Шанхайская компания метро Шэньтуань

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

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

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 stations and areas along the line; repair, maintenance and technical advisory services for mechanical and electrical equipment; property management; parking fee collection; business consulting (excluding agency); domestic trade; advertising design, production, and posting using its own media. [For projects that are subject to approval according to law, business activities may be carried out only after approval by the relevant departments]

45、Line 5 South Extension Company: a subsidiary in which the company’s controlling shareholder holds 56.93%

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

Registered address: Building 3-333, Room 555, Lane 3111, Huancheng 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 Shanghai Rail Transit Line 5 South Extension project; integrated development of stations and areas along the line; repair, maintenance and technical advisory and service for mechanical and electrical equipment; property management; operation and management of parking lots; economic information consulting; posting advertisements using its own media; designing and producing various advertisements. [For projects that are subject to approval according to law, business activities may be carried out only 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 the Shanghai City Light Rail Mingzhu Line, and integrated development along the route and in station areas; repair and maintenance of locomotive vehicles, rolling stock, and mechanical and electrical equipment; commercial trading (excluding special provisions); technical advisory services; posting advertisements using its own media; designing and producing various advertisements. [For projects that are subject to approval according to law, business activities may be carried out only 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 Shanghai Rail Transit Mingzhu Line Phase II project, and integrated development along the route and in station areas; repair and maintenance of locomotive vehicles, rolling stock, and mechanical and electrical equipment; technical advisory services and posting advertisements using its own media; designing and producing various advertisements. [If the business projects involve administrative permits, operations shall be carried out with license documents.]

48、Shentong CRRC Company: a subsidiary in which the company’s controlling shareholder holds 40%

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

Registered address: Room 1001, No. 41, Building 1, 5 (1-5), No. 600 Hengfeng Road, Jing’an District, Shanghai

Type of enterprise: Other limited liability company

Legal representative: Chen Cheng

Registered capital: 3750 million RMB

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

49、Shentong Changke Company: a subsidiary in which the company’s controlling shareholder holds 34%

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

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, modification and repair of special equipment; inspection and testing of special equipment; repair of railway locomotives and rolling stock. [For projects that are subject to approval according to law, business activities may be carried out only after approval by the relevant departments and with license documents; the specific business projects shall be subject to approval documents or license documents issued by the relevant departments] General projects: Sales of rail transit specialized equipment, key systems and components; sales of railway transit engineering machinery and components; manufacturing of urban rail transit equipment; manufacturing of high-speed rail equipment and parts; manufacturing of accessories for railway locomotives and rolling stock; sales of high-speed rail equipment and parts; sales of railway transportation basic equipment; sales of accessories for railway locomotives and rolling stock; technical services, technology development, technical consulting, technical exchange, technology transfer, technology promotion; railway transportation auxiliary activities. [Apart from projects that are subject to approval according to law, business activities shall be carried out independently according to law with a business license]

50、Shentong Alstom Company: a subsidiary in which the company’s 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 (Sino-foreign investment, non-wholly foreign-owned)

Legal representative: Xi Xiaodong

Registered capital: 4000 million RMB

Scope of business: Engaged in the maintenance, repair, modification and sales of rail transit vehicles and maintenance facilities/equipment, components, and facilities/equipment related to rail transit train operation, and provide technical development, technical consulting, technology transfer and technical services in the professional technical domain of rail transit vehicles and maintenance facilities/equipment, components and facilities/equipment related to rail transit train operation; leasing of its own equipment (excluding financial leasing). [For projects that are subject to approval according to law, business activities may be carried out only after approval by the relevant departments]

51、Shenzhong Safety Engineering Technology Company: a subsidiary in which a controlling subsidiary of the controlling shareholder holds 50%

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

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

Type of enterprise: Limited liability company (investment or control by natural persons)

Legal representative: Wang Shenghua

Registered capital: 1000 million RMB

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

52、Shenidian Tong Company: the company’s subsidiary

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

Registered address: No. 825 Xin Kaihe Road, Xinhai Town, Chongming District, Shanghai (Shanghai Xinhai Economic District)

Type of enterprise: Limited liability company (Sino-foreign joint venture enterprise)

