ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
SHENZHEN PROPERTIES & RESOURCES
DEVELOPMENT (GROUP) LTD.
FIRST QUARTERLY REPORT 2021
(Announcement No. 2021-21)
April 2021
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of ShenZhen Properties & Resources Development
(Group) Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality,
accuracy and completeness of the contents of this Report and its summary, and shall be
jointly and severally liable for any misrepresentations, misleading statements or material
omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
Liu Shengxiang, the Company’s legal representative, Cai Lili, the Company’s head of
financial affairs, and Liu Qiang, head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the Financial Statements carried in this Report are
factual, accurate and complete.
This Report and its summary have been prepared in both Chinese and English. Should there
be any discrepancies or misunderstandings between the two versions, the Chinese versions
shall prevail.
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2021 Q1 2020 Change (%)
Operating revenue (RMB) 891,026,732.66 861,546,080.08 3.42%
Net profit attributable to the listed
214,420,219.16 152,014,318.10 41.05%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional 208,303,080.57 152,909,860.77 36.23%
items (RMB)
Net cash generated from/used in operating
83,213,087.80 -609,307,576.52 -113.66%
activities (RMB)
Basic earnings per share (RMB/share) 0.3598 0.2551 41.04%
Diluted earnings per share (RMB/share) 0.3598 0.2551 41.04%
Weighted average return on equity (%) 5.59% 4.72% 0.87%
31 March 2021 31 December 2020 Change (%)
Total assets (RMB) 12,455,805,632.29 12,207,356,912.54 2.04%
Equity attributable to the listed company’s
3,942,068,204.39 3,727,917,440.03 5.74%
shareholders (RMB)
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2021 Note
Gain or loss on disposal of non-current assets (inclusive of
7,000.00
impairment allowance write-offs)
Government subsidies recognized in the current period, except for
those acquired in the ordinary course of business or granted at
136,000.00
certain quotas or amounts according to the government’s unified
standards
Non-operating income and expense other than the above 8,010,201.46
Less: Income tax effects 2,004,300.37
Non-controlling interests effects (net of tax) 31,762.50
Total 6,117,138.59 --
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or 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 for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2021
1. Numbers of Ordinary Shareholders and Preferred 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
55,834 0
period-end voting rights at the period-end (if any)
Top 10 shareholders
Shareholdi Shares in pledge or
Nature of Restricted
Name of shareholder ng Total shares held frozen
shareholder shares held
percentage Status Shares
Shenzhen Investment Holdings State-owned legal
50.57% 301,414,637 3,326
Corporation person
Domestic
Shenzhen State-Owned Equity
non-state-owned 6.38% 38,037,890 0
Operation and Management Co., Ltd.
legal person
China Orient Asset Management Co., State-owned legal
3.90% 23,236,400 0
Ltd. person
Domestic natural
Chu Yuanyuan 0.54% 3,241,100 0
person
Hong Kong Securities Clearing Foreign legal
0.37% 2,205,280 0
Company Ltd. person
Domestic
Shenzhen Duty-Free Commodity
non-state-owned 0.29% 1,730,300 1,730,300
Enterprises Co., Ltd.
legal person
Domestic natural
Duan Shaoteng 0.29% 1,699,765 0
person
China Construction Bank-Wanjia
Selected Mixed Type Securities Other 0.26% 1,529,489 0
Investment Fund
Domestic natural
Yang Yaochu 0.25% 1,500,384 0
person
Bosera Fund-PICC Life
Other 0.25% 1,477,500 0
Insurance-Traditional General
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Insurance Portfolio- Bosera Fund
–A-Stock Mixed Portfolio Single
Asset Management Plan of PICC Life
Insurance Company Limited
Top 10 unrestricted shareholders
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
RMB-denominated
Shenzhen Investment Holdings Corporation 301,411,311 301,411,311
ordinary stock
Shenzhen State-Owned Equity Operation and RMB-denominated
38,037,890 38,037,890
Management Co., Ltd. ordinary stock
RMB-denominated
China Orient Asset Management Co., Ltd. 23,236,400 23,236,400
ordinary stock
RMB-denominated
Chu Yuanyuan 3,241,100 3,241,100
ordinary stock
RMB-denominated
Hong Kong Securities Clearing Company Ltd. 2,205,280 2,205,280
ordinary stock
RMB-denominated
Duan Shaoteng 1,699,765 1,699,765
ordinary stock
China Construction Bank-Wanjia Selected Mixed Type RMB-denominated
1,529,489 1,529,489
Securities Investment Fund ordinary stock
Domestically listed
Yang Yaochu 1,500,384 1,500,384
foreign stock
Bosera Fund-PICC Life Insurance-Traditional General
Insurance Portfolio- Bosera Fund –A-Stock Mixed RMB-denominated
1,477,500 1,477,500
Portfolio Single Asset Management Plan of PICC Life ordinary stock
Insurance Company Limited
Domestically listed
Mai Furong 1,103,096 1,103,096
foreign stock
The first largest shareholder, Shenzhen Investment Holding Corporation,
is the actual controlling shareholder of the Company, the second largest
Related or acting-in-concert parties among the shareholder is the wholly-owned subsidiary of Shenzhen Investment
shareholders above Holding Corporation, which exist related-party relationship with the
Company. And the Company does not know whether there are related
parties or acting-in-concert parties among the other 8 shareholders.
Top 10 shareholders involved in securities margin trading
N/A
(if any)
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yes √ No
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
1. Prepayments stood at RMB75,086,951.68 as at 31 March 2021, rising 48.56% compared to 31 December 2020, primarily driven
by the increase in demolition service fee prepaid.
2. Long-term prepaid expense stood at RMB15,627,354.02 as at 31 March 2021, rising 31.74% compared to 31 December 2020,
primarily driven by the increase in decoration expenditures of rented offices with the Company as the lessee.
3. Contract liabilities stood at RMB863,750,204.45 as at 31 March 2021, rising 29.52% compared to 31 December 2020, primarily
driven by the increase in advances from commercial building sales.
4. Selling expense stood at RMB3,005,132.04 during Q1 2021, declining 35.91% compared to Q1 2020, primarily driven by the
decrease in sales service expense.
5. Finance costs stood at RMB11,763,247.61 during Q1 2021, declining 45.61% compared to Q1 2020, primarily driven by the
increase in capitalized interest expense.
6. Return on investment stood at RMB2,577,004.72 during Q1 2021, compared to RMB-10,994.73 in Q1 2020, with the change
primarily driven by the increase in returns on investments in joint ventures calculated using the equity method as a result of a
substantial increase in their net profits.
7. Non-operating income stood at RMB8,612,813.60 during Q1 2021, rising 997.85% compared to Q1 2020, primarily driven by the
receipt of demolition compensation.
8. Net cash generated from/used in operating activities stood at RMB83,213,087.80 during Q1 2021, compared to
RMB-609,307,576.52 in Q1 2020, with the change primarily driven by the increase in sales payments collected.
9. Net cash generated from/used in investing activities stood at RMB-7,912,883.72 during Q1 2021, compared to RMB-3,384,962.58
in Q1 2020, with the change primarily driven by the increase in office decoration expenditures.
10. Net cash generated from/used in financing activities stood at RMB-46,683,112.50 during Q1 2021, compared to
RMB772,655,600.48 in Q1 2020, with the change primarily driven by the new loan of RMB807 million in the same period of last
year, with no comparable loan in the current period.
II Progress, Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
1. Shenzhen International Trade Center Property Management Co., Ltd., a wholly-owned subsidiary of the Company, plans to invest
in the establishment of a wholly-owned subsidiary in the Vietnam-China Economic and Trade Cooperation Zone in Hai Phong,
Vietnam, in a bid to strengthen in-depth cooperation with important overseas customers, study and explore advanced cutting-edge
technologies, take an active part in the international industrial layout, and expand the international market. In January 2021, the
subsidiary in Vietnam completed its registration and received the Enterprise Registration Certificate from the Business Registration
Office of the Haiphong Department of Planning and Investment Decision. The details were disclosed on the designated media on
January 6.
2. The Company received the Notice of Shenzhen Investment Holdings Co., Ltd. on the Free Transfer of Shares of ShenZhen
Properties & Resources Development (Group) Ltd. (S.T.K. [2021] No. 38) from the controlling shareholder Shenzhen Investment
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Holdings Co., Ltd. (SIHC). SIHC decided to transfer its 38,037,890 non-restricted tradable common shares on the A-shares market in
the Company (accounting for 6.382% of the total share capital of the Company) to Shenzhen State-owned Equity Management Co.,
Ltd. for free to replenish the social security funds.
On 17 March 2021, the Company received the Confirmation of Securities Transfer Registration issued by Shenzhen Branch of China
Securities Depository and Clearing Corporation Limited from Shenzhen State-owned Equity Management Co., Ltd. confirming that
the registration procedures for the free transfer of the above-mentioned state-owned shares had been completed on March 15. The
respective details were disclosed on the designated media on January 29 and March 18.
3. On 18 July 2020, the Company released an announcement on the designated media, disclosing information on the plan of the
Company's controlling shareholder SIHC to reduce the number of its shares in the Company by no more than 11,919,581 shares in
the call auction within 6 months after 15 trading days from the date of disclosure. From 25 August 2020 to September 4, 2020, SIHC
accumulated a reduction of 5,959,696 shares in the Company in call auction, with the number of shares reduced by more than half.
The details were disclosed on the designated media on September 5.
On 9 February 2021, the Company received the Notification Letter on the Implementation of the PRD Share Reduction Plan from
SIHC. It was noted in the Letter that from 10 August 2020 to 9 February 2021, SIHC accumulatively reduced 5,959,696 shares in the
Company (account for 1.00% of the Company's total share capital) in call auction, adding that since the reduction period set in the
share reduction plan has expired, the implementation of this reduction plan has been concluded. The details were disclosed on the
designated media on February 10.
Overview of significant events Disclosure date Index to disclosure website for interim report
Announcement No. 2020-43 on Wholly-owned
23 September 2020 Subsidiary to Establish a Wholly-Owned Subsidiary
Wholly-owned subsidiary to establish a Overseas on www.cninfo.com.cn
wholly-owned subsidiary overseas Announcement No. 2021-01 on Completion of
6 January 2021 Registration of Vietnam Subsidiary on
www.cninfo.com.cn
Announcement No. 2021-02 on the Transfer of Some
29 January 2021 State-owned Shares Held by Controlling Shareholders
The transfer of some state-owned shares
to Social Security Fund without Compensation
held by the controlling shareholder of the
Announcement No. 2021-05 on the Completing the
Company Shenzhen Investment Holdings
Registration of Share Ownership Transfer regarding
Co., Ltd. to social security fund without
18 March 2021 Transfer of Some State-owned Shares Held by
compensation
Controlling Shareholders to Social Security Fund
without Compensation
Announcement No. 2020-33 on the Company’s
18 July 2020 Controlling Shareholder to Reduce Shareholding on
www.cninfo.com.cn
Announcement No. 2020-41 on Progress of
The Company’s controlling shareholder to
5 September 2020 Shareholding Reduction by the Company’s Controlling
reduce shareholding
Shareholder (Over Half of Its Reduction Plan)
Announcement No. 2021-03 on Expiration and
10 February 2021 Completion of Reducing Shareholding by the
Company’s Controlling Shareholders
Progress of any share repurchases:
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,
Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the
Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV Financial Investments
1. Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Gain/los
Cumulat
s on
Account ive
fair-valu Purchas Sold in Gain/los
Type of Code of Name of Initial ing Opening fair-valu Closing
e ed in the the s in the Account Funding
securitie securitie securitie investm measure carrying e carrying
changes current current current ing title source
s s s ent cost ment amount changes amount
in the period period period
method through
current
equity
period
Other
Gintian equity Obtaine
Domesti 400016
A, 3,565,8 Fair 1,044,9 -50,535. 994,369 instrum d in debt
c/overse 、 0.00 0.00 0.00 0.00
Gintian 56.06 method 05.12 60 .52 ent restructu
as stock 420016
B investm ring
ent
3,565,8 1,044,9 -50,535. 994,369
Total -- 0.00 0.00 0.00 0.00 -- --
56.06 05.12 60 .52
Disclosure date of
announcement on Board’s
consent for securities
investment
Disclosure date of
announcement on
shareholders’ meeting’s
consent for securities
investment (if any)
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
2. Investments in Derivative Financial Instruments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
V Progress of Projects Financed with Raised Funds
□ Applicable √ Not applicable
VI Operating Performance Forecast for January-June 2021
Warning of a forecast loss on or a forecast significant year-on-year change in the accumulative net profit from the beginning of the
year to the end of the next reporting period, as well as explanation of why:
□ Applicable √ Not applicable
VII Significant Contracts Arising from the Company’s Ordinary Course of Business
□ Applicable √ Not applicable
VIII Cash Entrusted for Wealth Management
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Irregularities in Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.
X Occupation of the Company’s Capital by the Controlling Shareholder or Its Related Parties
for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
XI Communications with the Investment Community such as Researches, Inquiries and
Interviews during the Reporting Period
√ Applicable □ Not applicable
Index to main
Way of Type of
Communicatio Major discussion content and information
Date Place communicatio communication
n party information provided communicate
n party
d
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
The Inquired of reason for slump in
7 January 2021 By Phone Individual Individual N/A
Company stock
Inquired of whether the
The implementation of “Two Red
10 January 2021 Other Individual Individual N/A
Company Lines” may influence the credit
of the Company
Inquired of information about
The
13 January 2021 Other Individual Individual the project of digital ecological N/A
Company
industrial park
Inquired of information about
The
26 January 2021 Other Individual Individual cash flow statements in 2020 N/A
Company
Third Quarter Report
The Inquired of disclosure time of
27 January 2021 Other Individual Individual N/A
Company 2020 Annual Report
The Inquired of information about
15 March 2021 Other Individual Individual N/A
Company employment of the Company
The Inquired of disclosure time of
20 March 2021 Other Individual Individual N/A
Company 2021 First Quarter Report
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Properties & Resources Development (Group) Ltd.
31 March 2021
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 4,236,786,272.36 4,206,266,629.32
Settlement reserve
Interbank loans granted
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 241,098,903.01 187,697,631.47
Accounts receivable financing
Prepayments 75,086,951.68 50,543,422.85
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 806,040,257.43 789,050,350.51
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 5,329,071,962.25 5,312,489,258.20
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 47,312,127.72 48,991,965.92
Total current assets 10,735,396,474.45 10,595,039,258.27
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 48,287,225.51 45,710,220.79
Investments in other equity
994,369.52 1,044,905.12
instruments
Other non-current financial assets
Investment property 478,003,522.78 484,738,506.83
Fixed assets 111,982,155.26 116,233,936.04
Construction in progress
Productive living assets
Oil and gas assets
Use rights assets 13,874,979.81
Intangible assets 427,470.54 482,049.51
R&D expense
Goodwill
Long-term prepaid expense 15,627,354.02 11,862,716.14
Deferred income tax assets 1,049,051,017.26 950,681,245.50
Other non-current assets 2,161,063.14 1,564,074.34
Total non-current assets 1,720,409,157.84 1,612,317,654.27
Total assets 12,455,805,632.29 12,207,356,912.54
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 365,648,385.01 468,269,685.65
Advances from customers 683,919.44 473,274.48
Contractual liabilities 863,750,204.45 666,893,629.72
Financial assets sold under
repurchase agreements
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of
securities
Payroll payable 150,533,526.05 177,190,197.36
Taxes payable 2,395,310,227.22 2,487,212,979.37
Other payables 891,059,926.80 847,142,613.09
Including: Interest payable 0.00 0.00
Dividends payable 12,202,676.04 12,202,676.04
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
36,722,824.88 36,722,824.88
liabilities
Other current liabilities 53,821,158.90 43,354,691.51
Total current liabilities 4,757,530,172.75 4,727,259,896.06
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 3,587,800,000.00 3,587,800,000.00
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 14,016,985.64
Long-term payables
Long-term payroll payable
Provisions 2,396,947.00 2,396,947.00
Deferred income 0.00 0.00
Deferred income tax liabilities 262.20 262.20
Other non-current liabilities 106,387,153.03 108,778,327.45
Total non-current liabilities 3,710,601,347.87 3,698,975,536.65
Total liabilities 8,468,131,520.62 8,426,235,432.71
Owners’ equity:
Share capital 595,979,092.00 595,979,092.00
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 80,488,045.38 80,488,045.38
Less: Treasury stock
Other comprehensive income -7,019,044.21 -6,749,589.41
Specific reserve
Surplus reserves 19,205,979.63 19,205,979.63
General reserve
Retained earnings 3,253,414,131.59 3,038,993,912.43
Total equity attributable to owners of
3,942,068,204.39 3,727,917,440.03
the Company as the parent
Non-controlling interests 45,605,907.28 53,204,039.80
Total owners’ equity 3,987,674,111.67 3,781,121,479.83
Total liabilities and owners’ equity 12,455,805,632.29 12,207,356,912.54
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 3,128,781,159.66 3,216,703,036.69
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 4,453,779.81 2,624,500.42
Accounts receivable financing
Prepayments
Other receivables 226,062,266.79 145,325,697.20
Including: Interest receivable
Dividends receivable
Inventories 658,057,076.23 653,885,107.24
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 496,729.09 496,729.09
Total current assets 4,017,851,011.58 4,019,035,070.64
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 1,073,753,105.90 1,071,176,101.18
Investments in other equity
1,224,869.52 1,275,405.12
instruments
Other non-current financial assets
Investment property 301,708,379.26 303,827,356.62
Fixed assets 47,543,764.29 51,091,963.72
Construction in progress
Productive living assets
Oil and gas assets
Use rights assets 649,585.03
Intangible assets
R&D expense
Goodwill
Long-term prepaid expense 389,195.94 432,440.01
Deferred income tax assets 241,148,792.13 252,331,518.26
Other non-current assets 1,344,668,234.55 1,197,407,234.55
Total non-current assets 3,011,085,926.62 2,877,542,019.46
Total assets 7,028,936,938.20 6,896,577,090.10
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 40,429,856.19 55,887,947.36
Advances from customers
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Contractual liabilities
Payroll payable 43,247,376.59 50,710,148.02
Taxes payable 1,107,591.55 3,736,082.67
Other payables 4,095,750,244.82 3,971,988,862.11
Including: Interest payable
Dividends payable 29,642.40 29,642.40
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
31,573,154.86 31,573,154.86
liabilities
Other current liabilities
Total current liabilities 4,212,108,224.01 4,113,896,195.02
Non-current liabilities:
Long-term borrowings 588,200,000.00 588,200,000.00
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 656,457.21
Long-term payables
Long-term payroll payable
Provisions
Deferred income
Deferred income tax liabilities
Other non-current liabilities 40,000,000.00 40,000,000.00
Total non-current liabilities 628,856,457.21 628,200,000.00
Total liabilities 4,840,964,681.22 4,742,096,195.02
Owners’ equity:
Share capital 595,979,092.00 595,979,092.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 53,876,380.11 53,876,380.11
Less: Treasury stock
Other comprehensive income -2,595,986.79 -2,545,451.19
Specific reserve
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Surplus reserves 19,205,979.63 19,205,979.63
Retained earnings 1,521,506,792.03 1,487,964,894.53
Total owners’ equity 2,187,972,256.98 2,154,480,895.08
Total liabilities and owners’ equity 7,028,936,938.20 6,896,577,090.10
3. Consolidated Income Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Revenue 891,026,732.66 861,546,080.08
Including: Operating revenue 891,026,732.66 861,546,080.08
Interest income
Premium income
Handling charge and
commission income
2. Costs and expenses 630,078,645.14 662,964,303.05
Including: Cost of sales 314,741,306.53 330,926,955.66
Interest expense
Handling charge and
commission expense
Surrenders
Net claims paid
Net amount provided as
policy reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and surcharges 253,169,175.96 266,678,061.72
Selling expense 3,005,132.04 4,689,041.03
Administrative expense 47,399,783.00 39,041,614.67
R&D expense
Finance costs 11,763,247.61 21,628,629.97
Including: Interest
29,487,619.47 38,309,547.10
expense
Interest
18,078,929.02 16,103,643.77
income
Add: Other income 1,380,702.88 1,170,615.61
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Return on investment (“-” for loss) 2,577,004.72 -10,994.73
Including: Share of profit or loss
2,577,004.72 -10,994.73
of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Foreign exchange gain (“-” for
loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
Credit impairment loss (“-” for
-31,765.17 1,016,216.33
loss)
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for
loss)
3. Operating profit (“-” for loss) 264,874,029.95 200,757,614.24
Add: Non-operating income 8,612,813.60 784,515.00
Less: Non-operating expense 595,612.14 2,078,006.42
4. Profit before tax (“-” for loss) 272,891,231.41 199,464,122.82
Less: Income tax expense 66,209,144.78 71,031,397.02
5. Net profit (“-” for net loss) 206,682,086.63 128,432,725.80
5.1 By operating continuity
5.1.1 Net profit from continuing
206,682,086.63 128,432,725.80
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
shareholders of the Company as the 214,420,219.16 152,014,318.10
parent
5.2.2 Net profit attributable to
-7,738,132.53 -23,581,592.30
non-controlling interests
6. Other comprehensive income, net of
-269,454.80 -1,413,997.45
tax
Attributable to owners of the Company
-269,454.80 -1,413,997.45
as the parent
6.1 Items that will not be
-50,535.60 -329,260.41
reclassified to profit or loss
19
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
6.1.1 Changes caused by
remeasurements on defined benefit
pension 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
-50,535.60 -329,260.41
investments in other equity instruments
6.1.4 Changes in the fair value of
the company’s credit risks
6.1.5 Other
6.2 Items that will be reclassified to
-218,919.20 -1,084,737.04
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
investments in other debt obligations
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Allowance for credit
impairments in investments in other debt
obligations
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign
-218,919.20 -1,084,737.04
currency-denominated financial
statements
6.2.7 Other
Attributable to non-controlling
interests
7. Total comprehensive income 206,412,631.83 127,018,728.35
Attributable to owners of the Company
214,150,764.36 150,600,320.65
as the parent
Attributable to non-controlling
-7,738,132.53 -23,581,592.30
interests
8. Earnings per share
8.1 Basic earnings per share 0.3598 0.2551
8.2 Diluted earnings per share 0.3598 0.2551
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
20
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
the combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
4. Income Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Operating revenue 21,929,527.54 9,570,288.89
Less: Cost of sales 9,362,877.96 7,201,252.82
Taxes and surcharges 178,848.22 1,448,803.87
Selling expense 127,251.59 11,069.00
Administrative expense 16,002,920.61 11,018,364.52
R&D expense
Finance costs -9,932,128.28 -15,068,444.79
Including: Interest expense 6,333,034.48
Interest income 16,286,641.67 15,074,747.59
Add: Other income 102,972.08
Return on investment (“-” for
31,125,117.93 36,174,277.60
loss)
Including: Share of profit or
2,577,004.72 -10,994.73
loss of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
Credit impairment loss (“-” for
13,225.50
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
loss)
2. Operating profit (“-” for loss) 37,431,072.95 41,133,521.07
Add: Non-operating income 7,293,820.40 18,036.00
21
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Less: Non-operating expense 269.72 2,000,000.00
3. Profit before tax (“-” for loss) 44,724,623.63 39,151,557.07
Less: Income tax expense 11,182,726.13 9,533,067.22
4. Net profit (“-” for net loss) 33,541,897.50 29,618,489.85
4.1 Net profit from continuing
33,541,897.50 29,618,489.85
operations (“-” for net loss)
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income, net of
-50,535.60 -329,260.41
tax
5.1 Items that will not be reclassified
-50,535.60 -329,260.41
to profit or loss
5.1.1 Changes caused by
remeasurements on defined benefit
pension schemes
5.1.2 Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
5.1.3 Changes in the fair value of
investments in other equity instruments
5.1.4 Changes in the fair value of
-50,535.60 -329,260.41
the company’s credit risks
5.1.5 Other
5.2 Items that will be reclassified to
profit or loss
5.2.1 Other comprehensive income
that will be reclassified to profit or loss
under the equity method
5.2.2 Changes in the fair value of
investments in other debt obligations
5.2.3 Other comprehensive income
arising from the reclassification of
financial assets
5.2.4 Allowance for credit
impairments in investments in other
debt obligations
5.2.5 Reserve for cash flow hedges
5.2.6 Differences arising from the
translation of foreign
currency-denominated financial
statements
22
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
5.2.7 Other
6. Total comprehensive income 33,491,361.90 29,289,229.44
7. Earnings per share
7.1 Basic earnings per share 0.0563 0.0497
7.2 Diluted earnings per share 0.0563 0.0497
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
1,091,637,435.67 308,259,221.14
and rendering of services
Net increase in customer deposits and
interbank deposits
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, handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax rebates
Cash generated from other operating
144,447,762.47 278,533,921.65
activities
Subtotal of cash generated from
1,236,085,198.14 586,793,142.79
operating activities
Payments for commodities and
295,983,391.70 659,349,883.60
services
Net increase in loans and advances to
customers
23
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Net increase in deposits in the central
bank and in interbank loans granted
Payments for claims on original
insurance contracts
Net increase in interbank loans
granted
Interest, handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 192,980,462.47 170,204,761.13
Taxes paid 564,218,068.71 309,457,486.32
Cash used in other operating
99,690,187.46 57,088,588.26
activities
Subtotal of cash used in operating
1,152,872,110.34 1,196,100,719.31
activities
Net cash generated from/used in
83,213,087.80 -609,307,576.52
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 9,344.57
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
9,344.57
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 7,922,228.29 3,384,962.58
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
7,922,228.29 3,384,962.58
activities
Net cash generated from/used in -7,912,883.72 -3,384,962.58
24
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
investing activities
3. Cash flows from financing activities:
Capital contributions received 140,000.00 490,000.00
Including: Capital contributions by
140,000.00 490,000.00
non-controlling interests to subsidiaries
Borrowings obtained 807,000,000.00
Cash generated from other financing
activities
Subtotal of cash generated from
140,000.00 807,490,000.00
financing activities
Repayments of borrowings
Payments for interest and dividends 46,823,112.50 34,834,399.52
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
activities
Subtotal of cash used in financing
46,823,112.50 34,834,399.52
activities
Net cash generated from/used in
-46,683,112.50 772,655,600.48
financing activities
4. Effect of foreign exchange rate
237,436.15 1,083,303.30
changes on cash and cash equivalents
5. Net increase in cash and cash
28,854,527.73 161,046,364.68
equivalents
Add: Cash and cash equivalents,
4,168,154,911.83 3,285,345,233.47
beginning of the period
6. Cash and cash equivalents, end of the
4,197,009,439.56 3,446,391,598.15
period
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
8,452,796.79 5,388,532.54
and rendering of services
Tax rebates
Cash generated from other operating
176,427,722.21 150,366,853.96
activities
Subtotal of cash generated from
184,880,519.00 155,755,386.50
operating activities
25
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Payments for commodities and
21,070,926.08 27,546,580.74
services
Cash paid to and for employees 16,422,540.08 13,488,663.13
Taxes paid 4,902,594.08 5,805,090.10
Cash used in other operating
102,653,754.14 344,578,504.62
activities
Subtotal of cash used in operating
145,049,814.38 391,418,838.59
activities
Net cash generated from/used in
39,830,704.62 -235,663,452.09
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 565,000,000.00
Return on investment
Net proceeds from the disposal of
fixed assets, intangible assets and other 2,344.57
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
2,344.57 565,000,000.00
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 5,955,921.97 2,290,332.09
long-lived assets
Payments for investments 117,000,000.00
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
122,955,921.97 2,290,332.09
activities
Net cash generated from/used in
-122,953,577.40 562,709,667.91
investing activities
3. Cash flows from financing activities:
Capital contributions received
Borrowings obtained
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
26
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Repayments of borrowings
Payments for interest and dividends 6,325,812.50
Cash used in other financing
activities
Subtotal of cash used in financing
6,325,812.50
activities
Net cash generated from/used in
-6,325,812.50
financing activities
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
-89,448,685.28 327,046,215.82
equivalents
Add: Cash and cash equivalents,
3,190,160,215.19 2,450,935,673.17
beginning of the period
6. Cash and cash equivalents, end of the
3,100,711,529.91 2,777,981,888.99
period
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases from 2021
√ Applicable □ Not applicable
Whether the Company needs to adjust items in balance sheets at the beginning of the year
√ Yes □ No
Consolidated Balance Sheet
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 4,206,266,629.32 4,206,266,629.32
Accounts receivable 187,697,631.47 187,697,631.47
Prepayments 50,543,422.85 50,543,422.85
Other receivables 789,050,350.51 789,050,350.51
Inventories 5,312,489,258.20 5,312,489,258.20
Other current assets 48,991,965.92 48,991,965.92
Total current assets 10,595,039,258.27 10,595,039,258.27
Non-current assets:
Long-term equity
45,710,220.79 45,710,220.79
investments
Investments in other equity 1,044,905.12 1,044,905.12
27
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
instruments
Investment property 484,738,506.83 484,738,506.83
Fixed assets 116,233,936.04 116,233,936.04
Use rights assets 14,992,421.49 14,992,421.49
Intangible assets 482,049.51 482,049.51
Long-term prepaid
11,862,716.14 11,862,716.14
expense
Deferred income tax assets 950,681,245.50 950,681,245.50
Other non-current assets 1,564,074.34 1,564,074.34
Total non-current assets 1,612,317,654.27 1,627,310,075.76 14,992,421.49
Total assets 12,207,356,912.54 12,222,349,334.03 14,992,421.49
Current liabilities:
Accounts payable 468,269,685.65 468,269,685.65
Advances from customers 473,274.48 473,274.48
Contractual liabilities 666,893,629.72 666,893,629.72
Payroll payable 177,190,197.36 177,190,197.36
Taxes payable 2,487,212,979.37 2,487,212,979.37
Other payables 847,142,613.09 847,142,613.09
Including: Interest
0.00
payable
Dividends
12,202,676.04 12,202,676.04
payable
Current portion of
36,722,824.88 36,722,824.88
non-current liabilities
