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

Stock Code: 000029 200029 Stock Name: SPG SPG-B Announcement No.: 2025-029

SHENZHEN SPECIAL ECONOMIC ZONE REALESTATE

& PROPERTIES (GROUP) CO. LTD.THIRD QUARTERLYREPORT 2025

Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. (hereinafter referred to as the “Company”) and all

the members of the Company’s Board of Directors hereby guarantee that the contents of this Report are true accurate and

complete and free of any misrepresentations misleading statements or material omissions.Important Notes:

1. The Board of Directors the Supervisory Committee as well as the directors supervisors and senior management of the

Company hereby guarantee that the contents of this Report are true accurate and complete and free of any misrepresentations

misleading statements or material omissions and collectively and individually accept legal responsibility for such contents.

2. The Company’s legal representative Chief Financial Officer and head of the Company’s financial department (equivalent to

financial manager) hereby guarantee that the financial statements carried in this Report are true accurate and complete.

3. Indicate whether the financial statements in this Report have been audited by an independent auditor.

□Yes□ No

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

two versions the Chinese version shall prevail.

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

I Key Financial Information

(I) Key Accounting Data and Financial Indicators

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

Q3 2025 YoY change (%) Q1-Q3 2025 YoY change (%)

Operating revenue

(RMB) 261486861.10 253.33% 898853082.45 331.66%

Net profit attributable

to the listed company’s 42090029.10 7066.86% 145117675.52 2791.57%

shareholders (RMB)

Net profit attributable

to the listed company’s

shareholders before 37588629.07 754.43% 131941117.04 1305.95%

exceptional gains and

losses (RMB)

Net cash generated

from/used in operating — — -92004446.37 33.16%

activities (RMB)

Basic earnings per

share (RMB/share) 0.0416 7033.33% 0.1434 2768.00%

Diluted earnings per

share (RMB/share) 0.0416 7033.33% 0.1434 2768.00%

Weighted average

return on equity (%) 1.16% 1.18% 4.04% 3.90%

30 September 2025 31 December 2024 Change (%)

Total assets (RMB) 5210649236.93 5987780656.67 -12.98%

Equity attributable to

the listed company’s 3663368226.57 3512112493.42 4.31%

shareholders (RMB)

(II) Exceptional Gains and Losses

□Applicable □ Not applicable

Unit: RMB

Item Q3 2025 Q1-Q3 2025 Note

Gains and losses on

investment or asset Gains on changes in fair value

management entrustments to 3856763.39 12519151.89 arising from investing

other entities monetary funds

Non-operating income and

expense other than the above 859515.52 878012.12

Less: Income tax effects 214878.88 219503.03

Non-controlling interests

effects (net of tax) 1102.50

Total 4501400.03 13176558.48 --

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

□ Applicable□ Not applicable

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

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

□Applicable □ Not applicable

Item Amount involved (RMB) Reason

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

This item is recognized as a recurrent

Return of handling fee for personal

income tax withheld 31652.46

gain or loss because it occurs

consistently from year to year and is not

episodic in nature

(III) Changes in Key Financial Statement Line Items and Explanation of why

□Applicable □ Not applicable

Operating revenue net profit attributable to the listed company’s shareholders and net profit attributable to the listed company’s

shareholders before exceptional gains and losses of Q1-Q3 2025 rose 331.66% 2791.57% and 1305.95% respectively on a YoY

basis primarily driven by the YoY increase in property sales revenue in the Reporting Period.Net cash generated from operating activities of Q1-Q3 2025 rose 33.16% YoY primarily driven by the YoY decrease in

engineering payments in the current period.II Shareholder Information

(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well

as Holdings of Top 10 Shareholders

Unit: share

Number of preference shareholders with

Number of ordinary shareholders at the period-end 38419 resumed voting rights at the period-end (if 0

any)

Top 10 shareholders (exclusive of shares lent in refinancing)

