特力B:2026年半年度报告（英文版）

Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.Shenzhen Tellus Holding Co. Ltd.2026 Semi-Annual Report

August 2026

1Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Section I Important Notes Contents and Interpretations

The Board of Directors directors and senior management of the

Company guarantee that the contents of this semi-annual report are true

accurate and complete contain no false records misleading statements or

material omissions and assume individual and joint and several legal liability.Wang Chuan head of the Company and Huang Tianyang the person in

charge of accounting and the person in charge of the accounting department

(accountant in charge) declare that they guarantee the truthfulness accuracy

and completeness of the financial report in this semi-annual report.All directors of the Company have attended the meeting of the Board of

Directors to review the semi-annual report.The Company has no plans to distribute cash dividends issue bonus

shares or convert capital reserve into share capital.

2Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Contents

Section I Important Notes Contents and Interpretat....2

Section II Company Profile and Major Financial Ind....6

Section III Management Discussion and Analysis ...... 9

Section IV Corporate Governance Environment and So.. 22

Section V Important Matters .........................23

Section VI Changes in Shares and Shareholders .......34

Section VII Bond-related Information ............... 38

Section VIII Financial Report ...................... 39

3Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Documents for Inspection

(I) Financial statements signed and sealed by the head of the Company the person in charge of accounting and the person in

charge of the accounting department (accountant in charge).(II) Originals of all company documents and announcements publicly disclosed during the reporting period.(III) The above documents for future reference shall be kept at the Secretariat Office of the Board of Directors of the Company.

4Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Interpretations

Term Refer(s) to Interpretation

CSRC Refer(s) to China Securities Regulatory Commission

SZSE Refer(s) to Shenzhen Stock Exchange

Company the Company and Tellus Holding Refer(s) to Shenzhen Tellus Holding Co. Ltd.Reporting period this/the reporting period Refer(s) to Half Year of 2026

State-owned Assets Supervision and Administration

Shenzhen SASAC Refer(s) to Commission of Shenzhen Municipal People's

Government

Shenzhen Special Economic Zone Development Group

SDG Group controlling shareholder Refer(s) to

Co. Ltd.SIHC Refer(s) to Shenzhen Investment Holdings Co. Ltd.Shenzhen Jewelry SJIS Refer(s) to Shenzhen Jewelry Industry Service Co. Ltd.Guorun Guorun Gold Refer(s) to Guorun Gold Shenzhen Co. Ltd.Tellus Treasury Refer(s) to Shenzhen Tellus Treasury Supply Chain Tech Co. Ltd.Shanghai Fanyue Refer(s) to Shanghai Fanyue Diamond Co. Ltd.Zhongtian Company Refer(s) to Shenzhen Zhongtian Industry Co. Ltd.Tellus Jewelry Refer(s) to Shenzhen Tellus Shuibei Jewelry Co. Ltd.Huari Company Refer(s) to Shenzhen SDG Huari Automobile Enterprise Co. Ltd.Huari Sales Refer(s) to Shenzhen Huari Automobile Sales and Service Co. Ltd.Tellus Jewelry Building Jewelry Building Refer(s) to Tellus Shuibei Jewelry Building

Tellus Gold and Diamond Building Gold and Diamond

Refer(s) to Tellus Gold and Diamond Trading Building

Building

5Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Section II Company Profile and Major Financial Indicators

I. Company Profile

Stock abbreviation Tellus A Tellus B Stock code 000025 200025

Stock abbreviation before change

N/A

(if any)

Stock exchange on which the

Shenzhen Stock Exchange

shares are listed

Chinese name of the Company 深圳市特力（集团）股份有限公司(Shenzhen Tellus Holding Co. Ltd.)

Chinese abbreviation (if any) Tellus A

English name of the Company (if

Shenzhen Tellus Holding Co. Ltd.any)

Abbreviation of English name (if

N/A

any)

Legal representative of the

Wang Chuan

Company

II. Contact Persons and Contact Information

Secretary of the Board of Directors Securities Affairs Representative

Name Wang Chuan Liu Menglei

4F Tellus Building No. 56 2nd Shuibei 3F Tellus Building No. 56 2nd Shuibei Road

Address

Road Luohu District Shenzhen Luohu District Shenzhen

Tel. (0755)83989390 (0755)88394183

Fax (0755)83989399 (0755)83989399

E-mail ir@tellus.cn liuml@tellus.cn

III. Other Information

1. Contact information

Whether the Company's registered address office address and postal code company website e-mail etc. changed during the

reporting period

There were no changes to the Company's registered address office address postal code website e-mail etc. during the reporting

period. Please refer to the 2025 Annual Report for details.

