Shanghai Chicmax Cosmetic Co., Ltd. Board announced that on 26 October 2023, Hongyi Zhiyuan, the Company and Jingkai Bogu, have entered into the Partnership Agreement in relation to the formation of the Partnership Fund. The total capital commitments to be subscribed by all Partners to the Partnership Fund is RMB 276,380,600. The capital commitments to be subscribed by Hongyi Zhiyuan, the Company and Jingkai Bogu will be RMB 3,482,420, RMB 189,984,000 and RMB 82,914,180 respectively.

Hongyi Zhiyuan will be the general partner and executive partner of the Partnership Fund while the Company and Jingkai Bogu will be limited partners. The main purpose of the formation of the Partnership Fund is, to the extent permitted by applicable laws and regulations and its scope of business, invest in companies in the beauty care related industry chain and to realise profits from such investments. Name of the Partnership Fund: Huzhou Hongshang 2023 Equity Investment Partnership (Limited Partnership) (the name is subject to the final approval by the relevant government department in the PRC).

Term of the Partnership Fund The term of the Partnership Fund will be seven years (Expiration Date) commencing from the payment date stated on the initial capital contribution payment notices issued by the general partner to the limited partners of the Partnership Fund (Initial Closing Date). The investment period of the Partnership Fund (the Partnership Fund Investment Period) shall be four years from the Initial Closing Date.