Full text of the Semi-annual Report 2026 of Shenzhen Topband Co., Ltd.

Shenzhen Topband Co., Ltd.

Semi-annual Report 2026

Semi-annual Report

Shenzhen Topband Co., Ltd.

Stock code

August 2026

1

Topband

Section I Important Notes, Contents and Definitions

The Board of Directors, directors, and senior executives of the Company hereby assure that the content set out in the Semi-annual Report is true, accurate and complete. It shall be free from false records, misleading statements or major omissions, and shall bear individual and joint legal liabilities therein.

Wu Yongqiang, Chairman of the Company, and Luo Muchen, the person in charge of accounting work and head of the accounting department (accounting supervisor), hereby declare that: the data disclosed in financial reports of the Semi-annual Report is true, accurate and complete.

All directors have attended the Board Meeting at which this Semi-annual Report was scrutinized.

Forward-looking statements such as future plans and development strategies covered in the Report involve uncertainties, so they do not represent the Company's profit forecasts, nor are they regarded as the substantive commitment to investors.

The Company is not faced with significant risks affecting its financial position and sustainable profitability, but may be with such risks as adverse effects on business confidence and investment due to trade frictions and geopolitical tensions, technology upgrading, fluctuations in the prices of raw materials, fluctuations in exchange rates, and customer credit risks. For more detailed risk information, please see "Risks faced by the Company and countermeasures" in Section III of the Report. Investors are kindly requested to be alert to investment risks.

The Company plans not to pay cash dividend, to issue bonus shares, or to increase the share capital by capital reserve.

The Report is prepared in Chinese and translated into English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.

Contents

• Section I Important Notes, Contents and Definitions............................................................................................ 2
• Section II Company Profile and Primary Financial Indicators............................................................................7
• Section III Management Discussion and Analysis................................................................................................11
• Section IV Corporate Governance, Environment and Society........................................................................... 43
• Section V Important Matters..................................................................................................................................48
• Section VI Share Change and Shareholders......................................................................................................... 56
• Section VII Relevant Information of Bonds..........................................................................................................62
• Section VIII Financial Report.................................................................................................................................63

Directory of documents for future reference

• I. Accounting statements containing the signatures and seals of the legal representative, the finance chief and the accounting department head.
• II. The originals of all the company documents publicly disclosed in newspapers designated by the CSRC during the Reporting Period and the original manuscripts of announcements.
• III. Original copy of the Semi-annual Report 2026 bearing the signature of the Chairman. All the above documents are ready and complete, and are available for reference at the office of the Board of Directors of the Company.

Interpretations

Section II Company Profile and Primary Financial Indicators

I. Company profile

II. Contact person and contact information

III. Miscellaneous

1. Contact information of the Company

Whether the registered address, office address and its postal code, website, e-mail address and other information of the Company have changed during the Reporting Period

□ Applicable  Not applicable The registered address, office address and its postal code, website, E-mail address, etc. of the Company were not changed during the Reporting Period, and are as given in the Annual Report 2025.

2. Information disclosure and storage place

Whether the information disclosure and storage locations of the Semi-annual Report have changed during the

Reporting Period

□ Applicable  Not applicable

The stock exchange website and the names and websites of the media on which the Semi-annual Report of the Company was disclosed and the location where the Semi-annual Report of the Company is kept were not changed during the Reporting Period, and are as given in the Annual Report 2025.

3. Other relevant information

Whether other relevant information of the Company has changed during the Reporting Period

□ Applicable  Not applicable

IV. Main accounting data and financial indicators

Whether the Company is required to retroactively adjust or restate the accounting data of previous years

□ Yes  No

The Company may disclose its net profit after deducting the impact of share-based payment if it has an equity incentive or employee stock ownership plan.

V. Differences in accounting data under domestic and foreign accounting standards

• 1. Differences in net profit and net assets between financial statements disclosed in accordance with International Accounting Standards and those disclosed in accordance with PRC GAAP at the same time

□ Applicable  Not applicable

There is no difference in net profit and net assets between financial statements disclosed in accordance with International Accounting Standards and those disclosed in accordance with PRC GAAP during the Reporting Period.

• 2. Difference between the net profit and net assets in the financial statements disclosed in accordance with both foreign accounting standards and Chinese accounting standards at the same time

□ Applicable  Not applicable

There is no difference in net profit and net assets between financial statements disclosed in accordance with Overseas Accounting Standards and those disclosed in accordance with PRC GAAP during the Reporting Period.

VI. Items and amount of non-recurring profit and loss

 Applicable □ Not applicable

Unit: RMB

Details of other items of profits and losses that conform to the definition of non-recurring profit and loss:

• □ Applicable  Not applicable

None.

Explanation of defining the non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public – Non-recurring Profit and Loss as recurring profit and loss items

• □ Applicable  Not applicable

There is no such situation of defining the non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public - Nonrecurring Profit and Loss as recurring profit and loss items in the Company.

Section III Management Discussion and Analysis

I. Main business engaged by the Company during the Reporting Period

Adhering to the core values of "Agility, Innovation and Partnership", and based on the core technology system of the "four electrics and one network + AI", the Company develops the intelligent control and autonomous intelligence businesses, serves the three major industries of tools and home appliances, automotive and high-end equipment, and new energy, and keeps implementing the intelligence, low-carbon and internationalization strategy.

Business Structure of the Company

Autonomous intelligence business

Intelligent control business

Tools and home appliances

Automotive and highend equipment

New energy

Cloud storage Cloud charging Others

Technology-driven Technology-driven

"Four electrics and one network" + AI

Motor technology Battery technology Power source technology

Electronic control technology

IoT platform AI technology

Core technology: "four electrics and one network + AI" technology platform Electric control technology: integrating sensing, power electronics, signal processing, communication,

human-computer interaction, and other technologies to achieve the intelligent control of terminal products with microprocessors being the core. The Company has established hundreds of electric control technology platforms, which are applied widely to products such as controllers, mechatronics, power sources, and intelligent batteries.

Motor technology: The Company pursues continuous iteration with focus on the four major indicators of high efficiency, low noise, high precision, and high reliability, and has established product platforms such as brushless DC (BLDC) motors, hollow cup motors (including brushed hollow cup motors and brushless slot-less

motors), switched reluctance motors, servo motors, and stepper motors, as well as full-process capabilities from design simulation and testing verification to large-scale intelligent manufacturing.

Battery technology: The Company has formed complete design, development, and production capabilities from cell technology and battery management systems (BMSs) to battery packs. BMSs achieve the real-time monitoring and management of battery status through advanced algorithms, and are applied widely to energy storage, power backup, battery swapping, portable devices, and other scenarios.

Power technology: covering analog power supply, switching power supply, digital power supply, and server power supply technologies, and products such as power conversion systems (PCSs), photovoltaic inverters, high-power DC charging piles, and efficient server power sources for AI data centers, and meeting multi-scenario power conversion demand from new energy to computing infrastructure.

IoT platform: covering complete technological capabilities from modules and intelligent terminals to apps and PaaS, keeping evolving toward AIoT, and endowing products with perception, learning, and autonomous decision-making capabilities. The Company has built a home energy management cloud platform and a digital energy management cloud platform, supporting intelligent collaboration and data operations for energy storage, charging, photovoltaic and other devices.

AI technology: The Company regards AI as the capability base that runs through the "four electrics and one network", and focuses on three directions: The first is product intelligence, where AI algorithms are embedded into controllers, BMSs, EMSs, and other products to achieve adaptive control, predictive maintenance and intelligent energy scheduling, making products more intelligent as they are used; the second is manufacturing intelligence, where AI quality inspection, process parameter optimization, and intelligent scheduling are deployed in the production process to improve manufacturing efficiency and quality consistency; the third is R&D intelligence, where AI is used to assist in simulation design, testing and verification, and knowledge management to accelerate product development and iteration.

