ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2022
Stock Code: 000029, 200029 Stock Name: SPG, SPG-B Announcement No.: 2022-016
SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE
& PROPERTIES (GROUP) CO., LTD.
FIRST QUARTERLY REPORT 2022
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
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 2022 Q1 2021 YoY change (%)
Operating revenue (RMB) 272,594,952.10 415,282,352.53 -34.36%
Net profit attributable to the listed
162,278,083.59 88,040,167.60 84.32%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional 37,225,453.61 87,395,877.39 -57.41%
gains and losses (RMB)
Net cash generated from/used in operating
-461,062,516.92 303,456,191.73 -251.94%
activities (RMB)
Basic earnings per share (RMB/share) 0.1604 0.0870 84.37%
Diluted earnings per share (RMB/share) 0.1604 0.0870 84.37%
Weighted average return on equity (%) 4.04% 2.29% 1.75%
31 March 2022 31 December 2021 Change (%)
Total assets (RMB) 5,725,419,099.38 6,182,498,050.43 -7.39%
Equity attributable to the listed company’s 4,098,839,837.34 3,938,260,291.97 4.08%
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2022
shareholders (RMB)
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2022 Note
Gain/Loss arising from disposal of non-current assets (inclusive Payment of equity transfer of
163,352,077.77
of impairment allowance write-offs) property company
Gain/Loss on changes in fair value arising from holding of
trading financial assets and liabilities and investment income
from disposal of trading financial assets, trading financial Gain/loss on changes in fair value
2,986,182.85
liabilities and available-for-sale financial assets other than of monetary fund
effective hedge business related to the Company’s normal
operating businesses
Non-operating income and expense other than the above 398,579.36
Less: Income tax effects 41,684,210.00
Total 125,052,629.98 --
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 declined 34.36% during Q1 2022 compared to Q1 2021, primarily driven by the decreased property sales and
sales carryforwards.
Return on investment rose during Q1 2022 compared to Q1 2021, primarily driven by the transfer of the 100% equity interests in
Shenzhen Property Management Co., Ltd.
Monetary assets declined 43.69% as at 31 March 2022 compared to 31 December 2021, primarily driven by the payment of land
value-added tax.
Other equity instruments declined 63.43% as at 31 March 2022 compared to 31 December 2021, primarily driven by the transfer of a
25% interest in Yunnan Kun Peng Aviation Service Limited Corporation.
Contract liabilities declined 81.35% as at 31 March 2022 compared to 31 December 2021, primarily driven by the property
carryforwards in Q1.
Taxes and levies payable declined 56.75% as at 31 March 2022 compared to 31 December 2021, primarily driven by the payment of
various taxes.
Net cash generated from operating activities declined 251.94% during Q1 2022 compared to Q1 2021, primarily driven by the
decreased sales inflows and the increased tax and levy payments.
Net cash generated from investing activities rose 85848.24% during Q1 2022 compared to Q1 2021, primarily driven by the arrival of
proceeds from the disposal of equity interests in subsidiaries and other business entities, as well as the redemption of investments in
monetary funds.
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
Number of ordinary shareholders 54,127 shareholders with resumed 0
voting rights (if any)
Top 10 shareholders
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2022
Sharehol Shares in pledge, marked
Nature of ding Total shares Restricted or frozen
Name of shareholder
shareholder percenta held shares held
ge Status Shares
Shenzhen Investment Holdings Co., State-owned
57.19% 578,595,836
Ltd. corporation
Domestic
Shenzhen State-Owned Equity
non-state-owned 6.35% 64,288,426
Operation and Management Co., Ltd.
legal person
Domestic natural
Yang Jianmin 0.68% 6,896,877
person
Domestic natural
Pan Jun 0.50% 5,017,800
person
Domestic natural
Lin Weirong 0.42% 4,290,200
person
Domestic natural
Zhang Xiujuan 0.36% 3,597,300
person
Domestic natural
Wang Yulan 0.29% 2,929,291
person
Domestic natural
Zhu Fengbo 0.21% 2,100,000
person
Domestic natural
Liu Yuqing 0.20% 2,061,201
person
Domestic natural
Luo Yundi 0.19% 1,920,900
person
Top 10 unrestricted shareholders
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
RMB-denominated ordinary
Shenzhen Investment Holdings Co., Ltd. 578,595,836 578,595,836
stock
Shenzhen State-Owned Equity Operation RMB-denominated ordinary
64,288,426 64,288,426
and Management Co., Ltd. stock
RMB-denominated ordinary
Yang Jianmin 6,896,877 6,896,877
stock
RMB-denominated ordinary
Pan Jun 5,017,800 5,017,800
stock
RMB-denominated ordinary
Lin Weirong 4,290,200 4,290,200
stock
RMB-denominated ordinary
Zhang Xiujuan 3,597,300 3,597,300
stock
RMB-denominated ordinary
Wang Yulan 2,929,291 2,929,291
stock
RMB-denominated ordinary
Zhu Fengbo 2,100,000 2,100,000
stock
RMB-denominated ordinary
Liu Yuqing 2,061,201 2,061,201
stock
RMB-denominated ordinary
Luo Yundi 1,920,900 1,920,900
stock
Among the top 10 shareholders of the Company, Shenzhen State-Owned
Equity Operation and Management Co., Ltd. is the wholly-owned subsidiary
Related or acting-in-concert parties among the of Shenzhen Investment Holdings Co., Ltd. The Company does not know
shareholders above whether there exists related-party 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.
