2026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen Properties & Resources Development (Group) Ltd.2026 Semi-annual Report
(Announcement No.: 2026-26)
[August 2026]
12026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 Semi-
annual Report.All directors have attended the board meeting at which this semi-annual
report was considered.Part of the Company's semi-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 Company plans not to distribute cash dividends issue bonus shares
or increase share capital through capitalization of reserves.
22026 Semi-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 .... 9
Section IV Corporate Governance Environment and So...26
Section V Significant Events ........................28
Section VI Share Changes and Shareholder Informati.. 41
Section VII Bonds .................................. 47
Section VIII Financial Statements .................. 49
32026 Semi-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 originals of all the Company's documents and announcements that have
been publicly disclosed during the reporting period.
42026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Interpretations
Item of interpretations Refers to Interpretations
Shenzhen Properties & Resources Development (Group)
The Company the Group SZPRD Refers to
Ltd.Shenzhen Investment Holdings Refers to Shenzhen Investment Holdings Co. Ltd.Huangcheng Real Estate Refers to Shenzhen Huangcheng Real Estate Co. Ltd.Dongguan ITC Changsheng Real Estate Development
Dongguan Company Refers to
Co. Ltd.SZPRD Xuzhou Dapeng Real Estate Development Co.Xuzhou Company Refers to
Ltd.Yangzhou Company Refers to SZPRD Yangzhou Real Estate Development Co. Ltd.Wuhe Urban Renewal Refers to Shenzhen Wuhe Urban Renewal Co. Ltd.Rongyao Real Estate Refers to Shenzhen Rongyao Real Estate Development Co. Ltd.Shenzhen International Trade Center Property
International Trade Center Property Management Refers to
Management Co. Ltd.ITC Technology Park Refers to Shenzhen ITC Technology Park Service Co. Ltd.Guomaomei Life Service Refers to Shenzhen Guomaomei Life Service Co. Ltd.Shenzhen Property Commercial Operation Refers to Shenzhen Property Commercial Operation Co. Ltd.Guomao Catering Refers to Shenzhen Guomao Catering Co. Ltd.Shenzhen Property Engineering and Construction
Supervision Company Refers to
Supervision Co. Ltd.Shenzhen Wuhe Industry Investment and Development
Wuhe Industry Investment and Development Refers to
Co. Ltd.Shenzhen Property Management Refers to Shenzhen Property Management Co. Ltd.Foreign Trade Property Refers to Shenzhen Foreign Trade Property Management Co. Ltd.Shenfubao Property Refers to Shenzhen Shenfubao Property Development Co. Ltd.Shenfubao Hydropower Refers to Shenzhen Shenfubao Municipal Service Co. Ltd.Security Service Refers to Shenzhen Free Trade Zone Security Service Co. Ltd.Facility Management Community Refers to Shenzhen Facility Management Community Co. Ltd.Shenzhen ITC Chuntian Commercial Management Co.ITC Spring Refers to
Ltd.The given figures expressed in the Chinese currency of
RMB RMB10000 RMB100000000 Refers to
Renminbi
52026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section II Company Profile and Major Financial Indicators
I. Company profile
Stock name SZPRD A SZPRD B Stock code 000011、200011
Stock name before the change
Not applicable
(if any)
Stock exchange where the
Shenzhen Stock Exchange
Company's stocks are listed
Chinese name Shenzhen Properties & Resources Development (Group) Ltd.Chinese name of the Company
SZPRD
(if any)
Foreign name of the Company
ShenZhen Properties & Resources Development(Group) Ltd.(if any)
Abbreviation of the Company's
SZPRD
foreign name (if any)
Legal representative Tang Xiaoping
II. Contact person and contact information
Secretary of the Board of Directors Securities affairs representative
Name Zhang Gejian Chen Qianying
Floor 20 International Trade Center Floor 39 International Trade Center
Building Renmin South Road Luohu Building Renmin South Road Luohu
Contact address
District 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. Other circumstances
1. Company contact information
Whether the company's registered address office address and postal code website e-mail etc. have changed during the reporting
period
□Applicable□Not applicable
The company's registered address office address and postal code website e-mail etc. have not changed during the reporting
period. See 2025 Annual Report for details.
2. Information disclosure and storage location
Whether the information disclosure and storage location have changed during the reporting period
□Applicable□Not applicable
The website of the stock exchange and the name and address of the media where the company discloses the semi-annual report
62026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
and the storage location where the Company's semi-annual report is prepared has not changed during the reporting period. For
details please refer to the 2025 Annual Report.
3. Other relevant information
Whether other relevant information has changed during the reporting period
□Applicable□Not applicable
IV. Key accounting data and financial indicators
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
□ Yes□ No
The reporting period Same period last year Increase/decrease
Operating revenue (RMB) 1205169675.91 1087908935.87 10.78%
Net profit attributable to the
shareholders of the listed company -68175381.59 14428019.63 -572.52%
(RMB)
Net profit attributable to shareholders of
listed companies after deducting non- -72603322.09 -25412979.40 -185.69%
recurring profit or loss (RMB)
Net cash flows from operating activities
14578373.91-107187515.26113.60%
(RMB)
Basic earnings per share (RMB/share) -0.1144 0.0242 -572.73%
Diluted earnings per share (RMB/share) -0.1144 0.0242 -572.73%
Weighted average rate of return on net
-2.03%0.43%-2.46%
assets
Increase or decrease at the
End of the reporting end of the reporting period
At the end of last year
period compared with the end of the
last year
Total assets (RMB) 15099796339.61 15428127953.74 -2.13%
Net assets attributable to shareholders of
3312145346.543394933772.35-2.44%
the listed company (RMB)
V. Differences between accounting data under domestic and overseas 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
72026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
accordance with the international accounting standards and Chinese accounting standards.VI. Non-recurring profit or loss items and amounts
□Applicable □ Not applicable
Unit: RMB
Item Amount Notes
Mainly due to the
Profit or loss on disposal of non-current assets (including write-off of disposal of
5265790.54
provision for asset impairment) investment
properties
Profit or loss from changes in fair value of financial assets and
Mainly due to the
liabilities held by non-financial enterprises and profit or loss from the
changes in the fair
disposal of financial assets and financial liabilities except for effective 1805382.18
value of money
hedging operations related to the Company's normal business
market funds
operations
Non-operating revenue and expenses other than the above-mentioned
-200213.39
items
Less: income tax effects 1717437.72
Affected amount of minority interests (after tax) 725581.11
Total 4427940.50
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
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.
82026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section III Management's Discussion and Analysis
I. Main business engaged in by the Company during the reporting period
(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.
1. Real estate development
The Company's 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 optimize the overall layout of its real estate business. 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 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
92026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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. Asset operation
The asset 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 actively explores and takes the initiative to operate the property of ITC Shopping Mall by
adopting the self-operated mode and has taken a firm step in the journey of creating the Group's independent commercial brand
and exploring market-oriented commercial operations.
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.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
(II) Development of the industry
1. Real estate
In the first half of 2026 China's real estate market was generally in a phase of adjustment and recovery. The industry is
characterized by steady adjustment structural divergence and quality-driven transformation. Macro-control policies adhered to the
orientation of seeking progress while maintaining stability and implementing city-specific policies. Policy priorities focused on
market risk mitigation vitalization of stock resources and the improvement of the industry's long-term governance system. The
industry gradually shifted from traditional incremental development to stock quality enhancement and refined operation.Policies at all levels were continuously optimized to deliver on the requirements of ensuring timely housing delivery
safeguarding people's livelihood and maintaining stability. Local governments tailored their regulatory measures to regional
market conditions supporting reasonable housing demand for both first-time homebuyers and those seeking improved living
conditions. On the financial front supporting policies related to real estate financing were continuously implemented to improve
the industry's financing environment. The market showed prominent structural divergence. Key cities maintained relatively stable
market performance with solid demand fundamentals; Most small and medium-sized cities faced relatively high market adjustment
pressures. Transaction activity in the secondary housing market rose steadily with the share of existing-home sales gradually
increasing. The overall investment in the industry became more prudent. Market participants grew more cautious in decision-
making. The internal structure of the industry kept improving alongside steady uplift in development quality.
2. Property management
As the kick-off year for the 15th Five-Year Plan 2026 saw the property management industry's policy standing further
elevated. Improvement of property service quality was listed as a national priority. Local governments accelerated the roll-out of
102026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
supporting regulatory rules building up a sound compliance supervision system. The industry gradually shifted from scale
expansion to high-quality development. Market competition centered on existing projects as the growth space for traditional
residential property management remained limited. Enterprises actively expanded into urban services and community value-added
services while digital and intelligent transformations proceeded in an orderly manner.The industry continued to face multiple operational challenges: rigid increases in labor costs pressure on property fee
collection for some projects weakening growth momentum of value-added services and rising frictional costs of exiting stock
projects. Industry development exhibited divergent characteristics with leading enterprises consolidating their market positions
based on comprehensive operational advantages while small and medium-sized property enterprises faced increasing operational
pressure. Overall the industry was in a phase of transformation and adjustment with quality-price alignment and compliant
operation as core development priorities.(III) The Company's operation during the reporting period
In the first half of 2026 facing a complex external environment characterized by profound industry adjustments and
intertwined risks and challenges the Company adhered to the working guideline of "destocking risk prevention quality and
efficiency enhancement and transformation promotion" focused on the core tasks of inventory destocking asset revitalization
and risk mitigation to overcome difficulties and pushed ahead with all work in good order. Affected by multiple factors such as
the industry cycle and project carry-over the Company's profitability was under pressure during the reporting period while overall
operations remained controllable. During the reporting period the Company realized an operating income of approximately
RMB1.2 billion and a total profit of approximately RMB-82.02 million.The real estate development segment worked in tandem in destocking and risk prevention continuously consolidating its
operational foundation. Seizing the window of continued policy easing and market bottoming and recovery in the first half the
development segment accelerated the sales pace and enhanced cash collection efficiency for key projects such as Yutang Shangfu
Project and Lake City Project aligning with the release of both primary and improvement housing demand. Certain progress was
achieved. The recovered funds were prioritized to guarantee project construction rigid debt servicing and core operational
expenditures supporting the smooth operation of the Company's cash flow.The property management service segment deepened quality and efficiency enhancement continuously enhancing
development resilience. On the market front it actively developed high-level business lines such as government services and
deeply integrated into the urban public service system; On the operation front it deeply tapped into the potential of quality
improvement and cost reduction and orderly advanced tasks such as the integration of professional companies the expansion of
value-added services and the collection of accounts receivable achieving simultaneous improvements in service efficiency and
operational quality.The asset operation segment deeply explored the value of existing assets accelerating the accumulation of transformation
momentum. In the first half of the year the commercial renewal and upgrading of the International Foreign Trade Center was
completed and the self-operated brand "ITC SPRING" shopping mall was officially opened in June becoming a vivid example of
state-owned enterprises activating traditional business commercial premises and achieving mutual promotion and win-win results
between historical and cultural heritage and modern commercial development. In addition the "ITC SPRING" Guangmingli
community commercial project was successfully opened the Qianhai Longwan commercial project was steadily advanced and the
Tianan Xingkong Digital Intelligence Incubation Center was successfully landed with both asset-light export and industrial space
operation showing initial results; The Company simultaneously launched the top-level design of the commercial property platform
building a solid framework for the systematic development of the commercial property business.
112026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
New land reserve projects
Equity
Total land
Land parcel Land Capacity Land considerati
Land area price
or project Location planning building Acquisition Equity ratio on
(㎡) (RMB100
name purpose area (㎡) Method (RMB100
00)
00)
None
Cumulative Land Reserve
Total construction area Remaining developable floor
Project/Area name Total floor area (10000㎡)
(10000㎡) area (10000㎡)
Land in Huiyang Danshui 1.77 4.25 4.25
Land in Hongqi Town
15.80--
Haikou
Total 17.57 4.25 4.25
Development of main projects
Estima Total
Compl ted accum
Dev eted Cumu total ulated
Planned
Proje elop Sched area of lative invest invest
City/ Equit Comme Land capacity
Loca ct men ule of the compl ment ment
Regi Project y ncemen area building
tion forma t compl curren eted amoun amoun
on ratio t time ( ) area
t prog etion ㎡ t area t t
()
ress ㎡ period (㎡) (RMB (RMB
(㎡)1000010000
))
Und
Hum
Don Harbou March er
en Residen 100. 88.08 5168 32175 28340
ggua r 22 cons 113713 0 0
Tow ce 00% % 7 9 8
n Palace 2022 truct
n
ion
Residen
tial
Und
Long industri
October er
Shen Lake hua al 69.0 78.77 6829 84000 66170
15 cons 433640 0 0
zhen City Distr commer 0% % 8 0 4
2020 truct
ict cial
ion
apartme
nts
Shenya
Ping Residen Und
ng
Yan shan tial er
Digital 67.0 March 47.00 2316 15475 1547 37747 17742
gzho Tow industri cons 370258
Intellig 0% 6 2023 % 12 4.6 54.6 9 1
u nshi al truct
ent
p office ion
City
SZPRD
Internat Co
ional Luoh mpl
Februar
Shen Trade u Comme 100. etio 100.00 1171 2622
y 25 26225 26225 17880 13533
zhen Mall Distr rcial 00% n of % 7.27 5
2025
Renova ict wor
tion ks
Project
Sales of main projects
122026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Amou
nt of Settle
The
Cumul pre- Settle ment
current Cumul
Capaci ative sale ment amoun
period ative
City/ ty Salabl pre- (sale) area in t in the
Proje Loca Project Equity pre- settlem
Regi buildin e area sale in the the current
ct tion format ratio sale ent
on g area (㎡) (sales) current current period(sales) area
(㎡) area period period (RMBarea ( )
(㎡) (RMB
㎡(㎡)10000(㎡)10000)
)
Residential
(including
Long affordable
Shen Lake hua housing) 43364 30488
69.00%21768642117023000
zhen City Distr industrial 0 4
ict estate
dormitory
commercial
Residential
(including
talent
Yutan Gua
housing)
Shen g ngmi
commercial 100.00% 82201 78356 53007 9505 26504 48751 6721 19020
zhen Shang ng
and
fu area
community
vegetable
markets
Residential
Don Harbo Hum (including
ggua ur en affordable 11371 10957
100.00%9549479291427294729414714
n Palac Tow housing) 3 9
City e n parking
spaces
Sheny
ang Residential
Yan Hanj
Digita office
gzho iang 36994 50281
l commercial 67.00% 78510 5150 2790 5109 5109 2655
u Distr 3 3
Intelli garage
City ict
gent parking space
City
Residential
Yan Lakes Hanj shops
gzho ide iang apartments 12281 11634 11581
100.00%930771868918681
u Royal Distr garages 1 9 7
City View ict parking
spaces
Leasing of main projects
Equity Rentable area Accumulated Average
Project Location Project format
ratio (㎡) leased area (㎡) occupancy rate
Long-term
Xiyu Longyuan Store Shenzhen rental 100.00% 3967.05 3967.05 100.00%
apartments
Commercial
Fumin Complex Shenzhen 100.00% 6490.99 4757.97 76.93%
and apartments
Block A Man Kam To Shenzhen Office building 75.00% 5913.3 5653.3 95.00%
132026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Port Building
Overseas Friendship Commercial
Shenzhen 75.00% 6635.08 6375.08 96.08%
Building office building
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%
Residential/Co
Fuxing Garden Shenzhen 75.00% 5787.22 5787.22 100.00%
mmercial
Fuxing Garden Shenzhen Commercial 100.00% 1417.15 1417.15 100.00%
Dongguan Tangxia Dongguan
Powerhouse 75.00% 21434.61 20859.21 97.32%
factory City
Commercial
Pacific Trade Building Shenzhen area/Office 75.00% 3098.64 1458.77 47.08%
building
Commercial
Pacific Trade Building Shenzhen area/Office 15.00% 12242.72 10758.13 87.87%
building
Commercial
Kangti Building Shenzhen area/Office 75.00% 2095.87 2095.87 100.00%
building
Commercial
Kangti Building Shenzhen area/Office 15.00% 1146.81 997.69 87.00%
building
Commercial
Lvhua building Shenzhen 75.00% 7106.95 6683.88 94.62%
and residential
Shops on the first floor of
Building 48 Lianhua Shenzhen Shops 75.00% 1000.34 1000.34 100.00%
North Village
Apartments and
Haonianhua Building Shenzhen 100.00% 1802.61 1802.61 100.00%
commercial
Apartments and
Haonianhua Building Shenzhen 75.00% 2277.9 2233.05 98.03%
commercial
Fuyuan Industrial Zone Shenzhen Powerhouse 75.00% 47131.4 43521.8 92.34%
Tonglu Industrial Zone Shenzhen Powerhouse 100.00% 74864.25 69234.04 92.48%
Jiangling Industrial Zone Shenzhen Powerhouse 75.00% 10396.64 10396.64 100.00%
Commercial
Area 21 Shenzhen area/Office 75.00% 9519.4 8203.8 86.18%
building
Baoli Community Shenzhen Residence 75.00% 9093.07 4763.86 52.39%
Bulong plant Shenzhen Powerhouse 75.00% 7471.36 7471.36 100.00%
Huanggang Highway
Shenzhen Office 75.00% 2949.72 2904.66 98.47%
Building
Yuetong Complex Shenzhen Office 75.00% 3044 1567 51.48%
Department Store Plaza Shenzhen Office 33.00% 12751.15 12751.15 100.00%
Southern Securities
Shenzhen Office 33.00% 8809.8 2194.82 24.91%
Building
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%
ITC Spring Shopping
Shenzhen Commercial 100.00% 12102.14 10702.49 88.43%
Mall
Level-I land development
□Applicable□Not applicable
142026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Financing approach
Financing Term structure
Financing cost
balance at the
Financing range/average
end of the
approach financing cost
period Within 1 year 1-2 years 2-3 years Over 3 years
(RMB10000)
(RMB10000)
Bank loans 780130.65 2.9%-3.5% 496533.76 157750.95 125845.94 0.00
Bonds 55000 2.3% 0.00 0.00 55000.00 0.00
Total 835130.65 3%-4% 496533.76 157750.95 180845.94 0.00
Development strategy and business plan for the next year
Since the start of 2026 despite a complex domestic and international landscape the Chinese economy has withstood
pressures and maintained an overall stable innovative and high-quality development trajectory. In recent years in accordance
with the decision-making and deployment of the CPC Central Committee local authorities have implemented city-specific policies
to continuously optimize and adjust real estate policies. These include controlling new supply reducing inventory improving
supply quality gradually easing purchase restrictions deepening reforms to the housing provident fund system and promoting
urban renewal and redevelopment. By addressing both supply and demand sides they have rolled out a coordinated policy package.Shenzhen Properties & Resources Development (Group) Ltd. will base itself on the overall reform of Shenzhen's state-owned
enterprises as well as requirements under the "15th Five-Year Plan" closely adhere to the strategic theme of "deepening the main
business empowering with digital intelligence and strengthening the foundation" and deliver targeted measures and continuous
efforts around the four major aspects of "revitalizing existing assets preventing risks enhancing quality and efficiency and
promoting transformation" to promote the coordinated quality improvement of the three major main businesses of real estate
development property management services and Asset operation and steadily achieve sustainable and high-quality development.In the coming year the Group's top priority is the destocking of existing sales and the recovery of funds and its important goal is
to accelerate the high-quality development of property management while comprehensively deepening quality and efficiency
enhancement and further improving the modernization level of the enterprise governance system and governance capability. In
terms of sales collection the Group will dynamically adjust the promotional strategies for projects on sale to achieve a dynamic
alignment between fund recovery construction pace and sales destocking; In terms of project development the Group will
steadily promote the development and construction of the Lake City Project and the Shenyang Digital Intelligent City Project
create high-quality benchmark demonstration projects continuously improve development capabilities strengthen quality control
deepen lean management enhance the comprehensive competitiveness of products and achieve the practical verification and
iterative optimization of the standardized achievements of "quality houses"; In terms of land reserves we will deeply explore the
value of existing assets and explore a new model for business development with consideration to the market to 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 June 30 2026 the balance of deposits for
which the guarantee hasn't yet been released stood at RMB1136683.23 and the said guarantee will be released upon the full
repayment of the mortgage loans.
152026 Semi-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 June 30 2026 the balance of the guarantee that has not
been released was RMB503492505.14 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
II. 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 property management urban renewal 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.Advantages of industrial-city integration: The Company's 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 and Huanggang Port area development to the development and operation of the large-scale industrial-city complex
Lake City Project and the operation of ITC Spring Shopping Mall the advantages of SZPRD characteristic development products
of industrial-city complexes have been highlighted. With the implementation of a series of urban renewal project 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.III. Analysis of primary business
Overview
See the relevant contents of "I. Main business engaged in by the Company during the reporting period".
162026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
YoY changes in key financial data
Unit: RMB
YoY
The reporting period Same period last year Reason for changes
change
Operating revenue 1205169675.91 1087908935.87 10.78%
Operating costs 1047738994.78 813504493.36 28.79%
Selling and
20325832.8919167310.946.04%
distribution expenses
G&A expenses 117385765.50 107251478.24 9.45%
Increase in interest expenses for the
Financial expenses 79144049.41 44742067.07 76.89%
current period
Decrease in total profit for the current
Income tax expenses -5473353.27 12533681.45 -143.67%
period
R&D investment 1997689.76 2596806.24 -23.07%
Increase in sales collection and decrease
Net cash flows from
14578373.91 -107187515.26 113.60% in taxes and surcharges paid for the
operating activities
current period
Net cash flows from Decrease in cash inflows from disposal
the investing -54470782.11 45686298.43 -219.23% of non-current assets for the current
activities period
Decrease in newly added bank
borrowings increase in repayment of
Net cash flows from
-727069115.50 1232404938.32 -159.00% borrowings from financial institutions
financing activities
and increase in payment of dividends
for the current period
Decrease in newly added bank
borrowings increase in repayment of
Net increase in cash
-769644922.38 1169707139.22 -165.80% borrowings from financial institutions
and cash equivalents
and increase in payment of dividends
for the current period
Decrease in land appreciation tax for the
Taxes and surcharges 12497563.09 63146486.93 -80.21%
current period
Decrease in provision for bad debts for
Credit loss -9740426.72 -36757413.71 -73.50%
the current period
Decrease in government grants received
Other income 1445144.41 12583335.96 -88.52%
in the reporting period
Gains from changes Changes in fair value arising from
1805382.180.00100.00%
in fair value monetary fund for the current period
Non-operating Decrease in forfeited deposits for the
812631.9312522551.20-93.51%
revenue current period
Other comprehensive
income - changes in
fair value of other 35801.95 -98726.72 136.26% Effect of changes in fair value
equity instrument
investments
Other comprehensive
income - Translation
differences of -2662999.10 -890458.69 199.06% Effects of fluctuation in exchange rate
foreign currency
financial statements
Significant changes in the Company's profit composition or profit sources during the reporting period
□Applicable□Not applicable
There were no significant changes in the Company's profit composition or profit sources during the reporting period.
172026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Composition of operating revenue
Unit: RMB
The reporting period Same period last year
Percentage of Percentage of YoY change
Amount Amount
operating revenue operating revenue
Total operating
1205169675.91100%1087908935.87100%10.78%
revenue
By industry
Real estate 351674325.47 29.18% 213561064.62 19.63% 64.67%
Property
778885527.5664.63%770226955.3570.80%1.12%
management
Asset operation 74609822.88 6.19% 104120915.90 9.57% -28.34%
By product
Real estate 351674325.47 29.18% 213561064.62 19.63% 64.67%
Property
778885527.5664.63%770226955.3570.80%1.12%
management
Asset operation 74609822.88 6.19% 104120915.90 9.57% -28.34%
By region
Shenzhen 858379358.47 71.22% 903663076.41 83.06% -5.01%
Others 346790317.44 28.78% 184245859.46 16.94% 88.22%
Industry product or region accounting for more than 10% of the Company's operating revenue or operating profit
□Applicable □ Not applicable
Unit: RMB
YoY change in
Operating YoY change in YoY change in
Operating costs Gross margin operating
revenue operating costs gross margin
revenue
By industry
Real estate 351674325.47 341750909.48 2.82% 64.67% 166.14% -37.05%
Property
778885527.56662324509.7114.97%1.12%3.00%-1.54%
management
By product
Real estate 351674325.47 341750909.48 2.82% 64.67% 166.14% -37.05%
Property
778885527.56662324509.7114.97%1.12%3.00%-1.54%
management
By region
Shenzhen 858379358.47 706124981.15 17.74% -5.01% 11.07% -11.91%
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
IV. Analysis of non-primary business
□Applicable □ Not applicable
Unit: RMB
Ratio of total Whether it is
Amount Formation reasons
profit sustainable
Investment income -2410319.20 2.94% Mainly investment income from joint No
182026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
ventures
Gains/losses on Mainly due to changes in fair value
changes in fair 1805382.18 -2.20% arising from investments in money No
value market funds
Mainly provision for inventory
Asset impairment -435.70 0.00% No
depreciation
Non-operating
812631.93 -0.99% Mainly forfeiture of deposits No
revenue
Non-operating
1012845.32 -1.23% Mainly due to the payment of late fees No
expenses
Credit loss -8806886.82 10.74% Mainly provision for bad debts No
V.Analysis of assets and liabilities
1. Major changes in asset composition
Unit: RMB
End of the reporting period End of the last year Increase/
decrease
Ratio of Ratio of Explanation of significantin
Amount total Amount total changespercentag
assets assets e
Decrease in newly added
bank borrowings increase
in repayment of borrowings
Monetary funds 1352524296.80 8.96% 2124343056.19 13.77% -4.81%
from financial institutions
and increase in payment of
dividends
Increase in property
Accounts
517165740.89 3.42% 417784270.44 2.71% 0.71% management fees
receivable
receivable
Increase in receivables
Contract assets 1813520.80 0.01% 580850.15 0.00% 0.01% from municipal engineering
deposits
Increase in development
Inventories 11203486710.73 74.20% 11103909470.05 71.97% 2.23%
costs
Increase in transfers from
Investment
499036030.20 3.30% 398400543.06 2.58% 0.72% construction in progress to
properties
investment property
Long-term
Decrease in investment
equity 266004022.90 1.76% 269002577.39 1.74% 0.02%
income from joint ventures
investments
Fixed assets 39293464.59 0.26% 41751582.46 0.27% -0.01%
Right-of-use
16250305.750.11%22450067.810.15%-0.04%
assets
Short-term Increase in new short-term
475129342.773.15%449458211.112.91%0.24%
borrowings bank borrowings
Contract Increase in pre-sale housing
917445211.306.08%711605295.764.61%1.47%
liabilities payments
Increase in reclassification
Long-term
2835968869.14 18.78% 3681594912.20 23.86% -5.08% to non-current liabilities
borrowings
due within one year
192026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Lease liabilities 5792324.09 0.04% 10602827.46 0.07% -0.03%
Increase in notes receivable
Notes receivable 84000000.00 0.56% 0.00 0.00% 0.56%
from customers
Long-term
Increase in decoration
deferred 23885728.73 0.16% 15046783.07 0.10% 0.06%
expenditures
expenses
Advances from Decrease in advance rent
619400.740.00%1340490.690.01%-0.01%
customers receipts
Decrease in income tax
Taxes payable 44461412.21 0.29% 78010841.03 0.51% -0.22% payable and land
value?added tax payable
Increase in deferred output
Other current
133000549.04 0.88% 58886145.36 0.38% 0.50% VAT and notes receivable
liabilities
not derecognized
Repayment of sale and
Long-term
0.00 0.00% 399470977.78 2.59% -2.59% leaseback financing for the
payables
current period
Other non- Decrease in employee co-
85762585.760.57%129540497.600.84%-0.27%
current liabilities investment funds
2. Main overseas assets
□Applicable□Not applicable
3. Assets and liabilities measured at fair value
□Applicable □ Not applicable
Unit: RMB
Amo
Amo
Cumulati Impair unt
Profit or loss unt
ve ment purch
from sold
changes provisi ased
Beginning changes in in the Other
Item in fair on in in the Ending balance
balance fair value in curre changes
value the curre
the current nt
included current nt
period perio
in equity period perio
d
d
Financial assets
1. Financial
assets held for
trading
301765714.201805382.18303571096.38
(excluding
derivative
financial assets)
4. Other equity
instrument 567317.70 35801.95 -19983.16 583136.49
investments
Total of the
302333031.901805382.1835801.95-19983.16304154232.87
above
Financial
0.000.00
liabilities
Other changes
202026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
4. Restrictions on asset rights as of the end of the reporting period
Item Ending book balance Closing book value Reason forrestriction
Monetary funds 80123834.20 80123834.20 [Note 1]-[Note8]
Partial land use rights and buildings under
construction of Lake City project 776587376.68 776587376.68 [Note 9]
Land use right of Plots B and D of Shenyang
Digital Intelligent City Project and Plot D 966766925.68 886546508.47 [Note 10]
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 2011945588.50 1931725171.29
[Note 1]: Among the monetary funds with restricted right of use at the end of the period RMB2200000.00 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 RMB3000000.00 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 RMB138064.00 was the bank 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 RMB162969.00 was frozen due to a
lawsuit involving the subsidiary Shenzhen ITC Technology Park Service Co. Ltd.[Note 5]: Among the monetary funds with restricted right of use at the end of the period there are RMB72945382.18 of time
deposits purchased at the end of the period and their interest.[Note 6]: Among the monetary funds with restricted right of use at the end of the period RMB50385.39 was the collection
business guarantee of the subsidiary Shenzhen Jiayuan Property Management Co. Ltd.[Note 7]: Among the monetary funds with restricted right of use at the end of the period RMB490350.40 was the performance
guarantee deposit of the subsidiary Shenzhen International Trade Center Property Management Co. Ltd.[Note 8]: Among the monetary funds with restricted right of use at the end of the period there is RMB1136683.23 which is the
loan guarantee provided by the Company as a real estate development and paid for the buyers of commercial housing according to
the real estate operation practice.[Note 9]: To meet the needs of daily business operations the Company applied for a loan from the bank and mortgaged the partial
land use rights and buildings under construction of Lake City Project.[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 Plots B & 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.