Legal representative: Shi Junming

Registered capital: 2000 million RMB

Scope of business: General projects: technical services, technology development, technical consulting, technical exchange, technology transfer, technology promotion; development of rail transit operation management systems; development of rail transit communications and 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 safety and technical prevention systems; sales of rail transit specialized equipment, key systems and components; sales of rail transit engineering machinery and components; sales of railway transportation basic 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 automated control system units; sales of IoT equipment; sales of power electronic components; sales of electronic specialized equipment; sales of electronic components and electromechanical module equipment. [Apart from projects that are subject to approval according to law, business activities shall be carried out independently according to law with a business license] Permitted projects: design of intelligent building systems; design of construction engineering; construction of construction engineering. [For projects that are subject to approval according to law, business activities may be carried out only after approval by the relevant departments and with license documents; the specific business projects shall be subject to approval documents or license documents issued by 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 rail transit 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 rail transit specialized equipment, key systems and components; sales of rail transit engineering machinery and components; sales of railway transportation basic equipment; sales of electrical equipment; sales of security and surveillance equipment; sales of intelligent vehicle-mounted devices; manufacturing 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, technology promotion; sales of fire-fighting equipment; sales of special equipment; design and construction services for safety and technical prevention systems; fire technology services; import and export of goods; import and export of technology. [Apart from projects that are subject to approval according to law, business activities shall be carried out independently according to law with a business license] Permitted projects: repair of railway locomotives and rolling stock; urban public transportation; inspection and testing of special equipment; installation, modification and repair of special equipment; construction of construction engineering. [For projects that are subject to approval according to law, business activities may be carried out only after approval by the relevant departments and with license documents; the specific business projects shall be subject to approval documents or license documents issued by the relevant departments]

54、ShenJia Joint Venture Company: the subsidiary of Kaikuai Company holding 49%

Company name: Jiaxing ShenJia Tram Operation 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 Yuanchiao

Registered capital: 1000 million RMB

Scope of business: General projects: operation, maintenance and management of public transportation such as urban tram and public buses (electric) ; consulting for operation management of urban public transportation, and technical training services (excluding education leading to degrees); property management; advertising design, production, and release (except for projects that are subject to approval according to law, business activities shall be carried out independently with a business license).

55、KeAores Shanghai Company: wholly-owned subsidiary of the shareholder holding 49% of Kaikuai Company

Company name: KeAores (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 a foreign legal entity)

Legal representative: Francois,Georges DIEU

Registered capital: 30 million RMB

Scope of business: General projects: development of rail transit operation management systems; information consulting services (excluding permitted information consulting services); information technology consulting services; engineering management services; technical services, technology development, technical consulting, technical exchange, technology transfer, technology promotion; information system operation and maintenance services; repair of general equipment; information system integration services. [Apart from projects that are subject to approval according to law, business activities shall be carried out independently according to law with a business license]

(II) Performance capability of related parties

The above related parties are lawfully existing, have a long-term continuing related-party relationship with the company, and have the ability to perform ongoing operations and services; they will not form bad debt losses for the company.

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

(I) Daily related-party transactions of Kaikuai Company for fiscal year 2026

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

1. Operation and maintenance project for Phase III of Line 8. In 2026, Shentong Metro Group and the Line 8 Phase III Company, as the owners, will continue to commission the operator Kaikuai Company to operate and maintain the Shanghai Metro Line 8 Phase III project. In 2026, the expected amount of this related-party transaction is not more than 11107 million RMB.

Pricing basis: According to the agreement between Kaikuai Company and the owners regarding the contract price for each year during the extension period, Kaikuai Company will submit the contract quotation for that year to the owners based on the annual operation and maintenance plan, production schedule and budget, and it will be reviewed by the owners; both parties will reach consensus through negotiation on the contract price for that year before the start of that year.

2. Technical support service project of the ShenJia joint venture company. In 2026, Kaikuai Company will continue to provide technical support services to its non-controlling subsidiary, ShenJia joint venture company, and will sign the relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 196 million RMB.

Pricing basis: determined through equal negotiation between both parties by referencing the industry market conditions

3. Personnel training and technical support service project. In 2026, Kaikuai Company intends to continue to commission KeAores Shanghai Company to provide personnel training and technical support services and sign the relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 370 million RMB.

Pricing basis: determined through equal negotiation between both parties by referencing the industry market conditions

4. Training service project. In 2026, Kaikuai Company will continue to commission the Training Center to provide training services and sign the relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 30 million RMB.

