Z FIN LIMITED

(Incorporated in Bermuda with limited liability)

Stock Code: 1168

2025

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT

1. ABOUT THE REPORT

This is the tenth Environmental, Social and Governance ("ESG") Report (the "Report") of Z Fin Limited (formerly known as "Sinolink Worldwide Holdings Limited") (the "Company") and its subsidiaries (collectively the "Group" or "We"). The principal business of the Group are increasingly focused on financial technology (FinTech) investment and management, while it is also engaged in property development, property management, property investment and financial services. In the Report, we will present our ESG performance and vision to demonstrate the Group's commitment to sustainable development and corporate social responsibility.

1.1 REPORTING STANDARDS

The Report has been prepared in compliance with the Environmental, Social and Governance Reporting Code (the "ESG Reporting Code") set out in Appendix C2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited issued by The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The Report has complied with the four reporting principles in the ESG Reporting Code, namely: materiality, quantitative, balance and consistency. Readers can refer to Appendix II herein: Index of the Environmental, Social and Governance Reporting Code of the Stock Exchange for ease of reference.

Materiality: In compliance with the requirements of materiality principle defined by the Stock Exchange, the Report has identified and disclosed process of important environmental, social and governance factors and standards to select these factors, the process of identifying important issues and the matrix of material issues are disclosed in the Report, as well as descriptions of key stakeholders and the process and results of stakeholder engagement.

Quantitative: Statistical standards, methods, assumptions and/or calculation tools used herein for the reporting of emissions/energy consumption (where applicable) and source of conversion factors are all explained in the annotations of the Report.

Balance: The Report shall provide an unbiased picture of the Group's performance during the Year and shall avoid selections, omissions or presentation formats that may inappropriately influence the readers' decisions or judgment.

Consistency: The statistical methodologies applied to the information disclosed in the Report shall be consistent with that of previous year. Any changes will be clearly explained in the Report.

1.2 REPORTING SCOPE

The Report covers our ESG progress and performance of the period from 1 January to 31 December 2025 (the "Year"). Unless otherwise specified, the content covering the core business of the Group is consistent with the scope of the annual report among which the environmental scope covers the office areas of Sinolink Properties Limited and Sinolink Property Management Co., Ltd, the office areas of The Vi City, O Hotel and Rockbund. For detailed disclosures of the Group's corporate governance, please refer to the section headed "Corporate Governance Report" of the 2025 Annual Report and the official website of the Company (www.zfin.com).

1.3 REPORTING LANGUAGE

The Report is published in traditional Chinese and English. In case of any discrepancies, the traditional Chinese version shall prevail.

1.4 REPORTING APPROVAL

The Report was approved by the Board of Directors (the "Board") on 20 March 2026 after confirmation by the management.

1.5 CONTACT

Your feedback towards the Report is highly valued by the Group. If you have any questions, please feel free to contact us via email (email address: [email protected]).

2025 Environmental, Social and Governance Report

2. GROUP PROFILE

The Group strives to explore a development mode under the new economic form and actively responses to government's FinTech development policies. While solidifying the property businesses and financial services, the Group promoted finance digital transformation, to pursue continuous and steady development and shareholder returns. The Company is headquartered in Hong Kong, China, and its operating headquarters in Mainland China are located in Shenzhen and Shanghai. The high-level property projects developed by the Group have excellent quality and advanced home furnishing equipment, which not only won the respect of the industry and consumers, but also established a reputable brand. While increasing focus on the principal business of FinTech investment and management, the Group is engaged in property development, property management, property investment and financing services.

Z Fin Limited

3. SUSTAINABLE DEVELOPMENT CONCEPT

We are deeply aware of the importance of integrating ESG governance with business strategy and sustainability commitments, and strive to ensure that our business activities minimize their environmental and social adverse impacts. We firmly believe that the intensive integration of sustainable development concepts with our core business will balance economic, social and environmental interests, further achieving sustainable development for both the community and the Group. Taking into account the Group's development situation, we are actively strengthening our sustainable development governance structure, striving to incorporate social progress and environmental protection into our daily business operations.

3.1 BOARD STATEMENT

Considering the importance of integrating the sustainable development governance structure into our operations, we continuously promote sustainable development. The Board of Directors of the Group attaches great importance to sustainability management, actively participates in the formulation and implementation of sustainability strategies and policies, and simultaneously assesses the impact of sustainability issues (including ESG and climate-related matters) on the Group's operations.

To ensure the effective implementation of the sustainability concepts in the Group's operations, we have established a top-down ESG governance structure led and actively participated by the Board, to make sure that ESG management work obtains support and guidance from the senior management. The Board plays a core role in ESG governance structure and is responsible for sustainability management work and regularly convening meetings to discuss and review the Group's ESG issues and climate-related development risks and opportunities. The Board not only sets sustainability strategy and direction, but also supervises the progress of related targets and makes adjustments according to actual situations. By doing so, the Board ensures that ESG considerations are integrated into all significant decisions of the Group. Additionally, to ensure the effective implementation of relevant strategies, we have established a dedicated ESG Working Group that is responsible for coordinating and overseeing the specific implementation of ESG work and addressing climate-related risks and opportunities. The ESG Working Group reports to the Board on sustainability risks and progress toward ESG objectives. The Group has clearly defined the scope of responsibilities at each level within ESG management. This systematic reporting mechanism ensures the Board is fully informed on climate-related matters, thereby supporting decision-making and strategic oversight. Simultaneously, to ensure the Board and management stay abreast of the latest trends in climate-related risks and opportunities, we regularly arrange climate-related training for the Board and management to enhance their ability to oversee and respond to these risks and opportunities.

We actively communicate with stakeholders and collect opinions, advice and concerns of internal and external stakeholders. By regular communication and feedback, we are able to understand market dynamics and social expectations in a timely manner, and evaluate and address ESG material issues with priority. The Board assesses and prioritizes ESG material issues, and gives due consideration to the above factors when formulating and adjusting the Group's management policies.

