Acquisition Strengthens Lakeside's Pharmaceutical LogisticsCapabilitiesin China,Projected to Add US$7 Million in Annual Revenue

ITASCA,Ill.,Nov. 11,2024 --Lakeside Holding Limited ("Lakeside" or the "Company") (Nasdaq:LSH),a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market operating under the brand American Bear Logistics (ABL),is pleased to announcethat through its wholly-owned subsidiary Sichuan Hupan Jincheng Enterprise Management Co.,Ltd.("Sichuan Hupan"),has entered into an equity transfer agreement to acquireHupan Pharmaceutical (Hubei) Co.,Ltd. ("Hupan Pharmaceutical"),gaining entry into the medical logistics sector. The acquisition,valued at RMB 4.0 million (US$0.6 million),is anticipated to deliver approximately US$7 million of annual revenues to Lakeside.

Founded in May 2024 and headquartered in Wuhan,Hupan Pharmaceutical is a comprehensive pharmaceutical distribution and supply chain service provider with verticals in brand promotion and healthcare technology support. Hupan Pharmaceutical is licensed for drug wholesale,retail,and third-class medical device distribution in China,with recent expansion to include refrigerated and frozen pharmaceuticals,peptide hormones,and other critical medications.

Hupan Pharmaceutical has partnerships with leading pharmaceutical manufacturers,regional healthcare institutions,and 15 major hospitals in Wuhan,including theSinopharm GroupHubei Co.,Ltd. The Sinopharm Group Hubei Co.,Ltd. is the subsidiary of Sinopharm Group Co.,Ltd.(Sinopharm Holding). Sinopharm Holding a top player in China's pharmaceutical industry,ranked 24th in the 2022 Fortune China 500 and first among pharmaceutical companies. It is recognized as a "2022 National Demonstration Enterprise for Supply Chain Innovation and Application" and among the top 100 most valuable Chinese brands.With an MSCI ESG rating of A,Sinopharm Holding is an industry leader in corporate responsibility and supply chain stability.

Known for its extensive clinical supply expertise in oncology,antibiotics,large-volume infusions,and aesthetic medicine,Hupan Pharmaceutical is well-positioned to meet the needs of a broad range of healthcare institutions across Hubei.

"The acquisition of Hupan Pharmaceutical provides Lakeside with an important foothold into the lucrative medical logistics trade," said Henry Liu,Chairman & CEO ofLakeside. "With American Bear Logistics and now Hupan Pharmaceutical,Lakeside is positioned with two highly specialized companies,each supported by experienced teams,advanced technology,and a solid foundation of customer trust. This acquisition enables us to bring top-tier logistics and supply chain solutions to the pharmaceutical sector in China,expanding our reach and capabilities across critical and emerging markets."

About Lakeside Holding Limited

Lakeside Holding Limited,based inItasca,IL,is a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market,includingChinaandSouth Korea. Operating under the brand American Bear Logistics,we primarily provide customized cross-border ocean freight solutions and airfreight solutions in the U.S. that specifically cater to our customers' requirements and needs in transporting goods into the U.S. We are an Asian American-owned business rooted in the U.S. with in-depth understanding of both the U.S. and Asian international trading and logistics service markets. Our customers are typicallyAsia- and U.S.-based logistics service companies serving large e-commerce platforms,social commerce platforms,and manufacturers to sell and transport consumer and industrial goods made inAsiainto the U.S. For more information,please visithttps://lakeside-holding.com.

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