ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE

& PROPERTIES (GROUP) CO., LTD.

ANNUAL REPORT 2024

2025-005

[22 March 2025]

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

ANNUAL REPORT 2024

Part I Important Notes, Table of Contents and DefinitionsThe Board of Directors (or the “Board”), the Supervisory Committee as well asthe directors, supervisors and senior management of Shenzhen SpecialEconomic Zone Real Estate & Properties (Group) Co., Ltd. (hereinafterreferred to as the “Company”) hereby guarantee the factuality, accuracy andcompleteness of the contents of this Report and its summary, and shall be jointlyand severally liable for any misrepresentations, misleading statements ormaterial omissions therein.Tang Xiaoping, the Company’s General Manager, Wang Jianfei, the Company’sChief Financial Officer, and Zhou Hongpu, head of the Company’s financialdepartment (equivalent to financial manager) hereby guarantee that theFinancial Statements carried in this Report are factual, accurate and complete.All the Company’s directors have attended the Board meeting for the review ofthis Report and its summary.Descriptions about the Company’s operating plans or work arrangements forthe future mentioned in this Report and its summary, the implementation ofwhich is subject to various factors, shall NOT be considered as promises toinvestors. Therefore, investors are reminded to exercise caution when makinginvestment decisions.The Company has no final dividend plan, either in the form of cash or stock.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Table of Contents

Part I Important Notes, Table of Contents and Definitions ...... 2

Part II Corporate Information and Key Financial Information ...... 6

Part III Management Discussion and Analysis ...... 10

Part IV Corporate Governance ...... 32

Part V Environmental and Social Responsibility ...... 51

Part VI Significant Events ...... 52

Part VII Share Changes and Shareholder Information ...... 61

Part VIII Preference Shares ...... 68

Part IX Bonds ...... 68

Part X Financial Statements ...... 69

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Documents Available for Reference

1. The financial statements with the personal signatures and stamps of the Company’s general manager, Chief Financial Officer andhead of the financial department;

2. The original of the Auditor’s Report with the stamp of the CPA firm, as well as the personal signatures and stamps of the CPAs;

3. The originals of all the documents and announcements disclosed by the Company on Securities Times, China Securities Journaland Ta Kung Pao during the Reporting Period.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Definitions

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Part II Corporate Information and Key Financial Information

I Corporate Information

II Contact Information

III Media for Information Disclosure and Place where this Report Is Lodged

IV Change to Company Registered Information

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Investment Holdings Co., Ltd.

Investment Holdings Co., Ltd.

V Other InformationThe independent audit firm hired by the Company:

The independent sponsor hired by the Company to exercise constant supervision over the Company in the Reporting Period:

□ Applicable ?Not applicable

The independent financial advisor hired by the Company to exercise constant supervision over the Company in the Reporting Period:

□ Applicable ?Not applicable

VI Key Financial InformationIndicate by tick mark whether there is any retrospectively restated datum in the table below.

□ Yes ?No

Indicate by tick mark whether the lower of the net profit attributable to the listed company’s shareholders before and afterexceptional gains and losses was negative for the last three accounting years, and the latest independent auditor’s report indicated thatthere was uncertainty about the Company’s ability to continue as a going concern.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

□ Yes ?No

Indicate by tick mark whether the lower of the net profit attributable to the listed company’s shareholders before and afterexceptional gains and losses was negative.?Yes □ No

VII Accounting Data Differences under China’s Accounting Standards for BusinessEnterprises (CAS) and International Financial Reporting Standards (IFRS) and ForeignAccounting Standards

1. Net Profit and Equity under CAS and IFRS

□ Applicable ?Not applicable

There was no difference of the net profits and the net assets that were disclosed in the financial statement under the IFRSs with thoseunder the PRC GAAP during the Reporting Period.

2. Net Profit and Equity under CAS and Foreign Accounting Standards

□ Applicable ?Not applicable

No difference for the Reporting Period.VIII Key Financial Information by Quarter

Unit: RMB

Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs materially from whathave been disclosed in the Company’s quarterly or interim reports.

□ Yes ?No

IX Exceptional Gains and Losses

?Applicable □ Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Unit: RMB

Details of other gains and losses that meet the definition of exceptional gain/loss:

□ Applicable ?Not applicable

No such cases for the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:

?Applicable □ Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Part III Management Discussion and Analysis

I Industry Overview for the Reporting PeriodThe Company is subject to the information disclosure requirements for the real estate industry in the Disciplinary and RegulatoryGuideline No. 3 of the Shenzhen Stock Exchange for Listed Companies—Industry-specific Information Disclosure.During the reporting period, the adverse impact brought by changes in the external environment continued todeepen. In response to multiple difficulties and challenges, China has taken proactive and effective measures tostrengthen the implementation of existing policies and optimize macro-control measures in a timely manner In2024, China’s overall economic performance was stable and making progress while maintaining stability. Themain goals and tasks of economic and social development for the whole year were successfully completed,high-quality development was promoted solidly, and the new productive force developed steadily. From theprospective of industry, the national new housing market has continued to adjust as a whole. Driven by the"price-for-volume" approach, the pre-owned home market has maintained a certain scale of transactions, but theoverall slow recovery momentum of market also poses many challenges.II Principal Activity of the Company in the Reporting PeriodThe Company is subject to the information disclosure requirements for the real estate industry in the Disciplinary and RegulatoryGuideline No. 3 of the Shenzhen Stock Exchange for Listed Companies—Industry-specific Information Disclosure.The Company is specialised in residential real estate development, with on-sale projects mainly distributed inShenzhen, Huizhou, and Shantou. These include Cuilinyuan and Guangmingli in Shenzhen, Linxinyuan close toShenzhen in Huizhou, and Tianyuewan in Shantou. The project under construction is Linxinyuan.New additions to the land bank:

Cumulative land bank:

Development status of major projects:

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

st

Sales status of major projects:

Rental status of major projects:

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Primary land development:

□ Applicable ?Not applicable

Financing channels:

Development strategy and operating plan for the coming year:

Provision of guarantees for homebuyers on bank mortgages:

?Applicable □ Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Subtotal

Joint investments by directors, supervisors and senior management and the listed company (applicable for such investments wherethe directors, supervisors and senior management are the major source of investment):

?Applicable □ Not applicable

III Core Competitiveness Analysis

As the earliest real estate developer founded in the Shenzhen Special Economic Zone, the Company helped buildthe early city, and has created a number of "first places" in the history of real estate development in China. Forexample, the first to use the paid state-owned land, the first to introduce the foreign investment for the cooperativeland development, the first to raise development funds by means of pre-sale of buildings, the first to carry outpublic bidding for construction projects in accordance with international practices, the first to set up a propertymanagement company to the buildings and residences developed in an all-rounded manner, as well as winning thebid in the new China’s first auction of land use rights held in the Shenzhen Special Economic Zone.After more than 40 years of development, the Company has grown into a business group with real estatedevelopment and operation as its main business, integrating engineering and construction, project supervision,asset management and other diversified operations. It has paid great efforts to the establishment of a modernenterprise HR management system and works hard in building a professional and high-quality development team.It also keeps improving the management mechanism and processes for project development. As a result, itsplanning, construction, cost control, sales ability and brand image have been effectively improved. Moreimportantly, its main business operation ability and core competitiveness have been greatly enhanced.During the reporting period, the Company successively won the titles of "Star Enterprise for High-QualityDevelopment in Luohu District" and "2024 Brand Value Enterprise of Shenzhen Real Estate DevelopmentIndustry", and was listed in the "Top 20 Bay Area Listed Companies for Green Governance 2024". TheGuangmingli project won honors such as "Excellent Site for Safety Production and Civilized Construction inShenzhen" and "Demonstration Site for Safety and Civilized Construction in Guangming District".IV Core Business Analysis

1. Overview

In 2024, facing an increasingly complex external environment and challenging reform and development tasks, theCompany's Board of Directors earnestly implemented the decisions and deployments of the State-owned AssetsSupervision of Shenzhen Municipality and Shenzhen Investment Holdings Co., Ltd. All employees united as one,maintaining determination and striving forward, resulting in certain achievements across various areas of work.i. Achieving good performance in the core business with targeted and joint efforts. The Guangmingli projectstrictly controlled the progress of key points, ensured safety and quality. With a focus on customer needs, the

