Lisheng Sports Co., Ltd.

Legal Opinion on the 2025 Annual Shareholders' Meeting of Lisheng Yundong (Shanghai) Sports Technology Co., Ltd.

This legal opinion confirms the validity of the 2025 annual shareholders' meeting procedures and outcomes for Lisheng Yundong (Shanghai) Sports Technology Co., Ltd. The meeting, held on April 27, 2026, followed Chinese Company Law and the company's articles of association. Key figures show overwhelming shareholder support, with voting percentages for resolutions ranging from 99.9273% to 99.9420%. The legal advisor concluded that the meeting procedures and voting results are valid and legally binding.

Announcement on the Online Performance Briefing for 2025

Lisheng Sports will hold an online performance briefing on May 20, 2026, to discuss its 2025 annual results. The event aims to clarify the investment process and provide insights into the company's performance. Key executives, including the Chairman and General Manager, will attend. Investors can submit questions before 14:00 on May 20, 2026, to ensure their interests are protected.

Announcement on the Equity Change Due to the Dilution of Shareholding Ratios of Major Shareholders and Their Consistent Actors

Lisheng Yundong (Shanghai) Sports Technology Co., Ltd. is issuing new A shares, raising approximately 319.8 million yuan. This issuance will dilute the shareholding ratios of major shareholders and their consistent actors. The controlling shareholder's stake will decrease from 22.22% to 19.51%, but control will not change. The new shares are expected to be listed on May 20, 2026.

Report on Changes in Shareholding of Directors and Senior Management

This report details a share issuance by Lisheng Yundong (Shanghai) Sports Technology Co., Ltd., involving up to 4,801.42 million A shares at 14.50 yuan each, totaling 329,999,920 yuan. The issuance aims to increase the total share capital to 186,678,458 shares. Directors and senior management participated in this issuance, resulting in adjusted shareholding proportions for some individuals, though specific changes for several key personnel are not detailed.

Guosheng Securities Co., Ltd. Sponsorship Letter for Listing of Lisheng Yundong (Shanghai) Sports Technology Co., Ltd. Stock Issuance

Announcement on the Listing of Shares Issued by Lisheng Sports (Shanghai) Co., Ltd. to Specific Objects

Lisheng Sports (Shanghai) Co., Ltd. announced the listing of 22,758,620 shares issued to specific objects, raising a total of 329,999,990 RMB. The shares are expected to be listed on the Shenzhen Stock Exchange on April 29, 2026. These shares will not be subject to trading restrictions after listing, although they cannot be transferred within six months from the completion of the A-share issuance.

Announcement on the Expiration of the Share Repurchase Period and Changes in Shares

Lisheng Sports announced the completion of its share repurchase plan. The company repurchased 1,829,200 shares, representing 1.1159% of outstanding shares, for approximately 23.95 million CNY. The repurchase was conducted via centralized bidding, with prices ranging from 12.30 to 16.88 CNY per share. The repurchased shares are intended for employee incentive plans.

Announcement on Signing the Tripartite and Quadripartite Supervision Agreement for Fundraising

Lisheng Sports announces the signing of a tripartite and quadripartite supervision agreement for fundraising. The company plans to issue 22,758,620 A shares at RMB 14.50 per share, aiming to raise RMB 329,999,900. Net proceeds after expenses will be RMB 319,793,386.28. This agreement, involving the company and designated banks, ensures proper management of these funds and protects investor interests.

Announcement on the Progress of Share Buyback

2025 Annual Board Work Report

This report details the 2025 work of the Board of Directors for Lisheng Yundong (Shanghai) Sports Technology Co., Ltd. The board held 10 meetings, focusing on strategic planning, financial oversight, and governance. Key figures include total compensation for board members amounting to 3.495 million RMB. The company achieved IP business growth and aims to further strengthen its IP ecosystem and data-driven operations in 2026.

