Stock Code: 002410 Stock Abbreviation: Glodon Announcement No.: 2025-010

Glodon Company Limited

Annual Report 2024 (Summary)

I. Important NoticeThis summary of annual report is abstracted from the full text of the Annual Report 2024. In order to fullyunderstand the Company’s operating results, financial position and future development plans, investors areadvised to carefully read the full text of the Annual Report 2024 on the media designated by the China SecuritiesRegulatory Commission.All directors have attended the board meeting reviewing this report.Non-standard audit opinion notification

□Applicable ?Not applicable

The profit distribution proposal for ordinary shares or the proposal to capital reserve capitalization for theReporting Period as considered by the Board of Directors?Applicable □Not applicableWhether to implement capital reserve capitalization

□Yes ?No

The profit distribution plan of the Company considered and approved by the Board of Directors is as follows: acash dividend of RMB1.50 (including tax) for every 10 shares held by all the Shareholders, based on the totalshare capital of the Company as of the date of registration of shareholdings when implementing the profitdistribution plan in 2025, with no bonus shares (including tax) and no conversion of capital reserve to share capital.Profit distribution proposal for preferred shares during the Reporting Period passed by the Board of Directors

□Applicable ?Not applicable

II. Company Profile

1. Company Information

2. Main Business of the Company

(1) Overview of Our Business

As a digital building platform service provider, Glodon is deeply rooted in the construction industry, offeringdigital software and hardware products, solutions, and related services that span the entire lifecycle of engineeringprojects. Glodon serves all participants across the global construction value chain, including developers, designers,consulting intermediaries, contractors, manufacturers, material suppliers, and building operators. With specializedapplications for the construction sector as its core foundation, Glodon delivers comprehensive digital buildinglifecycle solutions, leveraging systematic digital capabilities to drive high-quality development in the industry.

Focusing on the entire lifecycle of a project and the business value chain, the Company divides its operationsinto three main business segments and other ancillary services during the Reporting Period. The three primarybusiness segments are Digital Design, Digital Cost, and Digital Construction. Other business activities includedigital innovation units that provide productive services to upstream and downstream stakeholders of projectsuccess, such as Digital Education, Digital Supply & Procurement, Digital Finance, Digital Developer, Digital City,and Digital Industry Services. These activities are further divided into domestic and overseas businesses based onglobal regions.The Digital Cost business primarily serves various participants in construction project management byoffering software products and services under a SaaS model that integrate tools and data. By leveraging industry AI,it empowers clients to achieve refined, full-process cost management efficiently. The Digital Cost businessencompasses Glodon’s quantity takeoff product series, pricing product series, engineering data services (includingGuangcaiwang (广材网: An engineering construction materials pricing platform that primarily provides customerswith building material price information) and Zhibiaowang (指标网: A professional platform offering constructioncost index information for cost estimators)), and engineering transaction products. Each product line closelyfollows industry developments and continuously enhances its service capabilities through deep specialization insubfields. Enabled by the Company's industry AI, the Digital Cost business has achieved automated multi-dimensional data subject mapping, significantly improving clients’ precision in cost management.

The Digital Construction business focuses on the construction phase of engineering projects, providingconstruction enterprises with platform-based solutions that span project management to enterprise managementthrough a “platform + modular components” approach. This business segment includes project-level productstargeting core production elements of construction, such as material management, labor management, and smarthardware, as well as enterprise-level products and integrated project-enterprise management solutions. Byharnessing IoT, big data, and AI technologies, the Digital Construction business enhances project quality andefficiency.

The Digital Design business primarily serves design institutes, developers, and other clients by providing aproprietary three-dimensional forward-design platform and services. These solutions cover various design needsacross different project phases, including conceptual design, detailed design, construction, and operations. TheDigital Design business includes products tailored for building construction, such as Concetto, Digital BuildingDesign, BIMMake, and BIMFace, as well as products for infrastructure projects, including Digital Road Designand BIMTwins. By implementing interoperable data standards across the entire process, it enables seamless cross-stage BIM data applications. Leveraging AI capabilities, it supports automated generation of conceptual designschemes and road alignment solutions, delivering high-quality digital products and solutions to clients.

