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Exhibit 99.1

CONTENTS

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CORPORATE INFORMATION

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SAFE HARBOR STATEMENT

This interim report contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about WeRide’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in WeRide’s filings with the SEC and announcements on the website of the Stock Exchange. All information provided in this interim report is as of the date of this interim report, and WeRide does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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KEY HIGHLIGHTS

FINANCIAL HIGHLIGHTS FOR THE SIX MONTHS ENDED JUNE 30, 2026

OPERATING HIGHLIGHTS FOR THE SIX MONTHS ENDED JUNE 30, 2026

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BUSINESS REVIEW AND OUTLOOK

BUSINESS REVIEW

1.Overall Performance

The Group delivered strong results in the Reporting Period, with total revenue reaching RMB345.9 million, an increase of 73.3% from RMB199.6 million in the same period of 2025. During the Reporting Period, overseas revenue increased by 154.4% YoY, continuing its rapid growth trajectory and underscoring the progressive rollout of the Group’s proven asset-light overseas expansion model.

Gross profit for the Reporting Period was RMB126.5 million, with gross margin improving to 36.6% from the same period of 2025, mainly attributable to the increasing contribution from higher-margin L2++/L3 solutions, as well as overseas L4 business.

EBITDA for the Reporting Period was negative RMB667.0 million, narrowing by 6.5% from negative RMB713.3 million for the same period of 2025.

2.L4 Robotaxi

Robotaxi is the Group’s flagship product and the central driver of our commercialization strategy. As of July 31, 2026, the Group’s global L4 fleet comprised approximately 3,400 vehicles, including more than 1,800 robotaxis.

Overseas operations

In Spain, the Group and Uber announced plans to launch Spain’s first commercial robotaxi pilot in the Region of Madrid, marking our fourth joint deployment globally and our first entry into the European market together. The service is expected to begin operations later this year. In Switzerland, following its receipt of the first driverless robotaxi permit from FEDRO in November 2025, the Group is working with Uber to advance the deployment of robotaxi services in the Greater Zurich Region, marking our fifth joint deployment globally and second in Europe. Prior to this project, the Group had launched robotaxi services in Zurich in collaboration with Swiss Federal Railways (Schweizerische Bundesbahnen, “SBB”), Swiss Transit Lab and ioki, a well-known European provider of on-demand mobility services. In Denmark, the Group entered its sixth European market and expanded into the Nordic region for the first time through a strategic partnership with GreenMobility. In addition, the Group launched Slovakia’s first autonomous driving program in March 2026 in partnership with ELEVATE Slovakia.

In the Middle East, building on fully driverless robotaxi operations in Abu Dhabi and Dubai — including Dubai’s first fully driverless, fare-charging service launched in April 2026 with Uber and Dubai’s Roads and Transport Authority — the Group’s overall approved service area now covers more than 70% of the core urban area in the city. As of July 31, 2026, our robotaxi fleet in the Middle East comprised approximately 400 vehicles.

In Singapore, the Group commenced public operations in Singapore’s Punggol district in partnership with Grab, marking an important milestone in the Group’s Southeast Asia expansion.

China operations

During the Reporting Period, fleet utilization and per-vehicle unit economics continued to improve. In 2Q2026, average daily rides per vehicle increased by 24% QoQ to over 21 rides, with peak daily completed rides per vehicle reaching 28. In 2Q2026, registered users of WeRide robotaxi service saw QoQ growth of 35%, with quarterly ride-hailing revenue increasing by approximately 140% QoQ. Building on its core operational hubs in Beijing and Guangzhou, the Group continuously expanded the service area of its fully driverless robotaxi services. In Guangzhou, the service area tripled compared with the end of 2025 and now spans the Huangpu, Tianhe and Haizhu districts with 24/7 commercial operations. These complex operating environments further validate the safety and operational stability of the Group’s autonomous driving system.

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3.Other L4 Business

The Group continued to accelerate its global robobus rollout. In Zurich, its robobus began operating without a front-seat safety operator, marking the first deployment of its kind in Europe. The Group’s commercial robobus service in Leuven, Belgium, is planned to operate without a front-seat safety operator in 3Q2026. The Group also partnered with Renault Group for the third consecutive year to provide robobus shuttle services during the Roland Garros French Open. In addition, the Group operates robobus mobility services in Japan, Saudi Arabia, Singapore, and the UAE.

As of the date of this interim report, our autonomous driving businesses have expanded to more than 60 cities across 13 countries.

4.L2++/L3 Business

The Group’s one-stage, end-to-end L2++/L3 solution, WRD 3.0, entered a phase of rapid growth. In 2Q2026, total deliveries of WRD 3.0 were approximately 30,000 units. To date, the Group has secured L2++ production design wins for over 30 vehicle models. In April 2026, GAC Aion officially launched the Aion N60, its first mass-produced passenger vehicle jointly developed with the Group. The model also marked the Group’s first mass-production deployment of its one-stage, end-to-end technology on the Qualcomm Snapdragon platform. In the same month, WRD 3.0 became the first and only six-time consecutive champion of the China Urban Intelligent Driving Competition. WRD 3.0 has also begun on-road testing and localization validation in France, Germany, Japan and other overseas markets.

5.Technology Development

During the Reporting Period, the Group further strengthened its technology foundation. WeRide GENESIS, the Group’s proprietary world model, creates a closed loop from perceiving to understanding the physical world, enabling systems to train, validate and iterate in large-scale, high-fidelity virtual environments, compressing millions of kilometers of road testing into days while reducing data collection and annotation costs by more than 75%. In June 2026, WeRide GENESIS received the Simulation Innovation Award at the 2026 Automotive Testing Technology International Awards and the Overall Gen-AI Solution of the Year at the 2026 AI Breakthrough Awards.

In July 2026, the Group introduced WeRide WITT, its physical AI cognitive foundation model, which continuously extracts fundamental principles governing the physical world from vast volumes of operational data. Compared with general-purpose AI models that often rely on hundreds of billions of parameters, WeRide WITT reduces token costs by up to 98%, processes up to 10,000 minutes of vehicle-operation video per day on a single GPU, and delivers up to 200 times greater data-processing efficiency on comparable workloads.

In June 2026, we announced the joint development of robotaxis specifically designed for right-hand-drive markets, as part of a strategic partnership with Geely Farizon and Kwoon Chung Bus Holdings Limited. The deployment of commercial right-hand-drive robotaxi services will begin in Singapore and Hong Kong, bringing transformative autonomous mobility solutions to right-hand-drive markets worldwide.