212026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
VI. 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
Cumu
loss Amou Profit
lative Amou
Accou from nt or
chang nt
Securi Initial nting Openi chang purch loss Closin
es in sold Accou Sourc
ties Stock invest measu ng es in ased during g
Ticker fair in the nting e of
variet name ment remen book fair in the the book
value curren items funds
y cost t value value curren report value
includ t
mode in the t ing
ed in period
curren period period
equity
t
period
Acqui
red
Dome Other
Fair from
stic 40001 Jintia equity
3565 value - debt
and 6、 n A 5673 3580 5831 instru
856.0 measu 0.00 0.00 0.00 1998 restru
foreig 42001 Jintia 17.70 1.95 36.49 ment
6 remen 3.16 cturin
n 6 n B invest
t g of
stocks ments
Jintia
n
Hotla
nd
Innov Finan
ation Fair cial
Self-
Youc 3000 value 3017 1805 3035 assets
00515 owne
Fund hun 0000 measu 6571 382.1 0.00 0.00 0.00 0.00 7109 held
1 d
Mone 0.00 remen 4.20 8 6.38 for
funds
y t tradin
Marke g
t Fund
B
222026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
303530231805-3041
3580
Total 6585 -- 3303 382.1 0.00 0.00 1998 5423 -- --
1.95
6.061.9083.162.87
(2) Derivative investment
□Applicable□Not applicable
The Company had no derivative investment during the reporting period.
5. Use of funds raised
□Applicable □ Not applicable
(1) Overall use of raised funds
□Applicable □ Not applicable
Unit: RMB10000
Propo
rtion
Total
of use Propo Amou
raised Purpo
Total of rtion nt of
funds Total se and
Net raised Total raised of raised
Listin chang raised Total where
Year Metho amou funds used funds total funds
g date Total ed in funds unuse abouts
of d of nt of used total at the raised idle
of raised use with d of
fundra fundra raised in the raised end of funds for
securi funds during chang raised unuse
ising ising funds curren funds the with more
ties the es in funds d
(1) t (2) report chang than
report use raised
period ing es in two
ing funds
period use years
period
(3)=
(2)/(1)
Non-
public
Nove
issuan Not
mber 5500 5489 2432 5489 100.0
2025 ce of 0 0 0.00% 0 applic 0
2708.158.158.150%
corpor able
2025
ate
bonds
5500548924325489100.0
Total -- -- 0 0 0.00% 0 -- 0
08.158.158.150%
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 RMB1.2 billion. On November 27 2025 the
Company issued the first tranche of corporate bonds amounting to RMB550 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 June 30 2026 RMB548.9815 million of the raised funds had been used to repay the interest-bearing debts.
(2) Committed projects of raised funds
□Applicable□Not applicable
232026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(3) Project changes of raised funds
□Applicable□Not applicable
There were no changes in raised funds during the reporting period of the Company.VII. Sale 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
VIII. 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
Unit: RMB
Company Company Main Registered Operating Operating
Total assets Net assets Net profit
name type business capital revenue profit
Shenzhen
Real estate
Huangchen - -
Subsidiari developmen 30000000. 63038702 16691919 7994781.9
g Real 13192700. 10042550.es t and 00 8.39 8.98 3
Estate Co. 92 24
operation
Ltd.Shenzhen
Internation
al Trade Property
Subsidiari 20000000. 30900238 55015734 78488831 23567035. 7599746.2
Center management
es 00 49.48 3.34 7.65 14 8
Property service
Manageme
nt Co. Ltd.Information on acquisition and disposal of subsidiaries during the reporting period
□Applicable□Not applicable
Notes to main holding and participating companies
IX. Structured entities controlled by the Company
□Applicable□Not applicable
10. Risks faced by the Company and countermeasures
1. Market risk
Against the dual background of macro-policy regulation and profound adjustment of the industry cycle the demand structure
in the real estate market continued to diverge the resource dividends relied upon by traditional real estate development gradually
faded and the industry competition logic underwent a profound transformation. The focus of competition gradually shifted from
242026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
traditional resource acquisition to comprehensive competition in operational efficiency product quality and refined management
putting continuous pressure on the overall profit margin of the industry. Meanwhile the property management industry has entered
a stock-based competition phase with shrinking incremental market space. Coupled with rigid rises in labor costs and slower
growth momentum for value-added services the sector faces challenges to its profitability resilience.In response to the complex landscape the Company has conducted in-depth assessments of the opportunities and challenges
arising from macroeconomic trends policy shifts and market volatility. It remains committed to prudent operations continuously
optimizing its business portfolio driving internal quality and efficiency improvements and strengthening its overall risk-resilience
capabilities to adapt to the new industry landscape and withstand cyclical fluctuations.
2. Business risk
The real estate industry as a whole is still in a period of profound adjustment. Although under policy support "price-for-
volume" sales in major first-tier cities have shown tentative signs of market bottoming-out and recovery. Nevertheless divergence
across cities intra-city districts sub-markets and individual projects remains prominent and difficulties in destocking project sales
stay severe.The Company will continue to closely monitor the market environment and policy trends pay attention to the promotion
dynamics of competitive projects and actively respond to market changes; Try to be close to the market as much as possible
reasonably formulate the annual marketing plan and sales strategy of the project and accurately grasp the market turnaround to
fully launch the promotion; Actively carry out various customer acquisition work effectively expand customer resources and
make every effort to promote the achievement of the annual sales target as scheduled.
3. Financial and cash flow risks
The real estate development and urban renewal businesses are characterized by capital intensity and long cycles placing high
demands on capital planning and liquidity management. In recent years affected by the pace of market sales and project
development investment the phased balance pressure on the Company's operating cash flow has increased. In addition to its own
funds the Company's project development funds also need to be financed externally through bank borrowings and other means.At present the Company is in a sound financial position with good credit standing. In the future the Company will further
strictly control financial risks continuously optimize the debt structure actively expand diversified financing channels guarantee
the capital requirements for project development construction and operation turnover and continuously maintain the safety of the
Company's cash flow and financial soundness.XI. 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
XII. Implementation of the action plan of "double improvement of quality and return"
Whether the company has disclosed the announcement of the action plan of "double improvement of quality return".□ Yes□ No
252026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section IV Corporate Governance Environment and Society
I. Changes in directors and senior management of the Company
□Applicable □ Not applicable
Name Position Type Date Reasons
Deputy General
Li Peng Dismissed January 22 2026 Job transfer
Manager
II. Profit distribution and conversion of capital reserves into share capital during the
reporting period
□Applicable□Not applicable
The Company plans not to distribute cash dividends issue bonus shares or convert capital reserves into share capital for half a
year.III. 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.IV. Environmental information disclosure
Whether the listed company and its main subsidiaries are included in the list of enterprises required to disclose the environmental
information by law
□ Yes□ No
V. Social responsibilities
(I) Paying taxes in compliance with the laws and safeguarding shareholders' rights and interests
In the first half of 2026 the Company and its subsidiaries fulfilled their tax obligations in accordance with the laws paying
taxes and fees of RMB149 million in full. The Company continued to improve the modern corporate governance system strictly
regulated the operation process of the general meeting of shareholders smoothed the communication and interaction channels with
shareholders continuously enhanced the transparency of operational information and effectively protected the legitimate rights
and interests of all shareholders.(II) Stabilizing and expanding employment and enriching the talent team
In the first half of 2026 the Company actively expanded employment channels offered job vacancies carried out recruitment
in an orderly manner and absorbed key groups such as fresh college graduates and demobilized military personnel. The Company
continued to build a hierarchical and classified training and growth system strengthened post capability empowerment and
continuously optimized the structure of the internal talent team.(III) Safeguarding employees' rights and interests and assisting disadvantaged groups
In the first half of 2026 the Company strictly implemented relevant laws and regulations on labor security ensuring that
social insurance was paid in full. The Company organized regular special training on work safety occupational health and
262026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
emergency response and provided labor protection articles in full; The Company extensively carried out skills competitions and
cultural sports and recreational activities realized full coverage of annual health checkups for all employees and effectively
safeguarded employees' labor and health rights and interests. The Company improved the regular mechanism for surveying and
filing employees and Party members in need. During the Spring Festival the Company completed visits to identified recipients
extended condolences to Party members and employees in difficulty and delivered care packages through symposiums and other
forms of communication passing on the care and warmth of the organization.(IV) Strengthening the blood donation brand and highlighting the public welfare power of Party building
From May to June 2026 the Company organized the 15th "Red Flag - Red Action" public welfare blood donation activity set
up a temporary blood collection point at ITC Spring Shopping Mall and collaborated with sub-districts and blood centers to
provide services. The campaign covered 11 affiliated operating units with over 400 participants and 127 successful donors
collecting a total of 46150 ml of blood earning recognition from local health authorities. Launched in 2011 this branded event
has run for 15 consecutive sessions and formed a regular public?welfare framework covering South China North China East
China and Southwest China. By the end of June 2026 a total of more than 3200 employees had participated with 2757
successful blood donations and a total blood donation of 990000 ml. It has been commended by blood centers in various regions
for many times.(V) Expanding volunteer practice and jointly building a community ecosystem for public benefit
First carry out volunteer activities for civilized city development. The Company organized employees to participate in
building a civilized city on a regular basis and carried out traffic guidance park order maintenance and supervision of household
waste sorting thereby contributing to grassroots governance. Second strengthen the joint construction of neighborhood culture.All property service projects under management carried out folk activities such as sending Spring Festival couplets guessing
lantern riddles and making zongzi in combination with traditional festivals to enhance residents' living well-being and sense of
community belonging. Third hold commercial public-welfare events for public benefits. ITC Spring regularly holds charity
bazaars for pet adoption and the proceeds are earmarked for stray?animal care and assistance for disadvantaged groups; In
collaboration with the Health Commission it set up consultation points for aesthetic medicine popularization and consumer rights
protection. Exclusive consumption discounts are offered to teachers and newly-wedded couples to implement requirements for
boosting consumption and improving people's livelihood.(VI) Leveraging consumption assistance to consolidate poverty alleviation achievements
The Company has thoroughly implemented the work deployment of the "Hundred Thousand and Ten Thousand Project" of
the Provincial Party Committee taking the targeted procurement of agricultural and sideline products from assisted areas as the
core starting point continuously widening the channels for farmers to steadily increase their income and effectively consolidating
and expanding the achievements of poverty alleviation. In the first half of 2026 subsidiaries of the Group at all levels purchased
agricultural products worth a total of RMB655700 for consumption-based assistance. Meanwhile it completed the distribution of
materials for designated assistance and delivered targeted support in a precise manner.
272026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section V Significant Events
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
During the reporting period there were no commitments that have been fulfilled by the Company's actual controller shareholders
related parties acquirers the Company and other related parties during the reporting period and have not been fulfilled beyond the
time limit as of the end of the reporting period.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. Appointment and dismissal of the accounting firm
Whether the semi-annual financial report has been audited
□ Yes□ No
The Company's semi-annual report has not been audited.V. Explanation of the Board of Directors on the "modified audit report" of the accounting
firm during the reporting period
□Applicable□Not applicable
VI. Explanation of the Board of Directors on the "Modified Audit Report" of the previous
year
□Applicable□Not applicable
VII. Matters relating to bankruptcy and reorganization
□Applicable□Not applicable
During the reporting period the Company had no bankruptcy restructuring related matters.
282026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
VIII. Litigation matters
Significant litigation and arbitration
□Applicable □ Not applicable
Whether
Amount
estimated Date of
General involved Decisions and Execution of Disclosure
liabilities Progress disclosur
information (RMB100 effects decisions index
are e
00)
formed
The 30%
As Xinhai
equity of
Rongyao's The enforcement
Rongyao Real
violation of the ruling orders Xinhai
Estate held by
Equity Transfer Rongyao to pay our
Xinhai
Agreement for the Company the
Rongyao was
Bangling Area compensation for
finally pledged
Urban Renewal investment losses
to the
Project in Guanlan totaling RMB50
Company
Subdistrict million; Xinhai
through the
Longhua District Rongyao has
court
Shenzhen has pledged 30% of its
enforcement
constituted a equity in Rongyao
procedure and
material breach Applied Real Estate to the
continued to
the Company is for Company as
be sealed up
entitled to claim compulso collateral; Xinhai
5085.23 No and frozen. On
compensation for ry Rongyao shall
November 4
investment losses enforcem compensate the
2024 the
from Xinhai ent Company for legal
judicial
Rongyao at an fees of
freezing was
annual interest rate RMB150000
immediately
of 11% on the preservation fees of
enforced after
funds invested in RMB3000 and
the 1% equity
the Lake City preservation
of Rongyao
Project pursuant insurance costs of
Real Estate
to the Agreement. RMB41120.84.held by
Accordingly the Xinhai Rongyao
Sichuan Trust
Company has shall bear the
was
initiated arbitration fees of
transferred to
arbitration RMB658188.60.Xinhai
proceedings.Rongyao.On February 26 Xinhai Rongyao and Rongyao Real
2019 the Xinhai Holdings Estate received For details
Company entered shall repay to the please refer
into the Rongyao Real Estate Enforcement to the
Repayment the entire loan Ruling and the Announceme
Agreement with Applied principal of Notice of nt on Major
Rongyao Real for RMB531972922.51 Seizure Arbitration
Estate Xinhai 1 compulso and the interest Detain and June 9 of a53197.29 No
Rongyao and ry calculated at an Freezing of 2023 Subsidiary
Xinhai Holdings. enforcem annual rate of 11% Property from (No. 2023-
For details refer ent for the the Shenzhen 13) the
to the corresponding Intermediate Announceme
Announcement on period tentatively People's Court nt on
the Signing of the calculated to be stating that the Progress of
Repayment RMB122139715.52 court had ruled Major
Agreement as of March 31 to seize and Arbitration
292026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(Announcement 2023 with freeze a batch of a
No. 2019-9) subsequent interest of property. Subsidiary
disclosed by the calculated at an On March 19 (No. 2023-
Company on annual rate of 11% 2026 Rongyao 21) the
Cninfo until the date of Real Estate Announceme
(http://www.cninf actual full received a nt on
o.com.cn) on repayment; Xinhai notice from the Progress of
February 28 2019. Investment court that the Major
Pursuant to the Chengjian Real court had Arbitration
Repayment Estate Lianghong accepted the of a
Agreement Industry and case of Subsidiary
Xinhai Rongyao Tiancheng Chengjian (No. 2024-
and Xinhai Investment shall Property 31) the
Holdings bear joint and Company Announceme
acknowledged several liability for applying for nt on
their obligation to the payment the revocation Progress of
repay debts owed obligations of of arbitral Major
to Rongyao Real Xinhai Rongyao and award. During Arbitration
Estate with Xinhai Holdings to the acceptance of a
Xinhai Rongyao Real period of the Subsidiary
Investment Estate; the case the court (No. 2025-
Chengjian Real respondents shall ruled to 48) and the
Estate Lianghong bear the attorney's suspend the Announceme
Industrial and fees of execution of nt on
Tiancheng RMB220000 the this case Progress of
Investment acting property according to Major
as guarantors preservation fee of the application Arbitration
jointly and RMB5000 and the of Chengjian of a
severally liable for preservation Property Subsidiary
the obligations insurance fee of Company. At (No. 2025-
under the RMB288872.88 present the 73) disclosed
guarantee. paid by Rongyao court has ruled by the
However as the Real Estate; the to reject the Company on
aforementioned respondents shall application Cninfo.parties failed to bear the arbitration request of
fully repay the fee of Chengjian
debts as agreed RMB3440688.3 Property
Rongyao Real already paid by Company and
Estate initiated Rongyao Real Rongyao Real
arbitration Estate. Estate is
proceedings. applying to
resume
execution.Note: 1 and its interest
Other litigation matters
□Applicable □ Not applicable
Amount Whether
General involved estimated Decisions and Execution of Date of Disclosure
Progress
information (RMB10000 liabilities are effects decisions disclosure index
) formed
Summary of See Section See Section
See Section See Section
other VIII VIII
VIII Financial VIII Financial
contract 26353.24 Financial Financial
Report Part Report Part
litigation and Report Part Report Part
XVI.2 XVI.2
disputes XVI.2 XVI.2
302026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
IX. Penalties and rectification
□Applicable□Not applicable
There was no punishment or rectification during the reporting period.X. Integrity status of the Company and its controlling shareholders and actual owner
□Applicable□Not applicable
XI. Major related party transactions
1. Related party transactions related to daily operations
□Applicable □ Not applicable
Pricin Amou
Settle Prevai
g nt of Ratio Appro
Relate Type Price ment ling
princi relate of ved
d of Relate of Excee metho marke
Relate ples d simila transa Date
partie relate d relate ds d of t price Disclo
d of party r ction of
s to d party d appro relate for sure
relatio relate transa transa quota disclo
the party transa party ved d simila index
nship d ctions ction (RMB sure
transa transa ctions transa quota party r
party (RMB amou 1000
ctions ctions ctions transa transa
transa 1000 nt 0)
ctions ctions
ctions 0)
Relate
d
party The
Shenz Wholl
transa 2026
hen y-
ctions Prope Forec
Bay owne
for rty ast
Techn d Marke Agree
the mana Anno
ology subsid t d- 2194. 7748. 2194.sale geme 2.82% No Cash unce
Devel iary princi upon 14 22 14
of nt ment
opme of the ples price
goods servic on
nt parent
and e Recur
Co. comp
provis ring
Ltd. any
ion of Relate
servic dJanuar
es Partyy 29
Trans
Relate 2026 action
d s
party
Shenz Wholl (Anno
transa
hen y- unce
ctions
Bay owne ment
for Mana
Techn d Marke Agree No.the geme
ology subsid t d- 3058. 3058. 2026-
purch nt 4.62% 6951 No Cash
Devel iary princi upon 17 17 03)
ase of Servic
opme of the ples price disclo
goods es
nt parent sed on
and
Co. comp Cninf
accept
Ltd. any o
ance
of
servic
312026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
es
Shenz
Wholl
hen Entrus
y-
Shent ted
owne
ou Entrus housi
d Marke Agree
Prope ted ng
subsid t d- 2812. 37.69 5858. 2812.rty mana mana No Cash
iary princi upon 31 % 96 31
Devel geme geme
of the ples price
opme nt nt
parent
nt servic
comp
Co. es
any
Ltd.
8064.2055
Total -- -- -- -- -- -- -- --
628.18
Detailed circumstances of large-
Not applicable
scale sales returns
Give the actual situation in the
Reporting Period (if any) where an
In 2026 the Company expects the total amount of daily related transactions to be
estimate had been made for the
RMB427.1406mn and the actual amount of related transactions in 2026 H1 did not exceed
total value of continuing related-
the approved quota.party transactions by type to occur
in the Reporting Period
Reasons for significant deviations
between transaction prices and
Not applicable
market reference prices (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.
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 Addition Recoveri Interest
of non- Beginning s in the es in the in the Ending
Inter
Related Related Formatio operation balance current current current balance
est
party relationship n causes al funds (RMB1000 period period period (RMB10
rate
occupatio 0) (RMB10 (RMB10 (RMB1 000)
n 000) 000) 0000)
Shenzhen The parent Pre-
Xinhai company of acquisitio No 20150 20150
Holdings Xinhai Rongyao n working
322026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
the minority capital
shareholders of
the subsidiary
Rongyao Real
Estate
Shenzhen
Xinhai
Minority
Rongyao Pre-
shareholders of
Real acquisitio
the subsidiary No 33047.29 33047.29
Estate n working
Rongyao Real
Developm capital
Estate
ent Co.Ltd.Impact of related party
receivables on the Company's According to the value analysis results of the recoverable amount by the assets appraisal agency
operating results and financial hired by the Company the accumulated provision for bad debts was about RMB356.2229mn.position
Payables to related parties (debts)
Additions Repayment
Interest in
Beginning in the amount in Ending
the current
Related Related Formation balance current the current balance
Interest rate period
party relationship causes (RMB100 period period (RMB100
(RMB100
00) (RMB100 (RMB100 00)
00)
00)00)
Shenzhen
Property
Jifa Joint Current
20229.6720229.67
Warehousi Venture accounts
ng Co.Ltd.Shenzhen
Tian'an
Internation
Joint Current
al Building 521.43 521.43
Venture accounts
Property
Manageme
nt Co. Ltd.Impact of related party
payables on the
All such matters have been maintained entirely within the Company's risk control tolerance and do
Company's operating
not adversely affect its operating results or financial position.results and financial
position
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
332026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
parties.
7. Other major related party transactions
□Applicable□Not applicable
The Company had no other major related party transactions during the reporting period.XII. Major contracts and their performance
1. Custody contracting and lease matters
(1) Custody
□Applicable □ Not applicable
Explanation on entrustment
In November 2019 the Company acquired 100% equity of the former Shenzhen Investment Holdings Property Management
Co. Ltd. (hereinafter referred to as "former SIHPM") held by Shenzhen Investment Holdings Co. Ltd. (hereinafter referred to as
"SIHC"). Given the historical legacy issues and the complexity of dealing with some land assets of the former SIHPM in order to
maintain the stability and development of the former SIHPM after the equity transfer SIHC Shenzhen Shentou Property
Development Co. Ltd. (hereinafter referred to as "Shentou Development") and the Company jointly signed the Entrusted
Operation and Management Agreement for Divested Land and Property of Shenzhen Properties & Resources Development (Group)
Ltd. Through mutual agreement and in order to ensure operational efficiency of the assets and maintain the stability of the
Company's leasing business segment the three parties entered into a supplementary agreement with the entrustment term running
from January 1 2026 to December 31 2026. The underlying assets consist of 32 items including but not limited to commercial
premises office buildings residential properties staff dormitories industrial workshops and parking lots with a total managed
area of 210837.86 square meters (comprising 199137.86 square meters of building area and 11700 square meters of land area).For details please refer to the Announcement 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 (Announcement
No.: 2025-72) disclosed by the Company on Cninfo on December 31 2025.The project bringing about the Company's profit or loss as over 10% of total profit in the Reporting Period
□Applicable □ Not applicable
Impact
Amount Wheth
of
involved Entrustm er it is
Start End date Basis for entrust Relate
Name of Name of Entrust in ent a
date of of determining ment d
entrustin entrusted ed entrusted income related
entrustm entrustm entrustment income relatio
g party party assets assets (RMB10 -party
ent ent income on the nship
(RMB10 000) transac
Compa
000) tion
ny
Shenzhe Shenzhe Pursuant to Contr
n n Entrust the olling
Investme Propertie ment of Supplementar shareh
Increas
nt s & diveste Decemb y Agreement older
January e
Holding Resourc d land er 31 836.251 IV to the Yes and its
1 2026 compan
s Co. es and 2026 Entrusted wholl
y profit
Ltd. Develop propert Operation and y-
Shenzhe ment y Management owne
n (Group) Agreement for d
342026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shentou Ltd. Divested Land subsid
Property and Property iaries
Develop of Shenzhen
ment Properties &
Co. Ltd. Resources
Development
(Group) Ltd.the
entrustment
service fee
shall be paid
at a fixed rate.Specifically
Shenzhen
Properties &
Resources
Development
(Group) Ltd.shall receive a
75% share of
the total
annual gross
rental income
(tax-included).The total gross
rental income
from January
to June 2026
is
approximately
RMB35.68
million and
the share
receivable by
the Company
is around
RMB26.76
million.Note: 1 Due to the impact of the internal cost allocation mechanism it is difficult to fully separate and collect the direct and
indirect costs attributable to the entrustment business. The entrustment income is for estimation only and does not represent profit
or loss figures in the Company's audited financial statements.
(2) Contracting
□Applicable□Not applicable
During the reporting period the Company had no contracting.
(3) Leases
□Applicable□Not applicable
During the reporting period the Company had no leases.
