ST Palm Co., Ltd.

Announcement on Subsidiary Initiating Arbitration

Announcement on Newly Added Cumulative Litigation

This announcement details new litigation and arbitration cases filed against Palm Eco-Town Development Co., Ltd. and its subsidiaries between May 9-12, 2026. The total claim amount is 30.12 million RMB, representing 7.16% of the company's 2025 audited net assets. While no single case exceeds 10% of net assets or 10 million RMB, some plaintiffs have sought asset preservation, potentially leading to frozen company funds.

Announcement on Voluntary Undertaking by Controlling Shareholder Not to Reduce Company Shares

Henan Yuzhi Baofang Management and Operation Co., Ltd., the controlling shareholder of Palm Ecological Urban Development Co., Ltd., has issued an undertaking not to reduce its shares for 12 months from May 11, 2026. This decision aims to boost investor confidence and stabilize the capital market. The undertaking covers shares acquired through capital reserve increases or stock dividends.

Announcement on Major Litigation

Palm Ecological Urban Development Co., Ltd. announces a major lawsuit filed by Henan Mengjian Construction Co., Ltd. for unpaid engineering fees totaling RMB 47,604,023.56. The company is the defendant, and the case has been accepted by the court but has not yet been heard. The impact on the company's profits is currently uncertain.

Announcement on Abnormal Stock Trading Fluctuations

This announcement addresses abnormal stock trading fluctuations for Palm Eco-Town Development Co., Ltd. (ST Palm, stock code 002431), which experienced a cumulative price drop exceeding 12% over two trading days. The company has investigated and confirmed no undisclosed material information, no significant changes in business operations or environment, and no insider trading. The company reiterates its risk warning regarding its financial performance and the "ST" designation.

Announcement on Progress of Major Litigation of Subsidiaries

This announcement details the progress of two major lawsuits involving subsidiaries of Palm Ecological Urban Development Co., Ltd. The first case, concerning the Laiyang Palm PPP project, was dismissed by the Laiyang Court, and the subsidiary has appealed. The second case, related to the Fenghua Coastal Health Town PPP project, saw the Ningbo Intermediate Court rule against the subsidiary, which has also appealed. The outcomes remain uncertain, and the company will account for them prudently.

Announcement on Abnormal Stock Trading Fluctuations

Palm Eco-Town Development Co., Ltd. announces abnormal stock trading fluctuations due to a cumulative price deviation exceeding 12% over three trading days. The company has investigated and confirmed no undisclosed material information, no significant changes in business operations, and no insider trading. The company reiterates its risk warning regarding the ST designation due to consecutive years of negative net profit after deducting non-recurring items.

Announcement on the Company Initiating Litigation

Palm Ecological Urban Development Co., Ltd. announces it has initiated a lawsuit against Nanle County Yuzhi Urban-Rural Construction and Development Co., Ltd. for a construction contract dispute. The claim amounts to RMB 35,931,275.05, representing 8.54% of the company's net assets. The case has been accepted by the court, but a hearing has not yet occurred, making the impact on the company's current and future profits uncertain.

Announcement on Winning the Bid for the First Section of the High-Standard Farmland Construction Project in Yongcheng City for the Year 2025

Announcement on Confirmation of Directors' and Senior Management's 2025 Remuneration and 2026 Remuneration Plan

This announcement confirms the 2025 remuneration for directors and senior management and outlines the proposed 2026 remuneration plan. It details the remuneration structure, principles, and specific amounts for non-independent directors, independent directors, and senior management. The plan aims to align remuneration with performance and company results, with specific figures provided for 2025 and proposed for 2026.

Independent Director 2025 Work Report (Zeng Yan)

Independent Director 2025 Work Report (Hu Zhiyong)

Independent Director's 2025 Annual Performance Report (Li Qiming)

This report details Li Qiming's performance as an independent director for Palm Ecological Urban Development Co., Ltd. during 2025. He attended all required meetings, actively participated in board and committee discussions, and provided recommendations. Li Qiming confirms his compliance with independence requirements and his commitment to safeguarding shareholder interests.

Independent Director 2025 Work Report (Liu Jinquan)

Announcement on Holding the 2025 Online Performance Briefing

Palm Ecological Urban Development Co., Ltd. will hold an online performance briefing for its 2025 annual results on May 19, 2026. The event aims to help investors better understand the company's performance. Key executives will attend, and investors can submit questions in advance.

Palm Co., Ltd. 2025 Environmental, Social and Governance (ESG) Report (English Version)

Palm Co., Ltd. 2025 Environmental, Social and Governance (ESG) Report (Chinese Version)

Palm Co., Ltd. Internal Control Audit Report

2025 Internal Control Self-Evaluation Report

This report details the internal control effectiveness of Palm Ecological Urban Development Co., Ltd. for 2025. The company found no material weaknesses in financial or non-financial reporting internal controls. It outlines the scope of the evaluation, specific control areas like corporate governance and financial management, and identifies one minor deficiency related to a related-party transaction disclosure. The company has implemented corrective measures and plans further improvements in talent systems, organizational structure, project management, and marketing.

