ShenzhenSpecialEconomicZoneRealEstate&

Properties(Group)Co.,Ltd.

2025AnnualReportAnnouncementNo.:2026-010

[March20,2026]

2025AnnualReport

SectionIImportantNotes,TableofContentsand

Interpretations

TheBoardofDirectors,thedirectors,andtheexecutivesoftheCompanyguaranteethattherearenosignificantomissions,fictitiousormisleadingstatementscarriedintheReportandwewillacceptindividualandjointresponsibilitiesforthetruthfulness,accuracyandcompletenessoftheReport.PrincipalCHENMing,ChiefFinanceOfficerWANGJianfeiandChiefAccountant(accountingofficer)ZHOUHongpudeclarethattheyguaranteetheauthenticity,accuracyandcompletenessofthefinancialreportintheAnnualReport.Alldirectorsattendedtheboardmeetingatwhichthisreportwasconsidered.CertaindescriptionsabouttheCompany’soperatingplansorworkarrangementsforthefuturementionedinthisReport,theimplementationofwhichissubjecttovariousfactors,shallnotbeconsideredaspromisestoinvestors.Therefore,investorsareremindedtoexercisecautionwhenmakinginvestmentdecisions.TheBoardhasapprovedafinaldividendplanasfollows:basedonthetotalsharecapitalof1,011,660,000shares,acashdividendofRMB0.35(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves.

TableofContents

SectionIImportantNotes,TableofContentsandInterpretations ...... 2

SectionIICompanyProfileandMajorFinancialIndicators ...... 6

SectionIIIManagement'sDiscussionandAnalysis ...... 10

SectionIVCorporateGovernance,EnvironmentandSociety ...... 32

SectionVSignificantEvents ...... 57

SectionVI.ShareChangesandShareholderInformation......................67

SectionVIIBonds ...... 74

SectionVIIIFinancialStatements ...... 75

ListofReferenceDocuments

1.ThefinancialstatementswiththepersonalsignaturesandstampsoftheCompany’slegalrepresentative,ChiefFinancialOfficerandheadofthefinancialdepartment.

2.TheoriginaloftheAuditor’sReportwiththestampoftheCPAfirm,aswellasthepersonalsignaturesandstampsoftheCPAs.

3.TheoriginalsofallthedocumentsandannouncementsdisclosedbytheCompanyonthedesignatedinformationdisclosuremediaduringtheReportingPeriod.

Interpretations

Itemofinterpretations

SectionIICompanyProfileandMajorFinancial

Indicators

I.InformationabouttheCompany

Stockname

II.Contactpersonandcontactinformation

III.Informationdisclosureandstoragelocation

IV.Registrationchanges

Unifiedsocialcreditcode

On24March1999,thecontrollingshareholderwaschangedfromShenzhenInvestmentManagementCo.,Ltd.toShenzhenConstructionInvestmentHoldingsCo.,Ltd.On14February2006,itwaschangedtoShenzhenInvestmentHoldingsCo.,Ltd.

V.Otherrelevantinformation

AccountingfirmengagedbytheCompany

SponsorengagedbytheCompanytoperformcontinuoussupervisionduringthereportingperiod

□Applicable√Notapplicable?FinancialconsultantengagedbytheCompanytoperformcontinuoussupervisionduringthereportingperiod

□Applicable√Notapplicable?

VI.MainaccountingdataandfinancialindicatorsWhethertheCompanyneedstoretroactivelyadjustorrestatetheaccountingdataofpreviousyears

□Yes√No?

Totalassets(RMB)

ThenetprofitoftheCompanyinthelastthreefiscalyearsbeforeandafterdeductingnon-recurringprofitorlossisnegative,andtheauditreportofthelatestyearshowsthatthegoing-concernabilityoftheCompanyisuncertain

□Yes√No?ThelowestoftheCompany'sauditedtotalprofit,netprofit,andnetprofitattributabletothelistedcompany’sshareholdersafterexceptionalgainsandlossesduringthereportingperiodwasnegative.

□Yes√No?

VII.Differencesbetweenaccountingdataunderdomesticandforeignaccountingstandards

1.DifferencesinnetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewiththeinternationalaccountingstandardsandtheChineseaccountingstandards

□Applicable√Notapplicable?DuringthereportingperiodoftheCompany,therewasnodifferenceinnetprofitsandnetassetsinfinancialreportsdisclosedinaccordancewithinternationalaccountingstandardsandChineseaccountingstandards

2.DifferencesinnetprofitandnetassetsinfinancialreportsdisclosedinaccordancewithboththeinternationalaccountingstandardsandChineseaccountingstandards

□Applicable√Notapplicable?DuringthereportingperiodoftheCompany,therewasnodifferenceinnetprofitsandnetassetsinfinancialreportsdisclosedinaccordancewiththeinternationalaccountingstandardsandChineseaccountingstandardsVIII.Mainfinancialindicatorsbyquarter

Unit:RMB

WhethertheabovefinancialindicatorsortheiraggregatearesignificantlydifferentfromthefinancialindicatorsrelatedtotheCompany'sdisclosedquarterlyandsemi-annualreports

□Yes√No?

IX.Non-recurringprofitorlossitemsandamounts

?√Applicable□Notapplicable

Unit:RMB

Item

Specificcircumstancesofotherprofitorlossitemsthatmeetthedefinitionofnon-recurringprofitorloss:

□Applicable√Notapplicable?TheCompanyhadnospecificprofitorlossitemsthatmeetthedefinitionofnon-recurringprofitorloss.Notesonthedefinitionofthenon-recurringprofitorlossitemslistedinthe"InterpretiveAnnouncementNo.1onInformationDisclosureofCompaniesIssuingSecuritiestothePublic-Non-recurringProfitorLoss"asrecurringprofitorlossitems?

√Applicable□Notapplicable

SectionIIIManagement'sDiscussionandAnalysis

I.MainbusinessengagedinbytheCompanyduringthereportingperiod

TheCompanyshallcomplywiththedisclosurerequirementsfortherealestateindustryassetoutintheGuidelinesforSelf-RegulationofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure

TheCompanyfocusesonthedevelopmentofresidentialproperties.ItsprojectsforsalearemainlylocatedinShenzhenandShantou,includingSFCuiLinYuaninShenzhenandTianyueBayinShantou.TheCompanyisspecialisedinresidentialrealestatedevelopment,withon-saleprojectsmainlydistributedinShenzhenandShantou.TheseincludeCuilinyuaninShenzhenandTianyuewaninShantou.

Newlandreserveprojects

Landparcelorprojectname

CumulativeLandReserve

Developmentofmainprojects

Salesofmainprojects

Leasingofmainprojects

NorthTowerofGuoshangMansion

Level-Ilanddevelopment

□Applicable√Notapplicable?Financingapproach

Note:1.Othersareborrowingsfromaccountsreceivablefactoring.DevelopmentstrategyandbusinessplanforthenextyearPleasereferto“Prospects”inthispartoftheReport.Guaranteetobuyersofcommercialhousingforbankmortgage?

√Applicable□Notapplicable

Jointinvestmentsbydirectorsandseniormanagementandthelistedcompany(applicableforsuch

investmentswherethedirectorsandseniormanagementarethemajorsourceofinvestment):

?

√Applicable□Notapplicable

Project

II.IndustryOverviewfortheReportingPeriod

TheCompanyshallcomplywiththedisclosurerequirementsfortherealestateindustryassetoutintheGuidelinesforSelf-RegulationofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure

Facingtheprofoundandcomplexchangesinbothdomesticandinternationalsituationsin2025,theCPCCentralCommitteewithComradeXiJinpingatitscorehassteeredthecourseandtakenchargeoftheoverallsituation.Ithascoordinatedbothdomesticandinternationalimperatives,balancedthedevelopmentandsecurity,adheredtothegeneralprincipleofseekingprogresswhilemaintainingstability,implementedmoreproactiveandeffectivemacroeconomicpolicies,deepenedthedevelopmentofaunifiednationalmarket,andpropelledChina'seconomyforwardagainstheadwindstowardnewandhigher-qualitydevelopment.Intheindustry,itisexplicitlyproposedintherecommendationsofthe15thFive-YearPlantoconstruct"goodhouses"thataresafe,comfortable,greenandsmart.ItisfurtherclarifiedontheCentralEconomicWorkConferenceheldinDecember2025toorderlypromotetheconstructionof"goodhouses,"markingashiftintheindustry'sdevelopmentlogicfrom"havingaplacetolive"to"livingwell."

III.AnalysisofcorecompetitivenessAstheearliestrealestatedeveloperfoundedintheShenzhenSpecialEconomicZone,theCompanyhelpedbuildtheearlycity,andhascreatedanumberof"firstplaces"inthehistoryofrealestatedevelopmentinChina.Forexample,thefirsttousethepaidstate-ownedland,thefirsttointroducetheforeigninvestmentforthecooperativelanddevelopment,thefirsttoraisedevelopmentfundsbymeansofpre-saleofbuildings,thefirsttocarryoutpublicbiddingforconstructionprojectsinaccordancewithinternationalpractices,thefirsttosetupapropertymanagementcompanytothebuildingsandresidencesdevelopedinanall-roundedmanner,aswellaswinningthebidinthenewChina’sfirstauctionoflanduserightsheldintheShenzhenSpecialEconomicZone.Aftermorethan40yearsofdevelopment,theCompanyhasgrownintoabusinessgroupwithrealestatedevelopmentandoperationasitsmainbusiness,integratingengineeringandconstruction,projectsupervision,assetmanagementandotherdiversifiedoperations.Inthefuture,theCompanywillactivelycultivateandpromoteacorporatecultureofcompliance,integrityandexcellence.Itwillremaincommittedtogivingbacktosocietywithhigh-qualityproductsandbuildingitsreputationthroughquality,strivingtobecomearespectedandtrustworthylistedcompany.

Duringthereportingperiod,theCompanyreceivedseveralawards,includingthe"Top20GreaterBayAreaListedCompaniesforGreenGovernance2025,"the"2025ListedCompanyESGValueCommunicationAward,"andthe"Top20A-shareListedCompaniesforESGPerformanceinRealEstateIndustry2025."TheSPGPlazaprojectwasawardedthe"2024OutstandingLeasingProjectAward".

