Summary of Jigao Development's 2025 Annual Report

Jinan High-tech Development Co., Ltd. 2025 Annual Report Summary Company Code: 600807 Company Abbreviation: Jinan High-tech Development

Jinan High-tech Development Co., Ltd.

2025 Annual Report Summary

Summary of the 2025 Annual Report of Jinan High-tech Development Co., Ltd.

Section 1 Important Tips

1. The summary of this annual report comes from the full text of the annual report. In order to fully understand the company's operating results, financial status and future development plans, investors should go to www.sse.com.cn to read the full text of the annual report carefully.

2. The company’s board of directors, directors and senior managers guarantee the authenticity, accuracy and completeness of the contents of the annual report and that there are no false records, misleading statements or major omissions, and bear individual and joint legal liability.

3. All directors of the company attend the board meeting.

4. Zhongxinghua Accounting Firm (Special General Partnership) issued a standard unqualified audit report for the company.

5. The profit distribution plan for the reporting period or the plan for converting public reserve funds into share capital approved by the board of directors

As audited by Zhongxinghua Accounting Firm (Special General Partnership), the company's 2025 consolidated financial statements achieved a net profit attributable to shareholders of the listed company of -208,297,144.73 yuan. As of December 31, 2025, the undistributed profits in the parent company's statements were -2,199,396,399.01 yuan. According to relevant laws, regulations and the relevant provisions of the "Articles of Association", the parent company's undistributed profit balance will be negative at the end of 2025, and it does not meet the conditions for profit distribution. The company plans not to distribute profits this year, nor to convert capital reserve funds into share capital.

The 2025 profit distribution plan has been reviewed and approved at the 31st meeting of the company's 11th board of directors, and still needs to be submitted to the company's 2025 annual shareholders' meeting for review.

As of the end of the reporting period, the parent company had unrecovered losses and its impact on the company’s dividends and other matters

√Applicable □Not applicable

As of December 31, 2025, the undistributed profit in the parent company's statement was -2,199,396,399.01 yuan. According to the "Company Law of the People's Republic of China" and "Listed Company Supervision Guidelines No. 3 - Cash Dividends by Listed Companies" and other relevant laws and regulations, the company does not yet have the conditions to implement cash dividends.

Section 2 Basic Information of the Company

1. Company profile

Company Stock Profile

Stock type Stock listing exchange Stock abbreviation Stock code Stock abbreviation before change

Summary of the 2025 Annual Report of Jinan High-tech Development Co., Ltd.

Jinan Department Store, Tianye A shares Shanghai Stock Exchange Jigao Development 600807

Feng, Jinan High-tech

Contact and Contact Information Board Secretary Securities Affairs Representative

Name Guo Jiming Wang Wei

Jinan Area of China (Shandong) Pilot Free Trade Zone Economic Contact address of Jinan Area of China (Shandong) Pilot Free Trade Zone: No. A4-4, Hanyu Financial Business Center, No. 7000 Shidong Road, Hanyu Gold, No. 7000, Jingshi East Road, South Area

11th Floor, Building A4-4, Rong Business Center

Phone 0531-86171188 0531-86171188

Fax 0531-86171188 0531-86171188

Email [email protected] [email protected]

2. Introduction to the company’s main business during the reporting period

2.1 Industry conditions of the company during the reporting period

According to the China Listed Companies Association's "Guidelines for the Statistical Classification of Listed Companies Industry", the company's industry belongs to the "C27 Pharmaceutical Manufacturing Industry" in the "C Manufacturing Industry". The company's business is in vitro diagnostics, and also includes trade, real estate and property services. 2.1.1 In vitro diagnostic business

In vitro diagnostics refers to products and services that obtain clinical diagnostic information by testing human samples (blood, body fluids, tissues, etc.) outside the human body to determine diseases or body functions. As a high-quality track with large scale and high growth rate in the medical device market, the IVD industry is one of the most promising areas in the medical device segment. Judging from the key segments of the IVD industry, immunodiagnostics is the largest market segment and the one with the lowest localization rate; molecular diagnostics is one of the tracks with the highest technical content and fastest growth rate, and is also the segment with the highest localization rate; POCT (point-of-care diagnostics) is a grassroots blue ocean market that is currently dominated by domestic products; biochemical diagnosis has entered a mature stage, with relatively low technical barriers and stable market growth.

