Report on the Entrusted Management of Tianyang Hongye Technology Co., Ltd.'s Convertible Bonds by Guohai Securities Co., Ltd. (2025)

Declaration

This report is prepared by Guohai Securities Co., Ltd. (hereinafter referred to as "Guohai Securities" or "Trustee") based on the "Management Measures for Convertible Corporate Bonds," the "Prospectus for the Issuance of Convertible Corporate Bonds by Tianyang Hongye Technology Co., Ltd. to Unspecified Objects" (hereinafter referred to as "Prospectus"), the "Entrusted Management Agreement between Tianyang Hongye Technology Co., Ltd. and Guohai Securities Co., Ltd." (hereinafter referred to as "Entrusted Management Agreement"), and the "2025 Annual Report of Tianyang Hongye Technology Co., Ltd." (hereinafter referred to as "2025 Annual Report"), as well as other relevant public information disclosure documents and professional opinions issued by third-party intermediaries. This report does not constitute a recommendation for investors to take or refrain from any action; investors should make independent judgments regarding related matters and should not regard any content in this report as a commitment or statement made by Guohai Securities. Under no circumstances shall Guohai Securities be liable for any actions or inactions taken by investors based on this report.

Table of Contents

1. Declaration ..................................................................... 2
2. Table of Contents ..................................................................... 3
3. Section 1 Overview of the Bonds ...................................................... 4
   1. Approval Status of the Bonds ................................................ 4
   2. Key Terms of the Bonds ....................................................... 4
4. Section 2 Performance of the Trustee ........................................... 14
5. Section 3 Company's Operating and Financial Status in 2025 ............ 15
   1. Basic Information of the Company ........................................ 15
   2. Company's Operating and Financial Status in 2025 ................. 15
6. Section 4 Use of Raised Funds and Operation of Special Accounts ........ 17
   1. Status of Raised Funds ........................................................ 17
   2. Use of Raised Funds and Balance ......................................... 17
   3. Storage and Management of Raised Funds ............................ 17
   4. Actual Use of Raised Funds .................................................. 18
   5. Verification of Special Accounts for Raised Funds ................... 21
7. Section 5 Analysis of the Effectiveness of Internal and External Credit Enhancement Mechanisms and Debt Repayment Guarantees .......... 22
   1. Internal and External Credit Enhancement Mechanisms ............ 22
   2. Execution and Effectiveness of Debt Repayment Guarantees .... 22
8. Section 6 Payment of Principal and Interest of the Bonds .................. 23
   1. Payment Arrangements ....................................................... 23
   2. Payment of Principal and Interest During the Reporting Period .... 23
9. Section 7 Analysis of the Issuer's Debt Repayment Ability and Willingness .......................................................... 24
   1. Analysis of the Issuer's Debt Repayment Ability .................... 24
   2. Analysis of the Issuer's Debt Repayment Willingness ............. 24
10. Section 8 Meeting of Bondholders .............................................. 26
11. Section 9 Other Matters Significantly Affecting Bondholders' Rights .... 27
12. Changes in Relevant Intermediaries ....................................... 27
13. Tracking Rating of the Bonds ............................................... 27
14. Adjustments to Equity Distribution and Conversion Price .......... 27
15. History of Adjustments to Conversion Price ............................ 28
16. Delisting of "Tianyang Convertible Bonds" ................................ 31
17. Other Matters Related to the Issuer's Debt Repayment Ability and Credit Enhancement Measures and Actions Taken by the Trustee .......... 33