1. Intelligent control business

The Company's intelligent control business mainly includes the R&D, production, and marketing of intelligent controllers, high-efficiency motors, battery packs, and other products, and the supply of core components and solutions for industries such as tools and home appliances, automotive and high-end equipment, and new energy.

• 1.1 Tools and home appliances The Company is deeply involved in the tool and home appliance industry, and provides global brand customers with full process services from product conceptualization, design and development to manufacturing and delivery, and the four core types of components supplied are controllers, motors, batteries, and power sources. Tools cover electric tools, garden tools, and professional tools; home appliances cover a full range of categories including HVAC, ice washing, large kitchen appliances, cleaning appliances, personal healthcare, etc., with a stable global layout of customer resources.

• 1.2 Automotive and high-end equipment

Tools and home appliances

Application scenarios

Company products

The automotive and high-end equipment industry is a highly flexible future growth direction for the Company, covering directions such as vehicles, industry and robotics, and AI datacenter energy. In terms of vehicles, the Company is cooperating deeply with top automakers, supplying motor products that cover scenarios such as LiDAR, intelligent cockpits, thermal management, and entertainment devices, and keeps scaling up vehicle charging infrastructure. In terms of robotics, the Company has built a complete servo drive + motor + motion control product platform, and reserved dexterous hand actuator capabilities for active cooperation with top machine manufacturers. Meanwhile, the Company has developed dexterous hand products independently. This solution is currently in the early stage of internal technical verification and exploration for application to its own intelligent manufacturing lines, with focus on integrating and verifying the Company's core technological capabilities in the fields of motors, drives, and algorithms. In terms of industry, the Company supplies servo drives and motor products to industries such as 3C electronics, medical equipment, machine tools,

and semiconductors, and has achieved large-scale supply; in terms of AI datacenters, the Company has entered core infrastructure in multiple aspects with products such as controllers and motors; currently, the Company established cooperation with top domestic and overseas manufacturers, covering scenarios such as backup power sources and liquid cooling, which is expected to become a new source of growth.

Automotive and highend equipment

Application scenarios

Company products

1.3 New energy

The new energy industry is a core driving direction with high growth potential for the Company, covering two major tracks: energy storage and two-wheeled electric vehicles. In terms of energy storage, the component layer covers cells, BMSs, PCSs, and EMSs, and the complete machine layer covers a full range of products such as home energy storage, industrial and commercial energy storage, and communication backup power; in terms of two-wheeled electric vehicles, the Company provides motor and intelligent control solutions to mainstream domestic and overseas brands, and has established a stable global customer base.

New energy

Application scenarios

Company products

2. Autonomous intelligence business

As the second growth curve for the Company, the autonomous intelligence business based on hardware, pivoted on the cloud, and driven by AI, with data constantly circulating among them, allowing products to move from passive response to autonomous decision-making, and making them increasingly intelligent as they are used. As the first batch of autonomous intelligence products of the Company, cloud storage and cloud charging products have been developed and launched successfully, and bulk sale has been achieved.

Based on full-chain self-developed core technologies, cloud storage and cloud charging products cover self-developed BMSs, PCSs, charging power modules, and energy control units at the hardware level, with independently controllable key components and underlying algorithms; the cloud-based EMS energy management platform can perceive the real-time status of the power grid, loads, and devices, and decide on charging and discharging strategies independently; operational data keeps feeding back AI iteration, enabling the system to achieve autonomous evolution. Cloud storage products cover home, and industrial and commercial energy storage, while cloud charging products cover DC charging piles. They are delivered modularly through the three-layer architecture of "complete machine + scenario solution + cloud platform data", covering scenarios such as home green energy, commercial complex storage and charging, and zero-carbon parks.

Meanwhile, leveraging 30 years of technological accumulation and market insights, the Company has set its sights on new future blue ocean markets, continuously expanding its product line of other AI-powered devices. Its products cover both household and commercial scenarios, including AI-powered devices such as the SimpleCharm AI beauty instrument and the Chuji commercial cooking robot, which have achieved significant growth. In June 2026, the Company officially launched the industry's first toilet robot named Yueban, focusing on rigid needs and pain points of the elderly and disabled in toilet use, and filling in a market gap in this segment.

Products in the autonomous intelligence business have functions such as data collection and analysis, autonomous learning, and decision-making suggestions. As the deployment scale expands, massive operational data continuously feeds back into AI iteration, enabling products to evolve autonomously and become more intelligent as they are used, and enhancing the added value and technical barriers of individual products significantly.

Topband Zero-carbon Cloud

Application

function Panoramic monitoring

Intelligent prediction

Coordinated control

Electricity management

Virtual power plant dispatching center

Data analysis Smart O&M

Generation strategy

Dynamic capacity expansion

Demand response

Demand control

Orderly charging

Load Leveling

Electricity trading market

EMS intelligent controller

Edge computer

Municipal power grid Photovoltaic power generation Energy storage system Charging pile Controllable load

Photovoltaic Storage Charging Application

Topband Zero-carbon Cloud – Cloud-edge-device Architecture

Interface of the Topband Zero-carbon Cloud (simulated data)

II. Analysis of core competitiveness

1. Scale barrier formed by industry leadership

The intelligent control industry is characterized by being capital and technology intensive, and long customer certification periods, and top enterprises' cost, production capacity, and customer stickiness advantages keep expanding. With 30 years of mass production experience, the Company has formed a fully verified product platform and manufacturing system, constituting a significant scale barrier. On the customer side, the Company embeds itself deeply into the core supply chain of global top brand customers through joint product definition, early involvement in R&D, and the joint formulation of delivery standards, forming high switching cost partnerships. On the production capacity side, the four major domestic bases and the four major overseas bases form a global delivery network, responding to tariff fluctuations and supply chain risks effectively.

2. "Four electrics and one network + AI" integrated technology platform

The Company is one of the few enterprises in the industry that possess full-stack technological capabilities of electric control, motor, battery, power supply, IoT platform, and AI concurrently. There are many competitors in a single technology field, but only very few enterprises can integrate the six major technologies into integrated solutions, and achieve reuse across industries and continuous iteration. The Company has hundreds

of core product platforms that have been verified through mass production, which can be combined and customized quickly based on customer needs to provide differentiated system-level solutions across industries, and form hardly replicable technological synergy advantages.

3. Agile operational system

The Company has built a customer-centric process-oriented organization around four strategic principles: customer intimacy, being innovation-driven, agile operations, and organizational evolution. It promotes IPD (Integrated Product Development) processes on the R&D side, and drives product development based on customer needs; it promotes ISC (Integrated Supply Chain) transformation on the supply chain side to achieve on-demand pull; it has established a CNAS-accredited laboratory on the quality side to provide international certification level quality assurance; it keeps promoting intelligent upgrading on the manufacturing side to improve efficiency and quality consistency. The operation of the above system is supported by the "Agility, Innovation and Partnership" organizational culture formed by the Company's over the past three decades – rapid response driven by agility, value creation driven by innovation, and deep customer collaboration driven by the partnership spirit. This cultural consensus integrated into the organizational DNA integrates the strategies, processes, organization, and global layout into a unified operational system organically, making it a soft barrier that can hardly be replicated by peers in the short term.