2. Information disclosure and place where the report is kept

Whether the information disclosure and the place where the report is kept changed during the reporting period

□ Applicable□Not applicable

The stock exchange website and the names and websites of the media on which the Company discloses its semi-annual report and

the place where the Company's semi-annual report is kept remained unchanged during the reporting period. For more information

please refer to the 2025 Annual Report.

6Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

3. Other relevant information

Whether other relevant information changed during the reporting period

□ Applicable□Not applicable

IV. Major Accounting Data and Financial Indicators

Does the Company need to retrospectively adjust or restate the accounting data for previous years

□Yes□No

Increase/decrease in the reporting

Same period of the

Reporting period period over the same period of the

previous year

Operating revenue (RMB) 292213689.22 878272629.94 -66.73%

Net profit attributable to shareholders

84686065.1584013429.350.80%

of the listed company (RMB)

Net profit attributable to shareholders

of the listed company after deducting 77984104.70 76473401.54 1.98%

non-recurring profit or loss (RMB)

Net cash flows from operating

288182015.93154806331.6786.16%

activities (RMB)

Basic earnings per share (RMB/share) 0.1965 0.1949 0.82%

Diluted earnings per share

0.19650.19490.82%

(RMB/share)

Weighted average return on net assets 4.53% 4.77% -0.24%

Increase/decrease at the end of the

End of the reporting End of the previous

reporting period as compared with

period year

the end of the previous year

Total assets (RMB) 2538730534.02 2650158442.53 -4.20%

Net assets attributable to shareholders

1911330540.481826644475.334.64%

of the listed company (RMB)

V. Discrepancy of Accounting Data under the Domestic and Foreign Accounting Standards

1. Discrepancy in net profit and net assets in the financial reports disclosed simultaneously according to

International Accounting Standards and Chinese Accounting Standards

□ Applicable□Not applicable

There was no discrepancy in net profit and net assets in the financial reports disclosed by the Company following International

Accounting Standards and Chinese Accounting Standards in the reporting period.

2. Discrepancy in net profit and net assets in the financial reports disclosed simultaneously according to

foreign accounting standards and Chinese Accounting Standards

□ Applicable□Not applicable

There was no discrepancy in net profit and net assets in the financial reports disclosed by the Company following foreign

accounting standards and Chinese Accounting Standards in the reporting period.

7Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

VI. Non-Recurring Profit or Loss Items and Amounts

□Applicable □ Not applicable

Unit: RMB

Item Amount Notes

Profit or loss of non-current assets disposal (including the write-off part

379689.50

of the provision for impairment of assets)

Government subsidies included in the current profit and loss (excluding

those which are closely related to the Company's normal business

operations in line with national policies and regulations and granted in 883145.82

accordance with defined criteria and have a continuous influence on the

Company's profit and loss)

Except for effective hedging activities related to the Company's normal

business operations profit or loss arising from changes in the fair value

of financial assets and financial liabilities held by non-financial 1297017.18

enterprises as well as profit or loss from the disposal of such financial

assets and financial liabilities

Other non-operating income and expenses other than the above 6540085.09

Less: Effect of income tax 2170691.54

Effect on minority interests (after-tax) 227285.60

Total 6701960.45

Specific conditions of other profits or losses conforming to the definition of non-recurring profit or loss:

□ Applicable□Not applicable

The Company has no other profits or losses conforming to the definition of non-recurring profit or loss.Explanation on defining the non-recurring profits or losses set out in the Explanatory Announcement No. 1 on Information

Disclosure for Companies Offering Securities to the Public—Non-Recurring Profit or Loss as recurring profits or losses

□Applicable □ Not applicable

Amount

Item Reason

involved (RMB)

Due to the price fluctuation risk related to gold effective hedging of gold futures is a means for

Guorun Gold and Shenzhen Jewelry subsidiaries of the Company to avoid relevant risks. This

activity falls under normal proprietary business operations. Therefore based on the nature and

characteristics of its normal business operations the Company has classified the following

Effective

-8189945.06 items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies

hedging

Offering Securities to the Public—Non-Recurring Profit or Loss (2023 Revision) as recurring

profits or losses: effective hedging related to the normal operations of non-financial enterprises;

profits or losses from changes in the fair value of financial assets and financial liabilities held;

and profits or losses from the disposal of financial assets and financial liabilities.Return of According to the Explanatory Announcement No. 1 on Information Disclosure for Companies

handling Offering Securities to the Public—Non-Recurring Profit or Loss (2023 Revision) the refund of

charges of 73543.77 handling fees for individual income tax received by the Company and its subsidiaries is

individual categorized as income related to routine activities. As it is neither of a special nature nor

income tax incidental it is classified as recurring profit or loss.

8Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Section III Management Discussion and Analysis

I. Main Business of the Company During the Reporting Period

(I) Main Business of the Company During the Reporting Period

During the reporting period the Company focused on its primary responsibilities and main

businesses systematically advanced work.

1. Physical platform operations improved in quality and efficiency. The Company continued

to enhance its refined operation capabilities for the properties it holds planned lease renewal

arrangements in advance formulated targeted and differentiated destocking strategies conducted

in-depth surveys of customer needs and dynamically optimized its service offerings. Through

upgrades to hardware facilities and improvements in service quality the Company effectively

enhanced customer stickiness and steadily improved the quality and efficiency of property

operations.

2. Jewelry industry services were further deepened and expanded. The Company continued

to iterate its digital jewelry element trading platform forming a full-function system integrating

regular display inventory management bidding transactions viewing event organization order

processing settlement and account allocation user management supply chain collaboration and

distribution systems and building a complete online business chain covering display trading and

settlement. During the reporting period the distribution system was officially launched further

expanding online sales channels and continuously improving the activity of the platform

ecosystem.

3. Proprietary business developed through a diversified layout. In the gold business the

Company focused on the design and supply of cultural and creative products and craft products

made of precious metals serving mainly banks postal systems and corporate customized

customers and continued to increase product R&D actively expand new customer groups and

enrich its product lines and service models. In the silver business the Company and its partners

jointly advanced the online retail business of investment silver bars expanding the market

through e-commerce channels and further consolidating its business presence in precious metal

retail.(II) Description of the Main Business Models of the Jewelry Business

1. Sales model

9Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

At present the Company sells gold and jewelry mainly through wholesale and retail models

and also provides supporting services such as agency customs declaration. During the reporting

period the revenue composition of the jewelry business was as follows:

Sales model Amount of operating revenue Amount of operating cost(RMB 10000) (RMB 10000) Gross margin in H1 2026

Wholesale 11246.58 10473.75 6.87%

Retail 33.05 31.20 5.60%

Other services 614.44 114.79 81.32%

Total 11894.06 10619.75 10.71%

2. Production model

At present the Company mainly adopts the entrusted processing mode for gold and its

products. The structure of the production model is as follows:

Production model Amount (RMB 10000) Proportion

Finished products through the commissioned processing 10077.14 100.00%

3. Purchase model

Gold and related products: The Company purchases gold raw materials from Shanghai Gold

Exchange or other qualified organizations.Other jewelry and jade: The Company purchases such products from domestic and overseas

jewelry and jade suppliers.Purchase model Raw materials Unit Purchase quantity Purchase amount (RMB 10000)

Spot trading Gold KG 71.00 7217.32

Spot trading Pearls KG 19.63 28.71

Spot trading Silver KG 105.33 137.38

4. Operation of physical stores during the reporting period

Operating

S/N Name revenue

Operating

(RMB cost (RMB Address

10000)10000)

Counter of Guorun Direct-

1 sales Store (Tellus) on 13.54 12.27 B1-046 Basement Level 1 Annex Building of Tellus Jewelry

Basement Level 1 Building 2nd Shuibei Road Luohu District Shenzhen

5. Online sales during the reporting period

S/N Name Operating revenue (RMB 10000) Operating cost (RMB 10000)

1 Applet mall 1.52 1.47

2 Alibaba-related e-commerceplatforms 12.38 12.00

3 Other e-commerce platforms 5.61 5.45

10Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

6. Inventory of jewelry business during the reporting period

As of June 30 2026 the inventory balance of the Company's jewelry business was RMB

18.5469 million of which RMB 16.356 million was measured at fair value. This amount

represents hedged items using commodity futures contracts and T+D contracts as hedging

instruments.The Company shall abide by the disclosure requirements of the Self-Regulatory Guidelines No. 3 for Companies Listed on

Shenzhen Stock Exchange — Industrial Information Disclosure for jewelry-related business.II. Analysis of Core Competitiveness

(I) Location advantage

The Company located in Shuibei the core cluster area of Shenzhen's jewelry industry is the

largest owner of Tellus-Gmond Gold Jewelry Industrial Park. Within an area of approximately 1

square kilometer in Shuibei 9000 corporate entities have clustered providing jobs for nearly

70000 people in the vicinity. The area hosts over 20 specialized markets. The processing volumes

of gold and diamonds account for approximately 70% and 80% of the delivery volume of the

Shanghai Gold Exchange and the Shanghai Diamond Exchange respectively. In terms of brand

concentration Luohu District is home to over 40 leading jewelry enterprises and 29 "China

Famous Trademarks" in the jewelry sector accounting for 30% of the national total. The district

has also successfully supported the stock exchange listings of jewelry companies including Chow

