ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2025

Stock Code: 000029 200029 Stock Name: SPG SPG-B Announcement No.: 2025-011

SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE

& PROPERTIES (GROUP) CO. LTD.FIRST QUARTERLY REPORT 2025

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

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

two versions the Chinese version shall prevail.

1ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2025

I Key Financial Information

(I) Key Accounting Data and Financial Indicators

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

Q1 2025 Q1 2024 YoY change (%)

Operating revenue (RMB) 330053200.67 59214773.99 457.38%

Net profit attributable to the listed

72421123.751896582.373718.51%

company’s shareholders (RMB)

Net profit attributable to the listed

company’s shareholders before 68102809.31 -3975227.45 1813.18%

exceptional gains and losses (RMB)

Net cash generated from/used in

-18784578.27-90276362.7879.19%

operating activities (RMB)

Basic earnings per share (RMB/share) 0.0716 0.0019 3668.42%

Diluted earnings per share (RMB/share) 0.0716 0.0019 3668.42%

Weighted average return on equity (%) 1.94% 0.05% 1.89%

31 March 2025 31 December 2024 Change (%)

Total assets (RMB) 5700562236.77 5987780656.67 -4.80%

Equity attributable to the listed

3586958453.573512112493.422.13%

company’s shareholders (RMB)

(II) Exceptional Gains and Losses

□ Applicable □ Not applicable

Unit: RMB

Item Q1 2025 Note

Government grants recognized in profit or loss

(exclusive of those that are closely related to the

Company's normal business operations and given in

33652.46 Government grants received

accordance with defined criteria and in compliance with

government policies and have a continuing impact on

the Company's profit or loss)

Gains on changes in fair value and

Gains and losses on investment or asset management

4279979.77 investment income arising from

entrustments to other entities

investing monetary funds

Non-operating income and expense other than the above 18930.44

Less: Income tax effects 13145.73

Non-controlling interests effects (net of tax) 1102.50

Total 4318314.44 --

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

□ Applicable □ Not applicable

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

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

□ Applicable □ Not applicable

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

□ Applicable □ Not applicable

2ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2025

During Q1 2025 operating revenue rose 457.38% YoY net profit attributable to the listed company’s shareholders rose 3718.51%

YoY and net profit attributable to the listed company’s shareholders before exceptional gains and losses rose 1813.18% YoY

primarily driven by the YoY increase in carryforward of real estate sales in the Reporting Period.The net cash generated from operating activities of Q1 2025 rose 79.19% YoY primarily driven by the YoY decrease in payments

for taxes and levies resulting in the increased net operating cash in the Reporting 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

Number of ordinary shareholders 38651 0

voting rights

Top 10 shareholders (exclusive of shares lent in refinancing)

Shares in pledge marked

Shareholdi

Nature of Restricted or frozen

Name of shareholder ng Total shares held

shareholder shares held Share

percentage Status

s

Shenzhen Investment Holdings State-owned

55.78% 564353838.00 0.00 N/A 0.00

Co. Ltd. corporation

Shenzhen State-Owned Equity Domestic non-

Operation and Management state-owned 6.35% 64288426.00 0.00 N/A 0.00

Co. Ltd. legal person

Domestic natural

Yang Jianmin 1.31% 13286117.00 0.00 N/A 0.00

person

Domestic natural

Wang Yulan 0.62% 6228591.00 0.00 N/A 0.00

person

Domestic natural

Zhang Xiujuan 0.48% 4829700.00 0.00 N/A 0.00

person

Domestic natural

He Qiao 0.37% 3791900.00 0.00 N/A 0.00

person

Hong Kong Securities Clearing Overseas legal

0.37% 3710149.00 0.00 N/A 0.00

Company Ltd. person

Industrial and Commercial

Bank of China Limited－

Southern China Securities Full

Other 0.33% 3331804.00 0.00 N/A 0.00

Index Real Estate Trading

Open-ended Index Securities

Investment Fund

Domestic natural

Wang Zhengying 0.29% 2961900.00 0.00 N/A 0.00

person

Domestic natural 2830283.00

Zhang Tianxue 0.28% 0.00 N/A 0.00

person

Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of senior management)