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

project was continuously optimized from the perspectives of green construction and landscape. As a result, theresidential properties were sold out on the opening day and were delivered ahead of schedule. Additionally,existing projects such as Cuilinyuan and Tianyuewan achieved 108 new sales. The Group's leasing businesscompleted 106.4% of its annual target.ii. Achieving positive results in risk prevention and resolution by securing the baseline and concentratingon tackling tough issues. The series of litigation cases concerning Linxinyuan made breakthroughs, effectivelysafeguarding the Company's legitimate rights and interests. Throughout the year, a total of 97 safety productioninspections were conducted, with all identified hazards rectified and closed out in strict accordance withestablished processes and standards. During the reporting period, no major petition or public opinion incidentsoccurred within the Group, creating a harmonious and stable environment for enterprise development.iii. Focusing on goals and expanding initiatives to deliver encouraging results in potential tapping andgrowth expansion. Petrel Hotel has achieved annul predetermined objectives in revenue and profits, whileHuazhan Construction Supervision successfully turned losses into profits. Zhentong Engineering met its annualrevenue objectives, and the Shantou branch completed the tax refund for the Jinyedao project. During thereporting period, the Company efficiently use storage resources, completed the transformation and upgrade of theShantou Zhongshan Eastern Market. Properties such as Jinyedao and Haitiange, as well as Shenzhen JinghuaOptoelectronic Device Factory, have been listed for sale on the stock exchange. A new round of U.S. land saleefforts was restarted. The disposal work of "two non two assets" progressed smoothly, and the deregistration ofFresh Peak Real Estate Company was completed.(IV) Strengthening foundations and focusing control to achieve significant improvements in capabilities.The Company has revised the governance systems including the Articles of Association and Rules of Proceduresfor the General Meeting of Shareholders, formulated the "Three Majors and One Large" decision-makingmanagement method, and deepened the development of the compliance system. The ESG report has achievedregular disclosure, which effectively enhances the Company's governance capabilities. The Company enhanced itsfull-chain talent management mechanism of "Attracting, Cultivating, Employing, Retaining" talent. It completedoptimization of organizational structure and fixed-position establishment for affiliated enterprises, andcontinuously improved human resource management levels. It completed the preparation of the Real EstateDevelopment Manual (Trial), and is working to promote the establishment of the "Good House" informationdatabase, the Group's historical real estate database, resulting in a steady improvement in professional capabilities.(V) Raising awareness and focusing on planning to promote continuous exploration and promotion offuture development. The Company always maintains a high level of attention to the listing regulatory rules andcapital market policy dynamics. It actively strengthens communication with controlling shareholders, capitalplatforms within the system, and professional intermediary institutions. By striving to expand high-quality projectresources with feasibility and high potential, the Company focuses on planning, and steadily advances the futuresustainable development of the enterprise, with an aim of seizing opportunities in a complex and changeablemarket environment.vi. The guiding and orienting role is more prominent with party building as guidance and integrated efforts.The Company adheres to high-quality party building to lead enterprise development. Over the year, it held 34party committee meetings, in which 180 major matters were reviewed and pre-studied, effectively playing theleadership role of "guiding the direction, controlling the overall situation, and ensuring implementations". TheCompany promoted a two-way integration of party building and business development, collaborating with localstreets, communities, and the Luohu District Bureau of Commerce to explore new models for integrating partybuilding with business operations. Furthermore, it deepened the comprehensive strict governance of the party,carried out in-depth study and education on party discipline, and created a fair, just and upright environment forentrepreneurship and innovation.

2. Revenue and Cost Analysis

(1) Breakdown of Operating Revenue

Unit: RMB

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

(%)

(2) Operating Division, Product Category or Operating Segment Contributing over 10% of Operating Revenue or OperatingProfit?Applicable □ Not applicable

Unit: RMB

Core business data of the prior year restated according to the changed statistical caliber for the Reporting Period:

□ Applicable ?Not applicable

(3) Whether Revenue from Physical Sales Is Higher than Service Revenue

?Yes □ No

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Operating division

Any over 30% YoY movements in the data above and why:

?Applicable □ Not applicableCompared to 2023, there have been new increases and breakthroughs in real estate development, sales, and investment.

(4) Execution Progress of major signed sales or purchase contracts in the Reporting Period

□ Applicable ?Not applicable

(5) Breakdown of Cost of Sales

Operating division

Unit: RMB

NoteThe sales volume increased by 58.39% year-on-year, mainly due to the increase in real estate sales; affected by the market, theconstruction workload decreased year-on-year.

(6) Changes in the scope of consolidated financial statements for the Reporting Period

?Yes □ NoFor details on changes in the scope of consolidation during the reporting period, please see "VI Changes in the Scope ofConsolidation" of "Part X Financial Statements"

(7) Major changes to the business scope or product or service range in the Reporting Period

□ Applicable ?Not applicable

(8) Major Customers and Suppliers

Major customers:

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

total sales of the Reporting Period (%)

total sales of the Reporting Period (%)

Information about top five customers:

Other information about major customers:

□ Applicable ?Not applicable

Major suppliers:

Information about top five suppliers:

Other information about major suppliers:

□ Applicable ?Not applicable

3. Expense

Unit: RMB

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

4. R&D Investments

□ Applicable ?Not applicable

5. Cash Flows

Unit: RMB

Explanation of why any of the data above varies significantly:

?Applicable □ Not applicableCash inflow from operating activities decreased year-on-year mainly driven by property sales.Cash used in operating activities decreased year on year primarily driven by the decreased development and construction of realestate projects.Net cash flow from investing activities increased year-on-year mainly driven by decreased purchase of financial products.Cash inflow from financing activities decreased year-on-year mainly driven by decreased new bank borrowing raised this period.Cash outflow from financing activities increased year-on-year mainly driven by repaying bank borrowings in this period.Reason for any big difference between the net operating cash flow and the net profit for this Reporting Period?Applicable □ Not applicableThere is a big difference between the net operating cash flow and the net profit for the year, primarily due to the long time spanbetween property development, sales and revenue recognition.V Analysis of Non-Core Businesses

□ Applicable ?Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

VI Analysis of Assets and Liabilities

1. Significant Changes in Asset Composition

Unit: RMB

Indicate whether overseas assets account for a high proportion of total assets.

□ Applicable ?Not applicable

2. Assets and Liabilities at Fair Value

?Applicable □ Not applicable

Unit: RMB

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

amount

Other changeSignificant changes to the measurement attributes of the major assets in the Reporting Period:

□ Yes ?No

3. Restricted Asset Rights as at the Period-End

VII Investments Made

1. Total Investment Amount

?Applicable □ Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Total investment amount in theReporting Period (RMB)

2. Significant equity investments made in the Reporting Period

□ Applicable ?Not applicable

3. Major non-equity investments ongoing in the Reporting Period

□ Applicable ?Not applicable

4. Financial investments

(1) Securities investments

□ Applicable ?Not applicable

No such cases in the Reporting Period.

(2) Investments in derivative financial instruments

□ Applicable ?Not applicable

No such cases in the Reporting Period.

5. Use of funds raised

□ Applicable ?Not applicable

No such cases in the Reporting Period.

VIII Sale of Major Assets and Equity Interests

1. Sale of major assets

□ Applicable ?Not applicable

No such cases in the Reporting Period.

2. Sale of major equity interests

□ Applicable ?Not applicable

IX Principal Subsidiaries and Joint Stock Companies

?Applicable □ Not applicablePrincipal subsidiaries and joint stock companies with an over 10% effect on the Company’s net profit:

Unit: RMB

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

IndustrialCo., Ltd.

Subsidiaries obtained or disposed in the Reporting Period:

?Applicable □ Not applicable

Information about major majority- and minority-owned subsidiaries:

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

1. In May 2021, the Company acquired 51% equity interest in Guangdong Jianbang Group (Huiyang) Industrial Co., Ltd. through thepayment of consideration of RMB450 million. This project company will develop the Lin Xinyuan project, with a total site area of200,000 square meters, and a total capacity building area of 0.4 million square meters, which will be developed in four phases. TheGroup has control over the project company, which will be included in the scope of consolidation in May 2021. As of 30 June 2024,eight residential buildings of Phase I have been capped, the basement of Phase II is completed, the development of Phases III and IVare to be initiated, and construction permit has not been granted for the school. There were no sales in 2024.

2. In October 2021, the Company won the bid for a land plot in Guangming District and established the project company ShenzhenSPG Chuanqi Real Estate Development Co., Ltd. to be responsible for the development and construction of the land. In November2024, the Company completed the acceptance of the construction project, with a cumulative sales rate of 99% for residentialbuildings. The carryover revenue reached RMB97.88 million, accounting for 60.22% revenue from the Group's real estate sector and

24.05% of the Group's operating income.

