Shanghai Shentong Metro Co., Ltd.

Company name: Shanghai Rail Transit Line 2 East Extension Development Co., Ltd.

Registered address: No. 2G, 1990 Longyang Road, Pudong New District

Type of enterprise: Limited liability company (state-owned shareholding)

Legal representative: Li Yongyong

Registered capital: 847350 million RMB

Scope of business: Construction, operation and management of the Rail Transit Line 2 East Extension project; integrated development of station areas along the line; maintenance, upkeep and technical consulting services for electromechanical equipment; property management; parking fee collection; business consulting (excluding agency); domestic trade; advertisement design and production; use of its own media to publish. [Projects that require approval according to law may only be carried out after approval by the relevant departments]

45. Line 5 South Extension Company: a subsidiary in which the controlling shareholder holds 56.93%

Company name: Shanghai Rail Transit Line 5 East Extension Development Co., Ltd.

Registered address: No. 555, Building 3-333, Lane 3111, Huan Cheng West Road, Fengxian District, Shanghai

Type of enterprise: Limited liability company (state-owned shareholding)

Legal representative: Zhu Kefeng

Registered capital: 392400 million RMB

Scope of business: Investment, construction, operation and management of the Rail Transit Line 5 East Extension project in Shanghai; integrated development of station areas along the line; maintenance and technical consulting services for electromechanical equipment; property management; operation and management of parking lots; economic information consulting; publishing advertisements using its own media; designing and producing all kinds of advertisements. [Projects that require approval according to law may only be carried out after approval by the relevant departments]

46. Mingzhu Line Company: a subsidiary in which the controlling shareholder holds 68.6%

Company name: Shanghai Rail Transit Mingzhu Line Development Co., Ltd.

Registered address: Room 211, Building 1, No. 588 Shilong Road, Xuhui District, Shanghai

Type of enterprise: Other limited liability company

Legal representative: Li Xun

Registered capital: 393996.11 million RMB

Scope of business: Investment, construction, operation and management of Shanghai Urban Light Rail Mingzhu Line, and integrated development along the line and station areas; maintenance and upkeep of locomotives and rolling stock, and electromechanical equipment; commercial trade (excluding special provisions), and technical consulting services; publishing advertisements using its own media; designing and producing all kinds of advertisements. [Projects that require approval according to law may only be carried out after approval by the relevant departments]

47. Mingzhu Line Phase II Company: a subsidiary in which the controlling shareholder holds 89.31%

Company name: Shanghai Rail Transit Mingzhu Line (Phase II) Development Co., Ltd.

Registered address: Rooms 1806-18, Huaxu International Building, No. 336 Xizang Middle Road, Huangpu District, Shanghai

Type of enterprise: Other limited liability company

Legal representative: Li Xun

Registered capital: 1274220 million RMB

Scope of business: Investment, construction, operation and management of the Mingzhu Line Phase II project in Shanghai, and integrated development along the line and station areas; maintenance and upkeep of locomotives and rolling stock, and electromechanical equipment; technical consulting services and publishing advertisements using its own media; designing and producing all kinds of advertisements. [If business projects involve administrative permits, business may be carried out with the relevant license]

48. Shentong CRRC Company: a subsidiary in which the controlling shareholder holds 40%

Company name: Shanghai CRRC Shentong Rail Transit Vehicles Co., Ltd.

Registered address: Room 1901-25, Building (1-5), No. 588, Shu Ping Road, Ju Yuan New District, Jiading District, Shanghai

Type of enterprise: Other limited liability company

Legal representative: Chen Cheng

Registered capital: 3750 million RMB

Scope of business: Permitted projects: maintenance of railway locomotives and rolling stock; installation, alteration and repair of special equipment; inspection and testing of special equipment; manufacturing of railway locomotives and rolling stock [operated by branches]. [Projects that require approval according to law may only be carried out after approval by the relevant departments; the specific business projects shall be subject to the approval documents or licenses of the relevant departments] General projects: sales of specialized equipment, key systems and components for rail transit; sales of spare parts for railway locomotives and rolling stock; technical services, technical development, technical consulting, technical exchange, technology transfer and technology promotion; auxiliary railway transportation activities; sales of basic railway transportation equipment; transportation equipment leasing services; leasing services (excluding permitted leasing services); manufacturing of urban rail transit equipment [operated by branches]; manufacturing of spare parts for railway locomotives and rolling stock [operated by branches]. [For projects other than those requiring approval according to law, business may be carried out independently according to law with a business license]

49. Shentong Changke Company: a subsidiary in which the controlling shareholder holds 34%

Company name: Shanghai CRRC Shentong Changke Rail Transit Vehicles Co., Ltd.

Registered address: Room 1901-25, Building (1-5), No. 600 Hengfeng Road, Jing’an District, Shanghai

Type of enterprise: Other limited liability company

Legal representative: Li Xuekun

Registered capital: 5882 million RMB

Scope of business: Permitted projects: manufacturing of railway locomotives and rolling stock; installation, alteration and repair of special equipment; inspection and testing of special equipment; maintenance of railway locomotives and rolling stock. [Projects that require approval according to law may only be carried out after approval by the relevant departments; the specific business projects shall be subject to the approval documents or licenses of the relevant departments] General projects: sales of specialized equipment, key systems and components for rail transit; sales of rail transit engineering machinery and components; manufacturing of urban rail transit equipment; manufacturing of high-speed rail equipment and components; manufacturing of spare parts for railway locomotives and rolling stock; sales of high-speed rail equipment and components; sales of basic railway transportation equipment; sales of spare parts for railway locomotives and rolling stock; technical services, technical development, technical consulting, technical exchange, technology transfer and technology promotion; auxiliary railway transportation activities. [For projects other than those requiring approval according to law, business may be carried out independently according to law with a business license]

50. Shentong Alstom Company: a subsidiary in which the controlling shareholder holds 50%

Company name: Shentong Alstom (Shanghai) Rail Transit Vehicles Co., Ltd.

