2025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen Properties & Resources Development (Group)
Ltd.2025 Annual Report
(Announcement No.: 2026-06)
[March 2026]
12025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2025 Annual Report
Section I Important Notes Table of Contents and
Interpretations
The Board of Directors the directors and the executives of the Company guarantee that there
are no significant omissions fictitious or misleading statements carried in the Report and we
will accept individual and joint responsibilities for the truthfulness accuracy and completeness
of the Report.Principal TANG Xiaoping Chief Finance Officer LIU Qiang and Chief Accountant (accounting
officer) CAI Kelin declare that they guarantee the authenticity accuracy and completeness of
the financial report in the Annual Report.All directors attended the board meeting at which this report was considered.Part of the Company's annual report involves the description of future business plans or
business work arrangements. The implementation of relevant plans or arrangements is affected
by many factors and does not constitute the Company's substantive commitment to investors.Investors and relevant persons should maintain sufficient risk awareness and understand the
differences between plans forecasts and commitments.The Board has approved a final dividend plan as follows: based on the total share capital of
595979092 shares a cash dividend of RMB0.20 (tax inclusive) per 10 shares is to be distributed
to the shareholders with no bonus issue from either profit or capital reserves.
22025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
TABLE OF CONTENTS
Section I Important Notes Table of Contents and In... 2
Section II Company Profile and Major Financial Ind....6
Section III Management's Discussion and Analysis ... 12
Section IV Corporate governance Environment and So...43
Section V Significant Events ........................69
Section VI Changes in Shares and Shareholders .......84
Section VII Bonds ...................................91
Section VIII Financial Statements ...................95
32025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
List of Reference Documents
I. Financial statements signed and sealed by the Company's Principal Chief Finance Officer and Chief
Accountant (accounting officer).II. The original audit report bearing the seal of the accounting firm and the signature and seal of the
certified public accountant.III. The originals of all the Company's documents and announcements that have been publicly disclosed
during the reporting period.
42025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Interpretations
Item of interpretations refers to Interpretations
The Company the Group SZPRD refers to Shenzhen Properties & ResourcesDevelopment (Group) Ltd.Shenzhen Investment Holdings refers to Shenzhen Investment Holdings Co. Ltd.Huangcheng Real Estate refers to Shenzhen Huangcheng Real Estate Co.Ltd.Dongguan Company refers to Dongguan ITC Changsheng Real EstateDevelopment Co. Ltd.Xuzhou Company refers to SZPRD Xuzhou Dapeng Real EstateDevelopment Co. Ltd.Yangzhou Company refers to SZPRD Yangzhou Real EstateDevelopment Co. Ltd.Wuhe Urban Renewal refers to Shenzhen Wuhe Urban Renewal Co. Ltd.Rongyao Real Estate refers to Shenzhen Rongyao Real EstateDevelopment Co. Ltd.International Trade Center Property refers to Shenzhen International Trade CenterManagement Property Management Co. Ltd.ITC Technology Park refers to Shenzhen ITC Technology Park ServiceCo. Ltd.Guomaomei Life Service refers to Shenzhen Guomaomei Life Service Co.Ltd.Shenzhen Property Commercial Operation refers to Shenzhen Property Commercial OperationCo. Ltd.Guomao Catering refers to Shenzhen Guomao Catering Co. Ltd.Supervision Company refers to Shenzhen Property Engineering andConstruction Supervision Co. Ltd.Wuhe Industry Investment and Development refers to Shenzhen Wuhe Industry Investment andDevelopment Co. Ltd.Shenzhen Property Management refers to Shenzhen Property Management Co. Ltd.Foreign Trade Property refers to Shenzhen Foreign Trade PropertyManagement Co. Ltd.Shenfubao Property refers to Shenzhen Shenfubao PropertyDevelopment Co. Ltd.Shenfubao Hydropower refers to Shenzhen Shenfubao Municipal ServiceCo. Ltd.Security Service refers to Shenzhen Free Trade Zone SecurityService Co. Ltd.Facility Management Community refers to Shenzhen Facility Management CommunityCo. Ltd.Shenzhen ITC Chuntian refers to Shenzhen ITC Chuntian CommercialManagement Co. Ltd.RMB RMB10000 RMB100000000 refers to The given figures expressed in the Chinesecurrency of Renminbi
52025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section II Company Profile and Major Financial Indicators
I. Information about the Company
Abbreviation SZPRD A SZPRD B Stock code 000011、200011
Stock name before the change
(if any) Not applicable
Stock exchange where the
Company's stocks are listed Shenzhen Stock Exchange
Chinese name Shenzhen Properties & Resources Development (Group) Ltd.Abbreviation in Chinese SZPRD
Foreign name of the Company
(if any) ShenZhen Properties & Resources Development(Group) Ltd.Abbreviation of the Company's
foreign name (if any) SZPRD
Legal representative Tang Xiaoping
Registered address Floor 39 and 42 International Trade Center Building Renmin South Road LuohuDistrict Shenzhen Guangdong
Postal code of registered
address 518014
Historical changes of the
Company's registered address None
Office address Floor 16 20 39 and 42 International Trade Center Building Renmin South RoadLuohu District Shenzhen Guangdong
Postal code of business address 518014
Website www.szwuye.com.cn
E-mail 000011touzizhe@szwuye.com.cn
II. Contact person and contact information
Secretary of Board of Directors Securities affairs representative
Name Zhang Gejian Chen Qianying
Floor 20 International Trade Center Floor 39 International Trade Center
Contact address Building Renmin South Road Luohu Building Renmin South Road LuohuDistrict Shenzhen City Guangdong District Shenzhen City Guangdong
Province Province
Tel. 0755-82211020 0755-82211020
Fax 0755-82210610、82212043 0755-82210610、82212043
E-mail 000011touzizhe@szwuye.com.cn 000011touzizhe@szwuye.com.cn
III. Information disclosure and storage location
Stock exchange websites where companies disclose
annual reports Shenzhen Stock Exchange http://www.szse.cn
Name and website of the media where COOEC discloses
its annual report Securities Times and Cninfo http://www.cninfo.com.cn
The Board Office Floor 39 International Trade Center
Storage location of annual reports Building Renmin South Road Luohu District Shenzhen
Guangdong
62025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
IV. Registration changes
Unified social credit code No change
Changes in primary business since the listing of the
Company (if any) No change
On September 29 2004 Shenzhen SASAC decided to
establish Shenzhen Investment Holdings Co. Ltd. by
means of merger. The merged parties included the original
controlling shareholder Shenzhen Investment Management
Corporation and Shenzhen Construction Investment
Holdings Co. Ltd. The merged Shenzhen Construction
Investment held 323796324 shares of SZPRD and
Shenzhen Investment Management held 56582573
shares of SZPRD accounting for 63.82% of the total share
capital of SZPRD.Previous changes of controlling shareholder (if any) On October 19 2018 the Company received a notice from
the actual controlling shareholder Shenzhen Investment
Holdings that Shenzhen Investment Holdings had obtained
the Confirmation of Securities Transfer Registration issued
by China Securities Depository and Clearing Co. Ltd.Shenzhen Branch. By then the transfer of Shenzhen
Investment Holdings' equity had been completed and the
controlling shareholder of the Company had been changed
to Shenzhen Investment Holdings.There was no change in the controlling shareholder of the
Company during the reporting period.V. Other relevant information
Accounting firm engaged by the Company
Name Grant Thornton Zhitong Certified Public Accountants LLP
Office address Floor 5 Scitech Plaza No. 22 Jianguomenwai StreetChaoyang District Beijing
Signing accountants ZHAO Juanjuan ZHOU Yilan
Sponsor engaged by the Company to perform continuous supervision during the reporting period
□ Applicable □ Not applicable
Financial consultant engaged by the Company to perform continuous supervision during the reporting
period
□ Applicable □ Not applicable
VI. Main accounting data and financial indicators
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
? Yes □ No
Increase/decrease this
2025 Year 2024 year compared with Year 2023
last year
Operating revenue
(RMB) 2383288250.02 2734158884.05 -12.83% 2965117025.04
Net profit attributable
to the shareholders of
the listed company 33885110.58 -1114764922.17 103.04% 464014492.11
(RMB)
Net profit attributable -12386354.39 -1328523983.50 99.07% -172360115.90
72025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Increase/decrease this
2025 Year 2024 year compared with Year 2023
last year
to shareholders of
listed companies after
deducting non-
recurring profit or loss
(RMB)
Net cash flows from
operating activities -2086069661.63 -1423998174.52 -46.49% -264092984.33
(RMB)
Basic earnings per
share (RMB/share) 0.0569 -1.8705 103.04% 0.7786
Diluted earnings per
share (RMB/share) 0.0569 -1.8705 103.04% 0.7786
Weighted average rate
of return on net assets 1.00% -28.00% 29.00% 10.26%
Increase/decrease at
As at the end of 2025 As at the end of 2024 the end of this yearcompared with the end As at the end of 2023
of last year
Total assets (RMB) 15428127953.74 15293205498.30 0.88% 16988062068.09
Net assets attributable
to shareholders of the 3394933772.35 3361683048.50 0.99% 4661810328.75
listed company (RMB)
The net profit of the Company in the last three fiscal years before and after deducting non-recurring
profit or loss is negative and the audit report of the latest year shows that the going-concern ability of
the Company is uncertain
? Yes □ No
The lowest of the Company's audited total profit net profit and net profit attributable to the listed
company’s shareholders after exceptional gains and losses during the reporting period was negative.□Yes ? No
Item 2025 Year 2024 Remark
Deduct the business revenues
that are not related to the main
business which are mainly the
temporary resettlement
Operating revenue (RMB) 2383288250.02 2734158884.05 compensation revenues from theshed renovation project on
Chuanbu Street the revenue
from the disposal of investment
properties and the consulting
service revenues.Business revenue not 90983184.75 63518310.93 Business revenue not related torelated to the main business the main business
Deduct the business revenues
that are not related to the main
business which are mainly the
Operating revenue deduction temporary resettlement
amount (RMB) 90983184.75 63518310.93 compensation revenues from the
shed renovation project on
Chuanbu Street the revenue
from the disposal of investment
properties and the consulting
82025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item 2025 Year 2024 Remark
service revenues.Deduct the business revenues
that are not related to the main
business which are mainly the
temporary resettlement
Operating revenue after
deduction (RMB) 2292305065.27 2670640573.12
compensation revenues from the
shed renovation project on
Chuanbu Street the revenue
from the disposal of investment
properties and the consulting
service revenues.VII.Differences between accounting data under domestic and foreign accounting
standards
1. Differences in net profit and net assets in the financial reports disclosed in accordance with
the international accounting standards and the Chinese accounting standards
□ Applicable □ Not applicable
During the reporting period of the Company there was no difference in net profits and net assets in
financial reports disclosed in accordance with international accounting standards and Chinese
accounting standards
2. Differences in net profit and net assets in financial reports disclosed in accordance with both
the international accounting standards and Chinese accounting standards
□ Applicable □ Not applicable
During the reporting period of the Company there was no difference in net profits and net assets in
financial reports disclosed in accordance with the international accounting standards and Chinese
accounting standards
VIII. Main financial indicators by quarter
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 493396461.75 594512474.12 627863129.86 667516184.29
Net profit attributable
to shareholders of the 5005715.62 9422304.01 17793178.39 1663912.56
listed company
Net profit after
deducting non-
recurring profits and
losses attributable to 170711.89 -25583691.29 14667807.67 -1641182.66
shareholders of the
listed company
Net cash flows from
operating activities -271334001.08 164146485.82 -2267983635.15 289101488.78
Whether the above financial indicators or their aggregate are significantly different from the financial
indicators related to the Company's disclosed quarterly and semi-annual reports
? Yes □ No
92025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
IX. Non-recurring profit or loss items and amounts
□ Applicable ? Not applicable
Unit: RMB
Item Amount in 2025 Amount in 2024 Amount in 2023 Notes
Profit or loss on disposal
of non-current assets Mainly due to the
(including write-off of 38538640.97 44657387.86 702127250.52 disposal of investment
provision for asset properties
impairment)
Government subsidies
included in the current
profit or loss (except for
those that are closely
related to the Company's
normal business Mainly due to the one-
operations comply with 10813006.40 1099426.89 7802977.21 off government
national policies and subsidies received
regulations are enjoyed
according to determined
standards and have a
sustained impact on the
Company's profit or loss)
Profit or loss from
changes in fair value of
financial assets and
liabilities held by non-
financial enterprises and
profit or loss from the Mainly due to the
disposal of financial 1765714.20 changes in the fair
assets and financial value of money market
liabilities except for funds
effective hedging
operations related to the
Company's normal
business operations
Profits or losses from
debt restructuring -54026.93
Non-operating revenue
and expenses other than
the above-mentioned 14008622.89 -7288158.92 -2773489.32
Mainly due to the
forfeited deposits
items
Other items of profit or Mainly due to the
loss subject to the
definition of non- -80226.78 184906343.25 5684844.32
adjustment for
additional VAT
recurring profit or loss deductions
Less: income tax effects 16242730.99 9424345.24 76182752.47
Affected amount of
minority interests (after 2531561.72 137565.58 284222.25
tax)
Total 46271464.97 213759061.33 636374608.01 --
Specific circumstances of other profit or loss items that meet the definition of non-recurring profit or loss:
□ Applicable □ Not applicable
The Company had no specific profit or loss items that meet the definition of non-recurring profit or loss.Notes on the definition of the non-recurring profit or loss items listed in the "Interpretive Announcement
102025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
No. 1 on Information Disclosure of Companies Issuing Securities to the Public - Non-recurring Profit or
Loss" as recurring profit or loss items
□ Applicable □ Not applicable
The Company had no circumstances of definition of the non-recurring profit or loss items listed in the
"Interpretive Announcement No. 1 on Information Disclosure of Companies Issuing Securities to the
Public - Non-recurring Profit or Loss" as recurring profit or loss items.
112025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section III Management's Discussion and Analysis
I.Main business engaged by the Company during the reporting period
The Company shall comply with the disclosure requirements for the real estate industry as set out in the
Guidelines for Self-Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry
Information Disclosure
(I) Overview of main business
SZPRD was established in 1982. It was formerly known as Luohu Engineering Construction
Headquarters. In August 1985 it was renamed Shenzhen Properties Development Corporation. In 1988
it was identified by Shenzhen government as the second batch of state-owned enterprises to pilot the
joint-stock reform. In 1990 it completed the joint-stock reform and was officially renamed Shenzhen
Properties & Resources Development (Group) Ltd. In March 1992 the Company's stock (SZPRD
A/SZPRD B 000011/200011) was officially listed on the Shenzhen Stock Exchange.SZPRD as Party A of the construction of the International Trade Center Building played a leading role
in orchestrating the entire process of its construction and operation. It is a key creator and organizer of
the world-renowned "Shenzhen Speed". The International Trade Center Building is also fortunate to
have become an important historic site of DENG Xiaoping's world-renowned "south tour speeches".The Company was founded as the International Trade Center Building was established and thrived
through China's reform and opening-up growing alongside the miraculous city of Shenzhen. It has
become a steadfast practitioner of the "pioneer cattle" spirit in the new era dedicated to innovative
services and overcoming challenges. The employees of SZPRD uphold the spirit of "daring to be the
first and striving for strength through reform and innovation" focus on the functional positioning of state-
owned assets of "serving the overall situation serving the city serving the industry and serving the
people's livelihood" stick to the original aspiration and forge ahead with perseverance. The Company
has now developed from a project company when it first built the International Trade Center Building to
a large-scale comprehensive industrial group. In the new era and new stage the Company assesses
the situation and acts accordingly striving to move forward towards the goal of becoming "China's
leading smart operator of industrial and urban space".
1. Industrial and urban space development
The Company's space development sector is committed to the development of different business
formats such as residential buildings high-end apartments office buildings and industrial parks. It has
brand projects such as ITC Building Huanggang Port Tian'an International Building Qianhai Port and
Jinling Holiday. Based on the existing real estate development business the Company will promote the
stock optimization and increment development and construction simultaneously. Taking the subordinate
companies such as Huangcheng Real Estate Rongyao Real Estate and Wuhe Urban Renewal as the
development and urban renewal entities the Company will rely on its listing platform to increase capital
operation and rationally allocate urban space development sectors. During the reporting period all
projects on sale had their promotion strategies adjusted in a timely manner according to market
conditions ensuring a dynamic match between capital investment construction pace and market
destocking while going all out to complete the annual sales collection task.
2. Property management service
The Company's property management segment is based on International Trade Center Property
Management. As one of the first batch of national first-class property management qualified enterprises
International Trade Center Property Management has after more than 30 years of development
become a domestic first-class property service provider with diversified business capabilities and
technological strength. It has been rated as "Top 100 property management Enterprises in China" and
"Excellent Enterprise for China Industrial Park Property Management" for many years in a row. The
projects under its management are spread all over the country and its business radiates to various
regions of the country including South China Southwest China East China North China as well as
the Vietnam-Vietnam Cooperation Zone. The existing business has covered various formats such as
industrial parks cultural tourism scenic spots government agencies rail transit housing hospitals
schools hotels etc. and is being arranged to enter the field of grassroots social governance cooperate
122025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
with the government to create a safe harmonious civilized and orderly urban environment and
basically form a good pattern of multi-format comprehensive development. International Trade Center
Property Management has more than 20 subsidiaries leveraging its headquarters' functional
departments as a platform to actively build three major centers namely "market empowerment and
supervision". It has established business centers and profit centers based on the three major modules
featuring professional business companies professional companies and regional companies aiming to
achieve a sustainable and effective "1+1 >2" coordinated development new pattern.
3. Industrial ecological operation
The industrial ecological operation sector makes full use of the Company's development foundation and
entire industrial chain development advantages in the three basic industries of real estate development
property management and leasing focuses on the two strategic starting points of "value-added
operation of stock assets" and "light asset operation output" strengthens internal and external strategic
cooperation is committed to building a closed-loop of the whole industry ecology covering project
development services park operation services supporting leasing operations etc. continuously
optimizes the space service and leasing ecosystem in the park and has initially possessed the whole
chain capabilities and experience of various assets from the early planning project clearance
construction control investment promotion operation on-site control etc. forming a unique and mature
business development model. The Company is accelerating the inventory and evaluation of existing
properties and strengthening management. In the future it will gradually expand the scope of its leasing
business and enhance property leasing development capabilities. On this basis it will gradually shift the
focus of its industrial ecological operations to science and technology parks providing supporting
services for the entire value chain including industrial ecological introduction project development
services and park operation services to shape the role of a "space service provider" with science and
technology parks as the core.
4. Other business
During the reporting period the Company's business also includes catering business and project
supervision business. The catering business is operated by Shenzhen Guomao Catering Co. Ltd.Guomao Catering was established in 1986 and became famous at home and abroad as the place
where the "Southern Tour Speech" was delivered in 1992. Since its opening it has received more than
600 Chinese and foreign dignitaries celebrities and countless Chinese and foreign guests and its
reputation has spread far and wide both at home and abroad. The engineering supervision business is
operated by a supervision company which has Class A supervision qualification for housing
construction projects from the Ministry of Construction. Its predecessor was the SZPRD Management
Department. It was directly involved in the construction and management of the Shenzhen International
Trade Building and witnessed the entire process of creating the "Shenzhen Speed". It has long been
mainly serving the group's development projects.(II) Operation in 2025
In 2025 facing the complex environment of deep restructuring in the real estate industry and the
multiple challenges brought by market fluctuations the Company has always adhered to its
responsibility as a state-owned enterprise consolidated its development foundation in overcoming
difficulties and accumulated momentum for progress in transformation and upgrading. Under the market
pressure of real estate segment the key projects are advanced in an orderly manner achieving a
stable cash flow base through the revitalization of existing assets and precise marketing; the property
management segment continued to expand with intelligent upgrades and value-added service
expansion advancing in an orderly manner. The area under management successfully exceeded 48
million square meters further highlighting the industry benchmark effect of International Trade Center
Property Management; stable returns are maintained in the asset operation segment providing reliable
profit support for the Group. During the reporting period the Group's total assets were about RMB
15.428 billion and the annual operating revenue was about RMB 2.383 billion and the annual main
economic indicators were generally completed.First the industrial and urban space development segment forged ahead under pressure
steadily promoting work related to real estate destocking. The real estate business achieved an
operating revenue of RMB 567 million throughout the year accounting for 23.79% of the total revenue.
132025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Under the dual challenges of macroeconomic fluctuations and industry transformation and adjustment
the real estate segment with the goal of "maximizing destocking promoting collections and stabilizing
benefits" maintained its composure and actively implemented the relevant policies generally
completing the annual sales task. During the reporting period the major real estate projects including
Guangming Yutang Shangfu Project Lake City Project Shenyang Digital Intelligent City Project and
Binhai Harbor Project were launched simultaneously. Marketing management actively responded to
market changes prudently analyzed and evaluated market conditions closely monitored dynamics in
key regional markets and seized market opportunities to accelerate sales and inventory clearance. The
Company has consistently strengthened the coordination of milestone targets and resource allocation
guarantees. Adhering to a market-oriented management philosophy all business lines including design
procurement and engineering within the Group have maintained high-level collaboration enhanced
refined control to adapt to market changes and implemented comprehensive coordination and
guidance for project development. Proactive planning was conducted for critical tasks such as project
design schemes tendering and procurement target cost determination and on-site construction
ensuring efficient and orderly development of all ongoing projects. A refined control system covering the
entire real estate project development process has become mature.Second the property management segment was reformed with keen determination and
continued to strengthen market expansion. The property management business reported an
operating revenue of RMB1.637 billion accounting for 68.70% of the total revenue higher than in 2024.The property management segment closely followed the high-quality development strategy achieving
multi-point breakthroughs in operating scale economic benefits and brand value. The managed area
has exceeded 48 million square meters. We have successfully entered the new "property city" sector
and the new map of the northwest market. For the first time we have ventured into the international
high-end innovative education services and high-speed rail transportation hubs. The managed business
types have continued to be enriched and upgraded. We actively explored the new drivers for value-
added services closely focusing on the core strategy of "basic services + diversified operations" and
achieving steady growth in diversified operation income. We further promoted professional layout
stimulated internal synergistic potential focused on core businesses such as water electricity and
elevators by implementing a "strategic coordination + independent operation" model completed internal
business integration and achieved good results in business integration. Efforts to collect accounts
receivable were intensified and the comprehensive collection rate was improved continuously. On the
occasion of the 45th anniversary of the establishment of Shenzhen Special Economic Zone the
Company was selected as a "Typical Case of Brand Development" and awarded the "Excellent Brand"
certificate; we participated in the compilation of the Shenzhen residential community group standard for
the integration of party building and property services and has successively won multiple honors such
as "2025 Annual Service Capability Park Benchmark Project" "Top 100 Property Service Enterprises in
the Guangdong-Hong Kong-Macao Greater Bay Area" and "Top 10 Property Service Enterprises in
Industrial Parks" continuously enhancing its brand value and reputation.Third the industrial ecosystem operation segment has been deeply cultivated to continuously
consolidate the foundation of the asset management business. The asset operation business
reported an annual operating revenue of RMB 179 million accounting for 7.52% of the total revenue. In
recent years the Company has taken multiple measures to accelerate its transformation and upgrading
focusing on the upgrading of existing assets achieving breakthroughs in new growth areas and
building platforms while striving to create its first independently-operated commercial brand. During the
reporting period the Company operated Guomao Shopping Mall using an asset-light management and
master lease model overcame several technical challenges in the construction project and continued
to advance in creating the Group's own commercial brand and exploring market-oriented commercial
operations. In the industrial operation segment a platform-based management and control structure of
"small headquarters + project departments" has been established and an implementation plan was
formulated for the asset-light entrusted management business initially building a full-cycle commercial
operation model for projects. In terms of industrial investment attraction the Company has focused on
both quality and efficiency continuously enhancing the differentiated competitiveness of its projects and
actively promoting project investment attraction efforts.(III) Work safety of the Company in 2025
142025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
In 2025 SZPRD adhered to the bottom line of safety production coordinated development and safety
actively implemented the deployment and requirements of government departments at all levels on
safety production work comprehensively consolidated the main responsibility of the enterprise and
strictly implemented the principles of "Three Managements Three Musts" and "One Post Dual
Responsibilities" for work safety. The Group's work safety situation remained stable and controllable
throughout the year with no major work safety liability accidents creating a safe and stable
environment for the Group's high-quality development.New land reserve projects
Equity
Land parcel Land Total land
or project Location planning Land area
Capacity Land considerati
( ) building Acquisition Equity ratio
price on
name purpose ㎡ area (㎡) Method (RMB10000) (RMB10000)
None
Cumulative Land Reserve
Project/Area name Total floor area (10000 ) Total construction area Remaining developable floor㎡ (10000 ㎡) area (10000 ㎡)
Land in Huiyang Danshui 1.77 4.25 4.25
Land in Hongqi Town
Haikou 15.80 - -
Total 17.57 4.25 4.25
Development of main projects
Planned Completed Estimated TotalCumulative total accumulated
City/Region Project Location Project Equity Commencemen Developme Schedule of Land area capacity area of theformat ratio t time nt progress completion (㎡) building area current completed investment investment
( ) period ( ) area (㎡) amount amount㎡ ㎡ (RMB10000) (RMB10000)
Dongguan Harbour HumenPalace Town Residence 100% March 22 2022
Under
construction 86.48% 51687 113713 0 0 321759 278270
Shenzhen Yutang GuangmingShangfu area Residence 100% March 1 2022
Completion
of works 84.69% 14901 81960 0 125424.67 265868 225166
Residential Under
Shenzhen Lake City Longhua industrial October 15 constructionDistrict commercial 69% 2020 75.42% 68298 433640 0 0 840000 633563
apartments
Shenyang Residential Under
Yangzhou Digital Pingshan industrial 67% March 6 2023 constructionIntelligent Township 43.71% 231612 370258 0 0 377479 165010
City office
SZPRD
International
Shenzhen Trade Mall Luohu Commercial 100% February 25 Under
Renovation District 2025 construction
86%11717.272622500178807960
Project
Sales of main projects
Cumulative The current Amount of
Project Capacity Salable area pre-sale period pre- pre-sale Cumulative
Settlement Settlement
City/Region Project Location Equity ratio (sale) in the settlement area in the amount in theformat building area (㎡) (sales) area sale (sales) current period area ( ) current period current period(㎡) area (m2) ㎡(RMB10000) (㎡) (RMB10000)
Residential
(including
affordable
Shenzhen Lake City Longhua housing)District industrial 69.00% 433640 304884.3 15432.38 4153.38 13404 0 0 0
estate
dormitory
commercial
Golden-collar Residential
Shenzhen Holiday Futian District singleapartments 100.00% 133800.6 127232.97 127232.97 922.67 2744.95 127232.97 1699.24 7840.76Apartments commercial
Residential
Shenzhen Yutang Guangming (includingShangfu area 100.00% 89098.19 78355.93 43829.87 13523.42 39545.61 42030.77 12780.65 37229.34talent
housing)
152025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Cumulative The current Amount of
Project Capacity Salable area pre-sale period pre- pre-sale Cumulative
Settlement Settlement
City/Region Project Location format Equity ratio building area ( ) (sales) area sale (sales) (sale) in the settlement
area in the amount in the
㎡ current period area ( ) current period current period(㎡) area (m2) ㎡(RMB10000) (㎡) (RMB10000)
commercial
and
community
vegetable
markets
Shenzhen LangqiaoGarden Futian District
Residential
commercial 100.00% 68203.04 55856.05 55005.14 1907 9251 55856.87 1907.3 8811
Shenzhen Area AHuangyuyuan Futian District
Residential
commercial 100.00% 114583.82 108676.68 108676.68 157 663 108676.68 157.91 631.64
Residential
(including
Dongguan Harbour
City Palace Humen Town
affordable
housing) 100.00% 113713.44 11349 4756.87 4756.87 9809.97 0 0 0
parking
spaces
Residential
Dongguan Songhu commercial
City Langyuan Dalang Town kindergarten 100.00% 147139.96 157911.56 150346.71 288 191.93 150345.84 300 190.58parking
space
Residential
Shenyang office
Yangzhou Digital Hanjiang commercial
City Intelligent District garage 67.00% 370556.76 502813.45 73359.75 73158.93 47223.61 0 0 0
City parking
space
Residential
shops
Yangzhou Lakeside Hanjiang apartments
City Royal View District garages 100.00% 93077.03 122811.43 116163.12 588.41 563.93 115630.88 236.88 78.64
parking
spaces
Leasing of main projects
Accumulated
Project Location Project format Equity ratio Rentable area( ) leased area
Average
㎡ ( ) occupancy rate㎡
Long-term
Xiyu Longyuan Store Shenzhen rental 100.00% 3967.05 3967.05 100.00%
apartments
Long-term
Xiyu Xinhu Store Shenzhen rental 100.00% 1589.6 1042 66.00%
apartments
Commercial
Fumin Complex Shenzhen and 100.00% 6490.99 6151.89 95.00%
apartments
Block A Man Kam To Office
Port Building Shenzhen building 75.00% 5913.3 5633.3 93.00%
Overseas Friendship
Building Shenzhen
Commercial
office building 75.00% 6635.08 6375.08 96.00%
Anhua Building Shenzhen Office 75.00% 1414 1414 100.00%
Pengfu Building Shenzhen Office 75.00% 6494 6494 100.00%
Jinfu Building Shenzhen Commercial 75.00% 1652.7 1652.7 100.00%
Jinfu Building Shenzhen Commercial 100.00% 567.56 567.56 100.00%
Fuxing Garden Shenzhen Residential/Commercial 75.00% 1483.88 1483.88 100.00%
Fuxing Garden Shenzhen Commercial 100.00% 1417.15 1417.15 100.00%
Dongguan Tangxia Dongguan
factory City Powerhouse 75.00% 21434.61 20573.55 96.00%
Commercial
Pacific Trade Building Shenzhen area/Office 75.00% 3149.03 1458.77 46.00%
building
162025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Accumulated
Project Location Project format Equity ratio Rentable area leased area Average(㎡) ( ) occupancy rate㎡
Commercial
Pacific Trade Building Shenzhen area/Office 15.00% 12296.72 11897.5 97.00%
building
Commercial
Kangti Building Shenzhen area/Office 75.00% 2095.87 2095.87 100.00%
building
Commercial
Kangti Building Shenzhen area/Office 15.00% 1146.81 1146.81 100.00%
building
Commercial
Lvhua building Shenzhen and 75.00% 7106.95 6778.1 86.00%
residential
Shops on the first floor of
Building 48 Lianhua Shenzhen Shops 75.00% 1000.34 1000.34 100.00%
North Village
Apartments
Haonianhua Building Shenzhen and 100.00% 1802.61 471.38 26.00%
commercial
Apartments
Haonianhua Building Shenzhen and 75.00% 2277.9 2233.05 98.00%
commercial
Fuyuan Industrial Zone Shenzhen Powerhouse 75.00% 47131.4 44292.2 94.00%
Tonglu Industrial Zone Shenzhen Powerhouse 100.00% 74864.25 68178.8 91.00%
Jiangling Industrial Zone Shenzhen Powerhouse 75.00% 10396.64 10396.64 100.00%
Commercial
Area 21 Shenzhen area/Office 75.00% 9519.34 8577.34 90.00%
building
Baoli Community Shenzhen Residence 75.00% 9093.07 5866.05 65.00%
Bulong plant Shenzhen Powerhouse 75.00% 7471.36 7471.36 100.00%
Huanggang Highway
Building Shenzhen Office 75.00% 4599.72 4599.72 100.00%
Yuetong Complex Shenzhen Office 75.00% 3044 3044 100.00%
Department Store Plaza Shenzhen Office 33.00% 12751.15 12751.15 100.00%
Southern Securities
Building Shenzhen Office 33.00% 8809.8 8809.8 100.00%
Tax-free single
apartments Shenzhen Apartment 33.00% 3440.12 3440.12 100.00%
Xiangfu Building Shenzhen Commercial 33.00% 3109.4 3109.4 100.00%
Level-I land development
□ Applicable □ Not applicable
Financing approach
172025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Financing Term structure
Financing balance at the
Financing cost
end of the range/averageapproach period financing cost Within 1 year 1-2 years 2-3 years Over 3 years
(RMB10000) (RMB10000)
Bank loans 797395.33 2.9%-3.5% 456504.54 183478.18 154293.33 3119.28
Bonds 55000.00 2.3% 55000.00
Non-bank loans 39920.00 4%-6% 40.00 39880.00
Total 892315.33 3%-4% 456544.54 223358.18 209293.33 3119.28
Development strategy and business plan for the next year
Facing to profound and complex changes in the domestic and international situation in 2025 the CPC
Central Committee proposed to adhere to the general principle of seeking progress while maintaining
stability implement more proactive and effective macroeconomic policies further promote the
construction of a unified national market and advance China's economy under pressure towards new
and superior development with successful conclusion of the "14th Five-Year Plan" achieving a good
start on the new journey towards the second centenary goal. It is proposed in the "Recommendations of
the Central Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for
National Economic and Social Development" adopted at the Fourth Plenary Session of the 20th CPC
Central Committee to "promote the high-quality development of real estate." In the long run there is
still great potential and space for development of real estate in China. SZPRD will continue to actively
connect with the major strategic orientation of the state-owned asset system and firmly control the core
links of the value management of stock assets and the industrial ecological operation service. It will
focus on the development of four major businesses including industrial-city space development
property management service industrial ecological operation and main business ecological investment.It will strive to seize opportunities during the adjustment phase of the real estate industry focus on
improving product quality and services adhere to stable operation seek sustainable development
together create a market-oriented commercial property platform and solidly promote the high-quality
development of the enterprise with certainty. In the coming year while focusing on the development
and sales of existing projects the Group will continue to follow up and seek incremental resources to
lay a foundation for development during the "15th Five-Year Plan" period. In terms of project
development the Company will steadily promote the development and construction of Lake City Project
and Shenyang Digital Intelligent City Project as well as modification of Guomao Shopping mall create
quality benchmark demonstration projects continue to improve development capabilities strengthen
quality control deepen lean management improve product comprehensive competitiveness and
actively create "good houses"; in terms of sales and destocking we will dynamically adjust the sales
strategies for projects on the market to achieve a dynamic match between capital investment
construction pace and market destocking; in terms of land reserves we will deeply explore the value of
existing assets explore asset-light operation paths accelerate the construction of a new model for real
estate development and obtain more resources for the Company's sustainable development.The above business plans and business objectives do not represent the listed company's profit forecast
for 2026. Whether they can be realized depends on various factors such as changes in market
conditions and the efforts of the business team and there are great uncertainties. Investors should pay
special attention to them.Guarantee to buyers of commercial housing for bank mortgage
□ Applicable ? Not applicable
As a real estate developer the Company has provided mortgage loan guarantee and paid loan deposits
for buyers of commercial housing according to the operating practice of the real estate industry. As of
December 31 2025 the balance of deposits for which the guarantee hasn't yet been released stood at
RMB 1136395.96 and the said guarantee will be released upon the full repayment of the mortgage
loans.
182025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
As a real estate developer the Company has provided mortgage loan guarantee for buyers of
commercial housing in accordance with the operating practice of the real estate industry. As of
December 31 2025 the balance of the guarantee that has not been released was RMB
542029425.42 and the said guarantee will be released upon the full repayment of the mortgage loans.
Joint investments by directors and senior management and the listed company (applicable for such
investments where the directors and senior management are the major source of investment):
□ Applicable ? Not applicable
Matching of
Proportion actual
Type of investment Investment of Peak ratio AccumulatedProject Exit
investment
entity amount (RMB) investment of project income status amount and
amount funds (RMB) amount ofincome
distribution
Mandatory co-
Guanlan investment
personnel 26040000.00 65.81% NotSubdistrict applicable None None Not applicable
Bangling (including directors
District urban and senior officers)
renewal Voluntary co-
project1 investment 13530000.00 34.19% Not
personnel applicable
None None Not applicable
Note: 1 This project is in progress and the peak project funds cumulative income and exit
status are not applicable. For details please refer to the relevant announcement disclosed
by the Company on Cninfo on November 9 2019.II. Industry Overview for the Reporting Period
The Company shall comply with the disclosure requirements for the real estate industry as set out in the
Guidelines for Self-Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry
Information Disclosure
(I) Macroeconomic situation and industry development status
In 2025 the global real estate market showed a divergent performance with housing prices in some
developed economies remaining resilient while emerging markets generally facing pressure. Capital
flows and market sentiment in the domestic market were still affected by changes in global monetary
policy. The Chinese economy experienced a moderate recovery and real estate as an important pillar
continued to play a supporting role. At the central level the policy orientation of "stabilizing expectations
reducing inventory and optimizing supply" was strengthened and a combination of measures such as
purchasing existing housing for affordable housing optimizing the housing provident fund and lowering
down payments and interest rates was used to systematically support the market. The reform of the
housing provident fund system was comprehensively deepened and the construction of "good houses"
was included in the national action plan to promote the implementation of standards for safe
comfortable green and smart housing; the white list mechanism for "guaranteeing housing delivery"
continued to expand ensuring project financing and delivery. At the same time we explored ways to
revitalize the existing land and housing promoted urban renewal and the renovation of dilapidated
houses and built a new development model centered on "allocating housing based on population and
funding based on housing". The policy package exerted synergistic effects from both the supply and
demand sides marking the industry's accelerated transition from the old high-leverage cycle to a new
stage of high-quality and sustainable development.(II) Industrial policy environment
192025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
In 2025 the national real estate market continued its overall adjustment trend. Since the second quarter
the sales of new houses have shown a marginal weakening trend. The second-hand housing market
has been continuously "reducing prices to increase sales volume" and the overall market is still in the
process of "stabilizing after a decline". In August the State Council meeting reaffirmed the need to
"take effective measures to consolidate the trend of the real estate market stabilizing and recovering
from decline" sending out a positive signal. In October it was clearly stated in the "Recommendations
for the 15th Five-Year Plan" that it is essential to "promote the high-quality development of real estate"
and proposed to clean up unreasonable restrictive measures on housing consumption. In December it
was pointed out on a meeting of the Political Bureau of the CPC Central Committee that "the economic
work in the next year should adhere to the principle of seeking progress while maintaining stability
improving quality and efficiency continue to implement a more proactive fiscal policy and a moderately
loose monetary policy leverage the integrated effects of existing and incremental policies increase
counter-cyclical and cross-cyclical adjustments and effectively enhance macroeconomic governance
effectiveness" and emphasized that "we must adhere to domestic demand as the mainstay and build a
strong domestic market" setting the tone for macroeconomic policy in 2026.Demand-side policies have been synergistically implemented from multiple dimensions to
activate the market. Core cities have completely lifted purchase and sales restrictions and the
threshold for non-household residents to purchase homes has been significantly lowered; the weighted
average interest rate for personal housing loans has decreased the down payment ratio for first-time
homebuyers has been lowered and the interest rates on existing mortgage loans have continued to
decline; the individual income tax refund policy for exchanging old houses for new ones has been
extended until 2027. The value-added tax is exempted for houses that have been owned for at least 2
years and is reduced to 3% for those that have been owned for less than 2 years. The provident fund
policy has been continuously optimized along three main directions: "supporting families with multiple
children" "expanding usage across different regions" and "expanding the scope of withdrawals". This
has driven the provident fund to transform from being "exclusive for home purchases" to "providing
support throughout the entire period of residence". Encouraging the purchase of existing commercial
housing for affordable housing thereby releasing the demand for improvement. The policies accurately
focus on new urban residents multi-child families and home-swapping groups promoting the market's
transformation from "rigid demand-led" to "quality improvement" and enhancing residents' willingness
and ability to purchase houses.The supply-side reform focuses on "controlling new supply reducing inventory and optimizing
supply" to reshape the market structure through systematic policies. By strictly controlling the
start of new construction projects and land supply the area of new housing starts across the country in
2025 declined year-on-year facilitating the concentration of resources in high-quality projects in core
cities. To accelerate the revitalization of existing commercial housing the central bank has established
a relending facility for affordable housing to support local governments in acquiring existing housing for
affordable housing and talent housing thereby strengthening the market-based incentive mechanisms.The national standard for "good housing" has been promoted with 15 provinces issuing regulations for
safe comfortable green and smart residences. The detailed standards tailored to their own needs
such as optimizing the calculation of balcony floor area and using green building materials have been
introduced in many regions. The white list mechanism for "guaranteeing housing delivery" achieved
large-scale expansion and mechanism optimization in 2025. Real estate enterprises are supported to
broaden equity financing channels through REITs private placements etc. to stabilize their capital
chains and promote the industry's transition from a high-turnover model to a high-quality and
sustainable one.(III) Regional market landscape
In 2025 the Shenzhen real estate market is characterized by a core pattern of "policy support demand
differentiation enterprise concentration and structural optimization." The real estate policies continued
to be accommodative focusing on both the demand and supply sides. The market was gradually
recovering amidst adjustments with significant differences across various sub-sectors. The supply of
new housing has contracted with the second-hand housing market taking a dominant role. The price
trend shows significant structural differentiation with high-quality residential and commercial office
projects in core areas demonstrating strong resilience while those in non-core areas face greater
pressure to reduce inventory; the concentration of real estate enterprises has increased with central
202025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
and state-owned enterprises and local leading companies dominating the market; the commercial office
market needs to wait for the further release of industrial demand. In 2026 policies are expected to be
further optimized and the market may achieve a dynamic balance through "stabilizing demand
reducing inventory and improving supply".(VI) Present situation and tasks
Currently the macroeconomic situation and industry structure are undergoing profound changes. The
Central Urban Work Conference has clarified a new model for real estate development and policies
such as the construction of "good housing" and urban renewal have provided us with development
opportunities; it is proposed in Shenzhen's "15th Five-Year Plan" to build "five centers" which has
expanded the broad space for enterprise development; the real estate industry has transitioned from
the "incremental growth era" to the "stock era" and the "quality era". The market logic has shifted from
scale expansion to value creation and the focus of competition has moved from resource contention to
capability competition. The refined transformation of the real estate industry the quality upgrade of the
property management industry and the large-scale development of the asset operation industry have
opened up new transformation space for the Company's development. Currently the Company's top
priority is to ensure cash flow security and strictly prevent liquidity risks. The key is to reduce the
inventory and recover the funds while accelerating the high-quality development of the property
management segment deepening the value realization of the commercial management segment and
exploring an integrated development ecosystem for the main business. We adhere to the general work
principle of "seeking progress while maintaining stability and improving quality and efficiency" and
firmly follow the work approach of "reducing inventory preventing risks improving quality and efficiency
and promoting transformation." We coordinate high-quality development with high-level security. With a
higher perspective a broader vision and more concrete actions we will promote the comprehensive
completion of annual tasks and goals and start a new chapter in all our undertakings.(V) Position in the industry
SZPRD accompanied the reform and opening up of Shenzhen. It has been deeply involved in real
estate and property management for more than 40 years. Its industry position and brand influence have
been improving and it has won many honors and awards over the years. During the reporting period
we were awarded the "2025 Annual Service Capability Park Benchmark Project" "Top 100 Property
Service Enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area" and "Top 10 Property
Service Enterprises in Industrial Parks". On the occasion of the 45th anniversary of the establishment of
the Shenzhen Special Economic Zone the Company was selected as a "Typical Case of Brand
Development" awarded the "Excellent Brand" certificate and participated in the compilation of the
Shenzhen group standards for the integration of Party building and property services in residential
communities.III. Analysis of core competitiveness
Advantages of brand and cultural accumulation: As a state-owned enterprise under the Shenzhen
Municipal Government SZPRD has gone through 40 years of magnificent and pioneering development
and has gradually formed a diversified development pattern with real estate development as its main
industry involving urban renewal property management asset operation industrial investment etc.The brand value and comprehensive strength of "Shenzhen Property" that carries the spirit of reform
and opening up of the International Trade Center Building have been highly recognized by the market.The company was born because of the International Trade Center Building prospered because of
reform and opening up and coexists and grows with the miracle city of Shenzhen. "Dare to be the first
change and strive for strength" the combination of this corporate culture and the "Pioneer Cattle" spirit
of overcoming difficulties has become a guide for action to promote SZPRD‘s excellent leap from
"Shenzhen speed" to "Shenzhen quality".Advantages of the entire industrial chain: Over the years SZPRD formed advantages in the entire
industrial chain including project acquisition development and construction investment promotion and
sales leasing management and property management. In particular it has formed obvious
segmentation advantages in high-end park basic services and property quality services which has
forged the company's core competitiveness.
212025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Advantages of industrial-city integration: The Company's space development segment is committed
to the development of different business formats such as residential high-end apartments office
buildings and industrial parks. From the earliest ITC urban complex Huanggang Port area
development and operation of the large-scale industrial-city complex Lake City Project the advantages
of SZPRD characteristic development products of industrial-city complexes have been highlighted. With
the implementation of urban renewal projects and industrial land acquisition projects the advantages of
industrial-city integration will be further consolidated and enhanced.Advantages of market-oriented mechanism: The Company has always adhered to deepen the
implementation of a market-oriented operation mechanism and continuously push forward the reform of
its system and mechanism. Currently a market-oriented operation mechanism covering the entire
process and chain from the front end (resource acquisition) to the middle end (resource development)
and the back end (value realization) has been basically formed. Especially in full-cycle engineering
management full-process cost control and full-module human resource management we have
benchmarked against the market conditions and industry standards respected the market laws
improved the operating mechanisms and continuously maintained the Company's vitality and
development efficiency. All business operations were carried out in an orderly manner and have
achieved good results.IV. Analysis of primary business
1. Overview
Please refer to the relevant contents of "I. Main businesses engaged in by the Company during the
reporting period" in "Management Discussion and Analysis".
2. Revenue and cost
(1) Composition of operating revenue
Unit: RMB
2025 Year 2024
Percentage of YoY change
Amount operating Amount Percentage of
revenue operating revenue
Total operating
revenue 2383288250.02 100% 2734158884.05 100% -12.83%
By industry
Real estate 566898152.30 23.79% 1003780119.17 36.71% -43.52%
Property
management 1637200390.78 68.69% 1594488341.49 58.32% 2.68%
Asset operation 179189706.94 7.52% 135890423.39 4.97% 31.86%
By product
Real estate 566898152.30 23.79% 1003780119.17 36.71% -43.52%
Property
management 1637200390.78 68.69% 1594488341.49 58.32% 2.68%
Asset operation 179189706.94 7.52% 135890423.39 4.97% 31.86%
By region
Shenzhen 1969016251.92 82.62% 2316973557.44 84.74% -15.02%
Others 414271998.10 17.38% 417185326.61 15.26% -0.70%
Subsales model
222025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Industry product region and sales model accounting for more than 10% of the company's
operating revenue or operating profit
□Applicable ? Not applicable
Unit: RMB
YoY change in
Operating revenue Operating costs Grossmargin operating
YoY change in YoY change in
revenue operating costs gross margin
By industry
Real estate 566898152.30 352384575.15 37.84% -43.52% -58.23% 21.88%
Property
manageme 1637200390.78 1302960305.27 20.42% 2.68% -1.34% 3.24%
nt
By product
Real estate 566898152.30 352384575.15 37.84% -43.52% -58.23% 21.88%
Property
manageme 1637200390.78 1302960305.27 20.42% 2.68% -1.34% 3.24%
nt
By region
Subsales model
Under the circumstances that the calculation method of the Company's main business data is adjusted
during the reporting period the Company's main business data for the latest period is adjusted
according to the calculation method at the end of the reporting period
□ Applicable □ Not applicable
(3) Whether the company's physical sales revenue is greater than the revenue of labor services
? Yes □ No
(4) Performance of major sales contracts and major procurement contracts signed by the
Company as of the reporting period
□ Applicable □ Not applicable
(5) Composition of operating costs
Industry classification
Industry classification
Unit: RMB
2025 Year 2024
Industry
classification Item Amount Proportion in Proportion in
YoY change
operating costs Amount operating costs
Real estate 352384575.15 20.29% 843578721.75 37.49% -17.21%
Property
management 1302960305.27 75.00% 1320671101.86 58.70% 16.31%
Asset
operation 81813841.32 4.71% 85764264.72 3.81% 0.90%
Notes
None.
232025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(6) Whether there was any change in the consolidation scope during the reporting period
□Yes ? No
For details please refer to Section VIII Financial Report IX. Changes in consolidation scope of this
report.
(7) Information about significant changes or adjustments in the Company's business products
or services during the reporting period
□ Applicable □ Not applicable
(8) Main sales customers and suppliers
Main sales customers of the Company
Total sales amount of top five customers (RMB) 277068294.12
Ratio of top 5 customers' sales to total annual sales 11.63%
The proportion of related party sales in the sales to the top
five customers to the total annual sales 3.20%
Information on the Company's top 5 customers
No. Customer name Sales amount (RMB) Ratio in total annual salesamount
1 Slender West Lake (Yangzhou) TourismBusiness Management Group Co. Ltd. 91743119.28 3.85%
2 Shenzhen Bay Technology Development Co.Ltd. 76239227.65 3.20%
3 Jiangsu Hanjian Group Co. Ltd. 43119266.05 1.81%
4 Shenzhen Faceu Technology Co. Ltd. 36823824.00 1.55%
5 Luo Youxiong 29142857.14 1.22%
Total -- 277068294.12 11.63%
Other information of main customers
□Applicable ? Not applicable
Shenzhen Bay Technology Development Co. Ltd. is a wholly-owned subsidiary of the Company's
controlling shareholder Shenzhen Investment Holdings Co. Ltd. Apart from this the other four
customers have no affiliated relationship with the Company.Main suppliers of the Company
Total purchase amount of top five suppliers (RMB) 397351492.04
Ratio of total purchase amount of the top five suppliers in
the total annual purchase amount 43.20%
The proportion of related party purchases in the purchases
from the top five suppliers to the total annual purchases 7.07%
Information on the Company's top 5 suppliers
No. Supplier name Purchase amount (RMB) Ratio in the annual purchaseamount
1 Jiangsu Hanjian Group Co. Ltd. 247027237.89 26.86%
2 Shenzhen Bay TechnologyDevelopment Co. Ltd. 65019674.57 7.07%
242025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
No. Supplier name Purchase amount (RMB) Ratio in the annual purchaseamount
3 Shenzhen Jianqiao ConstructionEngineering Group Co. Ltd. 36723856.80 3.99%
4 Shenzhen Shekou Security ServiceCo. Ltd. 25480426.00 2.77%
5 Shenzhen Huali Landscaping Co. Ltd. 23100296.78 2.51%
Total -- 397351492.04 43.20%
Other information of main suppliers
□Applicable ? Not applicable
Shenzhen Bay Technology Development Co. Ltd. is a wholly-owned subsidiary of the Company's
controlling shareholder Shenzhen Investment Holdings Co. Ltd. Apart from this the other four
suppliers have no affiliated relationship with the Company.During the reporting period the Company's trading business revenue accounted for more than 10% of
its operating revenue
□ Applicable □ Not applicable
3. Costs
Unit: RMB
2025 Year 2024 YoY change Explanation ofsignificant changes
Selling and distribution Increase in sales
expenses 64517135.81 43995985.41 46.64% agency fees paid forthe current period
G&A expenses 237736204.21 284433101.74 -16.42%
Increase in interest
Financial expenses 113732502.36 41043648.75 177.10% expenses for the
current period
R&D expenses 4842422.28 5351808.44 -9.52%
4. R&D investment
□Applicable ? Not applicable
Name of main R&D Expected impact on
project Purpose of the project
Project
progress Objectives to be achieved the company'sfuture development
Provide intelligent control and
Utilize IoT technology energy efficiency optimization
to achieve full services for industrial equipment:
coverage of facility support access for over 5000 Adding new
and equipment control sites and parsing of protocols adaptation
enabling information such as scenarios will
resource sharing and MQTT/HTTP/Websocket/OPC promote the in-Edge intelligent management early Delivered enabling data collection protocol depth developmentanalysis system warning and rapid conversion and edge computing; of existing products
response improving built-in fault diagnosis module in the market and
the work efficiency using LSTM algorithm to predict strengthen their
and reducing the staff equipment abnormalities in real competitive
while increasing the time; an integrated refrigeration advantage.efficiency. station optimization strategy
enables variable pressure control
of the water system AI
252025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Name of main R&D Expected impact on
project Purpose of the project
Project
progress Objectives to be achieved the company'sfuture development
scheduling of the chiller and
variable temperature regulation of
the cooling water. A cloud-based
visual cockpit is deployed
supporting real-time data updates
and multi-dimensional energy
consumption analysis. By
combining the control policies
dynamically with the BYOS cloud
platform energy consumption is
reduced and operational
efficiency is improved.Develop a unified platform-based
IoT integration system. The
By sensing system aims to break down the
intelligently diagnosing barriers between various
and automating the business subsystems in various
control of data center equipment rooms of buildings
infrastructure we can access the facilities in various
achieve unmanned equipment room (power supply Adding new
and intelligent security fire protection IT compatibleUnattended computer operation and Delivered equipment etc.) through scenarios will helproom maintenance of data standard protocols and use AI expand the market
centers thereby algorithms to intelligently analyze reach of existing
reducing the costs the massive amounts of products.increasing the operation and maintenance data
efficiency and so as to realize the
ensuring the critical transformation from "passive
business operations. response" to "proactiveprediction" and from "unattended"
to "intelligent operation and
maintenance".The software is a digital twin map
engine for buildings and its core
functions include: building and
maintaining three-dimensional
spatial models through a
configuration management
To create a dedicated platform; the monitoring view
engine capable of enables the visual association
carrying IoT data and binding of IoT devices
supporting 3D spatial monitoring points and model Increase product
Architectural Twin Map model rendering and Delivered components; ultimately the data advantages and
interaction and is integrated and displayed market
providing rich through the KBI dashboard competitiveness
visualization platform driving real-time data
capabilities. into a 3D scenario to achieve
equipment status monitoring
alarm visualization and 2D chart
linkage thus building an
immersive and interactive digital
twin monitoring and management
experience.With artificial The AI intelligent control platform
intelligence algorithms of high-efficiency refrigeration
the global automated station aims to achieve energy-
Refrigeration station energy-saving saving comfortable and efficient Add new market
optimization system Deliveredoptimization of the operation using advanced opportunities
refrigeration station artificial intelligence and
system can be automated control technologies
achieved significantly to monitor and optimize the
262025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Name of main R&D Project Expected impact on
project Purpose of the project progress Objectives to be achieved the company'sfuture development
reducing energy control of station equipment in
consumption and real time. The platform
operating costs and dynamically adjusts the
realizing intelligent temperature setpoint based on
operation environmental changes building
maintenance and characteristics and cooling load
safety assurance. requirements using the machine
learning algorithms ensuring that
the energy efficiency of the
cooling station can be maximized
with guaranteed comfort. Its core
functions include in-station
optimization control building
optimization control station
operation monitoring and
comprehensive energy efficiency
analysis.It addresses the
problems of We will explore a
"information silos 1. Business objective: To improve new profit model of
service lag and the efficiency of logistics service "platform + value-
decision-making blind response increase the accuracy added services"
spots" in traditional of equipment failure prediction and enter the smart
logistics management and reduce overall energy logistics marketSchool Smart Logistics and achieves a digital In progress consumption; through benchmarkSystem management upgrade projects. We2. Technical objective: To build
with "full-scenario continuouslyan integrated platform of "AI +
coverage full asset provide industry-IoT + digital twin" to support rapid
control and full- standard solutionsadaptation to multiple industries
process optimization" which drivesand scenarios.through AIoT subsequent order
technology. growth.As a unified intelligent operation
center for enterprise
administration this system takes
the digital middle platform as the
base layer to build data collection
The plan is to make and business self-operation
the E-IOC project capabilities and takes
products the leading professional management as the
products in the service layer to build an
industry within two administrative operation control
years create platform (E-IOC). The system isManagement-oriented primarily designed for enterprise Increase product
intelligent operation benchmark users andestablish a firm In progress administration and logistics
advantages and
system marketfoothold in the industry management employees and IT
for sustainable administrators. It is based on the
competitiveness
development based on principles of "practicality
product simplicity and efficiency" and
professionalism and considers the intelligent and
service reputation. smart scenario design by takinginto account the actual situation
of the project so as to ultimately
achieve the goal of creating a
smart enterprise administration
and management operation
center.
272025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
R&D personnel of the Company
2025 Year 2024 Change ratio
Number of R&D personnel 33 41 -19.51%
Proportion of R&D personnel 0.38% 0.46% -0.08%
Educational structure of R&D personnel
Undergraduate 26 31 -16.13%
Master 1 1 0.00%
College 6 9 -33.33%
Age composition of R&D personnel
Under 30 18 24 -25.00%
30-40 years old 12 14 -14.29%
40+330.00%
R&D investment
2025 Year 2024 Change ratio
Amount of R&D investment
(RMB) 4842422.28 5351808.44 -9.52%
Ratio of R&D investment to
operating revenue (%) 0.20% 0.20% 0.00%
Amount of capitalized R&D
investment (RMB) 0.00 0.00 0.00%
Ratio of capitalized R&D
investment to R&D investment 0.00% 0.00% 0.00%
Reasons and impact of major changes in the composition of the Company's R&D personnel
□ Applicable □ Not applicable
Reasons for the significant change in the proportion of total R&D investment to operating revenue
compared with the previous year
□ Applicable □ Not applicable
Reasons for the significant change in the capitalization rate of R&D investment and its rationality
explanation
□ Applicable □ Not applicable
5.Cash flows
Unit: RMB
Item 2025 Year 2024 YoY change
Sub-total of cash inflows from
operating activities 3342118873.00 3047561766.41 9.67%
Sub-total of cash outflows from
operating activities 5428188534.63 4471559940.93 21.39%
Net cash flows from operating
activities -2086069661.63 -1423998174.52 -46.49%
Sub-total of cash inflows from
investing activities 122623795.75 55996880.52 118.98%
Sub-total of cash outflows from 414566828.88 67756411.99 511.85%
282025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
investing activities
Net cash flows from the
investing activities -291943033.13 -11759531.47 -2382.61%
Sub-total of cash inflows from
financing activities 5078494859.21 1239948405.21 309.57%
Sub-total of cash outflows from
financing activities 2267135843.40 927580751.94 144.41%
Net cash flows from financing
activities 2811359015.81 312367653.27 800.02%
Net increase in cash and cash
equivalents 431245500.68 -1122339250.82 -138.42%
Description of main influencing factors of significant YoY changes in relevant data
□Applicable ? Not applicable
* The year-on-year increase in cash outflows from operating activities mainly due to the increase in
land value increment tax payments during the reporting period.* The year-on-year increase in cash outflows from investing activities mainly due to the maturity of
time deposits during the reporting period.* The year-on-year increase in cash outflows from investing activities mainly due to the increase in
purchasing money market funds during the reporting period.* The year-on-year increase in cash inflows from financing activities mainly due to the increase in new
bank borrowings during the reporting period.* The year-on-year increase in cash outflows from financing activities mainly due to the increase in
bank borrowings repayment during the reporting period.Explanation of the reasons for the significant difference between the net cash flow generated from the
operating activities of the Company and the net profit of the current year during the reporting period
□ Applicable ? Not applicable
The net cash flows generated by the Company's operating activities during the reporting period were -
2086069661.63 which was significantly different from the net profit of 4693347.66 during the
reporting period. The main reasons are that the tax accrued in previous years was paid during the
reporting period.V. Analysis of non-primary business
□ Applicable ? Not applicable
Unit: RMB
Amount Ratio of total profit Formation reasons Whether it issustainable
Investment income 930705.77 0.76% Mainly due to the income frominvestments in joint ventures No
Mainly due to changes in fair
Gains/losses on value arising from
changes in fair value 1765714.20 1.45% investments in money market No
funds
Asset impairment -5007842.82 -4.11% Mainly due to the provision forimpairment of goodwill No
Non-operating Mainly forfeiture of deposits
incomes 15699075.70 12.90% and guarantee No
292025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Amount Ratio of total profit Formation reasons Whether it issustainable
Non-operating 1690452.81 1.39% Mainly due to the payment ofexpenses late fees and penalties No
Credit loss -7297655.34 -6.00% Mainly provision for bad debts No
VI. Analysis of assets and liabilities
1. Major changes in asset composition
Unit: RMB
As at the end of 2025 Early 2025
Increase/d
Ratio of Ratio of ecrease in Explanation of
Amount total Amount total percentage significant changes
assets assets
Increase in sales
Monetary funds 2124343056.19 13.77% 1678116644.12 10.97% 2.80% revenue and new
borrowings
Accounts
receivable 417784270.44 2.71% 476014729.60 3.11% -0.40%
Increase in real estate
sales revenue
Contract assets 580850.15 0.00% 468765.62 0.00% 0.00%
Inventories 11103909470.05 71.97% 10685045153.41 69.87% 2.10% Increase indevelopment costs
Investment Increase in
properties 398400543.06 2.58% 374035893.07 2.45% 0.13% renovations ofinvestment properties
Long-term equity Increase in investment
investments 269002577.39 1.74% 268187805.52 1.75% -0.01% income from jointventures
Fixed assets 41751582.46 0.27% 52712396.64 0.34% -0.07%
Construction in
progress 0.00% 0.00% 0.00%
Right-of-use
assets 22450067.81 0.15% 16967620.03 0.11% 0.04%
Increase in leased
assets
Short-term
borrowings 449458211.11 2.91% 190165458.33 1.24% 1.67% Increase in bank loans
Contract liabilities 711605295.76 4.61% 336164629.72 2.20% 2.41% Increase in pre-salehousing payments
Long-term
borrowings 3681594912.20 23.86% 4755314631.26 31.09% -7.23% Increase in bank loans
Increase in reclassified
Lease liabilities 10602827.46 0.07% 11089072.57 0.07% 0.00% lease liabilities duewithin one year
increases
Financial assets
held for trading 301765714.20 1.96% 0.00 0.00% 1.96%
Increased purchases
of money market funds
Assets held for Decrease in non-
sale 0.00 0.00% 170154.05 0.00% 0.00% current assets held forsale
Other current
assets 210498041.00 1.36% 181721113.82 1.19% 0.17%
Increase in input tax to
be deducted
Intangible assets 2155206.62 0.01% 471565.39 0.00% 0.01% Increase in intangible
302025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
As at the end of 2025 Early 2025
Increase/d
Ratio of Ratio of ecrease in Explanation of
Amount total Amount total percentage significant changes
assets assets
assets
Goodwill 4441864.30 0.03% 9446847.38 0.06% -0.03% Provision forimpairment of goodwill
Long-term
deferred 15046783.07 0.10% 22110090.13 0.14% -0.04%
expenses
Deferred tax Decrease in land value
assets 212669324.77 1.38% 1232152522.89 8.06% -6.68% increment tax accruedfor deduction
Other non-current Increase in
assets 25657943.53 0.17% 13875501.61 0.09% 0.08% prepayments for non-current assets
Decrease in
Accounts payable 875642952.68 5.68% 1043092277.27 6.82% -1.14% construction costs
payable
Increase in payment of
Taxes payable 78010841.03 0.51% 3224280429.52 21.08% -20.57% taxes accrued in
previous years
Non-current Increase in long-term
liabilities maturing 3865235312.29 25.05% 506702676.30 3.31% 21.74% borrowings due within
within one year one year
Other current 58886145.36 0.38% 23186263.57 0.15% 0.23% Increase in output taxliabilities to be carried forward
Bonds payable 548236650.58 3.55% 0.00 0.00% 3.55% Issuance of corporatebonds
Deferred tax
liabilities 5972301.83 0.04% 4100164.35 0.03% 0.01%
Increase in right-of-
use assets
Changes in fair value
Other of investments in other
comprehensive -3587793.95 -0.02% -2200355.67 -0.01% -0.01% equity instruments and
income foreign currency
translation differences
High proportion of overseas assets
□ Applicable □ Not applicable
2. Assets and liabilities measured at fair value
□ Applicable ? Not applicable
Unit: RMB
Profit or Accumulated Provision Purchaseloss from for amount Amount
Item Beginning changes in changes in fair sold in the Other Endingamount fair value in value included in
impairment during the
in this current current changes amount
this period equity period period period
Financial assets
4. Other
equity
instrument 586231.82 -4277.54 -14636.58 567317.70
investments
312025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Total of the
above 586231.82 -4277.54 -14636.58 567317.70
Financial
liabilities 0.00 0.00
Other changes
Other changes are affected by changes in exchange rates.Whether there were significant changes in the measurement attributes of the Company's major assets
during the reporting period
? Yes □ No
3. Restrictions on asset rights as of the end of the reporting period
Item Book balance Book value Reason forrestriction
Monetary funds 82297671.21 82297671.21 [Note 1]-[Note 8]
Land use right of Lake City Project plot 424356240.00 424356240.00 [Note 9]
Land use right of Plots B and D of
Shenyang Digital Intelligent City Project 987723102.87 905257200.61 [Note 10]
and Plot D construction in progress
Inventories - developing products 4839083.09 4839083.09
Fixed assets 3483700.15 3483700.15 [Note 11]
Investment properties 180144668.70 180144668.70
Total 1682844466.02 1600378563.76
[Note 1]: Among the monetary funds with restricted right of use at the end of the period RMB
2950000.00 was the bank guarantee deposit of the subsidiary Shenzhen Shenfubao Property
Development Co. Ltd.[Note 2]: Among the monetary funds with restricted right of use at the end of the period RMB
3000000.00 was frozen by the court due to pre-litigation preservation for contract disputes of the
subsidiary Shenzhen Facility Management Community Co. Ltd.[Note 3]: Among the monetary funds with restricted right of use at the end of the period RMB
138064.00 was the performance guarantee deposit of the subsidiary Shenzhen Facility Management
Community Co. Ltd.[Note 4]: Among the monetary funds with restricted right of use at the end of the period there is RMB
1136395.96 which is the loan guarantee historically provided by the Company as a real estate
developer and paid for the buyers of commercial housing according to the real estate operation practice.[Note 5]: Among the monetary funds with restricted right of use at the end of the period RMB
500000.00 was frozen due to a lawsuit involving the subsidiary Shenzhen Jinhailian Property
Management Co. Ltd.[Note 6]: Among the monetary funds with restricted right of use at the end of the period RMB
162969.00 was frozen due to a lawsuit involving the subsidiary Shenzhen ITC Technology Park
Service Co. Ltd.[Note 7]: Among the monetary funds with restricted right of use at the end of the period there are RMB
74359856.86 of time deposits purchased at the end of the period and their interest.