III. Analysis of main business

Overview

During the Reporting Period, the Company achieved revenue of RMB 5.809 billion, a year-on-year increase of 5.57%; a net profit attributable to shareholders of the listed company of RMB 129 million, a yearon-year decrease of 60.98%; a net profit attributable to shareholders of the listed company after deducting the non-recurring profit and loss of RMB 111 million, a year-on-year decrease of 64.14%. After excluding the impact of exchange gain and loss, the net profit attributable to shareholders of the listed company during the Reporting Period dropped by 14.95% year on year, and the net profit after deducting the non-recurring gain and loss dropped by 15.20% year on year; the revenue in the second quarter was about RMB 3.164 billion, an increase of about 19.66% from RMB 2.644 billion in the first quarter; both the net profit attributable to shareholders of the parent company and the net profit after deducting the non-recurring gain and loss in the

second quarter increased from the first quarter by 48.08% and 46.67%, respectively, indicating continuous restoration in earnings quality.

(I) Business performance by business segment

1. Intelligent control business

The Company's intelligent control business revolves around three major sectors: tools and home appliances,

automotive and high-end equipment, and new energy. Among them, the tool and home appliance business had a large scale and a stable customer structure; the automotive and high-end equipment business maintained rapid growth during the Reporting Period, covering automotive electronics, industry and robotics, AI datacenters, and other directions; the new energy business grew rapidly.

1.1 Tools and home appliances: The revenue during the Reporting Period amounted to RMB 4.28 billion, a year-on-year decrease of 1.62%.

 Tools sector: The revenue was RMB 2.076 billion, a year-on-year increase of 0.25%

Industry situation: After experiencing channel destocking during 2022-2023, the global power tool industry has seen recovery in demand from 2024. In 2026, it entered a stage of slowing growth and channel inventory rebalancing. According to the White Paper on the Development of the Electric Tool Industry of China (2025) released jointly by EVTank, China YiWei Institute of Economics, and the China Battery Industry Research Institute, the global annual shipment of electric tools is expected to rise to 590 million units in 2025, and the size of the global electric tool market will be about USD 56.64 billion. It is expected that the market will maintain its steady growth trend in the future, and the size of the global electric tool market will reach USD 98.7 billion by 2030. The industry exhibits two structural characteristics: First, there is differentiation in demand between the professional and consumption levels. The demand for professional tools for construction, infrastructure, and AI datacenter infrastructure construction has increased, and for the first time, its proportion has surpassed that of residential real estate, with a structural rise in PRO-level tools. Second, the substitution of lithium-ion and cordless tools for wired and pneumatic tools continues. Meanwhile, requirements such as the U.S. IRA and EU's domestic manufacturing policy are accelerating the shift of global supply chains toward Mexico and Southeast Asia.

Customer-end changes: Leading brands continue to promote the shift of products from pneumatic

solutions to cordless solutions, and professional users' requirements for battery life, power, and intelligence are upgrading simultaneously. Cost and profit pressures have prompted overseas manufacturers, such as Japanese ones, to accelerate their supply chain adjustments. The trend of centralized procurement from Chinese suppliers, which possess complete component capabilities and multi-regional production capacity, has accelerated, further increasing the concentration of the domestic electric tool industry.

Company progress: During the Reporting Period, the Company intensified its efforts to develop top customers in Japan and China, reducing the risk of customer concentration; on the product end, it leveraged its one-stop platform capability of "controllers + motors + battery packs + industry solutions" to meet customers' diverse needs, and integrated core technologies such as high-speed sensor-less FOC algorithms, motor magnetic circuit simulation, and thermal simulation into the overall solution, enhancing customer loyalty and singlecustomer value. Based on localized delivery from overseas bases in Vietnam, Mexico, and other regions, the Company helped customers cope with tariffs and regional supply requirements. New product categories centered around lithium electrification, cordless technology, and intelligent design contributed to structural growth.

 Home appliance sector: The revenue was RMB 2.203 billion, a year-on-year decrease of 3.32%.

Industry trend: According to data from All View Cloud, China's home appliance retail sales across all channels amounted to RMB 425 billion in the first half of 2026. As a mature industry, home appliances are characterized by "shrinking total volume and optimized structure". The domestic "two new" policy continued, with its orientation shifting from "inclusive subsidies" to "targeted support for Class 1 energy efficiency and core household appliances". The pattern of "domestic sales under pressure, exports performing well" continued. According to customs data, in the first half of 2026, China's exports of white goods (excluding color TVs) amounted to USD 71.89 billion, up 4.6% year on year. According to Regulation (EU) 2023/826, mandatory low-power energy efficiency regulations have been implemented in Europe, driving the demand for controller iteration and upgrading.

Company progress: Structural upgrading hedged against total volume pressure, and value contribution increased. Facing the contraction of the industry's overall volume, the Company's revenue only experienced a slight decline. The core driving forces come from three aspects: First, the customer structure continues to be optimized, with the customer base of leading brands being continuously maintained; second, the product

structure is upgraded toward higher added value, with the contribution of high-end commercial applications such as overseas commercial kitchens, AI temperature controllers, and floor scrubbers continuing to increase; third, domestic and foreign markets develops in a coordinated manner. This strategy is aligned with the industry's evolutionary direction of "energy efficiency upgrading, intelligentization, and export globalization", enabling the Company to achieve structural breakthroughs during the industry's downturn.

The domestic market is deepening its intelligence development in directions such as green energy conservation, whole-house intelligence, health scenarios, home integration, and small household appliances, increasing R&D investment in variable frequency technology, ToF sensor AI algorithms, and IoT platforms. Overseas markets are focusing on high-end commercial applications, seizing opportunities in high-growth sectors such as cleaning appliances.

The product undergoes intelligent upgrading, transitioning from passive execution to active perception. The Company's proprietary controller incorporates AI environmental perception and prediction technology, and determines room temperature and use conditions in real time based on sensor data such as seat temperature, enabling more precise heating control and simplifying hardware solutions for smart toilets. The Company has developed an AI food recognition software algorithm and explored its application in commercial ovens, propelling the product from "passive execution" to "active perception and adaptive adjustment," thereby establishing a differentiated technological barrier.

With the structural upgrading of the home appliance industry toward a low-carbon, intelligent, and healthy trend, coupled with the Company's continuous expansion in high-end commercial and overseas markets, the Company is expected to transform industry cycle pressures into opportunities for market share increase and value enhancement, further strengthening its growth certainty.

1.2 Automotive and high-end equipment: The revenue during the Reporting Period amounted to RMB 604 million, a year-on-year increase of 11.09%.

 Automotive sector: The revenue was RMB 323 million, a year-on-year increase of 17.96%

Industry trend: According to data from the Ministry of Public Security and the National Energy Administration, by the end of June 2026, the national NEV stock stood at 48.97 million units, accounting for 13.19% of all vehicles, marking an increase of 2.92 percentage points compared to the same period last year. According to data from the China Association of Automotive Manufacturers, from January to June 2026, the

domestic production and sale volume of NEVs reached 7.438 million and 7.446 million units, respectively, a year-on-year increase of 6.7% and 7.3%, respectively, with a penetration rate of 49.6%. Domestic demand faced pressure, and the domestic NEV sale volume was 5.09 million units, a year-on-year decrease of 13.4%. Exports emerged as a core growth driver, with 2.355 million NEVs exported in the first half year, a year-on-year increase of 120%. Overseas markets have become important growth markets for motor enterprises. The industry has shifted from rapid expansion to competition within the existing market, with the focus of competition shifting from driving range to experience dimensions such as intelligent assisted driving and intelligent cockpits, driving the upgrading of demand for onboard micro-motors and thermal management control.

