Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.(Announcement No.: 2025-47) [August 2025] 1Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Section I Important Notes Table of Contents and Interpretations The Board of Directors Board of Supervisors directors supervisors and senior officers of the Company guarantee the authenticity accuracy and completeness of the contents of the semi-annual report and bear individual and joint legal liabilities for any false records misleading statements or major omissions.Principal WANG Hangjun Chief Finance Officer CAI Lili and Chief Accountant (accounting officer) CAI Kelin declare that they guarantee the authenticity accuracy and completeness of the financial report in the Semi- annual Report.All directors have attended the board meeting at which this semi-annual report was considered.Part of the Company's semi-annual report involves the description of future business plans or business work arrangements. The implementation of relevant plans or arrangements is affected by many factors and does not constitute the Company's substantive commitment to investors. Investors and relevant persons should maintain sufficient risk awareness and understand the differences between plans forecasts and commitments.The Company plans not to distribute cash dividends issue bonus shares or increase share capital through capitalization of reserves. 2Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Table of Contents Section I Important Notes Table of Contents and In... 2 Section II Company Profile and Major Financial Ind....6 Section III Management's Discussion and Analysis .... 9 Section IV Corporate governance Environment and So...28 Section V Important Matters .........................30 Section VI Changes in Shares and Shareholders .......39 Section VII. Bonds ................................. 45 Section VIII Financial Reports ......................46 Section IX Other Submitted Data ................... 241 3Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. List of Reference Documents I. Financial statements signed and sealed by the Company's Principal Chief Finance Officer and Chief Accountant (accounting officer).II. The originals of all the Company's documents and announcements that have been publicly disclosed during the reporting period.? 4Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Interpretations Item of interpretations Refers to Interpretations Shenzhen Properties & Resources Development (Group) The Company the Group SZPRD Refers to Ltd.Shenzhen Investment Holdings Refers to Shenzhen Investment Holdings Co. Ltd.Huangcheng Real Estate Refers to Shenzhen Huangcheng Real Estate Co. Ltd.Dongguan ITC Changsheng Real Estate Development Dongguan Company Refers to Co. Ltd.SZPRD Xuzhou Dapeng Real Estate Development Co.Xuzhou Company Refers to Ltd.Yangzhou Company Refers to SZPRD Yangzhou Real Estate Development Co. Ltd.Wuhe Urban Renewal Refers to Shenzhen Wuhe Urban Renewal Co. Ltd.Rongyao Real Estate Refers to Shenzhen Rongyao Real Estate Development Co. Ltd.Shenzhen International Trade Center Property International Trade Center Property Management Refers to Management Co. Ltd.ITC Technology Park Refers to Shenzhen ITC Technology Park Service Co. Ltd.Guomaomei Life Service Refers to Shenzhen Guomaomei Life Service Co. Ltd.Shenzhen Property Commercial Operation Refers to Shenzhen Property Commercial Operation Co. Ltd.Guomao Catering Refers to Shenzhen Guomao Catering Co. Ltd.Shenzhen Property Engineering and Construction Supervision Company Refers to Supervision Co. Ltd.Shenzhen Wuhe Industry Investment and Development Wuhe Industry Investment and Development Refers to Co. Ltd.Shenzhen Property Management Refers to Shenzhen Property Management Co. Ltd.Foreign Trade Property Refers to Shenzhen Foreign Trade Property Management Co. Ltd.Shenfubao Property Refers to Shenzhen Shenfubao Property Development Co. Ltd.Shenfubao Municipal Service Refers to Shenzhen Shenfubao Municipal Service Co. Ltd.Security Service Refers to Shenzhen Free Trade Zone Security Service Co. Ltd.Facility Management Community Refers to Shenzhen Facility Management Community Co. Ltd.Shenzhen ITC Chuntian Commercial Management Co.Shenzhen ITC Chuntian Refers to Ltd.The given figures expressed in the Chinese currency of RMB RMB'0000 RMB'00000000 Refers to Renminbi 5Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Section II Company Profile and Major Financial Indicators I. Company profile Stock name SZPRDA SZPRD B Stock code 000011、200011 Stock name before the Not applicable change (if any) Stock exchange where the Shenzhen Stock Exchange Company's stocks are listed Chinese name 深圳市物业发展(集团)股份有限公司 Abbreviation of Chinese name of the Company (if 深物业集团 any) Foreign name of the ShenZhen Properties & Resources Development (Group) Ltd.Company (if any) Abbreviation of the foreign name of the Company(if SZPRD any) Legal representative WANG Hangjun II. Contact person and contact information Secretary of the Board of Directors Securities affairs representative Name Zhang Gejian Chen Qianying Floor 20 International Trade Center Building Floor 39 International Trade Center Building Contact address Renmin South Road Luohu District Shenzhen Renmin South Road Luohu District Shenzhen City Guangdong Province City Guangdong Province Tel. 0755-82211020 0755-82211020 Fax 0755-82210610、82212043 0755-82210610、82212043 E-mail 000011touzizhe@szwuye.com.cn 000011touzizhe@szwuye.com.cn III. Other circumstances 1. Company contact information Whether the company's registered address office address and postal code website e-mail etc. have changed during the reporting period □ Applicable□Not Applicable The Company's registered address office address and postal code website e-mail etc. remained unchanged during the reporting period. For details please refer to the 2024Annual Report. 6Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 2. Information disclosure and storage location Whether the information disclosure and storage location have changed during the reporting period □ Applicable□Not Applicable The website of the stock exchange and the name and address of the media where the company discloses the semi-annual report and the storage location where the Company's semi-annual report is prepared has not changed during the reporting period. For details please refer to the 2024Annual Report. 3. Other relevant information Whether other relevant information has changed during the reporting period □ Applicable□Not Applicable IV. Key accounting data and financial indicators Whether the Company needs to retroactively adjust or restate the accounting data of previous years □Yes□No Increase or decrease in the This reporting period Same period last year reporting period compared with the same period last year Operating revenue (RMB) 1087908935.87 856028445.25 27.09% Net profit attributable to the shareholders of the listed 14428019.63 9212457.81 56.61% company (RMB) Net profit attributable to shareholders of listed companies after deducting -25412979.40 9739027.97 -360.94% non-recurring profit or loss (RMB) Net cash flows from operating -107187515.26-736827101.4485.45% activities (RMB) Basic earnings per share 0.02420.015556.13% (RMB/share) Diluted earnings per share 0.02420.015556.13% (RMB/share) Weighted average rate of 0.43%0.20%0.23% return on net assets Increase or decrease at the At the end of the reporting end of the reporting period At the end of last year period compared with the end of the last year Total assets (RMB) 16639099914.24 15293205498.30 8.80% Net assets attributable to shareholders of the listed 3375911218.88 3361683048.50 0.42% company (RMB) 7Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. V. Differences between accounting data under domestic and overseas accounting standards 1. Differences in net profit and net assets in the financial reports disclosed in accordance with the international accounting standards and the Chinese accounting standards □Applicable□Not Applicable During the reporting period of the Company there was no difference in net profits and net assets in financial reports disclosed in accordance with international accounting standards and Chinese accounting standards 2. Differences in net profit and net assets in financial reports disclosed in accordance with both the international accounting standards and Chinese accounting standards □Applicable□Not Applicable During the reporting period of the Company there was no difference in net profits and net assets in financial reports disclosed in accordance with the international accounting standards and Chinese accounting standards VI. Non-recurring profit or loss items and amounts □Applicable □ Not applicable Unit: RMB Item Amount Notes Profit or loss on disposal of non-current assets Mainly income from disposal of (including write-off of provision for asset 34856134.18 investment properties impairment) Government subsidies included in the current profit or loss (except for those that are closely related to the Company's normal business Mainly one-time government grants operations comply with national policies and 10000000.00 received regulations are enjoyed according to determined standards and have a sustained impact on the Company's profit or loss) Non-operating revenue and expenses other than 11591875.27 Mainly forfeiture of deposits the above-mentioned items Other items of profit or loss subject to the -80226.78 definition of non-recurring profit or loss Less: income tax effects 14082128.38 Affected amount of minority interests 2444655.26 (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 The Company had no circumstances of definition of the non-recurring profit or loss items listed in the "Interpretive Announcement No. 1 on Information Disclosure of Companies Issuing Securities to the Public - Non-recurring Profit or Loss" as recurring profit or loss items. 8Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Section III Management's Discussion and Analysis I. Main business engaged by the Company during the reporting period (I) Overview of main business SZPRD was established in 1982. It was formerly known as Luohu Engineering Construction Headquarters. In August 1985 it was renamed Shenzhen Properties Development Corporation. In 1988 it was identified by Shenzhen government as the second batch of state-owned enterprises to pilot the joint-stock reform. In 1990 it completed the joint-stock reform and was officially renamed Shenzhen Properties & Resources Development (Group) Ltd. In March 1992 the Company's stock (SZPRD A/SZPRD B 000011/200011) was officially listed on the Shenzhen Stock Exchange. SZPRD as Party A of the construction of the International Trade Center Building played a leading role in orchestrating the entire process of its construction and operation. It is a key creator and organizer of the world-renowned "Shenzhen Speed". The International Trade Center Building is also fortunate to have become an important historic site of DENG Xiaoping's world- renowned "south tour speeches". Founded as the International Trade Center Building the Company was established and thrived through China's reform and opening-up growing alongside the miraculous city of Shenzhen. It has become a steadfast practitioner of the "Pioneer Cattle" spirit in the new era dedicated to innovative services and overcoming challenges. The employees of SZPRD uphold the spirit of "daring to be the first and striving for strength through reform and innovation" focus on the functional positioning of state-owned assets of "serving the overall situation serving the city serving the industry and serving the people's livelihood" stick to the original aspiration forge ahead with perseverance take the lead and bravely act as the vanguard. In recent years both the development speed and quality have been greatly improved. The Company has now developed from a project company when it first built the International Trade Center Building to a large-scale comprehensive industrial group. In the new era and new stage the Company assesses the situation and acts accordingly striving to move forward towards the goal of becoming "China's leading smart operator of industrial and urban space". 1. Industrial and urban space development The Company's space development sector is committed to the development of different business formats such as residential buildings high-end apartments office buildings and industrial parks. It has brand projects such as ITC Building Huanggang Port Tian'an International Building Qianhai Port and Jinling Holiday. Based on the existing real estate development business the Company will promote the stock optimization and increment development and construction simultaneously. Taking the subordinate companies such as Huangcheng Real Estate Rongyao Real Estate and Wuhe Urban Renewal as the development and urban renewal entities the Company will rely on its listing platform to increase capital operation and rationally allocate urban space development sectors. During the reporting period the Group steadily promoted the development of local and off-site projects in Shenzhen accelerated the sales of project inventory and improved the speed of capital recovery. On this basis it focused on the development and construction of industry-city complexes and accelerated the creation of an integrated and symbiotic development model of urban boutique housing and high-end industrial space. 2. Property management service The Company's property management segment is based on International Trade Center Property Management. As one of the first batch of national first-class property management qualified enterprises International Trade Center Property Management has after more than 30 years of development become a domestic first-class property service provider with diversified business capabilities and technological strength. It has been rated as "Top 100 property management Enterprises in China" and "Excellent Enterprise for China Industrial Park Property Management" for many years in a row. The projects under its management are spread all over the country and its business radiates to various regions of the country including South China Southwest China East China North China as well as the Vietnam-Vietnam Cooperation Zone. The existing business has covered various business formats such as industrial parks cultural and tourism scenic spots government agencies rail transit housing hospitals schools 9Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. hotels etc. and basically form a good pattern of multi-format comprehensive development. International Trade Center Property Management has more than 20 subsidiaries leveraging its headquarters' functional departments as a platform to actively build three major centers namely "market empowerment and supervision". It has established business centers and profit centers based on the three major modules featuring professional business companies professional companies and regional companies aiming to achieve a sustainable and effective "1+1>2" coordinated development new pattern. 3. Industrial ecological operation The industrial ecological operation sector makes full use of the Company's development foundation and entire industrial chain development advantages in the three basic industries of real estate development property management and leasing focuses on the two strategic starting points of "value-added operation of stock assets" and "light asset operation output" strengthens internal and external strategic cooperation is committed to building a closed-loop of the whole industry ecology covering project development services park operation services supporting leasing operations etc. continuously optimizes the space service and leasing ecosystem in the park and has initially possessed the whole chain capabilities and experience of various assets from the early planning project clearance construction control investment promotion operation on-site control etc. forming a unique and mature business development model. The Company actively explores and takes the initiative to operate the property of ITC Shopping Mall by adopting the self-operated mode and has taken a firm step in the journey of creating the Group's independent commercial brand and exploring market-oriented commercial operations. 4. Main business ecological investment The main business ecological investment sector adheres to the development path of "main business extension and marginal breakthrough" focuses on the Company's main business empowerment and actively carries out upstream and downstream investment in the industrial chain which has achieved initial success. Among them by strategically investing in the central government-owned enterprise China Construction Science and Industry Corp. Ltd. Smart Parking Technology Co. Ltd. and the private enterprise Shenzhen Facility Management Community Co. Ltd. the Company further promoted the digitalization intelligence and intelligence process of the property management sector deepened the technology transformation strategy opened up a new blue ocean in the high-end value added services segment and injected new vitality and power into the sustainable development of the Company. 5. Other business During the reporting period the Company's business also includes catering business and project supervision business. The catering business is operated by Shenzhen Guomao Catering Co. Ltd. Guomao Catering was established in 1986 and becamefamous at home and abroad as the place where the “Southern Tour Speech" was delivered in 1992. Since its opening it hasreceived more than 600 Chinese and foreign dignitaries celebrities and countless Chinese and foreign guests and its reputation has spread far and wide both at home and abroad. The engineering supervision business is operated by a supervision company which has Class A supervision qualification for housing construction projects from the Ministry of Construction. Its predecessor was the SZPRD Management Department. It was directly involved in the construction and management of the Shenzhen InternationalTrade Building and witnessed the entire process of creating the “Shenzhen Speed". It has long been mainly serving the group'sdevelopment projects.(II) Industry development situation I. Real estate industry In the first half of 2025 the macro economy maintained an overall stable operation trend and the characteristics of high- quality development became more and more prominent demonstrating strong resilience and vitality. In this context the real estate market is gradually moving towards a stable and healthy development track under the guidance of continuous regulation and control of policies. Since Q2 the pace of policy promotion has accelerated significantly which has greatly helped accelerate the real estate market pattern to transform to a positive direction.The Political Bureau meeting made it clear that real estate has entered a new stage of stabilizing the market. Focusing on the 10Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. main line of stabilizing the market promoting transformation and preventing risks three core tasks of urban renewal high-quality transformation and inventory optimization have been deployed. Subsequently various ministries and commissions acted quickly and actively implemented relevant tasks. The real estate financial environment continues to be loose. In April the two departments jointly issued a package of financial policies to make joint efforts from three aspects: reducing costs expanding demand and stabilizing expectations to stabilize market demand. At the local level all regions actively responded to the requirements of the central government to stabilize the market and the frequency of special bonds land repurchase announcements increased significantly; Actively introduce the provident fund adjustment policy; Many places have introduced policies to promote consumption and further relaxed administrative control measures to promote the release of rigid demand and improved housing demand.Judging from market data the real estate industry continued to develop in the direction of stopping falling and stabilizing in the first half. Real estate sales remained basically stable and the sales area and amount of new houses remained stable YoY; The YoY decline in the price of new commercial residential buildings further narrowed; The area for sale has shown a decreasing trend for three consecutive months. This is mainly due to the strong adjustment of the supply side. The land transaction volume will continue to be at a low level in 2025. Coupled with the rapid advancement of the proposed purchase and storage of residential land it is expected to promote the industry to destock more than 350 million square meters and the supply-demand relationship is accelerating the repair. A spokesman for the National Bureau of Statistics pointed out that for the next stage of work it will "actively adapt to the reality of major changes in the supply-demand relationship of the real estate market continue to promote urban renewal and the renovation of dilapidated and old houses increase the construction and supply of 'good houses' promote the release of rigid and improved housing demand actively build a new model of real estate development and promote the steady and healthy development of the real estate market".In terms of Shenzhen in the regional market it remains active in the adjustment of real estate policies. In the first half of 2025 Shenzhen continued to optimize its real estate policies according to market demand and national policy guidance. In terms of purchase restriction policies further precise policies were implemented to refine the rules of zoning purchase restrictions so that the policies were more in line with the characteristics of housing demand in different districts. At the same time we will continue to improve the policies for the purchase of commercial residential buildings by enterprises and institutions and continuously improve the facilitation of second-hand housing transactions such as simplifying the transaction process and shortening the processing time.In terms of housing mortgage policy Shenzhen strictly follows the spirit of relevant national policies and the principle of city- specific policies and flexibly adjusts the minimum down payment ratio and the lower limit of interest rate for personal housing loans. The continuous optimization and implementation of these policies have effectively lowered the threshold and cost of home buyers greatly stimulated the housing demand and played a key role in promoting the steady and healthy development of the real estate market in Shenzhen.Facing frequent adjustments in industry policies and profound changes in development trends mainstream real estate enterprises have accelerated the pace of diversified business layout. The Company has continued to cultivate in non-residential development and sales fields such as property management commerce logistics and real estate and has formed a relatively stable industry structure. In addition elderly care education agent construction and other sub-sectors have also achieved a certain degree of development.The industry is accelerating the transformation from the traditional real estate model to the real estate model and has 11Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. gradually shifted from the scale-driven advantages formed by relying solely on residential development and sales in the past to a development model that attaches equal importance to development operation and service. This transformation trend puts forward higher requirements for real estate enterprises prompting them to continuously improve their comprehensive strength and service level to adapt to the dynamic changes and diversified needs of the market. In terms of product creation it pays more attention to quality improvement and individualized design and launches housing products that meet the national standard of "good house"; In terms of business model it actively explores new profit growth drivers such as strengthening assets operation and management and carrying out diversified community services; In terms of service the Company continuously optimizes customer experience and improves service quality and efficiency.II. Property management industry In recent years the property industry has continued to move towards high-quality development and the focus of development has shifted to "quality over quantity". The deep adjustment of the real estate industry has continued to affect the property market.The industry is facing a critical stage of transformation and upgrading presenting several core trends under multiple challenges: First the industry concentration has continued to improve the head effect has become prominent and the echelon gap has continued to expand. Second property management enterprises bid farewell to scale expansion and is accelerating regional deep cultivation. The expansion strategy of many enterprises has changed from a simple scale priority to a benefit priority and projects with low collection rates weak profitability and difficult management are being continuously exited. Third the competition for advantageous regions and high-quality customers has entered a fierce stage. More enterprises have started to increase their investment in core markets accurately deploy high-quality assets and high-potential areas and are committed to providing customized professional and efficient services to attract and retain high-end customer groups. Fourth the service boundary continues to expand diversified subdivided sectors advance concurrently and the the development potential is strong. Many listed property management enterprises continue to strengthen the layout of diversified business forms so as to expand the service boundaries and find new revenue and profit growth drivers. The community economy has great potential and the subdivided service subdivided sectors such as home furnishings Daojia and community retail have achieved outstanding results. Fifth the intelligent transformation has been accelerated the coverage rate of digital management system has continued to increase and the operating costs have been reduced through the application of Internet of Things big data AI and other technologies.