Milky Way Intelligent Supply Chain Service Group Co., Ltd. Announcement on the Completion of Registration Capital and Business Scope Change Registration

MaticHoleFiller

2026-04-08 07:14:55

Stock code: 603713 Stock abbreviation: Milkv卫 Announcement No.: 2026-017

Bond code: 113658 Bond abbreviation: Milkv卫 Convertible Bond

Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.

Announcement on the Completion of Industry and Commerce Changes Regarding Registered Capital and Business Scope

The board of directors of the Company and all directors hereby guarantee that there are no false records, misleading statements, or material omissions in the contents of this announcement, and assume legal responsibility for the truthfulness, accuracy, and completeness of the contents.

I. Description of the Change in Registered Capital and Business Scope in This Instance

Milkv衛 Intelligent Supply Chain Service Group Co., Ltd. (hereinafter referred to as the “Company”) held the 10th meeting of the fourth session of the board of directors on January 26, 2026, and examined and approved the proposal on “Changing the Registered Capital, Business Scope, and Amending the ‘Articles of Association of the Company’.” It was agreed to change the Company’s registered capital from RMB 158.16M to RMB 158.13M; in order to expand new profit growth drivers and meet the needs for business development, it was agreed to change the business scope. For details, please refer to the announcement disclosed by the Company on January 27, 2026, titled “Milkv衛 Intelligent Supply Chain Service Group Co., Ltd. Announcement on the Change of Registered Capital, Business Scope, Amending the ‘Articles of Association of the Company’ and Certain Other Systems” (Announcement No.: 2026-006). This matter has been approved at the first extraordinary general meeting of shareholders for 2026 held on February 11, 2026.

II. Details of the Change

(I) Change in Registered Capital

Before the change: 158.16M RMB

After the change: 158.13M RMB

(II) Change in Business Scope

Before the change:

Permitted projects: Road freight transport (excluding dangerous goods). (For projects that require approval according to law, business activities may be carried out only after approval by the relevant departments; the specific business projects shall be subject to the approval documents or permits issued by the relevant authorities)

General projects: Sea international freight forwarding; Air international freight forwarding; Land international freight forwarding; International freight forwarding; Non-vessel carrying business; Customs clearance business; Inspection and quarantine business; Import and export of goods; Technology import and export; Domestic freight forwarding; Loading, unloading, and handling; Leasing of mechanical equipment; Aviation business services; Sales of chemical products (excluding permitted chemical products); Sales of containers; Container repair; Container leasing services; Enterprise management consulting. (Except for projects that require approval according to law, business activities may be carried out independently in accordance with the business license)

After the change:

General projects: Sea international freight forwarding; Air international freight forwarding; Land international freight forwarding; International freight forwarding; Non-vessel carrying business; Customs clearance business; Inspection and quarantine business; Import and export of goods; Technology import and export; Domestic freight forwarding; Loading, unloading, and handling; Leasing of mechanical equipment; Aviation business services; Sales of chemical products (excluding permitted chemical products); Sales of metal materials; Sales of rare-earth functional materials; Sales of non-metallic minerals and products; Sales of electronic specialized materials; Sales of new metal functional materials; Sales of pulp; Sales of rubber products; Sales of containers; Container repair; Container leasing services; Enterprise management consulting. (Except for projects that require approval according to law, business activities may be carried out independently in accordance with the business license)

III. Specific Information on the Business License After the Change

Recently, the relevant industry and commerce change registration procedures have been completed, and the Company has obtained the business license reissued by the Shanghai Administration for Market Regulation. The specific details after the change are as follows:

Enterprise name: Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.

Unified social credit code: 91310000630965915K

Legal representative: Chen Yinhé

Registered capital: RMB 91310000.63T

Address: 4–11/F, No. 158 Jinku Road, China (Shanghai) Pilot Free Trade Zone

Type: Joint stock company (listed, invested by natural persons or controlled by them)

Date of establishment: March 28, 1997

Business scope:

General projects: Sea international freight forwarding; Air international freight forwarding; Land international freight forwarding; International freight forwarding; Non-vessel carrying business; Customs clearance business; Inspection and quarantine business; Import and export of goods; Technology import and export; Domestic freight forwarding; Loading, unloading, and handling; Leasing of mechanical equipment; Aviation business services; Sales of chemical products (excluding permitted chemical products); Sales of metal materials; Sales of rare-earth functional materials; Sales of non-metallic minerals and products; Sales of electronic specialized materials; Sales of new metal functional materials; Sales of pulp; Sales of rubber products; Sales of containers; Container repair; Container leasing services; Enterprise management consulting. (Except for projects that require approval according to law, business activities may be carried out independently in accordance with the business license)

This announcement is hereby issued.

