SHENZHEN PROPERTIES & RESOURCES DEVELOPMENT
(GROUP) LTD.Semiannual financial report 2025
[August 2025]
1I. 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.June 30 2025
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary funds 2846262594.16 1678116644.12
Balances with clearing companies
Loans to banks and other financial
institutions
Financial assets held for trading
Derivative financial assets
Notes receivable 20000.00 0.00
Accounts receivable 558663016.84 476014729.60
Receivables financing
Advances to suppliers 8382194.51 7789173.69
Premiums receivable
Reinsurance accounts receivable
Provision of cession receivable
Other receivables 265131636.08 273333289.51
Including: interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Financial assets purchased under
resale agreements
Inventories 10761368500.16 10685045153.41
Including: data resources
Contract assets 314906.08 468765.62
Assets held for sale 170154.05
Non-current assets maturing within
one year
Other current assets 206700470.10 181721113.82
Total current assets 14646843317.93 13302659023.82
Non-current assets:
2Loans and advances
Debt investments
Other debt investments
Long-term receivables 0.00 0.00
Long-term equity investments 265818164.32 268187805.52
Other equity instrument investments 484772.21 586231.82
Other non-current financial assets
Investment properties 364800583.37 374035893.07
Fixed assets 45711901.32 52712396.64
Construction in progress
Productive biological assets
Oil and gas assets
Right-of-use assets 15421932.54 16967620.03
Intangible assets 410067.33 471565.39
Including: data resources
Development expenses
Including: data resources
Goodwill 9446847.38 9446847.38
Long-term deferred expenses 18725676.07 22110090.13
Deferred tax assets 1245509629.41 1232152522.89
Other non-current assets 25927022.36 13875501.61
Total non-current assets 1992256596.31 1990546474.48
Total assets 16639099914.24 15293205498.30
Current liabilities:
Short-term borrowings 780287638.89 190165458.33
Borrowings from central bank
Loans from banks and other financial
institutions
Financial liabilities held for trading
Derivative financial liabilities
Notes payable
Accounts payable 713058533.44 1043092277.27
Advances from customers 546354.53 1744526.75
Contract liabilities 603525237.83 336164629.72
Financial assets sold under repurchase
agreements
Absorption of deposits and interbank
deposits
Receivings from vicariously traded
securities
Receivings from vicariously sold
securities
Employee compensation payable 154881581.39 207978691.61
3Taxes payable 3234794597.28 3224280429.52
Other payables 1292553675.57 1231351436.38
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
797913330.10506702676.30
one year
Other current liabilities 49038314.27 23186263.57
Total current liabilities 7626599263.30 6764666389.45
Non-current liabilities:
Reserves for insurance contracts
Long-term borrowings 5229511582.33 4755314631.26
Bonds payable
Including: preferred shares
Perpetual bonds
Lease liabilities 10122996.73 11089072.57
Long-term payables 399499350.00 399749550.00
Long-term employee compensations
0.000.00
payable
Estimated liabilities 934205.51 934205.51
Deferred income 0.00 0.00
Deferred tax liabilities 3679706.71 4100164.35
Other non-current liabilities 128689475.91 126919529.02
Total non-current liabilities 5772437317.19 5298107152.71
Total liabilities 13399036580.49 12062773542.16
Owners' equity:
Equity 595979092.00 595979092.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 80488045.38 80488045.38
Less: treasury shares 0.00 0.00
Other comprehensive income -3189541.08 -2200355.67
Special reserves
Surplus reserves 125425488.21 125425488.21
General risk reserves
Undistributed profits 2577208134.37 2561990778.58
Total equity attributable to owners of the
3375911218.883361683048.50
parent company
Minority interests -135847885.13 -131251092.36
Total owners' equity 3240063333.75 3230431956.14
Total liabilities and owners' equity 16639099914.24 15293205498.30
Legal representative: WANG Hangjun Chief Finance Officer: CAI Lili Chief Accountant: CAI Kelin
42. Balance sheet of the parent company
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary funds 1664874882.47 542921067.03
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 94825523.35 112869081.78
Receivables financing
Advances to suppliers
Other receivables 7399273074.19 4279938165.85
Including: interest receivable
Dividends receivable
Inventories 48577742.97 50862399.82
Including: data resources
Contract assets
Assets held for sale
Non-current assets maturing within
one year
Other current assets 27507963.29 4459085.14
Total current assets 9235059186.27 4991049799.62
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 1556309565.42 1558679206.62
Other equity instrument investments 715272.21 816731.82
Other non-current financial assets
Investment properties 223980255.03 233185594.71
Fixed assets 8073610.09 12189961.87
Construction in progress 9906909.20
Productive biological assets
Oil and gas assets
Right-of-use assets 3655676.03 4369643.63
Intangible assets 3299333.27 3495333.29
Including: data resources
Development expenses
Including: data resources
Goodwill
Long-term deferred expenses
5Deferred tax assets 14659333.64 4486334.83
Other non-current assets 3745873.08 3167926650.86
Total non-current assets 1824345827.97 4985149457.63
Total assets 11059405014.24 9976199257.25
Current liabilities:
Short-term borrowings
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 400000000.00
Accounts payable 59319912.61 56048131.44
Advances from customers
Contract liabilities 761904.76
Employee compensation payable 34058679.77 51619107.46
Taxes payable 3038775.42 2376003.37
Other payables 7185109445.89 6853403083.89
Including: interest payable
Dividends payable 29642.40 29642.40
Liabilities held for sale
Non-current liabilities maturing within
86524091.56402621528.39
one year
Other current liabilities
Total current liabilities 7768050905.25 7366829759.31
Non-current liabilities:
Long-term borrowings 716000000.00
Bonds payable
Including: preferred shares
Perpetual bonds
Lease liabilities 2921434.10 3082216.96
Long-term payables 399499350.00 399749550.00
Long-term employee compensations
payable
Estimated liabilities
Deferred income
Deferred tax liabilities 913919.01 1092410.91
Other non-current liabilities 40000000.00 40000000.00
Total non-current liabilities 1159334703.11 443924177.87
Total liabilities 8927385608.36 7810753937.18
Owners' equity:
Equity 595979092.00 595979092.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 53876380.11 53876380.11
6Less: treasury shares
Other comprehensive income -3163699.42 -3064972.70
Special reserves
Surplus reserves 125425488.21 125425488.21
Undistributed profits 1359902144.98 1393229332.45
Total owners' equity 2132019405.88 2165445320.07
Total liabilities and owners' equity 11059405014.24 9976199257.25
3. Consolidated income statement
Unit: RMB
Item Half year period of 2025 Half year period of 2024
I. Total operating revenue 1087908935.87 856028445.25
Including: operating revenue 1087908935.87 856028445.25
Interest income
Premiums earned
Revenue from handling service
fee and commissions:
II. Total operating costs 1050408642.78 834353547.22
Including: operating costs 813504493.36 669091472.18
Interest expenses
Handling service fee and
commissions
Surrender value
Net amount of compensation
payout
Net provision for insurance
liability reserves
Policy dividends
Reinsurance costs
Taxes and surcharges 63146486.93 10447340.39
Selling and distribution
19167310.949106255.87
expenses
G&A expenses 107251478.24 127378140.36
R&D expenses 2596806.24 2243317.44
Financial expenses 44742067.07 16087020.98
Including: interest expenses 49213256.18 35164356.97
Interest income 7807903.27 21522831.25
Plus: other income 12583335.96 2428205.18
Investment income ("-" for
-2369641.20412742.53
losses)
Including: investment
income from associates and joint -2369641.20 412742.53
ventures
Gains from
derecognition of financial assets
measured at amortized costs
7Exchange gains ("-" for losses)
Net exposure hedging gains("-"
for losses)
Gains from changes in fair value
("-" for losses)
Credit impairment losses ("-" for
-36757413.71-18396918.74
losses)
Assets impairment losses ("-" for
-4461.72-5858.65
loss)
Gains from disposal of assets ("-"
65355.6926055.97
for losses)
III. Operating profit ("-" for losses) 11017468.11 6139124.32
Plus: non-operating revenue 12522551.20 479063.20
Less: non-operating expenses 930675.93 436385.09
IV. Total profits ("-" for total loss) 22609343.38 6181802.43
Less: income tax expenses 12533681.45 4860162.97
V. Net profit ("-" for net losses) 10075661.93 1321639.46
(I) Classified by operating
sustainability
1. Net profit from continued
10075661.931321639.46
operation ("-" for net losses)
2. Net profit from discontinued
0.000.00
operations ("-" for net losses)
(II) Classified by ownership
1. Net profit attributable to
shareholders of the parent company ("-" 14428019.63 9212457.81
for net losses)
2. Minority interest income ("-" for
-4352357.70-7890818.35
net losses)
VI. Other comprehensive income net of
-989185.41189686.61
tax
Other comprehensive income net of
tax attributable to owners of parent -989185.41 189686.61
company
(I) Other comprehensive income
that cannot be reclassified into profit or -98726.72 -203351.55
loss later
1. Changes in re-measurement of
0.000.00
defined benefit plans
2. Other comprehensive income
that cannot be transferred to profit or loss 0.00 0.00
under the equity method
3. Changes in fair value of other
-98726.72-203351.55
equity instrument investments
4. Changes in fair value of the
0.000.00
enterprise's own credit risk
5. Others 0.00 0.00
(II) Other comprehensive income
-890458.69393038.16
that will be reclassified into profit or loss
1. Other comprehensive income
that can be transferred to profit or loss
under the equity method
82. 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 financial -890458.69 393038.16
statements
7. Others
Net of tax of other comprehensive
income attributable to minority 0.00 0.00
shareholders
VII. Total comprehensive income 9086476.52 1511326.07
Total comprehensive income
attributable to the owner of the parent 13438834.22 9402144.42
company
Total comprehensive income
-4352357.70-7890818.35
attributable to minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share 0.0242 0.0155
(II) Diluted earnings per share 0.0242 0.0155
In case of business combination under common 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: WANG Hangjun Chief Finance Officer: CAI Lili Chief Accountant: CAI Kelin
4. Income statement of the parent company
Unit: RMB
Item Half year period of 2025 Half year period of 2024
I. Operating revenue 41515392.58 32037213.48
Less: operating costs 24535521.15 24213582.29
Taxes and surcharges 8761556.60 2975547.74
Selling and distribution expenses 63897.40 399234.24
G&A expenses 16443536.19 32750591.60
R&D expenses
Financial expenses 14493045.39 3676713.49
Including: interest expenses 17012835.08 17711062.01
Interest income 4878894.89 14208379.57
Plus: other income 118648.59 176813.10
Investment income ("-" for
-2369641.20412742.53
losses)
Including: investment income
-2369641.20412742.53
from associates and joint ventures
Gains from
derecognition of financial assets
measured by amortized costs ("-" for
losses)
9Net exposure hedging gains("-"
for losses)
Gains from changes in fair value
("-" for losses)
Credit impairment losses ("-" for
-20383201.69-6611482.03
losses)
Assets impairment losses ("-" for
loss)
Gains from disposal of assets ("-"
for losses)
II. Operating profit ("-" for losses) -45416358.45 -38000382.28
Plus: non-operating revenue 2015000.00 20972.63
Less: non-operating expenses 275160.64 12800.05
III. Total profit ("-" for total loss) -43676519.09 -37992209.70
Less: income tax expenses -10349331.62 -9903877.81
IV. Net profit ("-" for net losses) -33327187.47 -28088331.89
(I) Net profit from continued operation
-33327187.47-28088331.89
("-" for net losses)
(II) Net profit from discontinued
operation ("-" for net losses)
V. Net of tax of other comprehensive
-98726.72-203351.55
income
(I) Other comprehensive income
that cannot be reclassified into profit or -98726.72 -203351.55
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
-98726.72-203351.55
equity instrument 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 investments
5. Reserve for cash flows
6. Differences arising from
translation of foreign-currency financial
statements
7. Others
VI. Total comprehensive income -33425914.19 -28291683.44
10VII. 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 2025 Half year period of 2024
I. Cash flows from operating activities:
Cash received from sale of goods and
1338424612.381009820783.16
rendering of 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
31880900.483135070.67
received
Other cash received related to
144268817.16139985597.08
operating activities
Sub-total of cash inflows from operating
1514574330.021152941450.91
activities
Cash paid for purchase of goods and
718863238.731081063241.76
receipt of services
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
11service fee and commissions
Cash paid for policy dividends
Cash paid to and on behalf of
500728513.47494492566.11
employees
Cash paid for taxes and surcharges 233676312.43 171598817.27
Other cash paid related to operating
168493780.65142613927.21
activities
Sub-total of cash outflows from
1621761845.281889768552.35
operating activities
Net cash flows from operating activities -107187515.26 -736827101.44
II. Cash flows from investing activities:
Cash received from recovery of
investment
Cash received from investment
0.000.00
income
Net cash received from disposal of
fixed assets intangible assets and other 49228050.45 30742.92
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
49228050.4530742.92
activities
Cash paid to acquire and construct
fixed assets intangible assets and other 3541752.02 2871482.27
long-term assets
Cash paid for investments 0.00 0.00
Net increase in pledge loans
Net cash paid to acquire subsidiaries
and other business units
Other cash paid related to investing
activities
Sub-total of cash outflows from investing
3541752.022871482.27
activities
Net cash flows from the investing
45686298.43-2840739.35
activities
III. Cash flows from financing activities:
Cash received from absorption of
0.000.00
investments
Including: cash received by
subsidiaries from absorption of 0.00 0.00
investments of minority shareholders
Cash received from acquisition of
2080929660.08394087970.55
borrowings
Other cash received related to
financing activities
Sub-total of cash inflows from financing
2080929660.08394087970.55
activities
Cash paid for debt repayments 731300024.21 217573410.08
Cash paid for distribution of dividends
97708883.39284193955.86
and profits or payment of interests
Including: dividends and profit paid to
245000.00245000.00
minority shareholders by subsidiaries
12Other cash paid related to financing
19515814.1618445740.54
activities
Sub-total of cash outflows from
848524721.76520213106.48
financing activities
Net cash flows from financing activities 1232404938.32 -126125135.93
IV. Effect of fluctuation in exchange rate
-1196582.27134202.79
on cash and cash equivalents
V. Net increase in cash equivalents 1169707139.22 -865658773.93
Plus: beginning balance of cash
1610799884.302733139135.12
equivalents
VI. Ending balance of cash equivalents 2780507023.52 1867480361.19
6. The statement of cash flows of the parent company
Unit: RMB
Item Half year period of 2025 Half year period of 2024
I. Cash flows from operating activities:
Cash received from sale of goods and
19595104.5622258298.22
rendering of services
Refunds of taxes and surcharges
received
Other cash received related to
1507026544.8691297606.44
operating activities
Sub-total of cash inflows from operating
1526621649.42113555904.66
activities
Cash paid for purchase of goods and
16177205.6735001840.90
receipt of services
Cash paid to and on behalf of
20960419.2531155015.18
employees
Cash paid for taxes and surcharges 34752177.18 83540868.15
Other cash paid related to operating
480144834.61336495545.91
activities
Sub-total of cash outflows from
552034636.71486193270.14
operating activities
Net cash flows from operating activities 974587012.71 -372637365.48
II. Cash flows from investing activities:
Cash received from recovery of
investment
Cash received from investment
income
Net cash received from disposal of
fixed assets intangible assets and other 11803504.00
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
11803504.00
activities
Cash paid to acquire and construct
fixed assets intangible assets and other 2447666.40 604967.86
long-term assets
Cash paid for investments 244140000.00 78000000.00
Net cash paid to acquire subsidiaries
and other business units
13Other cash paid related to investing
activities
Sub-total of cash outflows from investing
246587666.4078604967.86
activities
Net cash flows from the investing
-234784162.40-78604967.86
activities
III. Cash flows from financing activities:
Cash received from absorption of
investments
Cash received from acquisition of
800000000.00
borrowings
Other cash received related to
financing activities
Sub-total of cash inflows from financing
800000000.00
activities
Cash paid for debt repayments 400400000.00 30800000.00
Cash paid for distribution of dividends
7613224.77195041338.96
and profits or payment of interests
Other cash paid related to financing
9813950.009616850.00
activities
Sub-total of cash outflows from
417827174.77235458188.96
financing activities
Net cash flows from financing activities 382172825.23 -235458188.96
IV. Effect of fluctuation in exchange rate
-22386.459238.09
on cash and cash equivalents
V. Net increase in cash equivalents 1121953289.09 -686691284.21
Plus: beginning balance of cash
541785486.201467636856.69
equivalents
VI. Ending balance of cash equivalents 1663738775.29 780945572.48
7. Consolidated statements of changes in owners' equity
The current period
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 istrieral ority own
Equi Pref Perp tal treas preh cial lus bute Oth Sub-
erre etua risk inter ers'ty Oth rese ury ensi rese rese d ers totalrese estsd l 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
14Co
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.Increase/decr - 152 142 -
963
ease in the 989 173 281 459
137
current 185. 55.7 70.3 679
7.61
period ("-" 41 9 8 2.77
for decrease)
(I) Total 908
989280388435
comprehensi 647
185.19.634.2235
ve income 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
15risk 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)
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
16(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
Amount for the previous year
Unit: RMB
Half year period of 2024
Equity attributable to owners of the parent company
Other equity Oth Tota
instruments Less er Und
Gen Min l
Item Capi : com Spe Surp istrieral ority own
Equi Pref Perp tal treas preh cial lus bute Oth Sub-
ty erre etua
risk inter ers'
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
595804-116387466419470
I. Ending
979880335108258181147372
balance last
092.45.3233727.68003207.0503
year
0087.88082.178.7565.81
Plus:
changes in
accounting
policies
Co
rrection of
prior period
errors
Ot
hers
II. Beginning
595804-116387466419470
balance as at
979880335108258181147372
the
092.45.3233727.68003207.0503
beginning of
0087.88082.178.7565.81
this year
III.---
Increase/decr -
189176176184
ease in the 813
686.733543679
current 581
61018.332.150.
period ("-" 8.35
892863
for decrease)
-
(I) Total 189 921 940 151
789
comprehensi 686. 245 214 132
081
ve income 61 7.81 4.42 6.07
8.35
(II) Capital
contributed
or reduced
by owners
1. Ordinary
17shares
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
---
-
185185186
(III) Profit 245
945945190
distribution 000.
476.476.476.
00
707070
1.
Withdrawal
of surplus
reserves
2.
Withdrawal
of general
risk reserves
---
3. Profit -
185185186
distributed to 245
945945190
owners (or 000.
476.476.476.
shareholders) 00
707070
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)
183. 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 - 116 369 448 337 451
as at the end 979 880 316 108 585 526 788 904
of the current 092. 45.3 265 727. 378 699 88.7 588
period 00 8 1.27 08 3.28 6.47 1 5.18
8. Statement of changes in owner's equity of parent company
The current period
Unit: RMB
Half year period of 2025
Other equity instruments Other
Capita Less: compr Specia Surplu Undist Total
Item Prefer Perpet l treasu ehensi l s ribute ownerEquity 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
19Co
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.Increase/decr - -
-
ease in the 3332 3342
9872
current 7187. 5914.
6.72
period ("-" 47 19
for decrease)
--
(I) Total -
33323342
comprehensi 9872
7187.5914.
ve income 6.72
4719
(II) Capital
contributed
or reduced
by owners
1. Ordinary
shares
contributed
by owners
2. Capital
invested by
the holders
of other
equity
instruments
3. Amounts
of share-
based
payments
recognized in
owners'
equity
4. Others
(III) Profit
distribution
1.
Withdrawal
of surplus
reserves
2. Profit
distributed to
owners (or
shareholders)
203. 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
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
Amount for the previous year
21Unit: RMB
Half year period of 2024
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 1161 1495 2258
3004
balance last 7909 6380. 0872 3239 2835
584.8
year 2.00 11 7.08 58.98 73.37
0
Plus:
changes in
accounting
policies
Co
rrection of
prior period
errors
Ot
hers
II. Beginning
-
balance as at 5959 5387 1161 1495 2258
3004
the 7909 6380. 0872 3239 2835
584.8
beginning of 2.00 11 7.08 58.98 73.37
0
this year
III.Increase/decr - -
-
ease in the 2140 2142
2033
current 3380 3716
51.55
period ("-" 8.59 0.14
for decrease)
--
(I) Total -
28082829
comprehensi 2033
8331.1683.
ve income 51.55
8944
(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-
22based
payments
recognized in
owners'
equity
4. Others
--
(III) Profit 1859 1859
distribution 4547 4547
6.706.70
1.
Withdrawal
of surplus
reserves
2. Profit - -
distributed to 1859 1859
owners (or 4547 4547
shareholders) 6.70 6.70
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
23(V) Special
reserves
1.
Withdrawal
in the current
period
2. Amount
used in the
current
period
(VI) Others
IV. Balance -
59595387116112812044
as at the end 3207
79096380.087229010464
of the current 936.3
2.00117.0850.3913.23
period 5
III. Company profile
Shenzhen Properties & Resources Development (Group) Ltd. (hereinafter referred to as "the Company") was established
with the approval of the Shenzhen Municipal People's Government of Guangdong Province under the official document SFBF
[1991] No. 831. It was restructured from the former Shenzhen Properties Development General Company into a joint stock limited
company registered with the Shenzhen Administration for Market Regulation on January 17 1983 and headquartered in
Shenzhen Guangdong Province. The Company currently holds a Business License for Enterprise Legal Person with the
registration number/unified social credit code 91440300192174135N a registered capital of RMB 595979092 and a total of
595979092 shares (with a par value of RMB 1 per share). Of which restricted tradable shares include 1898306 A shares and 0 B
shares； unrestricted tradable shares comprise 526475543 A shares and 67605243 B shares. The Company's shares have been
listed on the Shenzhen Stock Exchange since March 30 1992.The Company operates in the real estate industry. The primary operating activities include real estate development and
commercial property sales construction and management of commercial buildings property leasing and construction supervision.Domestic commerce and the supply and marketing industry (excluding state-monopolized exclusively distributed and specially
controlled commodities). Main products/services include: development and sales of commercial residential properties; property
management service; building maintenance equipment maintenance for buildings landscaping and gardening and cleaning
services; property leasing services; engineering supervision; retail of Chinese cuisine Western cuisine alcoholic beverages etc.The financial statements were approved for external release at the 38th meeting of the 10th Board of Directors on August 28
2025.
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.
24IV. 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
25property development to sales realization generally exceeding 12 months. The specific duration is determined by the nature of the
development project with the operating cycle itself serving as the criterion for classifying the liquidity of assets and liabilities.
4. Recording currency
The Company and its domestic subsidiaries adopt RMB as their recording currency. The overseas subsidiaries of the
Company determine their recording currency based on the currency of the primary economic environment in which they operate.The Company prepares its financial statements using RMB as the reporting currency.
5. Determination methods and selection basis for materiality threshold
□Applicable □ Not applicable
Item Importance criteria
Significant accounts receivable with the
provision for bad debts made on an Accounts receivable balances of RMB 5 million or more
individual basis
A non-wholly-owned subsidiary with revenue exceeding 10% of the consolidated
Major non-wholly-owned subsidiaries
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.
26On the acquisition date the Company recognizes the difference between the combination cost and the fair value share of net
identifiable assets obtained from the acquiree as goodwill which is subject to subsequent measurement at cost less accumulated
provision for impairment; the difference between the combination cost and the fair value share of net identifiable assets obtained
from the acquiree is after verification recognized in profit or loss.In a business combination not under common control achieved through multiple transactions in stages the combination cost
is the sum of the consideration paid on the acquisition date and the fair value of the equity interest in the acquiree held prior to the
acquisition date as of the acquisition date. For equity interests in the acquiree held prior to the acquisition date such interests are
remeasured at their fair value as of the acquisition date and the difference between the fair value and the book value is recognized
in current period investment income; for equity interests in the acquiree held prior to the acquisition date any other comprehensive
income and other changes in owners' equity related to such interests are reclassified to profit or loss on the acquisition date except
for other comprehensive income arising from the remeasurement of the net liabilities under defined benefit plans or changes in net
assets of the acquiree and other comprehensive income related to non-trading equity instrument investments previously designated
as measured at fair value with changes recognized in other comprehensive income.
(3) Treatment of transaction costs in business combination
In a business combination intermediary fees such as audit legal services valuation consulting and other related G&A
expenses incurred for the transaction are recognized in profit or loss when incurred. The transaction costs incurred for issuing
equity securities or debt securities as merger consideration are included in the initial recognized amount of such equity securities
or debt securities.
7. Criteria for determining control and preparation methods for consolidated financial statements
(1) Judgment criteria for control
The consolidation scope in the consolidated financial statements is determined on the basis of control. Control means that the
Company has the power over the investees participates in their relevant activities to obtain variable returns and has the ability to
use that power to affect the amount of returns from the investees. When changes in relevant facts and circumstances lead to
changes in the key elements related to the definition of control the Company will re-evaluate accordingly.When determining whether to include a structured entity within the consolidation scope the Company comprehensively
evaluates all relevant facts and circumstances including assessing the structured entity's purpose and design identifying the types
of variable returns and evaluating whether control exists over the structured entity based on its participation in relevant activities
that expose it to some or all variability of returns.
