ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2023
Stock Code: 000011, 200011 Stock Name: PRD, PRD-B Announcement No. 2023-08
SHENZHEN PROPERTIES & RESOURCES DEVELOPMENT
(GROUP) LTD.
FIRST QUARTERLY REPORT 2023
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 2023 Q1 2022 Change (%)
Operating revenue (RMB) 411,469,619.15 1,255,811,600.03 -67.23%
Net profit attributable to the listed company’s
13,216,750.95 219,440,470.15 -93.98%
shareholders (RMB)
Net profit attributable to the listed company’s
shareholders before exceptional gains and 13,335,100.35 226,479,051.98 -94.11%
losses (RMB)
Net cash generated from/used in operating
-419,149,918.25 -762,389,016.83 45.02%
activities (RMB)
Basic earnings per share (RMB/share) 0.0222 0.3682 -93.97%
Diluted earnings per share (RMB/share) 0.0222 0.3682 -93.97%
Weighted average return on equity (%) 0.30% 5.61% -5.31%
31 March 2023 31 December 2022 Change (%)
Total assets (RMB) 15,779,473,033.85 15,800,287,610.40 -0.13%
Equity attributable to the listed company’s
4,426,728,112.94 4,412,555,547.97 0.32%
shareholders (RMB)
1
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2023
(II) Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Q1 2023 Note
Gain or loss on disposal of non-current assets
(inclusive of impairment allowance write- 692.45
offs)
Government grants through profit or loss
(exclusive of government grants continuously
given in the Company’s ordinary course of 660,340.61 One-time bounty received
business at fixed quotas or amounts as per the
government’s policies and standards)
Non-operating income and expense other Reversal of non-operating income
-1,111,715.40
than the above recognized in prior period
Other gains and losses that meet definition of
327,260.97
nonrecurring gain/loss
Less: Income tax effects -57,712.13
Non-controlling interests effects (net of
52,640.16
tax)
Total -118,349.40
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 2023 1 January 2023 Change (%) Main reasons for the change
items
Prepayments 146,425,179.45 100,341,806.56 45.93% Payment for lands
Increase in debit balance of reclassified
Other current assets 100,019,405.28 65,655,266.27 52.34%
tax payable
Accounts payable 424,879,548.32 608,283,388.52 -30.15% Decrease in project money payable
Advances from
1,256,391.62 2,260,847.31 -44.43% Decrease in rent received in advance
customers
Income statemnet
Q1 2023 Q1 2022 Change (%) Main reasons for the change
line items
Decrease in carry-over of real estate
Operating revenue 411,469,619.15 1,255,811,600.03 -67.23%
revenue
Decrease in carry-over of real estate
Cost of sales 310,287,854.20 628,064,409.56 -50.60%
costs
Increase in VAT of land accrued in the
Taxes and levies 6,838,102.09 264,764,712.67 -97.42%
same period of last year
Credit impairment
-88,003.56 - 100.00% Increase in bad debt provision
loss
Non-operating Reversal of non-operating income
-377,546.96 193,104.68 -295.51%
income recognized in prior period
Non-operating 283,475.99 184,355.58 53.77% Increase in small non-operating
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2023
expense expense paid in the Reporting Period
Income tax expense 3,202,392.63 65,957,243.88 -95.14% Decrease in total profit
Other comprehensive
income- Changes in
the fair value of -129,311.06 -12,045.80 -973.49% Influence of changes in fair value
investments in other
equity instruments
Other comprehensive
income- Differences
arising from the
translation of foreign 1,085,125.08 404,100.07 168.53% Influence of changes in exchange rates
currency-
denominated
financial statements
Cash flow statement
Q1 2023 Q1 2022 Change (%) Main reasons for the change
line items
Net cash generated
Payment for lands in the same period
from/used in -419,149,918.25 -762,389,016.83 45.02%
of last year
operating activities
Net cash generated
Equity transfer payment paid in the
from/used in -1,096,439.52 -241,934,054.45 99.55%
same period of last year
investing activities
Net cash generated
from/used in 196,357,157.11 36,943,224.39 431.51% New bank loan
financing 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
45,441 0
period-end voting rights at the period-end (if any)
Top 10 shareholders
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
50.57% 301,414,637 3,326
Holdings Corporation corporation
Domestic
Shenzhen State-Owned
non-state-
Equity Operation and 6.38% 38,037,890 0
owned legal
Management Co., Ltd.
person
China Orient Asset State-owned
2.77% 16,491,402 0
Management Co., Ltd. legal person
Domestic
Duan Shaoteng natural 0.29% 1,755,565 0
person
Domestic
Shenzhen Duty-Free
non-state-
Commodity Enterprises Co., 0.29% 1,730,300 1,730,300
owned legal
Ltd.