Board of Directors of Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.

April 2, 2026

Stock code: 603713 Stock abbreviation: Milkv衛 Announcement No.: 2026-018

Bond code: 113658 Bond abbreviation: Milkv衛 Convertible Bond

Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.

Announcement on Convening the 2025 Annual Performance and Cash Dividend Explanatory Conference

Key highlights:

● Meeting convening time: April 10, 2026 (Friday) 13:00–14:00

● Meeting convening location: Shanghai Stock Exchange SSE Roadshow Center (website:

● Meeting convening method: Online interaction via the SSE Roadshow Center

● Investors may submit questions by logging in to the SSE Roadshow Center website homepage and clicking the “Question Pre-Collection” section between April 2, 2026 (Thursday) and April 9, 2026 (Thursday) before 16:00, or by emailing the Company at ir@mwclg.com. The Company will answer questions that investors commonly focus on during the explanatory session.

Milkv衛 Intelligent Supply Chain Service Group Co., Ltd. (hereinafter referred to as the “Company”) will publish its 2025 annual report on April 10, 2026. To help a broad range of investors gain a more comprehensive and in-depth understanding of the Company’s 2025 annual operating results and financial position, the Company plans to hold the 2025 annual performance and cash dividend explanatory conference from 13:00 to 14:00 on April 10, 2026, to exchange views on matters of concern to investors.

I. Type of the Explanatory Conference

This investors’ explanatory conference will be held in the form of online interaction. The Company will interact with and communicate with investors regarding the specific circumstances of the Company’s 2025 annual operating results and financial indicators, and within the scope permitted by information disclosure requirements, it will answer questions that investors commonly focus on.

II. Time and Location of the Explanatory Conference

(I) Meeting convening time: April 10, 2026 (Friday) 13:00–14:00

(II) Meeting convening location: SSE Roadshow Center

(III) Meeting convening method: Online interaction via the SSE Roadshow Center

III. Participants

Mr. Chen Yinhé, Chairman of the Company; Mr. Yu Jian, Independent Director; Ms. Miu Leimin, Vice General Manager and Secretary to the Board of Directors; Mr. Yang Bo, Chief Financial Officer.

IV. Ways for Investors to Participate

(I) Investors may, between 13:00–14:00 on April 10, 2026, log in to the SSE Roadshow Center via the internet ( and participate online in this performance explanatory session; the Company will promptly answer investors’ questions.

(II) Investors may log in to the SSE Roadshow Center website homepage between April 2, 2026 (Thursday) and April 9, 2026 (Thursday) before 16:00, and click the “Question Pre-Collection” section (

V. Contact Person and Consultation Methods

Contact person: Miu Leimin

Telephone: 021-80228498

Email: ir@mwclg.com

VI. Other Matters

After this investors’ explanatory conference is held, investors may, through the SSE Roadshow Center ( view the convening situation and key content of this investors’ explanatory conference.

This announcement is hereby issued.

Board of Directors of Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.

April 2, 2026

Stock code: 603713 Stock abbreviation: Milkv衛 Announcement No.: 2026-016

Bond code: 113658 Bond abbreviation: Milkv衛 Convertible Bond

Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.

Announcement on the Results of Conversion of the Convertible Bonds and Changes in Shares

Key highlights:

● Convertible bonds not converted: As of March 31, 2026, the amount of the “Milkv衛 Convertible Bond” that has not been converted is RMB 872,241,000, accounting for 99.98% of the total issued amount of the “Milkv衛 Convertible Bond.”

● Conversion during this quarter: From January 1, 2026 to March 31, 2026, the conversion amount of the “Milkv衛 Convertible Bond” is RMB 24,000, and the number of shares formed by conversion is 430 shares, accounting for 0.0003% of the total share capital of Milkv衛 Intelligent Supply Chain Service Group Co., Ltd (formerly Milkv衛 Chemical Supply Chain Service Co., Ltd., hereinafter referred to as the “Company”) prior to conversion of the “Milkv衛 Convertible Bond.”

