深物业B：2024年半年度财务报告(英文版)

SHENZHEN PROPERTIES & RESOURCES DEVELOPMENT (GROUP) LTD.

SEMIANNUAL FINANCIAL REPORT 2024

【August 2024】

Financial StatementsI. Auditor’s ReportAre these interim financial statements audited by an independent auditor?

□ Yes ? No

These interim financial statements have not been audited by an independent auditor.II Financial StatementsCurrency unit for the financial statements and the notes thereto: RMB

1. Consolidated Balance Sheet

Prepared by Shenzhen Properties & Resources Development (Group) Ltd.

30 June 2024

Unit: RMB

Item	30 June 2024	1 January 2024
Current assets:
Monetary assets	1,885,846,531.69	2,748,798,476.72
Settlement reserve
Interbank loans granted
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable	525,349,243.53	502,806,453.88
Accounts receivable financing
Prepayments	12,652,784.00	11,983,086.35
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables	606,627,612.52	624,394,372.82
Including: Interest receivable	0.00	0.00
Dividends receivable	0.00	0.00
Financial assets purchased under resale agreements
Inventories	11,584,703,198.76	11,098,209,095.74
Including: Data resource
Contract assets	724,882.35	844,485.57
Assets held for sale
Current portion of non-current assets
Other current assets	172,158,013.65	127,774,825.51
Total current assets	14,788,062,266.50	15,114,810,796.59
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments	84,470,493.08	84,057,750.55
Investments in other equity	437,618.97	636,926.20

instruments
Other non-current financial assets
Investment property	369,472,806.82	386,810,800.47
Fixed assets	58,895,644.84	66,436,408.90
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets	20,632,466.91	23,516,796.22
Intangible assets	746,256.59	889,801.14
Including: Data resource
Development costs
Including: Data resource
Goodwill	9,446,847.38	9,446,847.38
Long-term prepaid expense	22,825,786.74	21,510,397.88
Deferred income tax assets	1,298,889,053.69	1,276,440,386.83
Other non-current assets	4,783,032.03	3,505,155.93
Total non-current assets	1,870,600,007.05	1,873,251,271.50
Total assets	16,658,662,273.55	16,988,062,068.09
Current liabilities:
Short-term borrowings	50,036,250.00	230,915,000.00
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable	497,647,577.28	662,869,059.59
Advances from customers	811,650.90	2,265,223.56
Contract liabilities	846,699,653.68	820,424,953.42
Financial assets sold under repurchase agreements
Customer deposits and interbank deposits
Payables for acting trading of securities
Payables for underwriting of securities
Employee benefits payable	174,093,714.50	218,786,111.78
Taxes payable	3,949,179,575.54	4,026,957,347.94
Other payables	1,156,391,495.32	1,217,303,294.25
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 held for sale
Current portion of non-current liabilities	3,457,663,129.19	3,092,324,853.07
Other current liabilities	71,429,755.09	68,373,661.13
Total current liabilities	10,203,952,801.50	10,340,219,504.74
Non-current liabilities:
Insurance contract reserve
Long-term borrowings	1,387,120,583.02	1,399,889,274.47
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities	12,635,031.03	10,571,092.27
Long-term payables	399,899,850.00	400,105,655.56
Long-term employee benefits payable

Provisions	650,000.00	650,000.00
Deferred income
Deferred income tax liabilities	4,615,283.49	5,862,279.70
Other non-current liabilities	130,742,839.33	127,039,225.54
Total non-current liabilities	1,935,663,586.87	1,944,117,527.54
Total liabilities	12,139,616,388.37	12,284,337,032.28
Owners’ equity:
Share capital	595,979,092.00	595,979,092.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves	80,488,045.38	80,488,045.38
Less: Treasury stock
Other comprehensive income	-3,162,651.27	-3,352,337.88
Specific reserve
Surplus reserves	116,108,727.08	116,108,727.08
General reserve
Retained earnings	3,695,853,783.28	3,872,586,802.17
Total equity attributable to owners of the Company as the parent	4,485,266,996.47	4,661,810,328.75
Non-controlling interests	33,778,888.71	41,914,707.06
Total owners’ equity	4,519,045,885.18	4,703,725,035.81
Total liabilities and owners’ equity	16,658,662,273.55	16,988,062,068.09

Legal representative: Liu Shengxiang Head of financial affairs: Cai LiliHead of the financial department: Cai Kelin

2. Balance Sheet of the Company as the Parent

Unit: RMB

Item	30 June 2024	1 January 2024
Current assets:
Monetary assets	794,064,392.46	1,477,419,010.01
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable	114,596,179.95	120,029,158.78
Accounts receivable financing
Prepayments
Other receivables	4,564,271,534.77	4,489,713,785.01
Including: Interest receivable	0.00	0.00
Dividends receivable	0.00	0.00
Inventories	50,786,204.09	50,777,366.97
Including: Data resource
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets	9,882,008.43	2,617,751.73
Total current assets	5,533,600,319.70	6,140,557,072.50
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments	1,374,961,894.18	1,374,549,151.65
Investments in other equity instruments	668,118.97	867,426.20

Other non-current financial assets
Investment property	242,197,878.52	253,100,089.70
Fixed assets	17,458,095.16	22,373,578.76
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets	1,989,665.00	2,700,397.70
Intangible assets	3,723,999.98	3,887,333.33
Including: Data resource
Development costs
Including: Data resource
Goodwill
Long-term prepaid expense	190,246.64	380,493.32
Deferred income tax assets	11,687,262.00	1,961,067.37
Other non-current assets	2,931,926,650.86	2,853,376,650.86
Total non-current assets	4,584,803,811.31	4,513,196,188.89
Total assets	10,118,404,131.01	10,653,753,261.39
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable	59,354,150.33	77,667,521.25
Advances from customers		227.00
Contract liabilities
Employee benefits payable	42,666,605.46	57,605,546.32
Taxes payable	3,912,105.08	75,570,618.96
Other payables	7,093,447,672.64	7,278,131,009.11
Including: Interest payable	0.00	0.00
Dividends payable	29,642.40	29,642.40
Liabilities directly associated with assets held for sale
Current portion of non-current liabilities	433,056,613.11	63,605,554.05
Other current liabilities
Total current liabilities	7,632,437,146.62	7,552,580,476.69
Non-current liabilities:
Long-term borrowings	0.00	400,400,000.00
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities	1,523,304.91	1,708,456.34
Long-term payables	399,899,850.00	400,105,655.56
Long-term employee benefits payable
Provisions
Deferred income
Deferred income tax liabilities	497,416.25	675,099.43
Other non-current liabilities	40,000,000.00	40,000,000.00
Total non-current liabilities	441,920,571.16	842,889,211.33
Total liabilities	8,074,357,717.78	8,395,469,688.02
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	-3,207,936.35	-3,004,584.80
Specific reserve
Surplus reserves	116,108,727.08	116,108,727.08
Retained earnings	1,281,290,150.39	1,495,323,958.98
Total owners’ equity	2,044,046,413.23	2,258,283,573.37
Total liabilities and owners’ equity	10,118,404,131.01	10,653,753,261.39

3. Consolidated Income Statement

Unit: RMB

Item	H1 2024	H1 2023
1. Revenue	856,028,445.25	1,905,464,632.85
Including: Operating revenue	856,028,445.25	1,905,464,632.85
Interest income
Insurance premium income
Handling charge and commission income
2. Costs and expenses	834,353,547.22	1,605,529,607.89
Including: Cost of sales	669,091,472.18	1,372,159,884.25
Interest expense
Handling charge and commission expense
Surrenders
Net insurance claims paid
Net amount provided as insurance contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surcharges	10,447,340.39	45,190,786.03
Selling expense	9,106,255.87	13,087,297.05
Administrative expense	127,378,140.36	149,188,184.18
R&D expense	2,243,317.44	1,711,051.44
Finance costs	16,087,020.98	24,192,404.94
Including: Interest expense	35,164,356.97	31,827,441.32
Interest income	21,522,831.25	7,930,755.87
Add: Other income	2,428,205.18	5,670,088.91
Return on investment (“-” for loss)	412,742.53	1,857,388.32
Including: Share of profit or loss of joint ventures and associates	412,742.53	1,857,388.32
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 loss)	-18,396,918.74	-13,610,779.58
Asset impairment loss (“-” for loss)	-5,858.65	2,045.93
Asset disposal income (“-” for loss)	26,055.97	174,379.69
3. Operating profit (“-” for loss)	6,139,124.32	294,028,148.23
Add: Non-operating income	479,063.20	-204,898.03
Less: Non-operating expense	436,385.09	357,718.39

4. Profit before tax (“-” for loss)	6,181,802.43	293,465,531.81
Less: Income tax expense	4,860,162.97	78,819,275.76
5. Net profit (“-” for net loss)	1,321,639.46	214,646,256.05
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss)	1,321,639.46	214,584,900.22
5.1.2 Net profit from discontinued operations (“-” for net loss)	0.00	61,355.83
5.2 By ownership
5.2.1 Net profit attributable to shareholders of the Company as the parent (“-” for net loss)	9,212,457.81	220,903,444.63
5.2.2 Net profit attributable to non-controlling interests (“-” for net loss)	-7,890,818.35	-6,257,188.58
6. Other comprehensive income, net of tax	189,686.61	1,404,020.27
Attributable to owners of the Company as the parent	189,686.61	1,404,020.27
6.1 Items that will not be reclassified to profit or loss	-203,351.55	-275,978.56
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 investments in other equity instruments	-203,351.55	-275,978.56
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	393,038.16	1,679,998.83
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 Credit impairment allowance for investments in other debt obligations
6.2.5 Reserve for cash flow hedges
6.2.6 Differences arising from the translation of foreign currency-denominated financial statements	393,038.16	1,679,998.83
6.2.7 Other
Attributable to non-controlling interests	0.00	0.00
7. Total comprehensive income	1,511,326.07	216,050,276.32
Attributable to owners of the Company as the parent	9,402,144.42	222,307,464.90
Attributable to non-controlling interests	-7,890,818.35	-6,257,188.58
8. Earnings per share
8.1 Basic earnings per share	0.0155	0.3707
8.2 Diluted earnings per share	0.0155	0.3707

Where business combinations under common control occurred in the Current Period, the net profit achieved by the acquireesbefore 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: Cai Kelin

4. Income Statement of the Company as the Parent

Unit: RMB

Item	H1 2024	H1 2023
1. Operating revenue	32,037,213.48	1,003,621,923.84
Less: Cost of sales	24,213,582.29	698,031,149.77
Taxes and surcharges	2,975,547.74	8,373,564.71
Selling expense	399,234.24	406,096.84
Administrative expense	32,750,591.60	47,358,840.75
R&D expense
Finance costs	3,676,713.49	6,675,706.20
Including: Interest expense	17,711,062.01	13,125,188.51
Interest income	14,208,379.57	3,531,500.73
Add: Other income	176,813.10	252,975.99
Return on investment (“-” for loss)	412,742.53	1,857,388.32
Including: Share of profit or loss of joint ventures and associates	412,742.53	1,857,388.32
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 loss)	-6,611,482.03	482,276.30
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for loss)		111,000.73
2. Operating profit (“-” for loss)	-38,000,382.28	245,480,206.91
Add: Non-operating income	20,972.63	413,371.19
Less: Non-operating expense	12,800.05	15,573.60
3. Profit before tax (“-” for loss)	-37,992,209.70	245,878,004.50
Less: Income tax expense	-9,903,877.81	62,647,086.56
4. Net profit (“-” for net loss)	-28,088,331.89	183,230,917.94
4.1 Net profit from continuing operations (“-” for net loss)	-28,088,331.89	183,230,917.94
4.2 Net profit from discontinued operations (“-” for net loss)
5. Other comprehensive income, net of tax	-203,351.55	-275,978.56
5.1 Items that will not be reclassified to profit or loss	-203,351.55	-275,978.56
5.1.1 Changes caused by remeasurements on defined benefit 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	-203,351.55	-275,978.56
5.1.4 Changes in the fair value arising from changes in own credit risk
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 Credit impairment allowance for 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
5.2.7 Other
6. Total comprehensive income	-28,291,683.44	182,954,939.38
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share

5. Consolidated Cash Flow Statement

Unit: RMB

Item	H1 2024	H1 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services	1,009,820,783.16	1,134,538,536.26
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	3,135,070.67	15,030,885.06
Cash generated from other operating activities	139,985,597.08	126,769,873.68
Subtotal of cash generated from operating activities	1,152,941,450.91	1,276,339,295.00
Payments for commodities and services	1,081,063,241.76	1,075,770,309.73
Net increase in loans and advances to customers
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	494,492,566.11	495,986,685.15
Taxes paid	171,598,817.27	157,276,244.25
Cash used in other operating activities	142,613,927.21	127,327,714.02

Subtotal of cash used in operating activities	1,889,768,552.35	1,856,360,953.15
Net cash generated from/used in operating activities	-736,827,101.44	-580,021,658.15
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment	0.00	63,120.00
Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets	30,742.92	73,664.52
Net proceeds from the disposal of subsidiaries and other business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities	30,742.92	136,784.52
Payments for the acquisition of fixed assets, intangible assets and other long-lived assets	2,871,482.27	2,589,103.59
Payments for investments	0.00	1,644,822.69
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	2,871,482.27	4,233,926.28
Net cash generated from/used in investing activities	-2,840,739.35	-4,097,141.76
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by non-controlling interests to subsidiaries
Borrowings raised	394,087,970.55	590,984,586.17
Cash generated from other financing activities
Subtotal of cash generated from financing activities	394,087,970.55	590,984,586.17
Repayment of borrowings	217,573,410.08	32,316,662.00
Interest and dividends paid	284,193,955.86	94,407,905.77
Including: Dividends paid by subsidiaries to non-controlling interests	245,000.00	245,000.00
Cash used in other financing activities	18,445,740.54	15,224,062.82
Subtotal of cash used in financing activities	520,213,106.48	141,948,630.59
Net cash generated from/used in financing activities	-126,125,135.93	449,035,955.58
4. Effect of foreign exchange rates changes on cash and cash equivalents	134,202.79	2,054,469.55
5. Net increase in cash and cash equivalents	-865,658,773.93	-133,028,374.78
Add: Cash and cash equivalents, beginning of the period	2,733,139,135.12	1,509,693,857.48
6. Cash and cash equivalents, end of the period	1,867,480,361.19	1,376,665,482.70

6. Cash Flow Statement of the Company as the Parent

Unit: RMB

Item	H1 2024	H1 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services	22,258,298.22	65,620,304.10

Tax rebates
Cash generated from other operating activities	91,297,606.44	720,171,786.00
Subtotal of cash generated from operating activities	113,555,904.66	785,792,090.10
Payments for commodities and services	35,001,840.90	30,896,291.92
Cash paid to and for employees	31,155,015.18	31,086,528.03
Taxes paid	83,540,868.15	39,797,238.94
Cash used in other operating activities	336,495,545.91	294,025,250.18
Subtotal of cash used in operating activities	486,193,270.14	395,805,309.07
Net cash generated from/used in operating activities	-372,637,365.48	389,986,781.03
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment	0.00	63,120.00
Net proceeds from the disposal of fixed assets, intangible assets and other 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 investing activities	0.00	63,120.00
Payments for the acquisition of fixed assets, intangible assets and other long-lived assets	604,967.86	152,169.34
Payments for investments	78,000,000.00	148,000,000.00
Net payments for the acquisition of subsidiaries and other business units
Cash used in other investing activities
Subtotal of cash used in investing activities	78,604,967.86	148,152,169.34
Net cash generated from/used in investing activities	-78,604,967.86	-148,089,049.34
3. Cash flows from financing activities:
Capital contributions received
Borrowings raised
Cash generated from other financing activities
Subtotal of cash generated from financing activities
Repayment of borrowings	30,800,000.00	30,800,000.00
Interest and dividends paid	195,041,338.96	13,132,759.86
Cash used in other financing activities	9,616,850.00	0.00
Subtotal of cash used in financing activities	235,458,188.96	43,932,759.86
Net cash generated from/used in financing activities	-235,458,188.96	-43,932,759.86
4. Effect of foreign exchange rates changes on cash and cash equivalents	9,238.09	38,215.73
5. Net increase in cash and cash equivalents	-686,691,284.21	198,003,187.56
Add: Cash and cash equivalents, beginning of the period	1,467,636,856.69	528,268,054.39
6. Cash and cash equivalents, end of the period	780,945,572.48	726,271,241.95

7. Consolidated Statements of Changes in Owners’ Equity

H1 2024

Unit: RMB

Item	H1 2024
	Equity attributable to owners of the Company as the parent													Non-controlling interests	Total owners’ equity
	Share capital	Other equity instruments			Capital reserves	Less: Treasury stock	Other comprehensive income	Specific reserve	Surplus reserves	General reserve	Retained earnings	Other	Subtotal
		Preferred shares	Perpetual bonds	Other
1. Balance as at the end of the Reporting Period of the prior year	595,979,092.00				80,488,045.38		-3,352,337.88		116,108,727.08		3,872,586,802.17		4,661,810,328.75	41,914,707.06	4,703,725,035.81
Add: Adjustment for change in accounting policy
Adjustment for correction of previous error
Other adjustments
2. Balance as at the beginning of the Reporting Period of the year	595,979,092.00				80,488,045.38		-3,352,337.88		116,108,727.08		3,872,586,802.17		4,661,810,328.75	41,914,707.06	4,703,725,035.81
3. Increase/ decrease in the period (“-” for decrease)							189,686.61				-176,733,018.89		-176,543,332.28	-8,135,818.35	-184,679,150.63
3.1 Total comprehensive income							189,686.61				9,212,457.81		9,402,144.42	-7,890,818.35	1,511,326.07
3.2 Capital increased and reduced by owners
3.2.1 Ordinary shares increased by owners
3.2.2 Capital increased by holders of other equity instruments
3.2.3 Share-based payments included in

owners’ equity

3.2.4 Other

3.3 Profit distribution

-185,945,476.70

-185,945,476.70

-245,000.00

-186,190,476.70

3.3.1 Appropriation to surplus reserves

3.3.2 Appropriation to general reserve

3.3.3 Appropriation to owners (or shareholders)

-185,945,476.70

-185,945,476.70

-245,000.00

-186,190,476.70

3.3.4 Other

3.4 Transfers within owners’ equity

3.4.1 Increase in capital (or share capital) from capital reserves

3.4.2 Increase in capital (or share capital) from surplus reserves

3.4.3 Loss offset by surplus reserves

3.4.4 Changes in defined benefit schemes transferred to retained earnings

3.4.5 Other comprehensive income transferred to retained earnings

3.4.6 Other

3.5 Specific reserve

3.5.1 Increase in the period
3.5.2 Used in the period
3.6 Other
4. Balance as at the end of the period	595,979,092.00				80,488,045.38		-3,162,651.27		116,108,727.08		3,695,853,783.28		4,485,266,996.47	33,778,888.71	4,519,045,885.18

H1 2023

Unit: RMB

Item	H1 2023
	Equity attributable to owners of the Company as the parent													Non-controlling interests	Total owners’ equity
	Share capital	Other equity instruments			Capital reserves	Less: Treasury stock	Other comprehensive income	Specific reserve	Surplus reserves	General reserve	Retained earnings	Other	Subtotal
		Preferred shares	Perpetual bonds	Other
1. Balance as at the end of the Reporting Period of the prior year	595,979,092.00				80,488,045.38		-3,854,377.95		48,886,605.81		3,691,056,182.73		4,412,555,547.97	56,255,522.46	4,468,811,070.43
Add: Adjustment for change in accounting policy
Adjustment for correction of previous error
Other adjustments
2. Balance as at the beginning of the Reporting Period of the year	595,979,092.00				80,488,045.38		-3,854,377.95		48,886,605.81		3,691,056,182.73		4,412,555,547.97	56,255,522.46	4,468,811,070.43
3. Increase/ decrease in the period (“-” for decrease)							1,404,020.27				4,110,169.73		5,514,190.00	-6,502,188.58	-987,998.58
3.1 Total comprehensive income							1,404,020.27				220,903,444.63		222,307,464.90	-6,257,188.58	216,050,276.32
3.2 Capital increased and reduced by owners
3.2.1 Ordinary shares

increased by owners

3.2.2 Capital increased by holders of other equity instruments

3.2.3 Share-based payments included in owners’ equity

3.2.4 Other

3.3 Profit distribution

-215,148,452.21

-215,148,452.21

-245,000.00

-215,393,452.21

3.3.1 Appropriation to surplus reserves

3.3.2 Appropriation to general reserve

3.3.3 Appropriation to owners (or shareholders)

-215,148,452.21

-215,148,452.21

-245,000.00

-215,393,452.21

3.3.4 Other

3.4 Transfers within owners’ equity

3.4.1 Increase in capital (or share capital) from capital reserves

3.4.2 Increase in capital (or share capital) from surplus reserves

3.4.3 Loss offset by surplus reserves

3.4.4 Changes in defined benefit schemes transferred to retained earnings

3.4.5 Other comprehensive income transferred to retained earnings
3.4.6 Other
3.5 Specific reserve
3.5.1 Increase in the period
3.5.2 Used in the period
3.6 Other											-1,644,822.69		-1,644,822.69		-1,644,822.69
4. Balance as at the end of the period	595,979,092.00				80,488,045.38		-2,450,357.68		48,886,605.81		3,695,166,352.46		4,418,069,737.97	49,753,333.88	4,467,823,071.85

8. Statements of Changes in Owners’ Equity of the Company as the Parent

H1 2024

Unit: RMB

Item

H1 2024

Share capital

Other equity instruments

Capital reserves

Less: Treasury stock

Other comprehensive income

Specific reserve

Surplus reserves

Retained earnings

Other

Total owners’ equity

Preferred shares

Perpetual bonds

Other

1. Balance as at the end of the Reporting Period of the prior year

595,979,092.00

53,876,380.11

-3,004,584.80

116,108,727.08

1,495,323,958.98

2,258,283,573.37

Add: Adjustment for change in accounting policy

Adjustment for correction of previous error

Other adjustments

2. Balance as at the beginning of the Reporting Period of the year

595,979,092.00

53,876,380.11

-3,004,584.80

116,108,727.08

1,495,323,958.98

2,258,283,573.37

3. Increase/ decrease in the period (“-” for decrease)							-203,351.55			-214,033,808.59		-214,237,160.14
3.1 Total comprehensive income							-203,351.55			-28,088,331.89		-28,291,683.44
3.2 Capital increased and reduced by owners
3.2.1 Ordinary shares increased by owners
3.2.2 Capital increased by holders of other equity instruments
3.2.3 Share-based payments included in owners’ equity
3.2.4 Other
3.3 Profit distribution										-185,945,476.70		-185,945,476.70
3.3.1 Appropriation to surplus reserves
3.3.2 Appropriation to owners (or shareholders)										-185,945,476.70		-185,945,476.70
3.3.3 Other
3.4 Transfers within owners’ equity
3.4.1 Increase in capital (or share capital) from capital reserves
3.4.2 Increase in capital (or share capital) from surplus reserves
3.4.3 Loss

offset by surplus reserves
3.4.4 Changes in defined benefit schemes transferred to retained earnings
3.4.5 Other comprehensive income transferred to retained earnings
3.4.6 Other
3.5 Specific reserve
3.5.1 Increase in the period
3.5.2 Used in the period
3.6 Other
4. Balance as at the end of the period	595,979,092.00				53,876,380.11		-3,207,936.35		116,108,727.08	1,281,290,150.39		2,044,046,413.23

H1 2023

Unit: RMB

Item

H1 2023

Share capital

Other equity instruments

Capital reserves

Less: Treasury stock

Other comprehensive income

Specific reserve

Surplus reserves

Retained earnings

Other

Total owners’ equity

Preferred shares

Perpetual bonds

Other

1. Balance as at the end of the Reporting Period of the prior year

595,979,092.00

53,876,380.11

-2,742,841.65

48,886,605.81

1,105,473,319.87

1,801,472,556.14

Add: Adjustment for change in accounting policy

Adjustment for correction of previous error

Other adjustments

2. Balance as at the beginning of the

595,979,092.00

53,876,380.11

-2,742,841.6

48,886,605.81

1,105,473,319.87

1,801,472,556.14

Reporting Period of the year							5
3. Increase/ decrease in the period (“-” for decrease)							-275,978.56			-31,917,534.27		-32,193,512.83
3.1 Total comprehensive income							-275,978.56			183,230,917.94		182,954,939.38
3.2 Capital increased and reduced by owners
3.2.1 Ordinary shares increased by owners
3.2.2 Capital increased by holders of other equity instruments
3.2.3 Share-based payments included in owners’ equity
3.2.4 Other
3.3 Profit distribution										-215,148,452.21		-215,148,452.21
3.3.1 Appropriation to surplus reserves
3.3.2 Appropriation to owners (or shareholders)										-215,148,452.21		-215,148,452.21
3.3.3 Other
3.4 Transfers within owners’ equity
3.4.1 Increase in capital (or share capital) from capital reserves
3.4.2 Increase in capital (or share capital) from surplus

reserves

3.4.3 Loss offset by surplus reserves

3.4.4 Changes in defined benefit schemes transferred to retained earnings

3.4.5 Other comprehensive income transferred to retained earnings

3.4.6 Other

3.5 Specific reserve

3.5.1 Increase in the period

3.5.2 Used in the period

3.6 Other

4. Balance as at the end of the period

595,979,092.00

53,876,380.11

-3,018,820.21

48,886,605.81

1,073,555,785.60

1,769,279,043.31

III Company Profile

Shenzhen Properties & Resources Development (Group) Ltd. (hereinafter referred to as “the Company” or “Company”) wasincorporated based on the reconstruction of Shenzhen Properties & Resources Development Co., Ltd. after obtaining approval ofZFBF [1991] No. 831 from People’s Government of Shenzhen Municipality. It was registered with Shenzhen Industrial andCommercial Administration Bureau on 17 January 1983 with Shenzhen as its headquarters. Now the Company holds the businesslicense for legal person with the registration number/unified social credit code of 91440300192174135N. The registered capital wasRMB595,979,092 with the total shares of 595,979,092 (RMB1 face value per share), among which, restricted public shares:

1,898,306 A shares and 0 B shares; unrestricted public shares: 526,475,543 A shares and 67,605,243 B shares. The stock of theCompany has been listed on the Shenzhen Stock Exchange on 30 March 1992.The Company is in the real estate sector. Its main business includes development of real estate and sale of commercial housing,construction and management of buildings, house rent, supervision of construction, domestic trading and materials supply andmarketing (excluding exclusive dealing and monopoly sold products and commodities under special control to purchase). Mainproducts or services rendered mainly include the development and sales of commercial residential housing; property management;buildings and the building devices maintenance, garden afforest and cleaning service; property leasing; supervise and management ofthe engineering; retails of the Chinese food, Western-style food and wines, and etc.The financial statements were approved and authorized for issue by the 28th Meeting of the 10th Board of Directors of the Companyon 27 August 2024.The consolidation scope of the Company’s consolidated financial statements was determined based on the control which included the

financial statements of the Company and all its subsidiaries. A subsidiary refers to an enterprise or entity controlled by the Company.There were 60 subsidiaries included in the consolidation financial statements in this report. Please refer to the Note IX and Note X ofthe financial report for details.IV Basis for Preparation of Financial Statements

1. Preparation Basis

Based on the continuing operation, the financial statements of the Company are prepared in accordance with the actualtransactions, governing provisions of the Accounting Standards for Business Enterprises and the following major accountingpolicies and estimates.

2. Continuation

There was no such case where the sustainable operation ability within 12 months since the end of the Reporting Period was highlydoubted.

V. Important Accounting Policies and EstimationsIndication of specific accounting policies and estimations:

The Company has formulated specific accounting policies and accounting estimates for transactions and events, such as therecognition of incomes, based on the actual production and operation characteristics, and in accordance with the provisions of therelevant accounting standards for business enterprises. Please refer to "Financial Instruments", "Inventory", and "Revenue" in thissection for details.

1. Statement for Complying with the Accounting Standard for Business Enterprise

The financial statement prepared by the Company complies with the requirements of the latest accounting standards for businessenterprises as well as the application guidelines, interpretations and other relevant regulations (hereinafter referred to as the“accounting standards for business enterprises”) issued by the Ministry of Finance. It reflects the Company’s financial conditions,operating results, cash flow and other related information in a truthful and complete manner.In addition, in the preparation of the financial report, reference was made to the presentation and disclosure requirements of the Rulefor Information Disclosure by Companies Offering Securities to the Public No. 15 - General Provisions on Financial Reports (2014Revision) and the Notice on Related Matters of the Implementation of New Accounting Standards for Business Enterprises by ListedCompanies (KJBH [2018] No. 453).

2. Fiscal Period

The fiscal year of the Company is a solar calendar year, which is from 1 January to 31 December.

3. Operating Cycle

Except for the real estate industry, other businesses run by the Company have relatively short operating cycles according to theclassification standard of 12-month’s liquidity of assets and liabilities. The operating cycle of the real estate industry shall begenerally more than 12 months from real estate development to cash the sales. The specific cycle shall be determined by thedevelopment project.

4. Standard Currency of Accounts

The Company adopts Renminbi as a standard currency of accounts.

5. Methods for Determining Materiality Standards and Selection Criteria

?Applicable □ Not applicable

Item	Materiality criteria
Account receivable with bad debt provision by major single item	Accounts receivable amounting to RMB5 million or more
Significant non-wholly-owned subsidiaries	Non-wholly-owned subsidiaries with revenue exceeding 10% of the consolidated operating revenue, or total assets exceeding 5% of the consolidated total assets.

6. Accounting Process of Business Combinations under the Same Control and not under the Same Control

1. Accounting Process of Business Combinations under the Same Control

For business combination under the same control achieved through one transaction or step by step through multiple transactions bythe Company, the assets and liabilities acquired in a business combination are measured at the carrying value of the acquiree in theconsolidated financial statements of the ultimate controlling party at the date of combination. The difference between the carryingvalue of net assets acquired by the Company and the carrying value of the combination consideration paid (or the total nominal valueof shares issued) is referred to for adjusting capital reserve; if capital reserve is not sufficient to offset the difference, then retainedearnings are adjusted.

2. Accounting Process of Business Combinations not under the Same Control

The Group shall recognize the positive balance between the combination costs and the fair value of the identifiable net assetsobtained from the acquiree on purchase date as goodwill. If the combination costs are less than the fair value of the identifiable netassets obtained from the acquire, the Company shall recheck the various identifiable assets and liabilities obtained from the acquire,fair value with liabilities, and measurement of combination costs. If the combination costs are less than the fair value of theidentifiable net assets obtained from the acquire after recheck, the Company shall the record the balance into the profit and loss of thecurrent period.Business combinations not under the same control achieved step by step through multiple transactions should be treated in thefollowing order:

(1) Adjusting the initial investment cost of long-term equity investment If the equity held prior to the date of purchase is accountedunder the equity method, the equity is remeasured at the fair value on the purchase date, and the difference between the fair value andits carrying value is included in the investment income of the current period; if the equity in the acquiree held prior to the purchasedate involves other comprehensive income or changes in other owners' equity under the equity method of accounting, it is convertedinto income for the current period on the purchase date, except for other comprehensive income arising from the re-measurement ofthe investee's net liabilities of the defined benefit pension plan or changes in net assets of the defined benefit plan and changes in thefair value of investments in other equity instruments held.

(2) Determining the goodwill (or the amount included in the profit or loss for the current period) When comparing the initialinvestment cost of long-term equity investments adjusted in the first step with the share of the fair value of the identifiable net assetsof the subsidiary on the purchase date, if the former is more than the latter, the difference between the former and the latter isrecognized as goodwill; if the former is less than the latter, the difference is included in profit or loss for the current period.

Step-by-step disposal of equity through multiple transactions that results in loss of control over the subsidiary

(1) Principles for determining whether transactions in the process of step-by-step disposal of equity that results in the loss of controlover a subsidiary constitute a "package deal"The multiple transactions are generally regarded as a "package deal" in accounting treatment if the clauses, conditions, and economicimpacts of various transactions fall under one or more of the following circumstances:

1) These transactions are reached concurrently or after the impact thereof on each other is taken into consideration.

2) These transactions may achieve a complete business result only as a whole.

3) The occurrence of a transaction depends on the occurrence of, at a minimum, one another transaction.

4) A transaction is considered uneconomical separately but is considered economical when other transactions are also taken intoconsideration.

(2) Accounting treatment when transactions in the process of step-by-step disposal of equity that results in the loss of control over asubsidiary constitute a "package deal"If the transactions in the disposal of equity of a subsidiary that results in the loss of control constitute a package deal, each transactionshould be accounted for as a transaction that disposes of and loses control over a subsidiary; however, the difference between thedisposal price and the share of the net assets of the subsidiary corresponding to the disposal of the investment for each disposal priorto the loss of control should be recognized as other comprehensive earnings in the consolidated financial statements and transferredto profit or loss for the current period when the Company lost the control.In the consolidated financial statements, the remaining equity should be remeasured at fair value on the date of loss of control. Thesum of the consideration obtained from the disposition of equity and the fair value of the residual equity minus the Company'sportion of net assets in the former subsidiary calculated from the date of combination on an ongoing basis at the original shareholdingratio is included in the return on investment for the current period when the Company lost the control. Other comprehensive incomerelated to the equity investments in the former subsidiary should be included in the return on investment or retained earnings for thecurrent period when the Company lost the control.

(3) Accounting treatment when transactions in the process of step-by-step disposal of equity that results in the loss of control over asubsidiary do not constitute a "package deal"If the Company disposes of investments made in its subsidiary without losing control over the subsidiary, in the consolidatedfinancial statements, the difference between the payment for equity disposed of and the Company's corresponding portion of netassets in the subsidiary is included in the capital reserve. If the capital reserve is insufficient for offset, the retained earnings shouldbe adjusted.If the disposal of investments made in its subsidiary results in a loss of control over the subsidiary, in the consolidated financialstatements, the remaining equity should be remeasured at the fair value on the date of loss of control. The sum of the considerationobtained from the disposition of equity and the fair value of the residual equity minus the Company's portion of net assets in theformer subsidiary calculated from the date of combination on an ongoing basis at the original shareholding ratio is included in thereturn on investment for the current period when the Company lost the control. Other comprehensive income related to the equityinvestments in the former subsidiary should be included in the return on investment or retained earnings for the current period whenthe Company lost the control.

7. Criteria for Judging Control and Methods for Preparing Consolidated Financial StatementsThe scope of the Company's consolidated financial statements is determined based on control.

Control means that the Company has power over the investee, enjoys variable returns through its involvement in the investee'srelated activities and has the ability to use the power to influence the amount of returns. Relevant activities refer to activities whichhave significant impact on the returns of the investee. The activities of the investee shall be assessed based on specific circumstances,typically including sales and purchases of goods or services, management of financial assets, acquisition and disposal of assets,research and development activities, and financing activities.The Company will judge whether these entities have been controlled by the investee based on its comprehensive consideration ofrelevant facts and circumstances. Where changes in relevant facts and circumstances result in changes of relevant elements involvedin the above definition of control, the Company shall conduct reassessment.Based on the financial statements of the Company as the parent and its subsidiaries and other related materials, the consolidatedfinancial statements were prepared by the Group as the parent according to Accounting Standards for Enterprises No. 33 –Consolidated Financial Statements.

8. Classification of Joint arrangements and Accounting Treatment of Joint Operations

1. Identification and classification of joint arrangements

A joint arrangement is an arrangement over which two or more parties have joint control. A joint arrangement has the followingcharacteristics: (1) Each participant is bound by the arrangement; (2) two or more parties of the joint arrangement exercise jointcontrol over the arrangement. No one party can control the arrangement alone, and any party with joint control over the arrangementcan prevent the other party or combination of parties from controlling the arrangement alone.Joint control refers to the common control over a particular arrangement according to relevant agreement, and that the decisions onrelevant activities under such arrangement are subject to unanimous consent from the parties sharing the joint control.Joint arrangements are divided into joint operations and joint ventures. A joint operation is a joint arrangement whereby the party tojoint arrangement has rights to the assets, and obligations for the liabilities related to the arrangement. A joint venture is a jointarrangement whereby the party to joint arrangement has rights to the net assets of the arrangement.

2. Accounting treatment of joint arrangements

A party to a joint operation shall recognize the following items related to its share of interest in the joint operation and conductaccounting treatment for them in accordance with the relevant provisions of the Accounting Standard for Business Enterprises: (1)Recognition of assets held separately and of assets held jointly in proportion to its share; (2) recognition of liabilities incurredseparately and of liabilities incurred jointly in proportion to its share; (3) recognition of revenue from the sale of its share of theoutput of the joint operation; (4) recognition of revenue from the sale of output of the joint operation in proportion to its share; (5)recognition of expenses incurred separately and of expenses incurred in the joint operation in proportion to its share.The party to a joint venture should conduct accounting treatment in accordance with relevant provisions of the Accounting Standardsfor Business Enterprises No. 2 - Long-term Equity Investment.

9. Recognition Standard for Cash and Cash Equivalents

In the Company’s understanding, cash and cash equivalents include cash on hand, any deposit that can be used for cover, and short-term (usually due within 3 months since the day of purchase) and high circulating investments, which are easily convertible intoknown amount of cash and whose risks in change of value are minimal.

10. Foreign Currency Businesses and Translation of Foreign Currency Financial Statements

(1) Accounting treatments for translation of foreign currency business

As for a foreign currency transaction in its initial recognition, the amount in the foreign currency shall be translated into the amountin the Renminbi at the spot exchange rate of the transaction date. On balance sheet date, the foreign currency monetary items shall betranslated as the spot exchange rate on the balance sheet date, the balance occurred thereof shall be recorded into the profits andlosses at the current period except that the balance of exchange arising from the principal and interests of foreign currencyborrowings for the purchase and construction or production of assets eligible for capitalization. The foreign currency non-monetaryitems measured at the historical cost shall still be translated at the spot exchange rate on the transaction date, of which the amount offunctional currency shall not be changed. The foreign currency non-monetary items measured at the fair value shall be translated atthe spot exchange rate on the confirming date of fair value, of which the balance of exchange shall be included into the profit andloss of the current period or other comprehensive income.

