BEIJING

北京

,

，

March 25, 2026

2026年3月25日

/PRNewswire/ -- LakeShore Biopharma Co., Ltd ('LakeShore Biopharma' or the 'Company') (OTCPK: LSBCF; OTCPK: LSBWF), a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and delivering new generations of vaccines and therapeutic biologics for infectious diseases and cancer, today announced that the special committee of its board of directors (the 'Special Committee') has received a revised preliminary non-binding proposal letter (the 'Proposal Letter'), dated March 24, 2026, from Oceanpine Skyline Inc.

/PRNewswire/ -- LakeShore Biopharma Co., Ltd（“LakeShore Biopharma”或“公司”）（OTCPK: LSBCF；OTCPK: LSBWF），一家致力于发现、开发、制造和交付新一代疫苗及治疗性生物制品以应对传染病和癌症的全球生物制药公司，今日宣布其董事会特别委员会（“特别委员会”）已收到一份修订后的初步无约束力提案函（“提案函”），日期为2026年3月24日，由Oceanpine Skyline Inc.发出。

('Parent') and Oceanpine Merger Sub Inc. ('Merger Sub'), to reduce the purchase price for acquiring all of the outstanding ordinary shares of the Company (the 'Ordinary Shares') that are not currently owned by Parent, Merger Sub, the Rollover Shareholders (as defined in the Agreement and Plan of Merger, dated November 4, 2025, by and among the Company, Parent and Merger Sub), or their respective affiliates, to US$0.06 per Ordinary Share (the 'Proposed Transaction').

（“母公司”）和Oceanpine Merger Sub Inc.（“合并子公司”），以降低收购公司所有未偿还的普通股（“普通股”）的价格，这些股份目前不由母公司、合并子公司、滚存股东（定义见2025年11月4日由公司、母公司及合并子公司签署的合并协议及计划）或其各自关联公司持有，降至每股普通股0.06美元（“拟议交易”）。

A copy of the Proposal Letter is attached hereto as .

提案信的副本作为附件附于本文后。

Exhibit A

附件A

.

。

The Special Committee will evaluate the Proposed Transaction with the assistance of its financial and legal advisors in light of the latest development.

特别委员会将根据最新发展，在其财务和法律顾问的协助下评估拟议交易。

The Company cautions its shareholders and others considering trading the Company's securities that no decisions have been made with respect to the Proposal Letter, the Proposed Transaction, or any alternative strategic option that the Company may pursue. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that the Proposed Transaction or any other transaction will be approved or consummated.

公司告诫其股东及其他考虑交易公司证券的人士，对于提案函、拟议交易或公司可能追求的任何其他战略选择，均尚未作出任何决定。无法保证会提出任何最终要约、达成任何协议，也无法保证拟议交易或任何其他交易将获得批准或完成。

The Company does not undertake any obligation to provide any updates with respect to the Proposed Transaction or any other transaction, except as required under applicable law..

公司不承担就拟议交易或任何其他交易提供任何更新的义务，除非适用法律要求。

About LakeShore Biopharma Co., Ltd

关于湖岸生物制药有限公司

LakeShore Biopharma, previously known as YS Biopharma, is a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and delivering new generations of vaccines and therapeutic biologics for infectious diseases and cancer. It has developed a proprietary PIKA

LakeShore Biopharma，前身为YS Biopharma，是一家全球生物制药公司，致力于发现、开发、制造和交付新一代疫苗和治疗性生物制品，用于传染病和癌症。该公司已开发出一种专有的PIKA技术。

®

®

immunomodulating technology platform and a new generation of preventive and therapeutic biologics targeting Rabies, Hepatitis B, Influenza, and other virus infections. The Company operates in China, Singapore, and the Philippines, and is led by a management team that combines rich local expertise and global experience in the biopharmaceutical industry..

免疫调节技术平台以及针对狂犬病、乙型肝炎、流感和其他病毒感染的新一代预防和治疗性生物制品。公司在中国、新加坡和菲律宾开展业务，由一支结合了丰富本地专业知识和全球生物制药行业经验的管理团队领导。

For more information, please visit

更多信息，请访问

https://investors.lakeshorebio.com/

https://investors.lakeshorebio.com/

.

。

Safe Harbor Statement

安全港声明

This press release contains statements that may constitute 'forward-looking' statements. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding the Special Committee's evaluation of the Proposal Letter and the Proposed Transaction.

