Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Securities code: 000011, 200011 Securities abbreviation: SZPRD A, SZPRD B Announcement No.: 2026-05
Summary of 2025 Annual Report of Shenzhen
Properties & Resources Development (Group) Ltd.
I. Important notes
The summary of the annual report is extracted from the full text of the annual report. In order to fully
understand the Company's operating results, financial status and future development plans, investors
should carefully read the full text of the annual report on the media designated by the CSRC.
All directors attended the board meeting at which this report was considered.
Prompt of a modified report
□ Applicable Not applicable
Proposed profit distribution plan or the proposal for capitalization of reserves to increase share capital
for the reporting period deliberated by the Board of Directors
Applicable Not applicable
Whether to convert capital reserves to capital shares
Yes No
The Board has approved a final dividend plan as follows: based on the total share capital of
shareholders, with no bonus issue from either profit or capital reserves.
Proposed profit distribution plan for preferred shares for the reporting period resolved by the Board of
Directors
□Applicable Not applicable
II. Basic information of the Company
Abbreviation SZPRD A, SZPRD B Stock code 000011、200011
Stock exchange Shenzhen Stock Exchange
Stock name before the change
Not applicable
(if any)
Contact and contact
Secretary of Board of Directors Securities affairs representative
information
Name Zhang Gejian Chen Qianying
Floor 20, International Trade Center Floor 39, International Trade Center
Building, Renmin South Road, Luohu Building, Renmin South Road, Luohu
Office address
District, Shenzhen City, Guangdong District, Shenzhen City, Guangdong
Province Province
Fax 0755-82210610、82212043 0755-82210610、82212043
Tel. 0755-82211020 0755-82211020
E-mail 000011touzizhe@szwuye.com.cn 000011touzizhe@szwuye.com.cn
(I) Overview of main business
Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
SZPRD was established in 1982. It was formerly known as Luohu Engineering Construction
Headquarters. In August 1985, it was renamed Shenzhen Properties Development Corporation. In 1988,
it was identified by Shenzhen government as the second batch of state-owned enterprises to pilot the
joint-stock reform. In 1990, it completed the joint-stock reform and was officially renamed Shenzhen
Properties & Resources Development (Group) Ltd. In March 1992, the Company's stock (SZPRD
A/SZPRD B, 000011/200011) was officially listed on the Shenzhen Stock Exchange.
SZPRD, as Party A of the construction of the International Trade Center Building, played a leading role
in orchestrating the entire process of its construction and operation. It is a key creator and organizer of
the world-renowned "Shenzhen Speed". The International Trade Center Building is also fortunate to
have become an important historic site of DENG Xiaoping's world- renowned "south tour speeches".
The Company was founded as the International Trade Center Building was established and thrived
through China's reform and opening-up, growing alongside the miraculous city of Shenzhen. It has
become a steadfast practitioner of the "pioneer cattle" spirit in the new era, dedicated to innovative
services, and overcoming challenges. The employees of SZPRD uphold the spirit of "daring to be the
first and striving for strength through reform and innovation", focus on the functional positioning of state-
owned assets of "serving the overall situation, serving the city, serving the industry, and serving the
people's livelihood", stick to the original aspiration, and forge ahead with perseverance. The Company
has now developed from a project company when it first built the International Trade Center Building to
a large-scale comprehensive industrial group. In the new era and new stage, the Company assesses
the situation and acts accordingly, striving to move forward towards the goal of becoming "China's
leading smart operator of industrial and urban space".
The Company's space development sector is committed to the development of different business
formats such as residential buildings, high-end apartments, office buildings, and industrial parks. It has
brand projects such as ITC Building, Huanggang Port, Tian'an International Building, Qianhai Port, and
Jinling Holiday. Based on the existing real estate development business, the Company will promote the
stock optimization and increment development and construction simultaneously. Taking the subordinate
companies, such as Huangcheng Real Estate, Rongyao Real Estate and Wuhe Urban Renewal, as the
development and urban renewal entities, the Company will rely on its listing platform to increase capital
operation and rationally allocate urban space development sectors. During the reporting period, all
projects on sale had their promotion strategies adjusted in a timely manner according to market
conditions, ensuring a dynamic match between capital investment, construction pace, and market
destocking while going all out to complete the annual sales collection task.