(1) Global in vitro diagnostics market size

With the rapid development of biotechnology, the global in vitro diagnostic industry has experienced four revolutions of "biochemistry, enzyme, immunoassay, and molecular diagnosis", passed the initial stage and early growth stage, and has formed a mature industry worth hundreds of billions of dollars. According to "The Worldwide Market for In Vitro Diagnostic Tests, 18th Edition" released by Kalorama Information, the global IVD market size will reach US$113 billion in 2025, and the market size is expected to exceed US$140 billion in 2030, with a compound annual growth rate (CAGR) of approximately 5.0%. In terms of regions, North America, Western Europe, Japan and other regions will still be the main markets for in vitro diagnostics, accounting for about 76% in 2025. The annual growth rate of the market in developing countries is expected to be 5%, while the annual growth rate in developed countries is about 4.8%. Among them, the Chinese market is considered to be one of the most potential markets. It is expected to have the highest annual compound growth rate by 2030, reaching 8%. From the perspective of CAGR of each category, molecular-related testing is expected to grow strongly.

(2) China’s in vitro diagnostic market

In 2025, the development logic of my country's in vitro diagnostic industry will undergo a major change, from relying mainly on "resource-driven" to a two-wheel drive model of "R&D innovation + market promotion". At present, China's in vitro diagnostic industry is showing a multi-dimensional development trend: at the technical level, precision and intelligence have become the main driving forces for industry development, promoting the continuous upgrading of products; at the policy level

Summary of the 2025 Annual Report of Jinan High-tech Development Co., Ltd.

At the market level, we will guide the acceleration of the domestic substitution process, promote the integration of industry resources, and increase industry concentration; at the market level, diversified expansion and globalization will be promoted simultaneously, and companies will actively explore domestic and foreign markets to enhance international competitiveness.

2.1.2 Trading business

Currently, the domestic steel industry is in a critical stage of transformation from "incremental development" to "reduction optimization". The steel industry has entered a new stage where crude steel production has reached its peak and market demand has declined. Sufficient supply capacity and weakening demand intensity are the main contradictions faced by the industry. The demand for steel in the construction industry continues to shrink, while the proportion of steel used in the manufacturing industry has gradually increased, becoming an important support for steel demand. The overall price of steel products will be at a low level in 2025, but as the drop in raw and fuel costs is greater than the drop in steel prices, the industry's average profitability has rebounded from the previous year.

2.1.3 Real estate and property services business

In 2025, under the dual effects of continued policy optimization and adjustment and the complex macroeconomic environment, China's residential market will generally show a complex trend of "stabilization of volume and price, structural differentiation, and reshaping of expectations." It will enter a new stage with "stopping decline and stabilizing" as the core and promoting high-quality development. Looking forward to 2026, it is expected that the market will continue to seek a new balance of supply and demand in the process of consolidation and adjustment. Policies will focus on consolidating a stable and progressive trend and preventing and defusing risks. The transaction volume of the residential market will bottom out at a low level, with the possibility of a structural recovery, while prices are expected to maintain a narrow range as a whole.

In 2025, at the policy level, the property industry’s positioning on people’s livelihood protection will continue to be deepened, and standardized governance will be comprehensively upgraded. From special rectification to the first inclusion in the "15th Five-Year Plan", from the "15-minute convenient living circle" to encourage professional operations, to the implementation of smart property standards and the gradual improvement of long-term mechanisms, the industry is accelerating its transformation from "community stewards" to "city value partners". Through service improvement, model innovation and technological empowerment, property services are realizing a leap-forward upgrade from "available" to "excellent".

2.2 The company’s main business

The company's main businesses include in vitro diagnostics, trading, real estate and property services.

The in vitro diagnostic business mainly covers the three fields of life and health, biosafety, and medical services, focusing on major infectious diseases and disease diagnostic technologies, high-throughput biotechnology platforms, third-party medical testing services, overall biosafety solutions, automated intelligent integrated testing equipment, stem cells and gene therapy, etc., and has built an industrial layout integrating biological instruments, diagnostic reagents, and medical services.

The trading business focuses on steel bar trade. It comprehensively evaluates procurement needs based on sales orders and contracts, market supply conditions and other factors, formulates procurement plans, and responds to the order needs of downstream customers in a timely manner.

For real estate and property services business, the current business structure is characterized by “existing real estate operations + property service empowerment”. 2.3 The company’s main products

2.3.1 In vitro diagnostic business

(1) Life and health products

More than 200 in vitro diagnostic reagents have been developed. Among them, there are more than 150 nucleic acid detection reagents for major infectious disease pathogens developed based on the fluorescence quantitative PCR platform, covering five major clinical syndrome groups and can be widely used in infectious disease prevention and control, entry-exit inspection and quarantine, and food testing. The independently innovative freeze-dried fluorescent quantitative reagent breaks through the limitations of cold chain transportation. Products based on digital PCR methods, including norovirus nucleic acid detection reagents, are more sensitive than traditional fluorescence quantification. It also includes library construction experiments based on second-generation metagenomic genome (mNGS).

