公告日期：2026-03-20

Shenzhen Special Economic Zone Real Estate &
Properties (Group) Co., Ltd.

2025 Annual Report

Announcement No.: 2026-010

[March 20, 2026]

2025 Annual Report

Section I Important Notes, Table of Contents and
Interpretations

The Board of Directors, the directors, and the executives of the Company
guarantee that there are no significant omissions, fictitious or misleading
statements carried in the Report and we will accept individual and joint
responsibilities for the truthfulness, accuracy and completeness of the Report.

Principal CHEN Ming, Chief Finance Officer WANG Jianfei and Chief Accountant
(accounting officer) ZHOU Hongpu declare that they guarantee the authenticity,
accuracy and completeness of the financial report in the Annual Report.

All directors attended the board meeting at which this report was considered.

Certain descriptions about the Company’s operating plans or work arrangements
for the future mentioned in this Report, the implementation of which is subject to
various factors, shall not be considered as promises to investors. Therefore,
investors are reminded to exercise caution when making investment decisions.

The Board has approved a final dividend plan as follows: based on the total share
capital of 1,011,660,000 shares, a cash dividend of RMB0.35 (tax inclusive) per 10
shares is to be distributed to the shareholders, with no bonus issue from either
profit or capital reserves.

Table of Contents

Section I Important Notes, Table of Contents and Interpretations ...... 2

Section II Company Profile and Major Financial Indicators ...... 6

Section III Management's Discussion and Analysis ...... 10

Section IV Corporate Governance, Environment and Society ......32

Section V Significant Events ...... 57

Section VI. Share Changes and Shareholder Information ...... 67

Section VII Bonds ...... 74

Section VIII Financial Statements ...... 75

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