ShenzhenProperties&ResourcesDevelopment(Group)Ltd.

2024AnnualReport

(AnnouncementNo.:2025-18)

March2025

2024AnnualReport

SectionIImportantNotes,TableofContentsandInterpretations

TheBoardofDirectors,BoardofSupervisors,directors,supervisorsandseniorofficersoftheCompanyguaranteetheauthenticity,accuracyandcompletenessofthecontentsoftheannualreport,andbearindividualandjointlegalliabilitiesforanyfalserecords,misleadingstatementsormajoromissions.LegalRepresentativeWangHangjun,ChiefFinanceOfficerCaiLiliandChiefAccountant(accountingofficer)CaiKelindeclarethattheyguaranteetheauthenticity,accuracyandcompletenessofthefinancialreportintheAnnualReport.Alldirectorsattendedtheboardmeetingatwhichthisreportwasconsidered.TheCompanyplansnottodistributecashdividends,issuebonusshares,orincreasesharecapitalthroughcapitalizationofreserves.

TableofContents

SectionIImportantNotes,TableofContentsandInterpretations ...... 2

SectionIICompanyProfileandMajorFinancialIndicators ...... 6

SectionIIIManagement'sDiscussionandAnalysis ...... 11

SectionIVCorporateGovernance ...... 44

SectionVEnvironmentandSocialResponsibilities ...... 67

SectionVIImportantMatters ...... 71

SectionVIIChangesinSharesandShareholders ...... 86

SectionVIIIPreferredShares ...... 95

SectionIXBonds ...... 95

SectionXFinancialReports ...... 96

ListofDocumentsAvailableforInspectionI.FinancialstatementssignedandsealedbytheCompany'sPrincipal,ChiefFinanceOfficer,andChiefAccountant(accountingofficer).II.Theoriginalauditreportbearingthesealoftheaccountingfirmandthesignatureandsealofthecertifiedpublicaccountant.III.TheoriginalsofalltheCompany'sdocumentsandannouncementsthathavebeenpubliclydisclosedduringthereportingperiod.

Interpretations

SectionIICompanyProfileandMajorFinancialIndicators

I.InformationabouttheCompany

II.Contactpersonandcontactinformation

III.Informationdisclosureandstoragelocation

IV.Registrationchanges

V.Otherrelevantinformation

AccountingfirmengagedbytheCompany

SponsorengagedbytheCompanytoperformcontinuoussupervisionduringthereportingperiod

□Applicable?NotapplicableFinancialconsultantengagedbytheCompanytoperformcontinuoussupervisionduringthereportingperiod

□Applicable?Notapplicable

VI.Mainaccountingdataandfinancialindicators

WhethertheCompanyneedstoretroactivelyadjustorrestatetheaccountingdataofpreviousyears

□Yes?No

ThenetprofitoftheCompanyinthelastthreefiscalyearsbeforeandafterdeductingnon-recurringprofitorlossisnegative,andtheauditreportofthelatestyearshowsthatthegoing-concernabilityoftheCompanyisuncertain

□Yes?NoThelowerofnetprofitbeforeandafterdeductingnon-recurringprofitorlossisnegative?Yes□No

VII.Differencesbetweenaccountingdataunderdomesticandforeignaccountingstandards

1.DifferencesinnetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewiththeinternationalaccountingstandardsandtheChineseaccountingstandards

□Applicable?NotapplicableDuringthereportingperiodoftheCompany,therewasnodifferenceinnetprofitsandnetassetsinfinancialreportsdisclosedinaccordancewithinternationalaccountingstandardsandChineseaccountingstandards

2.DifferencesinnetprofitandnetassetsinfinancialreportsdisclosedinaccordancewithboththeinternationalaccountingstandardsandChineseaccountingstandards

□Applicable?NotapplicableDuringthereportingperiodoftheCompany,therewasnodifferenceinnetprofitsandnetassetsinfinancialreportsdisclosedinaccordancewiththeinternationalaccountingstandardsandChineseaccountingstandardsVIII.Mainfinancialindicatorsbyquarter

Unit:RMB

WhethertheabovefinancialindicatorsortheiraggregatearesignificantlydifferentfromthefinancialindicatorsrelatedtotheCompany'sdisclosedquarterlyandsemi-annualreports

□Yes?No

IX.Non-recurringprofitorlossitemsandamounts

?Applicable□Notapplicable

Unit:RMB

Specificcircumstancesofotherprofitorlossitemsthatmeetthedefinitionofnon-recurringprofitorloss:

?Applicable□NotapplicableMainlythecompensationreceivedbythejointventuresfortheexpropriationofhouses,andtheinvestmentincomeisrecognizedaccordingtotheincomemethod.Thiscompensationpaymentisnotsustainable.Notesonthedefinitionofthenon-recurringprofitorlossitemslistedinthe"InterpretiveAnnouncementNo.1onInformationDisclosureofCompaniesIssuingSecuritiestothePublic-Non-recurringProfitorLoss"asrecurringprofitorlossitems

□Applicable?NotapplicableTheCompanyhadnocircumstancesofdefinitionofthenon-recurringprofitorlossitemslistedinthe"InterpretiveAnnouncementNo.1onInformationDisclosureofCompaniesIssuingSecuritiestothePublic-Non-recurringProfitorLoss"asrecurringprofitorlossitems.

SectionIIIManagement'sDiscussionandAnalysis

I.Industrystatusduringthereportingperiod

TheCompanyshallcomplywiththedisclosurerequirementsfortherealestateindustryassetoutintheGuidelinesforSelf-RegulationofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure(I)MacroeconomicsituationandindustrydevelopmentstatusIn2024,theglobaleconomygraduallyrecoveredamidmultiplechallenges,andtheconflictbetweenRussiaandUkraine,tensionsintheMiddleEastanduncertaintiesinChina-USrelationscontinuedtoaffecttheglobaleconomy.China'seconomyisalsofacingnewopportunitiesandchallenges.Theeconomicgrowthratehassloweddown,butitstillremainswithinareasonablerange.Thegovernmentcontinuedtoimplementaproactivefiscalpolicyandaprudentmonetarypolicy,andincreasedsupportforscientificandtechnologicalinnovation,greeneconomy,andsmallandmedium-sizedenterprises.Atthesametime,thegovernmentpromotedsupply-sidestructuralreform,optimizeindustrialstructure,andenhancedeconomicresilience.Therealestatemarketcontinuestobeinaperiodofadjustment,andthegovernmentcontinuestoadheretothepositioningof"nospeculationinhousing"andoptimizetherealestateregulationandcontrolpolicy.Localgovernmentshaveimplementedpoliciesbasedoncityconditions,relaxedrestrictionsonpurchaseandloanrestrictions,reducedthedownpaymentratioandmortgageinterestrates,andsupportedrigidandimprovedhousingdemand.Aseriesofstimuluspoliciescontinuetosupportthemarket,aimingtostabilizetherealestatemarketandpreventlargefluctuationsinthemarket.(II)Industrialpolicyenvironment2024isanimportantyearfor"majorchangesinthesupplyanddemandrelationshipoftheindustry".Inmanyimportantmeetingsthroughouttheyear,correspondingdeploymentandguidanceweremadefortherealestateindustryandpointedoutthedevelopmentdirectionfortheindustry.Inthefirsthalfof2024,aseriesofoptimizationsandadjustmentsweremadetothecurrentsystem,includingtherelaxationofpurchaserestrictionsinfirst-tiercities,thereductionofdownpaymentinterestratestoanewlow,thefurtherreductionofstockmortgageinterestrates,thecancellationofgeneralhousingstandards,thepurchaseandstorageofcommercialhousing,andthecomprehensiverestartofurbanvillagetransformation,aimingtostandardizethemarketorderandimprovethenewmodelofdevelopmentoftherealestateindustry.Inthesecondhalfoftheyear,thepolicyreleaseintensityandfrequencyincreased,andthepolicyturnedto"liftingandusing".OnSeptember26,thePolitburooftheCPCCentralCommitteeheldameeting.Intermsofrealestate,themeetingemphasizedtheneedtopromotetherealestatemarkettostopfallingandstabilize,strictlycontroltheincrement,optimizethestockandimprovethequalityofcommercialhousings,increaselendingto"whitelist"projects,andsupporttherevitalizationofidleland.Sincethen,therealestatemarkethasshownpositivechanges,thehousepriceindexhasgraduallystabilized,andmarketconfidencehasbeenboosted.Supply-sidefinancialsupportguaranteeddelivery,andfinancialpolicysupportedlandandhousingdestocking.Supply-sidefinancialsupportcontinuedtoincreaseandupgrade.Thepolicywascommittedtohelpingthemarketdestockandgraduallyrestorethenormaloperationabilityofenterprises.Effortsweremadeinstabilizingboththemarketandthemainbody,andvariousfinancialpolicytoolswereusedtosupporttheimplementationofsupportingpolicies,mainlyfocusingonpromotingfinancingcoordinationmechanism,expandingthe"whitelist"ofhousingenterprises,andguaranteeingstockacquisitionthroughhousingloansandspecialbonds.Demand-sidepolicieshavebeencontinuouslyrelaxedandstimulatedthroughthe"optimalcombination",aimingtoboostpropertypurchaseexpectationsandenthusiasm.TheMinistryofHousingandUrban-RuralDevelopment,togetherwiththeMinistryofFinance,theMinistryofNaturalResources,thePeople'sBankofChina,theNationalFinancialRegulatoryAdministrationandotherdepartments,introducedthe"fourcancellations,fourreductionsandtwoincreases"measurestosupportresidents'purchaseofhousings.Thefourcancellationsmainlyincludecancellationofrestrictionsonpurchase,cancellationofrestrictionsonsales,cancellationofpricecaps,cancellationofthedistinctionbetweenordinaryandnon-ordinaryresidential

standards;thefourreductionsincludethereductionofinterestratesonhousingprovidentfundloans,reductionofthedownpaymentratioforhousingloans,reductionofinterestratesonexistingloans,andreductionofthetaxburdenof"sellold,buynew"housereplacements;amongthetwoincreases,oneistoincrease1millionunitsofurbanvillageandoldhousingrenovationsthroughmonetarycompensation,andtheotheristoincreasethecreditscaleoftheprojectsinthe"whitelist"toRMB4trillionbytheendoftheyear,aimingtopromotethepropertymarkettohaltfallingandspurastablerecoverythroughthe"optimalcombination".(III)RegionalmarketlandscapeFromtheperspectiveoftheregionalmarket,in2024,Shenzhen'seconomyremainedresilient.Thepropertymarketpolicycenteredon"stabilizinglandprices,stabilizinghouseprices,stabilizingexpectations,supportingrigidandimprovedhousingdemand,andpromotingthestabledevelopmentoftherealestatemarket",andintroducedanumberoflooseandfavorablepolicies.ThescaleofprimaryresidentialsupplyinShenzhenhasshrunkduetotheslowdowninthepaceoflandsupply.OnSeptember29,fourdepartmentsincludingShenzhenHabitatConstruction&Conservationjointlyissuedadocument,proposingmeasuressuchasrelaxingpurchaserestrictions,loweringdownpayments,removingpricecapsandsalesrestrictions,andadjustingvalue-addedtaxexemptiontermfrom5yearsto2years,aimingtoacceleratetheestablishmentofanewdevelopmentmodelfortherealestatesectorandpromotetherealestatemarkettohaltfallingandspurastablerecovery.Thelaunchof"929NewPolicies"hasbecomethekeytopromotingthemarket.Inviewoftheincreaseinmarketactivity,propertydeveloperstimelyacceleratedtheirprojectlaunches,withmultiplecoreindicatorsachievingstabilizationandimprovement.(VI)PresentsituationandtasksAtpresent,theinternalandexternalenvironmentpresentsacomplexandchallengingsituation.TheCompany'sprojectsunderconstructionareplannedtobesoldinthemarketoneafteranother,andthesalescollectionistheannualcentralwork,whichisdirectlyrelatedtothehealthyoperationoftheenterprise'scapitalchain.Inthiscontext,acceleratingthereturnoffunds,strictlycontrollingthescaleofexpenditure,ensuringthesafetyandstabilityofcashflows,andpreventingliquidityriskhavebecomethecoretaskstoachievetheCompany'sstableoperation.Atthesametime,theCompanyneedstofurtherpromotethehigh-qualitydevelopmentofthepropertymanagementsegment,acceleratetheconstructionofamodern,professionalandintelligentservicesystem,andenhancethemarketcompetitiveness.Inthefieldofcommercialoperation,itisnecessarytotakeamulti-prongedapproachtopromotetransformationandupgradingasawhole,andmaximizethevalueofcommercialassetsbyinnovatingbusinessmodels,optimizingbusinesslayoutandimprovingoperationalefficiency.Inthefaceofuncertainmarketsituation,theCompanyshalltaketheinitiativetohedgeexternalrisksthroughdeterministicwork,maintainstrategicconcentration,ensurethefullcompletionofannualtasksandobjectives,andlayasolidfoundationforsustainabledevelopment.(V)PositionintheindustrySZPRDaccompaniedthereformandopeningupofShenzhen.Ithasbeendeeplyinvolvedinrealestateandpropertymanagementformorethan40years.Itsindustrypositionandbrandinfluencehavebeenimproving,andithaswonmanyhonorsandawardsovertheyears.Duringthereportingperiod,theCompanyranked271stinthelistof"Top500ShenzhenEnterprisesin2024"andwonthetitleof"2023-2024High-qualityDevelopmentStarEnterpriseinLuohuDistrict"grantedbythePeople'sGovernmentofLuohuDistrict.Itspropertymanagementsegmentranked27thinthenationalcomprehensivestrength,up6placesfrom2023,and9thinthecomprehensivestrengthofstate-ownedpropertyservice.Ithasbeenconsecutivelyawardedthe"2024China'sTop100PropertyServiceEnterpriseinComprehensiveStrength","2024ChinaPropertyFMLeadingEnterprise","2024China'sTop20EnterprisesinParkPropertyService","2024ChinaIndustrialParkPropertyServiceLeadingEnterprise","2024ChinaOfficeBuildingPropertyServiceLeadingEnterprise","2024SouthChina'sTop30BrandEnterprisesinPropertyService"andotherawards;insubdivisions,ithassuccessivelywonthehonorof"ShenzhenBayScienceandTechnologyEcologicalPark"servicecapacitybenchmarkingproject,"ShenzhenBayInnovationandTechnologyCenter"and"ShenzhenInternationalTradeCommercialBuilding"managementexcellencebenchmarkingproject.Itsrealestatesegmentwontheawardsof"2024IntegrityEnterpriseofShenzhenRealEstateDevelopmentIndustry","2024DevelopmentPowerEnterpriseofShenzhenRealEstateDevelopmentIndustry",amongothers.ShenzhenInternationalTradeCenterBuildingislistedinthefirstbatchofhistorical

buildingsinShenzhenannouncedbytheShenzhenMunicipalPeople'sGovernment,andthehistoricalexhibitionofShenzhenInternationalTradeCenterisincludedinthelistofimportanthistoricalsitesofreformandopeningup,whichdemonstratesthecomprehensivestrengthoftheCompanyandreflectsthehighrecognitionoftheCompany'scomprehensivestrengthbytheindustry,customersandgovernmentdepartments.Duringthereportingperiod,inthefaceofchangesinthesituationoftherealestateindustry,theCompanylockedinitsgoalsandsprintedthroughouttheyeartogenerallycompletevariousannualoperatingindicators.TheCompanyproactivelyadaptedtochangesandimplementedflexiblestrategiestotacklemarketchallenges.TheCompanytookmultiplemeasurestofurtheradvancemarket-orientedtransformationofcommercialoperations.TheCompanytooktheinitiativeinproductionsafetyandproperhandlingofpetition,ensuringthesteadydevelopmentoftheGroup'sbusiness.II.MainbusinessengagedinbytheCompanyduringthereportingperiod

TheCompanyshallcomplywiththedisclosurerequirementsfortherealestateindustryassetoutintheGuidelinesforSelf-RegulationofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure(I)OverviewofmainbusinessSZPRDwasestablishedin1982.ItwasformerlyknownasLuohuEngineeringConstructionHeadquarters.InAugust1985,itwasrenamedShenzhenPropertiesDevelopmentCorporation.In1988,itwasidentifiedbyShenzhengovernmentasthesecondbatchofstate-ownedenterprisestopilotthejoint-stockreform.In1990,itcompletedthejoint-stockreformandwasofficiallyrenamedShenzhenProperties&ResourcesDevelopment(Group)Ltd.InMarch1992,theCompany'sstock(SZPRDA/SZPRDB,000011/200011)wasofficiallylistedontheShenzhenStockExchange.SZPRD,asPartyAoftheconstructionoftheInternationalTradeCenterBuilding,playedaleadingroleinorchestratingtheentireprocessofitsconstructionandoperation.Itisakeycreatorandorganizeroftheworld-renowned"ShenzhenSpeed".TheInternationalTradeCenterBuildingisalsofortunatetohavebecomeanimportanthistoricsiteofDENGXiaoping'sworld-renowned"southtourspeeches".TheCompanywasfoundedastheInternationalTradeCenterBuildingwasestablishedandthrivedthroughChina'sreformandopening-up,growingalongsidethemiraculouscityofShenzhen.Ithasbecomeasteadfastpractitionerofthe"pioneercattle"spiritinthenewera,dedicatedtoinnovativeservices,andovercomingchallenges.TheemployeesofSZPRDupholdthespiritof"daringtobethefirstandstrivingforstrengththroughreformandinnovation",focusonthefunctionalpositioningofstate-ownedassetsof"servingtheoverallsituation,servingthecity,servingtheindustry,andservingthepeople'slivelihood",sticktotheoriginalaspiration,forgeaheadwithperseverance,takethelead,andbravelyactasthevanguard.Inrecentyears,boththedevelopmentspeedandqualityhavebeengreatlyimproved.TheCompanyhasnowdevelopedfromaprojectcompanywhenitfirstbuilttheInternationalTradeCenterBuildingtoalarge-scalecomprehensiveindustrialgroup.Intheneweraandnewstage,theCompanyassessesthesituationandactsaccordingly,strivingtomoveforwardtowardsthegoalofbecoming"China'sleadingsmartoperatorofindustrialandurbanspace."

1.IndustrialandurbanspacedevelopmentTheCompany'sspacedevelopmentsectoriscommittedtothedevelopmentofdifferentbusinessformatssuchasresidentialbuildings,high-endapartments,officebuildings,andindustrialparks.IthasbrandprojectssuchasITCBuilding,HuanggangPort,Tian'anInternationalBuilding,QianhaiPort,andJinlingHoliday.Basedontheexistingrealestatedevelopmentbusiness,theCompanywillpromotethestockoptimizationandincrementdevelopmentandconstructionsimultaneously.Takingthesubordinatecompanies,suchasHuangchengRealEstate,RongyaoRealEstateandWuheUrbanRenewal,asthedevelopmentandurbanrenewalentities,theCompanywillrelyonitslistingplatformtoincreasecapitaloperationandrationallyallocateurbanspacedevelopmentsectors.Duringthereportingperiod,theGroupsteadilypromotedthedevelopmentoflocalandoff-siteprojectsinShenzhen,acceleratedthesalesofprojectinventory,andimprovedthespeedofcapitalrecovery.Onthisbasis,itfocusedonthedevelopmentandconstructionofindustry-citycomplexes,andacceleratedthecreationofanintegratedandsymbioticdevelopmentmodelofurbanboutiquehousingandhigh-endindustrialspace.