(2) Preparation methods for consolidated financial statements
Consolidated financial statements are prepared by the Company based on the financial statements of the Company and its
subsidiaries along with other relevant materials. In preparing consolidated financial statements the accounting policies and
reporting periods of the Company and its subsidiaries must be consistent and significant intercompany transactions and balances
are eliminated.During the reporting period subsidiaries and businesses added due to a business combination under 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
27controller. Their operating results and cash flows from that date are incorporated into the consolidated income statement and
consolidated statement of cash flows respectively.For subsidiaries and businesses added during the reporting period due to a business combination not under common control
the Company includes their revenue expenses and profits from the acquisition date to the end of the reporting period in the
consolidated income statement and incorporates their cash flows into the consolidated statement of cash flows.The portion of a subsidiary's shareholders' equity not attributable to the Company is presented separately as minority
interests under shareholders' equity in the consolidated balance sheet; the share of the subsidiary's net profit or loss attributable to
minority interests is presented in the consolidated income statement under the net profit item as "minority interest income". If the
losses borne by minority shareholders exceed the share of owners' equity they hold at the beginning of the subsidiary's period the
excess continues to be deducted from the minority interests.
(3) Purchase of minority shareholders' equity in a subsidiary
The difference between the cost of newly acquired long-term equity investments from the purchase of minority interests and
the proportionate share of the subsidiary's net asset share calculated based on the increased ownership ratio from the acquisition
date or combination date as well as the difference between the disposal proceeds from partial disposal of equity investments in a
subsidiary without loss of control and the proportionate share of the subsidiary's net asset share attributable to the disposed long-
term equity investments calculated from the acquisition date or combination date shall be adjusted against capital reserve in the
consolidated balance sheet. If the capital reserve is insufficient to offset the difference the remaining amount shall be adjusted
against retained earnings.
(4) Treatment for loss of right of control over subsidiaries
When the Company disposes of a portion of its equity investments or loses the right of control over the original subsidiary
due to other reasons the remaining equity interest shall be remeasured at fair value as of the date of loss of control; the difference
between the total of the consideration received from the disposal of equity and the fair value of the remaining equity interest less
the sum of the subsidiary's net assets attributable to the original ownership percentage calculated based on book value from the
acquisition date and the related goodwill shall be recognized as investment income in the period of loss of control.Other comprehensive income related to equity investments in the former subsidiary shall be reclassified on the same basis as
if the subsidiary had directly disposed of the related assets or liabilities upon loss of control and other changes in owners' equity
previously recognized under accounting by equity method related to the former subsidiary shall be transferred to profit or loss in
the period of loss of control.
(5) Treatment for the disposal of equity in stages until loss of control occurs
If the terms conditions and economic effects of multiple transactions involving the disposal of equity in stages until loss of
control meet one or more of the following conditions the Company shall account for such transactions as a package of transactions：
1) The transactions are entered into either simultaneously or in contemplation of one another;
2) The transactions as a whole are necessary to achieve a complete commercial outcome;
3) The occurrence of one transaction is contingent on the occurrence of at least one other transaction;
284) 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.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.
299. 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.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;
302) 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
31The 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
32Financial assets and financial liabilities are presented in the balance sheet at their net amounts after offsetting provided that
the following conditions are met: there is a legally enforceable right to offset the recognized amounts and the right to offset is
currently exercisable; there is a plan to settle on a net basis or simultaneously realize the financial assets and settle the financial
liabilities.
(5) Impairment of financial instruments
1) Impairment measurement and accounting treatment of financial instruments
The Company shall conduct impairment treatment and recognize provision for loss based on expected credit losses for the
following items.* Financial assets measured at amortized costs;
* Accounts receivable and investments in debt instruments measured at fair value with changes recognized in other
comprehensive income;
* Contract assets as defined in Accounting Standards for Business Enterprises No. 14 - Revenue;
* Lease receivables;
* Loan commitments not classified as financial liabilities measured at fair value with changes recognized in profit or loss;
* Financial guarantee contracts (except those measured at fair value with changes recognized in profit or loss or transfer of
financial assets that do not meet derecognition criteria or continue involvement with the transferred financial assets).Expected credit losses refer to the weighted average of credit losses on financial instruments weighted by the risk of default
occurring. Credit loss refers to the difference between all contractual cash flows receivable under the contract (discounted by the
Company using the original effective interest rate) and all expected cash flows to be collected i.e. the present value of all cash
shortfalls. Specifically for financial assets purchased or originated by the Company that have incurred a credit loss the
discounting is based on the credit-adjusted effective interest rate of that financial assets.For financial assets purchased or originated by the Company that have incurred a credit loss the Company recognizes only
the cumulative changes in expected credit losses over the entire expected life since initial recognition as the provision for loss on
the balance sheet date.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.
33The Company utilizes available reasonable and supportable information including forward-looking information by
comparing the risk of default occurring on the financial instruments as of the balance sheet date with the risk of default at initial
recognition date to determine whether the credit risk of the financial instruments has increased significantly since initial
recognition.As of the balance sheet date if the Company determines that the financial instruments only have low credit risk it is
assumed that the credit risk of the financial instruments has not increased significantly since initial recognition.The Company assesses expected credit risk and measures expected credit losses on the basis of individual financial
instruments or portfolios of financial instruments. When portfolios of financial instruments are used as the basis the Company
groups the financial instruments into different portfolios based on common risk characteristics.The Company remeasures expected credit losses at each balance sheet date with the resulting increases or reversals in the
provision for loss recognized as impairment losses or gains in profit or loss. For financial assets measured at amortized costs the
provision for loss reduces the book value of these financial assets presented in the balance sheet; for debt investments measured at
fair value with changes recognized in other comprehensive income the Company recognizes their provision for loss within other
comprehensive income without reducing the book value of these financial assets.
2) Financial instruments for which expected credit risk is assessed and expected credit losses are measured on a portfolio
basis
For accounts receivable items such as notes receivable accounts receivable other receivables and contract assets if a
customer's credit risk characteristics are significantly different from those of other customers in the portfolio or if the customer's
credit risk characteristics have changed significantly the Company assesses the provision for bad debts on an individual basis for
such receivables. Except for accounts receivable for which the provision for bad debts is assessed individually the Company
groups accounts receivable into portfolios based on credit risk characteristics and calculates the provision for bad debts on a
portfolio basis.Notes receivable accounts receivable and contract assets
For notes receivable accounts receivable and contract assets whether there is a significant financing component or not the
Company always measures its provision for loss at the amount equivalent to the expected credit losses during the entire duration.When the information of expected credit losses of a single financial asset or contract asset cannot be evaluated at a
reasonable cost the Company divides the notes receivable accounts receivable and contract assets into portfolios according to the
credit risk characteristics and calculates the expected credit losses on the basis of the portfolios. The basis for determining the
portfolios is as follows:
A. Notes receivable
Portfolio 1 of notes receivable: bank acceptance bills
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
34 Portfolio 3 of accounts receivable: credit risk characteristic combination
For the accounts receivable divided into portfolios the Company prepares the comparison table between the aging of
accounts receivable and the rate of expected credit loss throughout the duration by reference to the experience of historical credit
losses combining with the current situation and the forecast of future economic conditions and calculates the expected credit
losses. The aging of accounts receivable is calculated from the date of recognition.C. Other receivables
The Company classifies other receivables into several portfolios based on credit risk characteristics and calculates expected
credit losses on the basis of portfolios. The basis for determining portfolios is as follows:
Portfolio 1 of other receivables: portfolio of transactions with related parties within the consolidation scope
Portfolio 2 of other receivables: interest receivable portfolio
Portfolio 3 of other receivables: portfolio of transactions with other related parties
Portfolio 4 of other receivables: credit risk characteristic combination
For other receivables classified as portfolios the Company calculates the expected credit losses through the default risk
exposure and the rate of expected credit loss throughout the duration or in the next 12 months. For other receivables classified into
portfolios by aging the aging is calculated from the date of recognition.
(6) Transfer of financial assets
If the Company has transferred substantially all the risks and rewards of the ownership of the financial assets to the
transferee the financial assets will be derecognized; if it retains substantially all the risks and rewards of the ownership of the
financial assets the financial assets will not be derecognized.If the Company neither transfers nor retains substantially all the risks and rewards of the ownership of the financial assets
the treatment are as follows: if the Company gives up control of the financial assets the derecognition of the financial assets will
be carried out with the recognition of the resulting assets and liabilities; if the Company has not given up control of the financial
assets the relevant financial assets will be recognized to the extent of its continued involvement in the transferred financial assets
and the relevant liabilities will be recognized accordingly.
12. Notes receivable
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
13. Accounts receivable
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
14. Receivables financing
Not applicable.
3515. 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
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
36development 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.
37The Company adjusts the estimated net residual value of the assets held for sale to the net amount reflecting its fair value less
selling expenses (but not more than the original book value of the assets held for sale). The difference between the original book
value and the adjusted estimated net residual value is included in the current profit or loss as asset impairment loss and the
provision for impairment of assets held for sale is made at the same time. For the amount of asset impairment loss recognized by
the disposal group held for sale the book value of the goodwill in the disposal group shall be deducted first and then the ratio of
the book value of each non-current asset in the disposal group measured in accordance with the applicable standards shall be
deducted in proportion to its book value.If the net amount of the fair value of the disposal group held for sale minus sales expenses increases on subsequent balance
sheet dates the previously written-down amount shall be restored and reversed within the asset impairment loss of non-current
assets recognized under the measurement provisions of this standard after being classified as held for sale. The reversed amount
shall be included in the current profit or loss. The goodwill book value that has been offset and the asset impairment loss
recognized before the non-current assets subject to the measurement provisions of the relevant standards are classified as held for
sale shall not be reversed. The subsequent reversal amount of the asset impairment loss recognized for the disposal group held for
sale shall be increased in proportion to its book value according to the ratio of the book value of each non-current asset in the
disposal group that is subject to the measurement provisions of the relevant standards except for goodwill.No depreciation or amortization are made for the non-current assets held for sale and the assets in the disposal group held for
sale; Interest and other expenses on liabilities in the disposal group held for sale continue to be recognized. For all or part of the
investment in associates or joint ventures classified as held for sale accounting by equity method shall cease for the part classified
as held for sale and accounting by equity method shall continue for the retained part (not classified as held for sale); the use of the
equity method shall cease when the Company loses significant influence over the associates and joint ventures as a result of the
sale.If a non-current asset or disposal group is classified as held for sale but later no longer meets the classification conditions for
held for sale the Company shall stop classifying it as held for sale and measure it at the lower of the following two amounts:
1) The amount after adjusting the book value of the asset or disposal group before it is classified as held for sale for
depreciation amortization or impairment that would have been recognized if it had not been classified as held for sale;
2) Recoverable amount.
(2) Identification criteria of discontinued operations
Discontinued operations refer to the component that can be separately distinguished and has been disposed of by the
Company or classified by the Company as held for sale that meets one of the following conditions:
1) The component represents a separate major business or a sole major business area;
2) The component is a part of the associated plan on the intended disposal of an independent major business or a sole major
business area; or
3) The component is a subsidiary acquired only for re-sale.
(3) Presentation
The Company presents the non-current assets held for sale or the assets in the disposal group held for sale in the balance
sheet under the "assets held for sale" and the liabilities in the disposal group held for sale under the "liabilities held for sale".
38The Company presents the profit or loss of continuing operations and the profit or loss of discontinued operations in the
income statement separately. For non-current assets or disposal group held for sale that do not meet the definition of discontinued
operations their impairment losses reversal amounts and disposal profit or loss are presented as profit or loss from continuing
operations. The impairment loss from discontinued operation reversed amount and other profit or loss from operation as well as
profit or loss from disposal shall be presented as profit or loss from discontinued operation.A disposal group that is intended to be discontinued rather than sold and meets the conditions of the relevant components in
the definition of discontinued operations is presented as discontinued operations from the date of the discontinuance of its use.For the discontinued operations presented in the current period the information originally presented as the profit or loss of
continuing operations is re-presented as the profit or loss of the discontinued operations in the comparable accounting period in the
current financial statements. If the discontinued operations no longer meet the conditions for classification as held for sale the
information originally presented as profit or loss from discontinued operations is re-presented as the profit or loss from continuing
operations in the comparable accounting period in the current financial statements.
19. Debt investments
Not applicable
20. Other debt investments
Not applicable
21. Long-term receivables
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
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
39indirect holding of the investees' voting shares and the current executable potential voting rights held by the investor and other
parties after assumed conversion to investees' equity shall be taken into consideration including the impact of the current
convertible warrants share options and convertible corporate bonds issued by the investees.When the Company directly or indirectly owns more than 20% (including 20%) but less than 50% of the voting rights of the
investees through its subsidiary it is generally considered to have a significant influence on the investees unless there is clear
evidence that it cannot participate in the production and operation decision-making of the investees under such circumstances
which means no significant influence; when the Company owns less than 20% (exclusive) of the shares of voting rights of the
investees it is generally not considered to have significant influence on the investees unless there is clear evidence that it can
participate in the production and operation decision-making of the investees and in such case it has a significant influence.
(2) Determination of initial investment costs
1) If the combining party of long-term equity investments formed by business combinations under common control takes the
payment of cash transfer of non-cash assets assumption of debts or issuance of equity securities as the consideration for the
combination the share of of the book value of the owners' equity of the combining party in the consolidated financial statements of
the ultimate controller shall be taken as its initial investment cost on the combination date. The capital reserve (capital premium or
equity premium) is adjusted for the difference between the initial investment cost of the long-term equity investments and the book
value of the consideration paid for the combination or the total face value of the shares issued; If the capital reserve is insufficient
the difference is adjusted against retained earnings.For long-term equity investments realized step by step by business combination under the same control the book owners'
equity share of the combined party on the combination date calculated by the shareholding ratio shall be taken as the initial
investment cost of the investment. The capital reserve (capital premium or equity premium) shall be adjusted according to
difference between the initial investment cost and the sum of the book value of the original long-term equity investments plus the
book value of the newly paid consideration for further shares acquired on the combination date; if the capital reserve is insufficient
to be offset retained earnings shall be offset.
2) For long-term equity investments formed by business combination not under common control the fair value of the
combination consideration paid on the acquisition date shall be used as the initial investment cost.
3) Except for long-term equity investments formed by business combination: if it is obtained by paying cash the actual
purchase price paid shall be taken as its initial investment cost; if it is obtained by 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.
40When the equity method is adopted if the initial investment cost of the long-term equity investments is greater than the fair
value share of net identifiable assets of the investees that the investor is entitled to at the time of investment it shall be included in
the initial investment cost of the long-term equity investments; if the initial investment cost of the long-term equity investments is
less than the fair value share of net identifiable assets of the investees that the investor is entitled to at the time of investment the
difference shall be included in the current profit or loss and the cost of the long-term equity investments shall be adjusted at the
same time.When the equity method is adopted after the long-term equity investments are obtained the investment profit or loss and
other comprehensive income shall be recognized according to the share of net profit or loss and other comprehensive income
realized by the investees that should be enjoyed or shared and the book value of the long-term equity investments shall be adjusted.When the share of net profit or loss of the investees is recognized the net profit of the investees shall be adjusted and recognized
on the basis of the fair value of the identifiable assets of the investees at the time of acquisition of the investment in accordance
with the accounting policies and accounting period of the Company and offsetting the portion of internal transaction profit or loss
between associates and joint ventures that belong to the investing enterprise according to the shareholding ratio (but if the internal
transaction loss is an asset impairment loss it shall be recognized in full). The book value of the long-term equity investments
shall be reduced according to the part to be distributed calculated according to the profits or cash dividends declared to be
distributed by the investees. The Company recognizes the net loss incurred by the investees to the extent that the book value of the
long-term equity investments and other long-term interests that substantially constitute the net investment in the investees are
reduced to zero except that the Company is obliged to bear additional losses. For other changes in owners' equity of the investees
other than net profit or loss the book value of the long-term equity investments are adjusted and included in the owners' equity.If the Company can have significant influence on or exercise common control over the investees due to additional investment
or other reasons but does not constitute control the sum of the fair value of the original equity plus the newly increased
investment cost shall be taken as the initial investment cost with the accounting by equity method on the conversion date. If the
original equity is classified as non-trading equity instrument investment measured at fair value with changes recognized in other
comprehensive income the accumulated fair value changes related to it originally included in other comprehensive income shall
be transferred to retained earnings when changed to accounting by equity method.Where the common control or significant influence on the investees is lost due to the disposal of part of the equity
investments or other reasons the remaining equity after disposal shall be accounted for in accordance with Accounting Standards
for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments on the date of loss of common control or
significant influence and the difference between the fair value and the book value shall be included in the current profit or loss.For the other comprehensive income of the original equity investments recognized by adopting the accounting by equity method
the accounting treatment shall be made on the same basis for the direct disposal of the relevant assets or liabilities by the investees
when the accounting by equity method is 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.
41If 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.
30 Impairment of long-term assets for the method of asset impairment.
23. Investment properties
Measurement mode of investment properties
Measurement by cost method
Depreciation and amortization methods
(1) Investment properties include leased land use right land use right held for transfer upon appreciation and leased
buildings.
(2) The investment properties are initially measured at cost subsequent measurement is made by using the cost model and
depreciation or amortization is provided by using the same method as that for fixed assets and intangible assets. On the balance
sheet date if there is any sign that the investment properties are impaired the corresponding provision for impairment shall be
made according to the difference between the book value and the recoverable amount. The difference between the disposal
proceeds of an investment property (through sale transfer retirement or damage) and its book value net of related taxes and fees
is recognized in current profit or loss.
24. Fixed assets
(1) Recognition conditions
Fixed assets refer to tangible assets held for the production of goods provision of labor services leasing or operation and
management and with a service life of more than one accounting year. Fixed assets are recognized only when the economic
benefits associated with them are likely to flow into the enterprise and their costs can be measured reliably. Fixed assets are
initially measured at the actual cost at the time of acquisition. Subsequent expenses related to fixed assets are included in the cost
of fixed assets when the economic benefits related to them are likely to flow into the Company and their cost can be measured
reliably; the daily repair costs of fixed assets that do not meet the conditions for capitalization of subsequent expenses of fixed
assets are included in the current profit or loss or in the cost of related assets according to the beneficiary object when incurred. For
the replaced part its book value is derecognized.
(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
42constructions
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 earned
43from 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. Biological assets
Not applicable
28. Oil and gas assets
Not applicable
29. Intangible assets
(1) Service life and basis for determination estimates amortization method or review procedure
1) Intangible assets include land use right software right of use etc. are initially measured at cost and the service life is
analyzed and judged when the intangible assets are obtained.
2) Intangible assets with limited service life shall be amortized systematically and reasonably within the service life
according to the expected realization method of the economic benefits related to the intangible assets. If the expected realization
method cannot be reliably determined straight-line method shall be adopted for amortization. The specific periods are as follows:
Item Amortization period (years)
Land use rights Statutory use period of land use right
Right of use of software 5
Intangible assets with uncertain service life are not amortized and the Company reviews the service life of such intangible
assets in each accounting period. If different from the previous estimate the original estimate is adjusted and treated as changes in
accounting estimates.
3) For the method of asset impairment provision for intangible assets please refer to the relevant notes to the financial
statements V. 30 Impairment of long-term assets for details.
(2) Scope of R&D expenditures and related accounting treatments
1) Scope of R&D expenditures
The Company classifies all expenses directly related to the R&D activities as R&D expenditures including employee
compensation of R&D personnel material input costs depreciation costs and amortization expenses.
2) Accounting treatments related to R&D expenditures
Expenditures in the research stage of internal research and development projects are included in the current profit or loss
when incurred. Expenditures in the development phase of internal research and development projects are recognized as intangible
assets if the following conditions are met: * it is technically feasible to complete the intangible assets so that they can be used or
44sold; * 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.
30. Impairment of long-term assets
For long-term equity investments investment properties measured by the cost model fixed assets construction in progress
right-of-use assets intangible assets with limited service life goodwill and other long-term assets the Company shall on the
balance sheet date make a judgment on whether there is any indication that the assets may have impairment. For goodwill and
intangible assets with uncertain service life arising from business combination the impairment test shall be conducted every year
regardless of whether there are any indications of impairment. The impairment test shall be carried 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
45amount shall be compared. If the recoverable amount is lower than the book value the impairment losses of goodwill shall be
recognized.
31. 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.
32. Contract liabilities
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.
33. 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;
46* 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.
34. Estimated liabilities
(1) When an obligation related to the contingency become the present obligation of the Company and the performance of
such obligation is likely to result in an outflow of economic benefits from the Company and the amount of such obligation can be
measured reliably the Company recognizes it as estimated liabilities.
(2) The Company conducts the initial measurement of the estimated liabilities according to the best 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.
35. Share-based payments
Not applicable
36. Preferred shares perpetual bonds and other financial instruments
Not applicable
4737. 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
property 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.* 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.
48* 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 method of recognizing real estate sales revenue
The sales revenue is recognized when the developed products have 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 developed products have been transferred to the buyer the Company no longer retains the continuing management rights
usually associated with the ownership and effective control of the sold developed products 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. 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 method of revenue recognition from property management
For the property management services provided by the Company the revenue shall be recognized according to the progress
of the property services provided.
3)Specific method of revenue recognition from rental property
The revenue is recognized in accordance with the lease standards and the Company recognizes the revenue in accordance
with the straight-line method or other reasonable methods during the lease term agreed 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 will be recognized when the customer obtains control of the relevant products.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.
49* Recognition and measurement method for revenue from system integration contract
System integration includes the sales and installation of purchased goods and software products. The system has been
installed and debugged and has been put into trial operation or the preliminary inspection report of the purchaser has been obtained;
the economic benefits associated with the transaction can flow into the enterprise; the revenue is recognized when the relevant
revenue and costs can be measured reliably.* Recognition and measurement method of technical service revenue
Technical service mainly refers to the business of providing consulting implementation and after-sales service of products to
customers according to contract requirements. If the service period is agreed in the contract it shall be regarded as the performance
obligations to be performed within a certain period of time. During the service provision period the revenue shall be recognized
according to the service period agreed in the contract and the service settled with the customer.
5) Other business revenue is recognized when the performance obligations in the contract are fulfilled that is when the
customer obtains the relevant control over goods according to the relevant contracts or agreements.
(4) Measurement of revenue
The Company shall measure revenue based on the transaction price allocated to each individual performance obligation.When determining the transaction prices the Company considers the impact of factors such as variable consideration significant
financing components in the contract non-cash consideration and consideration payable to customers.
1) Variable consideration
The Company determines the best estimate of a variable consideration based on the expected value or the most likely amount
but the transaction prices containing a variable consideration shall not exceed the amount of accumulated recognized revenue that
is highly unlikely to be significantly reversed when the relevant uncertainty is eliminated. When an enterprise evaluates whether a
major reversal of accumulated recognized revenue is very unlikely to occur it should also consider the possibility and proportion
of revenue reversal.
2) Significant financing component
If there is a significant financing component in the contract the Company shall determine the transaction prices according to
the payable amount that is assumed to be paid in cash by the customer when the customer obtains the right of control over goods.The difference between the transaction price and the contract consideration shall be amortized using effective interest method
during the contract period.
3) Non-cash consideration
If the customer pays non-cash consideration the Company shall determine the transaction price according to the fair value of
the non-cash consideration. If the fair value of the non-cash consideration cannot be reasonably estimated the Company
determines the transaction prices indirectly by referring to the stand-alone selling prices it promises for transferring the goods to
the customer.
4) Consideration payable to customers
For consideration payable to customers the consideration payable should be offset against the transaction prices and should
offset the current revenue at the later of the recognition of relevant revenue and the payment (or commitment to pay) of the
50customer 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
38. Contract costs
Contract costs are divided into contract performance costs and contract acquisition costs.If the cost incurred by the Company to perform the contract meet the following conditions at the same time it shall be
recognized as an asset as the contract performance cost:
(1) The cost is directly related to a current contract or an expected contract to be obtained including direct labor direct
materials manufacturing overhead (or similar expenses) costs expressly borne by the customer and other costs incurred solely
due to the contract;
(2) The cost increases the resources that the enterprise will use to fulfill its performance obligations in the future;
(3) Such cost is expected to be recovered.
If the incremental costs incurred by the Company to obtain the contract are expected to be recovered the incremental costs
shall be recognized as an asset as the contract acquisition cost ; however if the asset amortization period does not exceed one year
it can be included in the current profit or loss when it occurs.Assets related to the contract costs are amortized on the same basis as the recognition of the revenue of the goods or services
related to the asset.If the book value of the assets related to the contract costs is higher than the difference between the following two items the
Company will make provision for impairment for the excess and recognize it as asset impairment loss:
(1) The remaining consideration expected to be obtained by the transfer of goods or services related to the assets;
(2) The estimated cost to be incurred for the transfer of the relevant goods or services.
If the above provision for asset impairment is subsequently reversed the book value of the asset after the reversal shall not
exceed the book value of the asset on the reversal date under the assumption that no provision for impairment is made.
5139. 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.
(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. When the recognized government subsidy needs 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.
40. 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:
521) 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.
41. Lease
(1) Accounting treatments for leases in which the Company is the lessee
On the lease commencement date the Company recognizes leases that do not exceed 12 months and do not include purchase
options as short-term leases; if the single leased assets are new and with a low value the leases are recognized as leases of low
value assets. If the Company subleases or expects to sublease the leased assets the original leases shall not be recognized as leases
of low value assets.For all short-term leases and leases of low value assets the Company during each period of the lease term includes the lease
payments into the relevant asset cost or the current profit or loss according to the straight-line method.Except for the above-mentioned short-term leases and leases of low value assets with simplified treatment the Company
recognizes the right-of-use assets and lease liabilities for the lease on the lease commencement date.