2025 Environmental, Social and Governance Report

Z Fin Limited

3. SUSTAINABLE DEVELOPMENT CONCEPT

3.2 ESG GOVERNANCE STRUCTURE

We integrate sustainability management into our business operations and decision-making processes for safeguarding the best interest of stakeholders. As the highest governance body of the Group, the Board not only oversees the implementation of sustainability strategies but also bears ultimate responsibility for climate governance. It integrates climate factors into the long-term value creation system to deliver stable and forward-looking development returns for stakeholders. Concurrently, we have established a well-defined and robust corporate governance framework, corresponding Esg Working Group, functional departments and authorized entities to manage, execute, and review the sustainability agenda according to their respective responsibilities.

Decision-making Level: the Board

• Taking full responsibilities for ESG strategies and reporting, and overseeing the management and disclosure approval of the overall climate-related strategy
• Determining ESG management guidelines, strategies, plans, goals and annual work, and incorporating climate factors into annual work planning, including assessing, prioritizing and managing material ESG issues, climate-related risks and opportunities
• Reviewing and monitoring ESG performance and the progress in achieving goals regularly, including climate-related targets and assessing the potential financial impact of climate-related risks
• Approving the content of ESG report annually and ensuring climate-related disclosures comply with the ESG Reporting Code

Organizational level: ESG Working Group

• Reporting ESG-related issues and progress to the Board and senior management on a regular basis
• Responsible for reviewing and monitoring the Group's ESG policies and practices to ensure the Group's compliance with relevant legal and regulatory requirements
• Coordinating and promoting each department to implement ESG policies, and monitor the ESG-related work of each functional department

Executive Level: Functional Departments

• Implementing various ESG and climate-related policies and systems, and executing climate-related actions within the respective functional department
• Collecting and reporting ESG internal policies, systems and ESG related performance indicators, and regularly reporting climate-related data

3.3 STAKEHOLDER ENGAGEMENT

The Group deeply understands the importance of an active cooperative relationship with various stakeholders to address their concerns and expectations regarding the Group's ESG performance. The Group values stakeholders' opinions and it has established various communication channels, which help the Group understand stakeholders' expectations and keep improving. The major communication channels with main stakeholders are as follows:

3.4 MATERIALITY ISSUES

To determine ESG issues that are relevant to our businesses and stakeholders most, we referred to the disclosure responsibility included in the ESG Reporting Code and the Sustainability Accounting Standards Board (SASB) materiality issue database, as well as disclosures of peers, so as to identify industry practices. During the Year, there were no significant changes in the Group's strategy, direction or business operations. After considering the mutual importance of various ESG issues to stakeholders and their impact on the Group's operations, the Group has decided to follow the identified materiality issues. These cover 28 ESG related issues, including 18 highly material issues, and 10 moderately material issues. We have prioritized these issues based on their materiality, made different levels of focus disclosures in the Report, and taken them into consideration when formulating ESG strategies and policies.

The Board has reviewed and confirmed the following results of material ESG issues.

4. OPERATION PRACTICES

4.1 BUSINESS ETHICS

The Group is committed to insisting the highest standard of business ethics and professional conducts in business operation. We do not tolerate any form of bribery, extortion, fraud, or money laundering. We strictly abide by all laws and regulations related to anti-corruption, including the United Nations (Anti-Terrorism Measures) Ordinance (《聯合國(反恐怖主義措施)條例》) cited by the Government of the Hong Kong Special Administrative Region (HKSAR), the Company Law of the People's Republic of China (《中華人民共和國公司法》), the Anti-Money Laundering Law of the People's Republic of China (《中華人民共和國反洗錢法》), the Guidelines for the Assessment of Money Laundering and Terrorism Financing Risks and Categorized Management of Clients of Financial Institutions (《金融機構洗錢和恐怖融資風險評估及客戶分類管理指引》), and the Anti-Money Laundering Ordinance (《打擊洗錢條例》) and Prevention of Bribery Ordinance (《防止賄賂條例》) of the HKSAR, thus minimizing potential conflicts of interest.

The Group establishes a strong culture of anti-corruption through the implementation of "Reporting Policy and Procedure" (《舉報政策及程序》), which applies to all personnel. We actively build an internal culture of integrity and provide an effective reporting mechanism. To enhance the governance and corporate image of the Group, we encourage our employees and business partners to report any potential misconduct to the Group. We provide our employees with a standardized and orderly channel for proposing feedback on issues and requests internally, and make sure the Group can timely address those problems, thereby safeguarding the overall interests and corporate reputation. In case employees suspect misconduct, they shall first inform their department head. In case the report involves a department head or, for any reason, it is inconvenient to report to the department head, employees may report directly to the CEO or, in special circumstances, to the Chairman of the audit committee.

The Group promises to handle all report information in a confidential and prudent manner and will not reveal the identity of whistleblowers without their consent. We will take all reasonable measures to protect whistleblowers from any form of retaliation or harm due to an honest report. Harassment or disciplinary action against a whistleblower will be regarded as serious misconduct and will be addressed subject to applicable laws and regulations, up to and including dismissal once proven. To ensure that problems are fairly and thoroughly solved, we will appoint appropriate persons or establish a dedicated team to investigate according to specific situations.

During the Year, the Group launched a professional legal liability awareness campaign focusing on occupational crime cases and legal responsibility requirements. This initiative served as anti-corruption compliance training to strengthen employees' business ethics and compliance awareness, thereby reinforcing the integrity of operational practices.

During the Year, none of the Group's employees were involved in any lawsuits or accusations regarding any cases of corruption, bribery, extortion, fraud, or money laundering. By implementing these measures, the Group is committed to creating an honest and transparent operation environment that enables all employees to report misconduct without hesitation, thereby safeguarding our good enterprise reputation and long-term and sustainable development.

The directors and employees of the Group have received anti-corruption related training during the Year.

