Announcement on Company and Related Parties Receiving the "Notice of Prior Administrative Penalty"

Securities Code: 002528

Securities Abbreviation: *ST Yingfei

Announcement No.: 2026-057

Shenzhen Yingfeitop Technology Co., Ltd.

Announcement on Company and Related Parties Receiving the "Notice of Prior Administrative Penalty"

The Company and the Board of Directors guarantee that the information disclosed herein is true, accurate, and complete, and does not contain any false records, misleading statements, or significant omissions.

Shenzhen Yingfeitop Technology Co., Ltd. (hereinafter referred to as "Yingfeitop" or the "Company") received the "Notice of Filing" (No.: 证监立案字00720252) issued by the China Securities Regulatory Commission (hereinafter referred to as the "CSRC") on January 24, 2025. Due to suspected information disclosure violations and irregularities, in accordance with the "Securities Law of the People's Republic of China," the "Administrative Penalty Law of the People's Republic of China," and other laws and regulations, the CSRC decided to file a case against the Company. Please refer to the "Announcement on Receiving the Notice of Filing from the China Securities Regulatory Commission" (Announcement No.: 2025-004) disclosed by the Company on January 25, 2025.

On July 17, 2026, the Company and related parties received the "Notice of Prior Administrative Penalty" ([2026] No. 15) issued by the Shenzhen Securities Regulatory Bureau of the China Securities Regulatory Commission (hereinafter referred to as the "Shenzhen CSRB"). The relevant situation is hereby announced as follows:

I. Main Content of the "Notice of Prior Administrative Penalty"

Shenzhen Yingfeitop Technology Co., Ltd., Mr. JEFFREY ZHAOHUAI LIU (Liu Zhaohuai), Mr. Liu Xinyu, Mr. Rao Xuanzhi, Mr. Ye Jian, Mr. Zhang Yanfeng, Mr. Li Defu, Mr. Liu Jing, Ms. Hua Yuanliu, and Ms. Han Lei:

The case of alleged information disclosure violations and irregularities by Shenzhen Yingfeitop Technology Co., Ltd. has been investigated and concluded by this bureau. This bureau intends to impose administrative penalties on you. The facts of the violation, reasons, basis for the intended administrative penalties, and your related rights are hereby informed.

Upon investigation, Yingfeitop is suspected of the following violations:

Yingfeitop (Hangzhou) Information System Technology Co., Ltd. (hereinafter referred to as Yingfeitop System) and Xinpulian Internet (Beijing) Technology Co., Ltd. (hereinafter referred to as Xinpulian Internet) are wholly-owned subsidiaries of Yingfeitop. From 2019 to 2020, Yingfeitop System and Xinpulian Internet fabricated projects, prematurely recognized revenue, and other methods, thereby inflating operating income, operating costs, and gross profit. The specific violations are as follows:

1. Yingfeitop System fabricated the Guohai Construction Green Creation Center and the Dingfang Village Resettlement Housing Project in Tangzhen Town. In 2019, it inflated operating income by RMB 115,467,026.18, operating costs by RMB 72,172,580.54, and gross profit by RMB 43,294,445.64.

2. Yingfeitop System inflated operating income by fabricating the supplementary equipment procurement contract for the Tongliao City Central Hospital project and prematurely recognizing revenue for the Tongliao City Central Hospital project. In 2019 and 2020, it inflated operating income by RMB 215,329,127.53 and RMB 41,315,486.95, respectively. It inflated operating costs by RMB 184,133,945.56 and RMB 30,565,115.07, respectively. In 2020, it reduced financial expenses by RMB 9,672,902.10. In 2019 and 2020, it inflated gross profit by RMB 31,195,181.97 and RMB 20,423,273.98, respectively.

3. Xinpulian Internet fabricated the traffic purchasing business with Hangzhou Tailai Software Technology Co., Ltd. through the method of providing financing services. From 2019 to 2020, it inflated operating income by RMB 161,349,560.36 and RMB 285,714,608.15, respectively. It inflated operating costs by RMB 145,546,865.44 and RMB 272,531,707.41, respectively. It inflated financial expenses by RMB 5,928,061.74 and RMB 11,835,981.20, respectively. It inflated gross profit by RMB 9,874,633.18 and RMB 1,346,919.54, respectively.

4. Xinpulian Internet recognized revenue for the Wuhan Sunshine Coast project, which was not actually implemented. In 2020, it inflated operating income by RMB 50,689,795.29, operating costs by RMB 24,327,072.88, and gross profit by RMB 26,362,722.41.