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OUTLOOK

Looking ahead, the Group will continue to pursue a dual strategy featuring asset-light, high-margin overseas expansion and self-operated domestic growth. Overseas, the Group will expand into new markets to capture powerful compound scaling effects, with marginal costs declining and deployment efficiency improving as its geographic footprint expands. In China, it will increase fleet density and operational capacity while further developing its end-to-end local commercial ecosystem. Drawing on proven operational experience in China and overseas, the Group is developing a standardized global L4 operating system built around robotaxis to scale and roll out our validated commercial model worldwide. From a technology perspective, the Group’s continuously evolving full-stack data toolchain strengthens its physical AI infrastructure, accelerates algorithm iteration and reinforces its technological moat, further enhancing driving safety, system performance and adaptability across diverse operating scenarios.

1.Global Robotaxi scale-up

Across our prioritized core overseas markets with mature operations, we have established a comprehensive end-to-end commercial operating model, delivered consistent profitability at the individual city level, and maintained steady operational expansion. Building on this proven operational framework, we are advancing our commercial rollout across multiple European markets. We expect to launch Spain’s first commercial robotaxi service in Madrid by the end of 2026, expand autonomous mobility services across the Greater Zurich Area through our second collaborative deployment with Uber in Europe, and partner with GreenMobility to launch public autonomous transportation services in Denmark in 1H2027. Our proven overseas operating model generates compounding economies of scale, whereby marginal costs decline incrementally with each new market entry and enable rapid, cost-effective business replication across geographies. In China, we plan to expand our footprint into additional major cities, prioritizing key first-tier metropolitan areas, while continuing to refine our local commercial operating model and broaden the coverage of our domestic L4 operations.

2.Replicable asset-light overseas model

The Group’s asset-light overseas expansion model is highly replicable, enabling rapid deployment at scale across multiple cities. Having established end-to-end commercial ecosystems in multiple international markets, the Group will continue to deepen its presence in key cities worldwide while further refining a standardized operating model for L4 urban mobility services.

3.L2++/L3 ramp-up and margin contribution

Built on the same technology platform as the Group’s L4 solutions, its one-stage, end-to-end L2++/L3 solution has entered a phase of rapid commercial growth. As the business scales, fixed investments can be leveraged more efficiently, creating the potential for meaningful incremental contributions to the Group’s overall profitability. The Group will continue to expand its OEM partnerships and advance the localization validation of WRD 3.0 in international markets, bringing its proven intelligent driving solutions to a broader range of customers worldwide.

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MANAGEMENT DISCUSSION AND ANALYSIS

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2026

Revenue

Total revenue increased by 73.3% to RMB345.9 million (US$51.0 million) for the six months ended June 30, 2026, compared with RMB199.6 million for the six months ended June 30, 2025. The increase was primarily driven by the continued expansion of our L4 business, led by robotaxi and robobus, as well as the rapid growth of our L2++/L3 business.

Cost of revenue

Cost of revenue was RMB219.4 million (US$32.3 million) for the six months ended June 30, 2026, compared with RMB138.6 million for the six months ended June 30, 2025. The increase was primarily attributable to, and generally in line with, revenue growth in our L4 and AI infrastructure businesses¹.

Gross profit and gross margin

Gross profit was RMB126.5 million (US$18.6 million) for the six months ended June 30, 2026, compared with RMB61.1 million for the six months ended June 30, 2025. Gross margin increased to 36.6% for the six months ended June 30, 2026, compared with 30.6% for the six months ended June 30, 2025. The gross margin expansion was mainly driven by increased revenue contribution from our higher-margin L2++/L3 business and overseas L4 business.

Operating expenses

Operating expenses were RMB1,001.6 million (US$147.6 million) for the six months ended June 30, 2026, compared with RMB951.4 million for the six months ended June 30, 2025.

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¹AI infrastructure business mainly represents intelligent data services.

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Loss for the period

Loss for the period was RMB789.8 million (US$116.4 million) for the six months ended June 30, 2026, compared with RMB791.5 million for the six months ended June 30, 2025.

Non-IFRS adjusted loss for the period was RMB664.6 million (US$98.0 million) for the six months ended June 30, 2026, compared with RMB595.1 million for the six months ended June 30, 2025. Non-IFRS adjusted loss for the period is defined as loss for the period excluding share-based compensation expenses and fair value changes of financial assets at fair value through profit and loss (“FVTPL”), as set out below:

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EBITDA

EBITDA was negative RMB667.0 million (US$98.3 million) for the six months ended June 30, 2026, narrowing by 6.5% compared with negative RMB713.3 million for the six months ended June 30, 2025. EBITDA is defined as loss for the period excluding income tax, finance costs, depreciation and amortization expenses, as set out below:

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Basic and diluted loss per share/ADS

Basic and diluted loss per ordinary share for the six months ended June 30, 2026 was RMB0.79 (US$0.12), compared with RMB0.87 for the six months ended June 30, 2025. Basic and diluted loss per ADS for the six months ended June 30, 2026 was RMB2.37 (US$0.36), compared with RMB2.61 for the six months ended June 30, 2025.

Balance sheet

As of June 30, 2026, the Group held RMB5,374.8 million (US$792.2 million) in cash and cash equivalents and time deposits, RMB2.3 million (US$0.3 million) in investments in wealth management products recorded as current financial assets at FVTPL, and RMB21.4 million (US$3.2 million) in restricted cash, for an aggregate amount of RMB5,398.5 million (US$795.6 million).

As of June 30, 2026, the Group had short-term bank loans of RMB485.0 million (US$71.5 million).

Liquidity and capital resources

During the Reporting Period, we primarily financed our operations through our existing cash. As of June 30, 2026, we had aggregate balances of RMB5.4 billion in cash, cash equivalents, time deposits, restricted cash, and investments in wealth management products, which were recorded in current financial assets at FVTPL, representing a decrease of 24.3% compared with RMB7.1 billion as of December 31, 2025.

The Group follows a conservative set of funding and treasury policies to manage its capital resources.

Bank loans

As of June 30, 2026, our outstanding bank borrowings amounted to RMB485.0 million, which were denominated in RMB and primarily used to supplement our working capital. The bank borrowings were repayable in one year, bearing interest rates of 2.11% to 2.21%.

Pledge of assets

As of June 30, 2026, our bank balances of RMB21.4 million were held as secured amounts in certain bank accounts for the issuance of letters of guarantee, and the payment of rentals and credit card obligations.

As of June 30, 2026, certain patents were pledged for certain bank loans.

Gearing ratio

Our gearing ratio increased from 12% as of December 31, 2025 to 18% as of June 30, 2026, calculated by dividing total liabilities by total assets.

Material investments

During the Reporting Period, the Group did not have any significant investments (including any investment in an investee company with a value of 5% or more of the Group’s total assets as of June 30, 2026). As of June 30, 2026, the Group did not have other plans for material investments and capital assets.