1. OPERATION PRACTICES

4.2 INFORMATION SECURITY

The Group has complied with the relevant laws and regulations regarding the protection of customer data and privacy, including but not limited to the Regulations of the People's Republic of China for Safety Protection of Computer Information Systems (《中華人民共和國計算機信息系統安全保護條例》), and Cybersecurity Law of the People's Republic of China (《中華人民共和國網絡安全法》) to effectively protect the customer privacy and information security. To safeguard information security and accurate and efficient usage, the Group has established the "Information Management System" (《信息管理制度》), which covers the information use, transmission, and preservation process and emphasizes aspects such as information confidentiality classification, authority management, and transmission security. We require all employees to strictly abide by relevant policies and make sure resources are correctly used during work and information transmitted complies with the principles of security, truthfulness, accuracy and validity.

In terms of financial business, we value the information security of customers and ensure business safety and steady operation. Our subsidiary, Zhong An International Commercial Factoring Co., Ltd.* (眾安國際商業保理 (天津) 有限公司), has formulated a complete information security management system according to relevant laws and regulations such as the "Credit Management Ordinance" (《徵信管理條例》), so as to protect the legal interests of shareholders and related parties, prevent business risks, and improve operation efficiency. We implement a strict mechanism for information protection and backup. All business information will be reported to the system for backup after generating universal messages, thus preventing information loss or damage. We connect with the UnionPay and the public security identity authentication centre, to provide identity authentication services of face recognition, rapid verification of bank cards, validity of mobile phone numbers and identity information, as well as comparison of identity cards, thereby protecting personal information security.

The Group always considers customer privacy protection as its top mission, striving to provide a safe and reliable and premium service environment for every customer. In this regard, the Group has formulated the "Guest Privacy Management Measures" (《賓客隱私管理辦法》) and implemented a series of strict measures, to safeguard the confidentiality of personal information of customers during service provision. For example, when registering at the reception desk, we will not make the room number or full name of customers public, which effectively protects their privacy. For call forwarding requests, we will implement a strict verification procedure. Only with the specific authorization by hotel customers will we deliver messages. No unauthorized invitation will be allowed, thus strictly protecting customer privacy.

The "Cybersecurity Management Regulations" (《網絡安全管理辦法》) specially formulated by the Group stipulate that only authorized persons can access sensitive information, thus minimizing system malfunctions and safety risks, ensuring data integrity and confidentiality, preventing network disruptions, and guarding against information leaks. To strengthen customer privacy protection, access to network equipment rooms requires compliance with pre-application and approval procedures including detailed registration steps, thus ensuring that no unauthorized persons can access critical network facilities. All software installations must undergo the review processes by designated departments for confirmation of their validity and assessment of potential safety threats. When publishing information on the intranet, employees must strictly comply with relevant national laws and regulations, to ensure the authenticity of published content and eliminate the spread of any malicious programs.

We strictly abide by relevant laws and regulations and make sure all operations comply with regulatory requirements. When handling and storing customer information, we adopt various technical means and management measures to ensure information confidentiality and security. We will not disclose customers' personal information to any third parties without their consent. Meanwhile, we regularly conduct information security training for employees, to strengthen their security awareness and standardize operational practices, thereby ensuring that every employee complies with the information security policies of the Company.

• For identification purpose only

4. OPERATION PRACTICES

4.3 PROTECTING INTELLECTUAL PROPERTY RIGHT

The Group always respects and values intellectual property right protection and strictly abides by the Advertising Law of the People's Republic of China (《中華人民共和國廣告法》), Patent Law of the People's Republic of China (《中華人民共和國專利法》), Trademark Law of the People's Republic of China (《中華人民共和國商標法》) and other relevant laws and regulations, to actively avoid any infringement. In order to ensure the compliance, accuracy and non-misleading of promotional materials and advertising content, we have adopted a strict approval procedure. All promotional products must be reviewed and approved by the general manager before being released, in order to ensure the authenticity and compliance of contents.

To ensure the standardization and transparency of promotion, we have formulated multiple management systems such as the "Administrative Measures for Hotel Channel Media Resources" (《酒店渠道媒體資源管理辦法》), "Management System and Standards in Posting Hotel Promotional Printed Matters" (《酒店宣傳類印刷品張貼管理制度及標準》) and "Flowcharts for Approval of Hotel Promotion Products" (《酒店宣傳產品審批流程圖》), which specifically stipulate the responsibility and operation process of each step, to ensure the efficient running of promotion. In terms of financial business, the Group requires the audit department to strictly review relevant information and ensures the authenticity and accuracy of the information on the sale of financial products.

During the Year, the Group did not have any property sales or related advertising activities.

4.4 QUALITY SAFEGUARD

To continuously improve service quality and customer satisfaction, we have formulated the "Engineering Department Equipment Management System" (《工程部設備管理制度》), to protect the safety and steady operation of all facilities through strict equipment management measures. We formulated a detailed equipment maintenance scheme and strictly carried out the principle of "taking prevention as priority and combining maintenance with planned inspection and repair". All equipment must undergo strict checks before use, to ensure their compliance with safety standards and operational standards. Elevator safety management is conducted through the development and implementation of regular inspection plans, daily management inspections, and the recording and supervision of elevator usage and maintenance conditions. Comprehensive equipment documentation and maintenance records are maintained to ensure that fire protection equipment remains in optimal condition. During daily operations, maintainers regularly patrol and record equipment conditions and timely discover and solve potential problems, preventing service disruptions due to equipment malfunction. In addition, we have strengthened professional training for equipment management and operational personnel to continuously improve business skills. Through these measures, we provide customers a more comfortable and safer environment, thus comprehensively improving our overall service quality.