[Note 8]: Among the monetary funds with restricted right of use at the end of the period RMB 50385.39
was the collection business guarantee of the subsidiary Shenzhen Jiayuan Property Management Co.Ltd.
322025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
[Note 9]: Due to the needs of daily operating activities the Company applied for a loan from the bank
and mortgaged the land use right of the Lake City Project plot it held.[Note 10]: Due to the needs of daily operating activities the Company applied for a loan from the bank
and mortgaged the land use right of Plot D of Shenyang Digital Intelligent City Project and the
construction in progress of Plot D.[Note 11]: Due to the needs of daily operating activities the Company applied for a loan from bank and
mortgaged the self-owned commercial properties it held.VII. Analysis of investment status
1. Overall situation
□ Applicable □ Not applicable
2. Major equity investments acquired during the reporting period
□ Applicable □ Not applicable
3. Major non-equity investments in progress during the reporting period
□ Applicable □ Not applicable
4. Investment in the financial assets
(1) Securities investment
□Applicable ? Not applicable
Unit: RMB
Profit or loss Accumulated Purchase
Securities Initial Accounting
Amount sold Profit or loss
Ticker Stock name investment measureme Opening
from changes in amount
changes in fair value during the in the during the Closing book Accounting Source ofvariety cost nt mode book value fair value in included in current current reporting value items funds
this period equity period period period
Domestic Acquired
and foreign 400016、 Jintian A 3565856.0
Fair value Other equity
measureme 586231.82 0.00 -4277.54 0.00 0.00 -14636.58 567317.70 instrument from debt
stocks 420016 Jintian B 6 nt investments restructuringof Jintian
Total 3565856.06 -- 586231.82 0.00 -4277.54 0.00 0.00 -14636.58 567317.70 -- --
(2) Derivative investment
□ Applicable □ Not applicable
The Company had no derivative investment during the reporting period.VIII. Sales of major assets and equities
1. Sales of major assets
□ Applicable □ Not applicable
The Company did not sell major assets during the reporting period.
2. Sale of major equity
□ Applicable □ Not applicable
IX. Analysis of major holding and participating companies
□ Applicable ? Not applicable
Major subsidiaries and participating companies with an impact of 10% or more on the Company's net
profit
332025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Name of the Company type Main business Registeredcompany capital Total assets Net assets
Operating
revenue Operating profit Net profit
Shenzhen
Huangcheng Real estate
Real Estate Co. Subsidiaries development and 30000000.00 498957880.54 176961749.22 192765434.75 45881210.19 41742681.66
Ltd. sales
Shenzhen
International
Trade Center Property
Property Subsidiaries management 20000000.00 4380461779.63 545017059.17 1646905032.62 128298542.88 85894324.48
Management service
Co. Ltd.Information on acquisition and disposal of subsidiaries during the reporting period
□ Applicable □ Not applicable
Notes to main holding and participating companies
X. Structured entities controlled by the Company
□ Applicable □ Not applicable
XI. Prospects for the future development of the Company
(I) Industry pattern and trend
See "II. Industry situation of the Company during the reporting period" in Section III "Management
Discussion and Analysis" of this report.(II) Development strategy of the Company
With the overall downward trend of the development of the traditional real estate market SZPRD which
is mainly engaged in traditional real estate is facing a severe industry situation. In this context the
company proposed the "12345" overall development idea of "1 vision + 2 major sectors + 3 drivers + 4
major businesses + 5 value-added services". Focusing on the two core modes of "space asset
management" and "space digital ecological operation" through "main business extension and edge
breakthrough" the company focuses on the development of four major businesses namely industrial-
city space development industrial ecological operation property management service and main
business ecological investment and quickly lays out and grafts five value-added services namely
high-end consulting services customized butler services intelligent operation platforms data mining
and utilization and business ecosystem integration. With scientific and technological innovation as the
first driving force the company gives full play to the leverage role of capital builds a portal-type
intelligent management and control service platform based in Shenzhen with the Guangdong Hong
Kong and Macao metropolitan area and surrounding areas as the expansion area builds the function of
intelligent social base point and creates a leading intelligent industrial-city space operator in China. In
the future the Company will base on the current development situation grasp the rhythm of
development steps and follow the three-step implementation path of "strengthening the foundation
making breakthroughs at the edge and focusing on leading" seek transformation and upgrading
opportunities in development promote incremental development in transformation build new unique
development advantages of the Company and create a new pattern of innovation and development of
the Company.(Ⅲ) Business plan for 2026
The year 2026 marks the beginning of the "15th Five-Year Plan." The overall work approach of the
Group is to adhere to the general principle of "seeking progress while maintaining stability and
improving quality and efficiency." We will anchor our efforts on the transformation goal of "balancing
asset-light and asset-heavy models" prioritize cash flow security and focus on sales destocking and
fund recovery as the key tasks. With the annual strategic theme of "deepening the main business
empowering with digital intelligence and solidifying the base" we will coordinate high-quality
development and high-level security promote synergistic quality improvement across the three core
342025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
businesses fully activate the internal growth drivers and achieve high-quality sustainable development
of the enterprise. We will focus on the following four areas:
First deeply integrate into the overall development landscape and solidify the foundation for stable
operation and development. The company will closely follow the city's development strategy
concentrate resources to cultivate the core markets and take the initiative in areas such as creating
science and technology innovation spaces and operating industrial parks. Adhering to strategic
guidance we will meticulously formulate the "15th Five-Year" strategic plan and promote the
Company's development to be in sync with urban upgrading and industrial progress. We will always
prioritize cash flow security as the primary bottom line for strategic implementation optimize the
financing structure enhance refined capital operations and rigid budget control and cascade
operational responsibilities to safeguard the Company's financial lifeline.Second optimize the synergy of the main business segments and enhance the core operational
efficiency. We will adhere to concentrating business on the main responsibilities and core competitive
areas and build an integrated development ecosystem for real estate property management and
commercial properties. In terms of the real estate segment we will focus on "destocking and fund
recovery revitalizing existing assets and innovating models". We will dynamically adjust the sales
strategies deeply explore the value of existing assets explore asset-light operation paths and
accelerate the construction of a new model for real estate development; in terms of the property
management segment we will aiming at quality upgrading and scale breakthrough actively expand
into high-end business formats and value-added services while ensuring a steady increase in the area
under management to build a comprehensive professional supporting service platform; the commercial
operation segment will focus on its role as a commercial management platform ensure the timely
opening of key projects create a model for light asset output promote the transformation of existing
asset management to "proactive operation" and comprehensively improve the operation efficiency of
assets.Third consolidate the core underlying capabilities and comprehensively improve the corporate
governance. Focusing on organization talent and technology we will continuously optimize the
organizational structure deepen reforms in personnel appointment compensation and performance
and activate the organization's internal vitality. We will accelerate digital transformation build unified
data standards and a middle platform deepen the application of AI technology in multiple scenarios
fully leverage the decision support role of data and promote standardization. We will enhance the
operational and asset management efficiency of the headquarters improve the entire process system
of "investment financing management and exit" for assets build a professional asset management
team and maximize the asset value. We will strengthen corporate exchanges and cooperation
introduce the advanced management experience and international service standards and elevate the
overall service level to a new stage.Fourth strengthen the foundation for secure development and enhance the brand value of the listed
company. We will integrate compliance risk control security maintenance brand building etc. into all
aspects of enterprise development adhere to the requirements of state-owned asset supervision and
the operation of listed companies and strictly control various risks such as legal compliance and
integrity issues. We will adhere to the safety bottom line strictly implement the "Three Managements
Three Musts" and "One Post Dual Responsibilities" for work safety and conduct regular inspections
and rectification of hidden dangers to ensure the overall safety and stability of corporate operations. We
will cultivate a profound corporate culture inherit the corporate spirit of "daring to be the first and
striving for change" practice the core values of "shared heart shared creation shared success" and
foster a strong synergy among all employees to drive business development.
(4) Possible risks
1. Market risk
Under the policy guidance of "no speculation in housing" the demand side of the real estate market is
still in a downward channel. The development space of the real estate industry is constantly being
compressed and the industry profit is greatly reduced. It has changed from the previous land dividend
to the era of asking for dividends from management especially for the cost design engineering and
other business capabilities which has brought unprecedented challenges. The promotion conditions of
352025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
urban renewal project are complex and full of resistance and the Company's business development is
facing opportunities and challenges. In the face of the grim situation the Company deeply studied the
opportunities and challenges brought by macroeconomic trends and policy trends actively sought the
direction of strategic breakthrough adhered to steady operation raised funds through multiple channels
focused on improving management level seized land market opportunities based in Shenzhen and
focused on improving its sustainable development ability with Guangdong-Hong Kong-Macao
metropolitan area and surrounding areas as its expansion area.
2. Land reserve risk
The Company's land reserves are relatively limited and its sustainable development capability has
certain shortcomings which poses a potential impact on future business scale and operational stability.The real estate industry is currently undergoing a deep adjustment with the industry landscape
continuously optimized and the market competition becoming increasingly fierce; coupling with multiple
factors such as tightening land supply in core cities enhanced investment constraints in the industry
and narrowing market space for new developments the difficulty of acquiring high-quality land
resources and projects has further increased and project expansion faces certain uncertainties. The
Company will adhere to the overall principles of prudent operation cautious investment and
controllable risks reasonably grasp the pace of investment optimize the investment decision-making
mechanism and strictly control the investment risks. We will focus on core regions and advantageous
sectors prioritize supplementing high-quality project resources through market-based competition
cooperative development urban renewal and revitalization of existing resources promote compliant
project implementation and efficient conversion and continuously improve the quality of land reserves
and development resilience.
3. Financing risk
In recent years the Company has actively increased its land reserve and accelerated its business
development. In this process it needs to invest a large amount of funds for land acquisition and project
development. In addition to its own funds the Company's project development funds also need to be
financed externally through bank borrowings and issuance of securities.At present the company has a stable financial position and good credit status. In the future it will
further strictly control financial risks actively explore various financing channels and raise funds for
project development and construction.The above business plans and business objectives do not represent the listed company's profit forecast
for 2026. Whether they can be realized depends on various factors such as changes in market
conditions and the efforts of the business team and there are great uncertainties. Investors should pay
special attention to them.XII. Reception survey communication interview and other activities during the
reporting period
□Applicable ? Not applicable
Reception Type of Reception Main contents Index of basicReception time place Reception mode reception object discussed and information ofobject information provided the survey
Online
January 6 The communication Inquire about
2025 Company on the network Individual Individual horizontal competitions Not applicable
platform
Inquire about the
January 21 The Telephone Company's
2025 Company communication Individual Individual performance and Not applicablereappointment of the
Board of Directors
January 21 The Telephone
2025 Company communication Individual Individual
Inquire about the Not applicable
Company's
362025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Reception Type of Reception Main contents Index of basicReception time place Reception mode reception object discussed and information ofobject information provided the survey
performance
January 23 The Telephone Inquire about the
2025 Company communication Individual Individual Company's investment Not applicableplan
Online Inquire about the
February 06 The communication
2025 Company on the network Individual Individual
Company's measures
and views on urban air Not applicable
platform pollution issues
Online Inquire about the
February 16 The communication Company's property
2025 Company on the network Individual Individual management and Not applicable
platform leasing operationsfrom 2022 to 2024
February 27 The Telephone Inquire about the sales
2025 Company communication Individual Individual of the Company's Not applicableGuangming project
Online Inquire about the
February 27 The communication Individual Individual Company's investment2025 Company on the network properties and fixed Not applicable
platform assets
Online Inquire about the
February 27 The communication disposal of the
2025 Company on the network Individual Individual Company's historical Not applicable
platform property inventory
Inquire about the
March 07 The Telephone
2025 Company communication Individual Individual
details of the
Company's asset Not applicable
leasing
Inquire about the
March 21 The Telephone number of
2025 Company communication Individual Individual shareholders and Not applicablebusiness plan of the
Company
Online Inquire about the
March 27 The communication
2025 Company on the network Individual Individual
Company's B-share
market value Not applicable
platform management
Online
March 30 The communication
2025 Company on the network Individual Individual
Inquire about the
Company's operation Not applicable
platform
Inquire about the
April 01 2025 The Telephone Individual Individual number of theCompany communication Company's Not applicable
shareholders
Inquire about the
April 16 2025 The TelephoneCompany communication Individual Individual Company's first-quarter Not applicableperformance forecast
Investors who For details
Online participate d The Company's please refer to
in the operation financial the Record
April 21 2025 Online communicationplatform on the network Others Company' s position dividend Form of
platform 2024 annual distribution and Investor
performan ce development planning Relations
briefing Activities on
372025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Type of Main contents Index of basic
Reception time Receptionplace Reception mode reception
Reception discussed and information of
object object information provided the survey
through the April 21 2025
roadshow disclosed by the
platform Company on
cninfo.com on
April 21 2025
Online Inquire about the area
May 15 2025 The communicationCompany on the network Individual Individual of properties under Not applicable
platform management
Inquire about the
June 10 2025 The TelephoneCompany communication Individual Individual Company's operation Not applicablein 2024
Inquire about the
Company's semi-
July 14 2025 The Telephone Individual Individual annual performanceCompany communication and the selection and Not applicable
appointment of the
management team
Inquire about the
July 17 2025 The Telephone
Company's project
Company communication Individual Individual construction sales Not applicableand reappointment of
the Board of Directors
Self- Inquire about the
July 23 2025 TheCompany Field survey Individual proclaimed
Company's financial
private equity status and the current
Not applicable
industry situation
Online Inquire about the
July 25 2025 The communicationCompany on the network Individual Individual Company's bond Not applicable
platform issuance
Inquire about the
The Telephone business operations ofJuly 29 2025 Company communication Individual Individual the Company's Not applicableproperty management
company
Inquire about the
progress of
August 06 The Telephone Individual Individual reappointment of the2025 Company communication Company's Board of Not applicable
Directors and bond
issuance
August 11 The Telephone Ask the reason for the
2025 Company communication Individual Individual rise in the Company's Not applicablestock price
Online
August 14 The communication Individual Individual Inquire about the2025 Company on the network Company's operation Not applicable
platform
Inquire about the
August 28 The Telephone Company's business
2025 Company communication Individual Individual plan and semi-annual Not applicable
performance
August 29 The Telephone Inquire about the
2025 Company communication Individual Individual Company's litigation Not applicable
and business
382025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Reception time Reception
Type of
Reception mode reception Reception
Main contents Index of basic
place object discussed and information ofobject information provided the survey
operations
September 01 The Telephone Inquire about the
2025 Company communication Individual Individual Company's share price Not applicableand business plan
Inquire about the
September 04 The Telephone changes in the
2025 Company communication Individual Individual shareholding of China Not applicableOrient Asset
Management
Inquire about the
September 04 The Telephone Company's
2025 Company communication Individual Individual announcement on Not applicable
personnel changes
Online Inquire about the
September 05 The communication
2025 Company on the network Individual Individual
number of the
Company's A-share Not applicable
platform and B-share holders
Inquire about the
September 8 The Telephone announcement time
2025 Company communication Individual Individual and progress of the Not applicableCompany's major
arbitration
Inquire about the
September 8 The Telephone Individual Individual Company's business2025 Company communication plan and semi-annual Not applicable
report
September 22 The Telephone Inquire about the
2025 Company communication Individual Individual Company's share and Not applicableshareholders
Inquire about the latest
September 22 The Telephone number of the
2025 Company communication Individual Individual Company's Not applicable
shareholders
Online Inquire about the latest
September 30 The communication
2025 Company on the network Individual Individual
number of the
Company's Not applicable
platform shareholders
Inquire about the latest
October 01 The number of the
2025 Company Field survey Individual Individual Company's Not applicable
shareholders
Inquire whether the
October 10 The Telephone
2025 Company communication Individual Individual
Company will release a
third-quarter Not applicable
performance forecast
Inquire about the
progress of
October 10 The Telephone reappointment of the
2025 Company communication Individual Individual Company's Board of Not applicableDirectors and the
number of
shareholders.October 10 The Telephone Inquire about the
2025 Company communication Individual Individual arrangement of the Not applicable
Company's
392025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Type of Main contents Index of basic
Reception time Receptionplace Reception mode reception
Reception discussed and information of
object object information provided the survey
shareholders' meeting
and the third-quarter
performance forecast
Online
October 10 The communication Individual Individual Inquire about the2025 Company on the network Company's arbitration Not applicable
platform
Online Inquire about the
October 10 The communication progress of major
2025 Company on the network Individual Individual arbitration Not applicable
platform compensation of theCompany
Online
October 14 The communication Inquire about changes
2025 Company on the network Individual Individual in the Company's Not applicable
platform personnel
Inquire about the
progress of the
Company's major
October 15 The Telephone arbitration
2025 Company communication Individual Individual compensation the Not applicable
number of
shareholders and B-
share related matters
Online
October 16 The communication Individual Individual Inquire about the2025 Company on the network Company's assets Not applicable
platform
Online
October 17 The communication Inquire about the
2025 Company on the network Individual Individual Company's business Not applicable
platform plan
October 21 The Telephone Inquire about the latest
2025 Company communication Individual Individual number of A-share Not applicableholders
Online Inquire about the latest
October 21 The communication
2025 Company on the network Individual Individual
number of the
Company's Not applicable
platform shareholders
Online
October 21 The communication Inquire about directors
2025 Company on the network Individual Individual and business plan of Not applicable
platform the Company
Online
October 21 The communication Inquire about the
2025 Company on the network Individual Individual Company's business Not applicable
platform plan
Online
October 21 The communication Inquire about directors
2025 Company on the network Individual Individual and business plan of Not applicable
platform the Company
Online
October 21 The communication Inquire about the
2025 Company on the network Individual Individual Company's business Not applicable
platform plan
402025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Reception time Reception
Type of
Reception mode reception Reception
Main contents Index of basic
place object discussed and information ofobject information provided the survey
Online
October 21 The communication Inquire about the
2025 Company on the network Individual Individual Company's business Not applicable
platform plan
Inquire about the
October 30 The Telephone Individual Individual Company's taxes2025 Company communication payable for the third Not applicable
quarter
Online Inquire about the latest
October 31 The communication Individual Individual number of the2025 Company on the network Company's Not applicable
platform shareholders
Inquire about the latest
November 03 The Telephone number of A-share
2025 Company communication Individual Individual holders and arbitration- Not applicable
related matters
November 07 The Telephone Inquire about the
2025 Company communication Individual Individual Company's business Not applicableplan
Online Inquire about the latest
November 10 The communication number of the
2025 Company on the network Individual Individual Company's Not applicable
platform shareholders
Online Inquire about the latest
November 20 The communication
2025 Company on the network Individual Individual
number of the
Company's Not applicable
platform shareholders
Inquire about the
November 24 The Telephone
2025 Company communication Individual Individual
number of the
Company's Not applicable
shareholders
Inquire about the
November 24 The Telephone
2025 Company communication Individual Individual
opening time of ITC
Chuntian and the Not applicable
Company's arbitration
Inquire about the
progress of equity
November 26 The Telephone transfer of Orient
2025 Company communication Individual Individual Asset the Company's Not applicable
asset status and its
business plan
Inquire about the
progress of resolving
November 27 The Telephone Individual Individual horizontal competition2025 Company communication and the renovation of Not applicable
Guomao Shopping
Mall
November 27 The Telephone Inquire about the
2025 Company communication Individual Individual Company's business Not applicableplan
Inquire about the
November 28 The Telephone Company's operating
2025 Company communication Individual Individual conditions and the Not applicableprogress of resolving
horizontal competition
412025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Reception Type of Reception Main contents Index of basicReception time place Reception mode reception object discussed and information ofobject information provided the survey
Online Inquire about the latest
November 29 The communication number of the
2025 Company on the network Individual Individual Company's Not applicable
platform shareholders
December 01 The Telephone Inquire about the
2025 Company communication Individual Individual Company's relevant Not applicablebusiness
December 04 The Telephone Individual Individual Inquire about the2025 Company communication Company's operation Not applicable
Online
December 05 The communication Inquire about the
2025 Company on the network Individual Individual Company's relevant Not applicable
platform business
Online Inquire about the latest
December 10 The communication
2025 Company on the network Individual Individual
number of the
Company's Not applicable
platform shareholders
December 16 The Telephone Inquire about the
2025 Company communication Individual Individual Company's business Not applicableplan
Inquire about the
December 16 The Telephone
2025 Company communication Individual Individual
progress of the
Company's arbitration Not applicable
compensation
Online Inquire about the latest
December 19 The communication Individual Individual number of the2025 Company on the network Company's Not applicable
platform shareholders
Online
December 29 The communication Inquire about the
2025 Company on the network Individual Individual Company's operation Not applicable
platform and management
Online Inquire about the latest
December 31 The communication number of the
2025 Company on the network Individual Individual Company's Not applicable
platform shareholders
XIII. Formulation and implementation of market value management system and
valuation improvement plan
Whether the Company has formulated a market value management system.? Yes □ No
Whether the Company has disclosed plans for valuation enhancement.? Yes □ No
XIV. Implementation of the action plan of "double improvement of quality return".Whether the company has disclosed the announcement of the action plan of "double improvement of
quality return".? Yes □ No
422025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section IV Corporate governance Environment and Society
I. Basic status of corporate governance
The internal governance structure of the Company is complete sound and clear and complies with the
provisions of the Company Law the Articles of Association and other laws regulations and normative
documents. The shareholders' meeting and the meeting of the Board of Directors of the Company were
held in strict accordance with the relevant rules and regulations and all directors and senior
management could conscientiously perform their duties and be diligent and responsible. The legal
person governance structure of the Company is perfect and the operation of the Company is
standardized.The departmental organization of the Company follows the principles of science simplification and high
efficiency. At present there are Party-Mass Affairs Office the Board Office General Office (Process
and Information Center and the Office of Letters and Visits) Discipline Inspection and Supervision
Office (Audit Department) Human Resources Department (Training Center) Financial Management
Department (Settlement Center) Investment and Development Department Operation Management
Department Design Management Department (Technical Center) Cost Contract Department
Engineering Management Department (Safety Committee Office) and Industrial Operation Office. Each
functional department performs its own duties and works in strict accordance with the internal control
system to ensure the normal and efficient operation of the Company.The Company has always attached great importance to standardizing the management of insider
information and has formulated and improved a series of internal control systems including the
"Regulations on the Management of Information Disclosure" "Audit Risk and Compliance Management
Committee Annual Report Work Regulations" "Annual Report Information Disclosure Major Error
Accountability System" "Annual Report Work System" "Insider Information Registration Management
System" "Investor Relations Management System" etc. to ensure that the Company's information
disclosure is true accurate and complete. During the reporting period the Company strictly complied
with securities regulatory requirements in conducting information disclosure and organizing corporate
governance meetings. All disclosures were made in a timely accurate and complete manner with no
violations of the internal control systems related to information disclosure occurring.Whether there is any significant difference between the actual status of corporate governance and the
laws administrative regulations and the provisions issued by the China Securities Regulatory
Commission on the governance of listed companies
? Yes □ No
There are no significant differences between the actual status of corporate governance and the laws
administrative regulations and the provisions issued by the China Securities Regulatory Commission on
the governance of listed companies
II. The independence of the Company from the controlling shareholder and actual
owner in terms of assets personnel finance organization and business
The Company and the controlling shareholder are completely separated in terms of business
personnel assets institutions and finance and achieve personnel independence financial
independence asset integrity institutional independence and business separation. In terms of business
the Company's business is independent of the controlling shareholder with independent and complete
business and independent operation ability; in terms of personnel the Company is completely
independent from the controlling shareholder in terms of labor and personnel and salary management.The Company's personnel are independent and all employees have signed labor contracts with the
Company. The Company is independent from shareholders or other related parties in terms of
employee management social security and salary remuneration; in terms of assets the Company's
assets are complete independent and the property rights are clear. There is no situation that the
assets and funds are occupied by the controlling shareholder and the Company's assets are
completely independent of the controlling shareholder; in terms of organization the Company has an
independent organization and has formulated rules and regulations and responsibilities for each
department forming a scientific and reasonable internal control system with clear responsibilities and
432025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
powers; in terms of finance the Company is financially independent with an independent financial
department financial accounting system financial management system and independent financial
accounts independent tax payment and independent financial decision-making.The controlling shareholder of the Company shall abide by the code of conduct and shall not directly or
indirectly intervene in the Company's business decisions operating activities or use of funds beyond
the Company's general meeting but the controlling shareholder may have a certain impact on the
Company's major decisions through the shares held.III. Horizontal competitions
□Applicable ? Not applicable
Type of related
Problem relationship Name of Work progress
type with listed the Nature Problem Cause Solution and follow-up
companies company plan
According to the To avoid horizontal Since making the
overall competitions Shenzhen relevant
deployment of Investment Holdings makes the commitments
the Shenzhen following commitments: 1. Shenzhen
Municipal Regarding the solutions to Investment
Government on horizontal competitions at Holdings has
the adjustment Shenzhen Urban Construction: been actively
of the state- While acting as the controlling committed to
owned assets shareholder of the listed fulfilling its
management company—and during the commitments.system the period when the company is During the
Shenzhen listed on the Shenzhen Stock commitment
State-owned Exchange—Shenzhen period Shenzhen
Assets Investment Holdings will Investment
Management address Shenzhen Urban Holdings did not
Commission Construction's existing seek improper
decided to businesses that compete with benefits as the
establish the listed company. Within the controlling
Shenzhen scope permitted by laws and shareholder of
Investment regulations Shenzhen SZPRD which
Holdings by Investment Holdings will within damaged the
merger merging 12 months from the date when rights and
Horizontal Shenzhen Shenzhen Shen SZPRD's equity is interests of
competitio Controlling Investment Construction transferred under its name SZPRD and its
ns shareholder Holdings
Others
Investment initiate a practically feasible shareholders.Co. Ltd. Holdings solution from the competition During the
Shenzhen resolution options below and commitment
Investment will complete its implementation period Shenzhen
Management within 3 years from that date Investment
Company and thereby resolving the existing Holdings actively
Shenzhen horizontal competition issues: sorted out the
Commerce and (1) Shenzhen Urban relevant assets
Trade Construction will sign an asset and business of
Investment custody agreement with the Shenzhen Urban
Holdings. As a listed company entrusting any Construction and
resultShenzhen assets that directly compete was committed to
Investment with the listed company to that formulating a
Holdings has company determining a fair feasible solution
lawfully inherited custody fee and taking to the horizontal
the 63.82% effective measures during the competition with
equity stake in commitment period to resolve SZPRD as soon
the listed horizontal competitions. as possible.company (2)Injecting assets in direct Shenzhen
SZPRD that was competition with the listed Investment
previously held company into the listed Holdings also
by Shenzhen company; (3)Transferring actively promoted
Construction assets in direct competition with the restructuring
Investment the listed company to an of Shenzhen
442025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Type of related
Problem relationship Name of Work progress
type with listed the Nature Problem Cause Solution and follow-up
companies company plan
Holding unrelated third party; (4)Other Special Economic
Corporation and measures that can effectively Zone Real Estate
Shenzhen solve the problem of horizontal & Properties.Investment competition and are conducive However
Management to protecting the interests of considering the
Corporation. On listed companies and the objective
October 19 legitimate rights and interests of circumstances
2018 Shenzhen other shareholders. Before Shenzhen
Investment solving the existing horizontal Investment
Holdings competition in the process of Holdings has not
obtained the business of the listed company been able to fulfill
Confirmation of and the companies enterprises its original
Securities and economic organizations commitment to
Transfer controlled or actually controlled avoid horizontal
Registration for by Shenzhen Investment competitions.the equity of Holdings (excluding the Shenzhen
Shenzhen enterprises controlled by the Investment
Property and listed companies hereinafter Holdings has
completed the collectively referred to as reissued the
transfer of the "Subsidiaries") Shenzhen Letter on
equity of Investment Holdings shall Changing the
Shenzhen maintain a neutral position as Commitments on
Property. the controlling shareholder to Avoiding
Shenzhen ensure that the listed Horizontal
Investment companies and all subsidiaries Competition on
Holdings' can participate in market September 26
wholly-owned competition in accordance with 2024 and the
subsidiaries the principle of fair competition change of the
Shenzhen when there are circumstances commitment has
Urban involving dispute resolution and been approved by
Construction other situations that have a the Company's
Development significant impact on the Second
(Group) Co. business. 2. Solutions to Extraordinary
Ltd. (hereinafter horizontal competition of General Meeting
referred to as Shenzhen Special Economic of Shareholders
"Shenzhen Zone Real Estate & Properties: of 2024 held on
Urban Shenzhen Special Economic October 18 2024.Construction") Zone Real Estate & Properties For details
Shenzhen was suspended since please refer to
Special September 14 2016 due to the the
Economic Zone planning of major asset Announcement
Real Estate & restructuring. According to the on the Resolution
Properties Verification Opinions on the of the Second
(Group) Co. Extension of Resumption of Extraordinary
Ltd. (hereinafter Trading of Shenzhen Special General Meeting
referred to as Economic Zone Real Estate & in 2024
"Shenzhen Real Properties (Group) Co. Ltd. (Announcement
Estate") and Major Assets Restructuring No.: 2024-47)
Shenzhen issued by CITIC Securities Co. disclosed by the
Property all Ltd. and Huatai United Company on
operate real Securities Co. Ltd. respectively Cninfo on
estate on November 26 2016 the October 19 2024.development restructuring plan is that
and commercial Shenzhen Special Economic
housing sales Zone Real Estate & Properties
businesses and intends to purchase 100%
belong to the equity of Evergrande Real
same industry Estate Group Co. Ltd. by
and there is issuing A shares and/or paying
horizontal cash (hereinafter referred to as
competition. "Shenzhen Special Economic
Zone Real Estate & Properties
452025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Type of related
Problem relationship Name of Work progress
type with listed the Nature Problem Cause Solution and follow-up
companies company plan
Restructuring"). After the
completion of Shenzhen
Special Economic Zone Real
Estate & Properties
Restructuring Guangzhou
Kailong Real Estate Co. Ltd.will become the controlling
shareholder of Shenzhen
Special Economic Zone Real
Estate & Properties. If the
restructuring of Shenzhen
Special Economic Zone Real
Estate & Properties is
completed successfully
Shenzhen Investment Holdings
will lose the right of control of
Shenzhen Special Economic
Zone Real Estate & Properties
and the horizontal competition
issue between Shenzhen
Special Economic Zone Real
Estate & Properties and SZPRD
will be resolved. If the current
restructuring of Shenzhen
Special Economic Zone Real
Estate & Properties is
terminated for any reason then
for Shenzhen Special Economic
Zone Real Estate & Properties'
businesses that compete with
the listed company Shenzhen
Investment Holdings will within
the scope permitted by laws
and regulations initiate a
reasonable solution to resolve
horizontal competitions within
12 months from the date the
restructuring is terminated and
trading resumes (taking into
account actual conditions at
that time) and will fulfill its
disclosure obligations in a
timely manner. Shenzhen
Investment Holdings will
complete implementation of this
plan within 3 years from the
date the restructuring is
terminated and trading
resumes thereby resolving any
competition issues between
SZPRD and Shenzhen Special
Economic Zone Real Estate &
Properties. 3. Other
commitments to avoid
horizontal competition: during
the period when it is the
controlling shareholder of a
listed company and the listed
company is listed on the
Shenzhen Stock Exchange
other Affiliated Companies of
Shenzhen Investment Holdings
462025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Type of related
Problem relationship Name of Work progress
type with listed the Nature Problem Cause Solution and follow-up
companies company plan
will not engage in related
business with direct horizontal
competition relationship with the
listed company in new business
areas other than the business
areas with horizontal
competition relationship that
have already occurred.Shenzhen Investment Holdings
undertakes not to seek
improper benefits as the
controlling shareholder of the
listed company thus harming
the rights and interests of the
listed company and its
shareholders. In case of any
violation of the above
commitments Shenzhen
Investment Holdings will bear
corresponding legal liabilities
including but not limited to the
liability for compensation for all
losses caused to the listed
company.IV. Directors and Senior Management
1. Basic information
Number Number
of shares of Number of
held at shares shares
Number Reasons
Other of shares for
Name Gender Age Title Employment Beginning Ending date of the increase
reduced in
status date of term term beginnin d the the
increase/d held at increase
current ecrease the end of org of the current period (shares) the period decreaseperiod period (shares) in share
(shares) (shares) (shares)
Secretary of the
Tang Xiaoping Male 55 Party Committee Incumbent November 07 November 06
and Chairman 2025 2028
Director Deputy
Secretary of the
Cai Lili Female 53 Party Committee Incumbent November 07 November 06
and General 2025 2028
Manager
Director Deputy
Secretary of the
Zhang Zhimin Male 48 Party Committee Incumbent June 29 November 06
Chairman of the 2022 2028
Labor Union
Liu Qiang Male 42 Director and November 07 November 06Finance Director Incumbent 2025 2028
Deng Yingping Female 52 Director Incumbent November 07 November 062025 2028
WANG
Hangjun Male 59 Director Incumbent
November 07 November 06
20252028
Li Donghui Male 53 Independent September September 26director Incumbent 27 2021 2027
Hu Caimei Female 43 Independent Incumbent September September 26director 27 2021 2027
Song Shaohua Male 62 Independent Incumbent October 18 November 06director 2024 2028
Member of Party
Cai Lili Female 53 Committee and Appointment June 15 September 26Deputy General and removal 2018 2024
Manager
472025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Number Number
of shares of Number ofshares Number Reasonsheld at shares reduced in Other of shares for
Name Gender Age Title Employment Beginning Ending date of the increase the increase/d held at increasestatus date of term term beginnin d the ecrease the end of or
g of the current currentperiod (shares) the period decreaseperiod period (shares) in share
(shares) (shares) (shares)
Liu Secretary of the
Shengxiang Male 54 Party Committee Resigned
June 15 September 26
and Chairman 2018 2024
Director Deputy
WANG Secretary of the
Hangjun Male 59 Party Committee
Appointment June 15 September 26
and General and removal 2018 2024
Manager
Shen Xueying Female 56 Director andFinance Director Resigned
June 15 September 26
20182024
Wang Ge Male 54 Director Resigned June 15 September 262018 2024
Xie Chang Male 53 Director Resigned April 7 2020 September 262024
Member of the
Party Committee
Deputy General
Zhang Gejian Male 50 Manager Incumbent June 15 November 06
Secretary of the 2018 2028
Board of
Directors
Member of Party
Ni Huichuan Female 52 Committee and Incumbent October 30 November 06Deputy General 2024 2028
Manager
Member of Party
Li Peng Male 49 Committee and Resigned June 15 November 06Deputy General 2018 2028
Manager
Member of Party
Chen Hongji Male 57 Committee and December 28 September 26Deputy General Resigned 2020 2024
Manager
Total -- -- -- -- -- -- 0 0 0 0 0 --
Whether there have been departures of any directors supervisors or dismissals of senior management
personnel during their terms of office in the reporting period
□ Yes ? No
Due to reaching the statutory retirement age Ms. Shen Xueying has applied to resign from her
positions as a director of the 10th Board of Directors Chief Financial Officer and from relevant special
committees of the Board of Directors in accordance with the Company Law the Articles of Association
and other relevant regulations (for details see Announcement No. 2025-07 of the Company).Due to the expiration of his term and for personal reasons Mr. Liu Shengxiang has applied to resign
from his positions as Chairman of the 10th Board of Directors a director and from relevant special
committees of the Board of Directors (for details see Announcement No. 2025-08 of the Company).Due to the reappointment of the Board of Directors Mr. Wang Ge and Mr. Xie Chang will no longer
serve as directors of the Company (for details see the Announcement No. 2025-52 of the Company).Due to a work transfer Mr. Li Peng has applied to resign from his position as Deputy General Manager
and other concurrent positions in the Company (for details see the Announcement No. 2026-01 of the
Company).For personal reasons Mr. Chen Hongji has applied to resign from his position as Deputy General
Manager of the Company (for details see the Announcement No. 2025-31 of the Company).Changes in directors and senior management of the Company
□ Applicable ? Not applicable
482025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Name Position held Type Date Reasons
Shen Xueying Director and Finance Director Resigned January 23 2025 Retired
Liu Shengxiang Secretary of the PartyCommittee and Chairman Resigned January 23 2025 Personal reasons
Wang Ge Director Resignation uponexpiration of term November 07 2025 Change of term
Xie Chang Director Resignation uponexpiration of term November 07 2025 Change of term
Li Peng Member of Party Committeeand Deputy General Manager Dismiss January 22 2026 Job transfer
Chen Hongji Member of Party Committeeand Deputy General Manager Dismiss May 29 2025 Personal reasons
Tang Xiaoping Secretary of the PartyCommittee and Chairman Elected November 07 2025 Change of term
Director Deputy Secretary of
Cai Lili the Party Committee and Appointment andremoval November 07 2025 Change of termGeneral Manager
Liu Qiang Director and Finance Director Elected November 07 2025 Change of term
Deng Yingping Director Elected November 07 2025 Change of term
WANG Hangjun Director Appointment andremoval November 07 2025 Change of term
2. Office holding
Professional background work experience and main duties in the Company of existing directors and
senior management
Members of the Board:
Mr. Tang Xiaoping born in October 1970 is a member of the Communist Party of China holds a
master's degree in management and is a senior accountant senior vocational instructor and senior
real estate planner. He previously served as the Chief Financial Officer and Head of the Finance
Department at Shenzhen Great Wall Runda Asset Management Company and as the Head of the
Financial Operation and Management Department at Shenzhen Foreign Labor Service Co. Ltd. and
Executive Director of Shenzhen Foreign Affairs Service Center. He joined Shenzhen Special Economic
Zone Real Estate (Group) Co. Ltd. in May 2012 where he held the positions including Manager of the
Planning and Finance Department Deputy General Manager Secretary of the Board of Directors and
Deputy Secretary of the Party Committee; since March 2023 he has served as the secretary of the
Party Committee Chairman and General Manager of Shenzhen Special Economic Zone Real Estate
(Group) Co. Ltd.; since November 2025 he has been serving as the Secretary of the Party committee
and Chairman of the Company.Ms. Cai Lili was born in November 1972. She is a member of the Communist Party of China has a
bachelor's degree and a master's degree in economics. She has worked in the State Taxation
Administration of Shenzhen since 1995. She was the deputy director of the collection and management
and science and technology development department of the State Taxation Administration of Shenzhen
and a member of the party group and deputy director of the Local Taxation Bureau of Futian District of
Shenzhen. Since June 2018 she had served as a member of the Party committee deputy general
manager and Chief Financial Officer of the Company. Since November 2025 she has served as a
director deputy secretary of the Party committee and general manager of the Company.
492025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Mr. Zhang Zhimin was born in October 1977. He is a member of the Communist Party of China and
holds a master's degree. Mr. Zhang Zhimin joined the State-owned Assets Supervision and
Administration Commission of the People's Government of Shenzhen Municipality in 2016 and has
served as the office (letter and visit room) director the office (party committee) director the deputy
researcher of office (party committee) the level 4 investigator of office (party committee) and the level
3 investigator of office (party committee). He has been serving as the Deputy Secretary of the Party
Committee of the Company since May 2022 and as the Director Deputy Secretary of the Party
Committee and Chairman of the Labor Union of the Company since June 2022.Mr. Liu Qiang born in September 1983 is a member of the Communist Party of China a senior
accountant and a non-practicing certified public accountant. He holds a bachelor's degree and a
master's degree in accounting. Mr. Liu Qiang has been engaged in financial management for many
years. He has successively served as Deputy Head (in charge) of the Finance Department of the
Restructuring Business Division and Head of the Fund Planning Department of the Finance Center of
Guangzhou Shipyard International Company Limited and Assistant to the Director of the Finance
Center and Head of the Fund Planning Department and Deputy Head (in charge) of the Audit
Department of GSI Company Limited. From January 2019 to December 2023 he served as the director
of the Financial Management Department of Shenzhen Properties & Resources Development (Group)
Ltd. From December 2023 to July 2025 he served as a director and Chief Financial Officer of
Shenzhen Urban Construction and Development (Group) Co. Ltd. Since November 2024 he has
served as a director and Chief Financial Officer of Shenzhen Vzoom Credit Technology Co. Ltd. Since
November 2025 he has served as a director and Chief Financial Officer of the Company.Ms. Deng Yingping was born in October 1973. She is a member of the Communist Party of China and
holds a bachelor's degree and a master's degree in management. Ms. Deng Yingping has been
engaged in corporate management for many years. She has successively served as Chief Operating
Officer Executive Deputy General Manager of the Project Development Center and Deputy General
Manager of Shenzhen Bay Technology Development Co. Ltd. Since August 2025 she has served as
Deputy Secretary of the Party Committee and General Manager of Shenzhen Bay Technology
Development Co. Ltd. Since November 2025 she has concurrently served as a director of the
Company.Mr. Wang Hangjun was born in November 1966. He is a member of the Communist Party of China
has a postgraduate degree a master's degree in economics and is a senior auditor. Mr. Wang Hangjun
once served as the Deputy Chief of Audit Bureau of Nanshan District Shenzhen; deputy Director and
Director of Audit Department of Shenzhen Investment Management Company; deputy Director and
Director of Supervision Department of Shenzhen Investment Management Company; director of the
Audit and Supervision Department of Shenzhen Investment Holdings Co. Ltd.; he joined the Company
as Deputy General Manager in October 2007. Since June 2018 he has served as a the Company's
Director Deputy Secretary of the Party Committee and General Manager. Since November 2025 he
has served as a director of the Company.Mr. Li Donghui was born in June 1972 holds a bachelor's degree in Auditing from the School of
Economics of Wuhan University and a doctorate degree in Finance and Banking from the School of
Business of the University of New South Wales Australia. He once served as a civil servant of the
Financial Department of the National Audit Office of the People's Republic of China Executive Dean of
the School of Management of Jinan University and currently serves as a distinguished professor of
finance doctoral supervisor and is currently director of the professor committee of the School of
Economics of Shenzhen University. He has published articles in top international journals and China's
national key authoritative academic journals. He has been named a high-level overseas "Peacock Plan"
talent in Shenzhen an expert of the Senior Title Evaluation Committee of Finance Bureau of Shenzhen
502025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Municipality an expert of Shenzhen Press Group Shenzhen Communication Think Tank and a
reviewer of the National Natural Science Foundation of China.Ms. Hu Caimei was born in 1982 holds a PhD in Management a postdoctoral fellow in Economics a
Senior Researcher and a backup-level talent in Shenzhen. She is currently the Director of the Institute
of Financial Development and State-owned Assets and Enterprises of China Development Institute
(Shenzhen) and has long been engaged in Policy Research and Consulting in the fields of local
finance and state-owned assets and enterprises with extensive consulting experience in the reform and
development of state-owned assets and enterprises. She has presided over and participated in a
number of national provincial and ministerial scientific research projects and more than 50 consulting
projects and her research results have been adopted by government departments and won scientific
research awards for many times.Mr. Song Shaohua was born in March 1963. He holds a Bachelor of Laws and a Bachelor of
Economics from Wuhan University and a Doctor of Economics from the Graduate School of the
Chinese Academy of Social Sciences. From 2006 to 2007 he served as a director of Shenzhen Huafu
Electronics Co. Ltd. From 2007 to 2012 he served as a director and deputy general manager of Hong
Kong Polyda International Co. Ltd. From 2014 to 2016 he served as a director and general manager of
Shenzhen Longhao Nanfang Investment Management Co. Ltd. From 2016 to 2018 he served as a
director and deputy general manager of Hong Kong Polyda International Co. Ltd. From August 2016 to
now he has served as the executive director of Shenzhen Laocha Investment Co. Ltd. From
November 2023 to now he has served as an independent director of Shenzhen Jiejiawei Innovation
Energy Equipment Co. Ltd.Senior officers:
Mr. Zhang Gejian was born in September 1975. He is a member of the Communist Party of China has
a master's degree a master's degree in business administration and is an accountant and auditor. He
was engaged in internal audit work in the Audit Department of the Company since July 1997; he has
served as the manager of the Audit Department the supervisor and the manager of the Cost Control
Department of the Company and is currently a member of the Party Committee the Deputy General
Manager and the Secretary of the Board of Directors of the Company.Ms. Ni Huichuan was born in May 1973. She is a member of the Communist Party of China has a
postgraduate degree and holds a master's degree in engineering. Ms. NI Huichuan worked for many
years in Shenzhen's government departments previously serving in the Urban Renewal Section of the
Second Direct Management Bureau under the Shenzhen Municipal Planning and Land Resources
Commission in the Urban Design Office of the Shenzhen Municipal Planning and Land Resources
Commission and in the Longhua Management Bureau of the Shenzhen Municipal Planning and Land
Resources Commission. From October 2017 to December 2022 she served as a consultant of Hong
Kong Lucky Holdings Limited. She has served as the Deputy General Manager of the Company since
October 2024.Situation where the controlling shareholder and actual controller concurrently serve as the chairman
and general manager of the listed company
□ Applicable □ Not applicable
Positions held in shareholders
512025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
□ Applicable ? Not applicable
Whether to receive
Name Shareholders' Positions held in Beginning date of Ending date of remunerationname shareholders term term allowance from the
shareholder unit
Shenzhen
Wang Ge Investment Chief Engineer March 1 2017 Yes
Holdings Co. Ltd.Shenzhen Director of
Xie Chang Investment General
Holdings Co. Ltd. Management
April 7 2020 Yes
Department
Description of the In addition to the above-mentioned main positions in the shareholder units directors Wang Ge and
positions held in Xie Chang also serve as directors in several non-listed subsidiaries or invested enterprises of the
shareholders relevant shareholder units.Position in other entities
□Applicable ? Not applicable
Whether to receive
Name Name of other Positions held in other Beginning date of Ending date of remunerationentities entities term term allowances in
other entities
Shenzhen Bay
Deng Yingping Technology
Deputy Secretary of
Development Co. the Party Committee August 01 2025 Yes
Ltd. General Manager
Distinguished
Professor Doctoral
Li Donghui Shenzhen Supervisor Director ofUniversity the Professor April 1 2019 Yes
Committee of the
School of Economics
China (Shenzhen) Director of Institute of
Hu Caimei Comprehensive
Financial Development
Development and State-owned November 1 2016 Yes
Institute Assets andEnterprises
Shenzhen S.C
Song Shaohua New EnergyTechnology Independent director November 10 2023 Yes
Corporation
Shenzhen Vzoom
Liu Qiang Credit Technology Financial Director November 21 2024 No
Co. Ltd.Explanation of
serving in other Not applicable
entities
Punishments imposed in the recent three years by the securities regulator on the incumbent directors
and senior management as well as those who left in the Reporting Period:
□ Applicable □ Not applicable
3. Remuneration of Directors and Senior Management
Decision-making procedure determination basis and actual payments of remuneration for directors and
522025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
senior management:
The remuneration of the Company's directors and senior management is implemented in accordance
with relevant systems such as the Interim Measures for the Annual Remuneration Management of
Directors and Supervisors and the Measures for the Performance Appraisal and Remuneration
Management of Senior Management. During the reporting period the Board of Directors and the
management of the Company signed the 2025 annual business target responsibility letter and adopted
the evaluation method of combining economic indicators classified indicators and evaluation indicators
scores and after the end of the year the Board of Directors will assess it.As approved by the 2024 Annual General Meeting held on April 18 2025 the allowance for
independent directors of the Company was adjusted from RMB 80000/year (pre-tax) to RMB
120000/year (pre-tax). The adjusted allowance standard for independent directors will be implemented
from the month following the approval of the General Meeting.Remuneration of directors and senior management during the Reporting Period
Unit: RMB10000
Total pre-tax Whether get
Name Gender Age Title Employment compensation paid fromstatus received from related parties
the Company of COOEC
Tang Male 55 Secretary of the PartyXiaoping Committee and Chairman Incumbent 17.43 No
Director Deputy Secretary of
Cai Lili Female 53 the Party Committee and Incumbent 16.57 No
General Manager
Zhang Director Deputy Secretary of
Zhimin Male 48 the Party Committee Chairman Incumbent 89 Noof the Labor Union
Liu Qiang Male 42 Director and Finance Director Incumbent 57.36 No
Deng
Yingping Female 52 Director Incumbent 0 Yes
WANG
Hangjun Male 59 Director Incumbent 5.75 No
Li Donghui Male 53 Independent director Incumbent 10.67 No
Hu Caimei Female 43 Independent director Incumbent 10.67 No
Song
Shaohua Male 62 Independent director Incumbent 10.67 No
Cai Lili Female 53 Member of Party Committee Appointmentand Deputy General Manager and removal 74.17 No
Liu
Shengxian Male 54 Secretary of the Party
g Committee and Chairman
Resigned 8.72 No
WANG Director Deputy Secretary of
Hangjun Male 59 the Party Committee and
Appointment
General Manager and removal
91.12 No
Shen
Xueying Female 56 Director and Finance Director Resigned 0 No
Wang Ge Male 54 Director Resigned 0 Yes
Xie Chang Male 53 Director Resigned 0 Yes
Zhang Member of the Party
Gejian Male 50 Committee Deputy General Incumbent 89 No
Manager Secretary of the
532025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Total pre-tax Whether get
Name Gender Age Title Employment compensation paid fromstatus received from related parties
the Company of COOEC
Board of Directors
Ni Female 52 Member of Party CommitteeHuichuan and Deputy General Manager Incumbent 89 No
Li Peng Male 49 Member of Party Committeeand Deputy General Manager Resigned 89 No
Chen Male 57 Member of Party CommitteeHongji and Deputy General Manager Resigned 17.15 No
Total -- -- -- -- 676.26 --
The relevant systems such as the Interim Measures for the
Basis for performance assessment of the actual Annual Remuneration Management of Directors and
remuneration for all directors and senior management at Supervisors and the Measures for the Performance
the end of the reporting period Appraisal and Remuneration Management of Senior
Management will be implemented.At the end of the reporting period the directors and senior
Completion of performance assessment for the actual management had not completed the annual assessment
remuneration for all directors and senior management at and the final amount will be based on the actual
the end of the reporting period assessment payment. The allowances of independent
directors are not subject to performance assessment.It is implemented in accordance with the relevant systems
of the Company and will be settled upon completion of the
assessment. Among them deferred payment arrangements
Deferred payment arrangements for the actual are not applicable to the independent directors; in 2025 the
remuneration of all directors and senior management at the unsettled performance-based annual salary of 2023 and
end of the reporting period part of the 2024 performance-based annual salary for non-
independent directors and senior management have been
paid but part of the 2025 performance-based annual salary
has not yet been paid.Withholding and clawback of actual remuneration of all
directors and senior management at the end of the Not applicable
reporting period
Other circumstances
□ Applicable □ Not applicable
V. Performance of Duty by Directors during the Reporting Period
1. Attendance of directors at board meetings and general meetings
Attendance of directors at board meetings and general meetings
Number of Whether to
the board Number of Number of Number of Number of fail to attend
Name of meetings to the board
the board
meetings the board absences
the meeting Number of
directors be attended meetings attended by meetings from the
of the Board general
during this attended on in person for meetings
reporting site communicati
attended by Board
proxy meetings two attended
period on consecutivetimes
Tang
Xiaoping 3 1 2 0 0 No 1
Cai Lili 3 1 2 0 0 No 7
Zhang Zhimin 13 2 11 0 0 No 7
542025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Attendance of directors at board meetings and general meetings
Number of Whether to
the board Number of Number ofthe board Number of Number of
fail to attend
the meeting Number of
Name of meetings to the board the board absences
directors be attended meetings
meetings meetings from the of the Board general
during this attended on attended bycommunicati attended by Board
in person for meetings
reporting site proxy meetings two attended
period on consecutivetimes
Liu Qiang 3 1 2 0 0 No 1
Deng
Yingping 3 1 2 0 0 No 1
WANG
Hangjun 13 2 11 0 0 No 7
Li Donghui 13 2 11 0 0 No 7
Hu Caimei 13 2 11 0 0 No 7
Song
Shaohua 13 2 11 0 0 No 7
Liu
Shengxiang 1 0 1 0 0 No 0
Shen
Xueying 1 0 1 0 0 No 0
Wang Ge 10 1 9 0 0 No 6
Xie Chang 10 1 9 0 0 No 6
Description of the failure to attend the board meetings in person for two consecutive times
Not applicable
2. Objections raised by directors to relevant matters of the Company
Whether the directors have raised any objections to relevant matters of the Company
? Yes □ No
During the reporting period the directors did not raise any objection to the relevant matters of the
Company.
3. Other descriptions of directors' performance of duties
Whether the relevant suggestions of the directors to the Company have been adopted
□Yes ? No
Director's statement on the adoption or non-adoption of the Company's relevant proposals
During the reporting period the directors of the Company actively attended the meetings of the Board
of Directors and the Shareholders' Meeting in strict accordance with the Articles of Association the
Rules of Procedures of the Board of Directors and relevant laws and regulations and diligently and
dutifully put forward relevant opinions on the Company's major governance and business decisions
according to the Company's actual situation. After full communication and discussion a consensus was
reached and the implementation of the resolutions of the Board of Directors was resolutely supervised
and promoted to ensure that the decisions were scientific timely and efficient and the legitimate rights
and interests of the Company and all shareholders were safeguarded.
552025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
VI. Performance of Duty by Specialized Committees under the Board in the
Reporting Period
Number
Name of of Date of Content of the Important opinions Other Details of
committee Membership meetings meeting meeting and suggestions put performance objections
held forward of duties (if any)
Hear the report
Li Donghui
Audit Risk from the Communicate withHu Caimei
and accounting firm the annual audit firm
Compliance Song 1 January on the on key issues to
Management Shaohua Liu 15 2025 preliminary further improve the
Committee Shengxiang annual audit and 2024 annual report
Xie Chang the annual audit audit work plan.plan
Li Donghui proposed
that: first the asset
appraisal institution
should supplement
and provide the
relevant supporting
materials to fully
explain the
reasonableness of
the relevant project
pricing being lower
than that of
surrounding
competing products;
second the annual
audit firm should
prudently confirm the
above pricing and
suggest that the
auditors and
appraisers review
Communicate and verify the project
Audit Risk Li Donghui with the annual calculation data
and Hu Caimei audit accounting issue an internal
Compliance MarchSong 5 firm and asset appraisal report and
Management 11 2025Shaohua Xie appraisal conduct on-site
Committee Chang institution on inspections with the
audit matters accompanying of the
members of the
audit committee if
necessary. In
addition the
Company should
pay close attention
to the risks that may
be triggered by
performance
fluctuations and
prevent questioning
from the capital
market on the
Company's
operating conditions.At the same time
the Company is
required to conduct
a comprehensive
review of the
inventory impairment
assessment report
562025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Number
Name of Important opinions Other Details of
committee Membership
of Date of Content of the
meetings meeting meeting and suggestions put performance objections
held forward of duties (if any)
issued by the asset
appraisal institution
through methods
such as data review
on-site visits and
analytical reviews
and to make a
special report to the
audit committee on
the relevant
situation. Hu Caimei
proposed that relying
solely on the
relatively mature
surrounding
supporting facilities
is insufficient to fully
explain the
reasonableness of
the relevant project's
pricing being lower
than that of
competing products.Hence the relevant
institutions are
required to
supplement
evidence and
provide detailed
explanations. It was
also pointed out that
significant
fluctuations in
performance would
be detrimental to the
interests of minority
shareholders. It is
recommended that
the Company should
strengthen its
research and
judgment on
macroeconomic
trends and operating
performance
expectations to
effectively protect
the legitimate rights
and interests of
minority
shareholders.
1. Review the Li Donghui proposed
Company's 2024 that: The Company's
Audit Risk Li Donghui Audit Work
2024 audit work
mainly focused on
and Hu Caimei Report and 2025March Audit Work Plan; the routine auditCompliance Song 5 matters. For the
Management 28 2025Shaohua Xie 2. Deliberate the large amount of
Committee Chang "Inspection asset impairment
Report on the provision made in
Company's this annual report
Provision of the Company's audit
572025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Number
Name of Membership of Date of Content of the
Important opinions Other Details of
committee meetings meeting meeting and suggestions put performance objections
held forward of duties (if any)
Guarantee department is
Related Party requested to re-
Transactions and verify the adequacy
Other Matters in and accuracy of the
2024"; impairment in
3. Review the subsequent work.
Company's 2024
Annual Financial
and Accounting
Report and 2024
annual report;
4. Deliberate the
2024 Internal
Control Self-
Evaluation
Report of the
Company;
5. Deliberated
the Proposal on
the Evaluation
Report of the
Audit Risk and
Compliance
Management
Committee on
the Performance
of Accounting
Firm and the
Report on the
Performance of
Supervisory
Duties;
6. Deliberated on
the proposal on
renewing the
accounting firm.
1. Review the
First Quarterly
Report of 2025;
2. To review the
2024 Work
Report of
Enterprise
Internal Control
System;
Audit Risk Li Donghui 3. To review the
and Hu Caimei April 28 2025 EnterpriseCompliance Song 5 2025 Major Risk AgreeManagement Shaohua Xie Assessment
Committee Chang Report;
4. To review the
2024
Compliance
Management
Work Report;
5. Review the
Report on Audit
Work in the First
Quarter of 2025.
582025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Number
Name of of Date of Content of the Important opinions Other Details of
committee Membership meetings meeting meeting and suggestions put performance objections
held forward of duties (if any)
1. Deliberated on
the Company's
2025 Semi-
annual Report
and its
Summary;
2. Review the
Report on Audit
Work in the
Second Quarter
of 2025;
Audit Risk Li Donghui 3. Review the
and Hu Caimei August "InspectionCompliance Song 5
Management 27 2025
Report on Agree
Shaohua Xie Provision of
Committee Chang Guarantee
Related Party
Transactions and
Other Matters in
First Half of
2025";
4. To review the
Review Report
on the 2024
Inventory
Impairment
Assessment.
1. Review the
Third Quarter
Report of 2025;
2. Review the
Report on Third
Quarter Audit
Audit Risk Li Donghui Work of 2025;
and Hu Caimei 3. Communicate
Compliance 5 OctoberSong with the annual Agree
Management 29 2025Shaohua Xie auditors on the
Committee Chang schedule key
audit areas and
countermeasure
s for the
Company's 2025
Annual Report
audit.Li Donghui Deliberated the
Audit Risk TangXiaoping Proposal on theand
Compliance Wang
Novemb Proposed
Hangjun 1 er 07 Appointment of AgreeManagement Song 2025 the Company'sCommittee Shaohua Hu Chief Financial
Caimei Officer
Hu Caimei Li Deliberated the
Remuneratio Donghui Proposal on
n and 3 March Remuneration ofEvaluation Xie Chang 28 2025 Agree
Song Directors andCommittee
Shaohua SeniorManagement for
592025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Number
Name of of Date of Content of the Important opinions Other Details of
committee Membership meetings meeting meeting and suggestions put performance objections
held forward of duties (if any)
2024
1. Deliberated
the 2023 Group
Senior Officers
Business
Performance
Assessment
Plan;
Hu Caimei Li
Remuneratio 2. Deliberated onDonghui
n and June 06 the list of senior
Evaluation Xie Chang 3 2025 management Agree
Committee Song assessment
Shaohua scorers in 2023.
3. Deliberated
the Proposal on
the Performance
Evaluation
Results of the
Group Company
in 2024.
1. Deliberated
the 2024 Group
Senior Officers
Business
Performance
Assessment
Plan;
2. Reviewed the
2024 Personal
Debriefing
Report of the
senior officers of
SZPRD;
3. Reviewed the
Completion Form
of 2024 Annual
Performance
Hu Caimei Li
Remuneratio Targets of SeniorDonghui
n and Septemb Officers of
Evaluation Xie Chang 3 er 01 SZPRD; Agree
Committee Song 2025 4. Review the
Shaohua additional items
and rejected
items of the 2024
senior
management
assessment;
5. Deliberated
the Proposal on
Completion of
Economic
Indicators for
2024 Senior
Management
Performance
Assessment;
6. Deliberated
the 2022-2024
Term-of-Office
602025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Number
Name of of Date of Content of the Important opinions Other Details of
committee Membership meetings meeting meeting and suggestions put performance objections
held forward of duties (if any)
Assessment
Work Plan of
SZPRD
Management
Team;
7. Reviewed the
Term-of-Office
Debriefing
Report of
SZPRD
Management
Team;
8. Reviewed the
Term-of-Office
Performance
Target
Completion Form
of SZPRD
Management
Team;
9. Deliberated
the list of scorers
for the 2024
senior
management
and term-of-
office
assessment.Deliberated the
Special Li Donghui proposal on the
meeting of Hu Caimei 2 January estimated dailyindependent Song 15 2025 related party Agree
directors Shaohua transactions in
2025
Deliberated the
Proposal on
Signing the
Supplementary
Agreement IV to
Special Li Donghui the Entrusted
meeting of Hu Caimei Decemb Operation and
independent Song 2 er 30 Management Agree
directors Shaohua 2025 Agreement forDivested Land
and Property
with a Related
Party and the
Related Party
Transaction
Song 1. Proposal on
Shaohua Hu theReappointment
Nomination Caimei October of Non-
Committee Zhang 1 AgreeZhimin 14 2025 independent
Wang Ge Li Directors by the
Donghui Board ofDirectors
612025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Number
Name of Membership of Date of Content of the
Important opinions Other Details of
committee meetings meeting meeting and suggestions put performance objections
held forward of duties (if any)
2. Proposal on
the
Reappointment
of Independent
Directors by the
Board of
Directors
Song
Shaohua Deliberated on
Nomination Zhang Novemb
the Proposal on
the Proposed
Committee Zhimin Deng 1 er 07 AgreeYingping Hu 2025 Appointment of
Caimei Li Senior
Donghui Management
VII. Performance of Duty by the Audit Committee
The Audit Committee finds out whether the company has risks during the monitoring activities during
the reporting period
? Yes □ No
The Audit Committee has no objection to the supervision matters during the reporting period.VIII. Company's employees
1. Number professional composition and education level of employees
Number of employees of the parent company at the end of
the reporting period (person) 90
Number of in-service employees of major subsidiaries at
the end of the reporting period 8679
Total number of in-service employees at the end of the
reporting period (person) 8769
Total number of employees receiving salaries in the current
period (person) 8769
Number of retired employees whose expenses shall be
borne by the parent company and major subsidiaries 0
Professional composition
Professional composition category Number of employees of each category (person)
Production personnel 6485
Sales personnel 62
Technical personnel 1622
Financial personnel 121
Administrative staff 446
R&D personnel 33
Total 8769
Education level
Education level category Number
College education or above 3803
High school education or below 4966
Total 8769
622025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2. Remuneration policy
In accordance with the Group's strategic development requirements the Group Company has
implemented a performance evaluation and management system for managerial members linked to the
business performance of its subsidiaries further enhancing work efficiency and fostering a proactive
work atmosphere. The Group headquarters strictly enforces all compensation management regulations
and has revised the organizational structure design departmental functional divisions position
establishment and staffing quotas as well as the compensation and performance systems of
subsidiaries based on market-oriented principles.
3. Training plan
In 2025 the Group Company will focus on talent development adhere to a talent-driven enterprise
strategy and innovation empowerment and stimulate internal vitality. To implement the strategy of
strengthening the enterprise with talents and create a vibrant situation with talents promoting
development and development nurturing the talents the Group has comprehensively deepened the
construction of its talent team and planned to implement special training for outstanding young talents
in corporate governance and development for 2025; at the same time it designed multiple activities for
policy dissemination and business skill enhancement based on business needs strengthening strategic
and business empowerment; it has continuously implemented the "Internal Trainers Conducting
Lectures at the Grassroots Level" project which is aimed at laying a solid foundation of talents for the
sustainable development of the group and achieving a virtuous cycle of collaborative growth between
talents and the enterprise.
4. Outsourcing of labor services
□ Applicable □ Not applicable
IX. Specification of profit distribution and capitalizing of common reserves
Formulation implementation or adjustment of the profit distribution policy during the reporting period
especially the cash dividend policy
□ Applicable □ Not applicable
The Company is profitable during the reporting period and the profit available for distribution by the
parent company is positive but no cash dividend distribution plan is proposed
□ Applicable □ Not applicable
Profit distribution and the increase of share capital by converting capital reserves during the reporting
period
□Applicable ? Not applicable
Number of bonus shares per 10 shares (shares) 0
Number of dividends per 10 shares (RMB) (including tax) 0.20
A total number of shares as the distribution basis (shares) 595979092
Cash dividend amount (Yuan) (Tax-included) 11919581.84
Cash dividend amount in other means (such as repurchase
of shares) (yuan) 0.00
Total cash dividend (Yuan) (Tax-included) 11919581.84
Distributable profit (yuan) 2423699479.79
Proportion of total cash dividend (including other means) in
the distributable profit 100%
Cash dividends this time
When the Company's development stage is in the mature period and there are major capital expenditure arrangements
when the profit distribution is carried out the proportion of cash dividends in this profit distribution should be at least
632025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
80%.
Detailed explanation of the plan for profit distribution or conversion of capital reserves into share capital
The Board has approved a final dividend plan as follows: based on the total share capital of 595979092 shares a cash
dividend of RMB0.20 (tax inclusive) per 10 shares is to be distributed to the shareholders with no bonus issue from
either profit or capital reserves.X. Implementation of the Company's equity incentive plan employee stock
ownership plan (ESOP) or other employee incentives
□ Applicable □ Not applicable
During the reporting period the Company had no equity incentive plan employee stock ownership plan
or other employee incentive measures and their implementation.XI. Construction and implementation of internal control system during the reporting
period
1. Construction and implementation of internal control
During the reporting period the Company continued to improve the construction of its internal control
system. In light of laws regulations regulatory requirements and business realities it comprehensively
reviewed and optimized its internal control management system covering the key areas such as
financial management bidding and procurement investment management and work safety forming an
internal control system with clear rights and responsibilities standardized processes and effective
controls. Concurrently it strengthened internal control supervision self-inspection and training
promptly rectified and closed the loop on identified issues and continuously enhanced the effectiveness
of internal control and the capabilities of risk prevention and control ensuring that business
management is legal and compliant assets are secure and information is true and complete.
