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.
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ShenZhen 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) 59,214,773.99 109,155,515.74 -45.75%
Net profit attributable to the listed
1,896,582.37 -35,653,798.52 105.32%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before -3,975,227.45 -37,833,791.48 89.49%
exceptional gains and losses (RMB)
Net cash generated from/used in
-90,276,362.78 -183,238,769.33 50.73%
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) 6,472,600,397.41 6,485,312,507.46 -0.20%
Equity attributable to the listed
3,694,337,301.88 3,691,082,484.20 0.09%
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
82,894.69
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
5,106,767.14 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 937,544.79
Less: Income tax effects 255,109.87
Non-controlling interests effects (net of tax) 286.93
Total 5,871,809.82 --
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;
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ShenZhen 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 42,215 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% 564,353,838 0 N/A 0
Ltd. corporation
Domestic non-
Shenzhen State-Owned Equity
state-owned legal 6.35% 64,288,426 0 N/A 0
Operation and Management Co., Ltd.
person
Domestic natural
Yang Jianmin 1.17% 11,836,817 0 N/A 0
person
Domestic natural
Zhang Xiujuan 0.47% 4,760,400 0 N/A 0
person
Domestic natural
Wang Yulan 0.46% 4,612,991 0 N/A 0
person
Hong Kong Securities Clearing Foreign legal
0.42% 4,220,812 0 N/A 0
Company Ltd. person
Domestic natural
Pan Jun 0.39% 3,900,800 0 N/A 0
person
Domestic natural
He Qiao 0.34% 3,488,886 0 N/A 0
person
Domestic natural
Wang Zhengying 0.29% 2,918,100 0 N/A 0
person
Domestic natural
Zhang Zi 0.26% 2,582,300 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. 564,353,838 564,353,838
ordinary stock
Shenzhen State-Owned Equity Operation RMB-denominated
64,288,426 64,288,426
and Management Co., Ltd. ordinary stock
RMB-denominated
Yang Jianmin 11,836,817 11,836,817
ordinary stock
RMB-denominated
Zhang Xiujuan 4,760,400 4,760,400
ordinary stock
RMB-denominated
Wang Yulan 4,612,991 4,612,991
ordinary stock
Hong Kong Securities Clearing Company RMB-denominated
4,220,812 4,220,812
Ltd. ordinary stock
RMB-denominated
Pan Jun 3,900,800 3,900,800
ordinary stock
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2024
RMB-denominated
3,332,000
ordinary stock
He Qiao 3,488,886
Domestically listed
156,886
foreign stock
RMB-denominated
Wang Zhengying 2,918,100 2,918,100
ordinary stock
RMB-denominated
Zhang Zi 2,582,300 2,582,300
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 9,804,200
shares of the Company in his credit security account; the fourth
shareholder holds 4,760,400 shares of the Company in his credit security
Top 10 shareholders engaged in securities margin account; the eighth shareholder holds 3,332,000 shares of the Company
trading (if any) in her credit security account; the ninth shareholder holds 2,918,100
shares of the Company in its credit security account; the tenth
shareholder holds 2,496,600 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 776,922,977.91 871,019,268.83
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 884,446,969.06 879,340,201.92
Derivative financial assets
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2024
Notes receivable
Accounts receivable 66,143,524.54 75,100,970.83
Receivables financing
Prepayments 4,344,639.33 409,192.07
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 14,235,445.32 15,893,736.28
Including: Interest receivable
Dividends receivable
Financial assets purchased under resale
agreements
Inventories 3,955,218,101.47 3,915,215,921.96
Including: Data resource
Contract assets 14,046,925.56 27,352,596.92
Assets held for sale
Current portion of non-current assets
Other current assets 149,973,935.36 87,175,263.06
Total current assets 5,865,332,518.55 5,871,507,151.87
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments
Investments in other equity
14,408,205.28 14,324,411.35
instruments
Other non-current financial assets
Investment property 535,251,798.97 541,542,136.17
Fixed assets 19,637,272.57 19,928,049.77
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets 66,427.67 99,641.48
Intangible assets
Including: Data resource
Development costs
Including: Data resource
Goodwill
Long-term prepaid expense 1,406,573.19 1,598,305.56
Deferred income tax assets 36,497,601.18 36,312,811.26
Other non-current assets
Total non-current assets 607,267,878.86 613,805,355.59
Total assets 6,472,600,397.41 6,485,312,507.46
Current liabilities:
Short-term borrowings 13,999,285.74 3,550,000.00
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 428,512,143.15 443,259,768.78
Advances from customers 6,093,186.17 420,724.30
Contract liabilities 1,301,731,844.32 1,291,448,591.28
Financial assets sold under repurchase
agreements
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ShenZhen 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 19,371,484.47 22,247,017.36
Taxes and levies payable 36,811,363.60 40,908,986.48
Other payables 553,757,650.82 554,469,229.59
Including: Interest payable 16,535,277.94 16,535,277.94
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
33,597,037.74 34,056,347.93
liabilities
Other current liabilities 116,696,198.18 136,364,529.76
Total current liabilities 2,510,570,194.19 2,526,725,195.48
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 179,431,851.02 179,431,851.02
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income