3. The subordinate subsidiaries engaged in real estate development also include: Shenzhen SPG Longgang Development Co., Ltd.,Shantou SEZ, Wellam FTY, Building Development, Co., Ltd., and Shantou Huafeng Real Estate Development Co., Ltd. TheCuilinyuan project developed by Shenzhen SPG Longgang Development Co., Ltd. recorded a RMB21.66 million in 2024. Jinyedaoand YuejingDongfang developed by Shantou SEZ, Wellam FTY, Building Development, Co., Ltd. left a few amount ofremainingbuildings for sale. And Shantou Huafeng Company was responsible for the development of the Tianyuewan project (divided intoPhases I and Phase II). Tianyuewan Phase I was open for sale in October 2016 and completed in December 2019. The Phase IIstarted construction in November 2018 and was completed at the end of June 2021. As of 31 December 2024, the accumulated salesrate for Tianyuewan Phase I was 74.96%, and for Phase II, it was 29.84%.

4. Shenzhen Zhentong Engineering Co., Ltd. was engaged in the business of building installation and maintenance, with operatingrevenues of RMB200.72 million in 2024, accounting for 49.31% of the Group's total operating revenue.The net profit of Xin Feng Enterprise Co., Ltd. was of RMB-2,222,500 in 2024, which mainly due to the depreciation andamortization of investment property.X Structured bodies controlled by the Company

□ Applicable ?Not applicable

XI Prospects

(I) Industry pattern and trendsCurrently, with the continuous release of policy effectiveness and the market self-recovery, the real estate marketis showing a trend of differentiation, where the core cities and economically developed regions are expected tolead the recovery momentum. As the market resources are continuously gathering towards advantageousenterprises, and the integration of the industry chain is accelerating, the real estate industry is presented with newopportunities and challenges.(II) Possible risks and countermeasures

1. Macroeconomic risks and countermeasures

Currently, the adverse effects of changes in the external environment are deepening, posing many difficulties andchallenges to China's economic operation. However, the fundamentals of China's economy remain stable, withmany advantages, strong resilience, and significant potential, and the long-term supportive conditions and basictrends for improvement have not changed. The real estate industry has a greater correlation with themacroeconomy and is more influenced by the macroeconomic cycle. The Company will continue paying closeattention to the international and domestic macroeconomic situations and proactively adjust its operationstrategies.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

2. Industry development risks and countermeasures

At present, as existing policies continue to take effect, incremental policies are effectively implemented, andpolicy combination effects are continuously released, the real estate market is expected to stop declining andstabilize. But in the near future, the real estate industry still faces multiple risks and potential hazards, and themarket competition landscape is also presenting a new scenario. The Company will closely monitor industrypolicies, align with national strategic directions, continuously optimize business development paths, and activelyexplore new operating models to better adapt to changes in the external environment.

3. Business operating risks and countermeasures

In the context of increasingly fierce competition in the real estate market, the Company currently lacks sufficientreserve of development land resources, and new business expansions have not yet achieved substantive results, allof which put pressure on business development. The Company will closely monitor market dynamics and industrypolicy trends and strive to promote project construction and real estate sales. It will formulate the land expansionplans in a targeted manner and strive to improve the quality and efficiency of existing assets. When solidifying thefoundations of its main business, the Company also actively seeks innovative models and paths that align with itsown development reality, in order to flexibly respond to market challenges and explore broader developmentspace.(III) Development strategy and operating planIn 2025, the guiding ideology for SPG is: Guided by Xi Jinping Thought on Socialism with ChineseCharacteristics for a New Era, we will thoroughly implement the guidelines of 20th National Congress of theCommunist Party of China, the Second and Third Plenary Sessions of the 20th CPC Central Committee, theCentral Economic Work Conference, and the important speeches of General Secretary Xi Jinping's importantspeeches. In accordance with the decisions and deployments of the Municipal Party Committee and MunicipalGovernment, the State-owned Assets Supervision and Administration Commission, and SIHC's decision-makingplans, we will adhere to the principles of seeking progress while maintaining stability and sustainabledevelopment. With Party building as the lead, we will adopt a holistic approach, deepen implementation,continuously improve the quality and investment value of listed companies, and strive to achieve better results incorporate stability and reform and development work.

1. Make every effort to promote operations. First, the Company will deepen its main business operations,focusing on the reduction of existing inventory to solidify the foundation for stable development; second, it willprioritize project construction to create high-quality projects that provide strong support for enterprisedevelopment; third, the focus will be on asset management to comprehensively improve service quality andefficiency, creating more value growth points; fourth, it will strengthen the operation of affiliated enterprises,stimulate their inherent potential and market competitiveness, thereby gathering a powerful synergy for enterprisedevelopment.

2. Persevere in seeking development. First, the Company will strengthen strategic guidance by maintaining closecommunication with the controlling shareholder and timely initiating the preparation of the "15th Five-Year Plan"strategy. This will help identify the core battlefield for future development and guide the in-depth progress ofcorporate reforms. Second, it will explore new paths for future development. That means the Company will seizehigh-quality investment opportunities, and expand a new frontier for enterprise development with a focus on themajor topics outlined by the State-owned Assets Supervision and Administration Commission for the "15thFive-Year" period and the strategic direction of SIHC.

3. Activate the internal vitality. First, the Company will solidify the management foundation and focus onmaking the Company's operation more standardized. It will continuously improve the internal control system,strengthen the precision and efficiency of fund management, accelerate the construction process of the Group'sinformation systems, so as to lay a solid foundation for the stable development of the Company. Second, theCompany will improve management efficiency, optimize the assessment and incentive system, build a lean andefficient team, promote the Group's move towards refined management operations, and inject strong driving forceinto the Group's development.

4. Persist in safeguarding safety over time. First, the Company will focus on mitigating project risks,continuously promote the execution of judgments in the series of lawsuits related to Linxinyuan project, closelymonitor policy trends, and promptly take measures to revitalize assets; second, it will focus on preventing safety

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

risks, comprehensively improve the quality of safety management, improve the safety management system, striveto achieve zero record of safety production responsibility accidents throughout the year; third, it will focus oncontrolling operational risks, prudently advance the reduction of existing real estate inventory, and accelerate theclearance of zombie enterprises.

5. Strengthen the party building unshakably. First, the Company will strengthen the education andmanagement of teams of CPC members, and implement strict requirements; second, it will promote in-depthintegration of party building and business, and enhance the brand effect of "one enterprise, one product" in partybuilding; third, it will maintain a high-pressure stance on discipline and integrity, striving to create a clean andpositive working atmosphere.XII Communications with the Investment Community such as Researches, Inquiries andInterviews during the Reporting Period

?Applicable □ Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

any

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

any

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

12 July 2024

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

September 23 2024

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

November 15, 2024

XIII The Formulation and Implementation of the Market Value Management System andValuation Improvement PlanHas the Company established a market value management system?

□ Yes ?No

Has the Company disclosed a valuation improvement plan?

□ Yes ?No

XIV Implementation of the Action Plan for "Dual Enhancement of Quality and Profitability"

Has the Company disclosed its Action Plan for "Dual Enhancement of Quality and Profitability"?

