ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Third Quarterly Report 2023
Stock Code: 000029, 200029 Stock Name: SPG, SPG-B Announcement No.: 2023-038
SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE
& PROPERTIES (GROUP) CO., LTD.
THIRD QUARTERLY REPORT 2023
Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. (hereinafter referred to as the “Company”) and all
the members of the Company’s Board of Directors hereby guarantee that the contents of this Report are true, accurate and
complete and free of any misrepresentations, misleading statements or material omissions.
Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior
management of the Company hereby guarantee that the contents of this Report are true, accurate and complete and
free of any misrepresentations, misleading statements or material omissions, and collectively and individually
accept legal responsibility for such contents.
2. The Company’s legal representative, Chief Financial Officer, and head of the Company’s financial department
(equivalent to financial manager) hereby guarantee that the financial statements carried in this Report are true,
accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes No
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Third Quarterly Report 2023
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
Q3 2023 YoY change (%) Q1-Q3 2023 YoY change (%)
Operating revenue (RMB) 90,700,026.78 -43.37% 354,316,805.85 -32.68%
Net profit attributable to the listed
686,777.00 -103.43% -36,431,405.81 -129.12%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before -1,532,526.34 -92.44% -44,001,435.49 1,304.53%
exceptional gains and losses (RMB)
Net cash generated from/used in
operating activities (RMB) — — -63,333,407.59 89.63%
Basic earnings per share
(RMB/share) 0.0007 -103.54% -0.0360 -129.10%
Diluted earnings per share
0.0007 -103.54% -0.0360 -129.10%
(RMB/share)
Weighted average return on equity
0.02% 0.52% -0.92% -4.09%
(%)
30 September 2023 31 December 2022 Change (%)
Total assets (RMB) 5,660,116,336.12 5,689,769,802.18 -0.52%
Equity attributable to the listed
3,904,198,540.56 4,004,240,547.70 -2.50%
company’s shareholders (RMB)
(II) Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Q3 2023 Q1-Q3 2023 Note
Gain or loss on disposal of non-current assets (inclusive of
impairment allowance write-offs) -799.45 2,951.05
Government grants through profit or loss (exclusive of Governme
government grants continuously given in the Company’s
ordinary course of business at fixed quotas or amounts as per the 0.00 123,732.31 nt grants
government’s policies and standards) received
Gain/Loss incurred from contingency unrelated to the
172,096.87 1,816,919.56
Company’s normal operating businesses.
Gains on
fair-value
changes on
Gain or loss on fair-value changes on held-for-trading financial
investment
assets and liabilities & income from disposal of held-for-trading
s in
financial assets and liabilities and available-for-sale financial 2,048,046.94 5,686,654.29
monetary
assets (exclusive of the effective portion of hedges that arise in
fund and
the Company’s ordinary course of business)
other
investment
income
Non-operating income and expense other than the above -321.17 -38,075.58
Less: Income tax effects -280.15 22,151.95
Total 2,219,303.34 7,570,029.68 --
Other items that meet the definition of exceptional gain/loss:
□Applicable Not applicable
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Third Quarterly Report 2023
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement
No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□Applicable Not applicable
No such cases in the Reporting Period.
(III) Changes in Key Financial Statement Line Items and Explanation of why
Applicable □ Not applicable
Operating revenue and net profit attributable to the listed company’s shareholders before exceptional gains and losses for Q1-Q3
2023 decreased 32.68% and 1,304.53% respectively as compared to the same period of last year, primarily driven by the decreased
property sales revenue.
Net profit attributable to the listed company’s shareholders for Q1-Q3 2023 decreased 129.12% as compared to the same period of
last year, primarily driven by the transfer of 100% of Shenzhen Property Management Co., Ltd. in the same period of last year and
the decreased property sales revenue in the current period.
Net cash used in operating activities decreased 89.63% during Q1-Q3 2023 as compared to the same period of last year, primarily
driven by the payment of land value added tax in the same period of last year as well as the gradual inflow of pre-sale revenue of
the Guangmingli project and the decreased investment in the Linxinyuan project in Huizhou City in the current period.