Pricing basis: determined by third-party audit of prices

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

Pricing basis: public bidding

6. Office premises leasing and property management and service projects. In 2026, Kaikuai Company will continue to lease the property of the Metro Hengtong Building held by the Investment Company for office use, and commission the Oriental Zhiying Company to provide property management, relevant property services and sign the relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 575 million RMB.

Pricing basis: determined by third-party audit of prices

7. Professional emergency rescue outsourcing project for vehicles of the Pudong International Airport automated people mover system. In 2026, Kaikuai Company will continue to commission the Vehicle Maintenance and Repair Vehicles Company to provide professional emergency rescue services for vehicles of the Pudong International Airport automated people mover system and sign the relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 50 million RMB.

Pricing basis: determined by third-party audit of prices

8. First periodic overhaul of electric trains for the Pudong International Airport automated people mover system and vehicles’ professional daily entrustment maintenance project. Kaikuai Company will commission the Shendian Tong Company to provide professional overhaul and daily maintenance services for electric trains for the Pudong International Airport automated people mover system, and sign the relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 2050 million RMB.

Pricing basis: public bidding

9. Facilities and equipment condition assessment project. Kaikuai Company intends to determine the annual assessment service unit for facilities and equipment of the Pujiang Line by competitive bidding and sign the relevant contracts. If a related party wins the bid, it constitutes a related-party transaction. In 2026, the expected amount of this related-party transaction is not more than 20 million RMB.

Pricing basis: price verification and bidding

10. Single-soldier equipment leasing project. Kaikuai Company intends to lease single-soldier equipment from the Vehicle Maintenance and Repair Tonghao branch company for use in the operation and maintenance management of the Pujiang Line and sign the relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 2 million RMB.

Pricing basis: determined through equal negotiation between both parties by referencing the industry market conditions

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

The New Energy Company mainly engages in related businesses such as distributed photovoltaic power generation and charging piles in the rail transit sector. In 2019-2025, the New Energy Company has invested and completed seven phases of cumulative 57.3 MW photovoltaic projects. In 2026, it will continue to execute the roof leasing and electricity sale agreements related to photovoltaic projects from phase 1 to phase 7 signed with the Group and its subordinate units; the New Energy Company will continue to invest in building photovoltaic projects such as vehicle bases within the Group in 2026, and it will need to newly sign related roof leasing and electricity sale agreements with the subordinate units of the Group. At the same time, in 2026, the New Energy Company will continue to manage the existing 10 MW photovoltaic projects of the Group using a contracting operation model. The above transactions constitute related-party transactions.

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

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

Pricing basis: because roof conditions vary (including various obstacles, shading and other factors), rental fees are usually measured based on the effective installed area of photovoltaic modules; this related-party transaction is priced based on industry market prices

2. Electricity sale project. After newly built photovoltaic projects complete grid connection and power generation, subordinate units of Shentong Metro Group will preferentially use the electricity generated by the photovoltaic power station projects. The New Energy Company charges electricity fees (electricity price determined by market transaction price) to each electricity-consuming unit and signs relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 5800 million RMB.

Pricing basis: because Shentong Metro Group has already charged roof leasing fees, its electricity unit price will not be discounted; the electricity unit price will be consistent with the unit electricity price of the State Grid; the volume of electricity consumption shall be based on the data of the delivery point electricity meters and photovoltaic metering meters installed by the State Grid

3. Contracting operation project of existing power stations. Based on the actual ownership situation of each base project, the New Energy Company continues to manage the Group’s existing 10 MW photovoltaic projects through a contracting operation model and signs related contracts. In 2026, the expected 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 and insurance costs, the asset contracting operation price is negotiated and established with relevant units

4. Maintenance service project for photovoltaic grid-connection cabinets. The New Energy Company hires the Vehicle Maintenance and Repair Power Supply branch company as the operations and maintenance service party for photovoltaic grid-connection cabinets and signs relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 132 million RMB.

Pricing basis: priced according to the market行情 of operations and maintenance industry

5. Photovoltaic EPC (design-construct) general contracting project. The New Energy Company uses public bidding to determine the Tunnel Design Institute (Shanghai Zhitao Technology Co., Ltd. consortium) as the winning unit for the photovoltaic EPC general contracting projects for 2024-2025 and the photovoltaic EPC general contracting project for greening at the Qiaoqiao Base. At the same time, the New Energy Company intends to continue selecting the general contracting unit for newly built photovoltaic projects through public bidding; if a related party wins the bid, it constitutes a related-party transaction. In 2026, the expected amount of this related-party transaction is not more than 6000 million RMB.

