ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
SHENZHEN SPECIAL ECONOMIC ZONE REALESTATE
& PROPERTIES (GROUP) CO. LTD.INTERIM REPORT 2025
[28 August 2025]
1ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Part I Important Notes Table of Contents and Definitions
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.Tang Xiaoping the Company’s General Manager Wang Jianfei the
Company’s Chief Financial Officer and Zhou Hongpu 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.All the Company’s directors have attended the Board meeting for the review of
this Report and its summary.Certain descriptions about the Company’s operating plans or work
arrangements for the future mentioned in this Report and its summary the
implementation of which is subject to various factors shall NOT be considered
as promises to investors. Therefore investors and interested parties are
reminded to be sufficiently aware of the risks involved and understand the
differences between plans forecasts and promises.The Company has no interim dividend plan either in the form of cash or stock.
2ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Table of Contents
Part I Important Notes Table of Contents and Defin....2
Part II Corporate Information and Key Financial In....6
Part III Management Discussion and Analysis ......... 9
Part IV Corporate Governance Environment and Socie...23
Part V Significant Events .......................... 24
Part VI Share Changes and Shareholder Information .. 29
Part VII Bonds ......................................33
Part VIII Financial Statements ......................34
Part IX Other Reported Data ....................... 165
3ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Documents Available for Reference
1. The financial statements with the personal signatures and stamps of the Company’s legal representative Chief Financial Officer
and head of the financial department; and
2. The originals of all the documents and announcements disclosed by the Company on Securities Times China Securities Journal
and Ta Kung Pao during the Reporting Period.
4ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Definitions
Term Definition
The State-owned Assets Supervision and Administration Commission of
“Shenzhen SASAC” or the “Municipal SASAC”
the People’s Government of Shenzhen Municipal
SIHC Shenzhen Investment Holdings Co. Ltd.ShenZhen Special Economic Zone Real Estate & Properties (Group) Co.The “Company” the “Group” “SPG” or “we” Ltd. and its consolidated subsidiaries except where the context otherwise
requires
Petrel Hotel Shenzhen Petrel Hotel Co. Ltd.Zhentong Engineering Shenzhen Zhentong Engineering Co. Ltd.Huazhan Construction Supervision Shenzhen Huazhan Construction Supervision Co. Ltd.Jianbang Group Guangdong Jianbang Group (Huiyang) Industrial Co. Ltd.Chuanqi Real Estate Development Shenzhen SPG Chuanqi Real Estate Development Co. Ltd.Guangmingli SPG Guangmingli
Linxinyuan SPG Linxinyuan
Cuilinyuan SPG Cuilinyuan
5ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Part II Corporate Information and Key Financial Information
I Corporate Information
Stock name SPG SPG-B Stock code 000029 200029
Stock exchange for stock listing Shenzhen Stock Exchange
Company name in Chinese 深圳经济特区房地产(集团)股份有限公司
Abbr. (if any) 深房集团
Company name in English (if any) ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.Abbr. (if any) SPG
Legal representative Tang Xiaoping
II Contact Information
Board Secretary Securities Representative
Name Luo Yi Hong Lu
47/F SPG Plaza Renmin South Road Luohu 47/F SPG Plaza Renmin South Road Luohu
Address
District Shenzhen Guangdong P.R.China District Shenzhen Guangdong P.R.China
Tel. (86 755) 25108897 (86 755) 25108837
Fax (86 755) 82294024 (86 755) 82294024
Email address spg@sfjt.sihc.com.cn spg@sfjt.sihc.com.cn
III Other Information
1. Contact Information of the Company
Indicate by tick mark whether any change occurred to the registered address office address and their zip codes website address
email address and other contact information of the Company in the Reporting Period.□ Applicable □ Not applicable
No change occurred to the said information in the Reporting Period which can be found in the 2024 Annual Report.
2. Media for Information Disclosure and Place where this Report is Kept
Indicate by tick mark whether any change occurred to the information disclosure media and the place for keeping the Company’s
periodic reports in the Reporting Period.□ Applicable □ Not applicable
The website of the stock exchange the media and other websites where the Company’s periodic reports are disclosed as well as
the place for keeping such reports did not change in the Reporting Period. The said information can be found in the 2024 Annual
Report.
3. Other Information
Indicate by tick mark whether any change occurred to other information in the Reporting Period.□ Applicable □ Not applicable
6ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
IV Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.□ Yes □ No
H1 2025 H1 2024 Change (%)
Operating revenue (RMB) 637366221.35 134225119.43 374.85%
Net profit attributable to the listed
103027646.425622791.391732.32%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before
94352487.97-5197127.551915.47%
exceptional gains and losses
(RMB)
Net cash generated from/used in
-87422241.58-108449532.0619.39%
operating activities (RMB)
Basic earnings per share
0.10180.00561717.86%
(RMB/share)
Diluted earnings per share
0.10180.00561717.86%
(RMB/share)
Weighted average return on equity
2.89%0.11%2.78%
(%)
June 30 2025 December 31 2024 Change (%)
Total assets (RMB) 5409969607.96 5987780656.67 -9.65%
Equity attributable to the listed
3621509037.293512112493.423.11%
company’s shareholders (RMB)
VAccounting Data Differences under Chinese Accounting Standards (CAS) and
International Financial Reporting Standards (IFRS) and Foreign Accounting Standards
1. Net Profit and Equity Differences under CAS and IFRS
□Applicable □ Not applicable
No such differences for the Reporting Period.
2. Net Profit and Equity Differences under CAS and Foreign Accounting Standards
□Applicable □ Not applicable
No such differences for the Reporting Period.VI Exceptional Gains and Losses
□Applicable □ Not applicable
Unit: RMB
Item Amount Note
Gain or loss on assets entrusted to other entities Change in fair value of monetary fund
8662388.50
for investment or management investments
Non-operating income and expense other than
18496.60
the above
7ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Less: Income tax effects 4624.15
Non-controlling interests effects (net of
1102.50
tax)
Total 8675158.45
Details of other gains and losses that meet the definition of exceptional gain/loss:
□ Applicable □ Not applicable
No such cases for 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
Item Amount involved (RMB) Reason
This item is recognized as a recurrent gain or
Return of handling fee for personal income tax
31652.46 loss because it occurs consistently from year to
withheld
year and is not episodic in nature
8ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Part III Management Discussion and Analysis
I Principal Activity of the Company in the Reporting Period
(I) Industry review for the Reporting Period
On July 15 the National Bureau of Statistics released the national economic performance data for the first half
of 2025. The data showed that despite a complex landscape marked by growing external shocks and
overlapping domestic difficulties and challenges the national economy resisted pressure and forged ahead
achieving overall stable performance with progress and improvement. In terms of the industry divergence
persisted across cities and projects in the new house market while the second-hand house market continued its
strategy of increasing trading volume by favorable price. Overall the real estate market continued to move
towards stabilizing and halting the decline amid fluctuations.(II) Review of the Company’s operations in the Reporting PeriodIn the first half of the year the Company focused on the goals of “stabilizing main business operationsenhancing management and control capabilities and deepening reform and development” actively took
measures and achieved tangible results. The main work carried out fell into the following five aspects:
i. Anchoring objectives for stable and orderly operation of main business. First comprehensive efforts were
made in project marketing. The joint partnership of the SPG Guangmingli progressed in an orderly manner. The
cumulative sold area of the Shantou Tianyuewan increased by 120% year-on-year and existing low-efficiency
properties have been listed for sale on the stock exchange. Second the operation of self-owned properties was
deepened. The overall property rental rate reached 90.15%. Meanwhile the Company completed the
commercial entrustment operation for SPG Guangmingli and the tender for selecting a partner for the
renovation project of the helicopter pad on the top floor of SPG Plaza.ii. Holding the bottom line for steady progress in risk mitigation. First continuous efforts were made to mitigate
project risks. The Company actively promoted the enforcement of the relevant court judgment for Jianbang
Group to ensure the security of state-owned assets while properly handling the employee co-investment matters
of the SPG Linxinyuan. Second safety risks were effectively prevented. The Company conducted 36 safety
inspections identifying 172 potential hazards all of which were urged to be remedied. Third operational risks
were controlled on all fronts by strengthening fund and account management to ensure liquidity security while
continuously promoting loss reduction and turnaround efforts in affiliated enterprises. Fourth stability
maintenance risks were properly handled. No major petitioning or public opinion incidents occurred during the
Reporting Period.iii. Consolidating the foundation for continuous improvement in comprehensive capabilities. First
organizational capabilities were enhanced. The Company completed the implementation of the new
compensation system for headquarters employees achieving a smooth transition from the old to the new system.
9ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Second professional capabilities were improved. The Company continued the development of the “Good House”
information database and the database of house types of typical real estate in the market organized relevant
thematic training and enhanced employees’ overall quality and professional proficiency. Third the operational
capabilities of affiliated enterprises were boosted. In the first half of the year Petrel Hotel achieved 55% of its
annual profit target; Zhentong Engineering and Huazhan Construction Supervision actively carried out project
investment and expansion; and the Zhongshan Eastern Market of Shantou Branch achieved a 100% rent
collection rate.iv. Raising stance for continuous exploration of new business. The Company maintained a high level of
attention to listing regulatory requirements and capital market policy dynamics actively strengthened
communication with the controlling shareholder capital platforms within the system and professional
intermediaries took the initiative to seek premium project resources with feasibility and high potential in the
market and strived to seize opportunities in the complex and ever-changing market environment to promote the
high-quality development of the enterprise.v. Strengthening guidance for constant deepening of Party building integration. First Party building was
integrated into the governance mechanism. The Company dynamically optimized the list of decision-makingitems for “major issues major appointments and dismissals major project investment and use of large amountof funds” and strictly implemented the decision-making procedure of “intra-Party discussion beforesubmission”. Second education and work style development were advanced synergistically. The Company
conducted 25 warning education sessions significantly enhancing the discipline and rule awareness of Party
members and cadres. Third the efforts to exercise strict governance over the Party in all respects were deepened.The Company conducted reminder talks with 32 person-times and supervised 4 person-times in personnel
selection and appointment continuously fostering a clean and upright political ecosystem.The Company is subject to the information disclosure requirements for the real estate industry in the Disciplinary and Regulatory
Guideline No. 3 of the Shenzhen Stock Exchange for Listed Companies—Industry-specific Information Disclosure.New additions to the land bank:
Consideration of
How the TheName of land Planned use 2 Floor area with Total land price the Company’sLocation Site area (m ） 2 land is Company’slot or project of land plot ratio (m ) (RMB’0000) interest
obtained interest
(RMB’0000)
Cumulative land bank:
Floor area available for development
Name of project/area Site area (0000 m2) Floor area (0000 m2)
(0000 m2)
Xinfeng Building in Shantou 0.59 2.66 2.66
Linxinyuan Phase II 2.57 7.72 7.72
Linxinyuan Phase III 4.31 9.57 9.57
Linxinyuan Phase IV 3.23 6.45 6.45
Total 10.7 26.4 26.4
Development status of major projects:
Name of The Time for Site area Planned floor Floor area Cumulatively Expected total Cumulative
City/region Location Status % developed % constructedproject Company’s commenceme (m2） area with plot completed in completed investment investment
10ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
interest nt of ratio (m2) the current floor area (RMB’0000) (RMB’0000)
construction period (m2) (m2)
Linxinyuan Framework in Under
Huizhou Huiyang 51.00% June 11 2021 96.00% 64278 159761 0 0 115750 111905
Phase I construction construction
Sales status of major projects:
Pre-sale/sales revenue Floor area Pre-sale/sales
The Floor area Floor area Cumulatively Floor area pre- Cumulatively
Name of generate in the settled in the revenue settled in
City/region Location Status Company’ with plot available for pre-sold/sold sold/sold in the settled floor
project current period current period the current period
s interest ratio (m2) sale (m2) floor area (m2) current period (m2) area (m2)
(RMB’0000) (m2) (RMB’0000)
Longgang Ready for
Shenzhen Cuilinyuan 100.00% 60111 56137 54393.38 54393.38
District sale
Tianyuewan Chaoyang Ready for
Shantou 100.00% 153470 160372 121302.54 624 332 120608.69 461.22 242.47
Phase I District sale
Tianyuewan Chaoyang Ready for
Shantou 100.00% 127770 137059 46469.84 4465.42 2405.9 46314.51 4454.64 2216.31
Phase II District sale
Linxinyuan On pre-
Huizhou Huiyang 51.00% 159761 159761
Phase I sale
Guangming Ready for
Shenzhen Guangmingli 100.00% 53605 51975 35949.44 291.95 845 17977.66 13374.48 53988.02
District sale
Rental status of major projects:
The Company’s Rentable area Cumulative Average
Name of project Location Status
interest (m2) rented area (m2) occupancy rate
Real Estate
Shenzhen Commercial 100.00% 3413.88 2436.6 71.37%
Mansion
North Tower of
Guoshang Shenzhen Commercial 100.00% 4819.71 4819.71 100.00%
Mansion
Petrel Building Shenzhen Commercial 100.00% 22475.47 22475.47 100.00%
SPG Plaza Shenzhen Office building 100.00% 58462.68 27627.65 47.26%
Podium of SPG
Shenzhen Commercial 100.00% 19886.3 10760.22 54.11%
Plaza
Wenjin Garden Shenzhen Commercial 100.00% 3531.6 3531.6 100.00%
Primary land development:
□ Applicable □ Not applicable
Financing channels:
Financing cost Maturity structure
Ending balance
Financing range/average
of financings
channels financing cost
(RMB’0000) Within 1 year 1-2 years 2-3 years Over 3 years
(RMB’0000)
Bank loans 6338.63 3.15% 117.52 12.52 6208.59
Total 6338.63 117.52 12.52 6208.59
Development strategy and operating plan for the coming year:
In the second half of the year the Company will focus on key tasks rigorously advance work progress and
strengthen accountability to ensure new breakthroughs in all areas of work.i. Strengthen stable operation of the main business. First the Company will focus on project marketing to strive
for the completion of the annual sales target. Second the Company will emphasize asset operation to
comprehensively improve property rental and rent collection rates while working to develop SPG Plaza into a
dual-industry building integrating “Big Health” and “Low-altitude Economy”. Third the Company will
11ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
intensify the management of affiliated enterprises by optimizing operational controls and striving to achieve
annual targets.ii. Focus on risk prevention and mitigation. First the Company will mitigate project risks by accelerating the
progression of the series of lawsuits regarding the Linxinyuan project while continuing to take effective
measures to maintain safety at project sites. Second the Company will prevent safety risks by increasing the
appraisal of safety production targets and on-site inspections to ensure no safety production liability accidents
throughout the year. Third the Company will control operational risks by strengthening the management of
accounts receivable investments and other operational risks and properly handling existing risks. Fourth the
Company will manage stability maintenance risks by enhancing petitioning stability maintenance and public
opinion control to prevent ideological issues and major instability incidents.iii. Strive to build a new development pattern. First the Company will strengthen strategic guidance by
maintaining close communication with the controlling shareholder and advancing the high-quality formulation
of the “15th Five-Year” strategic plan to provide programmatic guidance for deepening reform and innovative
development. Second based on SIHC’s strategy the Company will identify the footholds and focal points for
development and accelerate the fulfillment of SIHC’s commitment to avoid horizontal competition. Third the
Company will actively explore new future development paths deeply excavate premium investment
opportunities and expand new space for corporate development.iv. Consolidate management for better quality and empowerment. First the Company will solidify basic
management by continuously improving the corporate governance system and deepening ESG governance and
sustainable development practices. We will strengthen the construction of the compliance management system
and deepen internal audit and internal control work. The “establishment revision and abolition” of systems will
be promoted to ensure the policy system highly aligns with superior policies and industry regulatory
requirements. Second the Company enhance management efficiency by promoting the optimization of
organizational structure defining posts and staffing and personnel optimization adjustments to build an
organizational system that is “rationally layered clear in authority and responsibility and lean and efficient”.v. Deepen and advance Party building. First the Company will ensure that study and education are thoroughly
understood and deeply implemented. Second the Company will continue to advance the implementation of
annual key plans including the responsibility system for ideological work the construction of corporate
leadership the standardization and normalization of grassroots Party organizations and the development of
Party members and the creation of the “One Brand for One Enterprise” Party building brand initiative. Third
the Company will strengthen discipline inspection and supervision work enhance political regulation and
consolidate the political responsibility for exercising full and rigorous Party self-governance. Based on the main
responsibility of supervision and discipline enforcement we utilize the “four forms” to achieve early
intervention and prevention of minor issues.Provision of guarantees for homebuyers on bank mortgages:
□Applicable □ Not applicable
12ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Guaranteed
Guaranteed Financial institutions borrowing Expiry date of
unit for loans amount guarantee Remark Company name
(RMB’0000)
Until the property
ownership
Homebuyer China Construction
certificate is
Bank 40.95 registered as Shanglinyuan
Shenzhen SPG Longgang
collateral and Development Co. Ltd.handed over to
bank for keeping
Until the property
ownership
China Construction certificate isHomebuyer Bank 153.69 registered as Cuilinyuan
Shenzhen SPG Longgang
collateral and Development Co. Ltd.handed over to
bank for keeping
Until the property
ownership
China Construction certificate is
ShenZhen Special
Homebuyer 638.09 registered as Chuanqi Donghu Economic Zone RealBank collateral and Mingyuan Estate & Properties
handed over to (Group) Co. Ltd.bank for keeping
China Construction
Bank Bank of Until the property
Communications ownership
Industrial and certificate is Shantou Huafeng Real
Homebuyer Commercial Bank of 1967.00 registered as Tianyuewan Estate Development Co.China Bank of China collateral and Ltd.China Everbright handed over to
Bank Postal Savings bank for keeping
Bank
Industrial and
Commercial Bank of
China Huaxia Bank Until the property
Rural Commercial ownership
Bank Agricultural certificate is Shenzhen SPG ChuanqiHomebuyer Bank of China Postal 29446.41 registered as Guangmingli Real Estate Development
Savings Bank of collateral and Co. Ltd.China China handed over to
Merchants Bank Bank bank for keeping
of China
Total: 32246.14
Joint investments by directors supervisors and senior management and the listed company (applicable for such investments where
the directors supervisors and senior management are the major source of investment):
□Applicable □ Not applicable
Compatibility
As % of the
Type of Investment As % of total Cumulative of actual
Project peak of project Disinvestment
investor amount (RMB) investment returns (RMB) investment and
funds
returns
Director Exited the co-
supervisor or investment in
Linxinyuan 6300000.00 27.63% 0.63% 0.00 N/A
senior this project in
management of June 2025.
13ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
the Company
II Core Competitiveness Analysis
As the earliest real estate developer founded in the Shenzhen Special Economic Zone the Company helped
build the early city and has created a number of “first places” in the history of real estate development in China.For example the first to use the paid state-owned land the first to introduce the foreign investment for the
cooperative land development the first to raise development funds by means of pre-sale of buildings the first to
carry out public bidding for construction projects in accordance with international practices the first to set up a
property management company to the buildings and residences developed in an all-rounded manner as well as
winning the bid in the new China’s first auction of land use rights held in the Shenzhen Special Economic Zone.After more than 40 years of development the Company has grown into a business group with real estate
development and operation as its main business integrating engineering and construction project supervision
asset management and other diversified operations. It has paid great efforts to the establishment of a modern
enterprise HR management system and works hard in building a professional and high-quality development
team. It also keeps improving the management mechanism and processes for project development. As a result
its planning construction cost control marketing ability and brand image have been effectively improved.More importantly its main business operation ability and core competitiveness have been greatly enhanced.During the Reporting Period the Company received an “A” ESG rating from Sino-Securities Index InformationService (Shanghai) Co. Ltd. and was included in the “2025 TOP 20 ESG Performers in the Real Estate Industryamong A-Share Listed Companies” list published by Sino-Securities Index ESG Ratings.III Core Business Analysis
Overview:
See contents under the heading “I Principal Activity of the Company in the Reporting Period” above.Year-on-year changes in key financial data:
Unit: RMB
H1 2025 H1 2024 Change (%) Main reason for change
Increased revenue from
Operating revenue 637366221.35 134225119.43 374.85%
property sales
Increased revenue from
property sales and
Cost of sales 463717990.62 107432457.51 331.64%
corresponding increased
carry-forward costs
Increased revenue from
property sales and
Selling expense 9708711.93 5445739.08 78.28%
corresponding increased
selling expense
Completion of project
development and
Administrative expense 32175388.99 27071704.47 18.85%
cessation of
capitalization of staff
14ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
remuneration.Decreased bank
Finance costs 1213306.62 -5155017.94 -123.54% balances and deposit
interest income
Income tax expense 21496138.68 218507.36 9737.72% Increased gross profit
Net cash generated Decreased payments for
from/used in operating -87422241.58 -108449532.06 -19.39% project progress and
activities taxes
Net cash generated
Purchase of monetary
from/used in investing -109975806.04 -39264136.06 180.09%
funds
activities
Net cash generated
Decreased return of
from/used in financing -34949336.04 -103884505.69 -66.36%
bank loans
activities
Decreased payments for
Net increase in cash and
-232411276.38 -251595688.62 -7.63% project progress taxes
cash equivalents
and return of bank loans
Major changes in the profit structure or sources of the Company in the Reporting Period:
□ Applicable □ Not applicable
No such cases in the Reporting Period.Breakdown of operating revenue:
Unit: RMB
H1 2025 H1 2024
As % of total As % of total Change (%)
Amount operating revenue Amount operating revenue
(%)(%)
Total 637366221.35 100% 134225119.43 100% 374.85%
By operating division
Property sales 567722393.42 89.07% 15866847.06 11.82% 3478.04%
Engineering and
35772588.065.61%75207523.5956.03%-52.43%
construction
Property
1631793.560.26%1667962.601.24%-2.17%
management
Rental service and
32239446.315.06%41482786.1830.91%-22.28%
other
By product category
Residential units 567560925.52 89.05% 11145294.67 8.30% 4992.38%
Shops and parking
161467.900.03%4721552.393.52%-96.58%
lots
Other 69643827.93 10.93% 118358272.37 88.18% -41.16%
By operating segment
Guangdong
637015282.8199.94%133878137.7499.74%375.82%
Province
Overseas 350938.54 0.06% 346981.69 0.26% 1.14%
Operating division product category or operating segment contributing over 10% of operating revenue or operating profit:
□Applicable □ Not applicable
Unit: RMB
Operating
Cost of sales Gross YoY change in
YoY change in YoY change in
revenue profit operating revenue cost of sales (%) gross profit margin
15ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
margin (%) (%)
By operating division
405096533.2
Property sales 567722393.42 28.65% 3478.04% 4189.27% -29.22%
7
Engineering and
35772588.0635250621.591.46%-52.43%-51.97%-39.42%
construction
Property
1631793.561135860.3430.39%-2.17%-9.54%22.94%
management
Rental service
32239446.3122234975.4231.03%-22.28%-4.73%-29.06%
and other
By product category
Residential 404951239.8
567560925.5228.65%4992.38%4713.59%16.84%
units 7
Shops and
161467.90145293.4010.02%-96.58%-85.92%-87.18%
parking lots
Other 69643827.93 58621457.35 15.83% -41.16% -40.17% -8.02%
By operating segment
Guangdong 463717990.6
637015282.8127.20%375.82%331.64%37.72%
Province 2
Main business data of the most recent period restated according to changed statistical caliber for the Reporting Period
□ Applicable □ Not applicable
IV Non-Core Business Analysis
□Applicable □ Not applicable
VAnalysis of Assets and Liabilities
1. Significant Changes in Asset Composition
Unit: RMB
June 30 2025 December 31 2024
Change in Reason for any
As a % of As a % of
Amount Amount percentage (%) significant change
total assets total assets
Purchase of
monetary funds
Monetary assets 294583173.61 5.45% 529242725.36 8.84% -3.39% return of bank
loans and
payment of taxes
Accounts
43172939.420.80%56672795.520.95%-0.15%
receivable
Contract assets 31301000.64 0.58% 30888723.09 0.52% 0.06%
Carry-forward
Inventories 3182698105.65 58.83% 3636840229.34 60.74% -1.91%
property revenue
Investment
536064017.549.91%515925116.548.62%1.29%
property
Long-term equity
0.000.00%0.000.00%0.00%
investments
Fixed assets 15997574.09 0.30% 17489207.57 0.29% 0.01%
Construction in 0.00 0.00% 0.00 0.00% 0.00%
16ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
progress
Right-of-use
0.000.00%0.000.00%0.00%
assets
Short-term
1050000.000.02%1563000.000.03%-0.01%
borrowings
Revenue from the
transfer of
Contract
750558125.14 13.87% 1298146232.35 21.68% -7.81% advanced sales
liabilities
proceeds from
property sales
Long-term
62211091.221.15%62273677.821.04%0.11%
borrowings
Lease liabilities 0.00 0.00% 0.00 0.00% 0.00%
Held-for-trading Purchase of
1106464327.0120.45%987801938.5116.50%3.95%
financial assets monetary funds
Accounts payable 430845144.50 7.96% 464488982.30 7.76% 0.20%
Taxes payable 28032097.06 0.52% 27554810.01 0.46% 0.06%
Other payables 538415584.91 9.95% 561016653.17 9.37% 0.58%
2. MajorAssets Overseas
□Applicable □ Not applicable
3. Assets and Liabilities at Fair Value
□Applicable □ Not applicable
Unit: RMB
Gain/loss on Cumulativ
Impairment
fair-value e fair-value Purchased in Sold in the
Beginning allowance for Other
Item changes in changes the Reporting Reporting Ending amount
amount the Reporting changes
the Reporting charged to Period Period
Period
Period equity
Financial
assets
1. Held-for-
trading
financial
assets 110000000.0 1106464327.0
987801938.518662388.50
(excluding 0 1
derivative
financial
assets)
4.
Investments
in other 14697341.18 241517.87 14938859.05
equity
instruments
Total of the 1002499279.6 110000000.0 1121403186.0
8662388.50241517.87
above 9 0 6
Financial
0.000.00
liabilities
17ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Other change
Significant changes to the measurement attributes of the major assets in the Reporting Period:
□ Yes □ No
4. Restricted Asset Rights as at the Period-End
Item Ending carrying value (RMB) Reasons
Project of public facilities inside and surrounding the urban renewal project
Monetary assets 5817217.78 of Longgang District Shenzhen-construction funds; land reclamation
expenses of SPG Guangmingli Project
Monetary assets 58428.69 Frozen in a lawsuit case
Monetary assets 50000.00 Construction deposit
Monetary assets 158549.08 Stop payments suspend accounts
Accounts receivable 1824322.26 Put in pledge for short-term borrowings
Investment property 37130504.23 Mortgaged for borrowings
Inventories 161509611.70 Supplier litigation preservation
Total 206548633.74
VI Investment Analysis
1. Total Investments Made
□Applicable □ Not applicable
2. Significant Equity Investments Made in the Reporting Period
□Applicable □ Not applicable
3. Significant Non-equity Investments Ongoing in the Reporting Period
□Applicable □ Not applicable
4. Financial Investments
(1) Securities Investments
□Applicable □ Not applicable
No such cases in this Reporting Period
(2) Investment in Derivative Financial Instruments
□Applicable □ Not applicable
No such cases in this Reporting Period
18ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
5. Use of Funds Raised
□Applicable □ Not applicable
No such cases in this Reporting Period
VII Sale of Major Assets and Equity Interests
1. Sale of MajorAssets
□Applicable □ Not applicable
No such cases in this Reporting Period
2. Sale of Major Equity Interests
□Applicable □ Not applicable
VIII Principal Subsidiaries and Joint Stock Companies
□Applicable □ Not applicable
Principal subsidiaries and joint stock companies with an over 10% effect on the Company’s net profit:
Unit: RMB
Relationship
Main business Registered Operating Operating
Company name with the Total assets Net assets Net profit
scope capital revenue profit
Company
Guangdong
Jianbang Group
Development
(Huiyang) Subsidiary 2800000 1553097096.50 55692273.13 0.00 -359947.04 -356947.04
of real estate
Industrial Co.Ltd.Shenzhen SPG
Chuanqi Real
Development 1101712108.Estate Subsidiary 30000000 2032065022.71 539880189.91 138378296.90 103783722.67
of real estate 39
Development
Co. Ltd.Shenzhen SPG
Longgang Development
Subsidiary 30000000 99410994.32 63172714.36 512584.77 -553636.35 -548636.35
Development of real estate
Co. Ltd.Shantou SEZ
Wellam FTY
Development 91226120.4
Building Subsidiary 105040362.20 52929278.84 184296.22 28388.87 12860556.60
of real estate 4
Development
Co. Ltd.Shantou
Huafeng Real
Development
Estate Subsidiary 80000000 708243581.21 -49106259.91 24917250.74 -2052102.62 -1547710.90
of real estate
Development
Co. Ltd.Great Wall
Development
Estate Co. Inc. Subsidiary 2051146 20454456.42 -93418956.14 350938.54 -201536.70 -201536.70
of real estate
(U.S.)
Shenzhen Subsidiary Installation 10000000 92775771.80 11779272.04 38650899.27 -1469136.13 -1469136.13
19ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Zhentong and
Engineering maintenance
Co. Ltd.Shenzhen
Petrel Hotel Subsidiary Hotel service 30000000 60736561.40 41987126.25 8934027.27 800198.39 601745.65
Co. Ltd.Shenzhen
Huazhan
Construction
Construction Subsidiary 8000000 11011089.72 10673610.09 1437061.33 46245.79 36138.42
supervision
Supervision
Co. Ltd.Xin Feng
Investment and -
Enterprise Co. Subsidiary 502335 336638272.91 0.00 -859991.90 -859991.90
management 235061186.61
Ltd.Subsidiaries obtained or disposed in the Reporting Period:
□ Applicable □ Not applicable
Information about major majority- and minority-owned subsidiaries:
1. In May 2021 through the payment of consideration of RMB450 million the Group acquired 51% equity
interest in Guangdong Jianbang Group (Huiyang) Industrial Co. Ltd. The project company will develop the
Linxinyuan Project with a gross site area of 200000 square meters and a total capacity building area of 0.4
million square meters which will be developed in four phases. The Group has control over the project company
which will be included in the scope of consolidation in May 2021. As of June 30 2025 eight residential
buildings of Phase I have been capped the basement of Phase II has been completed the development of Phase
III and Phase IV are to be initiated and construction permit has not been granted for the school. There were no
sales in the first half of 2025.
2. In October 2021 the Company won the bid for a land plot in Guangming District and established the project
company Shenzhen SPG Chuanqi Real Estate Development Co. Ltd. to be responsible for the development and
construction of the land. In November 2024 the Company completed the acceptance of the construction project
with a cumulative sales rate of 99% for residential buildings. In the first half of 2025 the carryover revenue
reached RMB539880200 accounting for 95.1% revenue from the Group’s real estate sector and 84.7% of the
Group’s operating income.
3. The subordinate subsidiaries engaged in real estate development also include: Shenzhen SPG Longgang
Development Co. Ltd. Shantou SEZ Wellam FTY Building Development Co. Ltd. Shantou Huafeng Real
Estate Development Co. Ltd. The Cuilinyuan project developed by Shenzhen SPG Longgang Development Co.Ltd. recorded no sales in the first half of 2025. Jinyedao and YuejingDongfang developed by Shantou SEZ
Wellam FTY Building Development Co. Ltd. left a few amount of remaining buildings for sale. And Shantou
Huafeng Real Estate Development Co. Ltd. was responsible for the development of Tianyuewan project
(divided into Phase I and Phase II). Tianyuewan Phase I was open for sale in October 2016 and completed in
December 2019. The Phase II started construction in November 2018 and was completed at the end of June
2021. The overall sales progress is relatively slow with an accumulated sales rate of about 75.63% for Phase I
and 33.9% for Phase II.
4. Shenzhen Zhentong Engineering Co. Ltd. was engaged in the business of building installation and
maintenance with the H1 2025 operating revenues of RMB38.65 million and of 6.1% to the operating revenues
of the Company.
5. The H1 2025 net profit of Xin Feng Enterprise Co. Ltd. was of RMB-0.86 million which mainly due to the
depreciation and amortization of investment property.
20ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
IX Structured Bodies Controlled by the Company
□Applicable □ Not applicable
X Risks Facing the Company and Countermeasures
i. Macroeconomic risks and countermeasures
Since the beginning of this year China’s economy has been operating steadily with progress achieving new
results in high-quality development. Major economic indicators have performed well new quality productive
forces have been actively developed reform and opening up have continued to deepen and risks in key areas
have been effectively prevented and mitigated. However there are still many risks and challenges in the current
operation of the national economy. The real estate industry has a greater correlation with the macroeconomy and
is more influenced by the macroeconomic cycle. The Company will continue paying close attention to the
international and domestic macroeconomic situations and proactively adjust its operation strategies.ii. Industry development risks and countermeasures
At this stage as existing policies continue to show effects new policies are effectively implemented and the
combined impact of policies is continuously released the real estate market continues to move toward
stabilizing and halting the decline amid fluctuations. Nevertheless for some time to come the real estate
industry will still face many risks and potential hidden dangers and the market competition pattern will present
a new situation. The Company will closely monitor industry policies follow national strategic direction
continuously optimize the business development path and actively explore innovative operating models to
better adapt to changes in the external environment.iii. Business operating risks and countermeasures
Against the backdrop of increasingly fierce competition in the real estate market the Company is facing
challenges such as insufficient reserves of development land resources difficulties in selling inventory projects
and a lack of substantial results in new business expansion all of which are putting pressure on corporate
operation and development. The Company will closely monitor market dynamics and industry policy trends
intensify efforts to improve the quality and efficiency of existing assets consolidate the foundation of the core
business and actively seek innovative models and paths that align with its actual development needs to flexibly
respond to market challenges and explore broader development space.XI The Formulation and Implementation of the Market Value Management System and
Valuation Improvement Plan
Has the Company established a market value management system
□ Yes □ No
Has the Company disclosed a valuation improvement plan
□ Yes □ No
21ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
XII Implementation of the Action Plan for “Dual Enhancement of Quality and Profitability”
Has the Company disclosed its Action Plan for “Dual Enhancement of Quality and Profitability”
□ Yes □ No
22ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Part IV Corporate Governance Environment and Society
I Change of Directors Supervisors and Senior Management
□Applicable □ Not applicable
No changes occurred to directors supervisors and senior management in the Reporting Period. See the 2024 Annual Report for
more details.II Interim Dividend Plan
□Applicable □ Not applicable
The Company has no interim dividend plan either in the form of cash or stock.III Equity Incentive Plans Employee Stock Ownership Plans or Other Incentive Measures
for Employees
□Applicable □ Not applicable
No such cases in the Reporting Period.IV Environmental Information Disclosure
Whether the listed company and its principal subsidiaries are included in the list of enterprises legally required to disclose
environmental information
□ Yes □ No
V Social Responsibility
While pursuing economic benefits and protecting the interests of shareholders the Company proactively
fulfilled its social responsibilities demonstrating the Company’s social value and responsibilities. During the
Reporting Period the Company intensively carried out consumer assistance initiatives to support Shenzhen’s
consumer assistance and rural revitalization work continued its assistance project in Longdu Town Chenghai
District Shantou City and organized comprehensive fire emergency drills for commercial tenants in the
properties under its management to enhance public awareness of fire safety prevention.
23ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Part V Significant Events
I Commitments of the Company’s De Facto Controller Shareholders Related Parties and
Acquirers as well as the Company Itself and Other Entities Fulfilled in the Reporting
Period or Ongoing at the Period-End
□Applicable □ Not applicable
No such cases in the Reporting Period.II 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.III Irregularities in the Provision of Guarantees
□Applicable □ Not applicable
No such cases in the Reporting Period.IV Engagement and Disengagement of Independent Auditor
Are the interim financial statements audited
□ Yes □ No
The interim financial statements have not been audited.V Explanations Given by the Board of Directors and the Supervisory Committee Regarding
the Independent Auditor’s “Modified Opinion” on the Financial Statements of the
Reporting Period
□Applicable □ Not applicable
VI Explanations Given by the Board of Directors Regarding the Independent Auditor’s
“Modified Opinion” on the Financial Statements of Last Year
□Applicable □ Not applicable
VII Insolvency and Reorganization
□Applicable □ Not applicable
No such cases in the Reporting Period.VIII Legal Matters
Significant lawsuits and arbitrations:
24ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
□Applicable □ Not applicable
General Involved Index to
Provisio Execution of Disclosure
informatio amount Progress Decisions and effects disclosed
n decisions date
n (RMB’0000) information
As Jianbang Group is incapable of
Huizhou Mingxiang
paying the commercial bills due in
Economic
January 2022 which total
Information
RMB177151400 Huizhou
Consulting Co.Mingxiang Economic Information
Ltd. Huizhou
Consulting Co. Ltd. Huizhou
Huiyang Hongfa Annual
Huiyang Hongfa Industry & Trade
Industry and Trade Report 2024
Lawsuit Co. Ltd. and Huizhou
In Co. Ltd. and March 22 (No.: 2025-
of bill 17715.14 No Jinlongsheng Industrial Co. Ltd.execution Huizhou 2025 005) on
dispute brought a lawsuit on the bill
Jinlongsheng www.cninfo.c
dispute to the People’s Court of
Industrial Co. Ltd. om.cn
Huiyang District. The Huiyang
have applied to
District Court ruled at first
Huizhou
instance in March 2023 that
Intermediate
Jianbang should pay the
People’s Court for
acceptance bill amount and
execution.interest.Pursuant to the
effective civil
judgment the
Company has
In January 2024 the Company applied for
Announcemen
received a civil judgment of the compulsory
t on the
first instance issued by the execution which
Progress of
Contractu Shenzhen Luohu District People’s has been accepted
In May 13 Litigation
al disputes 39568.85 No Court. The Company won the case and registered by
execution 2025 Matters (No.:
over loans and has applied to the Luohu the Luohui District
2025-013) on
District People’s Court of People’s Court of
www.cninfo.c
Shenzhen for compulsory Shenzhen City
om.cn
execution. Guangdong
Province with the
case numbered
(2025) Y. 0303 ZH.
No. 9500.On January 8 2025 the Company
received the first-instance civil
Joint
judgment in this case. The
venture
judgment made by the Huizhou
and Announcemen
Intermediate People’s Court
cooperativ t on Litigation
In the supported some of the Company’s
e real In the second December Matters (No.:
74357.5 No second litigation requests. On January 22
estate instance. 8 2023 2023-048) on
instance 2025 the Company appealed
developm www.cninfo.c
against the claims not supported.ent om.cn
The second-instance hearing of the
contract
case was held on May 22 2025
disputes
and the case is currently in the
second instance.The second-instance ruling for this Pursuant to the Announcemen
case was received in October effective civil t on the
Contractu
In 2024 and because the defendant judgment the June 12 Progress of
al disputes 41952.29 No
execution did not pay the appeal fee it was Company has 2025 Litigation
over loans
treated as a withdrawal of the applied for Matters (No.:
appeal. The Company won this compulsory 2025-016) on
25ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
case and has applied for execution. The case www.cninfo.c
compulsory execution. has been accepted om.cn
by the Huizhou
Intermediate
People’s Court of
Guangdong
Province which has
initiated a pre-
enforcement
reconciliation and
urging procedure
with the case
numbered (2025) Y.
13 ZH.Q.D. No.
339.
Other legal matters:
□ Applicable □ Not applicable
IX Punishments and Rectifications
□Applicable □ Not applicable
No such cases in the Reporting Period.X Credit Quality of the Company as well as its Controlling Shareholder and De Facto
Controller
□Applicable □ Not applicable
XI Major Related-Party Transactions
1. Continuing Related-Party Transactions
□Applicable □ Not applicable
No such cases in the Reporting Period.
2. Related-Party Transactions Regarding Purchase or Sales of Assets or Equity Interests
□Applicable □ Not applicable
No such cases in the Reporting Period.
3. Related Transactions Regarding Joint Investments in Third Parties
□Applicable □ Not applicable
No such cases in the Reporting Period.
4. Amounts Due to and from Related Parties
□Applicable □ Not applicable
No such cases in the Reporting Period.
26ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
5. Transactions with Related Finance Companies
□Applicable □ Not applicable
The Company did not make deposits in receive loans or credit from and was not involved in any other finance business with any
related finance company or any other related parties.
6. Transactions with Related Parties by Finance Companies Controlled by the Company
□Applicable □ Not applicable
The finance company controlled by the Company did not make deposits receive loans or credit from and was not involved in any
other finance business with any related parties.
7. Other Major Related-Party Transactions
□Applicable □ Not applicable
No such cases in the Reporting Period.XII Major Contracts and Execution thereof
1. Entrustment Contracting and Leases
(1) Entrustment
□Applicable □ Not applicable
No such cases in the Reporting Period.
(2) Contracting
□Applicable □ Not applicable
No such cases in the Reporting Period.
(3) Leases
□Applicable □ Not applicable
No such cases in the Reporting Period.
2. Major Guarantees
□Applicable □ Not applicable
No such cases in the Reporting Period.
3. Cash Entrusted for Wealth Management
□Applicable □ Not applicable
Unit: RMB’0000
Unrecovered
Type Funding source Amount Undue amount Unrecovered
overdue amount overdue amount
27ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
with provision for
impairment
Other Self-funded 110646.43 110646.43 0 0
Total 110646.43 110646.43 0 0
High-risk entrusted wealth management with significant single amount or low security and poor liquidity:
□ Applicable □ Not applicable
Whether there is the case where the principal cannot be recovered at maturity or other case which may cause impairment for
entrusted wealth management
□ Applicable □ Not applicable
4. Other Significant Contracts
□Applicable □ Not applicable
No such cases in the Reporting Period.XIII Other Significant Events
□Applicable □ Not applicable
No such cases in the Reporting Period.XIV Significant Events of Subsidiaries
□Applicable □ Not applicable
28ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Part VI Share Changes and Shareholder Information
I Share Changes
1. Share Changes
Unit: share
Before Increase/decrease (+/-) in the current period After
Shares as Shares as
Percentag New dividend dividend Subtota Percentag
Shares Other Shares
e (%) issues converted converted from l e (%)
from profit capital reserves
1. Restricted shares 0.00 0.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00%
1.1 Shares held
0.000.00%0.000.000.000.000.000.000.00%
by the state
1.2 Shares held
by state-owned 0.00 0.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00%
legal persons
1.3 Shares held
by other domestic 0.00 0.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00%
investors
Among
which: shares held
0.000.00%0.000.000.000.000.000.000.00%
by domestic legal
persons
Shares held
by domestic 0.00 0.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00%
natural persons
1.4 Oversea
0.000.00%0.000.000.000.000.000.000.00%
shareholdings
Among
which: shares held
0.000.00%0.000.000.000.000.000.000.00%
by overseas legal
persons
Shares held
by overseas natural 0.00 0.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00%
persons
2. Unrestricted 1011660000.0 1011660000.0
100.00%0.000.000.000.000.00100.00%
shares 0 0
2.1 RMB
891660000.0088.14%0.000.000.000.000.00891660000.0088.14%
ordinary shares
2.2
Domestically listed 120000000.00 11.86% 0.00 0.00 0.00 0.00 0.00 120000000.00 11.86%
foreign shares
2.3 Overseas
listed foreign 0.00 0.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00%
shares
2.4 Other 0.00 0.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00%
29ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
1011660000.01011660000.0
3. Total shares 100.00% 0.00 0.00 0.00 0.00 0.00 100.00%
00
Reasons for share changes:
□ Applicable □ Not applicable
Approval of share changes:
□ Applicable □ Not applicable
Transfer of share ownership:
□ Applicable □ Not applicable
Progress on any share repurchase:
□ Applicable □ Not applicable
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable □ Not applicable
Effects of share changes on the basic and diluted earnings per share equity per share attributable to the Company’s ordinary
shareholders and other financial indicators of the prior year and the prior accounting period respectively:
□ Applicable □ Not applicable
Other information that the Company considers necessary or is required by the securities regulator to be disclosed:
□ Applicable □ Not applicable
2. Changes in Restricted Shares
□Applicable □ Not applicable
II Issuance and Listing of Securities
□Applicable □ Not applicable
III Total Number of Shareholders and Their Shareholdings
Unit: share
Total number of preference shareholders with
Total number of ordinary
36349 resumed voting rights at the period-end (if 0
shareholders at the period-end
any)
Shareholding of shareholders holding more than 5% shares or the top 10 of shareholders (exclusive of shares lent in refinancing)
Total shares Increase/decrease Non- Shares in pledge
Nature of Shareholding Restricted
Name of shareholder held at the in the Reporting restricted marked or frozen
shareholder percentage shares held
period-end Period shares held Status Shares
Shenzhen Investment State-owned
55.78% 564353838 0 0 564353838 N/A 0
Holdings Co. Ltd. corporation
Shenzhen State- Domestic
Owned Equity non-state-
6.35% 64288426 0 0 64288426 N/A 0
Operation and owned legal
Management Co. Ltd. person
Domestic
In
Yang Jianmin natural 1.32% 13361817 -136200 0 13361817 2840000
pledge
person
Domestic
Wang Yulan 0.62% 6228591 0 0 6228591 N/A 0
natural
30ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
person
Hong Kong Securities
Foreign legal
Clearing Company 0.50% 5037694 836391 0 5037694 N/A 0
person
Ltd.Domestic
Zhang Xiujuan natural 0.48% 4829700 0 0 4829700 N/A 0
person
Domestic
He Qiao natural 0.39% 3968100 176200 0 3968100 N/A 0
person
Industrial and
Commercial Bank of
China Co. Ltd.- China
Southern CSI All-
Other 0.34% 3409704 1300100 0 3409704 N/A 0
Index Real Estate
Traded Open-End
Index Securities
Investment Fund
Domestic
Wang Jinghua natural 0.33% 3310000 1960000 0 3310000 N/A 0
person
Domestic
Wang Zhengying natural 0.29% 2961900 0 0 2961900 N/A 0
person
Strategic investor or general
legal person becoming a top-10
N/A
shareholder due to rights issue
(if any) (see Note 3)
Among the top 10 shareholders of the Company Shenzhen State-owned Equity Management Co.Related or acting-in-concert Ltd. is a wholly-owned subsidiary of Shenzhen Investment Holdings Co. Ltd. The Company does
parties among the shareholders not know whether there exists associated relationship among the other shareholders or whether
above they are persons acting in concert as prescribed in the Administrative Measures for the Acquisition
of Listed Companies.Explain if any of the
shareholders above was
involved in entrusting/being N/A
entrusted with voting rights or
waiving voting rights
Special account for share
repurchases among the top 10
N/A
shareholders (if any) (see Note
11)
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and executive lock-in shares)
Shares by type
Name of shareholder Unrestricted shares held at the period-end
Shares by type Shares
Shenzhen Investment Holdings
564353838 RMB ordinary shares 564353838
Co. Ltd.Shenzhen State-Owned Equity
Operation and Management Co. 64288426 RMB ordinary shares 64288426
Ltd.Yang Jianmin 13361817 RMB ordinary shares 13361817
Wang Yulan 6228591 RMB ordinary shares 6228591
Hong Kong Securities Clearing
5037694 RMB ordinary shares 5037694
Company Ltd.Zhang Xiujuan 4829700 RMB ordinary shares 4829700
31ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
He Qiao 3968100 RMB ordinary shares 3805700
Domestically listed
He Qiao 3968100 162400
foreign shares
Industrial and Commercial Bank
of China Co. Ltd.- China
Southern CSI All-Index Real 3409704 RMB ordinary shares 3409704
Estate Traded Open-End Index
Securities Investment Fund
Wang Jinghua 3310000 RMB ordinary shares 3310000
Wang Zhengying 2961900 RMB ordinary shares 2961900
Related or acting-in-concert
Among the top 10 unrestricted ordinary shareholders of the Company Shenzhen State-owned
parties among top 10
Equity Management Co. Ltd. is a wholly-owned subsidiary of Shenzhen Investment Holdings Co.unrestricted shareholders as
Ltd. The Company does not know whether there exists associated relationship among the other
well as between top 10
shareholders or whether they are persons acting in concert as prescribed in the Administrative
unrestricted shareholders and
Measures for the Acquisition of Listed Companies.top 10 shareholders
Top 10 ordinary shareholders Among the top 10 shareholders of the Company the third sixth seventh and tenth shareholders
involved in securities margin held 9804200 shares 4760400 shares 3545750 shares and 2961900 shares in their respective
trading (if any) (see Note 4) credit securities accounts.
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
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.IV Change in Shareholdings of Directors Supervisors and Senior Management
□Applicable □ Not applicable
No changes occurred to the shareholdings of the directors supervisors and senior management in the Reporting Period. See the
2024 Annual Report for more details.
V Change of the Controlling Shareholder or the De Facto Controller
Change of the controlling shareholder in the Reporting Period
□ Applicable □ Not applicable
No such cases in the Reporting Period.Change of the de facto controller in the Reporting Period
□ Applicable □ Not applicable
No such cases in the Reporting Period.VI Preference Shares
□Applicable □ Not applicable
No preference shares in the Reporting Period.
32ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Part VII Bonds
□Applicable □ Not applicable
33ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Part VIII Financial Statements
1、 Audit report
Has the semi annual report been audited
□ Yes□No
The company's semi annual financial report has not been audited.
2、 Financial statements
The unit of the financial statements in the financial notes is: yuan
1. Consolidated balance sheet
Prepared by: Shenzhen Special Economic Zone Real Estate (Group) Co. Ltd
June 30th 2025
Unit: Yuan
project Closing balance Opening balance
Current assets
Cash and bank balances 294583173.61 529242725.36
Settlement provisions 0.00 0.00
Lending funds 0.00 0.00
Held-for-trading financial assets 1106464327.01 987801938.51
Derivative financial assets 0.00 0.00
Notes receivable 0.00 100000.00
accounts receivable 43172939.42 56672795.52
Accounts receivable financing 0.00 0.00
Prepayments 1005107.33 1201106.21
premium receivable 0.00 0.00
accounts receivable reinsurance 0.00 0.00
Reserve for receivable reinsurance
0.000.00
contracts
Other receivables 16017762.62 7438040.83
Among them: accrued interest 0.00 0.00
Dividends receivable 0.00 0.00
Buying back the sale of financial
0.000.00
assets
inventory 3182698105.65 3636840229.34
Among them: data resources 0.00 0.00
contract asset 31301000.64 30888723.09
Holding assets for sale 0.00 0.00
Non current assets due within one year 0.00 0.00
Other current assets 132505654.67 154192023.86
34ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Total current assets 4807748070.95 5404377582.72
Non current assets:
Granting loans and advances 0.00 0.00
debt investment 0.00 0.00
Other debt investments 0.00 0.00
long-term receivables 0.00 0.00
long-term equity investment 0.00 0.00
Other equity instrument investments 14938859.05 14697341.18
Other non current financial assets 0.00 0.00
Investment real estate 536064017.54 515925116.54
fixed assets 15997574.09 17489207.57
construction in progress 0.00 0.00
Productive biological assets 0.00 0.00
oil and gas assets 0.00 0.00
right-of-use asset 0.00 0.00
intangible assets 0.00 0.00
Among them: data resources 0.00 0.00
development expenditure 0.00 0.00
Among them: data resources 0.00 0.00
goodwill 0.00 0.00
Long-term Deferred Expense 1333041.68 1719911.72
deferred tax assets 33874007.57 33571496.94
Other non-current assets 14037.08 0.00
Total non-current assets 602221537.01 583403073.95
Total Assets 5409969607.96 5987780656.67
Current liabilities
short-term borrowing 1050000.00 1563000.00
Borrowing from the Central Bank 0.00 0.00
Borrowing funds 0.00 0.00
Trading financial liabilities 0.00 0.00
Derivative financial liabilities 0.00 0.00
Notes Payable 0.00 0.00
accounts payable 430845144.50 464488982.30
Advance receipts 3637312.24 1398988.78
Contract liability 750558125.14 1298146232.35
Financial Assets Sold for Repurchase 0.00 0.00
Deposit taking and interbank deposits 0.00 0.00
Acting trading securities 0.00 0.00
Acting underwriting securities 0.00 0.00
Employee benefits payable 21981201.85 22499368.29
Taxes payable 28032097.06 27554810.01
Other payables 538415584.91 561016653.17
35ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Among them: accrued interest 16784873.34 16535277.94
Dividends payable 0.00 0.00
Payable handling fees and
0.000.00
commissions
Accounts payable reinsurance 0.00 0.00
Held for sale liabilities 0.00 0.00
Non current liabilities due within one
125173.2033888347.83
year
Other current liabilities 67457629.96 118304068.47
Total Current Liabilities 1842102268.86 2528860451.20
Non current liabilities:
Insurance contract reserves 0.00 0.00
long-term loans 62211091.22 62273677.82
bonds payable 0.00 0.00
Among them: Preferred Stock 0.00 0.00
perpetual bond 0.00 0.00
lease liability 0.00 0.00
long-term payables 0.00 0.00
Long term payable employee
0.000.00
compensation
provisions 0.00 0.00
Deferred revenue 0.00 0.00
Deferred Tax Liability 1259459.98 1259459.98
Other Non-Current Liabilities 0.00 0.00
Total Non-current Liabilities 63470551.20 63533137.80
Total Liabilities 1905572820.06 2592393589.00
Owner's equity:
share capital 1011660000.00 1011660000.00
Other equity instruments 0.00 0.00
Among them: Preferred Stock 0.00 0.00
perpetual bond 0.00 0.00
Capital reserve 978244910.11 978244910.11
Less: Treasury stocks 0.00 0.00
Other comprehensive income 29429313.76 23060416.31
Special Reserve 0.00 0.00
Surplus reserve 275253729.26 275253729.26
General risk provisions 0.00 0.00
Retained earnings 1326921084.16 1223893437.74
Total equity attributable to the owners of
3621509037.293512112493.42
the parent company
Minority interest -117112249.39 -116725425.75
Total owner's equity 3504396787.90 3395387067.67
Total liabilities and owner's equity 5409969607.96 5987780656.67
Legal representative: Tang Xiaoping in charge of accounting work: Wang Jianfei in charge of accounting agency: Zhou Hongpu
2. Parent company balance sheet
Unit: Yuan
36ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
project Closing balance Opening balance
Current assets
Cash and bank balances 69512270.01 83656432.61
Held-for-trading financial assets 1106464327.01 987801938.51
Derivative financial assets 0.00 0.00
Notes receivable 0.00 0.00
accounts receivable 5691924.00 7200138.91
Accounts receivable financing 0.00 0.00
Prepayments 93540.18 0.00
Other receivables 1738688636.31 1751551390.53
Among them: accrued interest 0.00 0.00
Dividends receivable 24222722.88 29222722.88
inventory 312474.69 315900.69
Among them: data resources 0.00 0.00
contract asset 0.00 0.00
Holding assets for sale 0.00 0.00
Non current assets due within one year 0.00 0.00
Other current assets 1159539.06 1037878.95
Total current assets 2921922711.26 2831563680.20
Non current assets:
debt investment 0.00 0.00
Other debt investments 0.00 0.00
long-term receivables 0.00 0.00
long-term equity investment 1160766664.14 1160766664.14
Other equity instrument investments 14697341.18 14697341.18
Other non current financial assets 0.00 0.00
Investment real estate 398592498.79 409742121.37
fixed assets 9663935.58 10736433.64
construction in progress 0.00 0.00
Productive biological assets 0.00 0.00
oil and gas assets 0.00 0.00
right-of-use asset 0.00 0.00
intangible assets 0.00 0.00
Among them: data resources 0.00 0.00
development expenditure 0.00 0.00
Among them: data resources 0.00 0.00
goodwill 0.00 0.00
Long-term Deferred Expense 570115.90 770175.82
deferred tax assets 469690.21 469690.21
Other non-current assets 14037.08 0.00
Total non-current assets 1584774282.88 1597182426.36
Total Assets 4506696994.14 4428746106.56
37ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Current liabilities
short-term borrowing 0.00 0.00
Trading financial liabilities 0.00 0.00
Derivative financial liabilities 0.00 0.00
Notes Payable 0.00 0.00
accounts payable 13202758.97 13684223.19
Advance receipts 0.00 0.00
Contract liability 2203736.18 95842.85
Employee benefits payable 15942157.33 15935363.87
Taxes payable 15140523.87 12314051.54
Other payables 941493955.43 854613311.67
Among them: accrued interest 16784873.34 16535277.94
Dividends payable 0.00 0.00
Held for sale liabilities 0.00 0.00
Non current liabilities due within one
125173.20374768.60
year
Other current liabilities 110186.82 4792.15
Total Current Liabilities 988218491.80 897022353.87
Non current liabilities:
long-term loans 62211091.22 62273677.82
bonds payable 0.00 0.00
Among them: Preferred Stock 0.00 0.00
perpetual bond 0.00 0.00
lease liability 0.00 0.00
long-term payables 0.00 0.00
Long term payable employee
0.000.00
compensation
provisions 0.00 0.00
Deferred revenue 0.00 0.00
Deferred Tax Liability 1259459.98 1259459.98
Other Non-Current Liabilities 0.00 0.00
Total Non-current Liabilities 63470551.20 63533137.80
Total Liabilities 1051689043.00 960555491.67
Owner's equity:
share capital 1011660000.00 1011660000.00
Other equity instruments 0.00 0.00
Among them: Preferred Stock 0.00 0.00
perpetual bond 0.00 0.00
Capital reserve 964711931.13 964711931.13
Less: Treasury stocks 0.00 0.00
Other comprehensive income 2023005.89 2023005.89
Special Reserve 0.00 0.00
Surplus reserve 252124115.85 252124115.85
Retained earnings 1224488898.27 1237671562.02
Total owner's equity 3455007951.14 3468190614.89
Total liabilities and owner's equity 4506696994.14 4428746106.56
38ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
3. Consolidated income statement
Unit: Yuan
project Half year 2025 Half year 2024
1、 Total operating revenue 637366221.35 134225119.43
Among them: operating income 637366221.35 134225119.43
interest income
Earned premium 0.00 0.00
Fee and commission income 0.00 0.00
2、 Total operating cost 522377406.04 141726383.25
Among them: operating costs 463717990.62 107432457.51
interest expense 0.00 0.00
Handling fees and commission
0.000.00
expenses
Refund deposit 0.00 0.00
Net compensation expenses 0.00 0.00
Net amount of insurance
0.000.00
liability reserve extracted
Expenditures dividend policy 0.00 0.00
Reinsurance fees 0.00 0.00
Taxes and Surcharges 15562007.88 6931500.13
sales expenses 9708711.93 5445739.08
administrative expenses 32175388.99 27071704.47
R&D expenses 0.00 0.00
financial expenses 1213306.62 -5155017.94
Among them: interest
2788711.79888171.77
expenses
interest income 2154378.05 4839207.82
Add: Other income 31652.46 83011.12
Investment income (loss
99669.36777600.00
indicated by "-")
Among them: Investment
income from joint ventures and joint 0.00 0.00
ventures
Financial assets
measured at amortized cost are 0.00 0.00
derecognized for income
Exchange gain (loss indicated by
0.000.00
"-")
Net exposure hedging income
0.000.00
(loss indicated by "-")
Gains from changes in fair value
8662388.509721583.19
(losses indicated by "-")
Credit impairment loss (loss
-77782.93-28831.96
indicated by "-")
Asset impairment loss (loss -15230.21 652630.46
39ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
indicated by "-")
Asset disposal income (loss
0.00223872.34
indicated by "-")
3、 Operating profit (loss indicated by "- 123689512.49 3928601.33
")
Add: Non operating income 20130.74 1188528.59
Less: Non operating expenses 1634.14 30183.63
4、 Total profit (total loss indicated by a
123708009.095086946.29
"-" sign)
Less: Income tax expenses 21496138.68 218507.36
5、 Net profit (net loss indicated by "-") 102211870.41 4868438.93
（1） Classified by business
continuity
1. Net profit from ongoing
operations (net loss indicated by a "-" 102211870.41 4868438.93
sign)
2. Net profit from discontinued
operations (net loss indicated by a "-" 0.00 0.00
sign)
（2） Classified by ownership
1. Net profit attributable to
shareholders of the parent company (net 103027646.42 5622791.39
loss indicated by a "-" sign)
2. Minority shareholder profit and
-815776.01-754352.46
loss (net loss indicated by "-")
6、 Net amount after tax of other
6797849.82-2108837.38
comprehensive income
Net amount after tax of other
comprehensive income attributable to the 6368897.45 -2007269.38
owners of the parent company
（1） Other comprehensive income
that cannot be reclassified into profit or 241517.87 735928.78
loss
1. Re measure the amount of
0.000.00
changes in the defined benefit plan
2. Other comprehensive income
that cannot be converted to profit or loss 0.00 0.00
under the equity method
3. Changes in fair value of other
241517.87735928.78
equity instrument investments
4. Changes in fair value of
0.000.00
corporate credit risk
5. Other 0.00 0.00
（2） Reclassify other
6127379.58-2743198.16
comprehensive income into profit or loss
1. Other comprehensive income
convertible into profit or loss under the 0.00 0.00
equity method
2. Changes in fair value of other
0.000.00
debt investments
3. Reclassified amount of
financial assets included in other 0.00 0.00
comprehensive income
4. Provision for credit impairment
0.000.00
of other debt investments
40ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
5. Cash flow hedging reserve 0.00 0.00
6. Translation differences in
6127379.58-2743198.16
foreign currency financial statements
7. Other 0.00 0.00
Net amount after tax of other
comprehensive income attributable to 428952.37 -101568.00
minority shareholders
7、 Total comprehensive income 109009720.23 2759601.55
Total comprehensive income
attributable to the owners of the parent 109396543.87 3615522.01
company
Total comprehensive income
-386823.64-855920.46
attributable to minority shareholders
8、 Earnings per share:
（1） Basic earnings per share 0.1018 0.0056
（2） Dilute earnings per share 0.1018 0.0056
In the current period if there is a merger of enterprises under the same control the net profit realized by the merged party before
the merger is: yuan and the net profit realized by the merged party in the previous period is: yuan.Legal representative: Tang Xiaoping in charge of accounting work: Wang Jianfei in charge of accounting agency: Zhou Hongpu
4. Income Statement of the Parent Company
Unit: Yuan
project Half year 2025 Half year 2024
I. operating income 23097217.24 32477256.72
Reduce: Operating costs 15530601.07 14063038.19
Taxes and Surcharges 7010315.64 5603750.17
sales expenses 1752440.34 956228.79
administrative expenses 18361484.35 19465929.66
R&D expenses 0.00 0.00
financial expenses 2423621.13 -1057897.78
Among them: interest expenses 2414263.08 887841.14
interest income 507352.13 670547.22
Add: Other income 28158.18 79381.82
Investment income (loss
99669.36777600.00
indicated by "-")
Among them: Investment
income from joint ventures and joint 0.00 0.00
ventures
Financial assets
measured at amortized cost are
0.000.00
derecognized for income (losses are
indicated by a "-" sign)
Net exposure hedging income
0.000.00
(loss indicated by "-")
Gains from changes in fair value
8662388.509721583.19
(losses indicated by "-")
Credit impairment loss (loss
0.000.00
indicated by "-")
Asset impairment loss (loss 0.00 0.00
41ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
indicated by "-")
Asset disposal income (loss
0.00223872.34
indicated by "-")
2、 Operating profit (loss indicated by "- -13191029.25 4248645.04
")
Add: Non operating income 8398.00 0.09
Less: Non operating expenses 32.50 30000.00
3、 Total profit (total loss indicated by a
-13182663.754218645.13
"-" sign)
Less: Income tax expenses 0.00 66094.64
4、 Net profit (net loss indicated by "-") -13182663.75 4152550.49
（1） Continuing operating net profit
-13182663.754152550.49
(net loss indicated by "-")
（2） Termination of operating net
profit (net loss indicated by "-")
5、 Net amount after tax of other 0.00 0.00
comprehensive income
（1） Other comprehensive income
that cannot be reclassified into profit or 0.00 0.00
loss
1. Re measure the amount of
0.000.00
changes in the defined benefit plan
2. Other comprehensive income
that cannot be converted to profit or loss 0.00 0.00
under the equity method
3. Changes in fair value of other
0.000.00
equity instrument investments
4. Changes in fair value of
0.000.00
corporate credit risk
5. Other 0.00 0.00
（2） Reclassify other
comprehensive income into profit or loss
1. Other comprehensive income
convertible into profit or loss under the 0.00 0.00
equity method
2. Changes in fair value of other
0.000.00
debt investments
3. Reclassified amount of
financial assets included in other 0.00 0.00
comprehensive income
4. Provision for credit impairment
0.000.00
of other debt investments
5. Cash flow hedging reserve 0.00 0.00
6. Translation differences in
0.000.00
foreign currency financial statements
7. Other 0.00 0.00
6、 Total comprehensive income -13182663.75 4152550.49
7、 Earnings per share:
（1） Basic earnings per share
（2） Dilute earnings per share
5. Consolidated cash flow statement
Unit: Yuan
42ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
project Half year 2025 Half year 2024
1、 Cash flows generated from operating
activities:
Cash received from selling goods and
107961865.12241759518.54
providing services
Net increase in customer deposits and
0.000.00
interbank deposits
Net increase in borrowing from the
0.000.00
central bank
Net increase in funds borrowed from
0.000.00
other financial institutions
Cash received from the premium of
0.000.00
the original insurance contract
Net cash received from reinsurance
0.000.00
business
Net increase in policyholder savings
0.000.00
and investment funds
Cash collected for interest handling
0.000.00
fees and commissions
Net increase in borrowed funds 0.00 0.00
Net increase in repurchase business
0.000.00
funds
Net cash received from proxy
0.000.00
securities trading
Refunds of taxes 14257792.80 2101600.10
Received other cash related to
120662833.7349455585.99
operating activities
Subtotal of cash inflows from operating
242882491.65293316704.63
activities
Cash paid for purchasing goods and
79091286.46209737359.76
receiving labor services
Net increase in customer loans and
0.000.00
advances
Net increase in deposits with the
0.000.00
central bank and interbank funds
Cash payment for original insurance
0.000.00
contract compensation
Net increase in borrowed funds 0.00 0.00
Cash payment for interest handling
0.000.00
fees and commissions
Cash payment for policy dividends 0.00 0.00
Cash paid to and for employees 31933948.07 36582617.63
Taxes paid 65156436.59 86650542.16
Pay other cash related to operating
154123062.1168795717.14
activities
Subtotal of cash outflows from operating
330304733.23401766236.69
activities
Net cash flows from operating activities -87422241.58 -108449532.06
2、 Cash flows generated from
investment activities:
Cash received from investment
0.000.00
recovery
Cash received from obtaining 99669.36 777600.00
43ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
investment returns
Net cash received from disposal of
fixed assets intangible assets and other 0.00 0.00
long-term assets
Net cash received from disposal of
0.000.00
subsidiaries and other operating units
Received cash related to other
0.000.00
investment activities
Subtotal of cash inflows from investing
99669.36777600.00
activities
Cash paid for the purchase and
construction of fixed assets intangible 75475.40 41736.06
assets and other long-term assets
Cash paid for investment 0.00 0.00
Net increase in pledged loans 0.00 0.00
Net cash received from subsidiaries
0.000.00
and other operating units
Pay other cash related to investment
110000000.0040000000.00
activities
Subtotal of cash outflows from investing
110075475.4040041736.06
activities
Net cash flows generated from
-109975806.04-39264136.06
investment activities
3、 Cash flows generated from financing
activities:
Cash received from absorbing
0.000.00
investments
Among them: Cash received by
subsidiaries from absorbing investments 0.00 0.00
from minority shareholders
Cash received from obtaining loans 0.00 0.00
Received other cash related to
0.000.00
financing activities
Subtotal of cash inflows from financing
0.000.00
activities
Cash repayments of amounts
33500586.60100376586.60
borrowed
Cash paid for distributing dividends
1448749.443507919.09
profits or paying interest
Among them: dividends and profits
paid by subsidiaries to minority 0.00 0.00
shareholders
Pay other cash related to financing
0.000.00
activities
Subtotal of cash outflows from financing
34949336.04103884505.69
activities
Net cash flows generated from financing
-34949336.04-103884505.69
activities
4、 The impact of exchange rate
-63892.722485.19
fluctuations on cash and cash equivalents
5、 Net increase in cash and cash
-232411276.38-251595688.62
equivalents
Add: Opening cash and cash
520910254.44859146413.35
equivalents balance
6、 Closing balance of cash and cash
288498978.06607550724.73
equivalents
44ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
6. Parent company cash flow statement
Unit: Yuan
project Half year 2025 Half year 2024
1、 Cash flows generated from operating
activities:
Cash received from selling goods and
27636940.8538235476.73
providing services
Refunds of taxes 31866.46 83084.73
Received other cash related to
122029488.6144933222.51
operating activities
Subtotal of cash inflows from operating
149698295.9283251783.97
activities
Cash paid for purchasing goods and
193118.60203030.04
receiving labor services
Cash paid to and for employees 17111206.32 20556317.11
Taxes paid 6276383.28 14183984.15
Pay other cash related to operating
34259333.8117246632.45
activities
Subtotal of cash outflows from operating
57840042.0152189963.75
activities
Net cash flows from operating activities 91858253.91 31061820.22
2、 Cash flows generated from
investment activities:
Cash received from investment
5000000.000.00
recovery
Cash received from obtaining
99669.36777600.00
investment returns
Net cash received from disposal of
fixed assets intangible assets and other 0.00 0.00
long-term assets
Net cash received from disposal of
0.000.00
subsidiaries and other operating units
Received cash related to other
0.000.00
investment activities
Subtotal of cash inflows from investing
5099669.36777600.00
activities
Cash paid for the purchase and
construction of fixed assets intangible 6884.96 4699.00
assets and other long-term assets
Cash paid for investment 0.00 0.00
Net cash received from subsidiaries
0.000.00
and other operating units
Pay other cash related to investment
110000000.0040210000.00
activities
Subtotal of cash outflows from investing
110006884.9640214699.00
activities
Net cash flows generated from
-104907215.60-39437099.00
investment activities
3、 Cash flows generated from financing
activities:
Cash received from absorbing
0.000.00
investments
Cash received from obtaining loans 0.00 0.00
Received other cash related to
0.000.00
financing activities
Subtotal of cash inflows from financing 0.00 0.00
45ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
activities
Cash repayments of amounts
62586.6062586.60
borrowed
Cash paid for distributing dividends
1032614.311137937.24
profits or paying interest
Pay other cash related to financing
0.000.00
activities
Subtotal of cash outflows from financing
1095200.911200523.84
activities
Net cash flows generated from financing
-1095200.91-1200523.84
activities
4、 The impact of exchange rate 0.00 0.00
fluctuations on cash and cash equivalents
5、 Net increase in cash and cash -14144162.60 -9575802.62
equivalents
Add: Opening cash and cash
81754926.52115075974.85
equivalents balance
6、 Closing balance of cash and cash 67610763.92 105500172.23
equivalents
7. Consolidated Statement of Changes in Owner's Equity
Current Amount
Unit: Yuan
Half year 2025
Belonging to the equity of the parent company's owners
Other equity Oth Tota
instruments Less er Gen Min l
project shar Capi : com Spe Surp eral Reta
pref perp ority owne tal Trea preh cial lus risk ined othe subt
erre etua inter er'scapi othe rese sury ensi Res rese prov earn r otal est
tal d l
equi
r rve stoc ve erve rve isio ings
shar bon tyks inco ns
es d me
-
101978230275122351339
1、 Last 116166 244 604 253 389 211 538
year's year- 0.00 725
000910.16.3729.343249706
end balance 425.
