ST Jingfeng: Morgan Stanley Securities (China) Co., Ltd.’s interim report on the trust management affairs of Hunan Jingfeng Pharmaceutical Co., Ltd.’s public issuance of corporate bonds (first phase) to qualified investors in 2016

Bond code: 112468 Bond abbreviation: 16 Jingfeng 01

Morgan Stanley Securities (China) Co., Ltd.

About Hunan Jingfeng Pharmaceutical Co., Ltd.

Public issuance of corporate bonds to qualified investors in 2016 (first phase)

Interim reports on trustee matters

bond trustee

(Registered address: Room 75T30, 75th Floor, Shanghai World Financial Center, No. 100 Century Avenue, China (Shanghai) Pilot Free Trade Zone)

October 2025

Important statement

The content and information of this report compiled by Morgan Stanley Securities (China) Co., Ltd. (hereinafter referred to as "Morgan Stanley Securities") are derived from announcements and relevant public information disclosure documents disclosed by Hunan Jingfeng Pharmaceutical Co., Ltd. (hereinafter referred to as "Jingfeng Pharmaceutical", the "Company" and the "Issuer").

This report does not constitute a recommendation for investors to take or not take a certain action. Investors should make independent judgments on relevant matters and should not rely on any content in this report as a commitment or statement made by Morgan Stanley Securities. Under no circumstances may it be used for any other purpose without the written permission of Morgan Stanley Securities. Morgan Stanley Securities does not assume any responsibility for any acts or omissions performed by investors based on this report.

As the trustee of Hunan Jingfeng Pharmaceutical Co., Ltd.’s 2016 public issuance of corporate bonds (first tranche) to qualified investors (hereinafter referred to as “16 Jingfeng 01” or “current bonds”), Morgan Stanley Securities continues to pay close attention to matters that have a significant impact on the rights and interests of these bondholders.

In accordance with relevant regulations such as the Code of Conduct for Corporate Bond Trustees, the Measures for the Administration of Corporate Bond Issuance and Transactions, and the provisions of the Trusteeship Agreement for this issue of bonds, Morgan Stanley Securities hereby issues this interim report on trusteeship matters. According to the "Announcement on the Purchase of Assets from Related Parties and Related Transactions", the "Announcement on the Estimated Daily Related Transactions with Dalian Jingang" and the "Announcement on the Resolution of the 42nd Meeting of the Eighth Board of Directors" disclosed by Jingfeng Pharmaceutical on October 9, 2025, the relevant situation is reported as follows:

Regarding the purchase of assets from related parties and related transactions

1. Overview of related party transactions

(1) Overview of transaction background

Dalian Deze Pharmaceutical Co., Ltd. (hereinafter referred to as "Dalian Deze") was established in July 1998. In January 2015, Jingfeng Pharmaceutical acquired 53% of Dalian Deze's equity, and Dalian Deze has since been included in the company's consolidated statements. In November 2023, the Dalian Jinzhou District People's Court (hereinafter referred to as the "Jinzhou Court") ruled to accept the compulsory liquidation application of the applicant Wuyi Huijun Investment Partnership (Limited Partnership) against Dalian Deze. Dalian Deze entered the liquidation process due to the expiration of the operating period. From December 2023, Dalian Deze will no longer be included in the company's consolidated statements and become a company-owned company.

During the liquidation period, some assets of Dalian Deze were liquidated and auctioned. The main target assets included 100% equity of Dalian Holley Jingang Pharmaceutical Co., Ltd. (hereinafter referred to as "Dalian Jingang") held by Dalian Deze, intangible assets under the name of Dalian Deze, fixed assets in the Dalian Deze factory area, raw materials for production and other overall packaging.

The company held the 37th meeting of the eighth board of directors on April 8 and April 24, 2025 respectively. The first extraordinary general meeting of shareholders in 2025 reviewed and approved the "Related Transaction Proposal on the Subsidiary's Capital Increase and the Company's Waiver of Rights", and agreed that the company's subsidiary Changde Jingcheng Pharmaceutical Technology Co., Ltd. (hereinafter referred to as "Changde Jingcheng") and CSPC Pharmaceutical Holdings Group Co., Ltd. (hereinafter referred to as "CSPC Pharmaceuticals") Group"), Changde Deyuan Investment Co., Ltd., and Shanghai CSPC Guofang Pioneer Phase I Venture Capital Partnership (Limited Partnership) jointly increased capital in Changde Jingze Pharmaceutical Technology Co., Ltd. (hereinafter referred to as "Changde Jingze"), a subsidiary of Changde Jingcheng, and Changde Jingze participated in the bidding for Dalian Deze's assets. For details, please refer to the "Announcement on Related Transactions Regarding the Subsidiary's Capital Increase and the Company's Waiver of Rights" disclosed by the company on cninfo.com on April 9, 2025 (announcement number: 2025-022).