(III) The Company's operation during the reporting period In the first half of 2025 facing a complex and severe market environment the Company focused on the core overcame difficulties and achieved a number of landmark results under the guidance of the policy of "working together to create abiding by discipline and compliance empowering and improving efficiency and stabilizing the flow and turning losses into profits". During the reporting period the Company achieved operating income of about RMB 1.08 billion and total profit of about RMB 22.61 million and other expenses total salary and other indicators were under effective control.The industrial and urban space development sector tackled key challenges and broke through the situation and hedged the downside risks of the industry with multiple strategies. In the face of the in-depth adjustment of the national real estate market the Company's core projects closely focus on the annual targets implement precise policies and make every effort to tackle the difficulties of sales collection self-circulation of funds and development and construction. It actively studies and judges the market deeply explores customer needs seizes the market window period strengthens marketing measures to promote project selling rate ensures the safety and stability of cash flows and prevents liquidity risks.The property management service sector has taken the initiative to play a role and has achieved outstanding results in various businesses. ITC Property has obtained many authoritative recognition such as 3A service certification and 5 provincial and municipal honors. The headquarters has built a "strategic control + operation support" model and the efficiency of resource allocation and market response has been significantly improved. In the face of fierce competition it has won more than 30 new projects against the trend with a net growth area of about 2mn m2 and the area under management has exceeded 47mn m2. The market-oriented cost management system has been effectively implemented a full life cycle management mechanism has been 12Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. established and a standardized cost reduction plan for 3 projects in Shenzhen has been formed. The digital transformation has deepened the charging system of 319 projects has completed upgrading and the whole process of 11 new projects on the ITC cloud platform have been operated online injecting new momentum into high-quality development.The industrial ecological operation sector implemented multi-dimensional policies and made key progress in asset efficiency.By actively optimizing the leasing strategy and expanding the source of high-quality customers the Company realized the selling of stock assets reduced the long-term vacant area promoted the improvement of the comprehensive rental rate of assets under management and significantly enhanced the stability of operating cash flows and the efficiency of asset turnover. It actively carries out the special work of "non-main business non-advantageous inefficient and ineffective assets" disposal completes the disposal of some inefficient assets and provides key and strong support for the safety of cash flows. Closely combined with the construction progress of Lanhu Times and Shenyang Digital Smart City projects the Company coordinated to promoted the industrial investment promotion. In addition based on the development strategy of "market-oriented commercial property platform" the Company focused on the upgrading and transformation of ITC Spring Shopping Mall and the exploration of light assets model made substantial progress in engineering construction investment promotion and energy storage and platform capacity construction and established a market-oriented operation model of "strong headquarters (empowerment and control) + special projects (independent operation)" for benchmarking industry leaders and initially built a characteristic operation model and management standards for SZPRD.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" New land reserve projects Capacity Equity Total land Land parcel Land Land area building Land considerati price or project Location planning (m^{2< area Acquisition Equity ratio on (RMB100 name purpose /sup>) (m2< Method (RMB100 00) /sup>) 00) None Cumulative Land Reserve Total floor area (10000 Total construction area Remaining developable floor Project/Area name m2) (10000 m2) area (10000 m2) Land in Huiyang Danshui 1.77 4.25 4.25 Land in Hongqi Town 15.80-- Haikou Total 17.57 4.25 4.25 Development of main projects Compl eted Total Cumulat Estimate Planned area accumul Devel Land ive d total capacity of the ated City Projec Comme opmen area complet investm Projec Locati Equity Schedule of building curren investm /Reg t ncement t (m2 period amount ss sup>) >2) (m)0000) p>2) Don Harbo Hume Under The overall Reside 5168 ggua ur n 100% 2022.03 constr projectprogress has 113713 0 0 321759 271253nce 7 n Palace Town uction been 13Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Dongg completed by uan 95%.City Guang dong Provin ce Guang ming Distric Yutan t Compl She g Shenz Reside nzhe 100% 2022.03 etion 100% 1490 81960 0 124832 265868 221790 Shang hen. nce of 1 n fu Guang works dong Provin ce The construction of the first Longh Reside floor structure ua ntial of Plot 01 ofPhase I is Distric indust under way She t rial Under Lake and the pile nzhe Shenz estate 69% 2020.10 constr foundation 6829 43364000840000609104 City n hen apart uction works of Plot 8 City ments 05 have beencompleted; Guang comm The main dong ercial structure of each plot in Phase II has been capped.Plot D of Phase I has been fully Hanjia capped andall staircases ng of three Sheny Distric Reside groups of ang t Phase I have ntial Yan Digita Yangz Under been fully office 2316 gzho l hou 67% 2023.03 constr capped. Atpresent the 370258 0 0 377479 154529and 12 u Intelli City uction comm main gent Jiangs ercial construction City u is being Provin completed ce and the facadeand aluminum alloy works are under construction.Luohu The Renov Distric demolition of ation t indoor of structural Shenz She SZPR Under plates and hen Comm nzhe D 100% 2024.06 constr staircases hasbeen - - 0 0 17880 2594City ercial n Intern uction Guang completed ational dong the structural Trade reinforcement Provin Mall works are in ce progress the 14Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. construction of outdoor enclosures and curtain wall sample has been completed and the demolition of indoor equipment and pipelines has been completed.The overall progress is controllable.Sales of main projects Amount Settleme Settleme Capaci Cumulati The of pre- Cumulat nt area nt ty Salabl ve pre- current sale ive City in the amountbuildin e area sale period (sale) in settleme Locatio Project Equity current in the / Project g area (m22) (m area period >22}) 2) (m2) (RMB1 >) >)0000) 0000) Residen tial industri Longhu al Shenzhe 69.00 43364 30499 14759.5 Lake City a estated 14926.09 4429.18 0 0 0 n % 0 7.53 9 District ormitory commer cial Residen tial Golden- single Shenzhe collar Futian 100.00 13380 12723 127170.5 127170.apartme 860.27 2345.95 1636.85 7833.79 n Holiday District % 0.6 2.97 7 57 nts Apartments commer cial Residen tial (includi ng talent housing ) Shenzhe Yutang Guangm 100.00 89098. 78355. 15174.0 11720.4 commer 35704.77 5222.89 33311.8 4061.68 n Shangfu ing area % 19 93 3 5 cial and commu nity vegetabl e markets Residen Donggu Songhu Dalang 100.00 14713 15791 150214.7 150177.tial 156 103.19 132 84.1 an City Langyuan Town % 9.96 1.56 1 84 commer 15Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. cial kinderg arten parking space Residen tial Shenyang office Hanjian Yangzho Digital commer 67.00 37055 50279 65491.3 42025.9 g 65692.15 0 0 0 u City Intelligent cial % 6.76 0.19 3 6 District City garage parking space Residen tial shops Hanjian Yangzho Lakeside apartme 100.00 93077. 12281 115618.5 115473.g 43.86 15.87 79.18 30.76 u City Royal View nts % 03 1.43 7 18 District garages parking spaces Leasing of main projects Rentable area Accumulated Average Project Location Project format Equity ratio (m²) (m²) Long-term Xiyu Longyuan Store Shenzhen rental 100.00% 3967.05 3967.05 100.00% apartments Long-term Xiyu Xinhu Store Shenzhen rental 100.00% 1589.6 1093.8 65.55% apartments Commercial and Fumin Complex Shenzhen 100.00% 6450.19 5328.32 85.58% apartments Block A Man Kam To Port Shenzhen Office building 75.00% 5913.3 5653.3 96.00% Building Commercial Overseas Friendship Building Shenzhen 75.00% 6635.08 6375.08 96.08% office building Anhua Building Shenzhen Office 75.00% 1414 1414 100.00% Pengfu Building Shenzhen Office 75.00% 6494 6494 100.00% Jinfu Building Shenzhen Commercial 75.00% 1652.7 1652.7 100.00% Jinfu Building Shenzhen Commercial 100.00% 567.56 567.56 100.00% Residential/Co Fuxing Garden Shenzhen 75.00% 5787.22 5787.22 100.00% mmercial Fuxing Garden Shenzhen Commercial 100.00% 1417.15 1417.15 100.00% Dongguan Tangxia factory Dongguan City Powerhouse 75.00% 22511.76 20709.91 92.00% Commercial Pacific Trade Building Shenzhen area/Office 75.00% 3149.03 2100.23 66.69% building Commercial Pacific Trade Building Shenzhen area/Office 15.00% 14888.76 13225.04 88.83% building Commercial Kangti Building Shenzhen area/Office 75.00% 2095.87 2095.87 100.00% building 16Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Commercial Kangti Building Shenzhen area/Office 15.00% 1146.81 1146.81 100.00% building Commercial and Lvhua building Shenzhen 75.00% 7106.95 5550.16 88.50% residential Shops on the first floor of Building 48 Lianhua North Shenzhen Shops 75.00% 1000.34 1000.34 100.00% Village Apartments and Haonianhua Building Shenzhen 100.00% 1802.61 1802.61 100.00% commercial Apartments and Haonianhua Building Shenzhen 75.00% 2277.9 2248.28 98.69% commercial Shangmeilin Kaifeng Garden Shenzhen Residence 100.00% 1365.98 1056.98 77.38% Fuyuan Industrial Zone Shenzhen Powerhouse 75.00% 47131.4 44292.2 93.98% Tonglu Industrial Zone Shenzhen Powerhouse 100.00% 74864.25 66341.97 88.62% Jiangling Industrial Zone Shenzhen Powerhouse 75.00% 10396.64 10396.64 100.00% Commercial Area 21 Shenzhen area/Office 75.00% 9519.4 6719.4 70.59% building Baoli Community Shenzhen Residence 75.00% 9093.07 8483.79 93.30% Bulong plant Shenzhen Powerhouse 75.00% 7471.36 7471.36 100.00% Huanggang Highway Shenzhen Office 75.00% 4599.72 4320.07 94.10% Building Yuetong Complex Shenzhen Office 75.00% 3044 3044 100.00% Department Store Plaza Shenzhen Office 33.00% 12751.15 12751.15 100.00% Southern Securities Building Shenzhen Office 33.00% 8809.8 6590.22 49.89% Tax-free single apartments Shenzhen Apartment 33.00% 3440.12 3440.12 100.00% Xiangfu Building Shenzhen Commercial 33.00% 3109.4 3109.4 100.00% Level-I land development □ Applicable□Not Applicable Financing approach Financing balance Financing cost Term structure Financing at the end of the range/average approach period financing cost Within 1 year 1-2 years 2-3 years Over 3 years (RMB10000) (RMB10000) Bank loans 639386.31 2.9%-3.5% 156435.15 436075.06 80542.77 6333.33 Non-bank 39940.004%-6%40.0040.0039860.00 loans Total 719326.31 4%-6% 156475.15 436115.06 120402.77 6333.33 Development strategy and business plan for the next year In 2025 due to the uncertainties of the international situation and other factors the domestic economy is expected to remain under pressure. The central government proposes to adhere to the general tone of seeking progress while maintaining stability completely accurately and comprehensively implement the new development concept implement more proactive macro policies expand domestic demand stabilize the property market and stock market stabilize expectations stimulate vitality promote the continuous recovery of the economy and continue to push the real estate market to stabilize. SZPRD will continue to actively connect with the major strategic orientation of the state-owned asset system and firmly control the core links of the value management of stock assets and the industrial ecological operation service. It will focus on the development of four major businesses including industrial-city space development property management service industrial ecological operation and main 17Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. business ecological investment deeply study and follow the new trends and new characteristics of the development of the real estate industry and strive to seize the opportunity in the adjustment stage of the real estate industry. It will also focus on stable operation seek sustainable development together create a market-oriented commercial property platform and solidly promote the high-quality development of the enterprise with certainty. In the coming year while focusing on the development and sales of existing projects the Group will continue to follow up and seek incremental resources to lay a foundation for development during the "15th Five-Year Plan" period. In terms of project development the Company will steadily promote the development and construction of Yutang Shangfu Project Lake City Project Harbour Palace Garden Project and Shenyang Digital Intelligent City Project create quality benchmark demonstration projects continue to improve development capabilities strengthen quality control deepen lean management improve product comprehensive competitiveness and actively create "good houses"; in terms of sales and destocking we will keep an eye on the optimization of industry regulatory policies seize the market window period closely combine with the marketing nodes of each project balance the volume and price relationship strictly control the marketing expenses and fully promote the sales of Yutang Shangfu Project Lake City Project Harbour Palace Project and Shenyang Digital Intelligent City Project and strive to complete the annual sales target of each project; in terms of land reserve we will activate the stock resources deepen the value of assets grasp the important window period of the real estate market focus on the economic development potential areas such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta actively promote the implementation of projects through market-oriented urban renewal bidding auction and listing industrial land application project cooperation and other means and prudently choose opportunities to try to carry out capital operation to accelerate the pace of market mergers and acquisitions so as to obtain more resources for the sustainable development of the company.The above business plans and business objectives do not represent the listed company's profit forecast for 2025. Whether they can be realized depends on various factors such as changes in market conditions and the efforts of the business team and there are great uncertainties. Investors should pay special attention to them.Guarantee to buyers of commercial housing for bank mortgage □Applicable □ Not applicable 1) 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 outstanding guarantee balance was RMB 1136107.18 and such guarantee will be released upon full repayment of the related mortgage. 2) 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 outstanding guarantee balance was RMB 584285879.79 and such guarantee will be released upon full repayment of the related mortgage. Joint investment by the DSSM and the listed company (applicable to the DSSM of the listed company as the investor) □Applicable □ Not applicable Matching of actual Investment Type of Proportion of Accumulated investment amount Peak ratio of Project investment investment income Exit status amount and (RMB10000 project funds entity amount (RMB) amount of ) income distribution Guanlan Mandatory Subdistrict co- Not 2647.00 66.18% Not Bangling investment None Noneapplicable applicable District personnel 18Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Urban (including Renewal directors and Project1 senior officers) Voluntary co- Not investment 1353.00 33.82% Not None None applicable personnel applicable Note: 1 This project is in progress and the peak project funds cumulative income and exit status are not applicable. For details please refer to the relevant announcement disclosed by the Company on Cninfo on November 9 2019.II. Analysis of core competitiveness Advantages of brand and cultural accumulation: As a state-owned enterprise under the Shenzhen Municipal Government SZPRD has gone through 40 years of magnificent and pioneering development and has gradually formed a diversified development pattern with real estate development as its main industry involving urban renewal property management asset operation industrial investment etc. The brand value and comprehensive strength of "SZPRD " that carries the spirit of reform and opening up of the International Trade Center Building have been highly recognized by the market. The company was born because of the International Trade Center Building prospered because of reform and opening up and coexists and grows with the miracle city of Shenzhen. "Dare to be the first change and strive for strength" the combination of this corporate culture and the "Pioneer Cattle " spirit of overcoming difficulties has become a guide for action to promote SZPRD‘s excellent leap from "Shenzhen speed " to "Shenzhen quality ".Market-oriented advantages: SZPRD has been following a market-oriented pace of changing its strategies every year and undergoing major changes every three years. It has continuously innovated its systems and mechanisms continued to deepen internal reforms and actively carried out market-oriented operations in line with industry benchmarks which has significantly stimulated the vitality and momentum for the Group's high-quality development. In recent years Lake City Project pioneered the cooperation between state-owned enterprises and private enterprises to develop urban renewal projects marking the official launch of the first fully market-oriented urban renewal project in the history of the Group and taking the lead in implementing the urban renewal project co-investment system in the municipal state-owned assets system; In terms of property management segment the Company actively expanded projects outside the province strengthened its market-oriented expansion efforts and effectively enhancing the competitiveness of the Company's property management business in the national market; The Company has simultaneously established a multi-level incentive and restraint mechanism including co-investment and long-term incentives to allocate resources select talents assess rewards and punishments in a market-oriented manner.Advantages of the whole industry chain: Over the years SZPRD formed advantages in the entire industry chain including project acquisition development and construction investment promotion and sales leasing management and property management.In particular it has formed obvious segmentation advantages in high-end park basic services and property quality services which has forged the Company's core competitiveness.Advantages of industrial-city integration: The Company's space development segment is committed to the development of different business formats such as residential high-end apartments office buildings and industrial parks. From the earliest ITC urban complex Huanggang Port area development and operation of the large-scale industrial-city complex Lake City Project the advantages of SZPRD characteristic development products of industrial-city complexes have been highlighted. With the implementation of a series of urban renewal project and industrial land acquisition projects the advantages of industrial-city integration will be further consolidated and enhanced.Advantages of being a Fortune Global 500 subsidiary: The Company's controlling shareholder Shenzhen Investment Holdings Co. Ltd. has been committed to building a world-class state-owned capital investment and operation company and financial holding group. In 2025 it ranked 414th in the Fortune Global 500. Relying on the controlling shareholder's entire 19Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. industrial chain advantages in the science and technology park the Company is actively transforming and upgrading focusing on the development and construction of industry-city complexes and has broader development prospects.III. Analysis of primary business Overview See the relevant contents of "I. Main business engaged in by the Company during the reporting period".YoY changes in key financial data Unit: RMB This reporting period Same period last year YoY change Reason for changes Operating revenue 1087908935.87 856028445.25 27.09% Operating costs 813504493.36 669091472.18 21.58% Increase in sales Selling and distribution 19167310.94 9106255.87 110.49% agency fees paid for expenses the current period G&A expenses 107251478.24 127378140.36 -15.80% Increase in interest Financial expenses 44742067.07 16087020.98 178.13% expenses for the current period Increase in total profit Income tax expenses 12533681.45 4860162.97 157.89% for the current period R&D investment 2596806.24 2243317.44 15.76% Increase in sales Net cash flows from -107187515.26 -736827101.44 85.45% collection for the operating activities current period Increase in cash Net cash flows from inflows from disposal 45686298.43-2840739.351708.25% the investing activities of non-current assets for the current period Increase in bank borrowings and Net cash flows from 1232404938.32 -126125135.93 1077.13% decrease in dividends financing activities paid for the current period Increase in bank borrowings and Net increase in cash 1169707139.22 -865658773.93 235.12% repayment of matured and cash equivalents borrowings for the current period Increase in land Taxes and surcharges 63146486.93 10447340.39 504.43% appreciation tax for the current period Increase in provision Credit loss -36757413.71 -18396918.74 99.80% for bad debts for the current period Decrease in net profit Investment income -2369641.20 412742.53 -674.12% of joint ventures for the current period Increase in income Gains from disposal of from disposal of non- 65355.6926055.97150.83% assets current assets for the current period 20Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Increase in forfeited Non-operating revenue 12522551.20 479063.20 2513.97% deposits for the current period Increase in losses from damage and scrapping Non-operating 930675.93 436385.09 113.27% of non-current assets expenses and overdue fines paid for the current period Other comprehensive income - changes in Effect of changes in fair value of other -98726.72 -203351.55 51.45% fair value equity instrument investments Other comprehensive income - Translation Effects of fluctuation in differences of foreign -890458.69 393038.16 -326.56% exchange rate currency financial statements Significant changes in the Company's profit composition or profit sources during the reporting period □ Applicable□Not Applicable There were no significant changes in the Company's profit composition or profit sources during the reporting period.Composition of operating revenue Unit: RMB This reporting period Same period last year Percentage of Percentage of YoY change Amount Amount operating revenue operating revenue Total operating 1087908935.87100%856028445.25100%27.09% revenue By industry Real estate 213561064.62 19.63% 13841686.40 1.62% 1442.88% Property 770226955.3570.80%771525962.3190.13%-0.17% management Assets operations 104120915.90 9.57% 70660796.54 8.25% 47.35% By product Real estate 213561064.62 19.63% 13841686.40 1.62% 1442.88% Property 770226955.3570.80%771525962.3190.13%-0.17% management Assets operations 104120915.90 9.57% 70660796.54 8.25% 47.35% By region Shenzhen 903663076.41 83.06% 673395027.18 78.67% 34.20% Others 184245859.46 16.94% 182633418.07 21.33% 0.88% Industry product or region accounting for more than 10% of the Company's operating revenue or operating profit □Applicable □ Not applicable Unit: RMB YoY change in Operating YoY change in YoY change in Operating costs Gross margin operating revenue operating costs gross margin revenue By industry Real estate 213561064.62 128410515.97 39.87% 1442.88% 2678.82% -26.74% Property 770226955.35 643044902.76 16.51% -0.17% 3.43% -2.91% 21Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. management By product Real estate 213561064.62 128410515.97 39.87% 1442.88% 2678.82% -26.74% Property 770226955.35643044902.7616.51%-0.17%3.43%-2.91% management By region Under the circumstances that the calculation method of the Company's main business data is adjusted during the reporting period the Company's main business data for the latest period is adjusted according to the calculation method at the end of the reporting period □ Applicable□Not Applicable IV. Analysis of non-primary business □Applicable □ Not applicable Unit: RMB Ratio of total Whether it is Amount Formation reasons profit sustainable Mainly investment income from Investment income -2369641.20 -10.48% No joint ventures Gains/losses on 0.000.00% changes in fair value Mainly provision for inventory Asset impairment -4461.72 -0.02% No depreciation Non-operating revenue 12522551.20 55.39% Mainly forfeiture of deposits No Mainly losses from damage and Non-operating 930675.93 4.12% scrapping of non-current assets and No expenses payment of overdue fines Credit loss -36757413.71 -162.58% Mainly provision for bad debts No V.Analysis of assets and liabilities 1. Major changes in asset composition Unit: RMB At the end of the reporting period At the end of last year Increase/de Explanation of Ratio of total Ratio of total crease in Amount Amount significant changes assets assets percentage Due to increase in 2846262594.1678116644. Monetary funds 17.11% 10.97% 6.14% sales collection and 1612 new borrowings Due to increase in Accounts property 558663016.843.36%476014729.603.11%0.25% receivable management fees receivable Contract assets 314906.08 0.00% 468765.62 0.00% 0.00% 10761368500 10685045153 Due to increase in Inventories 64.68% 69.87% -5.19%.16 .41 development costs Due to increase in Investment 364800583.37 2.19% 374035893.07 2.45% -0.26% disposal of properties investment 22Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. properties Long-term Due to decrease in equity 265818164.32 1.60% 268187805.52 1.75% -0.15% investment income investments from joint ventures Fixed assets 45711901.32 0.27% 52712396.64 0.34% -0.07% Right-of-use 15421932.540.09%16967620.030.11%-0.02% assets Short-term Due to increase in 780287638.894.69%190165458.331.24%3.45% borrowings new borrowings Due to increase in Contract 603525237.83 3.63% 336164629.72 2.20% 1.43% pre-sale house liabilities payment Long-term 5229511582. 