Capital expenditure commitments

As of June 30, 2026, the Group had aggregate capital expenditure commitments amounting to RMB9.0 million.

Contingent liabilities

As of June 30, 2026, the Group did not have any material contingent liabilities.

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Material acquisitions and disposals

The Group did not conduct any material acquisitions and disposals during the Reporting Period.

Risk management

Foreign exchange risk

Foreign exchange risk arises when future commercial transactions or recognized assets and liabilities are denominated in a currency that is not the respective functional currency of our subsidiaries. We manage our foreign exchange risks by closely monitoring the movement of foreign currency rates and would consider hedging significant foreign currency exposure should the need arise.

Interest rate risk

Interest-bearing financial instruments at variable rates and at fixed rates expose the Group to cash flow interest rate risk and fair value interest risk, respectively. We determine the appropriate weightings of fixed and floating rate interest-bearing instruments based on current market conditions and perform regular reviews and monitoring to achieve an appropriate mix of fixed and floating rate exposure. We do not enter into financial derivatives to hedge interest rate risk.

Employees and remuneration policies

As of June 30, 2026, the Group had 4,952 full-time employees and 533 temporary employees (interns) globally, among whom 5,322 employees were based in China, including in Guangzhou, Shanghai, Beijing, and 163 employees outside China.

The following table sets forth the number of employees (including temporary employees) of the Group as of June 30, 2026.

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The Group mainly recruits its employees through on-campus job fairs, employee referrals, industry referrals and online channels including our corporate website and social networking platforms. The Group undertakes a strict interview process for recruitment purposes. The Group enters into standard employment agreements, as well as confidentiality and non-compete agreements with its employees in accordance with market practice. The Group has adopted a training protocol in the Chinese Mainland, pursuant to which it provides pre-employment and ongoing management and technical training to its employees.

The Group offers its employees competitive compensation packages, performance-based cash bonuses and other incentives. The Group participates in various employee social security plans for its PRC-based employees, including pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, medical insurance, and housing provident fund.

CORPORATE GOVERNANCE

The Company is committed to achieving high standards of corporate governance with a view to safeguarding the interests of its Shareholders and enhancing corporate value and accountability.

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WEIGHTED VOTING RIGHTS

The Company is controlled through weighted voting rights. Under this structure, the Company’s share capital comprises Class A Ordinary Shares and Class B Ordinary Shares. Each Class A Ordinary Share entitles the holder to exercise one vote, and each Class B Ordinary Share entitles the holder to exercise ten votes, on any resolution tabled at the Company’s general meetings, except for resolutions with respect to the Reserved Matters, in relation to which each Share is entitled to one vote.

The WVR structure of the Company enables the WVR Beneficiaries to exercise voting control over the Company notwithstanding that they do not hold a majority economic interest in the share capital of the Company. This will enable the Company to benefit from the continuing vision and leadership of the WVR Beneficiaries who will control the Company with a view to its long-term prospects and strategy.

Investors are advised to be aware of the potential risks of investing in companies with a WVR structure, in particular that the interests of the WVR Beneficiaries may not necessarily always be aligned with those of the Shareholders as a whole, and that the WVR Beneficiaries will be in a position to exert significant influence over the affairs of the Company and the outcome of Shareholders’ resolutions. Investors should make the decision to invest in the Company only after due and careful consideration.

As of the Latest Practicable Date, the WVR Beneficiaries are Dr. Han and Dr. Li, holding the Class A Ordinary Shares and the Class B Ordinary Shares through XHL (which is owned as to 80% by Dr. Han and as to 20% by Trident, the trustee of the Han Family Trust where Dr. Han is the protector and his descendants are the beneficiaries), THL (which is owned as to 51% by XHL and as to 49% by Trident, the trustee of the Han Family Trust), Humber Partners (which is owned as to 80% by Dr. Li and as to 20% by Trident, the trustee of the Li Family Trust where Dr. Li is the protector and his descendants are the beneficiaries), and Yanli (which is owned as to 51% by Humber Partners and as to 49% by Trident, the trustee of the Li Family Trust).

As of the Latest Practicable Date, Dr. Han and Dr. Li beneficially owned and controlled, through their intermediaries, an aggregate of 27,129,666 Class A Ordinary Shares and 54,814,423 Class B Ordinary Shares, representing (i) 8.30% of the total issued share capital of the Company (excluding treasury Shares), (ii) 9.06% of the economic interest in the total issued share capital of the Company (excluding treasury Shares) taking into account their vested share options granted under the 2018 Share Plan, (iii) 39.44% of the voting rights in the Company (excluding treasury Shares and without taking into account the voting rights attached to the 21,420,342 Class A Ordinary Shares held by the Depositary as of the Latest Practicable Date which might be used to satisfy any future exercise or vesting of share options and share awards granted under the 2018 Share Plan and 2026 Share Plan) with respect to Shareholder resolutions relating to matters other than the Reserved Matters on the basis that each Class A Ordinary Share entitles the holder to exercise one vote and each Class B Ordinary Share entitles the holder to exercise ten votes, and (iv) 8.49% of the voting rights in the Company (excluding treasury Shares and without taking into account the voting rights attached to the 21,420,342 Class A Ordinary Shares held by the Depositary as of the Latest Practicable Date which might be used to satisfy any future exercise or vesting of share options and share awards granted under the 2018 Share Plan and 2026 Share Plan) with respect to Shareholder resolutions relating to the Reserved Matters on the basis that each Share entitles the holder to exercise one vote.

Class B Ordinary Shares may be converted into Class A Ordinary Shares on a one-to-one ratio. As of the Latest Practicable Date, upon the conversion of all the issued and outstanding Class B Ordinary Shares into Class A Ordinary Shares, the Company will issue 54,814,423 Class A Ordinary Shares, representing approximately 5.55% of the total number of issued and outstanding Class A Ordinary Shares (excluding treasury Shares) (as enlarged by such Class A Ordinary Shares).

The weighted voting rights attached to the Class B Ordinary Shares will cease when the WVR Beneficiaries no longer have beneficial ownership of, or economic interest in, or control over the voting rights attached to any of the Class B Ordinary Shares, in accordance with Rule 8A.22 of the Listing Rules. This may occur:

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The Company has applied for, and the Stock Exchange has granted, a waiver from strict compliance with Rule 8A.18(1) of the Listing Rules to facilitate (i) the allotment and issuance of new shares by XHL to Trident and (ii) the allotment and issuance of new shares by Humber Partners to Trident, on the basis, among others, that each of Dr. Han and Dr. Li remains the protector of his family trust and retains sole control over the voting rights attached to the Class B Ordinary Shares held within his family trust structure following the aforementioned share allotment and issuance. See the announcement of the Company dated July 13, 2026 for details.