Summary of the 2025 Annual Report of Jinan High-tech Development Co., Ltd.

dose box. Nucleic acid extraction reagents are suitable for a variety of sample types, can adopt a variety of extraction methods, and are suitable for multiple brands of automated extraction instruments and manual operations. In addition, biochemical and immune detection kits can be used for early diagnosis of tumors, cardiovascular and cerebrovascular diseases, diabetes, etc. During the reporting period, the "Multiple Diarrhea Pathogenic Bacteria Nucleic Acid Detection Kit" met the conditions for sale as a scientific research product; the biomanufacturing industry product "Nucleic Acid Extraction and Purification Kit" completed the registration and filing work.

Molecular diagnostic automated testing equipment mainly includes: ultra-high-throughput fully-automatic nucleic acid detection systems, fully-automatic nucleic acid workstations, fully-automatic nucleic acid extraction and purification instruments, fluorescence quantitative PCR instruments, etc. The above-mentioned platforms are all open platforms and can be used in conjunction with molecular diagnostic reagents produced by similar companies. It also includes domestic alternative products such as trace nucleic acid detection systems and macromolecule biofluorescence analysis systems. During the reporting period, the product "Fully Automatic Nucleic Acid Purifier" completed registration and filing; the product "Exosome Extraction System" completed registration and filing.

The company has also developed gene sequencing services, scientific research technology services, and clinical testing services. Among them, gene sequencing services rely on core technologies such as high-throughput sequencing (NGS), gene chips, and molecular diagnosis to create a one-stop platform integrating sequencing services, genomic big data, and AI early warning. Scientific research and technical services, relying on the gene sequencing platform, provide multi-omics services such as gene sequencing, metabolomics, proteomics, spatial genomics, etc., mainly for the Centers for Disease Control and Prevention, universities and medical institutions. Clinical testing services: Cooperate with hospitals to build laboratories to carry out genetic disease screening, intestinal flora testing, clinical exome diagnosis and other projects to assist in the molecular diagnosis and treatment of clinical diseases.

(2) Biosafety products

Kaijing Bio, a subsidiary of Akwe Biotech, is committed to providing customers with overall technical solutions including biosafety laboratories (BSL-1/BSL-2/BSL-3); construction of biological samples and bacterial (virus) seed preservation centers; cell factories; and full life cycle management systems for human vaccines. It builds a service system integrating laboratory construction, instruments and equipment, and software management systems, and provides end-to-end solutions to help intelligent, automated, and standardized operations of biosafety laboratories.

(3) Medical testing services

Akwe Biotech has a number of third-party testing institutions such as medical laboratories and medical testing laboratories, which can provide third-party medical testing, pathological diagnosis and quality inspection technology services to various medical institutions. It has clinical cytomolecular genetics majors; clinical body fluids and blood majors; clinical chemistry testing majors; clinical immunity, Serology major; the five professional departments of the Pathology Department have also built an intensive material procurement platform and logistics distribution platform, which can realize third-party services such as laboratory infrastructure construction, design, certification, centralized procurement of instruments, equipment and reagents and consumables, logistics and distribution to professional quality system construction, information construction, medical testing and other third-party services.

2.3.2 Trading business

During the reporting period, the company's trading business was mainly steel bar sales, with Ruifuxiang Trading Company as the main operating entity. In the process of business development, Ruifuxiang Trading independently signs sales contracts and purchase contracts with downstream customers, upstream steel mills, and suppliers. The sales price, purchase price, and credit policy are determined by the company through consultation with customers and suppliers based on factors such as market conditions, partner credit status, and transaction size. Through the business model of independent pricing and separate contracts, the company has achieved effective control over the transaction process. While ensuring business flexibility, it has effectively controlled trade business risks and ensured the stable operation of the business.

2.3.3 Real estate and property service business

Summary of the 2025 Annual Report of Jinan High-tech Development Co., Ltd.

The real estate and property services business mainly covers the two major sectors of real estate development and property services. Among them, the real estate business currently focuses on the management and disposal of existing assets, involving the follow-up finishing work of completed development projects, as well as the late-stage sales and leasing of existing commercial properties and parking spaces. The property services business mainly involves its holding subsidiaries providing property services such as cleaning, security, greening maintenance, equipment and facility management, and payment of water and electricity bills for previously developed real estate projects and a small number of other real estate projects.

