ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
Stock Code: 000029 200029 Stock Name: SPG SPG-B Announcement No.: 2024-040
SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE
& PROPERTIES (GROUP) CO. LTD.THIRD QUARTERLY REPORT 2024
Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. (hereinafter referred to as the “Company”) and all
the members of the Company’s Board of Directors hereby guarantee that the contents of this Report are true accurate and
complete and free of any misrepresentations misleading statements or material omissions.Important Notes:
1. The Board of Directors the Supervisory Committee as well as the directors supervisors and senior
management of the Company hereby guarantee that the contents of this Report are true accurate and complete and
free of any misrepresentations misleading statements or material omissions and collectively and individually
accept legal responsibility for such contents.
2. The Company’s legal representative Chief Financial Officer and head of the Company’s financial department
(equivalent to financial manager) hereby guarantee that the financial statements carried in this Report are true
accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes □ No
1ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.□Yes □ No
Q3 2024 YoY change (%) Q1-Q3 2024 YoY change (%)
Operating revenue (RMB) 74007078.57 -18.40% 208232198.00 -41.23%
Net profit attributable to
the listed company’s -604146.31 -187.97% 5018645.08 113.78%
shareholders (RMB)
Net profit attributable to
the listed company’s
shareholders before -5743682.96 -274.79% -10940810.51 75.14%
exceptional gains and
losses (RMB)
Net cash generated
from/used in operating — — -137652034.71 -117.35%
activities (RMB)
Basic earnings per share
-0.0006-185.31%0.005113.89%
(RMB/share)
Diluted earnings per share
-0.0006-185.31%0.005113.89%
(RMB/share)
Weighted average return on
-0.02%-0.04%0.14%-0.78%
equity (%)
30 September 2024 31 December 2023 Change (%)
Total assets (RMB) 6459864549.07 6485312507.46 -0.39%
Equity attributable to the
listed company’s 3701190972.90 3691082484.20 0.27%
shareholders (RMB)
(II) Exceptional Gains and Losses
□ Applicable □ Not applicable
Unit: RMB
Item Q3 2024 Q1-Q3 2024 Note
Gain or loss on disposal of non-current assets
-28032.14195840.20
(inclusive of impairment allowance write-offs)
Government grants recognised in profit or loss
(exclusive of those that are closely related to the
Company's normal business operations and given in
83011.12
accordance with defined criteria and in compliance
with government policies and have a continuing
impact on the Company's profit or loss)
Changes in fair
Gains and losses on investment or asset management value arising from
4243054.5413964637.73
entrustments to other entities investing monetary
funds
Non-operating income and expense other than the
1223341.622381686.58
above
Less: Income tax effects 298827.37 665134.48
2ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
Non-controlling interests effects (net of tax) 585.56
Total 5139536.65 15959455.59 --
Other items that meet the definition of exceptional gain/loss:
□Applicable □ Not applicable
No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement
No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□Applicable □ Not applicable
No such cases in the Reporting Period.(III) Changes in Key Financial Statement Line Items and Explanation of why
Operating revenue for Q1-Q3 2024 declined 41.23% as compared to the same period of last year primarily
driven by the decreased property sales revenue in the Reporting Period.Net profit attributable to the listed company’s shareholders for Q1-Q3 2024 rose 113.78% as compared to the
same period of last year and net profit attributable to the listed company’s shareholders before exceptional gains
and losses for Q1-Q3 2024 rose 75.14% as compared to the same period of last year primarily driven by the
payment of land value added tax in the same period of last year.Net cash generated from/used in operating activities for Q1-Q3 2024 declined 117.35% as compared to the
same period of last year primarily driven by the gradual inflow of pre-sale revenue of the Guangmingli project
in the same period of last year and the decreased property sales in the current period.II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of preference shareholders with resumed voting
Number of ordinary shareholders 54508 0
rights
Top 10 shareholders (exclusive of shares lent in refinancing)
Sharehold Shares in pledge marked
Nature of ing Total shares Restricted or frozen
Name of shareholder
shareholder percentag held shares held Shar
Status
e es
Shenzhen Investment State-owned
55.78% 564353838 0 N/A 0
Holdings Co. Ltd. corporation
Shenzhen State-Owned Domestic non-
Equity Operation and state-owned legal 6.35% 64288426 0 N/A 0
Management Co. Ltd. person
Domestic natural
Yang Jianmin 1.19% 12069517 0 N/A 0
person
Domestic natural
Zhang Xiujuan 0.47% 4760400 0 N/A 0
person
Domestic natural
Wang Yulan 0.46% 4612991 0 N/A 0
person
Hong Kong Securities Foreign legal
0.36% 3669204 0 N/A 0
Clearing Company Ltd. person
Industrial and Commercial Other 0.35% 3548804 0 N/A 0
3ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
Bank of China Limited－
Southern China Securities
Full Index Real Estate
Trading Open-ended Index
Securities Investment Fund
Domestic natural
He Qiao 0.33% 3332000 0 N/A 0
person
