ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024

Stock Code: 000011 200011 Stock Name: PRD PRD-B Announcement No. 2024-17

SHENZHEN PROPERTIES & RESOURCES DEVELOPMENT

(GROUP) LTD.FIRST QUARTERLY REPORT 2024

ShenZhen Properties & Resources Development (Group) Ltd. (hereinafter referred to as the “Company”) and all the members of

the Company’s Board of Directors hereby guarantee that the contents of this Report are true accurate and complete and free of any

misrepresentations misleading statements or material omissions.Important Notes:

1. The Board of Directors the Supervisory Committee as well as the directors supervisors and senior management of the Company

hereby guarantee that the contents of this Report are true accurate and complete and free of any misrepresentations misleading

statements or material omissions and collectively and individually accept legal responsibility for such contents.

2. The Company’s legal representative head of financial affairs and head of the financial department (equivalent to financial

manager) hereby guarantee that the financial statements carried in this Report are true accurate and complete.

3. Indicate whether the financial statements in this Report have been audited by an independent auditor.

□Yes □ No

This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two

versions the Chinese version shall prevail.I Key Financial Information

(I) Key Accounting Data and Financial Indicators

Indicate whether there is any retrospectively restated datum in the table below.□Yes □ No

Q1 2024 Q1 2023 Change (%)

Operating revenue (RMB) 406582462.31 411469619.15 -1.19%

Net profit attributable to the

listed company’s shareholders 463582.22 13216750.95 -96.49%

(RMB)

Net profit attributable to the

listed company’s shareholders

222779.4613335100.35-98.33%

before exceptional gains and

losses (RMB)

Net cash generated from/used

-647860412.07-419149918.25-54.57%

in operating activities (RMB)

Basic earnings per share

0.00080.0222-96.40%

(RMB/share)

Diluted earnings per share

0.00080.0222-96.40%

(RMB/share)

Weighted average return on

0.01%0.30%-0.29%

equity (%)

31 March 2024 31 December 2023 Change (%)

Total assets (RMB) 16889161356.97 16988062068.09 -0.58%

1ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024

Equity attributable to the

listed company’s shareholders 4662198838.67 4661810328.76 0.01%

(RMB)

(II) Exceptional Gains and Losses

□ Applicable □ Not applicable

Unit: RMB

Item Q1 2024 Note

Government grants recognised in profit

or loss (exclusive of those that are

closely related to the Company's normal

business operations and given in

212878.00 One-time government grants received

accordance with defined criteria and in

compliance with government policies

and have a continuing impact on the

Company's profit or loss)

Non-operating income and expense other

230987.35

than the above

Less: Income tax effects 84665.42

Non-controlling interests effects

118397.17

(net of tax)

Total 240802.76 --

Other items that meet the definition of exceptional gain/loss:

□Applicable □ Not applicable

No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement

No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:

□Applicable □ Not applicable

No such cases in the Reporting Period.(III) Changes in Key Financial Statement Line Items and Explanation of why

□ Applicable □ Not applicable

Balance sheet line

31 March 2024 1 January 2024 Change (%) Main reasons for the change

items

Increase in debit balance of reclassified

Other current assets 166159988.04 127774825.51 30.04%

taxes payable

Short-term

141574548.53 230915000.00 -38.69% Repayment of short-term borrowings

borrowings

Accounts payable 399809168.72 662869059.59 -39.69% Decrease in project money payable