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

□ Yes ?No

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Part IV Corporate Governance

I Basic Situation of Corporate GovernanceIn accordance with the requirements of the Company Law, the Securities Law, the Code on the Governance ofListed Companies and other laws and regulations, the Company has been improving its governance structurecontinuously, adhering to standardized operation, and an operational mechanism featuring decision-making by theboard of directors, execution by the management team, and supervision by the board of supervisors has beenformed.During the reporting period, the Company's governance institutions at all levels have carried out theirresponsibilities and authorities clearly and definitely and have performed their own functions. At the same time,they have checked and balanced each other in decision-making, implementation and supervision effectively, andhave operated in a coordinated manner.(I) Operation of the general meeting of shareholdersThe preparation, holding of the annual and extraordinary general meetings of shareholders of the Company aswell as disclosure of the resolutions made at the meetings have been carried out in strict accordance with theCompany Law, the Rules of the General Meeting of Shareholders of Listed Companies of China SecuritiesRegulatory Commission (CSRC), the Articles of Association and the Rules of Procedure of the General Meeting ofShareholders of the Company. The notification time of the meeting, the procedure of authorization, the procedureof convening, the convener, the qualification of the personnel attending the meeting and the voting procedure ofthe meeting have all been in line with relevant provisions. An on-site interaction for shareholders has been set atthe shareholders' meeting to ensure that the shareholders, especially the small and medium-sized shareholders, canexercise their legitimate rights.(II) Operation of the board of directorsThe preparation and holding of the board meeting of the Company and the disclosure of the resolution made at themeeting have been carried out in strict accordance with the Company Law, the Self-regulation Guidelines forListed Companies of Shenzhen Stock Exchange No. 1-Standardized Operation of Listed Companies on the MainBoard, the Articles of Association and the Rules of Procedure of the Board Meeting of the Company. The numberand manning of the board of directors have met the requirements of laws and regulations. The directors haveworked diligently and responsibly, and the board of directors has worked hard in making decisions and setting thedirection for the Company, and has exercised its power in accordance with the requirements for corporategovernance.(III) Operation of the supervisory committeeThe number and manning of the board of supervisors have met the requirements of laws and regulations. Allmembers of the board of supervisors of the Company have performed their duties diligently and conscientiously.They have supervised and inspected the important matters of the Company in strict accordance with the CompanyLaw, the Self-regulation Guidelines for Listed Companies of Shenzhen Stock Exchange No. 1-StandardizedOperation of Listed Companies on the Main Board, the Articles of Association and the Rules of Procedure of theBoard of Supervisors of the Company, exercised the power of supervision effectively, gave a full play to the

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

supervisory function, have played a substantial role in the operation and management of the Company, and haveprotected the legitimate rights and interests of the Company and the shareholders.(IV) Operation at manager levelThe manager level of the Company has performed its duties in strict accordance with the Company Law, theSelf-regulation Guidelines for Listed Companies of Shenzhen Stock Exchange No. 1-Standardized Operation ofListed Companies on the Main Board, the Articles of Association and the Detailed Working Rules for the GeneralManager of the Company. The manager level is responsible for the production, operation and management of theCompany all-roundly. They have performed their duties diligently and conscientiously, and have carried out thedecisions of the board of directors effectively. The members at the manager level have had a clear division oflabour among them, they have worked diligently and conscientiously, and there has not existed any situation of"control under insiders ".Indicate by tick market whether there is any material incompliance with laws, administrative regulations and regulations governingthe governance of listed companies issued by the CSRC.

□ Yes ?No

No such cases in the Reporting Period.

II The Company’s Independence from Its Controlling Shareholder and Actual Controller inBusiness, Personnel, Asset, Organization and Financial Affairs(I) In respect of assets, the Company possessed independent and integrated assets and the property of theCompany is transparent.(II) In respect of personnel, the Company was absolutely independent in management of labour, personnel andsalaries from the controlling shareholders. All the senior executives of the Company took no office titleconcurrently and drew no remunerations from the Shareholder Company.(III) In respect of finance, the Company has independent financial department, independently accounted and paidtaxes according to the law. The Company established a complete accounting system, financial accounting systemand financial administrative systems. The Company opened independent bank accounts.(IV) In respect of organization, the Board of Directors and the Supervisory Board operated independently. Thereexisted no superior-inferior relationship between the controlling shareholder and its function department and theCompany.(V) In respect of business, the Company possessed independent production, supply and sales system.III Horizontal Competition?Applicable □ Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Development(Group) Ltd.(referred to asShenzhenPropertyManagement)are subsidiariescontrolled byShenzhenInvestmentHoldings Co.,Ltd. Both theCompany andShenzhenPropertyManagementare engaged inreal estatedevelopmentand commercialhousing sales,which belong tothe sameindustry andthus have asituation ofhorizontalcompetition.

IV Annual and Extraordinary General Meeting Convened during the Reporting Period

1. General Meetings Convened during the Reporting Period

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Shareholders in 2024(Announcement No.:

2024-005).

2. Extraordinary General Meeting Convened at Request of Preference Shareholders with Resumed VotingRights

□ Applicable ?Not applicable

V Directors, Supervisors and Senior Management

1. Basic Information

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

WangJianfei

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Lin Jun

Indicate by tick mark whether any directors or supervisors left or any senior management were disengaged during the ReportingPeriod?Yes □ No

1. Mr. Sun Minghui will no longer serve as a director of the Company due to changes in work, nor will he holdany other positions in the Company. For specific details, please refer to the Announcement on Resolutions of theSecond Extraordinary General Meeting of Shareholders in 2024 disclosed by the Company on 24 August 2024(Announcement No.: 2024-027).

2. Mr. Kang Xiaoyue will no longer serve as Independent Director of the Company upon completing sixconsecutive years of service, nor will he hold any other positions in the Company. For specific details, please referto the Announcement on Resolutions at 2023 Annual General Meeting disclosed by the Company on 18 May 2024(Announcement No.: 2024-020).

3. Ms. Lin Jun will no longer serve as Employee Supervisor of the Company due to retirement, nor will she holdany other positions in the Company. For specific details, please refer to the Announcement on the Change ofEmployee Supervisor of the Eighth Board of Supervisors disclosed by the Company on 18 May 2024(Announcement No.: 2024-019).Change of Directors, Supervisors and Senior Management?Applicable □ Not applicable

2. Biographical Information

Professional backgrounds, major work experience and current duties in the Company of the incumbent directors, supervisors andsenior management:

Tang Xiaoping: He once acted as Chief Financial Officer and head of the Financial Department of ShenzhenGreat Wall Runda Asset Management Co., Ltd., head of Financial Operation Management Department ofShenzhen External Service Group Co., Ltd. and Executive Director of Shenzhen Foreign Affairs Service Center,Manager, Deputy General Manager, Board Secretary, and Deputy Secretary of the Party Committee of theCompany's Budget and Finance Department; currently serves as the Company's Secretary of the CPC Committee,Chairman, and General Manager.Qian Zhong: He once acted as the Director of the Board of Directors Office (Strategy Research Office), Memberof the Discipline Inspection Committee, and the Head of the Operation Management Department of ShenzhenProperties & Resources Development (Group) Ltd.; currently serving as the Deputy Secretary of the CPC,Director, and Chairman of the Trade Union Confederation of the Company.Wang Jianfei: He once acted as the Head of the Financial Management Department of Shenzhen ConstructionDevelopment (Group) Company, Deputy General Manager of Hubei Shentou Control Investment DevelopmentCo., Ltd.; currently serving as Director, Chief Financial Officer, and Member of the Party Committee of the

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Company, and Director and Chief Financial Officer of Shenzhen General Institute of Architectural Design andResearch Co., Ltd.Zhang Manhua: He once acted the Head of the Investment Department of Century Science & TechnologyInvestment Corporation, Deputy Head of the Strategy Development Department and Deputy Head of the CapitalOperation Department of Shenzhen Investment Holdings Co., Ltd.; currently serving as Head of the Legal andRisk Management Department of Shenzhen Investment Holdings Co., Ltd., Deputy Secretary of the PartyCommittee, Director, and General Manager of Shenzhen Bay Technology Development Co., Ltd., and Director ofthe Company.Li Wenkun: Previously, a Deputy General Manager of Shenzhen Toukong Property Management Co., Ltd., aDirector, a Deputy Secretary of the Party Committee, and the Secretary of the Discipline Inspection Commissionof Shenzhen Shentou Environmental Protection Technology Co., Ltd., and a Director, and a Deputy Secretary ofthe Party Committee of Shenzhen Environmental Protection Technology Group Co., Ltd. (original name wasShenzhen Shentou Environmental Protection Technology Co., Ltd.); currently, a Director of Shenzhen WaterPlanning and Design Institute Co., Ltd., and a Director of the Company.Meng Fei: He previously worked at Shenzhen Tianhong Shopping Mall Co., Ltd. and Shenzhen Press Group, andserved as a Senior Manager in the Financial Department of Shenzhen Investment Holdings Co., Ltd.; currentlyserving as Deputy Head of the Financial Department (Settlement Center) of Shenzhen Investment Holdings Co.,Ltd. and Director of the Company.He Zuowen: he once worked as Associate Professor of Accounting at Changsha University of Science &Technology (formerly Changsha Electric Power Institute), Partner at Shenzhen Huapeng Accounting Firm, Headof the Shenzhen branch of Beijing Zhongtian Huazheng Certified Public Accountants (now Da Hua CertifiedPublic Accountants LLP), Partner at Lixin Accounting Firm; currently serving as Partner, Member of the PartnerManagement Committee, and Secretary of the Party Branch of Zhengdan Zhiyuan (Shenzhen) Certified PublicAccountants (Special General Partnership), Chairman of Shenzhen Tianye Taxation Firm Co., Ltd., andIndependent Director of Shenzhen Ruijie Technology Co., Ltd. and the Company. Major social positions include:

Off-campus Master's Tutor at Shenzhen University, Member of the Shenzhen Institute of Certified PublicAccountants Industry Committee of the Communist Party of China, Expert in Expert Database of ShenzhenState-owned Assets Supervision and Administration Commission, Shenzhen Development and ReformCommission, Shenzhen Science and Technology Innovation Commission, Shenzhen Radio and Television Culture,Tourism and Sports Bureau, and Shenzhen United Property And Share Rights Exchanged.Xuemin Mi: he once worked as a lecturer and associate professor at Shenzhen University, holds a PhD inManagement from Xiamen University, a postdoctoral fellowship in Applied Economics from Xiamen University,and was a visiting scholar at the University of Exeter's Department of Accounting in the UK. He is currently aprofessor and doctoral supervisor at Shenzhen University, as well as the Deputy Director of the Risk ResearchCenter of Shenzhen University. He also serves as an independent director at Shenzhen Farben InformationTechnology Co., Ltd., OFILM Group Co., Ltd., and the Company.Haifeng Liu: he once served as a partner at Guangdong Xintong Law Firm; currently a primary partner atGuangdong Hancheng Law Firm and an independent director at Shenzhen CEREALS HOLDINGS Co., Ltd., CRTrust, and the Company.Jiangtao Wang: he once worked as the Executive Deputy General Manager and Party Branch Secretary ofShenzhen Foreign Economic and Trade Investment Company, Director, Secretary of the Discipline InspectionCommission and Party Commission, and Chairman of the Supervisory Board of Shenzhen General Institute ofArchitectural Design and Research Co., Ltd.; currently serves as the Secretary of the Discipline InspectionCommission, Chairman of the Supervisory Board, and a member of the Party Committee of the Company.Li Yufei: she ever worked as the Assistant to the Manager of the Investment Department and Assistant to theManager & Vice Manager of Assets Management Centre as well as the Senior Management Staff of EnterpriseDepartment I and Enterprise Department II (Journal Center) in Shenzhen Investment Holdings Co., Ltd. Now, sheserves as the deputy director of Discipline Inspection Office in Shenzhen Investment Holdings Co., Ltd. and thesupervisor of the Company.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Junfeng Wei: he once worked as the Deputy Head of the Strategy Research Department (Board of DirectorsOffice) at Shenzhen Investment Holdings Co., Ltd.; currently serves as the Deputy Party Secretary and Director ofShenzhen Textile (Holdings) Co., Ltd., and is a supervisor at the Company.Haiyan Lu: he once worked as the Deputy Head of the Finance Department and the Strategy DevelopmentDepartment (Board of Directors Office) of Shenzhen Foreign Service Group Co., Ltd.; currently a supervisor andthe Deputy Head of the Audit Department (in charge) of the Company.Fangming Xu: he once worked as the Contract Manager of the Cost Control Department of the Company;currently a supervisor and the Deputy Head of Disciplinary Inspection & Supervision Office (Board ofSupervisors Office) (in charge of comprehensive work) of the Company.Hongwei Zhang: he once worked as the General Manager of Shenzhen Urban Construction InvestmentDevelopment Co., Ltd. and Hefei Ruifa Urban Construction Investment and Development Co., Ltd., and Managerof the Development Department, Sales Department, Project Department II, and Engineering ManagementDepartment of this Company; currently the Deputy General Manager and a member of the Party Committee ofthis Company, Chairman of Jianbang Company, and General Manager of Longgang Development Company.Huang Weijun: Once served as a member of the Party Committee, Secretary of the Committee for DisciplineInspection and Deputy GM of Shenzhen Guangming Group Co., Ltd., a member of the Party Committee,Secretary of the Committee for Discipline Inspection and Deputy GM of Shenzhen OCT Vision Inc. (concurrentlyas an executive director of Shenzhen OCT International Media Performing Co., Ltd.), and now serving as theDeputy GM, member of the CPC of the Company.Wu Zhiyong: Once served as the Chairman and GM of Shenzhen Petrel Hotel Co., Ltd. and Deputy Manager ofProperty Management Department and Asset Operation Center of the Company, and now serving as the DeputyGM, member of the CPC of the Company of the Company.Luo Yi: He was once the Vice GM, Deputy Director of Board Secretariat and Securities Representative in theShantou branch of the Company. And he now serves as the Board Secretary and Director of the Board Secretariatin the Company.Offices held concurrently in shareholding entities:

?Applicable □ Not applicable

Offices held concurrently in other entities:

?Applicable □ Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Manhua

Punishments imposed in the recent three years by the securities regulator on the incumbent directors, supervisors and seniormanagement as well as those who left in the Reporting Period:

□ Applicable ?Not applicable

3. Remuneration of Directors, Supervisors and Senior Management

Decision-making procedure, determination basis and actual payments of remuneration for directors, supervisors and seniormanagement:

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

The remuneration of the Company's directors, supervisors and senior managers shall be determined andimplemented in accordance with the regulations of the Company's remuneration management system.After the review and approval at the 2022 Annual General Meeting of Shareholders held on 28 April 2023, theallowance for independent directors has been adjusted to RMB10,000 (pre-tax) per person per month fromRMB7000 (pre-tax) per person per month since May 2023, and independent directors will not receive anyremuneration other than it from the Company.Remuneration of directors, supervisors and senior management for the Reporting Period

Unit: RMB’0,000

Other notes? Applicable ?Not applicable

1. The remuneration data of directors, supervisors and senior management disclosed by the Company is the monthly salaries of thecurrent year + the performance bonus for the previous year paid in the current year.

2. Qian Zhong, Deputy Secretary of the Party Committee and Director, took office in July 2023 and was transferred from an externalunit. In 2023, only monthly salaries were paid by the Company. In 2024, in addition to monthly salaries, the performance bonus for

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

2023 was also paid.

VI Performance of Duty by Directors in the Reporting Period

1. Board Meeting Convened during the Reporting Period

2. Attendance of Directors at Board Meetings and General Meetings

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Mi Xuming

Why any independent director failed to attend two consecutive board meetings:

Not applicable

3. Objections Raised by Directors on Matters of the Company

Indicate by tick mark whether any directors raised any objections on any matter of the Company.

□ Yes ?No

No such cases in the Reporting Period.

4. Other Information about the Performance of Duty by Directors

Indicate by tick mark whether any suggestions from directors were adopted by the Company.?Yes □ NoSuggestions from directors adopted or not adopted by the Company:

During the Reporting Period, all directors of the Company performed their duties diligently and conscientiously.They thoroughly mastered the Company’s production and operation, internal control, and standardized operation,and put forward relevant opinions on the Company’s major governance and operation decisions based on theirprofessional advantages. These opinions were fully communicated and discussed among the directors beforeforming consensus, which effectively promoted scientific and objective decision-making by the Board ofDirectors, and helpfully safeguarded the legitimate rights and interests of the Company and all shareholders.

VII Performance of Duty by Specialized Committees under the Board in the Reporting Period

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

procedures wasreviewed.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

MiXuming

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

BoardofDirectors

VIII Performance of Duty by the Supervisory CommitteeIndicate by tick mark whether the Supervisory Committee found any risk to the Company during its supervision in the ReportingPeriod.

□ Yes ?No

The Supervisory Committee raised no objections in the Reporting Period.IX Employees

1. Number, Functions and Educational Backgrounds of Employees

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Number of in-service employees of major subsidiaries at theperiod-end

2. Employee Remuneration Policy

The management personnel above vice general manager (including vice GM) of the Company conducted annualsalary system, other employees conducted contacting the performance with the benefit salary system.

3. Employee Training Plans

The Company formulates an annual training plan based on the Employee Training Management Measures. TheCompany implements training for current employees through methods such as internal training, inviting expertsfor on-site lectures, or participating in specialized external training programs. This training covers aspects such asjob knowledge, professional skills, regulations, and business processes. The goal is to enrich and updateemployees' professional knowledge, enhance their overall quality, and improve their business skills.