China Merchants Bank Co.Ltd.- Southern China
Securities 1000 Trading Other 0.30% 3066396 0 N/A 0
Open-ended Index
Securities Investment Fund
Domestic natural
Wang Zhengying 0.29% 2918100 0 N/A 0
person
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of executives)
Shares by type and number
Name of shareholder Unrestricted shares held
Type Shares
RMB-
Shenzhen Investment Holdings Co. Ltd. 564353838 denominated 564353838
ordinary stock
RMB-
Shenzhen State-Owned Equity Operation and Management
64288426 denominated 64288426
Co. Ltd.ordinary stock
RMB-
Yang Jianmin 12069517 denominated 12069517
ordinary stock
RMB-
Zhang Xiujuan 4760400 denominated 4760400
ordinary stock
RMB-
Wang Yulan 4612991 denominated 4612991
ordinary stock
RMB-
Hong Kong Securities Clearing Company Ltd. 3669204 denominated 3669204
ordinary stock
Industrial and Commercial Bank of China Limited － RMB-
Southern China Securities Full Index Real Estate Trading 3548804 denominated 3548804
Open-ended Index Securities Investment Fund ordinary stock
RMB-
He Qiao 3332000 denominated 3332000
ordinary stock
China Merchants Bank Co. Ltd.- Southern China RMB-
Securities 1000 Trading Open-ended Index Securities 3066396 denominated 3066396
Investment Fund ordinary stock
RMB-
Wang Zhengying 2918100 denominated 2918100
ordinary stock
Among the top 10 unrestricted shareholders of the Company Shenzhen State-
Owned Equity Operation and Management Co. Ltd. is the wholly-owned
Related or acting-in-concert parties among subsidiary of Shenzhen Investment Holdings Co. Ltd. The Company does not
the shareholders above 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.Among the top 10 shareholders the third shareholder holds 9804200 shares of the
Top 10 shareholders engaged in securities Company in his credit security account; the fourth shareholder holds 4760400
margin trading (if any) shares of the Company in her credit security account; the eighth shareholder holds
3332000 shares of the Company in his credit security account; the tenth
4ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
shareholders holds 2918100 shares of the Company in his credit security account.
5% or greater shareholders top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending
□ Applicable □ Not applicable
Unit: share
5% or greater shareholders top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending
Shares in the common Shares lent in Shares lent in
Shares in the common
account and credit refinancing and not yet refinancing and not
account and credit account
account at the period- returned at the period- yet returned at the
Full name of at the period-end begin begin period-end
shareholder
As % of As % of As % of As % of
Total Total Total
total share total share Total shares total share total share
shares shares shares
capital capital capital capital
China Merchants
Bank Co. Ltd.-
Southern China
Securities 1000
3198000.03%718000.01%30663960.30%00.00%
Trading Open-
ended Index
Securities
Investment Fund
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with the
prior period
□ Applicable □ Not applicable
Unit: share
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with the
end of the prior period
Shares in the common
Shares lent in
account and credit account
refinancing and not
Newly added to or plus shares lent in yet returned at the
exiting from top 10 refinancing and not yet
Full name of shareholder period-end
shareholders in the returned at the period-end
Reporting Period As % of As % of
Total
total share Total shares total share
shares
capital capital
China Merchants Bank Co. Ltd.- Southern
China Securities 1000 Trading Open-ended Newly added 0 0.00% 3066396 0.30%
Index Securities Investment Fund
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable □ Not applicable
III Other Significant Events
(I) The controlling shareholder of the Company Shenzhen Investment Holdings Co. Ltd. intends to transfer its
71498100 shares in the Company (accounting for 7.07% of the Company’s total share capital) to China Orient
Asset Management Co. Ltd. via transfer by agreement which is subject to the approval of the Supervision
Department of State-owned Assets Supervision and Administration Commission the confirmation of compliance
5ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
by Shenzhen Stock Exchange and application to China Securities Depository and Clearing Corporation Limited
for registration of transfer of the shares. Thus it is uncertain whether this transfer by agreement can be finalized
or not. For more details please refer to the Suggestive Announcement on the Controlling Shareholder's Transfer
of Part of the Company's Shares under Agreement and Equity Change (Announcement No.: 2024-021) disclosed
on 29 June 2024.(II) The Company respectively convened the 13th Meeting of the 8th Board of Directors and the 9th Meeting of the
8th Supervisory Committee on 30 September 2024 at which the Proposal on Changing the Commitment to Avoid
Horizontal Competition by the Controlling Shareholder of the Company was reviewed and approved. Relevant
matters shall be submitted to the shareholders’ meeting of the Company for review. For more details please refer
to the Announcement on Changing the Commitment to Avoid Horizontal Competition by the Controlling
Shareholder of the Company (Announcement No.: 2024-035) disclosed on 30 September 2024.IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.