The engineering department has formulated and strictly implemented a series of comprehensive safety management systems including the "Engineering Department Safety Management System" (《工程部安全管理制度》), to ensure the safety of hotel personnel and property, reduce incident rates and safeguard the safe operation and economic efficiency of equipment. With thorough implementation of national labor protection policies, regulations and systems, we formulate annual safe production plan, regularly check the progress of the plan, and earnestly record every safe production management work. The system provides employees with a safe and stable working environment in all aspects from daily safety management to emergency response, and ensures the efficient operation and service quality of hotel facilities. We conduct at least one elevator rescue drill every year, to ensure that employees are familiar with emergency procedures. For aerial work, we have formulated a strict approval system, which requires completion of "Approval Form for Aerial Work" (《高空作業審批表》), and the work at a height of over five meters must be approved by senior management. For serious incidents, we have established a rapid reporting and handling mechanism, to promptly report and assist in investigation. To cope with emergency situations, we have formulated seasonal safety measures including flood and typhoon prevention and heatstroke prevention. Furthermore, we have strengthened the safety management on external constructors by signing safety agreements to ensure their safety during construction.

1. OPERATION PRACTICES

To ensure that all property projects meet the quality standards agreed in contracts upon delivery, we have formulated the "Administrative Measures for Check and Acceptance and Handover" (《駿收與移交管理辦法》) and set standardized acceptance processes and strict management measures. We form joint acceptance teams with developers and construction units, to check buildings, water supply and drainage, electric engineering, equipment, greening and ancillary facilities one by one according to the "Acceptance Form" (《駿收表》). Projects that have not passed the commissioning tests will not be signed off. We will require construction units to rectify issues and conduct repeat inspections to make sure problems are completely solved within a limited period. Acceptance of engineering projects adopts a way combining completion acceptance, subsection acceptance and progress acceptance, to guarantee compliance with contractual requirements at every stage. The requirement department and engineering management department will jointly participate in acceptance, the checking items of which include apparent quality, maintenance accessibility and usage risks. Through these strict acceptance and handover measures, we ensure every property project meets high-quality requirements upon delivery, safeguarding owners' interests and usage safety and enhancing the brand image and service quality.

In terms of financial business, to guarantee service quality, we have established a rigorous approval process in daily operations, covering approval by seals and fund issuance processes, ensuring that every stage has specific person in charge and review standards. In addition, we regularly monitor the financial conditions of financing corporates, require them to provide balance sheets, statements of cash flow and other information, and follow the status of transferred assets in a timely manner, so as to prevent that ownership is seized, frozen and re-transferred. With a series of strict operational processes and management systems, we effectively reduce risks and improve service quality and customer satisfaction. We strictly comply with the "Guarantee Law" (《擔保法》) and follow the following procedures:

During the Year, the Group did not recall any products due to safety or health problems.

4.5 CUSTOMERS' HEALTH AND SAFETY

To safeguard the safety of customers in our properties, we always take the safety management work as priority and we have formulated a rigorous “Safety Management System” (《安全管理制度》), which stipulates that surveillance personnel shall monitor the safety prevention, public security maintenance and labor discipline supervision within monitored area, timely record situations during duty, and report any abnormal condition on a timely basis. Surveillance personnel shall maintain a clean and dry monitoring room and put stuff in order. Any non-monitoring personnel will be prohibited from entering the monitoring room without consent. Accessing surveillance videos or relevant information requires approval by Service Department and completion of “Application Form for Access to Surveillance Video Data” (《监控錄影資料調閱申請表》).

In terms of key custody and drawing, we have formulated corresponding. In particular, system, the keys of each passage, office, guest area and warehouse of a hotel shall have backups in Service Department. The duty room of Service Department has a special key cabinet and marks usage of each key. Key of the key cabinet is kept by the manager on duty and verified and confirmed when conducting work handover. When there is urgent need for opening the warehouse at night, the manager should be present, and the department manager and stuff receiver should jointly open the warehouse, take stuff and sign their name, so as to ensure the operation standard and safety.

4.6 COMPLAINT MECHANISM

Enhancing customer service experience and satisfaction remains our core service philosophy. To ensure all customer complaints receive timely, efficient, and standardized handling, we have formulated the “Administrative Measures on Handling Customer Complaints” (《客戶投訴處理管理規定》) and established a standardized procedure covering the whole process of receiving, classifying, circulating and handling complaints, providing institutional safeguards for high-quality service delivery. Upon receiving a customer complaint, we immediately record key details including the complaint content, requested resolution, and contact information, and then promptly forward the complaint to the relevant Operations Manager, in order to ensure every feedback can be valued promptly and handled properly, prevent backlogs or delays in handling through our mechanisms, and allow customers to experience our professional attitude that makes them feel valued.

For complaints about the products or service of the retailers, or feedbacks on the quality of our facilities, we will initiate a comprehensive investigation, analyze the root causes of the problems, and actively communicate with the retailers and the customer, to reach a mutually agreed solution. In order to further improve the quality of our services, we conduct follow-up of customer problem solving satisfaction on a regular basis, to ensure that every customer's concern is effectively addressed. Through this mechanism, we are not only able to understand customer feedback in a timely manner, but also to continuously improve our service processes to ensure high quality service standards. We are committed to providing our customers with an excellent service experience, and strive to build lasting trusting relationships through our professional, reliable, and attentive service, thereby earning long-term customer support and satisfaction.

During the Year, we received no major complaints from customers.

4.7 SUPPLIER COOPERATION

To effectively and accurately carry out procurement, establish long-term and mutually beneficial cooperative relationships with suppliers, and ensure that suppliers can provide fast and quality services, we have formulated the “Supplier Management Measures” (《供應商管理辦法》). It stipulates systematic processes and strict evaluation standards to ensure the establishment of long-term and stable cooperative relationships with high-quality suppliers.