4. Labor Outsourcing

□ Applicable ?Not applicable

X Profit Distributions (in the Form of Cash and/or Stock)How the profit distribution policy, especially the cash dividend policy, was formulated, executed or revised in the Reporting Period:

□ Applicable ?Not applicable

Indicate by tick mark whether the Company fails to put forward a cash dividend proposal for shareholders despite the facts that theCompany has made profits in the Reporting Period and the profits of the Company as the parent distributable to shareholders arepositive.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

□ Applicable ?Not applicable

Final Dividend Plan for the Reporting Period

□ Applicable ?Not applicable

No such cases in the Reporting Period.XI Equity Incentive Plans, Employee Stock Ownership Plans or Other Incentive Measures forEmployees

□ Applicable ?Not applicable

No such cases in the Reporting Period.XII Establishment and Execution of the Internal Control System for the Reporting Period

1. Establishment and Execution of the Internal Control System

The Company has established a relatively complete and continuously effective internal control system, and hascarried out internal control evaluation in accordance with the internal control matrix and documents. TheCompany has maintained effective internal controls over financial reporting in all significant aspects according tothe requirements of the corporate internal control standards and relevant regulations. No significant deficiencies innon-financial reporting internal controls have been identified, and no factors have occurred that would impact theconclusions regarding the effectiveness of internal controls. At the same time, the Company attaches greatimportance to the regulation and steering role of the big supervision system. By holding joint supervisionmeetings and carrying out key supervision and inspection, the Company has promoted the standardization levelimprovement of relevant management work. No major violations of regulations and disciplines have been found.In the future, the Company will continue to develop internal control in a standardized manner and strengthen thesupervision and inspection of internal control in order to promote the healthy and sustainable development of theCompany.

2. Material Internal Control Weaknesses Identified for the Reporting Period

□ Yes ?No

XIII Management and Control over Subsidiaries by the Company for the Reporting Period

XIV Internal Control Evaluation Report or Independent Auditor’s Report on InternalControl

1. Internal Control Evaluation Report

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Evaluated entities’ combined operatingrevenue as % of consolidated operatingrevenue

2. Independent Auditor’s Report on Internal Control

?Applicable □ Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Independent auditor’s report on internal control disclosed ornot

Indicate by tick mark whether any modified opinion is expressed in the independent auditor’s report on the Company’s internalcontrol.

□ Yes ?No

Indicate by tick mark whether the independent auditor’s report on the Company’s internal control is consistent with the internalcontrol self-evaluation report issued by the Company’s Board.?Yes □ No

XV Rectifications of Problems Identified by Self-inspection in the Special Action for ListedCompany Governance

During the reporting period, the Company did not have any issues that needed rectification after self-examination.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Part V Environmental and Social Responsibility

I Major Environmental IssuesIndicate by tick mark whether the Company or any of its subsidiaries is a heavily polluting business identified by the environmentalprotection authorities of China.

□ Yes ?No

Administrative penalties imposed for environmental problems during the Reporting Period

Other environmental information disclosed with reference to the heavily polluting businessFor details, please refer to the 2024 Environmental, Social and Corporate Governance (ESG) Report disclosed on Cninfo(www.cninfo.com.cn).Measures taken to decrease carbon emission in the Reporting Period and corresponding effects

□ Applicable ?Not applicable

Reason for failure of disclosing other environmental informationNot applicableII Social Responsibility

Adhering to the philosophy of "thinking of the source when drinking water", while pursuing economic benefits,the Company proactively practiced its role as a state-owned enterprise, fulfilled its social responsibility, and gaveback to the society with practical action. For details, please refer to the 2024 Environmental, Social and CorporateGovernance (ESG) Report disclosed on Cninfo (www.cninfo.com.cn).III Consolidation and Expansion of Poverty Alleviation Outcomes, and Rural RevitalizationPaying close attention to rural development, the Company proactively implemented the national targeted povertyalleviation action, and continuously carried out consumer assistance and rural revitalisation tasks. For details,please refer to the 2024 Environmental, Social and Corporate Governance (ESG) Report disclosed on Cninfo(www.cninfo.com.cn).

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Part VI Significant Events

I Fulfillment of Commitments

1. Commitments of the Company’s De Facto Controller, Shareholders, Related Parties and Acquirers, aswell as the Company Itself and Other Entities Fulfilled in the Reporting Period or Ongoing at thePeriod-End?Applicable □ Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

madetominorityinterests

2. Where there had been an earnings forecast for an asset or project and the Reporting Period was stillwithin the forecast period, explain why the forecast has been reached for the Reporting Period.

□ Applicable ?Not applicable

II Occupation of the Company’s Capital by the Controlling Shareholder or Its Related Partiesfor Non-Operating Purposes

□ Applicable ?Not applicable

No such cases in the Reporting Period.

III Irregularities in the Provision of Guarantees

□ Applicable ?Not applicable

No such cases in the Reporting Period.IV Explanations Given by the Board of Directors Regarding the Latest “Modified Opinion”on the Financial Statements

□ Applicable ?Not applicable

V Explanations Given by the Board of Directors, the Supervisory Board and the IndependentDirectors (if any) Regarding the Independent Auditor's “Modified Opinion” on the FinancialStatements of the Reporting Period

□ Applicable ?Not applicable

VI YoY Changes to Accounting Policies, Estimates or Correction of Material AccountingErrors

?Applicable □ Not applicableFor specific details, please refer to "III. Important Accounting Policies and Accounting Estimates" of "Part X Financial Statements",specifically in "(32) Changes in Important Accounting Policies".

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

VII YoY Changes to the Scope of the Consolidated Financial Statements?Applicable □ Not applicableReduction in consolidation scope

VIII Engagement and Disengagement of Independent AuditorCurrent independent auditor

How many consecutive years the certified public accountantsfrom the domestic independent auditor have provided auditservice for the Company

Indicate by tick mark whether the independent auditor was changed for the Reporting Period.

□ Yes ?No

Independent auditor, financial advisor or sponsor engaged for the audit of internal controls:

?Applicable □ Not applicableDuring the Reporting Period, the Company engaged Pan-China Certified Public Accountant (LLP) to provide internal control andaudit services for the Company at a service fee of RMB210,000.IX Possibility of Delisting after Disclosure of this Report

□ Applicable ?Not applicable

X Insolvency and Reorganization

□ Applicable ?Not applicable

No such cases in the Reporting Period.

XI Major Legal Matters

?Applicable □ Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

informati

on

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

overloans

XII Punishments and Rectifications

□ Applicable ?Not applicable

No such cases in the Reporting Period.

XIII Credit Quality of the Company as well as Its Controlling Shareholder and ActualController

□ Applicable ?Not applicable

XIV Major Related-Party Transactions

1. Continuing Related-Party Transactions

□ Applicable ?Not applicable

No such cases in the Reporting Period.

2. Related-Party Transactions Regarding Purchase or Sales of Assets or Equity Interests

□ Applicable ?Not applicable

No such cases in the Reporting Period.

3. Related Transactions Regarding Joint Investments in Third Parties

□ Applicable ?Not applicable

No such cases in the Reporting Period.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

4. Amounts Due to and from Related Parties

□ Applicable ?Not applicable

No such cases in the Reporting Period.

5. Transactions with Related Finance Companies

□ Applicable ?Not applicable

The Company did not make deposits in, receive loans or credit from and was not involved in any other finance business with anyrelated finance company or any other related parties.

6. Transactions with Related Parties by Finance Companies Controlled by the Company

□ Applicable ?Not applicable

The finance company controlled by the Company did not make deposits, receive loans or credit from and was not involved in anyother finance business with any related parties.

7. Other Major Related-Party Transactions

□ Applicable ?Not applicable

No such cases in the Reporting Period.XV Major Contracts and Execution thereof

1. Entrustment, Contracting and Leases

(1) Entrustment

□ Applicable ?Not applicable

No such cases in the Reporting Period.

(2) Contracting

□ Applicable ?Not applicable

No such cases in the Reporting Period.

(3) Leases

□ Applicable ?Not applicable

No such cases in the Reporting Period.

2. Major Guarantees

?Applicable □ Not applicable

Unit: RMB’0,000

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

guarante

e lineannouncement

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Total approvedguarantee line at theend of the ReportingPeriod (A3+B3+C3)

Compound guarantees

3. Cash Entrusted to Other Entities for Management

(1) Cash Entrusted for Wealth Management

?Applicable □ Not applicableOverview of cash entrusted for wealth management in the Reporting Period

Unit: RMB’0,000

High-risk entrusted wealth management with significant single amount or low security and poor liquidity:

□ Applicable ?Not applicable

Whether there is the case where the principal cannot be recovered at maturity or other case which may cause impairment forentrusted wealth management

□ Applicable ?Not applicable

(2) Entrusted Loans

□ Applicable ?Not applicable

No such cases in the Reporting Period.