Top 10 shareholders engaged in securities margin Among the top 10 shareholders, the third shareholder holds 5,368,800 shares
trading (if any) of the Company in his credit security account; the fifth shareholder holds
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2022
2,566,900 shares of the Company in his credit security account; the sixth
shareholder holds 3,597,300 shares of the Company in her credit security
account; the ninth shareholder holds 2,010,201 shares of the Company in its
credit security account.
(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 2022
Unit: RMB
Item 31 March 2022 31 December 2021
Current assets:
Monetary assets 317,773,136.03 564,358,824.63
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 402,010,893.76 514,024,710.91
Derivative financial assets
Notes receivable 2,514,937.37 3,530,537.37
Accounts receivable 66,459,417.53 61,048,785.11
Receivables financing
Prepayments 12,063,042.16 4,899,011.32
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 35,566,452.20 30,614,008.08
Including: Interest receivable
Dividends receivable 1,052,192.76 1,052,192.76
Financial assets purchased under
resale agreements
Inventories 4,046,644,531.96 4,034,933,562.62
Contract assets
Assets held for sale 78,940,232.10
Current portion of non-current assets
Other current assets 64,117,630.38 68,216,887.04
Total current assets 4,947,150,041.39 5,360,566,559.18
Non-current assets:
Loans and advances to customers
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2022
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 272,168.28 272,168.28
Investments in other equity
13,282,187.62 36,322,704.33
instruments
Other non-current financial assets
Investment property 582,426,836.60 588,865,777.16
Fixed assets 23,296,957.83 23,920,424.55
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets 332,138.15 365,351.97
Intangible assets
Development costs
Goodwill
Long-term prepaid expense 2,169,381.27 2,164,963.18
Deferred income tax assets 156,489,388.24 170,020,101.78
Other non-current assets
Total non-current assets 778,269,057.99 821,931,491.25
Total assets 5,725,419,099.38 6,182,498,050.43
Current liabilities:
Short-term borrowings 57,571,609.40 50,440,116.24
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 240,999,316.88 247,376,403.56
Accounts payable 123,265,359.96 141,447,559.24
Advances from customers 6,300,519.50 6,411,427.04
Contract liabilities 37,593,847.51 199,965,490.08
Financial assets sold under
repurchase agreements
Customer deposits and deposits from
other banks and financial institutions
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 42,461,649.01 43,926,711.78
Taxes and levies payable 260,843,644.66 600,540,872.48
Other payables 560,164,122.66 581,377,415.64
Including: Interest payable 16,535,277.94 16,535,277.94
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
65,752,452.06
assets held for sale
Current portion of non-current
62,267.58 83,023.44
liabilities
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2022
Other current liabilities 2,164,008.15 8,196,849.13
Total current liabilities 1,331,426,345.31 1,945,518,320.69
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 129,067.63 125,920.77
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income
Deferred income tax liabilities 6,540,205.39 9,524,639.56
Other non-current liabilities
Total non-current liabilities 6,669,273.02 9,650,560.33
Total liabilities 1,338,095,618.33 1,955,168,881.02
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 22,940,652.47 36,088,963.95
Specific reserve
Surplus reserves 241,144,854.93 241,144,854.93
General reserve
Retained earnings 1,844,849,419.83 1,671,121,562.98
Total equity attributable to owners of
4,098,839,837.34 3,938,260,291.97
the Company as the parent
Non-controlling interests 288,483,643.71 289,068,877.44
Total owners’ equity 4,387,323,481.05 4,227,329,169.41
Total liabilities and owners’ equity 5,725,419,099.38 6,182,498,050.43
Legal representative: Liu Zhengyu Chief Financial Officer: Wang Jianfei Head of the financial department: Qiao Yanjun
2. Consolidated Income Statement
Unit: RMB
Item Q1 2022 Q1 2021
1. Revenues 272,594,952.10 415,282,352.53
Including: Operating revenue 272,594,952.10 415,282,352.53
Interest income
Insurance premium income
Fee and commission
income
2. Costs and expenses 218,394,023.67 297,519,627.24
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2022
Including: Cost of sales 152,460,417.85 183,741,767.38
Interest expense
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 48,242,285.55 95,365,107.93
Selling expense 4,783,896.07 3,714,962.78
Administrative expense 14,926,706.67 18,464,662.11
R&D expense
Finance costs -2,019,282.47 -3,766,872.96
