ShenzhenProperties&ResourcesDevelopment(Group)

Ltd.

2025AnnualReport

(AnnouncementNo.:2026-06)

[March2026]

2025AnnualReport

SectionIImportantNotes,TableofContentsand

InterpretationsTheBoardofDirectors,thedirectors,andtheexecutivesoftheCompanyguaranteethattherearenosignificantomissions,fictitiousormisleadingstatementscarriedintheReportandwewillacceptindividualandjointresponsibilitiesforthetruthfulness,accuracyandcompletenessoftheReport.PrincipalTANGXiaoping,ChiefFinanceOfficerLIUQiangandChiefAccountant(accountingofficer)CAIKelindeclarethattheyguaranteetheauthenticity,accuracyandcompletenessofthefinancialreportintheAnnualReport.Alldirectorsattendedtheboardmeetingatwhichthisreportwasconsidered.PartoftheCompany'sannualreportinvolvesthedescriptionoffuturebusinessplansorbusinessworkarrangements.TheimplementationofrelevantplansorarrangementsisaffectedbymanyfactorsanddoesnotconstitutetheCompany'ssubstantivecommitmenttoinvestors.Investorsandrelevantpersonsshouldmaintainsufficientriskawarenessandunderstandthedifferencesbetweenplans,forecastsandcommitments.TheBoardhasapprovedafinaldividendplanasfollows:basedonthetotalsharecapitalof595,979,092shares,acashdividendofRMB0.20(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves.

TABLEOFCONTENTS

SectionIImportantNotes,TableofContentsandInterpretations ...... 2

SectionIICompanyProfileandMajorFinancialIndicators ...... 6

SectionIIIManagement'sDiscussionandAnalysis ...... 12

SectionIVCorporategovernance,EnvironmentandSociety ...... 43

SectionVSignificantEvents ...... 69

SectionVIChangesinSharesandShareholders ...... 84

SectionVIIBonds ...... 91

SectionVIIIFinancialStatements ...... 95

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

Interpretations

SectionIICompanyProfileandMajorFinancialIndicatorsI.InformationabouttheCompany

II.Contactpersonandcontactinformation

III.Informationdisclosureandstoragelocation

IV.Registrationchanges

V.Otherrelevantinformation

AccountingfirmengagedbytheCompany

SponsorengagedbytheCompanytoperformcontinuoussupervisionduringthereportingperiod

□Applicable?NotapplicableFinancialconsultantengagedbytheCompanytoperformcontinuoussupervisionduringthereportingperiod

□Applicable?Notapplicable

VI.Mainaccountingdataandfinancialindicators

WhethertheCompanyneedstoretroactivelyadjustorrestatetheaccountingdataofpreviousyears?Yes?No

ThenetprofitoftheCompanyinthelastthreefiscalyearsbeforeandafterdeductingnon-recurringprofitorlossisnegative,andtheauditreportofthelatestyearshowsthatthegoing-concernabilityoftheCompanyisuncertain?Yes?NoThelowestoftheCompany'sauditedtotalprofit,netprofit,andnetprofitattributabletothelistedcompany’sshareholdersafterexceptionalgainsandlossesduringthereportingperiodwasnegative.?Yes?No

VII.Differencesbetweenaccountingdataunderdomesticandforeignaccountingstandards

1.DifferencesinnetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewiththeinternationalaccountingstandardsandtheChineseaccountingstandards

□Applicable?NotapplicableDuringthereportingperiodoftheCompany,therewasnodifferenceinnetprofitsandnetassetsinfinancialreportsdisclosedinaccordancewithinternationalaccountingstandardsandChineseaccountingstandards

2.DifferencesinnetprofitandnetassetsinfinancialreportsdisclosedinaccordancewithboththeinternationalaccountingstandardsandChineseaccountingstandards

□Applicable?NotapplicableDuringthereportingperiodoftheCompany,therewasnodifferenceinnetprofitsandnetassetsinfinancialreportsdisclosedinaccordancewiththeinternationalaccountingstandardsandChineseaccountingstandardsVIII.Mainfinancialindicatorsbyquarter

Unit:RMB

WhethertheabovefinancialindicatorsortheiraggregatearesignificantlydifferentfromthefinancialindicatorsrelatedtotheCompany'sdisclosedquarterlyandsemi-annualreports?Yes?No

IX.Non-recurringprofitorlossitemsandamounts

?Applicable?Notapplicable

Unit:RMB

Specificcircumstancesofotherprofitorlossitemsthatmeetthedefinitionofnon-recurringprofitorloss:

□Applicable?NotapplicableTheCompanyhadnospecificprofitorlossitemsthatmeetthedefinitionofnon-recurringprofitorloss.Notesonthedefinitionofthenon-recurringprofitorlossitemslistedinthe"InterpretiveAnnouncement

No.1onInformationDisclosureofCompaniesIssuingSecuritiestothePublic-Non-recurringProfitorLoss"asrecurringprofitorlossitems

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

SectionIIIManagement'sDiscussionandAnalysisI.MainbusinessengagedbytheCompanyduringthereportingperiod

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

1.IndustrialandurbanspacedevelopmentTheCompany'sspacedevelopmentsectoriscommittedtothedevelopmentofdifferentbusinessformatssuchasresidentialbuildings,high-endapartments,officebuildings,andindustrialparks.IthasbrandprojectssuchasITCBuilding,HuanggangPort,Tian'anInternationalBuilding,QianhaiPort,andJinlingHoliday.Basedontheexistingrealestatedevelopmentbusiness,theCompanywillpromotethestockoptimizationandincrementdevelopmentandconstructionsimultaneously.Takingthesubordinatecompanies,suchasHuangchengRealEstate,RongyaoRealEstateandWuheUrbanRenewal,asthedevelopmentandurbanrenewalentities,theCompanywillrelyonitslistingplatformtoincreasecapitaloperationandrationallyallocateurbanspacedevelopmentsectors.Duringthereportingperiod,allprojectsonsalehadtheirpromotionstrategiesadjustedinatimelymanneraccordingtomarketconditions,ensuringadynamicmatchbetweencapitalinvestment,constructionpace,andmarketdestockingwhilegoingallouttocompletetheannualsalescollectiontask.

2.PropertymanagementserviceTheCompany'spropertymanagementsegmentisbasedonInternationalTradeCenterPropertyManagement.Asoneofthefirstbatchofnationalfirst-classpropertymanagementqualifiedenterprises,InternationalTradeCenterPropertyManagementhas,aftermorethan30yearsofdevelopment,becomeadomesticfirst-classpropertyserviceproviderwithdiversifiedbusinesscapabilitiesandtechnologicalstrength.Ithasbeenratedas"Top100propertymanagementEnterprisesinChina"and"ExcellentEnterpriseforChinaIndustrialParkPropertyManagement"formanyyearsinarow.Theprojectsunderitsmanagementarespreadalloverthecountry,anditsbusinessradiatestovariousregionsofthecountry,includingSouthChina,SouthwestChina,EastChina,NorthChina,aswellastheVietnam-VietnamCooperationZone.Theexistingbusinesshascoveredvariousformatssuchasindustrialparks,culturaltourismscenicspots,governmentagencies,railtransit,housing,hospitals,schools,hotels,etc.,andisbeingarrangedtoenterthefieldofgrassrootssocialgovernance,cooperate

withthegovernmenttocreateasafe,harmonious,civilizedandorderlyurbanenvironment,andbasicallyformagoodpatternofmulti-formatcomprehensivedevelopment.InternationalTradeCenterPropertyManagementhasmorethan20subsidiaries,leveragingitsheadquarters'functionaldepartmentsasaplatformtoactivelybuildthreemajorcenters,namely"market,empowerment,andsupervision".Ithasestablishedbusinesscentersandprofitcentersbasedonthethreemajormodulesfeaturingprofessionalbusinesscompanies,professionalcompanies,andregionalcompanies,aimingtoachieveasustainableandeffective"1+1>2"coordinateddevelopmentnewpattern.

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

4.OtherbusinessDuringthereportingperiod,theCompany'sbusinessalsoincludescateringbusinessandprojectsupervisionbusiness.ThecateringbusinessisoperatedbyShenzhenGuomaoCateringCo.,Ltd.GuomaoCateringwasestablishedin1986andbecamefamousathomeandabroadastheplacewherethe"SouthernTourSpeech"wasdeliveredin1992.Sinceitsopening,ithasreceivedmorethan600Chineseandforeigndignitaries,celebritiesandcountlessChineseandforeignguests,anditsreputationhasspreadfarandwidebothathomeandabroad.Theengineeringsupervisionbusinessisoperatedbyasupervisioncompany,whichhasClassAsupervisionqualificationforhousingconstructionprojectsfromtheMinistryofConstruction.ItspredecessorwastheSZPRDManagementDepartment.ItwasdirectlyinvolvedintheconstructionandmanagementoftheShenzhenInternationalTradeBuildingandwitnessedtheentireprocessofcreatingthe"ShenzhenSpeed".Ithaslongbeenmainlyservingthegroup'sdevelopmentprojects.(II)Operationin2025In2025,facingthecomplexenvironmentofdeeprestructuringintherealestateindustryandthemultiplechallengesbroughtbymarketfluctuations,theCompanyhasalwaysadheredtoitsresponsibilityasastate-ownedenterprise,consolidateditsdevelopmentfoundationinovercomingdifficultiesandaccumulatedmomentumforprogressintransformationandupgrading.Underthemarketpressureofrealestatesegment,thekeyprojectsareadvancedinanorderlymanner,achievingastablecashflowbasethroughtherevitalizationofexistingassetsandprecisemarketing;thepropertymanagementsegmentcontinuedtoexpand,withintelligentupgradesandvalue-addedserviceexpansionadvancinginanorderlymanner.Theareaundermanagementsuccessfullyexceeded48millionsquaremeters,furtherhighlightingtheindustrybenchmarkeffectofInternationalTradeCenterPropertyManagement;stablereturnsaremaintainedintheassetoperationsegment,providingreliableprofitsupportfortheGroup.Duringthereportingperiod,theGroup'stotalassetswereaboutRMB

15.428billion,andtheannualoperatingrevenuewasaboutRMB2.383billion,andtheannualmaineconomicindicatorsweregenerallycompleted.First,theindustrialandurbanspacedevelopmentsegmentforgedaheadunderpressure,steadilypromotingworkrelatedtorealestatedestocking.TherealestatebusinessachievedanoperatingrevenueofRMB567millionthroughouttheyear,accountingfor23.79%ofthetotalrevenue.

Underthedualchallengesofmacroeconomicfluctuationsandindustrytransformationandadjustment,therealestatesegment,withthegoalof"maximizingdestocking,promotingcollections,andstabilizingbenefits",maintaineditscomposureandactivelyimplementedtherelevantpolicies,generallycompletingtheannualsalestask.Duringthereportingperiod,themajorrealestateprojects,includingGuangmingYutangShangfuProject,LakeCityProject,ShenyangDigitalIntelligentCityProjectandBinhaiHarborProject,werelaunchedsimultaneously.Marketingmanagementactivelyrespondedtomarketchanges,prudentlyanalyzedandevaluatedmarketconditions,closelymonitoreddynamicsinkeyregionalmarkets,andseizedmarketopportunitiestoacceleratesalesandinventoryclearance.TheCompanyhasconsistentlystrengthenedthecoordinationofmilestonetargetsandresourceallocationguarantees.Adheringtoamarket-orientedmanagementphilosophy,allbusinesslinesincludingdesign,procurement,andengineeringwithintheGrouphavemaintainedhigh-levelcollaboration,enhancedrefinedcontroltoadapttomarketchanges,andimplementedcomprehensivecoordinationandguidanceforprojectdevelopment.Proactiveplanningwasconductedforcriticaltaskssuchasprojectdesignschemes,tenderingandprocurement,targetcostdetermination,andon-siteconstruction,ensuringefficientandorderlydevelopmentofallongoingprojects.Arefinedcontrolsystemcoveringtheentirerealestateprojectdevelopmentprocesshasbecomemature.Second,thepropertymanagementsegmentwasreformedwithkeendeterminationandcontinuedtostrengthenmarketexpansion.ThepropertymanagementbusinessreportedanoperatingrevenueofRMB1.637billion,accountingfor68.70%ofthetotalrevenue,higherthanin2024.Thepropertymanagementsegmentcloselyfollowedthehigh-qualitydevelopmentstrategy,achievingmulti-pointbreakthroughsinoperatingscale,economicbenefits,andbrandvalue.Themanagedareahasexceeded48millionsquaremeters.Wehavesuccessfullyenteredthenew"propertycity"sectorandthenewmapofthenorthwestmarket.Forthefirsttime,wehaveventuredintotheinternationalhigh-endinnovativeeducationservicesandhigh-speedrailtransportationhubs.Themanagedbusinesstypeshavecontinuedtobeenrichedandupgraded.Weactivelyexploredthenewdriversforvalue-addedservices,closelyfocusingonthecorestrategyof"basicservices+diversifiedoperations",andachievingsteadygrowthindiversifiedoperationincome.Wefurtherpromotedprofessionallayout,stimulatedinternalsynergisticpotential,focusedoncorebusinessessuchaswater,electricityandelevatorsbyimplementinga"strategiccoordination+independentoperation"model,completedinternalbusinessintegration,andachievedgoodresultsinbusinessintegration.Effortstocollectaccountsreceivablewereintensified,andthecomprehensivecollectionratewasimprovedcontinuously.Ontheoccasionofthe45thanniversaryoftheestablishmentofShenzhenSpecialEconomicZone,theCompanywasselectedasa"TypicalCaseofBrandDevelopment"andawardedthe"ExcellentBrand"certificate;weparticipatedinthecompilationoftheShenzhenresidentialcommunitygroupstandardfortheintegrationofpartybuildingandpropertyservices,andhassuccessivelywonmultiplehonorssuchas"2025AnnualServiceCapabilityParkBenchmarkProject","Top100PropertyServiceEnterprisesintheGuangdong-HongKong-MacaoGreaterBayArea"and"Top10PropertyServiceEnterprisesinIndustrialParks",continuouslyenhancingitsbrandvalueandreputation.Third,theindustrialecosystemoperationsegmenthasbeendeeplycultivatedtocontinuouslyconsolidatethefoundationoftheassetmanagementbusiness.TheassetoperationbusinessreportedanannualoperatingrevenueofRMB179million,accountingfor7.52%ofthetotalrevenue.Inrecentyears,theCompanyhastakenmultiplemeasurestoaccelerateitstransformationandupgrading,focusingontheupgradingofexistingassets,achievingbreakthroughsinnewgrowthareas,andbuildingplatforms,whilestrivingtocreateitsfirstindependently-operatedcommercialbrand.Duringthereportingperiod,theCompanyoperatedGuomaoShoppingMallusinganasset-lightmanagementandmasterleasemodel,overcameseveraltechnicalchallengesintheconstructionproject,andcontinuedtoadvanceincreatingtheGroup'sowncommercialbrandandexploringmarket-orientedcommercialoperations.Intheindustrialoperationsegment,aplatform-basedmanagementandcontrolstructureof"smallheadquarters+projectdepartments"hasbeenestablishedandanimplementationplanwasformulatedfortheasset-lightentrustedmanagementbusiness,initiallybuildingafull-cyclecommercialoperationmodelforprojects.Intermsofindustrialinvestmentattraction,theCompanyhasfocusedonbothqualityandefficiency,continuouslyenhancingthedifferentiatedcompetitivenessofitsprojectsandactivelypromotingprojectinvestmentattractionefforts.(III)WorksafetyoftheCompanyin2025