4. Other Major Contracts

□ Applicable ?Not applicable

No such cases in the Reporting Period.

XVI Other Significant Events?Applicable □ Not applicableSIHC, the controlling shareholder of the Company, intends to transfer 71,498,100 shares of the Company (7.07%of the total share capital of the Company) held by it to China Orient Asset Management Co., Ltd. throughtransfer by agreement. This share transfer by agreement is subject to the approval by the concerned state-ownedassets regulatory authority, the compliance confirmation by the Shenzhen Stock Exchange, and the application forshare transfer registration with China Securities Depository and Clearing Corporation Limited. Therefore, it is stilluncertain whether this share transfer by agreement can be successfully completed. For details, please refer to theSuggestive Announcement on Transfer by Agreement of Part of the Company's Shares by the ControllingShareholder and Consequent Change in Equity (Announcement No.: 2024-021) disclosed by the Company on 29June 2024.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

XVII Significant Events of Subsidiaries

□ Applicable ?Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Part VII Share Changes and Shareholder InformationI Share Changes

1. Share Changes

Unit: share

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

held byoversealegalperson

Reasons for share changes:

□ Applicable ?Not applicable

Approval of share changes:

□ Applicable ?Not applicable

Transfer of share ownership:

□ Applicable ?Not applicable

Effects of share changes on the basic and diluted earnings per share, equity per share attributable to the Company’s ordinaryshareholders and other financial indicators of the prior year and the prior accounting period, respectively:

□ Applicable ?Not applicable

Other information that the Company considers necessary or is required by the securities regulator to be disclosed:

□ Applicable ?Not applicable

2. Changes in Restricted Shares

□ Applicable ?Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

II Issuance and Listing of Securities

1. Securities (Exclusive of Preferred Shares) Issued in the Reporting Period

□ Applicable ?Not applicable

2. Changes to Total Shares, Shareholder Structure and Asset and Liability Structures

□ Applicable ?Not applicable

3. Existing Staff-Held Shares

□ Applicable ?Not applicable

III Shareholders and Actual Controller

1. Shareholders and Their Shareholdings at the Period-End

Unit: share

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Wang Zhengying

Participation of Shareholders with a Shareholding Bigger Than 5%, the Top Ten Shareholders, and the Top Ten Shareholders ofNon-restricted Tradable Shares in the Lending of Shares Through Refinancing

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

□ Applicable ?Not applicable

Changes in the top ten shareholders and the top ten shareholders of non-restricted tradable shares from the previous reporting perioddue to lending/return through refinancing

□ Applicable ?Not applicable

Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of theCompany conducted any promissory repo during the Reporting Period.

□ Yes ?No

No such cases in the Reporting Period.

2. Controlling Shareholder

Nature of the controlling shareholder: Controlled by a local state-owned legal personType of the controlling shareholder: legal person

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

456,121,900 shares in CHINA MERCHANT’S SHEKOU HOLDINGS (001979), representing astake of 5.03%.

456,121,900 shares in CHINA MERCHANT’S SHEKOU HOLDINGS (001979), representing astake of 5.03%.

Change of the controlling shareholder in the Reporting Period:

□ Applicable ?Not applicable

No such cases in the Reporting Period.

3. Actual Controller and Its Acting-in-Concert Parties

Nature of the actual controller: Local institution for state-owned assets managementType of the actual controller: legal person

Change of the actual controller during the Reporting Period:

□ Applicable ?Not applicable

No such cases in the Reporting Period.Ownership and control relations between the actual controller and the Company:

Indicate by tick mark whether the actual controller controls the Company via trust or other ways of asset management.

□ Applicable ?Not applicable

4. Number of Accumulative Pledged Shares held by the Company’s Controlling Shareholder or the LargestShareholder as well as Its Acting-in-Concert Parties Accounts for 80% of all shares of the Company heldby Them

□ Applicable ?Not applicable

5. Other 10% or Greater Corporate Shareholders

□ Applicable ?Not applicable

The State-owned Assets Supervision and Administration Commission of the People’s Government of Shenzhen MunicipalShenzhen Investment Holdings Co., Ltd.

Shenzhen Investment Holdings Co., Ltd.Shenzhen State-owned Equity Management Co., Ltd.

Shenzhen State-owned Equity Management Co., Ltd.Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

6. Limitations on Shareholding Decrease by the Company’s Controlling Shareholder, Actual Controller,Reorganizer and Other Commitment Makers

□ Applicable ?Not applicable

IV Specific Implementation of Share Repurchase during the Reporting Period

Progress on any share repurchase:

□ Applicable ?Not applicable

Progress on reducing the repurchased shares by means of centralized bidding:

□ Applicable ?Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Part VIII Preference Shares

□ Applicable ?Not applicable

No preference shares in the Reporting Period.

Part IX Bonds

□ Applicable ?Not applicable

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Part X Financial Statements

I Auditor’s Report

Text of the Auditor’s Report

Auditor’s Report

To the Shareholders of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co.,Ltd.:

I. Audit OpinionWe have audited the financial statements of Shenzhen Special Economic Zone Real Estate &Properties (Group) Co., Ltd.(the “Company”), which comprise the consolidated and parentcompany balance sheets as at December 31, 2024, the consolidated and parent company incomestatements, consolidated and parent company cash flow statements, and consolidated and parentcompany statements of changes in equity for the year then ended, as well as notes to financialstatements.In our opinion, the accompanying financial statements present fairly, in all material respects, thefinancial position of the Company as at December 31, 2024, and its financial performance and itscash flows for the year then ended in accordance with China Accounting Standards for BusinessEnterprises.II. Basis for Audit OpinionWe conducted our audit in accordance with China Standards on Auditing. Our responsibilities underthose standards are further described in the Certified Public Accountant’s Responsibilities for theAudit of the Financial Statementssection of our report. We are independent of the Company inaccordance with the China Code of Ethics for Certified Public Accountants, and we have fulfilledother ethical responsibilities. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

III. Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most significance inour audit of the financial statements of the current period. These matters were addressed in thecontext of our audit of the financial statements as a whole, and in forming our opinion thereon, andwe do not express a separate opinion on these matters.(I) Revenue recognition

1. Key audit matters

Please refer to section III (XXV) and V (II) 1 of notes to the financial statements for details.The Company is mainly engaged in real estate sales, engineering construction, and property leasingbusiness. In 2024, the operating revenue amounted to 407,022,191.44 yuan, of which,162,523,053.49 yuan was from the real estate sales,accounting for 39.93%, and 160,327,744.72yuan was from engineering construction, accounting for 39.39%.As operating revenue is one of the key performance indicators of the Company, there might beinherent risks that the Company’s management (the “Management”) adopts inappropriate revenuerecognition to achieve specific goals or expectations, and revenue recognition involves significantjudgment of the Management, we have identified revenue recognition as a key audit matter.

2. Responsive audit procedures

Our main audit procedures for revenue recognition are as follows:

(1) We obtained understandings of key internal controls related to revenue recognition, assessed thedesign of these controls, determined whether they had been executed, and tested the effectiveness ofthe operation;

(2) We checked main House sales contract and lease contracts, and assessed whether the revenuerecognition method was appropriate;

(3) We performed analysis procedure on operating revenue and gross margin by month, businesstype, etc., so as to identify whether there are significant or abnormal fluctuations and find out thereason;

(4) We checked supporting documents related to selected items, including House sales contract,housing delivery notices, lease contracts, sales invoices, etc.

