Xiangpiaopiao Food Co., Ltd. Announcement on the Progress of the Company's Participation in Subscription of Investment Fund Shares

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Securities Code: 603711 Securities Short Name: Xiangpiaopiao Announcement No.: 2026-004

Xiangpiaopiao Foods Co., Ltd.

Announcement on the Progress of the Company’s Participation in Subscribing Investment Fund Units

This Company’s board of directors and all directors guarantee that the content of this announcement contains no false records, misleading statements, or material omissions, and assume legal responsibility for the truthfulness, accuracy, and completeness of the content.

Key Matters in Brief:

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I. Overview of the Basic Situation of the Cooperative Investment

1. Basic situation of the cooperative investment

Xiangpiaopiao Foods Co., Ltd. on July 7, 2025, jointly signed the《Changsha Quanjong Venture Capital Partnership Enterprise (Limited Partnership) Partnership Agreement》with the general partner Suzhou Vitelin New Entrepreneurship Investment Management Co., Ltd. (hereinafter referred to as “Suzhou Vitelin New”) and other limited partners. For specific details, please refer to the company’s disclosure on July 8, 2025 on the official website of the Shanghai Stock Exchange (

2. Preliminary progress of the partnership enterprise of the cooperative investment

Based on the《Partnership Agreement》and after consultation and agreement by all partners of the partnership enterprise, they have re-signed the《Changsha Quanjong Venture Capital Partnership Enterprise (Limited Partnership) Partnership Agreement》, and made adjustments regarding matters related to the addition of new partners and capital contribution. For specific details, please refer to the company’s disclosure on December 19, 2025 on the official website of the Shanghai Stock Exchange (

II. Progress of the External Investment in This Round

(I) Progress in this round

Based on the investment development plan of the partnership enterprise, after unanimous approval by all partners of the partnership enterprise, it is agreed to admit new limited partners Zhengzhou Yiqixue Education Technology Co., Ltd., Wu Hongtao, and Shanghai Shenyu Investment Management Co., Ltd. into the partnership. Zhengzhou Yiqixue Education Technology Co., Ltd. will subscribe for capital contributions of RMB 30,000,000; Wu Hongtao will subscribe for capital contributions of RMB 15,000,000; and Shanghai Shenyu Investment Management Co., Ltd. will subscribe for capital contributions of RMB 30,000,000. It is also agreed that the general partner Suzhou Vitelin New will increase its subscribed capital contribution to the partnership enterprise by RMB 800,000. After the addition of the subscribed capital contribution, Suzhou Vitelin New’s total subscribed capital contribution to the partnership enterprise will be RMB 9,000,000 in total. The total amount of subscribed capital contributions of the partnership enterprise will increase from RMB 813,200,000 to RMB 889,000,000. The address of the partnership enterprise’s principal place of business will be changed to Room B-4002-2, Building B, Huijing Development Global Center, at the intersection of Baisha Road and Xiangjiang Middle Road, Tianxin District, Changsha City, Hunan Province.

After consultation and agreement by all parties, the《Changsha Quanjong Venture Capital Partnership Enterprise (Limited Partnership) Partnership Agreement》has been re-signed recently (hereinafter referred to as the “Partnership Agreement”).

The subscribed capital contribution situation after this adjustment is as follows:

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(II) Basic information of the newly added limited partners

1. Zhengzhou Yiqixue Education Technology Co., Ltd.

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Zhengzhou Yiqixue Education Technology Co., Ltd. has no record of dishonesty, no major matters affecting its ability to repay debts, and has no other relationships with the company in terms of property rights, business, assets, creditor’s rights and debts, personnel, etc. It also has no relevant interest arrangements, and no arrangements with third parties that would otherwise affect the company’s interests.

2. Wu Hongtao

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Wu Hongtao has no record of dishonesty, no major matters affecting his ability to repay debts, and has no other relationships with the company in terms of property rights, business, assets, creditor’s rights and debts, personnel, etc. He also has no relevant interest arrangements, and no arrangements with third parties that would otherwise affect the company’s interests.

3. Shanghai Shenyu Investment Management Co., Ltd.

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Shanghai Shenyu Investment Management Co., Ltd. has no record of dishonesty, no major matters affecting its ability to repay debts, and has no other relationships with the company in terms of property rights, business, assets, creditor’s rights and debts, personnel, etc. It also has no relevant interest arrangements, and no arrangements with third parties that would otherwise affect the company’s interests.