I. Overview of the Issuance and Listing of the Convertible Bonds

(I) Overview of the Convertible Bond Issuance

Approved by the China Securities Regulatory Commission’s reply “Reply on Approving Milkv衛 Chemical Supply Chain Service Co., Ltd. to Publicly Issue Convertible Corporate Bonds” (CSRC License [2022] No. 1905), the Company publicly issued convertible corporate bonds of 8,723,880 lots on September 16, 2022. Each lot had a par value of RMB 100, and the total issuance amount was RMB 872.39M.

(II) Overview of Listing of the Convertible Bonds

With approval of the “Notification on the Listing and Trading of Convertible Corporate Bonds of Milkv衛 Chemical Supply Chain Service Co., Ltd.” (Shanghai Stock Exchange Self-Regulatory Supervision Decision Letter [2022] No. 282), the Company’s convertible corporate bonds of RMB 872.3880 million were listed and commenced trading on the Shanghai Stock Exchange starting October 25, 2022. The bond abbreviation is “Milkv衛 Convertible Bond,” and the bond code is “113658.”

(III) Explanation of the Conversion Price

According to relevant regulations and the terms of the “Offering Memorandum for the Public Issuance of Convertible Corporate Bonds of Milkv衛 Chemical Supply Chain Service Co., Ltd.” (hereinafter referred to as the “Offering Memorandum”), the “Milkv衛 Convertible Bond” issued by the Company may be converted into Company shares starting March 22, 2023.

According to the conversion price adjustment provisions in the “Offering Memorandum,” after this issuance of the convertible bonds, when the Company distributes stock dividends, increases share capital through capital reserve conversion, issues new shares (excluding the increase in share capital resulting from conversion of these convertible bonds), conducts rights offerings, and distributes cash dividends, etc., the conversion price will be adjusted.

On September 29, 2022, the Company held the 13th meeting of the third session of the board of directors and the 11th meeting of the third session of the board of supervisors, respectively, and examined and approved proposals including “Proposal on the Repurchase and Cancellation of Part of the Restricted Shares under the 2019 Restricted Stock Incentive Plan.” Pursuant to the relevant provisions of the “2019 Restricted Stock Incentive Plan for Milkv衛 Chemical Supply Chain Service Co., Ltd.” (hereinafter referred to as the “2019 Restricted Stock Incentive Plan”), because one of the incentive recipients in this incentive plan resigned and one recipient passed away, they no longer met the qualification as incentive recipients. The restricted shares granted to them but not yet released from restriction shall not be released. According to the provisions of the Company’s “2019 Restricted Stock Incentive Plan” and the authorization of the 3rd extraordinary general meeting of shareholders in 2019, the Company planned to repurchase and cancel a total of 80,000 shares of restricted stock granted to them but not yet released from restriction. For details, please refer to the announcement disclosed by the Company on October 1, 2022 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the Repurchase and Cancellation of Part of the Restricted Shares under the 2019 Restricted Stock Incentive Plan for Milkv衛 Chemical Supply Chain Service Co., Ltd.” (Announcement No.: 2022-139).

On December 19, 2022, the cancellation matters relating to the 80,000 restricted shares under the Company’s 2019 restricted stock incentive plan were completed, and the Company received the “Securities Change Registration Certificate” issued by the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. Due to changes in the Company’s share capital, it was necessary to adjust the conversion price of the “Milkv衛 Convertible Bond” accordingly. The conversion price was adjusted from the original RMB 134.55 per share to RMB 134.61 per share. This adjustment complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on December 21, 2022 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Completion of the Implementation of Repurchase and Cancellation of Restricted Stock and Adjustment of the Conversion Price of the ‘Milkv衛 Convertible Bond’ for Milkv衛 Chemical Supply Chain Service Co., Ltd.” (Announcement No.: 2022-176).

