Hangzhou Homai Power Electronics Co., Ltd. Announcement on the Results of Share Reduction by Shareholders Holding 5% or More of Shares

Stock Code: 688032
Stock Name: Hema股份
Announcement No.: 2026-008

Hangzhou Hema Power Electronics Co., Ltd.

Announcement on the Results of Shareholder Holding Over 5% Reducing Shares

The company’s board of directors, all directors, and related shareholders guarantee that the content of this announcement contains no false records, misleading statements, or major omissions, and they bear legal responsibility for the authenticity, accuracy, and completeness of its content.

Key Highlights:

● Basic Information on Major Shareholders’ Holdings

Before this reduction plan, Jiuzhi Huike (Hangzhou) Private Fund Management Co., Ltd. – Hangzhou Gangzhi Investment Partnership (Limited Partnership) (hereinafter referred to as “Gangzhi Investment”) and its concerted action partner Mr. Han Hualong held a total of 11,090,120 shares of Hangzhou Hema Power Electronics Co., Ltd. (hereinafter referred to as “the Company”), accounting for 8.94% of the total share capital of 124,073,545 shares. Among them, Gangzhi Investment held 6,355,645 shares, accounting for 5.12%, and Han Hualong held 4,734,475 shares, accounting for 3.82%.

● Implementation Results of the Reduction Plan

On November 26, 2025, the company disclosed the “Announcement on the Share Reduction Plan for Shareholders Holding Over 5%” (Announcement No.: 2025-058). Gangzhi Investment and its concerted action partner Mr. Han Hualong planned to reduce no more than 3,722,206 shares of the company through centralized bidding and block trades within three months after the disclosure of the plan, i.e., from December 17, 2025, to March 16, 2026, representing no more than 3% of the company’s total share capital.

On March 16, 2026, the company received a notification letter from Gangzhi Investment and its concerted action partner Mr. Han Hualong. During the implementation period of this reduction plan, Gangzhi Investment and Mr. Han Hualong had cumulatively reduced 2,849,332 shares through centralized bidding and block trades, accounting for 2.30% of the company’s total share capital. The reduction period has now ended. The specific situation is as follows:

1. Basic situation of the reduction subject before the reduction

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The above reduction subjects have concerted action partners:

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2. Implementation results of the reduction plan

(1) The major shareholder disclosed the results of the reduction plan due to the following matters:

The disclosed reduction period has expired

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(2) Did this reduction comply with relevant laws, regulations, and the company’s business rules? √ Yes □ No

(3) Is the actual reduction consistent with the previously disclosed reduction plan and commitments? √ Yes □ No

(4) Has the reduction period expired, and has the reduction been implemented? □ Not implemented √ Implemented

(5) Did the actual reduction fall short of the minimum reduction quantity (percentage) in the plan? □ Not reached √ Reached

(6) Was the reduction plan terminated early? □ Yes √ No

(7) Are there any violations of the reduction plan or other commitments? □ Yes √ No

This announcement is hereby made.

Hangzhou Hema Power Electronics Co., Ltd. Board of Directors
March 17, 2026