002431SZSE

Announcement on Progress of Major Litigation of Subsidiaries

ST Palm Co., Ltd.·

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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.

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Stock Code: 002431 Stock Abbreviation: ST Palm Announcement No.: 2026-061

Palm Ecological Urban Development Co., Ltd. Announcement on Progress of Major Litigation of Subsidiaries

The Company and all members of the Board of Directors guarantee the content of the information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or major omissions.

I. Progress of Major Litigation of Laiyang Palm PPP Project

(I) Basic Situation of Major Litigation On September 11, 2024, Palm Ecological Urban Development Co., Ltd. (hereinafter referred to as the "Company") disclosed the "Announcement on Subsidiary Initiating Administrative Litigation" (Announcement No.: 2024-083). The Company's subsidiary, "Laiyang Palm Five Dragon River Ecological Urban Development Co., Ltd." (hereinafter referred to as "Laiyang Palm"), initiated administrative litigation against the Laiyang Municipal Housing and Urban-Rural Development Bureau and the Laiyang Municipal People's Government regarding disputes over the PPP project agreement.

For specific details, please refer to the "Announcement on Subsidiary Initiating Administrative Litigation" (Announcement No.: 2024-083) published by the Company on September 11, 2024, in the China Securities Journal, Securities Times, and on the Juchao Information Network.

(II) Progress of Related Litigation

  1. Laiyang Palm Received an "Administrative Ruling" Laiyang Palm has received an "Administrative Ruling" from the Laiyang People's Court of Shandong Province, case number (2025) Lu 0682 Xing Chu No. 49. The Laiyang Court held that according to the amended articles of association of Laiyang Palm, board resolutions must be unanimously approved by all directors. However, the government-appointed director did not agree. Therefore, the board meeting agenda item concerning "terminating and settling the comprehensive river basin PPP project through litigation" did not receive unanimous approval from all directors. In accordance with Article 69, Paragraph 1, Item (10) of the "Provisions of the Supreme People's Court on the Application of the Administrative Procedure Law of the People's Republic of China," the ruling is as follows:

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