LiDAR motors: During the Reporting Period, LiDARs has evolved from a differentiated configuration for high-end vehicle models to a core sensor for advanced intelligent driving, marking a leap toward mass production across multiple scenarios and opening up an incremental market for brushless motors. By the end of June 2026, the Company had shipped about 1.7 million onboard LiDAR rotating mirror motor products, ranking top in the market.

Charging piles: With liquid-cooled super-charging technology being the core, the Company has built a full-scenario product matrix covering both AC and DC charging piles. AC charging piles are available in over 20 models in product series such as the national, European and American standards. Through the model of "indirect supply to global top customers via top Tier 1 suppliers", the Company has strengthened cooperation with overseas top automotive companies in AC charging piles and adapters. The North American market is currently transiting from CCS to NACS. The Company's bidirectional adapters provide a low-cost interconnection solution for existing vehicles, new charging networks, and ultra-fast charging ecosystems, enhancing adaptability in the American standard ecosystem.

Smart cockpit motors: DC brushless motors, with their advantages of silence, smoothness, and durability, are rapidly increasing in their deployment in fields such as seat massage, multimedia screen lifting and flipping, electric side doors, and electric sliding side doors, with a rapid increase in penetration rate.

 Industry and robotics sector: The revenue was RMB 265 million, a year-on-year decrease of 0.63%.

Industry: In the field of industrial automation motion control, the Company has formed three major product matrices: "stepping systems, servo systems, and motion control", as well as solutions for multiple industries. During the Reporting Period, the industrial control business grew faster, benefiting from the upward

trend in capital expenditure in industries such as semiconductor equipment, which drove the recovery of related demand, and the continuation of substitution with homemade products. Among them, servo products grew by 49.9% year on year, and control products grew by 119.6% year on year.

During the Reporting Period, the Company continued with technological innovation and product upgrading. The innovation and iteration of five-phase stepper bus and pulse products have fully verified product performance and stability in numerous customer applications in industries such as healthcare and semiconductors. Multi-in-one and integrated products continued to make a strong impact in industries like 3C and machine tools, driving sustained performance growth for the Company. Servo systems have undergone continuous iteration focusing on high performance, stability, and low cost. The newly launched two-in-one servo product series and low-voltage linear servo product series are favored by many customers, contributing to the continuous growth of the Company's servo performance. The diversification of motion control technology has seen parallel development in Ether CAT bus technology and pulse control technology. While further delving into conventional advantageous fields such as 3C electronics manufacturing, laser equipment, and CNC machine tools, the Company has expanded into high-precision control solutions in the semiconductor field, including probe stations, spectroscopic machines, and die bonding/co-bonding machines. This has led to breakthrough performance for the Company's control product line in 2026.

Robots: The humanoid robot industry enters an accelerated mass production stage in 2026. According to the SAG report, the global shipment of humanoid robots reached 19,100 units in the first half of 2026, a yearon-year increase of 272%. Institutions such as Nomura have raised their forecast for China's shipment in 2026 to the magnitude of 40,000~50,000 units, indicating that the industry is approaching the milestone mass production of 100,000 units. As a core component supplier, the Company collaborates directly with domestic manufacturers of complete machines and dexterous hands by providing components such as motors and drives, and enters the mass production stage. Meanwhile, through cooperation with actuator assembly enterprises, it has entered the supply chain of overseas leading enterprises to supply control product samples for humanoid robot actuators and assist customers in verification and testing.

 AI datacenter sector: The revenue was RMB 16 million, a year-on-year increase of 391.80%

Industry trend: According to GII data, the global AI datacenter market is expected to reach about USD 27.7-48.6 billion in 2026; the total capital expenditure of the world's nine major cloud service providers (CSPs) is expected to surpass USD 886.7 billion in 2026, a year-on-year increase of nearly 90%, which has driven the

annual growth rate of the AI server shipment up to nearly 31% in 2026. According to Bernstein Research, the rapid increase in AI rack density is driving the transition of datacenter cooling from air cooling to direct liquid cooling. The power supply architecture is evolving toward higher density, DC, and higher voltage, and the introduction of 800V high-voltage direct current (HVDC) solutions will be accelerated. Driven by factors such as the "East Data, West Computing" plan, the capital injection from National Integrated Circuit Industry Investment Fund Phase III, and the pressure of export control in China, substitution with homemade products continues.

Company progress: Currently, the focus is primarily on the two core aspects of AI datacenters: "power supply" and "liquid cooling and heat dissipation". Leveraging the Company's technical expertise in power sources, motors, and control systems, it is expanding into multiple key infrastructure sectors gradually. At the power supply equipment end, the Company collaborates with global leaders in datacenter critical infrastructure, leveraging its strengths in independent power supply research and design to provide UPS power control products. The Company is also preparing to develop 1U and 0U dual-form intelligent PDUs to meet the demand of fine-grained power distribution management at the rack level. Additionally, the Company is planning and developing multiple products for server CRPS power sources, improving its product matrix continuously. At the liquid cooling end, the Company has provided high-precision and high-reliability drive and control integrated components for outdoor cold sources of AI datacenter liquid cooling systems, helping customers generate and deliver cold source to CDU (cooling distribution unit) efficiently and stably. Meanwhile, the Company is actively expanding control business opportunities in the field of CDU cold source delivery. The Company's motors for AI datacenter servers have been designated by suppliers and will be applied to partition leak-proof valve modules in liquid cooling systems.

1.3 New energy: During the Reporting Period, revenue reached RMB 583 million, a year-on-year increase of 21.02%. The revenue grew rapidly, and the market share accelerated.

Industry trend: According to the report data from Frost & Sullivan, the annual shipment volume of global energy storage systems has reached 304.6 GWh in 2025. Looking ahead to 2030, the annual shipment of global energy storage systems is expected to reach 804.5 GWh, with a CAGR of 21.4% during 2025-2030. Within this market, the CAGR of the industrial and commercial energy storage segment is even higher, being 27.9%, and the shipment will grow from 43.8 GWh in 2025 to 149.8 GWh in 2030. In China, the bidding energy scale of energy storage systems has grown significantly. Capacity pricing policies have been

implemented in various provinces, the construction of the electricity spot market has accelerated, and documents such as the 15th Five-Year Action Plan for Carbon Peaking have been issued. The economic efficiency and business models of energy storage projects continue to improve.

Market expansion and brand recognition: During the Reporting Period, the Company participated in domestic and international exhibitions such as The smarter E Europe in Germany, RE+ MEXICO 2026, CIBF in Shenzhen, and CPSE in Shanghai, showcasing energy storage systems, lightweight power, and other product solutions to worldwide customers. The Company has received industry recognition such as the 2025 Vico Cup – Outstanding BMS Enterprise Award in the Energy Storage Industry, and has been selected as one of the TOP 20 enterprises in industrial and commercial energy storage systems in terms of comprehensive competitiveness, and one of the TOP 10 innovative enterprises in new energy storage BMS technology in the 2026 China New Energy Storage Application Blue Book.

Product and market progress: The Company's energy storage products are widely used in both grid-side and user-side scenarios. The Company continues to enhance key technologies such as BMS, PCS, and EMS, and extend its products toward energy storage systems to accommodate diverse application scenarios and support the long-term stable operation of various energy storage projects. In terms of overseas markets, the demand for industrial and commercial energy storage in Europe continues to escalate. Emerging markets such as South Asia are experiencing rapid growth in energy storage demand for parks, driven by frequent power outages and high costs of diesel power generation. The Company has also improved in various aspects such as local response, inventory support, and product adaptability. Overall, global energy storage products continue to upgrade toward high safety, liquid cooling, and intelligence, and the Company's product layout is highly aligned with industry trends.

Looking ahead, the energy storage industry is in a golden period of rapid growth. Leveraging its core technological advantages such as BMS and its position in the global market, the Company is expected to continue its high-growth trajectory.