本新闻稿包含可能构成“前瞻性”声明的陈述。本新闻稿中除历史或当前事实陈述之外的所有陈述均为前瞻性声明，包括但不限于有关特别委员会对提案信及拟议交易评估的陈述。

Forward-looking statements may be identified by the use of words such as 'estimate,' 'plan,' 'project,' 'potential,' 'forecast,' 'intend,' 'will,' 'expect,' 'anticipate,' 'believe,' 'goal,' 'seek,' 'target' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters.

前瞻性陈述可以通过使用诸如“估计”、“计划”、“项目”、“潜力”、“预测”、“意图”、“将”、“预期”、“预见”、“相信”、“目标”、“寻求”、“针对”等词语或其他类似表达来识别，这些词语预测或指示未来事件或趋势，或者不是关于历史事实的陈述。

These statements are based on various assumptions, whether identified in this press release, and on the current expectations of LakeShore Biopharma's management and are not predictions of actual performance..

这些声明基于各种假设，无论是否在本新闻稿中提及，且基于 LakeShore Biopharma 管理层的当前预期，并非对实际业绩的预测。

LakeShore Biopharma cannot assure you the forward-looking statements in this press release will be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including those included under the heading 'Risk Factors' in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by the Company from time to time with the SEC.

LakeShore Biopharma无法保证本新闻稿中的前瞻性陈述准确无误。这些前瞻性陈述受到多种风险和不确定性的影响，包括公司在Form 20-F年度报告中“风险因素”标题下向证券交易委员会（SEC）提交的内容，以及公司不时向SEC提交的其他文件中描述的风险。

There may be additional risks that LakeShore Biopharma does not presently know or that LakeShore Biopharma currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved.

可能还存在LakeShore生物制药公司目前不了解或认为不重要的其他风险，这些风险也可能导致实际结果与前瞻性声明中的内容不同。鉴于这些前瞻性声明中存在重大不确定性，本新闻稿中的任何内容都不应被视为任何人对本文所述的前瞻性声明将会实现或该等前瞻性声明的任何预期结果将会实现的陈述。

The forward-looking statements in this press release represent the views of LakeShore Biopharma as of the date of this press release. Subsequent events and developments may cause those views to change. However, while LakeShore Biopharma may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law.

本新闻稿中的前瞻性陈述代表了LakeShore生物制药公司截至本新闻稿发布日期的观点。后续事件和发展可能导致这些观点发生变化。然而，尽管LakeShore生物制药公司未来可能会更新这些前瞻性陈述，但目前无意这样做，除非适用法律要求。

You should, therefore, not rely on these forward-looking statements as representing the views of LakeShore Biopharma as of any date subsequent to the date of this press release. Except as may be required by law, LakeShore Biopharma does not undertake any duty to update these forward-looking statements..

因此，你不应依赖这些前瞻性陈述来代表LakeShore Biopharma在本新闻稿发布之后的任何日期的观点。除非法律要求，LakeShore Biopharma没有义务更新这些前瞻性陈述。

For investor inquiries, please contact:

投资者咨询，请联系：

IR Team

红外团队

Tel: +86 (10) 8920-2086

电话：+86 (10) 8920-2086

Email:

电子邮件：

[email protected]

电子邮件地址

Exhibit A

附件A

Revised

修订版

Non-Binding

非约束性

Proposal

提案

March 24, 2026

2026年3月24日

The

The

Special

特殊

Committee

委员会

of

的

the

这

Board

板子

of

的

Directors

董事们

(the '

（'

Special

特殊

Committee

委员会

')

')

LakeShore Biopharma Co., Ltd

湖岸生物制药有限公司

Building No. 2, 38 Yongda Road

永达路38号2号楼

Daxing Biomedical Industry Park

大兴生物医药产业园

Daxing District, Beijing, 102629

北京市大兴区，102629

People's Republic of China

中华人民共和国

with a copy to:

抄送：

Gibson, Dunn & Crutcher LLP

吉布森、邓恩与克拉彻律师事务所

Unit 1301, Tower 1, China Central Place

中国中央广场1号楼1301单元

No. 81 Jianguo Road,

建国路81号，

Chaoyang District, Beijing 100025

北京市朝阳区，邮编100025

People's Republic of China

中华人民共和国

Attention: Qi Yue, Esq.