0.00111267.743.427.67
75
Add:
Changes in
accounting
policies
ear
ly error
correction
oth
er
-
101978230275122351339
2、 Opening 116
166244604253389211538
balance of 0.00 0.00 0.00 0.00 0.00 0.00 725
000910.16.3729.343249706
this year 425.
0.00111267.743.427.67
75
46ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
3、 The
amount of
increase or 103 109 - 109
636
decrease in 027 396 386 009
0.000.000.000.000.000.008890.000.000.00
this period 646. 543. 823. 720.
7.45
(decrease 42 87 64 23
indicated by
a "-" sign)
（1） Total 636
027396386009
comprehensi 889
646.543.823.720.
ve income 7.45
42876423
（2）
Owner's
investment
0.000.00
and
reduction of
capital
1. Ordinary
shares
0.000.00
invested by
the owner
2. Other
equity
instrument 0.00 0.00
holders
invest capital
3. Amount of
share based
payments
0.000.00
recognized in
owner's
equity
4. Other 0.00 0.00
（3） Profit
0.000.00
distribution
1.
Withdrawal
0.000.00
of surplus
reserve
2. Extract
general risk 0.00 0.00
reserves
3.
Distribution
0.000.00
to owners (or
shareholders)
4. Other 0.00 0.00
（4）
Internal
transfer of 0.00 0.00
owner's
equity
47ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
1. Capital
reserve
converted
0.000.00
into capital
(or share
capital)
2. Surplus
reserves
converted
0.000.00
into capital
(or share
capital)
3. Surplus
reserve to 0.00 0.00
offset losses
4. Set the
amount of
changes in
the benefit
plan to be 0.00 0.00
carried
forward to
retained
earnings
5. Transfer
of other
comprehensi
0.000.00
ve income to
retained
earnings
6. Other 0.00 0.00
（5）
Special 0.00 0.00
Reserve
1. Extraction
0.000.00
in this period
2. Use in this
0.000.00
period
（6） Other 0.00 0.00
-
101978294275132362350
4、 Closing 117
166244293253692150439
balance of 0.00 0.00 0.00 0.00 0.00 0.00 112
000910.13.7729.108903678
this period 249.
0.00116264.167.297.90
39
Last year's amount
Unit: Yuan
Half year 2024
Belonging to the equity of the parent company's owners
Min Tota
project shar Other equity Capi Less Oth Spe Surp Gen Reta ority l
e instruments tal : er cial lus eral ined othe subt inter own
capi rese Trea com Res rese risk earn r otal est er's
tal pref perp othe rve sury preh erve rve prov ings equi
48ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
erre etua r stoc ensi isio ty
d l ks ve ns
shar bon inco
es d me
101978253275140369850377
1、 Last 166 244 194 253 060 108 604 614
year's year-
000910.59.4729.43824810.2289
end balance
0.00114265.394.2024.42
Add:
Changes in
accounting
policies
ear
ly error
correction
oth
er
101978253275140369850377
2、 Opening
166244194253060108604614
balance of 0.00 0.00 0.00 0.00 0.00 0.00
000910.59.4729.43824810.2289
this year
0.00114265.394.2024.42
3、 The
amount of
increase or - -
562361275
decrease in 200 855
0.000.000.000.000.000.000.000.000.00279552960
this period 726 920.
1.392.011.55
(decrease 9.38 46
indicated by
a "-" sign)
--
（1） Total 562 361 275200 855
comprehensi 279 552 960
726920.
ve income 1.39 2.01 1.55
9.3846
（2）
Owner's
investment
0.000.00
and
reduction of
capital
1. Ordinary
shares
0.000.00
invested by
the owner
2. Other
equity
instrument 0.00 0.00
holders
invest capital
3. Amount of
share based
payments
0.000.00
recognized in
owner's
equity
49ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
4. Other 0.00 0.00
（3） Profit
0.000.00
distribution
1.
Withdrawal
0.000.00
of surplus
reserve
2. Extract
general risk 0.00 0.00
reserves
3.
Distribution
0.000.00
to owners (or
shareholders)
4. Other 0.00 0.00
（4）
Internal
transfer of 0.00 0.00
owner's
equity
1. Capital
reserve
converted
0.000.00
into capital
(or share
capital)
2. Surplus
reserves
converted
0.000.00
into capital
(or share
capital)
3. Surplus
reserve to 0.00 0.00
offset losses
4. Set the
amount of
changes in
the benefit
plan to be 0.00 0.00
carried
forward to
retained
earnings
5. Transfer
of other
comprehensi
0.000.00
ve income to
retained
earnings
6. Other 0.00 0.00
（5）0.000.00
Special
50ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Reserve
1. Extraction
0.000.00
in this period
2. Use in this
0.000.00
period
（6） Other 0.00 0.00
101978233275140369842377
4、 Closing
166244121253622469044890
balance of 0.00 0.00 0.00 0.00 0.00 0.00
000910.90.0729.71780089.7249
this period
0.00116266.786.2165.97
8. Statement of Changes in Owner's Equity of the Parent Company
Current Amount
Unit: Yuan
Half year 2025
Other equity instruments Other
Capita Less: compr Specia Surplu Retain Total
project share prefer perpet l Treas ehensi l s ed owner'other
capital red ual other reserv ury ve Reser reserv earnin s
shares bond e stocks incom ve e gs equity
e
1、 Last 1011 9647 2023 2521 1237 3468
year's year- 6600 1193 005.8 2411 6715 1906
end balance 00.00 1.13 9 5.85 62.02 14.89
Add:
Changes in
accounting
policies
ear
ly error
correction
oth
er
2、 Opening 1011 9647 2023 2521 1237 3468
balance of 6600 0.00 0.00 0.00 1193 0.00 005.8 0.00 2411 6715 0.00 1906
this year 00.00 1.13 9 5.85 62.02 14.89
3、 The
amount of
increase or - -
decrease in 1318 1318
0.000.000.000.000.000.000.000.000.000.00
this period 2663. 2663.(decrease 75 75
indicated by
a "-" sign)
--
（1） Total
13181318
comprehensi 0.00
2663.2663.
ve income
7575
（2）
Owner's 0.00
investment
51ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
and
reduction of
capital
1. Ordinary
shares
0.00
invested by
the owner
2. Other
equity
instrument 0.00
holders
invest capital
3. Amount of
share based
payments
0.00
recognized in
owner's
equity
4. Other 0.00
（3） Profit
0.00
distribution
1.
Withdrawal
0.00
of surplus
reserve
2.
Distribution
0.00
to owners (or
shareholders)
3. Other 0.00
（4）
Internal
transfer of 0.00
owner's
equity
1. Capital
reserve
converted
0.00
into capital
(or share
capital)
2. Surplus
reserves
converted
0.00
into capital
(or share
capital)
3. Surplus
reserve to 0.00
offset losses
4. Set the
amount of 0.00
changes in
52ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
the benefit
plan to be
carried
forward to
retained
earnings
5. Transfer
of other
comprehensi
0.00
ve income to
retained
earnings
6. Other 0.00
（5）
Special 0.00
Reserve
1. Extraction
0.00
in this period
2. Use in this
0.00
period
（6） Other 0.00
4、 Closing 1011 9647 2023 2521 1224 3455
balance of 6600 0.00 0.00 0.00 1193 0.00 005.8 0.00 2411 4888 0.00 0079
this period 00.00 1.13 9 5.85 98.27 51.14
Last year's amount
Unit: Yuan
Half year 2024
Other equity instruments Other
Capita Less: compr Specia Surplu Retain Total
project share prefer perpet l Treas ehensi l s ed owner'other
capital red ual other reserv ury ve Reser reserv earnin s
shares bond e stocks incom ve e gs equity
e
1、 Last 1011 9647 1743 2521 1401 3631
year's year- 6600 1193 308.5 2411 6103 8496
end balance 00.00 1.13 1 5.85 05.69 61.18
Add:
Changes in
accounting
policies
ear
ly error
correction
oth
er
2、 Opening 1011 9647 1743 2521 1401 3631
balance of 6600 0.00 0.00 0.00 1193 0.00 308.5 0.00 2411 6103 0.00 8496
this year 00.00 1.13 1 5.85 05.69 61.18
3、 The 4152 4152
amount of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 550.4 0.00 550.4
increase or 9 9
53ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
decrease in
this period
(decrease
indicated by
a "-" sign)
（1） Total 4152 4152
comprehensi 0.00 550.4 550.4
ve income 9 9
（2）
Owner's
investment
0.00
and
reduction of
capital
1. Ordinary
shares
0.00
invested by
the owner
2. Other
equity
instrument 0.00
holders
invest capital
3. Amount of
share based
payments
0.00
recognized in
owner's
equity
4. Other 0.00
（3） Profit
0.00
distribution
1.
Withdrawal
0.00
of surplus
reserve
2.
Distribution
0.00
to owners (or
shareholders)
3. Other 0.00
（4）
Internal
transfer of 0.00
owner's
equity
1. Capital
reserve
converted
0.00
into capital
(or share
capital)
2. Surplus 0.00
54ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
reserves
converted
into capital
(or share
capital)
3. Surplus
reserve to 0.00
offset losses
4. Set the
amount of
changes in
the benefit
plan to be 0.00
carried
forward to
retained
earnings
5. Transfer
of other
comprehensi
0.00
ve income to
retained
earnings
6. Other 0.00
（5）
Special 0.00
Reserve
1. Extraction
0.00
in this period
2. Use in this
0.00
period
（6） Other 0.00
4、 Closing 1011 9647 1743 2521 1405 3636
balance of 6600 0.00 0.00 0.00 1193 0.00 308.5 0.00 2411 7628 0.00 0022
this period 00.00 1.13 1 5.85 56.18 11.67
3、 Basic information of the company
Shenzhen Special Economic Zone Real Estate (Group) Co. Ltd. (hereinafter referred to as the Company or
the Company) was established as a joint stock limited company on the basis of the original Shenzhen Special
Economic Zone Real Estate Corporation with the approval of the Shenzhen Municipal People's Government
Office. It was registered with the Shenzhen Administration for Industry and Commerce in July 1993 and is
headquartered in Shenzhen Guangdong Province.The company's unified social credit code is
91440300192179585N on its business license with a registered capital of 1011660000.00 yuan and a total of
1011660000 shares (with a face value of 1 yuan per share).Among them there are 891660000 A-shares and
120000000 B-shares with unlimited sales conditions.The company's stocks were listed and traded on the
Shenzhen Stock Exchange on September 15 1993 and January 10 1994 respectively.On October 13 2004 in accordance with the Decision of the State owned Assets Supervision and
Administration Commission of Shenzhen Municipal People's Government on Establishing Shenzhen
Investment Holding Co. Ltd. (SZSASAC [2004] No. 223) the original major shareholder of our company
55ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Shenzhen Construction Investment Holding Co. Ltd. merged with two other municipal asset management
companies to form Shenzhen Investment Holding Co. Ltd. which is a wholly state-owned limited liability
company.As a result the equity transfer of our company has been approved by the State owned Assets
Supervision and Administration Commission of the State Council (State owned Assets Supervision and
Administration Commission [2005] No. 689) and exempted from the tender offer obligation by the China
Securities Regulatory Commission (CSRC) with the approval of CSRC Letter No. [2005] 116. The transfer
registration procedures were completed at the Shenzhen Branch of China Securities Depository and Clearing
Corporation Limited on February 15 2006.As of the end of the reporting period Shenzhen Investment Holding
Co. Ltd. holds 564353838 shares of the company's stock (accounting for 55.78% of the company's total share
capital) all of which are unrestricted shares.Our company belongs to the real estate industry.The main business activities include real estate
development and sales of commercial housing property leasing and management retail and trade of
commodities hotel business equipment installation and maintenance construction interior decoration and
other businesses.This financial statement has been approved for external reporting by the 21st meeting of the 8th Board of
Directors of the company on August 27 2025.
4、 The basis for preparing financial statements
1. Fundamentals of Compilation
Our company's financial statements are prepared on a going concern basis.
2. Continuing operations
Our company does not have any issues or circumstances that raise significant doubts about its ability to continue as a going
concern for the 12 months from the end of the reporting period.
5、 Important accounting policies and accounting estimates
Specific accounting policies and accounting estimates:
Important notice: Our company has formulated specific accounting policies and estimates for transactions
or events such as impairment of financial instruments depreciation of inventory fixed assets construction in
progress intangible assets and revenue recognition based on actual production and operation characteristics.
1. Declaration of Compliance with Enterprise Accounting Standards
The financial statements prepared by our company comply with the requirements of the Enterprise
Accounting Standards and truthfully and completely reflect the company's financial position operating results
cash flows and other relevant information.
2. Accounting period
The accounting year starts from January 1st and ends on December 31st of the Gregorian calendar.
56ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
3. Business cycle
The operating cycle of the company's business is relatively short and 12 months is used as the liquidity
classification standard for assets and liabilities.The business cycle of the real estate industry from property
development to sales realization generally lasts for more than 12 months. The specific cycle is determined
based on the development project situation and its business cycle is used as the liquidity classification standard
for assets and liabilities.
4. Bookkeeping base currency
Our company's accounting base currency and the currency used for preparing these financial statements are
both Chinese yuan.Unless otherwise specified all are expressed in Chinese yuan.The subsidiary companies of
our group determine their accounting base currency based on the main economic environment in which they
operate and convert it into RMB when preparing financial statements.
5. Determination method and selection criteria for importance standards
□Applicable □ Not applicable
project Importance criteria
Recovery or reversal of bad debt provisions for important
Single item amount exceeds 0.5% of total assets
accounts receivable
Important write off of accounts receivable Single item amount exceeds 0.5% of total assets
Accounts receivable with significant single provision for bad
Single item amount exceeds 0.5% of total assets
debt reserves
Collection or reversal of important bad debt provisions for
Single item amount exceeds 0.5% of total assets
accounts receivable
Important write off of accounts receivable Single item amount exceeds 0.5% of total assets
Other receivables with significant single provision for bad debt
Single item amount exceeds 0.5% of total assets
reserves
Recovery or reversal of bad debt provisions for important other
Single item amount exceeds 0.5% of total assets
receivables
Important write off of other receivables Single item amount exceeds 0.5% of total assets
Contract assets with significant single provision for impairment Single item amount exceeds 0.5% of total assets
Recovery or reversal of impairment provisions for important
Single item amount exceeds 0.5% of total assets
contract assets
Important write off contract assets Single item amount exceeds 0.5% of total assets
Significant changes in the book value of contract assets The amount of change exceeds 0.5% of the total assets
Important prepayments with an aging of over 1 year Single item amount exceeds 0.5% of total assets
The total investment of a single project exceeds 0.5% of the
Important ongoing construction projects
total assets
Important overdue loans Single item amount exceeds 0.5% of total assets
Important overdue interest payable Single item amount exceeds 0.5% of total assets
Important accounts payable with an aging of over 1 year Single item amount exceeds 0.5% of total assets
Other important payables with an aging of over 1 year Single item amount exceeds 0.5% of total assets
Important prepayments with an aging of over 1 year or overdue
Single item amount exceeds 0.5% of total assets
payments
Important contract liabilities with an aging of over 1 year Single item amount exceeds 0.5% of total assets
Significant changes in the book value of contractual liabilities The amount of change exceeds 0.5% of the total assets
Important cash flows from investment activities Single item amount exceeds 5% of total assets
Total assets/total revenue/total profit exceed 15% of the group's
Important subsidiaries non wholly owned subsidiaries
total assets/total revenue/total profit
Important joint ventures and associated enterprises The book value of a single long-term equity investment
57ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
exceeds 15% of the group's net assets and the investment
income calculated using the single equity method exceeds 15%
of the group's total profit
6. Accounting treatment methods for mergers of enterprises under the same control and those not under
the same control
1. Accounting treatment methods for business combinations under the same control
The assets and liabilities acquired by the company in a business merger shall be measured at the book
value of the merged party in the consolidated financial statements of the ultimate controlling party on the
merger date.The company adjusts its capital reserve based on the difference between the book value of the
equity of the merged party in the final controlling party's consolidated financial statements and the book value
of the merger consideration paid or the total face value of the issued shares;If the capital reserve is insufficient
to offset adjust the retained earnings.
2. Accounting treatment methods for business combinations not under the same control
On the acquisition date the company recognizes the difference between the merger cost and the fair value
of the identifiable net assets acquired from the acquired party as goodwill;If the cost of a merger is less than the
fair value of the identifiable net assets acquired from the acquired party in the merger the fair value of the
identifiable assets liabilities and contingent liabilities acquired from the acquired party as well as the
measurement of the merger cost shall be reviewed first. If the merger cost is still less than the fair value of the
identifiable net assets acquired from the acquired party in the merger after review the difference shall be
recognized in the current period's profit or loss.
7. Judgment criteria for control and preparation methods for consolidated financial statements
1. Judgment of control
Having the power over the invested party enjoying variable returns through participating in related
activities of the invested party and having the ability to use the power over the invested party to influence its
variable return amount is recognized as control.
2. Method for preparing consolidated financial statements
The parent company includes all its controlled subsidiaries in the consolidation scope of the consolidated
financial statements.The consolidated financial statements are based on the financial statements of the parent
company and its subsidiaries and are prepared by the parent company in accordance with the Accounting
Standards for Business Enterprises No. 33- Consolidated Financial Statements based on other relevant
information.
8. Classification of Joint Venture Arrangements and Accounting Treatment Methods for Joint
Operations
1. Joint venture arrangements are divided into joint operation and joint venture enterprises.
When the company is a joint venture partner in a joint operation the following items related to the share of
interests in the joint operation shall be confirmed:
58ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(1) Confirm the assets held separately as well as the assets jointly held based on their respective holdings;
(2) Confirm individual liabilities and jointly assume liabilities based on shareholding;
(3) Confirm the revenue generated from the sale of the joint operating output share enjoyed by the
company;
(4) Confirm the revenue generated from the sale of assets in joint operations based on the company's
shareholding;
(5) Confirm the expenses incurred separately as well as the expenses incurred in joint operations based on the
company's shareholding.
9. Determination criteria for cash and cash equivalents
The cash listed in the cash flow statement refers to cash on hand and deposits that can be used for payment
at any time.Cash equivalents refer to investments held by enterprises with short maturities strong liquidity easy
conversion into known amounts of cash and minimal risk of value changes.
10. Foreign currency transactions and foreign currency statement translation
1. Conversion of foreign currency transactions
Foreign currency transactions are initially recognized and converted into RMB using the spot exchange
rate on the transaction date.On the balance sheet date foreign currency monetary items are translated at the spot
exchange rate on the balance sheet date. Exchange differences arising from different exchange rates except for
the exchange differences related to the principal and interest of foreign currency borrowings for the purchase
and construction of assets that meet capitalization conditions are recognized in the current period's profit and
loss;Foreign currency non monetary items measured at historical cost are still translated at the spot exchange
rate on the transaction date without changing their RMB amount;Foreign currency non monetary items
measured at fair value are translated at the spot exchange rate on the date of fair value determination and the
difference is recognized in the current period's profit or loss or other comprehensive income.
2. Conversion of foreign currency financial statements
The asset and liability items in the balance sheet are translated using the spot exchange rate on the balance
sheet date;Except for the "undistributed profits" item all other owner's equity items are converted at the spot
exchange rate on the transaction date;The income and expense items in the income statement are converted
using the approximate exchange rate of the spot exchange rate on the transaction date.The foreign currency
financial statement translation difference generated by the above conversion shall be included in other
comprehensive income.
11. Financial Instruments
1. Classification of financial assets and financial liabilities
Financial assets are classified into the following three categories upon initial recognition: (1) financial
assets measured at amortized cost;(2) Financial assets measured at fair value with changes recognized in other
comprehensive income;(3) Financial assets measured at fair value with changes recognized in current profit or
loss.
59ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Financial liabilities are classified into the following four categories upon initial recognition: (1) financial
liabilities measured at fair value with changes recognized in current profit or loss;(2) The transfer of financial
assets does not meet the termination recognition criteria or continues to be involved in the financial liabilities
formed by the transferred financial assets;(3) Financial guarantee contracts that do not belong to (1) or (2)
above as well as loan commitments that do not belong to (1) above and lend at lower than market interest
rates;(4) Financial liabilities measured at amortized cost.
2. Recognition criteria measurement methods and termination conditions for financial assets and financial
liabilities
(1) Recognition basis and initial measurement method for financial assets and financial liabilities
When a company becomes a party to a financial instrument contract it recognizes a financial asset or
financial liability.When initially recognizing financial assets or financial liabilities they are measured at fair
value;For financial assets and financial liabilities measured at fair value with changes recognized in current
profit or loss the related transaction costs are directly recognized in current profit or loss;For other categories of
financial assets or financial liabilities relevant transaction costs are included in the initial recognition
amount.However if the initially recognized accounts receivable of the company do not include significant
financing components or the company does not consider financing components in contracts that have not
exceeded one year the initial measurement shall be based on the transaction price defined in Enterprise
Accounting Standard No. 14- Revenue.
(2) Subsequent measurement methods for financial assets
1) Financial assets measured at amortized cost
Adopting the effective interest rate method subsequent measurement is carried out based on amortized
cost.Gains or losses arising from financial assets measured at amortized cost that are not part of any hedging
relationship are recognized in the current period's profit or loss when derecognized reclassified amortized
using the effective interest method or recognized for impairment.
2) Debt instrument investments measured at fair value with changes recognized in other comprehensive
income
Adopt fair value for subsequent measurement.Interest impairment losses or gains and exchange gains or
losses calculated using the effective interest rate method are recognized in the current period's income statement
while other gains or losses are recognized in other comprehensive income.When terminating recognition the
cumulative gains or losses previously recognized in other comprehensive income shall be transferred from other
comprehensive income and included in the current period's profit or loss.
3) Equity instrument investments measured at fair value with changes recognized in other comprehensive
income
Adopt fair value for subsequent measurement.The dividends obtained (excluding those that belong to the
recovery of investment costs) are recognized in the current period's profit and loss while other gains or losses
60ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
are recognized in other comprehensive income.When terminating recognition the cumulative gains or losses
previously recognized in other comprehensive income shall be transferred from other comprehensive income
and recorded in retained earnings.
4) Financial assets measured at fair value with changes recognized in current profit or loss
Using fair value for subsequent measurement gains or losses (including interest and dividend income) are
recognized in the current period's profit or loss unless the financial asset is part of a hedging relationship.
(3) Subsequent measurement methods for financial liabilities
1) Financial liabilities measured at fair value with changes recognized in current profit or loss
This type of financial liability includes trading financial liabilities (including derivative instruments
belonging to financial liabilities) and financial liabilities designated to be measured at fair value with changes
recognized in current profit or loss.Subsequent measurement of such financial liabilities shall be based on fair
value.The change in fair value of financial liabilities designated as measured at fair value through profit or loss
due to changes in the company's own credit risk is recognized in other comprehensive income unless such
treatment would result in or widen accounting mismatches in profit or loss.Other gains or losses arising from
such financial liabilities (including interest expenses except for fair value changes caused by changes in the
company's own credit risk) are recognized in the current period's profit or loss unless the financial liability is
part of a hedging relationship.When terminating recognition the cumulative gains or losses previously
recognized in other comprehensive income shall be transferred from other comprehensive income and recorded
in retained earnings.
2) The transfer of financial assets does not meet the termination recognition criteria or continues to be
involved in the financial liabilities formed by the transferred financial assets
Measurement shall be carried out in accordance with the relevant provisions of Accounting Standards for
Enterprises No. 23- Transfer of Financial Assets.
3) Financial guarantee contracts that do not belong to 1) or 2) above as well as loan commitments that do
not belong to 1) above and are borrowed at lower than market interest rates
After initial confirmation subsequent measurements shall be made based on the higher of the following
two amounts:* The amount of loss provision determined in accordance with the impairment provisions of
financial instruments;* The balance after deducting the accumulated amortization amount determined in
accordance with the relevant provisions of Enterprise Accounting Standard No. 14- Revenue from the initial
recognition amount.
4) Financial liabilities measured at amortized cost
Measure at amortized cost using the effective interest rate method.Gains or losses arising from financial
liabilities measured at amortized cost and not part of any hedging relationship shall be recognized in the current
period's profit or loss when derecognized and amortized using the effective interest method.
61ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(4) Termination recognition of financial assets and financial liabilities
1) When one of the following conditions is met the recognition of financial assets shall be terminated:
* The contractual right to receive cash flows from financial assets has been terminated;
* The financial assets have been transferred and the transfer meets the provisions of the "Enterprise
Accounting Standard No. 23- Transfer of Financial Assets" regarding the termination of recognition of financial
assets.
2) When the current obligations of a financial liability (or a portion thereof) have been released the
recognition of that financial liability (or that portion of the financial liability) shall be terminated accordingly.
3. Recognition criteria and measurement methods for financial asset transfers
If the company transfers almost all the risks and rewards of ownership of financial assets the recognition
of the financial assets shall be terminated and the rights and obligations arising or retained in the transfer shall
be separately recognized as assets or liabilities;Retain almost all risks and rewards of ownership of financial
assets and continue to recognize the transferred financial assets.If the company neither transfers nor retains
almost all the risks and rewards of ownership of financial assets the following situations shall be handled: (1) If
the company does not retain control over the financial asset the recognition of the financial asset shall be
terminated and the rights and obligations arising from or retained in the transfer shall be separately recognized
as assets or liabilities;(2) If control over the financial asset is retained the relevant financial asset shall be
recognized based on the degree of continued involvement in the transferred financial asset and the
corresponding liability shall be recognized accordingly.If the overall transfer of financial assets meets the conditions for derecognition the difference between the
following two amounts shall be recognized in the current period's profit and loss: (1) the book value of the
transferred financial assets on the date of derecognition;(2) The sum of the consideration received for the
transfer of financial assets and the amount corresponding to the derecognized portion of the cumulative fair
value changes originally recognized in other comprehensive income (the financial assets involved in the transfer
are debt instrument investments measured at fair value with changes recognized in other comprehensive
income).If a portion of a financial asset is transferred and the transferred portion meets the termination
recognition criteria as a whole the book value of the entire financial asset before the transfer shall be amortized
between the termination recognition portion and the continued recognition portion based on their respective
relative fair values on the transfer date and the difference between the following two amounts shall be
recognized in the current period's profit and loss: (1) the book value of the termination recognition portion;(2)
The consideration for the derecognized portion is the sum of the amount corresponding to the derecognized
portion in the cumulative amount of fair value changes that were originally directly recognized in other
comprehensive income (the financial assets involved in the transfer are debt instrument investments measured at
fair value and whose changes are recognized in other comprehensive income).
4. Fair value determination method for financial assets and financial liabilities
The company adopts valuation techniques that are applicable in the current situation and supported by
sufficient available data and other information to determine the fair value of relevant financial assets and
financial liabilities.The company divides the input values used in valuation techniques into the following levels
and uses them in sequence:
(1) The first level input value is the unadjusted quoted price of the same asset or liability that can be
obtained on the measurement date in an active market;
62ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(2) The second level input values are directly or indirectly observable input values of related assets or
liabilities including: quotes of similar assets or liabilities in active markets;Quotation of identical or similar
assets or liabilities in inactive markets;Other observable input values besides quotations such as interest rates
and yield curves that can be observed during normal quotation intervals;Input values for market validation etc;
(3) The third level input values are unobservable input values of related assets or liabilities including
interest rates that cannot be directly observed or verified by observable market data stock volatility future cash
flows from abandonment obligations undertaken in business mergers financial forecasts made using their own
data etc.
