香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Vala Inc. （於開曼群島註冊成立之有限公司） （股份代號：2051） 建議採納經修訂和重述的組織章程大綱及細則 本公告乃由Vala Inc.（「本公司」）根據香港聯合交易所有限公司證券上市規則（「上市 規則」）第13.51(1)條作出。 本公司董事（「董事」）會（「董事會」）建議修訂和重述本公司的現有第四份經修訂和重 述組織章程大綱及第四份經修訂和重述組織章程細則，藉以(a)反映本公司的最新註 冊辦事處地址；及(b)納入若干輕微修訂（統稱「建議修訂」）。 本公司將在應屆股東週年大會（「股東週年大會」）上提呈特別決議案，以供股東考慮 及酌情批准建議採納納入建議修訂的新一組第五份經修訂和重述組織章程大綱及第 五份經修訂和重述組織章程細則。 – 1 – 一份載有（其中包括）建議修訂進一步資料的通函，連同股東週年大會通告，將在適 當時候寄發予本公司股東。 承董事會命 Vala Inc. 主席、行政總裁兼 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 243,027,000, representing an 8.2% increase from RMB 224,649,000 in 2024[4] - The annual operating loss widened to RMB (154,297,000), a 152.4% increase from RMB (61,125,000) in 2024[4] - The adjusted operating loss under non-IFRS measures was RMB (97,876,000), reflecting a 127.3% increase from RMB (43,052,000) in 2024[4] - The annual net loss increased by approximately 118.9% to about RMB 151.1 million for the year ended December 31, 2025, compared to a net loss of approximately RMB 69.0 million for the year ended December 31, 2024[19] - The company reported a total comprehensive loss of RMB 149,909,000 for the year ended December 31, 2025, compared to RMB 65,386,000 in 2024, representing a significant increase in losses[29] - Basic and diluted loss per share for the year was RMB 0.10, compared to RMB 0.05 in the previous year, indicating a 100% increase in loss per share[29] - The company incurred total expenses of RMB 426,869,000 in 2025, compared to RMB 358,086,000 in 2024, indicating an increase of approximately 19.2%[38] - The company reported a net loss attributable to shareholders of RMB 150,699 thousand for the year ending December 31, 2025, compared to a loss of RMB 60,156 thousand in 2024, indicating an increase in losses of 150%[50] Revenue Streams - Revenue from the valalife business surged to RMB 102,178,000, a remarkable increase of 524.3% compared to RMB 16,367,000 in the previous year[4] - The valalife business revenue surged approximately 524.3% to about RMB 102.2 million for the year ended December 31, 2025, up from approximately RMB 16.4 million for the year ended December 31, 2024[20] - Revenue from the children's amusement business decreased approximately 7.6% from RMB 31.4 million for the year ended December 31, 2024, to approximately RMB 29.0 million for the year ended December 31, 2025[25] - The company’s revenue from credit facilitation and service fees decreased to RMB 33,274,000 in 2025 from RMB 58,607,000 in 2024, a reduction of about 43.2%[34] - SaaS business revenue decreased approximately 51.0% from RMB 75.0 million for the year ended December 31, 2024, to approximately RMB 36.7 million for the year ended December 31, 2025[22] User Engagement and Growth - The number of registered users on the valalife mini-program grew from approximately 37,000 to about 115,000, indicating significant user engagement[12] - The total number of followers for vala automobiles on social media platforms reached approximately 3.1 million, with related video views exceeding 840 million[12] - The registered user base for the Xiaolanben application reached approximately 7.1 million as of December 31, 2025[16] - The credit matching service platform, 51 Credit Card Manager, maintained approximately 88.8 million registered users and about 152.5 million managed credit cards as of December 31, 2025, showing stability compared to the previous year[17] Business Expansion and Strategy - The company has successfully recruited 436 quality co-creators to promote and sell vala automobiles through personal experiences and social media influence[11] - The company launched two new models, vala pro and vala home, targeting diverse consumer segments and price ranges[10] - The company aims to expand its sales network by collaborating with high-quality dealers that align with the vala brand style, minimizing the costs of building self-owned stores[11] - The company has opened three underground city stores in Hangzhou, Changsha, and Qingdao, with plans