IV.Analysisofprimarybusiness

1.OverviewTheyear2025isthefinalyearofthe14thFive-YearPlanandacrucialyearfortheCompanytoovercomechallengesandforgeahead.Facingacomplexandchallenginginternalandexternalenvironment,theCompanyhasfocusedonitscoretasks,intensifieditsefforts,andtakenconcreteactions,topromoteasteadyandimprovingtrendinitsdevelopmentwithenhancedquality.Lookingbackontheyear,theCompanyhasfocusedonandmadesolidprogressinthefollowingkeyareas:

(I)Achievinggoodperformanceinthecorebusinesswithtargetedandjointefforts.i.MakingeveryeffortformarketingTheGuangmingliprojecthasachieved100%clearanceofthehousingresourceapprovedbythegovernmentforsale,andthehandoverprocesshasbeensuccessfullycompleted.ThetotalsalesareaofShantouTianyuewanProjectincreasedby56%year-on-year,withsalesrevenuegrowingby63%year-on-year.ii.Focusingonimprovingthequalityandefficiencyofourpropertyoperations.Asoftheendof2025,theconsolidatedaverageoccupancyrateoftheGroup'sself-ownedpropertiesreached90.9%.TherenovationoftherooftophelipadatSPGPlazawassuccessfullycompleted,andthusSPGPlazawasgrantedasthe"Low-AltitudeEconomyIndustrialBuilding"bytheGovernmentofLuohuDistrict.iii.Fullytappingtheoperationalpotentialofoursubsidiaries.PetrelHotelsurpasseditsannualperformancetargetsforbothoperatingrevenueandtotalprofit.ZhentongEngineeringmadesubstantialbreakthroughsinmarketexpansionwithinthesystem.TheShantouBranchachieveda100%rentcollectionrateforZhongshanEastMarket.HuazhanConstructionSupervisionundertookthreeexternalsupervisionprojects.ChuanqiRealEstateDevelopmentcompletedthesetupofitsorganizationalstructureandbusinessprocesses,officiallytransitioningtospecializedcommercialoperationandmanagement.(II)Achievingpositiveresultsinriskpreventionandresolutionbysecuringthebaselineandconcentratingontacklingtoughissues.First,weprudentlymitigatedtheprojectrisks.WewonfavorablejudgmentsincasessuchastheRMB344millionloancontractdisputeinvolvingJianbangCompany.ThedeclarationofcreditorclaimsforthebankruptcyliquidationofJianbangCompanyisprogressedsmoothly.Second,weeffectivelypreventedandcontrolledthesafetyrisks.Wethoroughlyadvancedthe"Three-YearActionPlanforAddressingtheRootCausesofWorkplaceSafetyIssues,"with91safetyinspectionsconducted,373safetyhazardsidentified,anda100%rectificationrateachievedthroughouttheyear.Third,weproperlyhandledthestability-relatedrisks.WeformulatedspecialworkplanstoproperlyhandlethematterssuchasthehandoveroftheSPGGuangmingliProject,outstandingpaymentstosuppliersofSPGLixinyuanProject,andemployeeco-investment,ensuringnomajorpetitioningorpublicopinionincidentsoccurredthroughouttheyear.(III)Strengtheningfoundationsandfocusingcontroltoachievesignificantimprovementsincapabilities.First,ourgovernancesystemwasfurtherimproved.Weoptimizedtheorganizationalstructureandthelistofpowersandresponsibilitiesoftheheadquarterstofurtherclarifythemanagementauthoritiesandresponsibilities.Wecontinuedtooptimizeandadjustoursystemofrulesandregulations,revisingorestablishing102policiesthroughouttheyear.Second,ourmanagementsupportbecamemorerobust.Weorganizedthespecialtrainingprograms,suchas"TrainingforManagementandReserveTalents"and"IntelligentAIApplications";wedeepenedthedevelopmentofdatabaseon"GoodHouse"informationandhousetypes,andcompiledthe"LeasingOperationManual"toenhancetheemployees'professionalperformance

capabilities.Westrengthenedthecentralizedfundmanagementtoensurethestandardizedandefficientuseoffunds.Third,theefficiencyofourcorporatemanagementbecamemoreprominent.Thedisposalworkofinefficient/ineffectiveassetsandnon-core/non-dominantbusinesseswasadvancedcontinuously,withprogressmadeinthedivestmentofShenzhenZhentongNewElectromechanicalIndustrialDevelopmentCo.,Ltd.andXinfengRealEstateDevelopmentandConstruction(Wuhan)Co.,Ltd.(IV)Raisingawarenessandfocusingonplanningtopromotecontinuousexplorationandpromotionoffuturedevelopment.First,westrengthenedthestrategiccoordinationandorganizationalsupport.Weestablishedadedicatedtaskforcetoscientificallydefinethetaskdivisionsandclearlyassigntheprimaryresponsibilities.Second,wedeepenedtheresearchonfuturedevelopmentpathsandprojectreserves.Wecloselytrackedthelatestregulatoryrulesandcapitalmarkettrends,deepenedthepolicyinterpretationandforward-lookinganalysis,andstrengthenedthecommunicationwithcontrollingshareholdersandprofessionalinstitutionstobuildaregularcollaborativemechanismandexpandthehigh-qualityprojectresources.(V)Theguidingandorientingroleismoreprominentwithpartybuildingasguidanceandintegratedefforts.First,westrengthenedthepoliticalbuildingtoearnestlyfulfillourresponsibilitiesandmission.WemadesolidprogressinthoroughlyimplementingthecentralPartyleadership'seight-pointdecisiononimprovingworkconduct,organizing132timesofspecialsubjectlearningthroughouttheyear.Second,wedeepenedtheintegrationofPartybuildingandbusinessoperations,focusingonmutualpromotiontoenhanceefficiency.Wedynamicallyoptimizedthelistof"threemajorandonelarge"decision-makingmatters.TheGroup'sPartyCommitteereviewed227majorbusinessandmanagementmattersthroughouttheyear,effectivelyleveragingthepoliticalandorganizationalfunctionsofthePartyorganization.Third,westrictlygovernedtheParty,resolutelyenforcedthedisciplineandpromotedanewtrendofconduct.WeconsolidatedtheprimaryandsupervisoryresponsibilitiesforexercisingfullandstrictgovernanceovertheParty,andsignedtheresponsibilitylettersforPartyconductandcleangovernanceatalllevels.Weinnovativelypromotedtheintegratedmechanismofensuringthatofficials"darenot,cannot,anddonotwanttobecorrupt,"with26remindertalksconducted.Wecreatedtheculturebrandof"CleanandVirtuousSPG",launchingtheoriginalculturalworkssuchasthemedmicro-videosandsitcoms,leadingtoacontinuousimprovementinthepoliticalecosystem.

2.Revenueandcost

(1)Compositionofoperatingrevenue

Unit:RMB

2025

Shopsandparkinglots

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

√Applicable□Notapplicable

Unit:RMB

UnderthecircumstancesthatthecalculationmethodoftheCompany'smainbusinessdataisadjustedduringthereportingperiod,theCompany'smainbusinessdataforthelatestperiodisadjustedaccordingtothecalculationmethodattheendofthereportingperiod

□Applicable√Notapplicable?

(3)Whetherthecompany'sphysicalsalesrevenueisgreaterthantherevenueoflaborservices?√Yes□No

ReasonsfortheYoYchangeofmorethan30%inrelevantdata?√Applicable□Notapplicable

In2025,theCompany'srealestatesalesvolumeandproductionvolumebothdecreasedcomparedtothepreviousyear.Theinventorydecreasedyear-on-year,mainlyduetothesalescarry-overcompletedforSPGGuangmingliProjectin2025andtheexclusionofGuangdongJianbangGroup(Huiyang)IndustrialCo.,Ltd.thatwastakenoverbyabankruptcyadministratorforbankruptcyandliquidationonNovember30,2025.

(4)PerformanceofmajorsalescontractsandmajorprocurementcontractssignedbytheCompanyasofthereportingperiod

□Applicable√Notapplicable?

(5)CompositionofoperatingcostsIndustryclassificationIndustryclassification

Unit:RMB

Industryclassification

NotesThecompletionofsalescarry-overforSPGGuangmingliProjectin2025ledtoayear-on-yearincreaseinthecostofrealestatesales;affectedbythemarketenvironment,theconstructionworkloaddecreasedyear-on-year.

(6)Whethertherewasanychangeintheconsolidationscopeduringthereportingperiod?

√Yes□NoFordetailsonchangesinthescopeofconsolidationduringthereportingperiod,pleasesee"SectionVIIIFinancialStatements"。

(7)InformationaboutsignificantchangesoradjustmentsintheCompany'sbusiness,productsorservicesduringthereportingperiod

□Applicable√Notapplicable?

(8)MainsalescustomersandsuppliersMainsalescustomersoftheCompany

InformationontheCompany'stop5customers

Otherinformationofmaincustomers

□Applicable√Notapplicable?MainsuppliersoftheCompany

InformationontheCompany'stop5suppliers

Otherinformationofmainsuppliers

□Applicable√Notapplicable?Duringthereportingperiod,theCompany'stradingbusinessrevenueaccountedformorethan10%ofitsoperatingrevenue

□Applicable√Notapplicable?

3.Costs

Unit:RMB

4.R&Dinvestment

□Applicable√Notapplicable?

5.Cashflows

Unit:RMB

Item

DescriptionofmaininfluencingfactorsofsignificantYoYchangesinrelevantdata?√Applicable□NotapplicableCashinflowfromoperatingactivitiesdecreasedyearonyearmainlyduetothedecreaseinrealestatesalesvolumeandengineeringconstructionvolume.Cashusedinoperatingactivitiesdecreasedyearonyearprimarilydrivenbythedecreaseddevelopmentandconstructionofrealestateprojects.Netcashflowfrominvestingactivitiesincreasedyear-on-yearmainlydrivenbydecreasedpurchaseoffinancialproducts.Cashinflowfromfinancingactivitiesdecreasedyear-on-yearmainlydrivenbydecreasednewbankborrowingraisedthisperiod.Cashoutflowfromfinancingactivitiesincreasedyear-on-yearmainlydrivenbyrepayingbankborrowingsinthisperiodExplanationofthereasonsforthesignificantdifferencebetweenthenetcashflowgeneratedfromtheoperatingactivitiesoftheCompanyandthenetprofitofthecurrentyearduringthereportingperiod?

√Applicable□NotapplicableThereisabigdifferencebetweenthenetoperatingcashflowandthenetprofitfortheyear,primarilyduetothelongtimespanbetweenpropertydevelopment,salesandrevenuerecognition.

V.Analysisofnon-primarybusiness

□Applicable√Notapplicable?

VI.Analysisofassetsandliabilities

1.Majorchangesinassetcomposition

Unit:RMB

Monetaryfunds

includedinthescopeofconsolidation.