2.Propertymanagementservice

TheCompany'spropertymanagementsegmentisbasedonInternationalTradeCenterPropertyManagement.Asoneofthefirstbatchofnationalfirst-classpropertymanagementqualifiedenterprises,InternationalTradeCenterPropertyManagementhas,aftermorethan30yearsofdevelopment,becomeadomesticfirst-classpropertyserviceproviderwithdiversifiedbusinesscapabilitiesandtechnologicalstrength.Ithasbeenratedas"Top100propertymanagementEnterprisesinChina"and"ExcellentEnterpriseforChinaIndustrialParkPropertyManagement"formanyyearsinarow.Theprojectsunderitsmanagementarespreadalloverthecountry,anditsbusinessradiatestovariousregionsofthecountry,includingSouthChina,SouthwestChina,EastChina,NorthChina,aswellastheVietnam-VietnamCooperationZone.Theexistingbusinesshascoveredvariousformatssuchasindustrialparks,culturaltourismscenicspots,governmentagencies,railtransit,housing,hospitals,schools,hotels,etc.,andisbeingarrangedtoenterthefieldofgrassrootssocialgovernance,cooperatewiththegovernmenttocreateasafe,harmonious,civilizedandorderlyurbanenvironment,andbasicallyformagoodpatternofmulti-formatcomprehensivedevelopment.InternationalTradeCenterPropertyManagementhasmorethan20subsidiaries,leveragingitsheadquarters'functionaldepartmentsasaplatformtoactivelybuildthreemajorcenters,namely"market,empowerment,andsupervision".Ithasestablishedbusinesscentersandprofitcentersbasedonthethreemajormodulesfeaturingprofessionalbusinesscompanies,professionalcompanies,andregionalcompanies,aimingtoachieveasustainableandeffective"1+1>2"coordinateddevelopmentnewpattern.

3.IndustrialecologicaloperationTheindustrialecologicaloperationsectormakesfulluseoftheCompany'sdevelopmentfoundationandentireindustrialchaindevelopmentadvantagesinthethreebasicindustriesofrealestatedevelopment,propertymanagementandleasing,focusesonthetwostrategicstartingpointsof"value-addedoperationofstockassets"and"lightassetoperationoutput",strengthensinternalandexternalstrategiccooperation,iscommittedtobuildingaclosed-loopofthewholeindustryecologycoveringprojectdevelopmentservices,parkoperationservices,supportingleasingoperations,etc.,continuouslyoptimizesthespaceserviceandleasingecosysteminthepark,andhasinitiallypossessedthewholechaincapabilitiesandexperienceofvariousassetsfromtheearlyplanning,projectclearance,constructioncontrol,investmentpromotion,operation,on-sitecontrol,etc.,formingauniqueandmaturebusinessdevelopmentmodel.TheCompanyisacceleratingtheinventoryandevaluationofexistingpropertiesandstrengtheningmanagement.Inthefuture,itwillgraduallyexpandthescopeofitsleasingbusinessandenhancepropertyleasingdevelopmentcapabilities.Onthisbasis,itwillgraduallyshiftthefocusofitsindustrialecologicaloperationstoscienceandtechnologyparks,providingsupportingservicesfortheentirevaluechain,includingindustrialecologicalintroduction,projectdevelopmentservices,andparkoperationservices,toshapetheroleofa"spaceserviceprovider"withscienceandtechnologyparksasthecore.

4.OtherbusinessDuringthereportingperiod,theCompany'sbusinessalsoincludescateringbusinessandprojectsupervisionbusiness.ThecateringbusinessisoperatedbyShenzhenITCCateringCo.,Ltd.ITCCateringwasestablishedin1986andbecamefamousathomeandabroadastheplacewherethe"SouthernTourSpeech"wasdeliveredin1992.Sinceitsopening,ithasreceivedmorethan600Chineseandforeigndignitaries,celebritiesandcountlessChineseandforeignguests,anditsreputationhasspreadfarandwidebothathomeandabroad.Theengineeringsupervisionbusinessisoperatedbyasupervisioncompany,whichhasClassAsupervisionqualificationforhousingconstructionprojectsfromtheMinistryofConstruction.ItspredecessorwastheSZPRDManagementDepartment.ItwasdirectlyinvolvedintheconstructionandmanagementoftheShenzhenInternationalTradeBuildingandwitnessedtheentireprocessofcreatingthe"ShenzhenSpeed".Ithaslongbeenmainlyservingthegroup'sdevelopmentprojects.(II)Operationin2024In2024,inthefaceofinternalandexternalchallenges,themanagementteamoftheCompanyhasalwaysadheredtotheoverallleadershipoftheParty,maintainedstrategicfocus,strictlyimplementedthedecisionsanddeploymentsoftheBoardandthePartyCommittee,madeeveryeffortwithfirmconfidence,closelyfocusedonthekeytasksproposedatthebeginningoftheyear,andadoptedmanymeasurestoactivelyrespondtomarketchanges.Therealestatecompanyflexiblyadjusteditssalesstrategyaccordingtothesituation,andaccuratelyseizedthefavorableopportunitytostartprojectpre-saleandlate-marketreferral,layinga

foundationforachievingannualbusinessindicators;thepropertymanagementcompanyimprovedtheoverallprofitabilityandcorecompetitivenessoftheenterprisethroughorganizationalrestructuring,systemprocessreengineering,talentoptimizationandallocation,etc.;withthegoalofacceleratingtransformationandupgrading,theShenzhenPropertyCommercialOperationcontinuouslyimproveditsoperationandmanagementmode,andmaintainedastableandhealthydevelopmenttrendineachbusinesssegment.Duringthereportingperiod,theGroup'stotalassetswereaboutRMB15.293billion,andtheannualoperatingrevenuewasaboutRMB2.73billion,andtheannualmaineconomicindicatorsweregenerallycompleted.First,fortheindustry-cityspacedevelopmentsector,we'vetakentheinitiativetoadaptandflexiblyimplementpoliciestofacemarketchallenges.TherealestatebusinessachievedanoperatingrevenueofRMB1.003billionthroughouttheyear,accountingfor36.71%ofthetotalrevenue.Duringthereportingperiod,thefourmajorrealestateprojects,JinlingProject,GuangmingYutangShangfuProject,LakeCityProject,andHumenBinhaiHarbourPalaceProject,werelaunchedsimultaneously.Marketingmanagementactivelyrespondedtomarketchanges,prudentlyanalyzedandevaluatedmarketconditions,closelymonitoreddynamicsinkeyregionalmarkets,andseizedmarketopportunitiestoacceleratesalesandinventoryclearance.TheCompanyhasconsistentlystrengthenedthecoordinationofmilestonetargetsandresourceallocationguarantees.Adheringtoamarket-orientedmanagementphilosophy,allbusinesslinesincludingdesign,procurement,andengineeringwithintheGrouphavemaintainedhigh-levelcollaboration,enhancedrefinedcontroltoadapttomarketchanges,andimplementedcomprehensivecoordinationandguidanceforprojectdevelopment.Proactiveplanningwasconductedforcriticaltaskssuchasprojectdesignschemes,tenderingandprocurement,targetcostdetermination,andon-siteconstruction,ensuringefficientandorderlydevelopmentofallongoingprojects.Arefinedcontrolsystemcoveringtheentirerealestateprojectdevelopmentprocesshasnowtakenshape.SubstantialprogresshasalsobeenmadeinprojectssuchasShenyangDigitalIntelligentCity,HaikouHongqiTown,FuyuanIndustrialZone,HuiyangDanshuiandothers.Second,theexternalexpansionofthepropertymanagementsegmentandinternalcoordinationgohandinhand,andthemarketexpansioncontinuestobestrengthened.ThepropertymanagementbusinessreportedanoperatingrevenueofRMB1.594bn,accountingfor58.32%ofthetotalrevenue,higherthanin2023.Duringthereportingperiod,theCompanydeepenedthecoordinateddevelopmentandinternalintegrationofthesystem,developedvalue-addedservicessuchastourismsalespromotionandcommunity-to-homeservices,andachievedbreakthroughsinnewformatsofcultureandsportsandvalue-addedserviceboundaries.Theareaundermanagementreachedarecordhigh,exceeding45millionm

forthefirsttime.Furtherenrichthebusinessformatsofofficebuildings,industrialparks,schools,hospitals,farmers'marketsandmilitaryregions,andprovidestrongsupporttobuildingamunicipal-levelbenchmarkpropertymanagementplatform.Atthesametime,theremodelingoforganizationalstructureandtheestablishmentofcostmanagementsystemwereinitiatedtofurtherconsolidatethepositionoftheonlypropertymanagementplatforminthesystem.ShenzhenInternationalTradeCenterPropertyManagementhasconsecutivelywonthetitlesof"2024ChinaPropertyServiceEnterpriseComprehensiveStrengthTop100","2024ChinaPropertyFMFacilityManagementLeadingEnterprise","2024ChinaParkPropertyServiceTOP20Enterprise","2024ChinaIndustrialParkPropertyServiceLeadingEnterprise",andotherawards,withitsbrandvalueandreputationcontinuouslyimproving.Third,industrialecologicaloperationandothersectorsshalltakemultiplemeasuressimultaneouslytocultivatecoreoperationcapabilities.TheleasingandoperationbusinessreportedanoperatingrevenueofRMB135mn,accountingfor4.97%ofthetotalrevenue.Inrecentyears,theCompanyhastakenmultiplemeasurestoacceleratetransformationandupgrading,adoptedmeasuressuchasexploringandestablishinganincrementalsharingmechanismandincreasingtheintensityofprojectexpansion,promotedthetransformationofthecurrentsimpleleasingbusinesstoacommercialoperationmodel,andhelpedrealizethedevelopmentandgrowthoftheindustrialecologicaloperationsector.Duringthereportingperiod,therenovationofITCShoppingMallandtheinaugurationceremonyofShenzhenITCChuntianunveiled.ByoperatingITCShoppingMallinalight-assetmanagementandchartermode,theCompanytookfirmstepsincreatingtheGroup'sindependentcommercialbrandandexploringmarket-orientedcommercialoperations.Throughmeasuressuchasimprovingassetqualityandefficiency,exploringandestablishinganincrementalsharingmechanism,theindustrialoperationsectorcultivatedcoreoperationcapabilitiesinmultiplepaths,adherestoimprovingqualityandefficiencyasthecore,andacceleratesthetransformation,upgradingandrevitalizationof

stockassets.Intermsofindustrialinvestmentattraction,theindustrialalliancesystemwasexpandedduringtheyear,andprojectinvestmentattractionwasactivelypromoted.

(3)WorkSafetyoftheCompanyin2024In2024,SZPRDadheredtothebottomlineofsafetyproduction,coordinateddevelopmentandsafety,activelyimplementedthedeploymentandrequirementsofgovernmentdepartmentsatalllevelsonsafetyproductionwork,comprehensivelyconsolidatedthemainresponsibilityoftheenterprise,andcarriedoutathree-yearcampaigntotackletherootcausesofworksafety.TheGroup'sworksafetysituationwasstableandcontrollablethroughouttheyear,andnoworksafetyliabilityaccidentswithseriousinjuriesoraboveormajoreconomiclossesoccurred,andtheworksafetyobjectivesfor2024weresuccessfullycompleted.Newlandreserveprojects

Cumulativelandreserve

Developmentofmainprojects

Salesofmainprojects

Leasingofmainprojects

Level-Ilanddevelopment

□Applicable?NotapplicableFinancingapproach

DevelopmentstrategyandbusinessplanforthenextyearIn2025,duetotheuncertaintiesoftheinternationalsituationandotherfactors,thedomesticeconomyisexpectedtoremainunderpressure.Thecentralgovernmentproposestoadheretothegeneraltoneofseekingprogresswhilemaintainingstability,completely,accuratelyandcomprehensivelyimplementthenewdevelopmentconcept,implementmoreproactivemacropolicies,expanddomesticdemand,stabilizethepropertymarketandstockmarket,stabilizeexpectations,stimulatevitality,promotethecontinuousrecoveryoftheeconomy,andcontinuetopushtherealestatemarkettostabilize.SZPRDwillcontinuetoactivelyconnectwiththemajorstrategicorientationofthestate-ownedassetsystem,andfirmlycontrolthecorelinksofthevaluemanagementofstockassetsandtheindustrialecologicaloperationservice.Itwillfocusonthedevelopmentoffourmajorbusinesses,includingindustrial-cityspacedevelopment,propertymanagementservice,industrialecologicaloperationandmainbusinessecologicalinvestment,deeplystudyandfollowthenewtrendsandnewcharacteristicsofthedevelopmentoftherealestateindustry,andstrivetoseizetheopportunityintheadjustmentstageoftherealestateindustry.Itwillalsofocusonstableoperation,seeksustainabledevelopmenttogether,createamarket-orientedcommercialpropertyplatform,andsolidlypromotethehigh-qualitydevelopmentoftheenterprisewithcertainty.Inthecomingyear,whilefocusingonthedevelopmentandsalesofexistingprojects,theGroupwillcontinuetofollowupandseekincrementalresourcestolayafoundationfordevelopmentduringthe"15thFive-YearPlan"period.Intermsofprojectdevelopment,theCompanywillsteadilypromotethedevelopmentandconstructionofYutangShangfuProject,LakeCityProject,HarbourPalaceGardenProjectandShenyangDigitalIntelligentCityProject,createqualitybenchmarkdemonstrationprojects,continuetoimprovedevelopmentcapabilities,strengthenqualitycontrol,deepenleanmanagement,improveproductcomprehensivecompetitiveness,andactivelycreate"goodhouses";intermsofsalesanddestocking,wewillkeepaneyeontheoptimizationofindustryregulatorypolicies,seizethemarketwindowperiod,closelycombinewiththemarketingnodesofeachproject,balancethevolumeandpricerelationship,strictlycontrolthemarketingexpenses,andfullypromotethesalesofYutangShangfuProject,LakeCityProject,HarbourPalaceProjectandShenyangDigitalIntelligentCityProject,andstrivetocompletetheannualsalestargetofeachproject;intermsoflandreserve,wewillactivatethestockresources,deepenthevalueofassets,grasptheimportantwindowperiodoftherealestatemarket,focusontheeconomicdevelopmentpotentialareassuchastheGuangdong-HongKong-MacaoGreaterBayAreaandtheYangtzeRiverDelta,activelypromotetheimplementationofprojectsthroughmarket-orientedurbanrenewal,bidding,auctionandlisting,industriallandapplication,projectcooperationandothermeans,andprudentlychooseopportunitiestotrytocarryoutcapitaloperationtoacceleratethepaceofmarketmergersandacquisitions,soastoobtainmoreresourcesforthesustainabledevelopmentoftheCompany.Theabovebusinessplansandbusinessobjectivesdonotrepresentthelistedcompany'sprofitforecastfor2025.Whethertheycanberealizeddependsonvariousfactorssuchaschangesinmarketconditionsandtheeffortsofthebusinessteam,andtherearegreatuncertainties.Investorsshouldpayspecialattentiontothem.Guaranteetobuyersofcommercialhousingforbankmortgage?Applicable□Notapplicable

1)Asarealestatedeveloper,theCompanyhashistoricallyprovidedmortgageguaranteesforbuyersofcommercialhousinginaccordancewithrealestatedevelopmentpractices.AsofDecember31,2024,theoutstandingguaranteebalancewasRMB1,135,580.83,andsuchguaranteewillbereleaseduponfullrepaymentoftherelatedmortgage.

2)Asarealestatedeveloper,theCompanyhashistoricallyprovidedmortgageguaranteesforbuyersofcommercialhousinginaccordancewithrealestatedevelopmentpractices.AsofDecember31,2024,theoutstandingguaranteebalancewasRMB387,671,636.94,andsuchguaranteewillbereleaseduponfullrepaymentoftherelatedmortgage.JointinvestmentbytheDSSMandthelistedcompany(applicabletotheDSSMofthelistedcompanyastheinvestor)?Applicable□Notapplicable

Note:1Thisprojectisinprogress,andthepeakprojectfunds,cumulativeincomeandexitstatusarenotapplicable.Fordetails,pleaserefertotherelevantannouncementdisclosedbytheCompanyonCninfoonNovember9,2019.

III.Analysisofcorecompetitiveness

Advantagesofbrandandculturalaccumulation:Asastate-ownedenterpriseundertheShenzhenMunicipalGovernment,SZPRDhasgonethrough40yearsofmagnificentandpioneeringdevelopment,andhasgraduallyformedadiversifieddevelopmentpatternwithrealestatedevelopmentasitsmainindustry,involvingurbanrenewal,propertymanagement,assetoperation,industrialinvestment,etc.Thebrandvalueandcomprehensivestrengthof"ShenzhenProperty"thatcarriesthespiritofreformandopeningupoftheInternationalTradeCenterBuildinghavebeenhighlyrecognizedbythemarket.ThecompanywasbornbecauseoftheInternationalTradeCenterBuilding,prosperedbecauseofreformandopeningup,andcoexistsandgrowswiththemiraclecityofShenzhen.Thecombinationofthecorporatecultureof"daringtobethefirst,reformingandstrengthening"andthe"pioneer"spiritofovercomingdifficultieshasbecomeanactionguidetodriveSZPRD'ssplendidleapfrom"ShenzhenSpeed"to"ShenzhenQuality".Market-orientedadvantages:SZPRDhasbeenfollowingamarket-orientedpaceofchangingitsstrategieseveryyearandundergoingmajorchangeseverythreeyears.Ithascontinuouslyinnovateditssystemsandmechanisms,continuedtodeepeninternalreforms,andactivelycarriedoutmarket-orientedoperationsinlinewithindustrybenchmarks,whichhassignificantlystimulatedthevitalityandmomentumfortheGroup'shigh-qualitydevelopment.Inrecentyears,LakeCityProjectpioneeredthecooperationbetweenstate-ownedenterprisesandprivateenterprisestodevelopurbanrenewalprojects,markingtheofficiallaunchofthefirstfullymarket-orientedurbanrenewalprojectinthehistoryoftheGroup,andtakingtheleadinimplementingtheurbanrenewalprojectco-investmentsysteminthemunicipalstate-ownedassetssystem;propertymanagementsegment,theCompany

activelyexpandedprojectsoutsidetheprovinceandstrengtheneditsmarketexpansionefforts,effectivelyenhancingthecompetitivenessoftheCompany'spropertymanagementbusinessinthenationalmarket.TheCompanyhassimultaneouslyestablishedamulti-levelincentiveandrestraintmechanism,includingco-investmentandlong-termincentives,toallocateresources,selecttalents,assessrewardsandpunishmentsinamarket-orientedmanner.Advantagesoftheentireindustrialchain:Overtheyears,SZPRDformedadvantagesintheentireindustrialchainincludingprojectacquisition,developmentandconstruction,investmentpromotionandsales,leasingmanagementandpropertymanagement.Inparticular,ithasformedobvioussegmentationadvantagesinhigh-endparkbasicservicesandpropertyqualityservices,whichhasforgedtheCompany'scorecompetitiveness.Advantagesofindustrial-cityintegration:TheCompany'sspacedevelopmentsegmentiscommittedtothedevelopmentofdifferentbusinessformatssuchasresidential,high-endapartments,officebuildings,andindustrialparks.FromtheearliestITCurbancomplexandHuanggangPortareadevelopmenttothedevelopmentandoperationofthelarge-scaleindustrial-citycomplexLakeCityProject,theadvantagesofSZPRDcharacteristicdevelopmentproductsofindustrial-citycomplexeshavebeenhighlighted.Withtheimplementationofaseriesofurbanrenewalprojectandindustriallandacquisitionprojects,theadvantagesofindustrial-cityintegrationwillbefurtherconsolidatedandenhanced.AdvantagesofbeingaFortune500subsidiary:TheCompany'scontrollingshareholderShenzhenInvestmentHoldingsCo.,Ltd.,hasbeencommittedtobuildingaworld-classstate-ownedcapitalinvestmentandoperationcompanyandfinancialholdinggroup.Itranked370thintheFortune500in2024.Relyingonthecontrollingshareholder'sentireindustrialchainadvantagesinthescienceandtechnologypark,theCompanyisactivelytransformingandupgrading,focusingonthedevelopmentandconstructionofindustry-citycomplexes,andhasbroaderdevelopmentprospects.

