Jinhong Holdings Group Co., Ltd. Announcement on Abnormal Fluctuations in Company Stock Trading and Major Risk Warning

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Stock Code: 000669 Stock Short Name: ST Jinhong Announcement No.: 2026-020

Jinhong Holding Group Co., Ltd.

Announcement on Abnormal Stock Price Fluctuations of the Company and Major Risk Alerts

The Company and all members of the Board of Directors warrant that the information disclosed is true, accurate, and complete, and that there are no false records, misleading statements, or material omissions.

Special Risk Disclaimer:

1. Jinhong Holding Group Co., Ltd. (hereinafter referred to as “Jinhong Holding” or “the Company”) has accumulated excessive trading risk. The stock price is seriously deviating from the market, the broader market, and industry indices. The magnitude of short-term fluctuations has severely deviated from the market trend. In order to safeguard the interests of investors, for any further abnormal rise in the stock price, the Company may apply to the Shenzhen Stock Exchange for a trading halt for investigation, and will actively cooperate with the regulatory authorities to pay attention to potentially abnormal trading behaviors. From the disclosure on February 10, 2026 of the “Notice on the Creditor’s Application for Reorganization and Pre-reorganization” (Announcement No.: 2026-006) to the close of trading on March 17, 2026, the Company’s stock price has cumulatively increased by more than 60%, during which multiple instances of abnormal stock trading fluctuations occurred. Over the past 7 years, the Company has continuously recorded net losses, and according to the Company’s preliminary calculations by the finance department, for fiscal year 2025, the lower of net profit before and after non-recurring gains and losses remains negative. Currently, after a creditor has applied for reorganization, the Company is conducting an off-court reorganization in advance and has not formally entered the reorganization procedure. The Company’s stock price is seriously detached from its fundamentals. The magnitude of short-term fluctuations has severely deviated from the market trend, seriously deviating from the broader market index, with a high risk of speculation, and the stock price may experience a rapid decline. In order to safeguard the interests of investors, for any further abnormal rise in the stock price, the Company may apply to the Shenzhen Stock Exchange for a trading halt for investigation, and will actively cooperate with the regulatory authorities to pay attention to potentially abnormal trading behaviors. Investors are kindly requested to make rational decisions, invest prudently, and be mindful of risks in secondary-market trading.

2. As of now, the registration by reorganization investors has closed, and the public solicitation is still ongoing. The Company’s self-initiated public solicitation and selection of reorganization investors for Jinhong Holding are uncertain, and there are major uncertainties such as failing to recruit qualified reorganization investors, and the reorganization investors not signing investment agreements on schedule. The public solicitation work for the reorganization investors of the Company and the subsequent selection process are both advanced in a lawful and compliant manner, with the assistance and supervision of auxiliary institutions. Investors are kindly requested not to place undue trust in information released by sources other than official Company announcements, and not to follow online rumors by speculating about so-called “potential investors.” As of the date of disclosure of this announcement, the Company has not received any registration participation information regarding the rumored entities from media platforms such as Eastmoney Stock Forum. Meanwhile, after verification with the controlling shareholder, the controlling shareholder has explicitly stated that the assets purported to be injected online, such as Ankerui (Shanxi) Biologic Cell Co., Ltd., are false information and there is also no plan for asset injection. Investors are kindly requested to pay attention to investment risks.

3. The Intermediate People’s Court of Hengyang City, Hunan Province (hereinafter referred to as “the Hengyang Intermediate Court” or “the Court”) has agreed that Jinhong Holding proceed with off-court reorganization in advance, which does not mean that the Company’s reorganization has been formally accepted. As of the date of disclosure of this announcement, there are uncertainties as to whether the Court will accept the reorganization and whether the Company will subsequently enter the reorganization procedure; investors are kindly requested to pay attention to investment risks.