The Company's property management segment is based on International Trade Center Property
Management. As one of the first batch of national first-class property management qualified enterprises,
International Trade Center Property Management has, after more than 30 years of development,
become a domestic first-class property service provider with diversified business capabilities and
technological strength. It has been rated as "Top 100 property management Enterprises in China" and
"Excellent Enterprise for China Industrial Park Property Management" for many years in a row. The
projects under its management are spread all over the country, and its business radiates to various
regions of the country, including South China, Southwest China, East China, North China, as well as
the Vietnam-Vietnam Cooperation Zone. The existing business has covered various formats such as
industrial parks, cultural tourism scenic spots, government agencies, rail transit, housing, hospitals,
schools, hotels, etc., and is being arranged to enter the field of grassroots social governance, cooperate
with the government to create a safe, harmonious, civilized and orderly urban environment, and
basically form a good pattern of multi-format comprehensive development. International Trade Center
Property Management has more than 20 subsidiaries, leveraging its headquarters' functional
departments as a platform to actively build three major centers, namely "market, empowerment, and
supervision". It has established business centers and profit centers based on the three major modules
featuring professional business companies, professional companies, and regional companies, aiming to
achieve a sustainable and effective "1+1 >2" coordinated development new pattern.
Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The industrial ecological operation sector makes full use of the Company's development foundation and
entire industrial chain development advantages in the three basic industries of real estate development,
property management and leasing, focuses on the two strategic starting points of "value-added
operation of stock assets" and "light asset operation output", strengthens internal and external strategic
cooperation, is committed to building a closed-loop of the whole industry ecology covering project
development services, park operation services, supporting leasing operations, etc., continuously
optimizes the space service and leasing ecosystem in the park, and has initially possessed the whole
chain capabilities and experience of various assets from the early planning, project clearance,
construction control, investment promotion, operation, on-site control, etc., forming a unique and mature
business development model. The Company is accelerating the inventory and evaluation of existing
properties and strengthening management. In the future, it will gradually expand the scope of its leasing
business and enhance property leasing development capabilities. On this basis, it will gradually shift the
focus of its industrial ecological operations to science and technology parks, providing supporting
services for the entire value chain, including industrial ecological introduction, project development
services, and park operation services, to shape the role of a "space service provider" with science and
technology parks as the core.
During the reporting period, the Company's business also includes catering business and project
supervision business. The catering business is operated by Shenzhen Guomao Catering Co., Ltd.
Guomao Catering was established in 1986 and became famous at home and abroad as the place
where the "Southern Tour Speech" was delivered in 1992. Since its opening, it has received more than
reputation has spread far and wide both at home and abroad. The engineering supervision business is
operated by a supervision company, which has Class A supervision qualification for housing
construction projects from the Ministry of Construction. Its predecessor was the SZPRD Management
Department. It was directly involved in the construction and management of the Shenzhen International
Trade Building and witnessed the entire process of creating the "Shenzhen Speed". It has long been
mainly serving the group's development projects.
(II) Industry development changes, market competition pattern and the Company's position in
the industry
In 2025, the global real estate market showed a divergent performance, with housing prices in some
developed economies remaining resilient, while emerging markets generally facing pressure. Capital
flows and market sentiment in the domestic market were still affected by changes in global monetary
policy. The Chinese economy experienced a moderate recovery, and real estate, as an important pillar,
continued to play a supporting role. At the central level, the policy orientation of "stabilizing expectations,
reducing inventory and optimizing supply" was strengthened, and a combination of measures, such as
purchasing existing housing for affordable housing, optimizing the housing provident fund, and lowering
down payments and interest rates, was used to systematically support the market. The reform of the
housing provident fund system was comprehensively deepened, and the construction of "good houses"
was included in the national action plan to promote the implementation of standards for safe,
comfortable, green and smart housing; the white list mechanism for "guaranteeing housing delivery"
continued to expand, ensuring project financing and delivery. At the same time, we explored ways to
revitalize the existing land and housing, promoted urban renewal and the renovation of dilapidated
houses, and built a new development model centered on "allocating housing based on population and
funding based on housing". The policy package exerted synergistic effects from both the supply and
demand sides, marking the industry's accelerated transition from the old high-leverage cycle to a new
stage of high-quality and sustainable development.
