[Hongjin] Announcement: Board of Directors Resolves to Increase Capital for Subsidiary Top Vintage International Ltd.

1. Name and Nature of Target Asset (for preferred stock, specify terms such as dividend rate):
Top Vintage International Ltd.
2. Date of Event: 2026/05/11 ~ 2026/05/11
3. Date of Board Approval: May 11, 2026
4. Other Approval Dates: Not applicable
5. Transaction Quantity, Price Per Unit, and Total Transaction Amount:
USD 600,000,000
6. Counterparty and Relationship with the Company (if counterparty is an individual and not a related party, name disclosure may be omitted):
Top Vintage International Ltd.; Subsidiary of the Company.
7. If the counterparty is a related party, disclose the reason for selecting the related party as the counterparty, the owner of the previous transfer, the relationship between the owner of the previous transfer, the Company, and the counterparty, the date of the previous transfer, and the transfer amount:
Top Vintage International Ltd. is an offshore subsidiary of the Company, with USD as its functional currency. It can directly invest in USD-denominated stable financial products (such as time deposits, bonds, etc.) under more favorable conditions. Therefore, it was selected as the counterparty to enhance the efficiency of fund utilization.
8. If the owner of the subject asset has been a related party of the Company within the past five years, also disclose the date of acquisition and disposal, price, and relationship with the Company at the time of transaction:
Not applicable
9. Matters related to the disposal of debt (including the type of collateral attached to the disposed debt; if the disposed debt is owed to a related party, also disclose the name of the related party and the book value of the debt disposed of from this related party):
Not applicable
10. Profit (or Loss) from Disposal (Not applicable for acquisition of securities) (Deferred items should be listed and explained):
Not applicable
11. Delivery or Payment Terms (including payment period and amount), contract restrictions, and other important agreements:
Capital increase in one lump sum or in installments as appropriate; None.
12. Method of Decision for this Transaction, Reference Basis for Price Determination, and Decision-Making Unit:
Resolved by the Company's Board of Directors.
13. Net Asset Value Per Share of the Company Whose Securities are Acquired or Disposed of:
Not applicable
14. Accumulated Quantity, Amount, Shareholding Ratio, and Restrictions on Rights (e.g., pledges) of this Transaction's Securities (including this transaction) to date:
USD 605,100,000; 100%; None.
15. To date, according to Article 3 of the "Regulations Governing the Acquisition or Disposal of Assets by Public Issuing Companies," the ratio of investment in securities (including this transaction) to the Company's total assets and equity attributable to the parent company in the latest financial statements, and the operating capital amount in the latest financial statements (Note 2):
Ratio of Total Assets: 26.81%
Ratio of Equity Attributable to Parent Company Owners: 31.18%
Operating Capital Amount: 48,445,293 thousand yuan
16. Broker and Brokerage Fee:
Not applicable
17. Specific Purpose or Use of Acquisition or Disposal:
To enhance the efficiency of fund utilization, it is proposed to increase the capital of Top Vintage International Ltd. for investment in stable financial products to achieve asset preservation and stable returns.
18. Opinions of Dissenting Directors for this Transaction:
None
19. Is this Transaction a Related Party Transaction: Yes
20. Date of Supervisor's Approval or Audit Committee's Consent:
May 11, 2026
21. CPA's Opinion on the Reasonableness of this Transaction: Not applicable
22. Name of CPA Firm:
Not applicable
23. Name of CPA:
Not applicable
24. CPA Firm's Certificate Number:
Not applicable
25. Does it involve a change in business model: No
26. Explanation of Business Model Change:
27. Transaction Situation with the Counterparty in the Past Year and Expected in the Coming Year:
Not applicable
28. Source of Funds:
Not applicable
29. Date of Previous Announcement of Material Information on the Same Matter: Not applicable
30. Other Disclosures: None.