SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE

& PROPERTIES (GROUP) CO. LTD.

FIRST QUARTERLY REPORT 2021

April 2021

2

Part I Important Notes

The Board of Directors (or the “Board”) the Supervisory Committee as well as the directors

supervisors and senior management of ShenZhen Special Economic Zone Real Estate &

Properties (Group) Co. Ltd. (hereinafter referred to as the “Company”) hereby guarantee the

factuality accuracy and completeness of the contents of this Report and its summary and

shall be jointly and severally liable for any misrepresentations misleading statements or

material omissions therein.

All the Company’s directors have attended the Board meeting for the review of this Report

and its summary.Liu Zhengyu chairman of the Company’s Board Zhao Zhongliang the Company’s Chief

Financial Officer and Qiao Yanjun head of the Company’s financial department (equivalent

to financial manager) hereby guarantee that the Financial Statements carried in this Report

are factual accurate and complete.This Report and its summary have been prepared in both Chinese and English. Should there

be any discrepancies or misunderstandings between the two versions the Chinese versions

shall prevail.Part II Key Corporate Information

I Key Financial Information

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

Q1 2021 Q1 2020 Change (%)

Operating revenue (RMB) 415282352.53 256842391.67 61.69%

Net profit attributable to the listed

company’s shareholders (RMB)

88040167.60 28114908.77 213.14%

Net profit attributable to the listed

company’s shareholders before exceptional

items (RMB)

87395877.39 28075623.63 211.29%

Net cash generated from/used in operating

activities (RMB)

303456191.73 -435258963.67 169.72%

Basic earnings per share (RMB/share) 0.0870 0.0278 212.95%

Diluted earnings per share (RMB/share) 0.0870 0.0278 212.95%

Weighted average return on equity (%) 2.29% 0.76% 1.53%

31 March 2021 31 December 2020 Change (%)

Total assets (RMB) 5155621819.61 4936916746.74 4.43%

Equity attributable to the listed company’s

shareholders (RMB)

3887861147.30 3797512488.22 2.38%

Exceptional gains and losses:

√ Applicable □ Not applicable

Unit: RMB

Item Q1 2021 Note

Gain or loss on disposal of non-current assets (inclusive of

impairment allowance write-offs)

-1638.25

Non-operating income and expense other than the above 860691.86

Primarily income from confiscate

front money

Less: Income tax effects 214763.40

Total 644290.21 --

Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory

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

Items:

□ Applicable √ Not applicable

No such cases for the Reporting Period.II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2021

1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as

Holdings of Top 10 Shareholders

Unit: share

Number of ordinary shareholders at

the period-end

67088

Number of preferred shareholders

with resumed voting rights at the

period-end (if any)

0

Top 10 shareholders

Name of shareholder

Nature of

shareholder

Shareholding

percentage

Total shares

held

Restricted

shares held

Shares in pledge or

frozen

Status Shares

Shenzhen Investment Holdings Co.Ltd.State-owned

corporation

57.19% 578595836

Shenzhen State-Owned Equity

Operation and Management Co. Ltd.

Domestic

non-state-owned

legal person

6.35% 64288426

Hong Kong Securities Clearing

Company Ltd.

Foreign legal

person

0.32% 3234444

Lin Weirong

Domestic natural

person

0.28% 2859500

Liang Weicheng

Domestic natural

person

0.19% 1934000

Zhuhai Huaiyuan Fund Management

Co. Ltd.-Huaiyuan Freedom Trail I

Private Placement Fund

Other 0.15% 1550000

He Qiao

Domestic natural

person

0.15% 1519100

Shenzhen Bao'an Songgang Huamei

Industry Company

Domestic

non-state-owned

legal person

0.14% 1430396

Yang Shuilian

Domestic natural

person

0.14% 1411000

Yang Jianmin

Domestic natural

person

0.14% 1393800

Top 10 unrestricted shareholders

Name of shareholder Unrestricted shares held Shares by type

Type Shares

Shenzhen Investment Holdings Co. Ltd. 578595836

RMB-denomina

ted ordinary

stock

578595836

Shenzhen State-Owned Equity Operation and Management Co.Ltd.