In2025,SZPRDadheredtothebottomlineofsafetyproduction,coordinateddevelopmentandsafety,activelyimplementedthedeploymentandrequirementsofgovernmentdepartmentsatalllevelsonsafetyproductionwork,comprehensivelyconsolidatedthemainresponsibilityoftheenterprise,andstrictlyimplementedtheprinciplesof"ThreeManagements,ThreeMusts"and"OnePost,DualResponsibilities"forworksafety.TheGroup'sworksafetysituationremainedstableandcontrollablethroughouttheyear,withnomajorworksafetyliabilityaccidents,creatingasafeandstableenvironmentfortheGroup'shigh-qualitydevelopment.Newlandreserveprojects

CumulativeLandReserve

Developmentofmainprojects

Salesofmainprojects

Leasingofmainprojects

Level-Ilanddevelopment

□Applicable?NotapplicableFinancingapproach

DevelopmentstrategyandbusinessplanforthenextyearFacingtoprofoundandcomplexchangesinthedomesticandinternationalsituationin2025,theCPCCentralCommitteeproposedtoadheretothegeneralprincipleofseekingprogresswhilemaintainingstability,implementmoreproactiveandeffectivemacroeconomicpolicies,furtherpromotetheconstructionofaunifiednationalmarket,andadvanceChina'seconomyunderpressuretowardsnewandsuperiordevelopment,withsuccessfulconclusionofthe"14thFive-YearPlan,"achievingagoodstartonthenewjourneytowardsthesecondcentenarygoal.Itisproposedinthe"RecommendationsoftheCentralCommitteeoftheCommunistPartyofChinaonFormulatingthe15thFive-YearPlanforNationalEconomicandSocialDevelopment",adoptedattheFourthPlenarySessionofthe20thCPCCentralCommittee,to"promotethehigh-qualitydevelopmentofrealestate."Inthelongrun,thereisstillgreatpotentialandspacefordevelopmentofrealestateinChina.SZPRDwillcontinuetoactivelyconnectwiththemajorstrategicorientationofthestate-ownedassetsystem,andfirmlycontrolthecorelinksofthevaluemanagementofstockassetsandtheindustrialecologicaloperationservice.Itwillfocusonthedevelopmentoffourmajorbusinesses,includingindustrial-cityspacedevelopment,propertymanagementservice,industrialecologicaloperationandmainbusinessecologicalinvestment.Itwillstrivetoseizeopportunitiesduringtheadjustmentphaseoftherealestateindustry,focusonimprovingproductqualityandservices,adheretostableoperation,seeksustainabledevelopmenttogether,createamarket-orientedcommercialpropertyplatform,andsolidlypromotethehigh-qualitydevelopmentoftheenterprisewithcertainty.Inthecomingyear,whilefocusingonthedevelopmentandsalesofexistingprojects,theGroupwillcontinuetofollowupandseekincrementalresourcestolayafoundationfordevelopmentduringthe"15thFive-YearPlan"period.Intermsofprojectdevelopment,theCompanywillsteadilypromotethedevelopmentandconstructionofLakeCityProjectandShenyangDigitalIntelligentCityProject,aswellasmodificationofGuomaoShoppingmall,createqualitybenchmarkdemonstrationprojects,continuetoimprovedevelopmentcapabilities,strengthenqualitycontrol,deepenleanmanagement,improveproductcomprehensivecompetitiveness,andactivelycreate"goodhouses";intermsofsalesanddestocking,wewilldynamicallyadjustthesalesstrategiesforprojectsonthemarkettoachieveadynamicmatchbetweencapitalinvestment,constructionpace,andmarketdestocking;intermsoflandreserves,wewilldeeplyexplorethevalueofexistingassets,exploreasset-lightoperationpaths,acceleratetheconstructionofanewmodelforrealestatedevelopment,andobtainmoreresourcesfortheCompany'ssustainabledevelopment.Theabovebusinessplansandbusinessobjectivesdonotrepresentthelistedcompany'sprofitforecastfor2026.Whethertheycanberealizeddependsonvariousfactorssuchaschangesinmarketconditionsandtheeffortsofthebusinessteam,andtherearegreatuncertainties.Investorsshouldpayspecialattentiontothem.Guaranteetobuyersofcommercialhousingforbankmortgage?Applicable?NotapplicableAsarealestatedeveloper,theCompanyhasprovidedmortgageloanguaranteeandpaidloandepositsforbuyersofcommercialhousingaccordingtotheoperatingpracticeoftherealestateindustry.AsofDecember31,2025,thebalanceofdepositsforwhichtheguaranteehasn'tyetbeenreleasedstoodatRMB1,136,395.96,andthesaidguaranteewillbereleaseduponthefullrepaymentofthemortgageloans.

Asarealestatedeveloper,theCompanyhasprovidedmortgageloanguaranteeforbuyersofcommercialhousinginaccordancewiththeoperatingpracticeoftherealestateindustry.AsofDecember31,2025,thebalanceoftheguaranteethathasnotbeenreleasedwasRMB542,029,425.42,andthesaidguaranteewillbereleaseduponthefullrepaymentofthemortgageloans.Jointinvestmentsbydirectorsandseniormanagementandthelistedcompany(applicableforsuchinvestmentswherethedirectorsandseniormanagementarethemajorsourceofinvestment):

?Applicable?Notapplicable

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

TheCompanyshallcomplywiththedisclosurerequirementsfortherealestateindustryassetoutintheGuidelinesforSelf-RegulationofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure(I)MacroeconomicsituationandindustrydevelopmentstatusIn2025,theglobalrealestatemarketshowedadivergentperformance,withhousingpricesinsomedevelopedeconomiesremainingresilient,whileemergingmarketsgenerallyfacingpressure.Capitalflowsandmarketsentimentinthedomesticmarketwerestillaffectedbychangesinglobalmonetarypolicy.TheChineseeconomyexperiencedamoderaterecovery,andrealestate,asanimportantpillar,continuedtoplayasupportingrole.Atthecentrallevel,thepolicyorientationof"stabilizingexpectations,reducinginventoryandoptimizingsupply"wasstrengthened,andacombinationofmeasures,suchaspurchasingexistinghousingforaffordablehousing,optimizingthehousingprovidentfund,andloweringdownpaymentsandinterestrates,wasusedtosystematicallysupportthemarket.Thereformofthehousingprovidentfundsystemwascomprehensivelydeepened,andtheconstructionof"goodhouses"wasincludedinthenationalactionplantopromotetheimplementationofstandardsforsafe,comfortable,greenandsmarthousing;thewhitelistmechanismfor"guaranteeinghousingdelivery"continuedtoexpand,ensuringprojectfinancinganddelivery.Atthesametime,weexploredwaystorevitalizetheexistinglandandhousing,promotedurbanrenewalandtherenovationofdilapidatedhouses,andbuiltanewdevelopmentmodelcenteredon"allocatinghousingbasedonpopulationandfundingbasedonhousing".Thepolicypackageexertedsynergisticeffectsfromboththesupplyanddemandsides,markingtheindustry'sacceleratedtransitionfromtheoldhigh-leveragecycletoanewstageofhigh-qualityandsustainabledevelopment.(II)Industrialpolicyenvironment

In2025,thenationalrealestatemarketcontinueditsoveralladjustmenttrend.Sincethesecondquarter,thesalesofnewhouseshaveshownamarginalweakeningtrend.Thesecond-handhousingmarkethasbeencontinuously"reducingpricestoincreasesalesvolume",andtheoverallmarketisstillintheprocessof"stabilizingafteradecline".InAugust,theStateCouncilmeetingreaffirmedtheneedto"takeeffectivemeasurestoconsolidatethetrendoftherealestatemarketstabilizingandrecoveringfromdecline",sendingoutapositivesignal.InOctober,itwasclearlystatedinthe"Recommendationsforthe15thFive-YearPlan"thatitisessentialto"promotethehigh-qualitydevelopmentofrealestate",andproposedtocleanupunreasonablerestrictivemeasuresonhousingconsumption.InDecember,itwaspointedoutonameetingofthePoliticalBureauoftheCPCCentralCommitteethat"theeconomicworkinthenextyearshouldadheretotheprincipleofseekingprogresswhilemaintainingstability,improvingqualityandefficiency,continuetoimplementamoreproactivefiscalpolicyandamoderatelyloosemonetarypolicy,leveragetheintegratedeffectsofexistingandincrementalpolicies,increasecounter-cyclicalandcross-cyclicaladjustments,andeffectivelyenhancemacroeconomicgovernanceeffectiveness,"andemphasizedthat"wemustadheretodomesticdemandasthemainstayandbuildastrongdomesticmarket,"settingthetoneformacroeconomicpolicyin2026.Demand-sidepolicieshavebeensynergisticallyimplementedfrommultipledimensionstoactivatethemarket.Corecitieshavecompletelyliftedpurchaseandsalesrestrictions,andthethresholdfornon-householdresidentstopurchasehomeshasbeensignificantlylowered;theweightedaverageinterestrateforpersonalhousingloanshasdecreased,thedownpaymentratioforfirst-timehomebuyershasbeenlowered,andtheinterestratesonexistingmortgageloanshavecontinuedtodecline;theindividualincometaxrefundpolicyforexchangingoldhousesfornewoneshasbeenextendeduntil2027.Thevalue-addedtaxisexemptedforhousesthathavebeenownedforatleast2years,andisreducedto3%forthosethathavebeenownedforlessthan2years.Theprovidentfundpolicyhasbeencontinuouslyoptimizedalongthreemaindirections:"supportingfamilieswithmultiplechildren","expandingusageacrossdifferentregions",and"expandingthescopeofwithdrawals".Thishasdriventheprovidentfundtotransformfrombeing"exclusiveforhomepurchases"to"providingsupportthroughouttheentireperiodofresidence".Encouragingthepurchaseofexistingcommercialhousingforaffordablehousing,therebyreleasingthedemandforimprovement.Thepoliciesaccuratelyfocusonnewurbanresidents,multi-childfamilies,andhome-swappinggroups,promotingthemarket'stransformationfrom"rigiddemand-led"to"qualityimprovement,"andenhancingresidents'willingnessandabilitytopurchasehouses.Thesupply-sidereformfocuseson"controllingnewsupply,reducinginventory,andoptimizingsupply"toreshapethemarketstructurethroughsystematicpolicies.Bystrictlycontrollingthestartofnewconstructionprojectsandlandsupply,theareaofnewhousingstartsacrossthecountryin2025declinedyear-on-year,facilitatingtheconcentrationofresourcesinhigh-qualityprojectsincorecities.Toacceleratetherevitalizationofexistingcommercialhousing,thecentralbankhasestablishedarelendingfacilityforaffordablehousingtosupportlocalgovernmentsinacquiringexistinghousingforaffordablehousingandtalenthousing,therebystrengtheningthemarket-basedincentivemechanisms.Thenationalstandardfor"goodhousing"hasbeenpromoted,with15provincesissuingregulationsforsafe,comfortable,greenandsmartresidences.Thedetailedstandardstailoredtotheirownneeds,suchasoptimizingthecalculationofbalconyfloorareaandusinggreenbuildingmaterials,havebeenintroducedinmanyregions.Thewhitelistmechanismfor"guaranteeinghousingdelivery"achievedlarge-scaleexpansionandmechanismoptimizationin2025.RealestateenterprisesaresupportedtobroadenequityfinancingchannelsthroughREITs,privateplacements,etc.,tostabilizetheircapitalchainsandpromotetheindustry'stransitionfromahigh-turnovermodeltoahigh-qualityandsustainableone.(III)RegionalmarketlandscapeIn2025,theShenzhenrealestatemarketischaracterizedbyacorepatternof"policysupport,demanddifferentiation,enterpriseconcentration,andstructuraloptimization."Therealestatepoliciescontinuedtobeaccommodative,focusingonboththedemandandsupplysides.Themarketwasgraduallyrecoveringamidstadjustments,withsignificantdifferencesacrossvarioussub-sectors.Thesupplyofnewhousinghascontracted,withthesecond-handhousingmarkettakingadominantrole.Thepricetrendshowssignificantstructuraldifferentiation,withhigh-qualityresidentialandcommercialofficeprojectsincoreareasdemonstratingstrongresilience,whilethoseinnon-coreareasfacegreaterpressuretoreduceinventory;theconcentrationofrealestateenterpriseshasincreased,withcentral