Tai Seng DR Group Hipine and ZHOU LIU FU. Shuibei has formed a complete industrial chain

covering design and R&D production and manufacturing exhibition and trading brand operation

headquarters office operation inspection and testing and talent training.Shuibei enjoys a significant location advantage. The concentration of numerous businesses

within the jewelry industry chain facilitates the Company's diversified industry services. The

market influence and centralized trade information in Shuibei provide a favorable business

environment and development platform enabling the Company to promptly capture market

feedback and respond quickly to market changes. The government's strong support for the jewelry

industry provides substantial backing for the Company helping reduce operating costs enhance

profitability and achieve sustainable development.(II) Resource advantage

By leveraging its SOE background and harnessing industrial synergies the Company deeply

integrates resources from both the supply and demand sides of the jewelry industry. This endows

the Company with a certain advantage in coordinating upstream resources. The Company has

established direct connections and cooperative relationships with Chinese and international gold

and jewelry suppliers and processors.

11Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Through years of dedicated efforts the Company has accumulated significant industry

resources and influence. It maintains close collaborations with authoritative testing and appraisal

institutions in the industry such as the National Gemstone Testing Center National Center of

Quality Supervision and Inspection on Gold and Silver Jewelry (Nanjing) National Center of

Quality Supervision and Inspection on Gold and Silver Jewelry (Tianjin) and HJTC actively

participates in and organizes industry activities and sets industry standards to continuously

expand its industry reputation and impact. The Company has deeply embedded itself in the supply

chain business to offer professional full-industry supply chain services and has cooperated with

renowned jewelry enterprises in the industry to further expand its business scale.The Company's physical platforms have brought stable business revenue and cash flow

laying a solid foundation for its long-term development. The Tellus Jewelry Building and the

Tellus Gold and Diamond Building have been successively put into operation. Additionally the

Company holds property assets in areas such as the Luohu and Futian districts in Shenzhen all of

which maintain high occupancy rates. Furthermore the Company plans to continuously unlock

the commercial value of its traditional properties through quality upgrades and old property

renewal initiatives.(III) Management advantage

In terms of digitalization the Company has achieved certain technological advancements. It

has vigorously promoted the digital transformation of its trading platform organized and

prioritized functional modules and continuously adjusted its construction strategy to respond

promptly to changes and meet business needs. It has improved the platform's capabilities in online

transactions data analysis and intelligent supervision gradually applying these features in its

supply chain operations to effectively serve jewelry industry clients and support the growth of

micro- small- and medium-sized enterprises (MSMEs) within the sector.In terms of risk control the Company has formulated strict internal business control

processes such as supplier access standards a customer evaluation system and a procurement

price comparison system to realize multi-level risk control over capital information and logistics.At the same time it has continuously optimized business processes and internal control systems

during business operations and carried out research and innovation on new categories and new

business models under the premise of controllable risks. By leveraging information system

development and system data analysis the Company has enhanced its business risk early warning

capabilities.In terms of internal management the Company has regarded scientific management as the

driving force and safeguard for development. Aligned with its current development stage the

12Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Company has deepened the application of OKR management tools enhanced work planning and

execution reinforced performance and strategic orientation strengthened the strategic

management system and improved the closed-loop management mechanism.In terms of talent development the Company has focused on recruiting talent for key

positions enhanced the performance and incentive system fostered an entrepreneurial and

proactive culture strengthened team building optimized the organizational structure of core

business units conducted tiered and specialized training programs embedded a culture of

dedication encouraged employees to pursue professional certifications independently and further

developed a talent pipeline to support its business strategy.III. Analysis of Main Business

Overview

See "I. Main Business of the Company During the Reporting Period" for relevant content.Year-on-year (YoY) changes in main financial data

Unit: RMB

Same period of the YoY

Reporting period Reason of change

previous year increase/decrease

Decrease in gold business volume during

Operating revenue 292213689.22 878272629.94 -66.73%

the reporting period

Decrease as gold business volume

Operating cost 165372887.60 736664626.44 -77.55%

decreases

Decrease as gold business volume

Selling expenses 4213679.98 6551375.74 -35.68%

decreases

Administrative

24501740.2825702432.63-4.67%

expenses

Mainly due to the decrease in interest

Financial expenses 1566985.08 2287888.06 -31.51%

expenses on gold business financing

Mainly due to the increase in total profit

Income tax expenses 26297800.92 25372160.83 3.65%

compared to the same period last year

Mainly due to the increase in R&D

R&D investment 2443248.64 2045320.23 19.46% investment in informatization

development of subsidiaries

Net cash flows from Mainly due to the decrease in stocking

288182015.93154806331.6786.16%

operating activities for the gold business

Mainly due to the increase in on-

Net cash flows from maturity redemptions related to money

-66193214.42-233644957.7271.67%

investing activities management during this reporting period

compared to the same period last year

Net cash flows from Mainly due to increased debt repayment

-209773535.21-13048507.32-1507.64%

financing activities during the reporting period

Mainly due to first a decrease in

Net increase in cash stocking for the gold business; and

12215266.30-91887133.37113.29%

and cash equivalents second an increase in receivables

collected during the reporting period

Significant changes in the Company's profit composition or source during this reporting period