Highproportionofoverseasassets

□Applicable√Notapplicable?

2.Assetsandliabilitiesmeasuredatfairvalue?

√Applicable□Notapplicable

Unit:RMB

above

OtherchangesWhetherthereweresignificantchangesinthemeasurementattributesoftheCompany'smajorassetsduringthereportingperiod

□Yes√No?

3.Restrictionsonassetrightsasoftheendofthereportingperiod

(1)Restrictedassetsattheendoftheperiod

Unit:RMB

(2)Restrictedassetsatthebeginningoftheperiod

Unit:RMB

Total

VII.Analysisofinvestmentstatus

1.Overallsituation

?√Applicable□Notapplicable

2.Majorequityinvestmentsacquiredduringthereportingperiod

□Applicable√Notapplicable?

3.Majornon-equityinvestmentsinprogressduringthereportingperiod

□Applicable√Notapplicable?

4.Investmentinthefinancialassets

(1)Securitiesinvestment

□Applicable√Notapplicable?TheCompanyhadnosecuritiesinvestmentduringthereportingperiod.

(2)Derivativeinvestment

□Applicable√Notapplicable?TheCompanyhadnoderivativeinvestmentduringthereportingperiod.VIII.Salesofmajorassetsandequities

1.Salesofmajorassets

□Applicable√Notapplicable?TheCompanydidnotsellmajorassetsduringthereportingperiod.

2.Saleofmajorequity

□Applicable√Notapplicable?IX.Analysisofmajorholdingandparticipatingcompanies?√Applicable□NotapplicableMajorsubsidiariesandparticipatingcompanieswithanimpactof10%ormoreontheCompany'snetprofit

Unit:RMB

ShantouHualinRealEstateDevelopmentCo.,Ltd.

Informationonacquisitionanddisposalofsubsidiariesduringthereportingperiod?√Applicable□Notapplicable

Companyname

Notestomainholdingandparticipatingcompanies

1.InOctober2021,theCompanywonthebidforalandplotinGuangmingDistrictandestablishedtheprojectcompanyShenzhenSPGChuanqiRealEstateDevelopmentCo.,Ltd.toberesponsibleforthedevelopmentandconstructionoftheland.InNovember2024,theCompanycompletedtheacceptanceoftheconstructionproject.In2025,thecarryoverrevenuereachedRMB1,277.337million,accountingfor96.43%revenuefromtheGroup’srealestatesectorand86.14%oftheGroup’soperatingincome.

2.Thesubordinatesubsidiariesengagedinrealestatedevelopmentalsoinclude:ShenzhenSPGLonggangDevelopmentCo.,Ltd.,ShantouSEZWellamFTYBuildingDevelopment,Co.,Ltd.,ShantouHuafengRealEstateDevelopmentCo.,Ltd.TheCuilinyuanprojectdevelopedbyShenzhenSPGLonggangDevelopmentCo.,Ltd.,andJinyedaoandYuejingDongfangdevelopedbyShantouSEZWellamFTYBuildingDevelopment,Co.,Ltd.leftafewamountofremainingbuildingsforsale.ShantouHuafengRealEstateDevelopmentCo.,Ltd.wasresponsibleforthedevelopmentofTianyuewanproject(dividedintoPhaseIandPhaseII).TianyuewanPhaseIwasopenforsaleinOctober2016andcompletedinDecember2019.ThePhaseIIstartedconstructioninNovember2018andwascompletedattheendofJune2021.AsofDecember31,2025,theoverallsalesprogressisrelativelyslowwithanaccumulatedsalesrateofabout76.37%forTianyuewanPhaseIand37.11%forPhaseII.

3.ShenzhenZhentongEngineeringCo.,Ltd.wasengagedinthebusinessofbuildinginstallationandmaintenancewiththe2025operatingrevenuesofRMB89.3293millionandof6.02%totheoperatingrevenuesoftheCompany.

4.The2025netprofitofXinFengEnterpriseCo.,Ltd.wasofRMB-1.8454millionwhichmainlyduetothedepreciationandamortizationofinvestmentproperty.

5.GuangdongJianbangGroup(Huiyang)IndustrialCo.,Ltd.wastakenoverbyabankruptcyadministratorforbankruptcyandliquidationonNovember30,2025,andthusitisnolongerincludedinthescopeofconsolidation.X.StructuredentitiescontrolledbytheCompany

□Applicable√Notapplicable?

XI.ProspectsforthefuturedevelopmentoftheCompany

(I)IndustrypatternandtrendCurrently,China'srealestateindustryisinadynamicbottoming-outprocess,withacceleratedintegrationoftheindustrialchainandmarketresourcesincreasinglyconcentratinginleadingenterprises.Theindustry'sdevelopmentlogicisshiftingfrom"havingaplacetolive"to"livingwell,"presentingnewopportunitiesandchallenges.(II)Potentialrisksandcountermeasures

1.MacroeconomicrisksandcountermeasuresCurrently,theexternalenvironmentisconfrontedwithcomplexchallengessuchasfrequentgeopoliticalconflictsandacceleratedanti-globalization,andChina'seconomyhasasolidfoundation,numerousadvantages,strongresilience,andgreatpotential,withthesupportingconditionsandfundamentaltrendoflong-termpositivegrowthunchanged.Therealestateindustryhasagreatercorrelationwiththemacroeconomyandismoreinfluencedbythemacroeconomiccycle.TheCompanywillcontinuepayingcloseattentiontotheinternationalanddomesticmacroeconomicsituationsandproactivelyadjustitsoperationstrategies.

2.IndustrydevelopmentrisksandcountermeasuresAtthisstage,asexistingpoliciescontinuetoshoweffects,newpoliciesareeffectively

implemented,andthecombinedimpactofpoliciesiscontinuouslyreleased,therealestatemarketisinthecriticalstageofstabilizingandhaltingthedeclineamidfluctuations.Nevertheless,forsometimetocome,therealestateindustrywillstillfacemanyrisksandpotentialhiddendangers,includingintensifiedmarketdifferentiationandinsufficientwillingnessofpropertydeveloperstoacquireland,andthemarketcompetitionpatternwillpresentanewsituation.TheCompanywillcloselymonitorindustrypolicies,follownationalstrategicdirection,continuouslyoptimizethebusinessdevelopmentpath,andactivelyexploreinnovativeoperatingmodelstobetteradapttochangesintheexternalenvironment.

3.BusinessoperatingrisksandcountermeasuresAgainstthebackdropofincreasinglyfiercecompetitionintherealestatemarket,theCompanyisfacingchallengessuchasinsufficientreservesofdevelopmentlandresources,difficultiesinsellinginventoryprojects,andalackofsubstantialresultsinnewbusinessexpansion,allofwhichareputtingpressureoncorporateoperationanddevelopment.TheCompanywillcloselymonitormarketdynamicsandindustrypolicytrends,focusonpropertyleasingandsales,theoperationsofitssubsidiaries,andbusinessexpansion,andactivelyseekinnovativemodelsandpathsthatalignwithitsactualdevelopmentneedstoflexiblyrespondtomarketchallengesandexplorebroaderdevelopmentspace.(III)DevelopmentstrategyandbusinessplanIn2026,theprimaryguidingprincipleforSPG'sworkis:toadheretoXiJinpingThoughtonSocialismwithChineseCharacteristicsforaNewEra,thoroughlyimplementthespiritofthe20thCPCNationalCongressanditsplenarysessions,aswellastheCentralEconomicWorkConference,adheretothegeneralprincipleofseekingprogresswhilemaintainingstability,andtakePartybuildingastheguidetocoordinateandadvanceallkeytasks.Throughsolidandeffectivework,wewillensurethefullcompletionofourannualgoalsandtasks,layingasolidfoundationforagoodstarttothe15thFive-YearPlan.

1.Adheretoseekingprogresswhilemaintainingstability,andfocusonimprovingqualityandefficiencytostrengthenourcore.First,optimizethemarketingstrategiesandexpandsaleschannels,toacceleratethereductionofexistingrealestateinventory.Second,efficientlyrevitalizeourownpropertyresources,andenhancethequalityandefficiencyofassetoperations,toprovidestrongsupportfortheCompany'sdevelopment.Third,strengthentheresponsibilityoftheaffiliatedenterprises,stimulatetheirinherentpotentialandmarketcompetitiveness,andgatherapowerfulforceforthedevelopmentoftheCompany.

2.Adheretothestrategicguidance,andstrengthenthetop-leveldesignforoverallplanning.First,scientificallyplantheGroup'sworkforthe15thFive-YearPlanbycloselyfollowingthedirectionofnationalmacroeconomicpoliciesandthereformanddevelopmenttrendsofstate-ownedassetsandstate-ownedenterprises.Second,Unitetheeffortsofallparties,andexplorehigh-qualityinvestmentopportunities,toopenupnewhorizonsfortheCompany'sdevelopment.Third,promotethehigh-standardconstructionofthecharacteristicindustrialplatformofSPGPlazabasedonthedevelopmentfoundationofLuohuDistrict'scharacteristicindustries.

3.Adheretothebottom-linethinking,andstrengthentheriskpreventionandcontroltosolidifyourfoundation.First,resolutelyupholdthebottom-linesafetygoalsbyeffectivelyimplementingtheresponsibilitiesforworkplacesafety,andenhancingtheprecisionofaccidentpreventionandthetimelinessofresponse.Second,focusontacklingthehistoricalrisks,formulatetherectificationplansforeachitem,tostrictlypreventriskspillover.Third,fullyfulfilltheresponsibilitiesforhandlingpubliccomplaintsandmaintainingstability,aswellasforpublicopinionmanagement,andresolutelypreventtheideologicalrisksandmajorsuddeninstabilityincidents.

4.Adheretoleanmanagement,anddeepenreformandinnovationtoenhancetheefficiency.First,strengthenandoptimizethedepartmentsattheheadquarters,promotethesubsidiariestobecomemorerefined,specialized,largerandstrongerintheirrespectivesubdivisionsthroughdifferentiatedapproaches,andatthesametime,improvetheechelonbuildingoftalents.Second,strengthenthecoreofgovernance,deepenESGgovernanceandmarketvaluemanagement,improvecompliancemanagementandinternalcontrolsystems,andenhancefinancialcoordinationandfundmanagement.Third,furtherpromotetherefinedcostmanagement,strictlycontrolallcapitalexpenditures,andstrictlyinvestigateandpunishactsofextravaganceandwaste.

