Zhejiang Liziyuan Food Co., Ltd. Convertible Bond Conversion Results and Share Change Announcement

Security Code: 605337 Stock Short Name: LIZIYUAN Announcement No.: 2026-005

Bond Code: 111014 Bond Short Name: LIZI BOND

Zhejiang LiziYuan Food Co., Ltd.

Announcement on the Results of the Conversion of Convertible Bonds into Shares and Changes in Share Capital

The Board of Directors of the Company and all its directors hereby guarantee that this announcement contains no false records, misleading statements, or material omissions, and assume legal responsibility for the authenticity, accuracy, and completeness of the content of this announcement.

Key Information:

● Cumulative conversion status: Zhejiang LiziYuan Food Co., Ltd. has been converting its convertible corporate bonds issued to non-specific investors (hereinafter referred to as “Lizi Bond”) since December 28, 2023. As of March 31, 2026, a total of RMB 63,000 worth of “Lizi Bond” has been converted into the Company’s ordinary shares, with a cumulative number of shares converted of 3,227 shares, accounting for 0.0008% of the total number of shares issued by the Company prior to the conversion of the “Lizi Bond”.

● Unconverted convertible bonds: As of March 31, 2026, the amount of “Lizi Bond” that has not yet been converted is RMB 599,937,000, accounting for 99.9895% of the total issuance of the “Lizi Bond”.

● Conversion during this quarter: From January 1, 2026 to March 31, 2026, a total of RMB 1,000 worth of “Lizi Bond” was converted into the Company’s ordinary shares, and the number of shares formed as a result of the conversion was 54 shares.

I. Overview of the Issuance and Listing of the Convertible Bonds

(I) Issuance of the convertible bonds

Approved for registration by the China Securities Regulatory Commission (CSRC) under the document No. CSRC License [2023] 1166, Zhejiang LiziYuan Food Co., Ltd. (hereinafter referred to as the “Company” or “our Company”) issued 6,000,000 lots of convertible corporate bonds to non-specific investors on June 20, 2023, with a par value of RMB 100 per lot, an aggregate issuance amount of RMB 600 million, and a term of 6 years. The coupon rates of the convertible bonds are: 0.3% in the first year, 0.5% in the second year, 1.0% in the third year, 1.5% in the fourth year, 1.8% in the fifth year, and 2.0% in the sixth year.

(II) Listing of the convertible bonds

With approval granted by the Shanghai Stock Exchange’s self-regulatory supervision decision letter under the document No. SSE [2023] 151, the Company’s issued convertible corporate bonds with an aggregate issuance amount of RMB 600 million have been listed and traded on the Shanghai Stock Exchange since July 13, 2023. The bond name is “Lizi Bond”, and the bond code is “111014”.

(III) Conversion of the convertible bonds

Pursuant to relevant provisions and the requirements in the “Offering Memorandum for Convertible Corporate Bonds Issued by Zhejiang LiziYuan Food Co., Ltd. to Non-specific Investors”, the “Lizi Bond” issued by the Company is convertible into the Company’s shares starting from December 28, 2023. The initial conversion price was RMB 19.47 per share; the current conversion price is RMB 18.37 per share.

(IV) Adjustments to the conversion price of the convertible bonds

On June 3, 2024, the Company completed its 2023 annual equity distribution plan. The conversion price of the “Lizi Bond” was adjusted from RMB 19.47 per share to RMB 18.98 per share. For details, please refer to the Company’s announcement disclosed on May 28, 2024, titled “Announcement on Adjusting the Conversion Price of ‘Lizi Bond’ When Implementing the 2023 Annual Equity Distribution Plan” (Announcement No. 2024-046).

On June 16, 2025, the Company completed its 2024 annual equity distribution plan. The conversion price of the “Lizi Bond” was adjusted from RMB 18.98 per share to RMB 18.49 per share. For details, please refer to the “Announcement on Adjusting the Conversion Price of ‘Lizi Bond’ When Implementing the 2024 Annual Equity Distribution Plan” (Announcement No. 2025-036) disclosed by the Company on June 10, 2025 on the website of the Shanghai Stock Exchange (www.sse.com.cn).

On July 31, 2025, the Company completed, through the Shanghai Branch of China Securities Depository and Clearing Co., Ltd., the relevant procedures for the repurchase and cancellation of certain shares under the 2024 employee shareholding plan. The conversion price of the “Lizi Bond” was adjusted from RMB 18.49 per share to RMB 18.61 per share. For details, please refer to the “Announcement on Adjusting the Conversion Price of ‘Lizi Bond’” (Announcement No. 2025-052) disclosed by the Company on August 5, 2025 on the website of the Shanghai Stock Exchange (www.sse.com.cn).

On October 17, 2025, the Company completed its 2025 semi-annual equity distribution plan. The conversion price of the “Lizi Bond” was adjusted from RMB 18.61 per share to RMB 18.37 per share, with the latest conversion price being RMB 18.37 per share. For details, please refer to the “Announcement on Adjusting the Conversion Price of ‘Lizi Bond’ When Implementing the 2025 Interim Equity Distribution Plan” (Announcement No. 2025-075) disclosed by the Company on October 13, 2025 on the website of the Shanghai Stock Exchange (www.sse.com.cn).

II. Conversion of the “Lizi Bond” this Time

The start and end dates of the conversion of the convertible bonds this time are: from December 28, 2023 to June 19, 2029.

Cumulative conversion status: As of March 31, 2026, a total of RMB 63,000 worth of “Lizi Bond” has been converted into the Company’s ordinary shares, with a cumulative number of shares converted of 3,227 shares, accounting for 0.0008% of the total number of shares issued by the Company prior to the conversion of the “Lizi Bond”. Among them, from January 1, 2026 to March 31, 2026, a total of RMB 1,000 worth of “Lizi Bond” has been converted into the Company’s ordinary shares, and the number of shares formed as a result of the conversion was 54 shares.

Unconverted convertible bonds status: As of March 31, 2026, the amount of “Lizi Bond” that has not yet been converted is RMB 599,937,000, accounting for 99.9895% of the total issuance of the “Lizi Bond”.

III. Changes in Share Capital

Unit: Shares

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IV. Other

Contact department: Company’s Securities Department

Telephone: 0579-82881528

Email: zqswb@liziyuan.com

This announcement is hereby made.

Board of Directors of Zhejiang LiziYuan Food Co., Ltd.

April 1, 2026

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