Meeting Information - The company held its first extraordinary general meeting of shareholders on July 31, 2025, with a notification published on July 15, 2025 [3][4]. - The meeting was conducted both in-person and via online voting, with the in-person meeting held at the company's headquarters in Dongguan, Guangdong Province [5][6]. Attendance - A total of 231 participants attended the meeting, representing 411,214,121 shares, which is 28.6242% of the company's total shares [10]. - Among the attendees, 4 were present at the in-person meeting, representing 405,408,621 shares (28.2201%), while 227 participated through online voting, representing 5,805,500 shares (0.4041%) [10]. Resolutions and Voting Results - The shareholders approved the proposal regarding the sale of a construction project by a wholly-owned subsidiary, with 409,041,271 shares (99.4716%) in favor, 1,986,900 shares (0.4832%) against, and 185,950 shares (0.0452%) abstaining [11]. - Among minority shareholders, 98,870,743 shares (97.8496%) voted in favor, while 1,986,900 shares (1.9664%) opposed, and 185,950 shares (0.1840%) abstained [11]. Legal Opinion - The meeting was witnessed by lawyers from Guangdong Junxin Jinglun Junhou Law Firm, who confirmed that the meeting's procedures complied with relevant laws and regulations, and that the qualifications of attendees and the voting process were valid [11]. Documents for Reference - The resolutions from the meeting and the legal opinion letter from the law firm will be available for review [12].

Group 1 - The core viewpoint of the news is that Shangshi Development is significantly reducing its project inventory in Quanzhou through the sale of residential properties and related assets, expecting to achieve revenue of 1.883 billion yuan and a net profit of 163 million yuan [1][2] - The transaction involves the sale of residential units and parking spaces from the Shangshi Haishang project in Quanzhou to Quanzhou Kaiyuan Real Estate Group for a total of 2.053 billion yuan, with a notable premium of 59.97% over the book value [1][2] - The project has contributed significantly to the company's performance over the years, with a cumulative signed area of approximately 450,000 square meters and a total signed amount of about 5.8 billion yuan, although inventory reduction has slowed due to market conditions [2] Group 2 - The financial implications of the transaction are substantial, as it is expected to account for approximately 75.51% of the company's revenue for 2024, while also helping to improve cash flow and meet operational funding needs [2] - The company aims to focus its development strategy on Shanghai and the Yangtze River Delta region, aligning with the interests of all shareholders [2] - Recent policies from central and regulatory authorities aimed at revitalizing idle land and properties are expected to accelerate the local land market's inventory reduction, improving market supply-demand dynamics and corporate financial conditions [3]