2. Details of major deficiencies in internal control found during the reporting period
? Yes □ No
XII. Management and control of the Company's subsidiaries during the reporting
period
Name of the Consolidation Consolidation Problems
company plan progress encountered in Solutions taken
Progress of Follow-up
consolidation solution solution plan
Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
Abnormalities in the management and control of subsidiaries
? Yes □ No
XIII. Evaluation Report on Internal Control or Audit Report on Internal Control
1. Internal control evaluation report
Full-text disclosure date of the
Evaluation Report on Internal Control March 28 2026
Full-text disclosure index of the
Evaluation Report on Internal Control Cninfo (http://www.cninfo.com.cn)
Ratio of total assets of units included in
the evaluation scope to total assets in
the consolidated financial statements 100.00%
of the Company
Ratio of operating revenue of units
included in the evaluation scope to the 100.00%
operating revenue of consolidated
642025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
financial statements of the Company
Defect identification criteria
Type Section X Financial Reports Non-financial report
Major deficiencies:
1. Serious violations of national laws or
regulations resulting in major litigation
Major deficiencies: regulatory investigations business
suspension orders criminal liability or
replacement of senior officers;
1. Ineffective control environment; 2. Abnormal and significant changes in
2. Significant fraudulent activities the Company's directors supervisors
involving the Company's directors senior management or key technical
supervisors or senior management; personnel;
3. The Company's audit firm identified 3. Absence of democratic or
material misstatements in the current scientifically flawed decision-making
financial reports that were not detected processes within the Company leading
by the internal control system during its to major decision-making errors;
operation; 4. Severe loss of core management or
4. Corrections of material errors in the technical personnel;
Company's previously submitted or 5. Frequent exposure of severely
disclosed financial reports; negative news in the media with
5. Ineffective oversight of internal widespread impact and unresolved
controls by the Company's audit adverse effects;
committee and internal audit 6. Critical business operations of the
department. Company lacking systematic controls
or suffering from systemic failures
Significant deficiencies: significantly impacting production and
operations;
1. Failure to select and apply
Qualitative criteria accounting policies in accordance with 7. Major deficiencies identified in
Generally Accepted Accounting internal control evaluations remaining
Principles; unaddressed;
2. Absence of established anti-fraud 8. Other significant negative
procedures and controls; circumstances materially affecting the
Company.
3. No control mechanisms established
or implemented for accounting
treatment of non-routine or special Significant deficiencies:
transactions and absence of 1. The Company's democratic
compensating controls; decision-making processes exist but
4. One or more defects in controls over are not sufficiently robust adversely
the period-end financial reporting impacting its production and
process that cannot reasonably assure operations;
the preparation of financial statements 2. Violations of the Company's internal
achieves objectives of truthfulness and regulations causing substantial losses;
completeness;
3. Negative media exposure
5. Failure to rectify significant or minor significantly impacting the Company;
deficiencies in internal controls.
4. Significant deficiencies in key
business systems or processes
Minor deficiencies: remaining unrectified;
Other control deficiencies excluding 5. Other adverse circumstances with
the aforementioned major and significant impacts on the Company.significant deficiencies.Minor deficiencies:
Other control deficiencies excluding
the aforementioned major and
significant deficiencies.Quantitative criteria Major deficiencies: Major deficiencies:
Potential misstatements in operating Direct property loss amount ≥ 0.40% of
652025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
revenue ≥ 0.5% of the Company's the previous year's net assets;
consolidated financial statement
operating revenue total assets ≥
0.10% of the Company's consolidated Significant deficiencies:
financial statement total assets and 0.20% of the previous year's net
net assets ≥ 0.40% of the Company's assets ≤ direct property loss amount <
consolidated financial statement net 0.40% of the previous year's net
assets; assets.Significant deficiencies: Minor deficiencies:
0.25% of the Company's consolidated Direct property loss amount < 0.20% of
statements operating revenue ≤ the previous year's net assets.misstatements < 0.50% of the
Company's consolidated statements
operating revenue and 0.05% of the
Company's consolidated statements
total assets ≤ misstatements < 0.10%
of the Company's consolidated
statements total assets and 0.20% of
the Company's consolidated
statements net assets ≤ misstatements
< 0.40% of the Company's
consolidated statements net assets;
Minor deficiencies:
Misstatements in operating revenue <
0.25% of the Company's consolidated
statement operating revenue total
assets < 0.05% of the Company's
consolidated financial statement total
assets and net assets < 0.20% of the
Company's consolidated financial
statement net assets.Number of major deficiencies in
financial reports 0
Number of major deficiencies in non-
financial report 0
Number of significant deficiencies in
financial report 0
Number of significant deficiencies in
non-financial report 0
2. Audit Report on Internal Control
□Applicable ? Not applicable
Review opinion in the Audit Report on Internal Control
In our opinion SZPRD has maintained effective internal control over financial reporting in all material respects in
accordance with the Basic Standard for Enterprise Internal Control and relevant regulations.Disclosure of the Audit Report on Internal Control Disclosed
Full-text disclosure date of the Audit Report on Internal
Control March 28 2026
Full-text disclosure index of the Audit Report on Internal
Control Cninfo (http://www.cninfo.com.cn)
Opinion type of the Audit Report on Internal Control Standard and unqualified opinion
Whether there are major deficiencies in non-financial
reports No
662025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Whether the accounting firm issues an Audit Report on Internal Control with non-standard opinions
? Yes □ No
Whether the Audit Report on Internal Control issued by the accounting firm is consistent with the
opinion of the self-evaluation report of the Board of Directors
□Yes ? No
Whether a non-standard internal control audit opinion was issued during the reporting period or the
previous year
? Yes □ No
XIV. Status of rectification of self-examination issues of special actions on
governance of listed companies
Not applicable.XV. Disclosure of Environmental Information
Whether the listed companies and their main subsidiaries are included in the list of enterprises legally
disclosing environmental information
? Yes □ No
XVI. Social responsibility
(I) Fulfilling the tax obligations and safeguarding the shareholder rights
SZPRD and its subsidiaries actively fulfilled their tax obligations in 2025 completing tax payments
totaling RMB 3.516 billion fully demonstrating their commitment as socially responsible corporate
citizens. SZPRD also places high importance on communication and engagement with shareholders
regularly convening shareholder meetings to solicit and incorporate their feedback and suggestions.This practice continuously refines the corporate governance framework enhancing decision-making
efficiency and transparency across the organization.(II) Addressing employment issue
In 2025 SZPRD and its affiliated enterprises provided a total of 131 job positions to the public
recruiting a total of 2380 employees including 10 fresh graduates and 33 veterans. The Group further
optimized its talent structure emphasized talent recruitment and development and facilitated rapid
growth of new employees through systematic training and career planning injecting new momentum for
sustainable development.(III) Conducting employee care initiatives
To uphold the people-centered development philosophy and implement the Group's support
mechanism the SZPRD Party Committee organized pre-Chinese New Year care forums for employees
in hardship and 'July 1st' care forums for Party members in difficulty. Prior to the pre-Chinese New Year
care event for employees in hardship the Group Party Committee identified 50 hardship care recipients
including 8 hardship Party members by organizing Party organizations at all levels to conduct thorough
surveys verification and categorized documentation. During the 'July 1st' event 5 hardship Party
members were supported.(IV) Implementing Green and Beautiful Guangdong ecological initiatives
The SZPRD Party Committee implemented the Green and Beautiful Guangdong ecological deployment
requirements from provincial municipal and state-owned asset authorities. Aligning with enterprise
production characteristics the Group organized the employees to participate in green activities planted
nearly 3000 green plants including landscape trees such as cortex schefflerae octophyllae
Excoecaria cochinchinensis and ornamental flowers integrated ecological civilization concepts into
operations and advanced green development.
672025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(V) Organize the "Shenzhen Investment Holdings with Love Assisting People's Livelihood"
event
Actively responding to the call of the Shenzhen Investment Holdings Youth League Committee's 2025
"Shenzhen Investment Holdings with Love Assisting People's Livelihood" event the youth league
organizations of SZPRD and its subsidiaries organized a public welfare donation and poverty alleviation
activity for all employees collecting a total of 959 idle books stationery and sports goods. These items
were donated to Xiabei Primary School Qianpu Overseas Chinese Primary School and Shangxi
Primary School in Longdu Town Chenghai District Shantou City as well as Gujing Primary School and
Yiqing Primary School in Daye Town Cenxi City Wuzhou Guangxi Zhuang Autonomous Region
contributing to rural revitalization with practical actions.(VI) Launching the Red Flag Red Action public welfare blood donation volunteer activity
The Party Committee of Shenzhen International Trade Center Property Management a subsidiary of
SZPRD Group organized directly affiliated Party organizations directly managed enterprises local
communities blood centers served communities and partnered enterprises to jointly launch the Red
Flag Red Action public welfare blood donation volunteer activity. Since its inaugural launch in 2011 the
blood donation activity has spanned 14 years by 2025 establishing a framework covering South China
North China East China and Southwest China. By the end of 2025 more than 2800 people had
participated in the activity with over 2630 successfully donating a total of 950000 ml of blood.In 2025 subsidiaries of the Party Committee of ITC Property Management organized public welfare
blood donation activities in several cities including Shenzhen Baoding Yangzhou and Hulunbuir with
a total of 242 participants 206 successful donors and a total blood donation of 70800 ml. Shenzhen
International Trade Center Property Management and its subsidiaries have been awarded letters of
appreciation honorary titles and other distinctions by local municipal blood centers (or central blood
stations) in their respective regions.For details of the Company's social responsibility performance please refer to the 2025 SZPRD ESG
and Social Responsibility Report disclosed by the Company on Cninfo on the same day.XVII. Consolidation and Expansion of the Achievements of Poverty Alleviation and
Rural Revitalization
Actively contributing to the implementation of the "National Hundred and Thousand and Ten-thousand
Project": Various subsidiaries of the Group supported rural revitalization and increased farmers' income
by purchasing agricultural products from targeted assistance areas. In 2025 the total procurement of
agricultural products for consumption-based assistance amounted to over RMB 1.6 million.
682025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section V Significant Events
I. Fulfillment of commitments
1. Commitments made by the Company's actual owner shareholders related parties acquirers
the Company and other related parties that have been fulfilled within the reporting period and
those that have not been fulfilled as of the end of the reporting period
□Applicable ? Not applicable
Reason Party making Commitment Commitmentcommitment type Commitment content date Term Performance
(I) Solution for horizontal
competition with
Shenzhen Urban
Construction and
Development (Group)
Co. Ltd.: For the existing
businesses of SZPRD
that are in competition
with Shenzhen Urban
Construction and
Development (Group)
Co. Ltd. during the
period when it is the
controlling shareholder of
the listed company and
the listed company is
listed on the Shenzhen
Stock Exchange SIHC
will initiate one or more
practically operable
solutions within the
scope allowed by laws
and regulations and
Commitments Commitments complete the
made in the Shenzhen on horizontal implementation of related
acquisition Investment competitions solutions by October 19
report or report Holdings Co. related party 2026 to resolve the
September Amount in In normal
26 2024 2 performance
on changes in Ltd. transactions existing horizontal
equity and capital competition issue:occupation (1) Shenzhen Urban
Construction
Development Group and
the listed company will
sign an asset custody
agreement to entrust the
assets that are in direct
competition with the
listed company to the
listed company while
determining a fairly
priced custody fee and
take effective measures
to resolve the horizontal
competition issue within
the commitment period;
(2)Injecting assets in
direct competition with
the listed company into
the listed company;
(3)Transferring assets in
direct competition with
the listed company to an
unrelated third party; (4)
692025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Reason Party making Commitmentcommitment type Commitment content
Commitment
date Term Performance
Other measures that can
effectively solve the
problem of horizontal
competition and are
conducive to protecting
the interests of listed
companies and the
legitimate rights and
interests of other
shareholders.Before solving the
existing horizontal
competition in the
process of business of
the listed company and
the companies
enterprises and
economic organizations
controlled or actually
controlled by Shenzhen
Investment Holdings
(excluding the
enterprises controlled by
the listed companies
hereinafter collectively
referred to as
"Subsidiaries")
Shenzhen Investment
Holdings shall maintain a
neutral position as the
controlling shareholder to
ensure that the listed
companies and all
subsidiaries can
participate in market
competition in
accordance with the
principle of fair
competition when there
are circumstances
involving dispute
resolution and other
situations that have a
significant impact on the
business.(II) Solution for horizontal
competition with SPG:
For the existing
businesses of Shenzhen
PropertyManagement
that are in competition
with SPG SIHCwill
initiate one or more
practically operable
solutions within the
scope allowed by laws
and regulations and
complete the
implementation of related
solutions by 9 November
2026 to resolve the
existing horizontal
competition issue:
702025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Reason Party making Commitment Commitmentcommitment type Commitment content date Term Performance
(1) Solve the horizontal
competition through
asset sales or asset
swaps; (2) Solve the
horizontal competition
between the two through
equity transfer; (3) Take
other measures that can
effectively solve the
problem of horizontal
competition.(III) Other commitments
to avoid horizontal
competition: during the
period when it is the
controlling shareholder of
a listed company and the
listed company is listed
on the Shenzhen Stock
Exchange other
Affiliated Companies of
Shenzhen Investment
Holdings will not engage
in related business with
direct horizontal
competition relationship
with the listed company
in new business areas
other than the business
areas with horizontal
competition relationship
that have already
occurred. SIHC commits
not to seek unfair
benefits through its
status as the controlling
shareholder of the listed
company thereby
harming the rights and
interests of the listed
company and its
shareholders.Commitment on reducing Since making
and regulating related the relevant
party transactions: "To commitments
reduce and regulate the Shenzhen
related party transactions Investment
with Shenzhen Holdings has
Properties & Resources been actively
Commitments Commitments Development (Group) committed to
made in the Shenzhen on horizontal Ltd. (hereinafter referred fulfilling its
acquisition Investment competitions to as the 'Listed commitments.report or report Holdings Co. related party
September
Company' or 'SZPRD') 6 2018 Long-term During the
on changes in Ltd. transactions Shenzhen Investment commitment
equity and capital Holdings Co. Ltd. periodoccupation (hereinafter referred to Shenzhen
as 'the Company') Investment
undertakes that during Holdings did
the period when it is the not seek
controlling shareholder of improper
the Listed Company and benefits as the
the Listed Company is controlling
listed on the Shenzhen shareholder of
712025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Reason Party making Commitmentcommitment type Commitment content
Commitment
date Term Performance
Stock Exchange: SZPRD which
1. Shenzhen Investment damaged the
Holdings and its rights and
controlled or de facto interests of
controlled entities SZPRD and its
(including companies shareholders.enterprises and Shenzhen
economic organizations Investment
excluding subsidiaries of Holdings
the listed company; exercises the
collectively referred to as rights and
“Affiliated Companies”) fulfills the
shall strictly exercise obligations of a
shareholder rights and shareholder
fulfill shareholder maintaining the
obligations in independence
accordance with laws of SZPRD in
regulations and terms of assets
regulatory requirements finance
and maintain the personnel
independence of the business and
listed company in terms organization;
of assets finance for unavoidable
personnel operations related party
and organizational transactions
structure; with SZPRD
Shenzhen
2. The Company Investment
undertakes not to Holdings and
leverage its position as
the controlling its affiliatedenterprises
shareholder to influence strictly follow
the listed company's the decision-
shareholders' meetings
or the board to make makingprocedures for
resolutions that could related party
harm the lawful rights transactions
and interests of other
shareholders; and theinformation
3. The Company or its disclosure
Affiliated Companies obligations in
shall endeavor to accordance
minimize related party with the Articles
transactions with the of Association
listed company. For of the listed
unavoidable related party company and
transactions the relevant laws
Company or its Affiliated and
Companies shall ensure regulations
that such transactions conduct
are conducted on an transactions
arm's length and with SZPRD on
voluntary basis under fair reasonable
fair and reasonable and normal
terms consistent with commercial
normal commercial terms and
practices and without perform all
demanding or accepting related party
more favorable transaction
conditions from the listed agreements
company than those signed with
offered to third parties in SZPRD in good
comparable market faith and with
transactions. rigor.
722025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Reason Party making Commitmentcommitment type Commitment content
Commitment
date Term Performance
Additionally the
Company or its Affiliated
Companies shall
diligently and strictly
perform all related party
transaction agreements
entered into with the
listed company in good
faith;
4. The Company or its
Affiliated Companies
shall strictly comply with
the listed company's
Articles of Association
and applicable laws and
regulations in fulfilling the
decision-making
procedures for related
party transactions and
the corresponding
information disclosure
obligations;
5. The Company or its
Affiliated Companies
shall ensure not to seek
any special benefits
beyond the
aforementioned
provisions through
related party transactions
with the listed company
not to illegally transfer
the listed company's
funds or profits via such
transactions and not to
maliciously infringe upon
the lawful rights and
interests of the listed
company or its
shareholders through
related party
transactions.
6. The Company
commits to determining a
reasonable solution for
existing related party
transactions with the
listed company within the
scope permitted by laws
and regulations initiating
such a solution within 12
months from the date of
transferring SZPRD's
shares to the Company
and fully implementing
the solution within 5
years from the share
transfer date to
completely resolve these
transactions. The
specific forms include:
(1) upon expiration of
existing related party
732025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Reason Party making Commitment Commitmentcommitment type Commitment content date Term Performance
transaction contracts no
renewal shall occur. If
renewal is necessary
due to the listed
company's operational
needs relevant decision-
making procedures for
related party transactions
shall be strictly followed;
(2) where feasible
terminate existing
contracts and conduct
market price inquiries
through market-based
public bidding to identify
suitable service
providers for the services
involved in such
transactions. If related
party transactions arise
relevant decision-making
procedures shall be
strictly followed;
(3) for existing active
contracts with potential
for price renegotiation
renegotiate pricing terms
to ensure post-
renegotiation contract
amounts align with
prevailing market prices
and do not exceed
current contract
amounts while strictly
following related party
transactions decision-
making procedures;
(4) other reasonable
measures to reduce and
ultimately eliminate
existing non-essential
related party
transactions.
7. In case of any
violation of the above
commitments the
Company will bear
corresponding legal
liabilities including but
not limited to the liability
for compensation for all
losses caused to the
listed company.Whether the
commitment is Yes
fulfilled on time
2. If there is a profit forecast for the Company's assets or projects and the reporting period is
still in the profit forecast period the Company shall explain that the assets or projects have met
the original profit forecast and the reasons
□ Applicable □ Not applicable
742025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
3. Performance commitments involving the Company
□ Applicable □ Not applicable
II. Non-operational occupation of funds by the controlling shareholders and other
related parties of the listed company
□ Applicable □ Not applicable
During the reporting period there were no non-operational funds occupied by the controlling
shareholders and other related parties for the listed company.III. Illegal external guarantees
□ Applicable □ Not applicable
The Company had no illegal external guarantee during the reporting period.IV. Explanation of the Board of Directors on the latest "modified report"
□ Applicable □ Not applicable
V. Explanations Given by the Board of Directors and the Independent Directors (if
any) Regarding the Independent Auditor's “Modified Opinion” on the Financial
Statements of the Reporting Period
□ Applicable □ Not applicable
VI. Explanation of the accounting policies changes in accounting estimates or
corrections of significant accounting errors compared to the financial report of the
previous year
□ Applicable □ Not applicable
During the reporting period the Company had no accounting policies changes in accounting estimates
or corrections of significant accounting errors.VII. Explanation of changes in the scope of consolidated statements compared to
the financial report of the previous year
□ Applicable ? Not applicable
The changes in the scope of the consolidated statements during the reporting period are detailed in
Section 8 Financial Report IX and changes in Consolidation Scope.VIII. Appointment and dismissal of the accounting firm
Currently appointed accounting firm
Name of domestic accounting firm Grant Thornton Zhitong Certified Public Accountants LLP
Remuneration of domestic accounting firm (RMB10000) 105
Number of consecutive years of audit services provided by
domestic accounting firm 1
Names of CPAs of the domestic accounting firm ZHAO Juanjuan ZHOU Yilan
Number of consecutive years of audit services of CPAs of
the domestic accounting firm ZHAO Juanjuan: 1 ZHOU Yilan: 1
Whether to change the accounting firm in the current period
? Yes □ No
Engagement of internal control audit accounting firm financial adviser or sponsor
752025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
□ Applicable ? Not applicable
During the reporting period the Company engaged Grant Thornton Zhitong Certified Public
Accountants LLP as its internal control audit accounting firm with total internal control audit fees paid
amounting to RMB 156000 during the period.IX. Delisting after the disclosure of the annual report
□ Applicable □ Not applicable
X. Matters related to bankruptcy and reorganization
□ Applicable □ Not applicable
During the reporting period the Company had no bankruptcy restructuring related matters.XI. Significant litigation and arbitration
□ Applicable ? Not applicable
Basic Amount Whether Proceedings Results and Execution ofinformation of involved estimated influence of litigation Date of Disclosurelitigation (RMB10000) liabilities
of litigation
(arbitration) litigation (arbitration) disclosure index(arbitration) are formed (arbitration) trial judgment
The 30%
As Xinhai equity of
Rongyao's Rongyao
violation of the Real Estate
Equity Transfer The enforcement held by
Agreement for ruling orders Xinhai
the Bangling Xinhai Rongyao to Rongyao
Area Urban pay our Company was finally
Renewal Project the compensation pledged to
in Guanlan for investment the
Subdistrict losses totaling Company
Longhua RMB 50 million; through the
District xinhai Rongyao court
Shenzhen has has pledged 30% enforcemen
constituted a of its equity in t procedure
material breach Rongyao Real and
the Company is Estate to the continued to
entitled to claim Applied for Company as be sealed
compensation 5085.23 No compulsory collateral; xinhai up and
for investment enforcement Rongyao shall frozen. On
losses from compensate the November
Xinhai Rongyao Company for legal 4 2024 the
at an annual fees of RMB judicial
interest rate of 150000 freezing
11% on the preservation fees was
funds invested of RMB 3000 and immediately
in the Lake City preservation enforced
Project insurance costs of after the 1%
pursuant to the RMB 41120.84. equity of
Agreement. Xinhai Rongyao Rongyao
Accordingly the shall bear the Real Estate
Company has arbitration fees of held by
initiated RMB 658188.60. Sichuan
arbitration Trust was
proceedings. transferredto Xinhai
Rongyao.On February 26 Applied for Xinhai Rongyao Rongyao For details
2019 the 53197.291 No compulsory and Xinhai Real Estate June 9 2023 please refer to
Company enforcement Holdings shall received the the
entered into the repay to Rongyao Enforcemen Announceme
762025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Basic Amount Whether Proceedings Results and Execution ofinformation of involved estimated of litigation influence of litigation Date of Disclosurelitigation (RMB10000) liabilities (arbitration) litigation (arbitration) disclosure index(arbitration) are formed (arbitration) trial judgment
Repayment Real Estate the t Ruling and nt on Major
Agreement with entire loan the Notice Arbitration of
Rongyao Real principal of RMB of Seizure a Subsidiary
Estate Xinhai 531972922.51 Detain and (No. 2023-
Rongyao and and the interest Freezing of 13) the
Xinhai Holdings. calculated at an Property Announceme
For details refer annual rate of 11% from the nt on
to the for the Shenzhen Progress of
Announcement corresponding Intermediat Major
on the Signing period tentatively e People's Arbitration of
of the calculated to be Court a Subsidiary
Repayment RMB stating that (No. 2023-
Agreement 122139715.52 as the court 21) the
(Announcement of March 31 2023 had ruled to Announceme
No. 2019-9) with subsequent seize and nt on
disclosed by the interest calculated freeze a Progress of
Company on at an annual rate batch of Major
Cninfo of 11% until the property. Arbitration of
(http://www.cninf date of actual full a Subsidiary
o.com.cn) on repayment; xinhai (No. 2024-
February 28 Investment 31) the
2019. Pursuant Chengjian Real Announceme
to the Estate Lianghong nt on
Repayment Industry and Progress of
Agreement Tiancheng Major
Xinhai Rongyao Investment shall Arbitration of
and Xinhai bear joint and a Subsidiary
Holdings several liability for (No. 2025-
acknowledged the payment 48) and the
their obligation obligations of Announceme
to repay debts Xinhai Rongyao nt on
owed to and Xinhai Progress of
Rongyao Real Holdings to Major
Estate with Rongyao Real Arbitration of
Xinhai Estate; the a Subsidiary
Investment respondents shall (No. 2025-73)
Expander bear the attorney's disclosed by
Property fees of RMB the Company
Management 220000 the on Cninfo.Lianghong property
Industrial and preservation fee of
Tiancheng RMB 5000 and
Investment the preservation
acting as insurance fee of
guarantors RMB 288872.88
jointly and paid by Rongyao
severally liable Real Estate; the
for the respondents shall
obligations bear the arbitration
under the fee of RMB
guarantee. 3440688.3
However as the already paid by
aforementioned Rongyao Real
parties failed to Estate.fully repay the
debts as agreed
Rongyao Real
Estate initiated
arbitration
proceedings.Summary of 9681 See See Section See Section VIII See Section
other contract Section VIII VIII Financial Report VIII
772025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Basic Amount Whether Proceedings Results and Execution ofinformation of involved estimated of litigation influence of litigation Date of Disclosurelitigation (RMB10000) liabilities (arbitration) litigation (arbitration) disclosure index(arbitration) are formed (arbitration) trial judgment
litigation and Financial Financial Part XVI.2 Financial
disputes Report Report Part Report Part
Part XVI.2 XVI.2 XVI.2
Note: 1 and its interest
XII. Punishment and rectification
□ Applicable □ Not applicable
There was no punishment or rectification during the reporting period.XIII. Integrity status of the Company and its controlling shareholders and actual
owner
□ Applicable □ Not applicable
XIV. Major related party transactions
1. Related party transactions related to daily operations
□ Applicable ? Not applicable
Amount of
Type of Content of Pricingprinciple of Price of related
Proportion Approved Settlement Prevailingin the method of market
Related Relationsh related- related related- related- party transaction Exceeds
party ip party party party party transaction
amount of quota approved related- price for Date of Disclosure
transaction transaction transaction transaction s
similar
transaction (RMB100 quota
party similar disclosure index
s s transaction transactions s (RMB10000) s (%)
00) s s
Shenzhen Related
Bay Wholly- party
Technolog owned transactionsubsidiary s for the Propertyy Market Agreed-
Developm of the sale of
managem 7623.92 4.66% 7700 No Cash 7623.92
parent goods and ent service
principles upon price
ent Co. The 2025
Ltd. company provision Forecastof services Announce
Related ment on
Shenzhen party Recurring
Bay Wholly-owned transaction
Related
Technolog January Party
y subsidiary
s for the Managem
purchase ent Market Agreed-of the principles upon price 6501.97 4.99% 6120.1 Yes Cash 6501.97
16 2025 Transactio
Developm of goods Services ns
ent Co. parent and (Announce
Ltd. company provision ment No.of services 2025-03)disclosed
Shenzhen Wholly-
Shentou owned Entrusted
on Cninfo
Property subsidiary Entrusted housing
Developm of the managem managem
Market Agreed-
ent ent principles upon price
6671.89 37.23% 5850.44 Yes Cash 6671.89
ent Co. parent
Ltd. company services
Total -- -- 20797.78 -- 19670.54 -- -- -- -- --
Details of large sales return Not applicable
Give the actual situation in the Reporting
Period (if any) where an estimate had been
made for the total value of continuing related- In 2025 the Company expects the total amount of daily related transactions to be RMB432.5917mn and the actual
party transactions by type to occur in the amount of related transactions in 2025 did not exceed the approved quota.Reporting Period
Reasons for significant deviations between
transaction prices and market reference prices Not applicable
(if applicable)
2. Related party transactions arising from the acquisition and sale of assets or equity
□ Applicable □ Not applicable
During the reporting period the Company had no related party transactions arising from the acquisition
or sale of assets or equity.
782025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
3. Related party transactions arising from joint external investment
□ Applicable □ Not applicable
During the reporting period the Company had no related party transactions arising from joint external
investment.
4. Related claims and debts
□ Applicable ? Not applicable
Existence of non-operational related party debt and credit transactions
□ Yes ? No
Receivables from related party (claims)
Existence of Additions in Recoveries in Interest in the
Related party Relationship Formation
non- Beginning Ending
causes operational balance
the current the current
period period Interest rate
current balance
funds (RMB10000) period (RMB10000)
occupation (RMB10000) (RMB10000) (RMB10000)
The parent
company of
Xinhai
Shenzhen Rongyao the Pre-
Xinhai minority acquisition
Holdings shareholders working
No 20150 20150
of the capital
subsidiary
Rongyao
Real Estate
Shenzhen Minority
Xinhai shareholders Pre-
Rongyao of the acquisition
Real Estate subsidiary working No 33047.29 33047.29
Development Rongyao capital
Co. Ltd. Real Estate
Impact of related party
receivables on the
Company's operating According to the value analysis results of the recoverable amount by the assets appraisal agency hired by the
results and financial Company the accumulated provision for bad debts was about RMB356.2229mn.position
Payables to related parties (debts)
Beginning Additions in Repayment Interest inamount in the current Ending
Related party Relationshi Formation balance the currentp causes (RMB10000 period the current
Interest balance
rate period (RMB10000
) (RMB10000) period (RMB10000(RMB10000) ) )
Shenzhen
Property Jifa Joint Current
Warehousing venture accounts 20229.67 20229.67
Co. Ltd.Shenzhen
Tian'an
International
Building Joint Currentventure accounts 521.43 521.43Property
Management
Co. Ltd.Impact of related party
payables on the
Company's operating All such matters have been maintained entirely within the Company's risk control tolerance
results and financial and do not adversely affect its operating results or financial position.position
792025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
5. Information on transactions with finance companies with related relationship
□ Applicable □ Not applicable
There was no deposit loan credit or other financial business between the Company and the finance
companies with related relationship and their related parties.
6. Transactions between the Company's holding finance companies and its related parties
□ Applicable □ Not applicable
There was no deposit loan credit or other financial business between the Company's holding finance
companies and its related parties.
7. Other major related party transactions
□Applicable □Not applicable
On December 30 2025 the Company held the 3rd meeting of the 11th Board of Directors and
approved the Proposal on Signing the Supplementary Agreement IV to the Entrusted Operation and
Management Agreement for Divested Land and Property with a Related Party and the Related Party
Transaction. The Company jointly signed an agreement with Shenzhen Investment Holdings and
Shenzhen Shentou Property Development Co. Ltd. (hereinafter referred to as "Shentou Property
Development") stipulating that the Company would exercise the rights and obligations of Shenzhen
Investment Holdings with respect to the target assets including but not limited to being responsible for
and undertaking the registration custody maintenance repair operation leasing and safety
responsibilities of the target assets as well as all taxes fees and expenses related to the handling of
disputes concerning the target assets. Besides the Company shall be responsible for handling the
issues concerning safety responsibilities petition and stability maintenance if any. At the same time a
one-time payment of the previous year's rental income share calculated as 25% of the total annual
rental income (including tax) shall be made to Shentou Property Development based on the audited
total annual rental income (including tax) of the target assets. There are 32 target assets including but
not limited to the commercial occupancies offices residential buildings single-person dormitories
industrial plants and parking lots with a total management area of 210837.86 square meters (of which
the property area is 199137.86 square meters and the land area is 11700 square meters).Index to the public announcements about the said related-party transactions disclosed
Title of public announcement Disclosure date Disclosure website
Announcement on Signing the
Supplementary Agreement IV to the
Entrusted Operation and Management
Agreement for Divested Land and December 31 2025 Cninfo
Property with a Related Party and the
Related Party Transaction
XV. Major contracts and their performance
1. Custody contracting and lease matters
(1) Custody
□ Applicable □ Not applicable
During the reporting period the Company had nothing under custody.
(2) Contracting
□ Applicable □ Not applicable
During the reporting period the Company had no contracting.
802025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(3) Leases
□ Applicable □ Not applicable
During the reporting period the Company had no leases.
2. Significant guarantees
□Applicable ? Not applicable
Unit: RMB10000
External guarantees of the Company and its subsidiaries (excluding the guarantees to subsidiaries)
Disclosure
date of Whether Whether
Name of guarantee Guarantee Actual Actual Type of Collateral Counter the
to
Guarantee guarantee
guarantor limitrelated limit date
guarantee
amount guarantee (if any)
guarantee performan
(if any) period ce is for a
announce completed related
ments party
Guarantees to subsidiaries by the Company
Disclosure
date of Whether Whether
Name of guarantee
to
Guarantee Actual Actual Type of Collateral Counter Guarantee the guarantee
guarantor limitrelated limit date
guarantee
amount guarantee (if any)
guarantee
(if any) period
performan
ce is for a
announce completed related
ments party
Shenzhen
Rongyao Joint and
Real severalOctober November 349135.1 liability Equity
2019.11.2
Estate 500000 7-
Developm 18 2019 27 2019 7 guarantee
land use No Yes
mortgage right
2026.11.2
ent Co. 0
Ltd. pledge
Yangzhou Joint and
Wuhe several Land use
Real June 5 67000 July 25 25574.75 liability rights 2024.1.19-
Estate 2024 2024 guarantee accounts 2029.1.18
No Yes
Co. Ltd. mortgage receivablepledge
Shenzhen
Internation
al Trade
Center July 26 August 12 Real 2025.8.11-
Property 2025 90000 2025 68000 Mortgage estate 2028.8.11 No Yes
Managem
ent Co.Ltd.Total guarantee limit to Total actual amount of
be approved to 90000 guarantee incurred tosubsidiaries during the subsidiaries during the 79257.21
reporting period (B1) reporting period (B2)
Total approved Total actual balance of
guarantee limit to guarantees to
subsidiaries at the end 657000 subsidiaries at the end 442709.92
of the reporting period of the reporting period
(B3) (B4)
Guarantees by subsidiaries to subsidiaries
Disclosure
date of Whether Whether
Name of guarantee
to
limit Guarantee Actual
Actual Type of Collateral Counter Guarantee the guarantee
guarantor related limit date
guarantee guarantee (if any) guarantee period performanamount (if any) ce is for a
announce completed related
ments party
812025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Total guarantees of the Company (i.e. the total of the top three items)
Total guarantee limit to Total actual amount of
be approved during the
reporting period 90000
guarantee incurred
during the reporting 79257.21
(A1+B1+C1) period (A2+B2+C2)
Total approved Total actual balance of
guarantee limit at the guarantees at the end
end of the reporting 657000 of the reporting period 442709.92
period (A3+B3+C3) (A4+B4+C4)
Total outstanding guarantees (i.e. A4+B4+C4)
as a percentage of the Company's net assets 130.40%
Including:
Balance of guarantees provided for
shareholders actual owner and their related 0
parties (D)
Balance of debt guarantees provided directly or
indirectly for the guaranteed object whose 442709.92
asset-liability ratio exceeds 70% (E)
Amount of total guarantees exceeding 50% of
net assets (F) 272963.23
Total amount of the above three guarantees
(D+E+F) 442709.92
Explanation of the specific situation of the guarantee by the adoption of composite method
3. Entrustment of others for cash asset management
(1) Entrusted wealth management
□ Applicable ? Not applicable
Overview of entrusted wealth management during the reporting period
Unit: RMB10000
Balance of entrusted wealth
Product category Risk characteristics management during the Delinquent uncollected
reporting period amount
Publicly offered fund Money market funds - low
products risk 30000 0
Details of high-risk entrusted wealth management where the Company as a single client entrusts a
financial institution for asset management or invests in products with low safety and poor liquidity
□ Applicable □ Not applicable
(2) Entrusted loans
□ Applicable □ Not applicable
There were no entrusted loans of the Company during the reporting period.
4. Other major contracts
□ Applicable □ Not applicable
There were no other major contracts of the Company during the reporting period.XVI. Use of Raised Funds
□Applicable □ Not applicable
822025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
1. Overall use of raised funds
□ Applicable ? Not applicable
Unit: RMB10000
Total
Amo planned
unt funds Actual Cumulati
Proportio Total of raised amount Progress
Total n of use raised (subject of
ve in use of
raised of raised funds Total
Proportio raise amount
Listing Net Total n of total d
to the planned of raised planned
Year of Method of date of Total amount funds used total funds at changed
raised raised Total Purpose and fund amount funds funds funds
fundraisin fundraising securiti funds of raised used in raised the end in use
funds
with funds
unused whereabouts of raised raised as
g raised the of the during raised of unused
s idle planned (with the used as of the
es funds (1) current funds (2) reporting the changes
with
changes funds raised funds
for of the
more funds maximum end of end of
period period (3) reporting in use in use than raised as being the the the
= (2)/(1) period two stated in net funds reporting reporting
year the actually period period
s offering raised)memoran
dum)
Repaying the
Non-public interest-
issuance of Novem 54898.1 24328.1 bearing debts;2025 corporate ber 27 55000 5 30570 30570 56.00% 0 0 0.00% 5 to be used in 0 60000
54898.1
53057051%
bonds 2025 the specialaccount for
raised funds.Total -- -- 55000 54898.1 30570 30570 56.00% 0 0 0.00% 24328.15 5 -- 0 -- -- -- --
Description of overall use of raised funds:
On September 3 2025 the Company received the No-objection Letter (SZSE Letter [2025] No. 850)
from the Shenzhen Stock Exchange approving the non-public issuance of bonds not exceeding RMB
1.2 billion. On November 27 2025 the Company issued the first tranche of corporate bonds amounting
to RMB 550 million (referred to as "25 SZPRD 01") with a term of 3 years and a coupon rate of 2.30%.The raised funds were used in strict accordance with the fund utilization plan in the offering
memorandum. As of December 31 2025 RMB 305.70 million of the raised funds had been used to
repay the interest-bearing debts.
2. Committed projects of raised funds
□ Applicable □ Not applicable
3. Project changes of raised funds
□ Applicable □ Not applicable
There were no changes in raised funds during the reporting period of the Company.
4. Verification opinion from the intermediary on the storage and use of the raised funds
□ Applicable □ Not applicable
XVII. Notes to Other Major Matters
□ Applicable ? Not applicable
On June 3 2025 the Company disclosed the Announcement on Resignation of Deputy General
Manager (Announcement No.: 2025-31) on Cninfo. Mr. Chen Hongji the Deputy General Manager of
the Company submitted a written resignation report to the Board of Directors as he was placed under
lien for suspected duty-related violations.XVIII. Major Matters of the Company's Subsidiaries
□ Applicable □ Not applicable
832025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section VI Changes in Shares and Shareholders
I. Changes in shares
1. Changes in shares
Unit: share
Before the change Increase or decrease in this change (+ -) After the change
New Conversion of
Number Ratio shares Bonus providentissue fund into Others
Sub-
issued total
Number Ratio
shares
I. Shares with
restrictive
conditions for 1898306 0.32% 0 0 0 0 0 1898306 0.32%
sales
1. State-owned
shares 0 0.00% 0 0 0 0 0 0 0.00%
2. Shares held
by the state-
owned legal 1733626 0.29% 0 0 0 0 0 1733626 0.29%
persons
3. Other
domestic 164680 0.03% 0 0 0 0 0 164680 0.03%
holdings
Including:
shares held by
domestic legal 164680 0.03% 0 0 0 0 0 164680 0.03%
persons
Shares held by
domestic natural 0 0.00% 0 0 0 0 0 0 0.00%
persons
4. Foreign
shareholding 0 0.00% 0 0 0 0 0 0 0.00%
Including:
shares held by
overseas legal 0 0.00% 0 0 0 0 0 0 0.00%
persons
Shares held by
overseas natural 0 0.00% 0 0 0 0 0 0 0.00%
persons
II. Shares
without
restrictive 594080786 99.68% 0 0 0 0 0 594080786 99.68%
conditions for
sales
1. RMB ordinary
shares 526475543 88.34% 0 0 0 0 0 526475543 88.34%
2. Foreign
shares listed 67605243 11.34% 0 0 0 0 0 67605243 11.34%
domestically
3. Foreign
shares listed 0 0.00% 0 0 0 0 0 0 0.00%
overseas
4. Others 0 0.00% 0 0 0 0 0 0 0.00%
III. Total number
of shares 595979092 100.00% 0 0 0 0 0 595979092 100.00%
Reasons for changes in shares
842025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
□ Applicable □ Not applicable
Approval of changes in shares
□ Applicable □ Not applicable
Transfer of changes in shares
□ Applicable □ Not applicable
Effect of changes in shares on financial indicators such as basic earnings per share and diluted
earnings per share in the latest year and the latest period and net assets per share attributable to the
Company's ordinary shareholders
□ Applicable □ Not applicable
Other content that COOEC deems necessary or required to be disclosed by securities regulators
□ Applicable □ Not applicable
2. Changes in restricted shares
□ Applicable □ Not applicable
II. Issuance and listing of securities
1. Issuance of securities (excluding preferred shares) during the reporting period
□ Applicable ? Not applicable
Name of share
and its Issue price Approved Trading
derivative Issue date (or interest
Issue Listing
volume date trading terminati Disclosure index
Date of
disclosure
securities rate) volume on date
Stocks
Stocks
Convertible corporate bonds separable convertible corporate bonds corporate bonds
Announcement
on the Issuance
Results of the
Privately placed 2025 Privately
corporate bonds Placed
to professional November 2.3% 5500000 Corporate Bonds Novemberinvestors in 27 2025 to Professional 29 2025
2025 of SZPRD Investors
(Tranche I) (Tranche I)
(Announcement
No.: 2025-69) on
Cninfo
Other derivative securities
Notes on issuance of securities (excluding preferred shares) during the reporting period
Not applicable
2. Changes in the total number of shares and shareholder structure of the Company and
changes in the structure of assets and liabilities of the Company
□ Applicable □ Not applicable
3. Existing internal employee shares
□ Applicable □ Not applicable
852025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
III. Shareholders and actual owner
1. Number of the Company's shareholders and shareholding ratios
Unit: share
Total number
of ordinary Total number
Total number shareholders of preferred Total number of preferred
of ordinary at the end of shareholders shareholders with restored
shareholders the previous with restored voting rights as of the last
at the end of 34855 month before 34455 voting rights 0 day of the month 0
the reporting the at the end of immediately preceding the
period. disclosure the reporting disclosure date of the annual
date of the period (if report (if any)
annual report applicable)
Shareholdings of shareholders holding more than 5% or the top 10 shareholders (excluding shares lent through refinancing)
Number of Changes Number of Number of Pledge marking or freezing
Name of Nature of Shareholding shares held during the shares held shares held
shareholder shareholder ratio at the end of reporting under withoutthe reporting restricted restrictions Share status Number
period period conditions on sales
Shenzhen
Investment State-owned Not
Holdings Co. legal person 50.87% 303144937 0 1733626 301411311 applicable 0
Ltd.Shenzhen
State-owned Non-state-
Equity owned legal
Operation person in 6.38% 38037890 0 0 38037890
Not
applicable 0
Management China
Co. Ltd.China Orient
Asset State-owned Not
Management legal person 2.77% 16491402 0 0 16491402 applicable 0
Co. Ltd.Hong Kong
Securities
Clearing Overseaslegal person 0.68% 4076993 1420515 0 4076993
Not
Company applicable
0
Ltd.YANG Natural
Yaochu person in 0.35% 2068814 -27770 0 2068814
Not
China applicable
0
Industrial and
Commercial
Bank of
China
Limited -
China
Southern CSI Others 0.31% 1843534 200400 0 1843534 Not
All Share applicable
0
Real Estate
ETF
Securities
Investment
Fund
DUAN Natural
Shaoteng person in 0.30% 1771765 11200 0 1771765
Not
applicable 0China
China
Minsheng
Banking
Corporation
Limited -
Jinyuan Others 0.26% 1551700 1551700 0 1551700 Not 0
Shunan applicable
Yuanqi
Flexible
Allocation
Hybrid
862025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Securities
Investment
Fund
Natural
MAI Furong person in 0.23% 1374596 0 0 1374596 Not 0
China applicable
Natural
Yu Zhisong person in 0.20% 1220000 1220000 0 1220000 Not
China applicable
0
Circumstances under which
strategic investors or
general legal persons
become top 10 shareholders None
due to the placement of new
shares (if any)
Notes to shareholders' The largest shareholder Shenzhen Investment Holdings Co. Ltd. is the controlling shareholder of the
related relationship or Company and Shenzhen State-owned Equity Operation Management Co. Ltd. In addition it is unknown
persons acting in concert whether the remaining eight shareholders have related relationship or are persons acting in concert.Explanation of the above
shareholders' involvement in
entrusting/being entrusted Not applicable
voting rights and waiver of
voting rights
Special disclosure on the
existence of repurchase-
specific accounts among the Not applicable
top 10 shareholders (if any)
Shareholdings of the top 10 shareholders without restrictions on sales (excluding shares lent through refinancing and shares locked by
senior management)
Type of shares
Name of shareholder Number of shares held without restrictions on salesat the end of the reporting period Type of shares Number
Shenzhen Investment Holdings Co. Ltd. 301411311 RMB common share 301411311
Shenzhen State-owned Equity Operation
Management Co. Ltd. 38037890 RMB common share 38037890
China Orient Asset Management Co.Ltd. 16491402 RMB common share 16491402
Hong Kong Securities Clearing Company
Ltd. 4076993 RMB common share 4076993
YANG Yaochu 2068814 Domestic listing offoreign stocks 2068814
Industrial and Commercial Bank of China
Limited - China Southern CSI All Share
Real Estate ETF Securities Investment 1843534 RMB common share 1843534
Fund
DUAN Shaoteng 1771765 RMB common share 1771765
China Minsheng Banking Corporation
Limited - Jinyuan Shunan Yuanqi
Flexible Allocation Hybrid Securities 1551700 RMB common share 1551700
Investment Fund
MAI Furong 1374596 Domestic listing offoreign stocks 1374596
Yu Zhisong 1220000 RMB common share 1220000
Explanation of related relationship or
concerted actions among the top 10 The largest shareholder Shenzhen Investment Holdings Co. Ltd. is the controlling
shareholders with unrestricted tradable shareholder of the Company and Shenzhen State-owned Equity Operation Management Co.shares and between the top 10 Ltd. In addition it is unknown whether the remaining eight shareholders have related
shareholders with unrestricted tradable relationship or are persons acting in concert.shares and the top 10 shareholders
Disclosure on the participation of the top
10 ordinary shareholders in margin At the end of the reporting period among the above-mentioned shareholders DUAN
trading and securities lending (if any) Shaoteng held 1771765 shares of the Company through a credit securities account.Participation of shareholders holding more than 5% of the shares the top 10 shareholders and the top
10 shareholders of unrestricted tradable shares in refinancing business and lending shares
□ Applicable □ Not applicable
872025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Changes of the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares
compared with the previous period due to refinancing lending/repayment
□ Applicable □ Not applicable
Whether the Company's top 10 ordinary shareholders and the top 10 ordinary shareholders without
restrictive condition for sales conduct any agreed repurchase transactions during the reporting period
? Yes □ No
The Company's top 10 ordinary shareholders and top 10 ordinary shareholders without restrictive
condition for sales did not conduct any agreed repurchase transaction during the reporting period.
2. Controlling shareholders of the Company
Nature of controlling shareholders: local state-owned holding
Type of controlling shareholders: legal person
Legal
Name of controlling representative/ Date of
shareholder person in establishment Organization code Main operating business
charge
Investment in and mergers &
acquisitions of financial and
quasi-financial equity including
banking securities insurance
funds and guarantee sectors;
engage in real estate
development and operation
business within the scope of
Shenzhen legally obtaining land use right;
Investment Holdings He Jianfeng October 13 2004 914403007675664218 carry out investment and
Co. Ltd. services in the field of strategicemerging industries; invest
operate and manage the state-
owned equity of wholly-owned
holding and participating
enterprises through restructuring
and integration capital
operation asset disposal etc;
other businesses authorized by
the Municipal SASAC.Equities of other
domestic and
overseas listed Directly hold equity in Shenzhen Textile A (000045 46.21%) SPG A (000029 54.79%) Ping An
companies Insurance (601318 5.32%) Guosen Securities (002736 31.47%) Telling Holding (000829
controlled and 19.03%) Shenzhen International (00152 43.34%) Infinova (002528 26.35%) Eternal Asia
invested by the (002183 14.96%) Shenzhen Energy (000027 0.14%) SWPD (301038 37.5%) Techand
controlling (300197 3.66%) Guotai Haitong (601211 3.46%) China Merchants Shekou (001979 5.03%)
shareholder during etc.the reporting period
Changes in controlling shareholders during the reporting period
□ Applicable □ Not applicable
There was no change in the controlling shareholder of the Company during the reporting period.
3. The Company's actual owner and its persons acting in concert
Nature of actual owner: local state-owned assets management agency
Type of actual owner: legal person
882025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Legal
Name of actual owner representative/person Date of establishment Organization code Main operating
in charge business
Perform the duties of
State-owned Assets the contributor on
Supervision and behalf of the state and
Administration supervise and manage
Commission of Yang Jun July 1 2004 K31728067 state-owned assets
Shenzhen Municipal authorized for
People's Government supervision inaccordance with the
law.Equity of other
domestic and
overseas listed
companies controlled Directly hold 43.91% equity in Shenzhen Energy (000027) 40.10% equity in Shenzhen Gas
by the actual owner (601139) 21.93% equity in Shen Zhenye A (000006) etc.during the reporting
period
Changes in actual owner during the reporting period
□ Applicable □ Not applicable
There was no change in the actual owner of the Company during the reporting period.Chart for the property and controlling relationships between COOEC and the actual controllers
State-owned Assets Supervision and
Administration Commission of
Shenzhen Municipal People's
Government
Shenzhen Shenzhen State-owned
Investment Holdings Equity Operation
Co. Ltd. Management Co. Ltd.The COOEC
The actual controller controls COOEC by way of trust or other asset management methods
□ Applicable □ Not applicable
4. The cumulative number of shares pledged by the controlling shareholder or the largest
shareholder of the Company and their persons acting in concert accounted for 80% of the
number of shares held by them
□ Applicable □ Not applicable
5. Other institutional shareholders holding more than 10% of the shares
□ Applicable □ Not applicable
6. Restricted share reduction of controlling shareholder actual owner reorganization parties
and other committed entities
□ Applicable □ Not applicable
892025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
IV. Specific implementation of share repurchase during the reporting period
Implementation progress of share repurchase
□ Applicable □ Not applicable
Implementation progress of reducing repurchase shares by means of centralized bidding transaction
□ Applicable □ Not applicable
V. Preferred Shares
□ Applicable □ Not applicable
During the reporting period the Company had no preferred shares.
902025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section VII Bonds
□ Applicable ? Not applicable
I. Enterprise Bonds
□ Applicable □ Not applicable
No enterprise bonds in the Reporting Period.II. Corporate Bonds
□ Applicable ? Not applicable
1. Basic Information of the Corporate Bonds
Unit: RMB10000
Bond Abbr. Code Issue date Value date Maturity Bonds Interest Way of Tradename date balance rate redemption place
Privately
placed Interest
corporate paid
bonds to annually;25 SZPRD Shenzhenprofession 01 134664.SZ
November November November one-off
al investors 27 2025 27 2025 27 2028
55000 2.30% repayment Stock
in 2025 of of principal
Exchange
SZPRD upon
(Tranche I) maturity
Appropriate arrangement of the Institutional investors among professional investors who have A-share securities
investors (if any) accounts with the Shenzhen Branch of China Securities Depository and ClearingCorporation Limited (excluding those prohibited by laws and regulations)
Transferable on the Shenzhen Stock Exchange and traded among professional
Applicable trade mechanism institutional investors through methods including click-to-trade inquiry-based
trading competitive bidding and negotiated transactions.Risk of delisting (if any) and
countermeasures No
Overdue bonds
□ Applicable □ Not applicable
2. The Trigger and Execution of the Option Clause of the Issuers or Investors and the Investor
Protection Clause
□ Applicable □ Not applicable
3. Intermediary
Bond Intermediary Office address Signing Contact person ofaccountants intermediary Contact number
Floor 29 Guoxin
Guosen Securities Financial Building
Co. Ltd. No. 125 Fuhua - Zhou Li 0755-81981355Privately placed
corporate bonds to 1st Road China
professional 35A Guangdian
investors in 2025
CITIC Securities Financial Centerof SZPRD
Co. Ltd. Pengcheng 1st - Bai Longfei 0755-23914675(Tranche I) Road Futian
District Shenzhen
Guangdong Floor 11-13 CDB
Zhuojian Law Firm - Zhao Hang 0755-33377408Financial Center
912025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Bond Intermediary Office address Signing Contact person ofaccountants intermediary Contact number
2003 Fuzhong
Third Road Futian
District Shenzhen
Area A-1 and A-5
Baker Tilly China Building 68 No.Certified Public 19
Accountants Chegongzhuang Chen Zihan Chen Zihan 010-88827799
(Special General West Road
Partnership) Haidian District
Beijing
Grant Thornton Floor 5 Scitech
Zhitong Certified Plaza No. 22 ZHAO Juanjuan ZHAO Juanjuan
Public JianguomenwaiStreet Chaoyang ZHOU Yilan ZHOU Yilan
010-85665588
Accountants LLP District Beijing
Floor 42 East
Tower Digital
China
CSCI Pengyuan International
Credit Rating Co. Innovation Center - Gao Yuhong
Ltd. No. 82 Shenwan Zhang Ruijie
0755-82872897
2nd Road
Nanshan District
Shenzhen
Did the intermediary change during the Reporting Period
? Yes □ No
4. Use of raised funds
Unit: RMB10000
Whether is
consistent
Actual use of with the
raised funds Rectificatio usage
Total Agreed (classified by Actual use Operation of n of raised using plan
Code Abbr. raised purpose of Amount purpose of funds Unused special account funds for and other
funds raised spent excluding for each amount for raised funds violation agreementfunds temporary category (if any) operation s stipulated
supplementa (if any) in the
ry flow) raising
specificatio
n
The Company
has designated
a special
account to
As of the collect the
end of the raised funds in
Used for the reporting accordance withperiod the relevant
Repaymen repayment ofinterest- RMB provisions of There is no25 t of bearing 305.70 the offering irregular134664.SZ SZPRD 55000 interest- 30570 debts million had 24328.15 memorandum; use of the Yes01 bearing (excluding been used as of the raiseddebts corporate to repay disclosure date funds.bonds) the of this reportinterest- the raised funds
bearing have been used
debts in accordance
with the fund
utilization plan
in the offering
memorandum.
922025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The raised funds were used for project construction
? Applicable □ Not applicable
The Company changed the usage of above funds raised from bonds during the Reporting Period.? Applicable □ Not applicable
5. Adjustment of Credit Rating Results during the Reporting Period
? Applicable □ Not applicable
6. Execution and Changes of Guarantee Repayment Plan and Other Repayment Guarantee
Measures as well as Influence on Equity of Bond Investors during the Reporting Period
? Applicable □ Not applicable
III. Debt Financing Instruments of Non-financial Enterprises
? Applicable □ Not applicable
No such cases in the Reporting Period.IV. Convertible Corporate Bonds
? Applicable □ Not applicable
No such cases in the Reporting Period.V. Losses of Scope of Consolidated Financial Statements during the Reporting
Period Exceeding 10% of Net Assets up the Period-end of Last Year
? Applicable □ Not applicable
VI. Matured Interest-bearing Debt excluding Bonds as as the Reporting Period
? Applicable □ Not applicable
VII. Whether there was any Violation of Rules and Regulations during the Reporting
Period
? Yes □ No
VIII. The Major Accounting Data and the Financial Indicators of the Recent 2 Years
of the Company as at the End of the Reporting Period
Unit: RMB10000
Item At the end of the reportingperiod At the end of last year Increase/decrease
Current ratio 1.95 1.97 -1.02%
Debt/asset ratio 79.04% 78.88% 0.16%
Quick ratio 0.42 0.36 16.67%
Increase or decrease in the
This reporting period Same period last year reporting period comparedwith the same period last
year
Net profit after deducting
non-recurring profit or loss -1238.64 -132852.4 99.07%
EBITDA/debt ratio 3.46% -17.97% 21.43%
932025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Times interest earned 0.93 -5.14 118.09%
Times interest earned of
cash -6.74 -5.09 -32.42%
Times interest earned of
EBITDA 1.17 -4.79 124.43%
Loan repayment rate 100.00% 100.00%
Interest coverage 100.00% 100.00%
942025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section VIII Financial Statements
I. Audit report
Type of audit opinion Standard and unqualified opinion
Signing date of the audit report March 27 2026
Name of audit institution Grant Thornton Zhitong Certified Public Accountants LLP
Audit report No. ZTSZ(2026)No. 441A004386
Name of certified public accountant ZHAO Juanjuan ZHOU Yilan
Main Body of the Audit Report
Audit Report
ZTSZ (2026) No. 441A004386
To all shareholders of Shenzhen Properties & Resources Development (Group) Ltd.:
I. Audit opinions
We have audited the financial statements of Shenzhen Properties & Resources Development (Group)
Ltd. (hereinafter referred to as the "SZPRD") including the consolidated and the Company's balance
sheet as at December 31 2025 the consolidated and the Company's income statement the
consolidated and the Company's statement of cash flows the consolidated and the Company's
statement of changes in shareholders' equity and related notes to the financial statements for the year
then ended.In our opinion the attached financial statements are prepared in all material respects in accordance
with the Accounting Standards for Business Enterprises and fairly present the consolidated and the
Company's financial position of SZPRD as at December 31 2025 and the consolidated and the
Company's operating results and cash flows for the year then ended.II. Basis for the audit opinion
We have conducted our audit in accordance with the Chinese Auditing Standards for Certified
Public Accountants. Our responsibilities under these standards are further described in the
"Certified Public Accountant's Responsibilities for the Audit of Financial Statements" section of the
audit report. In accordance with the Code of Ethics for Chinese Certified Public Accountants and
the Independence Standard for Chinese Certified Public Accountants - Requirements for
Independence of Public Interest Entities we are independent of SZPRD and have fulfilled other
ethical responsibilities. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.III. Key audit matters
Key audit matters are those matters that in our professional judgment are of most significance in
our audit of the financial statements of the current period. These matters are addressed in the
context of our audit of the financial statements as a whole and in forming our opinion thereon and
we do not provide a separate opinion on these matters.(I) Recognition and measurement of real estate sales revenue
The relevant disclosures are detailed in Notes III(26) and V(41) to the Financial Statements.
1. Event description
In 2025 SZPRD's real estate sales revenue was RMB 534 million. SZPRD recognizes the revenue
952025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
when the real estate meets the delivery conditions stipulated in the contract and the owner obtains
the right of control to the relevant real estate. Due to the large amount of a single property real
estate sales revenue has a significant impact on SZPRD's operating results. Inaccurate
measurement or recognition in an inappropriate accounting period would have a material impact on
SZPRD's profit. Therefore we have identified the recognition and measurement of real estate sales
revenue as a key audit matter.
2. Audit response
In response to the recognition and measurement of real estate sales revenue we mainly performed
the following audit procedures:
(1) Understand evaluate and test the design and operating effectiveness of key internal controls
related to the real estate sales business;
(2) Sample the real estate sales contracts identify the contract terms and conditions related to the
transfer of control and evaluate whether SSZPRD's accounting policy for real estate sales revenue
recognition complies with the provisions of the Accounting Standards for Business Enterprises;
(3) For projects with real estate sales revenue recognized in the current year select samples and
check the supporting documents for property delivery to evaluate whether the recognition of real
estate sales revenue is consistent with SZPRD's revenue recognition accounting policy;
(4) Perform analytical procedures on real estate sales revenue compare it with the same period in
previous years and with the industry analyze changes in revenue and gross profit margin and
assess the reasonableness of the changes;
(5) Perform cut-off tests on the recognition of real estate sales revenue to evaluate whether the real
estate sales revenue was recorded in the appropriate accounting period.(II) Provision for inventory write-down
The relevant disclosures are detailed in Notes III(13) and V(6) to the Financial Statements.
1. Event description
As of December 31 2025 the carrying amount of SZPRD's development costs and completed
properties held for sale (hereinafter collectively referred to as "inventories") was RMB 12.331 billion
with a write-down provision of RMB 1.228 billion and a carrying value of RMB 11.102 billion
accounting for 71.96% of total assets;
The inventories are measured at the lower of cost and net realizable value. The SZPRD
management (hereinafter referred to as the Management) determines the net realizable value by
the estimated selling price of the relevant finished products minus the estimated cost to be incurred
until completion estimated selling and distribution expenses and relevant taxes. Due to the
significant amount of inventories and the significant management judgment involved in determining
the net realizable value of inventories we have identified the provision for inventory depreciation of
SZPRD as a key audit matter.
2. Audit response
In response to the provision for inventory depreciation we mainly performed the following audit
procedures:
(1) Understand evaluate and test the design and operating effectiveness of key internal controls
related to the provision for inventory depreciation;
(2) Select samples observe the inventory projects on site and inquire with the management about
the progress of the inventory projects;
(3) Evaluated the valuation method adopted by the management and compared the key estimates
and assumptions used in the valuation including key estimates and assumptions related to the
estimated selling price with publicly available market data and sales budgets;
962025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4) Obtain the net realizable value calculation sheets prepared by the management and recalculate
the amount of net realizable value;
(5) Review the inventory impairment test reports issued by third-party valuation experts engaged by
the management for significant projects through the work of our internal valuation experts;
(6) Evaluate the objectivity independence and professional competence of the third-party valuation
experts and our internal valuation experts.IV. Other information
The management of SZPRD is responsible for other information. Other information includes
information covered in the 2025 Annual Report of SZPRD but excludes the financial statements
and our audit report.Our audit opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.In connection with our audit of financial statements our responsibility is to read the other
information and in doing so consider whether the other information is materially inconsistent with
financial statements or our knowledge obtained during the audit or otherwise appears to be
materially misstated.If based on the work we have performed we conclude that there is a material misstatement of the
other information we are required to report that fact. We have nothing to report in this regard.IV. Responsibilities of the management and those charged with governance for financial
statements
The management of SZPRD is responsible for preparing the financial statements in accordance
with the requirements of Accounting Standards for Business Enterprises to achieve a fair
presentation and for designing implementing and maintaining internal control that is necessary to
ensure that the financial statements are free from material misstatements whether due to frauds or
errors.In preparing the financial statements the management is responsible for assessing the going-
concern ability of SZPRD disclosing matters related to going concern (if applicable) and applying
the going concern basis unless the management plans to liquidate SZPRD terminate its
operations or has no other realistic alternative.Those charged with governance are responsible for overseeing the financial reporting process of
SZPRD.VI. Responsibilities of certified public accountants for the audit of financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement whether due to fraud or error and to issue an audit
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a
guarantee that an audit conducted in accordance with the audit standards will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if individually or in aggregate they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.We have exercised professional judgment and maintained professional skepticism in performing
our audit under the auditing standards. At the same time we also implement the following work:
(1) Identify and assess the risks of material misstatement of the financial statements whether due
to fraud or error design and perform audit procedures responsive to those risks and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error as
fraud may involve collusion forgery intentional omissions misrepresentations or the override of
internal control.
972025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Understand the internal control related to auditing as a way to design appropriate audit
procedures.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Management.
(4) Conclude on the appropriateness of the Management's use of the going concern basis of
accounting. At the same time based on the audit evidence obtained a conclusion is drawn as to
whether there is a material uncertainty in events or circumstances that may give rise to significant
doubt about the going-concern ability of SZPRD. If we conclude that a material uncertainty exists
we are required to in our audit report draw attention of the users of statements to the related
disclosures in the financial statements; if such disclosures are inadequate we should modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit
report. However future events or circumstances may cause SZPRD to cease to continue as a
going concern.
(5) Evaluate the overall presentation structure and content of the financial statements and
whether the financial statements fairly reflect the relevant transactions and events.