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE

The Company has adopted the code provisions in the Corporate Governance Code set out in Appendix C1 to the Listing Rules as its own code to govern its corporate governance practices. During the Reporting Period, the Company has complied with all the code provisions of the Corporate Governance Code, save for the following.

Pursuant to code provision C.2.1 in Part 2 of the Corporate Governance Code, companies listed on the Stock Exchange are expected to comply with, but may choose to deviate from, the requirement that the roles of chairman and chief executive should be separate and should not be performed by the same individual. The Company does not have a separate chairman of the Board and CEO, and Dr. Tony Xu Han currently performs these two roles. The Board believes that vesting the roles of both the chairman of the Board and CEO in the same person has the benefit of ensuring consistent leadership within the Group and enabling more effective and efficient overall strategic planning and execution of strategic initiatives for the Group. The Board considers that the balance of power and authority for the present arrangement will not be impaired, and this structure will enable the Company to make and implement decisions promptly and effectively. The Board will continue to review this arrangement and will consider splitting the roles of the chairman of the Board and CEO at a time when it is appropriate taking into account the circumstances of the Group as a whole.

Pursuant to code provision C.1.5 in Part 2 of the Corporate Governance Code, non-executive directors and independent non-executive directors should attend general meetings to gain and develop a balanced understanding of the views of shareholders. Mr. Kazuhiro Doi (who resigned on March 31, 2026) and Dr. Tony Fan-cheong Chan were unable to attend the extraordinary general meeting held on March 13, 2026 due to other business commitments, and Mr. Ichijo Futakawa, Ms. Huiping Yan and Dr. Tony Fan-cheong Chan were unable to attend the annual general meeting held on June 26, 2026 due to other business commitments. The other Board members, including both executive Directors, namely Dr. Tony Xu Han and Dr. Yan Li, attended both general meetings and were available to answer shareholders’ questions. Prior to the meetings, the absent non-executive Directors and independent non-executive Directors had reviewed all relevant meeting materials, understood the matters to be considered, and expressed their views and discharged their duties as Directors. The Board is of the view that such temporary absence did not have any material adverse impact on the Company’s corporate governance standards, the effective functioning of the Board, or the daily operations of the Group. The Board will continue to monitor Directors’ attendance at general meetings and remind all Directors of their obligations in this regard.

COMPLIANCE WITH THE MODEL CODE

The Company has adopted the Model Code set out in Appendix C3 to the Listing Rules as its code of conduct regarding Directors’ securities transactions. Specific enquiry has been made of all the Directors and the relevant employees who are likely to be in possession of inside information of the Group, and they have confirmed that they have complied with the Model Code during the Reporting Period.

BOARD COMMITTEES

The Board has established four committees, namely, the Audit Committee, the Compensation Committee, the Nomination Committee and the Corporate Governance Committee, for overseeing particular aspects of the Company’s affairs. Each of these committees is established with a defined written charter. The charters of the Board committees are available on the websites of the Company and the Stock Exchange.

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Audit Committee

The Company has established an Audit Committee in compliance with Rule 3.21 of the Listing Rules and the Corporate Governance Code.

The primary duties of the Audit Committee include, among others, reviewing the adequacy and effectiveness of the accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures, reviewing and approving all proposed related party transactions, overseeing the audit process, and performing other duties and responsibilities assigned by the Board.

The Audit Committee of the Company comprises three independent non-executive Directors, namely Ms. Huiping Yan, Mr. David Zhang, and Dr. Tony Fan-cheong Chan, with Ms. Huiping Yan (being the independent non-executive Director with the appropriate accounting or related financial management expertise as required under Rules 3.10(2) and 3.21 of the Listing Rules) as the chairperson of the Audit Committee.

The Audit Committee has reviewed the unaudited consolidated financial statements and the unaudited interim results of the Group for the Reporting Period, and there is no disagreement between the Board and the Audit Committee regarding the accounting treatment adopted by the Company.

The Audit Committee has met with the independent auditor of the Company, KPMG. The Audit Committee has also discussed matters with respect to the accounting policies and practices adopted by the Company and risk management and internal control systems and financial reporting matters with senior management of the Company.

The independent auditor of the Company, KPMG, has reviewed the unaudited condensed consolidated interim financial statements of the Group for the Reporting Period in accordance with Hong Kong Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity.

Compensation Committee

The Company has established a Compensation Committee in compliance with Rule 3.25 of the Listing Rules and the Corporate Governance Code.

The primary duties of the Compensation Committee include, among others, making recommendations to the Board on the policy and structure for the remuneration of all Directors and senior management, reviewing and approving remuneration proposals with reference to the Board’s corporate goals and objectives, and performing other duties and responsibilities assigned by the Board.

The Compensation Committee comprises one executive Director and three independent non-executive Directors, namely Mr. David Zhang, Dr. Han, Ms. Huiping Yan, and Dr. Tony Fan-cheong Chan, with Mr. Zhang serving as the chairperson.

Nomination Committee

The Company has established a Nomination Committee in compliance with Rules 3.27A and 8A.27 of the Listing Rules and the Corporate Governance Code.

The primary duties of the Nomination Committee include, among others, reviewing the structure, size and composition of the Board, assisting the Board in maintaining a board skill matrix, assessing the independence of the independent non-executive Directors, selecting and recommending to the Board nominees for election by the Shareholders or appointment by the Board, and performing other duties and responsibilities assigned by the Board.

The Nomination Committee comprises one executive Director and three independent non-executive Directors, namely Mr. David Zhang, Dr. Han, Ms. Huiping Yan, and Dr. Tony Fan-cheong Chan, with Mr. Zhang serving as the chairperson.

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Corporate Governance Committee

The Company has established a Corporate Governance Committee in compliance with Rules 8A.30 and 8A.31 of the Listing Rules and the Corporate Governance Code.

The primary duties of the Corporate Governance Committee include, among others, developing and reviewing the policies and practices on corporate governance and making recommendations to the Board, ensuring that the Company is operated and managed for the benefit of all Shareholders, ensuring compliance with the Listing Rules and safeguards relating to the Company’s WVR structure, and performing other duties and responsibilities assigned by the Board.

The Corporate Governance Committee comprises three independent non-executive Directors, namely Mr. David Zhang, Ms. Huiping Yan, and Dr. Tony Fan-cheong Chan, with Mr. Zhang serving as the chairperson.

The Corporate Governance Committee will be required to confirm to the Board it is of the view that the Company has adopted sufficient corporate governance measures to manage potential conflicts of interest between the Group and the beneficiaries of weighted voting rights in order to ensure that the operations and management of the Company are in the interests of the Shareholders as a whole indiscriminately.