Other business segments primarily include Digital Industry Services, Digital Education, Digital Developer,Digital City, Digital Supply & Procurement, and Digital Finance. Digital Industry Services: Rooted in theconstruction sector, this business segment focuses on industry regulators, service providers, and other keystakeholders. By leveraging BIM, big data, AI, and 5G technologies, it delivers systematic digital solutions,fostering an efficient and intelligent industry governance digital ecosystem. These solutions drive the digitaltransformation of industry governance and enhance governance capabilities. Digital City: This business centers onbuilding a City Information Modeling (CIM) platform as the digital foundation for twin cities, while alsodeveloping CIM+ applications. It provides integrated urban solutions for planning, construction, management,operations, smart ecosystems, and urban renewal. Digital Education: Focused on talent development within theconstruction industry, this segment aims to provide specialized educational services, enhancing both cognitive andtechnical skills for key roles. It streamlines the talent cultivation and supply chain, fostering a skilled workforce tosupport the industry's transformation, upgrading, and sustainable development. Digital Developer: Designed tomeet the digitalization needs of construction developers, including new energy enterprises, urban investmentplatforms, and state-owned real estate developers, this segment focuses on the investment, development, andconstruction phases of new energy power stations and urban investment projects. It provides integrated digital

solutions at both enterprise and project levels. Digital Supply & Procurement: This business deeply integratesdigital technology with the construction materials supply chain, leveraging Pingfangwang (平方网: A leadingbuilding materials trading and service platform in the construction industry) to connect suppliers and buyers. Itprovides sourcing, supplier recruitment, procurement price comparison, and supplier evaluation services, alongwith digital procurement applications for construction enterprises. Additionally, it offers smart marketing solutionsfor a vast network of construction material suppliers across four key business scenarios: market insights, brandpromotion, product marketing, and targeted customer acquisition. Meanwhile, leveraging Glodon's professionalexpertise and advanced technologies, it provides the industry with a one-stop smart hardware marketplace tailoredfor the construction sector. Digital Finance: It is driven by the core needs of broad-based financial clients for deepindustry, enterprise, and project-level insights and operational transparency. Centered on the construction projectlifecycle, it leverages industry and digital data as its foundation and aligns project progress with cash flow as itsprimary framework. This enables the development of a digital financial services platform for the constructionindustry. Through financial and insurance scenarios, the business delivers industry-specific digital financial riskcontrol services and comprehensive digital solutions via technology-driven services.In terms of overseas operations, the Company provides end-to-end solutions covering design, performanceanalysis, cost management, and construction to global design institutes, consulting firms, and constructionenterprises. Key products include the MagiCAD Innova series for the design phase, the CubiCost series for the costmanagement phase, and the GSite series for the construction phase.

(2) Management Discussion and Analysis

Overview of the Company’s performance during the Reporting PeriodIn 2024, the Company achieved total revenue of RMB6.203 billion, representing a year-on-year decrease of

4.93%, while net profit attributable to shareholders of the listed company reached RMB250 million, marking a

116.19% year-on-year increase. During the Reporting Period, in response to changes in the external environmentand shifts in customer demand due to business transformations, the Company proactively adjusted its operationalstrategies, optimized its product and business structures, and concentrated its business resources on core products,key regions, and major clients. This led to a more rational product portfolio and more efficient utilization ofchannel resources. The Company further focused its organizational resources on enhancing internal operationalefficiency and overall service quality, deepened digital operations, and implemented multiple measures toeffectively control costs and expenses, achieving significant results. During the Reporting Period, sales expenses,

administrative expenses, and R&D expenses decreased by 5.97% year-on-year, further enhancing the Company'soverall core competitiveness. By business segment, Digital Cost services generated operating revenue ofRMB4.986 billion, a year-on-year decrease of 3.55%. Cloud contracts signed during the Reporting Periodamounted to RMB3.424 billion, a year-on-year decrease of 3.93%. Digital Construction services achievedoperating revenue of RMB787 million, a year-on-year decrease of 8.71%. Digital Design services generatedoperating revenue of RMB90 million, a year-on-year increase of 3.28%. Overseas business achieved operatingrevenue of RMB203 million, a year-on-year increase of 5.07%.Detailed Analysis of Key Business Segments