5.AdheretotheguidanceofPartybuilding,andconsolidatethecorestrengthtoenhancethecohesivenessofourCompany.First,comprehensivelystrengthenPartybuilding,consolidatetheresponsibilitysystemforPartybuilding,andpromotetheall-roundprogressandexcellenceofprimaryPartyorganizations.Second,comprehensivelypromotetheconstructionofPartybuildingbrand,deepenthedevelopmentofmodelbranch,strengthentheleadershipofPartybuildingovermassorganizations,andcreateastrongatmosphereofunity,hardworkingandentrepreneurship.Third,advancethefullandstrictgovernanceovertheParty,strengthentheintegrity-focusedpublicityandeducation,promotetheintegrationandsynergyofdisciplineinspectionwithothersupervisionmechanismssuchasaudit,finance,andcompliance,andjointlybuildasystemwhereofficialsdarenot,cannotanddonotwanttobecorrupt.

XII.Reception,survey,communication,interviewandotheractivitiesduringthereportingperiod

?√Applicable□Notapplicable

Receptiontime

Receptiontime

Receptiontime

Receptiontime

Receptiontime

Receptiontime

XIII.Formulationandimplementationofmarketvaluemanagementsystemandvaluationimprovementplan

WhethertheCompanyhasformulatedamarketvaluemanagementsystem.

□Yes√No?WhethertheCompanyhasdisclosedplansforvaluationenhancement.

□Yes√No?

XIV.Implementationoftheactionplanof"doubleimprovementofqualityreturn".Whetherthecompanyhasdisclosedtheannouncementoftheactionplanof"doubleimprovementofqualityreturn".

□Yes√No?

SectionIVCorporateGovernance,Environmentand

Society

I.Basicstatusofcorporategovernance

Duringthereportingperiod,theCompanyconstantlyimproveditsgovernancestructureandstandardizedtheCompany'soperationinstrictaccordancewiththerequirementsoftheCompanyLaw,theSecuritiesLawandtheGovernanceGuidelinesforListedCompaniesandotherlawsandregulations.Duringthereportingperiod,theCompany'sgovernanceinstitutionsatalllevelshavecarriedouttheirresponsibilitiesandauthoritiesclearlyanddefinitelyandhaveperformedtheirownfunctions.Atthesametime,theyhavecheckedandbalancedeachotherindecision-making,implementationandsupervisioneffectively,andhaveoperatedinacoordinatedmanner.(I)OperationofthegeneralmeetingofshareholdersThepreparation,holdingoftheannualandextraordinarygeneralmeetingsofshareholdersoftheCompanyaswellasdisclosureoftheresolutionsmadeatthemeetingshavebeencarriedoutinstrictaccordancewiththeCompanyLaw,theRulesoftheGeneralMeetingofShareholdersofListedCompaniesofChinaSecuritiesRegulatoryCommission(CSRC),theArticlesofAssociationandtheRulesofProcedureoftheGeneralMeetingofShareholdersoftheCompany.Thenotificationtimeofthemeeting,theprocedureofauthorization,theprocedureofconvening,theconvener,thequalificationofthepersonnelattendingthemeetingandthevotingprocedureofthemeetinghaveallbeeninlinewithrelevantprovisions.Anon-siteinteractionforshareholdershasbeensetattheshareholders'meetingtoensurethattheshareholders,especiallythesmallandmedium-sizedshareholders,canexercisetheirlegitimaterights.(II)OperationoftheBoardofDirectorsThepreparationandholdingoftheboardmeetingoftheCompanyandthedisclosureoftheresolutionmadeatthemeetinghavebeencarriedoutinstrictaccordancewiththeCompanyLaw,theSelf-regulationGuidelinesforListedCompaniesofShenzhenStockExchangeNo.1-StandardizedOperationofListedCompaniesontheMainBoard,theArticlesofAssociationandtheRulesofProcedureoftheBoardMeetingoftheCompany.Thenumberandmanningoftheboardofdirectorshavemettherequirementsoflawsandregulations.Thedirectorshaveworkeddiligentlyandresponsibly,andtheboardofdirectorshasworkedhardinmakingdecisionsandsettingthedirectionfortheCompany,andhasexerciseditspowerinaccordancewiththerequirementsforcorporategovernance.(III)OperationofthemanagementThemanagementoftheCompanyperformeditsdutiesinstrictaccordancewiththeCompanyLaw,theGuidelinesforSelf-RegulationofCompaniesListedonShenzhenStockExchangeNo.1-StandardizedOperationofCompaniesListedontheMainBoard,theArticlesofAssociationandtheWorkingRulesoftheGeneralManager.ThemanagementisfullyresponsiblefortheproductionandoperationmanagementoftheCompany,diligentlyanddutifullyperformsitsduties,effectivelyimplementsthedecisionsoftheBoardofDirectors,andthedivisionoflaboramongthemanagementisclear,andthereisno"insidercontrol".Whetherthereisanysignificantdifferencebetweentheactualstatusofcorporategovernanceandthelaws,administrativeregulationsandtheprovisionsissuedbytheChinaSecuritiesRegulatoryCommissiononthegovernanceoflistedcompanies

□Yes√No?Therearenosignificantdifferencesbetweentheactualstatusofcorporategovernanceandthelaws,administrativeregulationsandtheprovisionsissuedbytheChinaSecuritiesRegulatoryCommissionon

thegovernanceoflistedcompaniesII.TheindependenceoftheCompanyfromthecontrollingshareholderandactualownerintermsofassets,personnel,finance,organizationandbusiness(I)Assets:TheCompany'sassetsareindependent,withoutanyillegaloccupationbythecontrollingshareholder.(II)Inrespectofpersonnel,theCompanywasabsolutelyindependentinmanagementoflabour,personnelandsalariesfromthecontrollingshareholders.AlltheseniorexecutivesoftheCompanytooknoofficetitleconcurrentlyattheShareholderCompany.(III)Inrespectoffinance,theCompanyhasindependentfinancialdepartment,paidtaxesaccordingtothelaw,andopenedindependentbankaccounts.(IV)Organization:TheCompanyhasofficepremisesindependentofthecontrolling

shareholder,withoutanysituationsofmixedoperationsorsharedoffices;TheCompany'sboardofdirectorsandotherinternalorganizationsoperatedindependently.(V)Inrespectofbusiness,theCompanyhasindependentandcompletebusinessandindependentoperationability.III.Horizontalcompetitions?√Applicable□Notapplicable

Problemtype

thereisexistinghorizontalcompetition.SIHCcommitsnottoseekunfairbenefitsthroughitsstatusasthecontrollingshareholderofthelistedcompany,therebyharmingtherightsandinterestsofthelistedcompanyanditsshareholders.Incaseofviolationoftheabovecommitments,SIHCwillbearthecorrespondinglegalresponsibilities,includingbutnotlimitedtocompensationforalllossescausedtothelistedcompany.

IV.DirectorsandSeniorManagement

1.Basicinformation

theBoardofDirectors

Whethertherehavebeendeparturesofanydirectors,supervisors,ordismissalsofseniormanagementpersonnelduringtheirtermsofofficeinthereportingperiod?√Yes□No

1.TheCompanyheldthesecondextraordinarygeneralmeetingof2025onDecember16,2025,atwhichMr.ChenMingwaselectedasadirectoroftheCompany.Mr.TangXiaopingceasedtoholdthepositionsofChairman,director,legalrepresentative,andGeneralManageroftheCompany.Onthesameday,theCompanyheldthe26thmeetingofthe8thBoardofDirectors,atwhichMr.ChenMingwaselectedastheChairmanandlegalrepresentativeoftheCompany,andwouldserveastheChairmanoftheStrategyCommitteeandtheComplianceCommitteeoftheBoardofDirectors.Fordetails,pleaserefertotheAnnouncementonResolutionsoftheSecondExtraordinaryGeneralMeetingof2025andtheAnnouncementonResolutionsofthe26thMeetingofthe8thBoardofDirectors,bothdisclosedbytheCompanyonDecember17,2025.

2.TheCompanyheldthefirstextraordinarygeneralmeetingof2026onMarch6,2026,atwhichMr.PengXingtingwaselectedasadirectoroftheCompany.Mr.ZhangManhuaceasedtobeadirectoroftheCompanyandnolongerholdsanyotherpositionintheCompany.Fordetails,pleaserefertotheAnnouncementonResolutionsofthe27thMeetingofthe8thBoardofDirectorsdisclosedbytheCompanyonFebruary13,2026,andtheAnnouncementonResolutionsoftheFirstExtraordinaryGeneralMeetingof2026disclosedonMarch7,2026.ChangesindirectorsandseniormanagementoftheCompany?√Applicable□Notapplicable

2.Officeholding

Professionalbackground,workexperienceandmaindutiesintheCompanyofexistingdirectorsandseniormanagementChenMing:FormerlyservedasDeputyGeneralManagerofShenzhenJianan(Group)Co.,Ltd.,andSecretaryofthePartyCommitteeandChairmanofChinaShenzhenForeignTrade(Group)Co.,Ltd.HecurrentlyservesasChairmanandSecretaryofthePartyCommitteeofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.QianZhong:HeonceactedastheDirectoroftheBoardofDirectorsOffice(StrategyResearchOffice),MemberoftheDisciplineInspectionCommittee,andtheHeadoftheOperationManagementDepartmentofShenzhenProperties&ResourcesDevelopment(Group)Ltd.;currentlyservingastheDeputySecretaryoftheCPC,Director,andChairmanoftheTradeUnionConfederationofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.