1) Right-of-use assets
53Right-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
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.
541) 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.
55If the transfer of assets in the sale and leaseback transactions is a sale the lessee measures the right-of-use assets arising from
the sale and leaseback according to the part of the book value of the original assets related to the right of use obtained from the
leaseback and only recognizes the relevant gains or losses on the rights transferred to the lessor. The lessor accounts for asset
purchase in accordance with other applicable accounting standards for business enterprises and conducts accounting treatment for
the asset lease in accordance with Accounting Standards for Business Enterprises No. 21 - Leases.If the transfer of assets in the sale and leaseback transactions is not a sale the lessee continues to recognize the transferred
assets and recognizes the financial liabilities equal to the transfer revenue. Meanwhile the lessee accounts for the financial
liabilities in accordance with Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial
Instruments. The lessor does not recognize the transferred assets but recognizes financial assets equal to the revenue transferred. It
also accounts for that financial asset in accordance with Accounting Standards for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments.
42. Other major accounting policies and accounting estimates
43. Major changes in accounting policies and accounting estimates
(1) Major changes in accounting policies
□Applicable□Not Applicable
(2) Major changes in accounting estimates
□Applicable□Not Applicable
(3) Adjustments of relevant items of financial statements at the beginning of the year in the year of initial implementation
of new accounting standards from 2025
□Applicable□Not Applicable
44. Others
The beginning balance in the notes to the financial statements refers to the data in the financial statements as of January 1 2025.The ending balance refers to the data in financial statements as of June 30 2025. The current period refers to the period from
January to June 2025 and the same period last year refers to the period from January to June 2024. These principles also apply to
the parent company.VI. Taxation
1..Main tax types and tax rates
Tax type Tax basis Tax rate
Value-added tax Sales of goods or provision of taxable services [Note 1]
Apply 7% 5% and 1% respectively by
Urban maintenance and Turnover tax payable regional level
56construction tax
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 property rights of
Land value increment tax 30%-60%
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 of the property is
Property taxes 1.2%、12%
deducted by 30% at one time; if levied by lease
it is calculated and paid at 12% of rental
income
Education surcharge Turnover tax payable 3%
Local education surcharges Turnover tax payable 2%
If there are taxpayers with different corporate income tax rates please disclose with an explanation
Name of taxpayer Income tax rate
Chongqing Shenguomao Real Estate Management Co. Ltd. 15%
Chongqing Branch of Shenzhen International Trade Center
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%
Shenzhen Yufa Industrial Co. Ltd. 20%
Chongqing Aobo Elevator Co. Ltd. 20%
Shenzhen SZPRD Fuyuantai Development Co. Ltd. 20%
Shenzhen Fuyuanmin Property Management Co. Ltd. 20%
Shenzhen Meilong Industrial Development Co. Ltd. 20%
Shenzhen Sports Service Co. Ltd. 20%
Shenzhen Penghongyuan Industrial Development Co. Ltd. 20%
Shenzhen International Trade Center Mechanical and
20%
Electrical Equipment Co. Ltd.Shenzhen ShenShan Special Cooperation Zone Shenzhen
International Trade Center Property Management 20%
Development 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 Shenfubao Municipal Service Co. Ltd. 20%
Shenzhen Jiayuan Property Management Co. Ltd. 20%
Shenzhen ITC Shenlv Garden Co. Ltd. 20%
Beijing Facility Management Community Technology Co. 20%
57Ltd.
Shenzhen ITC Space Service Co. Ltd. 20%
Shenzhen Guomao Catering Co. Ltd. 20%
A subsidiary registered in Hong Kong 16.50%
A subsidiary registered in Vietnam 20%
Other taxpayers within the consolidation scope 25%
2.Tax incentives
(1) According to the provisions of Article 2 Property service of the 37th category of commercial service industry in the incentive
category of the Guidance Catalogue of Industrial Structure Adjustment (2011 Edition) Order 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 19
2022. The certificate number is GR202244204675 and the validity period is three years. According to the tax law the preferential
corporate income tax rate of 15% applies for 2025.
(3) According to the Announcement on Preferential Income Tax Policies for Small and Micro Enterprises and Individual Business
Entities (CZB SWZJ GG [2023] No.6) issued by the Ministry of Finance and the State Taxation Administration and according to
the Announcement on Tax Policies for Further Supporting the Development of Small and Micro Enterprises and Individual
Business Entities (CZB SWZJ GG [2023] No.12) issued by the Ministry of Finance and the State Taxation Administration small
low-profit enterprises enjoy a corporate income tax reduction with 25% of the actual corporate income for calculating taxable
income and 20% as the tax rate. The resource tax (excluding water resources tax) urban maintenance and construction tax
housing tax urban land use tax stamp duty (excluding stamp duty on securities transactions) farmland occupation tax education
surcharge and local education surcharge shall be halved for small-scale value-added tax payers small low-profit enterprises and
individual business entities with the validity period from January 1 2023 to December 31 2027. A total of 27 subsidiaries
including Shenzhen Property Engineering and Construction Supervision Co. Ltd. and Shenzhen ITC Chuntian Commercial
Management 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% --
58VII. Notes to items in consolidated financial statements
1. Monetary funds
Unit: RMB
Item Ending balance Beginning balance
Cash on hand 8903.16 10705.64
Bank deposits 2841912891.68 1672092309.74
Other monetary funds 4340799.32 6013628.74
Total 2846262594.16 1678116644.12
Including: total amount deposited
69948385.1068560621.79
abroad
Other explanations
At the end of the period the amount of funds of restricted funds due to mortgage pledge freezing etc. is
RMB65755570.64 mainly including the guarantee and interest of RMB4253979.76.; The restricted funds in the bank deposits
mainly include the frozen funds of RMB3879288.08 and the principal and interest of time deposits of RMB57622302.80; 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
Including:
Including:
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
Commercial acceptance bills 20000.00 0.00
Total 20000.00 0.00
59(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
Includ
ing:
Notes
receivab
le with
provisio
n for bad 20000.0 20000.0
100.00%
debts on 0 0
a
combina
tion
basis
Includ
ing:
Bank
acceptan
ce bills
Commer
cial 20000.0 20000.0
100.00%
acceptan 0 0
ce bills
20000.020000.0
Total 100.00%
00
Name of category of provision for bad debts on a combination basis:
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Bank acceptance bills
Commercial acceptance bills 20000.00
Total 20000.00
Explanation on the basis for determining the combination:
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
60Changes in the current period
Beginning
Type
balance Recovery or
Ending balance
Provision Write-off Others
reversal
Significant amounts of recovered or reversed provision for bad debts for the current period:
□ Applicable□Not Applicable
(4) The Company's pledged notes receivable at the end of the period
Unit: RMB
Item Ending pledged amount
(5) Notes receivable endorsed or discounted by the Company and not yet due on the balance sheet date at
the end of the period
Unit: RMB
Item Ending derecognized amount Ending un-derecognized amount
(6) Actual write-off of notes receivable for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important notes receivable:
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) 418971973.27 305894933.54
1-2 years 52399948.83 176468618.29
2 to 3 years 139811257.05 19438565.01
Over 3 years 138231078.31 136095567.36
3 - 4 years 8227906.96 9641324.19
4 to 5 years 5989970.28 9475754.83
Over 5 years 124013201.07 116978488.34
Total 749414257.46 637897684.20
61(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 114650 112605 214591 114667 112621 204591
15.30%98.22%17.98%98.22%
n for bad 942.41 022.85 9.56 552.55 632.99 9.56
debts on
an
individu
al basis
Includ
ing:
Account
s
receivab
le with
provisio
634763781462556517523230492613473968
n for bad 84.70% 12.31% 82.02% 9.41%
315.0517.77097.28131.6521.61810.04
debts on
a
combina
tion
basis
Includ
ing:
749414190751558663637897161882476014
Total 100.00% 25.45% 100.00% 25.38%
257.46240.62016.84684.20954.60729.60
Name of category of provision for bad debts on an individual basis: provision for bad debts on an individual basis
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
Involved in
Jiyong Property
93811328.05 93811328.05 93811328.05 93811328.05 100.00% litigation and
Development
irrecoverable
Co. Ltd.Shenzhen
Tewei Estimated to be
2836561.002836561.002836561.002836561.00100.00%
Industrial Co. irrecoverable
Ltd.Shenzhen
Lunan Estimated to be
2818284.842818284.842818284.842818284.84100.00%
Industrial irrecoverable
Development
62Company
Shenzhen
Hampoo
Electronic Estimated to be
1436020.291433070.291436020.291433070.2999.79%
Technology irrecoverable
Development
Co. Ltd.Accounts
receivable with
insignificant
Failed to
single amount
13765358.37 11722388.81 13748748.23 11705778.67 85.14% recover for a
but subject to
long time
provision for
bad debts on an
individual basis
Total 114667552.55 112621632.99 114650942.41 112605022.85
Name of category of provision for bad debts on a portfolio basis: provision for bad debts on a portfolio basis by credit risk
characteristics
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Credit risk characteristic
401910950.7770625123.3817.57%
combination
Current combinations of other
187515144.207521094.394.01%
related parties
Government funding
45337220.080.00
combination
Total 634763315.05 78146217.77
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
Beginning
Type
balance Recovery or
Ending balance
Provision Write-off Others
reversal
Provision for
bad debts
112621632.9916610.14112605022.85
accrued on an
individual basis
Provision for
bad debts made 49261321.61 29265792.07 380895.91 78146217.77
by portfolio
Total 161882954.60 29265792.07 397506.05 190751240.62
63Significant 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
(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
Ending balance of
Ratio to the total
provision for bad
Ending balances of amount of ending
Ending balance of debts of accounts
Ending balance of accounts balance of
Entity name accounts receivable and
contract assets receivable and accounts
receivable provision for
contract assets receivable and
impairment of
contract assets (%)
contract assets
Shenzhen Futian
Talent Housing 109392112.37 109392112.37 14.59% 32817633.71
Co. Ltd.Shenzhen Jiyong
Property
93811328.0593811328.0512.51%93811328.05
Development Co.Ltd.Shenzhen Bay
Technology
82285325.9482285325.9410.98%3358418.44
Development Co.Ltd.Hebei Shenbao
Investment
35552402.29197763.6035750165.894.77%1208889.12
Development Co.Ltd.Shenzhen Futian
25099359.9925099359.993.35%0.00
District
64Government
Property
Management
Center
Total 346140528.64 197763.60 346338292.24 46.20% 131196269.32
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 314906.08 314906.08 468765.62 468765.62
municipal
works
Total 314906.08 314906.08 468765.62 468765.62
(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
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
□ 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
65Basis 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 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:
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 Expected credit loss
Provision for bad debts Expected credit losses throughout the duration throughout the duration Total
over the next 12
(without credit (with credit
months
impairment) impairment)
66Balance as at January
1 2025 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
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
Other explanations:
(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
67Explanation 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 265131636.08 273333289.51
Total 265131636.08 273333289.51
(1) Interest receivable
1) Classification of interest receivable
Unit: RMB
Item Ending balance Beginning balance
Total 0.00 0.00
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
Type Beginning Changes in the current period Ending balance
68balance 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
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
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
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
694) 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 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 17362954.79 15529043.09
Guarantee 32480469.57 33305992.74
Petty cash 140600.00 107431.74
Withholding payments 14561413.23 14146194.97
Current accounts 627584747.57 631105205.00
Others 29134146.31 27382989.67
Total 721264331.47 721576857.21
2) Disclosure by aging
Unit: RMB
70Aging Ending book balance Beginning book balance
Within 1 year (including 1 year) 23811660.91 26526466.14
1-2 years 4250501.12 19386864.72
2 to 3 years 24997898.27 10280135.75
Over 3 years 668204271.17 665383390.60
3 - 4 years 35382198.50 569228726.25
4 to 5 years 544952654.73 31121307.77
Over 5 years 87869417.94 65033356.58
Total 721264331.47 721576857.21
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 87.04% 62.51% 87.00% 62.51%
434.33624.92809.41434.33624.92809.41
on an
individu
al basis
Including:
Provisio
n for bad
934938637270297668938064558379379684
debts 12.96% 68.16% 13.00% 59.52%
97.1470.4726.6722.8842.7880.10
made by
portfolio
Including:
721264456132265131721576448243273333
Total 100.00% 63.24% 100.00% 62.12%
331.47695.39636.08857.21567.70289.51
Name of category of provision for bad debts on an individual basis: provision for bad debts on an individual basis
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
Holdings Co.Ltd. and its
Prudent
related party
587289550.00 362846450.00 587289550.00 362846450.00 61.78% judgment on
Shenzhen
recovery risk
Xinhai
Rongyao Real
Estate
Development
71Co. Ltd.
Shenzhen
Qianhai
Advanced
Information
Service Co.Ltd.It is expected
Shenzhen
that there is no
Tianjun
10000000.00 10000000.00 0.00% risk of
Industrial Co.irrecoverable
Ltd.amount
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.Failed to
Dameisha
2576445.69 2576445.69 2576445.69 2576445.69 100.00% recover for a
Tourism Center
long time
Failed to
Elevated Train
2542332.43 2542332.43 2542332.43 2542332.43 100.00% recover for a
Project
long time
Accounts
receivable with
insignificant
Failed to
single amount
16414268.43 15492559.02 16414268.43 15492559.02 94.38% 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 portfolio basis: provision for bad debts on a portfolio basis by credit risk
characteristics
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Within 1 year 23008610.76 690258.32 3.00%
1-2 years 4191553.52 419155.35 10.00%
2-3 years 2719699.62 815909.89 30.00%
3-4 years 2287474.91 1143737.46 50.00%
4-5 years 3142744.44 2514195.56 80.00%
Over 5 years 58143813.89 58143813.89 100.00%
Total 93493897.14 63727070.47
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
72Phase I Phase II Phase III
Expected credit loss Expected credit loss
Provision for bad debts Expected credit losses throughout the duration throughout the duration Total
over the next 12
(without credit (with credit
months
impairment) impairment)
Balance as of January
55837942.78392405624.92448243567.70
12025
Balance as at January
1 2025 forwarded to
the current period
Provision for the
8296670.748296670.74
current period
Reversal in this period 407543.05 407543.05
Balance as of June 30
63727070.47392405624.92456132695.39
2025
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 392405624.92 392405624.92
individual basis
Provision for
bad debts made 55837942.78 8296670.74 407543.05 63727070.47
by portfolio
Total 448243567.70 8296670.74 407543.05 456132695.39
Reversal or recovery of significant amount of provision for bad debts in 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
735) 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:
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 4 to 5 years over 5
Real Estate Development 375068984.55 52.00% 231729731.18
accounts years
Co. Ltd.Current 4 to 5 years over 5
Shenzhen Xinhai Holdings 201499990.18 27.94% 124493201.20
accounts years
Shenzhen Bengling Joint
Current
Stock Cooperative 30000000.00 Over 5 years 4.16% 24000000.00
accounts
Company
Shenzhen Qianhai
Current
Advanced Information 10720575.27 4 to 5 years 1.49% 6623517.62
accounts
Service Co. Ltd.Shenzhen Tianjun Industrial Current
10000000.00 4 to 5 years 1.39%
Co. Ltd. accounts
Total 627289550.00 86.98% 386846450.00
7) Reported as other receivables due to centralized fund management
Unit: RMB
Other explanations:
9. Advances to suppliers
(1) Advances to suppliers are listed by aging
Unit: RMB
Ending balance Beginning balance
Aging
Amount Ratio Amount Ratio
Within 1 year 6343116.87 75.67% 5575416.69 71.58%
1-2 years 1290600.25 15.40% 1533388.81 19.69%
742 to 3 years 410009.60 4.89% 352506.38 4.52%
Over 3 years 338467.79 4.04% 327861.81 4.21%
Total 8382194.51 7789173.69
Explanation of the reasons for the delayed settlement of advances to suppliers with an aging of over 1 year and significant amounts:
(2) Prepayment status of the top five year-end balances collected by prepaid objects
Ratio to the total ending
Entity name Ending balance
balance of prepayments (%)
Chongqing Yudi Assets Operation Management Co. Ltd. 1926139.50 22.98%
Qinghai Shunsen Construction Labor Service Co. Ltd. 1067244.00 12.73%
China Construction Third Engineering Bureau Second Construction 1034023.19 12.34%
Engineering Co. Ltd
Beijing Jingdong Century Information Technology Co. Ltd. 878610.59 10.48%
The Fifth Construction Engineering Co. Ltd. of China Construction
568181.046.78%
Fourth Engineering Co. Ltd.Total 5474198.32 65.31%
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 the 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 10598952952 1159179944. 9439773007. 10400305603 1159179944. 9241125658.costs .63 88 75 .19 88 31
Developing 1406882144. 1320418613. 1538484990. 1442730360.
86463531.1095754630.32
products 51 41 57 25
Raw materials 1457947.31 907923.88 550023.43 1497761.18 907923.88 589837.30
75Inventories of
2414524.132098762.11315762.022407119.312094300.39312818.92
goods
Low-value
311093.55311093.55286478.63286478.63
consumables
120100186621248650161.10761368500119429819521257936799.10685045153
Total.1397.16.8847.41
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 Septem 84000 60105 61477
137202 533687 56308 Bank
City 15 ber 10 00000. 63047. 65665.
617.72 652.29 057.15 loans
Project 2020 2026 00 67 39
Humen
March August 32175 27414 27531
Binhai 11712 31742 73596 Bank
223090000.18798.31487.
Harbor 689.67 837.16 71.80 loans
20222025002188
Project
Shenya
ng
May 37747 15344 15808
Digital March 46451 14348 55265 Bank
3090000.18436.70431.
Intellig 6 2023 994.76 466.35 73.74 loans
2026005127
ent City
Project
Land in
Hongqi 66484 66484
Others
Town 04.13 04.13
Haikou
Shenhu
3737237372
i Others
797.39797.39
Garden
Fuyuan
199681776721745
tai Others
532.6203.09235.71
Project
499151503351418
Others Others
586.6644.20930.86
153921040010598
19864757977869194
Total 380000 305603 952952
349.44955.80302.69.00.19.63
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
76SZPRD · Co
December 1 83077702.9
vered Bridge 3447316.75 3447316.75
20126
International
SZPRD · La
30049833.930049833.910446911.4
keside Royal June 1 2015
883
View Phase I
SZPRD · Ba
January 12 27205315.9
nshan Yujing 3479487.46 3479487.46
20225
Phase II
SZPRD · So
22232784.121859629.430539392.6
nghu July 1 2017 373154.76
935
Langyuan
SZPRD · La
keside Royal November 1 30166422.6 30086718.4
79704.15
View Phase 2017 4 9
II
SZPRD · Gol
December 1 11425826.0 10908160.0
den Ling 517666.08
201991
Holiday
SZPRD · Fuc
hang Garden
January 18
Phase II 4951526.83 4951526.83
2023
(Fuhui
Huayuan)
SZPRD · Yut December 3 142390560 117957170. 130594843 11490648.5
ang Shangfu 2024 8.27 29 7.98 5
Guomao December 1 26385636.2
4839083.104839083.10
Plaza 1995 9
Area A
Huangyuyua June 1 2001 790140.58 790140.58
n
Podium
building of November 1
645532.65645532.65
Fuchang 1999
Building
Other
2551428.032284656.85266771.18
projects
153848499131602846.140688214189145607.
Total
0.57064.5183
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
77(3) Provision for inventory depreciation and provision for impairment of contract performance costs
The provision for inventory depreciation shall be disclosed in the following format:
Classification by nature
Unit: RMB
Increase in the current period Decrease in the current period
Beginning Ending
Item
balance Reversal or
Remark
Provision Others Others balance
write-off
Development 115917994 115917994
costs 4.88 4.88
Developing 95754630.3 86463531.1
9291099.22
products 2 0
Raw
907923.88907923.88
materials
Inventories
2094300.394461.722098762.11
of goods
125793679124865016
Total 4461.72 9291099.22
9.471.97
Classification by main items:
Unit: RMB
Increase in the current period Decrease in the current period
Beginning Ending
Project
balance Reversal or
Remark
Provision Others Others balance
write-off
Land in
Hongqi
6648404.136648404.13
Town
Haikou
Humen
Binhai 100322164 100322164
Harbor 7.34 7.34
Project
Shenyang
Digital 149309893. 149309893.Intelligent 41 41
City Project
Yutang
95754630.386463531.1
Shangfu 9291099.22
20
Project
125493457124564347
Total 9291099.22
5.205.98
(4) The capitalization rate of interest in the ending balance of inventories
Capitalization amount Capitalization Amount carried Capitalization amount
Project at the beginning of the amount of the forward of the at the end of the
period current period current period period
SZPRD · Golden Ling Holiday 68298.63 65790.15 2508.48
SZPRD ·Lanhu Shidai 477379595.14 56308057.15 533687652.29
SZPRD · Covered Bridge International 2971986.54 2971986.54
SZPRD · Lakeside Royal View Phase I 1220274.10 1220274.10
78SZPRD · Harbour Palace 24383165.36 7359671.80 31742837.16
SZPRD · Yutang Shangfu 7201211.25 595632.49 6605578.76
Shenzhen Property · Shenyang Digital
8821892.615526573.7414348466.35
Intelligent City
Total 522046423.63 69194302.69 661422.64 590579303.68
(5) Restricted inventories situation
Disclosure of restricted inventories by item:
Unit: RMB
Project Beginning balance Ending balance Reason for restriction
Land use right of Lake City Project Phase
401867324.00 401867324.00 Loan collateral
II plot
Land use rights of Plot B and Plot D and
construction in progress of Plot D of
474272747.56 827202214.91 Loan collateral
Yangzhou Shenyang Digital Intelligent
City Project
Total 876140071.56 1229069538.91
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 30712080.47 26330826.55
79Input tax to be deducted 134244089.72 140627987.61
Prepaid income tax 25753050.30 2883055.01
Prepaid land value increment tax 10704011.00 8078866.26
Prepaid urban construction tax 3084187.48 2215820.29
Advance payment of education
2203051.131582870.76
surcharges
Instant collection and refund of value-
1687.34
added tax on software sales receivable
Total 206700470.10 181721113.82
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 Expected credit loss
Provision for bad debts Expected credit losses throughout the duration throughout the duration Total
over the next 12
(without credit (with credit
months
impairment) impairment)
Balance as at January
1 2025 forwarded to
the current period
Basis for division of each stage and ratio of provision for bad debts
80(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
Other explanations:
15. Other debt investments
(1) Other debt investments
Unit: RMB
Accumula
ted
provision
Fair value for
Cumulati
Interest changes impairme
Beginnin Accrued Ending ve fair
Item adjustmen of the Cost nt Remark
g balance interest balance value
t current recognize
changes
period d in other
comprehe
nsive
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
81Phase I Phase II Phase III
Expected credit loss Expected credit loss
Provision for bad debts Expected credit losses throughout the duration throughout the duration Total
over the next 12
(without credit (with credit
months
impairment) impairment)
Balance as at January
1 2025 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:
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
Reasons
Gains Losses designated
Gains Loss
accumulate accumulate as being
accrued to accrued to Dividend
d into other d into other measured
other other income
comprehen comprehen at fair
Beginning comprehen comprehen recognized Ending
Project sive sive value
balance sive sive during the balance
income at income at through
income in income in current
the end of the end of other
the current the current period
the current the current comprehen
period period
period period sive
income
Jintian
Not for
Industrial 2994983.1
586231.82 98726.72 484772.21 trading
(Group) 0
purpose
Co. Ltd.
2994983.1
Total 586231.82 98726.72 484772.21
0
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
82Unit: RMB
Amount Reasons
Reasons for the
transferred designated as
transfer of other
Recognized from the other being measured
Cumulative Cumulative comprehensive
Project dividend comprehensive at fair value
gains loss income into
income income to through other
retained
retained comprehensive
earnings
earnings income
Jintian
Industrial Not for trading
3105584.10
(Group) Co. purpose
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
Total 0.00 0.00
(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 Expected credit loss
Provision for bad debts Expected credit losses throughout the duration throughout the duration Total
over the next 12
(without credit (with credit
months
impairment) impairment)
Balance as at January
1 2025 forwarded to
the current period
Basis for division of each stage and ratio of provision for bad debts
83(3) 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 Others
reversal off
Reversal or recovery of significant amount of provision for bad debts in 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:
(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
Begin ment Adjust e of
ning Cash
Beginni profit ment
provisi
divide Prov Endingbalanc
ng or loss of
on for
e of Additi Reduc Chang nds or ision
balanc
Investees balance recogn other
impair
provis onal ed es in profits for Oth
e
ment
(book ized compr
ion for invest invest other declar imp ers
(book
value) under ehensi
as at
impair ment ment equity ed to airm
value)
the ve the end
ment be entequity incom of the
paid
metho e period
d
I. Joint ventures
84Shenzhen -
22993
Property Jifa 232356 2420
6096.
Warehousing 600.97 504.1
79
Co. Ltd. 8
Shenzhen
Tian'an
International -
5739074965
Building 7736
1.23416.79
Property 54.44
Management
Co. Ltd.-
23490
2380953194
Sub-total 1513.
672.20158.6
58
II. Associates
Shenzhen
Wufang 1898 18983
Ceramic 3614. 614.1
Industry Co. 14 4
Ltd.Shenzhen
Comfort
165016500
Health
00.000.00
Products Co.Ltd.Shenzhen
Xinghao
Imitation 7566 75667
Porcelain 70.68 0.68
Products Co.Ltd.Shenzhen
Social Welfare
Company 3266 32669
Fuda 93.24 3.24
Electronics
Factory
Shenzhen
Fulong 1684
1684
Industrial 350.0
350.00
Development 0
Co. Ltd.