64288426

RMB-denomina

ted ordinary

stock

64288426

Hong Kong Securities Clearing Company Ltd. 3234444

RMB-denomina

ted ordinary

stock

3234444

Lin Weirong 2859500

RMB-denomina

ted ordinary

stock

2859500

Liang Weicheng 1934000

RMB-denomina

ted ordinary

stock

1934000

Zhuhai Huaiyuan Fund Management Co. Ltd.-Huaiyuan

Freedom Trail I Private Placement Fund

1550000

RMB-denomina

ted ordinary

stock

1550000

He Qiao 1519100

RMB-denomina

ted ordinary

stock

1519100

Shenzhen Bao'an Songgang Huamei Industry Company 1430396

RMB-denomina

ted ordinary

stock

1430396

Yang Shuilian 1411000

RMB-denomina

ted ordinary

stock

1411000

Yang Jianmin 1393800

RMB-denomina

ted ordinary

stock

1393800

Related or acting-in-concert parties among the

shareholders above

Among the top 10 shareholders of the Company Shenzhen State-Owned Equity

Operation and Management Co. Ltd. is the wholly-owned subsidiary of Shenzhen

Investment Holdings Co. Ltd. The Company does not know whether there exists

related-party relationship among the other shareholders or whether they are persons

acting in concert as prescribed in the Administrative Measures for the Acquisition of

Listed Companies.Top 10 shareholders engaged in securities

margin trading

Among the top 10 shareholders the fourth shareholder holds 1329500 shares of the

Company in his credit security account; the fifth shareholder holds 1934000 shares

of the Company in his credit security account; the sixth shareholder holds 780000

shares of the Company in its credit security account; the seventh shareholder holds

991600 shares of the Company in his credit security account; the eighth shareholder

holds 1430396 shares of the Company in its credit security account; the tenth

shareholder holds 331000 shares of the Company in his credit security account.Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the

Company conducted any promissory repo during the Reporting Period.

□ Yes √ No

No such cases in the Reporting Period.

2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them

□ Applicable √ Not applicable

Part III Significant Events

I Changes in Key Financial Statement Line Items and Explanation of why

√ Applicable □ Not applicable

Operating revenue rose 61.69% during Q1 2021 compared to Q1 2020 primarily driven by an increase in revenue recognized from

property sales.

Contract liabilities rose 52.07% as at 31 March 2021 compared to 31 December 2020 primarily driven by an increase in the property

unit sales.The gross profit and the net profit attributable to owners of the Company as the parent rose 192.21% and 213.14% respectively

during Q1 2021 compared to Q1 2020 primarily driven by an increase in revenue recognized from property sales.Net cash generated from operating activities rose 169.72% during Q1 2021 compared to Q1 2020 primarily driven by an increase in

sales revenue collected and a decrease in taxes and levies paid.II Progress Influence and Solutions with regard to Significant Events

√ Applicable □ Not applicable

Pursuant to the requirements of the State Council regarding transferring some state-owned capital to replenish the social security fund

the Company’s controlling shareholder Shenzhen Investment Holdings Co. Ltd. (SIHC) decided in January 2021 to transfer

without no consideration required its 64288426 unrestricted public A-stock ordinary shares (6.355% of the Company’s total share

capital) to Shenzhen State Owned Equity Management Co. Ltd. (SSOEM) to replenish the social security fund. SSOEM is a

wholly-owned subsidiary set up by SIHC to implement special account management on the state-owned equity interests transferred.In March 2021 the ownership transfer formalities for the said shares were completed. The Company’s controlling shareholder and

actual controller remain the same before and after the transfer.Summary of the significant

event

Disclosure date Index to the related announcement

The controlling shareholder

transferring with no

consideration required

some state-owned equity

interests in the Company to

replenish the social security

fund

29 January 2021

Reminder on the Controlling Shareholder Transferring with No

Consideration Required Some State-Owned Equity Interests in the

Company to Replenish the Social Security Fund (www.cninfo.com.cn)

18 March 2021

Announcement on the Completion of Ownership Transfer of Some

State-Owned Equity Interests in the Company Transferred with No

Consideration Required by the Controlling Shareholder to Replenish the

Social Security Fund (www.cninfo.com.cn)

Progress of any share repurchase:

□ Applicable √ Not applicable

Progress of any reduction of the repurchased shares through centralized bidding:

□ Applicable √ Not applicable

III Commitments that the Company’s Actual Controller Shareholders Related Parties

Acquirers the Company Itself or Other Parties Failed to Fulfill on Time during the

Reporting Period

□ Applicable √ Not applicable

No such cases in the Reporting Period.