IV.Analysisofprimarybusiness

1.OverviewPleaserefertotherelevantcontentsof"II.MainbusinessesengagedinbytheCompanyduringthereportingperiod"in"ManagementDiscussionandAnalysis".

2.Revenueandcost

(1)Compositionofoperatingrevenue

Unit:RMB

(2)Industry,product,regionandsalesmodelaccountingformorethan10%oftheCompany'soperatingrevenueoroperatingprofit?Applicable□Notapplicable

Unit:RMB

UnderthecircumstancesthatthecalculationmethodoftheCompany'smainbusinessdataisadjustedduringthereportingperiod,theCompany'smainbusinessdataforthelatestperiodisadjustedaccordingtothecalculationmethodattheendofthereportingperiod

□Applicable?Notapplicable

(3)WhethertheCompany'sphysicalsalesrevenueisgreaterthantherevenueoflaborservices

□Yes?No

(4)PerformanceofmajorsalescontractsandmajorprocurementcontractssignedbytheCompanyasofthereportingperiod

□Applicable?Notapplicable

(5)CompositionofoperatingcostsIndustryclassification

Unit:RMB

NotesNone

(6)Whethertherewasanychangeintheconsolidationscopeduringthereportingperiod?Yes□NoFordetails,pleaserefertoIX.ChangesinconsolidationscopeofSectionXFinancialReportsofthisreport.

(7)InformationaboutsignificantchangesoradjustmentsintheCompany'sbusiness,productsorservicesduringthereportingperiod

□Applicable?Notapplicable

(8)MainsalescustomersandsuppliersMainsalescustomersoftheCompany

InformationontheCompany'stop5customers

Otherinformationonmaincustomers?Applicable□NotapplicableLegalperson1hasthesamecontrolrelationshipwiththeCompany.MainsuppliersoftheCompany

InformationontheCompany'stop5suppliers

Otherinformationonmainsuppliers?Applicable□NotapplicableShenzhenBayTechnologyDevelopmentCo.,Ltd.isawholly-ownedsubsidiaryofShenzhenInvestmentHoldingsCo.,Ltd.,thecontrollingshareholderoftheCompany.Inaddition,theotherfoursuppliershavenorelatedrelationshipswiththeCompany.

3.Costs

Unit:RMB

4.R&Dinvestment

?Applicable□Notapplicable

R&DpersonneloftheCompany

R&Dinvestment

ReasonsandimpactofmajorchangesinthecompositionoftheCompany'sR&Dpersonnel

□Applicable?NotapplicableReasonsforthesignificantchangeintheproportionoftotalR&Dinvestmenttooperatingrevenuecomparedwiththepreviousyear

□Applicable?NotapplicableReasonsforthesignificantchangeinthecapitalizationrateofR&Dinvestmentanditsrationalityexplanation

□Applicable?Notapplicable

5.Cashflows

Unit:RMB

DescriptionofmaininfluencingfactorsofsignificantYoYchangesinrelevantdata?Applicable□Notapplicable

①Theyear-on-yeardecreaseincashinflowsfromoperatingactivities,mainlyduetothedecreaseinrealestaterevenueduringthereportingperiod.

②Theyear-on-yearincreaseincashoutflowsfromoperatingactivities,mainlyduetotheincreaseinlandvalueincrementtaxpaymentsduringthereportingperiod.

③ThecashinflowsfrominvestingactivitiesdecreasedYoY,mainlyduetothereceiptofequitytransferpaymentsinthesameperiodlastyear.

④Theyear-on-yearincreaseincashoutflowsfrominvestingactivities,mainlyduetotheincreaseinlong-termassetsacquisitionduringthereportingperiod.

⑤Theyear-on-yeardecreaseincashinflowsfromfinancingactivities,mainlyduetothedecreaseinnewbankborrowingsduringthereportingperiod.

⑥Theyear-on-yearincreaseincashoutflowsfromfinancingactivities,mainlyduetotheincreaseinbankborrowingsrepaymentduringthereportingperiod.ExplanationofthereasonsforthesignificantdifferencebetweenthenetcashflowgeneratedfromtheoperatingactivitiesoftheCompanyandthenetprofitofthecurrentyearduringthereportingperiod?Applicable□Notapplicable

ThenetcashflowsgeneratedbytheCompany'soperatingactivitiesduringthereportingperiodwere-1,423,998,174.52,whichwassignificantlydifferentfromthenetprofitof-1,287,143,724.11duringthereportingperiod.Themainreasonsarethatthelandvalueincrementtaxaccruedinpreviousyearswaspaid,theprovisionforassetimpairmentwasaccrued,andtheincomefrominvestmentsinjointventureswasrecognizedduringthereportingperiod.V.Analysisofnon-primarybusiness

?Applicable□Notapplicable

Unit:RMB

VI.Analysisofassetsandliabilities

1.Majorchangesinassetcomposition

Unit:RMB

Highproportionofoverseasassets

□Applicable?Notapplicable

2.Assetsandliabilitiesmeasuredatfairvalue

?Applicable□Notapplicable

Unit:RMB

OtherchangesOtherchangesareaffectedbychangesinexchangerates.WhetherthereweresignificantchangesinthemeasurementattributesoftheCompany'smajorassetsduringthereportingperiod

□Yes?No

3.Restrictionsonassetrightsasoftheendofthereportingperiod

[Note1]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB2,950,000.00wasthebankguaranteedepositofthesubsidiaryShenzhenShenfubaoPropertyDevelopmentCo.,Ltd.[Note2]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB3,000,000.00wasfrozenbythecourtduetopre-litigationpreservationforcontractdisputesofthesubsidiaryShenzhenFacilityManagementCommunityCo.,Ltd.[Note3]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB117,500.00wasthebankguaranteedepositofthesubsidiaryShenzhenFacilityManagementCommunityCo.,Ltd.[Note4]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB1,000.00wasthePOSmachinedepositofthesubsidiaryShenzhenShenfubaoPropertyDevelopmentCo.,Ltd.JiangxiBranch.[Note5]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB203,171.00wasfrozenbythecourtduetopre-litigationpreservationforcontractdisputesofthesubsidiaryShenzhenHuangchengRealEstateCo.,Ltd.

[Note6]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,thereareRMB57,490,835.33oftimedepositspurchasedattheendoftheperiodandtheirinterest.[Note7]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB50,349.36wasthecollectionbusinessguaranteeofthesubsidiaryShenzhenJiayuanPropertyManagementCo.,Ltd.[Note8]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB284,323.30wasthefrozenentrustedpaymentofthesubsidiaryYangzhouWohuiRealEstateCo.,Ltd.[Note9]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB484,000.00wasfrozenbythecourtduetopre-litigationpreservationforcontractualdisputesofthesubsidiaryChongqingShenguomaoRealEstateManagementCo.,Ltd.[Note10]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB1,600,000.00wasthebankguaranteedepositofthesubsidiaryShenzhenShenshanSpecialCooperationZoneITCPropertyDevelopmentCo.,Ltd.[Note11]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,thereisRMB1,135,580.83whichistheloanguaranteehistoricallyprovidedbytheCompanyasarealestatedeveloperandpaidforthebuyersofcommercialhousingaccordingtotherealestateoperationpractice.[Note12]:Duetotheneedsofdailyoperatingactivities,theCompanyappliedforaloanfromIndustrialBankShenzhenBranch,andmortgagedthelanduserightoftheLakeCityProjectplotitheld.[Note13]:Duetotheneedsofdailyoperatingactivities,theCompanyappliedforaloanfromAgriculturalBankofChinaYangzhouBranch,andmortgagedthelanduserightofPlotDofShenyangDigitalIntelligentCityProjectandtheconstructioninprogressofPlotD.VII.Analysisofinvestmentstatus

1.Overallsituation

□Applicable?Notapplicable

2.Majorequityinvestmentsacquiredduringthereportingperiod

□Applicable?Notapplicable

3.Majornon-equityinvestmentsinprogressduringthereportingperiod

□Applicable?Notapplicable

4.Investmentinthefinancialassets

(1)Securitiesinvestment?Applicable□Notapplicable

Unit:RMB

(2)Derivativeinvestment

□Applicable?NotapplicableTheCompanyhadnoderivativeinvestmentduringthereportingperiod.

5.Useoffundsraised

□Applicable?NotapplicableTheCompanyhadnouseoffundsraisedduringthereportingperiod.

VIII.Salesofmajorassetsandequities

1.Salesofmajorassets

□Applicable?NotapplicableTheCompanydidnotsellmajorassetsduringthereportingperiod.

2.Saleofmajorequity

□Applicable?NotapplicableIX.Analysisofmajorholdingandparticipatingcompanies

?Applicable□NotapplicableMajorsubsidiariesandparticipatingcompanieswithanimpactof10%ormoreontheCompany'snetprofit

Unit:RMB

Informationonacquisitionanddisposalofsubsidiariesduringthereportingperiod

□Applicable?NotapplicableNotestomainholdingandparticipatingcompanies

X.StructuredentitiescontrolledbytheCompany

□Applicable?Notapplicable

XI.ProspectsforthefuturedevelopmentoftheCompany

(I)IndustrypatternandtrendSee"I.IndustrysituationoftheCompanyduringthereportingperiod"inSectionIII"ManagementDiscussionandAnalysis"ofthisreport.(II)DevelopmentstrategyoftheCompanyWiththeoveralldownwardtrendofthedevelopmentofthetraditionalrealestatemarket,SZPRD,whichismainlyengagedintraditionalrealestate,isfacingasevereindustrysituation.Inthiscontext,theCompanyproposedthe"12345"overalldevelopmentideaof"1vision+2majorsectors+3drivers+4majorbusinesses+5value-addedservices".Focusingonthetwocoremodesof"spaceassetmanagement"and"spacedigitalecologicaloperation",through"mainbusinessextensionandedgebreakthrough",theCompanyfocusesonthedevelopmentoffourmajorbusinesses,namely,industrial-cityspacedevelopment,industrialecologicaloperation,propertymanagementserviceandmainbusinessecologicalinvestment,andquicklylaysoutandgraftsfivevalue-addedservices,namely,high-endconsultingservices,customizedbutlerservices,intelligentoperationplatforms,dataminingandutilization,andbusinessecosystemintegration.Withscientificandtechnologicalinnovationasthefirstdrivingforce,theCompanygivesfullplaytotheleverageroleofcapital,buildsaportal-typeintelligentmanagementandcontrolserviceplatform,basedinShenzhen,withtheGuangdong,HongKongandMacaometropolitanareaandsurroundingareasastheexpansionarea,buildsthefunctionofintelligentsocialbasepoint,andcreatesaleadingintelligentindustrial-cityspaceoperatorinChina.Inthefuture,theCompanywillbaseonthecurrentdevelopmentsituation,grasptherhythmofdevelopmentsteps,andfollowthethree-stepimplementationpathof"strengtheningthefoundation,makingbreakthroughsattheedge,andfocusingonleading",seektransformationandupgradingopportunitiesindevelopment,promoteincrementaldevelopmentintransformation,buildnewuniquedevelopmentadvantagesoftheCompany,andcreateanewpatternofinnovationanddevelopmentoftheCompany.(Ⅲ)Businessplanfor2025In2025,theGroupwillcontinuetofocusonthefouraspectsof"stabilizingflow,controllingcost,expandingcapacityand

strengtheningfoundation",promotetheoverallstabilityofproductionandoperationwithpositiveresults,resolutelyovercomeanumberofdifficultiesaffectingthepromotionofmajorprojects,andguidethedevelopmentoftheGroupintothebenigntrackofsimultaneousandcompetitivedevelopmentofvarioussectorsandprojects;Continuetobeavanguardinthereformanddevelopmentofenterprises,fullycompletetheannualtasksandobjectives,andmakenewcontributionstotherealizationofhigh-qualityandsustainabledevelopmentoftheGroupandthevisionofbuildingChina'sleadingintelligentindustrial-cityspaceoperator.First,basedontheexistingresourceendowmentandbusinesslevel,createconditionstostrivetocompletetheannualmainindicatorsaccordingtotheplannednumber.Achievetheannualoperatingrevenue,totalprofitandotherbudgetgoals,andpromotethemarketingofkeyprojectsandthedevelopmentofstockprojectsinanorderlymanner.Thesecondistoovercomedifficultiesandstrengthennodemanagement.Implementresponsibilities,improvethedrivingability,managementandcontrolabilityandoperationefficiencyoftheproject,andensurethattheworkofeachprojectisimplementedinstrictaccordancewiththenodeplanandthequalityandquantityareguaranteed.Third,continuetostrengthentheindependentoperationcapacitybuildingofsecondaryplatformcompanies,platformfunctionconstructionandroleplay,andstrengthenthedevelopmentpatternofthemainrealestateindustry.Establishastandardizedmodelforthewholeprocessofrealestateprojectdevelopment.Continuouslyimprovetheprojectdevelopmentmanagementsystem,strivetomakeupfortheshortcomingsandcooperatewitheachbusinesslinesuchasprojectdesign,engineering,biddingandmarketingoftheGroup,comprehensivelybenchmarkprojectsintheindustrytoimprovethemanagementlevel,buildasetofefficientstandardizationmodeforthewholeprocessofrealestateprojectdevelopment,andensuretheefficientandstableoperationofthewholelifecycleoftheproject.Fourth,adheretotheoverallleadershipofthepartyandpromotethedevelopmentofthegroup'spartybuildingbrandinanewstage.Continuetostrengthentheconstructionofgrass-rootspartyorganizationsandpartymembers,givefullplaytotheparty'spoliticalleadingroletohelpbusinessdevelopment,andselectopportunitiestocarryoutcharacteristicthemepartybuildingandcorporateculturepublicityandcreationactivities;Financialmanagementaimstoimprovetheefficiencyandbenefitofresourceuse,optimizeresourceallocation,strictlycontrolandassessbudgets,strengthenbusinessandfinancialintegration,financialanalysis,taxmanagement,etc.,andraisefinancingthroughmultiplechannels;Improvetheconstructionofthetrainingsystem,buildanefficientcadreselectionmechanism,deepentheapplicationoftheHRsystem,optimizethesalarymanagementplan,andstrengthensalarycontrolmeasures.Fifth,thereisconstantvigilanceregardingworkplacesafety,petitionhandling,andstabilitymaintenance.Improvethesystem,implementthequarterlyassessmentofworksafetyandareasonablerewardandpunishmentsystem,deepentheconstructionofworksafetystandardizationand"dualpreventionmechanism",strengthennormalworksafetyinspection,regularlysortouthiddenrisks,implementlistmanagementofkeyareasandimportantlinksofriskpointsandstrictlyimplementrectificationtoensurethatnoworksafetyaccidentsoccurthroughouttheyear;StrengthenthecoordinationandlinkagebetweentheletterandvisitworkandthekeyoperationworkoftheGroup,deepenthecase-basedlearningandcase-basedgovernanceimprovement,andgivefullplaytotheroleoftheletterandvisitworkinsupporting,guaranteeingandboostingoperation.

(4)Possiblerisks

1.MarketriskUnderthepolicyguidanceof"nospeculationinhousing",thedemandsideoftherealestatemarketisstillinadownwardchannel.Thedevelopmentspaceoftherealestateindustryisconstantlybeingcompressed,andtheindustryprofitisgreatlyreduced.Ithas

changedfromthepreviouslanddividendtotheeraofaskingfordividendsfrommanagement,especiallyforthecostdesign,engineeringandotherbusinesscapabilities,whichhasbroughtunprecedentedchallenges.Thepromotionconditionsofurbanrenewalprojectarecomplexandfullofresistance,andtheCompany'sbusinessdevelopmentisfacingopportunitiesandchallenges.Inthefaceofthegrimsituation,theCompanydeeplystudiedtheopportunitiesandchallengesbroughtbymacroeconomictrendsandpolicytrends,activelysoughtthedirectionofstrategicbreakthrough,adheredtosteadyoperation,raisedfundsthroughmultiplechannels,focusedonimprovingmanagementlevel,seizedlandmarketopportunities,basedinShenzhen,andfocusedonimprovingitssustainabledevelopmentabilitywithGuangdong-HongKong-Macaometropolitanareaandsurroundingareasasitsexpansionarea.

2.LandreserveriskTheCompany'slackoflandreservesandinsufficientdevelopmentpotentialstillexist.Inrecentyears,thesupplyofresidentiallandintheShenzhenmarketisstilltight,whilelargehousingenterpriseshaveexpandedtheirmarketshare,acceleratedthepaceofindustrymergers,andtherealestateindustryhasconcentratedtothehead,whichhasexacerbatedtheconcentrationoflandreservescale.Theexternalenvironmentandindustrysituationarecomplexandsevere,theincrementalmarketsizeisfurthercompressed,andthemarketcompetitionisintensifying.Inthefaceofchallenges,theCompanywillcontinuetoexpandthroughmarketcompetition,capitaloperationandurbanrenewal,activelyincreasetheexpansionoflandreserves,andpromotetheimplementationofprojectsassoonaspossible.Intermsofpropertytypes,residentialprojectswillfocusontheGuangdong-HongKong-MacaoGreaterBayArea,theYangtzeRiverDeltametropolitanareaandexistingprojectareas,andgraduallyfocusonandlayoutkeycitiesinthecentralurbanagglomerationcenteredonWuhan,thewesternChengyuregionandtheBeijing-Tianjin-Hebeiregion;TheurbanrenewalprojectwillbemainlyinShenzhen,DongguanandHuizhouandotherShenzhen-adjacentareas,andgraduallyfollowtheGuangzhouurbanrenewalproject;Thecomprehensiveindustry-cityprojectswillfocusontheGuangdong-HongKong-MacaoGreaterBayArea,theYangtzeRiverDelta,thecentralWuhanregionandthewesternChengyuregion.