WangJiangtao:HeonceworkedastheExecutiveDeputyGeneralManagerandPartyBranchSecretaryofShenzhenForeignEconomicandTradeInvestmentCompany,Director,SecretaryoftheDisciplineInspectionCommissionandPartyCommission,andChairmanoftheSupervisoryBoardofShenzhenGeneralInstituteofArchitecturalDesignandResearchCo.,Ltd.;hecurrentlyservesastheSecretaryoftheDisciplineInspectionCommissionandamemberofthePartyCommitteeofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.WangJianfei:HeonceactedastheHeadoftheFinancialManagementDepartmentofShenzhenConstructionDevelopment(Group)Company,DeputyGeneralManagerofHubeiShentouControlInvestmentDevelopmentCo.,Ltd.;currentlyservingasDirector,ChiefFinancialOfficer,andMemberofthePartyCommitteeofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.LiWenkun:Previously,aDeputyGeneralManagerofShenzhenToukongPropertyManagementCo.,Ltd.,aDirector,aDeputySecretaryofthePartyCommittee,andtheSecretaryoftheDisciplineInspectionCommissionofShenzhenShentouEnvironmentalProtectionTechnologyCo.,Ltd.,andaDirector,andaDeputySecretaryofthePartyCommitteeofShenzhenEnvironmentalProtectionTechnologyGroupCo.,Ltd.(originalnamewasShenzhenShentouEnvironmentalProtectionTechnologyCo.,Ltd.);currently,aDirectorofShenzhenWaterPlanningandDesignInstituteCo.,Ltd.,andaDirectorofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.MengFei:HepreviouslyworkedatShenzhenTianhongShoppingMallCo.,Ltd.andShenzhenPressGroup,andservedasaSeniorManagerandDeputyHeadoftheFinancialDepartment(SettlementCenter)ofShenzhenInvestmentHoldingsCo.,Ltd.HecurrentlyservesasadirectorandChiefFinancialOfficerofShenzhen-HongKongInnovationandTechnologyCooperationZoneDevelopmentCo.,Ltd.,adirectorofSIHCHongKongInvestmentHoldingsLimited,adirectorofShenzhenTextile(Holdings)Co.,Ltd,andadirectorofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.PengXingting:HeformerlyservedasDeputyDirectoroftheStrategicResearchDepartment(BoardofDirectors'Office)ofShenzhenInvestmentHoldingsCo.,Ltd.HecurrentlyservesastheDirectoroftheStrategicManagementDepartmentofShenzhenInvestmentHoldingsCo.,Ltd.,adirectorofChinaShenzhenForeignTrade(group)Co.,Ltd.,asupervisorofGuotaiJunanInvestmentManagementCo.,Ltd.,adirectorofShenzhenDataExchangeCo.,Ltd.,andadirectorofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.HeZuowen:HeonceworkedasAssociateProfessorofAccountingatChangshaUniversityofScience&Technology(formerlyChangshaElectricPowerInstitute),PartneratShenzhenHuapengAccountingFirm,HeadoftheShenzhenbranchofBeijingZhongtianHuazhengCertifiedPublicAccountants(nowDaHuaCertifiedPublicAccountantsLLP),PartneratLixinAccountingFirm;currentlyservingasPartner,MemberofthePartnerManagementCommittee,andSecretaryofthePartyBranchofZhengdanZhiyuan(Shenzhen)CertifiedPublicAccountants(SpecialGeneralPartnership),ChairmanofShenzhenTianyeTaxationFirmCo.,Ltd.,andIndependentDirectorofShenzhenRuijieTechnologyCo.,Ltd.andShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.Majorsocialpositionsinclude:Off-campusMaster'sTutoratShenzhenUniversity,MemberoftheShenzhenInstituteofCertifiedPublicAccountantsIndustryCommitteeoftheCommunistPartyofChina,ExpertinExpertDatabaseofShenzhenState-ownedAssetsSupervisionandAdministrationCommission,ShenzhenDevelopmentandReformCommission,ShenzhenScienceandTechnologyInnovationCommission,ShenzhenRadioandTelevisionCulture,TourismandSportsBureau,andShenzhenUnitedPropertyAndShareRightsExchanged.MiXuemin:HeonceworkedasalecturerandassociateprofessoratShenzhenUniversity,holdsaPhDinManagementfromXiamenUniversity,apostdoctoral

fellowshipinAppliedEconomicsfromXiamenUniversity,andwasavisitingscholarattheUniversityofExeter'sDepartmentofAccountingintheUK.HeiscurrentlyaprofessoranddoctoralsupervisorattheDepartmentofAccountinginShenzhenUniversity,aswellasanindependentdirectoratShenzhenFarbenInformationTechnologyCo.,Ltd.,OFILMGroupCo.,Ltd.,RuinengSemiconductorTechnologyCo.,Ltd.andShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd..LiuHaifeng:FormerlyservedasapartneratGuangdongXintongLawFirmandanindependentdirectorofShenzhenCEREALSHOLDINGSCo.,Ltd.HecurrentlyservesasaprimarypartneratGuangdongHanchengLawFirmandanindependentdirectorofCRTrust,andShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.ZhangHongwei:HeonceworkedastheGeneralManagerofShenzhenUrbanConstructionInvestmentDevelopmentCo.,Ltd.andHefeiRuifaUrbanConstructionInvestmentandDevelopmentCo.,Ltd.,andManageroftheDevelopmentDepartment,SalesDepartment,ProjectDepartmentII,andEngineeringManagementDepartmentofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.;currentlytheDeputyGeneralManagerandamemberofthePartyCommitteeofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.HuangWeijun:OnceservedasamemberofthePartyCommittee,SecretaryoftheCommitteeforDisciplineInspectionandDeputyGMofShenzhenGuangmingGroupCo.,Ltd.,amemberofthePartyCommittee,SecretaryoftheCommitteeforDisciplineInspectionandDeputyGMofShenzhenOCTVisionInc.(concurrentlyasanexecutivedirectorofShenzhenOCTInternationalMediaPerformingCo.,Ltd.),andnowservingastheDeputyGM,memberoftheCPCofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.WuZhiyong:OnceservedastheChairmanandGMofShenzhenPetrelHotelCo.,Ltd.,DeputyManagerofPropertyManagementDepartmentandManageroftheAssetOperationCenterofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.;andnowservingastheDeputyGM,memberoftheCPCofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.LuoYi:HewasoncetheViceGM,DeputyDirectorofBoardSecretariatandSecuritiesRepresentativeintheShantoubranchofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.Currently,heservesastheBoardSecretaryandOfficeDirectoroftheBoardinShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.

Situationwherethecontrollingshareholderandactualcontrollerconcurrentlyserveasthechairmanandgeneralmanagerofthelistedcompany

□Applicable√Notapplicable?*.Positionsheldinshareholders?√Applicable□Notapplicable

Nameofthe

appointedpersonnel

shareholders

*.Positioninotherentities?√Applicable□Notapplicable

shareholdersNameoftheappointedpersonnel

otherentities

PunishmentsimposedintherecentthreeyearsbythesecuritiesregulatorontheincumbentdirectorsandseniormanagementaswellasthosewholeftintheReportingPeriod:

□Applicable√Notapplicable?

3.RemunerationofDirectorsandSeniorManagementDecision-makingprocedure,determinationbasisandactualpaymentsofremunerationfordirectorsandseniormanagement:

TheremunerationoftheCompany'sdirectorsandseniormanagementshallbedeterminedandimplementedinaccordancewiththeregulationsoftheCompany'sremunerationmanagementsystem.Afterthereviewandapprovalatthe2022AnnualGeneralMeetingofShareholdersheldon28April2023,theallowanceforindependentdirectorshasbeenadjustedtoRMB10,000(pre-tax)perpersonpermonthfromRMB7000(pre-tax)perpersonpermonthsinceMay2023,andindependentdirectorswillnotreceiveanyremunerationotherthanitfromtheCompany.

RemunerationofdirectorsandseniormanagementduringtheReportingPeriod

Unit:RMB10,000

otherentitiesName

GeneralManager

Basisforperformanceassessmentoftheactualremunerationforalldirectorsandseniormanagementattheendofthereportingperiod

Othercircumstances

□Applicable√Notapplicable?

V.PerformanceofDutybyDirectorsduringtheReportingPeriod

1.Attendanceofdirectorsatboardmeetingsandgeneralmeetings

LiuHaifeng

DescriptionofthefailuretoattendtheboardmeetingsinpersonfortwoconsecutivetimesNotapplicable.

2.ObjectionsraisedbydirectorstorelevantmattersoftheCompany

WhetherthedirectorshaveraisedanyobjectionstorelevantmattersoftheCompany?

□Yes√No?Duringthereportingperiod,thedirectorsdidnotraiseanyobjectiontotherelevantmattersoftheCompany.

3.Otherdescriptionsofdirectors'performanceofdutiesWhethertherelevantsuggestionsofthedirectorstotheCompanyhavebeenadopted?√Yes□NoDirector'sstatementontheadoptionornon-adoptionoftheCompany'srelevantproposals

DuringtheReportingPeriod,alldirectorsoftheCompanyperformedtheirdutiesdiligentlyandconscientiously.TheythoroughlymasteredtheCompany’sproductionandoperation,internalcontrol,andstandardizedoperation,andputforwardrelevantopinionsontheCompany’smajorgovernanceandoperationdecisionsbasedontheirprofessionaladvantages.Theseopinionswerefullycommunicatedanddiscussedamongthedirectorsbeforeformingconsensus,whicheffectivelypromotedscientificandobjectivedecision-makingbytheBoardofDirectors,andhelpfullysafeguardedthelegitimaterightsandinterestsoftheCompanyandallshareholders.VI.PerformanceofDutybySpecializedCommitteesundertheBoardintheReportingPeriod

Nameofcommittee

Nameofcommittee

Nameofcommittee

Nameofcommittee

Nameofcommittee

Nameofcommittee

Nameofcommittee

Nameofcommittee

Nameofcommittee

Nameofcommittee

VII.PerformanceofDutybytheAuditCommittee

TheAuditCommitteefindsoutwhetherthecompanyhasrisksduringthemonitoringactivitiesduringthereportingperiod

□Yes√No?TheAuditCommitteehasnoobjectiontothesupervisionmattersduringthereportingperiod.

VIII.Company'semployees

1.Number,professionalcompositionandeducationlevelofemployees

Numberofemployeesoftheparentcompanyattheendofthereportingperiod(person)

2.Remunerationpolicy

Themanagementpersonnelabovevicegeneralmanager(includingviceGM)oftheCompanyconductedannualsalarysystem,otheremployeesconductedcontactingtheperformancewiththebenefitsalarysystem.

3.Trainingplan

TheCompanyformulatesanannualtrainingplanbasedontheEmployeeTrainingManagementMeasures.TheCompanyimplementstrainingforcurrentemployeesthroughmethodssuchasinternaltraining,invitingexpertsforon-sitelectures,orparticipatinginspecializedexternaltrainingprograms.Thistrainingcoversaspectssuchasjobknowledge,professionalskills,regulations,andbusinessprocesses.Thegoalistoenrichandupdateemployees'professionalknowledge,enhancetheiroverallquality,andimprovetheirbusinessskills.

4.Outsourcingoflaborservices?