Other current liabilities 43,354,691.51 43,354,691.51
Total current liabilities 4,727,259,896.06 4,727,259,896.06
Non-current liabilities:
Long-term borrowings 3,587,800,000.00 3,587,800,000.00
Lease liabilities 14,992,421.49 14,992,421.49
Provisions 2,396,947.00 2,396,947.00
Deferred income 0.00
Deferred income tax
262.20 262.20
liabilities
Other non-current
108,778,327.45 108,778,327.45
liabilities
Total non-current liabilities 3,698,975,536.65 3,713,967,958.14 14,992,421.49
28
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Total liabilities 8,426,235,432.71 8,441,227,854.20 14,992,421.49
Owners’ equity:
Share capital 595,979,092.00 595,979,092.00
Capital reserves 80,488,045.38 80,488,045.38
Other comprehensive
-6,749,589.41 -6,749,589.41
income
Surplus reserves 19,205,979.63 19,205,979.63
Retained earnings 3,038,993,912.43 3,038,993,912.43
Total equity attributable to
owners of the Company as 3,727,917,440.03 3,727,917,440.03
the parent
Non-controlling interests 53,204,039.80 53,204,039.80
Total owners’ equity 3,781,121,479.83 3,781,121,479.83
Total liabilities and owners’
12,207,356,912.54 12,222,349,334.03 14,992,421.49
equity
Notes to adjustment
The Company has implemented the new IFRS 16 Leases since 1 January 2021, and according to the accumulated number of impacts
based on the execution of the new lease standard, the Company will adjust the amount of relevant items in the financial statements at
the beginning of the first year of execution, and will not adjust information for comparable periods. For operational leasing prior to
the date of initial adoption, the Company will measure the lease liabilities according to the present value discounted at the
incremental borrowing rate on the date of initial adoption based on the remaining lease payments, and make necessary adjustments to
the right-of-use assets at an amount equal to the lease liabilities.
Balance sheet of the Company as the parent
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 3,216,703,036.69 3,216,703,036.69
Accounts receivable 2,624,500.42 2,624,500.42
Other receivables 145,325,697.20 145,325,697.20
Inventories 653,885,107.24 653,885,107.24
Other current assets 496,729.09 496,729.09
Total current assets 4,019,035,070.64 4,019,035,070.64
Non-current assets:
Long-term equity
1,071,176,101.18 1,071,176,101.18
investments
Investments in other equity
1,275,405.12 1,275,405.12
instruments
Investment property 303,827,356.62 303,827,356.62
29
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
Fixed assets 51,091,963.72 51,091,963.72
Use-of-right assets 727,535.23 727,535.23
Long-term prepaid
432,440.01 432,440.01
expense
Deferred income tax assets 252,331,518.26 252,331,518.26
Other non-current assets 1,197,407,234.55 1,197,407,234.55
Total non-current assets 2,877,542,019.46 2,878,269,554.69 727,535.23
Total assets 6,896,577,090.10 6,897,304,625.33 727,535.23
Current liabilities:
Accounts payable 55,887,947.36 55,887,947.36
Payroll payable 50,710,148.02 50,710,148.02
Taxes payable 3,736,082.67 3,736,082.67
Other payables 3,971,988,862.11 3,971,988,862.11
Dividends
29,642.40 29,642.40
payable
Current portion of
31,573,154.86 31,573,154.86
non-current liabilities
Total current liabilities 4,113,896,195.02 4,113,896,195.02
Non-current liabilities:
Long-term borrowings 588,200,000.00 588,200,000.00
Lease liabilities 727,535.23 727,535.23
Other non-current
40,000,000.00 40,000,000.00
liabilities
Total non-current liabilities 628,200,000.00 628,927,535.23 727,535.23
Total liabilities 4,742,096,195.02 4,742,823,730.25 727,535.23
Owners’ equity:
Share capital 595,979,092.00 595,979,092.00
Capital reserves 53,876,380.11 53,876,380.11
Other comprehensive
-2,545,451.19 -2,545,451.19
income
Surplus reserves 19,205,979.63 19,205,979.63
Retained earnings 1,487,964,894.53 1,487,964,894.53
Total owners’ equity 2,154,480,895.08 2,154,480,895.08
Total liabilities and owners’
6,896,577,090.10 6,897,304,625.33 727,535.23
equity
Notes to adjustment
The Company has implemented the new IFRS 16 Leases since 1 January 2021, and according to the accumulated number of impacts
30
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
based on the execution of the new lease standard, the Company will adjust the amount of relevant items in the financial statements at
the beginning of the first year of execution, and will not adjust information for comparable periods. For operational leasing prior to
the date of initial adoption, the Company will measure the lease liabilities according to the present value discounted at the
incremental borrowing rate on the date of initial adoption based on the remaining lease payments, and make necessary adjustments to
the right-of-use assets at an amount equal to the lease liabilities.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New
Standards Governing Leases from 2021
□ 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.
31
