Underwriter's Report on Jushen Logistics Group Co., Ltd.'s Issuance of Convertible Bonds to Unspecified Objects (Revised Draft)

Guolian Minsheng Securities Underwriting Report on Jushen Logistics Group Co., Ltd.'s Issuance of Convertible Bonds to Unspecified Objects

1. Declaration

This underwriter issues this underwriting report in accordance with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Administrative Measures for the Registration of Securities Issuance by Listed Companies, and the Management Measures for Underwriting and Sponsoring Securities Issuance, as well as relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange. The underwriter guarantees the authenticity, accuracy, and completeness of the documents issued. In this underwriting report, unless otherwise specified, the definitions are consistent with those in the prospectus for the issuance of convertible bonds by Jushen Logistics Group Co., Ltd. to unspecified objects.

2. Table of Contents

• Declaration........................................................................................................... 1
• Table of Contents............................................................................................... 2
• Section 1 Basic Information on the Securities Issuance.................................. 3
  • 1. Underwriter Project Personnel Information.............................................. 3
  • 1. Basic Information of the Issuer................................................................ 4
  • 1. Relationships and Major Business Transactions between the Underwriter and the Issuer................................................................. 14
  • 1. Internal Review Procedures and Opinions of the Underwriter................ 15
  • 1. Verification of Paid Engagement of Third Parties and Individuals........ 17
• Section 2 Commitments of the Underwriter.................................................... 19
• Section 3 Recommendations on the Securities Issuance............................... 20
  • 1. Underwriter's Conclusion on the Securities Issuance and Listing........ 20
  • 1. Approval Procedures for the Issuance Comply with Regulations........ 20
  • 1. Issuance of Convertible Bonds to Unspecified Objects Complies with Relevant Regulations.......................................................... 20
  • 1. Major Risks Faced by the Issuer.............................................................. 27
  • 1. Evaluation of the Issuer's Development Prospects............................... 36
• Appendix:........................................................................................................... 39

Section 1 Basic Information on the Securities Issuance

1. Underwriter Project Personnel Information

1. Underwriter Name: Guolian Minsheng Securities Underwriting Co., Ltd.

2. Designated Underwriter Representatives: Guolian Minsheng has designated Liu Yuting and Huang Ying as the underwriter representatives for this issuance of convertible bonds to unspecified objects. The main professional experience of the underwriter representatives is as follows:

   • Ms. Liu Yuting: Has led or participated in projects including the major asset restructuring of Xinjingang (300629), the issuance of shares to specific objects by Daoshi Technology (300409), and the IPO project of Jushen Co. (001202).
   • Mr. Huang Ying: Has led or participated in projects including the issuance of shares to specific objects by Daoshi Technology (300409) and the IPO project of Jushen Co. (001202).

3. Project Coordinator and Team Members:

   • Project Coordinator: Li Jiamei has been designated as the project coordinator for this issuance of convertible bonds. His main professional experience includes projects such as the share placement project of Kairun Co. (300715) and the IPO project of Jinxinno (300252).
   • Other Team Members: Liu Lu, He Zijie, Wang Lei.