5. Impairment of financial instruments
Based on expected credit losses the company recognizes impairment and recognizes loss provisions for
financial assets measured at amortized cost debt instrument investments measured at fair value with changes in
fair value recognized in other comprehensive income contract assets lease receivables loan commitments
classified as financial liabilities measured at fair value with changes in fair value recognized in current profit or
loss financial liabilities not measured at fair value with changes in fair value recognized in current profit or loss
or financial guarantee contracts that do not meet the termination criteria for the transfer of financial assets or
continue to be involved in the transferred financial assets.Expected credit loss refers to the weighted average of credit losses of financial instruments weighted by the
risk of default.Credit loss refers to the difference between all contract cash flows receivable by a company
based on the original actual interest rate and all expected cash flows received that is the present value of all
cash shortages.Among them for financial assets purchased or generated by the company that have experienced
credit impairment they shall be discounted at the actual interest rate adjusted for credit of the financial asset.For financial assets that have undergone credit impairment due to purchase or origin the company only
recognizes the cumulative changes in expected credit losses over the entire period of existence since initial
recognition as loss provisions on the balance sheet date.For lease receivables receivables arising from transactions regulated by Enterprise Accounting Standard
No. 14- Revenue and contract assets the company uses simplified measurement methods to measure loss
provisions based on the expected credit loss amount equivalent to the entire duration.For financial assets other than those measured using the aforementioned methods the company evaluates
on each balance sheet date whether their credit risk has significantly increased since initial recognition.If the
credit risk has significantly increased since initial recognition the company measures the loss provision based
on the expected credit loss amount throughout the entire existence period;If the credit risk has not significantly
increased since initial recognition the company measures the loss provision based on the expected credit loss
amount of the financial instrument in the next 12 months.The company utilizes available and reasonable information including forward-looking information to
determine whether the credit risk of financial instruments has significantly increased since initial recognition by
comparing the risk of default on the balance sheet date with the risk of default on the initial recognition date.On the balance sheet date if the company determines that a financial instrument has only low credit risk it
is assumed that the credit risk of the financial instrument has not significantly increased since initial recognition.The company evaluates expected credit risk and measures expected credit losses based on individual
financial instruments or combinations of financial instruments.When based on a combination of financial
instruments the company divides financial instruments into different combinations based on common risk
characteristics.
63ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
The company remeasures expected credit losses on each balance sheet date and the increase or reversal of
loss provisions resulting from this is recognized as impairment losses or gains in the current period's income
statement.For financial assets measured at amortized cost the provision for losses is offset against the carrying
amount of the financial asset as shown in the balance sheet;For debt investments measured at fair value with
changes recognized in other comprehensive income the company recognizes its loss provision in other
comprehensive income and does not offset the carrying amount of the financial asset.
6. Offset of financial assets and financial liabilities
Financial assets and financial liabilities are presented separately in the balance sheet and are not offset
against each other.If the following conditions are met simultaneously the company shall present the net amount
after offsetting each other in the balance sheet: (1) the company has the legal right to offset the confirmed
amount and this legal right is currently enforceable;(2) The company plans to settle on a net basis or
simultaneously realize the financial asset and settle the financial liability.The company shall not offset the transferred financial assets and related liabilities that do not meet the
conditions for termination of recognition.
12. Recognition criteria and provision methods for expected credit losses on accounts receivable and
contract assets
1. Accrual of expected credit losses for accounts receivable and contract assets based on credit risk
characteristics
Combination Category Basis for determining the Methods for Measuring Expectedcombination Credit Losses
Based on historical credit loss
Receivable bank acceptance bills experience combined with current
conditions and predictions of
Document Type future economic conditionscalculate the expected credit loss
Commercial acceptance bills through default risk exposure and
receivable the expected credit loss rate for the
entire duration
Accounts receivable - combination of
related parties within the scope of Nature of Payment Based on historical credit loss
accounts receivable consolidation experience combined with current
Accounts receivable - combination of conditions and predictions of
accounts receivable from property Nature of Payment future economic conditions
sales calculate the expected credit lossthrough default risk exposure and
Accounts Receivable - Accounts the expected credit loss rate for the
Receivable from Other Customers Nature of Payment entire duration
Portfolio
Other receivables - combination of
receivables from government Nature of Payment
departments Based on historical credit loss
Other receivables - employee reserve experience combined with current
fund combination receivable Nature of Payment conditions and predictions of
Other receivables - collection and future economic conditions
payment combination Nature of Payment calculate the expected credit lossby default risk exposure and the
Other receivables - combination of expected credit loss rate for the
accounts receivable and other current Nature of Payment next 12 months or the entire
transactions duration
Other receivables - combination of
receivables from related parties Nature of Payment
64ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Contract Assets - Product Sales
Portfolio Nature of Payment
Based on historical credit loss
experience combined with current
conditions and predictions of
future economic conditions
Contract Assets - Construction Nature of Payment calculate the expected credit lossPortfolio through default risk exposure and
the expected credit loss rate for the
entire duration
2. Recognition criteria for accounts receivable and contract assets with expected credit losses based on
individual provisions
For accounts receivable and contract assets with significantly different credit risks from portfolio credit
risks the company provides expected credit losses on a single basis.
13. Inventory
1. Classification of inventory
Inventory includes development land held for sale or consumption during the development and operation
process development products development products temporarily leased for sale and development costs
incurred during the development process.
2. Valuation method for issuing inventory
(1) The issuance of materials and equipment adopts the individual pricing method.
(2) During project development the development land is allocated and included in the development cost of
the project based on the land area occupied by the development product and the differential coefficient of the
occupied land parcel.
(3) Develop products and calculate them using the cost coefficient allocation method.
(4) Development products and temporary rental properties intended for sale shall be amortized evenly over
the expected useful life of similar fixed assets of the company.
(5) If the public supporting facilities are completed earlier than the relevant development products after
the completion settlement of the public supporting facilities they shall be allocated according to the building
area of the relevant development project and included in the development cost of the relevant development
project;If the completion of public supporting facilities is later than the completion of the relevant development
products the relevant development products shall first prepay the public supporting facility fees. After the
completion of the public supporting facilities is settled the relevant development product costs shall be adjusted
based on the difference between the actual amount incurred and the provisioned amount.
3. Inventory system for inventory
The inventory system for inventory is perpetual inventory system.
4. Amortization method for low value consumables and packaging materials
65ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(1) Low value consumables
Amortize according to the number of uses.
(2) Packaging materials
Amortize according to the number of uses.
5. Provision for inventory depreciation
On the balance sheet date inventory is measured at the lower of cost and net realizable value and provisions for
inventory impairment are made based on the difference between cost and net realizable value.The net realizable
value of inventory directly used for sale is determined by subtracting estimated sales expenses and related taxes
from the estimated selling price of the inventory in the normal production and operation process;The net
realizable value of inventory that needs to be processed is determined by subtracting the estimated cost to be
incurred until completion estimated sales expenses and related taxes from the estimated selling price of the
finished products produced in the normal production and operation process;On the balance sheet date if a
portion of the same inventory has a contract price agreement and the other portion does not have a contract
price its net realizable value shall be determined separately and compared with its corresponding cost to
determine the amount of provision or reversal for inventory impairment.
14. Long term equity investment
1. Determination of joint control and significant influence
According to relevant agreements there is common control over a certain arrangement and the related
activities of the arrangement must be unanimously agreed upon by the participating parties who share control
rights before making decisions which is recognized as joint control.Having the power to participate in decision-
making on the financial and operational policies of the invested entity but not being able to control or jointly
control the formulation of these policies with other parties is considered significant influence.
2. Determination of investment cost
(1) For the merger of enterprises under the same control if the merging party pays cash transfers non cash
assets assumes debts or issues equity securities as the merger consideration the initial investment cost shall be
based on the share of the book value of the acquired owner's equity in the final controlling party's consolidated
financial statements on the merger date.Adjust the capital reserve by subtracting the initial investment cost of
long-term equity investment from the book value of the merger consideration paid or the total face value of the
issued shares;If the capital reserve is insufficient to offset adjust the retained earnings.The company determines whether the long-term equity investment formed by the merger of enterprises
under the same control through multiple transactions is a "package deal".Belonging to a 'package deal' all
transactions are accounted for as one transaction to obtain control.For transactions that do not belong to the
"package deal" the initial investment cost shall be determined on the merger date based on the share of the net
assets of the merged party that should be enjoyed in the final controlling party's consolidated financial
statements after the merger.The difference between the initial investment cost of the long-term equity
66ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
investment on the merger date and the book value of the long-term equity investment before the merger plus the
book value of the consideration paid for further acquisition of shares on the merger date shall be adjusted to the
capital reserve;If the capital reserve is insufficient to offset adjust the retained earnings.
(2) For mergers of enterprises not under the same control the initial investment cost shall be based on the
fair value of the merger consideration paid on the purchase date.The company realizes long-term equity investments formed by mergers of enterprises not under the same
control through multiple transactions and distinguishes between individual financial statements and
consolidated financial statements for relevant accounting treatment:
1) In some financial statements the initial investment cost is calculated using the cost method based on the
book value of the equity investment originally held plus the additional investment cost.
2) In the consolidated financial statements determine whether it belongs to a 'package deal'.Belonging to a
'package deal' all transactions are accounted for as one transaction to obtain control.If it does not belong to a
"package deal" the equity held by the purchased party before the purchase date shall be remeasured based on
the fair value of the equity on the purchase date and the difference between the fair value and its book value
shall be included in the current investment income;If the equity of the purchased party held before the purchase
date involves other comprehensive income accounted for under the equity method the related other
comprehensive income shall be converted into the current income on the purchase date.Except for other
comprehensive income arising from changes in net liabilities or net assets due to the re measurement of the
benefit plan by the investee.
(3) Except for those formed by corporate mergers: for those obtained by paying cash the initial investment
cost shall be based on the actual purchase price paid;For those obtained through the issuance of equity securities
the initial investment cost shall be based on the fair value of the issued equity securities;If obtained through debt
restructuring the initial investment cost shall be determined in accordance with the Accounting Standards for
Enterprises No. 12- Debt Restructuring;For non monetary asset exchanges the initial investment cost shall be
determined in accordance with the Accounting Standards for Enterprises No. 7- Non monetary Asset Exchanges.
3. Subsequent measurement and profit and loss recognition methods
Long term equity investments that exercise control over the invested entity are accounted for using the cost
method;Long term equity investments in joint ventures and associates are accounted for using the equity
method.
4. The method of gradually disposing of investments in subsidiaries through multiple transactions until the
loss of control is achieved
(1) The principle of determining whether it belongs to a "package deal"
If the company disposes of its equity investment in a subsidiary through multiple transactions until it loses
control it will determine whether the transaction is a "package deal" based on the terms of the transaction
agreement for each step of the transaction the disposal consideration obtained the target of the equity sale the
disposal method and the disposal time point.If the terms conditions and economic impact of each transaction
meet one or more of the following situations it usually indicates that multiple transactions belong to a "package
deal":
67ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
1) These transactions were entered into simultaneously or taking into account their mutual influence;
2) These transactions as a whole are necessary to achieve a complete business outcome;
3) The occurrence of a transaction depends on the occurrence of at least one other transaction;
4) A transaction alone may not be economical but when considered together with other transactions it is
economical.
(2) Accounting treatment that does not belong to a 'package deal'
1) Individual financial statements
The difference between the book value and the actual acquisition price of the disposed equity shall be
recognized in the current period's profit and loss.For the remaining equity that still has a significant impact on
the invested entity or is jointly controlled with other parties it shall be accounted for using the equity method;If
it is no longer possible to exercise control joint control or significant influence over the invested entity
accounting shall be conducted in accordance with the relevant provisions of Enterprise Accounting Standard No.
22- Recognition and Measurement of Financial Instruments.
2) Consolidated financial statements
Before losing control the difference between the disposal price and the net asset share of the subsidiary
that corresponds to the disposal of long-term equity investments calculated continuously from the date of
purchase or merger shall be adjusted for capital reserves (capital premium). If the capital premium is
insufficient to offset it shall be offset against retained earnings.When losing control over a subsidiary the remaining equity shall be remeasured at its fair value on the
date of loss of control.The difference between the consideration obtained from the disposal of equity and the
fair value of the remaining equity minus the share of net assets of the original subsidiary that should be
continuously calculated from the date of purchase or merger based on the original shareholding ratio shall be
included in the investment income of the period when control is lost and at the same time offset against
goodwill.Other comprehensive income related to equity investments in existing subsidiaries should be
converted into current investment income upon loss of control.
(3) Accounting treatment for 'package deal'
1) Individual financial statements
Accounting treatment of each transaction as a disposal of subsidiary and loss of control.However before
losing control the difference between the disposal price and the book value of the long-term equity investment
corresponding to the disposal investment is recognized as other comprehensive income in individual financial
statements and transferred to the current period's profit or loss when losing control.
2) Consolidated financial statements
68ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Accounting treatment of each transaction as a disposal of subsidiary and loss of control.However before
losing control the difference between the disposal price and the corresponding share of the subsidiary's net
assets from the disposal investment is recognized as other comprehensive income in the consolidated financial
statements and transferred to the current period's profit or loss upon loss of control.
15. Investment oriented real estate
Measurement Model for Investment Real Estate
Cost based measurement
Depreciation or amortization method
1. Investment real estate includes leased land use rights land use rights held and prepared for transfer after
appreciation and leased buildings.
2. Investment real estate is initially measured at cost and subsequently measured using the cost model.
Depreciation or amortization is calculated using the same method as fixed assets and intangible assets.
16. Fixed assets
(1) Confirm conditions
Fixed assets refer to tangible assets held for the production of goods provision of services rental or business management with a
useful life exceeding one accounting year.Fixed assets are recognized when they are likely to generate economic benefits and their
costs can be reliably measured.
(2) Depreciation method
Annual depreciation
category depreciation method depreciation period residual value rate
rate
Houses and buildings straight-line method 30 5 3.17
transportation
straight-line method 6 5 15.83
equipment
Electronic devices and
straight-line method 5 5 19
others
17. Construction in progress
1. If the ongoing construction project is likely to generate economic benefits and the cost can be reliably
measured it shall be recognized.Construction in progress is measured at the actual cost incurred before the asset
reaches its intended usable state.When the construction in progress reaches the predetermined usable state it shall be transferred to fixed
assets according to the actual cost of the project.For those that have reached the expected usable state but have
not yet completed the final settlement they shall be transferred to fixed assets based on their estimated value.After the final settlement is completed the original estimated value shall be adjusted based on the actual cost
but the depreciation already accrued shall not be adjusted.
69ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
18. Borrowing costs
1. Recognition principle for capitalization of borrowing costs
The borrowing costs incurred by the company which can be directly attributed to the acquisition
construction or production of assets that meet the capitalization criteria shall be capitalized and included in the
relevant asset costs;Other borrowing costs are recognized as expenses when incurred and included in the current
period's profit and loss.
2. Capitalization period of borrowing costs
(1) When the borrowing costs meet the following conditions simultaneously capitalization begins: 1)
Asset expenditures have already occurred;2) The borrowing cost has already been incurred;3) The necessary
purchasing construction or production activities to bring the assets to their intended usable or saleable state
have already begun.
(2) If assets that meet the capitalization criteria experience abnormal interruptions during the acquisition
construction or production process and the interruption lasts for more than 3 consecutive months the
capitalization of borrowing costs shall be suspended;The borrowing costs incurred during the interruption
period are recognized as current expenses until the acquisition or production activities of the asset resume.
(3) When the assets purchased constructed or produced that meet the capitalization criteria reach the
predetermined usable or saleable state the capitalization of borrowing costs shall cease.
3. Capitalization rate and amount of borrowing costs
For those who borrow special loans for the purchase construction or production of assets that meet the
capitalization criteria the amount of interest that should be capitalized shall be determined by subtracting the
interest income obtained by depositing unused loan funds into the bank or the investment income obtained from
temporary investments from the actual interest expenses incurred in the current period of the special loan
(including the amortization of discounts or premiums determined by the actual interest rate method);If a general
loan is used for the purchase construction or production of assets that meet the capitalization criteria the
interest amount that should be capitalized for the general loan shall be calculated by multiplying the weighted
average of the accumulated asset expenditures exceeding the special loan by the capitalization rate of the
general loan used.
19. Intangible assets
(1) Service life and its determination basis estimation situation amortization method or review
procedure
1. Intangible assets include software land use rights etc. which are initially measured at cost.
2. Intangible assets with limited useful life shall be systematically and reasonably amortized over their
useful life based on the expected realization of economic benefits related to the intangible asset. If the expected
realization cannot be reliably determined the straight-line method shall be used for amortization.as follows:
70ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
project Service life and its determination basis Amortization method
software Expected realization method of economicbenefits related to intangible assets 3-5 years Straight line method
3. Intangible assets with uncertain useful lives are not amortized and the company reviews the useful life
of such intangible assets in each accounting period.
(2) Scope of R&D expenditure collection and related accounting treatment methods
The expenses incurred during the research phase of internal research and development projects are recognized
in the current period's profit and loss.Expenses incurred during the development phase of internal research and
development projects that meet the following conditions are recognized as intangible assets: (1) completion of
the intangible asset to make it technically feasible for use or sale;(2) Having the intention to complete the
intangible asset and use or sell it;(3) The ways in which intangible assets generate economic benefits include
being able to prove the existence of a market for the products produced using the intangible assets or the
existence of a market for the intangible assets themselves. If the intangible assets will be used internally their
usefulness can be proven;(4) Having sufficient technical financial and other resources to support the
development of the intangible asset and having the ability to use or sell the intangible asset;(5) The expenses
attributable to the development stage of the intangible asset can be reliably measured.
20. Impairment of long-term assets
For long-term equity investments investment properties measured using the cost model fixed assets
construction in progress right of use assets intangible assets with limited useful lives and other long-term
assets if there are indications of impairment on the balance sheet date estimate their recoverable amount.For
intangible assets with uncertain goodwill and useful life resulting from business mergers impairment tests are
conducted annually regardless of whether there are signs of impairment.Conduct impairment testing on
goodwill in combination with its related asset groups or combinations of asset groups.If the recoverable amount of the above-mentioned long-term assets is lower than their book value the
impairment provision for assets shall be recognized based on the difference and included in the current period's
profit and loss.
21. Long term deferred expenses
Long term deferred expenses have been accounted for and amortized over a period of more than one year
(excluding one year).Long term deferred expenses are recorded based on the actual amount incurred and
amortized evenly over the benefit period or specified period.If the long-term deferred expense item cannot
benefit future accounting periods the amortized value of the item that has not been amortized will be fully
transferred to the current period's profit and loss.
71ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
22. Employee compensation
(1) Accounting treatment methods for short-term compensation
During the accounting period when employees provide services to the company the actual short-term
compensation incurred is recognized as a liability and included in the current period's profit or loss or related
asset costs.
(2) Accounting treatment method for 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 to the company the payable amount
calculated based on the established deposit plan is recognized as a liability and included in the current period's
profit or loss or related asset costs.
(2) The accounting treatment for setting benefit plans usually includes the following steps:
1) According to the expected cumulative welfare unit method unbiased and mutually consistent actuarial
assumptions are used to estimate demographic and financial variables measure the obligations arising from the
defined benefit plan and determine the period to which the relevant obligations belong.At the same time the
obligations arising from the defined benefit plan are discounted to determine the present value and current
service costs of the defined benefit plan obligations;
2) If there are assets in the defined benefit plan the deficit or surplus formed by subtracting the fair value
of the defined benefit plan assets from the present value of the defined benefit plan obligations shall be
recognized as a net liability or net asset of the defined benefit plan.If there is a surplus in the defined benefit
plan the net assets of the defined benefit plan shall be measured by the lower of the surplus and the asset limit
of the defined benefit plan;
3) At the end of the period the employee compensation costs generated by the defined benefit plan will be
recognized as three parts: service costs net interest on net liabilities or assets of the defined benefit plan and
changes arising from the remeasurement of net liabilities or assets of the defined benefit plan. The service costs
and net interest on net liabilities or assets of the defined benefit plan will be included in the current period's
profit or loss or related asset costs while changes arising from the remeasurement of net liabilities or assets of
the defined benefit plan will be included in other comprehensive income and will not be allowed to be reversed
to profit or loss in subsequent accounting periods. However these amounts recognized in other comprehensive
income can be transferred within the scope of equity.
(3) Accounting treatment methods for termination benefits
The termination benefits provided to employees shall be recognized as employee compensation liabilities
and included in the current period's profit and loss at the earlier of the following two dates: (1) When the
company cannot unilaterally withdraw the termination benefits provided due to the termination of labor
72ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
relations plan or layoff proposal;(2) When the company confirms the costs or expenses related to the
restructuring involving the payment of termination benefits.
(4) Accounting treatment methods for other long-term employee benefits
Other long-term benefits provided to employees that meet the conditions of the designated contribution
plan shall be accounted for in accordance with the relevant provisions of the designated contribution plan;Other
long-term benefits shall be accounted for in accordance with the relevant provisions of the defined benefit plan.In order to simplify the relevant accounting treatment the employee compensation costs incurred shall be
recognized as service costs net interest on other long-term employee benefits net liabilities or net assets and
the total net amount of changes arising from the remeasurement of other long-term employee benefits net
liabilities or net assets shall be included in the current period's profit and loss or related asset costs.
23. Accounting method for maintenance fund
According to the relevant regulations of the location where the development project is located the maintenance
fund shall be collected from the buyer or included in the development cost of the development product by the
company during the sales (pre-sale) of the development product and shall be uniformly handed over to the
maintenance fund management department.
24. Accounting method for quality guarantee deposit
The quality guarantee deposit shall be reserved from the construction unit's project funds in accordance with the
provisions of the construction contract.The maintenance costs incurred during the warranty period of the
developed product shall be offset against the quality guarantee deposit;Upon the expiration of the warranty
period agreed upon for product development the balance of the quality guarantee deposit shall be refunded to
the construction unit.
25. Income
Disclose accounting policies used for revenue recognition and measurement based on business type
1. Principle of revenue recognition
On the commencement date of the contract the company evaluates the contract identifies each individual
performance obligation included in the contract and determines whether each individual performance
obligation is to be fulfilled during a certain period of time or at a certain point in time.When one of the following conditions is met it is considered to have fulfilled the performance obligation
within a certain period of time; otherwise it is considered to have fulfilled the performance obligation at a
certain point in time: (1) The customer obtains and consumes the economic benefits brought by the company's
performance at the same time as the company's performance;(2) Customers are able to control the goods under
construction during the company's performance process;(3) The goods produced by the company during the
performance process have irreplaceable uses and the company has the right to collect payments for the
completed performance portion throughout the entire contract period.
73ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
For performance obligations fulfilled during a certain period of time the company recognizes revenue
based on the progress of performance during that period.When the progress of performance cannot be
reasonably determined and the costs already incurred are expected to be compensated revenue shall be
recognized based on the amount of costs already incurred until the progress of performance can be reasonably
determined.For performance obligations fulfilled at a certain point in time revenue is recognized at the point
when the customer obtains control of the relevant goods or services.When determining whether the customer
has obtained control of the product the company considers the following signs: (1) the company has the right to
receive payment for the product at present that is the customer has a current payment obligation for the
product;(2) The company has transferred the legal ownership of the product to the customer meaning that the
customer already owns the legal ownership of the product;(3) The company has transferred the physical item to
the customer meaning that the customer has taken possession of the item;(4) The company has transferred the
main risks and rewards of ownership of the product to the customer meaning that the customer has acquired the
main risks and rewards of ownership of the product;(5) The customer has accepted the product;(6) Other signs
indicating that the customer has gained control of the product.
2. Principles of income measurement
(1) The company measures revenue based on the transaction price allocated to each individual performance
obligation.The transaction price is the expected amount of consideration that the company is entitled to receive
for transferring goods or services to customers excluding payments collected on behalf of third parties and
expected refunds to customers.
(2) If there is a variable consideration in the contract the company shall determine the best estimate of the
variable consideration based on the expected value or the most likely amount to occur but the transaction price
including the variable consideration shall not exceed the amount that is unlikely to be significantly reversed
when the relevant uncertainty is eliminated.
(3) If there is a significant financing component in the contract the company determines the transaction
price based on the assumed payable amount paid in cash by the customer upon obtaining control of the goods or
services.The difference between the transaction price and the contract consideration shall be amortized using
the effective interest method during the contract period.
(4) If the contract contains two or more performance obligations the company shall on the
commencement date of the contract allocate the transaction price to each individual performance obligation
based on the relative proportion of the individual selling price of the promised goods for each individual
performance obligation.
3. Specific methods for revenue recognition
(1) Specific methods for recognizing sales revenue from real estate development
The company's real estate sales business is a contractual obligation to be fulfilled at a certain point in
time.When the development of the product has been completed and accepted as qualified a sales contract has
been signed and the obligations stipulated in the contract have been fulfilled a notice or announcement of
occupancy has been issued to the owner and the actual delivery of the property or the agreed delivery date in
the contract has expired full payment has been received and the relevant costs incurred or to be incurred can be
reliably measured the realization of sales revenue is recognized.
74ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(2) Provide specific methods for recognizing property service revenue
The provision of property management services by the company is a contractual obligation to be fulfilled
within a certain period of time and revenue is recognized based on the progress of the performance.The
company determines the performance schedule of providing services according to the time schedule.
(3) Method for recognizing construction revenue
The company provides construction engineering services and as the customer obtains and consumes the
economic benefits brought by the company's performance at the same time as the company's performance and
the company has the right to collect payments for the completed performance portion throughout the contract
period the company considers it as a performance obligation to be fulfilled during a certain period of time and
recognizes revenue according to the performance progress except for situations where the performance
progress cannot be reasonably determined.The company determines the performance progress of providing
services according to the investment method.When the performance schedule cannot be reasonably determined
if the company's incurred costs are expected to be compensated revenue shall be recognized based on the
amount of incurred costs until the performance schedule can be reasonably determined.
(4) Other revenue recognition methods
Other income includes hotel operating income etc. For hotel room income as customers obtain and consume
the economic benefits brought by the company's performance at the same time as the company's performance
the company considers it as a performance obligation to be fulfilled during a certain period of time and
recognizes income according to the performance progress during the accounting period in which the service is
provided.For other income according to the provisions of relevant contracts and agreements the realization of
income is recognized when the customer obtains control of the relevant goods the relevant payments have been
received or the right to receive payments has been obtained.The situation where similar businesses adopt different business models involving different revenue recognition and measurement
methods
Not applicable.
26. Contract cost
The incremental costs incurred by the company to obtain contracts that are expected to be recovered are
recognized as contract acquisition costs as an asset.If the cost incurred by the company in fulfilling a contract does not fall within the scope of relevant
standards such as inventory fixed assets or intangible assets and meets the following conditions
simultaneously it shall be recognized as an asset as contract performance cost:
1. The cost is directly related to a current or expected contract including direct labor direct materials
manufacturing costs (or similar costs) costs explicitly borne by the customer and other costs incurred solely
due to the contract;
2. This cost increases the resources that the company will have to fulfill its contractual obligations in the
future;
3. The cost is expected to be recovered.
75ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
The company amortizes assets related to contract costs on the same basis as the recognition of revenue
from goods or services related to the asset and records it in the current period's profit or loss.If the book value of assets related to contract costs is higher than the remaining consideration expected to
be obtained from the transfer of goods or services related to the asset minus the estimated costs to be incurred
the company shall make an impairment provision for the excess and recognize it as an asset impairment loss.If
the factors that caused impairment in previous periods change resulting in the expected remaining
consideration for the goods or services related to the transfer of the asset minus the estimated costs to be
incurred being higher than the carrying amount of the asset the original provision for impairment of the asset
shall be reversed and included in the current period's profit and loss but the reversed carrying amount of the
asset shall not exceed the carrying amount of the asset on the reversal date assuming no provision for
impairment.
27. Contract assets and contract liabilities
The company lists contract assets or contract liabilities in the balance sheet based on the relationship
between fulfilling performance obligations and customer payments.The company will offset the contract assets
and contract liabilities under the same contract and present them as a net amount.The company will list the unconditional (i.e. only dependent on the passage of time) right to receive
consideration from customers as accounts receivable and the right to receive consideration for goods
transferred to customers (which depends on factors other than the passage of time) as contract assets.The company presents the obligation to transfer goods to customers for consideration received or receivable as a
contractual liability.
28. Government subsidies
1. Government subsidies are recognized when the following conditions are met simultaneously: (1) the
company is able to meet the conditions attached to the government subsidy;(2) The company can receive
government subsidies.If government subsidies are monetary assets they shall be measured based on the amount
received or receivable.If government subsidies are non monetary assets they shall be measured at fair value;If
fair value cannot be reliably obtained it shall be measured at nominal amount.
2. Basis for determining government subsidies related to assets and accounting treatment methods
Government documents stipulate that government subsidies used for the purchase construction or other
formation of long-term assets are classified as asset related government subsidies.If the government documents
are unclear the judgment shall be based on the basic conditions that must be met to obtain the subsidy and if
the basic condition is the formation of long-term assets through purchase construction or other means it shall
be regarded as a government subsidy related to assets.Government subsidies related to assets are offset against
the book value of the relevant assets or recognized as deferred income.If government subsidies related to assets
are recognized as deferred income they shall be recognized in profit or loss in a reasonable and systematic
manner over the useful life of the relevant assets.Government subsidies measured in nominal amounts are
directly recognized in the current period's profit and loss.If the relevant assets are sold transferred scrapped or
damaged before the end of their useful life the undistributed deferred income balance shall be transferred to the
current profit and loss of asset disposal.
76ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
3. Basis for determining government subsidies related to income and accounting treatment methods
Government subsidies other than those related to assets are classified as income related government
subsidies.For government subsidies that include both asset related and income related parts it is difficult to
distinguish between those related to assets or income and they are generally classified as income related
government subsidies.Government subsidies related to income used to compensate for related costs expenses
or losses in future periods are recognized as deferred income. During the period in which related costs
expenses or losses are recognized they are included in the current period's profit or loss or offset against related
costs;For compensation of related costs or losses that have already occurred they shall be directly recorded in
the current period's profit and loss or offset against related costs.
4. Government subsidies related to the daily business activities of the company shall be included in other
income or offset against related costs and expenses according to the essence of economic business.Government
subsidies unrelated to the daily activities of the company shall be included in non operating income and
expenses.
5. Accounting treatment methods for policy based preferential loan interest subsidies
(1) The finance department will allocate the interest subsidy funds to the lending bank. If the lending bank
provides loans to the company at a policy preferential interest rate the actual received loan amount will be used
as the entry value of the loan and the relevant loan costs will be calculated based on the loan principal and the
policy preferential interest rate.
(2) If the finance department directly disburses the interest subsidy funds to the company the
corresponding interest subsidy will be offset against the relevant borrowing costs.
29. Deferred tax assets/deferred tax liabilities
1. Based on the difference between the book value of assets and liabilities and their tax base (for items that
are not recognized as assets or liabilities and whose tax base can be determined according to tax laws the
difference between the tax base and their book value) deferred income tax assets or deferred income tax
liabilities are recognized by calculating the applicable tax rate during the expected period of asset recovery or
liability settlement.
2. The recognition of deferred tax assets is limited to the taxable income that is likely to be obtained to
offset deductible temporary differences.On the balance sheet date if there is conclusive evidence indicating that
sufficient taxable income is likely to be obtained in future periods to offset deductible temporary differences
deferred tax assets not recognized in previous accounting periods shall be recognized.On the balance sheet date the carrying amount of deferred tax assets shall be reviewed. If it is likely that
sufficient taxable income will not be obtained in the future to offset the benefits of deferred tax assets the
carrying amount of deferred tax assets shall be reduced.When it is likely to obtain sufficient taxable income
reverse the amount of write down.
77ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
4. The current income tax and deferred income tax of the company are recognized as income tax expenses
or gains in the current period's profit and loss but do not include income tax arising from the following
situations: (1) business combination;(2) Transactions or events directly recognized in owner's equity.When the following conditions are met simultaneously the company will present the net amount of
deferred income tax assets and deferred income tax liabilities after offsetting: (1) it has the legal right to settle
current income tax assets and current income tax liabilities on a net basis;(2) Deferred income tax assets and
deferred income tax liabilities are related to income tax levied by the same tax collection and management
department on the same taxpayer or on different taxpayers but in the future during each significant period of
reversal of deferred income tax assets and deferred income tax liabilities the taxpayers involved intend to settle
the current income tax assets and current income tax liabilities on a net basis or simultaneously acquire assets
and settle debts.
30. Leasing
(1) Accounting treatment method for leasing as a lessee
On the commencement date of the lease term the company recognizes leases that do not exceed 12 months
and do not include purchase options as short-term leases;Leases with lower value when a single leased asset is a
brand new asset are recognized as low value asset leases.If a company subleases or anticipates subleasing leased
assets the original lease shall not be recognized as a low value asset lease.For all short-term leases and leases of low value assets the company will include the lease payments in the
relevant asset costs or current profit and loss using the straight-line method during each period of the lease term.Except for the short-term leases and low value asset leases that adopt simplified treatment as mentioned
above the company recognizes the right of use assets and lease liabilities for leases on the lease commencement
date.
(1) Right of Use Assets
The initial measurement of right of use assets is based on cost which includes: 1) the initial measurement
amount of lease liabilities;2) If there is a lease incentive for the lease payment made on or before the start date
of the lease term the relevant amount of the lease incentive already enjoyed shall be deducted;3) The initial
direct expenses incurred by the lessee;4) The lessee is expected to incur the cost of dismantling and removing
the leased asset restoring the leased asset's location or restoring the leased asset to the state specified in the
lease terms.The company depreciates the right of use assets using the straight-line method.If the ownership of the
leased asset can be reasonably determined upon the expiration of the lease term the company shall depreciate
the leased asset over its remaining useful life.If it cannot be reasonably determined that ownership of the leased
asset will be obtained upon the expiration of the lease term the company shall depreciate the leased asset during
the shorter of the lease term and the remaining useful life of the leased asset.