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of preference shareholders with resumed
Number of ordinary shareholders 43,339 0
voting rights
Top 10 shareholders
Shares in pledge,
Restricted marked or
Nature of Shareholding Total shares
Name of shareholder shares frozen
shareholder percentage held
held
Status Shares
Shenzhen Investment Holdings Co., State-owned
55.78% 564,353,838
Ltd. corporation
Domestic non-
Shenzhen State-Owned Equity
state-owned legal 6.35% 64,288,426
Operation and Management Co., Ltd.
person
Domestic natural
Yang Jianmin 1.09% 10,986,877
person
Domestic natural
Zhang Xiujuan 0.47% 4,760,400
person
Domestic natural
Wang Yulan 0.44% 4,427,191
person
Domestic natural
He Qiao 0.40% 4,022,359
person
Domestic natural
Pan Jun 0.39% 3,916,800
person
Hong Kong Securities Clearing Foreign legal
0.35% 3,541,729
Company Ltd. person
Wang Zhengying Domestic natural 0.29% 2,918,100
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Third Quarterly Report 2023
person
Domestic natural
Zhang Zi 0.26% 2,586,400
person
Top 10 unrestricted shareholders
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
Shenzhen Investment Holdings Co., RMB-denominated
Ltd. 564,353,838 ordinary stock 564,353,838
Shenzhen State-Owned Equity RMB-denominated
Operation and Management Co., Ltd. 64,288,426 ordinary stock 64,288,426
RMB-denominated
Yang Jianmin 10,986,877 10,986,877
ordinary stock
RMB-denominated
Zhang Xiujuan 4,760,400 4,760,400
ordinary stock
RMB-denominated
Wang Yulan 4,427,191 ordinary stock 4,427,191
RMB-denominated
3,865,473
ordinary stock
He Qiao 4,022,359 Domestically listed
156,886
foreign stock
RMB-denominated
Pan Jun 3,916,800 ordinary stock 3,916,800
Hong Kong Securities Clearing RMB-denominated
3,541,729 3,541,729
Company Ltd. ordinary stock
RMB-denominated
Wang Zhengying 2,918,100 2,918,100
ordinary stock
RMB-denominated
Zhang Zi 2,586,400 2,586,400
ordinary stock
Among the top 10 shareholders of the Company, Shenzhen State-Owned Equity
Operation and Management Co., Ltd. is the wholly-owned subsidiary of
Related or acting-in-concert parties among Shenzhen Investment Holdings Co., Ltd. The Company does not know whether
the shareholders above there exists related-party relationship among the other shareholders, or whether
they are persons acting in concert as prescribed in the Administrative Measures
for the Acquisition of Listed Companies.
Among the top 10 shareholders, the third shareholder holds 9,804,200 shares of
the Company in his credit security account; the fourth shareholder holds
4,760,400 shares of the Company in his credit security account; the sixth
Top 10 shareholders engaged in securities
shareholder holds 3,732,000 shares of the Company in his credit security account;
margin trading
the ninth shareholder holds 2,918,100 shares of the Company in its credit security
account; the tenth shareholders holds 2,497,400 shares of the Company in its
credit security account.