(2) Translation of foreign currency financial statements

The asset and liability items in the balance sheets shall be translated at a spot exchange rate on the balance sheet date. Among theowner’s equity items, except for the items as “retained earnings”, other items shall be translated at the spot exchange rate at the timewhen they are incurred. The income and expense items in the income statements shall be translated at the spot exchange rate at thetime when they are incurred. The difference from translation of foreign currency financial statements thereof shall be recognized ascomprehensive income.

11. Financial Instruments

1. Recognition and derecognition of financial instruments

When the Group becomes a party to a financial instrument contract, it recognizes relevant financial assets or financial liabilities.All regular acquisition or sales of financial assets are recognized and derecognized on a trading day basis. Regular acquisition orsales of financial assets means delivering financial assets within the time limit of laws, regulations and usual market practices and inline with contract terms. The trading day refers to the date when the Group promises to acquire or sell financial assets.Financial assets (or part of financial assets, or part of a set of similar financial assets) are derecognized, i.e., written off from itsaccount and balance sheet, if the following conditions are met:

(1) The right to receive cash flows from financial assets has expired;

(2) The right to receive cash flows from the financial assets is transferred, or the obligation to pay the full amount of cash flowsreceived to a third party in a timely manner is assumed under a "pass-through agreement"; and (a) substantially almost all the risksand rewards of its ownership of the financial assets are transferred, or (b) control over the financial asset is relinquished, althoughsubstantially all the risks and rewards of its ownership of the financial assets are neither transferred nor retained.

2. Classification and measurement of financial assets

At initial recognition, according to the business model of managing financial assets and the contractual cash flow characteristics offinancial assets, financial assets of the Group are classified into the following categories: Financial assets measured at the amortizedcost, financial assets measured at fair value through other comprehensive income of the current period, and financial assets measuredat fair value through profit and loss for the current period. The subsequent measurement of financial assets depended on theircategories.The Group's classification of financial assets is based on the Group's business model for managing financial assets and the cash flowcharacteristics of the financial assets.

(1) Financial assets measured at amortized cost

Financial assets that meet both of the following conditions shall be classified as financial assets measured at amortized cost: TheGroup's business model of managing the financial assets aims at obtaining contractual cash flows; and, as stipulated by contractclauses of the financial assets, the cash flows generated on a specific date are merely for the payment of principal or interest from theunpaid principal. Such financial assets are subsequently measured at amortized cost using the effective interest method. Gain or lossarising from derecognition or amortization using the effective interest method is included in profit and loss for the current period.

(2) Debt instrument investment measured at fair value through other comprehensive income

Financial assets that meet all the following conditions shall be classified as financial assets measured at fair value through othercomprehensive income: The Group's business model of managing the financial assets aims at obtaining contractual cash flows as wellas selling financial assets; and, as stipulated by contract clauses of the financial assets, the cash flows generated on a specific date aremerely for the payment of principal or interest from the unpaid principal. Such financial assets shall be subsequently measured at fairvalue. The discount or premium is amortized using the effective interest method and recognized as interest income or expense.Except for impairment losses or gains and exchange differences that are recognized as profit and loss for the current period, changesin the fair value of such financial assets shall be recognized as other comprehensive income, until the financial assets arederecognized when accumulative gains or losses shall be transferred to profit and loss for the current period. Interest income relatedto such financial assets is included in profit or loss for the current period.

(3) Equity instrument investment measured at fair value through other comprehensive incomeFor financial assets measured at fair value through other comprehensive income that are irrevocably chosen and designated by theGroup from some non-trading equity instruments, the relevant dividend income shall be included in profit and loss for the currentperiod and changes in the fair value shall be recognized as other comprehensive income, until the financial assets are derecognizedwhen accumulative gains or losses shall be transferred to retained earnings.

(4) Financial assets measured at fair value through profit and loss for the current period

The aforementioned financial assets measured at amortized cost and financial assets other than those measured at fair value throughother comprehensive income are classified as financial assets measured at fair value through profit and loss for the current period. Atinitial recognition, in order to eliminate or significantly reduce accounting mismatch, financial assets can be designated as financialassets measured at fair value through profit or loss for the current period. Such financial assets shall be measured at fair value, and allchanges in fair value are included in the profit and loss for the current period.When and only when the Group changes its business model of managing financial assets, all relevant financial assets affected will bere-classified.For financial assets measured at fair value through profit and loss for the current period, transaction costs are directly included inprofit and loss for the current period. For other types of financial assets, related transaction costs are included in their initialrecognized amounts.

3. Classification and measurement of financial liabilities

At initial recognition, the financial liabilities of the Group are classified into the following categories: Financial liabilities measuredat the amortized cost, and financial liabilities measured at fair value through profit and loss for the current period.Financial liabilities can be designated as financial liabilities measured at fair value through profit or loss for the current period atinitial measurement if one of the following conditions is met: (1) The designation can eliminate or significantly reduce accountingmismatch; (2) the management and performance evaluation of a portfolio of financial liabilities or a portfolio of financial assets andfinancial liabilities are based on fair value in accordance with the Group's risk management or investment strategy as set out in aformal written document, and are reported to key management personnel on this basis within the Group; (3) The financial liabilities

contain embedded derivatives require splitting.The Group determines the classification of financial liabilities at initial recognition. For financial liabilities measured at fair valuethrough profit and loss for the current period, transaction costs are directly included in profit and loss for the current period. For othertypes of financial liabilities, related transaction costs are included in their initial recognized amounts.The subsequent measurement of financial liabilities depended on their categories:

(1) Financial liabilities measured at amortized cost

Such financial liabilities shall be subsequently measured at amortized cost using the effective interest method.

(2) Financial liabilities measured at fair value through profit and loss for the current period

Financial liabilities measured at fair value through profit or loss for the current period include trading financial liabilities (includingderivatives that are financial liabilities) and financial liabilities designated as at fair value through profit or loss at initial recognition.

4. Financial instrument offset

The net amount after financial assets and financial liabilities offset each other is reported in the balance sheet if both of the followingconditions are met: The Group had a currently enforceable legal right to offset the recognized amounts; the Group planned to settlethem on a net basis or to realize the financial assets and pay off the financial liabilities simultaneously.

5. Impairment of financial instrument

(1) Impairment measurement and accounting handling of financial instrument

Based on expected credit loss, the Company conducts impairment handling and confirms loss reserve for financial assets which ismeasured by amortized cost, debt instrument investment which is measured by fair value and whose change is calculated into othercomprehensive profits, accounts receivable of rental, loan commitment which is beyond financial debt classified as the one which ismeasured by fair value and whose change is calculated into current profits and losses, financial debt which does not belong to the onewhich is measured by fair value and whose change is calculated into current profits or losses, or financial guarantee contract offinancial debt which is formed when it does not belong to financial asset transfer and doesn’t conform to confirmation condition oftermination or keeps on being involved in transferred financial asset.Expected credit loss refers to weighted average of credit loss of financial instrument which takes the risk of contract breachoccurrence as the weight. Credit loss refers to the difference between all contract cash flow which is converted into cash according toactual interest rate and receivable according to contract and all cash flow which to be charged as expected, i.e. current value of allcash shortage. Among it, as for financial asset purchased or original which has had credit impairment, it should be converted intocash according actual interest rate of this financial asset after credit adjustment.As for financial asset purchased or original which has had credit impairment, the Company only confirms cumulative change ofexpected credit loss within the whole duration after initial confirmation on the balance sheet date as loss reserve.As for accounts receivable which don’t include major financing contents or the Company does not consider financing contents incontract which is less than one year, the Company applies simplified measurement method, and measures loss reserve according toamount of expected credit loss within the whole duration.As for account receivable of rental and accounts receivable including major financing contents, the Company applies simplifiedmeasurement method, and measure loss reserve according to amount of expected credit loss within the whole duration.As for financial asset beyond above mentioned measurement methods, the Company evaluates whether its credit risk has increasedobviously since the initial confirmation on each balance sheet date. In case credit risk has increased obviously, the Companymeasures the loss reserve according to amount of expected credit loss within the whole duration; in case the credit risk does notincrease obviously, the Company measures loss reserve according to the amount of expected credit loss in next 12 months.By utilizing obtainable rational and well grounded information, including forward-looking information, comparing the risk ofcontract breach on balance sheet date and risk of contract breach on initial confirmation date, the Company confirms whether the

credit risk of financial instrument has increased obviously from initial confirmation.On balance sheet date, in case the Company judges that the financial instrument just has relatively low credit risk, then it will beassumed that credit risk of the financial instrument has not increased obviously.Based on single financial instrument or financial portfolio, the Company evaluates expected credit risk and measures expected creditloss. When based on financial instrument portfolio, the Company takes common risk characteristics as the basis, and divides financialinstruments into different portfolios.The Company measures expected credit loss again on each balance sheet date, the increase of loss reserve or amount which istransfer back generated by it is calculated into current profits and losses as impairment profits or losses. As for financial asset whichis measured by amortized cost, loss reserve offsets the carrying value of the financial asset listed in the balance sheet; as for debtinvestment which is measured by fair value and whose change is calculated into other comprehensive profits, the Company confirmsits loss reserve in other comprehensive profits and does not offset the carrying value of the financial asset.

(2) Financial instruments assessing expected credit risk by groups and measuring expected credit losses

Item	Recognition basis	Method of measuring expected credit losses
Other receivables-intercourse funds among related party group within the consolidation scope	Accounts nature	Consulting historical experience in credit losses, combining actual situation and prediction for future economic situation, the group’s expected credit loss rate shall be accounted through exposure at default and the expected credit loss rate within the next 12 months or the entire life
Other receivables-interest receivable group
Other receivables-other intercourse funds among other related party group
Other receivables-credit risk characteristics group	Aging group	Consulting historical experience in credit losses, combining actual situation and prediction for future economic situation, the group’s expected credit loss rate shall be accounted through exposure at default and the expected credit loss rate within the next 12 months or the entire life

(3) Accounts receivable with expected credit losses measured by groups

① Specific groups and method of measuring expected credit loss

Item	Recognition basis	Method of measuring expected credit losses
Bank’s acceptance bills receivable	Bill type	Consulting historical experience in credit losses, combining actual situation and prediction for future economic situation, the group’s expected credit loss rate shall be accounted through exposure at default and the expected credit loss rate within the entire life
Trade acceptance bills receivable

Accounts receivable-Government portfolios

Accounts receivable-Government portfolios

Account nature

No provision for bad debts is made during the creditperiod unless there is conclusive evidence ofimpairment and the risk of default is low.

Accounts receivable-other intercourse funds among other related party group	Account nature	Consulting historical experience in credit losses, combining actual situation and prediction for future economic situation, the group’s expected credit loss rate shall be accounted through exposure at default and the expected credit loss rate within the entire life
Accounts receivable-credit risk characteristics group	Aging group	Prepare the comparative list between aging of accounts receivable and expected credit loss rate over the entire life by consulting historical experience in credit losses, combining actual situation and prediction for future economic situation

② Accounts receivable-the comparative list between aging of common customer group and expected credit loss rate over the entirelife

Aging	Expected credit loss rate of accounts receivable (%)
Within 1 year (inclusive, the same below)	3.00
1 to 2 years	10.00
2 to 3 years	30.00
3 to 4 years	50.00

4 to 5 years	80.00
Over 5 years	100.00

6. Financial asset transfer

Financial assets are derecognized if the Group has transferred almost all the risks and rewards of its ownership transferred to thetransferor; financial assets are not derecognized if the Group has retained almost all the risks and rewards of its ownership.If the Group has neither transferred nor retained almost all the risks and rewards of its ownership of the transferred financial assets, itwill be treated respectively according to the following circumstances: If the control over the financial assets is waived, relevantfinancial assets shall be derecognized, and the assets and liabilities arising from them shall be recognized; if the control over thefinancial assets is not waived, relevant financial assets shall be recognized based on the extent of continuing involvement withtransferred financial assets, and related liabilities shall be recognized accordingly.If continuing involvement is provided by way of financial guarantee for the transferred financial assets, the assets resulting from thecontinuing involvement are recognized at the lower of the carrying value of the financial assets and the financial guarantee amount.The financial guarantee amount refers to the maximum amount of the consideration received that will be required to be repaid.

12. Notes Receivable

Refer to Note V 11 Financial Instruments of the financial statements for details.

13. Accounts Receivable

Refer to Note V 11 Financial Instruments of the financial statements for details.

14. Accounts Receivable Financing

Refer to Note V 11 Financial Instruments of the financial statements for details.

15. Other Receivables

Recognition method and accounting treatment for expected credit losses of other receivablesRefer to Note V 11 Financial Instruments of the financial statements for details.

16. Contract Assets

1. Methods and criteria for recognizing contract assets

The Company presents contract assets or contract liabilities on the balance sheet according to the relationship between the fulfillmentof its contract performance obligations and its customers’ payment. Considerations that the Company has the right to collect forcommodities transferred or services provided to customers (except for accounts receivable) are presented as contract assets.

2. Method of determining and accounting for expected credit losses on contract assets

The Company applies a simplified model for expected credit losses to contract assets as prescribed by Accounting Standard forBusiness Enterprises No. 14 – Revenues, excluding significant financing components (including cases where financing componentswithin contracts not exceeding one year are disregarded under the standard), measuring the loss provision according to the amount ofexpected credit loss of the entire duration. The increased loss provision or reversed amount thereof shall be recorded into the currentprofit or loss as impairment losses or gains.For contract assets that contain significant financing components, the Company has made the accounting policy choice and selectedthe simplified model of expected credit loss, measuring the loss provision according to the amount of expected credit loss of theentire duration.

17. Inventory

(1) Inventories Classification

Inventories include development land held for sale or consumption in the process of development and operation, developmentproducts, temporarily leased development products which intended for sale, relocation housing, stock materials, inventory equipment,and low-value consumables, etc., as well as development costs in the process of development.

(2) Cost Flow Assumption

1) Send-out materials shall adopt the moving weighted average method.

2) During the development of the project, the development land shall be included in the development cost of the project by the floorarea apportion of the developed products.

3) Send-out developed products shall be accounted by specific identification method.

4) The temporarily leased development products which intended for sale and relocation housing shall be amortized averagely bystages according to the expected useful life of the same kind of fixed assets of the Company.

5) If the public supporting facilities are completed earlier than the relevant development products, after the final account of the publicsupporting facilities， it shall be account into the development cost of the relevant development projects according to the buildingarea; If the public supporting facilities are completed later than the relevant development products, the relevant development productsshall withhold the public supporting facilities fees, and adjust the relevant development product costs according to the differencebetween the actual occurrence and the withhold amount after the completed public supporting facilities' final accounts.

(3) Recognition basis of Net Realizable Value of Inventory

On the balance sheet date, inventory shall be measured at the lower of cost or net realizable value, and provision shall be made forfalling price of inventories on the ground of the difference between the cost of each item of inventories and the net realizable value.Inventories directly for sale, under normal producing process, to the amount after deducting the estimated sale expense and relevanttaxes from the estimated sell price of the inventory, the net realizable value has been recognized; inventories which need to beprocessed, under normal producing process, to the amount after deducting the estimated cost of completion, estimated sale expenseand relevant taxes from the estimated sale price of produced finished goods, the net realizable value has been recognized; on thebalance sheet date, in the same item of inventories, if some have contractual price agreement while others do not, the net realizablevalue shall be recognized respectively and compared with their cost, and the amount of provision withdrawal or reversal for fallingprice of inventories shall be recognized respectively.

(4) Inventory System for Inventories

Inventory system: Perpetual inventory system

(5) Amortization Method of the Low-value Consumption Goods and Packing Articles

1) Low-value Consumption Goods

One-off amortization method

2) Packing Articles

One-off amortization method

18. Assets Held for Sale

The Company divides its components (or non-current assets) meeting the following conditions into available for sale assets: (1)Assets can be sold immediately under the current conditions according to the practice of selling such assets or disposal groups insimilar transactions; (2) The sale is likely to occur, and a resolution has been made on a sale plan and a firm purchase commitment isobtained (a firm purchase commitment refers to a legally binding purchase agreement signed between an enterprise and other parties,which contains important terms such as transaction price, time and severe penalty for breach of contract to minimize the possibilityof major adjustment or cancellation of the agreement. The sale is expected to be completed within a year. It has been approved byrelevant authorities or regulatory authorities according to relevant regulations.The Company adjusts the estimated net residual value of available for sale assets to the net amount of its fair value minus the sellingexpenses (which shall not exceed the original book value of the assets available for sale). The difference between the original bookvalue and the adjusted estimated net residual value shall be included in the current profit and loss as the loss of asset impairment, and

provisions for impairment of assets available for sale shall be made. For the amount of impairment loss of disposal group availablefor sale recognized, the book value of goodwill of the disposal group shall be offset first, and then the book value of disposal groupshall be offset in proportion according to the share of the book value of non-current assets in the disposal group measured accordingto relevant standards.When the net amount of fair value of non-current assets available for sale minus the selling expenses increases on the subsequentbalance sheet date, the amount previously written down shall be restored and reversed within the amount of asset impairment lossrecognized after being classified as available for sale assets, and the reversed amount shall be included in the current profits andlosses. The impairment loss of assets recognized before being classified as available for sale assets shall not be reversed. When thenet amount of fair value of disposal group available for sale minus the selling expenses increases on the subsequent balance sheetdate, the amount previously written down shall be restored and reversed within the amount of asset impairment loss recognized asnon-current assets in the disposal group measured according to this Standard after being classified into the categories available forsale assets, and the reversed amount shall be included in the current profits and losses. The book value of goodwill that has beenoffset and the impairment loss of non-current assets measured according to relevant standards shall not be reversed before they areclassified as available for sale assets. The subsequent reversal amount of asset impairment loss recognized as disposal groupavailable for sale shall be increased in proportion to the share of the book value of non-current assets in the disposal group, exceptgoodwill, which are measured according to relevant standards.In case that an enterprise loses its control over a subsidiary due to sale of its investment in the subsidiary, the investment in thesubsidiary to be sold shall be divided into the available for sale category in individual financial statement of the parent companywhen the proposed investment in the subsidiary meets the conditions for classification of available for sale category, and all assetsand liabilities of the subsidiary shall be classified into available for sale category in the consolidated financial statements, no matterwhether the enterprise retains part of equity investment after the sale.

19. Investments in Debt Obligations

Not applicable.

20. Investments in other Debt Obligations

Not applicable.

21. Long-term Receivable

Refer to Note V-11. Financial Instrument for details.

22. Long-term Equity Investments

(1) Judgment of Joint Control and Significant Influences

The term "joint control" refers to the joint control over an arrangement in accordance with the related agreements, which does notexist unless the participants sharing the control power agree with each other about the related arranged activity. The term "significantinfluences" refers to the power to participate in making decisions on the financial and operating policies of an enterprise, but not tocontrol or do joint control together with other parties over the formulation of these policies.

(2) Recognition of Investment Cost

1) If the business combination is under the common control and the acquirer obtains long-term equity investment in the considerationof cash, non-monetary asset exchange, bearing acquiree’s liabilities, or the issuance of equity securities, the initial cost is the carryingamount of the proportion of the acquiree’s owner’s equity at the acquisition date. The difference between the initial cost of the long-term equity investment and the carrying amount of the paid combination or the total amount of the issued shares should be adjustedto capital surplus. If the capital surplus is not sufficient for adjustment, retained earnings are adjusted respectively.In cases of step-by-step implementation of business combinations under common control, the initial investment cost of the

investment shall be the share of the acquired entity's equity attributable to the acquiring entity on the acquisition date, calculatedbased on the ownership percentage. The difference between the initial investment cost and the sum of the carrying value of theoriginal long-term Equity Investments and the carrying value of any additional consideration paid for further shares acquired on theacquisition date is adjusted to share premium (capital surplus or share premium). If the share premium is insufficient, it is offsetagainst retained earnings.

2) For business combinations not under the same control, the fair value of the combination consideration paid by it on the acquisitiondate shall be its initial investment cost.

3) Except for business combination: If it is acquired by paying cash, the actual acquisition price shall be taken as its initial investmentcost; if it is acquired by issuing equity securities, the fair value of the issued equity securities shall be taken as its initial investmentcost; if it is acquired by the investment of the investors, the value agreed in the investment contract or agreement shall be taken as itsinitial investment cost (except when the agreed value is considered unfair).

(3) Method of subsequent measurement and recognition of profit or loss

For long-term equity investments in investees over which the Company has control, the cost method is used in the Company'sindividual financial statements; for long-term equity investments with joint control or significant influence, the equity method isapplied.Under the cost method, long-term equity investments are valued at the initial investment cost. Except for the price actually paid at theacquisition of investment or the declared but undistributed cash dividends or profits included in the consideration, the Companyrecognized the return on investment of the current period in accordance with the cash dividends or profits declared and distributed bythe investee, with consideration given to the impairment of long-term investments based on applicable impairment policies.For long-term equity investment accounted for using the equity method, if the initial cost of long-term equity investment is greaterthan the fair value of identifiable net assets of the invested company gained from the investment, the excess shall be included in theinitial investment cost of the long-term equity investment. If the initial investment cost is smaller than the fair value of identifiablenet assets of the invested company gained from the investment, the difference shall be included in the profit and loss for the currentperiod, and the cost of long-term equity investments shall be adjusted.Under the equity method, after acquiring long-term equity investments, the investment gains or losses are realized based on the shareof net profit or loss that the investee entity shall be entitled to or share. The long-term equity investment's carrying value is adjustedaccordingly. When the share of the net profits and losses of the investee is recognized, the fair value of the investee's identifiableassets at the time of obtaining the investment shall be used as the basis. This is done in accordance with the Company's accountingpolicies and accounting period, and internal transaction gains and losses with joint ventures and associates are offset based on theownership proportion attributable to the investing company (except when internal transaction losses are related to asset impairmentlosses, in which case they shall be fully recognized). Subsequent to adjusting the net profits of the invested institution afterrecognition. The investor reduces the carrying value of long-term equity investments correspondingly when calculating the portion tobe received based on the cash dividends or profits declared to be distributed by the invested company. The Company shall recognizethe net losses of the invested company until the carrying value of the long-term equity investment and other long-term rights andinterests which substantially form the net investment made to the invested company are reduced to zero, unless the Company has theobligation to undertake extra losses. As for other changes in owners' equity except for the net profit and loss of the invested company,the Company shall adjust the carrying value of the long-term equity investment and include it in the owners' equity.

(4) Determining the basis of common control and significant influence on the investee

The investor controls the investee, means that the investor has power over the investee, enjoys variable returns by participating in therelevant activities of the investee, and has the ability to use the power over the investee to affect the amount of returns. Significantinfluence means that the investor has the rights to participate in the decision-making of the financial and operating policies of the

investee, but cannot control or jointly control the formulation of these policies with other parties.

(5) Disposal of long-term equity investments

1) Partial disposal of long-term equity investments in a subsidiary without losing control

In the case of a partial disposal of long-term equity investments in a subsidiary without losing control, the variance between thedisposal proceeds and the corresponding carrying value of the disposed investment is recognized as current investment income.

2) Partial disposal of equity investments or other reasons for losing control of a subsidiary

In cases where control over a subsidiary is lost due to the disposal of equity investments or other reasons, the carrying value of long-term equity investments corresponding to the disposed equity shall be transferred. The difference between the proceeds from the saleand the carrying value of the disposed long-term equity investment shall be recognized as investment income (loss). At the same time,the remaining equity shall be recognized at its carrying value as long-term equity investments or other related financial assets. If theremaining equity after the disposal can exercise joint control or significant influence over the subsidiary, accounting treatment shallbe conducted in accordance with relevant regulations on the conversion from the cost method to the equity method.

(6) Impairment test method and impairment provision method

When there is objective evidence indicating impairment of the investment in subsidiaries, joint ventures and cooperativeenterprises on the balance sheet date, corresponding provision for impairment shall be made according to the difference betweenthe book value and recoverable amount.

23. Investment Property

Measurement mode of investment real estatesMeasurement of cost methodDepreciation or amortization method

1. The term "investment real estate" includes the right to use any land which has already been rented, the right to use any land whichis held and prepared for transfer after appreciation, and the right to use any building which has already been rented.

2. The Company initially measures the investment property according to the costs, and adopts the cost method in the subsequentmeasurement of investment property, and adopts the same methods with fixed assets and intangible assets to withdraw depreciationor amortization. When there is any indication of impairment of investment property on the balance sheet date, correspondingprovision for impairment shall be made according to the difference between the book value and recoverable amount.

24. Fixed Assets

(1) Recognized Standard of Fixed Assets

The term "fixed assets" refers to the tangible assets that simultaneously possess the features as follows: they are held for the sakeof producing commodities, rendering labor service, renting or business management; and their useful life is in excess of one fiscalyear. Fixed assets are recorded at actual cost at the time of acquisition and depreciated using the straight-line method from thesecond month after they reach their intended serviceable condition.

(2) Depreciation Method

Category

Depreciation method

Useful life (year)

Expected net salvage value

Annual deprecation

Houses and buildings	Straight-line depreciation	20-25	5-10	3.6-4.75
Transportation	Straight-line depreciation	5	5	19
Other equipment	Straight-line depreciation	5	5	19
Machinery equipment	Straight-line depreciation	5	5	19
Decoration of fixed assets	Straight-line depreciation	5	-	20

25. Construction in Progress

26. Borrowing Costs

1. Recognition Principle of Capitalization of Borrowing Costs

Where the borrowing costs incurred to the Company can be directly attributable to the acquisition and construction or production ofassets eligible for capitalization, it shall be capitalized and recorded into the costs of relevant assets. Other borrowing costs shall berecognized as expenses when it occurred, and shall be recorded into the current profits and losses.

2. Capitalization Period of Borrowings Costs

(1) The borrowing costs shall not be capitalized unless they simultaneously meet the following requirements: 1) The assetdisbursements have already incurred; 2) The borrowing costs have already incurred; 3) The acquisition and construction orproduction activities which are necessary to prepare the asset for its intended use or sale have already started.

(2) Where the acquisition and construction or production of a qualified asset is interrupted abnormally and the interruption periodlasts for more than 3 months, the capitalization of the borrowing costs shall be suspended. The borrowing costs incurred during suchperiod shall be recognized as expenses, and shall be recorded into the profits and losses of the current period, till the acquisition andconstruction or production of the asset restarts.

(3) When the acquisition and construction or production of a qualified asset eligible for capitalization are available for its intendeduse or sale, the capitalization of borrowing costs shall be stopped.

3. Capitalized rate and amount of borrowing costs

To the extent that funds are borrowed specifically for the purpose of acquiring or constructing a qualifying asset, the amount ofborrowing costs eligible for capitalization on that asset is determined as the actual interest costs (including amortization of discountand premium confirmed according to effective interest method) incurred on that borrowing during the period less any investmentincome on the temporary investment of the borrowing. To the extent that funds are borrowed generally and used for the purpose ofacquiring or constructing a qualifying asset, the amount of borrowing costs eligible for capitalization shall be determined by applyinga capitalization rate to the weighted average of excess of accumulated expenditures on qualifying asset over that on specific purposeborrowing. The capitalization rate is determined by calculating the weighted average interest rate on general borrowings.

27. Intangible Assets

(1) Useful life and the basis for its determination, estimation, amortization methodology or review procedures

1. Intangible assets include right to use land sites, use right of software etc. and conduct the initial measurement according to thecosts.

2. With regard to intangible assets with limited service life, it shall be amortized systematically and reasonably within their servicelife according to the expected implementation of economic interests related to the intangible assets. If it can’t recognize the expectedimplementation reliably, it shall be amortized by straight-line method. The specific useful lives are as follows:

Items

Useful life for amortization (years)

Items

Useful life for amortization (years)

Use right of lands

Use right of lands

Statutory life of land use right

Use right of software

Use right of software

5

The intangible assets with uncertain service life shall not be amortized, and the Company rechecks the service life of the intangibleassets in every accounting period. For intangible assets with uncertain service, the recognition basis is without certain service life andexpected benefit life.

3. For intangible assets with definite service life, when there is any indication of impairment on the balance sheet date, correspondingprovision for impairment shall be made according to the difference between the book value and recoverable amount; for intangibleassets with uncertain service life and those not ready for service, impairment test shall be conducted every year no matter whetherthere is any indication of impairment.

(2) The scope of R&D expenditure collection and the related accounting treatment

1. The scope of R&D expenditure

The Company classifies all expenses linked to R&D activities as R&D expenditures, covering R&D employee remuneration,material input costs, depreciation charges, and amortization expenses.

2. The related accounting treatment of R&D expenditure

The expenditures in the research stage are included in the current profits and losses when incurred. An intangible asset arising fromthe development phase of an internal project is recognized if the Company can demonstrate all of the following: (1) the technicalfeasibility of completing the intangible asset so that it will be available for use or sale; (2) its intention to complete the intangibleasset and use or sell it; (3) how the intangible asset will generate probable future economic benefits, among other things, theCompany can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to beused internally, the usefulness of the intangible asset; (4) the availability of adequate technical, financial and other resources tocomplete the development and to use or sell the intangible asset; and (5) its ability to measure the expenditure attributable to theintangible asset reliably during its development.

28. Impairment of Long-term Assets

For long-term assets such as long-term equity investments, investment property at cost model, fixed assets, construction in progress,and intangible assets with finite useful lives, the assessment of potential indications of asset impairment is conducted on the balancesheet date. For goodwill recognized in a business combination and intangible assets with indefinite useful lives, no matter whetherthere is an indication of impairment, an impairment test is performed annually. An impairment test on goodwill is performed on arelated asset group or asset group portfolio.The existence of the following signs indicates that the assets may be impaired:

(1) The market price of the assets has significantly dropped in the current period, with a decline much higher than expected due to thepassage of time or normal usage; (2) The economic, technological, or legal environment in which the business operates, as well as themarket in which the assets are located, is undergoing or expected to undergo significant changes in the current period or in the nearfuture, adversely affecting the business; (3) Market interest rates or other market investment returns have increased in the currentperiod, impacting the discount rate used by the business to calculate the present value of expected future cash flows from the assets,resulting in a significant decrease in the recoverable amount of the assets; (4) There is evidence indicating that the assets are obsoleteor their physical condition has deteriorated; (5) The assets have been or will be idle, discontinued, or planned for early disposal; (6)Internal reports within the business show that the economic performance of the assets is or will be lower than expected, such as thenet cash flows generated by the assets or the operating profit (or loss) achieved being significantly lower than (or higher than) theestimated amount; (7) Other indicators suggesting that the assets may have been impaired.If there is any sign of impairment of the assets, their recoverable amount shall be estimated. The measurement result of the

recoverable amount shows that if the recoverable amount of the assets is lower than their book value, the book value of the assetsshall be written down to the recoverable amount, and the written-down amount shall be recognized as asset impairment losses, whichshall be included in the profit and loss for the current period, and the corresponding asset impairment provision shall be accrued atthe same time.

29. Long-term Prepaid Expenses

Long-term prepaid expense refers to various expenses that the company has incurred but shall be borne by the current andsubsequent periods for a period of more than one year (excluding one year). Long-term prepaid expense shall be recorded into theaccount according to the actual accrual. Long-term prepaid expense shall be amortized averagely within benefit period or specifiedperiod. In case of no benefit in the future accounting period, the amortized value of such project that fails to be amortized shall betransferred into the profits and losses of the current period.

30. Contract Liabilities

The Company presents contract assets or contract liabilities on the balance sheet according to the relationship between the fulfillmentof its contract performance obligations and its customers’ payment. Obligations to be fulfilled by the Company of transferringcommodities or providing services to customers, as the Company has received or should receive customers’ considerations, arepresented as contract liabilities.

31. Payroll

(1) Accounting Treatment of Short-term Compensation

During the accounting period when the employees providing the service for the Company, the actual short-term compensation shallbe recognized as liabilities, and be recorded into the current profits and losses or related assets costs.

(2) Accounting Treatment of the Welfare after Demission

The Company's welfare after demission plans is divided into defined contribution plans and defined benefit plans (1) During theaccounting period when the employee providing service for the Company, the amount paid in line with the setting drawing plan willbe recognized as liabilities and recorded into current profits or losses or cost of relevant assets.

(2) The accounting treatment of defined benefit plans usually consists of the following steps:

1) According to the expected cumulative welfare unit method, adopt unbiased and mutually consistent actuarial assumptions toevaluate related demographic variables and financial variables, measure the obligations generated from defined benefit plans andrecognize the period in respect of related obligations. Meanwhile, discount the obligations generated from defined benefit plans torecognize their present value and the current service costs;

2) If there are any assets in a defined benefit plan, the deficit or surplus formed from the present value of the defined benefit planobligations less the fair value of the defined benefit plan assets shall be recognized as net liabilities or net assets of a defined benefitplan. If there is any surplus in a defined benefit plan, the net assets of the plan shall be measured at the lower of the surplus or theupper asset limit;

3) At the end of the period, the staff remuneration costs generated from a defined benefit plan shall be recognized as services costs,net interests of the net liabilities or net assets of the plan and changes from the re-measurement of the net liabilities or net assets ofthe plan. Service costs and net interests of the net liabilities or net assets of the plan shall be recorded into the current profits or lossesor related asset costs, while changes from the re-measurement of the net liabilities or net assets of the plan shall be recorded intoother comprehensive income and shall not be transferred back to profits or losses in subsequent accounting periods. But the amountsrecognized in other comprehensive income may be transferred within the equity scope.

(3) Accounting Treatment of Demission Welfare

When the Company is unable to unilaterally withdraw the plan on the cancellation of labor relationship or the layoff proposal, orwhen recognizing the costs or expenses (the earlier one between the two) related to the reorganization of paying the demission

welfare, should recognize the payroll liabilities from the demission welfare and include in the current gains and losses.

(4) Accounting Treatment of Other Welfare of the Long-term Employees

The Company provides the other long-term employee benefits for the employees, and for those met with the defined contributionplans, accounting treatment should be conducted according to the related regulations of the defined contribution plans; the for theothers long-term employee benefits except for the former, accounting treatment should be conducted according to the relatedregulations of the defined benefit plans. In order to simplify the related accounting treatment, the payrolls shall be recognized asservice costs, the net amount of interest of net liabilities and net assets of other welfare of the long-term employees. The total netamounts made up from the changes of measuring the net liabilities and net assets of other welfare of the long-term employees againshall be recorded into the current profits and losses or related assets costs.

32. Provisions

1. The obligation such as external guaranty, litigation or arbitration, product quality assurance, loss contract, pertinent to acontingencies shall be recognized as the provisions when the following conditions are satisfied simultaneously: ① That obligation isa current obligation of the enterprise; ② It is likely to cause any economic benefit to flow out of the enterprise as a result ofperformance of the obligation; and ③ The amount of the obligation can be measured in a reliable way.

2. The Company shall conduct the initial measurement to provisions according to the best estimate number needed for performing therelated current obligation and recheck the carrying value of accrued liabilities on balance sheet date.

33. Share-based Payment

Not applicable.

34. Other Financial Instruments such as Preference Shares and Perpetual Bonds

Not applicable.

35. Revenue

The Accounting Policy Adopted for Recognition and Measurement of Revenue Disclosed by Type of Business

1. Recognition of revenue

The Company gains revenue mainly from property sales, property management, sales of software and property leasing (refer to 39.Leasing for more detail).The Company recognizes revenue when it has fulfilled the obligation of contract performance, namely, when it has acquired thecontrol of the related commodity. The acquisition of control over a commodity refers to the capacity to control the use of thecommodity and to gain almost all economic interests thereof.

2. The Company judges whether a contract performance obligation is “a contract performance obligation fulfilled in a timeperiod” or “a contract performance obligation fulfilled at a time point” according to the terms in revenue standards, andrecognizes revenue according to the following principles.

(1) When the Company meets one of the following conditions, the obligation should be classified as a contract performanceobligation fulfilled in a specific time period:

1) The customer gains and consumes the economic interests brought by the Company’s contract performance when the Companyperforms the contract.

2) The customer is able to control the assets in progress during the Company’s contract performance.

3) The assets produced during the Company’s contract performance have irreplaceable use, and the Company has the right to collectpayment in respect of its completed contract performance accumulated as of now throughout the entire contract period.For a contract performance obligation fulfilled in a time period, the Company recognizes revenue according to the progress towardscontract completion in that period, but excluding the case when such progress cannot be reasonably determined. The Company usesthe output or input method to determine the right progress towards contract completion by considering the nature of the commodity.

4) For one that is classified as a contract performance obligation fulfilled at a time point instead of in a time period, the Company

recognizes revenue when the customer acquires the control over the related commodity.In judging whether the customer has acquired the control over a commodity, the Company considers the following signs:

1) The Company is entitled to the current right of payment collection in respect of the commodity. In other words, the customer hasthe current obligation to pay for the commodity.

2) The Company has transferred the legal ownership of the commodity to the customer. In other words, the customer has owned thelegal ownership of the commodity.

3) The Company has transferred the physical commodity to the customer. In other words, the customer has taken physical possessionof the commodity.

4) The Company has transferred the major risks and remunerations in respect of the ownership of the commodity. In other words, thecustomer has acquired the major risks and remunerations in respect of the ownership of the commodity.

5) The customer has accepted the commodity.

6) Other signs indicating that the customer has acquired control over the commodity.

3. Specific policies of the Company for recognizing revenue:

1) Real Estate Sales Contracts

The realization of sales revenue shall be recognized under the following conditions: the developed products have been completed andaccepted, the sales contract has been signed and the obligations stipulated in the contract have been fulfilled, the main risks andrewards of ownership of the developed products have been transferred to the buyer at the same time, the Company shall no longerretain the continuous management rights normally associated with ownership and effectively control the sold developed products, therevenue amount can be measured reliably, the related economic benefits are likely to flow in, and the related costs that have occurredor will occur can be measured reliably. For the sale of self-occupied housing, the realization of sales income shall be recognizedunder the following conditions: the main risks and rewards of ownership of self-occupied houses are transferred to the buyer, theCompany will no longer retain the continuous management rights normally associated with ownership and effectively control thesold development products, the amount of income can be measured reliably, relevant economic benefits are likely to flow in, therelevant costs that have occurred or will occur can be measured reliably. Only recognizing the sales income realization under thefollowing conditions: acquired the real estate completed and accepted as qualified (the completion and acceptance reports), signed anirreversible sales contract, obtained the buyer's payment certificate (for those who chose bank mortgage, the first installment and thefull amount of bank mortgage must be required; If a bank mortgage is not selected for self-payment, the full amount of the propertyis received), and the revenue is recognized as the earliest of the point in time when the notice of repossession is issued (which isdeemed to be the same as repossession if the owner fails to complete the formalities within the stipulated period due to the owner'sfailure to do so in a timely manner) and the point in time when the owner actually repossesses the property.