IV Financial Investments

1. Securities Investments

□ Applicable √ Not applicable

No such cases in the Reporting Period.

2. Investments in Derivative Financial Instruments

□ Applicable √ Not applicable

No such cases in the Reporting Period.V Progress of Projects Financed with Raised Funds

□ Applicable √ Not applicable

VI Operating Performance Forecast for January-June 2021

Warning of a forecast loss on or a forecast significant year-on-year change in the accumulative net profit from the beginning of the

year to the end of the next reporting period as well as explanation of why:

√ Applicable □ Not applicable

Performance forecast: Increase in net profit

Type of forecast data: Interval data

January-June 2021

January-Jun

e 2020

Change

Equity attributable to shareholders of the

listed company (RMB’0000)

12000 -- 15000 9727.50 Up 23.36% -- 54.20%

Basic earnings per share (RMB /share) 0.1186 -- 0.1483 0.0962 Up 23.28% -- 54.16%

Note The sales carryforwards of the Company’s real estate increased year on year.VII Significant Contracts Arising from the Company’s Ordinary Course of Business

□ Applicable √ Not applicable

VIII Cash Entrusted for Wealth Management

□ Applicable √ Not applicable

No such cases in the Reporting Period.IX Irregularities in the Provision of Guarantees

□ Applicable √ Not applicable

No such cases in the Reporting Period.X Occupation of the Company’s Capital by the Controlling Shareholder or any of Its Related

Parties for Non-Operating Purposes

□ Applicable √ Not applicable

No such cases in the Reporting Period.

XI Communications with the Investment Community such as Researches Inquiries and

Interviews Received during the Reporting Period

√ Applicable □ Not applicable

Date of

communication

Place of

communic

ation

Way of

communicat

ion

Type of

communic

ation party

Communicatio

n party

Main contents communicated and

materials provided

Index to main

information

communicate

d

7 January 2021

The

Company

By phone Individual

Individual

investor

Inquired of the future development plan

of the Company and didn’t offer written

materials

N/A

13 January 2021

The

Company

By phone Individual

Individual

investor

Inquired of project sales of the

Company and didn’t offer written

materials

N/A

22 January 2021

The

Company

By phone Individual

Individual

investor

Inquired of the land reserves and

projects progress of the Company and

didn’t offer written materials

N/A

25 January 2021

The

Company

By phone Individual

Individual

investor

Inquired of business situations and

strategic planning of the Company and

didn’t offer written materials

N/A

3 February 2021

The

Company

By phone Individual

Individual

investor

Inquired of the future development plan

of the Company and didn’t offer written

materials

N/A

26 February 2021

The

Company

By phone Individual

Individual

investor

Inquired of business situations and

strategic planning of the Company and

didn’t offer written materials

N/A

1 March 2021 The By phone Individual Individual Inquired of business situations of the N/A

Company investor Company and did not offer written

materials

2 March 2021

The

Company

By phone Individual

Individual

investor

Inquired of the land reserves and

projects progress of the Company and

didn’t offer written materials

N/A

18 March 2021

The

Company

By phone Individual

Individual

investor

Inquired of the future development plan

of the Company and didn’t offer written

materials

N/A

25 March 2021

The

Company

By phone Individual

Individual

investor

Inquired of business situations of the

Company and did not offer written

materials

N/A

30 March 2021

The

Company

By phone Individual

Individual

investor

Inquired of business situations and

strategic planning of the Company and

didn’t offer written materials

N/A

Part IV Financial Statements

I Financial Statements

1. Consolidated Balance Sheet

Prepared by ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.Unit: RMB

Item 31 March 2021 31 December 2020

Current assets:

Monetary assets 2990693266.36 2687465070.01

Settlement reserve

Interbank loans granted

Held-for-trading financial assets

Derivative financial assets

Notes receivable 40306360.89 35438045.34

Accounts receivable 80124135.22 59590944.06

Accounts receivable financing

Prepayments 2298220.78 3205534.51

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract

reserve

Other receivables 18503652.00 32745043.84

Including: Interest receivable

Dividends receivable 1052192.76 1052192.76

Financial assets purchased under

resale agreements

Inventories 1140718564.95 1220464112.56

Contract assets

Assets held for sale

Current portion of non-current assets

Other current assets 104140640.39 102907134.79

Total current assets 4376784840.59 4141815885.11

Non-current assets:

Loans and advances to customers

Investments in debt obligations

Investments in other debt obligations

Long-term receivables

Long-term equity investments 377489.65 377489.65

Investments in other equity

instruments

37249564.08 37510860.51

Other non-current financial assets

Investment property 609998468.38 616365621.53

Fixed assets 27314005.99 28039978.43

Construction in progress

Productive living assets

Oil and gas assets

Right-of-use assets

Intangible assets

Development costs

Goodwill

Long-term prepaid expense 44183.19 61667.53

Deferred income tax assets 103853267.73 112745243.98

Other non-current assets

Total non-current assets 778836979.02 795100861.63

Total assets 5155621819.61 4936916746.74

Current liabilities:

Short-term borrowings 78894698.51 76893995.94

Borrowings from the central bank

Interbank loans obtained

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 133747600.44 176926614.28

Advances from customers 7399144.19 5940092.15

Contract liabilities 299262925.02 196786977.19

Financial assets sold under

repurchase agreements

Customer deposits and interbank

deposits

Payables for acting trading of

securities

Payables for underwriting of

securities

Employee benefits payable 48584158.63 60467834.09

Taxes payable 547955126.16 459709646.95

Other payables 258727312.13 277105129.74

Including: Interest payable 16535277.94 16535277.94

Dividends payable

Handling charges and commissions

payable

Reinsurance payables

Liabilities directly associated with

assets held for sale

Current portion of non-current

liabilities

Other current liabilities 14965071.27 8917027.07

Total current liabilities 1389536036.35 1262747317.41

Non-current liabilities:

Insurance contract reserve

Long-term borrowings

Bonds payable

Including: Preferred shares

Perpetual bonds

Lease liabilities

Long-term payables 8026001.39 7480233.43

Long-term employee benefits

payable

Provisions

Deferred income

Deferred income tax liabilities 9601940.74 9601940.74

Other non-current liabilities

Total non-current liabilities 17627942.13 17082174.17

Total liabilities 1407163978.48 1279829491.58

Owners’ equity:

Share capital 1011660000.00 1011660000.00

Other equity instruments

Including: Preferred shares

Perpetual bonds

Capital reserves 978244910.11 978244910.11

Less: Treasury stock

Other comprehensive income 30471541.61 28163050.13

Specific reserve

Surplus reserves 218724273.67 218724273.67

General reserve

Retained earnings 1648760421.91 1560720254.31

Total equity attributable to owners of

the Company as the parent

3887861147.30 3797512488.22

Non-controlling interests -139403306.17 -140425233.06

Total owners’ equity 3748457841.13 3657087255.16

Total liabilities and owners’ equity 5155621819.61 4936916746.74

Legal representative: Liu Zhengyu Head for financial affairs: Zhao Zhongliang

Head of the financial department: Qiao Yanjun

2. Balance Sheet of the Company as the Parent

Unit: RMB

Item 31 March 2021 31 December 2020

Current assets:

Monetary assets 2664413413.41 2329517987.02

Held-for-trading financial assets

Derivative financial assets

Notes receivable

Accounts receivable 191297.58 5418024.74

Accounts receivable financing

Prepayments 200000.00 200000.00

Other receivables 1167336003.21 1160414195.39

Including: Interest receivable

Dividends receivable

Inventories 141153617.27 207606220.98

Contract assets

Assets held for sale

Current portion of non-current assets

Other current assets 422821.19 945499.13

Total current assets 3973717152.66 3704101927.26

Non-current assets:

Investments in debt obligations

Investments in other debt obligations

Long-term receivables

Long-term equity investments 150584167.95 150584167.95

Investments in other equity

instruments

13640095.62 13508202.32

Other non-current financial assets

Investment property 493514688.35 499145554.67

Fixed assets 17145766.23 17743083.73

Construction in progress

Productive living assets

Oil and gas assets

Right-of-use assets

Intangible assets

Development costs

Goodwill

Long-term prepaid expense 37768.81 61667.53

Deferred income tax assets 83740299.64 83740299.64

Other non-current assets

Total non-current assets 758662786.60 764782975.84

Total assets 4732379939.26 4468884903.10

Current liabilities:

Short-term borrowings

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 75970645.40 77187914.50

Advances from customers

Contract liabilities 257016604.17 172241938.46

Employee benefits payable 26036707.53 27255860.05

Taxes payable 538495235.70 450281265.17

Other payables 185479244.80 194609459.87

Including: Interest payable 16535277.94 16535277.94

Dividends payable

Liabilities directly associated with

assets held for sale

Current portion of non-current

liabilities

Other current liabilities 12850830.21 8612096.92

Total current liabilities 1095849267.81 930188534.97

Non-current liabilities:

Long-term borrowings

Bonds payable

Including: Preferred shares

Perpetual bonds

Lease liabilities

Long-term payables

Long-term employee benefits

payable

Provisions

Deferred income

Deferred income tax liabilities 4812392.47 4812392.47

Other non-current liabilities

Total non-current liabilities 4812392.47 4812392.47

Total liabilities 1100661660.28 935000927.44

Owners’ equity:

Share capital 1011660000.00 1011660000.00

Other equity instruments

Including: Preferred shares

Perpetual bonds

Capital reserves 964711931.13 964711931.13

Less: Treasury stock

Other comprehensive income 1263045.04 1131151.74

Specific reserve

Surplus reserves 195594660.26 195594660.26

Retained earnings 1458488642.55 1360786232.53

Total owners’ equity 3631718278.98 3533883975.66

Total liabilities and owners’ equity 4732379939.26 4468884903.10

3. Consolidated Income Statement

Unit: RMB

Item Q1 2021 Q1 2020

1. Revenue 415282352.53 256842391.67

Including: Operating revenue 415282352.53 256842391.67

Interest income

Insurance premium income

Handling charge and commission income

2. Costs and expenses 297519627.24 216220676.90

Including: Cost of sales 183741767.38 165557827.24

Interest expense

Handling charge and commission expense

Surrenders

Net insurance claims paid

Net amount provided as insurance contract reserve

Expenditure on policy dividends

Reinsurance premium expense

Taxes and surcharges 95365107.93 34413593.98

Selling expense 3714962.78 3479194.67

Administrative expense 18464662.11 15804366.15

R&D expense

Finance costs -3766872.96 -3034305.14

Including: Interest expense

Interest income 4206960.54 2928449.72

Add: Other income 341986.50 238643.87

Return on investment (“-” for loss)

Including: Share of profit or loss of joint ventures and

associates

Income from the derecognition of financial

assets at amortized cost (“-” for loss)

Exchange gain (“-” for loss)

Net gain on exposure hedges (“-” for loss)

Gain on changes in fair value (“-” for loss)

Credit impairment loss (“-” for loss) 586866.00

Asset impairment loss (“-” for loss)

Asset disposal income (“-” for loss)

3. Operating profit (“-” for loss) 118691577.79 40860358.64

Add: Non-operating income 881138.94 662480.93

Less: Non-operating expense 22085.33 610100.74

4. Profit before tax (“-” for loss) 119550631.40 40912738.83

Less: Income tax expense 31589874.59 12764075.66

5. Net profit (“-” for net loss) 87960756.81 28148663.17

5.1 By operating continuity

5.1.1 Net profit from continuing operations (“-” for net loss) 87960756.81 28148663.17

5.1.2 Net profit from discontinued operations (“-” for net

loss)