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable Not applicable
III Other Significant Events
□Applicable Not applicable
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Third Quarterly Report 2023
Unit: RMB
Item 30 September 2023 1 January 2023
Current assets:
Monetary assets 364,191,991.31 197,663,949.74
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 276,503,415.71 408,154,361.42
Derivative financial assets
Notes receivable 1,536,150.00
Accounts receivable 35,827,221.67 63,580,422.16
Receivables financing
Prepayments 762,325.97 1,163,612.24
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 15,100,732.65 42,105,050.33
Including: Interest receivable
Dividends receivable
Financial assets purchased under resale
agreements
Inventories 4,293,033,713.17 4,257,109,614.31
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 43,360,746.55 36,778,641.42
Total current assets 5,028,780,147.03 5,008,091,801.62
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 93,927.64 93,927.64
Investments in other equity
instruments 13,787,820.00 13,839,235.57
Other non-current financial assets
Investment property 548,211,054.29 566,873,915.07
Fixed assets 20,295,139.81 21,425,475.05
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets 132,855.29 232,496.72
Intangible assets
Development costs
Goodwill
Long-term prepaid expense 1,790,037.93 2,176,221.53
Deferred income tax assets 47,025,354.13 77,036,728.98
Other non-current assets
Total non-current assets 631,336,189.09 681,678,000.56
Total assets 5,660,116,336.12 5,689,769,802.18
Current liabilities:
Short-term borrowings 26,973,544.76 51,138,077.62
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Third Quarterly Report 2023
Accounts payable 396,756,133.63 434,601,559.67
Advances from customers 4,871,471.88 5,465,343.96
Contract liabilities 193,363,120.56 43,533,467.29
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 25,381,851.09 35,724,203.78
Taxes and levies payable 37,272,312.56 190,951,185.99
Other payables 556,949,129.04 574,331,340.84
Including: Interest payable 16,535,277.94 16,535,277.94
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities 30,946,196.66 6,188,794.43
Other current liabilities 17,223,024.08 3,882,817.68
Total current liabilities 1,289,736,784.26 1,345,816,791.26
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 185,413,437.60 54,261,000.00
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 13,772.23 53,885.23
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income
Deferred income tax liabilities 3,096,348.02 3,096,348.02
Other non-current liabilities
Total non-current liabilities 188,523,557.85 57,411,233.25
Total liabilities 1,478,260,342.11 1,403,228,024.51
Owners’ equity:
Share capital 1,011,660,000.00 1,011,660,000.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 978,244,910.11 978,244,910.11
Less: Treasury stock
Other comprehensive income 24,027,379.52 25,926,720.85
Specific reserve
Surplus reserves 275,253,729.26 275,253,729.26
General reserve
Retained earnings 1,615,012,521.67 1,713,155,187.48
Total equity attributable to owners of the
3,904,198,540.56 4,004,240,547.70
Company as the parent
Non-controlling interests 277,657,453.45 282,301,229.97
Total owners’ equity 4,181,855,994.01 4,286,541,777.67
Total liabilities and owners’ equity 5,660,116,336.12 5,689,769,802.18
Legal representative: Tang Xiaoping Chief Financial Officer: Wang Jianfei Head of the financial department: Zhou Hongpu
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Third Quarterly Report 2023
2. Consolidated Income Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2023 Q1~Q3 2022
1. Revenues 354,316,805.85 526,354,062.13
Including: Operating revenue 354,316,805.85 526,354,062.13
Interest income
Insurance premium income
Fee and commission income
2. Costs and expenses 404,813,647.75 513,906,330.96
Including: Cost of sales 289,093,965.63 366,479,949.49
Interest expense
Fee and commission expense
Surrenders
Net insurance claims paid
Net amount provided as insurance contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and levies 63,813,731.19 90,272,885.10
Selling expense 17,817,886.71 14,656,389.00
Administrative expense 34,809,213.29 47,428,250.80
R&D expense
Finance costs -721,149.07 -4,931,143.38
Including: Interest expense
Interest income 1,303,132.63 3,618,913.93
Add: Other income 121,159.27 493,363.45
Return on investment (“-” for loss) 2,516,011.35 165,075,180.97
Including: Share of profit or loss of joint ventures and
associates
Income from the derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss) 4,987,562.50 6,896,129.52
Credit impairment loss (“-” for loss) 529,176.78 -564,302.42
Asset impairment loss (“-” for loss) -532,397.57
Asset disposal income (“-” for loss)
3. Operating profit (“-” for loss) -42,342,932.00 183,815,705.12
Add: Non-operating income 19,661.14 844,371.06
Less: Non-operating expense 52,212.63 254,973.93
4. Gross profit (“-” for loss) -42,375,483.49 184,405,102.25
Less: Income tax expense -2,092,269.34 62,719,392.70
5. Net profit (“-” for net loss) -40,283,214.15 121,685,709.55
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss) -40,283,214.15 112,040,552.14
5.1.2 Net profit from discontinued operations (“-” for net loss) 9,645,157.41
5.2 By ownership
5.2.1 Net profit attributable to shareholders of the Company as
the parent (“-” for net loss) -36,431,405.81 125,120,961.59
5.2.1 Net profit attributable to non-controlling interests (“-” for
net loss) -3,851,808.34 -3,435,252.04
6. Other comprehensive income, net of tax -2,691,309.51 -9,374,622.80
Attributable to owners of the Company as the parent -1,899,341.33 -6,886,381.58
6.1 Items that will not be reclassified to profit or loss -51,415.57 -1,080,485.41
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
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Third Quarterly Report 2023
6.1.3 Changes in the fair value of investments in other equity
instruments -51,415.57 -1,080,485.41
6.1.4 Changes in the fair value arising from changes in own
credit risk
6.1.5 Other
6.2 Items that will be reclassified to profit or loss -1,847,925.76 -5,805,896.17
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
-1,847,925.76 -5,805,896.17
currency-denominated financial statements
6.2.7 Other
Attributable to non-controlling interests -791,968.18 -2,488,241.22
7. Total comprehensive income -42,974,523.66 112,311,086.75
7.1 Attributable to owners of the Company as the parent -38,330,747.14 118,234,580.01
7.2 Attributable to non-controlling interests -4,643,776.52 -5,923,493.26
8. Earnings per share
8.1 Basic earnings per share -0.0360 0.1237
8.2 Diluted earnings per share -0.0360 0.1237
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.
Legal representative: Tang Xiaoping Chief Financial Officer: Wang Jianfei Head of the financial department: Zhou Hongpu
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2023 Q1~Q3 2022
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 416,750,824.92 340,192,663.39
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 1,186,861.59 130,983,924.40
Cash generated from other operating activities 29,129,487.96 41,958,184.88
Subtotal of cash generated from operating activities 447,067,174.47 513,134,772.67
Payments for commodities and services 123,719,069.83 278,878,904.10
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 53,087,639.58 68,683,129.50
Taxes and levies paid 201,016,409.51 576,441,841.05
Cash used in other operating activities 132,577,463.14 199,743,887.60
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Third Quarterly Report 2023
Subtotal of cash used in operating activities 510,400,582.06 1,123,747,762.25
Net cash generated from/used in operating activities -63,333,407.59 -610,612,989.58
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment 2,354,519.56 10,527,896.61
Net proceeds from the disposal of fixed assets, intangible assets and
3,537.60 2,907.50
other long-lived assets
Net proceeds from the disposal of subsidiaries and other business
157,394,714.05
units
Cash generated from other investing activities 136,800,000.00 115,000,000.00
Subtotal of cash generated from investing activities 139,158,057.16 282,925,518.16
Payments for the acquisition of fixed assets, intangible assets and
599,579.46 174,849.24
other long-lived assets
Payments for investments
Net increase in pledged loans granted
Net payments for the acquisition of subsidiaries and other business
units
Cash used in other investing activities
Subtotal of cash used in investing activities 599,579.46 174,849.24
Net cash generated from/used in investing activities 138,558,477.70 282,750,668.92
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by non-controlling interests to
subsidiaries
Borrowings received 155,986,610.82 33,440,000.00
Cash generated from other financing activities
Subtotal of cash generated from financing activities 155,986,610.82 33,440,000.00
Repayment of borrowings
Interest and dividends paid 65,137,494.78 89,217,187.50
Including: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities
Subtotal of cash used in financing activities 65,137,494.78 89,217,187.50
Net cash generated from/used in financing activities 90,849,116.04 -55,777,187.50
4. Effect of foreign exchange rates changes on cash and cash
154,319.59 1,326,374.63
equivalents
5. Net increase in cash and cash equivalents 166,228,505.74 -382,313,133.53
Add: Cash and cash equivalents, beginning of the period 190,365,069.48 612,293,635.15
6. Cash and cash equivalents, end of the period 356,593,575.22 229,980,501.62
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of
the New Accounting Standards Implemented since 2023
□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.
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Third Quarterly Report 2023
Board of Directors
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
28 October 2023
10