to expand to other key cities such as Wuhan, Chengdu, Zhengzhou, and Guangzhou[14] - The company is focusing on developing a diversified product matrix around its core business, including automotive accessories and lifestyle products, to strengthen user engagement and expand revenue streams[15] Financial Position and Assets - Total assets decreased to RMB 865,166,000 in 2025 from RMB 1,075,751,000 in 2024, reflecting a decline of approximately 19.5%[30] - Non-current assets dropped to RMB 218,973,000 in 2025 from RMB 300,455,000 in 2024, a decrease of about 27.1%[30] - Current assets also fell to RMB 646,193,000 in 2025 from RMB 775,296,000 in 2024, representing a decline of approximately 16.6%[30] - Total liabilities decreased to RMB 215,865,000 in 2025 from RMB 296,229,000 in 2024, a reduction of about 27.1%[31] Operational Challenges - The company plans to enhance the vala club experience with nearly 300 events in 2025, aiming for a new upgrade in 2026 that includes long-distance self-driving trips and urban weekend community activities[13] - The overdue rate for credit facilitation business assets was below 4.7% as of December 31, 2025, with a 30-day recovery rate of approximately 74%[23] - The average loan term increased from approximately 8.9 months for the year ended December 31, 2024, to approximately 9.4 months for the year ended December 31, 2025[24] Legal and Compliance - The company has taken legal action to recover a total of approximately RMB 101.43 million in loans from Shouhui Group[109] - The company has entered into a settlement agreement with related parties to resolve disputes, including arbitration procedures[101] - The company has complied with all provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO[104] - The company is unable to provide sufficient appropriate audit evidence regarding the accuracy of revenue and expenses for the years ending December 31, 2024, and December 31, 2025[110] Future Outlook - The company plans to develop AI search engine optimization technology to help businesses reduce promotion costs and improve conversion efficiency[26] - The company has no plans to distribute retained earnings from its subsidiaries in China, aiming to retain profits for business expansion within the country[48] - The company has not entered into any foreign exchange forward contracts or other hedging instruments to mitigate currency fluctuation risks as of December 31, 2025[92]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公司仍正在落實本集團本年度的年度業績。本公告所載資料僅為本公司管理層基 於截至本公告日期董事會可得數字及資料所作出的初步評估，其並非基於已由本公 司審核委員會或獨立核數師審閱的任何數字或資料。本集團本年度的實際年度業績 或與本公告所披露之財務資料有所不同，須待本公司核數師落實審閱後作出潛在調 整。預期本集團本年度的年度業績將於2026年3月底前刊發。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 本公告乃Vala Inc.（「本公司」，連同其附屬公司，「本集團」）根據《證券及期貨條例》 （香港法例第571章）第XIVA部下的內幕消息條文及香港聯合交易所有限公司證券 上市規則第13.09條作出。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及有意投資者，根據本集團 截至2025年12月31日止年度（「本年度」）未經審核綜合管理賬目的初步評估及董事會 現時可得的最新資料， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 於本公告日期，執行董事為孫海濤先生及吳珊女士；非執行董事為鄒雲麗女士；及 獨立非執行董事為葉翔先生、徐旭初先生及壽健先生。 承董事會命 Vala Inc. 主席、行政總裁兼執行董事 孫海濤 2026年3月17日 Vala Inc. （於開曼群島註冊成立之有限公司） （股份代號：2051） 董事會會議日期 Vala Inc.（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈，董事會會議將於2026 年3月27日（星期五）舉行，藉以（其中包括）考慮及批准：本公司及其附屬公司截至 2025年12月31日止年度末期業績及其刊發，以及考慮派發末期股息的推薦建議（如 有）。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Vala Inc. （於開曼群島註冊成立之有限公司） 孫海濤 2026年3月3日 茲提述本公司日期為2026年2月5日的公告（「該公告」），內容有關和解協議。除文義 另有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。 誠如該公告所述，一份載有（其中包括）(i)有關和解協議的進一步資料；(ii)獨立財務 顧問就和解協議及其項下擬進行的交易致獨立董事委員會及獨立股東的意見 函；(iii)獨立董事委員會就和解協議及其項下擬進行的交易致獨立股東的推薦函； 及(iv)致股東的股東特別大會通告的通函（「通函」）將於2026年3月3日或之前寄發給 股東。 由於本公司需要額外時間擬備及敲定通函所載的若干資料，因此通函的寄發日期將 延遲至2026年4月10日或之前。 承董事會命 Vala Inc. 主席、行政總裁兼執行董事 （股份代號：2051） 延遲寄發通函 有關首惠開桌的和解協議的須予披露及關連交易 於本公告日 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 公司名稱: Vala Inc. (於開曼群島註冊成立之有限公司) 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02051 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,0 ...