2733
Haonianhua 2733
570.0
Hotel 570.05
5
Shenzhen
Education 5000 50000
Fund Longhua 00.00 0.00
Investment
Shenzhen
Kangle Sports 5400 54006
Club Huangfa 60.00 0.00
Branch
Factory 1168
1168
building in 973.2
973.20
Dankeng 0
85Village
Fumin
Guanlan
Town
Shenzhen
Shenzhen
Xiongniu
500050000
Bowling
00.000.00
Entertainment
Co. Ltd.Shenzhen
1030
Yangyuan 1030
000.0
Industrial Co. 000.00
0
Ltd.Jia Kaifeng
Company 6000 60000
Bao'an 00.00 0.00
Company
Guiyuan Auto 3500 35000
Repair Plant 00.00 0.00
Shenzhen
Wuwei Roof 5000 50000
Landscaping 00.00 0.00
Co. Ltd.Shenzhen
Yuanping
Plastic Steel 2400 24000
Doors and 00.00 0.00
Windows Co.Ltd.Shenzhen
Youfang
100010000
Printing and
00.000.00
Distribution
Co. Ltd.Shenzhen
Lusheng
100010000
Industrial
00.000.00
Development
Co. Ltd.China
Construction
Engineering
30916
Corporation 300921 8245
650.7
Group Smart 33.32 17.42
4
Parking
Technology
Co. Ltd.
30273091630278
3009218245
Sub-total 8931. 650.7 931.3
33.3217.42
3141
-
30272658130278
2681872369
Total 8931. 8164. 931.3
805.52641.2
31321
0
The recoverable amount is determined at the net amount of the fair value minus the disposal expenses
□ Applicable□Not Applicable
86The 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
900141059.9014495902.2039665598.78954302560.88
balance
2. Increase in the
9906909.209906909.20
current period
(1)
Outsourcing
(2) Transfer
from inventories fixed
9906909.209906909.20
assets and construction
in progress
(3) Increase
in business
combination
3. Decrease in the
11328480.8811328480.88
current period
(1) Disposal 11053177.03 11053177.03
87(2) Other
transfers out
(3) Exchange
275303.85275303.85
adjustment
4. Ending balance 888812579.02 14495902.20 49572507.98 952880989.20
II. Accumulated
depreciation and
accumulated
amortization
1. Beginning
532709426.4513360585.8934196655.47580266667.81
balance
2. Increase in the
13462613.341503206.4014965819.74
current period
(1) Provision
13462613.341503206.4014965819.74
or amortization
3. Decrease in the
7152081.727152081.72
current period
(1) Disposal 6890543.06 6890543.06
(2) Other
transfers out
(3) Exchange
261538.66261538.66
adjustment
4. Ending balance 539019958.07 13360585.89 35699861.87 588080405.83
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
349792620.951135316.3113872646.11364800583.37
at the end of the period
2. Book value as
at the beginning of the 367431633.45 1135316.31 5468943.31 374035893.07
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
88□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 the Self-
Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry Information Disclosure"
The investment properties measured at fair value are disclosed by item:
Unit: RMB
Rental The Reasons for
Fair value
income magnitude fair value
Geographic Time of Building Opening as at the
Project 2 during the of fair changesal location completion area (m ) fair value end of the
reporting value and report
period
period changes index
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
Book
Item Reasons for failure to obtain the certificate of title
value
The property is a property management house which was occupied by a third-party
Unit 507 Building 6
20714.51 property management company and has now been recovered but the certificate of title
Maguling
has not been handled.Other explanations
8921. Fixed assets
Unit: RMB
Item Ending balance Beginning balance
Fixed assets 45711901.32 52712396.64
Total 45711901.32 52712396.64
(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 119193126.30 6694535.25 18941387.55 37747260.30 60072081.23 242648390.63
balance
2. Increase
in the current 110744.69 1468762.33 1579507.02
period
(1)
110744.691468762.331579507.02
Purchase
(2)
Transfer from
construction in
progress
(3)
Increase in
business
combination
3.
Decrease in the 14355574.72 154044.47 4948.06 1730801.93 16245369.18
current period
(1)
Disposal or 14347144.72 154044.47 4948.06 1730801.93 16236939.18
scrapping
(2) Exchange
8430.008430.00
adjustment
4. Ending
104837551.586540490.7819047184.1837747260.3059810041.63227982528.47
balance
II. Accumulated
depreciation
1.
Beginning 92055288.42 5227437.80 15153012.44 32868618.27 44555919.90 189860276.83
balance
2. Increase
in the current 1330030.67 418733.04 687753.91 2246755.56 3073125.26 7756398.44
period
(1)1330030.67418733.04687753.912246755.563073125.267756398.44
90Provision
3.
Decrease in the 13635553.60 131036.73 4160.68 1651014.27 15421765.28
current period
(1)
Disposal or 13629787.48 131036.73 4160.68 1651014.27 15415999.16
scrapping
(2) Exchange
5766.125766.12
adjustment
4. Ending
79749765.495515134.1115836605.6735115373.8345978030.89182194909.99
balance
III. Provision
for impairment
1.
Beginning 75717.16 75717.16
balance
2. Increase
in the current
period
(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
25087786.091025356.673210578.512631886.4713756293.5845711901.32
end of the
period
2. Book
value as at the
27137837.881467097.453788375.114878642.0315440444.1752712396.64
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
91Item 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
Room 401 and 402 Office Building will be built near the existing site. The company will replace the
460049.79
Sanxiang Business Building existing property with the new office buildings after its
completion so the property certificate of the property has not
been able to be handled.Other explanations
(5) Impairment test of fixed assets
□Applicable□Not Applicable
(6) Disposal of fixed assets
Unit: RMB
Item Ending balance Beginning balance
Other explanations:
22. Construction in progress
Unit: RMB
Item Ending balance Beginning balance
(1) Construction in progress situation
Unit: RMB
Ending balance Beginning balance
Item 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
Transf
Other Ratio Accum Includi Interes
Increas er into
Beginn decrea of Progre ulated ng: t
e in fixed Ending
ing ses in accum ss of capital Capital capital
Source
Project Budget the assets balanc ulated ofbalanc the constr ization ized ization
current in the e
e current project uction amoun amoun rate for
funds
period current
period invest t of t of the
period ment interes interes current
92in t t in the period
budget current
(%) 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
(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. Productive biological assets
(1) Productive biological assets measured at the cost mode
□Applicable□Not Applicable
(2) Impairment test of productive biological assets measured at the cost mode
□Applicable□Not Applicable
(3) Productive biological assets measured at the fair value mode
□Applicable□Not Applicable
24. Oil and gas assets
□Applicable□Not Applicable
9325. Right-of-use assets
(1) Right-of-use assets status
Unit: RMB
Item Buildings and constructions Total
I. Total original book value
1. Beginning balance 42653991.93 42653991.93
2. Increase in the current period 8095726.89 8095726.89
(1) New lease 8095726.89 8095726.89
3. Decrease in the current period 3367908.96 3367908.96
(1) Expiration of lease contract 2990680.54 2990680.54
(2)Lease termination 377228.42 377228.42
4. Ending balance 47381809.86 47381809.86
II. Accumulated depreciation
1. Beginning balance 25686371.90 25686371.90
2. Increase in the current period 7943112.96 7943112.96
(1) Provision 7943112.96 7943112.96
3. Decrease in the current period 1669607.54 1669607.54
(1) Disposal
(2) Expiration of lease contract 1516919.62 1516919.62
(3)Lease termination 152687.92 152687.92
4. Ending balance 31959877.32 31959877.32
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
15421932.5415421932.54
period
2. Book value as at the beginning of
16967620.0316967620.03
the period
(2) Impairment test of right-of-use assets
□Applicable□Not Applicable
Other explanations:
9426. 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
3060312.133060312.13
balance
2. Increase in
the current period
(1)
Purchase
(2)
Internal R&D
(3)
Increase in
business
combination
3. Decrease in
the current period
(1)
Disposal
4. Ending
balance
II. Accumulated
accumulation
1. Beginning
2588746.742588746.74
balance
2. Increase in
61498.0661498.06
the current period
(1)
61498.0661498.06
Provision
3. Decrease in
the current period
(1)
Disposal
4. Ending
2650244.802650244.80
balance
III. Provision for
impairment
1. Beginning
balance
2. Increase in
95the 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 410067.33 410067.33
period
2. Book value
as at the beginning 471565.39 471565.39
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
Intangible assets of Intangible assets of Intangible assets of
Item outsourced data self-developed data data resources obtained Total
resources resources by other mean
(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
27. Goodwill
(1) Original book value of goodwill
Unit: RMB
96Increase in the current period Decrease in the current period
Name of the
investees or Beginning Amount formed
through Ending balancematters forming balance Disposal
goodwill business
combination
Shenzhen
Facility
Management 9446847.38 9446847.38
Community
Co. Ltd.Total 9446847.38 9446847.38
(2) Provision for impairment of goodwill
Unit: RMB
Name of the Increase in the current period Decrease in the current period
investees or Beginning
Ending balance
matters forming balance Provision Disposal
goodwill
Total
(3) Relevant information on the asset group or portfolio of asset groups of the goodwill belongs to
Operating Whether it is
Composition and basis of the asset group or combination to
Name segments and consistent with
which it belongs
basis previous years
Asset group or portfolio of asset groups that can
independently generate cash flows determined in Property
Shenzhen Facility
consideration of the synergistic effect that can benefit from management
Management Yes
the business combination and the management or monitoring supporting
Community Co. Ltd.method of the management on the production operating services
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
Recoverable Impairment
Item Book value Years of Key Key Basis for
amount amount forecast Parameters Parameters in determinatio
97period for the Stabilization n of key
Forecast Phase parameters in
Period the
stabilization
period
Shenzhen
Facility Revenue Confirmation
27420930.532331631.1
Management 5 growth rate No growth based on
93
Community discount rate caution
Co. Ltd.
27420930.532331631.1
Total
93
Reasons for the obvious inconsistency between the above information and the information used in previous impairment test or
external information
Reasons for the difference between the information used in the impairment test of the Company in previous years and the actual
situation of the current year
(5) Completion of performance commitment and corresponding goodwill impairment
There is a performance commitment when the goodwill is formed and the reporting period or the previous period of the reporting
period is within the performance commitment period
□ Applicable□Not Applicable
Other explanations
In May 2021 the Company's subsidiary Shenzhen Wuhu Industry Investment and Development Co. Ltd. (Wuhe Industry
Investment and Development for short) acquired 35% of the equity of Shenzhen Facility Management Community Co. Ltd.
(Facility Management Community for short or the Target Company) through equity acquisition and targeted capital increase.
According to the equity acquisition cooperation framework agreement signed by the Wuhe Industry Investment and Development
and the original shareholders the Facility Home and its original shareholders promised that the operating revenue growth ratio or
net profit of the target company from 2021 to 2023 would reach the target value agreed in the agreement and the Wuhe Industry
Investment and Development would assess its operating performance within three years. As of the reporting date the performance
assessment has not been completed so its completion cannot be evaluated temporarily.
28. Long-term deferred expenses
Unit: RMB
Amount amortized
Increase in the
Item Beginning balance in the current Other decreases Ending balance
current period
period
Renovation costs 22110090.13 467920.50 3852334.56 18725676.07
Total 22110090.13 467920.50 3852334.56 18725676.07
Other explanations
9829. 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
133683278.5730738437.3688995990.9221643089.04
impairment
Unrealized profits of
436757697.56109189424.39436511360.97109127840.24
internal transactions
Deductible losses 1135129912.75 282192862.05 1152203588.06 287259758.96
Land value increment
tax withdrawn for 3199946137.32 799986534.33 3171733686.94 792933421.74
deduction
Estimated profit
calculated from pre-
61402391.1315350597.7844109428.4011027357.10
sale revenue of real
estate enterprises
Other accrued expenses 15263030.19 3758916.45 22746958.59 5629898.56
Lease liabilities 17524240.25 4292857.05 19127482.59 4531157.25
Total 4999706687.77 1245509629.41 4935428496.47 1232152522.89
(2) Deferred tax liabilities without offset
Unit: RMB
Ending balance Beginning balance
Item Taxable temporary Taxable temporary
Deferred tax liabilities Deferred tax liabilities
differences differences
Book value of fixed
assets is greater than 309161.64 77290.41 440912.20 110228.04
tax basis
Right-of-use assets 15421932.54 3602416.30 16972012.51 3989936.31
Total 15731094.18 3679706.71 17412924.71 4100164.35
(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 1245509629.41 1232152522.89
Deferred tax liabilities 3679706.71 4100164.35
(4) Details of unconfirmed deferred tax assets
Unit: RMB
99Item Ending balance Beginning balance
Deductible temporary differences 1649554583.20 1666771094.64
Deductible losses 327086880.36 321157984.91
Total 1976641463.56 1987929079.55
(5) Deductible losses from unrecognized deferred tax assets will be expired in the following years
Unit: RMB
Year Ending amount Beginning amount Remark
2025 22711013.85 Deductible losses in 2020
2026 14238807.00 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 28639909.30 Deductible losses in 2025
Total 327086880.36 321157984.91
Other explanations
30. Other non-current assets
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Cost of contract
17344516.4417344516.449590978.859590978.85
acquisition
Prepayments
for the purchase
of fixed assets
investment 5502412.15 5502412.15 1649428.99 1649428.99
properties
intangible
assets etc.Others 3080093.77 3080093.77 2635093.77 2635093.77
Total 25927022.36 25927022.36 13875501.61 13875501.61
Other explanations:
The cost of contract acquisition is mainly the commissions of real estate sales contracts with a carry-over period of more than one
year.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.
31. Assets with restrictions on the ownership or right of use
Unit: RMB
Item Ending Beginning
100Book Restricted Restricted Book Restricted Restricted
Book value Book value
balance type condition balance type condition
Guarantee Guarantee
deposit deposit
time time
Monetary 65755570. 65755570. deposit 67316759. 67316759. deposit
Frozen Frozen
funds 64 64 interest 82 82 interest
judicially judicially
frozen frozen
funds etc. funds etc.Due to the Due to the
needs of needs of
daily daily
operating operating
activities activities
the the
Company Company
Land use applied for applied for
right of a loan from a loan from
Lake City 40186732 40186732 Industrial 40186732 40186732 Industrial
Mortgage Mortgage
Project 4.00 4.00 Bank 4.00 4.00 Bank
Phase II Shenzhen Shenzhen
plot Branch Branch
and and
mortgaged mortgaged
the land the land
use right of use right of
the Lanhu the Lanhu
Shidai plot Shidai plot
it held. it held.Due to the Due to the
needs of needs of
daily daily
operating operating
activities activities
the the
Company Company
Land use
applied for applied for
rights of
loans from loans from
Plot B and
Agricultura Agricultura
Plot D and
l Bank of l Bank of
constructio
China China
n in
Yangzhou Yangzhou
progress of 91251854 82720221 52339596 47427274
Mortgage Branch Mortgage Branch
Plot D of 4.43 4.91 7.09 7.56
and and
Yangzhou
mortgaged mortgaged
Shenyang
the land the land
Digital
use rights use rights
Intelligent
of Plot B of Plot D
City
and Plot D of
Project
of Shenyang
Shenyang Digital
Digital Intelligent
Intelligent City
City Project and
Project and the
the constructio
101constructio n in
n in progress of
progress of Plot D.Plot D.
13801414129482519925800594345683
Total
39.0709.550.911.38
Other explanations:
32. Short-term borrowings
(1) Classification of short-term borrowings
Unit: RMB
Item Ending balance Beginning balance
Credit borrowings 780287638.89 190165458.33
Total 780287638.89 190165458.33
Description of short-term borrowings classification:
The credit borrowings at the end of the period were used for the daily operation of the subsidiaries of the Company.
(2) Unpaid short-term borrowings in maturity
The total amount of overdue and outstanding short-term borrowings as at the end of the period is RMB 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
33. Financial liabilities held for trading
Unit: RMB
Item Ending balance Beginning balance
Including:
Including:
Other explanations:
34. Derivative financial liabilities
Unit: RMB
Item Ending balance Beginning balance
Other explanations:
10235. 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.
36. Accounts payable
(1) Presentation of accounts payable
Unit: RMB
Item Ending balance Beginning balance
Payable for engineering construction 575480066.89 876393730.22
Estimated accounts payable 21126398.57 27094771.04
Others 116452067.98 139603776.01
Total 713058533.44 1043092277.27
(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 19160962.25
been reached
Co. Ltd
China Construction Fourth Engineering The project payment milestone has not
12017672.93
Bureau Co. Ltd been reached
Shenzhen Qianhai Advanced Information
7126060.00 Unsettled project
Service Co. Ltd.Total 63304695.18
Other explanations:
37. Other payables
Unit: RMB
Item Ending balance Beginning balance
Interest payable 0.00 0.00
Dividends payable 12202676.04 12202676.04
Other payables 1280350999.53 1219148760.34
Total 1292553675.57 1231351436.38
103(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
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:
Item 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 305542071.57 308200904.93
Guarantee 7039996.06 9248840.93
Agency collection 5336057.77 4743853.11
Current accounts 687035400.25 651960088.72
Accrued expenses 153752688.32 148017114.40
Withholding payments 6358275.01 7494625.63
Others 115286510.55 89483332.62
Total 1280350999.53 1219148760.34
1042) Other significant payable aging over one year or overdue
Unit: RMB
Reason for no settlement or carrying-
Item Ending balance
forward
Current accounts between related parties
Yangzhou Tourism Development outside the consolidated financial
371409142.39
Property Co. Ltd. statements which have not reached the
repayment period
Shenzhen Property Jifa Warehousing Current accounts without specific
202296665.14
Co. Ltd. repayment period
China Construction Third Engineering
The guarantee has not reached the
Bureau Second Construction Engineering 21597500.00
settlement period
Co. Ltd
Shenzhen Qianhai WeBank Co. Ltd. 6868109.47 The lease term has not expired
Shenzhen Tian'an International Building Current accounts without specific
5214345.90
Property Management Co. Ltd. repayment period
Total 607385762.90
Other explanations
38. Advances from customers
(1) Presentation of advances from customers
Unit: RMB
Item Ending balance Beginning balance
Rent 546354.53 1744526.75
Total 546354.53 1744526.75
(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:
39. Contract liabilities
Unit: RMB
Item Ending balance Beginning balance
House payment received in advance 540894085.82 266400127.35
Property management fees received in
21304576.5220619767.27
advance
Other accounts received in advance 41326575.49 49144735.10
105Total 603525237.83 336164629.72
Significant contract liabilities with aging over 1 year
Unit: RMB
Reason for no settlement or carrying-
Item Ending balance
forward
Amount and reasons for significant changes in book value during the reporting period
Unit: RMB
Item Changes Reason for changes
Lake City Project 197602862.43 Due to increase in project sales collection
Yangzhou Shenyang Digital Intelligent
113641423.86 Due to increase in project sales collection
City Project
Total 311244286.29
The Company shall comply with the disclosure requirements for the "real estate industry" as set out in the "Guidelines for the 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 211616690.06 409219552.49 September 10 2026 28.31%
SZPRD · Golden Ling
227832532.6399.95%
Holiday
3 SZPRD · Yutang Shangfu 25548025.75 17378618.43 46.45%
4 SZPRD · Junfeng Lishe 761904.76 100.00%
Yangzhou Shenyang
5 Digital Intelligent City 91743.12 113733166.98 May 30 2026 19.39%
Project
40. Employee compensation payable
(1) Presentation of employee compensation payable
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
I. Short-term
206152359.15406393667.10459165345.37153380680.88
compensation
II. Post-employment
benefits-defined 1542959.24 46063260.49 46694969.44 911250.29
contribution plans
III. Dismissal benefits 283373.22 1401819.49 1095542.49 589650.22
Total 207978691.61 453858747.08 506955857.30 154881581.39
(2) Presentation of short-term compensation
Unit: RMB
Item Beginning balance Increase in the current Decrease in the current Ending balance
106period period
1. Salaries bonuses
allowances and 192745116.57 357069885.35 406279703.91 143535298.01
subsidies
2. Employee benefits 2027080.00 965863.78 2989763.78 3180.00
3. Social insurance
50655.5415081388.0315070579.6661463.91
premiums
Including:
medical insurance 46059.29 12321253.88 12329931.02 37382.15
premiums
Work-
related injury insurance 1334.03 1008632.18 1009962.18 4.03
premiums
Maternity
3262.221185619.751164804.2424077.73
insurance premiums
Other commercial
565882.22565882.22
insurance
4. Housing provident
426889.5313164525.6513490385.42101029.76
funds
5. Trade union funds
and employee 7371886.27 7726773.84 7937802.92 7160857.19
education expenses
8. Non-monetary
3530731.2412385230.4513397109.682518852.01
benefits
Total 206152359.15 406393667.10 459165345.37 153380680.88
(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
879581.0441131724.7741806633.54204672.27
insurance premiums
2. Unemployment
4156.181634508.101635846.222818.06
insurance premiums
3. Enterprise annuity
659222.023297027.623252489.68703759.96
payment
Total 1542959.24 46063260.49 46694969.44 911250.29
Other explanations
41. Taxes payable
Unit: RMB
Item Ending balance Beginning balance
Value-added tax 17250309.65 21171620.44
Corporate income tax 14174664.75 21591154.75
Individual income tax 3092440.89 4310388.69
Urban maintenance and construction tax 932594.92 1320722.47
Land value increment tax 3191933229.75 3173186258.33
107Land use taxes 906962.85 179847.49
Property taxes 4856913.99 396616.98
Education surcharge 507030.79 684508.74
Local education surcharges 431986.60 530482.69
Others 708463.09 908828.94
Total 3234794597.28 3224280429.52
Other explanations
42. Liabilities held for sale
Unit: RMB
Item Ending balance Beginning balance
Other explanations
43. Non-current liabilities maturing within one year
Unit: RMB
Item Ending balance Beginning balance
Long-term borrowings maturing within
790112086.58498259873.75
one year
Long-term payables due within one year 400000.00 400000.00
Lease liabilities maturing within one year 7401243.52 8042802.55
Total 797913330.10 506702676.30
Other explanations:
44. Other current liabilities
Unit: RMB
Item Ending balance Beginning balance
Output tax to be transferred 49038314.27 23186263.57
Total 49038314.27 23186263.57
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
108Total
Other explanations:
45. Long-term borrowings
(1) Classification of long-term borrowings
Unit: RMB
Item Ending balance Beginning balance
Pledged loan 150499034.00 151915696.00
Mortgage loan 4372975425.93 4424348935.26
Credit borrowings 706037122.40 179050000.00
Total 5229511582.33 4755314631.26
Description of the classification of long-term borrowings:
The pledged loan at the end of the period was used for the acquisition of 100% equity of five property management
companies Shenzhen Property Management Co. Ltd. Shenzhen Foreign Trade Property Management Co. Ltd. Shenzhen
Shenfubao Property Development Co. Ltd. Shenzhen Shenfubao Municipal Service Co. Ltd. and Shenzhen Bonded Zone
Security Service Co. Ltd. by the subsidiary of the Company Shenzhen International Trade Center Property Management Co. Ltd.The term of loan is from May 18 2022 to April 26 2027 and the pledge is 100% equity of the five companies held by Shenzhen
International Trade Center Property Management Co. Ltd.At the end of the period the mortgage loan (1) was used for the development of Guangming Yutang Shangfu Project of
Shenzhen Guangming Wuhui Real Estate Co. Ltd. (hereinafter referred to as Guangming Wuhui) a subsidiary of the Company.The term of loan was from July 27 2022 to May 24 2028. The collateral was the land use right of Guangming Yutang Shangfu
Project held by Guangming Wuhui and the mortgage has been released.The mortgage loan (2) at the end of the period was used for the development of the Humen Harbour Palace Project of the
Company's subsidiary Dongguan Wuhe Real Estate Co. Ltd. (hereinafter referred to as Dongguan Wuhe). The term of loan was
from August 5 2022 to August 5 2027. The collateral was the land use right of the Harbour Palace Garden Project held by
Dongguan Wuhe and the mortgage has been released.The mortgage loan (3) at the end of the period was used for the development of the Lanhu Shidai Project of Shenzhen
Rongyao Real Estate Development Co. Ltd. (hereinafter referred to as "Rongyao Real Estate") a subsidiary of the company. The
loan term was from March 17 2023 to March 172026. The collateral was the land use right of the Lanhu Shidai project held by
Rongyao Real estate and the company provided joint and several liability guarantee and 69% equity pledge guarantee of Rongyao
real estate.The mortgage loan (4) at the end of the period was used for the development of the 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 192029. The collateral was the land use right of Plot D and the construction in
progress of Plot D of Shenyang Digital Smart City project held by Yangzhou Wuhe and the Company and Yangzhou Lvfa Real
Estate Co. Ltd provided joint and several liability guarantee according to the equity ratio.The mortgage loan (5) at the end of the period was used for the development of the Lanhu Shidai Project of Shenzhen
Rongyao Real Estate Development Co. Ltd. (hereinafter referred to as "Rongyao Real Estate") a subsidiary of the Company. The
109term of loan was from November 29 2019 to November 20 2026. The pledge was 69% of the equity of Rongyao Real estate held
by the Company and the Company provided joint and several liability guarantee.The mortgage loan (6) at the end of the period was used for the daily operation of the Company. The term of loan was from
May 30 2025 to May 29 2027. The pledge was the Company's own commercial property assets.The mortgage loan(7) at the end of the period was used for the development of Yangzhou Wuhe Shenyang Digital Intelligent
City Project 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 the Company and Yangzhou
Lvfa Real Estate Co. Ltd. provided joint and several liability guarantee according to the equity ratio.The credit borrowings at the end of the period were used by the Company to repay the loans of affiliated companies and the
daily operation of subsidiaries.Other explanations including interest rate range:
46. Bonds payable
(1) Bonds payable
Unit: RMB
Item Ending balance Beginning balance
(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
Total
(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
110Unit: RMB
Outstandin Increase in the current Decrease in the currentBeginning Ending
g 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
47. Lease liabilities
Unit: RMB
Item Ending balance Beginning balance
Lease payments 19292424.40 21312666.88
Unrecognized financing expenses -1768184.15 -2180791.76
Less: Lease liability maturing within one
-7401243.52-8042802.55
year
Total 10122996.73 11089072.57
Other explanations:
48. Long-term payables
Unit: RMB
Item Ending balance Beginning balance
Long-term payables 399499350.00 399749550.00
Total 399499350.00 399749550.00
(1) Presentation of long-term payables by nature of payment
Unit: RMB
Item Ending balance Beginning balance
Sale and leaseback financing funds 399499350.00 399749550.00
Other explanations:
(2) Special payables
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance Formation causes
current period current period
Other explanations:
11149. Long-term employee compensations payable
(1) Statement of long-term employee compensations payable
Unit: RMB
Item Ending balance Beginning balance
Total 0.00 0.00
(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:
50. Estimated liabilities
Unit: RMB
Item Ending balance Beginning balance Formation causes
* Litigation between Basepoint and Facility
Pending Management Community
934205.51934205.51
litigation * Litigation between Overseas Friendship Building and
Jin Hailian
Total 934205.51 934205.51
Other explanations including relevant important assumptions and estimation notes of important estimated liabilities:
51. Deferred income
Unit: RMB
112Increase in the Decrease in the
Item Beginning balance Ending balance Formation causes
current period current period
Total 0.00 0.00
Other explanations:
52. Other non-current liabilities
Unit: RMB
Item Ending balance Beginning balance
Special fund for public utilities 545613.86 537155.06
Building structure maintenance fund 15080468.91 14746480.42
Guarantee for admission 6589158.26 6660398.31
Electrical equipment maintenance fund 4019415.44 4019415.44
Escrow maintenance fund 53785080.60 52435075.20
Employee co-investment of Lanhu
40000000.0040000000.00
Shidai project
Others 8669738.84 8521004.59
Total 128689475.91 126919529.02
Other explanations:
53. Share capital
Unit: RMB
Changes during the period (+ -)
Beginning Conversion Ending
balance New shares of providentBonus issue Others Sub-total balance
issued fund into
shares
595979092.595979092.