andstate-ownedenterprisesandlocalleadingcompaniesdominatingthemarket;thecommercialofficemarketneedstowaitforthefurtherreleaseofindustrialdemand.In2026,policiesareexpectedtobefurtheroptimized,andthemarketmayachieveadynamicbalancethrough"stabilizingdemand,reducinginventory,andimprovingsupply".(VI)PresentsituationandtasksCurrently,themacroeconomicsituationandindustrystructureareundergoingprofoundchanges.TheCentralUrbanWorkConferencehasclarifiedanewmodelforrealestatedevelopment,andpoliciessuchastheconstructionof"goodhousing"andurbanrenewalhaveprovideduswithdevelopmentopportunities;itisproposedinShenzhen's"15thFive-YearPlan"tobuild"fivecenters,"whichhasexpandedthebroadspaceforenterprisedevelopment;therealestateindustryhastransitionedfromthe"incrementalgrowthera"tothe"stockera"andthe"qualityera".Themarketlogichasshiftedfromscaleexpansiontovaluecreation,andthefocusofcompetitionhasmovedfromresourcecontentiontocapabilitycompetition.Therefinedtransformationoftherealestateindustry,thequalityupgradeofthepropertymanagementindustry,andthelarge-scaledevelopmentoftheassetoperationindustryhaveopenedupnewtransformationspacefortheCompany'sdevelopment.Currently,theCompany'stoppriorityistoensurecashflowsecurityandstrictlypreventliquidityrisks.Thekeyistoreducetheinventoryandrecoverthefunds,whileacceleratingthehigh-qualitydevelopmentofthepropertymanagementsegment,deepeningthevaluerealizationofthecommercialmanagementsegment,andexploringanintegrateddevelopmentecosystemforthemainbusiness.Weadheretothegeneralworkprincipleof"seekingprogresswhilemaintainingstability,andimprovingqualityandefficiency,"andfirmlyfollowtheworkapproachof"reducinginventory,preventingrisks,improvingqualityandefficiency,andpromotingtransformation."Wecoordinatehigh-qualitydevelopmentwithhigh-levelsecurity.Withahigherperspective,abroadervision,andmoreconcreteactions,wewillpromotethecomprehensivecompletionofannualtasksandgoals,andstartanewchapterinallourundertakings.(V)PositionintheindustrySZPRDaccompaniedthereformandopeningupofShenzhen.Ithasbeendeeplyinvolvedinrealestateandpropertymanagementformorethan40years.Itsindustrypositionandbrandinfluencehavebeenimproving,andithaswonmanyhonorsandawardsovertheyears.Duringthereportingperiod,wewereawardedthe"2025AnnualServiceCapabilityParkBenchmarkProject","Top100PropertyServiceEnterprisesintheGuangdong-HongKong-MacaoGreaterBayArea"and"Top10PropertyServiceEnterprisesinIndustrialParks".Ontheoccasionofthe45thanniversaryoftheestablishmentoftheShenzhenSpecialEconomicZone,theCompanywasselectedasa"TypicalCaseofBrandDevelopment,"awardedthe"ExcellentBrand"certificate,andparticipatedinthecompilationoftheShenzhengroupstandardsfortheintegrationofPartybuildingandpropertyservicesinresidentialcommunities.

III.Analysisofcorecompetitiveness

Advantagesofbrandandculturalaccumulation:Asastate-ownedenterpriseundertheShenzhenMunicipalGovernment,SZPRDhasgonethrough40yearsofmagnificentandpioneeringdevelopment,andhasgraduallyformedadiversifieddevelopmentpatternwithrealestatedevelopmentasitsmainindustry,involvingurbanrenewal,propertymanagement,assetoperation,industrialinvestment,etc.Thebrandvalueandcomprehensivestrengthof"ShenzhenProperty"thatcarriesthespiritofreformandopeningupoftheInternationalTradeCenterBuildinghavebeenhighlyrecognizedbythemarket.ThecompanywasbornbecauseoftheInternationalTradeCenterBuilding,prosperedbecauseofreformandopeningup,andcoexistsandgrowswiththemiraclecityofShenzhen."Daretobethefirst,changeandstriveforstrength"thecombinationofthiscorporatecultureandthe"PioneerCattle"spiritofovercomingdifficultieshasbecomeaguideforactiontopromoteSZPRD‘sexcellentleapfrom"Shenzhenspeed"to"Shenzhenquality".Advantagesoftheentireindustrialchain:Overtheyears,SZPRDformedadvantagesintheentireindustrialchainincludingprojectacquisition,developmentandconstruction,investmentpromotionandsales,leasingmanagementandpropertymanagement.Inparticular,ithasformedobvioussegmentationadvantagesinhigh-endparkbasicservicesandpropertyqualityservices,whichhasforgedthecompany'scorecompetitiveness.

Advantagesofindustrial-cityintegration:TheCompany'sspacedevelopmentsegmentiscommittedtothedevelopmentofdifferentbusinessformatssuchasresidential,high-endapartments,officebuildings,andindustrialparks.FromtheearliestITCurbancomplex,HuanggangPortareadevelopmentandoperationofthelarge-scaleindustrial-citycomplexLakeCityProject,theadvantagesofSZPRDcharacteristicdevelopmentproductsofindustrial-citycomplexeshavebeenhighlighted.Withtheimplementationofurbanrenewalprojectsandindustriallandacquisitionprojects,theadvantagesofindustrial-cityintegrationwillbefurtherconsolidatedandenhanced.Advantagesofmarket-orientedmechanism:TheCompanyhasalwaysadheredtodeepentheimplementationofamarket-orientedoperationmechanismandcontinuouslypushforwardthereformofitssystemandmechanism.Currently,amarket-orientedoperationmechanismcoveringtheentireprocessandchainfromthefrontend(resourceacquisition)tothemiddleend(resourcedevelopment)andthebackend(valuerealization)hasbeenbasicallyformed.Especiallyinfull-cycleengineeringmanagement,full-processcostcontrol,andfull-modulehumanresourcemanagement,wehavebenchmarkedagainstthemarketconditionsandindustrystandards,respectedthemarketlaws,improvedtheoperatingmechanisms,andcontinuouslymaintainedtheCompany'svitalityanddevelopmentefficiency.Allbusinessoperationswerecarriedoutinanorderlymannerandhaveachievedgoodresults.IV.Analysisofprimarybusiness

1.OverviewPleaserefertotherelevantcontentsof"I.MainbusinessesengagedinbytheCompanyduringthereportingperiod"in"ManagementDiscussionandAnalysis".

2.Revenueandcost

(1)Compositionofoperatingrevenue

Unit:RMB

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

Unit:RMB

UnderthecircumstancesthatthecalculationmethodoftheCompany'smainbusinessdataisadjustedduringthereportingperiod,theCompany'smainbusinessdataforthelatestperiodisadjustedaccordingtothecalculationmethodattheendofthereportingperiod

□Applicable?Notapplicable

(3)Whetherthecompany'sphysicalsalesrevenueisgreaterthantherevenueoflaborservices?Yes?No

(4)PerformanceofmajorsalescontractsandmajorprocurementcontractssignedbytheCompanyasofthereportingperiod

□Applicable?Notapplicable

(5)CompositionofoperatingcostsIndustryclassificationIndustryclassification

Unit:RMB

NotesNone.

(6)Whethertherewasanychangeintheconsolidationscopeduringthereportingperiod?Yes?NoFordetails,pleaserefertoSectionVIIIFinancialReportIX.Changesinconsolidationscopeofthisreport.

(7)InformationaboutsignificantchangesoradjustmentsintheCompany'sbusiness,productsorservicesduringthereportingperiod

□Applicable?Notapplicable

(8)MainsalescustomersandsuppliersMainsalescustomersoftheCompany

InformationontheCompany'stop5customers

Otherinformationofmaincustomers?Applicable?Notapplicable

ShenzhenBayTechnologyDevelopmentCo.,Ltd.isawholly-ownedsubsidiaryoftheCompany'scontrollingshareholder,ShenzhenInvestmentHoldingsCo.,Ltd.Apartfromthis,theotherfourcustomershavenoaffiliatedrelationshipwiththeCompany.MainsuppliersoftheCompany

InformationontheCompany'stop5suppliers

Otherinformationofmainsuppliers?Applicable?Notapplicable

ShenzhenBayTechnologyDevelopmentCo.,Ltd.isawholly-ownedsubsidiaryoftheCompany'scontrollingshareholder,ShenzhenInvestmentHoldingsCo.,Ltd.Apartfromthis,theotherfoursuppliershavenoaffiliatedrelationshipwiththeCompany.

Duringthereportingperiod,theCompany'stradingbusinessrevenueaccountedformorethan10%ofitsoperatingrevenue

□Applicable?Notapplicable

3.Costs

Unit:RMB

4.R&Dinvestment?Applicable?Notapplicable

R&DpersonneloftheCompany

R&Dinvestment

ReasonsandimpactofmajorchangesinthecompositionoftheCompany'sR&Dpersonnel

□Applicable?NotapplicableReasonsforthesignificantchangeintheproportionoftotalR&Dinvestmenttooperatingrevenuecomparedwiththepreviousyear

□Applicable?NotapplicableReasonsforthesignificantchangeinthecapitalizationrateofR&Dinvestmentanditsrationalityexplanation

□Applicable?Notapplicable

5.Cashflows

Unit:RMB

DescriptionofmaininfluencingfactorsofsignificantYoYchangesinrelevantdata?Applicable?Notapplicable

①Theyear-on-yearincreaseincashoutflowsfromoperatingactivities,mainlyduetotheincreaseinlandvalueincrementtaxpaymentsduringthereportingperiod.

②Theyear-on-yearincreaseincashoutflowsfrominvestingactivities,mainlyduetothematurityoftimedepositsduringthereportingperiod.

③Theyear-on-yearincreaseincashoutflowsfrominvestingactivities,mainlyduetotheincreaseinpurchasingmoneymarketfundsduringthereportingperiod.

④Theyear-on-yearincreaseincashinflowsfromfinancingactivities,mainlyduetotheincreaseinnewbankborrowingsduringthereportingperiod.

⑤Theyear-on-yearincreaseincashoutflowsfromfinancingactivities,mainlyduetotheincreaseinbankborrowingsrepaymentduringthereportingperiod.ExplanationofthereasonsforthesignificantdifferencebetweenthenetcashflowgeneratedfromtheoperatingactivitiesoftheCompanyandthenetprofitofthecurrentyearduringthereportingperiod?Applicable?NotapplicableThenetcashflowsgeneratedbytheCompany'soperatingactivitiesduringthereportingperiodwere-2,086,069,661.63,whichwassignificantlydifferentfromthenetprofitof4,693,347.66duringthereportingperiod.Themainreasonsarethatthetaxaccruedinpreviousyearswaspaidduringthereportingperiod.V.Analysisofnon-primarybusiness

?Applicable?Notapplicable

Unit:RMB

VI.Analysisofassetsandliabilities

1.Majorchangesinassetcomposition

Unit:RMB

Highproportionofoverseasassets

□Applicable?Notapplicable

2.Assetsandliabilitiesmeasuredatfairvalue?Applicable?Notapplicable

Unit:RMB

Otherchanges

Otherchangesareaffectedbychangesinexchangerates.