On May 8, 2025, the bidder Changde Jingze used the JD.com auction bankruptcy liquidation platform to bid for the liquidation assets of Dalian Deze involving part of the fixed assets, Changtou equity assets and intangible assets that were packaged together at the highest price. The auction transaction price was RMB 312,857,118.65. For details, please refer to the "Announcement on the Progress of Related Transactions Regarding the Subsidiary's Capital Increase and the Company's Waiver of Rights" disclosed by the company on the cninfo.com on May 10, 2025 (announcement number: 2025-043). Subsequently, Changde Jingze transferred the aforementioned intangible assets, fixed assets, raw materials for production and other assets to its wholly-owned subsidiary Dalian Jingang.

On September 15, 2025, the company received the "Civil Ruling" [(2023) Liao 0213 Qiangqing No. 2] issued by the Jinzhou Court. The Jinzhou Court allowed the applicant Wuyi Huijun Investment Partnership (Limited Partnership) to withdraw the compulsory liquidation application against the respondent Dalian Deze. Dalian Deze continues to operate and is re-included into the company's consolidated statements. For details, please refer to the "Announcement on the Progress of Dalian Deze Pharmaceutical Co., Ltd.'s Application for Compulsory Liquidation" disclosed by the company on cninfo.com on September 17, 2025 (announcement number: 2025-069).

As of the disclosure date of this report, the company's subsidiary Shanghai Jingfeng Pharmaceutical Co., Ltd. (hereinafter referred to as "Shanghai Jingfeng") holds 49.20% of Dalian Deze's shares.

(2) Overview of this related-party transaction

1. In view of the fact that Dalian Deze has terminated the compulsory liquidation and continues to operate, Dalian Deze plans to purchase Dalian Jingang’s patents, buildings, machinery and equipment, raw materials for production and other assets due to production and operation needs. After negotiation between the two parties, the total price including tax for the transfer of the subject assets was RMB 11.6861 million.

2. According to the "Shenzhen Stock Exchange Stock Listing Rules" and other relevant regulations, Dalian Jingang is a related party of the company, and this transaction constitutes a related transaction.

3. After the third special meeting of independent directors in 2025 reviewed and approved the "Proposal on the Purchase of Assets from Related Parties and Related Transactions", all independent directors unanimously agreed to submit the proposal to the board of directors for review. On September 29, 2025, the company held the 42nd meeting of the eighth board of directors and reviewed and approved the "Proposal on the Purchase of Assets from Related Parties and Related Transactions". Related directors Mr. Yang Dong and Mr. Liu Shulin abstained from voting.

4. Related transactions between the company and the related party (including other related parties controlled by the same entity or having a mutual control relationship) within twelve consecutive months include: (1) The company held the 32nd meeting of the eighth board of directors on September 30, 2024 and October 24, 2024, and the third temporary shareholder meeting in 2024 respectively. The meeting reviewed and approved the "Proposal on the Proposed Sale of Assets and Related Transactions", agreeing that Shanghai Jingfeng, a wholly-owned subsidiary, will sell the 567 properties it owns in the "Taihu Star" in the Suzhou Taihu National Tourism Resort in Wuzhong District, Suzhou City to Changde Changshi Xingde Consulting Management Partnership (Limited Partnership) for a price of 64.6928 million yuan;

(2) The company held the 33rd meeting of the eighth session of the Board of Directors on October 18, 2024, and reviewed and approved the "Proposal on Carrying out Entrusted Research and Development and Daily Related Transactions", "The Proposal on Carrying out Financial Leasing and Related Transactions" and "The Proposal on Subsidiaries Providing Guarantees for Subsidiaries and Accepting Guarantees from Related Parties". The related transactions reviewed and approved include: The company has a relationship with CSPC Zhongqi Pharmaceutical Technology (Shijiazhuang), a subsidiary of CSPC Co., Ltd. has an entrusted research and development matter that is expected to not exceed 10 million yuan; Shanghai Jingfeng, as the lessee, uses the equipment and facilities under Shanghai Jingfeng's name as leased property to carry out sale-leaseback financial leasing business with Shanghai Shiwei Financial Leasing Co., Ltd., with a financing amount of 6.8 million yuan; CSPC Pharmaceutical Group provides joint liability guarantee for part of the principal of Shanghai Jingfeng's loan from Hua Xia Bank Co., Ltd. Shanghai Branch, and the actual guarantee amount is 64 million yuan;