4755314631. Due to increase in 31.43%31.09%0.34% borrowings 33 26 new borrowings Lease liabilities 10122996.73 0.06% 11089072.57 0.07% -0.01% Due to increase in Notes 20000.00 0.00% 0.00 0.00% 0.00% notes receivable receivable from customers Increase in recovery of part of current Other 265131636.08 1.59% 273333289.51 1.79% -0.20% accounts and receivables provision for bad debts Due to decrease in Assets held for 0.00 0.00% 170154.05 0.00% 0.00% non-current assets sale held for sale Other current Due to increase in 206700470.101.24%181721113.821.19%0.05% assets withholding tax Due to increase in prepayments for Other non- 25927022.36 0.16% 13875501.61 0.09% 0.07% fixed assets and current assets other purchase prices Due to decrease in Accounts 1043092277. 713058533.44 4.29% 6.82% -2.53% project funds payable 27 payable Due to decrease in Advances from 546354.53 0.00% 1744526.75 0.01% -0.01% advance rent customers receipts Non-current Due to increase in liabilities long-term 797913330.104.80%506702676.303.31%1.49% maturing within borrowings due one year within one year Due to increase in Other current 49038314.27 0.29% 23186263.57 0.15% 0.14% output tax to be liabilities carried forward 2. Main overseas assets □Applicable□Not Applicable 3. Assets and liabilities measured at fair value □Applicable □ Not applicable 23Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Unit: RMB Profit or loss from Cumulative Impairment Amount Amount changes in changes in provision purchased Beginning sold in the Other Ending Item fair value fair value in the in the balance current changes balance in the included in current current period current equity period period period Financial assets 4. Other equity instrument 586231.82 -98726.72 -2732.89 484772.21 investment s Total of the 586231.82-98726.72-2732.89484772.21 above Financial 0.000.00 liabilities Other changes Not applicable Whether there were significant changes in the measurement attributes of the Company's major assets during the reporting period □Yes□No 4. Restrictions on asset rights as of the end of the reporting period Item Ending book balance Closing book value Reason for restriction Monetary funds 65755570.64 65755570.64 [Note 1]-[Note 9] Land use right of Lake City Project Phase 401867324.00 401867324.00 [Note 10] II plot Land use rights of Plot B and Plot D and construction in progress of Plot D of 912518544.43 827202214.91 [Note 11] Yangzhou Shenyang Digital Intelligent City Project Total 1380141439.07 1294825109.55 [Note 1]: Among the monetary funds with restricted right of use at the end of the period RMB 2950000.00 was the bank guarantee deposit of the subsidiary Shenzhen Shenfubao Property Development Co. Ltd.[Note 2]: Among the monetary funds with restricted right of use at the end of the period RMB 3000000.00 was frozen by the court due to pre-litigation preservation for contract disputes of the subsidiary Shenzhen Facility Management Community Co. Ltd.[Note 3]: Among the monetary funds with restricted right of use at the end of the period RMB 117500.00 was the bank guarantee deposit of the subsidiary Shenzhen Facility Management Community Co. Ltd.[Note 4]: Among the monetary funds with restricted right of use at the end of the period RMB 1000.00 was the POS machine deposit of the subsidiary Shenzhen Shenfubao Property Development Co. Ltd. Jiangxi Branch.[Note 5]: Among the monetary funds with restricted right of use at the end of the period RMB 394288.08 was frozen by the court due to pre-litigation preservation for contract disputes of the subsidiary Shenzhen Huangcheng Real Estate Co. Ltd.[Note 6]: Among the monetary funds with restricted right of use at the end of the period there are RMB 57622302.80 of time 24Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. deposits purchased at the end of the period and their interest.[Note 7]: Among the monetary funds with restricted right of use at the end of the period RMB 50372.58 was the collection business guarantee of the subsidiary Shenzhen Jiayuan Property Management Co. Ltd.[Note 8]: Among the monetary funds with restricted right of use at the end of the period RMB 484000.00 was frozen by the court due to pre-litigation preservation for contractual disputes of the subsidiary Chongqing Shenguomao Real Estate Management Co.Ltd.[Note 9]: Among the monetary funds with restricted right of use at the end of the period there is RMB 1136107.18 which is the loan guarantee historically provided by the Company as a real estate developer and paid for the buyers of commercial housing according to the real estate operation practice.[Note 10]:Due to the needs of daily operating activities the Company applied for a loan from Industrial Bank Shenzhen Branch and mortgaged the land use right of the Lake City Project plot it held.[Note 11]: Due to the needs of daily operating activities the Company applied for loans from Agricultural Bank of China Yangzhou Branch and mortgaged the land use rights of Plot B and Plot D of Shenyang Digital Intelligent City Project and the construction in progress of Plot D.VII. Analysis of investment status 1. Overall situation □Applicable□Not Applicable 2. Major equity investments acquired during the reporting period □Applicable□Not Applicable 3. Major non-equity investments in progress during the reporting period □Applicable□Not Applicable 4. Investment in the financial assets (1) Securities investment □Applicable □ Not applicable Unit: RMB Profit or Cumu loss Amou Profit lative Amou Accou from nt or chang nt Securi Initial nting Openi chang purch loss Closin es in sold Accou Sourc ties Stock invest measu ng es in ased during g Ticker fair in the nting e of variet name ment remen book fair in the the book value curren items funds y cost t value value curren report value includ t mode in the t ing ed in period curren period period equity t period Dome 40001 Jintia 3565 Fair 5862 - - 4847 Other Acqui 25Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. stic 6、 n A 856.0 value 31.82 9872 2732. 72.21 equity red and 42001 Jintia 6 measu 6.72 89 instru from foreig 6 n B remen ment debt n t invest restru stocks ments cturin g of Jintia n 3565-- 58624847 Total 856.0 -- 0.00 9872 0.00 0.00 2732. -- -- 31.8272.21 66.7289 (2) Derivative investment □Applicable□Not Applicable The Company had no derivative investment during the reporting period. 5. Use of funds raised □Applicable□Not Applicable The Company had no use of funds raised during the reporting period.VII. Sale of major assets and equities 1. Sales of major assets □Applicable□Not Applicable The Company did not sell major assets during the reporting period. 2. Sale of major equity □Applicable□Not Applicable VIII. Analysis of major holding and participating companies □Applicable □ Not applicable Major subsidiaries and participating companies with an impact of 10% or more on the Company's net profit Unit: RMB Company Company Main Registered Operating Operating Total assets Net assets Net profit name type business capital revenue profit Shenzhen Real estate Huangcheng Subsidiari developme 30000000. 72389897 30467711 83732170. 14916216. 18527999.Real Estate es nt and 00 50.19 82.12 58 69 68 Co. Ltd. operation Shenzhen Internationa l Trade Property Subsidiari 20000000. 29105530 47708429 78031867 33146311. 18011948.Center manageme es 00 43.87 3.48 9.87 98 00 Property nt service Managemen t Co. Ltd. 26Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Information on acquisition and disposal of subsidiaries during the reporting period □ Applicable□Not Applicable Notes to main holding and participating companies IX. Structured entities controlled by the Company □Applicable□Not Applicable 10. Risks faced by the Company and countermeasures 1. Market risk Under the policy guidance of "no speculation in housing" the demand side of the real estate market is still in a downward channel. The development space of the real estate industry is constantly being compressed and the industry profits is greatly reduced. It has changed from the previous land dividend to the era of asking for dividends from management especially for the cost design engineering and other business capabilities which has brought unprecedented challenges. The promotion conditions of urban renewal project are complex and the Company's business development is facing opportunities and challenges.In the face of the grim situation the Company deeply studied the opportunities and challenges brought by macroeconomic trends and policy trends actively sought the direction of strategic breakthrough adhered to steady operation raised funds through multiple channels focused on improving management level seized land market opportunities based in Shenzhen and focused on improving its sustainable development ability with Guangdong-Hong Kong-Macao metropolitan area and surrounding areas as its expansion area. 2. Operating risks In 2025 the real estate industry as a whole is still in a deep adjustment period. Although under the strong support of policies the sales of major first-tier cities "price in exchange for volume" have signs of bottoming out but due to factors such as new planning regulations the differentiation between cities and within cities is obvious the stock of surrounding real estate has increased and the problem of project selling stock housing is still severe.The Company will continue to closely monitor the market environment and policy trends pay attention to the promotion dynamics of competitive projects and actively respond to market changes; Try to be close to the market as much as possible reasonably formulate the annual marketing plan and sales strategy of the project continuously explore and adjust the market situation and take advantage of the possibility of economic recovery and accurately grasp the market turnaround to fully launch the promotion; Actively carry out various outbound customer acquisition work effectively expand customer resources and make every effort to promote the achievement of the annual sales target as scheduled. 3. Financing risk In recent years the Company has actively increased land reserves and accelerated business development. In the process it needs to invest a lot of funds for land acquisition and project development. The projects under construction are facing the dilemma of mismatch between income and expenditure and the turnover of project construction funds is facing certain difficulties.Combined with the impact of pre-sale fund supervision in addition to its own funds it also needs to conduct external financing through bank loans and issuance of negotiable securities.At present the Company has a stable financial position and good credit status. In the future it will further strictly control financial risks actively explore various financing schemes and ways to raise funds and make financing reserves to cope with possible financial pressures and risks. 27Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. XI. Formulation and implementation of market value management system and valuation improvement plan Whether the Company has formulated a market value management system.□Yes□No Whether the Company has disclosed plans for valuation enhancement.□Yes□No XII. Implementation of the action plan of "double improvement of quality and return" Whether the company has disclosed the announcement of the action plan of "double improvement of quality return".□Yes□No Section IV Corporate governance Environment and Society I. Changes in directors supervisors and senior officers of the Company □Applicable □ Not applicable Name Position Type Date Reasons Secretary of the Party Liu Shengxiang Committee and Resigned January 23 2025 Personal reasons Chairman Director and Finance Shen Xueying Resigned January 23 2025 Retired Director Deputy General Chen Hongji Dismissal May 29 2025 Personal reasons Manager II. Profit distribution and conversion of capital reserves into share capital during the reporting period □Applicable□Not Applicable The Company plans not to distribute cash dividends issue bonus shares or convert capital reserves into share capital for half a year.III. Implementation of the Company's equity incentive plan employee stock ownership plan or other employee incentive measures □Applicable□Not Applicable During the reporting period the Company had no equity incentive plan employee stock ownership plan or other employee incentive measures and their implementation.IV. Environmental information disclosure Whether the listed companies and their main subsidiaries are included in the list of enterprises legally disclosing environmental information □Yes□No 28Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. V. Social responsibilities (I) Rural revitalization and consumption assistance The Group and its affiliated enterprises continued to deepen the "National Hundred and Thousand and Ten-thousand Project" and actively helped rural revitalization. In the first half the cumulative purchase of agricultural products in the assisted areas was RMB573000.(II) Stabilize employment and ensure people's livelihood The Group and its affiliated enterprises actively implement the policy of stabilizing employment reasonably provide jobs and give full play to their responsibilities for the stability of the labor market. Through school-enterprise cooperation and special recruitment of veterans ITC Property Company provides stable employment opportunities for social labor force especially key groups and contributes to regional economic development and social harmony and stability.(III) Public welfare volunteer and community co-construction 1. Ecological construction of "Green and Beautiful Guangdong" Party organizations at all levels of the Group mobilized more than 300 party members and volunteers to plant more than 2500 native trees such as osmanthus trees schefflera trees and Excoecaria cochinchinensis in Shenzhen Dongguan and other places effectively integrating the concept of ecological civilization and the spirit of pioneering demonstration into the production and operation work and steadily promoting the green and healthy development of the enterprise. 2. Public welfare blood donation brand activity Relying on the "Red Flag · Red Action" brand ITC Property Company organized 242 people to participate in blood donation in the first half of the year and 206 people successfully donated blood with a total volume of 70800 ml. Since its launch in 2011 the cumulative total volume of blood donations has exceeded 950000 ml. 3. Urban voluntary service ITC Beautiful Life SZPRD and Foreign Trade Property sent 120 people to participate in the urban volunteer service of the 15th National Games and carried out civilized guidance at key subway entrances in the morning and evening peak hours to further improve the quality of the city and strengthen the governance of road traffic order. 4. Community cultural services ITC Property and its affiliated enterprises held community public welfare activities such as making rice dumplings cooking sweet dumplings and planting lotus flowers in the property service project with the goal of "jointly building a harmonious community" providing rich and diverse public services for owners and effectively enhancing residents' happiness and sense of belonging.(IV) Protection of employees' rights and interests The Group and its affiliated enterprises continue to improve the employee security system maintain 100% social insurance participation rate and the annual health examination coverage rate is expected to reach 100%. Safety training and recreational and sports activities shall be organized regularly and employee satisfaction is steadily improving. 29Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Section V Important Matters 1. Commitments made by the Company's actual controller shareholders related parties acquirers and the Company that have been fulfilled during the reporting period and have not been fulfilled beyond the time limit as of the end of the reporting period □Applicable□Not Applicable During the reporting period there were no commitments that have been fulfilled by the Company's actual controller shareholders related parties acquirers the Company and other related parties during the reporting period and have not been fulfilled beyond the time limit as of the end of the reporting period.II. Non-operational occupation of funds by the controlling shareholders and other related parties of the listed company □Applicable□Not Applicable During the reporting period there were no non-operational funds occupied by the controlling shareholders and other related parties for the listed company.III. Illegal external guarantees □Applicable□Not Applicable The Company had no illegal external guarantee during the reporting period.IV. Appointment and dismissal of the accounting firm Whether the semi-annual financial report has been audited □Yes□No The Company's semi-annual report has not been audited.V. Explanation of the Board of Directors and the Board of Supervisors on the "modified audit report" of the accounting firm during the reporting period □Applicable□Not Applicable VI. Explanation of the Board of Directors on the "Modified Audit Report" of the previous year □Applicable□Not Applicable VII. Matters relating to bankruptcy and reorganization □Applicable□Not Applicable During the reporting period the Company had no bankruptcy restructuring related matters. 30Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. VIII. Litigation matters Significant litigation and arbitration □Applicable □ Not applicable Whether Amount estimate Results and Execution of Date Disclo Basic information of involved d Proceedings of litigation influence of litigation of sure litigation (arbitration) (RMB100 liabilitie (arbitration) litigation (arbitration) disclo index 00) s are (arbitration) trial judgment sure formed It was ruled that Xinhai Rongyao As Xinhai Rongyao's should pay violation of the Equity RMB50mn to Transfer Agreement for SZPRD as 30% of the the Bangling Area compensation for equity of Xinhai Urban Renewal Project investment losses; Rongyao in Guanlan Subdistrict Xinhai Rongyao Company has Longhua District has pledged 30% been pledged to Shenzhen has of its equity in the Group and constituted a material Rongyao Real continues to be breach the Company is Estate to SZPRD sealed up and entitled to claim as collateral; frozen and was 5085.23 No Enforced compensation for Xinhai Rongyao judicially frozen investment losses from shall compensate immediately Xinhai Rongyao at an SZPRD for legal after the transfer annual interest rate of fees of RMB of 1% equity to 11% on the funds 150000 Xinhai invested in the Lake preservation fees RongYao City Project pursuant to of RMB 3000 Company on the Agreement. preservation November 4 Accordingly the insurance costs of 2024.Company has initiated RMB 41120.84 arbitration proceedings. and arbitration fees of RMB 658188.60. On February 26 2019 After the case entered the stage of For the Company entered arbitrator appointment and tribunal details into the Repayment formation the Respondent filed a Agreement with lawsuit with the Shenzhen please Rongyao Real Estate Intermediate People's Court to refer Xinhai Rongyao determine the validity of the to the Company and Xinhai arbitration agreement leading to a Annou Holdings. For details temporary suspension of the nceme please refer to the arbitration proceedings. On nt on June Announcement on the February 26 2024 the Shenzhen Major 72218.22 No N/A N/A 9 Signing of the Intermediate People's Court issued Arbitr 2023 Repayment Agreement a ruling dismissing Xinhai ation (Announcement No.: Holdings' application to invalidate of 2019-9) disclosed by the arbitration agreement. Subsid the Company on Cninfo Subsequently on July 29 2024 iary website Rongyao Real Estate received the (Anno (http://www.cninfo.com Notice to Resume Arbitration uncem.cn) on February 28 Proceedings [Case No. (2023) ent 2019. Pursuant to the SGZS 2970-10] from the Shenzhen No. Repayment Agreement Court of International Arbitration 2023- 31Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Xinhai Rongyao and stating that the Guangdong 13) Xinhai Holdings Province Shenzhen Intermediate disclo acknowledged their People's Court had rendered the sed by obligation to repay Civil Ruling (2023) Yue 03 MT the debts owed to Rongyao 1308 rejecting the Respondent's Comp Real Estate with Xinhai request to invalidate the arbitration any on Investment Expander agreement. Accordingly the Cninf Property Management Arbitration Court determined that o.Lianghong Industrial the grounds for suspension no and Tiancheng longer existed and decided to Investment acting as resume the arbitration proceedings.guarantors jointly and The case was heard by the tribunal severally liable for the at the Shenzhen Court of obligations under the International Arbitration onAugust guarantee. However as 30 2024 and remains pending for a the aforementioned final award.parties failed to fully On June 26 2025 the Notice of repay the debts as Property Preservation Result was agreed Rongyao Real received from the court showing Estate initiated that Rongyao Real Estate Company arbitration proceedings. had successfully added a batch of property of the respondent to be preserved.Other litigation matters □Applicable □ Not applicable Results and Basic Amount Whether Execution of Proceedings influence of information involved estimated litigation Date of Disclosure of litigation litigation of litigation (RMB10000 liabilities are (arbitration) disclosure index (arbitration) (arbitration) (arbitration) ) formed judgment trial Summary of See XVI See XVI See XVI See XVI other Part2 of Part2 of Part2 of Part2 of contract 9722.91 Section 10 of Section 10 of Section 10 of Section 10 of litigation the Financial the Financial the Financial the Financial disputes Report Report Report Report IX. Penalties and rectification □Applicable□Not Applicable There was no punishment or rectification during the reporting period.X. Integrity status of the Company and its controlling shareholders and actual owner □Applicable□Not Applicable XI. Major related party transactions 1. Related party transactions related to daily operations □Applicable □ Not applicable Relate Relate Type Conte Pricin Price Amou Ratio Appro Excee Settle Prevai Date Disclo d d of nt of g of nt of of ved ds ment ling of sure 32Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. partie relatio relate relate princi relate relate simila transa appro metho marke disclo index s to nship d d ples d d r ction ved d of t price sure the party party of party party transa quota quota relate for transa transa transa relate transa transa ction (RMB d simila ctions ctions ctions d ctions ctions amou 1000 party r party (RMB nt 0) transa transa transa 1000 ctions ctions ctions 0) Relate d party Shenz Wholl transa hen y- ctions Prope Bay owne for rty Techn d Marke Agree the mana ology subsid t d- 3686. 3686.sale geme 4.79% 7700 No Cash Devel iary princi upon 41 41 of nt opme of the ples price goods servic nt parent and e Co. comp provis Ltd. any ion of The servic 2025 es Forec Relate ast d Anno party Prope unce Hebei Subsi transa rty ment Shenb diary ctions mana on ao of a for geme Recur Invest subsid Marke Agree the nt ring ment iary t d- 754.5 2078. 754.5 sale servic 0.98% No Cash Relate Devel (under princi upon 5 34 5 of e d opme the ples price Januar goods engin Party nt parent y 16 and eering Trans Co. comp 2025 provis servic action Ltd. any) ion of e s servic (Anno es unce ment Relate No.d 2025- party Shenz Wholl 03) transa hen y- disclo ctions Bay owne sed on for Mana Techn d Marke Agree Cninf the geme ology subsid t d- 3254. 6120. 3254. o purch nt 5.06% No Cash Devel iary princi upon 83 1 83 ase of Servic opme of the ples price goods es nt parent and Co. comp provis Ltd. any ion of servic es Shenz Wholl Entrus Entrus Marke Agree hen y- ted ted t d- 2837. 27.26 5850. 2837.No Cash Shent owne mana housi princi upon 86 % 44 86 ou d geme ng ples price 33Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Prope subsid nt mana rty iary geme Devel of the nt opme parent servic nt comp es Co. any Ltd. 10532174 Total -- -- -- -- -- -- -- -- 3.658.88 Detailed circumstances of large- Not applicable scale sales returns Actual performance during the reporting period (if any) when the In 2025 the Company expects the total amount of daily related transactions to be total amount of daily related RMB432.5917mn and the actual amount of related transactions in the first half of 2025 did transactions to occur in the current not exceed the approved quota.period is estimated by category Reasons for significant deviations between transaction prices and Not applicable market reference prices (if applicable) 2. Related party transactions arising from the acquisition and sale of assets or equity □Applicable□Not Applicable During the reporting period the Company had no related party transactions arising from the acquisition or sale of assets or equity. 