To continuously optimize supply chain management, we conduct regular cooperation assessments on suppliers through “Suppliers’ Basic Information Investigation Form” (《供方基本情況調查表》) and “Projects Subcontract Service Evaluation Form” (《項目分包服務評價表》) and other forms to ensure the comprehensiveness and transparency of the assessment process. For suppliers who are assessed as unqualified, we will terminate cooperation upon approval by finance personnel in charge, to maintain an efficient supply chain operation. We formulated the “Purchasing Management Policy” (《採購管理政策》), “Purchasing Management Measures” (《採購管理辦法》), and “Suppliers Management Measures” (《供方管理辦法》) to clarify the procurement process and standards. Purchasing management department is responsible for collecting and sorting information of new suppliers, and each department shall assist in providing relevant information. Supplier development process include putting forward application for supplier investigation, information collection, on-site inspection, relevant partner inspection, supplier negotiation and commodity investigation, and the evaluation group will conduct a strict evaluation to all information. Relevant personnel from purchasing management department, finance department and demand department will jointly involve in the phase of negotiation with suppliers, so as to ensure the accuracy and consistency of the information. We organize relevant departments to conduct on-site inspections of our major suppliers in November each year and update the “Annual Company Qualified Supplier List”(《年度公司合格供方名冊》) based on the inspection results.

We require suppliers to sign the “Integrity Agreement” (《誠信約定書》), to ensure that integrity and transparency principles can be followed during commercial cooperation. We standardize behaviors in respect of gift receiving, entertainment and conflict of interest avoidance, to keep equitable and independent commercial interaction. We are entitled to terminate cooperation and require partners to undertake corresponding losses when any default behavior is discovered. We choose suppliers who meet high environmental and social standards on a prudent basis to ensure that the services they provide not only meet the business demands, but also comply with the requirements of sustainable development and climate resilience practices.

Through these stringent management and evaluation measures, we not only ensure the stability and reliability of our supply chain, but also provide high-quality products and services to support the continued development of our hotels and increase our customer satisfaction. Our goal is to establish a long-term and mutually trusting relationship and achieve a win-win situation..

During the Year, the Group has 101 suppliers which are mainly from Guangdong Province and Shanghai. These suppliers provide products and services such as safety management supplies, engineering/maintenance services, landscaping/cleaning supplies, marketing promotion, business services, electricity services, food and ingredients, alcohol, consumables (paper towels, washing products), office supplies, printing supplies, intelligent products and services.

2025 Environmental, Social and Governance Report 13

5. CARE FOR EMPLOYEES

Employees are key forces for driving innovation and progress of enterprises. The Group is committed to providing a fair and open working environment for employees and encouraging them to propose new ideas and advice. We believe that, by establishing an inclusive and supportive culture, employees will participate in our development more actively to build a better future together. We ensure that no person will suffer discrimination in respect of nation, religion, complexion, gender, physical or mental disability, age, birthplace, marital status and sex orientation, and physical or verbal harass in workplace. We do not tolerate any form of sexual harassment or bully in workplace. We are not aware of any operations with significant risk of forced or child labor during the Year.

5.1 EQUAL AND STANDARDIZED EMPLOYMENT

We have a strict recruitment system. After the acceptance of offer letter by candidates, both parties will enter into a formal labor contract. We ensure that the recruited employees are in compliance with laws and regulations. We request new employees to provide a series of personal information, such as identity certificate and education certificate before joining the Company in order for us to conduct background investigation, thus preventing child labor as stipulated by laws and regulations and protecting the legal rights and interests of both parties. Meanwhile, the Group is resolutely opposed to any form of forced labor. The working time of employees has been specified in the "Employee Handbook (《員工手冊》)". We will compensate employees appropriately if over time working is needed. Upon discovery of any violation, we will deal with it in accordance with the prescribed procedures.

The Company's policy specifies arrangements for resigned employees. Resigned employees will be paid within a specific period of time, and advance notice will be given for delays in special circumstances. Our employees must give notice or payment in lieu of notice to the Company in accordance with the terms of the employment contract stipulated by both parties. The employee's resignation notice letter must be submitted to the Administration Department. The employee must return all company items on the last working day.

5.2 CARE FOR EMPLOYEES

We are committed to providing basic wages and benefits that are competitive in the market for employees. The salary of employees is based on their positions, working experience and individual competence to ensure an attractive compensation system. Apart from basic wages, we will provide a year-end double salary or bonus based on the Group's overall operating conditions and employee performance every year to recognize employees' efforts and contributions in the past year and motivate them to continue to maintain excellent work performance. The specific amount of bonus is comprehensively assessed based on the financial results of the Company and working performance of individuals to ensure that rewards are in line with contributions. We may provide special bonuses for employees based on actual circumstances, and these additional rewards reflect our recognition of employee's outstanding performance.

The Group is committed to providing employees with competitive welfare. We offer various types of paid holidays such as marriage leave, compassionate leave, maternity leave and paternity leave, etc., to ensure that employees can receive adequate support and care at important moments in their personal lives. We also arrange a comprehensive free medical examination for employees every year to help employees keep abreast of their health status.

1. CARE FOR EMPLOYEES

During the Year, the Group organized various activities for employees, such as birthday parties, interactive craft sessions, Lunar New Year gatherings, and International Women's Day celebrations, striving to ensure happiness and care for employees.

Meanwhile, the Group hosted the 2025 Badminton Championship, centered on the theme "Bonding Through Play, Soaring with Passion; Unite Hearts, Challenge Yourself", which not only helps employees alleviate work stress and enhance physical and mental well-being but also further strengthens team collaboration and internal cohesion.

Team-building event for employees

5. CARE FOR EMPLOYEES

During the Year, the Group has a total of 695 employees, all of whom are in southern China. Their distribution is as follows.

By gender

By employee category
By age

1. CARE FOR EMPLOYEES

5.3 OCCUPATIONAL SAFETY STANDARDS

We strictly comply with the Law of the People's Republic of China on Work Safety (《中華人民共和國安全生產法》), Fire Control Law of the People's Republic of China (《中華人民共和國消防法》), Law of the People's Republic of China on the Prevention and Treatment of Occupational Diseases (《中華人民共和國職業病防治法》), Special Equipment Safety Law of the People's Republic of China (《中華人民共和國特種設備安全法》), Regulation on Work-Related Injury Insurances (《工傷保險條例》) and HKSAR's Occupational Safety and Health Ordinance (《職業安全及健康條例》) and other relevant laws and regulations, develop different measures to prevent accidents, protect the safety of employees, and require all employees to maintain a high level of safety awareness at work.