352026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2. Significant guarantees
□Applicable □ Not applicable
Unit: RMB10000
External guarantees of the Company and its subsidiaries (excluding the guarantees to subsidiaries)
Disclosu
re date Whether Whether
of Actual the to
Name of Type of Counter
guarante Guarante Actual guarante Collatera Guarante performa guarante
guaranto guarante guarante
e limit e limit date e l (if any) e period nce is e for a
r e e (if any)
related amount complete related
announc d party
ements
Guarantees to subsidiaries by the Company
Disclosu
re date Whether Whether
of Actual the to
Name of Type of Counter
guarante Guarante Actual guarante Collatera Guarante performa guarante
guaranto guarante guarante
e limit e limit date e l (if any) e period nce is e for a
r e e (if any)
related amount complete related
announc d party
ements
Shenzhe
Joint and
n
several
Rongyao 2019.11.Novemb liability Equity
Real October 349131. 27-
500000 er 27 guarante land use No Yes
Estate 18 2019 17 2028.5.2
2019 e right
Develop 0
mortgag
ment
e pledge
Co. Ltd.Joint and
Yangzho several Land use
2024.1.1
u Wuhe liability rights
June 5 July 25 22111.3 9-
Real 67000 guarante accounts No Yes
2024202432029.1.1
Estate e receivabl
8
Co. Ltd. mortgag e
e pledge
Shenzhe
n
Internati
onal 2025.8.1
Trade July 26 August Mortgag Real 1-
90000 0 Yes Yes
Center 2025 12 2025 e estate 2028.8.1
Property 1
Manage
ment
Co. Ltd.Total actual amount
Total guarantee limit
of guarantee
to be approved to
incurred to
subsidiaries during 0 5333.2
subsidiaries during
the reporting period
the reporting period
(B1)
(B2)
Total approved 657000 Total balance of 371242.50
362026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
guarantee limit to guarantees for
subsidiaries at the subsidiaries as at the
end of the reporting end of the reporting
period (B3) period (B4)
Guarantees by subsidiaries to subsidiaries
Disclosu
re date Whether Whether
of Actual the to
Name of Type of Counter
guarante Guarante Actual guarante Collatera Guarante performa guarante
guaranto guarante guarante
e limit e limit date e l (if any) e period nce is e for a
r e e (if any)
related amount complete related
announc d party
ements
Total guarantees of the Company (i.e. the total of the top three items)
Total actual amount
Total guarantee limit
of guarantee
to be approved
0 incurred during the 5333.2
during the reporting
reporting period
period (A1+B1+C1)
(A2+B2+C2)
Total approved Total balance of
guarantee limit at the guarantees at the end
657000371242.50
end of the reporting of the reporting
period (A3+B3+C3) period (A4+B4+C4)
Total outstanding guarantees (i.e.A4+B4+C4) as a percentage of the 112.09%
Company's net assets
Including:
Balance of debt guarantees provided directly
or indirectly for the guaranteed object whose 371242.50
asset-liability ratio exceeds 70% (E)
Amount of total guarantees exceeding 50%
205635.24
of net assets (F)
Total amount of the above three guarantees
371242.50
(D+E+F)
Explanation of the specific situation of the guarantee by the adoption of composite method
3. Entrusted wealth management
□Applicable □ Not applicable
Unit: RMB10000
Balance of entrusted wealth
Delinquent uncollected
Product category Risk characteristics management during the
amount
reporting period
Publicly offered fund Money market funds - low
30357.110
products risk
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
372026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4. Other major contracts
□Applicable□Not applicable
There were no other major contracts of the Company during the reporting period.XIII. Registration form for reception survey communication interview and other activities
during the reporting period
□Applicable □ Not applicable
Recep Type of Main contents discussed Index of basic
Reception
Reception time tion Reception mode receptio and information information of the
object
place n object provided survey
The Inquiry about the
Telephone Individ
January 4 2026 Comp Individual Rongyao Real Estate Not applicable
communication ual
any arbitration case
Online
The Inquire about the
communication on Individ
January 11 2026 Comp Individual number of the Not applicable
the network ual
any Company's shareholders
platform
Inquiry about the
The progress of the
Telephone Individ
January 12 2026 Comp Individual Company's horizontal Not applicable
communication ual
any competition and
operation
The
Telephone Individ Inquire about the
January 13 2026 Comp Individual Not applicable
communication ual Company's operation
any
Inquire about the
The
Telephone Individ Company's progress of
January 13 2026 Comp Individual Not applicable
communication ual resolving horizontal
any
competition
The Inquiry about the
Telephone Individ
January 14 2026 Comp Individual Company's corporate Not applicable
communication ual
any bonds
Inquiry about the
The
Telephone Individ Company's stock price
January 15 2026 Comp Individual Not applicable
communication ual and the number of
any
shareholders
Inquiry about the
The
Telephone Individ Company's operation
January 20 2026 Comp Individual Not applicable
communication ual and the progress of
any
horizontal competition
The Inquiry whether the
Telephone Individ
January 30 2026 Comp Individual Company issues Not applicable
communication ual
any performance forecast
The Inquire about the
Telephone Individ
February 2 2026 Comp Individual number of the Not applicable
communication ual
any Company's shareholders
The Inquire about the
Telephone Individ
February 3 2026 Comp Individual number of the Not applicable
communication ual
any Company's shareholders
Online
The Inquire about the
communication on Individ
February 10 2026 Comp Individual number of the Not applicable
the network ual
any Company's shareholders
platform
382026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The Inquire about the
Telephone Individ
February 11 2026 Comp Individual number of the Not applicable
communication ual
any Company's shareholders
Inquiry about the
The
Telephone Individ Company's number of
March 2 2026 Comp Individual Not applicable
communication ual shareholders and
any
operation
The Inquire about the
Telephone Individ
March 2 2026 Comp Individual number of the Not applicable
communication ual
any Company's shareholders
Online
The Inquire about the
communication on Individ
March 2 2026 Comp Individual number of the Not applicable
the network ual
any Company's shareholders
platform
Online
The
communication on Individ Inquiry about the
March 4 2026 Comp Individual Not applicable
the network ual Company's operation
any
platform
Investors
who
participate For details please
d in the refer to the Record
Company' The Company's of Investor
Onlin Online
s 2025 operation financial Relations Activities
e communication on
April 20 2026 Others annual position dividend dated 20 April
platfo the network
performan distribution and 2026 disclosed by
rm platform
ce briefing development planning the Company on
through CNINFO on 20
the April 2026
roadshow
platform
The
Telephone Individ Inquire about the
April 22 2026 Comp Individual Not applicable
communication ual Company's operation
any
Inquiry about the
The Company's stock price
Telephone Individ
May 6 2026 Comp Individual progress of horizontal Not applicable
communication ual
any competition and
operation
Online Inquire about the
The
communication on Individ Company's progress of
May 6 2026 Comp Individual Not applicable
the network ual resolving horizontal
any
platform competition
Inquiry about the
The Company's number of
Telephone Individ
May 11 2026 Comp Individual shareholders and Not applicable
communication ual
any progress of horizontal
competition
Inquiry about the
The Rongyao Real Estate
Telephone Individ
May 21 2026 Comp Individual arbitration case and Not applicable
communication ual
any progress of horizontal
competition
Inquiry about the
The
Telephone Individ reasons for the decline
May 27 2026 Comp Individual Not applicable
communication ual in the Company's stock
any
price
392026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Inquiry about horizontal
The competition and the
Telephone Individ
May 27 2026 Comp Individual progress of the Not applicable
communication ual
any Rongyao Real Estate
arbitration case
Inquire about the
The
Telephone Individ Company's progress of
May 27 2026 Comp Individual Not applicable
communication ual resolving horizontal
any
competition
The
Telephone Individ Inquire about the
June 9 2026 Comp Individual Not applicable
communication ual Company's operation
any
Online
The
communication on Individ Inquire about the
June 25 2026 Comp Individual Not applicable
the network ual Company's operation
any
platform
Inquiry about the
The
Telephone Individ reasons for the decline
June 29 2026 Comp Individual Not applicable
communication ual in the Company's stock
any
price and operation
XIV. Notes to other major matters
□Applicable□Not applicable
The Company had no other major matters to be explained during the reporting period.XV. Major matters of the Company's subsidiaries
□Applicable□Not applicable
402026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section VI. Share Changes and Shareholder Information
I. Changes in shares
1. Changes in shares
Unit: shares
Before the change Increase or decrease in this change (+ -) After the change
Convers
ion of
New
Bonus provide Othe Sub-
Number Ratio shares Number Ratio
issue nt fund rs total
issued
into
shares
I. Shares with
restrictive conditions 1898306 0.32% 0 0 0 0 0 1898306 0.32%
for sales
1. State-owned
00.00%0000000.00%
shares
2. Shares held by
the state-owned legal 1733626 0.29% 0 0 0 0 0 1733626 0.29%
persons
3. Other domestic
1646800.03%000001646800.03%
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
00.00%0000000.00%
shareholding
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 conditions 594080786 99.68% 0 0 0 0 0 594080786 99.68%
for sales
1. RMB ordinary
52647554388.34%0000052647554388.34%
shares
2. Foreign shares
6760524311.34%000006760524311.34%
listed domestically
3. Foreign shares
00.00%0000000.00%
listed overseas
4. Others 0 0.00% 0 0 0 0 0 0 0.00%
412026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
III. Total number of
595979092100.00%00000595979092100.00%
shares
Reasons for changes in shares
□Applicable□Not applicable
Approval of changes in shares
□Applicable□Not applicable
Transfer of changes in shares
□Applicable□Not applicable
Implementation progress of share repurchase
□Applicable□Not applicable
Progress of the implementation of the reduction of repurchased shares through centralized bidding
□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 contents deemed necessary by the Company or required by the securities regulators to be disclosed
□Applicable□Not applicable
2. Changes in restricted shares
□Applicable□Not applicable
II. Issuance and listing of securities
□Applicable □ Not applicable
Name of
share and Issue price Approved Trading
Issue Disclosure Date of
its Issue date (or interest Listing date trading termination
volume index disclosure
derivative rate) volume date
securities
Stocks
Convertible corporate bonds separable convertible corporate bonds corporate bonds
Announce
ment on the
Issuance
Results of
Privately
the 2025
placed
Privately
corporate
Placed
bonds to
November Corporate November
professiona 2.3% 5500000
27 2025 Bonds to 29 2025
l investors
Professiona
in 2025 of
l Investors
SZPRD
(Tranche I)
(Tranche I)
(Announce
ment No.:
2025-69)
on Cninfo
422026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other derivative securities
Notes on issuance of securities during the reporting period
III. Number of the Company's shareholders and shareholding ratios
Unit: shares
Total number of ordinary Total number of preferred shareholders
shareholders at the end of the 31770 with restoration of voting rights at the 0
reporting period end of the reporting period (if any)
Shareholdings of shareholders holding more than 5% or the top 10 shareholders (excluding shares lent through refinancing)
Number of Number Pledge marking or
Number of
shares held Changes of shares freezing
Shareho shares held
Name of Nature of at the end of during the held
lding without
shareholder shareholder the reporting under
ratio restrictions on Numb
reporting period restricted Share status
sales er
period conditions
Shenzhen
Investment State-owned
50.87% 303144937 0 1733626 303411311 Not applicable 0
Holdings legal person
Co. Ltd.Shenzhen
State-owned Domestic
Equity non-state-
6.38% 38037890 0 0 38037890 Not applicable 0
Operation owned legal
Management person
Co. Ltd.China Orient
Asset State-owned
2.77% 16491402 0 0 16491402 Not applicable 0
Management legal person
Co. Ltd.Domestic
WANG
natural 0.41% 2433551 2273551 0 2433551 Not applicable 0
Daohu
person
Domestic
YANG
natural 0.34% 2047414 -21400 0 2047414 Not applicable 0
Yaochu
person
China
Minsheng
Banking
Corporation
Limited -
Jinyuan
Shunan
Others 0.32% 1927700 376000 0 1927700 Not applicable 0
Yuanqi
Flexible
Allocation
Hybrid
Securities
Investment
Fund
Hong Kong
Securities Overseas
0.31% 1832441 -2244552 0 1832441 Not applicable 0
Clearing legal person
Company
432026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ltd.(HKSCC)
Domestic
DUAN
natural 0.30% 1771765 0 0 1771765 Not applicable 0
Shaoteng
person
Domestic
WANG Jin natural 0.27% 1630000 1630000 0 1630000 Not applicable 0
person
Industrial
and
Commercial
Bank of
China
Limited -
China
Others 0.27% 1591834 -251700 0 1591834 Not applicable 0
Southern CSI
All Share
Real Estate
ETF
Securities
Investment
Fund
Strategic investors or general legal person
becoming the top 10 shareholders due to None
placement of new shares (if any)
The largest shareholder Shenzhen Investment Holdings Co. Ltd. is the
controlling shareholder of the Company and Shenzhen State-owned Equity
Notes to shareholders' related relationship or
Operation Management Co. Ltd. In addition it is unknown whether the
persons acting in concert
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 explanation for the existence of
repurchase accounts among the top 10 Not applicable
shareholders (if any)
Shareholdings of the top 10 shareholders without restrictions on sales (excluding shares lent through refinancing and shares locked
by senior management)
Number of shares held without Type of shares
Name of shareholder restrictions on sales at the end of the
reporting period Type of shares Number
RMB ordinary
Shenzhen Investment Holdings Co. Ltd. 303411311 303411311
shares
Shenzhen State-owned Equity Operation RMB ordinary
3803789038037890
Management Co. Ltd. shares
RMB ordinary
China Orient Asset Management Co. Ltd. 16491402 16491402
shares
RMB ordinary
WANG Daohu 2433551 2433551
shares
Domestically
YANG Yaochu 2047414 listed foreign 2047414
shares
China Minsheng Banking Corporation
RMB ordinary
Limited - Jinyuan Shunan Yuanqi Flexible 1927700 1927700
shares
Allocation Hybrid Securities Investment Fund
Hong Kong Securities Clearing Company Ltd. 1832441 RMB ordinary 1832441
442026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(HKSCC) shares
RMB ordinary
DUAN Shaoteng 1771765 1771765
shares
RMB ordinary
WANG Jin 1630000 1630000
shares
Industrial and Commercial Bank of China
RMB ordinary
Limited - China Southern CSI All Share Real 1591834 1591834
shares
Estate ETF Securities Investment Fund
Explanation of the related relationship or
The largest shareholder Shenzhen Investment Holdings Co. Ltd. is the
concerted action among the top 10
controlling shareholder of the Company and Shenzhen State-owned Equity
shareholders not subject to trading
Operation Management Co. Ltd. In addition it is unknown whether the
restrictions and between the top 10
remaining eight shareholders have related relationship or are persons acting in
shareholders not subject to trading restrictions
concert.and the top 10 shareholders
Explanation of the top 10 ordinary At the end of the reporting period among the above-mentioned shareholders
shareholders' participation in margin DUAN Shaoteng held 1771765 shares of the Company through a credit
financing and securities lending business (if securities account and WANG Jin held 1630000 shares of the Company
any) 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
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.IV. Changes in shareholdings of directors and senior officers
□Applicable□Not applicable
There was no change in the shareholdings of the Company's directors and senior officers during the reporting period. For details
please refer to the 2025 Annual Report.V.Changes in controlling shareholders or actual controllers
If the Company previously disclosed that the actual controller planned a change of control but it has not been completed please
explain the progress of the change of control.□Applicable□Not applicable
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.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.
452026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
VI.Preferred stock
□Applicable□Not applicable
During the reporting period the Company had no preferred shares.
462026 Semi-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
Way of
Issue Value Maturity Bonds Interes Trade
Bond name Abbr. Code redemptio
date date date balance t rate place
n
Interest
paid
Privately placed
annually; Shenzh
corporate bonds
25 Novembe One-off en
to professional 134664. Novembe Novembe
SZPRD r 27 55000 2.30% repaymen Stock
investors in 2025 SZ r 27 2025 r 27 2028
01 2025 t of Exchan
of SZPRD
principal ge
(Tranche I)
upon
maturity
Institutional investors among professional investors who have A-share securities
Appropriate arrangement of the investors
accounts with the Shenzhen Branch of China Securities Depository and Clearing
(if any)
Corporation 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
No
countermeasures
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. Adjustment of Credit Rating Results during the Reporting Period
□Applicable□Not applicable
472026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4. 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. 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 End of the reporting period End of the last year Increase/decrease
Current ratio 1.65 1.95 -15.38%
Debt/asset ratio 79.20% 79.04% 0.16%
Quick ratio 0.30 0.42 -28.57%
The reporting period Same period last year Increase/decrease
Net profit after deducting
-7260.33-2541.3-185.69%
non-recurring profit or loss
EBITDA/debt ratio 0.34% 1.48% -1.14%
Times interest earned -0.01 0.61 -101.64%
Times interest earned of cash 1.32 0.39 238.46%
Times interest earned of
0.210.90-76.67%
EBITDA
Loan repayment rate 100.00% 100.00%
Interest coverage 100.00% 100.00%
482026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section VIII Financial Statements
I. Audit report
Whether the semi-annual report has been audited
□ Yes□ No
The Company's semi-annual financial report has not been audited.II. Financial statements
The unit in the notes to the financial statements is: RMB
1. Consolidated balance sheet
Prepared by: Shenzhen Properties & Resources Development (Group) Ltd.Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary funds 1352524296.80 2124343056.19
Balances with clearing companies
Loans to banks and other financial
institutions
Financial assets held for trading 303571096.38 301765714.20
Derivative financial assets
Notes receivable 84000000.00 0.00
Accounts receivable 517165740.89 417784270.44
Receivables financing
Advances to suppliers 11723310.76 9538231.89
Premiums receivable
Reinsurance accounts receivable
Provision of cession receivable
Other receivables 271641176.04 267565109.11
Including: interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Financial assets purchased under
resale agreements
Inventories 11203486710.73 11103909470.05
Including: data resources
Contract assets 1813520.80 580850.15
Assets held for sale
Non-current assets maturing within
492026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
one year
Other current assets 232676507.44 210498041.00
Total current assets 13978602359.84 14435984743.03
Non-current assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 266004022.90 269002577.39
Other equity instrument investments 583136.49 567317.70
Other non-current financial assets
Investment properties 499036030.20 398400543.06
Fixed assets 39293464.59 41751582.46
Construction in progress
Productive biological assets
Oil and gas assets
Right-of-use assets 16250305.75 22450067.81
Intangible assets 2500181.28 2155206.62
Including: data resources
Development expenses
Including: data resources
Goodwill 4441864.30 4441864.30
Long-term deferred expenses 23885728.73 15046783.07
Deferred tax assets 238014483.38 212669324.77
Other non-current assets 31184762.15 25657943.53
Total non-current assets 1121193979.77 992143210.71
Total assets 15099796339.61 15428127953.74
Current liabilities:
Short-term borrowings 475129342.77 449458211.11
Borrowings from central bank
Loans from banks and other financial
institutions
Financial liabilities held for trading
Derivative financial liabilities
Notes payable
Accounts payable 1001368044.02 875642952.68
Advances from customers 619400.74 1340490.69
Contract liabilities 917445211.30 711605295.76
Financial assets sold under repurchase
agreements
Absorption of deposits and interbank
deposits
Receivings from vicariously traded
securities
502026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Receivings from vicariously sold
securities
Employee compensation payable 139707150.01 175823121.63
Taxes payable 44461412.21 78010841.03
Other payables 1247900859.52 1201487757.46
Including: interest payable 0.00 0.00
Dividends payable 12202676.04 12202676.04
Handling service fee and commissions
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities maturing within
4517125798.993865235312.29
one year
Other current liabilities 133000549.04 58886145.36
Total current liabilities 8476757768.60 7417490128.01
Non-current liabilities:
Reserves for insurance contracts
Long-term borrowings 2835968869.14 3681594912.20
Bonds payable 548531554.07 548236650.58
Including: preferred shares
Perpetual bonds
Lease liabilities 5792324.09 10602827.46
Long-term payables 0.00 399470977.78
Long-term employee compensations
payable
Estimated liabilities 973741.21 973741.21
Deferred income
Deferred tax liabilities 4929054.45 5972301.83
Other non-current liabilities 85762585.76 129540497.60
Total non-current liabilities 3481958128.72 4776391908.66
Total liabilities 11958715897.32 12193882036.67
Owners' equity:
Equity 595979092.00 595979092.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 80488045.38 80488045.38
Less: treasury shares 0.00 0.00
Other comprehensive income -6214991.10 -3587793.95
Special reserves
Surplus reserves 298354949.13 298354949.13
General risk reserves
Undistributed profits 2343538251.13 2423699479.79
Total equity attributable to owners of the
3312145346.543394933772.35
parent company
Minority interests -171064904.25 -160687855.28
Total owners' equity 3141080442.29 3234245917.07
Total liabilities and owners' equity 15099796339.61 15428127953.74
512026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Legal representative: TANG Xiaoping Chief Finance Officer: LIU Qiang Chief Accountant: CAI Kelin
2. Balance sheet of the parent company
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary funds 443646953.57 957782627.13
Financial assets held for trading 303571096.38 301765714.20
Derivative financial assets
Notes receivable
Accounts receivable 15834430.02 15245148.12
Receivables financing
Advances to suppliers 88677.55 60000.00
Other receivables 8131148393.70 8481001540.48
Including: interest receivable
Dividends receivable
Inventories 48516226.68 48516226.68
Including: data resources
Contract assets
Assets held for sale
Non-current assets maturing within
one year
Other current assets 5271248.25 5034539.25
Total current assets 8948077026.15 9809405795.86
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 1144286863.71 1147285418.20
Other equity instrument investments 813636.49 797817.70
Other non-current financial assets
Investment properties 349214107.99 272059658.53
Fixed assets 5954495.69 6366246.07
Construction in progress
Productive biological assets
Oil and gas assets
Right-of-use assets 0.00 1268784.23
Intangible assets 2907333.23 3103333.25
Including: data resources
Development expenses
Including: data resources
Goodwill
522026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Long-term deferred expenses 9510305.48 0.00
Deferred tax assets 32088054.99 17309558.09
Other non-current assets 2635093.77 3300873.08
Total non-current assets 1547409891.35 1451491689.15
Total assets 10495486917.50 11260897485.01
Current liabilities:
Short-term borrowings 475129342.77 0.00
Financial liabilities held for trading
Derivative financial liabilities
Notes payable
Accounts payable 76486549.07 41937990.47
Advances from customers
Contract liabilities 0.00 211776.20
Employee compensation payable 32027403.01 33871190.21
Taxes payable 4815706.53 2538236.38
Other payables 2879069727.67 4022493099.09
Including: interest payable 0.00 0.00
Dividends payable 29642.40 29642.40
Liabilities held for sale
Non-current liabilities maturing within
727168022.2387556316.90
one year
Other current liabilities
Total current liabilities 4194696751.28 4188608609.25
Non-current liabilities:
Long-term borrowings 1197700000.00 1473800000.00
Bonds payable 548531554.07 548236650.58
Including: preferred shares
Perpetual bonds
Lease liabilities 0.00 970553.91
Long-term payables 0.00 399470977.78
Long-term employee compensations
payable
Estimated liabilities
Deferred income
Deferred tax liabilities 892774.10 758624.61
Other non-current liabilities 0.00 39570000.00
Total non-current liabilities 1747124328.17 2462806806.88
Total liabilities 5941821079.45 6651415416.13
Owners' equity:
Equity 595979092.00 595979092.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 53876380.11 53876380.11
Less: treasury shares
532026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other comprehensive income -3033448.29 -3069250.24
Special reserves
Surplus reserves 298354949.13 298354949.13
Undistributed profits 3608488865.10 3664340897.88
Total owners' equity 4553665838.05 4609482068.88
Total liabilities and owners' equity 10495486917.50 11260897485.01
3. Consolidated income statement
Unit: RMB
Item Half year period of 2026 Half year period of 2025
I. Total operating revenue 1205169675.91 1087908935.87
Including: operating revenue 1205169675.91 1087908935.87
Interest income
Premiums earned
Revenue from handling service fee and commissions
II. Total operating costs 1279089895.43 1050408642.78
Including: operating costs 1047738994.78 813504493.36
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 12497563.09 63146486.93
Selling and distribution expenses 20325832.89 19167310.94
G&A expenses 117385765.50 107251478.24
R&D expenses 1997689.76 2596806.24
Financial expenses 79144049.41 44742067.07
Including: interest expenses 81111223.70 49213256.18
Interest income 3111898.99 7807903.27
Plus: other income 1445144.41 12583335.96
Investment income ("-" for losses) -2410319.20 -2369641.20
Including: investment income from associates and joint
-2410319.20-2369641.20
ventures
Gains from derecognition of financial assets
measured at amortized costs
Exchange gains ("-" for losses)
Net exposure hedging gains ("-" for losses)
Gains from changes in fair value ("-" for losses) 1805382.18 0.00
Credit impairment losses ("-" for losses) -8806886.82 -36757413.71
Assets impairment losses ("-" for loss) -435.70 -4461.72
Gains from disposal of assets ("-" for losses) 65864.21 65355.69
III. Operating profit ("-" for losses) -81821470.44 11017468.11
542026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Plus: non-operating revenue 812631.93 12522551.20
Less: non-operating expenses 1012845.32 930675.93
IV. Total profits ("-" for total loss) -82021683.83 22609343.38
Less: income tax expenses -5473353.27 12533681.45
V. Net profit ("-" for net losses) -76548330.56 10075661.93
(I) Classified by operating sustainability
1. Net profit from continued operation ("-" for net losses) -76548330.56 10075661.93
2. Net profit from discontinued operations ("-" for net losses) 0.00 0.00
(II) Classified by ownership
1. Net profit attributable to shareholders of the parent company
-68175381.5914428019.63
("-" for net losses)
2. Minority interest income ("-" for net losses) -8372948.97 -4352357.70
VI. Other comprehensive income net of tax -2627197.15 -989185.41
Other comprehensive income net of tax attributable to owners of
-2627197.15-989185.41
parent company
(I) Other comprehensive income that cannot be reclassified
35801.95-98726.72
into profit or loss 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
35801.95-98726.72
investments
4. Changes in fair value of the enterprise's own credit risk
5. Others
(II) Other comprehensive income that will be reclassified into
-2662999.10-890458.69
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
6. Differences arising from translation of foreign-currency
-2662999.10-890458.69
financial statements
7. Others
Net of tax of other comprehensive income attributable to minority
0.000.00
shareholders
VII. Total comprehensive income -79175527.71 9086476.52
Total comprehensive income attributable to the owner of the
-70802578.7413438834.22
parent company
Total comprehensive income attributable to minority shareholders -8372948.97 -4352357.70
VIII. Earnings per share:
(I) Basic earnings per share -0.1144 0.0242
(II) Diluted earnings per share -0.1144 0.0242
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 Half year period of 2026 Half year period of 2025
552026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
I. Operating revenue 26527816.24 41515392.58
Less: operating costs 20081304.52 24535521.15
Taxes and surcharges 2636922.99 8761556.60
Selling and distribution expenses 239020.40 63897.40
G&A expenses 27192498.34 16443536.19
R&D expenses 0.00 0.00
Financial expenses 34877084.02 14493045.39
Including: interest expenses 34980446.82 17012835.08
Interest income 4270678.65 4878894.89
Plus: other income 88638.41 118648.59
Investment income ("-" for losses) -2410319.20 -2369641.20
Including: investment income from associates and
-2410319.20-2369641.20
joint ventures
Gains from derecognition of financial
assets measured by amortized costs ("-" for losses)
Net exposure hedging gains ("-" for losses)
Gains from changes in fair value ("-" for losses) 1805382.18 0.00
Credit impairment losses ("-" for losses) 203733.12 -20383201.69
Assets impairment losses ("-" for loss)
Gains from disposal of assets ("-" for losses) 64422.74 0.00
II. Operating profit ("-" for losses) -58747156.78 -45416358.45
Plus: non-operating revenue 180915.93 2015000.00
Less: non-operating expenses 10557.50 275160.64
III. Total profit ("-" for total loss) -58576798.35 -43676519.09
Less: income tax expenses -14644347.41 -10349331.62
IV. Net profit ("-" for net losses) -43932450.94 -33327187.47
(I) Net profit from continued operation ("-" for net losses) -43932450.94 -33327187.47
(II) Net profit from discontinued operation ("-" for net
losses)
V. Net of tax of other comprehensive income 35801.95 -98726.72
(I) Other comprehensive income that cannot be
35801.95-98726.72
reclassified into profit or loss 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
35801.95-98726.72
investments
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
562026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
investments
5. Reserve for cash flows
6. Differences arising from translation of foreign-
currency financial statements
7. Others
VI. Total comprehensive income -43896648.99 -33425914.19
VII. Earnings per share:
(I) Basic earnings per share
(II) Diluted earnings per share
5. Consolidated statement of cash flows
Unit: RMB
Item Half year period of 2026 Half year period of 2025
I. Cash flows from operating activities:
Cash received from sale of goods and rendering of
1427208758.591338424612.38
services
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 17109298.09 31880900.48
Other cash received related to operating activities 106334911.65 144268817.16
Sub-total of cash inflows from operating activities 1550652968.33 1514574330.02
Cash paid for purchase of goods and receipt of services 675148452.44 718863238.73
Net increase in loans and advances to customers
Net increase in deposits with central 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 509440632.60 500728513.47
Cash paid for taxes and surcharges 148919598.84 233676312.43
Other cash paid related to operating activities 202565910.54 168493780.65
Sub-total of cash outflows from operating activities 1536074594.42 1621761845.28
Net cash flows from operating activities 14578373.91 -107187515.26
II. Cash flows from investing activities:
572026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Cash received from recovery of investment
Cash received from investment income 588235.29 0.00
Net cash received from disposal of fixed assets
6169687.6049228050.45
intangible assets and 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 6757922.89 49228050.45
Cash paid to acquire and construct fixed assets
61228705.003541752.02
intangible assets and other long-term assets
Cash paid for investments
Net increase in pledge loans
Net cash paid to acquire subsidiaries and other business
units
Other cash paid related to investing activities 0.00 0.00
Sub-total of cash outflows from investing activities 61228705.00 3541752.02
Net cash flows from the investing activities -54470782.11 45686298.43
III. Cash flows from financing activities:
Cash received from absorption of investments
Including: cash received by subsidiaries from absorption
of investments of minority shareholders
Cash received from acquisition of borrowings 1481405124.35 2080929660.08
Other cash received related to financing activities
Sub-total of cash inflows from financing activities 1481405124.35 2080929660.08
Cash paid for debt repayments 1654051960.21 731300024.21
Cash paid for distribution of dividends and profits or
146672022.5197708883.39
payment of interests
Including: dividends and profit paid to minority
2004100.00245000.00
shareholders by subsidiaries
Other cash paid related to financing activities 407750257.13 19515814.16
Sub-total of cash outflows from financing activities 2208474239.85 848524721.76
Net cash flows from financing activities -727069115.50 1232404938.32
IV. Effect of fluctuation in exchange rate on cash and cash
-2683398.68-1196582.27
equivalents
V. Net increase in cash equivalents -769644922.38 1169707139.22
Plus: beginning balance of cash equivalents 2042045384.98 1610799884.30
VI. Ending balance of cash equivalents 1272400462.60 2780507023.52
6. The statement of cash flows of the parent company
Unit: RMB
Item Half year period of 2026 Half year period of 2025
I. Cash flows from operating activities:
Cash received from sale of goods and rendering of
15558855.3419595104.56
services
Refunds of taxes and surcharges received
Other cash received related to operating activities 364162515.46 1507026544.86
Sub-total of cash inflows from operating activities 379721370.80 1526621649.42
Cash paid for purchase of goods and receipt of
12824700.6716177205.67
services
Cash paid to and on behalf of employees 20682541.88 20960419.25
Cash paid for taxes and surcharges 2663775.22 34752177.18
Other cash paid related to operating activities 1191975344.56 480144834.61
Sub-total of cash outflows from operating activities 1228146362.33 552034636.71
Net cash flows from operating activities -848424991.53 974587012.71
582026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
II. Cash flows from investing activities:
Cash received from recovery of investment
Cash received from investment income 588235.29 0.00
Net cash received from disposal of fixed assets
0.0011803504.00
intangible assets and 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 588235.29 11803504.00
Cash paid to acquire and construct fixed assets
59225001.682447666.40
intangible assets and other long-term assets
Cash paid for investments 0.00 244140000.00
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 59225001.68 246587666.40
Net cash flows from the investing activities -58636766.39 -234784162.40
III. Cash flows from financing activities:
Cash received from absorption of investments
Cash received from acquisition of borrowings 874300000.00 800000000.00
Other cash received related to financing activities
Sub-total of cash inflows from financing activities 874300000.00 800000000.00
Cash paid for debt repayments 42100000.00 400400000.00
Cash paid for distribution of dividends and profits
38312177.187613224.77
or payment of interests
Other cash paid related to financing activities 400906077.77 9813950.00
Sub-total of cash outflows from financing activities 481318254.95 417827174.77
Net cash flows from financing activities 392981745.05 382172825.23
IV. Effect of fluctuation in exchange rate on cash and
-55947.96-22386.45
cash equivalents
V. Net increase in cash equivalents -514135960.83 1121953289.09
Plus: beginning balance of cash equivalents 956646231.17 541785486.20
VI. Ending balance of cash equivalents 442510270.34 1663738775.29
7. Consolidated statements of changes in owners' equity
The current period
Unit: RMB
Half year period of 2026
Equity attributable to owners of the parent company
Other equity Oth Tota
instruments Less er Und
Gen Min l
Item Capi : com Spe Surp istri
Pref Perp eral ority ownEqui tal treas preh cial lus bute Oth Sub-
erre etua risk inter ers'ty Oth rese ury ensi rese rese d ers total
d l rese
ests equi
ers rve shar ve rves rves prof
shar bon rves tyes inco its
es ds me
-
595804-298242339323
I. Ending 160
979880358354369493424
balance last 687
092.45.3779949.947377591
year 855.
0083.95139.792.357.07
28
Plus:
592026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
changes in
accounting
policies
Co
rrection of
prior period
errors
Ot
hers
II. Beginning -
595804-298242339323
balance as at 160
979880358354369493424
the 687
092.45.3779949.947377591
beginning of 855.
0083.95139.792.357.07
this year 28
III. Changes
----
in amount for -
801827103931
the current 262
612884770654
period ("-" 719
28.625.848.974.7
for 7.15
6178
decreases)
---
--
(I) Total 681 708 791
262837
comprehensi 753 025 755
719294
ve income 81.5 78.7 27.7
7.158.97
941
(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
---
-
119119139
(III) Profit 200
195195236
distribution 410
81.881.881.8
0.00
444
1.
Withdrawal
602026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
of surplus
reserves
2.
Withdrawal
of general
risk reserves
---
3. Profit -
119119139
distributed to 200
195195236
owners (or 410
81.881.881.8
shareholders) 0.00
444
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
comprehensi
ve income
into retained
earnings
6. Others
(V) Special
reserves
1.
Withdrawal
in the current
period
612026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2. Amount
used in the
current
period
---
662662662
(VI) Others
65.265.265.2
333
-
IV. Balance 595 804 - 298 234 331 314
171
as at the end 979 880 621 354 353 214 108
064
of the current 092. 45.3 499 949. 825 534 044
904.
period 00 8 1.10 13 1.13 6.54 2.29
25
Amount for the previous year
Unit: RMB
Half year period of 2025
Equity attributable to owners of the parent company
Other equity Oth Tota
instruments Less er Und
Gen Min l
Item Capi : com Spe Surp istri
Pref Perp eral ority ownEqui tal treas preh cial lus bute Oth Sub-
erre etua risk inter ers'ty Oth rese ury ensi rese rese d ers total
d l rese ests equi
ers rve shar ve rves rves prof
shar bon rves tyes inco its
es ds me
-
595804-125256336323
I. Ending 131
979880220425199168043
balance last 251
092.45.3035488.077304195
year 092.
0085.67218.588.506.14
36
Plus:
changes in
accounting
policies
Co
rrection of
prior period
errors
Ot
hers
II. Beginning -
595804-125256336323
balance as at 131
979880220425199168043
the 251
092.45.3035488.077304195
beginning of 092.
0085.67218.588.506.14
this year 36
III. Changes
in amount for - 152 142 -
963
the current 989 173 281 459
137
period ("-" 185. 55.7 70.3 679
7.61
for 41 9 8 2.77
decreases)
(I) Total - 144 134 - 908
comprehensi 989 280 388 435 647
622026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
ve income 185. 19.6 34.2 235 6.52
41327.70
(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
-
789789544
(III) Profit 244
336.336.901.
distribution 435.
161609
07
1.
Withdrawal
of surplus
reserves
2.
Withdrawal
of general
risk reserves
3. Profit - -
distributed to 245 245
owners (or 000. 000.shareholders) 00 00
789789789
564.
4. Others 336. 336. 901.
93
161609
(IV) Internal
transfer of
owners'
equity
1.