3. Related party transactions arising from joint external investment □Applicable□Not Applicable During the reporting period the Company had no related party transactions arising from joint external investment. 4. Related claims and debts □Applicable □ Not applicable Existence of non-operational related party debt and credit transactions □Yes □No Receivables from related party (claims) Existence Additions Recoverie Interest in of non- Beginnin in the s in the the Ending Related Related Formatio operation g balance current current Interest current balance relationsh party n causes al funds (RMB10 period period rate period (RMB10 ip occupatio 000) (RMB10 (RMB10 (RMB10 000) n 000) 000) 000) The parent company Pre- Shenzhen of Xinhai acquisitio Xinhai Rongyao No 20150 20150 n working Holdings the capital minority sharehold ers of the 34Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. subsidiary Rongyao Real Estate Shenzhen Minority Xinhai sharehold Rongyao Pre- ers of the Real acquisitio subsidiary No 33047.29 33047.29 Estate n working Rongyao Develop capital Real ment Co.Estate Ltd.Impact of related party receivables on the According to the value analysis results of the recoverable amount by the assets appraisal agency hired Company's operating by the Company the accumulated provision for bad debts was about RMB356.2229mn.results and financial position Payables to related parties (debts) Additions Repayment Interest in Beginning in the amount in Ending the current Related Related Formation balance current the current balance Interest rate period party relationship causes (RMB100 period period (RMB100 (RMB100 00) (RMB100 (RMB100 00) 00) 00)00) Shenzhen Property Jifa Joint Current 20229.6720229.67 Warehousi Venture accounts ng Co.Ltd.Shenzhen Tian'an Internation Joint Current al Building 521.43 521.43 Venture accounts Property Manageme nt Co. Ltd.Impact of related party payables on the All such matters have been maintained entirely within the Company's risk control tolerance and do Company's operating not adversely affect its operating results or financial position.results and financial position 5. Information on transactions with finance companies with related relationship □Applicable□Not Applicable There was no deposit loan credit or other financial business between the Company and the finance companies with related relationship and their related parties. 6. Transactions between the Company's holding finance companies and its related parties □Applicable□Not Applicable There was no deposit loan credit or other financial business between the Company's holding finance companies and its related 35Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. parties. 7. Other major related party transactions □Applicable□Not Applicable The Company had no other major related party transactions during the reporting period.XII. Major contracts and their performance 1. Custody contracting and lease matters (1) Custody □Applicable□Not Applicable During the reporting period the Company had nothing under custody. (2) Contracting □Applicable□Not Applicable During the reporting period the Company had no contracting. (3) Leases □Applicable□Not Applicable During the reporting period the Company had no leases. 2. Significant guarantees □Applicable □ Not applicable Unit: RMB10000 External guarantees of the Company and its subsidiaries (excluding the guarantees to subsidiaries) Disclosu re date Whether Whether of Actual the to Name of Type of Counter guarante Guarante Actual guarante Collatera Guarante performa guarante guaranto guarante guarante e limit e limit date e l (if any) e period nce is e for a r e e (if any) related amount complete related announc d party ements Guarantees to subsidiaries by the Company Disclosu re date Whether Whether of Actual the to Name of Type of Counter guarante Guarante Actual guarante Collatera Guarante performa guarante guaranto guarante guarante e limit e limit date e l (if any) e period nce is e for a r e e (if any) related amount complete related announc d party ements Shenzhe October 500000 Novemb 349135. Joint and Equity 2019.11. No Yes 36Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. n 18 2019 er 27 17 several land use 27- Rongyao 2019 liability right 2026.11.Real guarante 20 Estate e Develop ment Co. Ltd.Land use Yangzho Joint and rights 2024.1.1 u Wuhe several June 21 July 25 24575.7 and 9- Real 67000 liability No Yes 2024 2024 2 accounts 2029.1.1 Estate guarante receivabl 8 Co. Ltd. e e Total actual amount Total guarantee limit of guarantee to be approved to incurred to subsidiaries during 0 6567.21 subsidiaries during the reporting period the reporting period (B1) (B2) Total approved Total actual balance guarantee limit to of guarantees to subsidiaries at the 567000 subsidiaries at the 373710.9 end of the reporting end of the reporting period (B3) period (B4) Guarantees by subsidiaries to subsidiaries Disclosu re date Whether Whether of Actual the to Name of Type of Counter guarante Guarante Actual guarante Collatera Guarante performa guarante guaranto guarante guarante e limit e limit date e l (if any) e period nce is e for a r e e (if any) related amount complete related announc d party ements Total guarantees of the Company (i.e. the total of the top three items) Total actual amount Total guarantee limit of guarantee to be approved 0 incurred during the 6567.21 during the reporting reporting period period (A1+B1+C1) (A2+B2+C2) Total approved Total actual balance guarantee limit at the of guarantees at the 567000373710.9 end of the reporting end of the reporting period (A3+B3+C3) period (A4+B4+C4) Total actual guarantees (i.e. A4+B4+C4) as a 110.70% percentage of the Company's net assets Including: Balance of debt guarantees provided directly or indirectly for the guaranteed object whose 373710.9 asset-liability ratio exceeds 70% (E) Amount of total guarantees exceeding 50% 204912.76 of net assets (F) Total amount of the above three guarantees 373710.9 (D+E+F) 37Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Explanation of the specific situation of the guarantee by the adoption of composite method 3. Entrusted wealth management □Applicable□Not Applicable During the reporting period the Company had no entrusted wealth management. 4. Other major contracts □Applicable□Not Applicable There were no other major contracts of the Company during the reporting period.XIII. Notes to other major matters □Applicable □ Not applicable Matters concerning the signing of the housing expropriation compensation agreement by the joint-stock companies of the Company Shenzhen Property Management Jifa Warehouse Co. Ltd. a joint-stock company of the Company signed a House Expropriation Compensation Agreement with Shenzhen Yantian District Land Readiness Affairs Center. The compensation amount was based on the Real Estate Appraisal Report on the House Expropriation Project of Ping-Yan Railway Reconstruction Project (Yantian Section) issued by Guozhonglian Assets Appraisal Land and Real Estate Appraisal Co. Ltd. During the reporting period the Company received a notice from its joint-stock company Shenzhen Property Jifa Warehouse Co. Ltd. that Jifa Warehouse had received all the compensation of RMB537960351. For details of the relevant progress please refer to the Announcement on the Signing of Housing Expropriation Compensation Agreement by the Join-stock Companies(Announcement No.: 2024-25) the Announcement on the Progress of the Compensation for Housing Expropriation Received by the Joint-stock Companies (Announcement No.: 2024-27) and the Announcement on the Progress of the Compensation for Housing Expropriation Received by the joint-stock companies(Announcement No.: 2025-01) disclosed on Cninfo (http://www.cninfo.com.cn).XIV. Major matters of the Company's subsidiaries □Applicable□Not Applicable 38Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Section VI Changes in Shares and Shareholders I. Changes in shares 1. Changes in shares Unit: shares Before the change Increase or decrease in this change (+ -) After the change Convers ion of New Bonus provide Sub- Number Ratio shares Others Number Ratio issue nt fund total issued into shares I. Shares with restrictive 18983060.32%0000018983060.32% conditions for sales 1. State- 00.00%0000000.00% owned shares 2. Shares held by the 17336260.29%0000017336260.29% state-owned legal persons 3. Other domestic 164680 0.03% 0 0 0 0 0 164680 0.03% holdings Including : shares held 1646800.03%000001646800.03% by domestic legal persons Shares held by domestic 0 0.00% 0 0 0 0 0 0 0.00% natural persons 4. Foreign 00.00%0000000.00% shareholding Including : shares held 00.00%0000000.00% by overseas legal persons Shares held by overseas 0 0.00% 0 0 0 0 0 0 0.00% natural persons II. Shares 5940807 without 594080786 99.68% 0 0 0 0 0 99.68%86 restrictive 39Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. conditions for sales 1. RMB 5264755 ordinary 526475543 88.34% 0 0 0 0 0 88.34% 43 shares 2. Foreign 6760524 shares listed 67605243 11.34% 0 0 0 0 0 11.34% 3 domestically 3. Foreign shares listed 0 0.00% 0 0 0 0 0 0 0.00% overseas 4. Others 0 0.00% 0 0 0 0 0 0 0.00% III. Total 5959790 number of 595979092 100.00% 0 0 0 0 0 100.00% 92 shares Reasons for changes in shares □ Applicable□Not Applicable Approval of changes in shares □ Applicable□Not Applicable Transfer of changes in shares □ Applicable□Not Applicable Implementation progress of share repurchase □ Applicable□Not Applicable Progress of the implementation of the reduction of repurchased shares through centralized bidding □ Applicable□Not Applicable Effect of changes in shares on financial indicators such as basic earnings per share and diluted earnings per share in the latest year and the latest period and net assets per share attributable to the Company's ordinary shareholders □ Applicable□Not Applicable Other contents deemed necessary by the Company or required by the securities regulators to be disclosed □ Applicable□Not Applicable 2. Changes in restricted shares □Applicable□Not Applicable II. Issuance and listing of securities □Applicable□Not Applicable III. Number of the Company's shareholders and shareholding ratios Unit: shares Total number of ordinary Total number of preferred shareholders shareholders at the end of the 35537 with restored voting rights at the end of 0 reporting period. the reporting period (if applicable) Shareholdings of shareholders holding more than 5% or the top 10 shareholders (excluding shares lent through refinancing) 40Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Number of Number Number of Pledge marking or freezing Changes shares held of shares shares held Name of Nature of Sharehold during the at the end of held under without shareholder shareholder ing ratio reporting the reporting restricted restrictions on Share status Number period period conditions sales State- Shenzhen owned 50.87% 303144937 0 1733626 301411311 Not applicable 0 Investment legal Holdings Co. Ltd. person Shenzhen State- Domestic owned Equity non-state- Operation owned 6.38% 38037890 0 0 38037890 Not applicable 0 Management Co. legal Ltd. person State- China Orient Asset owned Management Co. 2.77% 16491402 0 0 16491402 Not applicable 0 legal Ltd.person Overseas HKSCC legal 0.64% 3828507 1172029 0 3828507 Not applicable 0 Ltd.person Industrial and Commercial Bank of China Ltd.Others 0.45% 2679834 1036700 0 2679834 Not applicable 0 - China Southern CSI All Share Real Estate ETF Securities investment funds Domestic YANGYaochu natural 0.35% 2096584 0 0 2096584 Not applicable 0 person Domestic DUAN Shaoteng natural 0.30% 1760565 0 0 1760565 Not applicable 0 person Domestic MAI Furong natural 0.23% 1374596 0 0 1374596 Not applicable 0 person China Minsheng Banking Corporation Limited Others 0.22% 1320000 1320000 0 1320000 Not applicable 0 - Jinyuan Shunan Yuanqi Flexible Allocation Hybrid Securities Investment Fund Others 0.17% 1026101 18800 0 1026101 Not applicable 0 China Universal 41Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Asset Management Company Limited - Social Security Fund 1103 Portfolio Circumstances under which strategic investors or general legal persons become top 10 None shareholders due to the placement of new shares (if any) Notes to shareholders' related The largest shareholder Shenzhen Investment Holdings Co. Ltd. is the controlling shareholder of the relationship or persons acting in Company and Shenzhen State-owned Equity Operation Management Co. Ltd. In addition it is unknown concert whether the remaining eight shareholders have related relationship or are persons acting in concert.Explanation of the above shareholders' involvement in Not applicable entrusting/being entrusted voting rights and waiver of voting rights Special disclosure on the existence of repurchase-specific Not applicable accounts among the top 10 shareholders (if any) Shareholdings of the top 10 shareholders without restrictions on sales (excluding shares lent through refinancing and shares locked by senior management) Number of shares held without restrictions on sales at the end of the Type of shares Name of shareholder reporting period Type of shares Number Shenzhen Investment Holdings RMB ordinary 301411311301411311 Co. Ltd. shares Shenzhen State-owned Equity RMB ordinary 3803789038037890 Operation Management Co. Ltd. shares China Orient Asset Management RMB ordinary 1649140216491402 Co. Ltd. shares Hong Kong Securities Clearing RMB ordinary 38285073828507 Company Ltd. (HKSCC) shares Industrial and Commercial Bank of China Limited - China RMB ordinary Southern CSI All Share Real 2679834 2679834 shares Estate ETF Securities investment funds Domestically YANGYaochu 2096584 listed foreign 2096584 shares RMB ordinary DUAN Shaoteng 1760565 1760565 shares Domestically MAI Furong 1374596 listed foreign 1374596 shares China Minsheng Banking Corporation Limited - Jinyuan Shunan Yuanqi Flexible RMB ordinary 13200001320000 Allocation Hybrid Securities shares Investment Fund Fund China Universal Asset RMB ordinary Management Company Limited - 1026101 1026101 shares Social Security Fund 1103 42Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Portfolio Explanation of the related relationship or concerted action among the top 10 shareholders not The largest shareholder Shenzhen Investment Holdings Co. Ltd. is the controlling shareholder of the subject to trading restrictions and Company and Shenzhen State-owned Equity Operation Management Co. Ltd. In addition it is unknown between the top 10 shareholders whether the remaining eight shareholders have related relationship or are persons acting in concert.not subject to trading restrictions and the top 10 shareholders Disclosure on the participation of the top 10 ordinary shareholders At the end of the reporting period among the above-mentioned shareholders DUAN Shaoteng held in margin trading and securities 1760565 shares of the Company through a credit securities account.lending (if any) Participation of shareholders holding more than 5% of the shares the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares in refinancing business and lending shares □ Applicable□Not Applicable Changes of the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares compared with the previous period due to refinancing lending/repayment □ Applicable□Not Applicable Whether the Company's top 10 ordinary shareholders and the top 10 ordinary shareholders without restrictive condition for sales conduct any agreed repurchase transactions during the reporting period □Yes□No The Company's top 10 ordinary shareholders and top 10 ordinary shareholders without restrictive condition for sales did not conduct any agreed repurchase transaction during the reporting period.IV. Changes in shareholdings of directors supervisors and senior officers □Applicable□Not Applicable There was no change in the shareholdings of the Company's directors supervisors and senior officers during the reporting period.For details please refer to the 2024 Annual Report.V. Changes in controlling shareholders or actual controllers Changes in controlling shareholders during the reporting period □ Applicable□Not Applicable There was no change in the controlling shareholder of the Company during the reporting period.Changes in actual owner during the reporting period □ Applicable□Not Applicable There was no change in the actual owner of the Company during the reporting period. 43Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. VI. Preferred stock □Applicable□Not Applicable During the reporting period the Company had no preferred shares. 44Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Section VII. Bonds □Applicable□Not Applicable 45Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Section VIII Financial Reports I. Audit report Whether the semi-annual report has been audited □Yes□No The Company's semi-annual financial report has not been audited.II. Financial statements The unit in the notes to the financial statements is: RMB 1. Consolidated balance sheet Prepared by: Shenzhen Properties & Resources Development (Group) Ltd.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 46Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Other current assets 206700470.10 181721113.82 Total current assets 14646843317.93 13302659023.82 Non-current assets: Loans 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 47Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Receivings from vicariously sold securities Employee compensation payable 154881581.39 207978691.61 Taxes 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 48Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Total liabilities and owners' equity 16639099914.24 15293205498.30 Legal representative: WANG Hangjun Chief Finance Officer: CAI Lili Chief Accountant: CAI Kelin 2. 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 49Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Including: data resources Goodwill Long-term deferred expenses Deferred 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 50Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Other equity instruments Including: preferred shares Perpetual bonds Capital reserve 53876380.11 53876380.11 Less: 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 -2369641.20 412742.53 income from associates and joint 51Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. ventures Gains from derecognition of financial assets measured at amortized costs Exchange gains ("-" for losses) Net exposure hedging gains("-" for losses) Gains from changes in fair value ("-" for losses) 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 -890458.69 393038.16 52Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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 -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 53Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Gains from derecognition of financial assets measured by amortized costs ("-" for losses) Net exposure hedging gains("-" for losses) Gains from changes in fair value ("-" for losses) 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 54Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. translation of foreign-currency financial statements 7. Others VI. Total comprehensive income -33425914.19 -28291683.44 VII. Earnings per share: (I) Basic earnings per share (II) Diluted earnings per share 5. Consolidated statement of cash flows Unit: RMB Item Half year period of 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 55Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. contract claims Net increase in loans to banks and other financial institutions Cash paid for interests handling service fee and commissions Cash paid for policy dividends Cash paid to and on behalf of 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 56Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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 Other 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 2447666.40 604967.86 57Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. fixed assets intangible assets and other long-term assets Cash paid for investments 244140000.00 78000000.00 Net cash paid to acquire subsidiaries and other business units Other cash paid related to investing activities Sub-total of cash outflows from investing 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 istri Equi Pref Perp eral ority own tal treas preh cial lus bute Oth Sub- erre etua risk inter ers'ty Oth rese ury ensi rese rese d ers total d l rese ests equi ers rve shar ve rves rves prof shar bon rves tyes inco its es ds me - 595804-125256336323 I. Ending 131 979880220425199168043 balance last 251 092.45.3035488.077304195 year 092. 0085.67218.588.506.14 36 58Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Plus: changes in accounting policies Co rrection of prior period errors Ot hers II. Beginning - 595804-125256336323 balance as at 131 979880220425199168043 the 251 092.45.3035488.077304195 beginning of 092. 0085.67218.588.506.14 this year 36 III.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 59Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. reserves 2. Withdrawal of general risk reserves 3. Profit - - distributed to 245 245 owners (or 000. 000.shareholders) 00 00 789789789 564. 4. Others 336. 336. 901. 93 161609 (IV) Internal transfer of owners' equity 1. Conversion of capital reserves into paid-in capital (or share capital) 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 60Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 2. Amount used in the current period (VI) Others - IV. Balance 595 804 - 125 257 337 324 135 as at the end 979 880 318 425 720 591 006 847 of the current 092. 45.3 954 488. 813 121 333 885. period 00 8 1.08 21 4.37 8.88 3.75 13 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 istri Equi Pref Perp eral ority own 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 61Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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 --- - 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 62Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. reserves into paid-in capital (or share capital) 3. Surplus reserves offsetting losses 4. Changes in benefit plans transferred to retained earnings 5. Transfer of other comprehensi ve income into retained earnings 6. Others (V) Special reserves 1. Withdrawal in the current period 2. Amount used in the current period (VI) Others IV. Balance 595 804 - 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 63Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Plus: changes in accounting policies Co rrection of prior period errors Ot hers II. Beginning - balance as at 5959 5387 1254 1393 2165 3064 the 7909 6380. 2548 2293 4453 972.7 beginning of 2.00 11 8.21 32.45 20.07 0 this year III.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 64Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 2. Profit distributed to owners (or shareholders) 3. Others (IV) Internal transfer of owners' equity 1. Conversion of capital reserves into paid-in capital (or share capital) 2. Conversion of surplus reserves into paid-in capital (or share capital) 3. Surplus reserves offsetting losses 4. Changes in benefit plans transferred to retained 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 5959 5387 - 1254 1359 2132 as at the end 7909 6380. 3163 2548 9021 0194 65Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. of the current 2.00 11 699.4 8.21 44.98 05.88 period 2 Amount for the previous year Unit: RMB Half year period of 2024 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 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 66Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. instruments 3. Amounts of share- based 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 67Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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 - 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. 68Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. IV. Basis for preparation of financial statements 1. Basis for preparation The financial statements are prepared on the going concern basis reflecting actual transaction events in accordance with the relevant provisions of the Accounting Standards for Business Enterprises and based on the significant accounting policies and accounting estimates described below. 2. Going concern The Company has no events or conditions that raise significant doubts about its ability to continue as a going-concern ability for the twelve months following the end of the reporting period.V. Significant accounting policies and accounting estimates Tips of specific accounting policies and accounting estimates: The Company based on its actual production and operational characteristics and in accordance with the relevant Accounting Standards for Business Enterprises has established specific accounting policies and accounting estimates for transactions and events such as revenue recognition. For details refer to the respective sections below: "Financial Instruments" "Inventories" and "Revenue." 1. Statement of compliance with the Accounting Standards for Business Enterprises The financial statements of the Company prepared on the aforementioned basis for preparation comply with the requirements of the latest Accounting Standards for Business Enterprises and their application guidelines interpretations and other relevant regulations (collectively referred to as the "Accounting Standards for Business Enterprises") issued by the Ministry of Finance. They fairly and completely reflect the Company's financial position operating results cash flows and other relevant information.In addition the preparation of this financial report references the presentation and disclosure requirements stipulated in the CSRC's Rules for the Preparation and Disclosure of Information by Companies Offering Securities to the Public No. 15 – General Requirements for Financial Reports (2023 Revision) and the Notice on the Implementation of New Accounting Standards for Business Enterprises by Listed Companies (Accounting Department Letter [2018] No. 453). 