(6) Obtain sufficient and appropriate audit evidence regarding the financial information of the
entities or business activities within SZPRD to express an opinion on the financial statements. We
are responsible for the direction supervision and performance of the group audit. We remain solely
responsible for our audit opinion.We communicate with those charged with governance regarding the planned scope and timing of
the audit significant audit findings and other matters including any significant deficiencies in
internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence and
where applicable related safeguards.From the matters communicated with those charged with governance we determine those matters
that were of most significance in the audit of the financial statements of this period and are
therefore the key audit matters. We describe these matters in the audit report unless laws and
regulations prohibit public disclosure of these matters or in extremely rare circumstances if it is
reasonably expected that the negative consequences of communicating a matter outweigh the
benefits to the public interest in the audit report we determine not to do so.Grant Thornton Zhitong Certified Certified Public Accountant of China Zhao Juanjuan
Public Accountants LLP (Engagement partner)
(Special General Partnership)
Certified Public Accountant of China
Zhou Yilan
Beijing China March 27 2026
II. Financial statements
The unit in the notes to the financial statements is: RMB
982025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
1. Consolidated balance sheet
Prepared by: Shenzhen Properties & Resources Development (Group) Ltd.December 31 2025
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary funds 2124343056.19 1678116644.12
Balances with clearing companies
Loans to banks and other financial
institutions
Financial assets held for trading 301765714.20 0.00
Derivative financial assets
Notes receivable
Accounts receivable 417784270.44 476014729.60
Receivables financing
Advances to suppliers 9538231.89 7789173.69
Premiums receivable
Reinsurance accounts receivable
Provision of cession receivable
Other receivables 267565109.11 273333289.51
Including: interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 11103909470.05 10685045153.41
Including: data resources
Contract assets 580850.15 468765.62
Assets held for sale 0.00 170154.05
Non-current assets maturing within one
year
Other current assets 210498041.00 181721113.82
Total current assets 14435984743.03 13302659023.82
Non-current assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 269002577.39 268187805.52
Other equity instrument investments 567317.70 586231.82
Other non-current financial assets
Investment properties 398400543.06 374035893.07
992025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Ending balance Beginning balance
Fixed assets 41751582.46 52712396.64
Construction in progress
Productive biological assets
Oil and gas assets
Right-of-use assets 22450067.81 16967620.03
Intangible assets 2155206.62 471565.39
Including: data resources
Development expenses
Including: data resources
Goodwill 4441864.30 9446847.38
Long-term deferred expenses 15046783.07 22110090.13
Deferred tax assets 212669324.77 1232152522.89
Other non-current assets 25657943.53 13875501.61
Total non-current assets 992143210.71 1990546474.48
Total assets 15428127953.74 15293205498.30
Current liabilities:
Short-term borrowings 449458211.11 190165458.33
Borrowings from central bank
Loans from banks and other financial
institutions
Financial liabilities held for trading
Derivative financial liabilities
Notes payable
Accounts payable 875642952.68 1043092277.27
Advances from customers 1340490.69 1744526.75
Contract liabilities 711605295.76 336164629.72
Financial assets sold under repurchase
agreements
Absorption of deposits and interbank
deposits
Receivings from vicariously traded
securities
Receivings from vicariously sold
securities
Employee compensation payable 175823121.63 207978691.61
Taxes payable 78010841.03 3224280429.52
Other payables 1201487757.46 1231351436.38
Including: interest payable
Dividends payable 12202676.04 12202676.04
Handling service fee and commissions
Reinsurance accounts payable
Liabilities held for sale
1002025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Ending balance Beginning balance
Non-current liabilities maturing within
one year 3865235312.29 506702676.30
Other current liabilities 58886145.36 23186263.57
Total current liabilities 7417490128.01 6764666389.45
Non-current liabilities:
Reserves for insurance contracts
Long-term borrowings 3681594912.20 4755314631.26
Bonds payable 548236650.58 0.00
Including: preferred shares
Perpetual bonds
Lease liabilities 10602827.46 11089072.57
Long-term payables 399470977.78 399749550.00
Long-term employee compensations
payable
Estimated liabilities 973741.21 934205.51
Deferred income
Deferred tax liabilities 5972301.83 4100164.35
Other non-current liabilities 129540497.60 126919529.02
Total non-current liabilities 4776391908.66 5298107152.71
Total liabilities 12193882036.67 12062773542.16
Owners' equity:
Equity 595979092.00 595979092.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 80488045.38 80488045.38
Less: treasury shares
Other comprehensive income -3587793.95 -2200355.67
Special reserves
Surplus reserves 298354949.13 125425488.21
General risk reserves
Undistributed profits 2423699479.79 2561990778.58
Total equity attributable to owners of
the parent company 3394933772.35 3361683048.50
Minority interests -160687855.28 -131251092.36
Total owners' equity 3234245917.07 3230431956.14
Total liabilities and owners' equity 15428127953.74 15293205498.30
Legal representative: TANG Xiaoping Chief Finance Officer: LIU Qiang Chief Accountant: CAI Kelin
2. Balance sheet of the parent company
Unit: RMB
1012025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Ending balance Beginning balance
Current assets:
Monetary funds 957782627.13 542921067.03
Financial assets held for trading 301765714.20
Derivative financial assets
Notes receivable
Accounts receivable 15245148.12 112869081.78
Receivables financing
Advances to suppliers 60000.00
Other receivables 8481001540.48 4279938165.85
Including: interest receivable
Dividends receivable
Inventories 48516226.68 50862399.82
Including: data resources
Contract assets
Assets held for sale
Non-current assets maturing within one
year
Other current assets 5034539.25 4459085.14
Total current assets 9809405795.86 4991049799.62
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 1147285418.20 1558679206.62
Other equity instrument investments 797817.70 816731.82
Other non-current financial assets
Investment properties 272059658.53 233185594.71
Fixed assets 6366246.07 12189961.87
Construction in progress
Productive biological assets
Oil and gas assets
Right-of-use assets 1268784.23 4369643.63
Intangible assets 3103333.25 3495333.29
Including: data resources
Development expenses
Including: data resources
Goodwill
Long-term deferred expenses
Deferred tax assets 17309558.09 4486334.83
Other non-current assets 3300873.08 3167926650.86
1022025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Total non-current assets 1451491689.15 4985149457.63
Total assets 11260897485.01 9976199257.25
Current liabilities:
Short-term borrowings
Financial liabilities held for trading
Derivative financial liabilities
Notes payable
Accounts payable 41937990.47 56048131.44
Advances from customers
Contract liabilities 211776.20 761904.76
Employee compensation payable 33871190.21 51619107.46
Taxes payable 2538236.38 2376003.37
Other payables 4022493099.09 6853403083.89
Including: interest payable
Dividends payable 29642.40 29642.40
Liabilities held for sale
Non-current liabilities maturing within
one year 87556316.90 402621528.39
Other current liabilities
Total current liabilities 4188608609.25 7366829759.31
Non-current liabilities:
Long-term borrowings 1473800000.00
Bonds payable 548236650.58
Including: preferred shares
Perpetual bonds
Lease liabilities 970553.91 3082216.96
Long-term payables 399470977.78 399749550.00
Long-term employee compensations
payable
Estimated liabilities
Deferred income
Deferred tax liabilities 758624.61 1092410.91
Other non-current liabilities 39570000.00 40000000.00
Total non-current liabilities 2462806806.88 443924177.87
Total liabilities 6651415416.13 7810753937.18
Owners' equity:
Equity 595979092.00 595979092.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 53876380.11 53876380.11
Less: treasury shares
1032025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other comprehensive income -3069250.24 -3064972.70
Special reserves
Surplus reserves 298354949.13 125425488.21
Undistributed profits 3664340897.88 1393229332.45
Total owners' equity 4609482068.88 2165445320.07
Total liabilities and owners' equity 11260897485.01 9976199257.25
3. Consolidated income statement
Unit: RMB
Item Year 2025 Year 2024
I. Total operating revenue 2383288250.02 2734158884.05
Including: operating revenue 2383288250.02 2734158884.05
Interest income
Premiums earned
Revenue from handling service fee and
commissions:
II. Total operating costs 2280566036.07 2711750583.36
Including: operating costs 1737158721.74 2250014088.33
Interest expenses
Handling service fee and commissions
Surrender value
Net amount of compensation payout
Net provision for insurance contract
liabilities
Policy dividends
Reinsurance costs
Taxes and surcharges 122579049.67 86911950.69
Selling and distribution expenses 64517135.81 43995985.41
G&A expenses 237736204.21 284433101.74
R&D expenses 4842422.28 5351808.44
Financial expenses 113732502.36 41043648.75
Including: interest expenses 123346936.11 68401770.57
Interest income 13758946.05 31389808.25
Plus: other income 14445679.86 4561713.55
Investment income ("-" for losses) 930705.77 185619483.06
Including: investment income from
associates and joint ventures 930705.77 184223509.99
Gains from derecognition of financial
assets measured at amortized costs
Exchange gains (losses expressed
with "-")
Net exposure hedging gains (loss
expressed with "-")
1042025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Year 2025 Year 2024
Gains from changes in fair value ("-"
for losses) 1765714.20 0.00
Loss from credit impairment (losses
expressed with "-" ) -7297655.34 -363088397.28
Asset impairment loss (losses
expressed with "-") -5007842.82 -1036113360.07
Gains from disposal of assets (losses
expressed with "-") 144737.35 87845.86
III. Operating profit ("-" for loss) 107703552.97 -1186524414.19
Plus: non-operating revenue 15699075.70 1067805.57
Less: non-operating expenses 1690452.81 8355964.49
IV. Total profits ("-" for total losses) 121712175.86 -1193812573.11
Less: income tax expenses 117018828.20 93331151.00
V. Net profit ("-" for net loss) 4693347.66 -1287143724.11
(I) Classified by operating sustainability
1. Net profit from continued operation
(losses expressed with "-") 4693347.66 -1287143724.11
2. Net profit from discontinued
operations (losses expressed with "-") 0.00 0.00
(II) Classified by ownership
1. Net profit attributable to
shareholders of the parent company 33885110.58 -1114764922.17
2. Minority interests -29191762.92 -172378801.94
VI. Other comprehensive income net
of tax -1387438.28 1151982.21
Other comprehensive income net of
tax attributable to owners of parent -1387438.28 1151982.21
company
(I) Other comprehensive income that
cannot be reclassified into profit or loss -4277.54 -60387.90
later
1. Changes in re-measurement of
defined benefit plans
2. Other comprehensive income that
cannot be transferred to profit or loss
under the equity method
3. Changes in fair value of other equity
instrument investments -4277.54 -60387.90
4. Changes in fair value of the
enterprise's own credit risk
5. Others
(II) Other comprehensive income that
will be reclassified into profit or loss -1383160.74 1212370.11
1. Other comprehensive income that
can be transferred to profit or loss
under the equity method
2. Changes in fair value of other debt
investments
1052025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Year 2025 Year 2024
3. Amount of financial assets
reclassified and included in other
comprehensive income
4. Provision for credit impairment of
other debt investments
5. Reserve for cash flows
6. Differences arising from translation
of foreign-currency financial -1383160.74 1212370.11
statements
7. Others
Net of tax of other comprehensive
income attributable to minority
shareholders
VII. Total comprehensive income 3305909.38 -1285991741.90
Total comprehensive income
attributable to the owner of the parent 32497672.30 -1113612939.96
company
Total comprehensive income
attributable to minority shareholders -29191762.92 -172378801.94
VIII. Earnings per share
(I) Basic earnings per share 0.0569 -1.8705
(II) Diluted earnings per share 0.0569 -1.8705
In case of any business combination under the same control in the current period the net profit realized
by the combinee before the combination was RMB and the net profit realized by the combinee in the
previous period was RMB .Legal representative: TANG Xiaoping Chief Finance Officer: LIU Qiang Chief Accountant: CAI Kelin
4. Income statement of the parent company
Unit: RMB
Item Year 2025 Year 2024
I. Operating revenue 72350293.77 64213916.30
Less: operating costs 38163396.02 47304177.17
Taxes and surcharges 11722187.77 5700415.15
Selling and distribution expenses 514067.37 666120.15
G&A expenses 47085515.31 84866260.13
R&D expenses
Financial expenses 41120566.27 14386286.50
Including: interest expenses 49380252.72 34681762.07
Interest income 11713355.19 19113464.20
Plus: other income 118648.59 176813.10
Investment income ("-" for losses) 2893954820.65 184223509.99
Including: investment income from
associates and joint ventures 930705.77 184223509.99
Gains from derecognition of financial
assets measured by amortized costs
1062025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Year 2025 Year 2024
(losses expressed with "-")
Net exposure hedging gains (loss
expressed with "-")
Gains from changes in fair value ("-"
for losses) 1765714.20
Loss from credit impairment (losses
expressed with "-" ) 13320881.39 -5066946.80
Asset impairment loss (losses
expressed with "-") -412208560.29
Gains from disposal of assets (losses
expressed with "-") 65143.00
II. Operating profits ("-" for loss) 2430761208.57 90624033.49
Plus: non-operating revenue 2041395.78 29599.13
Less: non-operating expenses 494467.31 541779.71
III. Total profit ("for" total loss) 2432308137.04 90111852.91
Less: income tax expenses -11732889.31 -3055758.39
IV. Net profit ("-" for net loss) 2444041026.35 93167611.30
(I) Net profit from continued operation
("-" for net loss) 2444041026.35 93167611.30
(II) Net profit from discontinued
operations (losses expressed with "-")
V. Net of tax of other comprehensive
income -4277.54 -60387.90
(I) Other comprehensive income that
cannot be reclassified into profit or loss -4277.54 -60387.90
later
1. Changes in re-measurement of
defined benefit plans
2. Other comprehensive income that
cannot be transferred to profit or loss
under the equity method
3. Changes in fair value of other equity
instrument investments -4277.54 -60387.90
4. Changes in fair value of the
enterprise's own credit risk
5. Others
(II) Other comprehensive income that
will be reclassified into profit or loss
1. Other comprehensive income that
can be transferred to profit or loss
under the equity method
2. Changes in fair value of other debt
investments
3. Amount of financial assets
reclassified and included in other
comprehensive income
4. Provision for credit impairment of
other debt investments
5. Reserve for cash flows
1072025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Year 2025 Year 2024
6. Differences arising from translation
of foreign-currency financial
statements
7. Others
VI. Total comprehensive income 2444036748.81 93107223.40
VII. Earnings per share
(I) Basic earnings per share
(II) Diluted earnings per share
5. Consolidated statement of cash flows
Unit: RMB
Item Year 2025 Year 2024
I. Cash flows from operating activities:
Cash received from sale of goods and
rendering of services 3046750524.68 2539665135.96
Net increase in deposits from
customers and deposits with banks
and other financial institutions
Net increase in borrowings from central
bank
Net increase in borrowings from banks
and other financial institutions
Cash received from receiving
insurance premium of original
insurance contract
Net cash received from reinsurance
business
Net increase in deposits and
investments from policyholders
Cash received from interests handling
service fee and commissions
Net increase in borrowings from banks
and other financial institutions
Net increase in funds from repurchase
business
Net cash received from vicariously
traded securities
Refunds of taxes and surcharges
received 48577303.40 25035642.09
Other cash received related to
operating activities 246791044.92 482860988.36
Sub-total of cash inflows from
operating activities 3342118873.00 3047561766.41
Cash paid for purchase of goods and
receipt of services 1535521989.53 2085129192.68
Net increase in loans and advances to
customers
Net increase in deposits with central
1082025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Year 2025 Year 2024
bank and with banks and other
financial institutions
Cash paid for original insurance
contract claims
Net increase in loans to banks and
other financial institutions
Cash paid for interests handling
service fee and commissions
Cash paid for policy dividends
Cash paid to and on behalf of
employees 970519239.22 967528463.67
Cash paid for taxes and surcharges 2557654917.82 1057184197.95
Other cash paid related to operating
activities 364492388.06 361718086.63
Sub-total of cash outflows from
operating activities 5428188534.63 4471559940.93
Net cash flows from operating activities -2086069661.63 -1423998174.52
II. Cash flows from investing activities:
Cash received from recovery of
investment 57412000.00 0.00
Cash received from investment income 115933.90 93455.02
Net cash received from disposal of
fixed assets intangible assets and 65095861.85 55903425.50
other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received related to
investing activities
Sub-total of cash inflows from investing
activities 122623795.75 55996880.52
Cash paid to acquire and construct
fixed assets intangible assets and 40433929.90 10344411.99
other long-term assets
Cash paid for investments 374132898.98 57412000.00
Net increase in pledge loans
Net cash paid to acquire subsidiaries
and other business units
Other cash paid related to investing
activities
Sub-total of cash outflows from
investing activities 414566828.88 67756411.99
Net cash flows from the investing
activities -291943033.13 -11759531.47
III. Cash flows from financing activities:
Cash received from absorption of
investments 0.00 0.00
Including: cash received by
subsidiaries from absorption of 0.00 0.00
investments of minority shareholders
1092025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Year 2025 Year 2024
Cash received from acquisition of
borrowings 4529513359.21 1239948405.21
Other cash received related to
financing activities 548981500.00 0.00
Sub-total of cash inflows from financing
activities 5078494859.21 1239948405.21
Cash paid for debt repayments 1993287702.12 502523324.00
Cash paid for distribution of dividends
and profits or payment of interests 238745696.53 387842921.21
Including: dividends and profit paid to
minority shareholders by subsidiaries 245000.00 786997.48
Other cash paid related to financing
activities 35102444.75 37214506.73
Sub-total of cash outflows from
financing activities 2267135843.40 927580751.94
Net cash flows from financing activities 2811359015.81 312367653.27
IV. Effect of fluctuation in exchange
rate on cash and cash equivalents -2100820.37 1050801.90
V. Net increase in cash equivalents 431245500.68 -1122339250.82
Plus: beginning balance of cash
equivalents 1610799884.30 2733139135.12
VI. Ending balance of cash equivalents 2042045384.98 1610799884.30
6. The statement of cash flows of the parent company
Unit: RMB
Item Year 2025 Year 2024
I. Cash flows from operating activities:
Cash received from sale of goods and
rendering of services 164421535.82 48548339.20
Refunds of taxes and surcharges
received 0.17
Other cash received related to
operating activities 4485095195.68 1280972888.61
Sub-total of cash inflows from
operating activities 4649516731.50 1329521227.98
Cash paid for purchase of goods and
receipt of services 46030223.44 54312689.07
Cash paid to and on behalf of
employees 46663137.04 57929002.75
Cash paid for taxes and surcharges 15083901.67 81029962.82
Other cash paid related to operating
activities 5049030164.50 1462259953.79
Sub-total of cash outflows from
operating activities 5156807426.65 1655531608.43
Net cash flows from operating activities -507290695.15 -326010380.45
II. Cash flows from investing activities:
Cash received from recovery of
investment
Cash received from investment income 115933.90 93455.02
Net cash received from disposal of
fixed assets intangible assets and
1102025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Year 2025 Year 2024
other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received related to
investing activities
Sub-total of cash inflows from investing
activities 115933.90 93455.02
Cash paid to acquire and construct
fixed assets intangible assets and 35850952.43 1251193.04
other long-term assets
Cash paid for investments 300000000.00 314000000.00
Net cash paid to acquire subsidiaries
and other business units
Other cash paid related to investing
activities
Sub-total of cash outflows from
investing activities 335850952.43 315251193.04
Net cash flows from the investing
activities -335735018.53 -315157738.02
III. Cash flows from financing activities:
Cash received from absorption of
investments
Cash received from acquisition of
borrowings 1600000000.00
Other cash received related to
financing activities 548981500.00
Sub-total of cash inflows from financing
activities 2148981500.00
Cash paid for debt repayments 842400000.00 61600000.00
Cash paid for distribution of dividends
and profits or payment of interests 28698394.20 202467017.91
Other cash paid related to financing
activities 19960052.10 20629854.24
Sub-total of cash outflows from
financing activities 891058446.30 284696872.15
Net cash flows from financing activities 1257923053.70 -284696872.15
IV. Effect of fluctuation in exchange
rate on cash and cash equivalents -36595.05 9238.09
V. Net increase in cash equivalents 414860744.97 -925855752.53
Plus: beginning balance of cash
equivalents 541785486.20 1467641238.73
VI. Ending balance of cash equivalents 956646231.17 541785486.20
1112025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
7. Consolidated statements of changes in owners' equity
The current period
Unit: RMB
Year 2025
Equity attributable to owners of the parent company
Item Other equity instruments Less: Other Minority
Total
Equity Capital
owners'
Preferred Perpetual reserve treasury comprehensi
Special Surplus General risk Undistribute Others Sub-total interests equity
shares bonds Others shares ve income
reserves reserves reserves d profits
I. Ending
balance last 595979092. 80488045.3 - 125425488. 256199077 336168304
-323043195
year 00 8 2200355.67 21 8.58 8.50
131251092.
366.14
Plus:
changes in
accounting
policies
Correction of
prior period
errors
Others
II. Beginning
balance as
at the 595979092. 80488045.3 - 125425488. 256199077 336168304
-323043195
beginning of 00 8 2200355.67 21 8.58 8.50
131251092.
366.14
this year
III. Changes
in amount for
the current
period - 172929460.-33250723.8-
(decreases 1387438.28 92
138291298.529436762.93813960.93792
expressed
with "-")
(I) Total
comprehensi - 33885110.5 32497672.3
-
1387438.28 8 0 29191762.9 3305909.38ve income 2
(II) Capital
contributed
or reduced
by owners
1. Ordinary
shares
contributed
by owners
2. Capital
invested by
the holders
of other
equity
1122025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Year 2025
Equity attributable to owners of the parent company
Item Other equity instruments Minority Total
Equity Capital
Less: Other owners'
Preferred Perpetual reserve treasury comprehensi
Special Surplus General risk Undistribute
reserves reserves reserves d profits Others Sub-total
interests equity
shares bonds Others shares ve income
instruments
3. Amounts
of share-
based
payments
recognized
in owners'
equity
4. Others
(III) Profit 172929460. -
distribution 92 172929460. 0.00 -245000.00 -245000.0092
1.
Withdrawal 172929460. -
of surplus 92 172929460.reserves 92
2.
Withdrawal
of general
risk reserves
3. Profit
distributed to
owners (or -245000.00 -245000.00
shareholders
)
4. Others
(IV) Internal
transfer of
owners'
equity
1.
Conversion
of capital
reserves into
paid-in
capital (or
share
capital)
2.
Conversion
of surplus
reserves into
paid-in
capital (or
share
capital)
1132025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Year 2025
Equity attributable to owners of the parent company
Item Other equity instruments Minority Total
Equity Capital
Less: Other
treasury comprehensi Special Surplus General risk Undistribute interests
owners'
Preferred Perpetual Others reserve shares ve income reserves reserves reserves d profits
Others Sub-total equity
shares bonds
3. Surplus
reserves
offsetting
losses
4. Changes
in benefit
plans
transferred
to retained
earnings
5. Transfer
of other
comprehensi
ve income
into retained
earnings
6. Others
(V) Special
reserves
1.
Withdrawal
in the current
period
2. Amount
used in the
current
period
(VI) Others 753051.55 753051.55 753051.55
IV. Balance
as at the end 595979092. 80488045.3 - 298354949. 242369947 339493377 - 323424591
of the current 00 8 3587793.95 13 9.79 2.35 160687855.28 7.07period
1142025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Amount in previous period
Unit: RMB
Year 2024
Equity attributable to owners of the parent company
Item Other equity instruments Other Minority Total owners'
Equity Capital Less: treasury comprehensiv Special Surplus General risk Undistributed interests equityPreferred Perpetual Others reserve shares e income reserves reserves reserves profits
Others Sub-total
shares bonds
I. Ending
balance last 595979092. 80488045.3 -3352337.88 116108727. 387258680 466181032 41914707.0 470372503
year 00 8 08 2.17 8.75 6 5.81
Plus: changes
in accounting
policies
Correction of
prior period
errors
Others
II. Beginning
balance as at 595979092. 80488045.3 -3352337.88 116108727. 387258680 466181032 41914707.0 470372503the beginning 00 8 08 2.17 8.75 6 5.81
of this year
III. Changes
in amount for
the current - - - -
period 1151982.21 9316761.13 131059602 130012728 173165799. 147329307
(decreases 3.59 0.25 42 9.67
expressed
with "-")
(I) Total - - - -
comprehensiv 1151982.21 111476492 111361293 172378801. 128599174
e income 2.17 9.96 94 1.90
(II) Capital
contributed or
reduced by
owners
1. Ordinary
shares
contributed by
owners
2. Capital
invested by
the holders of
other equity
instruments
3. Amounts of
share-based
payments
recognized in
1152025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Year 2024
Equity attributable to owners of the parent company
Item Other equity instruments Other Minority Total owners'
Equity Capital Less: treasuryPreferred Perpetual reserve shares comprehensiv
Special Surplus General risk Undistributed Others Sub-total interests equityreserves reserves reserves profits
shares bonds Others e income
owners'
equity
4. Others
(III) Profit - - -
distribution 9316761.13 195262237. 185945476. -786997.48 186732474.83 70 18
1. Withdrawal
of surplus 9316761.13 -9316761.13
reserves
2. Withdrawal
of general risk
reserves
3. Profit
distributed to - - -
owners (or 185945476. 185945476. -786997.48 186732474.shareholders) 70 70 18
4. Others
(IV) Internal
transfer of
owners'
equity
1. Conversion
of capital
reserves into
paid-in capital
(or share
capital)
2. Conversion
of surplus
reserves into
paid-in capital
(or share
capital)
3. Surplus
reserves
offsetting
losses
4. Changes in
benefit plans
transferred to
retained
earnings
5. Transfer of
other
comprehensiv
1162025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Year 2024
Equity attributable to owners of the parent company
Item Other equity instruments Minority Total owners'
Equity Capital Less: treasury
Other Special Surplus General risk Undistributed
Preferred Perpetual reserve shares comprehensiv reserves reserves reserves profits Others Sub-total
interests equity
shares bonds Others e income
e income into
retained
earnings
6. Others
(V) Special
reserves
1. Withdrawal
in the current
period
2. Amount
used in the
current period
(VI) Others -568863.59 -568863.59 -568863.59
IV. Balance
as at the end 595979092. 80488045.3 -
of the current 00 8 -2200355.67
125425488.256199077336168304323043195
21 8.58 8.50 131251092.36 6.14period
8. Statement of changes in owner's equity of parent company
The current period
Unit: RMB
Year 2025
Item Other equity instruments Other
Equity Preferred Capital reserve
Less: treasury comprehensive Special reserves Surplus Undistributed Others Total owners'
shares Perpetual bonds Others
shares income reserves profits equity
I. Ending
balance last 595979092.00 53876380.11 -3064972.70 125425488.21 1393229332.4 2165445320.0
year 5 7
Plus: changes in
accounting
policies
Correction of
prior period
errors
Others
II. Beginning
595979092.00 53876380.11 -3064972.70 125425488.21 1393229332.4 2165445320.0balance as at 5 7
the beginning of
1172025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Year 2025
Item Other equity instruments Other
Equity Preferred Capital reserve
Less: treasury
shares comprehensive Special reserves
Surplus Undistributed
reserves profits Others
Total owners'
shares Perpetual bonds Others income
equity
this year
III. Changes in
amount for the
current period -4277.54 172929460.92 2271111565.4 2444036748.8(decreases 3 1
expressed with
"-")
(I) Total
comprehensive -4277.54 2444041026.3 2444036748.8
income 5 1
(II) Capital
contributed or
reduced by
owners
1. Ordinary
shares
contributed by
owners
2. Capital
invested by the
holders of other
equity
instruments
3. Amounts of
share-based
payments
recognized in
owners' equity
4. Others
(III) Profit
distribution 172929460.92 -172929460.92
1. Withdrawal of
surplus reserves 172929460.92 -172929460.92
2. Profit
distributed to
owners (or
shareholders)
3. Others
(IV) Internal
transfer of
owners' equity
1. Conversion of
capital reserves
into paid-in
capital (or share
1182025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Year 2025
Item Other equity instruments Other
Equity Preferred Capital reserve
Less: treasury comprehensive Special reserves Surplus Undistributed Others Total owners'
shares Perpetual bonds Others
shares income reserves profits equity
capital)
2. Conversion of
surplus reserves
into paid-in
capital (or share
capital)
3. Surplus
reserves
offsetting losses
4. Changes in
benefit plans
transferred to
retained
earnings
5. Transfer of
other
comprehensive
income into
retained
earnings
6. Others
(V) Special
reserves
1. Withdrawal in
the current
period
2. Amount used
in the current
period
(VI) Others
IV. Balance as
at the end of the 595979092.00 53876380.11 -3069250.24 298354949.13 3664340897.8 4609482068.8
current period 8 8
Amount in previous period
Unit: RMB
Year 2024
Item Other equity instruments
Equity Capital reserve Less: treasury
Other
comprehensive Special reserves Surplus reserves Undistributed Others Total owners'
Preferred shares Perpetual bonds Others shares income profits equity
I. Ending balance
last year 595979092.00 53876380.11 -3004584.80 116108727.08 1495323958.98 2258283573.37
Plus: changes in
1192025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Year 2024
Item Other equity instruments Other
Equity Capital reserve Less: treasury comprehensive Special reserves Surplus reserves Undistributed Others Total owners'
Preferred shares Perpetual bonds Others shares income profits equity
accounting
policies
Correction of
prior period
errors
Others
II. Beginning
balance as at the
beginning of this 595979092.00 53876380.11 -3004584.80 116108727.08 1495323958.98 2258283573.37
year
III. Changes in
amount for the
current period
(decreases -60387.90 9316761.13 -102094626.53 -92838253.30
expressed with "-
")
(I) Total
comprehensive -60387.90 93167611.30 93107223.40
income
(II) Capital
contributed or
reduced by
owners
1. Ordinary
shares
contributed by
owners
2. Capital
invested by the
holders of other
equity
instruments
3. Amounts of
share-based
payments
recognized in
owners' equity
4. Others
(III) Profit
distribution 9316761.13 -195262237.83 -185945476.70
1. Withdrawal of
surplus reserves 9316761.13 -9316761.13
2. Profit
distributed to
owners (or -185945476.70 -185945476.70
shareholders)
3. Others
(IV) Internal
transfer of
owners' equity
1. Conversion of
1202025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Year 2024
Item Other equity instruments Other
Equity Capital reserve Less: treasuryshares comprehensive Special reserves Surplus reserves
Undistributed Others Total owners'
Preferred shares Perpetual bonds Others income profits equity
capital reserves
into paid-in
capital (or share
capital)
2. Conversion of
surplus reserves
into paid-in
capital (or share
capital)
3. Surplus
reserves
offsetting losses
4. Changes in
benefit plans
transferred to
retained earnings
5. Transfer of
other
comprehensive
income into
retained earnings
6. Others
(V) Special
reserves
1. Withdrawal in
the current period
2. Amount used
in the current
period
(VI) Others
IV. Balance as at
the end of the 595979092.00 53876380.11 -3064972.70 125425488.21 1393229332.45 2165445320.07
current period
1212025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
III. Company profile
Shenzhen Properties & Resources Development (Group) Ltd. (hereinafter referred to as "the Company")
was established with the approval of the Shenzhen Municipal People's Government of Guangdong
Province under the official document SFBF [1991] No. 831. It was restructured from the former
Shenzhen Properties Development General Company into a joint stock limited company registered
with the Shenzhen Administration for Market Regulation on January 17 1983 and headquartered in
Shenzhen Guangdong Province. The Company currently holds a Business License for Enterprise
Legal Person with the registration number/unified social credit code 91440300192174135N a
registered capital of RMB 595979092 and a total of 595979092 shares (with a par value of RMB 1
per share). Of which restricted tradable shares include 1898306 A shares and 0 B shares ；
unrestricted tradable shares comprise 526475543 A shares and 67605243 B shares. The Company's
shares have been listed on the Shenzhen Stock Exchange since March 30 1992.The Company operates in the real estate industry. The primary operating activities include real estate
development and commercial property sales construction and management of commercial buildings
property leasing and construction supervision. Domestic commerce and the supply and marketing
industry (excluding state-monopolized exclusively distributed and specially controlled commodities).Main products/services include: development and sales of commercial residential properties; property
management service; building maintenance equipment maintenance for buildings landscaping and
gardening and cleaning services; property leasing services; engineering supervision; retail of Chinese
cuisine Western cuisine alcoholic beverages etc.The financial statements were approved for external release at the 5th Meeting of the 11th Board of
Directors on March 27 2026.The consolidation scope of the Company's consolidated financial statements is determined based on
control including the financial statements of the Company and all its subsidiaries. A subsidiary refers to
an enterprise or entity controlled by the Company. A total of 56 subsidiaries are included in the
consolidation scope of the consolidated statements during the current period. For details regarding the
scope of consolidated financial statements and its changes refer to Notes 9 and 10 to the financial
statements.IV. Basis for preparation of financial statements
1. Basis for preparation
The financial statements are prepared on the going concern basis reflecting actual transaction events
in accordance with the relevant provisions of the Accounting Standards for Business Enterprises and
based on the significant accounting policies and accounting estimates described below.
2. Going concern
The Company has no events or conditions that raise significant doubts about its ability to continue as a
going-concern ability for the twelve months following the end of the reporting period.V. Significant accounting policies and accounting estimates
Tips of specific accounting policies and accounting estimates:
The Company based on its actual production and operational characteristics and in accordance with
the relevant Accounting Standards for Business Enterprises has established specific accounting
policies and accounting estimates for transactions and events such as revenue recognition. For details
refer to the respective sections below: "Financial Instruments" "Inventories" and "Revenue."
1. Statement of compliance with the Accounting Standards for Business Enterprises
The financial statements of the Company prepared on the aforementioned basis for preparation
comply with the requirements of the latest Accounting Standards for Business Enterprises and their
application guidelines interpretations and other relevant regulations (collectively referred to as the
"Accounting Standards for Business Enterprises") issued by the Ministry of Finance. They fairly and
completely reflect the Company's financial position operating results cash flows and other relevant
1222025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
information.In addition the preparation of this financial report references the presentation and disclosure
requirements stipulated in the CSRC's Rules for the Preparation and Disclosure of Information by
Companies Offering Securities to the Public No. 15 – General Requirements for Financial Reports
(2023 Revision) and the Notice on the Implementation of New Accounting Standards for Business
Enterprises by Listed Companies (Accounting Department Letter [2018] No. 453).
2. Accounting period
The company adopts the calendar year as its accounting period which runs from January 1 to
December 31 each year.
3. Operating cycle
For industries other than real estate the Companies' operating cycles are relatively short and a 12-
month period is used as the threshold for classifying the liquidity of assets and liabilities. The operating
cycle in the real estate industry spans from property development to sales realization generally
exceeding 12 months. The specific duration is determined by the nature of the development project
with the operating cycle itself serving as the criterion for classifying the liquidity of assets and liabilities.
4. Recording currency
The Company and its domestic subsidiaries adopt RMB as their recording currency. The overseas
subsidiaries of the Company determine their recording currency based on the currency of the primary
economic environment in which they operate. The Company prepares its financial statements using
RMB as the reporting currency.
5. Determination methods and selection basis for materiality threshold
□ Applicable ? Not applicable
Item Importance criteria
Significant accounts receivable with the provision for bad
debts made on an individual basis Accounts receivable balances of RMB 5 million or more
A non-wholly-owned subsidiary with revenue exceeding
Major non-wholly-owned subsidiaries 10% of the consolidated operating revenue or total assets
exceeding 5% of the consolidated total assets.
6. Accounting treatments for business combinations under common control and those not
under common control
(1) Accounting treatments for business combination under common control
For business combinations under common control the assets and liabilities acquired by the Company
from the acquiree are measured at the book value of the acquiree in the consolidated financial
statements of the ultimate controller as of the combination date. The difference between the book value
of the merger consideration (or the total par value of the shares issued) and the book value of the net
assets acquired in the merger is adjusted against capital reserve and if the capital reserve is
insufficient to absorb the difference the adjustment is made to retained earnings.In a business combination under common control achieved through multiple transactions in stages the
assets and liabilities of the combined party acquired by the Company in the combination are measured
at their book value in the ultimate controller's consolidated financial statements as of the combination
date; the difference between the sum of the book value of the pre-combination investment held and the
book value of the new consideration paid on the combination date and the book value of the net assets
acquired in the combination is adjusted against capital reserve. If the capital reserve is insufficient to
absorb the difference the adjustment is made to retained earnings. For the long-term equity
investments held by the combining party in the combined party before obtaining the right of control the
recognized profit or loss other comprehensive income and other changes in owners' equity between
the later of the date the original equity was acquired and the date when both the combining party and
1232025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
the combined party first came under the ultimate controller's control up to the combination date shall
be offset against either the retained earnings at the beginning of the comparative statements period or
the current period's profit or loss.
(2) Accounting treatments for business combination not under common control
In a business combination not under common control the combination cost is determined as the fair
value of the assets transferred liabilities incurred or assumed and equity securities issued by the
acquirer on the acquisition date to obtain the right of control over the acquiree. On the acquisition date
the assets liabilities and contingent liabilities obtained from the acquiree are recognized at fair value.On the acquisition date the Company recognizes the difference between the combination cost and the
fair value share of net identifiable assets obtained from the acquiree as goodwill which is subject to
subsequent measurement at cost less accumulated provision for impairment; the difference between
the combination cost and the fair value share of net identifiable assets obtained from the acquiree is
after verification recognized in profit or loss.In a business combination not under common control achieved through multiple transactions in stages
the combination cost is the sum of the consideration paid on the acquisition date and the fair value of
the equity interest in the acquiree held prior to the acquisition date as of the acquisition date. For equity
interests in the acquiree held prior to the acquisition date such interests are remeasured at their fair
value as of the acquisition date and the difference between the fair value and the book value is
recognized in current period investment income; for equity interests in the acquiree held prior to the
acquisition date any other comprehensive income and other changes in owners' equity related to such
interests are reclassified to profit or loss on the acquisition date except for other comprehensive
income arising from the remeasurement of the net liabilities under defined benefit plans or changes in
net assets of the acquiree and other comprehensive income related to non-trading equity instrument
investments previously designated as measured at fair value with changes recognized in other
comprehensive income.
(3) Treatment of transaction costs in business combination
In a business combination intermediary fees such as audit legal services valuation consulting and
other related G&A expenses incurred for the transaction are recognized in profit or loss when incurred.The transaction costs incurred for issuing equity securities or debt securities as merger consideration
are included in the initial recognized amount of such equity securities or debt securities.
7. Criteria for determining control and preparation methods for consolidated financial
statements
(1) Judgment criteria for control
The consolidation scope in the consolidated financial statements is determined on the basis of control.Control means that the Company has the power over the investees participates in their relevant
activities to obtain variable returns and has the ability to use that power to affect the amount of returns
from the investees. When changes in relevant facts and circumstances lead to changes in the key
elements related to the definition of control the Company will re-evaluate accordingly.When determining whether to include a structured entity within the consolidation scope the Company
comprehensively evaluates all relevant facts and circumstances including assessing the structured
entity's purpose and design identifying the types of variable returns and evaluating whether control
exists over the structured entity based on its participation in relevant activities that expose it to some or
all variability of returns.
(2) Preparation methods for consolidated financial statements
Consolidated financial statements are prepared by the Company based on the financial statements of
the Company and its subsidiaries along with other relevant materials. In preparing consolidated
financial statements the accounting policies and reporting periods of the Company and its subsidiaries
must be consistent and significant intercompany transactions and balances are eliminated.During the reporting period subsidiaries and businesses added due to a business combination under
1242025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
common control are treated as having been included in the Company's consolidation scope from the
date they came under the control of the ultimate controller. Their operating results and cash flows from
that date are incorporated into the consolidated income statement and consolidated statement of cash
flows respectively.For subsidiaries and businesses added during the reporting period due to a business combination not
under common control the Company includes their revenue expenses and profits from the acquisition
date to the end of the reporting period in the consolidated income statement and incorporates their
cash flows into the consolidated statement of cash flows.The portion of a subsidiary's shareholders' equity not attributable to the Company is presented
separately as minority interests under shareholders' equity in the consolidated balance sheet; the share
of the subsidiary's net profit or loss attributable to minority interests is presented in the consolidated
income statement under the net profit item as "minority interest income". If the losses borne by minority
shareholders exceed the share of owners' equity they hold at the beginning of the subsidiary's period
the excess continues to be deducted from the minority interests.
(3) Purchase of minority shareholders' equity in a subsidiary
The difference between the cost of newly acquired long-term equity investments from the purchase of
minority interests and the proportionate share of the subsidiary's net asset share calculated based on
the increased ownership ratio from the acquisition date or combination date as well as the difference
between the disposal proceeds from partial disposal of equity investments in a subsidiary without loss
of control and the proportionate share of the subsidiary's net asset share attributable to the disposed
long-term equity investments calculated from the acquisition date or combination date shall be adjusted
against capital reserve in the consolidated balance sheet. If the capital reserve is insufficient to offset
the difference the remaining amount shall be adjusted against retained earnings.
(4) Treatment for loss of right of control over subsidiaries
When the Company disposes of a portion of its equity investments or loses the right of control over the
original subsidiary due to other reasons the remaining equity interest shall be remeasured at fair value
as of the date of loss of control; the difference between the total of the consideration received from the
disposal of equity and the fair value of the remaining equity interest less the sum of the subsidiary's net
assets attributable to the original ownership percentage calculated based on book value from the
acquisition date and the related goodwill shall be recognized as investment income in the period of loss
of control.Other comprehensive income related to equity investments in the former subsidiary shall be reclassified
on the same basis as if the subsidiary had directly disposed of the related assets or liabilities upon loss
of control and other changes in owners' equity previously recognized under accounting by equity
method related to the former subsidiary shall be transferred to profit or loss in the period of loss of
control.
(5) Treatment for the disposal of equity in stages until loss of control occurs
If the terms conditions and economic effects of multiple transactions involving the disposal of equity in
stages until loss of control meet one or more of the following conditions the Company shall account for
such transactions as a package of transactions：
1) The transactions are entered into either simultaneously or in contemplation of one another;
2) The transactions as a whole are necessary to achieve a complete commercial outcome;
3) The occurrence of one transaction is contingent on the occurrence of at least one other transaction;
4) A transaction is not economically viable when considered individually but is economically viable
when considered together with the others.When conducting a disposal of equity in stages until the loss of the right of control occurs the
measurement of the remaining equity interest and the recognition of profit or loss related to the disposal
shall follow the same accounting principles as those described in the preceding section for "Treatment
1252025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
upon Loss of Control of a Subsidiary." Prior to the loss of control the difference between the
consideration received from each disposal and the disposing investment's proportionate share of the
subsidiary's net assets calculated based on book value from the acquisition date shall be accounted for
as follows:
1) If the transactions constitute "a package of transactions" the related amount shall be recognized in
other comprehensive income. The related amounts shall be transferred to profit or loss during the
period of loss of control.
2) If the transactions do not constitute "a package of transactions" they shall be recognized as equity
transactions in the capital reserve (equity premium/capital premium). Upon loss of control the related
amounts shall not be transferred to profit or loss in the period of loss of control.
8. Classification of joint venture arrangements and accounting treatments for joint operations
(1) Identification and classification of joint venture arrangements
A joint venture arrangement refers to an arrangement under the common control of two or more parties.A joint venture arrangement has the following characteristics: 1) all participating parties are bound by
the arrangement; 2) two or more participating parties exercise common control over the arrangement.No single participating party can control the arrangement individually and any party with common
control over the arrangement can prevent other parties or combinations of parties from exercising
individual control.Common control refers to the control shared over an arrangement in accordance with the relevant
stipulations and the decision-making of related activities of the arrangement should not be made before
the party sharing the right of control agrees the same.Joint venture arrangements are classified into joint operation and joint venture. A joint operation refers
to those joint venture arrangements under which the joint venture is entitled to relevant assets and be
responsible for relevant liabilities. A joint venture refers to a joint venture arrangement in which the
participating parties only have rights to the net assets of the arrangement.
(2) Accounting treatment for joint venture arrangements
Participants in a joint operation shall recognize the following items related to their proportionate share in
the joint operations and account for them in accordance with the Accounting Standards for Business
Enterprises: 1) Recognize individually held assets and recognize jointly held assets based on their
proportionate share; 2) Recognize individually incurred liabilities and recognize jointly incurred liabilities
based on their proportionate share; 3) Recognize revenue from the sale of their share of the output of
the joint operations; 4) Recognize their proportionate share of the revenue generated by the joint
operations from the sale of output; 5) Recognize individually incurred expenses and recognize
expenses of the joint operations based on their proportionate share.Participants in joint ventures shall account for their investments in joint ventures in accordance with
Accounting Standards for Business Enterprises No. 2 - Long-term Equity Investments.
9. Determination criteria for cash and cash equivalents
The term cash in the statement of cash flows refers to a company's cash on hand and deposits that are
readily available for payment. Cash equivalents are short-term highly liquid investments that are readily
convertible to known amounts of cash and subject to an insignificant risk of changes in value.
10. Foreign currency transactions and translation of foreign currency statements
(1) Translation of foreign currency transactions
Foreign currency transactions shall be translated into RMB upon initial recognition using an exchange
rate that approximates the spot exchange rate on the transaction date. At the balance sheet date
foreign currency monetary items shall be translated using the spot exchange rate on the balance sheet
date. Exchange differences resulting from differences between the spot exchange rate on the balance
sheet date and the spot exchange rate at initial recognition or the previous balance sheet date shall be
recognized in profit or loss; foreign currency non-monetary items measured at historical cost shall
1262025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
continue to be translated using the exchange rate that approximates the spot exchange rate on the
transaction date; foreign currency non-monetary items measured at fair value shall be translated using
the spot exchange rate on the date the fair value is determined. The difference between the translated
amount in the recording currency and the original recording currency amount shall be recognized in
profit or loss or other comprehensive income based on the nature of the non-monetary items.
(2) Translation of foreign-currency financial statements
At the balance sheet date when translating the foreign currency financial statements of overseas
subsidiaries the assets and liability items in the balance sheet shall be translated using the spot
exchange rate on the balance sheet date; for owners' equity items except for the "undistributed profits"
item all other items shall be translated using the spot exchange rate on the transaction date; the
revenue and expense items in the income statement shall be translated using an exchange rate that
approximates the spot exchange rate on the transaction date; all items in the statement of cash flows
shall be translated at the exchange rate that approximates the spot exchange rate on the date the cash
flows occurred. The difference arising from the translation of financial statements shall be recognized in
the "other comprehensive income" item under shareholders' equity in the balance sheet.
11. Financial instruments
(1) Recognition and derecognition of financial instruments
The Company recognizes financial assets or financial liabilities when it becomes a party to financial
instruments contracts.Financial assets bought and sold in the ordinary course are subject to recognition and derecognition
using trade date accounting. The buying and selling of financial assets in the ordinary course refers to
receiving or delivering financial assets within the time frame prescribed by laws regulations or
common practices in accordance with the contractual terms. Trading date refers to the date on which
the Company commits to buy or sell financial assets.Derecognition shall be applied to a financial asset (or a portion thereof or a group of similar financial
assets) when the following conditions are meti.e. it shall be removed from the Company's accounts
and balance sheet.
1) The contractual right to receive the cash flows of the financial assets has expired;
2) The financial assets has been transferred and meets the derecognition criteria for transfer of financial
assets as described below.If the present obligation of a financial liability is fully or partially discharged the liability (or the
discharged portion) is derecognized. If the Company (as the obligor) and the creditor enter into an
agreement to assume a new financial liability to replace the existing financial liability and the
contractual terms of the new financial liability are substantially different from those of the existing one
the existing financial liabilities shall be derecognized and the new financial liability shall be recognized
simultaneously.
(2) Classification and measurement of financial assets
At initial recognition the Company classifies financial assets into the following three categories based
on its business model for managing financial assets and the contractual cash flows characteristics of
the financial assets: financial assets measured at amortized costs financial assets measured at fair
value with changes recognized in other comprehensive income and financial assets measured at fair
value with changes recognized in profit or loss. Financial assets are initially recognized at fair value. For
financial assets measured at fair value with changes recognized in profit or loss related transaction
costs are directly recognized in profit or loss. For other categories of financial assets related
transaction costs are included in their initial recognized amount. For accounts receivable arising from
the sale of goods or provision of services without including or considering significant financing
components the Company recognizes the consideration amount the Company expects to be entitled to
receive as the initial recognized amount. The subsequent measurement of financial assets depends on
their classification.
1272025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
1) Financial assets measured at amortized cost
A financial asset shall be classified as measured at amortized costs if it meets both of the following
conditions: the Company's business model for managing the financial assets is to collect contractual
cash flows and the contractual cash flows of the financial assets represent solely payments of principal
and interest on the principal amount outstanding; the contractual terms of the financial assets stipulate
that the cash flows generated on specified dates solely represent payments of principal and interest
calculated based on the outstanding principal amount. For such financial assets the effective interest
method is applied and their subsequent measurement is performed at amortized costs with gains or
losses arising from their amortization or impairment recognized in profit or loss.
2) Investments in debt instruments measured at fair value with changes recognized in other
comprehensive income
A financial asset shall be classified as measured at fair value with changes recognized in other
comprehensive income if it meets both of the following conditions: the Company's business model for
managing the financial assets is both to collect contractual cash flows and to sell the financial assets
and the contractual cash flows of the financial assets represent solely payments of principal and
interest on the principal amount outstanding; the contractual terms of the financial assets stipulate that
the cash flows generated on specified dates solely represent payments of principal and interest
calculated based on the outstanding principal amount. For such financial assets fair value is used for
subsequent measurement. The discount or premium is amortized using the effective interest method
and recognized as interest income or expense. Except for impairment losses and exchange differences
on foreign currency monetary financial assets recognized in profit or loss the fair value changes of
such financial assets are recognized in other comprehensive income until the financial asset is
derecognized at which time the cumulative gains or losses are reclassified to profit or loss. Interest
income related to such financial assets shall be recognized in profit or loss.
3) Investments in equity instruments measured at fair value with changes recognized in other
comprehensive income
The Company irrevocably elects to designate certain non-trading equity instrument investments as
financial assets measured at fair value with changes recognized in other comprehensive income.Dividend income related to such assets is recognized in profit or loss fair value changes are
recognized in other comprehensive income and cumulative gains or losses arising from such changes
are reclassified to retained earnings upon derecognition of the financial assets.
4) Financial assets measured at fair values through current profit or loss
Financial assets other than those measured at amortized costs and those measured at fair value with
changes recognized in other comprehensive incomes shall be classified as financial assets measured
at fair value with changes recognized in profit or loss. At initial recognition financial assets may be
designated as measured at fair value with changes recognized in profit or loss to eliminate or
significantly reduce an accounting mismatch. For such financial assets fair value is used for
subsequent measurement and all fair value changes are recognized in profit or loss.The Company shall reclassify all affected related financial assets if and only if it changes its business
model for managing financial assets.
(3) Classification and measurement of financial liabilities
At initial recognition the Company's financial liabilities are classified into financial liabilities measured at
amortized costs and financial liabilities measured at fair value with changes recognized in profit or loss.Financial liabilities that meet one of the following conditions may be designated at initial measurement
to be measured at fair value with changes recognized in profit or loss: 1) the designation eliminates or
significantly reduces accounting mismatch; 2) financial liabilities or a combination of financial assets
and financial liabilities are managed and evaluated based on fair value according to the formal written
documents outlining the Group's risk management or investment strategies and reports are provided to
key officers within the Group based on this information; 3) The financial liabilities contain embedded
derivative instruments that need to be separately split.
1282025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The Company determines the classification of financial liabilities at initial recognition. For financial
liabilities measured at fair value with changes recognized in profit or loss the related transaction costs
are recognized directly in profit or loss. For other financial liabilities the related transaction costs are
included in their initial recognized amount.Subsequent measurement of financial liabilities depends on their classification:
1) Financial liabilities measured at amortized costs
For such financial liabilities subsequent measurement is conducted using the effective interest method
at amortized costs and gains or losses arising from derecognition or amortization are recognized in
profit or loss.
2) Financial liabilities measured at fair value with changes recognized in profit or loss
Financial liabilities measured at fair value with changes recognized in profit or loss include financial
liabilities held for trading (including derivatives that are financial liabilities) and those initially designated
as measured at fair value with changes recognized in profit or loss. For such financial liabilities
subsequent measurement is conducted at fair value and gains or losses arising from fair value
changes as well as dividends and interest expenses related to these financial liabilities are recognized
in profit or loss.
(4) Offsetting of financial instruments
Financial assets and financial liabilities are presented in the balance sheet at their net amounts after
offsetting provided that the following conditions are met: there is a legally enforceable right to offset the
recognized amounts and the right to offset is currently exercisable; there is a plan to settle on a net
basis or simultaneously realize the financial assets and settle the financial liabilities.
(5) Impairment of financial instruments
1) Impairment measurement and accounting treatment of financial instruments
The Company shall conduct impairment treatment and recognize provision for loss based on expected
credit losses for the following items.* Financial assets measured at amortized costs;
* Accounts receivable and investments in debt instruments measured at fair value with changes
recognized in other comprehensive income;
* Contract assets as defined in Accounting Standards for Business Enterprises No. 14 - Revenue;
* Lease receivables;
* Loan commitments not classified as financial liabilities measured at fair value with changes
recognized in profit or loss;
* Financial guarantee contracts (except those measured at fair value with changes recognized in profit
or loss or transfer of financial assets that do not meet derecognition criteria or continue involvement
with the transferred financial assets).Expected credit losses refer to the weighted average of credit losses on financial instruments weighted
by the risk of default occurring. Credit loss refers to the difference between all contractual cash flows
receivable under the contract (discounted by the Company using the original effective interest rate) and
all expected cash flows to be collected i.e. the present value of all cash shortfalls. Specifically for
financial assets purchased or originated by the Company that have incurred a credit loss the
discounting is based on the credit-adjusted effective interest rate of that financial assets.For financial assets purchased or originated by the Company that have incurred a credit loss the
Company recognizes only the cumulative changes in expected credit losses over the entire expected
life since initial recognition as the provision for loss on the balance sheet date.
1292025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
For accounts receivable that either do not contain a significant financing component or for which the
Company does not consider the financing component in contracts with a term of one year or less the
Company applies a simplified measurement approach to measure the provision for loss at an amount
equal to the lifetime expected credit losses.For lease receivables and accounts receivable containing a significant financing component the
Company applies a simplified measurement approach to measure the provision for loss at an amount
equal to the lifetime expected credit losses.Except for financial assets measured under the aforementioned methods the Company assesses
whether their credit risk has increased significantly since initial recognition at each balance sheet date.If the credit risk has increased significantly since the initial recognition the Company measures the
provision for loss at an amount equal to the lifetime expected credit losses; if the credit risk has not
increased significantly since initial recognition the Company measures the provision for loss at an
amount equal to the expected credit losses within the next 12 months of the financial instruments.The Company utilizes available reasonable and supportable information including forward-looking
information by comparing the risk of default occurring on the financial instruments as of the balance
sheet date with the risk of default at initial recognition date to determine whether the credit risk of the
financial instruments has increased significantly since initial recognition.As of the balance sheet date if the Company determines that the financial instruments only have low
credit risk it is assumed that the credit risk of the financial instruments has not increased significantly
since initial recognition.The Company assesses expected credit risk and measures expected credit losses on the basis of
individual financial instruments or portfolios of financial instruments. When portfolios of financial
instruments are used as the basis the Company groups the financial instruments into different
portfolios based on common risk characteristics.The Company remeasures expected credit losses at each balance sheet date with the resulting
increases or reversals in the provision for loss recognized as impairment losses or gains in profit or loss.For financial assets measured at amortized costs the provision for loss reduces the book value of
these financial assets presented in the balance sheet; for debt investments measured at fair value with
changes recognized in other comprehensive income the Company recognizes their provision for loss
within other comprehensive income without reducing the book value of these financial assets.
2) Financial instruments for which expected credit risk is assessed and expected credit losses are
measured on a portfolio basis
For accounts receivable items such as notes receivable accounts receivable other receivables and
contract assets if a customer's credit risk characteristics are significantly different from those of other
customers in the portfolio or if the customer's credit risk characteristics have changed significantly the
Company assesses the provision for bad debts on an individual basis for such receivables. Except for
accounts receivable for which the provision for bad debts is assessed individually the Company groups
accounts receivable into portfolios based on credit risk characteristics and calculates the provision for
bad debts on a portfolio basis.Notes receivable accounts receivable and contract assets
For notes receivable accounts receivable and contract assets whether there is a significant financing
component or not the Company always measures its provision for loss at the amount equivalent to the
expected credit losses during the entire duration.When the information of expected credit losses of a single financial asset or contract asset cannot be
evaluated at a reasonable cost the Company divides the notes receivable accounts receivable and
contract assets into portfolios according to the credit risk characteristics and calculates the expected
credit losses on the basis of the portfolios. The basis for determining the portfolios is as follows:
A. Notes receivable
Portfolio 1 of notes receivable: bank acceptance bills
1302025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Portfolio 2 of notes receivable: commercial acceptance bills
B. Accounts receivable
Portfolio 1 of accounts receivable: government payment portfolio
Portfolio 2 of accounts receivable: portfolio of transactions with other related parties
Portfolio 3 of accounts receivable: credit risk characteristic combination
For the accounts receivable divided into portfolios the Company prepares the comparison table
between the aging of accounts receivable and the rate of expected credit loss throughout the duration
by reference to the experience of historical credit losses combining with the current situation and the
forecast of future economic conditions and calculates the expected credit losses. The aging of
accounts receivable is calculated from the date of recognition.C. Other receivables
The Company classifies other receivables into several portfolios based on credit risk characteristics
and calculates expected credit losses on the basis of portfolios. The basis for determining portfolios is
as follows:
Portfolio 1 of other receivables: portfolio of transactions with related parties within the consolidation
scope
Portfolio 2 of other receivables: interest receivable portfolio
Portfolio 3 of other receivables: portfolio of transactions with other related parties
Portfolio 4 of other receivables: credit risk characteristic combination
For other receivables classified as portfolios the Company calculates the expected credit losses
through the default risk exposure and the rate of expected credit loss throughout the duration or in the
next 12 months. For other receivables classified into portfolios by aging the aging is calculated from the
date of recognition.
(6) Transfer of financial assets
If the Company has transferred substantially all the risks and rewards of the ownership of the financial
assets to the transferee the financial assets will be derecognized; if it retains substantially all the risks
and rewards of the ownership of the financial assets the financial assets will not be derecognized.If the Company neither transfers nor retains substantially all the risks and rewards of the ownership of
the financial assets the treatment are as follows: if the Company gives up control of the financial assets
the derecognition of the financial assets will be carried out with the recognition of the resulting assets
and liabilities; if the Company has not given up control of the financial assets the relevant financial
assets will be recognized to the extent of its continued involvement in the transferred financial assets
and the relevant liabilities will be recognized accordingly.
12. Notes receivable
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
13. Accounts receivable
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
14. Receivables financing
Not applicable
15. Other receivables
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
1312025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
16. Contract assets
(1) Recognition methods and standards for contract assets
COOEC presents contract assets or contract liabilities in the balance sheet based on the relationship
between its performance of fulfillment obligations and customer payments. The consideration (except
accounts receivable) that the Company is entitled to receive for the transfer of goods or provision of
services to customers is presented as contract assets.
(2) Determination methods and accounting treatments of expected credit losses of contract assets
For contract assets that do not contain any significant financing component (including the financing
component in contracts with a term of less than one year that is not considered under the Standards) as
stipulated in Accounting Standards for Business Enterprises No. 14 - Revenue the Company adopts a
simplified model of expected credit losses that is the provision for loss is always measured according
to the amount of expected credit losses over the life of the instruments and the resulting increase or
reversal of provision for loss is included in the current profit or loss as impairment losses or gains.For contract assets that contain significant financing components the Company chooses to use the
simplified model of expected credit losses that is the provision for loss is always measured according
to the amount of expected credit losses over the life of the instruments.
17. Inventories
(1) Classification of inventories
Inventories include development land development products development products intended for sale
but temporarily leased transitional housing inventory materials inventory equipment and low-value
consumables held for sale or consumption in the development and operation process as well as
development costs in the development process.
(2) Pricing method of inventories dispatched
1) The moving weighted average method is adopted for the dispatched materials.
2) During the development of the project the land used for development is included in the development
costs of the project according to the floor area occupied by the development products.
3) The dispatched development products are accounted for by the specific identification method.
4) Development products and transitional housing that are temporarily leased for sale are amortized
evenly over the expected service life of the Company's similar fixed assets.
5) If the public supporting facilities are completed earlier than the relevant development products after
the completion of the public supporting facilities the public supporting facilities fee shall be allocated to
the development costs of the relevant development project according to the floor area of the relevant
development project; if the public supporting facilities are completed later than the relevant
development products the public supporting facilities fee shall be accrued by the relevant development
products first and the cost of the relevant development products shall be adjusted according to the
difference between the actual amount and the accrued amount after the completion of the common
facilities.
(3) Determination basis of net realizable value of inventories
On the balance sheet date the inventories are measured at the lower of cost or net realizable value
and the provision for inventory depreciation is made at the difference where the cost of a single
inventory is higher than the net realizable value. For the inventories that are directly used for sale the
net net realizable value is determined by the estimated selling price of the inventories minus the
estimated selling and distribution expenses and related taxes during the normal production and
operation process; for the inventories that need to be processed their net realizable net realizable
value is determined in the normal course of production and operation by the estimated selling price of
1322025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
the finished finished products minus the estimated costs to be incurred upon completion estimated
selling and distribution expenses and related taxes; on the balance sheet date if part of the same
inventory has a contract price and other parts do not have a contract price its net realizable value shall
be determined respectively and compared with its corresponding cost to determine the provision or
reversal of provision for inventory depreciation amount.
(4) Inventory system of inventories
The inventory system of inventories is the perpetual inventory system.
(5) Amortization method of low-value consumables and packaging materials
1) Low-value consumables
They are amortized with the one-off write-off method.
2) Packaging materials
They are amortized with the one-off write-off method.
18. Assets held for sale
(1) Recognition criteria and accounting treatments of non-current assets held for sale or disposal
groups
The Company classifies non-current assets or disposal groups that meet the following conditions into
the category of held for sale: 1) According to the practice of selling such assets or disposal groups in
similar transactions they can be sold immediately under the current situation; 2) The sale is very likely
to occur a resolution has been made on a sale plan and a firm purchase commitment has been
obtained and the sale is expected to be completed within one year. Approval from relevant authorities
or regulatory authorities has been obtained in accordance with relevant regulations. If the Company
loses the right of control of its subsidiary due to reasons such as the sale of its investment in the
subsidiary regardless of whether the enterprise retains part of the equity investment after the sale the
entire investment in the subsidiary shall be classified as held for sale in the parent company's individual
financial statements and all assets and liabilities of the subsidiary shall be classified as held for sale in
the consolidated financial statements when the investment in the subsidiary to be sold meets the
conditions for the classification as held for sale.The Company adjusts the estimated net residual value of the assets held for sale to the net amount
reflecting its fair value less selling expenses (but not more than the original book value of the assets
held for sale). The difference between the original book value and the adjusted estimated net residual
value is included in the current profit or loss as asset impairment loss and the provision for impairment
of assets held for sale is made at the same time. For the amount of asset impairment loss recognized
by the disposal group held for sale the book value of the goodwill in the disposal group shall be
deducted first and then the ratio of the book value of each non-current asset in the disposal group
measured in accordance with the applicable standards shall be deducted in proportion to its book value.If the net amount of the fair value of the disposal group held for sale minus sales expenses increases
on subsequent balance sheet dates the previously written-down amount shall be restored and
reversed within the asset impairment loss of non-current assets recognized under the measurement
provisions of this standard after being classified as held for sale. The reversed amount shall be included
in the current profit or loss. The goodwill book value that has been offset and the asset impairment loss
recognized before the non-current assets subject to the measurement provisions of the relevant
standards are classified as held for sale shall not be reversed. The subsequent reversal amount of the
asset impairment loss recognized for the disposal group held for sale shall be increased in proportion to
its book value according to the ratio of the book value of each non-current asset in the disposal group
that is subject to the measurement provisions of the relevant standards except for goodwill.No depreciation or amortization are made for the non-current assets held for sale and the assets in the
disposal group held for sale; interest and other expenses on liabilities in the disposal group held for sale
continue to be recognized. For all or part of the investment in associates or joint ventures classified as
held for sale accounting by equity method shall cease for the part classified as held for sale and
1332025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
accounting by equity method shall continue for the retained part (not classified as held for sale); the use
of the equity method shall cease when the Company loses significant influence over the associates and
joint ventures as a result of the sale.If a non-current asset or disposal group is classified as held for sale but later no longer meets the
classification conditions for held for sale the Company shall stop classifying it as held for sale and
measure it at the lower of the following two amounts:
1) The amount after adjusting the book value of the asset or disposal group before it is classified as
held for sale for depreciation amortization or impairment that would have been recognized if it had not
been classified as held for sale;
2) Recoverable amount.
(2) Identification criteria of discontinued operations
Discontinued operations refer to the component that can be separately distinguished and has been
disposed of by the Company or classified by the Company as held for sale that meets one of the
following conditions:
1) The component represents a separate major business or a sole major business area;
2) The component is a part of the associated plan on the intended disposal of an independent major
business or a sole major business area; or
3) The component is a subsidiary acquired only for re-sale.
(3) Presentation
The Company presents the non-current assets held for sale or the assets in the disposal group held for
sale in the balance sheet under the "assets held for sale" and the liabilities in the disposal group held
for sale under the "liabilities held for sale".The Company presents the profit or loss of continuing operations and the profit or loss of discontinued
operations in the income statement separately. For non-current assets or disposal group held for sale
that do not meet the definition of discontinued operations their impairment losses reversal amounts
and disposal profit or loss are presented as profit or loss from continuing operations. The impairment
loss from discontinued operation reversed amount and other profit or loss from operation as well as
profit or loss from disposal shall be presented as profit or loss from discontinued operation.A disposal group that is intended to be discontinued rather than sold and meets the conditions of the
relevant components in the definition of discontinued operations is presented as discontinued
operations from the date of the discontinuance of its use.For the discontinued operations presented in the current period the information originally presented as
the profit or loss of continuing operations is re-presented as the profit or loss of the discontinued
operations in the comparable accounting period in the current financial statements. If the discontinued
operations no longer meet the conditions for classification as held for sale the information originally
presented as profit or loss from discontinued operations is re-presented as the profit or loss from
continuing operations in the comparable accounting period in the current financial statements.
19. Debt investments
Not applicable
20. Other debt investments
Not applicable
21. Long-term receivables
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
1342025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
22. Long-term equity investments
(1) Common control and judgment of significant influence
If there is a shared control over an arrangement in accordance with relevant agreements and the
relevant activities of the arrangement must be decided with the unanimous consent of the participants
sharing the right of control it is recognized as common control. For determining whether there is a
common control it is firstly to determine whether all participants or a combination of participants
collectively control the arrangement and then determine whether the decision on the activities related
to the arrangement must be unanimously agreed by the participants who collectively control the
arrangement. If all participants or a group of participants must act in concert to decide on the relevant
activities of an arrangement all participants or a group of participants are considered to collectively
control the arrangement; if there are two or more combinations of participants that can collectively
control an arrangement it does not constitute a common control. The protective rights enjoyed are not
taken into account in determining whether there is a common control.Significant influence is recognized when there is the power to participate in the making decisions on the
investees' financial and operating policies but no power to control or exercise common control with
other parties over the formulation of such policies. When it is determined whether the investor can
exercise significant influence on the investees the impact of the investor's direct or indirect holding of
the investees' voting shares and the current executable potential voting rights held by the investor and
other parties after assumed conversion to investees' equity shall be taken into consideration including
the impact of the current convertible warrants share options and convertible corporate bonds issued by
the investees.When the Company directly or indirectly owns more than 20% (including 20%) but less than 50% of the
voting rights of the investees through its subsidiary it is generally considered to have a significant
influence on the investees unless there is clear evidence that it cannot participate in the production and
operation decision-making of the investees under such circumstances which means no significant
influence; when the Company owns less than 20% (exclusive) of the shares of voting rights of the
investees it is generally not considered to have significant influence on the investees unless there is
clear evidence that it can participate in the production and operation decision-making of the investees
and in such case it has a significant influence.
(2) Determination of initial investment costs
1) If the combining party of long-term equity investments formed by business combinations under
common control takes the payment of cash transfer of non-cash assets assumption of debts or
issuance of equity securities as the consideration for the combination the share of of the book value of
the owners' equity of the combining party in the consolidated financial statements of the ultimate
controller shall be taken as its initial investment cost on the combination date. The capital reserve
(capital premium or equity premium) is adjusted for the difference between the initial investment cost of
the long-term equity investments and the book value of the consideration paid for the combination or
the total face value of the shares issued; if the capital reserve is insufficient the difference is adjusted
against retained earnings.For long-term equity investments realized step by step by business combination under the same control
the book owners' equity share of the combined party on the combination date calculated by the
shareholding ratio shall be taken as the initial investment cost of the investment. The capital reserve
(capital premium or equity premium) shall be adjusted according to difference between the initial
investment cost and the sum of the book value of the original long-term equity investments plus the
book value of the newly paid consideration for further shares acquired on the combination date; if the
capital reserve is insufficient to be offset retained earnings shall be offset.