Pricing basis: public bidding

6. Office premises leasing and property services project. The New Energy Company leases the property held by the Investment Company for office use and appoints the Oriental Zhiying Company as the property management party, signing relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 120 million RMB.

Pricing basis: based on the average price of similar office buildings nearby, and priced according to industry market prices

7. Hengtong Building charging pile project. The New Energy Company settles the actual electricity fees for the charging piles of Hengtong Building with the Oriental Zhiying Company and signs a contract. In 2026, the expected 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, together with the China Railway Shanghai Design Institute Group Co., Ltd., forms a consortium, and through public bidding it won the Shanghai Rail Transit Line 16 Huinan Main Transformer Substation power factor improvement and service project and signs relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 250 million RMB. The counterparties of the related-party transactions are specifically: the Maglev Company and the Vehicle Maintenance and Repair Power Supply branch company.

Pricing basis: public bidding

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

Pricing basis: determined through equal negotiation between both parties by referencing the industry market conditions

10. Settlement project of electricity fees for employees’ charging poles. In the prior period, the New Energy Company completed the investment and construction of charging piles for six phases of employees; their power sources come from operating companies. In 2026, the expected 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 service 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 a contract. In 2026, the expected amount of this related-party transaction is not more than 29 million RMB.

Pricing basis: public bidding

(III) Daily related-party transactions of the Subway Property Company for fiscal year 2026

The Subway Property Company mainly provides business including station property and train environment management and services, integrated production management for station facilities and equipment, etc. Mainly for environmental management of trains, bases, canteens, control centers, tunnels and station air-conditioning ducts supporting subway lines, and also provides property services for each subway base including on-site assignment, periodic maintenance and emergency repair.

After being approved at the company’s second extraordinary general meeting of shareholders in 2025, the Subway Property Company and the Vehicle Maintenance and Repair Company (covering various professional branch companies) reached cooperation regarding the provision of cleaning, greening, pest control, property management, fire technical services, decoration and remodeling, civil engineering, and other services included within the business scope, and signed a long-term cooperation agreement. The agreement is valid for three years, and does not involve specific amounts. Both parties will negotiate and sign specific project contracts for the specific cooperation contents. (In the pricing basis below, it refers to “the long-term cooperation agreement signed with the Vehicle Maintenance and Repair Company”)

After being approved at the company’s 2024 annual general meeting of shareholders, the Subway Property Company and the Metro Electronic Technology Company reached cooperation regarding business development, technical R&D, market promotion, etc., and signed a strategic cooperation agreement. The agreement is valid for three years and does not involve specific amounts. Both parties will negotiate and sign specific project contracts for specific cooperation contents. (In the pricing basis below, it refers to “the long-term cooperation agreement signed with the Metro Electronic Technology Company”)

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

1. Facilities and equipment maintenance and upkeep project. The Subway Property Company provides maintenance and upkeep services and signs relevant contracts for facilities and equipment such as buildings within the areas under management of the related parties, within each base and control center, station shops, etc., including but not limited to inspections, maintenance and fault repair of air-conditioning systems; inspections, maintenance and fault repair of fire-fighting water systems, fire separation facilities, ventilation systems, smoke exhaust skylight systems; maintenance and repair services for systems such as electrical and mechanical automatic control equipment; inspections, maintenance and testing of water supply and drainage and fire-fighting equipment, and fault repair; inspections, maintenance and fault repair of perimeter alarm systems, etc. In 2026, the expected amount of this related-party transaction is not more than 1350 million RMB.

Pricing basis: determined according to the long-term cooperation agreement signed with the Vehicle Maintenance and Repair Logistics branch company, with third-party price audit; determined through equal negotiation between both parties by referencing industry market conditions with the Asset Company branch company

2. Comprehensive maintenance and upkeep project for rail transit line facilities and equipment. The Subway Property Company provides comprehensive maintenance and upkeep services for facilities and equipment within the areas under management of the related parties, such as Shanghai Rail Transit Lines 7, 10, 11, 13, 14, 15, etc., and signs relevant contracts. Including but not limited to facilities and equipment such as fire protection, station structures, decoration and traditional “water, electricity and air” mechanical and electrical specialties, fire systems (including gas extinguishing), water fire-fighting systems (including high-pressure fine water mist), access control systems, EMCS systems, smoke prevention and exhaust systems, fireproof partitions, etc. It includes daily management of relevant equipment such as fixed-quantity replacement, as well as inspection tours, maintenance and upkeep, etc. In 2026, the expected amount of this related-party transaction is not more than 7510 million RMB.