1. Digital Cost business: strong foundation with breakthrough growth in new businessDuring the Reporting Period, the Digital Cost business continued its transition from single-position tools tocomprehensive cost management application scenarios. The renewal rate and utilization rate of traditional costestimation tools remained stable, while the cost calculation products deepened their penetration among majorclients, leading to a continuous increase in their application rate. The growing demand for data services driven bycustomer business transformation has resulted in rapid growth in data-driven products such as Zhibiaowang andProcurement Recommendation Prices. Additionally, influenced by customers' increasing quality requirements forbidding processes and policy-driven factors, the bid evaluation business maintained rapid growth.During the Reporting Period, the coverage rate of individual-level indicators on Zhibiaowang increased from

53.78% to 79.25%, achieving 100% coverage of mainstream building types such as residential, office, andindustrial facilities. This led to significant growth in application rates, customer satisfaction, and revenue. The bidevaluation product successfully transitioned to a SaaS model, achieving large-scale delivery and application.Enhanced by AI, its capabilities in bid document recognition and inspection improved significantly, demonstratingthe product's value and driving rapid revenue growth. The cost calculation product underwent a value upgrade withthe release of an "AI Intelligence" feature, improving accuracy to approximately 70% and reducing the timerequired for tasks from two days to one hour. The application rate among major clients continued to rise. On themarketing front, the Company successfully organized a cost management competition for construction enterprises,marking the first national competition in the cost management field. In collaboration with industry-leading experts,the Company established the first-ever digital cost management evaluation system for construction enterprises,promoting the industry's transition to refined cost management. The competition attracted 3,426 participatingcompanies and empowered nearly 10,000 cost management professionals, driving comprehensive upgrades in costmanagement awareness, institutional systems, and digital empowerment across the construction industry.

2. Digital Construction business: clear transformation results and upgraded value of core productsDuring the Reporting Period, the Company proactively adjusted its operational strategy, shifting its focus frompursuing scale to prioritizing profit and cash flow management. On the product side, the Company concentrated onkey production factors such as materials, labor, and machinery, as well as core business management scenarios inthe construction process, offering project-level standardized products and reducing the proportion of low-marginproducts. On the marketing side, the Company focused on core regions and key clients, strengthening penetrationof single products among major clients and building regional strongholds, achieving breakthroughs in enterprise-level products with key clients. As a result, the operational quality and management level of the Company'sconstruction business significantly improved during the Reporting Period.During the Reporting Period, the Company achieved a breakthrough in intelligent tower crane anti-collisiontechnology, securing a leading position in product competitiveness within the industry. In material management, theCompany launched its first self-developed smart hardware, the Intelligent Inspection All-in-One Machine, whichintegrates board-level components and combines multiple functions, significantly enhancing product cost-effectiveness and user experience. In labor management, the Company transitioned from closed attendance systemsto mobile attendance systems, expanding into new application areas such as wage management and labor quotas,highlighting its differentiated competitive advantages. On the marketing front, through multi-dimensionalmarketing campaigns, the Company effectively disseminated thought leadership in digital construction, reachingapproximately 35,000 enterprises and 140,000 individuals during the Reporting Period. This created a favorablemarket environment and laid the groundwork for the subsequent large-scale adoption of its products.

3. Digital Design business: significant benchmark achievements and enhanced integrated valueDuring the Reporting Period, the Company focused on combining application scenarios to create benchmarksfor integrated digital building measurement and digital road design-to-construction drawing solutions, validatingthe value of integration. It strengthened product R&D and promotion efforts, building marketing capabilities forlarge-scale deployment, thereby laying the foundation for further expanding the market share of its digital designproducts.During the Reporting Period, the digital building design segment successfully established multiple valuebenchmarks, demonstrating the integrated value of design and measurement in actual production projects. Bytargeting the needs of niche market customers and continuously expanding supportable business formats, theunique advantages of design cost-effectiveness control became evident. The digital road design solution capabilitiescomprehensively covered road, bridge, and tunnel disciplines, with the number of application projects growing

exponentially to 1,440. The AI route selection feature in digital road design improved design efficiency by 50%,and the number of enterprises adopting this feature increased by 240% year-on-year. During the Reporting Period,the digital road design segment completed benchmarking projects with multiple design institutes, marking thereadiness of digital road construction drawings for production in benchmark client projects. On the marketing front,leveraging opportunities such as “BIM competitions” hosted by the Ministry of Housing and Urban-RuralDevelopment, the China Municipal Engineering Association, and provincial survey and design associations, theCompany accelerated the promotion of digital design across all stages. This effort successfully established theGlodon Digital Design brand on national competition platforms.