2) For long-term equity investments formed by business combination not under common control the fair
value of the combination consideration paid on the acquisition date shall be used as the initial
investment cost.
3) Except for long-term equity investments formed by business combination: if it is obtained by paying
cash the actual purchase price paid shall be taken as its initial investment cost; if it is obtained by
1352025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
issuing equity securities fair value of equity securities issued will be used as its initial investment cost; if
an investor invests the value stipulated in the investment contract or agreement shall be used as its
initial investment cost (except if the value stipulated in the contract or agreement is unfair).
(3) Subsequent measurements and recognition of profit or loss
Long-term equity investments in which the Company can control the investees shall be accounted for
by cost method in the individual financial statements of the Company; long-term equity investments with
common control or significant influence adopt the accounting by equity method.When the cost method is adopted the long-term equity investments are priced at the initial investment
cost. Except for the actual price paid when the investment is obtained or the cash dividends or profits
included in the consideration that have been declared but not yet distributed the entitled cash dividends
or profits declared by the investees are recognized as current investment income and whether the
long-term investment is impaired is considered according to the relevant asset impairment policy at the
same time.When the equity method is adopted if the initial investment cost of the long-term equity investments is
greater than the fair value share of net identifiable assets of the investees that the investor is entitled to
at the time of investment it shall be included in the initial investment cost of the long-term equity
investments; if the initial investment cost of the long-term equity investments is less than the fair value
share of net identifiable assets of the investees that the investor is entitled to at the time of investment
the difference shall be included in the current profit or loss and the cost of the long-term equity
investments shall be adjusted at the same time.When the equity method is adopted after the long-term equity investments are obtained the
investment profit or loss and other comprehensive income shall be recognized according to the share of
net profit or loss and other comprehensive income realized by the investees that should be enjoyed or
shared and the book value of the long-term equity investments shall be adjusted. When the share of
net profit or loss of the investees is recognized the net profit of the investees shall be adjusted and
recognized on the basis of the fair value of the identifiable assets of the investees at the time of
acquisition of the investment in accordance with the accounting policies and accounting period of the
Company and offsetting the portion of internal transaction profit or loss between associates and joint
ventures that belong to the investing enterprise according to the shareholding ratio (but if the internal
transaction loss is an asset impairment loss it shall be recognized in full). The book value of the long-
term equity investments shall be reduced according to the part to be distributed calculated according to
the profits or cash dividends declared to be distributed by the investees. The Company recognizes the
net loss incurred by the investees to the extent that the book value of the long-term equity investments
and other long-term interests that substantially constitute the net investment in the investees are
reduced to zero except that the Company is obliged to bear additional losses. For other changes in
owners' equity of the investees other than net profit or loss the book value of the long-term equity
investments are adjusted and included in the owners' equity.If the Company can have significant influence on or exercise common control over the investees due to
additional investment or other reasons but does not constitute control the sum of the fair value of the
original equity plus the newly increased investment cost shall be taken as the initial investment cost
with the accounting by equity method on the conversion date. If the original equity is classified as non-
trading equity instrument investment measured at fair value with changes recognized in other
comprehensive income the accumulated fair value changes related to it originally included in other
comprehensive income shall be transferred to retained earnings when changed to accounting by equity
method.Where the common control or significant influence on the investees is lost due to the disposal of part of
the equity investments or other reasons the remaining equity after disposal shall be accounted for in
accordance with Accounting Standards for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments on the date of loss of common control or significant influence
and the difference between the fair value and the book value shall be included in the current profit or
loss. For the other comprehensive income of the original equity investments recognized by adopting the
accounting by equity method the accounting treatment shall be made on the same basis for the direct
disposal of the relevant assets or liabilities by the investees when the accounting by equity method is
1362025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
terminated. other changes in owners' equity related to the original equity investments are transferred to
the current profit or loss.If the control over the investees is lost due to the disposal of part of the equity investments or other
reasons and the remaining equity after disposal can exercise common control or significant influence
on the investees the accounting by equity method shall be adopted and the remaining equity shall be
adjusted as if the accounting by equity method is adopted from the time of acquisition; if the remaining
equity after disposal cannot exercise common control or significant influence on the investees it shall
be accounted for in accordance with the relevant provisions of Accounting Standards for Business
Enterprises No. 22 - Recognition and Measurement of Financial Instruments and the difference
between its fair value and book value on the date of loss of control shall be included in the current profit
or loss.If the Company's shareholding ratio decreases due to the capital increase of other investors resulting in
the loss of control but with the ability to implement common control or exert significant influence over
the investees the Company's share of the investees' increase in net assets due to capital increase and
share expansion shall be recognized according to the new shareholding ratio and the difference
between the original book value of the long-term equity investments corresponding to the decrease in
the shareholding ratio that should be carried forward shall be included in the current profit or loss; then
adjustments shall be made as if the accounting by equity method had been applied from the date of
investment acquisition according to the new shareholding ratio.
(4) Impairment test methods and methods for provision for impairment
For investments in subsidiaries associates and joint ventures please refer to the relevant notes to the
financial statements V. 28 Impairment of long-term assets for the method of asset impairment.
23. Investment properties
Measurement mode of investment properties
Measurement by cost method
Depreciation and amortization methods
(1) Investment properties include leased land use right land use right held for transfer upon
appreciation and leased buildings.
(2) The investment properties are initially measured at cost subsequent measurement is made by
using the cost model and depreciation or amortization is provided by using the same method as that for
fixed assets and intangible assets. On the balance sheet date if there is any sign that the investment
properties are impaired the corresponding provision for impairment shall be made according to the
difference between the book value and the recoverable amount. The difference between the disposal
proceeds of an investment property (through sale transfer retirement or damage) and its book value
net of related taxes and fees is recognized in current profit or loss.
24. Fixed assets
(1) Recognition conditions
Fixed assets refer to tangible assets held for the production of goods provision of labor services
leasing or operation and management and with a service life of more than one accounting year. Fixed
assets are recognized only when the economic benefits associated with them are likely to flow into the
enterprise and their costs can be measured reliably. Fixed assets are initially measured at the actual
cost at the time of acquisition. Subsequent expenses related to fixed assets are included in the cost of
fixed assets when the economic benefits related to them are likely to flow into the Company and their
cost can be measured reliably; the daily repair costs of fixed assets that do not meet the conditions for
capitalization of subsequent expenses of fixed assets are included in the current profit or loss or in the
cost of related assets according to the beneficiary object when incurred. For the replaced part its book
value is derecognized.
1372025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Depreciation method
Type Depreciation method Depreciation life Residual value rate Annual depreciationrate
Buildings and
constructions Straight-line method 20-25 5-10 3.6-4.75
Means of
transportation Straight-line method 5 5 19
Other equipment Straight-line method 5 5 19
Machinery equipment Straight-line method 5 5 19
Renovation of fixed
assets Straight-line method 5 - 20
The Company's fixed assets are depreciated by straight-line method. The provision for depreciation of
fixed assets commences from the month following the date they reach the working condition for
intended use and ceases when they are derecognized or classified as non-current assets held-for-sale.Without considering the provision for impairment the Company determines the annual depreciation rate
of each type of fixed assets by category estimated service life and estimated residual value of the fixed
assets as above.Among them the depreciation rate for the fixed assets with provision for impairment already made shall
be calculated and determined by deducting the accumulated amount of provision for asset impairment.
25. Construction in progress
Not applicable
26. Borrowing costs
(1) Recognition principles of capitalization of borrowing costs
If borrowing costs incurred by the Company can be directly attributed to the acquisition construction or
production of assets eligible for capitalization they shall be capitalized and included in the cost of the
related assets; other borrowing costs are recognized as expenses when incurred and included in the
current profit or loss.
(2) Capitalization period of borrowing costs
1) The capitalization of borrowing costs shall commence when the following conditions are
simultaneously met: * the asset expenditure has been occurred; * the borrowing costs have been
occurred; * the acquisition construction or production activities that are necessary to prepare the
assets for their intended use or sale have begun.
2) If an asset that meets the capitalization conditions is abnormally interrupted during the acquisition
construction or production process and the interruption lasts for more than 3 months the capitalization
of borrowing costs will be suspended; the borrowing costs incurred during the interruption period are
recognized as expenses and included in the current profit or loss until the acquisition construction or
production of the asset restarts.
(3) When the assets purchased constructed or produced that meet the capitalization conditions reach
the intended usable or salable state the capitalization borrowing costs will cease.
(3) Rate and amount of capitalization of borrowing costs
If a special loan is borrowed for the purpose of purchasing constructing or producing assets that meet
the capitalization conditions interest expenses actually incurred on the special loan in the current
period (including the amortization of discounts or premiums determined according to effective interest
method) minus the unused borrowed funds The amount of interest that should be capitalized is
determined based on the amount of interest income earned from depositing in a bank or investment
1382025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
income earned from temporary investments; where general borrowings are used for acquiring and
constructing or producing assets eligible for capitalization the expenses of general borrowings to be
capitalized should be calculated by multiplying the weighted average of asset disbursements of the part
of accumulated asset disbursements exceeding special borrowings by the capitalization rate of used
general borrowings. The capitalization rate is calculated and recognized as per the weighted average
interest rate of general borrowing.
27. Intangible assets
(1) Service life and basis for determination estimates amortization method or review procedure
1) Intangible assets include land use right software right of use etc. are initially measured at cost and
the service life is analyzed and judged when the intangible assets are obtained.
2) Intangible assets with limited service life shall be amortized systematically and reasonably within the
service life according to the expected realization method of the economic benefits related to the
intangible assets. If the expected realization method cannot be reliably determined straight-line method
shall be adopted for amortization. The specific periods are as follows:
Item Amortization period (years)
Land use rights Statutory use period of land use right
Right of use of software 5
Intangible assets with uncertain service life are not amortized and the Company reviews the service life
of such intangible assets in each accounting period. If different from the previous estimate the original
estimate is adjusted and treated as changes in accounting estimates.
3) For the method of asset impairment provision for intangible assets please refer to the relevant notes
to the financial statements V. 30 Impairment of long-term assets for details.
(2) Scope of R&D expenditures and related accounting treatments
1) Scope of R&D expenditures
The Company classifies all expenses directly related to the R&D activities as R&D expenditures
including employee compensation of R&D personnel material input costs depreciation costs and
amortization expenses.
2) Accounting treatments related to R&D expenditures
Expenditures in the research stage of internal research and development projects are included in the
current profit or loss when incurred. Expenditures in the development phase of internal research and
development projects are recognized as intangible assets if the following conditions are met: * it is
technically feasible to complete the intangible assets so that they can be used or sold; * there is an
intention to complete the intangible assets and use or sell them; * the means of generating economic
benefits by intangible assets including being able to prove that there is a market for the products
produced by applying the intangible assets or the intangible assets having their own market and
intangible assets to be used internally being able to prove their usefulness; * It is able to finish the
development of the intangible assets and able to use or sell the intangible assets with the support of
sufficient technologies financial resources and other resources; * The expenditure attributable to the
intangible asset during its development phase can be measured reliably.
28. Impairment of long-term assets
For long-term equity investments investment properties measured by the cost model fixed assets
construction in progress right-of-use assets intangible assets with limited service life goodwill and
other long-term assets the Company shall on the balance sheet date make a judgment on whether
there is any indication that the assets may have impairment. For goodwill and intangible assets with
uncertain service life arising from business combination the impairment test shall be conducted every
year regardless of whether there are any indications of impairment. The impairment test shall be carried
1392025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
out for goodwill in combination with the asset group or combination of asset groups related to it.If there are any of the following signs it indicates that the asset may have impairment:
(1) The market value of the asset has fallen sharply in the current period and the decline is obviously
higher than the expected decline due to the passage of time or normal use; (2) the economic technical
or legal environment in which the enterprise operates and the market where the assets are located
have undergone or will undergo significant changes in the current period or in the near future which will
adversely affect the enterprise; (3) the market interest rate or the rate of return on investment in other
markets has increased in the current period thus affecting the discount rate of the enterprise in
calculating the present value of the expected future cash flows of the asset resulting in a significant
reduction in the recoverable amount of the asset; (4) there is evidence showing that the asset is
obsolete or its substance has been damaged; (5) the asset has been or will be idle terminated for use
or planned to be disposed ahead of schedule; (6) evidence from the internal reports of the enterprise
shows that the economic performance of the asset has been or will be lower than expected such as the
net cash flows or operating profit (or loss) generated by the asset is far lower (or higher) than the
estimated amount; (7) other indications that the asset may have impairment.Where there is any indication of impairment of assets the recoverable amount shall be estimated. If the
measurement results of recoverable amount indicate that the recoverable amount of the asset is lower
than its book value the book value of the asset shall be written down to the recoverable amount and
the amount written down shall be recognized as the asset impairment loss and included in the current
profit or loss and the corresponding provision for asset impairment shall be made at the same time.The asset impairment loss will not be reversed in subsequent accounting periods once recognized.For impairment test of goodwill the book value of goodwill arising from business combination shall be
amortized to the relevant asset group according to a reasonable method form the acquisition date;
where it is difficult to be allocated to the relevant assets group it shall be allocated to the relevant
portfolio of asset groups. The relevant asset group or portfolio of asset groups is the asset group or
portfolio of asset groups that can benefit from the synergy of the business combination and is not larger
than the reporting segment determined by the Company.When conducting the impairment test if there is any indication of impairment in the asset group or
profile of asset groups related to goodwill the impairment test shall be conducted first for the asset
group or profile of asset groups excluding goodwill the recoverable amount shall be calculated and the
corresponding impairment losses shall be recognized. Then the impairment test shall be conducted for
the asset group or profile of asset groups containing goodwill and the book value and recoverable
amount shall be compared. If the recoverable amount is lower than the book value the impairment
losses of goodwill shall be recognized.
29. Long-term deferred expenses
Long-term deferred expenses refer to various expenses that have already occurred but should be borne
by the current period and future periods with an amortization period of over 1 year (excluding 1 year).Long-term deferred expenses are recorded at the actual amount incurred and are amortized evenly
over the expected benefit period. If a long-term deferred expense item cannot benefit future accounting
periods all the amortized value of the item that has not yet been amortized will be fully transferred to
the current profit or loss.
30. Contract liabilities
COOEC presents contract assets or contract liabilities in the balance sheet based on the relationship
between its performance of fulfillment obligations and customer payments. The Company's obligation to
transfer goods or provide services to customers for consideration received or receivable is presented as
contract liabilities.
31. Employee compensation
(1) Accounting treatments of short-term compensation
During the accounting period when employees provide services for the Company the short-term
compensation actually incurred is recognized as a liability and included in the current profit or loss or
1402025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
related asset costs.
(2) Accounting treatments of post-employment benefits
Post-employment benefits are divided into defined contribution plans and defined benefit plans.
1) During the accounting period when employees provide services for the Company the amount
payable calculated according to the defined contribution plans is recognized as a liability and included
in the current profit or loss or related asset costs.
2) Accounting treatments of defined benefit plans usually includes the following steps:
* According to the expected cumulative benefit unit method unbiased and mutually consistent
actuarial assumptions are used to estimate relevant demographic variables and financial variables
measure the obligations arising from the defined benefit plans and determine the period to which the
relevant obligations belong. At the same time the obligations arising from the defined benefit plans
shall be discounted to determine the present value of the defined benefit plan obligations benefit plans
and the current service cost;
* If there are assets under the defined benefit plans the deficit or surplus resulting from the present
value of the defined benefit plan obligations less the fair value of the defined benefit plan assets is
recognized as a net liability or net asset under defined benefit plans. If there is a surplus under the
defined benefit plans the net assets of the defined benefit plans shall be measured at the lower of the
surplus or asset ceiling of the defined benefit plans;
* At the end of the period the employee compensation costs arising from the defined benefit plans are
recognized as service costs net interest on net liabilities or net assets under defined benefit plans and
changes arising from the re-measurement of net liabilities or net assets under defined benefit plans.The service costs and net interest on net liabilities or net assets under defined benefit plans are
included in the current profit or loss or related asset costs and the changes arising from the re-
measurement of net liabilities or net assets under defined benefit plans are included in other
comprehensive income and are not allowed to be reversed to profit or loss in subsequent accounting
periods but the amount recognized in other comprehensive income can be transferred within the scope
of equity.
(3) Accounting treatments of dismissal benefits
For dismissal benefits provided to employees employee compensation liabilities arising from dismissal
benefits are recognized at the earlier of the following dates and included in the current profit or loss: 1)
when the Company cannot unilaterally withdraw the dismissal benefits provided due to the termination
of labor relations plan or layoff proposal; 2) when the Company recognizes the costs or expenses
related to the restructuring involving the payment of dismissal benefits.
(4) Accounting treatments of other long-term employee benefits
If other long-term benefits provided to employees meet the conditions of defined contribution plans
they shall be accounted for in accordance with the relevant provisions of defined contribution plans;
other long-term benefits shall be accounted for in accordance with the relevant provisions of the defined
benefit plans. In order to simplify the relevant accounting treatment the employee compensation costs
arising therefrom shall be recognized as the total net amount of service costs net liabilities or net
assets of other long-term employee benefits and changes arising from the re-measurement of net
liabilities or net assets of other long-term employee benefits and shall be included in the current profit
or loss or related asset costs.
32. Estimated liabilities
(1) When an obligation related to the contingency become the present obligation of the Company and
the performance of such obligation is likely to result in an outflow of economic benefits from the
Company and the amount of such obligation can be measured reliably the Company recognizes it as
estimated liabilities.
(2) The Company conducts the initial measurement of the estimated liabilities according to the best
1412025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
estimate of the expenses required for the performance of the relevant present obligations and
comprehensively considers the risks uncertainties time value of money and other factors related to
contingencies. If the impact of the time value of money is significant the best estimate shall be
determined by discounting the relevant future cash flows. The Company reviews the book value of the
estimated liabilities on the balance sheet date and adjusts the book value to reflect the current best
estimate.
33. Share-based payments
Not applicable
34. Preferred shares perpetual bonds and other financial instruments
Not applicable
35. Revenue
Accounting policies adopted for revenue recognition and measurement disclosed by business type
(1) Recognition of revenue
The Company's revenue mainly includes real estate sales revenue property management revenue
software sales revenue rental property revenue etc.The Company recognizes revenue when it fulfills its performance obligations in the contract that is the
revenue is recognized when the customer obtains the right of control over relevant goods. Obtaining
right of control over relevant goods means being able to direct the use of the goods and obtain almost
all economic benefits from them.
(2) The Company determines that the nature of the relevant revenue obligations is "performance
obligations performed within a certain period of time" or "performance obligations performed at a certain
time point " based on the relevant provisions of the revenue standards and recognizes revenue in
accordance with the following principles.
1) If the Company meets one of the following conditions it is considered to fulfill its performance
obligations within a certain period of time:
* The customer obtains and consumes the economic benefits brought by the Company's performance
at the same time as the Company performs the contract.* The customer can control over the assets under construction during the Company's performance.* The assets produced during the performance of the Company have irreplaceable uses and the
Company is entitled to collect payments for the accumulated performance completed to date throughout
the contract period.For performance obligations performed within a certain period the Company will recognize the revenue
based on the performance progress during that period of time except where the performance progress
cannot be reasonably determined. Considering the nature of the goods the Company determines the
appropriate performance progress by the output method or the input method
2) For performance obligations that are not performed within a certain period of time and are performed
at a certain time point the Company recognizes revenue at the time point when the customer obtains
the control over relevant goods.When determining whether a customer has obtained control over goods the Company considers the
following indications:
* The Company has the current right to receive the payment for the goods that is the customer has
the current obligation to pay for the goods.* The Company has transferred the legal ownership of the goods to the customer that is the
customer possess the legal ownership of the goods.
1422025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
* The Company has physically transferred the goods to the customer that is the customer has
physically taken possession of the goods.* The Company has transferred the significant risks and rewards of ownership of the goods to the
customer that is the customer has obtained the significant risks and rewards of ownership of the
goods.* The customer has accepted the goods.* Other indications showing that the customer has obtained control over goods.
(3) Specific policies for the Company's revenue recognition
1) Specific methods for recognition of real estate sales revenue
When the development product has been completed and accepted the sales contract has been signed
and the obligations stipulated in the contract have been fulfilled as well as the main risks and rewards
of the ownership of the development product have been met at the same time the Company no longer
retains the continuing management rights usually associated with the ownership and effective control of
the sold development product the amount of revenue can be measured reliably the relevant economic
benefits are likely to flow in and the relevant costs incurred or to be incurred can be measured reliably
the realization of sales revenue is recognized. If the real estate construction has been accepted (with
the completion acceptance report obtained) an irreversible sales contract has been signed and the
buyer's payment certificate has been obtained (down payment and bank mortgage received in full if
bank mortgage is involved; otherwise full housing payment received) the revenue is recognized at the
earlier of the delivery date specified in the delivery notice (delivery is deemed completed if the
formalities are not completed within the specified time limit due to the owner's reasons) and the actual
time of taking over by the owner.
2) Specific methods for recognition of property management revenue
For property management services provided by the Company revenue is recognized according to the
progress of property services provided.
3) Specific methods for recognition of rental property revenue
Revenue is recognized in accordance with the leasing standards. The Company recognizes the
revenue on a straight-line basis or other reasonable methods over the lease term as stipulated in the
lease contract.
4) Software sales revenue
* Recognition and measurement method for sales revenue from customized software and independent
software products
Customized software refers to the software specially designed developed according to the actual needs
of the user based on a thorough field investigation of the user's business in accordance with the
software development contract signed with the customer. Such software is not universal. Only when the
goods produced by the Company in the performance process have irreplaceable uses and the
Company has the right to receive payments for the accumulated performance completed so far during
the entire contract period the revenue will be recognized over a period of time according to the
progress of the completed performance obligations during the contract period. The progress of the
completed performance obligations shall be determined according to the ratio of the actual contract
costs incurred to complete the performance obligations to the estimated total cost of the contract.Otherwise the revenue is recognized when the customer obtains the right of control over the relevant
product.If a sales contract is signed on independent software products between the Company and the customer
and the customer directly purchases the standard version of the software that is the real estate and
facility management platform. The implementation personnel deploy the corresponding module
according to the customer's needs which is a performance obligation to be performed at a certain time
point. The Company will recognize the revenue after delivery of the product and the customer has
1432025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
accepted the product.* Recognition and measurement method for revenue from system integration contract
System integration includes the sales and installation of purchased goods and software products. the
system has been installed and debugged and has been put into trial operation or the preliminary
inspection report of the purchaser has been obtained; the economic benefits associated with the
transaction can flow into the enterprise; the revenue is recognized when the relevant revenue and costs
can be measured reliably.* Recognition and measurement method of technical service revenue
Technical service mainly refers to the business of providing consulting implementation and after-sales
service of products to customers according to contract requirements. If the service period is agreed in
the contract it shall be regarded as the performance obligations to be performed within a certain period
of time. During the service provision period the revenue shall be recognized according to the service
period agreed in the contract and the service settled with the customer.
5) Other business revenue is recognized when the performance obligations in the contract are fulfilled
that is when the customer obtains the relevant control over goods according to the relevant contracts
or agreements.
(4) Measurement of revenue
The Company shall measure revenue based on the transaction price allocated to each individual
performance obligation. When determining the transaction prices the Company considers the impact of
factors such as variable consideration significant financing components in the contract non-cash
consideration and consideration payable to customers.
1) Variable consideration
The Company determines the best estimate of a variable consideration based on the expected value or
the most likely amount but the transaction prices containing a variable consideration shall not exceed
the amount of accumulated recognized revenue that is highly unlikely to be significantly reversed when
the relevant uncertainty is eliminated. When an enterprise evaluates whether a major reversal of
accumulated recognized revenue is very unlikely to occur it should also consider the possibility and
proportion of revenue reversal.
2) Significant financing component
If there is a significant financing component in the contract the Company shall determine the
transaction prices according to the payable amount that is assumed to be paid in cash by the customer
when the customer obtains the right of control over goods. The difference between the transaction price
and the contract consideration shall be amortized using effective interest method during the contract
period.
3) Non-cash consideration
If the customer pays non-cash consideration the Company shall determine the transaction price
according to the fair value of the non-cash consideration. If the fair value of the non-cash consideration
cannot be reasonably estimated the Company determines the transaction prices indirectly by referring
to the stand-alone selling prices it promises for transferring the goods to the customer.
4) Consideration payable to customers
For consideration payable to customers the consideration payable should be offset against the
transaction prices and should offset the current revenue at the later of the recognition of relevant
revenue and the payment (or commitment to pay) of the customer consideration except for the
consideration payable to customers for obtaining other clearly distinguishable goods from customers.Where the consideration payable to a customer is for the purpose of obtaining other clearly
distinguishable goods from the customer the purchased goods shall be recognized in a manner
consistent with other purchases by the Company. If the consideration payable by an enterprise to a
1442025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
customer exceeds the fair value of clearly distinguishable goods obtained from the customer the
excess amount shall be offset against the transaction prices. If the fair value of clearly distinguishable
goods obtained from customers cannot be reasonably estimated the enterprise shall offset the full
amount of the consideration payable to customers against the transaction prices.Different revenue recognition methods and measurement methods involved in the use of different
business models for similar business
36. Contract costs
Contract costs are divided into contract performance costs and contract acquisition costs.If the cost incurred by the Company to perform the contract meet the following conditions at the same
time it shall be recognized as an asset as the contract performance cost:
(1) The cost is directly related to a current contract or an expected contract to be obtained including
direct labor direct materials manufacturing overhead (or similar expenses) costs expressly borne by
the customer and other costs incurred solely due to the contract;
(2) The cost increases the resources that the enterprise will use to fulfill its performance obligations in
the future;
(3) Such cost is expected to be recovered.
If the incremental costs incurred by the Company to obtain the contract are expected to be recovered
the incremental costs shall be recognized as an asset as the contract acquisition cost ; however if the
asset amortization period does not exceed one year it can be included in the current profit or loss when
it occurs.Assets related to the contract costs are amortized on the same basis as the recognition of the revenue
of the goods or services related to the asset.If the book value of the assets related to the contract costs is higher than the difference between the
following two items the Company will make provision for impairment for the excess and recognize it as
asset impairment loss:
(1) The remaining consideration expected to be obtained by the transfer of goods or services related to
the assets;
(2) The estimated cost to be incurred for the transfer of the relevant goods or services.
If the above provision for asset impairment is subsequently reversed the book value of the asset after
the reversal shall not exceed the book value of the asset on the reversal date under the assumption
that no provision for impairment is made.
37. Government subsidies
(1) Government subsidies are recognized when the following conditions are met at the same time: 1)
the Company can meet the conditions attached to the government subsidies; 2) the Company can
receive government subsidies. The government subsidies considered as monetary assets are
measured at the amount received or receivable. If government subsidies are non-monetary assets they
shall be measured at fair value; if the fair value cannot be obtained reliably it shall be measured at the
nominal amount.
(2) Judgment basis and accounting treatments of asset-related government subsidies
Government subsidies used for the acquisition construction or otherwise forming long-term assets as
specified in government documents shall be classified as asset-related government subsidies. If there
is no relevant clear stipulation in the government document the judgment shall be made on the basis of
the basic conditions that must be met to obtain the subsidy and if the basic condition is forming long-
term assets through purchase construction or other means it shall be deemed as asset-related
government subsidies. Asset-related government subsidies shall be used to offset the book value of
1452025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
relevant assets or recognized as deferred income. If the asset-related government subsidies are
recognized as deferred income they shall be included in the profit or loss by stages in a reasonable
and systematic manner within the service life of the relevant assets. Government subsidies measured
according to the nominal amount are directly included in current profit or loss. If the relevant assets are
sold transferred scrapped or damaged before the end of their service life the undistributed balance of
relevant deferred income will be transferred to the profit or loss of the current period of asset disposal.
(3) Judgment basis and accounting treatments of income-related government subsidies
Government subsidies other than those related to assets shall be classified as income-related
government subsidies. For government subsidies that contain both asset-related parts and income-
related parts if it is difficult to distinguish whether they are asset-related or income-related they will be
classified as income-related government subsidies as a whole. Income-related government subsidies
used to compensate for relevant costs or losses in subsequent periods shall be recognized as deferred
income and shall be included in the current profit or loss or used to offset relevant costs during the
period when relevant costs or losses are recognized; if they are used to compensate the relevant costs
or losses incurred they shall be directly included in the current profit or loss or used to offset the
relevant costs.
(4) Government subsidies related to the daily operating activities of the Company shall be included in
other income or offset against relevant costs according to the essence of economic business.Government subsidies unrelated to the daily activities of the Company shall be included in the non-
operating income or expenditure. For recognized government subsidies to be returned if the book
value of the relevant assets is offset at initial recognition the book value of the assets shall be adjusted;
if there is a relevant deferred income balance the book balance of the relevant deferred income shall
be offset and the excess shall be included in the current profit or loss; if it falls under other
circumstances it shall be directly included in the current profit or loss.
38. Deferred tax assets/deferred tax liabilities
(1) According to the temporary differences between the book value of assets and liabilities and their tax
bases (if the tax base of items not recognized as assets and liabilities can be determined in accordance
with tax laws the difference between the tax base and the book value) the deferred tax assets or
deferred tax liabilities are calculated and recognized according to the applicable tax rate during the
period when the assets are expected to be recovered or the liabilities are settled.
(2) Deferred tax assets are recognized to the extent of the taxable income that is likely to be obtained to
offset the deductible temporary differences unless the deductible temporary differences arise from the
following transactions:
1) The transaction is not a business combination and the transaction does not affect accounting profit
or taxable income (or deductible losses) when it occurs;
2) For deductible temporary differences related to subsidiaries joint ventures and investments in
associates the corresponding deferred tax assets shall be recognized if the following conditions are
met at the same time: the temporary differences are likely to be reversed in the foreseeable future and
the taxable income used to offset the deductible temporary differences is likely to be obtained in the
future.On the balance sheet date if there is conclusive evidence indicating that sufficient taxable income is
likely to be obtained in the future period to offset the deductible temporary differences deferred tax
assets that have not been recognized in previous accounting periods is recognized.
(3) All taxable temporary differences are recognized as relevant deferred tax liabilities except for
taxable temporary differences arising in the following transactions:
The initial recognition of goodwill or the initial recognition of assets or liabilities arising from
transactions with the following characteristics: the transaction is not a business combination and the
transaction does not affect accounting profit or taxable income (or deductible losses) when it occurs.Taxable temporary differences related to investments in subsidiaries joint ventures and associates
provided that the timing of the reversal of these temporary differences can be controlled and the
1462025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
temporary differences are unlikely to be reversed in the foreseeable future.
(4) On the balance sheet date the book value of deferred tax assets is reviewed. If it is likely to earn
sufficient taxable income in the future to offset the benefits of deferred tax assets the book value of
deferred tax assets is written down. When it is likely to earn sufficient taxable income the written down
amount is reversed.
(5) The Company's current income tax and deferred income taxes are included in the current profit or
loss as income tax expenses or income but do not include income tax arising from the following
circumstances: 1) business combination; 2) transactions or events directly recognized in the owners'
equity.
39. Lease
(1) Accounting treatments for leases in which the Company is the lessee
On the lease commencement date the Company recognizes leases that do not exceed 12 months and
do not include purchase options as short-term leases; if the single leased assets are new and with a
low value the leases are recognized as leases of low value assets. If the Company subleases or
expects to sublease the leased assets the original leases shall not be recognized as leases of low
value assets.For all short-term leases and leases of low value assets the Company during each period of the lease
term includes the lease payments into the relevant asset cost or the current profit or loss according to
the straight-line method.Except for the above-mentioned short-term leases and leases of low value assets with simplified
treatment the Company recognizes the right-of-use assets and lease liabilities for the lease on the
lease commencement date.
1) Right-of-use assets
Right-of-use assets are initially measured at cost which includes: 1) the initial measurement amount of
the lease liabilities; 2) the lease payments made on or before the lease commencement date or the
relevant amount after deducting the lease incentive already enjoyed if any; 3) initial direct costs incurred
by the lessee; 4) the costs expected to be incurred by the lessee for dismantling and removing the
leased assets restoring the site where the leased assets are located or restoring the leased assets to
the condition agreed in the lease terms.The Company depreciates the right-of-use assets according to the straight-line method. If it can be
reasonably determined that the ownership of leased assets will be acquired upon the expiration of the
lease term the Company depreciates the leased assets over their remaining service life. If it cannot be
reasonably determined that the ownership of leased assets will be acquired upon the expiration of the
lease term the Company depreciates the leased assets during the shorter of the lease term and the
remaining service life of the leased assets.
2) Lease liabilities
On the lease commencement date the Company recognizes the present value of the unpaid lease
payments as lease liabilities. When calculating the present value of lease payments the interest rate
implicit in lease is used as the discount rate. If the implicit interest rate of the lease cannot be
determined the incremental borrowing rate of the Company is used as the discount rate. The difference
between the lease payments and its present value is recognized as unrecognized financing expenses
and the interest expenses are recognized at the discount rate of the present value of the recognized
lease payments in each period of the lease term and included in the current profit or loss. Variable
lease payments not included in the measurement of lease liabilities are included in the current profit or
loss when actually incurred.After the lease commencement date the Company remeasures the lease liability based on the present
value of the changed lease payments in case of any change in below items: actual fixed payment
amount estimated amount payable of the guaranteed residual value the index or ratio used to
determine the lease payments or the evaluation result or actual exercise of the purchase option
1472025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
renewal option or termination option. In such cases the book value of the right-of-use assets is also
adjusted accordingly. If the book value of the right-of-use assets has been reduced to zero but the
lease liabilities still need to be further reduced the remaining amount is included in the current profit or
loss.If there is a modification in the lease and the following conditions are met simultaneously the Company
accounts for the lease modification as a separate lease: * the lease change expands the lease scope
by adding the right of use on one or more leased assets; * the increased consideration is equivalent to
the amount of the separate price of the expanded part of the lease scope adjusted according to the
contract conditions.If the lease modification is not accounted for as a separate lease on the effective date of the lease
modification the Company re-apportions the consideration of the modified contract re-determines the
lease term and re-measures the lease liabilities at the present value calculated at the modified lease
payments and the revised discount rate. If a lease modification results in a reduced scope of the lease
or a shortened lease term the Company reduces the book value of the right-of-use assets accordingly
and recognizes the gain or loss related to the partial or complete termination of leases in current profit
or loss. If there are other lease modifications that result in a re-measurement of lease liabilities the
Company adjusts the book value of right-of-use assets accordingly.
(2) Accounting treatments for leases in which the Company is the lessor
On the lease commencement date the Company classifies leases that have essentially transferred
almost all risks and rewards related to the ownership of leased assets as financing leases while all
other leases are classified as operating leases.
1) Operating leases
During each period of the lease term the Company recognizes the lease receipts as rental income
according to the straight-line method and the initial direct costs incurred in connection with the
operating leases are capitalized and amortized on the same basis as the recognition of rental income
and included in the current profit or loss in installments. The variable lease payments related to
operating leases obtained by the Company but not yet included in the lease receipts are included in the
current profit or loss when actually incurred.
2) Financing leases
On the lease commencement date the Company recognizes the financing lease receivables according
to the net lease investment (the sum of the unguaranteed residual value and the present value of the
lease receipts not received on the lease commencement date discounted at the interest rate implicit in
lease) and derecognizes the financing lease assets. During each period of the lease term the
Company calculates and recognizes the interest income at the interest rate implicit in lease.The variable lease payments obtained by the Company but not yet included in the measurement of net
lease investment are included in the current profit or loss when actually incurred.
3) Lease modification
In case of any modifications in operating leases the Company accounts for the modified lease as a
new lease from the effective date of the modification and the advance or receivable lease receipts
related to the lease before the modification is regarded as the receipt amount of the new lease.If there is a modification in the financing lease and the following conditions are met simultaneously the
Company accounts for the modification as a separate lease: * the modification expands the scope of
the lease by adding the right of use of one or more leased assets; * the increased consideration is
equivalent to the amount of the separate price of the expanded part of the lease scope adjusted
according to the contract conditions.If the modification in the financing lease is not accounted for as a separate lease the Company treats
the modified lease respectively according to the following circumstances: * if the modification takes
effect on the lease commencement date and the lease is classified as operating leases the Company
1482025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
accounts for it as a new lease from the effective date of the lease modification and takes the net lease
investment before the effective date of the lease modification as the book value of the leased assets; *
if the modification takes effect on the lease commencement date the lease will be classified as a
financing lease and the Company accounts for it in accordance with the provisions of Accounting
Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments on
modifying or renegotiating the contract.
4) Sublease
When the Company acts as a sublease lessor the original lease contract and the sublease contract are
accounted for separately according to the accounting treatment requirements of the lessee and the
lessor. If the original lease is a short-term leases and simplified accounting treatments have been
adopted the sublease is classified as operating leases.
(3) Sale and leaseback
The Company in accordance with the provisions of Accounting Standards for Business Enterprises No.
14 - Revenue evaluates and determines whether the transfer of assets in the sale and leaseback
transactions is a sale.If the transfer of assets in the sale and leaseback transactions is a sale the lessee measures the right-
of-use assets arising from the sale and leaseback according to the part of the book value of the original
assets related to the right of use obtained from the leaseback and only recognizes the relevant gains or
losses on the rights transferred to the lessor. The lessor accounts for asset purchase in accordance
with other applicable accounting standards for business enterprises and conducts accounting treatment
for the asset lease in accordance with Accounting Standards for Business Enterprises No. 21 - Leases.If the transfer of assets in the sale and leaseback transactions is not a sale the lessee continues to
recognize the transferred assets and recognizes the financial liabilities equal to the transfer revenue.Meanwhile the lessee accounts for the financial liabilities in accordance with Accounting Standards for
Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments. The lessor does
not recognize the transferred assets but recognizes financial assets equal to the revenue transferred. It
also accounts for that financial asset in accordance with Accounting Standards for Business Enterprises
No. 22 - Recognition and Measurement of Financial Instruments.
40. Other major accounting policies and accounting estimates
41. Major changes in accounting policies and accounting estimates
(1) Major changes in accounting policies
? Applicable □ Not applicable
(2) Major changes in accounting estimates
? Applicable □ Not applicable
(3) Adjustments of relevant items of financial statements at the beginning of the year in the year
of initial implementation of new accounting standards from 2025
? Applicable □ Not applicable
42. Others
1492025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
VI. Taxation
1..Main tax types and tax rates
Tax type Tax basis Tax rate
Value-added tax Sales of goods or provision of taxableservices [Note 1]
Consumption tax Taxable price of sales revenue fromtaxable consumer goods 5%
Urban maintenance and construction
tax Turnover tax payable
Apply 7% 5% and 1% respectively by
regional level
Corporate income tax Taxable income 25%、20%、15%、16.5%
Value added from the paid transfer of
Land value increment tax the state-owned land use right and theproperty rights of the above-ground 30%-60%
buildings and other attachments
If it is levied on an ad valorem basis it
shall be calculated and paid at 1.2% of
the residual value after the original
Property taxes value of the property is deducted by 1.2%、12%
30% at one time; if levied by lease it is
calculated and paid at 12% of rental
income
Education surcharge Turnover tax payable 3%
Local education surcharges Turnover tax payable 2%
If there are taxpayers with different corporate income tax rates please disclose with an explanation
Name of taxpayer Income tax rate
Chongqing Shenguomao Real Estate Management Co.Ltd. 15%
Chongqing Branch of Shenzhen International Trade Center
Property Management Co. Ltd. 15%
Shenzhen Facility Management Community Co. Ltd. 15%
Shenzhen Property Engineering and Construction
Supervision Co. Ltd. 20%
Shenzhen Jinhailian Property Management Co. Ltd. 20%
Shenzhen Kangping Industrial Co. Ltd. 20%
Shenzhen Jiaoshizhijia Training Co. Ltd. 20%
Shenzhen Education Industry Co. Ltd. 20%
Shenzhen Yufa Industrial Co. Ltd. 20%
Chongqing Aobo Elevator Co. Ltd. 20%
Shenzhen SZPRD Fuyuantai Development Co. Ltd. 20%
Shenzhen Fuyuanmin Property Management Co. Ltd. 20%
Shenzhen Meilong Industrial Development Co. Ltd. 20%
Shenzhen Sports Service Co. Ltd. 20%
Shenzhen Penghongyuan Industrial Development Co. Ltd. 20%
Shenzhen International Trade Center Mechanical and
Electrical Equipment Co. Ltd. 20%
1502025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Name of taxpayer Income tax rate
Shenzhen Helinhua Construction Management Co. Ltd. 20%
Shenzhen ITC Tongle Property Management Co. Ltd. 20%
Shenzhen Foreign Trade Property Management Co. Ltd. 20%
Shenzhen Fubao Urban Resources Management Co. Ltd. 20%
Shenzhen Shenwu Elevator Co. Ltd. 20%
Shenzhen Shenfang Property Cleaning Co. Ltd. 20%
Shandong Shenzhen ITC Hotel Management Co. Ltd. 20%
Shenzhen Jiayuan Property Management Co. Ltd. 20%
Shenzhen ITC Shenlv Garden Co. Ltd. 20%
Beijing Facility Management Community Technology Co.Ltd. 20%
Shenzhen ITC Space Service Co. Ltd. 20%
Shenzhen Guomao Catering Co. Ltd. 20%
A subsidiary registered in Hong Kong 16.50%
A subsidiary registered in Vietnam 20%
Other taxpayers within the consolidation scope 25%
2.Tax incentives
(1) According to the provisions of Article 2 Property service of the 37th category of commercial service
industry in the incentive category of the Guidance Catalogue of Industrial Structure Adjustment (2011
Edition) (GJFGW No. 9) issued by the National Development and Reform Commission the eligible
western China enterprises shall be subject to a corporate income tax at a reduced tax rate of 15%. The
above policy applies to subsidiaries Chongqing Shenzhen International Trade Center Property
Management Co. Ltd. and the Chongqing Branch of Shenzhen International Trade Center Property
Management Co. Ltd.
(2) Shenzhen Facility Management Community Co. Ltd. passed the re-inspection for high-tech
certification on December 25 2025. The certificate number is GR202544204121 and the validity period
is three years. According to the tax law the preferential corporate income tax rate of 15% applies for
2025.
(3) According to the Announcement on Preferential Income Tax Policies for Small and Micro
Enterprises and Individual Business Entities (CZB SWZJ GG [2023] No.6) issued by the Ministry of
Finance and the State Taxation Administration and according to the Announcement on Tax Policies for
Further Supporting the Development of Small and Micro Enterprises and Individual Business Entities
(CZB SWZJ GG [2023] No.12) issued by the Ministry of Finance and the State Taxation Administration
small low-profit enterprises enjoy a corporate income tax reduction with 25% of the actual corporate
income for calculating taxable income and 20% as the tax rate. The resource tax (excluding water
resources tax) urban maintenance and construction tax housing tax urban land use tax stamp duty
(excluding stamp duty on securities transactions) farmland occupation tax education surcharge and
local education surcharge shall be halved for small-scale value-added tax payers small low-profit
enterprises and individual business entities with the validity period from January 1 2023 to December
31 2027. A total of 25 subsidiaries including Shenzhen Property Engineering and Construction
Supervision Co. Ltd. and Shenzhen GuoGuang Mechanical and Electrical Equipment Co. Ltd. are
eligible for the policy.
3. Others
Note 1 The VAT taxable items and tax rates of the Company and its subsidiaries are shown in the table below:
1512025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Revenue type General tax rate Simplified tax rate
Real estate sales revenue 9% 5%
Real estate rental revenue 9% 5%
Property service revenue 6% 3%
Catering service revenue 6% 3%
Others 13% --
VII. Notes to items in consolidated financial statements
1. Monetary funds
Unit: RMB
Item Ending balance Beginning balance
Cash on hand 7741.04 10705.64
Bank deposits 2118358257.70 1672092309.74
Other monetary funds 5977057.45 6013628.74
Total 2124343056.19 1678116644.12
Including: total amount deposited
abroad 72004602.45 68560621.79
Other explanations:
At the end of the period the amount of restricted funds due to mortgage pledge freezing etc. is
RMB82297671.21 mainly including guarantee and interest of RMB4274845.35; the restricted funds
in the bank deposits mainly include the frozen funds of RMB3662969 and the principal and interest of
time deposits of RMB74359856.86; the above amount is not treated as cash and cash equivalents due
to restrictions on use. The funds deposited overseas are mainly the balance of monetary funds of the
overseas subsidiaries Shum Yip Properties Development Limited and Vietnam Shenzhen International
Trade Center Property Management Co. Ltd.
2. Financial assets held for trading
Unit: RMB
Item Ending balance Beginning balance
Financial assets measured at fair value
through current profit or loss 301765714.20 0.00
Including:
Fund 301765714.20 0.00
Including:
Total 301765714.20 0.00
Other explanations:
3. Derivative financial assets
Unit: RMB
Item Ending balance Beginning balance
Other explanations:
1522025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4. Notes receivable
(1) Presentation of notes receivable by category
Unit: RMB
Item Ending balance Beginning balance
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad Book balance Provision for badType debts Book debts Book
Provision value valueAmount Ratio Amount ratio Amount Ratio Amount
Provision
ratio
Including:
Including:
Total 0.00
If the provision for bad debts of notes receivable is made in accordance with the general model of
expected credit losses:
? Applicable □ Not applicable
(3) Provision for bad debts accrued recovered or reversed for the current period
Provision for bad debts for the current period:
Unit: RMB
Changes in the current period
Type Beginningbalance Ending balanceProvision Recovery orreversal Write-off Others
Significant amounts of recovered or reversed provision for bad debts for the current period:
? Applicable □ Not applicable
(4) The Company's pledged notes receivable at the end of the period
Unit: RMB
Item Ending pledged amount
(5) Notes receivable endorsed or discounted by the Company and not yet due on the balance
sheet date at the end of the period
Unit: RMB
Item Ending derecognized amount Ending un-derecognized amount
(6) Actual write-off of notes receivable for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important notes receivable:
1532025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Write-off Whether the fund
Entity name Nature of notes Amount of write-off Reasons for write-receivable off procedures
is generated by
performed related partytransactions
Explanation on write-off of notes receivable:
5. Accounts receivable
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (including 1 year) 331346057.76 305894933.54
1-2 years 50307314.79 176468618.29
2 to 3 years 50027964.10 19438565.01
Over 3 years 148389020.09 136095567.36
3 - 4 years 15953363.30 9641324.19
4 to 5 years 7997208.13 9475754.83
Over 5 years 124438448.66 116978488.34
Total 580070356.74 637897684.20
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Type Book balance Provision for bad debts Book balance Provision for bad debts
Book value Book value
Amount Ratio Amount Provisionratio Amount Ratio Amount
Provision
ratio
Accounts
receivable
with
provision
for bad 11527990 19.87% 11323698 98.23% 2042919. 11466755 17.98% 11262163 2045919.debts on 7.77 8.45 32 2.55 2.99
98.22%56
an
individual
basis
Including:
Accounts
receivable
with
provision 46479044 80.13% 49049097 10.55% 41574135 52323013for bad 8.97 .85 1.12 1.65 82.02%
492613219.41%47396881.610.04
debts on a
combinatio
n basis
Including:
Total 58007035 16228608 41778427 63789768 16188295 476014726.74 100.00% 6.30 27.98% 0.44 4.20 100.00% 4.60 25.38% 9.60
Provision for bad debts accrued on an individual basis: RMB 113236988.45
Unit: RMB
1542025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Beginning balance Ending balance
Name
Book balance Provision for Book balance Provision for Provision ratio Reasons forbad debts bad debts provision
Shenzhen
Jiyong Property Involved in
Development 93811328.05 93811328.05 93811328.05 93811328.05 100.00% litigation and
Co. Ltd. irrecoverable
Shenzhen
Tewei Industrial
Co. Ltd. 2836561.00 2836561.00 2836561.00 2836561.00 100.00% Estimated to be
(Chenhui irrecoverable
Building)
Shenzhen
Lunan
Industrial 2818284.84 2818284.84 2818284.84 2818284.84 100.00% Estimated to be
Development irrecoverable
Company
Shenzhen
Hampoo
Electronic
Technology 1436020.29 1433070.29 1436020.29 1433070.29 99.79%
Estimated to be
irrecoverable
Development
Co. Ltd.Accounts
receivable with
insignificant
single amount Failed to
but subject to 13765358.37 11722388.81 14377713.59 12337744.27 85.81% recover for a
provision for long time
bad debts on
an individual
basis
Total 114667552.55 112621632.99 115279907.77 113236988.45
Provision for bad debts accrued on combination: RMB 49049097.85
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Credit risk characteristic
combination 426573281.51 49049097.85 11.50%
Government funding
combination 38217167.46 0.00%
Total 464790448.97 49049097.85
Explanation on the basis for determining the combination:
If the provision for bad debts of accounts receivable is made in accordance with the general model of
expected credit losses:
? Applicable □ Not applicable
(3) Provision for bad debts accrued recovered or reversed for the current period
Provision for bad debts for the current period:
Unit: RMB
1552025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Changes in the current period
Type Beginningbalance Recovery or Ending balanceProvision reversal Write-off Others
Provision for
bad debts
accrued on an 112621632.99 615355.46 113236988.45
individual basis
Provision for
bad debts
made by 49261321.61 -212223.76 49049097.85
portfolio
Total 161882954.60 403131.70 162286086.30
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Entity name Recovered or reversedamount Reason for reversal Recovery method
the ratio of provision
for bad debts and its
rationality
(4).Actual write-off of accounts receivable for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important accounts receivable:
Unit: RMB
Write-off Whether the fund
Entity name Nature of accounts Amount of write-off Reasons for write-receivable off procedures
is generated by
performed related partytransactions
Explanation on write-off of accounts receivable:
(5) Top five accounts receivable by the debtor in terms of the ending balance and contract
assets
Unit: RMB
Ratio to the total Ending balance of
amount of ending provision for bad
Ending balance of Ending balances
Entity name accounts Ending balance of of accounts
balance of debts of accounts
receivable contract assets receivable and
accounts receivable and
contract assets receivable and provision forcontract assets impairment of
(%) contract assets
Shenzhen Jiyong
Property
Development Co. 93811328.05 93811328.05 16.16% 93811328.05
Ltd.Shenzhen Bay
Technology 48340136.25 48340136.25 8.33% 1450204.09
Development Co.
1562025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ratio to the total Ending balance of
amount of ending provision for bad
Ending balance of Ending balances
Entity name accounts Ending balance of of accounts
balance of debts of accounts
contract assets receivable and accounts receivable andreceivable contract assets receivable and provision forcontract assets impairment of
(%) contract assets
Ltd.Hebei Shenbao
Investment
Development Co. 36368442.21 36368442.21 6.26% 4830885.75
Ltd.Shenzhen Futian
District
Government
Property 21378880.28 21378880.28 3.68%
Management
Center
Shenzhen Sports
Center Operation
Management Co. 13143133.25 13143133.25 2.26% 394294.00
Ltd.Total 213041920.04 213041920.04 36.69% 100486711.89
6. Contract assets
(1) Details of contract assets
Unit: RMB
Ending balance Beginning balance
Item
Book balance Provision for Provision forbad debts Book value Book balance bad debts Book value
Quality
guarantee
deposit for 580850.15 580850.15 468765.62 468765.62
municipal
works
Total 580850.15 580850.15 468765.62 468765.62
(2) Major changes of book value during the reporting period and reasons
Unit: RMB
Item Changes Reason for changes
1572025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(3).Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad Book balance Provision for badType debts Book debts Book
value value
Amount Ratio Amount Provisionratio Amount Ratio Amount
Provision
ratio
Including:
Including:
The provision for bad debts made according to the general model of expected credit losses
? Applicable □ Not applicable
(4) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Item Provision for the Recovered or reversed
Write-off/ cancellation
current period for the current period after verification for the Reasonscurrent period
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Entity name Recovered or reversed the ratio of provisionamount Reason for reversal Recovery method for bad debts and its
rationality
Other explanations:
(5).Actual write-off of contract assets for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important contract assets
Unit: RMB
Whether the fund
Entity name Nature of payment Amount of write-off Reasons for write-
Write-off is generated by
off proceduresperformed related partytransactions
Explanation on write-off of contract assets:
Other explanations:
1582025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
7. Receivables financing
(1) Presentation of receivables financing by category
Unit: RMB
Item Ending balance Beginning balance
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad Book balance Provision for badType debts Book debts Book
value value
Amount Ratio Amount Provisionratio Amount Ratio Amount
Provision
ratio
Including:
Including:
The provision for bad debts made according to the general model of expected credit losses
Unit: RMB
Phase I Phase II Phase III
Provision for bad Expected credit losses Expected credit loss Expected credit loss
debts over the next 12 throughout the throughout the
Total
months duration (without credit duration (with creditimpairment) impairment)
Balance as of January
1 2025 in the current
period
Basis for division of each stage and ratio of provision for bad debts
Explanation on significant changes in the book balance of receivables financing due to changes in
provision for loss for the current period:
(3) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Type Beginningbalance Provision Recovery or Resale or write-
Ending balance
reversal off Other changes
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Entity name Recovered or reversedamount Reason for reversal Recovery method
the ratio of provision
for bad debts and its
rationality
Other explanations:
1592025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4) The Company's pledged receivables financing at the end of the period
Unit: RMB
Item Ending pledged amount
(5) Receivables financing endorsed or discounted by the Company and not yet due on the
balance sheet date at the end of the period
Unit: RMB
Item Ending derecognized amount Ending un-derecognized amount
(6) Actual write-off of receivables financing for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important receivables financing
Unit: RMB
Write-off Whether the fund
Entity name Nature of payment Amount of write-off Reasons for write-off procedures
is generated by
performed related partytransactions
Explanation on write-off:
(7) Increases/decreases and fair value changes of receivables financing for the current period
(8) Other explanations
8. Other receivables
Unit: RMB
Item Ending balance Beginning balance
Other receivables 267565109.11 273333289.51
Total 267565109.11 273333289.51
(1) Interest receivable
1) Classification of interest receivable
Unit: RMB
Item Ending balance Beginning balance
2) Significant overdue interest
Unit: RMB
Whether impairment
Borrower Ending balance Overdue time Reason for overdue occurs and the basis
for judgment
1602025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
3) Disclosure by provision method for bad debts
□ Applicable □ Not applicable
4) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Type Beginningbalance Ending balanceProvision Recovery or Resale or write-reversal off Other changes
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Entity name Recovered or reversed Reason for reversal Recovery method the ratio of provisionamount for bad debts and its
rationality
Other explanations:
5) Actual write-off of interest receivable for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important interest receivable
Unit: RMB
Write-off Whether the fund
Entity name Nature of payment Amount of write-off Reasons for write- procedures is generated byoff performed related partytransactions
Explanation on write-off:
Other explanations:
(2) Dividends receivable
1) Classification of dividends receivable
Unit: RMB
Project (or investees) Ending balance Beginning balance
2) Significant dividends receivable with aging over 1 year
Unit: RMB
Whether impairment
Project (or investees) Ending balance Aging Reason for notwithdrawing occurs and the basisfor judgment
1612025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
3) Disclosure by provision method for bad debts
? Applicable □ Not applicable
4) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Type Beginningbalance Provision Recovery or Resale or write-
Ending balance
reversal off Other changes
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Entity name Recovered or reversedamount Reason for reversal Recovery method
the ratio of provision
for bad debts and its
rationality
Other explanations:
5) Actual write-off of dividends receivable in the current period
Unit: RMB
Item Amount of write-off
Write-off of important dividends receivable
Unit: RMB
Write-off Whether the fund
Entity name Nature of payment Amount of write-off Reasons for write-off procedures
is generated by
performed related partytransactions
Explanation on write-off:
Other explanations:
(3) Other receivables
1) Classification of other receivables by nature of payment
Unit: RMB
Nature of payment Ending book balance Beginning book balance
Deposit 16570122.08 15529043.09
Guarantee 33556554.25 33305992.74
Petty cash 65000.00 107431.74
Withholding payments 15143545.86 14146194.97
Current accounts 628885730.76 631105205.00
Others 28482247.50 27382989.67
Total 722703200.45 721576857.21
1622025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (including 1 year) 24995887.18 26526466.14
1-2 years 5643226.15 19386864.72
2 to 3 years 18162467.53 10280135.75
Over 3 years 673901619.59 665383390.60
3 - 4 years 10104444.70 569228726.25
4 to 5 years 568915240.94 31121307.77
Over 5 years 94881933.95 65033356.58
Total 722703200.45 721576857.21
3) Disclosure by provision method for bad debts
□ Applicable ? Not applicable
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad Book balance Provision for badType debts Book debts Book
Provision value valueAmount Ratio Amount ratio Amount Ratio Amount
Provision
ratio
Provision
for bad
debts
accrued 627770 86.86% 392405 62.51% 235364 627770 87.00% 392405 62.51% 235364
on an 434.33 624.92 809.41 434.33 624.92 809.41
individual
basis
Including:
Provision
for bad
debts 949327 13.14% 627324 322002 938064 558379 379684
made by 66.12 66.42
66.08%99.7022.8813.00%42.7859.52%80.10
portfolio
Including:
Total 722703 100.00% 455138 267565 721576 448243 273333200.45 091.34 62.98% 109.11 857.21 100.00% 567.70 62.12% 289.51
1632025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Provision for bad debts accrued on an individual basis: RMB 392405624.92
Unit: RMB
Beginning balance Ending balance
Name
Book balance Provision forbad debts Book balance
Provision for Reasons for
bad debts Provision ratio provision
Shenzhen
Xinhai Holdings
Co. Ltd. and its
related parties
Shenzhen
Xinhai Rongyao
Real Estate Prudent
Development 587289550.00 362846450.00 587289550.00 362846450.00 61.78% judgment on
Co. Ltd. and recovery risk
Shenzhen
Qianhai
Advanced
Information
Service Co.Ltd.Shenzhen
Tianjun No
Industrial Co. 10000000.00 10000000.00 uncollectable
Ltd. risk is expected
Shanghai
Yutong Real Failed to
Estate 5676000.00 5676000.00 5676000.00 5676000.00 100.00% recover for a
Development long time
Co. Ltd.Hong Kong
Yueheng Failed to
Development 3271837.78 3271837.78 3271837.78 3271837.78 100.00% recover for a
Co. Ltd. long time
Dameisha Failed to
Tourism Center 2576445.69 2576445.69 2576445.69 2576445.69 100.00% recover for along time
Elevated Train Failed to
Project 2542332.43 2542332.43 2542332.43 2542332.43 100.00% recover for along time
Accounts
receivable with
insignificant
single amount Failed to
but subject to 16414268.43 15492559.02 16414268.43 15492559.02 94.38% recover for a
provision for long time
bad debts on
an individual
basis
Total 627770434.33 392405624.92 627770434.33 392405624.92
1642025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Provision for bad debts accrued on combination: RMB 62732466.42
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Within 1 year 24370319.52 731109.88 3.00%
1-2 years 5328484.41 532848.46 10.00%
2 to 3 years 3529649.81 1058894.98 30.00%
3 - 4 years 1633765.08 816882.59 50.00%
4 to 5 years 2389083.93 1911267.14 80.00%
Over 5 years 57681463.37 57681463.37 100.00%
Total 94932766.12 62732466.42
Explanation on the basis for determining the combination:
The provision for bad debts made according to the general model of expected credit losses
Unit: RMB
Phase I Phase II Phase III
Provision for bad Expected credit losses Expected credit loss Expected credit loss
debts Totalover the next 12 throughout the throughout the
months duration (without credit duration (with creditimpairment) impairment)
Balance as of January
1202555837942.78392405624.92448243567.70
Balance as of January
1 2025 in the current
period
Provision for the
current period 6894523.64 6894523.64
Balance as of
December 31 2025 62732466.42 455138091.34
Basis for division of each stage and ratio of provision for bad debts
Changes in the book balance of provision for loss with significant changes in the current period
? Applicable □ Not applicable
4) Provision for bad debts accrued recovered or reversed in the current period
Provision for bad debts for the current period:
Unit: RMB
Changes in the current period
Type Beginningbalance Recovery or Resale or write- Ending balanceProvision reversal off Others
Provision for
bad debts 392405624.92 392405624.92
accrued on an
1652025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Changes in the current period
Type Beginningbalance Provision Recovery or Resale or write-
Ending balance
reversal off Others
individual basis
Provision for
bad debts
made by 55837942.78 6896032.05 -1508.41 62732466.42
portfolio
Total 448243567.70 6896032.05 -1508.41 455138091.34
Reversal or recovery of significant amount of provision for bad debts in the current period:
Unit: RMB
Basis for determining
Entity name Recovered or reversed the ratio of provisionamount Reason for reversal Recovery method for bad debts and its
rationality
5) Other receivables actually write-off in the current period
Unit: RMB
Item Amount of write-off
Important other receivables write-off:
Unit: RMB
Whether the fund
Entity name Nature of other Reasons for write-
Write-off is generated by
receivables Amount of write-off off proceduresperformed related partytransactions
Explanations on write-off of other receivables:
6) Other receivables of the top five ending balances collected by debtor
Unit: RMB
Ratio to the total Balance of
Entity name Nature of amount Ending balance Aging ending balance of provision for bad
other receivables debts as at theend of the period
Shenzhen Xinhai
Rongyao Real
Estate Current accounts 375068984.55 4 to 5 years over 51.90% 231729731.18
Development Co. 5 years
Ltd.Shenzhen Xinhai Guarantee 201499990.18 4 to 5 years overHoldings 5 years 27.88% 124493201.20
Shenzhen
Bengling Joint
Stock Cooperative Current accounts 30000000.00 Over 5 years 4.15% 30000000.00
Company
1662025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ratio to the total Balance of
Entity name Nature of amount Ending balance Aging ending balance of provision for bad
other receivables debts as at theend of the period
Shenzhen Qianhai
Advanced
Information Guarantee 10720575.27 4 to 5 years 1.48% 6623517.62
Service Co. Ltd.Shenzhen Tianjun
Industrial Co. Ltd. Guarantee 10000000.00 4 to 5 years 1.38%
Total 627289550.00 86.79% 392846450.00
7) Reported as other receivables due to centralized fund management
Unit: RMB
Other explanations:
9. Advances to suppliers
(1) Advances to suppliers are listed by aging
Unit: RMB
Ending balance Beginning balance
Aging
Amount Ratio Amount Ratio
Within 1 year 7493552.61 78.57% 5575416.69 71.57%
1-2 years 141241.34 1.48% 1533388.81 19.69%
2 to 3 years 1228771.66 12.88% 352506.38 4.53%
Over 3 years 674666.28 7.07% 327861.81 4.21%
Total 9538231.89 7789173.69
Explanation of the reasons for the delayed settlement of advances to suppliers with an aging of over 1
year and significant amounts:
(2) Prepayment status of the top five year-end balances collected by prepaid objects
Advances to suppliers Proportion in the total ending
Entity name balance of prepayment (%)
Ending balance
Chongqing Yudi Assets Operation
Management Co. Ltd. 1955031.66 20.50
The Fifth Construction Engineering Co. Ltd.of China Construction Fourth Engineering 568181.04 5.96
Co. Ltd.Shenzhen Bay Technology Development
Co. Ltd. 455100.00 4.77
Shenzhen Youxun Longteng Technology
Co. Ltd. 390396.22 4.09
PetroChina Company Limited Qinghai
Golmud Sales Branch 382750.94 4.01
Total 3751459.86 39.33
Other explanations:
1672025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
10. Inventories
Whether the company needs to comply with the disclosure requirements of the real estate industry
Yes
(1) Inventories Classification
The Company shall comply with the disclosure requirements for the real estate industry as set out in the
Guidelines for Self-Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry
Information Disclosure
Classification by nature
Unit: RMB
Ending balance Beginning balance
Provision for Provision for
inventory inventory
Item depreciation or depreciation or
Book balance provision for Book value Book balance provision for Book value
impairment of impairment of
contract contract
performance costs performance costs
Development costs 11182897066.48 1159179944.88 10023717121.60 10400305603.19 1159179944.88 9241125658.31
Developing
products 1147928503.90 69297622.96 1078630880.94 1538484990.57 95754630.32 1442730360.25
Raw materials 1500567.49 910783.62 589783.87 1497761.18 907923.88 589837.30
Inventories of
goods 2487223.05 2094300.39 392922.66 2407119.31 2094300.39 312818.92
Low-value
consumables 578760.98 578760.98 286478.63 286478.63
Total 12335392121.90 1231482651.85 11103909470.05 11942981952.88 1257936799.47 10685045153.41
Disclose the main items of "development costs" and their capitalization of interest in the following
format:
Unit: RMB
Transfer
to IncreaseOther in the Accumula
Including:
Capitalize
Commenc Estimated Estimated developm ted
Project ement completio total Beginning ent
decreases current
in the period Ending capitalizat
d amount Source of
time n time investmen balance products current (develop balance ion
of interest funds
t in the period ment amount of
in the
current interest current
period costs) period
Lake City October Septembe 8400000 6010563 5231044 6533667 5897832 1124036 Bank
Project 15 2020 r 10 2026 000.00 047.67 98.87 546.54 72.62 77.48 loans
Humen
Binhai March 22 June 30 3217590 2741418 7804551 2819464 3937546 1499229 Bank
Harbor 2022 2029 000.00 798.21 8.14 316.35 1.97 6.61 loans
Project
Land in
Hongqi 6648404 6648404
Town .13 .13 0.00 Others
Haikou
Shenhui 3737279 3737279
Garden 7.39 7.39 0.00 Others
Fuyuantai 1996853 5900148 2586868
Project 2.62 .08 0.70 0.00 Others
Shenyang March 6 May 30 3774790 1534418 1725336 1706952 2228101 1345912 Bank
Digital 2023 2026 000.00 436.51 85.21 121.72 7.20 4.59 loans
1682025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Transfer
to Increase Including:
Estimated developm Other in the
Accumula
Commenc Estimated decreases current ted
Capitalize
Project ement completio total Beginning ent in the period Ending capitalizat
d amount
investmen balance products balance ion of interest
Source of
time n time current (develop in the fundst in the
current period ment
amount of current
period costs)
interest period
Intelligent
City
Project
Others 4991558 3007612 52923196.66 .99 9.65 0.00 Others
Total -- -- 1539238 1040030 0.00 0.00 7825914 1118289 6514397 14085500000.00 5603.19 63.29 7066.48 51.79 98.68 --
Disclose the main project information of "developed products" in the following format:
Unit: RMB
Accumulated Including:
Project Time of Beginning Increase in the Decrease in the capitalization
Capitalized
completion balance current period current period Ending balance amount of amount of
interest interest in thecurrent period
SZPRD · Cover
ed Bridge December 12012 3447316.75 3447316.75 83077702.96International
SZPRD · Lakesi
de Royal View June 1 2015 30049833.98 264143.81 29785690.17 10446911.43
Phase I
SZPRD · Bansh
an Yujing Phase January 122022 3479487.46 3479487.46 27205315.95II
SZPRD · Songh
u Langyuan July 1 2017 22232784.19 848079.00 21384705.19 30539392.65
SZPRD · Lakesi
de Royal View November 12017 30166422.64 188175.21 29978247.43Phase II
SZPRD · Golde December 1
n Ling Holiday 2019 11425826.09 11425826.09
SZPRD · Fucha
ng Garden January 18
Phase II (Fuhui 2023 4951526.83 600686.71 5552213.54
Huayuan)
SZPRD · Yutan December 3 1423905608.2
g Shangfu 2024 7 371908565.09
1051997043.1
811490648.55
Guomao Plaza December 11995 4839083.10 4839083.10 26385636.29
Area A
Huangyuyuan June 1 2001 790140.58 790140.58
Podium building
of Fuchang November 1 645532.65 645532.65
Building 1999
Other projects 2551428.03 2284926.85 266501.18
Total -- 1538484990.57 600686.71 391157173.38
1147928503.9
0189145607.83
Disclose "development products with installment collection" "development products for lease" and
"revolving houses" by item in the following format:
Unit: RMB
Project Beginning balance Increase in the current Decrease in theperiod current period Ending balance
1692025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Data resources recognized as inventories
Unit: RMB
Inventories of Inventories of data Inventories of data
Item purchased data resource processed by resource obtained by Total
resources oneself other means
(3) Provision for inventory depreciation and provision for impairment of contract performance
costs
The provision for inventory depreciation shall be disclosed in the following format:
Classification by nature
Unit: RMB
Increase in the current period Decrease in the current period
Item Beginningbalance Ending balance RemarkProvision Others Reversal orwrite-off Others
Development 1159179944.8 1159179944.8
costs 8 8
Developing
products 95754630.32 26457007.36 69297622.96
Raw materials 907923.88 2859.74 910783.62
Inventories of
goods 2094300.39 2094300.39
Total 1257936799.47 2859.74 26457007.36
1231482651.8
5
Classification by main items:
Unit: RMB
Increase in the current Decrease in the current
period period
Project Beginning Endingbalance balance Remark
Provision Others Reversal orwrite-off Others
(4) The capitalization rate of interest in the ending balance of inventories
Capitalization
Project amount at the
Capitalization Amount carried Capitalization
beginning of the amount of the forward of the amount at the end of
period current period current period the period
SZPRD · Golden Ling Holiday 68298.63 68298.63
SZPRD · Lanhu Shidai 477379595.14 112403677.48 589783272.62
SZPRD · Covered Bridge
International 2971986.54 2971986.54
SZPRD · Lakeside Royal
View Phase I 1220274.10 50052.89 1170221.21
SZPRD · Harbour Palace 24383165.36 14992296.61 39375461.97
SZPRD · Yutang Shangfu 7201211.25 1873017.89 5328193.36
Shenzhen
Property · Shenyang Digital 8821892.61 13459124.59 22281017.20
Intelligent City
1702025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Capitalization
amount at the Capitalization Amount carried CapitalizationProject beginning of the amount of the forward of the amount at the end of
period current period current period the period
Total 522046423.63 140855098.68 4963355.95 657938166.36
(5) Restricted inventories situation
Disclosure of restricted inventories by item:
Unit: RMB
Project Beginning balance Ending balance Reason for restriction
Land use right of Lake City
Project plot 401867324.00 424356240.00 Loan collateral
Land use right of Plots B and
D of Shenyang Digital
Intelligent City Project and 523395967.09 987723102.87 Loan collateral
Plot D construction in
progress
Guomao Plaza 0.00 4839083.09 Loan collateral
Total 925263291.09 1416918425.96
11. Assets held for sale
Unit: RMB
Item Ending book Provision for Closing book Estimated Estimatedbalance impairment value Fair value disposal cost disposal time
Other explanations:
12. Non-current assets maturing within one year
Unit: RMB
Item Ending balance Beginning balance
(1) Debt investments due within one year
? Applicable □ Not applicable
(2) Other debt investments due within one year
? Applicable □ Not applicable
13. Other current assets
Unit: RMB
Item Ending balance Beginning balance
Prepaid value-added tax 30698000.74 26330826.55
Input tax to be deducted 153865680.59 140627987.61
Prepaid income tax 1598767.57 2883055.01
Prepaid land value increment tax 17903342.72 8078866.26
1712025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Ending balance Beginning balance
Prepaid urban construction tax 3734334.77 2215820.29
Advance payment of education
surcharges 2697914.61 1582870.76
Instant collection and refund of value-
added tax on software sales receivable 1687.34
Total 210498041.00 181721113.82
Other explanations:
14. Debt investments
(1) Details of debt investments
Unit: RMB
Ending balance Beginning balance
Item
Book balance Provision for Provision forimpairment Book value Book balance impairment Book value
Changes in provision for impairment of debt investments in the current period
Unit: RMB
Item Beginning balance Increase in the current Decrease in theperiod current period Ending balance
(2) Important debt investments at the end of the period
Unit: RMB
Ending balance Beginning balance
Debt item Book Nominal Effectiveinterest interest Maturity Overdue Book
Nominal Effective Maturity Overdue
value rate rate date principal value
interest interest
rate rate date principal
(3) Provision for impairment
Unit: RMB
Phase I Phase II Phase III
Provision for bad Expected credit losses Expected credit loss Expected credit loss
debts over the next 12 throughout the throughout the
Total
months duration (without credit duration (with creditimpairment) impairment)
Balance as of January
1 2025 in the current
period
Basis for division of each stage and ratio of provision for bad debts
(4) Debt investments actually write-off in the current period
Unit: RMB
Item Amount of write-off
1722025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The important debt investments write-off situation
Debt investments write-off description:
Changes in the book balance of provision for loss with significant changes in the current period
? Applicable □ Not applicable
Other explanations:
15. Other debt investments
(1) Other debt investments
Unit: RMB
Accumulate
d provision
Fair value Cumulative for
Item Beginning Accrued Interest changes of Endingbalance interest adjustment the current balance Cost fair value
impairment
changes recognized
Remark
period in other
comprehen
sive income
Changes in provision for impairment of other debt investments in the current period
Unit: RMB
Item Beginning balance Increase in the current Decrease in theperiod current period Ending balance
(2) Other Important debt investments at the end of the period
Unit: RMB
Ending balance Beginning balance
Other
debt Book Nominal Effective Maturity Overdue Book Nominal Effective Maturity Overdue
items value interest interest date principal value interest interestrate rate rate rate date principal
(3) Provision for impairment
Unit: RMB
Phase I Phase II Phase III
Provision for bad Expected credit losses Expected credit loss Expected credit loss
debts over the next 12 throughout the throughout the
Total
months duration (without credit duration (with creditimpairment) impairment)
Balance as of January
1 2025 in the current
period
Basis for division of each stage and ratio of provision for bad debts
1732025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4) Other debt investments actually write-off in the current period
Unit: RMB
Item Amount of write-off
Write-off of important other debt investments
Other debt investments write-off description:
Changes in the book balance of provision for loss with significant changes in the current period
? Applicable □ Not applicable
Other explanations:
16. Other equity instrument investments
Unit: RMB
Gains Loss Gains Losses Reasons
accrued to accrued to accumulate accumulate designated
other other d into other d into other
Dividend as being
Ending Beginning comprehen comprehen comprehen comprehen
income
Project recognized
measured
balance balance sive income sive income sive income sive income at fair value
in the in the at the end at the end
during the through
current current of the of the
current
period other
period period current current comprehenperiod period sive income
Jintian
Industrial
(Group) Not for
567317.70 586231.82 4277.54 2900533.9 trading
Co. Ltd. 2 purpose
The
Company
Total 567317.70 586231.82 4277.54 2900533.92
Derecognition exists in the current period
Unit: RMB
Cumulative gains transferred Cumulative lossesProject to retained earnings transferred to retained Reasons for derecognitionearnings
Disclosure of the current period non-trading equity instrument investments by item
1742025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Amount Reasons
transferred designated as Reasons for the
Recognized being transfer of other
Project dividend Cumulative
from the other
Cumulative loss comprehensive measured at comprehensive
income gains income to fair value income into
retained through other retained
earnings comprehensive earningsincome
Jintian
Industrial
(Group) 3023038.61 Not for tradingpurpose
Co. Ltd.The Company
Other explanations:
17. Long-term receivables
(1) Long-term receivables
Unit: RMB
Ending balance Beginning balance
Item Interval of
Book balance Provision for Provision for discount ratebad debts Book value Book balance bad debts Book value
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Type Book balance
Provision for bad
debts Book balance
Provision for bad
Book debts Book
Provision value Provision valueAmount Ratio Amount ratio Amount Ratio Amount ratio
Including:
Including:
The provision for bad debts made according to the general model of expected credit losses
Unit: RMB
Phase I Phase II Phase III
Provision for bad Expected credit losses Expected credit loss Expected credit loss
debts over the next 12 throughout the throughout the
Total
months duration (without credit duration (with creditimpairment) impairment)
Balance as of January
1 2025 in the current
period
Basis for division of each stage and ratio of provision for bad debts
1752025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(3) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Type Beginningbalance Ending balanceProvision Recovery or Resale or write-reversal off Others
Reversal or recovery of significant amount of provision for bad debts in the current period:
Unit: RMB
Basis for determining
Entity name Recovered or reversedamount Reason for reversal Recovery method
the ratio of provision
for bad debts and its
rationality
Other explanations:
(4) Actual write-off of long-term receivables in the current period
Unit: RMB
Item Amount of write-off
Write-off of important long-term receivables:
Unit: RMB
Whether the fund
Entity name Nature of payment Amount of write-off Reasons for write-
Write-off is generated by
off proceduresperformed related partytransactions
Explanations on write-off of long-term receivables:
1762025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
18. Long-term equity investments
Unit: RMB
Increase/decrease in this period
Beginning Beginning
Balance of
Investment profit provision for
Investees balance (book balance of Adjustment of Cash dividends Ending balanceprovision for Additional Reduced or loss other Changes in or profits Provision for (book value) impairment as atvalue) impairment investment investment recognized comprehensive other equity declared to be impairment Others the end of theunder the equity income paid periodmethod
I. Joint ventures
Shenzhen
Property Jifa
Warehousing 232356600.97 90014.66 232446615.63
Co. Ltd.Shenzhen
Tian'an
International
Building 5739071.23 -1049490.78 4689580.45
Property
Management
Co. Ltd.Sub-total 238095672.20 -959476.12 237136196.08
II. Associates
Shenzhen
Wufang
Ceramic 18983614.14 18983614.14
Industry Co.Ltd.Shenzhen
Comfort Health
Products Co. 165000.00 165000.00
Ltd.Shenzhen
Xinghao
Imitation
Porcelain 756670.68 756670.68
Products Co.Ltd.Shenzhen
Social Welfare
Company Fuda 326693.24 326693.24
Electronics
Factory
Shenzhen
Fulong Industrial
Development 1684350.00 1684350.00
Co. Ltd.