2) Providing Labor Services

If the provision of labor services can be reliably estimated (all the following conditions are met: ① The amount of income can bemeasured reliably; ②The relevant economic benefits are likely to inflow to the Company; ③ The progress of the transaction can bereliably determined; ④ The cost incurred and to be incurred in the transaction can be measured reliably), it shall recognize therevenue from providing services employing the percentage-of-completion method, and confirm the completion of labor serviceaccording to the costs incurred as a percentage of the total estimated costs. If the Company can’t, on the date of the balance sheet,reliably estimate the outcome of a transaction concerning the labor services it provides, it shall be handled under the followingconditions: If the cost of labor services incurred is expected to be compensated, the revenue from the providing of labor services shallbe recognized in accordance with the amount of the cost of labor services incurred, and the cost of labor services shall be carriedforward at the same amount; If the cost of labor services incurred is not expected to compensate, the cost incurred should be includedin the current profits and losses, and no revenue from the providing of labor services may be recognized.Property management revenue shall be recognized when property management services have been provided, economic benefitsrelated to property management services can flow into the enterprise, and costs related to property management can be reliablymeasured.

3) Transferring the Right to Use Assets

The revenue of transferring the right to use assets may not be recognized unless the following conditions are both met: the relevanteconomic benefits are likely to inflow to the Company; and the revenue can be reliably measured. The interest income shall berecognized according to the time and actual interest rate in which other people use the Company’s monetary funds. Royalty revenueshall be recognized according to the chargeable time and method stipulated in related contracts and agreements.According to the lease date and lease amount agreed in the lease contract and agreement, the realization of rental property incomeshall be recognized when relevant economic benefits are likely to flow in.

4) Software sales revenue

① Revenue recognition and measurement methods for sales of custom software and independent software productsCustom software refers to the special software designed and developed after the full on-site investigation of the user's businessaccording to the software development contract signed with the customer based on the actual needs of the user, and the resultingdeveloped software is not universal. Revenue is recognized over time based on the progress of completed performance obligationsover the contract period only if the goods produced by the Company in the course of performance have an irreplaceable use and theCompany is entitled to receive payment for the cumulative portion of performance completed to date throughout the contract period,with the progress of completed performance obligations determined by the proportion of the contract costs actually incurred tocomplete the performance obligations to the total estimated contract costs. Otherwise, the revenue is recognized at a certain point intime.For sales contracts of independent software products signed with the customer, the customer directly purchases the standard versionof the software, i.e., the real estate and facilities management platform, and the corresponding modules are deployed byimplementation personnel according to the customer's requirements. In this case, the performance obligations are to be performed ata certain point in time. The revenue is recognized after the Company delivers the product to the customer and the customer acceptsthe product.

② Revenue recognition and measurement methods for systems integration contracts

System integration includes the sale and installation of purchased merchandise and software products. The revenue is recognizedwhen the Company has transferred the primary risks and rewards of the ownership of the purchased merchandise to the purchaser;the Company neither retained the continued management rights usually associated with the ownership, nor effectively controlled thesold goods; the installation and commissioning of the system have been completed and the system has been put into trial operation,or the initial inspection report of the purchaser is obtained; the economic benefits relevant to the transaction are likely to flow into theCompany, the relevant costs can be reliably measured.

③ Revenue recognition and measurement methods for technical service revenue

Technical service revenue mainly refers to the business of providing consulting, implementation and after-sales services of productsto customers as required by contracts. If a service period is agreed upon in a contract, it is considered as a performance obligation tobe performed within a certain period of time, and revenue is recognized for services settled with the customer in accordance with thecontracted service period during the service provision period.

5) Other Business Income

(5) Other operating income is recognized when the customer obtains control of the relevant goods as stipulated in the relevantcontracts or agreements, upon the fulfillment of contractual obligations.

4. Measurement of Revenue

The Company should measure revenue according to the transaction prices apportioned to each of the individual contract performanceobligations. In determining a transaction price, the Company considers the impact of a number of factors, including variableconsideration, significant financing components in contracts, non-cash consideration, and consideration payable to customers.

(1) Variable consideration

The Company determines the best estimate of variable consideration according to the expected value or the amount most likely tooccur. But a transaction price containing variable consideration should not exceed the amount from the accumulated recognized

revenue that will probably not have any significant reversal when related uncertainties are eliminated. When assessing whether thesignificant reversal of accumulated recognized revenue is almost impossible or not, a company should concurrently consider thepossibility and weight of the revenue reversal.

(2) Significant financing component

When a contract contains any financing component, the Company should determine the transaction price according to the amountpayable that is assumed to be paid in cash by the customer when it acquires control over the commodity. The difference between thetransaction price and the contract consideration should be amortized in the effective interest method during the contract period.

(3) Non-cash consideration

When a customer pays non-cash consideration, the Company should determine the transaction price according to the fair value of thenon-cash consideration. When such fair value cannot be reasonably estimated, the Company will indirectly determine the transactionprice by reference to the individual price committed by the Company for transferring the commodity to the customer.

(4) Consideration payable to a customer

For consideration payable to a customer, the Company should deduct the transaction price from the consideration payable, anddeduct the revenue for the current period at either the recognition of related revenue or the payment (or committed payment) of theconsideration to the customer, whichever is earlier, but excluding the case in which the consideration payable to the customer is forthe purpose of acquiring from the customer other commodities that can be obviously distinguished.If the Company’s consideration payable to a customer is for the purpose of acquiring from the customer other commodities that canbe obviously distinguished, the Company should confirm the commodity purchased in the same way as in its other purchases. Whenthe Company’s consideration payable to a customer exceeds the fair value of the commodity that can be obviously distinguished, theexceeded amount should be used to deduct the transaction price. If the fair value of the commodity acquired from the customer thatcan be obviously distinguished cannot be reasonably estimated, the Company should deduct the transaction price from theconsideration payable to the customer.

Differences in methods for the recognition and measurement of revenue caused by different business models for the same type ofbusinessNot applicable.

36. Contract Costs

Contract costs comprise contract performance cost and contract acquisition cost.The cost incurred by the Company from performing a contract is recognized into an asset as contract performance cost when it meetsthe following conditions:

(1) This cost directly relates to an existing contract or a contract expected to be acquired. It consists of direct labor, direct materials,manufacture costs (or similar costs), costs specified to be borne by the customer and other costs incurred from this contract solely.

(2) This cost has increased the Company’s sources that are used to fulfill its contract performance obligations in the future.

(3) This cost is expected to be recovered.

An incremental cost that is incurred by the Company for acquiring a contract and expected to be recovered is recognized into an assetas contract acquisition cost. However, for such asset with an amortization period of less than one year, the Company recognizes theminto current profit/loss at their occurrence.Assets related to contract costs are amortized on the same basis for recognizing the revenue from commodities or services related tosuch assets.When the carrying value of an asset related to contract costs is higher than the difference between the following two items, theCompany will withdraw impairment provision for the exceeded part and recognize it as asset impairment loss:

(1) Residual consideration expected to be gained from transferring commodities and services related to this asset;

(2) Costs expected to be incurred from transferring such commodities or services.

When the aforementioned asset impairment provision is reversed later, the carrying value of the asset after the reversal should not

exceed its carrying value on the reversal date under the assumption of no withdrawal of impairment provision.

37. Government Grants

1. If the government subsidies meet with the following conditions at the same, it should be recognized: (1) The entity willcomply with the condition attaching to them; (2) The grants will be received from government. If a government subsidy is amonetary asset, it shall be measured according to the amount received or receivable. If a government subsidy is a non-monetary asset,it shall be measured at its fair value, and shall be measured at a nominal amount when the fair value cannot be obtained reliably.

2. Judgment basis and accounting methods of government subsidies related to assets

The government subsidies that are acquired for construction or form long-term assets in other ways according to governmentdocuments shall be defined as asset-related government subsidies. For those not specified in government documents, the judgmentshall be made based on the compulsory fundamental conditions for acquiring the subsidies. If the subsidies are acquired withconstruction or the formation of long-term assets in other ways as fundamental conditions, they shall be recognized as asset-relatedgovernment subsidies. For asset-related government subsidies, the carrying value of related assets shall be written down orrecognized as deferred income. If asset-related government subsidies are recognized as deferred income, it shall be recorded intoprofits or losses by period in a reasonable and systemic manner within the life of related assets. Government subsidies measured atthe nominal amount shall be directly recorded into current profits or losses. If related assets are sold, transferred, disposed of ordestroyed before the end of their life, the undistributed balance of related deferred income shall be transferred into the profits orlosses for the period of the asset disposal.

3. Judgment basis and accounting treatment of profits-related government subsidies

Government subsidies other than asset-related government subsidies shall be defined as profits-related government subsidies. Forgovernment subsidies consisting of both asset-related parts and profits-related parts, which are difficult to judge whether they arerelated to assets or profits, the entirety shall be classified as profits-related government subsidies. Profits-related governmentsubsidies that are used to compensate the related future expenses or losses shall be recognized as deferred income and shall beincluded into the current profit/losses or offset relevant costs during the period when the relevant expenses or losses are recognized;those subsidies used to compensate the related expenses or losses incurred shall be directly included into the current profits/losses oroffset relevant costs.

4. Government subsidies related to the Company’s routine operating activities shall be included into other income or write downrelated costs according to the economic business nature. Government subsidies not related to the Company’s routine activities shallbe included into non-operating income and expenditure.

38. Deferred Income Tax Assets/Deferred Income Tax Liabilities

1. In accordance with the balance (the item not recognized as assets and liabilities can confirm their tax bases according to the tax law,the balance between the tax bases and its carrying amount) between the carrying amount of assets or liabilities and their tax bases,deferred tax assets and deferred tax liabilities should be recognized at the tax rates that are expected to apply to the period when theasset is realized or the liability is settled.

2. A deferred tax asset shall be recognized within the limit of taxable income that is likely to be obtained to offset the deductibletemporary differences. At the balance sheet date, where there is strong evidence showing that sufficient taxable profit will beavailable against which the deductible temporary difference can be utilized, the deferred tax asset unrecognized in prior period shallbe recognized.

3. The Company assesses the carrying amount of deferred tax asset at the balance sheet date. If it’s probable that sufficient taxableprofit will not be available against which the deductible temporary difference can be utilized, the Company shall write down thecarrying amount of deferred tax asset, or reverse the amount written down later when it’s probable that sufficient taxable profit willbe available.

4. The current income tax and deferred income tax of the Company are recorded into the current gains and losses as income taxexpenses or revenue, except in the following circumstances: (1) Business combination; (2) The transaction or event directly included

in owner’ equity.

39. Lease

(1) Accounting treatment for leases as the lessee

On the beginning date of the lease term, the Company will recognize the lease with a lease term not exceeding 12 months andexclude the purchase option as a short-term lease. Leases with lower value when a single leased asset is a brand-new asset areidentified as low-value asset leases. If the Company sublets or expects to sublet the leased assets, the original lease shall not bedeemed as a low-value asset lease.The Company records the payments of short-term and low-value asset leases incurred during each period of the lease term in therelevant asset costs or the profit or loss for the current period by the units-of-consumption method.The Company will recognize right-of-use assets and lease liabilities on the inception date of the lease term, excluding the aboveshort-term and low-value asset leases.

1) Right-of-use assets

The right-of-use asset is measured at cost and the cost shall comprise: 1) the amount of the initial measurement of the lease liabilities;

2) any lease payments made at or before the commencement date, less any lease incentives received; 3) any initial direct costsincurred by the lessee; and 4) an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset,restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of thelease.The Company depreciates the right-of-use asset using the straight-line method. If it is reasonably certain that ownership of the leasedasset(s) will be obtained at the end of the lease term, the Company depreciates the leased asset(s) over its/their remaining service life.If it is not reasonably certain that the ownership of the leasehold property will be obtained at the end of the lease term, the Companywill depreciate the leased asset(s) over the lease term or the remaining service life, whichever is shorter.

2) Lease liabilities

At the commencement date, the Company measures the lease liabilities at the present value of the lease payments that are not paid atthat date, The Company uses the interest rate implicit in lease as the rate of discount when calculating the present value of the leasepayments. The incremental interest rate on borrowing of the lessee will be used as the rate of discount, if the interest rate implicit inlease cannot be determined. The difference between the lease payment and its present value is regarded as an unrecognized financingexpense. Interest expense is recognized at the discount rate of the present value of the recognized lease payment during each periodof the lease term and is recorded in the profit and loss for the current period. Variable lease payments that are not covered in themeasurement of the lease liabilities are included in current profit or loss when actually incurred.After the commencement date, if there is a change in the following items: (a) actual fixed payments; (b) amounts expected to bepayable under residual value guarantees; (c) an index or a rate used to determine lease payments; (d) assessment result or exercise ofpurchase option, extension option or termination option., the Company remeasures the lease liabilities based on the present value oflease payments after changes, and adjusts the carrying amount of the right-of-use asset accordingly. If the carrying amount of theright-of-use asset is reduced to zero but there shall be a further reduction in the lease liabilities, the remaining amount shall berecognized into profit or loss.

(2) Accounting treatment of leases as the lessor

On the start date of the lease term, the Company divides the lease that substantially transfers almost all risks and rewards related tothe ownership of the leased assets into finance leases, except for operating leases.

1) Operating lease

The Company recognizes the lease payments receivable as rental earnings in each period within the lease term on a straight-line basis.The initial direct costs related to the operating lease are capitalized, amortized within the lease term on the same basis as therecognition of rental earnings, and included in the profit or loss for the current period. Variable lease payments obtained by theCompany in relation to operating leases that are not included in the lease receivable are included in the profit or loss for the current

period when they are actually incurred.

2) Financial lease

At the commencement date, the Company recognizes the finance lease payment receivable based on the net investment in the lease(sum of the present value of unguaranteed residual value and lease receipts that are not received at the commencement date,discounted by the interest rate implicit in the lease), and derecognizes assets held under the finance lease. The Company calculatesand recognizes interest income using the interest rate implicit in the lease over the lease term.Variable lease payments not included in the measurement of the net investment in the lease are charged as profit or loss in the periodsin which they are incurred.

3) Underlease

The Company, as the underlease lessor, applied accounting treatment to the head lease agreement and the sublease agreement inaccordance with the accounting requirements of both the lessee and lessor. If a head lease is a short-term lease and simplifiedaccounting treatment was applied, then it classifies the sub-lease as an operating lease.

(3) Sale and leaseback

1. The Company as the lessee

The Company assesses whether the asset transfer in a sale and leaseback transaction is a sale in accordance with relevant provisionsof the Accounting Standards for Business Enterprises No. 14 - Income.If the asset transfer in a sale and leaseback transaction is a sale, the Company measures the right-of-use assets formed by the sale andleaseback based on the portion of the original asset's carrying value that is related to the use right acquired by the leaseback, andrecognizes related gains or losses only for the right transferred to the lessor.If the asset transfer in a sale and leaseback transaction is not a sale, the Company continues to recognize the transferred asset and atthe same time recognizes a financial liability equivalent to the transfer income, and conducts corresponding accounting treatment forthe financial liability in accordance with the Accounting Standards for Business Enterprises No. 22 - Recognition and Measurementof Financial Instruments.

2. The Company as lessor

The Company assesses whether the asset transfer in a sale and leaseback transaction is a sale in accordance with relevant provisionsof the Accounting Standards for Business Enterprises No. 14 - Income.If the asset transfer in a sale and leaseback transaction is a sale, the Company applies other accounting standards for businessenterprises to the accounting treatment for asset purchase, and conducts corresponding accounting treatment for asset lease inaccordance with the Accounting Standard for Business Enterprises No. 21 - Leases.If the asset transfer in a sale and leaseback transaction is not a sale, the Company does not recognize the transferred asset, butrecognizes a financial asset equivalent to the transfer income, and conducts corresponding accounting treatment for the financial assetin accordance with the Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of FinancialInstruments.

40. Other Important Accounting Policies and Accounting Estimations

Confirmation standard and accounting handling method for operation terminationComponents which meet one of the following conditions, have been disposed or divided as held for sale category and can bedistinguished separately are confirmed as operation termination.

1) The component represents one important independent main business or one single main operation area.

2) The component is one part of a related plan which plans to dispose one independent main business or one single main operationarea.

41. Changes in Main Accounting Policies and Estimates

(1) Change of Accounting Policies

□Applicable ? Not applicable

(2) Changes in Accounting Estimates

□Applicable ? Not applicable

(3) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of the NewAccounting Standards Implemented since 2024

□Applicable ? Not applicable

42. Other

In the Note of the financial statements, the data of the period-beginning refers to the financial statement data on 1 January 2024;the data of the period-end refers to the financial statement data on 30 June 2024; the Reporting Period refers to the H1 2024; thesame period of last year refers to the H1 2023. The same to the Company as the parent.VI Taxes

1. Main Taxes and Tax Rates

Category of taxes	Tax basis	Tax rate
VAT	Sales of goods or provision of taxable services	Note 1
Urban maintenance and construction tax	Turnover tax payable	Applied to 7%, 5%, 1% separately according to the regional level
Enterprise income tax	Taxable income	25%、20%、15%、16.5%
VAT of land	Added value generated from paid transfer of the use right of state-owned lands and property right of above-ground buildings and other attachments	30%-60%
Real estate tax	Levied according to price: paid according to 1.2% of the residual value of the real estate’s original value after deducted 30% at once; levied according to lease: paid according to 12% of the rental income	1.2%、12%
Education surcharge	Turnover tax payable	3%
Local education surcharge	Turnover tax payable	2%

Notes of the disclosure situation of the taxpaying bodies with different enterprises income tax rate

Name	Income tax rate
Chongqing Shenzhen International Trade Center Property Management Co., Ltd.	15%
Shenzhen International Trade Center Property Management Co., Ltd. Chongqing Branch	15%
Shenzhen Facility Management Community Co., Ltd	15%
Shenzhen Property Engineering and Construction Supervision Co., Ltd.	20%

Shenzhen Guomao Chuntian Commercial Management Co., Ltd.	20%
Shenzhen Jinhailian Property Management Co.,Ltd.	20%
Shenzhen Zhongtongda House Xiushan Service Co.,Ltd.	20%
Shenzhen Kangping Industry Co.,Ltd.	20%
Shenzhen Teacher Family Training Co., Ltd.	20%
Shenzhen Education Industry Co., Ltd.	20%
Shenzhen Yufa Industry Co., Ltd.	20%
Chongqing Aobo Elevator Co., Ltd.	20%
Shenzhen SZPRD Fuyuantai Development Co., Ltd.	20%
Shenzhen Fuyuanmin Property Management Co., Ltd.	20%
Shenzhen Meilong Industrial Development Co., Ltd.	20%
Shenzhen Sports Service Co., Ltd.	20%
Shenzhen Penghongyuan Industrial Development Co., Ltd.	20%
Shenzhen Guoguan Electromechanical Device Co., Ltd.	20%
Shenzhen Shenshan Special Cooperation Zone Guomao Property Development Co., Ltd.	20%
Shenzhen Helinhua Construction Management Co., Ltd.	20%
Shenzhen Guomao Tongle Property Management Co., Ltd.	20%
Shenzhen Foreign Trade Property Management Co., Ltd.	20%
Shenzhen Fubao Urban Resources Management Co., Ltd.	20%
Shenzhen Shenwu Elevator Co., Ltd.	20%
Shenzhen Shenfang Property Cleaning Co., Ltd.	20%
Shandong International Trade Center Hotel Management Co., Ltd.	20%
Shenzhen Shenfubao Hydropower Municipal Service Co., Ltd.	20%
Shenzhen Jiayuan Property Management Co., Ltd.	20%
Shenzhen Guomao Shenlv Gardening Co.， Ltd.	20%
Beijing Facility Home Technology Co., Ltd.	20%
Subsidiaries registered in Hong Kong area	16.50%
Subsidiaries registered in Vietnam area	20%
Other taxpaying bodies within the consolidated scope	25%

2. Tax Preference

1. According to the regulations of No. 2, Property Service of No. 37, Commercial Service among the encouraging category of theGuidance Catalogue of Industry Structure Adjustment (Y2011), the western industry met with the conditions should be collectedthe corporate income tax according to 15% of the tax rate. The subsidiaries of the Group Chongqing Shenzhen International TradeCenter Property Management Co., Ltd. and Shenzhen International Trade Center Property Management Co., Ltd. ChongqingBranch applied to above policy.

2. On 19 December 2022, Shenzhen Facility Management Community Technology Co., Ltd. successfully passed the re-evaluationfor its High-tech Enterprise Certificate. The company has been assigned certificate number GR202244204675, and the certificateis valid for three years. As per the tax laws and regulations, the company will be eligible for a preferential enterprise income taxrate of 15% for the year 2024.

3. According to the Announcement of the State Taxation Administration and the Ministry of Finance on the Implementation ofPreferential Income Tax Policies for Small and Micro Enterprises and Individual Industrial and Commercial Entities(Announcement No. 6 of 2023 of the Ministry of Finance and the State Taxation Administration) and the Announcement of theState Taxation Administration and the Ministry of Finance on Further Supporting Small and Micro Enterprises and IndividualIndustrial and Commercial Businesses through Relevant Tax and Fee Policies (Announcement No. 12 of 2023 of the Ministry of

Finance and the State Taxation Administration), for small and micro enterprises, the taxable income shall be calculated at a rate of25% and the enterprise income tax shall be paid at a rate of 20%; Tax on natural resources (excluding tax on water resources),urban maintenance and construction tax, real estate tax, urban land use tax, stamp tax (excluding stamp tax on securitiestransactions), agriculture land tax, educational surcharge and local education surcharge on small-scale VAT taxpayers, small-sizedlow-profit enterprises and individual industrial and commercial households are deducted by half from 1 January 2023 to 31December 2027. This policy applies to 27 subsidiaries, including Shenzhen Property Engineering and Construction SupervisionCo., Ltd. and Shenzhen Guomao Chuntian Commercial Management Co., Ltd.

3. Other

[Note 1]: Taxable items and tax rate of the VAT of the Company and its subsidiaries are as follows:

Type of the revenue	General rate	Percentage charges of
Sales of house property	9%	5%
Rent of real estate	9%	5%
Property service	6%	3%
Catering service	6%	3%
Others	13%	--

VII. Notes to Main Items of Consolidated Financial Statements

1. Monetary Assets

Unit: RMB

Item	Ending balance	Beginning balance
Cash on hand	55,534.25	75,265.01
Bank deposits	1,879,237,005.06	2,742,094,318.81
Other monetary funds	6,553,992.38	6,628,892.90
Total	1,885,846,531.69	2,748,798,476.72
Of which: total amount deposited overseas	63,351,184.07	62,161,463.84

Other notes:

At the end of the period, the amount of restriction in use by guaranteed, pledged or frozen is RMB18,366,170.50, mainly includingthe margin and interest of RMB3,337,257.40; the funds with limited use rights in bank deposits mainly include the bank frozen fundsof RMB3,147,574.47 and the interest on time deposits of RMB11,881,338.63. The above amount is not regarded as cash and cashequivalents due to restrictions on use.The funds deposited overseas are mainly the balance of monetary assets of the overseas subsidiaries Shum Yip PropertiesDevelopment Limited and Vietnam Shenguomao Property Management Co., Ltd.

2. Trading Financial Assets

Unit: RMB

Item	Ending balance	Beginning balance
Of which:
Of which:

Other notes

3. Derivative Financial Assets

Unit: RMB

Item

Ending balance

Beginning balance

Other notes:

4. Notes Receivable

(1) Notes Receivable Listed by Category

Unit: RMB

Item

Ending balance

Beginning balance

(2) Disclosure by Withdrawal Methods for Bad Debts

Unit: RMB

Category	Ending balance					Beginning balance
	Carrying amount		Bad debt provision		Carrying value	Carrying amount		Bad debt provision		Carrying value
	Amount	Proportion	Amount	Withdrawal proportion		Amount	Proportion	Amount	Withdrawal proportion
Of which:
Of which:

If adopting the general mode of expected credit loss to withdraw bad debt provision of notes receivable:

□Applicable ?Not applicable

(3) Bad Debt Provision Withdrawal, Reversed or Recovered in the Current PeriodWithdrawal of bad debt provision:

Unit: RMB

Category	Beginning balance	Changes in the current period				Ending balance
		Withdrawal	Reversed or recovered	Verification	Others

Of which significant amount of recovered or transferred-back bad debt provision for the current period:

□Applicable ?Not applicable

(4) Notes Receivable Pledged by the Company at the Period-end

Unit: RMB

Item	Ending pledged amount

(5) Notes Receivable Which Had Endorsed by the Company or had Discounted and had not Due on theBalance Sheet Date at the Period-end

Unit: RMB

Item

Amount of recognition termination at the period-end

Amount of not terminated recognition at the period-end

(6) Notes Receivable Written-off in Current Period

Unit: RMB

Item	Written-off amount

Of which, verification of significant notes receivable:

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures performed

Whether occurred because of related-party transactions

Notes of the verification of notes receivable

5. Accounts Receivable

(1) Disclosure by Aging

Unit: RMB

Aging	Ending carrying amount	Beginning carrying amount
Within one year (including 1 year)	362,644,889.80	425,235,829.74
One to two years	177,295,682.88	83,584,196.31
Two to three years	14,631,387.34	19,037,312.67
More than three years	133,139,168.37	127,356,876.62
Three to four years	10,907,385.79	10,334,088.28
Four to five years	8,002,297.72	4,135,080.24
Over 5 years	114,229,484.86	112,887,708.10
Total	687,711,128.39	655,214,215.34

(2) Disclosure by Withdrawal Methods for Bad Debts

Unit: RMB

Category	Ending balance					Beginning balance
	Carrying amount		Bad debt provision		Carrying value	Carrying amount		Bad debt provision		Carrying value
	Amount	Proportion	Amount	Withdrawal proportion		Amount	Proportion	Amount	Withdrawal proportion
Accounts receivable withdrawal of Bad debt provision separately accrued	116,440,359.76	16.93%	112,831,779.74	96.90%	3,608,580.02	115,895,721.46	17.69%	113,235,195.18	97.70%	2,660,526.28
Of which:
Accounts receivable withdrawal of bad debt provision of by group	571,270,768.63	83.07%	49,530,105.12	8.67%	521,740,663.51	539,318,493.88	82.31%	39,172,566.28	7.26%	500,145,927.60
Of which:
Total	687,711,128.39	100.00%	162,361,884.86	23.61%	525,349,243.53	655,214,215.34	100.00%	152,407,761.46	23.26%	502,806,453.88

The category name of bad debt provision separately accrued: Accounts receivable with bad debt provision separately accrued

Unit: RMB

Name	Beginning balance		Ending balance
	Carrying amount	Bad debt provision	Carrying amount	Bad debt provision	Withdrawal proportion	Reason for withdraw

Shenzhen Jiyong Properties & Resources Development Company	93,811,328.05	93,811,328.05	93,811,328.05	93,811,328.05	100.00%	Involved in lawsuit and unrecoverable
Shenzhen Tewei Industry Co., Ltd.	2,836,561.00	2,836,561.00	2,836,561.00	2,836,561.00	100.00%	Expected to be unrecoverable
Lunan Industry Corporation	2,818,284.84	2,818,284.84	2,818,284.84	2,818,284.84	100.00%	Expected to be unrecoverable
Shenzhen Hampoo Science & Technology Co., Ltd.	1,436,020.29	1,433,070.29	1,436,020.29	1,433,070.29	99.79%	Expected to be unrecoverable
Those with insignificant single amount for which bad debt provision separately accrued	14,993,527.28	12,335,951.00	15,538,165.58	11,932,535.56	76.80%	Uncollectible for a long period
Total	115,895,721.46	113,235,195.18	116,440,359.76	112,831,779.74

Category name of withdrawal of bad debt provision by group: Accounts receivable with bad debt provision withdrawn by theportfolio of credit risk features

Unit: RMB

Name	Ending balance
	Carrying amount	Bad debt provision	Withdrawal proportion
Portfolio of credit risk features	390,268,293.71	41,251,764.89	10.57%
Portfolio of transactions with other related parties	159,623,594.64	8,278,340.23	5.19%
Government portfolio	21,378,880.28		0.00%
Total	571,270,768.63	49,530,105.12

Notes to the determination basis for the group:

If adopting the general mode of expected credit loss to withdraw bad debt provision of accounts receivable:

□Applicable ?Not applicable

(3) Bad Debt Provision Withdrawal, Reversed or Recovered in the Current Period

Withdrawal of bad debt provision in the Current Period:

Unit: RMB

Category	Beginning balance	Changes in the current period				Ending balance
		Withdrawal	Reversed or recovered	Verification	Others
Bad debt provision separately accrued	113,235,195.18	13,627.18	417,042.62			112,831,779.74
Withdrawal of bad debt provision by group	39,172,566.28	10,357,538.84				49,530,105.12
Total	152,407,761.46	10,371,166.02	417,042.62			162,361,884.86

Of which significant amount of recovered or transferred-back bad debt provision for the current period:

Unit: RMB

Name of the entity

Amount reversed or recovered

Reason for reversal

Way of recovery

Basis and rationality of determining the original withdrawal proportion of

bad debt provision

(4) Accounts Receivable Written-off in Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant accounts receivable:

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures performed

Whether occurred because of related-party transactions

Notes to verification of accounts receivable:

(5) Top 5 of the Ending Balance of the Accounts Receivable and the Contract Assets Collected according toArrears Party

Unit: RMB

Name of the entity	Ending balance of accounts receivable	Ending balance of contract assets	Ending balance of accounts receivable and contract assets	Proportion to total ending balance of accounts receivable and contract assets	Ending balance of bad debt provision of accounts receivable and impairment provision for contract assets
Shenzhen Futian Talent Anju Co., Ltd.	109,392,112.37		109,392,112.37	15.89%	10,939,211.24
Shenzhen Jiyong Properties & Resources Development Company	93,811,328.05		93,811,328.05	13.63%	93,811,328.05
Shenzhen Bay Technology Development Co., Ltd.	77,173,432.43		77,173,432.43	11.21%	7,568,725.60
Hebei Shenbao Investment Development Co., Ltd.	26,922,560.60	396,484.75	27,319,045.35	3.97%	807,676.81
Shenzhen Futian District Government Property Management Centre	21,378,880.28		21,378,880.28	3.11%
Total	328,678,313.73	396,484.75	329,074,798.48	47.81%	113,126,941.70

6. Contract Assets

(1) List of Contract Assets

Unit: RMB

Item	Ending balance			Beginning balance
	Carrying amount	Bad debt provision	Carrying value	Carrying amount	Bad debt provision	Carrying value
Municipal engineering retention money	724,882.35		724,882.35	844,485.57		844,485.57

Total

724,882.35

724,882.35

844,485.57

844,485.57

(2) Significant changes in the amount of carrying value and the reason in the Reporting Period

Unit: RMB

Item

Change in amount

Reason(s)

(3) Disclosure by Withdrawal Methods for Bad Debts

Unit: RMB

Category	Ending balance					Beginning balance
	Carrying amount		Bad debt provision		Carrying value	Carrying amount		Bad debt provision		Carrying value
	Amount	Proportion	Amount	Withdrawal proportion		Amount	Proportion	Amount	Withdrawal proportion
Of which:
Of which:

Withdrawal of bad debt provision by adopting the general mode of expected credit loss

□Applicable ?Not applicable

(4) Bad Debt Provision Withdrawal, Reversed or Recovered in the Current Period

Unit: RMB

Item

Withdrawal of the current period

Reversal or recovery in the Reporting Period

Write-off/verified for the current period

Reason

Of which significant amount of recovered or transferred-back bad debt provision for the current period:

Unit: RMB

Name of the entity

Amount reversed or recovered

Reason for reversal

Way of recovery

Basis and rationality of determining the original withdrawal proportion of bad debt provision

Other notes:

(5) Contract Assets Written-off in Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant contract assets

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures performed

Whether occurred because of related-party transactions

Notes to verification of contract assets:

Other notes:

7. Accounts Receivable Financing

(1) Accounts Receivable Financing Listed by Category

Unit: RMB

Item

Ending balance

Beginning balance

(2) Disclosure by Withdrawal Methods for Bad Debts

Unit: RMB

Category	Ending balance					Beginning balance
	Carrying amount		Bad debt provision		Carrying value	Carrying amount		Bad debt provision		Carrying value
	Amount	Proportion	Amount	Withdrawal proportion		Amount	Proportion	Amount	Withdrawal proportion
Of which:
Of which:

Withdrawal of bad debt provision by adopting the general mode of expected credit loss

Unit: RMB

Bad debt provision	First stage	Second stage	Third stage	Total
	Expected credit loss in the next 12 months	Expected loss in the duration (credit impairment not occurred)	Expected loss in the duration (credit impairment occurred)
Balance of 1 January 2024 in the current period

The basis for the division of each stage and the withdrawal proportion of bad debt provisionNotes to significant changes in the carrying amount of accounts receivable financing with amount changed of loss provision in thecurrent period:

(3) Bad Debt Provision Withdrawal, Reversed or Recovered in the Current Period

Unit: RMB

Category	Beginning balance	Changes in the current period				Ending balance
		Withdrawal	Reversed or recovered	Charged-off/Written-off	Other changes

Of which significant amount of recovered or transferred-back bad debt provision for the current period:

Unit: RMB

Name of the entity

Amount reversed or recovered

Reason for reversal

Way of recovery

Basis and rationality of determining the original withdrawal proportion of bad debt provision

Other notes:

(4) Accounts Receivable Financing Pledged by the Company at the Period-end

Unit: RMB

Item	Ending pledged amount

(5) Accounts Receivable Financing Which Had Endorsed by the Company or had Discounted and had notDue on the Balance Sheet Date at the Period-end

Unit: RMB

Item

Amount of recognition termination at the period-end

Amount of not terminated recognition at the period-end

(6) Accounts Receivable Financing with Actual Verification for the Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant accounts receivable financing

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures performed

Whether occurred because of related-party transactions

Notes to verification:

(7) The changes of accounts receivable financing in the Current Period and the changes in fair value

(8) Other Notes

8. Other Receivables

Unit: RMB

Item	Ending balance	Beginning balance
Interest receivable	0.00	0.00
Dividend receivable	0.00	0.00
Other receivables	606,627,612.52	624,394,372.82
Total	606,627,612.52	624,394,372.82

(1) Interest Receivable

1) Category of Interest Receivable

Unit: RMB

Item	Ending balance	Beginning balance
Total	0.00	0.00

2) Significant Overdue Interest

Unit: RMB

Entity

Ending balance

Overdue time

Overdue reason

Whether occurred impairment and its judgment basis

Other notes:

3) Disclosure by Withdrawal Methods for Bad Debts

□Applicable ?Not applicable

4) Bad Debt Provision Withdrawal, Reversed or Recovered in the Current Period

Unit: RMB

Category	Beginning balance	Changes in the current period				Ending balance
		Withdrawal	Reversed or recovered	Charged-off/Written-off	Other changes

Of which significant amount of recovered or transferred-back bad debt provision for the current period:

Unit: RMB

Name of the entity

Amount reversed or recovered

Reason for reversal

Way of recovery

Basis and rationality of determining the original withdrawal proportion of bad debt provision

Other notes:

5) Interest Receivable Written-off in Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant interest receivable:

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures performed

Whether occurred because of related-party transactions

Notes to verification:

Other notes:

(2) Dividend Receivable

1) Category of Dividend Receivable

Unit: RMB

Project (or investee)	Ending balance	Beginning balance
Total	0.00	0.00

2) Significant Dividends Receivable Aging over 1 Year

Unit: RMB

Project (or investee)

Ending balance

Aging

Reason

Whether occurred impairment and its judgment basis

3) Disclosure by Withdrawal Methods for Bad Debts

□Applicable ?Not applicable

4) Bad Debt Provision Withdrawal, Reversed or Recovered in the Current Period

Unit: RMB

Category	Beginning balance	Changes in the current period				Ending balance
		Withdrawal	Reversed or recovered	Charged-off/Written-off	Other changes

Of which significant amount of recovered or transferred-back bad debt provision for the current period:

Unit: RMB

Name of the entity

Amount reversed or recovered

Reason for reversal

Way of recovery

Basis and rationality of determining the original withdrawal proportion of bad debt provision

Other notes:

5) Dividends Receivable Written-off in Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant dividends receivable:

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures performed

Whether occurred because of related-party transactions

Notes to verification:

Other notes:

(3) Other Receivables

1) Category of Other Receivables by Account Nature

Unit: RMB

Nature	Ending carrying amount	Beginning carrying amount
Security deposit	4,721,408.62	9,813,980.43
Margin	40,036,255.10	45,417,519.59
Reserve fund	577,754.36	63,090.95
Payment on behalf	3,188,563.34	2,826,478.51
Intercourse funds	600,560,898.20	597,882,606.95
Others	60,615,891.80	63,021,059.95
Total	709,700,771.42	719,024,736.38

2) Disclosure by Aging

Unit: RMB

Aging	Ending carrying amount	Beginning carrying amount
Within one year (including 1 year)	7,607,457.17	39,565,801.00
One to two years	26,259,438.44	11,760,542.45
Two to three years	47,399,167.36	571,247,946.92
More than three years	628,434,708.45	96,450,446.01
Three to four years	534,058,256.56	31,254,533.77
Four to five years	31,301,783.20	1,068,702.68
Over 5 years	63,074,668.69	64,127,209.56
Total	709,700,771.42	719,024,736.38

