2026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

Stock code: 000029 200029 Stock abbreviation: SPG A SPG B Announcement No.: 2026-017

Shenzhen Special Economic Zone Real Estate & Properties

(Group) Co. Ltd.First Quarter Report 2026

The Company and all members of the Board of Directors guarantee that the information disclosed is true

accurate and complete and contains no false records misleading statements or material omissions.Important notes:

1. The Board of Directors the directors and the senior management guarantee the authenticity accuracy and

completeness of the contents of the quarterly report and bear individual and joint legal liabilities for any false records

misleading statements or major omissions.

2. The Principal the Chief Finance Officer and the Chief Accountant (accounting supervisor) declare that they will

ensure the authenticity accuracy and completeness of the financial information in the quarterly report.

3. Whether the financial accounting report for the first quarter has been audited

□ Yes □ No

12026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

I. Major financial data

(I) Major accounting data and financial indicators

Whether the Company needs to retroactively adjust or restate the accounting data of previous years

□ Yes □ No

Reporting period Same period of last Increase/decrease over the sameyear period of the previous year (%)

Operating revenue (RMB) 67383890.02 330053200.67 -79.58%

Net profit attributable to

shareholders of the listed company -3926915.41 72421123.75 -105.42%

(RMB)

Net profit attributable to

shareholders of the listed company

after deducting non-recurring gains -7640881.12 68102809.31 -111.22%

and losses (RMB)

Net cash flows from operating

activities (RMB) 12339493.93 -18784578.27 165.69%

Basic earnings per share

(RMB/share) -0.0039 0.0716 -105.45%

Diluted earnings per share

(RMB/share) -0.0039 0.0716 -105.45%

Weighted average return on net

assets -0.11% 1.94% -2.05%

End of the End of the previous Increase/decrease at the end of

reporting period year the reporting period compared tothe end of the previous year (%)

Total assets (RMB) 3859715043.13 3882782985.57 -0.59%

Equity attributable to shareholders

of the listed company (RMB) 3613434092.38 3612323196.38 0.03%

(II) Non-recurring profit or loss items and amounts

□ Applicable ? Not applicable

Unit: RMB

Amount for

Item the reporting Description

period

Government grants included in profit or loss for the current

period (excluding government grants that are closely

related to the company's normal business operations

comply with national policies and regulations are enjoyed 2000.00 Government grants received

according to determined standards and have a sustained

impact on the company's profit or loss)

Gains or losses from changes in fair value arising from

holding financial assets and financial liabilities by non-

financial enterprises and gains or losses from the disposal Changes in fair value and investment

of financial assets and financial liabilities excluding 3713450.72 income arising from investments in

effective hedging activities related to the company's normal money market funds

business operations

Other non-operating income and expenses other than the

items above -1313.35

Less: Effect of income tax 171.66

22026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

Total 3713965.71 --

Specific circumstances of other profit or loss items that meet the definition of non-recurring profit or loss

□ Applicable □ Not applicable

The company has no other profit or loss items that meet the definition of non-recurring profit or loss.Explanation on defining non-recurring profit or loss items listed in the Explanatory Announcement No. 1 on Information

Disclosure for Companies Offering Securities to the Public — Non-recurring Profit or Loss as recurring profit or loss

items

□ Applicable □ Not applicable

Item Amount involved(RMB) Reason

Refund of handling fees for Continuously occurring each year and not

withholding individual income tax 52026.64 occasional thus recognized as recurring profit orloss

(III) Changes in major accounting data and financial indicators and the reasons

□ Applicable □ Not applicable

In the first quarter of 2026 the operating revenue decreased by 79.58% year-on-year the net profit attributable to

shareholders of the listed company decreased by 105.42% year-on-year and the net profit attributable to shareholders

of the listed company after deducting non-recurring profit or loss decreased by 111.22% year-on-year which was

mainly due to a year-on-year decrease in the carry-over of the Company's real estate projects during the reporting

period.In the first quarter of 2026 the net cash flow from operating activities increased by 165.69% year-on-year primarily

due to a year-on-year increase in cash receipts from sales and a year-on-year decrease in payments for construction

projects.II. Shareholder information

(I) Total number of ordinary shareholders and preferred shareholders with restored voting

rights and shareholdings of top ten shareholders

Unit: shares

Total number of ordinary Total number of preferred shareholders with

shareholders at the end of the 38109 restored voting rights at the end of the reporting 0

reporting period period (if any)

Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)

Shareh Number of Pledge marking or

Name of shareholder Nature of olding Number of restricted freezingshareholder percent shares held shares Share

age (%) held status Number

Shenzhen Investment Holdings State-owned Not

Co. Ltd. legal person 54.79% 554247280 0 applicabl 0e

Domestic

Shenzhen State-owned Equity non-state- Not

Operation Management Co. Ltd. owned legal 6.35% 64288426 0 applicabl 0

person e

Domestic

Yang Jianmin natural 0.99% 9978000 0 Pledged 3890000

person

32026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

Domestic Not

Wang Yulan natural 0.62% 6228591 0 applicabl 0

person e

Hong Kong Securities Clearing Overseas Not

Company Ltd. legal person 0.50% 5079487 0 applicabl 0e

Domestic Not

Zhang Xiujuan natural 0.47% 4755900 0 applicabl 0

person e

Domestic Not

He Qiao natural 0.39% 3968100 0 applicabl 0

person e

Industrial and Commercial Bank of

China Limited - China Southern Not

CSI All Share Real Estate ETF Others 0.32% 3197604 0 applicabl 0

Securities Investment Fund e

Domestic Not

Wang Zhengying natural 0.29% 2961900 0 applicabl 0

person e

Domestic Not

Wang Jinghua natural 0.29% 2919600 0 applicabl 0

person e

Shareholdings of the top 10 shareholders without restrictions on sales (excluding shares lent through refinancing and

shares locked by senior management)

Name of shareholder Unrestricted shares held Type of sharesType of shares Number

Shenzhen Investment Holdings Co. Ltd. 554247280 RMB OrdinaryShares 554247280

Shenzhen State-owned Equity Operation

Management Co. Ltd. 64288426

RMB Ordinary

Shares 64288426

Yang Jianmin 9978000 RMB OrdinaryShares 9978000

Wang Yulan 6228591 RMB OrdinaryShares 6228591

Hong Kong Securities Clearing Company 5079487 RMB OrdinaryLtd. Shares 5079487

Zhang Xiujuan 4755900 RMB OrdinaryShares 4755900

RMB Ordinary

He Qiao 3968100 Shares

3805700

Domestically Listed

Foreign Shares 162400

Industrial and Commercial Bank of China

Limited - China Southern CSI All Share RMB Ordinary

Real Estate ETF Securities Investment 3197604 Shares 3197604

Fund

Wang Zhengying 2961900 RMB OrdinaryShares 2961900

Wang Jinghua 2919600 Domestically ListedForeign Shares 2919600

Among the Company's top 10 unrestricted public shareholders

Shenzhen State-owned Equity Operation Management Co. Ltd. is

Explanation on the associated relationships or a wholly-owned subsidiary of Shenzhen Investment Holdings Co.concerted actions of the above shareholders Ltd. It is unknown whether there are any associated relationshipsamong the other shareholders or whether they are persons acting

in concert as stipulated in the Administrative Measures for the

Acquisition of Listed Companies.

42026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

Among the top 10 shareholders the shareholder ranked 3rd holds

Disclosure on the participation of the top 10 5460000 shares in a credit securities account the 6th ranked

shareholders in margin financing and securities shareholder holds 4755900 shares in a credit securities account

lending (if any) the 7th ranked shareholder holds 3081481 shares in a creditsecurities account and the 9th ranked shareholder holds

2961900 shares in a credit securities account.

Participation of Shareholders Holding More Than 5% of Shares the Top 10 Shareholders and the Top 10

Shareholders of Unrestricted Tradable Shares in Lending Shares for Securities Margin Trading Business

□ Applicable □ Not applicable

Changes in the Top 10 Shareholders and the Top 10 Shareholders of Unrestricted Tradable Shares Compared with

the Previous Period Due to Lending/Repayment for Securities Margin Trading

□ Applicable □ Not applicable

(II) Total number of preferred shareholders and shareholdings of top 10 preferred

shareholders of the Company

□ Applicable □ Not applicable

III. Other significant matters

□ Applicable □ Not applicable

IV. Quarterly financial statements

(I) Financial statements

1. Consolidated Balance Sheet

Prepared by: Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.March 31 2026

Unit: RMB

Item Ending Balance Beginning Balance

Current Assets:

Monetary Assets 291281583.59 284686525.04

Settlement funds 0.00 0.00

Funds loaned 0.00 0.00

Trading financial assets 1053969509.13 1050256058.41

Derivative financial assets 0.00 0.00

Notes receivable 200000.00 0.00

Accounts receivable 33591760.13 44898083.74

Receivables financing 0.00 0.00

Advances to suppliers 53249.43 31588.45

Premiums receivable 0.00 0.00

Reinsurance receivables 0.00 0.00

Reinsurance contract provision

receivable 0.00 0.00

Other receivables 753675650.50 747900491.52

Including: interest receivable 0.00 0.00

Dividends receivable 0.00 0.00

Financial assets purchased under

resale agreements 0.00 0.00

Inventories 1094997729.97 1099359619.25

52026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

Including: Data resources 0.00 0.00

Contract assets 26652764.49 29035256.28

Assets held for sale 0.00 0.00

Non-current assets maturing within

one year 0.00 0.00

Other current assets 53257901.04 66133465.24

Total current assets 3307680148.28 3322301087.93

Non-current assets:

Loans and advances 0.00 0.00

Debt investments 0.00 0.00

Other debt investments 0.00 0.00

Long-term receivables 0.00 0.00

Long-term equity investments 0.00 0.00

Other equity instrument

investments 14495012.60 14571511.81

Other non-current financial assets 0.00 0.00

Investment property 514791519.81 522634659.17

Fixed assets 14265246.19 14949900.45

Construction in progress 0.00 571822.67

Productive biological assets 0.00 0.00

Oil and gas assets 0.00 0.00

Right-of-use assets 0.00 0.00

Intangible assets 0.00 0.00

Including: Data resources 0.00 0.00

Development expenses 0.00 0.00

Including: Data resources 0.00 0.00

Goodwill 0.00 0.00

Long-term deferred expenses 2420761.35 1615683.92

Deferred tax assets 6062354.90 6138319.62

Other non-current assets 0.00 0.00

Total non-current assets 552034894.85 560481897.64

Total assets 3859715043.13 3882782985.57

Current liabilities:

Short-term borrowings 50000.00 50000.00

Borrowings from the central bank 0.00 0.00

Loans from banks and other

financial institutions 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 162747770.08 171738333.04

Advances from customers 3704503.72 722042.14

Contract liabilities 24765067.54 28400659.20

Financial assets sold under

repurchase agreements 0.00 0.00

Customer deposits and interbank

deposits 0.00 0.00

Agency trading of securities

receivable 0.00 0.00

Agency underwriting of securities

receivable 0.00 0.00

Employee compensation payable 27740181.80 32757342.88

Taxes payable 16713989.12 26922082.58

Other payables 144043026.53 144280409.16

Including: interest payable 16535277.94 16535277.94

Dividends payable 0.00 0.00

62026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

Handling fees and commissions

payable 0.00 0.00

Reinsurance accounts payable 0.00 0.00

Liabilities held for sale 0.00 0.00

Non-current liabilities due within

one year 0.00 0.00

Other current liabilities 7797328.04 7565002.87

Total current liabilities 387561866.83 412435871.87

Non-current liabilities:

Insurance contract reserves 0.00 0.00

Long-term borrowings 0.00 0.00

Bonds payable 0.00 0.00

Including: preferred shares 0.00 0.00

Perpetual bonds 0.00 0.00

Lease liabilities 0.00 0.00

Long-term payables 0.00 0.00

Long-term employee

compensation payable 0.00 0.00

Provisions 0.00 0.00

Deferred income 0.00 0.00

Deferred income tax liabilities 867914.50 867914.50

Other non-current liabilities 0.00 0.00

Total non-current liabilities 867914.50 867914.50

Total liabilities 388429781.33 413303786.37

Owner's equity:

Share capital 1011660000.00 1011660000.00

Other equity instruments 0.00 0.00

Including: preferred shares 0.00 0.00

Perpetual bonds 0.00 0.00

Capital reserve 978244910.11 978244910.11

Less: treasury shares 0.00 0.00

Other comprehensive income 28352926.93 23315115.52

Specific reserve 0.00 0.00

Surplus reserve 275253729.26 275253729.26

General risk reserve 0.00 0.00

Undistributed profit 1319922526.08 1323849441.49

Total equity attributable to owner of

the parent company 3613434092.38 3612323196.38

Minority interest -142148830.58 -142843997.18

Total owner's equity 3471285261.80 3469479199.20

Total liabilities and owner's equity 3859715043.13 3882782985.57

Legal representative: Chen Ming Chief Finance Officer: Wang Jianfei Chief Accountant: Zhou Hongpu

