Hangzhou Medike Optoelectronic Technology Co., Ltd. Announcement on the Results of the 2024 Stock Option and Restricted Stock Incentive Plan's First Quarter 2026 Autonomous Exercise and Share Changes

Stock Code: 688079 Stock Abbreviation: Meidikai Announcement No.: 2026-016

Hangzhou Meidikai Optoelectronic Technology Co., Ltd.

Announcement on the Results of Independent Exercise of the 2024 Stock Options and Restricted Stock Incentive Plan for the First Quarter of 2026, and Changes in Share Capital

The board of directors of the Company and all its directors hereby guarantee that this announcement contains no false records, misleading statements, or material omissions, and shall assume legal responsibility for the authenticity, accuracy, and completeness of the contents of this announcement in accordance with law.

Key Points:

● The number of options exercised this time:

For Hangzhou Meidikai Optoelectronic Technology Co., Ltd. (hereinafter referred to as the “Company”), under its 2024 Stock Options and Restricted Stock Incentive Plan (hereinafter referred to as the “Incentive Plan”), the exercisable quantity of the first exercise period for stock options under the first grant of the 2024 Stock Options Incentive Plan is 3,506,280 options. The actual exercisable period is from November 21, 2025 to November 17, 2026 (the exercise date must be a trading day). During the period from January 1, 2026 to March 31, 2026, the cumulative number exercised and completed share transfer registration was 609,054 shares. As of March 31, 2026, the cumulative number exercised and completed share transfer registration was 2,879,980 shares, accounting for 82.14% of the exercisable quota for this period of 3,506,280 shares.

● Trading/Listing date for the exercised shares:

The Company adopts an independent exercise model for this round of exercise. The shares obtained by the incentive participants upon exercising shall arrive at the securities account on the first trading day after the exercise date (T+1), and shall be listed and traded on the second trading day after the exercise date (T+2).

I. Approval and Implementation of the Equity Incentive Plan

(I) Stock Option Incentive Plan Proposal and Fulfillment Procedures

1. On September 27, 2024, the Company convened the 18th meeting of the second session of its board of directors, deliberated and approved the proposals including “On the Company’s <2024 Stock Options and Restricted Stock Incentive Plan (Draft)> and its Summary,” “On the Company’s <Administrative Measures for the Implementation and Performance Appraisal of the 2024 Stock Options and Restricted Stock Incentive Plan>,” and “On the Proposal to Authorize the General Meeting of Shareholders to the Board of Directors to Handle Matters Related to the Company’s 2024 Stock Options and Restricted Stock Incentive Plan.”

On the same day, the Company convened the 15th meeting of the second session of its board of supervisors, deliberated and approved the proposals including “On the Company’s <2024 Stock Options and Restricted Stock Incentive Plan (Draft)> and its Summary,” “On the Company’s <Administrative Measures for the Implementation and Performance Appraisal of the 2024 Stock Options and Restricted Stock Incentive Plan>,” and “On Verifying the List of Incentive Participants for the First Grant Portion of the Company’s 2024 Stock Options and Restricted Stock Incentive Plan.”

2. From September 29, 2024 to October 8, 2024, the Company publicly displayed the names and positions of the proposed incentive participants for this incentive internally within the Company. During the publicity period, the board of supervisors of the Company received no objections from any person regarding the proposed incentive participants. On October 9, 2024, the Company disclosed the “Explanation on the Publicity Situation and Review Opinions of the Board of Supervisors Regarding the Public Disclosure of the List of Proposed Incentive Participants for the First Grant Portion of the Company’s 2024 Stock Options and Restricted Stock Incentive Plan.”

3. On October 14, 2024, the Company convened its 2024 First Extraordinary General Meeting of Shareholders, and deliberated and approved the proposals including “On the Company’s <2024 Stock Options and Restricted Stock Incentive Plan (Draft)> and its Summary,” “On the Company’s <Administrative Measures for the Implementation and Performance Appraisal of the 2024 Stock Options and Restricted Stock Incentive Plan>,” and “On the Proposal to Authorize the General Meeting of Shareholders to the Board of Directors to Handle Matters Related to the Company’s 2024 Stock Options and Restricted Stock Incentive Plan.”