1772025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Increase/decrease in this period
Beginning Beginning
Balance of
balance of Investment profit Adjustment of Cash dividends Ending balance provision forInvestees balance (book or loss impairment as at
value) provision for Additional Reduced other Changes in or profits Provision for (book value)impairment investment investment recognizedunder the equity comprehensive other equity declared to be impairment
Others the end of the
period
method income paid
Haonianhua
Hotel 2733570.05 2733570.05
Shenzhen
Education Fund
Longhua 500000.00 500000.00
Investment
Shenzhen
Kangle Sports
Club Huangfa 540060.00 540060.00
Branch
Factory building
in Dankeng
Village Fumin 1168973.20 1168973.20
Guanlan Town
Shenzhen
Shenzhen
Xiongniu
Bowling 500000.00 500000.00
Entertainment
Co. Ltd.Shenzhen
Yangyuan
Industrial Co. 1030000.00 1030000.00
Ltd.Jia Kaifeng
Company
Bao'an 600000.00 600000.00
Company
Guiyuan Auto
Repair Plant 350000.00 350000.00
Shenzhen
Wuwei Roof
Landscaping 500000.00 500000.00
Co. Ltd.Shenzhen
Yuanping
Plastic Steel
Doors and 240000.00 240000.00
Windows Co.Ltd.Shenzhen
Youfang Printing
and Distribution 100000.00 100000.00
Co. Ltd.Shenzhen 100000.00 100000.00
Lusheng
1782025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Increase/decrease in this period
Beginning Beginning
Balance of
balance of Investment profitInvestees balance (book or loss Adjustment of Cash dividends Ending balance
provision for
value) provision for Additional Reduced recognized other Changes in or profits Provision for (book value)
impairment as at
impairment investment investment under the equity comprehensive other equity declared to be impairment
Others the end of the
period
method income paid
Industrial
Development
Co. Ltd.China
Construction
Engineering
Corporation
Group Smart 30092133.32 1890181.89 115933.90 31866381.31
Parking
Technology Co.Ltd.Sub-total 30092133.32 30278931.31 1890181.89 115933.90 31866381.31 30278931.31
Total 268187805.52 30278931.31 930705.77 115933.90 269002577.39 30278931.31
1792025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The recoverable amount is determined at the net amount of the fair value minus the disposal expenses
? Applicable □ Not applicable
The recoverable amount is determined based on the present value of the estimated future cash flows
? Applicable □ Not applicable
Reasons for the obvious inconsistency between the above information and the information used in
previous impairment test or external information
Reasons for the difference between the information used in the impairment test of the Company in
previous years and the actual situation of the current year
Other explanations:
19. Other non-current financial assets
Unit: RMB
Item Ending balance Beginning balance
Other explanations:
20. Investment properties
(1) Investment properties measured at the cost mode
□ Applicable ? Not applicable
Unit: RMB
Item Houses and buildings Land use rights Construction inprogress Total
I. Total original book
value
1. Beginning balance 900141059.90 14495902.20 39665598.78 954302560.88
2. Increase in the
current period 346296.42 146768796.02 147115092.44
(1) Outsourcing 346296.42 57953240.33 58299536.75
(2) Transfer from
inventories fixed
assets and
construction in
progress
(3) Increase in
business combination
(4) Transfer-in of
houses and buildings 88815555.69 88815555.69
3. Decrease in the
current period 101073498.97 101073498.97
(1) Disposal 11053177.03 11053177.03
(2) Other transfers out 758401.73 758401.73
(3) Transfer to 88815555.69 88815555.69
construction in
1802025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Houses and buildings Land use rights Construction inprogress Total
progress
(4) Exchange
adjustment 446364.52 446364.52
4. Ending balance 799413857.35 14495902.20 186434394.80 1000344154.35
II. Accumulated
depreciation and
accumulated
amortization
1. Beginning balance 532709426.45 13360585.89 34196655.47 580266667.81
2. Increase in the
current period 25995471.48 72630612.84 98626084.32
(1) Provision or
amortization 25995471.48 2996061.36 28991532.84
(2) Transfer-in of
houses and buildings 69634551.48 69634551.48
3. Decrease in the
current period 76949140.84 76949140.84
(1) Disposal 6890543.06 6890543.06
(2) Other transfers out
(3) Transfer to
construction in 69634551.48 69634551.48
progress
(4) Exchange
adjustment 424046.30 424046.30
4. Ending balance 481755757.09 13360585.89 106827268.31 601943611.29
III. Provision for
impairment
1. Beginning balance
2. Increase in the
current period
(1) Provision
3. Decrease in the
current period
(1) Disposal
(2) Other transfers out
4. Ending balance
IV. Book value
1. Book value as at the
end of the period 317658100.26 1135316.31 79607126.49 398400543.06
2. Book value as at the
beginning of the period 367431633.45 1135316.31 5468943.31 374035893.07
The recoverable amount is determined at the net amount of the fair value minus the disposal expenses
? Applicable □ Not applicable
1812025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The recoverable amount is determined based on the present value of the estimated future cash flows
? Applicable □ Not applicable
Reasons for the obvious inconsistency between the above information and the information used in
previous impairment test or external information
Reasons for the difference between the information used in the impairment test of the Company in
previous years and the actual situation of the current year
Other explanations:
(2) Investment properties measured by fair value
? Applicable □ Not applicable
The Company shall comply with the disclosure requirements for the real estate industry as set out in the
Guidelines for Self-Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry
Information Disclosure
The investment properties measured at fair value are disclosed by item:
Unit: RMB
Rental ReasonsFair value The for fair
Project Geographic Time of Gross floor
income
during the Opening as at the magnitude valueal location completion area reporting fair value end of the of fair value changes
period period changes and reportindex
Whether the Company has investment properties in the construction period in the current period
□ Yes ? No
Investment properties in the construction period in the current period:
Unit: RMB
Project Location Commencemen Estimated total Beginning Estimatedt date investment amount Ending amount completion time
Guomao Intersection of
Shopping Mall Renmin South
renovation and Road and February 252025 178800000.00 2472881.95 79607126.49 April 30 2026upgrading Jiabin Road
project Luohu District
Total 178800000.00 2472881.95 79607126.49
Whether the Company has any new investment properties measured at fair value in the current period
? Yes □ No
(3) Conversion to investment properties and measurement at fair value
Unit: RMB
Accounting
Item items before Amount Reason for Approval Impact on profit
Impact on other
conversion conversion procedure or loss
comprehensive
income
1822025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4) Investment properties without certificate of title
Unit: RMB
Item Book value Reasons for failure to obtain thecertificate of title
The property is a property
management house which was
Unit 507 Building 6 Maguling 20059.61 occupied by a third-party propertymanagement company and has now
been recovered but the certificate of
title has not been handled
Other explanations:
21. Fixed assets
Unit: RMB
Item Ending balance Beginning balance
Fixed assets 41751582.46 52712396.64
Disposal of fixed assets
Total 41751582.46 52712396.64
(1) Fixed assets
Unit: RMB
Item Buildings and Its equipment Means of Renovation of Otherconstructions transportation fixed assets equipment Total
I. Total original
book value:
1. Beginning
balance 119193126.30 6694535.25 18941387.55 37747260.30 60072081.23 242648390.63
2. Increase in
the current 58375.55 136505.02 3336603.37 3531483.94
period
(1) Purchase 58375.55 136505.02 3336603.37 3531483.94
(2) Transfer
from
construction in
progress
(3) Increase in
business
combination
3. Decrease in
the current 14926812.72 361818.43 38778.36 2520958.88 17848368.39
period
(1) Disposal or
scrapping 14913144.72 361070.43 7198.06 2516626.09 17798039.30
(2) Exchange
adjustment 13668.00 748.00 31580.30 4332.79 50329.09
4. Ending
balance 104266313.58 6391092.37 19039114.21 37747260.30 60887725.72 228331506.18
1832025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Buildings andconstructions Its equipment
Means of Renovation of Other
transportation fixed assets equipment Total
II. Accumulated
depreciation
1. Beginning
balance 92055288.42 5227437.80 15153012.44 32868618.27 44555919.90 189860276.83
2. Increase in
the current 2043696.57 646481.31 1336137.78 3675313.72 5628735.19 13330364.57
period
(1) Provision 2043696.57 646481.31 1336137.78 3675313.72 5628735.19 13330364.57
3. Decrease in
the current 13990433.66 359560.34 12453.10 2323987.74 16686434.84
period
(1) Disposal or
scrapping 13981084.75 359520.43 7770.68 2323243.15 16671619.01
(2) Exchange
adjustment 9348.91 39.91 4682.42 744.59 14815.83
4. Ending
balance 80108551.33 5514358.77 16476697.12 36543931.99 47860667.35 186504206.56
III. Provision for
impairment
1. Beginning
balance 75717.16 75717.16
2. Increase in
the current
period
(1) Provision
3. Decrease in
the current
period
(1) Disposal or
scrapping
4. Ending
balance 75717.16 75717.16
IV. Book value
1. Book value
as at the end of 24157762.25 876733.60 2562417.09 1203328.31 12951341.21 41751582.46
the period
2. Book value
as at the
beginning of 27137837.88 1467097.45 3788375.11 4878642.03 15440444.17 52712396.64
the period
1842025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Temporarily idle fixed assets
Unit: RMB
Item Original book Accumulated Provision forvalue depreciation impairment Book value Remark
(3) Fixed assets leased out through operating leases
Unit: RMB
Item Closing book value
(4) Fixed assets without certificate of title
Unit: RMB
Item Book value Reason for failure to properly handlethe certificate of title
Due to the planning adjustment the
office buildings of the property will be
demolished and a new high-rise office
Room 401 and 402 Office Building buildings will be built near the existing
Sanxiang Business Building 421514.90 site. The company will replace theexisting property with the new office
buildings after its completion so the
property certificate of the property has
not been able to be handled.Other explanations:
(5) Impairment test of fixed assets
? Applicable □ Not applicable
(6) Disposal of fixed assets
Unit: RMB
Item Ending balance Beginning balance
Other explanations:
22. Construction in progress
Unit: RMB
Item Ending balance Beginning balance
(1) Construction in progress situation
Unit: RMB
Ending balance Beginning balance
Item
Book balance Provision forimpairment Book value Book balance
Provision for
impairment Book value
(2) Changes of significant construction in progress in the current period
Unit: RMB
1852025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Includin
Transfe Ratio ofOther accumu Accum
g:
Capitali Interest
Increas r intoBeginni fixed decrea lated Progres
ulated zed capitali
Project Budget ng e in the assets ses in Ending project s of
capitali zation
current the balance investm constru zation
amount
of rate for Source of fundsbalance period in thecurrent current ent in ction
amount
of interest
the
period budget in the currentperiod (%) interest current period
period
(3) Provision for impairment of construction in progress in the current period
Unit: RMB
Item Beginning balance Increase in the Decrease in the Ending balance Reason forcurrent period current period provision
Other explanations:
(4) Impairment test of construction in progress
? Applicable □ Not applicable
(5) Project materials
Unit: RMB
Ending balance Beginning balance
Item
Book balance Provision forimpairment Book value Book balance
Provision for
impairment Book value
Other explanations:
23. Right-of-use assets
(1) Right-of-use assets status
Unit: RMB
Item Buildings and constructions Total
I. Total original book value
1. Beginning balance 42653991.93 42653991.93
2. Increase in the current period 23990593.53 23990593.53
(1) New lease 23990593.53 23990593.53
3. Decrease in the current period 31641873.91 31641873.91
(1) Termination of leases 31641873.91 31641873.91
4. Ending balance 35002711.55 35002711.55
II. Accumulated depreciation
1. Beginning balance 25686371.90 25686371.90
2. Increase in the current period 12985495.03 12985495.03
(1) Provision 12985495.03 12985495.03
3. Decrease in the current period 26119223.19 26119223.19
(1) Disposal
(2) Termination of leases 26119223.19 26119223.19
1862025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Buildings and constructions Total
4. Ending balance 12552643.74 12552643.74
III. Provision for impairment
1. Beginning balance
2. Increase in the current period
(1) Provision
3. Decrease in the current period
(1) Disposal
4. Ending balance
IV. Book value
1. Book value as at the end of the
period 22450067.81 22450067.81
2. Book value as at the beginning of
the period 16967620.03 16967620.03
(2) Impairment test of right-of-use assets
? Applicable □ Not applicable
Other explanations:
24. Intangible assets
(1) Intangible assets situation
Unit: RMB
Item Land use rights Patent right Non-patented Right of use oftechnology software Total
I. Total original
book value
1. Beginning
balance 3060312.13 3060312.13
2. Increase in the
current period 2079646.01 2079646.01
(1) Purchase 2079646.01 2079646.01
(2) Internal R&D
(3) Increase in
business
combination
3. Decrease in the
current period
(1) Disposal
4. Ending balance 5139958.14 5139958.14
II. Accumulated
accumulation
1872025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Land use rights Patent right Non-patented Right of use oftechnology software Total
1. Beginning
balance 2588746.74 2588746.74
2. Increase in the
current period 396004.78 396004.78
(1) Provision 396004.78 396004.78
3. Decrease in the
current period
(1) Disposal
4. Ending balance 2984751.52 2984751.52
III. Provision for
impairment
1. Beginning
balance
2. Increase in the
current period
(1) Provision
3. Decrease in the
current period
(1) Disposal
4. Ending balance
IV. Book value
1. Book value as
at the end of the 2155206.62 2155206.62
period
2. Book value as
at the beginning of 471565.39 471565.39
the period
The ratio of intangible assets formed through the Company's internal research and development to the
balance of intangible assets at the end of the current period is 0%.
(2) Data resources recognized as intangible assets
? Applicable □ Not applicable
(3) Details of land use right without certificate of title
Unit: RMB
Item Book value Reason for failure to properly handlethe certificate of title
Other explanations:
1882025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4) Impairment test of intangible assets
? Applicable □ Not applicable
25. Goodwill
(1) Original book value of goodwill
Unit: RMB
Increase in the current period Decrease in the current period
Name of the
investees or Beginning Amount formed
matters forming balance through Ending balance
goodwill business
Disposal
combination
Shenzhen
Facility
Management 9446847.38 9446847.38
Community
Co. Ltd.Total 9446847.38 9446847.38
(2) Provision for impairment of goodwill
Unit: RMB
Name of the Increase in the current period Decrease in the current period
investees or Beginning
matters forming balance Ending balanceProvision Disposal
goodwill
Shenzhen
Facility
Management 0.00 5004983.08 5004983.08
Community
Co. Ltd.Total 0.00 5004983.08 5004983.08
(3) Relevant information on the asset group or portfolio of asset groups of the goodwill belongs
to
Composition and basis of the
Name asset group or combination Operating segments and Whether it is consistent with
to which it belongs basis previous years
Asset group or portfolio of
asset groups that can
independently generate cash
flows determined in
Shenzhen Facility consideration of the
Management Community synergistic effect that can Property management
Co. Ltd. benefit from the business supporting services
Yes
combination and the
management or monitoring
method of the management
on the production operating
activities
Changes in asset group or portfolio of asset groups
Name Composition before change Composition after change Objective facts and basisleading to changes
Other explanations
1892025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4) Specific determination method of recoverable amount
The recoverable amount is determined at the net amount of the fair value minus the disposal expenses
? Applicable □ Not applicable
The recoverable amount is determined based on the present value of the estimated future cash flows
□ Applicable ? Not applicable
Unit: RMB
Basis for
Key Key determination
Item Book value Recoverable Impairment Years of Parameters for Parameters in of keyamount amount forecast period the Forecast Stabilization parameters in
Period Phase the stabilization
period
Shenzhen
Facility Revenue Confirmation
Management 27328251.66 13028300.00 14299951.66 6 growth rate No growth based on
Community discount rate caution
Co. Ltd.Total 27328251.66 13028300.00 14299951.66
Reasons for the obvious inconsistency between the above information and the information used in
previous impairment test or external information
Reasons for the difference between the information used in the impairment test of the Company in
previous years and the actual situation of the current year
(5) Completion of performance commitment and corresponding goodwill impairment
There is a performance commitment when the goodwill is formed and the reporting period or the
previous period of the reporting period is within the performance commitment period
□ Applicable ? Not applicable
Other explanations:
In May 2021 the Company's subsidiary Shenzhen Wuhu Industry Investment and Development Co.Ltd. (Wuhe Industry Investment and Development for short) acquired 35% of the equity of Shenzhen
Facility Management Community Co. Ltd. (Facility Management Community for short or the Target
Company) through equity acquisition and targeted capital increase. According to the equity acquisition
cooperation framework agreement signed by the Wuhe Industry Investment and Development and the
original shareholders the Facility Home and its original shareholders promised that the operating
revenue growth ratio or net profit of the target company from 2021 to 2023 would reach the target value
agreed in the agreement and the Wuhe Industry Investment and Development would assess its
operating performance within three years. As of the reporting date the performance assessment has
not been completed so its completion cannot be evaluated temporarily.According to the goodwill impairment test results the recoverable amount was RMB 14299951.66
lower than its carrying amount and the Company made a provision for goodwill impairment of RMB
5004983.08 based on its shareholding ratio.
26. Long-term deferred expenses
Unit: RMB
1902025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Beginning balance Increase in the
Amount amortized
current period in the current Other decreases Ending balanceperiod
Renovation costs 22110090.13 1557894.09 8616446.00 4755.15 15046783.07
Total 22110090.13 1557894.09 8616446.00 4755.15 15046783.07
Other explanations:
27. Deferred tax assets/deferred tax liabilities
(1) Deferred tax assets without offset
Unit: RMB
Ending balance Beginning balance
Item Deductible temporary Deductible temporary
differences Deferred tax assets differences Deferred tax assets
Provision for asset
impairment 97665969.81 21854744.31 88995990.92 21643089.04
Unrealized profits of
internal transactions 436277776.28 109069444.07 436511360.97 109127840.24
Deductible losses 219911499.79 54427860.61 1152203588.06 287259758.96
Land value increment
tax withdrawn for 9308029.13 2327007.28 3171733686.94 792933421.74
deduction
Estimated profit
calculated from pre-
sale revenue of real 62921006.15 15730251.54 44109428.40 11027357.10
estate enterprises
Other accrued
expenses 14043969.23 3510992.30 22746958.59 5629898.56
Lease liabilities 23500918.43 5749024.66 19127482.59 4531157.25
Total 863629168.82 212669324.77 4935428496.47 1232152522.89
(2) Deferred tax liabilities without offset
Unit: RMB
Ending balance Beginning balance
Item Taxable temporary Deferred tax liabilities Taxable temporarydifferences differences Deferred tax liabilities
Book value of fixed
assets is greater than 177411.22 44352.79 440912.20 110228.04
tax basis
Right-of-use assets 22450067.85 5486520.49 16972012.51 3989936.31
Changes in fair value
of financial assets held 1765714.20 441428.55
for trading
Total 24393193.27 5972301.83 17412924.71 4100164.35
(3) Deferred tax assets or liabilities listed net amount after write-offs
Unit: RMB
1912025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Deduction amount of Deduction amount of
Item deferred tax assets
Ending balance of deferred tax assets Beginning balance of
and liabilities at the deferred tax assets or deferred tax assets or
end of the period liabilities after write-off
and liabilities from the
beginning of the period liabilities after write-off
Deferred tax assets 212669324.77 1232152522.89
Deferred tax liabilities 5972301.83 4100164.35
(4) Details of unconfirmed deferred tax assets
Unit: RMB
Item Ending balance Beginning balance
Deductible temporary differences 1751240859.68 1666771094.64
Deductible losses 366903018.00 321157984.91
Total 2118143877.68 1987929079.55
(5) Deductible losses from unrecognized deferred tax assets will be expired in the following
years
Unit: RMB
Year Ending amount Beginning amount Remark
202522711013.85
202614238807.0014238807.00
202781285680.1281285680.12
202811248208.2211248208.22
2029191674275.72191674275.72
203068456046.94
Total 366903018.00 321157984.91
Other explanations:
28. Other non-current assets
Unit: RMB
Ending balance Beginning balance
Item
Book balance Provision forimpairment Book value Book balance
Provision for
impairment Book value
Cost of contract
acquisition 22101296.87 22101296.87 9590978.85 9590978.85
Prepayments
for the
purchase of
fixed assets
investment 921552.89 921552.89 1649428.99 1649428.99
properties
intangible
assets etc.Others 2635093.77 2635093.77 2635093.77 2635093.77
Total 25657943.53 25657943.53 13875501.61 13875501.61
Other explanations:
1922025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Others mainly the written-down assets of investment properties because the asset involves the
relocation business of the shantytown redevelopment in Chuanbu Street which will be handed over
later with a term of more than one year.
29. Assets with restrictions on the ownership or right of use
Unit: RMB
Ending Beginning
Item
Book balance Book value Restricted Restricted Restricted Restrictedtype condition Book balance Book value type condition
Guarantee Guarantee
deposit time deposit time
Monetary deposit deposit
funds 82297671.21 82297671.21 Frozen interest 67316759.82 67316759.82 Frozen interestjudicially judicially
frozen funds frozen funds
etc. etc.Due to the
needs of daily
operating
activities the
Company
applied for a
Inventories 4839083.09 4839083.09 Mortgage loan from
bank and
mortgaged the
self-owned
commercial
properties it
held.Due to the
needs of daily
operating
activities the
Company
applied for a
Fixed assets 3483700.15 3483700.15 Mortgage loan from
bank and
mortgaged the
self-owned
commercial
properties it
held.Due to the Due to the
needs of daily needs of daily
operating operating
activities the activities the
Company Company
applied for a applied for a
Inventories - loan from loan from
Land use right 424356240.0 424356240.0 Mortgage Industrial 401867324.0 401867324.0 Mortgage Industrialof Lake City 0 0 Bank 0 0 Bank
Project plot Shenzhen Shenzhen
Branch and Branch and
mortgaged the mortgaged the
land use right land use right
of the Lake of the Lake
City Project City Project
plot it held. plot it held.Due to the Due to the
Inventories - needs of daily needs of daily
Land use right operating operating
of Plots B and activities the activities the
D of Company Company
Shenyang applied for a applied for a
Digital 987723102.8 905257200.6 Mortgage loan from 523395967.0 474272747.5 Mortgage loan from
Intelligent City 7 1 Agricultural 9 6 Agricultural
Project and Bank of China Bank of China
Plot D Yangzhou Yangzhou
construction in Branch and Branch and
progress mortgaged the mortgaged the
land use right land use right
of Plot D of of Plot D of
1932025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ending Beginning
Item
Book balance Book value Restricted Restricted Book balance Book value Restricted Restrictedtype condition type condition
Shenyang Shenyang
Digital Smart Digital Smart
City Project City Project
and the and the
construction in construction in
progress of progress of
Plots B and D. Plot D.Due to the
needs of daily
operating
activities the
Company
Investment 180144668.7 180144668.7 applied for a
properties 0 0 Mortgage loan frombank and
mortgaged the
self-owned
commercial
properties it
held.Total 1682844466 1600378563 992580050.9 943456831.3.02 .76 1 8
Other explanations:
30. Short-term borrowings
(1) Classification of short-term borrowings
Unit: RMB
Item Ending balance Beginning balance
Credit borrowings 449458211.11 190165458.33
Total 449458211.11 190165458.33
Description of short-term borrowings classification:
At the end of the period the credit loans were used for the daily operations of the Company's
subsidiaries.
(2) Unpaid short-term borrowings in maturity
The total amount of overdue and outstanding short-term borrowings at the end of the current period is
RMB 0.00 of which the important overdue and outstanding short-term borrowings are as follows:
Unit: RMB
Borrower Ending balance Borrowing interest rate Overdue time Overdue interest rate
Other explanations:
31. Financial liabilities held for trading
Unit: RMB
Item Ending balance Beginning balance
Including:
Including:
Other explanations:
1942025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
32. Derivative financial liabilities
Unit: RMB
Item Ending balance Beginning balance
Other explanations:
33. Notes payable
Unit: RMB
Category Ending balance Beginning balance
The total amount of notes payable due but not paid at the end of the current period is RMB and the
reason for the non-payment is.
34. Accounts payable
(1) Presentation of accounts payable
Unit: RMB
Item Ending balance Beginning balance
Payable for engineering construction 738732120.83 876393730.22
Estimated accounts payable 19087563.43 27094771.04
Others 117823268.42 139603776.01
Total 875642952.68 1043092277.27
(2) Significant accounts payable aging more than one year or overdue
Unit: RMB
Item Ending balance Reason for no settlement or carrying-forward
Shenzhen Municipal Bureau of
Planning and Land Resources 25000000.00 Problems left over from history
China Construction Third Engineering
Bureau Second Construction 116829310.75 The project payment milestone has not
Engineering Co. Ltd been reached
China Construction Fourth Engineering
Bureau Co. Ltd 4000000.10
The project payment milestone has not
been reached
Shenzhen Qianhai Advanced
Information Service Co. Ltd. 7126060.00 Unsettled project
Total 152955370.85
Other explanations:
(3) Whether there are any overdue payments to small and medium-sized enterprises
Whether it is a large enterprise
□ Yes ? No
Whether there are any overdue payments to small and medium-sized enterprises
? Yes □ No
1952025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
35. Other payables
Unit: RMB
Item Ending balance Beginning balance
Dividends payable 12202676.04 12202676.04
Other payables 1189285081.42 1219148760.34
Total 1201487757.46 1231351436.38
(1) Interest payable
Unit: RMB
Item Ending balance Beginning balance
Important overdue and unpaid interest situations:
Unit: RMB
Borrower Overdue amount Reason for overdue
Other explanations:
(2) Dividends payable
Unit: RMB
Item Ending balance Beginning balance
Ordinary shares dividends 12202676.04 12202676.04
Total 12202676.04 12202676.04
Other notes including important dividends payable that have not been paid for more than 1 year shall
disclose the reasons for non-payment:
Name of shareholder Amount of dividends payable Reason for non-payment
Shenzhen Urban Landscaping The other party's company is
Management Office 10869036.68 restructured and the payment objecthas not been clarified
Labor Union Committee of Shenzhen The other party's company is
Urban Landscaping Administration 1300000.00 restructured and the payment objecthas not been clarified
Others 33639.36 Unable to obtain the balance paymentof the other party's account and unpaid
Total 12202676.04
(3) Other payable
1) List other payable by nature of payment
Unit: RMB
Item Ending balance Beginning balance
Deposit 311614608.93 308200904.93
Guarantee 8171499.69 9248840.93
Agency collection 12112575.50 4743853.11
1962025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Current accounts 642819185.60 651960088.72
Accrued expenses 123654014.77 148017114.40
Withholding payments 6505391.90 7494625.63
Others 84407805.03 89483332.62
Total 1189285081.42 1219148760.34
2) Other significant payable aging over one year or overdue
Unit: RMB
Item Ending balance Reason for no settlement or carrying-forward
Yangzhou Tourism Development Amounts due from related parties
Property Co. Ltd. 345929298.79 outside the consolidation scope notyet due for repayment
Shenzhen Jifa Warehousing Co. Ltd. 202296665.14 Current accounts without specificrepayment period
China Construction Third Engineering
Bureau Second Construction 21597500.00 The deposit has not reached the
Engineering Co. Ltd settlement period
Shenzhen Qianhai WeBank Co. Ltd. 6868109.47 The lease term has not expired
Shenzhen Tian'an International
Building Property Management Co. 5214345.90 Current accounts without specific
Ltd. repayment period
Total 581905919.30
Other explanations:
36. Advances from customers
(1) Presentation of advances from customers
Unit: RMB
Item Ending balance Beginning balance
Rent 1340490.69 1744526.75
Total 1340490.69 1744526.75
(2) Important advances from customers with aging more than 1 year or overdue
Unit: RMB
Item Ending balance Reason for no settlement or carrying-forward
Unit: RMB
Item Changes Reason for changes
37. Contract liabilities
Unit: RMB
Item Ending balance Beginning balance
1972025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
House payment received in advance 647550778.18 266400127.35
Property management fees received in
advance 18114805.21 20619767.27
Other accounts received in advance 45939712.37 49144735.10
Total 711605295.76 336164629.72
Significant contract liabilities with aging over 1 year
Unit: RMB
Item Ending balance Reason for no settlement or carrying-forward
Advances from customers for Lake
City Project 210715772.65
The conditions for revenue recognition
have not yet been met
Total 210715772.65
Amount and reasons for significant changes in book value during the reporting period
Unit: RMB
Item Changes Reason for changes
The Company shall comply with the disclosure requirements for the real estate industry as set out in the
Guidelines for Self-Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry
Information Disclosure
Payment information for the top five pre-sale projects:
Unit: RMB
No. Project Beginning balance Ending balance Estimatedcompletion time Pre sale ratio
1 Lake City Project 211616690.06 419473374.48 September 102026 29.49%
Yangzhou
2 Shenyang DigitalIntelligent City 91743.12 142734055.03 June 30 2026 73.97%
Project
3 Humen BinhaiHarbor Project 0.00 69133168.80 4.84%
4 SZPRD · YutangShangfu 25548025.75 11253189.96 56.67%
SZPRD · Lakeside
5 Royal View Phase 458431.11 4883586.24 95.85%
II
38. Employee compensation payable
(1) Presentation of employee compensation payable
Unit: RMB
Item Beginning balance Increase in the current Decrease in theperiod current period Ending balance
I. Short-term
compensation 206152359.15 836402190.44 868448742.18 174105807.41
II. Post-employment 1542959.24 98153688.30 98626139.56 1070507.98
benefits-defined
1982025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
contribution plans
III. Dismissal benefits 283373.22 2453122.60 2089689.58 646806.24
Total 207978691.61 937009001.34 969164571.32 175823121.63
(2) Presentation of short-term compensation
Unit: RMB
Item Beginning balance Increase in the current Decrease in theperiod current period Ending balance
1. Salaries bonuses
allowances and 192745116.57 734355451.18 764772795.98 162327771.77
subsidies
2. Employee benefits 2027080.00 1785109.55 2562680.37 1249509.18
3. Social insurance
premiums 50655.54 29461886.64 29457904.20 54637.98
Including: medical
insurance premiums 46059.29 25168818.15 25162980.66 51896.78
Work-related injury
insurance premiums 1334.03 2004891.74 2005953.59 272.18
Maternity insurance
premiums 3262.22 2288176.75 2288969.95 2469.02
4. Housing provident
funds 426889.53 26503526.67 26666466.95 263949.25
5. Trade union funds
and employee 7371886.27 15173208.27 15421234.31 7123860.23
education expenses
8. Non-monetary
benefits 3530731.24 29123008.13 29567660.37 3086079.00
Total 206152359.15 836402190.44 868448742.18 174105807.41
(3) Presentation of defined contribution plans
Unit: RMB
Item Beginning balance Increase in the current Decrease in theperiod current period Ending balance
1. Basic endowment
insurance premiums 879581.04 82201079.30 82542592.82 538067.52
2. Unemployment
insurance premiums 4156.18 6904762.32 6905732.75 3185.75
3. Enterprise annuity
payment 659222.02 9047846.68 9177813.99 529254.71
Total 1542959.24 98153688.30 98626139.56 1070507.98
Other explanations:
39. Taxes payable
Unit: RMB
Item Ending balance Beginning balance
Value-added tax 23455423.34 21171620.44
Consumption tax 6291.87 0.00
1992025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Corporate income tax 31087464.90 21591154.75
Individual income tax 2955720.79 4310388.69
Urban maintenance and construction
tax 1326959.94 1320722.47
Land value increment tax 17066510.13 3173186258.33
Land use taxes 179653.49 179847.49
Property taxes 311746.28 396616.98
Education surcharge 696993.06 684508.74
Local education surcharges 531972.41 530482.69
Others 392104.82 908828.94
Total 78010841.03 3224280429.52
Other explanations:
40. Liabilities held for sale
Unit: RMB
Item Ending balance Beginning balance
Other explanations:
41. Non-current liabilities maturing within one year
Unit: RMB
Item Ending balance Beginning balance
Long-term borrowings maturing within
one year 3850883054.68 498259873.75
Bonds payable due within one year 1054166.67
Long-term payables due within one
year 400000.00 400000.00
Lease liabilities maturing within one
year 12898090.94 8042802.55
Total 3865235312.29 506702676.30
Other explanations:
42. Other current liabilities
Unit: RMB
Item Ending balance Beginning balance
Output tax to be transferred 58886145.36 23186263.57
Total 58886145.36 23186263.57
Increases or decreases in short-term bonds payable:
Unit: RMB
2002025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Amorti Whether
Nomin Issue Beginn Issued
Withdr zation Repay
awal of of ment Ending thereBond Book al Issue Bond ing in the is
name value interes date term Amount balanc current
interes premiu in the balanc breach
t rate e period t at par m and current evalue discou period of
nt contract
Total
Other explanations:
43. Long-term borrowings
(1) Classification of long-term borrowings
Unit: RMB
Item Ending balance Beginning balance
Pledged loan 664188100.66 151915696.00
Mortgage loan 2062569870.34 4424348935.26
Credit borrowings 954836941.20 179050000.00
Total 3681594912.20 4755314631.26
Description of the classification of long-term borrowings:
The pledged loan (1) at the end of the period was used for the acquisition of 100% equity of five
property management companies Shenzhen Property Management Co. Ltd. Shenzhen Foreign Trade
Property Management Co. Ltd. Shenzhen Shenfubao Property Development Co. Ltd. Shenzhen
Shenfubao Municipal Service Co. Ltd. and Shenzhen Bonded Zone Security Service Co. Ltd. by the
subsidiary of the Company Shenzhen International Trade Center Property Management Co. Ltd. The
term of loan is from May 18 2022 to April 26 2027 and the pledge is 100% equity of the five
companies held by Shenzhen International Trade Center Property Management Co. Ltd.The pledge loan (2) at the end of the period was used for the development of the Humen Harbour
Palace Project of the Company's subsidiary Dongguan Wuhe Real Estate Co. Ltd. (hereinafter referred
to as Dongguan Wuhe). The term of loan was from August 5 2022 to August 5 2027. The pledge was
all the receivables of Dongguan Wuhe in the next five years.The mortgage loan (1) at the end of the period was used for the development of the Lake City project of
Shenzhen Rongyao Real Estate Development Co. Ltd. (hereinafter referred to as Rongyao Real
Estate) a subsidiary of the Company. The term of loan was from November 29 2019 to November 20
2026. The pledge was 69% of the equity of Rongyao Real Estate held by the Company and the
Company provided joint and several liability guarantee.The mortgage loan (2) at the end of the period was used for the development of Lake City Project of
Rongyao Real Estate a subsidiary of the Company. The term of loan was from March 17 2023 to
March 30 2026. The collateral was the land use right of Lake City Project held by Rongyao Real Estate
the Company provided the joint and several liability guarantee provided by the Company and a pledge
guarantee of 69% of the equity of Rongyao Real Estate held by the Company.The mortgage loan (3) at the end of the period was used for the development of Shenyang Digital
Intelligent City Project of Yangzhou Wuhe Real Estate Co. Ltd. (hereinafter referred to as Yangzhou
Wuhe) a subsidiary of the Company. The term of loan was from January 19 2024 to January 19 2029.The collateral was the land use right of Plot D of Shenyang Digital Intelligent City Project and the
construction in progress of Plot D held by Yangzhou Wohui and joint and several liability guarantee
2012025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
was provided by the Company and Yangzhou Lvfa Real Estate Co. Ltd. according to the percentage of
shares.The mortgage loan (4) at the end of the period was used for the Company's daily operations. The loan
term is from May 30 2025 to May 29 2027 and the collateral is the Company's own commercial
property assets.The mortgage loan (5) at the end of the period was used for the development of Shenyang Digital
Intelligent City Project of Yangzhou Wuhe a subsidiary of the Company. The term of loan was from
June 30 2025 to December 20 2027. The collateral was the land use right of Plot B of Shenyang
Digital Intelligent City Project held by Yangzhou Wuhe and joint and several liability guarantee was
provided by the Company and Yangzhou Lvfa Real Estate Co. Ltd. according to the percentage of
shares.The mortgage loan (6) at the end of the period was used for the daily operations of Shenzhen
International Trade Center Property Management Co. Ltd. a subsidiary of the Company. The loan term
is from August 12 2025 to August 12 2028 and the collateral is part of the commercial assets held by
the Company.The mortgage loan (7) at the end of the period was used for the Company's daily operations. The loan
term is from August 29 2025 to August 28 2028 and the collateral is the Company's own commercial
property assets.At the end of the period the credit loans were used for the Company to repay loans from the related
companies and for the daily operations of its subsidiaries.Other explanations including interest rate range:
44. Bonds payable
(1) Bonds payable
Unit: RMB
Item Ending balance Beginning balance
Bonds payable 548187500.00 0.00
Interest payable on bonds not yet due 1103317.25
Less: Bonds payable due within one
year -1054166.67
Total 548236650.58 0.00
(2) Increase or decrease in bonds payable (excluding preferred shares perpetual bonds and
other financial instruments classified as financial liabilities)
Unit: RMB
Issued in Withdraw AmortizatiNominal Repayme WhetherBond Book interest Issue Bond Issue Beginning the al of
on of nt in the Ending there is
name value rate date term Amount balance current interest at
premium
and current balance breach ofperiod par value discount period contract
25
SZPRD
01 5500000 2.30% 2025/11/2 3 years 5500000 5500000 1103317 1812500 5492908
(134664.00.00700.0000.00.25.0017.25
No
SZ)
Total —— 5500000 5500000 1103317 1812500 549290800.00 00.00 .25 .00 17.25 ——
(3) Description of convertible corporate bonds
2022025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4) Description of other financial instruments classified as financial liabilities
Changes of outstanding financial instruments such as preferred shares and perpetual bonds at the
period-end
Table of changes of outstanding financial instruments such as preferred shares and perpetual bonds at
the period-end
Unit: RMB
Outstandin Beginning Increase in the current Decrease in the current
g financial period period
Ending
instruments Number Book value Number Book value Number Book value Number Book value
Description of the basis for classifying other financial instruments as financial liabilities
Other explanations:
45. Lease liabilities
Unit: RMB
Item Ending balance Beginning balance
Lease payments 24820172.10 21312666.88
Less: Unrecognized financing
expenses -1319253.70 -2180791.76
Less: Lease liability maturing within
one year -12898090.94 -8042802.55
Total 10602827.46 11089072.57
Other explanations:
46. Long-term payables
Unit: RMB
Item Ending balance Beginning balance
Long-term payables 399470977.78 399749550.00
Total 399470977.78 399749550.00
(1) Presentation of long-term payables by nature of payment
Unit: RMB
Item Ending balance Beginning balance
Sale and leaseback financing funds 399870977.78 400149550.00
Less: Long-term payables due within
one year -400000.00 -400000.00
Total 399470977.78 399749550.00
Other explanations:
2032025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The long-term payables at the period-end were the sale and leaseback financing between the Company
and Maxwealth Financial Leasing Co. Ltd. with the lease term from December 22 2023 to December
222027.
(2) Special payables
Unit: RMB
Item Beginning balance Increase in the Decrease in thecurrent period current period Ending balance Formation causes
Other explanations:
47. Long-term employee compensations payable
(1) Statement of long-term employee compensations payable
Unit: RMB
Item Ending balance Beginning balance
(2) Changes in defined benefit plans
Present value of defined benefit plan obligations:
Unit: RMB
Item Amount in the current period Amount in the previous period
Plan assets:
Unit: RMB
Item Amount in the current period Amount in the previous period
Net liabilities (net assets) under defined benefit plans
Unit: RMB
Item Amount in the current period Amount in the previous period
Description of the content of the defined benefit plans and the risks associated with it and the impact
on the Company's future cash flows time and uncertainty:
Description of major actuarial assumptions and sensitivity analysis results of defined benefit plans:
Other explanations:
48. Estimated liabilities
2042025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Item Ending balance Beginning balance Formation causes
* Litigation between
Basepoint and Facility
Management Community
Pending litigation 973741.21 934205.51
* Litigation between CPIC
Shenzhen Branch and
SZPRD
Total 973741.21 934205.51
Other explanations including relevant important assumptions and estimation notes of important
estimated liabilities:
49. Deferred income
Unit: RMB
Item Beginning balance Increase in the Decrease in thecurrent period current period Ending balance Formation causes
Other explanations:
50. Other non-current liabilities
Unit: RMB
Item Ending balance Beginning balance
Special fund for public utilities 317468.53 537155.06
Building structure maintenance fund 21286236.28 14746480.42
Guarantee for admission 6553718.18 6660398.31
Electrical equipment maintenance fund 4019415.44 4019415.44
Escrow maintenance fund 53885658.86 52435075.20
Co-investment capital from
Guanlanbuling Project's employees 39570000.00 40000000.00
Others 3908000.31 8521004.59
Total 129540497.60 126919529.02
Other explanations:
51. Share capital
Unit: RMB
Changes during the period (+ -)
Beginning Conversion Ending
balance New shares
issued Bonus issue
of provident
fund into Others Sub-total
balance
shares
Total shares 595979092. 595979092.00 00
2052025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
52. Other equity instruments
(1) Changes of outstanding financial instruments such as preferred shares and perpetual bonds
at the period-end
(2) Table of changes of outstanding financial instruments such as preferred shares and
perpetual bonds at the period-end
Unit: RMB
Outstandin Beginning Increase in the current Decrease in the current
g financial period period
Ending
instruments Number Book value Number Book value Number Book value Number Book value
Changes of other equity instruments in the current period explanation of the reasons for the changes
and the basis for relevant accounting treatment:
Other explanations:
53. Capital reserve
Unit: RMB
Item Beginning balance Increase in the current Decrease in theperiod current period Ending balance
Other capital reserves 80488045.38 80488045.38
Total 80488045.38 80488045.38
Other explanations including the increase and decrease in the current period and the reasons for the
changes:
54. Treasury shares
Unit: RMB
Item Beginning balance Increase in the current Decrease in theperiod current period Ending balance
Other explanations including the increase and decrease in the current period and the reasons for the
changes:
55. Other comprehensive income
2062025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Amount in the current period
Less: the Less: retained
amount income
included in included in
Beginning Amount
other other Attributable to Attributable to
Item Endingbalance before income
comprehensiv comprehensiv
e income in e income in Less: income parent minority balancetax in the prior period prior periods tax expenses company after shareholderscurrent period and and tax after tax
transferred to transferred to
current profit current profit
or loss or loss
I. Other
comprehensiv
e income that
cannot be -3064972.70 -4277.54 -4277.54 -3069250.24
reclassified
into profit or
loss
Fair value
changes of
investments in -3064972.70 -4277.54 -4277.54 -3069250.24
other equity
instruments
II. Other
comprehensiv
e income to
be reclassified 864617.03 -1383160.74 -1383160.74 -518543.71
into profit or
loss later
Foreign
currency
translation 864617.03 -1383160.74 -1383160.74 -518543.71
differences
Total of other
comprehensiv -2200355.67 -1387438.28 -1387438.28 -3587793.95
e income
Other explanations including the adjustment of the effective portion of the profit or loss of the cash
flows hedge to the initial recognized amount of the hedged item:
56. Special reserves
Unit: RMB
Item Beginning balance Increase in the current Decrease in theperiod current period Ending balance
Other explanations including the increase and decrease in the current period and the reasons for the
changes:
57. Surplus reserves
Unit: RMB
Item Beginning balance Increase in the current Decrease in theperiod current period Ending balance
Statutory surplus
reserve 125060085.08 172929460.92 297989546.00
Discretionary surplus
reserve 365403.13 365403.13
Total 125425488.21 172929460.92 298354949.13
2072025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Explanations of the surplus reserve including the changes in the current period and the reasons for the
changes:
58. Undistributed profits
Unit: RMB
Item Current period Previous period
Retained earnings as at the end of the
previous period before the adjustment 2561990778.58 3872586802.17
Undistributed profits at the beginning of
the period after adjustment 2561990778.58 3872586802.17
Plus: Net profit attributable to owners
of the parent company in this period 33885110.58 -1114764922.17
Less: Withdrawal of statutory surplus
reserves 172929460.92 9316761.13
Common stock dividends payable 185945476.70
Others -753051.55 568863.59
Undistributed profits as at the end of
the period 2423699479.79 2561990778.58
Details of adjustment to undistributed profits as at the beginning of the period:
1) Due to the retroactive adjustment of the Accounting Standards for Business Enterprises and its
related new regulations the opening undistributed profits was RMB.
2) Due to the change in accounting policies the opening undistributed profits was RMB.
3) Due to the correction of major accounting errors the opening undistributed profits was RMB.
4) Due to the change of consolidation scope caused by the same control the opening undistributed
profits was RMB.
5) The total impact of other adjustments on the opening undistributed profits was RMB.
Details of using capital reserves to cover losses:
59. Operating revenue and operating costs
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Primary business 2292305065.27 1732825933.72 2670640573.12 2249277554.33
Other business 90983184.75 4332788.02 63518310.93 736534.00
Total 2383288250.02 1737158721.74 2734158884.05 2250014088.33
The lowest of the Company's audited total profit net profit and net profit attributable to the listed
company’s shareholders after exceptional gains and losses during the reporting period was negative.□ Yes ? No
Unit: RMB
Item Current year Specific deductions Previous year Specific deductions
Amount of operating 2383288250.02 Deduct the business 2734158884.05 Deduct the businessrevenues that are not revenues that are not
2082025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Current year Specific deductions Previous year Specific deductions
revenue related to the main related to the main
business which are business which are
mainly the temporary mainly the temporary
resettlement resettlement
compensation compensation
revenues from the revenues from the
shed renovation shed renovation
project on Chuanbu project on Chuanbu
Street the revenue Street the demolition
from the disposal of compensation
investment properties revenues of Fengherili
and the consulting and the consulting
service revenues. service revenues.Deduct the business Deduct the business
revenues that are not revenues that are not
related to the main related to the main
business which are business which are
mainly the temporary mainly the temporary
resettlement resettlement
Total amount of compensation compensation
operating revenue 90983184.75 revenues from the 63518310.93 revenues from the
deduction items shed renovation shed renovation
project on Chuanbu project on Chuanbu
Street the revenue Street the demolition
from the disposal of compensation
investment properties revenues of Fengherili
and the consulting and the consulting
service revenues. service revenues.Proportion of total
amount of operating
revenue deduction 3.82% 2.32%
items in operating
revenue
I. Business revenue
not related to the main
business
1. Other business
revenue other than
normal operations. For
example the revenue Deduct the business Deduct the business
realized from the lease revenues that are not revenues that are not
of fixed assets related to the main related to the main
intangible assets business which are business which are
packaging materials mainly the temporary mainly the temporary
sales of materials resettlement resettlement
exchange of non- compensation compensation
monetary assets with 90983184.75 revenues from the 63518310.93 revenues from the
materials entrusted shed renovation shed renovation
management project on Chuanbu project on Chuanbu
business etc. and the Street the revenue Street the demolition
income that is included from the disposal of compensation
in the income from investment properties revenues of Fengherili
primary business but and the consulting and the consulting
is not part of the service revenues. service revenues.normal operation of
the listed company.Deduct the business Deduct the business
Subtotal of business revenues that are not revenues that are not
revenue not related to 90983184.75 related to the main 63518310.93 related to the main
main business business which are business which are
mainly the temporary mainly the temporary
resettlement resettlement
2092025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Current year Specific deductions Previous year Specific deductions
compensation compensation
revenues from the revenues from the
shed renovation shed renovation
project on Chuanbu project on Chuanbu
Street the revenue Street the demolition
from the disposal of compensation
investment properties revenues of Fengherili
and the consulting and the consulting
service revenues. service revenues.II. Revenue without
commercial substance
Subtotal of revenue
without commercial 0.00 No deductions in 2025 0.00 No deductions in 2024
substance
III. Other revenue not
related to the main
business or without 0.00 No deductions in 2025 0.00 No deductions in 2024
commercial substance
Deduct the business Deduct the business
revenues that are not revenues that are not
related to the main related to the main
business which are business which are
mainly the temporary mainly the temporary
resettlement resettlement
Operating revenue compensation compensation
after deduction 2292305065.27 revenues from the 2670640573.12 revenues from theshed renovation shed renovation
project on Chuanbu project on Chuanbu
Street the revenue Street the demolition
from the disposal of compensation
investment properties revenues of Fengherili
and the consulting and the consulting
service revenues. service revenues.Breakdown of operating revenue and operating costs:
Unit: RMB
Division 1 Division 2 Total
Contract
classification Operating Operating Operating Operating Operating Operating Operating Operating
revenue costs revenue costs revenue costs revenue costs
Business 23832882 27341588 23832882 27341588
type 50.02 84.05 50.02 84.05
Including:
Real estate 566898152 352384575 566898152 352384575.30 .15 .30 .15
Property
managemen 16372003 13029603 16372003 13029603
t 90.78 05.27 90.78 05.27
Asset 179189706 81813841. 179189706 81813841.operation .94 32 .94 32
Classificatio
n by
business
area
Including:
Shenzhen 19712016 13575598 19712016 13575598
2102025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Division 1 Division 2 Total
Contract
classification Operating Operating Operating Operating Operating Operating Operating Operating
revenue costs revenue costs revenue costs revenue costs
area 05.30 53.21 05.30 53.21
Other areas 412086644 379598868 412086644 379598868.72 .53 .72 .53
Market or
customer
type
Including:
Contract
type
Including:
Classificatio
n by time of
commodity
transfer
Including:
Classificatio
n by
contract
period
Including:
Classificatio
n by sales
channel
Including:
Total
Information related to performance obligations:
Nature of the Amounts Types of quality
Time to fulfill goods the Whether it is assumed by the assurance
Item performance Important Company the main Company that provided by the
obligations payment terms undertakes to responsible are expected to Company and
transfer person be refunded to relatedcustomers obligations
Other explanations
Information related to the transaction prices allocated to the remaining performance obligations:
The amount of revenue corresponding to the performance obligations that had been signed but not yet
performed or not yet completed at the end of the reporting period was RMB711605295.76 of which
RMB118980813.13 was expected to be recognized as revenue in 2026 RMB591572314.95 was
expected to be recognized as revenue in 2027 and RMB1052167.68 was expected to be recognized
as revenue in 2028 and thereafter.Information about the variable consideration in the contract:
2112025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Major contract change or major transaction prices adjustment of parent company
Unit: RMB
Item Accounting treatments Amount of impact on revenue
Other explanations:
The Company shall comply with the disclosure requirements for the real estate industry as set out in the
Guidelines for Self-Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry
Information Disclosure
Information on the top five items in terms of revenue recognized during the reporting period:
Unit: RMB
No. Project Income amount
1 SZPRD · Yutang Shangfu 341553547.71
2 SZPRD · Covered Bridge International 88109996.19
3 SZPRD · Golden Ling Holiday 64177679.95
4 SZPRD · Royal Garden Phase A 6316400.00
5 SZPRD · Junfeng Lishe 786357.80
60. Taxes and surcharges
Unit: RMB
Item Amount in the current period Amount in the previous period
Consumption tax 6291.87
Urban maintenance and construction
tax 5208679.81 4422844.05
Education surcharge 2342021.57 1906313.24
Property taxes 10577341.65 10869473.40
Land use taxes 2171596.35 2135524.88
Local education surtax 1511980.24 1271801.53
Land value increment tax 97810077.36 64009266.08
Other taxes 2951060.82 2296727.51
Total 122579049.67 86911950.69
Other explanations:
61. G&A expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Employee compensation 186414398.29 214830675.48
Administrative office expenses 7012475.87 22204967.59
Amortization and depreciation cost of
assets 20378838.93 26963578.43
Litigation costs 1149616.30 808759.23
Others 22780874.82 19625121.01
Total 237736204.21 284433101.74
2122025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
62. Selling and distribution expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Intermediary agency fees 29725284.46 9576621.10
Consulting and sales service fees 3326938.58 7170279.84
Advertising and publicity expenses 4573754.26 8545172.46
Employee compensation 14361929.61 10375132.31
Others 12529228.90 8328779.70
Total 64517135.81 43995985.41
Other explanations:
63. R&D expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Employee compensation 4714388.56 4816649.05
Depreciation and amortization cost 27532.62 28482.42
Others 100501.10 506676.97
Total 4842422.28 5351808.44
Other explanations:
64. Financial expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Interest expenses 123346936.11 68401770.57
Interest income -13758946.05 -31389808.25
Profit or loss on exchange 98842.17 778902.74
Service fee and others 4045670.13 3252783.69
Total 113732502.36 41043648.75
Other explanations:
65. Other income
Unit: RMB
Source of other income Amount in the current period Amount in the previous period
Government subsidies related to
revenue 13361936.00 3059786.92
Refund of service fee for withholding
individual income tax 317207.84 314568.77
Additional deduction of value-added
tax input -80226.78 -834439.22
Refund of value-added tax 846762.80 2021797.08
Total 14445679.86 4561713.55
2132025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
66. Net gain on exposure hedges
Unit: RMB
Item Amount in the current period Amount in the previous period
Other explanations:
67. Gains from changes in fair value
Unit: RMB
Sources of gains from changes in fair
value Amount in the current period Amount in the previous period
Financial assets held for trading 1765714.20 0.00
Total 1765714.20 0.00
Other explanations:
68. Investment income
Unit: RMB
Item Amount in the current period Amount in the previous period
Long-term equity investment income
calculated under the equity method 930705.77 184223509.99
Investment income from disposal of
long-term equity investments 1450000.00
Gain on restructuring of debt -54026.93
Total 930705.77 185619483.06
Other explanations:
69. Credit loss
Unit: RMB
Item Amount in the current period Amount in the previous period
Losses from bad debts of accounts
receivable -403131.70 -9475193.14
Bad debt loss of other receivables -6894523.64 -353613204.14
Total -7297655.34 -363088397.28
Other explanations:
70. Assets impairment loss
Unit: RMB
Item Amount in the current period Amount in the previous period
I. Inventories depreciation loss and
contract performance cost impairment -2859.74 -1036113360.07
losses
X. Losses from impairment of goodwill -5004983.08 0.00
Total -5007842.82 -1036113360.07
Other explanations:
2142025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
71. Gains from disposal of assets
Unit: RMB
Source of gains from disposal of
assets Amount in the current period Amount in the previous period
Gains on disposal of fixed assets ("-"
for losses) 30652.60 -10823.66
Gains on disposal of right-of-use
assets ("-" for losses) 114084.75 98669.52
Total 144737.35 87845.86
72. Non-operating revenue
Unit: RMB
Amount in the previous Amount included in theItem Amount in the current period period current non-recurring profitor loss
Gains from exchange of non-
monetary assets 8750.34 240.00 8750.34
Confiscated income 12744961.31 544705.46 12744961.31
Gains from unclaimed
payables 2203044.85 2203044.85
Others 742319.20 522860.11 742319.20
Total 15699075.70 1067805.57 15699075.70
Other explanations:
73. Non-operating expenses
Unit: RMB
Item Amount in the current period Amount in the previous
Amount included in the
period current non-recurring profitor loss
Losses from exchange of
non-monetary assets 288388.15 187340.31 288388.15
Donations made 8000.00
Litigation expenses 1879644.55
Extraordinary losses 167812.70 4000.00 167812.70
Penalties and late fees 275497.83 372270.64 275497.83
Others 958754.13 5904708.99 958754.13
Total 1690452.81 8355964.49 1690452.81
Other explanations:
2152025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
74. Income tax expenses
(1) Income tax expenses schedule
Unit: RMB
Item Amount in the current period Amount in the previous period
Income tax expenses for the current
period 62101702.19 50805402.42
Deferred tax expenses 54917126.01 42525748.58
Total 117018828.20 93331151.00
(2) Adjustment process of accounting profits and income tax expenses
Unit: RMB
Item Amount in the current period
Total profits 121712175.86
Income tax expenses calculated at statutory/applicable tax
rate 30428043.97
Influence of different tax rates applicable to subsidiaries -1850420.90
Influence of adjustments to the income tax for the prior
years 3136963.45
Influence of non-taxable income -232676.44
Influence of nondeductible costs expenses and losses 1121121.88
Influence of deductible losses on the use of preliminarily
unrecognized deferred tax assets in previous periods -13193080.98
Effect of deductible temporary differences or deductible
losses from deferred tax assets unrecognized in the current 98335240.56
period
Tax impact of the addition for the deduction of R&D
expenses ("-" for losses) -726363.34
Income tax expenses 117018828.20
Other explanations:
75. Other comprehensive income
For details see Note VII. 55.