(2) Lease liabilities
78ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
On the commencement date of the lease term the company recognizes the present value of unpaid lease
payments as a lease liability.When calculating the present value of lease payments the implicit interest rate of
the 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
payment amount and its present value is recognized as unrecognized financing expenses and interest expenses
are recognized at the discount rate of the recognized present value of the lease payment amount during each
period of the lease term and included in the current period's profit and loss.Variable lease payments that are not
included in the measurement of lease liabilities are recognized in the current period's income statement when
they actually occur.After the commencement date of the lease term when there is a change in the actual fixed payment amount
a change in the expected payable amount of the guarantee residual value a change in the index or ratio used to
determine the lease payment amount a change in the evaluation results or actual exercise of the purchase option
renewal option or termination option the company shall remeasure the lease liability based on the present value
of the changed lease payment amount and adjust the book value of the right of use asset accordingly. If the book
value of the right of use asset has been reduced to zero but the lease liability still needs to be further reduced
the remaining amount shall be included in the current profit and loss.
(2) Accounting treatment method for leasing as a lessor
On the commencement date of the lease the company classifies leases that have essentially transferred
almost all risks and rewards related to the ownership of the leased asset as finance leases while all other leases
are operating leases.
(1) Operating lease
The company recognizes the lease receipts as rental income using the straight-line method during each
period of the lease term. The initial direct expenses incurred are capitalized and amortized on the same basis as
the recognition of rental income and are recorded in the current period's profit and loss in installments.Variable
lease payments related to operating leases obtained by the company that are not included in lease receipts are
recognized in the current period's profit and loss when they actually occur.
(2) Financial leasing
On the commencement date of the lease term the company recognizes the receivable financing lease
payments based on the net amount of the lease investment (the sum of the unsecured residual value and the
present value of the lease receipts not yet received on the commencement date discounted at the lease implicit
interest rate) and terminates the recognition of financing lease assets.During each period of the lease term the
company calculates and recognizes interest income based on the implicit interest rate of the lease.The variable lease payments obtained by the company that are not included in the net measurement of lease
investments are recognized in the current period's profit and loss when they actually occur.
79ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
31. Division report
The company determines its operating divisions based on internal organizational structure management
requirements and internal reporting systems.The operating divisions of a company refer to the components that
simultaneously meet the following conditions:
1. This component can generate income and incur expenses in daily activities;
2. The management can regularly evaluate the operating results of this component to determine the allocation of
resources and evaluate its performance;
3. Able to obtain relevant accounting information such as financial status operating results and cash flows of
the component through analysis.
32. Changes in significant accounting policies and estimates
(1) Significant changes in accounting policies
□ Applicable□Not Applicable
(2) Significant changes in accounting estimates
□ Applicable□Not Applicable
(3) Starting from 2025 the first implementation of the new accounting standards will adjust the financial statements
related to the items at the beginning of the year
□ Applicable□Not Applicable
6、 Taxation
1. Main tax types and tax rates
tax category tax basis tax rate
The output tax is calculated based on the
sales of goods and taxable service
income calculated according to tax laws.Value-added Tax (VAT) 9% 6% 5% 3%
After deducting the input tax that can be
deducted in the current period the
difference is the payable value-added tax
consumption tax Taxable sales amount (quantity)
urban maintenance and construction tax The actual amount of turnover tax paid 7%
corporate income tax taxable income 25% 16.5%
Value added generated from the paid
Calculated and paid at a progressive tax
transfer of state-owned land use rights
Land Value Increment Tax rate based on the excess value-added
and property rights of buildings and
amount
other attached objects on the ground
For the collection based on price it shall
be calculated and paid at 1.2% of the
remaining value after deducting 30%
property tax 1.2% 12%
from the original value of the
property;Charged from rent calculated
and paid at 12% of rental income
80ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Education Surcharge The actual amount of turnover tax paid 3%
Local Education Surcharge The actual amount of turnover tax paid 2%
Disclosure explanation for taxpayers with different corporate income tax rates
Taxpayer Name Income tax rate
Huazhan Supervision Shantou Songshan Company 20%
Subsidiaries registered in Hong Kong 16.5%
Other taxpayers other than those mentioned above 25%
2. Tax incentives
According to the Announcement of the Ministry of Finance and the State Administration of Taxation on Further Supporting the
Development of Small and Micro Enterprises and Individual Industrial and Commercial Households Regarding Tax Policies
(Announcement No. 12 of 2023 of the Ministry of Finance and the State Administration of Taxation) the portion of annual taxable
income of small and micro profit enterprises that does not exceed 1 million yuan shall be reduced by 25% and included in the
taxable income and shall be subject to enterprise income tax at a rate of 20%.The execution period is from January 1 2023 to
December 31 2027.Our subsidiary Huazhan Supervision and Shantou Songshan Company are subject to a preferential tax rate of
20% for small and micro profit enterprises in terms of corporate income tax rate.
3. Other
Not applicable.
7、 Annotations to Consolidated Financial Statement Items
1. Monetary funds
Unit: Yuan
project Closing balance Opening balance
Cash on hand 30920.73 38975.98
bank deposit 256107424.13 526814068.83
Other monetary funds 38444828.75 2389680.55
total 294583173.61 529242725.36
Among them: total amount of funds
4315458.694660706.04
stored overseas
Other instructions
At the end of the period there were restricted funds of 6084195.55 yuan in bank deposits of which 58428.69 yuan was frozen
funds due to litigation 158549.08 yuan was suspended from accounts and payments 5674439.78 yuan was construction funds
for public facilities projects in and around Longgang District Shenzhen 142778.00 yuan was land reclamation costs for the
Shenzhen Guangmingli project and 50000.00 yuan was a fixed-term engineering deposit.At the end of the period other monetary funds of 38444828.75 yuan were seven day notice deposits.
2. Trading financial assets
Unit: Yuan
81ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
project Closing balance Opening balance
Financial assets measured at fair value
with changes recognized in current profit 1106464327.01 987801938.51
or loss
among which
fund 1106464327.01 987801938.51
among which
total 1106464327.01 987801938.51
Other instructions
3. Notes receivable
(1) Classification and presentation of accounts receivable
Unit: Yuan
project Closing balance Opening balance
Trade acceptance 100000.00
total 0.00 100000.00
(2) Classified disclosure based on bad debt provision method
Unit: Yuan
Closing balance Opening balance
allowance for bad allowance for bad
book balance book balance
category debts book debts book
proporti provisio value proporti provisio value
amount amount amount amount
on n ratio on n ratio
amon
g which
Account
s
receivab
le with
100000.100000.
provisio 100.00%
0000
n for bad
debts by
combina
tion
amon
g which
Bank
acceptan
ce bill
Trade
100000.100000.
acceptan 100.00%
0000
ce
100000.100000.
total 100.00%
0000
If the provision for bad debts of accounts receivable is made according to the general model of expected credit losses:
82ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
□ Applicable□Not Applicable
(3) Provision for bad debts accrued recovered or reversed in this period
Provision for bad debts in this period:
Unit: Yuan
Current period change amount
Opening
category Withdrawal or Closing balancebalance accrue write-off other
reversal
Among them the amount of bad debt provision recovered or reversed in this period is significant:
□ Applicable□Not Applicable
(4) Accounts receivable pledged by the company at the end of the period
Unit: Yuan
project End of term pledged amount
(5) Accounts receivable that have been endorsed or discounted by the company at the end of the period
and have not yet matured on the balance sheet date
Unit: Yuan
End of term termination confirmation Confirmation amount not terminated at
project
amount the end of the period
(6) Actual write off of accounts receivable in this period
Unit: Yuan
project Write-off amount
Important accounts receivable write off status:
Unit: Yuan
Is the payment
Verification
Nature of accounts Reason for generated from
Unit Name Write-off amount procedures for
receivable verification related party
performance
transactions
Explanation for writing off accounts receivable:
4. Accounts receivable
(1) Disclosure by aging
Unit: Yuan
aging Closing book balance Initial book balance
Within 1 year (including 1 year) 37779930.47 46635449.13
1 to 2 years 9857925.13 17841452.58
2 to 3 years 7978199.52 8345221.16
83ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
More than 3 years 30483662.32 26769666.68
3 to 4 years 5287291.02 5644029.79
4 to 5 years 4117638.10 46903.69
more than 5 years 21078733.20 21078733.20
total 86099717.44 99591789.55
(2) Classified disclosure based on bad debt provision method
Unit: Yuan
Closing balance Opening balance
allowance for bad allowance for bad
book balance book balance
category debts book debts book
proporti provisio value proporti provisio value
amount amount amount amount
on n ratio on n ratio
Account
s
receivab
le with
249156249156249833249833
individu 28.94% 100.00% 0.00 25.09% 100.00% 0.00
59.3159.3183.2583.25
al
provisio
n for bad
debts
amon
g which
Account
s
receivab
le with
611840180111431729746084179356566727
provisio 71.06% 29.44% 74.91% 24.04%
58.1318.7139.4206.3010.7895.52
n for bad
debts by
combina
tion
amon
g which
860997429267431729995917429189566727
total 100.00% 49.86% 100.00% 43.09%
17.4478.0239.4289.5594.0395.52
Category name for single provision for bad debts: Accounts receivable with significant single provision for bad debts
Unit: Yuan
Opening balance Closing balance
name allowance for allowance for Reason for
book balance book balance provision ratio
bad debts bad debts provision
Proxy import
and export Expected
11574556.0011574556.0011574556.0011574556.00100.00%
business irretrievable
payment
Long term
Expected
unrecovered 10084109.60 10084109.60 10016385.66 10016385.66 100.00%
irretrievable
sales proceeds
84ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Accounts
receivable of Expected
2314755.462314755.462314755.462314755.46100.00%
hanging pin irretrievable
company
Other customer Expected
1009962.191009962.191009962.191009962.19100.00%
payments irretrievable
total 24983383.25 24983383.25 24915659.31 24915659.31
Category name for provision for bad debts by combination: Accounts receivable with provision for bad debts by combination
Unit: Yuan
Closing balance
name
book balance allowance for bad debts provision ratio
Accounts receivable from
61184058.1318011118.7129.44%
other customer combinations
total 61184058.13 18011118.71
Explanation for determining the basis of this combination:
If the provision for bad debts of accounts receivable is made according to the general model of expected credit losses:
□ Applicable□Not Applicable
(3) Provision for bad debts accrued recovered or reversed in this period
Provision for bad debts in this period:
Unit: Yuan
Current period change amount
Opening
category
balance Withdrawal or
Closing balance
accrue write-off other
reversal
Individual
provision for 24983383.25 0.00 0.00 0.00 -67723.94 24915659.31
bad debts
Provision for
bad debts by 17935610.78 75507.93 0.00 0.00 0.00 18011118.71
combination
total 42918994.03 75507.93 0.00 -67723.94 42926778.02
Among them the amount of bad debt provision recovered or reversed in this period is significant:
Unit: Yuan
The basis and
rationality for
Withdrawal or reversal
Unit Name Reason for reversal Withdrawal method determining the
of amount
original bad debt
provision ratio
(4) Accounts receivable actually written off in this period
Unit: Yuan
project Write-off amount
Important accounts receivable write off situations include:
85ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Unit: Yuan
Is the payment
Verification
Nature of accounts Reason for generated from
Unit Name Write-off amount procedures for
receivable verification related party
performance
transactions
Accounts receivable write off instructions:
(5) Accounts receivable and contract assets of the top five ending balances collected by debtor
Unit: Yuan
Accounts
Proportion of total receivable bad
Accounts
Accounts ending balance of debt provision and
Closing balance of receivable and
Unit Name receivable ending accounts contract asset
contract assets contract assets
balance receivable and impairment
ending balance
contract assets provision ending
balance
Shenzhen
Hongteng
Investment 11789376.23 895261.55 12684637.78 10.70% 11816234.08
Management Co.Ltd
Shenzhen
Construction
7368677.153195194.3110563871.468.91%316916.14
Engineering Group
Co. Ltd
Shenzhen
Guangming
Construction First
1544468.137875773.919420242.047.94%282607.26
Construction
Engineering Co.Ltd
Jiangsu Huajian
Construction Co.
5819468.252287592.468107060.716.84%243211.82
Ltd. Shenzhen
Branch
China
Construction
Xinjiang
1807690.554954179.586761870.135.70%202856.11
Construction
Engineering
(Group) Co. Ltd
total 28329680.31 19208001.81 47537682.12 40.09% 12861825.41
5. Contract assets
(1) Contract asset situation
Unit: Yuan
Closing balance Opening balance
project allowance for allowance for
book balance book value book balance book value
bad debts bad debts
Completed but 32487032.81 1186032.17 31301000.64 32059525.05 1170801.96 30888723.09
86ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
unsettled
project funds
total 32487032.81 1186032.17 31301000.64 32059525.05 1170801.96 30888723.09
(2) Significant changes in book value and reasons during the reporting period
Unit: Yuan
project Change amount Change Reason
(3) Classified disclosure based on bad debt provision method
Unit: Yuan
Closing balance Opening balance
allowance for bad allowance for bad
book balance book balance
category debts book debts book
proporti provisio value proporti provisio value
amount amount amount amount
on n ratio on n ratio
among which
Provisio
n for bad
324870118603313010320595117080308887
debts by 100.00% 3.65% 100.00% 3.65%
32.812.1700.6425.051.9623.09
combina
tion
among which
324870118603313010320595117080308887
total 100.00% 3.65% 100.00% 3.65%
32.812.1700.6425.051.9623.09
Category name for provision for bad debts by combination: Contract assets with provision for bad debts by combination
Unit: Yuan
Closing balance
name
book balance allowance for bad debts provision ratio
Provision for impairment by
32487032.811186032.173.65%
combination
total 32487032.81 1186032.17
Explanation for determining the basis of this combination:
Provision for bad debts based on the general model of expected credit losses
□ Applicable□Not Applicable
(4) Provision for bad debts accrued recovered or reversed in this period
Unit: Yuan
Provision for this Withdrawal or reversal Transfer/write off in
project reason
period in this period this period
Provision for
impairment by 15230.21
combination
total 15230.21
Among them the amount of bad debt provision recovered or reversed in this period is significant:
87ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Unit: Yuan
The basis and
rationality for
Withdrawal or reversal
Unit Name Reason for reversal Withdrawal method determining the
of amount
original bad debt
provision ratio
Other instructions
(5) The actual written off contract assets in this period
Unit: Yuan
project Write-off amount
Verification of important contract assets
Unit: Yuan
Is the payment
Verification
Reason for generated from
Unit Name Nature of Payment Write-off amount procedures for
verification related party
performance
transactions
Explanation of Contract Asset Verification:
Other instructions:
6. Other receivables
Unit: Yuan
project Closing balance Opening balance
Interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Other receivables 16017762.62 7438040.83
total 16017762.62 7438040.83
(1) Interest receivable
1) Classification of accrued interest
Unit: Yuan
project Closing balance Opening balance
total 0.00 0.00
2) Important overdue interest
Unit: Yuan
Whether impairment
Borrower Unit Closing balance overdue time Reason for overdue has occurred and its
judgment basis
Other instructions:
88ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
3) Classified disclosure based on bad debt provision method
□ Applicable□Not Applicable
4) The situation of bad debt provisions provisioned recovered or reversed in this period
Unit: Yuan
Current period change amount
Opening
category Withdrawal or Transfer or Closing balancebalance accrue Other changes
reversal write off
Among them the amount of bad debt provision recovered or reversed in this period is significant:
Unit: Yuan
The basis and
rationality for
Withdrawal or reversal
Unit Name Reason for reversal Withdrawal method determining the
of amount
original bad debt
provision ratio
Other instructions:
5) Actual write off of accrued interest in this period
Unit: Yuan
project Write-off amount
The significant write off of accrued interest among them
Unit: Yuan
Is the payment
Verification
Reason for generated from
Unit Name Nature of Payment Write-off amount procedures for
verification related party
performance
transactions
Verification instructions:
Other instructions:
(2) Dividends receivable
1) Classification of dividends receivable
Unit: Yuan
Project (or investee) Closing balance Opening balance
total 0.00 0.00
2) Important dividends receivable with an aging of over 1 year
Unit: Yuan
Whether impairment
Reasons for not
Project (or investee) Closing balance aging has occurred and its
retrieving
judgment basis
89ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
3) Classified disclosure based on bad debt provision method
□ Applicable□Not Applicable
4) The situation of bad debt provisions provisioned recovered or reversed in this period
Unit: Yuan
Current period change amount
Opening
category Withdrawal or Transfer or Closing balancebalance accrue Other changes
reversal write off
Among them the amount of bad debt provision recovered or reversed in this period is significant:
Unit: Yuan
The basis and
rationality for
Withdrawal or reversal
Unit Name Reason for reversal Withdrawal method determining the
of amount
original bad debt
provision ratio
Other instructions:
5) Actual write off of receivable dividends in this period
Unit: Yuan
project Write-off amount
The write off of important receivable dividends
Unit: Yuan
Is the payment
Verification
Reason for generated from
Unit Name Nature of Payment Write-off amount procedures for
verification related party
performance
transactions
Verification instructions:
Other instructions:
(3) Other receivables
1) Classification of other receivables by nature of payment
Unit: Yuan
Nature of Payment Closing book balance Initial book balance
Combination of accounts receivable from
161393309.25161393309.25
related parties
Combination of accounts receivable from
3019837.723019837.72
government departments
Accounts receivable employee reserve
618240.40533912.40
fund combination
Accounts receivable collection and
917907.39787071.98
payment combination
Combination of other receivables and
43193696.4937783095.18
payables
total 209142991.25 203517226.53
90ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
2) Disclosure by aging
Unit: Yuan
aging Closing book balance Initial book balance
Within 1 year (including 1 year) 6265874.65 4132917.44
1 to 2 years 4934244.45 1542936.54
2 to 3 years 12212328.22 12060828.62
More than 3 years 185730543.93 185780543.93
more than 5 years 185730543.93 185780543.93
total 209142991.25 203517226.53
3) Classified disclosure based on bad debt provision method
□Applicable □ Not applicable
Unit: Yuan
Closing balance Opening balance
allowance for bad allowance for bad
book balance book balance
category debts book debts book
proporti provisio value proporti provisio value
amount amount amount amount
on n ratio on n ratio
Provisio
n for bad
debts 187243 186850 392652. 190176 189807 368980.
89.53%99.79%93.44%99.81%
based on 646.20 993.57 63 205.84 225.64 20
individu
al items
among which
Provisio
n for bad
218993627423156251133410627196706906
debts by 10.47% 28.65% 6.56% 47.01%
45.055.0609.9920.690.060.63
combina
tion
209142193125160177203517196079743804
total 100.00% 92.34% 100.00% 96.35%
991.25228.6362.62226.53185.700.83
Provision for bad debts based on the general model of expected credit losses:
Unit: Yuan
Phase One Phase Two Phase Three
allowance for bad Expected credit loss for Expected credit loss for
debts Expected credit loss for the entire duration (no the entire duration
total
the next 12 months credit impairment has (credit impairment
occurred) already occurred)
Balance as of January
209559.52857709.31195011916.87196079185.70
12025
Balance as of January
1 2025 in this period
Provision for this
2275.002275.00
period
91ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Other changes -2956232.07 -2956232.07
Balance as of June 30
211834.52857709.31192055684.80193125228.63
2025
Basis for division of each stage and provision ratio for bad debt reserves
Changes in book balance with significant changes in the amount of loss provision for the current period
□ Applicable□Not Applicable
4) Provision for bad debts accrued recovered or reversed in this period
Provision for bad debts in this period:
Unit: Yuan
Current period change amount
Opening
category Withdrawal or Transfer or Closing balancebalance accrue other
reversal write off
Individual
provision for 189807225.64 -2956232.07 186850993.57
bad debts
Provision for
bad debts by 6271960.06 2275.00 6274235.06
combination
total 196079185.70 2275.00 -2956232.07 193125228.63
Among them the significant amounts of bad debt provisions reversed or recovered in this period are:
Unit: Yuan
The basis and
rationality for
Withdrawal or reversal
Unit Name Reason for reversal Withdrawal method determining the
of amount
original bad debt
provision ratio
5) Other accounts receivable actually written off in this period
Unit: Yuan
project Write-off amount
Important other accounts receivable write offs:
Unit: Yuan
Is the payment
Verification
Nature of other Reason for generated from
Unit Name Write-off amount procedures for
receivables verification related party
performance
transactions
Explanation for write off of other receivables:
6) Other receivables with the top five ending balances collected by debtor
Unit: Yuan
92ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Proportion to the
total ending Closing balance of
Unit Name Nature of Payment Closing balance aging
balance of other bad debt provision
receivables
Great Wall Canada
Related party
(Vancouver) 89035748.07 More than 5 years 42.57% 89035748.07
transactions
Limited
Related party
Baili Co. Ltd 19444131.44 More than 5 years 9.30% 19444131.44
transactions
Berkton Australia Related party
12559290.58 More than 5 years 6.01% 12559290.58
Limited transactions
Guangdong
Huizhou
Related party
Luofushan Mineral 10465168.81 More than 5 years 5.00% 10465168.81
transactions
Water Beverage
Co. Ltd
Xi'an Xinfeng
Related party
Property Trading 8473091.08 More than 5 years 4.05% 8473091.08
transactions
Co. Ltd
total 139977429.98 66.93% 139977429.98
7) Reported as other receivables due to centralized fund management
Unit: Yuan
Other instructions:
7. Advance payment
(1) Prepayments are listed by aging
Unit: Yuan
Closing balance Opening balance
aging
amount proportion amount proportion
within one year 901501.07 89.69% 1100322.58 91.61%
1 to 2 years 3985.00 0.40% 1159.00 0.10%
2 to 3 years 0.00 0.00% 0.00%
More than 3 years 99621.26 9.91% 99624.63 8.29%
total 1005107.33 1201106.21
Explanation of the reasons for the delayed settlement of prepayments with an aging of over 1 year and significant amounts:
(2) Prepayment status of the top five year-end balances collected by prepaid objects
Accounting for prepaid
Unit Name Book balance (yuan) funds
Proportion of balance (%)
Shenzhen Jiangxin Investment
Information Consulting Co. Ltd 405557.00 40.35%
Shenzhen Property Management
Co. Ltd. Shenzhen Shanglin 391500.30 38.95%
Garden Management Office
93ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Huizhou Huiyang Power Supply
Bureau of Guangdong Power Grid 98840.29 9.83%
Co. Ltd
Shenzhen Anbo Video
Technology Co. Ltd 68672.80 6.83%
Shenzhen Guojing Office Supplies
Co. Ltd 37027.60 3.68%
Subtotals 1001597.99 99.64%
Other instructions:
8. Inventory
Does the company need to comply with disclosure requirements in the real estate industry
yes
(1) Inventory classification
The company is required to comply with the disclosure requirements for the "real estate industry" in the "Shenzhen Stock
Exchange Listed Company Self discipline Supervision Guidelines No. 3- Industry Information Disclosure"
Classified by nature:
Unit: Yuan
Closing balance Opening balance
Provision for Provision for
inventory inventory
depreciation or depreciation or
project provision for provision for
book balance book value book balance book value
impairment of impairment of
contract contract
performance performance
costs costs
development 2275957936. 1564170826. 2276063206. 1564276096.
711787110.18711787110.18
cost 49 31 65 47
develop 1673124209. 1618316498. 2127137511. 2072329800.
54807711.1154807711.11
products 82 71 58 47
inventory
249672.5438891.91210780.63273224.3138891.91234332.40
goods
3949331818.3182698105.4403473942.3636840229.
total 766633713.20 766633713.20
85655434
Disclose the main items of "development costs" and their capitalization of interest in the following format:
Unit: Yuan
Among
Transfe them:
Increas Accum
rred to Capitali
Expecte Other ed ulated
Expecte the zed
Comme d Openin reduced develop amount source
Project d total develop Closing amount
ncemen complet g amount ment of of
Name investm ment of balance of
t time ion balance s in this costs in interest funds
ent product interest
time period this capitali
s in this for the
period zation
period current
period
94ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Shenfa
June June 30000 22477 22476
ng 105270 40384
30th 30th 00000. 71298. 66028. other
Linxin .16 162.95
20212028005438
Garden
Shanto
u
Xinfen 28291 28291
other
g 908.11 908.11
Buildin
g
300002276022759
10527040384
total 00000. 63206. 0.00 0.00 57936. 0.00.16162.95
006549
Disclose the main project information of the "development product" in the following format:
Unit: Yuan
Among
them:
Accumulated
Capitalized
Completion Opening Increase in Decrease in Closing amount of
Project Name amount of
time balance this period this period balance interest
interest for
capitalization
the current
period
Tianyue Bay June 30th 441400625. 20136639.0 421263986.Phase II 2021 10 1 09
Tianyue Bay December 191139379. 189184664.
1954714.93
Phase I 15 2017 80 87
Jinye Island
Haitian
September 39999534.0 40055368.2
Pavilion 55834.24
16th 1997 4 8
Multi story
Apartment
Shenfang
May 8th
Cuilin 7696703.11 7696703.11
2018
Garden
Yuejing
November
Oriental 6121027.07 6121027.07
182014
Project
Golden Leaf
December
Island Phase 5641278.54 5641278.54
2nd 2010
10
Golden Leaf
August 20th
Island Phase 2222776.30 2222776.30
2008
11
Beijing
Xinfeng 304557.05 304557.05
Building
Whampoa
140000.00140000.00
Estate
Deep Room November 143247163 431977782. 100049384
5409520.68
Bright Inside 29 2024 0.57 06 8.51
212713751454069136.167312420
total 55834.24 5409520.68 0.00
1.58009.82
Disclose "installment payment development products" "rental development products" and "turnover housing" by project in the
following format:
Unit: Yuan
95ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Project Name Opening balance Increase in this period Decrease in this period Closing balance
(2) Confirmed as inventory data resources
Unit: Yuan
Self processed Inventory of data
Inventory of purchased
project inventory of data resources obtained total
data resources
resources through other means
1. Closing book value 0.00
2. Initial book value 0.00
(3) Provision for inventory depreciation and provision for impairment of contract performance costs
Disclose the provision for inventory depreciation reserve in the following format:
Classified by nature:
Unit: Yuan
Increased amount in this Decreased amount in this
Opening period period Closing
project Remarks
balance Return or balance
accrue other other
sale
development 711787110. 711787110.cost 18 18
develop 54807711.1 54807711.1
products 1 1
inventory
38891.9138891.91
goods
766633713.766633713.
total
2020
Classified by major projects:
Unit: Yuan
Increased amount in this Decreased amount in this
Opening period period Closing
Project Name Remarks
balance Return or balance
accrue other other
sale
(4) The capitalization rate of interest in the ending balance of inventory
As of June 30 2025 the inventory balance of the Group includes capitalized borrowing costs of RMB
45793683.63.
(5) Restricted inventory situation
Disclosure of restricted inventory by project:
Unit: Yuan
Project Name Opening balance Closing balance Reason for restriction
96ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(6) Other debt investments due within one year
□ Applicable□Not Applicable
9. Other current assets
Unit: Yuan
project Closing balance Opening balance
Contract acquisition cost 4337610.43 6508438.39
Overpayment or prepayment of income
24611948.4763654695.18
tax
Prepaid value-added tax 74022848.89 41955887.75
Input tax to be deducted 1077505.46 9375930.68
Land Value Increment Tax 28426476.21 28100310.83
Prepay urban construction tax and other
29265.214587785.46
fees
other 0.00 8975.57
total 132505654.67 154192023.86
Other instructions:
10. Other equity instrument investments
Unit: Yuan
Reason for
designation
Accumulat Accumulat
Gains as
Losses ed gains ed losses
recognized measured
included in recognized recognized Dividend
in other at fair
other in other in other income
Project Opening comprehen Closing value with
comprehen comprehen comprehen recognized
Name balance sive balance changes
sive sive sive in this
income for recognized
income for income at income at period
the current in other
this period the end of the end of
period comprehen
this period this period
sive
income
Shantou
Small and
Medium
sized 14697341. 6650223.4 14938859.
241517.8799669.36
Enterprise 18 8 05
Financing
Guarantee
Co. Ltd
14697341.6650223.414938859.
