Ningbo Peacebird Fashion Apparel Co., Ltd. Convertible Bond Conversion Results and Shareholding Changes Announcement

Stock Code: 603877 Stock Abbreviation: PeaceBird Announcement No.: 2026-005

Bond Code: 113627 Bond Abbreviation: PeaceBird Convertible Bonds

Ningbo PeaceBird Fashion & Clothing Co., Ltd.

Convertible Bonds: Results of Conversion into Shares and Changes in Share Capital

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

Key Points:

● Cumulative Conversion: As of March 31, 2026, a total of RMB 255,000 of “PeaceBird Convertible Bonds” has been converted into the Company’s A-share stock, totaling 11,052 shares, accounting for 0.0023% of the Company’s total issued shares prior to the conversion of the convertible bonds.

● Outstanding Unconverted Convertible Bonds: As of March 31, 2026, the amount of “PeaceBird Convertible Bonds” that has not yet been converted is RMB 799,745,000, accounting for 99.9681% of the total issuance of the convertible bonds.

● Conversion During This Quarter: During the period from January 1, 2026 to March 31, 2026, there was no conversion of “PeaceBird Convertible Bonds” into the Company’s A-share stock.

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

Approved by the China Securities Regulatory Commission’s Reply on Approving the Public Issuance of Convertible Corporate Bonds by Ningbo PeaceBird Fashion & Clothing Co., Ltd. (Zhengjian Xuke [2021] 646), Ningbo PeaceBird Fashion & Clothing Co., Ltd. (hereinafter referred to as the “Company”) publicly issued 8,000,000 lots of convertible bonds on July 15, 2021. Each lot has a par value of RMB 100; the total fund-raising amount was RMB 800,000,000; and the maturity term is 6 years.

With approval from the Shanghai Stock Exchange’s self-regulatory regulatory decision letter [2021] No. 334, the Company’s RMB 800,000,000 convertible bonds were admitted to trading on the Shanghai Stock Exchange starting from August 6, 2021. The bond name is “PeaceBird Convertible Bonds,” and the bond code is “113627.”

Pursuant to relevant regulations and the terms of the prospectus for the public issuance of convertible corporate bonds by Ningbo PeaceBird Fashion & Clothing Co., Ltd., the “PeaceBird Convertible Bonds” issued by the Company became convertible into the Company’s shares effective January 21, 2022. The initial conversion price is RMB 50.32 per share. Details of adjustments to the conversion price on each occasion are as follows:

(1) Due to the implementation of the 2021 annual equity distribution plan, the conversion price was adjusted to RMB 49.72 per share. For details, see the Company’s “Notice Regarding Adjustment of the Conversion Price of ‘PeaceBird Convertible Bonds’,” disclosed on May 24, 2022 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the designated media (Announcement No. 2022-035).

(2) Due to the repurchase and cancellation of 280,000 shares of restricted stock, the conversion price was adjusted to RMB 49.74 per share. For details, see the Company’s “Announcement on the Completion of the Repurchase and Cancellation of Restricted Stock and the Adjustment of the Conversion Price of the Convertible Bonds,” disclosed on October 29, 2022 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the designated media (Announcement No. 2022-064).

(3) Due to the repurchase and cancellation of 2,519,175 shares of restricted stock, the conversion price was adjusted to RMB 49.94 per share. For details, see the Company’s “Announcement on the Completion of the Repurchase and Cancellation of Restricted Stock and the Adjustment of the Conversion Price of the Convertible Bonds,” disclosed on June 16, 2023 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the designated media (Announcement No. 2023-058).

(4) Due to the implementation of the 2022 annual equity distribution plan, the conversion price was adjusted to RMB 49.79 per share. For details, see the Company’s “Notice Regarding Adjustment of the Conversion Price of ‘PeaceBird Convertible Bonds’,” disclosed on July 1, 2023 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the designated media (Announcement No. 2023-066).

(5) Due to the approval of the proposal on downward adjustment of the conversion price of “PeaceBird Convertible Bonds” by the 16th meeting of the Fourth Board of Directors and the First Extraordinary General Meeting of Shareholders in 2023, the conversion price was adjusted to RMB 21.81 per share. For details, see the Company’s “Announcement on the Downward Adjustment of the Conversion Price of ‘PeaceBird Convertible Bonds’,” disclosed on August 1, 2023 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the designated media (Announcement No. 2023-085).

(6) Due to the repurchase and cancellation of 90,000 shares of restricted stock, the number of repurchased and cancelled shares accounts for a relatively small proportion of the Company’s total share capital. After calculation and rounding, the conversion price remains unchanged and is still RMB 21.81 per share. For details, see the Company’s “Announcement on the Completion of the Repurchase and Cancellation of Restricted Stock and No Adjustment to the Conversion Price of the Convertible Bonds,” disclosed on October 27, 2023 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the designated media (Announcement No. 2023-103).

(7) Due to the implementation of the 2023 annual equity distribution plan, the conversion price was adjusted to RMB 21.21 per share. For details, see the Company’s “Notice Regarding Adjustment of the Conversion Price of ‘PeaceBird Convertible Bonds’,” disclosed on May 14, 2024 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the designated media (Announcement No. 2024-038).

(8) Due to the repurchase and cancellation of 24,000 shares of restricted stock, the number of repurchased and cancelled shares accounts for a relatively small proportion of the Company’s total share capital. After calculation and rounding, the conversion price remains unchanged and is still RMB 21.21 per share. For details, see the Company’s “Announcement on the Completion of the Repurchase and Cancellation of Restricted Stock and No Adjustment to the Conversion Price of the Convertible Bonds,” disclosed on June 8, 2024 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the designated media (Announcement No. 2024-051).

(9) Due to the implementation of the 2024 annual equity distribution plan, the conversion price was adjusted to RMB 20.81 per share. For details, see the Company’s “Notice Regarding Adjustment of the Conversion Price of ‘PeaceBird Convertible Bonds’,” disclosed on May 14, 2025 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the designated media (Announcement No. 2025-039).

(10) Due to the repurchase and cancellation of 2,749,932 shares of restricted stock, the conversion price was adjusted to RMB 20.88 per share. For details, see the Company’s “Announcement on the Completion of the Repurchase and Cancellation of Restricted Stock and the Adjustment of the Conversion Price of the Convertible Bonds,” disclosed on June 12, 2025 on the website of the Shanghai Stock Exchange (www.sse.com.cn) and in the designated media (Announcement No. 2025-047).

The current conversion price of “PeaceBird Convertible Bonds” is RMB 20.88 per share.

II. Conversion of the Convertible Bonds This Time

The conversion period of “PeaceBird Convertible Bonds” is from January 21, 2022 to July 14, 2027.

During the period from January 1, 2026 to March 31, 2026, there was no conversion of “PeaceBird Convertible Bonds” into the Company’s A-share stock.

As of March 31, 2026, a total of RMB 255,000 of “PeaceBird Convertible Bonds” has been converted into the Company’s A-share stock, totaling 11,052 shares, accounting for 0.0023% of the Company’s total issued shares prior to the conversion of the convertible bonds. The amount of “PeaceBird Convertible Bonds” that has not yet been converted is RMB 799,745,000, accounting for 99.9681% of the total issuance of the convertible bonds.

III. Changes in Share Capital

Unit: shares

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IV. Other Matters

Contact Department: Office of the Board of Directors of the Company

Phone: 0574-56706588

Contact Email: board@peacebird.com

This announcement is hereby made.

Ningbo PeaceBird Fashion & Clothing Co., Ltd.

Board of Directors

April 2, 2026

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