On March 21, 2023, the Company held the 21st meeting of the third session of the board of directors and the 16th meeting of the third session of the board of supervisors, respectively, and examined and approved proposals including “Proposal on the Company’s 2022 Profit Distribution Plan.” According to the relevant provisions of the “Company’s 2022 Profit Distribution Plan,” the Company planned to distribute cash dividends to all shareholders of RMB 5.5 for every 10 shares (including tax). For details, please refer to the announcement disclosed by the Company on March 22, 2023 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the 2022 Profit Distribution Plan for Milkv衛 Chemical Supply Chain Service Co., Ltd.” (Announcement No.: 2023-029).

Because the Company implemented the 2022 profit distribution plan, it was necessary to adjust the conversion price of the “Milkv衛 Convertible Bond” accordingly, from the original RMB 134.61 per share to RMB 134.06 per share. This adjustment complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on May 16, 2023 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Adjusting the Conversion Price of the ‘Milkv衛 Convertible Bond’ for Milkv衛 Chemical Supply Chain Service Co., Ltd.” (Announcement No.: 2023-064).

On March 21, 2023, the Company held the 21st meeting of the third session of the board of directors and the 16th meeting of the third session of the board of supervisors, respectively, and examined and approved the proposal “Proposal on the Repurchase and Cancellation of Part of the Restricted Shares under the 2019 Restricted Stock Incentive Plan.” According to the relevant provisions of the Company’s “2019 Restricted Stock Incentive Plan,” because one incentive recipient in this incentive plan resigned and no longer met the qualification as an incentive recipient, the restricted shares that had been granted to them but not yet released from restriction shall not be released. According to the provisions of the Company’s “2019 Restricted Stock Incentive Plan” and the authorization of the 3rd extraordinary general meeting of shareholders in 2019, the Company planned to repurchase and cancel a total of 1,250 shares of restricted stock granted to them but not yet released from restriction. For details, please refer to the announcement disclosed by the Company on June 1, 2023 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the Implementation of Repurchase and Cancellation of Restricted Shares Under Equity Incentive for Part of the Restricted Stock for Milkv衛 Chemical Supply Chain Service Co., Ltd.” (Announcement No.: 2023-069).

On June 6, 2023, the Company received the “Securities Change Registration Certificate” issued by the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. The cancellation matters relating to the 1,250 restricted shares under the Company’s 2019 restricted stock incentive plan were completed on June 5, 2023. Because the restricted shares involved in this repurchase and cancellation constitute a relatively small proportion of the Company’s total share capital, after calculation and rounding to the nearest whole number, upon completion of this repurchase and cancellation of restricted shares, the conversion price of the “Milkv衛 Convertible Bond” remains unchanged. Not adjusting the conversion price in this instance complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on June 7, 2023 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Not Adjusting the Conversion Price of Convertible Bonds Upon Repurchase and Cancellation of Restricted Shares for Milkv衛 Chemical Supply Chain Service Co., Ltd.” (Announcement No.: 2023-076).

On August 14, 2023, the Company held the 26th meeting of the third session of the board of directors and the 20th meeting of the third session of the board of supervisors, respectively, and examined and approved the proposal “Proposal on the Repurchase and Cancellation of Part of the Restricted Shares under the 2019 Restricted Stock Incentive Plan.” According to the relevant provisions of the Company’s “2019 Restricted Stock Incentive Plan,” because one incentive recipient in this incentive plan resigned and no longer met the qualification as an incentive recipient, the restricted shares that had been granted to them but not yet released from restriction shall not be released. According to the provisions of the Company’s “2019 Restricted Stock Incentive Plan” and the authorization of the 3rd extraordinary general meeting of shareholders in 2019, the Company planned to repurchase and cancel a total of 12,500 shares of restricted stock granted to them but not yet released from restriction. For details, please refer to the announcement disclosed by the Company on October 17, 2023 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the Implementation of Repurchase and Cancellation of Restricted Shares Under Equity Incentive for Part of the Restricted Stock for Milkv衛 Chemical Supply Chain Service Co., Ltd.” (Announcement No.: 2023-125).