5.2 By ownership

5.2.1 Net profit attributable to owners of the Company as the

parent

88040167.60 28114908.77

5.2.2 Net profit attributable to non-controlling interests -79410.79 33754.40

6. Other comprehensive income net of tax 3671125.59 885903.04

Attributable to owners of the Company as the parent 2308491.48 549303.82

6.1 Items that will not be reclassified to profit or loss -261296.43 -236094.35

6.1.1 Changes caused by remeasurements on defined

benefit schemes

6.1.2 Other comprehensive income that will not be

reclassified to profit or loss under the equity method

6.1.3 Changes in the fair value of investments in other

equity instruments

-261296.43 -236094.35

6.1.4 Changes in the fair value arising from changes in own

credit risk

6.1.5 Other

6.2 Items that will be reclassified to profit or loss 2569787.91 785398.17

6.2.1 Other comprehensive income that will be reclassified

to profit or loss under the equity method

6.2.2 Changes in the fair value of investments in other debt

obligations

6.2.3 Other comprehensive income arising from the

reclassification of financial assets

6.2.4 Credit impairment allowance for investments in other

debt obligations

6.2.5 Reserve for cash flow hedges

6.2.6 Differences arising from the translation of foreign

currency-denominated financial statements

2569787.91 785398.17

6.2.7 Other

Attributable to non-controlling interests 1362634.11 336599.22

7. Total comprehensive income 91631882.40 29034566.21

Attributable to owners of the Company as the parent 90609955.51 28664212.59

Attributable to non-controlling interests 1021926.89 370353.62

8. Earnings per share

8.1 Basic earnings per share 0.0870 0.0278

8.2 Diluted earnings per share 0.0870 0.0278

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

the combinations was RMB0.00 with the amount for last year being RMB0.00.Legal representative: Liu Zhengyu Head for financial affairs: Zhao Zhongliang

Head of the financial department: Qiao Yanjun

4. Income Statement of the Company as the Parent

Unit: RMB

Item Q1 2021 Q1 2020

1. Operating revenue 296012899.84 83770856.13

Less: Cost of sales 73071501.55 25213820.41

Taxes and surcharges 92606628.47 23716419.18

Selling expense 864810.73 747374.05

Administrative expense 10117047.60 8557010.42

R&D expense

Finance costs -9263896.16 -11823080.33

Including: Interest expense

Interest income

Add: Other income 4233.12 22591.96

Return on investment (“-” for loss)

Including: Share of profit or loss of joint ventures and associates

Income from the derecognition of financial assets at

amortized cost (“-” for loss)

Net gain on exposure hedges (“-” for loss)

Gain on changes in fair value (“-” for loss)

Credit impairment loss (“-” for loss) 586866.00

Asset impairment loss (“-” for loss)

Asset disposal income (“-” for loss)

2. Operating profit (“-” for loss) 129207906.77 37381904.36

Add: Non-operating income 874987.63 100000.00

Less: Non-operating expense 500000.00

3. Profit before tax (“-” for loss) 130082894.40 36981904.36

Less: Income tax expense 32380484.38 9261731.70

4. Net profit (“-” for net loss) 97702410.02 27720172.66

4.1 Net profit from continuing operations (“-” for net loss) 97702410.02 27720172.66

4.2 Net profit from discontinued operations (“-” for net loss)

5. Other comprehensive income net of tax 131893.30 166630.34

5.1 Items that will not be reclassified to profit or loss 131893.30 166630.34

5.1.1 Changes caused by remeasurements on defined benefit schemes

5.1.2 Other comprehensive income that will not be reclassified to profit or

loss under the equity method

5.1.3 Changes in the fair value of investments in other equity instruments 131893.30 166630.34

5.1.4 Changes in the fair value arising from changes in own credit risk

5.1.5 Other

5.2 Items that will be reclassified to profit or loss

5.2.1 Other comprehensive income that will be reclassified to profit or loss

under the equity method

5.2.2 Changes in the fair value of investments in other debt obligations

5.2.3 Other comprehensive income arising from the reclassification of

financial assets

5.2.4 Credit impairment allowance for investments in other debt obligations

5.2.5 Reserve for cash flow hedges

5.2.6 Differences arising from the translation of foreign

currency-denominated financial statements

5.2.7 Other

6. Total comprehensive income 97834303.32 27886803.00

7. Earnings per share

7.1 Basic earnings per share

7.2 Diluted earnings per share

5. Consolidated Cash Flow Statement

Unit: RMB

Item Q1 2021 Q1 2020

1. Cash flows from operating activities:

Proceeds from sale of commodities and rendering of services 560507403.05 261043476.47