(3) The company held the 35th meeting of the eighth board of directors and the fifth extraordinary general meeting of shareholders in 2024 on November 8, 2024 and November 28, 2024 respectively, and reviewed and approved the "About Authorization of Agents for Pharmaceutical Products and Daily Relevance" Transaction Proposal", agreeing that Shanghai Jingfeng and its related party CSPC Hebei Zhongcheng Pharmaceutical Co., Ltd. (hereinafter referred to as "CSPC Pharmaceuticals Zhongcheng") will have daily related transactions authorized to act as agents of pharmaceutical products. The amount of the related transactions is expected to not exceed RMB 30 million;

(4) The company held the 37th meeting of the eighth board of directors and the first extraordinary general meeting of shareholders in 2025 on April 8, 2025 and April 24, 2025 respectively, and reviewed and approved the "Proposal on the Estimation of Daily Related Transactions in 2025" and the "Related Transaction Proposal on the Capital Increase of Subsidiaries and the Company's Waiver of Rights". The related transaction matters reviewed and approved include: Agree 202 In 5 years, the company and its subsidiaries had daily related transactions with CSPC Zhongcheng with an amount not exceeding 180 million yuan; it was agreed that the company's subsidiary Changde Jingcheng, CSPC Group, Changde Deyuan Investment Co., Ltd., and Shanghai CSPC Guofang Pioneer Phase I Venture Capital Partnership (Limited Partnership) would jointly increase capital in Changde Jingze, a subsidiary of Changde Jingcheng, and Changde Jingze would participate in the bidding for Dalian Deze's assets.

If the cumulative amount of related-party transactions between the company and the related party (including other related parties controlled by the same entity or with each other) that have not been reviewed by the company's shareholders' meeting within twelve consecutive months does not exceed 30 million yuan (including this transaction), this related-party transaction does not need to be submitted to the company's shareholders' meeting for review and approval.

5. This related transaction does not constitute a major asset reorganization as stipulated in the "Administrative Measures for Major Asset Restructuring of Listed Companies" and does not require approval from relevant departments for implementation.

2. Basic information of the counterparty

1. Basic situation

Company Name: Dalian Huali Jingang Pharmaceutical Co., Ltd.

Unified social credit code: 912102136048258717

Enterprise type: Limited liability company (a sole proprietorship of a legal person that is not invested or controlled by a natural person)

Registered address: No. 8 Chengen Street, Jinzhou District, Dalian City, Liaoning Province

Registered capital: RMB 8.88 million

Legal representative: Yang Dong

Major shareholder: Changde Jingze holds 100% of the shares. The controlling shareholder of Changde Jingze is CSPC Pharmaceutical Group and the actual controller is Mr. Cai Dongchen.

Business scope: pharmaceutical production; pharmaceutical operation; pharmaceutical research and development and related technical consulting and technology transfer; house leasing (limited to self-owned houses); leasing of mechanical equipment and electromechanical equipment. (Projects that require approval according to law can only carry out business activities after approval by relevant departments.)

2. Dalian Jingang was formerly known as Dalian Jingang Pharmaceutical Factory. In 1992, Dalian Jingang Pharmaceutical Factory and Hong Kong Jinsheng Development Co., Ltd. jointly established Dalian Jingang Pharmaceutical Co., Ltd., which was renamed Dalian Holley Jingang Pharmaceutical Co., Ltd. in May 2006. Its products, elemene (I) related preparations elemene oral emulsion and elemene emulsion injection, are exclusively produced by Dalian Jingang. The main financial data of Dalian Jingang in the most recent year and period are as follows:

Unit: RMB 10,000 project 2024 (unaudited) Operating income from January to June 2025 (unaudited) 7,609.29 1,043.35

Operating profit -5,934.51 -2,693.27

Net profit -5,985.30 -2,658.58

Project December 31, 2024 (unaudited) June 30, 2025 (unaudited) Total assets 18,841.63 9,089.27

