ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2024

Stock Code: 000029 200029 Stock Name: SPG SPG-B Announcement No.: 2024-015

SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE

& PROPERTIES (GROUP) CO. LTD.FIRST QUARTERLY REPORT 2024

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

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

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

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

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

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

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

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

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

□Yes □ No

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

two versions the Chinese version shall prevail.

1ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2024

I Key Financial Information

(I) Key Accounting Data and Financial Indicators

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

Q1 2024 Q1 2023 YoY change (%)

Operating revenue (RMB) 59214773.99 109155515.74 -45.75%

Net profit attributable to the listed

1896582.37-35653798.52105.32%

company’s shareholders (RMB)

Net profit attributable to the listed

company’s shareholders before -3975227.45 -37833791.48 89.49%

exceptional gains and losses (RMB)

Net cash generated from/used in

-90276362.78-183238769.3350.73%

operating activities (RMB)

Basic earnings per share (RMB/share) 0.0019 -0.0352 105.40%

Diluted earnings per share (RMB/share) 0.0019 -0.0352 105.40%

Weighted average return on equity (%) 0.05% -0.89% 0.94%

31 March 2024 31 December 2023 Change (%)

Total assets (RMB) 6472600397.41 6485312507.46 -0.20%

Equity attributable to the listed

3694337301.883691082484.200.09%

company’s shareholders (RMB)

(II) Exceptional Gains and Losses

□ Applicable □ Not applicable

Unit: RMB

Item Q1 2024 Note

Government grants recognised in profit or loss (exclusive of those that are closely

related to the Company's normal business operations and given in accordance with Government grants

82894.69

defined criteria and in compliance with government policies and have a received

continuing impact on the Company's profit or loss)

Gains on changes in fair

Gain or loss on fair-value changes in financial assets and liabilities held by a non-

value and investment

financial enterprise as well as on disposal of financial assets and liabilities

5106767.14 income arising from

(exclusive of the effective portion of hedges that is related to the Company's

investing monetary

normal business operations)

funds

Non-operating income and expense other than the above 937544.79

Less: Income tax effects 255109.87

Non-controlling interests effects (net of tax) 286.93

Total 5871809.82 --

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

□Applicable □ Not applicable

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

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

□Applicable □ Not applicable

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

□ Applicable □ Not applicable

Operating revenue of Q1 2024 declined 45.75% compared to that of Q1 2023 primarily driven by the YoY decrease in

carryforward of real estate sales in Q1 2024;

2ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2024

The net profit attributable to the listed company’s shareholders of Q1 2024 rose 105.32% compared to that of Q1 2023 and the net

profit attributable to the listed company’s shareholders before exceptional gains and losses of Q1 2024 rose 89.49% compared to

that of Q1 2023 primarily driven by the payment of land tax increment clearance in Q1 2023;

The net cash generated from/used in operating activities of Q1 2024 rose 50.73% compared to that of Q1 2023 primarily driven

by the payment of taxes including land tax increment clearance in Q1 2023.II Shareholder Information

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

as Holdings of Top 10 Shareholders

Unit: share

Number of preference shareholders with resumed

Number of ordinary shareholders 42215 0

voting rights (if any)

Top 10 shareholders (exclusive of shares lent in refinancing)