□ Applicable□Not applicable

13Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

There were no significant changes in the Company's profit composition or source during this reporting period.Operating revenue composition

Unit: RMB

Reporting period Same period of the previous year

YoY

Proportion in Proportion in

Amount Amount increase/decrease

operating revenue operating revenue

Total operating

292213689.22100%878272629.94100%-66.73%

revenue

By industry

Wholesale and

118940614.7040.70%708201538.2580.64%-83.21%

retail of jewelry

Property lease and

173273074.5259.30%170071091.6919.36%1.88%

service

By product

Wholesale and

118940614.7040.70%708201538.2580.64%-83.21%

retail of jewelry

Property lease and

173273074.5259.30%170071091.6919.36%1.88%

service

By region

Within Guangdong

185154037.5263.36%570721711.8964.98%-67.56%

Province

Outside

Guangdong 107059651.70 36.64% 307550918.05 35.02% -65.19%

Province

Situation of industries products or regions with operating revenues or operating profits accounting for more than 10% of that of

the Company

□Applicable □ Not applicable

Unit: RMB

YoY YoY YoY

Operating increase/decrea increase/decrea increase/decre

Operating cost Gross margin

revenue se in operating se in operating ase in gross

revenue costs margin

By industry

Wholesale and

118940614.70106197514.8310.71%-83.21%-84.52%7.60%

retail of jewelry

Property lease

173273074.5259175372.7765.85%1.88%17.22%-4.47%

and service

By product

Wholesale and

118940614.70106197514.8310.71%-83.21%-84.52%7.60%

retail of jewelry

Property lease

173273074.5259175372.7765.85%1.88%17.22%-4.47%

and service

By region

Within

Guangdong 185154037.52 67748832.63 63.41% -67.56% -84.52% 40.10%

Province

Outside

Guangdong 107059651.70 97624054.97 8.81% -65.19% -67.35% 6.03%

Province

In case of adjustments to the statistical criteria of the Company's main business data in the reporting period the Company has

provided the adjusted main business data for the latest period based on the criteria at the end of the reporting period.

14Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

□ Applicable□Not applicable

IV. Analysis of Non-main Business

□Applicable □ Not applicable

Unit: RMB

Proportion in total Sustainable

Amount Explanation of cause

profit or not

Wealth management income and income

Investment income 19346068.62 16.78% recognized from equity method investment in No

joint-stock enterprises

Profits or losses from Primarily income from changes in fair value

923908.31 0.80% No

changes in fair value of hedging instruments

Asset impairment 0.00 0.00%

Mainly due to forfeiture of customer deposits

Non-operating revenue 6540183.92 5.67% No

under contracts etc.Non-operating

98.83 0.00% Liquidated damages paid No

expenses

V. Analysis of Assets and Liabilities

1. Major changes in asset composition

Unit: RMB

End of the reporting period As of the end of the previous year Explanation

Proportion

Proportion in Proportion in of major

Amount Amount increase/decrease

total assets total assets changes

Cash at bank and

93789526.633.69%149229156.855.63%-1.94%

on hand

Accounts

26832524.731.06%61009891.792.30%-1.24%

receivable

Inventories 18546875.33 0.73% 59657540.72 2.25% -1.52%

Investment

1032630814.4040.68%1053907083.6539.77%0.91%

properties

Long-term equity

113563154.704.47%94475900.973.56%0.91%

investments

Fixed assets 58106981.97 2.29% 61870381.34 2.33% -0.04%

Construction in

0.00%5111882.700.19%-0.19%

progress

Right-of-use assets 72277991.60 2.85% 77920830.56 2.94% -0.09%

Short-term

0.00%11002344.410.42%-0.42%

borrowings

Contract liabilities 3411185.10 0.13% 3604150.70 0.14% -0.01%

Lease liabilities 72736046.24 2.87% 75441810.38 2.85% 0.02%

2. Primary overseas assets

□ Applicable□Not applicable

15Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

3. Assets and liabilities measured at fair value

□Applicable □ Not applicable

Unit: RMB

Accumul

Impairme

Current ated

nt Sales

profits and change Purchase Other

Beginning accrued amount in Ending

Item losses from in fair amount in the chan

balance in the the current balance

changes in value current period ges

current period

fair value included

period

in equity

Financial assets

1. Trading

financial assets

(excluding 117410631 463750000.0 350000000. 23148971

329082.77

derivative .65 0 00 4.42

financial

assets)

2. Derivative

359615.00359615.00

financial assets

3. Other debt 573849427 200149961. 46377442

90074958.90

investments .40 61 4.69

Subtotal of 691260059 553824958.9 550149961. 69562375

688697.77

financial assets .05 0 61 4.11

49178442.98388601.316355975.

