Guoquan Food (Shanghai) Co., Ltd. on 10 September 2026 granted 90.49 million H shares to 126 employees under its 2026 H-Share Equity Incentive Scheme.

Key allocation • Executives: Executive Director Luo Na and Employee Director Zheng Min each received 2.54 million shares. • Connected persons: 3.82 million shares were distributed among associates of Directors Yang Mingchao, Yang Tongyu, Meng Xianjin and Luo Na. • Other staff: 81.59 million shares went to 119 non-connected employees.

Pricing structure • Vice presidents: RMB1.00 per share • Directors: RMB0.80 per share • Managers: RMB0.60 per share • Supervisors/Specialists: RMB0.40 per share No upfront consideration is required from grantees.

Vesting and performance hurdles The award vests in four equal tranches on each anniversary of the grant date, contingent on core operating profit targets: 2026 – ≥ RMB600 million 2027 – ≥ RMB700 million 2028 – ≥ RMB800 million 2029 – ≥ RMB1.00 billion Either cumulative or single-year targets may satisfy each vesting test. A claw-back mechanism applies for misconduct or departure.

Scheme capacity and funding After the grant, 36.43 million H shares remain available under the scheme mandate. All awards will be settled through treasury shares; no financial assistance will be provided to participants.

Regulatory compliance Independent non-executive directors approved the grants to directors and their associates in accordance with Hong Kong Listing Rule 17.04(1). The issue stays within both the 1% employee and 0.1% connected-person annual limits, so no shareholder vote is required. Directors involved abstained from relevant board decisions.

Market reference Guoquan Food’s H shares closed at HK$1.635 on the grant date.