3) Disclosure by Withdrawal Methods for Bad Debts

?Applicable □Not applicable

Unit: RMB

Category	Ending balance					Beginning balance
	Carrying amount		Bad debt provision		Carrying value	Carrying amount		Bad debt provision		Carrying value
	Amount	Proportion	Amount	Withdrawal proportion		Amount	Proportion	Amount	Withdrawal proportion
Bad debt provision separately accrued	627,911,249.06	88.48%	47,446,603.24	7.56%	580,464,645.82	627,054,431.42	87.21%	47,169,474.26	7.52%	579,884,957.16
Of which:
Withdrawal	81,789,522.36	11.52%	55,626,555.66	68.01%	26,162,966.70	91,970,304.96	12.79%	47,460,889.30	51.60%	44,509,415.66

of bad debt provision by group
Of which:
Total	709,700,771.42	100.00%	103,073,158.90	14.52%	606,627,612.52	719,024,736.38	100.00%	94,630,363.56	13.16%	624,394,372.82

Category name of bad debt provision separately accrued: Other receivables of bad debt provision separately accrued

Unit: RMB

Name	Beginning balance		Ending balance
	Carrying amount	Bad debt provision	Carrying amount	Bad debt provision	Withdrawal proportion	Reason for withdraw
Shenzhen Xinhai Holding Co., Ltd. and the related party Shenzhen Xinhai Rongyao Real Estate Development Co., Ltd., Shenzhen Qianhai Advanced Information Service Co., Ltd.	587,289,550.00	17,618,686.51	587,289,550.00	17,618,686.51	3.00%	Prudent judgment of recovery risk
Shenzhen Tianjun Industrial Co., Ltd.	10,000,000.00		10,000,000.00
Shanghai Yutong Real Estate Co., Ltd.	5,676,000.00	5,676,000.00	5,676,000.00	5,676,000.00	0.00%	Uncollectible for a long period
Hong Kong Yue Heng Development Co., Ltd.	3,271,837.78	3,271,837.78	3,271,837.78	3,271,837.78	100.00%	Uncollectible for a long period
Dameisha Tourism Centre	2,576,445.69	2,576,445.69	2,576,445.69	2,576,445.69	100.00%	Uncollectible for a long period
Elevated train project	2,542,332.43	2,542,332.43	2,542,332.43	2,542,332.43	100.00%	Uncollectible for a long period
Those with insignificant single amount for which bad debt provision separately accrued	15,698,265.52	15,484,171.85	16,555,083.16	15,761,300.83	95.21%	Uncollectible for a long period
Total	627,054,431.42	47,169,474.26	627,911,249.06	47,446,603.24

Category name of withdrawal of bad debt provision by group: Other receivables with withdrawal of bad debt provision by theportfolio of credit risk features

Unit: RMB

Name	Ending balance
	Carrying amount	Bad debt provision	Withdrawal proportion
Within one year	12,623,222.01	378,696.66	3.00%
1-2 years	3,930,313.63	393,031.36	10.00%
2-3 years	4,423,707.41	1,327,112.22	30.00%
3-4 years	2,078,438.67	1,039,219.34	50.00%
4-5 years	31,226,722.79	24,981,378.23	80.00%
Over 5 years	27,507,117.85	27,507,117.85	100.00%

Total

81,789,522.36

55,626,555.66

Notes to the determination basis for the group:

Withdrawal of bad debt provision by adopting the general mode of expected credit loss:

Unit: RMB

Bad debt provision	First stage	Second stage	Third stage	Total
	Expected credit loss in the next 12 months	Expected loss in the duration (credit impairment not occurred)	Expected loss in the duration (credit impairment occurred)
Balance of 1 January 2024	47,460,889.30	17,297,069.24	29,872,405.02	94,630,363.56
Balance of 1 January 2024 in the current period
Withdrawal of the current period	8,169,009.71		277,128.98	8,446,138.69
Amount transferred-back for the current period	3,343.35			3,343.35
Balance of 30 June 2024	55,626,555.66	17,297,069.24	30,149,534.00	103,073,158.90

The basis for the division of each stage and the withdrawal proportion of bad debt provisionChanges of carrying amount with significant amount changed of loss provision in the current period

□Applicable ?Not applicable

4) Bad Debt Provision Withdrawn, Reversed or Recovered in the Current PeriodWithdrawal of bad debt provision:

Unit: RMB

Category	Beginning balance	Changes in the current period				Ending balance
		Withdrawal	Reversed or recovered	Charged-off/Written-off	Others
Bad debt provision separately accrued	47,169,474.26	277,128.98				47,446,603.24
Withdrawal of bad debt provision by group	47,460,889.30	8,169,009.71	3,343.35			55,626,555.66
Total	94,630,363.56	8,446,138.69	3,343.35			103,073,158.90

Of which the bad debt provision recovered or transferred-back with significant amount during the current period:

Unit: RMB

Name of the entity

Amount reversed or recovered

Reason for reversal

Way of recovery

Basis and rationality of determining the original withdrawal proportion of bad debt provision

5) Particulars of the Actual Verification of Other Receivables during the Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant other receivables:

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures performed

Whether occurred because of related-party transactions

Notes to the verification of other receivables:

6) Top 5 of the Ending Balance of Other Receivables Collected according to the Arrears Party

Unit: RMB

Name of the entity	Nature	Ending balance	Aging	Proportion to total ending balance of other receivables %	Ending balance of bad debt provision
Shenzhen Xinhai Holding Co., Ltd. and the related party Shenzhen Xinhai Rongyao Real Estate Development Co., Ltd.	Intercourse funds	576,568,974.73	Between two year and five years	81.24%	17,297,069.25
Shenzhen Bangling Stock Cooperative Company	Intercourse funds	30,000,000.00	Between four year and five years	4.23%	24,000,000.00
Shenzhen Qianhai Advanced Information Service Co., Ltd.	Intercourse funds	10,720,575.27	Between two year and three years	1.51%	321,617.26
Chongqing Yudi Asset Management Co., Ltd.	Deposits	2,173,485.00	Between two year and three years	0.31%	217,348.50
Total		619,463,035.00		87.29%	41,836,035.01

7) Presentation in Other Receivables due to the Centralized Management of Funds

Unit: RMBOther notes:

9. Prepayment

(1) Prepayment Listed by Aging Analysis

Unit: RMB

Aging	Ending balance		Beginning balance
	Amount	Proportion	Amount	Proportion
Within 1 year	12,178,056.95	96.25%	11,077,693.87	92.44%
One to two years	48,650.94	0.38%	388,465.12	3.24%
Two to three years	32,305.74	0.26%	304,932.40	2.54%
More than three years	393,770.37	3.11%	211,994.96	1.77%
Total	12,652,784.00		11,983,086.35

Notes of the reasons of the prepayment aging over 1 year with significant amount but failed settled in time:

(2) Top 5 Prepayment in Ending Balance Collected according to the Prepayment Target

Name of the entity	Carrying balance	Proportion to total ending balance of prepayments (%)
Yangzhou Broadcasting Television Network Co., Ltd.	2,324,249.50	18.37%

Name of the entity	Carrying balance	Proportion to total ending balance of prepayments (%)
Chongqing Yudi Assets Management Co., Ltd.	1,897,674.49	15.00%
China Construction No.3 Bureau No.2 Construction Engineering Co., Ltd.	1,240,151.46	9.80%
Baoding Boyuan Electric Manufacturing Co., Ltd.	1,228,578.21	9.71%
Beijing Jingdong Century Information Technology Co., Ltd.	582,931.40	4.61%
Total	7,273,585.06	57.49%

-Other notes:

10. Inventories

Whether the Company needs to comply with the disclosure requirements for the real estate industryYes

(1) Category of Inventory

The Company shall comply with the disclosure requirements for the “real estate industry” in the Self-regulatory Guidelines No. 3 forCompanies Listed on Shenzhen Stock Exchange - Industry Information Disclosure.Classification by nature:

Unit: RMB

Item	Ending balance			Beginning balance
	Carrying amount	Depreciation reserves of inventories or impairment provision for contract performance costs	Carrying value	Carrying amount	Depreciation reserves of inventories or impairment provision for contract performance costs	Carrying value
R&D expenses	11,661,449,735.78	218,824,035.97	11,442,625,699.81	11,174,583,667.43	218,824,035.97	10,955,759,631.46
Developing properties	140,690,499.71		140,690,499.71	141,176,477.91		141,176,477.91
Raw materials	1,462,839.25	921,081.69	541,757.56	1,533,601.80	915,223.04	618,378.76
Inventory goods	2,558,198.25	2,094,300.39	463,897.86	2,564,024.46	2,094,300.39	469,724.07
Low-value consumables	381,343.82		381,343.82	184,883.54		184,883.54
Total	11,806,542,616.81	221,839,418.05	11,584,703,198.76	11,320,042,655.14	221,833,559.40	11,098,209,095.74

Disclose main items of “R&D expenses” and interest capitalization in the following format:

Unit: RMB

Project name	Time for commencement	Estimated date of completion	Estimated total investment	Beginning balance	Transferred to developing properties for the current period	Other decreased amount for the current period	Increase (R&D expenses) for the current period	Ending balance	Accumulated amount of interest capitalization	Of which: amount of capitalized interests for the current period	Capital resources
Lanhu Shidai project	15 October 2020	30 November 2026	8,400,000,000.00	5,222,124,208.85			352,077,026.96	5,574,201,235.81	416,738,599.23	59,248,896.84	Bank loans
Humen Sea	22 March 2022	31	3,217,590,000.00	2,559,648,387.51			18,426,349.42	2,578,074,736.93	16,916,872.65	7,315,887.35	Bank

Bay project		December 2025									loans
Guangming Yutang Shangfu project	7 March 2022	21 October 2024	2,658,680,000.00	1,995,222,707.56			57,972,664.55	2,053,195,372.11	7,621,637.67	3,811,491.26	Bank loans
Land of Hongqi Town, Haikou				6,648,404.13				6,648,404.13			Others
Shenhui Garden				37,287,764.54			8,837.12	37,296,601.66			Others
Fuyuantai project				16,102,390.14			1,651,028.57	17,753,418.71			Others
Shenyang Digital Town project	6 March 2023	30 April 2027	2,529,110,000.00	1,295,653,963.00			54,787,780.33	1,350,441,743.33	3,964,642.78	3,503,687.78	Bank loans
Others				41,895,841.70			1,942,381.40	43,838,223.10			Others
Total	--	--	16,805,380,000.00	11,174,583,667.43			486,866,068.35	11,661,449,735.78	445,241,752.33	73,879,963.23	--

Disclose main items of “Developing properties” in the following format:

Unit: RMB

Project name	Time of completion	Beginning balance	Increase for the current period	Decrease for the current period	Ending balance	Accumulated amount of interest capitalization	Of which: amount of capitalized interests for the current period
SZPRD-Langqiao International	1 December 2012	3,447,316.75			3,447,316.75	83,077,702.96
SZPRD-Hupan Yujing Phase I	1 June 2015	30,141,708.92		91,874.94	30,049,833.98
SZPRD-Banshan Yujing Phase II	12 January 2022	3,536,989.41		57,501.95	3,479,487.46	10,446,911.43
SZPRD-Songhu Langyuan	1 July 2017	23,046,940.03		305,308.44	22,741,631.59	27,205,315.95
SZPRD-Hupan Yujing Phase II	1 November 2017	30,279,330.78		31,292.87	30,248,037.91	30,539,392.65
SZPRD-Golden Collar’s Resort	1 December 2019	36,946,480.83			36,946,480.83
SZPRD-Fuchang Garden Phase II (Fuhui Huayuan)	15 May 2023	4,951,526.83			4,951,526.83
International Trade Center Plaza	1 December 1995	4,839,083.10			4,839,083.10	26,385,636.29
Huangyuyuan A Area	1 June 2001	790,140.58			790,140.58
Podium Building of Fuchang Building	1 November 1999	645,532.65			645,532.65
Other items		2,551,428.03			2,551,428.03
Total		141,176,477.91		485,978.20	140,690,499.71	177,654,959.28

Classification of “Developing properties with the collection of payments in installments”, “Renting developing properties” and“Temporary Housing”:

Unit: RMB

Project name

Beginning balance

Increase for the current period

Decrease for the current period

Ending balance

(2) Data Resources Recognized as Inventory

Unit: RMB

Item

Purchased data resources

Self-processed data resources

Data resources acquired by other means

Total

(3) Falling Price Reserves of Inventory and Impairment Reserves for Contract Performance Costs

Disclosure of falling provision withdrawal of inventory in the following format:

Classification by nature:

Unit: RMB

Item	Beginning balance	Increased amount of the current period		Decreased amount for the current period		Ending balance	Notes
		Withdrawal	Others	Transferred-back or charged-off	Others
R&D expenses	218,824,035.97					218,824,035.97
Raw materials	915,223.04	5,858.65				921,081.69
Inventory goods	2,094,300.39					2,094,300.39
Total	221,833,559.40	5,858.65				221,839,418.05

Classification by nature:

Unit: RMB

Project name	Beginning balance	Increased amount of the current period		Decreased amount for the current period		Ending balance	Notes
		Withdrawal	Others	Transferred-back or charged-off	Others
Land of Hongqi Town, Haikou	6,648,404.13					6,648,404.13
Humen Sea Bay project	187,141,155.12					187,141,155.12
Shenyang Digital Town project	25,034,476.72					25,034,476.72
Total	218,824,035.97					218,824,035.97

(4) Notes to the Ending Balance of Inventories Including Capitalized Borrowing Expense

Project name	Period-begin	Current period	Carry-over in current period	Period-end
SZPRD-Golden Collar’s Resort	264,266.89			264,266.89
Lanhu Shidai project	357,489,702.39	59,248,896.84		416,738,599.23
SZPRD-Langqiao International	2,971,986.54			2,971,986.54
SZPRD-Hupan Yujing Phase I	1,249,515.42		10,968.29	1,238,547.13
Humen Sea Bay project	9,600,985.30	7,315,887.35		16,916,872.65

Guangming Yutang Shangfu project	3,810,146.41	3,811,491.26		7,621,637.67
Shenyang Digital Town project	460,955.00	3,503,687.78		3,964,642.78
Total	375,847,557.95	73,879,963.23	10,968.29	449,716,552.89

(5) Inventory Restrictions

Disclosing restricted inventory by project:

Unit: RMB

Project name

Beginning balance

Ending balance

Reason for restriction

11. Held-for-sale Assets

Unit: RMB

Item

Ending carrying amount

Impairment provision

Ending carrying amount

Fair value

Estimated disposal expense

Estimated disposal time

Other notes:

12. Current Portion of Non-current Assets

Unit: RMB

Item

Ending balance

Beginning balance

(1) Investments in Debt Obligations Due within One Year

□Applicable ?Not applicable

(2) Other Investments in Debt Obligations Due within One Year

□Applicable ?Not applicable

13. Other Current Assets

Unit: RMB

Item	Ending balance	Beginning balance
Prepaid VAT	28,437,951.59	22,096,062.08
Deducted input tax	129,794,168.60	97,304,885.00
Prepaid income tax	9,151,196.72	4,608,593.92
Prepaid land VAT	1,267,494.29	862,126.84
Prepaid urban construction tax	2,251,854.27	1,692,524.35
Prepaid education surcharge	1,253,660.84	1,208,945.98
Immediate rebate of receivable software sales VAT	1,687.34	1,687.34
Total	172,158,013.65	127,774,825.51

Other notes:

14. Investments in Debt Obligations

(1) List of Investments in Debt Obligations

Unit: RMB

Item	Ending balance			Beginning balance
	Carrying amount	Impairment provision	Carrying value	Carrying amount	Impairment provision	Carrying value

Changes in the impairment provision for investments in debt obligations during the current period

Unit: RMB

Item

Beginning balance

Increase for the current period

Decrease for the current period

Ending balance

(2) Significant Investments in Debt Obligations at the Period-end

Significant Investments in Debt Obligations

Unit: RMB

Item	Ending balance					Beginning balance
	Par value	Coupon rate	Actual interest rate	Maturity date	Overdue principal	Par value	Coupon rate	Actual interest rate	Maturity date	Overdue principal

(3) Status of Accrued Depreciation Reserves

Unit: RMB

Bad debt provision	First stage	Second stage	Third stage	Total
	Expected credit loss in the next 12 months	Expected loss in the duration (credit impairment not occurred)	Expected loss in the duration (credit impairment occurred)
Balance of 1 January 2024 in the current period

The basis for the division of each stage and the withdrawal proportion of bad debt provision

(4) Status of Investments in Debt Obligations Written-off in Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant investments in debt obligations

Notes to verification of investments in debt obligations:

Changes of carrying amount with significant amount changed of loss provision in the current period

□Applicable ?Not applicable

Other notes:

15. Other Investments in Debt Obligations

(1) List of Other Investments in Debt Obligations

Unit: RMB

Item

Beginning balance

Accrued interest

Interest adjustment

Change in fair value in the reporting period

Ending balance

Cost

Accumulated changes in fair value

Accumulated impairment provision recognized in other comprehensive income

Notes

Changes in the impairment provision for other investments in debt obligations during the current period

Unit: RMB

Item

Beginning balance

Increase for the current period

Decrease for the current period

Ending balance

(2) Significant Other Investments in Debt Obligations at the Period-end

Unit: RMB

Item	Ending balance					Beginning balance
	Par value	Coupon rate	Actual interest rate	Maturity date	Overdue principal	Par value	Coupon rate	Actual interest rate	Maturity date	Overdue principal

(3) Status of Accrued Depreciation Reserves

Unit: RMB

Bad debt provision	First stage	Second stage	Third stage	Total
	Expected credit loss in the next 12 months	Expected loss in the duration (credit impairment not occurred)	Expected loss in the duration (credit impairment occurred)
Balance of 1 January 2024 in the current period

The basis for the division of each stage and the withdrawal proportion of bad debt provision

(4) Status of Other Investments in Debt Obligations Written-off in Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant other investments in debt obligations

Notes to verification of other investments in debt obligations:

Changes of carrying amount with significant amount changed of loss provision in the current period

□Applicable ?Not applicable

Other notes:

16. Other Equity Instrument Investment

Unit: RMB

Project name

Beginning balance

Gains recorded in other comprehensive

Losses recorded in other comprehensive

Accumulative gains recorded in other comprehensive

Accumulative losses recorded in other

Dividend income recognized in current

Ending balance

Reason for assigning to measure in fair value of which

		income in the current period	income in the current period	income in the current period	comprehensive income in the current period	year		changes included other comprehensive income
Gintian Industry (Group) Co., Ltd.	636,926.20		203,351.55		3,039,220.03		437,618.97
Total	636,926.20		203,351.55		3,039,220.03		437,618.97

There is derecognition in the current period

Unit: RMB

Project name

Accumulative gains transferred in retained earnings

Accumulative losses transferred in retained earnings

Reason for derecognition

Non-trading equity instrument investment in the Current Period disclosed by items

Unit: RMB

Project name	Dividend income recognized	Accumulative gains	Accumulative losses	Amount of other comprehensive income transferred to retained earnings	Reason for assigning to measure in fair value of which changes included other comprehensive income	Reason for other comprehensive income transferred to retained earnings
Gintian Industry (Group) Co., Ltd.			3,152,737.34

Other notes:

17. Long-term Receivables

(1) List of Long-term Receivables

Unit: RMB

Item	Ending balance			Beginning balance			Interval of discount rate
	Carrying amount	Bad debt provision	Carrying value	Carrying amount	Bad debt provision	Carrying value

(2) Disclosure by Withdrawal Methods for Bad Debts

Unit: RMB

Category	Ending balance					Beginning balance
	Carrying amount		Bad debt provision		Carrying value	Carrying amount		Bad debt provision		Carrying value
	Amount	Proportion	Amount	Withdrawal proportion		Amount	Proportion	Amount	Withdrawal proportion
Of which:
Of which:

Withdrawal of bad debt provision by adopting the general mode of expected credit loss

Unit: RMB

Bad debt provision	First stage	Second stage	Third stage	Total
	Expected credit loss in the next 12 months	Expected loss in the duration (credit impairment not occurred)	Expected loss in the duration (credit impairment occurred)
Balance of 1 January 2024 in the current period

The basis for the division of each stage and the withdrawal proportion of bad debt provision

(3) Bad Debt Provision Withdrawal, Reversed or Recovered in the Current Period

Unit: RMB

Category	Beginning balance	Changes in the current period				Ending balance
		Withdrawal	Reversed or recovered	Charged-off/Written-off	Others

Of which the bad debt provision recovered or transferred-back with significant amount during the current period:

Unit: RMB

Name of the entity

Amount reversed or recovered

Reason for reversal

Way of recovery

Basis and rationality of determining the original withdrawal proportion of bad debt provision

Other notes:

(4) Status of Long-term Receivables Written-off in Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant long-term receivables:

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures performed

Whether occurred because of related-party transactions

Notes to the verification of long-term receivables:

18. Long-term Equity Investment

Unit: RMB

Investee	Beginning balance (carrying value)	Beginning balance of depreciation reserve	Increase/decrease for the current period								Ending balance (Carrying value)	Ending balance of depreciation reserve
			Additional investment	Reduced investment	Gains and losses recognized under the equity method	Adjustment of other comprehensive income	Changes of other equity	Cash bonus or profits announced to issue	Withdrawal of impairment provision	Others
I. Joint ventures
Shenzhen Real Estate Jifa Warehousing Co., Ltd.	48,065,818.50				933,160.15						48,998,978.65
Tian’an International Building Property Management Company of Shenzhen	7,050,937.34				-606,242.79						6,444,694.55
Subtotal	55,116,755.84				326,917.36						55,443,673.20
II. Associated enterprises
Shenzhen Wufang Ceramics Industrial Co., Ltd.	18,983,614.14										18,983,614.14	18,983,614.14
Shenzhen Kangfu Health Products Co., Ltd.	165,000.00										165,000.00	165,000.00

Shenzhen Xinghao Imitation Porcelain Co., Ltd.	756,670.68										756,670.68	756,670.68
Shenzhen Social Welfare Company Fuda Electronics Factory	326,693.24										326,693.24	326,693.24
Shenzhen Fulong Industry Development Co., Ltd.	1,684,350.00										1,684,350.00	1,684,350.00
Haonianhua Hotel	2,733,570.05										2,733,570.05	2,733,570.05
Shenzhen Education Fund Longhua Investment	500,000.00										500,000.00	500,000.00
Shenzhen Kangle Sports Club Huangfa Branch	540,060.00										540,060.00	540,060.00
Dankeng Village Plants of Fumin in Guanlan Town, Shenzhen City	1,168,973.20										1,168,973.20	1,168,973.20
Shenzhen Bull Entertainment Co., Ltd.	500,000.00										500,000.00	500,000.00
Shenzhen Lianhua Caitian Property Management Co., Ltd.	1,475,465.91										1,475,465.91	1,475,465.91
Shenzhen Yangyuan Industrial Co., Ltd.	1,030,000.00										1,030,000.00	1,030,000.00
Jiakaifeng Co., Ltd. Bao’an Company	600,000.00										600,000.00	600,000.00
Guiyuan Garage	350,000.00										350,000.00	350,000.00
Shenzhen Wuweiben Roof Greening Co., Ltd.	500,000.00										500,000.00	500,000.00
ShenzhenYuanping Plastic Steel Doors Co., Ltd.	240,000.00										240,000.00	240,000.00
ShenzhenYoufang Printing Co., Ltd.	100,000.00										100,000.00	100,000.00
Shenzhen Lusheng Industrial Development Co., Ltd.	100,000.00										100,000.00	100,000.00
CSCEC Intelligent Parking Technology Co., Ltd.	28,940,994.71				85,825.17						29,026,819.88
Subtotal	60,695,391.93				85,825.17						60,781,217.10	31,754,397.22
Total	115,812,147.77				412,742.53						116,224,890.30	31,754,397.22

The recoverable amount is determined based on the net amount of the fair value minus disposal costs

□Applicable ?Not applicable

The recoverable amount is determined by the present value of the forecasted future cash flow.

□Applicable ?Not applicable

The reason for the discrepancy between the foregoing information and the information used in the impairment tests in prior years orexternal informationThe reason for the discrepancy between the information used in the Company's impairment tests in prior years and the actualsituation of those yearsOther notes:

19. Other Non-current Financial Assets

Unit: RMB

Item

Ending balance

Beginning balance

Other notes:

20. Investment Property

(1) Investment Property Adopting the Cost Measurement Mode

?Applicable □Not applicable

Unit: RMB

Item	Houses and buildings	Land use right	Construction in progress	Total
I. Original carrying value
1. Beginning balance	882,419,576.87	14,495,902.20	37,192,716.83	934,108,195.90
2. Increased amount for the current period	5,245,987.27			5,245,987.27
(1) Outsourcing
(2) Transfer from inventory/fixed assets/construction in progress	5,245,987.27			5,245,987.27
(3) Business combination increase
3. Decreased amount for the current period	-127,364.77			-127,364.77
(1) Disposal
(2) Other transfer
(3) Exchange adjustment	-127,364.77			-127,364.77
4. Ending balance	887,792,928.91	14,495,902.20	37,192,716.83	939,481,547.94
II. Accumulative depreciation and accumulative amortization
1. Beginning balance	503,887,262.40	13,360,585.89	30,049,547.14	547,297,395.43
2. Increased amount for the current period	19,829,178.06		2,761,171.10	22,590,349.16
(1) Withdrawal or amortization	14,845,490.20		2,761,171.10	17,606,661.30
(2) Others	4,983,687.86			4,983,687.86
3. Decreased amount for the current period	-120,996.53			-120,996.53
(1) Disposal
(2) Other transfer
(3) Exchange adjustment	-120,996.53			-120,996.53
4. Ending balance	523,837,436.99	13,360,585.89	32,810,718.24	570,008,741.12
III. Depreciation reserves
1. Beginning balance
2. Increased amount for

the current period
(1) Withdrawal
3. Decreased amount for the current period
(1) Disposal
(2) Other transfer
4. Ending balance
IV. Carrying value
1. Ending carrying value	363,955,491.92	1,135,316.31	4,381,998.59	369,472,806.82
2. Beginning carrying value	378,532,314.47	1,135,316.31	7,143,169.69	386,810,800.47

The recoverable amount is determined based on the net amount of the fair value minus disposal costs

□Applicable ?Not applicable

The recoverable amount is determined by the present value of the forecasted future cash flow.

□Applicable ?Not applicable

The reason for the discrepancy between the foregoing information and the information used in the impairment tests in prior years orexternal information

The reason for the discrepancy between the information used in the Company's impairment tests in prior years and the actualsituation of those years

Other notes:

(2) Investment Property Adopting the Fair Value Measurement Mode

□Applicable ?Not applicable

The Company shall comply with the disclosure requirements for the “real estate industry” in the Self-regulatory Guidelines No. 3for Companies Listed on Shenzhen Stock Exchange - Industry Information DisclosureInvestment properties measured in fair value by project disclosure:

Unit: RMB

Item

Location

Time of completion

Construction area (㎡)

Lease income during this Reporting Period

Beginning fair value

Ending fair value

Range of fair value changes

Reason for fair value changes and report index

Whether the Company has new investment properties in construction period measured in fair value

□Yes ?No

Whether the Company has new investment properties measured in fair value

□Yes ?No

(3) Projects Converted to Investment Properties and Measured at Fair Value

Unit: RMB

Item

Accounting item before conversion

Amount

Reason for conversion

Approval procedures

Impact on gain and loss

Impact on other comprehensive income

(4) Investment Property Failed to Accomplish Certification of Property

Unit: RMB

Item	Carrying value	Reason
507 Unit, Block No. 6, Maguling	22,024.31	The house is used for property management, once occupied by the third party, a property management company, now has been recovered, but hasn’t handled the warrant yet.
Meilin land [Note 1]		Obtained after the success in the last instance in 2017, relevant certifications of property are in the procedure
Total	22,024.31

Other notes:

[Note 1]: As at 30 June 2024, the original carrying value of Meilin land was RMB3,885,469.40, the accumulatedaccrued depreciation was RMB3,885,469.40, and the carrying value was RMB0.

21. Fixed Assets

Unit: RMB

Item	Ending balance	Beginning balance
Fixed assets	58,895,644.84	66,436,408.90
Total	58,895,644.84	66,436,408.90

(1) List of Fixed Assets

Unit: RMB

Item	Houses and buildings	Machinery equipment	Transportation equipment	Decoration of the fixed assets	Other equipment	Total
I. Original carrying value:
1. Beginning balance	124,427,233.56	6,309,068.92	19,351,344.14	37,737,995.88	58,465,847.17	246,291,489.67
2. Increased amount for the current period		192,521.86	371,478.52		1,328,605.31	1,892,605.69
(1) Purchase		192,521.86	371,478.52		1,328,605.31	1,892,605.69
(2) Transfer from construction in progress
(3) Business combination increase
3. Decreased amount for the current period	5,242,087.27		892,338.43		1,062,773.29	7,197,198.99
(1) Disposal or scrap			892,338.43		1,062,773.29	1,955,111.72
(2) Exchange adjustment	-3,900.00					-3,900.00
Others	5,245,987.27					5,245,987.27
4. Ending balance	119,185,146.29	6,501,590.78	18,830,484.23	37,737,995.88	58,731,679.19	240,986,896.37
II. Accumulative depreciation
1. Beginning balance	95,205,368.96	2,973,487.60	14,751,415.52	26,131,133.38	40,717,958.15	179,779,363.61

2. Increased amount for the current period	1,014,787.25	350,993.62	756,945.44	3,743,298.06	3,197,543.77	9,063,568.14
(1) Withdrawal	1,014,787.25	350,993.62	756,945.44	3,743,298.06	3,197,543.77	9,063,568.14
3. Decreased amount for the current period	4,981,094.36		850,842.65		995,460.37	6,827,397.38
(1) Disposal or scrap			850,842.65		995,460.37	1,846,303.02
(2) Exchange adjustment	-2,593.50					-2,593.50
Others	4,983,687.86					4,983,687.86
4. Ending balance	91,239,061.85	3,324,481.22	14,657,518.31	29,874,431.44	42,920,041.55	182,015,534.37
III. Depreciation reserves
1. Beginning balance					75,717.16	75,717.16
2. Increased amount for the current period
(1) Withdrawal
3. Decreased amount for the current period
(1) Disposal or scrap
4. Ending balance					75,717.16	75,717.16
IV. Carrying value
1. Ending carrying value	27,946,084.44	3,177,109.56	4,172,965.92	7,863,564.44	15,735,920.48	58,895,644.84
2. Beginning carrying value	29,221,864.60	3,335,581.32	4,599,928.62	11,606,862.50	17,672,171.86	66,436,408.90

(2) List of Temporarily Idle Fixed Assets

Unit: RMB

Item

Original carrying value

Accumulated depreciation

Impairment provision

Carrying value

Notes

(3) Fixed Assets Leased out by Operation Lease

Unit: RMB

Item	Ending carrying amount

(4) Fixed Assets Failed to Accomplish Certification of Property

Unit: RMB

Item	Carrying value	Reason
Room 401, 402, Sanxiang Business Building Office Building	537,118.28	The office building will be removed due to the project adjustment and a high-rise office building will be established nearby the present address. The existing property shall be replaced after the completion of the new office building. Thus, the certification of the property is failed to transact.

Other notes:

(5) Impairment Test of Fixed Assets

□Applicable ?Not applicable

(6) Proceeds from Disposal of Fixed Assets

Unit: RMB

Item

Ending balance

Beginning balance

Other notes:

22. Construction in Progress

Unit: RMB

Item

Ending balance

Beginning balance

(1) List of Construction in Progress

Unit: RMB

Item	Ending balance			Beginning balance
	Carrying amount	Impairment provision	Carrying value	Carrying amount	Impairment provision	Carrying value

(2) Changes in Significant Construction in Progress during the Current Period

Unit: RMB

Project name

Budget

Beginning balance

Increased amount of the current period

Transferred in fixed assets

Other decreased amount for the current period

Ending balance

Proportion of accumulated investment in constructions to budget

Job schedule

Accumulated amount of interest capitalization

Of which: amount of capitalized interests for the current period

Capitalization rate of interests for the current period

Capital resources

(3) List of the Withdrawal of the Depreciation Reserves for Construction in Progress

Unit: RMB

Item

Beginning balance

Increase for the current period

Decrease for the current period

Ending balance

Reason for withdrawal

Other notes:

(4) Impairment Test of Construction in Progress

□Applicable ?Not applicable

(5) Engineering Materials

Unit: RMB

Item	Ending balance			Beginning balance
	Carrying amount	Impairment provision	Carrying value	Carrying amount	Impairment provision	Carrying value

Other notes:

23. Right-of-use Assets

(1) List of Right-of-use Assets

Unit: RMB

Item

Houses and buildings

Total

I. Original carrying value
1. Beginning balance	56,060,905.86	56,060,905.86
2. Increased amount for the current period	2,421,042.42	2,421,042.42
(1) New Leases	2,421,042.42	2,421,042.42
3. Decreased amount for the current period	759,438.42	759,438.42
(1) Terminated Leases	759,438.42	759,438.42
4. Ending balance	57,722,509.86	57,722,509.86
II. Accumulative depreciation
1. Beginning balance	32,544,109.64	32,544,109.64
2. Increased amount for the current period	5,989,672.69	5,989,672.68
(1) Withdrawal	5,989,672.69	5,989,672.68
3. Decreased amount for the current period	1,443,739.38	1,443,739.38
(1) Disposal
(2) Terminated Leases	1,443,739.38	1,443,739.38
4. Ending balance	37,090,042.95	37,090,042.94
III. Depreciation reserves
1. Beginning balance
2. Increased amount for the current period
(1) Withdrawal
3. Decreased amount for the current period
(1) Disposal
4. Ending balance
IV. Carrying value
1. Ending carrying value	20,632,466.91	20,632,466.91
2. Beginning carrying value	23,516,796.22	23,516,796.22

(2) Impairment Test of Right-of-use Assets

?Applicable ?Not applicable

Other notes:

24. Intangible Assets

(1) List of Intangible Assets

Unit: RMB

Item	Land use right	Patent right	Non-patent technologies	Software use rights	Total
I. Original carrying value
1. Beginning balance				3,060,312.13	3,060,312.13
2. Increased amount for the current period

(1) Purchase
(2) Internal R&D
(3) Business combination increase
3. Decreased amount for the current period
(1) Disposal
4. Ending balance				3,060,312.13	3,060,312.13
II. Accumulated amortization
1. Beginning balance				2,170,510.99	2,170,510.99
2. Increased amount for the current period				143,544.55	143,544.55
(1) Withdrawal				143,544.55	143,544.55
3. Decreased amount for the current period
(1) Disposal
4. Ending balance				2,314,055.54	2,314,055.54
III. Depreciation reserves
1. Beginning balance
2. Increased amount for the current period
(1) Withdrawal
3. Decreased amount for the current period
(1) Disposal
4. Ending balance
IV. Carrying value
1. Ending carrying value				746,256.59	746,256.59
2. Beginning carrying value				889,801.14	889,801.14

The proportion of intangible assets formed from the internal R&D of the Company at the Period-end to the ending balance ofintangible assets

(2) Data Resources Recognized as Intangible Assets

Unit: RMB

Item

Purchased data resources

Self-processed data resources

Data resources acquired by other means

Total

(3) Land Use Right Failed to Accomplish Certification of Property

Unit: RMB

Item

Carrying value

Reason

Other notes:

(4) Impairment Test of Intangible Assets

□Applicable ?Not applicable

25. Goodwill

(1) Original Carrying Value of Goodwill

Unit: RMB

Name of the invested units or events generating goodwill	Beginning balance	Increase for the current period		Decrease for the current period		Ending balance
		Formed by business combination		Disposal
Shenzhen Facility Management Community Technology Co., Ltd.	9,446,847.38					9,446,847.38
Total	9,446,847.38					9,446,847.38

(2) Depreciation Reserves of Goodwill

Unit: RMB

Name of the invested units or events generating goodwill	Beginning balance	Increase for the current period		Decrease for the current period		Ending balance
		Withdrawal		Disposal
Total

(3) Information on the Assets Groups or Combination of Assets Groups which Goodwill Belongs to

Name	Composition and basis of the asset group or combination of asset groups to which it belongs	Operating segment to which it belongs and basis	Whether it is consistent with that of the prior years
Shenzhen Facility Management Community Technology Co., Ltd.	Groups or combinations of groups of assets that are capable of generating cash flows independently, taking into account the ability to benefit from the synergies of the business combination and the way in which management manages or monitors the production and operating activities.	Property management, supporting services	Yes

Changes in the assets group or combination of assets groups

Name

Composition before the change

Composition after the change

Objective facts leading to the change and their basis

Other notes:

(4) Specific Method of Determining the Recoverable Amount

The recoverable amount is determined based on the net amount of the fair value minus disposal costs

□Applicable ?Not applicable

The recoverable amount is determined by the present value of the forecasted future cash flow.?Applicable □Not applicable

Unit: RMB

Item	Carrying value	Recoverable amount	Impairment amount	Number of years of the forecast period	Key parameters of the forecast period	Key parameters of the stable period	Basis of determining the key parameters of the stable period
Shenzhen Facility Management Community Technology Co., Ltd.	61,791,091.57	62,840,960.59		5	Revenue growth rate of 1%-8%, discount rate of 12.53%	No growth	Determined based on prudence
Total	61,791,091.57	62,840,960.59

The reason for the discrepancy between the foregoing information and the information used in the impairment tests in prior years orexternal informationThe reason for the discrepancy between the information used in the Company's impairment tests in prior years and the actualsituation of those years

(5) Completion of Commitments to Results and Corresponding Goodwill ImpairmentWhen goodwill is formed, there is a commitment to the results and the reporting period or the period preceding the reporting periodis within the commitment period?Applicable □Not applicable

Unit: RMB

Item	Completion of the commitment to results						Amount of goodwill impairment
	Current period			Previous period			Current period	Previous period
	Committed results	Actual results	Completion rate	Committed results	Actual results	Completion rate

Other notes:

In May 2021, Shenzhen Wuhe Industry Investment Development Co., Ltd. (hereinafter referred to as “Wuhe Company”), asubsidiary of the Company, acquired 35% of the equity of Shenzhen Facility Management Community Technology Co., Ltd.(hereinafter referred to as “FMC”) through acquisition of equity and directional capital increase. Pursuant to the equity acquisitioncooperation framework agreement entered into between Wuhe Company and the original shareholders, FMC and its originalshareholders undertook that the FMC's operating revenue growth ratio or net profit for the years from 2021 to 2023 would reachthe target value agreed upon in the agreement, and that Wuhe Company would conduct an assessment of its operating performancefor a period of three years. As at the Reporting Date, the performance assessment has not yet been completed, and therefore it isnot possible to assess its fulfillment for the time being.

26. Long-term Prepaid Expense

Unit: RMB

Item	Beginning balance	Increased amount of the current period	Amortization amount of the current period	Other decreased amount	Ending balance
Decoration fee	21,510,397.88	5,192,601.06	3,877,212.20		22,825,786.74
Total	21,510,397.88	5,192,601.06	3,877,212.20		22,825,786.74

Other notes:

27. Deferred Income Tax Assets/Deferred Income Tax Liabilities

(1) Deferred Income Tax Assets Had Not Been Off-set

Unit: RMB

Item	Ending balance		Beginning balance
	Deductible temporary differences	Deferred income tax assets	Deductible temporary differences	Deferred income tax assets
Provision for impairment of assets	112,902,599.61	25,176,999.15	95,315,243.86	21,090,356.76
Internal unrealized profit	437,189,845.32	109,297,461.33	437,266,319.66	109,316,579.92
Deductible losses	687,671,283.11	171,384,897.38	607,016,948.61	151,737,271.44
Accrued land VAT	3,910,861,453.17	977,715,363.30	3,911,198,870.69	977,799,717.67
Estimated profit calculated at pre-sale revenue of property enterprises	30,828,336.53	7,707,084.13	32,620,985.74	8,155,246.44
Other accrued expenses	7,740,277.84	1,935,069.46	7,694,020.20	1,923,505.05
Lease Liabilities	23,554,354.22	5,672,178.94	26,502,156.29	6,417,709.55
Total	5,210,748,149.80	1,298,889,053.69	5,117,614,545.05	1,276,440,386.83

(2) Deferred Income Tax Liabilities Had Not Been Off-set

Unit: RMB

Item	Ending balance		Beginning balance
	Taxable temporary difference	Deferred income tax liabilities	Taxable temporary difference	Deferred income tax liabilities
The carrying value of fixed assets was larger than the tax basis	572,662.68	143,165.67	704,413.18	176,103.29
Right-of-use Assets	20,632,466.91	4,472,117.82	23,516,796.22	5,686,176.41
Total	21,205,129.59	4,615,283.49	24,221,209.40	5,862,279.70

(3) Deferred Income Tax Assets or Liabilities Had Been Off-set Listed in Net Amount

Unit: RMB

Item	Ending off-set amount of deferred income tax assets and liabilities	Ending balance of deferred income tax assets and liabilities	Beginning off-set amount of deferred income tax assets and liabilities	Beginning balance of deferred income tax assets and liabilities
Deferred income tax assets		1,298,889,053.69		1,276,440,386.83
Deferred income tax liabilities		4,615,283.49		5,862,279.70

(4) List of Unrecognized Deferred Income Tax Assets

Unit: RMB

Item

Ending balance

Beginning balance

Deductible temporary differences	262,075,625.99	261,260,204.35
Deductible losses	134,570,273.53	254,378,951.24
Total	396,645,899.52	515,639,155.59

(5) Deductible Losses of Unrecognized Deferred Income Tax Assets will Due in the Following Years

Unit: RMB

Year	Ending amount	Beginning amount	Notes
2024		124,895,242.05	The deductible losses of 2019
2025	22,711,013.85	22,711,013.85	The deductible losses of 2020
2026	14,238,807.00	14,238,807.00	The deductible losses of 2021
2027	81,285,680.12	81,285,680.12	The deductible losses of 2022
2028	11,248,208.22	11,248,208.22	The deductible losses of 2023
2029	5,086,564.34		The deductible losses of 2024
Total	134,570,273.53	254,378,951.24

Other notes:

28. Other Non-current Assets

Unit: RMB

Item	Ending balance			Beginning balance
	Carrying amount	Impairment provision	Carrying value	Carrying amount	Impairment provision	Carrying value
Prepayment for purchase of fixed assets, investment properties and intangible assets	2,147,938.26		2,147,938.26	870,062.16		870,062.16
Others [note 1]	2,635,093.77		2,635,093.77	2,635,093.77		2,635,093.77
Total	4,783,032.03		4,783,032.03	3,505,155.93		3,505,155.93

Other notes:

[Note 1]: The amount is mainly the registered asset of investment property, as the assets relate to the subsequentpending transfer of relocated properties for the shanty town renovation of Chuanbujie, and the term exceeds oneyear.

29. Assets with Restricted Ownership or Right of Use

Unit: RMB

Item	Period-end				Period-beginning
	Carrying amount	Carrying value	Type of restriction	Status of restriction	Carrying amount	Carrying value	Type of restriction	Status of restriction
Monetary capital	18,366,170.50	18,366,170.50	Frozen	Note 1 - Note 8	15,659,341.60	15,659,341.60	Frozen	Margin, security deposit, interest on time deposit, and judicially frozen funds

Land use right of phase II plot for Lanhu Shidai project	245,938,885.00	245,938,885.00	Mortgaged	Note 9	381,246,103.00	381,246,103.00	Mortgaged	Note 9
Land use right of D plot for Shenyang Digital Town project in Yangzhou	258,390,000.00	258,390,000.00	Mortgaged	Note 10
Total	522,695,055.50	522,695,055.50			396,905,444.60	396,905,444.60

Other notes:

[Note 1]: In terms of monetary assets with restricted right to use at the period-end, there was RMB2,200,000.00 as the banker's letterof margin for Shenzhen Shenfubao Property Development Co., Ltd., a subsidiary of the Company.[Note 2]: In terms of monetary assets with restricted right to use at the period-end, there was RMB3,000,000.00 in the subsidiarycompany Shenzhen Facility Management Community Technology Co., Ltd. blocked by the court due to pre-litigation preservationfor contract disputes.[Note 3]: In terms of monetary assets with restricted right to use at the period-end, there was a loan deposit of RMB1,134,757.40provided as mortgage loan guarantees for commercial housing purchasers and paid by the Company as a real estate developeraccording to real estate business practices.[Note 4]: In terms of monetary assets with restricted right to use at the period-end, there was RMB11,881,338.63 of interest on timedeposit accrued at the period-end.[Note 5]: In terms of monetary assets with restricted right to use at the period-end, there was RMB129,003.62 in the account of thesubsidiary company Shenzhen Property Engineering and Construction Supervision Co., Ltd. The account was in a receiving-onlystatus because the legal person change formalities had not been completed by the period-end.[Note 6]: In terms of monetary assets with restricted right to use at the period-end, there was a deposit for POS of RMB1,500.00 inthe Shandong Shenguomao Real Estate Management Co., Ltd.[Note 7]: In terms of monetary assets with restricted right to use at the period-end, there was a deposit for POS of RMB1,000.00 inthe Shenzhen Shenfubao Property Development Co., Ltd, a subsidiary of the Company[Note 8]: In terms of monetary assets with restricted right to use at the period-end, there was RMB18,570.85 of blocked fund in alabour disputes arbitration case for Shenzhen Free Trade Zone Security Service Co., Ltd., a subsidiary of the Company.[Note 9]: With the needs of routine business operations, the Company applied for a loan from Shenzhen Branch of Industrial Bank,using the land use right of the Phase II plot for Lanhu Shidai project as a pledge. The loan term is from 17 March 2023 to 17 March2026, with a floating interest rate.[Note 10]: With the needs of routine business operations, the Company applied for a loan from Yangzhou Branch of AgriculturalBank of China, using the land use right of D plot for D plot for Shenyang Digital Town project in Yangzhou as a pledge. The loanterm is from 19 January 2024 to 18 January 2029, with a floating interest rate.

30. Short-term Borrowings

(1) Category of Short-term Borrowings

Unit: RMB

Item	Ending balance	Beginning balance
Credit loan	50,036,250.00	230,915,000.00
Total	50,036,250.00	230,915,000.00

Notes of the category for short-term loans:

The credit borrowings at the period-end were used for the daily operation of Shenzhen ITC Technology Park Service Co., Ltd., asubsidiary of the Company, with the duration from 1 December 2023 to 29 November 2024.

(2) List of the Short-term Borrowings Overdue but not Returned

The amount of the overdue unpaid short-term borrowings at the period-end was RMB0.00, of which the significant overdue unpaidshort-term borrowings are as follows:

Unit: RMB

Entity

Ending balance

Interest rate

Overdue time

Overdue charge rate

Other notes:

31. Trading Financial Liabilities

Unit: RMB

Item	Ending balance	Beginning balance
Of which:
Of which:

Other notes:

32. Derivative Financial Liabilities

Unit: RMB

Item

Ending balance

Beginning balance

Other notes:

33. Notes Payable

Unit: RMB

Category

Ending balance

Beginning balance

The total amount of notes payable that are due but unpaid amounted to RMBXXX at the end of the current period. And the reasonswhy they are due but not paid are XXX

34. Accounts Payable

(1) List of Accounts Payable

Unit: RMB

Item	Ending balance	Beginning balance
Engineering construction expense payable	369,851,850.02	540,851,975.20
Estimated payables	45,475,294.04	40,980,345.76
Others	82,320,433.22	81,036,738.63
Total	497,647,577.28	662,869,059.59

(2) Significant Accounts Payable Aging over One Year or Overdue

Unit: RMB

Item	Ending balance	Unpaid/Un-carry-over reason
Shenzhen Municipal Bureau of Planning and Land	25,000,000.00	Historical problems
China Construction No.3 Bureau No.2	19,160,962.25	Failure to reach the payment deadline for

Construction Engineering Co., Ltd.		project funds
China Construction Fourth Engineering Division Corp., Ltd.	12,017,672.93	Unsettled
Shenzhen Qianhai Advanced Information Service Co., Ltd.	7,126,060.00	Unsettled
Total	63,304,695.18

Other notes:

35. Other Payables

Unit: RMB

Item	Ending balance	Beginning balance
Interest payable	0.00	0.00
Dividends payable	12,202,676.04	12,202,676.04
Other payables	1,144,188,819.28	1,205,100,618.21
Total	1,156,391,495.32	1,217,303,294.25

(1) Interest Payable

Unit: RMB

Item	Ending balance	Beginning balance
Total	0.00	0.00

List of the significant overdue unpaid interest:

Unit: RMB

Entity

Overdue amount

Overdue reason

Other notes:

(2) Dividends Payable

Unit: RMB

Item	Ending balance	Beginning balance
Ordinary stock dividends	12,202,676.04	12,202,676.04
Total	12,202,676.04	12,202,676.04

Other notes: including significant dividends payable unpaid for over one year, the unpaid reason shall be disclosed:

Item

Amount unpaid

Reason

Shenzhen Greening Department

Shenzhen Greening Department

10,869,036.68

Company restructured without clearing payment object

Labor Union of Shenzhen Greening Department

Labor Union of Shenzhen Greening Department

1,300,000.00

Company restructured without clearing payment object

Others

Others

33,639.36

Without access to its account and the final payment is unpaid

Total

Total

12,202,676.04

(3) Other Payables

1) Other Payables Listed by Nature of Account

Unit: RMB

Item	Ending balance	Beginning balance
Security deposit	315,989,217.03	290,979,176.07
Margin	3,299,152.00	11,806,030.93
Collection on behalf	3,736,374.71	4,832,329.12
Intercourse funds	479,488,991.56	611,443,690.41
Accrued expenses	180,970,246.34	200,129,074.12
Payment on behalf	16,559,540.87	17,030,579.72
Others	144,145,296.77	68,879,737.84
Total	1,144,188,819.28	1,205,100,618.21

2) Significant Other Accounts Payable Aging over One Year or Overdue

Unit: RMB

Item	Ending balance	Unpaid/Un-carry-over reason
Yangzhou Lvfa Real Estate Co., Ltd.	345,072,717.79	Intercourse funds with related parties outside the combination
Shenzhen Real Estate Jifa Warehousing Co., Ltd.	42,296,665.14	Intercourse fund without specific payment term
Shenzhen Bay Technology Development Co., Ltd.	33,244,913.78	Unsettled
Shenzhen Toutiao Technology Co., Ltd.	12,340,689.03	Lease term not expired
Shenzhen Qianhai Micro Public Bank Co., Ltd.	6,692,021.24	Lease term not expired
Total	439,647,006.98

Other notes:

36. Advances from Customers

(1) List of Advances from Customers

Unit: RMB

Item	Ending balance	Beginning balance
Rental	811,650.90	2,265,223.56
Total	811,650.90	2,265,223.56

(2) Significant Advances from Customers Aging over One Year or Overdue

Unit: RMB

Item

Ending balance

Unpaid/Un-carry-over reason

Unit: RMB

Item

Change in amount

Reason(s)

Other notes:

37. Contract Liabilities

Unit: RMB

Item	Ending balance	Beginning balance
House payment in advance	787,875,832.38	747,372,309.30
Property fee in advance	19,104,390.99	30,554,843.87
Other payments in advance	39,719,430.31	42,497,800.25
Total	846,699,653.68	820,424,953.42

Significant contract liabilities aging over one year

Unit: RMB

Item

Ending balance

Unpaid/Un-carry-over reason

Significant changes in the amount of carrying value and the reason in the Reporting Period

Unit: RMB

Item

Change in amount

Reason(s)

The Company shall comply with the disclosure requirements for the "real estate industry" in the Self-regulatory Guidelines No. 3for Companies Listed on Shenzhen Stock Exchange - Industry Information Disclosure.The proceeds information of top five advance sale amount:

Unit: RMB

No.	Item	Beginning balance	Ending balance	Estimated date of completion	Advance sale proportion
1	Guangming Yutang Shangfu project	736,148,224.77	776,497,316.51	21 October 2024	39.01%
2	SZPRD-Golden Collar’s Resort	10,551,555.51	10,790,525.04	25 December 2019	97.41%
3	SZPRD-Hupan Yujing Phase II	560,458.72	514,587.16	November 30, 2017	96.00%
4	SZPRD-Banshan Yujing Phase II	75,373.05	55,055.05	12 January 2022	100.00%
5	SZPRD-Hupan Yujing Phase I	36,697.25	18,348.62	1 June 2015	92.47%

38. Payroll Payable

(1) List of Payroll Payable

Unit: RMB

Item	Beginning balance	Increase for the current period	Decrease for the current period	Ending balance
I. Short-term salary	217,869,071.67	419,362,370.20	464,096,024.36	173,135,417.51
II. Post-employment benefit-defined contribution plans	738,881.08	40,678,690.53	40,503,045.65	914,525.96
III. Termination benefits	178,159.03	1,450,306.04	1,584,694.04	43,771.03
Total	218,786,111.78	461,491,366.77	506,183,764.05	174,093,714.50

(2) List of Short-term Salary

Unit: RMB

Item	Beginning balance	Increase for the current period	Decrease for the current period	Ending balance
1. Salary, bonus, allowance, subsidy	203,201,469.12	371,375,580.14	412,134,743.00	162,442,306.26

2. Employee welfare	1,049,437.80	990,576.11	1,186,953.36	853,060.55
3. Social insurance	16,164.82	13,736,141.80	13,717,238.75	35,067.87
Of which: Medical insurance premiums	13,883.77	11,798,779.75	11,783,442.69	29,220.83
Work-related injury insurance premiums	15.96	710,822.72	710,210.27	628.41
Maternity insurance	2,265.09	1,112,466.34	1,109,512.80	5,218.63
Other commercial insurances		114,072.99	114,072.99
4. Housing fund	1,165,851.88	14,158,924.87	14,245,696.14	1,079,080.61
5. Labor union budget and employee education budget	8,492,080.90	6,097,893.34	6,054,276.57	8,535,697.67
8. Non-monetary benefits	3,944,067.15	13,003,253.94	16,757,116.54	190,204.55
Total	217,869,071.67	419,362,370.20	464,096,024.36	173,135,417.51

(3) List of Defined Contribution Plans

Unit: RMB

Item	Beginning balance	Increase for the current period	Decrease for the current period	Ending balance
1. Basic pension insurance	21,042.06	33,893,015.38	33,743,608.30	170,449.14
2. Unemployment insurance premiums	2,716.40	1,860,916.14	1,858,184.86	5,447.68
3. Supplementary pension payment	715,122.62	4,924,759.01	4,901,252.49	738,629.14
Total	738,881.08	40,678,690.53	40,503,045.65	914,525.96

Other notes:

39. Taxes Payable

Unit: RMB

Item	Ending balance	Beginning balance
VAT	11,636,359.37	17,768,402.21
Enterprise income tax	15,919,074.19	91,035,828.65
Personal income tax	2,555,202.73	3,681,965.62
Urban maintenance and construction tax	677,172.31	981,394.80
Land appreciation tax	3,910,861,453.17	3,911,198,870.69
Land use tax	913,024.20	180,900.74
Property tax	5,638,687.72	539,730.69
Educational surcharge	622,439.54	644,625.80
Local educational fee	127,882.10	322,573.66
Others	228,280.21	603,055.08
Total	3,949,179,575.54	4,026,957,347.94

Other notes:

40. Held-for-sale Liabilities

Unit: RMB

Item

Ending balance

Beginning balance

Other notes:

41. Current Portion of Non-current Liabilities

Unit: RMB

Item	Ending balance	Beginning balance
Current portion of long-term borrowings	3,446,343,806.00	3,075,993,789.05
Current portion of long-term payables	400,000.00	400,000.00
Current portion of lease liabilities	10,919,323.19	15,931,064.02
Total	3,457,663,129.19	3,092,324,853.07

Other notes:

42. Other Current Liabilities

Unit: RMB

Item	Ending balance	Beginning balance
Tax to be charged off	71,429,755.09	68,373,661.13
Total	71,429,755.09	68,373,661.13

Increase/decrease of the short-term bonds payable:

Unit: RMB

Name

Par value

Coupon rate

Issue date

Bond duration

Issue amount

Beginning balance

Issued in the current period

Interest accrued at par value

Amortization of premium and depreciation

Repaid in the current period

Ending balance

Default or not

Total

Other notes:

43. Long-term Borrowings

(1) Category of Long-term Borrowings

Unit: RMB

Item	Ending balance	Beginning balance
Pledged loans	153,332,358.00	373,646,731.07
Mortgage loans	1,233,788,225.02	625,842,543.40
Credit loan		400,400,000.00
Total	1,387,120,583.02	1,399,889,274.47

Note to the category of long-term borrowings:

The pledge borrowings at the period-end were used to acquire 100% of five property management enterprises. They are ShenzhenProperty Management Co., Ltd., Shenzhen Foreign Trade Property Management Co., Ltd., Shenzhen Shenfubao PropertyDevelopment Co., Ltd., Shenzhen Shenfubao Hydropower Municipal Service Co., Ltd. and Shenzhen Free Trade Zone Security

Service Co., Ltd. by the Company's subsidiary Shenzhen International Trade Center Property Management Co., Ltd. with theduration from 18 May 2022 to 26 April 2027. And the 100% equity of these five enterprises held by Shenzhen International TradeCenter Property Management Co., Ltd.The mortgage loans (1) at the period-end were used to develop the Guangming Yutang Shangfu project of Shenzhen GuangmingWuhe Real Estate Co., Ltd. (hereinafter referred to as "Guangming Wuhe"), a subsidiary of the Company, with the duration from 27July 2023 to 24 May 2028. The land use right of Guangming Yutang Shangfu project held by Guangming Wuhe was pledged.The mortgage loans (2) at the period-end were used to develop the Humen Sea Bay Garden project of Dongguan Wuhe Real EstateCo., Ltd. (hereinafter referred to as "Dongguan Wuhe"), a subsidiary of the Company, with the duration from 5 August 2022 to 5August 2027. The land use right of Humen Sea Bay Garden project held by Dongguan Wuhe was pledged.The mortgage loans (3) at the period-end were used to develop the Lanhu Shidai project of Shenzhen Rongyao Real EstateDevelopment Co., Ltd., a subsidiary of the Company (hereinafter referred to as "Rongyao Real Estate") with the duration from 30March 2023 to 30 March 2026.The land use right of Lanhushidai project held by Rongyao Real Estate was pledged and the Companyprovided joint and several liability guarantee.The mortgage loans (4) at the period-end were used to develop the Shenyang Digital Town project of Yangzhou Wuhe Real EstateCo., Ltd. (hereinafter referred to as "Yangzhou Wuhe"), a subsidiary of the Company, with the duration from 19 January 2024 to 19January 2029. The land use right of D plot for Shenyang Digital Town project held by Yangzhou Wuhe was pledged.Other notes, including interest rate range:

44. Bonds Payable

(1) Bonds Payable

Unit: RMB

Item

Ending balance

Beginning balance

(2) Changes of Bonds Payable (Excluding Other Financial Instruments Divided as Financial Liabilities suchas Preferred Shares and Perpetual Bonds)

Unit: RMB

Name

Par value

Coupon rate

Issue date

Bond duration

Issue amount

Beginning balance

Issued in the current period

Interest accrued at par value

Amortization of premium and depreciation

Repaid in the current period

Ending balance

Default or not

Total

(3) Notes to Convertible Corporate Bonds

(4) Notes to Other Financial Instruments Classified as Financial Liabilities

Basic information about other outstanding financial instruments such as preferred shares and perpetual bonds at the period-endChanges of outstanding financial instruments such as preferred shares and perpetual bonds at the period-end

Unit: RMB

Outstanding financial instruments	Period-beginning		Increase for the current period		Decrease for the current period		Period-end
	Number	Carrying value	Number	Carrying value	Number	Carrying value	Number	Carrying value

Notes to basis for the classification of other financial instruments as financial liabilities

Other notes:

45. Lease Liabilities

Unit: RMB

Item	Ending balance	Beginning balance
Lease payments	30,653,828.66	34,767,450.58
Less: Unrecognized financing expense	-7,099,474.44	-8,265,294.29
Less: Lease obligation matured within 1 Year	-10,919,323.19	-15,931,064.02
Total	12,635,031.03	10,571,092.27

Other notes:

46. Long-term Payables

Unit: RMB

Item	Ending balance	Beginning balance
Long-term accounts payable	399,899,850.00	400,105,655.56
Total	399,899,850.00	400,105,655.56

(1) Long-term Payables Listed by Nature

Unit: RMB

Item	Ending balance	Beginning balance
Sale and leaseback financing	399,899,850.00	400,105,655.56

Other notes:

The long-term payables at the period-end were the sale and leaseback financing between the Company and Maxwealth FinancialLeasing Co., Ltd. with the lease term from 22 December 2023 to 22 December 2027.

(2) Specific Payables

Unit: RMB

Item

Beginning balance

Increase for the current period

Decrease for the current period

Ending balance

Reason for formation

Other notes:

47. Long-term Employee Benefits Payable

(1) List of Long-term Payroll Payable

Unit: RMB

Item

Ending balance

Beginning balance

(2) Changes in Defined Benefit Plans

Obligation present value of defined benefit plans:

Unit: RMB

Item

Amount for the current period

Amount for the previous period

Plan assets:

Unit: RMB

Item

Amount for the current period

Amount for the previous period

Net liabilities (net assets) of defined benefit plans:

Unit: RMB

Item

Amount for the current period

Amount for the previous period

Notes of influence of content of defined benefit plans and its relevant risks to the future cash flow, time and uncertainty of theCompany:

Notes to the results of significant actuarial assumptions and sensitivity analysis of defined benefit plans:

Other notes:

48. Projected Liabilities

Provisions

Unit: RMB

Item	Ending balance	Beginning balance	Reason for formation
Pending litigation	650,000.00	650,000.00	Lawsuit between FMC and Basepoint
Total	650,000.00	650,000.00

Other notes, including notes to related significant assumptions and evaluation of significant provisions:

Refer to Note XVI-2 for details.

49. Deferred Income

Unit: RMB

Item

Beginning balance

Increase for the current period

Decrease for the current period

Ending balance

Reason for formation

Other notes:

50. Other Non-current Liabilities

Unit: RMB

Item	Ending balance	Beginning balance
Utility specific fund	1,457,233.41	549,961.59
Housing principle fund	16,426,195.25	15,997,716.45
House warming deposit	6,732,958.43	6,335,914.04
Electric Equipment Maintenance fund	4,019,415.44	4,019,415.44
Deputed maintenance fund	54,301,138.83	52,002,751.04
Follow-up investment of employees for Lanhu Shidai project	40,000,000.00	40,000,000.00
Others	7,805,897.97	8,133,466.98
Total	130,742,839.33	127,039,225.54

Other notes:

51. Share Capital

Unit: RMB

	Beginning balance	Increase/decrease (+/-)					Ending balance
		New shares issued	Bonus shares	Bonus issue from profit	Others	Subtotal
Total shares	595,979,092.00						595,979,092.00

Other notes:

52. Other Equity Instruments

(1) Basic Information about Other Outstanding Financial Instruments such as Preferred Shares and Perpetual Bonds at thePeriod-end

(2) Changes of Outstanding Financial Instruments such as Preferred Shares and Perpetual Bonds at the Period-end

Unit: RMB

Outstanding financial instruments	Period-beginning		Increase for the current period		Decrease for the current period		Period-end
	Number	Carrying value	Number	Carrying value	Number	Carrying value	Number	Carrying value

Changes of other equity instruments in the Current Period, reasons thereof and basis of related accounting treatment:

Other notes:

53. Capital Reserve

Unit: RMB

Item	Beginning balance	Increase for the current period	Decrease for the current period	Ending balance
Other capital reserves	80,488,045.38			80,488,045.38
Total	80,488,045.38			80,488,045.38

Other notes, including a description of the increase or decrease for the current period and the reasons for the change:

54. Treasury Shares

Unit: RMB

Item

Beginning balance

Increase for the current period

Decrease for the current period

Ending balance

Other notes, including a description of the increase or decrease for the current period and the reasons for the change:

55. Other Comprehensive Income

Unit: RMB

Item	Beginning balance	Amount for the current period						Ending balance
		Amount before	Less: recorded in other	Less: recorded in other	Less: Income tax	Attributable to the	Attributable minority

		deducting income tax for the current period	comprehensive income in prior period and transferred in profit or loss in the current period	comprehensive income in prior period and transferred in retained earnings in the current period	expense	Company as the parent after tax	shareholders after tax
I. Other comprehensive income that may not be reclassified to profit or loss	-3,004,584.80	-203,351.55				-203,351.55		-3,207,936.35
Changes in fair value of other equity instrument investment\	-3,004,584.80	-203,351.55				-203,351.55		-3,207,936.35
II. Other comprehensive income that may subsequently be reclassified to profit or loss	-347,753.08	393,038.16				393,038.16		45,285.08
Differences arising from translation of foreign currency-denominated financial statements	-347,753.08	393,038.16				393,038.16		45,285.08
Total of other comprehensive income	-3,352,337.88	189,686.61				189,686.61		-3,162,651.27

Other notes, including the adjustment of the effective gain/loss on cash flow hedges to the initial recognized amount:

56. Specific Reserve

Unit: RMB

Item

Beginning balance

Increase for the current period

Decrease for the current period

Ending balance

Other notes, including a description of the increase or decrease for the current period and the reasons for the change:

57. Surplus Reserves

Unit: RMB

Item	Beginning balance	Increase for the current period	Decrease for the current period	Ending balance
Statutory surplus reserves	115,743,323.95			115,743,323.95
Discretional surplus reserves	365,403.13			365,403.13
Total	116,108,727.08			116,108,727.08

Notes, including changes and reason of change:

58. Undistributed profits

Unit: RMB

Item	Current period	Previous period
Beginning balance of retained profits before adjustments	3,872,586,802.17	3,691,056,182.73
Beginning balance of retained profits after adjustments	3,872,586,802.17	3,691,056,182.73
Add: Net profit attributable to owners of the Company as the parent	9,212,457.81	220,903,444.63
Dividends of common shares payable	185,945,476.70	215,148,452.21
Others		1,644,822.69
Ending retained profits	3,695,853,783.28	3,695,166,352.46

List of adjustment of beginning retained profits:

1) RMBXXX beginning retained earnings was affected by retrospective adjustment conducted according to the Accounting Standardsfor Business Enterprises and relevant new regulations.

2) RMBXXX beginning retained earnings was affected by changes in accounting policies.

3) RMBXXX beginning retained earnings was affected by correction of significant accounting errors.

4) RMB beginning retained profits was affected by changes in combination scope arising from same control.

5) RMBXXX beginning retained earnings was affected totally by other adjustments.

59. Operating Revenue and Cost of Sales

Unit: RMB

Item	Amount for the current period		Amount for the previous period
	Revenue	Cost	Revenue	Cost
Principal business	847,182,289.87	669,091,472.18	1,896,876,132.49	1,372,159,884.25
Others	8,846,155.38		8,588,500.36
Total	856,028,445.25	669,091,472.18	1,905,464,632.85	1,372,159,884.25

Unit: RMBBreakdown information of operating income and operating cost:

Unit: RMB

Category of contracts	Segment 1		Segment 2				Total
	Operating Revenue	Operating cost	Operating Revenue	Operating cost	Operating Revenue	Operating cost	Operating Revenue	Operating cost
Business Type	856,028,445.25	669,091,472.18					856,028,445.25	669,091,472.18
Of which:
Real estate business	13,841,686.40	4,621,045.97					13,841,686.40	4,621,045.97
Property management	771,525,962.31	621,695,503.76					771,525,962.31	621,695,503.76
Leasing business	70,660,796.54	42,774,922.45					70,660,796.54	42,774,922.45
Classification by operating region	856,028,445.25	669,091,472.18					856,028,445.25	669,091,472.18
Of which:
Shenzhen	673,395,027.18	501,175,078.63					673,395,027.18	501,175,078.63
Other regions	182,633,418.07	167,916,393.55					182,633,418.07	167,916,393.55
Market or customer type

Of which:
Contract type
Of which:
Classification by time of commodity transfer
Of which:
Classification by contract term
Of which:
Classification by sales channel
Of which:
Total	856,028,445.25	669,091,472.18					856,028,445.25	669,091,472.18

Information about performance obligations:

Item

Timing of fulfilment of performance obligations

Important payment terms

Nature of goods that the Company is committed to transfer

Whether or not the person primarily responsible

Funds undertaken by the Company expected to be returned to customers

Type of quality assurance provided by the Company and related obligations

Other notes:

Information in relation to the transaction price apportioned to the residual contract performance obligation:

The amount of revenue corresponding to performance obligations of contracts signed but not performed or not fully performed yetwas RMB846,699,653.68 at the period-end, among which RMB842,180,769.63 was expected to be recognized in 2024,RMB3,227,444.50 was expected to be recognized in 2025, and RMB1,291,439.55 was expected to be recognized in 2026 andsubsequent years.Information related to variable consideration in contracts:

Significant contract changes or significant transaction price adjustments

Item

Accounting treatment methods

Amount of impact on revenue

Other notes：

The Company shall comply with the disclosure requirements for the “real estate industry” in the Self-regulatory Guidelines No. 3 forCompanies Listed on Shenzhen Stock Exchange - Industry Information DisclosureThe top 5 accounts received with confirmed amount in the Reporting Period:

Unit: RMB

No.	Name of project	Amount of revenue
1	SZPRD-Songhu Langyuan	872,027.60
2	SZPRD-Hupan Yujing Phase I	114,678.90
3	SZPRD-Banshan Yujing Phase II	93,032.11
4	SZPRD-Hupan Yujing Phase II	63,192.66

60. Taxes and Surtaxes

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Urban maintenance and construction tax	1,651,950.78	5,234,580.49
Educational surcharge	713,648.69	2,245,496.54
Property tax	5,322,524.16	5,879,679.55
Land use tax	1,090,405.70	1,017,014.81
Vehicle and vessel use tax	2,895.00	18,361.26
Stamp duty	780,146.57	531,098.01
Land appreciation tax	56,622.55	28,694,726.98
Local education surcharge	472,553.30	1,500,541.14
Other taxes	356,593.64	69,287.25
Total	10,447,340.39	45,190,786.03

Other notes:

61. Administrative Expense

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Employee remuneration	99,092,492.51	109,945,612.07
Administrative office cost	9,498,006.57	14,020,387.30
Assets amortization and depreciation expense	14,031,069.29	13,134,121.00
Litigation costs	409,965.82	5,611,455.50
Others	4,346,606.17	6,476,608.31
Total	127,378,140.36	149,188,184.18

Other notes:

62. Selling Expense

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Agency fee	316,112.28	26,078.00
Consultancy and sales service charges	1,707,775.05	2,385,496.26
Advertising expenses	1,236,734.70	3,855,726.14
Employee remuneration	4,409,450.29	4,649,571.85
Others	1,436,183.55	2,170,424.80
Total	9,106,255.87	13,087,297.05

Other notes:

63. Development Expense

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Employee remuneration	1,979,647.19	1,466,686.36
Depreciation and amortization expense	15,029.13	50,096.06
Others	248,641.12	194,269.02
Total	2,243,317.44	1,711,051.44

Other notes:

64. Finance Costs

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Finance costs	34,706,249.66	31,827,441.32
Less: Interest income	-21,522,831.25	-7,930,755.87
Foreign exchange gains or losses	1,172,780.02	-523,791.38
Others	1,730,822.55	819,510.87
Total	16,087,020.98	24,192,404.94

Other notes:

65. Other Income

Unit: RMB

Sources	Amount for the current period	Amount for the previous period
Government grants related to income	448,581.63	950,093.18
Return of auxiliary expense for individual income tax withheld	292,836.52	390,379.71
Additional deduction of VAT	-853,475.03	2,741,411.22
Rebate of VAT	2,288,567.68	738,782.96
Others	251,694.38	849,421.84
Total	2,428,205.18	5,670,088.91

66. Gain on Changes in Fair Value

Unit: RMB

Sources

Amount for the current period

Amount for the previous period

Other notes:

67. Investment Income

Unit: RMB

Item

Amount for the current period

Amount for the previous period

Long-term equity investment income accounted by equity method	412,742.53	1,857,388.32
Total	412,742.53	1,857,388.32

Other notes:

68. Credit Impairment Loss

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Bad debt loss of accounts receivable	-9,954,123.40	-7,643,172.27
Bad debt loss of other receivables	-8,442,795.34	-5,967,607.31
Total	-18,396,918.74	-13,610,779.58

Other notes:

69. Asset Impairment Loss

Unit: RMB

Item	Amount for the current period	Amount for the previous period
I. Inventory falling price loss and impairment provision for contract performance costs	-5,858.65	2,045.93
Total	-5,858.65	2,045.93

Other notes:

70. Asset Disposal Income

Unit: RMB

Sources	Amount for the current period	Amount for the previous period
Gains on disposal of fixed assets	-5,004.74	115,810.85
Gain on disposal of right-of-use assets	31,060.71
Gain on disposal of other assets		58,568.84
Total	26,055.97	174,379.69

71. Non-operating Income

Unit: RMB

Item	Amount for the current period	Amount for the previous period	Amount recorded in the current non-recurring profit or loss
Gains on damage and scrap of non-current assets	2,763.35	5,568.23	2,763.35
Confiscated income	236,526.20	652,311.27	236,526.20
Payments unable to clear		56,282.77
Others	239,773.65	-919,060.30	239,773.65
Total	479,063.20	-204,898.03	479,063.20

Other notes:

72. Non-operating Expense

Unit: RMB

Item	Amount for the current period	Amount for the previous period	Amount recorded in the current non-recurring profit or loss
Donation	8,000.00		8,000.00
Losses from damage and scrap of non-current assets	66,426.65	17,136.15	66,426.65
Penalty and fine for delaying payment	8,569.51	78,886.53	8,569.51
Others	353,388.93	261,695.71	353,388.93
Total	436,385.09	357,718.39	436,385.09

Other notes:

73. Income Tax Expense

(1) List of Income Tax Expense

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Current income tax expense	28,351,519.77	48,971,626.96
Deferred income tax expense	-23,491,356.80	29,847,648.80
Total	4,860,162.97	78,819,275.76

(2) Adjustment Process of Accounting Profit and Income Tax Expense

Unit: RMB

Item	Amount for the current period
Total profit	6,181,802.43
Current income tax expense accounted at statutory/applicable tax rate	1,545,450.61
Influence of applying different tax rates by subsidiaries	-2,123,154.60
Influence of income tax before adjustment	5,510,313.46
Influence of non-deductible costs, expenses and losses	2,894,662.25
Effects of the utilization of deductible losses on which deferred income tax assets were unrecognized in the prior period	-4,442,605.24
Effect of deductible temporary differences or deductible losses on deferred income tax assets not recognized in the current period	1,475,496.49
Income tax expense	4,860,162.97

Other notes:

74. Other Comprehensive Income

Refer to Note VII-55 for details.

75. Cash Flow Statement

(1) Cash Related to Operating Activities

Cash Generated from Other Operating Activities

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Large intercourse funds received	40,771,856.66	49,072,300.25
Interest income	15,961,648.51	7,930,755.87
Net margins, security deposit and various special funds received	40,622,124.09	45,287,205.39
Government grants received	204,133.63
Other small receivables	41,894,355.90	24,479,612.17
Decreased limited amount for the current period	531,478.29
Total	139,985,597.08	126,769,873.68

Notes:

Cash Used in Other Operating Activities

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Paying administrative expense in cash	17,943,244.74	30,693,136.34
Paying selling expense in cash	6,849,111.58	8,054,091.33
Large intercourse funds paid	31,911,322.77
Utility expense and various collecting payments on behalf of others	46,949,786.87	49,083,846.80
Other small payments	38,960,461.25	34,041,223.54
Amount of newly limited funds		5,455,416.01
Total	142,613,927.21	127,327,714.02

Notes:

(2) Cash Related to Investing Activities

Cash Generated from Other Investing Activities

Unit: RMB

Item

Amount for the current period

Amount for the previous period

Significant cash received related to investing activities

Unit: RMB

Item

Amount for the current period

Amount for the previous period

Notes:

Cash Used in Other Investing Activities

Unit: RMB

Item

Amount for the current period

Amount for the previous period

Significant cash paid related to investing activities

Unit: RMB

Item

Amount for the current period

Amount for the previous period

Notes:

(3) Cash Related to Financing Activities

Cash Generated from Other Financing Activities

Unit: RMB

Item

Amount for the current period

Amount for the previous period

Notes:

Cash Used in Other Financing Activities

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Payment for lease liabilities	8,054,827.72	15,224,062.82
Payment related to sale and leaseback	9,348,850.00
Other small payments	1,042,062.82
Total	18,445,740.54	15,224,062.82

Notes:

Changes in liabilities arising from financing activities

□Applicable ?Not applicable

(4) Description of Cash Flows Presented on a Net Basis

Item

Relevant factual information

Basis for using net presentation

Financial impact

(5) Significant Activities and Financial Impact that Do Not Involve Current Cash Receipts andDisbursements but Affect the Company's Financial Position or May Affect the Company's Cash Flows inthe Future

76. Supplemental Information for Cash Flow Statement

(1) Supplemental Information for Cash Flow Statement

Unit: RMB

Supplemental information	Amount during the current period	Previous period
1. Reconciliation of net profit to net cash

flows generated from operating activities:
Net profit	1,321,639.46	214,646,256.05
Add: Provision for impairment of assets	18,374,204.33	13,608,733.65
Depreciation of fixed assets, oil-gas assets, and productive biological assets	26,670,229.44	30,375,573.61
Depreciation of right-of-use assets	5,989,672.69	10,342,761.89
Amortization of intangible assets	143,544.55	323,300.59
Amortization of long-term prepaid expenses	3,877,212.20	4,357,979.80
Losses from disposal of fixed assets, intangible assets and other long-lived assets (gains represented by “-")	-26,055.97	-174,379.69
Losses from scrap of fixed assets (gains represented by “-")	66,426.65	17,136.15
Losses from changes in fair value (gains represented by “-")
Finance costs (gains represented by “-")	35,137,104.55	24,192,404.94
Investment loss (gains represented by “-")	-412,742.53	-5,385,588.91
Decrease in deferred income tax assets (gains represented by “-")	-22,448,666.86	29,858,199.73
Increase in deferred income tax liabilities (decrease represented by “-")	-1,246,996.21	-67,809.67
Decrease in inventory (gains represented by “-")	-412,619,998.44	127,259,375.62
Decrease in accounts receivable generated from operating activities (gains represented by “-")	-72,062,362.60	-13,839,646.61
Increase in accounts payable used in operating activities (decrease represented by “-")	-319,590,312.70	-1,015,535,955.30
Others
Net cash flows from operating activities	-736,827,101.44	-580,021,658.15
2. Significant investing and financing activities without involvement of cash receipts and payments:
Conversion of debt to capital
Convertible corporate bonds matured within one year
Fixed asset under finance lease
3. Net increase/decrease of cash and cash equivalent:
Closing balance of cash	1,867,480,361.19	1,376,665,482.70
Less: Opening balance of cash	2,733,139,135.12	1,509,693,857.48
Add: Closing balance of cash equivalents
Less: Opening balance of cash equivalents
Net increase in cash and cash equivalents	-865,658,773.93	-133,028,374.78

(2) Net Cash Paid for Acquisition of Subsidiaries

Unit: RMB

	Amount
Of which:
Of which:
Of which:

Other notes:

(3) Net Cash Received from Disposal of the Subsidiaries

Unit: RMB

	Amount
Of which:
Of which:
Of which:

Other notes:

(4) Cash and Cash Equivalents

Unit: RMB

Item	Ending balance	Beginning balance
I. Cash	1,867,480,361.19	2,733,139,135.12
Of which: Cash on hand	55,534.25	75,265.01
Bank deposits on demand	1,864,334,595.58	2,729,897,603.00
Other monetary assets on demand	3,090,231.36	3,166,267.11
III. Ending balance of cash and cash equivalents	1,867,480,361.19	2,733,139,135.12

(5) Presentation of Cash and Cash Equivalents that Are Subject to Certain Restrictions on Their Usage

Unit: RMB

Item	Amount during the current period	Previous period	Reason for classifying the item as cash and cash equivalents
Pre-sale funds for Guangming Yutang Shangfu Project	517,510,022.98	640,559,629.03	These are funds within the presale supervision quota of the project, which we can apply for in accordance with the relevant regulations on the supervision of presale funds to pay for the construction expenditures of the project and the relevant statutory taxes and fees.
Total	517,510,022.98	640,559,629.03

(6) Monetary Assets Not Classified as Cash and Cash Equivalents

Unit: RMB

Item

Amount during the current period

Previous period

Reason for not classifying the item as cash and cash equivalents

Other notes:

(7) Notes on Other Significant Activities

77. Notes to Items of the Statements of Changes in Owners' Equity

Notes to the name of “Other” of closing balance at the end of the previous year adjusted and the amount adjusted:

78. Foreign Currency Monetary Items

(1) Foreign Currency Monetary Items

Unit: RMB

Item	Closing foreign currency balance	Exchange rate	Ending balance converted to RMB
Monetary capital			64,642,781.10
Of which: USD	120,000.00	7.1268	855,216.00
EUR
HKD	62,980,559.53	0.9127	57,482,356.68
VND	22,123,538,314.00	0.000285	6,305,208.42
Accounts receivable			5,800,051.80
Of which: USD
EUR
HKD
VND	20,351,058,959.00	0.000285	5,800,051.80
Long-term borrowings
Of which: USD
EUR
HKD
Accounts prepaid			53,293.47
Of which: HKD
VND	186,994,643.00	0.000285	53,293.47
Other receivables			278,490.88
Of which: HKD	66,215.94	0.9127	60,435.29
VND	765,107,320.00	0.000285	218,055.59
Accounts payable			699,152.47
Of which: HKD	56,000.00	0.9127	51,111.20
VND	2,273,829,000.00	0.000285	648,041.27
Other payables			2,043,064.96
Of which: HKD	400,603.25	0.9127	365,630.59
VND	5,885,734,627.00	0.000285	1,677,434.37

Other notes:

(2) Notes to Overseas Entities Including: for Significant Oversea Entities, Main Operating Place, RecordingCurrency and Selection Basis Shall Be Disclosed; if there Are Changes in Recording Currency, RelevantReasons Shall Be Disclosed.?Applicable □Not applicable

Item

Main operating place

Standard currency for accounting

Basis for choosing

Shum Yip Properties Development Limitedand its subsidiaries

Shum Yip Properties Development Limited and its subsidiaries

Hong Kong

HKD

Located in HK, settled by HKD

Item

Main operating place

Standard currency for accounting

Basis for choosing

Vietnam Shenguomao PropertyManagement Co., Ltd.

Vietnam Shenguomao Property Management Co., Ltd.

Vietnam

VND

Located in Vietnam, settled by VND

79. Lease

(1) The Company Was Lessee:

?Applicable □Not applicableVariable lease payments that are not covered in the measurement of the lease liabilities

□Applicable ?Not applicable

Simplified short-term lease or lease expense for low-value assets?Applicable □Not applicableAmount recognized in profit or loss

	Currency: RMB
Category	Amount for the year
Depreciation expense on right-of-use assets (Note 1)	5,989,672.68
Interest expense on lease liabilities (Note 2)	709,478.21
Expense relating to short-term leases	3,455,815.90
Lease expense for low-value assets
Variable lease payments that are not covered in the measurement of the lease liabilities (Note 3)
Income from underlease of right-of-use assets
Total cash outflows related to leases	13,748,209.40

Note 1: There was no depreciation expense on capitalized right-of-use assets in the first half of 2024.Note 2: There was no interest expense on capitalized lease liabilities in the first half of 2024.Note 3: There were no variable lease payments not included in the measurement of lease liabilities in the first half of 2024.

Circumstances involving sale and leaseback transactionsIn December 2023, the Company entered into a sale and leaseback contract with MAXWEALTH Financial Leasing Co., Ltd. for thetransfer of certain office equipment with a leaseback period of 48 months. Since the fixed assets were not transferred to the purchaserfrom the beginning to the end, it was judged not to be a sale, and the amount received was accounted for as a liability.

(2) The Company Was Lessor:

Operating leases with the Company as lessor?Applicable □Not applicable

Unit: RMB

Item	Rental income	Of which: income related to variable lease payments not included in lease receipts
Lease items	70,660,796.54

Total

70,660,796.54

Finance leases with the Company as lessor

□Applicable ?Not applicable

Undiscounted lease receipts for each of the next five years?Applicable □Not applicable

Item	Undiscounted lease receipts per year
	Ending amount	Beginning amount
The 1st year	122,306,687.48	124,863,019.23
The 2nd year	72,100,063.44	70,271,138.44
The 3rd year	48,038,467.51	42,292,889.70
The 4th year	32,148,758.64	32,718,754.54
The 5th year	19,140,598.97	24,297,422.32
Total undiscounted lease receipts after five years	17,130,742.16	14,891,056.43

Unit: RMBReconciliation of undiscounted lease receipts to net investment in leasesNot applicable

(3) Recognition of Gain or Loss on Sales under Finance Leases with the Company as a Manufacturer orDistributor

□Applicable ?Not applicable

80. Data Resources

81. Others

VIII. Research and Development Expenditure

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Staff costs	1,979,647.19	1,466,686.36
Depreciation and amortization expense	15,029.13	50,096.06
Other	248,641.12	194,269.02
Total	2,243,317.44	1,711,051.44
Of which: Expensed research and development expenditure	2,243,317.44	1,711,051.44

1. R&D Projects Eligible for Capitalization

Unit: RMB

Item	Beginning balance	Increased amount of the current period			Decreased amount for the current period			Ending balance
		Internal development costs	Others		Recognized as intangible assets	Transferred into the current profit or loss

Total

Significant capitalized R&D projects

Item

R&D progress

Estimated completion date

Expected manner of generation of economic benefits

Time of commencement of capitalization

Specific basis for commencement of capitalization

Provision for impairment of development expenditure

Unit: RMB

Item

Beginning balance

Increase for the current period

Decrease for the current period

Ending balance

Impairment testing

2. Significant Outsourced Research and Development Projects in Progress

Project name

Manner in which the economic benefits are expected to be generated

Judgment criteria and specific basis for capitalization or expensing

Other notes:

IX. Change of Consolidation Scope

1. Business Combination Not under the Same Control

(1) Business Combination Not under the Same Control during the Current Period

Unit: RMB

Name of acquiree

Time and place of gaining equity

Cost of gaining the equity

Proportion of equity

Way to gain equity

Purchase date

Recognition basis of purchase date

Income of acquiree from the purchase date to period-end

Net profits of acquiree from the purchase date to period-end

Cash flows of the acquiree from the purchase date to the end of the period

Other notes:

(2) Combination Cost and Goodwill

Unit: RMB

Combination cost
-Cash
-Fair value of non-cash assets
-Fair value of debt issued or assumed
-Fair value of equity securities issued
-Fair value of contingent consideration
-Fair value of equity interests held before the purchase date
--Other
Total combination costs
Less: share in the fair value of identifiable net assets acquired
The amount of goodwill/combination cost less than the share in the fair value of identifiable net assets acquired

Method of determining the fair value of the cost of consolidation:

Notes to contingent consideration and changes therein

The main formation reason for the large goodwill:

Other notes:

(3) The Identifiable Assets and Liabilities of Acquiree on Purchase Date

Unit: RMB

	Fair value on purchase date	Carrying value on purchase date
Assets:
Monetary capital
Accounts receivable
Inventories
Fixed assets
Intangible assets
Liabilities:
Borrowings
Accounts payable
Deferred income tax liabilities
Net assets
Less: non-controlling interests
Net assets acquired

The determination method of the fair value of identifiable assets and liabilities:

Contingent liability of acquiree undertaken in the business combination:

Other notes:

(4) Gains and Losses from Re-measurement of Equity Held before the Purchase Date at Fair ValueWhether there is a transaction that through multiple transaction step by step to realize business combination and gaining the controlduring the Reporting Period

□Yes ?No

(5) Notes to Reasonable Consideration or Fair Value of Identifiable Assets and Liabilities of the Acquiree that Cannot BeDetermined on the Acquisition Date or during the Period-end of the Merger

(6) Other Notes

2. Business Combination under the Same Control

(1) Business Combination under the Same Control during the Current Period

Unit: RMB

Combined party

Proportion of the equity

Basis

Combination date

Recognition basis of combination date

Income from the period-begin to the combination date of the acquiree

Net profits from the period-begin to the combination date of the acquiree

Income of the acquiree during the period of comparison

Net profits of the acquiree during the period of comparison

Other notes:

(2) Combination Cost

Unit: RMB

Combination cost
-Cash
--Carrying value of non-cash assets
--Carrying value of debt issued or assumed
--Denomination value of equity securities issued
--Contingent consideration

Contingent liabilities and changes thereof:

Other notes:

(3) The Carrying Value of Assets and Liabilities of the Combined Party on the Combination Date

Unit: RMB

	Combination date	End of the previous period
Assets:
Monetary capital
Accounts receivable
Inventories
Fixed assets
Intangible assets
Liabilities:
Borrowings
Accounts payable
Net assets
Less: non-controlling interests
Net assets acquired

Contingent liabilities of the combined party undertaken in the business combination:

Other notes:

3. Counter Purchase

Basic information of trading, the basis of transactions constitute counter purchase, the retain assets , liabilities of the listed companieswhether constituted a business and its basis, the determination of the combination costs, the amount and calculation of adjusted rightsand interests in accordance with the equity transaction process:

4. Disposal of Subsidiary

Whether there were any transactions or events during the period in which control of the subsidiary was lost?Yes ? No

Whether there was a step-by-step disposal of investment in a subsidiary through multiple transactions and loss of control during thecurrent period

□Yes ?No

5. Changes in Combination Scope for Other Reasons

Notes of other changes in the combination scope (e.g., new subsidiaries, liquidation of subsidiaries, etc.) and relevant situations:

6. Other

X. Equity in Other Entities

1. Equity in Subsidiaries

(1) Compositions of the Group

Unit: RMB

Name of subsidiaries	Registered capital	Main operating place	Place of registration	Business nature	Shareholding percentage (%)		Way of gaining
					Directly	Indirectly
Shenzhen Huangcheng Real Estate Co., Ltd.	30,000,000.00	Shenzhen	Shenzhen	Real estate	100.00%		Set-up
Shenzhen Wuhe Industry Investment Development Co., Ltd.	100,000,000.00	Shenzhen	Shenzhen	Real estate	100.00%		Set-up
Shenzhen Facility Management Community Technology Co., Ltd.	15,453,000.00	Shenzhen	Shenzhen	Software and information technology services		35.00%	Business combination not under the same control
Beijing Facility Home Technology Co., Ltd.	5,000,000.00	Beijing	Beijing	Software and information technology services		17.85%	Business combination not under the same control
SZPRD Xuzhou Dapeng Real Estate Development Co., Ltd.	50,000,000.00	Xuzhou	Xuzhou	Real estate	100.00%		Set-up
Dongguan ITC Changsheng Real Estate Development Co., Ltd.	20,000,000.00	Dongguan	Dongguan	Real estate	100.00%		Set-up
SZPRD Yangzhou Real Estate Development Co., Ltd.	50,000,000.00	Yangzhou	Yangzhou	Real estate	100.00%		Set-up
Shenzhen International	20,000,000.00	Shenzhen	Shenzhen	Service industry	100.00%		Set-up

Trade Center Property Management Co., Ltd.
Shenzhen Guomaomei Life Service Co., Ltd.	5,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Set-up
Shandong Shenguomao Real Estate Management Co., Ltd.	5,000,000.00	Jinan	Jinan	Service industry		100.00%	Set-up
Chongqing Shenguomao Real Estate Management Co., Ltd.	5,000,000.00	Chongqing	Chongqing	Service industry		100.00%	Set-up
Chongqing Aobo Elevator Co., Ltd.	5,000,000.00	Chongqing	Chongqing	Service industry		100.00%	Set-up
Chongqing Tianque Elevator Technology Co., Ltd.	5,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Set-up
Shenzhen Guoguan Electromechanical Device Co., Ltd.	1,200,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Set-up
Shenzhen Guomao Catering Co., Ltd.	2,000,000.00	Shenzhen	Shenzhen	Accommodation and catering		100.00%	Set-up
Shenzhen Property Engineering and Construction Supervision Co., Ltd.	3,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Set-up
SZPRD Commercial Operation Co., Ltd.	40,000,000.00	Shenzhen	Shenzhen	Service industry	100.00%		Set-up
Shum Yip Properties Development Limited	20,000,000.001	Hong Kong	Hong Kong	Real estate	100.00%		Set-up
Wayhang Development Co., Ltd.	2.002	Hong Kong	Hong Kong	Real estate		100.00%	Set-up
Chief Link Properties Co., Ltd.	100.003	Hong Kong	Hong Kong	Real estate		70.00%	Set-up
Syndis Investment Co., Ltd.	4.004	Hong Kong	Hong Kong	Real estate		70.00%	Business combination not under the same control
Yangzhou Shouxihu Jingyue Property Development Co., Ltd.	10,000,000.00	Yangzhou	Yangzhou	Service industry		51.00%	Set-up
Shandong International Trade Center Hotel Management Co., Ltd.	3,000,000.00	Jinan	Jinan	Accommodation and catering		100.00%	Set-up
Shenzhen Shenshan Special	5,000,000.00	Shenzhen	Shenzhen	Service industry		65.00%	Set-up

Cooperation Zone Guomao Property Development Co., Ltd.
Shenzhen Guomao Tongle Property Management Co., Ltd.	2,000,000.00	Shenzhen	Shenzhen	Service industry		51.00%	Set-up
Shenzhen Rongyao Real Estate Development Co., Ltd.	10,000,000.00	Shenzhen	Shenzhen	Real estate	69.00%		Business combination not under the same control
Shenzhen ITC Technology Park Service Co., Ltd.	30,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Guomao Chuntian Commercial Management Co., Ltd.	20,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Penghongyuan Industrial Development Co., Ltd.	8,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Jinhailian Property Management Co., Ltd.	3,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Social Welfare Co., Ltd.	35,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Fuyuanmin Property Management Limited Liability Company	10,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Meilong Industrial Development Co., Ltd.	5,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Guomao Shenlv Garden Co., Ltd.	10,600,000.00	Shenzhen	Shenzhen	Public facilities management services		90.00%	Business combination under the same control
Shenzhen Jiayuan Property Management Co., Ltd.	1,000,000.00	Shenzhen	Shenzhen	Service industry		54.00%	Business combination under the same control
Shenzhen Helinhua Construction Management Co., Ltd.	3,000,000.00	Shenzhen	Shenzhen	Real estate		90.00%	Business combination under the same control
Shenzhen Zhongtongda House Xiushan Service Co., Ltd.	2,500,000.00	Shenzhen	Shenzhen	Construction industry		90.00%	Business combination under the same control
Shenzhen Kangping	1,000,000.00	Shenzhen	Shenzhen	Service industry		90.00%	Business combination

Industrial Co., Ltd.							under the same control
Shenzhen Sports Service Co., Ltd.	3,300,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Teacher’s Home Training Co., Ltd.	1,660,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Education Industrial Co., Ltd.	4,985,610.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Yufa Industrial Co., Ltd.	1,050,000.00	Shenzhen	Shenzhen	Service industry		80.95%	Business combination under the same control
SZPRD Fuyuantai Development Co., Ltd.	10,000,000.00	Shenzhen	Shenzhen	Real estate		100.00%	Set-up
Xiamen Shenguomao Industrial City Smart Service Co., Ltd.	5,000,000.00	Xiamen	Xiamen	Service industry		51.00%	Set-up
Vietnam Shenguomao Property Management Co., Ltd.	200,000.005	Vietnam	Vietnam	Service industry		100.00%	Set-up
Shenzhen SZPRD Yanzihu Development Co., Ltd.	10,000,000.00	Shenzhen	Shenzhen	Real estate		100.00%	Set-up
Shenzhen Guangming Wuhe Real Estate Co., Ltd.	50,000,000.00	Shenzhen	Shenzhen	Real estate	100.00%		Set-up
Dongguan Wuhe Real Estate Co., Ltd.	50,000,000.00	Dongguan	Dongguan	Real estate	100.00%		Set-up
Shenzhen Property Management Co., Ltd.	7,250,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Shenwu Elevator Co., Ltd.	3,500,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Shenfang Property Cleaning Co., Ltd.	1,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Foreign Trade Property Management Co., Ltd.	5,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Shenfubao Property Development Co., Ltd.	15,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Fubao Urban Resources Management Co., Ltd.	5,000,000.00	Shenzhen	Shenzhen	Service industry		60.00%	Business combination under the same control

Shenzhen Shenfubao Hydropower Municipal Service Co., Ltd.	10,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Free Trade Zone Security Service Co., Ltd.	2,000,000.00	Shenzhen	Shenzhen	Service industry		100.00%	Business combination under the same control
Shenzhen Wuhe Urban Renewal Co., Ltd.	195,000,000.00	Shenzhen	Shenzhen	Real estate	100.00%		Set-up
Yangzhou Wuhe Real Estate Co., Ltd.	50,000,000.00	Yangzhou	Yangzhou	Real estate	67.00%		Set-up
Shenzhen Tonglu Wuhe Investment Development Co., Ltd.	10,000,000.00	Shenzhen	Shenzhen	Real estate		100.00%	Set-up
Shenzhen International Trade Industry Space Service Co., Ltd.	2,800,000.00	Shenzhen	Shenzhen	Service industry		55.00%	Set-up

Note: 1 HKD2 HKD3 HKD4 HKD5 USDNotes of shareholding percentage in subsidiaries different from voting percentage:

In May 2021, Shenzhen Wuhe Industry Investment Development Co., Ltd. (hereinafter referred to as "Wuhe Company"), asubsidiary of the Company, acquired 35% of the equity of Shenzhen Facility Management Community Technology Co., Ltd.(hereinafter referred to as "FMC") through acquisition of equity and directional capital increase. Meanwhile, according to theagreement of the cooperation framework on equity acquisition signed by Wuhe Company and the original shareholders, 16% of thevoting rights that the original shareholders hold or actually control in the equity of FMC shall be unconditionally granted to WuheCompany to exercise after the transaction date. There are no prerequisites for the granting of voting rights, and the term of the votingrights is not stipulated in the contract.Basis of holding half or less voting rights but still controlling the investee and holding more than half of the voting rights but notcontrolling the investee:

Not applicableBasis of controlling significant structural entities incorporated in the scope of combination:

Not applicableBasis of determining whether the Company is the agent or the mandatory:

Not applicableOther notes:

(2) Significant Non-wholly-owned Subsidiary

Unit: RMB

Name of subsidiaries	Shareholding proportion of non-controlling interests	The profit or loss attributable to the non-controlling interests for the current period	Declaring dividends distributed to non-controlling interests for the current period	Balance of non-controlling interests at the period-end
Shenzhen Rongyao Real	31.00%	-5,688,655.14		-12,855,429.40

Estate Development Co., Ltd.
Yangzhou Wuhe Real Estate Co., Ltd.	33.00%	-931,650.87		4,179,629.23

Holding proportion of non-controlling interests in subsidiary different from voting proportion:

Other notes:

(3) The Main Financial Information of Significant Not Wholly-owned Subsidiary

Unit: RMB

Name of subsidiaries	Ending balance						Beginning balance
	Current assets	Non-current assets	Total assets	Current liabilities	Non-current liabilities	Total liabilities	Current assets	Non-current assets	Total assets	Current liabilities	Non-current liabilities	Total liabilities
Shenzhen Rongyao Real Estate Development Co., Ltd.	6, 363,042,241.19	167,370,479.65	6, 530,412,720.84	3, 258,387,824.38	3, 313,494,023.55	6, 571,881,847.93	6,104,831,530.55	161,894,251.74	6,266,725,782.29	3,217,495,278.38	3,072,349,130.56	6,289,844,408.94
Yangzhou Wuhe Real Estate Co., Ltd.	1, 354,167,206.85	4,003,091.45	1, 358,170,298.30	1, 155,504,755.15	190,000,000.00	1, 345,504,755.15	1, 291,359,823.31	3,086,583.61	1, 294,446,406.92	1,278,957,679.33		1,278,957,679.33

Unit: RMB

Name of subsidiaries	Amount for the current period				Amount for the previous period
	Operating Revenue	Net profit	Total comprehensive income	Cash flows from operating activities	Operating Revenue	Net profit	Total comprehensive income	Cash flows from operating activities
Shenzhen Rongyao Real Estate Development Co., Ltd.		-18,350,500.44	-18,350,500.44	-199,490,054.24		-21,394,349.33	-21,394,349.33	-132,065,318.90
Yangzhou Wuhe Real Estate Co., Ltd.		-2,823,184.44	-2,823,184.44	-190,340,468.10		-1,995,249.76	-1,995,249.76	-48,773,537.38

Other notes:

(4) Significant restrictions on leveraging the assets and liquidating the liabilities of the business consortium

(5) Financial support or other support provided to structural entities incorporated into the scope of consolidated financialstatements

Other notes:

2. The Transaction of the Company with Its Owner's Equity Share Changing but the Company StillControls the Subsidiary

(1) Note to the Owner's Equity Share Changed in Subsidiary

(2) The Transaction’s Influence on the Equity of Non-controlling Interests and the Owner's Equity Attributable to theCompany as the Parent

Unit: RMB

Purchase cost/disposal consideration
-Cash
-Fair value of non-cash assets
Total purchase cost/disposal consideration
Less: Share of net assets of subsidiaries based on percentage of equity acquired/disposed of
Difference
Of which: Adjusting capital reserve
Adjusting surplus reserve
Adjusting retained profits

Other notes:

3. Equity in Joint Ventures or Associated Enterprises

(1) Significant Joint Ventures or Associated Enterprises

Name	Main operating place	Place of registration	Business nature	Shareholding percentage (%)		Accounting treatment of the investment to joint venture or associated enterprise
				Directly	Indirectly
Shenzhen Real Estate Jifa Warehousing Co., Ltd.	Shenzhen	Shenzhen	Warehouse service	25.00%	25.00%	Equity method
Tian’an International Building Property Management Company of Shenzhen	Shenzhen	Shenzhen	Property management	50.00%		Equity method
CSCEC Intelligent Parking Technology Co., Ltd.	Shenzhen	Shenzhen	Commercial services	10.00%		Equity method

Notes to holding proportion of joint venture or associated enterprise different from voting proportion:

Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting rights but does nothave a significant impact:

(2) Main Financial Information of Significant Joint Ventures

Unit: RMB

	Closing balance/amount of the current period		Opening balance/amount of the previous period
	Shenzhen Jifa Warehouse Co., Ltd.	Tian’an International Building Property Management Company of Shenzhen	Shenzhen Jifa Warehouse Co., Ltd.	Tian’an International Building Property Management Company of Shenzhen

Current assets	315,415,169.63	58,245,686.18	13,949,127.78	59,553,501.09
Of which: Cash and cash equivalents	313,087,656.65	37,193,001.15	11,574,044.52	38,464,410.56
Non-current assets	84,989,541.46	41,783.03	85,381,409.08	42,101.51
Total assets	400,404,711.09	58,287,469.21	99,330,536.86	59,595,602.60
Current liabilities	2,406,753.79	28,759,114.40	3,198,899.85	28,927,454.58
Non-current liabilities	300,000,000.00	16,638,965.73		16,566,273.37
Total liabilities	302,406,753.79	45,398,080.13	3,198,899.85	45,493,727.95
Equity of non-controlling interests
Equity attributable to shareholders of the Company as the parent	97,997,957.30	12,889,389.08	96,131,637.01	14,101,874.65
Net assets shares calculated at the shareholding proportion	48,998,978.66	6,444,694.54	48,065,818.51	7,050,937.33
Adjusted items
- Goodwill
--Unrealized profit of intra-company transaction
--Other
Carrying value of equity investment to joint ventures	48,998,978.66	6,444,694.54	48,065,818.51	7,050,937.33
Fair values of equity investments of joint ventures with quoted prices
Operating Revenue	4,526,369.65	5,386,799.84	6,690,430.68	8,731,790.54
Financial expenses	-10,820.99	2,636.50	-7,666.55	43,267.67
Income tax expense	622,106.77	0.00	1,154,005.86	55,263.55
Net profit	1,866,320.29	-1,212,485.57	3,445,747.96	165,790.66
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income	1,866,320.29	-1,212,485.57	3,445,747.96	165,790.66
Dividends received from the joint venture in the current period

Other notes:

(3) Main Financial Information of Significant Associated Enterprises

Unit: RMB

	Closing balance/amount of the current period	Opening balance/amount of the previous period
	CSCEC	CSCEC
Current assets	273,413,892.78	256,074,109.31
Non-current assets	28,479,236.46	11,617,792.09

Total assets	301,893,129.24	267,691,901.40
Current liabilities	126,518,370.21	95,957,288.78
Non-current liabilities	3,268,460.57	486,565.88
Total liabilities	129,786,830.78	96,443,854.66
Equity of non-controlling interests
Equity attributable to shareholders of the Company as the parent	172,106,298.46	171,248,046.74
Net assets shares calculated at the shareholding proportion	17,210,629.85	17,124,804.67
Adjusted items
- Goodwill
--Unrealized profit of intra-company transaction
--Other
Carrying value of investment to associated enterprises	29,026,819.88	28,940,994.71
Fair value of equity investments in associated enterprises with publicly quoted prices
Operating Revenue	79,970,090.76	48,983,120.89
Net profit	858,251.72	516,190.10
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income	858,251.72	516,190.10
Dividends received from the associates in the current period		63,120.00

Other notes:

(4) Summary Financial Information of Insignificant Joint Ventures or Associated Enterprises

Unit: RMB

	Closing balance/amount of the current period	Opening balance/amount of the previous period
Joint venture:
Sum calculated by shareholding ratio of each item
Associated enterprises:
Sum calculated by shareholding ratio of each item

Other notes:

(5) Note to the Significant Restrictions on the Ability of Joint Ventures or Associated Enterprises toTransfer Funds to the Company

(6) The Excess Loss of Joint Ventures or Associated Enterprises

Unit: RMB

Name

The cumulative recognized losses in previous accumulatively derecognized

The derecognized losses (or the share of net profit) in current period

The accumulative unrecognized losses in current period

Other notes:

(7) The Unrecognized Commitment Related to Investment to Joint Ventures

(8) Contingent Liabilities Related to Investment to Joint Ventures or Associated Enterprises

4. Significant Common Operation

Name	Main operating place	Place of registration	Business nature	Proportion/Share portion
				Directly	Indirectly

Notes to holding proportion or share portion in common operation different from voting proportion:

For common operation as a single entity, basis of classifying as common operation

Other notes:

5. Equity in the Structured Entity Excluded in the Scope of Consolidated Financial StatementsNotes to the structured entity excluded in the scope of consolidated financial statements:

6. Other

XI. Government Grants

1. Government Grants Recognized at the End of the Reporting Period at the Amount Receivable

□Applicable ?Not applicable

Reasons for failing to receive government grants in the estimated amount at the estimated point in time

□Applicable ?Not applicable

2. Liability Items Involving Government Grants

□Applicable ?Not applicable

3. Government Grants Recognized as Current Profit or Loss

?Applicable □Not applicable

Unit: RMB

Accounting items

Amount for the current period

Amount for the previous period

Other income

448,581.63

950,093.18

Other notes:

XII. Risks Associated with Financial Instruments

1. Various Types of Risks Arising from Financial Instruments

The Company is engaged in risk management to achieve balance between risks and returns, minimizing the negative effects of riskson its operation performance and maximizing the interests of its shareholders and other equity investors. Based on that riskmanagement goal, the fundamental strategy of its risk management is to identify and analyze various risks facing the Company,establish an appropriate risk bottom line, carry out risk management and monitor various risks in a timely and reliable manner tocontrol them within a restricted scope.The Company faces various risks related to financial instruments in its routine activities, mainly including credit risk, liquidity riskmarket risk. The management has reviewed and approved the policies of managing those risks, which are summarized as follows:

i. Risks from Financial Instruments

1. Classification of Financial Instruments

(1) The Carrying Value of Financial Assets on the Balance Sheet Date

① 30 June 2024

Item	Financial assets measured at amortized cost	Financial assets at fair value through profit or loss	Financial assets at fair value and changes included in other comprehensive income	Total
Monetary capital	1,885,846,531.69			1,885,846,531.69
Accounts receivable	525,349,243.53			525,349,243.53
Other receivables	606,627,612.52			606,627,612.52
Other equity instrument investments			437,618.97	437,618.97

② 31 December 2023

Item	Financial assets measured at amortized cost	Financial assets at fair value through profit or loss	Financial assets at fair value and changes included in other comprehensive income	Total
Monetary capital	2,748,798,476.72			2,748,798,476.72
Accounts receivable	502,806,453.88			502,806,453.88
Other receivables	624,394,372.82			624,394,372.82
Other equity instrument investments			636,926.20	636,926.20

2. The Carrying Value of Financial Liabilities on the Balance Sheet Date

① 30 June 2024

Item	Financial liabilities at fair value through profit or loss	Other financial liabilities	Total
Short-term loan		50,036,250.00	50,036,250.00
Accounts payable		497,647,577.28	497,647,577.28

Item	Financial liabilities at fair value through profit or loss	Other financial liabilities	Total
Other payables		1,156,391,495.32	1,156,391,495.32
Current portion of non-current liabilities		3,457,663,129.19	3,457,663,129.19
Long-term borrowings		1,387,120,583.02	1,387,120,583.02
Lease liabilities		12,635,031.03	12,635,031.03
Long-term accounts payable		399,899,850.00	399,899,850.00

② 31 December 2023

Item	Financial liabilities at fair value through profit or loss	Other financial liabilities	Total
Short-term loan		230,915,000.00	230,915,000.00
Accounts payable		662,869,059.59	662,869,059.59
Other payables		1,217,303,294.25	1,217,303,294.25
Current portion of non-current liabilities		3,092,324,853.07	3,092,324,853.07
Long-term borrowings		1,399,889,274.47	1,399,889,274.47
Lease liabilities		10,571,092.27	10,571,092.27
Long-term payables		400,105,655.56	400,105,655.56

2. Credit Risk

Credit risk means the risk of financial losses incurred to the other party when one party of a financial instrument is unable to fulfill itsobligations.

1. Credit Risk Management Practice

(1) Credit Risk Evaluation Method

On each balance sheet date, the Company shall evaluate whether the credit risk of relevant financial instruments has increasedsignificantly since the initial recognition. After determining whether the credit risk has increased significantly since the initialrecognition, the Company shall consider obtaining reasonable and reliable information without paying unnecessary extra costs orefforts, including qualitative and quantitative analysis based on historical data, external credit risk rating and forward-lookinginformation. On the basis of the single financial instrument or combination of financial instruments with similar credit riskcharacteristics, the Company compares the risk of default of financial instruments on the balance sheet date with the risk of defaulton the initial recognition date to determine the change of default risk of financial instruments during their expected duration.When one or more of the following quantitative and qualitative criteria prevails, the Company shall believe the credit risk of financialinstruments has increased significantly:

1) For the quantitative standard, it can be mainly analyzed from the probability of default for the remaining duration on the balancesheet date rises by more than a certain proportion compared with the initial confirmation.

2) For the qualitative standard, it can be mainly analyzed from the major adverse changes in the debtor's operation or financialsituation, changes in existing or expected technology, market, economy or legal environment which shall have major adverse impactson the debtor’s repayment ability of the Company, etc.

3) The upper limit is that the debtor’s contract payment (including principal and interest) is overdue for more than 90 days.

(2) Definition of Default and Credit Impairment-Assets

When a financial instrument meets one or more of the following conditions, the Company shall define the financial asset as havingdefaulted, and its criteria are consistent with the definition of having incurred credit impairment:

1) Quantitative Standard

The debtor fails to make the payment after the contract payment date for more than 90 days;

2) Qualitative Criteria

a. The debtor has major financial difficulties;b. The debtor violates the binding provisions on the debtor in the contract;c. The debtor is likely to go bankrupt or carry out other financial restructurings;d. The creditor shall give the debtor concessions that will not be made in any other circumstances due to the economic or contractualconsiderations related to the debtor’s financial difficulties.

2. Measurement of Expected Credit Loss

The key parameters for measuring expected credit loss included default probability, loss given default and exposure at default. TheCompany considers the quantitative analysis and forward-looking information of historical statistical data (such as counterpartyrating, guarantee method, collateral type, repayment method, etc.) to establish exposure models of default probability, loss givendefault, and default risk.

3. Refer to Note VII-1, VII-5, VII-8 for Details of the Reconciliation Statements of Beginning Balance and Ending Balance ofFinancial Instrument Loss Provision.

4. Credit Risk Exposure and Credit Risk Concentration

The Company's credit risk mainly comes from monetary assets and accounts receivable. To control the aforementioned relevant risks,the Company has adopted the following measures.

(1) Monetary Assets

The Company places its monetary assets with financial institutions of high credit ratings. Thus, its credit risk is low.

(2)Accounts Receivable

The Company conducts credit assessments on the customers trading in the mode of credit on a regular basis. Based on the creditassessment result, the Company chooses to trade with recognized customers with good credit and monitor the balance of the accountsreceivable from them to ensure that the Company will not face any significant bad debt risk.Due to the Company merely trades with the authorized third party with good credit, the guarantee is not required. Credit riskconcentration is managed in accordance with the customers. As of 30 June 2024, there were certain credit concentration risks in theCompany, and 47.79% of the accounts receivable of the Company (59.45% on 31 December 2023) came from the top 5 customers bybalance. The Company hasn’t held any guarantee or other credit enhancement for balance of accounts receivable.The maximum credit risk exposure the Company undertook shall be the carrying value of each financial asset on balance sheet.

3. Liquidity Risk

Liquidity risk refers to the risk of fund shortage occurring when the Company fulfills the settlement obligation in the mode of cashdelivery or other financial assets. Liquidity risk may originate from the failure to sell financial assets at fair value as soon as possible;or from the other party’s failure to pay off its contractual debts; or from the earlier maturity of debts; or from the failure to generatethe expected cash flow.To control the risk, the Company comprehensively adopts bank loans as financing approach, appropriately combines long-term andshort-term financing modes and optimizes the financing structure to maintain the balance between financing sustainability andflexibility. The Company has obtained the line of credit from a number of commercial banks to satisfy its operation fund needs andcapital expenditure.The analysis of the financial liabilities based on the maturity period of the undiscounted cash flow is as follows:

Item	Ending balance
	Carrying value	Undiscounted contract amount	Within 1 year	1-3 years	More than 3 years
Banking borrowings	1,437,156,833.02	1,629,373,675.15	177,297,011.16	720,304,261.97	731,772,402.03
Accounts payable	497,647,577.28	497,647,577.28	497,647,577.28
Other payables	1,156,391,495.32	1,156,391,495.32	1,144,188,819.28		12,202,676.04

Item	Ending balance
	Carrying value	Undiscounted contract amount	Within 1 year	1-3 years	More than 3 years
Current portion of other non-current liabilities	3,457,663,129.19	3,478,696,930.26	3,478,696,930.26
Lease liabilities	12,635,031.03	16,443,332.42		9,658,459.68	6,784,872.74
Long-term accounts payable	399,899,850.00	471,251,983.33	18,234,037.50	43,275,144.45	409,742,801.38
Total	6,961,393,915.84	7,249,804,993.76	5,316,064,375.48	773,237,866.10	1,160,502,752.19

Continued:

Item	Beginning balance
	Carrying value	Undiscounted contract amount	Within 1 year	1-3 years	More than 3 years
Banking borrowings	1,630,804,274.47	1,886,101,350.83	379,121,985.22	709,659,943.62	797,319,421.99
Accounts payable	662,869,059.59	662,869,059.59	662,869,059.59
Other payables	1,217,303,294.25	1,217,303,294.25	1,205,100,618.21		12,202,676.04
Current portion of other non-current liabilities	3,092,324,853.07	3,111,187,663.28	3,111,187,663.28
Lease liabilities	10,571,092.27	15,904,640.37		7,730,396.15	8,174,244.22
Long-term accounts payable	400,105,655.56	480,600,833.30	18,293,137.50	41,277,444.45	421,030,251.35
Total	7,013,978,229.21	7,373,966,841.62	5,376,572,463.80	758,667,784.22	1,238,726,593.60

4. Market Risk

Market risk refers to the risk of fluctuations in the fair value or future cash flows of financial instruments arising from changes inmarket prices. Market risk mainly includes interest rate risk and foreign exchange risk.

(1) Interest Rate Risk

Interest rate risk refers to the risk of fluctuations in the fair value or future cash flows of financial instruments arising from changes inmarket interest rates. Interest-bearing financial instruments with fixed interest rates may bring the fair value interest rate risk to theCompany, while those with floating interest rate may bring the cash flow interest rate risk to the Company. The Company willdetermine the proportion between the financial instruments with fixed interest rate and those with floating interest rate incombination with market environment, and maintain an appropriate portfolio of financial instruments through regular review andmonitoring. The interest rate risk of cash flows facing the Company is mainly related to the bank loans calculated by floating interestrate of the Company.As of 30 June 2024, under the assumption of other fixed variables with 50 basis points changed in interest rate, the bank loan ofRMB4,878,133,890.22 (RMB4,470,302,598.47 on 31 December 2023) calculated at floating rate would not result in significantinfluence on total profit and shareholders’ equity of the Company.

2. Foreign Exchange Risk

Foreign exchange risk refers to the risk that may lead to the changes of fair value of financial instruments or future cash flows due tofluctuation in exchange rate. The risk of changes of exchange rate facing the Company is mainly related to foreign currencymonetary assets and liabilities of the Company. The Company operates in mainland China, and the main activities are recorded byRMB. Thus, the foreign exchange market risk undertaken is insignificant for the Company.For details of the Company's foreign currency monetary assets and liabilities at the end of the Current Period, please refer to NoteVII-78 in the Current Report.

2. Hedge

(1) The Company Carries out Hedging Business for Risk Management

□Applicable ?Not applicable

(2) The Company Conducts Eligible Hedging Operations and Applies Hedge Accounting

Unit: RMB

Item	Carrying value related to hedged items and hedging instruments	Cumulative fair value hedge adjustment of the hedged item included in the recognized carrying value of the hedged item	Hedge effectiveness and hedge ineffectiveness partial sources	Impact of hedge accounting on the Company's financial statements
Types of hedge risk
Types of hedge

Other notes:

(3) The Company Conducts Hedging Operations for Risk Management, Expects to Achieve Its Risk Management Objectives,but Does Not Apply Hedge Accounting

□Applicable ?Not applicable

3. Financial Assets

(1) Classification of Transfer Methods

□Applicable ?Not applicable

(2) Financial Assets Derecognized due to Transfer

□Applicable ?Not applicable

(3) Continued Involvement in the Transfer of Assets Financial Assets

□Applicable ?Not applicable

Other notes:

XIII. The Disclosure of Fair Value

1. Ending Fair Value of Assets and Liabilities at Fair Value

Unit: RMB

Item	Closing fair value
	Fair value measurement items at level 1	Fair value measurement items at level 2	Fair value measurement items at level 3	Total
I. Consistent Fair Value Measurement	--	--	--	--
(III) Other equity instrument investment	437,618.97			437,618.97
The total amount of assets consistently measured at fair value	437,618.97			437,618.97
II. Inconsistent Fair Value Measurement	--	--	--	--

2. Basis for Determining the Market Price of Continuous and Non-continuous Level 1 Fair ValueMeasurement Items

The other equity instrument held by the Company was domestic and foreign stocks obtained in Jintian’s debt restructuring, in whichthe market price was determined based on the stock price of the same asset in the active market as available at the balance sheet date.

3. Continuous and Non-continuous Level 2 Fair Value Measurement Items, Valuation Techniques Used,and The Qualitative and Quantitative Information of Important Parameters

4. Continuous and Non-continuous Level 3 Fair Value Measurement Items, Valuation Techniques Used, andThe Qualitative and Quantitative Information of Important Parameters

5. Continuous and Non-continuous Level 3 Fair Value Measurement Items, Information On TheAdjustment Between The Opening and Closing Carrying Value, and Sensitivity Analysis of UnobservableParameters

6. Explain the Reason for Conversion and the Governing Policy when the Conversion Happens ifConversion Happens among Consistent Fair Value Measurement Items at Different Levels

7. Changes in the Valuation Technique in the Current Period and the Reason for Such Changes

8. The Fair Value of Financial Assets and Financial Liabilities not Measured at Fair Value

9. Others

XIV. Related Party and Related-party Transactions

1. Information Related to the Company as the Parent of the Company

Name of the Company as the parent	Place of registration	Business nature	Registered capital	Proportion of share held by the Company as the parent against the Company (%)	Proportion of voting rights owned by the Company as the parent against the Company (%)
Shenzhen Investment Holdings Co., Ltd.	Shenzhen	Limited liability company (solely-owned by the state)	32,686,000,000.00	57.25%	57.25%

Notes: Information on the Company as the parent

(1) The parent company of the Company is Shenzhen Investment Holdings Co., Ltd. (hereinafter referred to as “SIHC”), a newly-established and organized state-owned capital investment company based on the original three state-owned assets managementcompanies in October 2004, and its main function is to manage the partial municipal state-owned companies according to theauthorization of Municipal SASAC. As a government department, Shenzhen State-owned Assets Supervision and AdministrationBureau manages Shenzhen Investment Holdings Co., Ltd. on behalf of People’s Government of Shenzhen Municipality.

(2) In 2021, SIHC, the controlling shareholder of the Company, transferred 38,037,890 ordinary shares of the Company in unlimitedcirculation (representing 6.382% of the total share capital of the Company) held by SIHC to Shenzhen State-owned EquityManagement Co., Ltd. for free to replenish the social security funds. Shenzhen State-owned Equity Management Co., Ltd. is a newlyestablished wholly-owned subsidiary of SIHC to manage the transferred state-owned equity in a special account. After theregistration of the free transfer, SIHC held 301,414,637 shares of the Company, accounting for 50.575% of the total share capital ofthe Company, and Shenzhen State-owned Equity Management Co., Ltd. held 38,037,890 shares of the Company, accounting for

6.382% of the total share capital of the Company.

(3) During the Reporting Period, the Company's shareholder, Shenzhen Duty-Free Commodity Enterprise Co., Ltd., transferred1,730,300 restricted shares it held in the Company (representing 0.29% of the Company's total share capital) to the controllingshareholder SIHC for free. After the completion of this transfer, the number of shares held by SIHC and its concerted partiesincreased from 339,452,527 shares (representing 56.957% of the Company's total share capital) to 341,182,827 shares (representing

57.247% of the Company's total share capital).

The final controller of the Company is Shenzhen State-owned Assets Supervision and Administration Committee of ShenzhenGovernment.Other notes:

2. Subsidiaries of the Company

Please refer to Note X-1 for details on the Company’s subsidiaries.

3. Information on the Joint Ventures and Associated Enterprises of the CompanyPlease refer to Note X-3 for details on the Company’s joint ventures and associated enterprises.Information on other joint venture or associated enterprise of occurring related-party transactions with the Company in CurrentPeriod, or forming balance due to related-party transactions made in previous period:

Name	Relationship with the Company

Other notes:

4. Information on Other Related Parties

Other notes:

Name of other related party	Relationship with the Company
Shenzhen Qianhai Advanced Information Service Co., Ltd.	Related party of subsidiary Rongyao Real Estate by non-controlling interests
Shenzhen Xinhai Holding Co., Ltd.	The Company as the parent of Xinhai Rongyao of subsidiary Rongyao Real Estate by non-controlling interests
Shenzhen Xinhai Rongyao Real Estate Development Co., Ltd.	Subsidiary Rongyao Real Estate by non-controlling interests
Shenzhen Wufang Ceramics Industrial Co., Ltd.	Associated enterprise of the Company
Tian’an International Building Property Management Company of Shenzhen	Joint venture of the Company
Shenzhen Real Estate Jifa Warehousing Co., Ltd.	Joint venture of the Company
Yangzhou Lvfa Real Estate Co., Ltd.	Subsidiary Yangzhou Wuhe by non-controlling interests
Guoren P&C	Subsidiary of the Company as the parent of the Company
Shenzhen Guarantee Group Co., Ltd.	Subsidiary of the Company as the parent of the Company
Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.	Subsidiary of the Company as the parent of the Company
Shenzhen People's Congress Cadre Training Center	Wholly-owned subsidiary of the Company as the parent of the Company
Shenzhen General Institute of Architectural Design and Research Co., Ltd.	Wholly-owned subsidiary of the Company as the parent of the Company
Shenzhen Bay Technology Development Co., Ltd.	Wholly-owned subsidiary of the Company as the parent of the Company
Shenzhen Convention & Exhibition Center Management Co., Ltd.	Wholly-owned subsidiary of the Company as the parent of the Company
Shenzhen Tsinghua University Research Institute	Subsidiary of the Company as the parent of the Company
Shenzhen Shenzhen Hong Kong Science and Technology Innovation Cooperation Zone Development Co., Ltd.	Subsidiary of the Company as the parent of the Company
Shenzhen Shenzhen Shantou Special Cooperation Zone Investment Development Co., Ltd.	Wholly-owned subsidiary of the Company as the parent of the Company
Shenzhen Construction Development (Group) Company	Subsidiary of the Company as the parent of the Company
Shenzhen Hi-tech Zone Investment Development Group Co., Ltd.	Subsidiary of the Company as the parent of the Company
Shenzhen Environmental Protection Technology Group Co., Ltd.	Subsidiary of the Company as the parent of the Company
Shenzhen Shenfubao (Group) Co., Ltd.	Wholly-owned subsidiary of the Company as the parent of

	the Company
Shenzhen Sports Industry Group Co., Ltd.	Wholly-owned subsidiary of the Company as the parent of the Company
Shenzhen Sports Center Operation Management Co., Ltd.	Wholly-owned subsidiary of the Company as the parent of the Company
Shenzhen Bay Area Urban Construction and Development Co., Ltd.	Wholly-owned subsidiary of the Company as the parent of the Company
Shenzhen Xiangmihu International Exchange Center Development Co., Ltd.	Wholly-owned subsidiary of the Company as the parent of the Company
Shenzhen Infinova Limited	Subsidiary of the Company as the parent of the Company
China Shenzhen Foreign Trade (Group) Corp. Ltd.	Wholly-owned subsidiary of the Company as the parent of the Company
Shenzhen Shenfubao (Group) Co., Ltd.	Wholly-owned subsidiary of the Company as the parent of the Company
Shenzhen Shentou Property Development Co., Ltd.	Wholly-owned subsidiary of the Company as the parent of the Company
Shen ZHEN Light Industrial Products IMP.& EXP. Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Foreign Service Group Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Properties Group (SPG) Longgang Development Co., Ltd.	Sub-subsidiary of the Company as the parent of the Company
Business Apartment of Shenzhen Shenfubao (Group) Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen SDG Service Co., Ltd.	Sub-subsidiary of the Company as the parent of the Company
Shenzhen Cultural Business Development Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Yitong Digital Technology Innovation Development Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Eternal Asia Deep Supply Chain Management Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Tianjun Industrial Co., Ltd.	Parent company's sub-subsidiary
Chengdu Zunxi Real Estate Co., Ltd.	Parent company's sub-subsidiary
Dongguan Shenzhen Investment Holdings Investment Development Co., Ltd.	Parent company's sub-subsidiary
Guangdong Jianbang Group (Huiyang) Industrial Co., Ltd.	Parent company's sub-subsidiary
China Kunpeng Industry Source Innovation Center (Shenzhen) Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenyue United Investment Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Chuangke Development Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Hi-tech Zone Development Construction Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Petrel Hotel Co., Ltd.	Parent company's sub-subsidiary
Shantou Branch of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Talent Recruitment International Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Shenzhen Hong Kong Science and Technology Innovation Park Operation Development Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Chenglong Real Estate Development Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Large Industrial Zone (Shenzhen Export Processing Zone) Development Management Group Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Fubao Industrial Park Operation Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Shenfang Chuanqi Real Estate Development Co., Ltd.	Parent company's sub-subsidiary

Shenzhen Shenfubao (Group) Tianjin Industrial Development Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Shenfubao (Group) Tianjin Investment Development Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Shenfubao Eastern Investment Development Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Shantou Special Cooperation Zone Branch of Shenzhen Water Planning and Design Institute Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Special Zone Literature Magazine Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Investment Holdings Development Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Investment Building Hotel Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Bay Area International Hotel Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Wancheng Logistics Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Bay (Baoding) Innovation Development Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Infinova Smart Park Technology Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Binjiang Industrial Co., Ltd.Parent company's sub-subsidiary司Shenzhen Free Trade Zone Life Service Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Rule of Law Training Center	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen South Certification Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Infinova Renyong Information Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Hebei Shenbao Investment Development Co., Ltd.	Parent company's sub-subsidiary
Shantou Economic Special Zone Songshan Real Estate Development Co., Ltd.	Parent company's sub-subsidiary
Shantou Hualin Real Estate Development Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Bay Wanli Hotel Branch of Shenzhen Wuzhou Hotel Management Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Bay Wanyi Hotel Branch of Shenzhen Wuzhou Hotel Management Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company
Shenzhen Xingye Logistics Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Representative Office of Hong Kong Haipeng Development Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Tianjun Biotechnology Development Co., Ltd.	Parent company's sub-subsidiary
Shantou Huafeng Real Estate Development Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Total Logistics Service Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Chengjian Mingyuan Industrial Co., Ltd.	Parent company's sub-subsidiary
Shenzhen Shendan Zengxin Financing Guarantee Co., Ltd.	Parent company's sub-subsidiary
Shenzhen City Construction Industrial Park Development Co., Ltd	Parent company's sub-subsidiary
Shenzhen Transportation Station Development Co., Ltd.	Wholly-owned sub-subsidiary of the Company as the parent of the Company

Other notes:

5. List of Related-party Transactions

(1) Information on Acquisition of Goods and Reception of Labor Service

Information on acquisition of goods and reception of labor service

Related parties	Content of the related-party transaction	Amount for the current period	The approval trade credit	Whether exceed trade credit or not	Amount for the previous period
Guoren P&C	Insurance	2,275,307.59			1,647,215.68
Shenzhen Guarantee Group Co., Ltd.	Guarantee fee	51,416.55
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. and its consolidated subsidiaries, except where the context otherwise requires	Management service fee	1,196,570.00			1,262,625.00
Shen ZHEN Light Industrial Products IMP.& EXP. Co., Ltd.	Food procurement	12,484.07
Shenzhen People's Congress Cadre Training Center	Training service fee				1,780.00
Shenzhen Foreign Service Group Co., Ltd.	Outsourcing service charges				-521,707.00
Shenzhen Rule of Law Training Center	Training service fee	5,362.00			2,070.00
Shenzhen General Institute of Architectural Design and Research Co., Ltd.	Project architectural design service	1,613,278.40	10,712,800.00	No	2,809,568.52
Shenzhen South Certification Co., Ltd.	Consultant service fees				24,528.30
Shenzhen Properties Group (SPG) Longgang Development Co., Ltd.	Management service fee	1,082,900.00			1,088,750.00
Business Apartment of Shenzhen Shenfubao (Group) Co., Ltd.	Catering service	150,971.00			71,780.00
Shenzhen SDG Service Co., Ltd.	Property service fee	157,600.22			107,804.26
Shenzhen Tianjun Biotechnology Development Co., Ltd.	Plant maintenance services	36,394.12
Shenzhen Cultural Business Development Co., Ltd.	Procurement of office supplies	39,055.94
Shenzhen Yitong Digital Technology Innovation Development Co., Ltd.	Food procurement	10,598.23
Shenzhen Eternal Asia Deep Supply Chain Management Co., Ltd.	Food procurement				41,916.00
Shenzhen Tianjun	Plant maintenance	38,784.00

Industrial Co., Ltd.	services
Shenzhen Bay Technology Development Co., Ltd.	Management service fee	33,571,556.31		72,761,800.00	No	37,673,707.61
Shenzhen Infinova Renyong Information Co., Ltd.	Intelligent engineering expense					358,900.00
Shenzhen Shendan Credit Enhancement Financing Guarantee Co., Ltd.	Guarantee fee	268,000.00				268,000.00

Information of sales of goods and provision of labor service

Unit: RMB

Related parties	Content of the related-party transaction	Amount for the current period	Amount for the previous period
Chengdu Zunxi Real Estate Co., Ltd.	Property service fee	2,223,338.17
Dongguan Shenzhen Investment Holdings Investment Development Co., Ltd.	Property management fee	534,653.46
Guangdong Jianbang Group (Huiyang) Industrial Co., Ltd.	Property management fee		102,532.66
GUOREN PROPERTY AND CASUALTY INSURANCE CO., LTD.	Property management fee	146,818.20	170,719.10
Hebei Shenbao Investment Development Co., Ltd.	Project payment	16,525,863.74	23,027,002.91
Hebei Shenbao Investment Development Co., Ltd.	Property service fee	5,417,208.86	7,099,846.48
China Kunpeng Industry Source Innovation Center (Shenzhen) Co., Ltd.	Property service fee	1,714,806.48	687,677.12
Shantou Economic Special Zone Songshan Real Estate Development Co., Ltd.	Property service fee	275.48
Shantou Huafeng Real Estate Development Co., Ltd.	Property service fee	1,091,534.24	1,167,500.69
Shantou Hualin Real Estate Development Co., Ltd.	Property service fee	696.48	1,761.75
Shenyue United Investment Co., Ltd.	Property service fee	800,554.13	406,380.98
Shenzhen Chuangke Development Co., Ltd.	Property service fee	3,092,240.94
Shenzhen Guarantee Group Co., Ltd.	Property service fee	2,103,449.60	2,084,729.13
Shenzhen Hi-tech Zone Development Construction Co., Ltd.	Property service fee	1,695,109.40	1,404,545.54
Shenzhen Petrel Hotel Co., Ltd.	Property service fee	226,415.10	150,943.40
Shenzhen Convention & Exhibition Center Management Co., Ltd.	Property service fee	4,778,241.97	2,887,224.43
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.	Property service fee	16,981.15	16,981.15

Shantou Branch of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.	Property service fee	36.65	219.45
Shenzhen Talent Recruitment International Co., Ltd.	Property service fee	222,414.19	186,707.86
Shenzhen Tsinghua University Research Institute	Property service fee	962,608.12	497,261.99
Shenzhen Total Logistics Service Co., Ltd.	Property service fee	243,416.94	1,469,106.86
Shenzhen Shenzhen Hong Kong Science and Technology Innovation Park Operation Development Co., Ltd.	Property service fee	2,471,616.94
Shenzhen Shenzhen Hong Kong Science and Technology Innovation Cooperation Zone Development Co., Ltd.	Property service fee	1,065,752.34	531,066.72
Shenzhen Shenzhen Shantou Special Cooperation Zone Holdings Investment Development Co., Ltd	Property service fee	762,372.50
Shenzhen Chenglong Real Estate Development Co., Ltd.	Property service fee	980,136.02
Shenzhen Construction Development (Group) Company	Property service fee	171,179.25	85,617.92
Shenzhen Large Industrial Zone (Shenzhen Export Processing Zone) Development Management Group Co., Ltd.	Project payment	-200,350.40	232,110.15
Shenzhen Large Industrial Zone (Shenzhen Export Processing Zone) Development Management Group Co., Ltd.	Property service fee		37,938.18
Shenzhen Fubao Industrial Park Operation Co., Ltd.	Project payment	226,360.71	4,954.72
Shenzhen Fubao Industrial Park Operation Co., Ltd.	Property service fee		36,566.00
Shenzhen Hi-tech Zone Investment Development Group Co., Ltd.	Property service fee	42,831.14
Shenzhen Environmental Protection Technology Group Co., Ltd.	Supervision service fee	42,452.83
Shenzhen Environmental Protection Technology Group Co., Ltd.	Project payment	2,806,796.62	90,016.79
Shenzhen Environmental Protection Technology Group Co., Ltd.	Property service fee	23,551.39	3,031,960.52
Shenzhen South Certification Co., Ltd.	Property service fee	37,106.60	30,931.60
Shenzhen Shenfang Chuanqi Real Estate Development Co., Ltd.	Property service fee	121,671.63
Shenzhen Shenfubao (Group) Tianjin Industrial Development Co., Ltd.	Project payment	439,593.56	46,550.75
Shenzhen Shenfubao (Group) Tianjin Investment Development Co., Ltd.	Property service fee	3,570,373.42	800,000.00
Shenzhen Shenfubao (Group) Co., Ltd.	Project payment	-34,053.53	2,538,287.16
Shenzhen Shenfubao (Group) Co., Ltd.	Property service fee	2,399,905.59	1,626,536.11

Shenzhen Shenfubao Eastern Investment Development Co., Ltd.	Project payment	-0.77
Shenzhen Shenfubao Eastern Investment Development Co., Ltd.	Property service fee	355,483.29	78,872.95
Shenzhen Shantou Special Cooperation Zone Branch of Shenzhen Water Planning and Design Institute Co., Ltd.	Property service fee	8,803.02	11,025.00
Shenzhen Special Zone Literature Magazine Co., Ltd.	Property service fee	25,692.48	25,692.48
Shenzhen Sports Industry Group Co., Ltd.	Project payment	3,696,271.96
Shenzhen Sports Center Operation Management Co., Ltd.	Property service fee	2,911,025.40	2,224,191.34
Shenzhen Investment Holdings Development Co., Ltd.	Property service fee	44,752.26	56,628.61
Shenzhen Investment Building Hotel Co., Ltd.	Property service fee		35,377.36
Shenzhen Investment Holdings Co., Ltd.	Project payment	2,610,770.25	352,220.28
Shenzhen Investment Holdings Co., Ltd.	Property service fee	3,297,675.84	9,312,740.96
Shenzhen Bay Area International Hotel Co., Ltd.	Property service fee		5,408,353.56
Shenzhen Wancheng Logistics Co., Ltd.	Project payment	93,868.93
Shenzhen Cultural Business Development Co., Ltd.	Property service fee	184,485.66	187,580.44
Shenzhen Bay Wanli Hotel Branch of Shenzhen Wuzhou Hotel Management Co., Ltd.司	Property service fee	141,509.43	184,818.24
Shenzhen Bay Wanyi Hotel Branch of Shenzhen Wuzhou Hotel Management Co., Ltd.	Property service fee	94,339.64	117,789.97
Shenzhen Xingye Logistics Co., Ltd.	Property service fee	22,018.35	5,504.59
Shenzhen Bay (Baoding) Innovation Development Co., Ltd.	Property service fee	275,854.88	284,223.66
Shenzhen Bay Technology Development Co., Ltd.	Property service fee	38,213,750.15	27,614,705.64
Shenzhen Bay Area Urban Construction and Development Co., Ltd.	Property service fee	1,012,766.59	1,113,311.43
Shenzhen Xiangmihu International Exchange Center Development Co., Ltd.	Project payment		699,857.70
Shenzhen Xiangmihu International Exchange Center Development Co., Ltd.	Property service fee	1,189,376.02	1,468,973.08
Shenzhen Infinova Limited	Property service fee	88,556.50	207,342.68
Shenzhen Infinova Smart Park Technology Co., Ltd.	Property service fee	241,101.89	143,838.00
China Shenzhen Foreign Trade (Group) Corp. Ltd.	Property service fee	1,793,710.72	1,337,989.45
China Shenzhen Foreign Trade (Group) Corp. Ltd.	Property service fee		332,075.47
Subordinate enterprises of SZITC	Catering services	32,515.83

Notes to acquisition of goods and reception of labor service

In the first half of 2024, the catering service business with SIHC and a number of its subsidiaries was presented on a consolidatedbasis under the caliber of " SIHC and its subsidiaries" due to the large number of parties involved and the small amount oftransactions with a single related party, which did not meet the criteria for separate disclosure.

(2) Information on Related-party Trusteeship/Contract

Lists of trusteeship/contract of the Company:

Unit: RMB

Name of the entruster/contractee	Name of the entrustee/ contractor	Type	Start date	Due date	Pricing basis	Income recognized in this Current Period
Shenzhen Shentou Property Development Co., Ltd.	ShenZhen Properties & Resources Development (Group) Ltd.	Investment property	6 November 2019	5 November 2025	Market pricing	32,454,947.96
Shenzhen Shenfubao (Group) Co., Ltd.	Shenzhen Shenfubao Hydropower Municipal Service Co., Ltd.	Property	1 January 2024	31 December 2024	Market pricing	1,276,500.75

Notes:

Lists of entrust/contractee

Unit: RMB

Name of the entruster/contractee

Name of the entrustee/ contractor

Type

Start date

Due date

Pricing basis

Charge recognized in this current period

Notes:

(3) Information on Related-party Lease

The Company was lessor:

Unit: RMB

Name of lessee	Category of leased assets	The lease income confirmed in the current period	The lease income confirmed in the previous period
Shenzhen Bay Wanyi Hotel Branch of Shenzhen Wuzhou Hotel Management Co., Ltd.	Investment property		656,167.79
Shenzhen Bay Wanli Hotel Branch of Shenzhen Wuzhou Hotel Management Co., Ltd.	Investment property		906,136.48

The Company was lessee:

Unit: RMB

Name of lessor	Category of leased assets	Rental expense of simplified short-term leases and low-value asset leases (if applicable)		Variable lease payments that are not covered in the measurement of the lease liabilities (if applicable)		Rent payable		Interest expense on lease liabilities borne		Added right-of-use assets
		Amount for the current period	Amount for the previous period	Amount for the current period	Amount for the previous period	Amount for the current period	Amount for the previous period	Amount for the current period	Amount for the previous period	Amount for the current period	Amount for the previous period
Shenzhen Shentou Property Development Co., Ltd.	Investment property					422,452.50	341,790.05	17,628.97	32,655.78
Shenzhen Petrel	Investment	20,784.00	24,048.77

Hotel Co., Ltd.	property
Shenzhen Hi-tech Zone Development Construction Co., Ltd.	Investment property					49,392.00		494.86
Shenzhen Large Industrial Zone (Shenzhen Export Processing Zone) Development Management Group Co., Ltd.	Investment property		7,381.56
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. and its consolidated subsidiaries, except where the context otherwise requires	Investment property	111,000.00	104,000.00			330,000.00	330,000.00	29,737.26	44,091.30
Shenzhen Representative Office of Hong Kong Haipeng Development Co., Ltd.	Investment property	48,130.74
Shenzhen Shenfubao (Group) Co., Ltd.	Investment property					231,660.00		23,658.06
Shenzhen Investment Holdings Co., Ltd.	Investment property	207,897.68	366,420.74			1,494,226.98	1,992,302.64	48,728.57	85,771.97
Shenzhen Binjiang Industry Co., Ltd.	Investment property	140,092.20

Notes:

(4) Information on Related-party Guarantee

The Company was guarantor:

Unit: RMB

Secured party

Amount of guarantee

Start date

End date

Execution accomplished or not

The Company was secured party

Unit: RMB

Guarantor:	Amount of guarantee	Start date	End date	Execution accomplished or not
Shenzhen Shendan Zengxin Financing Guarantee Co., Ltd.	16,750,000.00	29 March 2022	28 March 2025	No
Shenzhen Shendan Zengxin Financing Guarantee Co., Ltd.	36,850,000.00	29 March 2022	28 March 2026	No
Shenzhen Shendan Zengxin Financing	13,400,000.00	29 March 2022	29 March 2027	No

Guarantee Co., Ltd.
Shenzhen Guarantee Group Co., Ltd.	1,684,498.43	29 December 2023	29 December 2024	No
Shenzhen Guarantee Group Co., Ltd.	2,732,954.09	15 January 2024	15 January 2025	No
Shenzhen Guarantee Group Co., Ltd.	1,478,768.65	19 March 2024	19 March 2025	No
Shenzhen Guarantee Group Co., Ltd.	577,739.49	6 June 2024	6 December 2024	No

Notes:

(5) Information on Inter-bank Lending of Capital of Related Parties

Unit: RMB

Related parties	Amount	Start date	Maturity date	Note
Borrowing
Lending

(6) Information on Assets Transfer and Debt Restructuring by Related Party

Unit: RMB

Related parties

Content of the related-party transaction

Amount for the current period

Amount for the previous period

(7) Information on Remuneration for Key Management Personnel

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Remuneration for key management personnel	5,156,684.67	5,467,228.36

(8) Other Related-party Transactions

6. Accounts Receivable and Payable of Related Party

(1) Accounts Receivable

Unit: RMB

Project name	Related parties	Ending balance		Beginning balance
		Carrying amount	Bad debt provision	Carrying amount	Bad debt provision
Accounts receivable	Dongguan Shenzhen Investment Holdings Investment Development Co., Ltd.	2,324,025.19	115,674.56	1,784,025.19	88,796.94
	Hebei Shenbao Investment Development Co., Ltd.	27,020,636.86	810,619.08	27,085,777.03	812,573.31
	China Kunpeng Industry Source Innovation Center (Shenzhen) Co., Ltd.	121,689.15	3,650.67
	Shantou Huafeng Real Estate Development Co., Ltd.	181,161.35	5,434.84
	Shantou Hualin Real Estate Development Co., Ltd.	135,808.72	13,580.80	135,808.72	13,580.80
	Shenyue United Investment Co., Ltd.	2,798,407.18	83,952.22	4,407,622.21	240,783.73
	Shenzhen Chuangke Development Co., Ltd.	2,957,960.55	88,738.82	1,607,922.88	48,237.69
	Shenzhen Hi-tech Zone Development Construction Co., Ltd.	3,786,443.33	284,287.20	2,753,626.63	253,302.70
	Shenzhen Convention & Exhibition Center Management Co., Ltd.	1,876,831.00	70,175.93	1,918,835.40	71,436.06

	ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. and its consolidated subsidiaries, except where the context otherwise requires	6,672,620.68	947,190.12	12,659,861.03	2,147,549.43
	Shenzhen Talent Recruitment International Co., Ltd.	126,622.67	3,798.68
	Shenzhen Tsinghua University Research Institute	136,129.80	4,083.89	57,574.31	1,727.23
	Shenzhen Total Logistics Service Co., Ltd.	298,022.27	8,940.67	371,864.45	11,155.93
	Shenzhen Shenzhen Hong Kong Science and Technology Innovation Park Operation Development Co., Ltd.	5,281,880.07	158,456.40	3,342,750.39	100,282.51
	Shenzhen Shenzhen Hong Kong Science and Technology Innovation Cooperation Zone Development Co., Ltd.	489,253.03	14,677.59	372,253.03	11,167.59
	Shenzhen Shenzhen Shantou Special Cooperation Zone SIHC Investment Development Co., Ltd.			508,084.64	15,242.54
	Shenzhen City Construction Industrial Park Development Co.， Ltd.			391,346.42	11,740.39
	Shenzhen Chenglong Real Estate Development Co, Ltd.	147,980.38	7,369.42	395,685.75	11,870.57
	Shenzhen Construction Development (Group) Company	41,171.22	1,235.14
	Shenzhen Large Industrial Zone (Shenzhen Export Processing Zone) Development Management Group Co., Ltd.	349,746.22	52,000.00	480,229.65	64,846.89
	Shenzhen Fubao Industrial Park Operation Co., Ltd.	42,352.90	1,270.59	5,365.01	160.95
	Shenzhen Environmental Protection Technology Group Co., Ltd.	2,128,762.89	64,980.12	1,653,450.97	63,121.44
	Shenzhen Transportation Station Development Co., Ltd.	6,451.19	193.54	5.51	0.17
	Shenzhen South Certification Co., Ltd.	15,808.72	474.26
	Shenzhen Shenfubao (Group) Tianjin Industrial Development Co., Ltd.	2,043,609.38	134,122.58	1,604,015.82	66,998.26
	Shenzhen Shenfubao (Group) Tianjin Investment Development Co., Ltd.	4,134,849.16	181,847.07	3,255,544.36	155,467.93
	Shenzhen Shenfubao (Group) Co., Ltd.	2,215,650.16	19,924.14	2,567,475.48	77,024.27
	Shenzhen Shentou Property Development Co., Ltd.	6,129,911.77	183,897.35	2,378,435.98	71,353.08
	Shenzhen Special Zone Literature Magazine Co., Ltd.	22,695.00	680.85
	Shenzhen Sports Industry Group Co., Ltd.	1,235,721.50	37,071.64
	Shenzhen Investment Holdings Co., Ltd.	6,979,106.37	184,380.20	4,131,697.18	144,179.32
	Shenzhen Cultural Business Development Co., Ltd.	158,059.97	4,741.80	935.08	28.05
	Shenzhen Bay Wanyi Hotel Branch of Shenzhen Wuzhou Hotel Management Co., Ltd.	570,316.88	17,109.51
	Shenzhen Bay (Baoding) Innovation Development Co., Ltd.	104,285.08	3,128.55	156,427.62	4,692.83
	Shenzhen Bay Technology Development Co., Ltd.	77,173,432.43	4,714,641.89	137,865,750.97	7,568,725.60
	Shenzhen Bay Area Urban Construction and Development Co., Ltd.	201,518.77	6,045.56
	Shenzhen Xiangmihu International Exchange Center Development Co., Ltd.	273,960.81	6,743.19	992,580.20	29,777.41
	Shenzhen Infinova Limited	4,030.40	120.91
	Shenzhen Infinova Smart Park Technology Co., Ltd.	1,166,730.00	35,001.90	1,493,000.00	44,790.00
	China Shenzhen Foreign Trade (Group) Corp. Ltd.	269,951.59	8,098.55	24,500.00	6,600.00
Total		159,623,594.64	8,278,340.23	214,402,451.91	12,137,213.62
Contract	Hebei Shenbao Investment Development Co.,	396,484.75		361,513.73

assets	Ltd.
	Shenzhen Large Industrial Zone (Shenzhen Export Processing Zone) Development Management Group Co., Ltd.	118,043.22		231,455.46
	Shenzhen Fubao Industrial Park Operation Co., Ltd.			26,457.15
	Shenzhen Shenfubao (Group) Co., Ltd.	43,500.00		43,500.00
	Shenzhen Shenfubao Eastern Investment Development Co., Ltd.			14,704.85
	Shenzhen Investment Holdings Co., Ltd.	133,597.44		133,597.44
	Shenzhen Xiangmihu International Exchange Center Development Co., Ltd.	14,806.94		14,806.94
	Shenzhen Urban Construction Mingyuan Industrial Co., Ltd.	18,450.00		18,450.00
Total		724,882.35		844,485.57
Other receivables	Shenzhen Hi-tech Zone Development Construction Co., Ltd.	53,071.46	7,105.54	167,086.43	10,525.99
	Shenzhen Convention & Exhibition Center Management Co., Ltd.	1,000.00		1,000.00
	ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. and its consolidated subsidiaries, except where the context otherwise requires	100,000.00	30,000.00	100,000.00	30,000.00
	Shenzhen Binjiang Industry Co., Ltd.	49,397.40	548.79	10,000.00	300.00
	Shenzhen Large Industrial Zone (Shenzhen Export Processing Zone) Development Management Group Co., Ltd.	102,583.54	10,258.35	102,583.54	3,258.35
	Shenzhen Qianhai Advanced Information Service Co., Ltd.1	10,720,575.27	321,617.26	10,720,575.27	321,617.26
	Shenzhen Shenfubao (Group) Co., Ltd.	81,264.60	2,437.94	81,264.60	2,437.94
	Shenzhen Shenfubao Eastern Investment Development Co., Ltd.	350,000.00	35,000.00	350,000.00	10,500.00
	Shenzhen Shentou Property Development Co., Ltd.	81,233.00	81,233.00	81,233.00	81,233.00
	Shenzhen Investment Holdings Co., Ltd.	685,740.90	278,254.03	685,740.90	157,127.32
	Shenzhen Xinhai Holding Co., Ltd.	201,499,990.18	6,044,999.71	201,499,990.18	6,044,999.71
	Shenzhen Xinhai Rongyao Real Estate Development Co., Ltd.	375,068,984.55	11,252,069.54	375,068,984.55	11,252,069.54
	Shenzhen Tianjun Industrial Co., Ltd.	10,000,000.00		10,000,000.00
	Shenzhen Bay Technology Development Co., Ltd.	1,765,397.26	52,961.92	10,065,313.75	301,959.41
	Shenzhen Wufang Ceramics Industrial Co., Ltd.	1,747,264.25	1,747,264.25	1,747,264.25	1,747,264.25
	Shenzhen Representative Office of Hong Kong Haipeng Development Co., Ltd.	24,065.37	264.72
Total		602,330,567.78	19,864,015.05	610,681,036.47	19,963,292.77

(2) Accounts Payable

Unit: RMB

Project name	Related parties	Ending carrying amount	Beginning carrying amount
Accounts payable	Shenzhen General Institute of Architectural Design and Research Co., Ltd.	1,545,793.00	2,102,761.00
	Shenzhen Qianhai Advanced Information Service Co., Ltd.1	7,126,060.00	8,126,060.00
	Shenzhen Shentou Property Development Co., Ltd.	872,687.37	889,007.87
	Shenzhen SDG Service Co., Ltd.	792,860.00	564,288.00
Total		10,337,400.37	11,682,116.87
Other payables	Shenzhen Guarantee Group Co., Ltd.	1,494,841.29	1,494,841.29

	Shenzhen Talent Recruitment International Co., Ltd.	147,132.37	147,132.37
	Shenzhen Free Trade Zone Life Service Co., Ltd.	4,850.00	4,850.00
	Shenzhen Construction Development (Group) Company	152,227.00	152,227.00
	Shenzhen Large Industrial Zone (Shenzhen Export Processing Zone) Development Management Group Co., Ltd.	63,177.80	31,218.60
	Shenzhen South Certification Co., Ltd.	34,002.15	34,002.15
	Shenzhen Shenfubao (Group) Co., Ltd.	3,367,322.90	2,863,523.56
	Shenzhen Shenfubao Eastern Investment Development Co., Ltd.	158,726.83	117,693.11
	Shenzhen Shentou Property Development Co., Ltd.	8,831,047.61	8,621,679.48
	Shenzhen Cultural Business Development Co., Ltd.	773,680.00	773,680.00
	Tian’an International Building Property Management Company of Shenzhen	5,214,345.90	5,214,345.90
	Shenzhen Bay Technology Development Co., Ltd.	85,222,136.56	143,003,641.12
	Shenzhen Bay Area Urban Construction and Development Co., Ltd.	360,752.18	360,752.18
	Shenzhen Real Estate Jifa Warehousing Co., Ltd.	42,296,665.14	42,296,665.14
	Shenzhen Infinova Limited	144,219.02	144,219.02
	Yangzhou Lvfa Real Estate Co., Ltd.	355,481,082.79	369,623,672.79
	China Shenzhen Foreign Trade (Group) Corp. Ltd.	101,850.10
Total		503,848,059.64	574,884,143.71

Note 1: The other receivables of the Company to Shenzhen Qianhai Advanced Information Service Co., Ltd. (hereinafter referred toas “Qianhai Advanced”) are advance money paid in advance due to the demolition of Guanlan Bangling Project. According to thejoint and several guarantee commitment letter signed by Shenzhen Xinhai Rongyao Real Estate Development Co., Ltd., XinhaiRongyao is jointly and severally liable for the tax and interest advanced by the Company. Out of prudence, the Company'stransactions to Qianhai Advanced are disclosed.