During the Reporting Period, the Corporate Governance Committee reviewed the following matters:

The Corporate Governance Committee reviewed and confirmed to the Board that there are sufficient corporate governance measures to manage the potential conflicts of interest between the Group and the WVR Beneficiaries. The measures include: (i) any connected transactions are disclosed and dealt with in accordance with the requirements of the Listing Rules, (ii) any Directors who have a conflict of interest must abstain from voting on the relevant board resolution, and (iii) the compliance advisor is consulted on any matters related to transactions involving the WVR Beneficiaries or a potential conflict of interest between the Group and the WVR Beneficiaries. The Corporate Governance Committee recommended the Board to continue the implementation of the corporate governance measures and to review the effectiveness of these measures from time to time.

After reviewing the remuneration and terms of engagement of the compliance advisor, the Corporate Governance Committee confirmed to the Board that nothing has come to its attention that would require it to consider either the removal of the current compliance advisor or the appointment of a new compliance advisor. Therefore, the Corporate Governance Committee recommended the Board to continue the engagement of the current compliance advisor of the Company.

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The Corporate Governance Committee has confirmed that (i) the WVR Beneficiaries have been members of the Board throughout the Reporting Period, (ii) no matters under Rule 8A.17 of the Listing Rules have occurred during the Reporting Period, and (iii) the WVR Beneficiaries have complied with Rules 8A.14, 8A.15, 8A.18 and 8A.24 of the Listing Rules throughout the Reporting Period.

OTHER INFORMATION

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY OF ITS ASSOCIATED CORPORATIONS

As of June 30, 2026, the interests and short positions of the Directors and chief executive of the Company in the Shares, underlying Shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO), which were required (a) to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed to have under such provisions of the SFO); or (b) to be recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO; or (c) to be notified to the Company and the Stock Exchange pursuant to the Model Code were as follows:

Interest in Shares and Underlying Shares of the Company

Notes:

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Save as disclosed above, as of June 30, 2026, so far as is known to any Director or chief executive of the Company, none of the Directors or chief executive of the Company had any interests or short positions in the Shares, underlying Shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which were (a) required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which he/she was taken or deemed to have under such provisions of the SFO); (b) required, pursuant to Section 352 of the SFO, to be entered in the register referred to therein; or (c) required, pursuant to the Model Code, to be notified to the Company and the Stock Exchange.

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SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES OF THE COMPANY

As of June 30, 2026, to the best knowledge of the Directors, the following persons (other than the Directors and chief executive of the Company), had an interest or short position in the Shares or underlying Shares of the Company which would fall to be disclosed to the Company pursuant to Divisions 2 and 3 of Part XV of the SFO, or which would be recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO:

Notes:

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Save as disclosed above, to the best knowledge of the Directors, as of June 30, 2026, no person (other than the Directors and chief executive of the Company) had an interest or short position in the Shares or underlying Shares of the Company which would fall to be disclosed to the Company pursuant to Divisions 2 and 3 of Part XV of the SFO, or which would be recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO.

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LOCK-UP PERIODS

The table below sets out the list of persons who are, together with their respective close associates, subject to lock-up requirements pursuant to Rule 18C.14 of the Listing Rules:

Notes:

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SHARE INCENTIVE SCHEMES

2018 Share Plan

The Company adopted the 2018 Share Plan on June 12, 2018, which was amended and restated on July 26, 2024. The principal terms of the 2018 Share Plan, as amended and currently in force, are as described below.

Purpose

The purpose of the 2018 Share Plan is to attract, incentivize and retain employees, directors and consultants of our Company and to promote the success of our business.

Type of Awards

The 2018 Share Plan provides for the direct award or sale of Shares, the grant of share options to purchase Shares and the grant of restricted share units to acquire Shares. Share options granted under the plan may be incentive stock options (“ISOs”) intended to qualify under Section 422 of the Internal Revenue Code of 1986 or non-qualified stock options (“NSOs”) which are not intended to so qualify.

Plan Limit

Not more than 311,125,716 Shares may be issued under the 2018 Share Plan initially (to be equitably adjusted in the event of any share dividend, subdivision, reclassification, recapitalization, split, reverse split, combination, consolidation or similar transactions), representing approximately 31.53% of the total issued Shares (excluding treasury Shares) of the Company as of the date of this interim report. There is no service provider sub-limit under the 2018 Share Plan. The terms of the 2018 Share Plan do not comply with the requirements of Chapter 17 of the Listing Rules, and therefore no further grants may be made under the 2018 Share Plan following the Company’s Listing on the Stock Exchange.

Plan Administration

Our Board or one or more committees appointed by our Board will administer the 2018 Share Plan. The committee or our Board, as applicable, shall have full authority and discretion to take any actions it deems necessary or advisable for the administration of the 2018 Share Plan.

Award Agreement

Each award of Shares, each sale of Shares, each grant of a share option and each grant of restricted share units under the 2018 Share Plan shall be evidenced by a share grant agreement, a share purchase agreement, a share option agreement and restricted share unit agreement, respectively. Such award, sale and share option shall be subject to all applicable terms and conditions of the 2018 Share Plan and such other terms which our Board deems appropriate for inclusion in a share grant agreement or share purchase agreement.

Eligibility

Our employees, directors and consultants of the Group are eligible for the grant of awards under the 2018 Share Plan, while only employees shall be eligible for the grant of ISOs.

Vesting Schedule

In general, the plan administrator determines the vesting schedule, which is specified in the relevant share option agreement.

Exercise of Awards

The plan administrator determines the exercise or purchase price, as applicable, for Shares to be offered or options or restricted share units to be granted, which is specified in the relevant award agreement.

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Transfer Restrictions

Awards may not be transferred in any manner by the participant other than in accordance with the exceptions provided in the 2018 Share Plan or the relevant award agreement or otherwise determined by the plan administrator, such as transfers by a beneficiary designation, by will or the laws of descent and distribution.

Termination and Amendment

Unless terminated earlier, the 2018 Share Plan has a term of ten years after the later of (i) the date when our Board adopted the 2018 Share Plan or (ii) the date when our Board and Shareholders approved the most recent increase in the number of Shares reserved. Accordingly, the remaining life of the 2018 Share Plan is approximately 7.9 years. Our Board has the authority to amend, suspend, or terminate the 2018 Share Plan at any time and for any reason. Any amendment to the 2018 Share Plan, however, is subject to the Shareholders’ approval only to the extent required to comply with applicable laws, regulations and rules.

Maximum Entitlement of Each Participant

There is no maximum limit on the entitlement of each participant under the 2018 Share Plan.

Exercise Period

No share option shall be exercisable after the expiration of ten (10) years from the date of its grant or such shorter period as specified in the relevant share option agreement. The plan administrator may determine the exercise period of each option at its discretion, subject to the foregoing maximum term. In the case of ISOs granted to participants who own more than 10% of the total combined voting power of all classes of outstanding Shares of the Company, the option term shall not exceed five (5) years from the date of grant.

