According to Spring and Autumn Electronic Announcement, the company tracked and rated the "Spring and Autumn Convertible Bonds" issued in 2020 and the "Spring 23 Convertible Bonds" issued in 2023 in 2025. According to the report issued by CSI Pengyuan Credit Rating Co., Ltd., the bond rating and main rating of "Spring and Autumn Convertible Bonds" and "Spring 23 Convertible Bonds" are both AA-, and the rating outlook is stable, which is consistent with the previous rating results. This rating report has been disclosed on the website of Shanghai Stock Exchange.
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