total 241517.87 99669.36
18805
Termination confirmation exists in this period
Unit: Yuan
Accumulated gains Accumulated losses
Reason for termination of
Project Name transferred to retained transferred to retained
confirmation
earnings earnings
Disclose non trading equity instrument investments for the current period by item
97ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Unit: Yuan
Reason for
The amount of designation as Reasons for
other measured at fair transferring
Confirmed comprehensive value with other
Accumulated Accumulated
Project Name dividend income changes comprehensive
gains losses
income transferred to recognized in income to
retained other retained
earnings comprehensive earnings
income
Other instructions:
11. Long term equity investment
Unit: Yuan
Changes in this period
Invest
Openi ment Closin
Openi ng gains Other Declar Closin g
The ng balanc make and compr e the g balanc
investe balanc e of an Reduc losses ehensi Other distrib Provisi balanc e of
d e impair additio e recogn ve equity ution on for other e impair
entity (book ment nal invest ized incom change of cash impair (book ment
value) provisi invest ment under e s divide ment value) provisi
on ment the adjust nds or on
equity ments profits
metho
d
1、 Joint venture enterprise
Guang
dong
Huizh
ou
Luofus
han 9969 9969 9969 9969
Minera 206.09 206.09 206.09 206.09
l
Water
Bevera
ge Co.Ltd
Fengk
ai
9455945594559455
Xingh
465.38465.38465.38465.38
ua
Hotel
19424194241942419424
subtota
671.4671.4671.4671.4
l
7777
2、 Joint venture enterprise
Shenz
hen 1076 1076 1076 1076
Rongh 954.64 954.64 954.64 954.64
ua
98ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Electro
mecha
nical
Engine
ering
Co.Ltd
Shenz
hen
Runhu
a
Autom 1445 1445 1445 1445
obile 425.56 425.56 425.56 425.56
Tradin
g
Compa
ny
Dongy
i Real 30376 30376 30376 30376
Estate 084.8 084.8 084.8 084.8
Co. 9 9 9 9
Ltd
32898328983289832898
subtota
465.0465.0465.0465.0
l
9999
52323523235232352323
total 136.5 136.5 136.5 136.5
6666
The recoverable amount is determined based on the net amount of fair value minus disposal expenses
□ Applicable□Not Applicable
The recoverable amount is determined based on the present value of expected future cash flows
□ Applicable□Not Applicable
The reasons for the significant differences between the aforementioned information and the information used in previous years'
impairment tests or external information
The reason for the significant discrepancy between the information used in the previous year's impairment test and the actual
situation of the current year by the company
Other instructions
12. Investment oriented real estate
(1) Investment real estate using cost measurement model
□Applicable □ Not applicable
Unit: Yuan
construction in
project Houses and buildings land use right total
progress
1、 Original book
value
1. Opening
1042937072.97110807339.450.001153744412.42
balance
2. Increased 33326036.91 0.00 0.00 33326036.91
99ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
amount in this period
(1)
0.00
Outsourcing
(2) Transfer
of inventory fixed
33326036.9133326036.91
assets and construction
in progress
(3)
Enterprise merger 0.00
increases
(4) Other (exchange
0.00
rate fluctuations)
3. Decreased
928774.49403838.180.001332612.67
amount in this period
(1) Disposal 0.00
(2) Other
transfers out
(3) Other (exchange
928774.49403838.181332612.67
rate fluctuations)
4. Closing balance 1075334335.39 110403501.27 0.00 1185737836.66
2、 Accumulated
depreciation and
accumulated
amortization
1. Opening
532826612.47532826612.47
balance
2. Increased
12185972.0812185972.08
amount in this period
(1) Provision
12185972.0812185972.08
or amortization
0.00
3. Decreased
0.000.00
amount in this period
(1) Disposal 0.00
(2) Other
0.00
transfers out
0.00
4. Closing balance 545012584.55 545012584.55
3、 Provision for
0.00
impairment
1. Opening
14047929.5990944753.82104992683.41
balance
2. Increased
0.000.000.00
amount in this period
(1) Provision 0.00
0.00
3. Decreased
0.00331448.84331448.84
amount in this period
(1) Disposal 0.00
(2) Other
100ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
transfers out
(3) Other (exchange
331448.84331448.84
rate fluctuations)
4. Closing balance 14047929.59 90613304.98 104661234.57
4、 Book value 0.00
1. Closing book
516273821.2519790196.29536064017.54
value
2. Initial book
496062530.9119862585.63515925116.54
value
The recoverable amount is determined based on the net amount of fair value minus disposal expenses
□ Applicable□Not Applicable
The recoverable amount is determined based on the present value of expected future cash flows
□ Applicable□Not Applicable
The reasons for the significant differences between the aforementioned information and the information used in previous years'
impairment tests or external information
The reason for the significant discrepancy between the information used in the previous year's impairment test and the actual
situation of the current year by the company
Other instructions:
(2) Investment properties measured using fair value measurement model
□ Applicable□Not Applicable
The company is required to comply with the disclosure requirements for the "real estate industry" in the "Shenzhen Stock
Exchange Listed Company Self discipline Supervision Guidelines No. 3- Industry Information Disclosure"
Disclosure of investment properties measured at fair value by project:
Unit: Yuan
Rental Fair value Reasons for
Fair value
income at the Changes in
Project geographic Completion Building at the end Change in
during the beginning Fair Value
Name al location time area (㎡) of the fair value
reporting of the and Report
period
period period Index
Does the company have any investment properties currently under construction
□ Yes□No
Does the company have any newly added investment properties measured at fair value in the current period
□ Yes□No
(3) Converted to investment real estate and measured at fair value
Unit: Yuan
Accounting Impact on other
Reason for approval Impact on
project subjects before amount comprehensive
conversion process profit and loss
conversion income
(4) The situation of investment properties without property ownership certificates
Unit: Yuan
101ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Reason for not obtaining the property
project book value
ownership certificate
Other instructions
13. Fixed assets
Unit: Yuan
project Closing balance Opening balance
fixed assets 15997574.09 17489207.57
total 15997574.09 17489207.57
(1) Fixed asset situation
Unit: Yuan
transportation Electronic devices and
project Houses and buildings total
equipment others
1、 Original book
value:
1. Opening
99967911.107491729.618345607.75115805248.46
balance
2. Increased
0.000.0081926.8181926.81
amount in this period
(1) Purchase 81926.81 81926.81
(2) Transfer
of ongoing 0.00
construction projects
(3)
Enterprise merger 0.00
increases
3. Decreased
332006.3428385.55360391.89
amount in this period
(1) Disposal
332006.3428385.55360391.89
or scrapping
4. Closing balance 99635904.76 7491729.61 8399149.01 115526783.38
2、 Accumulated 0.00
depreciation
1. Opening
85851256.186053367.826411416.8998316040.89
balance
2. Increased
1419531.141419531.14
amount in this period
(1) Provision 1419531.14 1419531.14
3. Decreased
179611.3326751.41206362.74
amount in this period
(1) Disposal
179611.3326751.41206362.74
or scrapping
102ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
4. Closing balance 85671644.85 6053367.82 7804196.62 99529209.29
3、 Provision for
0.00
impairment
1. Opening
balance
2. Increased
amount in this period
(1) Provision
3. Decreased
amount in this period
(1) Disposal
or scrapping
4. Closing balance
4、 Book value 0.00
1. Closing book
13964259.911438361.79594952.3915997574.09
value
2. Initial book
14116654.921438361.791934190.8617489207.57
value
(2) Temporary idle fixed assets situation
Unit: Yuan
Original book Accumulated provision for
project book value Remarks
value Depreciation impairment
(3) Fixed assets leased out through operating leases
Unit: Yuan
project Closing book value
(4) Fixed assets without property ownership certificates
Unit: Yuan
Reasons for not obtaining the property
project book value
ownership certificate
Other instructions
(5) Impairment testing of fixed assets
□ Applicable□Not Applicable
(6) Fixed asset liquidation
Unit: Yuan
project Closing balance Opening balance
103ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Other instructions:
14. Intangible assets
(1) Intangible asset situation
Unit: Yuan
nonpatented
project land use right patent right software total
technology
1、 Original book
value
1. Opening
2192000.002192000.00
balance
2. Increased
amount in this
period
(1)
Purchase
(2)
Internal research
and development
(3)
Enterprise merger
increases
3. Decreased
amount in this
period
(1)
Disposal
4. Closing
2192000.002192000.00
balance
2、 Accumulated
amortization
1. Opening
2192000.002192000.00
balance
2. Increased
amount in this
period
(1)
Provision
3. Decreased
amount in this
period
(1)
Disposal
4. Closing
2192000.002192000.00
balance
3、 Provision for
impairment
104ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
1. Opening
balance
2. Increased
amount in this
period
(1)
Provision
3. Decreased
amount in this
period
(1)
Disposal
4. Closing
balance
4、 Book value
1. Closing
book value
2. Initial book
value
The proportion of intangible assets formed through internal research and development of the company to the balance of intangible
assets at the end of this period
(2) Data resources confirmed as intangible assets
Unit: Yuan
Intangible assets of Self developed Intangible assets of
project purchased data intangible assets of data resources obtained total
resources data resources through other means
1. Closing book value 0.00
2. Initial book value 0.00
(3) The situation of land use rights without property ownership certificates
Unit: Yuan
Reasons for not obtaining the property
project book value
ownership certificate
Other instructions
(4) Impairment testing of intangible assets
□ Applicable□Not Applicable
15. Long term deferred expenses
Unit: Yuan
Increased amount Amortization Other reducedproject Opening balance Closing balance
in this period amount for this amounts
105ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
period
decoration fee 1578307.83 351469.08 1226838.75
other 141603.89 35400.96 106202.93
total 1719911.72 0.00 386870.04 0.00 1333041.68
Other instructions
16. Deferred tax assets/deferred tax liabilities
(1) Unreset deferred tax assets
Unit: Yuan
Closing balance Opening balance
project deductable temporary deductable temporary
deferred tax assets deferred tax assets
difference difference
Impairment of Assets 17887164.32 4471791.08 17887164.32 4471791.08
Unrealized profits from
78405738.3619601434.5878405738.3619601434.58
internal transactions
Deductible losses 35363996.84 8840999.21 34153954.30 8538488.58
Contract estimated cost 3839130.81 959782.70 3839130.81 959782.70
total 135496030.33 33874007.57 134285987.79 33571496.94
(2) Unreset deferred income tax liabilities
Unit: Yuan
Closing balance Opening balance
project Temporary differences Temporary differences
Deferred Tax Liability Deferred Tax Liability
in taxable income in taxable income
Valuation and
appreciation of assets
2697341.18674335.302697341.18674335.30
in mergers of non
controlling enterprises
Unfired interest 2340498.77 585124.68 2340498.77 585124.68
total 5037839.95 1259459.98 5037839.95 1259459.98
(3) Deferred tax assets or liabilities presented as net amount after offsetting
Unit: Yuan
Closing balance of Deferred tax assets and Opening balance of
Deferred tax assets and
deferred income tax liabilities offset amount deferred income tax
project liabilities offset at the
assets or liabilities after at the beginning of the assets or liabilities after
end of the period
offsetting period offsetting
deferred tax assets 33874007.57 33571496.94
Deferred Tax Liability 1259459.98 1259459.98
(4) Details of unconfirmed deferred tax assets
Unit: Yuan
project Closing balance Opening balance
106ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
deductable temporary difference 1313991285.68 1313992914.93
Deductible losses 94397879.70 94399508.95
total 1408389165.38 1408392423.88
(5) The deductible losses of unconfirmed deferred tax assets will expire in the following years
Unit: Yuan
year final amount Opening Balance Remarks
20251629.25
2026346891.06346891.06
202748904614.3848904614.38
202818354716.2418354716.24
202926791658.0226791658.02
2030
total 94397879.70 94399508.95
Other instructions
17. Other non current assets
Unit: Yuan
Closing balance Opening balance
project provision for provision for
book balance book value book balance book value
impairment impairment
Prepaid project
14037.0814037.08
funds
total 14037.08 14037.08 0.00
Other instructions:
18. Assets with restricted ownership or use rights
Unit: Yuan
final beginning of period
project book limited Restricted book limited Restricted
book value book value
balance type situation balance type situation
Constructio Constructio
n funds for n funds for
public public
facilities facilities
within and within and
around the around the
Longgang Longgang
District District
Monetary 5817217.7 5817217.7 5817217.7 5817217.7
detain urban detain urban
funds 8 8 8 8
renewal renewal
project in project in
Shenzhen; Shenzhen;
Land Land
reclamation reclamation
cost of cost of
Shenfang Shenfang
Guangming Guangming
107ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
li project li project
Monetary Litigation 2306548.4 2306548.4 Litigation
58428.69 58428.69 freeze freeze
funds freeze 8 8 freeze
Monetary Constructio Constructio
50000.00 50000.00 detain 50155.58 50155.58 detain
funds n deposit n deposit
Stop Stop
Monetary payment payment
158549.08 158549.08 detain 158549.08 158549.08 detain
funds suspend suspend
account account
accounts 1880744.6 1824322.2 Short term 4918250.3 4770702.7 Short term
staking staking
receivable 0 6 loan pledge 0 9 loan pledge
Investment 13732905 37130504. Loan 13732905 38505029. Loan
mortgage mortgage
real estate 5.83 23 Mortgage 5.83 10 Mortgage
Supplier Supplier
Litigation Litigation
23459980 16150961 litigation 23459980 16150961 litigation
inventory preservatio preservatio
0.76 1.70 preservatio 0.76 1.70 preservatio
n n
n n
37989379206548633851795721311781
total
6.743.747.814.51
Other instructions:
19. Short term loans
(1) Classification of Short term Loans
Unit: Yuan
project Closing balance Opening balance
Factoring 1050000.00 1563000.00
total 1050000.00 1563000.00
Explanation of Short term Loan Classification:
(2) Short term loans that are overdue but not yet repaid
The total amount of overdue and unpaid short-term loans at the end of this period is 0.00 yuan among which the important
overdue and unpaid short-term loans are as follows:
Unit: Yuan
interest rate on
Borrower Unit Closing balance overdue time Overdue interest rate
borrowings
Other instructions
20. Accounts payable
(1) Accounts payable presentation
Unit: Yuan
project Closing balance Opening balance
construction payment 416914007.84 450147073.38
other 13931136.66 14341908.92
total 430845144.50 464488982.30
108ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(2) Important accounts payable with an aging of over 1 year or overdue
Unit: Yuan
project Closing balance Reasons for non repayment or carryover
China Railway Erju Group Corporation 41216237.77 Not yet settled
Huizhou Jinlongsheng Industrial Co. Ltd 84950000.00 Not yet settled
Huizhou Huiyang Hongfa Industry and
50350000.00 Not yet settled
Trade Co. Ltd
Huizhou Mingxiang Economic
41851375.00 Not yet settled
Information Consulting Co. Ltd
Guangzhou Mingji Construction Co. Ltd 11572856.16 Not yet settled
total 229940468.93
Other instructions:
21. Other payables
Unit: Yuan
project Closing balance Opening balance
Interest payable 16784873.34 16535277.94
Dividends payable 0.00 0.00
Other payables 521630711.57 544481375.23
total 538415584.91 561016653.17
(1) Payable interest
Unit: Yuan
project Closing balance Opening balance
Long term loan interest with installment
payment and principal repayment upon 249595.40
maturity
Non financial institution loan interest
16535277.9416535277.94
(payable to parent company interest)
total 16784873.34 16535277.94
Important overdue and unpaid interest situations:
Unit: Yuan
Borrower Unit overdue amount Reason for overdue
Other instructions:
(2) Payable dividends
Unit: Yuan
project Closing balance Opening balance
total 0.00 0.00
Other explanations including important payable dividends that have not been paid for more than one year should disclose the
reasons for non payment:
109ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(3) Other payables
1) List other payables by nature of payment
Unit: Yuan
project Closing balance Opening balance
Non related party transactions 148443025.50 177773291.96
Related party transactions 234171013.35 234015438.99
deposit 25955356.11 25941548.11
other 113061316.61 106751096.17
total 521630711.57 544481375.23
2) Important other payables with an aging of over 1 year or overdue
Unit: Yuan
project Closing balance Reasons for non repayment or carryover
Guangzhou BoPi Enterprise
206903717.13 Not yet settled
Management Consulting Co. Ltd
Huizhou Guirong Investment
102197564.38 Not yet settled
Information Consulting Co. Ltd
Huizhou Huiyang Hongfa Industry and
26894095.89 Not yet settled
Trade Co. Ltd
Huizhou Mingxiang Economic
26131960.68 Not yet settled
Information Consulting Co. Ltd
total 362127338.08
Other instructions
22. Advance receipts
(1) List of advance receipts
Unit: Yuan
project Closing balance Opening balance
rent 3637312.24 1398988.78
total 3637312.24 1398988.78
(2) Important advance receipts with an aging of over 1 year or overdue
Unit: Yuan
project Closing balance Reasons for non repayment or carryover
Unit: Yuan
project Change amount Change Reason
Other instructions:
23. Contractual liabilities
Unit: Yuan
project Closing balance Opening balance
110ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Prepaid sales proceeds 746275719.15 1284864387.02
Advance payment for engineering
8705289.17
projects
other 4282405.99 4576556.16
total 750558125.14 1298146232.35
Important contract liabilities with an aging of over 1 year
Unit: Yuan
project Closing balance Reasons for non repayment or carryover
The amount and reasons for significant changes in book value during the reporting period
Unit: Yuan
Change
project Change Reason
amount
Prepaid
-
sales
538588 Carry over income
proceed
667.87
s
-
total 538588
667.87
The company is required to comply with the disclosure requirements for the "real estate industry" in the "Shenzhen Stock
Exchange Self discipline Supervision Guidelines for Listed Companies No. 3- Industry Information Disclosure"
Payment information for the top five pre-sale projects:
Unit: Yuan
Expected
serial number Project Name Opening balance Closing balance Pre sale ratio
completion time
Deep Room Bright November 29
11270976624.80734431257.8299.74%
Inside 2024
24. Payable employee salaries
(1) List of payable employee salaries
Unit: Yuan
project Opening balance Increase in this period Decrease in this period Closing balance
1、 Short term salary 22443222.88 28323089.00 28837690.44 21928621.44
2、 Post employment
benefits - defined 56145.41 3653946.22 3657511.22 52580.41
contribution plan
3、 Dismissal benefits 668717.86 668717.86
total 22499368.29 32645753.08 33163919.52 21981201.85
(2) Short term salary presentation
Unit: Yuan
project Opening balance Increase in this period Decrease in this period Closing balance
1. Salary bonuses
allowances and 22165168.53 24421815.67 24749120.78 21837863.42
subsidies
111ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
2. Employee welfare
1029412.981029412.98
expenses
3. Social insurance
1246009.881246009.88
premiums
Among them:
Medical insurance 1048408.98 1048408.98
premiums
work-
related injury insurance 100019.16 100019.16
premium
Maternity
97581.7497581.74
insurance premium
4. Housing Provident
1102364.191102364.19
Fund
5. Union funds and
employee education 278054.35 523486.28 710782.61 90758.02
funds
total 22443222.88 28323089.00 28837690.44 21928621.44
(3) List of withdrawal plan
Unit: Yuan
project Opening balance Increase in this period Decrease in this period Closing balance
1. Basic pension
3273164.473273164.47
insurance
2. Unemployment
176854.08176854.08
insurance premium
3. Enterprise annuity
56145.41203927.67207492.6752580.41
payment
total 56145.41 3653946.22 3657511.22 52580.41
Other instructions
25. Taxes payable
Unit: Yuan
project Closing balance Opening balance
Value-added Tax (VAT) 427024.84 1926338.10
corporate income tax 14171074.38 15240318.16
individual income tax 595174.82 2614360.35
urban maintenance and construction tax 1257960.42 1231330.83
Land Value Increment Tax 4646137.48 4645184.15
property tax 5124600.47 352632.19
Education Surcharge 546384.89 546470.88
Local Education Surcharge 343836.37 868224.47
other 919903.39 129950.88
total 28032097.06 27554810.01
Other instructions
112ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
26. Non current liabilities due within one year
Unit: Yuan
project Closing balance Opening balance
Long-term loans due within one year 125173.20 33888347.83
total 125173.20 33888347.83
Other instructions:
27. Other current liabilities
Unit: Yuan
project Closing balance Opening balance
Pending output tax amount 66626885.36 114948818.17
Factoring 830744.60 3355250.30
total 67457629.96 118304068.47
Changes in short-term payable bonds:
Unit: Yuan
Whet
Intere Exces her
Openi st s Repay Closin there
deno Relea bond Issue Issued
Bond coupo ng accrue discou ment g is a
minati se durati Amou in this
Name n rate balanc d at nt in this balanc breac
on Date on nt period
e face amorti period e h of
value zation contra
ct
total
Other instructions:
28. Long term loans
(1) Classification of Long term Loans
Unit: Yuan
project Closing balance Opening balance
mortgage loan 62211091.22 62273677.82
total 62211091.22 62273677.82
Explanation of Long term Loan Classification:
Other explanations including interest rate ranges:
29. Share capital
Unit: Yuan
The increase or decrease in this change (+ -)
Opening Conversion Closing
balance new issue bonus share of housing other subtotal balance
provident
113ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
fund into
shares
Total number 101166000 101166000
of shares 0.00 0.00
Other instructions:
30. Capital reserve
Unit: Yuan
project Opening balance Increase in this period Decrease in this period Closing balance
Capital premium
557433036.93557433036.93
(equity premium)
Other capital reserve 420811873.18 420811873.18
total 978244910.11 978244910.11
Other explanations including changes in the current period and reasons for the changes:
31. Other comprehensive income
Unit: Yuan
current period amount
Less: Less:
previously previously
included in included in
other other
Amount After tax After tax
Opening comprehen comprehenbefore Less: attribution attribution Closingproject
balance sive siveincome tax Income tax to the to minority balance
income income
for this expenses parent shareholder
transferred transferred
period company s
to profit or to retained
loss in the earnings in
current the current
period period
1、 Other
comprehen
sive
income that 2439210.1 2680728.0
241517.87241517.87
cannot be 3 0
reclassified
into profit
or loss
Chang
es in fair
value of
other 2439210.1 2680728.0
241517.87241517.87
equity 3 0
instrument
investment
s
2、Reclassify 20621206. 6556331.9 6127379.5 26748585.428952.37
other 18 4 8 76
comprehen
114ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
sive
income into
profit or
loss
Transl
ation
difference
20621206.6556331.96127379.526748585.
of foreign 428952.37
184876
currency
financial
statements
Total other
comprehen 23060416. 6797849.8 6368897.4 29429313.
0.000.000.00428952.37
sive 31 1 5 76
income
Other explanations including the adjustment of the effective portion of cash flow hedging gains and losses to the initial
recognition amount of the hedged item:
32. Surplus reserve
Unit: Yuan
project Opening balance Increase in this period Decrease in this period Closing balance
statutory surplus
275253729.26275253729.26
reserve
total 275253729.26 275253729.26
Explanation of surplus reserve including changes in the current period and reasons for the changes:
33. Undistributed profits
Unit: Yuan
project this issue previous issue
Undistributed profit at the end of the
1223893437.741400604385.39
previous period before adjustment
Adjust the initial undistributed profits in
1223893437.741400604385.39
the later stage
Add: Net profit attributable to the owners
of the parent company for the current 103027646.42 -176710947.65
period
ending 1326921084.16 1223893437.74
Adjustment of undistributed profit details at the beginning of the period:
1) Due to retrospective adjustments to the Enterprise Accounting Standards and related new regulations the undistributed profit at
the beginning of the period was affected by 0.00 yuan.
2) Due to changes in accounting policies the beginning undistributed profit was affected by 0.00 yuan.
3) Due to significant accounting error correction the undistributed profit at the beginning of the period was affected by 0.00 yuan.
4) Due to changes in the scope of consolidation caused by the same control the undistributed profit at the beginning of the period
was affected by 0.00 yuan.
5) The total impact of other adjustments on the beginning undistributed profit is 0.00 yuan.
115ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
34. Operating revenue and operating costs
Unit: Yuan
current period amount previous period amount
project
income cost income cost
Main Business 633729460.42 462450321.86 131280409.37 106078736.50
Other businesses 3636760.93 1267668.76 2944710.06 1353721.01
total 637366221.35 463717990.62 134225119.43 107432457.51
Decomposition information of operating revenue and operating costs:
Unit: Yuan
Contract Division 1 Division 2 total
Classificati Operating Cost of Operating Cost of Operating Cost of Operating Cost of
on Revenue goods sold Revenue goods sold Revenue goods sold Revenue goods sold
Business
Type
among
which
Classified
by
operating
region
Among
them:
Market or
customer
type
Among
them:
Contract
Type
Among
them:
Classified
by the time
of transfer
of goods
Among
them:
Classified
by Contract
Term
Among
them:
116ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Classified
by sales
channels
Among
them:
total
Information related to performance obligations:
The types of
The company The expected quality
Time for
promises to Is he the main refund to assurance
fulfilling Important
project transfer the responsible customers that provided by the
contractual payment terms
nature of the person the company company and
obligations
goods undertakes related
obligations
Other instructions
Our company's real estate sales business is a contractual obligation to be fulfilled at a certain point in time.When the development
of the product has been completed and accepted as qualified a sales contract has been signed and the obligations stipulated in the
contract have been fulfilled a notice or announcement of occupancy has been issued to the owner and the actual delivery of the
property or the agreed delivery date in the contract has expired full payment has been received and the relevant costs incurred or
to be incurred can be reliably measured the realization of sales revenue is recognized.Information related to the transaction price allocated to the remaining performance obligations:
The revenue amount corresponding to the performance obligations that have been signed but not yet fulfilled or fully fulfilled at
the end of this reporting period is 867571744.48 yuan. Among them 764287470.96 yuan is expected to be recognized as
revenue in 2025 51334137.56 yuan is expected to be recognized as revenue in 2026 and 47667729.96 yuan is expected to be
recognized as revenue in 2027.Information related to variable consideration in the contract:
Major contract changes or significant transaction price adjustments
Unit: Yuan
project Accounting treatment methods Amount of impact on income
Other instructions
The company is required to comply with the disclosure requirements for the "real estate industry" in the "Shenzhen Stock
Exchange Listed Company Self discipline Supervision Guidelines No. 3- Industry Information Disclosure"
Information on the top five projects with confirmed revenue amounts during the reporting period:
Unit: Yuan
serial number Project Name income amount
1 Deep Room Bright Inside 539880189.91
2 Tianyue Bay Phase II 22163109.21
3 Shenfang Square 3257142.86
4 Tianyue Bay Phase I 2421951.44
35. Taxes and surcharges
Unit: Yuan
project current period amount previous period amount
117ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
consumption tax 0.00 0.00
urban maintenance and construction tax 4144830.19 399425.47
Education Surcharge 1776669.74 148368.34
resource tax 0.00 0.00
property tax 4768158.41 4442905.62
Land use tax 271873.96 269300.75
Vehicle and Vessel Use Tax 960.00 0.00
stamp duty 58163.90 126022.39
Land Value Increment Tax 2849850.98 1445480.40
Local education surcharge 1185178.70 99335.89
Embankment protection fees etc 506322.00 661.27
total 15562007.88 6931500.13
Other instructions:
36. Management expenses
Unit: Yuan
project current period amount previous period amount
employee compensation 24927288.22 20470686.17
Intermediary agency fees 1209357.11 1495211.60
litigation costs 2954044.71 0.00
business entertainment expenses 103909.17 139543.96
depreciation expense 1504235.97 1290494.93
office expenses 213586.59 378111.89
repair cost 52743.99 84456.19
travel expenses 28848.79 11737.18
Other amortization expenses 4248.82 225150.98
utility bill 194412.02 135999.59
other 982713.60 2840311.98
total 32175388.99 27071704.47
Other instructions
37. Sales expenses
Unit: Yuan
project current period amount previous period amount
Sales agency fees and commissions 3010956.72 410737.19
employee compensation 2408841.45 1707893.58
property management fee 285730.36
business expenses 160856.24 50519.00
advertising fee 1558393.61 1286084.16
other 2283933.55 1990505.15
total 9708711.93 5445739.08
Other instructions:
38. Financial expenses
Unit: Yuan
118ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
project current period amount previous period amount
interest expense 2788711.79 888171.77
Less: Interest income 2154378.05 4839207.82
exchange gain or loss 504473.51 -1288116.33
handling fee 74499.37 84134.44
total 1213306.62 -5155017.94
Other instructions
39. Other income
Unit: Yuan
Sources of other income generation current period amount previous period amount
Refund of handling fees for withholding
31652.4679383.55
personal income tax
Value added tax additional deduction
Stable employment subsidy 1000.00
other 2627.57
40. Gains from changes in fair value
Unit: Yuan
Sources of income from changes in fair
current period amount previous period amount
value
Trading financial assets 8662388.50 9721583.19
total 8662388.50 9721583.19
Other instructions:
41. Investment income
Unit: Yuan
project current period amount previous period amount
Dividend income obtained from other
equity instrument investments during the 99669.36 777600.00
holding period
total 99669.36 777600.00
Other instructions
42. Credit impairment losses
Unit: Yuan
project current period amount previous period amount
Bad debt loss on accounts receivable -75507.93 -29019.90
Other accounts receivable bad debt
-2275.00187.94
losses
total -77782.93 -28831.96
Other instructions
119ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
43. Asset impairment losses
Unit: Yuan
project current period amount previous period amount
11、 Impairment loss of contract assets -15230.21 652630.46
total -15230.21 652630.46
Other instructions:
44. Gains from asset disposal
Unit: Yuan
The source of asset disposal income current period amount previous period amount
Income from disposal of fixed assets 223872.34
45. Non operating income
Unit: Yuan
Amount included in current
project current period amount previous period amount
non recurring gains and losses
Fines and breach of contract
987728.59
income
Insurance claim income 200800.00
other 20130.74 20130.74
total 20130.74 1188528.59 20130.74
Other instructions:
46. Non operating expenses
Unit: Yuan
Amount included in current
project current period amount previous period amount
non recurring gains and losses
External donation 30000.00
Non current asset damage and
1634.141634.14
scrapping losses
other 183.63
total 1634.14 30183.63 1634.14
Other instructions:
47. Income tax expenses
(1) Income Tax Expense Table
Unit: Yuan
project current period amount previous period amount
Current income tax expense 20343093.32 306836.88
Deferred Income Tax Expense 1153045.36 -88329.52
total 21496138.68 218507.36
120ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(2) Adjustment process of accounting profit and income tax expenses
Unit: Yuan
project current period amount
Total Profit 123708009.09
Income tax expenses calculated at statutory/applicable tax rates 30927002.27
The impact of different tax rates on subsidiaries 103837.35
The impact of adjusting income tax for previous periods -7369103.82
The impact of non taxable income -2165597.13
Income tax expense 21496138.68
Other instructions
48. Other comprehensive income
Please refer to Note 8 for details7、 Explanation of 31
49. Cash flow statement items
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: Yuan
project current period amount previous period amount
interest income 2175358.84 4719216.02
Accounts receivable and other expenses 118487474.89 44736369.97
total 120662833.73 49455585.99
Explanation of other cash received related to operating activities:
Other cash payments related to operating activities
Unit: Yuan
project current period amount previous period amount
handling fee 74499.37 84134.44
out-of-pocket expenses 15509077.29 21499935.35
Accounts receivable and other expenses 138539485.45 47211647.35
total 154123062.11 68795717.14
Explanation of other cash payments related to operating activities:
(2) Cash related to investment activities
Other cash received related to investment activities
Unit: Yuan
project current period amount previous period amount
total 0.00 0.00
Important cash received related to investment activities
Unit: Yuan
project current period amount previous period amount
121ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Explanation of other cash received related to investment activities:
Other cash payments related to investment activities
Unit: Yuan
project current period amount previous period amount
Purchase money market funds 110000000.00 40000000.00
total 110000000.00 40000000.00
Important cash payments related to investment activities
Unit: Yuan
project current period amount previous period amount
Explanation of other cash payments related to investment activities:
(3) Cash related to fundraising activities
Other cash received related to financing activities
Unit: Yuan
project current period amount previous period amount
total 0.00 0.00
Explanation of other cash received related to financing activities:
Other cash payments related to financing activities
Unit: Yuan
project current period amount previous period amount
total 0.00 0.00
Explanation of other cash payments related to financing activities:
Changes in various liabilities arising from fundraising activities
□ Applicable□Not Applicable
(4) Explanation of reporting cash flows on a net basis
project Relevant factual situation Basis for net reporting financial impact
(5) Significant activities and financial impacts that do not involve current cash inflows and outflows but
may affect the financial condition of the enterprise or potentially impact future cash flows
50. Supplementary Information for Cash Flow Statement
(1) Supplementary Information to Cash Flow Statement
Unit: Yuan
Supplementary materials Current Amount Previous Period Amount
1. Adjust net profit to cash flow from
operating activities:
Net profit 102211870.41 4868438.93
Add: Asset impairment provision 93013.14 623798.49
Depreciation of fixed assets 13605503.22 13966419.51
122ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
depletion of oil and gas assets and
depreciation of productive biological
assets
Depreciation of right of use assets 0.00 66427.62
Amortization of intangible assets 0.00
Amortization of long-term
386870.04246606.72
deferred expenses
Losses on disposal of fixed
assets intangible assets and other long-
0.00-223872.34
term assets (income indicated by a "-"
sign)
Fixed asset scrapping loss
1634.14
(income indicated by "-")
Fair value change loss (income
-8662388.50-9721583.19
indicated by "-")
Financial expenses (income is
504473.51399944.56
indicated by a "-" sign)
Investment loss (income
-99669.36-777600.00
indicated by a "-" sign)
Decrease in deferred tax assets
-302510.63-88329.52
(increase indicated by "-")
Increase in deferred income tax
0.00
liabilities (decrease indicated by "-")
Decrease in inventory (increase
454142123.69-104561681.25
indicated by a "-" sign)
Decrease in operating receivables
26902502.38-86943818.20
(increase indicated by "-")
Increase in operating payables
-676205663.6273695716.61
(decrease indicated by "-")
other
Net cash flows from operating
-87422241.58-108449532.06
activities
2. Major investment and financing
activities that do not involve cash
inflows and outflows:
Conversion of debt into capital
Convertible corporate bonds due
within one year
Fixed assets under financing lease
3. Net changes in cash and cash
equivalents:
Closing balance of cash 288498978.06 607550724.73
Subtract: Opening balance of cash 520910254.44 859146413.35
Add: Closing balance of cash
equivalents
Less: Opening balance of cash
equivalents
Net increase in cash and cash
-232411276.38-251595688.62
equivalents
123ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(2) Composition of cash and cash equivalents
Unit: Yuan
project Closing balance Opening balance
1、 Cash 288498978.06 520910254.44
Among them: cash on hand 30920.73 12863.36
Bank deposits that can be used
250023228.58569636355.28
for payment at any time
Other monetary funds available
38444828.7537901506.09
for payment at any time
3、 Closing balance of cash and cash
288498978.06520910254.44
equivalents
(3) Monetary funds that do not belong to cash and cash equivalents
Unit: Yuan
Reasons for not belonging to
project Current Amount Previous Period Amount
cash and cash equivalents
Construction funds for public
facilities within and around
the Longgang District urban
Monetary funds 5817217.78 5817987.13 renewal project in
Shenzhen;Land reclamation
cost of Shenfang
Guangmingli project
Monetary funds 58428.69 1951493.83 Litigation freeze
Monetary funds 50000.00 50000.00 Construction deposit
Stop payment suspend
Monetary funds 158549.08
account
total 6084195.55 7819480.96
Other instructions:
51. Foreign currency monetary items
(1) Foreign currency monetary items
Unit: Yuan
Closing foreign currency Closing balance converted to
project Conversion exchange rate
balance RMB
Monetary funds 4315458.69
Among them: US dollars 53512.22 7.1586 383072.58
euro
Hong Kong Dollar 4311826.88 0.912 3932386.11
accounts receivable 4767178.53
Among them: US dollars 41025.01 7.1586 293681.64
euro
Hong Kong Dollar 4905150.10 0.912 4473496.89
124ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
long-term loans
Among them: US dollars
euro
Hong Kong Dollar
Other receivables 18871449.52
Among them: US dollars
euro
Hong Kong Dollar 20692378.86 0.912 18871449.52
Other payables 22225923.10
Among them: US dollars 733761.87 7.1586 5252707.72
euro
Hong Kong Dollar 18610981.77 0.912 16973215.37
Other instructions:
(2) Explanation of overseas operating entities including disclosure of their main overseas operating
location accounting currency and selection criteria for important overseas operating entities. If the
accounting currency changes the reasons should also be disclosed.□ Applicable□Not Applicable
8、 Change in the scope of consolidation
1. Merger of enterprises not under the same control
(1) Business combinations not under the same control that occurred in this period
Unit: Yuan
Revenue Net profit Cash flow
of the of the of the
Proportio Basis for purchased purchased purchased
Name of Point of Cost of Method
n of determini party party party
the equity equity of equity Acquisiti
equity ng the from the from the from the
purchased acquisitio acquisitio acquisitio on date
acquisitio purchase purchase purchase purchase
party n n n
n date date to date to date to
the end of the end of the end of
the period the period the period
Other instructions:
(2) Merge costs and goodwill
Unit: Yuan
Consolidation cost
--Cash
--Fair value of non cash assets
--Fair value of debt issued or assumed
--Fair value of equity securities issued
--Fair value with consideration
--Fair value of equity held prior to the purchase date on the
125ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
purchase date
--Other
Total merger cost
Less: Fair value share of identifiable net assets acquired
Goodwill/merger cost less than the fair value share of
identifiable net assets acquired
Method for determining the fair value of merger costs:
Explanation of consideration and its changes
The main reasons for the formation of large goodwill are:
Other instructions:
(3) The identifiable assets and liabilities of the purchased party on the purchase date
Unit: Yuan
Fair value on the purchase date Book value on purchase date
assets:
Monetary funds
Accounts receivable
inventory
fixed assets
intangible assets
liabilities:
loan
Accounts payable
Deferred Tax Liability
net assets
Less: Minority shareholder equity
Net assets acquired
The method for determining the fair value of identifiable assets and liabilities:
The contingent liabilities borne by the acquired party in a business merger:
Other instructions:
(4) Gains or losses arising from remeasurement of equity held prior to the purchase date at fair value
Is there a transaction where the enterprise merger was achieved through multiple transactions and control was obtained during the
reporting period
□ Yes□No
126ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(5) Explanation on the inability to reasonably determine the merger consideration or the fair value of identifiable assets
and liabilities of the acquired party on the purchase date or at the end of the merger period
(6) Other instructions
2. Merger of enterprises under the same control
(1) Merger of enterprises under the same control that occurred in this period
Unit: Yuan
Merge the Net profit
income of of the
Compare
Basis for the merged merged Net profit
the income
Proportion the merger party from party from of the
Basis for of the
Name of of equity of the the merged
determinin merged
the merged acquired in enterprises merger date beginning beginning party
g the party
party corporate under the of the of the during the
merger date during the
mergers same current current comparison
comparativ
control period to period to period
e period
the merger the merger
date date
Other instructions:
(2) Consolidation cost
Unit: Yuan
Consolidation cost
--Cash
--Book value of non cash assets
--Book value of debt issued or assumed
--The face value of equity securities issued
--Or there may be consideration
Explanation of consideration and its changes:
Other instructions:
(3) Book value of assets and liabilities of the merged party on the merger date
Unit: Yuan
merger date At the end of the previous period
assets:
Monetary funds
Accounts receivable
inventory
fixed assets
intangible assets
127ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
liabilities:
loan
Accounts payable
net assets
Less: Minority shareholder equity
Net assets acquired
The contingent liabilities borne by the merged party in a business merger:
Other instructions:
3. Reverse purchase
Basic transaction information basis for reverse purchase of transaction composition whether the assets and liabilities retained by
the listed company constitute business and its basis determination of merger costs adjustment of equity amount and its calculation
when treating equity transactions:
4. Disposal of subsidiaries
Is there any transaction or event of losing control of a subsidiary in this period
□ Yes□No
Is there a situation where investments in subsidiaries are disposed of in stages through multiple transactions and control is lost in
the current period
□ Yes□No
5. Changes in the scope of consolidation due to other reasons
Explain the changes in the scope of consolidation caused by other reasons (such as the establishment of new subsidiaries
liquidation of subsidiaries etc.) and their related situations:
6. Other
9、 Rights in other entities
1. Equity in subsidiaries
(1) Composition of Enterprise Groups
Unit: Yuan
subsidiary Main shareholding ratio
registered Place of Nature of acquisition
company business
capital registration Business method
name location direct indirect
Shenzhen
Shenfang
Group 30000000.0
Shenzhen Shenzhen real estate 95.00% 5.00% establish
Longgang 0
Development
Co. Ltd
Great Wall the United the United
500000.001 real estate 70.00% establish
Real Estate States States
128ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Co. Ltd. in
the United
States
Shenzhen
30000000.0
Haiyan Hotel Shenzhen Shenzhen hotel service 68.10% 31.90% establish
0
Co. Ltd
Shenzhen
Zhentong 10000000.0
Shenzhen Shenzhen construction 73.00% 27.00% establish
Engineering 0
Co. Ltd
Shenzhen
Huazhan
Construction 8000000.00 Shenzhen Shenzhen construction 75.00% 25.00% establish
Supervision
Co. Ltd
Shenzhen
Lianhua 10000000.0
Shenzhen Shenzhen construction 95.00% 5.00% establish
Enterprise 0
Co. Ltd
Xinfeng Investment
Enterprise 500000.002 Hong Kong Hong Kong and 100.00% establish
Co. Ltd management
Shenzhen
Shenfang
import and
Bonded 5000000.00 Shenzhen Shenzhen 95.00% 5.00% establish
export trade
Trade Co.Ltd
Shenzhen
Shenfang 10000000.0
Shenzhen Shenzhen investment 90.00% 10.00% establish
Investment 0
Co. Ltd
Beijing
Xinfeng Real
Estate
10000000.0
Development 3 Beijing Beijing real estate 75.00% 25.00% establish0
and
Operation
Co. Ltd
Guangdong
Jianbang
Purchase
Group
2800000.00 Huizhou Huizhou real estate 51.00% business
(Huiyang)
acquisition
Industrial
Co. Ltd
Shenzhen
Shenfang
Chuanqi Real 30000000.0
Shenzhen Shenzhen real estate 100.00% establish
Estate 0
Development
Co. Ltd
Note: 1 USD
2 Hong Kong dollars
3 dollars
Explanation of the difference between the shareholding ratio and voting rights ratio in subsidiaries:
The basis for holding half or less of the voting rights but still controlling the invested entity and holding more than half of the
voting rights but not controlling the invested entity:
129ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
For important structured entities included in the consolidation scope the basis for control is:
The basis for determining whether a company is an agent or a principal:
Other instructions:
There are a total of three subsidiaries of our company that have been suspended for a long time and whose
business registration has been revoked but not cancelled namely Guangzhou Huangpu Xincun Real Estate
Development Co. Ltd. Xinfeng Real Estate Development and Construction (Wuhan) Co. Ltd. and Beijing
Xinfeng Real Estate Development and Operation Co. Ltd. which are included in the scope of consolidation.They are reported on a non going concern basis and the full provision for impairment has been made for the
debts of these three subsidiaries to companies outside the scope of consolidation of our company.