3.FinancingriskInrecentyears,theCompanyhasactivelyincreaseditslandreserveandaccelerateditsbusinessdevelopment.Inthisprocess,itneedstoinvestalargeamountoffundsforlandacquisitionandprojectdevelopment.Inadditiontoitsownfunds,theCompany'sprojectdevelopmentfundsalsoneedtobefinancedexternallythroughbankborrowingsandissuanceofsecurities.Atpresent,theCompanyhasastablefinancialpositionandgoodcreditstatus.Inthefuture,itwillfurtherstrictlycontrolfinancialrisks,activelyexplorevariousfinancingchannels,andraisefundsforprojectdevelopmentandconstruction.Theabovebusinessplansandbusinessobjectivesdonotrepresentthelistedcompany'sprofitforecastfor2025.Whethertheycanberealizeddependsonvariousfactorssuchaschangesinmarketconditionsandtheeffortsofthebusinessteam,andtherearegreatuncertainties.Investorsshouldpayspecialattentiontothem.

XII.Reception,survey,communication,interviewandotheractivitiesduringthereportingperiod?Applicable□Notapplicable

XIII.FormulationandimplementationofmarketvaluemanagementsystemandvaluationimprovementplanWhethertheCompanyhasformulatedamarketvaluemanagementsystem.

□Yes?NoWhethertheCompanyhasdisclosedplansforvaluationenhancement.

□Yes?No

XIV.Implementationoftheactionplanof"doubleimprovementofqualityreturn".

WhethertheCompanyhasdisclosedtheannouncementoftheactionplanof"doubleimprovementofqualityreturn".

□Yes?No

SectionIVCorporateGovernanceI.Basicstatus

TheinternalgovernancestructureoftheCompanyiscomplete,soundandclear,andcomplieswiththeprovisionsoftheCompanyLaw,theArticlesofAssociationandotherlaws,regulationsandnormativedocuments.Theshareholders'meeting,theBoardandtheBoardofSupervisorsoftheCompanywereheldinstrictaccordancewiththerelevantrulesandregulations,andalldirectorsandsupervisorscouldconscientiouslyperformtheirdutiesandbediligentandresponsible.ThelegalpersongovernancestructureoftheCompanyisperfect,andtheoperationoftheCompanyisstandardized.ThedepartmentalorganizationoftheCompanyfollowstheprinciplesofscience,simplificationandhighefficiency.Atpresent,thereareParty-MassAffairsOffice,theBoardOffice,GeneralOffice(ProcessandInformationCenter,andtheOfficeofLettersandVisits),DisciplineInspectionandSupervisionOffice(AuditDepartment,BoardofSupervisorsOffice),HumanResourcesDepartment(TrainingCenter),FinancialManagementDepartment(SettlementCenter),InvestmentandDevelopmentDepartment,OperationManagementDepartment,DesignManagementDepartment(TechnicalCenter),CostContractDepartment,EngineeringManagementDepartment(SafetyCommitteeOffice),andIndustrialOperationOffice.EachfunctionaldepartmentperformsitsowndutiesandworksinstrictaccordancewiththeinternalcontrolsystemtoensurethenormalandefficientoperationoftheCompany.TheCompanyhasalwaysattachedgreatimportancetostandardizingthemanagementofinsiderinformation,andhasformulatedandimprovedaseriesofinternalcontrolsystemsincludingthe"RegulationsontheManagementofInformationDisclosure","AuditCommitteeAnnualReportWorkRegulations","AnnualReportInformationDisclosureMajorErrorAccountabilitySystem","AnnualReportWorkSystem","InsiderInformationManagementSystem","InvestorRelationsManagementSystem",etc.,toensurethattheCompany'sinformationdisclosureistrue,accurateandcomplete.Duringthereportingperiod,theCompanystrictlycompliedwithsecuritiesregulatoryrequirementsinconductinginformationdisclosureandorganizingcorporategovernancemeetings.Alldisclosuresweremadeinatimely,accurateandcompletemanner,withnoviolationsoftheinternalcontrolsystemsrelatedtoinformationdisclosureoccurring.Whetherthereisanysignificantdifferencebetweentheactualstatusofcorporategovernanceandthelaws,administrativeregulationsandtheprovisionsissuedbytheChinaSecuritiesRegulatoryCommissiononthegovernanceoflistedcompanies

□Yes?NoTherearenosignificantdifferencesbetweentheactualstatusofcorporategovernanceandthelaws,administrativeregulationsandtheprovisionsissuedbytheChinaSecuritiesRegulatoryCommissiononthegovernanceoflistedcompaniesII.TheindependenceoftheCompanyfromthecontrollingshareholderandactualownerintermsofassets,personnel,finance,organizationandbusinessTheCompanyandthecontrollingshareholderarecompletelyseparatedintermsofbusiness,personnel,assets,institutionsandfinance,andachievepersonnelindependence,financialindependence,assetintegrity,institutionalindependenceandbusinessseparation.Intermsofbusiness,theCompany'sbusinessisindependentofthecontrollingshareholder,withindependentandcompletebusinessandindependentoperationability;intermsofpersonnel,theCompanyiscompletelyindependentfromthecontrollingshareholderintermsoflaborandpersonnel,andsalarymanagement.TheCompany'spersonnelareindependent,andallemployeeshavesignedlaborcontractswiththeCompany.TheCompanyisindependentfromshareholdersorotherrelatedpartiesintermsofemployeemanagement,socialsecurity,andsalaryremuneration;intermsofassets,theCompany'sassetsarecomplete,independent,andthepropertyrightsareclear.Thereisnosituationthattheassetsandfundsareoccupiedbythecontrollingshareholder,andtheCompany'sassetsarecompletelyindependentofthecontrollingshareholder;intermsof

organization,theCompanyhasanindependentorganization,andhasformulatedrulesandregulationsandresponsibilitiesforeachdepartment,formingascientificandreasonableinternalcontrolsystemwithclearresponsibilitiesandpowers;intermsoffinance,theCompanyisfinanciallyindependent,withanindependentfinancialdepartment,financialaccountingsystem,financialmanagementsystemandindependentfinancialaccounts,independenttaxpaymentandindependentfinancialdecision-making.ThecontrollingshareholderoftheCompanyshallabidebythecodeofconduct,andshallnotdirectlyorindirectlyinterveneintheCompany'sbusinessdecisions,operatingactivitiesoruseoffundsbeyondtheCompany'sgeneralmeeting,butthecontrollingshareholdermayhaveacertainimpactontheCompany'smajordecisionsthroughthesharesheld.

III.Horizontalcompetitions

?Applicable□Notapplicable

Notes:1AccordingtotheoveralldeploymentoftheShenzhenMunicipalGovernmentontheadjustmentofthestate-ownedassetsmanagementsystem,theShenzhenState-ownedAssetsManagementCommissiondecidedtoestablishShenzhenInvestmentHoldingsbymerger,mergingShenzhenConstructionInvestmentHoldings,ShenzhenInvestmentManagementCompanyandShenzhenCommerceandTradeInvestmentHoldings.Asaresult,ShenzhenInvestmentHoldingshaslawfullyinheritedthe

63.82%equitystakeinthelistedcompanySZPRDthatwaspreviouslyheldbyShenzhenConstructionInvestmentHoldingCorporationandShenzhenInvestmentManagementCorporation.OnOctober19,2018,ShenzhenInvestmentHoldingsobtainedtheConfirmationofSecuritiesTransferRegistrationfortheequityofShenzhenProperty,andcompletedthetransferoftheequityofShenzhenProperty.ShenzhenInvestmentHoldings'wholly-ownedsubsidiaries,ShenzhenUrbanConstructionDevelopment(Group)Co.,Ltd.(hereinafterreferredtoas"ShenzhenUrbanConstruction"),ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.(hereinafterreferredtoas"ShenzhenRealEstate")andShenzhenProperty,alloperaterealestatedevelopmentandcommercialhousingsalesbusinesses,andbelongtothesameindustry,andthereishorizontalcompetition.

2.Toavoidhorizontalcompetitions,ShenzhenInvestmentHoldingsmakesthefollowingcommitments:1.RegardingthesolutionstohorizontalcompetitionsatShenzhenUrbanConstruction:Whileactingasthecontrollingshareholderofthelistedcompany—andduringtheperiodwhentheCompanyislistedontheShenzhenStockExchange—ShenzhenInvestmentHoldingswilladdressShenzhenUrbanConstruction'sexistingbusinessesthatcompetewiththelistedcompany.Withinthescopepermittedbylawsandregulations,ShenzhenInvestmentHoldingswill,within12monthsfromthedatewhenShenSZPRD'sequityistransferredunderitsname,initiateapracticallyfeasiblesolutionfromthecompetitionresolutionoptionsbelowandwillcompleteitsimplementationwithin3yearsfromthatdate,therebyresolvingtheexistinghorizontalcompetitionissues:(1)ShenzhenUrbanConstructionwillsignanassetcustodyagreementwiththelistedcompany,entrustinganyassetsthatdirectlycompetewiththelistedcompanytothatcompany,determiningafaircustodyfee,andtakingeffectivemeasuresduringthecommitmentperiodtoresolvehorizontalcompetitions.(2)Injectingassetsindirectcompetitionwiththelistedcompanyintothelistedcompany;(3)Transferringassetsindirectcompetitionwiththelistedcompanytoanunrelatedthirdparty;(4)Othermeasuresthatcaneffectivelysolvetheproblemofhorizontalcompetitionandareconducivetoprotectingtheinterestsoflistedcompaniesandthelegitimate

rightsandinterestsofothershareholders.Beforesolvingtheexistinghorizontalcompetition,intheprocessofbusinessofthelistedcompanyandthecompanies,enterprisesandeconomicorganizationscontrolledoractuallycontrolledbyShenzhenInvestmentHoldings(excludingtheenterprisescontrolledbythelistedcompanies,hereinaftercollectivelyreferredtoas"Subsidiaries"),ShenzhenInvestmentHoldingsshallmaintainaneutralpositionasthecontrollingshareholdertoensurethatthelistedcompaniesandallsubsidiariescanparticipateinmarketcompetitioninaccordancewiththeprincipleoffaircompetitionwhentherearecircumstancesinvolvingdisputeresolutionandothersituationsthathaveasignificantimpactonthebusiness.2.SolutionstohorizontalcompetitionofShenzhenSpecialEconomicZoneRealEstate&Properties:ShenzhenSpecialEconomicZoneRealEstate&PropertieswassuspendedsinceSeptember14,2016duetotheplanningofmajorassetrestructuring.AccordingtotheVerificationOpinionsontheExtensionofResumptionofTradingofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.MajorAssetsRestructuringissuedbyCITICSecuritiesCo.,Ltd.andHuataiUnitedSecuritiesCo.,Ltd.respectivelyonNovember26,2016,therestructuringplanisthatShenzhenSpecialEconomicZoneRealEstate&Propertiesintendstopurchase100%equityofEvergrandeRealEstateGroupCo.,Ltd.byissuingAsharesand/orpayingcash(hereinafterreferredtoas"ShenzhenSpecialEconomicZoneRealEstate&PropertiesRestructuring").AfterthecompletionofShenzhenSpecialEconomicZoneRealEstate&PropertiesRestructuring,GuangzhouKailongRealEstateCo.,Ltd.willbecomethecontrollingshareholderofShenzhenSpecialEconomicZoneRealEstate&Properties.IftherestructuringofShenzhenSpecialEconomicZoneRealEstate&Propertiesiscompletedsuccessfully,ShenzhenInvestmentHoldingswilllosetherightofcontrolofShenzhenSpecialEconomicZoneRealEstate&Properties,andthehorizontalcompetitionissuebetweenShenzhenSpecialEconomicZoneRealEstate&PropertiesandSZPRDwillberesolved.IfthecurrentrestructuringofShenzhenSpecialEconomicZoneRealEstate&Propertiesisterminatedforanyreason,thenforShenzhenSpecialEconomicZoneRealEstate&Properties'businessesthatcompetewiththelistedcompany,ShenzhenInvestmentHoldingswill,withinthescopepermittedbylawsandregulations,initiateareasonablesolutiontoresolvehorizontalcompetitionswithin12monthsfromthedatetherestructuringisterminatedandtradingresumes(takingintoaccountactualconditionsatthattime)andwillfulfillitsdisclosureobligationsinatimelymanner.ShenzhenInvestmentHoldingswillcompleteimplementationofthisplanwithin3yearsfromthedatetherestructuringisterminatedandtradingresumes,therebyresolvinganycompetitionissuesbetweenSZPRDandShenzhenSpecialEconomicZoneRealEstate&Properties.3.Othercommitmentstoavoidhorizontalcompetition:duringtheperiodwhenitisthecontrollingshareholderofalistedcompanyandthelistedcompanyislistedontheShenzhenStockExchange,otherAffiliatedCompaniesofShenzhenInvestmentHoldingswillnotengageinrelatedbusinesswithdirecthorizontalcompetitionrelationshipwiththelistedcompanyinnewbusinessareasotherthanthebusinessareaswithhorizontalcompetitionrelationshipthathavealreadyoccurred.ShenzhenInvestmentHoldingsundertakesnottoseekimproperbenefitsasthecontrollingshareholderofthelistedcompany,thusharmingtherightsandinterestsofthelistedcompanyanditsshareholders.Incaseofanyviolationoftheabovecommitments,ShenzhenInvestmentHoldingswillbearcorrespondinglegalliabilities,includingbutnotlimitedtotheliabilityforcompensationforalllossescausedtothelistedcompany.3Sincemakingtherelevantcommitments,ShenzhenInvestmentHoldingshasbeenactivelycommittedtofulfillingitscommitments.Duringthecommitmentperiod,ShenzhenInvestmentHoldingsdidnotseekimproperbenefitsasthecontrollingshareholderofSZPRD,whichdamagedtherightsandinterestsofSZPRDanditsshareholders.Duringthecommitmentperiod,ShenzhenInvestmentHoldingsactivelysortedouttherelevantassetsandbusinessofShenzhenUrbanConstruction,andwascommittedtoformulatingafeasiblesolutiontothehorizontalcompetitionwithSZPRDassoonaspossible.ShenzhenInvestmentHoldingsalsoactivelypromotedtherestructuringofShenzhenSpecialEconomicZoneRealEstate&Properties.However,

consideringtheobjectivecircumstances,ShenzhenInvestmentHoldingshasnotbeenabletofulfillitsoriginalcommitmenttoavoidhorizontalcompetitions.ShenzhenInvestmentHoldingshasreissuedtheLetteronChangingtheCommitmentsonAvoidingHorizontalCompetitiononSeptember26,2024,andthechangeofthecommitmenthasbeenapprovedbytheCompany'sSecondExtraordinaryGeneralMeetingofShareholdersof2024heldonOctober18,2024.Fordetails,pleaserefertotheAnnouncementontheResolutionoftheSecondExtraordinaryGeneralMeetingin2024(AnnouncementNo.:2024-47)disclosedbytheCompanyonCninfoonOctober19,2024.

IV.Annualgeneralmeetingandextraordinarygeneralmeetingheldduringthereportingperiod

1.Generalmeetingsduringthereportingperiod

2.Thepreferredshareholderswhosevotingrightshavebeenrestoredrequestedtoconveneanextraordinarygeneralmeeting.

□Applicable?NotapplicableV.Directors,supervisorsandseniorofficers

1.Basicinformation

Notes:1The10thBoardofDirectorsandBoardofSupervisorsoftheCompanyexpiredonSeptember26,2024.InviewofthefactthatthenewBoardofDirectorsandBoardofSupervisorsarestillunderactivepreparation,inordertoensurethecontinuityandstabilityoftheworkoftheBoardandtheBoardofSupervisors,there-electionoftheBoardofDirectorsandtheBoardofSupervisorswillbepostponed,andthetermofofficeofthespecialcommitteesandseniorofficersoftheBoardofDirectorswillbepostponedaccordingly.Fordetails,pleaserefertotheCompany'sAnnouncementonPostponementonthePostponementoftheRe-electionoftheBoardandtheBoardofSupervisors(No.2024-36)disclosedonCninfo.Whethertherewereanyresignationsofdirectorsandsupervisorsordismissalsofseniorofficersduringthereportingperiod?Yes□NoDuetoMr.MeiYonghong'sconsecutiveserviceasanindependentdirectoroftheCompanyfor6years,heappliedforresignationfromthepostofindependentdirectorandtherelevantspecialcommitteesoftheBoardofDirectorsinaccordancewiththeAdministrativeMeasuresforListedCompanyIndependentDirectorsoftheChinaSecuritiesRegulatoryCommissionandotherlawsandregulationsandtheprovisionsoftheArticlesofAssociationonthetermofofficeofindependentdirectors(seetheCompanyAnnouncementNo.2024-35fordetails).Changesindirectors,supervisorsandseniorofficersoftheCompany?Applicable□Notapplicable

2.Officeholding

Professionalbackground,mainworkexperienceandcurrentmainresponsibilitiesofthecurrentdirectors,supervisorsandseniorofficersoftheCompanyMembersoftheBoard:

Mr.WangHangjunwasborninNovember1966.HeisamemberoftheCommunistPartyofChina,hasapostgraduatedegree,amaster'sdegreeineconomics,andisaseniorauditor.Mr.WangHangjunonceservedastheDeputyChiefofAuditBureauofNanshanDistrict,Shenzhen;DeputyDirectorandDirectorofAuditDepartmentofShenzhenInvestmentManagementCompany;DeputyDirectorandDirectorofSupervisionDepartmentofShenzhenInvestmentManagementCompany;DirectoroftheAuditandSupervisionDepartmentofShenzhenInvestmentHoldingsCo.,Ltd.;HejoinedtheCompanyasDeputyGeneralManagerinOctober2007andiscurrentlytheCompany'sDirector,DeputySecretaryofthePartyCommitteeandGeneralManager.Mr.ZhangZhiminwasborninOctober1977.HeisamemberoftheCommunistPartyofChinaandholdsamaster'sdegree.Mr.ZhangZhiminjoinedtheState-ownedAssetsSupervisionandAdministrationCommissionofthePeople'sGovernmentofShenzhenMunicipalityin2016,andhasservedastheoffice(letterandvisitroom)director,theoffice(partycommittee)director,theoffice(partycommittee)deputyresearcher,theofficelevel4investigator,andtheoffice(partycommittee)level3investigator.HehasbeenservingastheDeputySecretaryofthePartyCommitteeoftheCompanysinceMay2022,andastheDirector,DeputySecretaryofthePartyCommitteeandChairmanoftheLaborUnionoftheCompanysinceJune2022.Mr.WangGewasborninOctober1971.HeisamemberoftheCommunistPartyofChina,aseniorengineer,andhasabachelor'sdegreeinengineering.Mr.WangGehasbeenengagedinenterprisemanagementformanyyears.HehasservedasdeputydirectoranddirectoroftheEngineeringDepartmentofShenzhenJian'an(Group)Co.,Ltd.,managerofJian'anGroupConstructionandMunicipalCompany,deputysecretaryofthebranch,deputygeneralmanagerofJian'anGroup,director,deputysecretaryofthePartyCommittee,generalmanager,etc.SinceMarch2017,hehasbeenthechiefengineerofShenzhenInvestmentHoldingsCo.,Ltd.Mr.XieChangwasborninNovember1971.HeisamemberoftheCommunistPartyofChina,abachelorofengineering,aseniorengineer,aneconomist,andapartyaffairsspecialist.Mr.XieChangservedastheMinisteroftheParty-MassesWorkDepartment,theCommissionforDisciplineInspectionandtheMinisteroftheAssetManagementDepartmentofShenzhenJian'an(Group)Co.,Ltd.;DeputyGeneralManagerofShenzhenSaibainuoGeneTechnologyCo.,Ltd.;DirectoroftheOperationManagementDepartment,DirectoroftheOfficeandSecretaryoftheBoardofDirectorsofShenzhenForeignLaborServiceCo.,Ltd.;DirectoroftheOfficeofShenzhenTalentExchangeServiceCenterCo.,Ltd.SinceSeptember2017,hehasservedastheMinisteroftheGeneralManagementDepartmentofShenzhenInvestmentHoldingsCo.,Ltd.andsinceApril2020,hehasservedasthedirectoroftheCompany.Mr.LiDonghuiwasborninJune1972,holdsabachelor'sdegreeinAuditingfromtheSchoolofEconomicsofWuhanUniversityandadoctoratedegreeinFinanceandBankingfromtheSchoolofBusinessoftheUniversityofNewSouthWales,Australia.HeonceservedasacivilservantoftheFinancialDepartmentoftheNationalAuditOfficeofthePeople'sRepublicofChina,ExecutiveDeanoftheSchoolofManagementofJinanUniversity,andcurrentlyservesasadistinguishedprofessoroffinance,doctoralsupervisor,andiscurrentlydirectoroftheprofessorcommitteeoftheSchoolofEconomicsofShenzhenUniversity.HehaspublishedarticlesintopinternationaljournalsandChina'snationalkeyauthoritativeacademicjournals.Hehasbeennamedahigh-leveloverseas"PeacockPlan"talentinShenzhen,anexpertoftheSeniorTitleEvaluationCommitteeofFinanceBureauofShenzhenMunicipality,anexpertofShenzhenPressGroupShenzhenCommunicationThinkTank,andarevieweroftheNationalNaturalScienceFoundationofChina.