On October 15, 2024, the Company disclosed the “Self-Inspection Report on the Trading of the Company’s Shares by Insiders Who Have Knowledge of Inside Information Regarding the 2024 Stock Options and Restricted Stock Incentive Plan of the Company.”

4. On November 18, 2024, at the 20th meeting of the second session of the Company’s board of directors, the proposals including “On Adjusting Matters Related to the 2024 Stock Options and Restricted Stock Incentive Plan” and “On Granting Stock Options and Restricted Stock to Incentive Participants for the First Grant of the 2024 Stock Options and Restricted Stock Incentive Plan of the Company” were deliberated and approved. The number of incentive participants for the first grant of stock options under the Incentive Plan was adjusted from 428 to 343. The quantity of stock options for the first grant was adjusted from 9.63M to 8.8277 million. The number of reserved stock options was adjusted from 1.0702 million to 1.8745 million. The number of incentive participants for the first grant of restricted stock was adjusted from 428 to 343. The number of restricted stock shares for the first grant was adjusted from 9.63M shares to 8.8277 million shares. The number of reserved restricted stock shares was adjusted from 1.0702 million shares to 1.8745 million shares. The first grant/award date for the equity incentive rights under the Incentive Plan was set as November 18, 2024. Stock options and restricted stock were granted to 343 incentive participants meeting the eligibility criteria.

In the 2024 Stock Options and Restricted Stock Incentive Plan of the Company, the first grant of stock options was 8,818,700 options, which were registered with the Shanghai branch of China Securities Depository and Clearing Co., Ltd. on November 29, 2024. The first grant of restricted stock was 8,818,700 shares, which were registered with the Shanghai branch of China Securities Depository and Clearing Co., Ltd. on December 9, 2024.

5. On June 6, 2025, the Company convened the 23rd meeting of the second session of its board of directors, deliberated and approved the proposal “On Repurchasing and Canceling a Portion of Restricted Stock and Canceling a Portion of Stock Options.” Among the incentive participants granted in the first grant under the Company’s 2024 Stock Options and Restricted Stock Incentive Plan, 2 incentive participants had left their positions due to personal reasons and no longer qualified as incentive participants. The Company needed to repurchase and cancel 21,000 shares of restricted stock that had already been granted but not yet released from the lock-up, and cancel 21,000 stock options that had already been granted but not yet exercised.

On August 27, 2025, the Company completed the cancellation of the above incentive shares at the Shanghai branch of China Securities Depository and Clearing Co., Ltd.

6. From September 1, 2025 to September 10, 2025, the Company publicly displayed the names and positions of the proposed incentive participants for the reserved grant internally within the Company. Upon the expiration of the publicity period, the Compensation and Appraisal Committee of the Company received no objections from any person regarding the proposed incentive participants for the reserved grant.

7. On September 10, 2025, the Company convened the first meeting of the third session of its board of directors’ Compensation and Appraisal Committee and the fourth meeting of the third session of its board of directors. The proposal “On Granting Stock Options and Restricted Stock for the Reserved Grant to Incentive Participants of the 2024 Stock Options and Restricted Stock Incentive Plan of the Company” was deliberated and approved. The Compensation and Appraisal Committee of the board of directors conducted verification of the list of proposed grant incentive participants, and the Company disclosed the “Explanation on the Publicity Situation and Review Opinions of the Compensation and Appraisal Committee of the Board of Directors Regarding the List of Incentive Participants for the Reserved Grant under the 2024 Stock Options and Restricted Stock Incentive Plan of the Company.”

In the 2024 Stock Options and Restricted Stock Incentive Plan of the Company, the reserved grant of stock options was 1.87M options, which were registered with the Shanghai branch of China Securities Depository and Clearing Co., Ltd. on September 25, 2025. The reserved grant of restricted stock was 1.87M shares, which were registered with the Shanghai branch of China Securities Depository and Clearing Co., Ltd. on September 25, 2025.