Pricing basis: public bidding with Operation-4 Company; public bidding or determined by third-party price audit with Operation-2 Company; determined by third-party price audit with Operation-1 Company and Operation-3 Company

3. Cleaning service projects related to trains, parts, etc. The Subway Property Company provides cleaning services related to trains, parts, etc. within the areas under management of the related parties and signs relevant contracts, including but not limited to cleaning of electric trains when returned to depot; cleaning of electric trains during balance repair; cleaning of electric train cab fronts; disinfection of electric trains; whole-vehicle washing of electric trains; cleaning of storage rooms, maintenance platforms and operation & maintenance centers at each base; cleaning of parts after train overhauls; cleaning of traction boxes and auxiliary inverter box bodies of trains, etc. In 2026, the expected amount of this related-party transaction is not more than 4895 million RMB.

Pricing basis: determined according to the long-term cooperation agreement signed with the Vehicle Maintenance and Repair Vehicle branch company with third-party price audit; determined through equal negotiation between both parties by referencing industry market conditions according to the long-term cooperation agreement signed with the Metro Electronic Technology Company with third-party price audit; public bidding with the Regional Rail Company; public bidding or determined through equal negotiation between both parties by referencing industry market conditions with the Shentong CRRC Company; determined through equal negotiation between both parties by referencing industry market conditions with the Shendian Tong Company, Shentong Changke Company, Shentong Alstom Company

4. Civil engineering miscellaneous special projects. The Subway Property Company provides civil engineering miscellaneous special services such as for production and living premises at each base and control center within the areas under management of related parties, station shops, etc., and signs relevant contracts, including but not limited to daily miscellaneous repairs of building facilities, and renovation and refurbishment construction, etc. In 2026, the expected amount of this related-party transaction is not more than 1650 million RMB.

Pricing basis: determined according to the long-term cooperation agreement signed with the Vehicle Maintenance and Repair Logistics branch company with third-party price audit; determined by third-party price audit with Operation-2 Company; determined through equal negotiation between both parties by referencing industry market conditions with the Asset Company branch company

5. Air-conditioning cleaning service project. The Subway Property Company provides air-conditioning cleaning services for facilities such as rail transit stations, bases and control centers within the areas under management of related parties and signs relevant contracts, including but not limited to cleaning and disinfection of central air-conditioning ventilation systems; cleaning and disinfection and inspection of central air-conditioning ductwork and fresh air unit pipe ducts; cleaning and disinfection of centralized ventilation and refrigeration systems of stations (including intermediate air shafts), including ventilation paths and other services. In 2026, the expected amount of this related-party transaction is not more than 1335 million RMB.

Pricing basis: determined according to the long-term cooperation agreement signed with the Vehicle Maintenance and Repair Logistics branch company with third-party price audit; public bidding with the Regional Rail Company

6. Tunnel cleaning service project. The Subway Property Company provides tunnel cleaning services for areas within the areas under management of related parties such as Shanghai Rail Transit Lines 1-18, airport link line stations (some stations), etc., and signs relevant contracts, including but not limited to tunnel and elevated track overall ballast line within main line scope, and ground crushed stone ballast lines; cleaning of underground lines, elevated lines, ground lines, stations, switch areas, and concealed ductwork in bypass passages; garbage removal such as cleaning of iron filings, accumulated ash, floating dust, solid waste, construction waste, and outward disposal, etc. In 2026, the expected amount of this related-party transaction is not more than 1600 million RMB.

Pricing basis: determined according to the long-term cooperation agreement signed with the Vehicle Maintenance and Repair Works branch company with third-party price audit; public bidding with the Regional Rail Company

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

Pricing basis: determined according to the long-term cooperation agreement signed with the Vehicle Maintenance and Repair Company with third-party price audit

8. Outsourced project for improving security inspection quality and efficiency management for rail transit. The Subway Property Company provides security inspection inspection and management services for areas such as 523 stations of 21 rail transit lines in Shanghai (including Pujiang Line, Maglev Line, and intercity line) within the areas under management of related parties, and signs contracts. In 2026, the expected amount of this related-party transaction is not more than 485 million RMB.