Shares by type and number

Name of shareholder Unrestricted shares held

Type Shares

RMB-denominated

Shenzhen Investment Holdings Co. Ltd. 564353838.00 564353838.00

ordinary stock

Shenzhen State-Owned Equity Operation and RMB-denominated

64288426.0064288426.00

Management Co. Ltd. ordinary stock

RMB-denominated

Yang Jianmin 13286117.00 13286117.00

ordinary stock

Wang Yulan 6228591.00 RMB-denominated 6228591.00

3ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2025

ordinary stock

RMB-denominated

Zhang Xiujuan 4829700.00 4829700.00

ordinary stock

RMB-denominated

3629500.00

ordinary stock

He Qiao 3791900.00

Domestically listed

162400.00

foreign stock

RMB-denominated

Hong Kong Securities Clearing Company Ltd. 3710149.00 3710149.00

ordinary stock

Industrial and Commercial Bank of China Limited

－Southern China Securities Full Index Real Estate RMB-denominated

3331804.003331804.00

Trading Open-ended Index Securities Investment ordinary stock

Fund

RMB-denominated

Wang Zhengying 2961900.00 2961900.00

ordinary stock

Domestically listed

Zhang Tianxue 2830283.00 2830283.00

foreign stock

Among the top 10 unrestricted shareholders of the Company

Shenzhen State-Owned Equity Operation and Management

Co. Ltd. is the wholly-owned subsidiary of Shenzhen

Related or acting-in-concert parties among the shareholders Investment Holdings Co. Ltd. The Company does not know

above 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 Company in credit security account;

the fifth shareholder holds 4760400 shares of the Company

Top 10 shareholders engaged in securities margin trading (if any) in credit security account; the sixth shareholder holds

3332000 shares of the Company in credit security account;

the ninth shareholders holds 2961900 shares of the

Company in credit security account.

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

□Applicable □ Not applicable

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

prior period

□Applicable □ Not applicable

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

□Applicable □ Not applicable

III Other Significant Events

□Applicable □ Not applicable

IV Quarterly Financial Statements

(I) Financial Statements

1. Consolidated Balance Sheet

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

4ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2025

31 March 2025

Unit: RMB

Item 31 March 2025 1 January 2025

Current assets:

Monetary assets 509660882.89 529242725.36

Settlement reserve

Loans to other banks and financial

institutions

Held-for-trading financial assets 992081918.28 987801938.51

Derivative financial assets

Notes receivable 100000.00 100000.00

Accounts receivable 39795501.36 56672795.52

Receivables financing

Prepayments 1707898.85 1201106.21

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract reserve

Other receivables 10478752.53 7438040.83

Including: Interest receivable

Dividends receivable

Financial assets purchased under resale

agreements

Inventories 3422238520.65 3636840229.34

Including: Data resource

Contract assets 26704430.07 30888723.09

Assets held for sale

Current portion of non-current assets

Other current assets 121063690.43 154192023.86

Total current assets 5123831595.06 5404377582.72

Non-current assets:

Loans and advances to customers

Debt investments

Other debt investments

Long-term receivables

Long-term equity investments

Investments in other equity instruments 15626554.59 14697341.18

Other non-current financial assets

Investment property 509507723.51 515925116.54

Fixed assets 16632486.70 17489207.57

Construction in progress

Productive living assets

Oil and gas assets

Right-of-use assets

Intangible assets

Including: Data resource

Development costs

Including: Data resource

Goodwill

Long-term prepaid expense 1526476.70 1719911.72

Deferred income tax assets 33437400.21 33571496.94

Other non-current assets

Total non-current assets 576730641.71 583403073.95

Total assets 5700562236.77 5987780656.67

Current liabilities:

Short-term borrowings 1863000.00 1563000.00

Borrowings from the central bank

5ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2025

Loans from other banks and financial

institutions

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 425929069.22 464488982.30

Advances from customers 4029983.29 1398988.78

Contract liabilities 1003823957.27 1298146232.35

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 20379920.02 22499368.29

Taxes and levies payable 23637436.82 27554810.01

Other payables 562011100.03 561016653.17

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

33812768.6033888347.83

liabilities

Other current liabilities 91578525.34 118304068.47

Total current liabilities 2167065760.59 2528860451.20

Non-current liabilities:

Insurance contract reserve

Long-term borrowings 62273677.82 62273677.82

Bonds payable

Including: Preference shares

Perpetual bonds

Lease liabilities

Long-term payables

Long-term employee benefits payable

Provisions

Deferred income

Deferred income tax liabilities 1259459.98 1259459.98

Other non-current liabilities

Total non-current liabilities 63533137.80 63533137.80

Total liabilities 2230598898.39 2592393589.00

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 25485252.71 23060416.31

Specific reserve

Surplus reserves 275253729.26 275253729.26

General reserve

Retained earnings 1296314561.49 1223893437.74

Total equity attributable to owners of the

3586958453.573512112493.42

Company as the parent

Non-controlling interests -116995115.19 -116725425.75

Total owners’ equity 3469963338.38 3395387067.67

6ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2025

Total liabilities and owners’ equity 5700562236.77 5987780656.67

Legal representative: Tang Xiaoping Chief Financial Officer: Wang Jianfei Head of the financial department: Zhou Hongpu

