Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.Securities code: 000011 200011 Securities abbreviation: SZPRD A SZPRD B Announcement No.: 2026-05

Summary of 2025 Annual Report of Shenzhen

Properties & Resources Development (Group) Ltd.I. Important notes

The summary of the annual report is extracted from the full text of the annual report. In order to fully

understand the Company's operating results financial status and future development plans investors

should carefully read the full text of the annual report on the media designated by the CSRC.All directors attended the board meeting at which this report was considered.Prompt of a modified report

□ Applicable □ Not applicable

Proposed profit distribution plan or the proposal for capitalization of reserves to increase share capital

for the reporting period deliberated by the Board of Directors

□Applicable ? Not applicable

Whether to convert capital reserves to capital shares

? Yes □ No

The Board has approved a final dividend plan as follows: based on the total share capital of

595979092 shares a cash dividend of RMB0.20 (tax inclusive) per 10 shares is to be distributed to the

shareholders with no bonus issue from either profit or capital reserves.Proposed profit distribution plan for preferred shares for the reporting period resolved by the Board of

Directors

□Applicable □Not applicable

II. Basic information of the Company

1. Company profile

Abbreviation SZPRD A SZPRD B Stock code 000011、200011

Stock exchange Shenzhen Stock Exchange

Stock name before the change

(if any) Not applicable

Contact and contact

information Secretary of Board of Directors Securities affairs representative

Name Zhang Gejian Chen Qianying

Floor 20 International Trade Center Floor 39 International Trade Center

Office address Building Renmin South Road Luohu Building Renmin South Road LuohuDistrict Shenzhen City Guangdong District Shenzhen City Guangdong

Province Province

Fax 0755-82210610、82212043 0755-82210610、82212043

Tel. 0755-82211020 0755-82211020

E-mail 000011touzizhe@szwuye.com.cn 000011touzizhe@szwuye.com.cn

2. Introduction to main business or products during the reporting period

(I) Overview of main business

1Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.

SZPRD was established in 1982. It was formerly known as Luohu Engineering Construction

Headquarters. In August 1985 it was renamed Shenzhen Properties Development Corporation. In 1988

it was identified by Shenzhen government as the second batch of state-owned enterprises to pilot the

joint-stock reform. In 1990 it completed the joint-stock reform and was officially renamed Shenzhen

Properties & Resources Development (Group) Ltd. In March 1992 the Company's stock (SZPRD

A/SZPRD B 000011/200011) was officially listed on the Shenzhen Stock Exchange.SZPRD as Party A of the construction of the International Trade Center Building played a leading role

in orchestrating the entire process of its construction and operation. It is a key creator and organizer of

the world-renowned "Shenzhen Speed". The International Trade Center Building is also fortunate to

have become an important historic site of DENG Xiaoping's world- renowned "south tour speeches".The Company was founded as the International Trade Center Building was established and thrived

through China's reform and opening-up growing alongside the miraculous city of Shenzhen. It has

become a steadfast practitioner of the "pioneer cattle" spirit in the new era dedicated to innovative

services and overcoming challenges. The employees of SZPRD uphold the spirit of "daring to be the

first and striving for strength through reform and innovation" focus on the functional positioning of state-

owned assets of "serving the overall situation serving the city serving the industry and serving the

people's livelihood" stick to the original aspiration and forge ahead with perseverance. The Company

has now developed from a project company when it first built the International Trade Center Building to

a large-scale comprehensive industrial group. In the new era and new stage the Company assesses

the situation and acts accordingly striving to move forward towards the goal of becoming "China's

leading smart operator of industrial and urban space".

1. Industrial and urban space development

The Company's space development sector is committed to the development of different business

formats such as residential buildings high-end apartments office buildings and industrial parks. It has

brand projects such as ITC Building Huanggang Port Tian'an International Building Qianhai Port and

Jinling Holiday. Based on the existing real estate development business the Company will promote the

stock optimization and increment development and construction simultaneously. Taking the subordinate

companies such as Huangcheng Real Estate Rongyao Real Estate and Wuhe Urban Renewal as the

development and urban renewal entities the Company will rely on its listing platform to increase capital

operation and rationally allocate urban space development sectors. During the reporting period all

projects on sale had their promotion strategies adjusted in a timely manner according to market

conditions ensuring a dynamic match between capital investment construction pace and market

destocking while going all out to complete the annual sales collection task.