Announcement on the Appointment of the 2026 Annual Accounting Firm

Lishengyun Dong (Shanghai) Sports Technology Co., Ltd. announced its intention to appoint Tianjian Accounting Firm (Special General Partnership) as its 2026 accounting firm. This decision was approved at the 17th meeting of the 5th Board of Directors on April 27, 2026. The firm has 2363 employees and plans to secure professional liability insurance exceeding 12 million yuan. The proposal will be submitted to the shareholders' meeting for final approval.

2025 Independent Director Work Report (Chen Qi)

This report details Chen Qi's work as an independent director in 2025. He attended 10 board meetings, 10 shareholder meetings, and 7 special committee meetings, focusing on strategic discussions and oversight. Chen Qi ensured compliance with related party transactions and maintained communication with internal audit. He utilized 16 days for company-related work, emphasizing effective governance and shareholder interests.

2025 Independent Director's Work Report (Gu Mingjie)

This report details Gu Mingjie's 2025 work as an independent director. He attended all 10 board and 10 shareholder meetings, along with 1 special committee and 5 independent director meetings. Gu Mingjie maintained communication with management and auditors, focusing on transparency and corporate governance. He confirmed his independence and commitment to upholding these principles for the company's sustainable development.

2025 Independent Director's Work Report (Zhang Guisen)

This report details Zhang Guisen's 2025 work as an independent director for Power Sports (Shanghai) Technology Co., Ltd. He attended all 10 board and shareholder meetings, and 8 committee meetings. Zhang actively engaged in discussions on related transactions and financial reporting, ensuring regulatory compliance and coordinating with audit services. His focus remains on protecting shareholder interests and enhancing corporate governance.

Internal Control Audit Report

This report details the internal control audit of Tianjian Sports Technology Co., Ltd. for financial reports as of December 31, 2025. The audit was conducted according to relevant Chinese accounting guidelines. The company is responsible for establishing and maintaining effective internal control. The auditors' opinion is that Tianjian Sports Technology Co., Ltd. has established effective internal control for financial reporting as of the specified date.

Remuneration Management System for Directors and Senior Management (April 2026)

Lisen Sports Technology Co., Ltd. is establishing a new remuneration management system for directors and senior management, effective April 2026. The system aims to create a scientific, standardized, and effective incentive mechanism. Remuneration will be based on company performance, position responsibilities, and market salary levels, comprising basic salary, performance bonuses, and long-term incentives. Annual performance evaluations will guide remuneration adjustments, ensuring competitiveness and fairness.

Announcement on Asset Impairment Provision for 2025 and Reversal in Q1 2026

Announcement on Estimated Related Transactions for 2026

Lisheng Sports Technology Co., Ltd. announced its estimated related transactions for 2026. The company plans to engage in daily economic activities with its subsidiaries and other related parties. These transactions, including software development and technical services, are expected to total 2900.00 RMB. The Board of Directors approved the proposal, ensuring adherence to market pricing principles and regulatory compliance.

Announcement of Resolutions from the 17th Meeting of the 5th Board of Directors

The 5th Board of Directors of Lisheng Sports held its 17th meeting on April 27, 2026. The board unanimously approved several key resolutions, including the 2025 annual work and financial reports, the 2025 budget, and the 2025 dividend distribution proposal. They also approved plans for 2026, encompassing work, financial management, strategy, and business plans, alongside establishing a new senior management system.

2026 First Quarter Report

This report presents the 2026 first quarter financial results. Operating income decreased by 3.21% to 104,834,952.90 yuan, and net profit fell by 6.36% to 6,032,145.01 yuan. Total assets grew 1.97% to 1,030,713,574.28 yuan. The company plans operational expansion and improved financial performance.

Announcement on Uncovered Losses Reaching One-Third of Paid-in Capital

Special Report on the Storage, Management, and Use of Raised Funds for 2025

This report details Lisheng Yundong's management and utilization of raised funds as of December 31, 2025, in compliance with regulatory guidelines. The company raised a total of 380,660,214.92 RMB. Funds are managed through a dedicated system to ensure efficient usage and investor protection. No changes to investment projects are anticipated for 2025, and no other significant issues are foreseen.