Consideration for Acceptance of Share Options or Share Awards

No cash consideration is required of a participant upon the grant of any option or award under the 2018 Share Plan. Upon exercise of an option, the participant shall pay the applicable exercise price as set out in the relevant share option agreement in cash or cash equivalents, or by such other permitted payment method as the Board may allow. No exercise price or purchase price is payable by a participant upon the vesting or settlement of restricted share units granted under the 2018 Share Plan.

Basis of Determining the Exercise Price of Share Options and Purchase Price of Share Awards

The exercise price for each Class A Ordinary Share to be subscribed upon exercise of an option shall be determined by the plan administrator and as set forth in the relevant share option agreement. In the case of ISOs intended to qualify under Section 422 of the United States Internal Revenue Code of 1986, the exercise price shall be not less than 100% of the fair market value of a Class A Ordinary Share on the date of grant. In the case of NSOs, the exercise price shall generally be not less than 100% of the fair market value of a Class A Ordinary Share on the date of grant, except for NSOs granted to persons who are not U.S. taxpayers on the date of grant or NSOs intended to comply with or be exempt from Section 409A of the United States Internal Revenue Code of 1986. No purchase price is payable upon the vesting of restricted share units granted under the 2018 Share Plan.

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Outstanding Share Options and Share Awards Granted

The Company has not granted further share options under the 2018 Share Plan after the Listing Date. Details of the movements of share options granted under the 2018 Share Plan during the Reporting Period are as follows:

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Notes:

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The Company has not granted further share awards under the 2018 Share Plan after the Listing Date. Details of the movements of share awards granted under the 2018 Share Plan during the Reporting Period are as follows:

Notes:

No further share options or share awards may be granted under the 2018 Share Plan as of January 1 and June 30, 2026.

2026 Share Plan

The Company adopted the 2026 Share Plan on March 13, 2026. The principal terms of the 2026 Share Plan are as described below.

Purpose

The purpose of the 2026 Share Plan is to attract, incentivize and retain employees, Directors and consultants through the grant of awards (the “Awards,” and each an “Award”). The 2026 Share Plan provides for the grant of options (“Options”) to purchase Class A Ordinary Shares and the grant of restricted share units (“Restricted Share Units”) to acquire Class A Ordinary Shares. The underlying Class A Ordinary Shares offered under the 2026 Share Plan may be funded by new Class A Ordinary Shares or treasury Shares.

Eligibility

Employees, Directors and consultants shall be eligible for the grant of Awards under the 2026 Share Plan.

The eligibility of consultants shall be determined by the Administrator, in its sole discretion, taking into account their potential and/or actual contribution to the success and growth of the Group, the specific skills or technical knowledge possessed by the consultants and the importance to the Group to retain their services. In particular, the Administrator may, through the grant of Awards, provide incentive to and reward consultants based on (i) their participation and involvement in promoting the business of the Group; (ii) their provision of quality services as well as timely market intelligence to the Group; and (iii) whether they will contribute to the short, medium or long-term business development of the Group.

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Administration

The Compensation Committee or a sub-committee or delegate to whom the Compensation Committee has delegated its power (the “Administrator”) will administer the 2026 Share Plan. Subject to the provisions of the 2026 Share Plan and applicable laws and regulations (including the Listing Rules), the Administrator shall have full authority and discretion to take any actions it deems necessary or advisable for the administration of the 2026 Share Plan. The Administrator’s interpretation of the 2026 Share Plan, any Awards granted pursuant to the 2026 Share Plan and any award agreement, and all decisions, determinations and interpretations of the Administrator shall be final, binding and conclusive for all purposes and upon all holders of outstanding Awards (the “Participants,” and each a “Participant”) and all persons deriving their rights from a Participant.

Plan Limit and Consultant Sub-limit

The maximum number of Class A Ordinary Shares (including treasury Shares) that may be issued or transferred under the 2026 Share Plan shall not exceed 10% of the total issued and outstanding Shares (excluding treasury Shares) of the Company as of the date of Shareholders’ approval of the 2026 Share Plan, being 102,732,246 Class A Ordinary Shares (the “Plan Limit”).

Out of the Plan Limit, the maximum number of Class A Ordinary Shares that may be issued or transferred to consultants shall not exceed 1% of the total issued and outstanding Shares (excluding treasury Shares) of the Company as of the date of Shareholders’ approval of the 2026 Share Plan, being 10,273,224 Class A Ordinary Shares (the “Consultant Sub-limit”).

Both the Plan Limit and the Consultant Sub-limit are subject to equitable adjustment in the event of any share subdivision, consolidation, reclassification or similar corporate transaction, such that the percentage of issued Shares represented by each limit shall be the same before and after such transaction. The Company may refresh or grant Awards beyond the Plan Limit and the Consultant Sub-limit as permitted and subject to the requirements under the applicable laws (including the Listing Rules). Any refreshment of the Plan Limit and/or the Consultant Sub-limit shall require the approval of the Shareholders.

In the event that an outstanding Option or Restricted Share Unit for any reason expires or lapses, the underlying Class A Ordinary Shares allocable to the unexercised or unsettled portion of such Option or Restricted Share Unit shall remain available for issuance or transfer under the 2026 Share Plan. For the avoidance of doubt, Options or Restricted Share Units that are lapsed in accordance with the terms of the 2026 Share Plan will not be regarded as utilized for the purpose of calculating the Plan Limit and the Consultant Sub-limit, but Options or Restricted Share Units that are cancelled will be regarded as utilized for such calculations.

Notwithstanding anything to the contrary contained in the 2026 Share Plan, in no event shall any of the following Class A Ordinary Shares again become available for other Awards under the 2026 Share Plan: (i) Class A Ordinary Shares tendered or withheld on the exercise of Options or other Awards for the payment of the exercise price thereof, as applicable; (ii) Class A Ordinary Shares tendered by a Participant or withheld by the Company to satisfy withholding taxes in connection with the exercise of Options or in settlement of any other Award; and (iii) Class A Ordinary Shares purchased on the open market with cash proceeds from the exercise of Options.

Grant of Award

Where any grant of Awards to a Participant would result in the Class A Ordinary Shares issued and to be issued in respect of all options and awards granted to such Participant (excluding any awards lapsed in accordance with the terms of the share plan(s) or award agreement(s)) in the 12-month period up to and including the date of such grant representing in aggregate over 1% of the total number of Shares in issue (excluding treasury Shares), such grant must be separately approved by Shareholders in general meeting, with such Participant and his or her close associates (or associates if the Participant is a connected person) abstaining from voting.