2. Property management service

The Company's property management segment is based on International Trade Center Property

Management. As one of the first batch of national first-class property management qualified enterprises

International Trade Center Property Management has after more than 30 years of development

become a domestic first-class property service provider with diversified business capabilities and

technological strength. It has been rated as "Top 100 property management Enterprises in China" and

"Excellent Enterprise for China Industrial Park Property Management" for many years in a row. The

projects under its management are spread all over the country and its business radiates to various

regions of the country including South China Southwest China East China North China as well as

the Vietnam-Vietnam Cooperation Zone. The existing business has covered various formats such as

industrial parks cultural tourism scenic spots government agencies rail transit housing hospitals

schools hotels etc. and is being arranged to enter the field of grassroots social governance cooperate

with the government to create a safe harmonious civilized and orderly urban environment and

basically form a good pattern of multi-format comprehensive development. International Trade Center

Property Management has more than 20 subsidiaries leveraging its headquarters' functional

departments as a platform to actively build three major centers namely "market empowerment and

supervision". It has established business centers and profit centers based on the three major modules

featuring professional business companies professional companies and regional companies aiming to

achieve a sustainable and effective "1+1 >2" coordinated development new pattern.

3. Industrial ecological operation

2Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.

The industrial ecological operation sector makes full use of the Company's development foundation and

entire industrial chain development advantages in the three basic industries of real estate development

property management and leasing focuses on the two strategic starting points of "value-added

operation of stock assets" and "light asset operation output" strengthens internal and external strategic

cooperation is committed to building a closed-loop of the whole industry ecology covering project

development services park operation services supporting leasing operations etc. continuously

optimizes the space service and leasing ecosystem in the park and has initially possessed the whole

chain capabilities and experience of various assets from the early planning project clearance

construction control investment promotion operation on-site control etc. forming a unique and mature

business development model. The Company is accelerating the inventory and evaluation of existing

properties and strengthening management. In the future it will gradually expand the scope of its leasing

business and enhance property leasing development capabilities. On this basis it will gradually shift the

focus of its industrial ecological operations to science and technology parks providing supporting

services for the entire value chain including industrial ecological introduction project development

services and park operation services to shape the role of a "space service provider" with science and

technology parks as the core.

4. Other business

During the reporting period the Company's business also includes catering business and project

supervision business. The catering business is operated by Shenzhen Guomao Catering Co. Ltd.Guomao Catering was established in 1986 and became famous at home and abroad as the place

where the "Southern Tour Speech" was delivered in 1992. Since its opening it has received more than

600 Chinese and foreign dignitaries celebrities and countless Chinese and foreign guests and its

reputation has spread far and wide both at home and abroad. The engineering supervision business is

operated by a supervision company which has Class A supervision qualification for housing

construction projects from the Ministry of Construction. Its predecessor was the SZPRD Management

Department. It was directly involved in the construction and management of the Shenzhen International

Trade Building and witnessed the entire process of creating the "Shenzhen Speed". It has long been

mainly serving the group's development projects.(II) Industry development changes market competition pattern and the Company's position in

the industry

1. Industry development status

In 2025 the global real estate market showed a divergent performance with housing prices in some

developed economies remaining resilient while emerging markets generally facing pressure. Capital

flows and market sentiment in the domestic market were still affected by changes in global monetary

policy. The Chinese economy experienced a moderate recovery and real estate as an important pillar

continued to play a supporting role. At the central level the policy orientation of "stabilizing expectations

reducing inventory and optimizing supply" was strengthened and a combination of measures such as

purchasing existing housing for affordable housing optimizing the housing provident fund and lowering

down payments and interest rates was used to systematically support the market. The reform of the

housing provident fund system was comprehensively deepened and the construction of "good houses"

was included in the national action plan to promote the implementation of standards for safe

comfortable green and smart housing; the white list mechanism for "guaranteeing housing delivery"

continued to expand ensuring project financing and delivery. At the same time we explored ways to

revitalize the existing land and housing promoted urban renewal and the renovation of dilapidated

houses and built a new development model centered on "allocating housing based on population and

funding based on housing". The policy package exerted synergistic effects from both the supply and

demand sides marking the industry's accelerated transition from the old high-leverage cycle to a new

stage of high-quality and sustainable development.

2. Industry policy environment

In 2025 the national real estate market continued its overall adjustment trend. Since the second quarter

the sales of new houses have shown a marginal weakening trend. The second-hand housing market

has been continuously "reducing prices to increase sales volume" and the overall market is still in the

process of "stabilizing after a decline". In August the State Council meeting reaffirmed the need to

3Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.