2. Consolidated Income Statement

Unit: RMB

Item Q1 2025 Q1 2024

1. Revenues 330053200.67 59214773.99

Including: Operating revenue 330053200.67 59214773.99

Interest revenue

Insurance premium income

Fee and commission income

2. Costs and expenses 255844424.52 63423984.41

Including: Cost of sales 233655807.60 48166371.70

Interest costs

Fee and commission expense

Surrenders

Net insurance claims paid

Net amount provided as insurance contract reserve

Expenditure on policy dividends

Reinsurance premium expense

Taxes and levies 2335935.14 516150.14

Selling expense 4399013.42 2651973.36

Administrative expense 15848630.08 13852276.51

R&D expense

Finance costs -394961.72 -1762787.30

Including: Interest costs 831336.40 325124.92

Interest revenue 1382867.81 2156560.88

Add: Other income 33652.46 82894.69

Return on investment (“-” for loss) 99669.36

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) 4279979.77 5106767.14

Credit impairment loss (“-” for loss) 187.93

Asset impairment loss (“-” for loss)

Asset disposal income (“-” for loss)

3. Operating profit (“-” for loss) 78622077.74 980639.34

Add: Non-operating income 20130.73 937728.42

Less: Non-operating expense 1200.29 183.63

4. Gross profit (“-” for loss) 78641008.18 1918184.13

Less: Income tax expense 6619155.36 379717.35

5. Net profit (“-” for net loss) 72021852.82 1538466.78

5.1 By operating continuity

5.1.1 Net profit from continuing operations (“-” for net loss) 72021852.82 1538466.78

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

72421123.751896582.37

parent

5.2.1 Net profit attributable to non-controlling interests -399270.93 -358115.59

6. Other comprehensive income net of tax 2554417.89 1904424.47

Attributable to owners of the Company as the parent 2424836.40 1358235.31

6.1 Items that will not be reclassified to profit or loss 929213.41 83793.93

6.1.1 Changes caused by remeasurements on defined benefit

schemes

6.1.2 Other comprehensive income that will not be reclassified

7ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2025

to profit or loss under the equity method

6.1.3 Changes in the fair value of investments in other equity

929213.4183793.93

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 profit or loss 1495622.99 1274441.38

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

1495622.991274441.38

currency-denominated financial statements

6.2.7 Other

Attributable to non-controlling interests 129581.49 546189.16

7. Total comprehensive income 74576270.71 3442891.25

Attributable to owners of the Company as the parent 74845960.15 3254817.68

Attributable to non-controlling interests -269689.44 188073.57

8. Earnings per share

8.1 Basic earnings per share 0.0716 0.0019

8.2 Diluted earnings per share 0.0716 0.0019

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

Unit: RMB

Item Q1 2025 Q1 2024

1. Cash flows from operating activities:

Proceeds from sale of commodities and rendering of services 61220397.09 86201937.03

Net increase in customer deposits and deposits from other banks

and financial institutions

Net increase in borrowings from the central bank

Net increase in loans from other financial institutions

Premiums received on original insurance contracts

Net proceeds from reinsurance

Net increase in deposits and investments of policy holders

Interest fees and commissions received

Net increase in loans from other banks and financial institutions

Net increase in proceeds from repurchase transactions

Net proceeds from acting trading of securities

Tax and levy rebates 13454368.42 2095384.41

Cash generated from other operating activities 7548495.69 5726470.84

Subtotal of cash generated from operating activities 82223261.20 94023792.28

Payments for commodities and services 61046888.97 43335521.64

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 16723002.57 18318175.32

Taxes and levies paid 9826795.56 69611045.56

Cash used in other operating activities 13411152.37 53035412.54

8ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2025

Subtotal of cash used in operating activities 101007839.47 184300155.06

Net cash generated from/used in operating activities -18784578.27 -90276362.78

2. Cash flows from investing activities:

Proceeds from disinvestment

Return on investment 99669.36

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 99669.36 0.00

Payments for the acquisition of fixed assets intangible assets and

8625.8433225.03

other long-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 activities

Subtotal of cash used in investing activities 8625.84 33225.03

Net cash generated from/used in investing activities 91043.52 -33225.03

3. Cash flows from financing activities:

Capital contributions received

Including: Capital contributions by non-controlling interests to

subsidiaries

Borrowings received

Cash generated from other financing activities

Subtotal of cash generated from financing activities 0.00 0.00

Repayment of borrowings

Interest and dividends paid 873119.63 2130696.57

Including: Dividends paid by subsidiaries to non-controlling

interests

Cash used in other financing activities

Subtotal of cash used in financing activities 873119.63 2130696.57

Net cash generated from/used in financing activities -873119.63 -2130696.57

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

-15815.1058297.68

equivalents

5. Net increase in cash and cash equivalents -19582469.48 -92381986.70

Add: Cash and cash equivalents beginning of the period 520910254.44 859146413.35

6. Cash and cash equivalents end of the period 501327784.96 766764426.65

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

the New Accounting Standards Implemented since 2025

□ Applicable □ Not applicable

(III) Independent Auditor’s Report

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

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

ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

28 April 2025

9