person
Domestic
Yang Yaochu natural 0.27% 1,640,984 0
person
Domestic
Li Xinyi natural 0.25% 1,500,000 0
person
Industrial and Commercial Other 0.23% 1,389,034 0
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2023
Bank of China Limited －
Southern China Securities
Full Index Real Estate
Trading Open-ended Index
Securities Investment Fund
Domestic
Mai Furong natural 0.20% 1,244,596 0
person
Hong Kong Securities Foreign
0.18% 1,068,311 0
Clearing Company Ltd. legal person
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted shares held
Class Shares
RMB-
Shenzhen Investment Holdings Corporation 301,411,311 denominated 301,411,311
ordinary stock
RMB-
Shenzhen State-Owned Equity Operation and
38,037,890 denominated 38,037,890
Management Co., Ltd.
ordinary stock
RMB-
China Orient Asset Management Co., Ltd. 16,491,402 denominated 16,491,402
ordinary stock
RMB-
Duan Shaoteng 1,755,565 denominated 1,755,565
ordinary stock
Domestically
Yang Yaochu 1,640,984 listed foreign 1,640,984
stock
RMB-
Li Xinyi 1,500,000 denominated 1,500,000
ordinary stock
Industrial and Commercial Bank of China
RMB-
Limited － Southern China Securities Full
1,389,034 denominated 1,389,034
Index Real Estate Trading Open-ended Index ordinary stock
Securities Investment Fund
Domestically
Mai Furong 1,244,596 listed foreign 1,244,596
stock
RMB-
Hong Kong Securities Clearing Company
1,068,311 denominated 1,068,311
Ltd. ordinary stock
Domestically
He Simo 1,011,750 listed foreign 1,011,750
stock
The first largest shareholder, Shenzhen Investment Holding
Corporation, is the actual controlling shareholder of the Company and
Related or acting-in-concert parties among the shareholders
Shenzhen State-Owned Equity Operation and Management Co., Ltd.
above
And the 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 margin
N/A
trading (if any)
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable Not applicable
III Other Significant Events
□Applicable Not applicable
4
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2023
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Properties & Resources Development (Group) Ltd.
31 March 2023
Unit: RMB
Item 31 March 2023 1 January 2023
Current assets:
Monetary assets 1,294,112,476.80 1,517,528,893.83
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 404,086,870.42 419,933,915.30
Receivables financing
Prepayments 146,425,179.45 100,341,806.56
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 658,575,446.66 639,903,523.33
Including: Interest receivable
Dividends receivable
Financial assets purchased under resale
agreements
Inventories 11,106,509,106.85 10,975,334,223.37
Contract assets 1,064,005.07 1,094,632.90
Assets held for sale
Current portion of non-current assets
Other current assets 100,019,405.28 65,655,266.27
Total current assets 13,710,792,490.53 13,719,792,261.56
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables 22,292,127.37 22,651,454.07
Long-term equity investments 80,798,891.32 79,781,437.31
Investments in other equity
758,527.58 887,838.64
instruments
Other non-current financial assets
Investment property 396,785,785.35 405,762,739.18
Fixed assets 78,818,591.73 82,745,172.12
Construction in progress
Productive living assets
Oil and gas assets
5
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2023
Right-of-use assets 63,452,759.65 70,168,415.65
Intangible assets 974,222.92 1,269,382.91
Development costs
Goodwill 9,446,847.38 9,446,847.38
Long-term prepaid expense 22,104,628.41 21,980,602.46
Deferred income tax assets 1,390,497,288.53 1,383,050,586.04
Other non-current assets 2,750,873.08 2,750,873.08
Total non-current assets 2,068,680,543.32 2,080,495,348.84
Total assets 15,779,473,033.85 15,800,287,610.40
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 424,879,548.32 608,283,388.52
Advances from customers 1,256,391.62 2,260,847.31
Contract liabilities 950,151,023.07 920,828,040.81
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 199,128,150.85 239,126,392.02
Taxes and levies payable 3,872,677,504.17 3,917,278,346.81
Other payables 1,488,142,735.12 1,515,085,832.45
Including: Interest payable
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 liabilities 218,456,766.65 218,858,766.82
Other current liabilities 79,539,635.66 83,991,786.83
Total current liabilities 7,234,231,755.46 7,505,713,401.57
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 3,868,882,344.00 3,618,782,344.00
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 70,419,433.29 77,963,283.55
Long-term payables 0.00 0.00
Long-term employee benefits payable 0.00 0.00
Provisions 766,612.52 766,612.52
Deferred income 0.00 0.00
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2023
Deferred income tax liabilities 174,168.87 241,978.54
Other non-current liabilities 125,716,075.26 128,008,919.79
Total non-current liabilities 4,065,958,633.94 3,825,763,138.40
Total liabilities 11,300,190,389.40 11,331,476,539.97
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 -2,898,563.93 -3,854,377.95
Specific reserve
Surplus reserves 48,886,605.81 48,886,605.81
General reserve
Retained earnings 3,704,272,933.68 3,691,056,182.73
Total equity attributable to owners of the
4,426,728,112.94 4,412,555,547.97
Company as the parent
Non-controlling interests 52,554,531.51 56,255,522.46