"take effective measures to consolidate the trend of the real estate market stabilizing and recovering

from decline" sending out a positive signal. In October it was clearly stated in the "Recommendations

for the 15th Five-Year Plan" that it is essential to "promote the high-quality development of real estate"

and proposed to clean up unreasonable restrictive measures on housing consumption. In December it

was pointed out on a meeting of the Political Bureau of the CPC Central Committee that "the economic

work in the next year should adhere to the principle of seeking progress while maintaining stability

improving quality and efficiency continue to implement a more proactive fiscal policy and a moderately

loose monetary policy leverage the integrated effects of existing and incremental policies increase

counter-cyclical and cross-cyclical adjustments and effectively enhance macroeconomic governance

effectiveness" and emphasized that "we must adhere to domestic demand as the mainstay and build a

strong domestic market" setting the tone for macroeconomic policy in 2026.Demand-side policies have been synergistically implemented from multiple dimensions to

activate the market. Core cities have completely lifted purchase and sales restrictions and the

threshold for non-household residents to purchase homes has been significantly lowered; the weighted

average interest rate for personal housing loans has decreased the down payment ratio for first-time

homebuyers has been lowered and the interest rates on existing mortgage loans have continued to

decline; the individual income tax refund policy for exchanging old houses for new ones has been

extended until 2027. The value-added tax is exempted for houses that have been owned for at least 2

years and is reduced to 3% for those that have been owned for less than 2 years. The provident fund

policy has been continuously optimized along three main directions: "supporting families with multiple

children" "expanding usage across different regions" and "expanding the scope of withdrawals". This

has driven the provident fund to transform from being "exclusive for home purchases" to "providing

support throughout the entire period of residence". Encouraging the purchase of existing commercial

housing for affordable housing thereby releasing the demand for improvement. The policies accurately

focus on new urban residents multi-child families and home-swapping groups promoting the market's

transformation from "rigid demand-led" to "quality improvement" and enhancing residents' willingness

and ability to purchase houses.The supply-side reform focuses on "controlling new supply reducing inventory and optimizing

supply" to reshape the market structure through systematic policies. By strictly controlling the

start of new construction projects and land supply the area of new housing starts across the country in

2025 declined year-on-year facilitating the concentration of resources in high-quality projects in core

cities. To accelerate the revitalization of existing commercial housing the central bank has established

a relending facility for affordable housing to support local governments in acquiring existing housing for

affordable housing and talent housing thereby strengthening the market-based incentive mechanisms.The national standard for "good housing" has been promoted with 15 provinces issuing regulations for

safe comfortable green and smart residences. The detailed standards tailored to their own needs

such as optimizing the calculation of balcony floor area and using green building materials have been

introduced in many regions. The white list mechanism for "guaranteeing housing delivery" achieved

large-scale expansion and mechanism optimization in 2025. Real estate enterprises are supported to

broaden equity financing channels through REITs private placements etc. to stabilize their capital

chains and promote the industry's transition from a high-turnover model to a high-quality and

sustainable one.

3. Regional market structure

In 2025 the Shenzhen real estate market is characterized by a core pattern of "policy support demand

differentiation enterprise concentration and structural optimization." The real estate policies continued

to be accommodative focusing on both the demand and supply sides. The market was gradually

recovering amidst adjustments with significant differences across various sub-sectors. The supply of

new housing has contracted with the second-hand housing market taking a dominant role. The price

trend shows significant structural differentiation with high-quality residential and commercial office

projects in core areas demonstrating strong resilience while those in non-core areas face greater

pressure to reduce inventory; the concentration of real estate enterprises has increased with central

and state-owned enterprises and local leading companies dominating the market; the commercial office

market needs to wait for the further release of industrial demand. In 2026 policies are expected to be

further optimized and the market may achieve a dynamic balance through "stabilizing demand

reducing inventory and improving supply".

4Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.