Hedged items -2467107.56 68033242.34

27075

Total of the 740438501 621858201.2 648538562. 71197972

-1778409.79

above .32 4 91 9.86

Financial 2702318.1

2702318.100.000.000.00

liabilities 0

Details of other changes

Whether major changes occurred to the measurement attributes of the Company's main assets during the reporting period

□Yes□No

4. Restriction on asset rights as of the end of the reporting period

Unit: RMB

Item Book value on June 30 2026

Futures and options account margin 3193679.80

VI. Analysis of Investment

1. Overview

□Applicable □ Not applicable

Investment in the same period of the

Investment in the reporting period (RMB) Change

previous year (RMB)

2517640.221834078.6537.27%

16Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

2. Significant equity investment acquired in the reporting period

□ Applicable□Not applicable

3. Significant non-equity investment ongoing in the reporting period

□ Applicable□Not applicable

4. Financial assets investment

(1) Securities investment

□ Applicable□Not applicable

The Company had no securities investment during the reporting period.

(2) Investment in derivatives

□Applicable □ Not applicable

1) Investment in derivatives for hedging purposes during the reporting period

□Applicable □ Not applicable

Unit: RMB 10000

Current Proportion of

profits Accumula Selling the investment

Purchased

and ted amount amount to net

Initial amount

Type of investment in Beginnin losses change in during Ending assets of the

investmen during the

derivatives g amount from fair value the amount Company at

t amount reporting

changes included reporting the end of the

period

in fair in equity period reporting

value period

Futures (Huatai account) 1050.00 2773.57 28.69 0.00 2561.12 5051.84 282.85 0.14%

Futures (CITIC account) 290.60 100.26 0.00 0.00 0.00 100.26 0.00 0.00%

Futures (CITIC account) 35.16 0.00 7.27 0.00 35.52 0.00 35.52 0.02%

Total 1375.76 2873.83 35.96 0.00 2596.64 5152.10 318.37 0.16%

Accounting policies and

specific accounting

principles for hedging

business during the

reporting period and

explanation of whether

there were significant

changes compared with

the previous reporting

period

Explanation of actual

profits and losses during During the reporting period the futures account incurred an actual hedging loss of RMB 8.854 million.the reporting period

Measurement method of hedge effectiveness: Hedge effectiveness = Change in futures price / Change in

Explanation of hedging

spot price. A value closer to 100% indicates a higher level of hedge effectiveness. A hedge is considered

effectiveness

highly effective when its effectiveness ranges from 80% to 125%.The Company's hedge effectiveness

17Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

falls in this range indicating that its hedging strategy is highly effective.Source of funds for

Self-owned funds

investment in derivatives

The Company's hedging transactions align with the following basic principles: The types of futures and

the number of contracts are generally matched with changes in the value of spot positions; futures

positions are in the opposite direction to spot positions; and the holding period of futures positions

Risk analysis and control corresponds to the period during which risks are borne in the spot market. The main risks of gold futures

measures for positions in positions include: basis risk forced liquidation risk and operational error risk. To manage basis risk the

derivatives during the Company uses leased gold as inventory where possible when the basis narrows and builds less or no

reporting period self-owned inventory. To manage forced liquidation risk the Company establishes risk warnings

(including but not limited prepares funding plans in advance when there is a risk of sharp fluctuations in gold prices and maintains

to market risks liquidity sufficient funds in margin accounts. If unexpected events trigger forced liquidation the Company's

risks credit risks management will be notified immediately and the hedged positions subject to forced liquidation will be

operational risks and replenished when appropriate. To manage operational error risk the Company establishes a trader

legal risks) training mechanism strictly conducts operations and reviews in accordance with system and workflow

requirements and performs daily reporting. The Company has established a scientific and effective

hedging management system which is implemented through four key aspects: organizational structure

design planning systems management and evaluation procedures and dynamic risk monitoring.For changes in market

prices or fair value of

invested derivatives

during the reporting During the reporting period the fair value change of the futures contracts held for hedging purposes was

period the analysis of RMB 359600. The Company determined the fair value using the closing price of the futures contracts

derivative fair value shall held on the Shanghai Gold Exchange on the last trading day of June 2026 (June 30) with floating gains

disclose the specific and losses representing changes in fair value.valuation methods used

and related hypotheses

and parameter settings.Involvement in litigation

None.(if applicable)

Disclosure date of the

announcement of the

Board of Directors for April 22 2026

derivative investment

approval (if any)

2) Investment in derivatives for speculative purposes during the reporting period

□ Applicable□Not applicable

The Company had no derivative investment for speculative purposes during the reporting period.