Annual Verification Report on Fundraising Storage, Management, and Utilization

Special Review Opinion on the Storage, Management, and Use of Raised Funds for 2025

Guosheng Securities conducted a special review of its 2025 raised funds. The company raised a total of 380,660,214.92 RMB. The review found that as of December 31, 2025, the actual usage of these funds was 0.00 RMB. The company confirmed compliance with regulations for fund storage, management, and use.

Special Review Opinion on the Deduction of Operating Income

This special review opinion addresses the deduction of operating income for Lisen Sports Technology Co., Ltd. for the year 2025. The review focused on the company's financial report as of December 31, 2025. Key figures show operating income at 49,719.83, with deductions totaling 206.46, representing 0.42% of operating income. This is a decrease from the previous year's deduction proportion of 1.04%. The report is intended for Lisen Sports' annual financial reporting and compliance.

2025 Annual Non-Operating Fund Occupation and Other Related Fund Transactions Table

This document outlines the non-operating fund occupation and related transactions for the year 2025. The purpose is to provide a clear overview of financial interactions among companies. The table details fund occupation types and amounts in RMB, along with other related transactions. Specific figures and outcomes are not provided in the blank table.

2025 Annual Audit Report

This report presents the 2025 annual audit of Lisheng Sports Technology Co., Ltd. The audit opinion confirms the financial statements present a true and fair view as of December 31, 2025. Key figures include 2025 revenue of RMB 49,119,837 (an 82% increase) and a commercial value of RMB 15,964.22 million. The audit was conducted in accordance with Chinese auditing standards.

2025 Annual Report

Summary of the 2025 Annual Report

Verification Report of Lisheng Yundong (Shanghai) Sports Technology Co., Ltd.

This report verifies the registered and actual capital of Lisheng Yundong (Shanghai) Sports Technology Co., Ltd. as of April 22, 2026. The company's registered capital increased from RMB 163,919,838.00 to RMB 186,678,458.00. This increase was supported by a capital raise of RMB 329,999,990.00, resulting in an actual capital of RMB 186,678,458.00 after expenses.

Announcement on the Disclosure of the Report on the Issuance of Stocks to Specific Objects

Lisheng Sports (Shanghai) Technology Co., Ltd. announces the disclosure of its report on the issuance of stocks to specific objects. This issuance has received approval from relevant regulatory authorities. The company will proceed with the necessary procedures for registering the new shares. The full report and related documents are publicly available on the company's official website.

Legal Opinion on the Compliance of the Issuance Process and Subscription Objects for Lisheng Yundong (Shanghai) Sports Technology Co., Ltd.

This legal opinion from Grandall Law Firm confirms the compliance of Lisheng Yundong's A share issuance process and subscription objects with relevant laws. The issuance involves 13 entities subscribing to shares at 14.50 yuan each, raising a total of 329,999,990.00 yuan. All participating entities are confirmed to be professional investors meeting suitability requirements.

Report on the Issuance of Shares by LS Sports (Shanghai) Technology Co., Ltd. to Specific Objects

LS Sports (Shanghai) Technology Co., Ltd. is issuing shares to specific objects to enhance its capital structure and financial stability. The issuance involves 22,758,620 shares at RMB 14.50 per share, raising a total of RMB 329,999,990. Key investors include Shenzhen City Investment Management Co., Ltd. and Shanghai Yihua Investment Development Center Co., Ltd. The shares are subject to a six-month lock-up period.

Announcement on the Progress of Share Buyback

Lisheng Yundong (Shanghai) Sports Technology Co., Ltd. announced its share buyback plan, approved on May 13, 2025. The company intends to repurchase up to 4,000,000 shares using its own funds, with a maximum price of 17.00 CNY per share. The total buyback amount could reach 68,000,000 CNY. The plan is expected to last 12 months, with specific implementation details to be disclosed on June 25, 2025. The company will monitor market conditions and comply with Shenzhen Stock Exchange regulations.