WhetherthereweresignificantchangesinthemeasurementattributesoftheCompany'smajorassetsduringthereportingperiod?Yes?No

3.Restrictionsonassetrightsasoftheendofthereportingperiod

[Note1]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB2,950,000.00wasthebankguaranteedepositofthesubsidiaryShenzhenShenfubaoPropertyDevelopmentCo.,Ltd.[Note2]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB3,000,000.00wasfrozenbythecourtduetopre-litigationpreservationforcontractdisputesofthesubsidiaryShenzhenFacilityManagementCommunityCo.,Ltd.[Note3]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB138,064.00wastheperformanceguaranteedepositofthesubsidiaryShenzhenFacilityManagementCommunityCo.,Ltd.[Note4]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,thereisRMB1,136,395.96whichistheloanguaranteehistoricallyprovidedbytheCompanyasarealestatedeveloperandpaidforthebuyersofcommercialhousingaccordingtotherealestateoperationpractice.[Note5]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB500,000.00wasfrozenduetoalawsuitinvolvingthesubsidiaryShenzhenJinhailianPropertyManagementCo.,Ltd.[Note6]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB162,969.00wasfrozenduetoalawsuitinvolvingthesubsidiaryShenzhenITCTechnologyParkServiceCo.,Ltd.[Note7]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,thereareRMB74,359,856.86oftimedepositspurchasedattheendoftheperiodandtheirinterest.[Note8]:Amongthemonetaryfundswithrestrictedrightofuseattheendoftheperiod,RMB50,385.39wasthecollectionbusinessguaranteeofthesubsidiaryShenzhenJiayuanPropertyManagementCo.,Ltd.

[Note9]:Duetotheneedsofdailyoperatingactivities,theCompanyappliedforaloanfromthebank,andmortgagedthelanduserightoftheLakeCityProjectplotitheld.[Note10]:Duetotheneedsofdailyoperatingactivities,theCompanyappliedforaloanfromthebank,andmortgagedthelanduserightofPlotDofShenyangDigitalIntelligentCityProjectandtheconstructioninprogressofPlotD.[Note11]:Duetotheneedsofdailyoperatingactivities,theCompanyappliedforaloanfrombank,andmortgagedtheself-ownedcommercialpropertiesitheld.

VII.Analysisofinvestmentstatus

1.Overallsituation

□Applicable?Notapplicable

2.Majorequityinvestmentsacquiredduringthereportingperiod

□Applicable?Notapplicable

3.Majornon-equityinvestmentsinprogressduringthereportingperiod

□Applicable?Notapplicable

4.Investmentinthefinancialassets

(1)Securitiesinvestment?Applicable?Notapplicable

Unit:RMB

(2)Derivativeinvestment

□Applicable?NotapplicableTheCompanyhadnoderivativeinvestmentduringthereportingperiod.

VIII.Salesofmajorassetsandequities

1.Salesofmajorassets

□Applicable?NotapplicableTheCompanydidnotsellmajorassetsduringthereportingperiod.

2.Saleofmajorequity

□Applicable?Notapplicable

IX.Analysisofmajorholdingandparticipatingcompanies

?Applicable?NotapplicableMajorsubsidiariesandparticipatingcompanieswithanimpactof10%ormoreontheCompany'snetprofit

Unit:RMB

Informationonacquisitionanddisposalofsubsidiariesduringthereportingperiod

□Applicable?NotapplicableNotestomainholdingandparticipatingcompaniesX.StructuredentitiescontrolledbytheCompany

□Applicable?Notapplicable

XI.ProspectsforthefuturedevelopmentoftheCompany

(I)IndustrypatternandtrendSee"II.IndustrysituationoftheCompanyduringthereportingperiod"inSectionIII"ManagementDiscussionandAnalysis"ofthisreport.(II)DevelopmentstrategyoftheCompanyWiththeoveralldownwardtrendofthedevelopmentofthetraditionalrealestatemarket,SZPRD,whichismainlyengagedintraditionalrealestate,isfacingasevereindustrysituation.Inthiscontext,thecompanyproposedthe"12345"overalldevelopmentideaof"1vision+2majorsectors+3drivers+4majorbusinesses+5value-addedservices".Focusingonthetwocoremodesof"spaceassetmanagement"and"spacedigitalecologicaloperation",through"mainbusinessextensionandedgebreakthrough",thecompanyfocusesonthedevelopmentoffourmajorbusinesses,namely,industrial-cityspacedevelopment,industrialecologicaloperation,propertymanagementserviceandmainbusinessecologicalinvestment,andquicklylaysoutandgraftsfivevalue-addedservices,namely,high-endconsultingservices,customizedbutlerservices,intelligentoperationplatforms,dataminingandutilization,andbusinessecosystemintegration.Withscientificandtechnologicalinnovationasthefirstdrivingforce,thecompanygivesfullplaytotheleverageroleofcapital,buildsaportal-typeintelligentmanagementandcontrolserviceplatform,basedinShenzhen,withtheGuangdong,HongKongandMacaometropolitanareaandsurroundingareasastheexpansionarea,buildsthefunctionofintelligentsocialbasepoint,andcreatesaleadingintelligentindustrial-cityspaceoperatorinChina.Inthefuture,theCompanywillbaseonthecurrentdevelopmentsituation,grasptherhythmofdevelopmentsteps,andfollowthethree-stepimplementationpathof"strengtheningthefoundation,makingbreakthroughsattheedge,andfocusingonleading",seektransformationandupgradingopportunitiesindevelopment,promoteincrementaldevelopmentintransformation,buildnewuniquedevelopmentadvantagesoftheCompany,andcreateanewpatternofinnovationanddevelopmentoftheCompany.(Ⅲ)Businessplanfor2026Theyear2026marksthebeginningofthe"15thFive-YearPlan."TheoverallworkapproachoftheGroupistoadheretothegeneralprincipleof"seekingprogresswhilemaintainingstability,andimprovingqualityandefficiency."Wewillanchoroureffortsonthetransformationgoalof"balancingasset-lightandasset-heavymodels,"prioritizecashflowsecurity,andfocusonsalesdestockingandfundrecoveryasthekeytasks.Withtheannualstrategicthemeof"deepeningthemainbusiness,empoweringwithdigitalintelligence,andsolidifyingthebase,"wewillcoordinatehigh-qualitydevelopmentandhigh-levelsecurity,promotesynergisticqualityimprovementacrossthethreecore

businesses,fullyactivatetheinternalgrowthdrivers,andachievehigh-quality,sustainabledevelopmentoftheenterprise.Wewillfocusonthefollowingfourareas:

First,deeplyintegrateintotheoveralldevelopmentlandscapeandsolidifythefoundationforstableoperationanddevelopment.Thecompanywillcloselyfollowthecity'sdevelopmentstrategy,concentrateresourcestocultivatethecoremarkets,andtaketheinitiativeinareassuchascreatingscienceandtechnologyinnovationspacesandoperatingindustrialparks.Adheringtostrategicguidance,wewillmeticulouslyformulatethe"15thFive-Year"strategicplan,andpromotetheCompany'sdevelopmenttobeinsyncwithurbanupgradingandindustrialprogress.Wewillalwaysprioritizecashflowsecurityastheprimarybottomlineforstrategicimplementation,optimizethefinancingstructure,enhancerefinedcapitaloperationsandrigidbudgetcontrol,andcascadeoperationalresponsibilitiestosafeguardtheCompany'sfinanciallifeline.Second,optimizethesynergyofthemainbusinesssegmentsandenhancethecoreoperationalefficiency.Wewilladheretoconcentratingbusinessonthemainresponsibilitiesandcorecompetitiveareas,andbuildanintegrateddevelopmentecosystemforrealestate,propertymanagement,andcommercialproperties.Intermsoftherealestatesegment,wewillfocuson"destockingandfundrecovery,revitalizingexistingassets,andinnovatingmodels".Wewilldynamicallyadjustthesalesstrategies,deeplyexplorethevalueofexistingassets,exploreasset-lightoperationpaths,andacceleratetheconstructionofanewmodelforrealestatedevelopment;intermsofthepropertymanagementsegment,wewill,aimingatqualityupgradingandscalebreakthrough,activelyexpandintohigh-endbusinessformatsandvalue-addedservices,whileensuringasteadyincreaseintheareaundermanagement,tobuildacomprehensiveprofessionalsupportingserviceplatform;thecommercialoperationsegmentwillfocusonitsroleasacommercialmanagementplatform,ensurethetimelyopeningofkeyprojects,createamodelforlightassetoutput,promotethetransformationofexistingassetmanagementto"proactiveoperation,"andcomprehensivelyimprovetheoperationefficiencyofassets.Third,consolidatethecoreunderlyingcapabilitiesandcomprehensivelyimprovethecorporategovernance.Focusingonorganization,talentandtechnology,wewillcontinuouslyoptimizetheorganizationalstructure,deepenreformsinpersonnelappointment,compensationandperformance,andactivatetheorganization'sinternalvitality.Wewillacceleratedigitaltransformation,buildunifieddatastandardsandamiddleplatform,deepentheapplicationofAItechnologyinmultiplescenarios,fullyleveragethedecisionsupportroleofdata,andpromotestandardization.Wewillenhancetheoperationalandassetmanagementefficiencyoftheheadquarters,improvetheentireprocesssystemof"investment,financing,management,andexit"forassets,buildaprofessionalassetmanagementteam,andmaximizetheassetvalue.Wewillstrengthencorporateexchangesandcooperation,introducetheadvancedmanagementexperienceandinternationalservicestandards,andelevatetheoverallserviceleveltoanewstage.Fourth,strengthenthefoundationforsecuredevelopmentandenhancethebrandvalueofthelistedcompany.Wewillintegratecomplianceriskcontrol,securitymaintenance,brandbuilding,etc.intoallaspectsofenterprisedevelopment,adheretotherequirementsofstate-ownedassetsupervisionandtheoperationoflistedcompanies,andstrictlycontrolvariousriskssuchaslegal,complianceandintegrityissues.Wewilladheretothesafetybottomline,strictlyimplementthe"ThreeManagements,ThreeMusts"and"OnePost,DualResponsibilities"forworksafety,andconductregularinspectionsandrectificationofhiddendangerstoensuretheoverallsafetyandstabilityofcorporateoperations.Wewillcultivateaprofoundcorporateculture,inheritthecorporatespiritof"daringtobethefirstandstrivingforchange,"practicethecorevaluesof"sharedheart,sharedcreation,sharedsuccess,"andfosterastrongsynergyamongallemployeestodrivebusinessdevelopment.

(4)Possiblerisks

1.MarketriskUnderthepolicyguidanceof"nospeculationinhousing",thedemandsideoftherealestatemarketisstillinadownwardchannel.Thedevelopmentspaceoftherealestateindustryisconstantlybeingcompressed,andtheindustryprofitisgreatlyreduced.Ithaschangedfromthepreviouslanddividendtotheeraofaskingfordividendsfrommanagement,especiallyforthecostdesign,engineeringandotherbusinesscapabilities,whichhasbroughtunprecedentedchallenges.Thepromotionconditionsof

urbanrenewalprojectarecomplexandfullofresistance,andtheCompany'sbusinessdevelopmentisfacingopportunitiesandchallenges.Inthefaceofthegrimsituation,theCompanydeeplystudiedtheopportunitiesandchallengesbroughtbymacroeconomictrendsandpolicytrends,activelysoughtthedirectionofstrategicbreakthrough,adheredtosteadyoperation,raisedfundsthroughmultiplechannels,focusedonimprovingmanagementlevel,seizedlandmarketopportunities,basedinShenzhen,andfocusedonimprovingitssustainabledevelopmentabilitywithGuangdong-HongKong-Macaometropolitanareaandsurroundingareasasitsexpansionarea.

2.LandreserveriskTheCompany'slandreservesarerelativelylimited,anditssustainabledevelopmentcapabilityhascertainshortcomings,whichposesapotentialimpactonfuturebusinessscaleandoperationalstability.Therealestateindustryiscurrentlyundergoingadeepadjustment,withtheindustrylandscapecontinuouslyoptimizedandthemarketcompetitionbecomingincreasinglyfierce;couplingwithmultiplefactorssuchastighteninglandsupplyincorecities,enhancedinvestmentconstraintsintheindustry,andnarrowingmarketspacefornewdevelopments,thedifficultyofacquiringhigh-qualitylandresourcesandprojectshasfurtherincreased,andprojectexpansionfacescertainuncertainties.TheCompanywilladheretotheoverallprinciplesofprudentoperation,cautiousinvestment,andcontrollablerisks,reasonablygraspthepaceofinvestment,optimizetheinvestmentdecision-makingmechanism,andstrictlycontroltheinvestmentrisks.Wewillfocusoncoreregionsandadvantageoussectors,prioritizesupplementinghigh-qualityprojectresourcesthroughmarket-basedcompetition,cooperativedevelopment,urbanrenewal,andrevitalizationofexistingresources,promotecompliantprojectimplementationandefficientconversion,andcontinuouslyimprovethequalityoflandreservesanddevelopmentresilience.