Registered address: Room 418B, No. 8075 Humin Road, Xuhui District, Shanghai

Type of enterprise: Limited liability company (foreign investment, non-wholly owned)

Legal representative: Xi Xiaodong

Registered capital: 4000 million RMB

Scope of business: engages in maintenance, repair, alteration and sales of rail transit vehicle equipment and repair facility equipment, components, and other facilities and equipment related to rail vehicle operation; and provides technical development, technical consulting, technical transfer and technical services within specialized technical fields related to the rail transit vehicle and repair facility equipment, components and other facilities and equipment related to rail vehicle operation; leasing of its own equipment (excluding financial leasing). [Projects that require approval according to law may only be carried out after approval by the relevant departments]

51. Shentong Zhong’an Safety Engineering Technology Company: a subsidiary in which the controlling subsidiary of the controlling shareholder holds 50%

Company name: Shanghai Shentong Rail Transit Operation Safety Engineering Technology Research Co., Ltd.

Registered address: Room 2-02, Rail Transit Line 2 Longyang Road Test Base, Pudong New District, Shanghai

Type of enterprise: Limited liability company (investment or holding by natural person)

Legal representative: Wang Shenghua

Registered capital: 1000 million RMB

Scope of business: General projects: research and development of system equipment products related to urban metro, light rail, tram and intercity railway operation safety; technical services, technical development, technical consulting, technical exchange, technology transfer and technology promotion; engineering and technology research and experimental development; sales of specialized equipment, key systems and components for rail transit; sales of rail transit engineering machinery and components; sales of railway-specific measuring or inspection instruments; maintenance of electronic and mechanical equipment (excluding special equipment); installation services for general mechanical equipment. [For projects other than those requiring approval according to law, business may be carried out independently according to law with a business license] Permitted projects: inspection and testing services; online sales of publications. [Projects that require approval according to law may only be carried out after approval by the relevant departments; the specific business projects shall be subject to the approval documents or licenses of the relevant departments]

52. Metro Electric Technology Company: a company’s subsidiary

Company name: Shanghai Metro Electronic Technology Co., Ltd.

Registered address: No. 825 Xinkaihe Road, Xinhua Town, Chongming District, Shanghai (Shanghai Xinhua Economic Zone)

Type of enterprise: Limited liability company (joint venture between foreign-invested enterprise and domestic enterprise)

Legal representative: Shi Junming

Registered capital: 2000 million RMB

Scope of business: General projects: technical services, technical development, technical consulting, technical exchange, technology transfer and technology promotion; development of metro operation management systems; development of metro communication signaling systems; software development; software outsourcing services; computer system services; information system integration services; information system operation maintenance services; information technology consulting services; integration of intelligent control systems; development of application software for artificial intelligence; services for design, construction and installation of safety technology prevention systems; sales of specialized equipment, key systems and components for rail transit; sales of rail transit engineering machinery and components; sales of basic railway transportation equipment; sales of electronic products; sales of mechanical and electrical equipment; software sales; sales of industrial control computers and systems; sales of cloud computing equipment; sales of network equipment; sales of digital video surveillance systems; sales of internet equipment; sales of information security equipment; sales of industrial automatic control system devices; sales of internet of things equipment; sales of power electronic components; sales of electronic specialized equipment; sales of electronic components and electromechanical component equipment. [For projects other than those requiring approval according to law, business may be carried out independently according to law with a business license] Permitted projects: design of building intelligent systems; engineering design; construction of construction projects. [Projects that require approval according to law may only be carried out after approval by the relevant departments; the specific business projects shall be subject to the approval documents or licenses of the relevant departments]

53. Shendian Tong Company: a non-controlling subsidiary in which the company holds 49%

Company name: Shanghai Shendian Tong Rail Transit Technology Co., Ltd.

Registered address: Floor 1, Building 17, No. 3333 Huaning Road, Minhang District, Shanghai

Type of enterprise: Other limited liability company

Legal representative: Zheng Yong

Registered capital: 5000 million RMB

Scope of business: General projects: development of metro operation management systems; repair of transportation facilities; repair of electrical equipment; repair of instruments and meters; repair of specialized equipment; repair of general equipment; sales of specialized equipment, key systems and components for rail transit; sales of rail transit engineering machinery and components; sales of basic railway transportation equipment; sales of electrical equipment; sales of security and surveillance equipment; sales of intelligent in-vehicle equipment; manufacturing of urban rail transit equipment; software sales; integration of intelligent control systems; information system integration services; information technology consulting services; technical services, technical development, technical consulting, technical exchange, technology transfer and technology promotion; sales of fire-fighting equipment; sales of special equipment; services for design, construction and installation of safety technology prevention systems; fire technology services; import and export of goods; import and export of technology. [For projects other than those requiring approval according to law, business may be carried out independently according to law with a business license] Permitted projects: maintenance of railway locomotives and rolling stock; urban public transportation; inspection and testing of special equipment; installation, alteration and repair of special equipment; construction of construction projects. [Projects that require approval according to law may only be carried out after approval by the relevant departments; the specific business projects shall be subject to the approval documents or licenses of the relevant departments]

54. Shenjia Joint Venture Company: a subsidiary in which Shen Kai Company holds 49%

Company name: Jiaxing Shenjia Tram Operation and Management Co., Ltd.