2. Accounting period The company adopts the calendar year as its accounting period which runs from January 1 to December 31 each year. 3. Operating cycle For industries other than real estate the Companies' operating cycles are relatively short and a 12-month period is used as the threshold for classifying the liquidity of assets and liabilities. The operating cycle in the real estate industry spans from 69Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. property development to sales realization generally exceeding 12 months. The specific duration is determined by the nature of the development project with the operating cycle itself serving as the criterion for classifying the liquidity of assets and liabilities. 4. Recording currency The Company and its domestic subsidiaries adopt RMB as their recording currency. The overseas subsidiaries of the Company determine their recording currency based on the currency of the primary economic environment in which they operate.The Company prepares its financial statements using RMB as the reporting currency. 5. Determination methods and selection basis for materiality threshold □Applicable □ Not applicable Item Importance criteria Significant accounts receivable with the provision for bad debts made on an 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. 70Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. On the acquisition date the Company recognizes the difference between the combination cost and the fair value share of net identifiable assets obtained from the acquiree as goodwill which is subject to subsequent measurement at cost less accumulated provision for impairment; the difference between the combination cost and the fair value share of net identifiable assets obtained from the acquiree is after verification recognized in profit or loss.In a business combination not under common control achieved through multiple transactions in stages the combination cost is the sum of the consideration paid on the acquisition date and the fair value of the equity interest in the acquiree held prior to the acquisition date as of the acquisition date. For equity interests in the acquiree held prior to the acquisition date such interests are remeasured at their fair value as of the acquisition date and the difference between the fair value and the book value is recognized in current period investment income; for equity interests in the acquiree held prior to the acquisition date any other comprehensive income and other changes in owners' equity related to such interests are reclassified to profit or loss on the acquisition date except for other comprehensive income arising from the remeasurement of the net liabilities under defined benefit plans or changes in net assets of the acquiree and other comprehensive income related to non-trading equity instrument investments previously designated as measured at fair value with changes recognized in other comprehensive income. (3) Treatment of transaction costs in business combination In a business combination intermediary fees such as audit legal services valuation consulting and other related G&A expenses incurred for the transaction are recognized in profit or loss when incurred. The transaction costs incurred for issuing equity securities or debt securities as merger consideration are included in the initial recognized amount of such equity securities or debt securities. 7. Criteria for determining control and preparation methods for consolidated financial statements (1) Judgment criteria for control The consolidation scope in the consolidated financial statements is determined on the basis of control. Control means that the Company has the power over the investees participates in their relevant activities to obtain variable returns and has the ability to use that power to affect the amount of returns from the investees. When changes in relevant facts and circumstances lead to changes in the key elements related to the definition of control the Company will re-evaluate accordingly.When determining whether to include a structured entity within the consolidation scope the Company comprehensively evaluates all relevant facts and circumstances including assessing the structured entity's purpose and design identifying the types of variable returns and evaluating whether control exists over the structured entity based on its participation in relevant activities that expose it to some or all variability of returns. (2) Preparation methods for consolidated financial statements Consolidated financial statements are prepared by the Company based on the financial statements of the Company and its subsidiaries along with other relevant materials. In preparing consolidated financial statements the accounting policies and reporting periods of the Company and its subsidiaries must be consistent and significant intercompany transactions and balances are eliminated.During the reporting period subsidiaries and businesses added due to a business combination under 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 71Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. controller. Their operating results and cash flows from that date are incorporated into the consolidated income statement and consolidated statement of cash flows respectively.For subsidiaries and businesses added during the reporting period due to a business combination not under common control the Company includes their revenue expenses and profits from the acquisition date to the end of the reporting period in the consolidated income statement and incorporates their cash flows into the consolidated statement of cash flows.The portion of a subsidiary's shareholders' equity not attributable to the Company is presented separately as minority interests under shareholders' equity in the consolidated balance sheet; the share of the subsidiary's net profit or loss attributable to minority interests is presented in the consolidated income statement under the net profit item as "minority interest income". If the losses borne by minority shareholders exceed the share of owners' equity they hold at the beginning of the subsidiary's period the excess continues to be deducted from the minority interests. (3) Purchase of minority shareholders' equity in a subsidiary The difference between the cost of newly acquired long-term equity investments from the purchase of minority interests and the proportionate share of the subsidiary's net asset share calculated based on the increased ownership ratio from the acquisition date or combination date as well as the difference between the disposal proceeds from partial disposal of equity investments in a subsidiary without loss of control and the proportionate share of the subsidiary's net asset share attributable to the disposed long- term equity investments calculated from the acquisition date or combination date shall be adjusted against capital reserve in the consolidated balance sheet. If the capital reserve is insufficient to offset the difference the remaining amount shall be adjusted against retained earnings. (4) Treatment for loss of right of control over subsidiaries When the Company disposes of a portion of its equity investments or loses the right of control over the original subsidiary due to other reasons the remaining equity interest shall be remeasured at fair value as of the date of loss of control; the difference between the total of the consideration received from the disposal of equity and the fair value of the remaining equity interest less the sum of the subsidiary's net assets attributable to the original ownership percentage calculated based on book value from the acquisition date and the related goodwill shall be recognized as investment income in the period of loss of control.Other comprehensive income related to equity investments in the former subsidiary shall be reclassified on the same basis as if the subsidiary had directly disposed of the related assets or liabilities upon loss of control and other changes in owners' equity previously recognized under accounting by equity method related to the former subsidiary shall be transferred to profit or loss in the period of loss of control. (5) Treatment for the disposal of equity in stages until loss of control occurs If the terms conditions and economic effects of multiple transactions involving the disposal of equity in stages until loss of control meet one or more of the following conditions the Company shall account for such transactions as a package of transactions： 1) The transactions are entered into either simultaneously or in contemplation of one another; 2) The transactions as a whole are necessary to achieve a complete commercial outcome; 3) The occurrence of one transaction is contingent on the occurrence of at least one other transaction; 72Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 4) A transaction is not economically viable when considered individually but is economically viable when considered together with the others.When conducting a disposal of equity in stages until the loss of the right of control occurs the measurement of the remaining equity interest and the recognition of profit or loss related to the disposal shall follow the same accounting principles as those described in the preceding section for "Treatment upon Loss of Control of a Subsidiary." Prior to the loss of control the difference between the consideration received from each disposal and the disposing investment's proportionate share of the subsidiary's net assets calculated based on book value from the acquisition date shall be accounted for as follows: 1) If the transactions constitute "a package of transactions" the related amount shall be recognized in other comprehensive income. The related amounts shall be transferred to profit or loss during the period of loss of control. 2) If the transactions do not constitute "a package of transactions" they shall be recognized as equity transactions in the capital reserve (equity premium/capital premium). Upon loss of control the related amounts shall not be transferred to profit or loss in the period of loss of control. 8. Classification of joint venture arrangements and accounting treatments for joint operations (1) Identification and classification of joint venture arrangements A joint venture arrangement refers to an arrangement under the common control of two or more parties. A joint venture arrangement has the following characteristics: 1) all participating parties are bound by the arrangement; 2) two or more participating parties exercise common control over the arrangement. No single participating party can control the arrangement individually and any party with common control over the arrangement can prevent other parties or combinations of parties from exercising individual control.Common control refers to the control shared over an arrangement in accordance with the relevant stipulations and the decision-making of related activities of the arrangement should not be made before the party sharing the right of control agrees the same.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. 73Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 9. Determination criteria for cash and cash equivalents The term cash in the statement of cash flows refers to a company's cash on hand and deposits that are readily available for payment. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value. 10. Foreign currency transactions and translation of foreign currency statements (1) Translation of foreign currency transactions Foreign currency transactions shall be translated into RMB upon initial recognition using an exchange rate that approximates the spot exchange rate on the transaction date. At the balance sheet date foreign currency monetary items shall be translated using the spot exchange rate on the balance sheet date. Exchange differences resulting from differences between the spot exchange rate on the balance sheet date and the spot exchange rate at initial recognition or the previous balance sheet date shall be recognized in profit or loss; foreign currency non-monetary items measured at historical cost shall continue to be translated using the exchange rate that approximates the spot exchange rate on the transaction date; foreign currency non-monetary items measured at fair value shall be translated using the spot exchange rate on the date the fair value is determined. The difference between the translated amount in the recording currency and the original recording currency amount shall be recognized in profit or loss or other comprehensive income based on the nature of the non-monetary items. (2) Translation of foreign-currency financial statements At the balance sheet date when translating the foreign currency financial statements of overseas subsidiaries the assets and liability items in the balance sheet shall be translated using the spot exchange rate on the balance sheet date; for owners' equity items except for the "undistributed profits" item all other items shall be translated using the spot exchange rate on the transaction date; the revenue and expense items in the income statement shall be translated using an exchange rate that approximates the spot exchange rate on the transaction date; all items in the statement of cash flows shall be translated at the exchange rate that approximates the spot exchange rate on the date the cash flows occurred. The difference arising from the translation of financial statements shall be recognized in the "other comprehensive income" item under shareholders' equity in the balance sheet. 11. Financial instruments (1) Recognition and derecognition of financial instruments The Company recognizes financial assets or financial liabilities when it becomes a party to financial instruments contracts.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; 74Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 2) The financial assets has been transferred and meets the derecognition criteria for transfer of financial assets as described below.If the present obligation of a financial liability is fully or partially discharged the liability (or the discharged portion) is derecognized. If the Company (as the obligor) and the creditor enter into an agreement to assume a new financial liability to replace the existing financial liability and the contractual terms of the new financial liability are substantially different from those of the existing one the existing financial liabilities shall be derecognized and the new financial liability shall be recognized simultaneously. (2) Classification and measurement of financial assets At initial recognition the Company classifies financial assets into the following three categories based on its business model for managing financial assets and the contractual cash flows characteristics of the financial assets: financial assets measured at amortized costs financial assets measured at fair value with changes recognized in other comprehensive income and financial assets measured at fair value with changes recognized in profit or loss. Financial assets are initially recognized at fair value. For financial assets measured at fair value with changes recognized in profit or loss related transaction costs are directly recognized in profit or loss. For other categories of financial assets related transaction costs are included in their initial recognized amount. For accounts receivable arising from the sale of goods or provision of services without including or considering significant financing components the Company recognizes the consideration amount the Company expects to be entitled to receive as the initial recognized amount. The subsequent measurement of financial assets depends on their classification. 1) Financial assets measured at amortized cost A financial asset shall be classified as measured at amortized costs if it meets both of the following conditions: the Company's business model for managing the financial assets is to collect contractual cash flows and the contractual cash flows of the financial assets represent solely payments of principal and interest on the principal amount outstanding; the contractual terms of the financial assets stipulate that the cash flows generated on specified dates solely represent payments of principal and interest calculated based on the outstanding principal amount. For such financial assets the effective interest method is applied and their subsequent measurement is performed at amortized costs with gains or losses arising from their amortization or impairment recognized in profit or loss. 2) Investments in debt instruments measured at fair value with changes recognized in other comprehensive income A financial asset shall be classified as measured at fair value with changes recognized in other comprehensive income if it meets both of the following conditions: the Company's business model for managing the financial assets is both to collect contractual cash flows and to sell the financial assets and the contractual cash flows of the financial assets represent solely payments of principal and interest on the principal amount outstanding; the contractual terms of the financial assets stipulate that the cash flows generated on specified dates solely represent payments of principal and interest calculated based on the outstanding principal amount. For such financial assets fair value is used for subsequent measurement. The discount or premium is amortized using the effective interest method and recognized as interest income or expense. Except for impairment losses and exchange differences on foreign currency monetary financial assets recognized in profit or loss the fair value changes of such financial assets are recognized in other comprehensive income until the financial asset is derecognized at which time the cumulative gains or losses are reclassified to profit or loss. Interest income related to such financial assets shall be recognized in profit or loss. 3) Investments in equity instruments measured at fair value with changes recognized in other comprehensive income 75Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. The Company irrevocably elects to designate certain non-trading equity instrument investments as financial assets measured at fair value with changes recognized in other comprehensive income. Dividend income related to such assets is recognized in profit or loss fair value changes are recognized in other comprehensive income and cumulative gains or losses arising from such changes are reclassified to retained earnings upon derecognition of the financial assets. 4) Financial assets measured at fair values through current profit or loss Financial assets other than those measured at amortized costs and those measured at fair value with changes recognized in other comprehensive incomes shall be classified as financial assets measured at fair value with changes recognized in profit or loss.At initial recognition financial assets may be designated as measured at fair value with changes recognized in profit or loss to eliminate or significantly reduce an accounting mismatch. For such financial assets fair value is used for subsequent measurement and all fair value changes are recognized in profit or loss.The Company shall reclassify all affected related financial assets if and only if it changes its business model for managing financial assets. (3) Classification and measurement of financial liabilities At initial recognition the Company's financial liabilities are classified into financial liabilities measured at amortized costs and financial liabilities measured at fair value with changes recognized in profit or loss.Financial liabilities that meet one of the following conditions may be designated at initial measurement to be measured at fair value with changes recognized in profit or loss: 1) the designation eliminates or significantly reduces accounting mismatch; 2) financial liabilities or a combination of financial assets and financial liabilities are managed and evaluated based on fair value according to the formal written documents outlining the Group's risk management or investment strategies and reports are provided to key officers within the Group based on this information; 3) The financial liabilities contain embedded derivative instruments that need to be separately split.The Company determines the classification of financial liabilities at initial recognition. For financial liabilities measured at fair value with changes recognized in profit or loss the related transaction costs are recognized directly in profit or loss. For other financial liabilities the related transaction costs are included in their initial recognized amount.Subsequent measurement of financial liabilities depends on their classification: 1) Financial liabilities measured at amortized costs For such financial liabilities subsequent measurement is conducted using the effective interest method at amortized costs and gains or losses arising from derecognition or amortization are recognized in profit or loss. 2) Financial liabilities measured at fair value with changes recognized in profit or loss Financial liabilities measured at fair value with changes recognized in profit or loss include financial liabilities held for trading (including derivatives that are financial liabilities) and those initially designated as measured at fair value with changes recognized in profit or loss. For such financial liabilities subsequent measurement is conducted at fair value and gains or losses arising from fair value changes as well as dividends and interest expenses related to these financial liabilities are recognized in profit or loss. (4) Offsetting of financial instruments 76Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Financial assets and financial liabilities are presented in the balance sheet at their net amounts after offsetting provided that the following conditions are met: there is a legally enforceable right to offset the recognized amounts and the right to offset is currently exercisable; there is a plan to settle on a net basis or simultaneously realize the financial assets and settle the financial liabilities. (5) Impairment of financial instruments 1) Impairment measurement and accounting treatment of financial instruments The Company shall conduct impairment treatment and recognize provision for loss based on expected credit losses for the following items.* Financial assets measured at amortized costs; * Accounts receivable and investments in debt instruments measured at fair value with changes recognized in other comprehensive income; * Contract assets as defined in Accounting Standards for Business Enterprises No. 14 - Revenue; * Lease receivables; * Loan commitments not classified as financial liabilities measured at fair value with changes recognized in profit or loss; * Financial guarantee contracts (except those measured at fair value with changes recognized in profit or loss or transfer of financial assets that do not meet derecognition criteria or continue involvement with the transferred financial assets).Expected credit losses refer to the weighted average of credit losses on financial instruments weighted by the risk of default occurring. Credit loss refers to the difference between all contractual cash flows receivable under the contract (discounted by the Company using the original effective interest rate) and all expected cash flows to be collected i.e. the present value of all cash shortfalls. Specifically for financial assets purchased or originated by the Company that have incurred a credit loss the discounting is based on the credit-adjusted effective interest rate of that financial assets.For financial assets purchased or originated by the Company that have incurred a credit loss the Company recognizes only the cumulative changes in expected credit losses over the entire expected life since initial recognition as the provision for loss on the balance sheet date.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. 77Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. The Company utilizes available reasonable and supportable information including forward-looking information by comparing the risk of default occurring on the financial instruments as of the balance sheet date with the risk of default at initial recognition date to determine whether the credit risk of the financial instruments has increased significantly since initial recognition.As of the balance sheet date if the Company determines that the financial instruments only have low credit risk it is assumed that the credit risk of the financial instruments has not increased significantly since initial recognition.The Company assesses expected credit risk and measures expected credit losses on the basis of individual financial instruments or portfolios of financial instruments. When portfolios of financial instruments are used as the basis the Company groups the financial instruments into different portfolios based on common risk characteristics.The Company remeasures expected credit losses at each balance sheet date with the resulting increases or reversals in the provision for loss recognized as impairment losses or gains in profit or loss. For financial assets measured at amortized costs the provision for loss reduces the book value of these financial assets presented in the balance sheet; for debt investments measured at fair value with changes recognized in other comprehensive income the Company recognizes their provision for loss within other comprehensive income without reducing the book value of these financial assets. 