To ensure the safety of office environment, we have formulated detailed fire prevention and response policy. Employees have regularly participated in fire drills to help them familiarize with office escape paths and routes and prepare for rapid evacuation.

As the Group's business involves in project development, we pay close attention to relevant laws and regulations on safety management in regions where we operate. We attach great importance to the safety of employees and require all employees to keep vigilant at work. Any unsafe behaviour and possibly dangerous situations should be immediately reported to superiors to ensure that potential risks can be handled in a timely manner. We acquire labor insurance for all employees. Employees will be compensated for any injuries, disabilities or deaths arising from work accidents. We have in place safety equipment and facility to ensure that facilities in offices and operation areas are in compliance with safety standards and provide employees with safe working environment. For employees who need to carry out specific work, such as outside construction and laboratory operation, the Group will provide necessary individual protective equipment, such as hard hats, protective glasses, gloves, and ensure that employees use these equipment correctly. We attach great importance to the safety and health of employees and always give top priority to safe production and correct use of electricity. We implement three-level safe education and training plans and organise safe production activities every quarter to enhance safety awareness and response capabilities of employees. We also actively participate in formulation and optimization of safe production responsibility systems of all levels and safety standards of mechanical operation while inspecting its implementation to ensure compliance with regulatory requirements.

During the Year, the Group had no working days lost due to work-related injuries. There have been no work-related fatalities over a three-year period.

5.4 NURTURING TALENTS

We fully support the vocational growth and development of employees, providing learning and skills improvement opportunities for employees through various training plans and enabling every employee to become a driving force for our continuous progress. In terms of property management, we have established systematic trainings and our "Employee Training Management Measures" (《員工培訓管理辦法》) has provided new employees with comprehensive onboarding and centralized training to help them to quickly adapt to the Company's culture and business processes. Current employees have received various forms of training such as pre-job training, probation job training and external exchange and learning according to job needs to ensure that they master the latest industry knowledge and technology.

Except the new employee training, we standardize on-the-job training, focusing on ongoing training, internal growth and skill enhancement. For hotel employees, we have "Performance Appraisal Management System" (《績效考核管理制度》) to closely link performance appraisal with the vocational development of employees. We motivate employees to actively participate in trainings and further practice in actual work through management indicators such as employee satisfaction and skill spot check pass rate, which is overseen by the Human Resources Department. We encourage the establishment of an internal mentor system, cross-sectoral exchanges and internal and external training projects, such as the arrangement of external training according to the annual training program. The main training content includes visiting other peer companies for skills exchange, themed training held by industry consultation organization and short-term paid external training. The Group places great importance to the results of training and has set up a post-training evaluation system, which includes employee self-assessment, departmental follow-up and feedback. Through a systematized training management system, we not only help our employees enhance their professional skills, but also develop their comprehensive qualities, thus laying a solid foundation for our long-term development.

During the Year, we provided employees with various training plans to support their professional growth.

During the Year, the percentage of employees who received training was 65%, the training situation was as follows:

2025 Environmental, Social and Governance Report 19

6. LOW-CARBON OPERATION

We place a high value on environmental responsibility and are committed to minimizing our environmental impact at all levels of our operations, and strictly adhere to relevant laws and regulations, including Environmental Protection Law of the People's Republic of China (《中華人民共和國環境保護法》), Law of the People's Republic of China on Prevention and Control of Environmental Pollution by Solid Wastes (《中華人民共和國固體廢物污染環境防治法》), Energy Conservation Law of the People's Republic of China (《中華人民共和國節約能源法》). During the Year, the Group was not aware of any noncompliance with relevant laws and regulations.

The Group is committed to enhancing the supervision for the mitigation of negative environmental impacts, monitoring compliance and improvement of environmental performance. We conduct regular performance reviews to assess progress towards such targets. The following table summarizes the environmental targets¹ and progress: during the Year, we made good progress towards our environmental targets in all areas, and we implemented measures to achieve the following environmental targets, which reflect the Group's proactive approach to addressing climate challenges, aligning with global decarbonization initiatives while integrating emissions reduction strategies into core business operations.

1 The scope of application for the Group's various environmental targets is consistent with the scope of business covered in this report.

6.1 WASTE MANAGEMENT

We actively reduce the Group's waste generation and minimize the environmental impact of our daily operations with appropriate management standards. We have formulated relevant policies to limit the discharge of solid waste and sewage generated from our operations and to prevent further impacts on the environment such as pollution and harmful contamination. In line with our commitment to reducing waste generation, we maintain sustainable business operations and continuously improve our waste reduction measures to enhance employee awareness of waste reduction and recycling. We have established the "Rules for the Management of Waste and Old Materials" (《廢舊物品管理細則》) to standardize and improve the process of recycling, warehouse management, reuse and disposal of used goods. It is applicable for various obsolete, scrapped, secondhand, inventory and production residual items. The collection of waste and old materials is the responsibility of the department that generates them. Storage needs to be managed by dedicated personnel. Registration forms must be filled out, and flammable, explosive or toxic materials must be stored and handled in a timely manner. The Human Resources Department will compile the monthly registry, develop an inventory list of waste and old materials, and coordinate the reuse process. This rule ensures the regulation of recovery, management, reuse and disposal of waste and old materials.