3.FinancingriskInrecentyears,theCompanyhasactivelyincreaseditslandreserveandaccelerateditsbusinessdevelopment.Inthisprocess,itneedstoinvestalargeamountoffundsforlandacquisitionandprojectdevelopment.Inadditiontoitsownfunds,theCompany'sprojectdevelopmentfundsalsoneedtobefinancedexternallythroughbankborrowingsandissuanceofsecurities.Atpresent,thecompanyhasastablefinancialpositionandgoodcreditstatus.Inthefuture,itwillfurtherstrictlycontrolfinancialrisks,activelyexplorevariousfinancingchannels,andraisefundsforprojectdevelopmentandconstruction.Theabovebusinessplansandbusinessobjectivesdonotrepresentthelistedcompany'sprofitforecastfor2026.Whethertheycanberealizeddependsonvariousfactorssuchaschangesinmarketconditionsandtheeffortsofthebusinessteam,andtherearegreatuncertainties.Investorsshouldpayspecialattentiontothem.XII.Reception,survey,communication,interviewandotheractivitiesduringthereportingperiod

?Applicable?Notapplicable

XIII.Formulationandimplementationofmarketvaluemanagementsystemandvaluationimprovementplan

WhethertheCompanyhasformulatedamarketvaluemanagementsystem.?Yes?NoWhethertheCompanyhasdisclosedplansforvaluationenhancement.?Yes?No

XIV.Implementationoftheactionplanof"doubleimprovementofqualityreturn".

Whetherthecompanyhasdisclosedtheannouncementoftheactionplanof"doubleimprovementofqualityreturn".?Yes?No

SectionIVCorporategovernance,EnvironmentandSocietyI.Basicstatusofcorporategovernance

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

II.TheindependenceoftheCompanyfromthecontrollingshareholderandactualownerintermsofassets,personnel,finance,organizationandbusiness

TheCompanyandthecontrollingshareholderarecompletelyseparatedintermsofbusiness,personnel,assets,institutionsandfinance,andachievepersonnelindependence,financialindependence,assetintegrity,institutionalindependenceandbusinessseparation.Intermsofbusiness,theCompany'sbusinessisindependentofthecontrollingshareholder,withindependentandcompletebusinessandindependentoperationability;intermsofpersonnel,theCompanyiscompletelyindependentfromthecontrollingshareholderintermsoflaborandpersonnel,andsalarymanagement.TheCompany'spersonnelareindependent,andallemployeeshavesignedlaborcontractswiththeCompany.TheCompanyisindependentfromshareholdersorotherrelatedpartiesintermsofemployeemanagement,socialsecurity,andsalaryremuneration;intermsofassets,theCompany'sassetsarecomplete,independent,andthepropertyrightsareclear.Thereisnosituationthattheassetsandfundsareoccupiedbythecontrollingshareholder,andtheCompany'sassetsarecompletelyindependentofthecontrollingshareholder;intermsoforganization,theCompanyhasanindependentorganization,andhasformulatedrulesandregulationsandresponsibilitiesforeachdepartment,formingascientificandreasonableinternalcontrolsystemwithclearresponsibilitiesand

powers;intermsoffinance,theCompanyisfinanciallyindependent,withanindependentfinancialdepartment,financialaccountingsystem,financialmanagementsystemandindependentfinancialaccounts,independenttaxpaymentandindependentfinancialdecision-making.ThecontrollingshareholderoftheCompanyshallabidebythecodeofconduct,andshallnotdirectlyorindirectlyinterveneintheCompany'sbusinessdecisions,operatingactivitiesoruseoffundsbeyondtheCompany'sgeneralmeeting,butthecontrollingshareholdermayhaveacertainimpactontheCompany'smajordecisionsthroughthesharesheld.III.Horizontalcompetitions

?Applicable?Notapplicable

IV.DirectorsandSeniorManagement

1.Basicinformation

Whethertherehavebeendeparturesofanydirectors,supervisors,ordismissalsofseniormanagementpersonnelduringtheirtermsofofficeinthereportingperiod?Yes?NoDuetoreachingthestatutoryretirementage,Ms.ShenXueyinghasappliedtoresignfromherpositionsasadirectorofthe10thBoardofDirectors,ChiefFinancialOfficer,andfromrelevantspecialcommitteesoftheBoardofDirectors,inaccordancewiththeCompanyLaw,theArticlesofAssociation,andotherrelevantregulations(fordetails,seeAnnouncementNo.2025-07oftheCompany).Duetotheexpirationofhistermandforpersonalreasons,Mr.LiuShengxianghasappliedtoresignfromhispositionsasChairmanofthe10thBoardofDirectors,adirector,andfromrelevantspecialcommitteesoftheBoardofDirectors(fordetails,seeAnnouncementNo.2025-08oftheCompany).DuetothereappointmentoftheBoardofDirectors,Mr.WangGeandMr.XieChangwillnolongerserveasdirectorsoftheCompany(fordetails,seetheAnnouncementNo.2025-52oftheCompany).Duetoaworktransfer,Mr.LiPenghasappliedtoresignfromhispositionasDeputyGeneralManagerandotherconcurrentpositionsintheCompany(fordetails,seetheAnnouncementNo.2026-01oftheCompany).Forpersonalreasons,Mr.ChenHongjihasappliedtoresignfromhispositionasDeputyGeneralManageroftheCompany(fordetails,seetheAnnouncementNo.2025-31oftheCompany).ChangesindirectorsandseniormanagementoftheCompany?Applicable?Notapplicable

2.OfficeholdingProfessionalbackground,workexperienceandmaindutiesintheCompanyofexistingdirectorsandseniormanagementMembersoftheBoard:

Mr.TangXiaoping,borninOctober1970,isamemberoftheCommunistPartyofChina,holdsamaster'sdegreeinmanagement,andisasenioraccountant,seniorvocationalinstructor,andseniorrealestateplanner.HepreviouslyservedastheChiefFinancialOfficerandHeadoftheFinanceDepartmentatShenzhenGreatWallRundaAssetManagementCompany,andastheHeadoftheFinancialOperationandManagementDepartmentatShenzhenForeignLaborServiceCo.,Ltd.andExecutiveDirectorofShenzhenForeignAffairsServiceCenter.HejoinedShenzhenSpecialEconomicZoneRealEstate(Group)Co.,Ltd.inMay2012,whereheheldthepositionsincludingManagerofthePlanningandFinanceDepartment,DeputyGeneralManager,SecretaryoftheBoardofDirectors,andDeputySecretaryofthePartyCommittee;sinceMarch2023,hehasservedasthesecretaryofthePartyCommittee,Chairman,andGeneralManagerofShenzhenSpecialEconomicZoneRealEstate(Group)Co.,Ltd.;sinceNovember2025,hehasbeenservingastheSecretaryofthePartycommitteeandChairmanoftheCompany.Ms.CaiLiliwasborninNovember1972.SheisamemberoftheCommunistPartyofChina,hasabachelor'sdegreeandamaster'sdegreeineconomics.ShehasworkedintheStateTaxationAdministrationofShenzhensince1995.ShewasthedeputydirectorofthecollectionandmanagementandscienceandtechnologydevelopmentdepartmentoftheStateTaxationAdministrationofShenzhen,andamemberofthepartygroupanddeputydirectoroftheLocalTaxationBureauofFutianDistrictofShenzhen.SinceJune2018,shehadservedasamemberofthePartycommittee,deputygeneralmanager,andChiefFinancialOfficeroftheCompany.SinceNovember2025,shehasservedasadirector,deputysecretaryofthePartycommittee,andgeneralmanageroftheCompany.

Mr.ZhangZhiminwasborninOctober1977.HeisamemberoftheCommunistPartyofChinaandholdsamaster'sdegree.Mr.ZhangZhiminjoinedtheState-ownedAssetsSupervisionandAdministrationCommissionofthePeople'sGovernmentofShenzhenMunicipalityin2016,andhasservedastheoffice(letterandvisitroom)director,theoffice(partycommittee)director,thedeputyresearcherofoffice(partycommittee),thelevel4investigatorofoffice(partycommittee),andthelevel3investigatorofoffice(partycommittee).HehasbeenservingastheDeputySecretaryofthePartyCommitteeoftheCompanysinceMay2022,andastheDirector,DeputySecretaryofthePartyCommitteeandChairmanoftheLaborUnionoftheCompanysinceJune2022.Mr.LiuQiang,borninSeptember1983,isamemberoftheCommunistPartyofChina,asenioraccountant,andanon-practicingcertifiedpublicaccountant.Heholdsabachelor'sdegreeandamaster'sdegreeinaccounting.Mr.LiuQianghasbeenengagedinfinancialmanagementformanyyears.HehassuccessivelyservedasDeputyHead(incharge)oftheFinanceDepartmentoftheRestructuringBusinessDivisionandHeadoftheFundPlanningDepartmentoftheFinanceCenterofGuangzhouShipyardInternationalCompanyLimited,andAssistanttotheDirectoroftheFinanceCenterandHeadoftheFundPlanningDepartment,andDeputyHead(incharge)oftheAuditDepartmentofGSICompanyLimited.FromJanuary2019toDecember2023,heservedasthedirectoroftheFinancialManagementDepartmentofShenzhenProperties&ResourcesDevelopment(Group)Ltd.FromDecember2023toJuly2025,heservedasadirectorandChiefFinancialOfficerofShenzhenUrbanConstructionandDevelopment(Group)Co.,Ltd.SinceNovember2024,hehasservedasadirectorandChiefFinancialOfficerofShenzhenVzoomCreditTechnologyCo.,Ltd.SinceNovember2025,hehasservedasadirectorandChiefFinancialOfficeroftheCompany.Ms.DengYingpingwasborninOctober1973.SheisamemberoftheCommunistPartyofChinaandholdsabachelor'sdegreeandamaster'sdegreeinmanagement.Ms.DengYingpinghasbeenengagedincorporatemanagementformanyyears.ShehassuccessivelyservedasChiefOperatingOfficer,ExecutiveDeputyGeneralManageroftheProjectDevelopmentCenter,andDeputyGeneralManagerofShenzhenBayTechnologyDevelopmentCo.,Ltd.SinceAugust2025,shehasservedasDeputySecretaryofthePartyCommitteeandGeneralManagerofShenzhenBayTechnologyDevelopmentCo.,Ltd.SinceNovember2025,shehasconcurrentlyservedasadirectoroftheCompany.Mr.WangHangjunwasborninNovember1966.HeisamemberoftheCommunistPartyofChina,hasapostgraduatedegree,amaster'sdegreeineconomics,andisaseniorauditor.Mr.WangHangjunonceservedastheDeputyChiefofAuditBureauofNanshanDistrict,Shenzhen;deputyDirectorandDirectorofAuditDepartmentofShenzhenInvestmentManagementCompany;deputyDirectorandDirectorofSupervisionDepartmentofShenzhenInvestmentManagementCompany;directoroftheAuditandSupervisionDepartmentofShenzhenInvestmentHoldingsCo.,Ltd.;hejoinedtheCompanyasDeputyGeneralManagerinOctober2007.SinceJune2018,hehasservedasatheCompany'sDirector,DeputySecretaryofthePartyCommitteeandGeneralManager.SinceNovember2025,hehasservedasadirectoroftheCompany.Mr.LiDonghuiwasborninJune1972,holdsabachelor'sdegreeinAuditingfromtheSchoolofEconomicsofWuhanUniversityandadoctoratedegreeinFinanceandBankingfromtheSchoolofBusinessoftheUniversityofNewSouthWales,Australia.HeonceservedasacivilservantoftheFinancialDepartmentoftheNationalAuditOfficeofthePeople'sRepublicofChina,ExecutiveDeanoftheSchoolofManagementofJinanUniversity,andcurrentlyservesasadistinguishedprofessoroffinance,doctoralsupervisor,andiscurrentlydirectoroftheprofessorcommitteeoftheSchoolofEconomicsofShenzhenUniversity.HehaspublishedarticlesintopinternationaljournalsandChina'snationalkeyauthoritativeacademicjournals.Hehasbeennamedahigh-leveloverseas"PeacockPlan"talentinShenzhen,anexpertoftheSeniorTitleEvaluationCommitteeofFinanceBureauofShenzhen

Municipality,anexpertofShenzhenPressGroupShenzhenCommunicationThinkTank,andarevieweroftheNationalNaturalScienceFoundationofChina.Ms.HuCaimeiwasbornin1982,holdsaPhDinManagement,apostdoctoralfellowinEconomics,aSeniorResearcher,andabackup-leveltalentinShenzhen.SheiscurrentlytheDirectoroftheInstituteofFinancialDevelopmentandState-ownedAssetsandEnterprisesofChinaDevelopmentInstitute(Shenzhen),andhaslongbeenengagedinPolicyResearchandConsultinginthefieldsoflocalfinanceandstate-ownedassetsandenterprises,withextensiveconsultingexperienceinthereformanddevelopmentofstate-ownedassetsandenterprises.Shehaspresidedoverandparticipatedinanumberofnational,provincialandministerialscientificresearchprojectsandmorethan50consultingprojects,andherresearchresultshavebeenadoptedbygovernmentdepartmentsandwonscientificresearchawardsformanytimes.Mr.SongShaohuawasborninMarch1963.HeholdsaBachelorofLawsandaBachelorofEconomicsfromWuhanUniversity,andaDoctorofEconomicsfromtheGraduateSchooloftheChineseAcademyofSocialSciences.From2006to2007,heservedasadirectorofShenzhenHuafuElectronicsCo.,Ltd.From2007to2012,heservedasadirectoranddeputygeneralmanagerofHongKongPolydaInternationalCo.,Ltd.From2014to2016,heservedasadirectorandgeneralmanagerofShenzhenLonghaoNanfangInvestmentManagementCo.,Ltd.From2016to2018,heservedasadirectoranddeputygeneralmanagerofHongKongPolydaInternationalCo.,Ltd.FromAugust2016tonow,hehasservedastheexecutivedirectorofShenzhenLaochaInvestmentCo.,Ltd.FromNovember2023tonow,hehasservedasanindependentdirectorofShenzhenJiejiaweiInnovationEnergyEquipmentCo.,Ltd.Seniorofficers:

Mr.ZhangGejianwasborninSeptember1975.HeisamemberoftheCommunistPartyofChina,hasamaster'sdegree,amaster'sdegreeinbusinessadministration,andisanaccountantandauditor.HewasengagedininternalauditworkintheAuditDepartmentoftheCompanysinceJuly1997;hehasservedasthemanageroftheAuditDepartment,thesupervisor,andthemanageroftheCostControlDepartmentoftheCompany,andiscurrentlyamemberofthePartyCommittee,theDeputyGeneralManager,andtheSecretaryoftheBoardofDirectorsoftheCompany.Ms.NiHuichuanwasborninMay1973.SheisamemberoftheCommunistPartyofChina,hasapostgraduatedegreeandholdsamaster'sdegreeinengineering.Ms.NIHuichuanworkedformanyyearsinShenzhen'sgovernmentdepartments,previouslyservingintheUrbanRenewalSectionoftheSecondDirectManagementBureauundertheShenzhenMunicipalPlanningandLandResourcesCommission,intheUrbanDesignOfficeoftheShenzhenMunicipalPlanningandLandResourcesCommission,andintheLonghuaManagementBureauoftheShenzhenMunicipalPlanningandLandResourcesCommission.FromOctober2017toDecember2022,sheservedasaconsultantofHongKongLuckyHoldingsLimited.ShehasservedastheDeputyGeneralManageroftheCompanysinceOctober2024.Situationwherethecontrollingshareholderandactualcontrollerconcurrentlyserveasthechairmanandgeneralmanagerofthelistedcompany

□Applicable?NotapplicablePositionsheldinshareholders

?Applicable?Notapplicable

Positioninotherentities?Applicable?Notapplicable

PunishmentsimposedintherecentthreeyearsbythesecuritiesregulatorontheincumbentdirectorsandseniormanagementaswellasthosewholeftintheReportingPeriod:

□Applicable?Notapplicable

3.RemunerationofDirectorsandSeniorManagementDecision-makingprocedure,determinationbasisandactualpaymentsofremunerationfordirectorsand

seniormanagement:

TheremunerationoftheCompany'sdirectorsandseniormanagementisimplementedinaccordancewithrelevantsystemssuchastheInterimMeasuresfortheAnnualRemunerationManagementofDirectorsandSupervisorsandtheMeasuresforthePerformanceAppraisalandRemunerationManagementofSeniorManagement.Duringthereportingperiod,theBoardofDirectorsandthemanagementoftheCompanysignedthe2025annualbusinesstargetresponsibilityletter,andadoptedtheevaluationmethodofcombiningeconomicindicators,classifiedindicatorsandevaluationindicatorsscores,andaftertheendoftheyear,theBoardofDirectorswillassessit.Asapprovedbythe2024AnnualGeneralMeetingheldonApril18,2025,theallowanceforindependentdirectorsoftheCompanywasadjustedfromRMB80,000/year(pre-tax)toRMB120,000/year(pre-tax).TheadjustedallowancestandardforindependentdirectorswillbeimplementedfromthemonthfollowingtheapprovaloftheGeneralMeeting.RemunerationofdirectorsandseniormanagementduringtheReportingPeriod

Unit:RMB10,000

Basisforperformanceassessmentoftheactualremunerationforalldirectorsandseniormanagementattheendofthereportingperiod

BasisforperformanceassessmentoftheactualremunerationforalldirectorsandseniormanagementattheendofthereportingperiodTherelevantsystemssuchastheInterimMeasuresfortheAnnualRemunerationManagementofDirectorsandSupervisorsandtheMeasuresforthePerformanceAppraisalandRemunerationManagementofSeniorManagementwillbeimplemented.

Othercircumstances

□Applicable?Notapplicable

V.PerformanceofDutybyDirectorsduringtheReportingPeriod

1.Attendanceofdirectorsatboardmeetingsandgeneralmeetings

DescriptionofthefailuretoattendtheboardmeetingsinpersonfortwoconsecutivetimesNotapplicable

2.ObjectionsraisedbydirectorstorelevantmattersoftheCompanyWhetherthedirectorshaveraisedanyobjectionstorelevantmattersoftheCompany??Yes?NoDuringthereportingperiod,thedirectorsdidnotraiseanyobjectiontotherelevantmattersoftheCompany.

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

VI.PerformanceofDutybySpecializedCommitteesundertheBoardintheReportingPeriod

VII.PerformanceofDutybytheAuditCommittee

TheAuditCommitteefindsoutwhetherthecompanyhasrisksduringthemonitoringactivitiesduringthereportingperiod?Yes?NoTheAuditCommitteehasnoobjectiontothesupervisionmattersduringthereportingperiod.

VIII.Company'semployees

1.Number,professionalcompositionandeducationlevelofemployees

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

3.TrainingplanIn2025,theGroupCompanywillfocusontalentdevelopment,adheretoatalent-drivenenterprisestrategyandinnovationempowerment,andstimulateinternalvitality.Toimplementthestrategyofstrengtheningtheenterprisewithtalentsandcreateavibrantsituationwithtalentspromotingdevelopmentanddevelopmentnurturingthetalents,theGrouphascomprehensivelydeepenedtheconstructionofitstalentteam,andplannedtoimplementspecialtrainingforoutstandingyoungtalentsincorporategovernanceanddevelopmentfor2025;atthesametime,itdesignedmultipleactivitiesforpolicydisseminationandbusinessskillenhancementbasedonbusinessneeds,strengtheningstrategicandbusinessempowerment;ithascontinuouslyimplementedthe"InternalTrainersConductingLecturesattheGrassrootsLevel"project,whichisaimedatlayingasolidfoundationoftalentsforthesustainabledevelopmentofthegroupandachievingavirtuouscycleofcollaborativegrowthbetweentalentsandtheenterprise.

4.Outsourcingoflaborservices

□Applicable?Notapplicable

IX.Specificationofprofitdistributionandcapitalizingofcommonreserves

Formulation,implementationoradjustmentoftheprofitdistributionpolicyduringthereportingperiod,especiallythecashdividendpolicy

□Applicable?NotapplicableTheCompanyisprofitableduringthereportingperiodandtheprofitavailablefordistributionbytheparentcompanyispositive,butnocashdividenddistributionplanisproposed

□Applicable?NotapplicableProfitdistributionandtheincreaseofsharecapitalbyconvertingcapitalreservesduringthereportingperiod?Applicable?Notapplicable

X.ImplementationoftheCompany'sequityincentiveplan,employeestockownershipplan(ESOP)orotheremployeeincentives

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoequityincentiveplan,employeestockownershipplanorotheremployeeincentivemeasuresandtheirimplementation.XI.Constructionandimplementationofinternalcontrolsystemduringthereportingperiod

1.ConstructionandimplementationofinternalcontrolDuringthereportingperiod,theCompanycontinuedtoimprovetheconstructionofitsinternalcontrolsystem.Inlightoflaws,regulations,regulatoryrequirements,andbusinessrealities,itcomprehensivelyreviewedandoptimizeditsinternalcontrolmanagementsystem,coveringthekeyareassuchasfinancialmanagement,biddingandprocurement,investmentmanagement,andworksafety,forminganinternalcontrolsystemwithclearrightsandresponsibilities,standardizedprocesses,andeffectivecontrols.Concurrently,itstrengthenedinternalcontrolsupervision,self-inspectionandtraining,promptlyrectifiedandclosedthelooponidentifiedissues,andcontinuouslyenhancedtheeffectivenessofinternalcontrolandthecapabilitiesofriskpreventionandcontrol,ensuringthatbusinessmanagementislegalandcompliant,assetsaresecure,andinformationistrueandcomplete.

2.Detailsofmajordeficienciesininternalcontrolfoundduringthereportingperiod?Yes?No

XII.ManagementandcontroloftheCompany'ssubsidiariesduringthereportingperiod

Abnormalitiesinthemanagementandcontrolofsubsidiaries?Yes?No

XIII.EvaluationReportonInternalControlorAuditReportonInternalControl

1.Internalcontrolevaluationreport

2.AuditReportonInternalControl?Applicable?Notapplicable

WhethertheaccountingfirmissuesanAuditReportonInternalControlwithnon-standardopinions?Yes?NoWhethertheAuditReportonInternalControlissuedbytheaccountingfirmisconsistentwiththeopinionoftheself-evaluationreportoftheBoardofDirectors?Yes?NoWhetheranon-standardinternalcontrolauditopinionwasissuedduringthereportingperiodorthepreviousyear?Yes?No

XIV.Statusofrectificationofself-examinationissuesofspecialactionsongovernanceoflistedcompaniesNotapplicable.

XV.DisclosureofEnvironmentalInformation

Whetherthelistedcompaniesandtheirmainsubsidiariesareincludedinthelistofenterpriseslegallydisclosingenvironmentalinformation?Yes?No

XVI.Socialresponsibility

(I)FulfillingthetaxobligationsandsafeguardingtheshareholderrightsSZPRDanditssubsidiariesactivelyfulfilledtheirtaxobligationsin2025,completingtaxpaymentstotalingRMB3.516billion,fullydemonstratingtheircommitmentassociallyresponsiblecorporatecitizens.SZPRDalsoplaceshighimportanceoncommunicationandengagementwithshareholders,regularlyconveningshareholdermeetingstosolicitandincorporatetheirfeedbackandsuggestions.Thispracticecontinuouslyrefinesthecorporategovernanceframework,enhancingdecision-makingefficiencyandtransparencyacrosstheorganization.(II)AddressingemploymentissueIn2025SZPRDanditsaffiliatedenterprisesprovidedatotalof131jobpositionstothepublic,recruitingatotalof2,380employees,including10freshgraduatesand33veterans.TheGroupfurtheroptimizeditstalentstructure,emphasizedtalentrecruitmentanddevelopment,andfacilitatedrapidgrowthofnewemployeesthroughsystematictrainingandcareerplanning,injectingnewmomentumforsustainabledevelopment.(III)ConductingemployeecareinitiativesToupholdthepeople-centereddevelopmentphilosophyandimplementtheGroup'ssupportmechanism,theSZPRDPartyCommitteeorganizedpre-ChineseNewYearcareforumsforemployeesinhardshipand'July1st'careforumsforPartymembersindifficulty.Priortothepre-ChineseNewYearcareeventforemployeesinhardship,theGroupPartyCommitteeidentified50hardshipcarerecipients,including8hardshipPartymembers,byorganizingPartyorganizationsatalllevelstoconductthoroughsurveys,verification,andcategorizeddocumentation.Duringthe'July1st'event,5hardshipPartymembersweresupported.(IV)ImplementingGreenandBeautifulGuangdongecologicalinitiativesTheSZPRDPartyCommitteeimplementedtheGreenandBeautifulGuangdongecologicaldeploymentrequirementsfromprovincial,municipal,andstate-ownedassetauthorities.Aligningwithenterpriseproductioncharacteristics,theGrouporganizedtheemployeestoparticipateingreenactivities,plantednearly3,000greenplants,includinglandscapetrees,suchascortexscheffleraeoctophyllae,Excoecariacochinchinensis,andornamentalflowers,integratedecologicalcivilizationconceptsintooperations,andadvancedgreendevelopment.

(V)Organizethe"ShenzhenInvestmentHoldingswithLove,AssistingPeople'sLivelihood"eventActivelyrespondingtothecalloftheShenzhenInvestmentHoldingsYouthLeagueCommittee's2025"ShenzhenInvestmentHoldingswithLove,AssistingPeople'sLivelihood"event,theyouthleagueorganizationsofSZPRDanditssubsidiariesorganizedapublicwelfaredonationandpovertyalleviationactivityforallemployees,collectingatotalof959idlebooks,stationeryandsportsgoods.TheseitemsweredonatedtoXiabeiPrimarySchool,QianpuOverseasChinesePrimarySchool,andShangxiPrimarySchoolinLongduTown,ChenghaiDistrict,ShantouCity,aswellasGujingPrimarySchoolandYiqingPrimarySchoolinDayeTown,CenxiCity,Wuzhou,GuangxiZhuangAutonomousRegion,contributingtoruralrevitalizationwithpracticalactions.(VI)LaunchingtheRedFlag,RedActionpublicwelfareblooddonationvolunteeractivityThePartyCommitteeofShenzhenInternationalTradeCenterPropertyManagement,asubsidiaryofSZPRDGroup,organizeddirectlyaffiliatedPartyorganizations,directlymanagedenterprises,localcommunities,bloodcenters,servedcommunities,andpartneredenterprisestojointlylaunchtheRedFlag,RedActionpublicwelfareblooddonationvolunteeractivity.Sinceitsinaugurallaunchin2011,theblooddonationactivityhasspanned14yearsby2025,establishingaframeworkcoveringSouthChina,NorthChina,EastChina,andSouthwestChina.Bytheendof2025,morethan2,800peoplehadparticipatedintheactivity,withover2,630successfullydonatingatotalof950,000mlofblood.In2025,subsidiariesofthePartyCommitteeofITCPropertyManagementorganizedpublicwelfareblooddonationactivitiesinseveralcities,includingShenzhen,Baoding,Yangzhou,andHulunbuir,withatotalof242participants,206successfuldonors,andatotalblooddonationof70,800ml.ShenzhenInternationalTradeCenterPropertyManagementanditssubsidiarieshavebeenawardedlettersofappreciation,honorarytitles,andotherdistinctionsbylocalmunicipalbloodcenters(orcentralbloodstations)intheirrespectiveregions.FordetailsoftheCompany'ssocialresponsibilityperformance,pleaserefertothe2025SZPRDESGandSocialResponsibilityReportdisclosedbytheCompanyonCninfoonthesameday.