Total owners’ equity 4,479,282,644.45 4,468,811,070.43
Total liabilities and owners’ equity 15,779,473,033.85 15,800,287,610.40
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
2. Consolidated Income Statement
Unit: RMB
Item Q1 2023 Q1 2022
1. Revenues 411,469,619.15 1,255,811,600.03
Including: Operating revenue 411,469,619.15 1,255,811,600.03
Interest revenue
Insurance premium income
Fee and commission
income
2. Costs and expenses 401,084,780.60 977,118,589.24
Including: Cost of sales 310,287,854.20 628,064,409.56
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 6,838,102.09 264,764,712.67
Selling expense 4,848,217.44 3,937,994.28
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2023
Administrative expense 64,973,120.40 65,085,375.46
Development costs 1,197,579.33 1,267,710.00
Finance costs 12,939,907.14 13,998,387.27
Including: Interest costs 15,853,484.32 17,192,333.07
Interest
3,282,400.58 4,135,325.97
revenue
Add: Other income 2,309,886.58 2,171,231.11
Return on investment (“-” for loss) 1,017,454.01 849,549.56
Including: Share of profit or loss
1,017,454.01 714,020.44
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
-88,003.56
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
loss)
3. Operating profit (“-” for loss) 13,624,175.58 281,713,791.46
Add: Non-operating income -377,546.96 193,104.68
Less: Non-operating expense 283,475.99 184,355.58
4. Gross profit (“-” for loss) 12,963,152.63 281,722,540.56
Less: Income tax expense 3,202,392.63 65,957,243.88
5. Net profit (“-” for net loss) 9,760,760.00 215,765,296.68
5.1 By operating continuity
5.1.1 Net profit from continuing
9,760,760.00 215,765,296.68
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
13,216,750.95 219,440,470.15
owners of the Company as the parent
5.2.2 Net profit attributable to non-
-3,455,990.95 -3,675,173.47
controlling interests
6. Other comprehensive income, net of
955,814.02 392,054.27
tax
Attributable to owners of the
955,814.02 392,054.27
Company as the parent
6.1 Items that will not be
-129,311.06 -12,045.80
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
-129,311.06 -12,045.80
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
1,085,125.08 404,100.07
profit or loss
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2023
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- 1,085,125.08 404,100.07
denominated financial statements
6.2.7 Other
Attributable to non-controlling
interests
7. Total comprehensive income 10,716,574.02 216,157,350.95
Attributable to owners of the
14,172,564.97 219,832,524.42
Company as the parent
Attributable to non-controlling
-3,455,990.95 -3,675,173.47
interests
8. Earnings per share
8.1 Basic earnings per share 0.0222 0.3682
8.2 Diluted earnings per share 0.0222 0.3682
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: Liu Qiang
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2023 Q1 2022
1. Cash flows from operating activities:
Proceeds from sale of commodities
477,368,068.71 505,056,812.76
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 101,125.67 523,079.87
Cash generated from other operating 109,438,389.88 393,205,832.81
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2023
activities
Subtotal of cash generated from
586,907,584.26 898,785,725.44
operating activities
Payments for commodities and services 583,398,323.24 949,559,047.62
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 259,582,400.88 258,508,367.52
Taxes and levies paid 100,157,319.11 242,002,874.71
Cash used in other operating activities 62,919,459.28 211,104,452.42
Subtotal of cash used in operating
1,006,057,502.51 1,661,174,742.27
activities
Net cash generated from/used in
-419,149,918.25 -762,389,016.83
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- 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
254.95
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other long- 1,096,694.47 1,300,024.45
lived assets
Payments for investments 240,634,030.00
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
1,096,694.47 241,934,054.45
activities
Net cash generated from/used in
-1,096,439.52 -241,934,054.45
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received 250,100,000.00 86,200,000.00
Cash generated from other financing
activities
Subtotal of cash generated from
250,100,000.00 86,200,000.00
financing activities
Repayment of borrowings
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ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2023
Interest and dividends paid 53,355,811.48 48,154,777.50
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing activities 387,031.41 1,101,998.11
Subtotal of cash used in financing
53,742,842.89 49,256,775.61
activities
Net cash generated from/used in
196,357,157.11 36,943,224.39
financing activities
4. Effect of foreign exchange rates
-967,133.01 -438,124.09
changes on cash and cash equivalents
5. Net increase in cash and cash
-224,856,333.67 -967,817,970.98
equivalents
Add: Cash and cash equivalents,
1,509,693,857.48 1,963,966,564.41
beginning of the period
6. Cash and cash equivalents, end of the
1,284,837,523.81 996,148,593.43
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 Properties & Resources Development (Group) Ltd.
28 April 2023
11