√Applicable□Notapplicable

Totalremunerationpaidforlaboroutsourcing(RMB)

IX.SpecificationofprofitdistributionandcapitalizingofcommonreservesFormulation,implementationoradjustmentoftheprofitdistributionpolicyduringthereportingperiod,especiallythecashdividendpolicy?√Applicable□Notapplicable

Duringthereportingperiod,theCompanyrevisedtheprofitdistributionclausesinthe"ArticlesofAssociation"inaccordancewithregulationssuchasthe"RegulatoryGuidelinesforListedCompaniesNo.3—DistributionofCashDividendsofListedCompanies",the"GuidelinesforArticlesofAssociationofListedCompanies",andthe"No.1GuidelinesfortheSelf-supervisionofListedCompaniesontheShenzhenStockExchange-StandardOperationsofCompaniesListedontheMainBoard".Therevised"ArticlesofAssociation"wasreviewedandapprovedatthefirstextraordinarygeneralmeetingof2025heldonNovember26,2025.

TheCompanyisprofitableduringthereportingperiodandtheprofitavailablefordistributionbytheparentcompanyispositive,butnocashdividenddistributionplanisproposed

□Applicable√Notapplicable?Profitdistributionandconversionofcapitalreservesintosharecapitalduringthereportingperiod?√Applicable□Notapplicable

Proportionofcashdividendinthedistributableprofit

X.ImplementationoftheCompany'sequityincentiveplan,employeestockownershipplan(ESOP)orotheremployeeincentives

□Applicable√Notapplicable?Duringthereportingperiod,theCompanyhadnoequityincentiveplan,employeestockownershipplanorotheremployeeincentivemeasuresandtheirimplementation.

XI.Constructionandimplementationofinternalcontrolsystemduringthereportingperiod

1.ConstructionandimplementationofinternalcontrolTheCompanyhasestablishedarelativelycompleteandcontinuouslyeffectiveinternalcontrolsystem,andhascarriedoutinternalcontrolevaluationinaccordancewiththeinternalcontrolmatrixanddocuments.TheCompanyhasmaintainedeffectiveinternalcontrolsoverfinancialreportinginallsignificantaspectsaccordingtotherequirementsofthecorporateinternalcontrolstandardsandrelevantregulations.Nosignificantdeficienciesinnon-financialreportinginternalcontrolshavebeenidentified,andnofactorshaveoccurredthatwouldimpacttheconclusionsregardingtheeffectivenessofinternalcontrols.Atthesametime,theCompanyattachesgreatimportancetotheregulationandsteeringroleofthebigsupervisionsystem.Byholdingjointsupervisionmeetingsandcarryingoutkeysupervisionandinspection,theCompanyhaspromotedthestandardizationlevelimprovementofrelevantmanagementwork.Nomajorviolationsofregulationsanddisciplineshavebeenfound.Inthefuture,theCompanywillcontinuetodevelopinternalcontrolinastandardizedmannerandstrengthenthesupervisionandinspectionofinternalcontrolinordertopromotethehealthyandsustainabledevelopmentoftheCompany.

2.Detailsofmajordeficienciesininternalcontrolfoundduringthereportingperiod

□Yes√No?

XII.ManagementandcontroloftheCompany'ssubsidiariesduringthereportingperiod

Abnormalitiesinthemanagementandcontrolofsubsidiaries

□Yes√No?XIII.EvaluationReportonInternalControlorAuditReportonInternalControl

1.Internalcontrolevaluationreport

Full-textdisclosuredateoftheEvaluationReportonInternalControl

misstatementorpotentiallossesthatisgreaterthan1%ofnetassetsbutnomorethan3%ofnetassets.Generaldefects:thedefects,ordefectgroupmayleadtothefinancialresultsmisstatementorpotentiallossesnomorethan1%ofnetassets.

2.AuditReportonInternalControl

?

√Applicable□Notapplicable

WhethertheaccountingfirmissuesanAuditReportonInternalControlwithnon-standardopinions

□Yes√No?WhethertheAuditReportonInternalControlissuedbytheaccountingfirmisconsistentwiththeopinionoftheself-evaluationreportoftheBoardofDirectors?√Yes□NoWhetheranon-standardinternalcontrolauditopinionwasissuedduringthereportingperiodorthepreviousyear

□Yes√No?XIV.Statusofrectificationofself-examinationissuesofspecialactionsongovernanceoflistedcompaniesDuringthereportingperiod,theCompanydidnothaveanyissuesthatneededrectificationafterself-examination.XV.DisclosureofEnvironmentalInformation

Whetherthelistedcompanyanditsmainsubsidiariesareincludedinthelistofenterprisesrequiredtodisclosetheenvironmentalinformationbylaw

□Yes√No?

XVI.Socialresponsibility

Adheringtothephilosophyof"thinkingofthesourcewhendrinkingwater",whilepursuingeconomicbenefits,theCompanyproactivelypracticeditsroleasastate-ownedenterprise,fulfilleditssocialresponsibility,andgavebacktothesocietywithpracticalaction.Fordetails,pleaserefertothe2025Environmental,SocialandCorporateGovernance(ESG)ReportdisclosedonCNINFO(www.cninfo.com.cn).

XVII.ConsolidationandExpansionoftheAchievementsofPovertyAlleviationandRuralRevitalization

Payingcloseattentiontoruraldevelopment,theCompanyproactivelyimplementedthenationaltargetedpovertyalleviationaction,andcontinuouslycarriedoutconsumerassistanceandruralrevitalisationtasks.Fordetails,pleaserefertothe2025Environmental,SocialandCorporateGovernance(ESG)ReportdisclosedonCNINFO(www.cninfo.com.cn).

SectionVSignificantEventsI.Fulfillmentofcommitments

1.CommitmentsmadebytheCompany'sactualowner,shareholders,relatedparties,acquirers,theCompanyandotherrelatedpartiesthathavebeenfulfilledwithinthereportingperiodandthosethathavenotbeenfulfilledasoftheendofthereportingperiod

?√Applicable□Notapplicable

Reason

solutionsthatispracticallyfeasible,andcompletetheimplementationoftherelevantsolution(s)before9November2024tosolvetheexistinghorizontalcompetitionproblem:(1)Solvethehorizontalcompetitionbetweenthetwothroughassetsalesorassetreplacement;(2)Solvethehorizontalcompetitionbetweenthetwothroughequitytransfer;(3)Takeothermeasuresthatcaneffectivelysolvetheproblemofhorizontalcompetition.Abovecommitmentcameintoforceuponthereviewandapprovalontheshareholders’meetingofShenZhenProperties&ResourcesDevelopment(Group)Ltd.(dated27September2021).

solutionswithinthescopeallowedbylawsandregulationsandcompletetheimplementationofrelatedsolutionsby9November2026,toresolvetheexistinghorizontalcompetitionissue:(1)Solvethehorizontalcompetitionthroughassetsalesorassetswaps;(2)Solvethehorizontalcompetitionthroughequitytransfers,(3)Othermeasuresthatcaneffectivelyaddressthehorizontalcompetition.

wherethereisexistinghorizontalcompetition.SIHCcommitsnottoseekunfairbenefitsthroughitsstatusasthecontrollingshareholderofthelistedcompany,therebyharmingtherightsandinterestsofthelistedcompanyanditsshareholders.Incaseofviolationoftheabovecommitments,SIHCwillbearthecorrespondinglegalresponsibilities,includingbutnotlimitedtocompensationforalllossescausedtothelistedcompany.

2.IfthereisaprofitforecastfortheCompany'sassetsorprojects,andthereportingperiodisstillintheprofitforecastperiod,theCompanyshallexplainthattheassetsorprojectshavemettheoriginalprofitforecastandthereasons

□Applicable√Notapplicable?

3.PerformancecommitmentsinvolvingtheCompany

□Applicable√Notapplicable?II.Non-operationaloccupationoffundsbythecontrollingshareholdersandotherrelatedpartiesofthelistedcompany

□Applicable√Notapplicable?Duringthereportingperiod,therewerenonon-operationalfundsoccupiedbythecontrollingshareholdersandotherrelatedpartiesforthelistedcompany.

III.Illegalexternalguarantees

□Applicable√Notapplicable?TheCompanyhadnoillegalexternalguaranteeduringthereportingperiod.IV.ExplanationoftheBoardofDirectorsonthelatest"modifiedreport"

□Applicable√Notapplicable?V.ExplanationsGivenbytheBoardofDirectorsandtheIndependentDirectors(ifany)RegardingtheIndependentAuditor's“ModifiedOpinion”ontheFinancialStatementsoftheReportingPeriod

□Applicable√Notapplicable?

VI.Explanationoftheaccountingpolicies,changesinaccountingestimatesorcorrectionsofsignificantaccountingerrorscomparedtothefinancialreportofthepreviousyear

□Applicable√Notapplicable?Duringthereportingperiod,theCompanyhadnoaccountingpolicies,changesinaccountingestimatesorcorrectionsofsignificantaccountingerrors.

VII.Explanationofchangesinthescopeofconsolidatedstatementscomparedtothefinancialreportofthepreviousyear

?√Applicable□NotapplicableGuangdongJianbangGroup(Huiyang)IndustrialCo.,Ltd.wastakenoverbyabankruptcyadministratorforbankruptcyandliquidationonNovember30,2025,andthusitisnolongerincludedinthescopeofconsolidation.VIII.Appointmentanddismissaloftheaccountingfirm

Currentlyappointedaccountingfirm

Nameofdomesticaccountingfirm

Whethertochangetheaccountingfirminthecurrentperiod

□Yes√No?Engagementofinternalcontrolauditaccountingfirm,financialadviserorsponsor

?√Applicable□NotapplicableDuringtheReportingPeriod,theCompanyengagedPan-ChinaCertifiedPublicAccountant(LLP)toprovideinternalcontrolandauditservicesfortheCompanyataservicefeeofRMB210,000.IX.Delistingafterthedisclosureoftheannualreport

□Applicable√Notapplicable?

X.Mattersrelatedtobankruptcyandreorganization

□Applicable√Notapplicable?Duringthereportingperiod,theCompanyhadnobankruptcyrestructuringrelatedmatters.XI.Significantlitigationandarbitration?

√Applicable□Notapplicable

Basicinformationoflitigation(arbitration)

Companyhasenteredthebankruptcyandliquidationproceedings,andfiledclaimswiththeadministrator.

havebeenfiledwiththeirrespectiveadministrators.GuangzhouBopiandShenzhenQijinareundergoingliquidationandderegistration,andclaimshavebeenfiledwiththeirrespectiveliquidationteams.

XII.Punishmentandrectification

□Applicable√Notapplicable?Therewasnopunishmentorrectificationduringthereportingperiod.

XIII.IntegritystatusoftheCompanyanditscontrollingshareholdersandactualowner

□Applicable√Notapplicable?XIV.Majorrelatedpartytransactions

1.Relatedpartytransactionsrelatedtodailyoperations

□Applicable√Notapplicable?Duringthereportingperiod,theCompanyhadnorelatedpartytransactionsrelatedtodailyoperations.