Total shares
0000
Other explanations:
54. Other equity instruments
(1) Changes of outstanding financial instruments such as preferred shares and perpetual bonds at the period-end
(2) Table of changes of outstanding financial instruments such as preferred shares and perpetual bonds at the period-end
Unit: RMB
Outstandin Increase in the current Decrease in the currentBeginning Ending
g financial period period
113instruments 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:
55. 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:
56. 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:
57. Other comprehensive income
Unit: RMB
Amount in the current period
Less:
Less: the
retained
amount
income
included in
included in
other
Amount other
comprehen Attributabl
Beginning before comprehen Attributabl Ending
Item sive Less: e to
balance income tax sive e to parentincome in income tax minority balance
in the income in company
prior period expenses shareholder
current prior after tax
and s after tax
period periods and
transferred
transferred
to current
to current
profit or
profit or
loss
loss
--
I. Other 3064972.7 -98726.72 -98726.72 3163699.4
comprehen 0 2
114sive
income that
cannot be
reclassified
into profit
or loss
Fair
value
changes of - -
investment 3064972.7 -98726.72 -98726.72 3163699.4
s in other 0 2
equity
instruments
II. Other
comprehen
sive
income to - -
864617.03-25841.66
be 890458.69 890458.69
reclassified
into profit
or loss later
Foreig
n currency - -
864617.03-25841.66
translation 890458.69 890458.69
differences
Total of
other - -
--
comprehen 2200355.6 3189541.0
989185.41989185.41
sive 7 8
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:
58. 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:
59. Surplus reserves
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
Statutory surplus
125060085.08125060085.08
reserve
Discretionary surplus 365403.13 365403.13
115reserve
Total 125425488.21 125425488.21
Explanations of the surplus reserve including the changes in the current period and the reasons for the changes:
60. Undistributed profits
Unit: RMB
Item Current period Previous period
Retained earnings as at the end of the
2561990778.583872586802.17
previous period before the adjustment
Undistributed profits at the beginning of
2561990778.583872586802.17
the period after adjustment
Plus: Net profit attributable to owners of
14428019.639212457.81
the parent company in this period
Common stock dividends payable 185945476.70
Others 789336.16
Undistributed profits as at the end of the
2577208134.373695853783.28
period
Details of adjustment to undistributed profits as at the beginning of the period:
1)Due to the retrospective adjustment of the Accounting Standards for Business Enterprises and its related new provisions 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.
61. Operating revenue and operating costs
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Primary business 1078644967.59 813504493.36 847182289.87 669091472.18
Other business 9263968.28 8846155.38
Total 1087908935.87 813504493.36 856028445.25 669091472.18
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 10879089 81350449 10879089 81350449
type 35.87 3.36 35.87 3.36
Including:
21356106128410512135610612841051
Real estate
4.625.974.625.97
116Property
77022695643044907702269564304490
manageme
5.352.765.352.76
nt
Assets 10412091 42049074. 10412091 42049074.operations 5.90 63 5.90 63
Classificati
on by 10879089 81350449 10879089 81350449
business 35.87 3.36 35.87 3.36
area
Including:
Shenzhen 90366307 63572598 90366307 63572598
area 6.41 5.13 6.41 5.13
18424585177778501842458517777850
Other areas
9.468.239.468.23
Market or
customer
type
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:
Nature of the
Whether it is Amounts Types of
Time to fulfill goods the
Important the main assumed by the quality
Item performance Company
payment terms responsible Company that assurance
obligations undertakes to
person are expected to provided by the
transfer be refunded to Company and
117customers related
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 signed contracts but had not been performed
or completed at the end of the reporting period was RMB603525237.83 of which RMB41306803.26 is expected to be
recognized as revenue in 2025 RMB117501070.92 is expected to be recognized as revenue in 2026 and RMB444717363.65 is
expected to be recognized as revenue in 2027 and subsequent years.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 the Self-
Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry Information Disclosure"
Information on the top five items in terms of revenue recognized during the reporting period:
Unit: RMB
No. Project Income amount
1 SZPRD · Yutang Shangfu 107527038.51
2 SZPRD · Golden Ling Holiday 60377679.95
3 SZPRD · Junfeng Lishe 12003337.14
4 SZPRD · Songhu Langyuan 841047.63
5 SZPRD · Lakeside Royal View Phase II 307596.33
62. Taxes and surcharges
Unit: RMB
Item Amount in the current period Amount in the previous period
Urban maintenance and construction tax 2404343.79 1651950.78
Education surcharge 1034629.17 713648.69
Property taxes 5536974.28 5322524.16
Land use taxes 1087970.53 1090405.70
Vehicle and vessel use tax 11445.00 2895.00
Stamp duty 635421.43 780146.57
Land value increment tax 50947459.26 56622.55
Local education surtax 790415.20 472553.30
Other taxes 697828.27 356593.64
Total 63146486.93 10447340.39
Other explanations:
11863. G&A expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Employee compensation 84829229.68 99092492.51
Administrative office expenses 7009603.50 9498006.57
Amortization and depreciation cost of
11559991.0614031069.29
assets
Litigation costs 523080.22 409965.82
Others 3329573.78 4346606.17
Total 107251478.24 127378140.36
Other explanations
64. Selling and distribution expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Intermediary agency fees 4333773.75 316112.28
Consulting and sales service fees 1708326.44 1707775.05
Advertising and publicity expenses 2143745.72 1236734.70
Employee compensation 5645649.49 4409450.29
Others 5335815.54 1436183.55
Total 19167310.94 9106255.87
Other explanations:
65. R&D expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Employee compensation 2509965.45 1979647.19
Depreciation and amortization cost 11716.74 15029.13
Others 75124.05 248641.12
Total 2596806.24 2243317.44
Other explanations
66. Financial expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Interest expenses 48940279.92 34706249.66
Less: interest income -6322396.67 -21522831.25
Net exchange loss 475009.82 1172780.02
Others 1649174.00 1730822.55
Total 44742067.07 16087020.98
119Other explanations
67. Other income
Unit: RMB
Source of other income Amount in the current period Amount in the previous period
Government subsidies related to revenue 10412889.69 448581.63
Refund of service fee for withholding
291400.88292836.52
individual income tax
Additional deduction of value-added tax
-80226.78-853475.03
input
Refund of value-added tax 1732543.85 2288567.68
Others 226728.32 251694.38
Total 12583335.96 2428205.18
68. Net exposure hedging income
Unit: RMB
Item Amount in the current period Amount in the previous period
Other explanations
69. 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
Other explanations:
70. Investment income
Unit: RMB
Item Amount in the current period Amount in the previous period
Long-term equity investment income
-2369641.20412742.53
calculated under the equity method
Total -2369641.20 412742.53
Other explanations
71. Credit loss
Unit: RMB
Item Amount in the current period Amount in the previous period
Losses from bad debts of accounts -28868286.02 -9954123.40
120receivable
Bad debt loss of other receivables -7889127.69 -8442795.34
Total -36757413.71 -18396918.74
Other explanations
72. Assets impairment loss
Unit: RMB
Item Amount in the current period Amount in the previous period
I. Inventories depreciation loss and
contract performance cost impairment -4461.72 -5858.65
losses
Total -4461.72 -5858.65
Other explanations:
73. 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 39912.16 -5004.74
Gains from disposal of right-of-use
25443.5331060.71
assets
Gains from disposal of other assets
Total 65355.69 26055.97
74. 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-
2897.112763.352897.11
monetary assets
Liquidated damages and
12318843.03236526.2012318843.03
confiscated income
Gains from unclaimed
payables
Others 200811.06 239773.65 200811.06
Total 12522551.20 479063.20 12522551.20
Other explanations:
75. Non-operating expenses
Unit: RMB
121Amount included in the
Amount in the previous
Item Amount in the current period current non-recurring profit or
period
loss
Donations made 8000.00
Loss from the damage and
scrapping of non-current 55471.34 66426.65 55471.34
assets
Penalties and late fees 400236.90 8569.51 400236.90
Others 474967.69 353388.93 474967.69
Total 930675.93 436385.09 930675.93
Other explanations:
76. 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
26311245.6128351519.77
period
Deferred tax expenses -13777564.16 -23491356.80
Total 12533681.45 4860162.97
(2) Adjustment process of accounting profits and income tax expenses
Unit: RMB
Item Amount in the current period
Total profits 22609343.38
Income tax expenses calculated at statutory/applicable tax rate 5652335.85
Influence of different tax rates applicable to subsidiaries -1363990.43
Influence of adjustments to the income tax for the prior years 2918275.74
Influence of non-taxable income 592410.30
Influence of nondeductible costs expenses and losses 1006196.91
Influence of deductible losses on the use of preliminarily
-4304127.86
unrecognized deferred tax assets in previous periods
Effect of deductible temporary differences or deductible losses
9668765.19
from deferred tax assets unrecognized in the current period
Tax impact of the addition for the deduction of R&D expenses -649201.56
Income tax expenses 12533681.45
Other explanations
77. Other comprehensive income
See Notes VII-57 for details
12278. Items of statement of cash flows
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Large current accounts received 45929996.27 40771856.66
Interest income received 5269961.38 15961648.51
Net amount of various deposits
49397460.1140622124.09
guarantees and special funds received
Government grants received 10412889.69 204133.63
Other miscellaneous funds received 31697320.53 41894355.90
Decrease in restricted funds the current
1561189.18531478.29
period
Total 144268817.16 139985597.08
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 16428194.70 17943244.74
Selling and distribution expenses paid in
36054414.976849111.58
cash
Large current accounts paid 33253647.08 31911322.77
Amount of various payments and
receipts on behalf of others such as paid 50944320.04 46949786.87
utilities
Other miscellaneous funds paid 31813203.86 38960461.25
Total 168493780.65 142613927.21
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
Unit: RMB
123Item Amount in the current period Amount in the previous period
Important cash paid related to investing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
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
Payment of lease liabilities 8927801.34 8054827.72
Payments related to sale and leaseback 9813950.00 9348850.00
Other miscellaneous funds paid 774062.82 1042062.82
Total 19515814.16 18445740.54
Notes to other cash paid related to financing activities:
Changes in various liabilities arising from financing activities
□ Applicable□Not Applicable
(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
79. 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 10075661.93 1321639.46
124Plus: provision for assets impairment 36761875.43 18374204.33
Depreciation of fixed assets
depletion of oil and gas assets
22722218.1826670229.44
depreciation of productive biological
assets
Depreciation of right-of-use
7943112.965989672.69
assets
Amortization of intangible assets 61498.06 143544.55
Amortization of long-term
3852334.563877212.20
deferred expenses
Losses from disposal of fixed
assets intangible assets and other long- -65355.69 -26055.97
term assets ( "-" for gains)
Losses on write-off of fixed
52574.2366426.65
assets ("-" for gains)
Losses from changes in fair value
("-" for gains)
Financial expenses ("-" for gains) 49415289.74 35137104.55
Investments losses ("-" for gains) 2369641.20 -412742.53
Decreases in deferred tax assets
-13357106.52-22448666.86
(“-” for increases)
Increase in deferred tax liabilities
-420457.64-1246996.21
("-" for decreases)
Decreases in inventories ("-" for
1496170.80-412619998.44
increases)
Decreases in operating
-144225948.62-72062362.60
receivables (“-” for increases)
Increases in operating payables
-83869023.88-319590312.70
(“-” for decreases)
Others
Net cash flows from operating
-107187515.26-736827101.44
activities
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 2780507023.52 1867480361.19
Less: beginning balance of cash 1610799884.30 2733139135.12
Plus: ending balance of cash
equivalents
Less: beginning balance of cash
equivalents
Net increase in cash and cash 1169707139.22 -865658773.93
125equivalents
(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 2780507023.52 1610799884.30
Including: cash on hand 8903.16 10705.64
Unrestricted bank deposits 2779224821.04 1610628980.11
Other unrestricted monetary
1273299.32160198.55
funds
III. Ending balance of cash and cash
2780507023.521610799884.30
equivalents
(5) Limited use but still presented as cash and cash equivalents
Unit: RMB
Amount in previous
Item The current period Reasons for classified as cash and cash equivalents
period
This was the capital within the pre-sale supervision
Pre-sale funds of Guangming
0.00 249758757.74 quota of the project. Potevio could apply for paying
Yutang Shangfu Project
the construction expenditure and relevant statutory
126taxes of the project in accordance with the relevant
regulations on the supervision of pre-sale funds.This was the capital within the pre-sale supervision
quota of the project. Potevio could apply for paying
Pre-sale funds of Lake City
379613290.90 222638954.72 the construction expenditure and relevant statutory
Project
taxes of the project in accordance with the relevant
regulations on the supervision of pre-sale funds.This was the capital within the pre-sale supervision
Pre-sale funds of Shenyang quota of the project. Potevio could apply for paying
Digital Intelligent City 1275067.33 0.00 the construction expenditure and relevant statutory
Project taxes of the project in accordance with the relevant
regulations on the supervision of pre-sale funds.Total 380888358.23 472397712.46
(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
80. 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:
81. 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 70340524.79
Including: USD 120000.00 7.1586 859032.00
EUR
HKD 66134738.26 0.912 60314881.29
VND 33454786488.00 0.000274 9166611.50
Accounts receivable 5176987.71
Including: USD
EUR
HKD
VND 18894115721.00 0.000274 5176987.71
Long-term borrowings
Including: USD
127EUR
HKD
Prepayment 53508.79
Including: HKD 8996.23 0.912 8204.56
VND 165343888.00 0.000274 45304.23
Other receivables 5147021.94
Including: HKD 5417871.35 0.912 4941098.67
VND 751544760.00 0.000274 205923.26
Accounts payable 971757.32
Including: HKD 56000.00 0.912 51072.00
VND 3360165419.00 0.000274 920685.32
Other payables 5570424.96
Including: HKD 4579939.28 0.912 4176904.62
VND 5085840661.00 0.000274 1393520.34
Other explanations:
(2) Description of foreign operating entities including for significant foreign operating entities
disclosure of their principal place of business outside of the country the recording currency and the basis
of selection and disclosure of the reasons for any change in the recording currency
□Applicable □ Not applicable
Item Main 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 International Trade
Center Property Management Co. Vietnam VND The company is located in Vietnam and mainly
Ltd. settles in VND
82. Lease
(1) The Company acted as lessee:
□Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable□Not Applicable
Lease expense of short-term leases or low-value assets with simplified treatment
□Applicable □ Not applicable
Item Amount in the current period
Short-term leases expenses 3165301.40
Low-value lease expenses
Variable lease payments not included in the measurement of lease
liabilities
Total 3165301.40
The total cash flows related to leases in the current year amounted to RMB 21907052.74.
128Situations 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.
(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 67437795.42
Total 67437795.42
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 117925184.22 116386184.53
The Second year 84756684.33 79027070.32
The Third year 53619166.97 59857549.85
The Fourth year 34773710.35 40666053.75
The Fifth year 24950589.39 27552906.38
Total undiscounted lease receipts after
7477751.7319028192.27
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
83. Data resources
84. Others
129VIII. R&D expenditures
Unit: RMB
Item Amount in the current period Amount in the previous period
Staff costs 2509965.45 1979647.19
Depreciation and amortization cost 11716.74 15029.13
Others 75124.05 248641.12
Total 2596806.24 2243317.44
Including: expensed R&D expenditures 2596806.24 2243317.44
1. R&D projects eligible for capitalization
Unit: RMB
Increase in the current period Decrease in the current period
Beginning Recognized TransferInternal EndingItem
balance as into currentdevelopme Others balance
intangible profit or
nt expenses
assets loss
Total
Significant capitalized R & D projects
Production method Timing of Specific basis for
Estimated
Item R&D progress of expected capitalization capitalization
completion time
economic 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 are Judgment criteria and specific basis for
Project
expected to arise capitalization or expense
Other explanations:
IX. Changes in consolidation scope
1. Business combination not under common control
(1) Business combination not under common control occurred in the current period
Unit: RMB
Name of Time Costs of Equity Methods Acquisiti Determin Revenue Net profit Cash
acquiree point of equity acquisitio of equity on date ation of the of the flows of
130equity acquisitio n ratio acquisitio basis of acquiree acquiree the
acquisitio n n the from the from the acquiree
n acquisitio acquisitio acquisitio from the
n date n date to n date to acquisitio
the end of the end of n date to
the period the period the end of
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
131Inventories
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
Ratio of Basis for Determinat Revenue of Net profit Revenue of Net profit
Name of equity constituting ion basis of the of the the of the
the acquired in business Combinatio the combined combined combined combined
combined business combinatio n date combinatio party from party from party party
party combinatio n under n date the the during the during the
n common beginning beginning comparison comparison
132control of the of the period period
period to period to
the the
combinatio combinatio
n date n date
Other explanations:
(2) Combination costs
Unit: RMB
Combination costs
-- Cash
-- Book value of non-cash assets
-- Book value of debt issued or assumed
-- Par value of equity securities issued
-- Contingent consideration
Notes to contingent consideration and its changes:
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:
133Other explanations:
3. Counter purchase
Basic information of the transaction basis for the transaction to constitute a reverse purchase whether the assets and liabilities
retained by the listed company constitute a business and the basis thereof determination of the combination cost and the amount
of equity adjusted when the transaction is treated as an equity transaction and its calculation:
4. Disposal of subsidiaries
Whether there were any transactions or events during the period in which control over the subsidiary is lost
□Yes□No
Whether there are multiple transactions and step-by-step disposal of the investment in a subsidiary leading the loss of the control
right over the subsidiary in the current period
□Yes□No
5. Change of consolidation scope due to other reasons
Describe changes in the scope of consolidation due to other reasons (e.g. establishment of new subsidiaries liquidation of
subsidiaries etc.) and the related situations:
The subsidiary Huiheng Development Co. Ltd. completed its cancellation registration on April 3 2025.
6. Others
X. Equity in other entities
1. Equity in the subsidiaries
(1) Compositions of the Group
Unit: RMB
Name of Registered Main Registration Business Shareholding ratio Method of
subsidiaries capital premise place nature Direct Indirect acquisition
Shenzhen
Real estate
Huangcheng 30000000.0 Establishmen
Shenzhen Shenzhen development 100.00%
Real Estate 0 t
and operation
Co. Ltd.Shenzhen
Wuhe
Industry Real estate
100000000. Establishmen
Investment Shenzhen Shenzhen leasing 100.00%
00 t
and operation
Development
Co. Ltd.
134Shenzhen Business
Software and
Facility combination
15453000.0 information
Management Shenzhen Shenzhen 35.00% not under
0 technology
Community common
services
Co. Ltd. control
Beijing
Business
Facility Software and
combination
Management information
5000000.00 Beijing Beijing 17.85% not under
Community technology
common
Technology services
control
Co. Ltd.SZPRD
Xuzhou
Real estate
Dapeng Real 50000000.0 Establishmen
Xuzhou Xuzhou development 100.00%
Estate 0 t
and operation
Development
Co. Ltd.Dongguan
ITC
Real estate
Changsheng 20000000.0 Dongguan Dongguan Establishmen
development 100.00%
Real Estate 0 City City t
and operation
Development
Co. Ltd.SZPRD
Yangzhou Real estate
50000000.0 Yangzhou Yangzhou Establishmen
Real Estate development 100.00%
0 City City t
Development and operation
Co. Ltd.Shenzhen
International
Trade Center 20000000.0 Property Establishmen
Shenzhen Shenzhen 100.00%
Property 0 management t
Management
Co. Ltd.Shenzhen
Guomaomei Property Establishmen
5000000.00 Shenzhen Shenzhen 100.00%
Life Service management t
Co. Ltd.Shandong
Shenzhen
International
Property Establishmen
Trade Center 5000000.00 Jinan Jinan 100.00%
management t
Property
Management
Co. Ltd.Chongqing
Shenguomao
Property Establishmen
Real Estate 5000000.00 Chongqing Chongqing 100.00%
management t
Management
Co. Ltd.Chongqing
Construction
Aobo Establishmen
5000000.00 Chongqing Chongqing and 100.00%
Elevator Co. t
installation
Ltd.Shenzhen Construction
Establishmen
Tianque 5000000.00 Shenzhen Shenzhen and 100.00%
t
Elevator installation
135Technology
Co. Ltd.Shenzhen
International
Trade Center
Construction
Mechanical Establishmen
1200000.00 Shenzhen Shenzhen and 100.00%
and t
installation
Electrical
Equipment
Co. Ltd.Shenzhen
Guomao Catering Establishmen
2000000.00 Shenzhen Shenzhen 100.00%
Catering Co. services t
Ltd.Shenzhen
Property
Engineering Engineering
Establishmen
and 3000000.00 Shenzhen Shenzhen supervision 100.00%
t
Construction services
Supervision
Co. Ltd.Shenzhen
Property Real estate
40000000.0 Establishmen
Commercial Shenzhen Shenzhen leasing 100.00%
0 t
Operation operation
Co. Ltd.Shum Yip
Real estate
Properties 20000000.0 Establishmen
Hong Kong Hong Kong leasing 100.00%
Development 01 t
operation
Limited
Yangzhou
Slender West
Lake Jingyue 10000000.0 Yangzhou Yangzhou Property Establishmen
51.00%
Property 0 City City management t
Development
Co. Ltd.Shandong
Shenzhen
Catering Establishmen
ITC Hotel 3000000.00 Jinan Jinan 100.00%
services t
Management
Co. Ltd.Shenzhen
ShenShan
Special
Cooperation
Zone
Shenzhen Property Establishmen
5000000.00 Shenzhen Shenzhen 65.00%
International management t
Trade Center
Property
Management
Development
Co. Ltd.Shenzhen
ITC Tongle Property Establishmen
2000000.00 Shenzhen Shenzhen 51.00%
Property management t
Management
136Co. Ltd.
