Haitian Water Group Co., Ltd. Announcement on Not Adjusting the Conversion Price of "Haitian Convertible Bonds" downward

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Stock code: 603759 Stock name: Haitian Co., Ltd. Announcement No.: 2026-028

Haitian Water Group Co., Ltd.

Announcement on Not Lowering the Conversion Price of “Haitian Convertible Bonds”

The board of directors of our company and all directors guarantee that the content of this announcement does not contain any false record, misleading statement, or major omission, and bear legal responsibility for the authenticity, accuracy, and completeness of its content.

Important content reminder:

● During the existence of the “Haitian Convertible Bonds,” the company’s stock has closed below 85% of the current conversion price for at least fifteen trading days in any thirty consecutive trading days, which has triggered the downward adjustment clause for the conversion price of the “Haitian Convertible Bonds” as stipulated in the “Haitian Water Group Co., Ltd. Prospectus for the Public Issuance of Convertible Corporate Bonds to Specific Objects” (hereinafter referred to as the “Prospectus”). After deliberation and approval by the fourth meeting of the fifth board of directors, the board of directors has decided not to lower the conversion price this time, and within three months after making this board resolution (i.e., from March 27, 2026, to June 26, 2026), will not propose a plan to lower the conversion price.

● Starting from the first trading day on June 27, 2026, if the “Haitian Convertible Bonds” trigger the downward adjustment clause for the conversion price again in the future, the board of directors will hold another meeting to decide whether to exercise the right to lower the conversion price of the “Haitian Convertible Bonds.”

1. Situation of Haitan Convertible Bonds

Approved by the China Securities Regulatory Commission (hereinafter referred to as “CSRC”) in its “Approval on Agreeing to the Registration of Haitan Water Group Co., Ltd. for the Public Issuance of Convertible Corporate Bonds to Specific Objects” (Zheng Jian Xu Ke [2026] No. 83), the company publicly issued 8.01 million convertible corporate bonds (hereinafter referred to as “Convertible Bonds”) on February 5, 2026, with a face value of 100 yuan each, for a total issuance amount of 801 million yuan, with a term of 6 years. With the approval of the Shanghai Stock Exchange, the issued Convertible Bonds have been listed for trading on the Shanghai Stock Exchange since March 12, 2026, with the bond abbreviation “Haitian Convertible Bonds” and bond code “113700.”

According to relevant regulations and the provisions of the “Prospectus,” the conversion period for the “Haitian Convertible Bonds” starts from the first trading day after the end of the issuance of these convertible corporate bonds (February 11, 2026, T+4 day) and lasts until the maturity date of the convertible bonds (February 4, 2032) (if it falls on a statutory holiday or rest day, it will be extended to the first working day after that; interest on the extended period will not accrue additional interest).

2. Downward Adjustment Clause for the Conversion Price of “Haitian Convertible Bonds” and Triggering Conditions

(a) Downward Adjustment Clause for the Conversion Price

The provisions regarding the downward adjustment of the conversion price of the “Haitian Convertible Bonds” in the “Prospectus” are as follows:

1. Adjustment Authority and Adjustment Range

During the validity period of the issued convertible corporate bonds, when the closing price of the company’s A-shares is lower than 85% of the current conversion price for fifteen trading days in any consecutive thirty trading days, the board of directors has the right to propose a plan to lower the conversion price and submit it for the shareholders’ meeting for voting.

The adjusted conversion price shall not be lower than the average trading price of the company’s A-shares over the twenty trading days preceding the shareholders’ meeting and the average trading price of the company’s A-shares on the last trading day, and shall not be lower than the latest audited net asset value per share and the face value of the stock. The above plan must be approved by more than two-thirds of the voting rights held by the attending shareholders. Shareholders holding the convertible corporate bonds issued in this offering shall abstain from voting on the plan for the downward adjustment of the conversion price.

If an adjustment of the conversion price occurs during the aforementioned trading days, the closing price will be calculated based on the conversion price before the adjustment on the trading days prior to the adjustment date and based on the conversion price after the adjustment on the adjustment date and subsequent trading days.

2. Adjustment Procedure

If the company decides to lower the conversion price, it will publish the announcement of the shareholders’ meeting resolution, announcing the adjustment range, the share registration date, and any suspension of conversion period (if necessary) on the information disclosure media for listed companies that meet the conditions. From the first trading day after the share registration date (i.e., the conversion price adjustment date), the conversion application will resume, and the adjusted conversion price will be implemented. If the conversion price adjustment date is the conversion application date or later, and before the conversion share registration date, such conversion applications shall be executed at the adjusted conversion price.