Total liabilities 11,190.83 4,097.05

Net assets 7,650.80 4,992.22

3. Related relationship with the company: On August 25, 2024, CSPC Pharmaceutical Group was selected as the reorganization investor in the company’s pre-reorganization matters. The controlling shareholder of Changde Jingze, the sole shareholder of Dalian Jingang, is CSPC Pharmaceutical Group, and the actual controller is Mr. Cai Dongchen. At the same time, Mr. Yang Dong, the director of the company, serves as the legal representative and manager of Dalian Jingang, and Mr. Liu Shulin, the director of the company, serves as the director of Dalian Jingang. Based on the above situation, the company determined that CSPC Pharmaceutical Group is a related party of the company and Dalian Jingang is a controlled subsidiary of CSPC Pharmaceutical Group. Therefore, Dalian Jingang is a related party of the company.

4. After inquiry, Dalian Jingang is not among those subject to execution for breach of trust.

3. Basic information about the transaction target

1. This time it is planned to purchase Dalian Jingang’s patents, buildings, machinery and equipment, and raw materials for production. The details are as follows:

Category Details

1. Fractionation devices and systems for monitoring temperature to prepare high-purity fractions

Intangible assets 2. A method for preparing the anti-cancer drug elemene from Curcuma longum

3. Trademark: Deze Class 5 Medicine

4. Drug approval document: Elemene (I)

5. 3 items of houses and buildings

6. 8 structures

Fixed assets 3. 10 machines and equipment

4. 1 transport vehicle

5. 96 electronic equipment

Raw materials for production 1. Raw materials for production

The property rights of the assets purchased this time are clear, and there are no mortgages, pledges, or any other restrictions on transfer. There are no lawsuits, arbitration matters, judicial measures such as seizures, freezing, or other situations that hinder the transfer of ownership.

2. Book value of the transaction object

The original book value of the subject assets this time was 10.9741 million yuan, and the net book value was 10.9741 million yuan.

4. Pricing basis for this transaction

On May 8, 2025, the bidder Changde Jingze used the JD.com auction bankruptcy liquidation platform to win the liquidation assets of Dalian Deze involving part of the fixed assets, Changtou equity assets and intangible assets in an overall package at the highest bid. Among them: the patents involved in this auction, The transaction price of houses, buildings, machinery and equipment, and raw materials for production was 11.6861 million yuan. The items, scope, and quantity of intangible assets, fixed assets, and raw materials for production involved in the auction were consistent with the details of the assets to be purchased in this related transaction.

Because Dalian Deze entered the compulsory liquidation procedure in November 2023, Dalian Deze has not carried out production and operations since entering the compulsory liquidation procedure. According to the "Asset Assessment Report on the Liquidation Value of Related Assets Involved in the Compulsory Liquidation of Dalian Deze Pharmaceutical Co., Ltd." issued by Liaoning Zhonghua Asset Appraisal Co., Ltd. on March 28, 2024 (Zhonghua Pingbao Zi [2024] No. 022), November 24, 2023 is used as the assessment base date, and the liquidation price method is used as the conclusion of this assessment. The assessed value of the subject assets is RMB 11,686,100 (tax included).

After consensus reached by both parties to the transaction, the pricing of this related-party transaction was based on the aforementioned evaluation results, and the total transfer price of the subject assets was determined to be RMB 11.6861 million (tax included).

5. Main contents of the transaction agreement

The main terms of the Asset Transfer Agreement to be signed by both parties are as follows:

Party A (Transferor): Dalian Huali Jingang Pharmaceutical Co., Ltd.

Party B (Transferee): Dalian Deze Pharmaceutical Co., Ltd.

1. Transfer content

On May 28, 2025, Party A transferred the intangible assets in the name of the original Party B (the transaction price is 10,700,000.00 yuan), the fixed assets in the factory (the transaction price is 975,284.00 yuan), and the raw materials for production (the transaction price is 10,780.00 yuan) from Changde Jingze to Party B. This agreement is referred to as the production assets, and the details are as follows: Category Details

1. Fractionation devices and systems for monitoring temperature to prepare high-purity fractions

Intangible assets 2. A method for preparing the anti-cancer drug elemene from Curcuma longum

3. Trademark: Deze Class 5 Medicine

4. Drug approval document: Elemene (I)

5. 3 items of houses and buildings

6. 8 structures

Fixed assets 3. 10 machines and equipment

4. 1 transport vehicle

5. 96 electronic equipment

Raw materials for production 1. Raw materials for production

Party A will transfer the production assets to Party B at the above transaction price, totaling 11,686,064.00 yuan.