30 September 2024
Unit: RMB
Item 30 September 2024 1 January 2024
Current assets:
Monetary assets 583402066.94 871019268.83
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 933304839.65 879340201.92
Derivative financial assets
Notes receivable
Accounts receivable 88684341.22 75100970.83
Receivables financing
Prepayments 2455137.62 409192.07
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 20538725.26 15893736.28
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 4044416401.02 3915215921.96
Including: Data resource
Contract assets 26466060.03 27352596.92
Assets held for sale
Current portion of non-current assets
Other current assets 167817788.82 87175263.06
Total current assets 5867085360.56 5871507151.87
6ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments
Investments in other equity
15326451.5714324411.35
instruments
Other non-current financial assets
Investment property 521455768.09 541542136.17
Fixed assets 17954875.64 19928049.77
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets 12673.50 99641.48
Intangible assets
Including: Data resource
Development costs
Including: Data resource
Goodwill
Long-term prepaid expense 1029510.15 1598305.56
Deferred income tax assets 36750203.66 36312811.26
Other non-current assets 249705.90
Total non-current assets 592779188.51 613805355.59
Total assets 6459864549.07 6485312507.46
Current liabilities:
Short-term borrowings 4363396.09 3550000.00
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 419905857.76 443259768.78
Accounts payable
Advances from customers 989653.09 420724.30
Contract liabilities 1383798125.52 1291448591.28
Financial assets sold under
repurchase agreements
Customer deposits and deposits from
other banks and financial institutions
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 23854539.59 22247017.36
Taxes and levies payable 35378094.33 40908986.48
Other payables 557817929.91 554469229.59
Including: Interest payable 16535277.94 16535277.94
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
50315969.2034056347.93
liabilities
Other current liabilities 132267400.40 136364529.76
7ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
Total current liabilities 2608690965.89 2526725195.48
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 62336264.42 179431851.02
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income
Deferred income tax liabilities 3012566.54 3012566.54
Other non-current liabilities
Total non-current liabilities 65348830.96 182444417.56
Total liabilities 2674039796.85 2709169613.04
Owners’ equity:
Share capital 1011660000.00 1011660000.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 978244910.11 978244910.11
Less: Treasury stock
Other comprehensive income 30409303.06 25319459.44
Specific reserve
Surplus reserves 275253729.26 275253729.26
General reserve
Retained earnings 1405623030.47 1400604385.39
Total equity attributable to owners of the
3701190972.903691082484.20
Company as the parent
Non-controlling interests 84633779.32 85060410.22
Total owners’ equity 3785824752.22 3776142894.42
Total liabilities and owners’ equity 6459864549.07 6485312507.46
Legal representative: Tang Xiaoping Chief Financial Officer: Wang Jianfei Head of the financial department: Zhou Hongpu
2. Consolidated Income Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2024 Q1~Q3 2023
1. Revenues 208232198.00 354316805.85
Including: Operating revenue 208232198.00 354316805.85
Interest income
Insurance premium income
Fee and commission
income
2. Costs and expenses 221606819.35 404813647.75
Including: Cost of sales 167778707.67 289093965.63
Interest expense
Fee and commission
expense
Surrenders
Net insurance claims paid
Net amount provided as
8ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and levies
Selling expense 10691316.88 63813731.19
Administrative expense 8652895.76 17817886.71
R&D expense 38834113.71 34809213.29
Finance costs -4350214.67 -721149.07
Including: Interest expense 1462486.36 427438.60
Interest income 6941761.59 1303132.63
Add: Other income 83011.12 121159.27
Return on investment (“-” for
777600.002516011.35
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 (“-”
13964637.734987562.50
for loss)
Credit impairment loss (“-” for
187.93529176.78
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
195840.200.00
loss)
3. Operating profit (“-” for loss) 1646655.63 -42342932.00
Add: Non-operating income 2413776.71 19661.14
Less: Non-operating expense 32090.13 52212.63
4. Gross profit (“-” for loss) 4028342.21 -42375483.49
Less: Income tax expense -156327.13 -2092269.34
5. Net profit (“-” for net loss) 4184669.34 -40283214.15
5.1 By operating continuity
5.1.1 Net profit from continuing
4184669.34-40283214.15
operations (“-” for net loss)
5.1.2 Net profit from
discontinued operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