On October 20, 2023, the Company received the “Securities Change Registration Certificate” issued by the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. The cancellation matters relating to the 12,500 restricted shares under the Company’s 2019 restricted stock incentive plan were completed on October 19, 2023. Due to changes in the Company’s share capital, it was necessary to adjust the conversion price of the “Milkv衛 Convertible Bond” accordingly, from the original RMB 134.06 per share to RMB 134.07 per share. This adjustment complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on October 21, 2023 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Completion of the Implementation of Repurchase and Cancellation of Restricted Stock and Adjustment of the Conversion Price of the ‘Milkv衛 Convertible Bond’ for Milkv衛 Chemical Supply Chain Service Co., Ltd.” (Announcement No.: 2023-126).

On October 25, 2023, the Company held the 29th meeting of the third session of the board of directors and the 22nd meeting of the third session of the board of supervisors, respectively, and examined and approved the proposals “Proposal on the Repurchase and Cancellation of Part of the Restricted Shares under the 2019 Restricted Stock Incentive Plan” and “Proposal on the Repurchase and Cancellation of Part of the Restricted Shares under the 2021 Stock Option and Restricted Stock Incentive Plan.” Considering that, among the incentive recipients receiving the initial grant under the 2019 restricted stock incentive plan, one incentive recipient caused damage to the Company’s interests due to acts such as violating laws and professional ethics, leading to the Company terminating the labor relationship with that person; thus, the person no longer met the qualification as an incentive recipient. Additionally, among the incentive recipients under the 2021 stock option and restricted stock incentive plan, one incentive recipient no longer met the qualification as an incentive recipient due to resignation. Pursuant to the relevant provisions of the “Measures for the Administration of Equity Incentive of Listed Companies,” the “2019 Restricted Stock Incentive Plan,” and the “2021 Stock Option and Restricted Stock Incentive Plan of Milkv衛 Chemical Supply Chain Service Co., Ltd.” (hereinafter referred to as the “2021 Stock Option and Restricted Stock Incentive Plan”), and pursuant to the authorization of the 3rd extraordinary general meeting of shareholders in 2019 and the 3rd extraordinary general meeting of shareholders in 2021, the Company will repurchase and cancel a total of 78,000 shares of restricted stock that have been granted to the above-mentioned incentive recipients but have not yet been released from restriction. For details, please refer to the announcement disclosed by the Company on December 21, 2023 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the Implementation of Repurchase and Cancellation of Restricted Shares Under Equity Incentive for Part for Milkv衛 Chemical Supply Chain Service Co., Ltd.” (Announcement No.: 2023-161).

On December 25, 2023, the Company received the “Securities Change Registration Certificate” issued by the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. The cancellation matters relating to a total of 78,000 restricted shares under the 2019 restricted stock incentive plan and the 2021 stock option and restricted stock incentive plan were completed. Because changes occurred in the Company’s share capital, it was necessary to adjust the conversion price of the “Milkv衛 Convertible Bond” accordingly, from the original RMB 134.07 per share to RMB 134.11 per share. This adjustment complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on December 26, 2023 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Completion of the Implementation of Repurchase and Cancellation of Restricted Stock and Adjustment of the Conversion Price of the ‘Milkv衛 Convertible Bond’ for Milkv衛 Chemical Supply Chain Service Co., Ltd.” (Announcement No.: 2023-164).

Considering that from March 12, 2024 to April 1, 2024, the closing price of the Company’s stock for 15 consecutive trading days was below 90% of the then conversion price (RMB 120.70 per share), the downward conversion price adjustment provision of the “Milkv衛 Convertible Bond” has been triggered. The Company held the 34th meeting of the third session of the board of directors on April 1, 2024 and the 2023 annual general meeting of shareholders, as well as the 34th meeting on May 6, 2024, and examined and approved the proposal on “Amending the Conversion Price of the ‘Milkv衛 Convertible Bond’ Downward.” Pursuant to the relevant provisions of the “Offering Memorandum” and the authorization granted by the Company’s 2023 annual general meeting of shareholders, after taking into comprehensive consideration the Company’s actual circumstances, the Company’s board of directors agreed to amend the conversion price of the “Milkv衛 Convertible Bond” downward from RMB 134.11 per share to RMB 57.00 per share. For details, please refer to the announcement disclosed by the Company on May 7, 2024 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Amending the Conversion Price of the ‘Milkv衛 Convertible Bond’ Downward and Suspension/Reinstatement of Conversion Trading” (Announcement No.: 2024-061).
On April 11, 2024, the Company held the 35th meeting of the third session of the board of directors and the 26th meeting of the third session of the board of supervisors, respectively, and examined and approved proposals including “Proposal on the Company’s 2023 Profit Distribution Plan.” According to the relevant provisions of the “Company’s 2023 Profit Distribution Plan,” the Company planned to distribute cash dividends to all shareholders of RMB 5.3 for every 10 shares (including tax). For details, please refer to the announcement disclosed by the Company on April 12, 2024 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the 2023 Profit Distribution Plan for Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.” (Announcement No.: 2024-036).