76. Items of statement of cash flows
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Large current accounts received 48515441.84 278508648.94
Interest income received 13703905.69 40033974.92
Net amount of various deposits
guarantees and special funds received 103036361.31 102896047.58
2162025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Amount in the current period Amount in the previous period
Government grants received 8111343.93 3059786.92
Other miscellaneous funds received 70773513.68 45871591.13
Decrease in restricted funds the
current period 2650478.47 12490938.87
Total 246791044.92 482860988.36
Notes to other cash received related to operating activities:
Other cash paid related to operating activities
Unit: RMB
Item Amount in the current period Amount in the previous period
G&A expenses paid in cash 31516679.61 39111851.22
Selling and distribution expenses paid
in cash 66056697.44 18208447.58
Net amount of various payments and
receipts on behalf of others such as 95117668.76 170693541.68
paid utilities
Other miscellaneous funds paid 171117809.25 130134090.94
Increase in restricted funds in the
current period 683533.00 3570155.21
Total 364492388.06 361718086.63
Notes to other cash paid related to operating activities:
(2) Cash related to investing activities
Other cash received related to investing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Important cash received related to investing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Net cash received from disposal of
fixed assets intangible assets and 65095861.85 55903425.50
other long-term assets
Recovery of time deposits 57412000.00
Total 122507861.85 55903425.50
Notes to other cash received related to investing activities:
Other cash paid related to investing activities
2172025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Item Amount in the current period Amount in the previous period
Important cash paid related to investing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Purchase of time deposits 74132898.98 57412000.00
Purchase of funds 300000000.00
Total 374132898.98 57412000.00
Notes to other cash paid related to investing activities:
(3) Cash related to financing activities
Other cash received related to financing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Issuance of bonds 548981500.00
Total 548981500.00 0.00
Notes to other cash received related to financing activities:
Other cash paid related to financing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Amount paid for repayment of lease
liabilities 13894308.11 16584505.64
Cash consideration paid by the
combining party of business
combination under common control on 136518.90 568863.59
the combination date
Amount paid for sale and leaseback 18624887.50 18693137.50
Other miscellaneous funds paid 2446730.24 1368000.00
Total 35102444.75 37214506.73
Notes to other cash paid related to financing activities:
Changes in various liabilities arising from financing activities
□ Applicable ? Not applicable
2182025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Increase in the current period Decrease in the current period
Item Beginningbalance Non-cash Non-cash Ending balanceCash changes changes Cash changes changes
Short-term
borrowings and
long-term 5443739963.35 4529513359.21 240471254.09 2231788398.65 7981936178.00
borrowings
Bonds payable 548981500.00 1103317.25 794000.00 549290817.25
Lease liabilities 19131875.12 18263351.39 13894308.11 23500918.40
Long-term
payables 400149550.00 18346315.28 18624887.50 399870977.78
Total 5863021388.47 5078494859.21 278184238.01 2265101594.26 8954598891.43
(4) Notes to cash flows expressed in net amount
Item Relevant facts Basis for presentation of netamount Financial impact
(5) Significant activities and financial impacts that do not involve current cash receipts and
payments but affect the financial position of the enterprise or may affect the cash flows in the
future
Not applicable
77. Supplementary information to the statement of cash flows
(1) Supplementary information to the statement of cash flows
Unit: RMB
Supplementary information The current period Amount in previous period
1. Net profit adjusted to cash flows
from operating activities:
Net profit 4693347.66 -1287143724.11
Plus: provision for assets impairment 12305498.16 1399201757.35
Depreciation of fixed assets depletion
of oil and gas assets depreciation of 42321897.41 51987250.80
productive biological assets
Depreciation of right-of-use assets 12985495.03 13691114.95
Amortization of intangible assets 396004.78 418235.75
Amortization of long-term deferred
expenses 8616446.00 8903786.44
Losses from disposal of fixed assets
intangible assets and other long-term -144737.35 -87845.86
assets ( "-" for gains)
Losses on write-off of fixed assets ("-"
for gains) 279637.81 187580.31
Losses from changes in fair value ("-"
for gains) -1765714.20
Financial expenses ("-" for gains) 126667175.62 68369233.02
Investments losses ("-" for gains) -930705.77 -185619483.06
2192025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Supplementary information The current period Amount in previous period
Decreases in deferred tax assets (“-”
for increases) 1019483198.12 44287863.94
Increase in deferred tax liabilities ("-"
for decreases) 1872137.48 -1762115.35
Decreases in inventories ("-" for
increases) -256518426.29 -495134772.53
Decreases in operating receivables (“-”
for increases) 26062914.30 -79181787.39
Increases in operating payables (“-” for
decreases) -3082393830.39 -962115268.78
Others
Net cash flows from operating activities -2086069661.63 -1423998174.52
2. Significant investing and financing
activities not involving in cash receipts
and payments:
Transfer of debts into capital
Convertible corporate bonds maturing
within 1 year
Fixed assets leased from financing
3. Net change in cash and cash
equivalents:
Ending balance of cash 2042045384.98 1610799884.30
Less: beginning balance of cash 1610799884.30 2733139135.12
Plus: ending balance of cash
equivalents
Less: beginning balance of cash
equivalents
Net increase in cash and cash
equivalents 431245500.68 -1122339250.82
(2) Net cash paid for acquisition of subsidiaries in the current period
Unit: RMB
Amount
Including:
Including:
Including:
Other explanations:
(3) Net cash received for disposal of subsidiaries in the current period
Unit: RMB
Amount
Including:
Including:
Including:
2202025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
(4) Breakdowns of cash and cash equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 2042045384.98 1610799884.30
Including: cash on hand 7741.04 10705.64
Unrestricted bank deposits 2040335431.24 1610628980.11
Other unrestricted monetary funds 1702212.10 160198.55
III. Ending balance of cash and cash
equivalents 2042045384.98 1610799884.30
Including: cash and cash equivalents
with restricted use right by parent 82297671.21 67316759.82
company or subsidiaries of the Group
(5) Limited use but still presented as cash and cash equivalents
Unit: RMB
Item The current period Amount in previous period Reasons for classified ascash and cash equivalents
This was the capital within
the pre-sale supervision
quota of the project. Potevio
could apply for paying the
Pre-sale funds of Lake City 306932570.99 222638954.72 construction expenditure andProject relevant statutory taxes of
the project in accordance
with the relevant regulations
on the supervision of pre-
sale funds.This was the capital within
the pre-sale supervision
quota of the project. Potevio
could apply for paying the
Pre-sale funds of Shenyang
Digital Intelligent City Project 2976937.58 0.00
construction expenditure and
relevant statutory taxes of
the project in accordance
with the relevant regulations
on the supervision of pre-
sale funds.This was the capital within
the pre-sale supervision
quota of the project. Potevio
Pre-sale funds of could apply for paying the
Guangming Yutang Shangfu 0.00 249758757.74 construction expenditure and
Project relevant statutory taxes ofthe project in accordance
with the relevant regulations
on the supervision of pre-
sale funds.Total 309909508.57 472397712.46
(6) Monetary funds not classified as cash and cash equivalents
2212025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Item The current period Amount in previous period Reasons for not classified ascash and cash equivalents
Other explanations:
(7) Notes on other significant activities
78. Notes to the statements of changes in owners' equity
Specify the name of "others" items adjusted to the ending balance of the previous year the adjusted
amount and other matters:
Not applicable
79. Foreign currency monetary items
(1) Foreign currency monetary items
Unit: RMB
Item Ending balance of foreign Exchange rate of conversion Ending balance of translatedcurrency RMB
Monetary funds 73545083.29
Including: USD 120000.00 7.0288 843456.00
EUR
HKD 68456880.28 0.9032 61831623.41
VND 40559716029.00 0.000268 10870003.88
Accounts receivable
Including: USD
EUR
HKD
VND 16926227486.00 0.000268 4536229.01
Long-term borrowings
Including: USD
EUR
HKD
Prepayment 35326.36
Including: USD
VND 30539568.00 0.0002680 8184.60
HKD 30050.00 0.9032 27141.76
Other receivables 5121632.59
Including: USD
VND 851129966.00 0.0002680 228102.83
HKD 5417871.35 0.9032 4893529.76
Accounts payable 1215563.87
Including: USD
2222025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
VND 4346953546.00 0.0002680 1164983.55
HKD 56000.00 0.9032 50580.32
Other payables 5268205.47
Including: USD
VND 4249024141.00 0.0002680 1138738.47
HKD 4571939.28 0.9032 4129467.00
Other explanations:
(2) Description of foreign operating entities including for significant foreign operating entities
disclosure of their principal place of business outside of the country the recording currency
and the basis of selection and disclosure of the reasons for any change in the recording
currency
□ Applicable ? Not applicable
Item Main premise Recording Basis for selection of recordingoverseas currency currency
Shum Yip Properties Hong Kong HKD The company is located in Hong KongDevelopment Limited and is mainly settled in HKD
Vietnam Shenzhen International
Trade Center Property Vietnam VND The company is located in Vietnam and
Management Co. Ltd. mainly settles in VND
80. Lease
(1) The Company acted as lessee:
□ Applicable ? Not applicable
Variable lease payments not included in the measurement of lease liabilities
? Applicable □ Not applicable
Lease expense of short-term leases or low-value assets with simplified treatment
□ Applicable ? Not applicable
Item Amount in the current period
Short-term leases expenses 4092451.87
Low-value lease expenses
Variable lease payments not included in the measurement of lease liabilities
Total 4092451.87
The total cash outflow related to leases for the current year (including the portion measured as lease
liabilities the simplified short-term lease expenses and low-value asset lease expenses and the sale-
and-leaseback portion) was RMB 36611647.48.Situations involving sale and leaseback transactions
In December 2023 the Company signed a sale and leaseback contract with Maxwealth Financial
Leasing Co. Ltd. agreeing to transfer part of the office facilities with a leaseback period of 48 months.
2232025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Since the fixed assets had not been transferred to the buyer from beginning to end it was judged that it
did not belong to sales and the payment received was accounted for as a liability.
(2) The Company acted as the lessor
Operating lease as lessor
□ Applicable ? Not applicable
Unit: RMB
Including: revenue related to variable
Item Lease income lease payments not included in lease
receipts
Lease item 179189706.94
Total 179189706.94
Financing lease as the lessor
? Applicable □ Not applicable
Undiscounted lease receipts for each of the next five years
□ Applicable ? Not applicable
Unit: RMB
Annual undiscounted lease receipts
Item
Ending amount Beginning amount
The First year 131345799.05 110941561.06
The Second year 92600290.28 77676433.74
The Third year 63579624.06 56801516.42
The Fourth year 42681268.05 37483824.97
The Fifth year 30994695.92 24132445.44
Total undiscounted lease receipts after
five years 9900601.74 15978340.37
Reconciliation of undiscounted lease receipts and net lease investment
(3) Recognize the profit or loss from financing lease sales as a manufacturer or distributor
? Applicable □ Not applicable
81. Data resources
Not applicable
82. Others
VIII. R&D expenditures
Unit: RMB
Item Amount in the current period Amount in the previous period
Personnel expenses 4714388.56 4816649.05
Depreciation and amortization
expenses 27532.62 28482.42
2242025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Others 100501.10 506676.97
Total 4842422.28 5351808.44
Including: expensed R&D expenditures 4842422.28 5351808.44
1. R&D projects eligible for capitalization
Unit: RMB
Increase in the current period Decrease in the current period
Item Beginning
Internal Recognized Transfer Ending
balance developme Others as into current balancent intangible profit or
expenses assets loss
Total
Significant capitalized R & D projects
Production method Timing of Specific basis for
Item R&D progress Estimatedcompletion time of expected capitalization capitalizationeconomic benefits commencement commencement
Provision for impairment of development expenses
Unit: RMB
Item Beginning balance Increase in the Decrease in thecurrent period current period Ending balance Impairment test
2. Important outsourced projects under research
Project Methods in which economic benefits Judgment criteria and specific basis forare expected to arise capitalization or expense
Other explanations:
IX. Changes in consolidation scope
1. Business combination not under common control
(1) Business combination not under common control occurred in the current period
Unit: RMB
Revenue Net profit Cash
of the of the flows ofDetermina the
Name of Time point Costs of Equity Methods tion basis
acquiree acquiree
Acquisitio from the from the acquiree
acquiree of equity equity acquisition of equity of theacquisition acquisition ratio acquisition n date acquisition acquisition acquisition
from the
acquisition
date date to the date to theend of the end of the date to the
period period end of theperiod
Other explanations:
2252025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Combination costs and goodwill
Unit: RMB
Combination costs
-- Cash
-- Fair value of non-cash assets
-- Fair value of debt issued or assumed
-- Fair value of equity securities issued
-- Fair value of the contingent consideration
-- Fair value of the equity held before the purchase date on
the acquisition date
-- Others
Total combination costs
Less: fair value share of net identifiable assets
Goodwill/combination cost less than the amount of fair
value share of net identifiable assets acquired
Determination method of fair value of combination cost:
Notes to contingent consideration and its changes
Main reasons for the formation of large goodwill:
Other explanations:
(3) Identifiable assets and liabilities of the acquiree on the acquisition date
Unit: RMB
Fair value on acquisition date Book value on acquisition date
Assets:
Monetary funds
Accounts receivable
Inventories
Fixed assets
Intangible assets
Liabilities:
Borrowing
Accounts payable
Deferred tax liabilities
Net assets
Less: minority equity
Net assets acquired
2262025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Determination method of fair value of identifiable assets and liabilities:
Contingent liabilities of the acquiree assumed in the business combination:
Other explanations:
(4) Gains or losses arising from the equity held before the acquisition date remeasured at fair
value
Whether there was a transaction that realized business combination step by step through multiple
transactions and obtained right of control during the reporting period
? Yes □ No
(5) Notes to the fair value of the combination consideration or the acquiree's identifiable assets
and liabilities that cannot be reasonably determined at the end of the purchase date or the
current period of the merger
(6) Other explanations
2. Business combination under common control
(1) Business combination under common control occurred in the current period
Unit: RMB
Revenue of Net profit of
the the
Ratio of Basis for combined combined Revenue of Net profit of
Name of equity constituting Determinati party from party from the the
the acquired in business on basis of the the combined combined
combined business combinatio
Combinatio
n date the beginning beginning party during party during
party combinatio n under combinatio of the of the the the
n common n date period to period to comparison comparisoncontrol the the period period
combinatio combinatio
n date n date
Other explanations:
(2) Combination costs
Unit: RMB
Combination costs
-- Cash
-- Book value of non-cash assets
-- Book value of debt issued or assumed
-- Par value of equity securities issued
-- Contingent consideration
Notes to contingent consideration and its changes:
2272025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
(3) Book value of the assets and liabilities of the combined party on the combination date
Unit: RMB
Combination date At the end of previous period
Assets:
Monetary funds
Accounts receivable
Inventories
Fixed assets
Intangible assets
Liabilities:
Borrowing
Accounts payable
Net assets
Less: minority equity
Net assets acquired
Contingent liabilities of the combined party assumed in the business combination:
Other explanations:
3. Counter purchase
Basic information of the transaction basis for the transaction to constitute a reverse purchase whether
the assets and liabilities retained by the listed company constitute a business and the basis thereof
determination of the combination cost and the amount of equity adjusted when the transaction is
treated as an equity transaction and its calculation:
4. Disposal of subsidiaries
Whether there were any transactions or events during the period in which control over the subsidiary is
lost
? Yes □ No
Whether there are multiple transactions and step-by-step disposal of the investment in a subsidiary
leading the loss of the control right over the subsidiary in the current period
? Yes □ No
2282025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
5. Change of consolidation scope due to other reasons
Describe changes in the scope of consolidation due to other reasons (e.g. establishment of new
subsidiaries liquidation of subsidiaries etc.) and the related situations:
The subsidiary Huiheng Development Co. Ltd. completed its cancellation registration on April 3 2025.
6. Others
X. Equity in other entities
1. Equity in the subsidiaries
(1) Compositions of the Group
Unit: RMB
Name of Registered Registration Shareholding ratio Method of
subsidiaries capital Main premise place Business nature Direct Indirect acquisition
Shenzhen
Huangcheng Real estate
Real Estate Co. 30000000.00 Shenzhen Shenzhen development 100.00% Establishment
Ltd. and operation
Shenzhen
Wuhe Industry Real estate
Investment and 100000000.00 Shenzhen Shenzhen leasing 100.00% Establishment
Development operation
Co. Ltd.Shenzhen
Facility Software and Business
Management 15453000.00 Shenzhen Shenzhen informationtechnology 35.00%
combination not
Community Co. under common
Ltd. services control
Beijing Facility
Management Software and Business
Community 5000000.00 Beijing Beijing information 17.85% combination not
Technology Co. technology under common
Ltd. services control
SZPRD Xuzhou
Dapeng Real Real estate
Estate 50000000.00 Xuzhou Xuzhou development 100.00% Establishment
Development and operation
Co. Ltd.Dongguan ITC
Changsheng Real estate
Real Estate 20000000.00 Dongguan City Dongguan City development 100.00% Establishment
Development and operation
Co. Ltd.SZPRD
Yangzhou Real Real estate
Estate 50000000.00 Yangzhou City Yangzhou City development 100.00% Establishment
Development and operation
Co. Ltd.Shenzhen
International
Trade Center
Property 20000000.00 Shenzhen Shenzhen
Property
management 100.00% Establishment
Management
Co. Ltd.Shenzhen
Guomaomei Life 5000000.00 Shenzhen Shenzhen PropertyService Co. management 100.00% Establishment
Ltd.Shandong
Shenzhen 5000000.00 Jinan Jinan Property 100.00% Establishment
International management
Trade Center
2292025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Name of Registered Registration Shareholding ratio Method of
subsidiaries capital Main premise place Business nature Direct Indirect acquisition
Property
Management
Co. Ltd.Chongqing
Shenguomao
Real Estate 5000000.00 Chongqing Chongqing Property
Management management
100.00% Establishment
Co. Ltd.Chongqing
Aobo Elevator 5000000.00 Chongqing Chongqing Construction
Co. Ltd. and installation
100.00% Establishment
Shenzhen
Tianque
Elevator 5000000.00 Shenzhen Shenzhen Constructionand installation 100.00% EstablishmentTechnology Co.Ltd.Shenzhen
International
Trade Center
Mechanical and 1200000.00 Shenzhen Shenzhen Construction
Electrical and installation
100.00% Establishment
Equipment Co.Ltd.Shenzhen
Guomao Catering
Catering Co. 2000000.00 Shenzhen Shenzhen services 100.00% Establishment
Ltd.Shenzhen
Property
Engineering and Engineering
Construction 3000000.00 Shenzhen Shenzhen supervision 100.00% Establishment
Supervision Co. services
Ltd.Shenzhen
Property Real estate
Commercial 40000000.00 Shenzhen Shenzhen leasing 100.00% Establishment
Operation Co. operation
Ltd.Shum Yip
Properties Real estate
Development 20000000.00
1 Hong Kong Hong Kong leasing 100.00% Establishment
Limited operation
Yangzhou
Slender West
Lake Jingyue 10000000.00 Yangzhou City Yangzhou City PropertyProperty management 51.00% Establishment
Development
Co. Ltd.Shandong
Shenzhen ITC
Hotel 3000000.00 Jinan Jinan Cateringservices 100.00% EstablishmentManagement
Co. Ltd.Shenzhen
ShenShan
Special
Cooperation
Zone Shenzhen
International 5000000.00 Shenzhen Shenzhen Propertymanagement 65.00% EstablishmentTrade Center
Property
Management
Development
Co. Ltd.Shenzhen ITC
Tongle Property Property
Management 2000000.00 Shenzhen Shenzhen management 51.00% Establishment
Co. Ltd.
2302025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Name of Registered Registration Shareholding ratio Method of
subsidiaries capital Main premise place Business nature Direct Indirect acquisition
Shenzhen
Rongyao Real Real estate Business
Estate 10000000.00 Shenzhen Shenzhen development 69.00% combination not
Development and operation under common
Co. Ltd. control
Shenzhen ITC Business
Technology
Park Service 30000000.00 Shenzhen Shenzhen
Property combinations
management 100.00% under common
Co. Ltd. control
Shenzhen ITC
Chuntian Real estate Business
Commercial 20000000.00 Shenzhen Shenzhen leasing 100.00% combinations
Management operation under common
Co. Ltd. control
Shenzhen
Penghongyuan Real estate Business
Industrial 8000000.00 Shenzhen Shenzhen leasing 100.00% combinations
Development operation under common
Co. Ltd. control
Shenzhen
Jinhailian Business
Property 3000000.00 Shenzhen Shenzhen Property 100.00% combinations
Management management under common
Co. Ltd. control
Shenzhen Business
Social Welfare 35000000.00 Shenzhen Shenzhen Property 100.00% combinations
Co. Ltd. management under commoncontrol
Shenzhen
Fuyuanmin Business
Property 10000000.00 Shenzhen Shenzhen Property 100.00% combinations
Management management under common
Co. Ltd. control
Shenzhen
Meilong Real estate Business
Industrial 5000000.00 Shenzhen Shenzhen leasing 100.00% combinations
Development operation under common
Co. Ltd. control
Shenzhen ITC Business
Shenlv Garden 10600000.00 Shenzhen Shenzhen Property combinations
Co. Ltd. management
90.00% under common
control
Shenzhen
Jiayuan Business
Property 1000000.00 Shenzhen Shenzhen Property 54.00% combinations
Management management under common
Co. Ltd. control
Shenzhen
Helinhua Real estate Business
Construction 3000000.00 Shenzhen Shenzhen leasing 90.00% combinations
Management operation under common
Co. Ltd. control
Shenzhen
Kangping Real estate
Business
combinations
Industrial Co. 1000000.00 Shenzhen Shenzhen leasing 90.00%operation under commonLtd. control
Shenzhen Real estate Business
Sports Service 3300000.00 Shenzhen Shenzhen leasing 100.00% combinations
Co. Ltd. operation under commoncontrol
Shenzhen Business
Jiaoshizhijia Real estate
Training Co. 1660000.00 Shenzhen Shenzhen leasing 100.00%
combinations
operation under commonLtd. control
Shenzhen 4985610.00 Shenzhen Shenzhen Real estate 100.00% Business
Education leasing combinations
2312025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Name of Registered Main premise Registration
Shareholding ratio
Business nature Method ofsubsidiaries capital place Direct Indirect acquisition
Industry Co. operation under common
Ltd. control
Shenzhen Yufa Real estate Business
Industrial Co. 1050000.00 Shenzhen Shenzhen leasing 80.95% combinations
Ltd. operation under commoncontrol
Shenzhen
SZPRD Real estate
Fuyuantai 10000000.00 Shenzhen Shenzhen development 100.00% Establishment
Development and operation
Co. Ltd.Xiamen
Shenzhen ITC
Chancheng 5000000.00 Xiamen Xiamen Property
Smart Service management
51.00% Establishment
Co. Ltd.Vietnam
Shenzhen
International
Trade Center 200000.002 Vietnam Vietnam Property
Property management
100.00% Establishment
Management
Co. Ltd.Shenzhen
SZPRD Swallow Real estate
Lake 10000000.00 Shenzhen Shenzhen development 100.00% Establishment
Development and operation
Co. Ltd.Shenzhen
Guangming Real estate
Wuhe Real 50000000.00 Shenzhen Shenzhen development 100.00% Establishment
Estate Co. Ltd. and operation
Dongguan Real estate
Wuhe Real 50000000.00 Dongguan City Dongguan City development 100.00% Establishment
Estate Co. Ltd. and operation
Shenzhen Business
Property 7250000.00 Shenzhen Shenzhen PropertyManagement management 100.00%
combinations
under common
Co. Ltd. control
Shenzhen Business
Shenwu
Elevator Co. 3500000.00 Shenzhen Shenzhen
Construction combinations
and installation 100.00% under common
Ltd. control
Shenzhen
Shenfang Business
Property 1000000.00 Shenzhen Shenzhen Property 100.00% combinations
Cleaning Co. management under common
Ltd. control
Shenzhen
Foreign Trade Business
Property 5000000.00 Shenzhen Shenzhen Property combinations
Management management
100.00% under common
Co. Ltd. control
Shenzhen
Shenfubao Business
Property 15000000.00 Shenzhen Shenzhen Property 100.00% combinations
Development management under common
Co. Ltd. control
Shenzhen
Fubao Urban Business
Resources 5000000.00 Shenzhen Shenzhen Property combinations
Management management
60.00% under common
Co. Ltd. control
Shenzhen
10000000.00 Shenzhen Shenzhen Construction
Business
Shenfubao and installation 100.00% combinations
Municipal under common
2322025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Name of Registered Registration Shareholding ratio Method of
subsidiaries capital Main premise place Business nature Direct Indirect acquisition
Service Co. control
Ltd.Shenzhen Free Business
Trade Zone
Security Service 2000000.00 Shenzhen Shenzhen
Property
management 100.00%
combinations
under common
Co. Ltd. control
Shenzhen
Wuhe Urban Real estate
Renewal Co. 195000000.00 Shenzhen Shenzhen development 100.00% Establishment
Ltd. and operation
Yangzhou Real estate
Wuhe Real 50000000.00 Yangzhou City Yangzhou City development 67.00% Establishment
Estate Co. Ltd. and operation
Shenzhen
Tonglu Wuhe Real estate
Investment 10000000.00 Shenzhen Shenzhen leasing 100.00% Establishment
Development operation
Co. Ltd.Shenzhen ITC
Space Service 2800000.00 Shenzhen Shenzhen Propertymanagement 55.00% EstablishmentCo. Ltd.Note: 1 HKD
2 USD
Notes to the differences between the shareholding ratio and the proportion of voting rights in the
subsidiary:
In May 2021 the Company's subsidiary Shenzhen Wuhe Industry Investment and Development Co.Ltd. (Wuhe Industry Investment and Development for short) acquired 35% of the equity of Shenzhen
Facility Management Community Co. Ltd. (Facility Management Community for short) through equity
acquisition and targeted capital increase. At the same time according to the equity acquisition
cooperation framework agreement signed by the Wuhe Industry Investment and Development and the
original shareholders from the date of completion of the transaction the original shareholders
unconditionally granted 16% of the voting right of the equity in the Facility Management Community
they held or actually controlled to the Wuhe Industry Investment and Development. The grant of the
voting right had no preconditions and the term of the voting right was not stipulated in the contract.The basis for holding half or less than half of the voting rights but still controlling the investees and
holding more than half of the voting rights but not controlling the investees:
Not applicable
Basis of controlling significant structured entities incorporated in the consolidation scope:
Not applicable
Basis for determining whether the firm is agent or principal:
Not applicable
Other explanations:
(2) Significant non-wholly-owned subsidiaries
Unit: RMB
Profit or loss Dividends declared to
Name of subsidiaries Shareholding ratio by attributable to minority be distributed to
Balance of minority
minority shareholders shareholders in this minority shareholders interests as at the end
period in this period of the period
2332025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen Rongyao
Real Estate 31.00% -31294351.14 -170466250.94
Development Co. Ltd.Yangzhou Wuhe Real
Estate Co. Ltd. 33.00% -692222.96 -40455251.52
Notes to the differences between the shareholding ratios by minority shareholders in subsidiaries and
the corresponding voting ratios:
Other explanations:
(3) Key financial information of significant non-wholly-owned subsidiaries
Unit: RMB
Ending balance Beginning balance
Name of
subsidiarie
s Current
Non- Non- Non- Non-
assets current
Total Current Total Current Total Current Total
assets assets liabilities
current current current
liabilities liabilities assets assets assets liabilities liabilities liabilities
Shenzhen
Rongyao
Real
Estate 7296881 9032328 7387204 7936333 762466.4 7937095 6725051 1402174 6865268 3821045 3493164 7314210
Developm 676.92 3.90 960.82 402.25 7 868.72 372.49 99.61 872.10 512.12 972.23 484.35
ent Co.Ltd.Yangzhou
Wuhe
Real 1635161 215155.8 1635376 1511198 2467698 1757968 1429178 673371.4 1429852 1311427 2389188 1550346
Estate 182.59 5 338.44 139.38 70.34 009.72 920.12 9 291.61 424.41 93.14 317.55
Co. Ltd.Unit: RMB
Amount in the current period Amount in the previous period
Name of
subsidiaries Operating
Total Cash flows Operating Total Cash flows
revenue Net profit comprehensiv from operatinge income activities revenue
Net profit comprehensiv from operating
e income activities
Shenzhen
Rongyao Real - - - - -
Estate 100949295.6 100949295.6 3336247191.84 425822985.6 425822985.6 231418503.1Development 5 5 0 0 5
Co. Ltd.Yangzhou
Wuhe Real - - -
Estate Co. -2097645.34 -2097645.34
-
64620767.91135982753.5135982753.5294336494.2
Ltd. 3 3 8
Other explanations:
(4) Significant restrictions on the use of assets of the Group by subsidiaries and liquidation of
debts of the Group
(5) Financial support or other supports provided to structured entities included into the scope of
consolidated financial statements
Other explanations:
2342025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2. Transactions leading to changes in the share of owners' equity in subsidiaries and still
controlling the subsidiaries
(1) Explanation of changes in the share of owners' equity in subsidiary
(2) Impact of the transaction on minority interests and owners' equity attributable to the parent
company
Unit: RMB
Purchase cost/disposal consideration
-- Cash
-- Fair value of non-cash assets
Total purchase cost/disposal consideration
Less: share of net assets of subsidiary calculated according
to the ratio of equity acquired/disposed
Difference
Including: adjustment of capital reserve
Adjustment of surplus reserves
Adjustment of undistributed profits
Other explanations:
3. Equity in joint ventures or associates
(1) Significant joint ventures or associates
Shareholding ratio Accounting
Name of joint
ventures or Main premise Registration Business
treatment for
place nature investment inassociates Direct Indirect joint ventures
or associates
Shenzhen
Property Jifa Shenzhen Shenzhen Warehousing 25.00% 25.00% Accounting byWarehousing services equity method
Co. Ltd.Shenzhen
Tian'an
International
Building Shenzhen Shenzhen Propertymanagement 50.00%
Accounting by
Property equity method
Management
Co. Ltd.China
Construction
Engineering
Corporation
Group Smart Shenzhen Shenzhen
Commercial Accounting by
services 10.00% equity method
Parking
Technology
Co. Ltd.Notes to the difference between the shareholding ratio and the proportion of voting rights in the joint
ventures or associates:
2352025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Basis for holding less than 20% voting right but with significant influence or holding 20% or more voting
right but without significant influence:
(2) Key financial information of significant joint ventures
Unit: RMB
Ending balance/amount incurred in the current Beginning balance/amount incurred in previous
period period
Jifa Warehousing Tian'an PropertyManagement Jifa Warehousing
Tian'an Property
Management
Current assets 489921347.59 56331457.00 611947126.30 57343010.43
Including: cash and
cash equivalents 91412909.55 28913566.97 214143035.38 36335565.40
Non-current assets 11838.69 31676.49 284847.56 44161.33
Total assets 489933186.28 56363133.49 612231973.86 57387171.76
Current liabilities 25039956.54 30130956.02 147518773.45 29195202.15
Non-current liabilities 16853016.59 16713827.17
Total liabilities 25039956.54 46983972.61 147518773.45 45909029.32
Minority interests
Equity attributable to
shareholders of the 464893229.74 9379160.88 464713200.41 11478142.44
parent company
Net asset share
calculated based on 232446614.87 4689580.44 232356600.21 5739071.22
shareholding ratio
Adjusted matters
-- Goodwill
-- unrealized profit of
internal transactions
-- Others
Book value of equity
investment in joint 232446615.63 4689580.45 232356600.97 5739071.23
ventures
Fair value of equity
investments in joint
ventures with publicly
quoted prices
Operating revenue 9544127.63 12281629.12 4795838.23 11355950.99
Financial expenses -73491.22 -1062195.08 -50468.13 -430563.58
Income tax expenses 7664619.18 122861946.86
Net profit 180029.33 -2098981.56 368581564.93 -2623732.21
Net profit from
discontinued
operations
Other comprehensive
income
Total comprehensive 180029.33 -2098981.56 368581564.93 -2623732.21
2362025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ending balance/amount incurred in the current Beginning balance/amount incurred in previous
period period
Jifa Warehousing Tian'an Property Jifa Warehousing Tian'an PropertyManagement Management
income
Dividends received
from joint ventures
during the year
Other explanations:
(3) Key financial information of significant associates
Unit: RMB
Ending balance/amount incurred in the Beginning balance/amount incurred in
current period previous period
China Construction Science And China Construction Science And
Industry Corporation LTD Industry Corporation LTD
Current assets 283525967.43 292106487.07
Non-current assets 298963156.58 88143320.13
Total assets 582489124.01 380249807.20
Current liabilities 297287838.30 173994765.30
Non-current liabilities 72191241.06 20359252.41
Total liabilities 369479079.36 194354017.71
Minority interests
Equity attributable to shareholders of
the parent company 213010044.65 185895789.49
Net asset share calculated based on
shareholding ratio 21301004.47 18589578.95
Adjusted matters
-- Goodwill
-- unrealized profit of internal
transactions
-- Others
Book value of equity investments in
associates 31866381.31 30092133.32
Fair value of equity investments in
associates with publicly quoted prices
Operating revenue 335646878.39 260448745.66
Net profit 18901818.83 12445936.25
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income 18901818.83 12445936.25
Dividends received from associates
during the year 115933.90 93455.02
2372025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
(4) Summarized financial insignificant of unimportant joint ventures and associates
Unit: RMB
Ending balance/amount incurred in the Beginning balance/amount incurred in
current period previous period
Joint ventures:
Total amounts of the following items
calculated at shareholding ratio
Associates:
Total amounts of the following items
calculated at shareholding ratio
Other explanations:
(5) Description of significant restrictions on the ability of joint ventures or associates to transfer
funds to the Company
(6) Excess losses incurred by joint ventures or associates
Unit: RMB
Name of joint ventures or Accumulated unrecognized Losses not recognized in the Accumulated unrecognized
associates losses accumulated in current period (or net profit losses at the end of theprevious periods shared in the current period) current period
Other explanations:
(7) Unrecognized commitments related to investments in joint ventures
(8) Contingent liabilities related to joint ventures or investments in associates
4. Important joint operation
Joint operation Shareholding ratio/share enjoyed (%)
name Main premise Registration place Business nature Direct Indirect
Notes to the difference between the shareholding ratio and the proportion of voting rights in joint
operations:
If the joint operations is a separate entity the basis for classifying it as joint operations:
Other explanations:
2382025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
5. Equity in the structured entities not included in the scope of consolidated financial
statements
Related notes to structuring subjects not included in the scope of consolidated financial statements in
the current period:
Not applicable
6. Others
XI. Government grants
1. Government grants not recognized by amounts receivable at the end of the reporting period
? Applicable □ Not applicable
Reasons for not receiving the expected amounts of government grants at the expected time
? Applicable □ Not applicable
2. Liability items involving government grants
? Applicable □ Not applicable
3. Government grants included in the current profit or loss
□ Applicable ? Not applicable
Unit: RMB
Accounting item Amount in the current period Amount in the previous period
Other income 13361936.00 3059786.92
Other explanations:
XII. Risks associated with financial instruments
1. Various risks arising from financial instruments
The Company's main financial instruments include cash and cash equivalents accounts receivable
other receivables other current assets investments in other equity instruments accounts payable
other payables short-term borrowings non-current liabilities due within one year long-term borrowings
bonds payable lease liabilities and long-term payables. Details of each financial instrument have been
disclosed in the relevant notes. The risks related to these financial instruments and the risk
management policies adopted by the Company to mitigate these risks are described below. The
Company's management manages and monitors these exposures to ensure that the risks are controlled
within certain limits.
(1) Risk management objectives and policies
The main risks arising from the Company's financial instruments are credit risk liquidity risk and market
risk (including foreign exchange rate risk interest rate risk and commodity price risk).The Company's goal in risk management is to strike an appropriate balance between risk and return
minimize the negative impact of risk on the Company's operating performance and maximize the
benefits of shareholders and other equity investors. Based on this risk management objective the
Company's basic risk management strategy is to determine and analyze various risks faced by the
company establish an appropriate risk tolerance bottom line and risk management and timely and
reliable supervision of various risks to control the risk within the limited scope.
2392025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The Company diversifies the risks of financial instruments through appropriate diversified investments
and business portfolios and reduces risk concentrated on a single industry a specific region or a
specific counterparty by formulating appropriate risk management policies.a. Credit risk
Credit risk refers to the risk that the Company will incur financial losses due to the failure of the
counterparty to perform its contractual obligations.The Company manages the credit risk by portfolio. Credit risk mainly arises from bank deposits
accounts receivable other receivables etc.The Company's bank deposits are mainly deposited in state-owned banks and other large and medium-
sized listed banks and the Company expects that there is no significant credit risk in the bank deposits.For accounts receivable and other receivables the Company has set up relevant policies to control the
exposure of credit risk. The Company evaluates the credit qualifications of customers and sets the
corresponding credit period based on the financial status credit history and other factors such as the
current market conditions of customers. The COOEC would monitor the customers' credit records
periodically; as for the customers with bad credit records the COOEC would adopt the methods
including requesting a payment in writing or shortening or canceling credit term so as to keep the
COOEC's overall credit risks within controllable scope.The debtors of the Company's accounts receivable are customers distributed in different industries and
regions. The Company continuously conducts credit evaluations on the financial status of accounts
receivable and purchases credit guarantee insurance when appropriate.The maximum credit risk exposure of the Company shall be the carrying amount of each financial asset
in the balance sheet. The Company has not provided any other guarantee that may subject the
Company to credit risk.In the Company's accounts receivable the accounts receivable of the top five companies in arrears
accounted for 36.69% of the Company's total accounts receivable (2024: 49.49%); in the Company's
other receivables the other receivables of the top five companies in arrears accounted for 86.79%
(2024: 86.94%) of the total other receivables of the Company.
b. Liquidity risk
Liquidity risk refers to the risk that the Company will encounter a shortage of funds when fulfilling its
obligations to settle in cash or other financial assets.When managing liquidity risk the Company maintains cash and cash equivalents that the Management
believes are sufficient and monitors them to meet the Company's operational needs and reduce the
impact of cash flows fluctuations. The Management of the Company monitors the use of bank
borrowings and ensures compliance with the loan agreement. At the same time the Company has
obtained commitments from major financial institutions to provide sufficient standby funds to meet
short-term and long-term funding needs.The Company finances its working capital through funds generated from its operations and bank and
other borrowings.At the end of the period the financial liabilities and off-balance guarantee items held by the Company
were analyzed as follows according to the maturity of the undiscounted remaining contractual cash
flows (unit: RMB10000):
Ending balance
Item
Within 1 year Within 1 to 3 years More than 3years Total
Financial liabilities:
Short-term borrowings and long-term 92034.54 351081.68 3124.73 446240.95
2402025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ending balance
Item
Within 1 year Within 1 to 3 years More than 3years Total
borrowings
Accounts payable 87564.30 87564.30
Other payables 118928.51 1220.27 120148.78
Non-current liabilities maturing within
one year 386523.53 386523.53
Other current liabilities (excluding
deferred income) 5888.61 5888.61
Bonds payable 54823.67 54823.67
Lease liabilities 1269.78 538.98 1808.76
Long-term payables 39947.10 39947.10
Total financial liabilities and
contingent liabilities 690939.49 447122.23 4883.98 1142945.70
At the end of the previous year the financial liabilities and off-balance guarantee items held by the
Company were analyzed according to the maturity of the undiscounted remaining contractual cash
flows as follows (unit: RMB10000):
Balance as at the end of the previous year
Item
Within 1 year Within 1 to 3 years More than 3years Total
Financial liabilities:
Short-term borrowings and long-term
borrowings 18241.68 459942.67 34740.89 512925.24
Accounts payable 104309.23 104309.23
Other payables 121914.87 1220.27 123135.14
Non-current liabilities maturing within
one year 50868.12 50868.12
Other current liabilities (excluding
deferred income) 2318.63 2318.63
Lease liabilities 1373.57 941.53 2315.10
Long-term payables 1822.49 44368.28 46190.77
Total financial liabilities and
contingent liabilities 299475.02 505684.52 36902.69 842062.23
The amount of financial liabilities disclosed in the above table was the undiscounted contractual cash
flows so it might be different from the book value in the balance sheet.c. Market risk
Market risk associated with financial instruments refers to the risk that fair value or future cash flows of
financial instruments fluctuate due to variations in market prices and it includes exchange rate risk
interest rate risk and other price risks.Interest rate risk
Interest rate risk refers to the risk of fluctuations in the fair value or future cash flows of financial
instruments arising from changes in market interest rates. Interest rate risk can arise from recognized
interest-bearing financial instrument and unrecognized financial instrument (e. g. certain loan
2412025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
commitment).The Company's interest rate risk mainly arises from bank borrowings. Financial liabilities with floating
interest rates expose the Company to cash flows interest rate risk and financial liabilities with fixed
interest rate expose the Company to fair value interest rate risk. The Company determines the relative
ratio of fixed interest rate and floating rate contracts based on the prevailing market conditions and
maintains an appropriate mix of fixed and floating rate instruments through regular review and
monitoring.The Company closely monitors the impact of fluctuation in interest rate changes on the Company's
interest rate risk. The Company does not currently have an interest rate hedging policy. However the
Management is responsible for monitoring interest rate risk and will consider hedging significant interest
rate risk when required. Rising interest rates will increase the cost of new interest-bearing debt and the
interest expenses of the Company's outstanding interest-bearing debt at floating rates and have a
significant adverse impact on the Company's financial performance. The Management will make timely
adjustments based on the latest market conditions which may be interest rate swaps to reduce interest
rate risk.The interest-bearing financial instruments held by the Company are as follows (unit: RMB10000):
Item Amount in this period Amount in previous period
Fixed interest rate financial instruments
Financial liabilities
Including: short-term borrowings 44945.82 19016.55
Long-term borrowings maturing within
one year 385088.31 49825.99
Long-term borrowings 368159.49 475531.46
Total 798193.62 544374.00
At the end of the period if the interest rate on floating-rate borrowings increases or decreases by 25
basis points while other factors remain unchanged the Company's net profit and shareholders' equity
will decrease or increase by approximately RMB 231300 (end of last year: RMB 126300).For financial instruments held on the balance sheet date that expose the Company to fair value interest
rate risk the impact of net profit and shareholders' equity in the above sensitivity analysis is the impact
after the above financial instruments are remeasured at the new interest rate assuming that the interest
rate changes on the balance sheet date. For floating rate non-derivatives held on the balance sheet
date that expose the Company to cash flows interest rate risk the impact of net profit and shareholders'
equity in the above sensitivity analysis is the impact of the above interest rate changes on interest
expenses or income estimated on an annual basis. The previous year's analysis was based on the
same assumptions and methodology.d. Exchange rate risk
Exchange rate risk refers to the risk that the fair value or future cash flows of the financial instrument
will fluctuate due to changes in foreign exchange rates. Exchange rate risk can arise from financial
instruments denominated in foreign currencies other than recording currency.The Company's main business is located in China and its main business is settled in RMB. However
there are still foreign exchange risks for the Company's recognized foreign currency assets and
liabilities and future foreign currency transactions (the valuation currencies of foreign currency assets
and liabilities and foreign currency transactions are mainly HKD VND and USD).At the end of the period the foreign currency financial assets and foreign currency financial liabilities
held by the Company are translated into RMB as follows (unit: RMB10000):
2422025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Foreign currency liabilities Foreign currency assets
Item Balance as at the Balance as at the
Ending balance end of the Ending balance end of the
previous year previous year
HKD 418.00 387.01 6675.23 6640.79
VND 230.37 283.75 1564.25 1390.38
USD 84.35 86.26
Total 648.37 670.76 8323.83 8117.43
The Company closely monitors the impact of fluctuation in exchange rate on the Company's exchange
rate risk. The Company is not currently taking any measures to avoid exchange rate risk. However the
Management is responsible for monitoring exchange rate risk and will consider hedging significant
exchange rate risk when required.At the end of the period for the Company's cash and cash equivalents denominated in foreign
currencies assuming that the RMB appreciates or depreciates by 10% against foreign currencies
(mainly against HKD VND and USD) while other factors remain unchanged the Company's
shareholders' equity and net profit will both increase or decrease by approximately RMB 5756600 (end
of last year: approximately RMB 7011200).
(2) Capital management
The objective of the Company's capital management policy is to ensure that the Company can continue
as a going concern thereby providing returns for shareholders and benefiting other stakeholders while
maintaining an optimal capital structure to reduce the cost of capital.To maintain or adjust the capital structure the Company may adjust financing methods adjust the
amount of dividends paid to shareholders return capital to shareholders issue new shares and other
equity instruments or sell assets to reduce the debt.The Company monitors its capital structure based on the debt-to-asset ratio (i.e. total liabilities divided
by total assets). At the end of the period the Company's debt-to-asset ratio was 79.04% (end of last
year: 78.88%).
2. Hedging
(1) The Company conducts hedging business for risk management
? Applicable □ Not applicable
(2) The Company conducts eligible hedging business and applies hedge accounting
Unit: RMB
Cumulative fair value
Book value related to hedge adjustment Hedge effectiveness Impact of hedge
Item the hedged item and included in the book and source of accounting on the
the hedging instrument value of the hedged ineffective part of Company's financial
item recognized hedge statements
Type of hedging risk
Type of hedging
Other explanations
2432025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(3) The Company conducts hedging business for risk management and is expected to achieve
risk management objectives but does not apply hedging accounting
? Applicable □ Not applicable
3. Financial assets
(1) Classification of transfer methods
? Applicable □ Not applicable
(2) Financial assets derecognition due to transfer
? Applicable □ Not applicable
(3) Continued involvement in the transfer of financial assets
? Applicable □ Not applicable
Other explanations
XIII. Disclosure of fair value
1. Ending fair value of assets and liabilities measured at fair value
Unit: RMB
Fair value as at the end of the period
Item Measured at the fair Measured at the fair Measured at the fair
value of the 1st level value of the 2nd level value of the 3rd level Total
I. Continuous
measurement of fair -- -- -- --
value
(I)Financial assets
held for trading 301765714.20 301765714.20
(III) Investments in
other equity 567317.70 567317.70
instruments
II. Measurement at fair
value not on a going -- -- -- --
concern
2. Basis for recognition of the market price of items measured at fair value of Level 1 on a going
and non-going concern
3. Qualitative and quantitative valuation techniques and important parameters of sustainable
and non-sustainable items measured on the basis of fair value of level 2
4. Continuous and non-continuous Level 3 fair value measurement items valuation techniques
used and the qualitative and quantitative information of important parameters
2442025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
5. The information of adjustment between the beginning and the end of the book value and
analysis on the sensitivity of the unobservable parameters of sustainable and non-sustainable
items measured on the basis of fair value of tier three
6. Continuous measurement items by fair value reason for conversion among all levels in the
current period and policies for determining the time of conversion
7. Change of valuation techniques in the current period and reason for change
8. Condition of fair value of financial assets and financial liabilities not measured at fair value
9. Others
XIV. Related parties and related party transactions
1. Parent company
Parent company's Parent company's
Name Registration place Business nature Registered capital shareholding voting rightspercentage in the percentage in the
Company Company
Shenzhen Limited liability
Investment Shenzhen company (wholly RMB 57.25% 57.25%
Holdings Co. Ltd. state-owned) 33586000000.00
Parent company
The ultimate controller of the Company is the State-owned Assets Supervision and Administration
Commission of Shenzhen Municipal People's Government.Other explanations:
2. Subsidiaries of the Company
See Note X.1 for details of the subsidiary of the Company.
3. Joint ventures and associates
See Note X.3 for details of important joint ventures or associates of the Company.Joint ventures and associates involved in the related-party transactions with the Company in the
Current Period or leading to balance due to the related party transaction they had with the Company in
previous periods:
Name of joint venture or associates Relationship with the Company
Other explanations:
2452025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4. Other related parties
Other related parties Relationship between other related parties with the COOEC
Shenzhen Xinhai Holdings The parent company of Xinhai Rongyao the minorityshareholders of the subsidiary Rongyao Real Estate
Shenzhen Xinhai Rongyao Real Estate Development Co. Minority shareholders of the subsidiary Rongyao Real
Ltd. Estate
Yangzhou Tourism Development Property Co. Ltd. Subsidiary Yangzhou Wuhe's minority shareholders
Shenzhen Qianhai Advanced Information Service Co. Ltd. Related parties of the minority shareholders of thesubsidiary Rongyao Real Estate
Shenzhen Tian'an International Building Property
Management Co. Ltd. Joint ventures of the Company
Shenzhen Property Jifa Warehousing Co. Ltd. Joint ventures of the Company
Shenzhen Wufang Ceramic Industry Co. Ltd. Associates of the Company
Chengdu Zunxi Land Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Dongguan Shenzhen Investment Holdings Investment
Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Guangdong Jianbang Group (Huiyang) Industrial Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Guoren P&C Insurance Co. Ltd. Subsidiary of the parent company
Hebei Shenbao Business Management Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Hebei Shenbao Investment Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Kunpeng Industrial Source Innovation Center (Shenzhen)
Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shantou Huafeng Real Estate Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shantou Hualin Real Estate Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Chuangke Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Credit Guarantee Group Co. Ltd. Subsidiary of the parent company
Shenzhen High-tech Zone Development and Construction
Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Petrel Hotel Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Convention and Exhibition Center Management
Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Special Economic Zone Real Estate &
Properties (Group) Co. Ltd. Subsidiary of the parent company
Shenzhen Talent Recruitment International (Group) Co.Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Light Industrial Products Import and Export Co.Ltd. Wholly-owned sub-subsidiary of the parent company
Research Institute of Tsinghua University in Shenzhen Subsidiary of the parent company
Shenzhen Total Logistics Service Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Shenzhen-Hong Kong Science and Technology
Innovation Park Operation and Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Shenzhen-Hong Kong Science and Technology
Innovation Cooperation Zone Development Co. Ltd. Subsidiary of the parent company
Shenzhen Shenshan Special Cooperation Zone Shenzhen
Investment Holdings Investment Development Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Baoshi Real Estate Co. Ltd. Subsidiary of a subsidiary (under the parent company)
2462025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other related parties Relationship between other related parties with the COOEC
Shenzhen Security Service Co. Ltd. Subsidiary of the parent company
Shenzhen Free Trade Zone Life Service Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Binjiang Industrial Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Chenglong Real Estate Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Urban Construction and Development (Group)
Co. Ltd. Subsidiary of the parent company
Shenzhen Grand Industrial Zone (Shenzhen Export
Processing Zone) Development Management Group Co. Wholly-owned sub-subsidiary of the parent company
Ltd.Shenzhen Legal Training Center Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Fubao Park Operation Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen High-tech Zone Investment and Development
Group Co. Ltd. Subsidiary of the parent company
Shenzhen Guohui Hotel Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Environmental Technology Group Co. Ltd. Subsidiary of the parent company
Shenzhen Environmental Engineering Science and
Technology Center Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen General Institute of Architectural Design and
Research Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Jiaotongchang Station Construction and
Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Leaguer Education Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Southern Certification Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Shenda Credit Enhancement Financing
Guarantee Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Shenfang Chuanqi Real Estate Development
Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Properties Group Longgang Development Co.Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Shenfubao (Group) Tianjin Industrial
Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Shenfubao (Group) Tianjin Investment and
Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Shenfubao (Group) Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Shenfubao East Investment and Development
Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Shentou Property Development Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Shenyue United Investment Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Water Planning&Design Institute Co. Ltd. Subsidiary of the parent company
Shenzhen Tefa Port Service Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Special Zone Literature Magazine Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Sports Industry Group Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Sports Fashion Culture and Sports Development
Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Sports Center Operation Management Co. Ltd. Wholly-owned subsidiary of the parent company
2472025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other related parties Relationship between other related parties with the COOEC
Shenzhen Tianjun Biotechnology Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Wancheng Logistics Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Wangyu Center Operation Management Co.Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Cultural Enterprise Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Renaissance Shenzhen Bay Hotel Branch of Shenzhen
Continental Hotel Management Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Courtyard by Marriott Shenzhen Bay Branch of Shenzhen
Continental Hotel Management Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Xingye Transportation Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Etong Digital Innovation and Development Co.Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Eternal Asia Supply Chain Management Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Tianjun Industrial Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Tianjun Investment Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Native Produce & Animal By-products & Tea I/E
Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Bay (Baoding) Innovation Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Bay Baolong Biological Innovation Investment
and Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Bay Technology Development Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Bay Area Urban Construction and Development
Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Xiangmihu International Exchange Center
Development Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Silver Lake Convention Center (Hotel) Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Infinova Limited Subsidiary of the parent company
Shenzhen Infinova Information Technology Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Infinova Smart Park Technology Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Hong Kong HOI PAN Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Haitian Building Property Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
China Shenzhen Foreign Trade (Group) Company Limited Wholly-owned subsidiary of the parent company
Shenzhen Investment Building Hotel Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Urban Construction Mingyuan Industrial Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Other explanations:
5. Related party transactions
(1) Related party transactions on purchase and sales of goods rendering and receipt of
services
Purchase of goods/receipt of services
Unit: RMB
2482025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Content of related Amount in the Approved Whether theRelated party Amount in theparty transactions current period transaction quota transaction quotais exceeded previous period
Guoren P&C
Insurance Co. Insurancepremiums 2665639.27 2647109.23Ltd.Shenzhen Credit
Guarantee Group Guarantee fee 56133.53
Co. Ltd.Shenzhen Special
Economic Zone
Real Estate & Managementservice fee 4454395.00 4494794.36Properties (Group)
Co. Ltd.Shenzhen Light
Industrial Products
Import and Export Catering services 13962.00 23692.08
Co. Ltd.Shenzhen Security Property service
Service Co. Ltd. fee 198000.00
Shenzhen Legal
Training Center Training expenses 119565.06 100223.49
Co. Ltd.Shenzhen Guohui Property service
Hotel Co. Ltd. fee 4445618.29
Shenzhen General
Institute of Project
Architectural architectural 2928196.42 5315400.00 4207808.07
Design and design services
Research Co. Ltd.Shenzhen
Leaguer Education Training expenses 360205.57
Co. Ltd.Shenzhen
Southern
Certification Co. Certification fee 42452.83
Ltd.Shenzhen Shenda
Credit
Enhancement
Financing Guarantee fee 274886.79
Guarantee Co.Ltd.Shenzhen
Shenfubao Catering services 611516.00 541145.00
(Group) Co. Ltd.Shenzhen Water
Planning & Design Consulting servicefees 56603.77Institute Co. Ltd.Shenzhen Tefa
Port Service Co. Property servicefee 260946.17 276742.05Ltd.Shenzhen Tianjun
Biotechnology Green plant
Development Co. maintenance 2592.45 75068.65
Ltd. service
2492025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Related party Content of related Amount in the Approved
Whether the
party transactions current period transaction quota transaction quota
Amount in the
is exceeded previous period
Shenzhen Cultural
Enterprise
Development Co. Activity fee 21138.94 74964.34
Ltd.Shenzhen Etong
Digital Innovation
and Development Catering services 31794.69
Co. Ltd.Shenzhen Eternal
Asia Supply Chain Catering services 21196.46
Management Ltd.Shenzhen Tianjun Compensation for
Industrial Co. Ltd. relocation 70296.23
Shenzhen Tianjun
Industrial Co. Ltd. Catering services 9312.00
Shenzhen Tianjun
Investment Green plant
Development Co. maintenance 183808.09 52638.20
Ltd. service
Shenzhen Native
Produce & Animal
By-products & Tea Activity fee 59325.00
I/E Co. Ltd.Shenzhen Bay
Technology Management
Development Co. service fee 65019674.57 61201000.00 62382807.01
Ltd.Shenzhen Infinova
Information Intelligent project
Technology Co. funds 11100.00
Ltd.China Shenzhen
Foreign Trade Management
(Group) Company service fee 101850.10
Limited
Sales of goods/ rendering of services
Unit: RMB
Related party Content of related partytransactions Amount in the current period
Amount in the previous
period
Chengdu Zunxi Land Co.Ltd. Property service fee 1865053.26 3480160.55
Dongguan Shenzhen
Investment Holdings
Investment Development Property service fee 3015849.04 3098470.59
Co. Ltd.Guangdong Jianbang Group
(Huiyang) Industrial Co. Ltd. Property service fee 392403.00 295724.00
Guoren P&C Insurance Co.Ltd. Property service fee 1292668.37 325538.86
Hebei Shenbao Business
Management Co. Ltd. Property service fee 1657323.45
2502025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Related party Content of related partytransactions Amount in the current period
Amount in the previous
period
Hebei Shenbao Investment
Development Co. Ltd. Project funds 2764543.00 44233142.45
Hebei Shenbao Investment
Development Co. Ltd. Property service fee 19474052.06 11892865.89
Kunpeng Industrial Source
Innovation Center Property service fee 728119.78 1339304.96
(Shenzhen) Co. Ltd.Shantou Huafeng Real
Estate Development Co. Property service fee 2279947.53 2249598.90
Ltd.Shantou Hualin Real Estate
Development Co. Ltd. Property service fee 18794.39 35320.76
Subsidiaries of Shenzhen
Investment Holdings Catering services 49320.80 88079.06
Shenzhen Chuangke
Development Co. Ltd. Property service fee 7849483.51 5317675.30
Shenzhen Credit Guarantee
Group Co. Ltd. Property service fee 4237119.44 4217529.68
Shenzhen High-tech Zone
Development and Property service fee 2606207.12 2521098.97
Construction Co. Ltd.Shenzhen Petrel Hotel Co.Ltd. Property service fee 453396.24
Shenzhen Convention and
Exhibition Center Property service fee 13330166.12 12406466.64
Management Co. Ltd.Shenzhen Special Economic
Zone Real Estate & Project funds 133675.95
Properties (Group) Co. Ltd.Shenzhen Special Economic
Zone Real Estate & Property service fee 7196064.40 3717334.17
Properties (Group) Co. Ltd.Shenzhen Talent
Recruitment International Property service fee 333240.97 443957.91
(Group) Co. Ltd.Research Institute of
Tsinghua University in Property service fee 2381629.15 2217409.49
Shenzhen
Shenzhen Total Logistics
Service Co. Ltd. Property service fee 2923946.63 2936775.96
Shenzhen Shenzhen-Hong
Kong Science and
Technology Innovation Park Property service fee 20981477.63 13318956.64
Operation and Development
Co. Ltd.Shenzhen Shenzhen-Hong
Kong Science and
Technology Innovation Project funds 3035991.92
Cooperation Zone
Development Co. Ltd.Shenzhen Shenzhen-Hong
Kong Science and Property service fee 10070896.13 2710293.10
Technology Innovation
2512025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Related party Content of related party Amount in the previoustransactions Amount in the current period period
Cooperation Zone
Development Co. Ltd.Shenzhen Shenshan Special
Cooperation Zone Shenzhen
Investment Holdings Property service fee 2287117.51 2099868.10
Investment Development
Co. Ltd.Shenzhen Baoshi Real
Estate Co. Ltd. Property service fee 6840220.54 3612660.76
Shenzhen Chenglong Real
Estate Development Co. Property service fee 1629711.29 1734921.21
Ltd.Shenzhen Urban
Construction and
Development (Group) Co. Property service fee 205415.09 273886.79
Ltd.Shenzhen Grand Industrial
Zone (Shenzhen Export
Processing Zone) Project funds 1269635.80 -206798.79
Development Management
Group Co. Ltd.Shenzhen Grand Industrial
Zone (Shenzhen Export
Processing Zone) Property service fee 1628878.28 664132.17
Development Management
Group Co. Ltd.Shenzhen Fubao Park
Operation Co. Ltd. Project funds 69473.85 184939.45
Shenzhen Fubao Park
Operation Co. Ltd. Property service fee 18301.58
Shenzhen High-tech Zone
Investment and
Development Group Co. Property service fee 18851.92 125538.20
Ltd.Shenzhen Environmental
Technology Group Co. Ltd. Supervision service fee 141509.43
Shenzhen Environmental
Technology Group Co. Ltd. Property service fee 5141483.43 5583897.63
Shenzhen Environmental
Engineering Science and Property service fee 566875.99
Technology Center Co. Ltd.Shenzhen Southern
Certification Co. Ltd. Property service fee 74213.21 74269.81
Shenzhen Shenfang
Chuanqi Real Estate Commercial service fee 750000.00
Development Co. Ltd.Shenzhen Shenfang
Chuanqi Real Estate Property service fee 1572089.22 266161.65
Development Co. Ltd.Shenzhen Properties Group
Longgang Development Co. Property service fee 366311.14 382009.37
Ltd.Shenzhen Shenfubao Property service fee 1334719.77 818633.95
(Group) Tianjin Industrial
2522025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Related party Content of related party Amount in the previoustransactions Amount in the current period period
Development Co. Ltd.Shenzhen Shenfubao
(Group) Tianjin Investment Property service fee 7469518.65 7403142.51
and Development Co. Ltd.Shenzhen Shenfubao
(Group) Co. Ltd. Project funds 121800.16
Shenzhen Shenfubao
(Group) Co. Ltd. Property service fee 2953668.31 4458923.38
Shenzhen Shenfubao East
Investment and Project funds 23477.06
Development Co. Ltd.Shenzhen Shenfubao East
Investment and Property service fee 767227.46 605151.13
Development Co. Ltd.Shenzhen Shentou Property
Development Co. Ltd. Property service fee 26490.57 52981.13
Shenzhen Shenyue United
Investment Co. Ltd. Property service fee 4785796.84 3656843.68
Shenzhen Special Zone
Literature Magazine Co. Ltd. Property service fee 34256.64 51384.96
Shenzhen Sports Industry
Group Co. Ltd. Project funds 3696271.96
Shenzhen Sports Industry
Group Co. Ltd. Property service fee 3247533.97
Shenzhen Sports Center
Operation Management Co. Property service fee 28178916.27 5279580.87
Ltd.Shenzhen Investment
Holdings Co. Ltd. Project funds -12137.73 3667431.09
Shenzhen Investment
Holdings Co. Ltd. Supervision service fee 155660.38
Shenzhen Investment
Holdings Co. Ltd. Property service fee 7911174.24 7242745.72
Shenzhen Wancheng
Logistics Co. Ltd. Project funds 451416.98
Shenzhen Cultural
Enterprise Development Co. Property service fee 323718.87 372727.92
Ltd.Renaissance Shenzhen Bay
Hotel Branch of Shenzhen
Continental Hotel Property service fee 283018.87 283018.87
Management Co. Ltd.Courtyard by Marriott
Shenzhen Bay Branch of
Shenzhen Continental Hotel Property service fee 188679.28 188679.28
Management Co. Ltd.Shenzhen Xingye
Transportation Co. Ltd. Property service fee 33027.52 27522.94
Shenzhen Bay (Baoding)
Innovation Development Co. Property service fee 804956.22 658180.89
Ltd.
