Shenzhen Woer Heat-Shrinkable Material Co., Ltd. (Shenzhen Woer) disclosed that on 31 March 2026 its indirectly held subsidiary, Shanghai Keter New Materials Co., Ltd., signed a Project Investment Agreement with the Zhejiang Dushan Port Economic Development Zone Management Committee.

The project hinges on Shanghai Keter’s successful bid for two industrial land parcels totaling about 160.5 mu, offered for a 50-year land-use term via public Listing-for-Sale. Upon securing the land, Shanghai Keter will construct a production base housing R&D laboratories, manufacturing plants, offices and ancillary facilities dedicated to new-energy protection products, electronic components, refractory specialty materials and aerogel products.

Total planned investment amounts to RMB1.20 billion, fully funded by the Group’s internal resources and excluding any proceeds from the company’s global offering. Development will be executed in two phases:

• Phase I: approximately 108.5 mu with an investment of RMB1.00 billion, including RMB700.00 million in fixed assets. Construction is targeted to start by December 2026, with commercial production slated for January 2029 and tax contribution milestones expected by 2030. • Phase II: reserved land of about 52 mu, earmarked for a further RMB200.00 million investment, including RMB100.00 million in fixed assets.

Under Hong Kong Listing Rules, the transaction’s size exceeds 5 % but remains below 25 % of the applicable percentage ratios, classifying it as a disclosable transaction that requires announcement but not shareholder approval.

Shenzhen Woer cautions that the project is conditional on winning the land tender and securing requisite approvals for project establishment, environmental, planning and construction matters. Further announcements will be made as milestones are reached.