Conversion
of capital
reserves into
paid-in
capital (or
share capital)
632026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
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
-
IV. Balance 595 804 - 125 257 337 324
135
as at the end 979 880 318 425 720 591 006
847
of the current 092. 45.3 954 488. 813 121 333
885.
period 00 8 1.08 21 4.37 8.88 3.75
13
8. Statement of changes in owner's equity of parent company
The current period
Unit: RMB
Half year period of 2026
Other equity instruments Other
Capita Less: compr Specia Surplu Undist Total
Item l treasu ehensi l s ribute owner
Equity Prefer Perpet Others
red ual Others reserv ry ve reserv reserv d s'
shares bonds e shares incom es es profits equity
e
642026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
-
I. Ending 5959 5387 2983 3664 4609
3069
balance last 7909 6380. 5494 3408 4820
250.2
year 2.00 11 9.13 97.88 68.88
4
Plus:
changes in
accounting
policies
Co
rrection of
prior period
errors
Ot
hers
II. Beginning
-
balance as at 5959 5387 2983 3664 4609
3069
the 7909 6380. 5494 3408 4820
250.2
beginning of 2.00 11 9.13 97.88 68.88
4
this year
III. Changes
in amount for - -
the current 3580 5585 5581
period ("-" 1.95 2032. 6230.for 78 83
decreases)
--
(I) Total
358043934389
comprehensi
1.952450.6648.
ve income
9499
(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
11911191
distribution
9581.9581.
652026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
8484
1.
Withdrawal
of surplus
reserves
2. Profit - -
distributed to 1191 1191
owners (or 9581. 9581.shareholders) 84 84
3. 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
comprehensi
ve income
into retained
earnings
6. Others
(V) Special
reserves
1.
Withdrawal
in the current
period
2. Amount
used in the
662026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
current
period
(VI) Others
IV. Balance -
59595387298336084553
as at the end 3033
79096380.549448886658
of the current 448.2
2.00119.1365.1038.05
period 9
Amount for the previous year
Unit: RMB
Half year period of 2025
Other equity instruments Other
Capita Less: compr Specia Surplu Undist Total
Item
Equity Prefer Perpet
l treasu ehensi l s ribute owner
Others
red ual Others reserv ry ve reserv reserv d s'
shares bonds e shares incom es es profits equity
e
-
I. Ending 5959 5387 1254 1393 2165
3064
balance last 7909 6380. 2548 2293 4453
972.7
year 2.00 11 8.21 32.45 20.07
0
Plus:
changes in
accounting
policies
Co
rrection of
prior period
errors
Ot
hers
II. Beginning
-
balance as at 5959 5387 1254 1393 2165
3064
the 7909 6380. 2548 2293 4453
972.7
beginning of 2.00 11 8.21 32.45 20.07
0
this year
III. Changes
in amount for - -
-
the current 3332 3342
9872
period ("-" 7187. 5914.
6.72
for 47 19
decreases)
--
(I) Total -
33323342
comprehensi 9872
7187.5914.
ve income 6.72
4719
(II) Capital
contributed
or reduced
by owners
1. Ordinary
shares
contributed
672026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
1.
Withdrawal
of surplus
reserves
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 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
682026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
IV. Balance -
59595387125413592132
as at the end 3163
79096380.254890210194
of the current 699.4
2.00118.2144.9805.88
period 2
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 RMB595979092 and a total of
595979092 shares (with a par value of RMB1 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 8th Meeting of the 11th Board of Directors on August 28
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.
692026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
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.
702026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
Accounts receivable balances of RMB5 million or more
made on an individual basis
A non-wholly-owned subsidiary with revenue exceeding 10%
Major non-wholly-owned subsidiaries 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 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
712026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 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
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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 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.
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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 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.
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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.
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
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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.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;
762026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
* 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.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
772026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
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.
782026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
Method for determining expected credit losses on other receivables and the related accounting treatments
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
16. Contract assets
(1) Recognition methods and standards for contract assets
The Company 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
792026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 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
802026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 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;
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
812026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
21. Long-term receivables
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
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.
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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 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
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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 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
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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.
(2) Depreciation method
Annual depreciation
Type Depreciation method Depreciation life Residual value rate
rate
Buildings and
Straight-line method 20-25 5-10 3.6-4.75
constructions
Means of
Straight-line method 5 5 19
transportation
Other equipment Straight-line method 5 5 19
Machinery equipment Straight-line method 5 5 19
Renovation of fixed
Straight-line method 5 - 20
assets
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 income
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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. 28 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
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regardless of whether there are any indications of impairment. The impairment test shall be carried 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
The Company 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.
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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 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.
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(2) The Company conducts the initial measurement of the estimated liabilities according to the best 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.
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* 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 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.
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* 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 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.
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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 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.
922026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(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 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
932026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 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
942026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 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
952026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 2026
□Applicable□Not applicable
42. Others
VI. Taxation
1. Main tax types and tax rates
Tax type Tax basis Tax rate
Sales of goods or provision of taxable
Value-added tax [Note 1]
services
Taxable price of sales revenue from
Consumption tax 5%
taxable consumer goods
Apply 7% 5% and 1% respectively by
Urban maintenance and construction tax Turnover tax payable
regional level
Corporate income tax Taxable income 25%、20%、15%、16.5%
Value added from the paid transfer of the
state-owned land use right and the
Land value increment tax 30%-60%
property rights of the above-ground
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 value
Property taxes of the property is deducted by 30% at 1.2%、12%
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
962026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Name of taxpayer Income tax rate
Chongqing Shenguomao Real Estate Management Co. Ltd. 15%
Chongqing Branch of Shenzhen International Trade Center
15%
Property Management Co. Ltd.Shenzhen Facility Management Community Co. Ltd. 15%
Shenzhen Property Engineering and Construction Supervision
20%
Co. Ltd.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%
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
20%
Equipment Co. Ltd.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.
20%
Ltd.Shenzhen ITC Space Service Co. Ltd. 20%
Shenzhen Guomao Catering Co. Ltd. 20%
A subsidiary registered in Hong Kong 16.5%
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
972026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 24 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 Company and its subsidiaries' value-added tax taxable items and tax rates are shown in the table below
Type of revenue General tax rate Simplified tax rate
Real estate sales revenue 9% 5%
Real estate rental revenue 9% 5%
Property service revenue 6% 3%
Revenue from catering services 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 8142.14 7741.04
Bank deposits 1348273741.45 2118358257.70
Other monetary funds 4242413.21 5977057.45
Total 1352524296.80 2124343056.19
Including: total amount deposited
70780968.0672004602.45
abroad
Other explanations
At the end of the period the amount of restricted funds due to mortgage pledge freezing etc. is RMB80123834.20 mainly
including guarantee and interest of RMB3877419.02; the restricted funds in the bank deposits mainly include the frozen funds of
RMB3301033 and the principal and interest of time deposits of RMB72945382.18; 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
303571096.38301765714.20
profit or loss
Including:
Fund 303571096.38 301765714.20
982026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Including:
Total 303571096.38 301765714.20
Other explanations
3. Derivative financial assets
Unit: RMB
Item Ending balance Beginning balance
Other explanations
4. Notes receivable
(1) Presentation of notes receivable by category
Unit: RMB
Item Ending balance Beginning balance
Bank acceptance bill 84000000.00 0.00
Total 84000000.00 0.00
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Provision for bad
Book balance Book balance Provision for bad debts
Type debts Book Book
Provision value Provision value
Amount Ratio Amount Amount Ratio Amount
ratio ratio
Including:
Notes
receivable
with 8400
840000100.0
provision for 0.00 0.00% 0000. 0.00 0.00% 0.00 0.00% 0.00
00.000%
bad debts on 00
a combination
basis
Including:
8400
840000100.0
Total 0.00 0.00% 0000. 0.00 0.00% 0.00 0.00% 0.00
00.000%
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
Type Beginning Changes in the current period Ending balance
992026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
balance Provision Recovery or reversal 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
Bank acceptance bill 0.00 56409389.04
Total 0.00 56409389.04
(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:
Unit: RMB
Whether the fund
Write-off
Nature of notes Amount of write- Reasons for write- is generated by
Entity name procedures
receivable off off related party
performed
transactions
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) 442281338.12 331346057.76
1-2 years 42869471.86 50307314.79
2 to 3 years 27194145.83 50027964.10
Over 3 years 174346453.81 148389020.09
3 - 4 years 41813389.77 15953363.30
4 to 5 years 7033678.23 7997208.13
Over 5 years 125499385.81 124438448.66
Total 686691409.62 580070356.74
1002026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Account
s
receivab
le with
provisio 115751 113708 204291 115279 113236 204291
16.86%98.24%19.87%98.23%
n for bad 266.41 347.09 9.32 907.77 988.45 9.32
debts on
an
individu
al basis
Includ
ing:
Account
s
receivab
le with
provisio
570940558173515122464790490490415741
n for bad 83.14% 9.78% 80.13% 10.55%
143.2121.64821.57448.9797.85351.12
debts on
a
combina
tion
basis
Includ
ing:
686691169525517165580070162286417784
Total 100.00% 24.69% 100.00% 27.98%
409.62668.73740.89356.74086.30270.44
Name of category of provision for bad debts on an individual basis: RMB113708347.09
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Provision Reasons for
Book balance Book balance
bad debts bad debts ratio provision
Shenzhen Jiyong
Involved in
Property
93811328.05 93811328.05 93811328.05 93811328.05 100.00% litigation and
Development Co.irrecoverable
Ltd.Shenzhen Tewei Estimated to be
2836561.002836561.002836561.002836561.00100.00%
Industrial Co. Ltd. irrecoverable
Shenzhen Lunan
Industrial Estimated to be
2818284.842818284.842818284.842818284.84100.00%
Development irrecoverable
Company
Shenzhen Hampoo Estimated to be
1436020.291433070.291436020.291433070.2999.79%
Electronic irrecoverable
1012026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Technology
Development Co.Ltd.Accounts receivable
with insignificant
Failed to
single amount but
14377713.59 12337744.27 14849072.23 12809102.91 86.26% recover for a
subject to provision
long time
for bad debts on an
individual basis
Total 115279907.77 113236988.45 115751266.41 113708347.09
Name of category of provision for bad debts on a combination basis: RMB55817321.64
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Credit risk characteristic
526474756.7155817321.6410.60%
combination
Government funding
44465386.500.000.00%
combination
Total 570940143.21 55817321.64
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
Changes in the current period
Type Beginning balance Recovery or Write- Ending balance
Provision Others
reversal off
Provision for bad debts on
113236988.45505481.6634123.020.000.00113708347.09
an individual basis
Provision for bad debts
49049097.856768223.790.000.000.0055817321.64
made by portfolio
Total 162286086.30 7273705.45 34123.02 0.00 0.00 169525668.73
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining the
Recovered or
Entity name Reason for reversal Recovery method ratio of provision for bad
reversed amount
debts and its rationality
(4).Actual write-off of accounts receivable for the current period
Unit: RMB
Item Amount of write-off
Accounts receivable written off 0.00
Including write-off of important accounts receivable:
1022026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Whether the fund
Write-off
Nature of accounts Amount of write- Reasons for write- is generated by
Entity name procedures
receivable off off related party
performed
transactions
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
Ending balance of
Ratio to the total
provision for bad
Ending balances of amount of ending
Ending balance debts of accounts
Ending balance of accounts balance of
Entity name of contract receivable and
accounts receivable receivable and accounts
assets provision for
contract assets receivable and
impairment of
contract assets (%)
contract assets
Shenzhen Jiyong
Property
93811328.0593811328.0513.63%93811328.05
Development Co.Ltd.Shenzhen Bay
Technology
68926408.4568926408.4510.01%2067792.25
Development Co.Ltd.Hebei Shenbao
Investment
31001655.061799408.2632801063.324.76%6309958.47
Development Co.Ltd.Shenzhen Futian
District Government
21378880.2821378880.283.11%0.00
Property
Management Center
Shenzhen Sports
Center Operation
15214405.2115214405.212.21%456432.16
Management Co.Ltd.Total 230332677.05 1799408.26 232132085.31 33.72% 102645510.93
6. Contract assets
(1) Details of contract assets
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
bad debts bad debts
Quality guarantee
deposit for 1813520.80 1813520.80 580850.15 580850.15
municipal works
Total 1813520.80 1813520.80 580850.15 580850.15
1032026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Major changes of book value during the reporting period and reasons
Unit: RMB
Item Changes Reason for changes
(3).Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Amou Provision value Amoun Provision value
Amount Ratio Amount Ratio
nt ratio t 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
Write-off/ cancellation
Provision for the Recovered or reversed
Item after verification for Reasons
current period for the current period
the current period
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining the
Recovered or reversed
Entity name Reason for reversal Recovery method ratio of provision for bad
amount
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
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
Explanation on write-off of contract assets:
Other explanations:
1042026 Semi-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
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n 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
Expected credit loss
Provision for bad debts Expected credit losses Expected credit loss throughout the duration Total
over the next 12 throughout the duration
(with credit
months (without credit loss)
impairment)
Balance as at January
1 2026 forwarded to
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
Beginning
Type Recovery or Resale or write- Ending balancebalance Provision Other changes
reversal off
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining the
Recovered or reversed
Entity name Reason for reversal Recovery method ratio of provision for bad
amount
debts and its rationality
Other explanations:
1052026 Semi-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
Whether the fund
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
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
Interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Other receivables 271641176.04 267565109.11
Total 271641176.04 267565109.11
(1) Interest receivable
1) Classification of interest receivable
Unit: RMB
Item Ending balance Beginning balance
Total 0.00 0.00
1062026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2) Significant overdue interest
Unit: RMB
Whether impairment occurs and
Borrower Ending balance Overdue time Reason for overdue
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
Beginning
Type Ending balance
balance Recovery or Resale or write-Provision Other changes
reversal off
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining the
Recovered or reversed
Entity name Reason for reversal Recovery method ratio of provision for bad
amount
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
Whether the fund
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
Explanation on write-off:
Other explanations:
(2) Dividends receivable
1) Classification of dividends receivable
Unit: RMB
Project (or investees) Ending balance Beginning balance
Total 0.00 0.00
1072026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2) Significant dividends receivable with aging over 1 year
Unit: RMB
Ending Reason for not Whether impairment occurs and
Project (or investees) Aging
balance withdrawing the basis for 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
Beginning
Type Recovery or Resale or write- Ending balancebalance Provision Other changes
reversal off
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining the
Recovered or reversed
Entity name Reason for reversal Recovery method ratio of provision for bad
amount
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
Whether the fund
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
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 15086517.93 16570122.08
Guarantee 38182686.66 33556554.25
Petty cash 88800.00 65000.00
Withholding payments 19580255.99 15143545.86
Current accounts 624481027.70 628885730.76
Others 30927283.49 28482247.50
Total 728346571.77 722703200.45
1082026 Semi-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) 29289150.89 24995887.18
1-2 years 8627002.63 5643226.15
2 to 3 years 3489773.45 18162467.53
Over 3 years 686940644.80 673901619.59
3 - 4 years 21817416.89 10104444.70
4 to 5 years 35382198.50 568915240.94
Over 5 years 629741029.41 94881933.95
Total 728346571.77 722703200.45
3) Disclosure by provision method for bad debts
□Applicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Provisio
n for bad
debts
627770392405235364627770392405235364
accrued 86.19% 62.51% 86.86% 62.51%
434.33624.92809.41434.33624.92809.41
on an
individu
al basis
Including:
Provisio
n for bad
100576642997362763949327627324322002
debts 13.81% 63.93% 13.14% 66.08%
137.4470.8166.6366.1266.4299.70
made by
portfolio
Including:
728346456705271641722703455138267565
Total 100.00% 62.70% 100.00% 62.98%
571.77395.73176.04200.45091.34109.11
Name of category of provision for bad debts on an individual basis: RMB392405624.92
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Reasons for
Book balance Book balance Provision ratio
bad debts bad debts provision
Shenzhen
Xinhai
Prudent
Holdings Co.
587289550.00 362846450.00 587289550.00 362846450.00 61.78% judgment on
Ltd. and its
recovery risk
related parties
Shenzhen
1092026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Xinhai
Rongyao Real
Estate
Development
Co. Ltd.Shenzhen
Qianhai
Advanced
Information
Service Co.Ltd.Shenzhen
No
Tianjun
10000000.00 0.00 10000000.00 0.00 0.00% uncollectable
Industrial Co.risk is expected
Ltd.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
Failed to
Yueheng
3271837.78 3271837.78 3271837.78 3271837.78 100.00% recover for a
Development
long time
Co. Ltd.Accounts
receivable with
insignificant
Failed to
single amount
21533046.55 20611337.14 21533046.55 20611337.14 95.72% recover for a
but subject to
long time
provision for
bad debts on an
individual basis
Total 627770434.33 392405624.92 627770434.33 392405624.92
Name of category of provision for bad debts on a combination basis: RMB64299770.81
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Within 1 year 25678367.23 770351.02 3.00%
1-2 years 8627002.63 862700.26 10.00%
2-3 years 3489773.45 1046932.04 30.00%
3-4 years 1774599.17 887299.59 50.00%
4-5 years 1369535.28 1095628.22 80.00%
Over 5 years 59636859.68 59636859.68 100.00%
Total 100576137.44 64299770.81
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
Expected credit loss
Provision for bad debts Expected credit losses Expected credit loss throughout the duration Total
over the next 12 throughout the duration
(with credit
months (without credit loss)
impairment)
Balance as of January
62732466.42392405624.92455138091.34
12026
Balance as at January
1102026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
1 2026 forwarded to
the current period
Provision for the
1567304.391567304.39
current period
Balance as of June 30
64299770.81392405624.92456705395.73
2026
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
Beginning
Type
balance Recovery or Resale or write-
Ending balance
Provision Others
reversal off
Provision for bad
debts on an individual 392405624.92 0.00 0.00 0.00 0.00 392405624.92
basis
Provision for bad
debts made by 62732466.42 1567304.39 0.00 0.00 0.00 64299770.81
portfolio
Total 455138091.34 1567304.39 0.00 0.00 0.00 456705395.73
Reversal or recovery of significant amount of provision for bad debts in the current period:
Unit: RMB
Basis for determining the
Recovered or reversed
Entity name Reason for reversal Recovery method ratio of provision for bad
amount
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
Write-off
Nature of other Amount of write- Reasons for write- is generated by
Entity name procedures
receivables off off related party
performed
transactions
Explanations on write-off of other receivables:
1112026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
6) Other receivables of the top five ending balances collected by debtor
Unit: RMB
Balance of
Ratio to the total
Nature of provision for bad
Entity name Ending balance Aging ending balance of
amount debts as at the end
other receivables
of the period
Shenzhen Xinhai Rongyao
Current Over 5
Real Estate Development Co. 375068984.55 51.50% 231729731.18
accounts years
Ltd.Current Over 5
Shenzhen Xinhai Holdings 201499990.18 27.67% 124493201.20
accounts years
Shenzhen Bengling Joint Current Over 5
30000000.004.12%30000000.00
Stock Cooperative Company accounts years
Shenzhen Qianhai Advanced Current Over 5
10720575.271.47%6623517.62
Information Service Co. Ltd. accounts years
Shenzhen Tianjun Industrial Earnest Over 5
10000000.001.37%0.00
Co. Ltd. money years
Total 627289550.00 86.13% 392846450.00
7) Reported as other receivables due to centralized fund management
Unit: RMB
Amount reported as other receivables due to centralized fund
0.00
management
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 9937416.58 84.76% 7493552.61 78.57%
1-2 years 656030.89 5.60% 141241.34 1.48%
2 to 3 years 568181.04 4.85% 1228771.66 12.88%
Over 3 years 561682.25 4.79% 674666.28 7.07%
Total 11723310.76 9538231.89
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
Name of entity (fill in full name) Book balance Proportion to the balance ofprepayments (%)
Chongqing Yudi Assets Operation Management Co. Ltd. 1955031.66 16.68%
Jinyuda Construction Decoration Trading Technology Co.Ltd. 1471436.73 12.55%
Guangzhou Jingdong Trading Co. Ltd. 1042986.66 8.90%
1122026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen Shuda Elevator Engineering Co. Ltd. 640160.00 5.46%
Beijing Jingdong Century Information Technology Co. Ltd. 571028.53 4.87%
Total 5680643.58 48.46%
Other explanations:
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
depreciation or depreciation or
Item provision for provision for
Book balance Book value Book balance Book value
impairment of impairment of
contract contract
performance performance
costs costs
Development 10257636778 9328226031. 11182897066 1159179944. 10023717121
929410747.56
costs .87 31 .48 88 .60
Developing 2084006655. 1873620326. 1147928503. 1078630880.
210386329.3169297622.96
products 49 18 90 94
Raw materials 1466653.96 910783.62 555870.34 1500567.49 910783.62 589783.87
Inventories of
2863095.342094736.09768359.252487223.052094300.39392922.66
goods
Low-value
316123.650.00316123.65578760.980.00578760.98
consumables
123462893071142802596.11203486710123353921211231482651.11103909470
Total.3158.73.9085.05
1132026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Disclose the main items of "development costs" and their capitalization of interest in the following format:
Unit: RMB
Includi
Transfe ng:
Increas Accum
r to Other Capitali
Estimat e in the ulated
Estimat develop decreas zed
Comme ed Beginni current capitali Source
ed total ment es in Ending amount
Project ncemen complet ng period zation of
investm product the balance of
t time ion balance (develo amount funds
ent s in the current interest
time pment of
current period in the
costs) interest
period current
period
Lake October May 84000 65336 67204
186774 644469 54685 Bank
City 15 31 00000. 67546. 0.00 0.00 41745.
199.08 225.93 953.31 loans
Project 2020 2028 00 54 62
Humen
March June 32175 28194 23602
Binhai 587328 128084 31988 234514 Bank
223090000.64316.0.0020283.
Harbor 648.00 615.46 969.46 .42 loans
20222029003581
Project
Land in
Hongqi 66484 66484
0.00 0.00 0.00 0.00 0.00 Others
Town 04.13 04.13
Haikou
Shenhu
3737237372
i 0.00 0.00 0.00 0.00 0.00 Others
797.39797.39
Garden
Fuyuan
258682076127944
tai 0.00 0.00 0.00 0.00 Others
680.7065.54846.24
Project
Shenya
ng
Decem 37747 17069 10503
Digital March 825328 10767 179536 80682 43270 Bank
ber 31 90000. 52121. 92595.Intellig 6 2023 552.29 669.81 696.12 55.86 60.65 loans
2026007274
ent City
Project
529231692954616
Others 0.00 0.00 0.00 0.00 Others
199.6506.29105.94
15392111821412610257
1076749816468452659247
Total 380000 897066 57200. 636778
669.81582.49451.25528.38.00.4829.87
Disclose the main project information of "developed products" in the following format:
Unit: RMB
Including:
Accumulated Capitalized
Increase in Decrease in
Time of Beginning Ending capitalization amount of
Project the current the current
completion balance balance amount of interest in the
period period
interest current
period
SZPRD · La
29785690.129038507.3125362937.
keside Royal June 1 2015 0.00 747182.86 0.00
7116
View Phase I
SZPRD · Ba
January 12 299258475.nshan Yujing 3479487.46 0.00 0.00 3479487.46 0.00
202245
Phase II
1142026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
SZPRD · So
21384705.121249012.5335933319.
nghu July 1 2017 0.00 135692.64 0.00
9515
Langyuan
SZPRD · La
keside Royal November 1 29978247.4 26159855.3
0.003818392.100.000.00
View Phase 2017 3 3
II
SZPRD · Fuc
hang Garden
January 18
Phase II 5552213.54 0.00 0.00 5552213.54 0.00 0.00
2023
(Fuhui
Huayuan)
SZPRD · Yut December 3 105199704 195122967. 856874075. 126397134.
0.000.00
ang Shangfu 2024 3.18 78 40 05
Guomao December 1 290241999.
4839083.100.000.004839083.100.00
Plaza 1995 19
Podium
building of November 1
645532.650.000.00645532.650.000.00
Fuchang 1999
Building
Other
266501.180.000.00266501.180.000.00
projects
Shenzhen
Property · Sh
enyang March 24 825328552. 36306735.4 789021816. 20589158.0
0.002049336.05
Digital 2026 29 2 87 4
Intelligent
City
SZPRD
Harbour January 8 587328648. 240448077. 346880570.
0.007675596.2854589.35
Palace 2026 00 90 10
Project
114792850141265720476579048.208400665120545861
Total 2103925.40
3.900.29705.499.32
Disclose "development products with installment collection" "development products for lease" and "revolving houses" by item in
the following format:
Unit: RMB
Increase in the current Decrease in the current
Project Beginning balance Ending balance
period period
(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
1152026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Increase in the current
Decrease in the current period
period Re
Item Beginning balance Ending balance mar
Provisi Reversal or
Others Others k
on write-off
Development
1159179944.88229769197.32929410747.56
costs
Developing
69297622.96229769197.3288680490.97210386329.31
products
Raw
910783.62910783.62
materials
Inventories
2094300.39435.702094736.09
of goods
Total 1231482651.85 435.70 229769197.32 88680490.97 229769197.32 1142802596.58
Classification by main items:
Unit: RMB
Increase in the current Decrease in the current
period period Re
Project Beginning balance Ending balance mar
Reversal or Other
Provision Others k
write-off s
Land in Hongqi
6648404.130.000.000.000.006648404.13
Town Haikou
Humen Binhai Harbor
1003221647.340.000.0073865875.590.00929355771.75
Project
Shenyang Digital
Intelligent City 149309893.41 0.00 0.00 1490455.83 0.00 147819437.58
Project
Yutang Shangfu
69297622.960.000.0013324159.550.0055973463.41
Project
Total 1228477567.84 0.00 0.00 88680490.97 0.00 1139797076.87
(4) The capitalization rate of interest in the ending balance of inventories
Project Capitalization amount at the Capitalization amount of Amount carried forward Capitalization amount atbeginning of the period the current period of the current period the end of the period
SZPRD · L
ake City 589783272.62 54685953.31 - 644469225.93
SZPRD · L
akeside
Royal View 1170221.21 - 48755.66 1121465.55
Phase I
SZPRD · H
arbour 39375461.97 289103.77 3137013.78 36527551.96
Palace
SZPRD · Y
utang 5328193.36 - 1022237.24 4305956.12
Shangfu
Shenzhen
Property ·
Shenyang
Digital 22281017.20 6376396.70 747923.40 7909490.50
Intelligent
City
Total 657938166.36 61351453.78 4955930.08 714333690.06
1162026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(5) Restricted inventories situation
Disclosure of restricted inventories by item:
Unit: RMB
Reason for
Project Beginning balance Ending balance
restriction
Partial land use rights and buildings under construction
424356240.00 776587376.68 Loan collateral
of Lake City project
Land use right of Plots B and D of Shenyang Digital
Intelligent City Project and Plot D construction in 987723102.87 966766925.68 Loan collateral
progress
Guomao Plaza 4839083.09 4839083.09 Loan collateral
Total 1416918425.96 1748193385.45
11. Assets held for sale
Unit: RMB
Ending book Provision for Closing book Estimated Estimated
Item Fair value
balance impairment 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 34816845.48 30698000.74
Input tax to be deducted 163492610.42 153865680.59
Prepaid income tax 1465718.91 1598767.57
Prepaid land value increment tax 24840507.08 17903342.72
Prepaid urban construction tax 4664147.69 3734334.77
Advance payment of education
3396677.862697914.61
surcharges
Total 232676507.44 210498041.00
1172026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Information related to compensatory assets
Other explanations:
14. Debt investments
(1) Details of debt investments
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Changes in provision for impairment of debt investments in the current period
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
(2) Important debt investments at the end of the period
Unit: RMB
Ending balance Beginning balance
Debt Nominal Effective Nominal Effective
item Book Maturity Overdue Book Maturity Overdueinterest interest interest interest
value date principal value date principal
rate rate rate rate
(3) Provision for impairment
Unit: RMB
Phase I Phase II Phase III
Expected credit loss
Provision for bad debts Expected credit loss during theExpected credit losses during the whole Total
whole outstanding maturity
over the next 12 months outstanding maturity
(without credit impairment)
(with credit impairment)
Balance as at January
1 2026 forwarded to
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
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
1182026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
15. Other debt investments
(1) Other debt investments
Unit: RMB
Accumulated
Fair value provision for
Cumulativ
Interest changes impairment
Beginnin Accrued Ending e fair Remar
Item adjustmen of the Cost recognized in
g balance interest balance value k
t current other
changes
period comprehensive
income
Changes in provision for impairment of other debt investments in the current period
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
(2) Other Important debt investments at the end of the period
Unit: RMB
Ending balance Beginning balance
Other
debt Nominal Effective Nominal EffectiveBook Maturity Overdue Book Maturity Overdue
items interest interest interest interestvalue date principal value date principal
rate rate rate rate
(3) Provision for impairment
Unit: RMB
Phase I Phase II Phase III
Expected credit loss
Provision for bad debts Expected credit loss during theExpected credit losses during the whole Total
whole outstanding maturity
over the next 12 months outstanding maturity
(without credit impairment)
(with credit impairment)
Balance as at January
1 2026 forwarded to
the current period
Basis for division of each stage and ratio of provision for bad debts
(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:
1192026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
Gains accumula Divide
Loss Losses
accrued to ted into nd Reasons
accrued to accumulated
other other income designated as
other into other
comprehe comprehe recogni being measured
Beginning comprehen comprehensi Ending
Project nsive nsive zed at fair value
balance sive ve income at balance
income in income at during through other
income in the end of
the the end of the comprehensive
the current the current
current the current income
period period
period current period
period
Jintian
Industrial Not for trading
567317.70-35801.952864731.97583136.49
(Group) Co. purpose
Ltd.Total 567317.70 -35801.95 2864731.97 583136.49
Derecognition exists in the current period
Unit: RMB
Cumulative gains transferred Cumulative losses transferred
Project Reasons for derecognition
to retained earnings to retained earnings
Disclosure of the current period non-trading equity instrument investments by item
Unit: RMB
Amount
Reasons for the
transferred from
Reasons designated as transfer of other
the other
Recognized Cumulative Cumulative being measured at fair comprehensive
Project comprehensive
dividend income gains loss value through other income into
income to
comprehensive income retained
retained
earnings
earnings
1202026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
17. Long-term receivables
(1) Long-term receivables
Unit: RMB
Ending balance Beginning balance
Interval of
Item Provision for Provision for
Book balance Book value Book balance Book value discount rate
bad debts bad debts
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Amoun Provision value Amoun Amoun Provision value
Ratio Amount Ratio
t ratio t t 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
Expected credit loss
Expected credit loss during
Provision for bad debts during the wholeExpected credit losses the whole outstanding Total
outstanding maturity
over the next 12 months maturity (with credit
(without credit
impairment)
impairment)
Balance as at January
1 2026 forwarded to
the current period
Basis for division of each stage and ratio of provision for bad debts
(3) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Beginning
Type Recovery or Resale or write- Ending balancebalance Provision Others
reversal off
Reversal or recovery of significant amount of provision for bad debts in the current period:
Unit: RMB
Basis for determining the
Recovered or reversed
Entity name Reason for reversal Recovery method ratio of provision for bad
amount
debts and its rationality
Other explanations:
1212026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(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
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
Explanations on write-off of long-term receivables:
18. Long-term equity investments
Unit: RMB
Increase/decrease in this period
Invest Balanc
Beginn ment Adjust e of
Beginn ing profit ment Cash provisiEnding
ing balanc or loss of divide on for
Investe balanc e of Additi Reduc Other Provisi
balanc
recogn other nds or impair
onal ed change on for ees e provisi ized compr profits Others ment
(book on for invest invest s in impair
(book
under ehensi declare as at
ment ment equity ment value)value) impair the ve d to be the end
ment equity incom paid of the
metho e period
d
I. Joint ventures
Shenz
hen
Proper
23244-23183
ty Jifa
6615.616060551.