XVII.ConsolidationandExpansionoftheAchievementsofPovertyAlleviationandRuralRevitalization

Activelycontributingtotheimplementationofthe"NationalHundredandThousandandTen-thousandProject":VarioussubsidiariesoftheGroupsupportedruralrevitalizationandincreasedfarmers'incomebypurchasingagriculturalproductsfromtargetedassistanceareas.In2025,thetotalprocurementofagriculturalproductsforconsumption-basedassistanceamountedtooverRMB1.6million.

SectionVSignificantEvents

I.Fulfillmentofcommitments

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

2.IfthereisaprofitforecastfortheCompany'sassetsorprojects,andthereportingperiodisstillintheprofitforecastperiod,theCompanyshallexplainthattheassetsorprojectshavemettheoriginalprofitforecastandthereasons

□Applicable?Notapplicable

3.PerformancecommitmentsinvolvingtheCompany

□Applicable?NotapplicableII.Non-operationaloccupationoffundsbythecontrollingshareholdersandotherrelatedpartiesofthelistedcompany

□Applicable?NotapplicableDuringthereportingperiod,therewerenonon-operationalfundsoccupiedbythecontrollingshareholdersandotherrelatedpartiesforthelistedcompany.

III.Illegalexternalguarantees

□Applicable?NotapplicableTheCompanyhadnoillegalexternalguaranteeduringthereportingperiod.

IV.ExplanationoftheBoardofDirectorsonthelatest"modifiedreport"

□Applicable?NotapplicableV.ExplanationsGivenbytheBoardofDirectorsandtheIndependentDirectors(ifany)RegardingtheIndependentAuditor's“ModifiedOpinion”ontheFinancialStatementsoftheReportingPeriod

□Applicable?Notapplicable

VI.Explanationoftheaccountingpolicies,changesinaccountingestimatesorcorrectionsofsignificantaccountingerrorscomparedtothefinancialreportofthepreviousyear

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoaccountingpolicies,changesinaccountingestimatesorcorrectionsofsignificantaccountingerrors.

VII.Explanationofchangesinthescopeofconsolidatedstatementscomparedtothefinancialreportofthepreviousyear?Applicable?NotapplicableThechangesinthescopeoftheconsolidatedstatementsduringthereportingperiodaredetailedinSection8FinancialReportIXandchangesinConsolidationScope.VIII.Appointmentanddismissaloftheaccountingfirm

Currentlyappointedaccountingfirm

Whethertochangetheaccountingfirminthecurrentperiod?Yes?NoEngagementofinternalcontrolauditaccountingfirm,financialadviserorsponsor

?Applicable?NotapplicableDuringthereportingperiod,theCompanyengagedGrantThorntonZhitongCertifiedPublicAccountantsLLPasitsinternalcontrolauditaccountingfirm,withtotalinternalcontrolauditfeespaidamountingtoRMB156,000duringtheperiod.IX.Delistingafterthedisclosureoftheannualreport

□Applicable?NotapplicableX.Mattersrelatedtobankruptcyandreorganization

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnobankruptcyrestructuringrelatedmatters.

XI.Significantlitigationandarbitration?Applicable?Notapplicable

Note:1anditsinterest

XII.Punishmentandrectification

□Applicable?NotapplicableTherewasnopunishmentorrectificationduringthereportingperiod.

XIII.IntegritystatusoftheCompanyanditscontrollingshareholdersandactualowner

□Applicable?Notapplicable

XIV.Majorrelatedpartytransactions

1.Relatedpartytransactionsrelatedtodailyoperations?Applicable?Notapplicable

2.Relatedpartytransactionsarisingfromtheacquisitionandsaleofassetsorequity

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnorelatedpartytransactionsarisingfromtheacquisitionorsaleofassetsorequity.

3.Relatedpartytransactionsarisingfromjointexternalinvestment

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnorelatedpartytransactionsarisingfromjointexternalinvestment.

4.Relatedclaimsanddebts?Applicable?NotapplicableExistenceofnon-operationalrelatedpartydebtandcredittransactions?Yes?NoReceivablesfromrelatedparty(claims)

Payablestorelatedparties(debts)

5.Informationontransactionswithfinancecompanieswithrelatedrelationship

□Applicable?NotapplicableTherewasnodeposit,loan,creditorotherfinancialbusinessbetweentheCompanyandthefinancecompanieswithrelatedrelationshipandtheirrelatedparties.

6.TransactionsbetweentheCompany'sholdingfinancecompaniesanditsrelatedparties

□Applicable?NotapplicableTherewasnodeposit,loan,creditorotherfinancialbusinessbetweentheCompany'sholdingfinancecompaniesanditsrelatedparties.

7.Othermajorrelatedpartytransactions?Applicable?NotapplicableOnDecember30,2025,theCompanyheldthe3rdmeetingofthe11thBoardofDirectorsandapprovedtheProposalonSigningtheSupplementaryAgreementIVtotheEntrustedOperationandManagementAgreementforDivestedLandandPropertywithaRelatedPartyandtheRelatedPartyTransaction.TheCompanyjointlysignedanagreementwithShenzhenInvestmentHoldingsandShenzhenShentouPropertyDevelopmentCo.,Ltd.(hereinafterreferredtoas"ShentouPropertyDevelopment"),stipulatingthattheCompanywouldexercisetherightsandobligationsofShenzhenInvestmentHoldingswithrespecttothetargetassets,includingbutnotlimitedtobeingresponsibleforandundertakingtheregistration,custody,maintenance,repair,operation,leasing,andsafetyresponsibilitiesofthetargetassets,aswellasalltaxes,fees,andexpensesrelatedtothehandlingofdisputesconcerningthetargetassets.Besides,theCompanyshallberesponsibleforhandlingtheissuesconcerningsafetyresponsibilities,petitionandstabilitymaintenance,ifany.Atthesametime,aone-timepaymentofthepreviousyear'srentalincomeshare,calculatedas25%ofthetotalannualrentalincome(includingtax),shallbemadetoShentouPropertyDevelopmentbasedontheauditedtotalannualrentalincome(includingtax)ofthetargetassets.Thereare32targetassets,includingbutnotlimitedtothecommercialoccupancies,offices,residentialbuildings,single-persondormitories,industrialplants,andparkinglots,withatotalmanagementareaof210,837.86squaremeters(ofwhichthepropertyareais199,137.86squaremetersandthelandareais11,700squaremeters).Indextothepublicannouncementsaboutthesaidrelated-partytransactionsdisclosed

XV.Majorcontractsandtheirperformance

1.Custody,contractingandleasematters

(1)Custody

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnothingundercustody.

(2)Contracting

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnocontracting.

(3)Leases

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoleases.

2.Significantguarantees?Applicable?Notapplicable

Unit:RMB10,000

Explanationofthespecificsituationoftheguaranteebytheadoptionofcompositemethod

3.Entrustmentofothersforcashassetmanagement

(1)Entrustedwealthmanagement?Applicable?NotapplicableOverviewofentrustedwealthmanagementduringthereportingperiod

Unit:RMB10,000

Detailsofhigh-riskentrustedwealthmanagementwheretheCompany,asasingleclient,entrustsafinancialinstitutionforassetmanagement,orinvestsinproductswithlowsafetyandpoorliquidity

□Applicable?Notapplicable

(2)Entrustedloans

□Applicable?NotapplicableTherewerenoentrustedloansoftheCompanyduringthereportingperiod.

4.Othermajorcontracts

□Applicable?NotapplicableTherewerenoothermajorcontractsoftheCompanyduringthereportingperiod.

XVI.UseofRaisedFunds?Applicable□Notapplicable

1.Overalluseofraisedfunds?Applicable?Notapplicable

Unit:RMB10,000

Descriptionofoveralluseofraisedfunds:

OnSeptember3,2025,theCompanyreceivedtheNo-objectionLetter(SZSELetter[2025]No.850)fromtheShenzhenStockExchange,approvingthenon-publicissuanceofbondsnotexceedingRMB

1.2billion.OnNovember27,2025,theCompanyissuedthefirsttrancheofcorporatebondsamountingtoRMB550million(referredtoas"25SZPRD01")withatermof3yearsandacouponrateof2.30%.Theraisedfundswereusedinstrictaccordancewiththefundutilizationplanintheofferingmemorandum.AsofDecember31,2025,RMB305.70millionoftheraisedfundshadbeenusedtorepaytheinterest-bearingdebts.

2.Committedprojectsofraisedfunds

□Applicable?Notapplicable

3.Projectchangesofraisedfunds

□Applicable?NotapplicableTherewerenochangesinraisedfundsduringthereportingperiodoftheCompany.

4.Verificationopinionfromtheintermediaryonthestorageanduseoftheraisedfunds

□Applicable?Notapplicable

XVII.NotestoOtherMajorMatters?Applicable?NotapplicableOnJune3,2025,theCompanydisclosedtheAnnouncementonResignationofDeputyGeneralManager(AnnouncementNo.:2025-31)onCninfo.Mr.ChenHongji,theDeputyGeneralManageroftheCompany,submittedawrittenresignationreporttotheBoardofDirectorsashewasplacedunderlienforsuspectedduty-relatedviolations.XVIII.MajorMattersoftheCompany'sSubsidiaries

□Applicable?Notapplicable

SectionVIChangesinSharesandShareholdersI.Changesinshares

1.Changesinshares

Unit:share

Reasonsforchangesinshares

□Applicable?NotapplicableApprovalofchangesinshares

□Applicable?NotapplicableTransferofchangesinshares

□Applicable?NotapplicableEffectofchangesinsharesonfinancialindicatorssuchasbasicearningspershareanddilutedearningspershareinthelatestyearandthelatestperiod,andnetassetspershareattributabletotheCompany'sordinaryshareholders

□Applicable?NotapplicableOthercontentthatCOOECdeemsnecessaryorrequiredtobedisclosedbysecuritiesregulators

□Applicable?Notapplicable

2.Changesinrestrictedshares

□Applicable?Notapplicable

II.Issuanceandlistingofsecurities

1.Issuanceofsecurities(excludingpreferredshares)duringthereportingperiod?Applicable?Notapplicable

Notesonissuanceofsecurities(excludingpreferredshares)duringthereportingperiodNotapplicable

2.ChangesinthetotalnumberofsharesandshareholderstructureoftheCompany,andchangesinthestructureofassetsandliabilitiesoftheCompany

□Applicable?Notapplicable

3.Existinginternalemployeeshares

□Applicable?Notapplicable

III.Shareholdersandactualowner

1.NumberoftheCompany'sshareholdersandshareholdingratios

Unit:share

Participationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharesinrefinancingbusinessandlendingshares

□Applicable?Notapplicable

Changesofthetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharescomparedwiththepreviousperiodduetorefinancinglending/repayment

□Applicable?NotapplicableWhethertheCompany'stop10ordinaryshareholdersandthetop10ordinaryshareholderswithoutrestrictiveconditionforsalesconductanyagreedrepurchasetransactionsduringthereportingperiod?Yes?NoTheCompany'stop10ordinaryshareholders,andtop10ordinaryshareholderswithoutrestrictiveconditionforsalesdidnotconductanyagreedrepurchasetransactionduringthereportingperiod.

2.ControllingshareholdersoftheCompanyNatureofcontrollingshareholders:localstate-ownedholdingTypeofcontrollingshareholders:legalperson

Changesincontrollingshareholdersduringthereportingperiod

□Applicable?NotapplicableTherewasnochangeinthecontrollingshareholderoftheCompanyduringthereportingperiod.

3.TheCompany'sactualowneranditspersonsactinginconcertNatureofactualowner:localstate-ownedassetsmanagementagencyTypeofactualowner:legalperson

Changesinactualownerduringthereportingperiod

□Applicable?NotapplicableTherewasnochangeintheactualowneroftheCompanyduringthereportingperiod.ChartforthepropertyandcontrollingrelationshipsbetweenCOOECandtheactualcontrollers

TheactualcontrollercontrolsCOOECbywayoftrustorotherassetmanagementmethods

□Applicable?Notapplicable

4.ThecumulativenumberofsharespledgedbythecontrollingshareholderorthelargestshareholderoftheCompanyandtheirpersonsactinginconcertaccountedfor80%ofthenumberofsharesheldbythem

□Applicable?Notapplicable

5.Otherinstitutionalshareholdersholdingmorethan10%oftheshares

□Applicable?Notapplicable

6.Restrictedsharereductionofcontrollingshareholder,actualowner,reorganizationpartiesandothercommittedentities

□Applicable?Notapplicable

State-ownedAssetsSupervisionandAdministrationCommissionofShenzhenMunicipalPeople'sGovernmentShenzhenInvestmentHoldingsCo.,Ltd.