Shares in pledge

Restricted marked or

Nature of Shareholding Total shares

Name of shareholder shares frozen

shareholder percentage held

held Shar

Status

es

Shenzhen Investment Holdings Co. State-owned

55.78% 564353838 0 N/A 0

Ltd. corporation

Domestic non-

Shenzhen State-Owned Equity

state-owned legal 6.35% 64288426 0 N/A 0

Operation and Management Co. Ltd.person

Domestic natural

Yang Jianmin 1.17% 11836817 0 N/A 0

person

Domestic natural

Zhang Xiujuan 0.47% 4760400 0 N/A 0

person

Domestic natural

Wang Yulan 0.46% 4612991 0 N/A 0

person

Hong Kong Securities Clearing Foreign legal

0.42% 4220812 0 N/A 0

Company Ltd. person

Domestic natural

Pan Jun 0.39% 3900800 0 N/A 0

person

Domestic natural

He Qiao 0.34% 3488886 0 N/A 0

person

Domestic natural

Wang Zhengying 0.29% 2918100 0 N/A 0

person

Domestic natural

Zhang Zi 0.26% 2582300 0 N/A 0

person

Top 10 unrestricted shareholders

Shares by type

Name of shareholder Unrestricted shares held

Type Shares

RMB-denominated

Shenzhen Investment Holdings Co. Ltd. 564353838 564353838

ordinary stock

Shenzhen State-Owned Equity Operation RMB-denominated

6428842664288426

and Management Co. Ltd. ordinary stock

RMB-denominated

Yang Jianmin 11836817 11836817

ordinary stock

RMB-denominated

Zhang Xiujuan 4760400 4760400

ordinary stock

RMB-denominated

Wang Yulan 4612991 4612991

ordinary stock

Hong Kong Securities Clearing Company RMB-denominated

42208124220812

Ltd. ordinary stock

RMB-denominated

Pan Jun 3900800 3900800

ordinary stock

3ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2024

RMB-denominated

3332000

ordinary stock

He Qiao 3488886

Domestically listed

156886

foreign stock

RMB-denominated

Wang Zhengying 2918100 2918100

ordinary stock

RMB-denominated

Zhang Zi 2582300 2582300

ordinary stock

Among the top 10 shareholders of the Company Shenzhen State-Owned

Equity Operation and Management Co. Ltd. is the wholly-owned

subsidiary of Shenzhen Investment Holdings Co. Ltd. The Company

Related or acting-in-concert parties among the

does not know whether there exists related-party relationship among the

shareholders above

other shareholders or whether they are persons acting in concert as

prescribed in the Administrative Measures for the Acquisition of Listed

Companies.Among the top 10 shareholders the third shareholder holds 9804200

shares of the Company in his credit security account; the fourth

shareholder holds 4760400 shares of the Company in his credit security

Top 10 shareholders engaged in securities margin account; the eighth shareholder holds 3332000 shares of the Company

trading (if any) in her credit security account; the ninth shareholder holds 2918100

shares of the Company in its credit security account; the tenth

shareholder holds 2496600 shares of the Company in its 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.

31 March 2024

Unit: RMB

Item 31 March 2024 1 January 2024

Current assets:

Monetary assets 776922977.91 871019268.83

Settlement reserve

Loans to other banks and financial

institutions

Held-for-trading financial assets 884446969.06 879340201.92

Derivative financial assets

4ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2024

Notes receivable

Accounts receivable 66143524.54 75100970.83

Receivables financing

Prepayments 4344639.33 409192.07

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract reserve

Other receivables 14235445.32 15893736.28

Including: Interest receivable

Dividends receivable

Financial assets purchased under resale

agreements

Inventories 3955218101.47 3915215921.96

Including: Data resource

Contract assets 14046925.56 27352596.92

Assets held for sale

Current portion of non-current assets

Other current assets 149973935.36 87175263.06

Total current assets 5865332518.55 5871507151.87

Non-current assets:

Loans and advances to customers

Debt investments

Other debt investments

Long-term receivables

Long-term equity investments

Investments in other equity

14408205.2814324411.35

instruments

Other non-current financial assets

Investment property 535251798.97 541542136.17

Fixed assets 19637272.57 19928049.77

Construction in progress

Productive living assets

Oil and gas assets

Right-of-use assets 66427.67 99641.48

Intangible assets

Including: Data resource

Development costs

Including: Data resource

Goodwill

Long-term prepaid expense 1406573.19 1598305.56

Deferred income tax assets 36497601.18 36312811.26

Other non-current assets

Total non-current assets 607267878.86 613805355.59

Total assets 6472600397.41 6485312507.46

Current liabilities:

Short-term borrowings 13999285.74 3550000.00

Borrowings from the central bank

Loans from other banks and financial

institutions

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 428512143.15 443259768.78

Advances from customers 6093186.17 420724.30

Contract liabilities 1301731844.32 1291448591.28

Financial assets sold under repurchase

agreements

5ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2024

Customer deposits and deposits from

other banks and financial institutions

Payables for acting trading of securities

Payables for underwriting of securities

Employee benefits payable 19371484.47 22247017.36

Taxes and levies payable 36811363.60 40908986.48

Other payables 553757650.82 554469229.59

Including: Interest payable 16535277.94 16535277.94

Dividends payable

Fees and commissions payable

Reinsurance payables

Liabilities directly associated with

assets held for sale

Current portion of non-current

33597037.7434056347.93

liabilities

Other current liabilities 116696198.18 136364529.76

Total current liabilities 2510570194.19 2526725195.48

Non-current liabilities:

Insurance contract reserve

Long-term borrowings 179431851.02 179431851.02

Bonds payable

Including: Preference shares

Perpetual bonds

Lease liabilities

Long-term payables

Long-term employee benefits payable

Provisions

Deferred income

Deferred income tax liabilities 3012566.53 3012566.54

Other non-current liabilities

Total non-current liabilities 182444417.55 182444417.56

Total liabilities 2693014611.74 2709169613.04

Owners’ equity:

Share capital 1011660000.00 1011660000.00

Other equity instruments

Including: Preference shares

Perpetual bonds

Capital reserves 978244910.11 978244910.11

Less: Treasury stock

Other comprehensive income 26677694.75 25319459.44

Specific reserve

Surplus reserves 275253729.26 275253729.26

General reserve

Retained earnings 1402500967.76 1400604385.39

Total equity attributable to owners of the

3694337301.883691082484.20

Company as the parent

Non-controlling interests 85248483.79 85060410.22

Total owners’ equity 3779585785.67 3776142894.42

Total liabilities and owners’ equity 6472600397.41 6485312507.46

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

2. Consolidated Income Statement

Unit: RMB

Item Q1 2024 Q1 2023

1. Revenues 59214773.99 109155515.74

Including: Operating revenue 59214773.99 109155515.74

Interest revenue

Insurance premium income

6ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2024

Fee and commission income

2. Costs and expenses 63423984.41 151818346.49

Including: Cost of sales 48166371.70 101079794.15

Interest costs

Fee and commission expense

Surrenders

Net insurance claims paid

Net amount provided as insurance contract reserve

Expenditure on policy dividends

Reinsurance premium expense

Taxes and levies 516150.14 33875290.78

Selling expense 2651973.36 3955020.34

Administrative expense 13852276.51 13032486.78

R&D expense

Finance costs -1762787.30 -124245.56

Including: Interest costs 325124.92

Interest revenue 2156560.88 384410.44

Add: Other income 82894.69 118084.21

Return on investment (“-” for loss) 161491.79

Including: Share of profit or loss of joint ventures and

associates

Income from the derecognition of financial assets at

amortized cost (“-” for loss)

Exchange gain (“-” for loss)

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

Gain on changes in fair value (“-” for loss) 5106767.14 1944039.97

Credit impairment loss (“-” for loss) 187.93 81350.00

Asset impairment loss (“-” for loss)

Asset disposal income (“-” for loss)