Shareho Shares in pledge marked

Name of shareholder Nature of lding Total shares

Restricted

shareholder percent held shares

or frozen

age held Status Shares

Shenzhen Investment Holdings Co. State-owned

Ltd. corporation 55.78% 564353838 0 N/A 0

Shenzhen State-Owned Equity Domestic non-

Operation and Management Co. Ltd. state-owned legal 6.35% 64288426 0 N/A 0person

Yang Jianmin Domestic naturalperson 1.30% 13102317 0 In pledge 4840000

Hong Kong Securities Clearing Overseas legal

Company Ltd. person 0.69% 6935118 0 N/A 0

Wang Yulan Domestic naturalperson 0.62% 6228591 0 N/A 0

Zhang Xiujuan Domestic naturalperson 0.48% 4829700 0 N/A 0

He Qiao Domestic naturalperson 0.39% 3968100 0 N/A 0

Industrial and Commercial Bank of

China Limited－Southern China

Securities Full Index Real Estate Other 0.33% 3384304 0 N/A 0

Trading Open-ended Index Securities

Investment Fund

Wang Jinghua Domestic naturalperson 0.32% 3200000 0 N/A 0

Wang Zhengying Domestic naturalperson 0.29% 2961900 0 N/A 0

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

Shares by type and number

Name of shareholder Unrestricted shares held

Type Shares

Shenzhen Investment Holdings Co. Ltd. 564353838 RMB-denominatedordinary stock 564353838

Shenzhen State-Owned Equity Operation and 64288426 RMB-denominated 64288426

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

Management Co. Ltd. ordinary stock

Yang Jianmin 13102317 RMB-denominatedordinary stock 13102317

Hong Kong Securities Clearing Company Ltd. 6935118 RMB-denominatedordinary stock 6935118

Wang Yulan 6228591 RMB-denominatedordinary stock 6228591

Zhang Xiujuan 4829700 RMB-denominatedordinary stock 4829700

RMB-denominated

He Qiao 3968100 ordinary stock

3805700

Domestically listed

foreign stock 162400

Industrial and Commercial Bank of China Limited－

Southern China Securities Full Index Real Estate Trading 3384304 RMB-denominated 3384304

Open-ended Index Securities Investment Fund ordinary stock

Wang Jinghua 3200000 Domestically listedforeign stock 3200000

Wang Zhengying 2961900 RMB-denominatedordinary stock 2961900

Among the top 10 unrestricted shareholders of the Company Shenzhen

State-Owned Equity Operation and Management Co. Ltd. is the wholly-

Related or acting-in-concert parties among the owned subsidiary of Shenzhen Investment Holdings Co. Ltd. The

shareholders above Company does not know whether there exists related-party relationshipamong the other shareholders or whether they are persons acting in

concert as prescribed in the Administrative Measures for the Acquisition

of Listed Companies.Among the top 10 shareholders the third shareholder holds 7304200

shares of the Company in credit security account; the sixth shareholder

Top 10 shareholders engaged in securities margin holds 4760400 shares of the Company in credit security account; the

trading (if any) seventh shareholder holds 3255700 shares of the Company in credit

security account; the 10th shareholders holds 2961900 shares of the

Company in credit security account.

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

□Applicable□ Not applicable

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

prior period

□Applicable□ Not applicable

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

□Applicable□ Not applicable

III Other Significant Events

□Applicable□ Not applicable

IV Quarterly Financial Statements

(I) Financial Statements

1. Consolidated Balance Sheet

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

30 September 2025

Unit: RMB

Item 30 September 2025 1 January 2025

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

Current assets:

Monetary assets 291903349.75 529242725.36

Settlement reserve 0.00 0.00

Loans to other banks and financial

institutions 0.00 0.00

Held-for-trading financial assets 1110321090.40 987801938.51

Derivative financial assets 0.00 0.00

Notes receivable 0.00 100000.00

Accounts receivable 39664143.03 56672795.52

Receivables financing 0.00 0.00

Prepayments 122271.51 1201106.21

Premiums receivable 0.00 0.00

Reinsurance receivables 0.00 0.00

Receivable reinsurance contract reserve 0.00 0.00

Other receivables 16838553.64 7438040.83

Including: Interest receivable 0.00 0.00

Dividends receivable 0.00 0.00

Financial assets purchased under resale

agreements 0.00 0.00

Inventories 3013572766.72 3636840229.34

Including: Data resource 0.00 0.00

Contract assets 29508131.21 30888723.09

Assets held for sale 0.00 0.00

Current portion of non-current assets 0.00 0.00

Other current assets 113146868.08 154192023.86

Total current assets 4615077174.34 5404377582.72

Non-current assets:

Loans and advances to customers 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

Investments in other equity instruments 14282790.17 14697341.18

Other non-current financial assets 0.00 0.00

Investment property 529481518.99 515925116.54

Fixed assets 15719579.37 17489207.57

Construction in progress 0.00 0.00

Productive living 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 resource 0.00 0.00

Development costs 0.00 0.00

Including: Data resource 0.00 0.00

Goodwill 0.00 0.00

Long-term prepaid expense 2024133.45 1719911.72

Deferred income tax assets 34007876.06 33571496.94

Other non-current assets 56164.55 0.00

Total non-current assets 595572062.59 583403073.95

Total assets 5210649236.93 5987780656.67

Current liabilities:

Short-term borrowings 300000.00 1563000.00

Borrowings from the central bank 0.00 0.00

Loans from other banks and financial

institutions 0.00 0.00

Held-for-trading financial liabilities 0.00 0.00

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

Derivative financial liabilities 0.00 0.00

Notes payable 0.00 0.00

Accounts payable 420660422.04 464488982.30

Advances from customers 2629106.88 1398988.78

Contract liabilities 539212683.90 1298146232.35

Financial assets sold under repurchase

agreements 0.00 0.00

Customer deposits and deposits from

other banks and financial institutions 0.00 0.00

Payables for acting trading of securities 0.00 0.00

Payables for underwriting of securities 0.00 0.00

Employee benefits payable 19705118.50 22499368.29

Taxes and levies payable 30763563.02 27554810.01

Other payables 537845300.48 561016653.17

Including: Interest payable 16535277.94 16535277.94

Dividends payable 0.00 0.00

Fees and commissions payable 0.00 0.00

Reinsurance payables 0.00 0.00

Liabilities directly associated with

assets held for sale 0.00 0.00

Current portion of non-current

liabilities 125173.20 33888347.83

Other current liabilities 49731564.10 118304068.47

Total current liabilities 1600972932.12 2528860451.20

Non-current liabilities:

Insurance contract reserve 0.00 0.00

Long-term borrowings 62211091.22 62273677.82

Bonds payable 0.00 0.00

Including: Preference 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 benefits payable 0.00 0.00

Provisions 0.00 0.00

Deferred income 0.00 0.00

Deferred income tax liabilities 1259459.98 1259459.98

Other non-current liabilities 0.00 0.00

Total non-current liabilities 63470551.20 63533137.80

Total liabilities 1664443483.32 2592393589.00

Owners’ equity:

Share capital 1011660000.00 1011660000.00

Other equity instruments 0.00 0.00

Including: Preference shares 0.00 0.00

Perpetual bonds 0.00 0.00

Capital reserves 978244910.11 978244910.11

Less: Treasury stock 0.00 0.00

Other comprehensive income 29198473.94 23060416.31

Specific reserve 0.00 0.00

Surplus reserves 275253729.26 275253729.26

General reserve 0.00 0.00

Retained earnings 1369011113.26 1223893437.74

Total equity attributable to owners of the

Company as the parent 3663368226.57 3512112493.42

Non-controlling interests -117162472.96 -116725425.75

Total owners’ equity 3546205753.61 3395387067.67

Total liabilities and owners’ equity 5210649236.93 5987780656.67

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

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

2. Consolidated Income Statement for Q1~Q3

Unit: RMB

Item Q1~Q3 2025 Q1~Q3 2024

1. Revenues 898853082.45 208232198.00

Including: Operating revenue 898853082.45 208232198.00

Interest revenue

Insurance premium income 0.00 0.00

Fee and commission income 0.00 0.00

2. Costs and expenses 734218069.37 221606819.35

Including: Cost of sales 654950924.98 167778707.67

Interest costs 0.00 0.00

Fee and commission expense 0.00 0.00

Surrenders 0.00 0.00

Net insurance claims paid 0.00 0.00

Net amount provided as insurance contract reserve 0.00 0.00

Expenditure on policy dividends 0.00 0.00

Reinsurance premium expense 0.00 0.00

Taxes and levies 19023665.27 10691316.88

Selling expense 16861749.62 8652895.76

Administrative expense 42490637.66 38834113.71

R&D expense 0.00 0.00

Finance costs 891091.84 -4350214.67

Including: Interest costs 3046290.87 1462486.36

Interest revenue 2676528.01 6941761.59

Add: Other income 31652.46 83011.12

Return on investment (“-” for loss) 908582.15 777600.00

Including: Share of profit or loss of joint ventures and

associates 0.00 0.00

Income from the derecognition of financial

assets at amortized cost (“-” for loss) 0.00 0.00

Exchange gain (“-” for loss) 0.00 0.00

Net gain on exposure hedges (“-” for loss) 0.00 0.00

Gain on changes in fair value (“-” for loss) 12519151.89 13964637.73

Credit impairment loss (“-” for loss) 0.00 187.93

Asset impairment loss (“-” for loss) 0.00 0.00

Asset disposal income (“-” for loss) 0.00 195840.20

3. Operating profit (“-” for loss) 178094399.58 1646655.63

Add: Non-operating income 915344.49 2413776.71

Less: Non-operating expense 37332.37 32090.13

4. Gross profit (“-” for loss) 178972411.70 4028342.21

Less: Income tax expense 34935922.89 -156327.13

5. Net profit (“-” for net loss) 144036488.81 4184669.34

5.1 By operating continuity

5.1.1 Net profit from continuing operations (“-” for net loss) 144036488.81 4184669.34

5.1.2 Net profit from discontinued operations (“-” for net loss) 0.00 0.00

5.2 By ownership

5.2.1 Net profit attributable to owners of the Company as the

parent (“-” for net loss) 145117675.52 5018645.08

5.2.1 Net profit attributable to non-controlling interests (“-” for

net loss) -1081186.71 -833975.74

6. Other comprehensive income net of tax 6782197.13 5497188.46

Attributable to owners of the Company as the parent 6138057.63 5089843.62

6.1 Items that will not be reclassified to profit or loss -414551.01 1002040.22

6.1.1 Changes caused by remeasurements on defined benefit

schemes 0.00 0.00

6.1.2 Other comprehensive income that will not be reclassified

to profit or loss under the equity method 0.00 0.00

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

6.1.3 Changes in the fair value of investments in other equity

instruments -414551.01 1002040.22

6.1.4 Changes in the fair value arising from changes in own

credit risk 0.00 0.00

6.1.5 Other 0.00 0.00

6.2 Items that will be reclassified to profit or loss 6552608.64 4087803.40

6.2.1 Other comprehensive income that will be reclassified to

profit or loss under the equity method 0.00 0.00

6.2.2 Changes in the fair value of other debt investments 0.00 0.00

6.2.3 Other comprehensive income arising from the

reclassification of financial assets 0.00 0.00

6.2.4 Credit impairment allowance for other debt investments 0.00 0.00

6.2.5 Reserve for cash flow hedges 0.00 0.00

6.2.6 Differences arising from the translation of foreign

currency-denominated financial statements 6552608.64 4087803.40

6.2.7 Other 0.00 0.00

Attributable to non-controlling interests 644139.50 407344.84

7. Total comprehensive income 150818685.94 9681857.80

7.1 Attributable to owners of the Company as the parent 151255733.15 10108488.70

7.2 Attributable to non-controlling interests -437047.21 -426630.90

8. Earnings per share

8.1 Basic earnings per share 0.1434 0.005

8.2 Diluted earnings per share 0.1434 0.005

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

the combinations was RMB0.00 with the amount for the same period of last year being RMB0.00.Legal representative: Tang Xiaoping Chief Financial Officer: Wang Jianfei Head of the financial department: Zhou Hongpu

