Report on the Trustee Management of the Public Issuance of Convertible Corporate Bonds by Hunan Xiangjia Animal Husbandry Co., Ltd. (2025)

Important Statement

This report is prepared by Guolian Minsheng Securities Co., Ltd. (hereinafter referred to as "Guolian Minsheng") based on the "Management Measures for Convertible Corporate Bonds" (hereinafter referred to as "Management Measures"), the "Trustee Management Agreement for the Public Issuance of Convertible Corporate Bonds by Hunan Xiangjia Animal Husbandry Co., Ltd." (hereinafter referred to as "Trustee Management Agreement"), the "Prospectus for the Public Issuance of Convertible Corporate Bonds by Hunan Xiangjia Animal Husbandry Co., Ltd." (hereinafter referred to as "Prospectus"), and the "2025 Annual Report of Hunan Xiangjia Animal Husbandry Co., Ltd." and other relevant public information disclosure documents, as well as professional opinions issued by third-party intermediaries. Guolian Minsheng has not independently verified the contents and information quoted from the above documents and does not guarantee or assume any responsibility for the authenticity, accuracy, and completeness of such quoted contents and information. This report does not constitute a recommendation for investors to take or refrain from any action; investors should make independent judgments on relevant matters and should not rely on any content in this report as a commitment or statement made by Guolian Minsheng. Under no circumstances shall Guolian Minsheng be liable for any actions or inactions taken by investors based on this report.

Table of Contents

1. Current Bond Situation ................................................................................................. 4
   1. Approval Documents and Approval Scale ................................................................ 4
   2. Main Terms of the Current Bonds ........................................................................... 4
2. Performance of the Trustee Management Responsibilities ........................................... 11
3. Annual Operating and Financial Situation of the Issuer .............................................. 12
   1. Basic Information of the Issuer .............................................................................. 12
   2. Operating and Financial Situation of the Issuer in 2025 ....................................... 13
4. Use of Raised Funds by the Issuer .............................................................................. 14
   1. Basic Situation of Raised Funds .............................................................................. 14
   2. Actual Use of Raised Funds in This Year ................................................................ 14
5. Guarantor Situation for This Bond .............................................................................. 18
6. Bondholder Meeting Situation .................................................................................... 19
7. Interest Payment Situation for This Bond ................................................................... 20
8. Tracking Rating Situation for This Bond ..................................................................... 21
9. Other Matters Significantly Affecting Bondholder Rights ........................................... 22
   1. Whether Major Matters Specified in Article 3.5 of the Trustee Management Agreement Occurred .......................................................... 22
   2. Adjustment of Conversion Price .............................................................................. 24