Wareh
634.5706
ousing
Co.Ltd.Shenz
hen
Tian'a
n
Interna
tional
-
Buildi 4689 41816
4271
ng 580.45 1.85
418.60
Proper
ty
Manag
ement
Co.Ltd.
23713-23224
Sub-
6196.48878712.
total
08483.1791
1222026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
II. Associates
Shenz
hen
Wufan
g 18983 18983
Ceram 614.1 614.1
ic 4 4
Industr
y Co.Ltd.Shenz
hen
Comfo
rt 16500 16500
Health 0.00 0.00
Produc
ts Co.Ltd.Shenz
hen
Xingh
ao
Imitati
7566775667
on
0.680.68
Porcel
ain
Produc
ts Co.Ltd.Shenz
hen
Social
Welfar
e
Compa 32669 32669
ny 3.24 3.24
Fuda
Electro
nics
Factor
y
Shenz
hen
Fulong
Industr
16841684
ial
350.00350.00
Develo
pment
Co.Ltd.Haonia
27332733
nhua
570.05570.05
Hotel
Shenz
hen 50000 50000
Educat 0.00 0.00
ion
1232026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Fund
Longh
ua
Invest
ment
Shenz
hen
Kangle
Sports 54006 54006
Club 0.00 0.00
Huang
fa
Branch
Factor
y
buildin
g in
Danke
ng
Villag 1168 1168
e 973.20 973.20
Fumin
Guanla
n
Town
Shenz
hen
Shenz
hen
Xiong
niu
Bowli 50000 50000
ng 0.00 0.00
Enterta
inment
Co.Ltd.Shenz
hen
Yangy
10301030
uan
000.00000.00
Industr
ial Co.Ltd.Jia
Kaifen
g
Compa 60000 60000
ny 0.00 0.00
Bao'an
Compa
ny
Guiyu
an
3500035000
Auto
0.000.00
Repair
Plant
1242026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenz
hen
Wuwei
Roof 50000 50000
Landsc 0.00 0.00
aping
Co.Ltd.Shenz
hen
Yuanp
ing
Plastic
Steel 24000 24000
Doors 0.00 0.00
and
Windo
ws
Co.Ltd.Shenz
hen
Youfa
ng
Printin 10000 10000
g and 0.00 0.00
Distrib
ution
Co.Ltd.Shenz
hen
Lushe
ng
Industr 10000 10000
ial 0.00 0.00
Develo
pment
Co.Ltd.China
Constr
uction
Engine
ering
Corpor
ation 31866 33755
247758823
Group 381.3 309.9
163.975.29
Smart 1 9
Parkin
g
Techn
ology
Co.Ltd.
31866302783375530278
Sub- 2477 58823
381.3931.3309.9931.3
total 163.97 5.29
1191
1252026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2690030278-2660030278
58823
Total 2577. 931.3 2410 4022. 931.3
5.29
391319.20901
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
Construction in
Item Houses and buildings Land use rights Total
progress
I. Total original book value
1. Beginning balance 799413857.35 14495902.20 186434394.80 1000344154.35
2. Increase in the current period 196000857.37 0.00 84795252.23 280796109.60
(1) Outsourcing 0.00 0.00 84795252.23 84795252.23
(2) Transfer from
inventories fixed assets and 196000857.37 0.00 0.00 196000857.37
construction in progress
(3) Increase in business
combination
3. Decrease in the current
2734964.080.00234036930.20236771894.28
period
(1) Disposal 2055620.00 0.00 0.00 2055620.00
(2) Other transfers out 0.00 0.00 234036930.20 234036930.20
(3) Exchange adjustment 679344.08 0.00 0.00 679344.08
4. Ending balance 992679750.64 14495902.20 37192716.83 1044368369.67
II. Accumulated depreciation and
accumulated amortization
1. Beginning balance 481755757.09 13360585.89 106827268.31 601943611.29
1262026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2. Increase in the current period 15734178.01 0.00 0.00 15734178.01
(1) Provision or
15734178.010.000.0015734178.01
amortization
3. Decrease in the current
2710898.350.0069634551.4872345449.83
period
(1) Disposal 2055620.00 0.00 0.00 2055620.00
(2) Other transfers out 0.00 0.00 69634551.48 69634551.48
(3) Exchange adjustment 655278.35 655278.35
4. Ending balance 494779036.75 13360585.89 37192716.83 545332339.47
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
497900713.891135316.310.00499036030.20
the period
2. Book value as at the
317658100.261135316.3179607126.49398400543.06
beginning of the period
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:
(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
1272026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The investment properties measured at fair value are disclosed by item:
Unit: RMB
Rental
Fair value The Reasons for
income
Geographic Time of Constructio Opening as at the magnitude fair value
Project during the
al location completion n area (㎡) fair value end of the of fair value changes andreporting
period changes report index
period
Whether the Company has investment properties in the construction period in the current period
□ Yes□ No
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 Impact on other
Reason for Approval Impact on
Item items before Amount comprehensive
conversion procedure profit or loss
conversion income
(4) Investment properties without certificate of title
Unit: RMB
Item Book value Reasons for failure to obtain the certificate of title
The property is a property management house which was
Unit 507 Building 6 occupied by a third-party property management company
19404.71
Maguling 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 39293464.59 41751582.46
Total 39293464.59 41751582.46
(1) Fixed assets
Unit: RMB
Buildings and Machinery Means of Renovation of Other
Item Total
constructions equipment transportation fixed assets equipment
I. Total original
book value:
1.
Beginning 104266313.58 6391092.37 19039114.21 37747260.30 60887725.72 228331506.18
balance
2. Increase 0.00 0.00 505783.46 0.00 881659.15 1387442.61
in the current
1282026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
period
(1)
0.000.00505783.460.00881659.151387442.61
Purchase
(2)
Transfer from
construction in
progress
(3)
Increase in
business
combination
3.
Decrease in the 20802.00 91800.00 1091435.87 0.00 1207471.14 2411509.01
current period
(1)
Disposal or 0.00 91800.00 1091435.87 0.00 1207471.14 2390707.01
scrapping
(2) Exchange
20802.000.000.000.000.0020802.00
adjustment
4. Ending
104245511.586299292.3718453461.8037747260.3060561913.73227307439.78
balance
II.Accumulated
depreciation
1.
Beginning 80108551.33 5514358.77 16476697.12 36543931.99 47860667.35 186504206.56
balance
2. Increase
in the current 608702.58 61872.72 509079.46 610365.72 1940807.92 3730828.40
period
(1)
608702.5861872.72509079.46610365.721940807.923730828.40
Provision
3.
Decrease in the 5117.57 91800.00 1062527.73 0.00 1137331.63 2296776.93
current period
(1)
Disposal or 0.00 91800.00 1062527.73 0.00 1137331.63 2291659.36
scrapping
(2) Exchange
5117.570.000.000.000.005117.57
adjustment
4. Ending
80712136.345484431.4915923248.8537154297.7148664143.64187938258.03
balance
III. Provision
for impairment
1.
Beginning 75717.16 75717.16
balance
2. Increase
in the current
period
1292026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(1)
Provision
3.
Decrease in the
current period
(1)
Disposal or
scrapping
4. Ending
75717.1675717.16
balance
IV. Book value
1. Book
value as at the
23533375.24814860.882530212.95592962.5911822052.9339293464.59
end of the
period
2. Book
value as at the
24157762.25876733.602562417.091203328.3112951341.2141751582.46
beginning of
the period
(2) Temporarily idle fixed assets
Unit: RMB
Original book Accumulated Provision for
Item Book value Remark
value depreciation impairment
(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 handle the certificate of title
Due to the planning adjustment the office buildings of the
property will be demolished and a new high-rise office
buildings will be built near the existing site. The company
will replace the existing property with the new office
Room 401 and 402 Office Building buildings after its completion so the property certificate of
382980.44
Sanxiang Business Building the property has not been able to be handled. Currently legal
proceedings have been initiated and the progress of handling
the transfer of property title certificates and the feasibility of
the replacement scheme are subject to the court hearing
results.Other explanations
1302026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(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 Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
(2) Changes of significant construction in progress in the current period
Unit: RMB
Ratio Includi
of Accum ng: Interes
Transf
Other accum ulated Capital t
Increas er into
Beginn decrea ulated Progre capital ized capital
e in fixed Ending Source
ing ses in project ss of ization amoun ization
Project Budget the assets balanc of
balanc the invest constr amoun t of rate for
current in the e funds
e current ment uction t of interes the
period current
period in interes t in the current
period
budget t current period
(%) period
(3) Provision for impairment of construction in progress in the current period
Unit: RMB
Increase in the Decrease in the Reason for
Item Beginning balance Ending balance
current period current period provision
Other explanations
(4) Impairment test of construction in progress
□Applicable□Not applicable
1312026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(5) Project materials
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
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 35002711.55 35002711.55
2. Increase in the current period 1141025.35 1141025.35
(1) New lease 1141025.35 1141025.35
3. Decrease in the current period 2736670.41 2736670.41
(1) Expiration of lease contract 2736670.41 2736670.41
4. Ending balance 33407066.49 33407066.49
II. Accumulated depreciation
1. Beginning balance 12552643.74 12552643.74
2. Increase in the current period 6019562.95 6019562.95
(1) Provision 6019562.95 6019562.95
3. Decrease in the current period 1415445.95 1415445.95
(1) Disposal
(2) Expiration of lease contract 1415445.95 1415445.95
4. Ending balance 17156760.74 17156760.74
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
16250305.7516250305.75
period
2. Book value as at the beginning of
22450067.8122450067.81
the period
1322026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Impairment test of right-of-use assets
□Applicable□Not applicable
Other explanations:
24. Intangible assets
(1) Intangible assets situation
Unit: RMB
Non-patented Right of use of
Item Land use rights Patent right Total
technology software
I. Total original book value
1. Beginning balance 5139958.14 5139958.14
2. Increase in the current
707566.03707566.03
period
(1) Purchase 707566.03 707566.03
(2) Internal R&D
(3) Increase in business
combination
3. Decrease in the current
period
(1) Disposal
4. Ending balance 5847524.17 5847524.17
II. Accumulated accumulation
1. Beginning balance 2984751.52 2984751.52
2. Increase in the current
362591.37362591.37
period
(1) Provision 362591.37 362591.37
3. Decrease in the current
period
(1) Disposal
4. Ending balance 3347342.89 3347342.89
III. Provision for impairment
1. Beginning balance
2. Increase in the current
period
(1) Provision
3. Decrease in the current
period
(1) Disposal
1332026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4. Ending balance
IV. Book value
1. Book value as at the end
2500181.282500181.28
of the period
2. Book value as at the
2155206.622155206.62
beginning of 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
(2) Data resources recognized as intangible assets
Unit: RMB
Externally purchased Self-developed Intangible assets of
Item intangible assets of intangible assets of data resources obtained Total
data resources data resources by other means
(3) Details of land use right without certificate of title
Unit: RMB
Reason for failure to properly handle the
Item Book value
certificate of title
Other explanations
(4) Impairment test of intangible assets
□Applicable□Not applicable
25. Goodwill
(1) Original book value of goodwill
Unit: RMB
Decrease in the current
Increase in the current period
period
Name of the investees or matters Beginning
Ending balance
forming goodwill balance Amount formed
through business Disposal
combination
Shenzhen Facility Management
9446847.389446847.38
Community Co. Ltd.Total 9446847.38 9446847.38
(2) Provision for impairment of goodwill
Unit: RMB
Decrease in the current
Name of the investees or Beginning Increase in the current period period Ending balance
matters forming goodwill balance
Provision Disposal
Shenzhen Facility 5004983.08 5004983.08
1342026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Management Community
Co. Ltd.Total 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 asset
Operating segments and Whether it is consistent
Name group or combination to which it
basis with previous years
belongs
Asset group or portfolio of asset
groups that can independently
generate cash flows determined in
Shenzhen Facility consideration of the synergistic
Property management
Management Community Co. effect that can benefit from the Yes
supporting services
Ltd. business combination and the
management or monitoring method
of the management on the production
operating activities
Changes in asset group or portfolio of asset groups
Objective facts and basis
Name Composition before change Composition after change
leading to changes
Other explanations
(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 determinatio
Impairm Years of Parameters Parameter n of key
Recoverable
Item Book value ent forecast for the s in parameters in
amount
amount period Forecast Stabilizati the
Period on Phase stabilization
period
Shenzhen Facility Revenue
Confirmation
Management growth rate
13028300.00 13621000.00 0.00 5 No growth based on
Community Co. discount
caution
Ltd. rate
Total 13028300.00 13621000.00 0.00
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
1352026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(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
According to the goodwill impairment test results in December 2025 the recoverable amount was RMB14299951.66 lower
than its carrying amount and the Company made a provision for goodwill impairment of RMB5004983.08 based on its
shareholding ratio. During the reporting period no recoverable amount of asset group containing goodwill was found to be lower
than its carrying amount and there was no newly added provision for impairment of goodwill.
26. Long-term deferred expenses
Unit: RMB
Amount amortized
Increase in the
Item Beginning balance in the current Other decreases Ending balance
current period
period
Decoration
15046783.0712613759.023774813.3623885728.73
expenditures
Total 15046783.07 12613759.02 3774813.36 23885728.73
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
Deferred tax assets Deferred tax assets
differences differences
Provision for asset
102271905.5123160537.3197665969.8121854744.31
impairment
Unrealized profits of
435246009.56108811502.39436277776.28109069444.07
internal transactions
Deductible losses 302704268.56 74085558.43 219911499.79 54427860.61
Land value increment
tax withdrawn for 11400833.83 2850208.46 9308029.13 2327007.28
deduction
Estimated profit
calculated from pre-
83958937.2220989734.3162921006.1515730251.54
sale revenue of real
estate enterprises
Other accrued expenses 14729619.58 3682404.90 14043969.23 3510992.30
Lease liabilities 17880387.86 4434537.58 23500918.43 5749024.66
Total 968191962.12 238014483.38 863629168.82 212669324.77
(2) Deferred tax liabilities without offset
Unit: RMB
1362026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ending balance Beginning balance
Item Taxable temporary Taxable temporary
Deferred tax liabilities Deferred tax liabilities
differences differences
Changes in fair value
of financial assets held 3571096.38 892774.10 1765714.20 441428.55
for trading
Book value of fixed
assets is greater than 45660.68 11415.17 177411.22 44352.79
tax basis
Right-of-use assets 16250305.75 4024865.18 22450067.85 5486520.49
Total 19867062.81 4929054.45 24393193.27 5972301.83
(3) Deferred tax assets or liabilities listed net amount after write-offs
Unit: RMB
Deduction amount of Ending balance of Deduction amount of Beginning balance of
deferred tax assets and deferred tax assets or deferred tax assets and deferred tax assets or
Item
liabilities at the end of liabilities after write- liabilities from the liabilities after write-
the period off beginning of the period off
Deferred tax assets 238014483.38 212669324.77
Deferred tax liabilities 4929054.45 5972301.83
(4) Details of unconfirmed deferred tax assets
Unit: RMB
Item Ending balance Beginning balance
Deductible temporary differences 1666761755.53 1751240859.68
Deductible losses 414169182.94 366903018.00
Total 2080930938.47 2118143877.68
(5) Deductible losses from unrecognized deferred tax assets will be expired in the following years
Unit: RMB
Year Ending amount Beginning amount Remark
2026 14238807.00 Deductible losses in 2021
2027 81285680.12 81285680.12 Deductible losses in 2022
2028 11248208.22 11248208.22 Deductible losses in 2023
2029 191674275.72 191674275.72 Deductible losses in 2024
2030 68456046.94 68456046.94 Deductible losses in 2025
2031 61504971.94 Deductible losses in 2026
Total 414169182.94 366903018.00
Other explanations
28. Other non-current assets
Unit: RMB
Ending balance Beginning balance
Item
Book balance Provision Book value Book balance Provision Book value
for for
1372026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
impairme impairmen
nt t
Cost of contract acquisition 26178010.44 26178010.44 22101296.87 22101296.87
Prepayments for the
purchase of fixed assets
2371657.942371657.94921552.89921552.89
investment properties
intangible assets etc.Others 2635093.77 2635093.77 2635093.77 2635093.77
Total 31184762.15 31184762.15 25657943.53 25657943.53
Information related to compensatory assets
Other explanations:
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 Restri RestriBook Restricted Book Restricted
Book value cted Book value cted
balance condition balance condition
type type
Guarantee Guarantee
deposit time deposit time
Monetary 80123834. 80123834. Froze 82297671. 82297671. Froze
deposit interest deposit interest
funds 20 20 n 21 21 n
judicially frozen judicially frozen
funds etc. funds etc.Due to the needs Due to the needs
of daily of daily
operating operating
activities the activities the
Company Company
4839083.0 4839083.0 Mortg applied for a 4839083.0 4839083.0 Mortg applied for a
Inventories
9 9 age loan from bank 9 9 age loan from bank
and mortgaged and mortgaged
the self-owned the self-owned
commercial commercial
properties it properties it
held. held.Due to the needs Due to the needs
of daily of daily
operating operating
activities the activities the
Company Company
Fixed 3483700.1 3483700.1 Mortg applied for a 3483700.1 3483700.1 Mortg applied for a
assets 5 5 age loan from bank 5 5 age loan from bank
and mortgaged and mortgaged
the self-owned the self-owned
commercial commercial
properties it properties it
held. held.Due to the needs Due to the needs
Investment 18014466 18014466 Mortg 18014466 18014466 Mortg
of daily of daily
properties 8.70 8.70 age 8.70 8.70 age
operating operating
1382026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
activities the activities the
Company Company
applied for a applied for a
loan from bank loan from bank
and mortgaged and mortgaged
the self-owned the self-owned
commercial commercial
properties it properties it
held. held.Due to the needs
of daily
Due to the needs
operating
of daily
activities the
operating
Company
Inventory - activities the
applied for a
Partial land Company
loan from
use rights applied for a
Industrial Bank
and loan from
77658737 77658737 Mortg Shenzhen 42435624 42435624 Mortg
buildings Industrial Bank
6.68 6.68 age Branch and 0.00 0.00 age
under Shenzhen
mortgaged the
constructio Branch and
partial and use
n of Lake mortgaged the
right and
City project land use right of
buildings-under-
the Lake City
construction of
Project plot it
the Lake City
held.Project plot it
held.Due to the needs Due to the needs
of daily of daily
operating operating
activities the activities the
Inventories
Company Company
- Land use
applied for a applied for a
right of
loan from loan from
Plots B and
Agricultural Agricultural
D of
Bank of China Bank of China
Shenyang
Yangzhou Yangzhou
Digital 96676692 88654650 Mortg 98772310 90525720 Mortg
Branch and Branch and
Intelligent 5.68 8.47 age 2.87 0.61 age
mortgaged the mortgaged the
City
land use right of land use right of
Project and
Plot D of Plot D of
Plot D
Shenyang Shenyang
constructio
Digital Digital
n in
Intelligent City Intelligent City
progress
Project and the Project and the
construction in construction in
progress of Plots progress of Plots
B and D. B and D.
20119455193172511682844416003785
Total
88.5071.2966.0263.76
Other explanations:
1392026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
30. Short-term borrowings
(1) Classification of short-term borrowings
Unit: RMB
Item Ending balance Beginning balance
Credit borrowings 475129342.77 449458211.11
Total 475129342.77 449458211.11
Description of short-term borrowings classification:
At the end of the period the credit loans were used for the daily operations of the Company.
(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 RMB0.00 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:
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.
1402026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
34. Accounts payable
(1) Presentation of accounts payable
Unit: RMB
Item Ending balance Beginning balance
Payable for engineering construction 850059248.61 738732120.83
Estimated accounts payable 12947826.63 19087563.43
Others 138360968.78 117823268.42
Total 1001368044.02 875642952.68
(2) Significant accounts payable aging more than one year or overdue
Unit: RMB
Reason for no settlement or carrying-
Item Ending balance
forward
Shenzhen Municipal Bureau of Planning
25000000.00 Problems left over from history
and Land Resources
China Construction Third Engineering
The project payment milestone has not
Bureau Second Construction Engineering 170821732.73
been reached
Co. Ltd
China Construction Fourth Engineering The project payment milestone has not
4000000.10
Bureau Co. Ltd been reached
Shenzhen Qianhai Advanced Information
7126060.00 Unsettled project
Service Co. Ltd.Total 206947792.83
Other explanations:
35. Other payables
Unit: RMB
Item Ending balance Beginning balance
Interest payable 0.00 0.00
Dividends payable 12202676.04 12202676.04
Other payables 1235698183.48 1189285081.42
Total 1247900859.52 1201487757.46
(1) Interest payable
Unit: RMB
Item Ending balance Beginning balance
Total 0.00 0.00
Important overdue and unpaid interest situations:
Unit: RMB
Borrower Overdue amount Reason for overdue
1412026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 restructured
Management Office 10869036.68 and the payment object has not beenclarified
Labor Union Committee of Shenzhen The other party's company is restructured
Urban Landscaping Administration 1300000.00 and the payment object has not beenclarified
Others 33639.36 Unable to obtain the balance payment ofthe 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 301672744.01 311614608.93
Guarantee 6664430.86 8171499.69
Agency collection 12882887.13 12112575.50
Current accounts 688458200.17 642819185.60
Accrued expenses 139460108.62 123654014.77
Withholding payments 6469755.43 6505391.90
Others 80090057.26 84407805.03
Total 1235698183.48 1189285081.42
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 outside the
406453961.39
Property Co. Ltd. consolidation scope not yet due for repayment
Shenzhen Property Jifa Warehousing Current accounts without specific repayment
202296665.14
Co. Ltd. period
China Construction Third Engineering
The deposit has not reached the settlement
Bureau Second Construction Engineering 21597500.00
period
Co. Ltd
Shenzhen Tian'an International Building Current accounts without specific repayment
5214345.90
Property Management Co. Ltd. period
Shenzhen Qianhai WeBank Co. Ltd. 3366387.61 The lease term has not expired
Total 638928860.04
1422026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations
36. Advances from customers
(1) Presentation of advances from customers
Unit: RMB
Item Ending balance Beginning balance
Rent 619400.74 1340490.69
Total 619400.74 1340490.69
(2) Important advances from customers with aging more than 1 year or overdue
Unit: RMB
Reason for no settlement or carrying-
Item Ending balance
forward
Unit: RMB
Item Changes Reason for changes
Other explanations:
37. Contract liabilities
Unit: RMB
Item Ending balance Beginning balance
House payment received in advance 852579211.56 647550778.18
Property management fees received in
17099871.4918114805.21
advance
Other accounts received in advance 47766128.25 45939712.37
Total 917445211.30 711605295.76
Significant contract liabilities with aging over 1 year
Unit: RMB
Reason for no settlement or carrying-
Item Ending balance
forward
Advances from customers for Lake City The conditions for revenue recognition
464716423.11
Project have not yet been met
Total 464716423.11
Amount and reasons for significant changes in book value during the reporting period
Unit: RMB
Item Changes Reason for changes
Advances from housing sales newly added
Yutang Shangfu Project 20820866.06
during the reporting period
Humen Binhai Harbor Revenue carried forward during the reporting
-51954433.92
Project period
Yangzhou Shenyang
Advances from housing sales newly added
Digital Intelligent City 100370874.36
during the reporting period
Project
Advances from housing sales newly added
Lake City Project 140252873.88
during the reporting period
1432026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Total 209490180.38
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
Estimated completion
No. Project Beginning balance Ending balance Pre sale ratio
time
1 Lake City Project 419473374.48 559726248.36 May 31 2028 38.72%
Yangzhou Shenyang
2 Digital Intelligent City 142734055.03 243104929.39 December 31 2026 79.17%
Project
3 SZPRD · Yutang Shangfu 11253189.96 32074056.02 67.64%
Humen Binhai Harbor
4 69133168.80 17178734.88 June 30 2029 8.73%
Project
SZPRD · Lakeside Royal
54883586.24334220.1995.91%
View Phase II
38. Employee compensation payable
(1) Presentation of employee compensation payable
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
I. Short-term compensation 174105807.41 425378941.15 463243958.74 136240789.82
II. Post-employment benefits-defined
1070507.9848532241.0147652371.631950377.36
contribution plans
III. Dismissal benefits 646806.24 2311101.99 1441925.40 1515982.83
Total 175823121.63 476222284.15 512338255.77 139707150.01
(2) Presentation of short-term compensation
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
1. Salaries bonuses allowances and
162327771.77375970781.13410394529.79127904023.11
subsidies
2. Employee benefits 1249509.18 871737.00 2114831.18 6415.00
3. Social insurance premiums 54637.98 16138848.48 16138892.56 54593.90
Including: medical insurance
51896.7813188495.6513188495.6551896.78
premiums
Work-related injury
272.181021137.951021182.03228.10
insurance premiums
Maternity insurance
2469.021235607.921235607.922469.02
premiums
Other commercial insurance 0.00 693606.96 693606.96 0.00
4. Housing provident funds 263949.25 14560935.15 14574280.81 250603.59
1442026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
5. Trade union funds and employee
7123860.236026279.246791057.156359082.32
education expenses
8. Non-monetary benefits 3086079.00 11810360.15 13230367.25 1666071.90
Total 174105807.41 425378941.15 463243958.74 136240789.82
(3) Presentation of defined contribution plans
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
1. Basic endowment
538067.5241200212.9541217627.62520652.85
insurance premiums
2. Unemployment
3185.751687456.911685848.784793.88
insurance premiums
3. Enterprise annuity
529254.715644571.154748895.231424930.63
payment
Total 1070507.98 48532241.01 47652371.63 1950377.36
Other explanations
39. Taxes payable
Unit: RMB
Item Ending balance Beginning balance
Value-added tax 16834828.43 23455423.34
Consumption tax 8903.30 6291.87
Corporate income tax 14415660.79 31087464.90
Individual income tax 3416561.08 2955720.79
Urban maintenance and construction tax 1173992.63 1326959.94
Land value increment tax 1553456.61 17066510.13
Land use taxes 805829.41 179653.49
Property taxes 5029131.60 311746.28
Education surcharge 617446.64 696993.06
Local education surcharges 507169.38 531972.41
Others 98432.34 392104.82
Total 44461412.21 78010841.03
Other explanations
40. Liabilities held for sale
Unit: RMB
Item Ending balance Beginning balance
1452026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations
41. Non-current liabilities maturing within one year
Unit: RMB
Item Ending balance Beginning balance
Long-term borrowings maturing within
4497658568.553850883054.68
one year
Bonds payable due within one year 7379166.67 1054166.67
Long-term payables due within one year 0.00 400000.00
Lease liabilities maturing within one year 12088063.77 12898090.94
Total 4517125798.99 3865235312.29
Other explanations:
42. Other current liabilities
Unit: RMB
Item Ending balance Beginning balance
Output tax to be transferred 76591160.00 58886145.36
Notes receivable without derecognition 56409389.04 0.00
Total 133000549.04 58886145.36
Increases or decreases in short-term bonds payable:
Unit: RMB
Amort Whet
Withd
izatio Repay her
Issued rawal
Nomi Begin n of ment Endin there
Issue in the of
Bond Book nal Issue Bond ning premi in the g is
Amou curren intere
name value intere date term balanc um curren balanc breac
nt t st at
st rate e and t e h of
period par
discou period contra
value
nt ct
Total
Other explanations:
43. Long-term borrowings
(1) Classification of long-term borrowings
Unit: RMB
Item Ending balance Beginning balance
Pledged loan 432133351.81 664188100.66
Mortgage loan 1478384391.19 2062569870.34
Credit borrowings 925451126.14 954836941.20
Total 2835968869.14 3681594912.20
Description of the classification of long-term borrowings:
1462026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The pledge loan 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 Lake City Project of Rongyao Real Estate a
subsidiary of the Company. The term of loan was from March 17 2023 to May 20 2028. The collateral was partial land use right
and buildings-under-construction 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 (2) 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 was
provided by the Company and Yangzhou Lvfa Real Estate Co. Ltd. according to the percentage of shares.The mortgage loan (3) 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 (4) 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 548187500.00
Interest payable on bonds not yet due 7723220.74 1103317.25
Less: Bonds payable due within one year -7379166.67 -1054166.67
Total 548531554.07 548236650.58
(2) Increase or decrease in bonds payable (excluding preferred shares perpetual bonds and other
financial instruments classified as financial liabilities)
Unit: RMB
Amort Whet
Withd
izatio Repay her
Issued rawal
Nomi Begin n of ment Endin there
Issue in the of
Bond Book nal Issue Bond ning premi in the g is
Amou curren intere
name value intere date term balanc um curren balanc breac
nt t st at
st rate e and t e h of
period par
discou period contra
value
nt ct
25 5500 Nove 3 5500 5492 6325 2949 5559
2.30% No
SZPR 0000 mber years 0000 9081 000.0 03.49 1072
1472026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
D 01 0.00 27 0.00 7.25 0 0.74
(13462025
64.SZ
)
5500549263255559
2949
Total 0000 9081 000.0 1072
03.49
0.007.2500.74
(3) Description of convertible corporate bonds
(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
Outstanding Increase in the current Decrease in the currentBeginning Ending
financial period period
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 19121766.74 24820172.10
Less: Unrecognized financing expenses -1241378.88 -1319253.70
Less: Lease liability maturing within one
-12088063.77-12898090.94
year
Total 5792324.09 10602827.46
Other explanations:
46. Long-term payables
Unit: RMB
Item Ending balance Beginning balance
Long-term payables 0.00 399470977.78
Total 0.00 399470977.78
(1) Presentation of long-term payables by nature of payment
Unit: RMB
Item Ending balance Beginning balance
Sale and leaseback financing funds 0.00 399870977.78
Less: Long-term payables due within one
0.00-400000.00
year
Total 0.00 399470977.78
Other explanations:
1482026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Special payables
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance Formation causes
current period current period
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
Unit: RMB
Item Ending balance Beginning balance Formation causes
* Litigation between Basepoint and Facility
Management Community
Pending litigation 973741.21 973741.21
* Litigation between CPIC Shenzhen Branch and
SZPRD
Total 973741.21 973741.21
Other explanations including relevant important assumptions and estimation notes of important estimated liabilities:
1492026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
49. Deferred income
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance Formation causes
current period current period
Other explanations:
50. Other non-current liabilities
Unit: RMB
Item Ending balance Beginning balance
Special fund for public utilities 325809.73 317468.53
Building structure maintenance fund 17203214.99 21286236.28
Guarantee for admission 6523634.98 6553718.18