4. Situation and tasks faced by the Company

Currently the macroeconomic situation and industry structure are undergoing profound changes. The

Central Urban Work Conference has clarified a new model for real estate development and policies

such as the construction of "good housing" and urban renewal have provided us with development

opportunities; it is proposed in Shenzhen's "15th Five-Year Plan" to build "five centers" which has

expanded the broad space for enterprise development; the real estate industry has transitioned from

the "incremental growth era" to the "stock era" and the "quality era". The market logic has shifted from

scale expansion to value creation and the focus of competition has moved from resource contention to

capability competition. The refined transformation of the real estate industry the quality upgrade of the

property management industry and the large-scale development of the asset operation industry have

opened up new transformation space for the Company's development. Currently the Company's top

priority is to ensure cash flow security and strictly prevent liquidity risks. The key is to reduce the

inventory and recover the funds while accelerating the high-quality development of the property

management segment deepening the value realization of the commercial management segment and

exploring an integrated development ecosystem for the main business. We adhere to the general work

principle of "seeking progress while maintaining stability and improving quality and efficiency" and

firmly follow the work approach of "reducing inventory preventing risks improving quality and efficiency

and promoting transformation." We coordinate high-quality development with high-level security. With a

higher perspective a broader vision and more concrete actions we will promote the comprehensive

completion of annual tasks and goals and start a new chapter in all our undertakings.

5. Position of the Company in the industry

SZPRD accompanied the reform and opening up of Shenzhen. It has been deeply involved in real

estate and property management for more than 40 years. Its industry position and brand influence have

been improving and it has won many honors and awards over the years. During the reporting period

we were awarded the "2025 Annual Service Capability Park Benchmark Project" "Top 100 Property

Service Enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area" and "Top 10 Property

Service Enterprises in Industrial Parks". On the occasion of the 45th anniversary of the establishment of

the Shenzhen Special Economic Zone the Company was selected as a "Typical Case of Brand

Development" awarded the "Excellent Brand" certificate and participated in the compilation of the

Shenzhen group standards for the integration of Party building and property services in residential

communities.

3. Key accounting data and financial indicators

(1) Major accounting data and financial indicators in the past three years

Whether the Company needs to retroactively adjust or restate the accounting data of previous years

? Yes □ No

Unit: RMB

Increase/decrease at

As at the end of 2025 As at the end of the end of this year2024 compared with the end As at the end of 2023

of last year

Total assets 15428127953.74 15293205498.30 0.88% 16988062068.09

Net assets attributable to

shareholders of the listed 3394933772.35 3361683048.50 0.99% 4661810328.75

company

Increase/decrease this

2025 Year 2024 year compared with Year 2023

last year

Operating revenue 2383288250.02 2734158884.05 -12.83% 2965117025.04

Net profit attributable to 33885110.58 -1114764922.17 103.04% 464014492.11

shareholders of the listed

5Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.

company

Net profit after deducting

non-recurring profits and

losses attributable to -12386354.39 -1328523983.50 99.07% -172360115.90

shareholders of the listed

company

Net cash flows from

operating activities -2086069661.63 -1423998174.52 -46.49% -264092984.33

Basic earnings per share

(RMB/share) 0.0569 -1.8705 103.04% 0.7786

Diluted earnings per

share (RMB/share) 0.0569 -1.8705 103.04% 0.7786

Weighted average rate of

return on net assets 1.00% -28.00% 29.00% 10.26%

(2) Quarterly main accounting data

Unit: RMB

Q1 Q2 Q3 Q4

Operating revenue 493396461.75 594512474.12 627863129.86 667516184.29

Net profit attributable

to shareholders of the 5005715.62 9422304.01 17793178.39 1663912.56

listed company

Net profit after

deducting non-

recurring profits and

losses attributable to 170711.89 -25583691.29 14667807.67 -1641182.66

shareholders of the

listed company

Net cash flows from

operating activities -271334001.08 164146485.82 -2267983635.15 289101488.78

Whether the above financial indicators or their aggregate are significantly different from the financial

indicators related to the Company's disclosed quarterly and semi-annual reports

? Yes □ No

4. Share capital and shareholders

(I) Number of ordinary shareholders number of preferred shareholders whose voting rights

have been restored and shareholdings of the top 10 shareholders

Unit: share

Total Total number of

number of Total number of Total number of preferred

ordinary ordinary preferred shareholders

shareholde shareholders at shareholders whose voting right

rs at the 34855 the end of the 34455 whose voting rights 0 is restored at the 0

end of the month before the have been restored end of the month

reporting disclosure date of at the end of the before the

period. the annual report reporting period disclosure date ofthe annual report

Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)

Number of Pledge marking or

Name of shareholder Nature of Shareholdi Number of shares held freezingshareholder ng ratio shares held under

restricted Share Number

6Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.