Group 1 - The company has entered into a settlement agreement with various parties, including Mr. Yang and associated entities, regarding a dispute that may affect its control over Shouhui Group [1] - There is uncertainty regarding the outcome of the arbitration process with the Hangzhou Arbitration Commission, which could lead to significant consequences for the company if the ruling is unfavorable [1] - The board believes that settling with Mr. Yang and related entities is in the best interest of the company and its shareholders, considering the potential legal costs and time involved in continuing the arbitration process [1] Group 2 - The management considers the settlement as the most feasible option to ensure partial debt recovery, given the amounts already received [2] - The board views the acquisition of a 12.9365% equity interest in Shouhui as a good opportunity to recover part of its investment and retrieve some debts [2] - The company holds approximately 19.12% equity in Shouhui through Tian Tu Investment and Tianjin Tian Tu Xinghua, along with an additional 26.92% equity held by other former shareholders, which is part of the settlement arrangement [2]

Group 1 - The company VALA has entered into a settlement agreement with related entities of Mr. Yang and Shouhui Group, which is seen as a necessary step given the uncertainty surrounding the arbitration proceedings in Hangzhou [1] - The company has lost control over Shouhui Group since August 3, 2022, and there is no guarantee of regaining control, which necessitates the payment of approximately RMB 92 million to Mr. Yang and his related entities [1] - The board believes that settling with Mr. Yang and his related entities is in the best interest of the company and its shareholders due to the significant consequences of an unfavorable arbitration outcome and the associated legal costs [1] Group 2 - The management considers the settlement as the most viable option to ensure partial debt recovery, given the amounts already received [2] - The board sees the acquisition of a 12.9365% equity interest in Shouhui as a good opportunity to recover part of its investment and retrieve some debts, alongside cash incentives to Mr. Yang for facilitating the sale of the entire equity [2] - The company holds approximately 19.12% equity in Shouhui through Tian Tu Investment and Tianjin Tian Tu Xinghua, and an additional 26.92% through other former shareholders under a nominee arrangement [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Vala Inc. （於開曼群島註冊成立之有限公司） （股份代號：2051） 有關 首惠開桌的和解協議的 須予披露及關連交易 有關首惠開桌的和解協議的須予披露及關連交易 董事會謹此宣佈，於2026年2月5日（交易時段後），杭州恩牛、杭州振牛、杭州商 牛、楊先生、楊先生關聯實體及首惠集團的成員公司已就和解事項訂立和解協 議。 上市規則的涵義 須予披露交易 由於有關和解協議的最高適用百分比率（定義見上市規則）超過5%但低於25%， 根據上市規則第14章，和解協議及其項下擬進行的交易構成本公司的須予披露交 易，並將須遵守申報及公告規定。 – 1 – 關連交易 於本公告日期，憑藉代名人安排，本集團仍為首惠開桌全部註冊資本的實益擁有 人，而該公司在法律上仍為本公司的附屬公司。楊先生為首惠開桌的董事，故根 據上市規則第14A章為本公司的關連人士。於本公告日期，凡山金石及首惠天下 各自由楊先生最終控制。因此，根據上市 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Vala Inc. (於開曼群島註冊成立之有限公司) 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02051 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 5 ...