TheCOOEC

IV.SpecificimplementationofsharerepurchaseduringthereportingperiodImplementationprogressofsharerepurchase

□Applicable?NotapplicableImplementationprogressofreducingrepurchasesharesbymeansofcentralizedbiddingtransaction

□Applicable?Notapplicable

V.PreferredShares

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnopreferredshares.

SectionVIIBonds

?Applicable?Notapplicable

I.EnterpriseBonds

□Applicable?NotapplicableNoenterprisebondsintheReportingPeriod.

II.CorporateBonds

?Applicable?Notapplicable

1.BasicInformationoftheCorporateBonds

Unit:RMB10,000

Overduebonds

□Applicable?Notapplicable

2.TheTriggerandExecutionoftheOptionClauseoftheIssuersorInvestorsandtheInvestorProtectionClause

□Applicable?Notapplicable

3.Intermediary

DidtheintermediarychangeduringtheReportingPeriod??Yes?No

4.Useofraisedfunds

Unit:RMB10,000

Theraisedfundswereusedforprojectconstruction?Applicable?NotapplicableTheCompanychangedtheusageofabovefundsraisedfrombondsduringtheReportingPeriod.?Applicable?Notapplicable

5.AdjustmentofCreditRatingResultsduringtheReportingPeriod?Applicable?Notapplicable

6.ExecutionandChangesofGuarantee,RepaymentPlanandOtherRepaymentGuaranteeMeasuresaswellasInfluenceonEquityofBondInvestorsduringtheReportingPeriod?Applicable?NotapplicableIII.DebtFinancingInstrumentsofNon-financialEnterprises

?Applicable?NotapplicableNosuchcasesintheReportingPeriod.

IV.ConvertibleCorporateBonds

?Applicable?NotapplicableNosuchcasesintheReportingPeriod.

V.LossesofScopeofConsolidatedFinancialStatementsduringtheReportingPeriodExceeding10%ofNetAssetsupthePeriod-endofLastYear?Applicable?Notapplicable

VI.MaturedInterest-bearingDebtexcludingBondsasastheReportingPeriod

?Applicable?Notapplicable

VII.WhethertherewasanyViolationofRulesandRegulationsduringtheReportingPeriod

?Yes?No

VIII.TheMajorAccountingDataandtheFinancialIndicatorsoftheRecent2YearsoftheCompanyasattheEndoftheReportingPeriod

Unit:RMB10,000

SectionVIIIFinancialStatements

I.Auditreport

MainBodyoftheAuditReport

AuditReport

ZTSZ(2026)No.441A004386ToallshareholdersofShenzhenProperties&ResourcesDevelopment(Group)Ltd.:

I.AuditopinionsWehaveauditedthefinancialstatementsofShenzhenProperties&ResourcesDevelopment(Group)Ltd.(hereinafterreferredtoasthe"SZPRD"),includingtheconsolidatedandtheCompany'sbalancesheetasatDecember31,2025,theconsolidatedandtheCompany'sincomestatement,theconsolidatedandtheCompany'sstatementofcashflows,theconsolidatedandtheCompany'sstatementofchangesinshareholders'equityandrelatednotestothefinancialstatementsfortheyearthenended.Inouropinion,theattachedfinancialstatementsareprepared,inallmaterialrespects,inaccordancewiththeAccountingStandardsforBusinessEnterprises,andfairlypresenttheconsolidatedandtheCompany'sfinancialpositionofSZPRDasatDecember31,2025andtheconsolidatedandtheCompany'soperatingresultsandcashflowsfortheyearthenended.II.BasisfortheauditopinionWehaveconductedourauditinaccordancewiththeChineseAuditingStandardsforCertifiedPublicAccountants.Ourresponsibilitiesunderthesestandardsarefurtherdescribedinthe"CertifiedPublicAccountant'sResponsibilitiesfortheAuditofFinancialStatements"sectionoftheauditreport.InaccordancewiththeCodeofEthicsforChineseCertifiedPublicAccountantsandtheIndependenceStandardforChineseCertifiedPublicAccountants-RequirementsforIndependenceofPublicInterestEntities,weareindependentofSZPRDandhavefulfilledotherethicalresponsibilities.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.III.KeyauditmattersKeyauditmattersarethosemattersthat,inourprofessionaljudgment,areofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesemattersareaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.(I)RecognitionandmeasurementofrealestatesalesrevenueTherelevantdisclosuresaredetailedinNotesIII(26)andV(41)totheFinancialStatements.

1.EventdescriptionIn2025,SZPRD'srealestatesalesrevenuewasRMB534million.SZPRDrecognizestherevenue

whentherealestatemeetsthedeliveryconditionsstipulatedinthecontractandtheownerobtainstherightofcontroltotherelevantrealestate.Duetothelargeamountofasingleproperty,realestatesalesrevenuehasasignificantimpactonSZPRD'soperatingresults.InaccuratemeasurementorrecognitioninaninappropriateaccountingperiodwouldhaveamaterialimpactonSZPRD'sprofit.Therefore,wehaveidentifiedtherecognitionandmeasurementofrealestatesalesrevenueasakeyauditmatter.

2.AuditresponseInresponsetotherecognitionandmeasurementofrealestatesalesrevenue,wemainlyperformedthefollowingauditprocedures:

(1)Understand,evaluateandtestthedesignandoperatingeffectivenessofkeyinternalcontrolsrelatedtotherealestatesalesbusiness;

(2)Sampletherealestatesalescontracts,identifythecontracttermsandconditionsrelatedtothetransferofcontrol,andevaluatewhetherSSZPRD'saccountingpolicyforrealestatesalesrevenuerecognitioncomplieswiththeprovisionsoftheAccountingStandardsforBusinessEnterprises;

(3)Forprojectswithrealestatesalesrevenuerecognizedinthecurrentyear,selectsamplesandcheckthesupportingdocumentsforpropertydeliverytoevaluatewhethertherecognitionofrealestatesalesrevenueisconsistentwithSZPRD'srevenuerecognitionaccountingpolicy;

(4)Performanalyticalproceduresonrealestatesalesrevenue,compareitwiththesameperiodinpreviousyearsandwiththeindustry,analyzechangesinrevenueandgrossprofitmargin,andassessthereasonablenessofthechanges;

(5)Performcut-offtestsontherecognitionofrealestatesalesrevenuetoevaluatewhethertherealestatesalesrevenuewasrecordedintheappropriateaccountingperiod.(II)Provisionforinventorywrite-downTherelevantdisclosuresaredetailedinNotesIII(13)andV(6)totheFinancialStatements.

1.EventdescriptionAsofDecember31,2025,thecarryingamountofSZPRD'sdevelopmentcostsandcompletedpropertiesheldforsale(hereinaftercollectivelyreferredtoas"inventories")wasRMB12.331billion,withawrite-downprovisionofRMB1.228billionandacarryingvalueofRMB11.102billion,accountingfor71.96%oftotalassets;Theinventoriesaremeasuredatthelowerofcostandnetrealizablevalue.TheSZPRDmanagement(hereinafterreferredtoastheManagement)determinesthenetrealizablevaluebytheestimatedsellingpriceoftherelevantfinishedproductsminustheestimatedcosttobeincurreduntilcompletion,estimatedsellinganddistributionexpensesandrelevanttaxes.Duetothesignificantamountofinventoriesandthesignificantmanagementjudgmentinvolvedindeterminingthenetrealizablevalueofinventories,wehaveidentifiedtheprovisionforinventorydepreciationofSZPRDasakeyauditmatter.

2.AuditresponseInresponsetotheprovisionforinventorydepreciation,wemainlyperformedthefollowingauditprocedures:

(1)Understand,evaluate,andtestthedesignandoperatingeffectivenessofkeyinternalcontrolsrelatedtotheprovisionforinventorydepreciation;

(2)Selectsamples,observetheinventoryprojectsonsite,andinquirewiththemanagementabouttheprogressoftheinventoryprojects;

(3)Evaluatedthevaluationmethodadoptedbythemanagement,andcomparedthekeyestimatesandassumptionsusedinthevaluation,includingkeyestimatesandassumptionsrelatedtotheestimatedsellingprice,withpubliclyavailablemarketdataandsalesbudgets;

(4)Obtainthenetrealizablevaluecalculationsheetspreparedbythemanagementandrecalculatetheamountofnetrealizablevalue;

(5)Reviewtheinventoryimpairmenttestreportsissuedbythird-partyvaluationexpertsengagedbythemanagementforsignificantprojectsthroughtheworkofourinternalvaluationexperts;

(6)Evaluatetheobjectivity,independenceandprofessionalcompetenceofthethird-partyvaluationexpertsandourinternalvaluationexperts.IV.OtherinformationThemanagementofSZPRDisresponsibleforotherinformation.Otherinformationincludesinformationcoveredinthe2025AnnualReportofSZPRD,butexcludesthefinancialstatementsandourauditreport.Ourauditopiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditoffinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwithfinancialstatementsorourknowledgeobtainedduringtheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementoftheotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.IV.ResponsibilitiesofthemanagementandthosechargedwithgovernanceforfinancialstatementsThemanagementofSZPRDisresponsibleforpreparingthefinancialstatementsinaccordancewiththerequirementsofAccountingStandardsforBusinessEnterprisestoachieveafairpresentation,andfordesigning,implementingandmaintaininginternalcontrolthatisnecessarytoensurethatthefinancialstatementsarefreefrommaterialmisstatements,whetherduetofraudsorerrors.Inpreparingthefinancialstatements,themanagementisresponsibleforassessingthegoing-concernabilityofSZPRD,disclosingmattersrelatedtogoingconcern(ifapplicable)andapplyingthegoingconcernbasis,unlessthemanagementplanstoliquidateSZPRD,terminateitsoperationsorhasnootherrealisticalternative.ThosechargedwithgovernanceareresponsibleforoverseeingthefinancialreportingprocessofSZPRD.VI.ResponsibilitiesofcertifiedpublicaccountantsfortheauditoffinancialstatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewiththeauditstandardswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorinaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.Wehaveexercisedprofessionaljudgmentandmaintainedprofessionalskepticisminperformingourauditundertheauditingstandards.Atthesametime,wealsoimplementthefollowingwork:

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

(2)Understandtheinternalcontrolrelatedtoauditingasawaytodesignappropriateauditprocedures.

(3)EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebytheManagement.

(4)ConcludeontheappropriatenessoftheManagement'suseofthegoingconcernbasisofaccounting.Atthesametime,basedontheauditevidenceobtained,aconclusionisdrawnastowhetherthereisamaterialuncertaintyineventsorcircumstancesthatmaygiverisetosignificantdoubtaboutthegoing-concernabilityofSZPRD.Ifweconcludethatamaterialuncertaintyexists,wearerequiredto,inourauditreport,drawattentionoftheusersofstatementstotherelateddisclosuresinthefinancialstatements;ifsuchdisclosuresareinadequate,weshouldmodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditreport.However,futureeventsorcircumstancesmaycauseSZPRDtoceasetocontinueasagoingconcern.

(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsfairlyreflecttherelevanttransactionsandevents.

(6)ObtainsufficientandappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithinSZPRDtoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceofthegroupaudit.Weremainsolelyresponsibleforourauditopinion.Wecommunicatewiththosechargedwithgovernanceregardingtheplannedscopeandtimingoftheaudit,significantauditfindingsandothermatters,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthisperiodandarethereforethekeyauditmatters.Wedescribethesemattersintheauditreportunlesslawsandregulationsprohibitpublicdisclosureofthesematters,orinextremelyrarecircumstances,ifitisreasonablyexpectedthatthenegativeconsequencesofcommunicatingamatteroutweighthebenefitstothepublicinterestintheauditreport,wedeterminenottodoso.

II.FinancialstatementsTheunitinthenotestothefinancialstatementsis:RMB

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

December31,2025

Unit:RMB

Legalrepresentative:TANGXiaopingChiefFinanceOfficer:LIUQiangChiefAccountant:CAIKelin

2.Balancesheetoftheparentcompany

Unit:RMB

3.Consolidatedincomestatement

Unit:RMB

Incaseofanybusinesscombinationunderthesamecontrolinthecurrentperiod,thenetprofitrealizedbythecombineebeforethecombinationwasRMB,andthenetprofitrealizedbythecombineeinthepreviousperiodwasRMB.Legalrepresentative:TANGXiaopingChiefFinanceOfficer:LIUQiangChiefAccountant:CAIKelin

4.Incomestatementoftheparentcompany

Unit:RMB

5.Consolidatedstatementofcashflows

Unit:RMB

6.Thestatementofcashflowsoftheparentcompany

Unit:RMB

7.Consolidatedstatementsofchangesinowners'equityThecurrentperiod

Unit:RMB