In 2025, the national real estate market continued its overall adjustment trend. Since the second quarter,
the sales of new houses have shown a marginal weakening trend. The second-hand housing market
has been continuously "reducing prices to increase sales volume", and the overall market is still in the
process of "stabilizing after a decline". In August, the State Council meeting reaffirmed the need to
Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
"take effective measures to consolidate the trend of the real estate market stabilizing and recovering
from decline", sending out a positive signal. In October, it was clearly stated in the "Recommendations
for the 15th Five-Year Plan" that it is essential to "promote the high-quality development of real estate",
and proposed to clean up unreasonable restrictive measures on housing consumption. In December, it
was pointed out on a meeting of the Political Bureau of the CPC Central Committee that "the economic
work in the next year should adhere to the principle of seeking progress while maintaining stability,
improving quality and efficiency, continue to implement a more proactive fiscal policy and a moderately
loose monetary policy, leverage the integrated effects of existing and incremental policies, increase
counter-cyclical and cross-cyclical adjustments, and effectively enhance macroeconomic governance
effectiveness," and emphasized that "we must adhere to domestic demand as the mainstay and build a
strong domestic market," setting the tone for macroeconomic policy in 2026.
Demand-side policies have been synergistically implemented from multiple dimensions to
activate the market. Core cities have completely lifted purchase and sales restrictions, and the
threshold for non-household residents to purchase homes has been significantly lowered; the weighted
average interest rate for personal housing loans has decreased, the down payment ratio for first-time
homebuyers has been lowered, and the interest rates on existing mortgage loans have continued to
decline; the individual income tax refund policy for exchanging old houses for new ones has been
extended until 2027. The value-added tax is exempted for houses that have been owned for at least 2
years, and is reduced to 3% for those that have been owned for less than 2 years. The provident fund
policy has been continuously optimized along three main directions: "supporting families with multiple
children", "expanding usage across different regions", and "expanding the scope of withdrawals". This
has driven the provident fund to transform from being "exclusive for home purchases" to "providing
support throughout the entire period of residence". Encouraging the purchase of existing commercial
housing for affordable housing, thereby releasing the demand for improvement. The policies accurately
focus on new urban residents, multi-child families, and home-swapping groups, promoting the market's
transformation from "rigid demand-led" to "quality improvement," and enhancing residents' willingness
and ability to purchase houses.
The supply-side reform focuses on "controlling new supply, reducing inventory, and optimizing
supply" to reshape the market structure through systematic policies. By strictly controlling the
start of new construction projects and land supply, the area of new housing starts across the country in
cities. To accelerate the revitalization of existing commercial housing, the central bank has established
a relending facility for affordable housing to support local governments in acquiring existing housing for
affordable housing and talent housing, thereby strengthening the market-based incentive mechanisms.
The national standard for "good housing" has been promoted, with 15 provinces issuing regulations for
safe, comfortable, green and smart residences. The detailed standards tailored to their own needs,
such as optimizing the calculation of balcony floor area and using green building materials, have been
introduced in many regions. The white list mechanism for "guaranteeing housing delivery" achieved
large-scale expansion and mechanism optimization in 2025. Real estate enterprises are supported to
broaden equity financing channels through REITs, private placements, etc., to stabilize their capital
chains and promote the industry's transition from a high-turnover model to a high-quality and
sustainable one.
In 2025, the Shenzhen real estate market is characterized by a core pattern of "policy support, demand
differentiation, enterprise concentration, and structural optimization." The real estate policies continued
to be accommodative, focusing on both the demand and supply sides. The market was gradually
recovering amidst adjustments, with significant differences across various sub-sectors. The supply of
new housing has contracted, with the second-hand housing market taking a dominant role. The price
trend shows significant structural differentiation, with high-quality residential and commercial office
projects in core areas demonstrating strong resilience, while those in non-core areas face greater
pressure to reduce inventory; the concentration of real estate enterprises has increased, with central
and state-owned enterprises and local leading companies dominating the market; the commercial office
market needs to wait for the further release of industrial demand. In 2026, policies are expected to be
further optimized, and the market may achieve a dynamic balance through "stabilizing demand,
reducing inventory, and improving supply".
Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Currently, the macroeconomic situation and industry structure are undergoing profound changes. The
Central Urban Work Conference has clarified a new model for real estate development, and policies
such as the construction of "good housing" and urban renewal have provided us with development
opportunities; it is proposed in Shenzhen's "15th Five-Year Plan" to build "five centers," which has
expanded the broad space for enterprise development; the real estate industry has transitioned from
the "incremental growth era" to the "stock era" and the "quality era". The market logic has shifted from
scale expansion to value creation, and the focus of competition has moved from resource contention to
capability competition. The refined transformation of the real estate industry, the quality upgrade of the
property management industry, and the large-scale development of the asset operation industry have
opened up new transformation space for the Company's development. Currently, the Company's top
priority is to ensure cash flow security and strictly prevent liquidity risks. The key is to reduce the
inventory and recover the funds, while accelerating the high-quality development of the property
management segment, deepening the value realization of the commercial management segment, and
exploring an integrated development ecosystem for the main business. We adhere to the general work
principle of "seeking progress while maintaining stability, and improving quality and efficiency," and
firmly follow the work approach of "reducing inventory, preventing risks, improving quality and efficiency,
and promoting transformation." We coordinate high-quality development with high-level security. With a
higher perspective, a broader vision, and more concrete actions, we will promote the comprehensive
completion of annual tasks and goals, and start a new chapter in all our undertakings.
SZPRD accompanied the reform and opening up of Shenzhen. It has been deeply involved in real
estate and property management for more than 40 years. Its industry position and brand influence have
been improving, and it has won many honors and awards over the years. During the reporting period,
we were awarded the "2025 Annual Service Capability Park Benchmark Project", "Top 100 Property
Service Enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area" and "Top 10 Property
Service Enterprises in Industrial Parks". On the occasion of the 45th anniversary of the establishment of
the Shenzhen Special Economic Zone, the Company was selected as a "Typical Case of Brand
Development," awarded the "Excellent Brand" certificate, and participated in the compilation of the
Shenzhen group standards for the integration of Party building and property services in residential
communities.
(1) Major accounting data and financial indicators in the past three years
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
Yes No
Unit: RMB
Increase/decrease at
As at the end of the end of this year
As at the end of 2025 As at the end of 2023
of last year
Total assets 15,428,127,953.74 15,293,205,498.30 0.88% 16,988,062,068.09
Net assets attributable to
shareholders of the listed 3,394,933,772.35 3,361,683,048.50 0.99% 4,661,810,328.75
company
Increase/decrease this
last year
Operating revenue 2,383,288,250.02 2,734,158,884.05 -12.83% 2,965,117,025.04
Net profit attributable to 33,885,110.58 -1,114,764,922.17 103.04% 464,014,492.11
shareholders of the listed
Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
company
Net profit after deducting
non-recurring profits and
losses attributable to -12,386,354.39 -1,328,523,983.50 99.07% -172,360,115.90
shareholders of the listed
company
Net cash flows from
-2,086,069,661.63 -1,423,998,174.52 -46.49% -264,092,984.33
operating activities
Basic earnings per share
(RMB/share)
Diluted earnings per
share (RMB/share)
Weighted average rate of
return on net assets
(2) Quarterly main accounting data
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 493,396,461.75 594,512,474.12 627,863,129.86 667,516,184.29
Net profit attributable
to shareholders of the 5,005,715.62 9,422,304.01 17,793,178.39 1,663,912.56
listed company
Net profit after
deducting non-
recurring profits and
losses attributable to
shareholders of the
listed company
Net cash flows from
-271,334,001.08 164,146,485.82 -2,267,983,635.15 289,101,488.78
operating activities
Whether the above financial indicators or their aggregate are significantly different from the financial
indicators related to the Company's disclosed quarterly and semi-annual reports
Yes No
(I) Number of ordinary shareholders, number of preferred shareholders whose voting rights
have been restored, and shareholdings of the top 10 shareholders
Unit: share
Total number of
Total
Total number of Total number of preferred
number of
ordinary preferred shareholders
ordinary
shareholders at shareholders whose voting right
shareholde
rs at the
month before the have been restored end of the month
end of the
disclosure date of at the end of the before the
reporting
the annual report reporting period disclosure date of
period.