Registered address: Room 1901, No. 819 Guangyi Road, Nanhu District, Jiaxing City, Zhejiang Province

Type of enterprise: Other limited liability company

Legal representative: Wang Yuanqiao

Registered capital: 1000 million RMB

Scope of business: General projects: operation, maintenance and management of public transportation such as urban trams and public buses; consultation services for operation management of urban public transportation, and technical training services (excluding education credentials); property management; advertisement design, production and publication (except for projects that require approval according to law, business may be carried out independently with a business license according to law).

55. Keaoles Shanghai Company: a wholly-owned subsidiary of the shareholder holding 49% shares of Shen Kai Company

Company name: Keaoles (Shanghai) Rail Transit Co., Ltd.

Registered address: Floor 2, No. 8, Lane 458, Yichang Road, Putuo District, Shanghai

Type of enterprise: Limited liability company (wholly owned by foreign legal person)

Legal representative: Francois,Georges DIEU

Registered capital: 30 million RMB

Scope of business: General projects: development of metro operation management systems; information consulting services (excluding permitted information consulting services); information technology consulting services; engineering management services; technical services, technical development, technical consulting, technical exchange, technology transfer and technology promotion; information system operation maintenance services; repair of general equipment; information system integration services. [For projects other than those requiring approval according to law, business may be carried out independently according to law with a business license]

(II) Performance capability of related parties

The related parties above are lawfully existing and have long-term continuing related-party relationships with the Company. They have the ability to continuously operate and provide performance under contracts, and will not form bad debt losses for the Company.

III. Main content of related-party transactions and pricing basis

(I) Daily related-party transactions of Shen Kai Company for 2026

The main business of Shen Kai Company is to accept commissions from public transportation owners and provide operational, maintenance and management services related to public transportation. In 2026, the specific daily related-party transactions to be carried out by Shen Kai Company are as follows:

1. Line 8 Phase III operation and maintenance project. In 2026, Shanghai Shentong Metro Group and the Line 8 Phase III Company, as the owners, will continue to commission the operating party Shen Kai Company to operate and maintain the Shanghai Metro Line 8 Phase III project. The estimated amount of this related-party transaction in 2026 is not more than 11107 million RMB.

Pricing basis: Pursuant to the agreement between Shen Kai Company and the owners, the contract price for each year during the extension period, Shen Kai Company will submit its annual contract quotation to the owners based on that year’s operation and maintenance plan, production plan and budget, and after review by the owners. Before the beginning of that year, both parties negotiate and reach consensus on the contract price for that year.

2. Technical support service project of the Shenjia Joint Venture Company. In 2026, Shen Kai Company will continue to provide technical support services to its non-controlling subsidiary Shenjia Joint Venture Company and sign the relevant contracts. The estimated amount of this related-party transaction in 2026 is not more than 196 million RMB.

Pricing basis: determined through equal consultation between both parties with reference to industry market conditions

3. Staff training and technical support service project. In 2026, Shen Kai Company plans to continue to commission Keaoles Shanghai Company to provide staff training and technical support services and sign the relevant contracts. The estimated amount of this related-party transaction in 2026 is not more than 370 million RMB.

Pricing basis: determined through equal consultation between both parties with reference to industry market conditions

4. Training service project. In 2026, Shen Kai Company will continue to commission the training center to provide training services and sign the relevant contracts. The estimated amount of this related-party transaction in 2026 is not more than 30 million RMB.

Pricing basis: determined through third-party price review

5. Dispatched employee service project. In 2026, Shen Kai Company will continue to commission the Metro Human Resources Company to provide dispatched employee services and sign contracts. The estimated amount of this related-party transaction in 2026 is not more than 16 million RMB.

Pricing basis: open tender

6. Office property leasing and property management and service project. In 2026, Shen Kai Company will continue to lease the property of Metro Hengtong Building held by the Investment Company for office purposes and commission the Oriental Property Company to provide property management, related property services and sign the relevant contracts. The estimated amount of this related-party transaction in 2026 is not more than 575 million RMB.

Pricing basis: determined through third-party price review

7. Professional emergency rescue services for vehicles of the Pudong International Airport Automated Transit System. In 2026, Shen Kai Company will continue to commission the vehicle maintenance and repair vehicles branch company to provide professional emergency rescue services for vehicles of the Pudong International Airport Automated Transit System and sign the relevant contracts. The estimated amount of this related-party transaction in 2026 is not more than 50 million RMB.

Pricing basis: determined through third-party price review

8. First major overhaul of electric trains of the Pudong International Airport Automated Transit System and daily commissioned maintenance project for vehicles. Shen Kai Company will commission Shendian Tong Company to provide maintenance services for electric trains of the Pudong International Airport Automated Transit System and vehicle professional daily commissioned maintenance services and sign the relevant contract. The estimated amount of this related-party transaction in 2026 is not more than 2050 million RMB.

Pricing basis: open tender

9. Facility equipment condition assessment project. Shen Kai Company intends to determine the annual assessment service unit for facilities and equipment of the Pujiang Line by bidding and sign contracts. If a related party wins the bid, it constitutes a related-party transaction. The estimated amount of this related-party transaction in 2026 is not more than 20 million RMB.

Pricing basis: bid evaluation through price review

10. Single-operator device leasing project. Shen Kai Company intends to lease single-operator equipment from the maintenance and repair company sub-division for use in the operation and maintenance management of the Pujiang Line and sign the relevant contract. The estimated amount of this related-party transaction in 2026 is not more than 2 million RMB.