2. Performance time

Party A and Party B carry out production and operations in the same factory area, so the production assets mentioned in Article 1 are deemed to have been delivered by Party A to Party B on the date of signing the agreement; among them, as for intellectual property rights such as patents in intangible assets, Party A should cooperate with Party B in handling the corresponding change registration procedures.

Party B shall pay the above-mentioned transfer price of RMB 11,686,064.00 to Party A within 30 working days from the date of signing the agreement or within a period determined by both parties through negotiation.

6. Other arrangements involving the purchase of assets

The source of funds for this purchase of assets is the company's own or self-raised funds. This transaction does not involve the transfer of claims and debts, personnel placement, debt restructuring, etc., or other arrangements such as the company's equity transfer or high-level personnel change plans.

7. Accumulated various related transactions that have occurred with the related party

From the beginning of this year to the disclosure date of this report, except for this transaction, the company has not had any other related transactions with Dalian Golden Port. As of the disclosure date of this report, the total amount of various related transactions that have occurred between the company and Dalian Golden Port is controlled by the same entity or other related parties that have mutual control relationships is RMB 61.0872 million.

According to the company's operating needs, Dalian Deze plans to have daily related transactions with Dalian Golden Port in 2025, such as selling products and purchasing fuel and power. The amount of daily related transactions is expected to not exceed RMB 16 million (tax included). For details, please refer to the "Announcement on Estimated Daily Related Transactions with Dalian Golden Port" disclosed by the company on the same day (Announcement No.: 2025-074).

8. Deliberation opinions of the special meeting of independent directors

Before the board of directors considered the "Proposal on the Purchase of Assets from Related Parties and Related Transactions", the proposal had been reviewed by a special meeting of independent directors and passed unanimously. All independent directors believed that:

The company's related transaction is based on comprehensive factors such as the current actual situation and development plan. The pricing follows the principles of openness, fairness and impartiality, and the transaction price is fair and reasonable. It has no adverse impact on the company's financial status and operating results. There is no harm to the interests of the company and shareholders, especially small and medium-sized shareholders. This related transaction is conducive to further enhancing the company's sustainable development capabilities, in line with the interests of all shareholders and the company's long-term development strategy. It is agreed to submit the proposal to the 42nd meeting of the company's eighth board of directors for review.

Regarding the expected situation of daily related transactions with Dalian Golden Port

1. Basic situation of daily related transactions

1. Overview of daily related transactions

Based on operational needs, Dalian Deze, a subsidiary of Jingfeng Pharmaceuticals, plans to have daily related transactions with Dalian Jingang in 2025, such as selling products and purchasing fuel and power. The amount of daily related transactions is expected to not exceed RMB 16 million (tax included). The third special meeting of independent directors in 2025 reviewed and approved the "Proposal on the Estimation of Daily Related Transactions with Dalian Golden Port", and all independent directors unanimously agreed to submit the proposal to the board of directors for review. On September 29, 2025, the company held the 42nd meeting of the eighth board of directors and reviewed and approved the "Proposal on the Estimation of Daily Related Transactions with Dalian Golden Port". Related directors Mr. Yang Dong and Mr. Liu Shulin abstained from voting.

According to the cumulative calculation principle stipulated in Article 6.3.20 of the "Shenzhen Stock Exchange Stock Listing Rules", the estimated amount of daily related transactions between the company and Dalian Jingang in 2025 is 16 million yuan, and the amount of related transactions with Dalian Jingang for purchasing assets The amount is 11.6861 million yuan. The amount of related transactions with other related parties controlled by the same entity in Dalian Golden Port that have not been reviewed by the company's shareholders' meeting does not exceed 30 million yuan. It falls within the scope of the board of directors' approval authority and does not need to be submitted to the company's shareholders' meeting for review. This daily related transaction is not expected to constitute a major asset reorganization stipulated in the "Administrative Measures for Major Asset Reorganization of Listed Companies" and does not require approval from relevant departments.

