Xin Fengming: The proportion of equity rights of the controlling shareholder and its concerted actors has been passively diluted to 56.44%.

Phoenix Fengming announced that from February 26th to 27th, 2026, a total of 37,948,817 shares were converted for the "Feng 21 Convertible Bond", increasing the company's total share capital to 1,610,832,527 shares. This led to a passive dilution of the shareholding proportion of the controlling shareholder Phoenix Fengming Holdings and its concerted actors from 57.80% to 56.44%, reaching a multiple of 1%. As of February 27th, a total of 91,671,378 shares have been converted for the "Feng 21 Convertible Bond". This change does not involve a tender offer and will not result in a change of the controlling shareholder or ultimate controller.