6. LOW-CARBON OPERATION

The Group is committed to resources recycling and properly managing wastes, encouraging employees to reduce, reuse, recycle and repair relevant items before disposal and effectively improving our management standards for waste and old materials through systematic procedures and strict management systems. We have established the "Rules for the Management of Waste and Old Materials" (《廢舊物品管理細則》) to promote reasonable use of resources and environmental protection and ensure that waste and old materials can be collected and stored in a timely and orderly manner. Meanwhile, we have set up special waste and old materials warehouses that are managed by dedicated personnel to guarantee safe storage and classification management of materials, especially the timely disposal of some flammable, explosive and toxic materials, effectively reducing the environmental risks. Starting from the source, we encourage resources sharing between various departments to reduce procurement needs for new materials and save costs. By regularly compiling the "Inventory List of Waste and Old Materials" (《廢舊物品目錄清單》) and conducting internal circulation, waste and old materials can be allocated and used more efficiently internally, thus maximizing the utilization of resources.

In order to manage wastes more effectively, our "Office Supplies Management System" (《辦公用品管理制度》) regulates the procurement, use and management of hotel office supplies and requires that employees get office supplies according to their actual needs to avoid excessive use and waste. We encourage the use of environmentally friendly office supplies, such as renewable paper, biodegradable pen refill, double-sided printing, especially double-sided printing and paperless office, reducing the usage of paper. We implement inventory management of office supplies and require regular checking and clearance of inventory to ensure that inventory items are not expired or overstocked. Through reasonable inventory management, we avoid wastes of office supplies due to expiration or backlog.

The total amount of the Group's non-hazardous waste generated is 2,097.2 tonnes. The amount of hazardous waste generated totaled 0.1 tonnes. We will continue to evaluate our waste management policies and endeavor to enhance the effectiveness of environmental protection.

6.2 ENERGY MANAGEMENT

In terms of resource management, the Group has formulated the "Engineering Department Energy Conservation Management System" (《工程部節能管理制度》) and "Notice on Environmental Protection and Energy Conservation in Offices" (《辦公室環保節能通知》) in strict compliance with the Energy Conservation Law of the People's Republic of China (《中華人民共和國節約能源法》) and other relevant national laws and regulations as well as industry regulations. We have established various energy and resource conservation measures, and encourage our employees to participate in reducing their environmental impact. To improve energy efficiency, the Group is committed to achieving energy conservation and emission reduction at all levels through a series of measures to promote efficient and environmentally friendly operations.

The measures we have implemented are as follows:

• In offices and public areas with good sunlight, turn on the lights as little as possible to save energy. Please close the windows and doors during the operation of the office air conditioner.
• During lunch breaks or after getting off work, all office sockets, lighting fixtures, air conditioners, computers and other electrical equipment should be cut off to avoid fire hazards and waste.
• Strictly control the switching time of central air conditioning, regional lights and equipment, and do not turn on early and turn off in delay.
• When there are few customers, each department should centrally and rationally arrange guest rooms, and implement zoned power supply and cooling.

During the Year, the total power consumption of the Group during its operations was 3,836,597.3 kWh, while the electricity consumption intensity was 35.4 kWh per square meter. The Group will regularly review its energy efficiency targets and actively improve the implementation of its energy policy.

1. LOW-CARBON OPERATION

6.3 EMISSION MANAGEMENT

The Group actively manages and reduces emissions and adopts a series of practical measures to reduce carbon footprint. Our core goal is to firmly fulfil responsibilities for environmental protection, while ensuring the sustainability of operations. To this end, we continuously improve energy efficiency for all properties and strive to minimize GHG emissions. The GHG emissions of the Group are mainly derived from two aspects: fuel consumption of fixed equipment (Scope 1) and the use of purchased electricity (Scope 2).

We have conducted the GHG emissions audit for the Group, including the office areas of Sinolink Properties Limited, Sinolink Property Management Co., Ltd., the office areas of The Vi City, O Hotel and Rockbund, in accordance with the GHG Protocol by the World Resources Institute and World Business Council for Sustainable Development and the ISO14064-1 prepared by the International Organization for Standardization. Our GHG emissions are as follows:

¹ The disclosure of Scope 3 GHG emissions covers Category 1 - Purchased Goods and Services, Category 6 - Business Travel and Category 13 - Downstream Leased Assets.

To verify emissions across the entire value chain, we have incorporated Scope 3 GHG emissions into our GHG emissions audit for this report. During the Year, our total GHG emissions amounted to 5,711.3 tCO₂e. The Group will continue to encourage partners across the value chain to participate in Scope 3 analysis, thereby expanding the coverage of Scope 3 emissions data.

During the Year, the Group made progress in advancing its climate-related goals, reducing Scope 1 and Scope 2 GHG emissions from the base year. We will continuously monitor and review our Scope 1 and 2 GHG emissions targets and performance, optimize the implementation of environmental measures, and assess whether any revisions are necessary.

6.4 WATER MANAGEMENT

The Group has implemented various measures to reduce water usage and promote responsible water resources management. The "Engineering Department Energy Conservation Management System" (《工程部節能管理制度》) and "Notice on Environmental Protection and Energy Conservation in Offices" (《辦公室環保節能通知》) of the Group encourage employees to implement water resources management measures and water conservation actions, such as regular maintenance of faucet switches on various pipes and equipment, strict prohibition of running, bubbling, dripping, leaking of water and enhanced management of bathroom water in various regions. The Group sources water from municipal water supply, and there is no water intake problem during the Year.

During the Year, the total water consumption of the Group was 162,177 tonnes, while the water consumption intensity was 0.9 tonnes per square meter. The Group will continuously review the progress towards achieving its water resources target and continue to improve the implementation of environmental policies and measures.

6.5 ADDRESSING CLIMATE CHANGE

In response to the challenges of global climate change, our Group is taking proactive measures. Recognizing the impact of climate-related risks and opportunities on operations, compliance, and reputation, we have integrated them into our centralized risk management framework. To address climate change challenges, we are currently collaborating with ESG consultants to conduct comprehensive annual climate-related scenario analyses. This ensures proper identification, thorough assessment, and effective management of climate-related risks and opportunities. The analysis evaluates the likelihood and severity of identified climate risks, incorporating quantitative metrics to prioritize these risks within the broader corporate risk landscape. Risks are prioritized based on their materiality to the business and reported annually to management. Based on these analyses, we have developed corresponding measures to mitigate risks and seize opportunities. The Group will continue to strengthen its preparedness for climate change by improving the energy efficiency of managed properties and reducing emissions.

