Zhejiang Chunfeng Power Co., Ltd. Announcement on Exercise Results of the First Exercise Period of the First Grant under the 2024 Stock Option Incentive Plan and Share Listing

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Stock Code: 603129 Stock Abbreviation: Spring Wind Power Announcement No.: 2026-006

Zhejiang Spring Wind Power Co., Ltd.

Regarding the 2024 Stock Option Incentive Plan

First Grant Results for the First Exercise Period and Share Listing Announcement

The company’s board of directors and all directors guarantee that the content of this announcement is free of any false records, misleading statements, or major omissions, and assume legal responsibility for its truthfulness, accuracy, and completeness.

Key Highlights:

● The type of stock listed this time is equity incentive shares; the subscription method is offline, with a total of 905,100 shares listed.

The total number of shares available for trading in this listing is 905,100 shares.

● The trading date for this listing is March 23, 2026.

1. Decision-making process and related information disclosure for the 2024 Stock Option Incentive Plan

2. On August 6, 2024, the company held the 16th meeting of the fifth board of directors and the 17th meeting of the fifth board of supervisors, approving proposals such as the “Draft and Summary of Zhejiang Spring Wind Power Co., Ltd. 2024 Stock Option Incentive Plan,” the “Implementation and Assessment Management Measures for the 2024 Stock Option Incentive Plan,” and the “Authorization of the Board of Directors by Shareholders’ Meeting to Handle Related Matters of the Company’s Equity Incentive Plan.” These proposals were approved without objection at the 10th meeting of the company’s fifth Compensation and Assessment Committee. Shanghai Junlan Law Firm issued a legal opinion, and Shanghai Xingan Yihe Enterprise Management Consulting Co., Ltd. provided an independent financial advisory report.

3. On August 7, 2024, the company publicly disclosed the names and positions of the initial grantees under the “2024 Stock Option Incentive Plan” (hereinafter “the 2024 Incentive Plan” or “this plan”) internally, with a disclosure period from August 7 to August 19, 2024, totaling 13 days. During this period, employees could report concerns via phone, written, or oral communication to the company’s Supervisory Committee. By August 19, 2024, no objections had been received. On August 21, 2024, the company disclosed on the Shanghai Stock Exchange website the “Publicity and Verification Opinions on the List of Initial Grantees under the 2024 Stock Option Incentive Plan.”

4. On September 2, 2024, the company held the first extraordinary shareholders’ meeting of 2024, approving proposals such as the draft of the 2024 Stock Option Incentive Plan and its summary, the implementation and assessment measures, and the authorization to the board to handle related matters. On September 3, 2024, the company disclosed on the Shanghai Stock Exchange website the “Self-Inspection Report on Insider Trading of Company Stock by the 2024 Stock Option Incentive Plan.”

5. On September 11, 2024, the company held the 18th meeting of the fifth board of directors and the 19th meeting of the fifth board of supervisors, approving proposals to adjust the initial grantee list and the number of rights granted, as well as the initial grant of stock options to the grantees. These proposals were approved without objection at the 11th meeting of the Compensation and Assessment Committee. Shanghai Junlan Law Firm issued a legal opinion, and Shanghai Xingan Yihe Enterprise Management Consulting Co., Ltd. provided an independent financial advisory report.

6. On October 16, 2024, the company completed the registration of the initial grant of stock options with China Securities Depository and Clearing Co., Ltd., Shanghai Branch, with a total of 3.27 million stock options granted to 1,291 recipients.

7. On August 29, 2025, the company’s sixth board of directors held the 9th meeting, approving proposals to adjust the exercise price of the 2024 stock options from 106.00 yuan per share to 102.15 yuan per share, and to grant a reserved portion of 248,100 stock options to 306 eligible grantees on August 29, 2025. These proposals were approved at the 4th meeting of the sixth Compensation and Assessment Committee. The committee verified the list of reserved grantees, and legal and financial advisory reports were issued accordingly.

8. On October 20, 2025, the company completed the registration of the reserved stock options with China Securities Depository and Clearing Co., Ltd., Shanghai Branch, with 237,000 options granted to 303 recipients.

9. On February 26, 2026, the sixth board of directors approved the cancellation of 241,000 stock options granted to 108 resigned grantees and 3,600 options granted to 7 underperforming grantees, totaling 244,600 options. The number of eligible grantees for the first exercise period was 1,176, with 905,100 options exercisable. These proposals were approved at the 5th meeting of the sixth Compensation and Assessment Committee. Legal opinions were issued accordingly.

The plan has completed all necessary approval procedures.

2. Basic information on the first exercise of the first exercise period of the 2024 Stock Option Incentive Plan

(1) List of exercisers and quantities

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(2) Source of shares for exercise

The shares used for exercising are RMB A-shares issued by the company to the grantees through targeted issuance.

(3) Number of exercisers

The number of exercisers is 1,176.

3. Listing and circulation arrangements for the exercised shares and changes in share capital structure

(1) Listing and circulation date: March 23, 2026.

(2) Number of shares listed and circulated: 905,100 shares.

(3) Lock-up and transfer restrictions for directors and senior management: No directors or senior management exercised their options; all exercised shares are freely tradable unrestricted shares.

(4) Changes in share capital structure

Unit: shares

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The actual controlling shareholder remains unchanged after this share capital change.

4. Capital verification and share registration

(1) Capital verification by the accounting firm

According to the “Capital Verification Report” issued by Lixin Certified Public Accountants (Special General Partnership) (Zhi Hui Shi Bao Zi [2026] No. ZF10046), as of March 4, 2026, the actual exercised shares for the first exercise period of the 2024 plan totaled 905,100 shares at an exercise price of 102.15 yuan per share, with a total payment of 92,455,965 yuan received from grantees. The difference between the exercise proceeds and the share face value is recorded in capital reserves, increasing share capital by 905,100 yuan and capital surplus (share premium) by 91,550,865 yuan.

After this exercise, the company’s share capital increased to 153,482,763 yuan.

(2) Share registration

The company has completed the registration of the newly issued shares from this exercise and received the registration certificate from China Securities Depository and Clearing Co., Ltd., Shanghai Branch, on March 16, 2026.

5. Use of funds from this exercise

All funds raised from this exercise will be used to supplement the company’s working capital.

6. Impact of this exercise on the latest financial report

This exercise has no significant impact on the company’s recent financial position and operating results. Specific data shall be based on the audited financial statements issued by the company’s auditors.

This announcement is hereby made.

Board of Directors of Zhejiang Spring Wind Power Co., Ltd.

March 17, 2026