2.4 Business model

2.4.1 Business model of in vitro diagnostic business

(1) Production mode

Akwe Biotech develops a production plan based on the total sales volume of the previous year and the actual sales situation of the current year to ensure a small amount of inventory. In the event of a large increase in demand, the production department will arrange production according to the expedited production mode. Implement "make-to-order production" for some products with low sales volume.

(2) Procurement and sales model

In daily production and research and development activities, two forms of order procurement and stock purchase are mainly used. According to the different purchased raw materials, it is divided into various purchasing forms such as order purchase, stock purchase, emergency purchase and sporadic purchase. The company's logistics department consists of a purchasing department and a warehousing department. The purchasing department is responsible for the procurement of raw materials required for research and development and production.

In terms of sales, there are two main models: direct sales and distribution. The direct sales model sells directly to terminal institutions, which helps enterprises reduce intermediate costs, understand and meet customer needs in a timely manner, and obtain market information more fully and effectively; the distribution model sells products through dealers.

2.4.2 Business model of trading business

After the company signs the contract with the customer, the customer purchases steel bars in batches based on actual business progress and issues relevant supply notifications in advance. After receiving the supply notification, the company organizes personnel to carry out relevant procurement. After determining the supplier and the purchase quantity of steel bars, the company will undertake the logistics and transportation related to the steel bars. Within the supply period, the steel bars will be transported to the location designated by the customer, and the customer will organize relevant units for acceptance. After passing the on-site acceptance and quality inspection station inspection, reconciliation work will be carried out with the customer, and the payment collection work will be completed according to the contract. 2.4.3 Business model of real estate and property service business

Real estate business: At this stage, the focus of the work is on existing operations, and the value of assets is realized through refined management and orderly disposal of existing real estate and supporting assets. At the same time, for external leasing of assets such as existing floor merchants and parking spaces, we follow the project's overall industrial positioning and business format planning guidance, comprehensively consider factors such as rental income level, corporate brand fit, and overall image maintenance of the project, carefully select customers, and realize rental income through signing leasing contracts.

Property service business: Implement a lump sum charging model. Based on the property service contract signed with the owner, the company provides comprehensive services such as cleaning, security, greening maintenance, equipment and facility operation and maintenance, and water and electricity bill collection and payment, and regularly collects fixed service fees.

3. The company’s main accounting data and financial indicators

3.1 Main accounting data and financial indicators in the past three years

Unit: Yuan Currency: RMB This year compared with the previous year

2025 2024 2023

Increase or decrease(%)

Summary of the 2025 Annual Report of Jinan High-tech Development Co., Ltd.

Total assets 2,347,448,017.68 2,594,051,414.27 -9.51 2,236,447,898.71 Attributable to listed companies

300,814,512.52 78,726,139.80 282.10 213,734,119.96 Shareholders’ net assets

Operating income 351,735,371.82 372,176,682.13 -5.49 715,952,553.53 Total profit -254,540,920.99 -861,285,793.90 Not applicable -82,966,023.05 Deductions and main business

unrelated business income

346,712,522.90 365,670,907.00 -5.18 584,024,364.85 and do not have commercial substantive income-generating operations.

business income

Belong to listed companies

-208,297,144.73 -805,806,371.13 Not applicable -95,101,251.47 Shareholders’ net profit

Belong to listed companies

Shareholders’ deductions are not

-153,602,299.03 -187,604,007.68 Not applicable -159,361,448.75 Net profit from ordinary gains and losses

Run

arising from business activities

33,919,203.43 14,078,140.33 140.94 -332,986,217.14Net cash flow

Weighted average net assets increased by 441.29%

-109.76 -551.05 -33.56 Yield (%) Points

Basic earnings per share (yuan

-0.24 -0.93 Not applicable -0.11/share)

Diluted earnings per share (yuan

-0.24 -0.93 Not applicable -0.11/share)

3.2 Main accounting data by quarter during the reporting period

Unit: Yuan Currency: RMB First quarter Second quarter Third quarter Fourth quarter

(January to March) (April to June) (July to September) (October to December) Operating income 87,692,970.19 71,283,745.09 63,257,721.04 129,500,935.50 Attributable to shareholders of listed companies

-26,403,899.90 -20,272,655.60 -35,376,384.94 -126,244,204.29Net profit

Attributable to shareholders of listed companies

Net profit after deducting non-recurring gains and losses -11,573,467.62 -14,932,819.86 -15,695,654.39 -111,400,357.16

cash flow from operating activities

-3,008,918.45 -58,524,448.88 -4,243,121.21 99,695,691.97 Net amount

Explanation of differences between quarterly data and disclosed periodic report data

□Applicable √Not applicable

4. Shareholder situation

4.1 At the end of the reporting period and at the end of the month before the annual report is disclosed, the total number of ordinary shareholders, the total number of preferred shareholders with restored voting rights and the number of special shareholders holding special shares

The total number of shareholders with specific voting rights and the top 10 shareholders

Summary of the 2025 Annual Report of Jinan High-tech Development Co., Ltd.