Pricing basis: determined through equal consultation between both parties with reference to industry market conditions

(II) Daily related-party transactions of the New Energy Company for 2026

The New Energy Company mainly engages in related businesses such as distributed photovoltaic power generation in the rail transit field and charging piles. From 2019 to 2025, the New Energy Company has invested in and completed photovoltaic projects totaling seven phases with a cumulative installed capacity of 57.3 megawatts. In 2026, the New Energy Company will continue to carry out the roof leasing and power sale agreements relating to photovoltaic projects from Phase 1 to Phase 7 signed with the Group and units under the Group. In 2026, the New Energy Company will continue to invest in and construct photovoltaic projects such as vehicle depots within the Group, and will need to newly sign the relevant roof leasing and power sale agreements with units under the Group. At the same time, in 2026, the New Energy Company will continue to manage the Group’s existing 10-megawatt photovoltaic projects using a contracted operation model. The above transactions constitute related-party transactions.

In 2026, the daily related-party transactions proposed to be carried out by the New Energy Company are as follows:

1. Roof leasing project. The New Energy Company rents the roof of the Shanghai Rail Transit Base and the roof of elevated stations to build new photovoltaic power stations, and signs roof leasing contracts with Shanghai Shentong Metro Group and its subordinate units and pays roof leasing fees. During the contract term, ownership of the power stations belongs to the New Energy Company; it assumes relevant responsibilities such as operation, maintenance, and roof occupation maintenance of the power stations, and enjoys earnings from electricity charges, national related policy subsidies, and the right to dispose of the power stations. The Shanghai Shentong Metro Group and its subordinate units may use electricity power resources generated by projects constructed by the New Energy Company. After both parties agree, they will separately sign power sale agreements. In 2026, the estimated amount of this related-party transaction is not more than 120 million RMB.

Pricing basis: Because roof conditions vary (including various obstacles, factors like shadow, etc.), the rental is usually measured based on the effective installed area of photovoltaic modules; this related-party transaction is priced according to industry market prices

2. Power sale project. After newly built photovoltaic projects complete grid connection and power generation, the units under the Shanghai Shentong Metro Group will prioritize using the electricity generated by the photovoltaic power station projects. The New Energy Company charges electricity fees from each electricity consumption unit (the electricity price is determined by market transaction prices) and signs the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 5800 million RMB.

Pricing basis: Since the Shanghai Shentong Metro Group has collected roof leasing fees, its electricity unit price will no longer be discounted. The electricity unit price is consistent with the grid company’s electricity unit price under the State Grid; electricity consumption shall be based on data from the gate electricity meters installed by the State Grid and photovoltaic metering meters

3. Contracted operation projects for existing power stations. Based on the actual ownership situation of each base project, the New Energy Company continues to manage the Shanghai Shentong Metro Group’s existing 10-megawatt photovoltaic projects through a contracted operation model and signs the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 250 million RMB.

Pricing basis: After overall consideration of asset depreciation, system efficiency, daily operation and maintenance, insurance costs and other factors, the asset contracted operation price is negotiated and determined with the relevant units

4. Maintenance service project for photovoltaic grid connection cabinets. The New Energy Company hires the maintenance and repair power supply branch company as the operation and maintenance service provider for photovoltaic grid connection cabinets and signs the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 132 million RMB.

Pricing basis: priced based on prevailing market conditions in the operation and maintenance industry

5. Photovoltaic engineering EPC/general contracting project. The New Energy Company determines the winning unit for the tunnel design institute (Shanghai Zhitong Technology Co., Ltd. consortium) for the photovoltaic EPC/general contracting projects for 2024-2025 and the photovoltaic general contracting project for the Jinqiao base greening project through open bidding. At the same time, the New Energy Company intends to continue selecting the general contracting unit for newly constructed photovoltaic projects through open bidding. If a related party wins the bid, it constitutes a related-party transaction. In 2026, the estimated amount of this related-party transaction is not more than 6000 million RMB.

Pricing basis: open tender

6. Office premises lease and property services project. The New Energy Company leases the properties held by the Investment Company for office use and engages the Oriental Property Company as the property management party to sign the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 120 million RMB.

Pricing basis: references the average price of similar office buildings in the surrounding area; priced according to industry market prices

7. Hengtong Building charging pile project. The New Energy Company settles the actual electricity charges for the charging piles of Hengtong Building with the Oriental Property Company and signs the contract. In 2026, the estimated amount of this related-party transaction is not more than 5 million RMB.

Pricing basis: priced according to industry market prices

8. Power factor modification project. The New Energy Company and the China Railway Shanghai Design Institute Group Co., Ltd. form a consortium, and through open bidding, won the power factor factor improvement and service project for the Hongnan main transformer (primary transformer) of Shanghai Rail Transit Line 16 and signed the relevant contract. In 2026, the estimated amount of this related-party transaction is not more than 250 million RMB. The counterpart of the related-party transaction is: Maglev Company, maintenance and repair power supply branch company.

Pricing basis: open tender

9. Dispatched employee service project. The New Energy Company commissions the related legal person Metro Human Resources Company to provide dispatched employee services and sign contracts. In 2026, the estimated amount of this related-party transaction is not more than 2 million RMB.

Pricing basis: determined through equal consultation between both parties with reference to industry market conditions

10. Settlement project for electricity fees of employee charging piles. In the initial stage, the New Energy Company completed the investment and construction of charging piles for employees for six phases; their power sources are all from various operating companies. In 2026, the estimated amount of this related-party transaction is not more than 120 million RMB.

Pricing basis: electricity fee settlement based on actual charging data

11. Research technical services project for distributed photovoltaic projects. The New Energy Company commissions the tunnel design institute to provide research technical services for distributed photovoltaic projects and signs the contract. In 2026, the estimated amount of this related-party transaction is not more than 29 million RMB.