2.Relatedpartytransactionsarisingfromtheacquisitionandsaleofassetsorequity

□Applicable√Notapplicable?Duringthereportingperiod,theCompanyhadnorelatedpartytransactionsarisingfromtheacquisitionorsaleofassetsorequity.

3.Relatedpartytransactionsarisingfromjointexternalinvestment

□Applicable√Notapplicable?Duringthereportingperiod,theCompanyhadnorelatedpartytransactionsarisingfromjointexternalinvestment.

4.Relatedclaimsanddebts

□Applicable√Notapplicable?Duringthereportingperiod,theCompanyhadnorelateddebttransactions.

5.Informationontransactionswithfinancecompanieswithrelatedrelationship

□Applicable√Notapplicable?Therewasnodeposit,loan,creditorotherfinancialbusinessbetweentheCompanyandthefinancecompanieswithrelatedrelationshipandtheirrelatedparties.

6.TransactionsbetweentheCompany'sholdingfinancecompaniesanditsrelatedparties

□Applicable√Notapplicable?Therewasnodeposit,loan,creditorotherfinancialbusinessbetweentheCompany'sholdingfinancecompaniesanditsrelatedparties.

7.Othermajorrelatedpartytransactions

□Applicable√Notapplicable?TheCompanyhadnoothermajorrelatedpartytransactionsduringthereportingperiod.XV.Majorcontractsandtheirperformance

1.Custody,contractingandleasematters

(1)Custody

□Applicable√Notapplicable?Duringthereportingperiod,theCompanyhadnothingundercustody.

(2)Contracting

□Applicable√Notapplicable?

Duringthereportingperiod,theCompanyhadnocontracting.

(3)Leases

□Applicable√Notapplicable?Duringthereportingperiod,theCompanyhadnoleases.

2.Significantguarantees

□Applicable√Notapplicable?TheCompanyhadnomaterialguaranteesduringthereportingperiod.

3.Entrustmentofothersforcashassetmanagement

(1)Entrustedwealthmanagement?√Applicable□NotapplicableOverviewofentrustedwealthmanagementduringthereportingperiod

Unit:RMB10,000

Productcategory

Detailsofhigh-riskentrustedwealthmanagementwheretheCompany,asasingleclient,entrustsafinancialinstitutionforassetmanagement,orinvestsinproductswithlowsafetyandpoorliquidity

□Applicable√Notapplicable?

(2)Entrustedloans

□Applicable√Notapplicable?TherewerenoentrustedloansoftheCompanyduringthereportingperiod.

4.Othermajorcontracts

□Applicable√Notapplicable?TherewerenoothermajorcontractsoftheCompanyduringthereportingperiod.XVI.UseofRaisedFunds

□Applicable√Notapplicable?TheCompanyhadnouseoffundsraisedduringthereportingperiod.XVII.NotestoOtherMajorMatters

□Applicable√Notapplicable?TheCompanyhadnoothermajormatterstobeexplainedduringthereportingperiod.XVIII.MajorMattersoftheCompany'sSubsidiaries

□Applicable√Notapplicable?

SectionVI.ShareChangesandShareholder

Information

I.Changesinshares

1.Changesinshares

Unit:shares

Beforethechange

withoutrestrictiveconditionsforsales

Reasonsforchangesinshares

□Applicable√Notapplicable?Approvalofchangesinshares

□Applicable√Notapplicable?Transferofchangesinshares

□Applicable√Notapplicable?Effectofchangesinsharesonfinancialindicatorssuchasbasicearningspershareanddilutedearningspershareinthelatestyearandthelatestperiod,andnetassetspershareattributabletotheCompany'sordinaryshareholders

□Applicable√Notapplicable?OthercontentsdeemednecessarybytheCompanyorrequiredbythesecuritiesregulatorstobedisclosed

□Applicable√Notapplicable?

2.Changesinrestrictedshares

□Applicable√Notapplicable?

II.Issuanceandlistingofsecurities

1.Issuanceofsecurities(excludingpreferredshares)duringthereportingperiod

□Applicable√Notapplicable?

2.ChangesinthetotalnumberofsharesandshareholderstructureoftheCompany,andchangesinthestructureofassetsandliabilitiesoftheCompany

□Applicable√Notapplicable?

3.Existinginternalemployeeshares

□Applicable√Notapplicable?

III.Shareholdersandactualowner

1.NumberoftheCompany'sshareholdersandshareholdingratios

Unit:shares

Totalnumberofordinaryshareholdersattheendofthereportingperiod.

WangJinghua

listedforeignshares

Participationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharesinrefinancingbusinessandlendingshares

□Applicable√Notapplicable?Changesofthetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharescomparedwiththepreviousperiodduetorefinancinglending/repayment

□Applicable√Notapplicable?WhethertheCompany'stop10ordinaryshareholdersandthetop10ordinaryshareholderswithoutrestrictiveconditionforsalesconductanyagreedrepurchasetransactionsduringthereportingperiod

□Yes√No?TheCompany'stop10ordinaryshareholders,andtop10ordinaryshareholderswithoutrestrictiveconditionforsalesdidnotconductanyagreedrepurchasetransactionduringthereportingperiod.

2.ControllingshareholdersoftheCompany

Natureofcontrollingshareholders:localstate-ownedholdingTypeofcontrollingshareholders:legalperson

ratioof19.03%;ShenzhenInternational(00152)holds1,059.08millionshares,withashareholdingratioof

43.95%;Leaguer(002243)holds606.66millionshares,withashareholdingratioof50.11%;Infinova(002528)holds315.83millionshares,withashareholdingratioof26.35%;EternalAsia(002183)holds601.67millionshares,withashareholdingratioof23.17%;ShenzhenWaterPlanningandDesignInstitute(301038)holds83.66millionshares,withashareholdingratioof37.50%;ShenzhenEnergy(000027)holds6.77millionshares,withashareholdingratioof0.14%;BankofCommunications(601328)holds9.52millionshares,withashareholdingratioof

0.01%;CECEPTechandEcology&Environment(300197)holds113.98millionshare,withashareholdingratioof3.66%;ChinaVanke(02202)holds77.27millionshares,withashareholdingratioof0.66%;ShenzhenSEG(000058)holds696.16mnshares,withashareholdingratioof56.54%;ShenzhenSDGInformation(000070)holds325.72millionshares,withashareholdingratioof

36.18%;ShenzhenTellusHolding(000025)holds211.59millionshares,withashareholdingratioof

49.09%;ShenzhenSDGService(300917)holds80.74mnshares,withashareholdingratioof47.78%;MicrogateTechnology(300319)holds72millionshares,withashareholdingratioof8.11%;ChinaMerchantsShekouIndustrialZoneHoldings(001979)holds456.12millionshares,withashareholdingratioof5.03%.

Changesincontrollingshareholdersduringthereportingperiod

□Applicable√Notapplicable?TherewasnochangeinthecontrollingshareholderoftheCompanyduringthereportingperiod.

3.TheCompany'sactualowneranditspersonsactinginconcert

Natureofactualowner:localstate-ownedassetsmanagementagencyTypeofactualowner:legalperson

ratioof19.03%;ShenzhenInternational(00152)holds1,059.08millionshares,withashareholdingratioof

43.95%;Leaguer(002243)holds606.66millionshares,withashareholdingratioof50.11%;Infinova(002528)holds315.83millionshares,withashareholdingratioof26.35%;EternalAsia(002183)holds601.67millionshares,withashareholdingratioof23.17%;ShenzhenWaterPlanningandDesignInstitute(301038)holds83.66millionshares,withashareholdingratioof37.50%;ShenzhenEnergy(000027)holds6.77millionshares,withashareholdingratioof0.14%;BankofCommunications(601328)holds9.52millionshares,withashareholdingratioof

0.01%;CECEPTechandEcology&Environment(300197)holds113.98millionshare,withashareholdingratioof3.66%;ChinaVanke(02202)holds77.27millionshares,withashareholdingratioof0.66%;ShenzhenSEG(000058)holds696.16mnshares,withashareholdingratioof56.54%;ShenzhenSDGInformation(000070)holds325.72millionshares,withashareholdingratioof

36.18%;ShenzhenTellusHolding(000025)holds211.59millionshares,withashareholdingratioof

49.09%;ShenzhenSDGService(300917)holds80.74mnshares,withashareholdingratioof47.78%;MicrogateTechnology(300319)holds72millionshares,withashareholdingratioof8.11%;ChinaMerchantsShekouIndustrialZoneHoldings(001979)holds456.12millionshares,withashareholdingratioof5.03%.Nameofactualowner

Changesinactualownerduringthereportingperiod

□Applicable√Notapplicable?TherewasnochangeintheactualowneroftheCompanyduringthereportingperiod.ChartforthepropertyandcontrollingrelationshipsbetweentheCompanyandtheactualowner

TheactualownercontrolstheCompanybywayoftrustorotherassetmanagementmethods

□Applicable√Notapplicable?

4.ThecumulativenumberofsharespledgedbythecontrollingshareholderorthelargestshareholderoftheCompanyandtheirpersonsactinginconcertaccountedfor80%ofthenumberofsharesheldbythem

□Applicable√Notapplicable?

5.Otherinstitutionalshareholdersholdingmorethan10%oftheshares

□Applicable√Notapplicable?

6.Restrictedsharereductionofcontrollingshareholder,actualowner,reorganizationpartiesandothercommittedentities

□Applicable√Notapplicable?

IV.SpecificimplementationofsharerepurchaseduringthereportingperiodImplementationprogressofsharerepurchase

□Applicable√Notapplicable?Implementationprogressofreducingrepurchasesharesbymeansofcentralizedbiddingtransaction

□Applicable√Notapplicable?

V.PreferredShares

□Applicable√Notapplicable?Duringthereportingperiod,theCompanyhadnopreferredshares.

SectionVIIBonds

□Applicable√Notapplicable?