8. On October 30, 2025, the Company convened the sixth meeting of the third session of its board of directors, deliberated and approved the proposal “On Repurchasing and Canceling a Portion of Restricted Stock and Canceling a Portion of Stock Options.” Among the incentive participants granted in the first grant under the Company’s 2024 Stock Options and Restricted Stock Incentive Plan, 2 incentive participants had left their positions due to personal reasons and no longer qualified as incentive participants. The Company needed to repurchase and cancel 32,000 shares of restricted stock that had already been granted but not yet released from the lock-up, and cancel 32,000 stock options that had already been granted but not yet exercised. At the same time, the proposal “On the Fulfillment of Exercise Conditions for the First Exercisable Period of Stock Options Granted in the First Grant of the 2024 Stock Options and Restricted Stock Incentive Plan of the Company” and the proposal “On the Fulfillment of Unlock Conditions for the First Unlocking Period of Category I Restricted Stock Granted in the First Grant of the 2024 Stock Options and Restricted Stock Incentive Plan of the Company” were also deliberated and approved. The Compensation and Appraisal Committee of the Company’s board of directors issued verification opinions on the matters related to the fulfillment of exercise conditions for this round, verified the list of incentive participants eligible for this exercise, and the law firm issued corresponding legal opinion letters.

II. Basic Information of the Stock Option Exercise This Time

(I) First Exercise Period of the Stock Options Granted Under This Incentive Plan

1. Exercise quantity

During the period from January 1, 2026 to March 31, 2026, the cumulative number exercised and completed share transfer registration under the first exercise period for the stock options granted under this Incentive Plan was 609,054 shares. As of March 31, 2026, the cumulative number exercised and completed share transfer registration was 2,879,980 shares, accounting for 82.14% of the exercisable quota for this period of 3,506,280 shares.

2. Source of shares for this exercise

A shares of ordinary stock, issued to incentive participants through targeted issuance by the Company.

3. Number of exercisers

The number of incentive participants eligible for exercise in the first quarter of 2026 was 95. As of March 31, 2026, 61 participants participated in the exercise and completed share transfer registration.

III. Share Listing/Trading Arrangements and Changes in Share Capital Structure for the Exercised Shares

(I) Listing date for the exercised shares

The Company adopts an independent exercise model for this round of exercise. The shares obtained by the incentive participants upon exercising shall be listed and traded on the second trading day after the exercise date (T+2).

(II) Number of exercised shares to be listed and traded

In the first quarter of 2026, the Incentive Plan had a total of 609,054 shares that were exercised and completed registration to be listed and traded. After the exercise, all newly added shares are shares with no selling restrictions.

(III) Lock-up and transfer restrictions for directors and senior management

1. For incentive participants who are directors and senior management of the Company, the shares they transfer each year during their tenure shall not exceed 25% of the total number of shares they hold in the Company; and during the six-month period after they leave their positions, they may not transfer the shares they hold in the Company.

2. For incentive participants who are directors and senior management of the Company, if they sell the Company’s shares within six months after purchase, or if they buy again within six months after selling, the gains derived therefrom shall belong to the Company, and the board of directors of the Company will recover such gains.

3. During the effective term of this Incentive Plan, if the provisions regarding the transfer of shares held by directors and senior management in relevant laws, regulations, normative documents including the Company Law, the Securities Law, the Interim Measures for the Administration of the Reduction of Shares by Shareholders of Listed Companies, the Shanghai Stock Exchange’s self-regulatory guidance No. 15 (including the reduction of shares by shareholders and directors and senior management), and the Company’s Articles of Association change, then these incentive participants shall ensure that the transfer of the Company’s shares they hold complies with the amended relevant provisions at the time of transfer.

(IV) Changes in share capital for this round

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1. After the Company’s share changes in this round, the Company’s actual controller has not changed.

IV. Changes in shareholdings of relevant shareholders before and after the exercise

The source of the shares exercised in this round is the targeted issuance by the listed company to the incentive participants. The increase in the total share capital results in a passive dilution of the shareholding proportions of the controlling shareholder and its concerted parties.

Before and after this equity interest change, the specific shareholding details of the controlling shareholder and its concerted parties are as follows:

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V. Share registration status and plan for the use of proceeds from fundraising

In the first quarter of 2026, a total of 609,054 shares were exercised and completed share registration and transfer, and proceeds from fundraising of RMB 4,488,727.98 were received. The proceeds from this fundraising will be used to supplement the Company’s working capital.

VI. Impact of the newly added shares on the most recent financial report

The exercise in this round does not constitute a material impact on the Company’s financial position or operating results.

This announcement is hereby given.

Board of Directors of Hangzhou Meidikai Optoelectronic Technology Co., Ltd.

April 2, 2026

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