We conducted climate-related scenario analysis for our property portfolio using two climate scenarios based on the Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report (AR6): "Shared Socioeconomic Pathways" (SSPs) and "Representative Concentration Pathways" (RCPs). We considered two Shared Socioeconomic Pathways (SSP 1-2.6 and SSP 5-8.5) and three distinct time horizons: 2030, 2050, and 2100. The table below summarizes the context of risk assessment and key characteristics of these two climate scenarios.

| Business Scope | · Sinolink Properties Limited – office areas
· Sinolink Property Management Co., Ltd – office areas
· The Vi City – office areas
· O Hotel
· Rockbund
The revenue generated from these assets and business activities is also included within the scope of the assessment. | |
| --- | --- | --- |
| Reference Scenarios | Turquoise Scenario | Brown Scenario |
| Pathways | SSP 1-2.6 | SSP 5-8.5 |
| Assumptions | · Climate risk assessments were conducted in 2025, with asset locations expected to remain unchanged throughout the forecast period.
· Mitigation measures remain unchanged. | |
| Reasons for Scenario Selection | · The timeframe provided by the selected data sources aligns with our strategic planning timetable and is consistent with the Paris Agreement.
· The selected scenarios assist the Company in assessing the level of physical and transition risks faced and support our future strategic planning. | |
| Time Horizon | Short-term: By 2030
Medium-term: By 2050
Long-term: By 2100 | |
| Global Rise in Average Temperature | Approximately 1.7°C by 2060 and approximately 1.8°C by 2100 | Approximately 2.4°C by 2060 and approximately 4.4°C by 2100 |
| Scenario Description | The turquoise scenario represents a future committed to combating climate change. Governments worldwide have pledged to reduce carbon emissions and implemented stringent climate policies, while more businesses are dedicating themselves to achieving international climate action goals. This will primarily drive the economy toward gradual low-carbon development, characterized by lower physical risks and higher transition risks. | The brown scenario represents a future where business continues as usual with virtually no climate action taken. Neither governments nor corporations are willing to sacrifice economic growth for climate mitigation. The absence of climate policies and actions, coupled with weak public awareness, ultimately results in high physical risks and low transition risks. |

Through climate-related scenario analysis, we identified seven significant physical and transition risks and four major opportunities for our business operations. The most significant climate-related risks typically involve property assets located in coastal areas, which are vulnerable to typhoons and abnormal rainfall patterns. Within our risk management framework, material risk categories under operational risk incorporate risks associated with such climate-related physical hazards and ensure mitigation measures are implemented. Based on these analyses, we have developed corresponding resilience mitigation measures to reduce risks and capitalize on opportunities. Considering recent typhoon and abnormal rainfall disasters, we have allocated budgets to maintain or enhance defense capabilities of existing properties against typhoons and rainfall floods. However, uncertainty remains regarding potential future changes in the frequency and severity of typhoons and abnormal rainfall.

Looking ahead, we will continue to identify climate-related risks and opportunities to ensure timely responses to any significant changes in risk conditions, while monitoring the impacts of climate change on our business operations, building management, and communities.

7.COMMUNITY CONTRIBUTION

The Group recognises the importance of environmental protection to community stability and sustainable development of businesses. To this end, we are committed to giving back to society through various environmental protection activities, and actively participate in and support public benefit activities regarding environmental protection. In the future, the Group will continue to provide support to different stakeholders through various activities and contribute to building a greener and more sustainable future.

During the Year, the Group has progressively launched community outdoor convenience services and free medical consultation activities, providing tangible support and health care to local residents while contributing to the development of a harmonious and livable community environment.

World Environment Day

During the Year, on World Environment Day, O Hotel organized a community cleanup walk along the Donghu Park Greenway near our neighborhood. Under the theme "Protecting the Environment Together," our staff participated in litter collection activities to help improve the public environment and fulfill our community environmental responsibilities.

Waste Sorting x Upcycling x Community Services

O Hotel launched a waste sorting initiative in the neighborhood, integrating upcycling rewards programs to promote eco-consciousness while delivering tangible community services. This effort fulfills the hotel's commitment to build a sustainable community.

APPENDIX I: SUSTAINABILITY DATA STATEMENT

The summary of the Group's environmental sustainability data for the Year is as follows:

1. The calculation of GHG emissions is based on (1) the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004); (2) the Greenhouse Gas Protocol: Corporate Value Chain (Scope 3) Accounting and Reporting Standard (2011).
2. The scope of greenhouse gas reporting aligns with the business scope covered in this report, employing the operational control method as the measurement approach for GHG emissions.
3. The disclosure of Scope 3 GHG emissions covers Category 1 - Purchased Goods and Services, Category 6 - Business Travel and Category 13 - Downstream Leased Assets.
4. The calculation scope of purchased electricity consumption and purchased electricity consumption intensity covers the electricity consumption of the Scope 2 GHG emission.
5. Due to the expansion of the scope of this year's report, the electricity consumption and water consumption data of Rockbund were added, resulting in an increase in total electricity consumption and total water consumption compared with previous years.
6. The calculation scope of total water consumption and water consumption intensity includes properties under the Group's operational control and water consumption generated by tenants of Rockbund.

APPENDIX I: SUSTAINABILITY DATA STATEMENT

The summary of the social sustainability data of the Group for the Year is as follows:

7 Calculated as a percentage of the number of employees trained in this category during the Year to the total number of employees in this category.

APPENDIX II: INDEX OF THE ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORTING CODE OF THE STOCK EXCHANGE

APPENDIX II: INDEX OF THE ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORTING CODE OF THE STOCK EXCHANGE