Unit: Share Total number of common shareholders as of the end of the reporting period (households) 46,157 Total number of common shareholders (households) at the end of the previous month before the date of annual report disclosure 40,350 Shareholding status of the top ten shareholders (excluding shares lent through refinancing)

Pledge, mark or freeze

hold limited sale

Name of shareholder Number of shares held at the end of the period Ratio Situation Increase or decrease in shares with conditions during the reporting period

(Full name) Amount (%) Share Nature Quantity Quantity

Status

Jinan High-tech City Construction State-owned

0 142,307,521 16.09 44,575,988 Mark 142,307,521

Establishment Development Co., Ltd. Legal Person

Domestic Shandong Tianye Real Estate

African Development Group Co., Ltd. 0 42,500,530 4.80 25,307,660 Frozen 42,500,530

There is a legal department

Jinan High-tech Wisdom Valley

State-owned Investment Real Estate Co., Ltd. 0 28,426,938 3.21 0 None 0

Corporate Division

Jinan Dongtuo Real Estate Co., Ltd. State-owned

0 11,678,800 1.32 0 None 0

Co., Ltd. Legal person Jinan High-tech Holding Group State-owned

0 10,732,455 1.21 0 None 0

Tuan Co., Ltd. Legal Person

Domestic Li Zhigang 9,464,400 10,180,900 1.15 0 None 0 Natural

Jinan Dongling Development Investment State-owned

0 10,164,101 1.15 0 None 0

Capital Development Co., Ltd. Legal Person General Holdings Co., Ltd. State-owned

0 9,959,802 1.13 0 None 0

Judicial person Jinan High-tech Airport Economic Co., Ltd.

The development of the state-owned Jiqu Park has 0 9,817,300 1.11 0 Pledge 9,817,300

Corporate Limited Company

Li Xiaobing within the territory 9,717,100 9,717,100 1.10 0 None 0 Natural

Jinan High-tech City Construction and Development Co., Ltd., Jinan High-tech Holding Group Co., Ltd., Jinan High-tech Smart Valley Investment Real Estate Co., Ltd., Jinan Dongtuo Real Estate Co., Ltd., Jinan Dongling Development Investment and Development Co., Ltd., Jinan High-tech Airport Economic Zone Park Development Co., Ltd.

Co., Ltd. is a person acting in concert

Jinan High-tech Development Co., Ltd. 2025 Annual Report Summary 4.2 Block diagram of the property rights and control relationship between the company and the controlling shareholder √ Applicable □ Not applicable

4.3 Block diagram of the property rights and control relationship between the company and the actual controller √ Applicable □ Not applicable

Summary of the 2025 Annual Report of Jinan High-tech Development Co., Ltd.

4.4 The total number of preferred shareholders and the top 10 shareholders of the company at the end of the reporting period

□Applicable √Not applicable

5. Corporate bonds

□Applicable √Not applicable

Section 3 Important Matters

1. The company shall, in accordance with the principle of materiality, disclose major changes in the company's operating conditions during the reporting period, as well as events that occurred during the reporting period that have a significant impact on the company's operating conditions and are expected to have a significant impact in the future.

During the reporting period, the company overcame difficulties in seeking development, steadily expanded the development space of life and health business and existing business, continued to optimize the corporate governance structure, continuously improved the institutional system, and effectively laid a solid foundation for the company's highly sustainable development. In 2025, the company will realize operating income of 351.7354 million yuan, a year-on-year decrease of 5.49%, of which the in vitro diagnostic business will realize income of 107.8843 million yuan, trading and other businesses will realize income of 126.5177 million yuan, real estate and property services will realize income of 117.3334 million yuan, and the net profit attributable to shareholders of the listed company will be -208.2971 million yuan.

2. If there is a delisting risk warning or listing termination after the company's annual report is disclosed, the company should disclose the delisting risk warning or termination.

Jinan High-tech Development Co., Ltd.'s 2025 Annual Report Summary Reasons for the discontinuation of listing. □Applicable √Not applicable