7. Commitments of Related Party

8. Other

XV. Share-based Payment

1. The Overall Situation of Share-based Payments

□Applicable ?Not applicable

2. Equity-settled Share-based Payments

□Applicable ?Not applicable

3. Cash-settled Share-based Payments

□Applicable ?Not applicable

4. Share-Based Payment Expenses for the Period

□Applicable ?Not applicable

5. Modification and Termination of Share-based Payment

6. Other

XVI. Commitments and Contingency

1. Significant Commitments

Significant commitments on balance sheet dateSigned large amount contract under performing or to be performed

Item	Amount of Current Period	Same period of last year
Commitments signed but hasn’t been recognized in large amount	3,047,663,480.31	2,132,088,014.66

2. Contingency

(1) Significant Contingency on Balance Sheet Date

(1) The action about transferring Jiabin Building contentious matter

In 1993, the Company signed Right of Development Transfer Contract of Jiabin Building with Shenzhen Jiyong PropertyDevelopment Co., Ltd. (hereinafter referred to as “Jiyong Company”). Since the contract was not effectively executed, the Companysubsequently filed a series of lawsuits against the parties involved in the project, but the outcome was not favorable to the Company.Therefore, the Company calculated and withdrew bad-debt provisions for accounts receivable from Jiyong Company in full in pastyears for the transfer of Jiabin Building. On October 31, 2018, Shenzhen Intermediate People’s Court made a civil award and ruledthat the Company’s application for the bankruptcy of Jiyong Company would not be accepted. The Company appealed against theruling. On April 29, 2019, the Guangdong Provincial Higher People's Court ruled to reject the Company's appeal and maintain theoriginal ruling. As of the issuance date of the report, there is no new progress in the case.

(2) The arbitration case of property contract dispute of Software Park Phase I between the Fourth Owners' Committee of ShenzhenNanshan District Software Park (Applicant) and Shenzhen ITC Technology Park Service Co., Ltd. (Respondent 1, hereinafterreferred to as the "ITC Technology Park Company"), plus the High-tech Zone Branch of Shenzhen ITC Technology Park Service Co.,Ltd. (Respondent 2, hereinafter referred to as the "High-tech Zone Branch")In February and March 2021, the High-tech Zone Branch and the ITC Technology Park Company received arbitration noticesrespectively of the case [2021] Shenguozhongshou No. 541 and [2021] Shenguozhongshou No. 1063. The Fourth Owners'Committee of Shenzhen Nanshan District Software Park applied for the following award: Respondent 1 shall returnRMB9,893,677.82 and fund occupation fee of RMB3,272,665.99 (temporarily calculated from July 1, 2012 to January 31, 2021),totaling RMB13,166,343.81; respondent 1 shall bear the attorney's fee of RMB30,000.00; respondent 2 shall returnRMB31,077,017.59 and RMB635,929.44 of fund occupation fee (temporarily calculated from July 1, 2020 to January 31, 2021),totaling RMB31,712,947.03; respondent 2 shall bear the attorney's fee of RMB30,000.00. The total amount of the above isRMB45,209,290.84.On August 21, 2022, the Arbitration Tribunal held the second hearing to inquire about the audit report issued by the third-partyauditor and the details of the case, on September 5, 2022, Jun & Partners responded to the Special Audit Report of Case No. 541 andCase No. 1063. On 23 March and 24 March 2023, two arbitration awards were received respectively, and according to the conclusionof arbitration awards, the High-tech Zone Branch should return approximately RMB540,000 of public revenue to the Owners'Committee of Shenzhen Nanshan District Software Park (in spite of RMB32 million requested by the Owners' Committee); in regardto the arbitration case between the ITC Technology Park Company and the Owners' Committee of Shenzhen Nanshan DistrictSoftware Park, all requests of the latter have been rejected by the arbitration tribunal (in spite of RMB13 million requested by theOwners' Committee).

(3) Litigation case about Shenzhen Basepoint Intelligent Co., Ltd.

On 20 August 2017, Shenzhen Facility Management Community Technology Co., Ltd. signed a Software Service Contract withChina Merchants Property Intelligent Facility Management Platform. The company procured a RMB3 million facility managementsystem from Basepoint for the project (31 items). During delivery of the project, only 11 items of the system delivered by Basepointpassed the acceptance inspection, leaving the full delivery unfinished. Therefore, the Company failed to reach a consensus withBasepoint on payment, and the latter sued the Company in 2021, making RMB3 million of the Company's fund locked up. Accordingto the judgment of first instance on 10 August 2022, the Company should compensate RMB3 million to Basepoint. The Company

refused to accept the first instance judgment and instituted an appeal for second instance in 2022. The second instance was heard on11 August 2023, and is awaiting judgment. The Shenzhen Intermediate People's Court ruled on April 19, 2024 that the case should beremanded to the Futian District People's Court for retrial, and the retrial is now in progress.

(4) Arbitration case concerning civil loan dispute of Shenzhen Rongyao Real Estate Development Co., Ltd.Due to Xinhai Rongyao and Xinhai Holding's failure to repay principal and interest to Rongyao Real Estate on schedule, RongyaoReal Estate has applied to the Shenzhen Court of International Arbitration for arbitration. The arbitral award orders Xinhai Rongyaoand Xinhai Holding to repay Rongyao Real Estate the full loan principal of RMB671,913,800 and corresponding interest (at anannual interest rate of 11%, calculated based on the principal amount of RMB671,913,800 yuan from 4 August 2022 until the fullrepayment of the loan; provisionally amounting to RMB49,068,400). The award further decides that Xinhai Investment, UrbanConstruction Property Service Company, Lianghong Industry, and Tiancheng Investment shall bear joint and several liability for theobligations and responsibilities of Xinhai Rongyao and Xinhai Holding under the first arbitration claim. It also decrees that allrespondents shall bear the attorney fees of RMB1.2 million paid by Rongyao Real Estate. Lastly, the award requires all respondentsto cover the full arbitration costs and property preservation expenses of this case. The provisional total amount owed currently standsat RMB722,182,200.The case has proceeded to the stage of appointment of arbitrators who will constitute the arbitration tribunal. Subsequently, therespondent initiated a proceeding at the Shenzhen Intermediate People's Court seeking confirmation of the validity of the arbitrationagreement, resulting in the Arbitration Institute temporarily suspending its hearing of the case. On 27 December 2023, the ShenzhenIntermediate People's Court conducted a hearing on the case of confirming the validity of the arbitration agreement. On 26 February2024, the Shenzhen Intermediate People's Court made a ruling, rejecting the application made by Xinhai Holding to confirm thevalidity of the arbitration agreement. On 29 July 2024, Rongyao Real Estate received the Shenzhen Court of InternationalArbitration's Notice of Resumption of Arbitration Procedure [(2023) Shenguozhongshou No. 2970-10], which showed that in view ofthe fact that the Shenzhen Intermediate People's Court of Guangdong Province had made the Civil Ruling ([2023] Yue 03 Minte No.1308), rejecting the respondent's application to confirm the invalidity of the arbitration agreement, the court of arbitration believedthat the reason for suspending the arbitration procedure had disappeared and decided to resume the arbitration procedure in this case.

(5) Arbitration case concerning equity transfer dispute of ShenZhen Properties & Resources Development (Group) Ltd.Due to the failure of Xinhai Rongyao to pay compensation for investment losses to Shenzhen Property Group as agreed, ShenzhenProperty Group has applied to the Shenzhen Court of International Arbitration for arbitration. It was ruled that Xinhai Rongyao mustpay RMB170,556,833.33 to Shenzhen Property Group as compensation for investment loss; that Sichuan Trust does not legallypossess the 1% equity interest registered in its name in Shenzhen Rongyao Real Estate Development Co., Ltd. And that XinhaiRongyao is the actual owner of this 1% equity interest; that Xinhai Rongyao must pledge and register its actually-held 31% equityinterest in Shenzhen Rongyao Real Estate Development Co., Ltd. to Shenzhen Property Group; that Sichuan Trust must cooperate infacilitating the registration procedures for the pledge of the aforementioned 1% equity interest in Shenzhen Rongyao Real EstateDevelopment Co., Ltd.; that both Xinhai Rongyao and Sichuan Trust must bear the legal fees of RMB780,000 incurred by ShenzhenProperty Group; that Xinhai Rongyao and Sichuan Trust must cover all arbitration costs and property preservation expenses in thiscase. The provisional total amount involved in these rulings amounts to RMB171,336,833.33.The case has proceeded to the stage of appointment of arbitrators who will constitute the arbitration tribunal. The respondent filed acase to confirm the validity of the arbitration agreement with the Shenzhen Intermediate People's Court in August this year, causingthe court of arbitration to temporarily suspend the trial of the case. The Shenzhen Intermediate People's Court has rejected the otherparty's application, and the case was heard at the Shenzhen Court of International Arbitration on 14 December 2023. On 12 April2024, we received the arbitration award, which ruled that Xinhai Rongyao should pay RMB50 million in investment losscompensation to SZPRD; Xinhai Rongyao must pledge and register its 30% equity interest in Rongyao Real Estate to SZPRD;Xinhai Rongyao compensates SZPRD for lawyer fees of RMB150,000, preservation fees of RMB3,000, preservation insurance feesof RMB41,120.84, and arbitration fee of RMB658,188.60. The respondent failed to fulfill the award agreement on time, and we haveapplied for enforcement and have pledged 30% of the equity interest held by Xinhai Rongyao to Shenzhen Property Group.

(6) As a real estate developer, the Company provides mortgage loan guarantees and pays loan deposits for commercial housingpurchasers according to the operation practice of the real estate industry. By 30 June 2024, the balance of the deposit not dischargedwith guarantee was RMB1,134,757.40, which would be discharged when the mortgage loans are paid off.As a real estate developer, the Company provides mortgage loan guarantees for commercial housing purchasers according to theoperation practice of the real estate industry. By 30 June 2024, the balance of the deposit not discharged with guarantee wasRMB335,272,511.16, which would be discharged when the mortgage loans are paid off.

(2) Explanation shall be given even if there is no significant contingency for the Company to discloseThere was no significant contingency in the Company to disclose.

3. Others

XVII. Events after Balance Sheet Date

1. Significant Non-adjustment Matters

Unit: RMB

Item

Contents

Influence number to the financial position and operating results

Reason of inability to estimate influence number

2. Distribution of Profit

3. Sales Return

4. Notes to Other Events after Balance Sheet Date

XVIII. Other Significant Matters

1. The Accounting Errors Correction in Previous Period

(1) Retrospective Restatement

Unit: RMB

Content

Processing program

Name of the influenced report items during comparison period

Accumulative impact

(2) Prospective Application

Content

Processing program

Reason for adopting prospective application

2. Debt Restructuring

3. Assets Replacement

(1) Non-monetary Assets Exchange

(2) Other Assets Replacement

4. Pension Plans

5. Discontinued Operations

Unit: RMB

Item

Revenue

Costs

Total profit

Income tax expense

Net profit

Profit from discontinued operations attributable to owners of the Company as the parent

Other notes:

6. Segment Information

(1) Determination Basis and Accounting Policies of Reportable Segment

In accordance with the internal organization structure, management requirements and internal report system, theCompany identifies the reportable segment based on the business segment, and assesses the operationalperformance of real estate sales, property management and lease service. The assets and liabilities sharing withother segments shall be proportionally distributed among segments by scales.

(2) The Financial Information of Reportable Segment

Unit: RMB

Item	Real estate business	Property management	House leasing business	Offset among segment	Total
Operating Revenue	13,841,686.40	771,525,962.31	70,660,796.54		856,028,445.25
Operating cost	4,621,045.97	621,695,503.76	42,774,922.45		669,091,472.18
Total assets	14,246,551,569.13	1,823,014,009.48	589,096,694.94		16,658,662,273.55
Total liabilities	10,661,488,230.89	1,361,475,949.99	116,652,207.49		12,139,616,388.37

(3) If there Was no Reportable Segment, or the Total Amount of Assets and Liabilities of Each ReportableSegment Could not Be Reported, Relevant Reasons Shall Be Clearly Stated

(4) Other notes

7. Other Significant Transactions and Events with Influence on Investors’ Decision-making

8. Other

XIX. Notes of Main Items in the Financial Statements of the Company as the Parent

1. Accounts Receivable

(1) Disclosure by Aging

Unit: RMB

Aging	Ending carrying amount	Beginning carrying amount
Within one year (including 1 year)	17,709,084.58	123,156,033.99
One to two years	109,428,686.37	1,024,931.55
Two to three years	28,440.00	716,023.90
More than three years	96,923,486.35	96,824,380.44
Three to four years	9,756.00	9,756.09
Four to five years	211,460.95	112,354.95
Over 5 years	96,702,269.40	96,702,269.40
Total	224,089,697.30	221,721,369.88

(2) Disclosure by Withdrawal Methods for Bad Debts

Unit: RMB

Category	Ending balance			Beginning balance
	Carrying amount	Bad debt provision	Carrying	Carrying amount	Bad debt provision	Carrying

	Amount	Proportion	Amount	Withdrawal proportion	value	Amount	Proportion	Amount	Withdrawal proportion	value
Accounts receivable withdrawal of Bad debt provision separately accrued	98,246,909.94	43.84%	98,246,909.94	100.00%	0.00	98,246,909.94	44.31%	98,246,909.94	100.00%	0.00
Of which:
Accounts receivable withdrawal of bad debt provision of by group	125,842,787.36	56.16%	11,246,607.41	8.94%	114,596,179.95	123,474,459.94	55.69%	3,445,301.16	2.79%	120,029,158.78
Of which:
Total	224,089,697.30	100.00%	109,493,517.35	48.86%	114,596,179.95	221,721,369.88	100.00%	101,692,211.10	45.86%	120,029,158.78

Category name of bad debt provision separately accrued: Accounts receivable withdrawal of bad debt provision separately accrued

Unit: RMB

Name	Beginning balance		Ending balance
	Carrying amount	Bad debt provision	Carrying amount	Bad debt provision	Withdrawal proportion	Reason for withdraw
Shenzhen Jiyong Properties & Resources Development Company	93,811,328.05	93,811,328.05	93,811,328.05	93,811,328.05	100.00%	Involved in lawsuit and unrecoverable
Luohu District Economic Development Company	54,380.35	54,380.35	54,380.35	54,380.35	100.00%	Long aging and expected unrecoverable
Shenzhen Tewei Industry Co., Ltd. (Chenhui Building)	2,836,561.00	2,836,561.00	2,836,561.00	2,836,561.00	100.00%	Long aging and expected unrecoverable
Individually immaterial but individually provided for bad debts	1,544,640.54	1,544,640.54	1,544,640.54	1,544,640.54	100.00%	Involved in lawsuit and unrecoverable
Total	98,246,909.94	98,246,909.94	98,246,909.94	98,246,909.94

Category name of withdrawal of bad debt provision by group: Accounts receivable withdrawal of bad debt provision by the portfolioof credit risk features

Unit: RMB

Name	Ending balance
	Carrying amount	Bad debt provision	Withdrawal proportion
Portfolio of credit risk features	113,717,010.23	11,246,607.41	9.89%
Government portfolio	12,125,777.13
Total	125,842,787.36	11,246,607.41

Notes to the determination basis for the group:

If adopting the general mode of expected credit loss to withdraw bad debt provision of accounts receivable:

□Applicable ?Not applicable

(3) Bad Debt Provision Withdrawal, Reversed or Recovered in the Current PeriodWithdrawal of bad debt provision:

Unit: RMB

Category	Beginning balance	Changes in the current period				Ending balance
		Withdrawal	Reversed or recovered	Verification	Others
Bad debt provision accrued by item	98,246,909.94					98,246,909.94
Withdrawal of bad debt provision by group	3,445,301.16	7,801,306.24				11,246,607.41
Total	101,692,211.10	7,801,306.24				109,493,517.35

Of which significant amount of recovered or transferred-back bad debt provision for the current period:

Unit: RMB

Name of the entity

Amount reversed or recovered

Reason for reversal

Way of recovery

Basis and rationality of determining the original withdrawal proportion of bad debt provision

(4) Accounts Receivable Written-off in Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant accounts receivable:

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures performed

Whether occurred because of related-party transactions

Notes to verification of accounts receivable:

(5) Top 5 of the Ending Balance of the Accounts Receivable and the Contract Assets Collected according toArrears Party

Unit: RMB

Name of the entity	Ending balance of accounts receivable	Ending balance of contract assets	Ending balance of accounts receivable and contract assets	Proportion to total ending balance of accounts receivable and contract assets	Ending balance of bad debt provision of accounts receivable and impairment provision for contract assets
Shenzhen Futian Talent Anju Co., Ltd.	109,392,112.37		109,392,112.37	48.82%	10,939,211.24
Shenzhen Jiyong Properties & Resources Development Company	93,811,328.05		93,811,328.05	41.86%	93,811,328.05
Shenzhen Futian District Government Property Management Centre	12,125,777.13		12,125,777.13	5.41%
Shenzhen Tewei Industry Co., Ltd.	2,836,561.00		2,836,561.00	1.27%	2,836,561.00
Shenzhen Feihuang	769,919.05		769,919.05	0.34%	769,919.05

Industrial Co., Ltd.
Total	218,935,697.60		218,935,697.60	97.70%	108,357,019.34

2. Other Receivables

Unit: RMB

Item	Ending balance	Beginning balance
Interest receivable	0.00	0.00
Dividend receivable	0.00	0.00
Other receivables	4,564,271,534.77	4,489,713,785.01
Total	4,564,271,534.77	4,489,713,785.01

(1) Interest Receivable

1) Category of Interest Receivable

Unit: RMB

Item	Ending balance	Beginning balance
Total	0.00	0.00

2) Significant Overdue Interest

Unit: RMB

Entity

Ending balance

Overdue time

Overdue reason

Whether occurred impairment and its judgment basis

Other notes:

3) Disclosure by Withdrawal Methods for Bad Debts

□Applicable ?Not applicable

4) Bad Debt Provision Withdrawal, Reversed or Recovered in the Current Period

Unit: RMB

Category	Beginning balance	Changes in the current period				Ending balance
		Withdrawal	Reversed or recovered	Charged-off/Written-off	Other changes

Of which significant amount of recovered or transferred-back bad debt provision for the current period:

Unit: RMB

Name of the entity

Amount reversed or recovered

Reason for reversal

Way of recovery

Basis and rationality of determining the original withdrawal proportion of bad debt provision

Other notes:

5) Interest Receivable Written-off in Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant interest receivable:

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures

Whether occurred because of related-

performed

party transactions

Notes to verification:

Other notes:

(2) Dividend Receivable

1) Category of Dividend Receivable

Unit: RMB

Project (or investee)	Ending balance	Beginning balance
Total	0.00	0.00

2) Significant Dividends Receivable Aging over 1 Year

Unit: RMB

Project (or investee)

Ending balance

Aging

Reason

Whether occurred impairment and its judgment basis

3) Disclosure by Withdrawal Methods for Bad Debts

□Applicable ?Not applicable

4) Bad Debt Provision Withdrawal, Reversed or Recovered in the Current Period

Unit: RMB

Category	Beginning balance	Changes in the current period				Ending balance
		Withdrawal	Reversed or recovered	Charged-off/Written-off	Other changes

Of which significant amount of recovered or transferred-back bad debt provision for the current period:

Unit: RMB

Name of the entity

Amount reversed or recovered

Reason for reversal

Way of recovery

Basis and rationality of determining the original withdrawal proportion of bad debt provision

Other notes:

5) Dividends Receivable Written-off in Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant dividends receivable:

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures performed

Whether occurred because of related-party transactions

Notes to verification:

Other notes:

(3) Other Receivables

1) Category of Other Receivables by Account Nature

Unit: RMB

Nature	Ending carrying amount	Beginning carrying amount
Guaranteed deposit	2,235,527.00	2,555,194.00
Payment on behalf	39,020.00	39,020.00
External intercourse funds	23,346,407.91	134,608,516.50
Intercourse funds to subsidiary	4,568,945,452.34	4,383,952,304.98
Total	4,594,566,407.25	4,521,155,035.48

2) Disclosure by Aging

Unit: RMB

Aging	Ending carrying amount	Beginning carrying amount
Within one year (including 1 year)	4,564,154,757.63	4,489,358,790.65
One to two years	97,134.37	336,882.00
Two to three years	1,000.00	35,449.05
More than three years	30,313,515.25	31,423,913.78
Three to four years	35,449.05	69,600.00
Four to five years	69,600.00
Over 5 years	30,208,466.20	31,354,313.78
Total	4,594,566,407.25	4,521,155,035.48

3) Disclosure by Withdrawal Methods for Bad Debts

Unit: RMB

Category	Ending balance					Beginning balance
	Carrying amount		Bad debt provision		Carrying value	Carrying amount		Bad debt provision		Carrying value
	Amount	Proportion	Amount	Withdrawal proportion		Amount	Proportion	Amount	Withdrawal proportion
Bad debt provision separately accrued	128,406,015.15	2.79%	21,339,688.50	16.62%	107,066,326.65	127,631,562.61	2.82%	22,485,536.08	17.62%	105,146,026.53
Of which:
Withdrawal of bad debt provision by group	4,466,160,392.10	97.21%	8,955,183.98	0.20%	4,457,205,208.12	4,393,523,472.87	97.18%	8,955,714.39	0.20%	4,384,567,758.48
Of which:
Total	4,594,566,407.25	100.00%	30,294,872.48	0.66%	4,564,271,534.77	4,521,155,035.48	100.00%	31,441,250.47	0.70%	4,489,713,785.01

Category name of bad debt provision separately accrued: Other receivables of bad debt provision separately accrued

Unit: RMB

Name	Beginning balance		Ending balance
	Carrying amount	Bad debt provision	Carrying amount	Bad debt provision	Withdrawal proportion	Reason for withdraw
Shum Yip Properties Development Limited	111,203,099.25	6,057,072.72	111,977,551.79	4,911,225.14	4.39%	Long-term uncollectible
Dameisha Tourism Centre	2,576,445.69	2,576,445.69	2,576,445.69	2,576,445.69	100.00%	Long-term uncollectible
Hong Kong Hang Yue Development Company Limited (Wuyao Company)	3,271,837.78	3,271,837.78	3,271,837.78	3,271,837.78	100.00%	Long-term uncollectible
Elevated train project	2,542,332.43	2,542,332.43	2,542,332.43	2,542,332.43	100.00%	Long-term uncollectible
Shanghai Yutong Real Estate Co., Ltd.	5,676,000.00	5,676,000.00	5,676,000.00	5,676,000.00	100.00%	Long-term uncollectible
Individually immaterial but individually provided for bad debts	2,361,847.46	2,361,847.46	2,361,847.46	2,361,847.46	100.00%	Long-term uncollectible
Total	127,631,562.61	22,485,536.08	128,406,015.15	21,339,688.50

Category name of withdrawal of bad debt provision by group: Other receivables with withdrawal of bad debt provision by theportfolio of credit risk features

Unit: RMB

Name	Ending balance
	Carrying amount	Bad debt provision	Withdrawal proportion
Within one year	99,610.43	2,988.32	3.00%
1-2 years	97,134.37	9,713.44	10.00%
2-3 years	1,000.00	300.00	30.00%
3-4 years	35,449.05	17,724.53	50.00%

4-5 years	69,600.00	55,680.00	80.00%
Over 5 years	8,868,777.70	8,868,777.70	100.00%
Total	9,171,571.55	8,955,183.98

Notes to the determination basis for the group:

Withdrawal of bad debt provision by adopting the general mode of expected credit loss:

Unit: RMB

Bad debt provision	First stage	Second stage	Third stage	Total
	Expected credit loss in the next 12 months	Expected loss in the duration (credit impairment not occurred)	Expected loss in the duration (credit impairment occurred)
Balance of 1 January 2024	9,001,751.08		22,439,499.39	31,441,250.47
Balance of 1 January 2024 in the current period
Withdrawal of the current period			-1,146,377.99	-1,146,377.99
Balance of 30 June 2024	9,001,751.08		21,293,121.40	30,294,872.48

The basis for the division of each stage and the withdrawal proportion of bad debt provision

Changes of carrying amount with significant amount changed of loss provision in the current period

□Applicable ?Not applicable

4) Bad Debt Provision Withdrawn, Reversed or Recovered in the Current Period

Withdrawal of bad debt provision:

Unit: RMB

Category	Beginning balance	Changes in the current period				Ending balance
		Withdrawal	Reversed or recovered	Charged-off/Written-off	Others
Bad debt provision withdrawn separately	31,441,250.47	-1,146,377.99				30,294,872.48
Total	31,441,250.47	-1,146,377.99				30,294,872.48

Of which the bad debt provision recovered or transferred-back with significant amount during the current period:

Unit: RMB

Name of the entity

Amount reversed or recovered

Reason for reversal

Way of recovery

Basis and rationality of determining the original withdrawal proportion of bad debt provision

5) Particulars of the Actual Verification of Other Receivables during the Current Period

Unit: RMB

Item	Written-off amount

Of which the verification of significant other receivables:

Unit: RMB

Name of the entity

Nature

Written-off amount

Reason for verification

Verification procedures performed

Whether occurred because of related-party transactions

Notes to the verification of other receivables:

6) Top 5 of the Ending Balance of Other Receivables Collected according to the Arrears Party

Unit: RMB

Name of the entity	Nature	Ending balance	Aging	Proportion to total ending balance of other receivables %	Ending balance of bad debt provision
Dongguan Wuhe Real Estate Co., Ltd.	Current account funds	2,113,760,170.00	Within 1 year	46.01%
Shenzhen Guangming Wuhe Real Estate Co., Ltd.	Current account funds	1,471,000,000.00	Within 1 year	32.02%
Yangzhou Wuhe Real Estate Co., Ltd.	Current account funds	721,751,463.04	Within 1 year	15.71%
Shum Yip Properties Development Company Limited.	Current account funds	111,977,551.79	Over 5 years	2.44%	4,911,225.14
SZPRD Xuzhou Dapeng Real Estate Development Co., Ltd.	Current account funds	41,502,481.77	Within 1 year	0.90%
Total		4,459,991,666.60		97.08%	4,911,225.14

7) Presentation in Other Receivables due to the Centralized Management of Funds

Unit: RMBOther notes:

3. Long-term Equity Investment

Unit: RMB

Item	Ending balance			Beginning balance
	Carrying amount	Impairment provision	Carrying value	Carrying amount	Impairment provision	Carrying value
Investment to subsidiaries	1,356,325,401.10	65,834,000.00	1,290,491,401.10	1,356,325,401.10	65,834,000.00	1,290,491,401.10
Investment to joint ventures and associated enterprises	103,454,107.22	18,983,614.14	84,470,493.08	103,041,364.69	18,983,614.14	84,057,750.55
Total	1,459,779,508.32	84,817,614.14	1,374,961,894.18	1,459,366,765.79	84,817,614.14	1,374,549,151.65

(1) Investment to Subsidiaries

Unit: RMB

Investee	Beginning balance (carrying value)	Beginning balance of depreciation reserve	Increase/decrease for the current period				Ending balance (Carrying value)	Ending balance of depreciation reserve
			Additional investment	Reduced investment	Withdrawal of impairment provision	Others
Shenzhen Huangcheng Real Estate Co., Ltd.	35,552,671.93						35,552,671.93
Shenzhen Wuhe Industry Investment Development Co., Ltd.	44,950,000.00						44,950,000.00
SZPRD Yangzhou Real Estate Development Co., Ltd.	50,000,000.00						50,000,000.00
Dongguan ITC Changsheng Real Estate Development Co., Ltd.	20,000,000.00						20,000,000.00
Shenzhen International Trade Center Property Management Co., Ltd.	195,337,851.23						195,337,851.23
Shenzhen Property Engineering and Construction Supervision Co., Ltd.	3,000,000.00						3,000,000.00
SZPRD Commercial Operation Co., Ltd.	63,509,120.32						63,509,120.32
Zhanjiang Shenzhen Real Estate Development Co., Ltd.		2,530,000.00		2,530,000.00
Shum Yip Properties Development Limited		15,834,000.00						15,834,000.00
SZPRD Xuzhou Dapeng Real Estate Development Co., Ltd.		50,000,000.00						50,000,000.00
Shenzhen Rongyao Real Estate Development Co., Ltd.	508,000,000.00						508,000,000.00
SZPRD Urban Renewal Co., Ltd.	77,474,479.29			77,474,479.29
Dongguan Wuhe Real Estate Co., Ltd.	50,000,000.00						50,000,000.00

Shenzhen Guangming Wuhe Real Estate Co., Ltd.	50,000,000.00						50,000,000.00
Shenzhen Wuhe Urban Renewal Co., Ltd.	236,641,757.62						236,641,757.62
Yangzhou Wuhe Real Estate Co., Ltd.	33,500,000.00						33,500,000.00
Total	1,290,491,401.10	65,834,000.00		80,004,479.29			1,290,491,401.10	65,834,000.00

(2) Investment to Joint Ventures and Associated Enterprises

Unit: RMB

Investee	Beginning balance (carrying value)	Beginning balance of depreciation reserve	Increase/decrease for the current period								Ending balance (Carrying value)	Ending balance of depreciation reserve
			Additional investment	Reduced investment	Gains and losses recognized under the equity method	Adjustment of other comprehensive income	Changes of other equity	Cash bonus or profits announced to issue	Withdrawal of impairment provision	Others
I. Joint ventures
Shenzhen Real Estate Jifa Warehousing Co., Ltd.	48,065,818.51				933,160.15						48,998,978.66
Tian’an International Building Property Management Company of Shenzhen	7,050,937.33				-606,242.79						6,444,694.54
Subtotal	55,116,755.84				326,917.36						55,443,673.20
II. Associated enterprises
Shenzhen Wufang Ceramics Industrial Co., Ltd.		18,983,614.14										18,983,614.14
CSCEC Intelligent Parking Technology Co., Ltd.	28,940,994.71				85,825.17						29,026,819.88
Subtotal	28,940,994.71	18,983,614.14			85,825.17						29,026,819.88	18,983,614.14
Total	84,057,750.55	18,983,614.14			412,742.53						84,470,493.08	18,983,614.14

The recoverable amount is determined based on the net amount of the fair value minus disposal costs

□Applicable ?

Not applicableThe recoverable amount is determined by the present value of the forecasted future cash flow.

□Applicable ?Not applicable

The reason for the discrepancy between the foregoing information and the information used in the impairment tests in prior years orexternal information

The reason for the discrepancy between the information used in the Company's impairment tests in prior years and the actualsituation of those years

(3) Other Notes

4. Operating Revenue and Cost of Sales

Unit: RMB

Item	Amount for the current period		Amount for the previous period
	Revenue	Cost	Revenue	Cost
Principal business	23,191,058.10	24,213,582.29	995,033,423.48	698,031,149.77
Others	8,846,155.38		8,588,500.36
Total	32,037,213.48	24,213,582.29	1,003,621,923.84	698,031,149.77

Breakdown information of operating income and operating cost:

Unit: RMB

Category of contracts	Segment 1		Segment 2				Total
	Operating Revenue	Operating cost	Operating Revenue	Operating cost	Operating Revenue	Operating cost	Operating Revenue	Operating cost
Business Type	32,037,213.48	24,213,582.29					32,037,213.48	24,213,582.29
Of which:
Real estate sales business	8,846,155.38						8,846,155.38
House leasing business	23,191,058.10	24,213,582.29					23,191,058.10	24,213,582.29
Classification by operating region	32,037,213.48	24,213,582.29					32,037,213.48	24,213,582.29
Of which:
Shenzhen	32,037,213.48	24,213,582.29					32,037,213.48	24,213,582.29
Market or customer type
Of which:
Contract type
Of which:
Classification by time of commodity transfer
Of which:
Classification by contract term
Of which:
Classification by sales channel
Of which:
Total	32,037,213.48	24,213,582.29					32,037,213.48	24,213,582.29

Information about performance obligations:

Item

Timing of fulfilment of performance obligations

Important payment terms

Nature of goods that the Company is committed to transfer

Whether or not the person primarily responsible

Funds undertaken by the Company expected to be returned to customers

Type of quality assurance provided by the Company and related obligations

Other notes:

The income of the parent company in current period was income from the sale of real estate and the rental business.Information in relation to the transaction price apportioned to the residual contract performance obligation:

The amount of revenue corresponding to performance obligations of contracts signed but not performed or not fully performed yetwas RMB0.00 at the period-end, among which RMB__ was expected to be recognized in __, RMB__ was expected to be recognizedin __, and RMB__ was expected to be recognized in __.Significant contract changes or significant transaction price adjustments

Unit: RMB

Item

Accounting treatment

Amount of impact on revenue

Other notes:

5. Investment Income

Unit: RMB

Item	Amount for the current period	Amount for the previous period
Long-term equity investment income accounted by equity method	412,742.53	1,857,388.32
Total	412,742.53	1,857,388.32

6. Other

XX. Supplementary Materials

1. Items and Amounts of Non-recurring Profit or Loss

?Applicable □Not applicable

Unit: RMB

Item	Amount	Note
Gains and losses on disposal of non-current assets	26,055.97
Government grants recognized in profit or loss for the current period (except for government grants closely related to the Company's normal operating business, in compliance with national policies and in accordance with defined criteria, and having a continuous impact on the Company's profit or loss)	244,448.00
Other non-operating income and expense other than the above	42,678.11
Other items of profit or loss that meet the definition of non-recurring profit or loss	-853,475.03	Mainly to adjust prior year's VAT credits and deductions
Less: Income tax effects	-164,486.90
Effects of the minority shareholders' equity (net of tax)	150,764.11

Total

-526,570.16

--

Details of other profit and loss items in line with the definition of non-recurring gains and losses:

? Applicable □ Not applicableThis is mainly due to the fact that the VAT plus credit preferential policy is valid until 31 December 2023, and this gain does not havea sustained impact on the Company's profit or loss. Therefore, the adjustment for this item based on actual filings in 2024 is includedin non-recurring gains and losses.Note to defining the non-recurring profit and loss items listed in the Explanatory Notice of Information Disclosure by CompaniesOffering Securities to the Public No. 1 - Non-recurring Profit and Loss Items as recurring profit and loss items

□Applicable ?Not applicable

2. Return on Equity and Earnings Per Share

Profit as of reporting period	Weighted average ROE (%)	EPS
		EPS-basic	EPS-diluted
Net profit attributable to ordinary shareholders of the Company	0.20%	0.0155	0.0155
Net profit attributable to ordinary shareholders of the Company after deduction of non-recurring profit or loss	0.21%	0.0155	0.0155

3. Accounting Data Differences under PRC GAAP and Those under IFRSs

(1) Differences between Disclosed Net Profits and Net Assets in Financial Report in accordance withInternational Accounting Standards and Chinese Accounting Standards

□Applicable ?Not applicable

(2) Differences between Disclosed Net Profits and Net Assets in Financial Report in accordance withDomestic Accounting Standards and Chinese Accounting Standards

□Applicable ?Not applicable

(3) Explain Reasons for the Differences between Accounting Data Under Domestic and OverseasAccounting Standards; for Any Adjustment Made to the Difference Existing in the Data Audited by theForeign Auditing Agent, Such Foreign Auditing Agent's Name Shall Be Clearly Stated.

4. Others