Report on the Trust Management of Qingdao Guanzhong Ecology Co., Ltd.'s Convertible Bonds Issued to Unspecified Objects (2025)

Important Statement

According to the "Management Measures for Convertible Corporate Bonds" (hereinafter referred to as the "Management Measures"), the "Trust Management Agreement for Qingdao Guanzhong Ecology Co., Ltd.'s Convertible Bonds Issued to Unspecified Objects," and the "Prospectus for Qingdao Guanzhong Ecology Co., Ltd.'s Convertible Bonds Issued to Unspecified Objects," Guojin Securities Co., Ltd. (hereinafter referred to as "Guojin Securities") has prepared this periodic trust management report based on publicly disclosed information, relevant explanatory documents provided by the issuer, and professional opinions from 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 rely on any content in this report as a commitment or statement made by Guojin Securities. This report may not be used for any other purpose without the written permission of Guojin Securities.

Table of Contents

• Important Statement ....................................................................................................................... 2
• Table of Contents ............................................................................................................................ 3
• Definitions ......................................................................................................................................... 4
• Chapter 1 Basic Information on the Issuer's Bonds ..................................................................... 5
  • 1. Approval Documents ............................................................................................................. 5
  • 1. Main Terms of the Bonds ....................................................................................................... 5
• Chapter 2 Performance of Duties by the Trust Manager ............................................................... 14
  • 1. Issuance of Regular/Temporary Trust Management Reports .................................................. 14
  • 1. Disclosure of Conflicts of Interest between the Trust Manager and the Issuer .................... 15
• Chapter 3 Issuer's Business and Financial Status ....................................................................... 16
  • 1. Basic Information on the Issuer ............................................................................................ 16
  • 1. Business Performance of the Issuer in 2025 ....................................................................... 16
• Chapter 4 Use of Raised Funds and Operation of Special Accounts .............................................. 19
  • 1. Use and Balance of Raised Funds .......................................................................................... 19
  • 1. Operation and Verification of Special Accounts for Raised Funds ....................................... 19
• Chapter 5 Changes in Internal and External Credit Enhancement Mechanisms .......................... 21
• Chapter 6 Execution of Debt Repayment Guarantee Measures and Payment of Principal and Interest of Corporate Bonds ........................................................................................................ 22
  • 1. Issuer's Debt Repayment Guarantee Measures ...................................................................... 22
  • 1. Execution of Debt Repayment Guarantee Measures for This Bond ....................................... 22
  • 1. Payment of Principal and Interest .......................................................................................... 22
• Chapter 7 Bondholders' Meeting .................................................................................................... 23
• Chapter 8 Tracking Rating of This Bond ....................................................................................... 24
• Chapter 9 Other Matters Significantly Affecting Bondholders' Rights .......................................... 25
  • 1. Whether Significant Matters Specified in Article 3.6 of the Trust Management Agreement Occurred .................................................................................................................. 25