Shenzhen Business
Rongyao Real estate combination
10000000.0
Real Estate Shenzhen Shenzhen development 69.00% not under
0
Development and operation common
Co. Ltd. control
Shenzhen Business
ITC combinations
30000000.0 Property
Technology Shenzhen Shenzhen 100.00% under
0 management
Park Service common
Co. Ltd. control
Shenzhen
Business
ITC
Real estate combinations
Chuntian 20000000.0
Shenzhen Shenzhen leasing 100.00% under
Commercial 0
operation common
Management
control
Co. Ltd.Shenzhen Business
Penghongyua Real estate combinations
n Industrial 8000000.00 Shenzhen Shenzhen leasing 100.00% under
Development operation common
Co. Ltd. control
Shenzhen Business
Jinhailian combinations
Property
Property 3000000.00 Shenzhen Shenzhen 100.00% under
management
Management common
Co. Ltd. control
Business
Shenzhen
combinations
Social 35000000.0 Property
Shenzhen Shenzhen 100.00% under
Welfare Co. 0 management
common
Ltd.control
Shenzhen Business
Fuyuanmin combinations
10000000.0 Property
Property Shenzhen Shenzhen 100.00% under
0 management
Management common
Co. Ltd. control
Shenzhen Business
Meilong Real estate combinations
Industrial 5000000.00 Shenzhen Shenzhen leasing 100.00% under
Development operation common
Co. Ltd. control
Business
Shenzhen
combinations
ITC Shenlv 10600000.0 Greening
Shenzhen Shenzhen 90.00% under
Garden Co. 0 management
common
Ltd.control
Shenzhen Business
Jiayuan combinations
Property
Property 1000000.00 Shenzhen Shenzhen 54.00% under
management
Management common
Co. Ltd. control
Shenzhen Business
Helinhua Real estate combinations
Construction 3000000.00 Shenzhen Shenzhen leasing 90.00% under
Management operation common
Co. Ltd. control
137Business
Shenzhen
Real estate combinations
Kangping
1000000.00 Shenzhen Shenzhen leasing 90.00% under
Industrial
operation common
Co. Ltd.control
Business
Shenzhen
Real estate combinations
Sports
3300000.00 Shenzhen Shenzhen leasing 100.00% under
Service Co.operation common
Ltd.control
Business
Shenzhen
Real estate combinations
Jiaoshizhijia
1660000.00 Shenzhen Shenzhen leasing 100.00% under
Training Co.operation common
Ltd.control
Business
Shenzhen
Real estate combinations
Education
4985610.00 Shenzhen Shenzhen leasing 100.00% under
Industry Co.operation common
Ltd.control
Business
Shenzhen
Real estate combinations
Yufa
1050000.00 Shenzhen Shenzhen leasing 80.95% under
Industrial
operation common
Co. Ltd.control
Shenzhen
SZPRD Real estate
10000000.0 Establishmen
Fuyuantai Shenzhen Shenzhen development 100.00%
0 t
Development and operation
Co. Ltd.Xiamen
Shenzhen
ITC
Property Establishmen
Chancheng 5000000.00 Xiamen Xiamen 51.00%
management t
Smart
Service Co.Ltd.Vietnam
Shenzhen
International
Property Establishmen
Trade Center 200000.002 Vietnam Vietnam 100.00%
management t
Property
Management
Co. Ltd.Shenzhen
SZPRD
Real estate
Swallow 10000000.0 Establishmen
Shenzhen Shenzhen development 100.00%
Lake 0 t
and operation
Development
Co. Ltd.Shenzhen
Guangming Real estate
50000000.0 Establishmen
Wuhe Real Shenzhen Shenzhen development 100.00%
0 t
Estate Co. and operation
Ltd.Dongguan 50000000.0 Dongguan Dongguan Real estate Establishmen
100.00%
Wuhe Real 0 City City development t
138Estate Co. and operation
Ltd.Business
Shenzhen
combinations
Property Property
7250000.00 Shenzhen Shenzhen 100.00% under
Management management
common
Co. Ltd.control
Business
Shenzhen
Construction combinations
Shenwu
3500000.00 Shenzhen Shenzhen and 100.00% under
Elevator Co.installation common
Ltd.control
Shenzhen Business
Shenfang combinations
Property
Property 1000000.00 Shenzhen Shenzhen 100.00% under
management
Cleaning common
Co. Ltd. control
Shenzhen
Business
Foreign
combinations
Trade Property
5000000.00 Shenzhen Shenzhen 100.00% under
Property management
common
Management
control
Co. Ltd.Shenzhen Business
Shenfubao combinations
15000000.0 Property
Property Shenzhen Shenzhen 100.00% under
0 management
Development common
Co. Ltd. control
Shenzhen Business
Fubao Urban combinations
Property
Resources 5000000.00 Shenzhen Shenzhen 60.00% under
management
Management common
Co. Ltd. control
Shenzhen Business
Shenfubao Construction combinations
10000000.0
Municipal Shenzhen Shenzhen and 100.00% under
0
Service Co. installation common
Ltd. control
Shenzhen
Business
Free Trade
combinations
Zone Property
2000000.00 Shenzhen Shenzhen 100.00% under
Security management
common
Service Co.control
Ltd.Shenzhen
Real estate
Wuhe Urban 195000000. Establishmen
Shenzhen Shenzhen development 100.00%
Renewal Co. 00 t
and operation
Ltd.Yangzhou
Real estate
Wuhe Real 50000000.0 Yangzhou Yangzhou Establishmen
development 67.00%
Estate Co. 0 City City t
and operation
Ltd.Shenzhen
Tonglu Wuhe Real estate
10000000.0 Establishmen
Investment Shenzhen Shenzhen leasing 100.00%
0 t
Development operation
Co. Ltd.
139Shenzhen
ITC Space Property Establishmen
2800000.00 Shenzhen Shenzhen 55.00%
Service Co. management t
Ltd.Note: 1 HKD 2 USD
Notes to the differences between the shareholding ratio and the proportion of voting rights in the subsidiary:
In May 2021 the Company's subsidiary Shenzhen Wuhe Industry Investment and Development Co. Ltd. (Wuhe Industry
Investment and Development for short) acquired 35% of the equity of Shenzhen Facility Management Community Co. Ltd.
(Facility Management Community for short) through equity acquisition and targeted capital increase. At the same time according
to the equity acquisition cooperation framework agreement signed by the Wuhe Industry Investment and Development and the
original shareholders from the date of completion of the transaction the original shareholders unconditionally granted 16% of the
voting right of the equity in the Facility Management Community they held or actually controlled to the Wuhe Industry Investment
and Development. The grant of the voting right had no preconditions and the term of the voting right was not stipulated in the
contract.The basis for holding half or less than half of the voting rights but still controlling the investees and holding more than half of the
voting rights but not controlling the investees:
Not applicable
Basis of controlling significant structured entities incorporated in the consolidation scope:
Not applicable
Basis for determining whether the firm is agent or principal:
Not applicable
Other explanations:
(2) Significant non-wholly-owned subsidiaries
Unit: RMB
Profit or loss Dividends declared to
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% -4595596.80 -143767496.60
Development Co. Ltd.Yangzhou Wuhe Real
33.00%1011114.63-38751913.93
Estate Co. Ltd.Notes to the differences between the shareholding ratios by minority shareholders in subsidiaries and the corresponding voting
ratios:
Other explanations:
140(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
69851536171383258300062586725140216865382134937314
Real
381276236.99751387823987778659051377499.26887045511649721048
Estate
7.43614.044.380.014.392.49612.102.122.234.35
Develo
pment
Co.Ltd.Yangz
hou
Wuhe 1429 1433 1412 27406 1686 1429 1429 1311 23891 1550
400367337
Real 17892 18201 71656 6063. 78263 17892 85229 42742 8893. 34631
091.451.49
Estate 0.12 1.57 7.29 04 0.33 0.12 1.61 4.41 14 7.55
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 14824505. 14824505. 0.00 18350500. 18350500. 19949005
56.86
Developme 82 82 44 44 4.24
nt Co. Ltd.Yangzhou
---
Wuhe Real 3063983.7 3063983.7 17616792.
0.000.002823184.42823184.419034046
Estate Co. 2 2 17
448.10
Ltd.Other explanations:
(4) Significant restrictions on the use of assets of the Group by subsidiaries and liquidation of debts of the Group
(5) Financial support or other supports provided to structured entities included into the scope of consolidated financial
statements
141Other explanations:
2. Transactions leading to changes in the share of owners' equity in subsidiaries and still controlling the
subsidiaries
(1) Explanation of changes in the share of owners' equity in subsidiary
(2) Impact of the transaction on minority interests and owners' equity attributable to the parent company
Unit: RMB
Purchase cost/disposal consideration
-- Cash
-- Fair value of non-cash assets
Total purchase cost/disposal consideration
Less: share of net assets of subsidiary calculated according to
the ratio of equity acquired/disposed
Difference
Including: adjustment of capital reserve
Adjustment of surplus reserves
Adjustment of undistributed profits
Other explanations
3. Equity in joint ventures or associates
(1) Significant joint ventures or associates
Shareholding ratio Accounting
Name of joint treatment for
Registration
ventures or Main premise Business nature investment in
place
associates Direct Indirect joint ventures
or associates
Shenzhen
Property Jifa Warehousing Accounting by
Shenzhen Shenzhen 25.00% 25.00%
Warehousing services equity method
Co. Ltd.Shenzhen
Tian'an
International Property Accounting by
Shenzhen Shenzhen 50.00%
Building management equity method
Property
Management
142Co. Ltd.
China
Construction
Engineering
Corporation Commercial Accounting by
Shenzhen Shenzhen 10.00%
Group Smart services equity method
Parking
Technology
Co. Ltd.Notes to the difference between the shareholding ratio and the proportion of voting rights in the joint ventures or associates:
Basis for holding less than 20% voting right but with significant influence or holding 20% or more voting right but without
significant influence:
(2) Key financial information of significant joint ventures
Unit: RMB
Ending balance/amount incurred in the current Beginning balance/amount incurred in previous
period period
Tian'an Property Tian'an Property
Jifa Warehousing Jifa Warehousing
Management Management
Current assets 494459808.10 55591122.77 611947126.30 57343010.43
Including: cash and
96655976.3831195287.74214143035.3836335565.40
cash equivalents
Non-current assets 142449.81 36391.38 284847.56 44161.33
Total assets 494602257.91 55627514.15 612231973.86 57387171.76
Current liabilities 34730065.85 28915582.94 147518773.45 29195202.15
Non-current liabilities 16781097.65 16713827.17
Total liabilities 34730065.85 45696680.59 147518773.45 45909029.32
Minority interests
Equity attributable to
shareholders of the 459872192.06 9930833.56 464713200.41 11478142.44
parent company
Net asset share
calculated based on 229936096.03 4965416.78 232356600.21 5739071.22
shareholding ratio
Adjusted matters
-- Goodwill
-- unrealized profit of
internal transactions
-- Others
Book value of equity
investment in joint 229936096.03 4965416.78 232356600.21 5739071.22
ventures
Fair value of equity
investments in joint
ventures with publicly
143quoted prices
Operating revenue 269468.58 5660494.44 4526369.65 5386799.84
Financial expenses -50228.56 1031.07 -10820.99 2636.50
Income tax expenses 5947643.02 622106.77
Net profit -4841008.35 -1547308.88 1866320.29 -1212485.57
Net profit from
discontinued
operations
Other comprehensive
income
Total comprehensive
-4841008.35-1547308.881866320.29-1212485.57
income
Dividends received
from joint ventures
during the year
Other explanations
(3) Key financial information of significant associates
Unit: RMB
Ending balance/amount incurred in the Beginning balance/amount incurred in
current period previous period
China Construction Science And China Construction Science And
Industry Corporation LTD Industry Corporation LTD
Current assets 273012663.63 292106487.07
Non-current assets 166984124.73 88143320.13
Total assets 439996788.36 380249807.20
Current liabilities 205411912.36 173994765.30
Non-current liabilities 40443912.29 20359252.41
Total liabilities 245855824.65 194354017.71
Minority interests
Equity attributable to shareholders of the
194140963.71185895789.49
parent company
Net asset share calculated based on
19414096.3718589578.95
shareholding ratio
Adjusted matters
-- Goodwill
-- unrealized profit of internal
transactions
-- Others
Book value of equity investments in
30916650.7430092133.32
associates
Fair value of equity investments in
associates with publicly quoted prices
144Operating revenue 138257365.45 79970090.76
Net profit 8245174.22 858251.72
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income 8245174.22 858251.72
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:
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
145(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:
6. Others
XI. Government grants
1. Government grants not recognized by amounts receivable at the end of the reporting period
□Applicable□Not Applicable
Reasons for not receiving the expected amounts of government grants at the expected time
□ Applicable□Not Applicable
2. Liability items involving government grants
□Applicable□Not Applicable
3. Government grants included in the current profit or loss
□Applicable □ Not applicable
Unit: RMB
Accounting item Amount in the current period Amount in the previous period
Other income 10586645.51 448581.63
Other explanations:
146XII. Risks associated with financial instruments
1. Various risks arising from financial instruments
The Company's goal in risk management is to achieve an appropriate balance between risk and return minimize the negative
impact of risk on the Company's operating performance and maximize the interests of shareholders and other equity investors.Based on this risk management objective the basic strategy of the Company's risk management is to identify and analyze the
various risks faced by the Company establish an appropriate risk tolerance bottom line and conduct risk management and timely
and reliably supervise various risks to control risks within a limited range.The Company is exposed to various risks related to financial instruments in its daily activities mainly including credit risk
liquidity risk and market risk. The Management has reviewed and approved policies to manage these risks which are summarized
below:
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 long-term 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 other receivables and long-term 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.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 46.20% of
the Company's total accounts receivable (2024: 49.49%); In the Company's other receivables the other receivables of the top five
companies in arrears accounted for 87.76% (2024: 86.94%) of the total other receivables of the Company.
147Liquidity risk
Liquidity risk refers to the risk that the Company will encounter a shortage of funds when fulfilling its obligations to settle in
cash or other financial assets.When managing liquidity risk the Company maintains cash and cash equivalents that the Management believes are sufficient
and monitors them to meet the Company's operational needs and reduce the impact of cash flows fluctuations. The Management of
the Company monitors the use of bank borrowings and ensures compliance with the loan agreement. At the same time the
Company has obtained commitments from major financial institutions to provide sufficient standby funds to meet short-term and
long-term funding needs.The Company finances its working capital through funds generated from its operations and bank and other borrowings.At the end of the period the financial liabilities and off-balance guarantee items held by the Company were analyzed as
follows according to the maturity of the undiscounted remaining contractual cash flows (unit: RMB10000):
Ending balance
Item
Within 1 year Within 1 to 3 years More than 3years Total
Financial liabilities:
Bank borrowings 95414.61 528974.42 6036.89 630425.92
Accounts payable 71305.85 71305.85
Other payables 128035.10 1220.27 129255.37
Non-current liabilities 79654.99 79654.99
maturing within one year
Other current liabilities 4903.83 4903.83
(excluding deferred
income)
Lease liabilities 750.36 415.00 1165.36
Long-term payables 2023.37 43238.42 45261.79
Total financial liabilities 381337.75 572963.20 7672.16 961973.11
and contingent liabilities
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):
Ending balance
Item
Within 1 year Within 1 to 3 years More than 3years Total
Financial liabilities:
Bank borrowings 18241.68 459942.67 34740.89 512925.24
Accounts payable 104309.23 104309.23
Other payables 123135.14 123135.14
Non-current liabilities
maturing within one year 50868.12 50868.12
Other current liabilities
(excluding deferred 2318.63 2318.63
income)
148Ending balance
Item
Within 1 year Within 1 to 3 years More than 3years Total
Lease liabilities 1373.57 941.53 2315.10
Long-term payables 1822.49 44368.28 46190.77
Total financial liabilities
and contingent liabilities 300695.29 505684.52 35682.42 842062.23
Note: The amount of financial liabilities disclosed in the above table was the undiscounted contractual cash flows so it may be different from the
book amount 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 78188.88 19016.55
Long-term borrowings 78851.10 49825.99
maturing within one year
Long-term borrowings 522951.16 475531.46
Total 679991.14 544374.00
149For 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: RMB'0000):
Foreign currency liabilities Foreign currency assets
Item Balance as at the Balance as at the
Ending balance end of the Ending balance end of the
previous year previous year
HKD 422.80 387.01 6526.42 6640.79
VND 231.42 283.75 1459.48 1390.38
USD 85.90 86.26
Total 654.22 670.76 8071.80 8117.43
The Company closely monitors the impact of fluctuation in exchange rate on the Company's exchange rate risk. The
Company is not currently taking any measures to avoid exchange rate risk. However the Management is responsible for
monitoring exchange rate risk and will consider hedging significant exchange rate risk when required.
2. Hedging
(1) The Company conducts hedging business for risk management
□Applicable□Not Applicable
(2) The Company conducts eligible hedging business and applies hedge accounting
Unit: RMB
Cumulative fair value
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
150Type 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 the fair Measured at the fair Measured at the fair
Total
value of the 1st level value of the 2nd level value of the 3rd level
I. Continuous
measurement of fair -- -- -- --
value
(III) Investments in
other equity 484772.21 484772.21
instruments
Total assets constantly
484772.21484772.21
measured at fair value
II. Measurement at fair
value not on a going -- -- -- --
concern
1512. 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 company's Parent company's
shareholding voting rights
Name Registration place Business nature Registered capital
percentage in the percentage in the
Company Company
152Shenzhen Limited liability
3. RMB33.586
Investment Shenzhen company (wholly 57.25% 57.25%
billion
Holdings Co. Ltd. state-owned)
Parent company
The ultimate controller of the Company is the State-owned Assets Supervision and Administration Commission of Shenzhen
Municipal People's Government.Other explanations:
2. Subsidiaries of the Company
See Note X.1 for details of the subsidiary of the Company.
3. Joint ventures and associates
See Note X.3 for details of important joint ventures or associates of the Company.Joint ventures and associates involved in the related-party transactions with the Company in the Current Period or leading to
balance due to the related party transaction they had with the Company in previous periods:
Name of joint venture or associates Relationship with the Company
Other explanations
4. Other related parties
Other related parties Relationship between other related parties with the Company
Related parties of minority shareholders of the subsidiary
Shenzhen Qianhai Advanced Information Service Co. Ltd.Rongyao Real Estate
The parent company of Xinhai Rongyao the minority
Shenzhen Xinhai Holdings
shareholders of the subsidiary Rongyao Real Estate
Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. Minority shareholders of the subsidiary Rongyao Real Estate
Yangzhou Tourism Development Property Co. Ltd. Subsidiary Yangzhou Wuhe's minority shareholders
Shenzhen Wufang Ceramic Industry Co. Ltd. Associates of the Company
Shenzhen Property Jifa Warehousing Co. Ltd. Joint ventures of the Company
Shenzhen Tian'an International Building Property Management
Joint ventures of the Company
Co. Ltd.Guoren P&C Insurance Co. Ltd. Subsidiary of the parent company
Shenzhen Credit Guarantee Group Co. Ltd. Subsidiary of the parent company
Shenzhen Special Economic Zone Real Estate & Properties
Subsidiary of the parent company
(Group) Co. Ltd.Shenzhen Light Industrial Products Import and Export Co.Wholly-owned sub-subsidiary of the parent company
Ltd.Shenzhen Security Service Co. Ltd. Subsidiary of the parent company
Shenzhen Legal Training Center Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen General Institute of Architectural Design and
Wholly-owned subsidiary of the parent company
Research Co. Ltd.Shenzhen Leaguer Education Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Shenda Credit Enhancement Financing Guarantee
Subsidiary of a subsidiary (under the parent company)
Co. Ltd.
153Shenzhen 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 Eternal Asia Supply Chain Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Tianjun Industrial Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Tianjun Investment Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Native Product and Animal Byproducts and Tea
Wholly-owned sub-subsidiary of the parent company
Import & Export Co. Ltd.Shenzhen Bay Technology Development Co. Ltd. Wholly-owned subsidiary of 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 Commercial 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.Wholly-owned sub-subsidiary of the parent company
Ltd.Shantou Special Economic Zone Songshan Real Estate
Subsidiary of a subsidiary (under the parent company)
Development Co. Ltd.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 Shenyue United Investment Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Chuangke Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen High-tech Zone Development and Construction Co.Wholly-owned sub-subsidiary of the parent company
Ltd.Shenzhen Petrel Hotel Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Convention and Exhibition Center Management Co.Wholly-owned subsidiary of the parent company
Ltd.Shenzhen Special Economic Zone Real Estate& Properties
Subsidiary of a subsidiary (under the parent company)
(Group) Co. Ltd. Shantou Branch
Shenzhen Talent Recruitment Technology International Group
Wholly-owned sub-subsidiary of the parent company
Co. Ltd.Research Institute of Tsinghua University in Shenzhen Subsidiary of the parent company
Shenzhen Total Logistics Service Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Shenzhen-Hong Kong Science and Technology
Subsidiary of a subsidiary (under the parent company)
Innovation Park Operation and Development Co. Ltd.Shenzhen Shenzhen-Hong Kong Science and Technology
Subsidiary of the parent company
Innovation Cooperation Zone Development Co. Ltd.Shenzhen Chenglong Real Estate Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Urban Construction and Development (Group) Co.Subsidiary of the parent company
Ltd.Shenzhen Grand Industrial Zone (Shenzhen Export Processing
Wholly-owned sub-subsidiary of the parent company
Zone) Development Management Group Co. Ltd.Shenzhen Fubao Park Operation Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen High-tech Zone Investment and Development Group
Subsidiary of the parent company
Co. Ltd.Shenzhen Environmental Technology Group Co. Ltd. Subsidiary of the parent company
Shenzhen Environmental Engineering Science and Technology
Subsidiary of a subsidiary (under the parent company)
Center Co. Ltd.Shenzhen Southern Certification Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Shenfang Chuanqi Real Estate Development Co.Subsidiary of a subsidiary (under the parent company)
Ltd.Shenzhen Shenfubao (Group) Tianjin Industrial Development
Wholly-owned sub-subsidiary of the parent company
Co. Ltd.Shenzhen Shenfubao (Group) Tianjin Investment and
Wholly-owned sub-subsidiary of the parent company
Development Co. Ltd.Shenzhen Shenfubao (Group) Co. Ltd. Wholly-owned subsidiary of the parent company
154Shenzhen Shenfubao East Investment and Development Co.
Wholly-owned sub-subsidiary of the parent company
Ltd.Shenzhen Shentou Property Development Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen-Shantou Special Cooperation Branch of Shenzhen
Wholly-owned sub-subsidiary of the parent company
Water Planning & Design Institute Co. Ltd.Shenzhen Special Zone Literature Magazine Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Sports Industry Group Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Sports Center Operation Management Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Investment Holdings Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Wancheng Logistics Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Renaissance Shenzhen Bay Hotel Branch of Shenzhen
Wholly-owned sub-subsidiary of the parent company
Continental Hotel Management Co. Ltd.Courtyard by Marriott Shenzhen Bay Branch of Shenzhen
Wholly-owned sub-subsidiary of the parent company
Continental 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.Wholly-owned subsidiary of the parent company
Ltd.Shenzhen Xiangmihu International Exchange Center
Wholly-owned subsidiary of the parent company
Development Co. Ltd.Shenzhen Silver Lake Convention Center (Hotel) Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Infinova Limited Subsidiary of the parent company
Shenzhen Infinova Smart Park Technology 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 Binjiang 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 Shenzhen-Hong Kong Science and Technology
Subsidiary of a subsidiary (under the parent company)
Innovation Park Operation and Development Co. Ltd.Shenzhen Jiaotongchang Station Construction and
Wholly-owned sub-subsidiary of the parent company
Development Co. Ltd.Shenzhen Sports Fashion Culture and Sports Development Co.Wholly-owned sub-subsidiary of the parent company
Ltd.Shenzhen Wangyu Center Operation Management Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Free Trade Zone Life Service Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Urban Construction Mingyuan Industrial Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Other explanations
5. Related party transactions
(1) Related party transactions on purchase and sales of goods rendering and receipt of services
Purchase of goods/receipt of services
Unit: RMB
Whether the
Content of related Amount in the Approved Amount in the
Related party transaction quota
party transactions current period transaction quota previous period
is exceeded
Guoren P&C Insurance
1312376.472275307.59
Insurance Co. Ltd. premiums
Shenzhen Credit
Guarantee Group Guarantee fee 51416.55
Co. Ltd.Shenzhen Special Management 1215070.00 1196570.00
155Economic Zone service fee
Real Estate &
Properties (Group)
Co. Ltd.Shenzhen Light
Industrial Products
Food procurement 9368.18 12484.07
Import and Export
Co. Ltd.Shenzhen Security Security service
39600.00
Service Co. Ltd. fee
Shenzhen Legal
Training service
Training Center 5362.00
fee
Co. Ltd.Shenzhen General
Institute of Project
Architectural architectural 5315400.00 No 1974464.40
Design and design services
Research Co. Ltd.Shenzhen Leaguer
Training service
Education Co. 328112.57
fees
Ltd.Shenzhen Shenda
Credit
Enhancement
Guarantee fee 201000.00 268000.00
Financing
Guarantee Co.Ltd.Shenzhen
Properties Group
Management
Longgang 1104870.00 1082900.00
service fee
Development Co.Ltd.Business
Apartment of
Shenzhen Catering services 162628.00 150971.00
Shenfubao
(Group) Co. Ltd.Shenzhen Tefa
Property service
Port Service Co. 128938.27 157600.22
fee
Ltd.Shenzhen Tianjun
Green plant
Biotechnology
maintenance 12091.46 36394.12
Development Co.service
Ltd.Shenzhen Cultural
Enterprise Office supplies
21138.9439055.94
Development Co. procurement
Ltd.Shenzhen Eternal
Asia Supply Chain Food procurement 21196.46 10598.23
Co. Ltd.Green plant
Shenzhen Tianjun
maintenance 38784.00
Industrial Co. Ltd.service
Shenzhen Tianjun Green plant
Investment maintenance 40826.73
Development Co. service
156Ltd.
