Shang Yao Announces Key Resolutions from 2026 Annual General Meeting

1. Date of Annual General Meeting: June 24, 2026

2. Important Resolution One, Profit Distribution or Loss Allocation: Approved the loss allocation plan for fiscal year 2025. Voting results: 205,280,383 votes in favor, 1,458,697 votes opposed, 0 invalid votes. Votes in favor accounted for 95.30% of total voting rights. The proposal was approved as originally submitted.

3. Important Resolution Two, Articles of Incorporation Amendment: Approved the amendment to the company's articles of incorporation. Voting results: 206,124,489 votes in favor, 680,662 votes opposed, 0 invalid votes. Votes in favor accounted for 95.70% of total voting rights. The proposal was approved as originally submitted.

4. Important Resolution Three, Business Report and Financial Statements: Approved the business report and financial statements for fiscal year 2025. Voting results: 206,092,573 votes in favor, 655,634 votes opposed, 0 invalid votes. Votes in favor accounted for 95.68% of total voting rights. The proposal was approved as originally submitted.

5. Important Resolution Four, Election of Directors and Supervisors: None

6. Important Resolution Five, Other Matters: (1) Report on the company's business performance for fiscal year 2025. (2) Audit Committee report on the review of the company's 2025 financial statements. (3) Report on matters related to the issuance of convertible bonds. (4) Status of the private placement of common shares in 2025. (5) Proposal regarding the implementation of a new private placement of common shares. Voting results: 204,537,662 votes in favor, 2,257,514 votes opposed, 0 invalid votes. Votes in favor accounted for 94.96% of total voting rights. The proposal was approved as originally submitted.

7. Other Matters to be Disclosed: None