conditions status

Shenzhen Investment Holdings State-owned

Co. Ltd. legal person 50.87% 303144937 1733626

Not

applicable 0

Shenzhen State-owned Equity Non-state-owned

Operation Management Co. Ltd. legal person in 6.38% 38037890 0

Not

China applicable

0

China Orient Asset Management State-owned

Co. Ltd. legal person 2.77% 16491402 0

Not

applicable 0

Hong Kong Securities Clearing Overseas legal Not

Company Ltd. person 0.68% 4076993 0 applicable 0

YANG Yaochu Natural person inChina 0.35% 2068814 0

Not

applicable 0

Industrial and Commercial Bank of

China Limited - China Southern CSI Not

All Share Real Estate ETF Others 0.31% 1843534 0 applicable 0

Securities Investment Fund

DUAN Shaoteng Natural person inChina 0.30% 1771765 0

Not

applicable 0

China Minsheng Banking

Corporation Limited - Jinyuan Not

Shunan Yuanqi Flexible Allocation Others 0.26% 1551700 0 applicable 0

Hybrid Securities Investment Fund

MAI Furong Natural person in 0.23% 1374596 0 NotChina applicable 0

Yu Zhisong Natural person inChina 0.20% 1220000 0

Not

applicable 0

Notes to shareholders' The largest shareholder Shenzhen Investment Holdings Co. Ltd. is the controlling

related relationship or shareholder of the Company and Shenzhen State-owned Equity Operation Management Co.persons acting in Ltd. In addition it is unknown whether the remaining eight shareholders have related

concert relationship or are persons acting in concert.Shareholders

participating in margin At the end of the reporting period among the above-mentioned shareholders DUAN

financing and securities Shaoteng held 1771765 shares of the Company through a credit securities account.lending business (if any)

Participation of shareholders holding more than 5% of the shares the top 10 shareholders and the top

10 shareholders of unrestricted tradable shares in refinancing business and lending shares

□ Applicable □ Not applicable

Changes of the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares

compared with the previous period due to refinancing lending/repayment

□ Applicable □ Not applicable

(2) Total number of preferred shareholders of the Company and shares held by top 10 preferred

shareholders

□ Applicable □ Not applicable

The Company had no preferred shareholders during the reporting period.

7Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.

(3) Disclose the property rights and control relationship between the company and the actual

owner in the form of a block diagram

State-owned Assets Supervision and

Administration Commission of

Shenzhen Municipal People's

Government

Shenzhen Shenzhen State-owned

Investment Holdings Equity Operation

Co. Ltd. Management Co. Ltd.The COOEC

5. Bonds existing on the approval date of the annual report

□Applicable ? Not applicable

(1) Basic information of bonds

Bond name Abbr. Code Issue date Maturity date Bond balance(RMB10000) Interest rate

Privately placed

corporate

bonds to

professional 25 SZPRD 01 134664.SZ November 27 November 27 55000 2.30%

investors in 2025 2028

2025 of SZPRD

(Tranche I)

Interest payment of corporate

bonds during the reporting period No bond interest was due during the reporting period.

(2) Latest tracking rating and rating changes of corporate bonds

On July 23 2025 CSCI Pengyuan Credit Rating Co. Ltd. issued a credit rating report for the

Company's "25 SZPRD 01" bond assigning a corporate credit rating of AA+ with a stable outlook while

maintaining the credit rating of the said bond at AA+.

(3) As of the end of the reporting period the main accounting data and financial indicators of

the Company for the recent two years

Unit: RMB10000

Item 2025 Year 2024 Increase/decrease this yearcompared with last year

Debt/asset ratio 79.04% 78.88% 0.16%

Net profit after deducting

non-recurring profit or loss -1238.64 -132852.4 99.07%

EBITDA/debt ratio 3.46% -17.79% 21.43%

Times interest earned 0.93 -5.14 118.09%

III. Important matters

(I) Matters concerning the non-public issuance of corporate bonds

8Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.

The Company held the 36th meeting of the 10th Board of Directors and the 3rd extraordinary general

meeting of 2025 on July 7 2025 and July 23 2025 respectively at which the Proposal on the Non-

public Issuance of Corporate Bonds was reviewed and approved. According to the No-objection Letter

on the Compliance of Non-public Issuance of Corporate Bonds by Shenzhen Properties & Resources

Development (Group) Ltd. with the Listing Conditions of Shenzhen Stock Exchange (SZSE Letter [2025]

No. 850) issued by Shenzhen Stock Exchange the Company was approved to non-publicly issue

corporate bonds with a total amount not more than RMB 1.2 billion to professional investors. The

Company has completed the issuance of the 2025 non-public issuance of corporate bonds to

professional investors (Tranche I) (Bond abbreviation "25 SZPRD 01" Bond code "134664.SZ"). For

details please refer to the Announcement on Non-public Issuance of Corporate Bonds (Announcement