2532025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Related party Content of related partytransactions Amount in the current period
Amount in the previous
period
Shenzhen Bay Baolong
Biological Innovation
Investment and Property service fee 2252056.95
Development Co. Ltd.Shenzhen Bay Technology
Development Co. Ltd. Property service fee 76239227.65 77800192.88
Shenzhen Bay Area Urban
Construction and Property service fee 1860384.10 1996166.98
Development Co. Ltd.Shenzhen Xiangmihu
International Exchange
Center Development Co. Property service fee 3029758.14 2408563.82
Ltd.Shenzhen Silver Lake
Convention Center (Hotel) Project funds 233119.27 337614.68
Co. Ltd.Shenzhen Silver Lake
Convention Center (Hotel) Supervision service fee 43867.92
Co. Ltd.Shenzhen Infinova Limited Property service fee 88556.50
Shenzhen Infinova Smart
Park Technology Co. Ltd. Consulting service fees 101581.14
China Shenzhen Foreign
Trade (Group) Company Property service fee 3261063.09 3053234.14
Limited
Shenzhen Haitian Building
Property Development Co. Property service fee 148563.88
Ltd.Purchase or sale of goods and rendering or receipt of labor services
(2) Management on commission/contract and commissioned management/contracting-out
Information on the trusteeship management and contracting by the COOEC:
Unit: RMB
Trust
Name of Name of Type of Start date of Termination Pricing basis of income/contractentrusting entrusted entrusted/contr entrustment/co date of custody ing incomeparty/contractin
g-out party party/contractor acted assets ntracting
entrustment/co income/contract recognized in
ntracting ing income the current
period
Shenzhen Shenzhen
Shentou Properties &
Property Resources Investment November 6 December 31 Market pricing 66718852.02
Development Development properties 2019 2026
Co. Ltd. (Group) Ltd.Shenzhen Shenzhen Free
Shenfubao Trade Zone
(Group) Co. Security Real estate
January 01 December 31
2025 2025 Market pricing 766857.32
Ltd. Service Co.Ltd.Shenzhen Shenzhen Real estate January 01 December 31 Market pricing 896553.36
2542025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Trust
Name of
entrusting Name of Type of Start date of
Termination Pricing basis of income/contract
party/contractin entrusted entrusted/contr entrustment/co
date of custody ing income
party/contractor acted assets ntracting entrustment/co income/contract recognized ing-out party ntracting ing income the current
period
Shenfubao Shenfubao 2025 2025
(Group) Co. Municipal
Ltd. Service Co.Ltd.Custody/contracting of related parties
Information on the entrustment management/contracting of the Company
Unit: RMB
Custody
Name of Name of Type ofentrusting entrusted/contr Starting date of
Termination Pricing basis of fees/contracting
party/contractin entrusted acting-out entrustment/co
date of custody -out fees
party/contractor ntracting-out entrustment/co fee/contracting- recognized ing-out party assets ntracting-out out fee the current
period
Information on the related-party management/contracting
(3) Related party leases
The COOEC acted as the lessor:
Unit: RMB
Lessee Type of leased asset Lease income recognized in Lease income recognized inthis period previous period
The COOEC acted as lessee:
Unit: RMB
Rental costs for short- Variable lease
term leases and low- payments not included Interest expense on
value asset leases for in the measurement of Paid rents lease liabilities Increase in right-of-useassets
Type of simplified processing (if lease liabilities (if assumed
Lessor leased applicable) applicable)
asset
Amount in Amount inthe Amount in
Amount in Amount in Amount in Amount in Amount in Amount in Amount in
the current previous the current
the the the the
period period previous
the current
period previous
the current
period previous
the current
period previousperiod period period period period
Shenzhen
Investment
Building Investment 887194.08 844905.00 69473.34 33604.31
Hotel Co. properties
Ltd.Shenzhen
High-tech
Zone
Developm Investment
ent and properties 110171.40 57415.65 49392.00 -422.03
Constructi
on Co.Ltd.Shenzhen Investment
Special properties 239714.28 237999.96 660000.00 660000.00 21736.67 51688.66
Economic
2552025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Rental costs for short- Variable lease
term leases and low- payments not included Interest expense on
value asset leases for in the measurement of Paid rents lease liabilities Increase in right-of-use
Type of simplified processing (if lease liabilities (if assumed
assets
Lessor leased applicable) applicable)
asset
Amount in Amount inthe Amount in
Amount in Amount in Amount in Amount in Amount inthe the the Amount in
Amount in
the current the current the current the current the current the
period previous period previous period previous period previousperiod period period period period
previous
period
Zone Real
Estate &
Properties
(Group)
Co. Ltd.Shenzhen
Petrel Investment
Hotel Co. properties 38243.62 52888.00 13200.00 11141.44 3131.51 235308.17
Ltd.Shenzhen
Shenfubao Investment
(Group) properties 179010.00 417328.20 470269.80 20159.19 41958.61
Co. Ltd.Shenzhen
Investment Investment 247497.25 2791192. 2739416. 261658.13 66246.71 7577837.Holdings properties 11 18 86
Co. Ltd.Shenzhen
Bay
Technolog
y Investment 1119654.Developm properties 36
ent Co.Ltd.Shenzhen
Binjiang Investment
Industrial properties 216184.69 303785.70
Co. Ltd.Hong Kong
HOI PAN
Developm Investment
ent Co. properties
192522.96146234.62
Ltd.Hebei
Shenbao
Investment Investment
Developm properties 4320.00
ent Co.Ltd.Related-party leases
(4) Related party guarantees
The Company as the guarantor
Unit: RMB
Whether the
The secured party Amount guaranteed Start date of Maturity date ofguarantee guarantee guarantee has beenfulfilled
Shenzhen Rongyao
Real Estate 3491331743.56 November 27 2019 November 20 2026 No
Development Co. Ltd.Yangzhou Wuhe Real
Estate Co. Ltd. 255747487.12 January 19 2024 January 18 2029 No
2562025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen
International Trade
Center Property 680000000.00 August 12 2025 August 12 2028 No
Management Co. Ltd.The Company as the guaranteed party
Unit: RMB
Guarantee Amount guaranteed Start date of Maturity date of
Whether the
guarantee guarantee guarantee has beenfulfilled
Shenzhen Shenda
Credit Enhancement
Financing Guarantee 16750000.00 March 29 2022 March 28 2025 Yes
Co. Ltd.Shenzhen Shenda
Credit Enhancement
Financing Guarantee 36850000.00 March 29 2022 March 28 2026 No
Co. Ltd.Shenzhen Shenda
Credit Enhancement
Financing Guarantee 13400000.00 March 29 2022 March 28 2027 No
Co. Ltd.Shenzhen Credit
Guarantee Group Co. 2732954.09 January 15 2024 January 15 2025 Yes
Ltd.Shenzhen Credit
Guarantee Group Co. 1478768.65 March 19 2024 March 19 2025 Yes
Ltd.Guoren P&C
Insurance Co. Ltd. 440000000.00 May 30 2025 May 29 2027 No
Guoren P&C
Insurance Co. Ltd. 84682000.00 August 27 2025 August 26 2028 No
Guoren P&C
Insurance Co. Ltd. 73027582.04 January 10 2024 No
Guoren P&C
Insurance Co. Ltd. 89983901.50 May 22 2023 No
Notes to related party guarantee
(5) Information on inter-bank lending of capital of related parties
Unit: RMB
Related party Amount borrowed Start date Maturity date Notes
Borrowed from
Lending
(6) Asset transfer and debt restructuring of related parties
Unit: RMB
Related party Content of related party Amount in the previoustransactions Amount in the current period period
(7) Remuneration of key officers
Unit: RMB
2572025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Amount in the current period Amount in the previous period
Remuneration of key officers 6762600.04 10738322.13
(8) Other related party transactions
6. Accounts receivable and payable of related parties
(1) Receivables
2582025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Ending balance Beginning balance
Project Related party
Book balance Provision for baddebts Book balance
Provision for bad
debts
Accounts Chengdu Zunxi
receivable Land Co. Ltd. 152296.23 4568.89
Dongguan
Shenzhen
Investment
Holdings 1576800.00 47304.00 270000.00 8100.00
Investment
Development Co.Ltd.Guoren P&C
Insurance Co. 1182500.00 35475.00
Ltd.Hebei Shenbao
Business
Management Co. 1683401.57 50502.05
Ltd.Hebei Shenbao
Investment
Development Co. 36368442.21 4830885.75 41683941.80 1916102.52
Ltd.Kunpeng Industrial
Source Innovation
Center 182417.35 5472.52
(Shenzhen) Co.Ltd.Shantou Huafeng
Real Estate
Development Co. 177667.23 5330.02
Ltd.Shenzhen
Chuangke
Development Co. 3468849.28 104065.48 6075155.48 222749.53
Ltd.Shenzhen Credit
Guarantee Group 157200.00 4716.00
Co. Ltd.Shenzhen High-
tech Zone
Development and 854905.02 25647.15 2837150.55 85114.52
Construction Co.Ltd.Shenzhen
Convention and
Exhibition Center 923483.23 27704.50 936380.65 28091.42
Management Co.Ltd.Shenzhen Special
Economic Zone
Real Estate & 2974946.80 89248.40 5548078.33 347553.20
Properties (Group)
Co. Ltd.Shenzhen Talent 46422.34 1392.67
Recruitment
2592025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ending balance Beginning balance
Project Related party
Book balance Provision for baddebts Book balance
Provision for bad
debts
International
(Group) Co. Ltd.Research Institute
of Tsinghua
University in 62293.13 1868.79 73234.71 2197.04
Shenzhen
Shenzhen Total
Logistics Service 230181.30 6905.44 466227.00 13986.81
Co. Ltd.Shenzhen
Shenzhen-Hong
Kong Science and
Technology
Innovation Park 10958996.50 328769.90 5572997.25 167189.92
Operation and
Development Co.Ltd.Shenzhen
Shenzhen-Hong
Kong Science and
Technology
Innovation 5519350.44 165580.51 117000.00 3510.00
Cooperation Zone
Development Co.Ltd.Shenzhen
Shenshan Special
Cooperation Zone
Shenzhen
Investment 607505.15 18228.15 202435.05 6076.05
Holdings
Investment
Development Co.Ltd.Shenzhen Urban
Construction and
Development 217740.00 6532.20
(Group) Co. Ltd.Shenzhen Grand
Industrial Zone
(Shenzhen Export
Processing Zone) 703768.73 71553.06 266132.23 58423.97
Development
Management
Group Co. Ltd.Shenzhen Fubao
Park Operation 5548.18 166.45 42352.90 1270.59
Co. Ltd.Shenzhen High-
tech Zone
Investment and 74553.96 2236.62
Development
Group Co. Ltd.Shenzhen Haitian
Building Property 1600.00 48.00
Development Co.
2602025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ending balance Beginning balance
Project Related party
Book balance Provision for bad Provision for baddebts Book balance debts
Ltd.Shenzhen
Environmental
Technology Group 2696526.36 80895.79 2837617.82 86245.77
Co. Ltd.Shenzhen
Jiaotongchang
Station
Construction and 500.00 15.00
Development Co.Ltd.Shenzhen
Shenfubao
(Group) Tianjin
Industrial 1132931.65 175625.49 1581956.05 175339.45
Development Co.Ltd.Shenzhen
Shenfubao
(Group) Tianjin
Investment and 4481652.41 214190.20 2588645.10 150772.57
Development Co.Ltd.Shenzhen
Shenfubao 2508161.05 96587.42 1671102.46 52471.28
(Group) Co. Ltd.Shenzhen
Shentou Property
Development Co. 2173473.41 65204.20 8591322.98 424230.21
Ltd.Shenzhen
Shenyue United
Investment Co. 2187623.78 117559.21 3450150.13 123326.68
Ltd.Shenzhen Sports
Industry Group 52490.38 1574.71 4402968.12 132089.04
Co. Ltd.Shenzhen Sports
Fashion Culture
and Sports 3777.44 113.32 2429.40 72.88
Development Co.Ltd.Shenzhen Sports
Center Operation
Management Co. 13143133.25 394294.00
Ltd.Shenzhen
Investment 4427162.25 205487.27 5588052.61 225329.98
Holdings Co. Ltd.Shenzhen
Wancheng 171749.77 5152.49
Logistics Co. Ltd.Shenzhen Cultural
Enterprise 360277.84 10808.34
Development Co.
2612025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ending balance Beginning balance
Project Related party
Book balance Provision for bad Provision for baddebts Book balance debts
Ltd.Renaissance
Shenzhen Bay
Hotel Branch of
Shenzhen 1672307.44 50169.22
Continental Hotel
Management Co.Ltd.Courtyard by
Marriott Shenzhen
Bay Branch of
Shenzhen 402226.64 12066.80
Continental Hotel
Management Co.Ltd.Shenzhen Bay
(Baoding)
Innovation 148995.79 4469.87 182228.13 5466.84
Development Co.Ltd.Shenzhen Bay
Baolong Biological
Innovation
Investment and 1105058.18 33151.75
Development Co.Ltd.Shenzhen Bay
Technology
Development Co. 48340136.25 1450204.09 49188098.91 1508080.64
Ltd.Shenzhen
Xiangmihu
International
Exchange Center 461923.28 13857.70
Development Co.Ltd.Shenzhen Silver
Lake Convention
Center (Hotel) Co. 46500.00 1395.00
Ltd.Shenzhen Infinova
Smart Park
Technology Co. 913838.00 90555.14 913838.00 90555.14
Ltd.China Shenzhen
Foreign Trade
(Group) Company 89446.74 9298.41 24500.00 2450.00
Limited
Total 153499802.93 8832348.24 146264953.29 5871324.78
Hebei Shenbao
Contract assets InvestmentDevelopment Co. 393583.65 215129.91
Ltd.Shenzhen Grand 118043.22
Industrial Zone
2622025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ending balance Beginning balance
Project Related party
Book balance Provision for bad Provision for baddebts Book balance debts
(Shenzhen Export
Processing Zone)
Development
Management
Group Co. Ltd.Shenzhen
Investment 88223.00 88223.00
Holdings Co. Ltd.Shenzhen
Xiangmihu
International
Exchange Center 14806.94
Development Co.Ltd.Shenzhen Urban
Construction
Mingyuan 18450.00
Industrial Co. Ltd.Total 481806.65 454653.07
Guangdong
Other receivables Jianbang Group(Huiyang) 48908.08 24454.04
Industrial Co. Ltd.Shenzhen High-
tech Zone
Development and 51931.46 1557.94 35605.73 1068.17
Construction Co.Ltd.Shenzhen
Convention and
Exhibition Center 1000.00 30.00 1000.00 30.00
Management Co.Ltd.Shenzhen Special
Economic Zone
Real Estate & 100000.00 80000.00 100000.00 30000.00
Properties (Group)
Co. Ltd.Shenzhen
Shenzhen-Hong
Kong Science and
Technology
Innovation Park 20000.00 600.00
Operation and
Development Co.Ltd.Shenzhen Binjiang
Industrial Co. Ltd. 19660.00 589.80 49397.40 1481.92
Shenzhen Grand
Industrial Zone
(Shenzhen Export
Processing Zone) 105518.00 30165.54 102583.54 10258.35
Development
Management
Group Co. Ltd.
2632025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ending balance Beginning balance
Project Related party
Book balance Provision for baddebts Book balance
Provision for bad
debts
Shenzhen Qianhai
Advanced
Information 10720575.27 6623517.62 10720575.27 6623517.62
Service Co. Ltd.Shenzhen
Shenfubao 201264.60 27979.38 81264.60 8126.46
(Group) Co. Ltd.Shenzhen
Shenfubao East
Investment and 350768.00 105023.04 350000.00 35000.00
Development Co.Ltd.Shenzhen
Shentou Property
Development Co. 81233.00 81233.00 81233.00 81233.00
Ltd.Shenzhen
Investment 685740.90 397444.67 685740.90 278254.03
Holdings Co. Ltd.Shenzhen Xinhai
Holdings 201499990.18 124493201.20 201499990.18 124493201.20
Shenzhen Xinhai
Rongyao Real
Estate 375068984.55 231729731.18 375068984.55 231729731.18
Development Co.Ltd.Shenzhen Tianjun
Industrial Co. Ltd. 10000000.00 10000000.00
Shenzhen Bay
Baolong Biological
Innovation
Investment and 3147876.19 94436.29
Development Co.Ltd.Shenzhen Bay
Technology
Development Co. 1207691.82 120769.18 2462441.23 73873.24
Ltd.Shenzhen Wufang
Ceramic Industry 1747264.25 1747264.25 1747264.25 1747264.25
Co. Ltd.Hong Kong HOI
PAN Development 48130.74 1443.92 48130.74 1443.92
Co. Ltd.Total 605106537.04 365559441.05 603034211.39 365114483.34
(2) Payables
Unit: RMB
Project Related party Ending book balance Beginning book balance
Accounts payable Guoren P&C Insurance Co.Ltd. 200000.00
2642025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Project Related party Ending book balance Beginning book balance
Shenzhen Security Service
Co. Ltd. 39600.00
Shenzhen General Institute
of Architectural Design and 807748.10 1316929.34
Research Co. Ltd.Shenzhen Qianhai
Advanced Information 7126060.00 7126060.00
Service Co. Ltd.Shenzhen Shentou Property
Development Co. Ltd. 1776960.53 1694981.99
Shenzhen Tefa Port Service
Co. Ltd. 846432.00 705360.00
Shenzhen Tianjun
Investment Development 26905.51
Co. Ltd.Total 10623706.14 11043331.33
Other payables Guoren P&C Insurance Co.Ltd. 17210.85
Hebei Shenbao Investment
Development Co. Ltd. 21328.50
Shenzhen Credit Guarantee
Group Co. Ltd. 1494841.29 1494841.29
Shenzhen Special Economic
Zone Real Estate & 588075.00
Properties (Group) Co. Ltd.Shenzhen Talent
Recruitment International 147132.37 147132.37
(Group) Co. Ltd.Shenzhen Free Trade Zone
Life Service Co. Ltd. 4850.00 4850.00
Shenzhen Urban
Construction and
Development (Group) Co. 152227.00 152227.00
Ltd.Shenzhen Grand Industrial
Zone (Shenzhen Export
Processing Zone) 133078.00 86247.00
Development Management
Group Co. Ltd.Shenzhen Guohui Hotel Co.Ltd. 603735.76
Shenzhen Environmental
Engineering Science and 89974.40
Technology Center Co. Ltd.Shenzhen Southern
Certification Co. Ltd. 34002.15 34002.15
Shenzhen Properties Group
Longgang Development Co. 479960.00
Ltd.Shenzhen Shenfubao
(Group) Co. Ltd. 2719571.38 3178036.23
Shenzhen Shenfubao East 175092.68 369211.02
Investment and
2652025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Project Related party Ending book balance Beginning book balance
Development Co. Ltd.Shenzhen Shentou Property
Development Co. Ltd. 19046189.10 18106994.63
Shenzhen Sports Fashion
Culture and Sports 60000.00
Development Co. Ltd.Shenzhen Wangyu Center
Operation Management Co. 2000.00
Ltd.Shenzhen Cultural
Enterprise Development Co. 727680.00 743680.00
Ltd.Shenzhen Tian'an
International Building
Property Management Co. 5214345.90 5214345.90
Ltd.Shenzhen Bay Technology
Development Co. Ltd. 46357249.56 51990858.29
Shenzhen Bay Area Urban
Construction and 360752.18 360752.18
Development Co. Ltd.Shenzhen Property Jifa
Warehousing Co. Ltd. 202296665.14 202296665.14
Yangzhou Tourism
Development Property Co. 372171012.79 345929298.79
Ltd.Total 652896974.05 630109141.99
7. Commitments from related parties
8. Others
XV. Share-based payments
1. Overview of share-based payments
□ Applicable □ Not applicable
2. Share-based payments settled by equity
□ Applicable □ Not applicable
3. Share-based payments settled by cash
□ Applicable □ Not applicable
4. Current share payment expenses
□ Applicable □ Not applicable
5. Modification and termination of share-based payment
2662025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
6. Others
XVI. Commitments and contingencies
1. Significant commitments
Significant commitments on the balance sheet date
Large-value contracts that are being performed or to be performed
Item Amount in this period/RMB Amount of the same period of lastyear/RMB
Large-value contracts that have been signed but
not recognized in the financial statements 2333183375.22 2399978869.29
2. Contingencies
(1) Significant contingencies on the balance sheet date
(1) Litigation matters concerning the transfer of Jiabin Building
In 1993 the Company signed the Contract for Transfer of Development Rights and Interests of Jiabin
Building with Shenzhen Jiyong Property Development Co. Ltd. (current name hereinafter referred to
as "Jiyong Company"). Due to the ineffective execution of the contract the Company subsequently filed
a series of lawsuits against the parties involved in the project but the outcome of the lawsuits failed to
enable the Company to obtain the benefits claimed. Therefore the Company has made provision for
bad debts in the full amount of RMB 93.81 million for accounts receivable from jiyong Company for the
transfer of Jiabin Building. On October 31 2018 the Shenzhen Intermediate People's Court made a
civil judgment ruling that the Company's application for the bankruptcy of Jiyong Company was not
accepted. The Company appealed against the ruling. On April 29 2019 the Guangdong Provincial
Higher People's Court ruled to reject the Company's appeal and uphold the original ruling. At the
issuance date of the report there is no new development in the case.
(2) Litigation case concerning Shenzhen Basepoint Intelligence Co. Ltd.
On August 20 2017 Shenzhen Facility Management Community Co. Ltd. (hereinafter referred to as
FMC) signed the Software Service Contract for Smart Facility Management Platform of China
Merchants Property with China Merchants Group. Meanwhile FMC intended to purchase a RMB 3
million facility management system (covering 31 items) for this project from Shenzhen Basepoint
Intelligence Co. Ltd. (hereinafter referred to as "Basepoint"). In the project delivery only 11 items
delivered by Basepoint passed the acceptance inspection leaving the full delivery unfinished. Therefore
FMC failed to reach a consensus on payment with Basepoint. In 2021 Basepoint suedFMC and froze
FMC's funds of RMB 3 million. The judgment of the first instance dated August 10 2022 ruled that FMC
shall compensate RMB 3 million to Basepoint.FMC dissatisfied with the first-instance judgment filed an appeal. The second-instance hearing was
held on August 11 2023. On April 19 2024 the Shenzhen Intermediate People's Court issued the
Ruling Letter (2023) Y03 MZNo. 3914 which revoked the Judgment Letter (2021) Y0304 MC No. 55151
issued by the People's Court of Futian District Shenzhen and remanded the case for retrial. The case
is currently in the retrial stage.
(3) Arbitration case concerning private lending dispute involving Shenzhen Rongyao Real Estate
Development Co. Ltd.As Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. (hereinafter referred to as "Xinhai
Rongyao") and Shenzhen Xinhai Holdings Co. Ltd. (hereinafter referred to as "Xinhai Holdings") failed
to repay the loan principal and interest to Shenzhen Rongyao Real Estate Development Co. Ltd.(hereinafter referred to as "Rongyao Real Estate") on schedule Rongyao Real Estate has applied to
2672025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
the Shenzhen Court of International Arbitration for arbitration requesting a ruling that the respondents
Xinhai Rongyao and Xinhai Holdings repay to Rongyao Real Estate the entire loan principal of RMB
671913800 and the interest (at an annual interest rate of 11% calculated on the principal of RMB
671913800 from August 4 2022 until the date of full repayment; tentatively calculated at RMB
49068400); a ruling that Shenzhen Xinhai Investment Development Co. Ltd. (hereinafter referred to
as "Xinhai Investment") Shenzhen Chengjian Real Estate Management Co. Ltd. (hereinafter referred
to as "Chengjian Real Estate") Shenzhen Lianghong Industry Co. Ltd. (hereinafter referred to as
"Lianghong Industry") and Shenzhen Shenguotou Tiancheng Investment Co. Ltd. (hereinafter referred
to as "Tiancheng Investment") shall bear joint and several liability for the obligations and responsibilities
of Xinhai Rongyao and Xinhai Holdings under the first arbitration claim; it was ruled that all the
respondents shall bear the attorney fees of RMB 1.2 million paid by Rongyao Real Estate and all the
respondents shall bear the arbitration costs and property preservation expenses of this case. The
provisional total amount of the above stands at RMB722.1822 million.On August 7 2023 Xinhai filed a lawsuit with the Shenzhen Intermediate People's Court to confirm the
validity of the arbitration agreement. After hearing the case the court rejected their application. The
case was heard at the Shenzhen Court of International Arbitration on August 30 2024. On June 26
2025 Rongyao Real Estate received the Notice of Property Preservation Results from the court
indicating that Rongyao Real Estate had successfully preserved an additional batch of the respondents'
property.On September 1 2025 the Shenzhen Court of International Arbitration issued award No. (2023)
SGZSC 2970 ruling that: Xinhai Rongyao and Xinhai Holdings shall repay to Rongyao Real Estate the
entire loan principal of RMB 531972922.51 and the interest calculated at an annual rate of 11% for the
corresponding period tentatively calculated to be RMB 122139715.52 as of March 31 2023 with
subsequent interest calculated at an annual rate of 11% until the date of actual full repayment; xinhai
Investment Chengjian Real Estate Lianghong Industry and Tiancheng Investment shall bear joint and
several liability for the payment obligations of Xinhai Rongyao and Xinhai Holdings to Rongyao Real
Estate; the respondents shall bear the attorney's fees of RMB 220000 the property preservation fee of
RMB 5000 and the preservation insurance fee of RMB 288872.88 paid by Rongyao Real Estate; the
respondents shall bear the arbitration fee of RMB 3440688.3 already paid by Rongyao Real Estate.Rongyao Real Estate has applied to the Shenzhen Intermediate People's Court for compulsory
enforcement. On December 25 2025 Rongyao Real Estate received the Enforcement Ruling and the
Notice of Seizure Detain and Freezing of Property from the Shenzhen Intermediate People's Court
stating that the court had ruled to seize and freeze a batch of property.
(4) Arbitration case concerning equity transfer dispute of Shenzhen Properties & Resources
Development (Group) Ltd.As Xinhai Rongyao failed to pay the compensation for investment loss to the Company as agreed the
Company has applied to the Shenzhen Court of International Arbitration for arbitration. It was requested
to rule that: Xinhai Rongyao shall pay RMB 170556833.33 to the Comapny as compensation for
investment losses; sichuan Trust Company does not legally possess the 1% equity of Rongyao Real
Estate registered in its name confirming that Xinhai Rongyao is the actual owner of the said 1% equity;
xinhai Rongyao shall pledge and register its actually-held 31% equity of Rongyao Real Estate to the
Company; sichuan Trust Company shall facilitate the registration procedures for the pledge of the 1%
equity of Rongyao Real Estate in the aforesaid third arbitration claim; xinhai Rongyao and Sichuan
Trust Company shall bear the attorney fees of RMB 780000 paid by the Company; that Xinhai
Rongyao and Sichuan Trust Company shall bear all the arbitration costs and property preservation
expenses of this case. The provisional total amount involved in these rulings amounts to RMB
171336833.33.
In August 2023 Xinhai Rongyao filed a lawsuit with the Shenzhen Intermediate People's Court to
confirm the validity of the arbitration agreement which led to a temporary suspension of the case by the
arbitration tribunal. The Shenzhen Intermediate People's Court later dismissed the opposing party's
application and the case was heard at the Shenzhen Court of International Arbitration on December 14
2023.
On April 12 2024 an arbitration award was received ruling that Xinhai Rongyao shall pay SZPRD
2682025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
compensation of RMB 50 million for investment loss; xinhai Rongyao shall pledge and register its
actually-held 30% equity of Rongyao Real Estate to the Company; xinhai Rongyao shall compensate
SZPRD for legal fees of RMB 150000 preservation fees of RMB 3000 preservation insurance costs
of RMB 41120.84 and arbitration fees of RMB 658188.60. In total Xinhai Rongyao is required to pay
the Company RMB 50852300.As Xinhai Rongyao failed to fulfill the award as scheduled the Company has applied for compulsory
enforcement. On June 27 2024 the 30% equity of Rongyao Real Estate held by Xinhai Rongyao was
finally pledged to the Company through the court enforcement procedure and continued to be sealed up
and frozen. On November 4 2024 the judicial freezing was immediately enforced after the 1% equity of
Rongyao Real Estate was transferred to Xinhai Rongyao. At the issuance date of the report there is no
new development in the case.
(5) Litigation case concerning contract dispute of Shenzhen Rongyao Real Estate Development Co.
Ltd.On November 1 2021 Rongyao Real Estate Xinhai Rongyao Shenzhen Mingde Xincheng Investment
Consulting Co. Ltd. (hereinafter referred to as "Mingde Company") and Shenzhen Yinian Real Estate
Development Co. Ltd. (hereinafter referred to as "Yinian Company") signed the Four-party Agreement
which stipulated that Rongyao Real Estate shall assist the parties to transfer the subject rights and
interests into the project designated by Yinian Company and Yinian Company shall make payment to
the designated account of Rongyao Real Estate in full and on schedule as agreed. Subsequently
Shenzhen Hezheng Real Estate Group Co. Ltd. (hereinafter referred to as "Hezheng Company")
issued a Reply Letter and a Payment Plan Letter committing that if Yinian Company fails to repay on
schedule Hezheng Company will bear the responsibility for repayment to Rongyao Real Estate.Due to the aforementioned obligor's failure to make timely payments which constitutes a serious
breach of the agreement and severely undermines the legitimate rights and interests of Rongyao Real
Estate the latter has filed a lawsuit with the court demanding that the relevant obligor repay the
outstanding equity transfer payment of RMB 65250598.72 and pay the liquidated damages for
overdue payment of RMB 7600806.70 (calculated at a daily rate of 0.03% on the unpaid principal of
the equity transfer payment provisionally calculated up to December 5 2023 and should be actually
calculated to the date of full repayment). On April 22 2025 Rongyao Real Estate received the Notice of
Property Preservation Results from the court indicating that Rongyao Real Estate had successfully
preserved an additional batch of the defendant's property.On September 29 2025 the People's Court of Longhua District Shenzhen issued Civil Judgment
(2024) Y0309 MC11352 ruling that Yinian Company shall within ten days from the effective date of the
judgment pay Rongyao Real Estate the remaining non-agricultural indicator equity transfer payment of
RMB 65250598.72 and liquidated damages (calculated at a daily rate of 0.03% to be RMB
7776983.32 as of December 14 2023 and thereafter calculated on the basis of RMB 65250598.72
at a daily rate of 0.03% from December 15 2023 until the date of full payment); xinhai Rongyao
Mingde Company and Hezheng Company shall bear joint and several liability for the repayment of the
aforementioned debts of Yinian Company.Hezheng Company dissatisfied with the first-instance judgment has filed an appeal and the case is
currently in the second-instance stage.
(6) The dispute case regarding the loan contract of Shenzhen Rongyao Real Estate Development Co.
Ltd. Shenzhen Qianhai Advanced Information Service Co. Ltd. and Shenzhen Xinhai Rongyao Real
Estate Development Co. Ltd.On November 5 2021 Rongyao Real Estate and Shenzhen Qianhai Advanced Information Service Co.Ltd. (a related company of Xinhai hereinafter referred to as Qianhai Advanced Information Service)
signed the Agreement on Advance Payment and Tax Payment stipulating all taxes and fees arising
from the Relocation Compensation and Resettlement Agreement involved in the case shall be borne by
Qianhai Advanced Information Service. On the same day Xinhai Rongyao issued a Letter of
Commitment to Bear the Relevant Taxes and Fees for Relocation Compensation pledging to provide
joint and several guarantee for the obligation of Qianhai Advanced Information Service to pay all taxes
and fees arising from the Relocation Compensation and Resettlement Agreement.
2692025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
In order to expedite the project development and mitigate the substantial economic losses caused by
the serious delay in the project schedule to Rongyao Real Estate Rongyao Real Estate agreed to the
application from Xinhai and advanced relevant taxes and fees totaling RMB10720575.27 on behalf of
Qianhai Advanced Information Service on July 20 2021 and January 26 2022. On November 30 2023
all parties signed the Confirmation Letter of Claims and Debts confirming that as provisionally
calculated up to June 30 2023 the amount to be jointly repaid by Qianhai Advanced Information
Service and Xinhai Rongyao to Rongyao Real Estate is RMB 12.9167 million comprising a principal of
RMB 10.7206 million and interest of RMB 2.1961 million; the parties agreed that the interest shall
accrue at 11% from July 1 2023 until the date of full and final settlement by Party B to Party A. Qianhai
Advanced Information Service and Xinhai Rongyao failed to make repayments as agreed.The breach of contract by Xinhai has seriously violated the terms of relevant agreements and
commitment letters. Rongyao Real Estate has filed a lawsuit with the Longhua District People's Court.On April 12 2025 the Longhua District People's Court of Shenzhen Municipality issued the civil
judgment (2025) Y0309 MC8262 ruling that the defendant Qianhai Advanced Information Service shall
repay the plaintiff Rongyao Real Estate the principal of the advanced payment of RMB 10720575.27
and the interest thereon within ten days from the effective date of this judgment (the interest on the
principal of RMB 8430575.27 shall be calculated at an annual interest rate of 11% from July 20 2021
until the date of actual settlement; the interest on the principal of RMB 2290000 shall be calculated at
an annual interest rate of 11% from January 26 2022 until the date of actual settlement). The
defendant Xinhai Rongyao shall bear 50% of the compensation liability for the portion of the first debt of
the defendant Qianhai Advanced Information Service that cannot be repaid. The other claims of the
plaintiff Rongyao Real Estate were dismissed.Rongyao Real Estate dissatisfied with the first-instance judgment has filed an appeal and the case is
currently in the second-instance stage.
(7) The contract dispute case involving Shenzhen Rongyao Real Estate Development Co. Ltd.
Shenzhen Qianhai Advanced Information Service Co. Ltd. Shenzhen Xinhai Rongyao Real Estate
Development Co. Ltd. and Shenzhen Xinhai Holdings Co. Ltd.During the demolition process of the Bangling Project Qianhai Advanced Information Service
repeatedly sent letters to Rongyao Real Estate requesting an advance payment of the demolition
service fees and pledging to take the amount prepaid by the latter as the principal and pay the
occupancy fee to the latter at an annualized interest rate of 11% based on the actual duration the
prepaid amount is actually utilized. If Qianhai Advanced Information Service fails to complete the
demolition work on schedule Rongyao Real Estate has the right to request Xinhai to refund the
principal difference and relevant occupancy fee. Additionally Rongyao Real Estate is entitled to impose
a penalty interest of 50% of the aforementioned 11% interest rate on the difference based on the
duration of the occupancy. Xinhai Rongyao and Xinhai Holdings shall be jointly and severally liable for
the above debts.In order to expedite the project development and mitigate the substantial economic losses caused by
the serious delay in the project schedule to Rongyao Real Estate Rongyao Real Estate agreed to the
application from Xinhai and advanced the relevant demolition service fees. On November 30 2023
Rongyao Real Estate signed the Confirmation Letter of Claims and Debts with Xinhai Rongyao Qianhai
Advanced Information Service and Xinhai Holdings confirming that as provisionally calculated up to
June 30 2023 the total amount to be jointly repaid by Xinhai to Rongyao Real Estate is RMB 12.3768
million.As Xinhai has seriously violated the terms of relevant agreements and commitment letters Rongyao
Real Estate has filed a lawsuit with the Longhua District People's Court. On October 30 2025 the
Longhua District People's Court of Shenzhen Municipality issued the civil judgment (2025) Y0309
MC15386 ruling that the defendants Qianhai Advanced Information Service Xinhai Rongyao and
Xinhai Holdings shall pay the plaintiff Rongyao Real Estate the interest on demolition service fees
amounting to RMB 12.3768 million within ten days from the effective date of this judgment; the other
claims of the plaintiff Rongyao Real Estate were dismissed.The judgment in this case is being served on the defendants by public announcement and has not yet
taken effect.
2702025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(8) On the dispute between Shenzhen Rongyao Real Estate Development Co. Ltd. and Shenzhen
Herunxiang Trading Co. Ltd. & Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. over the
creditor's right and debt of the registered tax payment for the transfer of the certified real estate of the
former Shenfa Factory.In order to accelerate the development progress of the Bangling project on October 18 2021
Shenzhen Herunxiang Trading Co. Ltd. (hereinafter referred to as Herunxiang) and Xinhai Rongyao
issued an Application Letter for Advancing Payment of Taxes and Fees Related to the Transfer and
Cancellation of the Certified Property of the Former Shenfa Factory to Rongyao Real Estate. The
application letter stated that due to the financial difficulties of Herunxiang they applied to Rongyao Real
Estate to advance the taxes and fees amounting to a total of approximately RMB10 million to RMB15
million (the final amount to be determined by the property registration department) incurred by
Herunxiang for the transfer registration of the certified property of the former Shenfa Factory. These
taxes and fees will subsequently be repaid by Rongyao Real Estate on behalf of Herunxiang.On November 5 2021 Xinhai Rongyao issued another Letter of Commitment for Repayment to
Rongyao Real Estate pledging to subsequently refund the taxes and fees as well as interests incurred
on behalf of Herunxiang and agreed that the proceeds from the collaborative projects such as Guanlan
Bengling could be used to offset the guaranteed payments under this Letter of Commitment on a
priority basis. To expedite the project development progress Rongyao Real Estate advanced the
transfer taxes fees and registration fees for the Shenfa Factory totaling RMB 20042800 on August 2
2022.
As Herunxiang and Xinhai Rongyao failed to repay the principal and interest as agreed Rongyao Real
Estate has filed a lawsuit with the Longhua District People's Court of Shenzhen Municipality. On
November 27 2025 Rongyao Real Estate received the court's judgment which ruled that the
defendant Herunxiang shall repay the plaintiff Rongyao Real Estate the principal of the advanced
payment of RMB 20042817.72 and the interest thereon (calculated on the basis of RMB
20042817.72 at an annual interest rate of 11% from August 2 2022 until the date of actual
settlement); the defendant Xinhai Rongyao shall bear 50% of the compensation liability for the portion
of the first debt of the defendant Herunxiang that cannot be repaid to the plaintiff Rongyao Real Estate.Rongyao Real Estate has filed an appeal in accordance with the law. The service of process on
Herunxiang is being conducted by public announcement and the case has not yet been formally filed.
(9) The lawsuit case regarding the property management fees of Shenzhen Xuansheng Industrial
Development Co. Ltd.Part of the Overseas Friendship Building located at No. 12 Yingchun Road Luohu District Shenzhen
is owned by the United Front Work Department of Shenzhen Municipal Party Committee and
Shenzhen Jinhailian Property Management Co. Ltd. (hereinafter referred to as Jinhailian) has been
authorized by the United Front Work Department of Shenzhen Municipal Party Committee to manage
the said property. On December 31 2006 Jinhailian and Shenzhen Xuansheng Industrial Development
Co. Ltd. (hereinafter referred to as "Xuansheng") signed the Property Management Agreement of
Overseas Friendship Building which stipulated that Xuansheng Company shall provide property
management services to Jinhailian and Jinhailian shall pay property management fees to Xuansheng
Company for certain floors of the Overseas Friendship Building including the first floor floors 3-8 at the
rate of RMB 5 per square meter.On April 24 2024 Jinhailian received a summons from the Luohu District People's Court of Shenzhen.Xuansheng sued Jinhailian for a dispute over a property service contract with the subject matter of the
lawsuit amounting to RMB 1869272 (Xuansheng sued Jinhailian Company for the payment of property
management fees water and electricity fees air conditioning fees and late fees for the 8th-10th floors
31st floor and underground parking lot of the Overseas Friendship Building totaling RMB 1869272).
On June 13 2024 the Luohu District People's Court of Shenzhen made a first-instance judgment
ruling that Jinhailian shall pay a total of RMB 327250.18 for property management fees water fees air
conditioning fees and late payment penalties for floors 8-10 of Overseas Friendship Building from June
12 2022 to February 29 2024 to Xuansheng at the rate of RMB 5 per square meter. In addition for the
31st floor Jinhailian shall pay a total of RMB 91831.89 for property management fees and late
2712025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
payment penalties from January 1 2019 to February 29 2024 at the rate of RMB 3 per square meter.The total amount stands at RMB 419082.07 (the property management fees for floors 9-10 and the
31st floor are determined based on objective facts).
Not satisfied with the judgment of the first instance Jinhailian filed an appeal. On November 21 2025
Jinhailian received the second-instance judgment from the Shenzhen Intermediate People's Court
which rejected Jinhailian's appeal and upheld the original judgment of the first instance. On December
11 2025 Xuansheng applied to the court for compulsory enforcement. Jinhailian has paid all the
amounts determined by the first-instance judgment to Xuansheng and this case has been closed.
(10) Arbitration case concerning the contract dispute (issuance of invoices) between Shenzhen
Rongyao Real Estate Development Co. Ltd. and Shenzhen Qianhai Advanced Information Service Co.Ltd.Rongyao Real Estate and Qianhai Advanced Information Service signed the "Urban Renewal Entrusted
Service Agreement" (Contract No.: QHGD-JS-18-005) on December 24 2018 which stipulated that
Qianhai Advanced Information Service would provide Rongyao Real Estate with demolition services for
the urban renewal project in the Bangling area of Guanlan Sub-district Longhua District Shenzhen.Rongyao Real Estate has paid the vast majority of the amount as agreed in the contract totaling RMB
292873900 but Qianhai Advanced Information Service has not yet issued the remaining portion of
value-added tax invoices totaling RMB 219980400 in full as agreed in the contract.Rongyao Real Estate has sent several "Reminder Letters" to Qianhai Advanced Information Service
requesting it to issue the invoices within a specified period but Qianhai Advanced Information Service
has still failed to do so on schedule. Rongyao Real Estate has applied to the Shenzhen Court of
International Arbitration for arbitration and the case has not yet been ruled on.
(11) Arbitration case concerning the dispute over advance payments (Wanli Factory) by Zhang
Tenghong Yang Feng Li Yuxiang and Zhu Jiandong among Shenzhen Rongyao Real Estate
Development Co. Ltd. Shenzhen Xinhai Holding Co. Ltd. Shenzhen Xinhai Rongyao Real Estate
Development Co. Ltd.Yang Feng Li Yuxiang and Zhu Jiandong (hereinafter referred to as "the three individuals") purchased
the property involved in the case from Wanli Flocking Factory and Huali Flocking & Blister Products Co.Ltd. (hereinafter referred to as "Huali Factory") in July 2019 and signed a "Transfer Agreement". The
actual controller of both Wanli Flocking Factory and Huali Factory is Lin Minghai. Xinhai Holdings and
its actual controller Zhang Tenghong provided a guarantee to ensure that the three individuals paid the
full transfer amount to Wanli Flocking Factory and Huali Factory as stipulated in the aforementioned
"Transfer Agreement". As of June 30 2021 the three individuals still owed Wanli Flocking Factory and
Huali Factory RMB 2 million RMB 11.31 million and RMB 3.07 million respectively. After deducting the
RMB 3 million in interest paid by Xinhai on their behalf the total outstanding principal was RMB 16.37
million. According to the agreement the three individuals also needed to pay interest totaling
approximately RMB 6.13 million (for the interest period from January 7 2020 to June 30 2021) with a
combined total of principal and interest of approximately RMB 22.48 million.Since the demolished property corresponding to Wanli Flocking Factory had previously obtained a
disposition decision from government departments through the process of resolving historical issues
the government departments required that the demolition compensation agreement must be signed by
Wanli Flocking Factory and Rongyao Real Estate and the land acquisition agreement must be signed
by Wanli Flocking Factory and the District Planning and Natural Resources Bureau. However when
signing the demolition compensation agreement Xinhai Rongyao and Qianhai Advanced Information
Service negligently failed to accurately verify this situation and Rongyao Real Estate signed a
demolition compensation agreement with the three individuals and paid the relevant demolition
compensation.After multiple communications Lin Minghai made it clear that if the issue of the debt owed by the three
individuals was not resolved he would not cooperate in signing the two agreements. To smoothly
advance the project progress Rongyao Real Estate paid RMB 7187264.15 RMB 10000000.00 and
RMB 7365970.35 to Lin Minghai on behalf of the three individuals and signed a "Creditor's Rights
Transfer Notice" upon the request of Xinhai Holdings and Xinhai Rongyao. As of now the parties have
2722025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
not yet repaid the relevant transfer principal of RMB 24553234.50 and the related interest (calculated
at an annual interest rate of 11% referencing other similar payments owed by the respondent to the
applicant). Rongyao Real Estate applied to the Shenzhen Court of International Arbitration for
arbitration on October 13 2025 and the case is still under review for filing.
(12) As a real estate developer the Company has provided mortgage loan guarantee and paid loan
deposits for buyers of commercial housing according to the operating practice of the real estate industry.As of December 31 2025 the balance of deposits for which the guarantee hasn't yet been released
stood at RMB 1136395.96 and the said guarantee will be released upon the full repayment of the
mortgage loans.As a real estate developer the Company has provided mortgage loan guarantee for buyers of
commercial housing in accordance with the operating practice of the real estate industry. As of
December 31 2025 the balance of the guarantee that has not been released was RMB
542029425.42 and the said guarantee will be released upon the full repayment of the mortgage loans.
(2) Notes shall be given even if there were no significant contingencies required to be disclosed
by the Company
The Company has no significant contingencies required to be disclosed.
3. Others
XVII. Events after the balance sheet date
1. Significant non-adjustment matters
Unit: RMB
Impact number on financial
Item Contents position and operating Reasons why the impact
results number cannot be estimated
2. Profit distribution
Proposed dividend per 10 shares (RMB) 0
Proposed bonus shares per 10 shares (shares) 0.20
Proposed shares converted per 10 shares held (shares) 0
Dividend per 10 shares declared upon deliberation and
approval (RMB) 0
Bonus shares per 10 shares declared upon deliberation
and approval (shares) 0.20
Number of shares converted per 10 shares declared upon
deliberation and approval (shares) 0
3. Sales return
4. Events after the balance sheet date
18. Other significant events
1. Correction of accounting errors in prior period
(1) Retrospective restatement method
Unit: RMB
2732025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Contents of correction of Names of statement items
accounting errors Processing procedure affected of comparative Cumulative impactperiods
(2) Prospective application method
Contents of correction of accounting Approval procedure Reasons for adopting the prospectiveerrors application method
2. Debt restructuring
3. Asset replacement
(1) Exchange of non-monetary assets
(2) Replacement of other assets
4. Annuity plan
5. Discontinued operations
Unit: RMB
Profit from
discontinued
Income tax operationsItem Revenue Costs Total profits expenses Net profit attributable toowners of the
parent
company
Other explanations:
Segment information
Determination basis and accounting policies for reporting segments
Financial information of reporting segments
Unit: RMB
Item Real estate Propertybusiness management Asset operation
Inter-segment
offset Total
Operating revenue 566898152.30 1637200390.78 179189706.94 2383288250.02
Operating costs 352384575.15 1302960305.27 81813841.32 1737158721.74
Total assets 10427729656.34 4398033757.49 602364539.91 15428127953.74
Total liabilities 8180210875.06 3830011110.26 183660051.35 12193882036.67
(3) If the Company has no reporting segments or cannot disclose the total assets and total
liabilities of each reporting segment the reasons shall be stated.
2742025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4) Other notes
7. Other significant transactions and events that influence the decision-making of investors
8. Others
XIX. Notes to the main items of the parent company's financial statements
1. Accounts receivable
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (including 1 year) 2720519.78 2345620.53
1-2 years 312572.00 123067359.04
2 to 3 years 14060591.53 12649.00
Over 3 years 96837029.35 96824380.35
3 - 4 years 12649.00
4 to 5 years 9756.00
Over 5 years 96824380.35 96814624.35
Total 113930712.66 222250008.92
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Type Book balance
Provision for bad
debts Book balance
Provision for bad
Book debts Book
value value
Amount Ratio Amount Provisionratio Amount Ratio Amount
Provision
ratio
Accounts
receivabl
e with
provision
for bad 983616 86.33% 98361615.94 15.94 100.00% 0.00
982469 44.21% 98246909.94 09.94 100.00% 0.00debts on
an
individual
basis
Including:
Accounts
receivabl
e with
provision
for bad 155690 13.67% 323948. 2.08% 152451 124003 55.79% 111340 8.98% 112869
debts on 96.72 60 48.12 098.98 17.20 081.78
a
combinati
on basis
Including:
Total 113930 100.00% 986855 86.62% 152451 222250 100.00% 109380 49.22% 112869
2752025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
712.6664.5448.12008.92927.14081.78
Provision for bad debts accrued on an individual basis: RMB 98361615.94
Unit: RMB
Beginning balance Ending balance
Name
Book balance Provision for Book balance Provision forbad debts bad debts Provision ratio
Reasons for
provision
Shenzhen
Jiyong Property Involved in
Development 93811328.05 93811328.05 93811328.00 93811328.00 100.00% litigation and
Co. Ltd. irrecoverable
Shenzhen
Tewei Industrial Long aging and
Co. Ltd. 2836561.00 2836561.00 2836561.00 2836561.00 100.00% estimated to be
(Chenhui irrecoverable
Building)
Luohu District
Economic Long aging and
Development 54380.35 54380.35 54380.35 54380.35 100.00% estimated to be
Company irrecoverable
Accounts
receivable with
insignificant
single amount Involved in
but subject to 1544640.54 1544640.54 1659346.59 1659346.59 100.00% litigation and
provision for irrecoverable
bad debts on
an individual
basis
Total 98246909.94 98246909.94 98361615.94 98361615.94
Provision for bad debts accrued on combination: RMB 323948.60
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Credit risk characteristic
combination 3443319.59 323948.60 9.41%
Government funding
combination 12125777.13 0.00 0.00%
Total 15569096.72 323948.60
Explanation on the basis for determining the combination:
If the provision for bad debts of accounts receivable is made in accordance with the general model of
expected credit losses:
□ Applicable □ Not applicable
(3) Provision for bad debts accrued recovered or reversed for the current period
Provision for bad debts for the current period:
Unit: RMB
2762025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Changes in the current period
Type Beginningbalance Recovery or Ending balanceProvision reversal Write-off Others
Provision for
bad debts on
an individual 98246909.94 114706.00 98361615.94
basis
Provision for
bad debts
made by 11134017.20 -10810068.60 323948.60
portfolio
Total 109380927.14 -10695362.60 98685564.54
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Entity name Recovered or reversedamount Reason for reversal Recovery method
the ratio of provision
for bad debts and its
rationality
(4).Actual write-off of accounts receivable for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important accounts receivable:
Unit: RMB
Write-off Whether the fund
Entity name Nature of accounts Amount of write-off Reasons for write- procedures is generated byreceivable off performed related partytransactions
Explanation on write-off of accounts receivable:
(5) Top five accounts receivable by the debtor in terms of the ending balance and contract
assets
Unit: RMB
Ratio to the total Ending balance of
amount of ending provision for bad
Ending balance of Ending balances
Entity name accounts Ending balance of of accounts
balance of debts of accounts
receivable contract assets receivable and
accounts receivable and
contract assets receivable and provision forcontract assets impairment of
(%) contract assets
Shenzhen Jiyong
Property
Development Co. 93811328.05 93811328.05 82.34% 93811328.05
Ltd.Shenzhen Futian
District 12125777.13 12125777.13 10.64% 0.00
Government
2772025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ratio to the total Ending balance of
Ending balance of Ending balances
amount of ending provision for bad
Ending balance of of accounts balance of debts of accountsEntity name accounts contract assets receivable and accounts receivable andreceivable contract assets receivable and provision forcontract assets impairment of
(%) contract assets
Property
Management
Center
Shenzhen Tewei
Industrial Co. Ltd. 2836561.00 2836561.00 2.49% 2836561.00
(Chenhui Building)
Shenzhen
Feihuang 769919.05 769919.05 0.68% 769919.05
Industrial Co. Ltd.Shenzhen Meige
Xiazi Catering
Management Co. 542366.40 542366.40 0.48% 542366.40
Ltd.Total 110085951.63 110085951.63 96.63% 97960174.50
2. Other receivables
Unit: RMB
Item Ending balance Beginning balance
Other receivables 8481001540.48 4279938165.85
Total 8481001540.48 4279938165.85
(1) Interest receivable
1) Classification of interest receivable
Unit: RMB
Item Ending balance Beginning balance
2) Significant overdue interest
Unit: RMB
Whether impairment
Borrower Ending balance Overdue time Reason for overdue occurs and the basis
for judgment
Other explanations:
3) Disclosure by provision method for bad debts
□ Applicable □ Not applicable
4) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Type Beginningbalance Ending balanceProvision Recovery or Resale or write-reversal off Other changes
2782025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Entity name Recovered or reversed Reason for reversal Recovery method the ratio of provisionamount for bad debts and its
rationality
Other explanations:
5) Actual write-off of interest receivable for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important interest receivable
Unit: RMB
Write-off Whether the fund
Entity name Nature of payment Amount of write-off Reasons for write- procedures is generated byoff performed related partytransactions
Explanation on write-off:
Other explanations:
(2) Dividends receivable
1) Classification of dividends receivable
Unit: RMB
Project (or investees) Ending balance Beginning balance
2) Significant dividends receivable with aging over 1 year
Unit: RMB
Project (or investees) Ending balance Aging Reason for not
Whether impairment
withdrawing occurs and the basisfor judgment
3) Disclosure by provision method for bad debts
□ Applicable □ Not applicable
4) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Type Beginningbalance Recovery or Resale or write- Ending balanceProvision reversal off Other changes
Significant amounts of recovered or reversed provision for bad debts for the current period:
2792025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Basis for determining
Entity name Recovered or reversedamount Reason for reversal Recovery method
the ratio of provision
for bad debts and its
rationality
Other explanations:
5) Actual write-off of dividends receivable in the current period
Unit: RMB
Item Amount of write-off
Write-off of important dividends receivable
Unit: RMB
Write-off Whether the fund
Entity name Nature of payment Amount of write-off Reasons for write-off procedures
is generated by
performed related partytransactions
Explanation on write-off:
Other explanations:
(3) Other receivables
1) Classification of other receivables by nature of payment
Unit: RMB
Nature of payment Ending book balance Beginning book balance
Guaranteed deposit 2201327.00 2225127.00
Withholding payments 15861.02 24068.13
External transactions 134696979.69 136954520.92
Transactions with subsidiaries 8370324659.28 4169668944.36
Total 8507238826.99 4308872660.41
2) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (including 1 year) 8370804520.30 4169820435.08
1-2 years 122422.59 97134.37
2 to 3 years 97134.37
Over 3 years 136214749.73 138955090.96
3 - 4 years 35449.05
4 to 5 years 33649.05 69600.00
Over 5 years 136181100.68 138850041.91
Total 8507238826.99 4308872660.41
2802025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
3) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Type Book balance Provision for bad debts Book balance Provision for bad debts
Book value Book value
Amount Ratio Amount Provisionratio Amount Ratio Amount
Provision
ratio
Provision
for bad
debts
accrued on 127274122.98 1.50%
17247611.1713.55%
11002651129990661998745411000321
an 1.81 4.21
3.02%.1815.38%0.03
individual
basis
Including:
Provision
for bad
debts 8379964 98.50% 8989675. 0.11% 8370975 4178881 96.98% 8947040. 4169934
made by 704.01 34 028.67 996.20 38
0.21%955.82
portfolio
Including:
Total 8507238826.99 100.00%
26237286.510.31%
84810014308872289344944279938
540.48660.41100.00%.560.67%165.85
Provision for bad debts accrued on an individual basis: RMB 17247611.17
Unit: RMB
Beginning balance Ending balance
Name
Book balance Provision forbad debts Book balance
Provision for
bad debts Provision ratio
Reasons for
provision
Shum Yip
Properties Failed to
Development 113562200.85 3558990.82 110845659.62 819147.81 0.74% recover for a
Limited long time
Shanghai Failed to
Yutong Real 5676000.00 5676000.00 5676000.00 5676000.00 100.00% recover for a
Estate Co. Ltd. long time
Hong Kong
Hengyue
Development Failed to
Company 3271837.78 3271837.78 3271837.78 3271837.78 100.00% recover for a
Limited (Wuyao long time
Company)
Dameisha Failed to
Tourism Center 2576445.69 2576445.69 2576445.69 2576445.69 100.00% recover for along time
Elevated Train Failed to
Project 2542332.43 2542332.43 2542332.43 2542332.43 100.00% recover for along time
Accounts
receivable with
insignificant
single amount Failed to
but subject to 2361847.46 2361847.46 2361847.46 2361847.46 100.00% recover for a
provision for long time
bad debts on
an individual
basis
Total 129990664.21 19987454.18 127274122.98 17247611.17
Provision for bad debts accrued on combination: RMB 8989675.34
2812025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Within 1 year (including 1
year) 479861.02 14395.83 3.00%
1-2 years (including 2 years) 122422.59 12242.26 10.00%
2-3 years (including 3 years) 97134.37 29140.31 30.00%
3-4 years (including 4 years)
4-5 years (including 5 years) 33649.05 26919.24 80.00%
Over 5 years 8906977.70 8906977.70 100.00%
Total 9640044.73 8989675.34
Explanation on the basis for determining the combination:
The provision for bad debts made according to the general model of expected credit losses
Unit: RMB
Phase I Phase II Phase III
Provision for bad Expected credit losses Expected credit loss Expected credit loss
debts Totalover the next 12 throughout the throughout the
months duration (without credit duration (with creditimpairment) impairment)
Balance as of January
120258947040.3819987454.1828934494.56
Balance as of January
1 2025 in the current
period
Provision for the
current period 42634.94 -2739842.99 -2697208.05
Balance as of
December 31 2025 8989675.32 17247611.19 26237286.51
Basis for division of each stage and ratio of provision for bad debts
Changes in the book balance of provision for loss with significant changes in the current period
□ Applicable □ Not applicable
4) Provision for bad debts accrued recovered or reversed in the current period
Provision for bad debts for the current period:
Unit: RMB
Changes in the current period
Type Beginningbalance Provision Recovery or Resale or write-
Ending balance
reversal off Others
Other
receivables 28934494.56 -2697208.05 26237286.51
Total 28934494.56 -2697208.05 26237286.51
Reversal or recovery of significant amount of provision for bad debts in the current period:
2822025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Basis for determining
Entity name Recovered or reversedamount Reason for reversal Recovery method
the ratio of provision
for bad debts and its
rationality
5) Other receivables actually write-off in the current period
Unit: RMB
Item Amount of write-off
Important other receivables write-off:
Unit: RMB
Write-off Whether the fund
Entity name Nature of other Amount of write-off Reasons for write-receivables off procedures
is generated by
performed related partytransactions
Explanations on write-off of other receivables:
6) Other receivables of the top five ending balances collected by debtor
Unit: RMB
Ratio to the total Balance of
Entity name Nature of amount Ending balance Aging ending balance of provision for bad
other receivables debts as at theend of the period
Shenzhen
Rongyao Real
Estate Internal
Development Co. transactions
3548085777.28 Within 1 year 41.71%
Ltd.Dongguan Wuhe
Real Estate Co. Internal
Ltd. transactions
2113760170.00 Within 1 year 24.85%
Shenzhen ITC
Technology Park Internal 994913534.34 Within 1 year 11.69%
Service Co. Ltd. transactions
Shenzhen
Guangming Wuhe Internal
Real Estate Co. transactions 847200000.00 Within 1 year 9.96%
Ltd.Yangzhou Wuhe
Real Estate Co. Internaltransactions 756192131.69 Within 1 year 8.89%Ltd.Total 8260151613.31 97.10%
7) Reported as other receivables due to centralized fund management
Unit: RMB
Other explanations:
2832025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
3. Long-term equity investments
Unit: RMB
Ending balance Beginning balance
Item
Book balance Provision forimpairment Book value Book balance
Provision for
impairment Book value
Investment in
subsidiaries 1356325401.10 478042560.29 878282840.81 1356325401.10 65834000.00 1290491401.10
Investments in
associates and 287986191.53 18983614.14 269002577.39 287171419.66 18983614.14 268187805.52
joint ventures
Total 1644311592.63 497026174.43 1147285418.20 1643496820.76 84817614.14 1558679206.62
(1) Investment in subsidiaries
Unit: RMB
Beginning Beginning
Increase/decrease in this period Balance of
Investees balance (book balance of Ending balance
provision for
value) provision for Additional Reduced Provision for (book value)
impairment as at
impairment investment investment impairment Others the end of theperiod
Shenzhen
Huangcheng
Real Estate Co. 35552671.93 35552671.93
Ltd.Shenzhen Wuhe
Industry
Investment and 44950000.00 44950000.00
Development
Co. Ltd.SZPRD
Yangzhou Real
Estate 50000000.00 50000000.00
Development
Co. Ltd.Dongguan ITC
Changsheng
Real Estate 20000000.00 20000000.00
Development
Co. Ltd.Shenzhen
International
Trade Center
Property 195337851.23 195337851.23
Management
Co. Ltd.Shenzhen
Property
Engineering and
Construction 3000000.00 3000000.00
Supervision Co.Ltd.Shenzhen
Property
Commercial 63509120.32 63509120.32
Operation Co.Ltd.Shum Yip
Properties
Development 15834000.00 15834000.00
Limited
SZPRD Xuzhou
Dapeng Real
Estate 50000000.00 50000000.00
Development
Co. Ltd.Shenzhen
Rongyao Real 508000000.00 412208560.29 95791439.71 412208560.29
Estate
Development
2842025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Beginning Increase/decrease in this period Balance ofBeginning provision for
Investees balance (book balance of Ending balance
value) provision for Additional Reduced Provision for (book value)
impairment as at
impairment investment investment impairment Others the end of theperiod
Co. Ltd.Dongguan
Wuhe Real 50000000.00 50000000.00
Estate Co. Ltd.Shenzhen
Guangming
Wuhe Real 50000000.00 50000000.00
Estate Co. Ltd.Shenzhen Wuhe
Urban Renewal 236641757.62 236641757.62
Co. Ltd.Yangzhou Wuhe
Real Estate Co. 33500000.00 33500000.00
Ltd.Total 1290491401.10 65834000.00 412208560.29 878282840.81 478042560.29
Investments in associates and joint ventures
Unit: RMB
Increase/decrease in this period
Balance of
Beginning Beginning Investment provision
balance balance of profit or Cash
Ending for
Investees (book provision
Adjustment balance
for Additional Reduced
loss
recognized of other Changes in
dividends Provision (book impairment
value) impairment investment investment under the comprehen other equity
or profits for Others as at the
sive income declared to impairment
value) end of the
equity be paid period
method
I. Joint ventures
Shenzhen
Property
Jifa 23235660 90014.66 23244661
Warehousi 0.98 5.64
ng Co. Ltd.Shenzhen
Tian'an
Internationa -
l Building 5739071.2 1049490.7 4689580.4
Property 2 8 4
Manageme
nt Co. Ltd.Sub-total 23809567 - 237136192.20 959476.12 6.08
II. Associates
Shenzhen
Wufang
Ceramic 18983614. 18983614.Industry 14 14
Co. Ltd.China
Constructio
n
Engineerin
g
Corporation 30092133. 1890181.8 115933.90 31866381.Group 32 9 31
Smart
Parking
Technology
Co. Ltd.Sub-total 30092133. 18983614. 1890181.832 14 9 115933.90
31866381.18983614.
3114
Total 26818780 18983614. 930705.77 115933.90 26900257 18983614.5.52 14 7.39 14
The recoverable amount is determined at the net amount of the fair value minus the disposal expenses
□ Applicable □ Not applicable
2852025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The recoverable amount is determined based on the present value of the estimated future cash flows
□ Applicable □ Not applicable
Reasons for the obvious inconsistency between the above information and the information used in
previous impairment test or external information
Reasons for the difference between the information used in the impairment test of the Company in
previous years and the actual situation of the current year
(3) Other notes
4. Operating revenue and operating costs
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Primary business 54002297.50 38163396.02 46400327.60 47304177.17
Other business 18347996.27 0.00 17813588.70 0.00
Total 72350293.77 38163396.02 64213916.30 47304177.17
Breakdown of operating revenue and operating costs:
Unit: RMB
Division 1 Division 2 Total
Contract
classification Operating Operating Operating Operating Operating Operating Operating Operating
revenue costs revenue costs revenue costs revenue costs
Business type
Including:
Real estate
business 11301541.31 -5899260.17 11301541.31 -5899260.17
Asset
operation 61048752.46 44062656.19 61048752.46 44062656.19
Classification
by business
area
Including:
Shenzhen 72350293.77 38163396.02 72350293.77 38163396.02
Market or
customer type
Including:
Contract type
Including:
Classification
by time of
commodity
transfer
Including:
Classification
by contract
period
Including:
2862025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Division 1 Division 2 Total
Contract
classification Operating Operating Operating Operating Operating Operating Operating Operating
revenue costs revenue costs revenue costs revenue costs
Classification
by sales
channel
Including:
Total 72350293.77 38163396.02 72350293.77 38163396.02
Information related to performance obligations:
Nature of the Amounts Types of quality
Time to fulfill goods the Whether it is assumed by the assurance
Item performance Important Company the main Company that provided by the
obligations payment terms undertakes to responsible are expected to Company and
transfer person be refunded to relatedcustomers obligations
Other explanations
Information related to the transaction prices allocated to the remaining performance obligations:
The amount of revenue corresponding to the performance obligations of contracts that have been
signed but not performed or not fully performed yet at the end of the reporting period is RMB
221776.20 of which RMB 221776.20 is expected to be recognized as revenue in 2026.
Major contract change or major transaction prices adjustment of parent company
Unit: RMB
Item Accounting treatments Amount of impact on revenue
Other explanations:
5. Investment income
Unit: RMB
Item Amount in the current period Amount in the previous period
Income from long-term equity
investments under cost method 2893024114.88
Long-term equity investment income
calculated under the equity method 930705.77 184223509.99
Total 2893954820.65 184223509.99
6. Others
20. Supplementary information
1. Breakdown of current non-recurring profit or loss
□ Applicable ? Not applicable
Unit: RMB
Item Amount Notes
2872025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Profit or loss from disposal of non- 38538640.97 Mainly due to the disposal ofcurrent assets investment properties
Government subsidies included in the
current profit or loss (except for those
that are closely related to the
Company's normal business
operations comply with national 10813006.40 Mainly due to the one-off government
policies and regulations are enjoyed subsidies received
according to determined standards
and have a sustained impact on the
Company's profit or loss)
Profit or loss from changes in fair value
of financial assets and liabilities held
by non-financial enterprises and profit
or loss from the disposal of financial Mainly due to the changes in the fair
assets and financial liabilities except 1765714.20 value of money market funds
for effective hedging operations related
to the Company's normal business
operations
Non-operating revenue and expenses
other than the above-mentioned items 14008622.89 Mainly due to the forfeited deposits
Other items of profit or loss subject to
the definition of non-recurring profit or -80226.78 Mainly due to the adjustment for
loss additional VAT deductions
Less: income tax effects 16242730.99
Affected amount of minority interests
(after tax) 2531561.72
Total 46271464.97 --
Specific circumstances of other profit or loss items that meet the definition of non-recurring profit or loss:
□ Applicable □ Not applicable
The Company had no specific profit or loss items that meet the definition of non-recurring profit or loss.Notes on the definition of the non-recurring profit or loss items listed in the "Interpretive Announcement
No. 1 on Information Disclosure of Companies Issuing Securities to the Public - Non-recurring Profit or
Loss" as recurring profit or loss items
□ Applicable □ Not applicable
2. Return on net assets and earnings per share
Earnings per share
Profit in the reporting period Weighted average rate ofreturn on net assets Basic earnings per share Diluted earnings per share
(RMB/share) (RMB/share)
Net profit attributable to
ordinary shareholders of the 1.00% 0.0569 0.0569
COOEC
Net profits attributable to
ordinary shareholders of the
COOEC after deducting non- -0.37% -0.0208 -0.0208
recurring profit or loss
2882025 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
3. Differences between accounting data under domestic and foreign accounting standards
(1) Differences in net profits and net assets between the financial reports disclosed in
accordance with the International Financial Reporting Standards (IFRS) and the PRC Generally
Accepted Accounting Principles (GAAP)
□ Applicable □ Not applicable
(2) Differences in net profits and net assets between the financial reports disclosed in
accordance with the overseas financial reporting standards and the PRC GAAP
□ Applicable □ Not applicable
(3) Explanations of the reasons for differences between accounting data under domestic and
foreign accounting standards. If adjustments have been made to the differences in data audited
by an overseas auditing firm the name of the said overseas institution shall be specified.
4. Others
Not applicable
289
沪公网安备31011802005267号