2、Autonomous intelligence business: The revenue during the Reporting Period was RMB 342 million, a year-on-year increase of about 170.28%.

 Business positioning: A new business model that runs in parallel with the main business of intelligent

control

Artificial intelligence (AI) is deeply embedded in hardware products of the physical world. The introduction of AI has significantly enhanced hardware capabilities in perception, decision-making, and execution compared to the past. The scope of work that can be undertaken by the same type of hardware and achieved results have both improved greatly, opening up vast opportunities for innovative applications of hardware products. The more fundamental change lies in the alteration of hardware capability attributes – shifting from passively responding to instructions to understanding scenarios and making autonomous decisions.

Against this backdrop, the Company continues to develop its main business of intelligent control deeply while developing the autonomous intelligence business. Autonomous intelligence is not a new product category, but a novel business model. Leveraging the "four electrics and one network + AI" technology foundation built over the past three decades, the Company provides customers with core components of intelligent control and actively explores novel and extensive applications of AI in the physical world. The two businesses share the same technological foundation, and are oriented to different markets and scenarios. They support each other rather than replacing each other, and the autonomous intelligence business constitutes the Company's second growth curve.

The autonomous intelligence business is founded on hardware, with the cloud being the hub and AI being the engine. Data continuously circulates among the three, enabling products to evolve from passively responding to instructions to making autonomous decisions and becoming more intelligent as they are used. During the Reporting Period, the autonomous intelligence business achieved revenue of RMB 342 million, compared to RMB 126 million in the same period of last year, a year-on-year increase of about 170%. It has transitioned from the technology incubation stage to the large-scale development stage.

 Pattern core: Three-tier architecture delivery, and value extension with operations

Unlike the intelligent control business, which customizes and delivers core components according to customer needs, the value of the autonomous intelligence business extends beyond hardware delivery. The Company delivers its products to the market through the three-tier architecture of "complete machines + scenario solutions + cloud platform data": The sale of hardware is not the end of transactions, but the starting point of value creation – the device maintains continuous connection in the cloud, operates in an AI-driven manner, and operational data continuously feeds back to algorithms, enabling product performance and use value to continuously improve with operational time. This model enables the Company to create value through

intelligent complete machine delivery and the continuous operation of cloud platforms in addition to one-time component sale.

This business model has been successfully implemented and achieved large-scale sale in cloud storage and cloud charging, which are also the main sources of revenue growth for its autonomous intelligence business during the Reporting Period. Self-developed products based on full-link core technologies: At the hardware level, battery management systems (BMSs), power conversion systems (PCSs), charging power modules, and energy control units are self-developed, with key components and underlying algorithms being independently controllable; cloud-based energy management systems (EMSs) sense the grid, load, and equipment status in real time and decides on charging and discharging strategies autonomously. Among them, cloud storage covers household energy storage and industrial and commercial energy storage, while cloud charging covers DC charging piles, which are applied to scenarios such as household green energy, commercial complex storage and charging, and zero-carbon parks. Through these two types of products, the Company has successfully established a business chain that allows it to independently define smart devices and bring them to market on a large scale.

 Pattern replication: continuously entering new scenarios with one foundation

The growth logic of autonomous intelligence business does not lie in the sales volume of a certain product, but in that this model can be continuously replicated to new scenarios along the same technological foundation. The Company has incubated the new smart device business centered around niche scenarios where demand has not been fully met. During the Reporting Period, the sales scale of products such as the SimpleCharm AI beauty instrument and the Chuji commercial cooking robot continued to expand. The Company also released the Yueban toilet robot, which is the industry's first toilet robot designed to meet rigid care needs of the elderly and disabled, filling the market gap in this niche scenario and directly reflecting the Company's ability to define new product categories independently. Cloud storage, cloud charging, and the above complete machines are forms of this business model; the core of the model itself lies in the replicable business approach of "self-definition, selfdevelopment, and self-operation". When entering every new scenario, the Company accumulates richer crossscenario data for AI to continuously enhance its autonomous intelligence capabilities.

Based on its judgment of the evolution direction of products and technologies, the Company believes that the integration of AI and hardware is gradually transforming hardware from a tool that passively responds to

instructions into an intelligent product that completes tasks autonomously and evolves itself during operation. The Company summarizes this direction as "autonomous operation and evolution" – the former refers to the ability to make autonomous judgment and complete tasks in real-world scenarios, while the latter refers to the continuous accumulation of experience and iterative capabilities through data and algorithms obtained from continuous operation. During the Reporting Period, based on the three-tier architecture, cloud storage and cloud charging achieved a closed loop driven by cloud-based AI and fed back by operational data, and the concept of "getting more intelligent as they are used" was preliminarily verified. The tighter the cycle between hardware, cloud, and AI is, and the broader scenarios are covered, and the faster products evolve autonomously.

When developing its autonomous intelligence business, the Company's focus is not on a specific product or the current revenue scale, but on opening up new sources of growth while maintaining a stable main business. The growth potential of this business lies in the breadth of the Company's continuous entry into new scenarios and replication of its autonomous intelligence business model without being constrained by the boundaries of any single product category.

(II) Factors such as exchange rates and raw material supply affect short-term profitability

During the Reporting Period, due to the fluctuation of the RMB exchange rate, the Company's exchange gains and losses shifted from a profit of RMB 46 million in the same period of last year to a loss of RMB 113 million, significantly affecting the current profit. In response, the Company has established an exchange rate risk management system by flexibly adjusting overseas sales quotations, utilizing financial instruments such as forward exchange locking and hedging, and converting some original US dollar settlement orders to RMB settlement. These measures are gradually taking effect in mitigating the risk of exchange rate fluctuation. Meanwhile, under the combined effect of factors such as the complex global trade environment, upward shifts in price centers of key bulk products and batteries, fluctuations in raw material prices, tight supply, and the ramp-up period of new businesses, the Company's profitability is under temporary pressure. The gross profit margin during the Reporting Period was 19.69%, a year-on-year decrease of 2.85 percentage points.

During the Reporting Period, the Company's cost control efforts bore fruit: Sales expenses, management expenses, and R&D expenses all decreased year on year, with their total dropping by 6.39%. The Company firmly believes in the deepening of its intelligent control business in existing industries and the expansion into new scenarios. Meanwhile, it is confident in the long-term development of its autonomous intelligence business.

It continues to increase high-intensity R&D investment in innovative application fields such as AI applications, robots, motors, complete machines, and vehicles. During the Reporting Period, the R&D investment amounted to RMB 494 million, accounting for about 8.50% of the revenue.

(III) The net cash flow generated from operating activities was RMB -101 million, indicating that the overall operating cash flow is at a healthy operational level.

The decrease was primarily due to the Company's increased inventory of raw materials to ensure the delivery of orders in the second half year, with inventory rising by about RMB 939 million compared to the year beginning. The cash received from selling goods and providing services in the current period amounted to RMB 5.465 billion, a year-on-year increase of 2.0%. The quality of cash receipts remained healthy, and the overall operating cash flow was at a healthy operating level.

(IV) Process transformation as the foundation + multi-regional capacity layout, enhancing operational resilience in multiple dimensions

During the Reporting Period, the Company initiated the three-year action plan of "customer-centric process-oriented organizational transformation" to achieve management efficiency improvement brought about by cross-departmental collaboration, end-to-end delivery, and global presence at a scale of tens of billions of RMB. The Company's operations are centered around business processes, with focus on restructuring core processes such as LTC, 1-N, OTD, and S&OP. This has facilitated the organization's transition from being "function-driven" to being "process-driven". Each major BG has finalized its processes, and conducted training for all employees, and is gradually moving into trial operations. Meanwhile, supporting performance evaluation reform has been initiated, with focus on value customers and business success. All employees are encouraged to speak, think and act in a unified manner, creating an efficient and collaborative combat system that lays a solid organizational foundation for sustained high-quality development.