4. Overseas business expansion: strategic focus and accelerated internationalization progressThe Company is accelerating its internationalization efforts by building global capabilities in productdevelopment, talent systems, financial systems, as well as brand, marketing, and operational systems. During theReporting Period, the Digital Cost business achieved rapid revenue growth in Asian regions such as Malaysia andIndonesia, while the Digital Design business maintained a steady growth trajectory in Europe.In terms of the internationalization of the Digital Design business, the product value was significantlyupgraded. MCINNOVA MEP (a globally-oriented, integrated 3D MEP design software platform developed basedon Glodon's proprietary underlying platform, specifically designed for efficient and professional mechanical andelectrical design) was released. Its professional design capabilities are on par with MaigCAD, and it supportslocalized design standards. Pilot customer projects have been initiated in the European market. For theinternationalization of the Digital Cost business, the mass market in Malaysia and Indonesia was successfullytapped, achieving double-digit year-on-year revenue growth. By organizing and participating in internationalindustry conferences, the Company enhanced its brand recognition in global markets. In the internationalization ofthe Digital Construction business, the Gsite product secured contracts and implementations with real clients in theUK, effectively establishing a foothold and achieving breakthroughs in the European market.

(3) Work plan for 2025

The year 2025 marks the final year of Glodon’s second entrepreneurial phase. The Company will continue toadvance and deepen its strategies for integrated design, refined cost management, detailed constructionmanagement, and globalization. Our goal is to help clients achieve high-quality control over cost, schedule, quality,and safety on major projects, ensuring the success of every engineering project and the achievement of everyprofessional in the construction industry.

Currently, the construction industry is undergoing an accelerated transformation. Real estate investment isshifting from incremental development to stock renewal. Investments in public and industrial buildings areexpected to remain stable overall. Infrastructure investment will continue to play a counter-cyclical role, withsteady growth projected, particularly in sectors such as new energy construction, water conservancy, environmentalprotection, and smart transportation, which are expected to see rapid growth. Urban renewal has gradually becomea long-term focus of China’s urban development, with ongoing growth expected in areas such as the renovation ofold residential areas and the transformation of underground utility networks.In December 2024, the Ministry of Housing and Urban-Rural Development issued the national "Standard forBill of Quantities Valuation of Construction Projects" (referred to as the "New Bill of Quantities"), which will beimplemented from September 1, 2025. The primary objective of the New Bill of Quantities is to improve themarket-based cost management rules during the construction and contracting stages of engineering projects. It alsoclarifies market-based pricing methods and pricing bases, moving away from relying on government-set quotas andinformation prices as primary pricing references. Instead, the New Bill of Quantities incorporates market priceinformation, construction cost databases, as well as factors such as the bidder's equipment level, management level,and cost consumption, all of which will be considered in determining project costs. This shift will drive industrystakeholders to better understand market data, enhance market awareness, and strengthen cost control capabilities.In response to these changes, participants in the construction industry are actively adjusting and responding byexpanding into new business areas and regions, while placing greater emphasis on refined cost control. Thetransformation of client businesses and their increasing demand for management improvements have led to avariety of new digital needs. In 2025, the Company will continue to focus on core products, key regions, key clients,and profit-driven goals. Established products will develop steadily, while growth products will "cross the chasm."The Company will strive to achieve stable growth in business performance. Efforts will be intensified to expandinto sectors such as urban renewal, highway and municipal construction, new energy, and water conservancy. At thesame time, the Company will enhance the functionality and value of its products and increase investment inmarketing resources. The Company will also focus on accelerating the integration of AI technology with matureproducts, leveraging the market-based pricing reform opportunities brought by the New Bill of Quantities, speedingup the value upgrade of data-related products, and further strengthening the Company's competitive advantage asthe "cost expert" within the industry. The specific breakdown by business segment is as follows:

1. Advancement of integrated design strategy: Building on its self-developed graphics engine, the Companyhas created a comprehensive BIM forward design solution that covers all disciplines, achieving the application of

BIM technology. The solution utilizes a cloud-based collaborative platform for real-time multi-disciplinarycoordination, seamlessly integrating the entire process from design, cost estimation, to construction. This ensuresthe efficient flow and reuse of data, leading to improvements in both design quality and design cost-effectiveness.In 2025, the Company will continue to deepen and drive the integrated design strategy, focusing on segmentedmarkets, continuously iterating and updating its products, and achieving the scaled promotion of design products.The Company's digital building design solutions will expand their support across different types of buildings,improving both the efficiency and quality of integrated design cost management. The focus will be on designinstitutes under EPC general contractors, accelerating the large-scale development of integrated design costbenchmarks. The demonstration effect created by the large-scale application of these benchmarks will drive thewidespread adoption and implementation of 3D BIM forward design in the industry. In the field of digital roaddesign, both road planning and pipeline design have entered the scale-up phase, with a focus on large-scalepromotion to key municipal design institutes and major city municipal agencies, aiming to increase market share.The Company will continue refining its ability to integrate designs with construction drawings, effectivelysupporting projects such as road expansion and city renewal.

2. Advancement of the precision cost strategy: The Company’s Digital Cost business relies on a fully self-developed 3D graphics platform, along with technologies such as cloud computing and big data. It also leveragesyears of expertise as cost specialists in the construction industry, along with accumulated industry-specific data.The Company focuses on full-process cost management for clients, creating a comprehensive product matrix andestablishing a robust marketing and service system that fosters strong customer loyalty. The cost business will bebuilt on cloud services, with AI technology as its core, combined with industry data, to construct an intelligent costmanagement system. This system will facilitate a leap from "quality and efficiency improvement" to "data-driven"transformation, further strengthening competitive barriers. In 2025, the Company will capitalize on the marketopportunities brought by the New Bill of Quantities, fully utilizing the value of data and AI to meet clients' variouscost management needs across the design, transaction, and construction stages. The Company will focus on bothretaining existing customers and expanding its client base, ensuring overall stable growth. Key cost estimation toolssuch as quantity surveying and pricing software will aim for stable or slightly increased renewal rates whileexpanding into new markets like urban renewal, water conservancy, and municipal sectors. Cost estimationproducts will further build client application benchmarks and extend into sectors such as installation, decoration,roads, and water conservancy, addressing the diverse cost management and control needs across various industries.Data products (such as Guangcaiwang and Zhibiaowang) will continue to enhance data quality and expand

coverage in terms of industry, region, and specialization, meeting the rapidly growing demand for diversified dataservices from clients. The tender clearing products will seize the opportunity presented by the New Bill ofQuantities to accelerate market expansion and maintain rapid growth.

3. Advancement of the precision construction strategy: The Company’s Digital Construction businessintegrates core technologies such as BIM, the Internet of Things (IoT), AI, and big data, focusing on a range ofessential on-site needs, including materials, labor, machinery, safety, and progress. It offers comprehensive digitalmanagement solutions from project to enterprise level, enabling smart sensing and real-time connectivity of allconstruction site elements, thus meeting the demand for precise construction management. In 2025, the Companywill continue to advance the transformation and upgrading of its construction business, focusing on paymentcollection and profit generation. The Company will concentrate on key production factors such as materials,personnel, and machinery, and increase its expansion into infrastructure sectors such as highways, railways, waterconservancy, hydropower, and urban renewal. The Company will further optimize its organization and personnelstructure to improve operational efficiency, with a core focus on key regions, striving to break through into keyclients and achieving profitability across the entire value chain of core products. Material management softwarewill target the infrastructure and construction markets, leveraging AI capabilities and self-developed hardware costadvantages to enhance competitiveness. Labor management products will continue to extend their value, movingfrom the highly competitive market of labor registration management to the emerging markets of mobile attendanceand payroll management. Tower crane monitoring, with its advanced anti-collision capabilities, addresses the rigidsafety management demands of large-scale construction projects, including multi-tower and group tower clients,rapidly expanding its market share.