5. Usage of raised funds

□ Applicable□Not applicable

No raised funds were used within the reporting period of the Company.VII. Sales of Major Assets and Equity

1. Sales of major assets

□ Applicable□Not applicable

The Company did not sell any major assets during the reporting period.

18Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

2. Sales of major equity

□ Applicable□Not applicable

VIII. Analysis of Main Holding Companies and Joint-stock Companies

□Applicable □ Not applicable

Main subsidiaries and joint-stock companies contributing over 10% to the Company's net profit

Unit: RMB

Type of

Registered Total Operating Operating Net

Company name compan Main business Net assets

capital assets revenue profit profit

Jewelry fair planning

Shenzhen jewelry consignment

Jewelry sales exhibition and

Subsidi 10000000 50716535 3766371 2432216 617832.8 61784

Industry display planning

ary 0 .84 1.83 .08 0 7.97

Service Co. conference services

Ltd. and marketing

planning

Guorun Gold

Subsidi 20000000 19652975 1912288 1162288 1097392. 11205

Shenzhen Co. Gold sales

ary 0 5.57 18.62 98.16 09 54.92

Ltd.Purchase sales and

Shenzhen leasing of gold

Tellus Treasury Subsidi ornaments and 52376464 5024723 236115.0 481490.8 40875

50000000

Supply Chain ary precious metal .24 1.95 7 5 5.41

Tech Co. Ltd. products and

warehousing services

Shenzhen

Tellus Shuibei Subsidi 19484126 1572714 1613490 1339488 10252

Property leasing 18960000

Jewelry Co. ary 4.71 66.36 9.90 7.41 642.37

Ltd.Shenzhen

Zhongtian Subsidi 36622190 60721431 4960777 8259537 5996076 48683

Property leasing

Industry Co. ary 0 2.54 48.09 6.54 0.18 280.83

Ltd.Shenzhen

Huari

Automobile Subsidi 1453981. 57794.Property leasing 2000000 9257447. 0.00 56201.88

Sales and ary 60 80

Service Co.Ltd.Shenzhen

Xinyongtong

Motor Vehicle Subsidi 18381744 1299133 3133632 2172838. 20641

Property leasing 9607800

Inspection ary .43 3.55 .56 49 75.39

Equipment Co.Ltd.Shenzhen

Tellus Jewelry

Subsidi 99950120 7622779 4061465 43785.Technology Property leasing 32900000 52442.02

ary .33 7.42 .05 93

Development

Co. Ltd.Shuibeitong Subsidi 3036221. 2003934. 7303.3

Property leasing 1500000 2713.77 8304.19

(Shenzhen) ary 86 35 4

19Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Information

Technology

Co. Ltd.Shenzhen SDG

Huari

Subsidi USD 25130279 2023882 7575890 6011894. 59643

Automobile Property leasing

ary 4000000 .20 8.75 .38 87 95.83

Enterprise Co.Ltd.Investment in

Shenzhen Joint- industrial

Tellus-Gmond stock development 37193125 1579793 7476473 4655633 33324

53704960

Investment Co. compan property 3.41 13.58 8.79 0.26 314.22

Ltd. y management and

leasing

Acquisition and disposal of subsidiaries during the reporting period

□ Applicable□Not applicable

Description of main holding and joint-stock companies

IX. Structured Entities Controlled by the Company

□ Applicable□Not applicable

X. Risks Faced by the Company and Countermeasures

In the process of strategy implementation and project operation the Company will

objectively and clearly recognize the possible risks and take active and effective measures to

prevent them.

1. Risk 1: Market price fluctuations

The Company's jewelry business mainly uses gold and silver as raw materials. In recent

years fluctuations in international and domestic economic conditions new gold tax policies and

changes in consumer demand have led to price fluctuations in gold and other raw materials

bringing uncertainties to the Company's operations.Countermeasures: First the Company will continuously strengthen risk management and

establish and improve risk prevention and control mechanisms to ensure its compliance operations.Second it will firmly advance its strategic transformation promote the implementation of

transformation projects through innovative business models explore incremental markets expand

business scale and seek new profit growth points to enhance competitiveness and provide a solid

foundation for long-term stable development.

2. Risk 2: Team development falls short of strategic transformation requirements

The Company's management team and workforce still fall short of the requirements of the

demanding strategic tasks under the 15th Five-Year Plan in terms of industry experience

professional competencies management awareness and methodologies.

20Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Countermeasures: First the Company will continue to strengthen the culture of striving and

foster the mutual growth of employees and the Company. Second it will enhance the

development of talent pipelines continuously improving team management capabilities and

business support functions. Third it will optimize system development to drive the ongoing

refinement of its governance framework. Fourth it will remain committed to learning from best

practices and continuously benchmarking against industry leaders.XI. Formulation and Implementation of Market Value Management System and Valuation

Enhancement Plan

Whether the Company has formulated a market value management system.□Yes□No

Whether the Company has disclosed a valuation enhancement plan.□Yes□No

XII. Implementation of the Action Plan for "Improvement in Quality and Return"

Whether the Company has disclosed an announcement on the Action Plan for "Improvement in Quality and Return"

□Yes□No

21Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Section IV Corporate Governance Environment and Society

I. Changes in the Company's Directors and Senior Executives

□Applicable □ Not applicable

Name Position Type Date Reason

Deputy General Manager Secretary of

Qi Peng Resigned June 27 2026 Personal reasons

the Board of Directors

II. Profit Distribution and Capital Reserve Converted into Share Capital in the Reporting

Period

□ Applicable□Not applicable

The Company plans not to distribute cash dividends issue bonus shares or convert capital reserve into share capital for the half

year.III. Implementation of the Company's Equity Incentive Plan Employee Stock Ownership

Plan or Other Employee Incentive Measures

□ Applicable□Not applicable

During the reporting period the Company had no equity incentive plan employee stock ownership plan or other employee

incentive measures or their implementation.IV. Environmental Information Disclosure

Whether the listed company and its major subsidiaries are included in the list of enterprises that disclose environmental

information according to law

□Yes□No

V. Social Responsibilities

In the first half of 2026 the Company actively fulfilled its social responsibility as a state-

owned enterprise and steadily advanced consumption assistance. The Company purchased local

agricultural products worth RMB 8246 from Chengtian Town Chaonan District Shantou a

paired assistance unit for rural revitalization and nationally recognized poverty alleviation

products worth RMB 51205 supporting rural revitalization consolidating poverty alleviation

achievements and helping develop local specialty agriculture and increase farmers' incomes

through concrete actions.

22Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

Section V Important Matters

I. Commitments Fulfilled During the Reporting Period and Overdue Commitments Not Yet

Fulfilled as of the End of the Reporting Period by the Company's Actual Controller

Shareholders Related Parties Acquirers the Company and Other Commitment-related

Parties

□Applicable □ Not applicable

Commitment Commitment Commitment Commitme Commitme Perform

Commitment content

cause party type nt time nt period ance

The company will maintain the

independence of the listed company and

maintain personnel independence

institutional independence financial

independence and asset integrity with the

listed company. The listed company will

Shenzhen Ensure the

still have independent operational ability

Investment independence

independent procurement production

Holdings of the listed

and sales systems and independent

Co. Ltd. company

intellectual property rights. In case of

violation of the above commitments the

company will bear corresponding legal

responsibilities including but not limited

to compensation for all losses caused to

the listed company.

1. As of the signing date of this Letter of

Commitment the company and other

enterprises controlled by the company During the

Commitment have not engaged in businesses or period of

made in the activities that directly compete with or being an

acquisition may constitute direct competition with InDecember indirect

report or the Tellus and will not engage in businesses perform30 2022 controlling

report of or activities that directly compete with or anceshareholder

equity may constitute direct competition with of the

change Tellus in the future except as arranged by Company

Shenzhen SASAC or similar government

agencies; 2. During the period when the

Shenzhen company is the indirect controlling

Avoid

Investment shareholder of Tellus and Tellus is listed

horizontal

Holdings on the Shenzhen Stock Exchange the

competition

Co. Ltd. company will fully respect the

independent operational autonomy of all

subsidiaries controlled by the company

and ensure that the legitimate rights and

interests of Tellus and its minority

shareholders will not be infringed upon;

3. The company undertakes not to seek

improper benefits by virtue of its status as

the controlling shareholder of Tellus

thereby damaging the rights and interests

of Tellus and its minority shareholders; 4.The company undertakes not to use

information learned or known from Tellus

23Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co. Ltd.

to assist any party in engaging in any

business activities that substantially or

potentially compete with the main

business of Tellus; 5. If the company or

other enterprises controlled by the

company violate the above commitments

and guarantees the company shall bear

the economic losses caused to the listed

company.

1. The company and the companies

enterprises and economic organizations

controlled or actually controlled by the

company (excluding enterprises

controlled by the listed company

hereinafter collectively referred to as

"affiliated companies") will exercise

shareholders' rights fulfill shareholders'

obligations and maintain the

independence of the listed company in

terms of assets finance personnel

business and organization in strict

accordance with laws regulations and

行情