Shenzhen Native
Product and
Animal
Food procurement 59325.00
Byproducts and
Tea Import &
Export Co. Ltd.Shenzhen Bay
Technology Management
32548263.59 61201000.00 No 33571556.31
Development Co. service fee
Ltd.Sales of goods/ rendering of services
Unit: RMB
Content of related party Amount in the previous
Related party Amount in the current period
transactions period
Chengdu Zunxi Land Co.Property management fee 990568.68 2223338.17
Ltd.Guangdong Jianbang Group
Property management fee 290037.00
(Huiyang) Industrial Co. Ltd.Guoren P&C Insurance Co.Property management fee 50174.64 146818.20
Ltd.Hebei Shenbao Commercial
Property service fee 822840.03
Management Co. Ltd.Hebei Shenbao Investment
Project funds 87726.76 16525863.74
Development Co. Ltd.Hebei Shenbao Investment
Property service fee 7545509.55 5417208.86
Development Co. Ltd.Kunpeng Industrial Source
Innovation Center (Shenzhen) Property service fee 437217.72 1714806.48
Co. Ltd.Shantou Special Economic
Zone Songshan Real Estate Property service fee 275.48
Development Co. Ltd.Shantou Huafeng Real Estate
Property service fee 1299395.27 1091534.24
Development Co. Ltd.Shantou Hualin Real Estate
Property service fee 3888.10 696.48
Development Co. Ltd.Subsidiaries of Shenzhen
Meal fees 26736.85 32515.83
Investment Holdings
Shenzhen Shenyue United
Property service fee 1537978.34 800554.13
Investment Co. Ltd.Shenzhen Chuangke
Property service fee 2950198.82 3092240.94
Development Co. Ltd.Shenzhen Credit Guarantee
Property service fee 2110348.00 2103449.60
Group Co. Ltd.Shenzhen High-tech Zone
Development and Property service fee 1409351.61 1695109.40
Construction Co. Ltd.Shenzhen Petrel Hotel Co.Property service fee 190943.41 226415.10
Ltd.Shenzhen Convention and
Exhibition Center Property service fee 3879235.44 5103713.67
Management Co. Ltd.Shenzhen Special Economic
Property service fee 16981.15 16981.15
Zone Real Estate & Properties
157(Group) Co. Ltd.
Shenzhen Special Economic
Zone Real Estate& Properties
Property service fee 427.49 36.65
(Group) Co. Ltd. Shantou
Branch
Shenzhen Talent Recruitment
Technology International Property service fee 221317.30 222414.19
Group Co. Ltd.Research Institute of Tsinghua
Property service fee 791607.43 962608.12
University in Shenzhen
Shenzhen Total Logistics
Property service fee 1466122.66 243416.94
Service Co. Ltd.Shenzhen Shenzhen-Hong
Kong Science and
Technology Innovation Park Property service fee 9577018.80 2471616.94
Operation and Development
Co. Ltd.Shenzhen Shenzhen-Hong
Kong Science and
Technology Innovation Property service fee 3291340.46 1065752.34
Cooperation Zone
Development Co. Ltd.Shenzhen Chenglong Real
Property service fee 893337.47 980136.02
Estate Development Co. Ltd.Shenzhen Urban Construction
and Development (Group) Property service fee 171179.25
Co. Ltd.Shenzhen Grand Industrial
Zone (Shenzhen Export
Processing Zone) Project funds 369816.53 -200350.40
Development Management
Group Co. Ltd.Shenzhen Grand Industrial
Zone (Shenzhen Export
Processing Zone) Property service fee 563737.64
Development Management
Group Co. Ltd.Shenzhen Fubao Park
Project funds 69473.85 226360.71
Operation Co. Ltd.Shenzhen High-tech Zone
Investment and Development Property service fee 18851.92 42831.14
Group Co. Ltd.Shenzhen Environmental
Property service fee 3868085.47 2806796.62
Technology Group Co. Ltd.Shenzhen Environmental
Supervision service fee 42452.83
Technology Group Co. Ltd.Shenzhen Environmental
Property service fee 1879544.76 23551.39
Technology Group Co. Ltd.Shenzhen Environmental
Engineering Science and Property service fee 306811.68
Technology Center Co. Ltd.Shenzhen Southern
Property service fee 37050.00 37106.60
Certification Co. Ltd.Shenzhen Shenfang Chuanqi
Real Estate Development Co. Property service fee 198404.56 121671.63
Ltd.Shenzhen Properties Group Property service fee 366311.14
158Longgang Development Co.
Ltd.Shenzhen Shenfubao (Group)
Tianjin Industrial Property service fee 810903.83 439593.56
Development Co. Ltd.Shenzhen Shenfubao (Group)
Tianjin Investment and Property service fee 3709226.64 3570373.42
Development Co. Ltd.Shenzhen Shenfubao (Group)
Project funds 271467.89 -34053.53
Co. Ltd.Shenzhen Shenfubao (Group)
Property service fee 1760191.84 2399905.59
Co. Ltd.Shenzhen Shenfubao East
Investment and Development Project funds -0.77
Co. Ltd.Shenzhen Shenfubao East
Investment and Development Property service fee 266807.98 355483.29
Co. Ltd.Shenzhen Shentou Property
Property service fee 26490.57
Development Co. Ltd.Shenzhen-Shantou Special
Cooperation Branch of
Property service fee 7824.91 8803.02
Shenzhen Water Planning &
Design Institute Co. Ltd.Shenzhen Special Zone
Property service fee 25692.48 25692.48
Literature Magazine Co. Ltd.Shenzhen Sports Industry
Project funds 3696271.96
Group Co. Ltd.Shenzhen Sports Center
Operation Management Co. Property service fee 11847361.51 2746250.37
Ltd.Shenzhen Investment
Holdings Development Co. Property service fee 44752.26
Ltd.Shenzhen Investment
Project funds 2610770.25
Holdings Co. Ltd.Shenzhen Investment
Property service fee 3768464.37 3297675.84
Holdings Co. Ltd.Shenzhen Wancheng
Project funds 93868.93
Logistics Co. Ltd.Shenzhen Cultural Enterprise
Property service fee 165876.42 184485.66
Development Co. Ltd.Renaissance Shenzhen Bay
Hotel Branch of Shenzhen
Property service fee 141509.43 141509.43
Continental Hotel
Management Co. Ltd.Courtyard by Marriott
Shenzhen Bay Branch of
Property service fee 94342.47 94339.64
Shenzhen Continental Hotel
Management Co. Ltd.Shenzhen Xingye
Property service fee 16513.76 22018.35
Transportation Co. Ltd.Shenzhen Bay (Baoding)
Innovation Development Co. Property service fee 355695.60 275854.88
Ltd.Shenzhen Bay Technology
Property service fee 36864137.36 38213750.15
Development Co. Ltd.
159Shenzhen Bay Area Urban
Construction and Property service fee 834366.94 1012766.59
Development Co. Ltd.Shenzhen Xiangmihu
International Exchange Property service fee 1181405.43 1189376.02
Center Development Co. Ltd.Shenzhen Silver Lake
Convention Center (Hotel) Project funds 233119.27
Co. Ltd.Shenzhen Infinova Limited Property service fee 88556.50
Shenzhen Infinova Smart
Consulting service fees 241101.89
Park Technology Co. Ltd.China Shenzhen Foreign
Trade (Group) Company Property service fee 1718115.74 1793710.72
Limited
Purchase or sale of goods and rendering or receipt of labor services
In 2025 the Company engaged in catering service transactions with Shenzhen Investment Holdings and several of its
subsidiaries. Due to the involvement of multiple entities and relatively small transaction amounts with individual related parties
the transaction amounts did not reach the threshold for separate disclosure. Therefore the item was presented in a consolidated
form under "Shenzhen Investment Holdings and its subsidiaries".
(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 November 5
Property Resources Market pricing 28378575.58
properties 2019 2025
Development Development
Co. Ltd. (Group) Ltd.Shenzhen
Shenzhen
Shenfubao
Shenfubao November 1 December 31
Municipal Real estate Market pricing 586872.69
(Group) Co. 2025 2025
Service Co.Ltd.Ltd.Custody/contracting of related parties
Information on the entrustment management/contracting of the Company
Unit: RMB
Name of Name of Type of Starting date of Termination Pricing basis of Custody
entrusting entrusted entrusted/contra entrustment/con date of custody fees/contracting
party/contractin party/contractor cting-out assets tracting-out entrustment/con fee/contracting- -out fees
160g-out party tracting-out out fee recognized in
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 422452 17628.y properti .50 97
Develo es
pment
Co.Ltd.Shenzh
en Investm
Petrel ent 20784. 26400. 5851.5 235308
Hotel properti 00 00 6 .17
Co. es
Ltd.Shenzh
en
High-
tech
Investm
Zone
ent 57840. 49392.Develo 494.86
properti 00 00
pment
es
and
Constru
ction
Co.
161Ltd.
Shenzh
en
Special
Econo
mic
Zone Investm
Real ent 120000 111000 330000 330000 15147. 29737.Estate properti .00 .00 .00 .00 49 26
& es
Properti
es
(Group)
Co.Ltd.Hong
Kong
HOI
PAN
Develo
Investm
pment
ent 56520. 48130.Co.properti 50 74
Ltd.es
Shenzh
en
Represe
ntative
Office
Shenzh
en
Investm
Shenfu
ent 238609 231660 12701. 23658.bao
properti .80 .00 25 06
(Group)
es
Co.Ltd.Shenzh
en
Investm
Investm
ent 241004 207897 14942 48728.ent
properti .34 .68 26.98 57
Holdin
es
gs Co.Ltd.Shenzh
en
Investm
Binjian
ent 127166 140092
g
properti .88 .20
Industri
es
al Co.Ltd.Related-party leases
(4) Related party guarantees
The Company as the guarantor
162Unit: RMB
Maturity date of Whether the guarantee
The secured party Amount guaranteed Start date of guarantee
guarantee has been fulfilled
Shenzhen Rongyao
Real Estate 3491351743.56 November 27 2019 November 20 2026 No
Development Co. Ltd.Yangzhou Wuhe Real
245757208.99 January 19 2024 January 18 2029 No
Estate Co. Ltd.The Company as the guaranteed party
Unit: RMB
Maturity date of Whether the guarantee
Guarantee Amount guaranteed Start date of guarantee
guarantee has been fulfilled
Shenzhen Shenda
Credit Enhancement
16750000.00 March 29 2022 March 28 2025 Yes
Financing Guarantee
Co. Ltd.Shenzhen Shenda
Credit Enhancement
36850000.00 March 29 2022 March 28 2026 No
Financing Guarantee
Co. Ltd.Shenzhen Shenda
Credit Enhancement
13400000.00 March 29 2022 March 28 2027 No
Financing Guarantee
Co. Ltd.Guoren P&C Insurance
440000000.00 May 30 2025 May 29 2027 No
Co. Ltd.Guoren P&C Insurance
73027582.04 January 10 2024 1 No
Co. Ltd.Guoren P&C Insurance
89983901.50 May 22 2023 2 No
Co. Ltd.Note: 1
2
Notes to related party guarantee
1 Expiry of statute of limitations
2 Expiry of statute of limitations
(5) Information on inter-bank lending of capital of related parties
Unit: RMB
Related party Amount borrowed Start date Maturity date Notes
Borrowed from
Lending
(6) Asset transfer and debt restructuring of related parties
Unit: RMB
Content of related party Amount in the previous
Related party Amount in the current period
transactions period
163(7) Remuneration of key officers
Unit: RMB
Item Amount in the current period Amount in the previous period
Remuneration of key officers 3873125.48 5156684.67
(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
Accounts Chengdu Zunxi
195468.425864.05
receivable Land Co. Ltd.Hebei Shenbao
Commercial
1762674.1956087.10
Management Co.Ltd.Hebei Shenbao
Investment
35552402.291208889.1241683941.801916102.52
Development Co.Ltd.Kunpeng
Industrial Source
Innovation Center 356916.62 10707.50 182417.35 5472.52
(Shenzhen) Co.Ltd.Shantou Huafeng
Real Estate
177667.235330.02
Development Co.Ltd.Shenzhen Shenyue
United Investment 1768601.83 80279.20 3450150.13 123326.68
Co. Ltd.Shenzhen
Chuangke
9202366.24497236.976075155.48222749.53
Development Co.Ltd.Shenzhen Credit
Guarantee Group 157200.00 4716.00
Co. Ltd.Shenzhen High-
tech Zone
Development and 1433025.94 42990.78 2837150.55 85114.52
Construction Co.Ltd.Shenzhen 1310332.57 39309.98 936380.65 28091.42
164Convention and
Exhibition Center
Management Co.Ltd.Shenzhen Special
Economic Zone
Real Estate & 3400433.53 277782.79 5548078.33 347553.20
Properties (Group)
Co. Ltd.Research Institute
of Tsinghua
223175.366695.2673234.712197.04
University in
Shenzhen
Shenzhen Total
Logistics Service 466227.00 13986.81 466227.00 13986.81
Co. Ltd.Shenzhen
Shenzhen-Hong
Kong Science and
Technology
10151639.93304549.205572997.25167189.92
Innovation Park
Operation and
Development Co.Ltd.Shenzhen
Shenzhen-Hong
Kong Science and
Technology
2882666.8586480.01117000.003510.00
Innovation
Cooperation Zone
Development Co.Ltd.Shenzhen
Chenglong Real
Estate 318690.13 9560.70
Development Co.Ltd.Shenzhen Grand
Industrial Zone
(Shenzhen Export
Processing Zone) 535985.52 66519.57 266132.23 58423.97
Development
Management
Group Co. Ltd.Shenzhen Fubao
Park Operation 5548.18 166.45 42352.90 1270.59
Co. Ltd.Shenzhen
Environmental
4141451.01124243.532837617.8286245.77
Technology Group
Co. Ltd.Shenzhen
Shenfubao
(Group) Tianjin
840197.7725205.931581956.05175339.45
Industrial
Development Co.Ltd.
165Shenzhen
Shenfubao
(Group) Tianjin
2363015.3870890.462588645.10150772.57
Investment and
Development Co.Ltd.Shenzhen
Shenfubao 1671687.00 50493.21 1671102.46 52471.28
(Group) Co. Ltd.Shenzhen Shentou
Property
7261030.73480605.498591322.98424230.21
Development Co.Ltd.Shenzhen Special
Zone Literature
27234.00817.02
Magazine Co.Ltd.Shenzhen Sports
Industry Group 10495981.06 314879.43 4402968.12 132089.04
Co. Ltd.Shenzhen Sports
Fashion Culture
and Sports 2429.40 72.88 2429.40 72.88
Development Co.Ltd.Shenzhen Sports
Center Operation
394849.6111845.49
Management Co.Ltd.Shenzhen
Investment 6513271.14 253086.53 5588052.61 225329.98
Holdings Co. Ltd.Shenzhen
Wancheng 171749.77 5152.49
Logistics Co. Ltd.Shenzhen Cultural
Enterprise
176810.045304.30
Development Co.Ltd.Shenzhen Bay
(Baoding)
Innovation 377037.36 11311.12 182228.13 5466.84
Development Co.Ltd.Shenzhen Bay
Technology
82285325.943358418.4449188098.911508080.64
Development Co.Ltd.Shenzhen Bay
Area Urban
Construction and 176273.75 5288.21
Development Co.Ltd.Shenzhen
Xiangmihu
255559.097666.77461923.2813857.70
International
Exchange Center
166Development Co.
Ltd.Shenzhen Infinova
Smart Park
913838.0090555.14913838.0090555.14
Technology Co.Ltd.China Shenzhen
Foreign Trade
52998.323304.9524500.002450.00
(Group) Company
Limited
Total 187515144.20 7521094.39 145792518.24 5857148.73
Hebei Shenbao
Investment
Contract assets 197763.60 215129.91
Development Co.Ltd.Shenzhen Grand
Industrial Zone
(Shenzhen Export
Processing Zone) 118043.22
Development
Management
Group Co. Ltd.Shenzhen
Investment 88223.00 88223.00
Holdings Co. Ltd.Shenzhen
Xiangmihu
International
14806.9414806.94
Exchange Center
Development Co.Ltd.Shenzhen Urban
Construction
18450.00
Mingyuan
Industrial Co. Ltd.Total 300793.54 454653.07
Shenzhen High-
tech Zone
Other receivables Development and 100908.65 3027.26 35605.73 1068.17
Construction Co.Ltd.Shenzhen
Convention and
Exhibition Center 1000.00 30.00 1000.00 30.00
Management Co.Ltd.Shenzhen Special
Economic Zone
Real Estate & 100000.00 50000.00 100000.00 30000.00
Properties (Group)
Co. Ltd.Shenzhen Binjiang
59057.402181.9249397.401481.92
Industrial Co. Ltd.Shenzhen Grand
Industrial Zone
102583.5410775.06102583.5410258.35
(Shenzhen Export
Processing Zone)
167Development
Management
Group Co. Ltd.Shenzhen Qianhai
Advanced
10720575.276623517.6210720575.276623517.62
Information
Service Co. Ltd.Shenzhen
Shenfubao 215304.60 12147.66 81264.60 8126.46
(Group) Co. Ltd.Shenzhen
Shenfubao East
Investment and 350000.00 35000.00 350000.00 35000.00
Development Co.Ltd.Shenzhen Shentou
Property
81233.0081233.0081233.0081233.00
Development Co.Ltd.Shenzhen
Investment 685740.90 397444.67 685740.90 278254.03
Holdings Co. Ltd.Shenzhen Xinhai
201499990.18124493201.20201499990.18124493201.20
Holdings
Shenzhen Xinhai
Rongyao Real
Estate 375068984.55 231729731.18 375068984.55 231729731.18
Development Co.Ltd.Shenzhen Tianjun
10000000.0010000000.00
Industrial Co. Ltd.Shenzhen Bay
Technology
1207691.82120769.182462441.2373873.24
Development Co.Ltd.Shenzhen Wufang
Ceramic Industry 1747264.25 1747264.25 1747264.25 1747264.25
Co. Ltd.Hong Kong HOI
PAN Development 48130.74 1443.92 48130.74 1443.92
Co. Ltd.Total 601988464.90 365307766.92 603034211.39 365114483.34
(2) Payables
Unit: RMB
Project Related party Ending book balance Beginning book balance
Guoren P&C Insurance Co.Accounts payable 200000.00
Ltd.Shenzhen Security Service
19800.00
Co. Ltd.Shenzhen General Institute of
Architectural Design and 1615077.44 1615077.44
Research Co. Ltd.Shenzhen Qianhai Advanced
7126060.007126060.00
Information Service Co. Ltd.
168Shenzhen Shentou Property
141380.781694981.99
Development Co. Ltd.Shenzhen Tefa Port Service
846432.00705360.00
Co. Ltd.Total 9748750.22 11341479.43
Shenzhen Credit Guarantee
Other payables 1494841.29 1494841.29
Group Co. Ltd.Shenzhen Talent Recruitment
Technology International 147132.37 147132.37
Group Co. Ltd.Shenzhen Free Trade Zone
4850.004850.00
Life Service Co. Ltd.Shenzhen Urban Construction
and Development (Group) 152227.00 152227.00
Co. Ltd.Shenzhen Grand Industrial
Zone (Shenzhen Export
Processing Zone) 95341.59 86247.00
Development Management
Group Co. Ltd.Shenzhen Southern
34002.1534002.15
Certification Co. Ltd.Shenzhen Shenfubao (Group)
3795756.863178036.23
Co. Ltd.Shenzhen Shenfubao East
Investment and Development 572289.81 369211.02
Co. Ltd.Shenzhen Shentou Property
10486306.2818106994.63
Development Co. Ltd.Shenzhen Cultural Enterprise
743680.00743680.00
Development Co. Ltd.Shenzhen Tian'an
International Building
5214345.905214345.90
Property Management Co.Ltd.Shenzhen Bay Technology
70075285.3151990858.29
Development Co. Ltd.Shenzhen Bay Area Urban
Construction and 360752.18 360752.18
Development Co. Ltd.Shenzhen Property Jifa
202296665.14202296665.14
Warehousing Co. Ltd.Yangzhou Tourism
Development Property Co. 371409142.39 345929298.79
Ltd.Total 666882618.27 630109141.99
7. Commitments from related parties
8. Others
169XV. Share-based payments
1. Overview of share-based payments
□Applicable□Not Applicable
2. Share-based payments settled by equity
□Applicable□Not Applicable
3. Share-based payments settled by cash
□Applicable□Not Applicable
4. Current share payment expenses
□Applicable□Not Applicable
5. Modification and termination of share-based payment
6. Others
XVI. Commitments and contingencies
1. Significant commitments
Significant commitments on the balance sheet date
Large-value contracts that are being performed or to be performed
Item Amount in this period Previous year
Large-value contracts that have been signed but not 2218042702.05 3047663480.31
recognized in the financial statements
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
170ineffective 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 RMB93.81mn 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 "Facility Community")
signed the Software Service Contract for Smart Facility Management Platform of China Merchants Property with China Merchants
Group. Meanwhile for this project Facility Community intended to purchase RMB 3 million facility management system
(covering 31 items) for this project from Shenzhen Basepoint Intelligence Co. Ltd. (hereinafter referred to as "Basepoint"). In the
project delivery only 11 systems delivered by Basepoint passed the acceptance inspection leaving the full delivery unfinished.Therefore Facility Community failed to reach a consensus on payment with Basepoint. In 2021 Basepoint sued Facility
Community and froze the its funds of RMB 3 million. The judgment of the first instance dated August 10 2022 ruled that Facility
Community shall compensate RMB 3 million to Basepoint. Facility Community refused to accept the first-instance judgment and
filed an appeal for the second instance in 2022. The second instance was heard on August 11 2023. The Shenzhen Intermediate
People's Court issued the (2023) Yue 03 Min Zhong No. 3914 Ruling on Apr. 19 2024 ruling to revoke the (2021) Yue 0304 Min
Chu No. 55151 Ruling issued by the Shenzhen Futian District People's Court and remand the case for retrial. The case number of
the first instance of retrial is (2024) Yue 0304 Minchu No. 36480.
(3) Arbitration case concerning private lending dispute involving Shenzhen Rongyao Real Estate Development Co. Ltd.
Since Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. (hereinafter referred to as "Xinhai Rongyong Company")
and Shenzhen Xinhai Holdings Co. Ltd. (hereinafter referred to as 'Xinhai Holdings') failed to pay off the loan principal and
interest to Shenzhen Rongyao Real estate development Co. Ltd. (hereinafter referred to as the 'Rongyao Real Estate') as scheduled
Rongyao Real Estate has applied to the Shenzhen Court of International Arbitration for arbitration. The arbitration award ordered
that Xinhai Rongyao and Xinhai Holdings shall repay all the loan principal of RMB 671.9138 million and the corresponding
interests (at an annual interest rate of 11% calculated based on the principal of RMB 671.9138 million from August 4 2022 to the
date of full repayment of the loan; provisionally amounting to RMB 49.0684 million) to Rongyao Real Estate. The award further
decided that Xinhai Investment Company Expander Property Management Lianghong Industrial and Tiancheng Investment shall
171bear joint and several liability for the obligations and liabilities of Xinhai Rongyao and Xinhai Holdings in connection with the
first arbitration claim of repayment mentioned above. It was ruled that all the respondents shall bear the attorney fees of RMB 1.2
million paid by Rongyao Real Estate and all the respondents shall bear the arbitration costs and property preservation expenses of
this case. The provisional total amount of the above stands at RMB722.1822 million.On August 7 2023 Xinhai initiated a proceeding with Shenzhen Intermediate People's Court to confirm the validity of the
arbitration agreement which led to the temporary suspension of the hearing of the case by the Arbitration Court. Shenzhen
Intermediate People's Court has conducted a trial (hearing) of the case on confirming the validity of the arbitration agreement on
December 27 2023. The Court has rejected the application of the respondent upon the hearing. The case was heard in Shenzhen
Court of International Arbitration on August 30 2024 and is pending the award of the arbitration court.On June 26 2025 the Notice of Property Preservation Result was received from the court showing that Rongyao Real Estate
had successfully added a batch of property of the respondent to be preserved.
(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 Shenzhen Properties & Resources Development
(Group) Ltd. (hereinafter referred to as "SZPRD") as agreed SZPRD has applied to the Shenzhen Court of International
Arbitration for arbitration. It was ruled that Xinhai Rongyao shall pay RMB 170556833.33 to SZPRD as compensation for
investment losses; It was ruled that Sichuan Trust Company did not legally possess the 1% equity of Rongyao Real Estate
registered in its name confirming that Xinhai Rongyao was the actual owner of the said 1% equity; It was ruled that Xinhai
Rongyao shall pledge and register its actually-held 31% equity of Rongyao Real Estate actually held by it to SZPRD; It was ruled
that Sichuan Trust Co. Ltd. should cooperate in handling the registration procedures for the pledge of 1% equity of Honor Real
Estate in the aforesaid third arbitration claim; that Xinhai Rongyao and Sichuan Trust Company shall bear the attorney fees of
RMB 780000 paid by SZPRD; that Xinhai Rongyao and Sichuan Trust Company shall bear all the arbitration costs and property
preservation expenses of this case. The provisional total amount involved in these rulings amounts to RMB 171336833.33.On April 12 2024 an arbitral award was received ruling that Xinhai Rongyao shall pay SZPRD compensation of
RMB50mn for investment loss; Xinhai Rongyao pledged and registered 30% of its equity in Rongyao Real Estate to SZPRD;
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. On June 27 2024 the 30% of the equity of Xinhai Rongyao was
pledged to the Group and continued to be sealed up and frozen. On November 4 2024 the judicial freezing was immediately
172enforced after the 1% equity was transferred to Xinhai RongYao which safeguarded the rights and interests of our State-owned
assets to the greatest extent.