收件人：齐越律师

Email:

电子邮件：

[email protected]

电子邮件地址

Dear members of the Special Committee:

亲爱的特别委员会成员们：

Reference is made to that certain agreement and plan of merger (as amended, restated, supplemented or otherwise modified from time to time, the '

参考特定的协议和合并计划（经不时修订、重述、补充或以其他方式修改的，称为“

Merger Agreement

合并协议

'), dated November 4, 2025, by and among Oceanpine Skyline Inc., an exempted company with limited liability incorporated under the laws of the Cayman Islands ('

“），日期为2025年11月4日，由Oceanpine Skyline Inc.（一家根据开曼群岛法律注册成立的有限责任豁免公司）（“

Parent

父级

'), Oceanpine Merger Sub Inc., an exempted company with limited liability incorporated under the laws of the Cayman Islands and a wholly-owned subsidiary of Parent ('

“），Oceanpine Merger Sub Inc.，一家根据开曼群岛法律成立的有限责任豁免公司，且为母公司（”

Merger Sub

合并子公司

', together with Parent, '

`, 连同父类一起, `

we

我们

', '

', '

our

我们的

' and '

' 和 '

us

我们

'), and LakeShore Biopharma Co., Ltd, an exempted company with limited liability incorporated under the laws of the Cayman Islands (the '

'), 以及根据开曼群岛法律成立的有限责任公司 LakeShore Biopharma Co., Ltd（"

Company

公司

'). The transactions contemplated by the existing Merger Agreement and the other related Transaction Documents are hereinafter referred to as the '

“）。现有合并协议及其它相关交易文件所设想的交易以下称为“

Original Transaction

原始交易

'. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Merger Agreement.

“本协议中使用的术语，除非另有定义，否则应具有合并协议中赋予它们的含义。

As previously informed the Company in writing on February 4, 2026, we have determined that the arbitral awards (the '

正如我们于2026年2月4日以书面形式通知公司的那样，我们已确定仲裁裁决（

Awards

奖项

') issued by the Kaifeng Arbitration Commission on January 21, 2026 and January 22, 2026, which ordered certain PRC subsidiaries of the Company to pay a total amount of approximately RMB576.5 million in respect of certain

2026年1月21日和2026年1月22日开封仲裁委员会作出的裁决，责令公司某些中国子公司支付总计约人民币5.765亿元的款项，涉及某些事项。

alleged

所谓的

financial liabilities, have resulted in a 'Company Material Adverse Effect' as defined in the Merger Agreement, and that, pursuant to Section 8.2(c) of the Merger Agreement, Parent and Merger Sub have the right not to consummate the Merger on the existing terms of the Original Transaction.

财务负债，已经导致了合并协议中定义的“公司重大不利影响”，并且根据合并协议第8.2(c)条，母公司和合并子公司有权不按照原交易的现有条款完成合并。

Notwithstanding the foregoing, we remain willing to proceed with the acquisition of the Company and hereby submit our revised proposal (the '

尽管有上述规定，我们仍愿意继续进行对公司收购，并在此提交我们的修订提案（“

Revised Proposal

修订后的提案

') to acquire all outstanding ordinary shares of a par value of US$0.0002 each of the Company (the '

') 以收购公司全部已发行的每股面值为 0.0002 美元的普通股（'

Ordinary

普通

Shares

股票

') not owned by us, the Rollover Shareholders or their respective Affiliates, in an all cash transaction (the '

') 不由我们、滚动股东或其各自关联公司拥有的，在全现金交易中（'

Revised Transaction

修订后的交易

').

').

Key terms of our Revised Proposal are set forth below:

我们的修订提案的关键条款如下所述：

1.

1.

Purchase Price

购买价格

. The Per Share Merger Consideration is revised to US$0.06, which represents a premium of 50% to the Company's last trading price on March 20, 2026. In arriving at the revised Per Share Merger Consideration, we have considered, among other things, the following factors:

每股合并对价修订为0.06美元，较公司2026年3月20日的最后交易价格溢价50%。在确定修订后的每股合并对价时，我们考虑了以下因素等：

a. based on our understanding and publicly available information, the success rate of applications to set aside or to refuse enforcement of arbitral awards by a competent court in the PRC is low. Therefore, the substantial monetary liabilities of approximately RMB576.5 million imposed by the Awards have had, and would reasonably be expected to continue to have, a material adverse effect on the Company's financial condition, including potentially rendering the Company unable to pay its debts as they become due and payable;.