3. Operating profit (“-” for loss) 980639.34 -40357864.78

Add: Non-operating income 937728.42 3000.01

Less: Non-operating expense 183.63 20894.08

4. Gross profit (“-” for loss) 1918184.13 -40375758.85

Less: Income tax expense 379717.35 -3923657.55

5. Net profit (“-” for net loss) 1538466.78 -36452101.30

5.1 By operating continuity

5.1.1 Net profit from continuing operations (“-” for net loss) 1538466.78 -36452101.30

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

5.2 By ownership

5.2.1 Net profit attributable to owners of the Company as the

1896582.37-35653798.52

parent

5.2.1 Net profit attributable to non-controlling interests -358115.59 -798302.78

6. Other comprehensive income net of tax 1904424.47 2639673.73

Attributable to owners of the Company as the parent 1358235.31 1899597.20

6.1 Items that will not be reclassified to profit or loss 83793.93 1899597.20

6.1.1 Changes caused by remeasurements on defined

benefit schemes

6.1.2 Other comprehensive income that will not be

reclassified to profit or loss under the equity method

6.1.3 Changes in the fair value of investments in other

83793.931899597.20

equity instruments

6.1.4 Changes in the fair value arising from changes in own

credit risk

6.1.5 Other

6.2 Items that will be reclassified to profit or loss 1274441.38

6.2.1 Other comprehensive income that will be reclassified

to profit or loss under the equity method

6.2.2 Changes in the fair value of other debt investments

6.2.3 Other comprehensive income arising from the

7ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2024

reclassification of financial assets

6.2.4 Credit impairment allowance for other debt

investments

6.2.5 Reserve for cash flow hedges

6.2.6 Differences arising from the translation of foreign

1274441.38

currency-denominated financial statements

6.2.7 Other

Attributable to non-controlling interests 546189.16 740076.53

7. Total comprehensive income 3442891.25 -33812427.57

Attributable to owners of the Company as the parent 3254817.68 -33754221.89

Attributable to non-controlling interests 188073.57 -58205.68

8. Earnings per share

8.1 Basic earnings per share 0.0019 -0.0352

8.2 Diluted earnings per share 0.0019 -0.0352

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

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

3. Consolidated Cash Flow Statement

Unit: RMB

Item Q1 2024 Q1 2023

1. Cash flows from operating activities:

Proceeds from sale of commodities and rendering of services 86201937.03 81910853.47

Net increase in customer deposits and deposits from other banks

and financial institutions

Net increase in borrowings from the central bank

Net increase in loans from other financial institutions

Premiums received on original insurance contracts

Net proceeds from reinsurance

Net increase in deposits and investments of policy holders

Interest fees and commissions received

Net increase in loans from other banks and financial institutions

Net increase in proceeds from repurchase transactions

Net proceeds from acting trading of securities

Tax and levy rebates 2095384.41 1186861.59

Cash generated from other operating activities 5726470.84 12468006.72

Subtotal of cash generated from operating activities 94023792.28 95565721.78

Payments for commodities and services 43335521.64 42338057.79

Net increase in loans and advances to customers

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

financial institutions

Payments for claims on original insurance contracts

Net increase in loans to other banks and financial institutions

Interest fees and commissions paid

Policy dividends paid

Cash paid to and for employees 18318175.32 21566505.36

Taxes and levies paid 69611045.56 162889235.25

Cash used in other operating activities 53035412.54 52010692.71

Subtotal of cash used in operating activities 184300155.06 278804491.11

Net cash generated from/used in operating activities -90276362.78 -183238769.33

2. Cash flows from investing activities:

Proceeds from disinvestment

Return on investment

Net proceeds from the disposal of fixed assets intangible assets

3000.00

and other long-lived assets

Net proceeds from the disposal of subsidiaries and other business

units

8ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. First Quarterly Report 2024

Cash generated from other investing activities 136800000.00

Subtotal of cash generated from investing activities 0.00 136803000.00

Payments for the acquisition of fixed assets intangible assets

33225.0357988.92

and other long-lived assets

Payments for investments

Net increase in pledged loans granted

Net payments for the acquisition of subsidiaries and other

business units

Cash used in other investing activities

Subtotal of cash used in investing activities 33225.03 57988.92

Net cash generated from/used in investing activities -33225.03 136745011.08

3. Cash flows from financing activities:

Capital contributions received

Including: Capital contributions by non-controlling interests

to subsidiaries

Borrowings received 23000000.00

Cash generated from other financing activities

Subtotal of cash generated from financing activities 23000000.00

Repayment of borrowings

Interest and dividends paid 2130696.57 754516.80

Including: Dividends paid by subsidiaries to non-controlling

interests

Cash used in other financing activities

Subtotal of cash used in financing activities 2130696.57 754516.80

Net cash generated from/used in financing activities -2130696.57 22245483.20

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

58297.68-113540.16

equivalents

5. Net increase in cash and cash equivalents -92381986.70 -24361815.21

Add: Cash and cash equivalents beginning of the period 859146413.35 190365069.48

6. Cash and cash equivalents end of the period 766764426.65 166003254.27

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

the New Accounting Standards Implemented since 2024

□ Applicable □ Not applicable

(III) Independent Auditor’s Report

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

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

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

27 April 2024

9