3. Consolidated Cash Flow Statement for Q1~Q3

Unit: RMB

Item Q1~Q3 2025 Q1~Q3 2024

1. Cash flows from operating activities:

Proceeds from sale of commodities and rendering of services 167441360.80 326336098.63

Net increase in customer deposits and deposits from other banks

and financial institutions 0.00 0.00

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 proceeds from reinsurance 0.00 0.00

Net increase in deposits and investments of policy holders 0.00 0.00

Interest fees and commissions received 0.00 0.00

Net increase in loans from other banks and financial institutions 0.00 0.00

Net increase in proceeds from repurchase transactions 0.00 0.00

Net proceeds from acting trading of securities 0.00 0.00

Tax and levy rebates 14515474.76 2098014.38

Cash generated from other operating activities 122495243.79 53676909.83

Subtotal of cash generated from operating activities 304452079.35 382111022.84

Payments for commodities and services 101041701.51 280592715.45

Net increase in loans and advances to customers 0.00 0.00

Net increase in deposits in the central bank and other banks and

financial institutions 0.00 0.00

Payments for claims on original insurance contracts 0.00 0.00

Net increase in loans to other banks and financial institutions 0.00 0.00

Interest fees and commissions paid 0.00 0.00

Policy dividends paid 0.00 0.00

Cash paid to and for employees 45044931.41 52653455.05

Taxes and levies paid 77559045.18 97068843.94

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

Cash used in other operating activities 172810847.62 89448043.11

Subtotal of cash used in operating activities 396456525.72 519763057.55

Net cash generated from/used in operating activities -92004446.37 -137652034.71

2. Cash flows from investing activities:

Proceeds from disinvestment 0.00 0.00

Return on investment 908582.15 777600.00

Net proceeds from the disposal of fixed assets intangible assets

and other long-lived assets 0.00 0.00

Net proceeds from the disposal of subsidiaries and other business

units 0.00 0.00

Cash generated from other investing activities 0.00 0.00

Subtotal of cash generated from investing activities 908582.15 777600.00

Payments for the acquisition of fixed assets intangible assets and

other long-lived assets 500391.16 73853.52

Payments for investments 0.00 0.00

Net increase in pledged loans granted 0.00 0.00

Net payments for the acquisition of subsidiaries and other

business units 0.00 0.00

Cash used in other investing activities 110000000.00 40000000.00

Subtotal of cash used in investing activities 110500391.16 40073853.52

Net cash generated from/used in investing activities -109591809.01 -39296253.52

3. Cash flows from financing activities:

Capital contributions received 0.00 0.00

Including: Capital contributions by non-controlling interests to

subsidiaries 0.00 0.00

Borrowings received 0.00 0.00

Cash generated from other financing activities 0.00 0.00

Subtotal of cash generated from financing activities 0.00 0.00

Repayment of borrowings 33500586.60 100376586.60

Interest and dividends paid 1955924.21 4606753.86

Including: Dividends paid by subsidiaries to non-controlling

interests 0.00 0.00

Cash used in other financing activities 0.00 0.00

Subtotal of cash used in financing activities 35456510.81 104983340.46

Net cash generated from/used in financing activities -35456510.81 -104983340.46

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

equivalents -65120.99 -84495.03

5. Net increase in cash and cash equivalents -237117887.18 -282016123.72

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

6. Cash and cash equivalents end of the period 283792367.26 577130289.63

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

the NewAccounting Standards Implemented since 2025

□Applicable□ Not applicable

(III) Independent Auditor’s Report

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

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

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

27 October 2025

9