4. The Company’s stock has continued to be subject to other risk warnings starting April 29, 2025. After the disclosure of the 2025 annual report, the Company may face the risk of continued implementation of other risk warnings. The Company’s net profits for fiscal years 2022 through 2024, before and after non-recurring gains and losses, are all negative. In addition, in 2024, the Company received an “audit report” with “an emphasis paragraph and a reservation of major uncertainties related to going-concern” issued. According to Article 9.8.1, item (7) of the “Stock Listing Rules” (hereinafter referred to as the “Stock Listing Rules”), “in the most recent three accounting years, the lower of net profits before and after non-recurring gains and losses is negative, and the audit report for the most recent accounting year shows that there is uncertainty regarding the Company’s ability to continue as a going concern,” the Company’s stock has continued to be subject to other risk warnings starting April 29, 2025 (with “ST” prefixed to the stock short name). On January 31, 2026, the Company disclosed the “2025 Performance Forecast” (Announcement No.: 2026-005). According to the Company’s preliminary calculations by its finance department, the lower of net profits before and after non-recurring gains and losses for 2025 remains negative. After the disclosure of the 2025 annual report, the Company may face the risk of continued implementation of other risk warnings; investors are kindly requested to pay attention to investment risks.

5. The internal control audit report for 2024 was issued with a disclaimer of opinion. If non-standard opinions are issued again for 2025, the Company will face the risk of being subject to a delisting risk warning. The Company’s 2024 internal control audit report was issued with a disclaimer of opinion. The loss of control over the subsidiary Shagha JinTong is one of the matters that led to the disclaimer. On December 23, 2021, the Company lost control over its subsidiary Shagha JinTong. On April 14, 2025, the parent company of Shagha JinTong, Huadong Company, entered into a share transfer agreement with Huzhou Yan and Information Technology Co., Ltd. (hereinafter referred to as “Huzhou Yan and”). As of the issuance date of this announcement, the share transfer has not yet completed industrial and commercial registration changes. Huzhou Yan and has filed a lawsuit regarding the dispute over the change in industrial and commercial registration. The case is scheduled to be heard at 9:00 a.m. on April 3, 2026 at the Shaxiang City People’s Court. The effectiveness of internal control for 2025 must be determined based on the internal control audit opinions for 2025 issued by the annual audit firm. According to Article 9.4.1, item (6) of the “Stock Listing Rules,” “where, for two consecutive accounting years, the internal control audit reports for financial reporting are issued with an inability to express an opinion or a disclaimer of opinion, or where an internal control audit report for financial reporting is not disclosed in accordance with regulations,” if the Company’s internal control audit report for 2025 is still issued with a disclaimer of opinion or an inability to express an opinion, the Company may face the risk of being subject to a delisting risk warning; investors are kindly requested to pay attention to investment risks.

6. The Company’s wholly owned subsidiary, Hunan Shenzhou Jiepai Ceramics Co., Ltd. (hereinafter referred to as “Shenzhou Jiepai”), is currently under a temporary production shutdown. At present, Shenzhou Jiepai is under temporary shutdown to improve its mining extraction process and technology level. Its main business is the extraction and sales of traditional ceramic raw materials such as nepheline feldspar and kaolin. Downstream customers mainly include building ceramics and daily-use ceramics manufacturing enterprises. The products are mainly used to produce traditional ceramic products such as floor tiles and ceramic cups. Affected by poor conditions in the downstream industry, in the first half of 2025 Shenzhou Jiepai’s operating revenue was RMB 15.3087 million, accounting for 2.39% of the Company’s consolidated operating revenue, representing a significant decline compared with the same period in 2024. Net profit was RMB -1.4987 million, accounting for 0.35% of the Company’s consolidated net profit, which is relatively low. For details, please refer to the Company’s “Announcement on the Temporary Shutdown of the Company’s Subsidiary” disclosed on the Cninfo website on September 27, 2025 (Announcement No.: 2025-082). After resumption of production, the nature of Shenzhou Jiepai’s mines and the uses of its products will not change. It will still be limited to downstream fields such as traditional building ceramics and daily-use ceramics, and will not be used for so-called “core rigid demand raw materials” such as photovoltaic glass, high-end ceramics, and electronic glass. There is no relationship with high-tech fields such as semiconductor materials and wafers. Investors are kindly requested to pay attention to investment risks.