Deferred income tax liabilities 3,012,566.53 3,012,566.54
Other non-current liabilities
Total non-current liabilities 182,444,417.55 182,444,417.56
Total liabilities 2,693,014,611.74 2,709,169,613.04
Owners’ equity:
Share capital 1,011,660,000.00 1,011,660,000.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 978,244,910.11 978,244,910.11
Less: Treasury stock
Other comprehensive income 26,677,694.75 25,319,459.44
Specific reserve
Surplus reserves 275,253,729.26 275,253,729.26
General reserve
Retained earnings 1,402,500,967.76 1,400,604,385.39
Total equity attributable to owners of the
3,694,337,301.88 3,691,082,484.20
Company as the parent
Non-controlling interests 85,248,483.79 85,060,410.22
Total owners’ equity 3,779,585,785.67 3,776,142,894.42
Total liabilities and owners’ equity 6,472,600,397.41 6,485,312,507.46
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 59,214,773.99 109,155,515.74
Including: Operating revenue 59,214,773.99 109,155,515.74
Interest revenue
Insurance premium income
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2024
Fee and commission income
2. Costs and expenses 63,423,984.41 151,818,346.49
Including: Cost of sales 48,166,371.70 101,079,794.15
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 516,150.14 33,875,290.78
Selling expense 2,651,973.36 3,955,020.34
Administrative expense 13,852,276.51 13,032,486.78
R&D expense
Finance costs -1,762,787.30 -124,245.56
Including: Interest costs 325,124.92
Interest revenue 2,156,560.88 384,410.44
Add: Other income 82,894.69 118,084.21
Return on investment (“-” for loss) 161,491.79
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) 5,106,767.14 1,944,039.97
Credit impairment loss (“-” for loss) 187.93 81,350.00
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for loss)
3. Operating profit (“-” for loss) 980,639.34 -40,357,864.78
Add: Non-operating income 937,728.42 3,000.01
Less: Non-operating expense 183.63 20,894.08
4. Gross profit (“-” for loss) 1,918,184.13 -40,375,758.85
Less: Income tax expense 379,717.35 -3,923,657.55
5. Net profit (“-” for net loss) 1,538,466.78 -36,452,101.30
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss) 1,538,466.78 -36,452,101.30
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
1,896,582.37 -35,653,798.52
parent
5.2.1 Net profit attributable to non-controlling interests -358,115.59 -798,302.78
6. Other comprehensive income, net of tax 1,904,424.47 2,639,673.73
Attributable to owners of the Company as the parent 1,358,235.31 1,899,597.20
6.1 Items that will not be reclassified to profit or loss 83,793.93 1,899,597.20
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
83,793.93 1,899,597.20
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 1,274,441.38
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
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ShenZhen 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
1,274,441.38
currency-denominated financial statements
6.2.7 Other
Attributable to non-controlling interests 546,189.16 740,076.53
7. Total comprehensive income 3,442,891.25 -33,812,427.57
Attributable to owners of the Company as the parent 3,254,817.68 -33,754,221.89
Attributable to non-controlling interests 188,073.57 -58,205.68
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 86,201,937.03 81,910,853.47
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 2,095,384.41 1,186,861.59
Cash generated from other operating activities 5,726,470.84 12,468,006.72
Subtotal of cash generated from operating activities 94,023,792.28 95,565,721.78
Payments for commodities and services 43,335,521.64 42,338,057.79
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 18,318,175.32 21,566,505.36
Taxes and levies paid 69,611,045.56 162,889,235.25
Cash used in other operating activities 53,035,412.54 52,010,692.71
Subtotal of cash used in operating activities 184,300,155.06 278,804,491.11
Net cash generated from/used in operating activities -90,276,362.78 -183,238,769.33
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment
Net proceeds from the disposal of fixed assets, intangible assets
3,000.00
and other long-lived assets
Net proceeds from the disposal of subsidiaries and other business
units
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2024
Cash generated from other investing activities 136,800,000.00
Subtotal of cash generated from investing activities 0.00 136,803,000.00
Payments for the acquisition of fixed assets, intangible assets
33,225.03 57,988.92
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 33,225.03 57,988.92
Net cash generated from/used in investing activities -33,225.03 136,745,011.08
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by non-controlling interests
to subsidiaries
Borrowings received 23,000,000.00
Cash generated from other financing activities
Subtotal of cash generated from financing activities 23,000,000.00
Repayment of borrowings
Interest and dividends paid 2,130,696.57 754,516.80
Including: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities
Subtotal of cash used in financing activities 2,130,696.57 754,516.80
Net cash generated from/used in financing activities -2,130,696.57 22,245,483.20
4. Effect of foreign exchange rates changes on cash and cash
58,297.68 -113,540.16
equivalents
5. Net increase in cash and cash equivalents -92,381,986.70 -24,361,815.21
Add: Cash and cash equivalents, beginning of the period 859,146,413.35 190,365,069.48
6. Cash and cash equivalents, end of the period 766,764,426.65 166,003,254.27
(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
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