No.: 2025-34) the Announcement on Obtaining No-objection Letter from Shenzhen Stock Exchange for

the Listing and Transfer of Non-publicly Issued Corporate Bonds (Announcement No.: 2025-49) and

the Announcement on Issuance Results of 2025 Non-public Issuance of Corporate Bonds to

Professional Investors (Tranche I) (Announcement No.: 2025-69) disclosed by the Company on Cninfo

(http://www.cninfo.com.cn).(II) Matters related to the guarantee for subsidiary's application for facility amount from banks

The Company held the 37th meeting of the 10th Board of Directors and the 4th extraordinary general

meeting of 2025 on July 25 2025 and August 11 2025 respectively at which the Proposal on

Providing Asset Mortgage Guarantee for a Wholly-owned Subsidiary's Application for Credit Facilities

from a Bank was reviewed and approved. The Company agreed to sign a mortgage guarantee

agreement with the Shenzhen Branch of China Minsheng Banking Corporation Limited (hereinafter

referred to as "CMBC") to provide a mortgage guarantee for the facility applied for by its wholly-owned

subsidiary Shenzhen International Trade Center Property Management Co. Ltd. from CMBC with the

guaranteed principal not exceeding RMB 900 million. For details please refer to the Announcement on

Providing Asset Mortgage Guarantee for a Wholly-owned Subsidiary's Application for Facilities from a

Bank (Announcement No.: 2025-40) and the Announcement on the Progress of Providing Asset

Mortgage Guarantee for a Wholly-owned Subsidiary's Application for Facilities from a Bank

(Announcement No.: 2025-45) disclosed by the Company on Cninfo (http://www.cninfo.com.cn).

(III) Matters concerning reappointment of the Board of Directors and senior management

During the reporting period the Company elected 5 non-independent directors and 3 independent

directors for the 11th Board of Directors. The above 8 directors together with 1 employee

representative director elected by the Company's employee representative conference form the 11th

Board of Directors of the Company. At the same time the new Board of Directors elected the

Company's general manager deputy general managers chief financial officer secretary of the Board of

Directors and other senior management. For details please refer to the Announcement on

Reappointment of the Board of Directors (Announcement No.: 2025-52) and the Announcement on

Completion of Reappointment of the Board of Directors and the Appointment of Senior Management

and Securities Affairs Representative (Announcement No.: 2025-64) disclosed by the Company on

Cninfo (http://www.cninfo.com.cn).(IV) Matters concerning major arbitration of the subsidiaries

During the reporting period Rongyao Real Estate a subsidiary of the Company received the Arbitral

Award (2023) SZCIAA No. 2970 issued by the Shenzhen Court of International Arbitration requiring the

respondent to repay all loan principal and interest to Rongyao Real Estate. It also received the

Enforcement Ruling (2025) Y03 ZB No. 5646 and the Notice of Seizure Impoundment and Freezing of

Property (2025) Y03 ZB No. 5646 from the Shenzhen Intermediate People's Court of Guangdong

Province ruling to seize freeze and impound the relevant property of the respondent. For details

please refer to the Announcement on Progress of Major Arbitration of a Subsidiary (Announcement No.:

2025-48) and the Announcement on Progress of Major Arbitration of a Subsidiary (Announcement No.:

2025-73) disclosed by the Company on Cninfo (http://www.cninfo.com.cn).

(V) Matters concerning major related party transactions

On December 30 2025 the Company held the 3rd meeting of the 11th Board of Directors at which the

Proposal on Signing the Supplementary Agreement IV to the Entrusted Operation and Management

9Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.

Agreement for Divested Land and Property with a Related Party and the Related Party Transaction was

reviewed and approved. The Company jointly signed an agreement with Shenzhen Investment

Holdings and Shenzhen Shentou Property Development Co. Ltd. (hereinafter referred to as "Shentou

Property Development") stipulating that the Company would exercise the rights and obligations of

Shenzhen Investment Holdings with respect to the target assets. Meanwhile the Company shall make

a one-time payment to Shentou Property Development for the previous year's rental income share

calculated as 25% of the audited total annual rental income (tax included) of the target assets. For

details please refer to the Announcement on Signing the Supplementary Agreement IV to the

Entrusted Operation and Management Agreement for Divested Land and Property with a Related Party

and the Related Party Transaction (Announcement No.: 2025-72) disclosed by the Company on Cninfo

(http://www.cninfo.com.cn).

10