Because the Company implemented the 2023 profit distribution plan, it was necessary to adjust the conversion price of the “Milkv衛 Convertible Bond” accordingly, from the original RMB 57.00 per share to RMB 56.48 per share. This adjustment complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on May 22, 2024 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Adjusting the Conversion Price of the ‘Milkv衛 Convertible Bond’ for Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.” (Announcement No.: 2024-072).

On April 11, 2024, the Company held the 35th meeting of the third session of the board of directors and the 26th meeting of the third session of the board of supervisors, respectively, and examined and approved proposals including “Proposal on Whether the Third Unlocking Period Conditions for the Restricted Shares Granted Under the 2021 Stock Option and Restricted Stock Incentive Plan Have Been Met, and Repurchase and Cancellation of Part of the Restricted Shares,” etc. Considering that, since the Company’s performance appraisal target at the Company level for the third unlocking period of the restricted shares granted under the 2021 stock option and restricted stock incentive plan was not met, the unlocking conditions were not fulfilled. According to the relevant provisions of the “Measures for the Administration of Equity Incentive of Listed Companies” and the “2021 Stock Option and Restricted Stock Incentive Plan,” and the authorization granted by the 3rd extraordinary general meeting of shareholders in 2021, the Company will repurchase and cancel the 56,775 shares of restricted stock corresponding to the third unlocking period that have been granted but not yet unlocked by the six incentive recipients for this incentive plan. For details, please refer to the announcement disclosed by the Company on July 11, 2024 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the Implementation of Repurchase and Cancellation of Part of Restricted Shares Under Equity Incentive for Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.” (Announcement No.: 2024-086).

On July 16, 2024, the Company received the “Securities Change Registration Certificate” issued by the Shanghai Branch of China Securities Depository and Clearing Co., Ltd., confirming that the cancellation matters relating to a total of 56,775 restricted shares under the 2021 stock option and restricted stock incentive plan were completed on July 15, 2024. Because the restricted shares involved in this repurchase and cancellation constitute a relatively small proportion of the Company’s total share capital, after calculation and rounding to the nearest whole number, upon completion of this repurchase and cancellation of restricted shares, the conversion price of the “Milkv衛 Convertible Bond” remains unchanged. Not adjusting the conversion price in this instance complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on July 17, 2024 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Not Adjusting the Conversion Price of the Convertible Bonds After Repurchase and Cancellation of Restricted Stock for Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.” (Announcement No.: 2024-087).

The Company held the 38th meeting of the third session of the board of directors and the 1st extraordinary general meeting of shareholders on July 8, 2024 and July 24, 2024, respectively, and examined and approved proposals including “Proposal on Changing the Purpose of Repurchased Shares and Cancelling Them.” It was agreed that the Company would cancel 2,290,159 treasury shares in the repurchase special securities account and reduce registered capital accordingly. For details, please refer to the announcement disclosed by the Company on September 11, 2024 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the Implementation of Treasury Share Cancellation via Share Repurchase and Changes in Shares” (Announcement No.: 2024-116).

The cancellation matters relating to the above-mentioned 2,290,159 repurchased shares were completed on September 11, 2024. Due to changes in the Company’s share capital, it was necessary to adjust the conversion price of the “Milkv衛 Convertible Bond” accordingly, from the original RMB 56.48 per share to RMB 56.31 per share. This adjustment complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on September 13, 2024 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Adjusting the Conversion Price of the ‘Milkv衛 Convertible Bond’ and Suspension/Reinstatement of Conversion Trading” (Announcement No.: 2024-118).