(b) Triggering Conditions for the Downward Adjustment Clause of the Conversion Price

During the existence of the “Haitian Convertible Bonds,” the company’s stock has closed below 85% of the current conversion price for at least fifteen trading days in any thirty consecutive trading days, which has triggered the adjustment conditions for the conversion price of the “Haitian Convertible Bonds.”

3. Specific Explanation for Not Lowering the Conversion Price of “Haitian Convertible Bonds” This Time

Considering that the “Haitian Convertible Bonds” are still far from the maturity date and that the company’s stock price has not accurately reflected the inherent value of the company’s long-term development due to macroeconomic and market factors, along with the current market conditions and the company’s actual situation, in consideration of the interests of investors, the board of directors has decided not to exercise the right to lower the conversion price of the “Haitian Convertible Bonds” this time, and within the next three months (from March 27, 2026, to June 26, 2026), will not propose a downward adjustment plan even if the adjustment condition as stipulated in the “Prospectus” is triggered again.

The next period for triggering the conversion price adjustment condition will start from June 27, 2026 (June 27, 2026, is a non-trading day and will be extended to the next trading day), and thereafter, if the “Haitian Convertible Bonds” trigger the downward adjustment clause for the conversion price again, the board of directors will hold another meeting to decide whether to exercise the right to lower the conversion price of the “Haitian Convertible Bonds.”

This announcement is hereby made.

Board of Directors of Haitan Water Group Co., Ltd.

March 27, 2026

Stock code: 603759 Stock name: Haitian Co., Ltd. Announcement No.: 2026-027

Haitian Water Group Co., Ltd.

Announcement of the Resolution of the Fourth Meeting of the Fifth Board of Directors

The board of directors of our company and all directors guarantee that the content of this announcement does not contain any false record, misleading statement, or major omission, and bear legal responsibility for the authenticity, accuracy, and completeness of its content.

1. Situation of the Board of Directors Meeting

(a) The convocation and holding of the fourth meeting of the fifth board of directors of Haitan Water Group Co., Ltd. (hereinafter referred to as “the company”) comply with the provisions of the “Company Law” and other relevant laws, administrative regulations, departmental rules, normative documents, and the “Articles of Association.”

(b) The meeting notice was delivered to all directors via written and electronic mail on March 25, 2026.

© This meeting was held on March 26, 2026, in the form of a communication vote.

(d) Nine directors were supposed to attend this meeting, and seven voting ballots were actually received. For the sake of prudence, Directors Fei Gongquan and Fei Junjie abstained from voting.

(e) Senior management of the company attended the meeting.

2. Review of the Board of Directors Meeting

(a) The proposal on “Not Lowering the Conversion Price of ‘Haitian Convertible Bonds’” was approved.

Voting results: 7 votes in favor, 0 votes against, 0 abstentions, 2 abstentions. Based on the principle of prudence, Directors Fei Gongquan and Fei Junjie abstained from this vote.

During the existence of the “Haitian Convertible Bonds,” the company’s stock has closed below 85% of the current conversion price for at least fifteen trading days in any thirty consecutive trading days, which has triggered the downward adjustment clause for the conversion price of the “Haitian Convertible Bonds” as stipulated in the “Haitian Water Group Co., Ltd. Prospectus for the Public Issuance of Convertible Corporate Bonds to Specific Objects” (hereinafter referred to as the “Prospectus”).

Considering that the “Haitian Convertible Bonds” are still far from the maturity date and that the company’s stock price has not accurately reflected the inherent value of the company’s long-term development due to macroeconomic and market factors, along with the current market conditions and the company’s actual situation, in consideration of the interests of investors, the board of directors has decided not to exercise the right to lower the conversion price of the “Haitian Convertible Bonds” this time, and within the next three months (from March 27, 2026, to June 26, 2026), will not propose a downward adjustment plan even if the adjustment condition as stipulated in the “Prospectus” is triggered again.

The next period for triggering the conversion price adjustment condition will start from June 27, 2026 (June 27, 2026, is a non-trading day and will be extended to the next trading day), and thereafter if the “Haitian Convertible Bonds” trigger the downward adjustment clause for the conversion price again, the board of directors will hold another meeting to decide whether to exercise the right to lower the conversion price of the “Haitian Convertible Bonds.”

This announcement is hereby made.

Board of Directors of Haitan Water Group Co., Ltd.

March 27, 2026

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