基于我们的理解及公开可得的信息，向中国有管辖权的法院申请撤销或拒绝执行仲裁裁决的成功率较低。因此，仲裁裁决所施加的约人民币5.765亿元的重大金钱责任已经对公司的财务状况产生了重大不利影响，并且预计合理地将继续产生重大不利影响，包括可能导致公司无法在债务到期应付时偿还债务。

b. overturning the Awards and obtaining a judgment in favor of the Company would require several rounds of litigation and court proceedings, the outcome of which is subject to significant uncertainty;

b. 推翻裁决并获得有利于公司的判决将需要多轮诉讼和法院程序，其结果存在重大不确定性；

c. even if the Company were ultimately to succeed in overturning the Awards and obtaining a favorable outcome, such process would be expected to take a considerable amount of time to complete; and

c. 即使公司最终能够成功推翻裁决并获得有利结果，这一过程预计也将耗费相当长的时间才能完成；并且

d. notwithstanding the significant uncertainty, the prolonged process and risks associated with the Awards, we remain committed to assuming such risks and proceeding with the Revised Transaction in order to provide the unaffiliated security holders (as defined in Rule 13e-3 of the Exchange Act) of the Company with an opportunity to realize value for their Ordinary Shares, which value could otherwise be further diminished or reduced to nil in the absence of the Revised Transaction..

尽管存在重大不确定性、漫长的程序和与裁决相关的风险，我们仍然致力于承担这些风险并继续进行修订后的交易，以便为公司的非关联证券持有人（根据《交易法》第13e-3条定义）提供实现其普通股价值的机会，否则在没有修订后的交易的情况下，该价值可能会进一步减少甚至降至零。

2.

2.

Source of Funds

资金来源

. The source of funds remains the same as contemplated under the Original Transaction. For the avoidance of doubt, we intend to fund the Revised Transaction in the form of rollover equity in the Company, and cash contribution by Oceanpine Capital Inc. or its Affiliates.

资金来源与原交易中设想的相同。为避免疑义，我们打算通过公司在公司中的滚动股权形式和Oceanpine Capital Inc.或其关联方的现金出资来为修订后的交易提供资金。

3.

3.

Amended

修订版

Transaction

事务

Documentation

文档

. We understand that certain terms of the Transaction Documents and certain information in the transaction statement on Schedule 13E-3 and the Proxy Statement may need to be amended to reflect the terms of the Revised Transaction. We are committed to working with the Special Committee and its advisors to finalize such amendments in an expeditious manner and on terms satisfactory to all parties..

我们理解，交易文件的某些条款以及13E-3表格和委托声明书中交易声明的某些信息可能需要进行修订，以反映修订后交易的条款。我们承诺与特别委员会及其顾问合作，以迅速且令各方满意的方式最终确定这些修订。

Except as otherwise stated herein, we confirm that all other key terms as set forth in the Merger Agreement remain unchanged.

除非本文另有说明，我们确认合并协议中规定的其他所有关键条款保持不变。

This letter constitutes only a preliminary indication of our interest and does not constitute any binding commitment with respect to the transactions proposed in this letter or any other transaction, including, without limitation, the Original Transaction and the Revised Transaction. No agreement, arrangement or understanding between us and the Company relating to any transaction will be created until such time as definitive documentation has been executed and delivered by us and the Company and all other appropriate parties..

本函件仅构成我们兴趣的初步表示，并不构成对本函件中提议的交易或任何其他交易（包括但不限于原始交易和修订后的交易）的任何具有约束力的承诺。在我们和公司以及所有其他适当方签署并交付最终文件之前，我们与公司之间不会就任何交易达成协议、安排或谅解。

In closing, we would like to express our commitment to working expeditiously with you to bring this matter to a successful conclusion. Should you have any questions regarding our Revised Proposal, please contact us. We look forward to hearing from you.

最后，我们想表达我们致力于迅速与您合作，以使此事圆满解决。如果您对我们修订后的提案有任何疑问，请联系我们。我们期待您的回复。

[

[

signatures

签名

page

页面

follows

如下

]

]

Sincerely,

诚挚地，

Oceanpine Skyline

海洋松树天际线

Inc.

公司

By

通过

: /s/ NAN Shaodeng

：/s/ 南少登

Name: NAN Shaodeng

姓名：南韶登

Title: Director

标题：导演

Oceanpine

海洋松树

Merger

合并

Sub

子程序

Inc.

公司

By

通过

: /s/ NAN Shaodeng

：/s/ 南少登

Name: NAN Shaodeng

姓名：南少登

Title: Director

标题：导演

SOURCE LakeShore Biopharma Co., Ltd.

来源：湖岸生物制药有限公司

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