(5) We selected items to check the documents includingcost budget, purchase contracts, subcontractagreements, etc. which were taken as the basis for estimating total cost, so as totestwhether theperformance progress and the revenue recognized based on performance progress were

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

accuratelymeasured by the Management, and evaluated the reasonableness of the performanceprogress determined by the Management in combination with documents including supervisionreports, progress confirmation sheets, customer statements, as well as the on-site observation oninventory counting;

(6) We performed confirmation procedures on sales amount of selected items in combination withconfirmation procedure of accounts receivable and contract assets;

(7) We performed cut-off tests to check whether the revenue was recognized in the appropriateperiod; and

(8) We checked whether information related to operating revenue had been presented appropriatelyin the financial statements.(II) Net realizable value of inventories

1. Key audit matters

Please refer to section III (XIII) and V (I) 7 of notes to the financial statements for details.As of December 31, 2024, the book balance of inventories amounted to 4,403,473,942.54 yuan,with provision for inventory write-down of 766,633,713.20 yuan, and the carrying amountamounted to 3,636,840,229.34 yuan.Inventories are measured at the lower of cost and net realizable value. The net realizable value isdetermined by the Management based on the amount of the estimated selling price less the cost tobe incurred upon completion, estimated selling expenses and relevant taxes and surcharges.As theamount of inventories is significant and determination of net realizable value involves significantjudgment of the Management, we have identified net realizable value of inventories as a key auditmatter.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

2. Responsive audit procedures

Our main audit procedures for net realizable value of inventories are as follows:

(1) We obtained understandings of key internal controls related to net realizable value of inventories,assessed the design of these controls, determined whether they had been executed, and tested theeffectiveness of the operation;

(2) We reviewed the outcome of the Management’s previous estimates on the net realizable value ortheir subsequent re-estimations;

(3) We selected items to assess the reasonableness of the estimated selling price, and reviewedwhether the estimated selling price was consistent with sales contract price, market selling price,historical data, etc.;

(4) We assessed the reasonableness of estimation on cost to be incurred upon completion, sellingexpenses and relevant taxes and surcharges made by the Management;

(5) We tested whether the calculation of net realizable value of inventories made by theManagement was accurate;

(6) We identified whether there existed situations such as projects with slow development or salesprogress, in combination with observation on inventory counting, and assessed the reasonablenessof estimations on net realizable value of inventories made by the Management; and

(7) We checked whether information related to net realizable value of inventories had beenpresented appropriately in the financial statements.IV. Other InformationThe Management is responsible for the other information. The other information comprises theinformation included in the Company’s annual report, but does not include the financial statementsand our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not expressany form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent withthe financial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated.If, based on the work we have performed, we conclude that there is a material misstatement of the

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

other information, we are required to report that fact. We have nothing to report in this regard.V. Responsibilities of the Management and Those Charged with Governance for the FinancialStatementsThe Management is responsible for preparing and presenting fairly the financial statements inaccordance with China Accounting Standards for Business Enterprises, as well as designing,implementing and maintaining internal control relevant to the preparation of financial statementsthat are free from material misstatement, whether due to fraud or error.In preparing the financial statements, the Management is responsible for assessing the Company’sability to continue as a going concern, disclosing, as applicable, matters related to going concernand using the going concern basis of accounting unless the Management either intends to liquidatethe Company or to cease operations, or has no realistic alternative but to do so.Those charged with governance are responsible for overseeing the Company’s financial reportingprocess.VI. Certified Public Accountant’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a wholeare free from material misstatement, whether due to fraud or error, and to issue an auditor’s reportthat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with China Standardson Auditing will always detect amaterial misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on the basis of these financial statements.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

We exercise professional judgment and maintain professional skepticism throughout the auditperformed in accordance with China Standards on Auditing. We also:

(I) Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud ishigher than for one resulting from error, asfraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override ofinternal control.(II) Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances.(III) Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Management.(IV) Conclude on the appropriateness of the Management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty exists relatedto events or conditions that may cast significant doubt on the Company’s ability to continue as agoing concern.If we conclude that a material uncertainty exists, we are required to draw attention inour auditor’s report to the related disclosures in the financial statements or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up tothe date of our auditor’s report. However, future events or conditions may cause the Company tocease to continue as a going concern.(V) Evaluate the overall presentation, structure and content of the financial statements, and whetherthe financial statements represent the underlying transactions and events in a manner that achievesfair presentation.(VI) Obtain sufficient and appropriate audit evidence regarding the financial information of theentities or business activities within the Company to express an opinion on the financial statements.We are responsible for the direction, supervision and performance of the group audit. We remainsole responsibility for our audit opinion.

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

We communicate with those charged with governance regarding the planned audit scope, timeschedule and significant audit findings, including any deficiencies in internal control of concern thatwe identify during our audit.We also provide those charged with governance with a statement that we have complied withrelevant ethical requirements regarding independence, and to communicate with them allrelationships and other matters that may reasonably be thought to bear on our independence, andwhere applicable, related safeguards.From the matters communicated with those charged with governance, we determine those mattersthat were of most significance in the audit of the financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor’s report unless law orregulation precludes public disclosure about the matter or when, in extremely rare circumstances,we determine that a matter should not be communicated in our report because the adverseconsequences of doing so wouldreasonably be expected to outweigh the public interest benefits ofsuch communication.

Pan-China Certified Public Accountants LLP Chinese Certified Public Accountant:王焕森

(Engagement Partner)Hangzhou · China Chinese Certified Public Accountant:蔡晓东

Date of Report:March 21, 2025

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.Consolidated balance sheet as at December 31, 2024(Expressed in Renminbi Yuan)

Current assets:

Legal representative:唐小平 Officer in charge of accounting:汪健飞 Head of accounting department:周宏普

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.Consolidated balance sheet as at December 31, 2024 (continued)(Expressed in Renminbi Yuan)

Short-term borrowings

Contract liabilities

Handling fees and commissions payable

Long-term borrowings

Deferred income

Including: Preferred shares

Undistributed profit

Total liabilities & equity

Legal representative:唐小平 Officer in charge of accounting:汪健飞 Head of accounting department:周宏普

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.Parent company balance sheet as at December 31, 2024(Expressed in Renminbi Yuan)

Legal representative:唐小平 Officer in charge of accounting:汪健飞 Head of accounting department:周宏普

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.Parent company balance sheet as at December 31, 2024 (continued)

(Expressed in Renminbi Yuan)

Legal representative:唐小平 Officer in charge of accounting:汪健飞 Head of accounting department:周宏普

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.Consolidated income statement for the year ended December 31, 2024(Expressed in Renminbi Yuan)

Legal representative:唐小平 Officer in charge of accounting:汪健飞 Head of accounting department:周宏普

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.Parent company income statement for the year ended December 31, 2024

(Expressed in Renminbi Yuan)

Less: Operating cost

Add: Other income

Gains on asset disposal (or less: losses)

(II) Net profit from discontinued operations (or less: net loss)

4. Changes in fair value of own credit risk

6. Translation reserve

Legal representative:唐小平 Officer in charge of accounting:汪健飞 Head of accounting department:周宏普

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.Consolidated cash flow statement for the year ended December 31, 2024(Expressed in Renminbi Yuan)

I. Cash flows from operating activities:

Net increase of policy-holder deposit and investment

Other cash receipts related to operating activities

Cash paid to and on behalf of employees

Net cash payments for the acquisition of subsidiaries & other business units

Other cash receipts related to financing activities

Net cash flows from financing activities

Legal representative:唐小平 Officer in charge of accounting:汪健飞 Head of accounting department:周宏普

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.Parent company cash flow statement for the year ended December 31, 2024

(Expressed in Renminbi Yuan)

I. Cash flows from operating activities:

Cash payments for the acquisition of fixed assets, intangible assets andother long-term assets

Net cash payments for the acquisition of subsidiaries & other business

units

Legal representative:唐小平 Officer in charge of accounting:汪健飞 Head of accounting department:周宏普

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.Consolidated statement of changes in equity for the year ended December 31, 2024(Expressed in Renminbi Yuan)

I. Balance at the end of prior year

Error correction of prior period

Business combination under common control

Others

II. Balance at the beginning of current year

(I) Total comprehensive income

(II) Capital contributed or withdrawn by owners

1. Ordinary shares contributed by owners

2. Capital contributed by holders of other equity

instruments

3. Amount of share-based payment included in

equity

(III) Profit distribution

1. Appropriation of surplus reserve

2. Appropriation of general risk reserve

4. Others

(IV) Internal carry-over within equity

1. Transfer of capital reserve to capital

2. Transfer of surplus reserve to capital

4. Changes in defined benefit plan carried over

to retained earnings

5. Other comprehensive income carried over to

retained earnings

6. Others

(V) Special reserve

1. Current period appropriation

(VI) Others

IV. Balance at the end of current period

Legal representative:唐小平 Officer in charge of accounting:汪健飞 Head of accounting department:周宏普

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Annual Report 2024

Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.Consolidated statement of changes in equity for the year ended December 31, 2024 (continued)(Expressed in Renminbi Yuan)

I. Balance at the end of prior year

Others