During the Reporting Period, the Company continued to advance its business in overseas bases such as Vietnam, Mexico, India, and Romania, and expanded the production capacity of its Vietnam base. The global production capacity layout has been continuously improved, and the overseas delivery and localized service capabilities have been continuously enhanced. During the Reporting Period, the overseas base achieved an output value of RMB 1.25 billion, accounting for 20.86% of the total output value.

YoY changes in Major Financial Metrics

Unit: RMB

Significant changes in the Company's composition or source of profit in the Reporting Period

□ Applicable  Not applicable

There was no significant change in the Company's composition or source of profit in the Reporting Period.

Composition of revenue

Unit: RMB

Note: The statistical basis for products in the current period has been adjusted, and the data for the same period of last year has

been re-classified according to the current basis. The disclosed revenue items in the semi-annual and annual reports of last year are

based on the old basis, making the itemized data incomparable, but the total revenue remains unchanged.

The situation of industries, products or regions accounting for more than 10% of the Company's revenue or operating profit  Applicable □ Not applicable

Unit: RMB

Note: The statistical basis for products in the current period has been adjusted, and the data for the same period of last year has

been re-classified according to the current basis. The disclosed revenue items in the semi-annual and annual reports of last year are

based on the old basis, making the itemized data incomparable, but the total revenue remains unchanged. The Company's main

business data for the last period adjusted according to the caliber at the end of the Reporting Period when the statistical caliber of

the Company's main business data is adjusted in the Reporting Period

□ Applicable  Not applicable

IV. Analysis of non-main business

 Applicable □ Not applicable

Unit: RMB

V. Analysis of assets and liabilities

1. Significant changes in asset composition

Unit: RMB

2. Major overseas assets

 Applicable □ Not applicable

Unit: RMB

3. Assets and liabilities measured at fair value

 Applicable □ Not applicable

Full text of the Semi-annual Report 2026 of Shenzhen Topband Co., Ltd.

Unit: RMB

35

Contents of other changes None. Are there significant changes in the measurement attributes of the Company's main assets during the Reporting Period?

□ Yes  No

4. Restricted asset rights by the end of the Reporting Period

Refer to VII. 31 in Section VIII Financial Report for details.

VI. Investment analysis

1. General situation

 Applicable □ Not applicable

2. Major equity investment obtained during the Reporting Period

□ Applicable  Not applicable

3. Major non-equity investment obtained during the Reporting Period

□ Applicable  Not applicable

4. Investment in financial assets

(1) Securities investment

□ Applicable  Not applicable

There was no securities investment during the Reporting Period.

(2) Derivatives investment

 Applicable □ Not applicable

1) Derivatives investment for the purpose of hedging during the Reporting Period

 Applicable □ Not applicable

Unit: RMB ten thousand

2) Derivatives investment for the purpose of speculation during the Reporting Period.

• □ Applicable  Not applicable The Company did not have any derivatives investment for the purpose of speculation during the Reporting Period.

• 5. Usage of raised capitals

• □ Applicable  Not applicable

The Company used no raised funds during the Reporting Period.

VII. Sale of major assets and equity

• 1. Sale of major assets

□ Applicable  Not applicable

The Company did not sell any major assets during the Reporting Period.

• 2. Sale of major equity

□ Applicable  Not applicable

VIII. Analysis of major holding and equity participating companies

☑ Applicable  Not applicable

Unit: RMB

Situation of acquisition and disposal of subsidiaries during the Reporting Period

□ Applicable  Not applicable

Explanation of major shareholding companies

None.

IX. Situation of structured entity controlled by the Company

□ Applicable  Not applicable

X. Risks faced by the Company and countermeasures

• 1. External risks such as trade frictions and geopolitical tensions in the macro environment can also have a

negative impact on business confidence and investment. The Company may continue to face an uncertain external environment. We will further strengthen risk identification and control across various businesses and regions, and promptly adjust strategies to minimize external impacts.

• 2. Technological upgrading risks: The industry of intelligent controllers, which is the Company's main

business, is experiencing rapid technological development, in which products are upgraded quickly and have short lifecycles. Although the Company continues to invest in R&D and has obtained multiple invention and utility patents, there is still a risk that technological upgrading may not be timely, failing to meet market demand or lagging behind competitors in new product launch, reducing the Company's market share and profitability.

• 3. Exchange rate risks: The Company's export sales account for over 60% of its total revenue. To cope with

the risk of RMB fluctuation, the Company will reduce and hedge foreign exchange risks through measures such as conducting RMB hedging operations, international procurement, and repricing new products.

• 4. Other risks: The current international and domestic macro environments are fraught with uncertainties,

presenting several factors detrimental to the Company's operations, such as the China-U.S. trade war, potential shortages or price hikes of raw materials, labor shortage, and customer credit risks, all of which will bring uncertainties to the Company's operations.

XI. Formulation and implementation of the market capitalization management system and valuation improvement plan

Did the Company establish a market value management system?

 Yes □ No

Did the Company disclose the valuation enhancement plan?

□ Yes  No

In order to strengthen the Company's market value management, improve investment value, and increase investor returns, the Company has formulated the Market Value Management System, which was approved at the 22nd meeting of the 8th Board of Directors on October 27, 2025. The Company shall firmly establish a sense of returning to shareholders, focus on its main business, improve operational efficiency and profitability, and cause the Company's investment value to reflect the Company's quality reasonably by leveraging corporate governance, M&As, equity incentives, employee stock ownership plans, cash dividends, investor relations management, information disclosure, and share repurchases comprehensively. Refer to the Market Value Management Policy disclosed by the Company on http://www.cninfo.com.cn on October 28, 2025 for details.

XII. Implementation of "Double Improvement of Return on Quality" Action Plan

Did the Company disclose the announcement on the action plan for "double improvement of quality and return"?

 Yes □ No

During the Reporting Period, the Company firmly established the awareness of paying back to shareholders, resolutely implemented regulatory advocacy, and steadfastly executed the action plan of "Double Improvement of Return on Quality", deeply binding shareholders' interests with the Company's high-quality development. While expanding the market, it continued to strengthen internal cost control. It actively implemented the latest regulatory requirements of the CSRC and the Shenzhen Stock Exchange to comprehensively improve the salary management system, and revised the Salary Management System for

Directors and Senior Executives to consolidate the foundation of corporate governance. It adhered to the fundamental principle of enhancing intrinsic value, and promoted value dissemination from multiple dimensions, such as business sorting and dissemination, increasing market exposure, actively communicating with various investors, and utilizing compliance tools, allowing investors to better understand and discover the Company's investment value. It implemented a continuous, stable, and proactive equity distribution policy, formulated the annual profit distribution plan 2025, and completed annual equity distribution in 2025, with cash dividend totaling RMB 86.0153 million distributed, effectively improving the dividend payout ratio. Meanwhile, the Company actively held annual performance briefings, promptly responded to inquiries on the interactive platform and hotline, and enabled investors to understand company information more promptly and conveniently. Refer to the Announcement on the "Double Improvement of Return on Quality" Action Plan disclosed by the Company on the Securities Times and www.cninfo.com.cn on August 25, 2026 for the implementation progress of the action plan for "Double Improvement of Return on Quality" during the Reporting Period.