Electrical equipment maintenance fund 4019415.44 4019415.44
Escrow maintenance fund 54121278.58 53885658.86
Co-investment funds from employees of
0.0039570000.00
Lake City Project
Others 3569232.04 3908000.31
Total 85762585.76 129540497.60
Other explanations:
51. Share capital
Unit: RMB
Changes during the period (+ -)
Beginning Conversion
balance New shares of provident
Ending balance
Bonus issue Others Sub-total
issued fund into
shares
Total
595979092.00595979092.00
shares
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
Outstanding Increase in the current Decrease in the currentBeginning Ending
financial period period
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:
1502026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
53. Capital reserve
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
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
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
Total 0.00 0.00
Other explanations including the increase and decrease in the current period and the reasons for the changes:
55. Other comprehensive income
Unit: RMB
Amount in the current period
Less: the
amount Less:
included retained
Attrib
in other income
utable
comprehe included in Less:
Amount to
Beginning nsive other inco Attributable
Item before minori
balance income in comprehensi me to parent
Ending balance
income tax in ty
prior ve income in tax company
the current shareh
period and prior periods expe after tax
period olders
transferre and nses
after
d to transferred
tax
current to current
profit or profit or loss
loss
I. Other
comprehen
sive
income that
-3069250.2435801.9535801.95-3033448.29
cannot be
reclassified
into profit
or loss
Fair
value
changes of
investment -3069250.24 35801.95 35801.95 -3033448.29
s in other
equity
instruments
II. Other -518543.71 -2662999.10 -2662999.10 -3181542.81
1512026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
comprehen
sive
income to
be
reclassified
into profit
or loss later
Foreig
n currency
-518543.71-2662999.10-2662999.10-3181542.81
translation
differences
Total of
other
comprehen -3587793.95 -2627197.15 -2627197.15 -6214991.10
sive
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
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
Other explanations including the increase and decrease in the current period and the reasons for the changes:
57. Surplus reserves
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
Statutory surplus
297989546.00297989546.00
reserve
Discretionary surplus
365403.13365403.13
reserve
Total 298354949.13 298354949.13
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
2423699479.792561990778.58
previous period before the adjustment
Undistributed profits at the beginning of
2423699479.792561990778.58
the period after adjustment
Plus: Net profit attributable to owners of
-68175381.5914428019.63
the parent company in this period
Common stock dividends payable 11919581.84
1522026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Others 66265.23 789336.16
Undistributed profits as at the end of the
2343538251.132577208134.37
period
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 1198151495.16 1047738994.78 1078644967.59 813504493.36
Other business 7018180.75 0.00 9263968.28 0.00
Total 1205169675.91 1047738994.78 1087908935.87 813504493.36
Breakdown of operating revenue and operating costs:
Unit: RMB
Contract Division 1 Division 2 Total
classificati Operating Operating Operating Operating Operating Operating Operating Operating
on revenue costs revenue costs revenue costs revenue costs
Business 12051696 10477389 12051696 10477389
type 75.91 94.78 75.91 94.78
Including:
Real estate 35167432 34175090 35167432 34175090
business 5.47 9.48 5.47 9.48
Property
77888552662324507788855266232450
manageme
7.569.717.569.71
nt
Asset 74609822. 43663575. 74609822. 43663575.operation 88 59 88 59
Classificati
on by
business
area
Including:
85837935706124988583793570612498
Shenzhen
8.471.158.471.15
34679031341614013467903134161401
Others
7.443.637.443.63
Market or
customer
type
1532026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Including:
Contract
type
Including:
Classificati
on by time
of
commodity
transfer
Including:
Classificati
on by
contract
period
Including:
Classificati
on by sales
channel
Including:
Total
Information related to performance obligations:
Types of
Amounts
Nature of the quality
Whether it is assumed by the
Time to fulfill goods the assurance
Important the main Company that
Item performance Company provided by the
payment terms responsible are expected to
obligations undertakes to Company and
person be refunded to
transfer related
customers
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 RMB917445211.30 of which RMB81542475.32 was expected to be
recognized as revenue in 2026 RMB835344833.06 was expected to be recognized as revenue in 2027 and RMB557902.92 was
expected to be recognized as revenue in 2028 and thereafter.Information about the variable consideration in the contract:
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:
1542026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
No. Project Income amount
1 SZPRD · Yutang Shangfu 174497539.45
2 SZPRD · Harbour Palace 134987872.44
Shenzhen Property · Shenyang Digital
326553041.27
Intelligent City
4 SZPRD · Lakeside Royal View Phase II 4686980.73
5 SZPRD · Lakeside Royal View Phase I 677064.22
60. Taxes and surcharges
Unit: RMB
Item Amount in the current period Amount in the previous period
Urban maintenance and construction tax 2634643.84 2404343.79
Education surcharge 1135680.11 1034629.17
Property taxes 5040755.67 5536974.28
Land use taxes 986160.44 1087970.53
Vehicle and vessel use tax 8715.00 11445.00
Stamp duty 503263.67 635421.43
Land value increment tax 953702.94 50947459.26
Local education surtax 757231.50 790415.20
Other taxes 477409.92 697828.27
Total 12497563.09 63146486.93
Other explanations:
61. G&A expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Employee compensation 100127721.56 84829229.68
Administrative office expenses 7393287.26 7009603.50
Amortization and depreciation cost of
7171947.1311559991.06
assets
Litigation costs 83193.64 523080.22
Other expenses 2609615.91 3329573.78
Total 117385765.50 107251478.24
Other explanations
62. Selling and distribution expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Intermediary agency fees 8023855.99 4333773.75
Consulting and sales service fees 695682.07 1708326.44
Advertising and publicity expenses 1313920.02 2143745.72
Employee compensation 7429524.42 5645649.49
Others 2862850.39 5335815.54
Total 20325832.89 19167310.94
1552026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
63. R&D expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Employee compensation 1971315.55 2509965.45
Depreciation and amortization cost 15815.88 11716.74
Others 10558.33 75124.05
Total 1997689.76 2596806.24
Other explanations
64. Financial expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Interest expenses 79622797.69 39505057.67
Less: interest income -3111898.99 -6322396.67
Net foreign exchange losses 127812.39 475009.82
Unrecognized financing expenses 1488426.01 9435222.25
Others 1016912.30 1649174.00
Total 79144049.41 44742067.07
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 131113.37 10412889.69
Refund of service fee for withholding
277357.25291400.88
individual income tax
Additional deduction of value-added tax
0.00-80226.78
input
Refund of value-added tax 778516.90 1732543.85
Others 258156.89 226728.32
Total 1445144.41 12583335.96
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
Amount in the current period Amount in the previous period
value
Financial assets held for trading 1805382.18 0.00
1562026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Total 1805382.18 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
-2410319.20-2369641.20
calculated under the equity method
Total -2410319.20 -2369641.20
Other explanations
69. Credit loss
Unit: RMB
Item Amount in the current period Amount in the previous period
Losses from bad debts of accounts
-7239582.43-28868286.02
receivable
Bad debt loss of other receivables -1567304.39 -7889127.69
Total -8806886.82 -36757413.71
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
-435.70-4461.72
performance cost impairment losses
Total -435.70 -4461.72
Other explanations:
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 from disposal of fixed assets 5523.41 39912.16
Gains on disposal of right-of-use assets 60340.80 25443.53
Total 65864.21 65355.69
72. Non-operating revenue
Unit: RMB
Amount included in the
Amount in the previous
Item Amount in the current period current non-recurring profit or
period
loss
Gains from exchange of non-
0.002897.11
monetary assets
1572026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Liquidated damages and
542912.3612318843.03542912.36
confiscation income
Others 269719.57 200811.06 269719.57
Total 812631.93 12522551.20 812631.93
Other explanations:
73. Non-operating expenses
Unit: RMB
Amount included in the
Amount in the previous
Item Amount in the current period current non-recurring profit or
period
loss
Donations made 1000.00 0.00 1000.00
Loss from the damage and
scrapping of non-current 49491.19 55471.34 49491.19
assets
Penalties and late fees 924411.18 400236.90 924411.18
Others 37942.95 474967.69 37942.95
Total 1012845.32 930675.93 1012845.32
Other explanations:
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
20915052.7226311245.61
period
Deferred tax expenses -26388405.99 -13777564.16
Total -5473353.27 12533681.45
(2) Adjustment process of accounting profits and income tax expenses
Unit: RMB
Item Amount in the current period
Total profits -82021683.83
Income tax expenses calculated at statutory/applicable tax rate -20505420.96
Influence of different tax rates applicable to subsidiaries 460671.97
Influence of adjustments to the income tax for the prior years 2382280.25
Influence of non-taxable income -602579.80
Influence of nondeductible costs expenses and losses 1149521.92
Influence of deductible losses on the use of preliminarily unrecognized
-3434416.18
deferred tax assets in previous periods
Effect of deductible temporary differences or deductible losses from deferred
15376242.99
tax assets unrecognized in the current period
Tax impact of the addition for the deduction of R&D expenses -299653.46
1582026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Income tax expenses -5473353.27
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
Amount in the previous
Item Amount in the current period
period
Large current accounts received 46155995.70 45929996.27
Interest income received 2320044.39 5269961.38
Net amount of various deposits guarantees and special
39560410.4749397460.11
funds received
Government grants received 131113.37 10412889.69
Other miscellaneous funds received 15446851.63 31697320.53
Decrease in restricted funds the current period 2720496.09 1561189.18
Total 106334911.65 144268817.16
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 12223303.25 16428194.70
Selling and distribution expenses paid in cash 29635338.72 36054414.97
Large current accounts paid 79019994.04 33253647.08
Amount of various payments and receipts on
20165753.4150944320.04
behalf of others such as paid utilities
Other miscellaneous funds paid 60974862.04 31813203.86
Increase in restricted funds in the current period 546659.08 0.00
Total 202565910.54 168493780.65
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
Notes to other cash received related to investing activities:
Other cash paid related to investing activities
1592026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Item Amount in the current period Amount in the previous period
Total 0.00 0.00
Important cash paid related to investing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
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
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
Lease liability payments 6070116.54 8927801.34
Payments related to sale and leaseback 400906077.77 9813950.00
Other miscellaneous funds paid 774062.82 774062.82
Total 407750257.13 19515814.16
Notes to other cash paid related to financing activities:
Changes in various liabilities arising from financing activities
□Applicable □ Not applicable
Unit: RMB
Increase in the current period Decrease in the current period
Beginning
Item Non-cash Non-cash Ending balancebalance Cash changes Cash changes
changes changes
Short-term
borrowings and 7981936178. 1481405124. 1786800300.
132215779.007808756780.47
long-term 00 35 88
borrowings
Bonds payable 549290817.25 6619903.49 555910720.74
Lease liabilities 23500918.40 449586.00 6070116.54 17880387.86
Long-term
399870977.781035099.99400906077.770.00
payables
8954598891.1481405124.2193776495.
Total 140320368.48 8382547889.07
433519
1602026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4) Notes to cash flows expressed in net amount
Basis for presentation of net
Item Relevant facts Financial impact
amount
(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
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 -76548330.56 10075661.93
Plus: provision for assets impairment 8807322.52 36761875.43
Depreciation of fixed assets depletion of oil and gas
19465006.4122722218.18
assets depreciation of productive biological assets
Depreciation of right-of-use assets 6019562.95 7943112.96
Amortization of intangible assets 362591.37 61498.06
Amortization of long-term deferred expenses 3774813.36 3852334.56
Losses from disposal of fixed assets intangible
-65864.21-65355.69
assets and other long-term assets ( "-" for gains)
Losses on write-off of fixed assets ("-" for gains) 49491.19 52574.23
Losses from changes in fair value ("-" for gains) -1805382.18
Financial expenses ("-" for gains) 81239036.09 49415289.74
Investments losses ("-" for gains) 2410319.20 2369641.20
Decreases in deferred tax assets (“-” for increases) -25345158.61 -13357106.52
Increase in deferred tax liabilities ("-" for decreases) -1043247.38 -420457.64
Decreases in inventories ("-" for increases) 14967244.61 1496170.80
Decreases in operating receivables (“-” for increases) -225937353.73 -144225948.62
Increases in operating payables (“-” for decreases) 208228322.88 -83869023.88
Others
Net cash flows from operating activities 14578373.91 -107187515.26
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 1272400462.60 2780507023.52
Less: beginning balance of cash 2042045384.98 1610799884.30
Plus: ending balance of cash equivalents
Less: beginning balance of cash equivalents
1612026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Net increase in cash and cash equivalents -769644922.38 1169707139.22
(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:
Other explanations:
(4) Breakdowns of cash and cash equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 1272400462.60 2042045384.98
Including: cash on hand 8142.14 8903.16
Unrestricted bank deposits 1272165390.27 2779224821.04
Other unrestricted monetary funds 226930.19 1273299.32
III. Ending balance of cash and cash
1272400462.602042045384.98
equivalents
Including: cash and cash equivalents with
restricted use right by parent company or 80123834.20 82297671.21
subsidiaries of the Group
(5) Limited use but still presented as cash and cash equivalents
Unit: RMB
Amount in previous Reasons for classified as cash and cash
Item The current period
period equivalents
This was the capital within the pre-sale
supervision quota of the project. Potevio
could apply for paying the construction
Pre-sale funds of Lake City
191206414.33 379613290.90 expenditure and relevant statutory taxes of
Project
the project in accordance with the relevant
regulations on the supervision of pre-sale
funds.Pre-sale funds of Shenyang 11238598.76 1275067.33 This was the capital within the pre-sale
1622026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Digital Intelligent City supervision quota of the project. Potevio
Project could apply for paying the 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 housing
saling supervision quota of the project.Potevio could apply for paying the
Pre-sale funds of Harbour
27708753.47 0.00 construction expenditure and relevant
Palace Project
statutory taxes of the project in accordance
with the relevant regulations on the
supervision of pre-sale funds.Total 230153766.56 380888358.23
(6) Monetary funds not classified as cash and cash equivalents
Unit: RMB
Reasons for not classified as
Item The current period Amount in previous period
cash 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
Ending balance of foreign Ending balance of translated
Item Exchange rate of conversion
currency RMB
Monetary funds 72188343.10
Including: USD 120000.00 6.8109 817308.00
EUR
HKD 69192619.67 0.8686 60097330.83
VND 43528165048.00 0.000259 11273704.27
Accounts receivable 5152328.95
Including: USD
EUR
HKD
VND 19893161946.00 0.000259 5152328.95
Long-term borrowings
Including: USD
1632026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
EUR
HKD
Prepayment 1497538.16
Including: USD
VND 5681222882.00 0.000259 1471436.73
HKD 30050.00 0.8686 26101.43
Other receivables 4737139.08
Including: USD
VND 120370769.34 0.000259 31176.03
HKD 5417871.35 0.8686 4705963.05
Accounts payable 1022489.90
Including: USD
VND 3760032047.00 0.000259 973848.30
HKD 56000.00 0.8686 48641.60
Other payables 5120240.44
Including: USD
VND 4396257854.33 0.000259 1138630.78
HKD 4583939.28 0.8686 3981609.66
Contract liabilities 1095122.51
Including: USD
VND 4228272225.00 0.000259 1095122.51
Other explanations:
(2) The nature of the lack of convertibility of the currency and its financial impact the spot exchange
rates adopted and the estimation process as well as the risks faced by the enterprise arising from the lack
of convertibility of the currency
□Applicable□Not applicable
(3) 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 premiseoverseas Recording currency Basis for selection of recording currency
Shum Yip Properties Development Hong Kong HKD The company is located in Hong Kong and isLimited mainly settled in HKD
Vietnam Shenzhen ITC Property
Management Co. Ltd. Vietnam VND
The company is located in Vietnam and mainly
settles in VND
(4) Lack of convertibility between the functional currency of the overseas operation and the presentation
currency of the enterprise
□Applicable□Not applicable
80. Lease
(1) The Company acted as lessee:
□Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
1642026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
□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 3825310.65
Low-value lease expenses
Variable lease payments not included in the
measurement of lease liabilities
Total 3825310.65
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. 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.As of June 30 2026 the Company had fully repaid the payments related to sale and leaseback.
(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 74609822.88
Total 74609822.88
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 106681191.32 131345799.05
The Second year 94336568.72 92600290.28
The Third year 61612988.95 63579624.06
The Fourth year 44541863.54 42681268.05
The Fifth year 40440894.31 30994695.92
Total undiscounted lease receipts after
1793000.209900601.74
five years
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
1652026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
81. Data resources
Not applicable
82. Others
Not applicable
VIII. R&D expenditures
Unit: RMB
Item Amount in the current period Amount in the previous period
Employee compensation 1971315.55 2509965.45
Depreciation and amortization cost 15815.88 11716.74
Others 10558.33 75124.05
Total 1997689.76 2596806.24
Including: expensed R&D expenditures 1997689.76 2596806.24
1. R&D projects eligible for capitalization
Unit: RMB
Increase in the current period Decrease in the current period
Beginning Internal Transfer into EndingItem
balance Recognized asdevelopment Others current profit balance
intangible assets
expenses or loss
Total
Significant capitalized R & D projects
Production method of Timing of Specific basis for
R&D Estimated
Item expected economic capitalization capitalization
progress completion time
benefits commencement commencement
Provision for impairment of development expenses
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance Impairment test
current period current period
2. Important outsourced projects under research
Methods in which economic benefits Judgment criteria and specific basis for
Project
are expected to arise capitalization or expense
Other explanations:
1662026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
Cash
Revenue Net profit
flows of
Determin of the of the
Time the
Costs of Methods ation acquiree acquiree
point of Equity acquiree
Name of equity of equity Acquisiti basis of from the from the
equity acquisitio from the
acquiree acquisitio acquisitio on date the acquisitio acquisitio
acquisitio n ratio acquisitio
n n acquisitio n date to n date to
n n date to
n date the end of the end of
the end of
the period the period
the period
Other explanations:
(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
1672026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Inventories
Fixed assets
Intangible assets
Liabilities:
Borrowing
Accounts payable
Deferred tax liabilities
Net assets
Less: minority equity
Net assets acquired
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
the of the
Basis for combined combined Revenue of Net profit
Ratio of
constituting Determinat party from party from the of the
Name of equity
business ion basis of the the combined combined
the acquired in Combinatio
combinatio the beginning beginning party party
combined business n date
n under combinatio of the of the during the during the
party combinatio
common n date period to period to comparison comparison
n
control the the period period
combinatio combinatio
n date n date
Other explanations:
1682026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(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:
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
1692026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
□ Yes□ No
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:
There was no change in the consolidation scope caused by other reasons in the current period.
6. Others
X. Equity in other entities
1. Equity in the subsidiaries
(1) Compositions of the Group
Unit: RMB
Registered Main Registrat Business Shareholding ratio Method of
Name of subsidiaries
capital premise ion place nature Direct Indirect acquisition
Real estate
Shenzhen Huangcheng Real Shenzhe Establishm
30000000.00 Shenzhen development 100.00%
Estate Co. Ltd. n ent
and operation
Shenzhen Wuhe Industry Real estate
Shenzhe Establishm
Investment and 100000000.00 Shenzhen leasing 100.00%
n ent
Development Co. Ltd. operation
Business
Software and
Shenzhen Facility combinatio
Shenzhe information
Management Community 15453000.00 Shenzhen 35.00% n not under
n technology
Co. Ltd. common
services
control
Business
Software and
Beijing Facility combinatio
information
Management Community 5000000.00 Beijing Beijing 17.85% n not under
technology
Technology Co. Ltd. common
services
control
SZPRD Xuzhou Dapeng Real estate
Establishm
Real Estate Development 50000000.00 Xuzhou Xuzhou development 100.00%
ent
Co. Ltd. and operation
Dongguan ITC Changsheng Real estate
Donggua Donggua Establishm
Real Estate Development 20000000.00 development 100.00%
n City n City ent
Co. Ltd. and operation
SZPRD Yangzhou Real Real estate
Yangzhou Yangzho Establishm
Estate Development Co. 50000000.00 development 100.00%
City u City ent
Ltd. and operation
Shenzhen International
Shenzhe Property Establishm
Trade Center Property 20000000.00 Shenzhen 100.00%
n management ent
Management Co. Ltd.Shenzhen Guomaomei Life Shenzhe Property Establishm
5000000.00 Shenzhen 100.00%
Service Co. Ltd. n management ent
Shandong Shenzhen
Property Establishm
International Trade Center 5000000.00 Jinan Jinan 100.00%
management ent
Property Management Co.
1702026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ltd.Chongqing Shenguomao
Chongqin Chongqi Property Establishm
Real Estate Management 5000000.00 100.00%
g ng management ent
Co. Ltd.Construction
Chongqing Aobo Elevator Chongqin Chongqi Establishm
5000000.00 and 100.00%
Co. Ltd. g ng ent
installation
Construction
Shenzhen Tianque Elevator Shenzhe Establishm
5000000.00 Shenzhen and 100.00%
Technology Co. Ltd. n ent
installation
Shenzhen International
Construction
Trade Center Mechanical Shenzhe Establishm
1200000.00 Shenzhen and 100.00%
and Electrical Equipment n ent
installation
Co. Ltd.Shenzhen Guomao Catering Shenzhe Catering Establishm
2000000.00 Shenzhen 100.00%
Co. Ltd. n services ent
Shenzhen Property
Engineering
Engineering and Shenzhe Establishm
3000000.00 Shenzhen supervision 100.00%
Construction Supervision n ent
services
Co. Ltd.Shenzhen Property Real estate
Shenzhe Establishm
Commercial Operation Co. 40000000.00 Shenzhen leasing 100.00%
n ent
Ltd. operation
Real estate
Shum Yip Properties Hong Hong Establishm
20000000.00 leasing 100.00%
Development Limited Kong Kong ent
operation
Yangzhou Slender West
Yangzhou Yangzho Property Establishm
Lake Jingyue Property 10000000.00 51.00%
City u City management ent
Development Co. Ltd.Shandong Shenzhen ITC
Catering Establishm
Hotel Management Co. 3000000.00 Jinan Jinan 100.00%
services ent
Ltd.Shenzhen ShenShan
Special Cooperation Zone
Shenzhen International Shenzhe Property Establishm
5000000.00 Shenzhen 65.00%
Trade Center Property n management ent
Management Development
Co. Ltd.Shenzhen ITC Tongle
Shenzhe Property Establishm
Property Management Co. 2000000.00 Shenzhen 51.00%
n management ent
Ltd.Business
Shenzhen Rongyao Real Real estate combinatio
Shenzhe
Estate Development Co. 10000000.00 Shenzhen development 69.00% n not under
n
Ltd. and operation common
control
Business
combinatio
Shenzhen ITC Technology Shenzhe Property
30000000.00 Shenzhen 100.00% ns under
Park Service Co. Ltd. n management
common
control
Business
Shenzhen ITC Chuntian Real estate combinatio
Shenzhe
Commercial Management 20000000.00 Shenzhen leasing 100.00% ns under
n
Co. Ltd. operation common
control
Shenzhen Penghongyuan 8000000.00 Shenzhen Shenzhe Real estate 100.00% Business
1712026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Industrial Development n leasing combinatio
Co. Ltd. operation ns under
common
control
Business
Shenzhen Jinhailian combinatio
Shenzhe Property
Property Management Co. 3000000.00 Shenzhen 100.00% ns under
n management
Ltd. common
control
Business
combinatio
Shenzhen Social Welfare Shenzhe Property
35000000.00 Shenzhen 100.00% ns under
Co. Ltd. n management
common
control
Business
Shenzhen Fuyuanmin combinatio
Shenzhe Property
Property Management Co. 10000000.00 Shenzhen 100.00% ns under
n management
Ltd. common
control
Business
Shenzhen Meilong Real estate combinatio
Shenzhe
Industrial Development 5000000.00 Shenzhen leasing 100.00% ns under
n
Co. Ltd. operation common
control
Business
combinatio
Shenzhen ITC Shenlv Shenzhe Property
10600000.00 Shenzhen 90.00% ns under
Garden Co. Ltd. n management
common
control
Business
combinatio
Shenzhen Jiayuan Property Shenzhe Property
1000000.00 Shenzhen 54.00% ns under
Management Co. Ltd. n management
common
control
Business
Shenzhen Helinhua Real estate combinatio
Shenzhe
Construction Management 3000000.00 Shenzhen leasing 90.00% ns under
n
Co. Ltd. operation common
control
Business
Real estate combinatio
Shenzhen Kangping Shenzhe
1000000.00 Shenzhen leasing 90.00% ns under
Industrial Co. Ltd. n
operation common
control
Business
Real estate combinatio
Shenzhen Sports Service Shenzhe
3300000.00 Shenzhen leasing 100.00% ns under
Co. Ltd. n
operation common
control
Business
Real estate combinatio
Shenzhen Jiaoshizhijia Shenzhe
1660000.00 Shenzhen leasing 100.00% ns under
Training Co. Ltd. n
operation common
control
Real estate Business
Shenzhen Education Shenzhe
4985610.00 Shenzhen leasing 100.00% combinatio
Industry Co. Ltd. n
operation ns under
1722026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
common
control
Business
Real estate combinatio
Shenzhen Yufa Industrial Shenzhe
1050000.00 Shenzhen leasing 80.95% ns under
Co. Ltd. n
operation common
control
Shenzhen SZPRD Real estate
Shenzhe Establishm
Fuyuantai Development 10000000.00 Shenzhen development 100.00%
n ent
Co. Ltd. and operation
Xiamen Shenzhen ITC
Property Establishm
Chancheng Smart Service 5000000.00 Xiamen Xiamen 51.00%
management ent
Co. Ltd.Vietnam Shenzhen ITC
Property Establishm
Property Management Co. 200000.00 Vietnam Vietnam 100.00%
management ent
Ltd.Shenzhen SZPRD Swallow Real estate
Shenzhe Establishm
Lake Development Co. 10000000.00 Shenzhen development 100.00%
n ent
Ltd. and operation
Real estate
Shenzhen Guangming Shenzhe Establishm
50000000.00 Shenzhen development 100.00%
Wuhe Real Estate Co. Ltd. n ent
and operation
Real estate
Dongguan Wuhe Real Donggua Donggua Establishm
50000000.00 development 100.00%
Estate Co. Ltd. n City n City ent
and operation
Business
combinatio
Shenzhen Property Shenzhe Property
7250000.00 Shenzhen 100.00% ns under
Management Co. Ltd. n management
common
control
Business
Construction combinatio
Shenzhen Shenwu Elevator Shenzhe
3500000.00 Shenzhen and 100.00% ns under
Co. Ltd. n
installation common
control
Business
combinatio
Shenzhen Shenfang Shenzhe Property
1000000.00 Shenzhen 100.00% ns under
Property Cleaning Co. Ltd. n management
common
control
Business
Shenzhen Foreign Trade combinatio
Shenzhe Property
Property Management Co. 5000000.00 Shenzhen 100.00% ns under
n management
Ltd. common
control
Business
Shenzhen Shenfubao combinatio
Shenzhe Property
Property Development Co. 15000000.00 Shenzhen 100.00% ns under
n management
Ltd. common
control
Business
Shenzhen Fubao Urban combinatio
Shenzhe Property
Resources Management 5000000.00 Shenzhen 60.00% ns under
n management
Co. Ltd. common
control
Shenzhen Shenfubao Shenzhe Construction Business
10000000.00 Shenzhen 100.00%
Municipal Service Co. Ltd. n and combinatio
1732026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
installation ns under
common
control
Business
combinatio
Shenzhen Free Trade Zone Shenzhe Property
2000000.00 Shenzhen 100.00% ns under
Security Service Co. Ltd. n management
common
control
Real estate
Shenzhen Wuhe Urban Shenzhe Establishm
195000000.00 Shenzhen development 100.00%
Renewal Co. Ltd. n ent
and operation
Real estate
Yangzhou Wuhe Real Yangzhou Yangzho Establishm
50000000.00 development 67.00%
Estate Co. Ltd. City u City ent
and operation
Shenzhen Tonglu Wuhe Real estate
Shenzhe Establishm
Investment Development 10000000.00 Shenzhen leasing 100.00%
n ent
Co. Ltd. operation
Shenzhen ITC Space Shenzhe Property Establishm
2800000.00 Shenzhen 55.00%
Service Co. Ltd. n management ent
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:
Basis of controlling significant structured entities incorporated in the consolidation scope:
Basis for determining whether the firm is agent or principal:
Other explanations:
(2) Significant non-wholly-owned subsidiaries
Unit: RMB
Profit or loss Dividends declared to
Balance of minority
Shareholding ratio by attributable to minority be distributed to
Name of subsidiaries interests as at the end
minority shareholders shareholders in this minority shareholders
of the period
period in this period
Shenzhen Rongyao
Real Estate 31.00% -3023123.44 -173489374.38
Development Co. Ltd.Yangzhou Wuhe Real
33.00%-4712139.52-45167391.04
Estate Co. Ltd.Notes to the differences between the shareholding ratios by minority shareholders in subsidiaries and the corresponding voting
ratios:
Other explanations:
1742026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(3) Key financial information of significant non-wholly-owned subsidiaries
Unit: RMB
Ending balance Beginning balance
Name
of Curren Non- Curren Non-Non- Total Non- Total
subsidi Curren Total t current Curren Total t currentcurrent liabiliti current liabiliti
aries t assets assets liabiliti liabiliti t assets assets liabiliti liabilitiassets es assets es
es es es es
Shenz
hen
Rongy
ao
73709781874687535492418028729690323738779367937
Real 76246
57154960.739050619913503.0334288167283.9204963334009586
Estate 6.47
0.5161.276.98290.276.9200.822.258.72
Develo
pment
Co.Ltd.Yangz
hou
Wuhe 1823 10954 1834 1784 18646 1971 1635 1635 1511 24676 1757
21515
Real 21423 816.2 16904 57728 2647. 03992 16118 37633 19813 9870. 96800
5.85
Estate 1.27 2 7.49 1.82 63 9.45 2.59 8.44 9.38 34 9.72
Co.Ltd.Unit: RMB
Amount in the current period Amount in the previous period
Name of Total Cash flows Total Cash flows
subsidiaries Operating comprehen from Operating comprehen fromNet profit Net profit
revenue sive operating revenue sive operating
income activities income activities
Shenzhen
Rongyao - - - - -
33705930
Real Estate 0.00 9752011.1 9752011.1 51691993. 0.00 14824505. 14824505.