4. Advancement of globalization strategy: In 2025, the Company will continue to strengthen its internationalbusiness expansion, focusing on establishing overseas bases around its three core businesses: design, cost, andconstruction. This will enhance its global and scalable capabilities as well as its local adaptation capacity ininternational markets. In the cost management sector, the Company will complete the development and validationof global versions of quantity takeoff and cost estimation tools, while actively expanding incremental business inthe mass market of Southeast Asia. In the construction sector, the Company will focus on establishing a scalablesystem for the Gsite product in the European market and accelerating the upgrade of data-sharing and collaborationproducts. In the design sector, the Company will prioritize expanding the market share of MagiCAD and launchingthe Innova MEP product in Europe. The newly established Hong Kong Client Division will serve as a key bridgefor international development, focusing on scaling tools for various roles and enhancing the coverage and

application of the Cubicost series products. Additionally, the division will incubate international products,exploring BIM, construction, and education/training businesses.

5. Continuous enhancement of core capabilities

① Graphics platform: By 2025, the Company will support the key detailed requirements arising from thedeepening application of its 3D graphics engine, addressing technical application gaps in the construction industryand further solidifying the unique advantages of its graphics platform. At the same time, the Company will upgradeits graphics technology capabilities for the manufacturing sector, developing an integrated graphics technologysystem encompassing BIM + CAD + Digital Twin to support intelligent construction in the building industry whileprogressively expanding into manufacturing.

② Industry PaaS platform: By 2025, the construction business platform will focus on the deep integration ofbusiness and technology, establishing systematic business connectivity capabilities. Through a “platform +component” model, it will encapsulate and reuse core capabilities, enabling dynamic connections and orchestrationof integrated business scenarios. The platform will continuously accumulate data assets to support the explorationof value-driven applications for large models and AI agents. By leveraging BIM’s full-process core capabilities, theCompany will empower industry partners and build a new ecosystem for industrial software.

③ AI technology: In 2025, the Company will continue to enhance investment and focus on AI technology,implementing an AI productization strategy that deeply embeds AI into business processes. Driven by customervalue, the Company aims to overcome key AI technology bottlenecks, develop next-generation differentiatedproducts for core application scenarios, and facilitate the AI-driven transformation of software products across theentire lifecycle of the construction industry.

6. Effective support system: (1) Operational Unit Strategy: The Company will establish a minimumoperational unit mechanism for its branches and products, building a profit-centered accountability system thateffectively transforms two key groups from executors into business operators. (2) Digital Support System: TheCompany will build a digital support system that enables a data-driven, AI-empowered research, marketing, sales,service, and management operation framework, enhancing frontline efficiency.

3. Major Accounting Data and Financial Indicators

(1) Major accounting data and financial indicators for the previous three yearsWhether the Company need to retrospectively adjust or restate its accounting data for previous years

□Yes ?No

Unit: Yuan

(2) Quarterly major accounting data

Unit: Yuan

Whether the above financial indicators or their sums are significantly different from those disclosed in theCompany’s quarterly financial reports or interim financial reports

□Yes ?No

4. Share Capital and Shareholders

(1) Table of number of ordinary shareholders and preferred shareholders with restored voting rights andthe shareholdings of top 10 shareholders

Unit: share

Details of shareholders holding more than 5% of shares, top 10 shareholders, and top 10 shareholders of unlimitedsale shares participating in the refinancing and securities lending business

□Applicable ?Not applicable

Changes in top 10 shareholders and top 10 shareholders of unlimited sale shares due to securities lending/return

□Applicable ?Not applicable

(2) Table of number of preferred shareholders and the shareholding of top 10 preferred shareholders

□Applicable ?Not applicable

During the Reporting Period, there is no information about the shareholding of preferred shareholders of theCompany.

(3) Chart of equity and controlling relationship between the Company and the acting controller

5. Information of Bonds Outstanding on the Date of Annual Report Issuance Approval

□Applicable ?Not applicable

III. Important MattersFor details, please refer to Section 6 "Important Matters" of the "Annual Report 2024" publishedbywww.cninfo.com.cn.

Glodon Company LimitedChairman: Yuan Zhenggang

March 21, 2025