Palm Ecological Development Co., Ltd. Board of Directors and Senior Management Compensation and Performance Appraisal Management System (April 2026)

This document outlines the management system for the compensation and performance appraisal of the Board of Directors and Senior Management of Palm Ecological Development Co., Ltd. It establishes principles for determining compensation, links it to company performance and individual responsibilities, and details the management structure and procedures for performance evaluation and compensation adjustments. The system aims to align interests, incentivize performance, and ensure sustainable development.

Palm Eco-Town Development Co., Ltd. 2026 First Quarter Operations Briefing

Palm Eco-Town Development Co., Ltd. reports its 2026 first quarter operational status, focusing on new contracts and major project progress. The company secured 9 new contracts totaling RMB 24,498.08 million and has 198 ongoing projects valued at RMB 2,157,924.53 million. Significant progress is noted in major projects, with several nearing completion and expected to have no material risk to settlement and repayment.

Announcement on Uncovered Losses Reaching One-Third of Paid-in Capital

Announcement on Changes to Accounting Policies

This announcement details changes to the accounting policies of Palm Ecological Urban Development Co., Ltd. The changes are mandated by the Ministry of Finance's "Enterprise Accounting Standards Interpretation No. 19" and will take effect from January 1, 2026. The company believes these changes will more objectively reflect its financial status and operating results without significant impact.

Announcement on Accruing Provisions for Credit Impairment and Asset Impairment in 2025

This announcement details the company's accrual of provisions for credit impairment and asset impairment for 2025. The total provision amounts to 60,229.40 million yuan, impacting the company's financial statements by increasing impairment losses and reducing total profit. The board and audit committee have reviewed and approved these provisions, deeming them in compliance with accounting standards and reflecting a prudent approach.

Notice of Convening the 2025 Annual Shareholders' Meeting

Palm Eco-Town Development Co., Ltd. will convene its 2025 Annual Shareholders' Meeting on May 20, 2026. The meeting will be held both in person and via online voting. Shareholders will vote on eight proposals, including the 2025 work report, financial report, and profit distribution plan. The registration deadline for attending the meeting is May 14, 2026.

Announcement of Resolutions of the Sixth Meeting of the Seventh Board of Directors

This announcement details the resolutions passed at the sixth meeting of the seventh Board of Directors of Palm Ecological Town Development Co., Ltd. Key decisions included approving the 2025 General Manager's Work Report, the 2025 Board of Directors' Work Report, and the 2025 Annual Report. The board also approved the 2025 financial statements, a proposal for no profit distribution in 2025, and the 2025 Internal Control Self-Evaluation Report.

Special Explanation Regarding the Proposed Non-Distribution of Profits for 2025

This announcement explains why Palm Eco-Town Development Co., Ltd. proposes not to distribute profits for 2025. Due to a net loss in 2025 and negative retained earnings, the company does not meet profit distribution conditions. The company also had a qualified audit opinion and negative average distributable profit over three years.

Palm Eco-Town Development Co., Ltd. 2026 First Quarter Report

Palm Eco-Town Development Co., Ltd. reports its 2026 first quarter financial results. The company experienced a significant decrease in operating revenue and net profit compared to the previous year, primarily due to a decline in engineering revenue and costs. Key financial figures show a substantial drop in total assets and owner's equity. The company also disclosed changes in its actual controller and progress on its fundraising project.

Special Report on the Storage and Use of Raised Funds for 2025

This report details the storage and use of raised funds from the 2015 non-public offering of shares by Palm Ecological Urban Development Co., Ltd. It outlines the total raised amount, usage, and remaining balance, confirming compliance with regulations and no material issues in fund management for 2025. The report also addresses the status of investment projects and any changes in their plans.

Special Explanation on Issuing a Non-Standard Audit Opinion Report for the Annual Financial Statement Audit of Zoonming Eco-Town Development Co., Ltd.

This document explains the reasons for issuing a non-standard audit opinion for Zoonming Eco-Town Development Co., Ltd.'s 2025 financial statements. The company reported significant net losses from 2023-2025 and a liquidity deficit, indicating substantial uncertainties regarding its going concern. The auditors issued a qualified opinion due to these material uncertainties, as disclosed in the financial statements.

Special Explanation by the Audit Committee Regarding the Matters Involved in the Unqualified Audit Report with a Going Concern Emphasis Paragraph for 2025

The Audit Committee of Palm Ecological Urban Development Co., Ltd. reviewed the unqualified audit report issued by Daixin Certified Public Accountants for the 2025 financial statements, which included a going concern emphasis paragraph. The committee confirmed communication with the auditors and agreed with the report's purpose of drawing user attention to relevant content, deeming the board's proposed measures to address the issues feasible.