2. Estimated daily related transaction categories and amounts

Unit: RMB 10,000 Related transaction category Related person Related transaction content Related transaction determination Estimated 2025 As of the disclosure date Amount incurred last year Price principle Degree Daily related Amount incurred

Transaction amount

Sales to related parties Sales of elemene Based on the market price 1,550 0 0 Product (I) Price, negotiated by both parties

Dalian gold

Agreement

port

Purchase electricity and gas from related parties based on market price 50 0 0 fuel and power at the same price

Total 1,600 0 0

2. Related parties and related relationships

1. Basic situation

Company Name: Dalian Huali Jingang Pharmaceutical Co., Ltd.

Unified social credit code: 912102136048258717

Enterprise type: Limited liability company (a sole proprietorship of a legal person that is not invested or controlled by a natural person)

Registered address: No. 8 Chengen Street, Jinzhou District, Dalian City, Liaoning Province

Registered capital: RMB 8.88 million

Legal representative: Yang Dong

Business scope: pharmaceutical production; pharmaceutical operation; pharmaceutical research and development and related technical consulting and technology transfer; house leasing (limited to self-owned houses); leasing of mechanical equipment and electromechanical equipment. (Projects that require approval according to law can only carry out business activities after approval by relevant departments.)

Equity structure: Changde Jingze Pharmaceutical Technology Co., Ltd. holds 100% equity of Dalian Jingang. The controlling shareholder of Changde Jingze Pharmaceutical Technology Co., Ltd. is CSPC Pharmaceutical Holdings Group Co., Ltd. (hereinafter referred to as "CSPC Pharmaceutical Group"), and the actual controller is Mr. Cai Dongchen.

2. For the main financial data of Dalian Golden Port in the latest year and period, please refer to "II. Basic information of the counterparty" under the paragraph "About the purchase of assets from related parties and related transactions" of this report.

3. Related relationship with the company: Please refer to "II. Basic information of the counterparty" under the paragraph "About the purchase of assets from related parties and related transactions" of this report.

4. Analysis of contract performance capabilities: After inquiry, Dalian Jingang is not a defaulter.

3. Main contents of related-party transactions

1. Pricing principles for related-party transactions

When the company conducts related-party transactions related to daily operations with Dalian Jingang, it follows the principles of fairness, justice and reasonableness. The transaction price will be based on market rules and based on the price of similar transaction objects in the market. If there is no market price, it will be determined by both parties in accordance with the principles of voluntariness, fairness and reasonableness, and consensus through consultation.

2. Main contents of the related-party transaction agreement

The main content of daily related transactions can be found in "1.2. Estimated categories and amounts of daily related transactions" of this report. The company and its subsidiaries will sign relevant contracts and agreements with Dalian Jingang based on business needs and specific transaction conditions.

4. Purpose of related-party transactions and their impact on listed companies

The expected daily related transactions with Dalian Jingang are in line with the company's production, operation and business expansion needs, and are conducive to the development of the company's business. The pricing is reasonable, does not harm the interests of the company and its shareholders, and will not affect the company's independence.

5. Deliberations at the special meeting of independent directors

The third special independent director meeting of the company's eighth board of directors in 2025 carefully reviewed the "Proposal on the Estimation of Daily Related Transactions with Dalian Golden Port" and believed that: the company's expected daily related transactions with Dalian Golden Port are in line with the company's production operations and business expansion needs, and are in compliance with laws, regulations, the company's articles of association and the company's "Related Transaction Management System" and other relevant provisions. There will be no harm to the interests of the company and non-related shareholders, and it will not have an impact on the company's independence. It agreed to submit the proposal to the 42nd meeting of the company's eighth board of directors for review.

Morgan Stanley Securities reminds investors to pay attention to the relevant risks regarding the above matters. Morgan Stanley Securities will continue to pay close attention to matters that have a significant impact on the interests of bondholders, and will perform its duties as a bond trustee in strict accordance with regulations and agreements such as the "Corporate Bond Issuance and Trading Management Measures", the "Code of Professional Conduct for Corporate Bond Trustees", the "Prospectus" and "Trust Management Agreement" for this issue of bonds. (There is no text below) (This page has no text, it is the stamped page of "Morgan Stanley Securities (China) Co., Ltd.'s Interim Report on the Trusteeship of Hunan Jingfeng Pharmaceutical Co., Ltd.'s Public Issuance of Corporate Bonds to Qualified Investors in 2016 (First Phase)")

Morgan Stanley Securities (China) Co., Ltd.

October 16, 2025