Announcement on the Cancellation of Unvested Restricted Stock Awards for Some Grantees Under the Third Phase Restricted Stock Incentive Plan

Zhongji Innolight Co., Ltd.

Announcement on the Cancellation of Unvested Restricted Stock Awards for Some Grantees Under the Third Phase Restricted Stock Incentive Plan

The Company and all members of the Board of Directors guarantee the truthfulness, accuracy, and completeness of the information disclosed herein, and there are no false records, misleading statements, or major omissions.

Zhongji Innolight Co., Ltd. (hereinafter referred to as "Zhongji Innolight" or the "Company") deliberated and passed the "Proposal on Cancelling Unvested Restricted Stock Awards for Some Grantees Who Have Been Granted Under the Third Phase Restricted Stock Incentive Plan" at the 32nd meeting of the Fifth Board of Directors held on May 8, 2026. In accordance with the provisions of the "Third Phase Restricted Stock Incentive Plan (Revised Draft)" (hereinafter referred to as the "Incentive Plan (Revised Draft)"), due to 6 grantees from the reserved portion of the restricted stock incentive plan having resigned, they are no longer eligible for the incentive plan. The restricted stock awards they have been granted but not yet vested cannot be vested. One grantee's performance rating is "C", meeting the 50% vesting ratio. The second class restricted stock awards for the aforementioned 7 grantees that have not met the vesting conditions total 35,700 shares, which will be cancelled and voided by the Company in accordance with the "Incentive Plan (Revised Draft)" and other relevant regulations. Specific details are as follows:

I. Relevant Approval Procedures for the Equity Incentive Plan

1. On October 20, 2023, the Company held the 3rd meeting of the Fifth Board of Directors and the 3rd meeting of the Fifth Supervisory Board, deliberating and passing the "Proposal on the Third Phase Restricted Stock Incentive Plan (Draft) and its Summary" and other related proposals. The independent directors of the Company issued their consent. Independent director Zhan Shuping solicited voting rights from all shareholders for the proposals related to this incentive plan to be submitted to the general meeting of shareholders. Shanghai Zechang Law Firm (hereinafter referred to as "Zeplist Law Firm") issued the "Legal Opinion on the Third Phase Restricted Stock Incentive Plan (Draft) of Zhongji Innolight Co., Ltd.". Guotai Junan Securities Co., Ltd. (hereinafter referred to as "Guotai Junan") issued the "Independent Financial Advisor Report on the Third Phase Restricted Stock Incentive Plan (Draft) of Zhongji Innolight Co., Ltd.".

2. On October 27, 2023, the Company held the 4th meeting of the Fifth Board of Directors and the 4th meeting of the Fifth Supervisory Board, deliberating and passing the "Proposal on the Third Phase Restricted Stock Incentive Plan (Revised Draft) and its Summary" and other related proposals. The independent directors of the Company issued their consent. Zeplist Law Firm issued the "Legal Opinion on the Third Phase Restricted Stock Incentive Plan (Revised Draft) of Zhongji Innolight Co., Ltd.". Guotai Junan issued the "Independent Financial Advisor Report on the Third Phase Restricted Stock Incentive Plan (Revised Draft) of Zhongji Innolight Co., Ltd.".

3. From October 24, 2023, to November 2, 2023, the Company publicly disclosed the list of intended grantees for the incentive plan, including their names and positions within the Company. During the disclosure period, no objections or other feedback were received from any employees regarding the intended grantees. The Supervisory Board reviewed the list of grantees for the incentive plan and disclosed the "Review Opinion and Disclosure Status of the Grantees List for the Third Phase Restricted Stock Incentive Plan" (Announcement No.: 2023-129) on November 4, 2023. On the same day, the Company disclosed the "Self-Inspection Report on Insiders' Trading of Company Stock by Insiders and Grantees of the Third Phase Restricted Stock Incentive Plan" (Announcement No.: 2023-128).