7. Stock Trading Abnormal Fluctuations

The stock of Jinhong Holding Group Co., Ltd. (hereinafter referred to as “the Company,” “this Company”) had its closing prices increase by a cumulative 12.01% over two consecutive trading days on March 16 and 17, 2026. According to the relevant regulations of the Shenzhen Stock Exchange, this constitutes abnormal stock trading fluctuations.

2. Relevant Circumstances the Company Will Focus On and Verify

With respect to the Company’s abnormal stock trading fluctuations, the Board of Directors verified relevant matters with the Company’s controlling shareholder and management, and hereby explains the relevant circumstances as follows:

1. There is no need to correct or supplement any information previously disclosed by this Company.

2. No undisclosed material information has been found in recent public media reports that may or has already had a significant impact on the trading price of this Company’s stock.

3. At present, aside from Hunan Shenzhou Jiepai Ceramics Co., Ltd. being in a temporary shutdown state, the Company’s other subsidiaries’ operations are normal. There has been no material change in internal or external operating conditions.

4. On January 31, 2026, the Company disclosed the “2025 Performance Forecast” (Announcement No.: 2026-005) on the Cninfo website (www.cninfo.com.cn). The data related to this performance forecast are based on preliminary calculations results from the finance department and have not been audited by an accounting firm.

5. On February 9, 2026, the Company received a “Notice Letter” served by a creditor, Suzhou Qianhongxin Information Technology Co., Ltd. (hereinafter referred to as “the Applicant”). The Applicant applied to the Intermediate People’s Court of Hengyang City, Hunan Province for reorganization of the Company on the grounds that the Company cannot repay its due debts and is obviously unable to repay, but it has reorganization value, and also applied to initiate a pre-reorganization procedure. For details, please refer to the “Notice on the Creditor’s Application for Reorganization and Pre-reorganization” (Announcement No.: 2026-006) disclosed by the Company on February 10, 2026 on the Cninfo website (www.cninfo.com.cn).

6. On February 10, 2026, the Company sent a letter to the Hengyang Intermediate Court, earnestly requesting that the Court agree that the Company, pursuant to Article 26 and other relevant provisions of “Minutes of the Symposium on Properly Handling Bankruptcy Reorganization Cases of Listed Companies” (Fa〔2024〕309), follow the basic principles of market-oriented and rule-of-law based approaches, and first implement an off-court reorganization intended to connect with the on-court reorganization process. The Company also agreed that the liquidation group of Jinhong Holding Group Co., Ltd. (hereinafter referred to as the “liquidation group”) shall act as an auxiliary institution for the Company’s off-court reorganization (hereinafter referred to as the “auxiliary institution”). Under the supervision and guidance of the auxiliary institution, the Company will carry out all kinds of work on its own, including but not limited to clearing assets and verifying claims, soliciting reorganization investors, negotiating with relevant parties, maintaining day-to-day operations, self-managing assets and business affairs, and formulating off-court reorganization plans. On February 24, 2026, the Company received the “Reply Letter of the Hunan Province Hengyang City Intermediate People’s Court” served by the Hengyang Intermediate Court, agreeing that the liquidation group, as an auxiliary institution, assists the Company to proceed with off-court reorganization in advance. For details, please refer to the “Announcement on the Court’s Agreement That the Liquidation Group Serves as an Auxiliary Institution to Assist the Company in Proceeding with Off-court Reorganization in Advance” (Announcement No.: 2026-010) disclosed by the Company on February 25, 2026 on the Cninfo website (www.cninfo.com.cn).