III. Impact on the Company and Proposed Contingency Measures

The addition of the new limited partners, the increase in the subscribed capital contribution by the original general partner, and the change of the partnership enterprise’s main business premises in this round comply with the relevant provisions regarding investments by the partnership enterprise, and there is no situation that would harm the interests of the partnership enterprise or the partners. Meanwhile, the company’s contribution amounts, contribution methods, etc. have not changed. Re-signing the《Partnership Agreement》will not have a significant impact on the company’s financial and operating conditions, and there is no situation that would harm the interests of the company and all shareholders.

During the course of investment, the partnership enterprise may be affected by various factors such as the uncertainty of the macroeconomic environment and industry cycles, and may face risks that investment returns may not meet expectations. In general, investment projects of the partnership enterprise go through a longer period from contact, investment to exit; the investment plan may be delayed or postponed, and the exit arrangements may not be implemented, thereby increasing the uncertainty of investments and creating a risk that the operating term of the partnership enterprise may be extended. The company will continue to monitor the subsequent progress of the investment fund and, in accordance with the provisions of relevant laws and regulations, promptly fulfill information disclosure obligations. Investors are kindly requested to pay attention to investment risks.

IV. Overall Situation of Cooperative Investment with Private Funds as of Present

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Announcement is hereby given.

Board of Directors of Xiangpiaopiao Foods Co., Ltd.

March 31, 2026

Securities Code: 603711 Securities Short Name: Xiangpiaopiao Announcement No.: 2026-005

Xiangpiaopiao Foods Co., Ltd.

Announcement on the Results of the Reduction of Shares by a Major Shareholder

The board of directors of this Company, all directors, and relevant shareholders guarantee that the content of this announcement contains no false records, misleading statements, or material omissions, and assume legal responsibility for the truthfulness, accuracy, and completeness of the content.

Key Matters in Brief:

● Basic situation of the shareholding of the major shareholder

Before this reduction plan was implemented, Mr. Yang Dongyun, the Company’s major shareholder, held 21,527,361 shares of Xiangpiaopiao Foods Co., Ltd. (hereinafter referred to as the “Company”), accounting for 5.21% of the Company’s total share capital. The source of the aforementioned shares was obtained through agreement transfer and secondary-market centralized bidding transactions.

● Results of the implementation of the reduction plan

On December 9, 2025, the Company disclosed the《Announcement on the Reduction of Shares by the Company’s Major Shareholder Xiangpiaopiao》 (Announcement No.: 2025-047). Mr. Yang Dongyun planned to reduce the Company’s shares by no more than 419,864 shares through centralized bidding, i.e., no more than 0.10% of the Company’s total share capital. The reduction period was from December 31, 2025 to March 30, 2026.

On March 30, 2026, the Company received a notice from Mr. Yang Dongyun. As of the date of disclosure of this announcement, Mr. Yang Dongyun has cumulatively reduced 50,000 shares of the Company through centralized bidding, accounting for 0.01% of the Company’s total share capital. The time window for the implementation of this reduction plan has expired. The specific matters are hereby announced as follows:

I. Basic situation of the reduction subject before the reduction

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On March 6, 2026, Mr. Yang Dongyun transferred the 21,107,497 shares of the Company he held (representing 5.11% of the Company’s total share capital) to Mr. Jiang Jiqi, the Company’s controlling shareholder and actual controller, through an agreement transfer. For details, please refer to the《Announcement on the Completion of the Transfer of Shares by the Company’s Major Shareholder via Agreement Transfer》disclosed by the Company on March 10, 2026 (Announcement No.: 2026-003).

The above reduction subject has no persons acting in concert.

II. Results of the implementation of the reduction plan

(I) The major shareholder discloses the results of the implementation of the reduction plan for the following matters:

The disclosed reduction time window has expired

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(II) Whether this reduction complies with the relevant laws and regulations and the business rules of this exchange √ Yes □ No

(III) Whether the actual reduction is consistent with the reduction plan and undertakings previously disclosed √ Yes □ No

(IV) Whether the reduction period has expired and whether no reduction was carried out □ Not carried out √ Carried out

(V) Whether the actual reduction did not reach the minimum number (proportion) of reduction under the reduction plan □ Not reached √ Reached

(VI) Whether the reduction plan was terminated early □ Yes √ No

(VII) Whether there are any violations of the reduction plan or other undertakings □ Yes √ No

Announcement is hereby given.

Board of Directors of Xiangpiaopiao Foods Co., Ltd.

March 31, 2026

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