Pricing basis: open tender

(III) Daily related-party transactions of the Metro Property Company for 2026

The Metro Property Company’s main business includes environmental management and services for stations and train environment, as well as integrated production management for station facilities and equipment, etc. It mainly provides environmental management for trains, bases, staff canteens, control centers, tunnels and station air-conditioning ducts configured for metro lines, and provides property services for each metro base, such as on-site stationing, periodic maintenance and emergency repairs.

After approval by the Company’s 2025 second extraordinary shareholders’ meeting, the Metro Property Company and the maintenance and repair company (covering various specialized branches) reached cooperation and signed a long-term cooperation agreement for providing cleaning, green protection, pest control, property management, fire technology, decoration and renovation, civil engineering and other services included within the business scope. The agreement term is three years, with no specific amount involved. The two parties will negotiate and sign specific project contracts for the specific cooperation content. (In the pricing basis below, it is referred to as “long-term cooperation agreement signed with the maintenance and repair company”)

After approval by the Company’s 2024 annual shareholders’ meeting, the Metro Property Company and the Metro Electric Technology Company reached cooperation to carry out business, technical R&D, market promotion and other matters, and signed a strategic cooperation agreement. The agreement term is three years, with no specific amount involved. The two parties will negotiate and sign specific project contracts for the specific cooperation content. (In the pricing basis below, it is referred to as “long-term cooperation agreement signed with the Metro Electric Technology Company”)

In 2026, the daily related-party transactions proposed to be carried out by the Metro Property Company are as follows:

1. Facility equipment maintenance and upkeep project. The Metro Property Company provides maintenance and upkeep services for facilities and equipment such as buildings within the areas under the control of the related parties, within various bases and control centers, and station shops, and signs the relevant contracts. This includes, but is not limited to, inspection, maintenance and upkeep and fault repair of air-conditioning systems; inspection, maintenance and upkeep and fault repair of fire water systems, fire separation facilities, ventilation systems, smoke exhaust skylight systems; maintenance and repair services for systems such as electromechanical automatic control equipment; inspection, maintenance and upkeep and testing of water supply and drainage and fire-fighting equipment, and fault repair; inspections, maintenance and upkeep and fault repair of perimeter alarm systems, etc. In 2026, the estimated amount of this related-party transaction is not more than 1350 million RMB.

Pricing basis: According to the long-term cooperation agreement signed between the maintenance and repair materials logistics branch company and the maintenance and repair company as per item; determined by third-party price review; and according to the industry market conditions referenced by asset company one and determined through equal consultation between both parties

2. Comprehensive repair and maintenance project for facilities and equipment along rail transit lines. The Metro Property Company provides comprehensive repair and maintenance services for facilities and equipment within the areas under the control of the related parties, including Shanghai Rail Transit Lines 7, 10, 11, 13, 14, 15, etc., and signs relevant contracts. This includes, but is not limited to, facilities and equipment such as fire-fighting systems, station structures, decoration, and the traditional “water, electricity and air” electromechanical specialties; fire protection systems (including gas extinguishing); water fire-fighting systems (including high-pressure fine water mist); access control systems; EMCS systems; fire and smoke exhaust systems; fire separation partitions and other facilities and equipment, including daily management of related equipment such as quantity-based replacement, as well as patrol, repair and maintenance work. In 2026, the estimated amount of this related-party transaction is not more than 7510 million RMB.

Pricing basis: Open tender with Yunsi Company 1; public tender or determined by third-party price review with Yun’er Company; determined by third-party price review with Yunyi Company 1 and Yunsan Company 1

3. Cleaning services project related to trains, components, etc. The Metro Property Company provides cleaning services related to trains, components, etc. within the areas under the control of the related parties and signs the relevant contracts. This includes, but is not limited to, cleaning of electric trains when returned to the depot; balanced repair and cleaning of electric trains; cleaning of electric train front sections; disinfection of electric trains; full-car cleaning of electric trains; cleaning of warehouses of various bases, maintenance platforms, operation and maintenance centers; cleaning of train overhaul components; cleaning of train traction boxes and auxiliary inverter box bodies, etc. In 2026, the estimated amount of this related-party transaction is not more than 4895 million RMB.

Pricing basis: determined by third-party price review with the maintenance and repair vehicles branch company 1 according to the long-term cooperation agreement signed with the maintenance and repair company; determined through equal consultation with reference to industry market conditions with the Metro Electric Technology Company 1 according to the long-term cooperation agreement signed with the Metro Electric Technology Company; open tender with the regional railway company 1; determined through equal consultation with reference to industry market conditions with the Shentong CRRC Company 1 through public tender or with third-party price review; determined through equal consultation with reference to industry market conditions with Shendian Tong Company, Shentong Changke Company, and Shentong Alstom Company 1

4. Civil engineering small works specialized projects. The Metro Property Company provides specialized civil engineering small works services such as for production and living premises of various bases and control centers within the areas under the control of the related parties, and station shops, etc., and signs the relevant contracts. This includes, but is not limited to, daily small-scale repairs for building facilities and installation and renovation construction. In 2026, the estimated amount of this related-party transaction is not more than 1650 million RMB.

Pricing basis: determined by third-party price review with the maintenance and repair materials logistics branch company 1 according to the long-term cooperation agreement signed with the maintenance and repair company; determined by third-party price review with Yun’er Company 1; determined through equal consultation with reference to industry market conditions with asset company 1

5. Air-conditioning cleaning service project. The Metro Property Company provides air-conditioning cleaning services for rail transit stations, bases and control centers within the areas under the control of the related parties and signs relevant contracts. This includes, but is not limited to, cleaning and disinfection of centralized air-conditioning ventilation systems; cleaning and disinfection and testing of centralized air-conditioning air-ducts and fresh air unit piping; cleaning and disinfection of centralized ventilation and refrigeration systems of stations (including intermediate air shafts) (including ventilation pathways) and other services. In 2026, the estimated amount of this related-party transaction is not more than 1335 million RMB.

Pricing basis: determined by third-party price review with the maintenance and repair materials logistics branch company 1 according to the long-term cooperation agreement signed with the maintenance and repair company; open tender with the regional railway company 1

6. Tunnel cleaning service project. The Metro Property Company provides tunnel cleaning services for Shanghai rail transit Line 1-18, and airport connection line stations (part of the stations), etc. within the areas under the control of the related parties, and signs the relevant contracts. This includes, but is not limited to, cleaning of tunnel and elevated track overall track bed lines within the main line range and ground crushed stone track bed lines; cleaning of underground lines, elevated lines, ground lines, stations, switch areas, and concealed pipe channels of bypass passages, as well as waste cleaning and disposal such as onsite iron filings, ash accumulation, floating dust, solid waste, construction waste, etc. In 2026, the estimated amount of this related-party transaction is not more than 1600 million RMB.

Pricing basis: determined by third-party price review with the maintenance and repair works branch company 1 according to the long-term cooperation agreement signed with the maintenance and repair company; open tender with the regional railway company 1

7. Pest control projects for rail transit bases, control centers and vehicles. The Metro Property Company provides pest control services such as eliminating cockroaches, rats and mosquitoes for areas such as bases, control centers, canteens and vehicles within the areas under the control of the related parties, and signs contracts. In 2026, the estimated amount of this related-party transaction is not more than 155 million RMB.

Pricing basis: determined by third-party price review based on the long-term cooperation agreement signed with the maintenance and repair company

8. Outsourced project for improving safety inspection quality and efficiency management in rail transit. The Metro Property Company provides security inspection patrol and management services for areas such as regions including Shanghai Rail Transit’s 21 lines (including Pujiang Line, Maglev Line, and suburban line) and 523 stations, etc. within the areas under the control of the related parties, and signs contracts. In 2026, the estimated amount of this related-party transaction is not more than 485 million RMB.

Pricing basis: determined through equal consultation between both parties with reference to industry market conditions

9. Guide signage production, construction installation and maintenance project for station carriages. The Metro Property Company provides services such as the production of guide signage, construction installation and maintenance inspection for areas such as stations on existing lines and train carriage interiors involved in the opening of the airport connection line and new Shanghai rail transit lines within the areas under the control of the related parties, and signs relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 105 million RMB.

Pricing basis: open tender

10. Sediment removal project for collecting pits. The Metro Property Company provides sediment removal services for collecting pits at the Shanghai rail transit base and signs contracts with the maintenance and repair materials logistics branch company. In 2026, the estimated amount of this related-party transaction is not more than 22 million RMB.

Pricing basis: determined by third-party price review based on the long-term cooperation agreement signed with the maintenance and repair company

11. Staff designated short-distance shuttle pickup and drop-off project. The Metro Property Company provides designated short-distance shuttle services at Shanghai rail transit bases (control centers), and is responsible for related staff shuttle vehicles, transport of materials and personnel, etc., and signs a contract with the maintenance and repair materials logistics branch company. In 2026, the estimated amount of this related-party transaction is not more than 72 million RMB.

Pricing basis: determined by third-party price review based on the long-term cooperation agreement signed with the maintenance and repair company

12. Operational ticket cleaning and distribution project. The Metro Property Company provides chip card ticket coding, sorting, cleaning, recycling and distribution, and distribution of paper tickets, etc., and signs contracts with the operations and management center. In 2026, the estimated amount of this related-party transaction is not more than 170 million RMB.

Pricing basis: open tender

13. Services such as cleaning, green protection, special cleaning, conference and meeting affairs. The Metro Property Company provides one or more services such as cleaning, green protection, special cleaning, conference and meeting affairs, etc. for various bases, various control centers, various office buildings, various machine rooms and other areas within the areas under the control of the related parties, and signs the relevant contracts. This includes, but is not limited to, daily cleaning; maintenance of green rental; conference and meeting services; waste hauling; external wall cleaning; water tank cleaning and testing; clearing blocked drains; pest control; granite mirror maintenance; cleaning of interior and exterior glass; deep cleaning, etc. In 2026, the estimated amount of this related-party transaction is not more than 5204 million RMB.

Pricing basis: determined by third-party price review with the maintenance and repair company and its branches according to the long-term cooperation agreement signed with the maintenance and repair company; determined by third-party price review with the Metro Electric Technology Company according to the long-term cooperation agreement signed with the Metro Electric Technology Company; open tender with the training center and Oriental Property Company; ticket pricing bidding and pricing with the operation and management center; determined by third-party price review with Yunyi Company, supervisor company, and Shentong Zhong’an Safety Company; determined through equal consultation with reference to industry market conditions with Construction Group, consulting company, drawing review company, technology center, Shentong CRRC Company, Shentong Changke Company, Shentong Alstom Company, Metro Shield Tunneling Company and other related parties

14. Property services project. The Metro Property Company provides property services such as facilities maintenance, fault repair, order maintenance, warehouse management, daily cleaning, deep cleaning, conference and meeting services, green leasing and maintenance, etc. for various bases, various control centers, integrated buildings, youth apartments, etc. within the areas under the control of the related parties, and signs the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 3140 million RMB.

Pricing basis: determined by third-party price review with the maintenance and repair company and its branches according to the long-term cooperation agreement signed with the maintenance and repair company; open tender with the asset company 1; determined through equal consultation with reference to industry market conditions with Gonghui Company 1

15. House leasing and property management projects. The Metro Property Company leases part of the houses at the Shanghai rail transit Chuanyanghe base for production and office purposes and signs the relevant house leasing and property management contracts with the maintenance and repair materials logistics branch company. In 2026, the estimated amount of this related-party transaction is not more than 43 million RMB.

Pricing basis: reference to industry market conditions; determined through equal consultation between both parties

16. Labor dispatch projects. The Metro Property Company commissions the Metro Human Resources Company to provide personnel dispatch and labor relationship management services and signs contracts. In 2026, the estimated amount of this related-party transaction is not more than 10 million RMB.

Pricing basis: reference to industry market conditions; determined through equal consultation between both parties

17. Technical support projects. The Metro Property Company intends to commission the Metro Electric Technology Company to provide technical services for equipment repair module software, and technical service support for EMCS access control systems, etc., and signs relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 95 million RMB.

Pricing basis: determined by third-party price review based on the long-term cooperation agreement signed with the Metro Electric Technology Company

(IV) Daily related-party transactions of the Financial Leasing Company for 2026

A wholly-owned subsidiary of the Company, the financial leasing company, as the lessor, carries out equipment leasing business (operating lease model) with the lessee Metro Shield Tunneling Company using the shield tunneling equipment whose ownership it has obtained. The financial leasing company and the lessee Metro Shield Tunneling Company sign the relevant leasing contracts, and lease 9 sets of shield tunneling equipment to the Metro Shield Tunneling Company. The lease commencement date is April 30, 2025. The lease term is 36 months. The lease term may be extended upon agreement between both parties. Rent is paid once every 6 months, and the rent for each period (including tax) is provisionally 2045 million RMB. In 2026, the receivable rents under this related-party transaction shall not exceed 4090 million RMB.

Pricing basis: reference to industry market conditions; determined through equal consultation between both parties

(V) Daily related-party transactions of the Metro Electric Technology Company for 2026

The Metro Electric Technology Company currently mainly engages in repair of urban rail transit electrical control equipment and urban comprehensive intelligent information services. Its business covers the overhaul and major repair as well as daily maintenance for train traction systems, auxiliary power supply systems and train control systems of urban rail transit; and the integration of multiple professional subsystems of urban rail transit communication systems such as passenger information systems and broadcasting systems, dispatch communications, official telephones, traffic communication power supply and related systems.

After approval by the Company’s 2025 second extraordinary shareholders’ meeting, the Metro Electric Technology Company and the maintenance and repair company reached cooperation and signed a strategic cooperation agreement regarding material supply matters for audio and video unified information system release, public and official telephones, communication power supplies and other products. The agreement term is two years. The two parties will negotiate and sign specific project contracts for the specific cooperation content, and execute based on the prices in the list of the strategic cooperation agreement. (In the pricing basis below, it is referred to as “strategic cooperation agreement signed with the maintenance and repair company”)

In 2026, the daily related-party transactions proposed to be carried out by the Metro Electric Technology Company are as follows:

1. Maintenance projects for train traction, auxiliary inverters, and train control (train control) systems. The Metro Electric Technology Company provides maintenance and repair services for systems, components and related items related to train traction, auxiliary inverters, and train control systems to related parties and signs the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 4450 million RMB.

Pricing basis: open bidding with Shentong Changke Company; open bidding with Shentong CRRC Company, or determined by both parties through equal consultation with reference to industry market conditions and confirmed through third-party price review

2. Outsourced maintenance project for the audio and video unified information service system. The Metro Electric Technology Company provides maintenance and repair services for an audio-video integrated system and related equipment (such as encoders, display devices, etc.) on rail transit lines to the maintenance and repair Tonghao branch company and signs the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 575 million RMB.

Pricing basis: open tender

3. Maintenance and repair projects for public affairs soft exchange and dedicated soft exchange equipment. The Metro Electric Technology Company provides services such as maintenance and repair of public affairs soft exchange and dedicated soft exchange equipment (such as IP telephones, gateways, etc.), maintenance of the soft exchange core system and related equipment for the maintenance and repair Tonghao branch company and signs the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 140 million RMB.

Pricing basis: open tender

4. Communication spare parts supply project. The Metro Electric Technology Company provides communication equipment spare parts and related supporting services to the maintenance and repair Tonghao branch company and signs the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 205 million RMB.

Pricing basis: according to the prices of the strategic cooperation agreement signed with the maintenance and repair company

5. Dedicated wireless system integration project. The Metro Electric Technology Company provides specialized wireless system equipment supply, integration and other services to related parties and signs the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 2988 million RMB.

Pricing basis: open tender

6. FAS modification project. The Metro Electric Technology Company plans to collaborate with Shendian Yun Company to conduct transformation and integration access of the rail transit FAS system into the existing SIOS project, and signs contracts. In 2026, the estimated amount of this related-party transaction is not more than 45 million RMB.

Pricing basis: priced according to industry market prices

7. Content audit project. The Metro Electric Technology Company plans to commission the inspection and certification company to provide services related to PIS system broadcast content and intelligent recognition audits during the construction and implementation of communication system new builds and modifications on relevant lines. In 2026, the estimated amount of this related-party transaction is not more than 630 million RMB.

Pricing basis: priced according to industry market prices

8. Upgrade and maintenance project for train passenger information systems. The Metro Electric Technology Company provides professional services to related parties such as modification and upgrade, maintenance and upkeep, technical support, and spare parts supply related to the train passenger information systems of rail transit, and signs the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 697 million RMB.