the annual report
Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)
Number of Pledge, marking or
Nature of Shareholdi Number of shares held freezing
Name of shareholder
shareholder ng ratio shares held under
restricted Share Number
Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
conditions status
Shenzhen Investment Holdings State-owned Not
Co., Ltd. legal person applicable
Non-state-owned
Shenzhen State-owned Equity Not
legal person in 6.38% 38,037,890 0 0
Operation Management Co., Ltd. applicable
China
China Orient Asset Management State-owned Not
Co., Ltd. legal person applicable
Hong Kong Securities Clearing Overseas legal Not
Company Ltd. person applicable
Natural person in Not
YANG Yaochu 0.35% 2,068,814 0 0
China applicable
Industrial and Commercial Bank of
China Limited - China Southern CSI Not
Others 0.31% 1,843,534 0 0
All Share Real Estate ETF applicable
Securities Investment Fund
Natural person in Not
DUAN Shaoteng 0.30% 1,771,765 0 0
China applicable
China Minsheng Banking
Corporation Limited - Jinyuan Not
Others 0.26% 1,551,700 0 0
Shunan Yuanqi Flexible Allocation applicable
Hybrid Securities Investment Fund
Natural person in Not
MAI Furong 0.23% 1,374,596 0 0
China applicable
Natural person in Not
Yu Zhisong 0.20% 1,220,000 0 0
China applicable
Notes to shareholders' The largest shareholder, Shenzhen Investment Holdings Co., Ltd., is the controlling
related relationship or shareholder of the Company and Shenzhen State-owned Equity Operation Management Co.,
persons acting in Ltd. In addition, it is unknown whether the remaining eight shareholders have related
concert relationship or are persons acting in concert.
Shareholders
participating in margin At the end of the reporting period, among the above-mentioned shareholders, DUAN
financing and securities Shaoteng held 1,771,765 shares of the Company through a credit securities account.
lending business (if any)
Participation of shareholders holding more than 5% of the shares, the top 10 shareholders and the top
□ Applicable Not applicable
Changes of the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares
compared with the previous period due to refinancing lending/repayment
□ Applicable Not applicable
(2) Total number of preferred shareholders of the Company and shares held by top 10 preferred
shareholders
□ Applicable Not applicable
The Company had no preferred shareholders during the reporting period.
Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(3) Disclose the property rights and control relationship between the company and the actual
owner in the form of a block diagram
State-owned Assets Supervision and
Administration Commission of
Shenzhen Municipal People's
Government
Shenzhen Shenzhen State-owned
Investment Holdings Equity Operation
Co., Ltd. Management Co., Ltd.
The COOEC
Applicable Not applicable
(1) Basic information of bonds
Bond balance
Bond name Abbr. Code Issue date Maturity date Interest rate
(RMB10,000)
Privately placed
corporate
bonds to
November 27, November 27,
professional 25 SZPRD 01 134664.SZ 55,000 2.30%
investors in
(Tranche I)
Interest payment of corporate
No bond interest was due during the reporting period.
bonds during the reporting period
(2) Latest tracking rating and rating changes of corporate bonds
On July 23, 2025, CSCI Pengyuan Credit Rating Co., Ltd. issued a credit rating report for the
Company's "25 SZPRD 01" bond, assigning a corporate credit rating of AA+ with a stable outlook, while
maintaining the credit rating of the said bond at AA+.
(3) As of the end of the reporting period, the main accounting data and financial indicators of
the Company for the recent two years
Unit: RMB10,000
Increase/decrease this year
Item 2025 Year 2024
compared with last year
Debt/asset ratio 79.04% 78.88% 0.16%
Net profit after deducting
-1,238.64 -132,852.4 99.07%
non-recurring profit or loss
EBITDA/debt ratio 3.46% -17.79% 21.43%
Times interest earned 0.93 -5.14 118.09%
III. Important matters
(I) Matters concerning the non-public issuance of corporate bonds
Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The Company held the 36th meeting of the 10th Board of Directors and the 3rd extraordinary general
meeting of 2025 on July 7, 2025 and July 23, 2025, respectively, at which the Proposal on the Non-
public Issuance of Corporate Bonds was reviewed and approved. According to the No-objection Letter
on the Compliance of Non-public Issuance of Corporate Bonds by Shenzhen Properties & Resources
Development (Group) Ltd. with the Listing Conditions of Shenzhen Stock Exchange (SZSE Letter [2025]
No. 850) issued by Shenzhen Stock Exchange, the Company was approved to non-publicly issue
corporate bonds with a total amount not more than RMB 1.2 billion to professional investors. The
Company has completed the issuance of the 2025 non-public issuance of corporate bonds to
professional investors (Tranche I) (Bond abbreviation "25 SZPRD 01", Bond code "134664.SZ"). For
details, please refer to the Announcement on Non-public Issuance of Corporate Bonds (Announcement
No.: 2025-34), the Announcement on Obtaining No-objection Letter from Shenzhen Stock Exchange for
the Listing and Transfer of Non-publicly Issued Corporate Bonds (Announcement No.: 2025-49), and
the Announcement on Issuance Results of 2025 Non-public Issuance of Corporate Bonds to
Professional Investors (Tranche I) (Announcement No.: 2025-69) disclosed by the Company on Cninfo
(http://www.cninfo.com.cn).