The Company held the 39th meeting of the third session of the board of directors and the 2nd meeting of the fourth session of the board of directors on August 1, 2024 and October 16, 2024 respectively, and examined and approved proposals including “Proposal on Repurchasing and Cancelling Part of the Restricted Shares Granted Under the 2021 Stock Option and Restricted Stock Incentive Plan” and “Proposal on Repurchasing and Cancelling the Restricted Shares Under the 2024 Stock Option and Restricted Stock Incentive Plan,” etc. Considering that, among the incentive recipients under the 2021 stock option and restricted stock incentive plan and the 2024 stock option and restricted stock incentive plan, a total of two incentive recipients no longer meet the qualification as incentive recipients due to resignation. Pursuant to the relevant provisions of the “Measures for the Administration of Equity Incentive of Listed Companies,” the “2021 Stock Option and Restricted Stock Incentive Plan,” and the “2024 Stock Option and Restricted Stock Incentive Plan of Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.,” and pursuant to the authorizations granted by the 3rd extraordinary general meeting of shareholders in 2021 and the 2023 annual general meeting of shareholders, the Company will repurchase and cancel a total of 121,000 shares of restricted stock that have been granted to the above-mentioned incentive recipients but have not yet been released from restriction. For details, please refer to the announcement disclosed by the Company on December 10, 2024 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the Implementation of Repurchase and Cancellation of Part of Restricted Shares Under Equity Incentive for Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.” (Announcement No.: 2024-152).

On December 13, 2024, the Company received the “Securities Change Registration Certificate” issued by the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. The cancellation matters relating to a total of 121,000 restricted shares under the 2021 stock option and restricted stock incentive plan and the 2024 stock option and restricted stock incentive plan were completed on December 12, 2024. Due to changes in the Company’s share capital, it was necessary to adjust the conversion price of the “Milkv衛 Convertible Bond” accordingly, from the original RMB 56.31 per share to RMB 56.33 per share. This adjustment complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on December 16, 2024 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Adjusting the Conversion Price of the ‘Milkv衛 Convertible Bond’ and Suspension/Reinstatement of Conversion Trading” (Announcement No.: 2024-154).

The Company held the 3rd meeting of the fourth session of the board of directors and the 3rd extraordinary general meeting of shareholders on October 22, 2024 and November 7, 2024 respectively, and examined and approved proposals including “Proposal on Changing the Purpose of the Previous Share Repurchase and Cancelling the Shares.” It was agreed that the Company would cancel 1,129,700 treasury shares in the repurchase special securities account and reduce registered capital accordingly. For details, please refer to the announcement disclosed by the Company on December 24, 2024 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the Implementation of Treasury Share Cancellation via Share Repurchase and Changes in Shares” (Announcement No.: 2024-156).

The cancellation matters relating to the above-mentioned 1,129,700 repurchased shares were completed on December 24, 2024. Due to changes in the Company’s share capital, it was necessary to adjust the conversion price of the “Milkv衛 Convertible Bond” accordingly, from the original RMB 56.33 per share to RMB 56.38 per share. This adjustment complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on December 26, 2024 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Adjusting the Conversion Price of the ‘Milkv衛 Convertible Bond’ and Suspension/Reinstatement of Conversion Trading” (Announcement No.: 2024-157).

The Company held the 3rd meeting of the fourth session of the board of directors and the 3rd extraordinary general meeting of shareholders on October 22, 2024 and November 7, 2024 respectively, and examined and approved the proposal “Proposal on Repurchasing Shares Using Bank Special Loans and the Company’s Own Funds.” It was agreed that the Company would use the special loans provided by China Merchants Bank Shanghai Branch and the Company’s own funds to repurchase the Company’s shares through centralized competitive bidding transactions. All repurchased shares will be used for cancellation and to reduce registered capital accordingly. The repurchase share period of this instance expired on February 6, 2025. Through centralized competitive bidding transactions, the Company has actually repurchased 2,533,517 shares. For details, please refer to the announcement disclosed by the Company on February 7, 2025 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the Results of Share Repurchase Implementation and Changes in Shares” (Announcement No.: 2025-010).

The cancellation matters relating to the above-mentioned 2,533,517 repurchased shares were completed on February 7, 2025. Due to changes in the Company’s share capital, it was necessary to adjust the conversion price of the “Milkv衛 Convertible Bond” accordingly, from the original RMB 56.38 per share to RMB 56.43 per share. This adjustment complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on February 11, 2025 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Adjusting the Conversion Price of the ‘Milkv衛 Convertible Bond’ and Suspension/Reinstatement of Conversion Trading” (Announcement No.: 2025-012).