The grant of Awards to a Director, chief executive or substantial Shareholder of the Company, or any of their respective associates, must be approved by the independent non-executive Directors (excluding any independent non-executive Director who is the grantee of the Awards). The Corporate Governance Committee must make a recommendation on any grant of Awards to a Director who is a WVR Beneficiary.

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Where any grant of Awards (excluding grant of Options) to a Director (other than an independent non-executive Director) or chief executive of the Company, or any of their associates would result in the Class A Ordinary Shares issued and to be issued in respect of all options and awards granted (excluding any awards lapsed in accordance with the terms of the share plan(s) or award agreement(s)) to such Participant in the 12-month period up to and including the date of such grant representing in aggregate over 0.1% of the total number of Shares in issue (excluding treasury Shares), such further grant of Awards must be approved by Shareholders in general meeting, with such Participant and his or her associates abstaining from voting in favor at such general meeting.

Where any grant of Awards to an independent non-executive Director or a substantial Shareholder of the Company, or any of their respective associates, would result in the Class A Ordinary Shares issued and to be issued in respect of all awards granted (excluding any Awards lapsed in accordance with the terms of the share plan(s) or award agreement(s)) to such Participant in the 12-month period up to and including the date of such grant representing in aggregate over 0.1% of the total number of Shares in issue (excluding treasury Shares), such further grant of Awards must be approved by Shareholders in general meeting, with such Participant and his or her associates abstaining from voting in favor at such general meeting.

The Company may not grant any Awards:

No cash consideration shall be required of the Participant in connection with the grant of Awards.

Term of Option

The option agreement shall specify the term of Option determined by the Administrator, which shall not exceed 10 years from the date of grant.

Vesting

The Administrator shall determine the vesting of Awards at its sole discretion, provided that no Awards granted under the 2026 Share Plan shall vest earlier than the first anniversary of the date of grant. Nevertheless, the Administrator may, at its discretion, determine a shorter period during which Awards may vest upon the grant of the Awards with respect to the following Awards granted to employees:

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Performance Targets

Each grant of Award under the 2026 Share Plan shall be evidenced by an award agreement between the Participant and the Company setting forth the number of Shares subject to the Award and the terms and conditions of the Award, including any performance target based on various key performance indicators with respect to operations, finance, business and/or other metrics which are designed to motivate and reward contribution to the Group that needs to be achieved before the Award can be vested. Key performance indicators for assessment of performance targets include any one or more of the following corporate-wide or subsidiary, division, operating unit, line of business, project, geographic or individual measures: cash flow; earnings; earnings per share; market value added or economic value added; profits; return on assets; revenue; growth rate; return on equity; return on investment; sales; stock price; total shareholder return; business unit development; or such other goals as the Administrator may determine from time to time.

In assessing whether the performance targets attached to an Award have been satisfied, the Administrator will consider both quantitative and qualitative factors relevant to the nature of the Participant’s role and the Group’s business objectives for the applicable period. Quantitative assessment will generally involve comparing actual performance against the preset key performance indicators (such as revenue growth, operating efficiency metrics, R&D progress milestones, or financial ratios) approved at the time of grant. Qualitative assessment may include evaluating the Participant’s contribution to strategic initiatives, project execution, team leadership, compliance, and other role-specific deliverables. The Administrator will determine whether the performance targets have been met, and the extent to which they have been met, based on a holistic review of the above factors, supported by the Group’s internal management reports, financial records, project status updates and other relevant documentation.

The Administrator may, in its sole discretion, amend or adjust the key performance indicators and establish any special rules and conditions to which the key performance indicators shall be subject at any time. For the avoidance of doubt, performance targets are not applicable to Awards (if any) granted to independent non-executive Directors under the 2026 Share Plan.

Exercise Price of Options

Each option agreement shall specify the exercise price for which one ADS may be purchased upon exercise of an Option, which shall be determined by the Administrator, provided that: (i) the exercise price must be at least the Fair Market Value (as defined below) of the ADS on the date of grant, which must be a Nasdaq trading day; (ii) in no event shall the exercise price be less than the par value of the Class A Ordinary Shares; and (iii) the determination of the Exercise Price shall be subject to compliance with applicable laws and the requirements of any exchange on which the Class A Ordinary Shares or ADSs are listed or traded (including the Listing Rules).

The exercise price of an ISO must be at least 100% of the Fair Market Value of a Class A Ordinary Share on the date of grant, except for an ISO granted pursuant to an assumption of, or substitution for, another ISO in a manner that complies with Section 424(a) of the United States Internal Revenue Code of 1986, as amended (the “Code”).

The exercise price of an NSO must be at least 100% of the Fair Market Value of a Class A Ordinary Share on the date of grant, except for an NSO granted to a person who is not a U.S. taxpayer on the date of grant, an NSO that is intended either to be exempt from Code Section 409A as a “short-term deferral” or to comply with the requirements of Code Section 409A, or an NSO granted pursuant to an assumption of, or substitution for, another share option in a manner that complies with Code Section 409A.

“Fair Market Value” means the fair market value of a Class A Ordinary Share determined as any of the following:

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Rights of Participants

Until the Participant is registered as a holder of Class A Ordinary Shares (by entry in the Company’s register of members), no right to vote or receive dividends (or distributions made upon the liquidation of the Company) or any other rights as a Shareholder shall exist with respect to the Class A Ordinary Shares, notwithstanding the vesting of the Award.

Lapse of Awards

A Participant’s Options shall automatically lapse in case of termination of service for any reason or death.

If a Participant’s service terminates for any reason other than the Participant’s death, then the Participant’s Options shall automatically lapse on the earliest of the following dates: (i) the expiration date determined pursuant to the term of the Option; (ii) the date three months after the termination of the Participant’s service for any reason other than disability, or such earlier or later date as the Administrator may determine (but in no event earlier than 30 days after the termination of the Participant’s service); or (iii) the date six months after the termination of the Participant’s service by reason of disability, or such later date as the Administrator may determine.

If a Participant dies while the Participant is in service, then the Participant’s Options shall automatically lapse on the earlier of the following dates: (i) the expiration date determined pursuant to the term of the Option; or (ii) the date 12 months after the Participant’s death, or such earlier or later date as the Administrator may determine (but in no event earlier than six months after the Participant’s death).

If a Participant’s service terminates for any reason, all Restricted Share Units that are unvested at such time shall automatically lapse for no consideration effective as of the earlier of: (i) the date on which the Participant gives or is provided with written notice of such termination; or (ii) if the Participant is an employee, the date on which the Participant is no longer actively employed by and physically present on the premises of the Group, regardless of any notice period or period of pay in lieu of such notice required under any applicable laws.

