverse effects on returns caused by factors such as market fluctuations and changes in macro-financial policies. Investors are kindly requested to make cautious decisions and take precautions against investment risks.

(II) Risk control measures

1. Strictly adhere to the prudent investment principle, screen investment targets, and select products issued by commercial banks and other financial institutions with good reputation, large scale, and the ability to ensure the safety of funds.

2. The Company will promptly track the investment direction of the investment products according to market conditions. If potential risk factors are identified, the Company will evaluate them and take corresponding risk mitigation measures in a timely manner based on the evaluation results to control investment risks.

3. Independent directors have the right to supervise and inspect the usage of funds, and if necessary, may engage professional institutions to audit.

III. Impact on the Company

(I) Key financial indicators of the Company over the most recent year and the latest interim period

Unit: RMB 10,000 yuan

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(II) As of December 31, 2025, the Company’s monetary funds were RMB 1,178,480.87 (including the balance of wealth management products purchased). The amount of self-owned funds used for cash management in this round was not more than RMB 57,000,000,000, accounting for 48.37% of monetary funds at the end of the latest period (plus the balance of wealth management products purchased). This will not cause material impact on the Company’s future main business, financial position, operating results, and cash flows. There is no situation where the Company purchases large amounts of wealth management products while simultaneously having large liabilities.

(III) Accounting treatment method

Processed in accordance with the provisions of “Enterprise Accounting Stand