(2) Important non wholly owned subsidiaries
Unit: Yuan
Profit and loss Dividends declared for
Closing balance of
subsidiary company Minority shareholder attributable to minority distribution to minority
minority shareholders'
name shareholding ratio shareholders in this shareholders in this
equity
period period
Great Wall Real Estate
Co. Ltd. in the United 30.00% -60461.01 -23287432.34
States
Xinfeng Investment
45.00%-116323353.97
Co. Ltd
Baiwei Real Estate
20.00%-19.36-3938136.23
Co. Ltd
Guangdong Jianbang
Group (Huiyang) 49.00% -174904.05 27017064.72
Industrial Co. Ltd
Explanation of the difference between the shareholding ratio of minority shareholders in a subsidiary and the voting rights ratio:
Other instructions:
(3) Main financial information of important non wholly owned subsidiaries
Unit: Yuan
subsidi Closing balance Opening balance
ary Non- Non-
compa Non- current Total Non- current Totalcurrent Total current current Total current
ny current liabiliti Liabili current liabiliti Liabiliassets Assets liabiliti assets Assets liabiliti
name assets es ties assets es tieses es
Great
Wall
Real
Estate 19790 20454 11387 11387 19862 20196 11375 11375
6642633406
Co. 196.2 456.4 3412. 0.00 3412. 585.6 652.1 5645. 5645.
0.136.53
Ltd. in 9 2 56 56 3 6 58 58
the
United
States
Xinfen
25999259992591625916
g 1473 36016 1509 19303 36016 22905
3627.0.003627.8553.8553.
Invest 137.22 .90 154.12 8.35 .90 5.25
86866363
ment
130ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Co.Ltd
Baiwei
Real 33149 33149 33634 33634
1084.1084.
Estate 0.00 0.00 0.00 877.9 0.00 877.9 035.7 035.7
1111
Co. 7 7 0 0
Ltd
Guang
dong
Jianba
ng
15461553149714971546155314961496
Group 6535 6596
5619709709404820.004048241320009689604696046
(Huiya 124.12 481.14
2.386.503.373.376.247.387.217.21
ng)
Industr
ial Co.Ltd
Unit: Yuan
current period amount previous period amount
subsidiary Total Cash flow Total Cash flow
company Operating comprehen from Operating comprehen from
name Net profit Net profitRevenue sive operating Revenue sive operating
income activities income activities
Great Wall
Real Estate
---
Co. Ltd. in 350938.54 140037.29 331378.89 346981.69 169779.17
201536.70169152.27169152.27
the United
States
Xinfeng
Investment 0.00 0.00 510769.05 0.00 0.00 0.00 0.00 0.00
Co. Ltd
Baiwei
Real Estate 0.00 -96.81 483073.62 0.00 0.00 0.00 0.00 0.00
Co. Ltd
Guangdong
Jianbang
---
Group - -
0.000.000.001435932.21435932.24194941.0
(Huiyang) 356947.04 356947.04
110
Industrial
Co. Ltd
Other instructions:
(4) Significant restrictions on the use of enterprise group assets and the settlement of enterprise group debts
(5) Financial or other support provided to structured entities included in the scope of consolidated financial statements
Other instructions:
131ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
2. Transactions in which the owner's equity share of a subsidiary changes while still controlling the
subsidiary
(1) Explanation of Changes in Owner's Equity Shares of Subsidiaries
(2) The impact of transactions on minority shareholders' equity and equity attributable to the parent company's owners
Unit: Yuan
Purchase cost/disposal consideration
--Cash
--Fair value of non cash assets
Total purchase cost/disposal consideration
Subtract: Share of net assets of subsidiaries calculated based on
the proportion of equity acquired/disposed of
balance
Including: adjustment of capital reserve
Adjust surplus reserve
Adjust undistributed profits
Other instructions
3. Equity in joint ventures or associates
(1) Important joint ventures or associates
shareholding ratio Accounting
Name of joint treatment
venture or Main business Place of Nature of methods for
associated location registration Business direct indirect investments in
enterprise joint ventures
or associates
Explanation of the difference between the shareholding ratio and voting rights ratio in joint ventures or associates:
Basis for holding less than 20% of voting rights but having significant influence or holding 20% or more of voting rights but not
having significant influence:
(2) Main financial information of important joint ventures
Unit: Yuan
Opening balance/amount incurred in the
Closing balance/Current amount
previous period
current assets
Among them: cash and cash equivalents
Non-current assets
Total Assets
current liabilities
132ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Non-current liabilities
Total Liabilities
Minority interest
Equity attributable to shareholders of the
parent company
Net asset share calculated based on
shareholding ratio
Adjustment matters
--Goodwill
--Unrealized profits from internal
transactions
--Other
Book value of equity investment in joint
ventures
Fair value of equity investments in joint
ventures with publicly quoted prices
Operating Revenue
financial expenses
Income tax expense
Net profit
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income
Dividends received from joint ventures
this year
Other instructions
(3) Main financial information of important joint ventures
Unit: Yuan
Opening balance/amount incurred in the
Closing balance/Current amount
previous period
current assets
Non-current assets
Total Assets
current liabilities
Non-current liabilities
Total Liabilities
Minority interest
Equity attributable to shareholders of the
parent company
Net asset share calculated based on
shareholding ratio
133ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Adjustment matters
--Goodwill
--Unrealized profits from internal
transactions
--Other
Book value of equity investments in joint
ventures
Fair value of equity investments in joint
ventures with publicly quoted prices
Operating Revenue
Net profit
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income
Dividends received from joint ventures
this year
Other instructions
(4) Summary financial information of unimportant joint ventures and associates
Unit: Yuan
Opening balance/amount incurred in the
Closing balance/Current amount
previous period
joint venture:
The total of the following items
calculated according to the shareholding
ratio
Joint venture:
The total of the following items
calculated according to the shareholding
ratio
Other instructions
(5) Explanation of significant limitations on the ability of joint ventures or associates to transfer funds to
the company
(6) Excess losses incurred by joint ventures or associates
Unit: Yuan
Accumulated unconfirmed Unconfirmed losses in this
Name of joint venture or Accumulated unconfirmed
losses from the previous period (or net profit shared in
associated enterprise losses at the end of this period
period this period)
Shenzhen Xinfeng Real
2217955.892217955.89
Estate Consulting Co. Ltd
Other instructions
134ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(7) Unconfirmed commitments related to joint venture investments
(8) Potential liabilities related to investments in joint ventures or associates
4. Important joint operation
Joint business Main business Place of Shareholding ratio/share enjoyed
Nature of Business
name location registration direct indirect
Explanation of the shareholding ratio or share enjoyed in joint operation that differs from the voting rights ratio:
If joint operation is a separate entity the basis for classification as joint operation is:
Other instructions
5. Equity in structured entities not included in the scope of consolidated financial statements
Explanation of structured entities not included in the scope of consolidated financial statements:
6. Other
10、 Government subsidies
1. Government subsidies recognized based on accounts receivable at the end of the reporting period
□ Applicable□Not Applicable
Reason for not receiving the expected amount of government subsidies at the expected time
□ Applicable□Not Applicable
2. Debt projects involving government subsidies
□ Applicable□Not Applicable
3. Government subsidies included in current profit and loss
□Applicable □ Not applicable
Unit: Yuan
accounting subject current period amount previous period amount
Government subsidy amount included in
83011.12
current profit and loss
Other instructions:
11、 Risks related to financial instruments
1. Various risks arising from financial instruments
The goal of our company's risk management is to strike a balance between risk and return minimize the
negative impact of risk on our business performance and maximize the interests of shareholders and other
equity investors.Based on this risk management objective the basic strategy of our company's risk management
135ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
is to identify and analyze the various risks faced by the company establish appropriate risk tolerance thresholds
and conduct risk management and timely and reliably supervise various risks to control them within a limited
range.Our company faces various risks related to financial instruments in daily activities mainly including credit risk
liquidity risk and market risk.The management has reviewed and approved policies for managing these risks
summarized as follows.
（1） Credit risk refers to the risk that one party of a financial instrument fails to fulfill its obligations resulting
in financial losses for the other party.
1. Credit Risk Management Practice
(1) Evaluation Method of Credit Risk
The company evaluates whether the credit risk of relevant financial instruments has significantly increased
since initial recognition on each balance sheet date.When determining whether credit risk has significantly
increased since initial recognition the company considers obtaining reasonable and evidence-based information
without unnecessary additional costs or efforts including qualitative and quantitative analysis based on
historical data external credit risk ratings and forward-looking information.Based on a single financial
instrument or a combination of financial instruments with similar credit risk characteristics the company
compares the risk of default of financial instruments on the balance sheet date with the risk of default on the
initial recognition date to determine the changes in the expected default risk of financial instruments during
their expected lifespan.When one or more of the following quantitative or qualitative criteria are triggered the company considers that
the credit risk of financial instruments has significantly increased:
1) The quantitative criterion is mainly that the probability of default during the remaining existence period on
the balance sheet date has increased by more than a certain proportion compared to the initial recognition;
2) The qualitative criteria mainly include significant adverse changes in the debtor's business or financial
situation existing or expected technological market economic or legal environment changes that will have a
significant adverse impact on the debtor's ability to repay the company.
(2) When a financial instrument meets one or more of the following conditions the company defines the
financial asset as having defaulted and the criteria are consistent with the definition of having experienced
credit impairment:
1) the debtor experiences significant financial difficulties;
2) The debtor violates the binding clauses on the debtor in the contract;
3) The debtor is likely to go bankrupt or undergo other financial restructuring;
4) Creditors due to economic or contractual considerations related to the debtor's financial difficulties offer
concessions that the debtor would not make under any other circumstances.
2. The key parameters for measuring expected credit losses
include default probability default loss rate and default risk exposure.The company considers quantitative
analysis and forward-looking information of historical statistical data (such as counterparty ratings guarantee
methods and collateral types repayment methods etc.) to establish default probability default loss rate and
default risk exposure models.
3. Credit risk exposure and concentration:
The credit risk of our company mainly comes from monetary funds and accounts receivable.To control the
above-mentioned risks our company has taken the following measures.
(1) Our company holds bank deposits and other monetary funds in financial institutions with higher credit
ratings resulting in lower credit risk.
136ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(2) Accounts receivable and contract assets
: Our company regularly conducts credit evaluations on customers who transact through credit methods.Based
on the credit evaluation results our company chooses to transact with recognized and creditworthy customers
and monitor their accounts receivable balances to ensure that we do not face significant bad debt risks.Due to the fact that our company's accounts receivable risk points are distributed across multiple partners and
customers.Credit risk concentration is managed according to customers.As of June 30 2025 our company has a
certain degree of credit concentration risk with 40.09% (December 31 2024: 40.97%) of our accounts
receivable and contract assets coming from the top five customers in terms of balance.Our company does not
hold any collateral or other credit enhancement for accounts receivable and contract asset balances.The maximum credit risk exposure borne by our company is the carrying amount of each financial asset in the
balance sheet.
（2） Liquidity risk refers to the risk of a shortage of funds when the company fulfills its obligation to settle by
delivering cash or other financial assets.Liquidity risk may arise from the inability to quickly sell financial assets at fair value;Or due to the other party's
inability to repay its contractual obligations;Or stemming from early maturing debts;Or it may stem from the
inability to generate expected cash flows.To control this risk our company comprehensively utilizes various financing methods such as bill settlement
and bank loans and adopts a combination of long-term and short-term financing methods to optimize the
financing structure and maintain a balance between financing sustainability and flexibility.Our company has
obtained bank credit lines from multiple commercial banks to meet our working capital needs and capital
expenditures.Financial liabilities classified by remaining maturity date:
Unit: Yuan
final figure
Project
book value Unpredited contract More thanamount within one year 1-3 years 3 years
short-term borrowing 1050000.00 1075488.19 1075488.19
accounts payable 430845144.50 430845144.50 430845144.50
Other payables 538415584.91 538415584.91 538415584.91
Non current liabilities due
within one year 125173.20 2399314.03 2399314.03
Other current liabilities 67457629.96 67480769.27 67480769.27
long-term loans 62211091.22 66340615.02 66340615.02
Subtotals 1100104623.79 1106556915.92 1040216300.90 66340615.02 0.00
Unit: Yuan
Last year's year-end figures
Project
book value Unpredited contractamount within one year 1-3 years
More than 3
years
short-term borrowing 1563000.00 1599446.39 1599446.39
accounts payable 464488982.30 464488982.30 464488982.30
Other payables 561016653.17 561016653.17 561016653.17
Non current liabilities due within
one year 33888347.83 36522809.86 36522809.86
Other current liabilities 118304068.47 118304068.47 118304068.47
long-term loans 62273677.82 67283938.91 4788462.25 62495476.66
Subtotals 1241534729.59 1249215899.10 1181931960.19 4788462.25 62495476.66
137ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
（3）Market risk
Market risk refers to the risk of fluctuations in the fair value or future cash flows of financial instruments due to
changes in market prices.Market risks mainly include interest rate risk and foreign exchange risk.
1. Interest rate risk
Interest rate risk refers to the risk of fluctuations in the fair value or future cash flows of financial instruments
due to changes in market interest rates.Fixed rate interest bearing financial instruments expose our company to fair value interest rate risk while
floating rate interest bearing financial instruments expose our company to cash flow interest rate risk.Our
company determines the ratio of fixed rate and floating rate financial instruments based on market conditions
and maintains an appropriate combination of financial instruments through regular review and monitoring.The
cash flow interest rate risk faced by our company is mainly related to our bank loans with floating interest rates.As of June 30 2025 our company's bank loans with floating interest rates amounted to RMB 62336264.42
(December 31 2024: RMB 62398851.02). Assuming all other variables remain constant and the interest rate
changes by 50 basis points it will not have a significant impact on our company's total profits and shareholder
equity.
2.Foreign exchange risk
Foreign exchange risk refers to the risk of fluctuations in the fair value or future cash flows of financial
instruments due to changes in foreign exchange rates.The risk of exchange rate fluctuations faced by our company is mainly related to our foreign currency monetary
assets and liabilities.For foreign currency assets and liabilities if there is a short-term imbalance the company will buy and sell
foreign currencies at market exchange rates as necessary to ensure that the net risk exposure is maintained at an
acceptable level.The exchange rate risk mainly refers to the impact of foreign exchange rate fluctuations on the financial
condition and cash flow of our company.Except for the subsidiary established in Hong Kong that holds assets settled in Hong Kong dollars the company
only has small-scale investment business in the Hong Kong market. The proportion of foreign currency assets
and liabilities held by the company to the overall assets and liabilities is not significant.Therefore our company believes that the exchange rate risk we are facing is not significant.For detailed information on the year-end foreign currency monetary assets and liabilities of our company please
refer to "51. Foreign Currency Monetary Items" in Note 7 of these financial statements.
2. Hedging
(1) The company conducts hedging business for risk management
□ Applicable□Not Applicable
(2) The company conducts eligible hedging business and applies hedging accounting
Unit: Yuan
Accumulated fair value The impact of hedge
Book value related to hedging adjustment of Hedge effectiveness accounting on a
project the hedged item and the hedged items and ineffective portion company's financial
hedging instrument included in the sources statements
confirmed book value
138ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
of the hedged items
Types of hedging risks
Hedging category
Other instructions
(3) The company carries out hedging business for risk management and expects to achieve risk management goals but has
not applied hedge accounting
□ Applicable□Not Applicable
3. Financial assets
(1) Classification of Transfer Methods
□ Applicable□Not Applicable
(2) Financial assets that have been derecognized due to transfer
□ Applicable□Not Applicable
(3) Continued involvement in asset transfer of financial assets
□ Applicable□Not Applicable
Other instructions
12、 Disclosure of Fair Value
1. Closing fair value of assets and liabilities measured at fair value
Unit: Yuan
Fair value at the end of the period
project First level fair value Level 2 Fair Value Third level fair value
total
measurement Measurement measurement
1、 Continuous fair
--------
value measurement
1. Financial assets
measured at fair value
with changes 1106464327.01 1106464327.01
recognized in current
profit or loss
(1) Debt instrument
14938859.0514938859.05
investment
2. Designated financial
assets measured at fair
value with changes 14938859.05 14938859.05
recognized in current
profit or loss
(1) Debt instrument
14938859.0514938859.05
investment
139ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Total assets
continuously measured 1121403186.06 1121403186.06
at fair value
2、 Non continuous
--------
fair value measurement
2. Basis for determining the market value of ongoing and non ongoing first level fair value measurement
items
None.
3. The valuation techniques and qualitative and quantitative information of important parameters used
in the continuous and non continuous second level fair value measurement projects
None.
4. The valuation techniques and qualitative and quantitative information of important parameters used
in the continuous and non continuous third level fair value measurement projects
None.
5. Continuous third level fair value measurement project adjustment information between beginning and
ending book values and sensitivity analysis of unobservable parameters
For fund management that is not traded in an active market and has a short remaining term its fair value is determined by the sum
of book value and expected returns.For other equity instrument investments that are not traded in an active market if the
investment amount is small and the net assets of the investee change very little and the book value is close to the fair value the
fair value is determined using the book value.
6. For ongoing fair value measurement projects if there is a transition between different levels during the
current period the reasons for the transition and the policy for determining the transition time point
None.
7. Valuation technology changes and reasons for changes that occurred during this period
None.
8. Fair value of financial assets and financial liabilities not measured at fair value
None.
9. Other
None.
140ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
13、 Related parties and related transactions
1. The situation of the parent company of this enterprise
The shareholding Proportion of
Parent company Place of ratio of the parent voting rights of the
Nature of Business registered capital
name registration company in this parent company
enterprise over the enterprise
Investment real
Shenzhen
Shenzhen estate
Investment 3235900 55.78% 55.78%
Guangdong development
Holding Co. Ltd
guarantee
Explanation of the situation of the parent company of this enterprise
The ultimate controlling party of this enterprise is the State owned Assets Supervision and Administration Commission of
Shenzhen Municipal People's Government.Other instructions:
2. The situation of our company's subsidiaries
The situation of our subsidiary is detailed in Note 9.
3. Situation of joint ventures and associated enterprises of our company
For important joint ventures or associates of our company please refer to Note 9 for details.The situation of other joint ventures or associated enterprises that have had related party transactions with our company in this
period or have formed balances from related party transactions with our company in the previous period is as follows:
Name of joint venture or associated enterprise Relationship with our company
Other instructions
4. Other related party situations
Other related party names Relationship between other related parties and our company
Shenzhen Oriental New World Department Store Co. Ltd equity-accounted company
Revoked but not cancelled controlling subsidiaries not included
Shenzhen Shenxi Architectural Decoration Company
in the merger
Shenzhen Zhentong New Electromechanical Industrial Long term suspended holding subsidiaries not included in the
Development Co. Ltd merger
Revoked but not cancelled controlling subsidiaries not included
Shenzhen Nanyang Hotel Co. Ltd
in the merger
Shenzhen Real Estate Electromechanical Management Revoked but not cancelled controlling subsidiaries not included
Company in the merger
Revoked but not cancelled controlling subsidiaries not included
Shenzhen Longgang Henggang Huagang Industrial Co. Ltd
in the merger
Guangzhou BoPi Enterprise Management Consulting Co. Ltd Subsidiary shareholders
Shenzhen Property Management Co. Ltd The controlling subsidiary of the parent company
Guoren Property Insurance Co. Ltd The controlling subsidiary of the parent company
Shenzhen Water Planning and Design Institute Co. Ltd The controlling subsidiary of the parent company
Shenzhen General Institute of Architectural Design and
The controlling subsidiary of the parent company
Research
Shenzhen Shenfang Property Cleaning Co. Ltd The controlling subsidiary of the parent company
Shenzhen Property Management Co. Ltd. Shantou Branch The controlling subsidiary of the parent company
141ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Shenzhen Guomao Property Management Co. Ltd The controlling subsidiary of the parent company
Shenzhen Xinfeng Real Estate Consulting Co. Ltd equity-accounted company
Guangdong Huizhou Luofushan Mineral Water Beverage Co.equity-accounted company
Ltd
Shenzhen Runhua Automobile Trading Company equity-accounted company
Great Wall Canada (Vancouver) Limited equity-accounted company
Berkton Australia Limited equity-accounted company
Baili Co. Ltd equity-accounted company
Shenzhen Shenfang Department Store Co. Ltd equity-accounted company
Shenzhen Ronghua Electromechanical Engineering Co. Ltd equity-accounted company
Xi'an Xinfeng Property Trading Co. Ltd equity-accounted company
Lianfeng Cement Manufacturing Co. Ltd. Fengkai County
equity-accounted company
Guangdong Province
Beijing Shenfang Property Management Co. Ltd equity-accounted company
Other instructions
5. Related party transactions
(1) Related transactions involving the purchase and sale of goods provision and receipt of services
Procurement of Goods/Acceptance of Labor Services Table
Unit: Yuan
Whether it exceeds
Related party current period Approved previous period
related party the transaction
transaction content amount transaction limit amount
limit
Shenzhen Property
Management Co.property service 1174174.96 No 1180561.20
Ltd. Shantou
Branch
Shenzhen Property
Management Co. property service 331127.32 No 263926.72
Ltd
Guoren Property
Insurance Service 11584.31 No 80202.94
Insurance Co. Ltd
Sales of goods/provision of services table
Unit: Yuan
Related party transaction
related party current period amount previous period amount
content
Guoren Property Insurance
rental service 212377.14 421519.98
Co. Ltd
Shenzhen Property
rental service 2206302.45 2485951.92
Management Co. Ltd
Shenzhen Shenfang Property
rental service 19999.98 19999.98
Cleaning Co. Ltd
Explanation of Related Transactions for Purchasing and Selling Goods Providing and Receiving Services
(2) Related entrusted management/contracting and entrusted management/outsourcing situation
Our company's entrusted management/contracting situation table:
Unit: Yuan
142ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Confirmed
Termination Pricing basis
Name of Name of Types of Starting date of custodial
Date of for custodial
Principal/Contr trustee/contract entrusted/contra entrusted/contra income/contract
Entrustment/Co income/contract
actor or cted assets cted ed income in
ntract ed income
this period
Explanation of Related Custody/Contracting Situation
Our company's entrusted management/outsourcing situation table:
Unit: Yuan
Termination Pricing basis Confirmed
Name of Name of Entrusted/outso Starting date of
date of for hosting/outsour
Principal/Contr trustee/contract urced asset commission/out
commission/out hosting/outsour cing fees for
actor or types sourcing
sourcing cing fees this period
Explanation of Association Management/Packaging Status
(3) Related leasing situation
As the lessor our company:
Unit: Yuan
Rental income recognized in Rental income recognized in
Tenant name Types of leased assets
this period the previous period
Guoren Property Insurance
Houses and buildings 212377.14 421519.98
Co. Ltd
Shenzhen Property
Houses and buildings 2206302.45 2485951.92
Management Co. Ltd
Shenzhen Shenfang Property
Houses and buildings 19999.98 19999.98
Cleaning Co. Ltd
As the lessee our company:
Unit: Yuan
Simplified
Variable lease
handling of rental
payments not
expenses for short- Interest expenses
included in the Increased right of
Types term leases and Rent paid on lease liabilities
Name measurement of use assets
of low value asset undertaken
of lease liabilities (if
leased leases (if
lessor applicable)
assets applicable)
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
amount amount amount amount amount amount amount amount amount amount
Explanation of Related Lease Situation
(4) Related guarantee situation
Our company serves as the guarantor
Unit: Yuan
Guarantee expiration Has the guarantee been
secured party Guarantee amount Guarantee start date
date fully fulfilled
Our company serves as the guarantor
143ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Unit: Yuan
Guarantee expiration Has the guarantee been
guarantor Guarantee amount Guarantee start date
date fully fulfilled
Explanation of Related Guarantee Situation
(5) Related party fund lending
Unit: Yuan
related party Borrowing amount Start Date expiration date Instructions
Dismantling
Remove it
(6) Related party asset transfer and debt restructuring situation
Unit: Yuan
Related party transaction
related party current period amount previous period amount
content
(7) Compensation for key management personnel
Unit: Yuan
project current period amount previous period amount
Salary of key management personnel 3302035.00 3124891.50
(8) Other related transactions
In July 2021 the company formulated the "Management Measures for Employee Follow up Investment in Linxi County Project of
Shenzhen Housing Group" which constitutes a related party transaction of joint investment with some directors supervisors and
executives of the company.Taking into account the actual situation of the co investment project after research by the company the
co investment has been terminated in June 2025.
6. Accounts receivable and payable from related parties
(1) Accounts receivable
Unit: Yuan
Closing balance Opening balance
Project Name related party allowance for bad allowance for bad
book balance book balance
debts debts
Shenzhen Property
accounts
Management Co. 1107237.34 1025942.86
receivable
Ltd
Shenzhen Xinfeng
accounts Real Estate
1221880.741221880.741237010.581237010.58
receivable Consulting Co.Ltd
Shenzhen Property
Other receivables 5500.00 5500.00
Management Co.
144ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Ltd
Guangdong
Huizhou
Other receivables Luofushan Mineral 10465168.81 10465168.81 10465168.81 10465168.81
Water Beverage
Co. Ltd
Shenzhen Runhua
Other receivables Automobile 3072764.42 3072764.42 3072764.42 3072764.42
Trading Company
Great Wall Canada
Other receivables (Vancouver) 89035748.07 89035748.07 89035748.07 89035748.07
Limited
Berkton Australia
Other receivables 12559290.58 12559290.58 12559290.58 12559290.58
Limited
Other receivables Baili Co. Ltd 19444131.44 19444131.44 20251959.02 20251959.02
Shenzhen
Shenfang
Other receivables 237648.82 237648.82 237648.82 237648.82
Department Store
Co. Ltd
Shenzhen
Ronghua
Other receivables Electromechanical 475223.46 475223.46 475223.46 475223.46
Engineering Co.Ltd
Xi'an Xinfeng
Other receivables Property Trading 8419205.19 8419205.19 8419205.19 8419205.19
Co. Ltd
Shenzhen Shenxi
Architectural
Other receivables 7660529.37 7660529.37 7660529.37 7660529.37
Decoration
Company
Shenzhen
Other receivables Nanyang Hotel 3168721.00 3168721.00 3168721.00 3168721.00
Co. Ltd
Beijing Shenfang
Property
Other receivables 6905673.69 6533817.09 6905673.69 6533817.09
Management Co.Ltd
(2) Coping with projects
Unit: Yuan
Project Name related party Closing book balance Initial book balance
Shenzhen Investment Holding
Interest payable 16535277.94 16535277.94
Co. Ltd
Shenzhen Property
accounts payable 13594259.27 12658092.83
Management Co. Ltd
Guoren Property Insurance
Other payables 74332.00 74332.00
Co. Ltd
Shenzhen Property
Other payables 397236.68 244304.26
Management Co. Ltd
Shenzhen Oriental New
Other payables World Department Store Co. 902974.64 902974.64
Ltd
Lianfeng Cement
Other payables 1867348.00 1867348.00
Manufacturing Co. Ltd.
145ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Fengkai County Guangdong
Province
Shenzhen Real Estate
Other payables Electromechanical 14981420.99 14981420.99
Management Company
Shenzhen Zhentong New
Other payables Electromechanical Industrial 8310832.50 8310832.50
Development Co. Ltd
Shenzhen Shenfang
Other payables 639360.38 639360.38
Department Store Co. Ltd
Shenzhen Longgang
Other payables Henggang Huagang Industrial 165481.09 165481.09
Co. Ltd
Guangzhou BoPi Enterprise
Other payables Management Consulting Co. 206903717.13 206903717.13
Ltd
7. Related party commitment
8. Other
14、 Share based payment
1. Overall situation of share based payment
□ Applicable□Not Applicable
2. Equity settled share based payments
□ Applicable□Not Applicable
3. Cash settled share based payments
□ Applicable□Not Applicable
4. Share based payment expenses for this period
□ Applicable□Not Applicable
5. Modification and termination of share based payment
6. Other
15、 Promise and contingencies
1. Important commitments
Important commitments existing on the balance sheet date
As of June 30 2025 there are no important commitments that the company needs to disclose.
146ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
2. Possible matters
(1) Important contingencies on the balance sheet date
1. Potential liabilities arising from pending litigation and arbitration and their financial impact
plaintiff defendant cause of Accepting amount inaction court dispute Remarks
Huizhou Mingxiang
Economic Information Progress of the
Consulting Co. Ltd. Guangdong Jianbang Dispute over Huizhou Principal 177.1514
case: Under
Huizhou Huiyang the right to million yuan execution
Hongfa Industry and Group (Huiyang) Intermediate
Trade Co. Ltd. Huizhou Industrial Co. Ltd
request People's Court interest 2.8482
payment of million yuan Case details: [Note
Jinlongsheng Industrial bills in 1]
Co. Ltd litigation
Guangzhou BoPi
Enterprise Management
Consulting Co. Ltd.Evergrande Real Estate Disputes over
Group Pearl River Delta joint ventureand Case Progress: InReal Estate the Second
Shenzhen Special Development Co. Ltd. cooperative Guangdong
Economic Zone Real real estate Higher 743.575 million
Instance
Shenzhen Qijin
Estate (Group) Co. Ltd yuanInvestment Co. Ltd development People's Courtcontracts Case details: [Note
2]
The third party is
Guangdong Jianbang
Group (Huiyang)
Industrial Co. Ltd
Case progress:
Shenzhen Special Guangdong Jianbang Shenzhen Principal and ongoing execution
Economic Zone Real Group (Huiyang) Loan contract Luohu District interest of
Estate (Group) Co. Ltd Industrial Co. Ltd dispute People's Court 395.6885 millionyuan Case details: [Note
3]
Guangdong Jianbang
Group (Huiyang)
Industrial Co. Ltd.Guangzhou Bopi
Enterprise Case progress:
Shenzhen Special Management Huizhou Principal and ongoing execution
Economic Zone Real Consulting Co. Ltd. Loan contract Intermediate interest of RMB
Estate (Group) Co. Ltd Evergrande Real Estate dispute People's Court 419.5229 million Case details: [Note
Group Pearl River Delta 4]
Real Estate
Development Co. Ltd.Shenzhen Qijin
Investment Co. Ltd
[Note 1] Guangdong Jianbang Group (Huiyang) Industrial Co. Ltd. (hereinafter referred to as Jianbang
Company) is a subsidiary of our company holding 51% of the shares. Due to Jianbang Company's inability to
pay commercial acceptance bills due in January 2022 totaling 177.1514 million yuan the plaintiff company has
filed a lawsuit with the Huiyang District Court for a dispute over the right to claim payment of the bills.On
March 14 2023 the court made a judgment ordering Jianbang Company to pay commercial bills and overdue
interest to three companies within 15 days.(Including bearing litigation costs and preservation fees of
approximately 1.03 million yuan).As of June 30 2025 the plaintiff has applied for enforcement to the
Intermediate People's Court of Huizhou City.As of June 30 2025 a total of 153 properties worth an estimated 220 million yuan have been seized from
buildings 2 and 4 of the first phase of the Shenfang Linxin Garden project based on the recorded price.[Note 2] On April 30 2021 our company signed a "Cooperation Development Agreement" and a
"Entrustment Management Agreement" with Guangzhou Bopi Hengda Pearl River Delta and Jianbang
Company. Guangzhou Bopi promised that Jianbang Company would achieve a cumulative net profit of not less
147ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
than 1.25 billion yuan from 2021 to 2025. If Guangzhou Bopi fails to fulfill its profit commitment it will make
up for the difference.On June 30 2021 due to the acquisition of 51% equity of Guangzhou BoPi by Shenzhen
Qijin our company Guangzhou BoPi Hengda Pearl River Delta and Shenzhen Qijin jointly signed
Supplementary Agreement 1 to the "Cooperation Development Agreement" which stipulates that Shenzhen
Qijin shall assume joint and several liability with Hengda Pearl River Delta for Guangzhou BoPi's profit
commitment and shortfall compensation to our company as stipulated in the "Cooperation Development
Agreement".Due to the fundamental breach of contract by Guangzhou Bopi and Hengda Pearl River Delta and
the actual loss of performance ability the purpose and expected benefits of our company's contract cannot be
achieved. Our company has filed a lawsuit.On January 8 2025 our company received the first instance civil
judgment of the case and the judgment made by the Huizhou Intermediate People's Court of the first instance
supported some of our company's litigation claims.On January 22 2025 our company filed an appeal regarding
unsupported claims. The second instance trial was held on May 22 and is currently in progress.[Note 3] In 2021 a third party in our company's acquisition case held 51% of the defendant's equity. At the
time of the acquisition it was agreed that our company would provide interest bearing loans to Jianbang
Company in proportion to the equity.Later Jianbang Company borrowed twice from our company and signed a
"Loan Agreement".After the agreement is signed our company will provide loans to Jianbang Company in
accordance with the agreement and fulfill the lending obligation.Both loans have now matured but Jianbang
Company has not repaid them constituting a breach of contract.As a state-owned listed company our company
has filed this lawsuit to protect state-owned assets from losses.In January 2024 our company received a Civil
Judgment from the People's Court of Luohu District Shenzhen Guangdong Province: the judgment states that
Jianbang Company shall repay the loan principal of 344696200.26 yuan and pay interest to our company within
ten days from the effective date of the judgment;Jianbang Company shall pay liquidated damages to our
company within ten days from the effective date of the judgment.As of June 30 2025 the case is under
execution.[Note 4] In 2021 our company acquired 51% equity of Jianbang Company held by Guangzhou Bopi and
agreed to provide interest bearing loans to Jianbang Company according to the equity ratio during the
acquisition.The last five parties signed an agreement agreeing that our company would provide loans to
Jianbang Company and Jianbang Company would provide corresponding collateral. At the same time
Guangzhou Bopi Hengda Pearl River Delta and Shenzhen Qijin would assume joint and several guarantee
responsibility for 49% of the total loan amount interest and liquidated damages.After the agreement was
signed our company provided a loan to Jianbang Company in accordance with the agreement and fulfilled the
lending obligation. However Jianbang Company was unable to repay the loan. As a state-owned holding listed
company our company filed a lawsuit to protect state-owned assets from losses.On June 7 2024 the company
received a first instance winning judgment. On June 24 2024 Guangzhou Bopi filed an appeal but failed to
pay the case acceptance fee on time. In October 2024 the Huizhou Intermediate People's Court issued a Civil
Ruling which was processed as a withdrawal of the lawsuit and the first instance judgment became
effective.Our company applied for compulsory enforcement to the court in January 2025.
(2) The company should also provide an explanation if there are no important or contingent matters that
need to be disclosed
The company does not have any important contingencies that need to be disclosed.
148ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
3. Other
16、 Events after the balance sheet date
1. Important non adjustment matters
Unit: Yuan
The impact on financial
Reason for inability to
project content condition and operating
estimate the impact number
results
2. Profit distribution situation
3. Sales return
4. Explanation of Other Events after the Balance Sheet Date
17、 Other important matters
1. Correction of accounting errors in the previous period
(1) Retrospective restatement method
Unit: Yuan
The content of accounting Affected report item names
handler cumulative effects
error correction for each comparative period
(2) Future Applicable Law
The content of accounting error Reasons for adopting the future
Approval process
correction applicable method
2. Debt restructuring
3. Asset replacement
(1) Non monetary asset exchange
(2) Other asset swaps
4. Pension plan
5. Termination of Operations
Unit: Yuan
project income cost Total Profit Income tax Net profit Termination
149ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
expense profits
attributable to
the owners of
the parent
company
Other instructions
6. Division information
(1) Basis for determining report segments and accounting policies
(2) Report financial information of the division
Unit: Yuan
project Offset between divisions total
(3) If the company does not have any reporting segments or cannot disclose the total assets and liabilities
of each reporting segment the reasons should be explained
(4) Other instructions
7. Other important transactions and matters that have an impact on investor decision-making
8. Other
18、 Annotations to Major Items in the Financial Statements of the Parent Company
1. Accounts receivable
(1) Disclosure by aging
Unit: Yuan
aging Closing book balance Initial book balance
Within 1 year (including 1 year) 11733201.43 13309107.41
More than 3 years 4450138.62 4450138.62
more than 5 years 4450138.62 4450138.62
total 16183340.05 17759246.03
(2) Classified disclosure based on bad debt provision method
Unit: Yuan
Closing balance Opening balance
allowance for bad allowance for bad
book balance book balance
category debts book debts book
proporti provisio value proporti provisio value
amount amount amount amount
on n ratio on n ratio
150ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Account
s
receivab
le with
101124101124100841100841
individu 62.49% 100.00% 56.78% 100.00%
61.3761.3709.6009.60
al
provisio
n for bad
debts
amon
g which
Account
s
receivab
le with
607087378954.569192767513474997.720013
provisio 37.51% 6.24% 43.22% 6.19%
8.68684.006.43528.91
n for bad
debts by
combina
tion
amon
g which
161833104914569192177592105591720013
total 100.00% 64.83% 100.00% 59.46%
40.0516.054.0046.0307.128.91
Category name for single provision for bad debts: Accounts receivable with significant single provision for bad debts
Unit: Yuan
Opening balance Closing balance
name allowance for allowance for Reason for
book balance book balance provision ratio
bad debts bad debts provision
Long term
Expected
unrecovered 10084109.60 10084109.60 10112461.37 10112461.37 100.00%
irretrievable
sales proceeds
total 10084109.60 10084109.60 10112461.37 10112461.37
Category name for provision for bad debts by combination: Accounts receivable with provision for bad debts by combination
Unit: Yuan
Closing balance
name
book balance allowance for bad debts provision ratio
Accounts receivable from
6070878.68378954.686.24%
other customer combinations
Combination of related
parties within the scope of
accounts receivable
consolidation
total 6070878.68 378954.68
Explanation for determining the basis of this combination:
If the provision for bad debts of accounts receivable is made according to the general model of expected credit losses:
□ Applicable□Not Applicable
151ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
(3) Provision for bad debts accrued recovered or reversed in this period
Provision for bad debts in this period:
Unit: Yuan
Current period change amount
Opening
category Withdrawal or Closing balancebalance accrue write-off other
reversal
Individual
provision for 10084109.60 28351.77 10112461.37
bad debts
Provision for
bad debts by 474997.52 -96042.84 378954.68
combination
total 10559107.12 0.00 0.00 0.00 -67691.07 10491416.05
Among them the amount of bad debt provision recovered or reversed in this period is significant:
Unit: Yuan
The basis and
rationality for
Withdrawal or reversal
Unit Name Reason for reversal Withdrawal method determining the
of amount
original bad debt
provision ratio
(4) Accounts receivable actually written off in this period
Unit: Yuan
project Write-off amount
Important accounts receivable write off situations include:
Unit: Yuan
Is the payment
Verification
Nature of accounts Reason for generated from
Unit Name Write-off amount procedures for
receivable verification related party
performance
transactions
Accounts receivable write off instructions:
(5) Accounts receivable and contract assets of the top five ending balances collected by debtor
Unit: Yuan
Accounts
Proportion of total receivable bad
Accounts
Accounts ending balance of debt provision and
Closing balance of receivable and
Unit Name receivable ending accounts contract asset
contract assets contract assets
balance receivable and impairment
ending balance
contract assets provision ending
balance
Shenzhen Huatang
Famous Liquor 2963112.00 2963112.00 18.31% 148155.60
City Investment
152ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Co. Ltd
Daxing Auto Parts
2072223.602072223.6012.80%2072223.60
Co. Ltd
Shenzhen Xinfeng
Real Estate
1221880.741221880.747.55%1221880.74
Consulting Co.Ltd
Wang Weidong 1200000.00 1200000.00 7.42% 1200000.00
Wang Guodong 919648.94 919648.94 5.68% 919648.94
total 8376865.28 8376865.28 51.76% 5561908.88
2. Other receivables
Unit: Yuan
project Closing balance Opening balance
Interest receivable 0.00 0.00
Dividends receivable 24222722.88 29222722.88
Other receivables 1714465913.43 1722328667.65
total 1738688636.31 1751551390.53
(1) Interest receivable
1) Classification of accrued interest
Unit: Yuan
project Closing balance Opening balance
total 0.00 0.00
2) Important overdue interest
Unit: Yuan
Whether impairment
Borrower Unit Closing balance overdue time Reason for overdue has occurred and its
judgment basis
Other instructions:
3) Classified disclosure based on bad debt provision method
□ Applicable□Not Applicable
4) The situation of bad debt provisions provisioned recovered or reversed in this period
Unit: Yuan
Current period change amount
Opening
category Withdrawal or Transfer or Closing balancebalance accrue Other changes
reversal write off
Among them the amount of bad debt provision recovered or reversed in this period is significant:
Unit: Yuan
153ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
The basis and
rationality for
Withdrawal or reversal
Unit Name Reason for reversal Withdrawal method determining the
of amount
original bad debt
provision ratio
Other instructions:
5) Actual write off of accrued interest in this period
Unit: Yuan
project Write-off amount
The significant write off of accrued interest among them
Unit: Yuan
Is the payment
Verification
Reason for generated from
Unit Name Nature of Payment Write-off amount procedures for
verification related party
performance
transactions
Verification instructions:
Other instructions:
(2) Dividends receivable
1) Classification of dividends receivable
Unit: Yuan
Project (or investee) Closing balance Opening balance
Shenzhen Shenfang Group Longgang
24222722.8829222722.88
Development Co. Ltd
total 24222722.88 29222722.88
2) Important dividends receivable with an aging of over 1 year
Unit: Yuan
Whether impairment
Reasons for not
Project (or investee) Closing balance aging has occurred and its
retrieving
judgment basis
Shenzhen Shenfang
Group Longgang 24222722.88 2-3 years Suspend payment No
Development Co. Ltd
total 24222722.88
3) Classified disclosure based on bad debt provision method
□ Applicable□Not Applicable
4) The situation of bad debt provisions provisioned recovered or reversed in this period
Unit: Yuan
154ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Current period change amount
Opening
category
balance Withdrawal or Transfer or
Closing balance
accrue Other changes
reversal write off
Among them the amount of bad debt provision recovered or reversed in this period is significant:
Unit: Yuan
The basis and
rationality for
Withdrawal or reversal
Unit Name Reason for reversal Withdrawal method determining the
of amount
original bad debt
provision ratio
Other instructions:
5) Actual write off of receivable dividends in this period
Unit: Yuan
project Write-off amount
The write off of important receivable dividends
Unit: Yuan
Is the payment
Verification
Reason for generated from
Unit Name Nature of Payment Write-off amount procedures for
verification related party
performance
transactions
Verification instructions:
Other instructions:
(3) Other receivables
1) Classification of other receivables by nature of payment
Unit: Yuan
Nature of Payment Closing book balance Initial book balance
Combination of accounts receivable from
2393327631.482403869206.91
related parties
Combination of accounts receivable from
165460.00165460.00
government departments
Accounts receivable employee reserve
116711.0093900.00
fund combination
Accounts receivable collection and
579804.411002722.31
payment combination
Combination of other receivables and
142865810.98142474366.82
payables
total 2537055417.87 2547605656.04
2) Disclosure by aging
Unit: Yuan
aging Closing book balance Initial book balance
Within 1 year (including 1 year) 383552238.75 452103220.23
155ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
1 to 2 years 58000743.31 6102884.22
2 to 3 years 6102884.22 642158.28
More than 3 years 2089399551.59 2088757393.31
3 to 4 years 642158.28 456845625.71
4 to 5 years 456845625.71 104875297.41
more than 5 years 1631911767.60 1527036470.19
total 2537055417.87 2547605656.04
3) Classified disclosure based on bad debt provision method
Unit: Yuan
Closing balance Opening balance
allowance for bad allowance for bad
book balance book balance
category debts book debts book
proporti provisio value proporti provisio value
amount amount amount amount
on n ratio on n ratio
Provisio
n for bad
debts 822478 822478 825174 825174
32.42%100.00%32.39%100.00%
based on 339.29 339.29 418.56 418.56
individu
al items
amon
g which
Provisio
n for bad
171457111165.171446172243102569.172232
debts by 67.58% 0.01% 67.61% 0.01%
7078.58155913.431237.48838667.65
combina
tion
amon
g which
253705822589171446254760825276172232
total 100.00% 32.42% 100.00% 32.39%
5417.87504.445913.435656.04988.398667.65
Provision for bad debts based on the general model of expected credit losses:
Unit: Yuan
Phase One Phase Two Phase Three
allowance for bad Expected credit loss for Expected credit loss for
debts Expected credit loss for the entire duration (no the entire duration
total
the next 12 months credit impairment has (credit impairment
occurred) already occurred)
Balance as of January
102289.83825174698.56825276988.39
12025
Balance as of January
1 2025 in this period
Other changes 8595.32 -2696079.27 -2687483.95
Balance as of June 30
110885.15822478619.29822589504.44
2025
Basis for division of each stage and provision ratio for bad debt reserves
156ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Changes in book balance with significant changes in the amount of loss provision for the current period
□ Applicable□Not Applicable
4) Provision for bad debts accrued recovered or reversed in this period
Provision for bad debts in this period:
Unit: Yuan
Current period change amount
Opening
category
balance Withdrawal or Transfer or
Closing balance
accrue other
reversal write off
Provision for
bad debts based
825174418.560.00-2696079.27822478339.29
on individual
items
Provision for
bad debts by 102569.83 0.00 8595.32 111165.15
combination
total 825276988.39 0.00 -2687483.95 822589504.44
Among them the significant amounts of bad debt provisions reversed or recovered in this period are:
Unit: Yuan
The basis and
rationality for
Transferred or
Unit Name Reason for reversal Withdrawal method determining the
recovered amount
original bad debt
provision ratio
5) Other accounts receivable actually written off in this period
Unit: Yuan
project Write-off amount
Important other accounts receivable write offs:
Unit: Yuan
Is the payment
Verification
Nature of other Reason for generated from
Unit Name Write-off amount procedures for
receivables verification related party
performance
transactions
Explanation for write off of other receivables:
6) Other receivables with the top five ending balances collected by debtor
Unit: Yuan
Proportion to the
total ending Closing balance of
Unit Name Nature of Payment Closing balance aging
balance of other bad debt provision
receivables
Guangdong Accounts payable
Jianbang Group to and from 842629191.51 3-4 years 33.19%
(Huiyang) subsidiaries
157ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Industrial Co. Ltd
Shantou Huafeng
Accounts payable
Real Estate 1-2 years 5 years
to and from 744160642.87 29.33%
Development Co. or more
subsidiaries
Ltd
Accounts payable
Xinfeng Enterprise
to and from 536720189.49 more than 5 years 21.16% 536720189.49
Co. Ltd
subsidiaries
Great Wall Real Accounts payable
Estate Co. Ltd. in to and from 106106780.19 more than 5 years 4.18% 106555895.31
the United States subsidiaries
Accounts payable
Hualin Co. Ltd to and from 90898178.28 3-4 years 3.58%
subsidiaries
total 2320514982.34 91.44% 643276084.80
7) Reported as other receivables due to centralized fund management
Unit: Yuan
Other instructions:
3. Long term equity investment
Unit: Yuan
Closing balance Opening balance
project provision for provision for
book balance book value book balance book value
impairment impairment
Investment in 1715520833. 1160766664. 1715520833. 1160766664.
554754168.86554754168.86
subsidiaries 00 14 00 14
Investment in
joint ventures 11977845.58 11977845.58 0.00 11977845.58 11977845.58 0.00
and associates
1727498678.1160766664.1727498678.1160766664.
total 566732014.44 566732014.44
58145814
(1) Investment in subsidiaries
Unit: Yuan
Opening Opening Changes in this period Closing Closing
The
balance balance of balance balance of
invested make an Provision
(book impairment Reduceadditional for other (book impairmententity
value) provision investmentinvestment impairment value) provision
Shenzhen
Haiyan 20605047. 20605047.
0.000.00
Hotel Co. 50 50
Ltd
Shenzhen
Shenfang 9000000.0 9000000.0
0.000.00
Investment 0 0
Co. Ltd
Xinfeng
556500.000.00556500.000.00
Enterprise
158ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Co. Ltd
Xinfeng
22717697.22717697.
Real Estate 0.00 0.00
7373
Co. Ltd
Shenzhen
Zhentong 11332321. 11332321.
0.000.00
Engineerin 45 45
g Co. Ltd
Great Wall
Real Estate
1435802.01435802.0
Co. Ltd. in 0.00 0.00
00
the United
States
Shenzhen
Shenfang
4750000.04750000.0
Bonded 0.00 0.00
00
Trade Co.Ltd
Shenzhen
Huazhan
Constructio 6000000.0 6000000.0
0.000.00
n 0 0
Supervisio
n Co. Ltd
Shenzhen
Lianhua 13458217. 13458217.
0.000.00
Enterprise 05 05
Co. Ltd
Shenzhen
Shenfang
Group 30850000. 30850000.
0.000.00
Longgang 00 00
Developme
nt Co. Ltd
Beijing
Xinfeng
Real Estate
64183888.64183888.
Developme 0.00 0.00
9090
nt and
Operation
Co. Ltd
Shantou
Huafeng
16467021.16467021.
Real Estate 0.00 0.00
0202
Developme
nt Co. Ltd
Baili Co.
0.00201100.000.00201100.00
Ltd
Berkton
Corporatio 0.00 906630.00 0.00 906630.00
n Australia
Shenzhen
Shenfang
9500000.09500000.0
Department 0.00 0.00
00
Store Co.Ltd
Shantou 0.00 58547652. 0.00 58547652.
159ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Xinfeng 25 25
Building
Guangdong
Jianbang
Group 28585102. 42141489 28585102. 42141489
(Huiyang) 29 7.71 29 7.71
Industrial
Co. Ltd
Shenzhen
Shenfang
Chuanqi 99500000 99500000
0.000.00
Real Estate 0.00 0.00
Developme
nt Co. Ltd
Hualin Co.
8955.100.008955.100.00
Ltd
11607666554754161160766655475416
total 0.00 0.00 0.00 0.00
64.148.8664.148.86
(2) Investment in joint ventures and associates
Unit: Yuan
Changes in this period
Invest
Openi ment Closin
Openi ng gains Other Declar Closin g
ng balanc make and compr e the g balanc
Invest
balanc e of an Reduc losses ehensi Other distrib Provisi balanc e of
ment
e impair additio e recogn ve equity ution on for e impair
Unit other
(book ment nal invest ized incom change of cash impair (book ment
value) provisi invest ment under e s divide ment value) provisi
on ment the adjust nds or on
equity ments profits
metho
d
1、 Joint venture enterprise
Fengk
ai
94559455
Xingh
465.38465.38
ua
Hotel
subtota 9455 9455
l 465.38 465.38
2、 Joint venture enterprise
Shenz
hen
Rongh
ua
Electro
10761076
mecha
954.64954.64
nical
Engine
ering
Co.Ltd
160ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Shenz
hen
Runhu
a
Autom 1445 1445
obile 425.56 425.56
Tradin
g
Compa
ny
subtota 2522 2522
l 380.20 380.20
1197711977
total 0.00 845.5 0.00 845.5
88
The recoverable amount is determined based on the net amount of fair value minus disposal expenses
□ Applicable□Not Applicable
The recoverable amount is determined based on the present value of expected future cash flows
□ Applicable□Not Applicable
The reasons for the significant differences between the aforementioned information and the information used in previous years'
impairment tests or external information
The reason for the significant discrepancy between the information used in the previous year's impairment test and the actual
situation of the current year by the company
(3) Other instructions
4. Operating revenue and operating costs
Unit: Yuan
current period amount previous period amount
project
income cost income cost
Main Business 23097122.00 15530601.07 32476399.59 14063038.19
Other businesses 95.24 857.13
total 23097217.24 15530601.07 32477256.72 14063038.19
Decomposition information of operating revenue and operating costs:
Unit: Yuan
Contract Division 1 Division 2 total
Classificati Operating Cost of Operating Cost of Operating Cost of Operating Cost of
on Revenue goods sold Revenue goods sold Revenue goods sold Revenue goods sold
Business
Type
Among
them:
Classified
by
operating
region
Among
161ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
them:
Market or
customer
type
Among
them:
Contract
Type
Among
them:
Classified
by the time
of transfer
of goods
Among
them:
Classified
by Contract
Term
Among
them:
Classified
by sales
channels
Among
them:
total
Information related to performance obligations:
The types of
The company The expected quality
Time for
promises to Is he the main refund to assurance
fulfilling Important
project transfer the responsible customers that provided by the
contractual payment terms
nature of the person the company company and
obligations
goods undertakes related
obligations
Other instructions
Our company's real estate sales business is a contractual obligation to be fulfilled at a certain point in time.When the development
of the product has been completed and accepted as qualified a sales contract has been signed and the obligations stipulated in the
contract have been fulfilled a notice or announcement of occupancy has been issued to the owner and the actual delivery of the
property or the agreed delivery date in the contract has expired full payment has been received and the relevant costs incurred or
to be incurred can be reliably measured the realization of sales revenue is recognized.
162ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Information related to the transaction price allocated to the remaining performance obligations:
The revenue amount corresponding to the performance obligations that have been signed but not yet fulfilled or fully fulfilled at
the end of this reporting period is 128187055.80 yuan of which 29240336.89 yuan is expected to be recognized as revenue in
2025 45664137.56 yuan is expected to be recognized as revenue in 2026 and 45667729.96 yuan is expected to be recognized
as revenue in 2027.Major contract changes or significant transaction price adjustments
Unit: Yuan
project Accounting treatment methods Amount of impact on income
Other instructions:
5. Investment income
Unit: Yuan
project current period amount previous period amount
Dividend income obtained from other
equity instrument investments during the 99669.36 777600.00
holding period
total 99669.36 777600.00
6. Other
19、 Supplementary Information
1. Statement of Non recurring Income and Loss for the Current Period
□Applicable □ Not applicable
Unit: Yuan
project amount Instructions
Profit and loss from entrusting others to Fair value changes generated by
8662388.50
invest or manage assets investing in money market funds
Other non operating income and
expenses other than those mentioned 18496.60
above
Subtract: Income tax impact amount 4624.15
Minority shareholder equity impact
1102.50
(after tax)
total 8675158.45 --
The specific situation of other income and loss items that meet the definition of non recurring income and loss:
□ Applicable□Not Applicable
The company does not have any specific situation of other income and loss items that meet the definition of non recurring income
and loss.Explanation on the Definition of Non recurring Profit and Loss Items as Recurrent Profit and Loss Items in the Explanatory
Announcement No. 1 on Information Disclosure of Companies Publicly Issuing Securities
□Applicable □ Not applicable
project Amount involved (yuan) reason
Refund of handling fees for withholding 31652.46 Continuously occurring from year to
163ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
personal income tax year not occasional recognized as
recurring gains and losses
2. Return on equity and earnings per share
Earnings Per Share
Profit during the reporting
ROE
period Basic earnings per share Diluted earnings per share
(yuan/share) (yuan/share)
Net profit attributable to
common shareholders of the 2.89% 0.1018 0.1018
company
Net profit attributable to
common shareholders of the
2.65%0.09330.0933
company after deducting non
recurring gains and losses
3. Differences in accounting data under domestic and foreign accounting standards
(1) Differences in net profit and net assets disclosed in financial reports under both international
accounting standards and Chinese accounting standards
□ Applicable□Not Applicable
(2) Differences in net profit and net assets disclosed in financial reports under both overseas accounting
standards and Chinese accounting standards
□ Applicable□Not Applicable
(3) Explanation of the reasons for differences in accounting data under domestic and foreign accounting
standards. For data that has already been audited by overseas auditing institutions and adjusted for
differences the name of the overseas institution should be indicated
4. Other
164ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Part IX Other Reported Data
I Other Major Social Safety Issues
Indicate by tick mark whether the Company and its subsidiaries were involved in other major social safety issues.□ Yes □ No □ N/A
Indicate by tick mark whether administrative penalties were imposed during the Reporting Period.□ Yes □ No □ N/A
II Register of Activities Including Research Visits Communications Interviews etc. during
the Reporting Period
□Applicable □ Not applicable
Index to main
Reception Type of received Main discussions and
Date of reception Reception method Received visitors inquiry
place visitor materials provided
information
Inquire about the
The Individual
January 2 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
January 6 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
January 13 2025 Written inquiry Individual number of N/A
Company investor
shareholders
The Telephone Individual Inquire about the
January 20 2025 Individual N/A
Company communication investor Company’s business
Inquire about the
The Individual
January 21 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
February 5 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about
The Online exchange Individual
February 10 2025 Individual measures taken to N/A
Company on a web platform investor
prevent air pollution
Inquire about the
The Individual
February 11 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
February 18 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
February 19 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
February 21 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
February 21 2025 Written inquiry Individual number of N/A
Company investor
shareholders
February 27 2025 The Written inquiry Individual Individual Inquire about the N/A
165ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Company investor number of
shareholders
Inquire about the
The Individual
March 3 2025 Written inquiry Individual number of N/A
Company investor
shareholders
The Online exchange Individual Inquire about the
March 7 2025 Individual N/A
Company on a web platform investor Company’s business
Inquire about the
The Individual
March 10 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
March 11 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Online exchange Individual Company’s
March 14 2025 Individual N/A
Company on a web platform investor information
disclosure
The Individual Inquire about the
March 21 2025 Written inquiry Individual N/A
Company investor Company’s business
The Telephone Individual Inquire about the
March 24 2025 Individual N/A
Company communication investor Company’s litigation
Inquire about the
The Individual
March 24 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
April 1 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Online exchange Individual
April 11 2025 Individual progress of non- N/A
Company on a web platform investor
compete commitment
Inquire about the
The Individual
April 17 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
April 21 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Telephone Individual
April 30 2025 Individual business of N/A
Company communication investor
subsidiaries
Inquire about the
The Individual
May 6 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Telephone Individual
May 6 2025 Individual progress of non- N/A
Company communication investor
compete commitment
Inquire about the
The Individual
May 8 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
May 12 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Telephone Individual
May 13 2025 Individual business of N/A
Company communication investor
subsidiaries
Inquire about the
The Individual
May 16 2025 Written inquiry Individual number of N/A
Company investor
shareholders
166ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Inquire about the
The Individual matter of attending
May 19 2025 Written inquiry Individual N/A
Company investor the shareholders’
meeting
Inquire about the
The Individual
May 19 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
May 21 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
May 22 2025 Written inquiry Individual number of N/A
Company investor
shareholders
The Telephone Individual Inquire about the
May 29 2025 Individual N/A
Company communication investor Company’s business
Inquire about the
The Individual
June 3 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
June 11 2025 Written inquiry Individual number of N/A
Company investor
shareholders
The Telephone Individual Inquire about the
June 11 2025 Individual N/A
Company communication investor Company’s business
The Telephone Individual Inquire about the
June 12 2025 Individual N/A
Company communication investor Company’s business
Inquire about the
The Individual
June 13 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
June 19 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Individual
June 23 2025 Written inquiry Individual number of N/A
Company investor
shareholders
Inquire about the
The Telephone Individual Company’s operation
June 23 2025 Individual N/A
Company communication investor status and strategic
planning
The Telephone Individual Inquire about the
June 24 2025 Individual N/A
Company communication investor Company’s business
Inquire about the
The Telephone Individual
June 25 2025 Individual Company’s future N/A
Company communication investor
development plan
III Capital Transactions between the Listed Company and the Controlling Shareholder or
Other Related Parties
□Applicable □ Not applicable
Unit: RMB’0000
Amount paid
Amount during
Nature of Beginning during the Ending Interest Interest
Counterparty the Reporting
transaction balance Reporting balance income expense
Period
Period
Guangdong Jianbang Non-
84211.3851.5384262.92
Group (Huiyang) operating
167ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Industrial Co. Ltd. transaction
Non-
Hualin Co. Ltd. operating 9140.27 -50.45 9089.82
transaction
Non-
Great Wall Estate Co.operating 10655.59 -44.91 10610.68
Inc. (U.S.)
transaction
Shantou Huafeng Real Non-
Estate Development Co. operating 75416.06 1000 74416.06
Ltd. transaction
Non-
Shenzhen Lianhua
operating 1620.08 1620.08
Enterprise Co. Ltd.transaction
Non-
Shenzhen Shenfang
operating 3239.25 3239.25
Bonded Trade Co. Ltd.transaction
Shenzhen SPG Chuanqi Non-
Real Estate Development operating 734.88 168.4 903.28
Co. Ltd. transaction
Shenzhen SPG Non-
Longgang Development operating 437.18 437.18
Co. Ltd. transaction
Non-
Shenzhen Zhentong
operating 709.97 709.97
Engineering Co. Ltd.transaction
Non-
Xin Feng Enterprise Co.operating 53895.86 -223.84 53672.02
Ltd.transaction
Shantou Special
Non-
Economic Zone
operating 14.02 6.5 20.52
Songshan Real Estate
transaction
Development Co. Ltd.Non-
Baili Co. Ltd. operating 2025.19 -80.78 1944.41
transaction
Non-
Berkton Australia
operating 1255.93 1255.93
Limited
transaction
Non-
Great Wall Canada
operating 8903.57 8903.57
(Vancouver) Limited
transaction
Shenzhen Shenfang Non-
Department Store Co. operating 23.76 23.76
Ltd. transaction
Non-
Xi’an Xinfeng Property
operating 841.92 841.92
Trading Co. Ltd
transaction
Shenzhen Shenxi Non-
Architectural Decoration operating 766.05 766.05
Company transaction
Non-
Shenzhen Nanyang
operating 316.87 316.87
Hotel Co. Ltd.transaction
Shenzhen Xinfeng Real Non-
Estate Consulting Co. operating 123.7 -1.51 122.18
Ltd. transaction
Shenzhen Ronghua Non- 47.52 47.52
168ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. Interim Report 2025
Electromechanical operating
Engineering Co. Ltd. transaction
Guangdong Huizhou
Non-
Luofushan Mineral
operating 1046.52 1046.52
Water Beverage Co.transaction
Ltd.Shenzhen Runhua Non-
Automobile Trading operating 307.28 307.28
Company transaction
Beijing Shenfang Non-
Property Management operating 690.57 690.57
Co. Ltd. transaction
Total -- 256423.41 -175.05 1000 255248.36 0 0
169
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