Ms.HuCaimeiwasbornin1982.SheholdsaPhDinManagement,isapostdoctoralfellowinEconomics,aseniorresearcheratthefull-professorlevel,andareserve-leveltalentinShenzhen.SheiscurrentlythedirectoroftheInstituteofFinancialDevelopmentandState-ownedAssetsandEnterprisesofChinaDevelopmentInstitute.Shehaslongbeenengagedinpolicyresearchandconsultinginthefieldsoflocalfinanceandstate-ownedassetsandenterprises,andhasrichexperienceinconsultingonthereformanddevelopmentofstate-ownedassetsandstate-ownedenterprises.Shehaspresidedoverandparticipatedinanumberofnational,provincialandministerialscientificresearchprojects,aswellasmorethan50consultingprojects,andherresearchresultshavebeenadoptedbygovernmentdepartmentsandrewardedwithscientificresearchawardsformanytimes.Mr.SongShaohuawasborninMarch1963.HeholdsaBachelorofLawsandaBachelorofEconomicsfromWuhanUniversity,andaDoctorofEconomicsfromtheGraduateSchooloftheChineseAcademyofSocialSciences.From2006to2007,heservedasadirectorofShenzhenHuafuElectronicsCo.,Ltd.From2007to2012,heservedasadirectoranddeputygeneralmanagerofHongKongPolydaInternationalCo.,Ltd.From2014to2016,heservedasadirectorandgeneralmanagerofShenzhenLonghaoNanfangInvestmentManagementCo.,Ltd.From2016to2018,heservedasadirectoranddeputygeneralmanagerofHongKongPolydaInternationalCo.,Ltd.FromAugust2016tonow,hehasservedastheexecutivedirectorofShenzhenLaochaInvestmentCo.,Ltd.FromNovember2023tonow,hehasservedasanindependentdirectorofShenzhenJiejiaweiInnovationEnergyEquipmentCo.,Ltd.MembersoftheBoardofSupervisors:

Mr.MaHongtaowasborninOctober1968.Heholdsamaster'sdegreeandisamemberoftheCommunistPartyofChina.From1991to2000,heservedastheChiefofCashier,AuditandCreditSectionandDeputyDirectorofOfficeofTaiyuanBranchofBankofChina;from2000to2004,heservedasthebranchmanageranddepartmentgeneralmanagerofTaiyuanBranchofMinshengBank;from2004to2016,heservedasthebusinesssupervisorandgeneralmanagerofthedivisionoftheHeadOfficeofMinshengBank;from2016to2019,hepursuedfurtherstudiesandvolunteeredasateacherinmountainousareasfrom2019to2020,heservedastheDeputyGeneralManagerandCapitalDirectoroftheFinanceDepartmentofClouElectronicsCo.,Ltd.;From2020to2022,heservedastheGeneralManageroftheOfficeofVanhoSecuritiesCo.,Ltd.;HehasservedasChairmanoftheBoardofSupervisorsoftheCompanysinceJuly2022.Mr.ZhangManhua,borninFebruary1975,isamaster’sdegreeholderandamemberoftheCommunistPartyofChina.From1992to2004,hestudiedandworkedatCentralSouthUniversity.from2004to2013,heservedasSeniorManagerofInvestmentandDevelopmentCenterofKonkaGroupCo.,Ltd.,SecretaryoftheBoardofDirectorsofShenzhenJulongOptoelectronicsCo.,Ltd.,andMinisterofInvestmentDepartmentofShenzhenChaoTechnologyInvestmentCo.,Ltd.;From2013to2018,heservedasDeputyDirectoroftheStrategyDevelopmentDepartmentofShenzhenInvestmentHoldingsCo.,Ltd.Since2018,hehasservedasDirectoroftheLegalandRiskManagementDepartmentofShenzhenInvestmentHoldingsCo.,Ltd.Mr.LiQinghua,borninApril1982,holdsabachelor'sdegree.From2003to2013,heservedastheProjectAssistant,ProjectManagerandSeniorManagerofShenzhenDezhengxinInternationalAssetsAppraisalCo.,Ltd.;from2013to2017,heservedasSeniorSupervisoroftheEquityManagementandLegalAffairsDepartmentatShenzhenInvestmentHoldingsCo.,Ltd.Since2017,hehasservedasDeputyDirectoroftheAuditDepartment.Ms.WangQiupingwasborninJanuary1970.Shehasabachelor'sdegree,isamemberoftheCommunistPartyofChina,andisasenioreconomist.From1992to2015,shewasengagedinmanagementworkintheCompany'sgeneralmanager'soffice,financedepartment,operationmanagementdepartmentanddevelopmentmanagementdepartment.From2015to2018,sheservedasthePartySecretary,DeputyGeneralManagerandChairmanoftheTradeUnionofShenzhenInternationalTradeCenterPropertyManagement.From2018to2020,sheservedasthePartySecretaryandGeneralManagerofShenzhenInternationalTradeCenterPropertyManagement.From2020toAugust2021,sheservedasthePartySecretary,ExecutiveDirectorandGeneralManagerofShenzhenInternationalTradeScienceandTechnologyPark.SheiscurrentlythePartySecretaryandExecutiveDirectorofShenzhenInternationalTradeScienceandTechnologyPark.Ms.GuWeiminwasborninOctober1981.Sheholdsamaster'sdegreeandisamemberoftheCommunistPartyofChina.From2007to2010,sheworkedintheShenzhenbranchofKPMGHuaZhenaccountingfirmasanexternalauditor;Since2011,shehas

beenengagedinauditworkintheAuditDepartment(OfficeoftheBoardofSupervisors)oftheCompany.Currently,sheservesastheDeputySecretaryoftheCommissionforDisciplineInspectionandtheDirectoroftheDisciplinaryInspectionOffice(AuditDepartment,OfficeoftheBoardofSupervisors)oftheCompany.Seniorofficers:

Mr.WangHangjunwasborninNovember1966.HeisamemberoftheCommunistPartyofChina,hasapostgraduatedegree,amaster'sdegreeineconomics,andisaseniorauditor.Mr.WangHangjunonceservedastheDeputyChiefofAuditBureauofNanshanDistrict,Shenzhen;DeputyDirectorandDirectorofAuditDepartmentofShenzhenInvestmentManagementCompany;DeputyDirectorandDirectorofSupervisionDepartmentofShenzhenInvestmentManagementCompany;DirectoroftheAuditandSupervisionDepartmentofShenzhenInvestmentHoldingsCo.,Ltd.;HejoinedtheCompanyasDeputyGeneralManagerinOctober2007andiscurrentlytheCompany'sDirector,DeputySecretaryofthePartyCommitteeandGeneralManager.Mr.ChenHongjiwasborninMay1968.HeisamemberoftheCommunistPartyofChina,hasapostgraduatedegreeandaMasterofPhilosophy.Mr.ChenHongjihasworkedinShenzhenMunicipalGovernmentformanyyears,joinedShenzhenConstructionInvestmentHoldingCompanyinJanuary1998andhassuccessivelyservedasthesectionchiefoftheDevelopmentResearchDepartment,deputydirectoroftheOffice,deputydirectorofthePartyCommitteeOfficeanddirectoroftheSecretaryOfficeoftheBoardofDirectors.HejoinedShenzhenInvestmentHoldingsCo.,Ltd.inOctober2004,andservedasDirectorofthePartyandMassesWorkDepartmentandDirectoroftheOfficeoftheBoard.SinceJuly2012,hehasservedastheDeputyGeneralManagerofShenzhenUrbanConstructionandDevelopment(Group)Co.,Ltd.SinceDecember2020,hehasservedastheCompany'sPartyCommitteememberandDeputyGeneralManager.Ms.CaiLiliwasborninNovember1972.SheisamemberoftheCommunistPartyofChina,hasabachelor'sdegreeandamaster'sdegreeineconomics.ShehasworkedintheStateTaxationAdministrationofShenzhensince1995.ShewasthedeputydirectorofthecollectionandmanagementandscienceandtechnologydevelopmentdepartmentoftheStateTaxationAdministrationofShenzhen,andamemberofthepartygroupanddeputydirectoroftheLocalTaxationBureauofFutianDistrictofShenzhen.Sheiscurrentlyamemberofthepartycommittee,deputygeneralmanagerandChiefFinancialOfficeroftheCompany.Mr.LiPengwasborninMay1976.HeisamemberoftheCommunistPartyofChina,hasabachelor'sdegreeinengineering,andisanintermediateeconomist.SinceJuly1999,hehasbeenworkingintheCompany'soperationalmanagement.HeservedsuccessivelyasDeputyDirectoroftheDevelopmentManagementDepartment,ManageroftheCostControlDepartment,PartyBranchSecretaryandDeputyGeneralManagerofShenzhenHuangchengRealEstateCo.,Ltd.HecurrentlyservesasamemberofthePartyCommitteeandDeputyGeneralManageroftheCompany.Mr.ZhangGejianwasborninSeptember1975.HeisamemberoftheCommunistPartyofChina,hasamaster'sdegree,amaster'sdegreeinbusinessadministration,andisanaccountantandauditor.HewasengagedininternalauditworkintheAuditDepartmentoftheCompanysinceJuly1997;hehasservedasthemanageroftheAuditDepartment,thesupervisor,andthemanageroftheCostControlDepartmentoftheCompany,andiscurrentlyamemberofthePartyCommittee,theDeputyGeneralManager,andtheSecretaryoftheBoardofDirectorsoftheCompany.Ms.NiHuichuanwasborninMay1973.SheisamemberoftheCommunistPartyofChina,hasapostgraduatedegreeandholdsamaster'sdegreeinengineering.Ms.NIHuichuanworkedformanyyearsinShenzhen'sgovernmentdepartments,previouslyservingintheUrbanRenewalSectionoftheSecondDirectManagementBureauundertheShenzhenMunicipalPlanningandLandResourcesCommission,intheUrbanDesignOfficeoftheShenzhenMunicipalPlanningandLandResourcesCommission,andintheLonghuaManagementBureauoftheShenzhenMunicipalPlanningandLandResourcesCommission.FromOctober2017toDecember2022,sheservedasaconsultantofHongKongLuckyHoldingsLimited.ShehasservedastheDeputyGeneralManageroftheCompanysinceOctober2024.Positionsheldinshareholders?Applicable□Notapplicable

.Positionsinotherentities?Applicable□Notapplicable

Penaltiesimposedbysecuritiesregulatorsoncurrentdirectors,supervisorsandseniorofficersaswellasthoseleftthepostinthepastthreeyears

□Applicable?Notapplicable

3.Remunerationofdirectors,supervisorsandseniorofficers

Decision-makingprocedures,determinationbasisandactualpaymentofremunerationfordirectors,supervisorsandseniorofficersDuringthereportingperiod,theBoardofDirectorsandthemanagementoftheCompanysignedthe2024annualbusinesstargetresponsibilityletter,andadoptedtheevaluationmethodofcombiningeconomicindicators,classifiedindicatorsandevaluationindicatorsscores,andaftertheendoftheyear,theBoardofDirectorswillassessit.TheremunerationoftheseniorofficersoftheCompanyshallbeapprovedbytheBoardaftertheannualassessmentinaccordancewiththeMeasuresfortheManagementof

PerformanceAssessmentandRemunerationofSeniorOfficersofShenzhenProperties&ResourcesDevelopment(Group)Ltd.,theLong-termIncentiveandRestrictionPlanofShenzhenProperties&ResourcesDevelopment(Group)Ltd.andotherregulations.Remunerationofdirectors,supervisorsandseniorofficersduringthereportingperiod

Unit:RMB10,000

Notes:1.remuneration:(1)theremunerationintheabovetabledoesnotincludethelong-termincentivebonusdeferredto2024:

thedeferredlong-termincentivebonusreceivedbyLiuShengxiang,WangHangjun,ChenHongji,CaiLili,LiPengandZhangGejianin2024wasRMB265,200,RMB251,900,RMB71,000,RMB192,400,RMB197,300andRMB174,000respectively.(2)Sincetheassessmentin2024hasnotbeencompleted,thedataintheabovetableareestimatedaccordingtorelevantrules,andtheactualamountissuedshallprevail.Othercircumstances

□Applicable?NotapplicableVI.Directors'performanceofdutiesduringthereportingperiod

1.BoardofDirectorsduringthereportingperiod

2.Attendanceofdirectorsattheboardmeetingandthegeneralmeeting

DescriptionofthefailuretoattendtheboardmeetingsinpersonfortwoconsecutivetimesNotapplicable

3.ObjectionsraisedbydirectorstorelevantmattersoftheCompanyWhetherthedirectorshaveraisedanyobjectionstorelevantmattersoftheCompany?

□Yes?NoDuringthereportingperiod,thedirectorsdidnotraiseanyobjectiontotherelevantmattersoftheCompany.

4.Otherdescriptionsofdirectors'performanceofdutiesWhethertherelevantsuggestionsofthedirectorstotheCompanyhavebeenadopted?Yes□NoDirector'sstatementontheadoptionornon-adoptionoftheCompany'srelevantproposalsDuringthereportingperiod,thedirectorsoftheCompanyactivelyattendedthemeetingsoftheBoardofDirectorsandtheShareholders'MeetinginstrictaccordancewiththeArticlesofAssociation,theRulesofProceduresoftheBoardofDirectorsandrelevantlawsandregulations,anddiligentlyanddutifullyputforwardrelevantopinionsontheCompany'smajorgovernanceandbusinessdecisionsaccordingtotheCompany'sactualsituation.Afterfullcommunicationanddiscussion,aconsensuswasreached,andtheimplementationoftheresolutionsoftheBoardofDirectorswasresolutelysupervisedandpromotedtoensurethatthedecisionswerescientific,timelyandefficient,andthelegitimaterightsandinterestsoftheCompanyandallshareholdersweresafeguarded.

VII.InformationonspecialcommitteesundertheBoardduringthereportingperiod

VIII.WorkoftheBoardofSupervisors

WhethertheCompanyhasrisksfoundbytheBoardofSupervisorsduringthesupervisionactivitiesinthereportingperiod

□Yes?NoTheBoardofSupervisorshasnoobjectiontothesupervisionmattersduringthereportingperiod.

IX.EmployeesoftheCompany

1.Number,professionalcompositionandeducationlevelofemployees

sofMr.SONGShaohua,theproposedIndependentDirector,andMs.NIHuichuan,thecandidateforDeputyGeneralManager,andissuedtheirreviewopinions.Numberofemployeesoftheparentcompanyattheendofthereportingperiod

2.Remunerationpolicy

InaccordancewiththeGroup'sstrategicdevelopmentrequirements,theGroupCompanyhasimplementedaperformanceevaluationandmanagementsystemformanagerialmemberslinkedtothebusinessperformanceofitssubsidiaries,furtherenhancingworkefficiencyandfosteringaproactiveworkatmosphere.TheGroupheadquartersstrictlyenforcesallcompensationmanagementregulationsandhasrevisedtheorganizationalstructuredesign,departmentalfunctionaldivisions,positionestablishmentandstaffingquotas,aswellasthecompensationandperformancesystemsofsubsidiariesbasedonmarket-orientedprinciples.

3.Trainingplan

In2024,theGroupCompanywillfocusontalentdevelopment,adheretoatalent-drivenenterprisestrategyandinnovationempowerment,andstimulateinternalvitality.Toimplementthetalent-drivenstrategyandcreateadynamiccyclewheretalentfuelsdevelopmentanddevelopmentnurturestalent,theGroupwillcomprehensivelydeepentalentdevelopmentbyplanningtheEliteTalentleadershipenhancementprogram,designingpolicycommunicationandprofessionalskill-buildingactivitiesalignedwithbusinessneeds,andpioneeringtheInternalTrainersDeliveringGrassrootsTraininginitiativetooptimizeinternaltrainerresources.Theseeffortsaimtosolidifythetalentfoundationforsustainablegrowthandachieveavirtuouscycleofmutualadvancementbetweentalentandtheenterprise.

4.Outsourcingoflaborservices

□Applicable?Notapplicable

X.TheCompany'sprofitdistributionandconversionofcapitalreservesintosharecapitalinthecurrentyearFormulation,implementationoradjustmentoftheprofitdistributionpolicyduringthereportingperiod,especiallythecashdividendpolicy

□Applicable?NotapplicableTheCompanyisprofitableduringthereportingperiodandtheprofitavailablefordistributionbytheparentcompanyispositive,butnocashdividenddistributionplanisproposed

□Applicable?NotapplicableProfitdistributionandconversionofcapitalreservesintosharecapitalduringthereportingperiod

□Applicable?NotapplicableTheCompanyplansnottodistributecashdividends,issuebonusshares,orconvertcapitalreservesintosharecapitalforthecurrentfiscalyear.XI.ImplementationoftheCompany'sequityincentiveplan,employeestockownershipplanorotheremployeeincentivemeasures

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoequityincentiveplan,employeestockownershipplanorotheremployee

incentivemeasuresandtheirimplementation.

