Stock code: 000029, 200029 Stock abbreviation: SPG A, SPG B Announcement No.: 2026-017
Shenzhen Special Economic Zone Real Estate & Properties
(Group) Co., Ltd.
First Quarter Report 2026
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
Same period of last Increase/decrease over the same
Reporting period
year period of the previous year (%)
Operating revenue (RMB) 67,383,890.02 330,053,200.67 -79.58%
Net profit attributable to
shareholders of the listed company -3,926,915.41 72,421,123.75 -105.42%
(RMB)
Net profit attributable to
shareholders of the listed company
-7,640,881.12 68,102,809.31 -111.22%
after deducting non-recurring gains
and losses (RMB)
Net cash flows from operating
activities (RMB)
Basic earnings per share
-0.0039 0.0716 -105.45%
(RMB/share)
Diluted earnings per share
-0.0039 0.0716 -105.45%
(RMB/share)
Weighted average return on net
-0.11% 1.94% -2.05%
assets
Increase/decrease at the end of
End of the End of the previous
the reporting period compared to
reporting period year
the end of the previous year (%)
Total assets (RMB) 3,859,715,043.13 3,882,782,985.57 -0.59%
Equity attributable to shareholders
of the listed company (RMB)
(II) Non-recurring profit or loss items and amounts
? Applicable Not applicable
Unit: RMB
Amount for
Item the reporting Description
period
Government grants included in profit or loss for the current
period (excluding government grants that are closely
related to the company's normal business operations,
comply with national policies and regulations, are enjoyed
according to determined standards, and have a sustained
impact on the company's profit or loss)
Gains or losses from changes in fair value arising from
holding financial assets and financial liabilities by non-
Changes in fair value and investment
financial enterprises, and gains or losses from the disposal
of financial assets and financial liabilities, excluding
money market funds
effective hedging activities related to the company's normal
business operations
Other non-operating income and expenses other than the
-1,313.35
items above
Less: Effect of income tax 171.66
Total 3,713,965.71 --
Specific circumstances of other profit or loss items that meet the definition of non-recurring profit or loss
□ Applicable ? Not applicable
The company has no other profit or loss items that meet the definition of non-recurring profit or loss.
Explanation on defining 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
Amount involved
Item Reason
(RMB)
Continuously occurring each year and not
Refund of handling fees for
withholding individual income tax
loss
(III) Changes in major accounting data and financial indicators and the reasons
? Applicable □ Not applicable
In the first quarter of 2026, the operating revenue decreased by 79.58% year-on-year, the net profit attributable to
shareholders of the listed company decreased by 105.42% year-on-year, and the net profit attributable to shareholders
of the listed company after deducting non-recurring profit or loss decreased by 111.22% 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 quarter of 2026, the net cash flow from operating activities increased by 165.69% 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 38,109 restored voting rights at the end of the reporting 0
reporting period period (if any)
Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)
Shareh Number of Pledge, marking or
Nature of olding Number of restricted freezing
Name of shareholder
shareholder percent shares held shares Share
Number
age (%) held status
Not
Shenzhen Investment Holdings State-owned
Co., Ltd. legal person
e
Domestic
Not
Shenzhen State-owned Equity non-state-
Operation Management Co., Ltd. owned legal
e
person
Domestic
Yang Jianmin natural 0.99% 9,978,000 0 Pledged 3,890,000
person
Domestic Not
Wang Yulan natural 0.62% 6,228,591 0 applicabl 0
person e
Not
Hong Kong Securities Clearing Overseas
Company Ltd. legal person
e
Domestic Not
Zhang Xiujuan natural 0.47% 4,755,900 0 applicabl 0
person e
Domestic Not
He Qiao natural 0.39% 3,968,100 0 applicabl 0
person e
Industrial and Commercial Bank of
Not
China Limited - China Southern
Others 0.32% 3,197,604 0 applicabl 0
CSI All Share Real Estate ETF
e
Securities Investment Fund
Domestic Not
Wang Zhengying natural 0.29% 2,961,900 0 applicabl 0
person e
Domestic Not
Wang Jinghua natural 0.29% 2,919,600 0 applicabl 0
person e
Shareholdings of the top 10 shareholders without restrictions on sales (excluding shares lent through refinancing and
shares locked by senior management)
Type of shares
Name of shareholder Unrestricted shares held
Type of shares Number
RMB Ordinary
Shenzhen Investment Holdings Co., Ltd. 554,247,280 554,247,280
Shares
Shenzhen State-owned Equity Operation RMB Ordinary
Management Co., Ltd. Shares
RMB Ordinary
Yang Jianmin 9,978,000 9,978,000
Shares
RMB Ordinary
Wang Yulan 6,228,591 6,228,591
Shares
Hong Kong Securities Clearing Company RMB Ordinary
Ltd. Shares
RMB Ordinary
Zhang Xiujuan 4,755,900 4,755,900
Shares
RMB Ordinary
Shares
He Qiao 3,968,100
Domestically Listed
Foreign Shares
Industrial and Commercial Bank of China
Limited - China Southern CSI All Share RMB Ordinary
Real Estate ETF Securities Investment Shares
Fund
RMB Ordinary
Wang Zhengying 2,961,900 2,961,900
Shares
Domestically Listed
Wang Jinghua 2,919,600 2,919,600
Foreign Shares
Among the Company's top 10 unrestricted public shareholders,
Shenzhen State-owned Equity Operation Management Co., Ltd. is
a wholly-owned subsidiary of Shenzhen Investment Holdings Co.,
Explanation on the associated relationships or
Ltd. It is unknown whether there are any associated relationships
concerted actions of the above shareholders
among the other shareholders or whether they are persons acting
in concert as stipulated in the Administrative Measures for the
Acquisition of Listed Companies.
Among the top 10 shareholders, the shareholder ranked 3rd holds
Disclosure on the participation of the top 10
shareholder holds 4,755,900 shares in a credit securities account,
shareholders in margin financing and securities
the 7th ranked shareholder holds 3,081,481 shares in a credit
lending (if any)
securities account, and the 9th ranked shareholder holds
Participation of Shareholders Holding More Than 5% of Shares, the Top 10 Shareholders, and the Top 10
Shareholders of Unrestricted Tradable Shares in Lending Shares for Securities Margin Trading Business
□ Applicable ? Not applicable
Changes in the Top 10 Shareholders and the Top 10 Shareholders of Unrestricted Tradable Shares Compared with
the Previous Period Due to Lending/Repayment for Securities Margin Trading
□ Applicable ? Not applicable
(II) Total number of preferred shareholders and shareholdings of top 10 preferred
shareholders of the Company
□ 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.
March 31, 2026
Unit: RMB
Item Ending Balance Beginning Balance
Current Assets:
Monetary Assets 291,281,583.59 284,686,525.04
Settlement funds 0.00 0.00
Funds loaned 0.00 0.00
Trading financial assets 1,053,969,509.13 1,050,256,058.41
Derivative financial assets 0.00 0.00
Notes receivable 200,000.00 0.00
Accounts receivable 33,591,760.13 44,898,083.74
Receivables financing 0.00 0.00
Advances to suppliers 53,249.43 31,588.45
Premiums receivable 0.00 0.00
Reinsurance receivables 0.00 0.00
Reinsurance contract provision
receivable
Other receivables 753,675,650.50 747,900,491.52
Including: interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Financial assets purchased under
resale agreements
Inventories 1,094,997,729.97 1,099,359,619.25
Including: Data resources 0.00 0.00
Contract assets 26,652,764.49 29,035,256.28
Assets held for sale 0.00 0.00
Non-current assets maturing within
one year
Other current assets 53,257,901.04 66,133,465.24
Total current assets 3,307,680,148.28 3,322,301,087.93
Non-current assets:
Loans and advances 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 property 514,791,519.81 522,634,659.17
Fixed assets 14,265,246.19 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 0.00 0.00
Development expenses 0.00 0.00
Including: Data resources 0.00 0.00
Goodwill 0.00 0.00
Long-term deferred expenses 2,420,761.35 1,615,683.92
Deferred tax assets 6,062,354.90 6,138,319.62
Other non-current assets 0.00 0.00
Total non-current assets 552,034,894.85 560,481,897.64
Total assets 3,859,715,043.13 3,882,782,985.57
Current liabilities:
Short-term borrowings 50,000.00 50,000.00
Borrowings from the central bank 0.00 0.00
Loans from banks and other
financial institutions
Trading financial liabilities 0.00 0.00
Derivative financial liabilities 0.00 0.00
Notes payable 0.00 0.00
Accounts payable 162,747,770.08 171,738,333.04
Advances from customers 3,704,503.72 722,042.14
Contract liabilities 24,765,067.54 28,400,659.20
Financial assets sold under
repurchase agreements
Customer deposits and interbank
deposits
Agency trading of securities
receivable
Agency underwriting of securities
receivable
Employee compensation payable 27,740,181.80 32,757,342.88
Taxes payable 16,713,989.12 26,922,082.58
Other payables 144,043,026.53 144,280,409.16
Including: interest payable 16,535,277.94 16,535,277.94
Dividends payable 0.00 0.00
Handling fees and commissions
payable
Reinsurance accounts payable 0.00 0.00
Liabilities held for sale 0.00 0.00
Non-current liabilities due within
one year
Other current liabilities 7,797,328.04 7,565,002.87
Total current liabilities 387,561,866.83 412,435,871.87
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
compensation payable
Provisions 0.00 0.00
Deferred income 0.00 0.00
Deferred income 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 388,429,781.33 413,303,786.37
Owner's 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 reserve 978,244,910.11 978,244,910.11
Less: treasury shares 0.00 0.00
Other comprehensive income 28,352,926.93 23,315,115.52
Specific reserve 0.00 0.00
Surplus reserve 275,253,729.26 275,253,729.26
General risk reserve 0.00 0.00
Undistributed profit 1,319,922,526.08 1,323,849,441.49
Total equity attributable to owner of
the parent company
Minority interest -142,148,830.58 -142,843,997.18
Total owner's equity 3,471,285,261.80 3,469,479,199.20
Total liabilities and owner's equity 3,859,715,043.13 3,882,782,985.57
Legal representative: Chen Ming Chief Finance Officer: Wang Jianfei Chief Accountant: Zhou Hongpu
Unit: RMB
Item Amount in the current period Amount in the previous period
I. Total Operating Revenue 67,383,890.02 330,053,200.67
Including: Operating Revenue 67,383,890.02 330,053,200.67
Interest Income
Premiums Earned 0.00 0.00
Handling Charge and
Commission Income
II. Total Operating Costs 75,121,069.38 255,844,424.52
Including: Operating Costs 55,467,216.73 233,655,807.60
Interest Expense 0.00 0.00
Handling Charge and
Commission Expense
Surrenders 0.00 0.00
Net Claims Paid 0.00 0.00
Net provision for insurance
liability reserve
Policy Dividend Expense 0.00 0.00
Reinsurance Expense 0.00 0.00
Taxes and Surcharges 4,127,767.35 2,335,935.14
Selling Expenses 2,663,829.39 4,399,013.42
Administrative expenses 12,489,091.59 15,848,630.08
Research and development
expenses
Financial expenses 373,164.32 -394,961.72
Including: Interest
expense
Interest Income 392,318.03 1,382,867.81
Add: Other income 54,026.64 33,652.46
Investment income (losses are
indicated with a "-")
Including: Investment
income from associates and joint 0.00 0.00
ventures
Gains on
derecognition of financial assets 0.00 0.00
measured at amortized cost
Exchange gains (losses are
indicated with a "-")
Net gain on exposure hedges
("-" for loss)
Gains from fair value changes
("-" for loss)
Credit impairment loss ("-" for
loss)
Asset impairment loss (losses
expressed with "-")
Gains from disposal of assets
(losses expressed with "-")
III. Operating profit ("-" for loss) -3,924,704.04 78,622,077.74
Plus: Non-operating revenue 430.94 20,130.73
Less: Non-operating expense 1,744.29 1,200.29
IV. Profit before tax (“-” for loss) -3,926,017.39 78,641,008.18
Less: Income tax expenses 211,068.85 6,619,155.36
V. Net profit (“-” for net loss) -4,137,086.24 72,021,852.82
(I) By operating continuity
-4,137,086.24 72,021,852.82
operations (“-” for net loss)
operations (“-” for net loss)
(II) By ownership
-3,926,915.41 72,421,123.75
owners of the parent company
-210,170.83 -399,270.93
interests
VI. Other comprehensive income, net
of tax
Other comprehensive income, net
of tax, attributable to owners of the 5,037,811.41 2,424,836.40
parent company
(I) Items that will not be
-76,499.21 929,213.41
reclassified to profit or loss
benefit plans
income that cannot be reclassified to 0.00 0.00
profit or loss under the equity method
-76,499.21 929,213.41
other equity instrument investments
enterprise's own credit risk
(II) Other comprehensive income
to be reclassified into profit or loss
income that can be reclassified to 0.00 0.00
profit or loss under the equity method
other debt investments
reclassified and included in other 0.00 0.00
comprehensive income
allowance for other debt investments
translation of foreign currency 5,114,310.62 1,495,622.99
financial statements
Other comprehensive income, net
of tax, attributable to non-controlling 905,337.43 129,581.49
interests
VII. Total comprehensive income 1,806,062.60 74,576,270.71
Total comprehensive income
attributable to owners of the parent 1,110,896.00 74,845,960.15
company
Total comprehensive income
attributable to non-controlling 695,166.60 -269,689.44
interests
VIII. Earnings per share:
(I) Basic earnings per share -0.0039 0.0716
(II) Diluted earnings per share -0.0039 0.0716
For business combinations involving enterprises under common control during the period, the net profit of the acquiree
before the combination was RMB 0.00, and the net profit of the acquiree in the prior period was RMB 0.00.
Legal representative: Chen Ming Chief Finance Officer: Wang Jianfei Chief Accountant: Zhou Hongpu
Unit: RMB
Item Amount in the current period Amount in the previous period
I. Cash flows from operating
activities:
Cash received from sale of goods
and rendering of services
Net increase in deposits from
customers and deposits with banks 0.00 0.00
and other 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 cash received from
reinsurance business
Net increase in deposits and
investments from policyholders
Interest, handling charges and
commissions received
Net increase in borrowings from
banks and other financial institutions
Net increase in proceeds from
repurchase transactions
Net cash received from agency
trading of securities
Tax rebates 13,417,048.50 13,454,368.42
Other cash received related to
operating activities
Subtotal of cash inflows from
operating activities
Cash paid for purchase of goods
and receipt of services
Net increase in loans and
advances to customers
Net increase in deposits in the
central bank and interbank loans 0.00 0.00
granted
Cash paid for original insurance
contract claims
Net increase in loans to banks and
other financial institutions
Cash paid for interest, fees and
commissions
Cash paid for policy dividends 0.00 0.00
Cash paid to and on behalf of
employees
Taxes and surcharges paid 18,842,102.31 9,826,795.56
Other cash paid related to
operating activities
Subtotal of cash outflows from
operating activities
Net cash flows from operating
activities
II. Cash flows from investing
activities:
Cash received from withdrawal of
investments
Cash received from investment
income
Net cash received from disposal of
fixed assets, intangible assets and 0.00 0.00
other long-term assets
Net proceeds from the disposal of
subsidiaries and other business units
Other cash received related to
investing activities
Subtotal of cash inflows from
investing activities
Cash paid to acquire and construct
fixed assets, intangible assets and 27,300.00 8,625.84
other long-term assets
Cash paid for investments 0.00 0.00
Net increase in pledged loans 0.00 0.00
Net cash paid for the acquisition of
subsidiaries and other business units
Other cash paid related to
investing activities
Subtotal of cash outflows from
investing activities
Net cash flows from investing
activities
III. Cash flows from financing
activities:
Cash received from investment
contributions
Including: capital contributions
by non-controlling interests to 0.00 0.00
subsidiaries
Cash received from borrowings 0.00 0.00
Other cash received related to
financing activities
Subtotal of cash inflows from
financing activities
Cash paid to repay borrowings 0.00 0.00
Cash paid for distribution of
dividends, profits or interest
Including: dividends and profits
paid to minority shareholders by 0.00 0.00
subsidiaries
Other cash paid related to
financing activities
Subtotal of cash outflows from
financing activities
Net cash flows from financing
activities
IV. Effect of fluctuations in exchange
-87,693.56 -15,815.10
rate on cash and cash equivalents
V. Net increase in cash and cash
equivalents
Plus: Beginning balance of cash
and cash equivalents
VI. Ending balance of cash and cash
equivalents
(II) Adjustments of relevant items of financial statements at the beginning of
the year in the year of initial implementation of new accounting standards from
□ Applicable ? Not applicable
(III) Audit report
Whether the financial accounting report for the first quarter has been audited
□ Yes ? No
The Company's financial accounting report for the first quarter has not been audited.
Board of Directors of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
April 30, 2026
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