Announcement on the Progress of Share Repurchase

Bear Electric Co., Ltd. (hereinafter referred to as "the Company") held the 25th meeting of the 3rd Board of Directors on April 24, 2026, and approved the proposal on the repurchase of part of the public shares. The Company agreed to use its own funds of RMB 75 million to 150 million to repurchase part of its shares through centralized bidding, with the repurchased shares being A-shares issued by the Company. The repurchase price shall not exceed RMB 65 per share (after the completion of the 2025 annual equity distribution, the upper limit of the repurchase price will be adjusted from RMB 65.00 per share to RMB 63.71 per share). The repurchase period is within 12 months from the date of the Board's approval of the repurchase plan. The repurchased shares will be used for converting the Company's convertible bonds. For specific details, please refer to the "Announcement on the Repurchase of Part of the Public Shares and the Repurchase Report" (Announcement No.: 2026-039) published in the Securities Times and on the Giant Tide Information Network (www.cninfo.com.cn).