Stock code: 000029 200029 Stock abbreviation: SPG A SPG B Announcement No.: 2026-043

Shenzhen Special Economic Zone Real Estate & Properties

(Group) Co. Ltd.2026 Third Quarter Report

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 third quarter has been audited

□ Yes □ No

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

Increase/decrease

Increase/decrease From the beginning from the beginning ofCurrent reporting over the same period of the year to the end the year to the end ofperiod of the previous year of the reporting the reporting periodperiod over the same period

of the previous year

Operating revenue

(RMB) 95647329.52 -63.42% 244904282.56 -72.75%

Net profit attributable

to the shareholders

of the listed company 3144636.79 -92.53% -5415473.47 -103.73%

(RMB)

Net profit attributable

to the shareholders

of the listed company

after deducting non- -336847.81 -100.90% -15966774.59 -112.10%

recurring profit or

loss (RMB)

Net cash flows from

operating activities — — 46298359.48 150.32%

(RMB)

Basic earnings per

share (RMB/share) 0.0031 -92.55% -0.0054 -103.77%

Diluted earnings per

share (RMB/share) 0.0031 -92.55% -0.0054 -103.77%

Weighted average

rate of return on net 0.09% -1.07% -0.15% -4.19%

assets

End of this reporting Increase/decrease at the end of this reporting

period End of last year period compared with the end of the previousyear

Total assets (RMB) 3843850532.31 3882782985.57 -1.00%

Equity attributable to

shareholders of the

listed company 3579001898.87 3612323196.38 -0.92%

(RMB)

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

□Applicable □Not applicable

Unit: RMB

Amount from

Amount for the the beginning

Item current of the year toreporting the end of the Notes

period reporting

period

Profit or loss from disposal of non-current assets

(including the written-off portion of asset impairment 0.00

provisions already accrued)

Government grants included in the current profit or loss

(except for those that are closely related to the

Company's normal business operations comply with Government grants

national policies and regulations are enjoyed according 0.00 2000.00 received

to determined standards and have a sustained impact

on the Company's profit or loss)

Profit or loss from changes in fair value of financial

assets and liabilities held by non-financial enterprises

and profit or loss from the disposal of financial assets

and financial liabilities except for effective hedging 0.00

operations related to the Company's normal business

operations

Fund possession costs included in the current profit or

loss and collected from non-financial enterprises 0.00

Changes in fair value

Profit or loss from entrusting others with investments or arising from

asset management 3492345.99 10561602.28 investments in money

market funds

Profit or loss from loan entrustment 0.00

Losses on assets arising from force majeure factors

such as natural disasters 0.00

Reversal of impairment provisions for receivables

subject to separate impairment testing 0.00

Gain arising from the cost of acquiring subsidiaries

associates and joint ventures being less than the fair

value of the identifiable net assets of the investee at the 0.00

time of investment acquisition

Current net profit or loss of subsidiaries from business

combination under the same control from the beginning 0.00

of the period to the combination date

Profit or loss from non-monetary asset exchange 0.00

Profit or loss from debt restructuring 0.00

One-time costs incurred by an enterprise as a result of

the discontinuation of a related operating activity such 0.00

as expenses for relocating employees

One-time impact on profit or loss for the current period

due to adjustments in tax accounting and other laws 0.00

and regulations

One-time recognition of share-based payment expense

due to cancellation and modification of equity incentive 0.00

plans

For cash-settled share-based payments profit or loss

arising from changes in fair value of payables to 0.00

employees after the vesting date

Profit or loss arising from changes in fair value of

investment properties subsequently measured using the 0.00

fair value model

Gain arising from transactions with obviously unfair

transaction prices 0.00

Profit or loss from contingent events unrelated to the

Company's normal business 0.00

Custody fee income from entrusted operations 0.00

Other non-operating revenue and expenses outside the

above items -14481.86 -15734.88

Other profit or loss items that meet the definition of non-

recurring profit or loss 0.00

Less: income tax effects -3620.47 -3433.72

Non-controlling interests effects (after-tax) 0.00 0.00

Total 3481484.60 10551301.12 --

Details of other profit or loss items that meet the definition of non-recurring profit or loss:

□Applicable □Not applicable

The Company had no specific profit or loss items that meet the definition of non-recurring profit or loss.Explanation of defining the 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 charges for 52026.64 Continuously occurring from year to year notwithholding individual income taxes occasional recognized as recurring profit or loss

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

□Applicable □Not applicable

In the first three quarters of 2026 the operating revenue decreased by 72.75% year-on-year the net profit attributable

to shareholders of the listed company decreased by 103.73% year-on-year and net profit attributable to shareholders

of the listed company after deducting non-recurring profit or loss decreased by 112.10% 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 three quarters of 2026 the net cash flow from operating activities increased by 150.32% 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 38164 voting rights restored at the end of the reporting 0

reporting period period (if any)

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

Sharehol Numbe Status of pledge marking

Name of shareholder Nature of ding Number of r of or freezingshareholder percenta shares held restrict Share

ge ed status Quantity

shares

held

Shenzhen Investment State-owned

Holdings Co. Ltd. legal person 53.79% 544130880 0

Not

applicable 0

Shenzhen State-owned Domestic non-

Equity Management Co. Ltd. state-owned 6.35% 64288426 0

Not 0

legal person applicable

Yang Jianmin Domesticnatural person 0.95% 9595301 0 Pledged 3890000

Wang Yulan Domesticnatural person 0.62% 6228591 0

Not

applicable 0

Zhang Xiujuan Domesticnatural person 0.46% 4685900 0

Not

applicable 0

He Qiao Domesticnatural person 0.45% 4602600 0

Not

applicable 0

Industrial and Commercial

Bank of China Limited - China Others 0.44% 4491246 0 NotSouthern CSI All Share Real applicable 0

Estate ETF

Hong Kong Securities Overseas legal

Clearing Company Ltd. person 0.43% 4375406 0

Not

applicable 0

Wang Zhengying Domesticnatural person 0.29% 2962900 0

Not

applicable 0

Beijing Dream Works Domestic non-

Technology Co. Ltd. state-owned 0.29% 2893300 0

Not 0

legal person applicable

Shareholding of top 10 unrestricted shareholders (excluding shares lent through refinancing and shares locked by

senior management)

Name of shareholder Number of unrestricted Types and numbers of sharesshares held Type of shares Quantity

Shenzhen Investment Holdings Co. Ltd. 544130880 RMB ordinaryshares 544130880

Shenzhen State-owned Equity Management Co. Ltd. 64288426 RMB ordinaryshares 64288426

Yang Jianmin 9595301 RMB ordinaryshares 9595301

Wang Yulan 6228591 RMB ordinaryshares 6228591

Zhang Xiujuan 4685900 RMB ordinaryshares 4685900

RMB ordinary

shares 4391700

He Qiao 4602600 Domestically

listed foreign 210900

shares

Industrial and Commercial Bank of China Limited -

China Southern CSI All Share Real Estate ETF 4491246

RMB ordinary

shares 4491246

Hong Kong Securities Clearing Company Ltd. 4375406 RMB ordinaryshares 4375406

Wang Zhengying 2962900 RMB ordinaryshares 2962900

Beijing Dream Works Technology Co. Ltd. 2893300 RMB ordinaryshares 2893300

Explanation of the related relationship or acting- Among the top 10 shareholders of the Company Shenzhen State-

in-concert relationship among the above owned Equity Management Co. Ltd. is a wholly-owned subsidiary

shareholders of Shenzhen Investment Holdings Co. Ltd. The Company doesnot know whether there exists associated relationship among the

other shareholders or whether they are persons acting in concert

as prescribed in the Administrative Measures for the Acquisition of

Listed Companies.Among the top 10 shareholders the 3rd ranked shareholder holds

Explanation of the top 10 shareholders 5496000 shares in a credit securities account the 5th ranked

participating in margin trading and securities shareholder holds 4685900 shares in a credit securities account

lending business (if any) the 6th ranked shareholder holds 4275300 shares in a creditsecurities account and the 9th ranked shareholder holds

2962900 shares in a credit securities account.