7. To accelerate the progress of Jinhong Holding’s off-court reorganization and related reorganization work, the auxiliary institution issued a notice for the filing of claims for the Company’s off-court reorganization. For details, please refer to the “Announcement on Filing Claims for the Company’s Off-court Reorganization” (Announcement No.: 2026-011) disclosed by the Company on February 25, 2026 on the Cninfo website (www.cninfo.com.cn).

8. To legally and orderly advance the off-court reorganization and subsequent reorganization work, prudently and orderly resolve the Company’s debt-related risks, restore and enhance the Company’s ability to continue operations and generate profits, realize resource integration, and protect and safeguard creditors’ fair repayment rights and interests, in accordance with relevant provisions such as the “Enterprise Bankruptcy Law of the People’s Republic of China,” the “Minutes of the National Courts’ Work Meeting on Bankruptcy Adjudication,” the “Minutes of the Symposium on Properly Handling Bankruptcy Reorganization Cases of Listed Companies,” and other related regulations, and combining the Company’s actual situation and the off-court reorganization work arrangements, the auxiliary institution will assist and supervise the Company’s independent public solicitation and selection of reorganization investors for Jinhong Holding. For details, please refer to the “Announcement on Public Solicitation and Selection of Reorganization Investors” (Announcement No.: 2026-014) disclosed by the Company on March 4, 2026 on the Cninfo website.

9. On March 12, 2026, the Company convened its 11th Session of the Board of Directors, 1st meeting in 2026, which deliberated and approved such proposals as the “Proposal on the Debt Reorganization of the Company’s Subsidiaries and Related Guarantee Matters,” the “Proposal to Convene an Extraordinary Shareholders’ Meeting to Authorize the Board of Directors or Authorized Persons to Handle Matters Related to the Company’s Off-court Reorganization and Reorganization,” and the “Proposal to Convene the First Extraordinary Shareholders’ Meeting in 2026.” For details, please refer to the “Resolution Announcement of the 11th Session of the Board of Directors, First Meeting in 2026” (Announcement No.: 2026-016) and related announcements disclosed by the Company on March 13, 2026 on the Cninfo website.

10. This Company, the controlling shareholder, and the actual controller have no major matters concerning this Company that should have been disclosed but have not been disclosed, or major matters that are at the planning stage.

11. During the period of stock abnormal movements, there were no actions by the Company’s controlling shareholder or actual controller to buy or sell the Company’s stock. There were also no actions by the Company’s directors and senior management to buy or sell the Company’s stock.

12. The Company has no circumstances that violate the requirements for fair information disclosure.

13. Explanation that There Is No Information That Should Have Been Disclosed but Has Not Been Disclosed

The Board of Directors of this Company confirms that as of now, this Company has no matters, or plans, discussions, intentions, agreements, etc. related to such matters, that, pursuant to the “Stock Listing Rules” and other relevant regulations, should be disclosed but have not been disclosed. The Board of Directors has also not been informed of any information that, pursuant to the “Stock Listing Rules” and other relevant regulations, should be disclosed but has not been disclosed, and which would have a significant impact on the trading price of this Company’s stock. The information previously disclosed by this Company contains no need for correction or supplementation.