Pricing basis: determined through equal negotiation between both parties by referencing industry market conditions

9. Projects for making, installing and maintaining station car carriage direction signage. The Subway Property Company provides services such as making direction signs, installation and maintenance inspection for station carriages and train carriages, etc., involved in the opening of airport link line and new Shanghai rail transit lines for existing line stations and train carriages, within the areas under management of related parties, and signs relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 105 million RMB.

Pricing basis: public bidding

10. Dredging project for sump pits. The Subway Property Company provides dredging services for sump pits at Shanghai rail transit bases and signs contracts with the Vehicle Maintenance and Repair Logistics branch company. In 2026, the expected amount of this related-party transaction is not more than 22 million RMB.

Pricing basis: determined according to the long-term cooperation agreement signed with the Vehicle Maintenance and Repair Company with third-party price audit

11. Personnel fixed-point shuttle pickup and drop-off project. The Subway Property Company provides fixed-point shuttle services for Shanghai rail transit bases (control centers), responsible for shuttle vehicles for relevant employees, transporting tasks for materials and personnel, etc., and signs contracts with the Vehicle Maintenance and Repair Logistics branch company. In 2026, the expected amount of this related-party transaction is not more than 72 million RMB.

Pricing basis: determined according to the long-term cooperation agreement signed with the Vehicle Maintenance and Repair Company with third-party price audit

12. Operational ticket cleaning, sorting, recycling and delivery project. The Subway Property Company provides services such as coding for chip cards, sorting, cleaning, recycling and delivery of tickets for Shanghai rail transit, and paper ticket delivery, and signs contracts with the operations and management center. In 2026, the expected amount of this related-party transaction is not more than 170 million RMB.

Pricing basis: public bidding

13. Cleaning, greening, special cleaning, conference and meeting services projects. The Subway Property Company provides one or more of the services such as cleaning, greening, special cleaning, conference and meeting services within the areas under management of related parties at each base, each control center, each office building, and each machine room, and signs relevant contracts, including but not limited to daily cleaning, greening rental maintenance, conference services, waste collection and disposal, exterior wall cleaning, water tank cleaning and inspection, clearing of sewers, pest control, granite mirror maintenance, interior and exterior glass cleaning, deep cleaning, etc. In 2026, the expected amount of this related-party transaction is not more than 5204 million RMB.

Pricing basis: determined according to the long-term cooperation agreement signed with the Vehicle Maintenance and Repair Company and its branch companies with third-party price audit; determined according to the long-term cooperation agreement signed with the Metro Electronic Technology Company and its branch companies with third-party price audit; public bidding with the Training Center and the Oriental Zhiying Company; price verified and bid with the Operations and Management Center; determined by third-party price audit with Operation-1 Company, supervision company and Shenzhong Safety Company; determined through equal negotiation between both parties by referencing industry market conditions with the Construction Group, Consulting Company, Drawing Review Company, Technology Center, Shentong CRRC Company, Shentong Changke Company, Shentong Alstom Company, the Metro Shield Tunneling Company and other related parties

14. Property services project. The Subway Property Company provides property services for each base, each control center, comprehensive buildings, youth apartments, etc. within the areas under management of related parties and signs relevant contracts, including but not limited to facilities and equipment maintenance, fault repair, order maintenance, warehouse management, daily cleaning, deep cleaning, conference services, greening rental maintenance, etc. In 2026, the expected amount of this related-party transaction is not more than 3140 million RMB.

Pricing basis: determined according to the long-term cooperation agreement signed with the Vehicle Maintenance and Repair Company and its branch companies with third-party price audit; public bidding with the Asset Company; determined through equal negotiation between both parties by referencing industry market conditions with the Gonghui Company

15. Building leasing and property management project. The Subway Property Company leases part of the buildings at Shanghai Rail Transit Chuan Yang He Base for production and office use, and signs the relevant building leasing and property management contracts with the Vehicle Maintenance and Repair Logistics branch company. In 2026, the expected amount of this related-party transaction is not more than 43 million RMB.