2. Consolidated Income Statement

Unit: RMB

Item Amount in the current period Amount in the previous period

I. Total Operating Revenue 67383890.02 330053200.67

Including: Operating Revenue 67383890.02 330053200.67

Interest Income

Premiums Earned 0.00 0.00

Handling Charge and

Commission Income 0.00 0.00

II. Total Operating Costs 75121069.38 255844424.52

Including: Operating Costs 55467216.73 233655807.60

72026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

Interest Expense 0.00 0.00

Handling Charge and

Commission Expense 0.00 0.00

Surrenders 0.00 0.00

Net Claims Paid 0.00 0.00

Net provision for insurance

liability reserve 0.00 0.00

Policy Dividend Expense 0.00 0.00

Reinsurance Expense 0.00 0.00

Taxes and Surcharges 4127767.35 2335935.14

Selling Expenses 2663829.39 4399013.42

Administrative expenses 12489091.59 15848630.08

Research and development

expenses 0.00 0.00

Financial expenses 373164.32 -394961.72

Including: Interest

expense 0.00 831336.40

Interest Income 392318.03 1382867.81

Add: Other income 54026.64 33652.46

Investment income (losses are

indicated with a "-") 44997.96 99669.36

Including: Investment

income from associates and joint 0.00 0.00

ventures

Gains on

derecognition of financial assets 0.00 0.00

measured at amortized cost

Exchange gains (losses are

indicated with a "-") 0.00 0.00

Net gain on exposure hedges

("-" for loss) 0.00 0.00

Gains from fair value changes

("-" for loss) 3713450.72 4279979.77

Credit impairment loss ("-" for

loss) 0.00 0.00

Asset impairment loss (losses

expressed with "-") 0.00 0.00

Gains from disposal of assets

(losses expressed with "-") 0.00 0.00

III. Operating profit ("-" for loss) -3924704.04 78622077.74

Plus: Non-operating revenue 430.94 20130.73

Less: Non-operating expense 1744.29 1200.29

IV. Profit before tax (“-” for loss) -3926017.39 78641008.18

Less: Income tax expenses 211068.85 6619155.36

V. Net profit (“-” for net loss) -4137086.24 72021852.82

(I) By operating continuity

1. Net profit from continuing

operations (“-” for net loss) -4137086.24 72021852.82

2. Net profit from discontinued

operations (“-” for net loss) 0.00 0.00

82026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

(II) By ownership

1. Net profit attributable to

owners of the parent company -3926915.41 72421123.75

2. Profit or loss of non-controlling

interests -210170.83 -399270.93

VI. Other comprehensive income net

of tax 5943148.84 2554417.89

Other comprehensive income net

of tax attributable to owners of the 5037811.41 2424836.40

parent company

(I) Items that will not be

reclassified to profit or loss -76499.21 929213.41

1. Remeasurement of defined

benefit plans 0.00 0.00

2. Other comprehensive

income that cannot be reclassified to 0.00 0.00

profit or loss under the equity method

3. Changes in fair value of

other equity instrument investments -76499.21 929213.41

4. Changes in fair value of the

enterprise's own credit risk 0.00 0.00

5. Others 0.00 0.00

(II) Other comprehensive income

to be reclassified into profit or loss 5114310.62 1495622.99

1. Other comprehensive

income that can be reclassified to 0.00 0.00

profit or loss under the equity method

2. Changes in fair value of

other debt investments 0.00 0.00

3. Amount of financial assets

reclassified and included in other 0.00 0.00

comprehensive income

4. Credit impairment

allowance for other debt investments 0.00 0.00

5. Cash flow hedge reserve 0.00 0.00

6. Exchange differences on

translation of foreign currency 5114310.62 1495622.99

financial statements

7. Others 0.00 0.00

Other comprehensive income net

of tax attributable to non-controlling 905337.43 129581.49

interests

VII. Total comprehensive income 1806062.60 74576270.71

Total comprehensive income

attributable to owners of the parent 1110896.00 74845960.15

company

Total comprehensive income

attributable to non-controlling 695166.60 -269689.44

interests

VIII. Earnings per share:

(I) Basic earnings per share -0.0039 0.0716

(II) Diluted earnings per share -0.0039 0.0716

For business combinations involving enterprises under common control during the period the net profit of the acquiree

before the combination was RMB 0.00 and the net profit of the acquiree in the prior period was RMB 0.00.Legal representative: Chen Ming Chief Finance Officer: Wang Jianfei Chief Accountant: Zhou Hongpu

