Shanghai Guijiu Co., Ltd. Announcement on Risks Related to Stock Trading and Possible Delisting of Shares

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Stock code: 600696 | Stock abbreviation: *ST Rock | Announcement No.: 2026－026

Shanghai Guijiu Co., Ltd.

Risk warning announcement regarding stock trading and the possibility that the company’s shares may be delisted

The board of directors of this company and all directors warrant 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 contents.

Shanghai Guijiu Co., Ltd. (hereinafter referred to as the “Company” and “Shanghai Guijiu Company”) has recently experienced significant fluctuations in its share price, including consecutive daily limit-up moves on March 20 and March 23, 2026, and a price increase of 4.05% on March 24. In the recent period, the Company has disclosed multiple announcements regarding abnormal fluctuations in the trading of the Company’s shares, clarification announcements, and risk warning announcements that the Company’s shares may be delisted. Previously, the Company received an “Explanatory Note on the Audit of the 2025 Annual Report of Shanghai Guijiu Co., Ltd.” issued by United Certified Zhuqing Certified Public Accountants (Special General Partnership) (hereinafter referred to as “United Certified Zhuqing”). As of the date of issuance of this explanatory note, United Certified Zhuqing has not yet obtained sufficient and appropriate audit evidence to prove that the matters related to non-unqualified audit opinions in the 2024 audit report have been eliminated. If, going forward, sufficient and appropriate audit evidence still cannot be obtained, it is expected that United Certified Zhuqing will issue a non-unqualified audit opinion on the Company’s 2025 annual financial statements. The Company hereby releases the following announcement regarding the latest audit progress for 2025 and the delisting risk:

I. As of now, the annual audit accountants have not obtained sufficient and appropriate audit evidence to prove that the matters related to non-unqualified audit opinions in the 2024 audit report have been eliminated; the Company’s shares are expected to be delisted due to triggering financial-category delisting for non-standard audit opinions

The Company previously received the “Explanatory Note on the Audit of the 2025 Annual Report of Shanghai Guijiu Co., Ltd.” issued by United Certified Zhuqing. As of the date of issuance of this explanatory note, United Certified Zhuqing has not yet obtained sufficient and appropriate audit evidence to prove that the matters related to the non-unqualified audit opinions in the 2024 audit report have been eliminated. If, going forward, sufficient and appropriate audit evidence still cannot be obtained, it is expected that United Certified Zhuqing will issue a non-unqualified audit opinion on the Company’s 2025 annual financial statements. Pursuant to the relevant provisions of the “Stock Listing Rules,” if the Company’s 2025 annual financial report is issued with an qualified opinion, an disclaimer of opinion, a negative opinion, or if the internal control report is issued with a negative opinion or a disclaimer of opinion, etc., the Company’s shares will be delisted due to triggering financial-category delisting circumstances.

II. The Company’s shares are expected to be delisted due to net profit losses and revenue of less than 300 million yuan, triggering financial-category delisting

On January 24, 2026, the Company disclosed the “Announcement on Expected Losses for the 2025 Fiscal Year of Shanghai Guijiu Co., Ltd.” (2026-008), which expects that the Company will achieve operating revenue of RMB 48.00 million to RMB 60.00 million in 2025, and that after deducting operating revenue from businesses not related to the principal business and revenues that do not have commercial substance, the operating revenue will be RMB 45.00 million to RMB 57.00 million; the net profit attributable to shareholders of the listed company will be a loss of RMB 1,800.00 million to a loss of RMB 2,500.00 million; and the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses will be a loss of RMB 1,300.00 million to a loss of RMB 1,800.00 million. Pursuant to the relevant provisions of the “Stock Listing Rules,” if the audited operating revenue for 2025 is below RMB 300 million and either the total profit, net profit, or the lower value between the net profit after deducting non-recurring gains and losses is negative, the Company’s shares will be delisted due to triggering financial-category delisting circumstances.

III. The shares of the Company’s controlling shareholder have been judicially frozen

The Company’s controlling shareholder, Shanghai Guijiu Enterprise Development Co., Ltd., and its persons acting in concert collectively hold 216,740,245 shares of the Company, all of which have been judicially frozen, accounting for 64.80% of the Company’s total share capital. For details, please refer to the Company’s announcement disclosed on September 12, 2024, titled “Announcement on the Judicial Freeze of Shares Held by the Controlling Shareholder and Its Persons Acting in Concert of Shanghai Guijiu Co., Ltd.” (2024-063).

IV. The Company’s actual controller has been subject to criminal compulsory measures

According to the police notice, due to the filing and investigation of a suspected illegal fundraising crime involving Haibing Wealth Management Co., Ltd., Mr. Han Xiao, the actual controller of the Company, has been subject to criminal compulsory measures. For details, please refer to the Company’s announcement disclosed on September 12, 2024, titled “Announcement on the Company’s Actual Controller Being Subject to Criminal Compulsory Measures by the Authorities” (2024-064).

After verification by the Company, as of the date of disclosure of this announcement, there is no major information that should have been disclosed but has not been disclosed by the Company’s controlling shareholder, including but not limited to major asset restructuring, acquisitions of listed companies, business restructuring, bankruptcy reorganization, and other major matters. The Company hereby solemnly reminds investors that the Company’s designated information disclosure media are 《Shanghai Securities News》《China Securities Journal》《Securities Times》 and the website of the Shanghai Stock Exchange (www.sse.com.cn). All information regarding the Company shall be based on the announcements published in the designated newspapers and on the websites. Investors are kindly advised to make prudent investments, and to be mindful of risks associated with trading in the secondary market.

This is to announce.

Board of Directors of Shanghai Guijiu Co., Ltd.

March 25, 2026

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