ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024
Stock Code: 000011, 200011 Stock Name: PRD, PRD-B Announcement No. 2024-17
SHENZHEN PROPERTIES & RESOURCES DEVELOPMENT
(GROUP) LTD.
FIRST QUARTERLY REPORT 2024
ShenZhen Properties & Resources Development (Group) 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, head of financial affairs, and head of the 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.
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 Change (%)
Operating revenue (RMB) 406,582,462.31 411,469,619.15 -1.19%
Net profit attributable to the
listed company’s shareholders 463,582.22 13,216,750.95 -96.49%
(RMB)
Net profit attributable to the
listed company’s shareholders
222,779.46 13,335,100.35 -98.33%
before exceptional gains and
losses (RMB)
Net cash generated from/used
-647,860,412.07 -419,149,918.25 -54.57%
in operating activities (RMB)
Basic earnings per share
0.0008 0.0222 -96.40%
(RMB/share)
Diluted earnings per share
0.0008 0.0222 -96.40%
(RMB/share)
Weighted average return on
0.01% 0.30% -0.29%
equity (%)
31 March 2024 31 December 2023 Change (%)
Total assets (RMB) 16,889,161,356.97 16,988,062,068.09 -0.58%
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024
Equity attributable to the
listed company’s shareholders 4,662,198,838.67 4,661,810,328.76 0.01%
(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
212,878.00 One-time government grants received
accordance with defined criteria and in
compliance with government policies,
and have a continuing impact on the
Company's profit or loss)
Non-operating income and expense other
230,987.35
than the above
Less: Income tax effects 84,665.42
Non-controlling interests effects
118,397.17
(net of tax)
Total 240,802.76 --
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
Balance sheet line
31 March 2024 1 January 2024 Change (%) Main reasons for the change
items
Increase in debit balance of reclassified
Other current assets 166,159,988.04 127,774,825.51 30.04%
taxes payable
Short-term
141,574,548.53 230,915,000.00 -38.69% Repayment of short-term borrowings
borrowings
Accounts payable 399,809,168.72 662,869,059.59 -39.69% Decrease in project money payable
Advances from
995,571.73 2,265,223.56 -56.05% Decrease in rent received in advance
customers
Income statemnet
Q1 2024 Q1 2023 Change (%) Main reasons for the change
line items
Finance costs 7,338,207.77 12,939,907.14 -43.29% Increase in interest income
Credit impairment
31,413.20 -88,003.56 135.70% Decrease in bad debt provision
loss
Return on Decrease in investment income of joint
474,452.24 1,017,454.01 -53.37%
investment ventures
Reversal of non-operating income
Non-operating
263,293.08 -377,546.96 169.74% recognized in prior period in the same
income
period of last year
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024
Non-operating Decrease in small non-operating expense
32,305.63 283,475.99 -88.60%
expense paid in the Reporting Period
Income tax expense -335,426.63 3,202,392.63 -110.47% Decrease in total profit
Other
comprehensive
income- Changes in
-50,535.60 -129,311.06 60.92% Influence of changes in fair value
the fair value of
investments in other
equity instruments
Other
comprehensive
income-
Differences arising
-24,536.70 1,085,125.08 -102.26% Influence of changes in exchange rates
from the translation
of foreign currency-
denominated
financial statements
Cash flow
Q1 2024 Q1 2023 Change (%) Main reasons for the change
statement line items
Net cash generated
from/used in -647,860,412.07 -419,149,918.25 -54.57% Increase in development costs
operating activities
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 ordinary shareholders at the Number of preferred shareholders with resumed
39,840 0
period-end voting rights at the period-end (if any)
Top 10 shareholders (exclusive of shares lent in refinancing)
Sharehold Shares in pledge, marked or frozen
Nature of ing Total shares Restricted
Name of shareholder
shareholder percentag held shares held Status Shares
e
Shenzhen Investment State-owned
50.87% 303,144,937.00 1,733,626.00 Not applicable 0
Holdings Corporation corporation
Domestic
Shenzhen State-Owned
non-state-
Equity Operation and 6.38% 38,037,890.00 0.00 Not applicable 0
owned legal
Management Co., Ltd.
