2026 Restricted Stock Incentive Plan (Draft) Summary

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Jiangsu Zeyu Intelligent Electric Co., Ltd.

2026 Restricted Stock Incentive Plan (Draft) Summary

June 2026

Statement

The Company and all members of the Board of Directors guarantee that the contents of this incentive plan and its summary are true, accurate, and complete, without false records, misleading statements, or major omissions.

Special Notice

1. The "Jiangsu Zeyu Intelligent Electric Co., Ltd. 2026 Restricted Stock Incentive Plan (Draft)" was formulated by Jiangsu Zeyu Intelligent Electric Co., Ltd. (hereinafter referred to as "Zeyu Intelligent," "Company," or "the Company") in accordance with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Administrative Measures for Equity Incentives of Listed Companies, the Rules Governing the Listing of Stocks on the ChiNext Market of the Shenzhen Stock Exchange, the Guidelines No. 1 for Self-Regulation of Listed Companies on the ChiNext Market—Business Handling, and other relevant laws, administrative regulations, normative documents, and the Articles of Association.

2. The incentive form adopted by the Zeyu Intelligent 2026 Restricted Stock Incentive Plan (hereinafter referred to as "this Incentive Plan") is second-class restricted stock. The source of the stock is the Company's RMB A-share ordinary shares issued to the incentive targets.

Incentive targets who meet the grant conditions of this Incentive Plan will receive the Company's A-share ordinary shares at the grant price after meeting the corresponding vesting conditions and arrangements. These shares will be registered with the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited. Before the vesting of the restricted stocks granted to the incentive targets, the incentive targets do not enjoy the rights of company shareholders, and the aforementioned restricted stocks may not be transferred, used for guarantees, or used to repay debts.

1. The number of restricted stocks intended to be granted to the incentive targets under this Incentive Plan is 9.09 million shares, accounting for approximately 2.25% of the Company's total share capital of 404.407569 million shares on the announcement date of the draft incentive plan. Among them, 7.449 million shares are granted for the first time, accounting for approximately 1.84% of the total share capital of 404.407569 million shares on the announcement date, and 81.95% of the total restricted stocks intended to be granted under this Incentive Plan; 1.641 million shares are reserved, accounting for approximately 0.41% of the total share capital of 404.407569 million shares on the announcement date, and 18.05% of the total restricted stocks intended to be granted under this Incentive Plan.

The 2024 Restricted Stock Incentive Plan, reviewed and approved by the Company's 2024 Third Extraordinary General Meeting, is still in implementation. The target stocks involved in the Company's 2024 Restricted Stock Incentive Plan amount to 5.134704 million shares, and the target stocks involved in this Incentive Plan amount to 9.09 million shares. Therefore, the total target stocks involved in all of the Company's effective incentive plans amount to 14.224704 million shares, accounting for approximately 3.52% of the Company's total share capital of 404.407569 million shares on the announcement date of the draft incentive plan.

As of the announcement date of this draft incentive plan, the total number of target stocks involved in all of the Company's effective equity incentive plans does not exceed 20% of the Company's total share capital.

1. The total number of incentive targets for the initial grant under this Incentive Plan is 191, including core management personnel and core technical (business) personnel serving in the Company (including holding subsidiaries) at the time of the announcement of this Incentive Plan, excluding independent directors of Zeyu Intelligent, shareholders or actual controllers who individually or collectively hold more than 5% of the Company's shares, and their spouses, parents, and children.