On April 13, 2025, the Company held the 6th meeting of the fourth session of the board of directors and the 5th meeting of the fourth session of the board of supervisors, respectively, and examined and approved proposals including “Proposal on the Company’s 2024 Profit Distribution Plan.” According to the relevant provisions of the “Company’s 2024 Profit Distribution Plan,” the Company planned to distribute cash dividends to all shareholders of RMB 7.1 for every 10 shares (including tax). For details, please refer to the announcement disclosed by the Company on April 15, 2025 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the 2024 Profit Distribution Plan for Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.” (Announcement No.: 2025-029).

Because the Company implemented the 2024 profit distribution plan, it was necessary to adjust the conversion price of the “Milkv衛 Convertible Bond” accordingly, from the original RMB 56.43 per share to RMB 55.72 per share. This adjustment complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on May 27, 2025 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Adjusting the Conversion Price of the ‘Milkv衛 Convertible Bond’ for Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.” (Announcement No.: 2025-057).

On April 13, 2025, the Company held the 6th meeting of the fourth session of the board of directors, and examined and approved proposals including “Proposal on Whether the Fourth Unlocking Period Conditions for the Restricted Shares Granted Under the 2021 Stock Option and Restricted Stock Incentive Plan Have Been Met, and Repurchase and Cancellation of Restricted Shares.” Considering that, since the Company’s performance appraisal target at the Company level for the fourth unlocking period of the restricted shares granted under the 2021 stock option and restricted stock incentive plan was not met, the unlocking conditions were not fulfilled. Pursuant to the relevant provisions of the “Measures for the Administration of Equity Incentive of Listed Companies” and the “2021 Stock Option and Restricted Stock Incentive Plan of Milkv衛 Chemical Supply Chain Service Co., Ltd.” and the authorization granted by the 3rd extraordinary general meeting of shareholders in 2021, the Company will repurchase and cancel 35,775 shares of restricted stock corresponding to the fourth unlocking period that have been granted but not yet released from restriction by the five incentive recipients under this incentive plan. For details, please refer to the announcement disclosed by the Company on July 8, 2025 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on the Implementation of Repurchase and Cancellation of Part of Restricted Shares Under Equity Incentive for Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.” (Announcement No.: 2025-066).

On July 11, 2025, the Company received the “Securities Change Registration Certificate” issued by the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. The cancellation matters relating to a total of 35,775 shares of restricted stock under the 2021 stock option and restricted stock incentive plan were completed on July 10, 2025. Because the restricted shares involved in this repurchase and cancellation constitute a relatively small proportion of the Company’s total share capital, after calculation and rounding to the nearest whole number, upon completion of this repurchase and cancellation of restricted shares, the conversion price of the “Milkv衛 Convertible Bond” remains unchanged. Not adjusting the conversion price in this instance complies with the relevant provisions of the Company’s “Offering Memorandum.” For details, please refer to the announcement disclosed by the Company on July 12, 2025 on the Shanghai Stock Exchange website (www.sse.com.cn), titled “Announcement on Not Adjusting the Conversion Price of Convertible Bonds Upon Repurchase and Cancellation of Restricted Shares for Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.” (Announcement No.: 2025-067).

II. Conversion of the Convertible Bonds This Time

(I) During the period from January 1, 2026 to March 31, 2026, the conversion amount of the “Milkv衛 Convertible Bond” was RMB 24,000, and the number of shares formed by conversion was 430 shares, accounting for 0.0003% of the Company’s total share capital prior to conversion of the “Milkv衛 Convertible Bond.”

(II) As of March 31, 2026, the amount of the “Milkv衛 Convertible Bond” that has not yet been converted is RMB 872,241,000, accounting for 99.98% of the total issued amount of the “Milkv衛 Convertible Bond.”

III. Changes in Share Capital

Unit: shares

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IV. Other Matters

Contact department: Company Securities Department

Telephone: 021-80228498

Contact email: ir@mwclg.com

This announcement is hereby issued.

Board of Directors of Milkv衛 Intelligent Supply Chain Service Group Co., Ltd.

April 2, 2026

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