Participation of shareholders holding more than 5% of the shares the top 10 shareholders and the top 10

shareholders of unrestricted tradable shares in refinancing business for lending shares

□Applicable □Not applicable

Changes of the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares compared with the

previous period due to refinancing lending/return

□Applicable □Not applicable

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

shareholders

□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.September 30 2026

Unit: RMB

Item Ending Balance Beginning Balance

Current assets:

Monetary funds 294005978.82 284686525.04

Settlement provisions 0.00 0.00

Lendings 0.00 0.00

Held-for-trading financial assets 1060817660.69 1050256058.41

Derivative financial assets 0.00 0.00

Notes receivable 0.00 0.00

Accounts receivable 41863962.80 44898083.74

Receivables financing 0.00 0.00

Prepayments 663102.64 31588.45

Premiums receivable 0.00 0.00

Reinsurance receivables 0.00 0.00

Receivable reinsurance contract

reserves 0.00 0.00

Other receivables 768841454.32 747900491.52

Including: Interest receivable

Dividends receivable 0.00 0.00

Financial assets held under resale

agreements 0.00 0.00

Inventories 585573397.26 1099359619.25

Including: Data resources

Contract assets 22144452.84 29035256.28

Assets held for sale 0.00 0.00

Non-current assets due within one

year 0.00 0.00

Other current assets 53989241.53 66133465.24

Total current assets 2827899250.90 3322301087.93

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

Other equity instrument

investments 11729520.39 14571511.81

Other non-current financial assets 0.00 0.00

Investment properties 981788095.88 522634659.17

Fixed assets 13041073.59 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

Development expenditures 0.00 0.00

Including: Data resources

Goodwill 0.00 0.00

Long-term deferred expenses 3516840.04 1615683.92

Deferred tax assets 5875751.51 6138319.62

Other non-current assets 0.00 0.00

Total non-current assets 1015951281.41 560481897.64

Total assets 3843850532.31 3882782985.57

Current liabilities:

Short-term borrowings 1159008.51 50000.00

Borrowings from central bank 0.00 0.00

Borrowings 0.00 0.00

Held-for-trading financial liabilities 0.00 0.00

Derivative financial liabilities 0.00 0.00

Notes payable 0.00 0.00

Accounts payable 174592371.55 171738333.04

Advances from customers 2007597.70 722042.14

Contract liabilities 18679564.11 28400659.20

Financial assets sold under

repurchase agreements 0.00 0.00

Customer deposits and interbank

deposits 0.00 0.00

Securities brokerage deposits 0.00 0.00

Securities underwriting deposits 0.00 0.00

Employee benefits payable 25933937.47 32757342.88

Taxes payable 21322311.14 26922082.58

Other payables 157567453.76 144280409.16

Including: Interest payable 16535277.94 16535277.94

Dividends payable 0.00 0.00

Handling charges and

commissions payable 0.00 0.00

Reinsurance payables 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 3743552.35 7565002.87

Total current liabilities 405005796.59 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 benefits

payable 0.00 0.00

Provisions 0.00 0.00

Deferred income 0.00 0.00

Deferred tax liabilities 867914.50 867914.50

Other non-current liabilities 0.00 0.00

Total non-current liabilities 867914.50 867914.50

Total liabilities 405873711.09 413303786.37

Owners' 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 reserves 978244910.11 978244910.11

Less: Treasury shares 0.00 0.00

Other comprehensive income 30817391.48 23315115.52

Special reserves 0.00 0.00

Surplus reserves 275253729.26 275253729.26

General risk reserves 0.00 0.00

Undistributed profits 1283025868.02 1323849441.49

Total owners' equity attributable to

the parent company 3579001898.87 3612323196.38

Non-controlling interests -141025077.65 -142843997.18

Total owners' equity 3437976821.22 3469479199.20

Total liabilities and owners' equity 3843850532.31 3882782985.57

Legal Representative: Chen Ming Person in charge of accounting: Wang Jianfei Person in charge of the

accounting firm: Zhou Hongpu

2. Consolidated income statement from the beginning of the year to the end of the reporting

period

Unit: RMB

Item Amount incurred in the current period Amount incurred in the previousperiod

I. Total operating revenue 244904282.56 898853082.45

Including: Operating revenue 244904282.56 898853082.45

Interest income 0.00 0.00

Premiums earned 0.00 0.00

Handling charges and

commission income 0.00 0.00

II. Total operating costs 261371485.11 734218069.37

Including: Operating costs 206074276.02 654950924.98

Interest expenses 0.00 0.00

Handling charges and

commission expenses 0.00 0.00

Surrender payments 0.00 0.00

Net compensation expenses 0.00 0.00

Net provision for insurance

liability reserves

Policyholder dividend

expenses 0.00 0.00

Reinsurance expenses 0.00 0.00

Taxes and surcharges 12627559.39 19023665.27

Selling expenses 8464596.09 16861749.62

Administrative expenses 33518732.92 42490637.66

R&D expenses 0.00 0.00

Financial expenses 686320.69 891091.84

Including: Interest

expenses 0.00 3046290.87

Interest income 1492297.87 2676528.01

Add: Other income 54026.64 31652.46

Investment income ("-" for

losses) 716454.23 908582.15

Including: Investment

income from associates and joint

ventures

Gains from

derecognition of financial assets

measured by amortized costs

Exchange gains ("-" for

losses)

Net hedging gains ("-" for

losses)

Gains from changes in fair

value ("-" for losses) 10561602.28 12519151.89

Credit impairment losses ("-"

for losses) 554041.03 0.00

Asset impairment losses ("-"

for losses) 0.00 0.00

Asset disposal income ("-" for

losses) 357.10 0.00

III. Operating profit ("-" for losses) -4580721.27 178094399.58

Add: Non-operating revenue 481.02 915344.49

Less: Non-operating expenses 16215.90 37332.37

IV. Total profit ("-" for total losses) -4596456.15 178972411.70

Less: Income tax expenses 1045905.76 34935922.89

V. Net profit ("-" for net losses) -5642361.91 144036488.81

(I) Classified by business continuity

1. Net profit from continuing

operations ("-" for net losses) -5642361.91 144036488.81

2. Net profit from discontinued

operations ("-" for net losses) 0.00 0.00

(II) Classified by ownership

1. Net profit attributable to

shareholders of the parent company -5415473.47 145117675.52

("-" for net losses)

2. Non-controlling interest

income/loss ("-" for net losses) -226888.44 -1081186.71

VI. Net after-tax amount of other

comprehensive income 9548083.93 6782197.13

Net after-tax amount of other

comprehensive income attributable to 7502275.96 6138057.63

owners of the parent company

(I) Other comprehensive income

that will not be reclassified to profit or -2841991.42 -414551.01

loss

1. Changes in re-

measurement of defined benefit 0.00 0.00

plans

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 -2841991.42 -414551.01

4. Changes in fair value

arising from the Company's own 0.00 0.00

credit risk

5. Others 0.00 0.00

(II) Other comprehensive income

that will be reclassified to profit or 10344267.38 6552608.64

loss

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 to other comprehensive 0.00 0.00

income

4. Credit impairment provision

for other debt investments 0.00 0.00

5. Cash flow hedging reserve 0.00 0.00

6. Foreign currency financial

statement translation differences 10344267.38 6552608.64

7. Others

Net after-tax amount of other

comprehensive income attributable to 2045807.97 644139.50

minority shareholders

VII. Total comprehensive income 3905722.02 150818685.94

(I) Total comprehensive income

attributable to owners of the parent 2086802.49 151255733.15

company

(II) Total comprehensive income

attributable to minority shareholders 1818919.53 -437047.21

VIII. Earnings per share:

(I) Basic earnings per share -0.0054 0.1434

(II) Diluted earnings per share -0.0054 0.1434

For business combinations under the same control in the current period the net profit achieved by the combined party

before the combination was: RMB 0.00 and the net profit achieved by the combined party in the previous period was:

RMB 0.00.Legal Representative: Chen Ming Person in charge of accounting: Wang Jianfei Person in charge of the

accounting firm: Zhou Hongpu

3. Consolidated cash flow statement from the beginning of the year to the end of the reporting

period

Unit: RMB

Item Amount incurred in the current period Amount incurred in the previousperiod

I. Cash flows from operating

activities:

Cash receipts from sale of goods

and rendering of services 244547639.66 167441360.80

Net increase in customer deposits

and interbank deposits

Net increase in borrowings from

central bank

Net increase in borrowings from

other financial institutions

Cash receipts from original

insurance contract premiums

Net cash receipts from reinsurance

business

Net increase in deposits and

investments from policyholders

Cash receipts from interest

handling charges and commissions

Net increase in borrowings

Net increase in funds from

repurchase business

Net cash receipts from securities

brokerage business

Refund of taxes and levies 13450960.28 14515474.76

Cash receipts from other operating

activities 25897378.88 122495243.79

Subtotal of cash inflows from

operating activities 283895978.82 304452079.35

Cash payments for goods

purchased and services received 135297558.16 101041701.51

Net increase in loans and

advances to customers

Net increase in deposits with

central bank and other financial

institutions

Cash payments for claims on

original insurance contracts

Net increase in lendings

Cash payments for interest

handling charges and commissions

Cash payments for policyholder

dividends

Cash payments to and on behalf of

employees 45300333.83 45044931.41

Payments of all types of taxes and

levies 31973292.40 77559045.18

Cash payments for other operating

activities 25026434.95 172810847.62

Subtotal of cash outflows from

operating activities 237597619.34 396456525.72

Net cash flows from operating

activities 46298359.48 -92004446.37

II. Cash flows from investing

activities:

Cash receipts from withdrawal of

investments 0.00 0.00

Cash receipts from investment

income 716454.23 908582.15

Net cash receipts from disposal of

fixed assets intangible assets and 0.00 0.00

other long-term assets

Net cash receipts from disposal of

subsidiaries and other business units 0.00 0.00

Cash receipts from other investing

activities 0.00 0.00

Subtotal of cash inflows from

investing activities 716454.23 908582.15

Cash payments for acquisition of

fixed assets intangible assets and 480806.93 500391.16

other long-term assets

Cash payments for investments 0.00 0.00

Net increase in pledged loans 0.00 0.00

Net cash payments for acquisition

of subsidiaries and other business 0.00 0.00

units

Cash payments for other investing

activities 0.00 110000000.00

Subtotal of cash outflows from

investing activities 480806.93 110500391.16

Net cash flows from investing

activities 235647.30 -109591809.01

III. Cash flows from financing

activities:

Cash receipts from capital

contributions 0.00 0.00

Including: Cash receipts from

capital contributions by minority 0.00 0.00

shareholders to subsidiaries

Cash receipts from borrowings 0.00 0.00

Cash receipts from other financing

activities 0.00 0.00

Subtotal of cash inflows from

financing activities 0.00 0.00

Cash payments for repayment of

debts 0.00 33500586.60

Cash payments for distribution of

dividends profits or interest 35408100.00 1955924.21

expenses

Including: Dividends and profits

paid to minority shareholders by

subsidiaries

Cash payments for other financing

activities 0.00 0.00

Subtotal of cash outflows from

financing activities 35408100.00 35456510.81

Net cash flows from financing

activities -35408100.00 -35456510.81

IV. Effect of exchange rate changes

on cash and cash equivalents -195748.32 -65120.99

V. Net increase in cash and cash

equivalents 10930158.46 -237117887.18

Add: Cash and cash equivalents at

the beginning of the period 278891920.87 520910254.44

VI. Cash and cash equivalents at the

end of the period 289822079.33 283792367.26

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

the year of initial implementation due to the initial implementation of new

accounting standards from 2026

□Applicable □Not applicable

(III) Audit report

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

□ Yes □ No

The Company's financial accounting report for the third quarter has not been audited.Board of Directors of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.October 24 2026