person
China Orient Asset State-owned
2.77% 16,491,402.00 0.00 Not applicable 0
Management Co., Ltd. legal person
Domestic
Zhang Peiling natural 0.59% 3,521,000.00 0.00 Not applicable 0
person
Hong Kong Securities Foreign
0.35% 2,079,868.00 0.00 Not applicable 0
Clearing Company Ltd. legal person
Domestic
Duan Shaoteng natural 0.30% 1,760,565.00 0.00 Not applicable 0
person
Domestic
Yang Yaochu natural 0.28% 1,690,984.00 0.00 Not applicable 0
person
Domestic
Li Xinyi natural 0.25% 1,500,000.00 0.00 Not applicable 0
person
Domestic
Wang Zhong 0.25% 1,470,000.00 0.00 Not applicable 0
natural
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024
person
Industrial and
Commercial Bank of
China Limited －
Southern China
Securities Full Index Other 0.24% 1,438,834.00 0.00 Not applicable 0
Real Estate Trading
Open-ended Index
Securities Investment
Fund
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted shares held
Class Shares
RMB-
Shenzhen Investment Holdings
301,411,311.00 denominated 301,411,311.00
Corporation
ordinary stock
RMB-
Shenzhen State-Owned Equity
38,037,890.00 denominated 38,037,890.00
Operation and Management Co., Ltd.
ordinary stock
RMB-
China Orient Asset Management Co.,
16,491,402.00 denominated 16,491,402.00
Ltd.
ordinary stock
RMB-
Zhang Peiling 3,521,000.00 denominated 3,521,000.00
ordinary stock
RMB-
Hong Kong Securities Clearing
2,079,868.00 denominated 2,079,868.00
Company Ltd. ordinary stock
RMB-
Duan Shaoteng 1,760,565.00 denominated 1,760,565.00
ordinary stock
Domestically
Yang Yaochu 1,690,984.00 listed foreign 1,690,984.00
stock
RMB-
Li Xinyi 1,500,000.00 denominated 1,500,000.00
ordinary stock
RMB-
Wang Zhong 1,470,000.00 denominated 1,470,000.00
ordinary stock
Industrial and Commercial Bank of
China Limited － Southern China RMB-
Securities Full Index Real Estate 1,438,834.00 denominated 1,438,834.00
Trading Open-ended Index Securities ordinary stock
Investment Fund
The first largest shareholder, Shenzhen Investment Holding Corporation,
is the actual controlling shareholder of the Company and Shenzhen
Related or acting-in-concert parties among the
State-Owned Equity Operation and Management Co., Ltd. And the
shareholders above
Company does not know whether there are related parties or acting-in-
concert parties among the other 8 shareholders.
Top 10 ordinary shareholders involved in securities
N/A
margin trading (if any)
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
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable Not applicable
III Other Significant Events
Applicable □ Not applicable
Matter on the Change of Controlling Shareholders’ Equity
During the Reporting Period, the Company received notification from Shenzhen Investment Holdings Co., Ltd. ("SIHC "), the
controlling shareholder of the Company, that due to the execution of a court judgment, 1,730,300 restricted shares of the Company
held by Shenzhen Duty-Free Commodity Enterprises Co., Ltd. had been transferred to the name of SIHC. The number of shares of
the Company held by SIHC and its concert parties increased from 339,452,527 shares (representing 56.957% of the total share
capital of the Company) to 341,182,827 shares (representing 57.247% of the total share capital of the Company). For details,
please refer to the Announcement on the Change of Controlling Shareholders' Equity (No. 2024-04) disclosed by the Company on
Cninfo (http://www.cninfo.com.cn).
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Properties & Resources Development (Group) Ltd.
31 March 2024
Unit: RMB
Item 31 March 2024 1 January 2024
Current assets:
Monetary assets 2,347,282,008.52 2,748,798,476.72
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable 128,500.00 0.00
Accounts receivable 540,104,296.61 502,806,453.88
Receivables financing
Prepayments 15,017,130.09 11,983,086.35
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 612,942,024.33 624,394,372.82
Including: Interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Financial assets purchased under resale
agreements
Inventories 11,339,348,856.29 11,098,209,095.74
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024
Including: Data resource
Contract assets 905,365.65 844,485.57
Assets held for sale
Current portion of non-current assets
Other current assets 166,159,988.04 127,774,825.51
Total current assets 15,021,888,169.53 15,114,810,796.59
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables 0.00 0.00
Long-term equity investments 84,532,202.79 84,057,750.55
Investments in other equity
586,390.60 636,926.20
instruments
Other non-current financial assets
Investment property 377,629,284.41 386,810,800.47
Fixed assets 62,493,157.92 66,436,408.90
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets 20,043,184.32 23,516,796.22
Intangible assets 796,445.53 889,801.14
Including: Data resource
Development costs
Including: Data resource
Goodwill 9,446,847.38 9,446,847.38
Long-term prepaid expense 22,962,216.36 21,510,397.88
Deferred income tax assets 1,284,728,302.20 1,276,440,386.83
Other non-current assets 4,055,155.93 3,505,155.93
Total non-current assets 1,867,273,187.44 1,873,251,271.50
Total assets 16,889,161,356.97 16,988,062,068.09
Current liabilities:
Short-term borrowings 141,574,548.53 230,915,000.00
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 399,809,168.72 662,869,059.59
Advances from customers 995,571.73 2,265,223.56
Contract liabilities 859,207,045.08 820,424,953.42
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 175,699,661.39 218,786,111.78
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024
Taxes and levies payable 3,953,557,572.85 4,026,957,347.94
Other payables 1,167,779,665.88 1,217,303,294.25
Including: Interest payable 0.00 0.00
Dividends payable 12,202,676.04 12,202,676.04
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
3,082,238,454.78 3,092,324,853.07
liabilities
Other current liabilities 71,133,305.46 68,373,661.13
Total current liabilities 9,851,994,994.42 10,340,219,504.74
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 1,792,867,245.02 1,399,889,274.47
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 11,094,450.74 10,571,092.27
Long-term payables 400,049,962.50 400,105,655.56
Long-term employee benefits payable
Provisions 650,000.00 650,000.00
Deferred income
Deferred income tax liabilities 4,896,350.87 5,862,279.70
Other non-current liabilities 127,960,379.59 127,039,225.54
Total non-current liabilities 2,337,518,388.72 1,944,117,527.54
Total liabilities 12,189,513,383.14 12,284,337,032.28
Owners’ equity:
Share capital 595,979,092.00 595,979,092.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 80,488,045.38 80,488,045.38
Less: Treasury stock
Other comprehensive income -3,427,410.18 -3,352,337.88
Specific reserve
Surplus reserves 116,108,727.08 116,108,727.08
General reserve
Retained earnings 3,873,050,384.39 3,872,586,802.17
Total equity attributable to owners of the
4,662,198,838.67 4,661,810,328.75
Company as the parent
Non-controlling interests 37,449,135.16 41,914,707.06
Total owners’ equity 4,699,647,973.83 4,703,725,035.81
Total liabilities and owners’ equity 16,889,161,356.97 16,988,062,068.09
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Cai Kelin
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024
2. Consolidated Income Statement
Unit: RMB
Item Q1 2024 Q1 2023
1. Revenues 406,582,462.31 411,469,619.15
Including: Operating revenue 406,582,462.31 411,469,619.15
Interest revenue
Insurance premium income
Fee and commission
income
2. Costs and expenses 414,003,414.88 401,084,780.60
Including: Cost of sales 334,569,910.91 310,287,854.20
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 5,184,744.84 6,838,102.09
Selling expense 3,559,744.77 4,848,217.44
Administrative expense 61,942,886.23 64,973,120.40
Development costs 1,407,920.36 1,197,579.33
Finance costs 7,338,207.77 12,939,907.14
Including: Interest costs 18,911,856.01 15,853,484.32
Interest
12,423,527.13 3,282,400.58
revenue
Add: Other income 2,591,683.37 2,309,886.58
Return on investment (“-” for loss) 474,452.24 1,017,454.01
Including: Share of profit or
474,452.24 1,017,454.01
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)
Credit impairment loss (“-” for
31,413.20 -88,003.56
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
loss)
3. Operating profit (“-” for loss) -4,323,403.76 13,624,175.58
Add: Non-operating income 263,293.08 -377,546.96
Less: Non-operating expense 32,305.63 283,475.99
4. Gross profit (“-” for loss) -4,092,416.31 12,963,152.63
Less: Income tax expense -335,426.63 3,202,392.63
5. Net profit (“-” for net loss) -3,756,989.68 9,760,760.00
5.1 By operating continuity
5.1.1 Net profit from continuing
-3,756,989.68 9,760,760.00
operations (“-” for net loss)
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024
5.1.2 Net profit from discontinued
0.00 0.00
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
463,582.22 13,216,750.95
owners of the Company as the parent
5.2.2 Net profit attributable to non-
-4,220,571.90 -3,455,990.95
controlling interests
6. Other comprehensive income, net of
-75,072.30 955,814.02
tax
Attributable to owners of the
-75,072.30 955,814.02
Company as the parent
6.1 Items that will not be
-50,535.60 -129,311.06
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit 0.00 0.00
schemes
6.1.2 Other comprehensive
income that will not be reclassified to 0.00 0.00
profit or loss under the equity method
6.1.3 Changes in the fair value of
-50,535.60 -129,311.06
investments in other equity instruments
6.1.4 Changes in the fair value
0.00 0.00
arising from changes in own credit risk
6.1.5 Other 0.00 0.00
6.2 Items that will be reclassified to
-24,536.70 1,085,125.08
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 currency- -24,536.70 1,085,125.08
denominated financial statements
6.2.7 Other
Attributable to non-controlling
0.00 0.00
interests
7. Total comprehensive income -3,832,061.98 10,716,574.02
Attributable to owners of the
388,509.92 14,172,564.97
Company as the parent
Attributable to non-controlling
-4,220,571.90 -3,455,990.95
interests
8. Earnings per share
8.1 Basic earnings per share 0.0008 0.0222
8.2 Diluted earnings per share 0.0008 0.0222
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RMB , with the amount for the same period of last year being RMB .
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Cai Kelin
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2024 Q1 2023
1. Cash flows from operating activities:
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024
Proceeds from sale of commodities
472,839,015.15 477,368,068.71
and rendering of services
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 845,965.43 101,125.67
Cash generated from other operating
80,217,308.32 109,438,389.88
activities
Subtotal of cash generated from
553,902,288.90 586,907,584.26
operating activities
Payments for commodities and services 751,509,531.44 583,398,323.24
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 262,566,993.68 259,582,400.88
Taxes and levies paid 127,420,092.22 100,157,319.11
Cash used in other operating activities 60,266,083.63 62,919,459.28
Subtotal of cash used in operating
1,201,762,700.97 1,006,057,502.51
activities
Net cash generated from/used in
-647,860,412.07 -419,149,918.25
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment
Net proceeds from the disposal of fixed
assets, intangible assets and other long- 0.00 254.95
lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
0.00 254.95
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other long- 1,226,930.22 1,096,694.47
lived assets
Payments for investments 0.00 0.00
Net increase in pledged loans granted
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2024
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing activities
Subtotal of cash used in investing
1,226,930.22 1,096,694.47
activities
Net cash generated from/used in
-1,226,930.22 -1,096,439.52
investing activities
3. Cash flows from financing activities:
Capital contributions received 0.00 0.00
Including: Capital contributions by
0.00 0.00
non-controlling interests to subsidiaries
Borrowings received 394,087,970.55 250,100,000.00
Cash generated from other financing
activities
Subtotal of cash generated from
394,087,970.55 250,100,000.00
financing activities
Repayment of borrowings 90,000,200.00 0.00
Interest and dividends paid 48,749,969.49 53,355,811.48
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing activities 8,985,031.41 387,031.41
Subtotal of cash used in financing
147,735,200.90 53,742,842.89
activities
Net cash generated from/used in
246,352,769.65 196,357,157.11
financing activities
4. Effect of foreign exchange rates
9,181.92 -967,133.01
changes on cash and cash equivalents
5. Net increase in cash and cash
-402,725,390.72 -224,856,333.67
equivalents
Add: Cash and cash equivalents,
2,733,139,135.12 1,509,693,857.48
beginning of the period
6. Cash and cash equivalents, end of the
2,330,413,744.40 1,284,837,523.81
period
(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 Properties & Resources Development (Group) Ltd.
27 April 2024
11