Section IV Corporate Governance, Environment and Society

I. Changes in directors and senior executives

□ Applicable  Not applicable There were no changes in the directors and senior executives of the Company during the Reporting Period. Refer to the Annual Report 2025 for details.

II. Profit distribution and conversion of capital surplus to share capital during the Reporting Period

□ Applicable  Not applicable The Company does not plan to pay cash dividends, issue bonus shares, or increase share capital from capital reserve for the first half of 2026.

III. Implementation of the Company's equity incentive plan, employee stock ownership plan or other employee incentive measures

 Applicable □ Not applicable

• 1. Equity incentives

Implementation of the 2024 stock option incentive plan:

• (1) On November 6, 2024, the Company held the 15th (Extraordinary) Meeting of the 8th Board of

• Directors and the 10th (Extraordinary) Meeting of the 8th Board of Supervisors, deliberated and passed the Proposal on the Company's 2024 Stock Option Incentive Plan (Draft) and its Summary, the Proposal on the Company's Management Measures for Assessment of the Stock Option Incentive Plan for 2024, and the Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of Directors to Handle Matters Related to the Company's Stock Option Incentive Plan for 2024, and agreed that the Company would intend to grant a total of no more than 33 million stock options to 1,200 incentive objects. All shares of this plan come from the shares repurchased by the Company's special repurchase account. The stock options granted this time will be exercised at a ratio of 30%, 40% and 30% within 12 months, 24 months and 36 months from the date of completion of the granting and registration of the stock options. The Company held the 10th

(Extraordinary) Meeting of the 8th Board of Supervisors, passed the relevant proposals and verified the list of incentive objects in this incentive plan. The lawyer issued a legal opinion and the independent financial consultant issued an independent financial consultant report.

• (2) On November 11, 2024, the Company publicly announced the names and positions of the incentive

objects in this incentive plan on the Company's internal OA office system, with a publicity period from November 11, 2024 to November 20, 2024. No organization or individual raised any objection to the list of incentive objects during the publicity period. On November 21, 2024, the Company disclosed the Note and Verification Opinion of the Board of Supervisors on the Disclosure of the List of Incentive Recipients for the 2024 Stock Option Incentive Plan of the Company. The Board of Supervisors believed that the proposed incentive objects in this incentive plan did not have the situation that relevant laws and regulations do not allow them to be the incentive objects, and met the participation qualifications within the scope of the incentive objects in this incentive plan.

• (3) On November 25, 2024, the Company held the 2nd Extraordinary General Meeting of Shareholders,

deliberated and passed the Proposal on the Company's 2024 Stock Option Incentive Plan (Draft) and its Summary, the Proposal on the Company's Management Measures for Assessment of the Stock Option Incentive Plan for 2024, the Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of Directors to Handle Matters Related to the Company's Stock Option Incentive Plan for 2024, and other proposals related to the Incentive Plan, and authorized the Board of Directors to determine the grant date under the Incentive Plan, grant stock options to the incentive objects when the incentive objects meet the conditions, and handle all matters necessary for the granting of stock options.

• (4) On December 9, 2024, the Company held the 16th (Extraordinary) Meeting of the 8th Board of

• Directors and the 11th (Extraordinary) Meeting of the 8th Board of Supervisors, and deliberated and passed the Proposal on Adjusting Matters Related to the 2024 Stock Option Incentive Plan and the Proposal on Granting Stock Options to Incentive Objects. In view of the fact that as of the grant date of the stock options, 4 of the incentive objects originally deliberated and determined had resigned or had submitted resignation applications, and did not meet the conditions to become incentive objects, and the fact that 7 incentive objects voluntarily gave up the qualification for the stock options to be granted this time due to personal reasons, a total of 100,000 stock options to be granted to the above 11 incentive objects were canceled. After the adjustment, the Company's stock option incentive objects this time were 1,050 people, and the total number of stock options to

be granted was adjusted from 33 million to 32.9 million. The Company's Board of Supervisors reviewed the list of incentive objects, the lawyer issued a legal opinion, and the independent financial consultant issued an independent financial advisor report.

• (5) On December 26, 2024, after review and confirmation by the Shenzhen Stock Exchange and the China

Securities Depository and Clearing Corporation Shenzhen Branch, the Company completed the registration of 32.9 million stock options to be granted under the 2024 stock option incentive plan.

• (6) On June 11, 2025, the Company held the 20th Meeting of the 8th Board of Directors, which deliberated

and passed the Proposal on Adjusting the Exercise Price of the 2024 Stock Option Incentive Plan, approving the adjustment of the exercise price of stock options under the 2024 stock option incentive plan from RMB 9.6/share to RMB 9.53/share, with no change in the number of options. The lawyer issued a legal opinion, and the independent financial consultant issued an independent financial consultant report.

For details of the implementation of the 2024 stock option incentive plan, refer to the announcements disclosed by the Company on November 7, 2024, November 26, 2024, December 11, 2024, December 27, 2024, and June 12, 2025 on the Securities Times and CNINFO (http://www.cninfo.com.cn).

(7) On March 31, 2026, the Company held the 25th meeting of the 8th Board of Directors, at which the Proposal on the Non-fulfillment of Exercise Conditions for the First Exercise Period of the 2024 Stock Option Incentive Plan and the Cancellation of Some Options was deliberated and passed. It was agreed that since the company-level performance assessment in 2025 did not meet the target, 9.2157 million stock options that failed to meet the exercise conditions during the first exercise period of the incentive plan would be cancelled by the Company. Meanwhile, since 83 incentive objects resigned for personal reasons, the stock options that had been granted but not exercised by these incentive objects would not be exercised and would be cancelled by the Company in a unified manner. The total number of stock options involved was 2.181 million. In summary, a total of 11.3967 million stock options were cancelled this time. The Remuneration and Evaluation Committee of the Board of Directors of Company deliberated and passed the above proposal.

2. Implementation of employee stock ownership plan

 Applicable □ Not applicable

Status of all effective employee stock ownership plans during the Reporting Period

Shareholdings of directors and senior executives in the Employee Stock Ownership Plan during the Reporting Period

Changes in asset management institutions during the Reporting Period

• □ Applicable  Not applicable

Changes in equity due to disposal of shares by holders during the Reporting Period

• □ Applicable  Not applicable

Exercise of shareholders' rights during the Reporting Period None Other relevant circumstances and explanations of the Employee Stock Ownership Plan during the Reporting Period

• □ Applicable  Not applicable

Changes in members of the Employee Stock Ownership Plan Management Committee

• □ Applicable  Not applicable

Financial impact of the Employee Stock Ownership Plan on the listed company during the Reporting Period and related accounting treatment

☑ Applicable  Not applicable

According to Accounting Standards for Business Enterprises No. 11 – Share-based Payment, for equity-settled share-based payment that requires the completion of services during the waiting period or the satisfaction of specified performance conditions before vesting in exchange for employee services, on each balance sheet date during the waiting period, the services obtained in the current period shall be recorded into the relevant costs or expenses and capital reserves based on the best estimate of the number of vesting equity instruments, at the fair value of the equity instruments on the grant date. The amortization expenses for the Company's share-based payment incentive plan in the first half of 2026 amounted to RMB 13.4783 million, which was recorded under the relevant expense accounts and capital reserves.

Termination of the Employee Stock Ownership Plan during the Reporting Period

• □ Applicable  Not applicable

Other descriptions:

None

3. Other employee incentives

□ Applicable  Not applicable

IV. Disclosure of environmental information

Whether the listed company and its major subsidiaries are included in the list of enterprises disclosing environmental information according to law

□ Yes  No

V. Social responsibility

Not applicable.