Cancellation of Awards

The 2026 Share Plan does not prescribe specific circumstances under which Awards granted thereunder may be cancelled by the Administrator. For the avoidance of doubt, if the Administrator cancels an Award granted to a Participant for any reason, such Awards cancelled will be regarded as utilized for the purpose of calculating the Plan Limit (and, if applicable, the Consultant Sub-limit). Any new Awards granted to the same Participant may only be made if there are remaining Shares available for grant under the Plan Limit (and, if applicable, the Consultant Sub-limit).

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Adjustment of Class A Ordinary Shares

In the event of any alteration in the capital structure of the Company such as capitalization issue, rights issue, subdivision or consolidation of Shares or reduction of the share capital of the Company (other than any alteration in the capital structure of the Company as a result of an issue of Shares as consideration in a transaction to which the Company is a party), the Administrator shall make such corresponding adjustments, if any, as it in its discretion may deem appropriate to reflect such change with respect to: (i) the number or nominal amount of Class A Ordinary Shares subject to the Awards so far as unexercised; or (ii) the exercise price, or any combination thereof. Such adjustments will be made in accordance with the requirements of the guidance materials published by the Stock Exchange. Any such adjustments (other than any made on a capitalization issue) shall be subject to a written confirmation from an independent financial advisor or the Company’s auditors, to have given the Participants the same proportion (or rights in respect of the same proportion) of the equity capital as that to which that person was previously entitled, provided that no such adjustments shall be made to the extent that a Share would be issued at less than its nominal value.

In the event that the Company is a party to a merger or consolidation, or in the event of a sale of all or substantially all of the Company’s shares or assets, all Class A Ordinary Shares acquired under the 2026 Share Plan and all Awards outstanding on the effective date of the transaction shall be treated in the manner described in the definitive transaction agreement (or, in the event the transaction does not entail a definitive agreement to which the Company is party, in the manner determined by the Administrator in its capacity as administrator of the 2026 Share Plan, with such determination having final and binding effect on all parties), which agreement or determination need not treat all Awards (or all portions of an Award) in an identical manner.

To the extent not previously exercised or settled, Options and Restricted Share Units shall terminate immediately prior to the liquidation or dissolution of the Company.

Except as provided in the 2026 Share Plan, a Participant shall have no rights by reason of (i) any subdivision or consolidation of shares of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number of shares of any class. Any issuance by the Company of shares of any class, or securities convertible into shares of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or exercise price of Class A Ordinary Shares subject to an Award.

Transferability

An Option or a Restricted Share Unit shall be personal to the Participant and shall not be transferable or assignable by the Participant, unless a waiver by applicable authorities (including the Stock Exchange) has been granted and the approval by the Administrator has been obtained. The Stock Exchange may consider granting such a waiver to allow a transfer of Options or Restricted Share Units to a vehicle (such as a trust or a private company) for the benefit of the Participant and any family members of such Participant (e.g. for estate planning or tax planning purposes) that would continue to meet the purpose of the 2026 Share Plan and comply with other requirements of the Listing Rules.

Clawback Mechanism

Subject to applicable laws and the requirements of any exchange on which the Class A Ordinary Shares are listed or traded (including the Listing Rules), (i) all of a Participant’s Options or Restricted Share Units, whether vested or unvested, and all other Awards granted to such Participant shall become ab initio void and the exercise of any such Options or Restricted Share Units shall therefore be automatically rescinded and void, and (ii) considering that all of such Participant’s Awards, whether vested or unvested, are ab initio void, such Participant shall forthwith return to the Company (A) all ADSs received in settlement or upon the exercise of such void Awards, (B) all cash, or other property that were received in settlement or upon the exercise of such void Awards, and/or (C) any proceeds, gains and/or economic benefits such Participant realized in connection with the sale, transfer or other disposition of the ADSs or other property received in settlement or upon the exercise of such void Awards, and the Company shall have the right to take all actions to effect the return from such Participant of all such ADSs, cash or other property, and/or proceeds, gains and/or economic benefits, upon the occurrence of any applicable event as may be specified in the applicable award agreements, including but not limited to termination for Cause, or commission of any act that constitutes Cause. “Cause” refers to serious misconduct or breach by a Participant as determined by the Group in good faith, including acts such as dishonesty, theft, fraud, criminal conviction, violation of laws or exchange rules, breach of fiduciary duty or material violation of written Company policies, material breach of agreements, failure to perform material duties after written notice and a reasonable opportunity to cure (if curable), unfair competition, defamatory or harmful statements, inducing contract breaches, or any act materially adverse to the Group’s reputation or interests. For the avoidance of doubt, any Awards clawed back will be regarded as lapsed and the Awards so lapsed will not be regarded as utilized for the purpose of calculating the Plan Limit and the Consultant Sub-limit.

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Term of the 2026 Share Plan

The 2026 Share Plan was adopted and became effective since March 13, 2026. The 2026 Share Plan shall terminate automatically 10 years after the date of its adoption by the Shareholders, unless terminated earlier as determined by the Board. Accordingly, the remaining life of the 2026 Share Plan is approximately 9.5 years.

Amendment and Termination

The Board may amend, suspend or terminate the 2026 Share Plan at any time and for any reason, provided that an amendment to (i) the terms and conditions of the 2026 Share Plan which are of a material nature; (ii) the advantage of the Participants or prospective Participants relating to the matters set out in Rule 17.03 of the Listing Rules; or (iii) the authority of the Board to alter the terms of the 2026 Share Plan must be subject to the approval of the Shareholders in general meeting. For the avoidance of doubt, for so long as the Company remains primary listed on the Stock Exchange, such amended terms of the 2026 Share Plan shall still comply with the relevant requirements under Chapter 17 of the Listing Rules.

To the extent any grant of Awards to a Participant was approved by the Board, a committee of the Board, the independent non-executive Directors and/or the Shareholders (as applicable and as the case may be) in the first place, any change to the terms of such Awards must be approved by the same authority, except any alterations to the Awards that would take effect automatically under the 2026 Share Plan.

No Class A Ordinary Shares shall be issued or sold and no Award shall be granted under the 2026 Share Plan after the termination thereof, except upon exercise or settlement of an Award granted under the 2026 Share Plan prior to such termination. The termination of the 2026 Share Plan shall not affect any Class A Ordinary Share previously issued or any Award previously granted under the 2026 Share Plan unless otherwise agreed by the Company and the affected Participant. Any amendment to the 2026 Share Plan shall be applicable to Awards and the Class A Ordinary Shares underlying such Awards previously granted, including those granted which remain unvested, unexercised or unsettled, as the case may be, unless otherwise determined by the Company.

Outstanding Awards Granted

The Company has not granted any share options under the 2026 Share Plan. Details of the movements of share awards granted under the 2026 Share Plan during the Reporting Period are as follows: