Shanghai Shentong Metro Co., Ltd.

Company Name: Shanghai Metro Line 2 East Extension Development Co., Ltd.

Registered Address: No. 2G, Longyang Road 1990, Pudong New Area

Enterprise Type: Limited Liability Company (state-owned capital holding)

Legal Representative: Li Yongyong

Registered Capital: 847,350 million RMB

Business Scope: Construction, operation, and management of the East Extension Project of Metro Line 2; comprehensive development of stations and areas along the line; maintenance, upkeep, and technical consulting services for electromechanical equipment; property management; parking fee collection; business consulting (excluding agency); domestic trade; advertising design and production; using its own media to publish. [Business activities shall be carried out only after approval by relevant departments for projects that require approval according to law]

45. Line 5 South Extension Company: Subsidiary in which the controlling shareholder holds 56.93% of the shares

Company Name: Shanghai Metro Line 5 South Extension Development Co., Ltd.

Registered Address: No. 555, Building 3-333, Lane 3111, Huancheng West Road, Fengxian District, Shanghai

Enterprise Type: Limited Liability Company (state-owned capital holding)

Legal Representative: Zhu Kefeng

Registered Capital: 392,400 million RMB

Business Scope: Investment, construction, operation, and management of the Metro Line 5 South Extension Project in Shanghai; comprehensive development of stations and areas along the line; maintenance and upkeep of electromechanical equipment and technical consulting and service; property management; parking lot operation and management; economic information consulting; advertising using its own media; design and production of all kinds of advertising. [Business activities shall be carried out only after approval by relevant departments for projects that require approval according to law]

46. Pearl Line Company: Subsidiary in which the controlling shareholder holds 68.6% of the shares

Company Name: Shanghai Metro Pearl Line Development Co., Ltd.

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

Enterprise Type: Other Limited Liability Company

Legal Representative: Li Xun

Registered Capital: 393,996.11 million RMB

Business Scope: Investment, construction, operation, and management of Shanghai’s Urban Light Rail Pearl Line, as well as comprehensive development along the line and in station areas; maintenance and upkeep of locomotives, rolling stock, and electromechanical equipment; commercial trade (excluding special provisions); technical consulting services; advertising using its own media; design and production of all kinds of advertising. [Business activities shall be carried out only after approval by relevant departments for projects that require approval according to law]

47. Pearl Line Phase II Company: Subsidiary in which the company’s controlling shareholder holds 89.31% of the shares

Company Name: Shanghai Metro Pearl Line (Phase II) Development Co., Ltd.

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

Enterprise Type: Other Limited Liability Company

Legal Representative: Li Xun

Registered Capital: 1,274,220 million RMB

Business Scope: Investment, construction, operation, and management of the Shanghai Metro Pearl Line Phase II Project, as well as comprehensive development along the line and in station areas; maintenance and upkeep of locomotives, rolling stock, and electromechanical equipment; technical consulting services and advertising published using its own media; design and production of all kinds of advertising. [If any business scope involves administrative licensing, it shall operate with a license]

48. Shentong CRRC Company: Subsidiary in which the controlling shareholder holds 40% of the shares

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

Registered Address: Room 1001, No. 41, Building 41, Lane 588, Shuping Road, Juyuan New District, Jiading District, Shanghai

Enterprise Type: Other Limited Liability Company

Legal Representative: Chen Cheng

Registered Capital: 37.5 million RMB

Business Scope: Licensed projects: Maintenance of railway locomotives and rolling stock; installation, renovation, and repair of special equipment; inspection and testing of special equipment; manufacture of railway locomotives and rolling stock [operate by branch institutions]. (For projects that require approval according to law, business activities may be conducted only after approval by relevant departments; the specific business projects shall be subject to the approval documents or licenses issued by the relevant departments.) General projects: Sales of rail transit-specific equipment, key systems, and components; sales of accessories for railway locomotives and rolling stock; technical services, technology development, technical consulting, technical exchange, technology transfer, and technology extension; railway transportation auxiliary activities; sales of basic railway transportation equipment; transportation equipment leasing services; leasing services (excluding leasing services that require permits); manufacture of urban rail transit equipment [operate by branch institutions]; manufacture of accessories for railway locomotives and rolling stock [operate by branch institutions]. (Except for projects that require approval according to law, business activities may be carried out independently in accordance with the business license according to law)

49. Shentong Changke Company: Subsidiary in which the controlling shareholder holds 34% of the shares

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

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

Enterprise Type: Other Limited Liability Company

Legal Representative: Li Xuekun

Registered Capital: 58.82 million RMB

Business Scope: Licensed projects: Manufacture of railway locomotives and rolling stock; installation, renovation, and repair of special equipment; inspection and testing of special equipment; maintenance of railway locomotives and rolling stock. (For projects that require approval according to law, business activities may be conducted only after approval by relevant departments; the specific business projects shall be subject to the approval documents or licenses issued by the relevant departments.) General projects: Sales of rail transit-specific equipment, key systems, and components; sales of rail transit engineering machinery and components; manufacture of urban rail transit equipment; manufacture of high-speed rail equipment and accessories; manufacture of accessories for railway locomotives and rolling stock; sales of high-speed rail equipment and accessories; sales of basic railway transportation equipment; sales of accessories for railway locomotives and rolling stock; technical services, technology development, technical consulting, technical exchange, technology transfer, and technology extension; railway transportation auxiliary activities. (Except for projects that require approval according to law, business activities may be carried out independently in accordance with the business license according to law)

50. Shentong Alstom Company: Subsidiary in which the controlling shareholder holds 50% of the shares

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

Registered Address: Room 418B, Shanghai-Humin Road 8075, Xuhui District, Shanghai

Enterprise Type: Limited Liability Company (foreign investment, non-sole proprietorship)

Legal Representative: Xi Xiaodong

Registered Capital: 40 million RMB

Business Scope: Engages in maintenance, repair, renovation, and sale of rail transit vehicles and repair-facility equipment, components, and facility equipment related to rail transit operations; and provides professional technical development, technical consulting, technical transfer, and technical services in the technical field of rail transit vehicles and repair-facility equipment, components, and facility equipment related to rail transit operations; leasing of its own equipment (excluding financial leasing). [Business activities shall be carried out only after approval by relevant departments for projects that require approval according to law]

51. Shenzhong Safety Engineering Technology Company: A subsidiary in which the controlling shareholder of the company holds 50%

Company Name: Shanghai Shenzhong Rail Transit Operation Safety Engineering Research Co., Ltd.

Registered Address: Room 2-02, Test Base on Longyang Road, Metro Line 2, Pudong New Area, Shanghai

Enterprise Type: Limited Liability Company (natural person investment or holding)

Legal Representative: Wang Shenghua

Registered Capital: 10 million RMB

Business Scope: General projects: Research and development of system equipment products related to the safe operation of urban subways, light rail, tramways, and intercity railways; technical services, technology development, technical consulting, technical exchange, technology transfer, and technology extension; engineering and technology research and experimental development; sales of rail transit-specific equipment, key systems, and components; 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); general mechanical equipment installation services. (Except for projects that require approval according to law, business activities may be carried out independently in accordance with the business license according to law) Licensed projects: Inspection and testing services; internet sales of publications. (For projects that require approval according to law, business activities may be carried out only after approval by relevant departments; the specific business projects shall be subject to the approval documents or licenses issued by the relevant departments.)

52. Metro Etech Company: Company subsidiary

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

Registered Address: No. 825, Xinkaihe Road, Xinhua Town, Chongming District, Shanghai (Shanghai Xinhua Economic Residential Area)

Enterprise Type: Limited Liability Company (Sino-foreign joint venture enterprise)

Legal Representative: Shi Junming

Registered Capital: 20 million RMB

Business Scope: General projects: Technical services, technology development, technical consulting, technical exchange, technology transfer, and technology extension; development of rail transit operation management systems; development of rail transit communication signaling systems; software development; software outsourcing services; computer system services; information system integration services; information system operation and maintenance services; information technology consulting services; integration of intelligent control systems; development of AI application software; design and construction services for security technology prevention systems; sales of rail transit-specific equipment, key systems, and components; 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 IoT equipment; sales of power electronic components; sales of electronic equipment for special purposes; sales of electronic components and electromechanical component equipment. (Except for projects that require approval according to law, business activities may be carried out independently in accordance with the business license according to law) Licensed projects: Design of building intelligent systems; design of construction projects; construction of construction projects. (For projects that require approval according to law, business activities may be carried out only after approval by relevant departments; the specific business projects shall be subject to the approval documents or licenses issued by the relevant departments.)

53. Shendian Tong Company: 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

Enterprise Type: Other Limited Liability Company

Legal Representative: Zheng Yong

Registered Capital: 50 million RMB

Business Scope: General projects: Development of rail transit operation management systems; repair of transportation facilities; repair of electrical equipment; repair of instruments and meters; repair of special equipment; repair of general equipment; sales of rail transit-specific equipment, key systems, and components; 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 smart in-vehicle equipment; manufacture of urban rail transit equipment; software sales; integration of intelligent control systems; information system integration services; information technology consulting services; technical services, technology development, technical consulting, technical exchange, technology transfer, and technology extension; sales of fire-fighting equipment; sales of special equipment; design and construction services for security technology prevention systems; fire technology services; import and export of goods; import and export of technology. (Except for projects that require approval according to law, business activities may be carried out independently in accordance with the business license according to law) Licensed projects: Maintenance of railway locomotives and rolling stock; urban public transportation; inspection and testing of special equipment; installation, renovation, and repair of special equipment; construction of construction projects. (For projects that require approval according to law, business activities may be carried out only after approval by relevant departments; the specific business projects shall be subject to the approval documents or licenses issued by the relevant departments.)

54. ShenJia Joint Venture Company: Subsidiary in which the ShenKai Company holds 49%

Company Name: Jiaxing Shenjia Tramway Operations Management Co., Ltd.

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

Enterprise Type: Other Limited Liability Company

Legal Representative: Wang Yuanqiao

Registered Capital: 10 million RMB

Business Scope: General projects: Operation, maintenance, and management of public transportation such as city tramways and public buses (electric buses); consultation services on operation management of urban public transportation and technical training services (excluding education); property management; design, production, and publication of advertisements (except for projects that require approval according to law, business activities may be carried out independently in accordance with the business license).

55. KaOres Shanghai Company: Wholly-owned subsidiary of the shareholder that holds 49% of the shares of ShenKai Company

Company Name: KaOres (Shanghai) Rail Transit Co., Ltd.

Registered Address: Second Floor, No. 8, Lane 458, Yichang Road, Putuo District, Shanghai

Enterprise Type: Limited Liability Company (wholly foreign-owned by a foreign legal entity)

Legal Representative: Francois,Georges DIEU

Registered Capital: 0.3 million RMB

Business Scope: General projects: Development of rail transit operation management systems; information consulting services (excluding information consulting services that require permits); information technology consulting services; engineering management services; technical services, technology development, technical consulting, technical exchange, technology transfer, and technology extension; information system operation and maintenance services; repair of general equipment; information system integration services. (Except for projects that require approval according to law, business activities may be carried out independently in accordance with the business license according to law)

(II) Performance Capability of Related Parties

The related parties mentioned above are legally in existence and maintain a long-term, continuing related-party relationship with the Company. They have the capability to continuously operate and perform services, and will not form any bad-debt losses for the Company.

III. Main Contents of Related-Party Transactions and Pricing Basis

(I) Daily Related-Party Transactions of ShenKai Company for 2026

The principal business of ShenKai Company is to accept委托 from owners in the public transportation industry and provide operation and maintenance management services related to public transportation. In 2026, the specific daily related-party transactions to be carried out by ShenKai Company are as follows:

1. Operation and Maintenance Project for Phase III of Line 8. In 2026, Shanghai Shentong Metro Group and the Phase III Company of Line 8, as the owners, will continue to commission the operating party, ShenKai Company, to operate and maintain the Phase III project of Shanghai Metro Line 8. The expected amount of this related-party transaction in 2026 will not exceed 111.07 million RMB.

Pricing basis: Pursuant to the agreement between ShenKai Company and the owner, for each year during the extension period, ShenKai Company will submit the annual contract quotation to the owner based on that year’s operation and maintenance plan, production schedule, and budget, and after the owner’s review. The two parties shall negotiate and reach agreement on the annual contract price before the start of that year.

2. Technical Support Services Project of the ShenJia Joint Venture Company. In 2026, ShenKai Company will continue to provide technical support services to its non-controlling subsidiary ShenJia Joint Venture Company and sign relevant contracts. The expected amount of this related-party transaction in 2026 will not exceed 1.96 million RMB.

Pricing basis: Determined through equal consultation between both parties by referencing industry market conditions

3. Personnel Training and Technical Support Services Project. In 2026, ShenKai Company plans to continue to commission KaOres Shanghai Company to provide personnel training and technical support services and sign relevant contracts. The expected amount of this related-party transaction in 2026 will not exceed 3.7 million RMB.

Pricing basis: Determined through equal consultation between both parties by referencing industry market conditions

4. Training Services Project. In 2026, ShenKai Company will continue to commission the training center to provide training services and sign relevant contracts. The expected amount of this related-party transaction in 2026 will not exceed 0.3 million RMB.

Pricing basis: Determined through third-party pricing assessment

5. Dispatched Employees Services Project. In 2026, ShenKai Company will continue to commission Metro Human Resources Company to provide dispatched employee services and sign contracts. The expected amount of this related-party transaction in 2026 will not exceed 0.16 million RMB.

Pricing basis: Public tender

6. Office Premises Leasing and Property Management and Services Project. In 2026, ShenKai Company will continue to lease the property of the Metro Hengtong Building held by the investment company for office purposes and commission Oriental Zhiyou Company to provide property management and relevant property services and sign relevant contracts. The expected amount of this related-party transaction in 2026 will not exceed 5.75 million RMB.

Pricing basis: Determined through third-party pricing assessment

7. Professional Emergency Rescue Commissioning Project for Vehicles of the Pudong International Airport Automated People Mover System. In 2026, ShenKai Company will continue to commission the vehicle maintenance and repair vehicles sub-branch company to provide professional emergency rescue services for vehicles of the Pudong International Airport automated people mover system and sign a contract. The expected amount of this related-party transaction in 2026 will not exceed 0.5 million RMB.

Pricing basis: Determined through third-party pricing assessment

8. First Major Overhaul of Electric Trains and Professional Routine Maintenance Commissioning Project for Vehicles of the Pudong International Airport Automated People Mover System. ShenKai Company commissions the Shendian Tong Company to provide major overhaul and professional routine maintenance services for the electric trains and vehicles of the Shanghai Pudong International Airport automated people mover system and signs a contract. The expected amount of this related-party transaction in 2026 will not exceed 20.5 million RMB.

Pricing basis: Public tender

9. Facilities and Equipment Condition Assessment Project. ShenKai Company plans to determine the annual assessment service provider for the facilities and equipment of the Pujiang Line through a bidding process and sign a contract. If a related party wins the bid, it constitutes a related-party transaction. The expected amount of this related-party transaction in 2026 will not exceed 0.2 million RMB.

Pricing basis: Bid pricing based on reviewed pricing

10. Single-Canister/Individual Device Leasing Project. ShenKai Company plans to lease individual device equipment from the maintenance and repair communications company sub-branch for use in operating and maintaining management of the Pujiang Line and sign a contract. The expected amount of this related-party transaction in 2026 will not exceed 0.02 million RMB.

Pricing basis: Determined through equal consultation between both parties by referencing industry market conditions

(II) Daily Related-Party Transactions of the New Energy Company for 2026

The New Energy Company mainly engages in distributed photovoltaic power generation in the rail transit sector, charging piles, and other related businesses. In 2019-2025, the New Energy Company has invested in and completed Phase Seven with a total of 57.3 MW of photovoltaic projects. In 2026, it will continue to carry out the roof leasing and power sale agreements related to photovoltaic projects from phases one to seven that have been signed with the Group and its subsidiaries; the New Energy Company will continue to invest in and construct additional photovoltaic projects within the Group, such as vehicle bases, in 2026, which requires newly signing relevant roof leasing and power sale agreements with the Group’s subsidiaries. Meanwhile, in 2026, the New Energy Company will continue to manage the existing 10 MW photovoltaic projects of the Group using a contracted operation model. The above transactions constitute related-party transactions.

In 2026, the specific daily related-party transactions to be conducted by the New Energy Company are as follows:

1. Roof Leasing Project. The New Energy Company leases the roofs of the Shanghai Metro Transit Base and elevated stations to build photovoltaic power stations, signs roof leasing contracts with Shanghai Shentong Metro Group and its subsidiaries, and pays roof leasing fees. During the contract term, ownership of the power stations belongs to the New Energy Company, which undertakes related responsibilities such as operation, maintenance, and roof occupation maintenance of the power stations, and is entitled to electricity fee revenues, relevant state policy subsidies, and the right to dispose of the power stations. Shanghai Shentong Metro Group and its subsidiaries may use the electricity resources generated by the projects built by the New Energy Company; after both parties agree, separate power sale agreements will be signed. The expected amount of this related-party transaction in 2026 will not exceed 1.2 million RMB.

Pricing basis: Because roof conditions vary (including various obstacles, shading, and other factors), rental costs are generally measured based on the effective installed area of photovoltaic modules. This related-party transaction is priced based on industry market prices

2. Power Sale Project. After the newly built photovoltaic projects complete grid connection and power generation, the subsidiaries of Shanghai Shentong Metro Group will prioritize using the electricity generated by the photovoltaic power station projects. The New Energy Company collects electricity fees from each electricity-using unit (the electricity fee price is determined by market transaction prices) and signs related contracts. The expected amount of this related-party transaction in 2026 will not exceed 58 million RMB.

Pricing basis: Since Shanghai Shentong Metro Group has already collected roof leasing fees, its electricity unit price will not be discounted; the electricity unit price will be kept consistent with the unit electricity price of the State Grid, and the electricity quantity shall be based on the data from the entry-exit electricity meters installed by the State Grid and the 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 existing 10 MW photovoltaic projects of Shanghai Shentong Metro Group through a contracted operation model and signs related contracts. The expected amount of this related-party transaction in 2026 will not exceed 2.5 million RMB.

Pricing basis: After overall consideration of factors such as asset depreciation, system efficiency, daily operation and maintenance, and insurance expenses, the asset contracted operation price will be agreed and set through consultation with the relevant parties

4. Maintenance Services for Photovoltaic Grid-Connected Cabinets Project. The New Energy Company employs the maintenance and repair power supply sub-branch as the operations and maintenance service provider for photovoltaic grid-connected cabinets and signs related contracts. The expected amount of this related-party transaction in 2026 will not exceed 1.32 million RMB.

Pricing basis: Priced according to the market conditions in the operations and maintenance industry

5. Photovoltaic EPC General Contracting Project. The New Energy Company determines the tunnel design institute (joint venture: Shanghai Zhitong Technology Co., Ltd. consortium) as the winning bidder for the photovoltaic EPC general contracting projects for 2024-2025 and the landscaping photovoltaic EPC general contracting project for the Jinqiao base through public bidding. At the same time, the New Energy Company plans to continue selecting a general contractor for newly built photovoltaic projects through public bidding; if a related party wins the bid, it constitutes a related-party transaction. The expected amount of this related-party transaction in 2026 will not exceed 60 million RMB.

Pricing basis: Public tender

6. Office Space Leasing and Property Services Project. The New Energy Company leases the property held by the investment company as office premises and hires Oriental Zhiyou Company as the property management party and signs related contracts. The expected amount of this related-party transaction in 2026 will not exceed 1.2 million RMB.

Pricing basis: Based on the average price of comparable office buildings in the surrounding area, priced according to industry market prices

7. Charging Pile Project for Hengtong Building. The New Energy Company settles the actual electricity fee for the charging piles of Hengtong Building with Oriental Zhiyou Company and signs a contract. The expected amount of this related-party transaction in 2026 will not exceed 0.05 million RMB.

Pricing basis: Priced according to industry market prices

8. Power Factor Modification Project. The New Energy Company, together with China Railway Shanghai Design Institute Group Co., Ltd., forms a consortium, and won the bidding for the project “Power Factor Factor Improvement and Services for the Main Transformer of 惠南 in Metro Line 16” of Shanghai Rail Transit through public bidding and signs relevant contracts. The expected amount of this related-party transaction in 2026 will not exceed 2.5 million RMB. The counterparty to the related-party transaction is specifically: the Maglev Company and the maintenance and repair power supply sub-branch.

Pricing basis: Public tender

9. Dispatched Employees Services Project. The New Energy Company commissions the related legal entity Metro Human Resources Company to provide dispatched employee services for it and signs a contract. The expected amount of this related-party transaction in 2026 will not exceed 0.02 million RMB.

Pricing basis: Determined through equal consultation between both parties by referencing industry market conditions

10. Electricity Fee Settlement Project for Employee Charging Columns. In the early stage, the New Energy Company has completed the investment and construction of employee charging piles for six phases, and their power supplies all come from various operating companies. The expected amount of this related-party transaction in 2026 will not exceed 1.2 million RMB.

Pricing basis: Electricity fee settlement based on actual charging data

11. Research Technical Services Project for Distributed Photovoltaics. The New Energy Company commissions the tunnel design institute to provide research technical services for distributed photovoltaic projects and signs a contract. The expected amount of this related-party transaction in 2026 will not exceed 0.29 million RMB.

Pricing basis: Public tender

(III) Daily Related-Party Transactions of the Metro Property Company for 2026

The Metro Property Company’s main businesses include station property and train environment management and services, and integrated production management for station facilities and equipment, among others. It mainly carries out environmental management for trains, bases, canteens, control centers, tunnels, and station air-conditioning ductwork that are supporting subway lines, and provides property services to various metro bases, including on-site deployment, periodic maintenance, and emergency repairs, etc.

After being approved by the Company’s second extraordinary general meeting of shareholders in 2025, the Metro Property Company and the maintenance and repair company (covering various professional sub-branches) reached cooperation and signed a long-term cooperation agreement for providing cleaning, greenery maintenance, pest control, property management, fire technology, decoration and fit-out, civil construction, and other services within the business scope, for which the agreement has a validity period of three years. No specific amounts are involved. The two parties negotiate and sign specific project contracts based on the specific cooperation content. (In the following pricing bases, “the long-term cooperation agreement signed with the maintenance and repair company” is referred to.)

After being approved by the Company’s 2024 annual general meeting of shareholders, the Metro Property Company and the Metro Etech Company reached cooperation for carrying out business, technical R&D, and market promotion, and signed a strategic cooperation agreement. The agreement has a validity period of three years, does not involve specific amounts, and the two parties negotiate and sign specific project contracts for specific cooperation content. (In the following pricing basis, “the long-term cooperation agreement signed with the Metro Etech Company” is referred to.)

In 2026, the specific daily related-party transactions to be conducted by the Metro Property Company are as follows:

1. Facilities and Equipment Maintenance and Upkeep Project. The Metro Property Company provides maintenance and upkeep services for buildings, various bases, control centers, station shops, and other facilities and equipment within the jurisdiction of the related parties, and signs related contracts, including but not limited to inspection, maintenance, upkeep, and fault repair of air-conditioning systems; inspection, maintenance, upkeep, and fault repair of fire water systems, fire separation facilities, ventilation systems, and smoke extraction skylight systems; maintenance and repair services for systems such as electromechanical automatic control equipment; inspection, maintenance, upkeep, and testing, and fault repair of water supply and drainage and fire equipment; and inspection, maintenance, upkeep, and fault repair of perimeter alarm systems, etc. The expected amount of this related-party transaction in 2026 will not exceed 13.5 million RMB.

Pricing basis: With the maintenance and repair materials logistics sub-branch, based on the long-term cooperation agreement signed with the maintenance and repair company, determined through third-party pricing assessment; with the assets company, referring to industry market conditions, determined through equal consultation between both parties

2. Comprehensive Repair and Maintenance Project for Facilities and Equipment of Rail Transit Lines. The Metro Property Company provides comprehensive repair and maintenance services for the facilities and equipment within the jurisdiction of the related parties for Shanghai’s Metro Lines 7, 10, 11, 13, 14, 15, and others, and signs relevant contracts. Including but not limited to facilities and equipment such as fire protection, station structures, decoration, and traditional electromechanical specialties “water, electricity, air”; fire protection systems (including gas fire extinguishing); water fire-fighting systems (including high-pressure fine water mist); access control systems; EMCS systems; fire and smoke prevention and exhaust systems; fire separation bulkheads, etc., including daily management of related equipment such as quantitative replacement and tasks such as inspections, repair, and maintenance. The expected amount of this related-party transaction in 2026 will not exceed 75.1 million RMB.

Pricing basis: With Yun 4 Company: public tender; with Yun 2 Company: public tender or determined through third-party pricing assessment; with Yun 1 Company and Yun 3 Company: determined through third-party pricing assessment

3. Cleaning Services Projects Related to Trains, Components, etc. The Metro Property Company provides cleaning services related to trains, components, etc. within the jurisdiction of the related parties and signs related contracts, including but not limited to cleaning for electric trains when returned to depots; balanced maintenance and cleaning of electric trains; cleaning of electric train front heads; disinfection of electric trains; full-vehicle washing of electric trains; cleaning of storage rooms, inspection and maintenance platforms, and operation and maintenance centers at various bases; cleaning of components during train overhauls; cleaning of traction boxes and auxiliary inverter boxes of trains; and other services. The expected amount of this related-party transaction in 2026 will not exceed 48.95 million RMB.

Pricing basis: With the maintenance and repair vehicles sub-branch, determined through the long-term cooperation agreement signed with the maintenance and repair company and via third-party pricing assessment; with the Metro Etech Company, determined by reference to industry market conditions through equal consultation between both parties based on the long-term cooperation agreement signed with the Metro Etech Company; with the regional railway company: public tender; with Shentong CRRC Company: determined through public tender or by reference to industry market conditions through equal consultation between both parties; with Shendian Tong Company, Shentong Changke Company, Shentong Alstom Company: determined through equal consultation between both parties by referencing industry market conditions

4. Civil Engineering Sporadic Specialized Projects. The Metro Property Company provides sporadic specialized services for production and living premises in each base and control center, station shops, etc. within the jurisdiction of the related parties, and signs relevant contracts, including but not limited to daily sporadic repairs of housing facilities and construction such as renovation and refurbishment, etc. The expected amount of this related-party transaction in 2026 will not exceed 16.5 million RMB.

Pricing basis: With the maintenance and repair materials logistics sub-branch, determined through third-party pricing assessment based on the long-term cooperation agreement signed with the maintenance and repair company; with Yun 2 Company: determined through third-party pricing assessment; with the assets company: determined through equal consultation between both parties by reference to industry market conditions

5. Air Conditioner Cleaning Services Project. The Metro Property Company provides air conditioner cleaning services for rail transit stations, bases, control centers, and other sites within the jurisdiction of the related parties, and signs related contracts, including but not limited to cleaning and disinfection of central air-conditioning ventilation systems; cleaning and disinfection, and testing of central air-conditioning ducts and fresh air unit ducting; cleaning and disinfection of centralized ventilation and refrigeration systems at stations (including intermediate air shafts) (including ventilation paths) and other services. The expected amount of this related-party transaction in 2026 will not exceed 13.35 million RMB.

Pricing basis: With the maintenance and repair materials logistics sub-branch, determined through third-party pricing assessment based on the long-term cooperation agreement signed with the maintenance and repair company; with the regional railway company: public tender

6. Tunnel Cleaning Services Project. The Metro Property Company provides tunnel cleaning services for sites within the jurisdiction of the related parties such as Shanghai Metro Lines 1-18, airport connecting line stations (parts of stations), etc., and signs related contracts, including but not limited to cleaning of tunnel and elevated overall track bed lines in the main line range, and ground crushed-stone track bed lines; cleaning of underground lines, elevated lines, ground lines, stations, switch zones, and concealed pipework in bypass passages, as well as garbage removal, off-site transport and disposal of debris such as iron filings, accumulated ash, floating dust, solid waste, construction waste, etc. The expected amount of this related-party transaction in 2026 will not exceed 16 million RMB.

Pricing basis: With the maintenance and repair civil engineering works sub-branch, determined through third-party pricing assessment based on the long-term cooperation agreement signed with the maintenance and repair company; with the regional railway company: public tender

7. Pest Control Projects for Rail Transit Depots, Control Centers, and Vehicles. The Metro Property Company provides pest control services such as eliminating cockroaches, rats, mosquitoes, etc. for areas including bases, control centers, canteens, vehicles, etc. within the jurisdiction of the related parties, and signs contracts. The expected amount of this related-party transaction in 2026 will not exceed 1.55 million RMB.

Pricing basis: Determined through third-party pricing assessment based on the long-term cooperation agreement signed with the maintenance and repair company

8. Outsourced Project for Improving Security Inspection Quality and Efficiency Management in Rail Transit. The Metro Property Company provides security inspection patrol and management services for areas such as 523 stations on 21 rail transit lines in Shanghai (including the Pujiang Line, Maglev Line, and suburban line) within the jurisdiction of the related parties and signs contracts. The expected amount of this related-party transaction in 2026 will not exceed 4.85 million RMB.

Pricing basis: Determined through equal consultation between both parties by referencing industry market conditions

9. Projects for Making, Installing, and Maintaining Station Carriage Directional Guidance. The Metro Property Company provides services for making directional signage, installing construction, maintenance, and inspection for airport connecting line, and for station and train carriage areas involved in the opening of new rail lines in Shanghai, including existing line stations and train carriages, etc., within the jurisdiction of the related parties, and signs relevant contracts. The expected amount of this related-party transaction in 2026 will not exceed 1.05 million RMB.

Pricing basis: Public tender

10. Sedimentation Sump Dredging Project. The Metro Property Company provides sedimentation sump dredging services for the Shanghai rail transit base and signs a contract with the maintenance and repair materials logistics sub-branch. The expected amount of this related-party transaction in 2026 will not exceed 0.22 million RMB.

Pricing basis: Determined through third-party pricing assessment based on the long-term cooperation agreement signed with the maintenance and repair company

11. Dedicated Point-to-Point Shuttle Passenger Transport Service Project. The Metro Property Company provides dedicated point-to-point shuttle services at Shanghai rail transit bases (control centers), responsible for tasks such as transporting relevant employees’ shuttle vehicles, supplies, and personnel, and signs a contract with the maintenance and repair materials logistics sub-branch company. The expected amount of this related-party transaction in 2026 will not exceed 0.72 million RMB.

Pricing basis: Determined through third-party pricing assessment based on the long-term cooperation agreement signed with the maintenance and repair company

12. Operational Ticket Cleaning and Delivery Project. The Metro Property Company provides services such as encoding of chip card tickets for Shanghai rail transit, sorting, cleaning, recovery, and delivery, and delivery of paper tickets, etc., and signs a contract with the operations management center. The expected amount of this related-party transaction in 2026 will not exceed 1.7 million RMB.

Pricing basis: Public tender

13. Services Project for Cleaning, Greenery Maintenance, Special Cleaning, Conference Services, etc. The Metro Property Company provides one or more services such as cleaning, greenery maintenance, special cleaning, conference services, etc. for the bases, control centers, office buildings, machine rooms and other premises within the jurisdiction of the related parties, and signs relevant contracts, including but not limited to daily cleaning, greening leasing and maintenance, conference services, garbage removal and clearing, exterior wall cleaning, water tank cleaning and testing, drain unblocking, pest control, granite mirror maintenance, indoor/outdoor glass cleaning, deep cleaning, etc. The expected amount of this related-party transaction in 2026 will not exceed 52.04 million RMB.

Pricing basis: With the maintenance and repair company and its sub-branches, determined through third-party pricing assessment based on the long-term cooperation agreement signed with the maintenance and repair company; with the Metro Etech Company, determined through third-party pricing assessment based on the long-term cooperation agreement signed with the Metro Etech Company; with the training center and Oriental Zhiyou Company: public tender; with the operations management center: bid pricing based on reviewed pricing; with Yun 1 Company, Jinghu Company, and Shenzhong Safety Company: determined through third-party pricing assessment; with Construction Group, Consulting Company, Chart Review Company, Technology Center, Shentong CRRC Company, Shentong Changke Company, Shentong Alstom Company, Metro Shield Tunneling Company, and other related parties: determined through equal consultation between both parties by referencing industry market conditions

14. Property Services Project. The Metro Property Company provides property services for each base, each control center, comprehensive office buildings, youth apartments, etc. within the jurisdiction of the related parties and signs relevant contracts, including but not limited to maintenance and upkeep of facilities and equipment, fault repair, order maintenance, warehouse management, daily cleaning, deep cleaning, conference services, greening leasing and maintenance, etc. The expected amount of this related-party transaction in 2026 will not exceed 31.4 million RMB.

Pricing basis: With the maintenance and repair company and its sub-branches, determined through third-party pricing assessment based on the long-term cooperation agreement signed with the maintenance and repair company; with the assets company: public tender; with Gonghui Company: determined through equal consultation between both parties by referencing industry market conditions

15. Housing Leasing and Property Management Project. The Metro Property Company leases part of the premises in the Shanghai Metro Chuanyanghe base for production and office purposes and signs related housing leasing and property management contracts with the maintenance and repair materials logistics sub-branch. The expected amount of this related-party transaction in 2026 will not exceed 0.43 million RMB.

Pricing basis: Based on industry market conditions and determined through equal consultation between both parties

16. Labor Dispatch Project. The Metro Property Company commissions Metro Human Resources Company to provide personnel dispatch and labor relationship management services and signs a contract. The expected amount of this related-party transaction in 2026 will not exceed 0.1 million RMB.

Pricing basis: Determined through equal consultation between both parties by referencing industry market conditions

17. Technical Support Project. The Metro Property Company plans to commission Metro Etech Company to provide device repair module software technical services and technical support services such as EMCS access control system technical services, and signs related contracts. The expected amount of this related-party transaction in 2026 will not exceed 0.95 million RMB.

Pricing basis: Determined through third-party pricing assessment based on the long-term cooperation agreement signed with the Metro Etech Company

(IV) Daily Related-Party Transactions of the Financial Leasing Company for 2026

The Company’s wholly-owned subsidiary, the financial leasing company, acts as the lessor and carries out equipment leasing business (operating lease model) with the lessee Metro Shenti Company for shield tunneling equipment whose ownership it has obtained. The financial leasing company and the lessee Metro Shenti Company sign relevant leasing contracts, and lease 9 sets of shield tunneling equipment to Metro Shenti Company. The commencement date is April 30, 2025; the lease term is 36 months. By agreement between both parties, the lease term may be extended. Rent is paid once every 6 months, and the rent per period (including tax) is temporarily set at 20.45 million RMB. The receivable rent for this related-party transaction in 2026 shall not exceed 40.9 million RMB.

Pricing basis: Determined through equal consultation between both parties by referencing industry market conditions

(V) Daily Related-Party Transactions of the Metro Etech Company for 2026

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

After being approved by the Company’s second extraordinary general meeting of shareholders in 2025, the Metro Etech Company and the maintenance and repair company reached cooperation and signed a strategic cooperation agreement regarding the supply of materials for the unification of audio-video information system release, public-telephone, communication power supply, and other products. The agreement is valid for two years. The two parties negotiate and sign specific project contracts for specific cooperation content, and execute based on the price list under the strategic cooperation agreement. (In the following pricing basis, “the strategic cooperation agreement signed with the maintenance and repair company” is referred to.)

In 2026, the specific daily related-party transactions to be conducted by the Metro Etech Company are as follows:

1. Maintenance Projects for Traction, Auxiliary Inverters, and Train Control Systems. The Metro Etech Company provides rail transit train traction, auxiliary inverters, train control-related system maintenance services, components, etc. for related parties and signs related contracts. The expected amount of this related-party transaction in 2026 will not exceed 44.5 million RMB.

Pricing basis: With Shentong Changke Company: through bidding and tendering; with Shentong CRRC Company: through bidding and tendering, or determined by reference to industry market conditions through equal agreement between both parties and confirmed by third-party pricing assessment

2. Outsourced Maintenance Project for Audio-Video Unified Information Service System. The Metro Etech Company provides the 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 Tong number sub-branch company and signs related contracts. The expected amount of this related-party transaction in 2026 will not exceed 5.75 million RMB.

Pricing basis: Public tender

3. Maintenance and Repair Projects for Public Service Soft Exchanges and Dedicated Soft Exchange Equipment. The Metro Etech Company provides maintenance and repair services for rail transit public service soft exchanges and dedicated soft exchange equipment (such as IP telephones, gateways, etc.) for the maintenance and repair Tong number sub-branch company, as well as maintenance of the core soft exchange system and related equipment, and signs related contracts. The expected amount of this related-party transaction in 2026 will not exceed 1.4 million RMB.

Pricing basis: Public tender

4. Project for Supply of Communication System Spare Parts. The Metro Etech Company provides communication equipment spare parts and related supporting services to the maintenance and repair Tong number sub-branch company and signs relevant contracts. The expected amount of this related-party transaction in 2026 will not exceed 2.05 million RMB.

Pricing basis: Based on the prices under the strategic cooperation agreement signed with the maintenance and repair company

5. Dedicated Wireless System Integration Project. The Metro Etech Company provides services such as equipment supply, integration, etc. for the dedicated wireless system of rail transit to related parties and signs related contracts. The expected amount of this related-party transaction in 2026 will not exceed 29.88 million RMB.

Pricing basis: Public tender

6. FAS System Modification Project. The Metro Etech Company plans to carry out the modification and connection-access of the rail transit FAS system and the integration into the existing SIOS project together with Shendian Yun Company and sign a contract. The expected amount of this related-party transaction in 2026 will not exceed 0.45 million RMB.

Pricing basis: Priced according to industry market prices

7. Content Audit Project. The Metro Etech Company plans to commission the inspection and certification company to provide functional services such as intelligent recognition and audit of PIS system broadcast content and images during the new construction and modification implementation of communication systems on relevant lines. The expected amount of this related-party transaction in 2026 will not exceed 6.3 million RMB.

Pricing basis: Priced according to industry market prices

8. Project for Modifying and Maintaining Train Passenger Information System. The Metro Etech Company provides specialized services such as professional modification and upgrade, repair and maintenance, technical support, and spare parts supply for rail transit train passenger information system related to related parties, and signs related contracts. The expected amount of this related-party transaction in 2026 will not exceed 6.97 million RMB.

Pricing basis: With the maintenance and repair company and its sub-branches: public tender, or determined through equal consultation between both parties by referencing industry market conditions; with Shenkai Company, Shentong CRRC Company, Shentong Changke Company, Shentong Alstom Company: determined through equal consultation between both parties by referencing industry market conditions

9. Access Control System Integration Project. The Metro Etech Company provides specialized services for integration, update, and modification of access control systems for scenarios such as rail transit line stations, depots, control centers, vehicle depots, main transformer, and buildings, etc., to related parties, and signs relevant contracts. The expected amount of this related-party transaction in 2026 will not exceed 32.05 million RMB.

Pricing basis: With Construction Group, Shentie Company, maintenance and repair company, Shanghai Shentong Metro Group and its subsidiaries: public tender; with the New Energy Company: determined through equal consultation between both parties by referencing industry market conditions

10. Housing Leasing and Property Management Project. The Metro Etech Company leases premises and sites within the Meilong base of Shanghai rail transit from the maintenance and repair materials logistics sub-branch for production and office purposes, and the premises will be managed by the maintenance and repair materials logistics sub-branch. Meanwhile, the Metro Etech Company leases premises within Hongmei Business Building from the investment company for office purposes, and Oriental Zhiyou Company provides property management services. The Metro Etech Company signs relevant contracts with the above-mentioned related parties. The expected amount of this related-party transaction in 2026 will not exceed 3 million RMB.

Pricing basis: Determined through third-party pricing assessment

11. Water and Electricity Supply Project for Meilong Base. Water and electricity costs related to the office premises of the Metro Etech Company located at the Meilong base of Shanghai rail transit are collected by the maintenance and repair materials logistics sub-branch and Yun 1 Company respectively, and relevant contracts are signed. The expected amount of this related-party transaction in 2026 will not exceed 0.14 million RMB.

Pricing basis: Water fee shall be based on the water supply pricing of Shanghai Municipal Water Supply Company; electricity fee is calculated and paid based on actual electricity consumption, and the unit price charging standard shall be executed according to the State Grid’s standards

12. Vehicle Leasing Project. The Metro Etech Company leases vehicles from the maintenance and repair materials logistics sub-branch and signs a contract. The expected amount of this related-party transaction in 2026 will not exceed 0.07 million RMB.

Pricing basis: Determined through third-party pricing assessment

(VI) Daily Related-Party Transactions of the Company for 2026

1. Labor Dispatch Services Project. The Company commissions Metro Human Resources Company to provide labor dispatch services and signs a contract. The expected amount of this related-party transaction in 2026 will not exceed 0.01 million RMB.

Pricing basis: Determined through equal consultation between both parties by referencing industry market conditions.

2. System Development Technical Services Project. The Company plans to commission Metro Etech Company to provide technical services for the development of an operation and management system and sign a contract. The expected amount of this related-party transaction in 2026 will not exceed 0.3 million RMB.

Pricing basis: Determined through equal consultation between both parties by referencing industry market conditions.

IV. Necessity of Related-Party Transactions and Their Impact on the Company

The Company’s expected daily related-party transaction items for 2026 are part of the Company’s normal production and business activities. They are beneficial to the Company’s sustained and healthy development. The related-party transactions in this matter follow fair, just, and reasonable market principles and transaction terms. There are no circumstances that would harm the Company’s interests or the interests of small and medium shareholders, nor will they affect the Company’s ability to continue operating.

Notice is hereby given.

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

March 31, 2026

● Filing Documents

1. Resolution of the 26th Meeting of the 11th Session of the Board of Directors of Shentong Metro

2. Resolution of the 2nd Independent Directors’ Special Meeting of Shentong Metro in 2026

Stock Code: 600834 Stock Abbreviation: Shentong Metro Announcement No.: Lin 2026-013

Shanghai Shentong Metro Co., Ltd.

Announcement on the Replacement of the Primary Independent Financial Adviser for Continued Supervision

Special Notice

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

As the independent financial adviser for primary continued supervision for the major asset purchase and related-party transaction project in which Shanghai Shentong Metro Co., Ltd. (hereinafter referred to as “Shentong Metro” or the “Company”) purchased 50% equity interest in Shanghai Metro Electronic Technology Co., Ltd. and purchased 51% equity interest in Shanghai Metro Property Management Co., Ltd. by cash consideration in 2024 (hereinafter referred to as the “Reorganization Project” or “this Project”), Cathay Haitong Securities Co., Ltd. (hereinafter referred to as “Cathay Haitong”) acts as the independent financial adviser.

On March 30, 2026, the Company received from Cathay Haitong a letter titled “Cathay Haitong Securities Co., Ltd. Letter regarding the Replacement of the Primary Independent Financial Adviser for Continued Supervision of Shares of Shanghai Shentong Metro Co., Ltd.” The original primary adviser, Mr. Shiying, will no longer serve as the primary independent financial adviser for continued supervision of this Reorganization Project due to job changes. In order to ensure the orderly conduct of continued supervision work for this reorganization, Cathay Haitong appointed Mr. Shui Yaodong (biography attached) to take over as the primary independent financial adviser for continued supervision and perform relevant duties and obligations.

After the above change, Cathay Haitong is responsible for the primary independent financial adviser for continued supervision for this Reorganization Project as Mr. Geng Zhiwei and Mr. Shui Yaodong.

Notice is hereby given.

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

March 31, 2026

1. Biography of Shui Yaodong

Mr. Shui Yaodong, Executive Vice President and Director General of the Investment Banking Department of Cathay Haitong, holds a master’s degree. He has presided over and participated in multiple IPO, refinancing, and M&A reorganization projects, including Tianyi Medical’s IPO, Weining Health’s convertible bonds, and major asset reorganization of Shanghai Airport.

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