2) Financial instruments for which expected credit risk is assessed and expected credit losses are measured on a portfolio basis For accounts receivable items such as notes receivable accounts receivable other receivables and contract assets if a customer's credit risk characteristics are significantly different from those of other customers in the portfolio or if the customer's credit risk characteristics have changed significantly the Company assesses the provision for bad debts on an individual basis for such receivables. Except for accounts receivable for which the provision for bad debts is assessed individually the Company groups accounts receivable into portfolios based on credit risk characteristics and calculates the provision for bad debts on a portfolio basis.Notes receivable accounts receivable and contract assets For notes receivable accounts receivable and contract assets whether there is a significant financing component or not the Company always measures its provision for loss at the amount equivalent to the expected credit losses during the entire duration.When the information of expected credit losses of a single financial asset or contract asset cannot be evaluated at a reasonable cost the Company divides the notes receivable accounts receivable and contract assets into portfolios according to the credit risk characteristics and calculates the expected credit losses on the basis of the portfolios. The basis for determining the portfolios is as follows: A. Notes receivable Portfolio 1 of notes receivable: bank acceptance bills 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 78Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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. 79Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 15. Other receivables Method for determining expected credit losses on other receivables and the related accounting treatments Refer to the relevant notes to the financial statements V. 11 Financial instruments for details. 16. Contract assets (1) Recognition methods and standards for contract assets 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 80Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. development project according to the floor area of the relevant development project; if the public supporting facilities are completed later than the relevant development products the public supporting facilities fee shall be accrued by the relevant development products first and the cost of the relevant development products shall be adjusted according to the difference between the actual amount and the accrued amount after the completion of the common facilities. (3) Determination basis of net realizable value of inventories On the balance sheet date the inventories are measured at the lower of cost or net realizable value and the provision for inventory depreciation is made at the difference where the cost of a single inventory is higher than the net realizable value. For the inventories that are directly used for sale the net net realizable value is determined by the estimated selling price of the inventories minus the estimated selling and distribution expenses and related taxes during the normal production and operation process; For the inventories that need to be processed their net realizable net realizable value is determined in the normal course of production and operation by the estimated selling price of the finished finished products minus the estimated costs to be incurred upon completion estimated selling and distribution expenses and related taxes; on the balance sheet date if part of the same inventory has a contract price and other parts do not have a contract price its net realizable value shall be determined respectively and compared with its corresponding cost to determine the provision or reversal of provision for inventory depreciation amount. (4) Inventory system of inventories The inventory system of inventories is the perpetual inventory system. (5) Amortization method of low-value consumables and packaging materials 1) Low-value consumables They are amortized with the one-off write-off method. 2) Packaging materials They are amortized with the one-off write-off method. 18. Assets held for sale (1) Recognition criteria and accounting treatments of non-current assets held for sale or disposal groups The Company classifies non-current assets or disposal groups that meet the following conditions into the category of held for sale: 1) According to the practice of selling such assets or disposal groups in similar transactions they can be sold immediately under the current situation; 2) The sale is very likely to occur a resolution has been made on a sale plan and a firm purchase commitment has been obtained and the sale is expected to be completed within one year. Approval from relevant authorities or regulatory authorities has been obtained in accordance with relevant regulations. If the Company loses the right of control of its subsidiary due to reasons such as the sale of its investment in the subsidiary regardless of whether the enterprise retains part of the equity investment after the sale the entire investment in the subsidiary shall be classified as held for sale in the parent company's individual financial statements and all assets and liabilities of the subsidiary shall be classified as held for sale in the consolidated financial statements when the investment in the subsidiary to be sold meets the conditions for the classification as held for sale. 81Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. The Company adjusts the estimated net residual value of the assets held for sale to the net amount reflecting its fair value less selling expenses (but not more than the original book value of the assets held for sale). The difference between the original book value and the adjusted estimated net residual value is included in the current profit or loss as asset impairment loss and the provision for impairment of assets held for sale is made at the same time. For the amount of asset impairment loss recognized by the disposal group held for sale the book value of the goodwill in the disposal group shall be deducted first and then the ratio of the book value of each non-current asset in the disposal group measured in accordance with the applicable standards shall be deducted in proportion to its book value.If the net amount of the fair value of the disposal group held for sale minus sales expenses increases on subsequent balance sheet dates the previously written-down amount shall be restored and reversed within the asset impairment loss of non-current assets recognized under the measurement provisions of this standard after being classified as held for sale. The reversed amount shall be included in the current profit or loss. The goodwill book value that has been offset and the asset impairment loss recognized before the non-current assets subject to the measurement provisions of the relevant standards are classified as held for sale shall not be reversed. The subsequent reversal amount of the asset impairment loss recognized for the disposal group held for sale shall be increased in proportion to its book value according to the ratio of the book value of each non-current asset in the disposal group that is subject to the measurement provisions of the relevant standards except for goodwill.No depreciation or amortization are made for the non-current assets held for sale and the assets in the disposal group held for sale; Interest and other expenses on liabilities in the disposal group held for sale continue to be recognized. For all or part of the investment in associates or joint ventures classified as held for sale accounting by equity method shall cease for the part classified as held for sale and 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". 82Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. The Company presents the profit or loss of continuing operations and the profit or loss of discontinued operations in the income statement separately. For non-current assets or disposal group held for sale that do not meet the definition of discontinued operations their impairment losses reversal amounts and disposal profit or loss are presented as profit or loss from continuing operations. The impairment loss from discontinued operation reversed amount and other profit or loss from operation as well as profit or loss from disposal shall be presented as profit or loss from discontinued operation.A disposal group that is intended to be discontinued rather than sold and meets the conditions of the relevant components in the definition of discontinued operations is presented as discontinued operations from the date of the discontinuance of its use.For the discontinued operations presented in the current period the information originally presented as the profit or loss of continuing operations is re-presented as the profit or loss of the discontinued operations in the comparable accounting period in the current financial statements. If the discontinued operations no longer meet the conditions for classification as held for sale the information originally presented as profit or loss from discontinued operations is re-presented as the profit or loss from continuing operations in the comparable accounting period in the current financial statements. 19. Debt investments Not applicable 20. Other debt investments Not applicable 21. Long-term receivables Refer to the relevant notes to the financial statements V. 11 Financial instruments for details. 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 83Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. indirect holding of the investees' voting shares and the current executable potential voting rights held by the investor and other parties after assumed conversion to investees' equity shall be taken into consideration including the impact of the current convertible warrants share options and convertible corporate bonds issued by the investees.When the Company directly or indirectly owns more than 20% (including 20%) but less than 50% of the voting rights of the investees through its subsidiary it is generally considered to have a significant influence on the investees unless there is clear evidence that it cannot participate in the production and operation decision-making of the investees under such circumstances which means no significant influence; when the Company owns less than 20% (exclusive) of the shares of voting rights of the investees it is generally not considered to have significant influence on the investees unless there is clear evidence that it can participate in the production and operation decision-making of the investees and in such case it has a significant influence. (2) Determination of initial investment costs 1) If the combining party of long-term equity investments formed by business combinations under common control takes the payment of cash transfer of non-cash assets assumption of debts or issuance of equity securities as the consideration for the combination the share of of the book value of the owners' equity of the combining party in the consolidated financial statements of the ultimate controller shall be taken as its initial investment cost on the combination date. The capital reserve (capital premium or equity premium) is adjusted for the difference between the initial investment cost of the long-term equity investments and the book value of the consideration paid for the combination or the total face value of the shares issued; If the capital reserve is insufficient the difference is adjusted against retained earnings.For long-term equity investments realized step by step by business combination under the same control the book owners' equity share of the combined party on the combination date calculated by the shareholding ratio shall be taken as the initial investment cost of the investment. The capital reserve (capital premium or equity premium) shall be adjusted according to difference between the initial investment cost and the sum of the book value of the original long-term equity investments plus the book value of the newly paid consideration for further shares acquired on the combination date; if the capital reserve is insufficient to be offset retained earnings shall be offset. 2) For long-term equity investments formed by business combination not under common control the fair value of the combination consideration paid on the acquisition date shall be used as the initial investment cost. 3) Except for long-term equity investments formed by business combination: if it is obtained by paying cash the actual purchase price paid shall be taken as its initial investment cost; if it is obtained by 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. 84Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. When the equity method is adopted if the initial investment cost of the long-term equity investments is greater than the fair value share of net identifiable assets of the investees that the investor is entitled to at the time of investment it shall be included in the initial investment cost of the long-term equity investments; if the initial investment cost of the long-term equity investments is less than the fair value share of net identifiable assets of the investees that the investor is entitled to at the time of investment the difference shall be included in the current profit or loss and the cost of the long-term equity investments shall be adjusted at the same time.When the equity method is adopted after the long-term equity investments are obtained the investment profit or loss and other comprehensive income shall be recognized according to the share of net profit or loss and other comprehensive income realized by the investees that should be enjoyed or shared and the book value of the long-term equity investments shall be adjusted.When the share of net profit or loss of the investees is recognized the net profit of the investees shall be adjusted and recognized on the basis of the fair value of the identifiable assets of the investees at the time of acquisition of the investment in accordance with the accounting policies and accounting period of the Company and offsetting the portion of internal transaction profit or loss between associates and joint ventures that belong to the investing enterprise according to the shareholding ratio (but if the internal transaction loss is an asset impairment loss it shall be recognized in full). The book value of the long-term equity investments shall be reduced according to the part to be distributed calculated according to the profits or cash dividends declared to be distributed by the investees. The Company recognizes the net loss incurred by the investees to the extent that the book value of the long-term equity investments and other long-term interests that substantially constitute the net investment in the investees are reduced to zero except that the Company is obliged to bear additional losses. For other changes in owners' equity of the investees other than net profit or loss the book value of the long-term equity investments are adjusted and included in the owners' equity.If the Company can have significant influence on or exercise common control over the investees due to additional investment or other reasons but does not constitute control the sum of the fair value of the original equity plus the newly increased investment cost shall be taken as the initial investment cost with the accounting by equity method on the conversion date. If the original equity is classified as non-trading equity instrument investment measured at fair value with changes recognized in other comprehensive income the accumulated fair value changes related to it originally included in other comprehensive income shall be transferred to retained earnings when changed to accounting by equity method.Where the common control or significant influence on the investees is lost due to the disposal of part of the equity investments or other reasons the remaining equity after disposal shall be accounted for in accordance with Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments on the date of loss of common control or significant influence and the difference between the fair value and the book value shall be included in the current profit or loss.For the other comprehensive income of the original equity investments recognized by adopting the accounting by equity method the accounting treatment shall be made on the same basis for the direct disposal of the relevant assets or liabilities by the investees when the accounting by equity method is 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. 85Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. If the Company's shareholding ratio decreases due to the capital increase of other investors resulting in the loss of control but with the ability to implement common control or exert significant influence over the investees the Company's share of the investees' increase in net assets due to capital increase and share expansion shall be recognized according to the new shareholding ratio and the difference between the original book value of the long-term equity investments corresponding to the decrease in the shareholding ratio that should be carried forward shall be included in the current profit or loss; then adjustments shall be made as if the accounting by equity method had been applied from the date of investment acquisition according to the new shareholding ratio. (4) Impairment test methods and methods for provision for impairment For investments in subsidiaries associates and joint ventures please refer to the relevant notes to the financial statements V. 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 86Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. constructions Means of Straight-line method 5 5 19 transportation Other equipment Straight-line method 5 5 19 Machinery equipment Straight-line method 5 5 19 Renovation of fixed Straight-line method 5 - 20 assets The Company's fixed assets are depreciated by straight-line method. The provision for depreciation of fixed assets commences from the month following the date they reach the working condition for intended use and ceases when they are derecognized or classified as non-current assets held-for-sale. Without considering the provision for impairment the Company determines the annual depreciation rate of each type of fixed assets by category estimated service life and estimated residual value of the fixed assets as above.Among them the depreciation rate for the fixed assets with provision for impairment already made shall be calculated and determined by deducting the accumulated amount of provision for asset impairment. 25. Construction in progress Not applicable 26. Borrowing costs (1) Recognition principles of capitalization of borrowing costs If borrowing costs incurred by the Company can be directly attributed to the acquisition construction or production of assets eligible for capitalization they shall be capitalized and included in the cost of the related assets; Other borrowing costs are recognized as expenses when incurred and included in the current profit or loss. (2) Capitalization period of borrowing costs 1) The capitalization of borrowing costs shall commence when the following conditions are simultaneously met: * the asset expenditure has been occurred; * the borrowing costs have been occurred; * the acquisition construction or production activities that are necessary to prepare the assets for their intended use or sale have begun. 2) If an asset that meets the capitalization conditions is abnormally interrupted during the acquisition construction or production process and the interruption lasts for more than 3 months the capitalization of borrowing costs will be suspended; The borrowing costs incurred during the interruption period are recognized as expenses and included in the current profit or loss until the acquisition construction or production of the asset restarts. (3) When the assets purchased constructed or produced that meet the capitalization conditions reach the intended usable or salable state the capitalization borrowing costs will cease. (3) Rate and amount of capitalization of borrowing costs If a special loan is borrowed for the purpose of purchasing constructing or producing assets that meet the capitalization conditions interest expenses actually incurred on the special loan in the current period (including the amortization of discounts or premiums determined according to effective interest method) minus the unused borrowed funds The amount of interest that should be capitalized is determined based on the amount of interest income earned from depositing in a bank or investment income earned 87Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. from temporary investments; where general borrowings are used for acquiring and constructing or producing assets eligible for capitalization the expenses of general borrowings to be capitalized should be calculated by multiplying the weighted average of asset disbursements of the part of accumulated asset disbursements exceeding special borrowings by the capitalization rate of used general borrowings. The capitalization rate is calculated and recognized as per the weighted average interest rate of general borrowing. 27. 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 88Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. sold; * there is an intention to complete the intangible assets and use or sell them; * the means of generating economic benefits by intangible assets including being able to prove that there is a market for the products produced by applying the intangible assets or the intangible assets having their own market and intangible assets to be used internally being able to prove their usefulness; * It is able to finish the development of the intangible assets and able to use or sell the intangible assets with the support of sufficient technologies financial resources and other resources; * The expenditure attributable to the intangible asset during its development phase can be measured reliably. 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 89Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. amount 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; 90Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. * 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 91Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 37. 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. 92Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. * 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. 93Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. * 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 94Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. customer consideration except for the consideration payable to customers for obtaining other clearly distinguishable goods from customers.Where the consideration payable to a customer is for the purpose of obtaining other clearly distinguishable goods from the customer the purchased goods shall be recognized in a manner consistent with other purchases by the Company. If the consideration payable by an enterprise to a customer exceeds the fair value of clearly distinguishable goods obtained from the customer the excess amount shall be offset against the transaction prices. If the fair value of clearly distinguishable goods obtained from customers cannot be reasonably estimated the enterprise shall offset the full amount of the consideration payable to customers against the transaction prices.Different revenue recognition methods and measurement methods involved in the use of different business models for similar business 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. 95Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 39. 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: 96Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 1) The transaction is not a business combination and the transaction does not affect accounting profit or taxable income (or deductible losses) when it occurs; 2) For deductible temporary differences related to subsidiaries joint ventures and investments in associates the corresponding deferred tax assets shall be recognized if the following conditions are met at the same time: the temporary differences are likely to be reversed in the foreseeable future and the taxable income used to offset the deductible temporary differences is likely to be obtained in the future.On the balance sheet date if there is conclusive evidence indicating that sufficient taxable income is likely to be obtained in the future period to offset the deductible temporary differences deferred tax assets that have not been recognized in previous accounting periods is recognized. (3) All taxable temporary differences are recognized as relevant deferred tax liabilities except for taxable temporary differences arising in the following transactions: The initial recognition of goodwill or the initial recognition of assets or liabilities arising from transactions with the following characteristics: the transaction is not a business combination and the transaction does not affect accounting profit or taxable income (or deductible losses) when it occurs.Taxable temporary differences related to investments in subsidiaries joint ventures and associates provided that the timing of the reversal of these temporary differences can be controlled and the temporary differences are unlikely to be reversed in the foreseeable future. (4) On the balance sheet date the book value of deferred tax assets is reviewed. If it is likely to earn sufficient taxable income in the future to offset the benefits of deferred tax assets the book value of deferred tax assets is written down. When it is likely to earn sufficient taxable income the written down amount is reversed. (5) The Company's current income tax and deferred income taxes are included in the current profit or loss as income tax expenses or income but do not include income tax arising from the following circumstances: 1) business combination; 2) transactions or events directly recognized in the owners' equity. 