Advances from

995571.73 2265223.56 -56.05% Decrease in rent received in advance

customers

Income statemnet

Q1 2024 Q1 2023 Change (%) Main reasons for the change

line items

Finance costs 7338207.77 12939907.14 -43.29% Increase in interest income

Credit impairment

31413.20 -88003.56 135.70% Decrease in bad debt provision

loss

Return on Decrease in investment income of joint

474452.241017454.01-53.37%

investment ventures

Reversal of non-operating income

Non-operating

263293.08 -377546.96 169.74% recognized in prior period in the same

income

period of last year

2ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024

Non-operating Decrease in small non-operating expense

32305.63283475.99-88.60%

expense paid in the Reporting Period

Income tax expense -335426.63 3202392.63 -110.47% Decrease in total profit

Other

comprehensive

income- Changes in

-50535.60 -129311.06 60.92% Influence of changes in fair value

the fair value of

investments in other

equity instruments

Other

comprehensive

income-

Differences arising

-24536.70 1085125.08 -102.26% Influence of changes in exchange rates

from the translation

of foreign currency-

denominated

financial statements

Cash flow

Q1 2024 Q1 2023 Change (%) Main reasons for the change

statement line items

Net cash generated

from/used in -647860412.07 -419149918.25 -54.57% Increase in development costs

operating activities

II Shareholder Information

(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well

as Holdings of Top 10 Shareholders

Unit: share

Number of ordinary shareholders at the Number of preferred shareholders with resumed

398400

period-end voting rights at the period-end (if any)

Top 10 shareholders (exclusive of shares lent in refinancing)

Sharehold Shares in pledge marked or frozen

Nature of ing Total shares Restricted

Name of shareholder

shareholder percentag held shares held Status Shares

e

Shenzhen Investment State-owned

50.87% 303144937.00 1733626.00 Not applicable 0

Holdings Corporation corporation

Domestic

Shenzhen State-Owned

non-state-

Equity Operation and 6.38% 38037890.00 0.00 Not applicable 0

owned legal

Management Co. Ltd.person

China Orient Asset State-owned

2.77% 16491402.00 0.00 Not applicable 0

Management Co. Ltd. legal person

Domestic

Zhang Peiling natural 0.59% 3521000.00 0.00 Not applicable 0

person

Hong Kong Securities Foreign

0.35% 2079868.00 0.00 Not applicable 0

Clearing Company Ltd. legal person

Domestic

Duan Shaoteng natural 0.30% 1760565.00 0.00 Not applicable 0

person

Domestic

Yang Yaochu natural 0.28% 1690984.00 0.00 Not applicable 0

person

Domestic

Li Xinyi natural 0.25% 1500000.00 0.00 Not applicable 0

person

Domestic

Wang Zhong 0.25% 1470000.00 0.00 Not applicable 0

natural

3ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024

person

Industrial and

Commercial Bank of

China Limited －

Southern China

Securities Full Index Other 0.24% 1438834.00 0.00 Not applicable 0

Real Estate Trading

Open-ended Index

Securities Investment

Fund

Top 10 unrestricted shareholders

Shares by class

Name of shareholder Unrestricted shares held

Class Shares

RMB-

Shenzhen Investment Holdings

301411311.00 denominated 301411311.00

Corporation

ordinary stock

RMB-

Shenzhen State-Owned Equity

38037890.00 denominated 38037890.00

Operation and Management Co. Ltd.ordinary stock

RMB-

China Orient Asset Management Co.

16491402.00 denominated 16491402.00

Ltd.ordinary stock

RMB-

Zhang Peiling 3521000.00 denominated 3521000.00

ordinary stock

RMB-

Hong Kong Securities Clearing

2079868.00 denominated 2079868.00

Company Ltd. ordinary stock

RMB-

Duan Shaoteng 1760565.00 denominated 1760565.00

ordinary stock

Domestically

Yang Yaochu 1690984.00 listed foreign 1690984.00

stock

RMB-

Li Xinyi 1500000.00 denominated 1500000.00

ordinary stock

RMB-

Wang Zhong 1470000.00 denominated 1470000.00

ordinary stock

Industrial and Commercial Bank of

China Limited － Southern China RMB-

Securities Full Index Real Estate 1438834.00 denominated 1438834.00

Trading Open-ended Index Securities ordinary stock

Investment Fund

The first largest shareholder Shenzhen Investment Holding Corporation

is the actual controlling shareholder of the Company and Shenzhen

Related or acting-in-concert parties among the

State-Owned Equity Operation and Management Co. Ltd. And the

shareholders above

Company does not know whether there are related parties or acting-in-

concert parties among the other 8 shareholders.Top 10 ordinary shareholders involved in securities

N/A

margin trading (if any)

5% or greater shareholders top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending

□Applicable □ Not applicable

Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with the

prior period

□Applicable □ Not applicable

4ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024

(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them

□Applicable □ Not applicable

III Other Significant Events

□ Applicable □ Not applicable

Matter on the Change of Controlling Shareholders’ Equity

During the Reporting Period the Company received notification from Shenzhen Investment Holdings Co. Ltd. ("SIHC ") the

controlling shareholder of the Company that due to the execution of a court judgment 1730300 restricted shares of the Company

held by Shenzhen Duty-Free Commodity Enterprises Co. Ltd. had been transferred to the name of SIHC. The number of shares of

the Company held by SIHC and its concert parties increased from 339452527 shares (representing 56.957% of the total share

capital of the Company) to 341182827 shares (representing 57.247% of the total share capital of the Company). For details

please refer to the Announcement on the Change of Controlling Shareholders' Equity (No. 2024-04) disclosed by the Company on

Cninfo (http://www.cninfo.com.cn).IV Quarterly Financial Statements

(I) Financial Statements

1. Consolidated Balance Sheet

Prepared by ShenZhen Properties & Resources Development (Group) Ltd.

31 March 2024

Unit: RMB

Item 31 March 2024 1 January 2024

Current assets:

Monetary assets 2347282008.52 2748798476.72

Settlement reserve

Loans to other banks and financial

institutions

Held-for-trading financial assets

Derivative financial assets

Notes receivable 128500.00 0.00

Accounts receivable 540104296.61 502806453.88

Receivables financing

Prepayments 15017130.09 11983086.35

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract reserve

Other receivables 612942024.33 624394372.82

Including: Interest receivable 0.00 0.00

Dividends receivable 0.00 0.00

Financial assets purchased under resale

agreements

Inventories 11339348856.29 11098209095.74

5ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024

Including: Data resource

Contract assets 905365.65 844485.57

Assets held for sale

Current portion of non-current assets

Other current assets 166159988.04 127774825.51

Total current assets 15021888169.53 15114810796.59

Non-current assets:

Loans and advances to customers

Debt investments

Other debt investments

Long-term receivables 0.00 0.00

Long-term equity investments 84532202.79 84057750.55

Investments in other equity

586390.60636926.20

instruments

Other non-current financial assets

Investment property 377629284.41 386810800.47

Fixed assets 62493157.92 66436408.90

Construction in progress

Productive living assets

Oil and gas assets

Right-of-use assets 20043184.32 23516796.22

Intangible assets 796445.53 889801.14

Including: Data resource

Development costs

Including: Data resource

Goodwill 9446847.38 9446847.38

Long-term prepaid expense 22962216.36 21510397.88

Deferred income tax assets 1284728302.20 1276440386.83

Other non-current assets 4055155.93 3505155.93

Total non-current assets 1867273187.44 1873251271.50

Total assets 16889161356.97 16988062068.09

Current liabilities:

Short-term borrowings 141574548.53 230915000.00

Borrowings from the central bank

Loans from other banks and financial

institutions

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 399809168.72 662869059.59

Advances from customers 995571.73 2265223.56

Contract liabilities 859207045.08 820424953.42

Financial assets sold under repurchase

agreements

Customer deposits and deposits from

other banks and financial institutions

Payables for acting trading of securities

Payables for underwriting of securities

Employee benefits payable 175699661.39 218786111.78

6ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024

Taxes and levies payable 3953557572.85 4026957347.94

Other payables 1167779665.88 1217303294.25

Including: Interest payable 0.00 0.00

Dividends payable 12202676.04 12202676.04

Fees and commissions payable

Reinsurance payables

Liabilities directly associated with

assets held for sale

Current portion of non-current

3082238454.783092324853.07

liabilities

Other current liabilities 71133305.46 68373661.13

Total current liabilities 9851994994.42 10340219504.74

Non-current liabilities:

Insurance contract reserve

Long-term borrowings 1792867245.02 1399889274.47

Bonds payable

Including: Preference shares

Perpetual bonds

Lease liabilities 11094450.74 10571092.27

Long-term payables 400049962.50 400105655.56

Long-term employee benefits payable

Provisions 650000.00 650000.00

Deferred income

Deferred income tax liabilities 4896350.87 5862279.70

Other non-current liabilities 127960379.59 127039225.54

Total non-current liabilities 2337518388.72 1944117527.54

Total liabilities 12189513383.14 12284337032.28

Owners’ equity:

Share capital 595979092.00 595979092.00

Other equity instruments

Including: Preference shares

Perpetual bonds

Capital reserves 80488045.38 80488045.38

Less: Treasury stock

Other comprehensive income -3427410.18 -3352337.88

Specific reserve

Surplus reserves 116108727.08 116108727.08

General reserve

Retained earnings 3873050384.39 3872586802.17

Total equity attributable to owners of the

4662198838.674661810328.75

Company as the parent

Non-controlling interests 37449135.16 41914707.06

Total owners’ equity 4699647973.83 4703725035.81

Total liabilities and owners’ equity 16889161356.97 16988062068.09

Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili

Head of the financial department: Cai Kelin

7ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024

2. Consolidated Income Statement

Unit: RMB

Item Q1 2024 Q1 2023

1. Revenues 406582462.31 411469619.15

Including: Operating revenue 406582462.31 411469619.15

Interest revenue

Insurance premium income

Fee and commission

income

2. Costs and expenses 414003414.88 401084780.60

Including: Cost of sales 334569910.91 310287854.20

Interest costs

Fee and commission

expense

Surrenders

Net insurance claims paid

Net amount provided as

insurance contract reserve

Expenditure on policy

dividends

Reinsurance premium

expense

Taxes and levies 5184744.84 6838102.09

Selling expense 3559744.77 4848217.44

Administrative expense 61942886.23 64973120.40

Development costs 1407920.36 1197579.33

Finance costs 7338207.77 12939907.14

Including: Interest costs 18911856.01 15853484.32

Interest

12423527.133282400.58

revenue

Add: Other income 2591683.37 2309886.58

Return on investment (“-” for loss) 474452.24 1017454.01

Including: Share of profit or

474452.241017454.01

loss of joint ventures and associates

Income from the derecognition

of financial assets at amortized cost (“-”

for loss)

Exchange gain (“-” for loss)

Net gain on exposure hedges (“-”

for loss)

Gain on changes in fair value (“-”

for loss)

Credit impairment loss (“-” for

31413.20-88003.56

loss)

Asset impairment loss (“-” for

loss)

Asset disposal income (“-” for

loss)

3. Operating profit (“-” for loss) -4323403.76 13624175.58

Add: Non-operating income 263293.08 -377546.96

Less: Non-operating expense 32305.63 283475.99

4. Gross profit (“-” for loss) -4092416.31 12963152.63

Less: Income tax expense -335426.63 3202392.63

5. Net profit (“-” for net loss) -3756989.68 9760760.00

5.1 By operating continuity

5.1.1 Net profit from continuing

-3756989.689760760.00

operations (“-” for net loss)

8ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024

5.1.2 Net profit from discontinued

0.000.00

operations (“-” for net loss)

5.2 By ownership

5.2.1 Net profit attributable to

463582.2213216750.95

owners of the Company as the parent

5.2.2 Net profit attributable to non-

-4220571.90-3455990.95

controlling interests

6. Other comprehensive income net of

-75072.30955814.02

tax

Attributable to owners of the

-75072.30955814.02

Company as the parent

6.1 Items that will not be

-50535.60-129311.06

reclassified to profit or loss

6.1.1 Changes caused by

remeasurements on defined benefit 0.00 0.00

schemes

6.1.2 Other comprehensive

income that will not be reclassified to 0.00 0.00

profit or loss under the equity method

6.1.3 Changes in the fair value of

-50535.60-129311.06

investments in other equity instruments

6.1.4 Changes in the fair value

0.000.00

arising from changes in own credit risk

6.1.5 Other 0.00 0.00

6.2 Items that will be reclassified to

-24536.701085125.08

profit or loss

6.2.1 Other comprehensive

income that will be reclassified to profit

or loss under the equity method

6.2.2 Changes in the fair value of

other debt investments

6.2.3 Other comprehensive

income arising from the reclassification

of financial assets

6.2.4 Credit impairment

allowance for other debt investments

6.2.5 Reserve for cash flow

hedges

6.2.6 Differences arising from the

translation of foreign currency- -24536.70 1085125.08

denominated financial statements

6.2.7 Other

Attributable to non-controlling

0.000.00

interests

7. Total comprehensive income -3832061.98 10716574.02

Attributable to owners of the

388509.9214172564.97

Company as the parent

Attributable to non-controlling

-4220571.90-3455990.95

interests

8. Earnings per share

8.1 Basic earnings per share 0.0008 0.0222

8.2 Diluted earnings per share 0.0008 0.0222

Where business combinations under common control occurred in the current period the net profit achieved by the acquirees before

the combinations was RMB with the amount for the same period of last year being RMB .Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili

Head of the financial department: Cai Kelin

3. Consolidated Cash Flow Statement

Unit: RMB

Item Q1 2024 Q1 2023

1. Cash flows from operating activities:

9ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024

Proceeds from sale of commodities

472839015.15477368068.71

and rendering of services

Net increase in customer deposits and

deposits from other banks and financial

institutions

Net increase in borrowings from the

central bank

Net increase in loans from other

financial institutions

Premiums received on original

insurance contracts

Net proceeds from reinsurance

Net increase in deposits and

investments of policy holders

Interest fees and commissions received

Net increase in loans from other banks

and financial institutions

Net increase in proceeds from

repurchase transactions

Net proceeds from acting trading of

securities

Tax and levy rebates 845965.43 101125.67

Cash generated from other operating

80217308.32109438389.88

activities

Subtotal of cash generated from

553902288.90586907584.26

operating activities

Payments for commodities and services 751509531.44 583398323.24

Net increase in loans and advances to

customers

Net increase in deposits in the central

bank and other banks and financial

institutions

Payments for claims on original

insurance contracts

Net increase in loans to other banks and

financial institutions

Interest fees and commissions paid

Policy dividends paid

Cash paid to and for employees 262566993.68 259582400.88

Taxes and levies paid 127420092.22 100157319.11

Cash used in other operating activities 60266083.63 62919459.28

Subtotal of cash used in operating

1201762700.971006057502.51

activities

Net cash generated from/used in

-647860412.07-419149918.25

operating activities

2. Cash flows from investing activities:

Proceeds from disinvestment

Return on investment

Net proceeds from the disposal of fixed

assets intangible assets and other long- 0.00 254.95

lived assets

Net proceeds from the disposal of

subsidiaries and other business units

Cash generated from other investing

activities

Subtotal of cash generated from

0.00254.95

investing activities

Payments for the acquisition of fixed

assets intangible assets and other long- 1226930.22 1096694.47

lived assets

Payments for investments 0.00 0.00

Net increase in pledged loans granted

10ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024

Net payments for the acquisition of

subsidiaries and other business units

Cash used in other investing activities

Subtotal of cash used in investing

1226930.221096694.47

activities

Net cash generated from/used in

-1226930.22-1096439.52

investing activities

3. Cash flows from financing activities:

Capital contributions received 0.00 0.00

Including: Capital contributions by

0.000.00

non-controlling interests to subsidiaries

Borrowings received 394087970.55 250100000.00

Cash generated from other financing

activities

Subtotal of cash generated from

394087970.55250100000.00

financing activities

Repayment of borrowings 90000200.00 0.00

Interest and dividends paid 48749969.49 53355811.48

Including: Dividends paid by

subsidiaries to non-controlling interests

Cash used in other financing activities 8985031.41 387031.41

Subtotal of cash used in financing

147735200.9053742842.89

activities

Net cash generated from/used in

246352769.65196357157.11

financing activities

4. Effect of foreign exchange rates

9181.92-967133.01

changes on cash and cash equivalents

5. Net increase in cash and cash

-402725390.72-224856333.67

equivalents

Add: Cash and cash equivalents

2733139135.121509693857.48

beginning of the period

6. Cash and cash equivalents end of the

2330413744.401284837523.81

period

(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of

the New Accounting Standards Implemented since 2024

□ Applicable □ Not applicable

(III) Independent Auditor’s Report

Indicate by tick mark whether the financial statements above have been audited by an independent auditor.□Yes □ No

These financial statements have not been audited by such an auditor.Board of Directors

Shenzhen Properties & Resources Development (Group) Ltd.

27 April 2024

11