Pricing basis: open tender with the maintenance and repair company and its branches, or determined through equal consultation with reference to industry market conditions; determined through equal consultation with reference to industry market conditions with Shentong Kai Company, Shentong CRRC Company, Shentong Changke Company, and Shentong Alstom Company

9. Access control system integration project. The Metro Electric Technology Company provides professional services to related parties such as integration and updating/renovation of access control systems for scenarios including station areas, bases, control centers, vehicle depots, main transformer substations, buildings, etc., within rail transit lines, and signs the relevant contracts. In 2026, the estimated amount of this related-party transaction is not more than 3205 million RMB.

Pricing basis: open tender with Construction Group, Shentie Company, the maintenance and repair company, Shanghai Shentong Metro Group and its subsidiaries; determined through equal consultation with reference to industry market conditions with the New Energy Company

10. House leasing and property management projects. The Metro Electric Technology Company leases houses and premises inside the Shanghai rail transit Meilong base from the maintenance and repair materials logistics branch company for production and office use, and the maintenance and repair materials logistics branch company provides property management. At the same time, the Metro Electric Technology Company leases premises inside the Hongmei Business Building from the Investment Company for office use, and the Oriental Property Company provides property management services. The Metro Electric Technology Company signs relevant contracts with the related parties above. In 2026, the estimated amount of this related-party transaction is not more than 300 million RMB.

Pricing basis: determined through third-party price review

11. Water supply and power supply projects for the Meilong base. The water and electricity expenses related to the office premises of the Metro Electric Technology Company located in the Meilong base are collected separately by the maintenance and repair materials logistics branch company and Yunyi Company, and corresponding contracts are signed. In 2026, the estimated amount of this related-party transaction is not more than 14 million RMB.

Pricing basis: water fees are based on the water supply pricing of Shanghai municipal water; electricity fees are calculated and paid based on actual electricity consumption, and the unit price charging standard is executed according to the standards of the State Grid Electric Power Company

12. Vehicle leasing project. The Metro Electric Technology Company leases vehicles to the maintenance and repair materials logistics branch company and signs contracts. In 2026, the estimated amount of this related-party transaction is not more than 7 million RMB.

Pricing basis: determined through third-party price review

(VI) Daily related-party transactions of the Company for 2026

1. Labor dispatch service project. The Company commissions the Metro Human Resources Company to provide labor dispatch services and signs contracts. In 2026, the estimated amount of this related-party transaction is not more than 1 million RMB.

Pricing basis: reference to industry market conditions; determined through equal consultation between both parties.

2. System development technical service project. The Company plans to commission the Metro Electric Technology Company to provide technical services for development of an operation and management system and sign contracts. In 2026, the estimated amount of this related-party transaction is not more than 30 million RMB.

Pricing basis: reference to industry market conditions; determined through equal consultation between both parties.

IV. Necessity of related-party transactions and impact on the Company

The Company’s expected daily related-party transaction matters for 2026 are part of the Company’s normal production and business activities. They are conducive to the Company’s ongoing and healthy development. The daily related-party transactions in this case follow fair, just and equitable market principles and transaction conditions, and there is no situation that harms the Company’s interests or the interests of small and medium shareholders, nor will they affect the Company’s ability for continuous operations.

Notice is hereby given.

Board of Directors of Shanghai Shentong Metro Co., Ltd.

March 31, 2026

● Filing documents

1. Resolutions of the 26th meeting of the Eleventh Session of the Board of Directors of Shentong Metro

2. Resolutions of the second independent director special meeting of Shentong Metro for 2026

Security code: 600834 Stock short name: Shentong Metro Announcement No.: Lin 2026-013

Shanghai Shentong Metro Co., Ltd.

Announcement on the replacement of the lead independent financial advisor for continuing supervision

Special notice

The Company’s board of directors and all directors hereby guarantee that this announcement contains no false records, misleading statements or material omissions, and assumes legal responsibility for the truthfulness, accuracy and completeness of the contents of this announcement.

As the independent financial advisor lead for continuing supervision for the major asset purchase and related-party transaction project in which Guotai Haitong Securities Co., Ltd. (hereinafter referred to as “Guotai Haitong”) purchased 50% equity interests in Shanghai Metro Electronic Technology Co., Ltd. and purchased 51% equity interests in Shanghai Metro Property Management Co., Ltd. by cash consideration in 2024 for Shanghai Shentong Metro Co., Ltd. (hereinafter referred to as “Shentong Metro” or “the Company”), (hereinafter referred to as the “restructuring project” or “this project”),

On March 30, 2026, the Company received from Guotai Haitong the letter《Guotai Haitong Securities Co., Ltd. Letter on the Replacement of the Lead Independent Financial Advisor for Continuing Supervision of Shanghai Shentong Metro Co., Ltd.》. Due to job changes, Mr. Ying Shi, one of the original lead independent financial advisors, no longer serves as the lead independent financial advisor for continuing supervision of this restructuring project. In order to ensure the orderly conduct of the continuing supervision work of this restructuring project, Guotai Haitong appointed Mr. Shui Yaodong (resume attached) to replace Mr. Ying Shi as the lead independent financial advisor for continuing supervision, to perform the relevant duties and obligations.

After the above change, Guotai Haitong is responsible for the lead independent financial advisor for continuing supervision of this restructuring project, being Mr. Geng Zhiwei and Mr. Shui Yaodong.

Notice is hereby given.

Board of Directors of Shanghai Shentong Metro Co., Ltd.

March 31, 2026

1. Resume of Shui Yaodong

Mr. Shui Yaodong, Executive Vice President and Director General of the Investment Banking Department of Guotai Haitong, holds a master’s degree; he has hosted and participated in multiple IPOs, refinancing and M&A restructuring projects including Tianyi Medical IPO, Weining Health convertible bond, and major asset restructuring of Shanghai Airport.

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