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 97Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Right-of-use assets are initially measured at cost which includes: 1) the initial measurement amount of the lease liabilities; 2) the lease payments made on or before the lease commencement date or the relevant amount after deducting the lease incentive already enjoyed if any; 3) initial direct costs incurred by the lessee; 4) the costs expected to be incurred by the lessee for dismantling and removing the leased assets restoring the site where the leased assets are located or restoring the leased assets to the condition agreed in the lease terms.The Company depreciates the right-of-use assets according to the straight-line method. If it can be reasonably determined that the ownership of leased assets will be acquired upon the expiration of the lease term the Company depreciates the leased assets over their remaining service life. If it cannot be reasonably determined that the ownership of leased assets will be acquired upon the expiration of the lease term the Company depreciates the leased assets during the shorter of the lease term and the remaining service life of the leased assets. 2) Lease liabilities On the lease commencement date the Company recognizes the present value of the unpaid lease payments as lease liabilities.When calculating the present value of lease payments the interest rate implicit in lease is used as the discount rate. If the implicit interest rate of the lease cannot be determined the incremental borrowing rate of the Company is used as the discount rate. The difference between the lease payments and its present value is recognized as unrecognized financing expenses and the interest expenses are recognized at the discount rate of the present value of the recognized lease payments in each period of the lease term and included in the current profit or loss. Variable lease payments not included in the measurement of lease liabilities are included in the current profit or loss when actually incurred.After the lease commencement date the Company remeasures the lease liability based on the present value of the changed lease payments in case of any change in below items: actual fixed payment amount estimated amount payable of the guaranteed residual value the index or ratio used to determine the lease payments or the evaluation result or actual exercise of the purchase option renewal option or termination option. In such cases the book value of the right-of-use assets is also adjusted accordingly. If the book value of the right-of-use assets has been reduced to zero but the lease liabilities still need to be further reduced the remaining amount is included in the current profit or loss.If there is a modification in the lease and the following conditions are met simultaneously the Company accounts for the lease modification as a separate lease: * the lease change expands the lease scope by adding the right of use on one or more leased assets; * the increased consideration is equivalent to the amount of the separate price of the expanded part of the lease scope adjusted according to the contract conditions.If the lease modification is not accounted for as a separate lease on the effective date of the lease modification the Company re-apportions the consideration of the modified contract re-determines the lease term and re-measures the lease liabilities at the present value calculated at the modified lease payments and the revised discount rate. If a lease modification results in a reduced scope of the lease or a shortened lease term the Company reduces the book value of the right-of-use assets accordingly and recognizes the gain or loss related to the partial or complete termination of leases in current profit or loss. If there are other lease modifications that result in a re-measurement of lease liabilities the Company adjusts the book value of right-of-use assets accordingly. (2) Accounting treatments for leases in which the Company is the lessor 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. 98Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 1) Operating leases During each period of the lease term the Company recognizes the lease receipts as rental income according to the straight- line method and the initial direct costs incurred in connection with the operating leases are capitalized and amortized on the same basis as the recognition of rental income and included in the current profit or loss in installments. The variable lease payments related to operating leases obtained by the Company but not yet included in the lease receipts are included in the current profit or loss when actually incurred. 2) Financing leases On the lease commencement date the Company recognizes the financing lease receivables according to the net lease investment (the sum of the unguaranteed residual value and the present value of the lease receipts not received on the lease commencement date discounted at the interest rate implicit in lease) and derecognizes the financing lease assets. During each period of the lease term the Company calculates and recognizes the interest income at the interest rate implicit in lease.The variable lease payments obtained by the Company but not yet included in the measurement of net lease investment are included in the current profit or loss when actually incurred. 3) Lease modification In case of any modifications in operating leases the Company accounts for the modified lease as a new lease from the effective date of the modification and the advance or receivable lease receipts related to the lease before the modification is regarded as the receipt amount of the new lease.If there is a modification in the financing lease and the following conditions are met simultaneously the Company accounts for the modification as a separate lease: * the modification expands the scope of the lease by adding the right of use of one or more leased assets; * the increased consideration is equivalent to the amount of the separate price of the expanded part of the lease scope adjusted according to the contract conditions.If the modification in the financing lease is not accounted for as a separate lease the Company treats the modified lease respectively according to the following circumstances: * if the modification takes effect on the lease commencement date and the lease is classified as operating leases the Company accounts for it as a new lease from the effective date of the lease modification and takes the net lease investment before the effective date of the lease modification as the book value of the leased assets; * if the modification takes effect on the lease commencement date the lease will be classified as a financing lease and the Company accounts for it in accordance with the provisions of Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments on modifying or renegotiating the contract. 4) Sublease When the Company acts as a sublease lessor the original lease contract and the sublease contract are accounted for separately according to the accounting treatment requirements of the lessee and the lessor. If the original lease is a short-term leases and simplified accounting treatments have been adopted the sublease is classified as operating leases. (3) Sale and leaseback The Company in accordance with the provisions of Accounting Standards for Business Enterprises No. 14 - Revenue evaluates and determines whether the transfer of assets in the sale and leaseback transactions is a sale. 99Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. If the transfer of assets in the sale and leaseback transactions is a sale the lessee measures the right-of-use assets arising from the sale and leaseback according to the part of the book value of the original assets related to the right of use obtained from the leaseback and only recognizes the relevant gains or losses on the rights transferred to the lessor. The lessor accounts for asset purchase in accordance with other applicable accounting standards for business enterprises and conducts accounting treatment for the asset lease in accordance with Accounting Standards for Business Enterprises No. 21 - Leases.If the transfer of assets in the sale and leaseback transactions is not a sale the lessee continues to recognize the transferred assets and recognizes the financial liabilities equal to the transfer revenue. Meanwhile the lessee accounts for the financial liabilities in accordance with Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments. The lessor does not recognize the transferred assets but recognizes financial assets equal to the revenue transferred. It also accounts for that financial asset in accordance with Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments. 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 100Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. construction 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% 101Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Ltd.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% -- 102Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. VII. 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 103Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (2) Disclosure by provision method for bad debts Unit: RMB Ending balance Beginning balance Provision for bad Provision for bad Book balance Book balance Type debts Book debts Book Provisio value Provisio value Amount Ratio Amount Amount Ratio Amount n ratio n ratio 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 104Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Changes 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 105Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (2) Disclosure by provision method for bad debts Unit: RMB Ending balance Beginning balance Provision for bad Provision for bad Book balance Book balance Type debts Book debts Book Provisio value Provisio value Amount Ratio Amount Amount Ratio Amount n ratio n ratio Account s receivab le with provisio 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 106Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Company 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 Recovery or Ending balancebalance 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 107Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Significant amounts of recovered or reversed provision for bad debts for the current period: Unit: RMB Basis for determining 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 108Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Government 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 109Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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 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) 110Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Balance 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 111Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Explanation on write-off: (7) Increases/decreases and fair value changes of receivables financing for the current period (8) Other explanations 8. Other receivables Unit: RMB Item Ending balance Beginning balance Interest receivable 0.00 0.00 Dividends receivable 0.00 0.00 Other receivables 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 112Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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: (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 113Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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: (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 114Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Aging 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 115Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Co. 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 116Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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 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 Recovery or Resale or write- Ending balancebalance 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 117Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 5) Other receivables actually write-off in the current period Unit: RMB Item Amount of write-off Important other receivables write-off: Unit: RMB Whether the fund Write-off Nature of other Amount of write- Reasons for write- is generated by Entity name procedures receivables off off related party performed transactions Explanations on write-off of other receivables: 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% 118Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 2 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 119Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Inventories 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 120Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. SZPRD · 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 121Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (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 Reversal or Remarkbalance 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 122Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. SZPRD · 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 123Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Input 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 124Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (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 125Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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 (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 126Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Unit: 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 127Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (3) Provision for bad debts accrued recovered or reversed for the current period Unit: RMB Changes in the current period 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 Cashprofit ment provisiBeginni Ending balanc divide Prov on for ng or loss of e of Additi Reduc Chang nds or ision balanc recogn other impairInvestees balance provis onal ed es in profits for Oth e ment (book ized compr ion for invest invest other declar imp ers (book under ehensi as atvalue) ment ment equity ed to airm value)impair the ve the end ment be entequity incom of the paid metho e period d I. Joint ventures 128Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Shenzhen - 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 129Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Village 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 130Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. The recoverable amount is determined based on the present value of the estimated future cash flows □ Applicable□Not Applicable Reasons for the obvious inconsistency between the above information and the information used in previous impairment test or external information Reasons for the difference between the information used in the impairment test of the Company in previous years and the actual situation of the current year Other explanations 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 131Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (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 132Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. □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 133Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 21. 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 134Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Provision 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 135Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Item Closing book value (4) Fixed assets without certificate of title Unit: RMB Item Book value Reason for failure to properly handle the certificate of title Due to the planning adjustment the office buildings of the property will be demolished and a new high-rise office buildings 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 balanc the ulated constr ization ized ization of 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 136Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. in 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 137Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 25. 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: 138Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 26. 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 139Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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 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 140Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Increase in the current period Decrease in the current period Name of the investees or Beginning Amount formed matters forming balance through Ending 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 141Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. period 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 142Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 29. 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 143Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Item 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 144Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Book 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 145Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. constructio 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: 146Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 35. 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 147Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (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 148Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 2) 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 149Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Total 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 150Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. period 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 151Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Land 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 152Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Total 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 153Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. term of loan was from November 29 2019 to November 20 2026. The pledge was 69% of the equity of Rongyao Real estate held by the Company and the Company provided joint and several liability guarantee.The mortgage loan (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 154Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Unit: 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: 155Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 49. 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 156Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Increase 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 157Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. instruments Number Book value Number Book value Number Book value Number Book value Changes of other equity instruments in the current period explanation of the reasons for the changes and the basis for relevant accounting treatment: Other explanations: 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 Item sive Less: e to Ending 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 158Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. sive 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 159Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. reserve 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 160Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Property 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 161Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. customers 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: 162Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 63. 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 163Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Other 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 164Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. receivable 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 165Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Amount 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 166Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 78. 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 167Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Item Amount in the current period Amount in the previous period Important cash paid related to investing activities Unit: RMB Item Amount in the current period Amount in the previous period 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 168Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Plus: 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 169Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. equivalents (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 170Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. taxes of the project in accordance with the relevant regulations on the supervision of pre-sale funds.This was the capital within the pre-sale supervision quota of the project. Potevio could apply for paying 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 171Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. EUR 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. 172Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Situations involving sale and leaseback transactions In December 2023 the Company signed a sale and leaseback contract with Maxwealth Financial Leasing Co. Ltd. agreeing to transfer part of the office facilities with a leaseback period of 48 months. Since the fixed assets had not been transferred to the buyer from beginning to end it was judged that it did not belong to sales and the payment received was accounted for as a liability. (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 173Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. VIII. 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 Transfer Item Internal Ending 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 174Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. equity 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 175Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Inventories Fixed assets Intangible assets Liabilities: Borrowing Accounts payable Deferred tax liabilities Net assets Less: minority equity Net assets acquired Determination method of fair value of identifiable assets and liabilities: Contingent liabilities of the acquiree assumed in the business combination: Other explanations: (4) Gains or losses arising from the equity held before the acquisition date remeasured at fair value Whether there was a transaction that realized business combination step by step through multiple transactions and obtained right of control during the reporting period □Yes□No (5) Notes to the fair value of the combination consideration or the acquiree's identifiable assets and liabilities that cannot be reasonably determined at the end of the purchase date or the current period of the merger (6) Other explanations 2. Business combination under common control (1) Business combination under common control occurred in the current period Unit: RMB 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 176Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. control 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: 177Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Other explanations: 3. Counter purchase Basic information of the transaction basis for the transaction to constitute a reverse purchase whether the assets and liabilities retained by the listed company constitute a business and the basis thereof determination of the combination cost and the amount of equity adjusted when the transaction is treated as an equity transaction and its calculation: 4. Disposal of subsidiaries Whether there were any transactions or events during the period in which control over the subsidiary is lost □Yes□No Whether there are multiple transactions and step-by-step disposal of the investment in a subsidiary leading the loss of the control right over the subsidiary in the current period □Yes□No 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. 178Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Shenzhen 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 179Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Technology 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 1 Hong Kong Hong Kong leasing 100.00%Development 0 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 180Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Co. 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 181Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Business 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 182Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Estate 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. 183Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Shenzhen 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: 184Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (3) Key financial information of significant non-wholly-owned subsidiaries Unit: RMB Ending balance Beginning balance Name of Curren Non- Curren Non-Non- Total Non- Total subsidi Curren Total t current Curren Total t currentcurrent liabiliti current liabiliti aries t assets assets liabiliti liabiliti t assets assets liabiliti liabilitiassets es assets es es es es es Shenz hen Rongy ao 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 185Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Other 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 186Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Co. 