(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
the "Yinian Company") signed the Four-party Agreement which stipulated that Rongyao Real Estate shall assist the parties to
transfer the subject rights and interests into the project designated by Yinian Company and Yinian Company shall make payment
to the designated account of Rongyao Real Estate in full and on schedule as agreed. Subsequently Shenzhen Hezheng Real Estate
Group Co. Ltd. (hereinafter referred to as "Hezheng Company") issued a Reply Letter and a Payment Plan Letter committing that
if Yinian Company fails to repay on schedule Hezheng Company will bear the responsibility for repayment to Rongyao Real
Estate.Due to the aforementioned obligor's failure to make timely payments which constitutes a serious breach of the agreement
and severely undermines the legitimate rights and interests of Rongyao Real Estate the latter has filed a lawsuit with the court
demanding that the relevant obligor repay the outstanding equity transfer payment of RMB 65250598.72 and pay the liquidated
damages for overdue payment of RMB 7600806.70 (calculated at a daily rate of 0.03% on the unpaid principal of the equity
transfer payment provisionally calculated up to December 5 2023 and should be actually calculated to the date of full repayment).The case was heard by the Longhua District People's Court on July 5 2024 and is currently awaiting the Court's judgment.On April 22 2025 the "Notice of Property Preservation Result" was received from the court showing that Rongyao Real
Estate had successfully added a batch of property of the respondent to be preserved.
(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. (affiliated
company of Xinhai hereinafter referred to as "Qianhai Advanced Information Service") signed the Agreement on Advance
Payment and Payment of Tax Payment stipulating that 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 Company issued a Letter of Commitment to Bear the Relevant Taxes and Fees for Relocation Compensation pledging to
provide joint and several guarantee for the obligation of Qianhai Advanced Information Service to pay all taxes and fees arising
from the Relocation Compensation & Resettlement Agreement.
173In 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.As of now Xinhai still owes interest of RMB 3493287.37 (calculated at an annualized rate of 11% until July 31 2024 and shall
be actually calculated until the date of full repayment). All parties had no objections to this and signed the Confirmation Letter on
Claims and Debts on November 30 2023.To sum up Xinhai's breach of contract has seriously violated the relevant agreements and the letter of commitment. Rongyao
Real Estate filed a lawsuit with the People's Court of Longhua District Shenzhen. On April 12 2025 the People's Court of
Longhua District Shenzhen made the (2025) Yue 0309 Minchu No. 8262 Civil Judgment ruling that Qianhai Advanced
Information Service should repay the principal of the advance payment of RMB10720575.27 and the interest to the plaintiff
Rongyao Real Estate within ten days from the effective date of this judgment (including based on RMB 8430575.27 calculated
and paid at an annual interest rate of 11% from July 20 2021 to the date of actual settlement; based on RMB2290000 calculated
and paid at the annual interest rate of11% from January 26 2022 to the date of actual payment). The defendant Xinhai Rongyao
Company shall bear 50% compensation liability for the first debt that cannot be settled to the plaintiff and other claims of
Rongyao Real Estate are rejected. The case is currently in the second instance stage.
(7) The contract dispute case involving Shenzhen Rongyao Real Estate Development Co. Ltd. Shenzhen Qianhai Advanced
Information Service Co. Ltd. Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. and Shenzhen Xinhai Holdings Co.Ltd.During the demolition process of the Bangling Project Qianhai Advanced Information Service repeatedly sent letters to
Rongyao Real Estate requesting an advance payment of the demolition service fees and pledging to take the amount prepaid by the
latter as the principal and pay the occupancy fee to the latter at an annualized interest rate of 11% based on the actual duration the
prepaid amount is actually utilized (i.e. from the date the service fee is actually prepaid until the cumulative demolition area
reaches 61460 square meters). If Qianhai Advanced Information Service fails to complete the demolition work on schedule
Rongyao Real Estate has the right to request Xinhai Fang 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 Company and Xinhai Holdings Company shall be jointly and
severally liable for the payment of the above debts.In order to expedite the project development and reduce the substantial economic losses caused by the serious delay of the
project to Rongyao Real Estate Rongyao Real Estate agreed to the application of Xinhai and paid the relevant demolition service
174fees in advance. As of now Xinhai still owes the interest of the demolition service fees amounting to RMB12376819.89. All
parties have no objections to this and signed the Confirmation Letter on Claims and Debts on November 30 2023.In summary 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. The case has been officially registered and is
currently awaiting the Court's scheduling for a hearing.
(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 Trade
Co. Ltd. (hereinafter referred to as "Herunxiang") and Xinhai Rongyao Company 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 RMB10mn to RMB15mn (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. The taxes and fees will subsequently be repaid by Rongyao Real Estate on behalf of Herunxiang.On November 5 2021 Xinhai Rongyao Company 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.In order to expedite the project development and mitigate the substantial economic losses caused by the serious delay of the
project to Rongyao Real Estate Rongyao Real Estate agreed on August 2 2022 to the request from Herunxiang and Xinhai
Rongyao Company to advance the payment of transfer taxes and registration fees for the Shenfa Factory totaling RMB20.0428
million on behalf of Herunxiang and Xinhai Rongyao. All parties involved had no objection to this arrangement and signed the
Confirmation Letter on Claims and Debts on November 30 2023.Up to now Herunxiang and Xinhai Rongyao Company have failed to repay the principal and interest as agreed which
constitutes a breach of contract. The case was successfully filed at the Longhua District People's Court on August 21 2024 and
the case was heard on August 5 2025.
(9)Property management fee litigation case of Shenzhen Xuansheng Industrial Development Co. Ltd.
175Part of the Overseas Friendship Building located at No. 12 Yingchun Road Luohu District Shenzhen is owned by the
United Front Work Department of the Shenzhen Municipal Party Committee and Shenzhen Jinhailian Property Management Co.Ltd. (hereinafter referred to as "Jinhailian Company") has been authorized by the United Front Work department of Shenzhen
Municipal Party Committee to manage the said property. On December 31 2006 Jinhailian Company and Shenzhen Xuansheng
Industrial Development Co. Ltd. (hereinafter referred to as "Xuansheng Company") signed the Property Management Agreement
of Overseas Friendship Building which stipulated that Xuansheng Company shall provide property management services to
Jinhailian Company and Jinhailian Company shall pay property management fees to Xuansheng Company for certain floors of the
Overseas Friendship Building including the first floor floors 3-8 at the rate of RMB 5 per square meter.On April 24 2024 Jinhailian Company received a summons from the Luohu District People's Court of Shenzhen regarding
the property service contract dispute case filed by Xuansheng Company against Jinhailian Company with the a litigation subject
matter amount to RMB1869272 (The total amount which was sued by Xuansheng Company against Jinhailian for the payment
of property management fees utilities air conditioning fees and late payment penalties for floors 8-10 31 and the underground
parking lot of Overseas Friendship Building).According to the Property Management Agreement of Overseas Friendship Building signed in 2006 the property
management fees for the 8th floor payable by the Company is calculated at RMB 5 per square meter per month and does not
include floors 9-10 31 and the parking lot on the second basement level. Xuansheng Company sued Jinhailian for paying property
management fees at RMB 12 per square meter per month which is not recognized by Jinhailian. During this period Jinhailian
repeatedly communicated and coordinated with Xuansheng Company to no avail. Xuansheng Company still claimed that Jinhailian
pay the property management fees at RMB 12 per square meter per month. Since Xuansheng Company has failed to perform the
terms of the management agreement and has not provided invoices for the property management fees (at the rate of RMB 5 per
square meter per month) Jinhailian was unable to pay the relevant property management fees.On June 13 2024 the Luohu District People's Court of Shenzhen made a first-instance judgment ruling that Jinhailian
Company shall pay a total of RMB 327250.18 for property management fees water fees air conditioning fees and late payment
penalties for floors 8-10 of Overseas Friendship Building from June 12 2022 to February 29 2024 to Xuansheng Company at the
rate of RMB 5 per square meter. In addition for the 31st floor Jinhailian shall pay a total of RMB 91831.89 for property
management fees and late payment penalties from January 1 2019 to February 29 2024 at the rate of RMB 3 per square meter.The total amount stands at RMB 419082.07 (the property management fees for floors 9-10 and the 31st floor are determined based
on objective facts). Not satisfied with the judgment of the first instance Jinhailian Company filed an appeal and the second
instance is still under trial.
176(10)Arbitration Case on Contract Dispute (Invoicing) between Shenzhen Rongyao Real Estate Development Co. Ltd. and
Shenzhen Qianhai Advanced Information Service Co. Ltd.On December 24 2018 Rongyao Real Estate and Qianhai Advanced Information Service signed the Urban Renewal
Entrustment Service Agreement (Contract No.: QHGD-JS-18-005) agreeing that Qianhai Advanced Information Service will
provide Rongyao Real Estate with demolition services for the urban renewal project in Bangling area of Guanlan Subdistrict
Office Longhua District Shenzhen. Rongyao Real Estate has paid most of the payments totaling RMB292.8739mn as agreed in
the contract but Qianhai Advanced Information Service has not issued the remaining VAT invoices totaling RMB219.9804mn in
full as agreed in the contract.Rongyao Real Estate has repeatedly sent Reminder Letters to Qianhai Advanced Information Service requiring it to issue
invoices within a time limit but Qianhai Advanced Information Service has not issued invoices as scheduled so it applied for
arbitration. At present the arbitration court has accepted the case.
(11)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 2025 the balance of deposits for
which the guarantee will be released stood at RMB1136107.18 and the said guarantee will be released upon the full repayment of
the mortgage loans.As a real estate developer the company has historically provided mortgage guarantees for buyers of commercial housing in
accordance with real estate development practices. As of June 30 2025 the balance of the guarantee that has not been released
was RMB584285879.79 and such guarantee will be released upon full repayment of the related mortgage.
(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
1772. Profit distribution
Proposed dividend per 10 shares (RMB) 0
Proposed bonus shares per 10 shares (shares) 0
Proposed shares converted per 10 shares held (shares) 0
Dividend per 10 shares declared upon deliberation and
0
approval (RMB)
Bonus shares per 10 shares declared upon deliberation and
0
approval (shares)
Number of shares converted per 10 shares declared upon
0
deliberation and approval (shares)
3. Sales return
4. Events after the balance sheet date
According to the resolution of the 36th meeting of the 10th Board of Directors of the Company the resolution of the 30th
meeting of the 10th Board of Supervisors and the announcement of the resolution of the third extraordinary shareholders' meeting
in 2025 the Company intends to apply to Shenzhen Stock Exchange for a non-public issuance of corporate bonds to professional
investors with an issue scale of no more than RMB1.2bn (inclusive) and an issuing period of no more than 5 years (inclusive). As
of August 28 2025 the matter was still under review by the SZSE.
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
(2) Prospective application method
Contents of correction of accounting Reasons for adopting the prospective
Approval procedure
errors application method
2. Debt restructuring
1783. 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
Segment information
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 property
management and leasing services are assessed by the Company respectively. Assets and liabilities shared among all segments are
allocated to various segments based on their scale ratios.Financial information of reporting segments
Unit: RMB
Real estate Property Inter-segment
Item Assets operations Total
business management offset
Operating revenue 213561064.62 770226955.35 104120915.90 1087908935.87
Operating costs 128410515.97 643044902.76 42049074.63 813504493.36
Total assets 13144124960.56 2927447753.42 567527200.26 16639099914.24
Total liabilities 10839258775.17 2431609858.79 128167946.53 13399036580.49
179(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) 6015843.77 2345620.53
1-2 years 1854744.54 123067359.04
2 to 3 years 121530538.50 12649.00
Over 3 years 96824380.35 96824380.35
4 to 5 years 9756.00 9756.00
Over 5 years 96814624.35 96814624.35
Total 226225507.16 222250008.92
(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 982469 982469 982469 982469
receivab 43.43% 100.00% 0.00 44.21% 100.00% 0.0009.94 09.94 09.94 09.94
le with
provisio
180n for bad
debts on
an
individu
al basis
Includ
ing:
Account
s
receivab
le with
provisio
127978331530948255124003111340112869
n for bad 56.57% 25.91% 55.79% 8.98%
597.2273.8723.35098.9817.20081.78
debts on
a
combina
tion
basis
Includ
ing:
226225131399948255222250109380112869
Total 100.00% 58.08% 100.00% 49.22%
507.16983.8123.35008.92927.14081.78
Name of category of provision for bad debts on an individual basis: Accounts receivable with provision for bad debts on an
individual basis
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
Involved in
Jiyong Property
93811328.05 93811328.05 93811328.00 93811328.00 100.00% litigation and
Development
irrecoverable
Co. Ltd.Luohu District
Long aging and
Economic
54380.35 54380.35 54380.35 54380.35 100.00% estimated to be
Development
irrecoverable
Company
Shenzhen
Tewei Long aging and
Industrial Co. 2836561.00 2836561.00 2836561.00 2836561.00 100.00% estimated to be
Ltd. (Chenhui irrecoverable
Building)
Accounts
receivable with
insignificant
Involved in
single amount
1544640.54 1544640.54 1544640.54 1544640.54 100.00% litigation and
but subject to
irrecoverable
provision for
bad debts on an
individual basis
Total 98246909.94 98246909.94 98246909.94 98246909.94
Name of category of provision for bad debts on a portfolio basis: Accounts receivable with provision for bad debts on a portfolio
basis by credit risk characteristics
181Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Credit risk characteristic
115852820.0933153073.8728.62%
combination
Government funding
12125777.13
combination
Total 127978597.22 33153073.87
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
Beginning
Type Recovery or Ending balancebalance Provision Write-off Others
reversal
Provision for
bad debts on an 98246909.94 98246909.94
individual basis
Provision for
bad debts made 11134017.20 22019056.67 33153073.87
by portfolio
Total 109380927.14 22019056.67 131399983.81
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
(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
Nature of accounts Amount of write- Reasons for write-
Entity name Write-off Whether the fund
receivable off off procedures is generated by
182performed related party
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 of debts of accounts
Ending balance of accounts balance of
Entity name accounts receivable and
contract assets receivable and accounts
receivable provision for
contract assets receivable and
impairment of
contract assets (%)
contract assets
Shenzhen Futian
Talent Housing 109392112.37 109392112.37 48.36% 32817633.71
Co. Ltd.Shenzhen Jiyong
Property
93811328.0593811328.0541.47%93811328.05
Development Co.Ltd.Shenzhen Futian
District
Government
12125777.1312125777.135.36%
Property
Management
Center
Shenzhen Tewei
2836561.002836561.001.25%2836561.00
Industrial Co. Ltd.China Pacific
Property Insurance 1918854.00 1918854.00 0.85% 57565.62
Co. Ltd.Total 220084632.55 220084632.55 97.29% 129523088.38
2. Other receivables
Unit: RMB
Item Ending balance Beginning balance
Other receivables 7399273074.19 4279938165.85
Total 7399273074.19 4279938165.85
(1) Interest receivable
1) Classification of interest receivable
Unit: RMB
Item Ending balance Beginning balance
1832) 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 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
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
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:
184(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
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:
185(3) Other receivables
1) Classification of other receivables by nature of payment
Unit: RMB
Nature of payment Ending book balance Beginning book balance
Guaranteed deposit 2201327.00 2225127.00
Withholding payments 22961.34 24068.13
External transactions 135745469.28 136954520.92
Transactions with subsidiaries 7288548148.51 4169668944.36
Total 7426517906.13 4308872660.41
2) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (including 1 year) 7289151958.51 4169820435.08
1-2 years 101708.30 97134.37
Over 3 years 137264239.32 138955090.96
3 - 4 years 35449.05
4 to 5 years 33649.05 69600.00
Over 5 years 137230590.27 138850041.91
Total 7426517906.13 4308872660.41
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
128322182816110040129990199874110003
accrued 1.73% 14.25% 3.02% 15.38%
612.5749.87962.70664.2154.18210.03
on an
individu
al basis
Includ
ing:
Provisio
n for bad
729819896318728923417888894704416993
debts 98.27% 0.12% 96.98% 0.21%
5293.562.072111.491996.200.384955.82
made by
portfolio
186Includ
ing:
742651272448739927430887289344427993
Total 100.00% 0.37% 100.00% 0.67%
7906.1331.943074.192660.4194.568165.85
Name of category of provision for bad debts on an individual basis: Other receivables with provision for bad debts on an
individual basis
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Reasons for
Book balance Book balance Provision ratio
bad debts bad debts provision
Shum Yip
Failed to
Properties
113562200.85 3558990.82 111894149.21 1853186.51 1.66% recover for a
Development
long time
Limited
Failed to
Dameisha
2576445.69 2576445.69 2576445.69 2576445.69 100.00% recover for a
Tourism Center
long time
Hong Kong
Hengyue
Development Failed to
Company 3271837.78 3271837.78 3271837.78 3271837.78 100.00% recover for a
Limited long time
(Wuyao
Company)
Failed to
Elevated Train
2542332.43 2542332.43 2542332.43 2542332.43 100.00% recover for a
Project
long time
Shanghai Failed to
Yutong Real 5676000.00 5676000.00 5676000.00 5676000.00 100.00% recover for a
Estate Co. Ltd. long time
Accounts
receivable with
insignificant
Failed to
single amount
2361847.46 2361847.46 2361847.46 2361847.46 100.00% recover for a
but subject to
long time
provision for
bad debts on an
individual basis
Total 129990664.21 19987454.18 128322612.57 18281649.87
Name of category of provision for bad debts on a portfolio basis: Other receivables with provision for bad debts on a portfolio
basis by credit risk characteristics
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Within 1 year 603810.00 18114.30 3.00%
1-2 years 101708.30 10170.83 10.00%
2-3 years
3-4 years
4-5 years 33649.05 26919.24 80.00%
Over 5 years 8907977.70 8907977.70 100.00%
Total 9647145.05 8963182.07
Explanation on the basis for determining the combination:
187The 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
Provision for bad debts Expected credit losses throughout the duration throughout the duration Total
over the next 12
(without credit (with credit
months
impairment) impairment)
Balance as of January
8947040.3819987454.1828934494.56
12025
Balance as at January
1 2025 forwarded to
the current period
Provision for the
16141.6916141.69
current period
Reversal in this period 1705804.31 1705804.31
Balance as of June 30
8963182.0718281649.8727244831.94
2025
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 19987454.18 1705804.31 18281649.87
individual basis
Provision for
bad debts made 8947040.38 16141.69 8963182.07
by portfolio
Total 28934494.56 16141.69 1705804.31 27244831.94
Reversal or recovery of significant amount of provision for bad debts in the current period:
Unit: RMB
Basis for determining
Reversed or recovered the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
1885) 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:
6) Other receivables of the top five ending balances collected by debtor
Unit: RMB
Balance of
Ratio to the total
provision for bad
Entity name Nature of amount Ending balance Aging ending balance of
debts as at the end
other receivables
of the period
Shenzhen
Rongyao Real
Estate Current accounts 3408765777.28 Within 1 year 45.90%
Development Co.Ltd.Dongguan Wuhe
Real Estate Co. Current accounts 2113760170.00 Within 1 year 28.46%
Ltd.Shenzhen
Guangming Wuhe
Current accounts 954000000.00 Within 1 year 12.85%
Real Estate Co.Ltd.Yangzhou Wuhe
Real Estate Co. Current accounts 754645305.03 Within 1 year 10.16%
Ltd.Shum Yip
Properties
Current accounts 111894149.21 Over 5 years 1.51% 1853186.51
Development
Limited
Total 7343065401.52 98.88% 1853186.51
7) Reported as other receivables due to centralized fund management
Unit: RMB
Other explanations:
1893. 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. 1290491401. 1356325401. 1290491401.
65834000.0065834000.00
subsidiaries 10 10 10 10
Investments in
associates and 284801778.46 18983614.14 265818164.32 287171419.66 18983614.14 268187805.52
joint ventures
1641127179.1556309565.1643496820.1558679206.
Total 84817614.14 84817614.14
56427662
(1) Investment in subsidiaries
Unit: RMB
Beginning Increase/decrease in this period
Balance of
balance of
Beginning Additi Reduc Provisi Ending provision forprovision
Investees balance (book
for onal ed on for Other
balance (book impairment as
value) invest invest impair s value) at the end ofimpairme
ment ment ment the periodnt
Shenzhen
Huangcheng Real 35552671.93 35552671.93
Estate Co. Ltd.Shenzhen Wuhe
Industry Investment
44950000.0044950000.00
and Development Co.Ltd.SZPRD Yangzhou
Real Estate
50000000.0050000000.00
Development Co.Ltd.Dongguan ITC
Changsheng Real
20000000.0020000000.00
Estate Development
Co. Ltd.Shenzhen
International Trade 195337851.2
195337851.23
Center Property 3
Management Co. Ltd.Shenzhen Property
Engineering and
3000000.003000000.00
Construction
Supervision Co. Ltd.Shenzhen Property
Commercial 63509120.32 63509120.32
Operation Co. Ltd.Shum Yip Properties 1583400
15834000.00
Development Limited 0.00
SZPRD Xuzhou
5000000
Dapeng Real Estate 50000000.00
0.00
Development Co.
190Ltd.
Shenzhen Rongyao
Real Estate 508000000.0
508000000.00
Development Co. 0
Ltd.Dongguan Wuhe Real
50000000.0050000000.00
Estate Co. Ltd.Shenzhen Guangming
Wuhe Real Estate 50000000.00 50000000.00
Co. Ltd.Shenzhen Wuhe
236641757.6
Urban Renewal Co. 236641757.62
2
Ltd.Yangzhou Wuhe Real
33500000.0033500000.00
Estate Co. Ltd.
1290491401.165834001290491401
Total 65834000.00
00.00.10
Investments in associates and joint ventures
Unit: RMB
Increase/decrease in this period
Invest Balanc
Beginn ment Adjust e of
Beginn ing profit ment Cash provisiEnding
ing balanc
Invest or loss of divide
on for
balanc e of Additi Reduc Chang Provisi
balanc
recogn other nds or impairment
e provisi onal ed es in on for
e
unit ized compr profits Others
ment
invest invest other impair (book(book on for under ehensi declare as atvalue)
value) impair ment ment equity mentthe ve d to be the end
ment equity incom paid of the
metho e period
d
I. Joint ventures
Shenz
hen
Proper
23235-22993
ty Jifa
6600.24206096.
Wareh
98504.1880
ousing
Co.Ltd.Shenz
hen
Tian'a
n
Interna
tional
-
Buildi 5739 4965
77365
ng 071.22 416.78
4.44
Proper
ty
Manag
ement
Co.Ltd.
19123809-23490
Sub-
5672.31941513.
total
20158.6258
II. Associates
Shenz
hen
Wufan
g 18983 18983
Ceram 614.1 614.1
ic 4 4
Industr
y Co.Ltd.China
Constr
uction
Engine
ering
Corpor
ation 30092 30916
82451
Group 133.3 650.7
7.42
Smart 2 4
Parkin
g
Techn
ology
Co.Ltd.
30092189833091618983
Sub- 82451
133.3614.1650.7614.1
total 7.42
2444
2681818983-2658118983
Total 7805. 614.1 2369 8164. 614.1
524641.20324
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
(3) Other notes
1924. Operating revenue and operating costs
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Primary business 32403852.60 24535521.15 23191058.10 24213582.29
Other business 9111539.98 8846155.38
Total 41515392.58 24535521.15 32037213.48 24213582.29
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 41515392. 24535521. 41515392. 24535521.type 58 15 58 15
Including:
Real estate 12003337. 2379956.8 12003337. 2379956.8
business 14 5 14 5
Assets 29512055. 22155564. 29512055. 22155564.operations 44 30 44 30
Classificati
on by
business
area
Including:
Shenzhen 41515392. 24535521. 41515392. 24535521.area 58 15 58 15
Market or
customer
type
Including:
Contract
type
Including:
Classificati
on by time
of
commodity
transfer
Including:
Classificati
on by
contract
period
193Including:
Classificati
on by sales
channel
Including:
41515392.24535521.41515392.24535521.
Total
58155815
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 of contracts that have been signed but not performed or not
fully performed yet at the end of the reporting period is RMB 0.00 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
-2369641.20412742.53
calculated under the equity method
Total -2369641.20 412742.53
6. Others
19420. Supplementary information
1. Breakdown of current non-recurring profit or loss
□Applicable □ Not applicable
Unit: RMB
Item Amount Notes
Profit or loss from disposal of non- Mainly income from disposal of
34856134.18
current assets investment properties
Government subsidies included in the
current profit or loss (except for those
that are closely related to the Company's
normal business operations comply with Mainly one-time government grants
10000000.00
national policies and regulations are received
enjoyed according to determined
standards and have a sustained impact
on the Company's profit or loss)
Non-operating revenue and expenses
11591875.27 Mainly forfeiture of deposits
other than the above-mentioned items
Other items of profit or loss subject to
the definition of non-recurring profit or -80226.78
loss
Less: income tax effects 14082128.38
Affected amount of minority
2444655.26
interests (after tax)
Total 39840999.03 --
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 shareholders of the 0.43% 0.0242 0.0242
Company
Net profits attributable to
ordinary shareholders of the
-0.75%-0.0426-0.0426
Company after deducting
non-recurring profit or loss
1953. 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
196
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