Section V Important Matters

I. Completed commitments in the Reporting Period and uncompleted commitments within the time limit by the end of the Reporting Period by the Company's actual controller, shareholders, related parties, acquirers, the Company and other committed related parties

 Applicable □ Not applicable

II. Non-operating capital occupation of listed companies by controlling shareholders and their related parties

□ Applicable  Not applicable There was no non-operating capital occupation of listed companies by controlling shareholders and their related parties in the Reporting Period of the Company.

III. External guarantee in violation of regulations

□ Applicable  Not applicable

The Company had no external guarantee in violation of regulations during the Reporting Period.

IV. Appointment and dismissal of accounting firms

Whether the semi-annual financial reports have been audited

□ Yes  No

The Company's Semi-annual Report was not audited.

V. Explanation of the "non-standard audit report" of the Accounting Firm in the Reporting Period by the Board of Directors and the Board of Supervisors

□ Applicable  Not applicable

VI. Explanation of the Board of Directors on the "non-standard audit report" of the previous year

□ Applicable  Not applicable

VII. Matters related to bankruptcy reorganization

□ Applicable  Not applicable

There were no matter related to bankruptcy reorganization during the Reporting Period.

VIII. Lawsuit

Major litigation and arbitration matters

• □ Applicable  Not applicable

The Company had no major litigation and arbitration matters during the Reporting Period.

Other lawsuits

• □ Applicable  Not applicable

IX. Punishment and rectification

□ Applicable  Not applicable

There were no penalties or rectifications during the Company's Reporting Period.

X. Integrity condition of the Company, its controlling shareholders and actual controllers

□ Applicable  Not applicable

XI. Major related transactions

1. Related transactions connected with the daily operation

□ Applicable  Not applicable

The Company had no related transactions connected with daily operations during the Reporting Period.

2. Related transactions arising from acquisition and sale of assets or equity

□ Applicable  Not applicable

The Company had no related transaction of acquisition or sale of assets or equity during the Reporting Period.

3. Related transactions of joint foreign investment

□ Applicable  Not applicable

The Company had no related transaction of joint foreign investment during the Reporting Period.

4. Related creditor's right and debt transaction

□ Applicable  Not applicable

The Company had no related creditor's right and debt transaction during the Reporting Period.

5. Transactions with associated financial companies

□ Applicable  Not applicable There was no deposit, loan, credit extension or other financial business between the Company and its related financial companies or between the related parties.

6. Transactions between financial companies controlled by the Company and related parties

□ Applicable  Not applicable There was no deposit, loan, credit or other financial business between financial companies controlled by the Company and related parties.

7. Other major related transactions

□ Applicable  Not applicable

The Company had no other material related-party transactions during the Reporting Period.

XII. Major contracts and their performance

1. Trusteeship, contracting and lease

(1) Trusteeship

□ Applicable  Not applicable

The Company had no trusteeship during the Reporting Period.

(2) Contracting

□ Applicable  Not applicable

The Company had no contracting during the Reporting Period.

(3) Lease

 Applicable □ Not applicable

Disclosure of lease

Refer to VII. 82 in Section VIII Financial Report of the Report for details.

Item with profits and losses reaching 10% of the total profit of the Company during the Reporting Period

□ Applicable  Not applicable The Company had no lease item with profits and losses reaching 10% of the total profit of the Company during the Reporting Period.

2. Material guarantee

 Applicable □ Not applicable

Unit: RMB ten thousand

Explanation of details of composite guarantee

None.

3. Finance management agent

 Applicable □ Not applicable

Unit: RMB ten thousand

Specific situation of high-risk entrusted financial management with the significant single amount or low security and poor liquidity

□ Applicable  Not applicable

4. Others major contracts

□ Applicable  Not applicable

There were no other significant contracts in the Reporting Period of the Company.

XIII. Reception, investigation, communication, interview and other activities during the Reporting Period

 Applicable □ Not applicable

XIV. Explanation of other major matters

□ Applicable  Not applicable

The Company had no other major matters to be explained during the Reporting Period.

XV. Major matters of subsidiaries of the Company

□ Applicable  Not applicable

Section VI Share Change and Shareholders

I. Share change

1. Share change

Unit: Share

Reasons for share change

• □ Applicable  Not applicable

Approval of share change

• □ Applicable  Not applicable

Transfer of share change

• □ Applicable  Not applicable

Implementation progress of share repurchase

• □ Applicable  Not applicable

Progress in the implementation of the reduction of share repurchase through centralized bid

• □ Applicable  Not applicable

The impact of share changes on financial indicators such as basic earnings per share and diluted earnings per share in the latest year and the latest period, net assets per share attributable to ordinary shareholders of the Company, etc.

• □ Applicable  Not applicable

Other contents deemed necessary by the Company or required to be disclosed by the securities regulatory institution

• □ Applicable  Not applicable

2. Changes in non-tradable shares

□ Applicable  Not applicable

II. Issuance and listing of securities

□ Applicable  Not applicable

III. Number of shareholders and shareholding situation of the Company

Unit: Share

Participation of shareholders holding more than 5% of the shares, top 10 shareholders and top 10 shareholders with unlimited tradable conditions in lending of shares through refinancing business

• □ Applicable  Not applicable

Changes in top 10 shareholders and top 10 shareholders with unlimited tradable conditions due to lending/return of shares through refinancing compared with the end of the previous period

• □ Applicable  Not applicable

Did the top 10 ordinary shareholders and the top 10 ordinary shareholders with unlimited sales conditions conduct the agreed repurchase transactions during the Reporting Period?

• □ Yes  No

The top 10 ordinary shareholders and the top 10 ordinary shareholders with unlimited sales conditions did not conduct the agreed repurchase transactions during the Reporting Period.

IV. Variations in shareholding of directors, supervisors and senior executives

□ Applicable  Not applicable The shareholding of the directors, supervisors and senior executives did not change during the Reporting Period. For details, refer to the 2025 Annual Report.

V. Variations in controlling shareholders or real controlling parties

If the Company disclosed that the actual controller planned to change the control right but the change has not been completed in the previous period, please explain the progress of the change in control right.

• □ Applicable  Not applicable

Change of controlling shareholders during the Reporting Period

• □ Applicable  Not applicable

The controlling shareholder of the Company did not change during the Reporting Period.

Change of actual controller during the Reporting Period

• □ Applicable  Not applicable

The actual controller of the Company did not change during the Reporting Period.

VI. Information on preferred shares

• □ Applicable  Not applicable

The Company did not have preferred shares during the Reporting Period.

Section VII Relevant Information of Bonds

• □ Applicable  Not applicable

Section VIII Financial Report

I. Audit report

Has the Semi-annual Report audited?

□ Yes  No

The Company's semi-annual financial report has not been audited.

II. Financial statements

The unit of statements in the financial notes is: RMB

1. Consolidated balance sheet

Prepared by: Shenzhen Topband Co., Ltd.

June 30, 2026

Unit: RMB

Legal representative: Wu Yongqiang

Accounting Head: Luo Muchen Accounting Department Head: Luo Muchen

2. Balance sheet of parent company

Unit: RMB

3. Consolidated income statement

Unit: RMB

In case of business merger involving enterprises under the same control in the current period, the net profit realized by the merged party before the merger is: RMB 0.00, and the net profit realized by the merged party in the prior period is: RMB 0.00.

Legal representative: Wu Yongqiang

Accounting Head: Luo Muchen Accounting Department Head: Luo Muchen

4. Income statement of parent company

Unit: RMB

5. Consolidated cash flow statement

Unit: RMB

6. Cash flow statement of the parent company

Unit: RMB

7. Consolidated statement of changes in owner's equity

Amount in the current period

Unit: RMB

Amount of previous year

Unit: RMB