Credit Rating Notification
Orient Credit Rating Follow-up Rating No. [2026] 0303
To: Hangzhou Shenhao Technology Co., Ltd.:
Orient Credit Rating Co., Ltd. has conducted a follow-up rating on your company and the "Shenhao Convertible Bonds" in accordance with the follow-up rating arrangement. As determined by the Credit Rating Committee, this follow-up rating downgrades your company's entity credit rating to BBB+, with a stable rating outlook. Simultaneously, the credit rating of "Shenhao Convertible Bonds" is downgraded to BBB+.
Orient Credit Rating Co., Ltd.
Director of Credit Rating Committee: [blank]
Date: June 26, 2026
Credit Rating Report Statement
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