SectionVIIIFinancialStatementsI.Auditreport

Typeofauditopinion

MainBodyoftheAuditReport

Auditor’sReport

PCCPAAR[2026]No.7-34TotheShareholdersofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.:

I.AuditOpinionWehaveauditedthefinancialstatementsofShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.(the“Company”),whichcomprisetheconsolidatedandparentcompanybalancesheetsasatDecember31,2025,theconsolidatedandparentcompanyincomestatements,consolidatedandparentcompanycashflowstatements,andconsolidatedandparentcompanystatementsofchangesinequityfortheyearthenended,aswellasnotestofinancialstatements.Inouropinion,theaccompanyingfinancialstatementspresentfairly,inallmaterialrespects,thefinancialpositionoftheCompanyasatDecember31,2025,anditsfinancialperformanceanditscashflowsfortheyearthenendedinaccordancewithChinaAccountingStandardsforBusinessEnterprises.II.BasisforAuditOpinionWeconductedourauditinaccordancewithChinaStandardsonAuditing.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheCertifiedPublicAccountant’sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.WeareindependentoftheCompanyinaccordancewiththe“ChineseCertified

PublicAccountantIndependenceStandardNo.1–IndependenceRequirementsforFinancialStatementAuditandReviewEngagements”andtheChinaCodeofEthics

forCertifiedPublicAccountants,andwehavefulfilledotherethicalresponsibilities.Inconductingouraudit,wehavecompliedwiththeindependencerequirementsapplicabletoauditsofpublicinterestentities.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.III.KeyAuditMattersKeyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotexpressaseparateopiniononthesematters.(I)Revenuerecognition

1.KeyauditmattersPleaserefertosectionIII(XXV)andV(II)1ofnotestothefinancialstatementsfordetails.TheCompanyismainlyengagedinrealestatesales,engineeringconstruction,andpropertyleasingandotherbusinesses.In2025,theoperatingrevenueamountedto1,482,872,299.36yuan,ofwhich,1,324,656,290.59yuanwasfromtherealestatesales,accountingfor89.33%,and81,299,490.77yuanwasfromengineeringconstruction,accountingfor5.48%.AsoperatingrevenueisoneofthekeyperformanceindicatorsoftheCompany,theremightbeinherentrisksthattheCompany’smanagement(the“Management”)adoptsinappropriaterevenuerecognitiontoachievespecificgoalsorexpectations,andrevenuerecognitioninvolvessignificantjudgmentoftheManagement,wehaveidentifiedrevenuerecognitionasakeyauditmatter.

2.ResponsiveauditproceduresOurmainauditproceduresforrevenuerecognitionareasfollows:

(1)Weobtainedunderstandingsofkeyinternalcontrolsrelatedtorevenuerecognition,assessedthedesignofthesecontrols,determinedwhethertheyhadbeenexecuted,andtestedtheeffectivenessoftheoperation;

(2)Wecheckedmainhousingsalescontractsandleasecontracts,andassessedwhethertherevenuerecognitionmethodwasappropriate;

(3)Weperformedanalysisprocedureonoperatingrevenueandgrossmarginbymonth,businesstype,etc.,soastoidentifywhethertherearesignificantorabnormalfluctuationsandfindoutthereason;

(4)Wecheckedsupportingdocumentsrelatedtoselecteditems,includinghousingsalescontracts,housingdeliverynotices,leasecontracts,salesinvoices,etc.

(5)Weselecteditemstocheckthedocumentsincludingcostbudget,purchasecontracts,subcontractagreements,etc.whichweretakenasthebasisforestimatingtotalcost,soastotestwhethertheperformanceprogressandtherevenuerecognizedbasedonperformanceprogresswereaccuratelymeasuredbytheManagement,andevaluatedthereasonablenessoftheperformanceprogressdeterminedbytheManagementincombinationwithdocumentsincludingsupervisionreports,progressconfirmationsheets,customerstatements,aswellastheon-siteobservationoninventorycounting;

(6)Weperformedconfirmationproceduresonsalesamountofselecteditemsincombinationwithconfirmationprocedureofaccountsreceivableandcontractassets;

(7)Weperformedcut-offteststocheckwhethertherevenuewasrecognizedintheappropriateperiod;and

(8)Wecheckedwhetherinformationrelatedtooperatingrevenuehadbeenpresentedappropriatelyinthefinancialstatements.(II)Netrealizablevalueofinventories

1.KeyauditmattersPleaserefertosectionIII(XIII)andV(I)7ofnotestothefinancialstatementsfordetails.AsofDecember31,2025,thebookbalanceofinventoriesamountedto1,153,978,849.41yuan,withprovisionforinventorywrite-downof54,619,230.16yuan,andthecarryingamountamountedto1,099,359,619.25yuan.Inventoriesaremeasuredatthelowerofcostandnetrealizablevalue.ThenetrealizablevalueisdeterminedbytheManagementbasedontheamountoftheestimatedsellingpricelessthecosttobeincurreduponcompletion,estimatedsellingexpensesandrelevanttaxesandsurcharges.Astheamountofinventoriesissignificantanddeterminationofnetrealizablevalueinvolvessignificantjudgmentof

theManagement,wehaveidentifiednetrealizablevalueofinventoriesasakeyauditmatter.

2.ResponsiveauditproceduresOurmainauditproceduresfornetrealizablevalueofinventoriesareasfollows:

(1)Weobtainedunderstandingsofkeyinternalcontrolsrelatedtonetrealizablevalueofinventories,assessedthedesignofthesecontrols,determinedwhethertheyhadbeenexecuted,andtestedtheeffectivenessoftheoperation;

(2)WereviewedtheoutcomeoftheManagement’spreviousestimatesonthenetrealizablevalueortheirsubsequentre-estimations;

(3)Weselecteditemstoassessthereasonablenessoftheestimatedsellingprice,andreviewedwhethertheestimatedsellingpricewasconsistentwithsalescontractprice,marketsellingprice,etc.;

(4)Weassessedthereasonablenessofestimationoncosttobeincurreduponcompletion,sellingexpensesandrelevanttaxesandsurchargesmadebytheManagement;

(5)WetestedwhetherthecalculationofnetrealizablevalueofinventoriesmadebytheManagementwasaccurate;

(6)Weidentifiedwhetherthereexistedsituationssuchasprojectswithslowdevelopmentorsalesprogress,incombinationwithobservationoninventorycounting,andassessedthereasonablenessofestimationsonnetrealizablevalueofinventoriesmadebytheManagement;and

(7)Wecheckedwhetherinformationrelatedtonetrealizablevalueofinventorieshadbeenpresentedappropriatelyinthefinancialstatements.IV.OtherInformationTheManagementisresponsiblefortheotherinformation.TheotherinformationcomprisestheinformationincludedintheCompany’sannualreport,butdoesnotincludethefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoread

theotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementoftheotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.V.ResponsibilitiesoftheManagementandThoseChargedwithGovernancefortheFinancialStatementsTheManagementisresponsibleforpreparingandpresentingfairlythefinancialstatementsinaccordancewithChinaAccountingStandardsforBusinessEnterprises,aswellasdesigning,implementingandmaintaininginternalcontrolrelevanttothepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthefinancialstatements,theManagementisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlesstheManagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany’sfinancialreportingprocess.VI.CertifiedPublicAccountant’sResponsibilitiesfortheAuditoftheFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithChinaStandardsonAuditingwillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.

WeexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheauditperformedinaccordancewithChinaStandardsonAuditing.Wealso:

(I)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.(II)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.(III)EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebytheManagement.(IV)ConcludeontheappropriatenessoftheManagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.(V)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.(VI)ObtainsufficientandappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceofthegroupaudit.Weremainsoleresponsibilityforourauditopinion.

Wecommunicatewiththosechargedwithgovernanceregardingtheplannedauditscope,timescheduleandsignificantauditfindings,includinganydeficienciesininternalcontrolofconcernthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.

Pan-ChinaCertifiedPublicAccountantsLLPChineseCertifiedPublicAccountant:WangHuansen

(EngagementPartner)Hangzhou·ChinaChineseCertifiedPublicAccountant:LinZhenhua

DateofReport:March18,2026

Theauditor’sreportandtheaccompanyingfinancialstatementsareEnglishtranslationsoftheChineseauditor’sreportandstatutoryfinancialstatementspreparedunderaccountingprinciplesandpracticesgenerallyacceptedinthePeople’sRepublicofChina.Thesefinancialstatementsarenotintendedtopresentthefinancialpositionandfinancialperformanceandcashflowsinaccordancewithaccountingprinciplesandpracticesgenerallyacceptedinothercountriesandjurisdictions.IncasetheEnglishversiondoesnotconformtotheChineseversion,theChineseversionprevails.

ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.ConsolidatedbalancesheetasatDecember31,2025(ExpressedinRenminbiYuan)

Assets

Legalrepresentative:ChenMingOfficerinchargeofaccounting:WangJianfeiHeadofaccountingdepartment:ZhouHongpu

ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.ConsolidatedbalancesheetasatDecember31,2025(continued)(ExpressedinRenminbiYuan)

Liabilities&Equity

Legalrepresentative:ChenMingOfficerinchargeofaccounting:WangJianfeiHeadofaccountingdepartment:ZhouHongpu

ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.ParentcompanybalancesheetasatDecember31,2025

(ExpressedinRenminbiYuan)

Assets

Legalrepresentative:ChenMingOfficerinchargeofaccounting:WangJianfeiHeadofaccountingdepartment:ZhouHongpu

ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.ParentcompanybalancesheetasatDecember31,2025(continued)

(ExpressedinRenminbiYuan)

Liabilities&Equity

Legalrepresentative:ChenMingOfficerinchargeofaccounting:WangJianfeiHeadofaccountingdepartment:ZhouHongpu

ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.ConsolidatedincomestatementfortheyearendedDecember31,2025

(ExpressedinRenminbiYuan)

Items

Legalrepresentative:ChenMingOfficerinchargeofaccounting:WangJianfeiHeadofaccountingdepartment:ZhouHongpu

ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.ParentcompanyincomestatementfortheyearendedDecember31,2025

(ExpressedinRenminbiYuan)

Items

Legalrepresentative:ChenMingOfficerinchargeofaccounting:WangJianfeiHeadofaccountingdepartment:ZhouHongpu

ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.ConsolidatedcashflowstatementfortheyearendedDecember31,2025(ExpressedinRenminbiYuan)

Items

Legalrepresentative:ChenMingOfficerinchargeofaccounting:WangJianfeiHeadofaccountingdepartment:ZhouHongpu

ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.ParentcompanycashflowstatementfortheyearendedDecember31,2025

(ExpressedinRenminbiYuan)

Items

Legalrepresentative:ChenMingOfficerinchargeofaccounting:WangJianfeiHeadofaccountingdepartment:ZhouHongpu

ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.ConsolidatedstatementofchangesinequityfortheyearendedDecember31,2025

(ExpressedinRenminbiYuan)

Items

Legalrepresentative:ChenMingOfficerinchargeofaccounting:WangJianfeiHeadofaccountingdepartment:ZhouHongpu

ShenzhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd.ConsolidatedstatementofchangesinequityfortheyearendedDecember31,2025(continued)(ExpressedinRenminbiYuan)

Items