92026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

3. Consolidated statement of cash flows

Unit: RMB

Item Amount in the current period Amount in the previous period

I. Cash flows from operating

activities:

Cash received from sale of goods

and rendering of services 81026338.31 61220397.09

Net increase in deposits from

customers and deposits with banks 0.00 0.00

and other financial institutions

Net increase in borrowings from

the central bank 0.00 0.00

Net increase in loans from other

financial institutions 0.00 0.00

Premiums received on original

insurance contracts 0.00 0.00

Net cash received from

reinsurance business 0.00 0.00

Net increase in deposits and

investments from policyholders 0.00 0.00

Interest handling charges and

commissions received 0.00 0.00

Net increase in borrowings from

banks and other financial institutions 0.00 0.00

Net increase in proceeds from

repurchase transactions 0.00 0.00

Net cash received from agency

trading of securities 0.00 0.00

Tax rebates 13417048.50 13454368.42

Other cash received related to

operating activities 7046975.41 7548495.69

Subtotal of cash inflows from

operating activities 101490362.22 82223261.20

Cash paid for purchase of goods

and receipt of services 49428613.96 61046888.97

Net increase in loans and

advances to customers 0.00 0.00

Net increase in deposits in the

central bank and interbank loans 0.00 0.00

granted

Cash paid for original insurance

contract claims 0.00 0.00

Net increase in loans to banks and

other financial institutions 0.00 0.00

Cash paid for interest fees and

commissions 0.00 0.00

Cash paid for policy dividends 0.00 0.00

Cash paid to and on behalf of

employees 16744701.21 16723002.57

Taxes and surcharges paid 18842102.31 9826795.56

Other cash paid related to

operating activities 4135450.81 13411152.37

102026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

Subtotal of cash outflows from

operating activities 89150868.29 101007839.47

Net cash flows from operating

activities 12339493.93 -18784578.27

II. Cash flows from investing

activities:

Cash received from withdrawal of

investments 0.00 0.00

Cash received from investment

income 44997.96 99669.36

Net cash received from disposal of

fixed assets intangible assets and 0.00 0.00

other long-term assets

Net proceeds from the disposal of

subsidiaries and other business units 0.00 0.00

Other cash received related to

investing activities 0.00 0.00

Subtotal of cash inflows from

investing activities 44997.96 99669.36

Cash paid to acquire and construct

fixed assets intangible assets and 27300.00 8625.84

other long-term assets

Cash paid for investments 0.00 0.00

Net increase in pledged loans 0.00 0.00

Net cash paid for the acquisition of

subsidiaries and other business units 0.00 0.00

Other cash paid related to

investing activities 0.00 0.00

Subtotal of cash outflows from

investing activities 27300.00 8625.84

Net cash flows from investing

activities 17697.96 91043.52

III. Cash flows from financing

activities:

Cash received from investment

contributions 0.00 0.00

Including: capital contributions

by non-controlling interests to 0.00 0.00

subsidiaries

Cash received from borrowings 0.00 0.00

Other cash received related to

financing activities 0.00 0.00

Subtotal of cash inflows from

financing activities 0.00 0.00

Cash paid to repay borrowings 0.00 0.00

Cash paid for distribution of

dividends profits or interest 0.00 873119.63

Including: dividends and profits

paid to minority shareholders by 0.00 0.00

subsidiaries

Other cash paid related to

financing activities 0.00 0.00

Subtotal of cash outflows from

financing activities 0.00 873119.63

Net cash flows from financing

activities 0.00 -873119.63

112026 First Quarter Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.

IV. Effect of fluctuations in exchange

rate on cash and cash equivalents -87693.56 -15815.10

V. Net increase in cash and cash

equivalents 12269498.33 -19582469.48

Plus: Beginning balance of cash

and cash equivalents 278891920.87 520910254.44

VI. Ending balance of cash and cash

equivalents 291161419.20 501327784.96

(II) Adjustments of relevant items of financial statements at the beginning of

the year in the year of initial implementation of new accounting standards from

2026

□ Applicable □ Not applicable

(III) Audit report

Whether the financial accounting report for the first quarter has been audited

□ Yes □ No

The Company's financial accounting report for the first quarter has not been audited.Board of Directors of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.April 30 2026

12