Securities Code: 300611 Securities Abbreviation: Meili Technology
Zhejiang Meili High Technology Co., Ltd.
(Address: No. 1 Wenhua Road, Xinchang County, Shaoxing City, Zhejiang Province)
MEILI
2026 Annual Plan for Issuing Shares to Specific Targets
Justification Analysis Report
August 2026
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Zhejiang Meili High Technology Co., Ltd. (hereinafter referred to as the "Company" or "Meili Technology") is a company listed on the Growth Enterprise Market of the Shenzhen Stock Exchange. To meet the Company's capital needs for business development, enhance its profitability, and improve its overall competitiveness, the Company, considering its actual situation and in accordance with the "Company Law of the People's Republic of China," the "Securities Law of the People's Republic of China," and the "Administrative Measures for the Registration of Securities Issuances by Listed Companies" (hereinafter referred to as the "Registration Measures") and other relevant regulations, plans to implement a 2026 issuance of shares to specific targets (hereinafter referred to as the "Current Issuance"). The number of shares to be issued shall not exceed 63,322,404 shares (inclusive), and the total amount of capital to be raised shall not exceed RMB 585,000,000 (inclusive). The Company's Board of Directors has compiled this justification analysis report for the issuance of shares to specific targets in accordance with the "Company Law," "Securities Law," "Registration Measures," and other relevant laws, regulations, and normative documents.
Unless otherwise specified in this report, the terms used herein have the same meaning as defined in the "2026 Plan for Issuing Shares to Specific Targets of Zhejiang Meili High Technology Co., Ltd."
I. Background and Objectives of the Current Issuance of Shares to Specific Targets
(I) Background of the Current Issuance of Shares to Specific Targets
- Continuous National Industrial Policy Support, Entering a New Era of High-Quality Development for the Automotive Parts Industry
The automotive industry, as a pillar industry of the national economy, is undergoing a critical transformation from a "large automotive country" to a "strong automotive country." Guided by the national goals of "carbon peaking" and "carbon neutrality," and through top-level designs such as the "New Energy Vehicle Industry Development Plan (2021-2035)" and the "Medium and Long-Term Development Plan for the Automotive Industry," the industry is accelerating its transformation and upgrading towards electrification, intelligence, and connectivity. Against this backdrop, China's automotive parts industry, as the foundation of the automotive industry, is experiencing a significant acceleration in industrial upgrading and domestic substitution. The projects funded by the proposed issuance are in line with the national strategy of manufacturing power and fall under the encouraged categories of the "Catalogue for Guiding Industry Restructuring," possessing a solid policy foundation and broad development prospects.
- Steady Growth in the Global and Chinese Automotive Markets, with New Energy Vehicles as the Core Growth Driver
Globally, the automotive industry remains a core pillar supporting the global real economy, with the overall market maintaining a steady expansion trend. In 2025, global automobile sales are projected to reach 99.8 million units, a year-on-year increase of 4.71%. China's automobile sales are expected to reach 34.4 million units, a year-on-year increase of 9.40%, making China the world's largest automotive production and sales market for seventeen consecutive years. The wave of electrification and intelligent transformation is continuously reshaping the global automotive industry landscape. In 2025, global sales of new energy vehicles are expected to exceed 20 million units, with China's sales reaching 16.49 million units, a year-on-year increase of
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28.13%, ranking first globally for eleven consecutive years. The proportion of new energy vehicles in total vehicle sales has reached 47.94%. The strong demand in the terminal market not only drives vehicle manufacturing but also transmits directly to the upstream parts industry, providing a solid market foundation for the Company's capacity expansion and technological innovation.