56.86
Developme 0 0 69 82 82
nt Co. Ltd.Yangzhou
--
Wuhe Real 26553041. 73827032. 3063983.7 3063983.7 17616792.
14279210.14279210.0.00
Estate Co. 27 85 2 2 17
6868
Ltd.Other explanations:
(4) Significant restrictions on the use of assets of the Group by subsidiaries and liquidation of debts of the Group
Not applicable
(5) Financial support or other supports provided to structured entities included into the scope of consolidated financial
statements
Not applicable
Other explanations:
1752026 Semi-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
Not applicable
(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
treatment for
Main Registratio Business
Name of joint ventures or associates investment in
premise n place nature Direct Indirect joint ventures or
associates
Shenzhen Property Jifa Warehousing Warehousi Accounting by
Shenzhen Shenzhen 25.00% 25.00%
Co. Ltd. ng services equity method
Property
Shenzhen Tian'an International Building Accounting by
Shenzhen Shenzhen manageme 50.00%
Property Management Co. Ltd. equity method
nt
China Construction Engineering
Commerci Accounting by
Corporation Group Smart Parking Shenzhen Shenzhen 10.00%
al services equity method
Technology Co. Ltd.Notes to the difference between the shareholding ratio and the proportion of voting rights in the joint ventures or associates:
Basis for holding less than 20% voting right but with significant influence or holding 20% or more voting right but without
significant influence:
1762026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Key financial information of significant joint ventures
Unit: RMB
Ending balance/amount incurred in the Beginning balance/amount incurred in
current period previous period
Tian'an Property Tian'an Property
Jifa Warehousing Jifa Warehousing
Management Management
Current assets 472391097.10 39405576.16 489921347.59 56331457.00
Including: cash and cash equivalents 74478047.82 18247795.70 92008298.31 28913566.97
Non-current assets 9513.21 26150.44 11838.69 31676.49
Total assets 472400610.31 39431726.60 489933186.28 56363133.49
Current liabilities 8739508.19 28827130.60 25039956.54 30130956.02
Non-current liabilities 0.00 9768272.30 0.00 16853016.59
Total liabilities 8739508.19 38595402.90 25039956.54 46983972.61
Minority interests
Equity attributable to shareholders of
463661102.12836323.70464893229.749379160.88
the parent company
Net asset share calculated based on
231830551.06418161.85232446614.874689580.44
shareholding ratio
Adjusted matters
-- Goodwill
-- unrealized profit of internal
transactions
-- Others
Book value of equity investment in
231830551.06418161.85232446614.874689580.44
joint ventures
Fair value of equity investments in
joint ventures with publicly quoted
prices
Operating revenue 0.00 2569912.55 269468.58 5660494.44
Financial expenses -22203.38 -3417.37 -50228.56 1031.07
Income tax expenses 0.00 0.00 5947643.02 0.00
Net profit -1232127.62 -8542837.18 -4841008.35 -1547308.88
Net profit from discontinued
operations
Other comprehensive income
Total comprehensive income -1232127.62 -8542837.18 -4841008.35 -1547308.88
Dividends received from joint
ventures during the year
Other explanations
1772026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(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 522265450.19 283525967.43
Non-current assets 252117474.27 298963156.58
Total assets 774382924.46 582489124.01
Current liabilities 451079973.81 297287838.30
Non-current liabilities 91403619.19 72191241.06
Total liabilities 542483593.00 369479079.36
Minority interests
Equity attributable to shareholders of the
231899331.46213010044.65
parent company
Net asset share calculated based on
23189933.1521301004.47
shareholding ratio
Adjusted matters
-- Goodwill
-- unrealized profit of internal
transactions
-- Others
Book value of equity investments in
33755309.9931866381.31
associates
Fair value of equity investments in
associates with publicly quoted prices
Operating revenue 270493518.06 138257365.45
Net profit 24771639.75 8245174.22
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income 24771639.75 8245174.22
Dividends received from associates
during the year
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:
1782026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
Accumulated unrecognized Losses not recognized in the Accumulated unrecognized
Name of joint ventures or
losses accumulated in current period (or net profit losses at the end of the current
associates
previous periods shared in the current period) 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 (%)
Main premise Registration place Business nature
name 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
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
Not applicable
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
1792026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 131113.37 10412889.69
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.I. 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.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.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 Company would monitor the customers'
credit records periodically; as for the customers with bad credit records the Company would adopt the methods including
requesting a payment in writing or shortening or canceling credit term so as to keep the Company's overall credit risks within
controllable scope.
1802026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 33.54% of
the Company's total accounts receivable (2025: 36.69%); In the Company's other receivables the other receivables of the top five
companies in arrears accounted for 86.13% (2025: 86.79%) of the total other receivables of the Company.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 3 years Total
Financial liabilities:
Short-term borrowings and long-term
borrowings 63364.17 291286.35 0.00 354650.52
Accounts payable 100136.80 100136.80
Other payables 123569.82 1220.27 124790.09
Non-current liabilities maturing within one
year 451712.58 451712.58
Other current liabilities (excluding deferred
income) 13300.05 13300.05
Bonds payable 54853.16 54853.16
Lease liabilities 418.56 160.67 579.23
Long-term payables 0.00
Total financial liabilities and contingent
liabilities 752083.42 346558.07 1380.94 1100022.43
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 3 years Total
Financial liabilities:
Short-term borrowings and long-term
borrowings 92034.54 351081.68 3124.73 446240.95
Accounts payable 87564.30 87564.30
Other payables 118928.51 1220.27 120148.78
1812026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Balance as at the end of the previous year
Item
Within 1 year Within 1 to 3 years More than 3 years Total
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
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.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 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 47512.93 44945.82
Long-term borrowings maturing
within one year 449765.86 385088.31
Long-term borrowings 283596.89 368159.49
Total 780875.68 798193.62
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
RMB152100 (end of last year: RMB231300).
1822026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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.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):
Foreign currency liabilities Foreign currency assets
Item
Ending balance Balance as at the endof the previous year Ending balance
Balance as at the end
of the previous year
HKD 403.03 418.00 6482.94 6675.23
VND 320.76 230.37 1792.86 1564.25
USD 81.73 84.35
Total 723.79 648.37 8357.53 8323.83
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
RMB5725300 (end of last year: approximately RMB5756600).II. 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 79.20% (end of last year: 79.04%).
2. Hedging
(1) The Company conducts hedging business for risk management
□Applicable□Not applicable
1832026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) The Company conducts eligible hedging business and applies hedge accounting
Unit: RMB
Cumulative fair value
Hedge effectiveness Impact of hedge
Book value related to hedge adjustment
and source of accounting on the
Item the hedged item and included in the book
ineffective part of Company's financial
the hedging instrument value of the hedged
hedge statements
item recognized
Type of hedging risk
Type of hedging
Other explanations
(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 theMeasured at the fair Measured at the fair
fair value of the 3rd Total
value of the 1st level value of the 2nd level
level
I. Continuous measurement of fair
--------
value
(I) Trading financial assets 303571096.38 303571096.38
(III) Investments in other equity
583136.49583136.49
instruments
Total assets constantly measured at
583136.49303571096.38304154232.87
fair value
1842026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
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
Parent company's
company's
Registrati voting rights
Name Business nature Registered capital shareholding
on place percentage in the
percentage in
Company
the Company
Shenzhen
Limited liability company RMB3358600000
Investment Shenzhen 57.25% 57.25%
(wholly state-owned) 0.00
Holdings Co. Ltd.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.
1852026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
The parent company of Xinhai Rongyao the minority
Shenzhen Xinhai Holdings
shareholders of the subsidiary Rongyao Real Estate
Minority shareholders of the subsidiary Rongyao Real
Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd.Estate
Yangzhou Tourism Development Property Co. Ltd. Subsidiary Yangzhou Wuhe's minority shareholders
Related parties of the minority shareholders of the
Shenzhen Qianhai Advanced Information Service Co. Ltd.subsidiary 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
Guoren P&C Insurance Co. Ltd. Subsidiary of the parent company
Shenzhen Special Economic Zone Real Estate & Properties (Group) Co.Subsidiary of the parent company
Ltd.Shenzhen Light Industrial Products Import and Export Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Security Service Co. Ltd. Subsidiary of the parent company
Shenzhen Binjiang Industrial Co. Ltd. Subsidiary of a subsidiary (under the parent company)
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 Guohui Hotel Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Leaguer Education 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)
Business Apartment of Shenzhen Shenfubao (Group) Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Tefa Port Service Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Tianjun Biotechnology Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Cultural Enterprise Development Co. Ltd. Wholly-owned sub-subsidiary of 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 Investment Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Native Product and Animal Byproducts and Tea Import &
Wholly-owned sub-subsidiary of the parent company
Export Co. Ltd.Shenzhen Bay Technology Development Co. Ltd. Wholly-owned subsidiary of the parent company
Chengdu Xingjin Bailuwan Construction and Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Chengdu Zunxi Land 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)
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.Subsidiary of a subsidiary (under the parent company)
Ltd. Shantou Branch
Shenzhen Talent Recruitment International (Group) Co. Ltd. Wholly-owned sub-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
Subsidiary of a subsidiary (under the parent company)
Park Operation and Development Co. Ltd.Shenzhen Shenzhen-Hong Kong Science and Technology Innovation Subsidiary of the parent company
1862026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Cooperation Zone Development Co. Ltd.Shenzhen Baoshi Real Estate Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Urban Construction Industrial Park Development Co. Ltd. Wholly-owned sub-subsidiary of 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)
Wholly-owned sub-subsidiary of the parent company
Development Management Group Co. Ltd.Shenzhen High-tech Zone Investment and Development Group Co. Ltd. Subsidiary of the parent company
Shenzhen Haitian Building Property Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Environmental Technology Group Co. Ltd. Subsidiary of the parent company
Shenzhen Environmental Engineering Science and Technology Center
Subsidiary of a subsidiary (under the parent company)
Co. Ltd.Shenzhen Southern Certification 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.Wholly-owned sub-subsidiary of the parent company
Ltd.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-Shantou Special Cooperation Branch of Shenzhen Water
Wholly-owned sub-subsidiary of the parent company
Planning & Design Institute Co. Ltd.Shenzhen Special Zone Literature Magazine Co. Ltd. Wholly-owned sub-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
Shenzhen Wancheng Logistics Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Renaissance Shenzhen Bay Hotel Branch of Shenzhen Continental Hotel
Wholly-owned sub-subsidiary of the parent company
Management Co. Ltd.Courtyard by Marriott Shenzhen Bay Branch of Shenzhen Continental
Wholly-owned sub-subsidiary of the parent company
Hotel Management Co. Ltd.Shenzhen Xingye Transportation Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Bay (Baoding) Innovation Development Co. Ltd. Wholly-owned sub-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.Wholly-owned subsidiary of the parent company
Ltd.Shenzhen Silver Lake Convention Center (Hotel) 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 Free Trade Zone Life Service 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 General Institute of Architectural Design and Research Co.Wholly-owned subsidiary of the parent company
Ltd.Shenzhen Tianjun Industrial Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Hong Kong HOI PAN Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Jiaotongchang Station Construction and Development Co.Wholly-owned sub-subsidiary of the parent company
Ltd.Shenzhen Sports Industry Group Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Infinova Limited Subsidiary of the parent company
Shenzhen Infinova Smart Park Technology Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Other explanations
4. Other related parties
Other related parties Relationship between other related parties with the Company
1872026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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
Whether the
Related party Amount in the Approved Amount in the
Related party transaction quota is
transactions current period transaction quota previous period
exceeded
Guoren P&C Insurance Insurance
2053552.551312376.47
Co. Ltd. premiums
Shenzhen Special
Economic Zone Real Management
1212815.001215070.00
Estate & Properties service fee
(Group) Co. Ltd.Shenzhen Light
Industrial Products Food
6527.449368.18
Import and Export Co. procurement
Ltd.Shenzhen Security Security service
118800.0039600.00
Service Co. Ltd. fee
Shenzhen Binjiang Property
6658.94
Industrial Co. Ltd. management fee
Shenzhen Legal Training Training service
19942.00
Center Co. Ltd. fees
Shenzhen Fubao Park Property
440411.33
Operation Co. Ltd. management fee
Shenzhen Guohui Hotel Property
2305307.30
Co. Ltd. management fee
Shenzhen Leaguer Training service
159017.14
Education Co. Ltd. fees
Shenzhen Shenda Credit
Enhancement Financing Guarantee fee 201000.00
Guarantee Co. Ltd.Shenzhen Shenfang
Property
Chuanqi Real Estate 114263.57
management fee
Development Co. Ltd.Shenzhen Properties
Management
Group Longgang 949910.00 1104870.00
service fee
Development Co. Ltd.Business Apartment of
Shenzhen Shenfubao Catering services 162628.00
(Group) Co. Ltd.Shenzhen Tefa Port Property service
66770.21128938.27
Service Co. Ltd. fee
Shenzhen Tianjun Green plant
Biotechnology maintenance 12091.46
Development Co. Ltd. service
Shenzhen Cultural
Office supplies
Enterprise Development 21138.94
procurement
Co. Ltd.Shenzhen Etong Digital Food
15480.00
Innovation and procurement
1882026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Development Co. Ltd.Shenzhen Eternal Asia
Food
Supply Chain 8707.96 21196.46
procurement
Management Ltd.Shenzhen Tianjun Green plant
Investment Development maintenance 71502.79 40826.73
Co. Ltd. service
Shenzhen Native
Product and Animal
Food
Byproducts and Tea 9792.00 59325.00
procurement
Import & Export Co.Ltd.Shenzhen Bay
Management
Technology 30581657.39 69510000.00 No 32548263.59
service fee
Development Co. Ltd.Sales of goods/ rendering of services
Unit: RMB
Related party Amount in the Amount in the
Related party
transactions current period previous period
Chengdu Xingjin Bailuwan Construction and Development Co. Property service
6527756.79
Ltd. fee
Property
Chengdu Zunxi Land Co. Ltd. 234787.87 990568.68
management fee
Property
Guangdong Jianbang Group (Huiyang) Industrial Co. Ltd. 290037.00
management fee
Property
Guoren P&C Insurance Co. Ltd. 782136.32 50174.64
management fee
Hebei Shenbao Business Management Co. Ltd. Project funds 87726.76
Property service
Hebei Shenbao Business Management Co. Ltd. 642369.49 822840.03
fee
Property service
Hebei Shenbao Investment Development Co. Ltd. 9742829.16 7545509.55
fee
Kunpeng Industrial Source Innovation Center (Shenzhen) Co. Property service
96551.23437217.72
Ltd. fee
Property service
Shantou Huafeng Real Estate Development Co. Ltd. 780676.44 1299395.27
fee
Property service
Shantou Hualin Real Estate Development Co. Ltd. 3888.10
fee
Subsidiaries of Shenzhen Investment Holdings Meal fees 6500.28 26736.85
Property service
Shenzhen Chuangke Development Co. Ltd. 6870942.67 2950198.82
fee
Property service
Shenzhen Credit Guarantee Group Co. Ltd. 2065640.45 2110348.00
fee
Shenzhen High-tech Zone Development and Construction Co. Property service
1199643.841409351.61
Ltd. fee
Property service
Shenzhen Petrel Hotel Co. Ltd. 226415.10 190943.41
fee
Shenzhen Convention and Exhibition Center Management Co. Property service
4798213.995731083.47
Ltd. fee
Shenzhen Special Economic Zone Real Estate & Properties Property service
1016901.1116981.15
(Group) Co. Ltd. fee
Shenzhen Special Economic Zone Real Estate& Properties Property service
427.49
(Group) Co. Ltd. Shantou Branch fee
Property
Shenzhen Talent Recruitment International (Group) Co. Ltd. 221317.30
management fee
1892026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Property service
Shenzhen Total Logistics Service Co. Ltd. 362535.00 1466122.66
fee
Shenzhen Shenzhen-Hong Kong Science and Technology Property service
8703907.769577018.80
Innovation Park Operation and Development Co. Ltd. fee
Shenzhen Shenzhen-Hong Kong Science and Technology
Project funds 585977.78
Innovation Cooperation Zone Development Co. Ltd.Shenzhen Shenzhen-Hong Kong Science and Technology Property service
4230743.033291340.46
Innovation Cooperation Zone Development Co. Ltd. fee
Property service
Shenzhen Baoshi Real Estate Co. Ltd. 3952100.27
fee
Shenzhen Urban Construction Industrial Park Development Co.Project funds 5094.34
Ltd.Property
Shenzhen Chenglong Real Estate Development Co. Ltd. 1465271.70 893337.47
management fee
Shenzhen Urban Construction and Development (Group) Co. Property
102707.55
Ltd. management fee
Shenzhen Grand Industrial Zone (Shenzhen Export Processing
Project funds 357798.16 369816.53
Zone) Development Management Group Co. Ltd.Shenzhen Grand Industrial Zone (Shenzhen Export Processing Property service
432531.14563737.64
Zone) Development Management Group Co. Ltd. fee
Shenzhen Fubao Park Operation Co. Ltd. Project funds 69473.85
Property service
Shenzhen Fubao Park Operation Co. Ltd. 15516.02
fee
Shenzhen High-tech Zone Investment and Development Group Property service
18851.92
Co. Ltd. fee
Property service
Shenzhen Haitian Building Property Development Co. Ltd. 131628.57
fee
Property service
Shenzhen Environmental Technology Group Co. Ltd. 4470476.23 1879544.76
fee
Shenzhen Environmental Technology Group Co. Ltd. Project funds 3868085.47
Shenzhen Environmental Engineering Science and Technology Property service
357145.68306811.68
Center Co. Ltd. fee
Property
Shenzhen Southern Certification Co. Ltd. 37106.60 37050.00
management fee
Commercial
Shenzhen Shenfang Chuanqi Real Estate Development Co. Ltd. 900000.00
service fee
Property
Shenzhen Shenfang Chuanqi Real Estate Development Co. Ltd. 679710.35 198404.56
management fee
Property service
Shenzhen Properties Group Longgang Development Co. Ltd. 366311.14
fee
Shenzhen Shenfubao (Group) Tianjin Industrial Development Property service
494786.44810903.83
Co. Ltd. fee
Shenzhen Shenfubao (Group) Tianjin Investment and Property service
3295012.153709226.64
Development Co. Ltd. fee
Shenzhen Shenfubao (Group) Co. Ltd. Project funds 271467.89
Property service
Shenzhen Shenfubao (Group) Co. Ltd. 733318.48 1760191.84
fee
Property service
Shenzhen Shenfubao East Investment and Development Co. Ltd. 154694.83 266807.98
fee
Property service
Shenzhen Shentou Property Development Co. Ltd. 26490.57
fee
Property service
Shenzhen Shenyue United Investment Co. Ltd. 3452206.59 1537978.34
fee
Shenzhen-Shantou Special Cooperation Branch of Shenzhen Property service
3628.807824.91
Water Planning & Design Institute Co. Ltd. fee
Property service
Shenzhen Special Zone Literature Magazine Co. Ltd. 25692.48
fee
1902026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen Sports Fashion Culture and Sports Development Co. Property service
659505.49
Ltd. fee
Shenzhen Sports Center Operation Management Co. Ltd. Project funds 147535.40
Property service
Shenzhen Sports Center Operation Management Co. Ltd. 15878456.02 11847361.51
fee
Shenzhen Investment Holdings Co. Ltd. Project funds -356332.10
Property service
Shenzhen Investment Holdings Co. Ltd. 13879630.10 3768464.37
fee
Shenzhen Wancheng Logistics Co. Ltd. Project funds 486697.44
Property
Shenzhen Cultural Enterprise Development Co. Ltd. 98096.23 165876.42
management fee
Renaissance Shenzhen Bay Hotel Branch of Shenzhen Property service
141509.43141509.43
Continental Hotel Management Co. Ltd. fee
Courtyard by Marriott Shenzhen Bay Branch of Shenzhen Property service
94339.6494342.47
Continental Hotel Management Co. Ltd. fee
Property
Shenzhen Xingye Transportation Co. Ltd. 16513.76
management fee
Property service
Shenzhen Bay (Baoding) Innovation Development Co. Ltd. 422396.10 355695.60
fee
Property service
Shenzhen Bay Technology Development Co. Ltd. 21941428.65 36864137.36
fee
Shenzhen Bay Area Urban Construction and Development Co. Property service
823242.03834366.94
Ltd. fee
Shenzhen Xiangmihu International Exchange Center
Project funds 382788.15
Development Co. Ltd.Shenzhen Xiangmihu International Exchange Center Property service
545839.031181405.43
Development Co. Ltd. fee
Shenzhen Silver Lake Convention Center (Hotel) Co. Ltd. Project funds 427385.32 233119.27
Supervision
China Shenzhen Foreign Trade (Group) Company Limited 66037.74
service fee
Property service
China Shenzhen Foreign Trade (Group) Company Limited 1645003.06 1718115.74
fee
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 Company:
Unit: RMB
Trust
Name of Termination Pricing basis of income/contract
Name of Type of Start date of
entrusting date of custody ing income
entrusted entrusted/contra entrustment/con
party/contractin entrustment/con income/contract recognized in
party/contractor cted assets tracting
g-out party tracting ing income the current
period
Shenzhen Shenzhen
Shentou Properties &
Investment November 6 December 31
Property Resources Market pricing 28123125.73
properties 2019 2026
Development Development
Co. Ltd. (Group) Ltd.Shenzhen
Shenzhen
Shenfubao
Shenfubao December 31
Municipal Real estate January 1 2026 Market pricing 191504.69
(Group) Co. 2026
Service Co.Ltd.Ltd.
1912026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Custody/contracting of related parties
Information on the entrustment management/contracting of the Company
Unit: RMB
Custody
Name of Termination Pricing basis of fees/contracting
Name of Type of Starting date of
entrusting date of custody -out fees
entrusted entrusted/contra entrustment/con
party/contractin entrustment/con fee/contracting- recognized in
party/contractor cting-out assets tracting-out
g-out party tracting-out out fee the current
period
Information on the related-party management/contracting
(3) Related party leases
The Company acted as the lessor:
Unit: RMB
Lease income recognized in Lease income recognized in
Lessee Type of leased asset
this period previous period
The Company acted as lessee:
Unit: RMB
Rental costs for
Variable lease
short-term leases
payments not
and low-value Interest expense on
included in the Increase in right-
asset leases for Paid rents lease liabilities
measurement of of-use assets
Type of simplified assumedlease liabilities (if
Lessor leased processing (if applicable)
asset applicable)
Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun
t in the t in the t in the t in the t in the t in the t in the t in the t in the t in the
current previou current previou current previou current previou current previou
period s period period s period period s period period s period period s period
Shenzh
en
Shento
u Investm
Propert ent 380754 21346.y properti .10 82
Develo es
pment
Co.Ltd.Shenzh
en Investm
Petrel ent 26664. 26400. 4707.4 5851.5
Hotel properti 00 00 4 6
Co. es
Ltd.Shenzh
Investm
en
ent 56730. 57840.High-
properti 00 00
tech
es
Zone
1922026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Develo
pment
and
Constru
ction
Co.Ltd.Shenzh
en
Special
Econo
mic
Zone Investm
Real ent 421800 120000 30000. 330000 1192.2 15147.Estate properti .00 .00 00 .00 7 49
& es
Properti
es
(Group)
Co.Ltd.Hong
Kong
HOI
PAN
Develo
Investm
pment
ent 76390. 56520.Co.properti 98 50
Ltd.es
Shenzh
en
Represe
ntative
Office
Shenzh
en
Investm
Shenfu
ent 173580 42120. 148932 238609 2648.1 12701.bao(Gr
properti .00 00 .00 .80 0 25
oup)
es
Co.Ltd.Shenzh
en
Investm
Investm
ent 241004 11248 100141
ent
properti .34 27.86 .66
Holdin
es
gs Co.Ltd.Shenzh
en
Investm
Binjian
ent 25980. 127166 27522. 27101.g 596.75
properti 00 .88 96 05
Industri
es
al Co.Ltd.Shenzh Investm
en Bay ent
Techno properti
1932026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
logy es
Develo
pment
Co.Ltd.Hebei
Shenba
o
Investm
Investm
ent 4320.0
ent
properti 0
Develo
es
pment
Co.Ltd.Related-party leases
(4) Related party guarantees
The Company as the guarantor
Unit: RMB
Amount Start date of Maturity date of Whether the guarantee
The secured party
guaranteed guarantee guarantee has been fulfilled
Shenzhen Rongyao Real Estate
3491311743.56 November 27 2019 November 20 2026 No
Development Co. Ltd.Yangzhou Wuhe Real Estate Co.
221113313.13 January 19 2024 January 18 2029 No
Ltd.Shenzhen International Trade
Center Property Management Co. 0.00 August 12 2025 August 11 2028 Yes
Ltd.The Company as the guaranteed party
Unit: RMB
Amount Start date of Maturity date of Whether the guarantee
Guarantee
guaranteed guarantee guarantee has been fulfilled
Shenzhen Shenda Credit
Enhancement Financing Guarantee 36850000.00 March 29 2022 March 28 2026 Yes
Co. Ltd.Shenzhen Shenda Credit
Enhancement Financing Guarantee 13400000.00 March 29 2022 March 28 2027 No
Co. 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
1942026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(6) Asset transfer and debt restructuring of related parties
Unit: RMB
Amount in the previous
Related party Related party transactions Amount in the current period
period
(7) Remuneration of key officers
Unit: RMB
Item Amount in the current period Amount in the previous period
Remuneration of key officers 3484842.81 3873125.48
(8) Other related party transactions
6. Accounts receivable and payable of related parties
(1) Receivables
Unit: RMB
Ending balance Beginning balance
Project Related party Provision for bad Provision for bad
Book balance Book balance
debts debts
Chengdu Xingjin Bailuwan
Accounts
Construction and 11274717.14 338241.51
receivable
Development Co. Ltd.Chengdu Zunxi Land Co. Ltd. 61079.68 1832.39 152296.23 4568.89
Guoren P&C Insurance Co.