XII.Constructionandimplementationofinternalcontrolsystemduringthereportingperiod

1.Constructionandimplementationofinternalcontrol

In2024,guidedbybothbusinessneedsandriskpreventionandcontrol,theCompanyformulatedtheComplianceManagementMeasuresandtheComplianceManagementSystemConstructionImplementationPlanbasedonitsactualconditions.Theseinitiativesaimtopromotetheimplementation,penetration,anddeepeningofthecompliancemanagementsystemacrossallfunctionaldepartmentsandaffiliatedenterprisesofthegroup.A'four-in-one'integratedcollaborativemechanismencompassinglegalaffairs,compliance,riskmanagement,andinternalcontrolsunderalegalframeworkhasbeenestablished.Thecompanyactivelydrivesthedeepintegrationofinternalcontrolcompliancewithbusinessdevelopmenttosafeguarditshigh-qualitygrowth.

2.Detailsofmajordeficienciesininternalcontrolfoundduringthereportingperiod

□Yes?NoXIII.TheCompany'smanagementandcontroloveritssubsidiariesduringthereportingperiod

XIV.EvaluationReportonInternalControlorAuditReportonInternalControl

1.Internalcontrolevaluationreport

2.AuditReportonInternalControl

?Applicable□Notapplicable

WhethertheaccountingfirmissuesanAuditReportonInternalControlwithnon-standardopinions

□Yes?NoWhethertheAuditReportonInternalControlissuedbytheaccountingfirmisconsistentwiththeopinionoftheself-evaluationreportoftheBoardofDirectors?Yes□No

XV.Statusofrectificationofself-examinationissuesofspecialactionsongovernanceoflistedcompaniesNotapplicable.

SectionVEnvironmentandSocialResponsibilitiesI.Majorenvironmentalprotectionissues

Whetherthelistedcompanyanditssubsidiariesareamongthekeypollutantdischargeentitiesannouncedbytheenvironmentalprotectiondepartment

□Yes?NoAdministrativepunishmentduetoenvironmentalproblemsduringthereportingperiod

RefertootherenvironmentalinformationdisclosedbykeypollutantdischargingunitsIn2024,HuangchengRealEstate,asubsidiaryofSZPRD,activelyimplementedpollutionprevention,treatment,dustcontrol,andnoisereductionmeasuresatitsongoingprojects,theDongguanHumenHarbourPalaceandShenzhenGuangmingYutangShangfuProject,toimprovesatisfactionamongsurroundingresidents.Theprojectmanagementdepartmentrigorouslyfulfilleditsenvironmentalriskpreventionresponsibilities,activelycooperatedwithenvironmentalprotectionregulatoryauthoritiesinreceivingonsiteinspections,strictlycompliedwithenvironmentalimpactassessmentandtheThreeSimultaneitiesrequirements,andstandardizedpollutantdischarge,dustsuppression,andnoisecontrolmethods.ThemasterplansfortheongoingHumenHarbourPalaceandGuangmingYutangShangfuProjectadoptedeco-friendlyandpollution-controllingmeasures,requiringthatenvironmentprotectionandpollutionpreventionfacilitiesbesimultaneouslydesigned,constructed,andcommissionedwiththemainprojects.Effectivemeasureswereimplementedtocontrolandensurecomplianceofallpollutants,includingexhaustgases,wastewater,solidwaste,industrialresidues,noise,oilcontaminants,radioactiveandnon-radioactivepollutantsfromconstructionmaterials,aswellasotheremissions.RongyaoRealEstate,asubsidiaryofSZPRD,rigorouslyfulfillsitsprimaryresponsibilityfordustandnoisepollutioncontrolattheongoingLakeCityPhaseIandIIProjects.Thecostsofdustandnoisepollutionpreventionmeasureshavebeenincorporatedintoprojectcosts,andtheconstructioncontractsexplicitlyspecifytheobligationsofconstructioncontractorstoimplementsuchmeasures.Firstly,constructioncontractorsarerequiredtodevelopandimplementdustandnoisepollutionpreventionandcontrolplans,adopteffectivemeasures,installdustandnoisemonitoringequipmentattheprojectsitetocollectdata,andstrictlycontrolconstruction-relateddustandnoiseemissionsinaccordancewithstandards.Secondly,theprojectstrictlyenforcesinstallationofsprayingsystemsonenclosurestoeffectivelyreducesitedust,anddeploymentofwatertrucksfordustsuppressionwhennecessary,ensuringstrictcontrolofdustpollution.Thirdly,supervisoryunitsmustintegratedustandnoisepollutionpreventionintodailysupervision,andissuerectificationnoticesimmediatelyuponidentifyingissues.Fourthly,theprojectrigorously

implementsanighttimeconstructionapprovalsystem,andcontractorsmustcompleterequiredprocedures,publiclypostnoticesattheconstructionsiteornotifynearbyresidentsinadvancethroughothermeansbeforeconductingnighttimeconstruction.WuheUrbanRenewalCompany,asubsidiaryofSZPRD,announcedtheTianjunProjectUrbanRenewalUnitPlaninJanuary2024.Thisinitiativeholdssignificantimplicationsforurbandevelopmentandimprovementstoresidentialspaces.Byenhancingthearea'surbanimage,optimizinglocaltrafficmicro-circulation,andelevatingpublicservicestandards,theprojectactivelyrespondstothegovernment'scallforgreendevelopment,ensuringeffectiveimplementationofenvironmentalmeasurestomitigateadverseimpactsonthesurroundingenvironment.TheFuyuanProjecthascompletedthepublicannouncementofitsdraftplan.Theimplementationofthisrenewalinitiativeholdssignificantimplicationsforthepreservationandappreciationofstate-ownedassets,urbantraffic,andindustrialdevelopment.Throughtheimplementationoftherenewalplan,high-qualitypropertieswithlegalpropertyrightscanbeacquired,achievingthepreservationandappreciationofstate-ownedassets.Bycollaboratingwithgovernmentroadinitiatives,trafficefficiencyandconvenienceintheareaareenhanced,effectivelyalleviatingregionaltrafficcongestion.ThisfurtherunclogsthetransportationarteryofBao'anDistrictExhibitionandConventionCenter,significantlyimprovingtrafficflowandaccessibilityinandaroundtheconventioncenter.Therenewalinitiativeenablestheintroductionofemergingindustriessuchashigh-endmanufacturingandtechnology-driveninnovationsectors,fosteringthedevelopmentofmodernindustrialparks.ThisnotonlyenhancestheeconomicefficiencyandcompetitivenessoftheindustrialzonebutalsoinjectsnewvitalityintotheindustrialdevelopmentofBao'anDistrictandevenShenzhenCityasawhole.Measurestakentoreduceitscarbonemissionsduringthereportingperiodandtheireffects

□Applicable?NotapplicableReasonsfornotdisclosingotherenvironmentalinformationTheCompanyanditssubsidiariesarenotclassifiedaskeypollutantdischargingunitsannouncedbytheenvironmentprotectiondepartment.II.Socialresponsibilities(I)FulfillmentoftaxobligationsanddistributionofstockdividendsSZPRDanditssubsidiariesactivelyfulfilledtheirtaxobligationsin2024,completingtaxpaymentstotalingRMB1.069billion,fullydemonstratingtheircommitmentassociallyresponsiblecorporatecitizens.InaccordancewiththeCompany'sArticlesofAssociationandshareholderresolutions,weadheretotheprinciplesoffairness,equity,andtransparencytorationallydistributeprofitsbasedontheCompany'searningsstatusandshareholders'equity.AtotalofRMB185.945millioninstockdividendswasdistributedtoshareholders,safeguardingtheirlawfulrightsandinterestswhilereinforcinginvestorconfidence.SZPRDalsoplaceshighimportanceoncommunicationandengagementwithshareholders,regularlyconveningshareholdermeetingstosolicitandincorporatetheirfeedbackandsuggestions.Thispracticecontinuouslyrefinesthecorporategovernanceframework,enhancingdecision-makingefficiencyandtransparencyacrosstheorganization.(II)Addressingemploymentissuesin2024SZPRDanditsaffiliatedenterprisesprovidedatotalof86jobpositionstothepublic,recruitingatotalof2,010employees,including14freshgraduatesand65veterans.TheGroupfurtheroptimizeditstalentstructure,emphasizedtalentrecruitmentanddevelopment,andfacilitatedrapidgrowthofnewemployeesthroughsystematictrainingandcareerplanning,injectingnewmomentumforsustainabledevelopment.(III)ConductingemployeecareinitiativesToupholdthepeople-centereddevelopmentphilosophyandimplementtheGroup'ssupportmechanism,theSZPRDPartyCommitteeorganizedpre-ChineseNewYearcareforumsforemployeesinhardshipand'July1st'careforumsforPartymembersindifficulty.Priortothepre-ChineseNewYearcareeventforemployeesinhardship,theGroupPartyCommitteeidentified50hardshipcarerecipients,including6hardshipPartymembers,byorganizingPartyorganizationsatalllevelstoconductthoroughsurveys,verification,andcategorizeddocumentation.Duringthe'July1st'event,4hardshipPartymembersweresupported.

(IV)ImplementingGreenandBeautifulGuangdongecologicalinitiativesTheSZPRDPartyCommitteeimplementedtheGreenandBeautifulGuangdongecologicaldeploymentrequirementsfromprovincial,municipal,andstate-ownedassetauthorities.Aligningwithenterpriseproductioncharacteristics,theGrouporganizedover200participantsingreenactivities,plantednearly3,000greenplants,integratedecologicalcivilizationconceptsintooperations,andadvancedgreendevelopment.(V)OrganizingLovefromSIHC·SupportingPeople'sLivelihoodcampaignSZPRDGroupanditsaffiliatedenterprisesactivelyrespondedtothe2024LovefromSIHC·SupportingPeople'sLivelihoodinitiative.Throughemployeedonations,theGroupraisedRMB29,566insupplies,796clothingitems,and23sports/educationalkitsforschoolsincludingZhangjiOverseasChinesePrimarySchool,TownCentralKindergarten,andGuangxiWangluPrimarySchool,supportingruralrevitalization.(VI)LaunchingtheRedFlag,RedActionpublicwelfareblooddonationvolunteeractivityThePartyCommitteeofShenzhenInternationalTradeCenterPropertyManagement,asubsidiaryofSZPRDGroup,organizeddirectlyaffiliatedPartyorganizations,directlymanagedenterprises,localcommunities,bloodcenters,servedcommunities,andpartneredenterprisestojointlylaunchtheRedFlag,RedActionpublicwelfareblooddonationvolunteeractivity.Sinceitsinaugurallaunchin2011,theblooddonationactivityhasspanned13yearsby2024,establishingaframeworkcoveringSouthChina,NorthChina,EastChina,andSouthwestChina.By2024,itengagedover2,800participants,with2,400successfuldonorscontributing850,000millilitersofblood.In2024,thePartyCommitteeofShenzhenInternationalTradeCenterPropertyManagementconductedtheRedFlag,RedActionnationalpublicblooddonationmonthcampaignduringJuneandJuly.Accordingtostatistics,thePartyCommittee'saffiliatedunitsorganizedatotalof9blooddonationeventsinShenzhen,Chongqing,Baoding,Yangzhou,Hangzhou,andHulunbuir,involving350participants,with250successfuldonorscontributingatotalof104,000mlofblood.MultiplecompaniesunderShenzhenInternationalTradeCenterPropertyManagementhavebeenawardedlettersofappreciation,honorarytitles,andotherdistinctionsbylocalmunicipalbloodcenters(orcentralbloodstations)intheirrespectiveregions.(VII)BuildingtheITCService·RefreshingasaSpringBreezeServiceQualityEnhancementYearUndertheleadershipofitsPartyCommittee,ShenzhenInternationalTradeCenterPropertyManagement,asubsidiaryofSZPRDGroup,launchedtheServiceQualityEnhancementYearcampaignacrossalllevelsofitspropertymanagementdivision.CenteredonthethemeITCService·RefreshingasaSpringBreeze,thecampaignformulatedTenKeyInitiativesandimplementedatotalof4,657actions.TheITCService·RefreshingasaSpringBreezeServiceQualityEnhancementYearcampaigndiligentlyimplementedthecoreprincipleofcustomerservicewithutmostsincerity,enhancedthebrandimageofShenzhenInternationalTradeCenterPropertyManagement,effectivelyimprovedservicequality,increasedcustomersatisfaction,boostedmarketcompetitiveness,andensuredthestrategicobjectiveofhigh-qualitydevelopmentfortheCompany.(VIII)HostingtheSecondPropertyServiceSkillsCompetitionbyShenzhenInternationalTradeCenterPropertyManagementSZPRD'ssubsidiary,ShenzhenInternationalTradeCenterPropertyManagement,adherestotheParty-ledtalentmanagementprinciple,focusingontalentdevelopmentandenhancingemployeecompetencies.In2024,alignedwiththecoretenetsofitsdistinctiveZhizhenITCParty-buildingbrand,theShenzhenInternationalTradeCenterPropertyManagementorganizeditssecondPropertyServiceSkillsCompetition.ThecompetitionexpandedfromShenzhentoanationalscope,attracting109teams(327participants)acrossitssystem.Theeventcoveredsixcontestsinfourcategories:engineering,customerservice,securitymanagement,andenvironmentalservices,withsegmentsincludingwrittentheoreticaltests,thematicspeeches,teampracticalexercises,caseanalyses,andon-sitequick-responsequizzes.

III.Consolidationandexpansionoftheachievementsofpovertyalleviationandruralrevitalization

(I)ActivelysupportingtheimplementationoftheHundredsofThousandsProjectSZPRDGroupanditssubsidiariescarriedoutconsumptionassistanceinitiativesin2024,purchasingagriculturalproductstotalingoverRMB1.6milliontosupportunderprivilegedregions.

(II)AidingFutianDistrictCommittee'stargetedpovertyalleviationprogramSZPRD'ssubsidiary,HuangchengRealEstateCompany,respondedtotheFutianDistrictCommittee'scallfortargetedassistance.AttherequestofgovernmentdepartmentssuchastheFutianDistrictDevelopmentandReformBureauandthePovertyAlleviationOffice,theCompanydonatedRMB20,000inbatchestofundtheprocurementofcharitablesuppliesandpublicinfrastructuredevelopmentforruralrevitalization.

SectionVIImportantMattersI.Fulfillmentofcommitments

1.CommitmentsmadebytheCompany'sactualowner,shareholders,relatedparties,acquirers,theCompanyandotherrelatedpartiesthathavebeenfulfilledwithinthereportingperiodandthosethathavenotbeenfulfilledasoftheendofthereportingperiod?Applicable□Notapplicable

Note:1ShenzhenInvestmentHoldings'wholly-ownedsubsidiary,ShenzhenCityConstruction&Development(Group)Co.,Ltd.,anditssubsidiariesheld,ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.,engageinrealestate

developmentandcommercialhousingsales,whichbelongtothesameindustryasthelistedcompany,resultinginhorizontalcompetitions.Toaddressthis,ShenzhenInvestmentHoldingscommitsasfollows:1.solutionstohorizontalcompetitionsinvolvingShenzhenUrbanConstruction:duringtheperiodasthecontrollingshareholderofthelistedcompany(SZPRD)andwhiletheCompanyislistedontheShenzhenStockExchange,forShenzhenUrbanConstruction'sexistingbusinessesthatcompetehorizontallywiththelistedcompany,ShenzhenInvestmentHoldingswill,totheextentpermittedbylawsandregulations,initiatefeasiblesolutionsamongthefollowinghorizontalcompetitionsresolutionplanswithin12monthsfromthedateSZPRD'sequityistransferredtoShenzhenInvestmentHoldings,andcompletetheimplementationofsuchsolutionswithin3yearsfromtheequitytransferdatetoresolveexistinghorizontalcompetitionsissues:

(1)SigninganassettrusteeshipagreementbetweenShenzhenUrbanConstructionandthelistedcompany,entrustingassetsdirectlycompetingwiththelistedcompanytoSZPRDunderfairtrusteeshipfees,andtakingeffectivemeasurestoresolvehorizontalcompetitionswithinthecommitmentperiod;

(2)Injectingassetsindirectcompetitionwiththelistedcompanyintothelistedcompany;(3)Transferringassetsindirectcompetitionwiththelistedcompanytoanunrelatedthirdparty;(4)Othermeasuresthatcaneffectivelysolvetheproblemofhorizontalcompetitionandareconducivetoprotectingtheinterestsoflistedcompaniesandthelegitimaterightsandinterestsofothershareholders.Beforesolvingtheexistinghorizontalcompetition,intheprocessofbusinessofthelistedcompanyandthecompanies,enterprisesandeconomicorganizationscontrolledoractuallycontrolledbyShenzhenInvestmentHoldings(excludingtheenterprisescontrolledbythelistedcompanies,hereinaftercollectivelyreferredtoas"Subsidiaries"),ShenzhenInvestmentHoldingsshallmaintainaneutralpositionasthecontrollingshareholdertoensurethatthelistedcompaniesandallsubsidiariescanparticipateinmarketcompetitioninaccordancewiththeprincipleoffaircompetitionwhentherearecircumstancesinvolvingdisputeresolutionandothersituationsthathaveasignificantimpactonthebusiness.2.SolutionstohorizontalcompetitionsinvolvingShenzhenSpecialEconomicZoneRealEstate&Properties:OnSeptember14,2016,ShenzhenSpecialEconomicZoneRealEstate&Propertiessuspendedtradingduetoplanningamajorassetrestructuring.AccordingtotheReviewOpinionsontheExtensionofTradingSuspensionforShenzhenSpecialEconomicZoneRealEstate&PropertiesMajorAssetRestructuringissuedbyCITICSecuritiesCo.,Ltd.andHuataiUnitedSecuritiesCo.,Ltd.onNovember26,2016,therestructuringplanproposedthatShenzhenSpecialEconomicZoneRealEstate&Propertiesacquire100%equityofEvergrandeRealEstateGroupCo.,Ltd.byissuingA-sharesand/orpayingcash(hereinafterreferredtoastherestructuringofShenzhenSpecialEconomicZoneRealEstate&Properties).OnNovember9,2020,ShenzhenSpecialEconomicZoneRealEstate&Propertiesannouncedtheterminationoftheaforementionedtransaction,statingthatthecurrentmarketconditionswereimmatureforadvancingthemajorassetrestructuringandthatthedecisionaimedtosafeguardtheinterestsoftheCompanyandallshareholders.Followingthetermination,ShenzhenInvestmentHoldingsremainsthecontrollingshareholderofShenzhenSpecialEconomicZoneRealEstate&Properties.ForShenzhenSpecialEconomicZoneRealEstate&Properties'existingbusinessoperationsthatinvolvehorizontalcompetitionswiththelistedcompany,ShenzhenInvestmentHoldingswill,withinthescopepermittedbylawsandregulations,initiateareasonablesolutiontoaddressthehorizontalcompetitionswithin12monthsfromthedateoftheterminationofShenzhenSpecialEconomicZoneRealEstate&Properties'restructuringandresumptionoftrading,basedonactualconditionsatthetimeofresumption,andpromptlyfulfilldisclosureobligations.Concurrently,ShenzhenInvestmentHoldingswillcompletetheimplementationofsuchsolutionandresolvethehorizontalcompetitionsbetweenSZPRDandShenzhenSpecialEconomicZoneRealEstate&Propertieswithin3yearsfromthedateoftheterminationofShenzhenSpecialEconomicZoneRealEstate&Properties'restructuringandresumptionoftrading.3.Othercommitmentstoavoidhorizontalcompetition:duringtheperiodwhenitisthecontrolling

shareholderofalistedcompanyandthelistedcompanyislistedontheShenzhenStockExchange,otherAffiliatedCompaniesofShenzhenInvestmentHoldingswillnotengageinrelatedbusinesswithdirecthorizontalcompetitionrelationshipwiththelistedcompanyinnewbusinessareasotherthanthebusinessareaswithhorizontalcompetitionrelationshipthathavealreadyoccurred.ShenzhenInvestmentHoldingsundertakesnottoseekimproperbenefitsasthecontrollingshareholderofthelistedcompany,thusharmingtherightsandinterestsofthelistedcompanyanditsshareholders.Incaseofanyviolationoftheabovecommitments,ShenzhenInvestmentHoldingswillbearcorrespondinglegalliabilities,includingbutnotlimitedtotheliabilityforcompensationforalllossescausedtothelistedcompany.2ShenzhenInvestmentHoldingshasbeenactivelydedicatedtofulfillingthesecommitmentssincetheirinitiation.Duringthecommitmentperiod,ShenzhenInvestmentHoldingsdidnotseekimproperbenefitsasthecontrollingshareholderofSZPRD,whichdamagedtherightsandinterestsofSZPRDanditsshareholders.Duringthecommitmentperiod,ShenzhenInvestmentHoldingsactivelysortedouttherelevantassetsandbusinessofShenzhenUrbanConstruction,andwascommittedtoformulatingafeasiblesolutiontothehorizontalcompetitionwithSZPRDassoonaspossible.ShenzhenInvestmentHoldingsalsoactivelypromotedtherestructuringofShenzhenSpecialEconomicZoneRealEstate&Properties.However,consideringtheobjectivecircumstances,ShenzhenInvestmentHoldingshasnotbeenabletofulfillitsoriginalcommitmenttoavoidhorizontalcompetitions.ShenzhenInvestmentHoldingshasreissuedtheLetteronChangingtheCommitmentsonAvoidingHorizontalCompetitiononSeptember26,2024,andthechangeofthecommitmenthasbeenapprovedbytheCompany'sSecondExtraordinaryGeneralMeetingofShareholdersof2024heldonOctober18,2024.Fordetails,pleaserefertotheAnnouncementontheResolutionoftheSecondExtraordinaryGeneralMeetingin2024(AnnouncementNo.:2024-47)disclosedbytheCompanyonCninfoonOctober19,2024.3Toreduceandregulaterelatedpartytransactionswiththelistedcompany,ShenzhenInvestmentHoldingscommitsthat,duringitstenureasthecontrollingshareholderofthelistedcompany(listedontheShenzhenStockExchange):1.ShenzhenInvestmentHoldingsanditscontrolledordefactocontrolledentities(includingcompanies,enterprises,andeconomicorganizations,excludingsubsidiariesofthelistedcompany;collectivelyreferredtoas“AffiliatedCompanies”)shallstrictlyexerciseshareholderrightsandfulfillshareholderobligationsinaccordancewithlaws,regulations,andregulatoryrequirements,andmaintaintheindependenceofthelistedcompanyintermsofassets,financials,personnel,operations,andorganizationalstructure;2.ShenzhenInvestmentHoldingsundertakesnottoleverageitspositionasthecontrollingshareholdertoinfluencethelistedcompany'sshareholders'meetingsortheboardtomakeresolutionsthatcouldharmthelawfulrightsandinterestsofothershareholders;3.ShenzhenInvestmentHoldingsoritsAffiliatedCompaniesshallendeavortominimizerelatedpartytransactionswiththelistedcompany.Forunavoidablerelatedpartytransactions,ShenzhenInvestmentHoldingsoritsAffiliatedCompaniesshallensurethatsuchtransactionsareconductedonanarm'slengthandvoluntarybasis,underfairandreasonabletermsconsistentwithnormalcommercialpractices,andwithoutdemandingoracceptingmorefavorableconditionsfromthelistedcompanythanthoseofferedtothirdpartiesincomparablemarkettransactions.Additionally,ShenzhenInvestmentHoldingsoritsAffiliatedCompaniesshalldiligentlyandstrictlyperformallrelatedpartytransactionagreementsenteredintowiththelistedcompanyingoodfaith;4.ShenzhenInvestmentHoldingsoritsAffiliatedCompaniesshallstrictlycomplywiththelistedcompany'sArticlesofAssociationandapplicablelawsandregulationsinfulfillingthedecision-makingproceduresforrelatedpartytransactionsandthecorrespondinginformationdisclosureobligations;5.ShenzhenInvestmentHoldingsoritsAffiliatedCompaniesshallensurenottoseekanyspecialbenefitsbeyondtheaforementionedprovisionsthroughrelatedpartytransactionswiththelistedcompany,notto

illegallytransferthelistedcompany'sfundsorprofitsviasuchtransactions,andnottomaliciouslyinfringeuponthelawfulrightsandinterestsofthelistedcompanyoritsshareholdersthroughrelatedpartytransactions.6.ShenzhenInvestmentHoldingscommitstodeterminingareasonablesolutionforexistingrelatedpartytransactionswiththelistedcompanywithinthescopepermittedbylawsandregulations,initiatingsuchasolutionwithin12monthsfromthedateoftransferringtheCompany'ssharestoitsownership,andfullyimplementingthesolutionwithin5yearsfromthesharetransferdatetocompletelyresolvethesetransactions.Thespecificformsinclude:(1)uponexpirationofexistingrelatedpartytransactioncontracts,norenewalshalloccur.Ifrenewalisnecessaryduetothelistedcompany'soperationalneeds,relevantdecision-makingproceduresforrelatedpartytransactionsshallbestrictlyfollowed;(2)wherefeasible,terminateexistingcontractsandconductmarketpriceinquiriesthroughmarket-basedpublicbiddingtoidentifysuitableserviceprovidersfortheservicesinvolvedinsuchtransactions.Ifrelatedpartytransactionsarise,relevantdecision-makingproceduresshallbestrictlyfollowed;(3)forexistingactivecontractswithpotentialforpricerenegotiation,renegotiatepricingtermstoensurepost-renegotiationcontractamountsalignwithprevailingmarketpricesanddonotexceedcurrentcontractamounts,whilestrictlyfollowingrelatedpartytransactionsdecision-makingprocedures;(4)otherreasonablemeasurestoreduceandultimatelyeliminateexistingnon-essentialrelatedpartytransactions.7.Incaseofanyviolationoftheabovecommitments,ShenzhenInvestmentHoldingswillbearcorrespondinglegalliabilities,includingbutnotlimitedtotheliabilityforcompensationforalllossescausedtothelistedcompany.

2.IfthereisaprofitforecastfortheCompany'sassetsorprojects,andthereportingperiodisstillintheprofitforecastperiod,theCompanyshallexplainthattheassetsorprojectshavemettheoriginalprofitforecastandthereasons

□Applicable?Notapplicable

II.Non-operationaloccupationoffundsbythecontrollingshareholdersandotherrelatedpartiesofthelistedcompany

□Applicable?NotapplicableDuringthereportingperiod,therewerenonon-operationalfundsoccupiedbythecontrollingshareholdersandotherrelatedpartiesforthelistedcompany.

III.Illegalexternalguarantees

□Applicable?NotapplicableTheCompanyhadnoillegalexternalguaranteeduringthereportingperiod.

IV.ExplanationoftheBoardofDirectorsonthelatest"modifiedreport"

□Applicable?NotapplicableV.ExplanationoftheBoardofDirectors,theBoardofSupervisors,independentdirectors(ifany)onthe"modifiedreport"oftheaccountingfirmduringthereportingperiod

□Applicable?Notapplicable

VI.Explanationoftheaccountingpolicies,changesinaccountingestimatesorcorrectionsofsignificantaccountingerrorscomparedtothefinancialreportofthepreviousyear

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoaccountingpolicies,changesinaccountingestimatesorcorrectionsofsignificantaccountingerrors.VII.Explanationofchangesinthescopeofconsolidatedstatementscomparedtothefinancialreportofthepreviousyear?Applicable□Notapplicable

ThechangesinthescopeoftheconsolidatedstatementsduringthereportingperiodaredetailedinIX.ChangesinConsolidationScopeofSectionXFinancialReports.VIII.Appointmentanddismissaloftheaccountingfirm

Currentlyappointedaccountingfirm

Whethertochangetheaccountingfirminthecurrentperiod?Yes□NoWastheaccountingfirmchangedduringtheauditperiod

□Yes?NoWeretheapprovalproceduresfollowedforthechangeoftheaccountingfirm?Yes□NoDetailedexplanationofthechangeofemploymentandaccountingfirmTheCompanyhasconductedcommunicationandexplanationsregardingthechangeoftheaccountingfirmwithboththepredecessorandsuccessoraccountingfirms.Allpartieshavedulyacknowledgedthechangeandconfirmednoobjections.ThepredecessorandsuccessoraccountingfirmshavecommunicatedinaccordancewiththeprovisionsofChinaCPAStandardonAuditing1153CommunicationsbetweenPredecessorandSuccessorCPAs.AstheauditserviceagreementbetweentheCompanyandBakerTillyChinaCertifiedPublicAccountantsexpired,andinaccordancewiththeMeasuresfortheSelectionandAppointmentofAccountingFirmsbyState-OwnedEnterprisesandListedCompanies(CK[2023]No.4),GrantThorntonZhitongCertifiedPublicAccountantsLLPwasappointedastheCompany's2024auditserviceproviderthroughapublictenderprocesstoensuretheindependenceandobjectivityoftheauditwork.TheAudit,RiskandComplianceManagementCommitteeoftheBoardofDirectorsconductedadedicatedassessmentonthechangeoftheaccountingfirm.OnOctober30,2024,theCompanyconvenedthe30thMeetingofthe10thBoardofDirectorsandthe25thMeetingofthe10thBoardofSupervisors,wheretheProposalontheChangeofAccountingFirmwasreviewedandapproved;onNovember15,2024,theCompany'sThirdExtraordinaryGeneralMeetingofShareholdersof2024reviewedandapprovedthe

proposal,agreeingtoappointGrantThorntonZhitongCertifiedPublicAccountantsLLPastheCompany's2024financialauditfirmwithanengagementperiodofoneyear.Engagementofinternalcontrolauditaccountingfirm,financialadviserorsponsor?Applicable□NotapplicableDuringthereportingperiod,theCompanyengagedGrantThorntonZhitongCertifiedPublicAccountantsLLPasitsinternalcontrolauditaccountingfirm,withtotalinternalcontrolauditfeespaidamountingtoRMB156,000duringtheperiod.IX.Delistingafterthedisclosureoftheannualreport

□Applicable?NotapplicableX.Mattersrelatedtobankruptcyandreorganization

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnobankruptcyrestructuringrelatedmatters.

XI.Significantlitigationandarbitration?Applicable□Notapplicable

XII.Punishmentandrectifications

□Applicable?NotapplicableTherewasnopunishmentorrectificationduringthereportingperiod.

XIII.IntegritystatusoftheCompanyanditscontrollingshareholdersandactualowner

□Applicable?NotapplicableXIV.Majorrelatedpartytransactions

1.Relatedpartytransactionsrelatedtodailyoperations?Applicable□Notapplicable

2.Relatedpartytransactionsarisingfromtheacquisitionandsaleofassetsorequity

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnorelatedpartytransactionsarisingfromtheacquisitionorsaleofassetsorequity.

3.Relatedpartytransactionsarisingfromjointexternalinvestment

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnorelatedpartytransactionsarisingfromjointexternalinvestment.

4.Relatedclaimsanddebts

?Applicable□NotapplicableExistenceofnon-operationalrelatedpartydebtandcredittransactions?Yes□NoReceivablesfromrelatedparty(claims)

Payablestorelatedparties(debts)

5.Informationontransactionswithfinancecompanieswithrelatedrelationship

□Applicable?NotapplicableTherewasnodeposit,loan,creditorotherfinancialbusinessbetweentheCompanyandthefinancecompanieswithrelatedrelationshipandtheirrelatedparties.

6.TransactionsbetweentheCompany'sholdingfinancecompaniesanditsrelatedparties

□Applicable?NotapplicableTherewasnodeposit,loan,creditorotherfinancialbusinessbetweentheCompany'sholdingfinancecompaniesanditsrelatedparties.

7.Othermajorrelatedpartytransactions

□Applicable?NotapplicableTheCompanyhadnoothermajorrelatedpartytransactionsduringthereportingperiod.

XV.Majorcontractsandtheirperformance

1.Custody,contractingandleasematters

(1)Custody

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnothingundercustody.

(2)Contracting

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnocontracting.

(3)Leases

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoleases.

2.Significantguarantees

?Applicable□Notapplicable

Unit:RMB10,000

Explanationofthespecificsituationoftheguaranteebytheadoptionofcompositemethod

3.Entrustmentofothersforcashassetmanagement

(1)Entrustedwealthmanagement

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoentrustedwealthmanagement.

(2)Entrustedloans

□Applicable?NotapplicableTherewerenoentrustedloansoftheCompanyduringthereportingperiod.

4.Othermajorcontracts

□Applicable?NotapplicableTherewerenoothermajorcontractsoftheCompanyduringthereportingperiod.

XVI.Notestoothermajormatters?Applicable□Notapplicable(I)Mattersrelatedtochangesintherightsandinterestsofthecontrollingshareholder

Duringthereportingperiod,theCompanyreceivedanoticefromitscontrollingshareholder,ShenzhenInvestmentHoldingsCo.,Ltd.,that1,730,300restrictedsharesheldbyShenzhenDutyFreeCommoditiesEnterpriseCo.,Ltd.intheCompanyhadbeentransferredtoShenzhenInvestmentHoldingsCo.,Ltd.duetotheenforcementofacourtjudgment.ThenumberofsharesheldbyShenzhenInvestmentHoldingsanditspersonsactinginconcertincreasedfrom339,452,527shares(accountingfor56.957%ofthetotalsharecapitaloftheCompany)to341,182,827shares(accountingfor57.247%ofthetotalsharecapitaloftheCompany).Fordetails,pleaserefertothe"AnnouncementonChangesinEquityInterestsoftheControllingShareholder"(AnnouncementNo.:

2024-04)disclosedbytheCompanyonCninfo(http://www.cninfo.com.cn).(II)Mattersrelatedtotheguaranteeforsubsidiary'sapplicationforfacilityamountfrombanksDuringthereportingperiod,inordertomeetthecapitalneedsofthesubsidiaryYangzhouWuheRealEstateCo.,Ltd.(hereinafterreferredtoas"YangzhouWuheIndustryInvestmentandDevelopment")forthedevelopmentandconstructionoftheShenyangDigitalIntelligentCityProject,YangzhouWuheIndustryInvestmentandDevelopmentplannedtoapplytobanksandotherfinancialinstitutionsforafacilityamountofnomorethanRMB1billion,whichwasmainlyforprojectdevelopmentandconstruction,dailyoperation,etc.TheBoardagreedthattheCompanywouldsignaguaranteeagreementwithbanksandotherfinancialinstitutionstoprovideguaranteeforYangzhouWuheIndustryInvestmentandDevelopmenttoapplyforfacilityamount,andtheguaranteeamountwouldnotexceedRMB670million.Forrelevantprogress,pleaserefertothe"AnnouncementonProvidingGuaranteeforSubsidiary'sApplicationforFacilityAmountfromtheBank"(AnnouncementNo.:2024-20)andthe"AnnouncementontheProgressofProvidingGuaranteeforSubsidiary'sApplicationforFacilityAmountfromtheBank"(AnnouncementNo.:2024-30)disclosedbytheCompanyonCninfo(http://www.cninfo.com.cn).(III)MattersconcerningthesigningofthehousingexpropriationcompensationagreementbytheparticipatingcompaniesoftheCompanyDuringthereportingperiod,ShenzhenPropertyJifaWarehousingCo.,Ltd.,aparticipatingcompanyoftheCompany,signedaHouseAcquisitionCompensationAgreementwithShenzhenYantianDistrictLandReadinessAffairsCenter.ThecompensationamountwasbasedontheRealEstateAppraisalReportonHouseAcquisitionProjectofPingyanRailwayReconstructionProject(YantianSection)issuedbyGuozhonglianAssetsAppraisalLandandRealEstateAppraisalCo.,Ltd.Forrelevantprogress,pleaserefertothe"AnnouncementontheParticipatingCompaniesSigningtheHouseAcquisitionCompensationAgreement"(AnnouncementNo.:2024-25)andthe"AnnouncementontheProgressoftheParticipatingCompaniesReceivingHouseAcquisitionCompensation"(AnnouncementNo.:2024-27)disclosedbytheCompanyonCninfo(http://www.cninfo.com.cn)..(IV)Mattersrelatedtothecontrollingshareholder'sagreementtotransferpartofthesharesoftheCompanyandthechangeofequityDuringthereportingperiod,theCompanyreceivedanoticefromitscontrollingshareholder,ShenzhenInvestmentHoldingsCo.,Ltd.OnJune28,2024,ShenzhenInvestmentHoldingssignedtheShareTransferAgreementwithChinaOrientAssetManagementCo.,Ltd.,intendingtotransfer29,799,000unrestrictedtradablesharesoftheCompanytoOrientAssetManagementthroughtheagreement,alongwithallshareholders'equityderivedfromthis,accountingfor5.00%oftheCompany'stotalsharecapital.Afterthecompletionofthistransfer,ShenzhenInvestmentHoldingswillhold273,345,937sharesoftheCompany,accountingfor

45.87%ofthetotalsharecapitaloftheCompany.ChinaOrientAssetManagementCo.,Ltd.willhold46,290,402sharesoftheCompany,accountingfor7.77%oftheCompany'stotalsharecapital.ThischangeinequitydoesnotinvolveachangeintheCompany'scontrollinginterest.Fordetails,pleaserefertothe"AnnouncementontheAgreement-basedTransferofPartialSharesbytheControllingShareholdersandChangesinEquityInterests"(AnnouncementNo.:2024-28)disclosedbytheCompanyonCninfo(http://www.cninfo.com.cn).(V)MattersconcerningtheapplicationofthecontrollingshareholderoftheCompanyforchangingthecommitmentsonavoidinghorizontalcompetitionsDuringthereportingperiod,theCompanyreceivedtheLetteronChangingtheCommitmentsonAvoidingHorizontalCompetitionsfromthecontrollingshareholder,ShenzhenInvestmentHoldingsCo.,Ltd.,andShenzhenInvestmentHoldingsappliedforchangingthecommitmentsonavoidinghorizontalcompetitions.Thematterwasdeliberatedandapprovedatthe29th

meetingofthe10thBoardofDirectorsandthe24thmeetingofthe10thBoardofSupervisorsonSeptember30,2024,andwasvotedandapprovedatthesecondextraordinarygeneralmeetingin2024.Fordetails,pleaserefertotheAnnouncementontheApplicationoftheCompany'sControllingShareholderforChangeofCommitmentsonAvoidingHorizontalCompetitions(AnnouncementNo.:2024-40)andtheAnnouncementontheResolutionoftheSecondExtraordinaryGeneralMeetingin2024(AnnouncementNo.:2024-47)disclosedbytheCompanyonSeptember30andOctober19,2024respectively.(VI)MattersrelatedtochangesintheCompany'sindependentdirectorsDuringthereportingperiod,Mr.MEIYonghong,independentdirectorsoftheCompany,appliedforresignationfromtheindependentdirectorsandtherelevantspecialcommitteesoftheBoardafterservingasindependentdirectorsfor6consecutiveyearsinaccordancewiththeAdministrativeMeasuresforListedCompanyIndependentDirectorsoftheChinaSecuritiesRegulatoryCommissionandtheArticlesofAssociation,andwillnotholdanypostoftheCompanyafterresignation.AccordingtotheArticlesofAssociationoftheCompany,theCompanywillholdthe29thmeetingofthe10thBoardofDirectorsandthesecondextraordinarygeneralmeetingin2024onSeptember30,2024andOctober18,2024respectivelytoelectMr.SONGShaohuaasanindependentdirectoroftheCompany,withatermofofficefromthedateofelectionbytheCompany'sgeneralmeetingtothedateofexpirationofthetermofthe10thBoardofDirectorsoftheCompany.Fordetails,pleaserefertotheAnnouncementontheProposedAppointmentofIndependentDirectorsoftheCompany(AnnouncementNo.:2024-41)andtheAnnouncementontheResolutionoftheSecondExtraordinaryGeneralMeetingin2024(AnnouncementNo.:2024-47)disclosedontheCninfoonSeptember30andOctober19,2024.(VII)MattersrelatedtochangesintheCompany'sseniorofficersDuringthereportingperiod,upontherecommendationofthecontrollingshareholderoftheCompany,ShenzhenInvestmentHoldingsCo.,Ltd.,andinaccordancewiththeprovisionsoftheRulesGoverningtheListingofSharesontheShenzhenStockExchangeandtheArticlesofAssociationoftheCompany,thegeneralmanagernominatedMs.NIHuichuanasthedeputygeneralmanageroftheCompany,andtheNominationCommitteeoftheBoardreviewedthenominationandsubmittedittotheBoardforappointment.TheCompanyheldthe30thmeetingofthe10thBoardofDirectorsonOctober30,2024,andreviewedandapprovedtheProposalontheAppointmentoftheCompany'sDeputyGeneralManager.ThetermofofficeisfromthedateofapprovalbytheBoardofDirectorstothedateofexpirationofthe10thBoardofDirectors.Fordetails,pleaserefertotheAnnouncementontheProposedAppointmentofIndependentDirectorsoftheCompany(AnnouncementNo.:2024-51)disclosedbytheCompanyontheCninfoonOctober31,2024.XVII.MajormattersoftheCompany'ssubsidiaries

□Applicable?Notapplicable

SectionVIIChangesinSharesandShareholders

I.Changesinshares

1.Changesinshares

Unit:shares

Reasonsforchangesinshares?Applicable□NotapplicableTheCompanyhasreceivednoticefromitscontrollingshareholder,ShenzhenInvestmentHoldingsCo.,Ltd.,that1,730,300restrictedsharespreviouslyheldbyShenzhenDutyfreeCommoditiesEnterpriseCo.,Ltd.havebeentransferredtoShenzhenInvestmentHoldingsduetotheenforcementofacourtjudgment.Fordetails,pleaserefertotheAnnouncementonChangesinEquityInterestsoftheControllingShareholder(AnnouncementNo.2024-04)disclosedbytheCompanyonCninfoonMarch6,2024.Approvalofchangesinshares

□Applicable?NotapplicableTransferofchangesinshares?Applicable□NotapplicableOnMarch4,2024,CSDCShenzhenBranchtransferred1,730,300restrictedsharesoftheCompanypreviouslyheldbyShenzhenDutyfreeCommoditiesEnterpriseCo.,Ltd.toShenzhenInvestmentHoldings.Fordetails,pleaserefertotheAnnouncementonChangesinEquityInterestsoftheControllingShareholder(AnnouncementNo.2024-04)disclosedbytheCompanyonCninfoonMarch6,2024.Effectofchangesinsharesonfinancialindicatorssuchasbasicearningspershareanddilutedearningspershareinthelatestyearandthelatestperiod,andnetassetspershareattributabletotheCompany'sordinaryshareholders

□Applicable?NotapplicableOthercontentsdeemednecessarybytheCompanyorrequiredbythesecuritiesregulatorstobedisclosed

□Applicable?Notapplicable

2.Changesinrestrictedshares?Applicable□Notapplicable

Unit:shares

Notes:1The1,730,300restrictedsharesoftheCompanypreviouslyheldbyShenzhenDutyfreeCommoditiesEnterpriseCo.,Ltd.havebeentransferredtoShenzhenInvestmentHoldingsduetotheenforcementofacourtjudgment.Fordetails,pleaserefertotheAnnouncementonChangesinEquityInterestsoftheControllingShareholder(AnnouncementNo.2024-04)disclosedbytheCompanyonCninfoonMarch6,2024.

II.Issuanceandlistingofsecurities

1.Issuanceofsecurities(excludingpreferredshares)duringthereportingperiod

□Applicable?Notapplicable

2.ChangesinthetotalnumberofsharesandshareholderstructureoftheCompany,andchangesinthestructureofassetsandliabilitiesoftheCompany

□Applicable?Notapplicable

3.Existinginternalemployeeshares

□Applicable?Notapplicable

III.Shareholdersandactualowner

1.NumberoftheCompany'sshareholdersandshareholdingratios

Unit:shares

Participationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharesinrefinancingbusinessandlendingshares

□Applicable?NotapplicableChangesofthetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharescomparedwiththepreviousperiodduetorefinancinglending/repayment

□Applicable?NotapplicableWhethertheCompany'stop10ordinaryshareholdersandthetop10ordinaryshareholderswithoutrestrictiveconditionforsalesconductanyagreedrepurchasetransactionsduringthereportingperiod

□Yes?NoTheCompany'stop10ordinaryshareholders,andtop10ordinaryshareholderswithoutrestrictiveconditionforsalesdidnotconductanyagreedrepurchasetransactionduringthereportingperiod.

2.ControllingshareholdersoftheCompanyNatureofcontrollingshareholders:localstate-ownedholdingTypeofcontrollingshareholders:legalperson

Changesincontrollingshareholdersduringthereportingperiod

□Applicable?NotapplicableTherewasnochangeinthecontrollingshareholderoftheCompanyduringthereportingperiod.

3.TheCompany'sactualowneranditspersonsactinginconcert

Natureofactualowner:localstate-ownedassetsmanagementagencyTypeofactualowner:legalperson

Changesinactualownerduringthereportingperiod

□Applicable?NotapplicableTherewasnochangeintheactualowneroftheCompanyduringthereportingperiod.ChartforthepropertyandcontrollingrelationshipsbetweentheCompanyandtheactualowner

TheactualownercontrolstheCompanybywayoftrustorotherassetmanagementmethods

□Applicable?Notapplicable

State-ownedAssetsSupervisionandAdministrationCommissionofShenzhenMunicipalPeople'sGovernment

ShenzhenInvestment

HoldingsCo.,Ltd.

ShenzhenInvestment

HoldingsCo.,Ltd.TheCompany

4.ThecumulativenumberofsharespledgedbythecontrollingshareholderorthelargestshareholderoftheCompanyandtheirpersonsactinginconcertaccountedfor80%ofthenumberofsharesheldbythem

□Applicable?Notapplicable

5.Otherinstitutionalshareholdersholdingmorethan10%oftheshares

□Applicable?Notapplicable

6.Restrictedsharereductionofcontrollingshareholder,actualowner,reorganizationpartiesandothercommittedentities

□Applicable?NotapplicableIV.SpecificimplementationofsharerepurchaseduringthereportingperiodImplementationprogressofsharerepurchase

□Applicable?NotapplicableImplementationprogressofreducingrepurchasesharesbymeansofcentralizedbiddingtransaction

□Applicable?Notapplicable

SectionVIIIPreferredShares

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnopreferredshares.

SectionIXBonds

□Applicable?Notapplicable

SectionXFinancialReports

I.Auditreport

MainBodyoftheAuditReport

ZTSZ(2025)No.441A005716AllshareholdersofShenzhenProperties&ResourcesDevelopment(Group)Ltd.I.AuditopinionsWehaveauditedthefinancialstatementsofShenzhenProperties&ResourcesDevelopment(Group)Co.,Ltd.(hereinafterreferredtoas"SZPRD"),includingtheconsolidatedandtheCompany'sbalancesheetsasofDecember31,2024,theconsolidatedandtheCompany'sincomestatements,theconsolidatedandtheCompany'sstatementsofcashflows,theconsolidatedandtheCompany'sstatementsofchangesinshareholders'equityfortheyearthenended,andrelatednotestothefinancialstatements.WebelievethattheattachedfinancialstatementsarepreparedinaccordancewiththeprovisionsoftheAccountingStandardsforBusinessEnterprisesinallmaterialrespectsandfairlyreflecttheconsolidatedandcompanyfinancialpositionofSZPRDasofDecember31,2024,andtheconsolidatedandtheCompany'soperatingresultsandcashflowsfor2024.II.BasisfortheauditopinionWehaveconductedourauditinaccordancewiththeChineseAuditingStandardsforCertifiedPublicAccountants.Ourresponsibilitiesunderthesestandardsarefurtherdescribedinthe"CertifiedPublicAccountant'sResponsibilitiesfortheAuditofFinancialStatements"sectionoftheauditreport.InaccordancewiththeCodeofEthicsforChineseCertifiedPublicAccountants,weareindependentofSZPRDandhavefulfilledotherethicalresponsibilities.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.III.KeyauditmattersKeymattersarematterswedeemthemostsignificanttotheauditoffinancialstatementsbasedonourprofessionaljudgment.Thesemattersareaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.(I)RecognitionandmeasurementofrealestatesalesrevenueSeeNotesIII.26andV.39totheFinancialStatementsfordetailsoftherelevantinformationdisclosure.

1.DescriptionsTherealestatesalesrevenueofSZPRDfor2024wasRMB941million,accountingfor34.40%ofthetotaloperatingrevenue.SZPRDrecognizestherealizationofrevenueaftertherealestatemeetsthedeliveryconditionsagreedinthecontractandtheownerobtainstherightofcontroloftherelevantrealestate.AsrealestatesalesrevenuehasasignificantimpactonSZPRD'soperatingresults,inaccuratemeasurementorrecognitioninaninappropriateaccountingperiodwillhaveasignificantimpactonSZPRD'sprofits.Therefore,wehaveidentifiedtherecognitionandmeasurementofrealestatesalesrevenueasoneofthekeyauditmatters.

2.AuditcountermeasuresFortherecognitionandmeasurementofrealestatesalesrevenue,wemainlyperformedthefollowingauditprocedures:

(1)learned,evaluatedandtestedthedesignandoperatingeffectivenessofkeyinternalcontrolsrelatedtotherealestatesalesbusiness;

(2)sampledandreviewedtherealestatesalescontracts,identifiedthecontracttermsandconditionsrelatedtothetransferofrightofcontrol,andevaluatedwhethertheaccountingpoliciesfortherecognitionofrealestaterevenueofSZPRDcomplywiththeprovisionsoftheAccountingStandardsforBusinessEnterprises;

(3)fortheitemsofrealestatesalesrevenuerecognizedinthecurrentyear,selectedsamples,reviewedthesupportingdocumentsfortherealestatedelivery,andevaluatedwhethertherecognitionofrealestatesalesrevenueconformstotherevenuerecognitionaccountingpoliciesofSZPRD;

(4)performedanalysisproceduresonrealestatesalesrevenue,comparedsuchrevenuewiththatinthesameperiodinhistoryandthesameindustry,analyzedthechangesinrevenueandgrossmargin,andjudgedtherationalityofthechanges;

(5)performedacut-offtestontherecognitionofrealestaterevenueandevaluatedwhetherrealestaterevenueisrecordedintheappropriateaccountingperiod.(II)ProvisionforinventorydepreciationSeeNotesIII.13andV.5totheFinancialStatementsfordetailsoftherelevantinformationdisclosure.

1.DescriptionsAsofDecember31,2024,thebookbalanceofSZPRD'sdevelopmentcostsanddevelopmentproducts(hereinaftercollectivelyreferredtoas"inventories")wasRMB11.939billion;provisionfordepreciationwasRMB1.255billion;bookvaluewasRMB10.684billion,accountingfor69.86%ofthetotalassets;inventoriesaremeasuredatthecostornetrealizablevalue(whicheverislower).ThemanagementofSZPRD(hereinafterreferredtoasthemanagement)determinesthenetrealizablevalueaccordingtotheamountaftertheestimatedsellingpriceisdeductedbytheestimatedcosttobeincurredatthetimeofcompletion,estimatedsellinganddistributionexpensesand

relatedtaxes.Sincetheamountofinventoriesissignificantandthedeterminationofthenetrealizablevalueofinventoriesinvolvessignificantmanagementjudgment,wehaveidentifiedtheprovisionforinventorydepreciationofSZPRDasoneofthekeyauditmatters.

2.AuditcountermeasuresFortheprovisionforinventorydepreciation,wemainlyperformedthefollowingauditprocedures:

(1)learned,evaluatedandtestedthedesignandoperatingeffectivenessofkeyinternalcontrolrelatedtotheprovisionforinventorydepreciation;

(2)selectedsamples,conductedon-siteobservationontheinventoryitems,andinquiredthemanagementabouttheprogressoftheinventoryitems;

(3)evaluatedthevaluationmethodadoptedbythemanagement,andcomparedthekeyestimatesandassumptionsadoptedinthevaluation,includingthoserelatedtotheestimatedsellingprice,withtheavailablemarketdataandsalesbudget;

(4)obtainedthenetrealizablevaluecalculationtablepreparedbythemanagementandrecalculatetheamountofthenetrealizablevalue;

(5)reviewedtheinventoryimpairmenttestreportissuedbythethird-partyassessmentexperthiredbythemanagementbyusingtheexpertiseoftheinternalassessmentexpertofGrantThorntonZhitongCertifiedPublicAccountantsLLP;

(6)evaluatedtheobjectivity,independenceandprofessionalcompetenceofthird-partyevaluationexpertsandinternalevaluationexpertsofGrantThorntonZhitongCertifiedPublicAccountantsLLP.IV.OtherinformationThemanagementofSZPRDisresponsiblefortheotherinformation.Theotherinformationincludesinformationcoveredinthe2024AnnualReportofSZPRD,butexcludesthefinancialstatementsandourauditreport.Ourauditopiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditoffinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwithfinancialstatementsorourknowledgeobtainedduringtheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementoftheotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.IV.ResponsibilitiesofthemanagementandthosechargedwithgovernanceforfinancialstatementsThemanagementofSZPRDisresponsibleforpreparingthefinancialstatementsinaccordancewiththerequirementsof

AccountingStandardsforBusinessEnterprisestoachieveafairpresentation,andfordesigning,implementingandmaintaininginternalcontrolthatisnecessarytoensurethatthefinancialstatementsarefreefrommaterialmisstatements,whetherduetofraudsorerrors.Inpreparingthefinancialstatements,themanagementisresponsibleforassessingthegoing-concernabilityofSZPRD,disclosingmattersrelatedtogoingconcern(ifapplicable)andapplyingthegoingconcernbasis,unlessthemanagementplanstoliquidateSZPRD,terminateitsoperationsorhasnootherrealisticalternative.ThosechargedwithgovernanceareresponsibleforoverseeingthefinancialreportingprocessofSZPRD.VI.ResponsibilitiesofcertifiedpublicaccountantsfortheauditoffinancialstatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewiththeauditstandardswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorinaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.Wehaveexercisedprofessionaljudgmentandmaintainedprofessionalskepticisminperformingourauditundertheauditingstandards.Atthesametime,wealsoimplementthefollowingwork:

(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.

(2)Understandtheinternalcontrolrelatedtotheaudittodesignappropriateauditprocedures.

(3)Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebythemanagement.

(4)Concludeontheappropriatenessofthegoingconcernbasisadoptedbythemanagement.Atthesametime,basedontheobtainedauditevidence,aconclusionmaybedrawnastowhethertherearesignificantuncertaintiesregardingeventsorcircumstancesthatmaycausesignificantdoubtsaboutSZPRD'sgoing-concernability.Ifweconcludethatamaterialuncertaintyexists,wearerequiredto,inourauditreport,drawattentionoftheusersofstatementstotherelateddisclosuresinthefinancialstatements;ifsuchdisclosuresareinadequate,weshouldmodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditreport.However,futureeventsorcircumstancesmaycauseinabilityofSZPRDtocontinueasagoingconcern.

(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andevaluatewhetherthefinancialstatementsfairlyreflecttherelevanttransactionsandevents.

(6)ObtainsufficientandappropriateauditevidenceregardingthefinancialinformationontheentitiesorbusinessactivitieswithinSZPRDtoformulateopinionsonthefinancialstatements.Weareresponsiblefortheguidance,supervisionandperformanceoftheauditfortheGroup,andremainsolelyresponsibleforourauditopinions.Wecommunicatewiththosechargedwithgovernanceregardingtheplannedscopeandtimingoftheaudit,significantauditfindingsandothermatters,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthisperiodandarethereforethekeyauditmatters.Wedescribethesemattersintheauditreportunlesslawsandregulationsprohibitpublicdisclosureofthesematters,orinextremelyrarecircumstances,ifitisreasonablyexpectedthatthenegativeconsequencesofcommunicatingamatteroutweighthebenefitstothepublicinterestintheauditreport,wedeterminenottodoso.

II.Financialstatements

Theunitinthenotestothefinancialstatementsis:RMB

1.ConsolidatedbalancesheetPreparedby:ShenzhenProperties&ResourcesDevelopment(Group)Ltd.

December31,2024

Unit:RMB

Legalrepresentative:WangHangjunChiefFinanceOfficer:CaiLiliChiefAccountant:CaiKelin

2.Balancesheetoftheparentcompany

Unit:RMB

3.Consolidatedincomestatement

Unit:RMB

Incaseofanybusinesscombinationunderthesamecontrolinthecurrentperiod,thenetprofitrealizedbythecombineebeforethecombinationwasRMB0.00,andthenetprofitrealizedbythecombineeinthepreviousperiodwasRMB0.00.Legalrepresentative:WangHangjunChiefFinanceOfficer:CaiLiliChiefAccountant:CaiKelin

4.Incomestatementoftheparentcompany

Unit:RMB

5.Consolidatedstatementofcashflows

Unit:RMB

6.Thestatementofcashflowsoftheparentcompany

Unit:RMB

7.Consolidatedstatementsofchangesinowners'equity

Thecurrentperiod

Unit:RMB

Amountinpreviousperiod

Unit:RMB