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 187Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. quoted 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 188Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Operating 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 189Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (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: 190Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. XII. 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. 191Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Liquidity risk Liquidity risk refers to the risk that the Company will encounter a shortage of funds when fulfilling its obligations to settle in cash or other financial assets.When managing liquidity risk the Company maintains cash and cash equivalents that the Management believes are sufficient and monitors them to meet the Company's operational needs and reduce the impact of cash flows fluctuations. The Management of the Company monitors the use of bank borrowings and ensures compliance with the loan agreement. At the same time the Company has obtained commitments from major financial institutions to provide sufficient standby funds to meet short-term and long-term funding needs.The Company finances its working capital through funds generated from its operations and bank and other borrowings.At the end of the period the financial liabilities and off-balance guarantee items held by the Company were analyzed as follows according to the maturity of the undiscounted remaining contractual cash flows (unit: RMB10000): Ending balance Item Within 1 year Within 1 to 3 years More than 3years Total Financial liabilities: 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) 192Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Ending 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 193Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. For financial instruments held on the balance sheet date that expose the Company to fair value interest rate risk the impact of net profit and shareholders' equity in the above sensitivity analysis is the impact after the above financial instruments are remeasured at the new interest rate assuming that the interest rate changes on the balance sheet date. For floating rate non- derivatives held on the balance sheet date that expose the Company to cash flows interest rate risk the impact of net profit and shareholders' equity in the above sensitivity analysis is the impact of the above interest rate changes on interest expenses or income estimated on an annual basis. The previous year's analysis was based on the same assumptions and methodology.Exchange rate risk Exchange rate risk refers to the risk that the fair value or future cash flows of the financial instrument will fluctuate due to changes in foreign exchange rates. Exchange rate risk can arise from financial instruments denominated in foreign currencies other than recording currency.The Company's main business is located in China and its main business is settled in RMB. However there are still foreign exchange risks for the Company's recognized foreign currency assets and liabilities and future foreign currency transactions (the valuation currencies of foreign currency assets and liabilities and foreign currency transactions are mainly HKD VND and USD).At the end of the period the foreign currency financial assets and foreign currency financial liabilities held by the Company are translated into RMB as follows (unit: 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 194Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Type of hedging risk Type of hedging Other explanations (3) The Company conducts hedging business for risk management and is expected to achieve risk management objectives but does not apply hedging accounting □Applicable□Not Applicable 3. Financial assets (1) Classification of transfer methods □Applicable□Not Applicable (2) Financial assets derecognition due to transfer □Applicable□Not Applicable (3) Continued involvement in the transfer of financial assets □Applicable□Not Applicable Other explanations XIII. Disclosure of fair value 1. Ending fair value of assets and liabilities measured at fair value Unit: RMB Fair value as at the end of the period Item Measured at 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 195Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 2. Basis for recognition of the market price of items measured at fair value of Level 1 on a going and non- going concern 3. Qualitative and quantitative valuation techniques and important parameters of sustainable and non- sustainable items measured on the basis of fair value of level 2 4. Continuous and non-continuous Level 3 fair value measurement items valuation techniques used and the qualitative and quantitative information of important parameters 5. The information of adjustment between the beginning and the end of the book value and analysis on the sensitivity of the unobservable parameters of sustainable and non-sustainable items measured on the basis of fair value of tier three 6. Continuous measurement items by fair value reason for conversion among all levels in the current period and policies for determining the time of conversion 7. Change of valuation techniques in the current period and reason for change 8. Condition of fair value of financial assets and financial liabilities not measured at fair value 9. Others XIV. Related parties and related party transactions 1. Parent company Parent company's Parent company's shareholding voting rights Name Registration place Business nature Registered capital percentage in the percentage in the Company Company 196Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Shenzhen 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 andAdministration 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. 197Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Shenzhen Properties Group Longgang Development Co. Ltd. Subsidiary of a subsidiary (under the parent company) Business Apartment of Shenzhen Shenfubao (Group) Co. Ltd. Wholly-owned sub-subsidiary of the parent company Shenzhen Tefa Port Service Co. Ltd. Subsidiary of a subsidiary (under the parent company) Shenzhen Tianjun Biotechnology Development Co. Ltd. Subsidiary of a subsidiary (under the parent company) Shenzhen Cultural Enterprise Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company Shenzhen 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 198Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Shenzhen 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 199Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Economic 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 200Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Ltd.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 201Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (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 202Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Longgang 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. 203Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Shenzhen 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 204Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. g-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. 205Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Ltd.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 206Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Unit: 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 207Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (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 208Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Convention 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. 209Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Shenzhen 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 210Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Development 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) 211Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Development 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. 212Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Shenzhen 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 213Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. XV. Share-based payments 1. Overview of share-based payments □Applicable□Not Applicable 2. Share-based payments settled by equity □Applicable□Not Applicable 3. Share-based payments settled by cash □Applicable□Not Applicable 4. Current share payment expenses □Applicable□Not Applicable 5. Modification and termination of share-based payment 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 214Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. ineffective execution of the contract the Company subsequently filed a series of lawsuits against the parties involved in the project but the outcome of the lawsuits failed to enable the Company to obtain the benefits claimed. Therefore the Company has made provision for bad debts in the full amount of RMB93.81mn 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 215Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. bear 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 216Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. enforced 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. 217Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. In order to expedite the project development and mitigate the substantial economic losses caused by the serious delay in the project schedule to Rongyao Real Estate Rongyao Real Estate agreed to the application from Xinhai and advanced relevant taxes and fees totaling RMB10720575.27 on behalf of Qianhai Advanced Information Service on July 20 2021 and January 26 2022.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 218Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. fees 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. 219Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Part of the Overseas Friendship Building located at No. 12 Yingchun Road Luohu District Shenzhen is owned by the United Front Work Department of 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. 220Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (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 221Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 2. 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 222Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 3. Asset replacement (1) Exchange of non-monetary assets (2) Replacement of other assets 4. Annuity plan 5. Discontinued operations Unit: RMB Profit from discontinued Income tax operations Item Revenue Costs Total profits Net profit expenses attributable to owners of the parent company Other explanations 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 223Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (3) If the Company has no reporting segments or cannot disclose the total assets and total liabilities of each reporting segment the reasons shall be stated. (4) Other notes 7. Other significant transactions and events that influence the decision-making of investors 8. Others XIX. Notes to the main items of the parent company's financial statements 1. Accounts receivable (1) Disclosure by aging Unit: RMB Aging Ending book balance Beginning book balance Within 1 year (including 1 year) 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 224Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. n 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 225Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Unit: 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 226Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. performed 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 227Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 2) Significant overdue interest Unit: RMB Whether impairment Borrower Ending balance Overdue time Reason for overdue occurs and the basis for judgment Other explanations: 3) Disclosure by provision method for bad debts □Applicable□Not Applicable 4) Provision for bad debts accrued recovered or reversed for the current period Unit: RMB Changes in the current period Beginning Type 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: 228Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (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 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 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: 229Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. (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 230Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Includ 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: 231Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 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 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 Recovery or Resale or write- Ending balancebalance 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 232Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 5) Other receivables actually write-off in the current period Unit: RMB Item Amount of write-off Important other receivables write-off: Unit: RMB Whether the fund Write-off Nature of other Amount of write- Reasons for write- is generated by Entity name procedures receivables off off related party performed transactions Explanations on write-off of other receivables: 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: 233Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 3. Long-term equity investments Unit: RMB Ending balance Beginning balance Item Provision for Provision for Book balance Book value Book balance Book value impairment impairment Investment in 1356325401. 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 onal ed on for Other balance (book impairment asfor value) impairme invest invest impair s value) at the end of nt ment ment ment the period 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. 234Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Ltd.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 Additi Reduc Chang Provisi balancbalanc e of impair ment recogn other nds or 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. 235Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 23809-23490 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 236Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 4. Operating revenue and operating costs Unit: RMB Amount in the current period Amount in the previous period Item Revenue Cost Revenue Cost Primary business 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 237Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Including: 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 238Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 20. 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 239Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. 3. Differences between accounting data under domestic and foreign accounting standards (1) Differences in net profits and net assets between the financial reports disclosed in accordance with the International Financial Reporting Standards (IFRS) and the PRC Generally Accepted Accounting Principles (GAAP) □Applicable□Not Applicable (2) Differences in net profits and net assets between the financial reports disclosed in accordance with the overseas financial reporting standards and the PRC GAAP □Applicable□Not Applicable (3) Explanations of the reasons for differences between accounting data under domestic and foreign accounting standards. If adjustments have been made to the differences in data audited by an overseas auditing firm the name of the said overseas institution shall be specified. 4. Others 240Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Section IX Other Submitted Data I. Other major social security issues Whether the listed company and its subsidiaries have other major social security issues □Yes□No □Not applicable Whether administrative penalties were imposed during the reporting period □Yes□No □Not applicable II. Registration form for reception survey communication interview and other activities during the reporting period □Applicable □ Not applicable Type of Index of basic Reception Reception Reception Main contents discussed and information Reception time reception information of the place mode object provided object survey Telephone Inquire about the Company's performance and The January 21 2025 communic Individual Individual the time of the term renewal of the Board of Not applicable Company ation Directors Telephone The Inquire about the reasons for the Company's January 21 2025 communic Individual Individual Not applicable Company performance losses ation Telephone The Ask if the company has plans to invest in January 23 2025 communic Individual Individual Not applicable Company emerging industries ation Telephone The February 27 2025 communic Individual Individual Inquire about the sales of Bright Project Not applicable Company ation Telephone The Inquire about the Company's assets leasing March 7 2025 communic Individual Individual Not applicable Company details ation Telephone The Ask the number of shareholders of the March 21 2025 communic Individual Individual Not applicable Company Company as of March 10 ation Telephone The Ask the number of shareholders of the April 1 2025 communic Individual Individual Not applicable Company Company as of March 31 ation Telephone The Ask whether the Company will release the April 16 2025 communic Individual Individual Not applicable Company earnings forecast for the first quarter ation Investors who For details please participate refer to the Record Online d in the Form of Investor communic Company' Relations Activities Network ation on s annual The Company's operation financial position April 21 2025 Others on April 21 2025 platform the performan and development planning disclosed by the network ce briefing Company on platform through cninfo.com on April the 212025 roadshow platform 241Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Online communic The ation on Inquire about the Company's property May 15 2025 Individual Individual Not applicable Company the management business in 2024 network platform Telephone Inquire about the reasons for the Company's The June 10 2025 communic Individual Individual loss in 2024 and the main regional distribution Not applicable Company ation of real estate projects III. Capital transactions between listed companies and controlling shareholders and other related parties □Applicable□Not Applicable Unit: RMB10000 Amount Name of Repayment incurred fund Nature of Beginning during the Ending Interest Interest during the transaction transaction balance reporting balance income expenses reporting party period period Chengdu Operating Zunxi Land 105 85.45 19.55 transactions Co. Ltd.Hebei Shenbao Operating Commercial 220.62 44.35 176.27 transactions Management Co. Ltd.Hebei Shenbao Operating Investment 4168.39 890.13 1503.28 3555.24 transactions Development Co. Ltd.Kunpeng Industrial Source Operating Innovation 18.25 46.35 28.9 35.7 transactions Center (Shenzhen) Co. Ltd.Shantou Huafeng Operating Real Estate 17.77 17.77 transactions Development Co. Ltd.Shenzhen Chuangke Operating 607.51312.72920.23 Development transactions Co. Ltd.Shenzhen Credit Operating Guarantee 15.72 282.12 297.84 transactions Group Co.Ltd.Shenzhen Operating 3.5711.434.910.1 High-tech transactions 242Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Zone Development and Construction Co. Ltd.Shenzhen High-tech Zone Operating Development 283.71 125.03 265.44 143.3 transactions and Construction Co. Ltd.Shenzhen Convention and Operating Exhibition 0.1 0.1 transactions Center Management Co. Ltd.Shenzhen Convention and Operating Exhibition 93.63 563.1 525.7 131.03 transactions Center Management Co. Ltd.Shenzhen Special Economic Zone Real Operating 1010 Estate & transactions Properties (Group) Co.Ltd.Shenzhen Special Economic Zone Real Operating 554.81214.76340.05 Estate & transactions Properties (Group) Co.Ltd.Shenzhen Talent Operating Recruitment 25.12 25.12 transactions International Co. Ltd.Research Institute of Operating Tsinghua 7.33 39.17 24.17 22.33 transactions University in Shenzhen Shenzhen Total Operating Logistics 46.62 155.41 155.41 46.62 transactions Service Co.Ltd. 243Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Shenzhen Shenzhen- Hong Kong Science and Technology Operating Innovation 557.31 1025.88 568.02 1015.17 transactions Park Operation and Development Co. Ltd.Shenzhen Shenzhen- Hong Kong Science and Technology Operating 11.7521.49244.92288.27 Innovation transactions Cooperation Zone Development Co. Ltd.Shenzhen Binjiang Operating 4.944.773.85.91 Industrial transactions Co. Ltd.Shenzhen Chenglong Operating Real Estate 94.69 62.82 31.87 transactions Development Co. Ltd.Shenzhen Urban Construction Operating and 0.98 0.98 transactions Development (Group) Co.Ltd.Shenzhen Grand Industrial Zone (Shenzhen Export Operating 10.2610.26 Processing transactions Zone) Development Management Group Co.Ltd.Shenzhen Grand Industrial Zone Operating (Shenzhen 26.61 88.96 61.98 53.59 transactions Export Processing Zone) Development 244Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Management Group Co.Ltd.Shenzhen Fubao Park Operating 4.247.911.580.56 Operation transactions Co. Ltd.Shenzhen Environment al Operating 283.77409.68279.29414.16 Technology transactions Group Co.Ltd.Shenzhen Jiaotongchan g Station Operating Construction 3.51 3.51 transactions and Development Co. Ltd.Shenzhen Southern Operating 4.414.41 Certification transactions Co. Ltd.Shenzhen Shenfubao (Group) Operating Tianjin 158.19 83.85 158.03 84.01 transactions Industrial Development Co. Ltd.Shenzhen Shenfubao (Group) Tianjin Operating 258.86393.97416.53236.3 Investment transactions and Development Co. Ltd.Shenzhen Shenfubao(G Operating 8.1313.421.53 roup) Co. transactions Ltd.Shenzhen Shenfubao Operating 167.11289.56289.5167.17 (Group) Co. transactions Ltd.Shenzhen Shenfubao East Operating Investment 35 35 transactions and Development Co. Ltd.Shenzhen Operating Shentou 8.12 8.12 transactions Property 245Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Development Co. Ltd.Shenzhen Shentou Operating Property 859.13 353.52 486.55 726.1 transactions Development Co. Ltd.Shenzhen Shenyue Operating United 345.01 169.18 337.33 176.86 transactions Investment Co. Ltd.Shenzhen Special Zone Operating Literature 2.72 2.72 transactions Magazine Co. Ltd.Shenzhen Sports Operating Industry 440.3 1004.92 395.62 1049.6 transactions Group Co.Ltd.Shenzhen Sports Fashion Operating Culture and 0.24 1.16 1.16 0.24 transactions Sports Development Co. Ltd.Shenzhen Sports Center Operating Operation 250.9 211.41 39.49 transactions Management Co. Ltd.Shenzhen Investment Operating 68.5768.57 Holdings transactions Co. Ltd.Shenzhen Investment Operating 558.8400.86308.34651.32 Holdings transactions Co. Ltd.Shenzhen Wancheng Operating 17.171.1618.33 Logistics transactions Co. Ltd.Shenzhen Wangyu Center Operating 0.340.34 Operation transactions Management Co. Ltd.Shenzhen Cultural Operating Enterprise 34.81 17.12 17.69 transactions Development Co. Ltd. 246Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Renaissance Shenzhen Bay Hotel Branch of Operating Shenzhen 372.39 372.39 transactions Continental Hotel Management Co. Ltd.Courtyard by Marriott Shenzhen Bay Branch Operating of Shenzhen 222.12 222.12 transactions Continental Hotel Management Co. Ltd.Shenzhen Tianjun Operating 10001000 Industrial transactions Co. Ltd.Shenzhen Bay (Baoding) Operating 18.2237.718.2237.7 Innovation transactions Development Co. Ltd.Shenzhen Bay Operating Technology 246.25 125.47 120.78 transactions Development Co. Ltd.Shenzhen Bay Operating Technology 4918.82 4374.43 1064.71 8228.54 transactions Development Co. Ltd.Shenzhen Bay Area Urban Operating Construction 92.09 74.46 17.63 transactions and Development Co. Ltd.Shenzhen Xiangmihu International Operating Exchange 46.19 125.71 146.35 25.55 transactions Center Development Co. Ltd.Shenzhen Infinova Operating Smart Park 91.38 91.38 transactions Technology Co. Ltd. 247Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Hong Kong HOI PAN Operating 4.814.814.814.81 Development transactions Co. Ltd.China Shenzhen Foreign Operating Trade 2.45 195.38 192.53 5.3 transactions (Group) Company Limited SZPRD Xuzhou Non- Dapeng Real operating 4174.01 4174.01 Estate transactions Development Co. Ltd.Shenzhen Rongyao Non- Real Estate operating 316462.58 21514 337976.58 Development transactions Co. Ltd.Shenzhen Rongyao Non- Real Estate operating 340876.58 340876.58 Development transactions Co. Ltd.Shum Yip Non- Properties operating 11356.22 255.76 11100.46 Development transactions Limited Dongguan Non- Wuhe Real operating 211376.02 211376.02 Estate Co.transactions Ltd.Shenzhen Guangming Non- Wuhe Real operating 121400 26000 95400 Estate Co. transactions Ltd.Shenzhen International Non- Trade Center operating 4431.05 15790.24 20221.29 Property transactions Management Co. Ltd.Shenzhen Non- Wuhe Urban operating 1071.19 272 799.19 Renewal Co.transactions Ltd.Yangzhou Non- Wuhe Real operating 73756.01 1708.52 75464.53 Estate Co.transactions Ltd.Yangzhou Non- Slender West operating 0.65 2.83 3.48 Lake Jingyue transactions 248Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd. Property Development Co. Ltd.Shenzhen Shenfubao Non- Municipal operating 700 200 500 Service Co. transactions Ltd.Shenzhen Non- Xinhai operating 20150 20150 Holdings transactions Shenzhen Xinhai Non- Rongyao operating 33047.29 33047.29 Real Estate transactions Development Co. Ltd.Shenzhen Xinhai Non- Rongyao operating 4459.61 4459.61 Real Estate transactions Development Co. Ltd.Shenzhen Qianhai Non- Advanced operating 1072.06 1072.06 Information transactions Service Co.Ltd.Total -- 819435.68 393255.62 394221.35 818469.95 0 0 Relevant decision- making procedures Fund security measures 249