Net increase in customer deposits and interbank deposits

Net increase in borrowings from the central bank

Net increase in loans from other financial institutions

Premiums received on original insurance contracts

Net proceeds from reinsurance

Net increase in deposits and investments of policy holders

Interest handling charges and commissions received

Net increase in interbank loans obtained

Net increase in proceeds from repurchase transactions

Net proceeds from acting trading of securities

Tax rebates

Cash generated from other operating activities 20892855.06 29955959.84

Subtotal of cash generated from operating activities 581400258.11 290999436.31

Payments for commodities and services 72720627.25 97053822.51

Net increase in loans and advances to customers

Net increase in deposits in the central bank and in interbank

loans granted

Payments for claims on original insurance contracts

Net increase in interbank loans granted

Interest handling charges and commissions paid

Policy dividends paid

Cash paid to and for employees 44057215.25 43783011.73

Taxes paid 80204553.44 499313151.21

Cash used in other operating activities 80961670.44 86108414.53

Subtotal of cash used in operating activities 277944066.38 726258399.98

Net cash generated from/used in operating activities 303456191.73 -435258963.67

2. Cash flows from investing activities:

Proceeds from disinvestment

Return on investment

Net proceeds from the disposal of fixed assets intangible assets

and other long-lived assets

1000.00

Net proceeds from the disposal of subsidiaries and other business

units

Cash generated from other investing activities

Subtotal of cash generated from investing activities 1000.00

Payments for the acquisition of fixed assets intangible assets and

other long-lived assets

182616.13 28007.52

Payments for investments

Net increase in pledged loans granted

Net payments for the acquisition of subsidiaries and other

business units

Cash used in other investing activities

Subtotal of cash used in investing activities 182616.13 28007.52

Net cash generated from/used in investing activities -182616.13 -27007.52

3. Cash flows from financing activities:

Capital contributions received

Including: Capital contributions by non-controlling interests to

subsidiaries

Borrowings raised

Cash generated from other financing activities

Subtotal of cash generated from financing activities

Repayment of borrowings

Interest and dividends paid

Including: Dividends paid by subsidiaries to non-controlling

interests

Cash used in other financing activities

Subtotal of cash used in financing activities

Net cash generated from/used in financing activities

4. Effect of foreign exchange rates changes on cash and cash

equivalents

-45379.25 126842.30

5. Net increase in cash and cash equivalents 303228196.35 -435159128.89

Add: Cash and cash equivalents beginning of the period 2669103926.82 1507189760.35

6. Cash and cash equivalents end of the period 2972332123.17 1072030631.46

6. Cash Flow Statement of the Company as the Parent

Unit: RMB

Item Q1 2021 Q1 2020

1. Cash flows from operating activities:

Proceeds from sale of commodities and rendering of services 406092125.30 76737396.13

Tax rebates

Cash generated from other operating activities 3998738.95 3015470.24

Subtotal of cash generated from operating activities 410090864.25 79752866.37

Payments for commodities and services 1449991.73 8991236.23

Cash paid to and for employees 10685559.65 9672170.29

Taxes paid 51742417.93 45295329.10

Cash used in other operating activities 11279062.55 262405440.61

Subtotal of cash used in operating activities 75157031.86 326364176.23

Net cash generated from/used in operating activities 334933832.39 -246611309.86

2. Cash flows from investing activities:

Proceeds from disinvestment

Return on investment

Net proceeds from the disposal of fixed assets intangible assets

and other long-lived assets

Net proceeds from the disposal of subsidiaries and other business

units

Cash generated from other investing activities

Subtotal of cash generated from investing activities

Payments for the acquisition of fixed assets intangible assets and

other long-lived assets

38406.00 26150.00

Payments for investments

Net payments for the acquisition of subsidiaries and other

business units

Cash used in other investing activities

Subtotal of cash used in investing activities 38406.00 26150.00

Net cash generated from/used in investing activities -38406.00 -26150.00

3. Cash flows from financing activities:

Capital contributions received

Borrowings raised

Cash generated from other financing activities

Subtotal of cash generated from financing activities

Repayment of borrowings

Interest and dividends paid

Cash used in other financing activities

Subtotal of cash used in financing activities

Net cash generated from/used in financing activities

4. Effect of foreign exchange rates changes on cash and cash

equivalents

5. Net increase in cash and cash equivalents 334895426.39 -246637459.86

Add: Cash and cash equivalents beginning of the period 2311776619.47 963737437.55

6. Cash and cash equivalents end of the period 2646672045.86 717099977.69

II Adjustments to the Financial Statements

1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New

Standards Governing Leases from 2021

√ Applicable □ Not applicable

Whether items of the balance sheets at the beginning of the year need adjustments

□ Yes √ No

Notes to no adjustments

The leasing business of the Company is mainly renting business all of which is operating leases without financing leases. The first

execution of the new standards governing leases does not involve retroactive adjustment of previous years nor does it need to adjust

the items of the balance sheets at the beginning of the year.

2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New

Standards Governing Leases from 2021

□ Applicable √ Not applicable

III Independent Auditor’s Report

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

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