Shanghai Zhenhua Heavy Industries (Group) Co., Ltd. Progress Announcement on Repurchasing Part of the Company's A-shares through Centralized Price Trading

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Stock code: 600320 Stock abbreviation: AVIC Heavy Industry Announcement No.: Lin 2026-013

900947 | AVIC B Shares

Shanghai Zhenhua Heavy Industries (Group) Co., Ltd.

Announcement on the Progress of Repurchasing a Portion of the Company’s A-Shares Using the Centralized Competitive Trading Method

The board of directors of the Company and all its directors warrant that this announcement contains no false records, misleading statements, or material omissions, and they assume legal responsibility for the truthfulness, accuracy, and completeness of the contents of this announcement.

Key Matters Highlighted:

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I. Basic Information on the Repurchased Shares

Shanghai Zhenhua Heavy Industries (Group) Co., Ltd. (hereinafter referred to as “Zhenhua Heavy Industries” or “the Company”) has convened the 11th meeting of the ninth session of the board of directors on April 27, 2025, and the 2024 annual general meeting of shareholders on May 28, 2025, respectively, to consider and approve the proposal titled “Proposal on Repurchasing a Portion of the Company’s A-Shares.” The Company agreed that within 12 months from the date on which this repurchase plan is approved by the shareholders’ general meeting, it will use its own funds or self-raised funds to repurchase the Company’s issued Renminbi ordinary shares (A-Shares) through the stock trading system of the Shanghai Stock Exchange by means of centralized competitive trading. The repurchased shares will be used for cancellation and to reduce the Company’s registered capital. The upper limit on the repurchase price is RMB 6.93 per share. The total amount of funds for the repurchase shall not be less than RMB 50 million (inclusive) and not exceed RMB 100 million (inclusive).

According to the Company’s “Repurchase Report on Repurchasing a Portion of the Company’s A-Shares Using the Centralized Competitive Trading Method,” if, during the repurchase period, the Company implements matters such as capital surplus to share capital (capitalization of capital reserve), or the distribution of stock dividends or cash dividends and other rights-and-dividend adjustments, starting from the ex-rights and ex-dividends date of the share price, the upper limit of the repurchase price shall be adjusted accordingly in accordance with the relevant provisions of the China Securities Regulatory Commission and the Shanghai Stock Exchange. Due to the Company’s implementation of the 2024 annual equity distribution and the 2025 interim equity distribution, the upper limit of the repurchase price has been adjusted from not exceeding RMB 6.93 per share (inclusive) to not exceeding RMB 6.86 per share (inclusive).

For details, please refer to the Company’s announcements published on the Shanghai Stock Exchange website (www.sse.com.cn) on April 28, 2025, May 29, 2025, June 17, 2025, June 19, 2025, July 2, 2025, and December 30, 2025: “Zhenhua Heavy Industries Announcement on the Repurchase of a Portion of the Company’s A-Shares Using the Centralized Competitive Trading Method” (Announcement No.: Lin 2025-018), “Zhenhua Heavy Industries 2024 Annual General Meeting of Shareholders’ Resolution Announcement” (Announcement No.: Lin 2025-022), “Zhenhua Heavy Industries 2024 Annual Equity Distribution Implementation Announcement” (Announcement No.: Lin 2025-027), “Zhenhua Heavy Industries Repurchase Report on the Repurchase of a Portion of the Company’s A-Shares Using the Centralized Competitive Trading Method” (Announcement No.: Lin 2025-028), “Zhenhua Heavy Industries Announcement on the Progress of the Repurchase of a Portion of the Company’s A-Shares Using the Centralized Competitive Trading Method” (Announcement No.: Lin 2025-030), and “Zhenhua Heavy Industries 2025 Interim Equity Distribution Implementation Announcement” (Announcement No.: Lin 2025-060).

II. Progress in the Repurchase of Shares

In accordance with the “Rules for Repurchasing Shares by Listed Companies” and the “Shanghai Stock Exchange Self-Regulatory Guidelines No. 7—Repurchasing Shares,” among other relevant regulations, the Company hereby announces the progress of its share repurchases as of the end of last month:

In March 2026, the Company repurchased 3,119,700 shares through centralized competitive trading, accounting for 0.0592% of the Company’s total share capital. The highest purchase price was RMB 5.36 per share, the lowest purchase price was RMB 4.37 per share, and the amount paid was RMB 14,999,367.00 (excluding transaction fees).

As of March 31, 2026, the Company has cumulatively repurchased 11,791,762 shares, accounting for 0.2238% of the Company’s total share capital. The highest purchase price was RMB 5.36 per share, the lowest purchase price was RMB 4.37 per share, and the total amount paid was RMB 54,995,850.72 (excluding transaction fees). This repurchase complies with the relevant provisions of laws and regulations and with the requirements of the Company’s share repurchase plan.

III. Other Matters

The Company will strictly comply with the relevant regulations such as the “Rules for Repurchasing Shares by Listed Companies” and the “Shanghai Stock Exchange Self-Regulatory Guidelines No. 7—Repurchasing Shares,” make repurchase decisions and implement them in a timely manner based on market conditions during the repurchase period. At the same time, it will promptly fulfill its information disclosure obligations according to the progress of the repurchase matters. Investors are kindly reminded to be aware of investment risks.

This announcement is hereby issued.

Board of Directors of Shanghai Zhenhua Heavy Industries (Group) Co., Ltd.

April 2, 2026

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