1934230.7858026.921182500.0035475.00
Ltd.Hebei Shenbao Business
1836856.4755105.691683401.5750502.05
Management Co. Ltd.Hebei Shenbao Investment
31001655.066309958.4736368442.214830885.75
Development Co. Ltd.Kunpeng Industrial Source
Innovation Center (Shenzhen) 59984.49 1799.53 0.00
Co. Ltd.Shenzhen Chuangke
10752048.52322561.463468849.28104065.48
Development Co. Ltd.Shenzhen High-tech Zone
Development and 1608936.13 48268.08 854905.02 25647.15
Construction Co. Ltd.Shenzhen Convention and
Exhibition Center 2611796.69 78443.90 923483.23 27704.50
Management Co. Ltd.Shenzhen Special Economic
Zone Real Estate & Properties 827302.00 24819.06 2974946.80 89248.40
(Group) Co. Ltd.Shenzhen Talent Recruitment
International (Group) Co. 46422.34 1392.67 46422.34 1392.67
Ltd.Shenzhen Total Logistics
230181.306905.44
Service Co. Ltd.Shenzhen Shenzhen-Hong
8697416.73260922.5010958996.50328769.90
Kong Science and Technology
1952026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Innovation Park Operation and
Development Co. Ltd.Shenzhen Shenzhen-Hong
Kong Science and Technology
3663707.30109911.225519350.44165580.51
Innovation Cooperation Zone
Development Co. Ltd.Shenzhen Chenglong Real
465504.5713965.14
Estate Development Co. Ltd.Shenzhen Urban Construction
and Development (Group) 328665.28 9859.96 217740.00 6532.20
Co. Ltd.Shenzhen Grand Industrial
Zone (Shenzhen Export
Processing Zone) 1122324.80 90733.47 703768.73 71553.06
Development Management
Group Co. Ltd.Shenzhen Fubao Park
28766.17862.995548.18166.45
Operation Co. Ltd.Shenzhen High-tech Zone
Investment and Development 0.00 0.00 74553.96 2236.62
Group Co. Ltd.Shenzhen Haitian Building
Property Development Co. 30400.00 912.00 1600.00 48.00
Ltd.Shenzhen Environmental
1442922.2743287.672696526.3680895.79
Technology Group Co. Ltd.Shenzhen Jiaotongchang
Station Construction and 500.00 15.00 500.00 15.00
Development Co. Ltd.Shenzhen Shenfubao (Group)
Tianjin Industrial 936140.96 221725.70 1132931.65 175625.49
Development Co. Ltd.Shenzhen Shenfubao (Group)
Tianjin Investment and 3808331.43 254494.76 4481652.41 214190.20
Development Co. Ltd.Shenzhen Shenfubao (Group)
1218808.9038392.902508161.0596587.42
Co. Ltd.Shenzhen Shentou Property
4321324.03281782.862173473.4165204.20
Development Co. Ltd.Shenzhen Shenyue United
2598214.76143813.802187623.78117559.21
Investment Co. Ltd.Shenzhen Sports Industry
52490.383001.3352490.381574.71
Group Co. Ltd.Shenzhen Sports Fashion
Culture and Sports 145384.78 4361.54 3777.44 113.32
Development Co. Ltd.Shenzhen Sports Center
Operation Management Co. 15214405.21 456432.16 13143133.25 394294.00
Ltd.Shenzhen Investment
12837948.75786806.044427162.25205487.27
Holdings Co. Ltd.Shenzhen Wancheng Logistics
107136.233214.09
Co. Ltd.Shenzhen Cultural Enterprise
579826.5917394.80360277.8410808.34
Development Co. Ltd.Renaissance Shenzhen Bay
1672307.4450169.22
Hotel Branch of Shenzhen
1962026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Continental Hotel
Management Co. Ltd.Courtyard by Marriott
Shenzhen Bay Branch of
402226.6412066.80
Shenzhen Continental Hotel
Management Co. Ltd.Shenzhen Bay (Baoding)
Innovation Development Co. 149183.92 4475.52 148995.79 4469.87
Ltd.Shenzhen Bay Technology
68926408.452067792.2548340136.251450204.09
Development Co. Ltd.Shenzhen Silver Lake
Convention Center (Hotel) 194266.05 5827.98 46500.00 1395.00
Co. Ltd.Shenzhen Infinova Smart Park
913838.00271783.80913838.0090555.14
Technology Co. Ltd.China Shenzhen Foreign
Trade (Group) Company 288310.22 17259.19 89446.74 9298.41
Limited
Total 190087255.08 12349478.36 150148146.47 8731795.55
Contract Hebei Shenbao Investment
1799408.26478514.61
assets Development Co. Ltd.Shenzhen Investment
88223.00
Holdings Co. Ltd.Hebei Shenbao Business
14112.5414112.54
Management Co. Ltd.Total 1813520.80 580850.15
Other Guangdong Jianbang Group
48908.0824454.0448908.0824454.04
receivables (Huiyang) Industrial Co. Ltd.Shenzhen High-tech Zone
Development and 100916.37 8233.09 51931.46 1557.94
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 & Properties 100000.00 80000.00 100000.00 80000.00
(Group) Co. Ltd.Shenzhen Shenzhen-Hong
Kong Science and Technology
20000.00600.0020000.00600.00
Innovation Park Operation and
Development Co. Ltd.Shenzhen Binjiang Industrial
19660.00589.8019660.00589.80
Co. Ltd.Shenzhen Grand Industrial
Zone (Shenzhen Export
Processing Zone) 105518.00 30165.54 105518.00 30165.54
Development Management
Group Co. Ltd.Shenzhen Qianhai Advanced
10720575.276623517.6210720575.276623517.62
Information Service Co. Ltd.Shenzhen Shenfubao (Group)
221064.6036973.38201264.6027979.38
Co. Ltd.Shenzhen Shenfubao East
Investment and Development 350768.00 105023.04 350768.00 105023.04
Co. Ltd.Shenzhen Shentou Property 81233.00 81233.00 81233.00 81233.00
1972026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Development Co. Ltd.Shenzhen Investment
685740.90570422.41685740.90397444.67
Holdings Co. Ltd.Shenzhen Xinhai Holdings 201499990.18 124493201.20 201499990.18 124493201.20
Shenzhen Xinhai Rongyao
Real Estate Development Co. 375068984.55 231729731.18 375068984.55 231729731.18
Ltd.Shenzhen Tianjun Industrial
10000000.0010000000.00
Co. Ltd.Shenzhen Bay Technology
1207691.82120769.181207691.82120769.18
Development Co. Ltd.Shenzhen Wufang Ceramic
1747264.251747264.251747264.251747264.25
Industry Co. Ltd.Hong Kong HOI PAN
48130.741443.9248130.741443.92
Development Co. Ltd.Total 602027445.76 365653651.65 601958660.85 365465004.77
(2) Payables
Unit: RMB
Project Related party Ending book balance Beginning book balance
Accounts payable Shenzhen Security Service Co. Ltd. 39600.00 39600.00
Shenzhen Fubao Park Operation Co. Ltd. 440411.33
Shenzhen General Institute of Architectural
807748.10807748.10
Design and Research Co. Ltd.Shenzhen Qianhai Advanced Information
7126060.007126060.00
Service Co. Ltd.Shenzhen Shentou Property Development Co.
674331.641776960.53
Ltd.Shenzhen Tefa Port Service Co. Ltd. 846432.00 846432.00
Shenzhen Tianjun Investment Development Co.
26905.51
Ltd.Total 9934583.07 10623706.14
Other payables Guoren P&C Insurance Co. Ltd. 17210.85 17210.85
Hebei Shenbao Investment Development Co.
21328.5021328.50
Ltd.Shenzhen Credit Guarantee Group Co. Ltd. 1494841.29 1494841.29
Shenzhen Special Economic Zone Real Estate &
556395.00588075.00
Properties (Group) Co. Ltd.Shenzhen Talent Recruitment International
147132.37147132.37
(Group) Co. Ltd.Shenzhen Free Trade Zone Life Service Co.
4850.004850.00
Ltd.Shenzhen Urban Construction and Development
152227.00152227.00
(Group) Co. Ltd.Shenzhen Grand Industrial Zone (Shenzhen
Export Processing Zone) Development 133078.00 133078.00
Management Group Co. Ltd.Shenzhen Guohui Hotel Co. Ltd. 1046531.94 603735.76
Shenzhen Environmental Engineering Science
89974.4089974.40
and Technology Center Co. Ltd.Shenzhen Southern Certification Co. Ltd. 34002.15 34002.15
Shenzhen Shenfang Chuanqi Real Estate
114263.57
Development Co. Ltd.Shenzhen Properties Group Longgang
486590.00479960.00
Development Co. Ltd.
1982026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen Shenfubao (Group) Co. Ltd. 674971.15 2719571.38
Shenzhen Shenfubao East Investment and
159254.49175092.68
Development Co. Ltd.Shenzhen Shentou Property Development Co.
18876513.8919046189.10
Ltd.Shenzhen Sports Fashion Culture and Sports
60000.0060000.00
Development Co. Ltd.Shenzhen Wangyu Center Operation
2000.002000.00
Management Co. Ltd.Shenzhen Cultural Enterprise Development Co.
727680.00727680.00
Ltd.Shenzhen Tian'an International Building
5214345.905214345.90
Property Management Co. Ltd.Shenzhen Bay Technology Development Co.
77011060.0646357249.56
Ltd.Shenzhen Bay Area Urban Construction and
360752.18360752.18
Development Co. Ltd.Shenzhen Property Jifa Warehousing Co. Ltd. 202296665.14 202296665.14
Yangzhou Tourism Development Property Co.
406453961.39372171012.79
Ltd.Total 716135629.27 652896974.05
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
1992026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
5. Modification and termination of share-based payment
6. Others
XVI. Commitments and contingencies
1. Significant commitments
Significant commitments on the balance sheet date
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 1667614634.92 2218042702.05
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 RMB93.81 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 RMB3 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 RMB3 million. The judgment of the first
instance dated August 10 2022 ruled that FMC shall compensate RMB3 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. On June 26 2026 the court ruled to dismiss all litigation requests of the plaintiff Basepoint. The
case acceptance fee of RMB30800 and the property preservation fee of RMB5000 totaling RMB35800 shall be borne by the
plaintiff Basepoint. The appraisal fee of RMB186000 for this case (which has been prepaid by the defendant) shall be borne by
the plaintiff Basepoint. The plaintiff Basepoint shall directly pay the defendant (Facility Management Community) within ten days
from the date when the judgment becomes legally effective. The plaintiff Basepoint has appealed.
(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
2002026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen Rongyao Real Estate Development Co. Ltd. (hereinafter referred to as "Rongyao Real Estate") on schedule Rongyao
Real Estate has applied to 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 RMB671913800 and the interest
(at an annual interest rate of 11% calculated on the principal of RMB671913800 from August 4 2022 until the date of full
repayment; tentatively calculated at RMB49068400); 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 RMB1.2 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 RMB531972922.51 and the
interest calculated at an annual rate of 11% for the corresponding period tentatively calculated to be RMB122139715.52 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 RMB220000 the property preservation fee of RMB5000 and the preservation insurance fee of RMB288872.88 paid by
Rongyao Real Estate; the respondents shall bear the arbitration fee of RMB3440688.30 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.On March 19 2026 Rongyao Real Estate received a notice of response to action served by the Shenzhen Intermediate People's
Court in respect of the application filed by Chengjian Property Management Company to set aside the arbitral award. During the
pendency of the case the court ordered a stay of enforcement upon Chengjian's application. The court has now dismissed
Chengjian's application and Rongyao Real Estate is currently applying for the resumption of enforcement.
(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
RMB170556833.33 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 RMB780000 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 RMB171336833.33.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
2012026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
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 compensation of
RMB50 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 RMB150000 preservation fees of RMB3000
preservation insurance costs of RMB41120.84 and arbitration fees of RMB658188.60. In total Xinhai Rongyao is required to
pay the Company RMB50852300.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 RMB65250598.72 and pay the liquidated
damages for overdue payment of RMB7600806.70 (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 RMB65250598.72 and liquidated damages (calculated at a daily rate of
0.03% to be RMB7776983.32 as of December 14 2023 and thereafter calculated on the basis of RMB65250598.72 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 refused to accept the first-instance judgment and has filed an appeal. On February 28 2026 Rongyao
Real Estate received the judgment served by the court. The court has rejected the appeal and upheld the original judgment.Rongyao Real Estate has applied for compulsory enforcement.
(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
2022026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
for the obligation of Qianhai Advanced Information Service to pay all taxes and fees arising from the Relocation Compensation
and Resettlement Agreement.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 RMB12.9167 million comprising a principal of RMB10.7206 million and interest of RMB2.1961 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 RMB10720575.27 and the interest
thereon within ten days from the effective date of this judgment (the interest on the principal of RMB8430575.27 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
RMB2290000 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. On June 2 2026 the Shenzhen
Intermediate People's Court made a second-instance judgment ruling to dismiss the appeal and uphold the original judgment.
(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 RMB12.3768 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 RMB12.3768 million within ten days from the effective date of this judgment; The other claims of the plaintiff
Rongyao Real Estate were dismissed.
2032026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The judgment of this case was served to the defendant by public announcement and Rongyao Real Estate has applied for
compulsory execution.
(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 RMB20042800 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 RMB20042817.72 and the interest thereon (calculated on the basis of RMB20042817.72
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 laws and the case is still in the trial process.
(9) 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
RMB292873900 but Qianhai Advanced Information Service has not yet issued the remaining portion of value-added tax
invoices totaling RMB219980400 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. On August 17 2026 Rongyao Real
Estate received the arbitral award (2025) SGZC No. 7927 which ruled: (1) The respondent Qianhai Advanced Information Service
shall issue a legal equal and effective special value-added tax invoice in the amount of RMB219980400 to the applicant
Rongyao Real Estate; (2) The arbitration fee of RMB129449 for this case shall be borne by the respondent Qianhai Advanced
Information Service. The applicant Rongyao Real Estate has prepaid RMB129449 which will be deducted as the arbitration fee
of this case and will not be refunded. The respondent Qianhai Advanced Information Service shall directly pay RMB129449 to
the applicant Rongyao Real Estate.
2042026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(10) 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 RMB2
million RMB11.31 million and RMB3.07 million respectively. After deducting the RMB3 million in interest paid by Xinhai on
their behalf the total outstanding principal was RMB16.37 million. According to the agreement the three individuals also needed
to pay interest totaling approximately RMB6.13 million (for the interest period from January 7 2020 to June 30 2021) with a
combined total of principal and interest of approximately RMB22.48 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 RMB7187264.15 RMB10000000.00 and RMB7365970.35 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 not
yet repaid the relevant transfer principal of RMB24553234.50 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. The Shenzhen Court of International Arbitration filed the case on
January 8 2026 and planed to hold a hearing on August 21 2026.
(11) Case of Dispute Over Construction Project Contract Between Shenzhen Jixin Construction Engineering Co. Ltd. and
Shenzhen Rongyao Real Estate Development Co. Ltd.The Fifth Construction Engineering Co. Ltd. of China Construction Fourth Bureau is the foundation pit construction party of
the Bangling Project Phase II. On November 25 2025 it transferred part of its creditor's rights against Rongyao Real Estate to
Shenzhen Jixin Construction Engineering Co. Ltd. (hereinafter referred to as "Jixin Company"). In April 2026 Rongyao Real
Estate received a court summons. Jixin Company has sued Rongyao Real Estate demanding payment of engineering funds of
RMB11126024.38 and interest. Rongyao Real Estate has hired attorneys to respond to the lawsuit and the case has been heard in
court. On July 15 2026 Rongyao Real Estate received the judgment served by the court ruling that the defendant Rongyao Real
Estate shall immediately pay the plaintiff Jixin Company the project funds of RMB11126024.38 and interest within ten days
from the effective date of this judgment (based on RMB11126024.38 calculated at the one-year loan prime rate published by the
National Interbank Funding Center from April 14 2025 to the date when the payment is fully settled. The two parties reached a
settlement on July 30 2026 agreeing to pay the principal of the project funds after deducting water and electricity fees of
RMB582100 in two installments before October 31 2026 and to waive all interest prior to October 31 2026.
(12) Case of Dispute Over Construction Project Contract Between Shenzhen Xinyu Construction Engineering Co. Ltd. and
Shenzhen Rongyao Real Estate Development Co. Ltd.
2052026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The Fifth Construction Engineering Co. Ltd. of China Construction Fourth Bureau is the foundation pit construction party of
the Bangling Project Phase II and it transferred part of its creditor's rights against Rongyao Real Estate to Shenzhen Xinyu
Construction Engineering Co. Ltd. (hereinafter referred to as "Xinyu Company"). In June 2026 Rongyao Real Estate received a
court summons. Xinyu Company sued Rongyao Real Estate demanding payment of engineering funds of RMB14875343.24 and
interest. Rongyao Real Estate has hired attorneys to respond to the lawsuit and the case has been heard in court but a judgment is
yet to be made.
(13) 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 June 30 2026 the balance of deposits for
which the guarantee hasn't yet been released stood at RMB1136683.23 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 June 30 2026 the balance of the guarantee that has not
been released was RMB503492505.14 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 Reasons why the impact
Item Contents
position and operating results number cannot be estimated
2. Profit distribution
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
Names of statement items
Contents of correction of
Processing procedure affected of comparative Cumulative impact
accounting errors
periods
2062026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Prospective application method
Contents of correction of accounting Reasons for adopting the prospective
Approval procedure
errors 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 operations
Item Revenue Costs Total profits Net profit
expenses attributable to
owners of the
parent company
Other explanations
6. Segment information
(1) Determination basis and accounting policies for reporting segments
The Company determines the reporting segments based on the internal organizational structure management requirements and
internal reporting system and in light of business segments. The operating performance of real estate sales business property
management business and asset operation business are assessed by the Company respectively. Assets and liabilities shared among
all segments are allocated to various segments based on their scale ratios.
(2) Financial information of reporting segments
Unit: RMB
Inter-segment
Item Real estate business Property management Asset operation Total
offset
Operating
351674325.47778885527.5674609822.881205169675.91
revenue
Operating
341750909.48662324509.7143663575.591047738994.78
costs
Total
11308141304.113103895397.77687759637.7315099796339.61
assets
Total
9237078413.772534467463.46187170020.0911958715897.32
liabilities
2072026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(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.
(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) 3200830.17 2720519.78
1-2 years 576946.05 312572.00
2 to 3 years 1746273.54 14060591.53
Over 3 years 109238274.34 96837029.35
3 - 4 years 12413893.99 12649.00
Over 5 years 96824380.35 96824380.35
Total 114762324.10 113930712.66
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Account
s
receivab
le with
provisio 984952 984952 983616 983616
85.83%100.00%0.0086.33%100.00%0.00
n for bad 94.99 94.99 15.94 15.94
debts on
an
individu
al basis
Includ
ing:
Account 162670 432599. 158344 155690 323948. 152451
s 14.17% 2.66% 13.67% 2.08%29.11 09 30.02 96.72 60 48.12
receivab
2082026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
le with
provisio
n for bad
debts on
a
combina
tion
basis
Includ
ing:
114762989278158344113930986855152451
Total 100.00% 86.20% 100.00% 86.62%
324.1094.0830.02712.6664.5448.12
Name of category of provision for bad debts on an individual basis: RMB98495294.99
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Provision Reasons for
Book balance Book balance
bad debts bad debts ratio provision
Shenzhen Jiyong Involved in
Property Development 93811328.05 93811328.05 93811328.05 93811328.05 100.00% litigation and
Co. Ltd. irrecoverable
Shenzhen Tewei Long aging and
Industrial Co. Ltd. 2836561.00 2836561.00 2836561.00 2836561.00 100.00% estimated to be
(Chenhui Building) irrecoverable
Luohu District Long aging and
Economic Development 54380.35 54380.35 54380.35 54380.35 100.00% estimated to be
Company irrecoverable
Accounts receivable
with insignificant single Involved in
amount but subject to 1659346.54 1659346.54 1793025.59 1793025.59 100.00% litigation and
provision for bad debts irrecoverable
on an individual basis
Total 98361615.94 98361615.94 98495294.99 98495294.99
Name of category of provision for bad debts on a combination basis: RMB432599.09
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Credit risk characteristic
4141251.98432599.0910.45%
combination
Government funding
12125777.130.00%
combination
Total 16267029.11 432599.09
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
2092026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Changes in the current period
Beginning
Type Ending balance
balance Recovery orProvision Write-off Others
reversal
Provision for bad debts
98361615.94133679.0598495294.99
on an individual basis
Provision for bad debts
323948.60108650.49432599.09
made by portfolio
Total 98685564.54 242329.54 98927894.08
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining the
Recovered or reversed
Entity name Reason for reversal Recovery method ratio of provision for bad
amount
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
Whether the fund
Write-off
Nature of accounts Amount of write- Reasons for write- is generated by
Entity name procedures
receivable off off related party
performed
transactions
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 Ending balances
Ending balance balance of debts of accounts
balance of of accounts
Entity name of accounts accounts receivable and
contract receivable and
receivable receivable and provision for
assets contract assets
contract assets impairment of
(%) contract assets
Shenzhen Jiyong Property
93811328.0593811328.0581.74%93811328.05
Development Co. Ltd.Shenzhen Futian District
Government Property 12125777.13 12125777.13 10.57% 0.00
Management Center
Shenzhen Tewei Industrial Co.
2836561.002836561.002.47%2836561.00
Ltd.
7 Days Inn (Shenzhen) Co. Ltd.
1094464.001094464.000.95%32833.92
Meilinge Branch
Shenzhen Feihuang Industrial Co.
769919.05769919.050.67%769919.05
Ltd.Total 110638049.23 110638049.23 96.40% 97450642.02
2102026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2. Other receivables
Unit: RMB
Item Ending balance Beginning balance
Other receivables 8131148393.70 8481001540.48
Total 8131148393.70 8481001540.48
(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
Beginning
Type
balance Recovery or Resale or write-
Ending balance
Provision Other changes
reversal off
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount 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
2112026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Including write-off of important interest receivable
Unit: RMB
Whether the fund
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
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
Reason for not
Project (or investees) Ending balance Aging occurs and the basis for
withdrawing
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
Beginning
Type Recovery or Resale or write- Ending balancebalance Provision Other changes
reversal off
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount 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
2122026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Write-off of important dividends receivable
Unit: RMB
Whether the fund
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
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 2201327.00
Withholding payments 18716.91 15861.02
External transactions 130328206.42 134443176.89
Others 253802.80 253802.80
Transactions with subsidiaries 8024106184.31 8370324659.28
Total 8156908237.44 8507238826.99
2) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (including 1 year) 8024132401.22 8370804520.30
1-2 years 586422.59 122422.59
2 to 3 years 97134.37 97134.37
Over 3 years 132092279.26 136214749.73
4 to 5 years 33649.05
Over 5 years 132092279.26 136181100.68
Total 8156908237.44 8507238826.99
3) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Provisio
n for bad
debts 123151 167312 106420 127274 172476 1100261.51% 13.59% 1.50% 13.55%
accrued 652.51 09.42 443.09 122.98 11.17 511.81
on an
individu
2132026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
al basis
Includ
ing:
Provisio
n for bad
803375902863802472837996898967837097
debts 98.49% 0.11% 98.50% 0.11%
6584.934.327950.614704.015.345028.67
made by
portfolio
Includ
ing:
815690257598813114850723262372848100
Total 100.00% 0.32% 100.00% 0.31%
8237.4443.748393.708826.9986.511540.48
Name of category of provision for bad debts on an individual basis: RMB16731209.42
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Provision Reasons for
Book balance Book balance
bad debts bad debts ratio provision
Failed to
Shum Yip Properties
110845659.62 819147.81 106723189.15 302746.06 0.28% recover for a
Development Limited
long time
Failed to
Shanghai Yutong
5676000.00 5676000.00 5676000.00 5676000.00 100.00% recover for a
Real Estate Co. Ltd.long time
Hong Kong Yueheng Failed to
Development Co. 3271837.78 3271837.78 3271837.78 3271837.78 100.00% recover for a
Ltd. long time
Failed to
Dameisha Tourism
2576445.69 2576445.69 2576445.69 2576445.69 100.00% recover for a
Center
long time
Accounts receivable
with insignificant
Failed to
single amount but
4904179.89 4904179.89 4904179.89 4904179.89 100.00% recover for a
subject to provision
long time
for bad debts on an
individual basis
Total 127274122.98 17247611.17 123151652.51 16731209.42
Name of category of provision for bad debts on a combination basis: RMB9028634.32
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Within 1 year 7500.00 225.00 3.00%
1-2 years 586422.59 58642.26 10.00%
2-3 years 97134.37 29140.31 30.00%
3-4 years 0.00 0.00
4-5 years 0.00 0.00
Over 5 years 8940626.75 8940626.75 100.00%
Total 9631683.71 9028634.32
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
Provision for bad debts Phase I Phase II Phase III Total
2142026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Expected credit Expected credit loss Expected credit loss
losses over the throughout the duration throughout the duration
next 12 months (without credit loss) (with credit impairment)
Balance as of January 1 2026 8989675.32 17247611.19 26237286.51
Balance as at January 1 2026
forwarded to the current period
Provision for the current period 38958.98 -516401.75 -477442.77
Balance as of June 30 2026 9028634.32 16731209.42 25759843.74
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
Beginning
Type
balance Recovery or Resale or
Ending balance
Provision Others
reversal write-off
Provision for bad
debts on an individual 17247611.17 -516401.75 16731209.42
basis
Provision for bad
debts made by 8989675.34 38958.98 9028634.32
portfolio
Total 26237286.51 -477442.77 25759843.74
Reversal or recovery of significant amount of provision for bad debts in the current period:
Unit: RMB
Basis for determining the
Recovered or reversed
Entity name Reason for reversal Recovery method ratio of provision for bad
amount
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 is
Nature of other Amount of Reasons for write-
Entity name procedures generated by related party
receivables write-off off
performed transactions
Explanations on write-off of other receivables:
2152026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
6) Other receivables of the top five ending balances collected by debtor
Unit: RMB
Balance of
Ratio to the total provision for
Nature of
Entity name Ending balance Aging ending balance of bad debts as
amount
other receivables at the end of
the period
Shenzhen Rongyao Real Estate Current Within 1
3545825777.2843.47%
Development Co. Ltd. accounts year
Dongguan Wuhe Real Estate Co. Current Within 1
2113760170.0025.91%
Ltd. accounts year
Shenzhen Guangming Wuhe Real Current Within 1
847200000.0010.39%
Estate Co. Ltd. accounts year
Yangzhou Wuhe Real Estate Co. Current Within 1
825796905.0210.12%
Ltd. accounts year
Shenzhen ITC Technology Park Current Over 5
581086853.837.12%
Service Co. Ltd. accounts years
Total 7913669706.13 97.01%
7) Reported as other receivables due to centralized fund management
Unit: RMB
Other explanations:
3. Long-term equity investments
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Investment in 1356325401. 1356325401.
478042560.29878282840.81478042560.29878282840.81
subsidiaries 10 10
Investments in
associates and 284987637.04 18983614.14 266004022.90 287986191.53 18983614.14 269002577.39
joint ventures
1641313038.1144286863.1644311592.1147285418.
Total 497026174.43 497026174.43
14716320
(1) Investment in subsidiaries
Unit: RMB
Beginnin Increase/decrease in this period
g balance Addi Balance of
Beginning of Redutiona Provisi provision forEnding balance
Investees balance (book provision cedl on for Othe impairment as at
inves (book value)value) for inves impair rs the end of the
impairme tmentmen ment period
nt tt
Shenzhen Huangcheng
35552671.9335552671.93
Real Estate Co. Ltd.
2162026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen Wuhe
Industry Investment
44950000.0044950000.00
and Development Co.Ltd.SZPRD Yangzhou
Real Estate 50000000.00 50000000.00
Development Co. Ltd.Dongguan ITC
Changsheng Real
20000000.0020000000.00
Estate Development
Co. Ltd.Shenzhen
International Trade
195337851.23195337851.23
Center Property
Management Co. Ltd.Shenzhen Property
Engineering and
3000000.003000000.00
Construction
Supervision Co. Ltd.Shenzhen Property
Commercial Operation 63509120.32 63509120.32
Co. Ltd.Shum Yip Properties 158340
15834000.00
Development Limited 00.00
SZPRD Xuzhou
500000
Dapeng Real Estate 50000000.00
00.00
Development Co. Ltd.Shenzhen Rongyao
412208
Real Estate 95791439.71 95791439.71 412208560.29
560.29
Development Co. Ltd.Dongguan Wuhe Real
50000000.0050000000.00
Estate Co. Ltd.Shenzhen Guangming
Wuhe Real Estate Co. 50000000.00 50000000.00
Ltd.Shenzhen Wuhe
Urban Renewal Co. 236641757.62 236641757.62
Ltd.Yangzhou Wuhe Real
33500000.0033500000.00
Estate Co. Ltd.
478042
Total 878282840.81 878282840.81 478042560.29
560.29
(2) Investments in associates and joint ventures
Unit: RMB
Increase/decrease in this period Balanc
Begin Invest Adjust e of
ning ment ment provisiBeginnin Ending
balanc Add
g Redu profit of Cash
on for
balanc
Investme e of itio Other Provis impair
balance ced other dividends
nt unit provis nal
or loss change ion for Oth e
(book invesinve recogni
compr or profits ment(book
ion for s in impair ers
value) tmen zed ehensi declared
as at
value)
impair stm equity mentt
ent under
ve to be paid the end
ment the incom of the
equity e period
2172026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
method
I. Joint ventures
Shenzhen
Property
-23183
Jifa 232446
616060551.
Warehou 615.64
4.5806
sing Co.Ltd.Shenzhen
Tian'an
Internatio
nal -
46895841816
Building 42714
0.441.85
Property 18.59
Managem
ent Co.Ltd.-23224
237136
Sub-total 48874 8712.
196.08
83.1791
II. Associates
Shenzhen
Wufang 1898 18983
Ceramic 3614. 614.1
Industry 14 4
Co. Ltd.China
Construct
ion
Engineeri
ng
33755
Corporati 318663 24771 588235.2
309.9
on Group 81.31 63.97 9
9
Smart
Parking
Technolo
gy Co.Ltd.
18983375518983
31866324771588235.2
Sub-total 3614. 309.9 614.1
81.3163.979
1494
1898-2660018983
269002588235.2
Total 3614. 24103 4022. 614.1
577.399
1419.20904
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
2182026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(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 17142930.00 20081304.52 32403852.60 24535521.15
Other business 9384886.24 0.00 9111539.98 0.00
Total 26527816.24 20081304.52 41515392.58 24535521.15
Breakdown of operating revenue and operating costs:
Unit: RMB
Contract Division 1 Division 2 Total
classificati Operating Operating Operating Operating Operating Operating Operating Operating
on revenue costs revenue costs revenue costs revenue costs
Business 26527816. 20081304. 26527816. 20081304.type 24 52 24 52
Including:
Asset 26527816. 20081304. 26527816. 20081304.operation 24 52 24 52
Classificati
on by
business
area
Including:
Shenzhen 26527816. 20081304. 26527816. 20081304.area 24 52 24 52
Market or
customer
type
Including:
Contract
type
Including:
Classificati
on by time
of
commodity
transfer
Including:
Classificati
on by
contract
period
Including:
2192026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Classificati
on by sales
channel
Including:
26527816.20081304.26527816.20081304.
Total
24522452
Information related to performance obligations:
Nature of the Amounts assumed
Whether it Types of quality
Time to fulfill Important goods the by the Company that
is the main assurance provided
Item performance payment Company are expected to be
responsible by the Company and
obligations terms undertakes to refunded to
person related obligations
transfer customers
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 RMB0.00 of which RMB_ is expected to be recognized as revenue in _
RMB_ is expected to be recognized in_ and RMB_ is expected to be recognized in _.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
Long-term equity investment income
-2410319.20-2369641.20
calculated under the equity method
Total -2410319.20 -2369641.20
6. Others
20. Supplementary information
1. Breakdown of current non-recurring profit or loss
□Applicable □ Not applicable
Unit: RMB
Item Amount Notes
Mainly due to the disposal of
Profit or loss from disposal of non-current assets 5265790.54
investment properties
Profit or loss from changes in fair value of financial assets and
liabilities held by non-financial enterprises and profit or loss Mainly due to the changes in the1805382.18
from the disposal of financial assets and financial liabilities fair value of money market funds
except for effective hedging operations related to the Company's
2202026 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
normal business operations
Non-operating revenue and expenses other than the above-
-200213.39
mentioned items
Less: income tax effects 1717437.72
Affected amount of minority interests (after tax) 725581.11
Total 4427940.50 --
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
Weighted average rate of
Profit in the reporting period
return on net assets Basic earnings per share Diluted earnings per share
(RMB/share) (RMB/share)
Net profit attributable to ordinary
-2.03%-0.1144-0.1144
shareholders of the Company
Net profit attributable to ordinary
shareholders of the Company after
-2.16%-0.1218-0.1218
deducting non-recurring profit or
loss
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
221
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