Stock code: 000029, 200029 Stock abbreviation: SPG A, SPG B Announcement No.: 2026-043
Shenzhen Special Economic Zone Real Estate & Properties
(Group) Co., Ltd.
The Company and all members of the Board of Directors guarantee that the information disclosed is true,
accurate, and complete, and contains no false records, misleading statements, or material omissions.
Important notes:
completeness of the contents of the quarterly report, and bear individual and joint legal liabilities for any false records,
misleading statements or major omissions.
ensure the authenticity, accuracy and completeness of the financial information in the quarterly report.
□ Yes ? No
I. Major Financial Data
(I) Major accounting data and financial indicators
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
□ Yes ? No
Increase/decrease
From the beginning from the beginning of
Increase/decrease
Current reporting of the year to the end the year to the end of
over the same period
period of the reporting the reporting period
of the previous year
period over the same period
of the previous year
Operating revenue
(RMB)
Net profit attributable
to the shareholders
of the listed company
(RMB)
Net profit attributable
to the shareholders
of the listed company
-336,847.81 -100.90% -15,966,774.59 -112.10%
after deducting non-
recurring profit or
loss (RMB)
Net cash flows from
operating activities — — 46,298,359.48 150.32%
(RMB)
Basic earnings per
share (RMB/share)
Diluted earnings per
share (RMB/share)
Weighted average
rate of return on net 0.09% -1.07% -0.15% -4.19%
assets
Increase/decrease at the end of this reporting
End of this reporting
End of last year period compared with the end of the previous
period
year
Total assets (RMB) 3,843,850,532.31 3,882,782,985.57 -1.00%
Equity attributable to
shareholders of the
listed company
(RMB)
(II) Non-recurring profit or loss items and amounts
?Applicable □Not applicable
Unit: RMB
Amount from
Amount for the the beginning
current of the year to
Item Notes
reporting the end of the
period reporting
period
Profit or loss from disposal of non-current assets
(including the written-off portion of asset impairment 0.00
provisions already accrued)
Government grants included in the current profit or loss
(except for those that are closely related to the
Company's normal business operations, comply with Government grants
national policies and regulations, are enjoyed according received
to determined standards, and have a sustained impact
on the Company's profit or loss)
Profit or loss from changes in fair value of financial
assets and liabilities held by non-financial enterprises
and profit or loss from the disposal of financial assets
and financial liabilities, except for effective hedging
operations related to the Company's normal business
operations
Fund possession costs included in the current profit or
loss and collected from non-financial enterprises
Changes in fair value
Profit or loss from entrusting others with investments or arising from
asset management investments in money
market funds
Profit or loss from loan entrustment 0.00
Losses on assets arising from force majeure factors
such as natural disasters
Reversal of impairment provisions for receivables
subject to separate impairment testing
Gain arising from the cost of acquiring subsidiaries,
associates and joint ventures being less than the fair
value of the identifiable net assets of the investee at the
time of investment acquisition
Current net profit or loss of subsidiaries from business
combination under the same control from the beginning 0.00
of the period to the combination date
Profit or loss from non-monetary asset exchange 0.00
Profit or loss from debt restructuring 0.00
One-time costs incurred by an enterprise as a result of
the discontinuation of a related operating activity, such 0.00
as expenses for relocating employees
One-time impact on profit or loss for the current period
due to adjustments in tax, accounting and other laws 0.00
and regulations
One-time recognition of share-based payment expense
due to cancellation and modification of equity incentive 0.00
plans
For cash-settled share-based payments, profit or loss
arising from changes in fair value of payables to 0.00
employees after the vesting date
Profit or loss arising from changes in fair value of
investment properties subsequently measured using the 0.00
fair value model
Gain arising from transactions with obviously unfair
transaction prices
Profit or loss from contingent events unrelated to the
Company's normal business
Custody fee income from entrusted operations 0.00
Other non-operating revenue and expenses outside the
-14,481.86 -15,734.88
above items
Other profit or loss items that meet the definition of non-
recurring profit or loss
Less: income tax effects -3,620.47 -3,433.72
Non-controlling interests effects (after-tax) 0.00 0.00
Total 3,481,484.60 10,551,301.12 --
Details of other profit or loss items that meet the definition of non-recurring profit or loss:
□Applicable ?Not applicable
The Company had no specific profit or loss items that meet the definition of non-recurring profit or loss.
Explanation of defining the non-recurring profit or loss items listed in the Explanatory Announcement No. 1 on
Information Disclosure for Companies Offering Securities to the Public - Non-recurring Profit or Loss as recurring profit
or loss items
?Applicable □Not applicable
Item Amount involved (RMB) Reason
Refund of handling charges for Continuously occurring from year to year, not
withholding individual income taxes occasional, recognized as recurring profit or loss
(III) Changes in major accounting data and financial indicators and reasons
?Applicable □Not applicable
In the first three quarters of 2026, the operating revenue decreased by 72.75% year-on-year, the net profit attributable
to shareholders of the listed company decreased by 103.73% year-on-year, and net profit attributable to shareholders
of the listed company after deducting non-recurring profit or loss decreased by 112.10% year-on-year, which was
mainly due to a year-on-year decrease in the carry-over of the Company's real estate projects during the reporting
period.
In the first three quarters of 2026, the net cash flow from operating activities increased by 150.32% year-on-year,
primarily due to a year-on-year increase in cash receipts from sales, and a year-on-year decrease in payments for
construction projects.
II. Shareholder Information
(I) Total number of ordinary shareholders and preferred shareholders with restored voting
rights, and shareholdings of top ten shareholders
Unit: shares
Total number of ordinary Total number of preferred shareholders with
shareholders at the end of the 38,164 voting rights restored at the end of the reporting 0
reporting period period (if any)
Shareholdings of top 10 shareholders (excluding shares lent through refinancing)
Sharehol Numbe Status of pledge, marking
Nature of ding Number of r of or freezing
Name of shareholder
shareholder percenta shares held restrict Share
Quantity
ge ed status
shares
held
Shenzhen Investment State-owned Not
Holdings Co., Ltd. legal person applicable
Domestic non-
Shenzhen State-owned Not
state-owned 6.35% 64,288,426 0 0
Equity Management Co., Ltd. applicable
legal person
Domestic
Yang Jianmin 0.95% 9,595,301 0 Pledged 3,890,000
natural person
Domestic Not
Wang Yulan 0.62% 6,228,591 0 0
natural person applicable
Domestic Not
Zhang Xiujuan 0.46% 4,685,900 0 0
natural person applicable
Domestic Not
He Qiao 0.45% 4,602,600 0 0
natural person applicable
Industrial and Commercial
Bank of China Limited - China Not
Others 0.44% 4,491,246 0 0
Southern CSI All Share Real applicable
Estate ETF
Hong Kong Securities Overseas legal Not
Clearing Company Ltd. person applicable
Domestic Not
Wang Zhengying 0.29% 2,962,900 0 0
natural person applicable
Domestic non-
Beijing Dream Works Not
state-owned 0.29% 2,893,300 0 0
Technology Co., Ltd. applicable
legal person
Shareholding of top 10 unrestricted shareholders (excluding shares lent through refinancing and shares locked by
senior management)
Number of unrestricted Types and numbers of shares
Name of shareholder
shares held Type of shares Quantity
RMB ordinary
Shenzhen Investment Holdings Co., Ltd. 544,130,880 544,130,880
shares
RMB ordinary
Shenzhen State-owned Equity Management Co., Ltd. 64,288,426 64,288,426
shares
RMB ordinary
Yang Jianmin 9,595,301 9,595,301
shares
RMB ordinary
Wang Yulan 6,228,591 6,228,591
shares
RMB ordinary
Zhang Xiujuan 4,685,900 4,685,900
shares
RMB ordinary
shares
He Qiao 4,602,600 Domestically
listed foreign 210,900
shares
Industrial and Commercial Bank of China Limited - RMB ordinary
China Southern CSI All Share Real Estate ETF shares
RMB ordinary
Hong Kong Securities Clearing Company Ltd. 4,375,406 4,375,406
shares
RMB ordinary
Wang Zhengying 2,962,900 2,962,900
shares
RMB ordinary
Beijing Dream Works Technology Co., Ltd. 2,893,300 2,893,300
shares
Among the top 10 shareholders of the Company, Shenzhen State-
Explanation of the related relationship or acting-
owned Equity Management Co., Ltd. is a wholly-owned subsidiary
in-concert relationship among the above
of Shenzhen Investment Holdings Co., Ltd. The Company does
shareholders
not know whether there exists associated 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 3rd ranked shareholder holds
Explanation of the top 10 shareholders
shareholder holds 4,685,900 shares in a credit securities account,
participating in margin trading and securities
the 6th ranked shareholder holds 4,275,300 shares in a credit
lending business (if any)
securities account, and the 9th ranked shareholder holds
Participation of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10
shareholders of unrestricted tradable shares in refinancing business for lending shares
□Applicable ?Not applicable
Changes of the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares compared with the
previous period due to refinancing lending/return
□Applicable ?Not applicable
(II) Total number of preferred shareholders and shareholdings of top 10 preferred
shareholders
□Applicable? Not applicable
III. Other Significant Matters
□Applicable? Not applicable
IV. Quarterly Financial Statements
(I) Financial Statements
Prepared by: Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
September 30, 2026
Unit: RMB
Item Ending Balance Beginning Balance
Current assets:
Monetary funds 294,005,978.82 284,686,525.04
Settlement provisions 0.00 0.00
Lendings 0.00 0.00
Held-for-trading financial assets 1,060,817,660.69 1,050,256,058.41
Derivative financial assets 0.00 0.00
Notes receivable 0.00 0.00
Accounts receivable 41,863,962.80 44,898,083.74
Receivables financing 0.00 0.00
Prepayments 663,102.64 31,588.45
Premiums receivable 0.00 0.00
Reinsurance receivables 0.00 0.00
Receivable reinsurance contract
reserves
Other receivables 768,841,454.32 747,900,491.52
Including: Interest receivable
Dividends receivable 0.00 0.00
Financial assets held under resale
agreements
Inventories 585,573,397.26 1,099,359,619.25
Including: Data resources
Contract assets 22,144,452.84 29,035,256.28
Assets held for sale 0.00 0.00
Non-current assets due within one
year
Other current assets 53,989,241.53 66,133,465.24
Total current assets 2,827,899,250.90 3,322,301,087.93
Non-current assets:
Loans and advances to customers 0.00 0.00
Debt investments 0.00 0.00
Other debt investments 0.00 0.00
Long-term receivables 0.00 0.00
Long-term equity investments 0.00 0.00
Other equity instrument
investments
Other non-current financial assets 0.00 0.00
Investment properties 981,788,095.88 522,634,659.17
Fixed assets 13,041,073.59 14,949,900.45
Construction in progress 0.00 571,822.67
Productive biological assets 0.00 0.00
Oil and gas assets 0.00 0.00
Right-of-use assets 0.00 0.00
Intangible assets 0.00 0.00
Including: Data resources
Development expenditures 0.00 0.00
Including: Data resources
Goodwill 0.00 0.00
Long-term deferred expenses 3,516,840.04 1,615,683.92
Deferred tax assets 5,875,751.51 6,138,319.62
Other non-current assets 0.00 0.00
Total non-current assets 1,015,951,281.41 560,481,897.64
Total assets 3,843,850,532.31 3,882,782,985.57
Current liabilities:
Short-term borrowings 1,159,008.51 50,000.00
Borrowings from central bank 0.00 0.00
Borrowings 0.00 0.00
Held-for-trading financial liabilities 0.00 0.00
Derivative financial liabilities 0.00 0.00
Notes payable 0.00 0.00
Accounts payable 174,592,371.55 171,738,333.04
Advances from customers 2,007,597.70 722,042.14
Contract liabilities 18,679,564.11 28,400,659.20
Financial assets sold under
repurchase agreements
Customer deposits and interbank
deposits
Securities brokerage deposits 0.00 0.00
Securities underwriting deposits 0.00 0.00
Employee benefits payable 25,933,937.47 32,757,342.88
Taxes payable 21,322,311.14 26,922,082.58
Other payables 157,567,453.76 144,280,409.16
Including: Interest payable 16,535,277.94 16,535,277.94
Dividends payable 0.00 0.00
Handling charges and
commissions payable
Reinsurance payables 0.00 0.00
Liabilities held for sale 0.00 0.00
Non-current liabilities due within
one year
Other current liabilities 3,743,552.35 7,565,002.87
Total current liabilities 405,005,796.59 412,435,871.87
Non-current liabilities:
Insurance contract reserves 0.00 0.00
Long-term borrowings 0.00 0.00
Bonds payable 0.00 0.00
Including: Preferred shares 0.00 0.00
Perpetual bonds 0.00 0.00
Lease liabilities 0.00 0.00
Long-term payables 0.00 0.00
Long-term employee benefits
payable
Provisions 0.00 0.00
Deferred income 0.00 0.00
Deferred tax liabilities 867,914.50 867,914.50
Other non-current liabilities 0.00 0.00
Total non-current liabilities 867,914.50 867,914.50
Total liabilities 405,873,711.09 413,303,786.37
Owners' equity:
Share capital 1,011,660,000.00 1,011,660,000.00
Other equity instruments 0.00 0.00
Including: Preferred shares 0.00 0.00
Perpetual bonds 0.00 0.00
Capital reserves 978,244,910.11 978,244,910.11
Less: Treasury shares 0.00 0.00
Other comprehensive income 30,817,391.48 23,315,115.52
Special reserves 0.00 0.00
Surplus reserves 275,253,729.26 275,253,729.26
General risk reserves 0.00 0.00
Undistributed profits 1,283,025,868.02 1,323,849,441.49
Total owners' equity attributable to
the parent company
Non-controlling interests -141,025,077.65 -142,843,997.18
Total owners' equity 3,437,976,821.22 3,469,479,199.20
Total liabilities and owners' equity 3,843,850,532.31 3,882,782,985.57
Legal Representative: Chen Ming Person in charge of accounting: Wang Jianfei Person in charge of the
accounting firm: Zhou Hongpu
period
Unit: RMB
Amount incurred in the previous
Item Amount incurred in the current period
period
I. Total operating revenue 244,904,282.56 898,853,082.45
Including: Operating revenue 244,904,282.56 898,853,082.45
Interest income 0.00 0.00
Premiums earned 0.00 0.00
Handling charges and
commission income
II. Total operating costs 261,371,485.11 734,218,069.37
Including: Operating costs 206,074,276.02 654,950,924.98
Interest expenses 0.00 0.00
Handling charges and
commission expenses
Surrender payments 0.00 0.00
Net compensation expenses 0.00 0.00
Net provision for insurance
liability reserves
Policyholder dividend
expenses
Reinsurance expenses 0.00 0.00
Taxes and surcharges 12,627,559.39 19,023,665.27
Selling expenses 8,464,596.09 16,861,749.62
Administrative expenses 33,518,732.92 42,490,637.66
R&D expenses 0.00 0.00
Financial expenses 686,320.69 891,091.84
Including: Interest
expenses
Interest income 1,492,297.87 2,676,528.01
Add: Other income 54,026.64 31,652.46
Investment income ("-" for
losses)
Including: Investment
income from associates and joint
ventures
Gains from
derecognition of financial assets
measured by amortized costs
Exchange gains ("-" for
losses)
Net hedging gains ("-" for
losses)
Gains from changes in fair
value ("-" for losses)
Credit impairment losses ("-"
for losses)
Asset impairment losses ("-"
for losses)
Asset disposal income ("-" for
losses)
III. Operating profit ("-" for losses) -4,580,721.27 178,094,399.58
Add: Non-operating revenue 481.02 915,344.49
Less: Non-operating expenses 16,215.90 37,332.37
IV. Total profit ("-" for total losses) -4,596,456.15 178,972,411.70
Less: Income tax expenses 1,045,905.76 34,935,922.89
V. Net profit ("-" for net losses) -5,642,361.91 144,036,488.81
(I) Classified by business continuity
-5,642,361.91 144,036,488.81
operations ("-" for net losses)
operations ("-" for net losses)
(II) Classified by ownership
shareholders of the parent company -5,415,473.47 145,117,675.52
("-" for net losses)
-226,888.44 -1,081,186.71
income/loss ("-" for net losses)
VI. Net after-tax amount of other
comprehensive income
Net after-tax amount of other
comprehensive income attributable to 7,502,275.96 6,138,057.63
owners of the parent company
(I) Other comprehensive income
that will not be reclassified to profit or -2,841,991.42 -414,551.01
loss
measurement of defined benefit 0.00 0.00
plans
income that cannot be reclassified to 0.00 0.00
profit or loss under the equity method
-2,841,991.42 -414,551.01
other equity instrument investments
arising from the Company's own 0.00 0.00
credit risk
(II) Other comprehensive income
that will be reclassified to profit or 10,344,267.38 6,552,608.64
loss
income that can be reclassified to 0.00 0.00
profit or loss under the equity method
other debt investments
reclassified to other comprehensive 0.00 0.00
income
for other debt investments
statement translation differences
Net after-tax amount of other
comprehensive income attributable to 2,045,807.97 644,139.50
minority shareholders
VII. Total comprehensive income 3,905,722.02 150,818,685.94
(I) Total comprehensive income
attributable to owners of the parent 2,086,802.49 151,255,733.15
company
(II) Total comprehensive income
attributable to minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share -0.0054 0.1434
(II) Diluted earnings per share -0.0054 0.1434
For business combinations under the same control in the current period, the net profit achieved by the combined party
before the combination was: RMB 0.00, and the net profit achieved by the combined party in the previous period was:
RMB 0.00.