Including: Interest
expense
Interest
2,135,908.57 4,206,960.54
income
Add: Other income 330,714.74 341,986.50
Return on investment (“-” for loss) 165,739,875.11
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 (“-”
2,986,182.85
for loss)
Credit impairment loss (“-” for
53,211.01 586,866.00
loss)
Asset impairment loss (“-” for loss) -268,941.60
Asset disposal income (“-” for
loss)
3. Operating profit (“-” for loss) 223,041,970.54 118,691,577.79
Add: Non-operating income 400,002.42 881,138.94
Less: Non-operating expense 1,423.06 22,085.33
4. Gross profit (“-” for loss) 223,440,549.90 119,550,631.40
Less: Income tax expense 61,821,128.60 31,589,874.59
5. Net profit (“-” for net loss) 161,619,421.30 87,960,756.81
5.1 By operating continuity
5.1.1 Net profit from continuing
161,619,421.30 87,960,756.81
operations (“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
162,278,083.59 88,040,167.60
owners of the Company as the parent
5.2.1 Net profit attributable to
-658,662.29 -79,410.79
non-controlling interests
6. Other comprehensive income, net of -1,625,109.66 3,671,125.59
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2022
tax
Attributable to owners of the Company
-1,698,538.22 2,308,492.48
as the parent
6.1 Items that will not be
-1,869,871.54 -261,296.43
reclassified to profit or loss
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
-1,869,871.54 -261,296.43
investments in other 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
171,333.32 2,569,788.91
profit or loss
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 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
171,333.32 2,569,788.91
currency-denominated financial
statements
6.2.7 Other
Attributable to non-controlling
73,428.56 1,362,633.11
interests
7. Total comprehensive income 159,994,311.64 91,631,882.40
Attributable to owners of the Company
160,579,545.37 90,348,660.08
as the parent
Attributable to non-controlling
-585,233.73 1,283,222.32
interests
8. Earnings per share
8.1 Basic earnings per share 0.1604 0.0870
8.2 Diluted earnings per share 0.1604 0.0870
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: Liu Zhengyu Chief Financial Officer: Wang Jianfei Head of the financial department: Qiao Yanjun
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2022 Q1 2021
1. Cash flows from operating activities:
Proceeds from sale of commodities
135,938,494.95 560,507,403.05
and rendering of services
Net increase in customer deposits and
deposits from other banks and financial
institutions
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2022
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 79,547.26
Cash generated from other operating
165,092,287.40 20,892,855.06
activities
Subtotal of cash generated from
301,110,329.61 581,400,258.11
operating activities
Payments for commodities and
118,807,563.04 72,720,627.25
services
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 30,832,704.29 44,057,215.25
Taxes and levies paid 481,133,071.14 80,204,553.44
Cash used in other operating
131,399,508.06 80,961,670.44
activities
Subtotal of cash used in operating
762,172,846.53 277,944,066.38
activities
Net cash generated from/used in
-461,062,516.92 303,456,191.73
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment 813,960.00
Net proceeds from the disposal of
fixed assets, intangible assets and other 18,186,211.00
long-lived assets
Net proceeds from the disposal of
121,650,555.74
subsidiaries and other business units
Cash generated from other investing
16,000,000.00
activities
Subtotal of cash generated from
156,650,726.74
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 59,420.24 182,616.13
long-lived assets
Payments for investments
Net increase in pledged loans granted
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarterly Report 2022
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
59,420.24 182,616.13
activities
Net cash generated from/used in
156,591,306.50 -182,616.13
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayment of borrowings
Interest and dividends paid
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
activities
Subtotal of cash used in financing
activities
Net cash generated from/used in
financing activities
4. Effect of foreign exchange rates
-508,619.70 -45,379.25
changes on cash and cash equivalents
5. Net increase in cash and cash
-304,979,830.12 303,228,196.35
equivalents
Add: Cash and cash equivalents,
612,293,635.15 2,669,103,926.82
beginning of the period
6. Cash and cash equivalents, end of the
307,313,805.03 2,972,332,123.17
period
(II) 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.
30 April 2022
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