shareholders of the Company as the 5018645.08 -36431405.81
parent (“-” for net loss)
5.2.2 Net profit attributable to non-
-833975.74-3851808.34
controlling interests (“-” for net loss)
6. Other comprehensive income net of
5497188.46-2691309.51
tax
Attributable to owners of the
5089843.62-1899341.33
Company as the parent
9ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
6.1 Items that will not be
1002040.22-51415.57
reclassified to profit or loss
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
1002040.22-51415.57
investments in other equity instruments
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
4087803.40-1847925.76
profit or loss
6.2.1 Other comprehensive
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
other debt investments
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Credit impairment
allowance for other debt investments
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign currency- 4087803.40 -1847925.76
denominated financial statements
6.2.7 Other
Attributable to non-controlling
407344.84-791968.18
interests
7. Total comprehensive income 9681857.80 -42974523.66
7.1 Attributable to owners of the
10108488.70-38330747.14
Company as the parent
7.2 Attributable to non-controlling
-426630.90-4643776.52
interests
8. Earnings per share
8.1 Basic earnings per share 0.005 -0.036
8.2 Diluted earnings per share 0.005 -0.036
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 the same period of last year being RMB0.00.Legal representative: Tang Xiaoping Chief Financial Officer: Wang Jianfei Head of the financial department: Zhou Hongpu
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2024 Q1~Q3 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities
326336098.63416750824.92
and rendering of services
Net increase in customer deposits and
deposits from other banks and financial
institutions
Net increase in borrowings from the
10ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest fees and commissions
received
Net increase in loans from other
banks and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax and levy rebates 2098014.38 1186861.59
Cash generated from other operating
53676909.8329129487.96
activities
Subtotal of cash generated from
382111022.84447067174.47
operating activities
Payments for commodities and
280592715.45123719069.83
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and other banks and financial
institutions
Payments for claims on original
insurance contracts
Net increase in loans to other banks
and financial institutions
Interest fees and commissions paid
Policy dividends paid
Cash paid to and for employees 52653455.05 53087639.58
Taxes and levies paid 97068843.94 201016409.51
Cash used in other operating
89448043.11132577463.14
activities
Subtotal of cash used in operating
519763057.55510400582.06
activities
Net cash generated from/used in
-137652034.71-63333407.59
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment 777600.00 2354519.56
Net proceeds from the disposal of
fixed assets intangible assets and other 3537.60
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
136800000.00
activities
Subtotal of cash generated from 777600.00 139158057.16
11ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
investing activities
Payments for the acquisition of fixed
assets intangible assets and other long- 73853.52 599579.46
lived assets
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
40000000.00
activities
Subtotal of cash used in investing
40073853.52599579.46
activities
Net cash generated from/used in
-39296253.52138558477.70
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received 155986610.82
Cash generated from other financing
activities
Subtotal of cash generated from
155986610.82
financing activities
Repayment of borrowings 100376586.60
Interest and dividends paid 4606753.86 65137494.78
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing activities
Subtotal of cash used in financing
104983340.4665137494.78
activities
Net cash generated from/used in
-104983340.4690849116.04
financing activities
4. Effect of foreign exchange rates
-84495.03154319.59
changes on cash and cash equivalents
5. Net increase in cash and cash
-282016123.72166228505.74
equivalents
Add: Cash and cash equivalents
859146413.35190365069.48
beginning of the period
6. Cash and cash equivalents end of the
577130289.63356593575.22
period
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of
the New Accounting Standards Implemented since 2024
□Applicable □ Not applicable
(III) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.□Yes □ No
These financial statements have not been audited by such an auditor.
12ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Third Quarterly Report 2024
Board of Directors
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.
31 October 2024
13
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