4. Risk Warnings Considered Necessary by the Listed Company

5. The Company’s stock has accumulated excessive trading risk, with the stock price seriously deviating from the market, the broader market, and industry indices. The magnitude of short-term fluctuations has severely deviated from the market trend. In order to safeguard the interests of investors, for any further abnormal rise in the stock price, the Company may apply to the Shenzhen Stock Exchange for a trading halt for investigation, and will actively cooperate with the regulatory authorities to pay attention to potentially abnormal trading behaviors. From the disclosure on February 10, 2026 of the “Notice on the Creditor’s Application for Reorganization and Pre-reorganization” (Announcement No.: 2026-006) to the close of trading on March 17, 2026, the Company’s stock price has cumulatively increased by more than 60%, during which multiple instances of abnormal stock trading fluctuations occurred. Over the past 7 years, the Company has continuously recorded net losses, and according to the Company’s preliminary calculations by its finance department, for fiscal year 2025, the lower of net profit before and after non-recurring gains and losses remains negative. Currently, after a creditor has applied for reorganization, the Company is conducting an off-court reorganization in advance and has not formally entered the reorganization procedure. The Company’s stock price is seriously detached from its fundamentals. The magnitude of short-term fluctuations has severely deviated from the market trend, seriously deviating from the broader market index, with a high risk of speculation, and the stock price may experience a rapid decline. In order to safeguard the interests of investors, for any further abnormal rise in the stock price, the Company may apply to the Shenzhen Stock Exchange for a trading halt for investigation, and will actively cooperate with the regulatory authorities to pay attention to potentially abnormal trading behaviors. Investors are kindly requested to make rational decisions, invest prudently, and be mindful of risks in secondary-market trading.

6. As of now, the registration by reorganization investors has closed, and the public solicitation is still ongoing. The Company’s self-initiated public solicitation and selection of reorganization investors for Jinhong Holding are uncertain, and there are major uncertainties such as failing to recruit qualified reorganization investors, and the reorganization investors not signing investment agreements on schedule. The Company’s public solicitation work for the reorganization investors and the subsequent selection process are both advanced in a lawful and compliant manner, with the assistance and supervision of auxiliary institutions. Investors are kindly requested not to place undue trust in information released by sources other than official Company announcements, and not to follow online rumors by speculating about so-called “potential investors.” As of the date of disclosure of this announcement, the Company has not received any registration participation information regarding the rumored entities from media platforms such as Eastmoney Stock Forum. Meanwhile, after verification with the controlling shareholder, the controlling shareholder has explicitly stated that the assets purported to be injected online, such as Ankerui (Shanxi) Biologic Cell Co., Ltd., are false information and there is also no plan for asset injection. Investors are kindly requested to pay attention to investment risks.

7. The Hengyang Intermediate Court’s agreement that Jinhong Holding proceed with off-court reorganization in advance does not mean that the Company’s reorganization has been formally accepted. As of the date of disclosure of this announcement, there are uncertainties as to whether the Court will accept the reorganization and whether the Company will subsequently enter the reorganization procedure; investors are kindly requested to pay attention to investment risks.

8. The Company’s stock has continued to be subject to other risk warnings starting April 29, 2025. After the disclosure of the 2025 annual report, the Company may face the risk of continued implementation of other risk warnings. The Company’s net profits for fiscal years 2022 through 2024, before and after non-recurring gains and losses, are all negative. In addition, in 2024, the Company received an “audit report” with “an emphasis paragraph and a reservation of major uncertainties related to going-concern” issued. According to Article 9.8.1, item (7) of the “Stock Listing Rules,” “in the most recent three accounting years, the lower of net profits before and after non-recurring gains and losses is negative, and the audit report for the most recent accounting year shows that there is uncertainty regarding the Company’s ability to continue as a going concern,” the Company’s stock has continued to be subject to other risk warnings starting April 29, 2025 (with “ST” prefixed to the stock short name). On January 31, 2026, the Company disclosed the “2025 Performance Forecast” (Announcement No.: 2026-005). According to the Company’s preliminary calculations by its finance department, the lower of net profits before and after non-recurring gains and losses for 2025 remains negative. After the disclosure of the 2025 annual report, the Company may face the risk of continued implementation of other risk warnings; investors are kindly requested to pay attention to investment risks.