(II) Matters related to the guarantee for subsidiary's application for facility amount from banks
The Company held the 37th meeting of the 10th Board of Directors and the 4th extraordinary general
meeting of 2025 on July 25, 2025 and August 11, 2025, respectively, at which the Proposal on
Providing Asset Mortgage Guarantee for a Wholly-owned Subsidiary's Application for Credit Facilities
from a Bank was reviewed and approved. The Company agreed to sign a mortgage guarantee
agreement with the Shenzhen Branch of China Minsheng Banking Corporation Limited (hereinafter
referred to as "CMBC") to provide a mortgage guarantee for the facility applied for by its wholly-owned
subsidiary, Shenzhen International Trade Center Property Management Co., Ltd., from CMBC, with the
guaranteed principal not exceeding RMB 900 million. For details, please refer to the Announcement on
Providing Asset Mortgage Guarantee for a Wholly-owned Subsidiary's Application for Facilities from a
Bank (Announcement No.: 2025-40) and the Announcement on the Progress of Providing Asset
Mortgage Guarantee for a Wholly-owned Subsidiary's Application for Facilities from a Bank
(Announcement No.: 2025-45) disclosed by the Company on Cninfo (http://www.cninfo.com.cn).
(III) Matters concerning reappointment of the Board of Directors and senior management
During the reporting period, the Company elected 5 non-independent directors and 3 independent
directors for the 11th Board of Directors. The above 8 directors, together with 1 employee
representative director elected by the Company's employee representative conference, form the 11th
Board of Directors of the Company. At the same time, the new Board of Directors elected the
Company's general manager, deputy general managers, chief financial officer, secretary of the Board of
Directors, and other senior management. For details, please refer to the Announcement on
Reappointment of the Board of Directors (Announcement No.: 2025-52) and the Announcement on
Completion of Reappointment of the Board of Directors and the Appointment of Senior Management
and Securities Affairs Representative (Announcement No.: 2025-64) disclosed by the Company on
Cninfo (http://www.cninfo.com.cn).
(IV) Matters concerning major arbitration of the subsidiaries
During the reporting period, Rongyao Real Estate, a subsidiary of the Company, received the Arbitral
Award (2023) SZCIAA No. 2970 issued by the Shenzhen Court of International Arbitration, requiring the
respondent to repay all loan principal and interest to Rongyao Real Estate. It also received the
Enforcement Ruling (2025) Y03 ZB No. 5646 and the Notice of Seizure, Impoundment and Freezing of
Property (2025) Y03 ZB No. 5646 from the Shenzhen Intermediate People's Court of Guangdong
Province, ruling to seize, freeze and impound the relevant property of the respondent. For details,
please refer to the Announcement on Progress of Major Arbitration of a Subsidiary (Announcement No.:
(V) Matters concerning major related party transactions
On December 30, 2025, the Company held the 3rd meeting of the 11th Board of Directors, at which the
Proposal on Signing the Supplementary Agreement IV to the Entrusted Operation and Management
Summary of 2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Agreement for Divested Land and Property with a Related Party and the Related Party Transaction was
reviewed and approved. The Company jointly signed an agreement with Shenzhen Investment
Holdings and Shenzhen Shentou Property Development Co., Ltd. (hereinafter referred to as "Shentou
Property Development"), stipulating that the Company would exercise the rights and obligations of
Shenzhen Investment Holdings with respect to the target assets. Meanwhile, the Company shall make
a one-time payment to Shentou Property Development for the previous year's rental income share,
calculated as 25% of the audited total annual rental income (tax included) of the target assets. For
details, please refer to the Announcement on Signing the Supplementary Agreement IV to the
Entrusted Operation and Management Agreement for Divested Land and Property with a Related Party
and the Related Party Transaction (Announcement No.: 2025-72) disclosed by the Company on Cninfo
(http://www.cninfo.com.cn).
