Chacha Food extends, proposes new employee stock ownership plans

Chacha Food Co., Ltd. announced the extension of its ninth employee stock ownership plan (ESOP) for 12 months, until December 24, 2026. This decision was approved at the Sixth Board of Directors' Twenty-second Meeting on November 14, 2025, following a resolution by the ESOP Management Committee on November 13, 2025. The ninth ESOP acquired 2,701,000 shares for 97,926,055.32 yuan at an average price of 36.255 yuan per share, and originally had a 24-month duration from December 25, 2023, to December 24, 2025, with a 12-month lock-up period ending December 24, 2024.

Concurrently, the board proposed a tenth ESOP, seeking shareholder approval to authorize the board to handle related matters and manage funds not exceeding 100,000,000 yuan. This includes acquiring up to 2,715,177 shares from the company's buyback account at 22.098 yuan per share (totaling up to 60,000,000 yuan) and an additional 40,000,000 yuan through secondary market purchases. The tenth ESOP aims to establish a long-term incentive mechanism with a 36-month duration and a 12-month lock-up period. A special shareholders' meeting is scheduled for December 2, 2025, to vote on these proposals.