Legal Representative: Chen Ming Person in charge of accounting: Wang Jianfei Person in charge of the
accounting firm: Zhou Hongpu
period
Unit: RMB
Amount incurred in the previous
Item Amount incurred in the current period
period
I. Cash flows from operating
activities:
Cash receipts from sale of goods
and rendering of services
Net increase in customer deposits
and interbank deposits
Net increase in borrowings from
central bank
Net increase in borrowings from
other financial institutions
Cash receipts from original
insurance contract premiums
Net cash receipts from reinsurance
business
Net increase in deposits and
investments from policyholders
Cash receipts from interest,
handling charges and commissions
Net increase in borrowings
Net increase in funds from
repurchase business
Net cash receipts from securities
brokerage business
Refund of taxes and levies 13,450,960.28 14,515,474.76
Cash receipts from other operating
activities
Subtotal of cash inflows from
operating activities
Cash payments for goods
purchased and services received
Net increase in loans and
advances to customers
Net increase in deposits with
central bank and other financial
institutions
Cash payments for claims on
original insurance contracts
Net increase in lendings
Cash payments for interest,
handling charges and commissions
Cash payments for policyholder
dividends
Cash payments to and on behalf of
employees
Payments of all types of taxes and
levies
Cash payments for other operating
activities
Subtotal of cash outflows from
operating activities
Net cash flows from operating
activities
II. Cash flows from investing
activities:
Cash receipts from withdrawal of
investments
Cash receipts from investment
income
Net cash receipts from disposal of
fixed assets, intangible assets and 0.00 0.00
other long-term assets
Net cash receipts from disposal of
subsidiaries and other business units
Cash receipts from other investing
activities
Subtotal of cash inflows from
investing activities
Cash payments for acquisition of
fixed assets, intangible assets and 480,806.93 500,391.16
other long-term assets
Cash payments for investments 0.00 0.00
Net increase in pledged loans 0.00 0.00
Net cash payments for acquisition
of subsidiaries and other business 0.00 0.00
units
Cash payments for other investing
activities
Subtotal of cash outflows from
investing activities
Net cash flows from investing
activities
III. Cash flows from financing
activities:
Cash receipts from capital
contributions
Including: Cash receipts from
capital contributions by minority 0.00 0.00
shareholders to subsidiaries
Cash receipts from borrowings 0.00 0.00
Cash receipts from other financing
activities
Subtotal of cash inflows from
financing activities
Cash payments for repayment of
debts
Cash payments for distribution of
dividends, profits or interest
expenses
Including: Dividends and profits
paid to minority shareholders by
subsidiaries
Cash payments for other financing
activities
Subtotal of cash outflows from
financing activities
Net cash flows from financing
-35,408,100.00 -35,456,510.81
activities
IV. Effect of exchange rate changes
-195,748.32 -65,120.99
on cash and cash equivalents
V. Net increase in cash and cash
equivalents
Add: Cash and cash equivalents at
the beginning of the period
VI. Cash and cash equivalents at the
end of the period
(II) Adjustments to relevant items in financial statements at the beginning of
the year of initial implementation due to the initial implementation of new
accounting standards from 2026
□Applicable ?Not applicable
(III) Audit report
Whether the financial accounting report for the third quarter has been audited
□ Yes ? No
The Company's financial accounting report for the third quarter has not been audited.
Board of Directors of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
October 24, 2026
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