Query Results on Sales per Square Meter for Huawutang's Offline Exclusive Stores

After a comprehensive search of public information,

. The relevant operating data obtained is organized as follows:

Indicator	2023	2024	First Three Quarters of 2025
Offline Channel Revenue	RMB 167.2 million	RMB 355.6 million	RMB 446.1 million
YoY Growth	-	112.7%	71.2%
Proportion of Total Revenue	13.9%	23.7%	23.5%

According to Huawutang’s prospectus, the company’s offline network has fully covered various terminal types[1][2]:

• Hypermarket & Supermarket Channel
  : Watsons, RT-Mart, etc.
• Cosmetics Exclusive Stores
• New Retail Stores
• OTC Pharmacies
• Maternity & Baby, Convenience Store, and Other Channels

As of now, the company has accumulated over 50,000 store locations nationwide, with sales outlets spread across 31 provinces, autonomous regions, and municipalities directly under the Central Government[3].

1. Reasons for Missing Sales per Square Meter Data
   :
   • Sales per square meter (revenue per sqm) is a core operating indicator in the retail industry, but Huawutang has not separately disclosed data on sales per square meter for exclusive stores in its prospectus or public disclosures
   • The company has a diverse range of offline channels (hypermarkets, exclusive stores, new retail, etc.), and may use an overall statistical caliber without segmenting data

2. Available Alternative Indicators
   :
   • Overall offline channel revenue growth data
   • Number of covered store locations
   • Changes in channel proportion

According to prospectus data, Huawutang’s total revenue in 2024 was RMB 1.4989 billion. Based on an estimate of 50,000 stores, the average annual revenue per store is approximately RMB 30,000. However, this data includes all channel types and cannot accurately reflect the sales per square meter level of exclusive stores.

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: To obtain specific data on sales per square meter for exclusive stores, you may use the following channels:

1. Pay attention to investor relations materials of Huawutang after its subsequent Hong Kong Stock Exchange listing
2. Contact the company’s IR department directly for inquiries
3. Review the full version of the prospectus for possible segmented data

:
[1] Pedaily - “A Couple from Shandong Builds an IPO” (https://news.pedaily.cn/202601/560102.shtml)
[2] Sohu - “The First Hong Kong-listed Domestic Personal Care Stock is Coming” (https://m.sohu.com/a/977626578_329832)
[3] The Beijing News - “Banmuhuatian’s Parent Company Completes Share Reform and May Sprint for IPO” (https://m.bjnews.com.cn/detail/1766973607169146.html)