9. The internal control audit report for 2024 was issued with a disclaimer of opinion. If non-standard opinions are issued again for 2025, the Company will face the risk of being subject to a delisting risk warning. The Company’s 2024 internal control audit report was issued with a disclaimer of opinion. The loss of control over the subsidiary Shagha JinTong is one of the matters that led to the disclaimer. On December 23, 2021, the Company lost control over its subsidiary Shagha JinTong. On April 14, 2025, the parent company of Shagha JinTong, Huadong Company, entered into a share transfer agreement with Huzhou Yan and Information Technology Co., Ltd. (hereinafter referred to as “Huzhou Yan and”). As of the issuance date of this announcement, the share transfer has not yet completed industrial and commercial registration changes. Huzhou Yan and has filed a lawsuit regarding the dispute over the change in industrial and commercial registration. The case is scheduled to be heard at 9:00 a.m. on April 3, 2026 at the Shagha City People’s Court. The effectiveness of internal control for 2025 must be determined based on the internal control audit opinions for 2025 issued by the annual audit firm. According to Article 9.4.1, item (6) of the “Stock Listing Rules,” “where, for two consecutive accounting years, the internal control audit reports for financial reporting are issued with an inability to express an opinion or a disclaimer of opinion, or where an internal control audit report for financial reporting is not disclosed in accordance with regulations,” if the Company’s internal control audit report for 2025 is still issued with a disclaimer of opinion or an inability to express an opinion, the Company may face the risk of being subject to a delisting risk warning; investors are kindly requested to pay attention to investment risks.

10. The Company’s wholly owned subsidiary, Shenzhou Jiepai, is currently under a temporary production shutdown. At present, Shenzhou Jiepai is under temporary shutdown to improve its mining extraction process and technology level. Its main business is the extraction and sales of traditional ceramic raw materials such as nepheline feldspar and kaolin. Downstream customers mainly include building ceramics and daily-use ceramics manufacturing enterprises. The products are mainly used to produce traditional ceramic products such as floor tiles and ceramic cups. Affected by poor conditions in the downstream industry, in the first half of 2025 Shenzhou Jiepai’s operating revenue was RMB 15.3087 million, accounting for 2.39% of the Company’s consolidated operating revenue, representing a significant decline compared with the same period in 2024. Net profit was RMB -1.4987 million, accounting for 0.35% of the Company’s consolidated net profit, which is relatively low. For details, please refer to the Company’s “Announcement on the Temporary Shutdown of the Company’s Subsidiary” disclosed on the Cninfo website on September 27, 2025 (Announcement No.: 2025-082). After resumption of production, the nature of Shenzhou Jiepai’s mines and the uses of its products will not change. It will still be limited to downstream fields such as traditional building ceramics and daily-use ceramics, and will not be used for so-called “core rigid demand raw materials” such as photovoltaic glass, high-end ceramics, and electronic glass. There is no relationship with high-tech fields such as semiconductor materials and wafers. Investors are kindly requested to pay attention to investment risks.

11. According to the relevant provisions of the “Stock Listing Rules,” if the Court rules to accept the Company’s reorganization, the Shenzhen Stock Exchange will implement a delisting risk warning for the Company’s stock. Investors are kindly requested to pay attention to investment risks.

12. If the reorganization fails, the Company will face the risk of being declared bankrupt. If the Company is declared bankrupt, according to the relevant provisions of the “Stock Listing Rules,” the Company’s stock will face the risk of being terminated from listing. Investors are kindly requested to pay attention to investment risks.

13. Given the uncertainties associated with the above matters, the Company will closely monitor the progress of relevant matters and strictly fulfill its information disclosure obligations in accordance with the requirements of relevant laws and regulations and rules and regulations, including the “Stock Listing Rules” and “Self-regulatory Guideline No. 14 by the Shenzhen Stock Exchange—Matters such as Bankruptcy Reorganization of Listed Companies,” and other related provisions. The Company hereby solemnly reminds investors that the Company’s designated information disclosure media are “China Securities Journal,” “Securities Times,” “Shanghai Securities News,” and the Cninfo website (www.cninfo.com.cn). All information related to the Company shall be subject to the announcements published on the above designated media. Investors are kindly requested to make rational investments and pay attention to investment risks.

This announcement is hereby issued.

Jinhong Holding Group Co., Ltd.

Board of Directors

March 18, 2026

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