Pricing basis: determined through equal negotiation between both parties by referencing industry market conditions

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

Pricing basis: determined through equal negotiation between both parties by referencing industry market conditions

17. Technical support project. The Subway Property Company intends to commission the Metro Electronic Technology Company to provide software technical services for equipment repair modules, and technical support services such as EMCS access control system technical services, and signs the relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 95 million RMB.

Pricing basis: determined according to the long-term cooperation agreement signed with the Metro Electronic Technology Company with third-party price audit

(IV) Daily related-party transactions of the Financial Leasing Company for fiscal year 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, the Metro Shield Tunneling Company, using shield tunneling equipment for which it obtains ownership. The financial leasing company signs relevant leasing contracts with the lessee, the Metro Shield Tunneling Company, leasing 9 sets of shield tunneling equipment to the Metro Shield Tunneling Company. The commencement date is April 30, 2025; the lease term is 36 months, and the lease term may be extended as agreed by both parties through consultation. Rent is paid once every 6 months, and the rent per installment (including tax) is temporarily set at 2045 million RMB. In 2026, the related-party transaction receivable rent shall not exceed 4090 million RMB.

Pricing basis: determined through equal negotiation between both parties by referencing the industry market conditions

(V) Daily related-party transactions of the Metro Electronic Technology Company for fiscal year 2026

The Metro Electronic Technology Company currently mainly engages in repair of electrical and control equipment for urban rail transit and integrated intelligent information services for urban rail. Its business includes the overhauls, major repairs and daily repairs of the traction system, auxiliary power supply system, and train control system for urban rail transit; integration of multiple professional subsystems of urban rail communications systems such as passenger information systems and broadcasting systems, dispatch communications, official telephones, traffic communications power supplies and related systems, etc.

After being approved at the company’s second extraordinary general meeting of shareholders in 2025, the Metro Electronic Technology Company and the Vehicle Maintenance and Repair Company reached cooperation regarding the supply of materials for products such as video and audio unified information system publication, public-private telephone, communication power supply, etc., and signed a strategic cooperation agreement. The term of the agreement is two years. Both parties will negotiate and sign specific project contracts for specific cooperation contents. Execution will follow the list prices in the strategic cooperation agreement. (In the following pricing basis, it refers to “the strategic cooperation agreement signed with the Vehicle Maintenance and Repair Company”)

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

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

Pricing basis: tendering with the Shentong Changke Company; tendering with the Shentong CRRC Company, or determined through equal negotiation between both parties by referencing industry market conditions and finalized by third-party price audit

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

Pricing basis: public bidding

3. Maintenance and upkeep projects for official soft exchange and dedicated soft exchange equipment. The Metro Electronic Technology Company provides services for maintenance and repair of official soft exchange and dedicated soft exchange equipment (such as IP phone sets, gateways, etc.), soft exchange core systems and related equipment maintenance for the Vehicle Maintenance and Repair Tonghao branch company and signs relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 140 million RMB.

Pricing basis: public bidding

4. Supply project for communication system spare parts. The Metro Electronic Technology Company provides communication equipment spare parts and related ancillary services to the Vehicle Maintenance and Repair Tonghao branch company and signs relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 205 million RMB.

Pricing basis: prices according to the strategic cooperation agreement signed with the Vehicle Maintenance and Repair Company

5. Dedicated wireless system integration project. The Metro Electronic Technology Company provides services such as equipment supply, integration, etc. for rail transit dedicated wireless systems for related parties and signs relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 2988 million RMB.

Pricing basis: public bidding

6. FAS modification project. The Metro Electronic Technology Company plans to carry out rail transit FAS system modification and connection to the existing SIOS project together with the Shendian Yun Company, and sign contracts. In 2026, the expected 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 Electronic Technology Company plans to commission the Inspection and Certification Company to provide services such as PIS system broadcast content and image intelligent recognition audit functions during the construction and modification and implementation of new or modified communications system on relevant lines. In 2026, the expected amount of this related-party transaction is not more than 630 million RMB.

Pricing basis: priced according to industry market prices

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

Pricing basis: tendering with the Vehicle Maintenance and Repair Company and its branch companies, or determined through equal negotiation between both parties by referencing industry market conditions; determined through equal negotiation between both parties by referencing industry market conditions with the Shentong Kaikuai Company, Shentong CRRC Company, Shentong Changke Company, Shentong Alstom Company

9. Access control system integration project. The Metro Electronic Technology Company provides specialized services such as integration, update and modification of access control systems for scenarios including station platforms, bases, control centers, vehicle depots, main transformer substations, buildings, etc. of rail transit lines for related parties and signs relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 3205 million RMB.

Pricing basis: public bidding with the Construction Group, Shentie Company, Vehicle Maintenance and Repair Company, Shentong Metro Group and its subsidiaries; determined through equal negotiation between both parties by referencing industry market conditions with the New Energy Company

10. Building leasing and property management project. The Metro Electronic Technology Company leases premises and sites within the Mei Long Base of Shanghai Rail Transit from the Vehicle Maintenance and Repair Logistics branch company for production and office purposes and the Vehicle Maintenance and Repair Logistics branch company conducts property management. Meanwhile, the Metro Electronic Technology Company leases premises within the Hongmei Business Building from the Investment Company for office use and the Oriental Zhiying Company provides property management services. The Metro Electronic Technology Company and the above related parties sign relevant contracts. In 2026, the expected amount of this related-party transaction is not more than 300 million RMB.

Pricing basis: determined by third-party price audit

11. Water and power supply project for the Mei Long Base. For the office premises of the Mei Long Base of Shanghai Rail Transit where the Metro Electronic Technology Company is located, the relevant water and electricity costs are collected separately by the Vehicle Maintenance and Repair Logistics branch company and Operation-1 Company, and relevant contracts are signed. In 2026, the expected amount of this related-party transaction is not more than 14 million RMB.

Pricing basis: water fees shall be based on the Shanghai municipal water supply pricing; electricity fees shall be calculated based on actual electricity usage and paid, and the unit pricing standard shall be executed according to the standards of the State Grid Electric Power Company

12. Vehicle leasing project. The Metro Electronic Technology Company leases vehicles from the Vehicle Maintenance and Repair Logistics branch company and signs contracts. In 2026, the expected amount of this related-party transaction is not more than 7 million RMB.

Pricing basis: determined by third-party price audit

(VI) Daily related-party transactions of the Company for fiscal year 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 expected amount of this related-party transaction is not more than 1 million RMB.

Pricing basis: determined through equal negotiation between both parties by referencing industry market conditions.

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

Pricing basis: determined through equal negotiation between both parties by referencing industry market conditions.

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

The Company’s expected daily related-party transaction matters for fiscal year 2026 are part of the Company’s normal production and business activities, and are conducive to the company’s sustainable and healthy development. The daily related-party transactions follow fair, just and reasonable market principles and transaction terms. There is no situation that would damage the company’s interests and those of minority shareholders, and they will not affect the company’s ability to continue its operations.

This announcement.

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

March 31, 2026

● Filing documents

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

2. Resolution of the second special meeting of independent directors of Shentong Metro in 2026

Securities code: 600834 Securities abbreviation: Shentong Metro Announcement No.: Lin 2026-013

Shanghai Shentong Metro Co., Ltd.

Announcement on the change of the lead independent financial adviser for ongoing supervision

Special notice

The board of directors of our company and all directors hereby guarantee that there are no false records, misleading statements or material omissions in the contents of this announcement, and assume legal responsibility for the authenticity, accuracy and completeness of its contents.

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

On March 30, 2026, the Company received from Guotai Haitong the letter titled “Guotai Haitong Securities Co., Ltd. Letter on the Replacement of the Lead Independent Financial Adviser for Ongoing Supervision of Shanghai Shentong Metro Co., Ltd.”. Mr. Ying Shi, one of the original lead independent financial advisers, no longer serves as the lead independent financial adviser for this reorganization project due to job changes. To ensure the orderly ongoing supervision work for this reorganization, Guotai Haitong appointed Mr. Shui Yaodong (resume attached) to replace Mr. Ying Shi as the lead independent financial adviser for ongoing supervision and to perform relevant duties and obligations.

After the above change, Guotai Haitong is responsible for the ongoing supervision lead independent financial adviser for this reorganization project, namely Mr. Geng Zhiwei and Mr. Shui Yaodong.

This announcement.

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

March 31, 2026

1. Shui Yaodong resume

Mr. Shui Yaodong, Managing Director and Director-General of the Investment Banking Department of Guotai Haitong, holds a master’s degree; he has presided over and participated in multiple IPOs, refinancing, and M&A reorganization projects such as Tianyi Medical’s IPO, Weining Health’s convertible bond, and a major asset reorganization of Shanghai Airport.

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